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Within we present our list of *Top* potential M&A transactions where both seller and target are still publicly traded, using proprietary data going back to 2023. We divide the data into four Tiers, Tier 1…

Within, we share a few of the discussion topics that have been coming up most frequently following the bulk of 2Q earnings. The short version: Results were generally good. Better, in fact, than a market…

Key Take: We believe Western Gateway is best understood not as ‘just another Freedom or ICE,’ (Read On) but as a (relatively speaking) de‑risked, contracted corridor with embedded optionality for PSX’s integrated value chain, where…

The West Coast just quietly got a new lifeline. And Phillips 66 may be the biggest ‘winner.‘ Phillips 66 (PSX), Kinder Morgan (KMI) and HF Sinclair (DINO) have sanctioned Western Gateway, a ~$5bn, 1,300‑mile refined‑products…