Looks like pure stock investors (including institutions) also realized that the good report plus value opportunity presented earlier today are starting to win the day. My wife and I own a bunch of this stock in our IRA's. All nine of my grandchildren also own in UGMA accounts.
Eventually NGL's will recover and DCP will add to the bottom line.
This stock is one of my biggest winners. I've been in and out since COP spun them off. I have a long position now that I plan on holding for years.
PSX had a good quarter. Only downer is DCP midstream JV which is hurt by NGL prices. You would think the stock would be up out of the blocks today but it is down. This stock is in too many of the ETF's that also include oil and gas production companies. It is inching higher as individual stock investors start to offset the ETF effect.
Reports Q2 (Jun) adj earnings of $1.83 per share, $0.02 better than the Capital IQ Consensus Estimate of $1.81.
Construction of the 100,000 BPD Sweeny Fractionator One and the 150,000 BPD Freeport LPG Export Terminal continued during the quarter. The fractionator is approximately 90 percent complete, while the LPG Terminal construction is nearly 50 percent complete. Both projects are on schedule and on budget with startup expected in the fall of 2015 and the second half of 2016, respectively.
Co's worldwide refining crude utilization was 90 percent and clean product yield was 84 percent in the second quarter of 2015.
Increased quarterly dividend 12% to $0.56/share. (They raised it in May during the quarter)
It is a shame we cannot export WTI because the oil coming out of shale has more or less maxed out our ability to refine it. Many refineries are not set up to refine such high quality oil. We also export other refined products besides gasoline, most notably Naphtha. There are also some mini oil refineries being built that only refine parts of the oil upfront. Example is one joint venture in North Dakota where the Diesel molecules are extracted and the balance of the crude shipped by rail to another refinery to be further processed. The diesel is then marketed locally in ND. Some of this is also going on in Texas where the balance is being exported.
Northsea is right, gasoline doesn't have to track WTI.
"Greed" can never be the answer to an investment equation question, as it is a constant ;)
I am cashing in 2 of my poor performing stocks, of which psx is one, and moving it to amba..
I can't believe I wasted show much time on psx. The press it gets is way out of sync with its pricing.
hazarding a guess only..I would say $5 or so. I am getting a bit spooked with the bad news out of China.....and thinking about cashing out of PSX (after more than 2.5 yrs). Why? I am starting to believe the chances of PSX climbing back to 85-90 are dwarfed by the chances of a severe market downturn by September.....I have a decent profit, and thus it may be time to go. Many indicators (commodity prices, etc) are screaming that we are on the verge of another crash....not a glooom and doomer, just a retired intel officer doing his homework. Anyone care to disagree?
Brent WTI spread is today about $6.09. What is the average spread over say the last 5 years anyone know?