theres an old guy who is with warren when becky quick interviews him,thats the succesor
His son is not going to take over the company. He will be the non-CEO chairman and basically make sure that no one screws up what Warren built. Howie is currently on the BOD.
So did Einstein. But I wouldn't say sold. These are men who follow their dreams and get things done. There is always sacrifice. I saw an interview with is children and they are fine and happy. His one son is in Africa showing everyone how to farm and be self sufficient. he is a good man. The world grows with people like this.
No he didn't shun his children. His son is going to take over the company.
Why do people shoot their mouths off when they have absolutely no idea what they are taking about. Buffet has 3 children. All are millionaires and run charitable trusts set up by either Warren or his wife who is deceased. His son Howie is a successful farmer and on the board of directors of Berkshire. When Warren is gone his son Howie will become the non-CEO chairman of the board to make sure a new CEO doesn't screw up the company.
gloom and doomer.....sky is falling idiot
Sentiment: Strong Buy
Yes but these idiots think you can replace 93 million barrels of oil products over night. The loons want to do everything they can to #$%$ the use of any energy made by burning a fossil fuel. The usage will go down over time through technology in cars and using alternatives. I wish they were as passionate about reforesting land in places like Brazil. Just read an article explaining how 90% of rain forest area near the coast was cut down to grow a coarse grass used to feed cattle. A famous Photographer and his wife have been leading the charge to replant some areas especially around ponds and streams. They have a a lot of buy in because in the long run it is good for the cattle farmers. Cheaper to reclaim the land than to totally go out of business.
No talk about their attention to the speed and quality of those trains now is there? Traveling at a very slow speed with updated rail cars is NO danger to anyone.
The Grover Beach City Council has decided to pen a letter to the county Planning Commission opposing a rail spur project that would allow Phillips 66 Co. to transport crude oil by rail to its Nipomo Mesa refinery.
The council’s action late Monday night came less than a week after Pismo Beach Mayor Shelly Higginbotham announced she would write a similar letter of opposition to the county. The city of San Luis Obispo has already officially opposed the project.
The Grover Beach council directed its staff to draft two letters, one urging federal officials to consider more regulation of crude oil transport and another opposing the Phillips 66 project because of fears it would “create a hazardous and unsafe environment in our community.”
“I just can’t support this project, and feel like this is the only chance we have to say anything about it,” Councilwoman Mariam Shah said. “I feel like this is our last chance to have any control over this whatsoever.”
The draft letters will come before the City Council for approval at a future meeting.
Both opponents and supporters of the project attended Monday’s night, with opponents carrying yellow signs proclaiming "Stop Oil Trains Now" and supporters sporting green shirts reading "Protect Jobs." About 45 speakers addressed the council in nearly two hours of public comment.
At an as-yet unscheduled public hearing, the San Luis Obispo County Planning Commission will determine whether Phillips 66 can add 1.3 miles of track to an existing rail spur at its Nipomo Mesa oil refinery. The project would add five parallel tracks and an unloading facility to accommodate as many as five trains with 80 tank cars per week delivering crude oil for processing at the refinery. Those oil trains would bring about five additional train trips a week through the county.
I could only report what the article said as it was copied word for word. I also saw some similar articles and the price is $95 in all of the ones I could find. The average analysis target is $94.08 per Yahoo. Regardless, analysts beleive this stock can go up around 18% in the nest year plus the dividend. The key is that they like what the management is doing as did Buffet. I have owned shares since the split and bought more while actually selling some of my COP shares.
September 17, 2015, 9:36 A.M. ET By Teresa Rivas @ Barrons
Oppenheimer & Co. has an update of Phillips 66 (PSX) out Thursday, arguing that the company’s diversification will drive growth and value creation going forward.
Analysts Fadel Gheit and Luis Amadeo reiterated an Outperform rating and $95 price target on the stock, writing that while their targets are above consensus, they believe that Phillips 66’s mix of assets, good execution, shareholder friendliness, and growth outlook all warrant a premium valuation.
They see operating cash flow of $4.8 billion this year and $4.1 billion next year, which, combined with the company’s cash and some additional borrowing, can cover the capital spending plans of $4.6 billion and $3.5 billion each year, respectively, its $1.2 billion annual dividend and the roughly $50 million Philips 66 Partners (PSXP) distribution.
I agree about the ETFs... they cause VLO to fall in the short term with the oil price drop... and later they will make it rise when oil goes up ;)
Short-term price action is noise, look at earnings and long-term charts.
They will not spin off Refining. Along with Marketing and Specialties Refining comprises the majority of the assets in the C Corp. Chemicals is in the JV and Midstream is held by DCP and PSXP. Plus PSXP holds a lot of the Pipes etc that the refining company uses. They are too intertwined. What is more likely is that they may dump some of the refining assets, especially those in California.and keep the highest returning assets.
The consumption of fuel can go up a lot more than the consumption of corn ;)
...and it has, because consumer prices for fuel are so much lower.
Corn flakes is a very bad example. Kelloggs which uses a lot of corn and other agricultural products has not done very well resently. Although Ag futures have been trending down K's estimated earnings for 2016 are lower than actual 2014 earnings. They are not holding profit.
PSX model is much different. What was primarily a refiner is using those profits, which have wild swings due to many factors, as a cash cow to invest in midstream assets that have much higher returns than refining. They also own 1/2 of CPChem which is a huge chemical company that is rapidly expanding and self funding. The MLP gives them another avenue to expand. Currently the stock is in a holding pattern due to perception about energy. PSX is in too many ETF's with the likes of XOM, CVX etc. which hurts the price.