Thought we were speaking of the future for COP, not the past for PSX. "looking at the 2-yr chart" - and it says a very large portion of that gain is from PSX after the spinoff from COP. That future growth potential is no longer available to current COP investors as it resides with a different company that COP hasn't owned for almost a year. I still believe that COP is a proxy for oil and gas prices, and its future gain/loss will largely track any increase/decrease in oil and gas prices. Hope this helps!