Since the spinoff of PSX from COP, PSX has outperformed COP by a wide margin, in terms of pps gains. After the spinoff, PSX immediately shot up and gained more than 100% of it's initial value. And, I must admit that I made a mistake and sold all my PSX shares the day after the spinoff. I used the proceeds from the sale to purchase more shares of COP.
However, it looks as though things have turned around for COP, in comparison to PSX, over the last six months. In March, PSX hit a high of $70 a share, but since then it has declined to $58 a share, a loss of 17%. Also, since March, COP has risen steadily from $58 to $67 a share, a gain of 19%.
Again, since the spinoff, PSX has outperformed COP in terms of pps gains. But COP is surely making up lost ground. Also, COP pays twice the dividend rate as PSX does, 4.2% to 2.1%.
My timing could have been a lot better if I'd had held on to PSX for a few months after the spinoff. I would have made more money. Hindsight is always 20/20.
But, in the long run, I feel that getting rid of PSX and buying more COP was the correct move for the long term future. I believe that the pps of PSX will stagnate for the foreseeable future, while pps for COP is just beginning to achieve significant gains over the next few years. COP has a much brighter future than PSX and it pays twice the dividends.
I still own both, but I agree the worm has turned as far as future performance. PSX will do just fine, but expect spectacular things out of COP. Brilliant move to sell off most of the lesser performing foreign holdings and concentrate on the shale oil growth in the U.S. Shell and Exxon appear to be behind the COP curve.