Just got through watching the stockholders meeting from 5-11-98. Several things jumped out at me. They are :
1) One of the main objectives of the company under value creation is Joint Venture Opportunities. As J. Mulva put it, this is an opportunity to combine with other companies to form a larger, more competitive company.
2) GPM will be looking for selective aquisitions and joint ventures to enhance their Best In Class system.
3) RM&T will look to grow marketing and have more joint ventures.
4) Chemicals is looking for aliances along product lines and geographical locations.
5) Still lots of money left for the stock by back program (~500MM), which to me means the stock price should rise. (I think that the price should be around $60, IMHO)
What does it all mean? I am not sure but I think that P will be very exciting from now until the end of the year. Everyone in the stock market is looking for mergers, I think it will happen with P. Now that Monsanto is starting to break up into Monsanto (Agriculture) and Solutia (sp?), I look for the combination with Conoco to be revisited. The aliances in the chemicals areas is an intersting point. I believe that a lot of the feedstocks are currently bought on the spot market. More aliances with South American contries should be beneficial and increase margins. IMHO