Too funny - the guy does not do his own research any more - so he is out there saying refiners margins are decreasing because of the cheap oil from the Bakkens - he has it all wrong again - its because of the cheaper oil from the Bakkens that Phillips is getting a larger profit margin and is a Buy Buy Buy.
Fade Cramer! He is never right. By the time he gets on a stock, the party is over. Anyone can say what the stock has already done. Only Cramer can be wrong about the future with such consistency. Even a broken clock is right 2 times a day.
Unfortunately the quarter results are not what is driving this company right now. There seems to be some issues down the road with refiners and the EPA. The stock markey is always looking at the future. Traders often over due the selling and have in this case driven all stocks in this industry down buy a large amount.
On a fundamental basis, PSX is not a puer refiner and as stated in their conference calls plans on shrinking refining to about 20 % of the companies earnings. Not through any big drop in refining activity but through increase in CP Chem, DCP midstream and their own midstream operations. Specialty lubricants and additives will also become a slightly bigger part of the company. CP chem is in the process of adding 5 chackers in the USA for baisc chemicals production.
Every time the stock goes down I buy more. This is one of my favorite companies. If this long commodities bull market is coming to an end, this company's stock will explode to the upside over the next few years. It is all about a portfolio of great businesses. The MLP will allow them to have more ways of raising money for expansion without issuing stock