Disaster as you refer is a gross exageration. It is a slightly reduced margin and will soon be corrected. As such psx hasn't reduced a forecast yet nor cop which has been holding ground. Get your act together Spanky and gain some credibility. The GDP is expepected to rise next year which includes guess what? What is happening today is in reverse and a savvy investor could take it to the bank - oil up and psx down. If there's something wrong with psx, it's not much and I'm backing the truck up. See at 62 by Sept.
Guess i'm too short term,but I consider 2 back to back quarters (2nd and 3rd) about 50% below previous expectations to be a disaster in an Investment sense..Cop is a producer and in no way affected by the same set of dynamics as PSX with the exception of Macroeconomics..."SLIGHTLY REDUCED MARGIN"..??.That suggests you're out of touch with Refining margins as well as the Headwinds to margins going forward at least thru the remainder of 2013.