Refining is becoming a smaller part of their business, which is good, because it is too cyclical. The other related areas of pipeline, midstream gas operations (NGL marketing), Chemicals (thru CP chem) and specialty lubricants and additives. Within a few years refining will be down to about 30% of sales. The MLP now gives them more financing flexibility. Specta Energy (DCP patnership and Chevron (Chemicals are also strong partners. This is one of my 5 or 6 favorite stocks and is a large holding.
rgchjr1945...good post. What's your "take" on CNG in autos? You think America will go gang busters over this cheaper energy source? Ford via their best selling F-150 has already jumped on the CNG option. But at a conversion cost of $8K way too expensive. One has to get this down to say $3K with some federal tax credits involved. IMHO as always.