Notable comment from 8/3 PSX conference call -- Jeff Dietert -- Vice President, Investor Relation “…….. We are seeing Refining rationalization, 3.7 million barrels a day of announced closures; 800,000 a day of temporary outages that could become more permanent; and we're up to about 1.7 million barrels a day of capacity that's been announced as considering either terminals or other types of service or potential shutdown. So that rationalization is a big piece of it as well. And I think we're expecting more closures to be announced.” #MPC #PSX
D
PSX reported Q2 net income of $374 million or 66 cents per share versus losses last year. Refining showed improvement but continued to lose money due to weaker margins and higher cost of RINs/ biofuel credits. All other business results improved from last year. Chemicals enjoyed record earnings. Pre tax income was $436 million, broken down as follows: Midstream_________________ $312M Chemicals___________________ 623 Refining____________________ -729 Marketing &Specialties____476 Corporate and other_____ -246 Pre tax income___________ $436M
R
Can anyone elaborate on the selloff today post earnings? I did not see any significant bad news. I hate it when I cannot find the smoking gun.
M
7/23/2021 Ryan Todd Piper Sandler Hold $92.00 7/19/2021 Neil Mehta Goldman Sachs Buy $90.00 7/14/2021 T J Schultz RBC Capital Buy $94.00 7/12/2021 Justin Jenkins Raymond James Buy $101.00 7/9/2021 Prashant Rao Citigroup Buy $95.00 7/8/2021 Theresa Chen Barclays Buy $88.00 7/6/2021 Phil Gresh J.P. Morgan Hold $93.00
a
Bracing myself for a big hit tomorrow the min after earning is posted. Beat or miss, the gut feeling is "bummer at the end of trading day".
A
VLO reported promising earning today, let's hope for the same for PSX.
i
Next time we see something approaching 90 I'm going to sell covered calls and hope for the best. Oil is not trading near it's value as no one seems to understand the real value of the energy industry in the US. All of us work for the oil companies in one way or another none of you can go 5min without buying or using and oil by product.
K
So, I have a general question regarding this (yahoo finance) site....PSX closed a tad under $75 today. When I look at the Summary section of this site, its indicating an "overvalued" fair value, had a down arrow for the long term, but the one year estimate is north of $95. What am I missing? Has the price estimate not been revised? I'm newer here but don't understand? Any help please?
N
Serious question for the sages of the board ; why would anyone own $SHLX instead of something like $VLO $PSX or heck even $XOM ???
Fugly morning for VLO, MPC and PSX – listed in declining order of dependence on crack spreads.
Despite recent stock declines, I’m pleased to see OPEC losing some control. With the covid delta variant threatening the re-open trade in most major economies, OPEC would not have increased world oil production unless their leadership was threatened.
If the US can maintain growth in gasoline consumption and if – big “if”-- US refiners can control their tendency to overproduce fuel, a declining global crude price will lead to growing crack spreads and higher profits.
Of course, there is no guarantee as to when or if this happens, so I must advise caution, especially to those with short-term positions. On a long-term basis, I think the positive margin scenario for refiners has an increased likelihood... but I have been wrong before. On a long term basis, lower oil prices reduce the adaption rate of EVs.
As has recently been the case, the effect of the covid variants -- or the fear of such -- is the big unknown in any economic prediction. Refiners are included in energy funds, so this will affect price action -- at least temporarily. Final caveat: the market is never predictable. #MPC #PSX
m
With under 10k shares,,, I get my voting power is small. But "IF" every vote counts... I would check 'YES box' to DUMPING on even a $85. per share Buyout!! ( Only be profitable due to $73. shares) Won't buy more till $60 as Garfield the Looney Goose will take it there! [[ Plenty of fools on this board that remind me of joker on CNBC 10ish years ago ( D. Hartman) Claiming oil today value $5-$10 per barrel & EVS dominate the Hwy!! Funny! He should of said 10mpg *RVs* & $70 oil!!]]
a
are we done slipping and sliding?
A
American Airlines warns about fuel shortages around the country, asks pilots to conserve PUBLISHED MON, JUL 26 202112:53 PM EDTUPDATED 7 MIN AGO Hope the mgt team wakes up and raises prices.
C
'Bullisht pattern detected'
M
Quarterly dividend of 90 cents per share. Sounds like good news to me. Does that mean we will have a huge beat of expected EPS?
i
Oil trying so hard to sell off and no one is buying it. We all see demand escalating, prices increasing and long term stability. Whichever narrative the media is trying to manufacture is not sticking the landing.
v
My only energy company that eeked out a gain today, not that it's enough to make me whole with psx
i
we are seeing the steady increase in shorts across the entire energy sector. THey are in place to keep prices low for the record earnings season.
O
I think the divy was expected.. a hike would have been a better catalyst to move the stock. Perhaps some bullish commentary at the next ER might help. This stock is trading at pandemic levels.. it should be at least in the mid 80's, IMO.
There seems to be some frustration over the fact that refiner stocks are not keeping up with the increasing price of oil. Oil producers are benefiting from bullish sentiment based on expectations of rising oil demand (based on opening economies) and of OPEC+ ability to control oil production. (OPEC is meeting as I write this.) The sentiment ignores increasing global electrification and the threat of the Covid variant. I don’t know how long this bullish sentiment lasts but I doubt oil gets close to $100. I could be wrong.
Refiners are not sellers of crude oil. They are buyers paying the increasing oil price. They count on gasoline and diesel prices to keep up with oil but these fuels trade as separate markets – with prices based on supply and demand of those fuels. The optimal situation for refiners is high fuel prices, low crude oil prices (thus a strong crack spread) and strong demand for fuel. Low crude prices also discourage EV adoption.
US refiner stocks, on a day-to-day basis, often move in tandem with oil producers because US fuel demand numbers affect both groups. Also, major refiners are included in all energy funds and indexes. These mostly consist of producer stocks and move with oil.
I apologize to those for which all of this is obvious. Nevertheless, trying to explain or justify moves in energy – including refiners – is mostly a guessing game. Good luck to all. #MPC #PSX
“…….. We are seeing Refining rationalization, 3.7 million barrels a day of announced closures; 800,000 a day of temporary outages that could become more permanent; and we're up to about 1.7 million barrels a day of capacity that's been announced as considering either terminals or other types of service or potential shutdown. So that rationalization is a big piece of it as well. And I think we're expecting more closures to be announced.” #MPC #PSX
Refining showed improvement but continued to lose money due to weaker margins and higher cost of RINs/ biofuel credits. All other business results improved from last year. Chemicals enjoyed record earnings.
Pre tax income was $436 million, broken down as follows:
Midstream_________________ $312M
Chemicals___________________ 623
Refining____________________ -729
Marketing &Specialties____476
Corporate and other_____ -246
Pre tax income___________ $436M
I hate it when I cannot find the smoking gun.
7/19/2021 Neil Mehta Goldman Sachs Buy $90.00
7/14/2021 T J Schultz RBC Capital Buy $94.00
7/12/2021 Justin Jenkins Raymond James Buy $101.00
7/9/2021 Prashant Rao Citigroup Buy $95.00
7/8/2021 Theresa Chen Barclays Buy $88.00
7/6/2021 Phil Gresh J.P. Morgan Hold $93.00
Despite recent stock declines, I’m pleased to see OPEC losing some control. With the covid delta variant threatening the re-open trade in most major economies, OPEC would not have increased world oil production unless their leadership was threatened.
If the US can maintain growth in gasoline consumption and if – big “if”-- US refiners can control their tendency to overproduce fuel, a declining global crude price will lead to growing crack spreads and higher profits.
Of course, there is no guarantee as to when or if this happens, so I must advise caution, especially to those with short-term positions. On a long-term basis, I think the positive margin scenario for refiners has an increased likelihood... but I have been wrong before. On a long term basis, lower oil prices reduce the adaption rate of EVs.
As has recently been the case, the effect of the covid variants -- or the fear of such -- is the big unknown in any economic prediction. Refiners are included in energy funds, so this will affect price action -- at least temporarily. Final caveat: the market is never predictable.
#MPC #PSX
PUBLISHED MON, JUL 26 202112:53 PM EDTUPDATED 7 MIN AGO
Hope the mgt team wakes up and raises prices.
Refiners are not sellers of crude oil. They are buyers paying the increasing oil price. They count on gasoline and diesel prices to keep up with oil but these fuels trade as separate markets – with prices based on supply and demand of those fuels. The optimal situation for refiners is high fuel prices, low crude oil prices (thus a strong crack spread) and strong demand for fuel. Low crude prices also discourage EV adoption.
US refiner stocks, on a day-to-day basis, often move in tandem with oil producers because
US fuel demand numbers affect both groups. Also, major refiners are included in all energy funds and indexes. These mostly consist of producer stocks and move with oil.
I apologize to those for which all of this is obvious. Nevertheless, trying to explain or justify moves in energy – including refiners – is mostly a guessing game. Good luck to all. #MPC #PSX