Phillips 66

Most Recent

  • Overview of US Gulf Coast 3:2:1 Crack Spread
    Macroeconomic Analysis

    Overview of US Gulf Coast 3:2:1 Crack Spread

    Crack spreads usually fall when crude oil prices (USO) increase by more than product prices, or when product prices fall more than crude oil prices.

    By Keisha Bandz
  • uploads///DMA
    Company & Industry Overviews

    HollyFrontier’s Stock: Trading Below Moving Averages

    Refining companies’ stock performance was affected by the abolition of the crude oil export ban in the United States.

    By Maitali Ramkumar
  • uploads///Energy MWU_ REFINING Gainers
    Energy & Utilities

    Which Refining and Marketing Energy Stocks Are Rising This Week?

    World Fuel Services (INT) increased from last week’s close of $21.80 to $22.35 on June 14—an increase of more than 2.5%.

    By Nicholas Chapman
  • uploads///Target prices
    Energy & Utilities

    HFC and PSX: Which Company Could Post the Most Gains?

    After HollyFrontier’s earnings, RBC lowered its target price on the stock from $68 to $66.

    By Maitali Ramkumar
  • uploads///US distillate stocks
    Energy & Utilities

    Why analysts were surprised by distillate inventories last week

    It’s expected distillate production will grow by the end of 2014. Refineries have built new facilities to produce more distillates than gasoline in anticipation of strong global demand growth.

    By Keisha Bandz
  • uploads///Rankings
    Earnings Report

    Refiners’ 4Q17 Estimates: Ranking MPC, VLO, PSX, ANDV on Earnings

    In this series, we’ll be sorting refining stocks in terms of earnings expectations for 4Q17. If we rank them on their likely YoY growth in EPS, then Andeavor (ANDV) occupies the top slot.

    By Maitali Ramkumar
  • uploads///Estimates
    Earnings Report

    Valero’s 4Q15 Estimates Suggest Two Big Words: Under Pressure

    In 4Q15, according to Wall Street analyst estimates, Valero is expected to post EPS of $1.40, which would be 23% lower than its 4Q14 adjusted EPS.

    By Maitali Ramkumar
  • uploads///Ref margin
    Company & Industry Overviews

    Analyzing HollyFrontier’s Refining Margin in 2018

    HollyFrontier’s refining segment is critical for its overall earnings. The refining segment’s adjusted EBITDA rose 127% to $1.7 billion in 2018.

    By Maitali Ramkumar
  • uploads///Segments
    Company & Industry Overviews

    Behind Phillips 66’s Segmental Earnings Trends

    Phillips 66’s (PSX) total adjusted net income rose 14% YoY (year-over-year) to $569 million in 2Q17.

    By Maitali Ramkumar
  • uploads///Cashflow
    Company & Industry Overviews

    Valero’s Liquidity: Does It Justify High Shareholder Returns?

    Valero’s liquidity In 1H17, Valero Energy (VLO) generated $2785 million in cash from operations. The company had cash outflows of $880 million in the form of capital expenditure and deferred turnaround and catalyst costs and $627 million in the form of dividends. Valero’s liquidity surplus Valero’s cash outflows amounted to around $1507 million in 1H17, […]

    By Maitali Ramkumar
  • uploads///Leverage
    Company & Industry Overviews

    How Is Marathon Petroleum’s Leverage Trending?

    Marathon Petroleum’s solvency ratios are higher than the industry average, which is not a comfortable situation.

    By Maitali Ramkumar
  • uploads///WTI Brent
    Macroeconomic Analysis

    WTI–Brent Spread Continues to Diverge: Who Gains and Who loses?

    WTI (West Texas Intermediate) crude oil’s discount to Brent crude oil widened in the week ended August 14 over the previous week.

    By Keisha Bandz
  • uploads///Segments
    Company & Industry Overviews

    Marathon Petroleum’s Earnings Mix by Segment

    Marathon Petroleum’s (MPC) operating income rose 51% yearly to $440 million in the first quarter. The rise in midstream earnings mainly led to the rise in operating income.

    By Maitali Ramkumar
  • uploads///distillate
    Macroeconomic Analysis

    Distillate inventories continued to decline

    Distillate demand and stock levels drive crude demand and crude prices. As a result, energy investors watch distillate inventories closely.

    By Keisha Bandz
  • uploads///IV
    Earnings Report

    How PSX’s Implied Volatility Trended Post-Earnings

    Phillips 66 (PSX) posted its earnings on July 29, 2016. On the day, PSX’s implied volatility fell by 5% to 23.2 compared to the previous day.

    By Maitali Ramkumar
  • uploads///Targets
    Earnings Report

    Valero Energy’s Analyst Recommendations: No “Sell” Ratings

    Barclays, Goldman Sachs, Credit Suisse, and Wolfe Research have positive recommendations for the stock. They gave price targets equal to $80 per share or above.

    By Maitali Ramkumar
  • uploads///PSX
    Earnings Report

    Phillips 66’s EPS Is Expected to Increase 126% in Q4 2018

    According to analysts, Phillips 66 is expected to post an EPS of $2.4 in the fourth quarter.

    By Maitali Ramkumar
  • uploads///IH
    Company & Industry Overviews

    HollyFrontier: Which Institutions Bought or Sold the Stock?

    Dimensional Fund Advisers, AQR Capital Management, and Goldman Sachs increased their holdings in HollyFrontier stock in the first quarter.

    By Maitali Ramkumar
  • uploads///ANS versus Bakken Rail Delivered Price to Anacortes WA
    Macroeconomic Analysis

    Tesoro’s Big Bet on Building Crude-by-Rail Infrastructure

    An important part of Tesoro’s business, crude-by-rail allows refiners to cover maximum accessibility and to gain from price differentials.

    By Manu Milan
  • uploads///Estimates
    Earnings Report

    Phillips 66: 2Q17 Earnings Beat Estimates, Refining Earnings Rose

    In 2Q17, Phillips 66’s revenues missed Wall Street analysts’ estimates by 1%. However, its 2Q17 adjusted EPS of $1.09 surpassed estimates of $1.01.

    By Maitali Ramkumar
  • uploads///Organic Expansion Capital
    Earnings Report

    Why Sunoco Logistics Revised Its 2015 Capital Expenditure Targets

    Sunoco Logistics (SXL) will share the proportionate capital expenditure in the Bakken Pipeline project. This led SXL to revise its capital expenditure for 2015.

    By Kurt Gallon
  • uploads///IV
    Earnings Report

    What to Expect from Phillips 66 Stock after It Earnings

    Phillips 66’s stock price could close between $87.7 per share and $83.5 per share in the ten-day period after its earnings. The period ends on August 11.

    By Maitali Ramkumar
  • uploads///Segment
    Earnings Report

    Waiting for the Numbers: Valero’s 4Q15 Earnings and Refining Margin Trend

    In 3Q15, Valero noted a rise in its gross refining margin by $2.6 per barrel to $14.4 per barrel, compared to what we saw in 3Q14.

    By Maitali Ramkumar
  • uploads///Refining margin
    Company & Industry Overviews

    Who among MPC, VLO, HFC, and PSX Has the Highest Refining Margin?

    In this article, we’ll compare the gross refining margins of leading American downstream companies.

    By Maitali Ramkumar
  • uploads///Stock
    Earnings Report

    How Did Phillips 66 Stock Perform after Its 1Q18 Earnings?

    On April 27, Phillips 66 opened at $110.8 per share—lower than the previous close of $112.5. Phillips 66 opened lower despite its 1Q18 earnings beat.

    By Maitali Ramkumar
  • uploads///Energy sector
    Macroeconomic Analysis

    Why Is Apache Struggling with Its 100-Day Moving Average?

    Apache was trading 11.8% below its 100-day moving average. Since November 27, 2015, the stock has struggled to cross its 100-day moving average.

    By Sarah Sands
  • uploads///Valutaion
    Company & Industry Overviews

    Do Marathon Petroleum’s Valuations Stand above Peer Averages?

    Currently, MPC trades at a forward PE (price-to-earnings) ratio of 14.8x, above its peer average of 13.8x.

    By Maitali Ramkumar
  • uploads///Segments
    Earnings Report

    Your Segmental Analysis of Marathon Petroleum’s 4Q15 Results

    On a sequential basis, Marathon’s operating income fell by 78%. All the segments reported declines in income in 4Q15 over 3Q15.

    By Maitali Ramkumar
  • uploads///distillate stocks
    Macroeconomic Analysis

    Update: Distillate inventory movement

    Inventories provide a useful snapshot of distillate demand and supply trends, particularly near and during the winter months.

    By Keisha Bandz
  • uploads///Part
    Company & Industry Overviews

    Phillips 66’s Cash Flow: Rising Shareholder Returns and Capex

    From 3Q14 to 3Q15, PSX maintained average quarterly cash flow from operations at $1.1 billion. The company has continued its focus on preserving growth.

    By Maitali Ramkumar
  • uploads///Yields
    Company & Industry Overviews

    Phillips 66: Refining Yields in the Fourth Quarter

    Phillips 66’s (PSX) refining operations yielded 45% gasoline and 39% distillates in the fourth quarter.

    By Maitali Ramkumar
  • uploads///Annotated
    Earnings Report

    Will Tesoro’s Stock Uptrend Last after 4Q15 Earnings?

    Tesoro Corporation’s (TSO) stock was on an uptrend in 2015, fueled by healthy refining margins. TSO rose 21% in the trailing 12 months up to January 20, 2016.

    By Maitali Ramkumar
  • uploads///Segments
    Company & Industry Overviews

    How Did Valero’s Refining Margins Shape Up in Its Latest Quarter?

    Valero’s total refining capacity is 3.0 MMbpd (million barrels per day), of which 1.7 MMbpd is located in the US Gulf Coast.

    By Maitali Ramkumar
  • uploads///Cash flow
    Company & Industry Overviews

    Marathon Petroleum’s Cash Flow Position

    In the first half of 2018, Marathon Petroleum (MPC) had $2.249 billion in cash from operations. The company had cash outflows of $1.466 billion.

    By Maitali Ramkumar
  • uploads///Stocks
    Company & Industry Overviews

    MPC, ANDV, VLO, PSX: Why Refining Stocks Are Underperforming SPY

    In this series, we’ll perform a cross-sectional analysis of refining stocks. We’ll examine their moving averages and eight-day price forecasts based on implied volatility, and compare their leverage, liquidity, capex, and refining margins.

    By Maitali Ramkumar
  • uploads///IH
    Company & Industry Overviews

    Which Institutions Bought or Sold Phillips 66 Stock?

    The institutional holdings in Phillips 66 stock stand at ~72%. The institutional holdings in Phillips 66 are the lowest compared to its peers.

    By Maitali Ramkumar
  • uploads///Correlation
    Company & Industry Overviews

    Chart in Focus: The Correlation of Phillips 66 Stock with WTI

    The correlation coefficient of Phillips 66 (PSX) versus WTI stands at 0.40.

    By Maitali Ramkumar
  • uploads///part
    Miscellaneous

    Key Energy Industry Updates for May 30–June 2

    Royal Dutch Shell (RDS.A) has started operations on the FPSO (Floating Production Storage Offloading) P-66 in the Lula South Field, Santos Basin, Brazil.

    By Rabindra Samanta
  • uploads///DK
    Energy & Utilities

    Behind Delek US Holdings’ Scant ‘Buy’ Ratings

    Four (27%) of the 15 analysts covering DK have rated it a “buy” so far in August 2017.

    By Maitali Ramkumar
  • uploads///heating oil prices
    Macroeconomic Analysis

    Heating Oil Prices Fall by ~11 Cents per Gallon

    Last week, as of March 23, residential heating oil prices averaged ~$2.93 per gallon—~11 cents per gallon lower than the week before.

    By Keisha Bandz
  • Energy & Utilities

    Why the Chemicals and Midstream segments outperformed in 2Q14

    Phillips 66’s net income decreased ~10% to $863 million in 2Q14—from $958 million in 2Q13. Despite the decrease, the Midstream and Chemicals segments’ share in the net income increased to 11% and 33% in 2Q14.

    By Alex Chamberlin
  • uploads///Estimates
    Earnings Report

    Valero’s 1Q17 Earnings Beat Estimates, Refining Margin Expands

    Valero Energy (VLO) posted its 1Q17 results on April 25, 2017. Before we proceed with an earnings review, let’s quickly examine VLO’s 1Q17 performance versus its estimates.

    By Maitali Ramkumar
  • uploads///heating oil
    Macroeconomic Analysis

    Average US Households Expected to Spend $710 Less on Heating Oil

    Like gasoline and distillates, heating oil consumption or demand trends matter to refineries.

    By Keisha Bandz
  • uploads///Analyst ratings
    Energy & Utilities

    How Analysts Rate Pre-Earnings for PSX, MPC, HFC, and VLO

    Marathon Petroleum is growing with its capex and acquisitions, including the latest acquisition of Andeavor.

    By Maitali Ramkumar
  • uploads///Valuations
    Company & Industry Overviews

    MPC, TSO, VLO, PSX: Which Refining Stock Is Trading at a Premium?

    Now, let’s look at the forward valuations of Marathon Petroleum (MPC), Tesoro (TSO), Valero Energy (VLO), and Phillips 66 (PSX).

    By Maitali Ramkumar
  • uploads///Leverage
    Company & Industry Overviews

    Marathon Petroleum’s Debt Is Lower than Industry Averages

    Marathon Petroluem’s net debt-to-EBITDA ratio stood at 1.9x in 4Q16. It’s lower than the average industry ratio of 2.8x.

    By Maitali Ramkumar
  • uploads///Correlation
    Company & Industry Overviews

    Refining Stocks and Oil Prices: Understanding the Correlation Coefficient

    The correlation coefficient of Phillips 66 (PSX) and WTI stands highest among refiners at 0.42.

    By Maitali Ramkumar
  • uploads///residential heating oil prices
    Macroeconomic Analysis

    Important update on heating oil prices

    As of January 5, residential heating oil prices averaged ~$2.97 per gallon, ~$0.08 lower than last week and $1.05 lower than the same week last year.

    By Keisha Bandz
  • uploads///PSX
    Company & Industry Overviews

    PSX Ranks Fourth on High Implied Gain, Growth, Dividend Yield

    Now let’s review the stock that’s expected to post the fourth-highest gain: Phillips 66 (PSX).

    By Maitali Ramkumar
  • uploads///Valuations
    Company & Industry Overviews

    Why MPC and PSX Trade at a Premium, ANDV and VLO at a Discount

    In the previous part of this series, we discussed refining stocks’ dividend yield trends. Now, we’ll look at the forward valuations for Marathon Petroleum (MPC), Andeavor (ANDV), Valero Energy (VLO), and Phillips 66 (PSX).

    By Maitali Ramkumar
  • uploads///Analyst ratings
    Miscellaneous

    Why Most Analysts Are Calling Marathon Petroleum a ‘Buy’

    Marathon Petroleum (MPC) has been rated by 19 Wall Street analysts. Seventeen analysts (or 89%) have rated it as a “buy” so far in May 2017.

    By Maitali Ramkumar
  • uploads///Fwd valuations
    Company & Industry Overviews

    Comparing MPC’s, TSO’s, VLO’s, and PSX’s Valuation

    Average valuation multiples Earlier, we discussed refining stocks’ performance in 1Q17 and compared their dividend yields. In this part, we’ll look at Marathon Petroleum’s (MPC), Tesoro’s (TSO), Valero Energy’s (VLO), and Phillips 66’s (PSX) forward valuation. The average forward EV-to-EBITDA (enterprise value to earnings before interest, tax, depreciation, and amortization) multiples and average forward PE […]

    By Maitali Ramkumar
  • uploads///rresidential heasting prices
    Macroeconomic Analysis

    Heating oil prices prices rise by about 11 cents per gallon

    Heating oil prices are linked to crude prices. As crude prices began to fall late last year, so did heating oil prices. However, last week, crude prices had been rising. This move was mirrored by heating oil prices, as the graph above shows.

    By Keisha Bandz
  • uploads///Stock
    Company & Industry Overviews

    How Is Marathon Petroleum Stock Performing in 4Q17?

    Since October 2, 2017, Marathon Petroleum (MPC) stock has risen 15.7%, outperforming the SPDR S&P 500 ETF (SPY). SPY has risen 5.3% in the same period.

    By Maitali Ramkumar
  • uploads///Hist valuations
    Company & Industry Overviews

    How Refining Stocks’ Historical Valuation Compares

    Refining stocks’ valuation In this part, we’ll compare refining stocks’ EV-to-EBITDA (enterprise value to earnings before interest, tax, depreciation, and amortization) ratios with their three-year averages. Marathon Petroleum (MPC), Valero Energy (VLO), Phillips 66 (PSX), and Tesoro (TSO) are trading higher than their historical valuation. MPC was trading at a 10.3x EV-to-EBITDA ratio in 1Q17, compared […]

    By Maitali Ramkumar
  • uploads///GASOLINE PRICES
    Macroeconomic Analysis

    Gasoline Prices Continue their Uptrend the Week of May 8

    For the summer of 2015, the EIA expects consumption to average 9.2 MMbpd, which is 0.14 MMbpd higher than last summer’s consumption.

    By Keisha Bandz
  • Energy & Utilities

    Must-know: Phillips 66’s Marketing and Specialties segment

    In 2013, the Marketing & Specialties segment’s net profit went up 89% to $790 million—from $417 million in 2012. The improved performance was a result of higher Renewable Identification Numbers (or RINs) values.

    By Alex Chamberlin
  • uploads///US distillate
    Energy & Utilities

    US Distillate Inventories Rose for the Eighth Time in 10 Weeks

    US distillate inventories rose by 0.64 MMbbls (million barrels) to 139.8 MMbbls on January 12–19, 2018, according to the EIA.

    By Gordon Kristopher
  • uploads///Credit Ratings
    Company & Industry Overviews

    Marathon Petroleum’s Credit Rating Compared to Its Peers

    Marathon Petroleum’s credit rating of BBB is higher than Tesoro. Valero Energy’s (VLO) rating is in line with Marathon Petroleum’s credit rating.

    By Maitali Ramkumar
  • uploads///oil sunset crude oil pic
    Energy & Utilities

    Will US Oil Exports End 2018 on a Low Note?

    On December 17, Brent crude oil February futures settled at ~$9.41—higher than WTI crude oil February futures.

    By Rabindra Samanta
  • uploads///Featured image
    Company & Industry Overviews

    HollyFrontier Stock Has Fallen 25% in Q4 2018

    Since October 1, the beginning of the fourth quarter, HollyFrontier (HFC) stock has fallen 25%.

    By Maitali Ramkumar
  • uploads///wti brent
    Macroeconomic Analysis

    WTI-Brent Spread Narrows Due to Lower Production and Iran Deal

    A narrower WTI-Brent spread is a positive for US producers, but a negative for US refiners.

    By Keisha Bandz
  • uploads///Featured image
    Company & Industry Overviews

    Valero Energy Stock Fell 10%: What’s the Story?

    Valero Energy (VLO) stock fell 10.3% on Friday, October 19. That same day, Goldman Sachs downgraded the stock from a “neutral” to a “sell.”

    By Maitali Ramkumar
  • Energy & Utilities

    Why the Chemicals segment has been a consistent performer

    In 2013, net profit from the Chemicals segment increased 20% to $986 million— from $823 million in 2012. The increase in earnings in 2013, compared to 2012, was a result of using NGL feedstock.

    By Alex Chamberlin
  • uploads///EBITDA
    Energy & Utilities

    Must-know: Putting Phillips 66’s debt levels into perspective

    There’s no imminent liquidity crisis. PSX is generating enough cash to cover its major needs. Its high debt level is a concern—particularly if there’s any liquidity crunch in the financial market.

    By Alex Chamberlin
  • uploads///WTI vs HYG
    Fund Managers

    Credit Default Swaps as Insurance against Junk Bond Market Crash

    Carl Icahn mentions the use of credit default swaps as a form of protection against credit events. He implies that investors should possess sophisticated knowledge of the fixed income markets to enter that playing field.

    By Stuart McKenzie
  • uploads///heating oil
    Macroeconomic Analysis

    Why do heating oil prices continue to fall?

    Heating oil prices are linked to crude prices. As crude prices began to fall late last year, so did heating oil prices.

    By Keisha Bandz
  • uploads///Featured image
    Earnings Report

    Valero Energy’s Refining Margin in Q3 2018: Why It Fell

    Valero Energy (VLO) posted its Q3 2018 results on October 25, surpassing Wall Street analysts’ estimate.

    By Maitali Ramkumar
  • uploads///YTD
    Energy & Utilities

    Why Philips 66’s 1H14 results show balanced performance

    Phillips 66’s (PSX) net income improved in the first half of 2014 (or 1H14) versus the same period in 2013. In 1H14, operating revenues increased marginally to $85.8 billion—from $84.4 billion in 1H13.

    By Alex Chamberlin
  • uploads///heating oil prices
    Macroeconomic Analysis

    Analyzing the latest increase in heating oil prices

    As of February 16, residential heating oil prices averaged ~$3.03 per gallon. The prices were ~$0.12 per gallon higher than last week.

    By Keisha Bandz
  • uploads///Throughput
    Company & Industry Overviews

    This US Refiner Had the Highest Utilization Rate in 1Q17

    Tesoro (TSO) achieved a 92% refinery utilization rate in 1Q17—the highest among our select group of four major US refiners.

    By Maitali Ramkumar
  • uploads///faecdeecdecfcb
    Macroeconomic Analysis

    Crude Oil Prices Fell and Warren Buffet Sold ExxonMobil

    NYMEX-traded WTI crude oil futures contracts for September delivery fell by 0.24% on September 8. Oversupply concerns were weighing on crude oil prices.

    By Gordon Kristopher
  • Energy & Utilities

    Must-know: Phillips 66’s chemicals and refining assets

    Phillips 66’s (PSX) Chemicals segment consists of its 50% equity investment in Chevron Phillips Chemical Company (or CPChem). PSX owns interest in CPChem’s 35 manufacturing facilities across the world.

    By Alex Chamberlin
  • uploads///Hist Valuations
    Company & Industry Overviews

    How Refining Stocks’ Valuations Compare to Historical Averages

    In this article, we’ll look at refining stocks’ EV-to-EBITDA (enterprise value to earnings before interest, tax, depreciation, and amortization) ratios compared to their three-year historical averages.

    By Maitali Ramkumar
  • uploads///US oil production
    Energy & Utilities

    Texas Contributes 40% of US Crude Oil Production

    The US is the third-largest country by area in the world. However, US oil production is the world’s highest. Here’s a breakdown of its main oil regions.

    By Rekha Khandelwal, CFA
  • uploads///RETURN
    Miscellaneous

    Integrated Energy and Refiner Stocks’ Returns and Volatilities

    In the last five days, China Petroleum & Chemical (SNP) rose the most among our integrated energy and refiner stocks with low implied volatilities.

    By Rabindra Samanta
  • uploads///Refiney assets
    Energy & Utilities

    Phillips 66: An overview

    In 2013, Phillips 66 generated 67%, 13%, and 6% of its revenues from the United States, the United Kingdom, and Germany, respectively. The company’s other foreign operations contributed ~16%.

    By Alex Chamberlin
  • uploads///Part _
    Fund Managers

    Possibly Overbought Refiners Posted Losses Last Week

    US refiners have profited from access to cheaper crude oil inputs. But a series of refinery projects being ramped up in Latin America could stall exports.

    By Stuart McKenzie
  • uploads///diesel prices
    Macroeconomic Analysis

    Diesel Prices Rose Again on May 11

    The EIA expects US distillate consumption this summer to average 4 million barrels per day, up 3% compared with last summer.

    By Keisha Bandz
  • uploads///Valuations
    Company & Industry Overviews

    These Refining Stocks Are Trading at a Premium

    PSX is trading at 9x its forward EV-to-EBITDA ratio and at 16.4x its forward PE ratio, which is above the peer averages.

    By Maitali Ramkumar
  • uploads///OPEC
    Consumer

    Will Crude Oil Futures Fall from 2-Month Highs?

    US crude oil (XLE) (XOP) (USO) futures contracts for September delivery fell 2% and closed at $49.16 per barrel on August 1, 2017.

    By Gordon Kristopher
  • uploads///Featured image
    Company & Industry Overviews

    Phillips 66 Stock Is Down 20% in Q4: USGC WTI 3-2-1 Crack Plunges

    Since the beginning of the fourth quarter, Phillips 66 (PSX) stock has fallen 20.3%.

    By Maitali Ramkumar
  • uploads///heating oil prices
    Macroeconomic Analysis

    Lower heating oil prices are a positive for US households

    Last week, residential heating oil prices fell ~8 cents compared to the prior week, averaging $3.14 per gallon. Prices were 81 cents lower than last year.

    By Keisha Bandz
  • uploads///Refiney assets
    Energy & Utilities

    Must-know: An introduction to Phillips 66

    Phillips 66 (PSX) is an energy company. It’s based in Texas. Phillips 66 started operating independently as a publicly-traded company on April 4, 2012, when it separated from ConocoPhillips (or COP).

    By Alex Chamberlin
  • uploads///PSX
    Energy & Utilities

    Phillips 66 Stands Midway with 47% ‘Buy’ Ratings

    Seven of the 15 analysts covering PSX rated it as a “buy” in June.

    By Maitali Ramkumar
  • uploads///refinery inputs
    Macroeconomic Analysis

    Why Did Crude Oil Refinery Inputs Fall in the Week of June 26?

    US crude oil refinery inputs averaged ~16.5 million barrels per day (or MMbpd) during the week ended June 26.

    By Keisha Bandz
  • uploads///CRACK SPREAD
    Macroeconomic Analysis

    What a Wider Crack Spread in Mid-May Means for American Refiners

    A crack spread represents the price difference between refiners’ revenues—achieved through the sale of finished refined products—and refiner costs—that is, the price of crude oil.

    By Keisha Bandz
  • uploads///Segments
    Earnings Report

    How Will Marathon Petroleum’s Refining Earnings Fare in 3Q16?

    According to MPC, a dollar-per-barrel change in the blended LLS 6-3-2-1 crack spread affects its annual net income by $450 million.

    By Maitali Ramkumar
  • uploads///Analyst ratings
    Energy & Utilities

    Analysts’ Ratings: Marathon Petroleum and Phillips 66

    Marathon Petroleum’s mean target price is $98 per share, which implies a 57% gain from the current level–the highest among its peers.

    By Maitali Ramkumar
  • uploads///heating oil
    Macroeconomic Analysis

    Residential heating oil prices fall with crude

    Heating oil prices are linked to crude prices. As crude prices began to fall late last year, so did heating oil prices.

    By Keisha Bandz
  • uploads///KMCC Pipeline Delivery Points
    Energy & Utilities

    Must-know: Why the Kinder Morgan Eagle Ford expansion is positive

    Kinder Morgan Energy Partners plans several major Eagle Ford joint ventures and projects that could reach almost $900 million in expenditures if company reports are to be believed.

    By Keisha Bandz
  • uploads///Correlation
    Company & Industry Overviews

    Correlation Analysis: Marathon Petroleum’s Stock, Oil Prices, and the Broad Market

    The correlation value between Marathon and oil prices indicates that in the past year, stock prices of MPC have moved in line with crude oil prices.

    By Maitali Ramkumar
  • uploads///LBTYK
    Consumer

    Warren Buffett’s Berkshire Hathaway ups its Liberty Global stake

    Berkshire Hathaway added to its position in Liberty Global PLC (LBTYK) last quarter. The position now accounts for 0.57% of Berkshire’s 1Q 2014 portfolio, up from 0.25% last quarter.

    By Samantha Nielson
  • uploads///Leverage
    Company & Industry Overviews

    Refiners’ Leverages in 1Q17: Who’s Best Placed—MPC, TSO, VLO, or PSX?

    The currently unstable refining environment has resulted in volatile refining earnings for big US refiners like MPC, VLO, TSO, and PSX.

    By Maitali Ramkumar
  • uploads///crack spread
    Macroeconomic Analysis

    US Gulf Coast 3:2:1 Crack Spread Widened Last Week

    The wider the crack spread, the more profitable it is for refiners such as Valero Energy (VLO), Phillips 66 (PSX), Marathon Petroleum (MPC), and Tesoro (TSO).

    By Keisha Bandz
  • uploads///heating oil
    Macroeconomic Analysis

    What Do Changes in Heating Oil Prices Mean?

    As of March 16, residential heating oil prices averaged $3.03 per gallon, $0.18 per gallon lower than last week and $1.09 per gallon lower than a year ago.

    By Keisha Bandz
  • uploads///heating oil prices
    Macroeconomic Analysis

    A key update on heating oil prices

    The latest STEO forecasts that US heating oil prices should average $2.90 per gallon, 25% lower than last year.

    By Keisha Bandz
  • uploads///USO ETF
    Macroeconomic Analysis

    Why Did WTI Fall More than Brent Crude Oil Prices?

    WTI crude oil futures contracts for January delivery fell by 4.7% during the first week of December. Crude oil prices were volatile due to OPEC’s meeting.

    By Gordon Kristopher
  • uploads///Segments
    Earnings Report

    What Happened to Valero’s Refining Margin in 3Q17?

    In 3Q17, Valero Energy (VLO) saw a rise in its gross refining margin by $2.2 per barrel over 3Q16 to $10.9 per barrel.

    By Maitali Ramkumar
  • uploads///valuations
    Company & Industry Overviews

    Marathon Petroleum’s Valuation and the Peer Average

    MPC trades at valuations above its peer averages, likely because it is now in the process of restructuring the organization to unlock value.

    By Maitali Ramkumar
    • CONNECT with Market Realist
    • Link to Facebook
    • Link to Twitter
    • Link to Instagram
    • Link to Email Subscribe
    Market Realist Logo
    Do Not Sell My Personal Information

    © Copyright 2021 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.