Our earnings would be in the toilet if it wasn’t for the mess in Iran.
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@ax Be careful. The VP of IR is lurking to tell you that we are now Total, XOM, CVX or BP (without the ni-----g worries of reserve replacement ratios, and massive capital plans - although we’ll always have the tendency to spend like a drunken sailor in port - KM will just issue as many tranches of senior debt as necessary particularly if it has to do with another fractionator, pipeline, or steam cr--ker).
It’s all cyclical, right? Not at all a core refiner, right? How dare the investment community compare us to the proletarians of the sector such as MPC and VLO. Peans all!
Yes, we must convince the world that we are an integrated supermajor now; “Peer of One” just didn’t move the needle enough, I guess.
WHAT. A. JOKE. I truly can’t believe that KM, ML and the Chair sign off on this tripe. Or that we have institutionals d-mb enough to hold on to our shares as a core holding (Elliott’s not in this for the long term). We can’t even come up with a consistent definition for the investment community of what the he-l we are.
@ax yikes.
To put that in perspective, if PSX would have performed as MPC, share price would currently be ~$298. So a $49 gap in performance or roughly $20B in market value.
Think about that. Huge miss by this management team that needs to be addressed. Still holding out hope that Elliott finishes off this board and management team this next proxy season
Performance looks amazing…until you compare it against Marathon and Valero.
YTD:
PSX +93%
MPC +132%
VLO +122%
Exactly. Or maybe it is our stellar integrated portfolio and outstanding management team.