They said at the Town Hall today that Transformation is reason PSX stock is doing so well lately and that the Investors Meeting last week went swimmingly.
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Another thread talked up one of the bankers complaining that Transformation was the same old song and dance.
This is true. However! Those sl--e always bay for more money. That’s their job, and there’s not much reason to listen to them unless you need their money. Refining is making money hand-over-fist until Russian crude is allowed back into the global market, and that might not be for at least a year.
They are full of sh-t!
When the Saudis/OPEC announced that they were cutting production by 2 million barrels per day is when PSX stock took off.
That announcement was officially made and published on October 5th.
And this covid silliness winding down has nothing to do with more people traveling (and using fuel/gasoline). Nope, nothing at all.
If you compare PSX’s 3 month stock price chart against XOM’s price chart and MRO’s price chart, they all show the same dip at the end of September, and then a gradual mostly steady climb starting in very early October.
So XOM and MRO are going through the same “transformation” too?
It’s gotta be this transformation BS, 100% and nothing else.
Wrong and wrong!