The recent surge in share prices are not a reflection of the market now thinking Phillips 66 is a better investment than peers.
YTD we are trailing all refiners, including PBF, Delek, and even CVR and are right in line with the broader S&P energy index. Bets on refining were made with the start of the Iran war and we did not benefit. We just followed the inflow of money into energy.
We still have a long way to go before we earn the trust of investors. We must deliver Q1 results given the current favorable margin environment.