We have traded poorly vs MPC and VLO since the Elliott vote. In the past month chemicals has sold off vs refiners due to the terrible margin environment and outlook. Today is an example where refiners are up and we are trading down with the chemical companies.
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The strategic goal that Go Go has is poorly thought out. Chemicals are under price pain and so is refining. Instead of improving refining performance he doubled down on a poorly ran gas company that only made money by mass layoffs, almost eliminating Capex spending and drastically reducing Opex (now P66 poorly maintained assets). NGL's and ethane are volatile and near glut stage. It may well get there with Trump opening up drilling.
Getting beat again today despite chemicals being up materially. Maybe there is just general lack of belief in this management team.
Poor fella
Go Go is a double ball and chain around the neck of our stock price.
We ESGd 😎
We diversified yo!
The brand su-ks.