CNBC had the CEO on Squawk Box yesterday to discuss 2nd quarter earnings.
My question is why? Companies report earnings every day. Our earnings were ok but not close to being spectacular so why give publicity to just another company reporting earnings.
In any event, the earnings were mostly a result of improved refining margins, not any the ELT has done.
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Midstream committed to 3.7B earnings for the year and have underperformed for both quarters. They will probably not make over 3.0B. The DCP earnings were all smoke and mirrors for two years before the acquisition. They earned by cutting 1400 employees, almost eliminating CAPEX and massively reducing OPEX. They have poor assets and culture and there is no way they will hit the mark for 2025. Next to come will be headcount cuts that will further erode operational and maintenance efficiencies. The management skill of the current DCP leadership is superficial, borderline unethical and in defiance of policies and safety. Good luck.
Also, how much has PSX paid to 'consultants' for little to no real results. Just a bunch of supposed savings that even the analysts don't believe.
‘Squawk’ - enough said
Between the proxy battle and closing a refinery, it's not like there's nothing to talk about. Honestly thought it was one of the better performances on his part, Lashier generally being a terrible speaker.
All of his bragging about lowest controllable costs since 2021 was kind of hilarious though. That's... A few years ago, right before we brought a bunch of consultants in. It's not like that's a massive turnaround