Making even more moves?
https://www.marketwatch.com/amp/story/phillips-66-s-asset-sale-may-involve-refinery-jvs-with-cenovus-opis-ed3494bb
6 replies (most recent on top)
Actually have heard rumblings of the opposite. We are going to exit the JV with Phillips and pocket cash to put into our existing refineries. Doesn’t make sense to stay in bed with the competition.
CVE will swap their 50% Borger interest for the remaining 50% of Wood River plus an additional payment. Both companies get 100% ownership and CVE increases their coking heavy throughput.
Jon’s just playing hard to get. We can wait until he is ready to buy.
Read the Q3 conference call notes. Jon specifically said they’re more likely to be sellers than buyers of the Phillip JV refineries.
This has been broadcasted by CLT that they would buy out JV. Not at all adding to refinery capacity. Just increase the dividend already!
They don’t need more refining capacity.
Big, or Bad?