$PSX Phillips 66 Tape Reports
Per Ticker.id: $PSX Phillips 66 Tape Reports — 12 podcast mentions across 5 podcasts (30 days), latest 2026-08-19 00:11 UTC.
Treasuries were unchanged to a bit stronger. You saw yields were down 1, 2 basis points, but you know, that's after a pretty big rise. So it's kind of a one-day little pullback. We'll see if that gains any momentum, but unlikely. Gold finished down 1.2%, silver down 3.3%. Bitcoin was up 2.8%. So a rare day where Bitcoin's outperforming gold as of late. WTI crude settled up 0.4%. Like I said, just kind of grinding higher as no resolution in the Middle East. So that was the market today, kind of a mixed bag, but mostly red with the tech names, especially the tech hardware names, dragging down the indices. Let's go answer a YouTube comment question. Jimmy says, I've looked into some oil and gas names that might be a good investment for the moment. These names are Valero Energy, Marathon Petroleum, and Phillips 66. You just mentioned Valero on your show, so I won't ask about that again, but I would appreciate if you give me your thoughts on Marathon and Phillips. Thank you very much for the show. So I've been saying this for the past couple of months, which is the lack of huge upside follow-through in the oil market kind of tells me there's, there's a cap. On, we call the right tail risk. So when you look at a normal distribution of outcomes of returns, you get kind of that 2 standard deviations where most 9— 95 out of 100 times you're going to get outcomes that are within that range. It's a normal distribution. You go 3 standard deviations, that's 90%. Roughly 98%. And then you keep going out and it's, if you get further out into the right or the left, those are extremely rare scenarios. On the right side, that's usually in, in the markets parlance, it's, it's a good outcome. Meaning returns are sky high versus far left. That is very, very low, right? Big crash, shall we say. So what this has told me about oil is that the right tail is not that high. Now, part of this is the Strategic Oil Reserve, and I, I, I understand that, but it's clear that there's a lot of oil out there. There— the market kind of figures that out. It's easy to move oil around the world.
Justin Klein — InvestTalk · The Trillion-dollar Interest Bill Nobody Votes On · 2026-08-19What's— what it's hard to do is to move and increase capacity for refining. And so that's why I'm starting to like a lot of the refineries long term. Now, what you named are just 3 of the biggest refining companies. Marathon is about $100 billion, Phillips $66 billion, PSX is about $95 billion, and then Valero is right around that. So they're all about $100 billion in market cap. So all very good companies. It's just a matter of you know, what you prefer, frankly. Uh, I know, uh, last time I checked, Marathon had a lot of debt on its balance sheet. I know that's been repaired to some degree, so that's a positive. Uh, let me look at these different profitabilities. I mean, you're kind of getting a pure play exposure no matter what. So, you know, I would go with the one that has the better long-term profitability metrics. And frankly, that's Marathon. So that's, that's MPC. Thanks for the question. We're heading to a break. Give me a call now at 888-99-SHARK.
Justin Klein — InvestTalk · The Trillion-dollar Interest Bill Nobody Votes On · 2026-08-19Now we have some stocks on our Best Stocks in the Markets list from the energy sector. Marathon, Valero, um, HF Sinclair, uh, what's called, uh, uh, Phillips 66. So all three are, um, all three refiners. We have Baker Hughes, a few. But like, if I look at the energy sector on any given day they're probably going to be all red or all green.
Todd Sohn — The Compound and Friends · It's a bull market and nobody drinks anymore. · 2026-08-14Hello and welcome to the Oil Markets Podcast from S&P Global Energy. I'm Jeff Mauer, Director of America's Oil News. And today we're discussing oil upstream and downstream second quarter earnings. Joining me are S&P Global Energy Senior Editors Janet McGurdy and Ashok Dutta. Welcome, both of you. This earnings season has given us a pretty striking picture of the North American oil market. Producers are raising output guidance, but they are still trying to convince investors they're not going to go back to the old shale growth model, even at elevated crude prices. Capital budgets are mostly flat and companies are still pointing to efficiency gains as the reasons they can grow without a major spending ramp-up. At the same time, the downstream side of the business is having a kind of a standout moment. Refiners are seeing some of the strongest margins since 2022, with diesel and jet fuel doing a lot of the heavy lifting there. Phillips 66, for instance, highlighted exceptionally strong distillate margins. Product markets appear tighter than crude. You know, we've got lower Chinese exports, refinery outages in Russia, disruptions tied to the Middle East, and those are shipping disruptions. And just overall strong global diesel demand. All of this is supporting margins. And companies with the right logistics and export access and product flexibility are capturing a lot of value right now. So, Janet, how about we start with you on the downstream side since, you know, again, refineries, and we've, I know we've talked about this before on the, you know, on the margin front or on the diesel crack front. Really going gangbusters here with margins. What are some of the takeaways from the refinery earnings? They must be pretty stoked.
Jeff Mauer — Oil Markets · Oil earnings divide: Producers grow, refiners thrive · 2026-08-13So Q2 2026 delivered some of the strongest refining margins in a generation, right? And as you mentioned before, the Strait of Hormuz disruption, Russian diesel export bans, constrained Chinese product export markets have created a perfect storm of global supply tightness that US Gulf Coast refiners are uniquely positioned to exploit. And you mentioned some of them, you know, Marathon's net income, Marathon being the largest US refiner, quadrupled to $5.1 billion in Q2, right? ExxonMobil posted record diesel output. They've worked hard on integrating their US Gulf Coast system. But anyway, Despite planned maintenance at two, two of their big plants, they ran at 95% reliability and again with diesel exports record levels. Phillips 66 captured 98% of the market indicator as the benchmark cracks reached about $70 per barrel, which they described as the highest on record. And our colleagues at S&P Global Energy look at this as a stronger for longer margin environment. And they actually have updated their outlook by adding about $3 per barrel to the LLS, the light Louisiana sweet cracking margin, through 2027 to 2030. So, yeah. And so it's been quite— it was, you know, it was really a success story. But using the word windfall, one of the CEOs from HF Sinclair said He didn't like that word because someone said, what are you going to do with this windfall? He said, I don't like that word windfall, you know, because they're just— refiners are really trying to balance, you know, spending, capital spending with paying down debt. And they really don't want to, I think, look a gift horse in the mouth.
Janet McGurdy — Oil Markets · Oil earnings divide: Producers grow, refiners thrive · 2026-08-13Marathon is one of the biggest people running it too. They did note that on their call, you know, and they were not one of the original But the US Gulf Coast refiners have embraced Venezuela. But then again, those refineries before Chavez, you know, back in the day, a lot of those refineries were built to run Venezuelan crude. So it's not difficult for them, for them to do it. But, but you're right. And also with the Canadian crude coming down, Marathon said in their call, we are the biggest user. They again are the biggest refiner, the biggest system. Of oil refineries in the US. But they said we are the biggest user of Canadian heavy crude. And that used to be Phillips 66 for years because they had big Midwest. But so Marathon's bringing it down to the Gulf Coast and using it at its Garyville, Galveston Bay. You know, they're two big refineries. And then again, that's where they make products for export too. They export a lot out of there. So I guess I'd like to just maybe pivot a little bit here to the refined product elephant in the room ahead of the US midterm elections, and that is gasoline, right? Because, you know, let's face it, it's a key political metric for politicians on how they're doing, right? And with prices of gasoline over $4 per barrel, that is not— that does not create a happy consumer, right? So what's been going on with them is as we focused on upping keeping maximizing our diesel and jet production, gasoline production has been falling. And so it's kind of a market running on the edge. It's supply constrained and it's inventory depleted. So this record refinery utilization is not translating into abundant gasoline supply because refiners are maximizing higher distillate and jet yields, right? So we have Pat And they're exporting so much of it. But the thing is, Pad 5, you know, it has its problems because they've lost 30% of their refining capacity. But they're working on that. You know, it's not working out for them the way they thought. They assumed that Asia would be able to supply, you know, the products that they needed. They weren't able to do it. But there's a few projects underway.
Janet McGurdy — Oil Markets · Oil earnings divide: Producers grow, refiners thrive · 2026-08-13Except for one thing is that refiners have been really good over the past couple of years in their quick-hit refinery self-help programs. Like, for example, Phillips 66 at their Sweeny refinery, which is really their only Texas Gulf Coast refinery, right? They added 40,000 barrels per day of crude capacity without a lot of money, right? By, you know, just debottlenecking, you know, just like changing flows and things like that. So they can run 40,000 barrels per day more of Permian crude there. So that's how we are seeing a refinery creep up. But it's still, you know, again, in the face of a storm, that becomes, that's still a problem. You know, we just don't have it. So the other thing is, We've seen really strange flows. Our colleague wrote a story about Russia, you know, which again, because its refineries are so damaged, it can't export diesel, but it can't even make enough gasoline for, you know, for domestic use. They imported gasoline from Morocco just the other day. So we're seeing like all these strange little anomalies of flow is happening. And I think we'll probably continue to see that going forward.
Janet McGurdy — Oil Markets · Oil earnings divide: Producers grow, refiners thrive · 2026-08-13The one in Brownville, right, has some kind of Trump support behind it. The project's been out there for a long time. It's had many names. I don't know if it's, if it, you know, how viable it is. But, but to Ashok's point on pipelines, we find product pipelines. So back to gasoline, which is in Pad 5 in California, there are 3 pipeline projects to fill in the gap left by the closure of refineries. The first one is Western Gateway, that's Kinder Morgan and Phillips 66, and they say they're going to have a final FID by the end of the summer. Both, both companies say that. That's considered really the most likely, and that will start at Wood River, which is a Phillips 66 Chicago area refinery, and run down. It will be able to bring up stuff from the Gulf because it will hit the Explorer pipeline, which carries refine products from the Gulf up to the Midwest. And so it will again be good for PADD 2 and PADD 3 refiners, and it will cut down on imports. And gasoline, carbop, is mostly what they want in California, because one thing that we really didn't discuss here, but it is becoming more of a factor, is the once nascent renewable fuels market, which seems to be picking up greatly. So California uses a lot, And they've really increased their imports of renewable diesel from the Gulf Coast, from the Midwest. They don't need petroleum-based diesel, but they do need petroleum-based gasoline. So we will see how that plays out because, like Ashok says, whoever gets there first wins, often, right?
Janet McGurdy — Oil Markets · Oil earnings divide: Producers grow, refiners thrive · 2026-08-13