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Strategies & Market Trends : Value Investing
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To: Jurgis Bekepuris who wrote (31228)7/8/2008 1:03:15 PM
From: Paul Senior   of 78667
 
I'll bump up my OXY position a few shares now, fwiw.

Forward p/e's of some of these major integrated oil companies are approaching the p/e of independent refiners. Refiners are iffy/hard-to-scope for me because I don't understand how to view or predict the crack spreads - or lack thereof - which are the determinants of the refiners' profitability.

For the price (p/e), I believe I'd rather hold more integrated oil shares than refinery shares. So I am continuing to cut back on refinery holdings, and upping now OXY a little.
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