I am still holding positions in all these companies which are considered primarily refiners:
DK, FTO, HES, HOC, MRO, VLO, ALJ
I have added to MRO (for its diversity -- exploratory acreage), HES (for its partnership with Petrobras), ALJ (for its insider buys).
I have been cutting back on TSO and also VLO.
I am conflicted with my selling. On the one hand, the stocks seem value-priced given the companies' assets and what they've been able to do with them in past when oil prices seemed in a more stable pricing environment. The p/e's are not unreasonable and are within the area where - when they were there before - I have been a buyer of the stocks. OTOH, the stocks are at two-year lows, and I have painfully given up a lot of gains. For many of my buys, I'm essentially now back to where I was in 2006. I'm tired of seeing gains eroding. My few FTO shares are in the loss column.
I don't like selling as stocks are falling, but I'm doing it. Maybe from fear or to protect some gains I still have with my later (2006) purchases.
I have had very outsize positions in VLO, HOC and TSO from purchases accumulated since 2002, so for me, I feel perhaps it's best I try to protect most of what I have by keeping positions reduced.
As I say... I am conflicted by it all. |
