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Strategies & Market Trends : Dividend investing for retirement

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To: E_K_S who wrote (15533)	5/1/2013 12:58:11 PM
From: E_K_S	Read Replies (1) of 34328

Johnny - This article answers part of your question that is unique to PSX and their refinery business. Re: PSX margins. Why they are so good . . . UPDATE 2-Cheaper crude helps Phillips 66 double quarterly profit U.S. refiner Phillips 66 said on Wednesday that first-quarter earnings more than doubled as it used cheaper American- and Canadian-produced crude oil to make gasoline and other fuels. The company, which operates 15 refineries and has a large chemical business, said most of its crude came from Alberta's oil sands as well as the Eagle Ford shale field in Texas and the Mississippian Lime shale in Oklahoma. Using locally produced crude rather than importing from overseas, refiners keep costs low and margins high. Phillips 66 said profit in its refining unit jumped to $922 million in the quarter from $393 million a year earlier. ----------------------------------------------- Profit at the refinery increased 124% QoQ simply from getting that cheap crude from Canada. EKS

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