Companies / PSX
NYSEPhillips 66 (PSX) in our theses
Phillips 66 appears in one of our theses. Below is why it entered the basket and how it has done since publication.
Ukraine is hitting refineries, not wellheads: Russian crude gets cheaper while diesel margins balloon for refiners outside Russia
By destroying Russian refineries, Ukraine pushes crude onto the market and takes diesel off it: that drags down the price of crude and blows out margins for refiners outside Russia.
Why this company: A large, complex refiner with strong product exports. It gains from the divergence between cheap crude and expensive diesel, while a stable midstream segment smooths earnings volatility.
Where these numbers come from
The reference price is recorded on the thesis publication date and never changed afterwards. The current price is refreshed several times a day. Returns are in the listing currency and exclude dividends, so for dividend payers the real total return was somewhat higher.
This is not a recommendation to buy or sell. A company enters a basket as a beneficiary of the mechanism described in the thesis, and the full argument is on each thesis page.
See all of our theses
Each with a publication date, a causal map and a score assigned before the market ruled.
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