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Michael Fitzsimmons  

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  • Phillips 66 - Q1 Beat Led By Strong West Coast Refining Profits [View article]
    That seems pretty cheap compared to what I have been reading:

    http://tinyurl.com/n9m...

    Exxon refinery will be out for some time yet. I predict another excellent quarter for PSX driven once again (like this article points out) by high West Coast refining margins.
    Jul 29, 2015. 10:16 AM | Likes Like |Link to Comment
  • ConocoPhillips: A Fresh Perspective [View article]
    Yes, it is a token increase no doubt so that some time in the future COP can say we have raised dividends every year since...

    But I do think COP's strong portfolio of international and NA oil and gas assets and excellent shareholder focus management has COP uniquely positioned to weather the storm. A storm that could blow for a few years...
    Jul 22, 2015. 01:21 PM | Likes Like |Link to Comment
  • Open Letter To Exxon's Board: It's Time To Sell Assets To Reward Long Suffering Shareholders [View article]
    Hello dostoevsky228 - has T-Rex said he is retiring in 2017? I wasn't aware of that but am glad to hear it. However, what are the odds that Exxon's BOD will make a meaningful change in leadership and philosophy?
    Jul 11, 2015. 10:25 AM | Likes Like |Link to Comment
  • PetroQuest: A Fresh Look At Thunder Bayou After The Crash In Commodity Prices [View article]
    Yes, it has - a couple weeks ago:

    http://bit.ly/1LUa4De
    Jul 9, 2015. 11:51 AM | Likes Like |Link to Comment
  • ConocoPhillips: A Fresh Perspective [View article]
    greenfruit - I do not understand your need to state the obvious. I made no statements in the article to the contrary. I have owned COP since the early 1980's (when it was Phillips Petroleum, symbol "P") and am intimately familiar with the history and current status of COP, PSX, and PSXP. Perhaps you should read some of my past articles on all three of these companies to convince yourself that I do indeed understand these companies very well.

    Also, you said:

    "Additional, the article seems to indicate that share owners benefited from the MLP as if MLP shares were issued to PSX holders."

    This is simply not true. PSX created the MLP because it directly benefits shareholders of the GP (i.e. PSX) in a number of ways, including:

    1) Increasing access to capital markets. This has been shown to be the case on every drop-down so far. PSXP has paid cash directly to PSX for assets and if you look at the rates that PSXP was able to borrow at, you will see that these rates are some of the lowest rates of any MLP in the sector. In affect, PSX is monetizing midstream assets and this is very favorable to shareholders because...

    2) As GP, PSX shareholders benefit from tax-advantaged distributions from the LP (PSXP). These distributions ultimately end up in the dividend stream that funnels directly to PSX shareholders.

    Lastly, I am also not sure why you mentioned plans for PSX to issue shares of the MLP to shareholders. The MLP IPO was long ago and that would have been the time to issues units to shareholders if that was part of the plan (it was not).
    Jul 9, 2015. 11:48 AM | 1 Like Like |Link to Comment
  • Cabot Oil & Gas: Achieving Excellent Productivity Gains In The Eagle Ford [View article]
    Haven't looked at EOG in quite some time. But I continue to favor midstream, downstream, and MLPs over producers in the current environment. For instance, I'd buy shares in PSX or TLP over EOG.
    Jul 9, 2015. 11:39 AM | Likes Like |Link to Comment
  • PetroQuest: Management's Bold Deal Unlocks Shareholder Value & Addresses Liquidity Concerns [View article]
    Good point - 13% may well be worth the risk.
    Jul 9, 2015. 11:36 AM | Likes Like |Link to Comment
  • PetroQuest: Management's Bold Deal Unlocks Shareholder Value & Addresses Liquidity Concerns [View article]
    Hi cpules42 - as the quote said, that was a straight read-across from the previous 2014 year-end reserves report.
    Jul 9, 2015. 11:35 AM | Likes Like |Link to Comment
  • Open Letter To Exxon's Board: It's Time To Sell Assets To Reward Long Suffering Shareholders [View article]
    Hi bewarnock - I totally agree with you.
    Jul 9, 2015. 11:34 AM | 1 Like Like |Link to Comment
  • Open Letter To Exxon's Board: It's Time To Sell Assets To Reward Long Suffering Shareholders [View article]
    The author fully understands the value of share buybacks, and fully understands that they are a much bigger benefit to management than to ordinary shareholders. Not sure what "great returns" you are referring to considering Exxon is still well below the level of 6 of 7 years ago while the dividend yield has been the lowest in the peer group. It's hilarious to me that you cannot look at Exxon objectively and see these facts for yourself.
    Jul 9, 2015. 11:33 AM | Likes Like |Link to Comment
  • Open Letter To Exxon's Board: It's Time To Sell Assets To Reward Long Suffering Shareholders [View article]
    I don't think it is my opinion, I think it is a matter of fact. Exxon's management has over-allocated capital to buybacks over dividends and has repeatedly said they don't consider the price when buying the shares - i.e. the buybacks have just been on "auto-pilot" and management has not tried to time the buys based on weakness in the share price.
    Jul 9, 2015. 11:31 AM | Likes Like |Link to Comment
  • Flowserve Should Buy Energy Recovery Inc. [View article]
    Thanks for the link to my article and I agree, ERII would be a very tasty, relatively cheap, and well-fitting asset for Flowserve.
    Jul 9, 2015. 11:29 AM | 1 Like Like |Link to Comment
  • Azure Midstream Partners: Needs To Catch More Than FISH For Grey Skies To Turn Blue [View article]
    I am not familiar with ETG and not sure it's a pipeline (I googled it). As for the issuance, wow - what a hit to current unit-holders - it's currently down almost 10%. Sure glad I put an "AVOID" rating on this guy.
    Jun 17, 2015. 02:07 PM | Likes Like |Link to Comment
  • Cracking The Crude: A Look At 3 Major Refinery Stocks [View article]
    Another differentiator is the LPG export terminal PSX is building with contracted volumes to China. I don't believe VLO or MPC has an asset quite like that one. Plus, I think PSX's overall midstream business is significantly larger.
    Jun 14, 2015. 08:30 AM | 3 Likes Like |Link to Comment
  • Cracking The Crude: A Look At 3 Major Refinery Stocks [View article]
    Nice comparison Jason. The most applicable chart was the one 3:2:1 crack spread you linked to.
    Jun 14, 2015. 08:27 AM | 2 Likes Like |Link to Comment
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