Citi sees upside for refiners Valero, Phillips 66, Marathon Petroleum

|About: Valero Energy Corporation (VLO)|By:, SA News Editor

Now that Valero Energy (VLO +0.3%), Phiilips 66 (PSX -0.1%) and Marathon Petroleum (MPC +0.4%) have reported earnings (I, II, III), Citigroup believes all three of the big refiners offer upside from current levels.

The firm believes all three are equally well positioned to grow their midstream assets; MPC and PSX have their midstream assets positioned in the U.S. while VLO has some assets out of the U.S. which are less attractive from an MLP perspective.

From a refining perspective, VLO and MPC are best suited to capture the advantage from growing U.S. crude production; VLO remains its preferred name in the space.