- 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.
Citi sees upside for refiners Valero, Phillips 66, Marathon Petroleum
Jan 31 2014, 14:56 ET