Just curious on why ConocoPhillips spun off its refining and midstream business in 2012?
Old article, but maybe Elliott is on to something.....
https://www.dividend.com/how-to-invest/where-are-conocophillips-and-phillips-66-now-cop-psx/
5 replies (most recent on top)
No, we’ve never tried this. PSX was the majority shareholder of PSXP. We bought back PSXP because letting PSXP trade on the NYSE didn’t achieve revaluation of PSX on at least a sum-of-parts valuation of the business units nor did the market didn’t help lower the cost of capital of the corporation. What Elliot is proposing is a spin-off / sale such that PSX actually can take the cash proceeds and finally be revalued independent of its midstream assets.
Y'all realize we tried this once before with PSXP and just ended up buying it back a few years later, right?
Pump and dump is fine.somethings gotta change.
MPC is not ruined. In fact it’s doing a lot better than P66.
Why Elliott no longer own stocks at Marathon? If they "changed" it for the better, why did they leave? Are they in for a quick buck then leave the company ruined long term?