It should be noted that, yes P66 did manage to beat the expectations for the 3rd quarter.
However, these expectations were sharply revised downward a while back so it’s not that great that they beat expectations.
Also, during the same quarter one of our main peers made a profit in their refining operations where we showed a big loss.
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Another company making money in their refining segment doesn’t really mean anything in isolation.
Did they have turnarounds? Are they in the midcon? What assets do they have that they are operating with? Are their accounting rules for trading and refining activities the same as P66?
While Midstream did relatively well, the reality is that P66 overpaid for DCP by almost double. Now there will be pressure for Midstream to make more and we do not have the scale to directly compete against the bigger rivals. Management took their eyes off the refining ball while competitors can still make a profit because they are run better. What a mess.
Lipstick on da pig