Congress potentially lifting the crude export ban is a much more immediate concern as it will have a significant negative effect on P66.
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It's already happened. WTI is now the same price or higher than Brent. As long as refining margins stay up, P66 will be fine. No more free money from the ban though.
From what I understand, lifting the export ban would make it possible to sell crude outside the continental US. In doing so, they could raise prices of crude causing local refineries to have to pay more for crude per barrel. That's the o oy way I see it being a negative. If someone else is willing to pay more per barrel, why not charge Phillips 66 more as well..
P66 has profited immensely from the Brent/WTI spread. They buy cheaper US crude, refine it and sell gasoline at a price benchmarked to Brent. That disappears with the ban lifted as WTI will likely become as expensive or more expensive than Brent.
Fortunately, P66 has good management and is always looking for ways to diversify their business.
Negative?
Can you explain more? I hear that lifting the crude export ban will be positive for P66. where can I go to get more details then?