We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Phillips 66 (PSX) in Talks to Divest Its Alliance Refinery
Read MoreHide Full Article
Phillips 66 (PSX - Free Report) is looking to divest its Alliance refinery in Bell Chasse, LA, per Reuters. The decision reflects continued losses owing to the coronavirus pandemic as demand for gasoline and jet fuel has declined massively.
Power outages and shutdowns owing to hurricanes also kept the company from restoring normal operations of its Alliance refinery, which has the capacity to refine 255,600 barrels per day. Hence, the leading refiner in the United States is in talks with a potential buyer, the source revealed.
This initiative reflects possibilities of its refining business suffering in the long run since demand for cleaner fuel is on the rise. To add to the concerns, leading auto companies are now gradually turning focus to electric vehicles, thereby denting the long-term demand outlook for gasoline and jet fuels. Gregory Garland, chairman and CEO of Phillips 66, said that since the scope of refining business in the United States will get narrower in future, the focus will now be on hydrogen and cleaner fuels and also providing components of electric car batteries.
Phillips 66 currently carries a Zacks Rank #4 (Sell). A few better-ranked players in the energy space include Whiting Petroleum Corporation , Continental Resources, Inc. and PDC Energy, Inc. . While Whiting Petroleum and Continental Resources sport a Zacks Rank #1, PDC Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Whiting Petroleum has witnessed upward earnings estimate revisions for 2021 in the past 30 days.
Continental is expected to witness earnings growth of 256% in 2021.
PDC Energy is likely to see earnings growth of 111.8% in 2021.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Phillips 66 (PSX) in Talks to Divest Its Alliance Refinery
Phillips 66 (PSX - Free Report) is looking to divest its Alliance refinery in Bell Chasse, LA, per Reuters. The decision reflects continued losses owing to the coronavirus pandemic as demand for gasoline and jet fuel has declined massively.
Power outages and shutdowns owing to hurricanes also kept the company from restoring normal operations of its Alliance refinery, which has the capacity to refine 255,600 barrels per day. Hence, the leading refiner in the United States is in talks with a potential buyer, the source revealed.
This initiative reflects possibilities of its refining business suffering in the long run since demand for cleaner fuel is on the rise. To add to the concerns, leading auto companies are now gradually turning focus to electric vehicles, thereby denting the long-term demand outlook for gasoline and jet fuels. Gregory Garland, chairman and CEO of Phillips 66, said that since the scope of refining business in the United States will get narrower in future, the focus will now be on hydrogen and cleaner fuels and also providing components of electric car batteries.
Phillips 66 Price
Phillips 66 price | Phillips 66 Quote
Phillips 66 currently carries a Zacks Rank #4 (Sell). A few better-ranked players in the energy space include Whiting Petroleum Corporation , Continental Resources, Inc. and PDC Energy, Inc. . While Whiting Petroleum and Continental Resources sport a Zacks Rank #1, PDC Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Whiting Petroleum has witnessed upward earnings estimate revisions for 2021 in the past 30 days.
Continental is expected to witness earnings growth of 256% in 2021.
PDC Energy is likely to see earnings growth of 111.8% in 2021.