New marine fuel rules seen boosting Phillips 66, Marathon Petroleum [Seeking Alpha]
Phillips 66 (PSX)
Last phillips 66 earnings: 5/1 07:00 am
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Source: Seeking Alpha
New marine fuel rules seen boosting Phillips 66, Marathon PetroleumPhillips 66 (PSX+0.9%) and Marathon Petroleum (MPC+0.6%) areupgraded to Outperform from Market Perform at Wells Fargo, which believes the International Maritime Organization's 2020 low sulfur marine fuel rule will prove positive for the U.S. independent refiners.The global refining and shipping industries will have to switch ~3.2M bbl/day of high sulfur fuel oil to low sulfur fuel oil "almost overnight when the calendar flips to 2020," which Wells analyst Roger Reed considers a "clear positive for the refining sector."The change is another step in the "long-term, global goal of lower emissions and clean fuel regulations," Reed writes. "Given its expanding availability and favorable emissions characteristics, we see LNG increasing its market share in both the near and longer-term as a marine fuel."Click to subscribe to real-time analytics on MPCNow read:Inter Pipeline: A 7% Yield On Absolute Cruise Control »
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News
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PSX
Earnings
- 1/31/24 - Beat
PSX
Sec Filings
- 4/4/24 - Form 8-K
- 4/3/24 - Form ARS
- 4/3/24 - Form DEFA14A
- PSX's page on the SEC website