Thursday, August 21, 2008 3:44:41 PM
This time of year is particularly bad for refineries, mostly due to hurricane season. The great part about FTO is that their refineries are nowhere near the storm areas. My DD shows that only one of those two refineries gets crude product from a G.O.M. pipeline. So while that pipeline is vulnerable to storm shutdown, the refinery is back up to full output as soon as the pipeline is turned back on. That's my understanding of the situation.
Let's face it...with a 6.9 P/E ratio, how can this be anything but a good buy?
-mb
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