As an overall subsector, refining and marketing turned in a remarkable 2012, with Phillips 66 (PSX 0.70%), Tesoro (ANDV), and HollyFrontier (HFC) returning 60% to 80% for shareholders. One thing all these top-performing refiners have in common is their close location to cheap WTI crude feed stock. While the WTI-Brent price differentiation won't last indefinitely, the mid-continent refiners are sprucing up their operations now to return profits to shareholders going forward.
See more in the following video.
