NEW YORK (TheStreet) --Shares of Phillips 66 (PSX) are down -3.51% to $81.92 on Wednesday morning as the oil and gas refining industry takes a hit after the Obama administration gave just two U.S. energy companies, Pioneer Natural Resources Co. (PXD) and Enterprise Products Partners LP (EPD), permission to export condensate to foreign buyers, the Wall Street Journal reports.
Condensate is a type of ultralight oil that buyers could convert into gasoline, jet fuel, and diesel.
The shipments could begin as early as August, and for now the rulings apply only to these two companies. For almost 40-years the U.S. banned the export of American oil.
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Separately, TheStreet Ratings team rates PHILLIPS 66 as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate PHILLIPS 66 (PSX) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, increase in net income, attractive valuation levels and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company shows low profit margins."