ETF-ization of Oil Stocks Makes Everything Equal By Jim Cramer About this article: Oils are not equal, even though they trade together. This morning Shell reported profits down 67%, which is 15 points more than BP , and this matters. Conoco was just disastrous, down 76%, with the worse combination of bad refining and horrid natural gas numbers. Yet they are all pretty much treated equally. Meanwhile, Chevron gave you a 4.6% increase in the dividend, something they hinted they could do because of the great growth of output that is hitting now. Reserves are growing. I am hoping that these become de-ETF'd, meaning that they can trade on their own so stock-picking matters again. That's what's happening, for example, with the banks, where a different kind of reserves is distinguishing the players. But the temptation of players to group them has led to ridiculous moves that obliterate the great work of management at BP, for example,... Or, call us at 1-866-321-TSCM (8726) Monday-Friday, 8 a.m.-6 p.m. ET. Outside the U.S. and in Canada, call 1-212-321-5200.

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