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Integrated Oil Is No Way to Play Crude

By Howard Simons

 About this article:
 Here's a quiz for those of you looking to ruin someone else's Fourth of July picnic: Your loud and obnoxious brother-in-law (and is there any other kind?) serves up a stock tip along with the potato salad. The stock goes up 2% next week while the broad market as measured by the S&P 500 goes up 3%. He calls you up and shouts into the phone, "Was I right or was I right when I told you to buy, buy, buy?!" The answer is both yes and no. Yes, his "buy, buy, buy" did chalk up 2% into the win column, but no, the stock itself underperformed the broad market. But as he will not shut up on a dare, you take the path of least resistance and concede his genius, wearily knowing you are going to have to endure his financial pots-and-pans banging again at some...

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