Jason Hall ( Phillips 66) : I'm actually a big fan of both companies, but for slightly different reasons. As Dan alludes to below, Valero is geographically well located to process cheaper U.S. crude than Phillips 66 is, and the company's refineries can handle just about any kind of crude you throw its way. Gas, diesel, and jet fuel prices tend to track more closely to Brent spot prices, the international benchmark for crude oil, while Valero's refineries are both well-located and technically capable of processing lower-cost American crude oils: Brent Crude Oil Spot Price data by YCharts This gives it a serious edge in making profits, with West Texas Intermediate trading $10 or more per barrel less than Brent, even before factoring in the cost savings for shipping with better located refineries. So now that I've agreed with Dan on Valero, why am I going with Phillips 66?