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Gold/Mining/Energy : Big Dog's Boom Boom Room

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DELT1970

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LoneClone

To: Dennis Roth who wrote (179637)	7/27/2013 11:29:09 AM
From: Dennis Roth	3 Recommendations of 206322

US Independent Refiners Great LLS Debate (Part 2) Industry Primer Bottom Line: Appreciating it is earnings and most are busy, we release a short report on two non-RINs related topics that have been debated post VLO’s earnings – capture rates and light crude oversupply in the Gulf (some light reading for the weekend). (1) We believe VLO’s surprisingly low capture rate in 2Q can mostly be explained by narrow light-heavy diffs. Capture rates should expand in 3Q as these spreads normalize. There is no “structural” degradation in VLO’s earnings other than RINs. (2) We add more discussion around the likely timing of Gulf coast oversupply and LLS-Brent inversions. 26 July 2013, 18 pages, 27 exhibits Download link for the report hidden amongst the advertisements on this page.

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