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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Roth who wrote (179637)	7/25/2013 9:38:45 AM
From: Dennis Roth	2 Recommendations Recommended By evestor LoneClone Respond to of 206321

Valero Energy Corp (VLO) EPS In-line; MLP in 1Q’14; RIN Cost Guidance Raised 23 July 2013 ¦ 10 pages ir.citi.com

To: Dennis Roth who wrote (179637)	7/27/2013 11:29:09 AM
From: Dennis Roth	3 Recommendations Recommended By DELT1970 evestor LoneClone Respond to of 206321

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.

To: Dennis Roth who wrote (179637)	8/7/2013 7:37:30 AM
From: Dennis Roth	Read Replies (2) \| Respond to of 206321

Lord of the RINs The Fellowship of the EPA can provide policy relief while US Congress debates a permanent legislative solution for RFS2... 6 August 2013 ¦ 16 pages ir.citi.com Skyrocketing Renewable Identification Number (RIN) prices and the gasoline “blend wall” have once again come to the fore this year. --- US Independent Refiners EPA Approach May Reduce But Not Eliminate RIN Costs 07 August 2013, 16 pages Download link for the report hidden amongst the advertisements on this page.