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Western Refining (WNR) saw its share price finally slow down in Q2 2013 after experiencing an incredible 600% increase since early 2010 (see figure). Revenue and net income began to fall in Q1 2013 on a QoQ basis and by Q2 were falling on a YoY basis, driven down by higher costs and a narrowing WTI/Brent crude price spread. It still managed to narrowly beat analyst estimates on both revenue and EPS for Q2, however, placing it apart from most other independent refiners. Western Refining was also unique among its peers in that it had relatively little to say in its Q1 and Q2 conference calls about higher costs of compliance under the revised Renewable Fuel...

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