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Western Refining Logistics, LP Announces Filing of Registration Statement for Initial Public OfferingGlobeNewswire (Jul 25, 2013)
GlobeNewswire (Jul 17, 2013)
Western Refining to Participate in the Tudor, Pickering, Holt & Company 9th Annual Summer Energy ConferenceGlobeNewswire (Jun 19, 2013)
Western Refining Announces Filing of Registration Statement to Exchange Existing 6.25% Senior Notes Due 2021GlobeNewswire (Jun 14, 2013)
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We are an independent crude oil refiner and marketer of refined products and also operate service stations and convenience stores. We own and operate four refineries with a total crude oil throughput capacity of approximately 238,000 barrels per day, or bpd. In addition to our 128,000 bpd... More
Wednesday, Dec 1112:52 PMTesoro -1.8% despite positive comments after analyst day
Wednesday, Dec 1112:52 PM| Comment!
- Tesoro (TSO -1.8%) apparently didn't offer enough good news at yesterday's analyst day, as shares tumble despite the general perception from the meeting as "incrementally positive."
- The key messages in the meeting surrounded progress of the synergy capture from the Carson acquisition, continued margin improvement through feedstock and product optimization and driving additional logistics growth.
- TSO sees rail unloading capacity along the U.S. west coast for North Dakota crude oil growing to nearly 1M bbl/day through 2015; TSO's $100M rail-to-barge project in Washington is the largest of the offloading projects announced so far.
- Imperial Capital raises its TSO price target TSO to $63 from $57, and Howard Weil lifts its target to $66 from $62.
- Other refiners are lower too: VLO -1.3%, PSX -0.7%, MPC -1.8%, WNR -2.6%, HFC -1.6%, ALJ -1%, NTI -0.2%, DK -1.9%, CLMT -2.7%.
Thursday, Nov 142:36 PMRefiners continue to rise as Brent-WTI spread widens
Thursday, Nov 142:36 PM| 13 Comments
- Refiners such as Marathon Petroleum (MPC +4.9%) and Valero (VLO +4%) are surging today, and Barron's Ben Levisohn says it’s all about the oil spread.
- While Brent crude has stayed steady for the last three months, trading at ~$109/bbl, WTI has dropped 12% to ~$94; the more expensive Brent is relative to WTI, the better it is for U.S. refiners.
- VLO, for example, has gained 17% during the past three months, and much of its price has followed the Brent-WTI spread.
- Also: PSX +2.1%, TSO +2.7%, HFC +3.2%, WNR +4.3%, ALJ +5.2%, ALDW +1.3%, CLMT +2.6%, CVI +1.3%.
Wednesday, Nov 1312:42 PMWestern Refining raised to Buy at UBS, which sees probable MLP
Wednesday, Nov 1312:42 PM| Comment!
- Western Refining (WNR +2.8%) is upgraded to Buy from Neutral with a $41 target price, up from $34, at UBS, which sees material upside to its upwardly revised sum-of-the-parts derived price target.
- UBS views yesterday's announcement that WNR acquired the general partner interest in Northern Tier (NTI) as a clear endorsement by management of the variable MLP structure.
- Variable MLP refiners NTI and CVR Refining trade at 6.7x and 7.8x normalized EV/EBITDA multiples, the firm says, well above the 4.3x average multiple of the c-corp coverage universe and WNR's 3.3x; as such, it's not a matter of if but when before WNR ultimately contributes its El Paso and Gallup refinery to NTI's existing variable MLP structure.
Tuesday, Nov 1211:56 AMWestern Refining deal with Northern Tier good for both, Goldman says
Tuesday, Nov 1211:56 AM| Comment!
- Goldman Sachs says Western Refining's (WNR +7.2%) move to acquire a 38.7% stake in Northern Tier Energy (NTI +1.1%) is good for both companies, reiterating Buy ratings.
- WNR gains access to NTI’s St. Paul Park refinery, which has direct access to cost-advantaged Bakken and Canadian crude oils, the firm says.
- For NTI, at a minimum the share overhang from its previous P-E owners is now eliminated; while awaiting more details on whether WNR plans to set up an MLP for its existing wholly-owned refineries, "the potential certainly exists for NTI to benefit from greater asset diversification while remaining a MidCon pure-play."
Tuesday, Nov 129:40 AMWestern Refining confirms deal to own 38.7% of Northern Tier Energy
Tuesday, Nov 129:40 AM| Comment!
- Northern Tier Energy (NTI +3.5%) confirms that its private equity sponsors have agreed to sell all of their interests in NTI, including those of the general partner, to Western Refining (WNR +9.3%) for $775M; WNR now owns 100% of the general partner and 38.7% of NTI. (earlier)
- WNR says the deal adds scale to its business and diversifies operations by adding a new geographic region to its refining platform.
Monday, Nov 119:53 PMWSJ: Western Refining close to gaining control of Northern Tier Energy
Monday, Nov 119:53 PM| Comment!
- Western Refining (WNR) is set to gain control of Northern Tier Energy (NTI) via a purchase of a 38.7% stake in NTI owned by P-E firms TPG and Acon Investments for ~$775M, WSJ reports; as part of the deal, WNR would get 100% of the general partner that controls NTI.
- It is unclear how much WNR is paying per ownership unit, but it appears to be a discount to NTI's current market price.
- NTI -7.1% AH.
Friday, Nov 812:38 PMTime to reconsider refiners as crude prices drop, Credit Suisse says
Friday, Nov 812:38 PM| 9 Comments
- The price of West Texas crude has dropped nearly 9% during the past month, and Credit Suisse thinks it’s time for investors to take another look at refiners, particularly Tesoro (TSO +1.2%).
- TSO's "Northern Mid-Con and Pacific North-West are among the best positioned in U.S. refining, with a decade of free cashflow ahead," the firm writes, adding that west coast results demonstrate TSO’s above average asset quality which Carson synergies will cement further.
- The firm upgrades Calumet Specialty Products (CLMT +1.8%) to Neutral from Underperform as "the themes which drove expected underperformance have now become more visible"; Western Refining (WNR +0.3%) and Delek US (DK -1%) are "interesting."
Thursday, Oct 316:17 AM
Tuesday, Oct 155:04 PM
Friday, Oct 1111:46 AMRefiners rally as EPA declares ethanol blend wall a reality
Friday, Oct 1111:46 AM| 18 Comments
- Refiners continue to rise a day after news of a leaked EPA proposal that would significantly scale back biofuel blending requirements next year.
- The EPA's rationale for a cut in the volume of ethanol that must be blended echoes an argument the oil industry has made for months: The U.S. fuel chain cannot absorb more ethanol.
- Let the lawsuits begin: "Any plan to roll back the targets... under the guise of addressing the blend wall would be patently unlawful," says the head of the Renewable Fuels Association.
- TSO +4.4%, VLO +3.4%, PSX +3.1%, MPC +2.2%, WNR +4.5%, HFC +2.2%, ALJ +6.8%, CVI +2.6%, NTI +2%, DK +7.8%, CLMT +1.8%.
Thursday, Oct 102:18 PMChevron hit by weak refining margins, but peers march higher
Thursday, Oct 102:18 PM| Comment!
- Chevron (CVX -0.4%) is lower after warning "significantly lower" earnings from its refining division would send Q3 EPS down Q/Q.
- J.P. Morgan believes investors were anticipating relatively soft downstream results given the currently weak refining margin environment; perhaps that's why refiners are holding up very well today: VLO +4.4%, TSO +3.7%, PSX +2.3%, ALJ +6.7%, MPC +4.5%, WNR +3.7%, HFC +4.2%, CVI +4.6%.
- Citigroup worries about CVX's upstream business too; it was expecting a much larger increase in Q3 production which would put CVX on track to meet its full year guidance of 2,650M boe/day.
Monday, Oct 72:47 PMHollyFrontier downgraded at Imperial Capital, refiners fall
Monday, Oct 72:47 PM| 1 Comment
- Refining stocks are lower as HollyFrontier (HFC -0.7%) is hit with a downgrade from Imperial Capital, which dropped its rating to In-Line from Outperform, reduces its price target to $41 from $49, and cuts its 2013 EPS estimate to $3.83 from $4.83 and 2014 EPS estimate to $3.50 from $4.00.
- The firm sees continued contraction in refining margins and crude price differentials, especially as the southern leg of the Keystone XL pipeline commences operation later this month.
- Other refiners: VLO -0.6%, TSO -0.8%, MPC -1.4%, PSX -1.5%, WNR -1.4%, ALJ -2.5%, CVI -2.5%.
Wednesday, Oct 23:26 PMRefiners gain on various news items, even as other energy stocks fall
Wednesday, Oct 23:26 PM| 2 Comments
- It's a pretty good day for refiners, even as most energy stocks slip, as Phillips 66 (PSX +2.1%), Valero (VLO +1.2%), Tesoro (TSO +0.2%), Western Refining (WNR +1.2%), Marathon Petroleum (MPC +1.2%) and HollyFrontier (HFC +0.4%) all post gains.
- PSX rises the most among energy companies in the S&P 500 after announcing a 25% increase in its quarterly dividend, VLO and TSO are upgraded to Buy from Neutral at Citigroup (I, II), and WNR rolls out a 12.5M-share IPO of its logistics unit.
- Refiners generally have come in for criticism recently; Barclays, for one, believes most refiners will miss consensus earnings expectations by a wide margin, with VLO the exception.
- ETFs: IEO, IEZ, IYE, PXE, PXI, XES, XLE, XOP, VDE, RYE, FXN, OIH, PXJ, PSCE, ERX, DIG, ERY, DUG, DDG.
Wednesday, Oct 28:03 AMWestern Refining to launch IPO of logistics unit
Wednesday, Oct 28:03 AM| Comment!
- Western Refining (WNR) subsidiary Western Refining Logistics announces the launch of an IPO of 12.5M common units.
- WNR formed the entity to own, operate, develop, and acquire terminals, storage tanks, pipelines and other logistics assets; the common units offered represent a 27.4% limited partner interest.
- The units will be listed on the NYSE and traded under the symbol WNRL.
Wednesday, Sep 114:59 PMWestern Refining, Tesoro best positioned among refiners, CS says
Wednesday, Sep 114:59 PM| Comment!
- Credit Suisse is concerned that 2013 Q4 and 2014 EPS estimates are too high for the refiners group, but the firm thinks Western Refining (WNR) and Tesoro (TSO) are best equipped to weather the storm.
- CS lowers TSO's earnings power on more conservative West Coast cracks, but thinks shares still look undervalued in absolute and relative terms.
- The firm raises Valero's (VLO) earnings, seeing Q3 as an important test as capture rates should bounce back; otherwise investors will worry that the Q2 weakness was structural.
- Deutsche Bank also says it's too soon to buy the group.
Thursday, Aug 2912:44 PMEnergy stocks slide after two-day rally as oil prices drop
Thursday, Aug 2912:44 PM| 1 Comment
- With strikes on Syria no sure thing now, oil prices have fallen nearly 1% and taken oil stocks with them; in fact, energy (XLE -0.6%) and utilities (XLU -0.7%) are the only S&P sectors in the red.
- Among global producers: XOM -1.2%, CVX -0.7%, COP -0.6%, RDS.A -0.6%, BP -0.9%, TOT -1.6%.
- Notable decliners: CNX -2.4%, RRC -2.1%.
- Refiners are among energy stocks bucking the sector's downward trend: VLO +0.7%, TSO +0.9%, PSX +0.6%, MPC +0.8%, WNR +1.5%, HFC +2.3%, ALJ +2.9%.