02
May

Wednesday Morning – Refiners, Gasoline, Gassy E&P and More!

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Holdings Watch:

  • Refiners: Long (VLO). Short (TSO), (HOC), and (WNR). 

refiners050107aaa.JPGThings that standout from the table above (sorted by foward multiple of 2007 consensus earnings):

  • HOC's forward multiple has been and continues to be very high compared to the group.
  • TSO has enjoyed more multiple expansion since the end of last year than it's peers. Tesoro will have a great quarter when it reports tomorrow. Will it be enough to sustain the stock's 83% run year to date?
  • VLO, the biggest of the independent refiners, remains the bargain of the group.
  • Wall Street doesn't see the fat current cracks lasting into next year as evidenced by the expected decline in 2008 earnings.

A Recent Look At Regional Crack Spreads. West Coast Appears To Be Leveling Off While All Other Regions Are Playing Catch Up. Again, bullish for VLO.
cracks-050107.JPG

Gasoline Demand Is Starting To Slip With High Gasoline Prices. You know it's funny. This is the one chart that no one on CNBC or anywhere I can see a trader quoted is talking about. Demand has fallen for three weeks now. Don't believe me. I don't blame you - the MSM and traders alike are pounding you with news to the contrary and failing to mention they're quoting either data that's a few weeks old or the trailing 4-week average. But here's the link, see for yourself. Are here's what gasoline demand looks like in 2007 year to date when compared to similar periods for 2005 and 2006.

gaso-demand-050107.JPG

More on gasoline a little further below.

More Holdings Watch: 

  • (EOG) - Took a position in May $75 calls yesterday morning for $1.40 and sold half for $2.40 in the afternoon. Cost control, production growth, making you're numbers when others aren't, and oh yes, cost control.
  • (CHK) - Took a position in the June $35 calls for $0.85 on the premise that cost control is more favored by analysts at present than earnings beats and/or boosted production guidance (Southwestern Energy (SWN) had both but operating expenses rose swiftly as well leaving analysts and investors rather non plussed).
  • (SWN) - I added a little to my June $45 call postion on yesterday's dip.
  • (HK) - this has pulled back slightly and I like it more than ever. No change in positions just yet. In late April they boosted production guidance above the top end of the range but their numbers have not yet come up.

Oil: Inventory Report (Expectations from the Bloomberg survey)

  • Crude - up 1.5 million barrels. This would push crude stocks to 5 month highs. From what I can glean from the press, traders are still bullish with many saying they expect the expected 12th consecutive draw in gasoline stocks to support or boost crude prices. I think crude needs to close above $65 and soon or we trade back to the $62.50 level. Of course, a string of gibberish from Mahmoud could accomplish the breakout in a heartbeat as talks between the U.S. and Iran appear to be increasingly on shaky ground.
  • Gasoline -  down 1.3 million barrels. This actually seems light since more refiners appear to have been offline than in the prior week but the data on whose up and whose down is proving to be especially spongy this season. Maybe if imports pick up significantly or demand dips more heavily. We are approaching the $3 mark which made many motorists choke last summer. Also, gas stations, which had bumped up their purchases from lower levels in the winter may be getting a bit antsy about purchases at these levels.

Odds & Ends:

Analyst Watch: Will add in comments.

MMS Watch - Gulf of Mexico, Arrested Sliding Production. According the Minerals Management Service both oil and gas production are slated to rise this year.  More details on this later but taken together with inclining production in serveral key states (TX, WY etc) it has to take some the wind out of the bull camp.
Alaron Watch - Last Day. The silly things people say on TV. 10 or so days ago the claim was made that crude would rise $5 to $10 from then current May contract levels of $63.

  • Crude Target: $68, Actual $64.50. Moreover, they got a $1.50 bump as the May contract expired.
  • Gasoline Retail Target: $4 somewhere in the U.S. Survey Says?! Nope. National average at $2.97 with a high in the $3.40s in San Francisco.

Latest favorite quotes from Alaron:

April 30th ~ "The market is breathing a sigh of relief," said Phil Flynn, an analyst at Alaron Trading Corp. in Chicago. "Traders are locking in profits as the weekend didn't produce any more terror threats and [amid] hopes that talks with Iran might bear fruit." Comment: In the past, I've been heckled from the peanut gallery that is the internet for trying to find a reason or explain the  daily moves in crude, natural gas etc. Still people say."crude jumped $2!!!, what happened?" and they deserve some kind of explanaition.

...But from relief the next day we go to:

May 1 ~ "We're in big trouble," said Phil Flynn, an analyst at Alaron Trading Corp. in Chicago. He noted that [gasoline] inventories stand at 194.2 million barrels _ or slightly above the levels reported in the days after Hurricane Katrina struck the Gulf Coast in 2005 _ and he predicted that that the average prices this summer will surpass the 2005 record of $3.06 a gallon. Comment: that's a lon way from the $4 gas comment made two weeks ago. Phil went on to say that gasoline inventories would need to rise to 210 million barrels by Memorial Day...you know that's not going to happen.

But are we going to run out? Take a look at the chart below. Sure we'll probably reach a new low and some areas will likely have shortages but I hear a lot of talk of running out these days. You be the judge.

gaso-stocks-050107.JPG

Have a great day everybody and try not to drive too much! Unless of course you fill up at a Valero!

94 Responses to “Wednesday Morning – Refiners, Gasoline, Gassy E&P and More!”

  1. 1
    Kevin Says:

    Thanks for the data Z. VLO definitely looks like the value play of the group. GL at inventory tomorrow.

    ~K

  2. 2
    Stephen Says:

    With the run up in RBOB and the refiners, one thing that seems likely is that refinery capacity will be expanded in the next few years.

    Does anyone have an idea as to which publicly traded companies construct refineries and refinery parts?

    So far I have only found FLR, but it is up 18% YTD and trades at a pricey 32 times P/E. Any ideas?

  3. 3
    zman Says:

    Stephen – good idea and worthy of a stock trade. The refiners are always upgrading things and adding bit of capacity, probably no so more than ever with the increase in cash flow.

    How about Shaw, SGR? 17x fwd P/E multiple. Haven’t looked at them in awhile but these guys are a massive infrastructure engineering and construction firm with an Energy and Chemicals division.

    Bonus: It’s a $32 stock that’s off $1 or so since the start of the year.

    Caveat: Estimates have been falling lately (hence the stock performance). Still, it might be worth a little due diligence.

    http://www.shawgrp.com/markets/chemicals/refining.aspx

  4. 4
    zman Says:

    BBG cut to neutral at Wachovia.

  5. 5
    David Says:

    Becareful with the gasoline demand numbers. Those numbers are basically what is left after production, imports, exports and stock change are surveryed. So it has all the white noise and errors in the other numbers.

  6. 6
    Stephen Says:

    Marathon are planning an $3.2 billion expansion of their Garyville refinery and FLR, CBI, and SGR are all involved.

    I follow SGR a bit, but I really don’t understand them. In their 2006 FY report they say they have a $9 billion backlog, against a $2.5 billion market cap. The only bad thing is that if you look at their 2005, and 2006 FY results, their net margins were 0.5%, and 1%. How can they make so little money?

    However I do like how SGR also bought a stake Westinghouse, it’s good to have some nuclear to hedge all the long oil positions.

  7. 7
    zman Says:

    David – agreed but it’s the only measure we’ve got. Too bad the API doesn’t track more variables.

    Stephen – yup, those margins stink, might as well be selling grocieries.

  8. 8
    zman Says:

    Anybody see any comments re TSO – they’re boun cing big on nothing volume this moring. Gaso and oil not moving. Looks like some in trying to goose it pre inventories.

  9. 9
    zman Says:

    Took a small position in TSO May 120 puts at $3.30.

  10. 10
    p.wilmington Says:

    I have been painfully following TSO lately. Seems to me that much of the early action – almost always up – is forced short covering. Thankfully my short is not anywhere near vulnerable to that yet.

  11. 11
    T-Tupp Says:

    z when you look at at tso’s p/cf its still attractive even though its has had the run up it has… just a thought. p/e’s dont really mean that much to me in this entire sector….

  12. 12
    zman Says:

    Tupp – if youo’ve got access to First call cfps estimates on the group I’d be happy to see them. I would assume that they’ve moved a similiar distance as eps year to date. As such, their P/CF multiple should have expanded quite a bit as well. I agree that eps is less meaningful but I simply don’t have access to good cfps data. Love to get some help on a freebie source there!

  13. 13
    zman Says:

    Tipp- how’s TSO’s P/CF compare to the other independents. Realize that I’m pretty self taught on the refiners as it was only an after thought to what I did in a previous life. I’m an e&p guy normally. Any suggestions as to analysis or thoughts you all have here is more than welcome.

  14. 14
    T-Tupp Says:

    its all on the bmo cm research access page. ill give you a password if you want.

    you must wonder why i talk about them all the time, well i used to work on the sell side for them — but i know a lot of the quants and analysts personally so i like using the research.

  15. 15
    zman Says:

    SWN / NFX redeeming themselves.

    EOG continues to trade higher

    CHK inching higher before earnings tomorrow

  16. 16
    T-Tupp Says:

    it looks like someone put through ~10,000 contract block on OTM June VLO Calls today…. it was posted on the most actives on CBOE’s website. i also spoke to a M.M. friend of mine in Chi-town who metioned some things about it to me lol.

    front month ATM an OTM activity seemed to be pretty average, but decent. looks like someone is assembling a position trade with what i said in the above paragraph.. wink wink.

    – I’m excited Z., i told you i doubled down yesteray before close right??

  17. 17
    zman Says:

    DVN numbers looked very strong on production, cost control, barnett shale produciton exploding for them, also Nichols commented on CNBC that they have not been contacted by XOM to purchase the company but rumors are swirling that it, APC or EOG could be the next big takeouts. I’d add APA to that list but there’s no trade really since the timing could take many many months.

  18. 18
    T-Tupp Says:

    their p/cf is like the lowst out of the indi’s

  19. 19
    T-Tupp Says:

    what are the numbers guys?

  20. 20
    Kevin Says:

    VLO looks prety strong ahead of report,…hmmm,..the contrairian in me wonders on a bit. I’m ready to pull the trigger on the right signal. GL

  21. 21
    zman Says:

    Tupp – that would be great!

    1) is it consensus or bmo estimates?
    2) is it cool? don’t want to step on any toes.
    3) I understand going with who you know. I used to work for a couple of different street ss firms in E&P research and I still listen to what the guys at my last shop are saying as they were top notch.

    Congrats on the DD on VLO!!! I saw it in comments last night but forgot to comment. I’m really liking the long VLO short TSO as a cover/hedge play

  22. 22
    zman Says:

    gaso down only 1.1
    curde up 1.1

  23. 23
    zman Says:

    gaso imports almost 1.2
    gaso demand inched up a hair

  24. 24
    Kevin Says:

    Somewhat bearish data,..what do you guys think? I expected a bigger draw of gas and the refinery rate was up. Hmm.

  25. 25
    lawdymama Says:

    Z – when the excitement over the energy numbers calms down, wondered what you think about another minnow – EGY. Compared to END & GST, the numbers look pretty good.

  26. 26
    lawdymama Says:

    VLO is holding up well after the numbers while TSO is softening somewhat.

  27. 27
    zman Says:

    utilization rose to 88.3 vs 87.8 in the prior.

  28. 28
    Kevin Says:

    She’ll come in,..I think. I sold in the 72.30’s COuld be wrong but I’ll wait for a technical breakout to get back in. refinery rate was up and gas draw was smaller than estimates so, I’ll wait for a breakout. GL guys,..and gals.

  29. 29
    zman Says:

    lawdy – I’ll be happy to take a look at her. I know the name from a long time ago…give me a day or so?

    re TSO soften with VLO holding = zman happy

  30. 30
    sane Says:

    The American Petroleum Institute reported a climb of 5.4 million barrels in crude supplies for the week ended April 27. The Energy Department had reported an increase of 1.1 million barrels. Motor gasoline supplies were down 212,000 barrels, the API said. The government reported a drop of 1.1 million barrels. Distillate supplies were up 2.9 million barrels, the API said, though the government said supplies were down 200,000 barrels for the week.

  31. 31
    zman Says:

    HK – rally is on. May 10th 1Q earnings.

  32. 32
    zman Says:

    Thanks Sane – wonder why nobody pays attention to the REAL numbers. lol

  33. 33
    Kevin Says:

    Z,..those API numbers are truely bearish,..what is your strategy for VLO?

  34. 34
    sane Says:

    According to the API it looks like we have more crude than we know what to do with.

    Sane

  35. 35
    sane Says:

    Hey z, Nobody pays attention because lately the API numbers don’t reflect their severe gasoline / oil shortage hysteria.

    Sane

  36. 36
    zman Says:

    Kevin – I’m short more than enough TSO. I think it rolls over and some of that money rolls into cheaper VLO (at least it’s cheaper on fwd earnings…I’ll have to get the numbers from Tupp on CF) letting it (VLO)drift up. They don’t always move together but I could very well be wrong.

    Also, we’re still lower than normal on stocks and we have high demand (although it’s off been off a little of late) so I’m not ready to call the situation bearish just yet.

  37. 37
    zman Says:

    Sane – right, no hysteria, no headline.

  38. 38
    Kevin Says:

    Z,..but that is the direction it is heading, right? I mean the next report could show a build in gasoline if utilization rate continues to climb. I trade VLO and would love to buy back in cheaper around 70 for the summer. I think it can make it there in the next few weeks if not lower to $68. JMO.

  39. 39
    zman Says:

    TSO thinking about going red.

  40. 40
    zman Says:

    Kevin – true, as long as imports hold out and I think demand will stay flattish. oh yeah, and if nothing else breaks. I could be competely wrong on the swap trade idea as they may trade in tandem.

    Also, earnings tomorrow for TSO – if the market says, “that’s nice, thanks for the run” and sells the pants off TSO it may tank all the refiners. Certainly HOC gets waxed in that event. But if it takes off, my now miniscule (in value) TSO put position gets completely killed while my VLO calls should do well.

  41. 41
    T-Tupp Says:

    so much ambivalence in vlo c’mon, the bulls need to get fired up!!! it keeps failing @72ish…

  42. 42
    Kevin Says:

    TSO puts,..June? That should work well. Looks like you are using VLO calls as a straddle play,..sorta. VLO buyback program is nice but I don’t think they would start to buyback until the offseason. they could pay alot less per share then,..Do you know of any timeline for that buyback to start?

  43. 43
    T-Tupp Says:

    im gona start to reevaluate if we dont get a ~73$ close..

  44. 44
    Kevin Says:

    Don’t get greedy T-tupp,..numbers are bearish for the oil patch IMO. 71.35 is a line in the sand for VLO short term. GL.

  45. 45
    zman Says:

    K – haven’t seen anything on tmeline but you can bet the analysts expect to see progress by 2Q on the share count. The Street hates the announcemeent w/o follow through more than ever these days.

  46. 46
    T-Tupp Says:

    they already ave a deal with JP morgan to buy like $3 billion of that @ $70, 😉

    i read a bmo report yesterday that said it will reduce commons by 14,000,000 i think. ill double check and report back from home… im in the middle of a construction site lol.

  47. 47
    T-Tupp Says:

    isnt’t 71.75 the major resistance point?

  48. 48
    Kevin Says:

    DOW is up 80 on what? subprime loans? crappy dollar? National deficit? I don’t get it.

  49. 49
    T-Tupp Says:

    ok your right 73 isgredy, nut i want to se rbob close at least 2.2 but hopefully around 2.25

  50. 50
    Kevin Says:

    71.35 looks like a good support area on my short term chart. then 70.

  51. 51
    T-Tupp Says:

    the dow is a poor indicator in my opinion , but anyways all the support in the recent bullish markets is on the back of private equity taking public equity out of supply…

  52. 52
    T-Tupp Says:

    i like sp 500, dow is share weighted???? and like only 12 companies , dosent make uch sence to me

  53. 53
    T-Tupp Says:

    kevin– i like this site

    http://www.stockta.com/cgi-bin/analysis.pl?symb=VLO&num1=1&cobrand=&mode=stock

  54. 54
    Kevin Says:

    Yeah,..T-Tupp,..that is true. SP500 is heading to a milestone at 1500. VLO starting to creap back up, btw.

  55. 55
    zman Says:

    was just doing the math on the vlo buyback

    takes about 28 million shares (5% of outstanding)

    $4 of the $6 billion has already been purchased leaving $2 billion for the next 8 months (they said for the rest of the year)

    divided equally and using the current price that gets you donw to 115,000 shares a day on a stock with 15 million avg trading. Still, the numbers automatically get ~3% acretion this quarter from the $4 billion already taken in.

  56. 56
    zman Says:

    pretty happy with the E&P calls right now (SWN, CHK, EOG, NFX , HK)

  57. 57
    Kevin Says:

    T-Tupp,..Looks pretty bullish to me for VLO on that site. They may be right,..I could be way off here. I’ll wait for that 73.10 all time high breakout to get back in long,..that’s just how I trade. It’ll be interesting to see where VLO closes today.

  58. 58
    Kevin Says:

    Nice Z. I used to trade chk until there management team pilled a fast one about 6 months ago AH’s (after the stock had been getting a lot of attention at that time) diluting the stock and it fell 3 bucks only to fall another couple to $28 the following weeks. Alot of pain for many investors. I just thought that was bush league for them to do that.

  59. 59
    Kevin Says:

    Z,..TSO is going to get BEATDOWN real soon! Can you feel it? I can.

  60. 60
    zman Says:

    K – even the best of management’s make short term painful decisions. And Aubrey is about the best businessman there is.

    TSO – careful what you say, they’re on the site. LOL. Every day. I’m probably not very popular over there as it is.

    They don’t know it but back when they had an E&P unit (and I was a young pup) I helped pitch an acquisition to Bruce Smith (several times and to no avail). So I may have a subconcious grudge if I think about but really I just think they’ve run too far, too fast…as have cracks!

  61. 61
    Big H Says:

    OT: Did the oil numbers come out early? I missed the morning,just came in now? and zman , can you do a rundown on imports runs and demand? Thanks All!!

  62. 62
    zman Says:

    Nicky – I’ve had my head down answering an email. I’d guess we’re going to hold $63 today.

  63. 63
    zman Says:

    imports at 1.2 mm bpd
    demand was up very sligthly (I have to back into it from the given 4 wk average) until they post the numbers at 1 est.

    Gasoline is trading off 3 cents as the decline gaso stocks was a little less than expected.

  64. 64
    Big H Says:

    Thank You ,Zman!

    and on something to make us appricate a good drilling: I submit:

    Associated Press

    Published on: 05/02/07

    CARROLLTON — Authorities have arrested an illegal immigrant on charges that he ran an unlicensed dental practice out of his home in Carrollton.

    Ernesto Estrado is accused of performing procedures on hundreds of illegal immigrants who were afraid to go to a licensed dentist.

    Authorities say the man used pliers, box cutters and etching blades he bought at a hardware store to pull teeth, fill cavities and create dentures.

    Authorities searched his home and found prescription painkillers, hypodermic needles and a ledger that detailed cash payments from more than 100 people.

    Estrada is being held without bond in the Carroll County Jail.

    YIKE. IMAGINE THE STUFF IS CHEEPER IN MEXICO PILLS INCLUDED! FOR THE REAL DEAL!

  65. 65
    zman Says:

    Big H – OUCH!!!!

    Great article from the Houston Chronicle about why service costs are rising and why they’re not likely to retrench soon.

    http://www.chron.com/disp/story.mpl/front/4767136.html

  66. 66
    Attacking Mid Says:

    Just checkin’ in to let you know I’m still alive and kickin’. Having taken some whippin’s in the energy patch, I’ve been trading other stuff lately. Mostly been trading BIDU the last week with some success. Volume’s dropping off there, so I exited and have taken a small put position in TSO just in the past minutes. I went with May 125’s, so I don’t plan to hold for long. I should learn not to trade against a trend, but……. trends don’t run forever.

    AM.

  67. 67
    zman Says:

    Holy crap AM – thought you were dead!

    Glad you’re back!!!

  68. 68
    Big H Says:

    NICE READ , ZMAN! I JUST SKIMMED THE INTRO, I BELIVE AND KNOW ITS ALL GOOD FOR THE IN DEMAND WORKER, I WILL READ THE READ LATER AND SURE TO ENJOT IT, THANKS AGAIN!

  69. 69
    Attacking Mid Says:

    In case people aren’t familiar with me…. when I post that I’ve taken a position. Run, don’t walk to your desk and take the opposite action.

    TSO shot up a buck and a half within 20 minutes of my put buy. :rolleyes:

    AM.

  70. 70
    zman Says:

    Thanks Ramana, glad you like the site. Tell all your friends!!!

    And GLTY with END!

  71. 71
    zman Says:

    Tupp – you’re getting close to getting your wish. VLO up 2%.

  72. 72
    Big H Says:

    I hope everyone is out of their TSO puts by now, 3-2-1- IS JUST CRACKLIE!! and THE STK IS CHEEP( BY MR

  73. 73
    zman Says:

    NFX and UPL mulling the sale of Bohai bay. This is a 11-12,000 bopd gross to them with no near term upside. It would be nice to see them sell it off b/c it’s lower margin oil (their Chinese oil sells for 10 to $12 off WTI vs the $2 discount they receive in the Tx Gulf Coast). This will also help (allbeit slighty) to reduce costs and raise their reserve life.

  74. 74
    zman Says:

    USO down $0.40 in 2 minutes. Still falling. Anybody see world peace break out.

  75. 75
    Big H Says:

    No I didn’t ! and hugo and nigera still cranking! iseral is a mess!

    AND

    Joan Baez banned at Walter Reed hospital!

    She thinks the USA is the reason its not gonna happen, so they won’t let her sing!

  76. 76
    Sambone Says:

    Why is CHK running? Up 3% today with gas under $8?

  77. 77
    Kevin Says:

    DAMN,..looks like I was wrong today,..thought the oil patch would digest this news and move a little lower,..I’ll still wait for a breakout though. GL everyone.

  78. 78
    zman Says:

    Hi $7s gas is very good for them. They’re running on the EOG and DVN results in the Barnett and the expectation that they’ll keep costs in check.

    I’m mulling takming half of my June 35s off the table now for a double versus holding through earings. Normally I’d say when in doubt sell half but that chart looks sweet!

  79. 79
    zman Says:

    CHK chart looks sweet!!!

  80. 80
    zman Says:

    Looking ahead to n. gas tomorrow, last week’s heating degree days fell sharply from 97 to 44. This is about a third less than normal and year ago levels. Could put a small dent in gas prices as we are likely to shrink the YoY deficit slightly tomorrow.

    I think we get an injection > 70 Bcf tomorrow.

  81. 81
    Popeye Says:

    Bloomberg:

    “Saudis May Not Need to Raise Oil Output Capacity After 2009, Al-Naimi Says Saudi Arabia, holder of the world’s largest oil reserves, may not need to increase its oil-production capacity after 2009, the country’s oil minister said, because conservation and alternative energy sources could curb the consumption of oil.”

  82. 82
    zman Says:

    Popeye – I wrote this about it last Friday:

    OPEC Says To The West, “So You Don’t Want To Buy Our Oil? We’ll Cut Investment” For once Al Gore and George Bush are on the same page. The’re both giving fodder to OPEC to spew price supporting rhetoric. In this OPEC’s monthly newsletter published last night, the cartel sited global warming and increasing talk of reduced dependence on foreign oil as the foundation for a decision to review and perhaps curtail future investments in developing their oil reserves. Here’s a great story on it.

    Comment: To those of you who say, “yeah right, what are they going to sell, sand?” I’d say that you’re right in some cases but wrong in the case where it matters the most. Saudi Arabia has talked about diverisification for a quite some time now as it looks to it’s wealth of mineral deposits and eyes areas like fertilizer.

  83. 83
    zman Says:

    UPL up 7%, strong production growth and down per unit LOE. Control the costs and your stock will soar.

  84. 84
    Kevin Says:

    VLO sold Lima refinery.

  85. 85
    zman Says:

    K – it looks like the total purchase price was $2.1 B. VLO stock liked in the after hours.

  86. 86
    T-Tupp Says:

    $1.9 on all 4 of my news wires… lol

    look for a strong open guys… this why i don’t dt energy anymore, nice opens like what tomorrow will probably bring..

    what was my end of wek prediction Z? 76$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

    im balls deep in this trade and loving it, sorry for the vulgarity hahaha.

    you friggin’ guys and your TSO puts!!!! just playing lot’s a love… but seriously they have the most attractive p/cf (forward, and current years estimates; BMO CM), DCFPS, ROE, and most other metrics…. it has run up a lot but careful guys. im gona make money off tso’ s correction but am gona pull the trigger when it’s approprite. and it will be bigger than my current VLO pos.

  87. 87
    T-Tupp Says:

    i was talking about vlo above lol

  88. 88
    zman Says:

    Tupp – agreed. The price was $1.9 B plus $200 mm of working capital.

    GLTY tomorrow!

    If the offer is still open I’d love access of user/pass.

    I’ll send you my email if you give me the word.

  89. 89
    T-Tupp Says:

    send your email to tyler@wintru.com

  90. 90
    T-Tupp Says:

    whats glty?

  91. 91
    zman Says:

    good luck to you

    I’ll email you in the morning. ty (thankyou). lolroflmao

  92. 92
    Kevin Says:

    VLO sold thier refinery in Lima for 1.9 billion but it currently is selling off in the premarket,..Any ideas as to why. TSO is also selling off hard after reporting earnings. Z, you must be liking that with your TSO puts, but VLO is a head scratcher to me.

  93. 93
    zman Says:

    VLO just reacting to the misses at SUN and TSO.

  94. 94
    [Click Here] Says:

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