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48	member 8/11/16 10:20AM Re: Re: One Rock Capital Partners To Acquire Downstream Assets From Chevron In Hawaii 47
My understanding is that there is a large ($50-$200m) cap ex spend they will have to make starting in jan 2017 to be tier 3 sulphur compliant on the chevron refinary. Not sure why a... login to read the rest view available tags
43	member 11/18/15 10:21AM Re: Re: Re: Re: update 42
Hello, can you please repost the original write-up? I was not able to download it from Dropbox (from the link provided). Thank you. view available tags
42	member 10/24/15 12:02PM Re: Re: Re: update 41
chatham123, agreed view available tags
32	member 3/19/15 2:57PM Re: FTC votes 4-1 to approve Mid Pac acquisition 31
Chatham, thank you for your thoughtful writeup and congratulations on the idea working out so far. In your view does the FTC pushback provide any read through as to whether Par would be able to... login to read the rest view available tags
23	member 9/22/14 10:51AM RE: Defending the stock. 21
Thanks for the update. Agree that the Chevron announcement is very significant and there is a very high likelihood that PARR will be the buyer after going through the proper auction processes. 2 view available tags
20	member 9/07/14 11:09AM RE: Curious 19
Hi, Bruin -- The 8-K was filed by HE, which may help to explain some of market reaction -- when the $2.5B company files an 8-K and the $500MM company doesn't, well, that doesn't look good. Yours, Bowd view available tags
19	member 9/05/14 2:54PM RE: Curious 18
I don't see an 8-K, but I could have missed it, I think it was just p.r. As for "meaningless" I guess it is in the eye of the beholder, certainly meaningless relative to the suggestion view available tags
18	member 9/05/14 2:26PM Curious 17
Hi, Bruin -- > the contract they might lose is meaningless. I'm not disagreeing with you, I have no idea, but then why did HE file an 8-K? Says right there, "Termination of a Material Definitive Agreement".... login to read the rest view available tags
17	member 9/05/14 12:49PM RE: HECO news 15
We just talked to the company and the contract they might lose is meaningless. It only represents a loss of 3500 barrelss a day of low margin business. Also, they are still in negoitiations and 1 view available tags
16	member 9/05/14 12:37PM Today's Action
Chatham123, Any thoughts on the news regarding the non-renewal of the Hawaii Electric contract? The loss appears to have came out of nowhere, yet I wonder to what extent if any, today's price action is an view available tags
14	member 8/18/14 10:03PM RE: Questions 13
Thanks Scylla. Agree with your thoughts on the first point. On MATS, according to utility filings they have discussed and are working on a diesel/ LSFO blend. Requirements could also be met via backend solution aka... login to read the rest view available tags
12	member 8/18/14 9:46PM CITGO
Got some questions today on why PARR was +6.5%. Seems attributable to the announcement PBF (+4%) increased the size of their credit facility to $2.5B after the close on Friday. PBF and Par have both been... login to read the rest view available tags
11	member 8/11/14 11:09PM RE: RE: RE: RE: Question 10
Paragraph 3, line 4 reads wrong. Should read ... Pemex WC Isthmus and all midcon crudes could trade at even more of a discount to Brent.. view available tags
10	member 8/11/14 11:04PM RE: RE: RE: Question 9
Thanks Aaron. Make sure you're using the Pemex Isthmus West Coast price- which you'll have to calculate yourself based off Dated Brent, LLS and WTS closing prices, along with the K-factor which Pemex updates monthly.... login to read the rest view available tags
5	member 8/08/14 1:40PM Capex/FCF?
What do the multiples look like after capex spend? What might be the capex spend required to meet Federal EPA Tier 3 Gasoline Standards and other regulations? Why did the sellers of these cash-flowing assets sell at such low multiples (2X... login to read the rest view available tags
4	member 8/08/14 12:16PM BOD/Will
The only thing I would add to this excellent write up is that Sam Zell has recently put togehter an A plus board of directors. I suspect part of his thinking is that Will is view available tags
2	member 8/08/14 10:20AM Good Job
We agree - this is a prime example of value hidden due to the complexity/lack of clean financials. Also, the link for the redacted deck is broken, could you by chance repost? Thanks! view available tags
1	member 8/08/14 9:59AM Excellent write up
We are long the stock as well and was about to write it up, excellent job. view available tags

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			2012	2013
Price:	15.26	EPS	$0.54	$0.85
Shares Out. (in M):	61	P/E	28.3x	18.0x
Market Cap (in $M):	927	P/FCF	25.4x	13.5x
Net Debt (in $M):	-51	EBIT	48	85
TEV (in $M):	876	TEV/EBIT	18.4x	10.4x

Description

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