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#	AUTHOR DATE SUBJECT
21	member 8/09/22 10:59PM Re: Re: how? 20
why is Mobile reifnery a bad asset or in a bad location? Isn't just being on gulf coast generally good?On the quarter - The one thing I don't understand is how are these guys only view available tags
20	member 8/09/22 11:54AM Re: how? 19
agree w/ all of palmer's views - what a surprisingly nasty quarter, lesson for any commodity producer is hedging doesn't pay off (capping upside and limited recognition for protecting the downside) no strong view on vertex at current levels... login to read the rest view available tags
19	member 8/09/22 8:59AM how?
how were earnings this bad? Just eyeballing numbers, cracks in Q2 were way more than double Q1 cracks. In Q1, VTNR was saying the refinery did ~$81m in EBITDA. Somehow in Q2 (again, with cracks doubled),... login to read the rest 3 view available tags
18	member 6/15/22 1:38PM Re: Re: Refiners in General and VTNR 17
Agree w/ the thread, food vs energy will be an increasingly heated debate as we move forward. And also agree w/ Shooter that not all RD-facilities are in the crossfire (Calumet's Great Falls is notably view available tags
14	member 6/15/22 10:38AM Refiners in General and VTNR 13
curious how you or others think this plays out...just more rhetoric to try and show that he would like things to change with the unfortunate circumstances of not having any tools to actually effect this... login to read the rest view available tags
10	member 5/12/22 12:49PM Re: short interest 9
Might be some short angles on the "renewable" project uncertainty + less battle-tested mgmt team , but I think the primary driver is the 155MM convert ... talk to couple desks, but my sense is 1 view available tags
8	member 5/11/22 11:51AM Re: Update 7
Thanks for the update Rookie and agree, also like this situation quite a bit ... Conventional refining is truly remarkable right now (>70 cracks is stunning) and provides them w/ a fat puff of FCF generation which helps... login to read the rest view available tags
4	member 4/25/22 10:06AM VTNR vs CLMT
Nice write-up and I'm tilted the same direction (long the 6.25% convert) General discussion around RD and risks of over-supply is relevant ... but think way too early (witness the # of projects that have been put... login to read the rest view available tags
3	member 4/24/22 8:38AM Timeline and prior
rookie, interesting idea...Alfred and Frugal have more important questions than mine, but when you have a moment, I'd like to know your comfort level with Q2 23 for the refiner retrofit / upgrade. Thank you. view available tags
1	member 4/24/22 8:06AM clmt comp
There seems like a large disconnect between what you are presenting vs what the company has presented. You aren't giving them any credit for their logistics; also how are you arriving at their '25 RD 1 view available tags

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			2022	2023
Price:	9.00	EPS	0	1.85
Shares Out. (in M):	98	P/E	0	4.9
Market Cap (in $M):	880	P/FCF	0	5
Net Debt (in $M):	85	EBIT	0	250
TEV (in $M):	965	TEV/EBIT	0	3.8

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