211 over 30 + 321 just below. The brent spread is now over 20 again, so much for it gaining parity with WTI. All spell larger gains for US refiners, particularly for HFC. Wish they would take their refineries down for maintenance in Dec/Jan when cracks are at their lows.
Location of their refineries, net cash currently at 500MM which will increase to 1.3BB - 1.5BB year end, no refiner has that balance sheet. Expanding production and its ownership in HEP. WNR still has a huge debt that HFC will help to reduce with their purchase of equip from WNR to expand. WNR has idled the refinery in VA and just started paying a divvy of .04 vs HFC at .10 and paid out 1.5/share in special divvies last year. Stock buy back at 350MM, WNR none. Overall a better run company plus WNR misses estimates 75% of the time.