First 3 pages are the earnings statement/monogue and page 4 is the Q&A. You'll have tyo delete the leading underscores from the link below because Yahoo wont let you post links due to all the butt-hole spammers out there.
Lasted 1 1/2 hours. Record according to some participants. What struck me is these idiots are spending $600 million plus on RINs and they do not have an accounting system that tells them if they recover the expense. Based on the financial results, it looks like they ate the cost and did not pass it on to the consumer. Even the analysts were trying to propose some changes to invoicing in order to get some accounting for this huge expense.
I am long but its a small position. No way am I betting on this management team bigtime. Where is AH?
clay, I listened for about 30 - 40 minutes and didn't hear anything out of line with the filing they had on the Web site. no breakthrough with the feds on RINs. after listening to Klesse talk for about 10 minutes, I couldn't take it any more. That guy is DULL. Price movement and volume today, I think, reflects how un-dramatic the call was.
Yeah, sure wish he could get more excited about his company. When the CC is boring due to the CEO, who is a refection of the company performance and future performance, the company is perceived as boring with not much to offer in the future. This does not attract much interest as the stock price is showing... Nice job once again... But then who cares, right...
Getting sea sick with all this volatility in all the refiners. Not only big swings daily, but intra-day as well... I think I will go puke...
Wish I knew what the other refiners are spending on RINs. The key is competitive advantage here I think; Valero may get in the blending business if there is no congressional relief. Ultimately the consumer will pay, just how much percentage goes through which refiner's balance sheet. There could be a pile of money in some congressman's pockets for a vote on the RIN revision I am thinking. Ah, legally of course. :-) Hey, the RINs are essentially tax money, right? Think congress is in any mood to give an evil oil company a break on taxes? Bwa ha ha ha ha. Thanks for the updates.