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    Jason Eisner

    Research Analyst at [indiscernible] Holdings

    Jason Eisner is an analyst at [indiscernible] Holdings, recognized for his expertise in covering companies within the financial and investment sectors. He has developed a strong performance track record, with consistent rankings on professional platforms and notable investment returns attributed to his research. Eisner began his career in the early 2000s, previously holding roles at distinguished firms and establishing himself within the industry before joining [indiscernible] Holdings in the mid-2010s. He holds professional credentials including securities licenses and is registered with FINRA, reflecting his commitment to compliance and industry standards.

    Jason Eisner's questions to AE leadership

    Jason Eisner's questions to AE leadership • Q3 2023

    Question

    Asked for clarification on the GulfMark business's gross margin and risk profile, specifically how much is a pass-through spread business. He also asked about the internal, first-party benefits of the VEX pipeline acquisition for the company's own operations.

    Answer

    Executives explained that they intentionally keep the margin details "gray" for competitive reasons, as it provides flexibility in negotiations. They characterized it as a higher-margin, service-related business, not a simple volume pass-through. They do not speculate on oil prices; they buy to meet committed sales from refiners and keep inventory lean, turning it over quickly each month. The VEX pipeline provides significant internal benefits by eliminating 50-70 truck trips per day, which saves costs, improves fleet efficiency, and reduces risk.

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