Sign in

    Jean Salisbury

    Managing Director at Bank of America

    Jean Ann Salisbury is a Managing Director at Bank of America, specializing in equity research for the natural gas and energy infrastructure sectors with a particular focus on natural gas and MLPs (master limited partnerships). She covers major companies such as Cheniere Energy (LNG) and Williams Companies (WMB), and her top-rated investment call—on LNG from May 2020 to May 2021—generated a return of 103.7%. Salisbury began her career at ExxonMobil as a Senior Analyst in gas and power marketing, then worked at McKinsey & Company as an Engagement Manager, before joining Sanford C. Bernstein in 2013 as Senior Analyst for Natural Gas and MLPs, and later moved to Bank of America as Managing Director in July 2024. She holds an MBA from Harvard Business School and a BA from Harvard University.

    Jean Salisbury's questions to VALERO ENERGY CORP/TX (VLO) leadership

    Jean Salisbury's questions to VALERO ENERGY CORP/TX (VLO) leadership • Q1 2025

    Question

    Jean Salisbury of Bank of America asked about the expected onetime cash impact from the Benicia refinery closure and the potential effect of Chinese tariffs on U.S. LPG on feedstock costs.

    Answer

    Jason Fraser, EVP and CFO, clarified that cash from inventory will be realized quickly, while other costs and potential real estate proceeds are longer-term. Regarding tariffs, an executive named Greg noted minimal disruption so far, while Gary Simmons, EVP and COO, suggested that weaker naphtha prices could emerge from other market factors.

    Ask Fintool Equity Research AI

    Jean Salisbury's questions to VALERO ENERGY CORP/TX (VLO) leadership • Q1 2025

    Question

    Jean Salisbury inquired about the expected onetime overall cash impact from closing the Benicia refinery, including inventory liquidation and closure costs, and asked if Chinese tariffs on U.S. LPG could materially impact feedstock costs.

    Answer

    Jason Fraser, EVP and CFO, explained that the cash from inventory liquidation would be received fairly quickly, but other costs related to cleanup and dismantling would be extended over several years. Regarding LPG, an executive named Greg noted no significant market disruption yet, while Gary Simmons, EVP and COO, added that naphtha could weaken once flows to Venezuela as a diluent cease.

    Ask Fintool Equity Research AI