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    Joe Laetsch • Morgan Stanley

    Joe Laetsch's questions to Delek US Holdings Inc (DK) leadership

    Joe Laetsch's questions to Delek US Holdings Inc (DK) leadership • Q2 2025

    Question

    Joe Laetsch from Morgan Stanley asked for details on the Big Spring refinery's record performance, including the drivers of its throughput and the path to its target operating expense. He also inquired about the El Dorado refinery's margin improvements and where it stands in its optimization process.

    Answer

    EVP Joseph Israel explained that at Big Spring, improved reliability allowed a focus on process efficiency, maximizing liquid yield, and producing higher-value products like high-octane gasoline. Regarding El Dorado, Israel noted a similar EOP-driven story, focusing on new products like jet fuel, high-octane gasoline components, and premium asphalt to drive margin improvement.

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    Joe Laetsch's questions to Marathon Petroleum Corp (MPC) leadership

    Joe Laetsch's questions to Marathon Petroleum Corp (MPC) leadership • Q2 2025

    Question

    Joe Laetsch asked about the potential for further investments or expansions at the Los Angeles refinery and sought an update on the gasoline demand outlook.

    Answer

    CEO Maryann Mannen indicated that future work at the LA refinery would be focused on improving asset reliability to enhance profitability. CCO Rick Hessling characterized current gasoline demand as strong and stable compared to last year, noting the summer driving season has not yet seen a significant drop-off.

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    Joe Laetsch's questions to HF Sinclair Corp (DINO) leadership

    Joe Laetsch's questions to HF Sinclair Corp (DINO) leadership • Q2 2025

    Question

    Joe Laetsch from Morgan Stanley inquired about the refining macro view, specifically on supply-demand balances in the Mid-Con and Rockies. He also asked for an outlook on light-heavy crude differentials given various market factors like OPEC actions and Canadian production.

    Answer

    Steven Ledbetter, EVP of Commercial, described the supply-demand picture as relatively balanced, with flat gasoline demand and strong distillate demand, which he expects to continue. CEO Timothy Go added that demand growth is keeping pace with capacity growth, supported by favorable policy shifts. On crude differentials, Ledbetter noted they are narrow but expects some widening in Q4 to around $13, though not to historical levels, and highlighted the company's ability to source diverse crudes.

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    Joe Laetsch's questions to PBF Energy Inc (PBF) leadership

    Joe Laetsch's questions to PBF Energy Inc (PBF) leadership • Q2 2025

    Question

    Joe Laetsch inquired about the nature of recent discussions with California state officials and asked for PBF's perspective on the East Coast market following refinery closures in Europe.

    Answer

    President & CEO Matthew Lucey described a 'definitive shift' in dialogue with California officials, who now recognize the potential for a supply crisis. Regarding the East Coast, Lucey noted a significant drop-off in European imports, stating that the PADD 1 market must now actively attract barrels rather than simply receive them as a 'dumping ground,' a trend amplified by recent European shutdowns.

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    Joe Laetsch's questions to Phillips 66 (PSX) leadership

    Joe Laetsch's questions to Phillips 66 (PSX) leadership • Q2 2025

    Question

    Joe Laetsch of Morgan Stanley asked for details on the $100 million reduction in full-year turnaround expense guidance and inquired about the integration progress of the recently acquired Coastal Bend NGL pipeline.

    Answer

    SVP of Refining Richard Harbison explained the lower turnaround guidance resulted from strong execution and a mature, condition-based inspection program that optimizes work scope and intervals. EVP of Midstream & Chemicals Don Baldridge reported that the Coastal Bend integration is proceeding well, with expansions on schedule and the company on track to capture expected cost and commercial synergies, noting positive customer feedback.

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    Joe Laetsch's questions to Valero Energy Corp (VLO) leadership

    Joe Laetsch's questions to Valero Energy Corp (VLO) leadership • Q2 2025

    Question

    Joe Laetsch of Morgan Stanley asked for the key drivers behind the quarter-over-quarter improvement in the Renewable Diesel segment's results. He also inquired about any potential benefits for Valero from the recently passed tax bill, particularly concerning bonus depreciation.

    Answer

    SVP Eric Fisher attributed the Q2 improvement in Renewable Diesel to higher volumes following Q1 outages and a full quarter of capturing the PTC, compared to only half a quarter in Q1. VP of IR Homer Bhullar and EVP & General Counsel Rich Walsh explained that the tax bill's reinstatement of full expensing will lower cash tax liability, and other provisions like the removal of EV credits are directionally helpful.

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    Joe Laetsch's questions to Valero Energy Corp (VLO) leadership • Q2 2025

    Question

    Joe Laetsch of Morgan Stanley asked for the drivers behind the sequential improvement in Renewable Diesel results and inquired about the benefits to Valero from the recently passed tax bill.

    Answer

    SVP Eric Fisher attributed the Q2 improvement in Renewable Diesel to higher volumes post-outages, a full quarter of PTC capture, and more SAF income. VP Homer Bhullar and EVP Rich Walsh explained the tax bill benefits include lower cash taxes from bonus depreciation and indirect support for ICE vehicles due to changes in EV credits and CAFE penalties.

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