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    Joe Laetsch

    Research Analyst at Morgan Stanley

    Joe Laetsch is an Executive Director specializing in Energy Equity Research at Morgan Stanley, where he provides coverage on major integrated oil and oil & gas exploration and production companies such as Marathon Petroleum, Valero Energy, and PBF Energy. He is recognized for his rigorous analysis and has set target prices including $174 for Marathon Petroleum and $160 for Valero Energy in recent forecasts, with his recommendations tracked on leading investor platforms. Laetsch has built his career at Morgan Stanley and emerged as a prominent analyst in sector research, actively participating in industry calls and competitive surveys. He holds relevant professional credentials required for securities research in equities and maintains FINRA registration.

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

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

    Question

    Joe Laetsch of Morgan Stanley asked for details on the Big Spring refinery's performance, noting its record throughput and strong capture rates post-turnaround, and inquired about the path to achieving its target operating expense. He also asked for an update on the El Dorado refinery's margin improvements and progress on logistics costs and product yields.

    Answer

    Joseph Israel, EVP and President of Refining & Renewables, detailed that the Big Spring refinery has successfully shifted its focus from risk mitigation to process efficiency, maximizing liquid yield and targeting high-value products like Arizona-spec gasoline. For the El Dorado refinery, Israel stated that similar structural improvements are underway, focusing on new products like jet fuel, high-octane gasoline components, and premium asphalt to drive margin enhancement.

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

    Question

    Joe Laetsch asked about the refining segment, focusing first on the Big Spring refinery's record throughput and strong capture rates post-turnaround. He then shifted to the El Dorado refinery, asking for details on its margin improvements and progress on logistics costs and product yields.

    Answer

    EVP Joseph Israel explained that the Big Spring refinery's success stems from a focus on reliability which now allows for process efficiency and commercial optimization, specifically maximizing liquid yield and high-value products. He noted a similar story at El Dorado, where EOP initiatives are focused on producing new products like jet fuel, high-octane gasoline components, and premium asphalt to improve margins.

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

    Question

    Joe Laetsch asked for details on the Big Spring refinery's record throughput and strong performance following its first-quarter turnaround, including the path to its OpEx goal. He also questioned the performance of the El Dorado refinery, which lags others, seeking more information on its margin improvement process and progress on logistics and yield enhancements.

    Answer

    EVP of Refining Joseph Israel explained that Big Spring's success stems from a focus on reliability, which has enabled a shift to process efficiency, maximizing high-octane gasoline and improving yields. For El Dorado, Israel noted a similar EOP-driven strategy is underway, focused on improving liquid yield and product value by targeting new products like jet fuel, high-octane components, and premium asphalt to enhance its margin contribution.

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

    Question

    Joe Laetsch of Morgan Stanley asked for details on the Big Spring refinery's performance, including the drivers of its record throughput and the path to its target OpEx. He also inquired about the El Dorado refinery's margin improvements and its progress on logistics costs and product yields.

    Answer

    EVP of Operations Joseph Israel explained that Big Spring's success follows a focus on reliability, which now enables optimization of liquid yield and product value, particularly high-octane gasoline and asphalt. For El Dorado, Mr. Israel described a similar EOP-driven improvement story, with a focus on new, higher-value products like jet fuel, high-octane gasoline components, and premium asphalt to drive margin expansion.

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

    Joe Laetsch's questions to Marathon Petroleum (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 (DINO) leadership

    Joe Laetsch's questions to HF Sinclair (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 (PBF) leadership

    Joe Laetsch's questions to PBF Energy (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/TX (VLO) leadership

    Joe Laetsch's questions to VALERO ENERGY CORP/TX (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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    Joe Laetsch's questions to VALERO ENERGY CORP/TX (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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