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Matthew Robert Lovseth Blair

Managing Director and Senior Research Analyst at Tudor Pickering Holt

Matthew Robert Lovseth Blair is a Managing Director and Senior Research Analyst at Tudor, Pickering, Holt & Co. Securities, LLC, specializing in energy sector research with a focus on refining and midstream companies including Valero Energy and Westlake Chemical Partners. He actively participates in earnings calls for these firms, providing insights on market dynamics, though specific performance metrics such as success rates or rankings on platforms like TipRanks are not publicly detailed in available records. Blair joined Tudor Pickering Holt in 2014 after four years at Macquarie Capital (USA) Inc. from 2009 to 2014, accumulating over a decade of experience in the industry. He holds active FINRA registrations as a registered broker, enabling his role in securities research and analysis.

Matthew Robert Lovseth Blair's questions to VALERO ENERGY CORP/TX (VLO) leadership

Question · Q4 2025

Matthew Robert Lovseth Blair followed up on the Venezuelan crude discussion, asking what barrels Valero is pushing out to run more Venezuelan crude in Q1 2026, and if it signifies a shift to an overall heavier crude slate.

Answer

R. Lane Riggs, Chairman, CEO, and President, stated that it's a mix of everything, including incremental fuel cargoes, Latin American heavy, and Canadian heavy, depending on the location. He confirmed that Valero is pushing to maximize heavy crude processing in the system going forward due to better differentials.

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Question · Q4 2025

Matthew Blair asked about the recording of 45Z credits in Valero's ethanol segment in 2026 due to the removal of indirect land use change, and the approximate EBITDA benefit. He also followed up on the Venezuelan crude discussion, asking which barrels Valero is pushing out to accommodate more Venezuelan crude, and if it indicates a shift to an overall heavier crude slate.

Answer

Eric Fisher (EVP and CCO, Valero Energy Corporation) confirmed the ethanol segment is set up to capture PTC (45Z) from prevailing wage and qualified sales, awaiting final guidance, and noted it works in $0.10 increments per gallon. R. Lane Riggs (Chairman, CEO and President, Valero Energy Corporation) stated that it's a mix of incremental fuel cargoes, Latin American heavy, and Canadian heavy being pushed out, with a general push to maximize heavy crude processing due to better differentials.

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