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Neil Singhvi Mehta

Research Analyst at Goldman Sachs Group

Neil Singhvi Mehta's questions to VALERO ENERGY CORP/TX (VLO) leadership

Neil Singhvi Mehta's questions to VALERO ENERGY CORP/TX (VLO) leadership • Q3 2025

Question

Neil Singhvi Mehta asked about Valero's insights into the significant volume of crude on the water, its likely destination (OECD vs. China), and its potential as a catalyst for widening crude differentials, specifically mentioning Iraq. He also sought an update on the performance of Valero's non-refining businesses, particularly the sustainability of ethanol margins and the path to profitability for Diamond Green Diesel (DGD) post-RVO.

Answer

Gary Simmons, Executive Vice President and COO, confirmed an increase in Iraqi crude barrels (Basra and Kirkuk) flowing to the US, while most other barrels are directed to Asia. Eric Fisher, Senior Vice President Product Supply, Trading and Wholesale, stated that ethanol's outlook remains positive due to a record corn crop, strong domestic and export demand, and global E0/E10/E15/E20/E30 transitions. For DGD, he noted that recent softening of fat prices has led to positive EBITDA, but challenges remain for 2026 with PTC changes and RVO policy uncertainty.

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Neil Singhvi Mehta's questions to HALLIBURTON (HAL) leadership

Neil Singhvi Mehta's questions to HALLIBURTON (HAL) leadership • Q3 2025

Question

Neil Singhvi Mehta inquired about Halliburton's focus on the Middle East for power opportunities, including existing constraints and strategies to overcome them, and sought early insights into the 2026 market outlook, especially for North America, based on initial customer conversations.

Answer

Jeffrey Miller, Chairman, President, and CEO, explained the Middle East is a key focus due to its developing economy, investment-forward approach, available energy, and capital. For 2026, he described the outlook as 'overall flattish with some bright spots,' noting North America is likely operating below maintenance spending levels, and the market dynamics, including OPEC Plus barrels, are creating an inflection point for future tightness and a strong recovery.

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