By Paul Sankey
Published on November 3, 2026 at 9:34 PM
Well, refining is boiling oil, and we got two major refining surprises in four days, with the announcement today that Marathon is selling two rather nice Midwest refineries to Carl Icahn’s Coffeyville, for an absolutely massive price. Key takeaway repeats what we already told you: Valero got Lyondell Houston for a song. Marathon did not have to sell. There is no particular evidence that the company needed the cash, quite the contrary. This is a …
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By Paul Sankey
Published on September 24, 2026 at 8:26 AM
Your correspondent – me – was cursing blue murder yesterday as rumours broke of a White House ban on diesel exports. I was just getting my note, on valuation of refiners based on replacement value, to completion, and, well, it rang one of those bell-gong lines that live in my head, that I shared with you last week. Major oil investor comment: “Diesel export ban? If there is a real shortage it’s inevitable”. Real shortage? …
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By Paul Sankey
Published on September 1, 2026 at 6:32 PM
White House Refiner Meeting Summary post-meeting feedback from “I am on a plane leaving DC” Excellent source: “There seems to be full appreciation that the unintended consequences of an export ban would be severe”. That’s all you need to know, the single biggest risk to the US Independent refiner and (+XOM, CVX refining segment) is mitigated. We would argue Shell/Euro refiners would benefit from a ban. Carry on. ~ Second biggest macro risk is demand …
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