By Paul Sankey
Published on October 1, 2026 at 1:11 PM
TODAY on Happy Hour, fantastic long term analyst Rob Connors, aka Crude Chronicles, we highly recommend his research product through Substack. Register here for the Zoom at 4pm today ET. https://sankeyresearch.com/conference/sankey-strategy-session-robert-connors-interest-form/ Source: The Crude Chronicles You can sign up for Rob (https://thecrudechronicles.substack.com/) after you hear him on the call, a former sellside analyst, he has a passion for literally going to the library and grinding through deep financial and particularly commodity history. As you will …
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By Paul Sankey
Published on August 9, 2026 at 9:02 PM
Valero CFO Homer Bhullar said on our Thursday call, with the Valero stock close to all-time highs: “Our mid-cycle is set by hydroskimming”. Homework today is running with that unit’s global economics. The data says that US/North American refining is running at max capacity ~95% utilisation Ergo, with no marginal US refining, Valero’s midcycle is set by European hydroskimming. We argue that the stock is currently discounting hydroskimming margins sustained at $4/bbl (if you require …
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By Paul Sankey
Published on August 4, 2026 at 12:09 PM
Reminder: we have Valero management live as this week’s Happy Hour. Thursday, August 6th @ 2:30PM ET – note unusual time. Guests: Randy Hawkins, VP International Crude Oil Supply & Trading, and Brian Donovan, VP IR; not sure on Homer Bhullar, CFO, but would not be shocked if he is on. Submit interest: sankeyresearch.com/conference/sankey-strategy-session-valero-interest-form Five questions for Valero: Q1a: Pre- vs post-Hormuz: what changed in your crude slate and product yields, with Russia escalation on …
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