20 February 2026 | 3:15PM EST Equity Research Energy, Utilities & Mining Pulse: Investors Asking: What Are Takeaways from the Road or Recent Management Meetings? While the Natural Resources complex has performed well this year, there has been significant dispersion under the hood. One of the key drivers of relative performance has been corporate governance and management changes. With that in mind, our analysts have spent much of February on the road, at conferences and on earnings calls engaging with manag ...

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Group 1 - Investing in small refiners carries inherent risks due to fluctuating margins that can quickly shift to below break-even levels, highlighting the volatility in this sector [1] - Small refiners often struggle to maintain profitability, which can impact their long-term viability and attractiveness as investment opportunities [1] Group 2 - The article emphasizes the importance of evaluating the underlying fundamentals and long-term potential of equities in the energy sector, particularly for those considering investments in income-producing assets [1]

Core Viewpoint - PBF Energy is preparing to restart its Martinez refinery after a significant fire in February, with a targeted restart date in December [1]. Group 1: Company Overview - PBF Energy's Martinez refinery has been limited in production due to the fire, impacting overall output [1]. Group 2: Industry Context - The potential restart of the refinery is significant for the energy sector, as it may influence supply dynamics in the market [1].

Industry Overview - The petrochemical industry is believed to be at or near a cyclical bottom after several years of declining profitability [1] - LyondellBasell is identified as one of the more attractive investments in the petrochemical space due to its strong fundamentals [1]