Investment Rating - The report assigns a "Buy" rating for Thai Oil with a 12-month price target of Bt32.00, while the current price is Bt30.00 [5][26]. Core Insights - Thai Oil is focused on maintaining the budget and timeline for its Clean Fuel Project (CFP), with an investment budget of US$1.8 billion and a completion target by Q328 [2]. - The company is actively communicating with credit rating agencies to address concerns regarding the execution of the CFP, debt management, and support from its parent company, PTT [3]. - The capital expenditure (CAPEX) from 2025 to 2029 will primarily be allocated to the CFP, with expected cash flows from operations between US$1.2 billion to US$1.7 billion [4]. Financial Metrics - Revenue projections show a decline from Bt529.6 billion in 2022 to an estimated Bt372.9 billion in 2025, followed by a gradual increase to Bt588.3 billion by 2029 [8]. - The estimated diluted EPS for 2025 is Bt4.81, with a slight decrease to Bt4.65 in 2026, and a recovery to Bt4.78 in 2027 [6]. - The net debt to EBITDA ratio is projected to be 5.8x for 2025, indicating a high level of leverage [5]. Market Performance - The average daily trading volume is approximately 23.6 million shares, with a market capitalization of Bt67.0 billion (US$2.05 billion) [5]. - The forecasted stock return is 10.7%, combining a price appreciation of 6.7% and a dividend yield of 4.0% [9]. Company Overview - Thai Oil operates a refinery with a capacity of 275,000 barrels per day, accounting for 25% of Thailand's total refining capacity, and has a high upgrading capacity-to-refining capacity ratio of 56% [10].

Core Insights - Sky Quarry Inc. has announced a strategic roadmap for its subsidiary, Foreland Refining Corporation, aiming to scale operations to a production rate of up to 800,000 barrels annually through targeted investments and steady operations [1][2][3] Production Capacity and Milestones - Foreland is currently operating at a capacity of up to 3,600 barrels per day, with plans to reach production milestones of 45,000, 60,000, 80,000, and 100,000 barrels per month, particularly during high seasonal demand [3] - The roadmap anticipates reaching an annualized peak production rate of 800,000 barrels, with actual output expected to vary seasonally [3] Strategic Growth Plan - The strategic growth plan includes proactive maintenance, risk management, infrastructure upgrades, and crude supply contracts to ensure safe and uninterrupted operations [5] - Key components of the plan focus on operational efficiency, workforce expansion, stronger supply and customer relationships, and revenue growth potential [7] Sustainability and Community Impact - The refinery plans to expand its capabilities to include recycled heavy oil from waste materials, supporting Sky Quarry's mission for a sustainable energy future [6] - The company aims to contribute to improved waste management and resource efficiency while reducing environmental impact [8]

Core Insights - Elliott Investment Management has significantly increased its exposure to the energy sector, raising its allocation from 23.84% to 37.64% in Q1 2025, making it the firm's largest sector allocation [1][4]. Company Investments - Elliott has made a substantial investment of nearly $2 billion in Phillips 66 and Suncor Energy Inc., which are now among the fund's top three holdings [2]. - The firm increased its stake in Phillips 66 by nearly 2,000%, acquiring 14.95 million new shares, bringing the total to 15.73 million shares valued at approximately $1.94 billion, which now represents 12.81% of Elliott's $15.2 billion 13F portfolio [3]. - Suncor Energy remains a core holding with a stake valued at $2.04 billion, representing 13.46% of the portfolio, unchanged from the previous quarter [4]. Strategic Shifts - The increase in energy positions coincides with a reduction in exposure to broader market ETFs and sectors, including a more than 25% cut in the SPDR S&P 500 ETF put position and reduced bets against energy sector ETFs [4]. - This strategy reflects a tactical shift towards direct investments in traditional energy companies like Phillips 66 and Suncor, contrasting with broader market hesitations regarding peak oil demand and ESG pressures [5].

Core Insights - Par Petroleum reported $1.75 billion in revenue for Q1 2025, a year-over-year decline of 11.9%, with an EPS of -$0.94 compared to $0.69 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $1.6 billion by 8.77%, while the EPS fell short of the consensus estimate of -$0.77 by 22.08% [1] Financial Performance - Total refining feedstocks throughput was 176,000 million barrels per day, surpassing the average estimate of 174,703.3 million barrels per day [4] - Hawaii refinery throughput was 79.4 million barrels per day, slightly below the estimate of 80.58 million barrels per day [4] - Montana refinery throughput was 51.7 million barrels per day, exceeding the estimate of 50.07 million barrels per day [4] - Wyoming refinery throughput was 6.3 million barrels per day, above the estimate of 6 million barrels per day [4] - Washington refinery throughput was 38.6 million barrels per day, slightly above the estimate of 38.07 million barrels per day [4] Revenue Breakdown - Refining revenues were $1.69 billion, exceeding the average estimate of $1.48 billion, representing a year-over-year decline of 12.5% [4] - Retail revenues were $136.43 million, below the average estimate of $142.34 million, with a year-over-year decline of 2.6% [4] - Logistics revenues were $71.42 million, surpassing the average estimate of $61.38 million, with a year-over-year change of -0.6% [4] EBITDA Metrics - Adjusted EBITDA for refining was -$14.29 million, significantly below the average estimate of $6.05 million [4] - Adjusted EBITDA for logistics was $29.67 million, slightly above the average estimate of $28 million [4] - Adjusted EBITDA for retail was $18.62 million, below the average estimate of $19.90 million [4] Stock Performance - Par Petroleum shares returned +31.1% over the past month, outperforming the Zacks S&P 500 composite's +3.8% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market [3]

Core Points - Integrated Rail & Resources Acquisition Corp (IRRX) has entered into a 7-year supply and offtake agreement with Shell Trading (US) Company for crude oil feedstock and refined products [1][2] - The facility to be acquired by IRRX will initially process 15,000 barrels of crude oil per day, with potential expansion to 50,000 barrels per day [2] - Operations are expected to commence by December 31, 2026, following the acquisition and refurbishment of the facility [2] Company Overview - IRRX is a blank check company focused on mergers, acquisitions, and business combinations, particularly in natural resources and railroad logistics [5] - Tar Sands Holding II, LLC (TSHII), established by Endeavor Capital Group, controls key real estate and natural resource development rights in the Uinta Basin, Utah [4] Strategic Importance - The agreement with Shell is seen as a significant step for IRRX to enhance its refining capabilities and support the Uinta Basin's development [3] - The partnership aims to create value through the production of high-demand refined products such as LPG, Naphtha, Diesel, and Gas Oil [2][3]

Company Overview - Integrated Rail & Resources Acquisition Corp. (IRRX) has entered into a 7-year supply and offtake agreement with Shell Trading (US) Company (Shell) for crude oil feedstock supply and refined product purchases [1][2] - The facility to be acquired by IRRX will initially process 15,000 barrels of crude oil per day, with potential expansion to 50,000 barrels per day [2] Operational Details - The facility will produce LPG, Naphtha, Diesel, and Gas Oil, with operations expected to commence by December 31, 2026, following necessary refurbishment [2] - Shell Trading (US) Company will have the option to utilize the additional processing capacity once the facility is expanded [2] Strategic Importance - The agreement is seen as a significant step for IRRX in refining and marketing high-demand products, supporting the Uinta Basin's development [3] - The CEO of IRRX expressed confidence in the agreement, highlighting the benefits for all parties involved and the capabilities of the team to refurbish and restart the refinery [3] Background Information - Tar Sands Holding II, LLC (TSHII), established by Endeavor Capital Group, controls key real estate and natural resource development rights in the Uinta Basin, including permits for processing and refining [4] - IRRX is a blank check company focused on mergers and acquisitions in natural resources, railroads, and related logistics [5]

Independent oil refiner and marketer Marathon Petroleum Corporation (MPC) reported a first-quarter 2025 adjusted loss per share of 24 cents, narrower than the Zacks Consensus Estimate of a loss of 63 cents. This primarily reflects the stronger-than-expected performance of its Refining & Marketing segment. The adjusted EBITDA of the segment totaled $489 million, surpassing the consensus mark of $286 million on the back of lower costs and higher throughput.However, the company’s bottom line fell sharply from ...

Financial Performance - Par Petroleum reported $1.75 billion in revenue for the quarter ended March 2025, reflecting a year-over-year decline of 11.9% [1] - The EPS for the same period was -$0.94, compared to $0.69 a year ago, indicating a significant drop in profitability [1] - The reported revenue exceeded the Zacks Consensus Estimate of $1.6 billion, resulting in a surprise of +8.77% [1] - The company experienced an EPS surprise of -22.08%, with the consensus EPS estimate being -$0.77 [1] Key Metrics - Total Refining - Feedstocks Throughput was 176,000 million barrels of oil per day, surpassing the average estimate of 174,703.3 million barrels [4] - Hawaii Refinery - Feedstocks Throughput was 79.4 million barrels of oil per day, slightly below the average estimate of 80.58 million barrels [4] - Montana Refinery - Feedstocks Throughput was 51.7 million barrels of oil per day, exceeding the average estimate of 50.07 million barrels [4] - Wyoming Refinery - Feedstocks Throughput was 6.3 million barrels of oil per day, above the average estimate of 6 million barrels [4] - Washington Refinery - Feedstocks Throughput was 38.6 million barrels of oil per day, slightly above the average estimate of 38.07 million barrels [4] - Retail sales volumes were 29,431 Kgal, compared to the average estimate of 30,216.58 Kgal [4] - Adjusted EBITDA for Refining was -$14.29 million, significantly lower than the average estimate of $6.05 million [4] - Adjusted EBITDA for Logistics was $29.67 million, slightly above the average estimate of $28 million [4] - Adjusted EBITDA for Retail was $18.62 million, below the average estimate of $19.90 million [4] Stock Performance - Shares of Par Petroleum have returned +14.4% over the past month, outperforming the Zacks S&P 500 composite's +10.6% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

May 5, 2025 02:07 AM GMT Exhibit 1: Asian refiners have either consistently outperformed or performed in- line with regional benchmarks since 2015 0.0 2.8 5.6 8.4 11.2 14.0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 (US$/bbl) Singapore Complex Benchmark GRM Asia Refiners Average Source: Company data, Morgan Stanley Research Morgan Stanley Asia (Singapore) Pte.+ Mayank Maheshwari Equity Analyst Mayank.Maheshwari@morganstanley.com +65 6834-6719 Morgan Stanley Australia Limited+ ...

Group 1 - PBF Energy's shares have declined significantly, losing 68% of their value over the past year [1] - Following the recent earnings release, PBF Energy's stock dropped by 3% [1] - The company has been identified as a poor performer in the market, indicating potential challenges in its operational or financial performance [1]