Leadership and Military Experience - Leadership skills developed in the military can be effectively transferred to the corporate world, particularly in competitive environments [1] - Fred Smith, founder and former CEO of FedEx, attributes his success to lessons learned in the Marine Corps, emphasizing the importance of wartime logistics and small-unit leadership [1][2] Profiles of CEOs with Military Backgrounds - Darren Rebelez, CEO of Casey's General Stores, served as an infantry officer in the Army and has held leadership roles in various companies, including Exxon Mobil and 7-Eleven [3][4] - Anthony Guzzi, CEO of Emcor, also a West Point graduate, served as a Light Infantry Captain and has been with Emcor since 2004, becoming CEO in 2011 [5] - Bob Frenzel, CEO of Xcel Energy, served in the Navy as a nuclear engineering officer and has a background in consulting and investment banking before joining Xcel [6][7] - Jeffrey Martin, CEO of Sempra Energy, served as an air-cavalry pilot and emphasizes the importance of creating new leaders within organizations [8][9][10] - Avigal Soreq, CEO of Delek US Holdings, served in the Israeli Air Force and has a diverse career in various companies before returning to Delek [11] - Shane O'Kelly, CEO of Advance Auto Parts, served as an infantry officer and has held leadership positions in multiple companies before becoming CEO in 2023 [12]

Financial Highlights - Q3 2025 net income attributable to IEP was $287 million, or $049 per depositary unit, compared to $22 million, or $005 per depositary unit, for Q3 2024[6] - Q3 2025 Adjusted EBITDA attributable to IEP was $383 million compared to $183 million for Q3 2024[6] - Indicative net asset value as of September 30, 2025, was approximately $38 billion, an increase of $567 million compared to June 30, 2025[6] - IEP declares third quarter distribution of $050 per depositary unit[6] Segment Performance - Energy segment net income was $258 million in Q3 2025, compared to a loss of $88 million in Q3 2024[9] - Energy segment Adjusted EBITDA was $409 million in Q3 2025, compared to a loss of $38 million in Q3 2024[9] - Investment segment returns were negative 05% for Q3 2025[13, 15] - Automotive Services revenue was $366 million, up $11 million when compared to Q3 2024[25] - Food Packaging Q3 2025 Adjusted EBITDA attributable to IEP decreased by $8 million compared to prior year quarter[32]

Core Points - Delek US Holdings, Inc. has announced a quarterly dividend of $0.255 per share, which will be paid on November 17, 2025, to shareholders of record as of November 10, 2025 [1] Company Overview - Delek US Holdings, Inc. is a diversified downstream energy company with assets in petroleum refining, logistics, pipelines, and renewable fuels [1]

Core Insights - RS Investments' "RS Large Cap Value Strategy" underperformed the Russell 1000 Value Index in Q3 2025, returning 4.47% net compared to the Index's 5.33% [1] - Adverse stock selection in the Consumer Discretionary and Consumer Staples sectors negatively impacted the portfolio's performance [1] Company Focus: Valero Energy Corporation (NYSE:VLO) - Valero Energy Corporation manufactures and distributes petroleum-based and low-carbon liquid transportation fuels, with a one-month return of 2.40% and a 52-week gain of 36.34% [2] - As of October 27, 2025, Valero's stock closed at $174.35 per share, with a market capitalization of $53.178 billion [2] - Valero operates 15 petroleum refineries and 12 ethanol plants, focusing on optimizing return on invested capital and generating strong free cash flow [3] - The company benefits from a lower cost base due to U.S. natural gas and has gained from industry consolidation and the closure of high-cost refineries [3] - RS Investments continues to hold Valero shares, anticipating further outperformance [3] Hedge Fund Interest - Valero Energy Corporation was held by 55 hedge fund portfolios at the end of Q2 2025, unchanged from the previous quarter [4] - While Valero is recognized for its potential, certain AI stocks are viewed as having greater upside potential and lower downside risk [4]

Core Insights - Valero Energy Corporation reported a net income of $1.1 billion, or $3.53 per share, for Q3 2025, a significant increase from $364 million, or $1.14 per share, in Q3 2024 [1][7][9] - The refining segment showed strong performance with operating income of $1.6 billion in Q3 2025, up from $565 million in Q3 2024, and refining throughput volumes averaged 3.1 million barrels per day [2][3] - The Renewable Diesel segment experienced an operating loss of $28 million in Q3 2025, compared to an operating income of $35 million in Q3 2024 [3] - The Ethanol segment reported operating income of $183 million for Q3 2025, an increase from $153 million in Q3 2024, with record production volumes of 4.6 million gallons per day [4] Financial Performance - Total revenues for Q3 2025 were $32.168 billion, slightly down from $32.876 billion in Q3 2024 [18] - General and administrative expenses increased to $246 million in Q3 2025 from $234 million in Q3 2024 [5] - The effective tax rate for Q3 2025 was 27% [5] Cash Flow and Investments - Net cash provided by operating activities was $1.9 billion in Q3 2025, with adjusted net cash provided being $1.6 billion [6] - Capital investments totaled $409 million in Q3 2025, primarily for sustaining the business [8] - Valero returned $1.3 billion to stockholders in Q3 2025, with $351 million in dividends and $931 million in stock buybacks [9] Strategic Developments - The St. Charles FCC Unit optimization project, costing $230 million, is expected to begin operations in the second half of 2026 [12] - Valero's total debt at the end of Q3 2025 was $8.4 billion, with cash and cash equivalents amounting to $4.8 billion, resulting in a debt to capitalization ratio of 18% [11]

Core Insights - Valero Energy Corporation (VLO) is a leading independent petroleum refiner with a market cap of $50.8 billion, operating 15 refineries across the U.S., Canada, and the U.K. [1] Earnings Expectations - Analysts anticipate VLO to report non-GAAP earnings of $3.04 per share for Q3, reflecting a 166.7% increase from $1.14 per share in the same quarter last year [2] - For the current year, earnings are projected to be $8.12 per share, a decrease of 4.3% from $8.48 per share reported in the previous year [3] - In fiscal 2026, earnings are expected to rise by 44.1% year-over-year to $11.70 per share [3] Stock Performance - VLO stock has increased by 14.8% over the past 52 weeks, outperforming the Energy Select Sector SPDR Fund's decline of 4.1% but underperforming the S&P 500 Index's increase of 17.2% during the same period [4] Analyst Ratings - The consensus opinion on VLO is optimistic, with a "Moderate Buy" rating. Among 19 analysts, there are 11 "Strong Buys," one "Moderate Buy," and seven "Holds" [5] - VLO's mean price target is $171.12, indicating a potential upside of 4.7% from the current market price [5]

Core Insights - ClearSign Technologies Corporation has received an initial engineering order for a retrofit project involving 36 ClearSign Core™ burners for a U.S. Gulf Coast refinery [1] Company Developments - The retrofit project is part of a collaboration with an integrated petroleum producer, indicating strong demand for advanced combustion technologies [1] - The installation aims to enhance efficiency, reduce emissions, and support cleaner fuel usage, including hydrogen [1] Industry Context - The project reflects a growing trend in the petroleum industry towards adopting technologies that improve environmental performance and operational efficiency [1]

Core Insights - Delek US Holdings, Inc. (NYSE:DK) experienced a significant share price decline of 10.92% from September 5 to September 12, 2025, ranking it among the energy stocks that lost the most during that week [1] Company Overview - Delek US Holdings is a diversified downstream energy company involved in petroleum refining, asphalt, renewable fuels, and logistics [2] Recent Performance and Market Reactions - The stock had previously rallied after Wolfe Research upgraded it from 'Peer Perform' to 'Outperform' with a price target of $40, benefiting from small refining exemptions granted by the Trump administration [3] - The recent downturn in share price may be attributed to profit-taking by investors following the earlier rally [3] Insider Activity - Investor confidence was impacted by the sale of 7,135 shares by Robert G. Wright, Senior Vice President and Deputy CFO, with a total transaction value of $208,627 [4]

Core Points - A Delaware court is likely to deny Gold Reserve's motion to disqualify Elliott Investment Management's bid for Citgo Petroleum's parent company [1] - The court will hold a final sale hearing next week to auction shares to pay creditors for Venezuela's past expropriations and debt defaults [1] Bid Details - Elliott's affiliate Amber Energy submitted a $5.9 billion bid, which is currently the best offer in the auction [2] - Gold Reserve's affiliate Dalinar Energy made a competing bid of $7.9 billion, but it was not recommended by the court officer overseeing the auction [2] Objections and Legal Proceedings - Gold Reserve and other creditors objected to Amber's bid, citing concerns that a $2.1 billion payment to holders of a defaulted Venezuelan bond would disadvantage some creditors in Delaware [3] - The upcoming four-day hearing will allow creditors, witnesses, and experts to present arguments regarding the bids [4]

Core Viewpoint - CVR Energy reported mixed financial results for Q2 2025, with revenue exceeding analyst expectations but adjusted EPS falling short, indicating operational challenges and regulatory impacts [1][2]. Financial Performance - GAAP revenue for Q2 2025 was $1,761 million, surpassing the analyst consensus of $1,688.8 million, but down 10.5% from $1,967 million in Q2 2024 [2]. - Adjusted EPS was $(0.23), missing the expected $(0.13) and reflecting a 355.6% decline from $0.09 in Q2 2024 [2]. - The company reported a net loss attributable to shareholders of $(114) million, a significant drop from a net income of $21 million in the same quarter last year, marking a 642.9% decline [2]. - Adjusted EBITDA increased to $99 million, a 13.8% rise from $87 million in Q2 2024 [2]. Business Segments Overview - CVR Energy operates in three segments: petroleum refining, renewable fuels, and nitrogen fertilizers, with a focus on high-value transportation fuels and renewable diesel production [3][4]. - The petroleum segment faced challenges due to a planned refinery turnaround, reducing throughput and significantly impacting refining margins [5]. - The renewables segment continued to operate below breakeven, with throughput increasing but facing losses due to regulatory uncertainties [6]. - The nitrogen fertilizer segment showed stronger results, with net income rising to $39 million driven by higher prices for ammonia and UAN products [7][8]. Operational Challenges and Developments - The petroleum segment's refining margin dropped to $2.21 per barrel from $10.94 last year, impacted by a pre-tax $89 million loss related to Renewable Fuel Standard obligations [5][9]. - The renewables segment's adjusted EBITDA loss was $4 million, with throughput improving but still heavily reliant on government policies [6]. - Regulatory and compliance costs significantly affected profitability, with ongoing capital investments for environmental upgrades [9]. Leadership Changes - Dave Lamp announced his retirement as CEO, with Mark Pytosh set to take over in January 2026, and Brett Icahn appointed to the board, increasing Icahn Enterprises' influence [10]. Future Guidance - Management expects petroleum segment throughput of 200,000 to 215,000 barrels per day and ammonia utilization rates of 93% to 97% in the fertilizer segment [11]. - Cash flow concerns persist, with free cash flow turning negative by $12 million and a decline in cash position from $987 million at the end of 2024 to $596 million by June 30, 2025 [12].