Financial Data and Key Metrics Changes - In Q4 2025, Delek reported an adjusted EPS of $0.44 and adjusted EBITDA of approximately $226 million, indicating strong fourth-quarter results [4][12] - For the full year 2025, adjusted EBITDA was approximately $763 million, excluding SREs [12] - Net income for Q4 was $78 million or $1.26 per share, with adjusted net income of $143 million or $2.31 per share [12] Business Line Data and Key Metrics Changes - The refining segment saw a decline in adjusted EBITDA by $91 million due to seasonality, while supply and marketing contributed approximately $23 million [13] - The logistics segment delivered approximately $142 million in adjusted EBITDA, continuing strong performance [13] Market Data and Key Metrics Changes - DKL had a record year with approximately $536 million in adjusted EBITDA and announced 2026 EBITDA guidance in the range of $520 million to $560 million [5] - DKL is expected to achieve over 80% third-party EBITDA in 2026, reflecting strong growth in the Delaware Basin [7] Company Strategy and Development Direction - The company is focused on improving free cash flow and has raised its Enterprise Optimization Plan target to at least $200 million annually [5][9] - The strategy includes enhancing operational reliability and flexibility at refineries, particularly at Big Spring, which is undergoing a planned turnaround [8][45] - The company aims to ensure that the value of its midstream business is fully reflected in share prices through various strategic initiatives [43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing strength of the Enterprise Optimization Plan and its impact on cash flow generation [52] - The company remains committed to a balanced capital allocation strategy, including dividends and share buybacks, while maintaining a strong balance sheet [11][53] Other Important Information - Cash flow from operations in Q4 was $503 million, with a significant improvement of $211 million compared to the previous year [15] - The company paid approximately $15 million in dividends and repurchased about $20 million of its shares during the quarter [11] Q&A Session Summary Question: Cash inflow on remaining SREs and future RINs value - Management discussed the monetization of RINs and the importance of SREs for maintaining local jobs and affordable fuel [20][22] - They confirmed that they expect to monetize remaining RINs in the first half of 2026 [31] Question: Consolidation of DKL and Big Spring turnaround initiatives - Management highlighted ongoing efforts to ensure the value of the midstream business is reflected in share prices and discussed specific initiatives for improving performance at Big Spring [40][45] Question: Drivers of raised cash flow guidance - Management attributed the raised cash flow guidance to the success of the Enterprise Optimization Plan and ongoing operational improvements [51][52] Question: Supply line performance and future expectations - Management noted that the supply and marketing segment has shown strength due to EOP initiatives and market conditions, but some volatility is expected [60][62]

Financial Data and Key Metrics Changes - The company reported a fourth quarter net loss attributable to shareholders of $28 million, or negative $0.16 per diluted share, reflecting special items that collectively decreased net income by $249 million [18] - Adjusted net income for the fourth quarter was $221 million, or $1.20 per diluted share, compared to an adjusted net loss of $191 million, or negative $1.02 per diluted share for the same period in 2024 [18] - Adjusted EBITDA for the fourth quarter was $564 million, compared to $28 million in the fourth quarter of 2024 [18] Business Line Data and Key Metrics Changes - In the refining segment, fourth quarter adjusted EBITDA was $403 million, compared to -$169 million in the fourth quarter of 2024, driven by higher adjusted refinery gross margins [19] - The marketing segment reported EBITDA of $22 million in the fourth quarter, compared to $21 million in the fourth quarter of 2024, primarily driven by higher margins [20] - The lubricants and specialty segment reported adjusted EBITDA of $43 million for the fourth quarter, compared to adjusted EBITDA of $70 million for the fourth quarter of 2024, due to lower finished and specialty product sales volumes and higher operating costs [21] Market Data and Key Metrics Changes - The company experienced seasonal weakness in its refining business, with fuel margins strongest in the first half of the quarter but weakening significantly towards the end [9] - Crude oil charge averaged 556,000 barrels per day for the fourth quarter, compared to 562,000 barrels per day for the fourth quarter of 2024 [20] Company Strategy and Development Direction - The company is focused on three key priorities: reliability, integration, and shareholder return, with significant progress reported in these areas [10] - A new joint venture, Green Trail Fuels, LLC, was formed to strengthen the company's branded marketing footprint in the Rockies and Southwest, allowing for accelerated growth of the Sinclair brand [13] - The company plans to spend approximately $650 million in sustaining capital and $125 million in growth capital investments across its segments for the full year 2026 [24] Management's Comments on Operating Environment and Future Outlook - Management expressed bullishness on refining margins for 2026, focusing on safe and reliable operations and continued growth in midstream lubricants and marketing segments [17] - The company anticipates a final investment decision for the first phase of its midstream refined products pipeline network expansion by mid-year [16] Other Important Information - The company returned $230 million through dividends and share repurchases in the fourth quarter, demonstrating a commitment to returning excess cash to shareholders [10] - Total liquidity stood at approximately $3 billion as of December 31, 2025, including a cash balance of $978 million [23] Q&A Session Summary Question: Can you provide color on the management change and the audit? - Management stated that they cannot comment further on the circumstances but view the situation as a buying opportunity [26] Question: What is the outlook for small refinery exemptions (SREs)? - Management indicated they intend to continue participating in the SRE program and appreciated the EPA's formulaic approach [27] Question: Can you clarify the impact of SREs on margins? - Management explained that the crack environment was strong in the first half of the quarter but weakened significantly in the second half, impacting margins [31] Question: What are the expected benefits of the new marketing joint venture? - Management expressed excitement about the joint venture, stating it would accelerate growth and capture synergies across integrated assets [33] Question: How is the refining reliability and integration journey progressing? - Management confirmed that strategies are in place to improve operational performance and reduce costs, with a goal of achieving $725 in operating costs per barrel [78]

Core Insights - Phillips 66 (PSX) reported fourth-quarter 2025 adjusted earnings of $2.47 per share, exceeding the Zacks Consensus Estimate of $2.11, and improved from an adjusted loss of 15 cents per share in the same quarter last year [1][10] - Total quarterly revenues reached $36.3 billion, surpassing the Zacks Consensus Estimate of $30.2 billion, and increased from $34 billion year-over-year [1][10] Segmental Performance - **Midstream**: Adjusted pre-tax quarterly earnings were $717 million, slightly up from $708 million in the prior year, driven by higher volumes [3] - **Chemicals**: Adjusted pre-tax earnings fell to $19 million from $72 million in the previous year, primarily due to weaker margins [4] - **Refining**: Adjusted pre-tax earnings improved to $542 million from a loss of $759 million in the year-ago quarter, attributed to higher realized refining margins and the acquisition of WRB Refining [5] - **Marketing & Specialties**: Adjusted pre-tax earnings increased to $439 million from $185 million in the prior year, benefiting from higher marketing fuel margins [7] - **Renewable Fuels**: The segment reported an adjusted pre-tax loss of $19 million, down from adjusted pre-tax earnings of $28 million in the previous year [8] Refining Margins - Realized refining margins worldwide rose to $12.48 per barrel from $6.08 in the year-ago quarter, with significant increases in various regions: Central Corridor ($13.06 from $6.68), Gulf Coast ($12.48 from $5.58), West Coast ($8.85 from $5.74), and Atlantic Basin/Europe ($12.60 from $6.09) [6] Financial Overview - Total costs and expenses decreased to $32.9 billion from $34 billion year-over-year, mainly due to lower purchased crude oil and products [11] - The company generated $2.75 billion in net cash from operations, up from $1.2 billion in the previous year, with capital expenditures totaling $682 million and dividends paid out amounting to $482 million [12] - As of December 31, 2025, cash and cash equivalents stood at $1.1 billion, with total debt at $19.7 billion, reflecting a debt-to-capitalization ratio of 39% [12]

Core Viewpoint - Sky Quarry Inc. has completed significant operational upgrades at its Foreland Refinery, enhancing its position in a constrained regional market for energy solutions [1] Group 1: Company Developments - The Foreland Refinery is the only permitted refinery in the State of Nevada, making it a unique asset in the western United States [1] - The operational upgrades are aimed at improving asset readiness within a supply-constrained and logistically complex regional fuel market [1] Group 2: Industry Context - The energy solutions industry is facing challenges due to supply constraints and logistical complexities, highlighting the importance of operational efficiency and readiness [1]

Core Insights - CHS Inc. reported a net income of $260.5 million and revenues of $8.9 billion for the first quarter of fiscal year 2026, showing an increase in net income compared to $244.8 million but a decrease in revenues from $9.3 billion in the same quarter of fiscal year 2025 [1][2] Financial Performance - The energy segment achieved pretax earnings of $152.3 million, a significant increase of $136.6 million compared to the prior year [3][4] - The grains segment saw a decline in pretax earnings to $36.2 million, down $130.8 million from the previous year, influenced by global trade factors and lower margins [3][4] - Agronomy segment pretax earnings increased to $36.8 million, up $8.7 million year-over-year, driven by strong performance in the CF Nitrogen joint venture [4][5] - Corporate and Services segment reported pretax earnings of $46.8 million, a slight decrease of $1.2 million compared to the prior year [6] Market Dynamics - The company noted challenges in the agricultural market due to global dynamics and a tighter spending environment for farmers, despite a strong harvest contributing positively to the energy segment [2][4] - Increased refining margins and strong diesel demand were highlighted as key factors for the energy segment's performance, while the grains segment faced headwinds from decreased soybean export volumes and lower margins [5][6] Operational Changes - CHS has implemented a new end-to-end product-line operating model, which is reflected in its financial reporting, providing better visibility into the supply chain and positioning the company for long-term growth [2][4]

Financial Data and Key Metrics Changes - HF Sinclair reported third quarter net income attributable to shareholders of $403 million, or $2.15 per diluted share, with adjusted net income of $459 million, or $2.44 per diluted share, compared to $96 million, or $0.51 per diluted share, for the same period in 2024 [13][14] - Adjusted EBITDA for the third quarter was $870 million, up from $316 million in the third quarter of 2024 [14] - Net cash provided by operations totaled $809 million, including $31 million of turnaround spend, with capital expenditures of $121 million for the quarter [17] Business Line Data and Key Metrics Changes - In the refining segment, adjusted EBITDA was $661 million, compared to $110 million in the third quarter of 2024, driven by higher gross margins [14] - The marketing segment reported record EBITDA of $29 million, up from $22 million in the third quarter of 2024, primarily due to high margins [16] - The lubricants and specialty segments reported EBITDA of $78 million, slightly up from $76 million in the same period last year, driven by improved mix and FIFO benefits [16] Market Data and Key Metrics Changes - Total sales volumes were 57 million gallons for the third quarter of 2025, down from 69 million gallons for the same period in 2024 [16] - Crude oil charge averaged 639,000 barrels per day for the third quarter, the second highest quarter on record [15] Company Strategy and Development Direction - HF Sinclair is focused on expanding its midstream refined products footprint across PADD 4 and PADD 5 to address supply and demand imbalances in key Western U.S. markets [10][11] - The company is evaluating a multi-phased expansion projected to enable incremental supply of up to 150,000 barrels a day into various West Coast markets [11] - Strategic projects include the CARB project at the Puget Sound Refinery and a new jet project to enhance flexibility in product output [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about refining margins, citing a global shortfall of approximately 800,000 barrels a day and supportive demand for distillate products [26][29] - The company anticipates continued strong performance in refining and marketing segments, with a focus on reliability and integration [12][100] Other Important Information - HF Sinclair returned $254 million in cash to shareholders in the quarter, consisting of $160 million in share repurchases and $94 million in dividends [9] - The company has returned over $4.5 billion in cash to shareholders since the Sinclair acquisition in March 2022 [9] Q&A Session Summary Question: Can you elaborate on the multi-phased expansion targeting PADD 4 and PADD 5? - Management believes they are strategically positioned due to existing infrastructure and the ability to debottleneck or expand to meet market demands, especially with refinery closures in California [21][24] Question: What is the outlook for refining margins in the near term? - Management is bullish on refining margins, expecting demand for distillate products to remain strong, supported by low product inventories and geopolitical factors [26][29] Question: Can you clarify the impact of small refinery exemptions (SREs) on your financials? - The $115 million benefit from SREs is reflected in cost of sales, while the $56 million is from trading benefits associated with RINs [35][46] Question: How do you plan to finance the pipeline expansion projects? - Management indicated multiple financing options, including liquidity on the balance sheet and potential joint ventures, but specifics will be determined closer to final investment decisions [59][60] Question: What is the current state of the lubricants market and M&A opportunities? - The lubricants market is performing well, and the company continues to explore bolt-on acquisitions to enhance its portfolio [75][78]

Core Viewpoint - Par Pacific Holdings (PARR) is expected to report third-quarter results on November 4, with earnings estimated at $2.21 per share and revenues of $1.9 billion, reflecting significant year-over-year growth in earnings but a decline in revenues [1][6]. Group 1: Previous Quarter Performance - In the second quarter, Par Pacific reported adjusted earnings per share of $1.54, exceeding the Zacks Consensus Estimate of 74 cents, with revenues also surpassing expectations by 17.2% at $1.9 billion [2]. - The company has beaten the Zacks Consensus Estimate for earnings in three of the last four quarters, indicating a generally positive performance trend [3]. Group 2: Earnings Estimates and Revisions - The Zacks Consensus Estimate for the third-quarter earnings has been revised upward by 33.9% in the past 30 days, indicating a remarkable 2,310% increase year-over-year [6]. - However, the revenue estimate suggests a 10.9% decrease compared to the same period last year [6]. Group 3: Business Segment Performance - The refining segment remains the strongest profit driver for Par Pacific, achieving a record throughput of 88,000 barrels per day at its Hawaii refinery, with a low production cost of $4.18 per barrel [7]. - The refining income is projected to surge to $133 million in the third quarter, a significant improvement from $20.1 million earned in the previous year [9]. - Conversely, the logistics unit may negatively impact overall results due to cost pressures and limited volume growth, with an expected adjusted EBITDA decline of 11.4% to $29.2 million [10]. Group 4: Earnings ESP and Zacks Rank - The Earnings ESP for Par Pacific is -10.16%, indicating uncertainty in beating estimates for the upcoming quarter [12]. - The company currently holds a Zacks Rank of 1 (Strong Buy), which typically suggests a favorable outlook [12].