Americas Energy: Oil - Refining SMID Cap Takeaways From Earnings

Goldman Sachs maintains its preference for Buy-rated refiners PARR and DK following 1Q earnings, citing SRE optionality, while reiterating a Sell on CVI due to downside risks.

Key Takeaways

• 1.Preference for Buy-rated stocks PARR and DK due to compelling cash flow and SRE optionality.
• 2.Maintain Sell rating on CVI due to downside risks and continued monitoring of capital allocation priorities.
• 3.Small Refinery Exemptions (SREs) represent a significant potential upside for SMID-cap refiners like DK and PARR.

Table of Contents

• Key Questions From Investors
• Par Pacific Holdings: What is the outlook for Hawaii profitability?
• Delek US Holdings: How should investors be thinking about the magnitude of small refinery exemptions going forward?
• CVR Energy: What are the latest updates around the company's capital allocation priorities...
• PBF Energy: What are the latest operational updates at the Martinez and Chalmette refineries?
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Price target and rating history chart(s)
• Target price history table(s)
• Ratings, coverage universe and related definitions

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