$vlo & $vtnr

Do the math

Quick Update.  $VLO reported this morning very strong results which includes about half a quarter of elevated crack spreads.  If we extrapolate the $VLO results now and into the future, we are more confident than ever that $VTNR could be trading at 1x EBITDA (versus 7x for refiner average) at the current strip, plus upside from Renewable Diesel in 2023.…