Independent Energy Equities & Commodities Research, WHB Energy Research LLC

William H Brown III

Independent Energy Equities & Commodities Research

Independent energy equity and commodity boutique

WHB Energy Research LLC

WHB Energy Research LLC is an independent energy industry equity and commodity boutique
providing analysis and trading/investment recommendations to hedge funds, mutual funds, oil
and gas producing companies, energy consuming companies and high net worth individuals.
WHB Energy Research LLC fills a major void by providing top level fundamental and
qualitative research complemented by state of the art quantitative modeling. WHB Energy
Research LLC also engages in physical oil trading activity as an agent/intermediary and also
provides expert witness consultation and testimony. From 2003-2005 Mr. Brown established and
managed an energy hedge fund for a single investor/client. Specialties: Economic and financial
analysis and forecasting of the NYMEX, ICE, and international physical petroleum markets and
energy equities in the integrated, independent producer, refining, drilling, service, and
transportation sectors.

Equity Bottom-Up

<ul>
<li>As we expected, there continues to be absolutely no sign that the current U.S.-Iran stalemate will end anytime soon.           </li>
<li>In terms of our energy equity universe, it appears that portfolio managers are now embracing oil price “duration” versus price level, consistent with our “indefinite stalemate” scenario.                         </li>
<li>We would not “chase” our stocks here, however, and we are looking for opportunities to begin trimming equity length in our model portfolio versus hedging with the commodity.                  </li>
</ul>


As we expected, there continues to be absolutely no sign that the current U.S.-Iran stalemate will end anytime soon.           
In terms of our energy equity universe, it appears that portfolio managers are now embracing oil price “duration” versus price level, consistent with our “indefinite stalemate” scenario.                         
We would not “chase” our stocks here, however, and we are looking for opportunities to begin trimming equity length in our model portfolio versus hedging with the commodity.                  


Morning Market Notes: Energy Equities Now Discounting Crude Oil Price Duration Vs. Price Level

CEO / Founder, Crea8

Kim-Hwa Lim

CEO / Founder

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Crea8

Crea8 blends AI-driven precision, big data scalability, and rigorous quantitative frameworks with seasoned human insight. By extracting actionable intelligence from vast global datasets, we eliminate emotional bias and deliver optimal risk-adjusted returns. Our hybrid approach uncovers hidden market efficiencies and ensures your capital is dynamically positioned across markets.

Cross Asset Strategy

<ul><li>Dividend is a key component of overall returns.</li><li>The strategy seeks to invest in high dividend stocks globally.</li><li>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</li></ul>

Dividend is a key component of overall returns.The strategy seeks to invest in high dividend stocks globally.By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Valero Energy Corporation reported a robust second quarter in 2026, driven by strong operational and commercial performance across its refining, renewable diesel, and ethanol business segments.</li><li>The company’s refining operations delivered an operating income of $4.5 billion, a substantial increase over the prior year’s $1.3 billion, with throughput volumes averaging 3 million barrels per day.</li><li>This performance was supported by resilient demand for transportation fuels amid volatile geopolitical and macroeconomic factors.</li></ul>

Valero Energy Corporation reported a robust second quarter in 2026, driven by strong operational and commercial performance across its refining, renewable diesel, and ethanol business segments.The company’s refining operations delivered an operating income of $4.5 billion, a substantial increase over the prior year’s $1.3 billion, with throughput volumes averaging 3 million barrels per day.This performance was supported by resilient demand for transportation fuels amid volatile geopolitical and macroeconomic factors.

Valero Energy Corporation’s Refining Powerhouse Is Back — Can Tight Capacity Keep Margins Elevated?

<ul>
<li>Our refiner equity group has h=generated attractive returns for shareholders, either rising in tandem with or outperforming the S&amp;P 500</li>
<li>Under our long-term view of the world, we believe our refiners will continue to generate in line or above average returns for shareholders.</li>
<li>The stocks have short-term trading opportunities, however, and we believe our stocks will gain between now and June based on customary seasonal factors.</li>
</ul>


Our refiner equity group has h=generated attractive returns for shareholders, either rising in tandem with or outperforming the S&amp;P 500
Under our long-term view of the world, we believe our refiners will continue to generate in line or above average returns for shareholders.
The stocks have short-term trading opportunities, however, and we believe our stocks will gain between now and June based on customary seasonal factors.


Refiner Equities: Long-Term Investment or Short-Term Trade? A Little of Both, It Seems

<ul><li>Valero Energy Corporation reported a net income of $1.3 billion or $4.22 per share for the first quarter of 2026, a significant improvement compared to a net loss of $595 million or $1.90 per share in the same period of 2025.</li><li>Adjusted net income for the first quarter of 2025 was $282 million or $0.89 per share.</li><li>The Refining segment showed a strong operating income of $1.8 billion, reversing the prior year loss, with throughput averaging 2.9 million barrels per day and cash operating expenses of $5.13 per barrel.</li></ul>

Valero Energy Corporation reported a net income of $1.3 billion or $4.22 per share for the first quarter of 2026, a significant improvement compared to a net loss of $595 million or $1.90 per share in the same period of 2025.Adjusted net income for the first quarter of 2025 was $282 million or $0.89 per share.The Refining segment showed a strong operating income of $1.8 billion, reversing the prior year loss, with throughput averaging 2.9 million barrels per day and cash operating expenses of $5.13 per barrel.

Is Valero Energy's $1.8 Billion Refining Income Enough To Challenge The Underperform Rating?

United States

Valero Energy Corporation is an independent petroleum refining and marketing company that owns and operates refineries in the United States, Canada, and Aruba.  The Company produces conventional gasolines, distillates, jet fuel, asphalt, petrochemicals, lubricants, and other refined products as well as diesel fuel, low-sulfur and ultra-low-sulfur diesel fuel, and oxygenates.

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Valero Energy (VLO US)

Morning Market Notes: Energy Equities Now Discounting Crude Oil Price Duration Vs. Price Level

Energy stock behavior appears to imply that PMS are looking for oil prices to stay higher for longer. We would not chase the stocks here, however,...

William H Brown III

Global Income Portfolio (14-Sep-2026)

Dividend is a key component of overall returns. The strategy seeks to invest in high dividend stocks globally. By adopting a portfolio of stocks...

Crea8

Valero Energy Corporation’s Refining Powerhouse Is Back — Can Tight Capacity Keep Margins Elevated?

Valero Energy Corporation reported a robust second quarter in 2026, driven by strong operational and commercial performance across its refining,...

Baptista Research

Refiner Equities: Long-Term Investment or Short-Term Trade? A Little of Both, It Seems

Our refiner equity group has consistently outperformed the S&P 500 and is expected to continue generating strong returns for shareholders, with a...

William H Brown III

Is Valero Energy's $1.8 Billion Refining Income Enough To Challenge The Underperform Rating?

Valero Energy Corporation reported a net income of $1.3 billion or $4.22 per share for the first quarter of 2026, a significant improvement...

Baptista Research

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Morning Market Notes: Energy Equities Now Discounting Crude Oil Price Duration Vs. Price Level

Energy stock behavior appears to imply that PMS are looking for oil prices to stay higher for longer. We would not chase the stocks here, however,...

William H Brown III

Global Income Portfolio (14-Sep-2026)

Dividend is a key component of overall returns. The strategy seeks to invest in high dividend stocks globally. By adopting a portfolio of stocks...

Crea8

Valero Energy Corporation’s Refining Powerhouse Is Back — Can Tight Capacity Keep Margins Elevated?

Valero Energy Corporation reported a robust second quarter in 2026, driven by strong operational and commercial performance across its refining,...

Baptista Research

Refiner Equities: Long-Term Investment or Short-Term Trade? A Little of Both, It Seems

​Our refiner equity group has consistently outperformed the S&P 500 and is expected to continue generating strong returns for shareholders, with a...

William H Brown III

Is Valero Energy's $1.8 Billion Refining Income Enough To Challenge The Underperform Rating?

Valero Energy Corporation reported a net income of $1.3 billion or $4.22 per share for the first quarter of 2026, a significant improvement...

Baptista Research

Our refiner equity group has consistently outperformed the S&P 500 and is expected to continue generating strong returns for shareholders, with a...