Independent Energy Equities & Commodities Research, WHB Energy Research LLC

William H Brown III

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.

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>Although we concede we are probably leaving money on the table, we have sold our long positions in MPC (NYSE $397.77) and VLO (NYSE $382.85) in our model energy portfolio.                 </li>
<li>The refiners have been stars of the energy sector, with our MPC and VLO gaining 144.6% and 135.2% this year due to attacks on refinery facilities in the Arabian Gulf.                                 </li>
<li>In addition, a major contributing factor has been the increased refined fuel consumption by the military.         </li>
</ul>


Although we concede we are probably leaving money on the table, we have sold our long positions in MPC (NYSE $397.77) and VLO (NYSE $382.85) in our model energy portfolio.                 
The refiners have been stars of the energy sector, with our MPC and VLO gaining 144.6% and 135.2% this year due to attacks on refinery facilities in the Arabian Gulf.                                 
In addition, a major contributing factor has been the increased refined fuel consumption by the military.         


Morning Market Notes: We Have Sold Our MPC and VLO From Our Model Energy Portfolio

Valero Energy

Morning Market Notes: We Have Sold Our MPC and VLO From Our Model Energy Portfolio