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and Corporate Structure We are one of the largest independent petroleum refiners and suppliers of unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products in the United States. We sell our products throughout the Northeast, Midwest, Gulf Coast and West Coast of the United States, as well as in other regions of the United States, Can…
The business is unprofitable at the operating level (-0.19% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 11.4% YoY. The question is whether this is cyclical or a structural shift.
Negative free cash flow of -$783M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$30.17B
▼ -11.4% YoY
Net Income (TTM)
$442M
▲ +70.3% YoY
Op. Margin
2.51%
▲ +1.9pp YoY
ROIC
7.41%
▲ +6.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$684M
▼ -125.4% YoY
Op. Cash Flow (TTM)
$260M
▼ -279.7% YoY
Net Debt
$3.06B
Cash & Equiv.
$542M
5Y CAGR: +14.2%
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