WNR, a small oil refinary company.

**hydralistor** Tue Mar 21, 2006 11:13 am

WNR, a small oil refinary company.
It just ipo in first quarter.
net income for 2005 is about $200M, the total outstanding shares are between 66.4M and 68.2M. No debt. trailing p/e is about 5~6.

I got the number from sec filing is 66.4M, somebody quote another source says it is 68.2M.

I think the gas price will remain high this summer. This small refinary is quite cheap, p/e wise.

In 2007, it will produce more gas using the sour crude, increase the margin.

There are some insiders buying, but only a small amount, like a thousand shares something.

**springsnailt** Tue Mar 21, 2006 11:24 am

not bad... :)

**springsnailt** Tue Mar 21, 2006 11:28 am

Although refining margins (which are the difference between the per barrel prices for refined products and the cost of crude oil) have been volatile over the short-term due to storage levels, seasonal demand, refinery outages and extreme weather conditions, longer-term averages have steadily increased over the last 10 years as a result of the improving fundamentals for the refining industry. For example, the Gulf Coast 3/2/1 crack spread averaged $2.97 per barrel from 1994 through 1998 compared to $4.89 per barrel from 2000 to 2004. The following chart shows a rolling average of the Gulf Coast 3/2/1 crack spread from 1994 through September 2005:

**springsnailt** Tue Mar 21, 2006 11:32 am

A refinery’s location can have an important impact on its refining margins because location can influence access to feedstocks and the efficient distribution of refined products. The map below shows the five regions in the U.S. (called Petroleum Administration for Defense Districts, or PADDs), which have historically experienced varying levels of refining profitability due to regional market conditions. There is also variation within each region. For example, our region consists of the western portion of PADD III (New Mexico and West Texas) but not the highly competitive Gulf Coast market in the eastern portion of PADD III, and the eastern portion of PADD V (Arizona), which lacks refining capacity and relies upon pipelines from Texas through El Paso and the West Coast market. Refined products in our markets are supplied from the seven refineries in our region as well as from refined product pipelines from outside markets, including the Gulf Coast and the West Coast (primarily Los Angeles).

**hydralistor** Tue Mar 28, 2006 9:43 pm

up 20% since I got it a little bit over 1 week ago.
kind of surprise.