Home / Themes / Supply Shock in MidEast Long '26: Western Fuel Stations
Supply Shock in MidEast Long '26: Western Fuel Stations (view performance)
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Theme thesis · 5/5 sections · Tickers 11 with notes · 3 pending
Bull / Bear Details has the investment thesis and bull/bear points. Overview is monitoring guidance (hiring, forums, second-order trends, search keywords, Google Trends, datasets).
Bull / Bear DetailsThe theme posits that ongoing Middle East supply disruptions will sustain elevated energy prices, benefiting integrated oil majors. Simultaneously, Western fuel
Thesis
The theme posits that ongoing Middle East supply disruptions will sustain elevated energy prices, benefiting integrated oil majors. Simultaneously, Western fuel station operators with diversified convenience offerings are positioned for resilience and growth, leveraging essential services and high-margin inside sales to mitigate fuel price volatility. The overall outlook for the theme remains bullish, driven by these dual tailwinds.
Bull case
Persistent geopolitical instability in the Middle East continues to pose risks to global oil and gas supply, driving sustained elevated commodity prices. This directly benefits upstream and integrated energy producers, enhancing their earnings and cash flow from high-margin assets, as global energy flows remain under pressure and inherently more volatile.
Western fuel station operators are demonstrating strong resilience and growth through diversified convenience offerings, particularly high-margin prepared foods. Successful unit expansion strategies and innovation in food service reduce reliance on volatile fuel margins, providing a stable and growing revenue stream, as evidenced by record inside sales and margin expansion.
Major energy companies are actively optimizing their portfolios, focusing on capital efficiency, strategic acquisitions, and strengthening balance sheets. This disciplined approach, coupled with a commitment to shareholder returns and ongoing structural cost reductions, positions them to capitalize on favorable commodity price environments and navigate market cycles more effectively.
Bear case
Significant commodity price volatility, exacerbated by geopolitical events, poses a dual risk. While supply shocks can drive prices up, extreme or sustained high retail fuel prices (e.g., approaching $5 per gallon) can lead to demand destruction, impacting both upstream volumes and downstream fuel station traffic and margins, and potentially leading to rapid pullbacks in commodity prices.
Beyond supply shocks, broader geopolitical risks and evolving regulatory landscapes present ongoing challenges. This includes operational disruptions, uncertain fiscal regimes in key production areas, and increasing pressure from energy transition policies that could impact long-term investment and profitability for oil and gas majors, as seen with lost LNG volumes and pipeline incidents.
Persistent inflationary pressures and a discerning consumer environment, particularly among lower-income cohorts, could impact discretionary spending. This may lead to reduced volumes in high-margin convenience store categories and potentially dampen overall traffic at Western fuel stations, affecting inside sales growth, despite differentiated value propositions.
Overview
Hiring Trend Watchpoints
Forum Watchlist
- forum — OilPrice.com/forumshigh
Geopolitical developments, oil/gas price sentiment, Middle East supply discussions
- industry_forum — NACS Online Communityhigh
Convenience store operational trends, prepared food innovation, fuel retail strategies, unit expansion challenges
- forum — reddit.com/r/oilandgasmedium
Industry sentiment, project updates, regulatory impacts, price outlook
- forum — reddit.com/r/geopoliticsmedium
Middle East conflict escalation/de-escalation, impact on energy routes, global supply chain risks
- forum — SeekingAlpha.com/symbol/CASY/commentsmedium
Investor sentiment on Casey's unit growth, food sales, fuel margins, and valuation
Industry Publications
- Argus Media (argusmedia.com) — Global crude, product pricing, market analysis, crack spreads.
- S&P Global Platts (spglobal.com/platts) — Energy markets, Middle East supply, LNG flows, refinery ops.
- CSP Daily News (cspdailynews.com) — Convenience store, fuel retail industry news, trends, operations.
- NACS Magazine (nacsmagazine.com) — Convenience store best practices, food service, fuel retail.
- Oil & Gas Journal (ogj.com) — Technical, business news for global oil and gas industry.
- MEES (Middle East Economic Survey) (mees.com) — Specialized intelligence on Middle East energy policy, supply.
- Upstream Online (upstreamonline.com) — Global E&P news, project updates for energy majors.
- Rigzone (rigzone.com) — Drilling activity, rig counts, upstream sector developments.
Second Order Trends
Search Keywords Brand Product
- convenience store prepared food
- pizza LTOs
- chicken wings program
- fuel margins
- crude oil prices
- natural gas exports
- Eastern Mediterranean gas
- Permian basin production
- LNG projects
- gasoline
- diesel fuel
- jet fuel
- renewable diesel
- ethanol
- specialty lubricants
- base oils
- petrochemicals
- sustainable aviation fuel
- integrated gas business
- oil refining
- energy exports
Search Keywords Policy Regulatory
- Middle East energy policy
- oil & gas regulation
- energy security legislation
- convenience store M&A
- climate disclosure commitments
- RVO
- D4 RIN
- Jones Act waiver
- tariffs on renewable feedstocks
- EU Russian gas ban 2027
- Small Refinery Exemptions
Search Keywords Event Phrases
- Middle East oil supply disruption
- Red Sea shipping attacks
- geopolitical instability energy
- refinery maintenance schedule
- new Casey's store openings
- CEFCO conversion progress
- ARC Resources acquisition
- LNG Canada Phase 2 FID
- St. Charles FCC unit optimization
- Go West pipeline project
- lubes business spin-off
Google Trend Product Category Intent
Google Trend Consumer Intent
Google Trend Macro Policy Terms
Top datasets to track
1. EIA Weekly Petroleum Status Report Type: economic · Provider: U.S. Energy Information Administration (EIA) Cadence: weekly Why it matters: Provides critical data on U.S. crude oil and gasoline inventories, refinery utilization, and demand, directly impacting fuel prices and margins for downstream operators like Casey's and overall market sentiment for upstream producers. Suggested query: EIA Weekly Petroleum Status Report crude gasoline inventories Confidence: high
2. Baker Hughes North America Rig Count (Permian) Type: industry · Provider: Baker Hughes Cadence: weekly Why it matters: Indicates drilling activity and future production trends in the Permian Basin, a key operational area for Chevron, signaling potential changes in crude oil supply. Suggested query: Baker Hughes Permian rig count Confidence: high
3. NACS State of the Industry Report Type: industry · Provider: National Association of Convenience Stores (NACS) Cadence: annual/quarterly summaries Why it matters: Offers comprehensive data on convenience store sales, category performance (including prepared food and fuel), and operational benchmarks, crucial for tracking Casey's market context. Suggested query: NACS State of the Industry Report convenience store sales Confidence: high
4. Kpler Global LNG Flows Type: alternative · Provider: Kpler Cadence: daily Why it matters: Monitors real-time LNG tanker movements and export/import volumes, providing insights into global natural gas supply-demand dynamics, particularly relevant for Chevron's Eastern Mediterranean gas strategy. Suggested query: Kpler LNG exports Eastern Mediterranean Confidence: high
5. Company Press Releases & SEC Filings (CASY New Store Updates) Type: company · Provider: Casey's General Stores Cadence: quarterly/event-driven Why it matters: Directly tracks Casey's progress on its core unit expansion strategy (120 new stores in FY27, M&A, CEFCO conversions), a key driver of revenue and EBITDA growth. Suggested query: Casey's General Stores new store openings acquisitions Confidence: high
Key Metrics
| Metric | Cadence | What It Signals | Update Source |
|---|---|---|---|
| Global Crude Oil Price (Brent Futures) | Daily | Sustained increase in Brent crude prices due to Middle East supply disruptions signals the shock is materializing, bullish for upstream producers and Western fuel stations. | LLM_Approved |
| US Retail Gasoline Margins (Crack Spreads) | Weekly | Widening crack spreads (retail price relative to crude cost) indicate strong demand or constrained refining capacity, bullish for Western fuel station profitability. | LLM_Approved |
| US Convenience Store Inside Same-Store Sales Growth | Quarterly | Increasing inside same-store sales indicates strong consumer demand for high-margin convenience offerings, signaling resilience and growth for Western fuel stations. | LLM_Approved |
Upcoming Catalysts
| Catalyst | Estimated Timing | Estimated Date Start | Estimated Date End | Why It Matters | Ticker Or Theme Specific | Source Types | Contributing Tickers | Mention Count | Base Score | Source Weight | Specificity Weight | Macro Bridge | Macro Bridge Multiplier | Theme Score | Date Aggregated | Manual Override | Bridge Mention Count | Theme Base Score | Theme Importance Score | Catalyst Source | Catalyst ID | Transcript Date | Source Type |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| OPEC+ production policy decisions impacting global crude oil supply. | Q3-Q4 2026 | 2026-07-01 | 2026-12-31 | OPEC+ meetings and subsequent decisions on production quotas directly influence global oil supply and pricing. Any decision to maintain or deepen production cuts would tighten the market, supporting higher crude prices and benefiting energy producers like Chevron (CVX) and BP, which is central to the 'Supply Shock' thesis. These decisions also affect the cost of crude for refiners and, consequently, retail fuel prices for Western fuel stations like Casey's (CASY). | Theme | theme_composer | CVX, BP, CASY | 3 | 0.0168 | 1.18 | 0.92 | Regulatory/Policy, Conference/Council | 1.62 | 2.9502 | 2026-08-27 | False | 1 | 0.5206 | 91.5514 | Theme composer | |||
| Geopolitical escalation in the Middle East leading to significant oil supply disruptions. | Ongoing through H2 2026 | 2026-06-16 | 2026-12-31 | Any major geopolitical event or conflict in the Middle East could directly trigger a supply shock, driving up global crude oil and natural gas prices. This would significantly benefit upstream producers like Chevron (CVX) and BP, aligning with the 'Supply Shock in MidEast' aspect of the theme. While potentially impacting fuel margins for Casey's General Stores, the overall effect on commodity prices is bullish for the theme. | Theme | theme_composer | CVX, BP, CASY | 3 | 0.0147 | 1.18 | 0.92 | Commodity/Pricing | 1.18 | 1.8803 | 2026-08-27 | False | 1 | 0.5206 | 66.6856 | Theme composer | |||
| Global light product inventories and Russian/Middle East refining capacity status. | Ongoing through 2027 | 2026-08-27 | 2027-12-31 | Tight global product inventories and significant offline refining capacity, including approximately 5 million barrels per day globally and 1.7-1.9 million barrels per day in Russia due to drone attacks, create a supportive environment for refining margins and product demand. This directly benefits refiners like Valero (VLO) and HF Sinclair (DINO) and impacts fuel station profitability for Casey's (CASY) through higher crack spreads. | Theme | theme_composer | VLO, DINO, CASY | 3 | 0.0037 | 1.18 | 0.85 | 1.0 | 0.3667 | 2026-08-27 | False | 1 | 0.4323 | 43.3637 | Theme composer | ||||
| China's refined product export policy changes. | Ongoing through H2 2026 | 2026-08-27 | 2026-12-31 | A reversal of China's current suspension of refined product exports, which occurred at the beginning of the Mideast conflict, could significantly increase global product supply. This would potentially depress product prices and impact refining margins for companies like Valero (VLO) and HF Sinclair (DINO). Conversely, continued suspension supports higher margins. | Theme | theme_composer | VLO, DINO | 2 | 0.0027 | 1.18 | 0.92 | Regulatory/Policy | 1.35 | 0.3905 | 2026-08-27 | False | 2 | 0.2255 | 33.0538 | Theme composer | |||
| Regulatory and policy developments in the US renewable fuels sector (RINs and SREs). | Ongoing through 2027 | 2026-08-27 | 2027-12-31 | Uncertainty and volatility in the Renewable Identification Numbers (RINs) market and the status of Small Refinery Exemptions (SREs) pose significant financial risks and opportunities for US refiners like Valero (VLO) and HF Sinclair (DINO). With the RIN bank projected to be short by mid-2027 and 40 SRE petitions pending, unfavorable outcomes could increase compliance costs and impact profitability. | Theme | theme_composer | VLO, DINO | 2 | 0.0027 | 1.18 | 0.85 | Regulatory/Policy | 1.35 | 0.3608 | 2026-08-27 | False | 2 | 0.2255 | 30.5388 | Theme composer | |||
| Bringing online 3 additional major projects (out of 10 total expected between 2025-2027). | between 2025 and 2027 | 2026-01-01 | 2027-12-31 | These projects are expected to contribute to production growth and cash flow, impacting BP's financial results and investor sentiment. | Ticker | BP (ticker) | BP_745f2956 | 2026-02-10 | earnings_transcript | ||||||||||||||
| Results from planned exploration wells in Libya (Matsola), Angola, Brazil, and Gulf of America (Paleogene). | this year, including in Libya, Angola, Brazil and the Gulf of America | 2026-04-24 | 2026-12-31 | Exploration success can significantly add to BP's resource hopper, providing potential for long-term organic production growth and impacting valuation and investor sentiment. | Ticker | BP (ticker) | BP_0918aa0e | 2026-02-10 | earnings_transcript | ||||||||||||||
| Completion of the intended sale of the Gelsenkirchen refinery and Austria Retail. | continue to progress | 2026-07-01 | 2026-12-31 | These divestments contribute to BP's $20 billion program, strengthen the balance sheet, and simplify the portfolio, impacting net debt and capital allocation. | Ticker | BP (ticker) | BP_6410311a | 2026-02-10 | earnings_transcript | ||||||||||||||
| Receipt of $3 billion to $4 billion in divestment proceeds in 2026. | 2026, heavily weighted to the second half of the year | 2026-07-01 | 2026-12-31 | These proceeds are crucial for strengthening the balance sheet and funding future growth opportunities, impacting net debt, financial flexibility, and investor confidence. | Ticker | BP (ticker) | BP_ea491a62 | 2026-02-10 | earnings_transcript | ||||||||||||||
| Potential sale or farm-down of Lightsource BP. | working through that | 2026-04-24 | 2027-12-31 | A sale would contribute to BP's divestment program, strengthen the balance sheet, and allow BP to focus its portfolio, impacting net debt and capital allocation. | Ticker | BP (ticker) | BP_579b04b0 | 2026-02-10 | earnings_transcript | ||||||||||||||
| Casey's General Stores expects to largely complete the conversion of CEFCO stores to the Casey's brand. | largely complete by the end of this fiscal year (FY27) | 2026-05-01 | 2027-04-30 | The completion of these conversions is expected to lead to an acceleration in performance and 'upside' in inside store sales in the subsequent fiscal year (FY28), impacting revenue and profitability. | Ticker | CASY (ticker) | CASY_b21f2cb1 | 2026-06-09 | earnings_transcript | ||||||||||||||
| Continued rollout and full scaling of Casey's chicken wing program across its store system. | 2 more years of just rolling it out across the system before we get fully scaled | 2026-06-09 | 2028-06-09 | Management believes the wing business has the potential to be as large as the pizza business long-term, suggesting significant incremental sales and increased prepared food order frequency, driving revenue and margin growth. | Ticker | CASY (ticker) | CASY_42d3e67d | 2026-06-09 | earnings_transcript | ||||||||||||||
| Continued volatility in oil-producing regions and wholesale fuel costs, impacting retail fuel margins and the sustainability of elevated industry-wide CPGs. | for the course of the year (FY27) and beyond | 2026-05-01 | 2027-04-30 | Fuel margins are a significant contributor to Casey's profitability. Sustained high margins or further volatility could materially impact overall financial results and investor sentiment. | Theme | CASY (ticker) | CASY_4a4379cd | 2026-06-09 | earnings_transcript | ||||||||||||||
| Retail gasoline prices reaching or exceeding $5 per gallon. | if retail prices get high, we start to see premium sales dip a little bit | 2026-06-09 | 2027-04-30 | Historically, prices at this level have led to 'demand destruction' in fuel, which could negatively impact fuel gallon sales and potentially inside store traffic, affecting revenue. | Theme | CASY (ticker) | CASY_800ee664 | 2026-06-09 | earnings_transcript | ||||||||||||||
| Casey's General Stores' execution and success in opening at least 120 new stores through an an even mix of M&A and new construction in fiscal year 2027. | fiscal 2027 | 2026-05-01 | 2027-04-30 | New unit growth is a key pillar of Casey's strategy, contributing significantly to EBITDA growth. Successful execution and integration of these new stores will be crucial for achieving financial targets. | Ticker | CASY (ticker) | CASY_eb42b9e0 | 2026-06-09 | earnings_transcript | ||||||||||||||
| Reaching final determinations on commercial and economic principles for future contracts at West Qurna 2 and Nasiriyah in Iraq. | in the coming months | 2026-08-01 | 2026-10-31 | This could unlock significant resource potential at one of the world's largest oil fields, offering competitive terms within Chevron's portfolio and potentially new routes to market. | Ticker | CVX (ticker) | CVX_cd057e3f | 2026-07-31 | earnings_transcript | ||||||||||||||
| Anticipated 7% to 10% increase in production year over year (excluding asset sales) driven by project ramp-ups, a full year of Hess assets, and continued efficiency in the Shield portfolio. | in 2026 | 2026-01-01 | 2026-12-31 | Achieving this production growth target is crucial for Chevron's financial performance and demonstrates the benefits of recent acquisitions and project execution. | Ticker | CVX (ticker) | CVX_b589e8b9 | 2026-01-30 | earnings_transcript | ||||||||||||||
| Final Investment Decision (FID) on the Aphrodite project in Cyprus, following its entry into FEED. | Working toward developing a competitive investment in Cyprus. | 2026-01-30 | 2028-01-30 | A positive FID would unlock significant gas resources in the Eastern Mediterranean, further expanding Chevron's presence and potential for earnings and cash flow growth in the region. | Ticker | CVX (ticker) | CVX_a29c5087 | 2026-01-30 | earnings_transcript | ||||||||||||||
| Implementation of long lateral development in Bakken wells, increasing to 60% in 2026 and up to 90% in 2027. | in 60% of the wells this year and up to 90% in 2027. | 2026-01-01 | 2027-12-31 | This development strategy is expected to drive asset productivity and efficiency, maximizing value and free cash flow from the Bakken asset. | Ticker | CVX (ticker) | CVX_91a36d73 | 2026-01-30 | earnings_transcript | ||||||||||||||
| Completion of El Dorado vacuum furnace project during the planned El Dorado refinery turnaround. | commences in September; during the fall turnaround | 2026-09-01 | 2026-11-30 | This project is expected to enhance operational reliability, improve product yields, and enable processing of an additional 10,000 barrels per day of heavy crude, positively impacting refining profitability after the turnaround. | Ticker | DINO (ticker) | DINO_e3e8ae46 | 2026-07-28 | earnings_transcript | ||||||||||||||
| EPA decision on Small Refinery Exemption (SRE) petitions for the 2025 compliance year. | Expected in Q4 2026, following the extension of the 2025 RFS compliance deadline from September 1, 2026. | 2026-09-01 | 2026-12-31 | Favorable SRE decisions would alleviate significant RVO compliance costs for Delek, directly boosting refining margins and free cash flow. | Ticker | DK (ticker) | DK_c79e713f | 2026-08-05 | earnings_transcript | ||||||||||||||
| Tough Q3 2026 comparable for nicotine margins due to lapping a significant Zyn promotion. | Q3 2026 | 2026-07-01 | 2026-09-30 | This will likely put pressure on nicotine margin growth for the quarter, potentially impacting overall merchandise profitability. | Ticker | MUSA (ticker) | MUSA_fd0d1c17 | 2026-08-05 | earnings_transcript | ||||||||||||||
| Phillips 66 expects to make a Final Investment Decision (FID) on the Western Gateway project. | in a month or so | 2026-09-01 | 2026-09-30 | This advances a significant Midstream growth project designed to deliver reliable, secure fuel to the Western U.S. by late 2029, generating strong returns for the company. | Ticker | PSX (ticker) | PSX_d379604f | 2026-08-05 | earnings_transcript | ||||||||||||||
| Final Investment Decision (FID) for LNG Canada Phase 2. | before end of this year | 2026-08-27 | 2026-12-31 | This decision would add a significant layer of absolute free cash flow growth for Shell in the 2030s, further strengthening its position in the global LNG market. | Ticker | SHEL.LSE (ticker) | SHEL.LSE_673642b7 | 2026-07-30 | earnings_transcript | ||||||||||||||
| Commencement of the appraisal program for the Bumerangue discovery in Brazil. | around the end of the year | 2026-10-01 | 2026-12-31 | The appraisal program will provide critical data to reduce uncertainty around resource estimates and fluid characteristics, enabling a development concept and impacting the long-term value of this significant discovery. | Ticker | BP (ticker) | BP_4f219d21 | 2026-02-10 | earnings_transcript | ||||||||||||||
| Final Investment Decision (FID) for Project Kilby, a 2.67 gigawatt firm behind-the-meter power project with Microsoft. | later this year | 2026-10-01 | 2026-12-31 | This FID will lock in mid-teens returns and long-duration contracted cash flows independent of commodity price cycles, demonstrating Chevron's ability to execute at speed and scale in the growing data center power market. | Ticker | CVX (ticker) | CVX_3b9f6bbc | 2026-07-31 | earnings_transcript | ||||||||||||||
| Commencement of the Paulsboro crude unit turnaround. | late in the fall | 2026-11-01 | 2026-12-31 | This planned maintenance is necessary to maintain the mechanical integrity and reliable operation of the crude unit at the Paulsboro refinery. | Ticker | PBF (ticker) | PBF_73d7ae70 | 2026-07-30 | earnings_transcript | ||||||||||||||
| Locking down a development concept for the Bumerangue discovery. | early next year | 2027-01-01 | 2027-06-30 | This decision will outline the path forward for developing the Bumerangue field, a potentially very material asset, influencing future capital expenditure, production profiles, and long-term valuation. | Ticker | BP (ticker) | BP_318c838c | 2026-02-10 | earnings_transcript | ||||||||||||||
| Start-up of new highly competitive projects at CPChem. | next year | 2027-01-01 | 2027-12-31 | These projects will increase Chevron's exposure to the petrochemical sector and are expected to be highly competitive, contributing to future earnings and cash flow, especially as the chemicals cycle recovers. | Ticker | CVX (ticker) | CVX_1f4ed396 | 2026-01-30 | earnings_transcript | ||||||||||||||
| Completion of repairs and restart of Pearl GTL Train 2. This facility was damaged during hostilities in the region. | by end of Q1 2027 | 2027-01-01 | 2027-03-31 | Restoring this facility will bring significant production capacity back online, contributing to Shell's operational performance and cash flow. | Ticker | SHEL.LSE (ticker) | SHEL.LSE_ce8f0e2a | 2026-07-30 | earnings_transcript | ||||||||||||||
| Potential to further grow production volumes in Venezuelan ventures by up to 50%, dependent on additional authorizations from the US government and stability in the country. | up to 50% over the next eighteen to twenty-four months | 2027-07-30 | 2028-01-30 | Significant production growth in Venezuela could materially increase Chevron's overall production volumes and cash flow, but regulatory and political stability are key uncertainties. | Ticker | CVX (ticker) | CVX_0eeea19c | 2026-01-30 | earnings_transcript | ||||||||||||||
| Bringing online 8 to 10 additional major projects, including Kaskida, Tiber-Guadalupe, Shah Deniz Compression, and Tangguh UCC. | between 2028 and 2030 | 2028-01-01 | 2030-12-31 | These projects are expected to add significant higher-margin net peak production, driving long-term organic growth and shareholder value. | Ticker | BP (ticker) | BP_ed763263 | 2026-02-10 | earnings_transcript |
NotesEarnings Summary
| Date | Type | Comment | Detail | Sentiment | Tickers |
|---|---|---|---|---|---|
| 2026-06-16 | Theme Refresh Synthesis | The theme refresh highlights Casey's (CASY) strong FY26 fuel margins, indicating resilience for Western fuel stations amidst potential supply shocks. Chevron's (CVX) Eastern Mediterranean gas investments, like the Tamar optimization, directly benefit from elevated energy prices resulting from Middle East supply disruptions. BP's balance sheet strengthening further enhances its ability to navigate volatile energy markets. These updates reinforce the theme's bullish outlook on companies positioned to capitalize on regional energy supply dynamics. | Earnings Summary | Bullish | CASY, CVX, BP |
| 2026-08-27 | Theme Refresh Synthesis | Recent earnings confirm Middle East geopolitical instability is actively driving supply disruptions, with 5M bpd global refining capacity offline and tight LNG markets. This sustains elevated energy prices, benefiting integrated players like Valero, Shell, and HF Sinclair through higher refining margins. Casey's strong inside sales and unit expansion demonstrate Western fuel station resilience, validating the theme's dual strategy amidst volatile energy markets. | Earnings Summary | Bullish | SHEL, VLO, DINO, CASY |
Constituents
- BPT3— BP p.l.c.
- CASYT3— Casey's General Stores, Inc.
- CVXT3— Chevron Corporation
- DINOT3— HF Sinclair Corporation
- DKT3— Delek US Holdings, Inc.
- MUSAT3— Murphy USA Inc.
- PBFT3— PBF Energy Inc.
- PSXT3— Phillips 66
- SHEL.LSET3— Shell plc
- SUNT3— Sunoco LP
- VLOT3— Valero Energy Corporation
- CAPLT3· no notes yet
- GLPT3· no notes yet
- MPCT3· no notes yet