The nation’s focus on lowering its dependence on foreign oil has recently seen oil production volumes in the U.S. outpace oil imports for the first time in sixteen years. According to the Energy Information Administration’s Weekly Petroleum Status Report, U.S. oil production totaled 7.3 million barrels a day for the week ended May 31st, while imports totaled 7.27 million barrels. Greater access to cheaper domestic oil will continue to benefit U.S. refiner’s profit margins.
CVR Refining LP (NYSE:CVRR - News) shares traded in the range of $30.25 to $30.74 Wednesday before settling to close at $30.31, a decrease of 1.46 percent. The stock appears to be facing strong resistance at $31.19. CVR Refining was spun off from CVR Energy in January 2013. The company reported a pro-rated net income of $197.5 million, or $1.34 per common unit, for the first quarter of 2013. Shares of CVR Refining have gained over 20 percent so far in 2013.
More information on CVR Refining and access to the free equity report can be found at: www.WallStreetFundamentals.com/CVRR
HollyFrontier Corp. (NYSE:HFC - News) shares traded in the range of $46.44 to $48.05 Wednesday before settling to close at $46.98, a decrease of 1.82 percent. The stock appears to be facing resistance at the $47.65 and $49.30 levels. The company reported a net income of $333.7 million, or $1.63 per diluted share, for the first quarter of 2013, an increase of 38 percent when compared to the year ago quarter. Shares of HollyFrontier are up approximately 58 percent in the past year.
More information on HollyFrontier and access to the free equity report can be found at: www.WallStreetFundamentals.com/HFC
Phillips 66 (NYSE:PSX - News) shares traded in the range of $63.53 to $65.35 Wednesday before settling to close at $63.61, a decrease of 2.41 percent. The stock appears to be facing resistance at 64.87 with support at $62.87. The company reported earnings were $1.4 billion for the first quarter of 2013, compared to earnings of $636 million in the year ago quarter. Shares of Phillips 66 are up approximately 110 percent in the past year.
More information on Phillips 66 and access to the free equity report can be found at: www.WallStreetFundamentals.com/PSX
Valero Energy Corporation (NYSE:VLO - News) shares traded in the range of $38.40 to $39.46 Wednesday before settling to close at $38.62, a decrease of 0.87 percent. The stock appears to be facing resistance at the $39.04 and $40.13 The company reported a net income of $654 million, or $1.18 per share, for the first quarter of 2013, compared to a net loss of $432 million, or $0.78 per share in the year ago quarter. Shares of Valero Energyare up approximately 86 percent in the past year.
More information on Valero Energy and access to the free equity report can be found at: www.WallStreetFundamentals.com/VLO
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