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US : Oil & Gas Refinery - Independent Refiners | Refining Monthly Crack Check, Jan '21: Final Thoughts Ahead of 4Q20 Earnings Season

    Tom Murphy
    Tom Murphy

    CFA, Sr. Res. Assoc.

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    CGS-CIMB
    26 January 2021
    Published byCGS-CIMB

    Final thoughts ahead of 4Q20 earnings: Valero (VLO) kicks off refining earnings season on Thursday, with PSX to follow on Friday. Simply put, refining earnings won't be pretty, as 4Q results likely represent the worst of 2020. Thankfully, everyone knows this and relative positioning ahead of earnin