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Why U.S. Refiners Operating In The Midwest And Rockies Are Likely To Outperform Peers In 2012 Dec 11
Standard & Poors, Dec 2011
Abstract
U.S. refiners operating in the Midwest (PADD II) and Rocky Mountain (PADD IV) regions are likely to continue to outperform refiners in U.S. coastal regions in 2012. (In the 1940s, government agencies that no longer exist divided the U.S. into five Petroleum Administration for Defense Districts, or PADDs. In industry parlance, the Midwest and Rockies regions are PADD II and IV. PADDS I, III, and V include refiners on the East, Gulf, and West coasts). (Watch the related CreditMatters TV segment titled, 'Why U.S. Refiners In The Midwest And Rocky Mountains Will Outperform Peers In 2012,' dated Dec. 8, 2011.) Midwest and Rocky Mountain refiners should continue to benefit from lower crude oil costs and limited imports of refined products....
Companies mentioned in this report are: Enbridge Inc.,Enterprise Products Partners L.P.,Flint Hills Resources LLC,TransCanada Keystone Pipeline LP,HollyFrontier Corp.,TransCanada Corp.,Marathon Petroleum Corp.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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