Earnings Review

Small beat (+1%) vs Street on lower Corp, unit profitability improves q/q in RNG Fuel, 2026 guidance maintained although H2 will need to step up Slightly positive. Surprised to see OPAL -8% in pre-market despite…

Softer RNG volumes and lower LCFS credit revenue drive a Q2 miss, 2026 guidance reiterated Negative. Stock is -6% in post-market this afternoon after CLNE reported Q2 EBITDA bout -9% vs the Street ($16.0mm vs…

Correcting this morning’s note to highlight the guidance raise of $650mm at midpoint Positive. LNG reported Q2’26 Adj. EBITDA of $1,804MM, above TPHe ($1,794MM) and Street ($1,718MM) estimates. Total revenues came in at $5,732MM, compared…

+3% EBITDA beat vs consensus as larger 45Z contribution and higher corn oil yields more than offset lower op rates weighed down by planned turnarounds Positive. Stock is +1% in pre-market this morning after GPRE…

Solid Q2 beat with Big Springs capture stepping up, share repurchases inline with muted expectations Positive. DK reported adj Q2’26 EBITDA of $500mm, much stronger than TPHe/consensus of $428mm/$426mm and Q1 at $129mm. DK reported…

Strong Q2 beat as Refining and RF more than capture the appealing market environment, big debt paydown, and Q3 Refining indicator moving up further Positive. PSX reported adj Q2’26 EPS of $9.41, easily surpassing TPHe/consensus…

Q2 beat of +22c as EM boosted by medical and electronics, Q3 midpoint guide about -22c below consensus with EM facing higher costs and Ibn Sina disruption Mixed. CE reported adj Q2’26 EPS of $2.45,…

Massive Q2 beat as PARR capitalizes on extremely strong Singapore refining environment and recovers some of the Q1 timing headwinds, cash flows used for debt reduction rather than share buybacks Very positive. PARR reported adj…

Q2 beat on surprising margin improvement in HIP and commodity tailwinds in PEM Positive. WLK reported adj Q2’26 EPS of $2.01, outpacing TPHe/consensus of $1.70/$1.83. Adj EBITDA clocked in at $679mm vs TPHe/consensus of $608mm/$641mm….

Robust margin capture fuels a big Q2 beat, share repurchases much higher than our estimate which support a 16% total capital return yield Positive. MPC reported adj Q2’26 EPS of $17.73, much higher than TPHe/consensus…