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Par Pacific Holdings (PARR) has a market capitalization of around 4.3 billion USD, making it a relatively small and yet underappreciated beneficiary of the refinery boom. I find the product mix particularly interesting. About 52% of production consists of distillates and low-sulfur fuel oil, whereas comparable companies only account for approximately 38 to 41%. This is where the market remains tight. Oil exports from the Gulf states have already recovered to 91% of pre-war levels, while refined products have only reached about 60%. Therefore, the...
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