Valero is a preferred investment due to strong refining margins and export benefits driving free cash flow and shareholder returns.

Now, we have clearly seen that refined product margins have widened even further, so refiners such as Valero, Marathon Petroleum and Phillips 66 have seen huge free cash flows over the past two quarters, much of which has been returned to shareholders in the form of share buybacks or higher dividends.

In fact, what we have seen is that companies like Valeero are already benefiting from exports of refined products, in addition to the high refining margins that Sam talked about earlier.

Thus, the names we prefer are companies like Valiero, which is one of the names we prefer here at Tortoises.