Northern Tier Energy LP (NTI)

[bzusa]

Still holding off rebuying what I've sold until after Q2 earnings come out but think Q3 will be great.

I do recall that in the last few months NTI management stated that the need for more ethanol credits would not negatively impact NTI. I've grabbed what Google had on the issue, and still could not find the quote. If you have/find a link, please post it.
Here's what I found, with some added some data regarding input mix and ask a question at the end.

Moody’s 3/27/13 "RIN purchasing costs can be sizable, even while refiners are generally enjoying a period of strong profitability, such as they are now," Sultan says. "Integrated refining and marketing companies including Phillips 66, Marathon Petroleum and Northern Tier Energy LLC are likely to be better positioned than sellers that do not blend most of their gasoline, such as Valero Energy, CVR Refining LLC and PBF Energy, or refiners with limited export capabilities, such as HollyFrontier."
http://www.moodys.com/research/Moodys-US-Refiners-Biofuel-Compliance-Costs-to-Remain-High-in--PR_269681

3/13/13 “In our view, the well positioned companies are those that are better integrated between refining and midstream product terminal assets that support self-blending of ethanol, a group that includes Marathon Petroleum (MPC), Northern Tier Energy (NTI), Tesoro and Western Refining. Conversely, we believe merchant refiners that sell non-finished gasoline into a third party pipeline or distribution system are most vulnerable to cost escalation of RINs. This group includes CVR Energy and Valero Energy.” Analysts at Macquarie
http://blogs.barrons.com/stockstowatchtoday/2013/03/13/rough-day-for-refiners/

Interesting data from the Q1 CC
“…for the first quarter, we ran 22,000 barrels of heavy, meaning Western Canadian; 19,000 barrels per day of Canadian Syncrude; and 42,000 barrels per day of North Dakota light.” “from today, really we're running our standard heavy diet, which is 25% to 30% [of WCS].”
“Run more heavy (15%-30%) when heavy Canadian to Bakken was more than $20 a barrel,…” (right now: about $25, with Bakken at a $2 discount to WTI and WCS at $23)

“…full turnaround expense for 2013 would approximate, call it, $60 million. We will feel a bit of an expansion in there, probably 10%.”
(for both April and Oct activities?)
http://seekingalpha.com/article/1433961-northern-tier-energy-lp-management-discusses-q1-2013-results-earnings-call-transcript?page=5&p=qanda&l=last.