Shares are up about 6% after the company reported this morning stronger than expected earnings for Q4 2012, even though it missed slightly on revenue. It's still taking advantage of "cost-advantaged" oil, meaning the cheaper West Texas Intermediate priced oil at Cushing compared to the higher priced Brent oil. That leads to strong refining margins, helped by higher gasoline prices in its selling markets.

Thesis intact and working. :-)

Cheers,
Jim