Excellent post, spoke into many things on my mind.  Refining capacity would seem to be critical, expensive and hard to come by.  If someone could explain why Valero isn't doing better I'd be interested to listen.  A pipeline also seems critical, interesting discussion earlier about teaming up with the neighbor.

Performance to date is very impressive, integration and solid results.  PPS is a disappointing but the whole market is turbulent, not sure I've seen anything like this before.

 Agree Rome wasn't built in a day, but think Connacher is way undervalued.

-bbq