trademarked names across the U.S., Canada, the Caribbean, the U.K. and Ireland. Importantly, the company’s significant presence on the Gulf Coast allows Valero to export refined petroleum products worldwide and steal market share from less competitive refiners around the world. Again, with the shares down approximately 18% from recent highs and trading below 8x expected earnings, we believed that the fear and pessimism was overdone and it created a buying opportunity before the shares revert back toward our $65 FMV estimate. Also in the energy space, we redeployed capital to beaten down Southwestern Energy when natural gas fell more…
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