True to Economics 101, the increasing supply has led to decreasing prices for WTI. Since the start of 2011, WTI has priced between 10% to 20% lower than Brent, spiking up to above 25% and currently at about a 15% discount.
Earnings Yield: HFC 29.3%, WNR 29.9%. Free Cash Yield: HFC 19.1%, WNR 19.9%. Dividend Yield: HFC 1.86%, WNR 0.78%. Debt-to-Equity Ratio: HFC 0.25, WNR 1.02. Interest Coverage Ratio: HFC 20.9, WNR 5.8. Clearly, the numbers are in favor of HFC. It is in much better financial condition than WNR, pays a better dividend (with two special dividends in the past year), is larger and more diversified (particularly after the Frontier merger), and boasts a seasoned management team. If the refining story sounds intriguing, HFC looks to be the better pick of the two.