We have done a few articles on the value of an oil refinery, and the value of some oil-refining stocks. In the process of trying to understand what the earnings outlook for these guys might be, we came across the most recent management presentation from Valero ( VLO ), in which it presented the following slide: This is a list of refineries around the world that are in a state of "strategic evaluation"; that is, either sale or closure for a variety of reasons.