Investing.com -- Goldman Sachs said DK secured 100% exemptions across its four refineries, with the cash flow from these Small Refinery Exemption grants potentially representing over 20% of the company's market cap.

The investment bank also identified PARR as a beneficiary, receiving a full exemption at Billings and partial exemptions at its Wyoming and Washington refineries. Goldman Sachs expects a portion of the granted Renewable Identification Numbers to help offset the Hawaii Renewable Volume Obligation, optimizing cash flow.

CVI and CLMT received full exemptions, clearing the associated liabilities, according to the firm. DINO secured exemptions at select refiners, providing localized compliance relief.

The rulings extended to larger companies including NYSE:CVX, NYSE:CVE, NYSE:MPC and NASDAQ:PSX. Goldman Sachs views the financial impact to be more moderate relative to their consolidated earnings base.