Firstly, I don't care if there is an exchange agreement with this Corrigan wholesale group, the formulations for these additives were absolitely, positively not shared with anybody for some contracted company. Shell, for example, doesn't even share formulation outside of their chemical engineering group.
Now, if Corrigan does have an exchange, and they have injection systems to treat the blendstock gasoline, sure he'd have treat rates. But, what does that matter? It still doesn't mean X is better than Y. Really, just because Shell treats a ton of their additive into their premium fuel doesn't make it better. Perhaps Exxon's HiTec additive is more concentrated, and treated at a lower rate.
You're talking about a regional retailer supposedly formulating a better proprietary additive than conglomerate oil companies, who spend billion on chemical research and engineering. Just saying...
This guy having treat rates is like saying the line worker at the Kleenex factory knowing the chemical formulation of the lotion they apply to their tissues, just because he makes sure the packaged boxes leaves the conveyor with exactly 100 tissues in the box.
I use to work for a contract company who installs and maintains additive systems for big oil. I serviced and installed Shell additive systems at Exxon and Conoco. I serviced and installed Exxon and Shell systems at Valero...
I calibrated them, and changed treat rates when rates changed.
Now, I am an operator for Motiva Enterprises.
Motiva owns and operates the highest capacity refinery in North America.
If you're buying Shell fuel in metro areas in the south and east coast, it was Motiva refined and distributed.