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| Statement |
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| So all good outcomes for us |
| And so that is a result of, again, better execution and solid performance on our turnarounds |
| In fact, it exceeded our timing expectations in terms of the ability for us to capture that |
| These strong results are a testament to the competitive advantages of our business portfolio and the hard work of our employees to execute our strategies and deliver on these results |
| And that's got gained a lot of nice traction and we are seeing some real positive signs of growth there from a regional perspective |
| Again, there is a lot of good effort going on in that area of reducing OpEx and improving reliability |
| We continue to make progress towards our target of achieving normalized run rates by the end of 2023 through improved reliability and feedstock optimization |
| And I would tell you for the third quarter, we had record jet production and record jet sales that helped boost capture in both the Mid-Con and in the West regions, and we're seeing that continue here in the fourth quarter |
| Gross margin per gallon was $0.07 in the third quarter, supported by strong demand in our regions |
| But again, our biggest opportunity is reliable assets, produce more barrels, they are safer and we get a better outcome in performance and execution |
| With respect to anything around the debt, I think we are very much -- we are very pleased with where our debt is and shareholder return is our priority |
| Despite weakening base oil prices during the period, continued efforts to improve sales mix optimization across our finished products portfolio, resulted in strong earnings contribution from our lubricants business |
| As you can see, we are far below that right now and we are very pleased |
| Our strong cash return during the period demonstrates our continued commitment to our long term cash return strategy and long term payout ration, while maintaining an investment grade rating |
| And we believe that we will be successful in getting that business turned around and performing the way we want just like we have our lubes business performing the way we want right now |
| I think one of the biggest ways that we're seeing progress is in just the improved safety and environmental performance of our assets, which we always believe is a leading indicator of how our reliability is doing as well and the rest of our business is doing |
| Tim Go And Ryan, let me just follow-up and say, we believe our Refining portfolio continues to be a strategic advantage and competitive advantage for us, just in terms of the markets we serve and the demographics that we serve in our markets |
| Val and her team have really done a fantastic job this year, executing those turnarounds on schedule on budget |
| Tim Go Good morning, I am pleased to report strong third quarter results, driven by solid execution of safe and reliable operations across our Refining, Lubricants, HEP and Marketing segments |
| And so that's kind of another benefit that we are getting from good, clean execution of the turnarounds as we hope that will allow us to again demonstrate better reliability through this cycle |
| We had improved yield performance throughout the quarter |
| So the team has done a lot of good progress with respect to managing inventory and ensuring that we're focusing on using low CI feedstock |
| So we feel good about the internal indicators, we're just not prepared to share any of those, Roger |
| Steve Ledbetter We are also encouraged, as you are, by a positive quarter |
| We continue to progress our strategic initiatives of integrating and optimizing our portfolio, along with delivering strong cash return to shareholders |
| As those base oil cracks come down, the more integrated we are gives us more insulation and allows us to continue to generate the strong margins that you are seeing |
| We're feeling good about the progress that we're making |
| But as that line gets up and running reliably, we believe that it will put more barrels out on the water and actually give us a bit of an advantage for our refinery in the Pacific Northwest |
| We delivered above mid-cycle profits in our refining segment, lubricants and specialty segment and marketing segment, and we returned $669 million to our shareholders for a total of $1.2 billion of shareholder returns so far this year |
| We have talked about that before we are really looking to improve our internal reliability as well as our integration and optimization across our assets |
| Statement |
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| And with this year's heavy turnaround load, I know there was a lot of concern about whether we could execute our turnarounds well |
| This decrease was primarily driven by lower refining margins in both the West and Mid-Con regions and lower refined product sales volumes due to higher maintenance activity |
| With the RVO release and the view of additional capacity coming on, there's been weakness in both RIN value and LCFS |
| Adjusted EBITDA for the third quarter was $1.2 billion, a 20% decrease compared to the third quarter of 2022 |
| There's been some announcements of some of the larger production coming on, some delays there |
| With respect to capital spending, last quarter, we lowered our full year 2023 guidance range to $900 million to [$1.60] billion on a consolidated basis |
| But seasonally, the fourth quarter always tends to be a little lower on capture too, just because margin is compressed |
| Each period reflected non-recurring expenses that decreased net income by $4 million and $20 million respectively |
| We see some softness coming in particularly in gas, but it’s normal and and seasonal through this next quarter and the first quarter |
| So on the quarter itself, CapEx looked at a touch low, wondering if there is anything to highlight there? And working capital seems to be a touch high, while some of your other peers are reporting some tailwinds |
| Throughput and sales remain at relatively low utilization rate |
| And so you've seen some of that change the overall margin and pricing structure, but we think that's temporary |
| There are many factors that could cause results to differ from expectations, including those noted in our SEC filings |
| We do think that the diffs, WCS in particular, TI dif will blow out and has already in the forward strip |
| We are more challenged in the West and those facilities are primary focus for our efforts, particularly our Sinclair assets along with Woods Cross and PSR are all working improved structure on cost |
| We were somewhat limited by hydrogen availability |
| We typically see seasonal weakness as the tourism and the driving season kind of comes to a close, we're not seeing anything unusual at this point |
| We've seen RINs fall, we've also seen some of the feedstock costs decline, as well as an offset |
| In our Renewables segment, we reported adjusted EBITDA of positive $5 million, for the third quarter of 2023 compared to negative $14 million for the third quarter of 2022 |
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