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| So there's pluses and minuses, but we're working every day to make sure it's optimized and we're getting a huge benefit from our partners at Eni |
| But at the end of the day, I'm very, very confident that there will be a market incentive, a resilient market incentive for those with a pretreatment unit to manufacture renewable diesel |
| We just ran the cat cracker at Torrance for eight years; a phenomenal run, phenomenal run |
| And if you're able to do that, you reduce your CapEx on an amortized basis, you increase your uptime, and it's really a great result |
| All in all, we've been very pleased |
| However, PBF is well positioned to respond to these market conditions with our high complexity, high conversion refining footprint |
| But as we're working through it, as I said, I think we're going to be able to improve on the throughput of the unit |
| So I think our capacity and we're ultimately able to work through the unit, will probably be a positive surprise |
| We do have logistical advantages to the degree we import into California and that's where we've been sending our product up until this point |
| Today, PBF reported another quarter of strong results, our third strongest quarter in our history, I believe; driven by robust refined product markets that dominated most of the quarter |
| East Coast has been very strong through this year, certainly through the third quarter, and even as we speak today |
| Bernard Renewables has reported positive earnings |
| And so, anything that we look at has to have a compelling return aspect that is much more attractive than the shares that we've been buying and we bought almost 600 million shares - $600 million worth of shares over the last year |
| So, great job there |
| Now that we are in the shoulder season, we've seen gasoline cracks come off, but as expected, diesel margins have remained robust as inventories are tight |
| These are all tailwinds that PBF has had a direct hand in creating and will help drive long-term value |
| I think those that have a pretreatment facility and are able to run low-carbon fuels will be able to operate profitably, but albeit at a lower margin than where it was a year ago |
| Karen and her team did a great job extending our bond maturities |
| Our goal is to leverage our core strength in assets and expertise to make investments in complementary businesses with compelling risk return ratios |
| At this point, we have an investment-grade balance sheet that ranks among the strongest in our peer group |
| Like I said, we're very, very pleased with where the company is in regards to our asset base and our balance sheet and we look forward to speaking to you again after the holidays |
| But the moment that we're able to economically improve our position by delivering other places, we will |
| We had a combination also with a fairly robust turnaround activity with several refineries that consume a fair bit of WCS, which ultimately impacted really the value of where WCS was landing in the Gulf Coast, and then, sort of several knock-on effects in that point, right, that coming out of the third quarter, where we had very strong differentials and particularly very strong fuel oil values |
| To the extend crude differentials widen out, our capture rate should improve, provided we're operating, obviously, the work in the West Coast is going to impact the operations out there |
| We further strengthened the balance sheet during the quarter by reducing our gross debt by approximately $170 million, primarily through issuing $500 million in 2030 notes and calling the remaining balance of our 2025 notes |
| Is that for a fourth quarter going ahead and then next year with TMX coming online? And then relate to that, it looked like to us at least, East Coast and West Coast capture came in particularly strong |
| So there is no more balance sheet work to be done, and it's a pretty amazing moment that we should all sort of take and recognize |
| Congrats on a good quarter |
| Investments in growth will be disciplined and will leverage PBF strengths |
| Strong margin performance has already called out a couple of times and part of that you alluded to, was driven by the RIN mark-to-market, I just wanted to give you an opportunity, if there was anything else unique that drove the strong margins in the quarter that maybe won't repeat in 4Q |
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| And then, somewhat tied to that, we've seen a lot of peers have pressure in their margins, driven by weaker secondary product realizations |
| With the fall in some of the regulatory credits, I think bio-based diesel manufacturing is threatened in the short term |
| I'm myopically focused on what the yields look like coming off the unit and they've been a little bit worse than we expected |
| And right now, I would say the Gulf Coast is the weakest market, both from value and overall demand |
| Working capital was a headwind of $618 million for the quarter, mostly related to our continued efforts to strengthen and simplify our balance sheet |
| We did have an issue with our flexicoker, which, by the way, we had a turnaround on in - earlier in the year in the first quarter |
| But we had an issue with a blower there |
| And when I'm looking at your fourth quarter throughput guidance, it seems to be a tad low given that you really don't have much of a turnaround other than in the West Coast |
| Again, the issue is many of the steps that, or most of the steps, if not all the steps besides that, have unintended consequences that usually exasperate the problem, which could be limiting supply |
| Weakest, coming out of the third quarter I'd say PADD 2 was the weakest, and that's what we saw in our circuit |
| Recently, we have seen that the price of environmental credits can indeed come down |
| The problem we have with much of the regulatory framework when they see problems with price, they don't address the core issue |
| The pricing environment will continue to remain volatile |
| So, advancing the butane blending by a couple of weeks, increased supply of gasoline, and we saw a precipitous drop in margins, which was fine |
| It seems like the utilization rate for that facility over the past several years has been lower than, say, earlier in last decade |
| That's actually a headwind for our capture rate |
| But it also highlights the importance of having refining capacity in Delaware, because if that were not there, the competitiveness of this hydrogen hub would decline precipitously |
| The flexicoker work was unplanned and the downtime from both Torrance and Martinez will impact fourth quarter capture rates on the West Coast |
| As we saw from activity early in the quarter, commodity markets will continue to be volatile |
| I mean, there's cost pressures and that's our job to manage |
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