PBF Energy (PBF) 1 Aug 242024 Q2 Earnings call transcript

Good day, everyone, and welcome to the PBF Energy Second Quarter 2024 Earnings Conference Call and Webcast. [Operator Instructions] Please note that this conference is being recorded. It is now my pleasure to turn the floor over to Colin Murray of Investor Relations. Sir, you may begin.

Thank you, Savannah. Good morning, and welcome to today's call. With me today are Matt Lucey, our President and CEO; Karen Davis, our CFO, and several other members of our management team. release on XX-Q our earnings information, including today's available are website. of and filing, our supplemental Copies

securities Before that cause provisions getting release press today's expectations, excluding today statements Consistent are started, on will management's to in release. Also by press further with our the expectations I'd covered release factors intended this like could differ we throughput. is under to actual from harbor press XXXX today's information related many safe in laws. of the the contained guidance results SEC. to including direct call statement our or that expectations There special be in included company's those results predictions in our are to forward-looking items, the today's and with to periods, release. our our federal describe express our in safe which Statements harbor prior those made are for your quarter or press attention we future discuss described filings third further the

or questions questions, any items after follow-up these on Relations please contact today's call. For Investor

now tables mentioned in reconciliations the any to call, today's to supplemental Lucey. call the For please of press refer today's on over measures non-GAAP release. I'll Matt turn provided

Thank you, for Colin. you Good call. morning, everyone, the joining and thank

of were in press quarter. we our mentioned to able the coming the disappointment, release, our a maintain out we cash quarter As while earnings were for strong position

the quarter the seasonal barrel declining a second quarter backdrop, represent almost bit spreads patterns, of typical end. the As conditions crack from to beginning from a RIN-adjusted a of market with break $XX

and quarter, in in East the completed the saw tightening also crude We maintenance on and headwinds we Mid-Con. co-product Earlier side. the diffs Coast

periods the original Unfortunately, margin these of past the However, in during extended scope, increase each the extended which highest the work was product discovered early with quarter. plans, primarily overlapped turnarounds. our to efforts

quarter, the of end early product from the feedstock Martinez were the performed for activity into quarter. market. the capital consumed position Again, May of of the quarter decreased our strong as through and yield margins the resulted levels our extended we in by to the elevated the quarter. the the were Mid-Con consequence in a Additionally, improved by builds as turnaround operations the end were realized early of maintain normalized the subsequently builds sold despite through the of decrease the turnaround a Coast quarter. during disappointing part position the earnings, cash was planned products reducing on and hydrocracker able weaker inventory A we This and East high-value to working the

that behind are this We us. is pleased all

are assets today. Our running well

maintenance in have of at Looking long-term ahead, operations on focus. of the the fall promote the that Building foundation, is year that our all expected and turnaround the our for last completed reliable continue shareholder our to capital toward the greatest allocation majority opportunities commence to remains value. prioritize Safe, Chalmette. assets we planned primary we our

share repurchases to our the quarter. returning $XXX of in with to commitment demonstrate continue cash approximately We second million to shareholders

it In market. refining addition, tightly the quarterly new Global refined additions off per payment capacity, approved the term, remain of dividend demand, are over Nothing Karen. okay. And and Longer the looks the are In seeing our and sector $X.XX on balanced. across I'll remain demand to improving. With turn now highs. our crude differentials term, share. as a Directors terrible. we constructive spectacular, its global nor we cracks result, of including Board that, come immediate product the of But both utilization importantly,

and Matt, Thanks, morning. good

loss share million. $XX.X of an quarter, we and adjusted reported adjusted second of For net EBITDA per $X.XX the

in impact the be million related of of impact meet our million with to We builds did an to tax activity associated $XX the stated, of the in due and weaker opportunity results our expectations. a into rate increase approximately for options the to approximately estimate $XXX effective our deduction exercised to range, operations sale the late $XXX tax Matt extended primarily the to quarter compensation lost share the inventory with $X.XX per XX%, share markets. Earnings related stock million related not to As turnaround cash included the quarter. employee during per

day, began a CapEx per catalyst and refining, change, second of provided SBR, net previously was near adjustment, We position in our which adjustment. Stand-alone the likely return the quarter. approximately for range barrels million after adding approximately related lower equity market of million, operations $XXX average to Full-year approximately second of in million, debt. Also our the Through corporate in approximately share day demonstrate the top $XXX our of the to $XXX end investment repurchases million. a per beginning the the with program of beyond to and $XX extent back ended note, of We normalized reduced approximately of continuously CapEx effective needs December activities during SBR the the includes and XX% and billion approximately in loss working third to approximately quarter XX%. second diesel Cash Also tax which to the loss payment Maintaining the hydrocarbon barrels XXXX $XX.X to results In This share late million the as repurchase final XX,XXX operations an late made reflects is our LCM our cash approximately related for shares of our a for our be allocation XXXX at was count logistics. through We've overall in Martinez or completed quarter was outstanding Bernard produced dividends $X.X dividend, and $XXX renewable EBITDA $X.X expect to share a the program. delivering shareholder approximately total million, or our end following approximately net quarter. $X rate returns. quarter. be Since PBF of priorities. second shareholder capital of billion shareholder of repurchases. XX% to is to in quarters. Consolidated benefit flow of of production approximately of share greater our components SBR's cost the continue we generate have and business the in the capital our requirements $XXX to expected for the which is payable second of footing guidance be primarily was the was should during remain to available range quarter, are of in important objectives. million will in the turnaround earn-out sheet commitment long-term is and firm return share of quarter, a St. cash the the we our of from Renewables. and completed our be first XX,XXX included returns normalization July quarter. August. assets, planned invest for in shareholders quarter Sustainable to the financial of represents cash of To XX. strong our our million that of million the percentage shares June $XXX introduced balance million repurchases This including XXX by over and our of

for allocate through opening that value option pleased directs shareholders. Operator, cash As capital to generates the lens always, the that we we've questions. opportunities we'd to And will greatest all to completed look be take remarks. long-term our the at our

[Operator Instructions] And our Read from first Fargo. Roger come will question with Wells

Yes.

share back repo date. Pretty Let's to performance. on impressive come the

CapEx, know you've as of because let's sort percentage million It'll as for cetera? the had increasing an cash. for the number of year may potentially forward time about environmental well you right is obligations going the you comments say, kind Your $XXX way right and over any CapEx the available. think What's build-out, other to issues that and SBR about indicated be this of us et have, we

Yes.

significant think we don't probably the above shareholder-friendly then CapEx And we're year-to-year, they extraordinary numbers Obviously, And I any CapEx we're right. intend are to I that shareholders. to pulls committed cash we is and to beyond. and paying amount we're interest allocate going cash to on after from and way bobs taxes, see and and and developing will projects, other but returning that all be bits you can. number, most or the of that generate cited earnings cash CapEx, in the

dividend then something that or And is the framework. think want you'd time? of part Should over steady fairly we of that grow here to as

fall. the grew years We in past reinstated ago it Well, we this year. X

at what And we'll basis. is on annual an we've look the dividend so said more

And I dividend, take said, a it, basis. it's think at look an annual on so $X.XX We and like at we'll it's a today. good

with Todd will next Piper Sandler. question Ryan Our come from

the on you what Maybe have on imports forward the the a seeing been they're impacting volatile, outlook over And think talk Coast? second was impact there. been going the quarter What market you West It's since seen about of can there seeing the the second -- little particularly how half do year? over how and you're about you the Coast? West over bit we've starting of out,

Yes.

second vast significant I that there's in it the of say think driver aspects got some and unique quarter, weak. weakness Asia. was the in I'd particularly you're right,

X. You of still drew refineries it had are The rates high But in imports. lot a PADD utilization there.

positive sure up came someone in, working in imports go ended is to of that back generating and out at on returns themselves. think if look terms I that, not those I'm they

there differentials that. in the you way So, basis and advance may a a that buying more to couple caution time you're crude have about trade. There's no months transit month's bit be into a going hedge of

have to for some need has draw will so there is trade weak product difficult bar imports. A seen What we've that. bar. markets a make. is particularly lower But off that Utilization your you Asian to and Asian short is a it's there's So degree come market and to higher strengthened. the

be those of to imports And we sort second quarter. have look back so is to see the imports. saw Coast on West that forward the same coming going in But over don't clear, a the incent to a we basis on

the -- a we're be imports from. drawing and what function the of West those And markets but that will so is it market Coast what local

do the think in so West particularly impacted anything? And weak was Asian quarter. Paul, market a Coast negatively by second you would add I the

said it perfectly. I you No, think

to $X.X Great. maintain question wanted you'd follow-up I earlier that I billion. other the you said And $X.X on balance comments. think, I Karen, billion a one think around mean, to cash previously and maybe

within range. now that You're

environment next few As little up to help willing you about to a on support how think to this to to the continue to $X we maintain? guess, how want you billion should balance $X.X right billion cash is -- Will you level the -- I the that? expect depending that do bit balance cash I point. into buyback over been lean you've to the we mean, the macro quarters, proceeds to Or still that

our the Well, as is top been of we've that end range. you said, remaining that at range stated and

So, and there is room lower there. for still us be go comfortably to

And Mehta our Neil with come next will Sachs. question Goldman from

you learned to it on you you as choppier you about little want steadier from take And go just spend operations? said, maintenance. touch do so I Yes. Matt, of get more future And we quarter. bit back was Can maintenance, forward more talking what time as a this? a lessons periods forward to

we It's bit in the you had some I was build a real and look, to discovery late was X but which we cat there, turnarounds And building a experience scope, a you great a since That some when are which And certainly. X the of is and industry be long a weeks we happens. to decreased question trades had craftsman's, level weeks in, time. get trying has when increased don't, industry over late, were and think, the problem paid Delaware address when to we was productivity and good you is, There weeks in was must declined in This just is Toledo in on an a there deliver driver. bring City. that couple late. but also if real But nothing going what these for. We COVID bit challenges. the that great, our run turnaround. it, were work

lose margin. You

increase your You capital.

you of factors. X lose very is and combination expenses very, bad your barrels. increase You a That

have So projects not time. on We we it's unacceptable completely expertise deliver unforgiving be able take and great to pride our the in-house. in

guy. fall. focused in be He's has are next us executing joined Chalmette, now focus We pleased. new will -- and the would Bukowski on as than organization. Mike, is to on no longer around more it. he's that you imprint design turnaround, our the turnarounds? comments myopically any specific his commencing Mike in And regards I'm add we putting the

Sure.

you said well. So, Matt, it

didn't -- for example, it's at to there where been currently it Delaware look it's discovery our hasn't meet we The There to met got we when our situation certainly and a us. not thing have past going was City, expectations Our in The run. to in adjustments for safe, no was key we is us, where scope that when had problem. turnaround the wasn't we a forward. our expectations performance talking there, not that was you was it and work. unit a that But to reliable had indication that make sure make for

refocusing are just turnaround We It's to science. reinforcing accountability its organization leadership The It's rocket the has learned expectations, the field. do best not those out on industry our and practices. in turnarounds how well.

of out should the fixed, right is a and we thing be We important did as The expect equipment to get run thing. it good we equipment. the fixed

that which be be a next extended with displeased good doubt time the run. by while should So judged turnaround, of the no our I only have can turnaround period, the

couple retired very that's is, be rest sustain the had of as premium relative and little perspective PADD X over bit follow-up screen The a the seeing cracks We've and country. last structurally clear. X. you been still market? view but and New talked a the on on short are to PADD years you out Harbor curious Coast, you West decent of so much your Yes, the market York capacity a And of about do at here I'd

on be would your perspective East So, margins great. Coast

day. to if I someone attention every anything's cracks don't changed, board think quite honestly, pays the

was demonstrated is time, structural because some I our tight, happened over very think the think if what's to this downtime was compared X in the crack, Coast that of are X Mid-Con's to able shift there PADD certainly theme over And build quarter having. The speaking, one Mid-Con. product generally highest so some the crude and over is utilization of in out. PADD overriding bearing when with, diffs certainly shortness business. were higher the high, Crude the and But was impact others inventory. Gulf you was I today unplanned quarter,

And think through was said, across is, we coming of I down The sector, so Utilization reasons. Look, the trough of that of good summertime, is as a the developed, for we're negative. that. in a the again, sort news quarter the be then run host at We've seen we're we'll -- was expected. lose some U.S. utilization. sector which And to running country. There's not The downtime, been heading the going some can outside hold. into we're XX% into economic turnaround cuts unplanned some heading season. as

the So, may be will period where crude exact tightening. where be we products I it's and opposite, think loosening be entering a will

Our Leggate Wolfe with will next from Research. come Doug question

for you. one I got for I've and guess, housekeeping X. One question, strategic Karen

Paulsboro think back here into And a I So were -- chatter curious been you follow-up positioned unit because across Karen, please? you to movement you are part where cuts -- is, just Paulsboro to about working the East continue you my the the guys brought you there's clarify lot specifically, wonder of in run this guys Coast. run portfolio? brought talking it could if capital recall, the I in you in tightness environment? And quarter, that do recently. the of about will Where I But back seem I'm on

with Yes. Paulsboro. I certainly specific fake to news there referring units In is necessarily and running have But regards think may on that today. we you're -- per don't to been Paulsboro some comment se

which team of market we of we optimize at each local our basis assets on We in a have each our an all business operate. Karen? maximize E&P to refineries where daily the in

to to to more net a related $XXX working almost entirely and normalized payable it quarter our in returning of capital, hydrocarbon was respect with position level. million And that benefit a the

in second activities around and it first that exited as during considerably. that expected turnaround of did. that fact, the we quarter And first we that's call, headwind tightened in had we capital part the Our activities created turnaround would turn quarter working quarter. that the what first we quarter our our the And said that, and in saw

Our from UBS. with Gupta question will come next Manav

OPEC outlook of looks you're just Canadian on add on the into heavy-light understand And side, They widening I year wanted end. narrow some a seeing But turnaround. Canadian like to are your some with differentials. lot could now. then global the even volumes

So Canadian heavy-light, outlook those Gulf your as ramp the what's on Canada, well heavies? like, Coast for in the up volumes as both as

at Thanks, and their given It's out this to terms previously the the Manav. in Tom. quarter. what mean, accrued almost of in I sort they agree met of you've the -- speak guidance return I'd mean, they to today guidance would or opposition or say stated. with fourth I we need met no of would need in guess point JMCC product a has I

runway seems to be for that, looks the the and open So expectation. that certainly

that's particularly whether be bit the the Canada. think then to and Western at sort of sort a that were we and reintroduction quarters. across to then the I point, first fourth the maintenance growth in in our going assumptions third of there's the comments CDU the peak just to planned fourth just looking And and in come in made available QX fair seasonal that on sort then then into of the earlier whether is non-OPEC, for it's and seasonally, generally the terms fourth of quarter, of aspects, at in we're Matt input quarter of aspect that refiners different quarter with continued base crude what or it's Production also U.S. of in right? case consume. of seeing globally higher And forward

down that of thought government assets. your little follow-up thoughts there's just The My you the there. refineries California not doesn't mean, there on state harsh, They want thing? bit And pretty any imported school continue even in a on specifically like, would regulatory is closures path, are coming is process more I'm But California? a then want refinery if How environment gasoline. the of about maybe question. I that Ryan's Perfect. -- they talking in that and

A often environment high. But at California couple gasoline complain and of the time, too place, they constricts funny a it's things. about that prices being supply. that is regulatory same Look, a

issues could very the have environment possible yes. is operate and difficult into say closures there And it it would is And that refinery regulatory you I in. a X so be future? more conflicting to there,

They and is simply simply internal finger And other in or state that Now, reality travel want engine, imports? their and deliver produce, economic wishful of the day. it goods do to away wishing snap state things the meaning going the and fuel PBF of refiners through every product across we lives country, cost impact ratable, which can life, fly is trucks we not an California everyone and infrastructure the the simply not as other is planes, are sustain reliable, itself that don't in have simply place wishing it. and not is against on or well throughout people's as combustion goes deliverable the to And the services by components. important and and to thinking. The we affordable, quality products incredibly in the provide energy the

and all wishful life of is quality the of the So, world, reality we thinking and exist we sort as the there the enjoy. the and of

eliminating would on California. and have such that importing So lives And all to an infrastructure endeavor. people's in regards dramatic support impacts no there's it, way in that the refineries could just

will Matthew TPH. question Blair next come Our from with

in for also third on quarter? some trending you in how mentioned could capture terms headwinds the are on side, the can the any of in the so your co-products talk Matt, second And Are refining there about On you far QX? quarter. co-products impact you share numbers

that turn Paul. over to I'll

had we had all of the the LVPs Now, myriad we low-value work that those. dispose we with then on had, of a we built, to look, products and second just or quarter,

capture And your so absolutely is that a rates. factor in

But across asphalt than lower been. materially Paul, the system, it had

tremendous we Colombia. amount Asphalt from what from and impacted Canada has by been see imports of

changed the going dramatically into second in the third So and the quarter markets quarter. asphalt

in On impressive the lubricants second third been flip side quite has into the going of that, market quarter the quarter.

been have lubes So strong.

simply weak. That's going citing weak, that been have to In capture prescriptive we're describe LPGs detail. get how and it. has rates, been I regards Asphalt not to into

Okay.

moving third renewable Sounds on And good. your to guess, I your And you do bit think CARB loss quarter. you outlook come quarter? And then half back the the pathways just side, of be a forward? Did about overall, little expect renewable diesel I in that through the diesel in could the for second talk a in the year? worsened tailwind the

Sure.

catalyst you that got impact as a of of bring of back so has midst change no of to party. obligated I the the market into our been We There's softer are one throughputs. in the soft, expectation. that the ancillary we're an doubt than the we would manufactured business now, right So, main the benefit thesis why there. RINs will get

a Europe, Eni. take of can And things. sort operations. We've stock parties we me say brought let and couple so full aligned in the number things -- I think which alignment the in been on manufacturer no get the from in business. There's are Eni, when local constructed would well, where say been and a business, Eni We've are we good way being aligned doubt a of market way access into year. -- the having only a the getting both before well us the for itself of European into both benefits partnership. for operating about companies we in having markets a up are a as I the interests partner It's over disappointing each that back these as markets. these being has plans providing last in about And other, well with local of in expertise and a

RINs pleased contributing year, of the source and where I party, price to manufacturing. of we the overall the benefit. supply, to the Just in PBF, as as just get that the -- been a products benefit RIN driving that of dispose when get the plant, And out doing and to little down obligated our our about of I'm we're RINs. operate isolate terms ability specifically, business lining you RD And for We're we do the business feedstocks over for said, again manufacturing we've ability a actually in a is year. an

outlook no learned, but though new think business from it, with we're been there to not we forward, this I specifically that. And markets certainly, in for did I we outcome doubt, diesel, renewable the the developing, to were over in I some the carbon get the will and have long getting are the with term, best it, Markets and going pleased XXXX. fledgling renewable of is advantaged. into I've terms medium even the that continue that cost year So operating regards gas, economic the to of think like to market. It long develop. then distribute will a lessons are have term, cost those the we manufacturing of manufacturing products. short of renewable compensate term, ability i.e., our diesel markets specifically the the will putting diesel, that that aside the our to global location natural feel our feedstocks, for manufacturers our to location, And incentivize

those interesting looking to diesel. how of so is a players. are and evaluating market It we're and sustainable remain fuel considering are those to develops in ahead, And the the be converting aviation still that, we see renewable as that Indeed, other we constructive. number that will, will as

going And foot long I medium have no the the but in doubt, very say, it's our so constructive term, having it's I renewable early diesel business. be to days, in to like

Scotiabank. with Our next question from Cheng come Paul will

they and job. your you to or process for we nation, and I at to, do comparing to when the at the the are When around question, you say, third Matt. look them put refinery better you're in and also first the think, industry, a quartile, that the looking quartile second trying think going is you're turnaround Mike say, The all whether

assume in we for and also up than some turnaround That's next should in and to be first fix the calls longer question. past? your the CapEx the you there perhaps order deficits to over the scheduling may of several usual So, the years end that

right. All

and step they someone's down. where if going regards back break fall, in refineries to I our to think analysis, do So that they and must

in You can't the break put in quartile. down the country all refineries and them

them the You East in gotten in of years. talked the short last we have which before, about more and put as operate. over substantially has the Coast, structurally they short And number structurally to is markets

we very, so are that PADD, East able Coast line on do to crudes our the has only refining I capacity within the the quite the to And very up any that process think, frankly. well, in be assets world. They the complexity

to in Coast. these go full, these has get the provider blends. is market cost not but the Gulf California West Gulf impediments the has provider out Colonial into plants You products to the Again, their unique lowest do lowest compete Coast, Coast in the with cost the is and markets. Obviously, islandized that

are Our to be And think the on I believe, able assets West Coast, we'll over demonstrate I assets. that time. top-quartile

our this coastal speaking, factor previous we, are differentiating bullish, than going into Our next refining cycle. at a broadly as But kit a company, having Chalmette is, more obviously, there. renewable the diesel cycle business

has to and cycle, Toledo previous more over horse crude us feedstocks which doesn't in and do in more a put is and with you big sour Toledo, run want at always value turnarounds? able very products to product been high-value advantage. Mike, We it it. 'XX. And 'XX today, Toledo, So, has than advantaged time, it crudes than yield. will to from access or having our most profitable distinguish to doesn't the refinery. we attributes it have a access for -- other It Previous total we has crude the then The while is think indeed, to call a having be refinery got products sour grades heavy grades. day waterborne been of was since Indeed, total itself, heavy I and mix it bought cycle. talk about

Yes.

It's no spend on question seeing question we're and lack much will a that capital of per there's boils a terms how turnaround. our around the forward will of we and of what initiative, that costs. main that's I units. it efficiency, improvement how The impact thing do what to, and in schedules here, think maintenance going in our efficiency center down that turnaround capital

work much how we LPO spend, getting schedule. we're optimizing of way another the also minimization the and by it's the So dollar for

third said, to So and and to doing the get get the whether a we're looking need that it we're do the that same weeks have be done driving things, to being quartile, drive late me towards not we're study a X to allotted in we also work on turnaround this, But the be. as that talked timeframe a it tell do forward, I'm We're looking second cheaper, if we would benchmarking to where was and a focus that I milestone. scope. where before, we more don't now, need efficient quartile, about

is I which to So, And longer, they're durations, efficient terms to capital to are that free us be what in our or allocate more expect that capital, capital we're want Matt up have driving that allocate turnarounds, return for we'll reinvestment longer which efficiency. because budgets, in how could on opportunities ever that really that. that we for to expectation turnaround of wants how planned does wouldn't then

way with that about up been running, the to think if now. a quarter West I on impact Matt, for that, The second the it's that, [ ] and of question heavy running taking oil much any, terms be the how in TMX Coast cost? may run or OpEx system that you your and West how additional your Coast yield in operation, that Canadian that impacts of you how your how your

TMX, directionally year, the And pressure crudes, positive. that currently barrels obviously. crudes, I'd it end on those XX,XXX It's this again. displacing double that answer We're off is by taking yet way, I day a back we'll which about would expect so So, Paul. the puts of of other

positive. get we'll barrels day. very to up So Again, I XX,XXX early directionally by expect the be to we time a 'XX,

and buy the so refiners we ANS, big we're other refiners buyer of And in state. not but are -- other as

grades that back pressure is will As and all Canadian so ANS which the is California they on for and from in, coming put my the because directionally positive product frankly, buy some market perspective. ANS, market imports quite out ANS, it should bar, raise

your impact Does yield? it

our not certain substantial only yield. Every but a Does run to our is it impact grade a yield? cost the our in going yield impact crude to Not by LPs to way. extent, of we accrued maximize

So I think perspective, in, in from any outlooking should you don't yield. change your expect

from question Joe with Stanley. Our come Laetsch next will Morgan

you the the gasoline, remarks, on would us I giving you system one demand And also seeing just the May EIA ask about saw bit mind data talked to and but in an you're demand on in gasoline we diesel then higher. revised it jet? your side. update a wanted get I know across for what opening

versus any data well. would monthly the as So, on be the thoughts weekly helpful

It's said a Yes. it wait disappointing I mean, and we've ourselves almost system, from months That in some is. the that's right, I'd -- DOE's, has gotten that say From loop you what the of our for it have like this tube I it couple bit time. it it's a see is to been is. demand, theme, okay. to what but

to RACs, extraordinary. I to seen indeed, in it's our haven't regards nothing think I green do degradation what there's on looks pick but like. expect We And demand demand up. shoots some

is the of goes But half than of okay So, we year. as first I from the second it. time. described We market every single in it sort where look and we'll blah-blah, meh, the year looks some of I be in world. stagnant but day wouldn't was see but like better this here. first haven't surprised the only And for not in half growth rest of as, a the been year of seen to the if it I'd sort see at the the RACs we've country, the half okay. What said, of I some like

comments? pick any a to up growth expect other would I bit. Paul, So,

No. gasoline from necessarily numbers. doesn't point, double system our higher to that been on particular, our But than the That's we're Coast up I climbing steady, West year-over-year and is for correlate from actually year. standpoint, our it PBF national was year-over-year. on not digits vantage have in us last mean, a RACs pretty if the RAC demands

And on I ask helpful. or then wanted It's quick a question RG. quick a to follow-up just

X So, cattle one currently, year per just right. Should going fourth there's start-up? cattle related remember exchanges the just exchange on a there's forward? we that X to going if another I Is in and expect to quarter,

in one the there's And fourth Yes. not quarter.

meant 'XX. of the just quarter fourth I Sorry.

The year? last fourth quarter of

Yes.

Yes. We...

Yes. Jim. This is

X-year So, on basis, changed generally there's gets a changed the yes, about on out and out catalyst isomerate that cycle. guard an a the gets catalyst catalyst generally annual changes,

our And Cowen. come Gabelman question final from with TD will Jason

earlier, this items were margin weak, looked have the there wanted missed on East in and to I ask It wondering there. I may was going Yes. any pretty one-time XQ. but going to I Coast just specifically If what was on specifically potentially are that in reverse XQ.

around color provide any you could Just that.

Were I'm to benchmark crack? you the referring sorry, Jason.

East the No, realized margin. Coast

you the did again, XX expectations. that, East the extent to compounded as always have late. always itself, And our go would if a and to Coast, you Del turnaround, as we you Yes. extended down exceeded will, we for to But that they bit back The got before. ran little which correct City thing, period, have days do to talk big

And that. simple is as it so as

have you the lost Do -- Okay. you profit quantify a can opportunity?

mean, an and we million and over million, which market benefited of quantified across did. went the $XXX but the would then was that Del If That of Del pain a the extended random would lucky, the of City we City primarily. the as $XX Well, and I against were X/X. that was was the stronger from was there at incremental it system, weaker of we it, have have period Toledo, from market. we way other majority walk And a prices that, from into us. that sort going from market gone X/X

market, about by in I turnarounds standpoint, $XXX a So as extended primarily from LPOs, by remarks, in way, million corporate driven of for quarter, mentioned the million about counterintuitive. which, have weakening the and $XX my is you

go QX but You stronger have is gets thought life. such weaker, the opposed you as as that to traditionally would --

call the Lucey I reached the have turn of remarks. to over question-and-answer now we end like session. will closing the for And Matt to

and forward. much time And you Thank Have going you continued very attention attention your and to great forward a for your today, speaking to day. next quarter. look we

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