John Royall

“Tough to follow that back and forth, but maybe I'll go with a balance sheet question. So you're remaining well above your target at 38%. You got the big turnaround quarter for the year in the rear view.”

“We noticed a step up from where you had guided to 4Q, but it's also in the context of things going well with EOP. So I was hoping you could help us bridge the difference and maybe how should we think about that OPEX number as we progress further into 2025 beyond that 1Q guide.”

“So my first question is on the potential for refining M&A. How do you think about that in this market, Tim? I think you've mentioned in the past that you like to be counter-cyclical with M&A when you can.”

“First, can you tell us the tax implications of the $90 million Midway pipeline sale and have the taxes been paid out yet?”

“So, my first question is on 4Q cash flows. We noticed cash for months, even ex-working capital came in a little late relative to earnings. It looks like there's $100 million plus of deferred tax as one of the drivers.”