Gary Simmons

“You know, still early in the quarter, but, you know, to us, both margins and capture rates look instructive relative to the second quarter. As you mentioned, really the biggest tailwind in the quarter is really around feedstocks.”

“You know, despite the fact, as you alluded to, that prices for transportation fuels are moving higher, it appears, especially domestic demand, appears to be very resilient.”

“Certainly, you know, during November and December, we saw fairly significant builds in total light product inventory. It followed typical seasonal patterns, but the magnitude of the build was much larger than what we typically see.”

“I would say that we have been somewhat disappointed that TMX hasn't had as much of an impact on West Coast crude values and ANS didn't decline as we expected. Most of those barrels are flowing to the Far East.”

“Happy to address that and show you kind of talk about what we're seeing on the commercial side of the business. Sales through our wholesale system were down in the first quarter a few percent typical historic levels.”