Welcome to the HF Sinclair Corporation and Holly Energy Partners' Third Quarter 2022 Conference Call and Webcast. Hosting the call today is Mike Jennings, Chief Executive Officer of HF Sinclair and Holly Energy Partners. He’s joined by Tim Go, President and Chief Operating Officer of HF Sinclair; Atanas Atanasov, Chief Financial Officer of HF Sinclair; and John Harrison, Chief Financial Officer of Holly Energy Partners. At this time, all participants have been placed in a listen-only mode and the floor will be open for your questions following the presentation. Please note that this conference is being recorded. It is now my pleasure to turn the floor over to Craig Biery, Vice President, Investor Relations. Craig, you may begin.

Thank you, Rob. Good morning, everyone and welcome to HF Sinclair Corporation and Holly Energy Partners' third quarter 2022 earnings call. This morning, we issued press releases announcing results for the quarter ending September 30th, 2022. If you would like a copy of the press release, you may find them on our website. Before we proceed with remarks, please note the Safe Harbor disclosure statement in today's press releases. In summary, it says statements made regarding management expectations, judgments, or predictions are forward-looking statements. These statements are intended to be covered under the Safe Harbor provisions of federal security laws. There are many factors that could cause results to differ from expectations, including those noted in our SEC filings. The call also may include discussion of non-GAAP measures. Please see the earnings press release for reconciliations to GAAP financial measures. Also, please note any time-sensitive information provided on today's call may no longer be accurate at the time of any webcast replay or rereading of the transcript. And with that, I'll turn the call over to Mike Jennings.

Hey, thanks, Craig. Good morning everyone. Today we reported third quarter net income attributable to HF Sinclair shareholders of $954 million or $4.45 per diluted share. These results reflect special items that collectively decreased net income by $29 million. Excluding these items, adjusted net income for the third quarter was $983 million or $4.58 per diluted share compared to adjusted net income of $210 million or $1.28 per diluted share for the same period in 2021. Adjusted EBITDA for the current quarter was $1.5 billion, an increase of more than $1 billion compared to the third quarter of 2021. Our third quarter results reflect strong contributions from our Refining segment driven by safe and reliable operations that resulted in record throughputs and a 65% increase in gasoline and distillate sales volumes year-over-year. Solid demand in the regions we serve coupled with low inventories and improved crude differentials resulted in Refining EBITDA of over $1.4 billion in the third compared to $295 million in the same period last year. In our Renewables segment, we continue to methodically ramp up operations across our facilities with higher utilization rates quarter-over-quarter. Total sales were 52 billion gallons in the third quarter and we are encouraged by strong demand for renewable diesel and solid margins driven by D4 RIN price strength. We also expect to realize additional contribution from our pretreatment unit in Q4. Lubricants and Specialty Products reported EBITDA of $15 million for the third quarter compared to adjusted EBITDA of $82 million for the third quarter of 2021. This decrease was largely driven by FIFO impact from the consumption of higher-priced feedstock inventory resulting in lower margins. Our Lubricants business is still performing well above our mid-cycle guidance on an annual basis, as a result of strong demand for base oils and finished products. The Marketing segment reported EBITDA was $10 million for the third quarter and total branded fuel sales volumes were 362 million gallons, representing a $0.03 per gallon margin. We continue to make progress expanding the DINO brand as our number of branded sites grew by 29% during the third quarter. HEP reported adjusted EBITDA of $110 million in the third quarter compared to $83 million in the same period last year. This increase was primarily driven by contributions from the Sinclair transportation assets, which were acquired in March of 2022. We returned $952 million in cash to our shareholders through repurchases and dividends during the quarter and another $152 million in the month of October. Since the closing of the Sinclair acquisition on March 14, 2022, we have returned over $1.1 billion, which is well ahead of our initial target of returning $1 billion to our shareholders by the end of the first quarter of 2023. With the announcement of our new $1 billion share repurchase authorization in September, we remain fully committed to our cash return strategy and payout ratio while maintaining a strong balance sheet and investment-grade credit rating. To date, we have achieved our target of annualized run rate synergies of over $100 million, relating to the Sinclair acquisition, plus an additional $100 million of working capital synergies. We achieved these annual run rate synergies through a combination of commercial improvements, operating expense reductions, and SG&A optimization. We also announced today that our Board of Directors declared a regular quarterly dividend of $0.40 per share, payable on December 5, 2022, to holders of record November 21, 2022. Looking ahead, we're constructive on refined product margins, supported by low product inventories and wider crude differentials. We remain focused on maintaining safe and reliable operations across our fleet and our diverse portfolio of assets provides us the opportunity to generate strong free cash flow through the cycle. And with that, let me turn the call over to Atanas.

Thank you, Mike and good morning, everyone. Let's begin by reviewing HF Sinclair's financial highlights. As previously mentioned, our strong third quarter results included a few unusual items. Pre-tax earnings included a $17 million charge for lower cost to market inventory valuation adjustment, HF Sinclair's pro forma rate share of HEP's holding Pipeline environmental remediation costs of $10 million, and acquisition integration cost of $11 million. A table of these items can be found in our press release. Net cash provided by operations totaled $873 million, which included $28 million of turnaround spending in the quarter. HF Sinclair stand-alone capital expenditures totaled $92 million for the third quarter. As of September 30, 2022, HF Sinclair's total liquidity stood at approximately $3.1 billion comprised of a stand-alone cash balance of $1.45 billion along with our undrawn $1.65 billion unsecured credit facility. As of September 30, 2022, we have $1.74 billion of stand-alone debt outstanding with a debt-to-cap ratio of 16% and net debt-to-cap ratio of 3%. HEP distributions received by HF Sinclair during the third quarter totaled $21 million. HF Sinclair owns 59.6 million HEP Limited Partner units, which following the acquisition of Sinclair Transportation represents 47% of HEP's outstanding LP units, at a market value of approximately $1.1 billion as of last Friday's close. Let's go through some guidance items. We have slightly reduced our expected capital spending guidance for 2022 to the range of $740 million to $885 million from the previously shared range of $785 million to $950 million. We now expect to spend between $225 million to $245 million in refining, between $230 million to $260 million in renewables, $35 million to $50 million at lubricants and specialty products, $10 million to $15 million in marketing, $75 million to $90 million in corporate, and $110 million to $150 million for turnarounds and catalysts. At HEP, we expect to spend $55 million to $75 million in total capital. For the fourth quarter of 2022, we expect to run between 620,000 to 650,000 barrels per day of crude oil in our Refining segment. We have no major turnarounds at our fuel refineries scheduled for the remainder of 2022. And with this, I'll turn the call over to John for an update on HEP.

Thanks Atanas. HEP's third quarter 2022 net income attributable to Holly Energy Partners was $42 million compared to $49.2 million in the third quarter of 2021. The year-over-year decrease was primarily attributable to our share of incurred and estimated remediation expenses associated with the Osage pipeline crude oil release. Higher interest expense and operating costs were partially offset by strong earnings related to the recently acquired Sinclair Transportation assets. HEP's third quarter 2022 adjusted EBITDA was $110.1 million, compared to $83.3 million in the same period last year. A reconciliation table reflecting these adjustments can be found in HEP's press release. HEP generated distributable cash flow of $78.7 million and we announced a third quarter distribution of $0.35 per LP unit, resulting in a distribution coverage ratio of 1.8 times. The distribution will be paid on November 11th to unitholders of record as of October 31st. Capital expenditures and joint venture investments during the quarter were approximately $13 million, including $5 million in maintenance CapEx. As we look to the remainder of the year and into 2023, we anticipate strong performance across our asset base driven by strong refinery utilization rates. Safe and reliable operations remain our highest priority. We remain committed to our capital allocation strategy and expect to reach our short-term leverage target of 3.5 times in the first half of 2023. We're now ready to turn the call back over to the operator for any questions.

The floor is now open for questions. Thank you. And your first question comes from the line of Paul Cheng from Scotiabank. Your line is open.

Good morning. I have two questions. First, regarding cash distribution, how should we view your stock buyback, which has exceeded the $1 billion target so far? Should we assume that when cash exceeds $500 million, the additional cash flow beyond capital expenditures will go towards distribution? Also, is there any indication from the Sinclair family about their long-term intentions with their holdings? The second question is about the renewable diesel segment. Have there been any unexpected findings during your learning process, and can you possibly quantify how margins and cost structures may change in the fourth quarter compared to the third quarter? Thank you.

Paul, we're sitting here writing furiously trying to capture those questions down. Let me ask Atanas to start out with the distribution of cash strategy as we generated here.

Thank you, Mike, and thanks for your question Paul. First of all, we remain very much committed to returning capital to our shareholders. And as we have demonstrated in the past in periods of strong cash flow generation, our priority is to return capital. Just to quantify this a little more specifically, we've called out the 50% payout ratio for the long term. Now, with respect to how much is dividend versus how much is share buyback, that's just a matter of debate and what flavor it comes in, but our commitment is to remain focused on this robust shareholder return.

Thanks, Atanas. And looking forward into 2023, we hope to continue the same pace of play. We've got a little higher maintenance in terms of planned turnarounds in '23 than we had in 2022. But again, the priority is incremental cash flow going to shareholders and share repurchases, the most expeditious way for us to do that. As for the holding family, we've said this and it's worth repeating, we've got a very close relationship with that family. We have two of their representatives on our Board and we have transacted with them in size regarding our own share repurchase program, which provides us a greater amount of liquidity to our shares in terms of executing a repurchase. So, it's mutually beneficial. We expect it to continue in size. Finally, on renewable diesel, the plants ran at just 50% utilization or so during 3Q due to unplanned downtime relating to start-up operations, which created issues from a profitability perspective. The first is fairly obvious; we're generating fewer gross margin dollars relative to our fixed operating expenses, but second, we ended up running a higher mix of high-cost feedstocks as this renewable biodiesel was purchased for start-up runs and we really didn't get the benefit of the pretreatment unit in the same quantity that we would expect. So, looking forward, in the fourth quarter there is some planned downtime at the ParCo renewable diesel for catalyst changeout. But apart from that, we expect higher throughput and utilization significantly than we experienced in the third quarter. That should lead to substantially different operating profit results.

Thank you.

Your next question comes from the line of Theresa Chen from Barclays. Your line is open.

Good morning. Thank you for taking my questions. Mike, I wanted to ask you about what you're seeing in the landscape for refining economics going forward following the strength this quarter. Clearly, express still elevated and you're seeing significant tailwinds from WCS. I'm curious to hear about how you think this evolves through the rest of fourth quarter and into 2023. And on the product margin side, if you can give a flavor of the breakdown between diesel and gasoline, that would be helpful as well?

Yes. I'm going to ask Tim to take this question. Thanks Theresa.

Yes. Hi, Theresa, this is Tim. We definitely see a better for longer scenario here where we think refining margins will continue to deliver above mid-cycle returns for the foreseeable future. We are in a structurally short market. We continue to see that with refinery rationalizations that have occurred over the last couple of years, the Russia-Ukraine conflict causing trade flow disruptions. As you look forward, it's hard to see that changing significantly in the near term. We know that there's going to be some additional start-up of some refining capacity next year. I think the Beaumont refinery, the Superior refinery are going to be starting up, but we also know that the Lyondell Refinery has announced its closure, and the Rodeo refinery is also set to close. We believe the structural short situation will continue for quite some time really until we get to 2024 when we start seeing Mexican or Nigerian refinery startups. We don't see a big change in the overall supply-demand dynamics now. The energy transition theme has gotten a lot of attention over the last several years but it's proving out to be more of a longer-term evolution. With the high inflation that we're seeing right now, there's a slowdown in continued investments in green technology. We see that the demand for our products will continue to be strong, and our refineries are producing as much as they can right now, still having trouble keeping inventories full. So, the long story short, Theresa, we think the refining market will be strong here for the foreseeable future.

Thank you.

And to add to that, Theresa, the high run rates that we and others have attempted to produce in order to meet US fuel demand is going to create additional maintenance outages. These plants have been running full and hard for quite a long time trying to prevent supply shortfalls. We think that during 2023 this will show up in both planned and unplanned maintenance.

Your next question comes from the line of Ryan Todd from Piper Sandler. Your line is open.

Hi. Thanks. Maybe if I could ask on the refining side, results were strong in the quarter but particularly in the Mid-Con the sequential decline in capture rate was a little surprising. I know there's a lot of moving pieces there. But especially, given where crude differentials were in the quarter, can you talk about some of the positive and negative factors that may have impacted your ability to capture the environment in the quarter there, in particular in the Mid-Con, and how some of those may be trending in the fourth quarter?

Yes, Ryan, this is Tim again. We're pleased with the capture rates that we've had both in the Mid-Con and, of course, in the West. I'll just point out we did have an Osage event that impacted our Mid-Con refineries in the third quarter. That probably was the biggest factor that lowered the capture rate in the third quarter. Of course, RVO obligations were up as well during the third quarter, which will impact our capture rate. On the other hand, we're pleased with the Sinclair synergies that we continue to capture. We have some Rockies arbitrage that we're able to capture as part of our Mid-Con El Dorado refinery, and, of course, the higher WCS crude differentials are allowing us to capture more in the Mid-Con. So we're optimistic about fourth quarter capture rates as well.

Great. Thanks. And then maybe a follow-up on an earlier question. I appreciate the color that you gave around the renewable diesel business. Maybe just a point of clarity: have you worked your way through the expensive RBD feedstock? Will that remain an overhang at all during the fourth quarter? And as you look into the environment over the next few quarters, how do you think about the backdrop in renewable diesel?

Yes, Ryan, we're really working through what I'd call historical and start-up issues. The underlying environment for this business right now is constructive and is consistent with the margins that we forecast in the past. We have a little bit of that to work through in the fourth quarter. But as I said previously, we expect that the operating result will be substantially better than we experienced in the third quarter largely due to throughput and due to the fact that we've got very little of this remaining higher-cost feedstock to process.

Great. Thank you.

Your next question comes from the line of Doug Leggate from Bank of America. Your line is open.

Hi. Good morning, guys. This is Clay on for Doug. So thanks for taking the questions. So my first question is on the macro setup for 2023. Today winter diesel is driving the margin complex and you're obviously biased to maximize those yields. But can you offer a view on how this transitions into summer? Because theoretically, you wouldn't need a price signal to swing back the other way to gasoline. So if diesel remains robust, do we see gasoline catch up?

Yes, Clay, this is Tim. Yes, certainly we're all our refineries are in max dieselization mode today. They have been in max dieselization mode for pretty much most of this year. Even during the summer, we saw stronger diesel cracks that incentivized us to continue maximizing diesel. So we anticipate that even as we transition from winter back into spring and summer this next year, we will continue to be in max-diesel mode, and the gasoline incentives will need to increase to encourage people to start switching back to gasoline mode. We may see some strength in both gasoline and diesel at the same time next summer.

Got it. I appreciate that. My second question is on Waha gas, so recently the benchmarks there touched zero because the takeaway situation is very tight and it doesn't get fixed until the second half of 2023. I'm wondering what that means for the operating cost for Navajo and also with hydrotreating costs.

Yes. We've watched that differential in the Southwest for natural gas come down. It's surprising. We're pleased with it. It definitely helps us on operating costs, as we've seen natural gas prices go high pretty much across the country earlier in the year. Overall, we track energy prices carefully because for every dollar plus or minus in natural gas, we typically see about a $44 million change in our overall EBITDA on an annual basis across all our fleets.

I appreciate that. Thank you.

Your next question comes from the line of Connor Lynagh from Morgan Stanley. Your line is open.

Yes. Thanks. Just wanted to think about 2023 a little bit here. You were talking about higher turnarounds, but then I'm also thinking through, obviously, a reduced cost on renewables. Can you help us walk through the major factors on CapEx and just how we should think about those big cost items for next year?

Yes. I think at a high level, we're going to be providing specific guidance for CapEx as we roll into the coming year, but higher maintenance expenses, planned maintenance around turnarounds and lower costs on renewables will probably largely offset each other. Again, we'll update the guidance in the February time frame.

Okay. So net-net, you're kind of about the same place 2023 versus 2022 as the takeaway there?

Maybe a little higher, but roughly.

Okay. Got it. Maybe one just higher level structural one. Where do you see pricing in your core markets? You guys obviously have a lot of niche market exposure. Where do you see pricing being set off of, if that makes sense? So in your mid-cycle forecast previously, you basically pointed to a Gulf Coast crack plus transportation costs. Do you feel like that's the right way to think about it? Do you think you're being more priced off of coastal markets? How do you think about that on a go-forward basis?

Yes, I'll take a shot at that, Connor. So we believe that the East Coast — the marginal East Coast refining economics are historically set off of the European imports that would come in. Clearly, that has changed given the Russia-Ukraine conflict and natural gas price increases they are seeing over there, part of the trade shift flows that have occurred through the conflict. Today, some of the marginal barrels coming into the East Coast are really from Asia. This creates more of a structure, more of a higher cost price setting mechanism for us. We believe the Gulf Coast is basically set off the East Coast and our Mid-Con refineries are set off the Gulf Coast. We see a structural advantage there compared to the Gulf Coast and East Coast today, and we think we have a structural advantage over the marginal price setting mechanism, which today is largely driven by the Asia import barrels coming in. As we look at the structure, those are the factors we're monitoring both from an operational cost standpoint and we know we have a natural gas advantage from a crude differential standpoint. With the strength of WCS and Brent QTI that we're seeing right now, we believe we have a structural advantage. Additionally, when you look at pricing for product placement, we see a strong niche market for our products, both diesel and gasoline. We think we have advantages over a marginal producer.

It's helpful. I'll turn it back. Thank you.

Your next question comes from the line of Matthew Blair from TPH. Your line is open.

Hey, good morning. I think you're in 13% heavy barrels in the quarter. Could you talk about what's driving WCS wider currently and what your outlook is going forward?

Yes, Matthew, this is Tim. We are definitely seeing and are pleased with the wider WCS spreads. We're seeing that as a result of some return to normal production in Canada. I think we always believed that the WCS/WTI spread would widen here in the fourth quarter associated with that. What surprised us are some of the unplanned events that have occurred in the Mid-Con, which have impacted demand for WCS, as well as some of the quality choices occurring for crude. Naphtha, of course, is very weak right now, as well as some of the fuel oil barrels that are also weak and competing for WCS demand, which is lowering overall demand and causing the spread to widen. We still see production and quality differentials driving a higher than expected transportation differential dynamics, and we believe we'll benefit from that. In the third quarter, we ran a little less heavy than planned, which was mostly associated with the Osage event that occurred. We have the economic incentives to increase our WCS production. As a rule of thumb, for every $1 a barrel change in WCS, we typically see about a $40 million annual EBITDA impact in our business.

Sounds good. And then your Q3 capture rate basically held flat at 69%, so nice work there. Do you think the outlook for the Q4 capture rate actually might be a little bit higher quarter-over-quarter just given tailwinds from wider WCS dips, as well as things like butane blending and octane spreads?

Yes, we're encouraged by all of that, Matthew. I would say typically as we get into the winter months, our capture rates tend to go down, but that's generally because of decreased utilization when some of the RVO percentage of gross margin is higher. But as you pointed out, we're encouraged going into the fourth quarter when utilization is high. With the wider crude differentials and strength in the diesel cracks, we do think capture rates should stay higher here in Q4.

Okay. Thank you.

And your next question comes from the line of Jason Gabelman from Cowen. Your line is open.

Hey. Thanks for taking my questions. I first wanted to ask about the renewable diesel business. You mentioned some unplanned downtime. I may have missed it if it was planned, but due to a catalyst change in the renewable diesel business. I know the industry has had some issues during start-ups that have come through in terms of going through the catalyst quite quickly. Was the catalyst change a result of that or any other types of operational issues? And if so, do you have everything under control, or is everything okay in that segment? And then my other question was just on the lubricants business. A big quarter-over-quarter decline. I know some of that was due to accounting for higher feedstocks. Can you just discuss the factors involved, maybe the order of magnitude of that inventory impact and where margins are trending in that business? Thanks.

Yes, Jason, I'll start with the renewables question. We referenced a catalyst change at the Parco plant in October and that was very much a planned and scheduled catalyst outage. We do think we have our hands around the operation of these units, and they are a little different from normal distillate hydrotreating units. Our experience has been pretty good relative to catalyst life and activity. We had some start-up related issues in 3Q, but not a lot of catalyst problems. As for the lubricants, Tim, you can speak to that?

Sure, Jason. Yes, the whole lubes impact associated in the third quarter was due to FIFO, with higher-priced feedstocks that we ran. It was an unfavorable $47 million in the third quarter. So really, nothing to see here. Even without the FIFO impact, we would still have delivered record earnings in the first quarter and second quarter, and we're very pleased with the business there. We know FIFO will even out over time as it unwinds. We still expect lubes EBITDA of something in the $300 million range for 2022, even taking into consideration all the FIFO impacts.

Your next question comes from the line of Neil Mehta from Goldman Sachs. Your line is open.

Yes. Good morning, team. The first question just on the mid-cycle adjusted EBITDA. You've come out with this $2.6 billion number and $1.5 billion of free cash flow, and the business is obviously trending very well relative to that. I'm just curious as you think about the different parts of that adjusted EBITDA equation, where do you see biases to the upside or downside?

Yes, Neil, good morning. Look, the environment that we're currently operating in is obviously a little foreign to us, and the earnings and cash generation is extraordinary. It's hard to immediately impute a change in mid-cycle economics. We believe there's a supply shortfall in domestic refining capacity. What does that suggest? It suggests more opportunity in the refining EBITDA number. We've just completed our first $100 million of Sinclair-related synergies, just seven months after closing the deal. There's probably a little more to go with that front as well, yet unquantified. Those are the two real levers in terms of taking mid-cycle EBITDA higher. We've chosen not to do that yet just to absorb what the current industry structure is. It doesn't affect what's important, which is our cash distribution back to shareholders. Whether we adjust this higher in our presentation and expectations will depend on watching quite a bit, with a focus on refining primarily.

That makes a lot of sense. And then the follow-up is just around the M&A strategy. Both Puget and Sinclair were well-timed in retrospect, and you've been able to capture a lot of that upside. Do you see additional assets potentially coming into the market? And is Holly proving to be a logical consolidator of bolt-on assets?

First, thanks for the compliment on timing. I wouldn't say we necessarily planned it that way, but it has worked out very well for us and our shareholders. As for taking on the burden and blessing of being the consolidator, we don't hold ourselves to that standard. We're opportunistic. We have defined geography and quality of assets that we're looking for. At present, our plate is full with the Sinclair acquisition, and our goal is to really make an excellent combined unit of that company and historical Holly. We have some months ahead of us in realizing all the opportunity that we've purchased. There's plenty to do to realize what we've purchased already. As for the future, yes, we believe that due to the energy transition, there will be net sellers of assets focusing principally on larger oil companies redeploying to a more renewable portfolio. But presently, we don't have a strategy of being a consolidator. We'll remain opportunistic.

And your next follow-up question comes from the line of Paul Cheng from Scotiabank. Your line is open.

Hey, guys. Thank you. Just a quick follow-up on the Sinclair synergy. Mike, you mentioned that you achieved $100 million already. From this point on, what do you see as the incremental opportunities for that synergy benefit? Where is the biggest piece going to come from?

Yes, Paul, there are definitely still a lot of opportunities in focusing on supply chain and logistics, especially given our presence in the Rockies area. We continue to find ways to optimize our trucking and pipeline deliveries, improving how we put product into various markets between the Woods Cross, Casper, and Rollins refineries, suggesting transportation savings, pipeline tariff savings, and lower costs overall. From a procurement standpoint, we've already captured some savings but we believe more opportunities will arise as we leverage our scale across the seven refineries in our portfolio. We've also noted that as we share knowledge across our refineries, we expect improvement in reliability performance and utilization. Lastly, there are some optimization opportunities in the intermediate products we manufacture at these refineries, especially concerning fuel oil and asphalt that could generate further benefits.

Do you have estimates of your target for the incremental synergy benefit over the next 12 months that you may be able to capture?

Paul, we do have initiatives and estimates internally that we're working on but we have nothing to share with you at this time.

Paul, we're planning to quantify that on next quarter's call. We felt like we had just gotten through the first chunk, and we're building up the next list for opportunities and their sizes.

On your lubes question, Paul, I'd say if you take the $40 million to $70 million we discussed associated with FIFO, apply it to the $15 million of reported EBITDA. You'll arrive at a number consistent with our mid-cycle estimate that we've mentioned in regard to run rates. Our first half is typically stronger, while the second half is generally weaker seasonally. We're still targeting mid-cycle performance, and I believe we will.

And if I could just add, Paul, it's important to not look at this quarter in isolation. Even with the FIFO headwind for this quarter, when you look at a year-to-date basis, the overall impact is not negative—it's positive. So as Tim indicated, FIFO tends to even out over time.

I see. All right. Thank you.

And there are no further questions at this time. I will now turn the call back over to Craig Biery for some final closing remarks.

Thanks, Rob. This is Mike Jennings. In closing, I'd just tell you we've really made great progress bringing the Sinclair businesses into our company. The strategic and financial value of that combination is becoming apparent to our shareholders. The synergy capture is per plan, and we anticipate adding more to that estimate as we go forward. I’ve said we’ll articulate that on our next call. Across our base businesses in five segments, we're operating well. Renewables is obviously a focus as we're bringing these plants up to full rate through start-up. We expect higher margins in today's refining market will persist due to challenging macro supply factors that will be difficult for the industry to resolve in the short run despite our best efforts. Our company's performance in returning capital to our owners has been ahead of expected pace reflecting a strong cultural bias to return cash to shareholders as we generate it. We have a larger maintenance program ahead of us in 2023, but we continue to seek opportunities for capital returns, while maintaining a solid balance sheet and investment-grade credit rating. With that, we look forward to speaking with you all again on the next call.

Thank you. This concludes today's teleconference. Please disconnect your lines at this time and have a wonderful day.