🔹 Revenue: $29.89B (Est. $26.97B) 🟢
🔹 Adjusted EPS: $2.28 (Est. $1.72) 🟢
🔹 Net Income: $714M; DOWN from $880M YoY
🔹 GAAP EPS: $2.28; DOWN from $2.71 YoY
🔹 Net Cash from Ops: $936M
🔹 Adjusted Net Cash from Ops: $1.3B (ex-WC & JV impact)
🔹 Capital Investments: $407M (incl. $371M sustaining)
🔹 Dividend Declared: $1.13/share
Segment Performance:
Refining
🔹 Operating Income: $1.3B (vs. $1.2B YoY)
🔹 Throughput: 2.9M BPD
🔹 Refining Margin/BBL: $12.35 (Est. $11.75) 🟢
🔸 Set record throughput rate in U.S. Gulf Coast
Renewable Diesel (Diamond Green Diesel JV)
🔹 Operating Loss: ($79M) (vs. $112M income YoY)
🔹 Sales Volume: 2.7M gallons/day
Ethanol
🔹 Operating Income: $54M (vs. $105M YoY)
🔹 Production Volume: 4.6M gallons/day
CEO Commentary:
🔸 “We delivered solid financial results for the quarter, driven by strong operational and commercial execution.”
🔸 “Set a record for refining throughput in the U.S. Gulf Coast region.”
🔸 “We remain committed to commercial and operational excellence, backed by a strong balance sheet.”
Financial Position:
🔹 Total Debt: $8.4B
🔹 Cash & Equivalents: $4.5B
🔹 Debt-to-Cap Ratio (net of cash): 19%
🔹 Repaid $251M in 2.85% Senior Notes
Strategic Update:
🔸 FCC Unit optimization project at St. Charles Refinery underway
🔸 Target completion in 2026; Estimated cost: $230M