William Monteleone: Sure, Matthew. This is Will. So I think as we’ve demonstrated, I think you saw the June results where we were above 60,000. And you can see for the quarter, we averaged 55,000. And so I think the story in Montana really is not about mechanical availability, right? We can — we’ve demonstrated we can run the plant in the 60s, it’s really about doing it reliably and through the season. So again, our focus is not so much on expanding the capabilities at the facility, but focusing on identification of areas that have been reliability challenges in the past where you’ve experienced unplanned outages. And so — this could be everything from really improving, I’ll just call it, the design of certain pieces of pumps and compressors to metaling up certain units that we think will reduce corrosion risks.
So again, a lot of this comes down to not necessarily reengineering the plant, so you get more throughput, but really making sure we just experience fewer unplanned events.
Matthew Blair: Sounds good. And then on the retail side, that same-store volume number of up 8.6% year-over-year was pretty eye-popping. Could you talk about what’s driving those gains?
William Monteleone: Sure, Matthew, it’s Will again. So I think it’s really 2 factors I’d point to. I think in Hawaii, you’re still seeing us lapping some softer comparable periods in the 2022 time frame, where Hawaii at least was still somewhat impacted by COVID. So it was a little bit slower to come out than the Mainland. So again, I think you’re seeing some benefit on the macro side there for Hawaii. That’s idiosyncratic to that market. And then I think secondarily, on the Mainland, we have rebranded all of our stations in the Pacific Northwest region. And I think we’re seeing a nice response and I think are growing an attractive brand in that region. So I think both markets are growing nicely, and I think those are the 2 major factors driving the attractive and consistent same-store sales growth that we’ve been delivering.
Operator: We have a question from John Royall from JPMorgan.
John Royall: So I was hoping for your view on refining in China, we’ve been reading there have potentially been some run cuts there. And I know there are limits on crude imports right now. Do you expect that to tighten up the supply market in Asia? And just any thoughts on your outlook for the product market in Asia would be helpful.
William Pate: John, this is Bill. Certainly, the run cuts in China, which I think are related to crude imports, it’s related to export quotas, but ultimately just related to how the economy is managed. And what you’ve seen there is consistent with some of the conversions. I think you’ve had a number of larger new refineries come online in the last 3 to 4 years. they’re all really integrated into the petrochemical chain. And then at the same time, you’ve seen closure of lending facilities in [indiscernible] simpler refineries. And as a result, there’s been a balanced production change with respect to transportation fuels and a fairly significant increase in terms of feedstocks for the petrochemical chain. And I think what we’re seeing today is the government managing the — their refining complex to supply their local market while the economy is weak, I think a lot of it is related to global demand and the reopening of the economy for the local consumers actually resulted in probably more demand for transportation fuel.
So we’ve seen, I think, through the year, fairly consistent exports and then a recent tightening, but I don’t know that there’s any major changes. They tend to be not as active in the Singapore market as they were a couple of years ago. I mean a lot of the [indiscernible] have really withdrawn in terms of their export capabilities. And so you’re really left with Chinese national companies that are managing the exports of any excess product in the Chinese market out in the international market. And that all results in just a more balanced and a kind of a more rational entry into the market of any excess production they may have.
