PBF Energy Inc. (NYSE:PBF) Q3 2023 Earnings Call Transcript

Matthew Lucey: I don’t think there’s anything unique in regards to PBF. Paul, do you want to make any comments on secondary products?

Paul Davis: I mean, secondary – I mean, one of the best attributes we got is our high level of octane production and our jet fuel production is higher than probably some of the other peers that we have. And depending on that market, it definitely has some impact on our captures. West Coast, we’re definitively pretty strong on jet and octanes.

Matthew Lucey: Yes. And then the other aspect is, in Q3, as Tom just went through, crude differentials were tight. That’s actually a headwind for our capture rate. To the extend crude differentials widen out, our capture rate should improve, provided we’re operating, obviously, the work in the West Coast is going to impact the operations out there. But I don’t see anything else, as you mentioned on, like the RINs, that have now been cleaned up and are behind us. So, I think it’s pretty clean.

Jason Gabelman: All right. Great. Thanks.

Operator: We have reached the end of the question-and-answer session. I will now turn the call over to Matt Lucey for closing remarks.

Matthew Lucey: Well, I appreciate everyone’s participation in today’s call. Like I said, we’re very, very pleased with where the company is in regards to our asset base and our balance sheet and we look forward to speaking to you again after the holidays. Have a great rest of the year. Thank you.

Operator: This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.