Louis Borgmann: Yes. And I think, just to pile on a little bit, we know there’s intrinsic value in Calumet, right? Bruce just talked about some of the value that we’d expect. We can look at comps in the marketplace. We can look at a number of points to triangulate into what Montana Renewables is worth. And we’ve talked about unlocking that through IPO or monetization. Primarily, we think MRL would be very liquid as a publicly traded company, and that would certainly help Calumet. We’ve also said we’re exploring optimal paths, like we always do. Natural time for all stakeholders, I guess, Jason, is to look at the full strategy, would be when we’re talking about selling or spinning some of it to create new entities. So could something with the structure be 1 of those options?
Sure. I mean, I guess everything is an option. Everyone involved is rational economic creatures, and we all want what’s best for Calumet. So I guess I’d just say the entire strategy is complex. It takes time. And what we do from here with this large amount of value sitting in Montana Renewables is arguably the most important decision in the history of Calumet. So getting that step right is the most important thing, and we’re going to prioritize that over rushing down a particular path. We’ll be talking with the market, we’ll be seeking input. And at the end of the day, there’s a heck of a lot of value here, so we’re focused on unlocking that and we’ll go from there.
Jason Gabelman: Got it. I appreciate the comments. And then my follow-up just on the margin outlook and specifically related to RIN prices following the EPA’s decision on the renewable volume obligations for ’23 to ’25, I think. There’s a decent amount of concern that RIN prices are going to be volatile next year as the industry brings on new renewable diesel capacity. I know you — the Calumet has a view of kind of a stable margin for renewable diesel over the medium term. But do you anticipate some elevated bouts of volatility in the renewable diesel margin next year due to a potential RIN oversupply? And how do you think the market kind of evolves through that?
Bruce Fleming: Sure, Jason. It’s Bruce again. The individual components of the industry margin index that we use are independently volatile, and RINs is getting a lot of attention. A couple of things that I talked about last, California is clearly going to accelerate their LCFS reduction profile, so that goes on the credit side. And the more SAF we pull out of the renewable diesel pool, the shorter it is, so there’s an interaction there. And then the final comment, I don’t see a lot of analytics that recognize that Canada is part of our trading market, but it is. And not to be flip, but I’m not sure I care where California goes because we’re not going there.
Jason Gabelman: Got it. And just to elaborate on that last point, could you sell 100% of your product into Canada while kind of sustaining the current margin profile?
Bruce Fleming: We could. That would potentially not be optimal distribution, but I’m on record for the last 2 years as saying our physicals shouldn’t fall more than 100 miles from Puget Sound. When you look that up, that means we hit Oregon, Washington, British Columbia, and now, all of federal Canada. So we’re pretty excited about the fact that there are small rural differences, normal seasonal patterns and a lot of trading volatility. I was a West Coast operator for 12 years before I came to Calumet. There is a lot going on out there, and because of our geographic proximity, we’re close in, in time, and we can take advantage of that. So I think the fact that Federal Canada brought an addressable diesel market equal to the PADD V volumes probably ought to get more attention.
