Neil Mehta: Congrats, Tim, and congrats, Mike, to both of you. I have a follow-up on the return of capital question. And I don’t know if you can comment on the Sinclair family and their intentions. But one of the things that’s been nice over the last year is even as they’ve been monetizing the position, you’ve been in a position to take down some stock, December notwithstanding. So just your views on whether you can continue to be over the wall and your capacity to mitigate any outflows from them?
Mike Jennings: So Neil, thanks for the question. We, as you know, are very close to the individuals. We have two of their representatives, one family member on our Board, and we speak frequently. So yes, December notwithstanding, which was an interesting trade. We expect to continue to buy shares from them as they liquidate some of their position. I don’t think they have an intention to sell down to zero by any stretch, but they do want some liquidity. And it has been fairly synergistic relationship, as you will, and that we’re buying in chunky quantities at a discount to market. And that, to us, benefits our shareholders. So we would expect to do more of that, assuming they’re still willing.
Neil Mehta: Okay. That’s helpful, Mike. And then we talked a little bit about the crude markets, but love your perspective on the product markets. It’s hard to make sense of the EIA weekly these days. There’s a lot of noise it seems in the data. But what are you seeing through your own wholesale channels in terms of — and retail channels in terms of demand? And how does that influence the way you think about the way both diesel and gasoline are set up into the summer?
Tim Go: Yes, Neil, this is Tim. The EIA data is confusing every week. It’s interesting just to see how it plays out. What I can tell you is on the product side, we’re seeing strong demand in our markets. And so for example, on the gas side, I would say we’re seeing demand that’s 98% of what our 2019 peaks were. That’s in the Mid-Con, the Southwest and the Rockies. It’s up versus 2021, but about maybe 2% down versus 2019. On the diesel side, we’re seeing demand, maybe 10% higher than what we saw in 2019 in the areas that we operate in. And on the jet side, which has been very — which has been lagging, I guess, through most of the COVID period, we’re seeing that at about 90% of where we operated at the peak in 2019. So we continue to think that as this year plays out, that jet demand is going to continue to climb.
We also think, as most people do, that with the China situation opening back up, that there’ll be some more global demand pull for these products, and that we’re really shaping up for another strong rest of the year in terms of refining. And there’s been a lot of talk about macro factors and drivers for the refining industry. And I don’t really have anything more to add to that. But what I can tell you is that if you look at our regional advantages, that really is something that we’re excited about here the rest of the year. If you look at our presence in the Rockies, if you look at our position on the West Coast and the P&W, and especially if you look at our asset in the Southwest, we think that regional advantage gives us a step-up above even the macro drivers that we’ve been talking about.
