So, it is building. These capabilities are building sustainable learnings and capabilities in the organization that we think will continue to drive our performance. I hope that’s a bit more helpful, too.
Paul Cheng: Absolutely. Thank you, Maryann.
Operator: Next, you will hear from Roger Read with Wells Fargo. You may proceed.
Roger Read: Yes. Good morning. Congratulations on the quarter.
Mike Hennigan: Thank you, Roger.
Roger Read: Maybe just if we could address the changes here on the management team and whether or not that, what’s in – what it does portend about the future? I know, Mike, you are approaching the point at which the Board has to make a decision to extend if I understood correctly from the meetings back in late November. So, anything you can offer us up on any updates there?
Mike Hennigan: Yes. Roger, I will start off with, the changes are driven by two things. Results, one of the things that I feel my responsibility is to reward the results that we are getting because the team has done a very nice effort across the whole team. And the second part is development, putting people in positions such that they grow more personally so that they can contribute to the team. So, both of those factors, I think played into a lot of these assessments that occurred at the executive level, but it’s also occurring below that and not everybody gets to see. So, I am a big believer in the team approach, practically all decisions that we make, all of our team is involved in. So, there is a heavy component of development on top of the results that have occurred in the last couple of years.
As far as me, personally, I think you have heard in the past, that’s a Board decision. The Board is very aware of that. That will play itself out in time. But Board’s, if it’s not their top priority, it’s obviously at the very top of the first couple is what their responsibility is. So, that’s just work in progress. It’s been in progress for quite some time, and it will play itself out as time goes by.
Roger Read: Okay. And then my other question was to follow-up a little bit on the balance sheet question, I think that I get asked about in debt-to-cap guidance given. But if you keep buying shares back, theoretically it could end up shrinking the equity side, which could get you to the 25%, even if you held debt flat. So, one of us can predict the future exactly where all this will shake out. But would that sort of math imply that you could actually end up staying at the same debt level? In other words, simply refinance the debt, implying that all the cash that’s on there would be eligible for share repurchases or some other sort of return to shareholders, and that’s the right math to follow?
John Quaid: Hey Roger, it’s John. You read through my subtle comments very, very well. And certainly, the other part of that equation, right, is what we are doing on the equity side. So, that was my comment, hey, we think our gross levels of debt are appropriate as we look forward, because that will be part of the math. We will take a look at that, but I think you are pretty spot on. I am not sure I can add much from what you said to be honest.
Mike Hennigan: Roger, the other thing I would add is – I am sorry, I just wanted to just add. As a general rule, my belief is we don’t want to be under-levered. We don’t want to be over-levered. We want to find what we think is the appropriate level. And we think we have been there and we have been consistent there. And that’s why people should read into our cash position as that’s going to be targeted for return to shareholders. I think our job is to generate the most cash we can, run the balance sheet properly, which we have done over the past, and then at the end of the day, return excess capital to shareholders.
Roger Read: Thanks.
Mike Hennigan: You’re welcome.
Operator: Thank you. Our next question will come from John Royall with JPMorgan. Your line is open.
John Royall: Hi. Good morning. Thanks for taking my question. So, I just had a follow-up on the balance sheet. You had another strong quarter for the buyback of $2.5 billion. But with the crack environment turning down, you did end up drawing almost $3 billion of cash. And despite the big maintenance coming up in 1Q, it looks like January is off to a really healthy pace at $900 million. So, my question is, would you expect to maintain a similar pace throughout 1Q as you progress these turnarounds? And what could that mean for the cash draw and where balances could be at the end of 1Q?
John Quaid: Yes. Hi. Good morning John, it’s John here. I will take that one and let Mike add some other comments as well. But let me just start by saying, as I roll into the seat, I want to be clear, there is no change in how we are viewing return of capital, as you heard even in Mike’s prepared remarks. Again, really strong performance last year, again, as we are looking to drive strong returns to our investors, and that will continue to be a key part of our capital allocation priorities in 2024. And as we look at that, we are going to look at lots of things. One, we want to be opportunistic in the overall capital allocation and we will consider the refining macro environment along with lots of other items, but – and the balance sheet and where it is. But ultimately, I just want to be clear, we are going to be steadfast in our commitment to return of capital.
Mike Hennigan: John, it’s Mike. The only thing that I will add is we think it’s part of our DNA and duty to return capital as part of our mantra. So, we have been saying for quite some time, and we have been fortunate, as you said, the margin environment has been conducive to generating more cash. But we have targeted all along to return that capital to shareholders. We are going to continue to do that. And then again, whatever market environment we get handled, or get handed, I am sorry, we will make that still a priority for us. It’s on our capital allocation priority. We will start off with maintaining the assets, growing the dividend, investing in the business. So, that’s still part of our DNA as well. But at the end, I am a huge believer is, give that capital back to shareholders and then let shareholders decide where they want to invest longer term.
