Will Monteleone: Yeah. So, this was largely, as Richard pointed out, on the crude unit reformer and several of the hydrotreaters that we have, and again, as Richard referenced, again, moving towards restart activities there. Again, the intent of conducting this activity during the period was to position us to run at optimum and ultimately, the elevated rates during the summer season. So again, our plan is to, again, push rates as we come out of turnaround and into the third quarter. And obviously, the focus in Montana is to, again, drive reliability. And again, this really comes down to ensuring that, again, we limit the process safety risks that are in the plant and ultimately position us to optimize throughput and focus on reliability and process safety.
And I think if we can do that, I think we’ve already demonstrated the mechanical availability to run the plant into the low 60%s. So again, I think that’s our focus. And again, not easy to do, but again, I think we’ve got a really strong team and that’s certainly the top priority.
Jason Gabelman: Got it. And then, can you just remind us on the balance sheet what the target cash level is for you guys and/or overall liquidity?
Shawn Flores: Hey, Jason, it’s Shawn. I think our minimum liquidity targets are really dynamic based on upcoming turnaround events and discretionary CapEx outlook and non-discretionary CapEx. And so, I think that will fluctuate over time depending on upcoming turnaround events. Historically, we signal pre Billings that our minimum liquidity was in the $200 million range. Safe to assume that, that is higher given the expanded business. But needless to say, we’ve strengthened the balance sheet to the point where we’ve got excess liquidity. And I think from this point, any additional liquidity will be allocated towards our strategic growth objectives and creating shareholder value with share repurchases.
Jason Gabelman: Okay. Thanks.
Operator: [Operator Instructions] The next question comes from Manav Gupta from UBS. Please go ahead.
Manav Gupta: Good morning. I think in your prepared remarks, you indicated that the Pacific Northwest crack has moved up, and that’s primarily driven by the strength of gasoline. And I was just wondering if you could help us understand between the three regions where you’re seeing — in terms of relative product strength, where are you seeing gasoline the strongest, or jet fuel the strongest, and — or diesel weak or strong? If you could just help us walk — understand how the dynamics of the three key projects are looking in the three regions?
Will Monteleone: Sure, Manav. Yeah. So I think to start with Hawaii, I think, again, it’s really going to be driven by waterborne dynamics. And again, I think we’re seeing strength on the Asian gasoline market, and again particularly for octane, and that, I think is going to ripple through into refining production plants. So again, I think that’s broadly speaking what I’d point out ahead of the summer season. As you look at the Pacific Northwest, definitely seeing regional strength on the gasoline side. I think several of the California — Northern California refineries that have converted to renewables production are bringing in significant amounts of imports. And that’s, I think, impacting the overall clearing price for gasoline.
On the flip side, I think diesel on the West Coast is weaker relative to historical conditions, seeing more exports out of the West Coast to rebalance the market as renewables are coming in. As you shift inland into the Rockies again, I think it’s going to remain a very hyper-seasonal business. Still see strong demand for diesel and seeing typical seasonal rebounds in gasoline demand. So again, I think overall seeing good product demand across our system.
Manav Gupta: Thank you for taking my question.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Will Monteleone, President and Chief Executive Officer, for closing remarks.
Will Monteleone: Thank you all for joining us this morning. I believe the future of this enterprise is bright, and we are well-positioned to grow our earnings as we enhance and optimize the business we have built over the last 10 years. Have a great day.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
