Joe Laetsch: Thank you.
Operator: Your next question comes from Jason Gabelman from Cowen.
Jason Gabelman: Good morning. Thank you for taking my questions. My first question is kind of dovetailing off the last question on the West Coast. You have the hydrocracker turnaround in 2Q. I believe that’s more of a diesel-making unit than gasoline-making unit and obviously, gasoline should lead the complex in the second quarter. So, could you just talk through the turnaround’s impact on the ability to capture that gasoline margin on the West Coast in 2Q?
Matt Lucey: I think your assessment is correct, meaning a smaller impact certainly than the East Coast in the first quarter.
Jason Gabelman: Okay, great. And then the second question is on a comment that was made in the prepared remarks about potentially increasing the percentage of cash that is available to shareholder returns. I think in 2023, it looked like about 50% of cash flow from ops went to shareholder returns. Is it reasonable based on your comments to assume that that percentage is going to move higher in the near term? And is that the right metric to look at when assessing shareholder returns kind of percentage of CFO or is there another way we should look at it? Thanks.
Matt Lucey: I’ll make one comment and then turn it over to Karen. Just my only comment and I’ve made this before and certainly at conferences. I personally don’t like formulas, because no one ever tends to stick with them and in different markets you are going to get different answers. And so we are trying to make the best decisions we can based on the market we just experienced, the outlook ahead and the cash that we are generating and try to drive as much shareholder value as we can, as opposed to sticking with a predetermined formula that may or may not be stale and has infinite number of variables that can impact it. Karen, would you make any other comments?
Karen Davis: Just would add that our goal with respect to share repurchases is to make it sustainable through all market conditions, which is why you saw us continue to repurchase shares this quarter when we did not generate free cash flow. So I think you should look at our past, our track record as an indication of our commitment to the program going forward.
Jason Gabelman: Got it. And just if I could sneak one more in kind of tied to the shareholder returns and available cash, can you remind us if there are any large growth projects that you’re pursuing currently or anything that is going to come up in the near term?
Matt Lucey: No, sir. The answer is we’re not pursuing anything, not that I won’t answer it.
Jason Gabelman: Understood. Thank you.
Matt Lucey: Alright, everyone. Well, I appreciate your participation on the quarter. Like we’ve said, I think the outlook is quite constructive and we look forward to continue to deliver strong returns for our shareholders. Appreciate it and have a great rest of the day. Thank you.
Operator: This concludes today’s conference and you may disconnect your lines at this time. Thank you for your participation.
