Karen Davis: Sure. Paul. The determination of whether or not we consolidate the JV or whether or not we account for it under the equity method is yet to be determined. We’re still evaluating that. But we are committed, regardless of how that comes out to provide fulsome financial and operating details. So you’ll be able to model and fully understand how it contributes to PBF.
Operator: Your next question is coming from Jason Gabelman from Cowen & Company.
Jason Gabelman: I wanted to ask a follow-up on the renewable diesel project and joint venture you announced today. Can you discuss, one, when the unit is starting up because you mentioned — the second payment is contingent on that. And then if there’s any structure to paying out the cash that the joint venture generates does well, preferred return upfront. Or is it kind of split evenly as the cash is generated from the joint venture? And then my second question is just on the macro outlook, specifically related to heavy light diffs, on the crude side, they remain very wide. I think some had expected those to narrow when the SBR releases ended. What are you seeing in the market that’s resulting in those differentials staying wide? And do you expect them to stay wide looking out through the year? Or do you expect them to narrow as new global refining capacity comes online?
Tom Nimbley: I’m going to take the last part of your question. The last question you had and give you my views on it. There’s an old expression in horse racing that there are certain horses that are right for the cost certain courses that are right for the horses you have and you’re stable. Where am I going with this? Well, we obviously have a very complex refining kit and as we were coming into 2020 with IMO on a horizon, we felt like we’re being rewarded for that. Prior to that IMO, obviously, we were not being rewarded for our complexity because frankly, of the shale oil boom. And then we went into COVID and demand got crushed. So there was, again, headwinds against it. Those headwinds are gone. I am a is real. It’s, in fact, in place.
clean dirty spread differential between high sulfur fuel oil and ULSD or even now as the ULSD market has contracted quite a bit, are running at $50 to $55 a barrel in the Gulf Coast and on the East Coast. So in fact, we are seeing benefits from a widening of not only the light heavy spreads but also the clean dirty spreads but we are seeing — it’s going to come back. I mean there’s no doubt about it as more production comes online. But the fact that Venezuela is actually starting to supply some barrels in the marketplace is a positive for us. So, we — I personally — and I’ll ask you to Tom, Paul, if they want to add anything on that — but I think that this is an environment that is going to be beneficial for the kick that we’ve got.
Tom O’Connor: Yes. I mean just — I mean adding on to what Tom was saying, I mean, certainly in 2022, we can certainly say that upgrading capacity was stretched to its limits. I don’t think we’ve seen anything in the near term that has changed that. So that certainly is a positive nature for wide — light heavy differentials. I think the wideness that we are currently seeing or saw in the fourth quarter only is contributed by the winter storm and the heavy turnaround activity. So on a medium to longer term, certainly in the wider than mid-cycle differentials. And then as we get further down the curve and we’ve got new capacity additions, that’s probably just a little bit beyond our runway right now to be speculating as to where dips are going to be in ’24 or ’25. But in the near term, certainly wider than mid-cycle.
