But then that result is, you have to end up paying the piper at some point. Indeed, this year we see higher than normal turnaround activity. And I think to a great degree that was impacted by the previous, three or four years. Karen, would you make any other comments on capital?
Karen B. Davis: No, I just other than to point out when we look at history, Martinez is new to the system and this is really kind of first year we’ve had a full complement of CapEx there.
Paul Cheng: Hey, Karen. Do you have a number over the long haul? What is there a normal, full cycle average, CapEx spending for the company based on your current mix?
Karen B. Davis: I think it’s probably in that $750 million to $800 million range. And again, remembering that looking back at history, we used to talk about a normalized range of $600 million to $650 million, but that was pre-Martinez.
Paul Cheng: Right. Thank you.
Operator: Our final question comes from Jason Gabelman from TD Cowen. Please proceed.
Jason Gabelman: Yes. Hey, thanks for taking my questions. First, I wanted to ask, one of your peers discussed a large project on the West Coast related to our compliance with rule 1109.1 in the South Coast Air Quality Management District, in Southern California. And I’m wondering, is that something that you have to spend money on to comply with? Or are you already in compliance with that?
Matthew C. Lucey: I would not project any capital above the numbers that Karen just shared. We’re always spending some money to comply with rules, but there’s nothing extraordinary for PBF.
Jason Gabelman: Okay. So, I mean, whatever you’re spending this year addresses that NOx emissions that you need to comply with in Southern California?
Matthew C. Lucey: Yes.
Jason Gabelman: Okay. And then my second one, is just there was, it looked like there was a proposal in California to require refiners to stockpile gasoline in order to address some of the market volatility, I believe, the commission out there was having a hearing on that either yesterday or today, and I’m wondering if you have any comments around that. And then more broadly, any other liabilities we should be thinking on about in terms of cash calls beyond the environmental liabilities that you mentioned?
Matthew C. Lucey: Just in regards to the California, I think it’s way too early to speculate. The paper was written which was essentially, a concept I don’t think is particularly thought through at this point. I don’t think there’s any regulatory agency that can dictate, or make demands on, a private company on how much inventory it holds. The concept is, I don’t think flushed out to any great degree, and I think the regulators and the and the State government of California can evaluate any number of things. Obviously, they have to do it within the laws. And, in terms of impacting the market, I don’t think, there’s a supply and demand problem in California as supply has gone down, so the market is tight. The steps they’ve taken so far seemingly have not improved that. The concept that was put to the California Energy Commission was that, but it hasn’t been flushed through and it’s probably not worth speculating at this point.
Jason Gabelman: Got it. And then more broadly, yes. Thanks.
Matthew C. Lucey: What was the second question?
Jason Gabelman: Just are there any other liabilities beyond the environmental ones that you mentioned that we should be thinking about in terms of falls on cash for 2024?
Matthew C. Lucey: No. I mean, I joked earlier, and I think O’Malley even used the term 10 years ago or something, or the lipstick on the pig from the Q4, was the reduced payout to Shell. And so, where we were expecting that to be a much larger number that declined to $20 million. So, that’s a net reduction on a capital call. But, I don’t see anything else major out of the ordinary.
Jason Gabelman: All right, great. Thanks.
Operator: We have reached the end of the question-and-answer session. I will now turn the call over to Matt Lucey for closing remarks.
Matthew C. Lucey: Thank you, everyone, for participating in today’s call. We look forward to speaking to you again next quarter, and we look forward to a prosperous ‘24. Have a great day.
Operator: This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.
