Doug Leggate: Thank you. My follow-up is on Refining, and I’m going to ask for a little forgiveness on this one ahead of time. But I think you know where our position has been on the strength of the Refining sector, the Refining cycle going forward, volatile as it may be. And we’ve kind of challenged you guys a few times on what you’re assuming as a mid-cycle sustainable EBITDA for your business. So I’m curious if you could walk us through – and expedition’s always possible, given we’re on this call, what the moving parts are behind the contribution of Refining to the new mid-cycle targets? The capture rate is one part, but you’ve been running ahead. When your facility has been running, you’ve been running ahead for quite a while now.
And similarly, your utilization rates were not great. Now they are better. Is that a big factor? I’m just wondering what the key kind of moving parts are in the assumptions and what the contribution is from Refining in your new targets. Thank you.
Kevin Mitchell: Yes, Doug, let me try and unpack some of that. So our mid-cycle Refining EBITDA, as we laid out at Investor Day, was $4 billion. That reflects a historic average assumption around where the market will trade. And that’s – we haven’t changed that assumption. What we are doing is increasing our ability to capture value across that system through lower costs and increased contribution from our commercial organization and the EBITDA uplift they provide – that, that organization provides to the system will predominantly show up in Refining. It won’t all be Refining, but it’ll predominantly show up in Refining. We haven’t tried to make a call on if we actually think the go-forward mid-cycle margin environment is stronger now than it has been historically.
Clearly, we’ve been in above mid-cycle conditions for most of this year and last year. And that’s all – we view that as upside, so we’re still pretty optimistic for the near-term. We’re probably above mid-cycle in the near-term, but our fundamental view of mid-cycle hasn’t changed. But our belief in terms of what that business can do in a mid-cycle environment is going up with the enhancements we’re putting in place.
Doug Leggate: Kevin, has your utilization assumption changed?
Kevin Mitchell: Well, not really because, if you think back to where we were running for the years prior to the pandemic and then we took a hit during the pandemic, we’re really assuming we get back to that kind of level of operations that we were at before. And so some of the things – some of the Refining performance priorities that Rich has talked about in the past that were outlined in Investor Day a year ago, we did not include those in as increases to mid-cycle. We view that as we have to deliver on these to get back to that level of operations that we’ve historically been at.
Doug Leggate: Terrific. Thank you very much.
Operator: Thank you, Doug. Ryan Todd from Piper Sandler. Please go ahead. Your line is open.
Ryan Todd: Thanks. Maybe if I could, a question on the shareholder return target. Thanks for the positive update there. I mean, at the midpoint, it implies, I think, roughly $1 billion a year of buyback a quarter to year-end 2024, which is a nice step-up from what we saw during the third quarter, pretty close to the pace that you’ve had year-to-date in 2023 in what has been a – obviously is like – certainly an above-mid-cycle environment. So can you maybe talk about your confidence in – what drove your confidence in being able to lean into the shareholder return target in that way, maybe what it implies in your view of the outlook from here? And on the – should we think – you’ve been above pace on – your prior mid-cycle target has been above mid-cycle. Should we think of it the same way, where, if we continue to stay above mid-cycle in 2024, that you’ll drive towards the upside or beyond and that type of target?
