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Management attributed strong first-quarter performance to safe and reliable operations, running crude charge at the upper end of guidance despite harsh winter weather and heavy turnaround activity.

The company is focused on a reasoning chain where operational excellence in refining and renewables, combined with commercial optimization, drives capture of favorable market conditions.

Strategic positioning is centered on the 'Go West' strategy, leveraging advantaged logistics in the Rockies to meet growing demand in Western markets and California.

The Renewables segment reached profitability through a deliberate feedstock strategy of sourcing near facilities and diversifying market placement beyond California into the Pacific Northwest and Canada.

In Lubricants, management responded to unprecedented cost inflation by implementing multiple disciplined pricing actions to recover margins while maintaining a secure supply chain.

The executive team emphasized that the current strategy, established during the 2021-2022 Sinclair merger, remains unchanged despite recent leadership transitions at the CEO and CFO levels.

Q2 refining guidance of 600,000 to 630,000 barrels per day assumes planned maintenance at Parco and Navajo and unplanned maintenance at El Dorado.

Management expects the favorable market environment to persist into the summer driving season, supported by tight global distillate supply and low inventory levels.

The El Dorado vacuum furnace project is expected to come online in the fall, enabling an incremental 10,000 barrels per day of heavy crude processing and improved yields.

The Marketing segment aims to grow its branded site count by approximately 10% annually, supported by the Green Trail Fuels JV and over 100 signed site contracts.

Renewables utilization is projected to be north of 70% for Q2, with margins expected to be supported by LCFS, D4 RINs, and producers tax credits.

First quarter results included a $604 million lower of cost or market inventory valuation benefit in Refining and a $68 million benefit in Renewables.

A $49 million producers tax credit benefit was recognized for prior year production following a February 2026 proposed ruling by the United States Department of Treasury and IRS.

Management flagged the Middle East conflict as a source of material disruption and volatility for crude oil markets, requiring the company to remain nimble in its supply approach.

A fuel contamination incident at a Colorado product terminal marginally increased operating costs within the Midstream segment during the quarter.

Profitability was driven by a shift to domestic feedstock, direct sourcing, and expanding sales into Canada and the Pacific Northwest to reduce California dependency.

Management expects Q2 utilization to exceed 70% as they optimize co-located kits for maximum value.

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In the Lubricants segment, management has secured raw material supply for the balance of the year despite global disruptions and expects growing demand to persist through Q3.

Multiple pricing actions have been implemented to offset rapid cost increases, with full margin capture expected later in the year.

The company is using a flexibility project at Puget Sound to swing production between diesel and jet fuel or produce high-value unfinished components for the California market.

Management noted that PADD 5 is becoming considerably tighter due to reduced Asian imports, positioning their West Coast assets favorably.

Management described the current RVO as an 'extreme burden' equivalent to $0.30 per gallon and has active petitions for 5 refineries.

They believe SREs are essential for disproportionately impacted small refineries and are actively participating in discussions regarding the program's future framework.

Franklin Myers stated a diligent Board process is ongoing but declined to provide specific timelines or candidate criteria.

He emphasized his active role as an experienced 'C-suite' executive rather than a 'paper CEO' to ensure no loss of strategic momentum.

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