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    Doug Leggate • Wolfe Research, LLC

    Doug Leggate's questions to EOG Resources Inc (EOG) leadership

    Doug Leggate's questions to EOG Resources Inc (EOG) leadership • Q2 2025

    Question

    Doug Leggate from Wolfe Research asked about EOG's ultimate objective for the Utica asset, its growth potential under the current rig count, and any midstream constraints. He also posed a philosophical question on capital return priorities, specifically dividend growth.

    Answer

    CEO Ezra Yacob positioned the Utica as a long-term growth asset with no major bottlenecks, but stated that investment levels will remain disciplined and responsive to the macro environment. He affirmed that growing the regular dividend is the #1 priority, supported by a pristine balance sheet, with buybacks favored for excess cash returns as the stock appears undervalued.

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    Doug Leggate's questions to Occidental Petroleum Corp (OXY) leadership

    Doug Leggate's questions to Occidental Petroleum Corp (OXY) leadership • Q2 2025

    Question

    Doug Leggate asked about the free cash flow implications of the Mukhaizna contract extension in Oman and questioned the potential scale of future non-core asset sales over the next five years.

    Answer

    President & CEO Vicki Hollub and SVP Kenneth Dillon described the Oman contract as a beneficial agreement that improves project economics and offers flexibility with multiple stacked pay zones. Regarding divestitures, Vicki Hollub noted that while there is scattered non-core acreage to be sold, these future sales are not expected to generate 'big dollars'.

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    Doug Leggate's questions to ConocoPhillips (COP) leadership

    Doug Leggate's questions to ConocoPhillips (COP) leadership • Q2 2025

    Question

    Doug Leggate of Wolfe Research asked about the sustainability of deferred tax visibility beyond 2025, considering the new tax legislation and moving parts from M&A and asset sales.

    Answer

    CFO and EVP Andy O’Brien clarified the tax components. He noted the lower full-year effective tax rate is due to a favorable geographic mix of income. He explained that the new tax bill provides a $500 million benefit in 2025 from accelerated bonus depreciation, which will continue to be a tailwind in 2026. However, he stated it was too early to provide specific figures for 2026 due to variables like CapEx and dispositions.

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    Doug Leggate's questions to Canadian Natural Resources Ltd (CNQ) leadership

    Doug Leggate's questions to Canadian Natural Resources Ltd (CNQ) leadership • Q2 2025

    Question

    McHenry Trusseller, on behalf of Doug Leggate from Wolfe Research, inquired about the company's capacity to grow its dividend following recent acquisitions and asked for the current post-dividend WTI breakeven price.

    Answer

    CFO Victor Durell and President Scott Seltz both affirmed the company's commitment to the dividend, citing a 25-year track record and incremental cash flow from acquisitions as supportive of future growth, pending Board approval. Victor Durell confirmed the company's post-dividend WTI breakeven remains comfortably in the $40 to $45 per barrel range.

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    Doug Leggate's questions to APA Corp (US) (APA) leadership

    Doug Leggate's questions to APA Corp (US) (APA) leadership • Q2 2025

    Question

    Doug Leggate from Wolfe Research asked for more visibility on APA's Permian inventory life and the associated run-rate capital required to maintain the current production levels, particularly heading into 2026.

    Answer

    CEO John Christmann stated that core Permian inventory now extends well into the 2030s, a significant extension from previous estimates. President Stephen Riney elaborated on how improved capital efficiency is enabling denser development, increasing resource recovery, and lowering breakeven prices to the low $40s. For 2026, CFO Ben Rodgers suggested that annualizing the capital spend from Q2-Q4 2025 would provide a reasonable proxy for the sustaining capital required.

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    Doug Leggate's questions to Devon Energy Corp (DVN) leadership

    Doug Leggate's questions to Devon Energy Corp (DVN) leadership • Q2 2025

    Question

    Doug Leggate from Wolfe Research asked for Devon's perspective on operating in the eastern Eagle Ford, given a partner's comments on geological challenges, and inquired about the long-term cash tax outlook and use of the tax windfall.

    Answer

    President & CEO Clay Gaspar described the Eagle Ford situation as a 'win-win,' stating Devon is confident in its ability to manage the geology and that significant well cost savings make the acreage highly value-accretive. EVP & CFO Jeff Ritenour confirmed the tax windfall will be used to accelerate debt reduction and projected the company's tax rate would remain low for the next 6-7 years.

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    Doug Leggate's questions to Marathon Petroleum Corp (MPC) leadership

    Doug Leggate's questions to Marathon Petroleum Corp (MPC) leadership • Q2 2025

    Question

    Doug Leggate pressed for clarity on whether the high margin capture is sustainable and represents a new baseline, and also asked about the cash tax benefits from bonus depreciation.

    Answer

    CEO Maryann Mannen emphasized that performance gains are from sustainable, structural changes, not one-time trading, but stopped short of setting a new specific capture rate target. CFO John Quaid confirmed the company expects a 'nice cash tax benefit' from bonus depreciation but did not provide a specific quantification.

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    Doug Leggate's questions to Coterra Energy Inc (CTRA) leadership

    Doug Leggate's questions to Coterra Energy Inc (CTRA) leadership • Q2 2025

    Question

    Doug Leggate of Wolfe Research posed a high-level question about whether Coterra's decision to increase Marcellus activity contributes to industry-wide oversupply that hurts commodity prices. He followed up by asking if Coterra would consider managing production seasonally by shutting in wells, similar to some gas-focused peers.

    Answer

    CEO Thomas Jorden defended the strategy, emphasizing that Coterra's decisions are based on the profitability of its low-cost supply even at draconian prices and that historical analysis shows a steady cadence of activity is the best approach. EVP of Operations Blake Sirgo added that shutting in production is 'absolutely in our toolkit' and would be managed in harmony with their long-term sales portfolio.

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    Doug Leggate's questions to Diamondback Energy Inc (FANG) leadership

    Doug Leggate's questions to Diamondback Energy Inc (FANG) leadership • Q2 2025

    Question

    Doug Leggate of Wolfe Research asked if considering a return to growth was a change in stance under the new CEO and questioned the practical inventory life beyond just Tier 1 assets.

    Answer

    CEO Kaes Van't Hof clarified it is not a change in stance but a recognition that the market will eventually call for growth from efficient producers like Diamondback, and they will be ready to answer that call cautiously. He explained that inventory life is extended by economic secondary zones and that the company evaluates returns at a pad or section level, which includes multiple zones, rather than focusing on individual well IRRs.

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    Doug Leggate's questions to BP PLC (BP) leadership

    Doug Leggate's questions to BP PLC (BP) leadership • Q2 2025

    Question

    Doug Leggate of Wolfe Research, LLC followed up on BPX, questioning if the Devon Energy transaction provided a one-time volume boost, and asked how much of the $4-5 billion in structural cost cuts would flow to the bottom line after accounting for growth-related cost offsets.

    Answer

    CFO Kate Thomson explained that while the goal is for material cost reductions to reach the bottom line, it is difficult to quantify the exact net amount due to unpredictable factors like inflation. EVP Gordon Birrell clarified that the production volume from the Devon transaction was very small and does not represent a significant change to the growth baseline.

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    Doug Leggate's questions to BP PLC (BP) leadership • Q2 2025

    Question

    Doug Leggate of Wolfe Research followed up on BPX, asking if the Q2 volume increase from the Devon Energy asset swap was a one-off, and questioned how much of the $4-5 billion structural cost savings target would ultimately flow to the bottom line.

    Answer

    CFO Kate Thomson stated that while the goal is for material cost savings to reach the bottom line, it is difficult to quantify the net impact due to unpredictable factors like inflation. EVP - Production & Operations Gordon Birrell clarified that the production gained from the Devon transaction was 'very, very small' and does not establish a significant new baseline for growth.

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    Doug Leggate's questions to Chevron Corp (CVX) leadership

    Doug Leggate's questions to Chevron Corp (CVX) leadership • Q2 2025

    Question

    Doug Leggate of Wolfe Research questioned the role of the Bakken assets in Chevron's portfolio, noting their historically negative free cash flow under Hess (due to midstream tariffs) and a potentially limited inventory life.

    Answer

    Vice Chairman Mark Nelson affirmed the Bakken is a valuable addition, generating solid cash flow when viewed in total. He acknowledged the unique Hess Midstream financing structure could be more efficient and stated Chevron will be value-driven in its approach, with more details to come at the Investor Day. He emphasized the plan to integrate talent and apply Chevron's unconventional capabilities.

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    Doug Leggate's questions to Exxon Mobil Corp (XOM) leadership

    Doug Leggate's questions to Exxon Mobil Corp (XOM) leadership • Q2 2025

    Question

    Doug Leggate of Wolfe Research questioned the risk profile of growing the Permian to 40% of production, asking how the company manages the higher decline rates and sustaining capital in relation to long-term dividend visibility.

    Answer

    Chairman and CEO Darren Woods responded that the Permian is one part of a large, balanced portfolio and that managing depletion is a core, historical challenge. He emphasized that the strategy is to pace development with technological advancements to improve capital efficiency and recovery, which will change the future production paradigm. Woods asserted that the company's long-term plans for earnings and cash flow growth fully account for the Permian's development profile.

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    Doug Leggate's questions to Exxon Mobil Corp (XOM) leadership • Q4 2024

    Question

    Doug Leggate questioned the company's cash distribution philosophy, asking if the pace of dividend growth is being moderated until the shares issued for the Pioneer acquisition are fully bought back.

    Answer

    CFO Kathy Mikells clarified that the timing of the increased $20 billion buyback pace in conjunction with the Pioneer acquisition is a coincidence, driven by the deal's incremental cash flow. She reiterated the company's dividend philosophy is focused on being sustainable, competitive, and growing, highlighting their 42-year history of annual increases. The buyback program is viewed as a secondary benefit that reduces the absolute dividend payout.

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    Doug Leggate's questions to HF Sinclair Corp (DINO) leadership

    Doug Leggate's questions to HF Sinclair Corp (DINO) leadership • Q2 2025

    Question

    Doug Leggate of Wolfe Research, LLC noted the strong performance in renewable diesel and asked about the sustainable EBITDA potential for that business, assuming the producer's tax credit continues. He also asked for the company's view on Small Refinery Exemptions (SREs) and how their potential negative impact on RIN prices would affect the renewables business.

    Answer

    CEO Timothy Go began to address the question, expressing pleasure with the renewables business's positioning. However, the call was disconnected due to a technical issue before he could provide a complete answer on sustainable EBITDA or the company's stance on SREs.

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    Doug Leggate's questions to Antero Resources Corp (AR) leadership

    Doug Leggate's questions to Antero Resources Corp (AR) leadership • Q2 2025

    Question

    Doug Leggate sought clarification on the company's exposure to the Alternative Minimum Tax (AMT) and asked about the drivers of improving sustaining capital, including any changes in production mix.

    Answer

    CFO Michael Kennedy clarified that Antero is not subject to the AMT. He further explained that maintenance capital continues to improve due to longer laterals and a naturally declining base production decline rate. He noted the production mix continues to favor liquids-rich targets, despite temporary gassiness from completing some DUCs.

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    Doug Leggate's questions to PBF Energy Inc (PBF) leadership

    Doug Leggate's questions to PBF Energy Inc (PBF) leadership • Q2 2025

    Question

    Doug Leggate inquired about the tracking and sustainability of PBF Energy's cost-cutting initiative and asked for evidence of widening light-heavy crude differentials.

    Answer

    President & CEO Matthew Lucey and SVP & Head of Refining Michael A. Bukowski explained the cost savings program, noting that approximately 70% of the savings will appear in OpEx and 30% in capital, emphasizing the sustainability of the initiatives. Regarding crude spreads, Lucey and SVP Thomas O'Connor stated that while widening has been masked by seasonality, they expect differentials to widen in the coming months as more heavy crude barrels return to the market.

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    Doug Leggate's questions to Shell PLC (SHEL) leadership

    Doug Leggate's questions to Shell PLC (SHEL) leadership • Q2 2025

    Question

    Doug Leggate challenged the characterization of LNG results as the 'new normal,' asking for confidence in trading returning to normalized levels. He also questioned how below-the-line items like interest and lease costs factor into the company's comfort with its significant buyback program.

    Answer

    CEO Wael Sawan clarified that the 'new normal' for LNG refers to a baseline reflecting pre-2022 volatility and prices, with Q2 being more representative than the arbitrage-heavy Q1. CFO Sinead Gorman confirmed that all cash movements, including interest and leases, are considered in the value-versus-risk decisions for capital allocation. She reiterated that these costs do not change her comfort with the balance sheet or the 'sacrosanct' 40-50% CFFO distribution target.

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    Doug Leggate's questions to Shell PLC (SHEL) leadership • Q2 2025

    Question

    Doug Leggate sought to reconcile the commentary calling Q2 LNG earnings the "new normal" with prior guidance of lower trading results, and asked how below-the-line costs factor into the buyback comfort level.

    Answer

    CEO Wael Sawan clarified that Q2 reflects a new baseline for LNG trading under current market conditions, whereas Q1 had exceptional arbitrage opportunities. CFO Sinead Gorman confirmed that all cash movements, including interest and leases, are considered in capital allocation decisions, but the 40-50% CFFO distribution target remains the primary commitment.

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    Doug Leggate's questions to Expand Energy Corp (EXE) leadership

    Doug Leggate's questions to Expand Energy Corp (EXE) leadership • Q2 2025

    Question

    Doug Leggate inquired about the duration of the guided 70% deferred cash tax rate for 2026 and the company's appetite for continued net debt reduction versus other forms of cash returns to shareholders.

    Answer

    EVP & CFO Mohit Singh explained that the tax savings have a long duration, supported by ongoing capital investment and tax planning. President, Director & CEO Domenic Dell’Osso added that strengthening the balance sheet during strong markets creates equity value and positions the company to opportunistically repurchase shares when markets soften.

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    Doug Leggate's questions to Expand Energy Corp (EXE) leadership • Q2 2025

    Question

    Doug Leggate of Wolfe Research asked about the duration of the guided 70% deferred cash tax rate for 2026 and questioned the company's appetite for continued net debt reduction versus other forms of shareholder returns.

    Answer

    EVP & CFO Mohit Singh explained that the tax savings have a "fairly long" duration, supported by ongoing capital investment and tax planning. President, Director & CEO Domenic Dell’Osso affirmed the strategy of strengthening the balance sheet during strong markets to create equity value and be prepared for opportunistic share buybacks when markets soften.

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    Doug Leggate's questions to Expand Energy Corp (EXE) leadership • Q2 2025

    Question

    Doug Leggate of Wolfe Research asked for clarity on the duration of the guided 70% deferred cash tax rate and questioned the company's appetite for continued net debt reduction versus other forms of shareholder returns.

    Answer

    EVP & CFO Mohit Singh explained that the tax savings are expected to have a long duration, supported by ongoing capital investment and tax planning. President & CEO Domenic Dell’Osso affirmed the strategy of strengthening the balance sheet during strong markets to create equity value and be prepared for opportunistic share buybacks when markets soften.

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    Doug Leggate's questions to Phillips 66 (PSX) leadership

    Doug Leggate's questions to Phillips 66 (PSX) leadership • Q2 2025

    Question

    Doug Leggate of Wolfe Research asked about Phillips 66's forward strategy for its integrated model following recent shareholder engagement and whether the company's mid-cycle EBITDA target needs adjustment for the current environment, along with the appropriate level of corporate debt.

    Answer

    Chairman & CEO Mark Lashier affirmed the company's commitment to its strategy, emphasizing that the board continuously evaluates all alternatives to maximize long-term shareholder value. Lashier and EVP & CFO Kevin Mitchell explained that the gap to mid-cycle EBITDA is primarily in the chemicals and refining segments. Mitchell reiterated the goal of reaching $17 billion in debt through operating cash flow and dispositions, without compromising the plan to return over 50% of operating cash flow to shareholders.

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    Doug Leggate's questions to Ovintiv Inc (OVV) leadership

    Doug Leggate's questions to Ovintiv Inc (OVV) leadership • Q2 2025

    Question

    Doug Leggate pressed on capital efficiency, asking where the capital budget could ultimately go while maintaining flat production, and challenged the 50/50 capital allocation framework, questioning why the company wouldn't more aggressively pay down debt.

    Answer

    President and CEO Brendan McCracken acknowledged the significant capital efficiency gains but did not set future guidance, emphasizing that current gains flow to free cash flow. Both McCracken and EVP & CFO Corey Code defended the balanced capital allocation, stating that both debt reduction and share buybacks at the current yield are attractive uses of capital and that the company is making progress on both fronts.

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    Doug Leggate's questions to Ovintiv Inc (OVV) leadership • Q4 2024

    Question

    An analyst on behalf of Doug Leggate asked for a projection of Ovintiv's net debt by the end of 2025 and for color on the path to achieving the company's long-term $4 billion target.

    Answer

    Executive Brendan McCracken projected that net debt would be 'well underneath the $5 billion mark' by year-end 2025, likely in the $4.6 to $4.7 billion range at current prices. He noted this puts the company 'within spitting distance' of its $4 billion target in 2026 and confirmed that share buybacks would resume in the second quarter.

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    Doug Leggate's questions to Valero Energy Corp (VLO) leadership

    Doug Leggate's questions to Valero Energy Corp (VLO) leadership • Q2 2025

    Question

    Doug Leggate of Wolfe Research, LLC asked for an explanation of Valero's high distillate yields despite processing more light sweet crude, and whether this contributed to strong capture rates. He also questioned if the Diamond Green Diesel (DGD) business is free cash flow positive for Valero on a sustainable basis.

    Answer

    VP of Refining Services Greg Bram explained that the company has been operating in 'max distillate' mode, adjusting downstream operations to maximize diesel and jet fuel yields, which has positively impacted capture rates. SVP Eric Fisher confirmed that DGD is expected to be sustainably free cash flow positive for Valero once policy clarity allows for the separation of credit and feedstock prices.

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    Doug Leggate's questions to Valero Energy Corp (VLO) leadership • Q2 2025

    Question

    Doug Leggate of Wolfe Research asked for an explanation of Valero's high distillate yields despite increased light crude throughput and questioned if the Diamond Green Diesel (DGD) business is sustainably free cash flow positive.

    Answer

    VP of Refining Services Greg Bram clarified that the company has been operating in 'max distillate mode' to optimize for higher-margin products, which also boosts capture rates. SVP Eric Fisher affirmed that DGD is expected to be sustainably free cash flow positive for Valero, pending regulatory clarity from the EPA, citing its advantages in low-CI feedstocks and market access.

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    Doug Leggate's questions to Valero Energy Corp (VLO) leadership • Q1 2025

    Question

    Doug Leggate asked about the impairment charge taken on the Wilmington refinery and the forward-looking implications for capital spending and free cash flow from the West Coast assets following the Benicia closure decision.

    Answer

    Homer Bhullar, an executive, confirmed an impairment loss was recorded for both Benicia ($901 million) and Wilmington ($230 million) after an analysis concluded their book values were not recoverable. An executive named Greg added that historically, Benicia has had higher operating expenses and capital needs compared to Wilmington, and the prospect of a large turnaround contributed to the decision to close.

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    Doug Leggate's questions to TotalEnergies SE (TTE) leadership

    Doug Leggate's questions to TotalEnergies SE (TTE) leadership • Q2 2025

    Question

    Doug Leggate from Wolfe Research sought more visibility on the disposals planned for the second half of the year to meet the net investment guidance, and asked about the impact of acquiring a stake in Suriname's Block 53 on the Grand Morgue project.

    Answer

    Patrick Pouyanné, Chairman & CEO, provided specific details on planned disposals, totaling approximately $3.5 billion from assets in Nigeria (Bonga and onshore), Argentina, and farm-downs in the Integrated Power portfolio. On Suriname, he stated the Block 53 acquisition was a good opportunity to connect a small discovery to the Grand Morgue infrastructure, potentially extending and enhancing the production plateau, with first oil still targeted for the first half of 2028.

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    Doug Leggate's questions to TotalEnergies SE (TTE) leadership • Q2 2024

    Question

    Doug Leggate of Wolfe Research inquired about the potential cash flow impact from the accelerated Suriname project in 2028 and whether the company has sufficient hedged U.S. gas exposure for its LNG needs.

    Answer

    CEO Patrick Pouyanné confirmed that the accelerated timeline for Suriname, targeting first oil in mid-2028, will have a significant cash flow contribution from 2028 onwards and will be part of an extended guidance to 2030. He also stated that the company does not yet have enough U.S. gas exposure and is actively working on another deal to increase its upstream integration, with more details to be shared in September.

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    Doug Leggate's questions to EQT Corp (EQT) leadership

    Doug Leggate's questions to EQT Corp (EQT) leadership • Q2 2025

    Question

    Doug Leggate of Wolfe Research asked about the capital expenditure cadence for EQT's new growth projects and whether the company can fund this growth while continuing to build cash and deleverage. He also inquired about the macroeconomic conditions that would prompt EQT to grow production rather than reallocating existing volumes.

    Answer

    President and CEO Toby Rice explained that the ~$1 billion in midstream CapEx is back-weighted to 2027-2028, allowing for continued deleveraging in the near term. He noted EQT can reallocate 2 Bcf/d of existing production, providing significant flexibility. CFO Jeremy Knop added that by the time spending ramps up, debt will be very low, and at strip prices, the company will generate over $3 billion in annual free cash flow. Regarding production growth, Mr. Rice stated they will be thoughtful about market pricing but highlighted that just 1 Bcf/d of growth could add approximately $9 billion in value.

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    Doug Leggate's questions to Delek US Holdings Inc (DK) leadership

    Doug Leggate's questions to Delek US Holdings Inc (DK) leadership • Q4 2024

    Question

    Doug Leggate of Wolfe Research asked for an update on the DKL sour gas project's progress and whether there is a pipeline of other potential asset sales to unlock value.

    Answer

    Reuven Spiegel, EVP and CFO, confirmed that the sour gas plant project at Delek Logistics is on time and on budget for a Q2 start, which will add a new dimension to their gas capabilities. Avigal Soreq, President and CEO, added that the company's Enterprise Optimization Plan (EOP) is progressing well, with confidence in reaching the upper end of the previously stated cash flow improvement guidance range.

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