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EVP Nick Olds explained that while the Eagle Ford and Bakken assets performed as well as or better than expected, the primary upside came from the Delaware Basin. He attributed the doubling of the Permian resource estimate to applying ConocoPhillips' development strategy, which identified greater contributions from primary and secondary intervals like the Wolfcamp A and C, Bone Springs, and Woodford formations. He also noted opportunities for longer laterals through acreage trades.

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SVP Andy O'Brien reported that the integration is tracking ahead of schedule, with excellent progress toward the $1 billion synergy target. He noted that over $500 million in capital synergies are already being delivered and new opportunities are being found, particularly on the commercial side. As an example of operational success, he cited record drilling performance in the Eagle Ford achieved by leveraging best practices from both legacy companies.

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Andy O'Brien, SVP of Strategy, confirmed progress on the $2 billion asset sale target, with $600 million in agreements signed for non-core Permian assets expected to close in H1 2025. He expects the majority of the $2 billion target to be achieved in 2025. Regarding Port Arthur Phase 1, O'Brien reiterated that while they don't need to be a permanent equity owner and have received inbounds, they can be patient. The project is de-risking daily via project financing without additional capital from ConocoPhillips.

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Chairman and CEO Ryan Lance noted that 2024 demand growth appears softer than initially expected, around 1 million barrels per day, but the company remains constructive on the market going forward. He stressed that the company's plans are driven by maximizing long-term returns and maintaining flexibility, not by short-term price signals, and that they are built to handle market volatility while delivering competitive shareholder returns.

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SVP & CFO Shawn Flores explained that while the market supported the base guidance, the capture rate was boosted to 110% in Montana by drawing down clean product inventories. President & CEO Will Monteleone commented on the tight PADD 4/5 distillate markets. On capital allocation, Monteleone reiterated the company's framework of opportunistically repurchasing shares below intrinsic value while weighing growth projects, emphasizing a nimble approach to adapt to market changes.

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SVP & CFO Sean Flores explained that drawing down diesel and gasoline inventories boosted Montana's capture rate to 110%. President & CEO Will Monteleone cited tight PADD 4 and PADD 5 distillate markets as a key dynamic. On capital allocation, Monteleone reiterated the framework of opportunistically repurchasing shares while weighing growth and M&A, emphasizing the need for flexibility.

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President and CEO Will Monteleone explained that a tighter West Coast market benefits Par Pacific's Tacoma and Montana assets, as they are strategically positioned on the periphery of California. On capital allocation, Monteleone emphasized the company's strong balance sheet and improving outlook, which provide the flexibility to be opportunistic with share buybacks, adjusting activity based on share price and cash flow prospects.

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President and CEO William Monteleone attributed Hawaii's success to long-term operational improvements, a favorable cost structure, and strong commercial agreements, which allow for profitability even in weaker markets. EVP of Refining and Logistics Richard Creamer added that enhanced mechanical integrity programs enabled the extension of turnaround cycles. CFO Shawn Flores confirmed that despite the schedule changes, the company's guidance for amortized annual turnaround expenditures remains around $40 million.

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CEO Maryann Mannen acknowledged the challenging economics and reiterated MPC's prudent, small-scale approach to renewable diesel. She stated that further regulatory changes and other market factors are necessary for margins to improve long-term, while emphasizing the competitiveness of MPC's existing assets.

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CEO Murray Auchincloss described the refining market as relatively tight due to low product stocks and balanced capacity, a condition he expects to extend into 2026. EVP Gordon Birrell attributed exploration success to a data-led approach using advanced seismic imaging and a focus on quality over quantity, highlighting West Africa as a particularly exciting region.

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CEO Murray Auchincloss described the refining market as 'relatively tight' due to low product stocks and expects this condition to persist into 2026. EVP - Production & Operations Gordon Birrell attributed the record H1 refining availability to systematic vulnerability management and digitization. On exploration, Birrell credited data-led strategies, advanced seismic imaging, and a disciplined focus on quality opportunities.

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Vice Chairman Mark Nelson attributed the success to improved operational efficiency in production and turnaround management. He cited record refinery throughput, top-quartile turnaround performance (14 of last 16), and efficiency gains in base assets, leading to a 1-2% increase in portfolio-wide production efficiency year-to-date.

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CEO Mike Wirth attributed the strong performance to outperformance in the Bone Spring and Wolfcamp formations. He expects 2025 type curves to be similar, with an increased focus on the Delaware Basin (85% of the program). He also noted a stable oil cut of 43-45% is expected to continue through the end of the decade.

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CEO Mike Wirth reported that wells at the Anchor project are performing at or above expectations, successfully proving operations in a new high-pressure, high-temperature regime. He expressed strong encouragement for the basin's future, citing Chevron's large leasehold position and opportunities for both tiebacks and new developments.

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CEO Mike Wirth prioritized employee safety and asset integrity. He confirmed that while a key vessel for expansion projects has been demobilized due to risk, both projects are still expected to be completed late next year. He noted that despite some temporary production curtailments, all supply commitments are being met. A larger expansion is in the FEED stage.

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Chairman and CEO Darren Woods attributed the strong performance to a long-term strategy focused on advantaged projects, feed flexibility, high-value products, and significant structural cost reductions. He expects the challenging margin environment to persist but noted the business is built to be profitable at the bottom of the cycle. The China complex is still ramping up and is expected to reach its full potential contribution by early next year.

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Chairman and CEO Darren Woods attributed the strong results to a multi-year strategy of improving the asset base, including high-grading the portfolio by selling non-core refineries and investing in high-value projects at strategic sites. He also credited a rigorous focus on operational excellence, which has increased reliability and lowered costs. While the market outlook is uncertain, he noted Q2 margins are currently stronger than Q1, but the company's success is built on operational execution, not forecasting.

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The executive noted a 'shakeout' in the CCS industry, which has clarified for customers which companies are capable of delivering. ExxonMobil is uniquely positioned with an end-to-end system and has a healthy pipeline of customer interest. Growth depends on securing long-term contracts. The CFO added that the entire low-carbon solutions business is expected to contribute $2 billion in earnings growth by 2030.

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CEO Darren Woods noted a market 'shakeout' has clarified which companies can deliver CCS, positioning ExxonMobil uniquely with its end-to-end system and a healthy sales pipeline. Growth is dependent on securing long-term customer contracts. CFO Kathy Mikells reiterated the guidance for the entire Low Carbon Solutions business to achieve $2 billion in earnings growth by 2030.

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CEO Darren Woods noted a market 'shakeout' has clarified which companies can actually deliver CCS, positioning ExxonMobil favorably with its unique end-to-end system. He confirmed a healthy sales pipeline, with growth dependent on customer contracts. CFO Kathy Mikells added that the entire Low Carbon Solutions business is expected to contribute $2 billion in earnings growth by 2030.

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Steven Ledbetter, EVP of Commercial, confirmed partial recognition of the Producer's Tax Credit (PTC) in Q2, with expectations for more in Q3, and noted that while the market structure needs higher RIN/LCFS values, HF Sinclair is well-positioned with its domestic feedstock. Valerie Pompa, EVP of Operations, stated that the company has completed a full five-year turnaround cycle, improving execution and positioning them well for the future. CEO Timothy Go added that the company is in the 'fifth inning' of its operational excellence journey, with results showing in throughput, capture, and OpEx.

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Executive Steven Ledbetter explained that underlying demand was relatively flat and that lower sales volumes were primarily driven by planned turnaround activity. On the Renewables segment, he stated that no Producer's Tax Credit (PTC) was recognized in Q1 due to regulatory uncertainty, but the business would have been near breakeven EBITDA if it had been booked. CEO Timothy Go reiterated the strategic goal for the renewables business is to be breakeven to slightly positive during bottom-of-cycle market conditions.

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EVP, Lubricants & Specialties Matt Joyce acknowledged recent base oil market compression but noted encouraging signs of a recovery. CEO Timothy Go added that excluding a $45 million FIFO impact, the business would have achieved a record $375 million in underlying EBITDA for 2024. Go clarified that the ultimate goal is to maximize shareholder value for the lubes business, whether it remains in their portfolio or not, with a near-term focus on organic growth while continuously evaluating all strategic options.

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CFO Atanas Atanasov and CEO Timothy Go affirmed their commitment to shareholder returns, including dividends and buybacks, while maintaining a strong balance sheet and investment-grade rating. They noted that the integration of HEP provides crucial free cash flow during weaker cycles. Regarding operations, President of Refining Valerie Pompa explained that a disciplined turnaround strategy, capital improvements, and technology-driven efficiencies are yielding higher reliability, increased throughput, and lower operating expenses.

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President & CEO Matthew Lucey and SVP Paul Davis described the West Coast market as structurally short of products, leading to import reliance and price volatility. CFO Karen Davis explained that while PBF does not detail specific credits, rising RINs prices in Q2 nearly offset the revenue decline from the switch from the BTC to the PTC for its renewable diesel sales.

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CFO Karen Davis clarified the $250 million is an unallocated advance payment against the total claim and that the company will seek quarterly payments going forward. Executive Adam Smith described the West Coast product market as significantly short, projecting a need to attract over 250,000 bpd of gasoline, which will likely lead to market volatility and position PBF's refineries as crucial low-cost suppliers.

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President and CEO Matthew Lucey stated that PBF is properly insured with strong providers but declined to give specifics. On renewable diesel, he noted the market is evolving but PBF is well-positioned. CFO Karen Davis confirmed PBF expects to accrue the 45Z credit based on currently available guidelines.

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Executive Michael A. Bukowski detailed the cost savings plan, stating that 30-40% will come from energy reduction, with the remainder distributed across maintenance, third-party spend (catalysts, chemicals), turnarounds, and capital projects. President and CEO Matthew Lucey addressed capture rates, noting the biggest driver is crude feedstock discounts. He expressed optimism that the worst of the tight crude market is over, with turnaround season and eventual OPEC+ easing expected to loosen supply and benefit capture.

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CEO Wael Sawan praised the Whale project for achieving nameplate capacity within five months, calling it symptomatic of broader operational improvements in the Gulf of Mexico. He added that a steady lease sale schedule provides comfort for future tie-back opportunities. On refining, he noted the current market is strong, particularly for diesel, and that Shell's portfolio of key hubs is well-positioned to create value through its integrated system.

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CEO Wael Sawan stated the rapid Whale ramp-up is "symptomatic" of structural improvements across the Gulf of Mexico in reliability, cost, and well management. Regarding refining, he noted current market strength driven by diesel but highlighted future uncertainty from geopolitics. He confirmed Shell is satisfied with its current portfolio of core refining hubs.

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Executive Sinead Gorman explained that while Shell is open to value-accretive acquisitions, the bar for deals is very high, especially when compared to share buybacks. She stated that future CapEx discipline will be driven by a combination of both capital avoidance on lower-return projects and continued operational efficiency improvements.

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EVP of Marketing & Commercial Brian Mandell explained that distillate margins are expected to remain strong through year-end due to low inventories and seasonal demand. On the commercial front, he highlighted significant progress through hiring, upgrading systems, and building a global origination group focused on driving more value through the integrated system and moving barrels to the highest netback markets.

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Brian Mandell, EVP of Marketing and Commercial, acknowledged that the lack of clarity on the new Production Tax Credit (PTC) rules led to some 'suboptimized' feedstock decisions early in the year. He noted that significant policy uncertainty remains regarding the RVO, tax rules, and LCFS, with more clarity expected in the coming months. As the rules become clearer, the company will be better able to optimize plant operations and feedstock sourcing to improve margins.

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Rich Harbison (Refining) noted that Q1 turnarounds would impact the capture rate, but the benefit from seasonal butane blending would continue. Brian Mandell (Marketing and Commercial) commented on the commercial side, stating they are continuing to grow the organization, hire expertise, and look for margin and cost-cutting opportunities to grow returns.

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Rich Harbison of Refining outlined a focus on earnings per barrel through high-return projects and commercial integration to drive future profitability. Brian Mandell of Marketing and Commercial expects renewable diesel margins to strengthen due to favorable feedstock prices, a tighter West Coast market, and stronger credit markets, noting the Rodeo facility is still in its startup phase.

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SVP Eric Fisher described the SAF start-up as a 'pleasant surprise' operationally, with strong performance and growing market interest, particularly from Europe. Regarding Benicia, EVP & General Counsel Rich Walsh stated that while discussions with California officials are ongoing, no viable solutions to prevent the closure have emerged, and the company's plans have not changed.

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SVP Eric Fisher described SAF operations as a 'pleasant surprise,' with the unit performing well, but noted that airline demand is still developing. Regarding Benicia, EVP & General Counsel Rich Walsh stated that Valero's plans to cease refining operations have not changed, and while discussions with state officials are ongoing, no viable solutions to prevent the closure have emerged.

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Lane Riggs, Chairman, CEO and President, attributed the Benicia closure to California's stringent regulatory environment and higher maintenance costs compared to Wilmington. Eric Fisher, EVP of Commercial, added that while Q1 renewable diesel volumes were impacted by maintenance, Valero expects to capture 100% of eligible PTC credits going forward and sees potential market tailwinds later in the year.

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Lane Riggs, Chairman, CEO and President, explained the Benicia closure was driven by California's difficult regulatory environment and the refinery's higher maintenance costs compared to Wilmington. Eric Fisher, an executive, detailed the renewable diesel market's transition, noting a pivot to capture PTC credits and the expectation for 100% capture on eligible volumes going forward. He added that market improvement is likely in the second half of the year, pending potential regulatory tailwinds from the EPA and California's LCFS program.

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Eric Fisher, an executive, explained that the new credit is less favorable for non-waste oils, creating a challenging margin environment, but noted Valero's waste-oil-based platform remains advantaged. He added that the new SAF unit started up successfully in Q4 and provides the flexibility to produce either SAF or renewable diesel for Europe, depending on which offers better economics.

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Executive Greg Bram attributed weak margin capture to persistent crude backwardation, a heavy maintenance period for Valero, and soft secondary product values like propylene. He expects capture to improve as petchem markets recover. On SAF, executive Eric Fisher reiterated their view that the market is physically undersupplied and confirmed that Europe will be a primary, attractive market for their new production.

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CEO Randall Stuewe attributed the expected EBITDA improvement primarily to the core ingredients business, benefiting from higher fat prices. He noted the guidance's main uncertainty is the timing of a RIN market recovery, which could make the forecast conservative. On SAF, COO Matt Jansen reported that operations are performing well and meeting expectations, with solid demand and a good sales book, despite some market quietness due to regulatory noise.

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An executive stated that tariffs are a slight net positive for Darling, as they limit imported waste fats and support domestic prices, with a minor negative impact on protein sales to China. Regarding SAF, COO Matt Jansen described demand as a healthy mix from both mandated and voluntary markets, supported by a strong sales book. He added that a decision on a second SAF production line is on hold pending greater market clarity, and noted growing interest in the 'book and claim' process for Scope 3 credits.

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CEO Randall C. Stuewe attributed the expected improvement in the Feed business to strong volumes, operational gains, and improving fat prices, which are moving towards levels seen when palm oil is high. Regarding SAF, management noted that while global demand is increasing, the U.S. market looks particularly attractive for 2025, but DGD is positioned to sell to the highest-value market.

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EVP of Operations Joseph Israel detailed the El Dorado improvements, which are on track for a $2/barrel run-rate gain, attributing them to specific EOP initiatives like increased jet fuel production and catalyst changes. Executive Mohit Bhardwaj clarified that while the latest intercompany transaction had a muted EBITDA impact, some of the previously announced $60 million EBITDA shift from DKL to DK is still expected to materialize throughout the year.

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