Improvement in Market Conditions
The combined index is up by $6 per barrel, indicating improving market conditions. The West Coast and Hawaii markets are showing positive signs, with reduced supply tightening the Rocky Mountain region.
Retail Business Performance
Quarterly same-store fuel and in-store revenue increased by 0.5% and 1.8% compared to the first quarter of 2024. The Retail business continues to deliver solid results with total adjusted EBITDA exceeding $80 million for the first time.
Strategic Share Repurchases
Shares outstanding were reduced by 5% compared to the end of 2024, reflecting progress on strategic objectives and capital allocation.
Progress on Montana and Wyoming Operations
Montana's turnaround is on time and on budget, with mechanical completion nearing. Wyoming operations resumed a month earlier than planned after an outage.
SAF Project Progress in Hawaii
SAF project construction in Hawaii is progressing as planned, with major equipment set and on-site work proceeding for completion.
Excess Capital Position
Ending liquidity stands at $525 million, with a strong balance sheet and improved free cash flow outlook.