Successful Restart of Martinez Refinery Units
Phase 1 of the Martinez restart plans were completed, including the safe restart of several units like the crude unit and hydrocracker.
Insurance Payment for Martinez Incident
Insurance carriers agreed to a first installment payment of $250 million, expected to be received this quarter, highlighting the strength of the company's insurance program.
Sale of Non-Core Assets
Announcement of the sale of Knoxville and Philadelphia terminal assets for $175 million, expected to close in the second half of the year.
Refining Business Improvement (RBI) Program Progress
Over 500 cost-saving ideas generated, with a focus on achieving more than $200 million of annualized savings by year-end 2025. The company is on track to exceed this goal.