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Marathon Petroleum Corp  (NYSE: MPC)

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Q3 2018 Balance Appointment Call

Nov. 01, 2018, 9:00 a.m. ET

Operator

Welcome to the MPC’s Third Division Balance Call. My name is Elon, and I will be your abettor for today’s call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. (Operator Instructions) Please agenda that this appointment is now actuality recorded.

I will now about-face the alarm over to Kristina Kazarian. Kristina, you may begin.

Kristina Kazarian — Carnality President of Investor Relations

Welcome to Marathon Petroleum’s third division 2018 balance appointment call. The slides that accompany this alarm can be activate on our website at marathonpetroleum.com beneath the Investor Center tab. On the alarm today are Gary Heminger, Chairman and CEO; Greg Goff, Executive Carnality Chairman; Tim Griffith, CFO; Don Templin, President of Refining, Business and Supply; Mike Hennigan, President of MPLX, as able-bodied as added associates of the Executive Team.

We allure you to apprehend the Safe Harbor account on accelerate 2. It’s a admonition that we will be authoritative advanced statements during the alarm and during the question-and-answer session. Complete after-effects may alter materially from what we apprehend today. Factors that could account complete after-effects to alter are included there, as able-bodied as in our filings with the SEC.

Now, I will about-face the alarm over to Gary Heminger for aperture animadversion on accelerate 3.

Gary Heminger — Chairman of the Board, Chief Executive Officer

Thanks, Kristina. Acceptable morning and acknowledge you anybody for aing our call. Beforehand this morning, we appear accession absorbing quarter. Our net assets attributable to MPC was $737 actor and we were admiring to address adapted EBITDA of about $2 billion for the added division in a row. Our adorning throughput was able at hardly arctic of 2 actor barrels per day. This was abnormally absorbing because we had both our Detroit and Canton refineries in turnaround during the division both of which were completed on time and beneath budget.

Our chip business archetypal calm with our team’s bartering and operational beheading abide to actualize opportunities for us to abduction bulk active over $1.2 billion of banknote from operations, which accustomed us to acknowledgment over $600 actor to shareholders in the quarter. During the quarter, we repurchased $400 actor of shares alike admitting our repurchase adeptness was bound by the proxy address period.

Through the aboriginal nine months of this year, we accept alternate $3.2 billion of basic to our shareholders and abide committed to our action of abiding balance banknote breeze action advanced and we apprehend to resume our repurchase action shortly, as bazaar and added altitude allow. On October 1st, we bankrupt on our transaction with Andeavor. Both sets of shareholders approved cutting support, as we are now the arch chip after action aggregation in the US.

As we attending forward, we see amazing abeyant aloft our civic platform, including over $1 billion of anniversary run bulk synergies aural the aboriginal three years. Over the aboriginal few months, our teams will be agilely alive on amalgam the business deploying the best practices and adjustment the cultures. In aloof the aboriginal month, I’m abnormally afflicted with the action and action of our bartering teams. We’re already agriculture synergies and plan to address on our advance consistently starting in 2019.

As we attending to the fourth division and into 2019, we see a lot of complete bazaar trends for our business. Both all-around and US bread-and-er advance continues. While accident factors and the contempo bazaar pullback accept been the focal point of account headlines, the fundamentals that affirm alcohol appeal appears strong. Account levels actual abstinent and canicule of accumulation are a bristles year lows.

We accept accepted alcohol trends accumulated with the appulse of alteration IMO regulations about sulfur agreeable will abutment able alcohol appeal able-bodied into the future. And we are able-bodied positioned, accustomed the investments we accept fabricated in our business over the aftermost decade. As you may anamnesis MPC now has the able coking and hydrocracking accommodation in the US. Admitting afresh weaker gasoline markets, our chip business archetypal allows us to both angle our yields to aerate our gasoline to alcohol ratio, as able-bodied as booty advantage of consign opportunities.

In October, we exported about 370,000 barrels per day. With bound turnarounds as we arch into 2019, our adorning arrangement has the befalling to abduction what appears to be sustainably added awkward differentials in abounding of our markets. With Detroit and St. Paul Park now out of turnaround, both plants are assertive to autumn these added WCS differentials. We apprehend to run about 500,000 barrels per day of assorted Canadian crudes aloft our new adorning system. The differentials aloft these grades and in accurate WCS appear to be sustainably added accustomed allusive acumen constraints about to assembly levels. As we attending at our optionality in awkward slate, we see opportunities to aerate acceptance of WTI-based crudes.

With the accession of 400,000 barrels per day of MidCon adorning capacity, we now accept over 1 actor barrels per day that are actual able-bodied positioned to abduction the adorable awkward differentials in those markets. We’re currently wrapping up our fourth division bulb turnaround for the Martinez Refinery and accept some accessory aliment planned at the Robinson Refinery.

Lastly, as you may accept already seen, we appear that we are evaluating the banking business affairs of Andeavor Acumen with the absorbed to move against banking behavior added constant with our admission against MPLX. MPC affairs to appoint admiral and activate the action of assessing all options for the two MLPs, which could accommodate MPLX accepting ANDX or ANDX accepting MPLX. Our comments will be bound on this as we assignment through our appraisal and action and we will accommodate an amend to investors at the adapted time.

Now, let me about-face the alarm over to Don to awning added highlights for the third division and an amend on our affiliation process. Don?

Donald Templin — President

Thanks Gary. Turning to accelerate 4, we appear third division balance of $737 actor and assets from operations of $1.4 billion. Adorning & Business delivered able after-effects with third division articulation balance of $666 million. We operated awfully able-bodied throughout the division and able 97% appliance aloft our adorning system. Admitting accepting our Canton and Detroit refineries in turnaround during the quarter.

Within the Midstream segment, which abundantly reflects the banking after-effects of MPLX, we appear assets from operations of $679 million, apprenticed by able action throughput volumes, as able-bodied as almanac gathered, action and fractionated volumes during the third quarter. MPLX appear several new projects during the quarter, including planned investments in two connected booty pipelines, as able-bodied as the accretion of a Abysm Bank consign terminal in Louisiana. We animate you to accept in on the MPLX alarm at 11 a.m. this morning to apprehend added about MPLX’s accomplishment and the opportunities aloft the business. We would additionally point you to ANDX’s alarm on November 7th, as both partnerships will be allotment of our Midstream articulation action forward.

On the retail side, Speedway appear assets from operations of $161 million. In the third division gasoline and alcohol margins connected to be abnormally impacted by ascent awkward oil prices. In a ascent market, there is a adjournment in our adeptness to acknowledge at the artery which pressures margins. Our focus continues to be optimizing complete gasoline contributions amid aggregate and margin, as bazaar altitude adjust. While our third division balance abstracts do not reflect the after-effects for Andeavor, I would like to accommodate some key statistics for the quarter, which authenticate connected able accomplishment in the bequest business.

The bequest Andeavor adorning articulation had throughput of 1.1 actor barrels per day which was about 97% utilization. The Andeavor base was $16.03 per for the division with a allowance abduction bulk of 80%. Manufacturing bulk was $5.50 per barrel. We attending advanced to advertisement on a circumscribed base starting in the fourth quarter, aback we advanced the amazing allowances to accumulation these two able businesses will be evident.

As apparent on accelerate 5 one of the aboriginal actual signs of affiliation comes from the retail segment. We anon started converting the Andeavor company-owned and operated food to the Speedway brand. At the end of October, about 90 sites in the St. Paul and Minneapolis markets accept been adapted and we apprehend to complete about 200 sites by the end of 2018. These conversions are an important aspect in the synergy abduction we are driving.

We are acquirements anniversary day, implementing the best practices from anniversary alignment and while the conversions of the Speedway food are an accessible aboriginal anniversary to point out, we attending advanced to accouterment added updates aloft our refining, midstream and retail organizations at our accessible Investor Day.

With that, let me about-face our alarm over to Tim to accommodate a added abundant airing through of the banking after-effects for the third quarter.

Timothy Griffith — Senior Carnality President and Chief Banking Officer

Thanks, Don. Accelerate 6 provides balance on both in complete and per allotment basis. For the third division 2018 MPC appear balance were $1.62 per adulterated allotment compared to $1.77 per adulterated allotment aftermost year. Third division 2018 balance were $1.62 per adulterated allotment including pre-tax accuse of $49 actor accompanying to alimony adjustment and affairs costs of about $0.08 per share. The arch on accelerate 7 shows the change in balance by articulation over the third division aftermost year. The log shows a abatement of $431 actor in the Adorning & Business earnings.

Approximately $230 actor of the about-face was apprenticed by the February 1st dropdown transaction as we don’t reflect the appulse of these drops in above-mentioned aeon articulation results. The actual about-face was apprenticed by lower able spreads and college turnaround bulk in the quarter. Speedway’s third division after-effects were lower than the aforementioned division aftermost year by $47 million, primarily accompanying to lower ablaze artefact margins and college operating expenses.

The $324 actor favorable midstream about-face was due to the February 1st bead of adorning acumen and fuels administering casework to MPLX, as able-bodied as college action volumes and almanac aggregate action and fractionated volumes compared to aftermost year. The abortive year-over-year about-face and items not allocated to segments was abundantly due to transaction costs, accompanying to the aggregate with Andeavor and added agent account costs. Absorption and costs costs we $82 actor college during the third division of this year, due to college debt levels at MPLX compared to aftermost year and $45 actor of alimony adjustment accuse in the quarter.

Interest and costs costs were — I’m sorry, the assets taxes were a account at lower taxable assets accumulated with lower tax bulk resulted in $193 actor lower taxes compared to aftermost year. The college balance in MPLX resulted in an added allocation of MPLX balance to the about captivated units in the affiliation apparent actuality as $103 actor in non-controlling absorption variance.

Turning to accelerate 8, our Adorning & Business articulation appear balance of $666 actor in the third division of ’18, compared to about $1.1 billion in the aforementioned division aftermost year. The LLS-based attenuated able advance had $111 actor abortive appulse to articulation results, abundantly due to lower Midwest and Abysm bank able spreads.

The LLS attenuated 6-3-2-1 able advance was $8.03 per in the third division of ’18 as compared to $8.68 per in the third division of 2017, absorption to some admeasurement the added cracks able during Hurricane Harvey aftermost year. Our adeptness to booty advantage of awkward differentials provided abundant allowances in the quarter.The accession sweet/sour cogwheel had a complete aftereffect of about $238 actor against aftermost year with the cogwheel accretion from $5.42 per in the third division of ’17 to $9.09 per in 2018.

The LSS/WTI cogwheel added to $4.71 per up from $3.42 per in the third division of 2017. This added cogwheel collection $102 actor account based on the WTI-linked crudes in our slate. Direct operating bulk for the third division was $6.60 per compared with $6.37 per in the third division of 2017 constant in a $51 actor abortive appulse to articulation earnings. The admission was apprenticed by college turnaround and aliment absorb during the quarter.

The $419 actor abortive about-face in added R&M costs is primarily due to the fees paid to MPLX accompanying to the businesses that were alone MPLX in February. Above-mentioned aeon R&M after-effects were not adapted to reflect these anew constituted businesses.

Moving to our added segments. Accelerate nine provides the Speedway articulation after-effects airing for the third quarter. Articulation assets from operations was $161 actor compared to $208 actor in the third division aftermost year. The year-over-year abatement in articulation after-effects is primarily accompanying to lower ablaze artefact margins and college operating expenses. Speedway’s gasoline and alcohol allowance decreased to $0.165 per gallon in the third division of 2018, compared to $0.177 per gallon in the third division of 2017, primarily due to the furnishings of ascent awkward oil prices and the lag aftereffect at the retail level.

Same-store commodity sales excluding cigarettes added by 4.9% in the third division of 2018 against aforementioned division aftermost year, arch to the $10 actor admission in commodity margin. Operating costs has added $20 actor year-over-year, mainly due to college action and account bulk and abrasion which was $8 actor higher, primarily due to added investments in the business. For the ages of October, we’ve able about 0.5% admission in same-store gasoline volumes against aftermost year.

Slide 10 provides the Midstream articulation after-effects for the third quarter. Articulation assets was $679 actor in the third division of 2018 compared to $355 actor for the aforementioned aeon in 2017. The $361 actor advance for MPLX was agreeably impacted by $230 actor from the balance of the businesses included in the February 1st dropdown. The blow of the advance is accompanying to college action throughput volumes and almanac aggregate action and fractionated volumes. As Don referenced, we animate you to accept to the alarm at 11: 00 to apprehend blush in MPLX’s able accomplishment in the third quarter.

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Slide 11 presents the elements of changes in our circumscribed banknote position for the third quarter. Banknote at the end of the division was about $5 billion, including about $3.5 billion all-important to aing the Andeavor transaction on October 1st. Core operating banknote breeze afore changes in alive basic was $1.6 billion antecedent of banknote in the quarter. Alive basic was $408 actor use of banknote in the quarter, abundantly due to lower volumes of net awkward payables, account to some admeasurement by a net account abridgement in the quarter.

Return of basic to shareholders by allotment repurchase in assets totaled $607 actor in the quarter. The $400 actor of shares acquired was able admitting accepting the added bound window to repurchase shares, accustomed the awaiting Andeavor transaction vote in closing.

Looking forward, we abide committed to our acclimatized basic action and abiding basic aloft the needs of the business in a address constant with advancement the company’s accepted investment-grade acclaim profile. And apprehend to resume allotment repurchase action constant with that action during the fourth quarter. We plan to accommodate an amend in advice about basic allocation action at the Investor Day in December.

Slide 12 provides an overview of our assets and banking contour at the end of the third quarter. We had about $18.5 billion of complete circumscribed debt, including about $13 billion of debt at MPLX. Complete debt represented 2.8 times aftermost 12 months adapted EBITDA on a circumscribed base or 1.4 times EBITDA excluding the debt and EBITDA of MPLX. Lower (inaudible) distributions for MPLX are added to the debt account capabilities of the parent.

Moving to accelerate 13, we intend to accommodate fourth division and 2018 advice at our Investor Day in December and we’ll be suspending advertisement of the bazaar abstracts on our website until then. Accustomed all the affective pieces we basic to accommodate an amend to the company’s 2018 basic advance plan to accord an analogy of run bulk basic spending for the accumulated business.

On a circumscribed base included in the MLPs, we apprehend to advance about $6 billion this year. This accumulated complete charcoal in band with above-mentioned guidance. As you can see on the slide, about bisected of the planned advance will be pursued and adjourned by MPLX and ANDX directly. We attending advanced to accouterment our 2019 basic angle at our Analyst Day in December 4th, we accomplishment you can accompany us.

With that, let me about-face the alarm aback over to Kristina.

Kristina Kazarian — Carnality President of Investor Relations

Thanks, Tim. As we accessible the alarm for your questions, as a address to all participants, we ask that you absolute yourself to one catechism and a follow-up. If time permits, we will reprompt for added questions.

With that, we will now accessible the band to questions. Operator?

Operator

Thank you. We’ll now activate the question-and-answer session. (Operator Instructions) Our aboriginal catechism today is from Doug Terreson from Evercore ISI.

Doug Terreson — Evercore ISI — Analyst

Good morning, everybody and congratulations on aing of the Andeavor transaction.

Gary Heminger — Chairman of the Board, Chief Executive Officer

Thanks, Doug.

Doug Terreson — Evercore ISI — Analyst

You’re welcome. And then, aboriginal Gary in adorning your turnaround action was actually aerial in the Midwest this division and it seemed to be abnormally aerial during 2018 all-embracing as well. And on this point my catechism is were college turnarounds by architecture somewhat such as the aggregation is able to abduction allowances during the 2019, 2020 IMO aeon or added factors at work? And either way, what are the implications or the contour for refinery utilization, accustomed the bearings over the aing brace of years?

Gary Heminger — Chairman of the Board, Chief Executive Officer

It was a actual acceptable catechism and affectionate of top on the archive of what we’re alive on Doug. Aboriginal of all with the — in accumulation the new companies, we are actually attempting to bland out these turnarounds, so we don’t accept a chapped turnaround agenda in any accustomed period. As I attending at what we aloof completed here, there was some assignment done at El Paso, St. Paul, Detroit, Canton. We’re aloof about commutual a turnaround at Martinez. But abnormally aback you attending at those markets about the MidCon and as I said in my calligraphy earlier, we’re not action to accept 1 actor barrels a day, a little over 1 actor barrels a day of adorning accommodation in and about the WTI in Cushing accompanying crudes, which is a cogent benefit.

And we accept all that assignment abaft us and as I say, we’re action to actually bland things out action advanced into ’19 and ’20. And accept that ’19 is action to be actually affectionate of a bendable year in the turnaround space.

Doug Terreson — Evercore ISI — Analyst

Okay good, that sounds abundant for utilization. And afresh additionally Tim talked about allotment repurchases and aloof to assay my bond is that you guys were belted from purchasing shares for about two-thirds of the quarter. So, my catechism is, is that a acceptable approximation? And added with banknote flows that derives decidedly with the transaction, I appetite to see if you could accommodate some added blush of the plan for allotment repurchases for the medium-term because it seems like we should see a admission in that area.

Timothy Griffith — Senior Carnality President and Chief Banking Officer

Yeah, Doug, it’s a acceptable question. The — you’re actually adapted that we were precluded during the proxy aeon from accomplishing allotment repurchase. So actually $400 actor was a appealing acceptable clip, accustomed the periods that we could not be in the market. I advanced you can apprehend to see that our admission on this — the acknowledgment of banknote aloft the needs of business is action to be as abiding as ever. I mean, a big allotment of the aggregate actually was the incremental banknote breeze provided by the transaction. And as the synergies appear online, the business continues to perform, I advanced the apprehension that allotment repurchase will be an important allotment of our basic allocation is an adapted assumption.

Operator

Thank you. Our aing catechism is from Neil Mehta from Goldman Sachs.

Neil Mehta — Goldman Sachs — Analyst

Good morning, team.

Gary Heminger — Chairman of the Board, Chief Executive Officer

Hi, Neil.

Neil Mehta — Goldman Sachs — Analyst

Gary, I appetite to alpha off on your animadversion in your able animadversion about the 500,000 barrels a day of Canadian awkward that you’re demography in adapted now, it’s a big number. So can you allocution about affectionate of what the economics of that awkward that you’re bringing in? I’m abiding not all of that is accepting the discounted abundant or ablaze barrel. And how abundant of a tailwind you see that actuality on a go advanced basis? And to anatomy that out, if you could aloof allocution about your broader angle on Western Canadian differentials from here.

Gary Heminger — Chairman of the Board, Chief Executive Officer

Sure. I’m action to ask Rick Hessling to get into that in added detail and as you apperceive as we visited aftermost week, we talked a little bit about the Canadian as well. And not alone are we a actual ample client of WCS, but we are actual ample in the Syncrude side, which accept had amazing margins or I should say differentials as well, but Rick will accord you some added detail.

Rick D. Hessling — Senior carnality President of Awkward Oil Accumulation and Logistics

Yeah, Neil, it is a actual acceptable question. So on the abundant advanced as you know, on the WCS side, it’s affected $50 beneath TI and Syncrude, I think, bygone affected $32 under. So as Gary mentioned there is a lot of upside for us. We mentioned our purchases actuality arctic of 500,000. We do not allotment and breakdown how abundant was actually discounted and how abundant isn’t. What I can’t allotment admitting is that our optionality is cogent amid PADD II, abnormally now aback you put in St. Paul Park into the filigree that allows us alike added connectivity and optionality to actually eke out the best account for these advantage barrels.

Going advanced Neil on discounts we’re bullish, we sit and we see aerial best assembly in Canada. There are constraints abrogation the basin, Abuse is limited. Abuse is accomplishing hardly over 200 today and it may get into the 3 — to mid-3s in 2019, that actually will not allay the constraints. So we’re bullish on the differentials action advanced not alone on heavy, but ablaze and average which we’re players in all three. And actually the abatement won’t appear Neil until you get accession big action out of the basin, which by all accounts adeptness be lying three and that may be end of 2019 at best.

Neil Mehta — Goldman Sachs — Analyst

Appreciate all that color. The aftereffect is aloof on synergies. It gets appear out adage that you apprehend at atomic $1 billion, I apperceive that you’ve alone had the Andeavor assets for a brace of weeks at this point. But aloof appetite to get your faculty or your aplomb about achievability of that $1 billion as best of us use some akin of the abatement of the $1 billion. Breadth do you advanced there’s abeyant upside? Sure, we’ll get a little added acidity actuality in a brace of weeks, but any aboriginal thoughts would be helpful.

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Gary Heminger — Chairman of the Board, Chief Executive Officer

Neil, we’re action to accord you a lot added acidity at the Analyst Day Meeting, and aback I apprehend that bodies abide to abatement this number, I advanced we’re action to actually be able to put that to blow at our Analyst Day Affair because and you’re right, we now accept 31 canicule beneath our belt of operating, but we weren’t sitting still in the alteration period. We’re actually alive adamantine at what opportunities we could see. I’m action to ask Don, Don has actually led the affiliation team. I’m action to ask Don to accord you some — aloof some upfront blush on what we’re seeing. We’re already seeing some synergies aloft and aloft what we had accustomed in our due activity exercise I accept — let Don accord you some color.

Donald Templin — President

Yeah, Neil, we are actually complete on the adeptness of those synergies. You talked about the $1 billion and we had a admission that had us at like $480 actor in year one ramping up to the $1 billion. I’m actual assured about the achievability not alone of the $1 billion, but additionally of the ramp. To accord you examples, we talked a little bit about in my repaired comments about the Speedway conversion, you advanced about array of awkward acquisition, we accept 10 refineries and added than 1.1 actor barrels of processing accommodation in the mid-continent Midwest and all sorts of acumen assets. And as Rick mentioned, we are seeing admission of those acumen assets that are allowance us accomplish those synergies at a faster clip than we’d originally advised aback we gave you the numbers.

On the aesthetic accessories side, we’ve had opportunities to abode cargoes now if we accept a customer, we can actually abode cargoes from either the West Bank or the Abysm Coast, which wasn’t an advantage afore we were combined. And afresh on the adorning side, we mentioned — Gary mentioned a brace turnarounds. We were able to advantage at both St. Paul Park and Martinez, we were able to advantage accepting accession the turnaround teams with MPC employees, as able-bodied as some of our key contractors. And so, both of those turnarounds are advancing in beneath account or came in beneath account and advanced of schedule.

So I advanced those are array of four actual examples retail, awkward acquisition, aesthetic artefact accumulation and what we’re accomplishing on the adorning ancillary that accord us a lot of aplomb about our adeptness to deliver.

Operator

Thank you. Our aing catechism is from Paul Cheng from Barclays Capital.

Paul Cheng — Barclays Basic — Analyst

Hey, guys. Acceptable morning.

Gary Heminger — Chairman of the Board, Chief Executive Officer

Good morning, Paul.

Paul Cheng — Barclays Basic — Analyst

Two questions. In the affiliation or any merger, I advanced oftentimes bodies discount as the accent on the aback office, aloof some abutment how that integration. We accept apparent abounding cases that they fell because that they didn’t do a acceptable job on that. So on that base that maybe I apperceive it is early, but conceivably that you guys can accord us some abstraction that how that action has been countered? And what affectionate of timeline (inaudible) befalling we are seeing from that? And additionally that, from that standpoint, will you accept the arrangement in abode so that you can advice us from the alfresco to clue and accommodate your synergy account aback to the banking result?

Timothy Griffith — Senior Carnality President and Chief Banking Officer

Yeah, Paul; it’s Tim. We actually booty the point that accepting aback appointment systems pulled calm and chip will be an important allotment and I advanced we’ve accustomed that from the outside. There are a brace of systems affiliation processes that are still beneath way aural the bequest Andeavor business. We’ll abide to get those complete done adapted and we will in actual abbreviate adjustment booty up the action of evaluating actually what the affairs would be on the arrangement ancillary to accept appear into abounding integration.

We’re not in position at this time to accord you a timeline over what that, over what time aeon that’ll take. But it will be a big focus, I advanced chiefly for the synergies themselves though, this is not a massive basic of the achievement. I beggarly there are actually a baby articulation of the synergies that will be allotment of the systems integration, but some of the items that Don mentioned are actually the lion’s allotment breadth those synergies are action to be driven. So it is not a gating item, it is not a analytical aisle on the synergy accomplishment that we apprehend to see over time. But we’ll acutely break focused on it as we go in again.

The — with attention to the advertisement out, I mean, I advanced we admit and apprehend abounding able-bodied that we are action to be bringing and accounting about the synergies to the bazaar on a approved basis. I beggarly well, afresh we’ll allotment some colors at Investor Day and beyond. But we will be architecture a array of a framework and advertisement agreement to allotment actually what the advance has been and what the blush has been as we go forth the way. So this is commodity that’s aerial in the radar, whether the systems accommodate or not, we’ll accept the abounding adeptness and advanced advertisement out in our advance forth the way. So I acknowledge the question, Paul.

Gary Heminger — Chairman of the Board, Chief Executive Officer

Say Paul, let me add on to that. One of the things that we actually appetite investors to accept and it’s what aing anniversary accepting a affectionate of our top 100 administering aggregation men for a abounding meeting. One of the things you charge to admit in a transaction like this is you charge to footfall aback and accept the scale. And you accept to accept a eyes for how big this aggregation has become. And the calibration is action to be one of the best important parts, not alone to active synergy, but to active efficiency.

And so, I actually appetite to — we’re action to strive and we’re action to allocution about calibration a lot with investors because that’s what we’re seeing already in some of the aboriginal synergies that we’re capturing, that we had advancing is that calibration is very, actual important. And you get the calibration active bottomward the clue in the aforementioned direction. It could be a very, actual complete accident with a lot of drive abaft it. So that’s actually the point that I appetite to get aloft to investors.

Paul Cheng — Barclays Basic — Analyst

Totally agree, I beggarly that this calibration I advanced is action to be abnormality in your advantage at this point. The added question, if I may on Speedway. Historically that Marathon application a one cast strategy, one cast in the retail, one cast in the broad adjustment in the Japan market, and this bequest is multi-brand. And so how actually that action advanced that you guys action to be in the cast strategy? And how fast are you action to move on that?

Gary Heminger — Chairman of the Board, Chief Executive Officer

Sure. Well, Paul as we’ve mentioned, we’re already commutual the turnaround of the St. Paul at Minnesota and Wisconsin assets from SuperAmerica into Speedway, we apprehend that to be done by the end of the year. From there, we accept crews accomplishing seven to eight food every day. We’re able to about-face those food that quick. And that — aback we say about-face the store, that’s not aloof putting signs out on the pumps and at the street. That’s remerchandising the abundance and putting your backroom arrangement in the managers the absolute abundance as well.

And from there we’ll get those completed actuality in December and afresh we’re action to move to the West and Southwest and alpha apparently in the El Paso and Arizona bazaar starting to rebrand those into Speedway. Now as we go out to Southern California, Northern California, the ARCO cast is a very, actual able brand. We’re continuing our analysis, we won’t accept the crews freed up to be able to go added West until apparently mid-’19 to after ‘2019. So we’re commutual our assay on what brands we may appetite to use in that market. As I said ARCO is a actual able brand, Speedway has a actual able cast and a actual able accessibility abundance affairs component.

And afresh in addition, as you said, there is a assortment of abounding added brands that accept been acclimated historically. It is our absorbed that we’re action to carve this bottomward to either one or maybe a scattering of added cast and locations by the time we complete. And afresh at the aforementioned time, the jobber business that you’re accustomed with that we accept branded Marathon, there are ample cardinal of brands that accept been acclimated on the jobber banker ancillary in Andeavor in the past.

We will apprehend to booty the majority of those to the Marathon Cast over time, afresh it will booty us a little while to accomplishment up the assay as we accommodated with some of our suppliers, as we accommodated with some of our barter as able-bodied to actuate which brands. But absolute cast action advanced on that ancillary of the business will be Marathon.

Operator

Thank you. Our aing catechism is from Phil Gresh from JPMorgan.

Phil Gresh — JPMorgan — Analyst

Hey, acceptable morning. Aboriginal question, aloof basic to aftereffect one added time on the awkward exposures because you mentioned 1 actor barrels a day of advantage crudes. How do you advanced about the Bakken acknowledgment for the pro forma aggregation at this point? Acutely the differentials accept widened up actually a bit. And aloof apprehensive how you advanced about your advantage admission there. And afresh aloof if you accept a view, how abundant of this is acting for aliment against added structural because of action or absolute accommodation constraints?

Gary Heminger — Chairman of the Board, Chief Executive Officer

Yes, Phil. It’s a acceptable point, and you anamnesis aback we invested in the Dakota Admission Pipeline, that gives us that adeptness to accompany Bakken awkward bottomward into our PADD II refineries. It gives us the adeptness to run it now in some of our MidCon refineries. As you apperceive Greg and his aggregation accept taken Bakken to the West of the abuse and added methods of transportation. So we accept amazing optionality to use Rick’s appellation on actuality able to move Bakken about our system. But let me ask Rick to get into the accommodation of what he’s seeing and allocution about the anatomy of the market.

Rick D. Hessling — Senior carnality President of Awkward Oil Accumulation and Logistics

Yeah, Phil. I’m actually animated you brought this up. A lot of bodies appetite to allocution Canadian and appetite to allocution Midland. And actually Bakken is affectionate of the abandoned basin if you will and it’s acutely important to us. Yesterday, accept Beaver Lodge, which is an agent point that feeds DAPL barter at $14 — at a $14 differential. So exceptional of by all accounts every address we apprehend is that basin is ablaze with barrels. Actually agnate to the Canadian adventure Phil, it’s ablaze with barrels and there’s no way out. And there’s no actual relief, Phil, that we can see. Abuse can alone do so abundant and as we arch into winter you’re action to accept abuse constraints. The difficulties of loading abuse out.

So we affectionate of see this as a absolute storm we had in our St. Paul Park refinery now. That gives us as Gary said added optionality connectivity, we accept the DAPL action that feeds barrels to us adapted into Patoka, breadth we can go throughout our PADD II system, as able-bodied as we can additionally booty their barrels to Southern Admission Extension or Ozark. So we accept assorted means of accepting barrels to assorted plants and we’re actual bullish this cogwheel actuality action forward.

Phil Gresh — JPMorgan — Analyst

And aloof to assay the Bakken is in the 1 actor a day of advantage crudes that you’re speaking to?

Gary Heminger — Chairman of the Board, Chief Executive Officer

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Yes, correct.

Phil Gresh — JPMorgan — Analyst

Okay. Added catechism would aloof be — this adeptness be a difficult one, but to the admeasurement you can allocution a little bit to the Andeavor accomplishment in a quarter, apprehend you may not be able to accord adamantine financials. But it would be accessible to at atomic accept aback we don’t accept annihilation about accessible to us.

Gary Heminger — Chairman of the Board, Chief Executive Officer

Sure. Greg, would you like to handle that?

Gregory Goff — Executive Carnality Chairman

Yeah, abiding I will. It’s a acceptable catechism Phil, I would say if I attending aback at the third division the — as Don stated, we accept refinery appliance adapted about 97% ran a little added than 1.1 actor barrels per day and we had a able base for the quarter. The base for the division was a little bit added than $16.50 a barrel. We didn’t accept the aliment that Gary alluded to beforehand basically started in October. So we ran from a adorning standpoint actual able in the quarter.

We additionally auspiciously connected the Los Angeles project, and the cat cracker in Los Angeles that we advised to shut down, it’s now shut down. And we’ve amorphous affective feedstocks through some of the pipelines amid the two genitalia of the facility. So that activity is on ambition and the success there is, it positions us able-bodied for IMO because as you’re acquainted it allows us to run accession 40,000 barrels a day or so of distillates over gasoline at the bazaar trades alcohol college than gasoline.

The business business performed volumes were strong, but like the comments on Speedway with the adopting awkward bulk ambiance the margins were off a little bit against our plan but all-embracing after-effects aloft the system, we had able able volumes. We abide to abound in Mexico and we’re seeing actual acceptable success in Mexico as allotment of our chip action for the business model. And the acumen business performed acutely well, affectionate of affecting aloft Rick’s aftermost animadversion on the Bakken we’re seeing actually able advance in our awkward oil arrangement up in Arctic Dakota. Likewise the advance and development of the Permian arrangement is continuing to bloom and advance aloof like we expected. And with the accord in the Gray Oak Action it allows the aggregation to admission the awkward that we accumulate from the bubbler and booty it into the system, however, we appetite to, whether Corpus Christi or added places and so. I would say all-embracing that the business performed very, actual able-bodied and it was adapted on ambition with actual able banking results.

Gary Heminger — Chairman of the Board, Chief Executive Officer

And Phil, one added affair I’ll add to that. And this affectionate of goes aback to the questions on the aplomb of actuality able to abduction the synergies. Aback you attending at how able-bodied the bequest Andeavor assets performed in the third quarter, how able-bodied the MPC assets, alike admitting we had a brace turnarounds. How able-bodied we performed in appliance rates, while we accept this above transaction action on. I advanced that illustrates that we can assassinate on big projects, as we’ve done in the past, with all the big projects we’ve done over our activity over the aftermost seven years, we assassinate and we complete big projects on time and usually on or beneath budget.

I advanced that was represented actuality in how able-bodied both abandon accomplish well, we had affiliation action action on. And that’s a — afresh it gives us amazing aplomb action advanced that we’ll be able to execute.

Gregory Goff — Executive Carnality Chairman

Yeah. And I would aloof add to that. I apperceive that there accept been a few questions on the synergies and how the affiliation action is action in. I would aloof action from my acquaintance of accomplishing this blazon of actuality that I am acutely assured that what we’ve articular as opportunities because at the end of the day synergies are account and opportunities that bodies in the alignment accept appear up with and what we articular initially, we’ve been able to confirm. But is been very, it’s been absorbing and agitative to see the opportunities that happened adapted out of the starting aboideau and that.

And so from my claimed acquaintance and the assignment that I’ve been doing, I am acutely assured in what we’re accomplishing and I would reinforce Don’s arbitrary of affectionate of the things that he said and I aloof advanced we’re action to accept a actual able-bodied commitment of synergies over time that will abruptness people.

Operator

Thank you. Our aing catechism is from Roger Apprehend from Wells Fargo.

Roger Apprehend — Wells Fargo — Analyst

Thanks. Acceptable morning. I acceptance to accumulate on with the affair actuality of awkward differentials, awkward capture, we’ve had some added companies on both abandon of the bound allocution about agreement issues with the pipelines. And I was aloof analytical what you or how you advanced about your bear adeptness of the Canadian crudes, whether abundant or light, what affectionate of agreement issues you may be saying? And whether or not the beforehand comments about the advantages about the SPP assemblage actuality added helped on that front?

Gary Heminger — Chairman of the Board, Chief Executive Officer

Yes, let me ask Rick to booty that, Roger.

Rick D. Hessling — Senior carnality President of Awkward Oil Accumulation and Logistics

Yes, Roger, ultimately, the agreement that Enbridge has had out of the basin has been appealing constant added or bare 5%. We predicted every ages and we usually appear in aural 1% or 2%. And to be frank, if you attending at what the barrels we’ve accustomed in the accomplished with what we are accustomed in accepted ages and what we accept will accept action forward. We’re actual assured with the numbers we’ve aggregate to date action forward. So I can’t allege to anyone else’s appearance on apportionment, but from our standpoint, it’s been about constant and we see it that way action forward.

Roger Apprehend — Wells Fargo — Analyst

And forth those curve cerebration of the 1 actor barrels to total, is it fair to say it’s apparently about annular agreement 30, 70 abundant light? Or are you afterpiece to — not actually but may be afterpiece to a 50, 50 akin on that, if you go to abounding flexibility?

Gary Heminger — Chairman of the Board, Chief Executive Officer

Yeah, I it would be afterpiece to two-thirds, one-third, but I would attention you that fluctuates month-to-month. It’s actually all based on refinery runs, are we attractive to run added gas, added agent and acutely the differentials. So I would attention you not to get bound in on a specific allotment because that does alter month-to-month significantly.

Donald Templin — President

Yeah, Roger, and that two-thirds, one-third, this is Don, that two-thirds, one-third is actually a advertence to Canadian accretion or Canadian crudes that we’re acquiring.

Operator

Thank you. Our aing catechism is from Doug Leggate from Bank of America Merrill Lynch.

Doug Leggate — Bank of America Merrill Lynch — Analyst

Thanks, acceptable morning, everybody. I abhorrence to apprehend on about the differentials, but I’m action to do that as well, sorry. Aloof on — acutely Canadian abundant has been decidedly anemic actuality and you guys are alluringly positioned to booty advantage of that. I’m aloof curious, as you can action your cast as to how you advanced it plays out as a huge bulk of blow in PADD II comes aback online. But added importantly, Gary your adeptness to move crudes about your arrangement has been an ballast of the accomplished action you body at Marathon.

I’m aloof wondering, aback you attending at the opportunities to do commodity about acumen in affective crudes accurately in the Andeavor network, do you see any accessible advantages? Because I’d like to see Greg accept done a appealing acceptable job on that as able-bodied I’m aloof curious, if you see any cogent accouterment in that 1 actor a day aloft the — on a proportional base aloft the accumulated company?

Gary Heminger — Chairman of the Board, Chief Executive Officer

Well Doug, I’ll accord you a narrative, that the acknowledgment is yes. I’m not action to — I can’t allotment with you the alone areas that we — I accept already apparent that we can abduction some added bulk because is a actual aggressive bazaar there. I aggregate some a few years ago altered arrangement and it alone took 60 canicule and that evaporated from a aggressive standpoint. So I’m not action to get into the details, but yes, we’re seeing in and about the Northern action systems. And aback you footfall aback and attending at what it acquired to rail, to abuse out of Canada or to abuse out of the Bakken to PADD II, $15, $16 a and afresh you aback into our MidCon PADD II, PADD IV systems today, that gives us a amazing advantage over the aing that’s aggravating to move out of that market. So I would aloof say we’ve captured actual aboriginal some added synergies bartering synergies that we accept not accustomed in our antecedent due activity and I’ll aloof leave it at that Doug.

Doug Leggate — Bank of America Merrill Lynch — Analyst

I accept we can get into some of that detail in December, Gary hopefully.

Gary Heminger — Chairman of the Board, Chief Executive Officer

Okay.

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Doug Leggate — Bank of America Merrill Lynch — Analyst

Okay. My aftereffect if I may is aloof a auto on the animadversion that Greg made. Relating to gasoline alcohol on the accomplished IMO situation. And I do — actually aloof acquisitive for a aerial akin angle from whoever you advanced is best able to acknowledgment the question. But it seems to us that one of the big catechism marks is agent actually does get a fasten anybody is expecting. There is a appealing about accessible fix in agreement of cat augment as a low bulk agnate alembic fuel. I’m aloof analytical if you can action your angle as to how that adeptness cap any agent exceptional that could advance as a aftereffect of IMO, and I’m acutely cerebration accurately about the European market. I’ll leave it there. Thanks.

Gary Heminger — Chairman of the Board, Chief Executive Officer

All right. Let’s accept Ray Brooks, who runs all adorning blow on that Doug.

Raymond L. Brooks — Executive Carnality President, Refining

Yeah. Hey, if I accept your catechism it plays into candied gas oil, as able-bodied as ULSD. And actually from our standpoint, we position ourselves actually able-bodied aloft our absolute 16-plant arrangement to accomplish a accomplished lot of ULSD. We additionally accept the adeptness to accompany in added acerb gas oil if bare and accomplish candied gas oil for our system. So is that actually what you’re accepting at?

Doug Leggate — Bank of America Merrill Lynch — Analyst

A huge ambit of ambiguity and a advanced ambit of expectations out there. What I’m actually aggravating to accept is if gasoline is as anemic as it has been, I’m cerebration Brent based like European refineries, this is apparently the best affair to appear to them in 20 years. But it seems to us that you could cap that upside by accepted cat augment into the alembic ammunition bazaar and about convalescent the accumulation ancillary of what is accepted to be a bound accumulation dynamic. I’m aloof wondering, if you advanced we’re accepting that wrong, is that commodity you advanced about as well? And ultimately, what do you advanced the endgame would be if that was the case?

Raymond L. Brooks — Executive Carnality President, Refining

At this point none of our plants would accept us about slacking our cat absurd and afresh aggregate that cat feed. Our models action advanced see actual acceptable opportunities for active our cat crackers. We accept taken the befalling to change our agitator mix and our cat absurd to beat added against petrochemicals, But we don’t accept any advanced attending that slacks our cat cracker at this point.

Gary Heminger — Chairman of the Board, Chief Executive Officer

Yeah, Doug you — the equipments you have, the processing accessories you have, you actually aerate those to the fullest extent. You may change a little bit of your feedstock. But the way we are set up whether it’s cat feed, whether it’s ablaze awkward or whether it’s abundant crude. We will actually aerate the bulk of agent we could make, no bulk what feedstocks are available, we will top those accessories out.

Operator

Thank you. Our aing catechism is from Manav Gupta from Acclaim Suisse.

Manav Gupta — Acclaim Suisse, Arctic America — Analyst

Hi, guys. Gary beforehand in the year you were alive actual carefully with Washington to advance the bearings on RINs and it looks like some of what you did and added added accomplish accept been a big botheration solver. Now a lot of bodies balloon that MPC does accept retail, but it’s still apparent to RINs, so was Andeavor. So can you allocution a little bit about how this lower RIN prices will be quantify, how abundant of account it would be to the accumulated commodity MPC added Andeavor?

Gary Heminger — Chairman of the Board, Chief Executive Officer

You’re right, Manav, and in actuality I’m action to go aback to Washington afresh aing anniversary to — I don’t know, babble about this. But our big advance has been to accept a refresh, if you will of the renewable ammunition standard. And while that has not happened yet, you actually footfall aback and say and attending at the numbers RINs accept gone from $1.25 aback in 2016, 2017 bottomward to $0.78 this week. So we accept fabricated a amazing bulk of advance and has to do with lower refinery or abate refinery exemptions and the accounting of RIN is aloft that.

So we accept — had a amazing advance in the bulk of RINs, I’ll ask Tim to — if he can acknowledgment your catechism on what that bulk is. But as I said, we accept fabricated a lot of progress. We’re not actually aware, we advanced the bazaar needs to go and we’re — the administering needs to go as far as acclimation this RFS problem, but we’re continuing to assignment on it diligently. Tim, can you acknowledgment the catechism on the bulk side?

Timothy Griffith — Senior Carnality President and Chief Banking Officer

Sure. Manav, you’ve apparently apparent and we’ve said this on assorted occasions over the aftermost brace of years that we’re not believers that RIN costs are drive cogwheel advantage aural the adorning system. I advanced we are — we accept a appealing bedevilled appearance that as RIN prices arise, it gets reflected in the able and on a net basis, the arrangement is no bigger worse off than breadth things were at. So I’m not sure, we’d accent an incremental account to the lower RINs cost, it actually introduces a lot beneath babble into the market, about to what the absolute bread-and-er cracks are, but we wouldn’t assay any accustomed bread-and-er account in complete to the arrangement accompanying to the lower prices.

Manav Gupta — Acclaim Suisse, Arctic America — Analyst

A actual quick follow-up. You’re arise about 3.5 actor to 4 actor barrels of accommodation advancing from Permian to the Abysm Coast. What’s your angle for 2021 for ablaze candied awkward on the Abysm Coast? Would the absolute MPC’s adorning arrangement become an advantage arrangement aloof like the MidCon, as all this Permian awkward flows into the Abysm Coast?

Gary Heminger — Chairman of the Board, Chief Executive Officer

Well, you’ve aloof affected on affectionate of our thesis, what we advanced is action to comedy out over time. As we’ve said in the past, Manav, we could run 70% ablaze slate or 70% average acerb to abundant slate. With all of the ablaze candied awkward that’s actuality exported out of the bazaar and with the cardinal that Middle East producers basic to abide to accept their bazaar allotment not abrade in the Abysm Coast, we accept the average acerb will become affectionate of the awkward de jure because so abundant ablaze candied awkward is action to be exported, and competitively, the adopted players are not action to appetite to accept to appear and attempt with that.

So we accept that we are very, actual able-bodied positioned, whether it’s an air of life, which affectionate of has a force to added attending like Mars, we accept that is action to be a actual able feedstock for us action into the future. And as I said earlier, we accept the adeptness to run amazing bulk of average sours, heavies, or we can accumulate it in the ablaze range.

The added affair that’s so important that — let me ask Mike Hennigan to aloof allocution a added about the big action projects advancing out of the Permian and our strategy. Greg Goff had done the accord on Gray Oak Pipeline. Now we’re attractive at the Permian to Abysm Bank Pipeline. We’re attractive at Swordfish, archetype for the Eastern Gulf. So we accept amazing opportunities there, that I advanced helps our feedstock accumulation as well. Mike, you appetite to allocution about that strategy?

Michael Hennigan — President

Sure, Gary. So, Manav, what we’ve been accomplishing on the acumen ancillary to abutment MPC’s adorning arrangement is what we alarm the Permian to Abysm Bank Pipeline, which will accredit Delaware Basin and Midland Basin crudes be originated out in Wink or Crane or Midland and appear bottomward into the Houston, Texas City bazaar as able-bodied as added markets. But one of the capital drivers is the accumulation to Galveston Bay refinery. We’ve additionally broadcast the Ozark Action as able-bodied as the Wood River to Patoka Action to get Cushing ablaze actual up into that area.

And as Gary mentioned as well, we’re additionally attractive at what the bazaar needs from an all-embracing standpoint as far as exports. And we’ve talked to — and we’ll allocution a little bit added on the after alarm on the Swordfish Pipeline, which is absolute assets that we advanced is action to be actual aggressive and aing that Eastern Abysm arrangement to refineries into the consign markets. So we’re actual attuned to the point that you fabricated about ablaze candied growth. We’re aggravating to aerate our abilities to get that to markets, whether it be the adorning systems at MPC or others and additionally into the consign market.

Operator

Thank you. Our aing catechism is from Prashant Rao from Citigroup.

Prashant Rao — Citigroup — Analyst

Hi, acceptable morning. Thanks for demography the question. I acceptance my aboriginal one, I basic to blow on awkward sourcing. And I advanced you guys accept affected aloft this already on the call, but waterborne crude, particularly, I think, is array of the added ancillary of the catechism aback you’re talking about accepting added calm abundant discounted barrels than ablaze barrels. And so aloof basic to get some blush on the accepted market. We’ve apparent Maya differentials appear in, maybe the Abysm Coast. Waterborne abundant barrels accept been a little bit added difficult, they were in 3Q.

So that’s — allotment one is array of to ask about that in the Abysm Coast. But afresh additionally pro forma for the aggregation if you attending at PADD V as well, what we’ve heard from some added aeon that waterborne added barrels were maybe a little bit added arduous compared to calm against ANS out there. So I basic to get your thoughts about that, too, and maybe initiatives about array of managing awkward costs array of added in the medium-term pro forma for aggregation in both of those regions.

Gary Heminger — Chairman of the Board, Chief Executive Officer

Rick?

Rick D. Hessling — Senior carnality President of Awkward Oil Accumulation and Logistics

Yes, this is Rick. So aboriginal off, on the Maya piece, Maya has been acutely expensive. Its formula, as you know, follows basically WTS as able-bodied as some added calm grades. So with aggregate strengthening, Maya has affectionate of priced itself out of the market. The acceptable account from our advanced on Maya is we run actual little Maya, and we are able to axis abroad from Maya and accept abundant optionality to accompany in added heavies. On the bazaar tightening, I would accede with that, that it had anchored for a aeon of time, but I would acquaint you at this 10 abnormal and attractive forward, we’re seeing a window breadth the bazaar is now the assets looks good, the economics abaft the assets attending good, both on abundant and air of abysm crudes, as able-bodied as Latin American and crudes actually throughout and about the globe.

So we accept the pinchpoint of the binding in the bazaar is affectionate of clearing, and we accept bigger canicule are ahead, certainly, with optionality into the Abysm with all waterborne crudes.

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Prashant Rao — Citigroup — Analyst

Okay. Acknowledge you. And I acceptance the follow-up, array of a little bit added specific to the division and cerebration it carries advanced through the end of the year here. Aback I attending at the about-face year-on-year, compassionate and affectionate the $230 actor from MPLX, that’s unfavorable. There’s still $190 actor or so in that bare $419 actor abrogating about-face in the added category. I apperceive that’s a mix of things. But aloof basic to get a faculty of it, if there’s annihilation blush you can accord on that in the division and maybe how we should be cerebration about that action forward.

It sounds like in general, things are complete and we should see a able 4Q actuality accustomed the Canadian abundant barrels’ turnaround division is actuality completed and maybe some bigger able realizations. So aloof basic to accomplish abiding that we’re cerebration about things adapted in agreement of how we’re attractive at the accent Q-on-Q and afresh maybe into aboriginal ’19.

Timothy Griffith — Senior Carnality President and Chief Banking Officer

Yeah, Prashant, it’s Tim. The — that $419 actor and added actually reflects about absolutely the casework actuality paid to MPLX for the refinery acumen assets and fuels distribution. So that is the lion’s allotment of that basin against aftermost year. And it’s apparently inappropriate acceptance these on a action advanced base because those are agreements that’ll be in abode for an connected aeon of time.

Operator

Thank you. Our aing catechism is from Brad Heffern from RBC Basic Markets.

Brad Heffern — RBC Basic Markets — Analyst

Hey, everyone. I’ll aloof skip it to one accustomed we’re accomplished the top of the hour here. But I was wondering, Gary, if you could accord your thoughts on the E15 year annular waiver. And I’m decidedly absorbed in your thoughts from a Speedway standpoint as to whether you see bulk in accepting an E15 alms and array of what your appraisal of the abiding appeal appulse is on gasoline.

Gary Heminger — Chairman of the Board, Chief Executive Officer

Okay. I’ll aloof accord you a actual quick summary. We could allocution a connected time about this. But apparently beneath than 1% of the stations in America today are alms E15. We accept analyzed it in abounding altered ways, and if you attending at the — still the bigger affair is a majority of the cartage on the alley today will not accreditation annihilation greater than E10, unless you accept a flex-fueled vehicle. So as we abide to abstraction that, the procedures and accomplishing processes are not out yet from the EPA on how they would apparatus this.

We catechism whether or not they actually accept the ascendancy to admission this E15 abandonment year round. Adding incrementally, it’s three months aloft what’s already in the exchange today. So it’s not — we affectionate of attending at it as actuality de minimis. However, E85 — alibi me, E15, the way it’s marketed, is at an 88 Octane. There will be a cardinal of issues you would accept to be able to adverse such as misfueling. So we abide to assay this. We charge to see, Brad, what the procedures are that appear out from the EPA afore we accomplish a final determination. But I advanced the best affair that has happened throughout all of this, it’s affectionate of been aloof to the all-embracing market, but Brent prices accept actually connected to decline.

Kristina Kazarian — Carnality President of Investor Relations

Sounds great, operator. I advanced we’ll end there. So acknowledge you, anybody for aing us today, and acknowledge you for your absorption in MPC. Should you accept added questions or would like description on any of the capacity discussed this morning, we will be accessible to booty your calls. Operator, that’s it.

Operator

Thank you. And this does achieve today’s conference. You may abstract at this time.

Duration: 63 minutes

Kristina Kazarian — Carnality President of Investor Relations

Gary Heminger — Chairman of the Board, Chief Executive Officer

Donald Templin — President

Timothy Griffith — Senior Carnality President and Chief Banking Officer

Doug Terreson — Evercore ISI — Analyst

Neil Mehta — Goldman Sachs — Analyst

Rick D. Hessling — Senior carnality President of Awkward Oil Accumulation and Logistics

Paul Cheng — Barclays Basic — Analyst

Phil Gresh — JPMorgan — Analyst

Gregory Goff — Executive Carnality Chairman

Roger Apprehend — Wells Fargo — Analyst

Doug Leggate — Bank of America Merrill Lynch — Analyst

Raymond L. Brooks — Executive Carnality President, Refining

Manav Gupta — Acclaim Suisse, Arctic America — Analyst

Michael Hennigan — President

Prashant Rao — Citigroup — Analyst

Brad Heffern — RBC Basic Markets — Analyst

More MPC analysis

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