Good morning. My name is Marcella, and I will be the operator assisting you today. At this time, I'd like to welcome everyone to the Parkland 2022 third quarter results analyst conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there'll be a question-and-answer session. If you'd like to ask a question during this time, simply press star, then the number one on your telephone keypad. If you'd like to withdraw your question, press star, then two. Thank you. I would now like to turn the conference over to Valerie Roberts, Director, Investor Relations for Parkland. Please go ahead. Thank you, operator. With me today on the call are Bob Espey, President and CEO, and Marcel Teunissen, Chief Financial Officer. This call is webcast, and I encourage listeners to follow along with the supporting slides. We will go through our prepared remarks and then open it up for questions from the investment community. Please limit yourself to one question and a follow-up as necessary. If you have other questions, re-enter the queue. We would ask analysts to follow up directly with the investor relations team afterwards for any detailed modeling questions. During our call today, we may make forward-looking statements related to expected future performance. These statements are based on current views and assumptions and are subject to uncertainties which are difficult to predict. These uncertainties include, but are not limited to, expected operating results and industry conditions, among other factors. Risk factors applicable to our business are set out in our revised annual information form and management's discussion and analysis. We will also be discussing non-GAAP and other financial measures which do not have any standardized meanings prescribed by IFRS. These measures are identified and defined in Parkland's continuous disclosure documents, which are available on our website or on SEDAR. Please refer to these documents as they identify factors which may cause actual results to differ materially from any forward-looking statements. Dollar amounts discussed today are expressed in Canadian dollars unless otherwise noted. I will now turn the call over to Bob. Great. Thank you, Val, and good morning. We appreciate you joining us today. I am pleased to lead off by highlighting that we completed our consolidation of Sol in mid-October. We also closed our acquisitions of Husky and GB Group's Jamaican business during the quarter. With all previously announced deals behind us, we remain focused on integration and capturing synergies to grow cash flow while lowering our leverage ratio and increasing distributions to shareholders. Our recently closed transactions include our acquisition of 163 Husky retail sites. These sites are located in the following markets, Vancouver Island, Vancouver, Calgary, and Toronto, where we already have a supply advantage. These sites help to fill in some of the white space in our Canadian retail network and create more opportunities for us to engage with customers and better serve their needs. Our teams are excited to welcome this network to Parkland. In integrating these Husky sites, we will leverage our industry-leading controlled fuel brands of Chevron, Pioneer, and Ultramar, as well as our On the Run convenience brand. We will also enhance our food offerings and introduce Journie Rewards. Similar to the Calgary Chevron location you see on the cover slide, once these rebrands are complete, we expect a significant uplift in performance and customer traffic. With that, let's dive into the quarter. As followers of Parkland, you know that over many years, we have demonstrated our resilience, building a durable business, delivering consistent operating performance, and exceeding the ambitious targets we set for ourselves. Through the quarter, commodity prices experienced unprecedented volatility. The net result was a 27% fall in WTI, 33% fall in U.S. gasoline, and a 17% fall in U.S. diesel. In some local markets, this volatility was amplified, creating significant local imbalances. Parkland is not alone in experiencing these market dynamics. This impacted our USA segment, where volatility led to losses. Excluding these, Parkland USA performed in line with expectations. We have taken definitive steps to ensure this is not repeated. We have curtailed our USA business and have contained the impacts to the third quarter. We expect our USA segment will return to normal run rate in Q4. It is important to note that in the first nine months of 2022, Parkland has generated approximately CAD 1.2 billion of adjusted EBITDA. This is a record for our company, which highlights the underlying strength and resilience of our business. It also provides us with confidence to deliver our 2022 guidance range of CAD 1.6 billion-CAD 1.7 billion. Let me touch briefly on our balance sheet, shareholder distributions, and growth. Until now, we've been primarily focused on growth. However, with the completion of our acquisitions, we will now focus on deleveraging, enhancing shareholder distributions. I remain confident we can achieve our mid-decade growth target. I'll now turn the call over to Marcel to speak in more detail about the financial results on slide four. Thank you, Bob, and good morning, everyone. I'll start with our Canadian segment, which delivered an adjusted EBITDA of CAD 140 million, or CAD 140 million, which is up 4% year-over-year. This was driven by higher fuel unit margins, the M&M, Vopak, Husky, and Crevier acquisitions, and growth in our cardlock businesses. As prices at the pump retreated during the quarter, we saw average fill rates increase, and we continue to see good backcourt conversions supported by our merchandising strategy. Same-store food and company C-store sales, excluding cigarettes, grew over 5% compared to Q3 2021. Center of store continues to perform well, reflecting the higher volumes and our pricing strategy. Quarter-over-quarter, candy was up 9%, salty snacks were up 14%, and packaged beverages were up 11%. We continue to grow our Journie loyalty program, adding 300,000 new members in the quarter. This brings our total membership to approximately 3.8 million. Loyalty members shop in our stores more often, buy more products, and buy more fuel compared to non-Journie members. We completed 70 On the Run conversions in the quarter and now have about 400 in our network. We continue to roll out a refreshed store design to enhance the customer experience and create convenience destinations that our customers actively seek out. Our international segment delivered an adjusted EBITDA of CAD 104 million, up from CAD 83 million in the prior year. These results include 100% of the Sol business from August 4th, when we signed the deal. Excluding this contribution in the third quarter, international was up 5% year-over-year. Volumes increased nearly 30%, primarily due to the returning tourism, and we expect increased aviation traffic to provide a meaningful tailwind heading into Q4. In our USA segment, we recorded an adjusted EBITDA loss of CAD 18 million. Excluding the wholesale losses, which we previously spoke about, our underlying operations delivered an adjusted EBITDA of CAD 47 million. This is up 9% year-over-year and is in line with our expectations. In the USA, our retail and commercial volumes grew 14% year-over-year, driven by our acquisitions. We continue to see strength in fuel margins, particularly on the retail side of the business. Also during the quarter, several new major account wins helped triple the size of our marine business. Moving to the refinery. Reliable operations resulted in a composite utilization of 94% during the quarter. We generated an adjusted EBITDA of CAD 135 million. This is a top five quarter for the refinery. These results reflect higher operating and compliance costs, as well as higher trailing crude prices in a declining market. Some of these items are transitory in nature. As a rule of thumb, we expect to capture approximately 70% of crack margins over time, but volatility impacts this number quarter- over- quarter. As a reminder, we have a six to eight -week planned turnaround in the first quarter of 2023. In total, Parkland delivered CAD 328 million of adjusted EBITDA in the third quarter. While parts of our business performed well during the quarter, some fell below our expectations. We do see the benefits of our strategically diversified business, which provide resilience through volatile times. With that, let's turn to slide five. During the quarter, our leverage ratio increased 0.3x to 3.5x. Lower adjusted EBITDA in the third quarter compared to Q3 2021 increased our leverage by 0.2x. Payments for the Jamaican Husky acquisitions increased our leverage ratio by 0.1x in the quarter. These were the last of our previously announced deals. We have started to see some working capital release with declining commodity prices, and this is reversing part of the increase experienced in the first half of the year and lowered our ratio by 0.1x. Higher foreign exchange rates immediately increased the Canadian dollar value of our U.S. dollar-denominated debt. While we do expect foreign exchange benefits in our international and U.S. business results, the trailing 12-month impacts will take time to work through our leverage ratio calculation. We continue to target a leverage ratio of less than 3 turns by 2023. Our leverage ratio may continue to be impacted by commodity price and foreign exchange volatility, but we are focused on the things that we can control, including operational execution to generate strong cash flow and maintaining liquidity. Moving to slide six. We have a track record of disciplined capital allocation, and over the past two years, we have prioritized growth and completed about CAD 2.9 billion of acquisitions, double the originally planned rate. Approximately 25% of these were funded by equity. We have now paused acquisitions and are focused on integrating and capturing synergies from the businesses we acquired. The economic environment has also changed, with higher interest rates driving higher costs of capital, and therefore we have reviewed our capital allocation framework. We continue to be focused on lowering our leverage ratio to maintain a strong balance sheet and financial flexibility. Last year, we locked in lower interest rates and extended our maturities with the earliest bond due in 2026. In addition, we have CAD 1.3 billion of liquidity at the end of the quarter and Parkland is well positioned to navigate an uncertain macroeconomic environment. Going forward, as part of rebalancing our capital allocation framework, we expect to allocate more of our cash flow toward shareholder distributions. For the last decade, we've delivered consistent annual dividend growth, and earlier this year, we increased our annual dividend by 5% to CAD 1.30 per share. We believe our shares are currently undervalued, and as a result, we have decided to suspend our dividend reinvestment program immediately. Using our existing NCIB, we expect to allocate some of our cash flow to buy back shares. This is the most attractive way to allocate capital at the moment. We are also focused on high-grading our portfolio, which is to be expected after the acquisitions we have done. This will include divesting assets and businesses that no longer fit our strategy or do not generate sufficient returns. Proceeds from this activity will be deployed within our capital allocation framework. In addition, we have a large pool of high return organic growth opportunities that will generate new cash flow and advance our strategy. We will invest capital at an appropriate pace. We remain disciplined in our new capital investment opportunities such as the renewable diesel facility at the Burnaby Refinery. We continue to advance the design and engineering of the project, but note that the environment has changed with higher inflation and changed government policy in Canada and the U.S., particularly the recently announced Inflation Reduction Act. We do believe that the project provides great economic and environmental benefits to Canada. However, we will review the economics of this project carefully before proceeding to a final investment decision next year. With that, I'll turn it back to Bob for his final comments. Great. Thank you, Marcel, for a great overview of the quarter. Before we open the line for questions, I will update you on some of the strategic initiatives which will contribute to our future success. Our business is resilient, and we have one of the most talented teams in the industry. The combination of our capabilities and strategic position allow us to seize the opportunities that lie ahead. You are familiar with the slide on the screen. We shared it in our 2021 Investor Day, and it has been a constant in each of our disclosures since. In our developed pillar, we have now completed all our previously announced acquisitions, as well as the consolidation of our international segment. These have added scale to our business and a platform for growth, and we see evidence of synergy capture, particularly with our recent Vopak acquisition, which is tracking ahead of plan. Our teams continue to drive organic growth. Effective merchandising and new concepts in our C-stores, such as our food program, our driving center store performance, and advancing our convenience destination model. In our commercial business, we are leveraging our capabilities and scale to win large accounts. We saw this during the third quarter in our U.S. Marine division, which grew threefold. In our diversified pillar, M&M plays a central role in our food and convenience destination strategies. By the end of the year, we will have doubled M&M's presence with our On the Run network from 150 locations to around 300. These stores within stores or M&M Express locations expand our proposition for providing customers with quality take-home meal options. Looking toward 2023, we are progressing a new store pipeline, including standalone and combined On the Run stores across Canada. We also expect to launch a fresh food concept in the second half of 2023, which will expand our M&M brand into the takeout and dine-in segments. In our decarbonize pillar, we have upgraded the electric vehicle charging experience for our customers through the latest upgrade to our Journie app. I encourage you to download it and take a look. Our EV customers can now start, stop, and monitor their charging sessions directly from the Journie app. This eliminates the need for multiple applications and is a first in North America. It will provide us with insights on customer behaviors and enable us to deliver relevant cross-promotional offers. Let me wrap up by saying how proud I am of the Parkland team. We have the best in the industry. I would like to thank them for safely meeting our customers' needs. The senior team and I have tremendous confidence in the trajectory of each of our operating segments. In the USA, our retail and commercial businesses are strong and will continue to grow. In Canada, our retail business is resilient and growing, and the commercial business is entering the traditionally strong winter season. Our international business has delivered steady growth and is positioned to benefit from a strong natural resource sector and a resurging tourism industry. The refinery consistently delivers safe and reliable operation and continues to deliver strong financial performance. These are just some of the reasons we are confident in delivering our 2022 guidance and meeting our CAD 2 billion run rate ambition by 2025. With that, I'll now invite the moderator to open the line for questions. Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press star followed by one on your touch tone phone. You will hear a three-tone prompt acknowledging your request. If you'd like to withdraw your request, please press star followed by two. If you're using a speakerphone, please lift your handset before pressing any keys. Your first question comes from Michael Van Aelst from TD Securities. Please go ahead. Hi, guys. First part of the question is just on the 2025 target of CAD 2 billion in EBITDA. Do you need more acquisitions to get to this level, or do you expect to see the organic growth pick up? Yeah. Look, we do have some good tailwinds in the business right now in terms of synergy capture. We're continuing to invest in our organic activities, and those push us a long way to hitting that CAD 2 billion target by mid-decade. Okay. Do you require any new acquisitions to get there? You know what? Look, it's something we'll update the street on next quarter. Okay. I guess when you look at that, the second part of the question was going to do with your free cash flow allocation. I was wondering how you're gonna balance that, your deleveraging targets to get below 3x in 2023, while also returning capital to shareholders in the NCIB. How active are you gonna be on the NCIB, and what's your confidence level of getting leverage below 3x over that time, next 12 months? Yeah. Look, again, I'll pass it over to Marcel here, but the business cash flow is incredibly strong. You know, we now have completed all of our acquisitions that were in our pipeline, which we stated that we would do previously. As a result, that cash flow is now available to both delever and increase distributions to shareholders. I'll let Marcel give some more color. Yeah, Michael, it's for us, this is a balanced allocation of capital and free cash as we go in. Our first commitment continues to be on deleveraging. We believe now that will be, you know, somewhere during 2023, that we hit that three level that we talked about before. But also within that, we see sufficient room to start buying back shares. We will do that in moderation, and we'll balance it also with having available liquidity and continue to have available liquidity just to manage the uncertain macroeconomic times, particularly in working capital calls if oil prices run up, and we continue to be focused on that. It will be measured, and it will be balanced, trying to hit all of those. All right. Thank you. Your next question comes from the line of Ben Isaacson from Scotiabank. Please go ahead. Good morning, everyone. Maybe just a follow-up on the last question, or maybe I'll just phrase it differently. You've got CAD 1.6 billion today, which only includes a little piece of the 25% of Sol. Perhaps your run rate EBITDA maybe closer to CAD 1.7 billion right now. Of course, you're going to CAD 2 billion by 2025, 2026. Can you just bridge that gap of CAD 300 million for us in terms of what kind of pockets should we expect, that CAD 300 million to come from? Then, just as a follow-up to that question, when we get to that CAD 2 billion of EBITDA, what kind of free cash flow per share does that translate to? And does that include growth CapEx or not? Thank you. Hey, Ben. Thanks for the question. Lots in there. You know, look, our run rate. Next year, you're directionally correct on the EBITDA, and that is with the turnaround. Our run rate is, you know, indicatively about CAD 100 million higher than that. That's the. To close the gap, look, the bulk of that can be done with organic growth. You know, the team continues to work those opportunities and push them. You know, as with respect to the. Well, a couple things around free cash flow. I mean, the growth is primarily in our marketing businesses, which are high cash conversion businesses. It is very strong cash flow with low maintenance CapEx to maintain it. Now, however, to get to that CAD 2 billion target, you know, we will be deploying organic cash flow or organic capital to achieve that. Yeah. Maybe also to add, Ben, we don't have a target out there for free cash flow per share, but it's something that as we, you know, continue to look forward to 2025, we'll maybe update the street on as well and give a number specifically in the future. Okay. If I could just sneak in one more. You did talk about getting the leverage down to 3x or below in 2023. Can you just give us, if you can, a little bit narrower goalposts? I mean, is that kind of early, late, and what is the risk to that? I mean, obviously we didn't expect to see this movement in Q3. Is there a risk that we could see that deteriorate a little bit further just because things are going the wrong direction? No, look, let's say we're not going in the wrong direction. You know, we did have this incident. I mean, look, I think if you just step back and look at the strength of the balance sheet and the cash flow of the business, you know, you can chart a pretty clear path here to deleveraging. I mean, the other thing that Marcel did allude to in our discussion here was some divestitures, which we're looking at in some parts of the business, which will help us get there. We're confident we can get there next year. Yeah, that's a fair point. Thank you very much. Appreciate it. Your next question comes from the line of Neel Mehta from Goldman Sachs. Please go ahead. Hey, good morning. This is Carly on for Neil. Thanks for taking the questions. You made some references to divestments in the prepared remarks. Can you just flesh that out a little bit? How are you thinking about what's core versus non-core in the portfolio? And are there any processes that have kind of started that we should be keeping in mind? And then I guess, as you think about proceeds from any type of transaction, how would you think about allocating those to debt pay down versus buybacks? Yeah. Why don't I kick off with what's for sale, and Marcel will talk about how we use that cash. You know, first part of it is focused on our Canadian business and our network planning, you know, which is something we always do. You know, with the recent growth we've had, you know, particularly in adding some of the more recent acquisitions, you know, we will continue to push our network planning and there are some sites that, you know, we'll potentially be divesting here. Now, that'll be primarily used to fund continued organic growth in that business. Then, you know, we do have some pieces of the business, you know, as we've grown that we've accumulated, that we can sell, particularly in some of our commercial product lines. Yeah. In terms of, you know, some of the larger chunks of divestments as we look at it, of course, we run carefully through a process, and we currently don't have anything yet underway, but in preparation there, make sure that we understand the market as well. As those come to fruition, we'll just look at our capital allocation framework with the priorities and the balancing that we laid out before on how we do that. For the larger pieces, the majority of that will go to those first two priorities, which is, you know, bringing the leverage down, and number two, to kind of additional shareholder distributions. Great. Thanks. That's helpful. Just wanted to follow up on the refining side. You know, 4Q started off quite strong from a margin perspective on the West Coast. Can you just talk about how you're thinking about the moving pieces impacting capture rates for 4Q? Are there any hedges in place with that business that we should be keeping in mind? Yeah. No, let me comment on that. You know, similar to some of the headwinds that we saw on the third quarter in terms of prices coming down, we've of course seen absolute prices come up a bit in the fourth quarter, so that will be helpful. While the crack spreads are high, I would just point out again that when diesel cracks are high, typically compliance cost is higher as well because that's driven by the diesel prices themselves. That's the piece that will kind of impact that particular number. You know, we're still early in the quarter. We only got the first month done, so kind of November, December, we need to see. We just see kind of continued volatility overall in the spread. That's not driven by our business, but just a lot more by the broader geopolitical situation, as well as just refinery performance in other parts in North America, particularly on the West Coast. We'll continue to see those kind of impacting that. Refinery is running well, and so as we kind of laid out in terms of our expectation to hit, you know, that guidance or to stay within the guidance that we've given before, we anticipate that our refinery continues to run well during the fourth quarter. Great. Thank you. Your next question comes from the line of Steve Hansen from Raymond James. Please go ahead. Yeah. Thanks. Just two small ones actually. One was just would like some additional clarity on, I think you referenced tripling of the marine business or some reference to that effect with adding a bunch of new customers. I'm curious about the magnitude of something like that relative to the U.S. position. Just secondarily on the international side, I think you referenced some tailwinds into Q4 around the tourism season, which sound encouraging. Just curious to hear any more around what that could mean ultimately for the balance of the year. Thanks. Look, you know, our marine team has done a great job growing market share. You know, in and of itself is not, you know, massively material to Parkland, but it is a good indication of organic growth and, you know, just the ability of our team to go into a sector and grow, you know, based on our ability to provide fuel in different jurisdictions and the service that we provide. It is also, to your point, you know, a leading indicator in the activity that we expect in the Caribbean with the cruise related traffic, which drives more than just marine demand. It drives demand throughout, you know, a lot of different sectors in these tourist sensitive markets. You know, look, we're quite bullish on that business and the prospects for it going into the final quarter and into 2023. Yeah. Maybe also just as a reminder, the tourism season in the Caribbean really starts at the end of November into the first quarter. If you recall last year, fourth quarter, there were still all sorts of COVID restrictions going on, which we don't foresee this fourth quarter. We'll see a full tourism season, kind of, this year. That's, you know, that will provide some good tailwinds relative to last year. That's very helpful. Thanks. Just to follow up on the free cash flow question, I don't know if it's too early just yet, but any comments on CapEx for next year and how that might relate to the recent pattern would be helpful. Thanks. Yeah. No, for next year we'll update, you know, the market as usual with our fourth quarter in terms of CapEx. We're still in the middle of, you know, going to our own budget exercise and, you know, making sure that we scrutinize it and that, you know, we balance the capital allocation framework as laid out. We'll come with that with our Q4 results. Okay. Thank you. Your next question comes from the line of Matthew Weekes from iA Capital Markets. Please go ahead. Good morning. Thanks for taking my question. You talked about sort of putting the renewable diesel project on pause maybe for a little bit, sort of evaluating the economics in light of changing market conditions. Is that mostly to do with kind of rising rates and sort of looking at the capital allocation framework or you know other factors? I'm just wondering if you could touch on that a little bit more. Thanks. Yeah, no, let me take that question then, Matthew. I didn't say that we were putting the project on pause, right? We are in the engineering phase of the project. There's a lot of work actually going on as those large projects usually require. You know, we, as we also look just at the environment, which has to do a lot with legislation in Canada as well as in the U.S., which while supportive things have changed, so that's the first bit that we look at. The second bit is mostly general inflation, which we have seen, let's say, from the first announcement that we made, and we need to factor all of that in before we kind of decide to proceed. That doesn't mean that we don't proceeding now to the work, but before we kind of take FID, which we expect to be later in 2023, we'll have to take a good look on whether it's an economic project. I know, Bob, did you wanna- Yeah, no, look, and just to add to that, I mean, specifically, we've seen the legislative environment in the U.S. change and get more preferential with the producer tax credit. You know, we just have to make sure that the competitive landscape is the same in Canada and that the economics for a project like this makes sense in Canada. Okay, thanks. I appreciate that. I was wondering if you had any update now on sort of the amount of standalone, you know, convenience On the Run stores you have right now, and if you're sort of on track for your expectations for the number of those you wanted to deploy by this time. Thanks. Look, quite excited about the progress the team's making in this area. We do have locations identified, and next year we'll be in market with about half a dozen or so. You know, these initially are concept stores that we'll test the concept. We're also quite excited, and we alluded to it in the call on taking M&M and migrating that into a fresh offer, which we would also combine in these sites. Stay tuned, and look, as soon as we're up and running, we'd love to welcome you to come and test our new offer. That'd be great. Thanks. I've had some of the products before at one of the On the Run locations, and then they're quite good. I appreciate the commentary on that. Thanks. I'll now turn it back. Ladies and gentlemen, as a reminder, should you have a question, please press star followed by one. Your next question comes from the line of Peter Sklar from BMO. Your line is open. Thank you. This, you know, emphasis you keep talking about on disciplined capital allocation, which is something you've been talking about for a few months now. I'm just like, what is the underlying objective of this? You know, is it you're trying to achieve investment-grade rating or you think it'll be positive for the stock price? What are you trying to achieve here? Yes. Sorry. Look, just to clarify that. I mean, look, you know, we've completed our M&A, which we've always said we would do. That's consistent with what we've said. We closed our last two deals in the quarter. This business cash flows tremendously well, and as we look forward here, we can continue to deleverage and also start to increase disbursements to our shareholders, right? Yeah, I know. Maybe you want to- Yeah, I know. Peter, I think it's actually quite. You know, it's consistent for us. You know, our goal is to grow shareholder value over time, and that's been always our goal. You know, when different circumstances perhaps, but that was through growth and acquisitions. We've demonstrated that we can do that through the acquisitions. Firstly, we have a lot of those acquisitions that we actually need to integrate and swallow, so that in itself drives that. If you look at our current share price, and let's be honest, it's undervalued. If you know, I always say if Parkland was for sale, that would be an M&A target for ourselves. We buy back our own shares as the best way to kind of generate that sustainable shareholder value growth. It's within the same kind of capital allocation or capital discipline that we have demonstrated before, that we now think our own shares are the best way to generate that value. We will do that while kind of bringing our leverage down as well, and of course, to continue integrating the businesses that we already bought. Okay. Thank you. I have two other questions, if I may. So I believe during the third quarter, you know, the margins in your Canadian business, in your distribution business, refined product, you know, would've been suppressed because of inventory losses, that abrupt decline in energy prices you talked about. Do you expect like, are margins going to bounce back to the levels they were in Q1, Q2? I think you like to talk about margin in terms of fuel gross profit per liter. I think that's kind of the benchmark you use. Yeah. Look, you know, if you look at our core marketing businesses, you know, margins tend to be relatively stable and tend to trend upwards to compensate for price increase or cost increases. That's consistent with what we're seeing. We do get some volatility at times because of inventory, and others see that as well in our various competitors that would be in similar segments. You know, on the wholesale side, again, you know, other than in the U.S., we've seen that business hanging quite nicely. In fact, you know, certainly in Canada and the U.S., it was a key contributor in the quarter, and you know helped the margins on both sides. You know, one of the things that you do see in our business is the mix at times changes. You know, as we grow wholesale at a quicker rate than some of our other marketing channels, you will see margins come down, but ultimately, you know, it's still very good business, and it doesn't mean that there's any margin headwind in the business. Again, you know, I would say, you know, while we do see at times volatility, it tends to be driven by revaluation of inventory. The actual underlying margins are fairly consistent, quarter to quarter. Okay, thanks. Just my last question. On the refinery, can you explain how the high diesel price negatively impacted the capture rate? I thought that you're producing your own renewable diesel, and so maybe you're incorporating your own diesel and you're buying from outside as well. Can you go through the mechanics of that? Yeah. Look, when we look at the economics of the facility, I mean, there's many factors in place. You know, ultimately a high diesel crack is very good for the facility. What we're always looking at, though, is that diesel price compared to the import of alternative of renewables. You know, that differential has come in. Now, you know, maybe Marcel can provide more color on that, but it's net a benefit for us. It's just shifting some of the economics around. Yeah. Maybe this will help in the way to look at it. Of course, renewable diesel prices will typically go up with diesel prices, so they're well correlated. I think we previously said that's around 3x the price of diesel. We haven't looked at whether that's actually for the third quarter was exactly the case, but that will help. Also the feedstocks for renewables, they're also correlated with that as well. Even when diesel prices go up, even our own co-processed, kind of, renewable diesel that comes out, that will also go up within that. It compresses. We were referring to that as the capture. While the overall gross crack spreads go up, the net crack spreads don't go up to the same extent. That then results in that lower capture when you just simply take a percentage of that crack spread to kind of predict where the refinery margin is. It doesn't mean that we don't capture what we are entitled to. It's just that the rule of thumb that we have laid out will work slightly different when we see those volatile periods where certain cracks move wider than others. I hope that helps. Marcel, I thought you're producing your own renewable diesel. We do, but we need to buy the feedstock for that, and those feedstocks are also correlated with the price as well, right? You know, prices would have gone up in the period. Okay, got it. Thank you. Your next question comes from the line of Michael Van Aelst from TD Securities. Please go ahead. All right. Thanks. I just wanted to follow up on regarding the turnaround coming up in Q1. Can you comment on the timing when it's starting, how long you expect it to go? I also, you know, I know these are planned well in advance, and they can't be delayed, but, you know, the crack spreads are really high right now, and I'm wondering if there are other ways that you might be able to replace some of that refinery profits, you know, while it's down through the trading arm or imports or whatnot. Yeah. You know, typically those turnarounds are in the area of eight weeks, plus or minus. This would be consistent with that. You know, the exact start date I'm not aware of, but. It is in Q1. It will be in Q1. Yeah, no, in terms of timing and postponing those. Yeah. Yeah, look, you know, these can't be postponed. You know, on the flip side is we've demonstrated in the past that we can import product, which we will do to offset part of the shortfall. Thank you. There are no further questions at this time. Please proceed. Great. Well, thanks very much for joining in. Look forward to touching base in the new year. Thank you. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.