Question-and-Answer SessionCatherine O'BrienGoldman Sachs Group, Inc., Research Division So Shane, you guys put out an 8-K earlier this morning calling out various transitory impacts, some Alaska specific, some industry-wide, LA crack spreads, IT outage, government shutdown impact. If you'll [ humor ] me, I just wanted to dig in on each of those, get the short-term ones out of the way. So this morning, I've been fielding quite a few investor questions on the language in your 8-K around the shape of this gov ...

Government Operations - The longest government shutdown in US history ended, with funding secured through January 30, and additional funding for agencies like the FDA and Department of Veterans Affairs through 2026 [1][2] - Federal workers will receive their first paycheck in over a month after being furloughed or working without pay since October 1 [3][5] Impact on Federal Employees - Many federal workers reported cutting back on expenses and struggling to afford essentials during the shutdown, with some taking out emergency loans [4][6] - The spending agreement guarantees back pay for federal workers and contractors for hours worked during the shutdown [5] Aviation Industry - The Federal Aviation Administration (FAA) canceled thousands of flights due to reduced staffing, with a gradual return to normal expected over one to two weeks [7][8] - Flight cancellations peaked at about 10% of scheduled flights, but improvements were noted as operations resumed [9] Social Services - The Supplemental Nutrition Assistance Program (SNAP) will resume, benefiting 42 million Americans, with funding secured through most of 2026 [11][15] - Other aid programs like TANF and WIC will also fully resume, and Head Start childcare centers will receive necessary funds [14] Healthcare Costs - Marketplace health insurance costs are expected to spike due to the expiration of enhanced ACA subsidies, with an average increase of over 75% in out-of-pocket premiums for enrollees [16][18] - Changes to Medicaid funding under Trump's legislation remain in effect, potentially affecting millions of low-income Americans [17]

Them: The US Government may be shutting down. Are you worried about the impact?Me: https://t.co/Fw33YPfeB1 ...