Core Viewpoint - The performance improvement in Q4 is primarily attributed to the widening differentials in heavy and medium crude, benefiting the company's high-complexity coastal refining system [1] Company Operations - The Martinez refinery is nearing a methodical restart after a year-long rebuild, with full operations expected by early March to address the tight California fuel market [1] - The company has the capacity to process approximately 200 million barrels of heavy/sour crude annually, which constitutes 55-60% of its total throughput capacity [1] Market Outlook - The 2026 market outlook is optimistic, with global refining capacity additions concentrated in Asia, leading to high petrochemical yields and tight transportation fuel balances [1] Strategic Efficiencies - Strategic efficiencies achieved a run-rate of $230 million in 2025 through the Refinery Business Improvement (RBI) program, with a new target of $350 million by the end of 2026 [1] External Factors - The lifting of Venezuela sanctions is seen as an immediate benefit, providing additional heavy barrel supply to the U.S. Gulf Coast and enhancing light-heavy spreads [1]