VLO
#Hi, <UNK>.
Yes.
Yes to all of the above, and trying to continue to build the wholesale business.
So we're looking at all those things.
Those are the levers that we've got to pull, and then exports is the other one.
And I think <UNK> and his team continue to look at the economics of exports with the RIN in mind, and so we're trying to manage our costs down every way we possibly can.
Yes.
No, it's a priority.
Obviously, we've seen a lot of things transact here and we've looked at a lot of things.
But it is a priority for us, <UNK>.
I think we'd like to ---+ again, as we said earlier in the call, we'd like to find assets in a perfect world that had third party volume and supported Valero's core business, but either/or is good with us.
<UNK>, I'm just going to be ---+ I'm going to answer this in general.
It's a core value for us to manage our expenses aggressively all the time, but we do that in light of being very reliable.
One of the tenets of our operation is we believe we get to a lower cost business by making sure that we implement our liability programs, so we minimize big one-time events that can turn into very expensive expense events.
And that's essentially the way we think about running our business.
No.
Thanks, <UNK>.
Hi, <UNK>.
Do you want to talk about capital.
<UNK>, this is <UNK>.
It's an interesting question.
I wouldn't say that we have a complete shortcoming of potential projects.
We have a strategic outlook, which we believe is we have ---+ we believe that octane is going be in short supply going forward and we believe feedstock flexibility is something that we're always continuing to look at.
I'm not going to say that there's not the possibility that somehow our growth CapEx will fall.
But we have plenty of small, fast hitting projects that compete in that space.
You also got to remember, we have a strategic ---+ we're strategically trying to get the right network on our secondary costs through building those assets and dropping them into the MLP.
And that's, as <UNK> alluded to earlier, that's about 50% of our growth CapEx for next year.
So .
We ---+ <UNK>, the fact that we're not out there talking about a bunch of capital projects just goes back to the fundamental principle that we're operating by, which was we don't talk about them until we're confident we're going to do the project.
Again, we don't want to get out over our skis and overcommit and then end up needing to back it down.
So I don't think you should read anything into a lower capital number based on lack of opportunities that we're looking at.
So, <UNK>, this is <UNK> again.
Our for funding, or FID EBITDA for those projects, for Corpus it's $150 million and for Houston it was about $130 million.
And so in the third quarter, they both per unit contributed about $45 million a piece.
So you can look at the run rate and they're clearly in line with what our funding decisions were with respect to---+ on the EBITDA basis.
It does not have any impact on the previous drops into the MLP.
It's not retroactive and it really has no material impact on our plans, on the EBITDA, the amount of EBITDA that we have to drop.
No, it's not material to the tax liability that we're already incurring.
Okay.
Thanks, Vanessa.
Thanks everyone for calling today.
If you have any additional questions, please contact me or Karen Ngo after the call.
Thank you.
