Sunoco, Inc. Executive Insights: Sale Process, Trucking Capacity
Evan Calio – Morgan Stanley: I really wanted to congratulate you guys on the transaction as well as your track record in shareholder returns. I think I have missed this. The four o’clock print and the five o’clock call slot clearly as well as covering Sun and wish the best to you both Brian and Clare. My one question is and I know I’ll be able to read about this in the proxy, but I was just hoping you provide just a little more color on the sale process and if you were – whether you are able to shops on before January due to the SunCoke stand and potential tax implications and whether there were discussions with any other parties for the sale of Sun prior to the announced transaction?
A Closer Look: Sunoco Earnings Cheat Sheet>>
Brian P. MacDonald – President and CEO: You are right there will be more detail in the proxy. What I can say at this time is that obviously in the past year we’ve thoroughly reviewed our entire business including conducting a publicly announced comprehensive strategic review. As a result, we have a very clear understanding of the industry landscape and our value. We believe the combination with Energy Transfer delivers unique synergies and benefits which is why Energy Transfer is prepared to pay an attractive premium and why our Board has determined that this is the best way to deliver value to our shareholders. There will be additional information provided in the proxy when it’s filed.
Brian Zarahn – Barclays Capital: On your acquisition of SXL and the acquisition in marketing business strong growth year-over-year but quarter-over-quarter EBITDA was down even excluding the impairment charge and crude oil purchases were down, margins were down. Can you talk a little bit about what occurred from last quarter?
Michael J. Hennigan – President and CEO, Sunoco Logistics Partners L.P.: Brian, it’s Mike. The main driver where the market conditions and the best indicators is the WTI oil spread. If you look at where Q4 was versus Q1, you see a pretty big difference and the only thing I would caution is for you to look at, the trade month not necessarily the calendar month, remember that in the trade there is about 30-day delay, so the first quarter was significantly lower than the fourth quarter.
Brian Zarahn – Barclays Capital: Just following up on that, is there anything regarding trucking capacity? Is that constraint being eased? Is that impacting results at all? Is there still a shortage of trucking capacity?
Michael J. Hennigan – President and CEO, Sunoco Logistics Partners L.P.: No, it’s not impacting results as we talked about before. I mean it still in overall strong market. I’d mentioned on previous calls that we had purchased some trucks and you had them coming online and that pretty much occurred in the early part of the quarter et cetera, so it’s still a good market for transportation services, pipeline truck, rail, as you know the market is just in a good spot for a transportation in general.