Refining Drives EBITDA

The refining segment was a key driver of Q4 improvement: adjusted EBITDA climbed to $314 million, up from a year‑ago loss of nearly $69 million, largely due to higher refining margins. The company’s share price reacted strongly, surging almost 5 % on the day of the earnings release. Morgan Stanley’s recent downgrade trimmed the price target from $40 to $38, citing a valuation reassessment rather than negative sentiment about long‑term refining prospects.