RE:Refining MarginsThey've also likely hedged some volume of refined product output. I'd expect they'd have a big mark to market write up for Q4, in addition to very healthy spot crack spreads.
Daily rack prices for Prince George are available here: https://www.petro-canada.ca/en/business/rack-prices and market prices for Edmonton light and condensate are available here: https://www.psac.ca/business/marketstats/
There are a number of variables, all of which they have some hedges on: WTI, Edmonton light to WTI differential, US/Can exchange rate, and rack prices. I don't know how they hedge the product prices, PGR is pretty disconnected from RBOB.
Right now at $1/L and C$100 MSW the spot crack spread is about $59/Bbl. With oil in backwardation they can continue to lock in low cost feedstock costs. Q4 should be a great quarter at this pricing and recent activity levels, and as always with TWM, the promise of an inflection point when the renewable diesel project comes online in 2023. Anything can happen between now and then though.