They generate 80% of their revenues from their US operations. They are not affected by the Canadian oil price gap. A solid business. Very well run.
They own the entire supply chain. They are making money on the crack spread buying cheap crude and putting in their refineries and distributing through their network. Yield of 2.7%.
It has pulled back. They run the regional flights for Air Canada. The interesting part is that they are starting a leasing business. They pass through all their fuel cost to Air Canada, so they don’t get impacted by the raising price of oil. Yield of 7.1%. They have great franchises.