Delek

Delek executives told analysts the industry was being disciplined about production 

Delek US Holdings: “The producers are saying that they are going to be disciplined. I honestly think that they will be a little more disciplined than in the past.” “EZRA UZI YEMIN: I think you actually said it right, all aspects. All I need to say is yes, but let me make it a little broader. If we see what happened in 2015, 2016, we go by history, when — we all remember that Thanksgiving Day when the Saudis decided to flood the market, and that was the day that we started to see crude coming down. Then in — oil prices coming down. And then when they change their strategy, producers start to bring rigs back, and production went up. And that led to our best year so far in 2017, ’18 and ’19, of course, because differentials were very strong, $10, $12, $14. We are in overbuilt situation of, call it, 2 million barrels right now. The producers are saying that they are going to be disciplined. I honestly think that they will be a little more disciplined than in the past.” (Delek US Holdings Q4 2021 Earnings Call, 2/24/2022)