Question-and-Answer Session
[Operator Instructions] And your first question will come from the line of Jeff Dietert from Simmons. Please proceed.
Jeff Dietert - Simmons & Company International
Good morning. Paul I was hoping you could talk to us about what you are targeting on restructuring or is it primarily meeting the debt covenant or what do you see ideally you are accomplishing through the process?
Paul L. Foster - President and Chief Executive Officer
Jeff we have always had a, what we considered to be a conservative financial policy and capital policy and we have always had a goal of not having debt that's more than two to three times our EBITDA. And in the environment that we have been in the last year obviously we have gotten way outside of that range and our goal is to get back within that range.
Jeff Dietert - Simmons & Company International
You mentioned specifically the Yorktown asset is under strategic review. What other assets are in that category?
Paul L. Foster - President and Chief Executive Officer
Right now we are focusing on Yorktown. It's a very comprehensive process. We are looking at a number of other assets that are in our portfolio and we think a lot of them have great value. Yorktown in particular has?.we think is a great asset. It's one of the? its probably the most complex refining asset that we have seen on the market and offers a lot of advantages and we think we can be able to really realize a lot of value out of that asset.
Jeff Dietert - Simmons & Company International
On your, asphalt margins could you give us a feel for what the margins were in the second quarter, and then what you saw in July and kind of current asphalt margins?
Paul L. Foster - President and Chief Executive Officer
Yeah. I'm going to? I'll ask Jeff to address that. He is probably closer to the numbers. One thing I'll mention is I have heard some of our peer refiners talk about asphalt margin, I think they look at it a little bit differently then we do. We don't use a transfer pricing mechanism. We kind of look at, what is our price of asphalt versus what is our cost of crude oil, when we are looking at margins. And so our view of it? I think at the end today, it all comes out the same. But the way we are reporting it and talk about is a little bit different. But Jeff, can you talk a little bit about some specifics.
- To read the full transcript on Seeking Alpha, click here »
