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And as we look at the current environment, how do you think about trough fundamentals for Chemicals for your business? Our Ferndale, Santa Maria, Borger, Lake Charles and Bayway refineries received distinguished safety awards. Appreciate that. Upon closing, the joint venture will operate a network that includes approximately 680 sites. This is the highest annual safety award in our industry and the fourth year in a row that our refineries have received this honor. When prices for crude really fell, we were able to push barrels around into the refinery, use storage in the refinery that we might not have used new storage, third-party storage and take advantage of really strong contango in the market. And recent statistics show over 90% of the US population under some form of lockdown, and the pace of recovery is going to be driven by the impact of COVID-19 and the relief from these policies. And so, that's been -- and I think that one of the things we've seen is really strong demand across all segments of all geographies. jeff.dietert@p66.com, Brent Shaw (investors) Do you have a feeling for what is the inventory overage as you think about it from the refining down to the retail level? The 3:2:1 market crack for the first quarter was $9.82 per barrel compared to $12.45 per barrel in the fourth quarter. Marketing and Specialties (M&S) first-quarter 2020 pre-tax income was $513 million, compared with $377 million in the fourth quarter of 2019. Greg C. Garland -- Chairman and Chief Executive Officer. But Bob, if you would? Chemicals results in both periods included reductions to equity earnings from lower-of-cost-or-market inventory adjustments. I'm a bit reticent, I want to check you can hear me OK. We've got another great recipe for you that is perfect for lunch or dinner. To your question around M&A or acquisitions, so first point is never try to catch a falling knife, obviously. That's $1 billion a year and our dividend's second at $1.6 billion. The $39 million increase was due to higher polyethylene sales volumes, reflecting increased demand in the first quarter, primarily for food packaging and medical supplies, following lower fourth-quarter seasonal demand. People have been cooped up, they want to drive. Words and phrases such as “is anticipated,” “is estimated,” “is expected,” “is planned,” “is scheduled,” “is targeted,” “believes,” “continues,” “intends,” “will,” “would,” “objectives,” “goals,” “projects,” “efforts,” “strategies” and similar expressions are used to identify such forward-looking statements. This news release includes the terms “adjusted earnings (loss),” “adjusted earnings (loss) per share” and “adjusted pre-tax income (loss).” These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods and to help facilitate comparisons with other companies in our industry, by excluding items that do not reflect the core operating results of our businesses in the current period. But after the COVID-19, as we're looking out, again, there's not so much about this year, next year, but on a longer term. We completed turnarounds at the Alliance, Sweeny and Los Angeles refineries. Phillips 66 is a diversified energy manufacturing and logistics company. And we've been pretty careful about how we park the units that we've shut down completely, and we do have some FCCs down and reformers to unmake gasoline in Middle East [Phonetic], but we've kept our subject matter experts busy, making sure that we're ready to run when the signals are there. Market capture in the previous quarter was 76%. I do think that as cash flow improves, we will have short-term debt coming out of this. And in the US, where most of our stores are jobber-owned or wholesale-owned stores, still decent volumes in the US, margin not as good as overseas but we had good margins in the US, too, with falling prices. Phillips 66 is developing renewable fuel projects that leverage existing infrastructure. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co. Vasudevan says he just bought 40 acres nearby where he plans to expand and build more than 160,000 square feet and employ up to 400 new employees. So it's really product portfolio-driven. Now gasoline is over distillate in the West Coast, so we think about that and we think about opportunities to move our refineries to make the products that people want. We promise to never spam you. Yeah. It's probably less investable opportunities in Midstream. As a global company, we must reflect the customers and partners we do business with and the communities in which we serve. We also have midstream assets where we can store product when they're a large contango.

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