The large-scale carbon sequestration project with BlackRock and Navigator is also progressing on schedule. With the completion of this 470 million gallons-per-year plan, DGD's total annual capacity is expected to be 1.2 billion gallons of renewable diesel and 50 million gallons of renewable naphtha. Looking ahead, the DGD 3 project at our Port Arthur refinery continues to progress and is still expected to be operational in the first half of 2023. In addition, we successfully completed and started up the new Pembroke Cogeneration Unit in the third quarter, which is expected to provide an efficient and reliable source of electricity and steam and further enhance the refinery's competitiveness. DGD 2 increases renewable diesel production capacity by 400 million gallons per year bringing DGD's total renewable diesel capacity to 690 million gallons per year. Despite the impacts of the hurricane, we also completed the Diamond Green Diesel expansion project, DGD 2, in the third quarter ahead of schedule and on budget and are in the process of starting up the new unit. I'm very proud of our team's efforts and the ability to safely shut down and restart our operations. And once power and utilities were restored, the plants were successfully restarted. The affected facilities did not sustain significant damage from the storm. We immediately deployed emergency teams and supplies after the storm to help our employees, their families, and the surrounding communities in the restoration and recovery effort. Hurricane Ida resulted in some downtime at our St.Ĭharles and Meraux refineries and the Diamond Green Diesel plant. And on the crude oil side, medium and heavy sour crude oil differentials widened during the quarter as OPEC+ increased supply.
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Across our system, current gasoline sales are at 95% of the 2019 level, and diesel sales are 10% higher than in 2019. Light product inventories are now at five-year lows and total light product demand is over 95% of the 2019 level.
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Refining margins were supported by strong recovery in product demand, coupled with product inventories falling to low levels during the quarter. We saw significant improvement in refining margins globally in the third quarter as economic activity and mobility continued to recover in key markets. Thanks, Homer, and good morning, everyone. There are many factors that could cause actual results to differ from our expectations, including those we've described in our filings with the SEC. In summary, it says that statements in the press release and on this conference call that state the company's or management's expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions under federal securities laws. I would now like to direct your attention to the forward-looking statement disclaimer contained in the press release.
CRACK HOMER ENERGY FREE
If you have any questions after reviewing these tables, please feel free to contact our Investor Relations team after the call. Also attached to the earnings release are tables that provide additional financial information on our business segments. If you have not received the earnings release and would like a copy, you can find one on our website at.
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With me today are Joe Gorder, our chairman and CEO Lane Riggs, our president and COO Jason Fraser, our executive vice president and CFO Gary Simmons, our executive vice president and chief commercial officer and several other members of Valero's senior management team. Good morning, everyone, and welcome to Valero Energy Corporation's third-quarter 2021 earnings conference call.