Calumet Inc (CLMT) 2025 Q1 法說會逐字稿

Good day and welcome to the Calumet Inc. First quarter 2025 conference call. All participants will be in (Operator Instructions)

大家好，歡迎參加 Calumet Inc. 2025 年第一季電話會議。所有參與者將（操作員指示）

I would now like to turn the conference over to John Kompa, Investor Relations for Calumet. Please go ahead.

現在我想將會議交給 Calumet 投資者關係部門的 John Kompa。請繼續。

Thanks, Debbie. Good morning, everyone, and thanks for joining our call today. With me on today's call are Todd Borgmann, CEO, David Lunin, EVP and Chief Financial Officer, Bruce Fleming, EVP, Montana Renewables and Corporate Development, and Scott Obermeier, EVP Specialties.

謝謝，黛比。大家早安，感謝大家今天參加我們的電話會議。和我一起參加今天電話會議的還有執行長 Todd Borgmann、執行副總裁兼財務長 David Lunin、蒙大拿州再生能源和企業發展部執行副總裁 Bruce Fleming 和專業部門執行副總裁 Scott Obermeier。

You may now download the slides that accompany the remarks made on today's conference call, which can be accessed in the investor relations section of our website at Calumet.com. Also, a webcast replay this call will be available on our site within a few hours.

您現在可以下載今天電話會議發言的幻燈片，可在我們網站 Calumet.com 的投資者關係版塊下載。此外，本次電話會議的網路直播回放將在幾小時內上線我們的網站。

Turning to the presentation on slide two, you can find our cautionary statements. I'd like to remind everyone that during this call, we may provide various forward-looking statements. Please refer to our press release that was issued this morning, as well as our latest filings with the SEC for a list of factors that may affect our actual results and cause them to differ from our expectations. As we turn to slide three, I'm now pass the call to Todd.

翻到第二張投影片上的簡報，您可以看到我們的警告聲明。我想提醒大家，在本次電話會議中，我們可能會提供各種前瞻性陳述。請參閱我們今天早上發布的新聞稿以及我們向美國證券交易委員會提交的最新文件，其中列出了可能影響我們的實際結果並導致其與我們的預期不同的因素。當我們翻到第三張幻燈片時，我現在將電話轉給托德。

All right. Thanks John. Good morning and welcome to our first quarterly earnings call of 2025. We're a little over four months into what has already been an action-packed year. Calumet began 2025 by closing and funding our DOE Loan, the first of its kind under the Trump administration.

好的。謝謝約翰。早安，歡迎參加我們 2025 年第一次季度財報電話會議。我們已經度過了充滿動感的一年四個多月了。卡盧梅特於 2025 年開始結清並資助我們的 DOE 貸款，這是川普政府時期的首筆此類貸款。

This transaction strengthens Montana Renewables balance sheet and ensures stability of the business, even during difficult markets, just like the one we saw in the first quarter. We also completed the accretive sale of our Royal Purple industrial business, and this morning launched a $150 million partial call of our 2026 notes as we execute our deleveraging strategy.

這項交易增強了蒙大拿再生能源公司的資產負債表，並確保了業務的穩定性，即使在困難的市場環境下也是如此，就像我們在第一季看到的那樣。我們還完成了 Royal Purple 工業業務的增值出售，並在今天上午啟動了 1.5 億美元的 2026 年票據部分贖回，以實施我們的去槓桿戰略。

Further, we're also progressing additional strategic activity, which we won't fully detail today for obvious reasons, but we will update on a breakthrough in our expectations around the Montana Renewables, MaxSAF project, as we now expect to reach our next milestone of 150 million gallons of staff capacity dramatically more cheaply and quickly than originally expected.

此外，我們也正在推動其他策略活動，由於顯而易見的原因，我們今天不會詳細介紹，但我們將更新我們對蒙大拿再生能源 MaxSAF 專案的預期突破，因為我們現在預計將以比最初預期更低的成本和更快的速度達到下一個里程碑，即 1.5 億加侖的員工產能。

This project adds immense value to our near-term outlook as the renewable diesel industry awaits regulatory clarity, which we view as a critical open item to a partial monetization of Montana Renewables, which is Calumet's final deleveraging step.

在再生柴油產業等待監管明確的背景下，該計畫為我們的近期前景增添了巨大的價值，我們認為這是蒙大拿再生能源部分貨幣化的一個關鍵未決事項，而蒙大拿再生能源部分貨幣化是卡盧梅特去槓桿的最後一步。

Before diving into those details, I'd like to take a moment to step back and frame the broader macroeconomic environment and its impact on Calumet. Despite the prevalence of widespread headlines regarding potential recession, we're not seeing real signs of recession within our business.

在深入探討這些細節之前，我想花點時間回顧一下更廣泛的宏觀經濟環境及其對卡盧梅特的影響。儘管有關潛在經濟衰退的新聞隨處可見，但我們並沒有看到業務出現真正的衰退跡象。

One example is the first quarter marks one of the highest specialty sales volume periods in company history during what's typically a slow season, nonetheless. That being said, with broad economic nervousness in the market, we went back and dusted off our COVID era specialty playbook, which was effective during that global slowdown, which was arguably much more dramatic for our industry than what most are expecting now.

舉個例子，儘管第一季通常是淡季，但卻是公司歷史上專業銷售量最高的時期之一。話雖如此，由於市場普遍存在經濟緊張情緒，我們重新啟用了新冠疫情時期的專業策略，該策略在全球經濟放緩期間非常有效，而且對於我們行業而言，這比現在大多數人預期的要嚴重得多。

What we see is the attributes underpinning our company's resilience that allowed us to generate positive free cash flow back then, continue to be enforced today and largely an improved fashion. The resilience of our specialty business is anchored by our integrated asset base, our approach to commercial excellence, and a continuing improvement in our operational reliability and cost control.

我們看到的是支撐我們公司韌性的屬性，這些屬性使我們當時能夠產生正的自由現金流，今天仍然得到加強，並且在很大程度上得到了改善。我們的專業業務的彈性取決於我們的綜合資產基礎、我們追求卓越的商業方法以及我們營運可靠性和成本控制的持續改進。

Let's look deeper into specialties on slide four. Tight flexibility and financial resilience is underpinned by a few pillars. First, we serve over 3000 customers with nearly 2000 products globally, spanning in markets from consumer staples and pharmaceuticals to seasonal applications like road paving.

讓我們更深入地了解第四張投影片上的專業。嚴格的靈活性和財務彈性由幾個支柱支撐。首先，我們為全球 3000 多家客戶提供近 2000 種產品，涵蓋從消費必需品和藥品到道路鋪設等季節性應用的市場。

This allows us to dynamically shift our product place and as markets evolve. Second, we operate our specialties assets as a network, not stand-alone sites, which provides unparalleled flexibility due to the complementary nature and near proximity of our largest facilities.

這使我們能夠隨著市場的發展動態地轉變我們的產品定位。其次，我們以網路而非獨立站點的形式經營我們的專業資產，由於我們最大的設施具有互補性且距離很近，因此提供了無與倫比的靈活性。

We constantly manage to make versus buy decisions, adjust feedstock slates, and optimize operations to match market needs. Third, our commercial engine overlays this unique flexible system to capture advantage throughout the value chain.

我們不斷做出自主或購買決策、調整原料結構並優化營運以滿足市場需求。第三，我們的商業引擎涵蓋了這個獨特的靈活系統，以在整個價值鏈中佔據優勢。

This commercial flexibility is a key financial advantage, but the real core of our specialty business is our customer centric approach, which we see in our world-class NPS scores. Our product offering, willingness and ability to provide bespoke solutions and deep technical service team combined to deliver a customer experience that's been a time met hallmark for decades.

這種商業靈活性是我們的關鍵的財務優勢，但我們專業業務的真正核心是我們以客戶為中心的方法，這一點在我們世界一流的 NPS 分數中得到了體現。我們提供的產品、提供客製化解決方案的意願和能力以及深厚的技術服務團隊相結合，為客戶提供了幾十年來一直具有標誌性的體驗。

These core strengths allow consistent performance across economic cycles. And while we have the ability to sell overseas, and we do sell from time to time, tariffs are not expected to materially impact us as our operations are domestic and the great majority of our sales fall within the US or under USMCA.

這些核心優勢使得我們能夠在整個經濟週期中保持穩定的表現。雖然我們有能力在海外銷售，而且我們確實會不時地進行銷售，但關稅預計不會對我們產生重大影響，因為我們的業務是在國內進行的，而且我們的絕大部分銷售都在美國境內或 USMCA 下進行。

To see the power of Calumet's commercial approach, we need to go no further than recent performance brands results. Since transitioning to a unified specialty business two years ago, our performance brand segment has delivered robust volume growth, and EBITDA on this segment is more than doubled.

要了解 Calumet 商業方法的威力，我們只需看看最近的績效品牌業績。自兩年前轉型為統一的專業業務以來，我們的性能品牌部門實現了強勁的銷售成長，該部門的 EBITDA 成長了一倍多。

We've seen this success within our two-fuel brand in particular. In 2024, True fuel contribute to roughly third of our segment EBITDA as full year volumes grew over 20%, a trend that continues into the first quarter.

我們在雙燃料品牌中尤其看到了這種成功。2024 年，True fuel 貢獻了我們部門 EBITDA 的約三分之一，因為全年銷量增長了 20% 以上，這一趨勢一直持續到第一季。

Growth drivers include a successful marketing strategy, targeting first responders and large volume users, increasing shelf space at the major retailers, including a recent entry into the Walmart, and on a more macro level, long-term growth within the outdoor power equipment segment.

成長動力包括成功的行銷策略、針對急救人員和大量用戶、增加主要零售商的貨架空間（包括最近進入沃爾瑪），以及更宏觀的戶外動力設備領域的長期成長。

TruFuel has roughly a 65% market share in its space, but the space of the whole is not that well known, which we are changing rapidly. This is the key to continued growth of this brand, as we have proven that once customers become aware of TruFuel, the likelihood of repeat oil purchasing is off the charts.

TruFuel 在其領域擁有約 65% 的市場份額，但整個領域並不那麼知名，我們正在迅速改變這種現狀。這是該品牌持續成長的關鍵，因為我們已經證明，一旦客戶了解 TruFuel，重複購買石油的可能性就會大大增加。

On the operational front, our cost reduction in initiatives are delivering results. Last quarter, I mentioned that we continue to fortify our operations and expect to take over $20 million of operating costs out of the business this year. And in the first quarter, we saw this.

在營運方面，我們的成本削減措施正在取得成效。上個季度，我提到我們將繼續加強運營，預計今年將從業務中節省超過 2000 萬美元的營運成本。在第一季度，我們就看到了這一點。

Well, the winter season always seems to pose a few challenges across Northwest Louisiana and the railways in the Rockies. Total system operating costs were reduced by nearly $5 per barrel versus the first quarter of last year, or just over $22 million which is after accounting for the roughly $4 million increase in the cost of natural gas.

嗯，冬季似乎總是給路易斯安那州西北部和落基山脈的鐵路帶來一些挑戰。與去年第一季相比，總系統營運成本每桶降低了近 5 美元，即略高於 2,200 萬美元，這還不包括天然氣成本增加約 400 萬美元的情況。

As we know, much of this improvement has come at Montana Renewables, as we've reduced costs dramatically with innovations around producing less water for disposal and increasing our reliability. But it's worth noting the improvement in our specialty business as well, where we saw our operating costs improved by roughly $1.50 a barrel in the first quarter, anchored by a roughly $5 million quarterly reduction in year over year fixed costs and an 8% increase in production volume.

我們知道，大部分改進都來自蒙大拿再生能源公司，因為我們透過減少廢水排放量和提高可靠性方面的創新大幅降低了成本。但值得注意的是，我們的特種業務也有所改善，第一季我們的營運成本改善了約 1.50 美元/桶，其中固定成本年減約 500 萬美元，產量增加 8%。

Strong day to day execution, combined with the competitively advantaged position of our Montana renewables business and ultra resilient specialties business, allow us to expect positive cash flow across the economic cycle, which we saw during COVID and expect to replicate again here in 2025, especially with the cost of MRL's old capital structure now removed.

強勁的日常執行力，加上我們蒙大拿州可再生能源業務和超彈性特種業務的競爭優勢地位，使我們能夠預期整個經濟週期中都會出現正現金流，這是我們在 COVID 期間看到的，預計 2025 年將再次復制，特別是在 MRL 舊資本結構的成本現已消除的情況下。

Let's turn to slide five. We discussed renewable market dynamics. First, Montana Renewables generated $2.4 million of adjusted EBITDA, including the PTCs in the first quarter. They will talk more about this in our plan with PTCs momentarily, but in a post DOE world, Montana Renewal's ability to generate positive even dollar tax attributes, even in the lowest index margin we've ever seen, is representative of our competitive position, which we see in the supply stack on the left-hand side of this slide.

讓我們翻到第五張投影片。我們討論了再生能源市場動態。首先，蒙大拿再生能源公司第一季的調整後 EBITDA（包括 PTC）為 240 萬美元。他們稍後會在我們的計劃中與 PTC 詳細討論這一點，但在後能源部時代，即使在我們見過的最低指數利潤率下，蒙大拿州復興公司仍能產生正的均等美元稅收屬性，這代表了我們的競爭地位，我們可以在這張幻燈片左側的供應堆棧中看到這一點。

You'll see we've updated this stat for 2025 production, where we've added new production that's come online and reduced others who have departed. You'll see the implied biomass-based diesel annual demand from the current RVO is about 4.5 billion gallons, which includes 3.5 billion gallons from the D4 mandate and about 1 billion gallons of D6 mandates that are not able to be met. So D4s are used to fill the obligation.

您會看到，我們已經更新了 2025 年的產量統計數據，其中我們添加了新上線的產量，並減少了已經離職的產量。您會發現，目前 RVO 隱含的生物質柴油年需求量約為 45 億加侖，其中包括 D4 強制要求的 35 億加侖和無法滿足的約 10 億加侖 D6 強制要求。因此，D4 用於履行義務。

During the first quarter, we saw major decreases in D4 RIN generation as the PTC rolled into place, imports stopped, and biodiesel saw a dramatic shutdown. As the RVO is reset and the biomass-based diesel required to meet that demand moves to the right, we'd expect index margins to adjust accordingly and shut down biodiesel will need to be incentivized to restart.

在第一季度，隨著 PTC 的實施、進口的停止以及生質柴油的急劇停產，我們看到 D4 RIN 產量大幅下降。隨著 RVO 的重置以及滿足該需求所需的生物質柴油向右移動，我們預計指數利潤率將相應調整，並且需要激勵已關閉的生物柴油重新啟動。

This, of course, is not a change to our long-term expectation, but it took the large cash losses associated with the PTC change to force the biodiesel industry and some renewable diesel to shut down. And hopefully, we'll be seeing actions in the not too distant future that encourage these ag businesses to restart as new crush plants have been invested in and seed ordered, assuming that the renewable fuels growth trend will continue.

當然，這並沒有改變我們的長期預期，但 PTC 變化帶來的巨大現金損失迫使生質柴油產業和一些再生柴油產業關閉。並且希望，在不久的將來，隨著新的壓榨廠的投資和種子的訂購，我們將看到鼓勵這些農業企業重新啟動的行動，假設再生燃料的成長趨勢能夠持續下去。

On the right side of this slide, we see Q1 biomass-based diesel production undershot the RVO by about 230 million gallons. How could it be that we underran the compliance level by roughly 1 billion gallons on an annualized basis? And at the same time, we just saw a record low index margin quarter.

在這張投影片的右側，我們看到第一季生物質柴油產量比 RVO 低了約 2.3 億加侖。我們怎麼會以年均約 10 億加侖的量未達到合規水準呢？同時，我們剛剛看到指數利潤率季度創歷史新低。

We believe the answer to that lies in the overproduction in 2024, and it's a temporary dynamic. This chart shows that just as industry overran the RVO implied demand. In the first quarter, I apologize, underran the RVO implied demand in the first quarter. Last year, industry overran.

我們認為，問題的答案在於 2024 年的生產過剩，而這只是暫時的。此圖表顯示，正如行業超過 RVO 隱含需求。在第一季度，我很抱歉，低於了 RVO 隱含需求。去年，該行業超負荷運作。

This D4 RIN carry forward can provide a temporary shock absorber to a ren production deficit, but as the carry forward credits are used up, we expect normal dynamics to rescind. Of course, RVO clarity should help normalize the market as well, which the whole industry looks forward to. And at Montana Renewables, we also expect to be adding more staff just as global mandates step up in early 2026.

這種 D4 RIN 結轉可以暫時緩解勞動生產不足的問題，但隨著結轉額度用完，我們預期正常動態將會取消。當然，RVO的清晰度也應該有助於市場正常化，這是整個產業所期待的。在蒙大拿州再生能源公司，隨著 2026 年初全球授權的加強，我們也預計將增加更多員工。

In other words, it's tough out there right now, but underlying market fundamentals provide a lot of reasons for optimism as we look forward. Next, let's turn to slide six and discuss MaxSAF, or maybe more specifically, a major improvement along the road to our ultimate MaxSAF journey, which we're calling MaxSAF 150.

換句話說，雖然現在市場情況嚴峻，但潛在的市場基本面為我們展望未來提供了許多樂觀的理由。接下來，讓我們翻到第六張投影片，討論一下 MaxSAF，或者更具體地說，是我們最終的 MaxSAF 之旅道路上的一項重大改進，我們稱之為 MaxSAF 150。

As we know, SAF is an essential component of MRL strategy. We were among the early entrants in this space, launching SAF to market in late 2023 with Shell as our offtake partner. And while renewable diesel margins have been challenging since the RVO misstep, SAF margins have remained stable and attractive.

眾所周知，SAF是MRL策略的重要組成部分。我們是該領域的早期進入者之一，於 2023 年底與殼牌作為我們的承購合作夥伴將 SAF 推向市場。儘管自 RVO 失誤以來再生柴油利潤率一直面臨挑戰，但 SAF 利潤率仍然保持穩定且具有吸引力。

This early market continues to show great promise, with the introduction of global mandates complementing an already growing base of voluntary demand. A grand project calls for 300 million gallons of staff capacity to be reached, and there's no change to that. We previously spoke about our expectation to bring $150 million of those gallons online in late 2026 for a cap cost of $150 million to $250 million.

隨著全球強制要求的出台，以及自願需求不斷增長的基礎的補充，這個早期市場繼續顯示出巨大的前景。一項宏偉的計畫要求達到 3 億加侖的員工容量，這一點沒有改變。我們之前曾談到，我們預計在 2026 年底實現 1.5 億美元加侖的產量，上限成本為 1.5 億至 2.5 億美元。

Our operations team has rapidly advanced our understanding of the potential of our assets and our staff production technology. As a result, our project expectations, which we're already promising, have improved markedly. Rather than needing to wait on our Gulf Coast reactor to be shipped across the country and stood up with other new build assets, we can enhance our existing MRL reactor and some other supporting assets already in Montana to bring on $120 million to 150 million gallons of SAF in early 2026 for $20 million to $30 million of capital.

我們的營運團隊迅速加深了對資產潛力和員工生產技術的理解。因此，我們對專案的預期（我們已經承諾的）有了顯著改善。我們不需要等待墨西哥灣沿岸的反應器運往全國各地並與其他新建資產一起運行，而是可以增強我們現有的 MRL 反應器以及蒙大拿州的一些其他支持資產，以便在 2026 年初以 2000 萬至 3000 萬美元的資本投入，帶來 1.2 億至 1.5 億加侖的 SAF。

Given this is predominantly catalyst work and configuration of existing assets, the smaller capital would primarily be back after '25 and early 2026. This improvement will increase staff yield from its current 2000 barrels a day to an 8000 barrels to 10000 barrels a day range, and we also expect a minor increase in total renewable throughput.

鑑於這主要是催化劑工作和現有資產的配置，較小的資本將主要在 2025 年後和 2026 年初回歸。此次改進將使員工產量從目前的每天 2000 桶提高到每天 8,000 桶至 10,000 桶，我們也預計再生能源總產量將略有增加。

After we improve our yields through this first step in our sequential project, we're optimistic that our experience will continue to allow us to manage through the remaining project more quickly and economically as well. But for now, we're focused on achieving the maximum amount of staff for the minimum amount of capital as quickly as possible, and our marketing team continues to be encouraged by the demand we're seeing for these increased volumes.

在我們透過連續專案的第一步提高產量之後，我們樂觀地認為，我們的經驗將繼續使我們能夠更快、更經濟地完成剩餘的專案。但目前，我們專注於盡快以最少的資金實現最大數量的員工，而我們的行銷團隊也繼續受到我們所看到的對這些增加的數量的需求的鼓舞。

Increased sales volumes take on three different timelines. First, we currently have a 30 million gallon of annual capacity being sold daily. Next, we demonstrate a 50 million gallon staff capacity and our ops team is gaining experience achieving that rateably.

銷售量的成長體現在三個不同的時間線上。首先，我們目前的年銷售能力為每天 3,000 萬加侖。接下來，我們展示了 5000 萬加侖的員工容量，我們的營運團隊正在累積實現這一目標的經驗。

With the combination of this tradeable production and the winter rail constraints behind us, we expect to start selling 50 million gallons of staff this summer. And third, with the breakthrough around MaxSAF 150, we'll also be marketing that additional material in, which could be sold directly or tied to a monetization event as discussed in the past.

有了這種可貿易產量和冬季鐵路限制的結合，我們預計今年夏天將開始銷售 5000 萬加侖的汽油。第三，隨著 MaxSAF 150 的突破，我們還將行銷這些額外的材料，這些材料可以直接出售或與過去討論過的貨幣化事件掛鉤。

We remain flexible in our approach and encouraged by the market response. In fact, as the staff market evolved, we've even been approached about staff sea credits. But this approach to tier 1 and tier 3 credits we generate are marketed to end users through a book and claim approach, and a staff supplier retains the other environmental credits like the rent and the PTC just like through our existing renewable diesel and SAF contracts.

我們繼續保持靈活的態度，並受到市場反應的鼓舞。事實上，隨著員工市場的發展，我們甚至已經開始考慮員工海上信用。但是，我們產生的第 1 級和第 3 級信用是透過登記和索取的方式推銷給最終用戶的，而員工供應商則保留其他環境信用，如租金和 PTC，就像透過我們現有的可再生柴油和 SAF 合約一樣。

The benefit of this, in a world of global mandates, is it allows suppliers to separate the SAF credit from the physical transaction to minimize logistics costs for customers. It's not surprising that the resulting economics to Montana Renewables with the book and claim approach, provide the same premium expectation of $1 to $2 a gallon premium relative to renewable diesel that we've discussed previously, and we continue to see that range in the market.

在全球授權的世界中，這樣做的好處是，它允許供應商將 SAF 信用與實體交易分開，以最大限度地降低客戶的物流成本。毫不奇怪，採用帳簿和索賠方式為蒙大拿可再生能源帶來的經濟效益與我們之前討論過的可再生柴油每加侖 1 至 2 美元的溢價預期相同，而且我們繼續在市場上看到這一範圍。

With that, I'll turn the call over to David.

說完這些，我會把電話轉給大衛。

Thanks, Todd. I'll review our financials by segment, the drivers of our strong first quarter results and the underlying strengths of our growth platform going forward.

謝謝，托德。我將按部門回顧我們的財務狀況、第一季業績強勁的驅動因素以及未來成長平台的潛在優勢。

First, on slide seven, I wanted to remind investors of the thinking behind our changes to adjusted EBITDA this quarter. As we mentioned on our last earnings call, and you see in our first quarter reported financials, we've updated how we report to better reflect the true cash generation capability of our business.

首先，在第七張投影片上，我想提醒投資人我們本季調整後 EBITDA 變化背後的想法。正如我們在上次財報電話會議上提到的，並且您可以在我們第一季的財務報告中看到，我們更新了報告方式，以更好地反映我們業務的真實現金創造能力。

We've made two important changes. The first is to add back the rings and currents. Winds and currents relates to blending obligation for fuel producers. Calumet is a small refinery and has always received a small refinery exemption or SASRE up until the EPA's issuance of a blanket SRE denial.

我們做出了兩項重要改變。首先是重新添加環和電流。風和洋流與燃料生產商的混合義務有關。Calumet 是一家小型煉油廠，在美國環保署發布全面 SRE 否決令之前，它一直享有小型煉油廠豁免或 SASRE。

Calumet has never made a cash payment for RINs and continues to be successful in the federal courts, having been successful in both the fifth Circuit and the DC Circuit regarding our small refinery exemption petition this past year.

Calumet 從未為 RIN 支付過現金，並且在聯邦法院一直取得成功，去年我們在第五巡迴法院和哥倫比亞特區巡迴法院就小型煉油廠豁免申請均取得了成功。

Given the set of facts, along with our goal of presenting investors the most clear and accurate representation of the cash generation capability of the business, this change was made to start the year. The second change relates to the changeover from the blender's tax credit to the production tax credit in the renewables industry.

考慮到這些事實，以及我們的目標是向投資者提供最清晰、最準確的企業現金產生能力，因此在年初就做出了這項改變。第二個變化涉及從混合器稅收抵免到再生能源產業的生產稅收抵免的轉變。

Instead of the previously cash paid $1 a gallon for the blender's tax credit, starting in 2025, we now generate a PTC based on the CI score of the produced gallon. Current legislation contemplates a tax credit that can reduce taxable income or in Montana Renewables case, be sold back to the market for cash.

從 2025 年開始，我們不再以每加侖 1 美元的現金支付混合器稅收抵免，而是根據生產的加侖的 CI 分數產生 PTC。現行立法考慮實施稅收抵免，以減少應稅收入，或像蒙大拿州再生能源公司的情況那樣，將其賣回市場換取現金。

Given Montana Renewables low CI feed stock advantage and staff position, its PTC is relatively large, representing roughly $20 million for all of Montana Renewables in the first quarter, or roughly $16.9 million on Calumet's 87% equity portion. The new non-GAAP metric of adjusted EBITDA plus tax attributes adds back this tax credit. As Todd said, our plan is to sell the PTCs as we don't yet have taxable income to offset.

鑑於蒙大拿再生能源的低 CI 原料優勢和員工地位，其 PTC 相對較大，相當於第一季整個蒙大拿再生能源的 PTC 約為 2,000 萬美元，或位於卡盧梅特 87% 股權部分的 PTC 約為 1,690 萬美元。新的非公認會計準則指標——調整後的 EBITDA 加上稅收屬性——加回了這項稅收抵免。正如托德所說，我們的計劃是出售 PTC，因為我們還沒有應稅收入來抵消。

Thus, we'll report and even with tax attributes that includes the PTCs generated in a month rather than a hyper volatile metric that would match the quarterly sales timing of PTCs and reflect the steady value generation of the business.

因此，我們將報告甚至包含稅收屬性，其中包括一個月內產生的 PTC，而不是與 PTC 的季度銷售時間相匹配並反映業務穩定價值創造的超波動指標。

As laws change and the situation matures, the need for this metric may as well, but for now, we want to provide a metric to clearly track the value of generation of MRL and to properly compare year by year to a period in which the PTC existed as the BTC was included in adjusted EBITDA, unlike the PTC.

隨著法律的變化和情況的成熟，對這一指標的需求可能也會增加，但目前，我們希望提供一個指標來清楚地追蹤 MRL 的生成價值，並與 PTC 存在的時期逐年進行正確的比較，因為與 PTC 不同，BTC 包含在調整後的 EBITDA 中。

Turning to slide eight, before we go through the segment results, I wanted to highlight what a transformative order we've had on the balance sheet with several exciting developments. First, earlier this quarter, after a temporary delay, we received the initial tranche one funding under the DOE Loan.

翻到第八張投影片，在我們討論分部績效之前，我想先強調一下我們在資產負債表上所取得的變革性進展，以及一些令人興奮的發展。首先，本季早些時候，經過暫時的延遲，我們收到了能源部貸款的第一筆首期資金。

We use the funds from the loan to in part take out expensive debt and get repaid from DOE for eligible project costs. The results have been transformative as we've reduced annual cash flow from debt service by approximately $80 million per year and positioned ourselves to have cost efficient funding to complete our mac staff expansion.

我們利用貸款資金部分償還昂貴的債務，並從能源部獲得符合條件的項目成本的償還。結果具有變革性，因為我們每年將債務償還的年度現金流減少了約 8000 萬美元，我們擁有了具有成本效益的資金來完成我們的 Mac 員工擴張。

Coupled with the exciting news that Todd shared earlier about a cheaper, quicker path to the first step in MaxSAF, we couldn't be more excited about the business. Second, we completed the sale of the industrial portion of our royal purple business, which brought in roughly $100 million of cash proceeds at an attractive accretive multiple, while at the same time streamlining our performance brand's business.

再加上 Todd 早些時候分享的關於 MaxSAF 第一步更便宜、更快捷的途徑的激動人心的消息，我們對這項業務感到無比興奮。其次，我們完成了皇家紫色業務工業部分的出售，這以頗具吸引力的增值倍數帶來了約 1 億美元的現金收益，同時精簡了我們性能品牌的業務。

Focus on playing where we have integration with our SDS business allows us to grow volumes and take out costs efficiently, that trend will continue. Finally, we called today the $150 million of outstanding 2026 notes, slightly less than mentioned last quarter, reflects the recent volatility we've seen across markets.

專注於與我們的 SDS 業務整合的領域，這使我們能夠增加銷售並有效地降低成本，這種趨勢將會持續下去。最後，我們今天稱，2026 年未償還票據餘額為 1.5 億美元，略低於上個季度提到的金額，反映了我們最近在市場上看到的波動。

We ended the first quarter with $347 million of liquidity in our business, expected to generate strong cash flow in Q2 and to recoup some of the larger working capital swings we saw in the first quarter and plan to deploy the remainder of the call as the commodity markets that drive our underlying working capital instruments sales.

我們在第一季結束時擁有 3.47 億美元的業務流動資金，預計第二季將產生強勁的現金流，並收回我們在第一季度看到的一些較大的營運資本波動，併計劃將剩餘的電話費用部署為推動我們基礎營運資本工具銷售的大宗商品市場。

As we mentioned earlier, we also have some additional strategic activity in the hopper, which we'll share in the future. The ultimate sale of a portion of Montana Renewables remains as the finer pillar in our deleveraging story. Certainly, the market hasn't helped us out there with headwinds on index margins, but its operators, we've positioned the business with operating leverage to take advantage once the market recovers.

正如我們之前提到的，我們在料斗中還有一些額外的策略活動，我們將在未來分享。蒙大拿再生能源公司部分股權的最終出售仍然是我們去槓桿故事中更精細的支柱。當然，市場並沒有幫助我們擺脫指數利潤率的困境，但對於其營運商而言，我們已經為業務定位了營運槓桿，以便在市場復甦時佔據優勢。

We've demonstrated reliable operations, reduced our costs, and fixed the balance sheet to eliminate high cost third party interests. With the RVO guidance hopefully on the horizon and a cheaper, faster path to more staff, we've never been more excited, more well positioned.

我們已經證明了可靠的運營，降低了成本，並修復了資產負債表以消除高成本的第三方利益。隨著 RVO 指導的有望出台以及更便宜、更快速地招募更多員工的途徑，我們從未像現在這樣興奮，也從未像現在這樣處於有利地位。

Turning to slide nine, our specialty product segment generated $56.3 million of adjusted EBITDA during the quarter under our new definition. We continue to see strong volumes, particularly among our specialty product lines, reflecting our commercial excellence program. In fact, this is one of the highest quarters on record for SBS volumes and approximately 23,000 barrels per day.

轉到第九張投影片，根據我們的新定義，我們的特色產品部門在本季產生了 5,630 萬美元的調整後 EBITDA。我們繼續看到強勁的銷量，特別是在我們的專業產品線中，這反映了我們的商業卓越計劃。事實上，這是 SBS 產量有史以來最高的季度之一，每天產量約為 23,000 桶。

As Todd mentioned, first quarter 2025 results were slightly impacted by a TruFuel unit turnaround and short freezing challenges in January, something that we've seen routinely in the past two winters in northwest Louisiana.

正如托德所提到的，2025 年第一季的業績受到 TruFuel 裝置週轉和 1 月份短暫冰凍挑戰的輕微影響，這種情況我們在過去兩個冬天在路易斯安那州西北部經常看到。

However, we've made fortifying investments which has limited the impact. Our operational improvement trend continues as we drove year over year off cost improvements of $1.41 per barrel on top of our 9% increase in year over year production volumes, despite a reformer turnaround during the quarter.

然而，我們已經進行了加強投資，這限制了其影響。儘管本季重整裝置出現轉機，但我們的營運改善趨勢仍在繼續，因為儘管本季重整裝置出現轉機，但我們在產量同比增長 9% 的基礎上，成本同比下降了 1.41 美元/桶。

We have some turnaround activity scheduled to begin in June on some specialties equipment which will impact our results next quarter. Even with higher volume and a little cost headwind earlier in the quarter, margins came in just below our $60 per barrel mid-cycle level, and looking forward, we continue to expect to operate at that mid-cycle margin level, even amidst an industry backdrop that is well below mid-cycle.

我們計劃在 6 月開始對一些專業設備進行一些週轉活動，這將影響我們下個季度的業績。即使本季稍早產量增加且成本略有下降，利潤率仍略低於每桶 60 美元的中期水平，展望未來，即使在遠低於中期水平的行業背景下，我們仍預計利潤率將保持在中期水平。

Taking a longer view, you can see we're still well above 20,000 barrels per day from our 2020 to 2024 range as we remain focused on maximizing our customer and application diversity as well as the incremental value earned through our integrated network.

從長遠來看，從 2020 年到 2024 年，我們的產量仍遠高於每天 20,000 桶，因為我們仍然專注於最大限度地提高客戶和應用的多樣性以及透過我們的整合網路獲得的增量價值。

Finally, we've all seen the various headlines regarding potential tariffs, but we do not believe they are impactful to our specialty business, considering our manufacturer, a US based manufacturing footprint, customer base, product diversity, and dealing all of our sales and feedstocks being domestic or protected by USMCA.

最後，我們都看到了有關潛在關稅的各種頭條新聞，但考慮到我們的製造商、美國的製造足跡、客戶群、產品多樣性以及我們所有的銷售和原料都在國內或受 USMCA 保護，我們認為它們不會對我們的專業業務產生影響。

Moving to slide 10 in our performance brand segment, we posted strong quarterly results of $15.8 million, reflecting strong volume growth and continued commercial improvements in the business. While some of our brands are more integrated than others, we're seeing growth throughout the business and are really proud of progress our team has made, both in volume growth and capturing supply chain efficiencies.

在我們的性能品牌部門中，我們排名第 10 位，公佈了強勁的季度業績，達到 1,580 萬美元，反映了強勁的銷售成長和業務的持續商業改進。雖然我們的一些品牌比其他品牌更加整合，但我們看到整個業務都在成長，並且為我們的團隊在銷售成長和供應鏈效率提高方面取得的進步感到非常自豪。

As previously disclosed, we completed the sale of the industrial portion of Royal Purple, which is completed at roughly 10 times even a multiple. We continue to believe that through the operational and supply chain efficiencies, this transaction unleashes, we'll be able to recapture the majority of the EBITDA we've sold over the next two years.

如同先前所揭露的，我們完成了 Royal Purple 工業部分的出售，以約 10 倍甚至數倍的價格完成。我們始終相信，透過此交易帶來的營運和供應鏈效率提升，我們將能夠在未來兩年內收回已售出的大部分 EBITDA。

No, we closed the transaction on March 31, so the results reflect the full quarter's contribution of Royal Purple Industrial. Moving to slide 11, our Montana/Renewables segment adjusted with tax attributes, adjusted even with tax attributes generated $3.3 million in the first quarter compared to a negative $13.4 million in the prior year period.

不，我們在 3 月 31 日完成了交易，因此結果反映了 Royal Purple Industrial 整個季度的貢獻。轉到第 11 張投影片，我們的蒙大拿州/再生能源部門經稅收屬性調整後，即使經稅收屬性調整後，第一季也產生了 330 萬美元的收入，而去年同期為負 1,340 萬美元。

The renewables business on its own drove adjusted even with tax attributes of $2.1 million attributed to the 87% ownership position of Calumet. The primary driver of the improvement was the tremendous cost savings we've driven in the business and improvements in operations. You can see in the lower right-hand side on the renewables slide.

即使 Calumet 擁有 87% 的所有權，其再生能源業務本身的稅收屬性也達到了 210 萬美元。推動這一進步的主要因素是我們在業務上實現了巨大的成本節約並改善了營運。您可以在再生能源幻燈片的右下角看到。

We've reduced op cost in SG&A down from well north of $1 to below our $0.70 per gallon target. Focusing just on oppos we're at $0.50 a gallon. This represents our sixth consecutive quarter of operational cost improvement trend excluding the turnaround in the fourth quarter of 2024.

我們已將銷售、一般及行政費用 (SG&A) 的營運成本從每加侖 1 美元以上降至每加侖 0.70 美元以下的目標。僅關注反對派，我們的價格是每加侖 0.50 美元。這是我們連續第六個季度呈現營運成本改善趨勢（不包括 2024 年第四季的扭轉）。

We also saw renewable volumes increase from the comparative Q1 period. At [10,300 barrels] per day, we're below our targeted range. That was driven by congestion on the railroad, which caused delay in getting heat to the plant coming out of the fourth port turnaround last year.

我們也看到再生能源產量較第一季同期增加。每天 [10,300 桶] 的產量低於我們的目標範圍。這是由於鐵路擁堵造成的，導致去年第四次港口調頭後熱量運送到工廠的延誤。

Looking ahead, operations is able to produce our previously demonstrated 50 million of staff capacity on a radical basis, and we're now ramped up marketing efforts. We expect to increase staff sales in late Q2 2025, and on the tariff front, Montana/Renewables expects no impact, while imported used cooking oil being excluded from the ability to generate a PTC with news in the industry. Montana Renewables doesn't use this speed stop.

展望未來，營運部門能夠以激進的方式發揮我們先前展示的 5,000 萬名員工的能力，現在我們正在加大行銷力度。我們預計 2025 年第二季末員工銷售額將會增加，在關稅方面，蒙大拿州/再生能源預計不會受到影響，而進口廢棄食用油則被排除在產生 PTC 的能力之外，並有行業新聞報道。蒙大拿再生能源公司不使用此速限站。

On the Montana Asphalt side, we drove a $9.1 million year over year improvement. We talk a lot about cost improvements at MRL, but we've also been part of work taking costs out of the asphalt side of the business, which contribute to a much-improved Q1 versus what we saw last year. We also experience better wholesale asphalt and local fuel premiums in the market during the quarter, and we look forward to opening up the retail asphalt rack later this quarter.

在蒙大拿瀝青方面，我們實現了 910 萬美元的年成長。我們在 MRL 談論了很多關於成本改進的事情，但我們也一直致力於降低瀝青業務的成本，這有助於我們第一季的業績比去年同期大幅改善。本季度，我們也經歷了市場上更好的批發瀝青和當地燃料溢價，我們期待在本季度稍後開放零售瀝青貨架。

With that, I'll turn the call back to the operator for questions.

說完這些，我會將電話轉回給接線生以回答問題。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指示）

The first question comes from Neil Mehta with Goldman Sachs. Please go ahead.

第一個問題來自高盛的 Neil Mehta。請繼續。

Yeah, good morning team. Todd and team. Just want to start off on the regulatory environment and some of the adjustments that you've made to the way that you're showing to show the production tax credit does show you guys have confidence that that there will be a change over from a BTC to a PTC. So you talk about the regulatory environment that you see on the go forward as it relates to those tax credits, why you believe that's the right way for the market. To value the earnings power of your company as well.

是的，大家早安。托德和他的團隊。我首先想談談監管環境，你們對生產稅收抵免方式所做的某些調整確實表明你們有信心從 BTC 轉變為 PTC。因此，您談論了與這些稅收抵免相關的未來監管環境，以及為什麼您認為這對市場來說是正確的方式。也要評估貴公司的獲利能力。

Hey, Neil, it's Todd. How are you? The, thanks for the question. Let me start here on just kind of the PTC and BTC, and I'll give it back to Bruce for the, a little bit more color into the regulatory environment. But I actually think your question regarding the comparable state of, event on a BTC world and PTC world.

嘿，尼爾，我是托德。你好嗎？謝謝你的提問。讓我從這裡開始討論 PTC 和 BTC，然後我會把話題交還給 Bruce，讓他更詳細地介紹一下監管環境。但我實際上認為你的問題涉及 BTC 世界和 PTC 世界中事件的可比較狀態。

And even how it could potentially go back to a BTC world if you read some of the rumors, kind of impact our decision to move forward on this adjusted EBITDA plus tax attributes basis in Montana Nobles. Because if you think about where we were last year, the dollar a gallon BTC tax credit was then adjusted EBITDA.

如果你讀到一些謠言，甚至它可能會回到 BTC 世界，這會影響我們在 Montana Nobles 繼續推進調整後的 EBITDA 加稅收屬性的決定。因為如果你想想我們去年的情況，每加侖 BTC 稅收抵免金額是調整後的 EBITDA。

So all we've done now is we've said, the PTC credit, which obviously impacts, industry index margin, is also now added back to, adjusted EBITDA. So that when we look at a year over year comparison period of a BTC environment to a PTC environment, we get an Asphalt comparison.

所以我們現在所做的就是，PTC 信貸（顯然會影響產業指數利潤率）現在也被加回調整後的 EBITDA 中。因此，當我們查看 BTC 環境與 PTC 環境的同比比較期時，我們會得到瀝青的比較。

And if there was a change back or other regulatory changes, then this metric would continue to work because we'd be able to compare, again, BTC world to PTC world kind of lines up, here. So, that was actually in the forefront of our mind as we thought about the right way to show the PTC.

如果出現變化或其他監管變化，那麼這個指標將繼續有效，因為我們可以再次比較 BTC 世界和 PTC 世界之間的差距。因此，當我們思考如何正確展示 PTC 時，這實際上是我們首先考慮的問題。

The other thing I'd say on the, adjusted EBITDA plus tax attributes, is we're a seller of the PTCs, a lot of folks use them. We don't. And so if you didn't make this adjustment, you would have a very choppy. EBITDA stream. It just wouldn't really demonstrate or help investors visualize the earnings power of this business, cause you would only be recognizing the EBITDA periods that you sell it.

關於調整後的 EBITDA 加稅收屬性，我想說的另一件事是，我們是 PTC 的賣家，很多人都在使用它們。我們沒有。因此，如果您不進行此調整，您的情況就會非常不穩定。EBITDA 流。它並不能真正展示或幫助投資者形象化這項業務的盈利能力，因為您只能確認出售該業務的 EBITDA 期間。

So that's kind of the way we're doing it right now. Ultimately, we expect to capture the value of the PTC as we sell them. It just doesn't happen on a day-to-day rateable basis, as these are typically, quarterly sales. So anyways, probably a long-winded way, to answer your question, maybe back to Bruce for any color on regulatory.

這就是我們現在的做法。最終，我們希望在出售 PTC 時獲得其價值。這種現像不會在日常的評估基礎上發生，因為這些通常是按季度進行的銷售。所以無論如何，回答你的問題可能要花很長的時間，也許可以回到布魯斯那裡了解有關監管的問題。

And now, So I think the way you asked that sounded like, do we think the regime has cut over it definitely has, that's the law that was in the IRA legislation. There's some question when the detailed rules are going to come through under which taxpayers can enter this income tax credit on their returns, but as Todd said, we'll be selling them, so, we feel good about trying to help our investors understand the cash flow potential of the business by accounting for it in this manner.

現在，所以我認為你問這個問題的方式聽起來像是，我們是否認為該政權已經切斷了它肯定已經切斷了，這是愛爾蘭共和軍立法中的法律。有人質疑，具體的規則什麼時候出台，納稅人可以在納稅申報單上輸入這筆所得稅抵免，但正如托德所說，我們會出售它們，因此，我們很高興通過這種方式幫助我們的投資者了解企業的現金流潛力。

That's very helpful guys and yeah, we'll look for more regulatory clarity the follow up is just it's just around the balance sheet I know it's you guys talked about. Continue to drive your leverage to your target levels, and it's been a huge focus in the credit community where we've seen a big uptick in interest around the credits.

這對你們非常有幫助，是的，我們會尋求更清晰的監管，後續只是圍繞著資產負債表，我知道這是你們談論的。繼續將您的槓桿率提高到目標水平，這已成為信貸界的焦點，我們看到人們對信貸的興趣大幅上升。

So just help the market get comfortable around liquidity, balance sheet, things are tracking and steps that you are taking to really shore up the strength of that balance sheet in a in a volatile macro.

因此，只需幫助市場適應流動性、資產負債表、事物追蹤以及您正在採取的步驟，以在動盪的宏觀環境中真正支撐資產負債表的實力。

Yeah. Hi Neil, it's David. I think we feel, very good about the liquidity where we're at. We finished the the quarter with around $340 million in liquidity. We also called the kind of $150 million of the of the bonds. I think as we think about the DOE Loan.

是的。你好，尼爾，我是大衛。我認為我們對目前的流動性感到非常滿意。本季結束時，我們的流動資金約為 3.4 億美元。我們也稱這種債券的規模為 1.5 億美元。我認為我們正在考慮能源部貸款。

And that removing $80 million of interest and amortization from cash flow, we really, position the business well, another lever is kind of the sale of the royal purple business which is help support liquidity. I think as we look forward.

透過從現金流中去除 8000 萬美元的利息和攤銷，我們確實可以很好地定位業務，另一個槓桿是出售皇家紫色業務，這有助於支持流動性。我想我們一起期待吧。

We probably pulled a little bit less than we had talked about, just given the macro volatility, we saw some working capital outflows in the corner and so we've just been a little bit, conservative currently, but we feel really good about where we're at. Obviously, the ability to make more staff, quicker, sooner, and cheaper, makes us feel even more confident about kind of where the balance sheet and where the business is today.

我們的投入可能比我們之前談論的要少一些，考慮到宏觀波動，我們看到了一些營運資金流出，所以我們目前只是有點保守，但我們對目前的狀況感覺很好。顯然，能夠更快、更早、更便宜地招募更多員工，讓我們對目前的資產負債表和業務狀況更有信心。

Yeah, Neil, this title add a little bit. Obviously, our ultimate leverage goal is reaching $800 million of restricted debt. And that comes with, the ultimate monetization of Montana Renewables. So, David just hit on this, the faster, cheaper maxSAF 150 is a really nice next step to that. Let's see if we get some RVO news in the near future.

是的，尼爾，這個標題加了一點。顯然，我們的最終槓桿目標是達到 8 億美元的限制性債務。而這伴隨著蒙大拿再生能源的最終貨幣化。所以，David 剛剛想到了這一點，更快、更便宜的 maxSAF 150 是一個非常好的下一步。讓我們看看我們是否會在不久的將來得到一些 RVO 新聞。

There seems to be some real optimism around that. We'd expect that to bring some associated margin recovery and, that's why I think really, we've Those are the remaining boxes necessary for that to become a real option. So, again, don't expect that as a, 2025 event.

人們似乎對此抱持真正的樂觀態度。我們預計這會帶來一些相關的利潤率回升，這就是為什麼我認為，這些都是使其成為真正選擇所必需的剩餘條件。所以，再說一次，不要指望那是 2025 年才會發生的事件。

Obviously, there are a few things that need to happen and some of it's regulatory, but we're gaining quite a bit of confidence that what we're seeing right now in the market kind of from a fundamental basis is setting us up to have a, pretty attractive, transaction there and hopefully not too distant future.

顯然，有一些事情需要發生，其中一些是監管方面的，但我們越來越有信心，從根本上看，我們現在在市場上看到的情況將為我們在那裡進行一筆相當有吸引力的交易做好準備，希望在不久的將來也能實現。

Is that $800 million target, could you see that as a '26 event time?

這是 8 億美元的目標嗎？您是否認為這是 26 年活動時間？

Yeah, we'd like to take, so again, I mean, we're just. We needed to de-risk our operations. We needed to get the DOE funded. Those are done. Let's get some clarity on the RVO. With that, we'll demonstrate the earnings potential of Montana renewables with an additional 100 million gallons of staff. I think we'll be able to step up those earnings quite meaningfully.

是的，我們願意接受，所以，我的意思是，我們只是。我們需要降低營運風險。我們需要獲得能源部的資助。這些都完成了。讓我們更清楚地了解一下 RVO。由此，我們將透過額外的 1 億加侖員工展示蒙大拿州再生能源的獲利潛力。我認為我們能夠大幅提高這些收益。

And with that, you should be in a pretty good position because we think that we're going to get that. That additional staff volume early in 2026. So we're certainly looking at 2026 as a, likely and hopeful transaction time for us there on Montana renewables.

有了它，你應該處於非常有利的位置，因為我們認為我們會得到它。2026 年初將增加員工人數。因此，我們當然將 2026 年視為蒙大拿州再生能源的可能和有希望的交易時間。

Awesome thank you Todd.

太棒了，謝謝你，托德。

Thank you.

謝謝。

The next question comes from Amit Dayal with H.C. Wainwright. Please go ahead.

下一個問題來自 H.C. Wainwright 的 Amit Dayal。請繼續。

Thank you. Good morning, everyone. Just with respect to the higher staff volumes, that you're expecting to achieve in 2026, is lower CapEx than expected, I guess, previously, I'm just trying to get a sense of whether there was already equipment that, was put in place that is no longer being used and if that can be applied to, further expand volumes.

謝謝。大家早安。就您預計在 2026 年實現的更高員工數量而言，資本支出低於預期，我想，之前我只是想了解是否已經有不再使用的設備，以及是否可以應用於進一步擴大數量。

The press release was not, very clear, at least to me on that front if you could clarify how all of this is being sort of achieved.

至少對我來說，新聞稿在這方面沒有闡明清楚，如果你能解釋清楚這一切是如何實現的嗎？

Hi, I'm, this is Bruce. Yeah, let me take a stab at it. The existing asset, the hydro cracker that we converted back in 2021 and '22, has more capability for more theft output, and we've got that lined out and demonstrated, so we're simply going to take advantage of that in the market now. And Todd covered that. We'll call that the 50 million gallons a year.

你好，我是布魯斯。是的，讓我嘗試一下。現有資產，即我們在 2021 年和 2022 年改造的水力裂解裝置，具有更高的產量，我們已經將其列示並進行了演示，因此我們現在只需在市場上利用它。托德 (Todd) 也談到了這一點。我們稱之為每年 5000 萬加侖。

To get more out, we've got a very modest constraint removal around our heat and material balance. Which we think will cost $20 million to $30 million. Obviously, we've got a more precise engineering estimate, and we've got the AFE, in place for that. So that's a go. The latest capacity of the existing unit was known, and we have always signaled walking these volumes forward.

為了獲得更多收益，我們對熱量和物質平衡進行了非常適度的約束消除。我們認為這將花費 2,000 萬至 3,000 萬美元。顯然，我們有更精確的工程估算，並且我們已經為此制定了 AFE。所以就這樣吧。現有單位的最新產能是已知的，我們始終表示要逐步提高這些產能。

So, we're simply giving you an update that it's going to be sooner and it's going to be lower capital. So we're pretty happy with that. The marketing team is actively engaged in signing up the placement of those gallons, and, we look forward to keeping you posted on how that unfolds.

因此，我們只是向您提供最新消息，它將會更快，而且資本將會更低。所以我們對此非常滿意。行銷團隊正在積極參與簽署這些加侖的安置協議，我們期待向您通報進度。

Understood Bruce. And then as you execute on this, is that when you start collecting on the remaining, funds from the DOE?

明白布魯斯了。然後，當您執行此操作時，您是否開始從 DOE 收取剩餘的資金？

Yeah, what you're referring to, we organized, and this is a public document, of course, but we organized the partnership with the DOE to catch up to what had already been done, and that's called tranche one. David mentioned that we received that money, in the middle of the first quarter.

是的，正如您所指的，我們組織了這項工作，這當然是一份公開文件，但我們組織了與能源部的合作，以趕上已經完成的工作，這就是所謂的第一批。大衛提到，我們在第一季中期收到了這筆錢。

The balance of the loan proceeds are available, and we call that tranche two in the documents, that's a construction draw facility. So as we meet the conditions precedent, we will just continually tap that money over the next three years to four years as we finish the full build out and get to the end stage of 300 million gallons of stuff.

貸款收益的餘額是可用的，我們在文件中稱之為第二部分，即建設提款工具。因此，當我們滿足先決條件時，我們將在未來三到四年內繼續利用這筆資金，完成全面建設並進入 3 億加侖的最後階段。

Okay, understood. No, that timeline is helpful. Thank you so much, but, that's all I have guys. I'll take my other questions offline.

好的，明白了。不，那個時間表很有幫助。非常感謝，但是，夥計們，我只有這些了。我將離線回答其他問題。

Thank you, Amit.

謝謝你，阿米特。

The next question is from Jason Gabelman with TD Cowen, please go ahead.

下一個問題來自 TD Cowen 的 Jason Gabelman，請繼續。

Hey, morning. Thanks for taking my questions. I wanted to go back to the PTC because I just want to clarify one, the amount you actually booked in the quarter, did you book the full amount that you're saying you could have received, or did you book something less than that $17 million in the quarter and the $17 million is kind of indicative of what you would have been able to book if the rule was in place in time.

嘿，早安。感謝您回答我的問題。我想回到 PTC，因為我只想澄清一點，您在本季度實際預訂的金額，您是否預訂了您所說的可以收到的全部金額，或者您是否在本季度預訂了低於 1700 萬美元的金額，而 1700 萬美元在某種程度上表明瞭如果規則及時實施，您將能夠預訂的金額。

Because we've, that $0.49 per gallon is higher than, or sorry, the $0.40 per gallon is higher than, what we've heard some peers, book. And then going forward, given the changes in feedstock and lower canola oil runs, do you expect the amount you're able to book under the PTC to move higher?

因為我們知道，每加侖 0.49 美元的價格高於，或者抱歉，每加侖 0.40 美元的價格高於，我們聽到的一些同行的說法。那麼展望未來，考慮到原料的變化和菜籽油產量的下降，您是否預計根據 PTC 能夠預訂的數量會更高？

Yeah, so Jason, David here, just a couple of thoughts. So, the 19 million or 20 million that we booked, that's kind of the full value of the PTC that we generated during the quarter. The higher number just reflects more staff production.

是的，Jason，David，我只想提幾個想法。因此，我們預訂的 1900 萬或 2000 萬美元相當於我們本季產生的 PTC 的全部價值。數字越高只是反映了員工生產力越高。

I expect relative to your expectations, which is, we obviously produce a lot more staff that gets more credit from the PTC, so that 20 million is the full value when we talk about the 16.8, that's just reflective of, Calumet's 87% share of Montana renewables.

我預計相對於您的預期，我們顯然會培養出更多的員工，從 PTC 獲得更多的信任，因此當我們談論 1680 萬美元時，2000 萬美元是全部價值，這僅反映了卡盧梅特在蒙大拿州可再生能源中所佔的 87% 的份額。

That's booked also at a 100% of the notional value. I think when we ultimately monetize that, they'll be sold at a slight discount, I think the market's around 95%, give or take. And we're that up when we ultimately sell it.

這也是以名義價值的 100% 入帳。我認為，當我們最終將其貨幣化時，它們會以略微的折扣出售，我認為市場折扣率大約在 95% 左右。當我們最終將其出售時，我們就會達到這一水平。

Got it. And then thoughts on the amount you'll be able to book going so just, assuming a more optimized speech stock slate.

知道了。然後考慮您可以預訂的數量，假設有一個更優化的語音庫存板。

Well, let me, I think we're always going to move our feedstock to the highest margin, whether that margin comes through PTC or cheaper feedstock prices, we think. The feedstock probably moves to their TI parity over time this, and so whether we're collecting the value through, sales or through the monetized PTC, I think there's some level of indifference there for us. It's all about where do we move to the highest margin, feedstock.

好吧，我認為我們總是會將我們的原料轉移到最高利潤率，無論這個利潤率是透過 PTC 還是更便宜的原料價格來的，我們都這麼認為。隨著時間的推移，原料可能會轉向其 TI 平價，因此無論我們是透過銷售還是透過貨幣化的 PTC 來收集價值，我認為我們都會有一定程度的漠不關心。關鍵在於我們如何才能獲得最高利潤，也就是原料。

Okay, got it. And then my falloff is just the adjustment lower on the SAF expansion CapEx, which, frees up more capital under the, or more, cash under the DOE phase two loan. Can you talk about other uses of that cash, will it, does it increase the amount of debt you're able to pay down on inter-company loans or other potential uses, for that capital that can improve the cap structure?

好的，明白了。然後，我的下降只是對 SAF 擴展資本支出的調整降低，這將在 DOE 第二階段貸款下釋放更多資本或更多現金。您能談談這些現金的其他用途嗎？它是否會增加您償還公司間貸款的能力，或用於其他潛在用途，從而改善資本結構？

This is Bruce. I'll start with the capital part. So, the DOE Loan, the government will loan money against permitted uses eligible spending. Broadly, you should think of that as capital improvements and not working capital. That's one of the reasons you've heard us talk about a Pari passu debt facility.

這是布魯斯。我先從首都部分開始。因此，對於能源部貸款，政府將根據允許的用途和合格的支出提供貸款。廣義上講，你應該將其視為資本改善而不是營運資本。這就是您聽到我們談論平等債務融資的原因之一。

The operational income statement is where the vendors, all of the vendors, including Calumet, which has provided services under an MSA agreement, get paid, so that's not the loan, that's the that's the income statement. Does that help?

營業利潤表是供應商（包括根據 MSA 協議提供服務的 Calumet 在內的所有供應商）獲得付款的地方，所以這不是貸款，而是利潤表。這樣有幫助嗎？

Yeah, it does. Thanks. If I could just sneak one other in maybe, you put out a mid-cycle, EBITDA number of 240. This quarter, I think annualized is about $140 million for that base business. Can you just talk about the gaps between what you believe is, mid-cycle and what 1Q results showed, especially given the strong performance in the specialty side of things.

是的，確實如此。謝謝。如果我可以偷偷地再加一個，你就會得到一個中期週期的 EBITDA 數字 240。本季度，我認為該基礎業務的年化收入約為 1.4 億美元。您能否談談您認為的中期週期與第一季結果之間的差距，特別是考慮到專業方面的強勁表現。

I didn't get general Jason, you're really just talking about kind of Q1 winner, right? So when we talk about the restricted mid-cycle, business, we're talking about, fuels in the summer. We're talking about Asphalt in the summer. So I wouldn't expect that, you should look at kind of the, certainly wouldn't be expecting 2025, EBITDA, to be [Q1 times Q4]. We're looking forward to Q2 and Q3 is pretty strong. Earnings environments from what we're seeing in the market right now.

我不明白傑森將軍的意思，你實際上只是在談論 Q1 贏家，對嗎？因此，當我們談論受限制的中期業務時，我們談論的是夏季的燃料。夏天我們正在談論瀝青。所以我不會期望，你應該看看，當然不會期望 2025 年的 EBITDA 會是[Q1 乘以 Q4]。我們對第二季充滿期待，第三季的表現也相當強勁。從我們目前在市場上看到的獲利環境來看。

Got it. Great. I appreciate all the answers.

知道了。偉大的。我感謝所有的回答。

All right, thanks.

好的，謝謝。

The next question is from Gregg Brody with Bank of America. Please go ahead.

下一個問題來自美國銀行的格雷格·布羅迪。請繼續。

Hey, good morning, guys. You mentioned strategic alternatives you were looking at and you said you couldn't go into much detail. Maybe just since no one asked what can you tell us about what you're thinking about there and is that a potentially reduce to reduce more debt or is that for something else?

嘿，大家早安。您提到了您正在考慮的策略替代方案，但您說您無法透露太多細節。也許只是因為沒有人問您能告訴我們您在想什麼嗎？這是否有可能減少更多債務，還是為了其他目的？

No, that would be to reduce more debt, Gregg. It's Todd. The, we said for a long time that we're, willing to sell, assets that aren't, core or integrated into the business, as long as they bring an accretive value. And we've had interest there. People have heard that and, so I'd throw that out there as one.

不，那是為了減少更多的債務，格雷格。是托德。我們長期以來一直表示，只要非核心資產或非融入業務的資產能帶來增值，我們願意出售這些資產。我們對此很感興趣。人們已經聽說過這一點，所以我會把它作為一個提出來。

I think last quarter we talked about. A number of other things, but yeah, he should be thinking of any cash that comes into Calumet, the use of that is debt paid down. That's our number one priority, all the way up until we ultimately monetize Montana renewables and achieve our, restricted debt target of $800 million, so.

我想我們上個季度討論過。還有很多其他的事情，但是是的，他應該考慮將流入卡盧梅特的任何現金用於償還債務。這是我們的首要任務，直到我們最終將蒙大拿州的再生能源貨幣化並實現 8 億美元的限制性債務目標。

And you're not putting a goalpost here to give us a sense of how big that can be Ex monetizing some MRL either through a loan or sale which I think he's pushed out right.

而你並沒有在這裡設定一個目標，讓我們了解這個目標有多大，例如，透過貸款或銷售將一些 MRL 貨幣化，我認為他已經推行了正確的政策。

No, I think it's the same buckets that we had talked about before. Certainly more than, sits ahead of us for the 2026 notes, as we look at our debt reduction strategy, our goal is not to, just inch by the '26 or anything like that. We're out looking at ways that we can, bring in additional cash to knock out the '26, start to dig into the '27.

不，我認為這和我們之前討論過的桶子是一樣的。當然，對於 2026 年的債券來說，我們面臨的挑戰遠不止於此，當我們審視我們的債務削減策略時，我們的目標並不是僅僅一步步實現 26 年的目標或類似的目標。我們正在尋找可行的方法，引入更多現金來淘汰 26 年，並開始深入研究 27 年。

And like I said, ultimately set us up for the Montana Renewable sale, and if, like we talked about a little earlier, if that ultimately can happen in 2026, then that would be great, but we'll, let the markets guide us on that.

就像我說的，最終為蒙大拿州可再生能源的出售做好了準備，如果像我們之前談到的，這最終能在 2026 年實現，那就太好了，但我們會讓市場來指導我們。

Got it. And I think David said he expected some working capital benefit in the second quarter. Maybe you could just try to understand how large that can be and this, and just in general, should we think about any way, how should we think about you potentially reducing '26s going forward is any guidance or will it be end of quarter decision?

知道了。我認為大衛說他預計第二季會有一些營運資金收益。也許您可以試著去了解這個數字有多大，總的來說，我們是否應該考慮以任何方式，我們應該如何考慮您未來可能減少 26 秒的產量，是否有任何指導，還是這將是季度末的決定？

Yeah, I think the, well, I don't know that it'll be an end of quarter decision. I think what David was saying was, there was a lot of movement. We saw commodities all over the place, during the quarter, we've got 3 million barrels of inventory in the system when you're seeing $10, $15 moves and crack spreads in crude, you could see that fluctuate $50 million $60 million throughout the quarter.

是的，我認為，嗯，我不知道這是否會是一個季度末的決定。我認為大衛所說的是，有很多動作。我們看到大宗商品遍布各地，在本季度，我們的系統中有 300 萬桶庫存，當你看到 10 美元、15 美元的波動和原油裂解價差時，你可以看到整個季度的波動金額為 5000 萬美元至 6000 萬美元。

So that was kind of the volatility range that he was talking about there, as well as we want to get some PTCs just sold, right? So now with the quarter under our belt there, we're moving that forward. And then just a little bit more economic certainty about where we're at. But those are kind of the three things we're watching.

這就是他所說的波動範圍，我們也想賣出一些 PTC，對嗎？因此，現在我們已經取得了本季的成果，我們正在向前邁進。然後，我們對自己的經濟狀況就更確定了。但這些正是我們正在關注的三件事。

Here in the near-term future and then we'll just go ahead and use the rest of the proceeds to make the next step down into the '26 calls. And after that, we're looking at cash flow generation from the business and, potential strategic activity is talked about earlier.

在不久的將來，我們將繼續使用剩餘的收益，邁出下一步，實現 26 通電話的目標。之後，我們開始關注業務產生的現金流，並且之前已經討論過潛在的策略活動。

Got it. And then just to follow up on the DOE Loan, I'm, you mentioned in the in the presentation about having to go back to, the loan office to qualify your changes in in the expansion.

知道了。然後只是為了跟進 DOE 貸款，我在演示中提到必須回到貸款辦公室來確認擴張中的變化。

Does that mean that you're not necessarily going to access that facility in the interim? Is there basically no spending going to take place? As a result and just help us think through like how that process works. And were you.

這是否意味著您在此期間不一定會使用該設施？基本上不會發生任何支出嗎？因此，這只是幫助我們思考過程如何運作。你也是嗎？

Were you at Bruce, and just one total let me just.

你在布魯斯嗎，總共只有一次讓我這樣。

Just one total thing, Bruce, have you actually accessed that fund that tranche at all at this point, I'm sorry to interrupt. I'll let you explain.

布魯斯，我只想問一件事，你現在是否真的動用那筆基金的那部分資金了？很抱歉打擾你了。我讓你解釋一下。

Yeah, I want to, I want to reset the premise of your question. We did not say we have to requalify anything. We said that stuff that was in the plan is going to be done sooner and cheaper.

是的，我想，我想重置你問題的前提。我們並沒有說我們必須重新認證任何東西。我們說過，計劃中的事情將會更快、更便宜地完成。

So you don't need to go back to day for that.

所以你不需要回到過去。

Well, we go to the DOE every time we want to draw. From the loan facility for the purpose of construction in the field. The only thing that's changed here is an enormously positive, development, which is less spending and more the sooner. This is hugely credited creative to the to the loan underwriter.

嗯，每次我們想要畫畫的時候，我們都會去 DOE。用於該領域建置的貸款融資。這裡唯一發生的變化是一個巨大的積極發展，即支出越來越少，收益越來越大。這對貸款承銷商的創造力有很大幫助。

Yeah, we, I completely understand how advantage it is to drop $200 million of CapEx. What I'm trying to understand is, do you have access to the fund today, and are there any constraints, so, and are you using it?

是的，我完全理解減少 2 億美元資本支出有多有利。我想了解的是，您今天可以使用該基金嗎？有什麼限制嗎？您正在使用它嗎？

So, it, again, it's a public document, the conditions precedents to proceed with the second phase of the loan, the tranche two, are differentiated. May require engineering advanced to a certain, a definitional level, etc. So, that's all underway. We're talking regularly to the engineering and technical people, both in the DOE and in their third-party advisor.

因此，再次強調，這是一份公開文件，進行第二階段貸款（第二部分）的先決條件有所不同。可能需要某種先進工程、定義等級等。所以，這一切都在進行中。我們定期與美國能源部及其第三方顧問的工程技術人員交談。

And, as Todd said, the spending that we envision here this interim accelerated step of $20 million or $30 million is back and loaded later this year. So we're not drawing it to give you a direct answer, nor did we ever intend to at this point in the process. So that'll be coming up in, six months from now.

而且，正如托德所說，我們設想的臨時加速支出（2000 萬美元或 3000 萬美元）將在今年稍後恢復。因此，我們繪製該圖並不是為了給您直接的答案，在這個過程的這個階段，我們也沒有打算這樣做。所以這將在六個月後實現。

That's great. And you don't see any issue accessing it. The reason why I asked is just from press reports that just to, and I appreciate that your fund is different. Your funding may be different in press reports that government's looking at not allowing people to get access to their loans. I think yours is fully approved. I don't think that applies to you. I'm just trying to confirm that's the case.

那太棒了。並且您不會發現訪問它有任何問題。我之所以問這個問題，只是因為從新聞報導來看，我很欣賞你們的基金與眾不同。您的資金狀況可能與新聞報導中政府考慮不允許人們獲得貸款的情況有所不同。我認為您的意見完全得到認可。我認為這不適用於你。我只是想確認情況確實如此。

Yeah, so Gregg, I may have sort of misinterpreted the thrust of your question. So if what you're saying is the government going to give us the money when we ask for it, the answer is yes, they are. Remember how we got here. We've been talking to the DOE for three years before they issued the first tranche two of those years were, high quality.

是的，格雷格，我可能有點誤解了你的問題的主旨。所以，如果你的意思是，當我們要求時，政府會給我們錢，那麼答案是肯定的。記住我們是如何到達這裡的。在他們發放第一批貸款之前，我們已經與能源部進行了三年的溝通，其中兩年的品質很高。

Technical diligence on a really complicated undertaking here that was in service, so this was not your father's Oldsmobile and just because of an accident of timing, we straddled an administration change. We fully supported, and we said so at the time, the pause that the incoming administration put on this to review and reconfirm, and it didn't take them very long, three weeks or four weeks if memory serves. And so this is actually a loan that was approved by the Trump administration.

對這裡正在使用的一項非常複雜的任務進行技術盡職調查，所以這不是你父親的奧茲莫比爾，只是因為時間上的偶然，我們跨越了管理層的變革。我們完全支持，而且我們當時也這麼說過，新政府暫停了此事以進行審查和重新確認，而且他們並沒有花很長時間，如果我沒記錯的話，大概三到四周。因此，這實際上是一筆由川普政府批准的貸款。

Great. And one last question for you as I finish this up. I know we'll get this with the queue. Can you just tell us what the inter-company pay, what the intercompany payables are, from MRL to Calumet and can you also just clarify the additional equity investment that you had to make, did that add to that amount or did, or did it not?

偉大的。在結束之前我還有最後一個問題想問您。我知道我們會按照隊列得到這個。您能否告訴我們從 MRL 到 Calumet 的內部公司間支付和內部公司間應付費用是多少？您能否澄清一下您必須進行的額外股權投資，這是否增加了該金額？

Yeah, so David's pulling up the numbers, as he does that, let me set a definition. So there is a junior term loan in place between Calumet and MRL. We put that in place back around the time of the Warper, investment, so three years, four years ago. That is an inter-company.

是的，所以大衛正在拉出這些數字，當他這樣做的時候，讓我設定一個定義。因此，Calumet 和 MRL 之間存在一筆次級定期貸款。我們在 Warper 投資期間就建立了這個機制，也就是三、四年前。那是一家公司間業務。

Payable because it is a term loan, and I think I'm going to set that aside and treat your question as what about the operational interface where we have a master services agreement, MSA, and there are some monthly payables that flow under that agreement. That amount came down sharply as part of the tranche one funding. The current balance if we have it here, I'm looking at David.

應付，因為這是一筆定期貸款，我想我將把這個問題放在一邊，並將您的問題視為有關操作界面的問題，我們有一個主服務協議 MSA，並且根據該協議有一些每月應付。作為第一批融資的一部分，該金額急劇下降。如果我們這裡有當前的餘額，我正在看大衛。

Yeah, I mean, the current balance came down, materially, during the quarter. I'm pulling up the actual number.

是的，我的意思是，本季的當前餘額大幅下降。我正在找出實際數字。

If you actually look at in slide 16 on the earnings presentation deck, we've actually added the intercompany line, to show how that totally impacts, the company's total recourse debt. And then we show the intercompany, and then we show the amount of debt, adjusted for the intercompany.

如果您實際看一下收益簡報的第 16 張投影片，我們實際上已經新增了公司間線路，以顯示這對公司的總追索債務有何影響。然後我們顯示公司間關係，然後我們顯示根據公司間關係調整後的債務金額。

So there was $375 million of intercompany and to Bruce's point, that's, a number of different things, but as a whole, Montana Renewables owes Calumet $375 million. That's down from $540 million at the end of the year.

因此，有 3.75 億美元的公司間債務，正如布魯斯所說，這涉及許多不同的事情，但總體而言，蒙大拿再生能源公司欠卡盧梅特 3.75 億美元。這一數字較去年年底的 5.4 億美元有所下降。

And then if I see that number now that looks like the 150 you put in added to that number.

然後，如果我現在看到這個數字，它看起來就像是你輸入的 150 加上這個數字。

That does, that number definitely includes the term loan, yeah, the junior term loan.

確實如此，這個數字肯定包括定期貸款，是的，次級定期貸款。

All right. Thanks, guys. I appreciate all the time.

好的。謝謝大家。我一直很感激。

Thanks, Gregg.

謝謝，格雷格。

This concludes the question-and-answer session. I will turn the conference back over to John Compa for any closing remarks.

問答環節到此結束。我將把會議交還給約翰康帕 (John Compa) 並請他作最後發言。

Thanks, Debbie, and thanks to everyone for joining our call today. Certainly, appreciate your interest in. Have a great day. Thank you.

謝謝，黛比，也謝謝大家今天參加我們的電話會議。當然，感謝您的關注。祝你有美好的一天。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。