Calumet Inc (CLMT) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Calumet Inc. Third Quarter 2025 Results Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to John Kompa, Investor Relations for Calumet. Please go ahead.

早安，歡迎參加 Calumet Inc. 2025 年第三季業績電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把會議交給 Calumet 的投資人關係負責人 John Kompa。請繼續。

Thanks, Chloe. Good morning, everyone. 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 of Specialties.

謝謝你，克洛伊。各位早安。感謝您今天參加我們的電話會議。今天和我一起參加電話會議的有：執行長 Todd Borgmann；執行副總裁兼財務長 David Lunin；執行副總裁兼蒙大拿州再生能源和企業發展負責人 Bruce Fleming；以及執行副總裁兼特種產品負責人 Scott Obermeier。

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

現在您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 (IR) 部分存取。此外，本次電話會議的網路直播回放將在幾個小時後在我們的網站上提供。

Turning to the presentation. On Slide 2, 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 Securities and Exchange Commission for a list of factors that may affect our results and cause them to differ from our expectations.

接下來進入示範環節。在第二張投影片上，您可以找到我們的警示聲明。我想提醒大家，在本次電話會議中，我們可能會發表一些前瞻性聲明。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業績並導致業績與預期不符的因素。

As we turn to Slide 3, I'll now pass the call to Todd.

接下來我們將進入投影片 3，現在我將把電話交給托德。

Thanks, John, and welcome to Calumet's Third Quarter 2025 Earnings Call. This past quarter was a strong one, both financially and strategically. Calumet generated $92.5 million of adjusted EBITDA with tax attributes, and strategically, we're hitting the key milestones laid out earlier this year. At Montana Renewables, we remain on schedule for our MaxSAF expansion in the first half of 2026, and our SAF marketing plan is pacing well ahead of schedule as the team has roughly 100 million gallons of post-expansion volumes placed through contracts, which are fully complete or in the final review step within our DOE process. Across Calumet, our cost and reliability initiatives are outperforming expectations. Our commercial organization continues to sell growing production into stable high-margin accounts.

謝謝約翰，歡迎參加 Calumet 2025 年第三季財報電話會議。上個季度無論從財務或策略角度來看，都表現強勁。Calumet 的調整後 EBITDA（含稅收屬性）為 9,250 萬美元，從策略角度來看，我們正在實現今年稍早制定的關鍵里程碑。蒙大拿再生能源公司 (Montana Renewables) 的 MaxSAF 擴建計劃仍按計劃於 2026 年上半年完成，我們的 SAF 行銷計劃也進展順利，團隊已通過合約確定了擴建後約 1 億加侖的產量，這些合約已全部完成或正在我們能源部流程的最後審查階段。在 Calumet 公司，我們的成本控制和可靠性提升措施均超乎預期。我們的商業機構持續向穩定的高利潤客戶銷售不斷成長的產品。

Let me dig deeper into these themes, starting with costs before turning it over to David for the financials. In the third quarter, Calumet removed another $24 million of operating costs from the system versus the same quarter last year. Quite frankly, operations improved rapidly throughout 2024, so much so that while we expected year-over-year progress to continue, we did expect a little tapering in the second half. Instead, the rate of savings accelerated this past quarter, which is a testament to the ops talent we have throughout the country and their willingness to take this initiative head on.

讓我更深入地探討這些主題，先從成本說起，然後再把財務部分交給大衛。第三季度，Calumet 系統營運成本較去年同期減少了 2,400 萬美元。坦白說，2024 年全年營運情況迅速改善，以至於雖然我們預計同比進步會持續，但我們確實預計下半年會略有放緩。相反，上個季度節省成本的速度加快了，這證明了我們在全國各地擁有優秀的營運人才，以及他們積極主動地採取這項措施的意願。

Year-to-date, operating costs are $60 million lower versus last year, and we've mapped out a couple more years worth of ops excellence opportunities to continue moving the ball forward from here. Deeply connected to costs and just as important is reliability, which has advanced as well. Year-to-date production is up nearly 600,000 barrels versus last year, much of which is in our specialties business. On a unit basis, the combination of cost and reliability initiatives have reduced operating costs by $3.37 a barrel throughout the system.

今年迄今為止，營運成本比去年減少了 6,000 萬美元，我們已經規劃了未來幾年的卓越營運機會，以繼續推動公司向前發展。成本與可靠性密切相關，而可靠性也同樣重要，並且已經取得了進展。今年迄今的產量比去年增加了近 60 萬桶，其中大部分來自我們的特種油業務。按單位計算，成本和可靠性方面的舉措相結合，使整個系統的營運成本每桶降低了 3.37 美元。

Specifically, to our Specialty Products & Solutions segment, the third quarter marked a record production quarter. Despite softness reported across much of the broader specialty chemicals world over the past year, our commercial team again sold over 20,000 barrels a day at margins well above $60 per barrel, while also rebuilding some inventory following the Freeport turnaround.

具體來說，就我們的特種產品及解決方案部門而言，第三季創下了生產紀錄。儘管過去一年來整個特種化學品行業普遍疲軟，但我們的商業團隊再次實現了每天超過 20,000 桶的銷量，利潤率遠高於每桶 60 美元，同時在 Freeport 工廠改造後也重建了一些庫存。

We also saw strong fuel performance on both the margin and volume front. This reinforces the core advantage of Calumet's integrated model. Specialties provide stable, strong and growing baseline earnings, while fuels deliver more variable upside. Today, that excess cash flow is being used to reduce debt. Over time, it will fund further specialties growth.

我們也看到燃油業務在利潤率和銷量方面都表現出色。這進一步鞏固了卡魯梅特一體化模式的核心優勢。特種產品提供穩定、強勁且不斷增長的基本收益，而燃料產品則帶來波動較大的收益。如今，這筆多餘的現金流正被用來償還債務。隨著時間的推移，它將為進一步的專業發展提供資金。

Last, in Specialties, I'd be remiss to not note continued growth in our Performance Brands segment. Year-to-date EBITDA is up versus last year despite divesting the Royal Purple Industrial business earlier in 2025. We've implemented our top-tier commercial excellence program across our brands and leveraged our deep specialties footprint, which is yielding tremendous results. Further, TRUFUEL is on track for another record EBITDA year even in a year that's been void of major Gulf Coast weather events as the brand continues to grow its position as a channel leader and is benefiting from capturing space to over 4,000 new Walmart stores.

最後，在特種產品方面，我必須提一下我們高性能品牌部門的持續成長。儘管在 2025 年初剝離了 Royal Purple Industrial 業務，但今年迄今的 EBITDA 仍比去年有所成長。我們已在旗下所有品牌中實施了一流的商業卓越計劃，並充分利用了我們在專業領域的深厚積累，這正在取得巨大的成果。此外，即使在今年墨西哥灣沿岸沒有重大天氣事件的情況下，TRUFUEL 仍有望再次創下 EBITDA 紀錄，因為該品牌繼續鞏固其作為通路領導者的地位，並受益於在 4000 多家新的沃爾瑪門市佔據空間。

Let's turn to Slide 4 and dig a little deeper into Montana Renewables. During the quarter, we saw more key regulatory signals towards the industry recovery. Specifically to MRL, we continue to fortify the advantage we have in all margin environments with great logistics costs and product mix. While the future is bright, the industry continued to see weakness in renewable diesel margins. In fact, during the third quarter, realized margins across the industry were actually a bit lower than even the normal index margin formula would suggest as the feedstock physical basis widened out, which means feedstocks were about $0.20 a gallon more expensive than the traditional CBOT marker would suggest across the industry. We've seen this revert back during October, and we're back to the more normal environment where CBOT index margin is the correct industry signal.

讓我們翻到第 4 張投影片，更深入了解蒙大拿州再生能源公司。本季我們看到了更多有利於產業復甦的關鍵監管訊號。具體到 MRL，我們將繼續鞏固我們在所有利潤率環境下的優勢，包括極具競爭力的物流成本和產品組合。儘管前景光明，但再生柴油利潤率依然疲軟。事實上，在第三季度，由於原料的實物基礎擴大，整個行業的實際利潤率實際上比正常的指數利潤率公式所顯示的還要低一些，這意味著整個行業的原料價格比傳統的 CBOT 市場價格所顯示的要高出約 0.20 美元/加侖。我們看到這種情況在 10 月有所好轉，現在又回到了更正常的市場環境，CBOT 指數保證金是衡量產業狀況的正確訊號。

On an industry level, biomass-based diesel production remains cut back at roughly 60% utilization. 2025 industry production volumes seem to be stabilizing just above 350 million gallons a month, which on an annualized basis is right about -- is right for the currently roughly 4.5 billion gallon implied RVO, which is made up of about 3.5 billion gallons of D4 RVO, plus roughly 1 billion gallons of shortfall in other RIN classes, which are ultimately covered by D4 RINs.

從產業層面來看，生質柴油的生產利用率仍然很低，約60%。 2025年的產業產量似乎穩定在每月略高於3.5億加侖，按年計算，這與目前約45億加侖的隱含再生燃料油（RVO）需求量基本吻合。其中，約35億加侖為D4 RVO，其餘約10億加侖為其他RIN類別的缺口，這些缺口最終由D4 RIN彌補。

Separately, the carryforward of 2024 RINs, which will expire shortly, creates temporary length in the D4 RIN market. Against this backdrop of low industry utilization, we continue to see shutdowns occurring in industry. We look forward to an environment where biomass-based diesel demand increases through a stronger RVO. Further, the regulators appear to be bullish on reallocation of the small refinery extensions, which would add to the RVO. These steps are expected to increase demand to the point where idle facilities would need to restart to meet the mandated demand.

另外，即將到期的 2024 年 RIN 的結轉，在 D4 RIN 市場中造成了暫時的供應短缺。在工業利用率低迷的背景下，我們不斷看到工業停工的情況發生。我們期待生質柴油需求隨著RVO（再生能源）的增強而增加。此外，監管機構似乎對小型煉油廠擴建工程的重新分配持樂觀態度，這將增加煉油廠擴建工程的規模。預計這些措施將增加需求，以至於閒置的設施需要重新啟動才能滿足強制性需求。

These restart decisions mean biodiesel producers need to be convinced they can confidently cover fixed costs. If not, the RIN will need to go higher or feedstock lower than. This is a stark contrast to the past two years, where we've seen massive shutdowns, but also many hanging on at the margin and barely covering variable costs with the expectation of an improved future environment. Of course, in the past, we routinely saw stable margins incentivizing the small biodiesel players to run in order to fill the D4 RIN gap, and we're optimistic that when we see the finalized RVO, margins will revert positively as they've done historically before the prior administration's 2023 RVO error.

這些重啟生產的決定意味著生物柴油生產商需要確信他們能夠有信心支付固定成本。否則，RIN 值需要提高，或是原料用量需要降低。這與過去兩年形成了鮮明對比，過去兩年我們看到了大規模的停工，但也有許多企業勉強維持運營，僅能勉強支付可變成本，並期望未來環境會有所改善。當然，過去我們經常看到穩定的利潤率激勵小型生物柴油企業努力填補 D4 RIN 的缺口，我們樂觀地認為，當最終確定 RVO 時，利潤率將像歷史上在前政府 2023 年 RVO 錯誤之前那樣出現正向回升。

Next, during the quarter, we completed our first $25 million PTC sale, proving this method of monetizing PTCs is viable as expected. We subsequently sold another $15 million in October and continue to see our credits trending towards a more normal tax credit environment after the 45Z credit was extended through the Big Beautiful Bill. Finally, momentum continues to build as we approach the launch of our MaxSAF expansion in the first half of next year.

接下來，在本季度，我們完成了第一筆 2500 萬美元的 PTC 銷售，證明了這種 PTC 貨幣化方法如預期般可行。隨後，我們在 10 月又售出了 1500 萬美元，隨著 45Z 稅收抵免通過《大而美法案》得到延長，我們的稅收抵免政策正朝著更加正常的稅收抵免環境發展。最後，隨著我們即將於明年上半年推出 MaxSAF 擴展計劃，發展動能持續增強。

During the third quarter, we completed a test run to confirm our ability to generate 120 million to 150 million annual gallons of SAF. To complete this test, we slowed down the plant for about a week, which cost us a couple of million dollars worth of volume, but the test was successful and confirmed our ability to meet the 120 million to 150 million gallon SAF target and supplied important data that's being used in the final detailed engineering and optimization of our project.

第三季度，我們完成了一次測試運行，以確認我們有能力每年生產 1.2 億至 1.5 億加侖的 SAF。為了完成這項測試，我們讓工廠減產了大約一周，這讓我們損失了價值數百萬美元的產量，但測試取得了成功，證實了我們有能力達到 1.2 億至 1.5 億加侖的 SAF 目標，並提供了重要的數據，這些數據正在用於我們項目的最終詳細工程設計和優化。

In addition to the technical work to derisk the SAF project, the team also is tracking well ahead of plan in placing the expanded volume. As I mentioned earlier, we have approximately 75% of our MaxSAF expansion either contracted or within the final DOE review process as we sit here today, and we're comfortably positioned to have all of the volume placed the next time we talk.

除了降低 SAF 專案風險的技術工作外，該團隊在部署擴大容量方面也遠遠領先於計劃。正如我之前提到的，目前我們 MaxSAF 擴建項目約有 75% 已經簽訂合約或正在接受美國能源部的最終審查，我們完全有能力在下次談話時完成所有擴建項目的部署。

Like we mentioned last quarter, our offtake is shaping up to be a diversified slate of direct physical customers, airlines, FBOs and Scope 3 customers of varying sizes, some of which are large multinationals who you might routinely envision when you think of carbon reduction initiatives and some of which are more boutique customers. In many ways, the SAF business highly resembles our Specialty Products business, where the ability to be flexible on logistics, go-to-market in varying ways to suit a wide range of customer needs and sell in all types of sizes make us preferred and differentiated supplier.

正如我們上個季度所提到的，我們的客戶群正在逐漸多元化，包括直接實體客戶、航空公司、FBO 和規模不一的範圍 3 客戶，其中一些是大型跨國公司，您在想到碳減排舉措時可能會經常想到它們，而另一些則是更小型的客戶。在許多方面，SAF 業務與我們的特種產品業務非常相似，我們在物流方面具有靈活性，能夠以不同的方式進入市場以滿足各種客戶需求，並銷售各種尺寸的產品，這使我們成為首選和差異化的供應商。

Unlike a large fuels business, this volume doesn't all just go in a pipe and disappear. It's a concerted sales effort where we work with one airport at a time, one airline at a time or one SAF credit buyer at a time. In the supply chain, we've managed individual railcars and trucks, carefully control quality and blend the product through a deep logistical network, that creates value in this business, and we at Calumet have been doing it for decades.

與大型燃料企業不同，這部分燃料並不會全部透過管線輸送而消失。這是一項協同銷售工作，我們一次只與一個機場、一家航空公司或一個SAF信用購買者合作。在供應鏈中，我們管理單一鐵路貨車和卡車，精心控製質量，並透過深厚的物流網絡混合產品，這為該行業創造了價值，而 Calumet 幾十年來一直這樣做。

In fact, you may have seen a press release last week where our physical truck rack opens for SAF sales in Montana. What this means is that we can sell physical barrels in truckload volumes and in some cases, to the same regional outlets we've been selling for years. We can deliver the full physical barrel and leave the credits with the customer or pull off the Scope 1 and Scope 3 credits, sell those and generate the same SAF premium and save a lot of money on logistics.

事實上，您可能在上週看到了一份新聞稿，其中提到我們在蒙大拿州開設了實體卡車貨架，用於銷售 SAF 產品。這意味著我們可以以卡車整車的數量出售實體桶裝產品，在某些情況下，還可以賣給我們多年來一直在銷售的同一區域銷售點。我們可以交付完整的實體槍管，並將信用額度留給客戶，或者提取範圍 1 和範圍 3 的信用額度，出售這些信用額度，從而產生相同的 SAF 溢價，並節省大量的物流費用。

Of course, we also continue to sell physical SAF barrels via rail into the West Coast, Midwest and Canada, and we expect it to continue as a large and important piece of our business. We could sell all of our volume to either of these markets. At the end of the day, we're optimizing across them to find the most diversified, stable and highest netback customer base for Montana Renewables. We continue to place the volume with the SAF premium in the $1 to $2 per gallon range we've discussed historically.

當然，我們也會繼續透過鐵路向美國西海岸、中西部和加拿大銷售實體 SAF 桶，我們預計這將繼續成為我們業務中一個龐大而重要的組成部分。我們可以把所有的產品都賣給這兩個市場中的任何一個。歸根結底，我們正在對所有這些因素進行最佳化，以找到蒙大拿再生能源公司最多元化、最穩定、淨收益最高的客戶群。我們繼續將 SAF 溢價的銷售定在我們過去討論過的每加侖 1 至 2 美元的範圍內。

This SAF premium is one that's received a lot of discussion over time. We've discussed the chart on this slide before, which suggests that global supply and demand is largely balanced in 2025, and that turns to a supply deficit in 2026 as that gap grows each year as European mandates and other global mandates step up. Interestingly, early on, we received questions around this outlook, which really fit into 3 general categories. One, was will Europe really increase their volume mandate. Two, will voluntary demand grow; and three, weren't we underestimating new supply.

這項SAF保費一直以來都備受關注。我們之前討論過這張投影片上的圖表，它顯示 2025 年全球供需基本平衡，但隨著歐洲指令和其他全球指令的加強，這一差距逐年擴大，到 2026 年將轉為供應短缺。有趣的是，我們很早就收到了一些關於這種觀點的提問，這些問題實際上可以歸納為 3 個大類。第一個問題是，歐洲是否真的會提高其銷售強制標準。第二，自願需求是否會成長；第三，我們是否低估了新增供應。

Let's start from the back. Our view when modeling the supply-demand balance was very conservative on voluntary demand, and therefore, the base model also doesn't add new build supply. We conservatively assume voluntary demand remained unchanged from 2024 throughout the graph. If that's the case, we would expect new supply to come online. In reality, what's occurred is a bit more bullish. We've seen cancellations or delays of global mega projects as a pause and observe international growth and domestic tariffs and rent policy.

我們從後往前說。當我們模擬供需平衡時，對自願需求持非常保守的態度，因此，基本模型也沒有增加新建供應。我們保守地假設，從 2024 年開始，圖表中自願需求保持不變。如果情況屬實，我們預期會有新的供應上線。實際上，目前的情況更加樂觀。我們看到，全球大型計畫被取消或延期，以此作為暫停和觀察國際成長以及國內關稅和租金政策的機會。

Also, we've seen voluntary demand growing nicely. I mentioned earlier that we've adjusted our strategy to take advantage of this as we see a real opportunity with truck and railcar quantities that SAF in the voluntary markets across a broad range of airports and FBOs, and we're selling quite a few Scope 3 credits to airlines and large multinationals on a voluntary basis. In fact, Montana Renewables SAF has set up on every major Scope 1 and Scope 3 registry that exists. We believe this readiness, the relationships and the progress on logistics all equate to a meaningful early mover advantage, and we look forward to capturing this immediately upon startup of our MaxSAF 150 project.

此外，我們看到自願性需求也在穩定成長。我之前提到過，我們已經調整了策略以利用這一點，因為我們看到了在各種機場和FBO的自願市場中，卡車和鐵路貨車數量的SAF存在真正的機會，我們正在自願地向航空公司和大型跨國公司出售相當多的範圍3信用額度。事實上，蒙大拿再生能源安全行動基金 (Montana Renewables SAF) 已在所有主要的範圍 1 和範圍 3 註冊機構中註冊。我們相信，這種準備、關係和物流的進展都意味著我們擁有重要的先發優勢，我們期待在 MaxSAF 150 計畫啟動後立即獲得這種優勢。

The last question I mentioned above is European demand. I think we've seen clear signs that volume mandates are, in fact, increasing in Europe. In fact, we've seen European SAF prices increase approximately 60% over the past six months, while feedstock prices have remained essentially flat. We've even seen meaningful fines defined for participants that don't need their quotas, which have been said to be up to $2,700 per ton or for us Imperial measurement tinkers, nearly $8 a gallon. Even then, the participant doesn't shed a requirement to purchase the SAF.

我上面提到的最後一個問題是歐洲的需求。我認為我們已經看到明顯的跡象表明，歐洲的產量限制實際上正在增​​加。事實上，在過去六個月裡，歐洲可持續航空燃料 (SAF) 的價格上漲了約 60%，而原料價格基本上保持不變。我們甚至看到，對於不需要配額的參與者，規定了相當可觀的罰款，據說每噸罰款高達 2700 美元，或者對於我們這些習慣使用英制單位的人來說，相當於每加侖近 8 美元。即使如此，參與者仍然需要購買SAF。

We believe these developments mean that the SAF premiums we're contracting will continue to be strong, and we look forward to relying on our roots as a customer-focused and service-oriented provider and parlaying that with our first-mover advantage into a rapidly expanding leadership position in sustainable aviation fuel.

我們相信這些進展意味著我們正在簽訂的可持續航空燃料保費將繼續保持強勁，我們期待依靠我們作為以客戶為中心、以服務為導向的供應商的根基，並利用我們的先發優勢，在可持續航空燃料領域迅速擴大領導地位。

With that, I'll turn the call over to David to take us deeper into the quarter. David?

接下來，我將把電話交給大衛，讓他帶我們更深入地了解本季的情況。大衛？

Thanks, Todd. Before I get into the quarter results, let me address an error in our reported Q1 and Q2 2025 cash flow statements, which we discussed in an 8-K filing this morning. In accounting for a series of transactions during the first quarter, we misclassified debt extinguishment costs and inventory financing flows as cash flow from operating activities rather than cash flow from financing activity. The correction of the error will result in an approximate $80 million increase to cash flows from operations for the first quarter. Total free cash flow, the income statement, balance sheet and adjusted EBITDA all remain unchanged, and we will restate Q1 and Q2 financials alongside our Q3 filing.

謝謝你，托德。在介紹季度業績之前，我想先說明一下我們報告的 2025 年第一季和第二季現金流量表中的一個錯誤，我們今天早上在 8-K 文件中討論過這個問題。在對第一季的一系列交易進行會計處理時，我們錯誤地將債務清償成本和存貨融資流量歸類為經營活動產生的現金流量，而不是籌資活動產生的現金流量。糾正這一錯誤將使第一季的營運活動現金流增加約 8,000 萬美元。自由現金流量總額、損益表、資產負債表和調整後 EBITDA 均保持不變，我們將與第三季財報一起重述第一季和第二季的財務數據。

With that, let's get into the quarter. We reported $92.5 million of adjusted EBITDA during the quarter, which was the strongest quarter in a number of years. We were able to reduce our restricted group debt by over $40 million despite the third quarter being our largest cash interest period of the year. Deleveraging continues to be a strategic priority, which we expect to continue in Q4 given the strong business performance. Further, during the quarter and after the ruling on the small refinery exemptions, we reduced our outstanding balance sheet RIN obligation by over $320 million.

那麼，讓我們進入本季吧。本季我們公佈的調整後 EBITDA 為 9,250 萬美元，這是多年來最強勁的季度。儘管第三季是我們一年中現金利息支出最大的時期，但我們仍然成功地將受限集團債務減少了 4,000 多萬美元。去槓桿化仍然是我們的策略重點，鑑於強勁的業務表現，我們預計第四季將繼續保持這一戰略重點。此外，在本季以及小型煉油廠豁免裁決之後，我們將未償付的資產負債表 RIN 義務減少了 3.2 億美元以上。

As Todd mentioned, we also sold our first $25 million of PTCs at MRL, demonstrating the ability to turn those into cash as the market has opened up and started to normalize following the passage of the One Big Beautiful Bill Act. We look forward to more ratable monetization of our tax credits over the coming periods.

正如 Todd 所提到的，我們還在 MRL 售出了首批 2500 萬美元的 PTC，這表明隨著市場開放和在《一項偉大的美麗法案》通過後開始正常化，我們有能力將這些 PTC 變現。我們期待在未來的期間內，我們的稅收抵免能夠有更多可分配的貨幣化收益。

Turning to Slide 5. Our Specialty Products & Solutions segment generated $80.2 million of adjusted EBITDA during the quarter. The third quarter of 2025 reflected the strong commercial momentum in our Specialty Products portfolio as well as the benefits of our overall improved reliability and cost discipline. This was the fourth consecutive quarter that our Specialty Products posted sales volume exceeding 20,000 barrels per day, and coupled with strong margins, we continue to demonstrate the resiliency of our specialty business.

翻到第5張投影片。本季度，我們的特種產品及解決方案部門實現了 8,020 萬美元的調整後 EBITDA。2025 年第三季反映了我們特種產品組合強勁的商業勢頭，以及我們整體可靠性和成本控制水準提高帶來的益處。這是我們的特種產品連續第四個季度日銷量超過 20,000 桶，加上強勁的利潤率，我們繼續展現了特種產品業務的韌性。

Despite broad industry chatter over the year that specialty markets have been a little soft, our sales team has demonstrated the continued ability to take advantage of our integrated asset base and diversified markets to continue to place our products at over $60 a barrel. Further, we posted third quarter production volume gains of 8% compared to the prior year. Our production has grown reliably over the past few years as we've improved our operating discipline. We look forward to continuing that trend through the remainder of the year and into next year.

儘管過去一年來業界普遍認為特種油市場略顯疲軟，但我們的銷售團隊已經證明，他們能夠繼續利用我們綜合的資產基礎和多元化的市場，將我們的產品價格維持在每桶 60 美元以上。此外，我們第三季的產量比去年同期成長了 8%。過去幾年，隨著我們營運管理水準的提高，我們的產量穩定成長。我們期待在今年餘下的時間以及明年繼續保持這一趨勢。

Our steady production environment also enabled the capture of stronger crack environment as fuel margins increased significantly year-over-year, which we view as upside in our integrated model as we continually optimize our crude slate and product yields to capture market opportunities. To begin this year, we gained access to a new crude oil supply chain, including the ability to target specific segregated or blended crudes in Cushing and further north in the DJ Basin, at the same time, reducing our pipeline tariff.

我們穩定的生產環境也使我們能夠掌握更強勁的裂解環境，因為燃料利潤率同比大幅增長，我們認為這是我們綜合模型中的上行空間，因為我們將不斷優化我們的原油組合和產品收率，以抓住市場機會。今年年初，我們獲得了新的原油供應鏈，包括能夠在庫欣和更北部的丹佛-朱爾斯堡盆地採購特定的分離原油或混合原油，同時降低了我們的管道運輸費用。

Year-to-date, this improvement has driven $15.3 million decrease in transportation costs and provides even further ability to dial in our assets and feed to a specific use. We remain focused on driving additional operational improvements in the segment and look to further reduce our cost per barrel in the segment. As we said during our second quarter earnings call, strong operations to not only increase volume and reduce costs, but also supports increased margin as well as it allows our commercial team to place more volume to secure contracted homes rather than relying on spot market sales.

今年迄今為止，這項改進已使運輸成本降低了 1530 萬美元，並使我們能夠進一步調整資產並滿足特定用途。我們將繼續專注於推動該業務板塊的進一步營運改進，並尋求進一步降低該業務板塊的每桶成本。正如我們在第二季財報電話會議上所說，強勁的營運不僅可以增加銷售量和降低成本，而且還能提高利潤率，並使我們的商業團隊能夠投入更多資金來確保已簽約房屋的交付，而不是依賴現貨市場銷售。

Moving to Slide 6 and our Performance Brands segment. We are pleased to post another strong quarter driven by our commercial excellence program and growing recognition of our brands. You'll remember that we sold the Royal Purple Industrial business earlier this year, and despite that EBITDA being fully reflected in the prior year financials and not this quarter, the segment was essentially flat year-over-year. We also continue to benefit from our integration strategy as we gear up to target markets that best unlock the intrinsic value that exists in our ability to vertically integrate where and when it makes sense to do so.

接下來請看第 6 張投影片，了解我們的「績效品牌」部分。我們很高興地宣布，在商業卓越計劃和品牌知名度不斷提高的推動下，我們又取得了強勁的季度業績。您可能還記得，我們​​今年早些時候出售了 Royal Purple Industrial 業務，儘管該業務的 EBITDA 已完全反映在上一年的財務報表中，而不是本季度，但該業務板塊的業績與上年基本持平。隨著我們不斷調整策略，瞄準那些能夠最大程度釋放我們垂直整合能力內在價值的目標市場，我們也將繼續受益於我們的整合策略，在適當的時間和地點進行垂直整合。

Last, as Todd mentioned earlier, the third quarter results reflected strong volumes and margins in our TRUFUEL brand. Not only is TRUFUEL growing on the shelves and with brand awareness, it's also benefiting from favorable procurement initiatives as the team has successfully leveraged its growing volume over the past couple of years.

最後，正如 Todd 之前提到的，第三季業績反映了我們 TRUFUEL 品牌的強勁銷售和利潤率。TRUFUEL 不僅在貨架上銷售成長，品牌知名度也隨之提高，而且由於團隊在過去幾年中成功地利用了不斷增長的銷量，它也受益於有利的採購計劃。

Moving to Slide 7. Our Montana/Renewables segment generated adjusted EBITDA with tax attributes of $17.1 million in the third quarter compared to $14.6 million in the prior year period. Montana Renewables specifically posted slightly negative EBITDA with tax attributes of $3.5 million for our 87% share. As I mentioned earlier, we successfully monetized $25 million of PTCs during the third quarter and continue to monetize PTCs at improving price levels as we continue to expect to trend towards roughly 95% capture on those sales.

切換到第7張投影片。我們的蒙大拿/再生能源業務部門第三季調整後 EBITDA（含稅收屬性）為 1,710 萬美元，而去年同期為 1,460 萬美元。Montana Renewables 的 EBITDA 具體為負值，稅收屬性為 350 萬美元（占我們 87% 的股份）。正如我之前提到的，我們在第三季度成功實現了 2500 萬美元的 PTC 貨幣化，並且隨著我們繼續預期這些銷售的捕獲率將達到大約 95%，我們將繼續以不斷提高的價格水平實現 PTC 貨幣化。

Earlier, you heard about the SAF test run that was important to derisking our project, and this run meant the units slowed down temporarily during the quarter, resulting in a couple of million dollars of lost margin alongside some wider-than-normal feedstock basis, which increased feed costs temporarily more than RIN offsets, and this has reset to more normal levels here recently.

之前，您聽說過 SAF 測試運行，這對降低我們專案的風險非常重要。這次運行意味著本季機組暫時減速，導致數百萬美元的利潤損失，同時原料基數也比正常情況要高，這使得原料成本暫時超過了 RIN 的抵消作用，但最近這種情況已經恢復到更正常的水平。

While we've gained a lot of regulatory clarity this year, the industry is now just waiting for the rules to be finalized. With that in hand, we believe the business is set up for a strong recovery in 2026 based on the preliminary RVO targets that were announced by the Trump EPA. Fortunately, the core building blocks of our renewables business, marquee customers, cost-advantaged assets, unmatched feedstock and end market proximity and an improving yield slate remain intact. Combined with our relentless focus on cost reduction, we remain well positioned for the rebound that we expect to inevitably occur once we see the EPA land, the proverbial plane on the RVO. In fact, our operating costs, excluding SG&A, reached $0.40 per gallon and was our eighth straight quarter of improvement, excluding a turnaround in the fourth quarter of 2024.

雖然今年我們在監管方面獲得了許多明確訊息，但業界現在只是在等待規則的最終確定。有了這些，我們相信，根據川普環保署宣布的初步 RVO 目標，該業務已做好準備，將在 2026 年實現強勁復甦。幸運的是，我們再生能源業務的核心組成部分——主要客戶、成本優勢資產、無與倫比的原料和終端市場優勢以及不斷提高的收益水平——仍然完好無損。結合我們對降低成本的不懈努力，我們仍然處於良好的狀態，迎接我們預期一旦環保署（EPA）像飛機降落在RVO上一樣必然發生的反彈。事實上，我們的營運成本（不包括銷售、一般及行政費用）達到每加侖 0.40 美元，這是我們連續第八個季度實現改善，不包括 2024 年第四季的調整。

In the interim, we continue to increase our outlets for SAF as demonstrated by our recent announcement of on-site blending and shipping capabilities. Initial distribution is through AEG's fuels network, and they are already proving to be a strong partner. On-site blending capabilities enables MaxSAF sales from the truck rack to local and regional service, further broadens the SAF market outside of major airports. This investment also allows us to strip credits and monetize SAF outside of direct offtakers.

在此期間，我們將繼續擴大可持續航空燃料 (SAF) 的銷售管道，正如我們最近宣布的現場混合和運輸能力所證明的那樣。初期分銷將透過 AEG 的燃料網絡進行，他們已經證明自己是一個強大的合作夥伴。現場混合能力使 MaxSAF 的銷售範圍從卡車貨架擴展到本地和區域服務，進一步擴大了 SAF 市場在主要機場以外的範圍。這項投資也使我們能夠剝離信用額度，並在直接承購商之外將SAF貨幣化。

On the Montana asphalt side, the third quarter is typically a good one. This quarter, in particular, we saw one of the strongest quarters in recent memory and a $14 million year-over-year gain. Our polymer modified asphalt business continues to be an advantage as well as the niche fuels distribution and with costs dramatically improved, we are pleased to see the impact on the bottom line this quarter.

在蒙大拿州的瀝青路面上，第三節通常是個好成績。特別是本季度，我們迎來了近年來最強勁的季度之一，年增 1400 萬美元。我們的聚合物改質瀝青業務以​​及利基燃料分銷業務仍然是一項優勢，而且成本大幅降低，我們很高興看到本季利潤因此受益。

Thank you for your time today. We remain focused on driving meaningful free cash flow generation as we conclude 2025 while steadily marching towards major value-creating opportunities that rest ahead for our shareholders.

感謝您今天抽出時間。在 2025 年結束之際，我們將繼續專注於推動產生有意義的自由現金流，同時穩步邁向未來為股東創造重大價值的機會。

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

這樣，我就把電話轉回給接線生，回答大家的任何問題。

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

現在開始問答環節。（操作說明）

Alexa Petrick, Goldman Sachs.

Alexa Petrick，高盛集團。

Hey, good morning, team, and thank you for taking our question. My first question is just on as we think about the MaxSAF expansion, and I think you've also talked about being on track to do 120 million to 150 million gallons of annualized SAF production in 2Q. What are the gating items? Just as we think about operations on the ground, what are some of the checklist items?

嘿，早安，各位同事，感謝你們回答我們的問題。我的第一個問題正好與我們正在考慮的 MaxSAF 擴張有關，我想你們也說過，第二季 SAF 年產量有望達到 1.2 億至 1.5 億加侖。有哪些限制條件？正如我們考慮地面行動一樣，有哪些檢查清單項目？

Alexa, this is Bruce. Very little, frankly. The unit as we stood it up back in 2022 was known to have some latent capacity. We've got a couple of tactical constraint removal things that we'll do during the scheduled turnaround, a few tens of millions of dollars. We're pretty excited about the leverage that implies on our cost of goods sold, including the capital charge. The reason we've ranged the output is we'll see about catalyst performance in the new configuration. Probably, we're being a little conservative there, but give us some room to grow into that maybe.

Alexa，我是藍調。坦白說，很少。該裝置在我們 2022 年建成時就被認為具有一定的潛在容量。我們將在計劃的周轉期間執行一些戰術性的限制消除措施，這將耗資數千萬美元。我們對由此帶來的銷售成本（包括資本費用）的槓桿效應感到非常興奮。我們之所以設定輸出範圍，是為了觀察催化劑在新配置下的性能。或許我們在這方面有點保守，但請給我們一些發展空間。

Okay, that sounds good. Then can you talk a little bit about some of these offtake agreements? I think there's also some commentary that you've been in some final conversations as well. Where do those stand?

好的，聽起來不錯。那麼，您能否談談其中的一些承購協議？我認為也有一些評論說你參與了一些最後的討論。這些立場如何？

Bruce again, thank you. The way that we've set this up is the same thing we did in 2022 pre-commissioning of the whole business. Last April, I asked our marketing team to go ahead and presell the increase in SAF that will be coming in spring. We're halfway through that 12-month program to get it placed, and we're well above halfway through signing people up. There's a mixture of executed and in-service contracts. There are a couple of material contracts that are effectively complete, but require the DOE to approve them, and so they're with the DOE.

布魯斯，再次感謝你。我們採用的設定方式與 2022 年整個業務啟動前的做法相同。去年四月，我要求我們的行銷團隊提前預售春季即將推出的SAF加值服務。我們已經完成了為期 12 個月的安置計畫的一半，而且我們的人員招募工作也已經完成了一半以上。其中既有已執行的合同，也有正在執行的合約。有幾份實質合約已經完成，但需要能源部批准，因此目前仍在能源部審批中。

Then we've got a pipeline of additional origination that we're pretty excited about. As I said a second ago, as we probably grow into maybe more capability than we've advertised, we've got the customer standing by to pick that up. The market shows every characteristic of being supply short. Again, I can't overemphasize how exciting this is.

此外，我們還有一系列新的項目正在籌備中，我們對此感到非常興奮。正如我剛才所說，隨著我們能力的提升，我們或許會擁有比我們宣傳的更大的實力，而我們的客戶也隨時準備好接受這種能力。市場呈現出供應短缺的所有特徵。我再怎麼強調這件事有多令人興奮都不為過。

Sounds great. Thank you guys. I'll turn it back.

聽起來不錯。謝謝大家。我會把它轉回去。

Amit Dayal, H.C. Wainwright.

阿米特·達亞爾，H.C. 溫賴特。

Thank you. Good morning, everyone. Congrats on the pretty solid results. For Montana Renewables, I know you touched on it, Todd, a little bit, but the gross margin issue, is it primarily just stemming from the current market conditions? Or is there anything in the sort of production ramp that you are playing with that may be causing near-term pressure?

謝謝。各位早安。恭喜取得如此不錯的成績。對於蒙大拿再生能源公司，我知道你剛才稍微提到了這一點，托德，但是毛利率問題，主要只是源於當前的市場狀況嗎？或者，你們正在嘗試的某種增產方案中是否存在某些因素可能導致短期壓力？

Amit, it's Todd. No, I think nothing outside of what I talked about in the prepared remarks earlier. I'd say there were a couple of things abnormal to the quarter, one to us and one to industry as a whole. The one to us was we talked about something the volume a little bit to run the test that Bruce was talking about, which should give us a lot of confidence around our ability going forward on MaxSAF. That cost a couple of million gallons. Obviously, that's back to full capacity.

阿米特，我是托德。不，我認為除了我之前在準備好的發言稿中提到的內容之外，沒有其他內容。我認為本季有兩件事不太正常，一件是對我們公司而言的，另一件是對整個產業而言的。我們談到了布魯斯所說的測試的音量問題，這應該能讓我們對未來在 MaxSAF 方面的能力充滿信心。那花了數百萬加侖的水。顯然，產能已經恢復到滿載運轉狀態。

Then the other one that was more, I'd say, just broader industry is typically, all feed just trade off of an index to CBO. There's always a little bit of lag, and there can be volatility from time-to-time that over time just balances out. What we saw during the quarter was a lot of the physical basis. Feedstock was, we said in the call earlier, about $0.20 a gallon more expensive than our normal index margin thinking would imply.

然後，另一個更廣泛地說，我認為是更廣泛的行業，通常所有飼料都只是根據 CBO 指數進行交易。總是會有些許滯後，而且偶爾會出現波動，但隨著時間的推移，這些波動最終都會趨於平衡。本季我們看到的主要是實體基礎設施建設。正如我們在先前的電話會議中所說，原料價格比我們通常的指數利潤率預期要高出約 0.20 美元/加侖。

Basically, $0.20 outside of CI parity. Now that's fixed. There'll be times when it's a little bit better than that, right? There's a little bit of volatility, of course, between the grains, and that's something that gives us an advantage to switch, quite frankly, over time. The industry did see that in the quarter. Again, you kind of add that to the downtime in volume, and that really speaks to probably the difference between this quarter and last quarter.

基本上，比 CI 平價高出 0.20 美元。現在問題解決了。總是會有情況比這好一些的時候，對吧？當然，不同穀物之間存在一些波動，坦白說，這讓我們在一段時間內能夠靈活調整，從而獲得優勢。該行業在本季度確實看到了這一點。同樣，再加上銷量下滑造成的損失，這可能真正解釋了本季與上季之間的差異。

Understood. Thank you for that. Just a follow-up sort of on that. What's the primary feedstock you're using for the MRL right now?

明白了。謝謝。算是那件事的後續補充。目前MRL的主要原料是什麼？

Hey, I'm Amit, this is Bruce. To be honest, there's not a primary feedstock. One of our key competitive advantages is short supply chains that can access any of the principal classes of feed. We are very, very dynamic as we reoptimize each month. We think that we're gaining competitive advantage versus some of our peers with longer supply chains and we shift gears very, very quickly. With that said, if you wanted to think broadly, you can think 1/3 vegetable oil, 1/3 corn oil and 1/3 tallow and protein oils.

嘿，我是阿米特，這是布魯斯。說實話，並沒有主要的原料。我們的主要競爭優勢之一是供應鏈短，可以獲得任何主要類別的飼料。我們非常靈活，每個月都會進行重新優化。我們認為，與一些供應鏈較長的同行相比，我們正在獲得競爭優勢，並且我們能夠非常迅速地調整策略。也就是說，如果你想從更廣泛的角度來看，你可以考慮 1/3 植物油、1/3 玉米油和 1/3 牛油和蛋白質油。

Okay, no, that's helpful, Bruce. Thank you. Just last one for me. When you sort of look at 2026, it looks like the operating side of the story is running pretty well. Are most of the risks and opportunities based on how the macro plays out for you guys?

好的，不，這很有幫助，布魯斯。謝謝。這是我最後一個了。展望 2026 年，營運方面似乎進展順利。對你們來說，大部分風險和機會是否都取決於宏觀經濟情勢的發展？

Yes. I think as a whole, as we step into 2026, we're quite excited for a number of reasons. One, -- and you mentioned it, operationally, we've made some real improvements and expect to not only keep those, but build on those improvements going forward.

是的。我認為，總體而言，當我們邁入 2026 年時，我們有很多理由感到非常興奮。第一，正如你所提到的，在營運方面，我們已經取得了一些真正的進步，我們不僅希望保持這些進步，而且希望在未來繼續在此基礎上取得進步。

Then, of course, as we look at the regulatory environment, the overhang that's been in Montana Renewables specifically and all of biofuels, quite frankly, is being removed. The RVO that's plagued us for '24, '25 is going to get finalized here soon and will -- as we've said kind of routinely, expect to lift up industry margins. That's a major deal, right? We've barely been floating above breakeven this year, which we're happy to do in an extremely depressed environment, but as the whole industry returns with better macro environment, we're really going to be able to take advantage of that.

當然，當我們審視監管環境時，就會發現蒙大拿州再生能源領域以及整個生物燃料領域一直存在的懸而未決的問題正在消除。困擾我們 2024 年和 2025 年的 RVO 即將最終確定，正如我們經常說的那樣，預計它將提高行業利潤率。那可是件大事，對吧？今年我們勉強維持在損益平衡點以上，在如此低迷的環境下，我們對此已經很滿意了。但隨著整個產業在宏觀環境改善的情況下復甦，我們將能夠真正從中受益。

Then, of course, third is outside of index margin, just the ability to add SAF is a major ability, right? It's major upside, and it's also major derisking because it'll be less susceptible to just general already index margins going forward because of the SAF premium.

當然，第三點不在指數邊際之內，光是增加SAF的能力就是一項重要的能力，對吧？這是一個巨大的利好，同時也是一個巨大的風險降低因素，因為由於 SAF 溢價，它未來將不太容易受到一般指數保證金的影響。

Yes, understood. Thank you, guys. That's all I have.

是的，明白了。謝謝大家。這就是我全部的財產了。

Jason Gabelman, TD Cowen.

Jason Gabelman，TD Cowen。

Yes, hey, morning. Thanks for taking my questions. I don't believe there was much talk about small refinery exemptions in your prepared remarks. Just wondering how that impacts, one, your financials directly? Two, your view on the RIN balances moving forward?

是的，早安。謝謝您回答我的問題。我認為在你的演講稿中，並沒有過多提及小型煉油廠豁免的問題。我想知道這會對你的財務狀況產生什麼直接影響？第二，您對RIN平衡的未來發展有何看法？

Hey. Jason, Bruce, Jason, Bruce, I think that's probably a two-parter, but redirect me if I'm off target. Our two small refineries, you could call them micro refineries by industry scale, have always qualified on the merits. We're confident we will continue to do so. Look, when you come to carry forward, we're all waiting for the EPA to process the public comments, which I'm sure they've received 17 terabytes of, but that's a policy question, and we'll all find out together. Am I responsive to your interest?

嘿。傑森，布魯斯，傑森，布魯斯，我覺得這可能是個兩部分的故事，但如果我理解錯了，請指正。我們的兩座小型煉油廠，按行業規模來說，可以稱之為微型煉油廠，一直以來都是憑藉自身實力獲得認證的。我們有信心繼續這樣做。你看，到了推進階段，我們都在等環保署處理公眾意見，我相信他們已經收到了 17 TB 的意見，但這畢竟是一個政策問題，我們最終會知道結果。我是否回應了您的興趣？

Yes. I guess I'm just wondering more directly, if there's any impact from the exemptions that were granted, if there was any financial impact to you, positive or negative?

是的。我想更直接地問的是，這些豁免是否對您產生了任何影響，無論是正面的還是負面的財務影響？

Well, David covered that as you're aware, the balance sheet has had an inventory accounting style accrual while all of our cases were pending now that they've been resolved generally favorably. We've extinguished 80-plus percent of that and figure, I believe David was $329 million.

如你所知，David 已經解釋過了，在我們所有案件待決期間，資產負債表一直採用存貨會計風格的應計制，現在這些案件都已得到普遍有利的解決。我們已經消除了其中 80% 以上的損失，我認為大衛的損失是 3.29 億美元。

Jason, so you'll see that we reduced our outstanding RIN obligation related to the granted small refinery exemptions. It was kind of roughly a $320 million reduction in that outstanding obligation as reported on the balance sheet.

Jason，你會看到我們減少了與已授予的小型煉油廠豁免相關的未償 RIN 義務。根據資產負債表顯示，未償債務減少了約 3.2 億美元。

Okay, got it. Thank you for that. Then on the comments around kind of feedstocks impacting 3Q MRL results. It sounds like that's been alleviated in the near term here. I'm wondering what do you think caused that feedstock tightness? If we get a ramp-up in renewable diesel capacity as a result of a more bullish 2026 RVO, is there a potential that feedstock prices can tighten again and impact your margins? Or do you see the 3Q impacts as very transitory in nature?

好的，明白了。謝謝。然後是關於影響第三季 MRL 結果的原料種類的評論。聽起來短期內這種情況已經有所緩解。我想知道你認為原料供應緊張的原因是什麼？如果由於 2026 年 RVO 更為樂觀而導致再生柴油產能增加，原料價格是否有可能再次收緊並影響您的利潤率？或者您認為第三季的影響本質上是非常短暫的？

Jason, it's Todd. I'll start off and see if Bruce wants to jump in. We think it's a transitory, but it happens, right? There's a general lag on the physical side that happens from time to time. We see the same thing in the crude oil markets when you get an overbuild or shortness just due to kind of a physical near-term [Glatter] shortage in like Cushing, for example.

傑森，我是托德。我先來，看看布魯斯要不要加入。我們認為這只是暫時的，但這種情況確實會發生，對吧？物理層面通常會出現一些延遲，這種情況時常發生。我們在原油市場也看到了同樣的情況，例如，由於庫欣等地的短期（格拉特）原油短缺，導致原油供應過剩或短缺。

I don't think that it's anything that we should think about changing any sort of long-term view. In fact, if you go back over time, there's never been a lasting difference to CBO outside of CI parity, and we wouldn't expect that to change. This is kind of just normal volatility. We've seen times where it's helpful this quarter, it was negative for the industry, but I don't see anything that would impact that going forward. In fact, we have so much more capacity and availability of feedstocks than even the currently forecasted RVO would suggest that it's hard to imagine a feedstock shortage. Even if there was, you should see that play out through kind of the base COP margin and not some sort of physical basis differential.

我認為我們不應該考慮改變任何長遠的看法。事實上，回顧過去，除了CI平價之外，CBO從未有過持久的差異，我們也不認為這種情況會改變。這屬於正常的市場波動。我們看到，本季它有時是有益的，有時對產業是負面的，但我認為未來不會有任何因素會影響這一點。事實上，我們擁有的原料產能和供應量遠遠超過目前預測的RVO所暗示的水平，因此很難想像會出現原料短缺的情況。即使存在這種情況，你也應該看到它透過基礎 COP 利潤率來體現，而不是透過某種實體基差來體現。

Okay, great. Thanks for the answers.

好的，太好了。謝謝大家的解答。

You bet.

當然。

(Operator Instructions)

（操作說明）

Greg Brody, Bank of America.

格雷格·布羅迪，美國銀行。

I don't normally do this, but congrats. A lot of great developments this quarter. In particular, probably removing the Gregg Brody slide is one of the big ones. Just operationally, you guys really demonstrated a lot of improvement, so congrats to everybody. Maybe you mentioned the deleveraging is still the priority. You're starting to generate cash. Can you talk a little bit about what you think is next to sort of help address the maturities? Just to give us a sense of how you're thinking about it today?

我通常不會這樣做，但我還是要恭喜你。本季有很多重大進展。尤其是移除 Gregg Brody 溜冰場可能是其中一項重大舉措。從營運層面來看，你們確實取得了很大的進步，恭喜大家。您或許提到過，去槓桿化仍然是首要任務。你開始賺錢了。您能否談談您認為接下來應該做些什麼來幫助解決這些問題？只是想讓我們了解一下你今天對此事的看法？

Yes, sure. I'll take it and see if David wants to jump in. I think mentioned last quarter, we expect cash flow from the business, particularly in the second half to be strong. That, along with the RPI sale earlier in the year is adequate to knock out the '26 notes. We kind of look past that. As you think about '27 maturity management after that and our ability to delever, it includes cash flows from organic operations. It includes potential strategic activity, like we said, as long as it's accretive to both the debt and equity and doesn't take away anything from our integrated story. That remains an option.

當然可以。我接手，看看大衛願不願意加入。正如上個季度所提到的，我們預計公司現金流，尤其是在下半年，將會非常強勁。再加上年初的 RPI 拋售，足以償還 2026 年到期的債券。我們對此視而不見。當你考慮 2027 年到期後的資產管理以及我​​們去槓桿化的能力時，它包括來自有機營運的現金流。正如我們所說，它包括潛在的策略活動，只要這些活動能夠增加債務和權益，並且不會損害我們的一體化策略。這仍然是一個可行的選擇。

Of course, ultimately, it's a partial monetization of Montana Renewables. Not a lot has changed there. We're just working the game plan here as we look forward to an ultimate -- taking that ultimate step on MRL. As we talked about a lot during the call, the next milestone in doing that is demonstrating the success of this MaxSAF expansion and seeing the RVO firmed up and I think with a couple of strong quarters on the heels of those events, we'll be in place to take that final step.

當然，歸根結底，這只是蒙大拿再生能源公司的部分獲利。那裡變化不大。我們正在製定比賽計劃，期待最終目標——在 MRL 上邁出最終的一步。正如我們在電話會議中多次談到的那樣，實現這一目標的下一個里程碑是證明 MaxSAF 擴展的成功，並看到 RVO 穩固下來。我認為，如果在此之後的幾季業績強勁，我們將做好邁出最後一步的準備。

You're refinancing some of the '27s. -- is that's part of the equation potentially?

你們正在為部分 2027 年款的車輛進行再融資。 ——這是否也是問題的一部分？

Yes. Look, I think refinancings are always and just managing the timing are always part of just the general menu. As we sit right here today, we don't have anything active or anything specifically in the plan. Bigger picture, we're looking to execute the longer-term deleveraging strategy, which is a reduction of an additional $600 million to $800 million of debt. We have plenty of opportunities to do that.

是的。你看，我認為再融資始終是常規操作的一部分，而把握時機也始終是常規操作的一部分。就目前而言，我們沒有任何正在進行的項目，也沒有任何具體的計劃。從更宏觀的角度來看，我們正在尋求執行更長期的去槓桿化策略，即進一步減少 6 億至 8 億美元的債務。我們有很多機會做到這一點。

If there was some sort of opportunity or reason to have refinancing as part of that, then we'd certainly be happy to do that in a step of optimization, but most importantly, we're focused on kind of the organic cash flows, potential strategic activity and monetization of Montana Renewables to permanently reduce that debt.

如果存在某種機會或理由將再融資作為其中的一部分，那麼我們當然樂於這樣做，作為優化步驟的一部分，但最重要的是，我們專注於蒙大拿可再生能源的有機現金流、潛在的戰略活動和貨幣化，以永久性地減少債務。

Great. And, one last one for you. You mentioned you've started to be able to monetize the PTCs. What's been the realizations on those in terms of the -- how much of a discount to the actual PTC EBITDA are they -- are you realizing?

偉大的。最後，還有一個問題想問你。你提到你已經開始能夠透過點擊付費廣告（PTC）賺錢了。就這些而言，你們的實際情況如何？ ——它們與實際的 PTC EBITDA 相比折價了多少？

Yes. You have to go back, the PTCs were kind of new at the beginning of this year and kind of weren't fully clarified until kind of the Big Beautiful Bill. Even today, some of the ultimate kind of final rules are even completed. I think we expect over time to kind of monetize kind of closer to 95%. I think the initial monetizations were probably closer to 90% and then we continue to close the gap as we monetize more and have more term sheets as we look further out. We've seen the market get a lot deeper and a lot more interest as they normalize earlier in the year was still new for people to digest.

是的。你得回顧一下，PTC 在今年年初還是個比較新的概念，直到《宏偉法案》出台後才得到充分闡明。即使在今天，一些最終的規則也已經制定完成。我認為隨著時間的推移，我們預計最終能實現接近 95% 的收益變現。我認為最初的獲利能力可能接近 90%，隨著我們獲利能力的增強和更多投資意向書的簽訂，以及我們著眼於更長遠的未來，我們將不斷縮小差距。我們看到市場變得更加深厚，也更加引人注目，因為年初的正常化對人們來說還是個新鮮事，需要時間消化。

IT seems like the activity picked up in monetization. Should we expect it pretty consistently now every quarter? Or are there some market dynamics we need to think about?

IT 似乎在商業化方面有所發展。我們是否可以預期這種情況以後每季都會比較穩定地出現？或者，我們是否需要考慮一些市場動態？

No. I think we expect to kind of monetize them more ratably. Todd mentioned in his remarks that we also monetized a portion in October. We're just kind of working through them.

不。我認為我們希望能夠更合理地實現它們的盈利。Todd 在演講中提到，我們也在 10 月將其中一部分資產變現了。我們正在逐步解決這些問題。

Okay, thanks for the time. And congrats again.

好的，謝謝你抽出時間。再次恭喜。

Thanks.

謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to John Kompa, Investor Relations for Calumet for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給 Calumet 的投資人關係負責人 John Kompa，請他作總結發言。

Thank you, Chloe. On behalf of Todd and the entire management team, I'd like to thank our shareholders for joining our call today and our continued support. Have a great rest of the day. Thanks.

謝謝你，克洛伊。我謹代表托德和整個管理團隊，感謝各位股東今天參加我們的電話會議，並感謝你們一直以來的支持。祝您今天餘下的時間過得愉快。謝謝。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。