CVR Energy Inc (CVI) 2025 Q2 法說會逐字稿

Greetings, and welcome to the CVR Energy second quarter 2025 earnings conference call.

您好，歡迎參加 CVR Energy 2025 年第二季財報電話會議。

(Operator Instructions)

（操作員指示）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Richard Roberts, Vice President, Financial Planning and Analysis and Investor Relations. Thank you, sir. You may begin.

提醒一下，本次會議正在錄製中。現在我很高興介紹您的主持人，財務規劃和分析以及投資者關係副總裁理查德·羅伯茨 (Richard Roberts)。謝謝您，先生。你可以開始了。

Thank you, Christine. Good afternoon, everyone. We very much appreciate you joining us this afternoon for our CVR Energy second quarter 2025 earnings call. With me today are Dave Lamp, our Chief Executive Officer; Dane Neumann, our Chief Financial Officer; and other members of management.

謝謝你，克里斯汀。大家下午好。非常感謝您今天下午參加我們的 CVR Energy 2025 年第二季財報電話會議。今天與我一起的有我們的執行長戴夫·蘭普 (Dave Lamp)、我們的財務長丹·諾伊曼 (Dane Neumann) 以及其他管理成員。

Prior to discussing our 2025 second quarter results, let me remind you that this conference call may contain forward-looking statements as that term is defined under Federal Securities Laws. For this purpose, any statements made during this call that are not statements of historical facts may be deemed to be forward-looking statements.

在討論我們 2025 年第二季的業績之前，請允許我提醒您，本次電話會議可能包含前瞻性陳述，該術語的定義見聯邦證券法。為此，本次電話會議中所做的任何非歷史事實陳述均可視為前瞻性陳述。

You are cautioned that these statements may be affected by important factors set forth in our filings with the Securities and Exchange Commission and in our latest earnings release. As a result, actual operations or results may differ materially from the results discussed in the forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.

請注意，這些聲明可能會受到我們向美國證券交易委員會提交的文件和最新收益報告中所述重要因素的影響。因此，實際營運或結果可能與前瞻性陳述中討論的結果有重大差異。我們不承擔公開更新任何前瞻性聲明的義務，無論其是由於新資訊、未來事件或其他原因，除非法律要求。

This call also includes various non-GAAP financial measures. The disclosures related to such non-GAAP measures, including reconciliation to the most directly comparable GAAP financial measures are included in our 2025 second quarter earnings release that we filed with the SEC and Form 10-Q for the period and will be discussed during the call. With that said, I'll turn the call over to Dave.

本次電話會議也包括各種非公認會計準則財務指標。與此類非 GAAP 指標相關的揭露（包括與最直接可比較的 GAAP 財務指標的調整）包含在我們向美國證券交易委員會提交的 2025 年第二季財報和該期間的 10-Q 表中，並將在電話會議期間進行討論。話雖如此，我會把電話轉給戴夫。

Thank you, Richard. Good afternoon, everyone, and thank you for joining our earnings call. Yesterday, we reported a second quarter consolidated net loss of $90 million and a loss per share of $1.14. EBITDA was a loss of $24 million. Although crack spreads increased in the quarter, our results were impacted by an unfavorable mark-to-market impact of our outstanding RIN obligation and reduced throughputs following the completion of the planned turnaround at Coffeyville.

謝謝你，理查。大家下午好，感謝大家參加我們的財報電話會議。昨天，我們公佈了第二季合併淨虧損9,000萬美元，每股虧損1.14美元。 EBITDA虧損2,400萬美元。儘管本季裂解價差有所擴大，但我們的業績受到了未償付 RIN 義務的不利市價影響以及科菲維爾計劃檢修完成後吞吐量下降的影響。

In our Petroleum segment, combined total throughput for the second quarter of 2025 was approximately 172,000 barrels per day with light product yield of 99% on crude oil processed. The planned turnaround at Coffeyville was completed in April, and we ran at a reduced crude rate for most of the quarter as we drew down intermediate inventories built during the turnaround.

在我們的石油部門，2025 年第二季的總吞吐量約為每天 172,000 桶，原油加工輕質產品產量為 99%。科菲維爾的計畫週轉已於 4 月完成，由於我們動用了周轉期間建立的中間庫存，因此在本季度的大部分時間裡，我們的原油產量都處於降低狀態。

We resumed full operating rates at Coffeyville in July, and we do not currently have any additional turnarounds planned for the Refining segment for the duration of 2025 and '26. We currently expect our next planned turnaround to be at Wynnewood in 2027.

我們在 7 月恢復了科菲維爾的全面營運率，目前我們還沒有為 2025 年和 2026 年期間的煉油部門制定任何額外的檢修計劃。我們目前預計下一次計劃中的轉變將於 2027 年在 Wynnewood 進行。

Group 3 2-1-1 benchmark cracks averaged $24.02 per barrel for the second quarter compared to $18.83 per barrel for the second quarter last year. Average RIN prices for the quarter -- second quarter of 2025 were approximately $1.11 on an RVO weighted basis, an increase of over 70% from the prior year period. On a per barrel basis, RINs were approximately $6.08 per barrel, more than 25% of the Group 3 2-1-1 crack spread for the quarter.

第二季度，第 3 組 2-1-1 基準裂解價差平均為每桶 24.02 美元，去年第二季為每桶 18.83 美元。2025 年第二季的平均 RIN 價格以 RVO 加權計算約為 1.11 美元，較去年同期成長 70% 以上。以每桶計算，RIN 約為每桶 6.08 美元，超過本季第 3 組 2-1-1 裂解價差的 25%。

Regarding the RFS, the Supreme Court ruled on the venue case in the second quarter, finding that venue for challenges of EPA's 2022 denial of certain small refinery exemptions lies exclusively in the D.C. circuit. This ruling should make a little difference in our case since the D.C. circuit like the Fifth Circuit before it also held that EPA's denials of small refinery exemptions were arbitrary, capricious, and contrary to law.

關於再生能源標準局 (RFS)，最高法院在第二季度對審判地案件作出了裁決，裁定對美國環保署 (EPA) 2022 年拒絕某些小型煉油廠豁免的裁決提出質疑的審判地完全在哥倫比亞特區巡迴法院。這項裁決應該會對我們的案件產生一些影響，因為哥倫比亞特區巡迴上訴法院和之前的第五巡迴上訴法院一樣，也裁定環保局拒絕小型煉油廠豁免的決定是武斷的、反复無常的，並且違反法律。

The comment period for the proposed 2026 and '27 renewable volume obligation ends in August, and EPA has indicated it intends to rule on the 2024 SRE applications before finalizing the RVOs.

擬議的 2026 年和 2027 年可再生能源數量義務的評論期將於 8 月結束，EPA 表示打算在最終確定 RVO 之前對 2024 年 SRE 申請作出裁決。

In the meantime, we have already filed our 2025 SRE petition, and this will be a true test to see if EPA can finally meet its 90-day statutory deadline to rule on SRE petitions. Given the EPA has indicated it intends to clear the backlog of outstanding SRE petitions, we are holding back for now on filing additional lawsuits against EPA, though we will be prepared to rapidly respond if appropriate.

同時，我們已經提交了 2025 年 SRE 請願書，這將是一次真正的考驗，看看 EPA 是否最終能夠在法定的 90 天期限內對 SRE 請願書作出裁決。鑑於 EPA 已表示打算清理積壓的未決 SRE 請願書，我們暫時不會對 EPA 提起其他訴訟，但我們將準備在適當的情況下迅速作出回應。

We remain hopeful under President Trump's leadership, EPA will see the critical role of small refineries like ours plays in supporting rural communities across America and exactly why Congress included a small refinery exemption in the renewable fuels legislation.

我們仍然充滿希望，在川普總統的領導下，美國環保署將看到像我們這樣的小型煉油廠在支持美國各地農村社區方面發揮的關鍵作用，這正是國會在可再生燃料立法中納入小型煉油廠豁免的原因。

For the second quarter of 2025, we processed approximately 14 million gallons of vegetable fuel oil in the Renewable Diesel Unit at Wynnewood, which was impacted by some unplanned downtime in May. Gross margin was approximately $0.38 per gallon for the second quarter of 2025 compared to $0.43 per gallon for the second quarter of 2024.

2025 年第二季度，我們在 Wynnewood 的可再生柴油裝置加工了約 1400 萬加侖的植物燃料油，該裝置受到 5 月份一些計劃外停機的影響。2025 年第二季的毛利率約為每加侖 0.38 美元，而 2024 年第二季的毛利率為每加侖 0.43 美元。

As we continue to wait for final regulations from the IRS, we did not recognize any PTC benefit in the quarter. As a reminder, we believe we would have the ability to retroactively claim credits once the regulations are finalized.

由於我們繼續等待美國國稅局的最終規定，我們本季沒有確認任何 PTC 福利。提醒一下，我們相信，一旦法規最終確定，我們將有能力追溯索取積分。

In the Fertilizer segment, we had some planned and unplanned downtime at both facilities during the quarter, which resulted in an ammonia utilization rate of 91%. Nitrogen fertilizer prices for the second quarter of 2025 were higher for both UAN and ammonia compared to the second quarter of 2024, and we saw a strong demand for both products through the spring planting system. Now let me turn the call over to Dane to discuss our financial highlights.

在化肥部門，本季我們的兩個工廠都出現了一些計劃內和計劃外的停機，導致氨的利用率為 91%。2025 年第二季度的氮肥價格（UAN 和氨）均高於 2024 年第二季度，我們看到春季種植系統對這兩種產品的需求強勁。現在，讓我將電話轉給 Dane，討論一下我們的財務亮點。

Thank you, Dave, and good afternoon, everyone. For the second quarter of 2025, our consolidated net loss was $90 million, losses per share were $1.14, and EBITDA was a loss of $24 million. Our second quarter results include a negative mark-to-market impact on our outstanding RFS obligation of $89 million, an unfavorable inventory valuation impact of $32 million and unrealized derivative losses of $2 million. Excluding the above-mentioned items, adjusted EBITDA for the quarter was $99 million and adjusted loss per share was $0.23.

謝謝你，戴夫，大家下午好。2025 年第二季度，我們的綜合淨虧損為 9,000 萬美元，每股虧損為 1.14 美元，EBITDA 虧損為 2,400 萬美元。我們第二季的業績包括對我們未償還 RFS 債務的 8,900 萬美元的負面市價影響、3,200 萬美元的不利庫存估值影響以及 200 萬美元的未實現衍生性商品損失。除上述項目外，本季調整後的 EBITDA 為 9,900 萬美元，調整後每股虧損為 0.23 美元。

Adjusted EBITDA in the Petroleum segment was $38 million for the second quarter with a slight increase from the prior year period, driven by the increase in Group 3 crack spreads, offset by increased RINs prices and lower throughput volumes.

石油部門第二季調整後 EBITDA 為 3,800 萬美元，較去年同期略有增加，主要得益於第 3 組裂解價差的增加，但被 RIN 價格上漲和吞吐量下降所抵消。

Our second quarter realized margin adjusted for RIN mark-to-market impacts, inventory valuation and unrealized derivative losses was $9.95 per barrel, representing a 41% capture rate on the Group 3 2-1-1 benchmark.

我們第二季根據 RIN 市價影響、庫存估值和未實現衍生性商品損失調整後的實現利潤為每桶 9.95 美元，相當於第 3 組 2-1-1 基準的 41% 捕獲率。

Our capture rate for the second quarter was negatively impacted by the timing of products sales as Coffeyville is still coming out of turnaround and running through expensive feedstocks in April when cracks were at their highest, and our sales volumes were mostly weighted towards June when cracks were at the lowest levels of the quarter.

我們第二季的捕獲率受到產品銷售時機的負面影響，因為科菲維爾仍在走出困境，並在 4 月份裂解價差達到最高水平時使用昂貴的原料，而且我們的銷售量主要集中在 6 月份，當時裂解價差處於本季度的最低水平。

Net rent expense for the quarter, excluding mark-to-market impact, was $62 million or $3.93 per barrel, which negatively impacted our capture rate for the quarter by an additional 20%. The estimated accrued RFS obligation on the balance sheet was $548 million at June 30, representing 508 million RINs mark-to-market at an average price of $1.08. As a reminder, our estimated outstanding rent obligation excludes the impact of any small refinery exemptions.

本季淨租金支出（不包括以市價計算的影響）為 6,200 萬美元或每桶 3.93 美元，這對我們本季的捕獲率產生了額外的 20% 的負面影響。截至6月30日，資產負債表上估計的應計RFS債務為5.48億美元，相當於5.08億個RIN，以市價計算，平均價格為1.08美元。提醒一下，我們估計的未償租金債務不包括任何小型煉油廠豁免的影響。

Direct operating expenses in the Petroleum segment were $6.45 per barrel for the second quarter compared to $6.94 per barrel in the second quarter of 2024. The decrease in direct operating expense per barrel was primarily due to lower repair and maintenance expenses.

石油部門第二季的直接營運費用為每桶 6.45 美元，而 2024 年第二季為每桶 6.94 美元。每桶直接營運費用的下降主要是由於維修和維護費用的降低。

Adjusted EBITDA in the Renewable segment was a loss of $4 million for the second quarter, a decline from the second quarter of 2024 adjusted EBITDA loss of $2 million. The decrease in adjusted EBITDA was driven by a combination of a decline in the HOBO spread due to higher sodium prices and lower diesel prices, along with the loss of the BTC and nothing both for the PTC while we wait final regulations from the IRS.

再生能源部門第二季調整後 EBITDA 虧損 400 萬美元，較 2024 年第二季調整後 EBITDA 虧損 200 萬美元下降。調整後 EBITDA 的下降是由於鈉價上漲和柴油價格下跌導致 HOBO 利差下降，以及在等待美國國稅局 (IRS) 的最終法規期間 BTC 的損失和 PTC 的零損失。

Adjusted EBITDA in the Fertilizer segment was $67 million for the second quarter with higher UAN and ammonia sales pricing and volumes driving the increase relative to the prior year period. The partnership declared a distribution of $3.89 per common unit for the second quarter of 2025. As CVR Energy owns approximately 37% of CVR Partners common units, we will receive a proportionate cash distribution of approximately $15 million.

化肥部門第二季調整後 EBITDA 為 6,700 萬美元，其中 UAN 和氨的銷售價格和銷售上漲推動了與去年同期相比的成長。該合夥企業宣布 2025 年第二季每股普通股分配 3.89 美元。由於 CVR Energy 擁有 CVR Partners 普通股約 37% 的股份，我們將獲得約 1,500 萬美元的比例現金分配。

Cash flow from operations for the second quarter of 2025 was $176 million and free cash flow was a use of $12 million. Significant uses of cash in the quarter included $189 million of capital and turnaround spending, a $70 million prepayment on the term loan, $26 million for cash interest, and $15 million paid for the non-controlling interest portion of the CVR Partners first quarter 2025 distribution. Working capital was a cash source, partially associated with crude oil and feedstock inventory draws following the Coffeyville turnaround.

2025 年第二季的經營現金流為 1.76 億美元，自由現金流使用量為 1,200 萬美元。本季現金的主要用途包括 1.89 億美元的資本和周轉支出、7,000 萬美元的定期貸款預付款、2,600 萬美元的現金利息以及 1,500 萬美元的 CVR Partners 2025 年第一季分配的非控股權益部分。營運資金是現金來源，部分與科菲維爾扭虧為盈後的原油和原料庫存消耗有關。

Total consolidated capital spending on an accrual basis was $36 million, which included $23 million in the Petroleum segment, $10 million the Fertilizer segment, and $2 million in the Renewable segment. Turnaround spending on an accrual basis in the second quarter was approximately $24 million. For the full year 2025, we estimate total consolidated capital spending to be approximately $165 million to $200 million and turnaround spending to be approximately $190 million.

以應計制計算的合併資本支出總額為 3,600 萬美元，其中包括石油部門 2,300 萬美元、化肥部門 1,000 萬美元和再生能源部門 200 萬美元。第二季以應計制計算的周轉支出約為 2,400 萬美元。對於 2025 年全年，我們預計總合併資本支出約為 1.65 億美元至 2 億美元，週轉支出約為 1.9 億美元。

Turning to the balance sheet. We ended the quarter with a consolidated cash balance of $596 million, which includes $114 million of cash in the Fertilizer segment. Total liquidity as of June 30, excluding CVR Partners, was approximately $759 million, which was comprised primarily of $482 million of cash and availability under the ABL facility of $277 million.

轉向資產負債表。截至本季末，我們的綜合現金餘額為 5.96 億美元，其中包括化肥部門的 1.14 億美元現金。截至 6 月 30 日，不包括 CVR Partners 在內的總流動資金約為 7.59 億美元，其中主要包括 4.82 億美元的現金和 2.77 億美元的 ABL 信貸額度下的可用資金。

During the quarter, we paid down $70 million on the term loan. And subsequent to quarter end, we repaid an additional $20 million, in total representing a 28% reduction and leaving the current principal balance at approximately $235 million.

本季度，我們償還了 7000 萬美元的定期貸款。在本季末之後，我們又償還了 2,000 萬美元，總計減少了 28%，目前的本金餘額約為 2.35 億美元。

Looking ahead to the third quarter of 2025, for our Petroleum segment, we estimate total throughputs to be approximately 200,000 to 215,000 barrels per day, direct operating expenses to range between $105 million and $115 million, and total capital spending to be between $25 million and $30 million.

展望 2025 年第三季度，對於我們的石油部門，我們估計總吞吐量約為每天 20 萬至 21.5 萬桶，直接營運費用在 1.05 億美元至 1.15 億美元之間，總資本支出在 2,500 萬美元至 3,000 萬美元之間。

For the Fertilizer segment, we estimate our ammonia utilization rate to be between 93% and 98% with some downtime planned at East for control system upgrades. We expect direct operating expenses, excluding inventory impacts, to be between $60 million and $65 million and total capital spending to be between $20 million and $25 million.

對於化肥部門，我們估計氨利用率在 93% 至 98% 之間，東部計劃進行一些停機以進行控制系統升級。我們預計直接營運費用（不包括庫存影響）將在 6,000 萬美元至 6,500 萬美元之間，總資本支出將在 2,000 萬美元至 2,500 萬美元之間。

For the Renewables segment, we estimate third quarter 2025 total throughput be approximately 16 million to 20 million gallons, direct operating expenses to range between $8 million and $10 million, and total capital spending to be between $1 million and $3 million. With that, Dave, I'll turn it back over to you.

對於再生能源部門，我們估計 2025 年第三季的總吞吐量約為 1,600 萬至 2,000 萬加侖，直接營運費用在 800 萬至 1,000 萬美元之間，總資本支出在 100 萬至 300 萬美元之間。戴夫，有了這個，我就把話題交還給你了。

Thanks, Dane. Refining market conditions continue to improve in the second quarter. The combination of the heavy spring maintenance season and the closure of one US refinery led to decline in refined products inventories, particularly diesel inventories, which are nearly 15% below 2021 to '24 averages. Refined product demand in the US remained steady with year-to-date gasoline and diesel demand both in line with 2021 to 2024 averages.

謝謝，丹恩。第二季煉油市場狀況持續改善。春季大規模維護季節和一家美國煉油廠的關閉導致成品油庫存下降，尤其是柴油庫存，比 2021 年至 2024 年的平均水平低近 15%。美國成品油需求維持穩定，年初至今的汽油和柴油需求均與 2021 年至 2024 年的平均值一致。

Within the Mid-Con where we operate, we're seeing similar trends with gasoline and diesel inventories at or below recent historical averages and demand remained steady. We are also seeing strong premium price -- premium gasoline pricing in the Group 3, which benefits our system as premium typically makes up 15% of our gasoline pool.

在我們營運的 Mid-Con 地區，我們看到了類似的趨勢，汽油和柴油庫存處於或低於近期歷史平均水平，需求保持穩定。我們也看到高價——第 3 組優質汽油定價，這對我們的系統有利，因為優質汽油通常占我們汽油池的 15%。

The alkylation project at Wynnewood should further increase our ability to make premium gasoline as well. This project is currently 40% complete and expected to come online in 2027. We are also in the process of revamping tankage and pipelines to allow us to produce jet fuel out of Coffeyville where we've already made some progress on the commercial front. With higher RIN prices and jet demand, the arm between -- versus diesel is open.

溫尼伍德的烷基化計畫也應該會進一步提高我們生產優質汽油的能力。該項目目前已完成40%，預計2027年上線。我們也正在改造油罐和管道，以便我們能夠在科菲維爾生產航空燃料，我們在商業方面已經取得了一些進展。隨著 RIN 價格和噴射機需求的上升，與柴油之間的差距已經擴大。

Overall, we are cautiously optimistic about near and medium-term outlook for the refining sector. As I mentioned, refined product inventories are relatively low and there are still several refineries in the US and Europe that are scheduled to shut down.

整體而言，我們對煉油業的近期和中期前景持謹慎樂觀的態度。正如我所提到的，成品油庫存相對較低，美國和歐洲仍有幾家煉油廠計劃關閉。

In addition, the forward curve for diesel remains backward dated, providing no incentive to increase inventories in the near term. Outside of the startup of new refineries in Mexico and Nigeria, there are a few new refineries under construction around the world that will be starting over the next few years. Meanwhile, refining demand -- refined product demand appears stable. Any pro-growth initiatives from the Big Beautiful Bill should be a positive for GDP growth and demand for transportation fuels in the United States.

此外，柴油的遠期曲線仍處於落後狀態，短期內沒有增加庫存的動力。除了墨西哥和奈及利亞新建的煉油廠外，全球還有幾座新的煉油廠正在興建中，並將在未來幾年內投入使用。同時，煉油需求－成品油需求似乎保持穩定。《大美麗法案》中的任何有利於成長的舉措都應該對美國的GDP成長和運輸燃料需求產生正面影響。

In the Renewables segment, we've been near breakeven on an adjusted EBITDA basis year-to-date, with the loss of the Blenders' Tax Credit and increase in soybean oil pricing mostly being offset by increased RIN prices. Assuming we booked PTC in line with proposed regulations, our year-to-date adjusted EBITDA in the Renewable segment would have increased approximately $6 million.

在再生能源領域，今年迄今為止，我們在調整後的 EBITDA 基礎上已接近盈虧平衡，而混合器稅收抵免的損失和大豆油價格的上漲大部分被 RIN 價格的上漲所抵消。假設我們按照擬議法規預訂 PTC，那麼我們再生能源部門年初至今的調整後 EBITDA 將增加約 600 萬美元。

We have ordered our next load of renewable diesel catalyst, and we currently plan to remain in renewable diesel production as we wait to see how credits line out with the PTC and other potential positive changes to come out of the Big Beautiful Bill. We'll also continue to weigh all our options for the future of our renewable business.

我們已經訂購了下一批再生柴油催化劑，目前我們計劃繼續生產再生柴油，同時等待觀察信貸如何與 PTC 以及《大美麗法案》帶來的其他潛在積極變化相匹配。我們也將繼續權衡再生能源業務未來的所有選擇。

As we have stated in our last few earnings call, we remain fully willing to participate in the renewable space, but we cannot invest in additional time or capital without further assurances from the government that the government will support the business it created.

正如我們在最近幾次財報電話會議上所說的那樣，我們仍然完全願意參與再生能源領域，但如果政府沒有進一步保證支持其創建的業務，我們就無法投入額外的時間或資金。

In the Fertilizer segment, the spring planting season went well and demand for nitrogen fertilizer is strong with corn acres planted increasing 4% over 2024 levels. Recent USDA estimates are calling for an inventory carryout levels for corn and soybeans at 10% or less for 2026, which are below the 10-year averages.

在化肥領域，春季種植季節進展順利，對氮肥的需求強勁，玉米種植面積比 2024 年增加了 4%。美國農業部最近的估計顯示，2026 年玉米和大豆的庫存結轉水準將為 10% 或更低，低於 10 年平均值。

Between robust demand in the spring and tight supply of nitrogen fertilizer in the US and globally, we are seeing continued support for pricing and the normal seasonal pricing declines for the summer fill and fall pre-play of UAN have been much narrower this year than past.

由於春季需求旺盛，加上美國及全球氮肥供應緊張，我們看到價格持續受到支撐，今年夏季填充和秋季 UAN 預播的正常季節性價格跌幅比以往要小得多。

Looking at the third quarter of 2025, quarter-to-date metrics are as follows. Group 2-1-1 cracks have averaged [$25.57] per barrel. Brent-TI spread at $2.28 per barrel. And the WCS differential at $10.73 per barrel under WTI. The HOBO spread has averaged a negative $1.75.

展望 2025 年第三季度，本季迄今的指標如下。第 2-1-1 組裂解價平均為每桶 [25.57 美元]。布蘭特原油和德州儀器價差為每桶 2.28 美元。WTI 下的 WCS 差價為每桶 10.73 美元。HOBO 利差平均為負 1.75 美元。

As of yesterday, Group 3 2-1-1 cracks were $25 per barrel. Brent-TI was $3.24 per barrel and WCS was $11.65 under WTI. The HOBO spread was a negative $1.85 per gallon and RINs were approximately [$690 per barrel. Prompt fertilizer prices are approximately $600 per ton for ammonia and $300 for UAN].

截至昨日，第 3 組 2-1-1 裂解價差為每桶 25 美元。布倫特-TI 價格為每桶 3.24 美元，WCS 價格為 WTI 價格的 11.65 美元。HOBO 差價為每加侖負 1.85 美元，RIN 約為[每桶 690 美元。目前化肥價格約為每噸 600 美元（氨）和 300 美元（UAN）。 ]

In conjunction with improving refinery fundamentals and the completion of payments of the Coffeyville turnaround in the second quarter, we were pleased to begin making progress on our deleveraging strategy by paying $90 million of the principal on the term loan between the second and third quarters.

隨著煉油廠基本面的改善和第二季度科菲維爾扭虧為盈項目的付款完成，我們很高興開始在去槓桿戰略上取得進展，在第二季度和第三季度之間支付了 9000 萬美元的定期貸款本金。

Returning our balance sheet to target leverage levels is key for us in the near term in addition to our constant focus on safe and reliable operations of our facilities. We will also continue to look for ways to improve capture, reduce costs, and ultimately grow our business profitably.

除了持續關注設施的安全可靠運作之外，將資產負債表恢復到目標槓桿水準對於我們短期內來說也是關鍵。我們也將繼續尋找方法來提高捕獲率、降低成本，並最終實現業務獲利成長。

Finally, as mentioned in our earnings release, I have announced my intention to retire as President and CEO at the end of the year. It's been a privilege to have spent the past 45 years in the boiling oil industry that I love. I truly enjoy working with the talented CVR team and look forward to continuing to serve as a member of its Board. Mark Pytosh has done great things for both our companies, and I look forward to watching him lead CVR Energy into the future. With that, operator, we're ready for questions.

最後，正如我們的收益報告中提到的那樣，我已宣布打算在今年年底退休，不再擔任總裁兼執行長。我很榮幸過去 45 年一直從事我熱愛的煮油行業。我非常享受與才華橫溢的 CVR 團隊合作，並期待繼續擔任其董事會成員。馬克·皮托什 (Mark Pytosh) 為我們兩家公司做出了巨大貢獻，我期待看到他帶領 CVR Energy 走向未來。接線員，好了，我們已經準備好回答問題了。

(Operator Instructions)

（操作員指示）

Paul Cheng, Scotiabank.

加拿大豐業銀行的 Paul Cheng。

Dave, first, I just want to congratulate on the -- and best of luck with your pending retirement. We really appreciate, over the years, your insight and very candid comments. We really appreciate that. I guess two questions. One, on cost.

戴夫，首先，我只想祝賀你——並祝你退休一切順利。多年來，我們非常感謝您提供的見解和坦誠的評論。我們對此深表感激。我想問兩個問題。一、關於成本。

I'm just curious, Dane, from a planning standpoint, is it really necessary that to have all this excess inventory and end up then you get into a situation where margin is very strong, but you can't run it yet at full because you have to work off in that inventory. I assume that they have some negative financial impact in the quarter. Can you quantify it? And also from a pending standpoint, is there any way to do, so that we can minimize that kind of impact in the future? That's the first question.

我只是好奇，丹恩，從規劃的角度來看，是否真的有必要擁有所有這些過剩庫存，最終導致你陷入利潤率很高的境地，但你還不能滿載運轉，因為你必須消化這些庫存。我認為它們會對本季的財務產生一些負面影響。你能量化它嗎？而且從未決的角度來看，有什麼方法可以讓我們在未來盡量減少這種影響？這是第一個問題。

Second question that I know it's a little bit early. Can you, maybe Dane, give us some idea that how 2026 CapEx and turnaround that it's going to look like, given that you don't have any major turnaround for next year?

第二個問題，我知道現在問得有點早。考慮到明年不會出現任何重大轉變，您能否（也許是 Dane）向我們介紹一下 2026 年的資本支出和轉變？

Paul, on your first question, is there a way to mitigate the inventory we built during the turnaround season? There is some we could do there, leave it stored in tankage for a period of time. But the problem with that is if you have another problem, you have nowhere to go.

保羅，關於你的第一個問題，有沒有辦法減少我們在周轉季節建立的庫存？我們可以做一些事情，將其存放在油罐中一段時間。但問題是，如果你遇到其他問題，你就無處可去。

So most of our strategy is to pull the inventory back towards target. So we have some degrees of freedom should some other incident occur like weather or something else that we can't control. How does that -- the second part of your question, on the first question, I can't remember now.

因此，我們的大部分策略是將庫存拉回目標水準。因此，如果發生其他事件（例如天氣或其他我們無法控制的事件），我們就有一定的自由。那怎麼辦——關於你問題的第二部分，關於第一個問題，我現在記不清了。

What's the financial impact in the quarter because of that?

這對本季的財務有何影響？

Dane, do you want to have that?

丹恩，你想要這個嗎？

Yeah. I'll kind of cover the capture overall, Paul. So obviously, 41% was a decline from the first quarter's performance. The draw definitely had an impact. As I mentioned, sales timing, while we were at lower throughputs and drawing that inventory, cracks were at their best of the quarter.

是的。我會全面介紹捕獲過程，保羅。顯然，41% 與第一季的表現相比有所下降。抽籤確實產生了影響。正如我所提到的，銷售時機，當我們的產量較低並提取庫存時，裂縫處於本季度的最佳狀態。

Rolling into June when we got back to full rate, cracks were depressed. In addition, that feedstock draw that we had was more heavily weighted towards gasoline, which relative to the crack was also obviously disadvantaged against diesel. Kind of pulling all of those together, our estimate is, call it, 7% to 9% on capture, it would have pushed us closer to 50%.

進入 6 月份，當我們恢復全產能時，裂縫已經被抑制。此外，我們的原料萃取主要集中在汽油，相較於裂解，汽油也明顯劣勢於柴油。將所有這些因素綜合起來，我們估計捕獲率將達到 7% 到 9%，這將使我們更接近 50%。

On the second question about the CapEx and turnaround for next year?

第二個問題是關於明年的資本支出和轉虧為盈？

Yeah. So Paul, for '26, obviously, we wait until later in the year to give guidance on capital. I don't think there's anything at this time that's going to say it's going to be an exceptional year from the past years. And in the prepared remarks, we did mention we don't have any planned turnarounds until potentially with the Wynnewood turnaround in '27. And depending on timing of when that turnaround would happen, there could be some pre-spending towards the end of the year. But if it happens later in the year, I wouldn't expect that either.

是的。所以保羅，對於 26 年，顯然我們會等到今年晚些時候才會給出資本指導。我認為目前還沒有任何跡象表明今年會是與過去幾年相比更加特殊的一年。在準備好的評論中，我們確實提到過，我們沒有任何計劃的扭轉局面，直到 2027 年 Wynnewood 可能出現扭轉局面。並且根據轉變發生的時間，年底可能會有一些預先支出。但如果它在今年晚些時候發生，我不會期待這一點。

Neil Mehta, Goldman Sachs.

高盛的尼爾·梅塔。

Dave, thanks for all the guidance over the years, and we're going to miss you very much. Well, maybe that's a good place to start, which is as Mark steps into the role, are there areas of strategic focus that you think CVR should really be focused on? And how do you think about this being a continuation of the existing strategy or whether there's some white space that you want the business to move towards?

戴夫，感謝您多年來的指導，我們會非常想念您的。好吧，也許這是一個很好的起點，當馬克走上這個職位時，您認為 CVR 真正應該關注的戰略重點領域是什麼？您認為這是現有策略的延續嗎？或者是否存在一些您希望業務發展的空白？

Well, I think, Neil, that you probably have heard me say this before, our biggest issue is we're in one single market with one single -- basically one single driver in terms of the crack. And I hope in the future, the bid-ask narrow somewhat on new assets that we can either acquire something that diversify us to some degree or even be acquired by someone to accomplish that same function.

嗯，尼爾，我想你可能以前聽我說過，我們最大的問題是我們處於一個單一的市場，只有一個——基本上只有一個破解的驅動因素。我希望在未來，新資產的買賣價差能夠縮小，這樣我們既可以收購一些能夠在一定程度上實現多元化的資產，也可以被其他公司收購，從而實現同樣的功能。

And that's nothing new in our repertoire. So what we end up doing from a fertilizer standpoint, so it's a little an interesting question. There's a lot of value there. And fertilizer appears to be very short and there's geopolitical things that are happening that could make that even worse. So I'm sure, Paul, that Mark has hands full trying to figure all that out going down the road.

這在我們的曲目中並不是什麼新鮮事。那麼從肥料的角度來看我們最終會做什麼呢？這是一個有趣的問題。那裡有很多價值。肥料似乎非常短缺，而且正在發生的地緣政治事件可能會使情況變得更糟。所以保羅，我確信馬克一定會全力以赴解決所有問題。

And David, as you think about, a little bit of a longer-term question, you've always had a very good perspective on the refining cycle. There's a rich debate out right now, whether we're in a new refining up cycle given limited capacity adds or we're still going to go through a tough period given crude differentials and demand uncertainty. What's your multiyear outlook for refining?

大衛，正如您所想的，這是一個比較長期的問題，您對煉油週期一直有著非常好的看法。目前存在著激烈的爭論，在產能增加有限的情況下，我們是否正處於一個新的煉油週期，或者在原油差異和需求不確定性的情況下，我們是否仍將經歷一段艱難時期。您對煉油業未來多年的前景如何？

Well, I think there's no new construction that I can find worldwide until 2030. Demand is still -- I wouldn't call it growing rapidly, but I'm hoping with the Big Beautiful Bill that demand will take off to some degree, just from GDP growth and just the demand for products. And I think there's no question, there's a lot of countries that would envy the kind of consumption that the US enjoys and the standard of living. So that constant pressure is there.

嗯，我認為直到 2030 年我都找不到全球範圍內的新建築。需求仍然——我不會稱之為快速成長，但我希望透過《美麗大法案》，需求將在一定程度上起飛，僅僅是來自 GDP 成長和對產品的需求。我認為毫無疑問，許多國家都會羨慕美國的消費水準和生活水準。因此存在持續的壓力。

And the alternatives are not particularly attractive, especially when you have crude in a $50 to $70 range. So I think it's very positive just from the standpoint that there's a reason that oil enjoys the market share it does is because there's nothing better out there. So from that standpoint, I think it's still a bright future, and we'll need this industry for many, many years.

而且其他選擇並不是特別有吸引力，尤其是當原油價格在 50 至 70 美元之間時。因此，我認為這是非常積極的，從這個角度來看，石油之所以享有如此大的市場份額，是因為沒有更好的選擇。所以從這個角度來看，我認為它的未來仍然是光明，而且我們在未來很多年都需要這個產業。

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

Dave, congrats on the retirement. We really appreciated all your insights over the years. My question here is it looks like you are more constructive on refining than sometimes you have been in the past. You also do not have any major plant turnaround approaching. And I guess you have lower leverage. But at what point do you and the Board sit together and think about rewarding shareholders with some kind of a dividend reinstatement, if you could talk about that?

戴夫，祝賀你退休。我們非常感謝您多年來的所有見解。我的問題是，看起來您在精煉方面比過去有時更有建設性。您也沒有任何重大的工廠週轉即將到來。我猜你的槓桿率較低。但是，您和董事會什麼時候會坐在一起考慮以某種方式恢復股息來獎勵股東呢？您可以談談這個問題嗎？

Sure, Manav. I think, first off, I'd just say we're well known in the industry to be a dividend machine. And we'd love to return to that as fast as possible. I think just -- I'm much more optimistic than I was just because I just believe the penetration of EVs is going to slow, and has to some degree already, and Americans will wake up and the rest of the world will wake up that the most versatile and flexible fuel in the world is gas and diesel. And that, I'm afraid, is very difficult to change, and then that makes me much more optimistic.

當然，馬納夫。我想，首先，我想說我們在業界以分紅機器而聞名。我們希望盡快恢復這一狀態。我認為——我比以前更加樂觀，因為我相信電動車的普及率將會放緩，而且在某種程度上已經放緩，美國人和世界其他國家將會意識到，世界上用途最廣泛、最靈活的燃料是汽油和柴油。恐怕這一點很難改變，但這讓我更樂觀。

Reality has come in on the energy transition, and it's going to be much, much different than what it was thought of three, four years ago. So on that basis, I think it's got a bright future. Second part of your question was -- I forgot now.

能源轉型已成現實，與三、四年前的想法相比將有很大不同。因此，從這個角度來看，我認為它有著光明的未來。你的問題的第二部分是──我現在忘記了。

No, I think you're hoping for a dividend at some stage that you mentioned that you have been known in the industry as a cash machine. So how should we think about a possible dividend reinstatement there?

不，我認為您希望在某個階段獲得股息，正如您所提到的，您在業內被稱為提款機。那麼，我們該如何看待可能恢復的股利呢？

Well, the Board looks at this all the time. So I think our strategy has -- and you saw us make here and just recently, a $90 million paydown. We're going to keep that trend going or something of it, most likely, although the Board looks at it all the time. But I think our goal is to get back to a dividend of some reasonable level that we can support long term. And when exactly that will happen, I can't say, but that's the goal.

嗯，董事會一直在關注這個問題。所以我認為我們的策略是——正如你們最近看到的，我們在這裡支付了 9000 萬美元。儘管董事會一直在關注此事，但我們很可能會繼續保持這種趨勢或類似趨勢。但我認為我們的目標是讓股息恢復到我們可以長期支持的合理水平。我無法預知何時會發生這種情況，但這就是我們的目標。

Perfect. My quick follow-up here is on the small refinery exemptions. In the past, whenever you have been denied, you have gone all the way to Supreme Court and proven your case. But look, there are a number of people who have applied for the small refinery exemptions, some people may not be having as compelling as case as you. So just trying to understand from your view, how do you think this plays out?

完美的。我在這裡快速跟進的是小型煉油廠豁免問題。過去，每當您的申請被拒絕時，您都會一路上訴到最高法院並證明您的案件。但是，看看吧，已經有許多人申請了小型煉油廠豁免，有些人的情況可能不像你那麼引人注目。所以只是想從您的角度來理解，您認為這會如何發展？

And if small refinery exemptions are actually given out, do you think there would be some kind of a reallocation from the top? Or would it be without reallocation? What are you hearing? And what are your thoughts on that?

如果小型煉油廠確實獲得豁免，您是否認為會進行某種形式的頂層重新分配？或者說不需要重新分配？你聽到了什麼？您對此有何看法？

Well, I think I've said many times that our Wynnewood refinery is a poster child for an SRE. And I think just the numbers are compelling if you look at them closely. And EPA has had these for years, and they could see it. Without a doubt, we're disproportionately economically harmed by this RFS rule. And it's much more of an issue when the RINs are high than it is when RINs are low.

嗯，我想我已經說過很多次了，我們的 Wynnewood 煉油廠是 SRE 的典型代表。我認為，如果你仔細觀察，這些數字就會令人信服。美國環保署 (EPA) 已經擁有這些多年了，他們可以看到這一點。毫無疑問，這項 RFS 規則給我們帶來了不成比例的經濟損失。當 RIN 較高時，問題會比 RIN 較低時嚴重得多。

And we just went through a cycle here and we're on an up cycle of RIN price with the BTC gone, the PTC sort of a question mark, and a huge RVO increase for '26 and '27. So I don't know that this program ever goes away, but Congress always intended to have a relief valve for small refiners that live in -- that operated in rural areas that support those communities. I mean the supply lines are long for a lot of these small refineries that are in rural areas that just don't have an alternative and the fuel price is going to go up.

我們剛剛經歷了一個週期，隨著 BTC 的消失，RIN 價格處於上升週期，PTC 成為一個問號，而 26 年和 27 年的 RVO 大幅增加。所以我不知道這個計劃是否會消失，但國會一直打算為居住在農村地區的小型煉油廠提供一個救濟閥，為這些社區提供支援。我的意思是，許多位於農村地區的小型煉油廠的供應線很長，它們沒有其他選擇，而且燃料價格將會上漲。

So Congress do this. And EPA has fought it every direction they could almost to absurdity. And the courts have ruled arbitrary, capricious, and counter to the law. But I always said this regulation was -- the law was written poorly. It was implemented ridiculously.

所以國會這樣做。美國環保署已盡其所能地反對這項政策，幾乎到了荒謬的地步。法院的裁決是武斷的、反覆無常的、違反法律的。但我一直說這項規定——法律寫得很糟。它的實施非常荒謬。

It's been managed politically. And it just doesn't -- it's untenable for people that are in the business to think that you're just going to deny all small refinery waivers across the United States without any consideration. It even gets to the point where you have the Department of Energy that does the scoring where they do the scoring so rigorously like it's politically influenced and not facing reality.

它是透過政治手段來管理的。但事實並非如此——業內人士認為，你會不加考慮地拒絕美國所有小型煉油廠的豁免，這是站不住腳的。甚至到了能源部進行評分的地步，他們的評分非常嚴格，就像受到政治影響而沒有面對現實。

So we'll be back in court if it doesn't go our way without a doubt. And I think we've had some indications from the EPA that including Zeldin that they're going to take a relook at this and make more sense out of it. And they're going to clear the backlog and get back on time, which means -- and we're going to test them already with -- we submitted our '25 application. And they've done nothing on it yet that we know of, but the 90 days aren't up yet. So we'll find out if they're really serious with that test.

所以，如果事情進展不順利，我們肯定會再回到法庭。我認為，我們從美國環保署（EPA）那裡得到了一些跡象，包括澤爾丁在內，他們將重新審視這個問題，並對其進行更合理的解讀。他們將清理積壓的工作並按時回來，這意味著——我們將對他們進行測試——我們提交了我們的 25 年申請。據我們所知，他們尚未採取任何行動，但 90 天期限尚未到期。所以我們會找出他們是否真的認真對待這項測試。

On the reallocation comment, I believe there's nothing in the law that states, you have to reallocate SREs. In fact, I'm positive there isn't. EPA has made that up, in my opinion. And they're doing that to please the other lobby that's against any kind of change to the RFS. And it's sort of a ridiculous position.

關於重新分配的評論，我認為法律中沒有任何內容規定您必須重新分配 SRE。事實上，我確信沒有。在我看來，EPA 已經編造了這一點。他們這樣做是為了取悅那些反對對 RFS 進行任何改變的其他遊說團體。這是一個有點荒謬的觀點。

But it's never been challenged in court that I know of. And it might get to that. If I was certainly a large refinery, which I am, I'm large and small, I would take the position that there's nothing in the law requires you to reallocate. So that's kind of currently where we stand.

但據我所知，它從未在法庭上受到質疑。並且它可能會達到這個目的。如果我當然是一家大型煉油廠，事實上我就是，我規模既大又小，我會認為法律中沒有任何內容要求你重新分配。這就是我們目前的狀況。

We have reached the end of the question-and-answer session. I'd now like to turn the floor back over to management for closing comments.

問答環節已結束。現在我想將發言權交還給管理階層，請他們發表最後評論。

Again, I'd like to thank you all for your interest in CVR Energy. Additionally, I'd like to thank our employees for their work and their commitment towards safe, reliable, and environmentally responsible operations. We look forward to reviewing our third quarter results in '25 in our next earnings call. Thank you all very much.

再次感謝大家對 CVR Energy 的關注。此外，我還要感謝我們的員工所做的工作以及他們對安全、可靠和對環境負責的營運的承諾。我們期待在下次財報電話會議上回顧 25 年第三季的業績。非常感謝大家。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與，祝您有美好的一天。