CVR Energy Inc (CVI) 2026 Q1 法說會逐字稿

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I'd like to welcome everyone to the first-quarter 2026 CVR Energy, Inc., earnings conference call. (Operator Instructions)

您好，感謝您耐心等候。我叫 Regina，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 CVR Energy, Inc. 2026 年第一季財報電話會議。(接線員指示)

I'd now like to turn the conference over to Richard Roberts, Vice President of FP&A and Investor Relations. Please go ahead.

現在我將把電話會議交給財務規劃與分析（FP&A）及投資人關係副總裁 Richard Roberts。請開始。

Good afternoon, everyone. We very much appreciate you joining us this afternoon for our CVR Energy first-quarter 2026 earnings call. With me today are Mark Pytosh, our Chief Executive Officer; Dane Neumann, our Chief Financial Officer; Mike Wright, our Chief Operating Officer; Travis Capps, our Chief Commercial Officer; and other members of management.

各位下午好。非常感謝各位今天下午參加我們 CVR Energy 2026 年第一季財報電話會議。今天與我一同出席的有：執行長 Mark Pytosh；財務長 Dane Neumann；營運長 Mike Wright；商務長 Travis Capps；以及其他管理團隊成員。

Prior to discussing our 2026 first-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 2026 年第一季業績之前，先提醒各位，本次電話會議可能包含依聯邦證券法所定義之「前瞻性陳述」。就此而言，本次通話中任何非歷史事實的陳述，均可能被視為前瞻性陳述。

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.

敬請注意，這些陳述可能受到我們向美國證券交易委員會（SEC）提交之文件以及最新財報新聞稿中所列重要因素的影響。因此，實際營運或結果可能與前瞻性陳述中討論的結果存在重大差異。除法律要求外，我們不承擔因新資訊、未來事件或其他原因而公開更新任何前瞻性陳述之義務。

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 2026 first-quarter earnings release that we filed with the SEC and Form 10-Q for the period and will be discussed during the call.

本次通話亦包含多項非 GAAP 財務衡量指標。與該等非 GAAP 指標相關之揭露（包括與最直接可比之 GAAP 財務衡量指標的調節），已載於我們向 SEC 提交的 2026 年第一季財報新聞稿及本期 Form 10-Q 中，並將於本次通話中討論。

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

話不多說，我把電話交給 Mark。

Thank you, Richard. Good afternoon, everyone, and thank you for joining our earnings call. In the first quarter, our operations performed well with crude utilization of 97% and ammonia plant utilization of 103%. Major geopolitical events drove volatility in energy and fertilizer markets, which have set up attractive market opportunities for the balance of 2026.

謝謝你，Richard。各位下午好，感謝各位參加我們的財報電話會議。第一季我們的營運表現良好，原油利用率為 97%，氨廠利用率為 103%。重大地緣政治事件帶動能源與肥料市場波動，為 2026 年剩餘期間創造了具吸引力的市場機會。

Given the disruptions in global supply chains with loss of production and lack of product movement for refined products and fertilizer, CVR Energy is well positioned to improve our margin capture for the balance of the year. We are pleased to announce the first-quarter 2026 dividend of $0.10 per share. And we believe our prospects should allow for a balanced debt reduction and capital returns to shareholders as we move forward.

鑑於全球供應鏈受干擾，出現產量流失以及成品油與肥料產品流通不暢，CVR Energy 已具備良好條件，在今年剩餘期間提升我們的利差捕捉。我們很高興宣布 2026 年第一季股利為每股 0.10 美元。我們也相信，隨著未來推進，我們的前景將使我們能在降低負債與回饋股東之間取得平衡。

Now let me turn the call over to Dane to discuss our financial highlights.

現在我把電話交給 Dane，請他說明我們的財務重點。

Thank you, Mark, and good afternoon, everyone. For the first quarter of 2026, our consolidated net loss was $160 million, losses per share were $1.91, and EBITDA was a loss of $52 million.

謝謝你，Mark，各位下午好。2026 年第一季，我們合併淨損為 1.60 億美元，每股虧損為 1.91 美元，EBITDA 為虧損 5,200 萬美元。

Our first-quarter results include unrealized derivative losses of $158 million, which primarily relates to NYMEX gasoline and diesel crack spread swaps entered into during the quarter against expected future production at a crack spread value of $447 million through 2027, which I will discuss further in our Petroleum segment results.

我們第一季業績包含 1.58 億美元的未實現衍生性商品損失，主要與本季針對預期未來產量所簽訂的 NYMEX 汽油與柴油裂解價差（crack spread）交換合約有關；該等合約以裂解價差價值計，至 2027 年累計為 4.47 億美元。我將在石油事業部門業績中進一步說明。

In addition, our results also include an unfavorable change in our RFS liability of $51 million and favorable inventory valuation impacts of $120 million. Excluding the above-mentioned items, adjusted EBITDA for the quarter was $37 million and adjusted losses per share were $1.24. Adjusted EBITDA in the Petroleum segment was a loss of $50 million for the first quarter compared to a loss of $30 million for the first quarter of 2025.

此外，我們的業績亦包含 RFS 負債不利變動 5,100 萬美元，以及有利的存貨評價影響 1.20 億美元。排除上述項目後，本季調整後 EBITDA 為 3,700 萬美元，調整後每股虧損為 1.24 美元。石油事業部門第一季調整後 EBITDA 為虧損 5,000 萬美元，較 2025 年第一季虧損 3,000 萬美元擴大。

Increased RIN expenses, higher operating costs, and realized derivative losses drove the majority of the decrease from the prior-year period. Combined total throughput for the first quarter of 2026 was approximately 214,000 barrels per day. Crude utilization for the quarter was approximately 97% of nameplate capacity, and light product yield was 93% on total throughput volumes.

RIN 成本上升、營運成本提高，以及已實現的衍生性商品損失，是較去年同期下滑的主要原因。2026 年第一季合計總處理量約為每日 214,000 桶。本季原油利用率約為名目產能的 97%，輕質產品收率占總處理量的 93%。

Benchmark cracks for the first quarter of 2026 increased from the prior-year period, with the Group 3 2-1-1 averaging $21.58 per barrel compared to $17.65 per barrel in the first quarter of 2025. Our first-quarter realized margins adjusted for unrealized derivative losses, the change in RFS liability, and inventory valuation was $4.72 per barrel, representing a 22% capture rate on the Group 3 2-1-1 benchmark.

2026 年第一季基準裂解價差較去年同期上升，其中 Group 3 2-1-1 平均為每桶 21.58 美元，對比 2025 年第一季每桶 17.65 美元。我們第一季已實現利潤（經調整未實現衍生性商品損失、RFS 負債變動與存貨評價後）為每桶 4.72 美元，相當於對 Group 3 2-1-1 基準的 22% 捕捉率。

RIN prices increased significantly from the first-quarter 2025 levels, more than doubling to almost $9.50 per barrel for the first quarter of 2026. Net RINs expense for the quarter, excluding the change in RFS liability, was $143 million or $7.37 per barrel, which negatively impacted our capture rate for the quarter by approximately 34%.

RIN 價格較 2025 年第一季水準大幅上升，翻倍以上，2026 年第一季接近每桶 9.50 美元。本季淨 RIN 費用（不含 RFS 負債變動）為 1.43 億美元或每桶 7.37 美元，約使本季捕捉率降低 34%。

EPA has repeatedly stated that the cost of RINs is ultimately passed through to consumers at the pump. The decision to establish the highest RVO in history through the recent Set 2 rule has driven RIN prices significantly higher, which has in turn raised the price of gasoline. This is in direct conflict with the administration's stated goal of lowering fuel costs for American consumers.

EPA 一再表示，RIN 成本最終會在加油站端轉嫁給消費者。近期 Set 2 規則決定設定史上最高的 RVO，推升 RIN 價格大幅走高，進而抬升汽油價格。這與政府所宣示降低美國消費者燃料成本的目標直接相牴觸。

RIN prices have increased more than 75% since the beginning of the year, in addition to the 18% increase in the RVO, currently adding $0.25 to $0.30 to every gallon of fuel purchased in America. If the administration is serious about lowering fuel prices, it should start with the RFS. The estimated accrued RFS obligation on the balance sheet was $204 million at March 31, representing 113 million RINs mark-to-market at an average price of $1.80.

自年初以來，RIN 價格已上漲逾 75%，再加上 RVO 上調 18%，目前使美國每加侖燃料的購買成本增加約 0.25 至 0.30 美元。若政府確實有意降低燃料價格，就應從 RFS 著手。截至 3 月 31 日，資產負債表上估計已提列的 RFS 應計義務為 2.04 億美元，代表 1.13 億個 RIN 以平均價格 1.80 美元按市價評估（mark-to-market）。

As EPA has not yet ruled on our pending 2025 petition, we will continue to recognize 100% of Wynnewood Refining Company's RIN obligation in our financials, which, for the first quarter of 2026, was approximately $52 million.

由於 EPA 尚未就我們尚在審理中的 2025 年請願案作出裁定，我們將持續在財務報表中認列 Wynnewood Refining Company 的 RIN 義務 100%；就 2026 年第一季而言，約為 5,200 萬美元。

Had Wynnewood Refining Company received the 100% SRE we believe it is entitled to, our consolidated capture rate for the quarter would have improved by approximately 12%. Once again, EPA has missed a deadline on ruling on Wynnewood Refining Company's 2025 SRE petition. Will the EPA ever meet a deadline?

若 Wynnewood Refining Company 獲得我們認為其應享有的 100% SRE，我們本季合併捕捉率將可提升約 12%。再次強調，EPA 又錯過了就 Wynnewood Refining Company 2025 年 SRE 請願案作出裁定的期限。EPA 何時才能遵守期限？

Our first-quarter 2026 results included derivative losses totaling $182 million. As previously discussed, $158 million of this loss was the unrealized mark-to-market change in all of our open crack spread swap positions as of March 31. And our physical positions intended to offset are expected to be sold as the swap contracts expire through 2027.

我們2026年第一季的業績包含總計1.82億美元的衍生性商品損失。如先前所討論，其中1.58億美元的損失為截至3月31日我們所有未平倉裂解價差交換（crack spread swap）部位的未實現按市價評價變動。而我們用以抵銷的實體部位，預期將隨著交換合約於2027年前到期而逐步出售。

Given this disconnect, we do not view the impact of the unrealized loss as a detriment to the current period and as we have done in the past, adjust the amount out for our adjusted EBITDA figures. As we progress through the year, if these positions remain negative, we would anticipate these derivative losses to be more than offset by any gains on physical production as we realize increased crack spreads on the remainder of our unhedged production.

鑑於此一不匹配，我們不認為未實現損失的影響會對本期造成不利影響，並如同過去做法，將該金額自調整後EBITDA中剔除。隨著年度推進，若這些部位仍為負值，我們預期這些衍生性商品損失將可被實體產量的任何收益所大幅抵銷，因為我們將在其餘未避險產量上實現較高的裂解價差。

As of March 31, our total open crack swap positions included 9.9 million barrels of diesel and 2.4 million barrels of gasoline. Of this total, approximately 2.9 million barrels of diesel swaps are in 2027 with the remainder in 2026. This represents roughly 15% of our expected gasoline and diesel production volumes for 2026 and 4% for 2027.

截至3月31日，我們未平倉的裂解交換部位合計包含990萬桶柴油與240萬桶汽油。在此總量中，約290萬桶柴油交換部位在2027年，其餘則在2026年。這約相當於我們2026年預期汽油與柴油產量的15%，以及2027年的4%。

Since the end of the quarter, NYMEX crack spreads have declined. And we have seen Group 3 strengthen relative to the onset of the war. We will continue to actively monitor these positions and plan to be opportunistic in managing our exposure going forward, which could include closing out these positions or adding other positions depending on market conditions.

自本季末以來，NYMEX裂解價差已下滑。我們也看到Group 3相較於戰爭爆發初期走強。我們將持續積極監控這些部位，並計畫在未來以把握時機的方式管理曝險；視市場狀況而定，可能包括平倉這些部位或新增其他部位。

Direct operating expenses in the Petroleum segment were $6.10 per barrel for the first quarter compared to $8.58 per barrel in the first quarter of 2025. The decrease in direct operating expenses per barrel was primarily due to increased throughput volumes as the Coffeyville refinery was undergoing a turnaround in the first quarter of 2025.

石油事業部門第一季的直接營運費用為每桶6.10美元，較2025年第一季每桶8.58美元為低。每桶直接營運費用下降主要是因為處理量增加；2025年第一季Coffeyville煉油廠正進行歲修（turnaround）。

Adjusted EBITDA on the Fertilizer segment was $78 million for the first quarter compared to $53 million for the prior-year period. Ammonia utilization rate was 103%, but both plants running well and experiencing minimal downtime during the quarter.

肥料事業部門第一季調整後EBITDA為7,800萬美元，較去年同期的5,300萬美元增加。氨的產能利用率為103%，兩座工廠運轉良好，且本季停機時間極少。

The Board of Directors of CVR Partners' general partner declared a distribution of $4 per common unit for the first quarter of 2026. As CVR Energy owns approximately 37% of CVR Partners common units, we will receive a proportionate cash distribution of approximately $16 million.

CVR Partners普通合夥人的董事會宣告2026年第一季每一普通單位配發4美元的分配。由於CVR Energy持有約37%的CVR Partners普通單位，我們將按比例收到約1,600萬美元的現金分配。

Cash flow from operations for the first quarter of 2026 was $64 million, and free cash flow was $21 million, of which approximately $63 million was generated by the Fertilizer segment. Significant uses of cash in the quarter included $47 million of capital spending, $40 million of cash interest, $15 million for the costs associated with the debt refinancing, and $3 million paid for the noncontrolling interest portion of the CVR Partners' fourth-quarter 2025 distribution.

2026年第一季營運活動現金流為6,400萬美元，自由現金流為2,100萬美元，其中約6,300萬美元由肥料事業部門所產生。本季主要現金用途包括：4,700萬美元資本支出、4,000萬美元現金利息、1,500萬美元與債務再融資相關的成本，以及支付300萬美元用於CVR Partners 2025年第四季分配中非控股權益部分。

Total consolidated capital spending on an accrual basis was $44 million, which included $29 million in the Petroleum segment and $14 million in the Fertilizer segment. For the full-year 2026, we estimate total consolidated capital spending to be approximately $200 million to $240 million.

以應計基礎計算的合併資本支出總額為4,400萬美元，其中石油事業部門2,900萬美元、肥料事業部門1,400萬美元。就2026年全年而言，我們估計合併資本支出總額約為2.00億至2.40億美元。

Turning to the balance sheet, we ended the quarter with a consolidated cash balance of $512 million, which includes $128 million of cash in the Fertilizer segment. Total liquidity as of March 31, excluding CVR Partners, was approximately $923 million, which was comprised primarily of $384 million of cash and availability under the ABL facility of $539 million. We remain committed to our deleveraging goal and plan to continue working towards a gross leverage target of $1 billion, excluding debt at CVR Partners.

談到資產負債表，我們在季末的合併現金餘額為5.12億美元，其中包含肥料事業部門的1.28億美元現金。截至3月31日（不含CVR Partners），總流動性約為9.23億美元，主要由3.84億美元現金及ABL融資額度下可動用額度5.39億美元所構成。我們仍致力於去槓桿化目標，並計畫持續朝向總槓桿目標10億美元邁進（不含CVR Partners的債務）。

Looking ahead to the second quarter of 2026 for our Petroleum segment, we estimate total throughput to be approximately 200,000 to 215,000 barrels per day, direct operating expenses to range between $110 million and $120 million, and total capital spending to be between $35 million and $40 million.

展望2026年第二季石油事業部門，我們估計總處理量約為每日20萬至21.5萬桶，直接營運費用約介於1.10億至1.20億美元，資本支出總額約介於3,500萬至4,000萬美元。

For the Fertilizer segment, we estimate our ammonia utilization rate to be between 95% and 100%; direct operating expenses, excluding inventory and turnaround impacts, to be between $57 million and $62 million; and total capital spending to be between $28 million and $32 million.

就肥料事業部門而言，我們估計氨的產能利用率介於95%至100%；直接營運費用（不含存貨與歲修影響）介於5,700萬至6,200萬美元；資本支出總額介於2,800萬至3,200萬美元。

With that, Mark, I will turn it back over to you.

接下來，Mark，我把時間交還給你。

Thank you, Dane. In summary, despite a slow start to the year in the Refining segment, market fundamentals have changed quickly over the past few months. And we believe the outlook is constructive for both of our businesses. Two areas of the economy that are among the most impacted by the ongoing conflicts in the Middle East are energy and fertilizers.

謝謝你，Dane。總結來說，儘管煉油事業部門今年開局較為緩慢，但過去幾個月市場基本面已迅速改變。我們認為兩項業務的前景皆偏向正面。在中東持續衝突中，受影響最顯著的兩個經濟領域之一是能源，另一個是肥料。

Starting with the Refining segment, global inventories of crude oil and refined products have tightened considerably over the past few months, with the effective closure of the Strait of Hormuz. While the extent of the damage to refining capacity is still unclear at this point, the larger impact to global refined product markets has been availability of crude oil supplies and the need to curtail refinery runs as a result.

先從煉油事業部門談起，隨著荷莫茲海峽實質上關閉，過去幾個月全球原油與成品油庫存已明顯趨緊。雖然目前煉油產能受損程度仍不明朗，但對全球成品油市場更大的影響在於原油供應的可得性，以及因此需要抑制煉廠開工率。

Fortunately, the US refining fleet has largely been unimpacted so far, although refined product inventories in the US have also been declining partly due to increased product exports. Gasoline and diesel inventories in the Midcontinent were elevated at the beginning of the year, driven by higher-than-average refinery utilization levels that weighed on crack spreads, particularly gasoline cracks.

所幸，美國煉油體系迄今大致未受影響，儘管美國成品油庫存也因產品出口增加而部分下滑。年初時，中部地區（Midcontinent）的汽油與柴油庫存偏高，主因是煉廠利用率高於平均水準，壓抑了裂解價差，尤其是汽油裂解價差。

This has changed significantly over the past month, with gasoline inventories declining by 17% and diesel inventories declining 20% compared to the beginning of the year. Demand trends have improved as well for both gasoline and distillate in the Midcon. On a days-of-supply basis, gasoline supply is sitting at the low end of the five-year range, while distillate supply is below the five-year average.

過去一個月情況已大幅改變，汽油庫存較年初下降17%，柴油庫存下降20%。中部地區的汽油與餾分油需求趨勢也有所改善。以供應天數衡量，汽油供應位於五年區間的低端，而餾分油供應低於五年平均。

This improvement in Midcon supply and demand fundamentals over the first quarter has tightened refined product basis in the Midcon relative to other regions of the country. Accessing higher-demand regions outside the Midcontinent also remains one of our key strategic initiatives as we work to improve margin capture in the Refining segment.

第一季中部地區供需基本面的改善，使得相較於全國其他地區，中部地區的成品油基差（basis）趨於收緊。在我們致力提升煉油事業部門的利潤掌握度之際，進入中部地區以外需求較高的區域，仍是我們的關鍵策略之一。

We have stepped up these efforts and recently began utilizing the rail loading facility at Wynnewood that was repurposed after the reversion of the renewable diesel unit. We remain optimistic that basis has room to improve further over the intermediate term, with the new product pipeline from Kansas to Denver scheduled to come online later this year. Other pipelines under development over the next few years, including the Western Gateway pipeline, should offer additional outlets from the Midcon and the Gulf Coast as well.

我們已加大這些努力，並於近期開始使用Wynnewood的鐵路裝載設施；該設施在再生柴油裝置回復原狀後已重新用途。我們仍樂觀認為，中期而言基差仍有進一步改善空間；預計今年稍晚，從堪薩斯通往丹佛的新產品管線將投入營運。未來幾年其他正在開發的管線（包括Western Gateway管線）也應能提供更多從中部地區與墨西哥灣沿岸外運的管道。

In the Fertilizer segment, the spring planting season is underway, and it's going well so far this year. The USDA is currently estimating approximately 95 million acres of corn will be planted in 2026. While this is a decline from the record levels of 2025, 95 million acres is well above the average level of corn planting over the last five years. Nitrogen Fertilizer inventory levels at the beginning of the year were tight across the industry after the large planting seasons in the US and Brazil in 2025 and the ongoing conflicts in Russia and Ukraine.

在肥料事業部門方面，春季播種季節正在進行中，截至目前今年進展良好。美國農業部（USDA）目前估計，2026 年玉米種植面積約為 9,500 萬英畝。雖然這較 2025 年的創紀錄水準有所下降，但 9,500 萬英畝仍明顯高於過去五年玉米種植的平均水準。在 2025 年美國與巴西種植季規模龐大，以及俄羅斯與烏克蘭衝突持續的背景下，年初全產業的氮肥庫存水位偏緊。

The recent events in the Middle East have caused fertilizer markets to tighten even further. Roughly 30% of nitrogen fertilizer production typically transits through the Strait of Hormuz. And multiple nitrogen fertilizer production facilities across the Middle East have been damaged or curtailed production over the past few months due to limited natural gas supplies.

近期中東事件使肥料市場進一步趨緊。通常約有 30% 的氮肥產量會經由荷姆茲海峽運輸。此外，過去幾個月中東多座氮肥生產設施因天然氣供應受限而受損或縮減產量。

While it remains unclear how long these issues in the Middle East will persist, we will continue to focus on safely and reliably running our plants at high utilization levels to meet the needs of our customers during the challenging time in our industry.

雖然目前仍不清楚中東的這些問題將持續多久，但在本產業面臨挑戰的期間，我們將持續專注於以安全且可靠的方式，讓工廠維持高稼動率運轉，以滿足客戶需求。

Looking at quarter-to-date pricing metrics for the second quarter of 2026, Group 2-1-1 cracks have averaged $38.36 per barrel, with the Brent WTI spread of $3.81 per barrel and the WCS differential at $15.46 per barrel under WTI. Prompt fertilizer prices are $950 per ton for ammonia and $525 per ton for UAN.

就 2026 年第二季截至目前的定價指標來看，Group 2-1-1 裂解價差平均為每桶 38.36 美元，布蘭特（Brent）與 WTI 的價差為每桶 3.81 美元，WCS 相對 WTI 的貼水為每桶 15.46 美元。即期肥料價格方面，氨為每噸 950 美元，UAN 為每噸 525 美元。

In closing, I would like to thank our employees for their excellent execution, safely achieving 97% crude utilization and 103% ammonia utilization for the first quarter. Strong operating performance, along with the improvements in crack spreads and the progress we have made so far in reducing debt, have enabled us to announce a dividend of $0.10 per share for the first quarter of 2026.

最後，我要感謝我們的員工出色的執行力，在第一季安全達成 97% 的原油稼動率與 103% 的氨稼動率。強勁的營運表現，加上裂解價差改善，以及我們迄今在降低負債方面取得的進展，使我們得以宣布 2026 年第一季每股 0.10 美元的股利。

We intend to continue our deleveraging strategy as we look to return to $1 billion of gross debt on the balance sheet. In addition, we will continue to work to improve margin capture in our base business while we seek opportunities to add scale and geographic diversity to our portfolio.

我們打算持續推動去槓桿策略，目標是讓資產負債表上的總負債回到 10 億美元。此外，在尋求為投資組合增加規模與地理多元化機會的同時，我們也將持續努力提升核心業務的利潤掌握度。

With that, operator, we are ready to take questions.

接下來，接線員，我們準備開始提問。

(Operator Instructions) Matthew Blair, TPH.

（接線員指示）Matthew Blair，TPH。

Great. Thank you, and good afternoon. Hoping you could talk a little bit about your increase in exposure to WCS at Hardisty. I think your disclosures show roughly 8% yield -- or sorry, crude slate exposure to WCS in Q1 versus basically zero in Q4. Why are you making that change? And what advantages does that offer to CVR here?

很好。謝謝，下午好。想請你談談你們在 Hardisty 對 WCS 的曝險增加。我記得你們的揭露顯示，第一季 WCS 的產出占比——抱歉，是原油組合對 WCS 的曝險——約為 8%，而第四季基本上是零。你們為什麼要做這個調整？這對 CVR 有哪些優勢？

Matthew, it's Mark. Good afternoon. When the actions were taken in Venezuela in early January, we saw almost an immediate change in the values for Western Canadian and that the differential backed up by about $3 a barrel.

Matthew，我是 Mark。下午好。1 月初委內瑞拉採取行動後，我們幾乎立刻看到西加拿大原油的價值出現變化，價差擴大了大約每桶 3 美元。

And when we looked at it, ran our models, we saw that has more value than our other alternatives. And so we've been running a lot more in Western Canadian, around 18,000 barrels a day. And so we'll continue to do that if the differentials hold in there. They've been good so far, and we're almost four months into it. So good value in that crude.

我們檢視並跑了模型後，發現它比其他替代方案更有價值。因此我們提高了西加拿大原油的加工量，大約每天 18,000 桶。只要價差維持在這個水準，我們就會繼續這麼做。到目前為止表現不錯，我們已經做了將近四個月。這種原油確實很有價值。

Sounds good. And then can I just confirm a few things on your derivative exposure? So for the first quarter, was the realized impact that rolled through your numbers approximately a headwind of about $37 million or about $2 a barrel?

了解。另外我想確認幾點關於你們衍生性商品曝險的事項。第一季計入你們數字的已實現影響，是否大約是不利因素 3,700 萬美元，或約每桶 2 美元？

I'm getting that based on your total impact of $195 million less the $158 million unrealized. And then secondly, for the second quarter, if there was a mark-to-market today, do you have an approximate impact that these derivatives would have in Q2? Thank you.

我是用你們總影響 1.95 億美元減去 1.58 億美元未實現損益來推算的。第二，若以今天做市價評估（mark-to-market），你們能否提供這些衍生性商品在第二季大約會造成的影響？謝謝。

Yeah, Matt. This is Dane. Good afternoon. Just to summarize on the first quarter, yeah, so we did -- as you saw in our 10-K, we did have some crack swap positions on. The realized loss on those was about $25 million really due to positions that were put on lower losses, Jan, Feb. And then with March, they got exacerbated. The remainder of that is -- the losses associated with really inventory hedging as the prices ran up on crude, particularly in the month of March.

好的，Matt。我是 Dane。下午好。先總結第一季：是的，如你在我們的 10-K 看到的，我們確實有一些裂解價差交換（crack swap）部位。這些部位的已實現損失約為 2,500 萬美元，主要是因為部位是在較低損失水準時建立的，1、2 月還好，但到了 3 月損失被放大。其餘部分則是與庫存避險相關的損失，因為原油價格上漲，特別是在 3 月。

As it relates to the second quarter, we won't give any specifics. But we did give out kind of the notional amount of our hedges and also the -- effectively, the $447 million representing the amount of volume at a strike price. You can kind of calculate an average from that. I'll remind you that we did put out those positions early at the offset of the conflict. And the market was pretty heavily backwardated at that time. So I wouldn't assume that average applies over the entire strip.

至於第二季，我們不會提供任何具體數字。但我們已提供避險的名目金額，以及——實際上——4.47 億美元，代表以某一履約價（strike price）對應的交易量金額。你可以由此大致計算出一個平均值。我也提醒你，我們是在衝突爆發初期就建立了那些部位。當時市場呈現相當明顯的逆價差（backwardation）。因此不要假設那個平均值適用於整段期限結構（strip）。

Great. Thank you.

很好。謝謝。

Manav Gupta, UBS.

Manav Gupta，瑞銀（UBS）。

Hi, good morning. I just want to understand if you could talk a little bit about the macro as in Midcon as to what you're seeing out there in terms of supply-demand cracks, and how long do you expect some of these cracks to remain elevated, even if the Strait of Hormuz opens?

嗨，早安。我想了解一下，若你能談談 Midcon 的總體環境：就供需與裂解價差而言，你們在市場上看到什麼情況？以及即使荷姆茲海峽重新開放，你預期這些裂解價差還會維持在高檔多久？

Because there are a few out there that could take like two months for flows to normalize. But on top of that, there are people who don't have crude globally. So cracks could remain well elevated. So from your perspective, where you are sitting, can you talk a little bit about the refining macro?

因為有些情況可能需要像兩個月，物流流向才會恢復正常。但除此之外，全球也有人拿不到原油。因此裂解價差可能仍會維持在相當高的水準。從你們所在的位置與角度，能否談談煉油的總體環境？

Sure. Thank you, Manav. So what we experienced is typical for the Midcon; there was a lag. So when the conflict broke out, the coastal markets adjusted faster than our market did. But over the course of March, we started to close the gap between the Midcon and the Gulf Coast, in particular, which is our closest market but also the other Western markets.

當然。謝謝你，Manav。我們的經驗符合 Midcon 的典型情況：存在一段落後期。也就是說，衝突爆發時，沿海市場的調整速度比我們的市場更快。但在 3 月期間，我們開始縮小 Midcon 與墨西哥灣沿岸（Gulf Coast）之間的差距，尤其是與墨西哥灣沿岸——那是我們最近的市場——以及其他西部市場之間的差距。

And yeah, cracks -- our differentials or our basis is really, I'd say, gotten closer to normal there between where we are. So our cracks have elevated faster than the others. And we would have been able to move product into other markets, and that's drawing -- the other markets are drawing out of the Midcon. We've had a big drop in inventory for the last three weeks.

是的，裂解價差——我們的價差或基差，我會說，在我們所在區域之間已經更接近正常水準了。所以我們的裂解價差上升得比其他人更快。而且我們本來就能把產品移到其他市場，而這也在拉動——其他市場正在從 Midcon 抽走供應。過去三週我們的庫存大幅下降。

And so our market is, I'd say, adjusted now to the conflict. And so if these markets -- we agree with you. We tend to think this is going to go longer than maybe people expect a snap back. And -- but our market is already set up with the other markets, and I think we will benefit without the spread in basis, which we -- it took us three or four weeks for that to fall into place.

所以我會說，我們的市場現在已經適應了這場衝突。因此如果這些市場——我們同意你的看法。我們傾向認為，這件事會持續更久，而不是像有些人預期那樣很快反彈。但是我們的市場已經與其他市場接軌，我認為我們將受益於基差價差不再擴大；而這——我們花了三到四週才讓它到位。

So we're enjoying a lot better cracks in April, and the markets have settled in. And we are going -- the markets are drawing out the Midcon at this point. And we expect that, as long as this conflict is in place, it will continue.

所以我們在四月享受到更好的裂解價差，而市場也已經穩定下來。而且我們將——目前市場正在從 Midcon 抽走供應。我們預期，只要這場衝突仍在，就會持續如此。

Perfect. My quick follow-up here is -- I think I know the answer, but I just want to make sure the dividend that has been reinstated, that's not a variable dividend, right? That's your path to a normal dividend which will be there and maybe grow from here? Is that the right way to think about it?

很好。我這邊快速追問——我想我知道答案，但我只是想確認一下：已恢復發放的股利，那不是變動股利，對吧？那是你們回到正常股利的路徑，會持續存在，並且可能從這裡開始成長？這樣理解對嗎？

That's correct. It's not -- our Fertilizer business is a variable. This is not meant to be a variable dividend.

沒錯。它不是——我們的肥料業務是變動的。這次並不是要做成變動股利。

Thank you so much.

非常感謝。

(Operator Instructions) Alexa Petrick, Goldman Sachs.

(接線員指示) Alexa Petrick，高盛。

Hey, good morning, team, and thank you for taking our question. We just wanted to ask a follow-up on the hedges announced during the quarter. Can you talk a little bit about what drove the decision to add those hedges? Is there any strategy there that we should expect to continue? Or any color on that would be helpful.

各位早安，團隊，謝謝你們回答我們的問題。我們想就本季宣布的避險再追問一下。能否談談是什麼因素促使你們決定增加那些避險？是否有任何策略是我們應該預期會持續的？或是提供一些補充說明也會很有幫助。

Yeah. Thanks, Alexa. So historically, we've put hedges on when we've seen market levels above mid-cycle. We've done that over the past couple of years with some downside protection. As the war broke out and we saw things elevate quickly, we wanted to -- not knowing if the market was going to correct itself quickly or not, we wanted to get in the market and capture some of those higher values. As we see, this is dragging on longer. And a little slower might have been better, but we are where we are.

好的。謝謝你，Alexa。歷來我們在看到市場水準高於景氣循環中段（mid-cycle）時，就會建立避險部位。過去幾年我們也這麼做，以提供一些下行保護。戰爭爆發後，我們看到價格快速上升；在不確定市場是否會很快自我修正的情況下，我們希望進場，鎖定一些較高的價值。如你所見，這件事拖得更久。如果動作慢一點可能會更好，但我們現在就是這樣了。

And as we said in the prepared remarks, look, I think we're going to continue to monitor. We don't like to hedge over roughly 30% of our production just to make sure that we're covered between our two refineries. And that's on gas or diesel independently. So we've got a pretty healthy book on right now that we'll continue to monitor and then if anything, look to try to lock in any basis positions as we see improvement from there.

而且如同我們在事先準備的講稿中所說，重點是，我認為我們會持續監控。我們不喜歡避險超過大約 30% 的產量，主要是確保我們兩座煉油廠之間都有覆蓋。而且這是針對汽油或柴油各自獨立進行。所以我們目前有相當健康的避險部位，會持續監控；若有機會，也會在看到改善時，嘗試鎖定任何基差部位。

Okay. That's helpful. And then our follow-up is just on capital allocation priorities. You've outlined that $1 billion gross leverage target. We've now got the dividend.

了解。這很有幫助。接著我們的追問是關於資本配置優先順序。你們提出了 10 億美元的總槓桿目標。我們現在也有股利了。

Can you talk about how you're balancing the two? And then you've also previously discussed potentially having interest for M&A. So any color on those different pieces would be helpful.

能否談談你們如何在兩者之間取得平衡？另外你們先前也提到可能對併購（M&A）有興趣。所以若能就這些不同面向提供一些說明，會很有幫助。

Sure. And I will separate the two. On capital allocation, I think with the change in the market dynamics and opportunities there, we feel like we can continue on the path we've been on from a deleveraging, but also paying dividends going forward.

當然。我會把兩者分開談。在資本配置方面，我認為隨著市場動態與機會的改變，我們覺得可以延續我們一直在走的去槓桿路徑，同時也能在未來持續支付股利。

And with our -- what we see for economics for the rest of the year, we feel like we can do both. And so that's why we're comfortable bringing the dividend back this quarter, is that we just feel like we can achieve what we wanted to achieve and also return some capital to our shareholders.

而且就我們——對今年剩餘時間的經濟性展望而言，我們覺得兩者都能做到。因此我們才會有信心在本季恢復股利，因為我們覺得既能達成我們想達成的目標，也能回饋一些資本給股東。

On M&A, we continue to be -- that continues to be a priority for us. I would say the last couple of months have been one where maybe everybody is focused on all the volatility. So not -- that hasn't been our highest priority in the last two months.

在併購方面，我們仍然——這仍然是我們的優先事項。我會說，過去幾個月可能大家都把注意力放在各種波動上。所以——在過去兩個月，這並不是我們的最高優先順序。

But as things settle down, we will be back and looking for opportunities and in discussions with folks. But the volatility is certainly -- that's our number one priority right now, is managing the base business and positioning the company to do well in a very volatile market, but with much more attractive economics than we had two months ago.

但隨著情勢趨於穩定，我們會回來尋找機會，並與相關人士進行討論。不過波動性確實——我們現在的第一優先是管理本業，並讓公司在高度波動的市場中做好布局、表現良好；而且相較兩個月前，經濟性也更具吸引力。

Okay, that's helpful. I'll turn it over. Thank you.

好的，這很有幫助。我把時間交回去。謝謝。

Thank you.

謝謝。

This concludes our question-and-answer session. I'll hand the call back over to Mark for closing comments.

問答環節到此結束。我將把電話交回給 Mark 作結語。

Okay. Well, thanks, everybody. We appreciate you joining our call today, and we look forward to discussing our second-quarter results in late July. Thank you very much, and have a good day.

好的。那麼，謝謝各位。感謝大家今天參加我們的電話會議，我們期待在七月下旬討論我們第二季的業績結果。非常感謝，祝各位有美好的一天。

That concludes our call today. Thank you, all, for joining. You may now disconnect.

我們今天的電話會議到此結束。謝謝各位參與。您現在可以掛線。