CVR Energy Inc (CVI) 2026 Q2 法說會逐字稿

Thank you for standing by, and welcome to the CVR Energy Inc second quarter 2026 earnings conference call. (Operator Instructions)

感謝各位耐心等候，歡迎參加 CVR Energy Inc 2026 年第二季財報電話會議。（接線員指示）

I would now like to turn the call over to Richard Roberts, Interim Chief Financial Officer and Vice President of FP&A and Investor Relations. Sir, please go ahead.

現在我想把電話交給 Richard Roberts，代理財務長暨財務規劃與分析（FP&A）及投資人關係副總裁。先生，請開始。

Thank you. Good afternoon, everyone. We very much appreciate you joining us this afternoon for our CVR Energy second quarter 2026 earnings call. With me today are Dan Neumann, our Chief Executive Officer; Mike Wright, our Chief Operating Officer; and other members of management. Prior to discussing our 2026 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.

謝謝。各位下午好。非常感謝各位今天下午參加我們 CVR Energy 2026 年第二季財報電話會議。今天與我一同出席的有我們的執行長 Dan Neumann、營運長 Mike Wright，以及其他管理團隊成員。在討論 2026 年第二季業績之前，先提醒各位，本次電話會議可能包含依聯邦證券法所定義的前瞻性陳述。

For this purpose, any statements made during this call that are not statements of historical facts may be deemed the forward-looking statements. 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.

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。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。

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 for the extent required by law.

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。除法律要求之範圍外，無論因新資訊、未來事件或其他原因，我們均不承擔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 second 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 年第二季財報新聞稿及本期 Form 10-Q 中，並將於通話中加以說明。

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

話不多說，我把電話交給 Dan。

Thank you, Richard. Good afternoon, everyone, and thank you for joining our earnings call. We posted another quarter of strong operating results, with crude utilization of 98% and ammonia plant utilization of 99%. The ongoing global conflicts have created tightness across energy and fertilizer markets, which directly benefited our asset base during the second quarter. We are pleased to announce the second quarter 2026 dividend of $0.10 per share, and we believe current market conditions could present opportunities to reduce leverage and add value for our shareholders.

謝謝你，Richard。各位下午好，感謝參加我們的財報電話會議。我們再度繳出強勁的營運成果，本季原油開工率為 98%，氨廠開工率為 99%。持續的全球衝突使能源與肥料市場供給趨緊，第二季直接使我們的資產組合受益。我們很高興宣布 2026 年第二季每股股利為 0.10 美元，並且我們認為目前的市場狀況可能帶來降低槓桿並為股東創造價值的機會。

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

現在我把電話交給 Richard，請他說明我們的財務重點。

Thank you, Dan, and good afternoon, everyone. For the second quarter of 2026, our consolidated net income was $46 million, losses per share were $0.03 and EBITDA was $151 million. Our second quarter results include an unfavorable change in our RFS liability of $73 million, favorable inventory valuation impacts of $19 million and unrealized relative gains of $6 million.

謝謝你，Dan，各位下午好。2026 年第二季，我們合併淨利為 4,600 萬美元，每股虧損為 0.03 美元，EBITDA 為 1.51 億美元。本季結果包含：RFS 負債不利變動 7,300 萬美元、存貨評價有利影響 1,900 萬美元，以及未實現相對收益 600 萬美元。

Excluding the above-mentioned items, adjusted EBITDA for the quarter was $209 million and adjusted earnings per share was $0.34. Adjusted EBITDA in the Petroleum segment was $106 million for the second quarter compared to $38 million for the second quarter of 2025. Elevated group recrack spreads and higher throughput volumes drove the majority of the increase from the prior year period, offset somewhat by higher rent expenses, significant backwardation in WTI and realized relative losses.

扣除上述項目後，本季調整後 EBITDA 為 2.09 億美元，調整後每股盈餘為 0.34 美元。石油事業部第二季調整後 EBITDA 為 1.06 億美元，較 2025 年第二季的 3,800 萬美元增加。較高的 Group recrack 價差與更高的處理量推動了大部分年增幅，但部分被較高的租金費用、WTI 顯著逆價差（backwardation）以及已實現相對損失所抵銷。

Combined total output for the second quarter of 2026 was approximately 213,000 barrels per day. Crude utilization for the quarter was approximately 98% of nameplate capacity and light product yield was 92% on total throughput volumes. Benchmark crack for the second quarter of 2026 increased from the prior year period with the Group 3211 averaging $44.91 per barrel compared to $24.2 per barrel in the second quarter of 2025.

2026 年第二季合計總產出約為每日 213,000 桶。本季原油開工率約為設計產能的 98%，在總處理量中，輕質產品收率為 92%。2026 年第二季基準裂解價差較去年同期上升，Group 3211 平均為每桶 44.91 美元，而 2025 年第二季為每桶 24.2 美元。

Our second quarter realized margin, adjusted for the change in RFS liability, inventory valuation and unrealized derivative gains was $12.43 per barrel, representing a 28% capture rate on the Group 3211 benchmark. Ran price increased significantly from second quarter 2025 levels, up over 125% to average nearly $14 per barrel for the second quarter of 2026. Net rent expense for the quarter, excluding the change in RFS liability, was $216 million or $11.16 per barrel, which negatively impacted our capture rate for the quarter by approximately 25%.

我們第二季已實現的單桶毛利（就 RFS 負債變動、存貨評價及未實現衍生品收益進行調整後）為每桶 12.43 美元，約為 Group 3211 基準的 28% 擷取率（capture rate）。RAN 價格較 2025 年第二季水準大幅上升，漲幅超過 125%，使 2026 年第二季平均接近每桶 14 美元。本季淨租金費用（不含 RFS 負債變動）為 2.16 億美元，或每桶 11.16 美元，約使本季擷取率降低 25%。

The estimated accrued RFS obligation on the balance sheet was $408 million at June 30, representing 169 million RINs mark-to-market at an average price of $2.41. EPA has still not ruled in our pending 2025 petition, and as such, we will continue to recognize 100% of Winnie finding companies rent allegation in our financials, which for the second quarter of 2026, was approximately $77 million. Headwind Wider finding Company received the 100% SRE we believe it is entitled to, our consolidated capture rate for the quarter would have been improved by approximately 9%.

截至 6 月 30 日，資產負債表上估計已提列的 RFS 應計義務為 4.08 億美元，代表 1.69 億個 RINs 以平均價格 2.41 美元按市價計量。EPA 仍未就我們尚在審理中的 2025 年請願作出裁定，因此我們將持續在財報中認列 Winnie finding companies 租金指控的 100%，2026 年第二季約為 7,700 萬美元。若 Headwind Wider finding Company 取得我們認為其應得的 100% SRE，本季合併擷取率可望提升約 9%。

EPA is now nine months delinquent and rolling on winning wider finding companies 2025 SRE petition. The current compliance date for 2025 is approximately one month away, and we still do not know what our compliance obligation will be. RIN prices have gotten completely out of hand due to the blending obligations, EPA established in SET 2, effectively creating a short market that will require imported biofuels in order to potentially meet the required obligations. the complete opposite of the stated intent of the RFS.

EPA 目前已逾期九個月，仍未對 winning wider finding companies 的 2025 年 SRE 請願作出裁定。2025 年目前的合規截止日約在一個月後，但我們仍不知道我們的合規義務將為何。由於 EPA 在 SET 2 中設定的摻混義務，RIN 價格已完全失控，實質上造成供給短缺的市場，可能必須依賴進口生質燃料才能達成規定義務；這與 RFS 所宣稱的目的完全相反。

Meanwhile, RIN prices are adding nearly $0.40 a gallon to the price of gasoline in the US and RFS compliance costs are more than twice all the other combined operating costs from any refineries. As we have stated numerous times, if the administration is serious about lowering fuel prices, it should start with the RFS.

同時，RIN 價格使美國汽油價格每加侖增加近 0.40 美元，而 RFS 合規成本已超過任何煉油廠其他所有營運成本總和的兩倍以上。正如我們多次表示，若政府當局真心要降低燃料價格，應從 RFS 著手。

Our second quarter 2026 results included derivative losses totaling $75 million comprised of an $81 million realized loss and a $6 million unrealized gain. The realized loss for the quarter was related to the crack spread swaps that we discussed on the first quarter call. We settled approximately 4.4 million barrels of crack spread spot positions during the second quarter, leaving open positions totaling approximately 8.2 million barrels. For the remainder of 2026, there were approximately 4.6 million barrels of diesel hedged and 400,000 barrels of gasoline hedge, with the diesel exposure fairly split between the third and fourth quarters and all of the gasoline exposure in the third quarter.

我們 2026 年第二季結果包含合計 7,500 萬美元的衍生品損失，其中包括 8,100 萬美元已實現損失與 600 萬美元未實現收益。本季已實現損失與我們在第一季電話會議中討論的裂解價差交換（crack spread swaps）有關。我們在第二季結算了約 440 萬桶的裂解價差現貨部位，仍保留未平倉部位合計約 820 萬桶。在 2026 年剩餘期間，約有 460 萬桶柴油已進行避險，以及 40 萬桶汽油已進行避險；柴油曝險大致平均分布於第三與第四季，而汽油曝險則全部在第三季。

The total notional value of the open crack spread swaps for the third quarter is approximately $102 million. For 2027, we have approximately 3.2 million barrels of diesel hedged fairly ratably across the year. We 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.

第三季未平倉裂解價差（crack spread）交換合約的名目總值約為1.02億美元。就2027年而言，我們已就全年相對平均地避險約320萬桶柴油。我們持續積極監控這些部位，並計畫在未來以機會主義方式管理我們的曝險；視市場狀況而定，可能包括結清這些部位或新增其他部位。

Direct operating expenses in the Petroleum segment were $5.93 per barrel for the second quarter compared to $6.45 per barrel in the second quarter of 2025. The decrease in direct operating expenses per barrel was primarily due to increased throughput volumes as the coal refinery was coming out of turnaround in the second quarter of 2025. Adjusted EBITDA in the Fertilizer segment was $107 million for the second quarter compared to $67 million for the prior year period. Ammonia utilization rate was 99%, with both plants running well and experiencing minimal downtime during the quarter.

石油事業部門第二季的直接營運費用為每桶5.93美元，較2025年第二季每桶6.45美元為低。每桶直接營運費用下降主要係因處理量增加，因為2025年第二季煤煉油廠正從歲修（turnaround）中恢復。肥料事業部門第二季調整後EBITDA為1.07億美元，較去年同期的6,700萬美元增加。氨的產能利用率為99%，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 $6.08 per common unit for the second quarter of 2026. As CVR Energy owns approximately 37% of CVR Partners common units, we will receive a proportionate cash distribution of approximately $24 million.

CVR Partners 普通合夥人之董事會宣告2026年第二季每一普通單位配發6.08美元。由於CVR Energy持有約37%的CVR Partners普通單位，我們將按比例收到約2,400萬美元的現金分配。

Cash flow from operations for the second quarter of 2026 was $307 million and free cash flow was $264 million. Significant uses of cash in the quarter included $43 million of capital spending, $27 million paid for the noncontrolling interest portion of the CVR Partners' first quarter 2026 distribution, $20 million for cash interest and $10 million for dividends. Total consolidated capital spending on an accrual basis was $46 million, which included $29 million in the Petroleum segment and $17 million in the Fertilizer segment.

2026年第二季營運活動現金流為3.07億美元，自由現金流為2.64億美元。本季主要現金用途包括：資本支出4,300萬美元、支付CVR Partners 2026年第一季分配中非控制性權益部分2,700萬美元、現金利息2,000萬美元，以及股利1,000萬美元。以應計基礎計算的合併資本支出總額為4,600萬美元，其中石油事業部門2,900萬美元、肥料事業部門1,700萬美元。

For the full year 2026, we estimate total consolidated capital spending to be approximately $215 million to $240 million. Turning to the balance sheet. We ended the quarter with a consolidated cash balance of $737 million, which includes $137 million of cash in the Fertilizer segment. Total liquidity as of June 30, excluding CVR Partners, was approximately $1.1 billion, which was comprised primarily of $600 million of cash and availability under the ADL facility of $540 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.

就2026年全年而言，我們估計合併資本支出總額約為2.15億至2.40億美元。接著談資產負債表。本季末合併現金餘額為7.37億美元，其中包含肥料事業部門的1.37億美元現金。截至6月30日（不含CVR Partners），總流動性約為11億美元，主要由6億美元現金及ADL融資額度下可動用額度5.40億美元構成。我們仍致力於去槓桿目標，並計畫持續朝向總槓桿目標10億美元邁進（不含CVR Partners之債務）。

Looking ahead to the third quarter of 2026. For our Petroleum segment, we estimate total throughput to be approximately 205,000 to 220,000 barrels per day, direct operating expenses to range between $110 million and $120 million and total capital spending to be between $41 million and $50 million. For the Fertilizer segment, we estimate our ammonia utilization rate to be between 75% and 80% which will be impacted by the upcoming planned turnaround at the East -- but facility. We estimate direct operating expenses, excluding inventory and turnaround impacts to be between $57 million and $62 million, turnaround expenses to be between $30 million and $35 million and total capital spending to be between $40 million and $49 million.

展望2026年第三季。就石油事業部門而言，我們估計總處理量約為每日20.5萬至22.0萬桶，直接營運費用介於1.10億至1.20億美元，資本支出總額介於4,100萬至5,000萬美元。就肥料事業部門而言，我們估計氨的產能利用率介於75%至80%，將受到即將於East -- but設施進行之計畫性歲修影響。我們估計直接營運費用（不含存貨與歲修影響）介於5,700萬至6,200萬美元，歲修費用介於3,000萬至3,500萬美元，資本支出總額介於4,000萬至4,900萬美元。

With that, Dan, I'll turn it back over to you.

接下來，Dan，我把時間交還給你。

Thank you, Richard. In summary, we had another good quarter of operations in our refining and fertilizer businesses. We are optimistic about the near-term outlook for both segments and believe we could remain above mid-cycle conditions well into 2027. The ongoing geopolitical conflicts across the globe continue to create volatility. However, the US has remained fairly insulated and able to benefit from these conditions with its relatively abundant supplies of available crude oil, natural gas and critical refining infrastructure.

謝謝你，Richard。總結來說，我們的煉油與肥料業務本季營運表現再度良好。我們對兩個事業部門的短期展望保持樂觀，並相信良好態勢可望延續至2027年，仍可維持在中周期（mid-cycle）水準之上。全球各地持續的地緣政治衝突仍在造成波動。然而，美國相對仍相當隔離於衝突之外，並能憑藉其相對充足的可用原油、天然氣供給以及關鍵煉製基礎設施而受惠於此等情勢。

Starting with the refining segment. The ongoing conflicts in the Middle East have so far been more impactful for refined products and crude oil. In addition to reduced flows of crude oil from the closure of the Strait of Hormuz, a number of refineries in the Middle East have been damaged and the status of those repairs and time lines on potential restarts remains unknown. Outside of the Middle East, Ukraine has stepped up its attacks on Russian refineries over the past few months. with reports estimating one-third to nearly half of Russia's refining capacity could be offline.

先從煉油事業部門談起。迄今為止，中東持續的衝突對成品油與原油的影響更為顯著。除了因荷姆茲海峽（Strait of Hormuz）關閉導致原油流量減少外，中東多座煉油廠亦遭受損害，而其修復狀態與可能重啟的時程仍不明朗。在中東以外，烏克蘭在過去幾個月加大對俄羅斯煉油廠的攻擊；有報導估計，俄羅斯三分之一至近一半的煉製產能可能已停擺。

As a result, refined product exports from Russia have been effectively shut off, while China has also halted refined product exports for several months. Looking at the US, the tightness in global refined product supply has created opportunities for increased refined product exports. Due to the exports of gasoline, diesel and jet fuel have increased 16% compared to the same period last year to over 2.6 million barrels per day on average. Meanwhile, US demand for refined products has remained resilient, driving gasoline and diesel inventories near or below five year lows on a days of supply basis.

因此，俄羅斯的成品油出口幾乎已被有效切斷，而中國也已停止成品油出口數月。就美國而言，全球成品油供應吃緊為增加成品油出口創造了機會。由於汽油、柴油與航空燃油的出口增加，與去年同期相比成長16%，平均每日超過260萬桶。同時，美國對成品油的需求仍具韌性，使得以供應天數（days of supply）衡量的汽油與柴油庫存接近或低於五年低點。

In the Mid-Con, where we operate, we are seeing similar trends with days of supply hovering near five year lows for the past several months. While cracks were strong in the second quarter, quarter-to-date cracks have increased further, and we should see some improvements to capture as crude oil backwardation narrows in the third quarter.

在我們營運所在的Mid-Con地區，我們也看到類似趨勢，供應天數在過去數月徘徊於五年低點附近。雖然第二季裂解價差表現強勁，但本季迄今裂解價差進一步上升；且隨著第三季原油逆價差（backwardation）收斂，我們應可看到一些可掌握的改善。

In the Fertilizer segment, the spring planting season went well, and demand for nitrogen was strong overall. Grain prices have increased some recently with expectations for lower carryout inventories driven by a combination of hot and dry conditions across the Western corn belt, increased export demand and a smaller-than-expected corn crop in Argentina. Summer fill and fall prepay for ammonia occurred in late June and UAN fill was completed in early July.

在肥料事業部門方面，春季播種季進展順利，整體氮肥需求強勁。近期穀物價格有所上升，市場預期期末結轉庫存（carryout inventories）將下降，原因包括：美國西部玉米帶出現炎熱乾燥的天候、出口需求增加，以及阿根廷玉米產量低於預期。氨的夏季補庫與秋季預付（fall prepay）於6月下旬進行，而UAN補庫於7月上旬完成。

Overall, we saw a strong demand for both products, and we were able to secure a solid book of business for the second half of 2026 at attractive pricing. We expect to start the planned turnaround at Dubuque in late August, during which we intend to complete the brownfield capacity expansion, which we believe should increase its ammonia production capacity by approximately 5%. We also expect to finalize a detailed design and construction plan this year intended to allow the plant to utilize natural gas as an alternative feedstock to third-party pet coke.

整體而言，我們看到兩項產品需求皆強勁，並得以在具吸引力的價格下，為2026年下半年取得穩健的訂單簿。我們預期於8月下旬開始Dubuque的計畫性歲修，期間我們擬完成既有廠區（brownfield）產能擴建，我們相信可使其氨產能提升約5%。我們亦預期今年完成詳細設計與施工計畫，目標是讓該廠能以天然氣作為替代原料，以取代向第三方採購的石油焦（pet coke）。

Looking at quarter-to-date pricing metrics for the third quarter of 2026, Group 3211 cracks have averaged $58.70 per barrel with the Brent WTI spread at $4.82 per barrel and the WCS differential at $14.04 per barrel under WTI. Prompt fertilizer prices are $650 to $700 per ton for ammonia and $325 to $350 per ton for UAN. After eight years of the company, I have seen the benefits of focusing on safety, reliability, cost management and prudent capital allocation. We have a strong team in place, and I look forward to continue executing on the strategy we laid out earlier this year.

就2026年第三季截至目前（quarter-to-date）的定價指標來看，Group 3211 裂解價差平均為每桶 58.70 美元，Brent-WTI 價差為每桶 4.82 美元，而 WCS 相對 WTI 的貼水為每桶 14.04 美元。即期肥料價格方面，氨為每噸 650 至 700 美元，UAN 為每噸 325 至 350 美元。在公司八年的時間裡，我看到了專注於安全、可靠性、成本管理以及審慎資本配置所帶來的益處。我們已建立一支強大的團隊，我期待持續執行我們今年稍早所擬定的策略。

In addition to our constant focus on safe and reliable operations, we remain committed to working to improve margin capture in our base business, and we are laser focused on pursuing accretive growth opportunities that would add value for our shareholders.

除了我們一貫專注於安全且可靠的營運之外，我們仍致力於提升核心業務的利潤捕捉能力，並且高度聚焦於追求具增值性（accretive）的成長機會，以為股東創造價值。

With that, operator, we are ready for questions.

那麼，接線員，我們準備開始提問。

(Operator Instructions)

(接線員指示)

Manav Gupta, UBS.

Manav Gupta，瑞銀（UBS）。

Congratulations on a very strong quarter. You provided some outlook on macro and which was pretty constructive. And I'm just trying to understand, based on everything you said, you could be building a lot of cash. And again, coming back to your vision of expanding your refining footprint. So I'm just trying to go back and understand, is that still a goal for you to have higher refining capacity and if that is the case, how will you plan to fund it, including the surplus cash that probably you will accumulate because margins are well above mid-cycle?

恭喜你們交出非常強勁的一季。你們對總體環境提供了一些展望，聽起來相當正面。我只是想了解，根據你們所說的一切，你們可能會累積大量現金。再回到你們擴大煉油版圖的願景。所以我想再確認一下：提高煉油產能是否仍是你們的目標？如果是，你們打算如何籌措資金，包括你們可能會累積的多餘現金，因為目前利差遠高於中週期水準？

Yeah. Thanks, Manav. Yeah. So our strategy is, obviously, we still believe that CVI needs to grow in barrels and diversify from its core region of the Southern Mid-Con. As it relates to the growing cash balances, Obviously, we want to continue to focus on reducing the debt levels at CBI to our base business.

是的。謝謝你，Manav。是的。我們的策略是——很明顯，我們仍然相信 CVI 需要在處理量（barrels）上成長，並且從其南部 Mid-Con 核心區域進一步多元化。至於現金餘額的增加，很明顯，我們希望持續專注於把 CBI 的負債水準降到符合我們核心業務的基準。

And also, as we continue to look at commercial opportunities, we're mindful that we may come across a couple of smaller, call it, immaterial opportunities to advance our logistics footprint. I don't really consider the cash at this time as potentially being a meaningful impact to any M&A, if there's an opportunity out there, we do believe the capital markets are open.

另外，當我們持續尋找商業機會時，我們也留意到可能會遇到一些較小、可說是不具重大性（immaterial）的機會，以推進我們的物流版圖。就目前而言，我不認為這些現金會對任何併購（M&A）造成實質影響；如果市場上有機會，我們確實相信資本市場是開放的。

Obviously, I think the world has learned a very valuable lesson on the value of the US refining complex. And frankly, we're going backwards in capacity when we should be going forward. So I kind of consider them separate topics and would look to fund alternatively other than using cash on the balance sheet.

很明顯，我認為全世界都學到了一個非常寶貴的教訓：美國煉油體系的價值。坦白說，我們的產能正在倒退，而我們其實應該向前擴張。所以我把這些視為不同的議題，並會考慮以替代方式籌資，而不是動用資產負債表上的現金來資助。

And a quick one again on your hedging strategy. This is somewhat unique. Most of your peers don't hedge as much or don't admit to hedging that much. So can you walk us through some of the hedging strategy that you have in place for the next few quarters and the next year?

再快速問一個關於你們的避險策略。這有點特別。你們多數同業避險沒有這麼多，或是不太會承認避險這麼多。所以你能否帶我們了解一下，你們在未來幾季以及明年所採取的一些避險策略？

Yeah, sure. So Manav, historically, we'd get Board authorization to target around 30% of our production and usually for around a calendar year. I would say, historically, when opportunities have presented themselves, we would layer into the market, and we'd often miss the timing of it and kind of not get the hedges on that we wanted. Unfortunately, this time around, we learned from the past went really, really fast. and the conflict, obviously is still ongoing. So a great example of past performance, not indicative of future results.

好的，當然。Manav，過去我們通常會取得董事會授權，目標是對約 30% 的產量進行避險，而且通常涵蓋約一個曆年。我會說，歷史上當機會出現時，我們會分批進場，但常常錯過時點，結果沒有建立到我們想要的避險部位。不幸的是，這一次我們從過去學到教訓，動作非常、非常快。而且衝突顯然仍在持續。所以這是一個很好的例子：過去績效不代表未來結果。

As we look forward, I think for our book for the rest of the year, we're satisfied with where the levels are at. 2027 is a much smaller amount. If we did look at any closures, it'd be looking at the 2027 area, obviously, nothing that -- with no action that we've taken and just discussing it. Going forward, I think that we will probably look to lower what type of authorizations we get, 30%, maybe a little high on a go-forward basis and just continue to assess as we go forward. and then be a little more cautious as we layer in.

展望未來，就我們今年剩餘期間的避險部位而言，我們對目前的水準感到滿意。2027 年的部位規模小得多。如果我們要考慮任何平倉（closures），會著眼於 2027 年那一段；當然，目前我們沒有採取任何行動，只是在討論。往後看，我認為我們可能會降低我們取得的授權比例，30% 也許在未來基礎上偏高；我們會持續邊走邊評估，並在分批建立部位時更為謹慎。

Matthew Blair, TPH.

Matthew Blair，TPH。

Maybe just stick on the hedging side. So -- if I heard correctly, it sounded like the realized hedge loss in the quarter was $81 million, which I think shapes out about $4.20 a barrel as a headwind. Is that how you look at it as well? And do you have an estimate on what like the mark-to-market hedging impacts would to like in Q3? Would that be something around $100 million to $120 million.

也許就避險這一塊繼續問。所以——如果我沒聽錯的話，本季已實現的避險損失是 8,100 萬美元，我估算大約相當於每桶 4.20 美元的逆風。你們也是這樣看嗎？另外，你們是否能估計一下，像是第三季（Q3）的按市價計價（mark-to-market）避險影響大概會是多少？會不會大約在 1 億到 1.2 億美元左右？

Matthew, it's Richard. And you're right on the 2Q impact, so it was $81 million of a realized loss, which was about $4.16 a barrel, and that was about a 9% hit to capture. We did say in the prepared remarks. So 2Q was the largest volume exposure that we had of all the hedges that we had in place. So that's behind us now, which is nice. We stepped down in 3Q, we stepped down again in 4Q. and then the '27, it's a lot smaller. For 3Q, total exposure is about 2.7 million barrels and the notional value of that position right now is $102 million as I mentioned earlier.

Matthew，我是 Richard。你對第二季（2Q）的影響判斷沒錯：已實現損失為 8,100 萬美元，約為每桶 4.16 美元，對利潤捕捉（capture）約造成 9% 的衝擊。我們在事先準備的講稿中也有提到。第二季是我們所有既有避險中，曝險量最大的季度。所以現在這已經過去了，這點很好。我們在第三季降低了部位，第四季又再降低一次；而到了 2027 年，規模就小很多。就第三季而言，總曝險約為 270 萬桶，而我先前提到該部位目前的名目價值（notional value）是 1.02 億美元。

So if you want to try to back into it, I think we talked about it last quarter, we put these hedges on pretty early when the Iran conflict started, call it, late February, early March. So if you wanted to look at where we're 3Q, 4Q NYMEX diesel cracks trading around that time. You can probably get a sense of where we would have locked in to try to get order of magnitude of where we are versus where we enter into.

所以如果你想回推估算，我想我們上季也談過：我們很早就建立了這些避險，當伊朗衝突開始時，大概是 2 月底、3 月初。因此，如果你去看當時第三季、第四季 NYMEX 柴油裂解價差（diesel cracks）的交易水準，你大概就能掌握我們鎖定的水準，並對我們目前相對於進場時點的差異有個量級上的概念。

Okay. That's helpful. And then do you have any concerns on 2026 RIN compliance? Any concerns that there simply might not be enough RINs in the market and if so, are you adjusting your room purchase strategy? Or are you buying any extra wins now to avoid a potential shortage later in the year?

好的。這很有幫助。另外，你們對 2026 年 RIN 合規有任何疑慮嗎？是否擔心市場上可能根本沒有足夠的 RIN？如果是，你們是否正在調整你們的 RIN 採購策略？或者你們現在是否會多買一些 RIN，以避免今年稍晚可能出現的短缺？

That's a great question, Matt. Yeah. I think just in general, I have concerns about the 2026 RVO, and I'll avoid the soapbox. But just in brief, we've mismanaged the program. We are not helping farmers. We are harming consumers. and we are just not giving any clarity on how to plan businesses as it relates to EPA and their waivers, deadlines, et cetera.

這是個很好的問題，Matt。是的。我認為整體而言，我對 2026 年 RVO 有疑慮，我就不長篇大論了。但簡而言之，我們把這個計畫管理得很糟。我們沒有在幫助農民。我們在傷害消費者。而且我們也完全沒有就與 EPA 及其豁免、期限等相關的企業規劃提供任何明確性。

So I don't know how the EPA could let the RIN bank go short. Like, they're forcing us to comply with something, they will have to take some level of action. It's just untenable that they could do what they've done or let it get worse. As it relates to RInbuying, our plan is always ratable. I think in 2Q here, when the prices really started to get out of control, we slowed down a little bit just because we think the EPA has to take some action here.

所以我不知道 EPA 怎麼可能讓 RIN 銀行變得不足。像是，他們強迫我們遵循某些要求，他們就必須採取某種程度的行動。他們做了現在這些事，或放任情況變得更糟，這根本不可行。至於 RIN 的購買，我們的計畫一向是按比例、均衡地買進。我想在這裡的第二季，當價格真的開始失控時，我們稍微放慢了一點，因為我們認為 EPA 必須在這裡採取一些行動。

That strategy has paid off a little bit as we've seen some softness in RINs for the last few days, and we'll continue to focus on ratable buying and with a little bit of catch-up here in the third quarter.

這個策略已經帶來一些成效，因為我們看到過去幾天 RIN 有些走軟，我們也會持續專注於按比例買進，並在第三季這裡稍微補進一些。

Okay. And can I just clarify for Wynnewood, are you currently buying 50% of your expected 2026 obligation?

好的。我想再確認一下，針對 Wynnewood，你們目前是在買入你們預期 2026 年義務的 50% 嗎？

Yeah. So we are intending on buying 50% of the obligation for Wynnewood, although we still intend and have proven out using the DOE scoring methodology that we deserve a 100% waiver when you would.

是的。所以我們打算為 Wynnewood 買入該義務的 50%，儘管我們仍然打算、而且也已經用 DOE 評分方法證明，我們應該獲得 100% 的豁免，當你會。

Alexa Bruno, Goldman Sachs.

Alexa Bruno，高盛。

First of all, congratulations, Dane and Richard, on your new role is well deserved. Can you guys talk about what you're focused on in these new seats? And then how is the leadership transition going?

首先，恭喜 Dane 和 Richard，你們的新職務實至名歸。你們能談談在這些新位置上你們專注的重點是什麼嗎？另外，領導層交接進展如何？

Yeah. Thank you. The leadership transition has been a great. We have a really strong team in place. Obviously, I've been at the company a long time and as have a number of other senior leaders. The team I had in the CFO organization is very, very strong. And then obviously, bringing Richard up to help us out here has been, I think, a great move.

是的。謝謝。領導層交接進行得非常順利。我們已經有一個非常強的團隊就位。顯然，我在公司待了很長時間，其他一些資深領導也是如此。我在 CFO 組織裡的團隊非常、非常強。然後很明顯，把 Richard 提拔上來協助我們，我認為是個很好的決定。

So I don't really feel like we missed a beat. the team I have is capable of wearing many hats has very broad experience and frankly, have made it relatively easy to manage through. Strategically, I don't think anything really changes. We do want to focus on the core commercial business, improving capture and then just accretive opportunities to shareholders. So we're marching forward on that. And hopefully, we have some information to share soon.

所以我真的不覺得我們有任何停頓。我帶領的團隊能身兼多職、經驗非常廣泛，坦白說，讓我們相對容易地管理並度過這段期間。在策略上，我不認為有任何真正的改變。我們確實想聚焦核心商業業務、提升捕捉率，然後就是為股東帶來增值的機會。所以我們正朝這個方向前進。希望我們很快能分享一些資訊。

Appreciate that. And then as a follow-up, just wanted to ask on capital allocation. Can you talk a little bit more about how you guys are thinking about balancing a dividend with debt reduction? And then as you look at the potential to scale up refining, what does the M&A landscape look like right now?

感謝。接著追問一下，關於資本配置。你們能再多談一點你們如何在股利與減債之間取得平衡嗎？另外，當你們看向可能擴大煉油規模時，目前的併購（M&A）環境看起來如何？

So for capital allocation, consistent with what we previously said, we really want to get back to that base level of $1 billion of debt, excluding CVR Partners. So that remains a priority. I would say similar to the past, we always said that we didn't have to get that balance gone before we return to dividend and we delivered on that in the first quarter. If we can make meaningful progress, which we have a line of sight to doing on the remaining balance of that debt, there's certainly opportunity to discuss some incremental increase in the dividend with the market conditions the way they are. I don't see us returning to the high historical levels but something that is sustainable and regular throughout the cycle.

就資本配置而言，與我們先前所說一致，我們確實希望把債務降回基準水準的 10 億美元（不含 CVR Partners）。所以這仍然是優先事項。我會說，和過去類似，我們一直說不必在把那個餘額完全清掉之後才恢復發放股利，而我們也在第一季做到了。如果我們能取得有意義的進展——而我們也看得到在剩餘債務餘額上做到這點的路徑——那麼在目前這樣的市場條件下，確實有機會與市場討論股利的額外上調。我不認為我們會回到過去歷史上的高水準，但會是能夠在整個景氣循環中可持續、且規律的水準。

So we'll continue to provide updates on that front. M&A perspective, I think this, to me, almost feels like somewhat of an ideal time for folks to take action, looking to rebalance portfolios. Now more than ever, I think the ability for refining refineries to trade at a mid-cycle level, which over a long term is where people should transact presents an opportunity. Historically, bid as have been very, very wide, but this gives you a scenario where value can be achieved in risk/reward can be balanced as well.

所以我們會持續就這方面提供更新。從併購角度來看，我覺得對我而言，這幾乎像是相當理想的時點，讓想要重新平衡投資組合的人採取行動。我認為現在比以往任何時候，煉油資產能以景氣循環中段（mid-cycle）的水準交易——而長期來看這也是人們應該成交的水準——提供了一個機會。歷史上，買賣雙方的出價差距一直非常、非常大，但這提供了一種情境：可以實現價值，同時也能平衡風險/報酬。

That concludes our question-and-answer session. I will now turn the call back over to Dan Neumann for closing remarks.

問答環節到此結束。我現在把電話交回給 Dan Neumann 作結語。

Again, I would like to thank you all for your interest in CVR Energy and our employees for their hard work and commitment towards safe, reliable and environmentally responsible operations. And we look forward to reviewing our third quarter 2026 results during our next earnings call. Have a safe day.

再次感謝各位對 CVR Energy 的關注，也感謝我們員工在安全、可靠且對環境負責的營運方面所付出的努力與承諾。我們期待在下一次財報電話會議中回顧我們 2026 年第三季的業績結果。祝各位平安。

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。