HF Sinclair Corp (DINO) 2025 Q3 法說會逐字稿

完整原文

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  • Operator

    Operator

  • Welcome to HF Sinclair Corporation's third quarter 2025 conference call and webcast. Hosting the call today is Tim Go, Chief Executive Officer of HF Sinclair. He is joined by Atanas Atanasov, Chief Financial Officer; Steve Ledbetter, VP of Commercial; Valeria Pompa, EVP of Operations; and Matt Joyce, SVP of Lubricants and Specialties. (Operator Instructions) Please note that this conference is being recorded. It is now my pleasure to turn the floor over to Craig Biery, Vice President, Investor Relations. Craig, you may now begin.

    歡迎參加 HF Sinclair 公司 2025 年第三季電話會議和網路直播。今天主持電話會議的是 HF Sinclair 的執行長 Tim Go。與他一同出席的還有財務長阿塔納斯·阿塔納索夫;商業副總裁史蒂夫·萊德貝特;營運執行副總裁瓦萊裡婭·龐帕;以及潤滑油和特種產品高級副總裁馬特·喬伊斯。(操作員說明)請注意,本次會議正在錄音。現在我很高興將發言權交給投資人關係副總裁克雷格·比里。克雷格,你可以開始了。

  • Craig Biery - Vice President - Investor Relations

    Craig Biery - Vice President - Investor Relations

  • Thank you, Ellie. Good morning, everyone, and welcome to HF Sinclair Corporation's third quarter 2025 earnings call. This morning, we issued a press release announcing results for the quarter ending September 30, 2025. If you would like a copy of the earnings press release, you may find it on our website at hfsinclair.com. Before we proceed with remarks, please note the safe harbor disclosure statement in today's press release.

    謝謝你,艾莉。各位早安,歡迎參加 HF Sinclair 公司 2025 年第三季財報電話會議。今天上午,我們發布了一份新聞稿,公佈了截至 2025 年 9 月 30 日的季度業績。如果您需要一份獲利新聞稿,可以在我們的網站 hfsinclair.com 上找到。在開始發言之前,請注意今天新聞稿中的安全港披露聲明。

  • In summary, such statements made regarding management expectations, judgments, or prediction are forward-looking statements.

    總之,有關管理階層預期、判斷或預測的此類陳述均為前瞻性陳述。

  • These statements are intended to be covered under the Safe Harbor provisions of federal security laws. There are many factors that could cause results to differ from expectations, including those noted in our SEC filings. The call also may include discussion of non-GAAP measures.

    這些聲明旨在受到聯邦安全法「安全港」條款的保護。導致結果與預期不符的因素有很多,包括我們在提交給美國證券交易委員會的文件中提到的那些因素。電話會議可能也會討論非GAAP指標。

  • Please see the earnings press release for reconciliations to GAAP financial measures. Also, please any time-sensitive information provided on today's call may no longer be accurate at the time of any webcast replay or reading of the transcript.

    請參閱獲利新聞稿,以了解與 GAAP 財務指標的調節情況。另外,請注意,今天電話會議上提供的任何有時效性的信息,在網絡直播回放或閱讀文字記錄時可能不再準確。

  • And with that, I'll turn the call over to Tim Go.

    接下來,我將把電話交給蒂姆·戈。

  • Timothy Go - President, Chief Executive Officer, Director

    Timothy Go - President, Chief Executive Officer, Director

  • Good morning, everyone, and thank you for joining our call. I am pleased to report that HF Sinclair's strong third quarter results are underpinned by the measurable improvement in our operating and commercial performance, including the sequential increases in refining throughput and capture, continued reductions in operating costs.

    各位早安,感謝各位參加我們的電話會議。我很高興地報告,HF Sinclair 第三季強勁的業績得益於我們營運和商業表現的顯著改善,包括煉油量和回收率的環比增長,以及營運成本的持續下降。

  • During the quarter, we returned $254 million in cash to shareholders and today announced a $0.50 quarterly dividend. We are pleased with the progress we have made on our key priorities and believe our year-to-date performance reflects the value of this strategic focus.

    本季度,我們向股東返還了 2.54 億美元現金,今天宣布派發每股 0.50 美元的季度股息。我們對在重點領域的進展感到滿意,並相信我們今年迄今的業績反映了這一戰略重點的價值。

  • Now let me cover our business highlights. In refining, we delivered another quarter of sequential improvements in throughput, capture and operating expenses per barrel. Gross margin per barrel benefited from strong cracks in our regions, along with small refinery exemptions granted by the EPA. The SRE benefit in the third quarter was comprised of $115 million in lower cost of goods and $56 million in higher revenue from the commercial optimization of our RINs position.

    現在讓我來介紹一下我們業務的亮點。在煉油方面,我們連續第二個季度在產量、捕獲率和每桶營運成本方面實現了改進。由於我們地區強勁的裂解價差,以及美國環保署給予小型煉油廠的豁免,每桶毛利有所提高。第三季 SRE 帶來的收益包括:商品成本降低 1.15 億美元,以及透過優化 RIN 業務而增加的收入 5,600 萬美元。

  • We achieved a record low operating expense of $7.12 per throughput barrel, crossing over our near-term goal of $7.25 per barrel. Throughput was our second highest quarter on record, and we are on pace to establish many new annual records for the full year.

    我們實現了每桶吞吐量營運費用創歷史新低,僅 7.12 美元,超過了我們近期設定的每桶 7.25 美元的目標。吞吐量是我們有史以來第二高的季度,我們預計將在全年創造多項新的年度紀錄。

  • Our Marketing segment delivered record EBITDA in the quarter of $29 million and realized an adjusted gross margin of $0.11 per gallon. We are very pleased with the growth we have achieved in our marketing segment, and we continue to unlock the value of the Sinclair branded stores, providing a consistent sales channel with margin uplift for our produced fuels.

    我們的行銷部門本季實現了創紀錄的 EBITDA 2,900 萬美元,調整後的毛利率為每加侖 0.11 美元。我們對行銷部門的成長非常滿意,我們將繼續釋放 Sinclair 品牌商店的價值,為我們生產的燃料提供穩定的銷售管道,並提高利潤率。

  • We have added 146 branded sites through third quarter '25 with more than 130 sites with contracts signed and expected to come online over the next 6 to 12 months. During the quarter, we returned $254 million in cash to shareholders, consisting of $160 million in share repurchases and $94 million in regular dividends. Since the Sinclair acquisition in March of 2022, we have returned over $4.5 billion in cash to shareholders and have reduced our share count by over 61 million shares.

    截至 2025 年第三季度,我們新增了 146 個品牌網站,其中超過 130 個網站已簽訂合同,預計將在未來 6 至 12 個月內上線。本季度,我們向股東返還了 2.54 億美元現金,其中包括 1.6 億美元的股票回購和 9,400 萬美元的常規股息。自 2022 年 3 月收購 Sinclair 以來,我們已向股東返還了超過 45 億美元的現金,並減少了超過 6,100 萬股的股份。

  • As of September 30, 2025, we still have approximately $589 million remaining on our share repurchase authorization, and we remain committed to returning excess cash to shareholders while maintaining our investment-grade balance sheet.

    截至 2025 年 9 月 30 日,我們的股票回購授權額度仍有約 5.89 億美元剩餘,我們將繼續致力於在維持投資等級資產負債表的同時,將多餘的現金回饋給股東。

  • Also today, we announced that our Board of Directors declared a regular quarterly dividend of $0.50 per share, payable on December 5, 2025, to holders of record on November 19, 2025. Now I will cover some strategic updates. We believe we are well positioned to supply the growing needs on the West Coast.

    今天,我們也宣布,董事會批准派發每股 0.50 美元的季度股息,將於 2025 年 12 月 5 日支付給 2025 年 11 月 19 日登記在冊的股東。接下來我將介紹一些策略上的最新進展。我們相信我們已做好充分準備,滿足西海岸日益增長的需求。

  • As I mentioned earlier, we recently completed a CARB project at our PSR refinery, which gave us the capability to produce more CARB gasoline or components that we can ship to the California market. In addition to that, we are announcing a jet project at our PSR refinery this quarter that will give us the flexibility to produce more jet -- diesel to supply the West Coast depending on what the market is calling for. This project will be complete and in service following the turnaround this quarter.

    正如我之前提到的,我們最近在 PSR 煉油廠完成了一個 CARB 項目,這使我們能夠生產更多符合 CARB 標準的汽油或零件,並運送到加州市場。除此之外,我們將在本季宣佈在 PSR 煉油廠啟動一個噴射燃料項目,這將使我們能夠靈活地生產更多噴射燃料柴油,以根據市場需求供應西海岸。該項目將在本季度檢修完成後竣工並投入使用。

  • Finally, yesterday, we announced we are evaluating a multi-phased expansion of our midstream refined products footprint across PADD 4 and PADD 5. This initiative is designed to address the increasing supply and demand imbalances in key western markets, particularly in Nevada and multiple markets in California, resulting from announced refinery closures on the West Coast.

    最後,昨天我們宣布,我們正在評估在 PADD 4 和 PADD 5 分階段擴大中游精煉產品業務規模的計畫。這項措施旨在解決西部主要市場(尤其是內華達州和加州的多個市場)日益嚴重的供需失衡問題,這是由於西海岸宣布關閉煉油廠所致。

  • HF Sinclair believes its geographic footprint and current infrastructure provide an advantaged position to quickly and efficiently deliver refined products where the market needs are strongest.

    HF Sinclair 認為,其地理佈局和現有基礎設施使其能夠快速且有效率地向市場需求最強烈的地區交付精煉產品,從而佔據有利地位。

  • Subject to board and regulatory approvals, the proposed multi-phased expansion projects under review are projected to enable incremental supply of up to 150,000 barrels a day of product into various West Coast markets. The first phase would increase capacity by a projected 35,000 barrels per day to move supply from our Rockies production into Nevada and is targeted to be online in 2028.

    在獲得董事會和監管機構批准後,正在審查的擬議多階段擴建項目預計將使西海岸各個市場的日產量增加至多 15 萬桶。第一階段預計將使產能增加每天 35,000 桶,將我們落基山脈的生產供應轉移到內華達州,目標是在 2028 年上線。

  • This initial phase would include expanding the Pioneer pipeline, a jointly owned pipeline with Phillips 66 from Sinclair Wyoming to Salt Lake City, Utah and debottlenecking our wholly owned UNEV pipeline from Salt Lake City, Utah to Las Vegas, Nevada.

    初始階段將包括擴建 Pioneer 管道(一條與 Phillips 66 共同擁有的管道,從懷俄明州辛克萊爾到猶他州鹽湖城),以及消除我們全資擁有的 UNEV 管道(從猶他州鹽湖城到內華達州拉斯維加斯)的瓶頸。

  • These projects reflect HF Sinclair's strategic focus on asset integration and value chain optimization of our finding midstream and marketing businesses and are examples of how we can leverage our competitive advantages and geographic footprint to support our efforts to deliver accretive long-term growth well into the future.

    這些項目體現了 HF Sinclair 對資產整合和價值鏈優化的策略重點,優化了我們的勘探、中游和行銷業務,也體現了我們如何利用自身的競爭優勢和地理優勢,支持我們努力實現長期增值成長,並持續到未來。

  • In closing, we remain committed to advancing our strategic priorities and believe our focus on liability, integration, and optimization will drive future growth across our businesses. Looking ahead, we are constructive on the fundamentals of each of our businesses, and in particular, believe the support of refining backdrop positions us well as we head into 2026.

    最後,我們將繼續致力於推進我們的策略重點,並相信我們對責任、整合和優化的關注將推動我們各項業務的未來成長。展望未來,我們對各項業務的基本面都持樂觀態度,尤其相信煉油業的良好發展環境將使我們在邁向 2026 年之際處於有利地位。

  • With that, let me turn the call over to Atanas.

    那麼,現在讓我把電話交給阿塔納斯。

  • Atanas Atanasov - Chief Financial Officer, Executive Vice President

    Atanas Atanasov - Chief Financial Officer, Executive Vice President

  • Thank you, Tim, and good morning, everyone. Let's begin by reviewing HF Sinclair's financial highlights. Today, we reported third quarter net income attributable to HF Sinclair shareholders of $403 million or $2.15 per diluted share. These results reflect special items that collectively decreased net income by $56 million. Excluding these items, adjusted net income for the third quarter was $459 million or $2.44 per diluted share compared to adjusted net income of $96 million or $0.51 per diluted share for the same period in 2024.

    謝謝你,提姆,大家早安。讓我們先來回顧一下 HF Sinclair 的財務亮點。今天,我們公佈了歸屬於 HF Sinclair 股東的第三季淨利潤為 4.03 億美元,即每股攤薄收益 2.15 美元。這些結果反映了特殊項目的影響,這些項目合計使淨收入減少了 5,600 萬美元。剔除這些項目後,第三季調整後淨收入為 4.59 億美元,即每股攤薄收益 2.44 美元,而 2024 年同期調整後淨收入為 9,600 萬美元,即每股攤薄收益 0.51 美元。

  • Adjusted EBITDA for the third quarter was $870 million compared to $316 million in the third quarter of 2024. In our refining segment, third quarter adjusted EBITDA was $661 million, compared to $110 million in the third quarter of 2024.

    第三季調整後 EBITDA 為 8.7 億美元,而 2024 年第三季為 3.16 億美元。在我們的煉油業務板塊,第三季調整後 EBITDA 為 6.61 億美元,而 2024 年第三季為 1.1 億美元。

  • This increase was principally driven by higher adjusted refinery gross margins in both the West and Mid-Con regions which included small refinery RINs waivers granted by the EPA. Crude oil charge averaged 639,000 barrels per day for the third quarter, our second highest quarter, primarily driven by our continued reliability efforts.

    這一增長主要得益於西部和中部地區煉油廠調整後毛利率的提高,其中包括美國環保署授予的小型煉油廠 RIN 豁免。第三季原油每日均進貨量為 639,000 桶,是本季第二高的進貨量,主要得益於我們持續的可靠性提升工作。

  • Crude oil charge averaged 607,000 barrels per quarter of 2024. In our Renewables segment, excluding the lower cost or market inventory valuation adjustment charge of $20 million, we reported adjusted EBITDA of negative $13 million for the third quarter compared to $1 million for the third quarter of 2024. During the quarter, we recognized incrementally more in value from the producer's tax credit, and we expect to capture additional incremental value in the fourth quarter of 2025.

    2024 年原油裝運量平均為每季 607,000 桶。在我們的再生能源業務板塊,不計入 2,000 萬美元的低成本或市場庫存估值調整費用,我們報告第三季調整後的 EBITDA 為負 1,300 萬美元,而 2024 年第三季為 100 萬美元。本季度,我們從生產者稅收抵免中確認了更多價值,我們預計在 2025 年第四季將獲得更多增量價值。

  • Total sales volumes were 57 million gallons for the third quarter of 2025 compared to 69 million gallons for the third quarter of 2024. Our Marketing segment reported EBITDA of $29 million for the third quarter compared to $22 million for the third quarter of 2024.

    2025 年第三季總銷量為 5,700 萬加侖,而 2024 年第三季總銷量為 6,900 萬加侖。我們的行銷部門第三季 EBITDA 為 2,900 萬美元,而 2024 年第三季為 2,200 萬美元。

  • This increase was primarily driven by higher margins and high grading our mix of stores in the third quarter of 2025. Our Lubricants and Specialties segment bounced back from the heavy turnaround workload in 2Q and reported EBITDA of $78 million for the third quarter compared to EBITDA of $76 million for the third quarter of 2024. This increase was primarily driven by improved mix and FIFO benefit, partially offset by an increase in operating expenses.

    這一成長主要得益於更高的利潤率以及我們在 2025 年第三季對門市組合進行的高級化調整。我們的潤滑油和特種產品部門從第二季繁重的檢修工作中恢復過來,第三季 EBITDA 為 7,800 萬美元,而 2024 年第三季的 EBITDA 為 7,600 萬美元。這一成長主要得益於產品組合的改善和先進先出法(FIFO)的優勢,但部分被營運費用的增加所抵消。

  • Our Midstream segment reported EBITDA of $114 million in the third quarter compared to $111 million of adjusted EBITDA in the same period of last year. This increase was primarily driven by lower operating expenses as we continue to integrate our midstream and refining businesses partially offset by lower -- in the third quarter of 2025.

    我們的中游業務部門第三季 EBITDA 為 1.14 億美元,而去年同期調整後的 EBITDA 為 1.11 億美元。這一成長主要是由於我們繼續整合其中游和煉油業務,導致營運費用降低,但部分被較低的——預計在 2025 年第三季——所抵消。

  • Net cash provided by operations totaled $809 million in the third quarter, which included $31 million of turnaround spend. HF Sinclair capital expenditures totaled $121 million for the third quarter of 2025.

    第三季經營活動產生的淨現金總額為 8.09 億美元,其中包括 3,100 萬美元的扭虧為盈支出。HF Sinclair 2025 年第三季的資本支出總額為 1.21 億美元。

  • During the quarter, HF Sinclair issued $500 million of senior notes at 5.5% due 2032 in order to redeem our remaining 5.875% notes due 2026 and 6.375% notes due 2027. This allowed us to lengthen our maturities and reduce our weighted average cost of debt. As of September 30, 2025, HF Sinclair's cash balance was approximately $1.5 billion and we had $2.8 billion of debt outstanding with a debt-to-cap ratio of 23% and net debt-to-cap ratio of 11%.

    本季度,HF Sinclair 發行了 5 億美元的 2032 年到期、票面利率為 5.5% 的高級票據,以贖回我們剩餘的 2026 年到期、票面利率為 5.875% 的票據和 2027 年到期、票據面利率為 6.375% 的票據。這使我們能夠延長債務期限並降低加權平均債務成本。截至 2025 年 9 月 30 日,HF Sinclair 的現金餘額約為 15 億美元,未償債務為 28 億美元,負債資本比率為 23%,淨負債資本比率為 11%。

  • Let's go through some guidance items. With respect to capital spending for full year 2025, we still expect to spend approximately $775 million in sustaining capital, including turnaround on catalysts. In addition, we expect to spend $100 million in growth capital investments across our business segments. For the fourth quarter of 2025, we expect to run between 550,000 and 590,000 barrels per day of crude oil in our Refining segment, which reflects the planned turnaround at our Puget Sound Refinery.

    我們來看一些指導要點。關於 2025 年全年的資本支出,我們仍然預計將在維持性資本方面投入約 7.75 億美元,包括用於催化劑的轉型資金。此外,我們預計將在各個業務部門投入 1 億美元用於成長資本投資。預計到 2025 年第四季度,我們的煉油業務原油日加工量將在 55 萬至 59 萬桶之間,這反映了我們普吉特海灣煉油廠的計畫檢修。

  • We are now ready to take questions from the audience.

    現在我們準備接受觀眾提問。

  • Operator

    Operator

  • (Operator Instructions)

    (操作說明)

  • Manav Gupta, UBS.

    瑞銀集團的馬納夫·古普塔。

  • Manav Gupta - Equity Analyst

    Manav Gupta - Equity Analyst

  • Congrats on a very strong brand and a big jump in buybacks. I just wanted to start on this multi-phased expansion on what you're looking to target at PADD 4 and PADD 5. There are some other projects which are also trying to do something similar. And of course, you have a very strong refining footprint. So I'm trying to understand what's your competitive edge here?

    恭喜你們打造了非常強大的品牌,回購率大幅提升。我只是想開始著手進行這個多階段的擴展,以針對您在 PADD 4 和 PADD 5 中想要實現的目標。還有一些其他項目也在嘗試做類似的事情。當然,你們在煉油領域也擁有非常強大的影響力。所以我想了解你們的競爭優勢是什麼?

  • Why do you feel your project would be at an advantage compared to some of the other projects that are also looking to move products somewhere in the similar direction. So if you could talk a little bit about that.

    您認為與一些同樣希望將產品推向類似方向的其他項目相比,您的專案有哪些優勢?所以,您能稍微談談這方面的狀況嗎?

  • Timothy Go - President, Chief Executive Officer, Director

    Timothy Go - President, Chief Executive Officer, Director

  • Thanks for the question, and let me ask Steve to jump in right away.

    謝謝你的提問,我這就請史蒂夫來回答。

  • Steve Ledbetter - Executive Vice President - Commercial

    Steve Ledbetter - Executive Vice President - Commercial

  • Yeah, we're trying to make this announcement. We believe that we're in a pretty strategic advantage place both from a production and having infrastructure already in the town that can be debottlenecked or expanded to bring product into a growing short in PADD 5 with the announced refinery closures in California. We think we can produce the product and deliver it at a competitive rate to compete with what is going to be a short and even compete with the growing imports.

    是的,我們正在努力發布這項公告。我們相信,無論從生產或基礎設施方面,我們都處於相當有利的戰略位置。隨著加州煉油廠的關閉,PADD 5 地區產品短缺問題日益嚴重,我們可以消除瓶頸或擴大基礎設施建設,從而為該地區提供產品。我們認為我們能夠以具有競爭力的價格生產和交付該產品,以應對即將到來的短期供應短缺,甚至可以與不斷增長的進口產品競爭。

  • Whether or not it is the sole project or complementary to the other ones, we felt it was important to come to the market and be clear that we are looking to evaluate this and expand it, and we think we'll be successful doing that.

    無論它是唯一項目還是與其他項目互補的項目,我們都覺得進入市場並明確表示我們正在評估和擴展這個項目非常重要,而且我們認為我們會成功做到這一點。

  • Timothy Go - President, Chief Executive Officer, Director

    Timothy Go - President, Chief Executive Officer, Director

  • Yeah. And Manav, this is Tim. I'll just chime in on what Steve said. We really do think this is complementary to the other two pipelines that were announced. The other two, we're talking about really barrels from the Mid-Con and from the Gulf Coast, really going in the south area towards the Phoenix area.

    是的。馬納夫,這位是提姆。我來補充一下史蒂夫剛才說的話。我們確實認為這與先前宣布的另外兩條管道項目相輔相成。另外兩個,我們指的是來自美國中部和墨西哥灣沿岸的桶裝原油,實際上是向南運往鳳凰城地區的原油。

  • We're really talking Rockies barrels going on the northern side into Nevada. And so we believe that a different type of project, we think it's mostly with our equity barrels as opposed to open season third-party barrels. And as Steve mentioned, we're utilizing a lot of our existing infrastructure with -- that we think will be quicker and have a lower cost to implement.

    我們現在說的是落基山脈北部湧入內華達州的滾滾巨浪。因此,我們認為這是一個不同類型的項目,我們認為它主要與我們擁有的權益桶有關,而不是與第三方公開交易的桶有關。正如史蒂夫所提到的,我們正在利用我們現有的許多基礎設施——我們認為這將更快、更便宜。

  • Manav Gupta - Equity Analyst

    Manav Gupta - Equity Analyst

  • Perfect. So on refining, strong quarter improvement in further capture. Just wanted to understand your near-term or medium-term outlook for refining margins, we are seeing tremendous resilience in margins and some global capacity -- as Russia and other places. So how do you see the refining macro playing out for the next three to six months, particularly in the two regions you are actively involved in.

    完美的。因此,在進一步改進方面,本季取得了強勁的進步。我只是想了解您對煉油利潤率的近期或中期展望,我們看到利潤率和一些全球產能(例如俄羅斯和其他地方)都表現出了極大的韌性。那麼,您認為未來三到六個月的煉油宏觀經濟狀況將如何發展,尤其是在您積極參與的兩個地區?

  • Steve Ledbetter - Executive Vice President - Commercial

    Steve Ledbetter - Executive Vice President - Commercial

  • Yeah, Manav, we are very excited and pretty bullish on what the current market looks like. As you mentioned, it starts at a global macro basis. And today, I think year over year, we're net about 800,000 barrels a day short.

    是的,Manav,我們對目前的市場前景感到非常興奮和樂觀。正如你所提到的,它是從全球宏觀層面開始的。而今天,我認為與去年同期相比,我們每天淨缺口約 80 萬桶。

  • When you look at the capacity closures as well as being outpaced by demand when it comes into the US, supply is up, mainly in jet and diesel with gas being down, but demand of distillate is really supportive and part of that is justified by some lower RD production that is not online as a result of what's happened with the regulatory framework. In our region, specifically, gas demand has been up lightly and diesel demand has been up.

    從產能關閉以及美國市場需求跟不上供應的情況來看,供應量有所增加,主要是航空煤油和柴油,汽油供應量有所下降,但餾分油的需求確實很有支撐作用,部分原因是由於監管框架的變化,一些煉油廠的產量下降,未能上線。具體來說,在我們地區,汽油需求略有上升,柴油需求也有所上升。

  • And we see particularly the distillate make in jet and diesel being very supportive through the end of the fourth quarter and into first quarter. So we're in max diesel mode, and that's part of the reason why our capture has continued to be improved and some of the projects that were mentioned earlier further enable us to flexibly move between the right products to meet the market demands that we see happening. So yes, we're pretty encouraged by the overall market structure for the next six months or so.

    我們看到,航空煤油和柴油餾分油的生產在第四季末和第一季初期都起到了很好的支撐作用。因此,我們目前處於柴油模式,這也是我們的碳捕獲能力不斷提高的部分原因,而前面提到的一些項目進一步使我們能夠靈活地在合適的產品之間切換,以滿足我們所看到的市場需求。所以,是的,我們對未來六個月左右的整體市場結構相當樂觀。

  • Timothy Go - President, Chief Executive Officer, Director

    Timothy Go - President, Chief Executive Officer, Director

  • Yeah. And Manav, just taking a step back from more of a macro standpoint. We do think that in 2026, demand growth continues to outpace supply growth. Our numbers still show that true as what we saw here in '25, especially in distillate, we see distillate continuing to be short and why you're seeing, for example, in our West area, distillate demand at five year highs. Overall, we think the market is underestimating the impact of the Russia outages.

    是的。而馬納夫,只是從更宏觀的角度來看這個問題。我們認為,到 2026 年,需求成長將持續超過供應成長。我們的數據仍然表明,正如我們在 2025 年在這裡看到的那樣,尤其是在餾出液方面,我們看到餾出液繼續短缺,這就是為什麼你會看到,例如,在我們西部地區,餾出液的需求達到了五年來的最高水平。整體而言,我們認為市場低估了俄羅斯網路中斷的影響。

  • We think those are significant and will take time to come back online. We think the market is underestimating the demand impacts that lower gasoline prices are having on increasing demand, and we think that's positive for refining. And then we think the market is not fully appreciating the low product inventories that we continue to operate at as a result of trying to keep up with demand.

    我們認為這些問題非常重要,需要時間才能恢復正常。我們認為市場低估了汽油價格下降對需求成長的影響,我們認為這對煉油產業來說是利好消息。我們認為,市場並沒有充分意識到,為了滿足市場需求,我們一直保持著較低的產品庫存水準。

  • People like to talk about high utilization. I think the low product inventories is a sign that despite the high utilization, we're still as a global balance, trying to keep up with global demand.

    人們喜歡談論高利用率。我認為產品庫存低表明,儘管利用率很高,但作為全球平衡的一部分,我們仍在努力滿足全球需求。

  • Operator

    Operator

  • Ryan Todd, Piper Sandler.

    瑞安·托德,派珀·桑德勒。

  • Ryan Todd - Analyst

    Ryan Todd - Analyst

  • Okay. Maybe one starting out on small refinery exemptions. So just, I guess, a point of clarification on the quarter so you had -- there was a $115 million benefit and was it a $56 million benefit? Are those incremental to each other? Or how do we think about clarifying that?

    好的。或許是先從小型煉油廠豁免開始。所以,我想澄清一下本季的情況,你們有 1.15 億美元的收益,但實際收益是 5,600 萬美元嗎?它們之間是遞增的嗎?或者我們應該如何澄清這一點?

  • And then maybe at the higher level, I mean, can you talk about your view on the process from here given the guidance invited by the EPA earlier, how does how does this compare versus the process historically? And does this change your confidence on the ability to capture exemptions going forward?

    然後,或許在更高層面上,我的意思是,鑑於美國環保署先前提出的指導意見,您能否談談您對當前流程的看法,這與歷史上的流程相比有何不同?這是否會改變您對未來獲得豁免的信心?

  • Timothy Go - President, Chief Executive Officer, Director

    Timothy Go - President, Chief Executive Officer, Director

  • Yeah, Ryan, this is Tim. Let me take a shot at it. So yes, the third quarter impact that we -- that I mentioned in my prepared remarks, $115 million that are -- you can say are basically directly a result of the granting of the SREs by the EPA. That impacts cost of sales and roughly translates to, call it, $0.47 at EPS. The $56 million is additive to that.

    是的,瑞恩,我是提姆。讓我來試試。所以,是的,我們在第三季受到的影響——我在準備好的發言稿中提到過,1.15 億美元——可以說,這基本上是 EPA 授予 SRE 的直接結果。這會影響銷售成本,大致相當於每股收益減少 0.47 美元。那5600萬美元是額外增加的。

  • It goes into cost of revenue. And what I consider that is more of an indirect benefit of basically buying and selling RINs in the marketplace based on our RINs position at the time.

    它計入營業成本。我認為這更多的是一種間接的好處,基本上是根據我們當時的 RIN 持倉情況在市場上買賣 RIN 來實現的。

  • So this is more or -- associated with our RINs position and what we think our RINs positions will need to be in -- We don't disclose kind of what our strategy is or what we do. But in the third quarter, we had $56 million associated with that which translates to about $0.23 on an EPS basis.

    所以這更多是與我們的 RIN 持倉以及我​​們認為我們的 RIN 持倉需要達到的水平有關——我們不會透露我們的策略或我們具體做了什麼。但第三季度,我們與此相關的支出為 5,600 萬美元,以每股收益計算約為 0.23 美元。

  • Second of all, let me just say, we appreciate the White House and the EPA taking actions to recognize the small refinery space hardship and granting the SREs under the RFS program. As you know, there was a large backlog for many years at this administration that took action on.

    其次,我想說,我們感謝白宮和環保署採取行動,承認小型煉油廠空間困難,並根據 RFS 計劃授予小型煉油廠能源儲備 (SRE)。如你所知,本屆政府多年來積壓了大量工作,但一直沒有採取行動。

  • Following discussions with the DOE and the EPA, we actually believe that the SREs that we submitted could be more. And so we added new and supplemental information and submitted or resubmitted applications for five refineries in our portfolio for the 2023 and 2024 years. So that's Woods Cross, Parco, Casper, Tulsa, and Artesia.

    經過與美國能源部和環境保護署的討論,我們認為我們提交的SRE實際上可以更多。因此,我們補充了新的信息,並提交或重新提交了我們投資組合中的五家煉油廠 2023 年和 2024 年的申請。所以,這六個城市分別是伍茲克羅斯、帕爾科、卡斯珀、塔爾薩和阿爾特西亞。

  • So going forward, we believe we have five small refineries that were exited from the RFS in the past, and we believe qualify for SREs going forward. And while we can't quantify future outcomes or probabilities, we do believe we have considerable upside on a future run rate basis.

    因此,展望未來,我們相信有五家小型煉油廠過去已退出 RFS,並且我們相信它們符合 SRE 的資格。雖然我們無法量化未來的結果或機率,但我們相信,從未來的運行率來看,我們有相當大的上升空間。

  • Ryan Todd - Analyst

    Ryan Todd - Analyst

  • Tim. Maybe a shift on refining margin capture. On the surface, it seems like you've gone from a number of -- the industry went from a number of slight headwinds in the third quarter to what might be modest tailwinds in the fourth quarter, whether it's in slightly widening crude differentials, lower backwardation, addition of butane blending, et cetera. your month into the quarter, any thoughts on how you see the various trends in the market potentially by being -- margin capture in the quarter?

    提姆。或許需要調整利潤獲取方式。表面上看,似乎整個行業在第三季度經歷了一些輕微的逆風,而到了第四季度,這些逆風可能有所減弱,例如原油價差略有擴大、期貨貼水下降、丁烷摻混增加等等。進入第四季後,您如何看待市場各種趨勢對本季利潤率的影響?

  • Steve Ledbetter - Executive Vice President - Commercial

    Steve Ledbetter - Executive Vice President - Commercial

  • This is Steve, I'll take that one. I think -- we don't see a ton of help in terms of light to heavy differential widening. We do see some step-up in Q4. And as we've always talked about, that we see towards the end of '26 the differentials coming back into play. And we were very backward-dated in the quarter not to be flattening out.

    這是史蒂夫,我選他。我認為——在輕度到重度差異擴大方面,我們並沒有看到太多幫助。我們看到第四季確實有所好轉。正如我們一直在談論的那樣,我們看到在 2026 年末,差速器將再次發揮作用。而且我們本季的數據嚴重滯後,沒有出現數據趨於平穩的情況。

  • So the role, which is very impactful for us, seems to be in a better position. And then I think ultimately, we have a good make and mix of our distillate components over gasoline. And so as the jet and the diesel cracks remain strong relative to some of the macro elements that we've talked about, low inventories, an uptick on a colder winter, some of the geopolitical concerns that we have internationally.

    因此,這個對我們影響很大的角色,似乎處境更好了。最後我認為,我們最終會得到比汽油更好的餾分油成分和混合比例。因此,儘管我們討論過一些宏觀因素,例如庫存低、冬季氣溫升高以及我們在國際上面臨的一些地緣政治問題,但航空煤油和柴油的裂解價差仍然堅挺。

  • Those all look good for us into the fourth quarter, and we look to go sell the gasoline pool with our butane blending that we have in the pipe. So overall, Q4 looks for us to be more bullish than maybe we've seen in the past, and we look to take advantage of that, have a good strong -- for Q4.

    這些對我們第四季來說都是利好消息,我們計劃利用正在籌備中的丁烷混合產品來銷售汽油池。所以總的來說,我們對第四季的前景比以往更加樂觀,我們希望能夠利用這一點,在第四季度取得強勁的業績。

  • Timothy Go - President, Chief Executive Officer, Director

    Timothy Go - President, Chief Executive Officer, Director

  • And Ryan, this is Tim. What I would just say is we're pleased with the progress rundown capture, all the things Steve talks about, we're on pace for jet production, premium, all the product mix opportunities that he's talked about in the past. And that's despite the headwinds that we're seeing on not just roll but on crude diffs in general. And so with the outlook that we have that crude diff should widen, WCS, WTI in particular, next year, we do think there is some upside to continued improvement in capture.

    瑞恩,這位是提姆。我只想說,我們對目前的進展感到滿意,史蒂夫談到的所有事情,我們都在按計劃推進噴射機的生產,高端產品,以及他過去談到的所有產品組合機會。儘管我們不僅在滾動方面,而且在原油差價方面都面臨著不利因素,但情況依然如此。因此,鑑於我們預計明年原油價差(尤其是 WCS 和 WTI)將會擴大,我們認為捕獲量持續改善存在一定的上升空間。

  • Operator

    Operator

  • Doug Leggate, Wolfe Research.

    道格‧萊格特,沃爾夫研究公司。

  • Doug Leggate - Analyst

    Doug Leggate - Analyst

  • I'm sorry to be up on this SRE issue. But just to be clear, so I'm curious, why didn't you break out the $115 million and the $56 million as nonrecurring. I'm assuming they were in your realized margins? Or can you explain where they show up in the numbers?

    很抱歉我遇到了這個SRE問題。但為了弄清楚,我很好奇,為什麼你們沒有把 1.15 億美元和 5600 萬美元作為非經常性支出單獨列出來?我假設它們包含在你的實際利潤中?或者你能解釋一下它們在數字中是如何體現的嗎?

  • Atanas Atanasov - Chief Financial Officer, Executive Vice President

    Atanas Atanasov - Chief Financial Officer, Executive Vice President

  • Yeah. This is Atanas. So the $115 million, which is the bulk of the impact shows in our -- is a benefit to our cost of sales. And the reason that's the case is because we had taken that expense in the past. So the company incurred those expenses, recognized them in our previous EBITDA, lowered our EBITDA, and so we appropriately have captured those in our current EBITDA as an offset to that.

    是的。這是阿塔納斯。因此,1.15 億美元(這是影響的大部分,體現在我們的銷售成本中)對我們的銷售成本有利。之所以會出現這種情況,是因為我們過去已經承擔過這筆費用。因此,公司產生了這些費用,並在先前的 EBITDA 中確認了這些費用,降低了我們的 EBITDA,因此我們已將這些費用計入當前的 EBITDA 中,作為對該降低 EBITDA 的抵銷。

  • The remaining $56 million is revenue and it results from optimizing our RINs strategy. So that's somewhat different than the reimbursement of what I call prior expenses and therefore, that $115 million goes into our cost of sales as credit.

    剩餘的 5,600 萬美元是收入,這是我們優化 RIN 策略的結果。所以這與我所說的先前費用的報銷有所不同,因此,這 1.15 億美元將作為信貸計入我們的銷售成本。

  • Timothy Go - President, Chief Executive Officer, Director

    Timothy Go - President, Chief Executive Officer, Director

  • And Doug, this is Tim. What I would just say is we don't view this as a onetime event. We view this as we will be assuming the SREs continue to be in the RFS legislation that we will be entitled to this. And as I mentioned in my earlier remarks, even more of an impact than what we've seen today. So we don't think it's a one-time event.

    道格,這位是蒂姆。我想說的是,我們並不認為這是一次性事件。我們認為,如果我們繼續將 SRE 納入 RFS 立法,我們將有權獲得這些權益。正如我之前提到的,其影響甚至比我們今天看到的還要大。所以我們認為這不是一次性事件。

  • Doug Leggate - Analyst

    Doug Leggate - Analyst

  • No, I completely understand and completely agree with that. I guess, sorry, Tim, maybe I'm being thick as a rock here, but can you just clarify, is this a single quarter -- back? Or is this a cumulative recovery of the SREs for all prior years?

    不,我完全理解並完全同意。我想,抱歉,提姆,也許我笨得像塊石頭,但你能解釋一下嗎,這是一枚四分之一的硬幣——背面?或者這是對之前所有年份 SRE 的累積恢復情況?

  • Atanas Atanasov - Chief Financial Officer, Executive Vice President

    Atanas Atanasov - Chief Financial Officer, Executive Vice President

  • Yeah, this is cumulative based on the base exemptions that we were granted.

    是的,這是根據我們獲得的基本豁免額度累積計算的。

  • Doug Leggate - Analyst

    Doug Leggate - Analyst

  • But taken in the third quarter.

    但這是第三節拍的。

  • Atanas Atanasov - Chief Financial Officer, Executive Vice President

    Atanas Atanasov - Chief Financial Officer, Executive Vice President

  • Correct.

    正確的。

  • Timothy Go - President, Chief Executive Officer, Director

    Timothy Go - President, Chief Executive Officer, Director

  • Yeah. And I would just say that -- Doug, the $115 million, which we talked about in terms of cost of sales is the cumulative impact of the SREs that are being granted. The $56 million is just related to specific actions that we're taking in the trading market in the third quarter that attributed to revenue and which we consider -- we don't talk about buying and selling of crude or crude inventory positions or our product inventory positions quarter-by-quarter.

    是的。我只想說——道格,我們之前談到的 1.15 億美元銷售成本,是授予的 SRE 的累積影響。這 5,600 萬美元僅與我們在第三季在交易市場採取的特定行動有關,這些行動促成了收入,而且我們認為——我們不談論原油或原油庫存頭寸的買賣,也不談論我們每個季度的產品庫存頭寸。

  • And we think that $56 million for SREs fits into that same category or for RINs -- were just normal course of buying and selling of RINs in the course of the quarter based on our overall annual strategy. So that's how we view that. That's why we break it out the two separately.

    我們認為,用於 SRE 的 5,600 萬美元也屬於同一類別,或用於 RIN——只是根據我們整體年度策略,在本季度進行 RIN 買賣的正常過程。這就是我們的看法。所以我們才把這兩者分開來看。

  • Doug Leggate - Analyst

    Doug Leggate - Analyst

  • Okay. That's really helpful. So the $0.47 is a bit that's non-recurring then basically, if you want to call it that.

    好的。這真的很有幫助。所以,這 0.47 美元基本上是一筆非經常性支出,如果你願意這麼稱呼它的話。

  • Timothy Go - President, Chief Executive Officer, Director

    Timothy Go - President, Chief Executive Officer, Director

  • You can call it that, depending on what your view of future SREs are. The $0.23 associated with the $56 million of revenue, we just think is ordinary course of business.

    你可以這樣稱呼它,這取決於你對未來 SRE 的看法。與 5,600 萬美元收入相關的 0.23 美元,我們認為只是正常的商業運作。

  • Doug Leggate - Analyst

    Doug Leggate - Analyst

  • Great stuff. I'm sorry to have labored that. My follow-up is hopefully a quick one. Your capital spending run rate looks light relative to your full year guide. I guess can you just reiterate for us what do you see as your sustaining capital for the total business including turnaround?

    太棒了。很抱歉讓您費了這麼多力氣。我的後續回覆應該很快就能發出。與全年目標相比,您的資本支出運行速度似乎偏低。我想請您再次重申一下,您認為維持整個業務(包括扭虧為盈)所需的資本是多少?

  • Atanas Atanasov - Chief Financial Officer, Executive Vice President

    Atanas Atanasov - Chief Financial Officer, Executive Vice President

  • Yeah. First of all, Doug, to the first part of your question, this is just timing of CapEx spend. So we still stand by the guidance that we indicated in our prepared remarks. With respect on a sustaining basis, on a go-forward basis, we see probably about $100 million of benefit on a go-forward basis relative to what we have said so far. But we will give more specifics later in the year.

    是的。首先,Doug,關於你問題的第一部分,這只是資本支出的時間安排問題。因此,我們仍然堅持我們在準備好的演講稿中提出的指導方針。從永續發展的角度來看,展望未來,我們預計相對於我們目前所說的,未來可能會有大約 1 億美元的收益。但我們將在今年稍後公佈更多細節。

  • Timothy Go - President, Chief Executive Officer, Director

    Timothy Go - President, Chief Executive Officer, Director

  • Doug, we're not ready to give guidance yet. We'll do that in December like we normally do. But just like we said on previous calls, we believe that we have now passed our catch-up maintenance period in our overall turnaround process. Even in -- we think we peaked in 2024, 2025 from a refining standpoint is actually lower on overall CapEx. But it's kind of masked a little bit because we had a larger loops turnaround, if you remember earlier this year.

    道格,我們目前還無法提供指導。我們會像往常一樣在十二月做這件事。但正如我們在先前的電話會議中所說,我們相信我們現在已經度過了整體轉型過程中的追趕維護期。即使我們認為 2024 年或 2025 年已經達到頂峰,但從煉油的角度來看,2025 年的整體資本支出實際上會更低。但這在某種程度上被掩蓋了,因為今年早些時候我們經歷了一次較大的循環週轉。

  • So we do think looking forward into 2026 that we'll see that substantial reduction in overall CapEx. We've talked about that before in terms of order of magnitude. Atanas has kind of giving you a ballpark, and then we'll come out with further guidance when we put the final numbers out in December.

    因此,我們認為展望 2026 年,整體資本支出將會大幅減少。我們之前已經從數量級的角度討論過這個問題了。Atanas 已經給出了一個大致的範圍,然後我們會在 12 月公佈最終數據時提供進一步的指導。

  • Operator

    Operator

  • Philip Jungwirth, BMO.

    Philip Jungwirth,BMO。

  • Phillip Jungwirth - Analyst

    Phillip Jungwirth - Analyst

  • Can you talk about how you look to finance these pipeline expansion projects. Any difference between the first phase? And if you ultimately go through with the other phases. And we normally think of these as 5, 6 times build multiple projects. Is that at least within the ballpark of what you're thinking of?

    您能否談談您打算如何為這些管道擴建項目籌集資金?第一階段和第二階段有什麼差別嗎?如果你最終完成了其他階段的話。我們通常認為這些是 5、6 次建置多個專案。這至少跟你預想的範圍差不多吧?

  • Steve Ledbetter - Executive Vice President - Commercial

    Steve Ledbetter - Executive Vice President - Commercial

  • Yeah. Philip, Steve. We always like to say, let's understand the project and the economics of the project and then figure out how we finance it. And we think we have multiple ways to do that, whether that's due to liquidity on our balance sheet. We have some joint venture partner options and some extensions of that.

    是的。菲利普,史蒂夫。我們總是說,讓我們先了解專案及其經濟效益,然後再考慮如何為其融資。我們認為我們有多種方法可以做到這一點,無論是由於我們資產負債表上的流動性。我們有一些合資夥伴的選擇,以及一些擴展方案。

  • But we're not in a position to talk about how we're going to put the capital to work to make these things happen. If and when we get to FID, which we are not at FID, again, this is evaluating a multiphase expansion to go get to those Western markets.

    但我們目前還不方便討論如何利用資金來實現這些目標。如果最終我們能夠達成最終投資決定(但我們目前還沒有達成最終投資決定),那麼我們將評估一項分階段擴張計劃,以進入西方市場。

  • Timothy Go - President, Chief Executive Officer, Director

    Timothy Go - President, Chief Executive Officer, Director

  • Yeah. And Philip, this is Tim. While we need to make those decisions when the time is appropriate, we do think that the overall cost is significantly lower than the cost that at least are rumored or circulated to be on those other two lines.

    是的。菲利普,這位是蒂姆。雖然我們需要在適當的時候做出這些決定,但我們認為總成本要比至少傳聞或流傳的另外兩條生產線的成本低得多。

  • Phillip Jungwirth - Analyst

    Phillip Jungwirth - Analyst

  • Okay. Great. And then could you touch on specifically the Medicine Bow pipeline review just because this currently serves the Denver market, which is a good market for you. What will be the rationale for the reversal, recognizing this isn't in the first phase of projects you're evaluating?

    好的。偉大的。然後,您能否具體談談 Medicine Bow 輸油管的審查情況,因為該管道目前服務於丹佛市場,而丹佛對您來說是一個很好的市場。鑑於這並非您正在評估的專案的第一階段,那麼這種逆轉的理由是什麼?

  • Steve Ledbetter - Executive Vice President - Commercial

    Steve Ledbetter - Executive Vice President - Commercial

  • Yeah. So as you know, there's an expansion that is coming to the Denver market to be online in Q3 '26. And that pulls barrels out of the Mid-Con. We supply some of that. We also supply some of that from the Rockies.

    是的。如您所知,丹佛市場即將迎來擴張,預計將於 2026 年第三季上線。這樣就把中期大會的桶裝貨物都拉了出來。我們提供其中的一部分。我們也從洛磯山脈供應一些這種原料。

  • And so that goes down our Medicine Bow pipeline, mainly that 35,000 a day that gets into the Denver market is going to be less valued once the expansion comes on bringing more barrels into Denver, which is why we are planning to go make the first phase happen, which is up to 35,000 barrels a day to move those barrels that were getting into Denver West into higher-graded markets.

    因此,這會影響到我們位於 Medicine Bow 的輸油管,主要是因為每天進入丹佛市場的 35,000 桶原油,一旦擴建工程開始,將更多的原油輸送到丹佛,價值就會降低。這就是為什麼我們計劃推進第一階段工程,將每天 35,000 桶原油輸送到丹佛西部,將原本輸送到丹佛西部的原油轉移到更高等級的市場。

  • So depending on what happens, the timing, as we mentioned, we believe Phase 1 could come on in 2028. But that's really just to manage the overall value of that market. I think there's going to be a bit more overside later in the year. So that addresses that first situation.

    所以,根據事態發展和時間安排,正如我們所提到的,我們認為第一階段可能會在 2028 年啟動。但這實際上只是為了管理該市場的整體價值。我認為今年稍後還會出現一些上漲空間。這樣就解決了第一個問題。

  • Longer term, in the various phases of the project, to move up to 150,000 barrels a day, we would reverse Med Bow and potentially expand it to go get more product out of a lot of -- production in our Mid-Con to move those barrels into PADD 5, both Nevada and eventually into California.

    從長遠來看,在項目的各個階段,為了將日產量提高到 15 萬桶,我們將逆轉 Med Bow 項目,並有可能擴大其規模,以便從我們的 Mid-Con 的眾多生產中獲得更多產品,並將這些桶輸送到 PADD 5 區域,包括內華達州,並最終輸送到加利福尼亞州。

  • Timothy Go - President, Chief Executive Officer, Director

    Timothy Go - President, Chief Executive Officer, Director

  • Yeah. And Philip, today, Medicine Bow is primarily moving equity barrels of ours, and we anticipate that continuing even through -- past the expansion.

    是的。菲利普,如今,Medicine Bow 主要在銷售我們的股票,我們預計即使在擴張之後,這種情況也會繼續下去。

  • Operator

    Operator

  • Paul Cheng, Scotiabank.

    Paul Cheng,加拿大豐業銀行。

  • Paul Cheng - Analyst

    Paul Cheng - Analyst

  • I think you sort of answered that question, but in the first phase of your proposed midstream expansion or upgrade over there, the 35,000 barrel per day, should we assume that it's all going to come from your equity barrel. And so that from that standpoint, the first phase at least, is going to be a goal because you don't need other people or that do I get it wrong?

    我認為你已經回答了這個問題,但是,在你提議的中游擴建或升級的第一階段,每天 35,000 桶的產量,我們是否應該假設這全部都來自你的權益桶?所以從這個角度來看,至少第一階段會是個目標,因為你不需要其他人,或是我理解錯了嗎?

  • Steve Ledbetter - Executive Vice President - Commercial

    Steve Ledbetter - Executive Vice President - Commercial

  • No, Paul, I think the question was the first phase, all equity barrels. I would say a good portion of that would be equity barrels. Again, we will follow all the requirements that are laid out from the Interstate Commerce Act and the Federal Energy Regulatory Commission to make freight available for all. But a good portion of those barrels from origin point to destination point would be equity barrels.

    不,保羅,我認為問題是第一階段,所有股權桶。我認為其中很大一部分應該是股權桶裝原油。再次重申,我們將遵守《州際商務法》和聯邦能源監管委員會的所有規定,確保所有人都能獲得貨運服務。但從原產地到目的地,其中很大一部分桶裝原油將是權益桶裝原油。

  • Paul Cheng - Analyst

    Paul Cheng - Analyst

  • Yeah. I guess my point is that should we assume that the Phase 1 with -- was the open season outcome is the goal because then you will be sufficient of an anchor shipper that you actually don't need other people.

    是的。我的意思是,我們是否應該假設第一階段——即公開招標的結果就是目標,因為那樣你就會成為一個足夠強大的錨定貨主,實際上你不需要其他人了。

  • Steve Ledbetter - Executive Vice President - Commercial

    Steve Ledbetter - Executive Vice President - Commercial

  • Yeah. I think that is a fair assumption. Again, we have not taken FID. We anticipate an FID decision by midyear 2026, and we do believe that we have enough equity production given the dynamics that I just mentioned to go support this project.

    是的。我認為這是一個合理的假設。再次聲明,我們尚未採取最終投資決策。我們預計在 2026 年年中之前做出最終投資決定,我們相信,鑑於我剛才提到的各種因素,我們有足夠的股權收益來支持這個計畫。

  • Paul Cheng - Analyst

    Paul Cheng - Analyst

  • Right. And that what kind of tariffs that we should assume?

    正確的。那我們該承擔什麼樣的關稅呢?

  • Steve Ledbetter - Executive Vice President - Commercial

    Steve Ledbetter - Executive Vice President - Commercial

  • Sorry, can you repeat the question there, Paul?

    不好意思,保羅,你能再說一次你的問題嗎?

  • Paul Cheng - Analyst

    Paul Cheng - Analyst

  • What kind of tariffs that we should assume.

    我們應該承擔什麼樣的關稅?

  • Steve Ledbetter - Executive Vice President - Commercial

    Steve Ledbetter - Executive Vice President - Commercial

  • So again, we're not commenting on tariff structure at this point. Once we get closer to taking FID, we'll come back to the market with more definitive set of potential guidance items and economics.

    所以,我們目前不對關稅結構發表評論。一旦我們接近做出最終投資決定,我們將帶著更明確的潛在指導項目和經濟效益數據重返市場。

  • Timothy Go - President, Chief Executive Officer, Director

    Timothy Go - President, Chief Executive Officer, Director

  • Yeah. But we do think, Paul -- we haven't calculated tariff yet, as you know, but we do think that the overall cost and timing of what we're proposing can be quicker and more efficient than what others have announced just because of the existing infrastructure we have.

    是的。但是保羅,正如你所知,我們還沒有計算關稅,但我們認為,由於我們現有的基礎設施,我們提出的方案在總體成本和時間安排上可以比其他人宣布的方案更快、更有效率。

  • And then on the equity barrel comment, the Pioneer pipeline, as we talked about, is a joint venture between us and Phillips 66. And so while we can't wait for them, we would expect them to probably have some equity barrels to put on the line as well.

    至於股權桶的評論,正如我們之前討論過的,Pioneer管道是我們和Phillips 66的合資企業。因此,雖然我們迫不及待地想看到他們的行動,但我們預計他們可能也會拿出一些股權作為擔保。

  • Paul Cheng - Analyst

    Paul Cheng - Analyst

  • Okay. And second question maybe is that you can share with us that how is the lubricant market looks and also that -- I know that you guys have continued to look for the bolt-on acquisition over there. How is that market condition also looks?

    好的。第二個問題或許是,您能否和我們分享一下潤滑油市場的現狀,還有──我知道你們一直在尋找合適的收購目標。市場狀況如何?

  • Matt Joyce - Senior Vice President, Lubricants and Specialties

    Matt Joyce - Senior Vice President, Lubricants and Specialties

  • Paul, it's Matt Joyce. The market is continuing to perform at a pretty healthy rate. You've seen our quarterly performance, we returned to our historic run rate, and we were really pleased with that. And the teams continue to execute on our strategy of forward integrating our base stocks into finished and specialty products, and you're seeing the benefit of a diverse portfolio that we serve with our customer base today.

    保羅,我是馬特‧喬伊斯。市場繼續保持著相當健康的成長動能。您已經看到了我們的季度業績,我們恢復到了歷史平均水平,對此我們非常滿意。團隊繼續執行我們的策略,將基礎原料向前整合到成品和特殊產品中,您現在可以看到我們多元化的產品組合為我們的客戶群帶來的好處。

  • Looking forward, we're just continue to manage and watch any sort of tariff upheaval that we may have. We've seen some -- in forestry in Canada. But on the long of it, we're pretty confident that fourth quarter will be around our traditional run rates.

    展望未來,我們將繼續應對並密切關注可能出現的任何關稅變動。我們在加拿大的林業中見過一些。但從長遠來看,我們相當有信心第四季將維持我們傳統的營運水準。

  • Paul Cheng - Analyst

    Paul Cheng - Analyst

  • How about on the M&A market?

    併購市場狀況如何?

  • Matt Joyce - Senior Vice President, Lubricants and Specialties

    Matt Joyce - Senior Vice President, Lubricants and Specialties

  • With regards to the -- yeah, we don't have anything to speak about today, but we continue to explore options and opportunities that are interesting to us and help us build on our portfolio and build out our competencies and in particular, in the US markets, where we're looking to continue to grow at a nice pace.

    關於——是的,我們今天沒有什麼可說的,但我們會繼續探索我們感興趣的選擇和機會,幫助我們拓展業務組合,提升自身能力,尤其是在美國市場,我們希望繼續保持良好的成長勢頭。

  • Timothy Go - President, Chief Executive Officer, Director

    Timothy Go - President, Chief Executive Officer, Director

  • Yeah. Paul, I would just say, overall, we've talked about our lube strategy. We want to grow our finished business. We want to reduce our base oil length and we want to rerate this business to a higher trading multiple based on the specialty business. We think what Matt and his team are doing is executing that strategy.

    是的。保羅,我只想說,總的來說,我們已經討論過我們的潤滑策略了。我們希望發展我們的成品業務。我們希望縮短基礎油持有期,並希望根據特種油業務將這項業務的估值倍數提高。我們認為馬特和他的團隊正在執行這項策略。

  • We think there are opportunities to do some inorganic bolt-ons that will help us accelerate that strategy. And we think, as we've talked about, we've been a consolidator in this space in the past, and we think there's opportunities for us to continue that opportunity.

    我們認為,透過一些非有機收購來加速這項策略的實施,存在著一些機會。正如我們之前討論過的,我們過去一直是這個領域的整合者,我們認為我們有機會繼續抓住這個機會。

  • Paul Cheng - Analyst

    Paul Cheng - Analyst

  • And Tim, I don't know if you can comment on that. But one of the major integrated oil company, they've been trying to sell their lubricant business and that the median rumor is that there have been some difficulty to get the price they want. Does this signal the valuation multiple on that business has changed. Previously, we all generally assume 10 to 12 times EBITDA. Have you seen in the marketplace that, that valuation has changed.

    提姆,我不知道你是否可以對此發表評論。但據傳,一家大型綜合石油公司一直在試圖出售其潤滑油業務,但他們在爭取理想價格方面遇到了一些困難。這是否意味著該企業的估值倍數發生了變化?以前,我們通常都假設是 EBITDA 的 10 到 12 倍。你是否注意到市場上的估值已經改變了?

  • Timothy Go - President, Chief Executive Officer, Director

    Timothy Go - President, Chief Executive Officer, Director

  • Paul, we obviously can't comment on specifics because we don't know what's going on. I think you're probably referencing the Castrol process that has been in the news. All I can say is that we are quite different to our business than the Castrol business. Castrol is a much more global business focused primarily around passenger cars, where our business is much more North American based and focused on the industrial side of the business.

    保羅,我們顯然無法對具體細節發表評論,因為我們不知道發生了什麼。我想你可能指的是最近新聞報導的嘉實多工藝。我只能說,我們的業務與嘉實多的業務截然不同。嘉實多是一家全球性企業,主要專注於乘用車領域;而我們的業務則更以北美為基礎,專注於工業領域。

  • So I don't think I can comment on any of the other kind of speculations around the process they're going through, Paul. But what I can tell you is that we believe our business, again, with our strategy is a strong industrial base business and that we can continue to grow it and increase its trading multiple by growing the finished side of the business and reducing the base oil length.

    所以,保羅,我覺得我無法對他們正在經歷的過程相關的其他任何猜測發表評論。但我可以告訴你們的是,我們相信,憑藉我們的策略,我們的業務是一個強大的工業基礎業務,我們可以透過發展成品業務和縮短基礎油週期來繼續發展壯大並提高其交易倍數。

  • Operator

    Operator

  • Matthew Blair, TPH.

    Matthew Blair,TPH。

  • Matthew Blair - Analyst

    Matthew Blair - Analyst

  • Could I circle back to the comment that you resubmitted SRE applications for, I think it was five refineries. Parco, Tulsa, and Artesia are all well above 75 a day. So could you talk about how these refineries will be eligible? And I guess going forward, would you plan to run these refineries that have much lower utilization to be below 75 a day?

    我可以再補充一下您重新提交 SRE 申請的評論嗎?我記得是五個煉油廠。帕爾科、塔爾薩和阿爾特西亞的日均死亡人數都遠高於 75 人。那麼,您能談談這些煉油廠如何符合資格嗎?那麼,展望未來,您是否計劃讓這些利用率低得多的煉油廠的日產量低於 75 公升?

  • Timothy Go - President, Chief Executive Officer, Director

    Timothy Go - President, Chief Executive Officer, Director

  • Yeah, Matthew, let me just clarify on that. The Parco refinery as you know, is actually -- can run higher than the 75,000 barrels a day, but it's close. And so yes, I think we would take that into consideration each year as we think about overall margins and overall product demand, and we'd factor that into our decision in terms of whether to run above a certain amount or not.

    是的,馬修,讓我解釋一下。如您所知,Parco 煉油廠的實際日產量可以超過 75,000 桶,但已經很接近了。所以,是的,我認為我們在每年考慮整體利潤率和整體產品需求時都會考慮到這一點,並且我們會將其納入我們的決策考量,以決定是否超過某個特定水平。

  • The Tulsa and the Artesia refineries, as you know, are actually two separate refineries that are -- that we tend to report as one but are actually two physically separate refineries. And there are other refineries, as you may know, that received small refinery exemptions separate in a similar fashion. And so that's what we're talking about on those two refineries.

    如您所知,塔爾薩煉油廠和阿爾特西亞煉油廠實際上是兩個獨立的煉油廠——我們傾向於將它們報告為煉油廠,但實際上它們是兩個物理上獨立的煉油廠。您可能也知道,還有其他煉油廠以類似的方式單獨獲得了小型煉油廠豁免。所以,這就是我們討論那兩家煉油廠的情況。

  • Matthew Blair - Analyst

    Matthew Blair - Analyst

  • Okay. Because you're right, because Tulsa was a combination of I think it was like a Sunoco and some other plants. Okay. That's helpful.

    好的。因為你說得對,因為塔爾薩是由一些工廠組成的,我想它就像是 Sunoco 加油站和其他一些工廠。好的。那很有幫助。

  • And then I think it's interesting you're making investments in the Puget Sound Refinery at the same time that there's a lot of proposals for more product headed to PADD 5. Could you talk about where Puget Sound would stand on the cost curve in terms of getting product into California. And I guess what gives you confidence that these are going to be good long-term investment.

    我覺得很有趣的是,你們在投資普吉特海灣煉油廠的同時,還有很多提案計劃將更多產品運往 PADD 5 地區。您能否談談普吉特海灣在向加州輸送產品方面的成本處於什麼位置?我想是什麼讓你相信這些都是好的長期投資呢?

  • Steve Ledbetter - Executive Vice President - Commercial

    Steve Ledbetter - Executive Vice President - Commercial

  • Yeah, Matt, this is Steve. We've been watching the market dynamics in PADD 5 play out for quite a while. There's a good amount of jet that is imported today into California and PADD 5. And one of our advantages of the Puget Sound Refinery is our dock capability and access.

    是的,馬特,這是史蒂夫。我們已經觀察 PADD 5 的市場動態一段時間了。如今,加州和 PADD 5 地區進口了大量的噴射機。普吉特海灣煉油廠的優勢之一在於我們的碼頭作業能力和便利的交通。

  • So these projects are intended to provide flexibility to meet the demands of whatever is happening in the marketplace, including making carb gas or the unfinished components that go into carb gas and have been successful in improving that, and you're seeing that in our capture on the West. That's partially attributable to that.

    因此,這些項目旨在提供靈活性,以滿足市場上的各種需求,包括生產化油器汽油或化油器汽油的未完成組件,並且已經成功地改進了這一點,而你正在看到我們在西部的佔領。這部分原因要歸結於此。

  • And then moving the next project to be able to swing barrels from diesel to jet. We believe that, that jet short will continue and growth will continue of that overall transport fuel stream. And so that gives us the availability to either place barrels in the local Puget Sound market or export them, getting them into California, but also in the other markets that we found success into Lat Am, et cetera.

    然後,下一個項目的目標是能夠將油桶從柴油燃料切換到噴射燃料。我們認為,噴射機短缺的局面將會持續,而整個運輸燃料市場的需求也將持續成長。因此,我們可以選擇將桶裝產品投放到普吉特海灣當地市場,也可以出口到加州,以及我們在拉丁美洲等其他市場取得成功。

  • So this is really about product flexibility, which gives a competitive advantage as the market dynamic plays out. And we're seeing the signs, and we're putting the capital to work, small capital to work to go make investments that are very accretive for us in the long run.

    所以這其實是關乎產品彈性,這在市場動態變化中能夠帶來競爭優勢。我們看到了這些跡象,我們正在投入資金,即使是小額資金,去進行那些從長遠來看對我們非常有利的投資。

  • Timothy Go - President, Chief Executive Officer, Director

    Timothy Go - President, Chief Executive Officer, Director

  • Yeah. And Matthew, this is Tim. I'll just emphasize a couple of things that Steve said. These are small projects. They fit within the guidance that we've been talking about in terms of our growth capital that we guide to each year. And so we're not talking significant -- the CapEx required. And it's really about flexibility, as Steve mentioned. This gives us the flexibility.

    是的。馬修,這位是提姆。我只想強調一下史蒂夫說的幾點。這些都是小型專案。它們符合我們每年所討論的成長資本指導原則。因此,我們說的並不是大量的資本支出。正如史蒂夫所提到的,關鍵在於靈活性。這給了我們靈活性。

  • For example, the jet project that I mentioned, it gives us the flexibility to make jet or diesel, depending on what the market is calling for and depending on whether the -- to California is open or not, right? So we -- it's going to give us flexibility to take more advantage of the different dynamics and the different arbs that are open at the time.

    例如,我提到的噴射機項目,它使我們能夠靈活地製造噴射機或柴油飛機,這取決於市場需求以及通往加州的道路是否開放,對吧?因此,這將使我們更靈活地利用當時不同的市場動態和不同的套利機會。

  • The CARB gasoline project is the same way just gives us the flexibility to take advantage of that. And quite honestly, this pipeline project that we're talking about. It's really all about flexibility. It's going to give us the ability to move barrels from the Rockies over to Nevada or not, just depending on what the market looks like.

    CARB汽油計畫也是如此,它給了我們利用這一優勢的靈活性。坦白說,我們正在討論的這個管道項目。關鍵在於靈活變通。這將使我們能夠根據市場情況,決定是否將桶裝原油從落基山脈運往內華達州。

  • Operator

    Operator

  • Neil Mehta, Goldman Sachs.

    尼爾梅塔,高盛集團。

  • Neil Mehta - Analyst

    Neil Mehta - Analyst

  • One tactical question, one strategic. Just tactically, the Q4 guide, the 550 to 590 of crude charges. It's lower than it's been in a while. And I think you cited the turnaround of Puget Sound was. Anything else that we should be thinking about there? Or is there some conservatism there?

    一個戰術問題,一個戰略問題。從戰術角度來看,第四季指南中提到,原油裝藥量為 550 至 590。現在的水位比一段時間以來的最低點要低。我認為你提到了普吉特海灣的轉機。還有其他需要考慮的嗎?或者說,那裡存在一些保守主義傾向?

  • Steve Ledbetter - Executive Vice President - Commercial

    Steve Ledbetter - Executive Vice President - Commercial

  • Neil, this is Steve. The guidance reflects our planned turnaround at a large refinery Puget Sound design, as you know, that started very late in September. But in addition, we were -- we pushed out a few small maintenance elements into a lower margin environment in Q4 to take advantage of the market in the higher-margin environment in Q3. So the combination of those two get us to this 550 to 590 crude guidance, nothing more to it than that.

    尼爾,我是史蒂夫。該指導意見反映了我們計劃對普吉特海灣大型煉油廠進行檢修,正如您所知,檢修工作於 9 月下旬開始。此外,我們也—我們在第四季將一些小型的維護項目推向了利潤較低的環境,以便在第三季利潤較高的市場環境中獲利。因此,這兩個因素結合起來,就得出了原油價格在每桶 550 至 590 桶之間的指導價,僅此而已。

  • Neil Mehta - Analyst

    Neil Mehta - Analyst

  • Okay. And any early thoughts on '26 turnarounds as we think about next year?

    好的。展望明年,對於2026年的業績下滑,大家有什麼初步想法嗎?

  • Valerie Pompa - Executive Vice President - Operations

    Valerie Pompa - Executive Vice President - Operations

  • This is Valeria. So our turnaround guidance will be coming out generally, as I said before, we are through the peak and -- we've continued to level out our turnaround costs and our turnaround events for the next year. Guidance will be coming out soon. I would expect lower -- anticipate lower cost and fewer turnarounds.

    這是瓦萊裡婭。因此,正如我之前所說,我們的扭虧為盈指導意見總體上將會出爐,我們已經度過了高峰期,並且——我們一直在努力使明年的扭虧為盈成本和扭虧為盈事件保持平穩。相關指導意見即將出台。我預計成本會更低,週轉次數也會更少。

  • Neil Mehta - Analyst

    Neil Mehta - Analyst

  • Perfect. And the follow-up, Tim, just on return of capital, a very nice number this quarter. You've talked about in '26 and beyond, you want to get to dividends plus buybacks being 50% or higher of net income. So just talk about how you're thinking about return of capital levels on the go forward?

    完美的。提姆,接下來是關於資本回報,本季的數據非常不錯。你曾談到,在 2026 年及以後,你希望股利加上股票回購能夠達到淨收入的 50% 或更高。那麼,請談談您對未來資本報酬率的看法?

  • Atanas Atanasov - Chief Financial Officer, Executive Vice President

    Atanas Atanasov - Chief Financial Officer, Executive Vice President

  • Neil, this is Atanas. Thanks for your question. With respect to our payout ratio, really, that 50%, we look at it as a minimum payout ratio, which we've exceeded consistently over the years, including this year. And our priority remains to -- shareholder return of capital remains a priority for us. And what does that translate into.

    尼爾,我是阿塔納斯。謝謝你的提問。就我們的派息率而言,實際上,50% 這個數字,我們將其視為最低派息率,多年來我們一直超過這個標準,包括今年。我們的首要任務仍然是-股東資本回報仍然是我們的首要任務。那這意味著什麼呢?

  • Any excess cash flow that we generate over above our nondiscretionary spend, which is our dividend, our commitments to safety and reliability, highly accretive organic growth, anything over and above that, our target is to return to the shareholders.

    任何超出我們非酌情支出(即股息、對安全性和可靠性的承諾、高增值性內生成長)的剩餘現金流,我們的目標都是返還給股東。

  • Timothy Go - President, Chief Executive Officer, Director

    Timothy Go - President, Chief Executive Officer, Director

  • Yeah. And Neil, I'll just chime in with what Atanas said. We evaluate inorganic opportunities to grow. We evaluate these organic growth projects that we just talked about against our other options of returning cash to shareholders and look and choose to see what is the best decision for the business long term. So we're factoring all that in as we -- as we do our capital allocation strategy. I will just point to our historical practice of returning cash to shareholders.

    是的。尼爾,我只想補充阿塔納斯說的話。我們評估非有機成長機會。我們會評估剛才提到的這些有機成長項目,並將其與我們向股東返還現金的其他方案進行比較,從而確定對企業長期發展最有利的決策。因此,我們在製定資本配置策略時,會將所有這些因素納入考量。我只想指出我們歷來都有向股東返還現金的做法。

  • And if you look back over the last three or four years, we've been 16% in '22, 12% cash returns in '23, 16% cash returns in '24, and we're 11% here in the third quarter or 7% year to date in 2025. And so I think our track record of returning cash to shareholders is strong.

    回顧過去三、四年,2022 年的現金報酬率為 16%,2023 年為 12%,2024 年為 16%,而 2025 年第三季為 11%,年初至今為 7%。因此,我認為我們向股東返還現金的記錄非常出色。

  • Operator

    Operator

  • Jason Gabelman, TD Cowen.

    Jason Gabelman,TD Cowen。

  • Jason Gabelman - Analyst

    Jason Gabelman - Analyst

  • I'm going to pick up on that last question. And I understand kind of framework about returning cash to shareholders. But if I look year-to-date, it does seem like cash is built approaching $1 billion and debt has remained, I guess, somewhat stable. So it seems like you -- there's been some buildup of excess cash. So should we expect a catch-up where more of that excess cash is returned or are you looking at stockpile cash for another reason? Or is there something else going on there?

    我接下來要回答最後一個問題。我理解向股東返還現金的框架。但從今年迄今的情況來看,現金儲備似乎已接近 10 億美元,而債務也保持了相對穩定。看來你——似乎累積了一些多餘的現金。那麼,我們是否應該期待更多多餘的現金被回饋,還是您出於其他原因考慮囤積現金?或者,那裡還有其他事情發生?

  • Atanas Atanasov - Chief Financial Officer, Executive Vice President

    Atanas Atanasov - Chief Financial Officer, Executive Vice President

  • Thanks for your question. We're not looking to stockpile cash. And if you look at the increase in our cash balance, really, a lot of the build occurred in the third quarter, which is a very strong quarter. Our goal is to return our excess cash to shareholders. We don't guide with respect to timing, but expect more to come in terms of capital returns.

    謝謝你的提問。我們並不打算囤積現金。如果你看一下我們現金餘額的成長,你會發現,大部分成長都發生在第三季度,而第三季度是一個非常強勁的季度。我們的目標是將多餘的現金回饋給股東。我們不提供時間的指導,但預計未來會有更多資本回報。

  • Jason Gabelman - Analyst

    Jason Gabelman - Analyst

  • Okay. And then my other question is on the -- topic, which I know has been hit a few times, but I just wanted to ask a couple of clarifying questions. First, can you break out the margin benefit to each one of your regions? So we get a picture of what the underlying margin was for the quarter, excluding the SRE benefit. And then to be clear, do you have how excess RINs on the balance sheet that you can sell back into the market?

    好的。我的第二個問題是關於——這個主題,我知道這個問題已經被討論過幾次了,但我只是想問幾個澄清的問題。首先,您能否分別列出每個地區的利潤收益?這樣我們就能了解該季度的基本利潤率是多少,不包括 SRE 收益。那麼,為了明確起見,你們的資產負債表上是否有多餘的RIN可以賣回市場?

  • Or does that kind of $50 million or so that you mentioned get you into a place that you'd want to be to manage your RIN exposure moving forward?

    或者,您提到的 5000 萬美元左右的資金是否能讓您達到理想的水平,從而更好地管理您未來的 RIN 風險敞口?

  • Timothy Go - President, Chief Executive Officer, Director

    Timothy Go - President, Chief Executive Officer, Director

  • Yeah. Jason, this is Tim. I appreciate both of those questions that you're asking. But we don't provide that level of detail for either of those questions. So a breakdown across the regions or by plant.

    是的。傑森,這是提姆。感謝您提出的這兩個問題。但我們並未對這兩個問題提供如此詳細的資訊。因此,可以按地區或按植物進行細分。

  • We've just never done that in the past and we don't believe we -- it's in our best interest to do that going forward. And then we've never talked about our RINs position, whether it is RIN long or RIN short. And just from the very beginning, and while we talked about it whether to disclose that or not, we decided it's still in our best interest not to disclose that.

    我們過去從未這樣做過,我們認為──這樣做不符合我們未來的利益。而且我們從未討論過我們對 RIN 的立場,無論是做多 RIN 還是做空 RIN。從一開始,雖然我們討論過是否要披露此事,但我們最終決定,不披露此事仍然符合我們的最佳利益。

  • Operator

    Operator

  • I'd now like to hand the call back to Tim Go for final remarks.

    現在我把電話交還給 Tim Go,請他做最後的總結發言。

  • Timothy Go - President, Chief Executive Officer, Director

    Timothy Go - President, Chief Executive Officer, Director

  • Thank you, Ellie. Before we close, I want to point out that our business is much different from just a few years ago, not just in acquired assets like with the Puget Sound Refinery, Sinclair, HEP, but it's all different in culture and performance. Refining throughput, capture, operating costs and CapEx are all trending in the right direction. Our non-refining segments continue to shine, including our lubricants and specialties business, marketing and midstream businesses.

    謝謝你,艾莉。在結束之前,我想指出,我們的業務與幾年前大不相同,不僅在收購的資產方面(例如普吉特海灣煉油廠、辛克萊、HEP),而且在文化和業績方面也完全不同。精煉產量、捕獲量、營運成本和資本支出都在朝著正確的方向發展。我們的非煉油業務板塊繼續表現出色,包括潤滑油和特殊產品業務、行銷和中游業務。

  • All of these are proof points that our strategy is working and enabling us to generate free cash and deliver strong shareholder returns. Looking ahead, we are constructive on the fundamentals of each of our businesses, including our renewable diesel business. And as always, our priorities remain the same to, one, improve our reliability; two, integrate and optimize our portfolio of assets; and three, return excess cash to our shareholders. Thank you for joining our call. Have a great day.

    所有這些都證明我們的策略是有效的,使我們能夠產生自由現金流並為股東帶來豐厚的回報。展望未來,我們對旗下各項業務的基本面都持樂觀態度,包括我們的再生柴油業務。和以往一樣,我們的優先事項仍然是:第一,提高可靠性;第二,整合和優化資產組合;第三,將多餘的現金回饋給股東。感謝您參加我們的電話會議。祝你有美好的一天。

  • Operator

    Operator

  • This does conclude today's teleconference. Please disconnect your lines at this time, and have a wonderful day.

    今天的電話會議到此結束。請暫時斷開您的線路,祝您有美好的一天。