HF Sinclair Corporation (DINO) 2026 Q1 法說會逐字稿

Welcome to HF Sinclair Corporation's first quarter 2026 conference call and webcast. Hosting the call today is Franklin Myers, who is serving as Chief Executive Officer of HF Sinclair. He is joined by Vivek Garg, acting Chief Financial Officer; Steve Ledbetter, EVP of Commercial. Valerie Pompa, EVP of Operations; and Matt Joyce, SVP of Lubricants and Specialties. (Operator Instructions) Please note that this conference is being recorded.

歡迎參加 HF Sinclair Corporation 2026 年第一季電話會議與網路直播。今日主持本次電話會議的是 Franklin Myers，目前擔任 HF Sinclair 的執行長。他與代理財務長 Vivek Garg、商務執行副總裁 Steve Ledbetter、營運執行副總裁 Valerie Pompa，以及潤滑油與特種產品資深副總裁 Matt Joyce 一同出席。（接線員指示）請注意，本次會議將被錄音。

It is now my pleasure to turn the floor over to Craig Biery, Vice President, Investor Relations. Craig, you may begin.

現在我很榮幸將會議交給投資人關係副總裁 Craig Biery。Craig，請開始。

Thank you, Matt. Good morning, everyone, and welcome to HF Sinclair Corporation's first quarter 2026 earnings call. This morning, we issued a press release announcing results for the quarter ending March 31, 2026. 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，Matt。各位早安，歡迎參加 HF Sinclair Corporation 2026 年第一季財報電話會議。今天早上，我們已發布新聞稿，公布截至 2026 年 3 月 31 日止季度的業績結果。若您需要一份財報新聞稿，可至我們的網站 hfsinclair.com 取得。在開始發言之前，請留意今日新聞稿中的「安全港」揭露聲明。

In summary, the statements made regarding management expectations, judgments or predictions are forward-looking statements. These statements are intended to be covered under the Safe Harbor provisions of federal securities 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.

總結而言，關於管理層之預期、判斷或預測所作的陳述均屬前瞻性陳述。此等陳述旨在受聯邦證券法之安全港條款所保障。可能導致實際結果與預期不同的因素眾多，包括我們向 SEC 提交之文件中所列者。本次電話會議亦可能包含對非 GAAP 指標的討論。

Please see the earnings press release for reconciliations to GAAP financial measures. For any forward-looking non-GAAP measures, the company is unable to provide a reconciliation without unreasonable effort due to the unpredictability and uncertainty of certain items. Also please note any time-sensitive information provided on today's call may no longer be accurate at the time of any webcast replay or rereading of the transcript.

請參閱財報新聞稿，以取得與 GAAP 財務指標之調節表。對於任何前瞻性的非 GAAP 指標，由於某些項目的不可預測性與不確定性，公司在不付出不合理努力的情況下無法提供調節。此外，請注意今日電話會議中提供的任何具時效性資訊，在日後重播網路直播或重新閱讀逐字稿時可能已不再準確。

And with that, I'll turn the call over to Franklin.

接下來，我把電話會議交給 Franklin。

Okay. Thank you, Craig. Let me add my welcome to all those on this call to the HF Sinclair's first quarter earnings in 2026. First, let me express my gratitude to over 5,000 employees of the company for making the first quarter a good one. As most of you know, first quarter for HF Sinclair can sometimes be challenging due to weather, due to softness in the economic conditions in our markets.

好的。謝謝你，Craig。我也歡迎各位參加 HF Sinclair 2026 年第一季財報電話會議。首先，我要向公司超過 5,000 名員工表達感謝，因為他們讓第一季表現良好。各位多數人都知道，對 HF Sinclair 而言，第一季有時會因天候因素、以及我們市場中的經濟狀況偏弱而具挑戰性。

And typically, we have turnaround activities with some of our assets. This quarter, our operations ran safely in compliance and reliably, which you'll hear more about in a minute. This reflects the continuing improvement in our operation and is a testament to the focus on excellence by our employees. So thank you, employees of HF Sinclair.

而且通常我們的一些資產會進行歲修（turnaround）作業。本季我們的營運在安全、合規且可靠的情況下運行，稍後你們會聽到更多細節。這反映了我們營運持續改善，也證明員工對卓越的專注。因此，謝謝 HF Sinclair 的各位員工。

During the first quarter, our CEO and CFO, both took leaves of absence as previously described in our annual report on Form 10-K. The Board has the task of addressing the future leadership of the company, and we'll do so with diligence and care. In the meantime, I will continue to serve as CEO and President until decisions in that regard are made. In reference to the ongoing Board process, we will not address those events in that process today. The current executive leadership team and the other employees of the companies are committed to continuing the successful performance of the company, and it is performing at a very high level.

在第一季期間，我們的執行長與財務長皆如同先前在 Form 10-K 年報中所述而請假。董事會負責處理公司未來領導階層安排，並將以審慎與周全的態度進行。同時，在相關決定作出之前，我將持續擔任執行長與總裁。就董事會目前進行中的程序而言，我們今天不會就該程序中的事件作出回應。目前的高階管理團隊與公司其他員工致力於延續公司的成功表現，而公司目前的表現處於非常高的水準。

Please keep in mind that much of the strategy of the company began in 2021 and '22 with the acquisition of our Puget Sound refinery and the merger with Sinclair. My presence as CEO is to help maintain the focus and commitment to the strategy as set by the Board.

請各位記得，公司許多策略始於 2021 與 2022 年，包括收購 Puget Sound 煉油廠以及與 Sinclair 的合併。我擔任執行長的角色，是協助維持董事會所制定策略的專注與承諾。

I'll remind you that I've been Chairman through that entire time since 1990, and this is an ongoing process that we're pursuing with diligence. Our employees continue to work daily with the desire to operate at a high level to improve our company for the benefit of all constituencies. But before moving on to the reports of the others, we have to acknowledge the military conflict in the Middle East. Our thoughts and prayers go out to members of our Armed Forces involved and those innocent individuals caught up in harm's way. We continue to hope for a peaceful resolution.

我也提醒各位，自 1990 年以來我一直擔任董事長，這是一個我們正以審慎態度推進的持續性流程。在員工每日努力之下，我們希望以高水準營運來改善公司，造福所有利害關係人。但在進入其他主管的報告之前，我們必須承認中東的軍事衝突。我們的思念與祈禱與參與其中的國軍成員，以及那些無辜、身處危險之中的民眾同在。我們持續期盼能和平解決。

The conflict though has created substantial and material disruption to the crude oil and the necessary -- for crude oil and other necessary products for the advancement of markets around the world. This disruption creates volatility in the markets we serve. The company remains focused on addressing any challenges we have to serve our customers.

然而，該衝突已對原油以及其他推動全球市場發展所需的必要產品之供應，造成重大且實質的干擾。這種干擾使我們所服務的市場出現波動。公司仍專注於因應各項挑戰，以服務我們的客戶。

And in that regard, we remain very nimble as we see events occur because we see volatility in the markets that we've got to address on a constant basis, and it's one that's not without challenge within our industry or our company. But I believe our team is up to the challenge. And I think that we will see and continue to see as others have stress in the world as a result of this, and we've got to just address it to make sure we do our part to try to resolve that stress.

在這方面，隨著事件發生，我們保持高度機動性，因為我們看到市場波動，必須持續加以因應；這對我們產業或公司而言都不是沒有挑戰。但我相信我們的團隊有能力迎接挑戰。我也認為，隨著此事導致全球其他地區承受壓力，我們將會看到並持續看到相關影響；而我們必須加以處理，確保我們盡一份力，嘗試緩解這些壓力。

With that, I'll turn it over to Steve to take us through some of the commercial issues.

接下來，我把時間交給 Steve，帶我們了解一些商務方面的議題。

Thank you, Franklin, and thank you all for joining our call. During the first quarter, we delivered strong results across each of our business segments, supported by safe and reliable operations and good commercial optimization. With our continued operational focus, we recorded an excellent safety quarter with no Tier 1 process safety events despite the heavy turnaround load and harsh winter weather season. We are pleased with these results and remain committed to progressing our operational initiatives. Now let me cover our business highlights.

謝謝你，Franklin，也謝謝各位加入我們的電話會議。第一季期間，在安全且可靠的營運與良好的商業最佳化支持下，我們各業務部門皆交出強勁成果。隨著我們持續聚焦營運，我們在歲修負荷沉重且冬季天候嚴峻的情況下，仍創下優異的安全季度，未發生任何 Tier 1 製程安全事件。我們對這些成果感到滿意，並將持續推進我們的營運計畫。接下來我說明各項業務重點。

In refining, we completed two turnarounds at our Puget Sound and Woods Cross refineries. Despite the heavy turnaround and harsh winter weather we faced, we were pleased with our reliability performance, running crude charge at the upper end of our guided runs coming in at 613,000 barrels per day.

在煉油業務方面，我們完成了 Puget Sound 與 Woods Cross 煉油廠的兩項歲修。儘管面臨沉重的歲修工作與嚴峻的冬季天候，我們對可靠度表現感到滿意；原油加工量（crude charge）在我們指引區間的上緣，達到每日 613,000 桶。

We do not have any planned turnaround scheduled until the El Dorado turnaround commences towards the back end of the third quarter. We are encouraged by the refining margin strength in our regions and believe that we are well positioned to capture the current market conditions as we head into summer driving season. Our focus remains on our strategic initiatives and improving throughput, capture and operating expenses.

在第三季後段 El Dorado 歲修啟動之前，我們沒有任何已規劃的歲修。我們對區域內煉油利差的強勁表現感到鼓舞，並相信在進入夏季行車旺季之際，我們已具備良好條件把握目前的市場環境。我們仍聚焦於策略性計畫，並改善處理量、捕捉率（capture）與營運費用。

In our marketing segment, we're making great progress with the integration of our previously announced Green Trail Fuels JV. We believe this joint venture will allow us to accelerate growth of the Sinclair brand and expand our footprint, while growing the earnings of this business with exposure to other high-value adjacent revenue streams. We added 25 branded sites in the quarter with more than 100 sites with contracts signed and expected to come online over the next 6 to 12 months.

在行銷業務方面，我們在整合先前宣布的 Green Trail Fuels 合資企業（JV）上取得重大進展。我們相信此合資將使我們能加速 Sinclair 品牌成長並擴大版圖，同時透過接觸其他高價值的相鄰收入來源，提升該業務的獲利。本季我們新增 25 個品牌據點，且已有超過 100 個據點完成簽約，預計在未來 6 至 12 個月內上線。

We still expect to grow our number of branded sites by approximately 10% annually. In our Renewables segment, we were very pleased with our team's ability to optimize our business, both commercially and operationally in order to capture the favorable market conditions in the period and deliver strong financial performance. Strong delivery of our feedstock strategy, molecule high-grading and operational excellence have set our business up well to capture favorable market conditions.

我們仍預期品牌據點數量每年約成長 10%。在再生能源（Renewables）業務方面，我們對團隊能在商業與營運兩方面最佳化業務、把握期間內有利的市場條件並交出強勁財務表現感到非常滿意。我們在原料策略的強力執行、分子高階化（molecule high-grading）以及卓越營運方面的表現，使業務能更好地把握有利的市場條件。

And we remain optimistic that the LCFS, D4 RINs and producers tax credits will continue to support the renewable diesel margins. In our Lubricant segment, we have experienced unprecedented cost inflation across our product portfolio both in magnitude and the rate at which it occurred. In response, the team moved quickly to implement multiple pricing actions aimed at recovering these higher costs in an efficient and disciplined manner.

我們仍對 LCFS、D4 RINs 與生產者稅額抵免將持續支撐再生柴油利潤抱持樂觀。在潤滑油業務方面，我們在整體產品組合上經歷了前所未有的成本通膨，無論在幅度或發生速度上皆然。為此，團隊迅速採取行動，實施多項定價措施，以有效率且有紀律的方式回收這些較高成本。

We've seen early progress from these initiatives and fully expect to continue pursuing additional price recovery actions throughout the second quarter as elevated cost pressures persist. Despite the volatility in the broader global supply environment, our supply chain currently remains secure, and we have been able to source the necessary feedstocks to supply our customers at historical rates.

我們已從這些措施中看到初步進展，並完全預期在第二季期間，隨著高成本壓力持續存在，將繼續推動更多價格回收行動。儘管更廣泛的全球供應環境波動，我們目前的供應鏈仍維持穩健，我們也能以歷史水準取得必要原料，以供應客戶需求。

During the quarter, we returned $167 million in cash to shareholders, consisting of $91 million in regular dividends and $76 million in share repurchases. Since the Sinclair acquisition in March 2022, we have returned over $4.9 billion in cash to shareholders and have reduced our share count by over 66 million shares. Today, we also announced that our Board of Directors declared a regular quarterly dividend of $0.50 per share, payable on June 2, 2026, to holders of record on May 11, 2026.

本季期間，我們向股東返還了1.67億美元現金，包括9,100萬美元的例行股利以及7,600萬美元的股票回購。自2022年3月完成Sinclair收購以來，我們已向股東返還超過49億美元現金，並將流通股數減少超過6,600萬股。今天，我們也宣布董事會宣告每股0.50美元的例行季度股利，將於2026年6月2日支付給截至2026年5月11日登記在冊的股東。

On the strategic front, we continue to advance the evaluation and planning of our multiphase project to leverage our advantaged logistics and production positions in the Rockies to meet the growing needs of Western markets. At the end of our Q4 Puget Sound turnaround, we successfully brought on another project enabling flexibility to swing approximately 7,000 barrels per day between diesel and jet, depending on the market environment. and this is paying off given the current market conditions. We continue to advance the El Dorado vacuum furnace project to provide improved reliability and yield while allowing up to an incremental 10,000 barrels per day of heavy crude into the mix. This project is expected to come online as part of the fall turnaround.

在策略面上，我們持續推進對多階段專案的評估與規劃，藉由運用我們在落磯山脈地區具優勢的物流與生產布局，以滿足西部市場日益成長的需求。在第四季普吉特灣（Puget Sound）歲修結束時，我們成功啟用另一項專案，使我們能依市場環境在柴油與航空燃油之間彈性切換約每日7,000桶；在目前的市場條件下，這項能力正發揮成效。我們也持續推進El Dorado真空爐專案，以提升可靠度與收率，並允許在原料組合中額外增加最多每日10,000桶的重質原油。該專案預計將於秋季歲修期間上線。

In closing, our strategic priorities have not changed. We will continue to work towards improved safety, reliability and cost efficiencies in refining and renewables and unlocking our integrated value chain while growing our Marketing, Midstream and Lubricant segments. We expect the current favorable market environment to continue into the summer driving season, and we believe our diversified portfolio of assets is well positioned to generate strong cash flows.

最後，我們的策略重點並未改變。我們將持續致力於在煉油與再生能源業務中提升安全、可靠度與成本效率，並釋放我們整合價值鏈的價值，同時擴大行銷（Marketing）、中游（Midstream）與潤滑油（Lubricant）事業部門。我們預期目前有利的市場環境將延續至夏季行車旺季，並相信我們多元化的資產組合已具備良好條件，可產生強勁的現金流。

With that, let me turn the call over to Vivek.

接下來，我把電話交給Vivek。

Thank you, Steve. Good morning, everyone. I'm Vivek Garg, acting Chief Financial Officer, and I'm pleased to be on the call with you today. Let's begin by reviewing HF Sinclair's financial highlights. Today, we reported first quarter net income attributable to HF Sinclair shareholders of $648 million or $3.56 per diluted share.

謝謝你，Steve。各位早安。我是Vivek Garg，代理財務長，很高興今天能與各位一同參與電話會議。讓我們先回顧HF Sinclair的財務重點。今天，我們公布第一季歸屬於HF Sinclair股東的淨利為6.48億美元，或每股稀釋後盈餘3.56美元。

These results reflect special items that collectively increased net income by $521 million. Excluding these items, adjusted net income for the first quarter was $127 million, or $0.69 per diluted share compared to adjusted net loss of $50 million or a negative $0.27 per diluted share for the same period in 2025. Adjusted EBITDA for the first quarter was $426 million compared to $201 million in the first quarter of 2025. In our Refining segment, excluding the lower of cost or market inventory valuation adjustment benefit of $604 million, first quarter adjusted EBITDA was $55 million compared to negative $8 million in the first quarter of 2025.

這些結果反映了特殊項目，合計使淨利增加5.21億美元。排除這些項目後，第一季調整後淨利為1.27億美元，或每股稀釋後盈餘0.69美元；相較之下，2025年同期調整後淨損為5,000萬美元，或每股稀釋後虧損0.27美元。第一季調整後EBITDA為4.26億美元，較2025年第一季的2.01億美元增加。在我們的煉油（Refining）事業部門中，排除「成本與市價孰低」存貨評價調整利益6.04億美元後，第一季調整後EBITDA為5,500萬美元，較2025年第一季的負800萬美元改善。

This increase was principally driven by higher adjusted refinery gross margins in the West region and increased refined product sales volume, which were partially offset by lower adjusted refinery gross margins in the Mid-Con. Small refinery RINs waiver granted by the EPA in the fourth quarter of 2025, increased adjusted refinery gross margin by $21 million in the first quarter of 2026. Crude oil charge averaged 613,000 barrels per day for the first quarter compared to 606,000 barrels per day for the first quarter of 2025. In our Renewables segment, excluding the lower of cost or market inventory valuation adjustment benefit of $68 million, we reported adjusted EBITDA of $133 million for the first quarter compared to negative $17 million for the first quarter of 2025.

此一增加主要由西部（West）地區較高的調整後煉廠毛利，以及成品油銷售量增加所帶動，但部分被中陸（Mid-Con）地區較低的調整後煉廠毛利所抵銷。EPA於2025年第四季核准的小型煉廠RINs豁免，使2026年第一季調整後煉廠毛利增加2,100萬美元。第一季原油加工量平均為每日613,000桶，較2025年第一季的每日606,000桶增加。在我們的再生能源（Renewables）事業部門中，排除「成本與市價孰低」存貨評價調整利益6,800萬美元後，第一季調整後EBITDA為1.33億美元，較2025年第一季的負1,700萬美元大幅改善。

This increase was principally driven by increased sales volume and higher adjusted renewable gross margins in the first quarter of 2026 as a result of the narrowing of BOHO spread, higher RINs prices and the recognition of significantly more producers tax credit benefits compared to the first quarter of 2025. First quarter results included prior year production producers tax credit benefits of $49 million that were recognized following the February 2026 proposed ruling by the United States Department of Treasury and IRS. Total sales volumes were 52 million gallons for the first quarter of 2026 as compared to 44 million gallons for the first quarter of 2025. Our Marketing segment reported EBITDA of $28 million for the first quarter compared to $27 million for the first quarter of 2025. Total branded fuel sales volume were 325 million gallons for the first quarter of 2026 compared to 294 million gallons for the first quarter of 2025.

此一增加主要由2026年第一季銷售量提升與調整後再生能源毛利上升所帶動，原因包括BOHO價差收斂、RINs價格走高，以及相較2025年第一季認列顯著更多的生產者稅額抵免（PTC）利益。第一季結果包含4,900萬美元的前一年度生產之生產者稅額抵免利益，該利益係在美國財政部與國稅局（IRS）於2026年2月提出擬議裁定後予以認列。2026年第一季總銷售量為5,200萬加侖，較2025年第一季的4,400萬加侖增加。我們的行銷（Marketing）事業部門第一季EBITDA為2,800萬美元，較2025年第一季的2,700萬美元略增。2026年第一季品牌燃料總銷售量為3.25億加侖，較2025年第一季的2.94億加侖增加。

Our Lubricants and Specialty segment reported adjusted EBITDA of $103 million for the first quarter compared to adjusted EBITDA of $85 million for the first quarter of 2025. The increase was primarily driven by a large FIFO benefit in the first quarter of 2026 as compared to the first quarter of 2025, partially offset by the dislocation between rising feedstock costs and product sales price increases. During the first quarter of 2026, we recognized a FIFO benefit of $53 million compared to $8 million in the first quarter of 2025. Our Midstream segment reported adjusted EBITDA of $111 million in the first quarter compared to $119 million in the same period of last year.

我們的潤滑油與特種產品（Lubricants and Specialty）事業部門第一季調整後EBITDA為1.03億美元，較2025年第一季的8,500萬美元增加。增加主要來自2026年第一季較大的FIFO利益，相較2025年第一季更為顯著，但部分被原料成本上升與產品售價調升之間的錯位所抵銷。2026年第一季我們認列FIFO利益5,300萬美元，較2025年第一季的800萬美元增加。我們的中游（Midstream）事業部門第一季調整後EBITDA為1.11億美元，較去年同期的1.19億美元下降。

This decrease was primarily driven by marginally higher operating costs resulting from a fuel contamination incident at one of our product terminals in Colorado in the first quarter of 2026. Net cash provided by operations totaled $457 million in the first quarter, which included $119 million of turnaround spend. HF Sinclair's capital expenditures totaled $102 million for the first quarter. As of March 31, 2026, HF Sinclair's total liquidity stood at approximately $3.15 billion, which includes a cash balance of approximately $1.15 billion and our undrawn $2 billion unsecured credit facility. As of March 31, we had $2.8 billion debt outstanding with a debt-to-cap ratio of 22% and net debt to capital ratio of 13%.

此一下降主要由於2026年第一季科羅拉多州其中一座產品終端發生燃料污染事件，導致營運成本略為上升。第一季營運活動提供的淨現金合計為4.57億美元，其中包含1.19億美元的歲修支出。HF Sinclair第一季資本支出合計為1.02億美元。截至2026年3月31日，HF Sinclair的總流動性約為31.5億美元，其中包括約11.5億美元的現金餘額，以及我們尚未動用的20億美元無擔保循環信用額度。截至3月31日，我們未償還債務為28億美元，負債對資本比率為22%，淨負債對資本比率為13%。

Now let's go through some guidance items. With respect to capital spending for full year of '26 , there has been no change. For the second quarter of 2026, we expect to run between 600,000 to 630,000 barrels per day of crude oil in our Refining segment. which reflects planned maintenance activities at Parco and Navajo and unplanned maintenance at El Dorado in the period. We are now ready to take questions from the audience.

接下來說明部分指引項目。就2026年全年資本支出而言，沒有變動。對於2026年第二季，我們預期煉油（Refining）事業部門的原油加工量將介於每日600,000至630,000桶之間；此反映Parco與Navajo的計畫性維護作業，以及期間內El Dorado的非計畫性維護。我們現在準備開始回答聽眾提問。

Matt, if you could switch over, please.

Matt，麻煩你切換過去。

(Operator Instructions)

（接線員指示）

Matthew Blair, TPH.

Matthew Blair，TPH。

Thank you, and good morning, everyone. Your renewables results were quite strong, even excluding the PTC benefit that rolled through. Could you talk about some of the drivers in Q1 that helped push up profitability? And then for the second quarter, what do you think is a good target for utilization? And would you expect even stronger margins, just given that some of the indicators have really moved up in the second quarter?

謝謝，各位早安。你們的再生能源業績相當強勁，即使排除已反映的PTC利益也是如此。能否談談第一季有哪些驅動因素推升了獲利能力？另外，對於第二季，你認為產能利用率（utilization）一個合理的目標是多少？以及考量第二季部分指標確實大幅走升，你是否預期毛利會更強？

Matt, this is Steve. I'll take that one. We were quite pleased with the performance of our RD business. as we've been on this journey to make this business come into profitability, we've said we needed in poor market conditions to get us to breakeven or slightly positive. We achieved that coming out of 2025.

Matt，我是Steve。我來回答這題。我們對RD業務的表現非常滿意。一路走來，我們一直在努力讓這項業務達到獲利；我們也說過，在不佳的市場條件下，我們需要做到損益兩平或略為正向。我們在2025年結束時已達成這點。

And now the market has turned in our favor. I will tell you, though, that it's not all market driven as we've taken a very hard line and look at our feedstock strategy, and that's getting much closer direct to sources near our facilities and making sure that we're prompt and hedging without anything out into the future. So from a feedstock strategy, that's working very well. I would tell you the market placement strategy we've had is working where we're finding other markets to take products to and not be completely dependent on the California market. So we're finding ways to leverage our integrated value chain, both in the Pacific Northwest as well as putting product up into Canada.

而現在市場已轉向對我們有利。不過我也要說，這不全然是市場驅動，因為我們對原料策略採取了非常嚴格的作法並重新檢視，讓採購更接近我們設施附近的直接來源，並確保我們以即期為主並進行避險，而不把部位拉到太遠的未來。就原料策略而言，這運作得非常好。我也會說，我們的市場投放策略正在奏效：我們正在尋找其他市場來消化產品，而不是完全依賴加州市場。因此，我們正設法運用我們整合的價值鏈，不僅在太平洋西北地區，也包括把產品運往加拿大。

And then the last one is really OpEx discipline. And that is ensuring that we've taken structural cost out. We have more of that to do, and we're seeing the results there and optimizing our catalyst to ensure that it performs on the longer runs, and we're getting the yields out of it. All of that combined with the overall market favorability, as you know, changed in 2026 to where we are structurally more balanced with domestic feedstock and domestic demand. I would say other helps to that is that just the distillate macro, in general, has found increased value in both the regular ULSD and CARB market.

然後最後一項其實是真正的營運費用（OpEx）紀律。也就是確保我們已經把結構性成本移除。我們還有更多工作要做，而我們也正在看到成果，同時優化我們的觸媒，確保它在較長的運轉週期中表現良好，並把產率發揮出來。所有這些再加上整體市場的有利條件，如你所知，2026 年的情況已經改變，使得我們在國內原料供給與國內需求之間，結構上更為平衡。我會說，另外的助力是整體餾分油（distillate）總體環境，一般而言，在一般 ULSD 與 CARB 市場的價值都提高了。

So we're pleased with what we're doing. There's more to do there. And I think your second question was around our utilization in Q2. We're not going to guide specifics, but we do believe that we will optimize particular co-located kits to the best value, and we see that being north of 70% utilization, net of all of the planned events that we have. So we're pretty excited about what our renewables business looks like now as well as for the rest of the year.

所以我們對目前所做的事情感到滿意。那裡還有更多可以做的。我想你的第二個問題是關於我們第二季的稼動率。我們不會提供具體指引，但我們確實相信，我們會把特定的共址裝置（co-located kits）最佳化到最高價值，我們看到在扣除所有已規劃的事件之後，稼動率會在 70% 以上。所以我們對目前我們的再生能源業務，以及今年剩餘時間的展望，都感到相當振奮。

Sounds good. And then could you also address the lubricants market going forward? Are you seeing global supply reductions as a result of the Iran war and it looks like some of the pricing indicators have started to move up. And maybe you could just talk a little bit about your ability to capture potentially higher margins in lubricants going forward.

聽起來不錯。那接下來你們也可以談談未來的潤滑油市場嗎？你們是否看到因伊朗戰爭而導致全球供給縮減，而且看起來一些價格指標已開始上升。也許你可以稍微談談，你們未來在潤滑油方面捕捉潛在更高利潤率的能力。

Yes. It's Matt Joyce. I'll take that one. We are seeing a really great market move right now as we have experienced this rapid and cost increase throughout the back end of the first quarter. We do see that being a protracted movement into the second and third quarter.

是的。我是 Matt Joyce。我來回答這題。我們確實看到市場目前出現非常好的走勢，因為我們在第一季後段經歷了這波快速且成本上升的情況。我們也認為這樣的走勢會延續到第二季與第三季。

And based on our locations where we produce and how we source our raw materials, we have been able to secure all of the needed raw material supply for the balance of the year. We're able to be supplying our customers at the rates that they're requesting of us and we have seen some growing demand that we anticipate will be with us through the second and third quarters at least of the year as this crisis, it prolongs itself and until the straits open up. But we feel that we're in a really good position to take advantage of those. We've also implemented multiple pricing actions to offset those higher raw material costs and work to capture that on the bottom line. So we'll look to see that come into place later this year as well.

而且基於我們的生產據點以及原料採購來源，我們已經能夠確保今年剩餘期間所需的全部原料供應。我們能以客戶向我們要求的供應速度來供貨，同時也看到一些需求成長；我們預期至少在今年第二季與第三季都會持續，因為這場危機若持續延宕、直到海峽重新開放為止。但我們覺得我們處於非常有利的位置，可以把握這些機會。我們也已經採取多項調價措施，以抵銷較高的原料成本，並努力在最終獲利（bottom line）上反映出來。因此我們也會期待在今年稍晚看到這些措施開始發揮效果。

Manav Gupta, UBS.

Manav Gupta，瑞銀（UBS）。

My question is specifically for Steve. Look, Steve, you have been working very hard for sometime at DINO, bringing about change and we see that in the midstream results, we see that in the lubes results I'm just trying to understand with this management shakeup, has anything changed from your end? Is the strategy the same you're following? And how are you going about building those two businesses as you were before the management shakeup took place?

我的問題是專門問 Steve 的。Steve，你在 DINO 已經努力推動改變一段時間了，我們在中游（midstream）業績上看到了，也在潤滑油（lubes）業績上看到了。我只是想了解，在這次管理層震盪之後，你這邊有任何改變嗎？你所遵循的策略是否相同？以及在管理層震盪發生之前，你是如何打造這兩個業務的，現在是否仍以同樣方式在推進？

Thanks,. We're not going to comment necessarily on management change, but I think your point is a good one, and that is to reinforce the fact that the executive team that was here to build the strategy is still here and is executing diligently upon that. That includes making sure that we're improving and focusing on our reliability and our safety performance as well as leveraging the integrated value chain and growing those various segments. So you specifically asked about midstream, we feel, is a key lynchpin to unlock that integrated value chain. We're building more value and molecules on our kit to supply our refineries as well as take products to our regions.

謝謝。我們不會特別評論管理層變動，但我認為你的觀點很好，也就是要再次強調：當初制定策略的那個高階管理團隊仍然在這裡，並且正勤勉地執行該策略。這包括確保我們持續改善並聚焦於可靠度與安全績效，同時運用整合式價值鏈並成長各個不同的事業部門。你特別問到中游，我們認為它是解鎖整合式價值鏈的關鍵樞紐。我們正在把更多價值與分子（molecules）導入我們的裝置（kit），以供應我們的煉油廠，同時也把產品送往我們的各個區域市場。

We've talked about our multiphase project to really unlock our Go West strategy, and we think that's just the tip of the spear here. I'll maybe ask Matt to talk a little bit about what we're doing from a lubes perspective specifically.

我們談過我們的多相（multiphase）專案，目的是要真正解鎖我們的「向西發展」（Go West）策略，而我們認為那只是這裡的先鋒。我可能請 Matt 也談一下，從潤滑油角度我們具體在做些什麼。

Yes. Manav, as you know, we've continued to high grade the molecules that we have on hand. We're moving into more specialized finished lubricants and specialties applications. We continue to execute on our plan of tucking in those opportunities for acquisition like you've seen with Industrial Oils Unlimited over the past several months. And we're going to look for those opportunities going forward and continue to refine the business and be that value-added supplier to our customers that deliver something that's distinct and sticky as far as the value proposition is concerned.

好的，Manav，如你所知，我們持續把手上現有的分子（molecules）做高階化（high grade）。我們正轉向更專業化的成品潤滑油與特種應用。我們也持續執行計畫，把那些可併入的收購機會納入版圖，就像你在過去幾個月看到我們收購 Industrial Oils Unlimited 一樣。未來我們也會持續尋找這些機會，並持續精煉這項業務，成為能為客戶增值的供應商，提供在價值主張上具有差異化且具黏著度（sticky）的產品與服務。

And Manav, let me add one thing. This is Franklin. Part of the reason I'm here is to give the executive team the confidence to continue with the plan and making sure that they have the tools and the resources to continue with the actions that Steve and Matt mentioned. There is no let up on the focus of what we're trying to do here.

Manav，我再補充一點。我是 Franklin。我在這裡的部分原因，是要讓高階管理團隊有信心持續推進這個計畫，並確保他們具備 Steve 和 Matt 所提到的行動所需的工具與資源。我們對於想要達成的重點，完全不會鬆懈。

Perfect. My quick follow-up is a little bit on the refining macro. You saw some of the global majors report today morning and with not such good earnings on international assets and then guiding down volumes on international assets. And that's a function of crude availability. Now when we come to somebody like a DINO, I'm assuming you're not fighting those issues that crude availability is not an issue for you.

很好。我快速追問一下，關於煉油總體環境。你看到一些全球大型業者今天早上公布財報，海外資產的獲利不太好，並且下調海外資產的產量指引。那是原油可得性（crude availability）的問題。那麼談到像 DINO 這樣的公司，我假設你們不需要面對那些問題，原油可得性對你們不是問題。

So you can run hard into the second and the third quarter. And if you could talk a little bit also about your strategic asset Puget Sound because a lot of shortages are happening in California, how can you use that asset to supply to the market in California? Because, look, your pipeline or the competitor pipelines will take time. But in the near term, you can get to California through Puget Sound. So if you could talk about some of those dynamics?

所以你們可以在第二季與第三季全力運轉。另外也請你談談你們的策略性資產 Puget Sound，因為加州正在出現許多短缺，你們如何利用該資產向加州市場供應？因為你看，你們的管線或競爭對手的管線都需要時間。但在短期內，你們可以透過 Puget Sound 抵達加州。所以能否談談其中的一些動態？

Okay. Thanks, Manav. From a global perspective, and a crude supply element. We don't face those challenges. As you know, the US refinery complex is probably the most advantaged globally with the most secure crude supply outlets, and we're connected to multiple hubs and run various different grades of crude from Canada to the North Slope to many different types of domestic like sweet crudes at Cushing, and we gather and buy our own crude in the Southwest and use that both at our Artesia refinery and move some of that up into the Mid-Con to run at our El Dorado refinery. So from a crude supply perspective, some of the challenges that our competitors are facing, we do not face just from a supply. Now does it impact the overall price of the crude as it looks to compete at different markets, it certainly does.

好的。謝謝你，Manav。從全球角度以及原油供應這個面向來看，我們不面臨那些挑戰。如你所知，美國煉油體系在全球可能是最具優勢的，擁有最安全的原油供應出口（outlets），而我們連結多個樞紐，並可加工多種不同等級的原油，從加拿大到北坡（North Slope），以及許多不同類型的國內原油，例如在庫欣（Cushing）的甜原油（sweet crudes）。我們也在西南地區自行集運並採購原油，供我們的 Artesia 煉油廠使用，並把其中一部分運到中部（Mid-Con）供 El Dorado 煉油廠加工。因此就原油供應而言，我們的競爭對手所面臨的一些挑戰，我們在供應面並不會遇到。當然，它是否會影響原油整體價格、因為原油要在不同市場競爭？確實會。

We've been successful in ensuring that we have a proper approach to buying that crude and that the cracks are supportive to whatever inflationary pressures are associated with the global dynamic. So we don't feel concerned about that relatively speaking to some of the other global issues and are in a good spot to go take advantage of our position. As far as Puget goes, as you mentioned, the West Coast has -- and PADD 5 particularly has been considerably tight. It's getting tighter. We talked about our project to go get there.

我們一直很成功地確保我們有適當的原油採購方法，而且裂解價差（cracks）足以支撐與全球動態相關的任何通膨壓力。因此相較於其他一些全球性問題，我們並不太擔心，並且處於有利位置，可以把握我們的優勢。至於 Puget，如你所提到的，西岸——尤其是 PADD 5——一直相當吃緊，而且正在變得更緊。我們也談過我們要進入那個市場的專案。

And as you mentioned, it's a few years out. But you've seen imports reduce as Asian producers have had to curtail runs, and so that just continues to tighten the market. Our approach to get to California, we put in a flexibility project last year that allows us to produce and swell the gasoline pool to either make CARB or sell high-valued unfinished components, which, to this point, has been more profitable.

而如你所說，那還需要幾年時間。但你已經看到，隨著亞洲生產商不得不削減運轉，進口量正在下降，因此市場只會持續收緊。我們進入加州的作法是：去年我們完成了一個彈性專案，讓我們能夠生產並擴大汽油調和池（gasoline pool），可以選擇生產 CARB 規格，或銷售高價值的未完成組分（unfinished components）；到目前為止，後者更有利可圖。

So we're moving alkylate out of Puget into the gasoline pool in California. It's just one element. Further, as I mentioned in my prepared remarks, we put a project into swing diesel to jet depending on the market environment, and that's paying off greatly, not only to the West Coast, but also into markets in Latin America. So we see the West Coast as a real good opportunity. It's tightened up and we look forward to taking further advantage of that as we develop some of these projects.

因此我們正把烷基化油（alkylate）從 Puget 送到加州的汽油調和池。這只是其中一個要素。此外，正如我在事先準備的發言中提到的，我們也啟動了一個專案，讓柴油可依市場環境在柴油與航空燃油（jet）之間切換，而這帶來了很大的回報，不僅在西岸，也包括拉丁美洲市場。因此我們認為西岸是一個非常好的機會。市場已經收緊，我們也期待在推進這些專案的同時，進一步把握這些機會。

And Manav, part of your question was you said run the assets hard. I want to make sure that you understand that we're going to run reliably and not push our assets. That's more important to us to make sure we're up as opposed to trying to unduly stress our assets to increase volumes.

而且，Manav，你問題的一部分是你提到要把資產跑得很硬。我想確保你理解，我們會以可靠的方式運行，而不是去硬推我們的資產。對我們來說，更重要的是確保裝置穩定開工，而不是為了增加產量而不當地讓資產承受壓力。

No. My point was are you running them close to -- some of your peers globally are being first to run assets at 40% and 50% because of crude availability. That was my question.

不是。我的意思是，你們是否把它們運行到接近——由於原油供應可得性，你們一些全球同業正率先把資產運行在 40% 和 50% 的負荷。那是我的問題。

Yes. That is not the case.

是的。情況並非如此。

Neil Mehta, Goldman Sachs.

Neil Mehta，高盛。

I just want to build on Manav's question around crude and specifically around two grades -- has had seen enormous volatility here. And so just how are you guys thinking about the setup for that spread in particular. And then WCS, the outlook as we think about the second quarter, but also the balance of the year. And then Franklin, I had a management question for you as a follow-up.

我想在 Manav 關於原油的問題上再延伸一下，特別是兩個油種——近期波動非常大。所以你們如何看待那個價差的格局，尤其是該價差。然後是 WCS，當我們看第二季、以及今年剩餘時間的展望。最後，Franklin，我有一個管理層方面的追問想請教你。

All right. So this is Steve. I'll take the first one. Franklin, to take the hard one. Okay. So TI, what we've seen is, yes, the spread is widening given the geopolitical elements. Q1, we saw quite a bit higher than $5, and we think that, that will probably continue to be the case, but the curve on TI basically remains very steeply backward dated as things change through this geopolitical event, that curve moves, and so it flattens out.

好。這裡是 Steve。我先回答第一個。Franklin 來回答比較難的那個。好。關於 TI，我們看到的是，是的，因地緣政治因素影響，價差正在擴大。第一季我們看到遠高於 5 美元，我們認為這種情況很可能會持續；但 TI 的曲線基本上仍然呈現非常陡峭的近高遠低（backwardation）。隨著這次地緣政治事件的變化，那條曲線會移動，因此會趨於平坦。

But we are in a position to take -- not have an issue as far as the spread goes from a Brent-WTI. I think the backwardation is something that is -- that we're watching very closely. As you know, we pay a role in steep backwardation, and that will impact our lay-in crude, but we're managing that carefully to go get into the right markets to ensure we can get the margin coverage for that increased cost.

但就 Brent-WTI 的價差而言，我們有能力因應——不會有問題。我認為近高遠低（backwardation）是我們正在非常密切關注的事情。如你所知，在陡峭的近高遠低環境下，我們需要支付展期成本（roll），這會影響我們的原油備料成本（lay-in crude），但我們正謹慎管理，進入合適的市場，以確保能取得足夠的利潤覆蓋來對沖成本上升。

You asked about WCS. I think WCS has been a bit wider. Some of the pipes coming out of Canada have shown some apportionment -- and I think ultimately, egress will become a problem. I think some of that is also competing with the Venezuelan crude that is now on the market, and that will keep some of the width there, but we see that from Q1 to Q2, we're looking at a $14-ish spread. And remember, we have connected with pipe space right out of Hardisty all the way into our assets in the Mid-Con, and we take advantage of that.

你問到 WCS。我認為 WCS 的價差確實變得更寬了一些。加拿大外運的部分管線出現了配額（apportionment）——我想最終外運能力（egress）會成為問題。其中一部分也與目前已回到市場上的委內瑞拉原油競爭有關，這會讓價差維持在較寬的水準。不過我們看到從第一季到第二季，我們預期價差大約在 14 美元左右。並且請記得，我們從 Hardisty 出來一路到我們在 Mid-Con 的資產都有連通的管線運輸空間，我們會善用這個優勢。

But it will depend on what happens longer term as you've seen probably as recently as last night, the presidential permit signed. So there are multiple projects being contemplated to bring additional crude out of Canada either for domestic use or export. And so as that happens, that could force some pressure on the differentials longer term. But there's a lot of time that we want now and then many things can happen on what project goes or what doesn't. But we're evaluating all of them. And I think we're in a really good position to go take a bit of our heavy oil value chain at multiple sites.

但長期而言會取決於後續發展；你可能也看到，就在昨晚，總統許可已簽署。因此，目前正在評估多個專案，將更多原油自加拿大外運，可能用於國內或出口。隨著這些發生，長期可能會對價差造成一些壓力。不過從現在到那時還有很多時間，期間很多事情可能改變：哪些專案會推進、哪些不會。但我們正在評估所有專案。我認為我們處於非常有利的位置，可以在多個據點把握我們重油價值鏈的一部分價值。

That's really clear.

這很清楚。

You have a question for me.

你有問題要問我。

Yes, sir. So my follow-up is just on just how you're thinking about the process by which I defined the permanent CEO and CFO. I know there's sensitivity around this and I don't want to litigate the past, but just how is the Board approaching this? What are the characteristics you're looking for over a long-term leader? Are you looking internally, you're looking at external? And just anything you can provide the market would be great.

是的，先生。我的追問是，關於你如何看待任命永久 CEO 與 CFO 的流程。我知道這件事很敏感，我也不想翻舊帳，但董事會是如何處理這件事的？你們在尋找長期領導者時看重哪些特質？你們是看內部人選，還是外部人選？任何你能提供給市場的資訊都會很有幫助。

I appreciate your question. We're not going to get into that. We do have a process ongoing. When we're in a position to share that, we will. Let me just make a comment quickly on our Board. We have a very experienced, very high functioning board that I have been in communication with them regularly about this very question and so when we've got something, we'll tell you in the meantime, let me assure you, and some of you don't know my background, I spent 21 years in the C-suite at two different S&P 500 companies at all different levels.

謝謝你的提問。我們不會深入談這個。我們確實有一個正在進行的流程；當我們準備好分享時，我們會分享。我也想快速評論一下我們的董事會：我們有一個非常資深、運作非常高效的董事會。我一直就這個問題與他們保持定期溝通；等我們有進一步消息就會告訴你。與此同時，讓我向你保證——有些人可能不熟悉我的背景——我在兩家不同的 S&P 500 公司擔任 C-suite 高階主管共 21 年，歷任不同層級職務。

I'm not a paper CEO with this group. They know I'm here every day, making sure it's going forward. So I don't know that, that reassures you, but the strategy we put in, we're executing on, and there's no let up. And the process will go forward and we will find an excellent leader for this company in due course and we're not going to bottle on it. We are looking at it very seriously.

我不是在這個團隊裡掛名的 CEO。他們知道我每天都在這裡，確保事情持續推進。我不知道這是否能讓你安心，但我們制定的策略正在執行中，沒有任何鬆懈。流程會繼續推進，我們也會在適當的時機為公司找到一位非常優秀的領導者；我們不會拖延。我們非常嚴肅地看待這件事。

Joe Laetsch, Morgan Stanley.

Joe Laetsch，摩根士丹利。

So I wanted to go back to the macro and just given where product prices are today, can you talk about the demand trends that you're seeing within your system? Are you seeing any signs of demand destruction on gasoline or diesel. And then maybe stepping back more broadly, how are you viewing the balances today from both the supply and demand perspective in the Mid-Con and the Rockies.

我想回到總體環境。考量到目前成品油價格的位置，你能談談你們系統內看到的需求趨勢嗎？你們是否看到汽油或柴油有任何需求破壞（demand destruction）的跡象？再更宏觀一點，從 Mid-Con 與 Rockies 的供需角度來看，你們如何看待目前的供需平衡？

All right. I'll take that one, Joe, Steve. As far as demand goes, what we saw in the US just for the quarter, US demand was down and gas around 2%, but distillate was up around 4% in our regions that we operate in that more favorable gas was slightly up and diesel was also up.

好，我來回答，Joe，我是 Steve。就需求而言，我們看到美國整體在本季的需求是下滑的：汽油大約下降 2%，但馏分油（distillate）大約上升 4%。在我們營運的區域，較有利的是汽油略有上升，柴油也上升。

I'll tell you that in the prices, one thing that we're watching, I think you're intimating is price elasticity. And so if you look at through our service centers, we're down year-over-year same-store sales around 2%, but that's against the backdrop that you'll see in some of the consultants' reports in OPIS down about 4.5%. So our portfolio high grading is working, and we're outperforming that. We have started to see some cuts in terms of travel, particularly as jet continues to price up. As you know, the global dimension is heavy distillate supply shortage. So -- they were low, both diesel and jet and they're getting lower.

我想就價格補充一點：我們在觀察的其中一件事，我想你在暗示的是價格彈性（price elasticity）。因此，如果你看我們的服務中心，同店銷售年對年約下降 2%，但在這個背景下，你會在一些顧問的報告中看到，OPIS 的數據約下降 4.5%。所以我們的組合優化（portfolio high grading）正在發揮作用，我們的表現優於整體。我們已開始看到一些出行削減，特別是隨著航煤（jet）價格持續上升。如你所知，全球層面是重質馏分油供應短缺。因此——柴油與航煤的庫存本來就低，而且還在變得更低。

And most of the disruption in the Middle East, they're very much heavy distillate producers. So on the backdrop, that paints a favorable margin picture, but it also creates some concern on what permanent demand disruption may actually happen. So we're watching that very closely. It's still a bit too early to tell, but we are seeing some slight consumer softness as we head into the driving season as people are going to go make those decisions, and we'll just see how that plays out. But I do believe a prompt resolution is going to be more beneficial for the global energy complex than a lingering one.

而中東的大部分擾動地區，都是重質馏分油的重要生產者。因此，在這樣的背景下，利差看起來有利，但也帶來一個擔憂：究竟會出現多大程度的永久性需求中斷。我們正非常密切地觀察。現在判斷仍稍早，但隨著進入駕車旺季，人們要做出出行決策，我們確實看到一些輕微的消費者疲軟；接下來就看情況如何發展。不過我確實相信，迅速解決會比長期拖延更有利於全球能源產業鏈。

As far as it goes with regards to the Mid-Con, as you know, in Q1 we had Winter Storm burn, which somewhat put a pin in the demand bubble and created a massive supply glut. And so prices were quite low, which led to us rationalizing crude runs and economic sparing in the Mid-Con as it got towards the latter half or latter part of March and what we're seeing in Q2, that inventory picture is really tightening up. And I think US exports of clean product hit a record. So there's products moving into the Gulf to go back supply where they can't get the supply and their current inventory stocks are very low.

至於 Mid-Con，如你所知，第一季我們遇到 Winter Storm burn，某種程度上抑制了需求泡沫，並造成大量供給過剩。因此價格相當低，導致我們在 Mid-Con 於 3 月下旬/後段開始對原油加工量進行合理化調整，並在經濟上選擇性降載（economic sparing）。而我們在第二季看到的是，庫存狀況正在明顯收緊。我認為美國清潔成品（clean product）的出口創下紀錄。因此，產品正流向墨西哥灣沿岸，以回補那些無法取得供應的地區；而他們目前的庫存水位非常低。

So Rockies is a little bit of a different story. It's relatively balanced to tight. I will tell you that we have a light planned maintenance schedule across the complex in the US between Q2 and Q3. So any meter disruption will further create a whipsaw in terms of total product supply and demand imbalances. So it's a pretty tight situation but we look forward to the strength of the Mid-Con and the Rockies and our regions for the balance of the year.

Rockies 的情況則有些不同，整體相對平衡到偏緊。我也想說，我們在美國整體裝置群於第二季到第三季之間的計畫性維修排程相對輕量。因此，任何突發的中斷都會進一步造成總體成品供需失衡的劇烈擺動（whipsaw）。所以目前是相當吃緊的狀態，但我們看好 Mid-Con、Rockies 以及我們各營運區域在今年剩餘時間的強勢表現。

Steve, that's helpful. And then following up on your comments on marketing. That segment continues to string together some pretty nice quarters. Could you just talk about some of the outperformance during 1Q and how you see the segment shaping up for the rest of the year here?

Steve，這很有幫助。接著延續你對行銷的評論。該部門持續交出相當不錯的季度表現。你能否談談 1Q 期間有哪些超預期的表現，以及你如何看待該部門在今年剩餘時間的走勢？

Yes. Our marketing businesses, as we've talked about, one of the untapped values of the Sinclair acquisition has been really leveraging that brand and the strength. And we had another good quarter in Q1, $28 million-plus of the EBITDA we brought on another new set of sites. But this is -- the value associated with that brand is by getting the full share of what the brand should command.

是的。正如我們談過的，我們的行銷業務，Sinclair 併購案尚未完全被挖掘的價值之一，就是更充分地運用該品牌及其強勢。我們在第一季又交出一個不錯的季度，EBITDA 超過 2,800 萬美元，同時我們也新增了一批新站點。但這——與該品牌相關的價值，在於取得該品牌理應能夠主導的完整份額。

We're growing volume. We saw our volume grow year-over-year 10% plus, which is good. We're seeing that. We've talked about high grading the portfolio. We're beating the same-store sales versus what the market has.

我們的銷量在成長。我們看到銷量年增超過 10%，這很好。我們確實看到了這點。我們也談過在投資組合上做「汰弱留強」。我們的同店銷售表現優於市場。

So we're taking the portfolio approach of getting to the right areas and maybe pulling some of the assets maybe don't fit with our overall brand promise moving forward. And there's growth in our licensed businesses. DINO has a significant pull on it. and we've yet to go fully develop that. Our Green Trails JV is just the first step of where we think that's truly going to accelerate our growth in the brand.

因此我們採取投資組合的方式，進入正確的區域，同時也可能把一些資產剝離——那些未來不符合我們整體品牌承諾的資產。此外，我們的授權業務也在成長。DINO 對此有很大的帶動作用，而我們尚未完全開發。Green Trails 合資企業（JV）只是第一步，我們認為那將真正加速我們品牌的成長。

But the adjacencies of the higher-valued revenue streams we're excited about.

但對於更高價值營收來源的相鄰領域（adjacencies），我們感到很振奮。

So it's really just blocking and tackling and being very purposeful about where we're strategically placing our bets, and we see more upside as we move forward. And our business is becoming a material business to the company.

所以這真的就是把基本功做好，並且非常有目的性地決定我們在策略上要把賭注放在哪裡；隨著我們往前推進，我們看到更多上行空間。而且我們的業務正成為公司一項重要的業務。

And everybody loves the green dinosaur. It's a great van. You need to join.

而且大家都喜歡那隻綠色恐龍。那是一台很棒的廂型車。你應該加入。

Phillip Jungwirth, BMO.

Phillip Jungwirth，BMO。

I did want to ask about the Bridger pipeline expansion, which you referenced earlier with the approval news yesterday. So this goes right down to Guernsey, assuming this gets built, how if at all would you expect this to change feedstock sourcing for your refineries or impact crude diffs. And separately, just anything to note on market impact from the Double H conversion from crude to NGLs follows a similar route?

我確實想問一下你先前提到、且昨天有核准消息的 Bridger 管線擴建案。假設這條管線建成，它會一路通到 Guernsey；你預期這是否、以及在多大程度上，會改變你們煉油廠的原油進料來源，或影響原油價差（crude diffs）？另外，Double H 從原油改為 NGLs 的轉換、走的路線類似，對市場的影響有沒有什麼需要注意的？

Yes, I'll talk a little bit about the Bridger pipeline. Of course, bringing more crude in the Guernsey will allow some more flexibility into the hub. Whether it goes or not or the level, and we don't know. And so we're not going to speculate on that necessarily, but one thing that we've been focused on in terms of our crude slate flexibility is widening the crude basket, which allows us to go take advantage of dislocated crudes when they present themselves. And as you know, we're connected to the hub that connects both all to our -- some of our Rockies as well down to the Mid-Con.

是的，我先談一下 Bridger 管線。當然，讓更多原油進入 Guernsey，會讓該樞紐有更大的彈性。至於是否會發生、或規模到什麼程度，我們還不知道。因此我們不會對此做推測。不過，我們一直專注的一點是提升原油組合（crude slate）的彈性，也就是擴大可處理的原油籃子（crude basket），讓我們在出現錯置原油（dislocated crudes）時能夠把握機會。你也知道，我們連接到一個樞紐，該樞紐同時連到我們——部分落磯山地區（Rockies）的供應，也連到 Mid-Con。

And so to the extent that we see market opportunity, we'll evaluate whether we participate or not, we think we're in a good position because of the flexibility that we put into place to widen our crude basket as well as our connectivity. And your other question was on -- sorry, could you repeat that one?

因此，只要我們看到市場機會，我們就會評估是否參與。我們認為自己處於有利位置，因為我們已經建立了擴大原油籃子以及提升連通性的彈性。你另一個問題是關於——抱歉，你能再重複一次嗎？

Double H conversion from crude to NGLs.

Double H 從原油轉換為 NGLs。

Yes. I don't know that it has a relevant impact on our specific crude supply set. Does it do something to the overall market differentials. We'll just have to see when we contemplate some of these other projects coming online, I don't think it's a material impact to us either way.

是的。我不認為那會對我們特定的原油供應組合造成相關影響。至於它是否會改變整體市場價差，我們得等到這些其他專案上線時再看；我認為無論如何，對我們都不是重大影響。

Okay. Great. And then you did repurchase some shares in the quarter. Just how are you thinking about capital returns going forward until you have more permanent leadership in place? And should we just stick with the historical framework? And just how tactical do you plan to be, just given the strength in the equities here in the second quarter?

好的，很好。接著你們在本季回購了一些股票。在你們有更長期的領導團隊到位之前，你們如何思考未來的資本回饋？我們是否應該沿用歷史上的框架？另外，考量第二季股價走強，你們打算在操作上有多戰術性（tactical）？

Yes, that's a good question. Thank you. I'll take that. This is Vivek. So in terms of our share repurchases, we'll continue to execute on our capital allocation strategy. We'll opportunistically repurchase shares under our 2024 share repurchase program. We don't typically guide on the pace or the amount of buybacks. But as we've always shared with the with everyone that we'll continue to execute on our capital allocation strategy, which is driven by free cash flow, capital returns and balanced capital allocation.

是的，這是個好問題，謝謝。我來回答。我是 Vivek。就股票回購而言，我們會持續執行資本配置策略。我們會在 2024 年股票回購計畫下，視機會進行回購。我們通常不會對回購的速度或金額提供指引。但我們一直也向大家分享，我們會持續執行資本配置策略，其核心由自由現金流、資本回饋以及平衡的資本配置所驅動。

Doug Leggate, Wolfe Research.

Doug Leggate，Wolfe Research。

Two things, guys, if you don't mind. First of all, SREs, there's -- the new RVO is, I think, here to be confirmed here in the next several weeks. Just want to get your perspective as to given where RINs are currently, what that might mean for you guys, if there's some way to quantify that and expectations of duration, at least through the Trump administration, if that's possible. And then my follow-up is really on product swings. I think in your backyard gasoline has started to get -- the whole slate appears to be getting better. Jet fuel has obviously been extraordinary. What kind of flex do you have to move towards where the advantage products might be today? And what does that look like for you guys in terms of incremental yield.

兩件事，各位，如果不介意。第一，SRE（小型煉油廠豁免），新的 RVO 我想會在接下來幾週內確認定案。想請教你們的看法：在目前 RINs 的水準下，這對你們可能意味著什麼？是否有辦法量化，以及（如果可能的話）至少在川普政府期間的持續時間預期。第二個追問是關於產品切換。我認為在你們的地盤，汽油已開始——整體產品組合看起來都在改善。航空燃油顯然非常突出。你們有多大的彈性把產出轉向目前更有優勢的產品？就增量收率（incremental yield）而言，對你們會是什麼樣子？

Doug, this is Steve. I'll take that one. So from an SRE perspective, as you mentioned, the RVO being finalized. What is our viewpoint. I mean you've seen the RIN and the RVO run to unprecedented records this year. We believe that the RVO is becoming an extreme burden. It's now projected to be $50 billion a year or an equivalent of $0.30 per gallon. Don't know that the latest RVO is helpful to energy cost for either the industry or the consumer. And so what that valuation really looks like for us, we're not going to guide, we believe in the SRE and the SRE was contemplated as part of the original RFS for a reason. And that's to help the smaller refineries who are disproportionately advantaged here.

Doug，我是 Steve。我來回答。就 SRE 而言，如你所提到，RVO 正在定案。我們的觀點是什麼？你已經看到今年 RIN 與 RVO 都飆到前所未有的紀錄。我們認為 RVO 正成為極端沉重的負擔。現在預估每年將達 500 億美元，或相當於每加侖 0.30 美元。我不確定最新的 RVO 對產業或消費者的能源成本是否有幫助。至於這對我們的估值究竟如何，我們不會提供指引；我們支持 SRE，而 SRE 之所以被納入原始 RFS，是有其原因的——那是為了協助規模較小、在此制度下承受不成比例負擔的煉油廠。

And we believe in that program. We're not going to speculate. We have petitions out currently for five of our refineries that we think qualify under the contemplated plan. We're not going to talk about value necessarily, but we do believe that it could be a material relief to the burden that we're facing. How long this thing goes and the duration, there's considerable fight going on associated with the validity, legitimacy, the frame and the shape of the program moving forward, but we're actively involved and our interest will be measured and our interest will be part of the discussion on the solution moving forward. So that's generally our thinking on the RVO, but again, the SRE piece is something we believe in and we will continue to advance and go after that under the current framework of the program.

我們相信這個計畫。我們不會做推測。我們目前已為旗下五座煉油廠提出申請（petitions），我們認為它們符合該計畫原先設想的資格。我們不會特別談價值，但我們確實相信，這可能對我們所面臨的負擔帶來實質性的緩解。至於會持續多久、期間多長，圍繞其有效性、正當性、以及未來計畫的架構與形態，仍有相當多的爭論；但我們正積極參與，我們的立場會被衡量，也會成為未來解決方案討論的一部分。以上是我們對 RVO 的整體看法；但再次強調，SRE 這一塊是我們所相信的，我們會在現行計畫框架下持續推進並爭取。

As far as product swings go, yes, I think you're right. we mentioned the PSR project to be able to move and swing between distillate and jet and both of those products are quite good. So the difference between jet and market versus distillate on the West Coast, those are -- somewhat a parity has been very, very strong. We have the ability to swing anywhere from 10% between gas and distillate across the entire fleet. And we're in a max distillate mode now.

至於產品切換，是的，我認為你說得對。我們提到 PSR 專案，使我們能在餾分油（distillate）與航空燃油（jet）之間切換，而這兩種產品目前都相當不錯。就西岸而言，航空燃油相對於餾分油的價差——大致接近平價——一直非常、非常強。我們在整個系統（fleet）範圍內，有能力在汽油與餾分油之間切換最多約 10%。而我們目前處於最大化餾分油的運轉模式。

Having said that, we also believe that our value chain will allow us to run heavier oil and take care of our retail asphalt business, which enhances our overall margin production. And then we're going and trying to ensure that we're at the top end of those yield curves and running as much premium as we can. So we have the ability to go flex right now at a max distillate mode, but we're watching it and watching it very carefully.

話雖如此，我們也相信，我們的價值鏈能讓我們加工更重質的原油，並支援我們的零售瀝青業務，進而提升整體的利潤產出。接著我們也在努力確保自己位於那些收率曲線（yield curves）的高端，盡可能多生產高端產品（premium）。所以我們目前在最大化餾分油模式下仍具備調整彈性，但我們正在觀察，而且非常謹慎地觀察。

Jason Gabelman, TD Cowen.

Jason Gabelman，TD Cowen。

Franklin, you mentioned running your refineries responsibly, which is prudent given the margin environment. In the past, DINO has talked about unlocking in addition capacity within the system that would be worth an additional refinery in terms of size. Is that still an aspiration for the company? Or is the 600,000 barrel a day to 630,000 range kind of the upper end of where you expect to run?

Franklin，你提到以負責任的方式運行你們的煉油廠，考量到目前的利潤率環境，這樣做很審慎。過去 DINO 曾談到在系統內釋放額外產能，其規模相當於再增加一座煉油廠。這仍然是公司的目標嗎？還是說 60 萬桶/日到 63 萬桶/日的區間，大致就是你們預期運行的上限？

We have had recent and active conversations of reinvestment into some of our assets to try to increase the throughput over time, not immediately. And so it is something where -- let's think about the sustainability of DINO. We have to look at these assets and understand what our markets demand today, but what they will demand in the future. And as we look at that, and we have free cash flow, some goes back to the shareholders, but some will need to be reinvested not just for maintenance but for improving the complex of our assets. And so yes, the Board will take that up.

我們最近一直在積極討論，對部分資產進行再投資，嘗試隨時間逐步提高處理量，但不是立刻。因此，這件事——讓我們從 DINO 的永續性來思考。我們必須檢視這些資產，理解我們的市場今天需要什麼，以及未來會需要什麼。當我們這樣看待時，且我們有自由現金流，一部分會回饋給股東，但也有一部分需要再投資，不僅是維護，更是為了提升我們資產組合的整體品質。所以是的，董事會會把這件事提上議程。

In fact, it's an item we're going to take up here as we look at the long-term planning. Now I don't want to be held to a volume on where we get to that's going to depend on the -- a lot of planning and -- but if there is opportunity, we believe, to increase.

事實上，當我們進行長期規劃時，這就是我們接下來要討論的項目之一。不過我不想被綁定在某個最終量能上，因為那將取決於——大量的規劃與——但如果有機會，我們相信是可以提高的。

Yes, maybe just a follow on to that. From an overall value, we launched a few business improvement programs. We've said our key imperatives are to improve reliability and our HSS performance. We're seeing that quarter-over-quarter. So we're starting to see the green shoots as well as unlocking the value of the integrated value and we're starting to see that.

是的，或許再補充一下。從整體價值的角度，我們啟動了幾個業務改善計畫。我們說過，我們的關鍵要務是提升可靠度以及我們的 HSS 表現。我們看到這些指標呈現逐季改善。因此我們開始看到一些初步成果，同時也在釋放整合價值的價值，我們也開始看到這一點。

So some of the projects that we've invested in, we talked about the PSR project, we talked about the back tower project at El Dorado. Both of those are going to improve our yield as well as capture in terms of generating more value for the same throughput that we're putting through our kits. So crude flexibility. All of those things that we've talked about in the past in terms of optimization, we believe there's value to be had there, and we're seeing some benefits start to show up as a result.

因此，我們投資的一些專案，我們談過 PSR 專案，也談過 El Dorado 的 back tower 專案。這兩個專案都將提升我們的收率，同時在我們把相同的處理量送入裝置的情況下，透過捕捉更多價值來創造更高的價值。因此，包括原油彈性等。我們過去談到的所有優化事項，我們相信其中仍有價值可挖掘，而且我們也開始看到一些效益逐步顯現。

Great. My follow-up is just on M&A or A&D, I should say. The Renewable segment certainly had a strong quarter. The margin environment is more constructive. You've seen peers sell down stakes of their renewable diesel businesses. Is that something that you could see doing in the future? And then, I guess, more broadly, just M&A comments on the refining landscape would be welcomed as well.

很好。我接下來的追問是關於併購（M&A）或資產收購/處分（A&D），我應該這麼說。再生能源部門本季表現確實強勁，利潤率環境也更具建設性。你們也看到同業出售其再生柴油業務的部分持股。這是你們未來可能會做的事嗎？另外更廣泛地說，也希望你們能談談煉油產業版圖的併購看法。

Sure. Let me handle that one. Number one, as a management team, and as a Board, we're charged with looking at the allocation of capital to the assets that we have and trying to determine which ones pay back the best and lean into those and the ones that are more mature take cash flow and lean into opportunities. And then see opportunistically, you've seen in our past, and thank you for this, it gives you a good segue into what I was going to say to wrap up. Going back in time, when we did the acquisitions of PSR and Sinclair.

當然。我來回答這題。第一，作為管理團隊以及董事會，我們的職責是檢視資本在現有資產間的配置，並試圖判斷哪些資產的回收最好，就加大投入；而對於較成熟的資產，則以其現金流為基礎，去把握機會。然後再伺機而動——你也在我們過去看到了，謝謝你提這題，這正好讓我順勢帶到我原本要在結尾說的內容。回顧過去，當我們收購 PSR 和 Sinclair 時。

We subsequently did the acquisition -- the reacquisition of our midstream business. They're collectively working together as Steve has talked about the entire value chain. When doing that, if you think about what the company has done and read our report card, we've distributed $4.9 billion, and our market cap today is $12 billion. So think about the ratio of that in four years.

之後我們又進行了收購——重新收購我們的中游業務。它們共同協作，正如 Steve 所談到的，涵蓋整個價值鏈。做了這些之後，如果你回顧公司所做的事並閱讀我們的成績單，我們已分配了 49 億美元，而我們目前的市值是 120 億美元。所以想想四年內這個比例。

And in addition to that, our share price has gone from 30 to 60 something. So you look at a rate of return on a company compared to most any other investments you have, not in our complex, but broadly in the mid-cap space or the energy space. We compare favorably with what we've given back. And what's happened is we've leaned into marketing, which Steve has indicated as we've been growing and it adds to the value proposition of what we've had. We've waited out on the renewable space for the weak players to die during weak markets.

此外，我們的股價也從 30 漲到 60 多。你看看一家公司的報酬率，與你所持有的大多數其他投資相比——不是在我們這個產業鏈內，而是更廣泛地在中型股或能源領域——我們在回饋股東方面的表現相當有競爭力。而我們所做的是加大投入行銷，正如 Steve 所指出的，我們一直在成長，這也提升了我們既有的價值主張。我們在再生能源領域則選擇等待，讓弱勢玩家在景氣低迷時出清。

And that's what you do in a capitalistic market. You let the weak ones die and you let the strong ones survive. We're not going to be knee-jerk just because we had one good quarter and say let's go run and do something. We've waited through the hard times. Let's go harvest these good times.

這就是資本主義市場的運作方式。你讓弱者淘汰，讓強者存活。我們不會因為只有一個好季度就衝動行事，說我們要趕快去做什麼。我們熬過了艱難時期，現在就來收割這些好時光。

In midstream, we felt like we needed opportunity to manage midstream more tighter. We've talked about some initiatives. There are some others going on. We're going to look at that. We've done acquisitions in both marketing and in lubes, we're going to lean into where we see opportunity and value with our free cash flow.

在中游方面，我們覺得需要有機會把中游管理得更緊密。我們談過一些倡議，還有其他一些正在進行。我們會去評估。我們在行銷與潤滑油領域都做過收購，我們會把自由現金流投入到我們看到有機會與價值的地方。

And we see bright days ahead for the Sinclair franchise. When I say love the green dinosaur, it's an affinity brand that people can come to really enjoy and it's one that our employees are proud to wear on their shirts and uniforms every day. And so thank you for this question, given me a chance to talk about the successes of our company and how we're going to move forward in the future with this. Craig, do we have anything else?

而且我們看好 Sinclair 品牌的未來。當我說我喜歡那隻綠色恐龍時，它是一個讓人有親和力的品牌，消費者真的會喜歡來到這裡；我們的員工也以每天把它穿在襯衫與制服上為榮。所以謝謝你這個問題，讓我有機會談談公司的成功，以及我們未來將如何繼續前進。Craig，我們還有其他事項嗎？

Not. I think that concludes our call for today.

沒有。我想今天的電話會議就到這裡。

Thank you all for being part of our call.

感謝各位參與我們的電話會議。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以斷線。