Delek US Holdings Inc (DK) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Jay, and I will be your conference operator today. At this time, I would like to welcome everyone to the Delek US first quarter earnings call.

感謝您的支持。我叫傑伊，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Delek US 第一季財報電話會議。

(Operator Instructions)

（操作員指示）

And now I'd like to turn the conference over to Robert Wright, Senior VP of the US branch. You may begin.

現在我想將會議交給美國分公司高級副總裁羅伯特賴特 (Robert Wright)。你可以開始了。

Good morning and welcome to the Delek US first quarter earnings conference call. Participants joining me on today's call will include Avigal Soreq, President and CEO; Joseph Israel, EVP Operations; and Mark Hobbs, EVP and Chief Financial Officer.

早安，歡迎參加 Delek US 第一季財報電話會議。參加今天電話會議的人員包括總裁兼執行長 Avigal Soreq、營運執行副總裁 Joseph Israel 和執行副總裁兼財務長 Mark Hobbs。

Today's presentation material can be found on the investor relations section of the Delek US website. Slide 2 contains our Safe Harbor Statement regarding forward-looking comments. Any forward-looking information shared during today's call involves risks and uncertainties that may cause actual results to differ materially from today's comments. Factors that could cause actual results to differ are included here as well as within our SEC filings. The company assumes no obligation to update any forward-looking statements.

今天的演示材料可以在 Delek US 網站的投資者關係部分找到。投影片 2 包含我們關於前瞻性評論的安全港聲明。今天電話會議中分享的任何前瞻性資訊都涉及風險和不確定性，可能導致實際結果與今天的評論有重大差異。可能導致實際結果不同的因素包含在此以及我們的 SEC 文件中。該公司不承擔更新任何前瞻性陳述的義務。

I will now turn the call over to Avigal for opening remarks. Avigal?

現在我將把電話轉給阿維加爾 (Avigal) 致開場白。阿維加爾？

Thank you, Robert. Good morning and thank you for joining us today. Despite continued challenging refining margin environment, which was around $4 below mid cycle, Delek continued on its transformational journey.

謝謝你，羅伯特。早安，感謝您今天加入我們。儘管煉油利潤環境持續充滿挑戰，比中期低約 4 美元，但 Delek 仍在繼續其轉型之旅。

On the first quarter, we made further progress in improving our operational performance by conducting two important planned outages at Tyler and Big Spring. We continue to make strong progress on our EOP plans. We also continue to advance some of the efforts to additional intercompany agreements between DK and DKL.

第一季度，我們透過在泰勒和大泉進行兩次重要的計畫停產，在改善營運績效方面取得了進一步的進展。我們的 EOP 計劃繼續取得重大進展。我們也將繼續推進 DK 和 DKL 之間額外的公司間協議的努力。

Let me highlight the progress we have made on our key priorities. First, safe and reliable operations. We have made further progress in improving the operations throughout our companies. We successfully completed an IT turnaround at Tyler and maintenance at several units at Big Spring.

讓我強調一下我們在關鍵優先事項上的進展。一是運作安全可靠。我們在改善整個公司的營運方面取得了進一步的進展。我們成功完成了泰勒的 IT 轉型以及大泉幾個單位的維護。

The Big Spring refinery continues to make good progress in improving its operations, and we expect our reliability investment to serve us well into the future. After these Q1 outages, we look forward to a cleaner runway into the summer driving season. Now I would like to discuss some of the past strategy.

Big Spring 煉油廠在改善營運方面持續取得良好進展，我們預計我們的可靠性投資將在未來為我們帶來良好的服務。在第一季的停運之後，我們期待在進入夏季駕駛季節時能有更清潔的跑道。現在我想討論過去的一些策略。

We continue to make progress towards our midstream deconsolidation goal. This week, we have announced another inter-company transaction. The transaction further increased third-party cash flow at DKL to around 80%. The transactions also improve financial liquidity at DKL by around $250 million which will allow us to maintain our balance sheet.

我們繼續朝著中游分拆目標邁進。本週，我們又宣布了另一項公司間交易。該交易進一步使 DKL 的第三方現金流增加至約 80%。這些交易也使 DKL 的財務流動性提高了約 2.5 億美元，這將使我們能夠維持資產負債表。

DKL's two water acquisitions are performing well, and along with the new gas processing plant will support DKL cash flow and distribution growth. DKL has a strong runway of growth in its gas processing business led by its prime location in Lee County, New Mexico. DKL is also enhancing its position by being one of the few midstream companies with SALA gas gathering and acid gas injection capabilities.

DKL 的兩項水務收購表現良好，並且與新的天然氣處理廠一起將支援 DKL 的現金流和分銷成長。由於位於新墨西哥州李縣的優越地理位置，DKL 的天然氣加工業務擁有強勁的成長勢頭。DKL 也作為少數擁有 SALA 天然氣收集和酸性氣體注入能力的中游公司之一，增強了其地位。

These steps highlight DKL's progress in becoming attractive, high growth, mid-sized midstream company benefiting from the natural gas growth in the Permian Basin. Their logistics is also on track to meet its strong 2025 EBITDA guidance of $480 million to $520 million. Despite these great moves, DKL remains undervalued compared to its peers, with minimal if any of this value reflected in DKL shares.

這些舉措凸顯了 DKL 在成為一家有吸引力、高成長、中型的中游公司方面取得的進展，並受益於二疊紀盆地的天然氣成長。他們的物流也有望實現 2025 年 EBITDA 4.8 億美元至 5.2 億美元的強勁目標。儘管有這些重大舉措，但與同行相比，DKL 仍然被低估，而且這種價值在 DKL 股票中反映得微乎其微。

We will continue to take additional steps such that the value of approximately $400 million in EBITDA DKL is fully reflected in DKL share price and DKL unit price. We remain confident that we will complete the DKL deconsolidation in a methodical manner that will create value for both DKL shareholders and DKL unit holders.

我們將繼續採取額外措施，使 DKL 約 4 億美元的 EBITDA 價值充分反映在 DKL 股價和 DKL 單價中。我們堅信，我們將以有條不紊的方式完成 DKL 拆分，為 DKL 股東和 DKL 單位持有者創造價值。

I'm also excited about the progress we are making on our enterprise optimization plan, our EOP. As a reminder, we started EOP with an aim to improve DKL cash flow by $80 million to $120 million starting in the second half of 2025. On our last earning call, we announced that we expect to be closer to the top end of the original cash flow improvement guidance.

我也對我們在企業優化計劃（EOP）上的進展感到興奮。提醒一下，我們啟動 EOP 的目標是從 2025 年下半年開始將 DKL 的現金流量提高 8,000 萬美元至 1.2 億美元。在我們上次的收益電話會議上，我們宣布我們預計將更接近原始現金流改善指引的最高端。

We remain confident in achieving at least $120 million in cash flow improvement through EOP annually. The final piece of our strategy is being shareholder friendly and having a strong balance sheet. During the quarter we paid $16 million in dividend and bought back $32 million of shares.

我們仍然有信心透過 EOP 每年實現至少 1.2 億美元的現金流改善。我們策略的最後一部分是有利於股東並擁有強勁的資產負債表。本季我們支付了 1,600 萬美元的股息並回購了 3,200 萬美元的股票。

Our firm balance sheet, improved reliability, and confidence in the EOP has allowed us to do countercyclical buyback in the first quarter. We remain committed to a disciplined and balanced approach to capital allocation.

我們穩健的資產負債表、更高的可靠性以及對 EOP 的信心使我們能夠在第一季進行逆週期回購。我們仍然致力於採取嚴謹、均衡的資本配置方法。

Now I would like to make a comment about small refinery exemptions. As you know, last year the DC Circuit court overturned the EPA denial of our [SRA] petition. We're excited about the support of domestic energy production by both the current administration and EPA. We are confident that the EPA under the leadership of President Trump, will provide needed support to small refineries by granting exemption under RFS.

現在我想就小型煉油廠豁免發表一些評論。如您所知，去年哥倫比亞特區巡迴法院推翻了環保署對我們 [SRA] 請願書的駁回。我們對現任政府和環保署對國內能源生產的支持感到非常興奮。我們相信，在川普總統的領導下，美國環保署將透過給予再生能源標準 (RFS) 豁免權為小型煉油廠提供所需的支持。

In closing, I would like to thank our entire team for their hard work and dedication. We are excited about the prospect of DKL in 2025 and beyond. Now I will turn the call over to Joseph, who will provide additional color on our operations.

最後，我要感謝我們整個團隊的辛勤工作和奉獻精神。我們對 DKL 在 2025 年及以後的前景感到興奮。現在我將把電話轉給約瑟夫，他將為我們的行動提供更多細節。

Thank you, Avigal. In the first quarter, we performed our planned outages and our system is well positioned for the gasoline season. In addition, EOP initiatives are on track to achieve approximately $80 million of incremental capture in the refining process and commercial footprint by mid-year.

謝謝你，阿維加爾。在第一季度，我們執行了計劃的停機，我們的系統已為汽油季節做好了準備。此外，EOP 計劃預計將在年中之前實現煉油過程和商業足跡中約 8000 萬美元的增量捕獲。

In Tyler, the team successfully executed our plant maintenance in the alkylation unit, including the upgrade scope which allows us to increase production of high-value products by approximately 500 barrels per day.

在泰勒，團隊成功地完成了烷基化裝置的工廠維護，包括升級範圍，這使我們能夠每天增加約 500 桶高價值產品的產量。

Total throughput in the first quarter was approximately 69,000 barrels per day. Production margin in the quarter was $7.82 per barrel, including an unfavorable $0.70 per barrel impact from the planned outage. Operating expenses were $5.69 per barrel.

第一季的總吞吐量約為每天 69,000 桶。本季的生產利潤率為每桶 7.82 美元，其中包括計劃停產造成的每桶 0.70 美元的不利影響。營運費用為每桶5.69美元。

For the second quarter, our estimated total throughput in Tyler is in the 73,000 to 77,000 barrels per day range. In El Dorado, total throughput in the first quarter was approximately 76,000 barrels per day. Our production margin was $3.83 per barrel and operating expenses were $5.16 per barrel.

對於第二季度，我們估計泰勒的總吞吐量在每天 73,000 至 77,000 桶之間。在埃爾多拉多，第一季的總吞吐量約為每天 76,000 桶。我們的生產利潤為每桶 3.83 美元，營運費用為每桶 5.16 美元。

Planned throughput for the second quarter is in the 80,000 to 84,000 barrels per day range. The El Dorado system is one of our top operational EOP priorities. In the first quarter, we achieved approximately $0.80 per barrel of improvements, which is in line with our $2 per barrel run rate target.

第二季的計畫產量在每天 80,000 至 84,000 桶之間。El Dorado 系統是我們 EOP 營運的首要重點之一。第一季度，我們實現了每桶約 0.80 美元的增產，這與我們的每桶 2 美元的運行率目標一致。

In Big Spring, the team executed well on our plant catalyst replacement work in the reformer and diesel hydrotrier, and total throughput was consistent with the guidance range at approximately 59,000 barrels per day. Our production margin was $4.86 per barrel, including an unfavorable $1.70 per barrel impact of the planned outage.

在 Big Spring，團隊在重整器和柴油加氫裝置中出色地完成了工廠催化劑更換工作，總產量與指導範圍一致，約為每天 59,000 桶。我們的生產利潤為每桶 4.86 美元，其中包括計劃停產造成的每桶 1.70 美元的不利影響。

Operating expenses were $8.36 per barrel, reflecting the maintenance activities and the relatively low throughput denominator. In the second quarter, estimated throughput is in the 67,000 to 71,000 barrels per day range. In across Springs, we continue to demonstrate improved capacity and performance capabilities since then on completion late last year.

營運費用為每桶 8.36 美元，反映了維護活動和相對較低的吞吐量分母。第二季度，預計產量在每天 67,000 至 71,000 桶之間。在整個斯普林斯，自去年年底竣工以來，我們繼續展示出改進的容量和性能。

Total throughput in the first quarter was approximately 85,000 barrels per day, which is a record high rate for the plant. Our production margin was $6.40 per barrel, and operating expenses in the quarter was $5.36 per barrel. Our planned throughput for the second quarter is in the 82,000 to 86,000 barrels per day range. Our implied system throughput target for the second quarter is in the 302,000 to 318,000 barrels per day range.

第一季的總產量約為每天 85,000 桶，創下了該工廠的最高產量記錄。我們的生產利潤率為每桶 6.40 美元，本季營運費用為每桶 5.36 美元。我們第二季的計畫產量在每天 82,000 至 86,000 桶之間。我們預計第二季系統吞吐量目標在每天 302,000 至 318,000 桶之間。

Moving on to the commercial front. In the first quarter, supply and marketing contributed the loss of $23.7 million. Of that, approximately $8.7 million loss was generated by wholesale marketing and a negative $8.5 million contribution was generated by asphalt, both driven by seasonal low demand trends. $6.4 million loss was attributed to supply.

轉向商業領域。第一季度，供銷部門貢獻了2,370萬美元的虧損。其中，批發行銷造成了約 870 萬美元的損失，瀝青造成了 850 萬美元的負損失，這兩者都是由季節性低需求趨勢造成的。 640 萬美元的損失歸因於供應。

In summary, we continue to execute well on the fundamentals of our business. Our focus on EOP allows us to capture structural liquid yield, product mix, and cost structure improvements as we optimize our marketing footprint. Considering the constructive market conditions and our assets positioning, we are excited about the opportunities ahead of us, short and long term.

總而言之，我們的業務基本面繼續表現良好。我們對 EOP 的關注使我們能夠在優化行銷足跡的同時獲得結構性液體收益、產品組合和成本結構的改進。考慮到積極的市場條件和我們的資產定位，我們對未來的短期和長期機會感到興奮。

Mark will now address the financial variance.

馬克現在將解決財務差異問題。

Thank you, Joseph. Referring to slide 18, for the first quarter, Delek had a net loss of $173 million or negative $2.78 per share. Adjusted net loss was $144 million or negative $2.32 per share, and adjusted EBITDA was $26.5 million.

謝謝你，約瑟夫。參考投影片 18，第一季度，Delek 淨虧損 1.73 億美元，即每股虧損 2.78 美元。調整後淨虧損為 1.44 億美元，即每股負 2.32 美元，調整後 EBITDA 為 2,650 萬美元。

On slide 19, the waterfall of adjusted EBITDA from the fourth quarter of 2024 to the first quarter of 2025 shows that there were two main drivers for the increase in EBITDA. First, a $42.2 million increase in refining was primarily attributable to a higher margin environment in the first quarter relative to the fourth quarter, along with sequentially higher throughputs. Second, in the logistics segment, we continue to have another strong quarter delivering $117 million in adjusted EBITDA, a $9 million dollar increase over our previous record of quarterly adjusted EBITDA.

在投影片 19 上，2024 年第四季至 2025 年第一季調整後的 EBITDA 瀑布圖顯示，EBITDA 成長有兩個主要驅動因素。首先，煉油業務增加 4,220 萬美元，主要歸因於第一季相對於第四季的利潤率環境較高，以及連續較高的吞吐量。其次，在物流領域，我們本季持續保持強勁成長，調整後 EBITDA 達到 1.17 億美元，比上一季調整後 EBITDA 記錄高出 900 萬美元。

These improvements were mitigated by slightly higher costs in the corporate segment of approximately $1.8 million compared to the prior period. Moving to slide 20 to discuss cash flow. Cash flow from operations was a use of $62 million. Within this amount is our net loss for the period, in addition to an inflow of approximately $26 million of timing-related working capital movements, which include the impacts of the inventory intermediation agreement.

與上一時期相比，企業部門的成本略有增加，約 180 萬美元，抵消了這些改善的影響。前往投影片 20 討論現金流。經營活動產生的現金流為 6,200 萬美元。這筆金額包括我們本期的淨虧損，此外還有約 2,600 萬美元的與時間相關的營運資金流動流入，其中包括庫存中介協議的影響。

Investing activities of $315 million includes approximately $180 million paid at the closing of the Gravity acquisition and PP&E editions of $136 million. Financing activities of $265 million reflects $32 million in share repurchases, $16 million in dividend payments, and $22 million in DKL distribution payments to public unit holders.

3.15 億美元的投資活動包括在 Gravity 收購結束時支付的約 1.8 億美元和 1.36 億美元的 PP&E 版本。2.65 億美元的融資活動包括 3,200 萬美元的股票回購、1,600 萬美元的股息支付以及 2,200 萬美元的 DKL 分配支付給公共單位持有人。

Along with share repurchases this quarter, DK agreed to sell $10 million worth of DKL units back to DKL, under the DKL $150 million unit repurchase program. As mentioned previously, this is a tax efficient way for DK to proceed with its deconsolidation efforts.

除了本季的股票回購外，DK 還同意根據 DKL 1.5 億美元單位回購計劃，向 DKL 出售價值 1000 萬美元的 DKL 單位。如前所述，這是 DK 推動拆分工作的一種有效的稅收方式。

On slide 21, we show our actual progress under the 2025 capital program. First quarter capital expenditures were $133 million. Approximately, $72 million of the spend was in the logistics segment, of which $52 million was associated with the construction of the Libby 2 gas plant, which remains on track from a cost and time perspective and is currently under the commissioning phase.

在第 21 張投影片上，我們展示了 2025 年資本計畫下的實際進展。第一季資本支出為1.33億美元。大約有 7,200 萬美元的支出用於物流領域，其中 5,200 萬美元用於建設利比 2 號天然氣廠，該廠從成本和時間角度來看仍在按計劃進行，目前正處於調試階段。

Primarily, all of the remaining capital spend during the quarter was in the refining segment addressing planned sustaining capital initiatives. Our DK refining and corporate capital spending outlook for 2025 remains consistent with prior guidance.

本季度剩餘的所有資本支出主要用於煉油部門，以解決計劃中的持續資本計劃。我們對 2025 年丹麥煉油和企業資本支出的展望與先前的指導保持一致。

Our net debt position is broken out between Delek and Delek Logistics on slide 22. During the quarter, we drew approximately $112 million of cash, primarily to return approximately $48 million to shareholders for capital expenditures on growth projects and for the acquisition of Gravity.

投影片 22 詳細列出了 Delek 和 Delek Logistics 的淨債務狀況。本季度，我們提取了約 1.12 億美元的現金，主要用於向股東返還約 4,800 萬美元，用於增長項目的資本支出和收購 Gravity。

Moving now to slide 23, where we cover second quarter Outlook items. In addition to the guidance Joseph provided, for the second quarter of 2025, we expect operating expenses to be between $215 million and $225 million. Operating expenses are based on higher throughput expected for the second quarter, so although in line with first quarter results, we are expecting improvements on a per barrel basis.

現在轉到投影片 23，我們在此介紹第二季的展望項目。除了約瑟夫提供的指導之外，對於 2025 年第二季度，我們預計營運費用將在 2.15 億美元至 2.25 億美元之間。營運費用是基於預計第二季更高的產量而計算的，因此儘管與第一季的業績一致，但我們預計每桶的產量都會有所改善。

G&A is expected to be between $52 million and $57 million, G&A to be between $95 million and $105 million, and net interest expense to be between $80 million and $90 million.

預計一般行政費用 (G&A) 將在 5,200 萬美元至 5,700 萬美元之間，一般行政費用 (G&A) 將在 9,500 萬美元至 1.05 億美元之間，淨利息支出將在 8,000 萬美元至 9,000 萬美元之間。

With that, we will now open the call for questions.

現在，我們將開始提問。

(Operator Instructions).

（操作員指令）。

Alexa Patrick, Goldman Sachs.

高盛的 Alexa Patrick。

Hey, good morning team, and thank you for taking my question.

嘿，大家早安，感謝你們回答我的問題。

Good morning.

早安.

I wanted to talk about DKL and the full-year EBITDA of guidance which you reiterated. Can you talk about some of the moving pieces there and then how should we think about changes in Permian activity potentially impacting the outlook?

我想談談 DKL 和您重申的全年 EBITDA 指南。您能否談談其中的一些動態因素？那麼我們該如何看待二疊紀活動的變化可能對前景的影響？

Yeah, absolutely. I will start with the Permian activity, and then we'll talk about the great news that we are seeing on DKL. In terms of the Permian activity, we can divide that into three buckets, right? Bucket number one is Midland, which is more mature. Acreage, but with great activity and a great producer and true producer over there. The big thing that we have over there that we have very strong combined with the water and all the acquisitions are going to the high end of our expectations.

是的，絕對是如此。我將從二疊紀活動開始，然後我們將討論在 DKL 上看到的好消息。就二疊紀活動而言，我們可以將其分為三類，對嗎？第一名是米德蘭，它更成熟。面積不大，但那裡活動豐富，有出色的生產商和真正的生產商。我們在那裡擁有的最重要的東西是我們與水的結合非常強大，所有的收購都達到了我們預期的高端。

So over there, with all the discussion we had with our producer, we are very secured and have a very nice volume. So that's one. The second part is the Delaware. Delaware, as you know better than I do, has the lowest break even of a shell in any place, and we are in a very good position over there.

因此，透過與製作人進行的所有討論，我們感到非常有保障，並且擁有非常好的銷售量。這就是其中之一。第二部分是特拉華州。您比我更清楚，特拉華州是殼牌公司盈虧平衡點最低的州，我們在那裡處於非常有利的地位。

We have a volume that we didn't produce until we are finishing the expansion of the plant. So that's a very easy move for us to fill up the plant, and we are in a very solid ground over there with what we are discussing with all of our producers. So when everyone is scared, actually we see great opportunities.

在我們完成工廠擴建之前，我們還有大量產品無法生產。因此，對我們來說，這是一個非常容易的舉措，可以填滿工廠，而且我們正在與所有生產商進行討論，在這方面我們有著非常堅實的基礎。所以當每個人都感到害怕時，我們實際上看到了巨大的機會。

On the Delaware, as you well know, we also have a solid offering which is very unique. And then no one else almost in our area has to offer to our producers. So we're in a very good shape with both of the data, we reiterate the guidance we gave, and we are looking on a very strong year for DKL and more to come.

在特拉華州，如您所知，我們也提供非常獨特的優質產品。在我們這個地區幾乎沒有其他人可以為我們的生產商提供產品。因此，我們的數據狀況非常好，我們重申我們給予的指導，我們期待 DKL 以及未來將迎來非常強勁的一年。

That's very helpful, thank you. My follow up is just on capital returns. Can you talk about your strategy there? How should we be thinking about the sustainability of the current dividend yield? And then how are you thinking about share repurchases and balancing share price and deleveraging efforts?

這非常有幫助，謝謝。我的後續關注點只是資本回報。能談談你的策略嗎？我們該如何看待當前股息殖利率的可持續性？那麼，您如何考慮股票回購以及平衡股價和去槓桿努力？

Yeah, absolutely. So I want to start with the bigger picture with your permission. So we started like almost a year ago, I want to say the EOP enterprise optimization plan. The whole point of that is free cash flow. Free cash flow is king, and we are showing improvement and we have a very good second half with minimal capital, and that's the whole point of free cash flow. So I want to make it very clear. Today, as you saw in the announcement, we said at least $120 million improvement on an annual basis second half.

是的，絕對是如此。因此，如果您允許的話，我想先從更宏觀的角度開始。所以，我們大約在一年前就開始了 EOP 企業優化計畫。其關鍵在於自由現金流。自由現金流是王道，我們正在取得進步，在資本最少的情況下，下半年表現非常好，這就是自由現金流的全部意義所在。所以我想把這一點講清楚。今天，正如您在公告中看到的，我們表示下半年的年度改善額至少為 1.2 億美元。

And we have a very nice project, and again, I'm saying that more news to come around that in the near future. So we are very excited about around where we are with that project. So as you know, EOP is not only cost, but it's also margin. You saw a very good G&A number going down. We put you a slide. It basically started with 100 and we basically now at 50, low 50.

我們有一個非常好的項目，我再次強調，不久的將來會有更多關於此項目的消息。因此，我們對該專案的進展感到非常興奮。所以如您所知，EOP 不僅是成本，也是利潤。您會看到 G&A 數字下降得非常好。我們給你放了一張幻燈片。它基本上從 100 開始，現在基本上是 50，低於 50。

You saw the OpEx coming along very nicely to guidance, even though that we are adding more and more activities to the business, we are adding another national gas plant. We just add another acquisition, Gravity that we did, and we are having a higher. So all of that is coming to the right direction with the entire team coming behind it. You have seen the El Dorado capture rate going up almost a back on the top of the improvement, so that's very good.

您會看到，營運支出 (OpEx) 進展順利，符合預期，儘管我們正在為業務增加越來越多的活動，我們還在增加另一個國家天然氣工廠。我們剛剛又收購了 Gravity，我們的業績將進一步提升。所以，在整個團隊的努力下，一切都朝著正確的方向發展。您已經看到 El Dorado 的捕獲率幾乎重新回到了改進的頂部，所以這非常好。

So in terms of capital allocation, to your point, we said before the cycle starts, that we are the buyback before the dividend for us is something that we want to do through the cycle, and that's exactly what we are doing. And then we have a balanced approach between buyback and improving our balance sheet. That's exactly what we are doing.

因此，就資本配置而言，正如您所說，在周期開始之前，我們說過，在股息之前進行回購是我們在整個週期中想要做的事情，而這正是我們正在做的事情。然後，我們在回購和改善資產負債表之間採取平衡的方法。這正是我們正在做的事情。

We see a huge amount of value in our share price for us to return to shareholder is not one quarter campaign, it's a philosophy, and we are following through. We did a buyback in all the biggest quarters and we are very -- our level of conviction and the amount of kind of our share price is that huge, doesn't allow us not to act.

我們看到股價的巨大價值，對我們來說，回報股東不是一個季度的活動，而是一種哲學，我們正在執行。我們在所有最大的季度都進行了回購，我們非常有信心，而且我們的股價是如此之大，不允許我們不採取行動。

Matthew Blair, TPH.

馬修·布萊爾，TPH。

Thank you and good morning. So marketing shows some supply -- marketing shows some improvement in the first quarter relative to the fourth quarter. You talked about some of the drivers there, but I was hoping you could talk a little bit about how things are trending in the second quarter. Should we expect further improvements in the wholesale marketing and asphalt categories? Thank you.

謝謝，早安。因此，行銷顯示了一些供應——相對於第四季度，第一季的行銷顯示出一些改善。您談到了其中的一些驅動因素，但我希望您能稍微談談第二季的情況趨勢。我們是否應該期待批發行銷和瀝青類別進一步改善？謝謝。

Yeah, Matt, you're absolutely right about your observation. It's a multi-million dollar on a similar market on the wholesale price and even worse market on the asphalt. So that's actually even makes the position even better. In terms of asphalt, we see strong demand. We see going in the right direction.

是的，馬特，你的觀察完全正確。類似的批發市場價值數百萬美元，而瀝青市場的狀況甚至更糟。因此這實際上使得情況變得更好。就瀝青而言，我們看到強勁的需求。我們看到我們正朝著正確的方向前進。

We have seen (inaudible) going $3 to $4 in the last few weeks. All of that are very positive in terms of the reaction of supply and demand, and we are very positive about where we are and about Q2. So that's all going in the right direction. So we're in a good position. Market going well, and we see some more to come around it.

我們看到（聽不清楚）在過去幾週內漲到了 3 到 4 美元。從供需反應來看，所有這些都是非常積極的，我們對目前的狀況和第二季的情況非常樂觀。所以一切都在朝著正確的方向發展。因此我們處於有利地位。市場運作良好，我們預計未來還會有更多發展。

Hey, Matt, this is Mohit. I'll just add a little bit on that. As Avigal said, Q4, we always talk about our supply and marketing line item in three terms; wholesale, asphalt, and supply. Wholesale conditions are very similar in the group versus Q4, and asphalt, Q1 is the seasonally weakest quarter for asphalt.

嘿，馬特，我是莫希特。我只想對此做一點補充。正如 Avigal 所說，Q4，我們總是用三個術語來談論我們的供應和行銷項目：批發、瀝青和供應。該集團的批發情況與第四季度非常相似，而瀝青方面，第一季是瀝青季節性最淡的季度。

So despite that, EOP is a big thing in the organisation. And you know we are doing all the structural things that make us better and that's why you saw that $10 million improvement. As far as go forward guidance is concerned, we don't really provide guidance, but we've seen very strong start to the group differentials in the second quarter, and asphalt has been improving as well. So that is how the quarter has started, but we'll see, where we end up at the end of the quarter. But so far, the things look really good.

儘管如此，EOP 在組織中仍然是一件大事。你知道，我們正在做所有能讓我們變得更好結構性的事情，這就是你看到 1000 萬美元改進的原因。就未來指引而言，我們實際上並沒有提供指引，但我們看到第二季度集團差異的開局非常強勁，瀝青也一直在改善。這就是本季的開始，但我們將看看本季末的結果。但到目前為止，情況看起來確實很好。

Sounds good. And I was hoping you could discuss some of the dynamics in the Southwest. It seems like it's off to a little bit of a sluggish start with both gasoline and diesel cracks below five year averages. Has anything structurally changed on the Southwest, and would you expect to see improvements into the summer here?

聽起來不錯。我希望您能討論一下西南地區的一些動態。看起來開局有點低迷，汽油和柴油裂解價差都低於五年平均。西南地區結構上有變化嗎？您是否預計夏季這裡的情況會有所改善？

Matt, this is Mohit again. I think south, we are seeing very strong cracks like. If you look at some of the problems that you've seen on the west coast, it's translating into Arizona markets. Especially asphalt, which is gasoline grid for Arizona markets, has been very strong. We supply that market and we're not seeing any weakness that you're talking about.

馬特，我又是莫希特。我認為在南部，我們看到了非常嚴重的裂縫。如果你看看西岸出現的一些問題，你會發現這些問題也影響了亞利桑那州的市場。尤其是瀝青，它是亞利桑那州市場的汽油供應網，表現非常強勁。我們為該市場提供產品，我們並未看到您所說的任何疲軟現象。

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

Hey, Manav.

嘿，馬納夫。

Good morning, Manav.

早安，馬納夫。

Good morning, sir. My question here is a little more on the SREs, and obviously, your knowledge is vastly higher than ours. I'm just trying to understand here when we are talking SREs, are we talking SREs on a go-forward basis or you also might actually would like to go back and claim SREs for a period of 20 or 20 -- whatever time frame? So I'm just trying to understand, is it all going to be forward-looking or you're also going for what you believe could be retroactive SREs for you guys?

早上好，先生。我這裡的問題更多是關於 SRE 的，顯然，您的知識比我們高得多。我只是想了解，當我們談論 SRE 時，我們是在談論未來 SRE，還是您可能實際上想回溯並聲稱 20 年或 20 年期間的 SRE——無論什麼時間範圍？所以我只是想了解一下，這一切都是前瞻性的嗎，或者你也認為這對你們來說可能是追溯性的 SRE？

Our comment that we put retroactive, and it's going to go to a backlog all the way from 2019. I think if you look on the previous posting that we gave a rounding number around it. So for us, it's a huge value. And as I said on my preferred remark, we are very optimistic about that and more news to come. So its backward and forward.

我們的評論是追溯性的，它將從 2019 年開始一直積壓。我認為如果你看一下之前的帖子，我們給了一個四捨五入的數字。所以對我們來說，這具有巨大的價值。正如我在我喜歡的評論中所說的那樣，我們對此非常樂觀，並且還會有更多消息傳來。所以它是前後的。

Okay, so both backward and forward. So forward also, even if RVO is raised materially and the rent prices do move higher, you still expect those SREs to give you relief. Is that the right way to think about it?

好的，既向前又向後。因此，即使 RVO 大幅提高且租金價格確實上漲，您仍然期望這些 SRE 能為您帶來緩解。這是正確的思考方式嗎？

Yes, absolutely.

是的，絕對是。

Manav, this is Mohit. Thanks for the question. So let me just give you all the details around that. So after the DC Circuit Court ruling last year, our petitions for SREs were sent back to the ETA. The total amount as we disclosed in the past to comply with those petitions was close to $300 million. And that is for the years of 2019 and 2020. From '21, '22, '23, and '24, the cost of our compliance is way above our current market cap.

Manav，這是 Mohit。謝謝你的提問。因此，讓我向您提供有關該問題的所有細節。因此，在去年哥倫比亞特區巡迴法院作出裁決後，我們的 SRE 申請被退回到 ETA。我們過去為滿足這些請願而披露的總金額接近 3 億美元。這是 2019 年和 2020 年的情況。從 21、22、23 和 24 年開始，我們的合規成本遠高於我們目前的市值。

So first of all, we obviously are putting forward and talking with the EPA to get the retroactive SREs, and we obviously, as the law clearly states that we deserve SREs 100% of our capacity deserve SREs. So we also are looking from a forward basis. So that is the situation right now and we do think there are competing incentives that EPA has to balance. But as far as we are concerned, we are very optimistic that EPA will grant us the SREs that we deserve under the RFS law.

因此，首先，我們顯然正在提出並與 EPA 進行談判以獲得追溯性 SRE，而且我們顯然，正如法律明確規定的那樣，我們應該獲得 SRE，我們 100% 的容量都應該獲得 SRE。因此我們也在從長遠角度進行展望。這就是目前的情況，我們確實認為 EPA 必須平衡相互競爭的激勵措施。但就我們而言，我們非常樂觀地認為 EPA 將根據 RFS 法律授予我們應得的 SRE。

Thank you, guys. I'll turn it over.

謝謝你們。我把它翻過來。

Thank you.

謝謝。

Doug Leggate, Wolf Research.

道格‧萊格特（Doug Leggate），沃爾夫研究公司。

Hi, good morning, everyone. This is [McKinley Trust] on for Doug Leggett. He is currently traveling. My first question is going to be centred around EOP. You guys touched on it earlier. It appears that you're going to fairly comfortably reach your $120 million target heading into the second half of the year. But my question is, are there any opportunities for upside beyond that $120 million? And if so, what are the potential drivers of further improving upon that target?

大家好，早安。這是 [McKinley Trust] 為 Doug Leggett 主持的。他目前正在旅行。我的第一個問題是關於 EOP 的。你們之前已經討論過這個問題。看起來，到今年下半年，你們將會相當輕鬆地實現 1.2 億美元的目標。但我的問題是，超過 1.2 億美元還有機會上漲嗎？如果是的話，進一步改善該目標的潛在驅動力是什麼？

Yeah, and you picked it right and you picked it nice. And the answer is absolutely we have not get the guidance for the over the 120, but don't be surprised if that guidance will come at some point because we do see upside on the top of that. So the answer is there is some -- you picked that what we try to hand the market very nicely. So kudos to you. We are working towards that, the entire organization is focusing on that and more to come.

是的，你選得對，而且選得非常好。答案是肯定的，我們還沒有得到超過 120 的指導，但如果該指導在某個時候出現，請不要感到驚訝，因為我們確實看到了上升空間。所以答案是有一些——你選擇了我們試圖很好地提供給市場的東西。所以向你致敬。我們正在為此而努力，整個組織都關注這一點以及未來的更多目標。

Alright, thank you. And my follow-up is also generally centered around EOP. So do you have a kind of a guide or an idea of how or if the refining business can generate sustainable free cash flow? Then a turnaround expenses post, you recognizing all your cost savings from the EOP?

好的，謝謝。我的後續工作也大致圍繞著 EOP 展開。那麼，您是否對煉油業務如何或是否能夠產生可持續的自由現金流有什麼指導或想法？然後是周轉費用帖子，您是否認識到 EOP 帶來的所有成本節省？

Yeah. absolutely. So first of all, you need to understand that we are very confident in EOP and that's what looks great. We gave you numbers and you've seen the numbers around the improvement that we already see in El Dorado. You see the improvement that we see the costs basis. You have seen the improvements that we showed in [KSR]

是的，絕對是如此。因此首先，您需要了解我們對 EOP 非常有信心，而且它看起來很棒。我們給了你們一些數字，你們也看到了我們在埃爾多拉多已經看到的改進。您可以看到我們在成本基礎方面取得了進展。您已經看到了我們在[KSR]

You see the improvement in availability in Big Spring, and you see Tyler in a very good spot. I will let Mark to say a few words about the cash flow going forward and that's going to give you another level of understanding.

您將看到 Big Spring 的可用性有所提高，並且會看到 Tyler 處於非常有利的位置。我將讓馬克談談未來的現金流，這將使你們有另一個層次的理解。

Yeah, thanks, Avigal. Speaking about cash flow and digging in a little bit more, over recent past in the quarter, keep in mind that over 80% of our capital spend in the first quarter was for highly accrued growth, primarily at DKL that furthers are some of the parts initiatives. As we closed the Gravity acquisition on January 2. That was about $180 million just over of cash in the quarter.

是的，謝謝，阿維加爾。談到現金流，深入挖掘一下，在本季度的最近一段時間，請記住，我們第一季超過 80% 的資本支出用於高度累積的增長，主要是在 DKL，這進一步推動了一些部分計劃。我們於 1 月 2 日完成了對 Gravity 的收購。本季的現金約為 1.8 億美元。

In 2025, CapEx, as we've provided guidance, is heavily weighted to the first half of the year. So in the first quarter we spent about $72 million in growth CapEx at DKL, $52 million of which was for our Libby 2 expansion. We also had planned maintenance at both Big Spring and Tyler. And our plants are running well, so we feel very good about being set up for moving into the summer driving season.

正如我們所預測的，2025 年的資本支出將主要集中在上半年。因此，在第一季度，我們在 DKL 花費了約 7,200 萬美元的成長資本支出，其中 5,200 萬美元用於我們的 Libby 2 擴建。我們也計劃對 Big Spring 和 Tyler 進行維護。我們的工廠運作良好，因此我們很高興能夠為進入夏季駕駛季節做好準備。

If you take a longer-term view and think about the relatively heavy spend that we had over the last nine months, which included the KSR turnaround late last year, the ongoing Libby 2 expansion, which is critically important for our Delaware, growth initiatives around gas and sour gas, plus acquiring both H2O and Gravity. In the face of challenging margin environments, we've maintained a strong balance sheet and we're very happy with our liquidity position as we move into the year.

如果從長遠角度考慮，我們在過去九個月中投入了相對較多的資金，包括去年年底 KSR 扭虧為盈、正在進行的 Libby 2 擴建（這對我們的特拉華州至關重要）、圍繞天然氣和酸性天然氣的增長計劃，以及收購 H2O 和 Gravity。面對充滿挑戰的保證金環境，我們維持了強勁的資產負債表，並且對今年的流動性狀況感到非常滿意。

This also incorporates the fact that we've continued our countercyclical approach to buybacks. So over that period of time, we purchased approximately $75 million of our stock along with paying around $50 million in dividends. And so we're set up very well as we move through 2025.

這也反映了我們繼續採取逆週期回購方式的事實。因此，在那段時間裡，我們購買了約 7,500 萬美元的股票，同時支付了約 5,000 萬美元的股息。因此，我們已經為邁向 2025 年做好了充分的準備。

I mean the EOP initiatives that Avigal has given a lot of detail around, moving through the second half of the year over very comfortable with $120 million plus an improvement, that's very much a free cash flow initiative with a limited capital spend in the second half of the year, we feel very good about how we're set up going forward.

我的意思是，Avigal 已經詳細介紹了 EOP 計劃，下半年我們將非常放心地投入 1.2 億美元，再加上一項改進，這在很大程度上是一項自由現金流計劃，下半年的資本支出有限，我們對未來的安排感到非常滿意。

All right, thanks for your response. Thank you for taking my questions.

好的，謝謝你的回覆。感謝您回答我的問題。

Thank you.

謝謝。

Joe Laetsch, Morgan Stanley.

摩根士丹利的喬·萊奇（Joe Laetsch）。

Hey, good morning, team, and thanks for taking my questions. So I wanted to ask on some of the parts progress, and I was hoping you could unpack the intercompany transactions. Is there more to go on this side or are the right assets in the right buckets now? Thanks.

嘿，早安，團隊，感謝你們回答我的問題。所以我想詢問一些零件的進展情況，我希望你能解開公司間交易的謎團。這方面還有更多事情要做嗎？或者現在正確的資產是否放在了正確的位置上？謝謝。

Yeah, absolutely. So some of the parts along with EOP are the most important initiative in our company, so I want to make it very clear. Deconsolidation is the goal, and deconsolidation is happening as we speak, just to make it very clear.

是的，絕對是如此。因此，EOP 中的一些部分是我們公司最重要的舉措，所以我想把這一點說清楚。解除合併是我們的目標，而且我們說話的時候解除合併正在進行，只是為了讓這一點非常清楚。

As you know and see every day, we went from 79% just a year ago, more or less to lower 60%. Now while doing that, we increased the DKL EBITDA from 385 to midpoint of 500. While doing that we increased third party from around 40%. To around 80% as we see today and while doing that we increased the distribution that DK actually gets. So all of that is very creative, agile way to achieve some of the power and achieving value for both DK shareholder and DKL unit holder. That's the objective. So I will let Mark to add more into the transactions that we disclosed today because it's very important.

正如你們所知道和每天看到的，我們從一年前的 79% 左右下降到了 60% 以下。現在，在這樣做的同時，我們將 DKL EBITDA 從 385 提高到了 500 的中點。同時，我們將第三方的比例增加了 40% 左右。達到我們今天看到的 80% 左右，同時我們增加了 DK 實際獲得的分配。因此，所有這些都是非常有創意、靈活的方式，可以為 DK 股東和 DKL 單位持有者實現部分權力和價值。這就是目標。因此，我會讓馬克在我們今天披露的交易中添加更多內容，因為這非常重要。

So the intercompany transactions which we announced coinciding with the earnings, it's really about cleaning up contracts between DK and DKL, And it's a critically important step to advancing our deconsolidation efforts, because as avigal said, it's kind of getting assets and activities in the right place. And what we've done is we've basically moved refining related activities from DKL back to DK, which is obviously important, and we also moved midstream related activities from DK down to DKL through the cleaning up of these contracts.

因此，我們宣布的與收益同時發生的公司間交易實際上是為了清理 DK 和 DKL 之間的合同，這是推進我們拆分工作的至關重要的一步，因為正如阿維加爾所說，這就像將資產和活動放到正確的位置。我們所做的基本上是將煉油相關活動從 DKL 移回 DK，這顯然很重要，而且我們也透過清理這些合約將中游相關活動從 DK 移到 DKL。

The overall net impact of this is not really material to either one of the entities. But through this restructuring, it does unlock approximately $250 million of availability, as we mentioned under our credit facilities. And importantly, the results of this, it increases DKL's third-party EBITDA contribution to approximately 80% on a pro forma basis, and that further drives our economic separation between the two companies, which is also critically important.

這件事的整體淨影響對於任何一個實體來說都不是實質的。但透過這次重組，它確實釋放了約 2.5 億美元的可用資金，正如我們在信貸安排中提到的那樣。重要的是，這樣做的結果是，它將 DKL 的第三方 EBITDA 貢獻提高到形式上的約 80%，這進一步推動了兩家公司之間的經濟分離，這也至關重要。

Great, thanks. That's helpful. And then I want to follow up on the logistics side. You've done a good job growing midstream through bolt ons. Can you talk about what you're seeing in the M&A landscape today, and has that changed at all with the pullback in crude and some EPS starting to reduce activity here? Thank you.

太好了，謝謝。這很有幫助。然後我想跟進物流方面的狀況。您透過附加功能在中游發展方面做得很好。您能否談談目前併購情勢下的情況？隨著原油價格回落和部分 EPS 活動開始減少，這種情況是否發生了變化？謝謝。

Yeah, absolutely. So we are developing a company which is a mid-sized midstream company that provides all services, food, gas and water. Looking on M&A specifically, we are not going to comment. We have done in the past deal that made a lot of sense for you guys and made a lot of sense for us. And the three main criteria that we are looking for free cash flow, accretive to leverage, and accretive to coverage ratio.

是的，絕對是如此。因此，我們正在發展一家中型中游公司，提供所有服務、食品、天然氣和水。具體來說，就併購而言，我們不會發表評論。我們過去達成的交易對你們和我們來說都很有意義。我們尋求的三個主要標準是自由現金流、槓桿率增值和覆蓋率增值。

So we are not after the deal, we are after providing value to unit holders and shareholders. That's the goal. And we are picking the right tool on the right time. We can either sell like we sold retail, we can either buy like we did with Gravity and H2O, or we can build when we have the right multiply to build versus buy. So we have the full toolkit ahead of us and we are trying to use the right tool kit for the right mission and not to confuse them. That's the goal. The goal is to give value to you, to investors, and that's what we are determined to do.

因此，我們追求的不是交易，而是為單位持有人和股東提供價值。這就是目標。我們在正確的時間選擇了正確的工具。我們既可以像零售一樣銷售，也可以像 Gravity 和 H2O 那樣購買，或者當我們擁有合適的倍數時，我們可以自行建造而不是購買。因此，我們面前有完整的工具包，我們正嘗試使用正確的工具包來完成正確的任務，而不是讓他們感到困惑。這就是目標。我們的目標是為您、為投資人創造價值，而這正是我們決心要做的事。

Great thanks.

非常感謝。

Ryan Todd, Piper Sandler.

瑞恩·托德、派珀·桑德勒。

Great, thanks. Maybe first off, congratulations on the improved margin capture, particularly at El Dorado. Can you talk about what you've been able to do to drive improvement there, and what are the next steps in terms of continuing to improve capture?

太好了，謝謝。首先，我們要祝賀利潤率的提高，特別是在 El Dorado。您能否談談您為推動這一領域的改進所做的努力以及在繼續改進捕獲方面的下一步計劃是什麼？

Yeah. So El Dorado is a very nice kid. We visited just a few weeks ago. All the refineries behind the European initiative and we definitely see great progress. The complexity of the refinery is good. We finished the journey of operation. And I will let Joseph to comment.

是的。所以 El Dorado 是個非常好的孩子。我們幾週前剛去過。所有煉油廠都支持歐洲倡議，我們確實看到了巨大的進步。煉油廠的複雜性很好。我們結束了營運之旅。我會讓約瑟夫發表評論。

Going from our fourth quarter to the first quarter, realize the growth margin improving by $1 over the benchmark crack spreads. We went up [327] versus what the market gave us of [238], meaning the European initiatives are starting to really to impact our capture. We saw $0.80 per barrel in place in the first quarter like we mentioned in our remarks. And we are on track to achieve the $2 per barrel annual rate by the end of this quarter.

從第四季到第一季度，實現成長幅度比基準裂解價差提高 1 美元。我們的價格上漲了 [327]，而市場給出的價格是 [238]，這意味著歐洲的舉措開始真正影響我們的佔領。正如我們在評論中提到的那樣，第一季的油價為每桶 0.80 美元。我們預計在本季末實現每桶 2 美元的年油價。

To remind everyone, this structural, process, logistics, and commercial improvements which will support El Dorado profitability in the long run through the cycles. And if you're asking in specific, we are talking about jet fuel production which we added in El Dorado and really helps the offering of high value products plus the ability to leave more products in the local market area.

需要提醒大家的是，這種結構、流程、物流和商業改進將在整個週期中支援 El Dorado 的長期獲利能力。如果你具體問的話，我們談論的是埃爾多拉多增加的航空燃料生產，這確實有助於提供高價值產品，並且能夠在當地市場留下更多產品。

And we have some catalyst change which is really helping our liquid yield and performance of some of our units and other creative engineering techniques that we implemented. El Dorado is supposed to generate $50 million of incremental value by the time it's all said and done in those three fronts. So very happy with the progress and the results.

我們對催化劑進行了一些改進，這確實有助於提高液體產量和某些裝置的性能，以及我們實施的其他創意工程技術。當這三個方面都完成後，El Dorado 預計將產生 5000 萬美元的增量價值。我對進展和結果非常滿意。

Great thank you and maybe a follow up on an earlier question. There have been a lot of moving pieces over the last few quarters across your business that impacts, I think how we view the financials. Refining business has certainly seen some improvement. But I think if we go back, I believe it was last last August when you had made a number of these structural changes, there was part of like the amend and extend program. I think maybe you were talking about something on the order of $60 million of EBITDA that we kind of move from DKL towards towards DK.

非常感謝，也許可以跟進一下之前的問題。在過去的幾個季度中，您的業務發生了許多變化，我認為這些變化影響了我們對財務狀況的看法。煉油業務確實取得了一些進展。但我認為如果我們回顧一下，我相信是去年八月，你們做出了一些結構性改變，其中有一部分是修改和延長計畫。我想也許您談論的是 6000 萬美元左右的 EBITDA，我們將從 DKL 轉向 DK。

You've announced some additional kind of intercom adjustments here, can we look at 1Q earnings and the results here, like does it reflect a kind of a normalized run rate in terms of these intercompany adjustments and the amendment extend from last year? Is that generally reflected in the first quarter underlying kind of profitability or is there more to go there outside of the EOP?

您在這裡宣布了一些額外的內部調整，我們可以看看第一季的收益和結果嗎，它是否反映了這些公司間調整和去年修訂的標準化運作率？這通常反映在第一季的基本獲利能力中嗎？還是在 EOP 之外還有更多內容？

Yeah, for the most part, that's not the changes that we see. For the most part, it is the business that we are improving and making that better, so that's not the essence. It's -- those deals are more towards the back, but I will let Mohit to get close to the answer.

是的，大多數情況下，我們看到的並不是這樣的改變。在很大程度上，我們正​​在改進並使其變得更好，所以這不是本質。這些交易更多的是在後面，但我會讓 Mohit 接近答案。

Yeah, so as far as these intercompany agreements are concerned, let's just talk about the first one that we just announced. The first, the basic idea here is to just put the right assets under the right buckets. We're just making sure all the DKL tight assets are at DKL and all the refining tight assets are, coming back, or at least economically coming back to Delek.

是的，就這些公司間協議而言，我們只討論剛剛宣布的第一項協議。首先，這裡的基本想法是將正確的資產放在正確的桶子裡。我們只是確保所有 DKL 緻密資產都在 DKL，並且所有精煉緻密資產都回歸，或至少在經濟上回歸 Delek。

So for the latest round of intercoming transactions, we basically expect EBITDA impact to be relatively muted for DKL and for DK. As far as the amendment extend contracts that we announced in August of last year, we still expect some of that $60 million to come back to DK progressively throughout this year.

因此，對於最新一輪的併購交易，我們基本上預計 DKL 和 DK 的 EBITDA 影響相對較小。就我們去年 8 月宣布的延長合約修正案而言，我們仍預計其中一部分 6,000 萬美元將在今年內逐步返還給 DK。

Great, thank you.

太好了，謝謝。

Jason Gebelman, TD Cowen.

傑森·格貝爾曼（Jason Gebelman），TD Cowen。

Yeah, hey, morning. Thanks for taking my questions.

是的，嘿，早安。感謝您回答我的問題。

Hey, Jason, good morning. How are you?

嘿，傑森，早安。你好嗎？

Yeah, good. I was a bit surprised by the OpEx guidance going forward in light of kind of declining turnaround activity. And if I compare to where you were the back half of last year on a consolidated basis, you were about [$185 million] and 2Q, you're got to $220 million. I think 3Q '24, throughput was flat. With 2Q '25 guidance, so I would have anticipated that to be a good kind of benchmark. And you know understanding higher logistics, OpEx adds $10 million. Higher natural gas prices probably add another $10 million. There's still, a decent, maybe call it $15 million gap to where we think you should be on OpEx. So is there anything going on in that bucket that we should be thinking about in terms of increases from the second half of the year to the go forward guidance?

是的，很好。鑑於扭虧為盈活動的減少，我對未來的營運支出指引感到有些驚訝。如果我與去年下半年的合併情況進行比較，您的收入約為 [1.85 億美元]，而第二季度的收入則達到 2.2 億美元。我認為 24 年第三季的吞吐量持平。有了 2025 年第二季的指導，我預計這將是一個很好的基準。而且您了解更高的物流，營運支出增加了 1000 萬美元。天然氣價格上漲可能還會增加 1,000 萬美元。我們認為您的營運支出應該達到的水平，但仍然存在相當大的差距，或許可以稱之為 1500 萬美元的差距。那麼，從下半年到未來指引的成長來看，我們該考慮哪些面向呢？

Yeah, thanks for the question, great question, and I'm happy to answer. So the main driver of OpEx between Q1 and Q2 are simply the natural gas plant that we are adding. And I think back of the envelope is like more than 30,000 barrels a day of that you probably noticed that we are giving a very guidance towards Q2. All of them are very important and we are doing that -- we are very happy that we have the opportunity to make more money on an overall basis.

是的，感謝您的提問，這個問題問得好，我很樂意回答。因此，第一季和第二季之間營運支出的主要驅動力就是我們正在增加的天然氣工廠。我認為，從根本上來說，每天的產量將超過 30,000 桶，您可能已經注意到，我們對第二季度給出了非常明確的指導。所有這些都非常重要，我們正在這樣做——我們很高興有機會從整體上賺更多的錢。

The last thing that you need to expect that we will see further improvement on the OpEx going to the balance of the Q3 to Q4. So we are very happy about the progress we are doing about OpEx. You've seen that we can below the target we give and we've seen a very nice improvement. You probably have noticed that the G&A is pretty much half this is when we started that program. So we are making very good progress. We have activity we are adding. We have through we are adding, and you'll hear more news shortly.

您最後需要期待的是，我們將看到營運支出在第三季至第四季之間進一步改善。因此，我們對在營運支出方面取得的進展感到非常高興。您已經看到，我們可以實現我們設定的目標，我們已經看到了非常好的進展。您可能已經注意到，當我們啟動該計劃時，G&A 費用幾乎只佔到現在的一半。因此，我們正在取得非常好的進展。我們正在新增活動。我們已經透過我們正在添加的內容，您很快就會聽到更多消息。

Yeah, and I hear you on the G&A side for sure, that's coming through. Do you have a sense of where OpEx should kind of trend in the second half of the year?

是的，我肯定聽到了您在 G&A 方面所講的內容，這些正在實現。您是否了解下半年營運支出的趨勢如何？

I don't think it's the best part to give guidance, so far out, but we are very optimistic.

我認為目前給予指導並不是最好的選擇，但我們非常樂觀。

Okay, that was it for me, so I appreciate the help there.

好的，對我來說就是這樣，所以我很感謝你們的幫助。

Thanks. I appreciate the question.

謝謝。我很感謝你提出這個問題。

That concludes our Q&A session. I'll turn the conference back over to Avigal Soreq for closing remarks.

我們的問答環節到此結束。我將把會議交還給 Avigal Soreq 並請他作結語。

Yeah, absolutely. I would like to thank the management here round the table, to our Board of Directors, to our investors, and most importantly, our great employees that make this company what it is, and we'll talk again next quarter. Thank you.

是的，絕對是如此。我要感謝在座的各位管理階層、董事會、投資者，最重要的是，感謝我們優秀的員工，是他們成就了今天的公司，我們下個季度再談。謝謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。