Delek US Holdings Inc (DK) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is JL, and I will be your conference operator today. At this time, I would like to welcome everyone to the Delek US second quarter earnings call. (Operator Instructions) Now let's turn the conference over to Robert Wright, Deputy Chief Financial Officer. You may begin.

感謝您的支持。我叫 JL，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Delek 美國第二季財報電話會議。（操作員指示）現在讓我們將會議交給副首席財務官羅伯特賴特 (Robert Wright)。你可以開始了。

Good morning and welcome to the Delek US second 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 第二季財報電話會議。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 Dele US website. Slide 2 contains our Safe Harbor statement regarding forward-looking comments. Any forward-looking information shared during today's call will involve risks and uncertainties that may cause actual results to differ materially from today's comments.

今天的演示材料可以在 Dele 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將涉及風險和不確定性，這可能導致實際結果與今天的評論有重大差異。

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

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。現在我將把電話轉給阿維加爾 (Avigal) 致開幕詞。阿比蓋爾。

Thank you, Robert. Good morning and thanks for joining us today. Delek continue on its transformational journey during the second quarter by making progress on several key strategic initiatives. We have made excellent progress on our enterprise optimization plan.

謝謝你，羅伯特。早安，感謝您今天加入我們。德萊克在第二季度繼續其轉型之旅，在幾項關鍵策略舉措上取得了進展。我們的企業優化計劃取得了顯著進展。

Even the progress we have made so far, we are increasing our guidance on EOP to $130 million to $170 million on a runway basis.

即使我們迄今為止已經取得了進展，我們也將 EOP 指導金額提高到 1.3 億美元至 1.7 億美元。

Some of the past effort also continues to progress well. During the quarter, we completed our inter-company agreement, worked on raising liquidity at DK, and made great progress in increasing the economic separation between DK and DKL.

過去的一些努力也持續取得良好進展。在本季度，我們完成了公司間協議，致力於提高 DK 的流動性，並在增加 DK 和 DKL 之間的經濟分離方面取得了重大進展。

As I always do, I will give an update on our key long term priorities in more detail. Reliable operations, we have made further progress in improving the operations throughout our company and reported record throughput in the quarter.

正如我一貫的做法，我將更詳細地介紹我們的主要長期優先事項。可靠的運營，我們在改善整個公司的運營方面取得了進一步的進展，並在本季度報告了創紀錄的吞吐量。

Big Spring refinery had a strong quarter with a strong overall throughput and operational performance. We have continued to make a liability investment that will serve us well in the future.

大泉煉油廠本季表現強勁，整體吞吐量及營運表現強勁。我們繼續進行負債投資，這將對我們未來大有裨益。

Tyler, El Dorado, and Texas also had the strong operations during the quarter. El Dorado has showed additional benefit from European improvements. With most of our capital projects complete in the first half of the year, we look forward to capture the advantage of our operational EOP and strategic progress during the remainder of the year and beyond.

泰勒、埃爾多拉多和德克薩斯在本季也表現強勁。埃爾多拉多已顯示出歐洲改進帶來的額外好處。由於我們的大部分資本項目已於今年上半年完成，我們期待在今年剩餘時間及以後抓住營運 EOP 和策略進展的優勢。

Now, I would like to discuss the progress we have made on our EOP efforts. As a reminder, we started the EOP with an aim to improve DK cash flow by $80 million to $120 million starting the second half of 2025. We focus on improving overall free cash flow generation through this cycle.

現在，我想討論一下我們在 EOP 工作中取得的進展。提醒一下，我們啟動 EOP 的目標是從 2025 年下半年開始將 DK 的現金流量提高 8,000 萬美元至 1.2 億美元。我們專注於透過此週期提高整體自由現金流的產生。

The basis of this EOP improvement was further cost reduction, but more importantly, by making structural changes in the way we ran our company. These structural changes are tied to our cost base, the way we run our refineries, the way we buy our food, and the way we sell our products.

這次 EOP 改進的基礎是進一步降低成本，但更重要的是，透過對我們營運公司的方式進行結構性變革。這些結構性變化與我們的成本基礎、我們經營煉油廠的方式、我們購買食品的方式以及我們銷售產品的方式息息相關。

During the quarter, we estimate approximately $30 million of this EOP cash flow improvement has flowed through our P&L. As you can see, we have already achieved our prior target of $120 million of run rate EOP benefits one quarter ahead of schedule.

在本季度，我們估計 EOP 現金流改善中約有 3,000 萬美元已流入我們的損益表。如您所見，我們已經提前一個季度實現了 1.2 億美元的運行率 EOP 收益目標。

Today, we are further increasing our range of EOP improvements to $130 million to $170 million on a run rate basis starting the second half of this year. I'm extremely proud of the team for adopting a culture of continuous improvement.

今天，從今年下半年開始，我們將進一步把 EOP 改善範圍擴大到 1.3 億美元至 1.7 億美元。我為團隊秉持持續改善的文化感到非常自豪。

While there is still more work ahead, I like the direction we are heading. We also continue to make progress toward out some of the past goals. With the commissioning of DK Libby 2 plant and the completion of intercompany agreements, we are making great progress in making DK and DKL economically independent.

雖然還有更多的工作要做，但我喜歡我們前進的方向。我們還在繼續朝著過去的一些目標前進。隨著DK Libby 2工廠的投入營運和公司間協議的完成，我們在使DK和DKL經濟獨立方面取得了巨大進展。

During the quarter, we increased the financial liquidity at DKL for a very successful high offering. Both our intercompany agreements and the latest high yield offering with over 1 billion of liquidity at DKL. This financial flexibility will allow DKL to continue on its growth journey and complete the economic separation from DK.

在本季度，我們增加了 DKL 的財務流動性，以實現非常成功的高額發行。我們的公司間協議和最新的高收益產品在 DKL 擁有超過 10 億的流動性。這種財務靈活性將使 DKL 能夠繼續其成長之旅並完成與 DK 的經濟分離。

As I've highlighted in the past, DKL has a strong runway of growth in both Midland and Delaware basins. DKL is making great progress in developing its solid gas gathering and acid gas injection capabilities. These capabilities will provide DKL the ability to fully capitalize on all of its growth opportunities in the Delaware Basin. DKL is also having a lot of success in increasing its crude gathering business both in the Midland and Delaware basins.

正如我過去所強調的那樣，DKL 在米德蘭和特拉華盆地都擁有強勁的成長勢頭。DKL在開發固體氣體收集和酸性氣體注入能力方面取得了巨大進展。這些能力將使 DKL 能夠充分利用其在特拉華盆地的所有成長機會。DKL 在擴大其在米德蘭和特拉華盆地的原油收集業務方面也取得了巨大成功。

During the third quarter, we see a material increase in volumes in both Midland and Delaware systems. Direct logistics is on track to meet its 2025 EBITDA guidance of $480 million to $520 million. We continue to work on additional steps to unlock the value of approximately $400 million in third party EBITDA at DKL, such that it's fully reflected in DK share price and DKL unit price.

在第三季度，我們看到米德蘭和特拉華系統的交易量均大幅增加。Direct logistics 預計將實現 2025 年 EBITDA 目標 4.8 億美元至 5.2 億美元。我們將繼續採取額外措施，釋放 DKL 約 4 億美元的第三方 EBITDA 價值，以便其完全反映在 DK 股價和 DKL 單價中。

We will complete the DKL some of the parts in a methodical manner that will create value for both DK shareholders and DKL unit holders. The final piece of our strategy is being a shareholder friendly and having a strong balance sheet.

我們將以有條不紊的方式完成 DKL 的部分工作，為 DK 股東和 DKL 單位持有者創造價值。我們策略的最後一部分是維護股東利益並擁有強勁的資產負債表。

During the quarter, we pay approximately $16 million in dividends and bought back approximately $13 million for our shares. Our strong balance sheet, improved reliability and confidence in the EOP has allowed us to continue the counter cyclical buyback in 2025. We remain committed to a disciplined and balanced approach to capital allocation.

在本季度，我們支付了約 1,600 萬美元的股息，並回購了約 1,300 萬美元的股票。我們強勁的資產負債表、更高的可靠性以及對 EOP 的信心使我們能夠在 2025 年繼續進行逆週期回購。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, [SRE petitions] are an important focus area for Delek, as our pending petitions are worth more than our current market cap. The Supreme Court and the DC Circuit Court have made it clear that the EPA must thoughtfully address this problem.

現在，我想就小型煉油廠豁免發表一些評論。如您所知，[SRE 請願書] 是 Delek 關注的重要領域，因為我們待處理的請願書的價值超過了我們目前的市值。最高法院和哥倫比亞特區巡迴法院已明確表示，環保署必須認真解決這個問題。

We believe the EPA understands the issues small refiners like Delek face in the absence of clear policy around this. As a reminder, since 2019, while our SRE petition has been pending, Delek has remained in full compliance.

我們相信，美國環保署了解像 Delek 這樣的小型煉油廠在缺乏明確政策的情況下所面臨的問題。提醒一下，自 2019 年以來，雖然我們的 SRE 申請一直懸而未決，但 Delek 一直完全遵守規定。

We are confident in a favorable outcome on our petitions based upon the principle laid in the RFS law, ruling from the DC Circuit Court and the EPA understanding of the issues involved. In closing, I would like to thank our entire team for their hard work and dedication. We are optimistic about DK trajectory in the second half of 2025 and beyond. With a strong momentum and promising opportunities on the horizon, I will now turn the call over to Joseph, who will provide additional color on our operations.

根據 RFS 法律規定的原則、哥倫比亞特區巡迴法院的裁決以及美國環保署對所涉及問題的理解，我們相信我們的請願會得到有利的結果。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 2025 年下半年及以後的 DK 發展軌跡持樂觀態度。隨著強勁的發展勢頭和充滿希望的機會即將出現，我現在將電話交給約瑟夫，他將為我們的營運提供更多細節。

Thank you, Avigal. Second quarter operations performance was strong from safety, reliability, and optimization standpoint. Starting with reliability, record throughput results were set in Big Spring, Krotz Springs, and for the entire system. With regards to optimization, our refining teams have been successful in the bulk making, improving liquid yield recovery, maximizing production value and optimizing sulfur and benzene balances.

謝謝你，阿維加爾。從安全性、可靠性和優化的角度來看，第二季的營運表現強勁。從可靠性開始，Big Spring、Krotz Springs 和整個系統都創下了吞吐量記錄。在優化方面，我們的煉油團隊在大量生產、提高液體收率、最大化生產價值以及優化硫和苯平衡方面取得了成功。

Process efficiency improvement is well-reflected in our numbers. Our realized refining margins increased by $0.96 per barrel compared to the second quarter of 2024, despite an $0.18 per barrel decline in the benchmark net margin. Our commercial team has reworked contracts and optimized the new logistics to expand market optionality.

我們的數字充分體現了流程效率的提升。儘管基準淨利潤率每桶下降了 0.18 美元，但我們實現的煉油利潤率與 2024 年第二季度相比增加了每桶 0.96 美元。我們的商業團隊重新制定了合約並優化了新的物流以擴大市場選擇性。

Overall, we made good progress operationally and we are well-positioned to meet or exceed our European goals. Starting with Tyler, total throughput in the second quarter was 74,000 barrels per day. Our production margin was $9.95 per barrel, and operating expenses were $4.58 per barrel.

總體而言，我們在營運方面取得了良好進展，並且我們有能力實現或超越我們的歐洲目標。從泰勒開始，第二季的總吞吐量為每天 74,000 桶。我們的生產利潤為每桶 9.95 美元，營運費用為每桶 4.58 美元。

For the third 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 second quarter was approximately 81,000 barrels per day. Our production margin was $5.21 per barrel, and operating expenses were $4.38 per barrel.

對於第三季度，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，第二季度的總吞吐量約為每天 81,000 桶。我們的生產利潤為每桶 5.21 美元，營運費用為每桶 4.38 美元。

The El Dorado system is one of our top operational EOP priorities. In the second quarter, our estimated EOP impact on gross margin is $1.45 per barrel, which is in line with our approximately $2 per barrel run rate target. Plant throughput for the third quarter is in the 79,000 to 83,000 barrels per day range.

El Dorado 系統是我們 EOP 營運的首要重點之一。在第二季度，我們預計 EOP 對毛利率的影響為每桶 1.45 美元，這與我們每桶約 2 美元的運行率目標一致。第三季工廠產量在每天 79,000 至 83,000 桶之間。

In Big Spring, total throughput in the second quarter was approximately 76,000 barrels per day, reflecting our produce with people, processes, and equipment. Our production margin was $9.65 per barrel, and operating expenses were $6.67 per barrel. In the third quarter, the estimated throughput is in the 69,000 to 72,000 barrels per day range. In Krotz Springs, we continue to demonstrate improved capacity capabilities since the major turnout. Total throughput in the second quarter was approximately 85,000 barrels per day.

在 Big Spring，第二季的總吞吐量約為每天 76,000 桶，反映了我們的人員、流程和設備的產量。我們的生產利潤為每桶 9.65 美元，營運費用為每桶 6.67 美元。第三季度，預計產量在每天 69,000 至 72,000 桶之間。在克羅茨斯普林斯，我們繼續展示自大規模投票以來提高的容量能力。第二季的總吞吐量約為每天 85,000 桶。

Our production margin was $7.59 per barrel. And operating expenses in the quarter was $5.13 per barrel. Our planned throughput for the third quarter is in the 81,000 to 85,000 barrels per day range. Our employed system throughput target for the third quarter is in the 302,000 to 317,000 barrels per day range.

我們的生產利潤為每桶 7.59 美元。本季營運費用為每桶 5.13 美元。我們第三季的計畫產量在每天 81,000 至 85,000 桶之間。我們第三季的系統吞吐量目標是每天 302,000 至 317,000 桶。

Moving on to the commercial front in the second quarter, supply and marketing contributed a gain of $26 million. Of that, approximately $19 million was generated by wholesale marketing. Asphalt contributed a gain of approximately $200,000. Both were positively impacted by seasonal trends and structural EOP improvements in our business. Approximately $7 million gain was attributed to supply.

在第二季的商業方面，供應和行銷貢獻了 2,600 萬美元的收益。其中，批發行銷創造了約 1,900 萬美元的收入。瀝青貢獻了約 20 萬美元的收益。兩者都受到我們業務的季節性趨勢和結構性 EOP 改進的正面影響。約 700 萬美元的收益歸因於供應。

In summary, we delivered strong performance in the second quarter, driven by operational excellence and strategic execution. We are well-positioned to further enhance efficiency, while upholding our commitment to safe and reliable operations. Mark will now address the financial variants.

總而言之，在卓越營運和策略執行的推動下，我們在第二季度取得了強勁的業績。我們已做好準備進一步提高效率，同時堅守安全可靠營運的承諾。馬克現在將討論財務變數。

Thank you, Joseph. Referring to slide 16 for the second quarter, Delek had a net loss of $106 million or negative $1.76 per share. Adjusted net loss was $33 million or negative $0.56 per share, and adjusted EBITDA was $170.2 million.

謝謝你，約瑟夫。參考第二季的第 16 張投影片，Delek 淨虧損 1.06 億美元，即每股虧損 1.76 美元。調整後淨虧損為 3,300 萬美元，即每股負 0.56 美元，調整後 EBITDA 為 1.702 億美元。

On slide 18, the waterfall of adjusted EBITDA from the first quarter of 2025 to the second quarter shows that there were two main drivers for the increase in EBITDA. First, a $141 million increase in refining was primarily driven by a higher margin environment in the second quarter relative to the first quarter, along with sequentially higher throughputs.

在第 18 張投影片中，2025 年第一季至第二季調整後的 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 1.41 億美元，主要是因為第二季度的利潤率高於第一季度，同時產量也持續增加。

Second, in the logistics segment, we continue to have another strong quarter, delivering approximately $120 million in adjusted EBITDA, about $4 million increase over our previous record of quarterly adjusted EBITDA achieved in the first quarter. These improvements were mitigated by slightly higher cost in the corporate segment of $1 million compared to the prior period.

其次，在物流領域，我們繼續保持強勁成長勢頭，調整後 EBITDA 約為 1.2 億美元，比第一季創下的季度調整後 EBITDA 紀錄高出約 400 萬美元。與上一期相比，企業部門的成本略高 100 萬美元，抵消了這些改進的影響。

Moving to slide 19 to discuss cash flow. Cash flow provided by operations was $51 million. This includes our net loss for the period, in addition to an inflow of approximately $51 million of timing-related working capital movements, which includes the impact of our inventory intermediation agreement, as well as an outflow of $30 million of restructuring and other one-time charges. Investing activities of $163 million includes approximately $115 million for growth projects primarily at DKL.

轉到投影片 19 討論現金流。經營活動產生的現金流為 5,100 萬美元。這包括我們本期的淨虧損，此外還有約 5,100 萬美元的與時間相關的營運資本流動流入（其中包括我們的庫存中介協議的影響），以及 3,000 萬美元的重組和其他一次性費用流出。1.63 億美元的投資活動包括約 1.15 億美元主要用於 DKL 的成長項目。

Financing activities of $103 million reflects $13 million in share repurchases, approximately $16 million in dividend payments, and approximately $22 million in DKL distribution payments to public unit holders.

1.03 億美元的融資活動包括 1300 萬美元的股票回購、約 1600 萬美元的股息支付以及約 2200 萬美元的 DKL 分配支付給公共單位持有人。

On slide 20, we show our actual progress under the 2025 capital program. Second quarter capital expenditures were $164 million. Approximately $119 million of this spend was in the logistics segment. This includes the $115 million in growth capital at DKL, of which $48 million was associated with completing the Libby 2 gas plant.

在第 20 張投影片上，我們展示了 2025 年資本計畫下的實際進展。第二季資本支出為1.64億美元。其中約 1.19 億美元支出用於物流領域。其中包括 DKL 的 1.15 億美元成長資本，其中 4,800 萬美元用於完成 Libby 2 天然氣廠。

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

本季剩餘的資本支出主要集中在煉油領域，用於實施計畫中的持續資本計畫。我們對 2025 年 DKL 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 21. Excluding Delek logistics, we spent approximately $74 million on cash return to shareholders and capital expenditures in the second quarter, while our Delek stand-alone net debt remained relatively flat, around $275 million at the end of the quarter.

投影片 21 詳細列出了 Delek 和 Delek Logistics 的淨債務狀況。不包括德萊克物流，我們在第二季度花費了大約 7,400 萬美元用於股東現金回報和資本支出，而我們的德萊克獨立淨債務保持相對平穩，在本季度末約為 2.75 億美元。

Moving now to slide 22 where we cover third quarter Outlook items. In addition to the guidance Joseph provided for the third quarter of 2025, we expect operating expenses to be between $210 million and $225 million. Our operating expense guidance for the third quarter incorporates both higher expected throughput across our refining segment, as well as increased operating expenses associated with the ramp up of our new Libby 2 plant at DKL.

現在轉到第 22 張投影片，我們討論第三季的展望項目。除了約瑟夫提供的 2025 年第三季指引外，我們預計營運費用將在 2.1 億美元至 2.25 億美元之間。我們對第三季的營運費用指引既考慮了整個煉油部門的預期產量增加，也考慮了與 DKL 新 Libby 2 工廠產能提升相關的營運費用增加。

G&A to be between $52 million and $57 million. D&A is expected to be between $100 million and $110 million. And net interest expense to be between $85 million and $95 million. With that, we will now open the call for questions.

一般及行政費用在 5,200 萬美元至 5,700 萬美元之間。預計折舊攤提前利潤將在 1 億至 1.1 億美元之間。淨利息支出在 8,500 萬美元至 9,500 萬美元之間。現在，我們將開始提問。

(Operator Instructions)

（操作員指示）

Doug Leggate, Wolfe Research.

道格‧萊格特（Doug Leggate），沃爾夫研究公司。

Hi, it's (inaudible) on for Doug Leggate this morning. He couldn't join us at the time. So our first question is going to start with the SRE. You guys are definitely expressing confidence around what looks to be a favorable outcome. I want to know if your confidence is kind of picked up and increases us as we get closer to a final decision. And along with that, should you be granted the exit? I guess I was trying to form or understand what do you see as the best use of proceeds, and how could that allow DK to improve structurally on an operational level?

大家好，今天早上是 Doug Leggate 的節目（聽不清楚）。他當時無法加入我們。因此，我們的第一個問題將從 SRE 開始。你們肯定對看似有利的結果充滿信心。我想知道，隨著我們越來越接近最終決定，您的信心是否會增強。同時，您是否應該被允許退出？我想我試圖形成或理解您認為收益的最佳用途是什麼，以及這如何讓 DK 在營運層面上進行結構改進？

Yeah, absolutely. Thank you for the question. Listen, we are very optimistic about the small refinery exemption. The law is on our side. The DC Circuit Court is on our side.

是的，絕對是。謝謝你的提問。聽著，我們對小型煉油廠豁免非常樂觀。法律站在我們這邊。哥倫比亞特區巡迴法院站在我們這邊。

We are the only public refineries that all of our assets can apply to small refinery exemption. We stay in full compliance during the last six years that our petitions are pending. And as you can easily calculate, it's bigger than our market cap, so it's very clear around the economic harm that we're having because of that pending lingering issue. EPA understands the issue and we are confident in favored outcome.

我們是唯一一家所有資產均可申請小型煉油廠豁免的公共煉油廠。在我們的請願書懸而未決的過去六年裡，我們始終完全遵守規定。您可以輕鬆計算出，它比我們的市值還要大，因此，由於這個懸而未決的問題，我們所遭受的經濟損失是顯而易見的。EPA 了解這個問題，我們對有利的結果充滿信心。

With one comment about the last part of your question about proceeds, I'm not going to comment on it, but I'm sure the EPA understands that it cannot compensate someone that stays in compliance, and we were in compliance. So I hope that comment makes a lot of sense.

關於您問題中有關收益的最後一部分，我不想對此發表評論，但我相信環保署明白，它無法補償遵守規定的人，而我們是遵守規定的。所以我希望這個評論很有意義。

All right, thank you. And my follow up is going to be around the EOP of course we got to talk about this last quarter where it looks like there was some definitely the opportunity to revise to the upside, and that definitely tended to be the case in this quarter. So my question is, I mean, I guess I'll ask again, is there any continued room to your side and some opportunities there? What were the drivers that you guys were able to identify that moved the guy forward? And last part of that question is where do you see sustaining capital for financing now, should you be able to execute on this target of between 130 and 170?

好的，謝謝。我的後續工作將圍繞 EOP 進行，當然，我們必須談論上個季度，看起來肯定存在一些向上修正的機會，而本季度的情況肯定是這樣的。所以我的問題是，我的意思是，我想我會再問一遍，你們這邊還有沒有繼續的空間和機會？你們能確定推動這個傢伙前進的動力是什麼嗎？問題的最後一部分是，您認為現在的融資維持資本在哪裡，您是否能夠實現 130 到 170 之間的目標？

Yeah, that's a very nice of you to ask that question because we are extremely proud of the EOP focus and the momentum we have here in our shop. EOP is not a project, it's a lifestyle. And when I'm saying it's a lifestyle, we have a weekly meeting about that.

是的，您問這個問題真是太好了，因為我們對 EOP 的關注以及我們商店的發展勢頭感到非常自豪。EOP 不是一個項目，而是一種生活方式。當我說這是一種生活方式時，我們每週都會開一次會議來討論這個問題。

We have a project. We are auditing that, internal audit, external audit, and have a accounting look over that. So it's a very tight process that allows everyone to take a part and contributing for that. The whole essence of EOP is free cash flow and below mid cycle and reduce our break even.

我們有一個項目。我們正在對此進行審計，內部審計，外部審計，並進行會計審查。所以這是一個非常緊湊的過程，允許每個人都參與並做出貢獻。EOP 的本質是自由現金流和低於中期週期並降低我們的損益平衡點。

And we are very proud of that as you probably saw on our press release and also on my prepared remark, we increased the guidance of EOP from 120 prior to this call to 130 to 170. And the reason that we were one quarter ahead of time and we see more projects coming in in the queues for the DOP, so we are extremely optimistic and see a lot of value in it. Mohit, you want to add anything?

我們對此感到非常自豪，正如您可能在我們的新聞稿和我準備好的發言稿中看到的那樣，我們將 EOP 指導從本次電話會議前的 120 提高到了 130 至 170。我們之所以提前一個季度完成，是因為我們看到越來越多的項目進入 DOP 隊列，所以我們非常樂觀，並且看到了其中的巨大價值。Mohit，你想加什麼嗎？

Yeah, thanks Avigal. So all I would say on EOP as Avigal just mentioned, is a free cash flow improvement, exercise for the company. If you look at the second quarter, $30 million flowed through our financials, and that, allows us to have a $120 million run rate.

是的，謝謝 Avigal。因此，正如 Avigal 剛才提到的，我對 EOP 的看法是，它能改善自由現金流，對公司有利。如果你看第二季度，你會發現有 3000 萬美元流入了我們的財務部門，這使我們的運行率達到了 1.2 億美元。

And I just want to remind everybody that we started with the $80 million to $120 million guidance. Now to your specific question around where does this improvement or higher confidence and a higher rate is coming from?

我只是想提醒大家，我們一開始的指導金額是 8,000 萬至 1.2 億美元。現在回答您的具體問題：這種改善或更高的信心和更高的比率從何而來？

So if you remember, the $120 million had two components to it. One was cost and the other one was margin. And our confidence in our margin improvement is increasing, and that is where most of the increase has come from. So if you look at the $150 million at the midpoint of the enhanced increased guidance that we have provided today.

所以如果你還記得的話，1.2億美元由兩個部分組成。一個是成本，一個是利潤。我們對利潤率提高的信心正在增強，這也是大部分成長的來源。因此，如果您看一下我們今天提供的增強型增加指導中點的 1.5 億美元。

Alexa Petrick, Goldman Sachs.

高盛的 Alexa Petrick。

Hey, good morning team, and thank you for taking our question. Wanted to ask, there's been great progress in EOP free cash flow generation. How do we then think about the allocation of that cash? Can you remind us of your strategy there, how you're balancing between capital returns and balance sheet efforts?

嘿，大家早安，感謝你們回答我們的問題。想問一下，EOP 自由現金流產生了很大進展。那我們該如何考慮這些現金的分配呢？您能否提醒我們您的策略，如何在資本回報和資產負債表努力之間取得平衡？

Yeah, absolutely Alexa. Thank you for that question. We are very consistent with our capital allocation program. You can see that first of all we said that we're going to maintain dividend toward the cycle. We can definitely check that box very nicely.

是的，絕對是 Alexa。謝謝你的提問。我們的資本配置計劃非常一致。您可以看到，首先我們說過，我們將維持週期股利。我們絕對可以很好地勾選該方塊。

Then we said that we have a balanced approach between balance sheet and the buyback, we have done that as well. We are very consistent and confident around those abilities. We've done buyback in Q1 counter cyclical. We've done buyback Q2.

然後我們說我們在資產負債表和回購之間採取了平衡的方法，我們也這樣做了。我們對這些能力非常有信心並且始終如一。我們在第一季進行了逆週期回購。我們已經完成了第二季的回購。

We have done buyback in Q3. As we see, you can see in the last 12 months we have more of around $150 million of total return to shareholders and we are number one versus in our peers return to investors in terms of capital return to investors. So we are very proud and consistent about the way we look at capital and we plan to maintain it. So thank you for that question.

我們在第三季完成了回購。如我們所見，在過去 12 個月中，我們為股東帶來的總回報超過 1.5 億美元，就投資者資本回報而言，我們在同業中位居第一。因此，我們對於我們看待資本的方式感到非常自豪和一致，並且我們計劃保持這種態度。謝謝你的提問。

Okay, great, thank you and then maybe just as a follow-up, I know it's a bit early, but how's Q3 shaping up? What demand trends are you seeing? What's your view for crew differentials going forward? Any thoughts around the quarter ahead would be great.

好的，太好了，謝謝你，然後也許只是作為後續問題，我知道現在有點早，但是第三季度進展如何？您看到了哪些需求趨勢？您對未來船員差異有何看法？對未來一個季度的任何想法都很好。

Yeah, absolutely, we've just seen a DOE I think like 54 minutes ago and we see still a positive trend in terms of diesel. Diesel is in five years low and we see decent demand on diesel and gasoline. Gasoline had a draw of 1.2 years saw that as well.

是的，當然，我們剛剛在 54 分鐘前看到了 DOE，我們看到柴油方面仍然呈現積極趨勢。柴油價格處於五年來的最低水平，而我們看到柴油和汽油的需求相當可觀。汽油的漲價幅度為 1.2 年，也是事實。

So in terms of inventory we're in a good shape. In terms of supply, we've seen more closer than we actually expected even in the last couple of weeks, shaking out to around 900 during 2025, which balanced the opening that we have seen, but doesn't compensate for increasing demand.

因此就庫存而言，我們的狀況良好。就供應而言，即使在過去幾週，我們也看到比我們實際預期的更接近的供應，在 2025 年期間震盪至 900 左右，這平衡了我們所看到的開盤，但不能彌補需求的增加。

So when we are putting all of that together, we see structural constructive market ahead of us. In the short term and also in the midterm all the way probably until the end of the decade. We do not see the demand of gasoline and diesel coming off as people felt. Mohit, you want to chime in?

因此，當我們把所有這些放在一起時，我們就會看到結構性的建設性市場就在我們面前。從短期來看，從中期來看，可能會持續到本世紀末。我們沒有看到汽油和柴油的需求像人們感覺的那樣下降。Mohit，你想加入嗎？

Yeah, Avigal. I just want to add Alexa, if you look at where inventories are, we've seen inventories are way below their five year averages, which is a very relevant metric for us. And if you look at the utilization, in fact it's been very high. So despite very high utilization we see inventories remaining low and we expect demand to pick up as the season starts and you would also see some turnarounds going forward. So as far as path to specific inventories are concerned, I think the outlook remains very optimistic, especially on the diesel front.

是的，阿維加爾。我只想補充一下 Alexa，如果你查看庫存情況，我們會發現庫存遠低於五年平均水平，這對我們來說是一個非常相關的指標。如果你看一下利用率，你會發現事實上利用率非常高。因此，儘管利用率很高，但我們看到庫存仍然很低，我們預計隨著季節開始，需求將會回升，並且您將看到未來的一些轉機。因此，就具體庫存的路徑而言，我認為前景仍然非常樂觀，特別是在柴油方面。

Matthew Blair, TPH.

馬修·布萊爾，TPH。

Thank you and good morning. You mentioned some of the positive drivers in supply and marketing in Q2. I think the wholesale side in particular was quite strong. Did you talk about how supply and marketing is trending so far in the third quarter, and do you think a positive EBITDA contribution is likely in Q3?

謝謝，早安。您提到了第二季供應和行銷方面的一些積極驅動因素。我認為批發方面尤其強。您是否談到了第三季迄今的供銷趨勢，您是否認為第三季的 EBITDA 貢獻可能為正？

Hey, thank you, Matt. Thank you for that question. Obviously, the line of supply marketing is part of the EOP effort. We've improved that with the better logistics around it. We got to gain market access to a new market and we made a long term contract that allow us to over time make that line better and better.

嘿，謝謝你，馬特。謝謝你的提問。顯然，供應行銷線是 EOP 工作的一部分。我們透過改善周圍的物流改善了這一狀況。我們獲得了進入新市場的管道，並簽訂了長期合同，以便我們隨著時間的推移使這條生產線變得越來越好。

So we're obviously enjoying that. We have some seasonal helping us in Q2 and we are extremely optimistic about the way the markets are positioning. And I don't know Mohit if you want to chime in and give some more color specifically.

所以我們顯然很享受這一點。我們在第二季得到了一些季節性的幫助，我們對市場定位的方式非常樂觀。我不知道 Mohit 是否願意插話並具體給出更多細節。

I think Avigal you're right. And Matt if you look at our overall commercial strategy. DKTS or what we call DK trading and supply, which is the line item that you're talking about, a commercial strategy is flowing through, but during the quarter, as you know Q2 and Q3 are also seasonally stronger. So we did get some help from the market, but Avigal rightly described our strategy as far as our commercial operations are concerned.

我認為 Avigal 你是對的。馬特，如果你看一下我們的整體商業策略。DKTS 或我們所說的 DK 交易和供應，也就是您談論的項目，商業策略正在貫穿其中，但在本季度，如您所知，第二季度和第三季度也具有季節性的強勁表現。因此，我們確實得到了市場的一些幫助，但就我們的商業營運而言，Avigal 正確地描述了我們的策略。

As we have said in the past, this has three components to it. First is wholesale, second is asphalt, and third is supply. And we are making sure all three businesses, the ones that we can control the parts of these three businesses that we can control, are doing better through contract renegotiations to improve markets, to enhance market access, and through our refineries making new products that we can sell in these markets through this refined and enhanced market access and these results are showing through and we look forward to continue improving this business going forward.

正如我們過去所說，這包含三個部分。第一是批發，第二是瀝青，第三是供應。我們正在確保所有三個業務，即我們可以控制的這三個業務中的我們可以控制的部分，都透過合約重新談判來改善市場，增強市場准入，並透過我們的煉油廠生產新產品，透過這種完善和增強的市場准入，我們可以在這些市場上銷售，這些結果正在顯現，我們期待著繼續改善這項業務。

Sounds good. And then just on some of the parts monetization, slide 12 with various avenues and options for you, what do you think are like the more likely options and what are the less likely options? And then as far as timing, do you think investors can expect or hope for an economic separation of detail by the end of 2025, or is it looking more likely, 2026 or even later? Thank you.

聽起來不錯。然後，僅就部分貨幣化而言，投影片 12 為您提供了各種途徑和選項，您認為哪些是更可能的選擇，哪些是不太可能的選擇？那麼就時間而言，您認為投資者是否可以預期或希望在 2025 年底實現經濟分離，或者更有可能在 2026 年甚至更晚實現？謝謝。

Yeah, so that's another great question for us. We are walking on steps of some of the parts as we speak, so we are not standing still even for second and more to come, and we leave it to that. With that said, we can just take one step back and say what we did in the last 12 months. The last 12 months we saw retail allow us to maintain balance sheet and to do countercyclical buyback.

是的，這對我們來說是另一個很好的問題。我們說話的時候，正在沿著某些部分的台階行走，因此，在接下來的幾秒鐘甚至更長的時間裡，我們都不會停下來，我們就把它留在那裡。話雖如此，我們可以回顧一下過去 12 個月我們做了什麼。過去 12 個月，我們看到零售業使我們能夠維持資產負債表並進行逆週期回購。

On the midstream side, we're making DKL economically independent, grew the EBITDA from below $400 million to $500 million EBITDA 2025 guidance midpoint, increased third-party business from 40% to 80%, which is a huge achievement. I don't think that many companies like us have done that in the past. While we are doing all of that, we reduced our ownership from 79 to below 60, but increase the distribution DK gets. So that's another thing we are very, very proud of.

在中游方面，我們正在使 DKL 在經濟上獨立，將 EBITDA 從低於 4 億美元成長到 2025 年 EBITDA 指導中點的 5 億美元，將第三方業務從 40% 提高到 80%，這是一個巨大的成就。我認為過去很少有像我們這樣的公司這樣做過。在我們做所有這些事情的同時，我們將所有權從 79 減少到 60 以下，但增加了 DK 獲得的分配。這是另一件讓我們非常非常自豪的事。

In the end of the day we see that there is not many mid-sized midstream companies left which give a lot of merit for detail and we see the opportunities flowing to us as we speak. On the intrinsic value, another very important point to watch is what is the intrinsic value of the assets in DKL?

最後我們發現，剩下的中型中游公司已經不多了，這些公司對細節給予了極大的重視，我們也看到了機會正在向我們湧來。關於內在價值，另一個需要關注的非常重要的觀點是 DKL 資產的內在價值是多少？

We've just seen the medallion system sold in a very good multiply. It's a system to our DPG that what we mentioned we see volume going up in the total remarks and we've just seen last week Northwind sold for also a very nice multiplier as well and that's a sister system to our DPG. So going forward we've said many, many times in the past the outlets that we have to complete some of the parts. We are doing that as we speak and more to come. Thank you for that question.

我們剛剛看到獎章系統的銷量成倍增長。這是我們 DPG 的一個系統，正如我們所提到的，我們看到總體評論量在上升，而且我們上週剛剛看到 Northwind 的銷量也達到了非常好的乘數，這是我們 DPG 的姊妹系統。因此，展望未來，我們過去曾多次向各門市表示，我們必須完成其中的一些部分。我們正在這樣做，而且還會做更多。謝謝你的提問。

Joe Laetsch, Morgan Stanley.

摩根士丹利的喬·萊奇。

Hey, good morning and thanks for taking my questions. So I wanted to ask a couple on the refining side, and Big Spring, you mentioned it had record throughputs and capture rates also look like they're pretty strong there as well. Can you talk to what you're seeing from that asset post the turnaround in the first quarter and then as part of that, could you also talk to the path to achieving the, I think it was [$5.50] per barrel OpEx goal at that refinery?

嘿，早上好，感謝您回答我的問題。所以我想問幾個煉油方面的人士，還有 Big Spring，你提到它擁有創紀錄的吞吐量，而且捕獲率看起來也相當高。您能否談談在第一季扭虧為盈之後您對該資產的看法，然後作為其中的一部分，您能否談談實現該煉油廠每桶運營成本目標的途徑，我認為是 [5.50 美元]？

Yeah, absolutely. So thank you for the question. I'm extremely proud of the Big Spring progress we have done, throughput and margin, and we'll let Joseph that is very close to it, take the credit.

是的，絕對是。謝謝你的提問。我對我們所取得的「大泉」進展、產量和利潤感到非常自豪，而我們會讓接近這一目標的約瑟夫獲得榮譽。

Yeah, Big Spring has been on a very positive journey, as you all know. We focused first on the risk mitigation and reliability with very good results, going from 2023 to 2024, to remind you, throughput increased by 10% and the favorable trends continue in '25 with a record high throughput here in the second quarter.

是的，如大家所知，Big Spring 的發展歷程非常積極。我們首先關注的是風險緩解和可靠性，並取得了非常好的成果，從 2023 年到 2024 年，吞吐量增加了 10%，並且這種有利趨勢在 2025 年繼續延續，第二季度吞吐量創歷史新高。

So safe and reliable operations really allow us to focus now on process efficiency and commercial optimization and to be more specific, maximizing a liquid yield recovery and product value in Big Spring really mainly going after the high octane Arizona specs type of gasoline and improving asphalt grades. We also optimize the benzene and sulfur balances. All of that is very visible in our gross margin improvement.

因此，安全可靠的操作確實使我們能夠專注於製程效率和商業優化，更具體地說，最大限度地提高 Big Spring 的液體產量回收率和產品價值，主要追求高辛烷值亞利桑那州規格的汽油和提高瀝青等級。我們也優化了苯和硫的平衡。所有這些都在我們的毛利率提高中得到了明顯體現。

So considering the leadership team capabilities and execution thus far, we are very bullish about the plan for outlook.

因此，考慮到領導團隊迄今為止的能力和執行情況，我們對該計劃的前景非常樂觀。

Great, thanks. That's helpful. And then shifting to El Dorado, it had a nice step up quarter over quarter in capture rates. From a throughput margin perspective, it still lags some of the other refineries within the system. Could you expand a bit on slide 9, which shows the margin improvements and then between logistics, cost improvements, and product yield? Where are you in that improvement process and is there more to go there?

太好了，謝謝。這很有幫助。然後轉向埃爾多拉多 (El Dorado)，其捕獲率逐季大幅提升。從吞吐量利潤率的角度來看，它仍然落後於系統內的其他一些煉油廠。您能否在第 9 張投影片上稍微展開一下，它顯示了利潤率的提高以及物流、成本改進和產品產量之間的關係？您在改進過程中處於什麼階段？還有什麼需要改進的嗎？

It's very similar to the Big Spring story as far as EOP and structural improvements. It's all about liquid yield recovery and product value. In El Dorado we are going after the jet fuel, which is a new product over there, high octane gasoline components after replacing a couple of units catalyst. And really premium asphalt is a big deal for El Dorado. So we are expecting this trends to continue and we like the outlook of the plant.

就 EOP 和結構改進而言，它與 Big Spring 的故事非常相似。這一切都與液體產量回收和產品價值有關。在埃爾多拉多，我們正在研究噴氣燃料，這是那裡的新產品，在更換了幾個催化劑單元後，產生了高辛烷值汽油成分。而優質瀝青對 El Dorado 來說確實意義重大。因此，我們預計這種趨勢將會持續下去，並且我們看好該工廠的前景。

Jean Ann Salisbury, Bank of America.

美國銀行的 Jean Ann Salisbury。

Hi, good morning. I wanted to ask about the net crack metric that I think is new here and how it's constructed, and if that's a metric that you'll continue to track yourselves against.

嗨，早安。我想問我認為是新概念的淨裂縫指標以及它是如何構建的，以及這是否是你們會繼續追蹤自己的指標。

Yeah, absolutely. Mohit, do you want to take it?

是的，絕對是。Mohit，你想拿走它嗎？

Yeah, Jean Ann, thanks for the question. So the way we define a net crack and we can obviously talk offline as well, but you know the way we define a net crack is, take Gulf Coast 532 on a WTI basis and we take out RBO and we take out backwardation, the CMA impact on it, and we also take out million cushion to get to a net margin number, which is the right way to look at our business because we are a completely inland refiner and we are run mostly TI exposed groups.

是的，Jean Ann，謝謝你的提問。因此，我們定義淨裂解的方式顯然也可以離線討論，但您知道我們定義淨裂解的方式是，以 WTI 為基礎採用墨西哥灣沿岸 532，然後取出 RBO，取出現貨溢價，CMA 對其的影響，我們還取出數百萬的緩衝來獲得淨利潤數字，這是看待我們業務的正確方式，因為我們是一家完全內陸煉油廠，我們經營主要的煉油廠，集團我們是一家完全內陸煉油廠，集團，我們經營。

Perfect, thank you. And then I kind of wanted to go back to a comment that was made earlier, but do you think that the recent sale of Northwind is a good read across to your assets, especially the AGI capability that you're building, and I guess on that, do you think that once you have the AGI capability up and running, that's kind of what it takes to make it attractive for sale?

非常好，謝謝。然後我想回到之前的評論，但是您是否認為最近出售 Northwind 對您的資產，特別是您正在構建的 AGI 功能，是一個很好的解讀？我想，您認為一旦您的 AGI 功能啟動並運行，它就會具有吸引力嗎？

Yeah, so as we said many times in the past, all options are on the table, and we are very much committed to make sure that our unit holder and shareholder get the full value for what they have. Obviously, we are working very hard in order to complete all of that and maximizing the value over there, but that's just show the investor the full potential in our asset. So it's having always your neighbor selling is a good thing if you are living next door. And we were very happy about it. Mohit, you want to chime in?

是的，正如我們過去多次說過的那樣，所有選擇都在考慮範圍內，我們非常致力於確保我們的單位持有人和股東獲得他們所擁有的全部價值。顯然，我們正在非常努力地完成所有這些工作並最大化其價值，但這只是向投資者展示我們資產的全部潛力。因此，如果您住在隔壁，讓鄰居賣東西是一件好事。我們對此感到非常高興。Mohit，你想加入嗎？

Yeah, Jean Ann, I know that you understand the business. Said this that you know as far as North is concerned, Northwind is primarily a treating operation. We have a much more comprehensive operation in our detail, which includes gathering, treating, processing. So you know we have a much more comprehensive, full suite product over there as far as gas is concerned. So we think it's a very good benchmark, but we also have a better business.

是的，Jean Ann，我知道你了解這個業務。就 North 而言，您知道 Northwind 主要是一個治療機構。我們的操作在細節上更全面，包括收集、處理、加工。所以您知道，就天然氣而言，我們擁有更全面、全套的產品。因此我們認為這是一個非常好的基準，但我們的業務也更好。

Jason Gabelman, TD Cowen.

傑森·加貝爾曼 (Jason Gabelman)，TD Cowen。

Yeah, hey, morning. Thanks for taking my questions. I wanted to first go back to the EOP program and I'm just trying to understand a couple things. One, how much was actually reflected in 2Q results? I know you kind of referenced a run rate exiting the quarter, but wondering how much on a gross basis was kind of realized in 2Q? And then how should we think about the amount of the margin capture uplift that's captured in the supply line versus the site unit margins that you reference, or should we think about that kind of moving back and forth depending on how the environment shapes up?

是的，嘿，早安。感謝您回答我的問題。我想先回到 EOP 程序，只是想了解一些事情。第一，第二季業績實際上反映了多少？我知道您提到了本季的運行率，但想知道第二季度的總額實現了多少？那麼，我們應該如何考慮供應線中獲得的利潤捕獲提升量與您所提到的站點單位利潤量之間的差異，或者我們是否應該根據環境的變化來考慮這種來回移動？

Yeah, thank you. That's a very nice question of you. Obviously we said it very clearly in order to make it easier for everyone, the $30 million benchmark, and we are very proud of the progress we are doing. As you well know, Jason, that pretty much agnostic to market the $30 million we outlined, we obviously add one slide to make it easier for everyone to calculate on a similar market environment easily see that in our presentation, so that's even make it easier to calculate how that flows through and that's a very simple way on a very similar market environment to see the improvement.

是的，謝謝。你問的這個問題非常好。顯然，為了讓每個人都更容易理解，我們非常清楚地表達了這一點，即 3000 萬美元的基準，我們對我們正在取得的進展感到非常自豪。傑森，正如你所知，我們概述的 3000 萬美元市場幾乎是不可知的，我們顯然添加了一張幻燈片，以便每個人都可以更輕鬆地在類似的市場環境下進行計算，在我們的演示文稿中很容易看到這一點，這樣甚至可以更容易地計算出資金的流動方式，這是一種在非常相似的市場環境下看到改進的非常簡單的方法。

On the capture rate and on trading and supply and obviously the other part. Business other part of the business very easy to see the G&A you see that we are in the low-50s versus low-60s in Q2 of 2024. I think that answers most of the questions, but if you have anything, Mohit you want to chime in?

關於捕獲率、交易和供應，顯然還有其他部分。業務的其他部分很容易看到 G&A，您會看到我們在 2024 年第二季度處於 50 年代初期，而 2024 年第二季度則處於 60 年代初期。我認為這回答了大多數問題，但是如果您還有什麼問題，Mohit，您想插話嗎？

I think Avigal I'll just reiterate what you said. So Jason, for the second quarter $30 million were actually included in our financials, so the entire $30 million flowed through it, second quarter financials, and as Joseph mentioned, $10 million off that was at El Dorado and the rest was distributed between our DKTS, the trading and supply line item, and the cost improvements that we have made.

我認為阿維加爾只是重申你所說的話。因此 Jason，第二季度的財務數據中實際上包含 3000 萬美元，所以全部 3000 萬美元都流入了第二季度的財務數據中，正如 Joseph 提到的，其中 1000 萬美元用於 El Dorado，其餘部分則分配到我們的 DKTS、交易和供應項目以及我們所做的成本改進中。

Okay, yeah, got it. That's clear. And then my follow up is hopefully a quick one just on financing cash flows, which were a benefit in the quarter, you referenced a number of outflows from that bucket, but wondering what contributed to the net inflow from the financing cash flow line item?

好的，是的，明白了。這很清楚。然後，我希望快速跟進融資現金流，這是本季度的一個好處，您提到了該類別中的一些流出，但想知道是什麼導致了融資現金流項目的淨流入？

Yeah, so, Jason, in reality, what the story here is very simple. EOP is all about improving the free cash flow, and that's a very important part in our equation, and I will let the Mark chime in.

是的，傑森，實際上，這裡的故事非常簡單。EOP 的全部目的都是改善自由現金流，這是我們方程式中非常重要的一部分，我會讓馬克加入。

Yeah, thanks, Avigal. Jason, I want to step back and talk about just because you're focusing in on kind of EOP and kind of where you can see that in our results. And so I want to be very clear that as Avigal mentioned that we're seeing this already show up in our results. I'm going to be pretty specific around this. And so despite a slightly lower margin environment versus the second quarter of last year, our EBITDA has increased to over $170 million this quarter versus only $107 million last quarter, and our cash flow from operation was approximately $100 million higher than what we generated in the second quarter of last year.

是的，謝謝，阿維加爾。傑森，我想退一步談談，因為你關注的是 EOP 的類型，以及你可以從我們的結果中看到它的位置。因此我想非常清楚地表明，正如 Avigal 提到的，我們已經在結果中看到了這一點。我將非常具體地闡述這一點。因此，儘管利潤率與去年第二季相比略有下降，但本季我們的 EBITDA 已增至 1.7 億美元以上，而上季僅為 1.07 億美元，而且我們的經營現金流比去年第二季高出約 1 億美元。

And keep in mind that Of the $164 million of CapEx in the second quarter, about $115 million of that was growth CapEx, largely a DKL for high return projects like Libby 2, which will benefit us going forward. And so And as Avigal mentioned in his prepared remarks, this year our CapEx in 2025 is very much first half weighted. And so as we go through the year with lower CapEx and even more EOP benefits coming through, we feel very good about, how we're positioned.

請記住，在第二季的 1.64 億美元資本支出中，約有 1.15 億美元是成長資本支出，主要是 Libby 2 等高回報項目的 DKL，這將使我們未來受益。正如阿維加爾 (Avigal) 在他的準備好的發言中提到的那樣，今年我們 2025 年的資本支出很大程度上是上半年的加權。因此，隨著我們在這一年中資本支出降低，EOP 收益增加，我們對我們的定位感到非常滿意。

As we move through the remainder of the year and as you talk about the financing on the cash flow statement, keep in mind we've done some things to improve our balance sheet on a consolidated basis. We had a successful high yield offering at DKL, which allowed us to pay down our revolver because we made the gravity acquisition.

當我們度過今年剩餘的時間並且您談論現金流量表上的融資時，請記住我們已經做了一些事情來改善我們的合併資產負債表。我們在 DKL 成功發行了高收益債券，這使我們能夠償還循環貸款，因為我們進行了重力收購。

We've been investing $100 million in the Libby 2 gas plant thus far in the first half of the year and so you know added critical liquidity to the balance sheet by doing a very successful oversubscribed high yield offering at a very good rate, and it was an eight year piece of paper, so we're very happy with that.

今年上半年到目前為止，我們已經向利比 2 號天然氣廠投資了 1 億美元，透過以非常好的利率進行非常成功的超額認購高收益發行，為資產負債表增加了關鍵的流動性，這是一張為期八年的票據，所以我們對此非常滿意。

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

我們的問答環節到此結束。現在我將會議交還給阿維加爾並請他作結語。

So I want to thank my friends around the table, our Board of directors, our investors, and most importantly, our employees to make our company unique and great as it is, and we'll talk again in the next quarter. Thank you.

因此，我要感謝在座的各位朋友、董事會、投資者，最重要的是，感謝我們的員工，是他們讓我們的公司如此獨特和偉大，我們將在下個季度再次交談。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。