Delek US Holdings Inc (DK) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Delek US first-quarter 2026 earnings call. (Operator Instructions) I will now hand the conference over to Robert Wright, EVP. Robert, please go ahead.

各位好。感謝各位加入我們，歡迎參加 Delek US 2026 年第一季財報電話會議。(接線員指示) 現在我將把會議交給執行副總裁 Robert Wright。Robert，請開始。

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; Mark Hobbs; EVP, Chief Financial Officer; as well as other members of our management team. Today's presentation material can be found on the Investor Relations section of the Delek US website.

早安，歡迎參加 Delek US 第一季財報電話會議。今天與我一同出席的包括總裁暨執行長 Avigal Soreq；執行副總裁兼財務長 Mark Hobbs；以及我們管理團隊的其他成員。今天的簡報資料可在 Delek US 官網的投資人關係專區取得。

Slide 2 contains our Safe Harbor statement regarding forward-looking information. As a reminder, this conference call will contain forward-looking information as defined under the Federal Securities laws, including statements regarding guidance and future business outlook.

投影片 2 包含我們關於前瞻性資訊的「安全港」聲明。提醒各位，本次電話會議將包含依據聯邦證券法所定義的前瞻性資訊，包括有關指引與未來業務展望的陳述。

Any forward-looking statements made during today's call involve 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 in our SEC filings. The company assumes no obligation to update any forward-looking statements.

今天電話會議中所作的任何前瞻性陳述均涉及風險與不確定性，可能導致實際結果與今日評論有重大差異。可能導致實際結果不同的因素已載於我們向 SEC 提交的文件中。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?

現在我將把電話會議交給 Avigal 進行開場致詞。Avigal？

Thank you, Robert. Good morning, and thank you for joining us today. I'm extremely pleased with our strong execution in the first quarter. The quarter is a testament to our raising capability as demonstrated by: one, disciplined and successful execution of Big Spring turnaround; second, continued progress on increasing our free cash flow profile through restructuring of our intermediation agreement and continued success of EOP; third, successful navigation of challenging macro events such as winter storm Fern and more recently, events in Iran.

謝謝你，Robert。早安，感謝各位今天加入我們。我對我們第一季強勁的執行成果感到非常滿意。本季展現了我們的提升能力，具體表現在：第一，Big Spring 大修（turnaround）以紀律且成功的方式執行；第二，透過重整我們的中介協議以及 EOP 的持續成功，持續提升自由現金流特性；第三，成功因應具挑戰性的總體事件，例如冬季風暴 Fern，以及近期伊朗事件。

The events in Iran have created many ripple effects in the markets, resulting in around 10 million barrels of crude production and approximately 5 million barrels per day of refining capacity remaining offline. This has created an environment of elevated crude and product prices, dislocation between physical and paper grades, steep backwardation and wide ranges of crude differentials.

伊朗事件在市場上引發許多連鎖效應，導致約 1,000 萬桶的原油產量以及約每日 500 萬桶的煉油產能仍處於停擺狀態。這造成原油與成品價格維持在高檔、現貨與紙上（期貨/金融）等級之間出現錯位、期貨曲線呈現陡峭的逆價差（backwardation），以及原油價差（differentials）波動區間擴大。

We believe the structural product shortage created in this event will continue to impact the market well after the conflict comes to an end. In the meantime, under the current environment, we believe the refining companies, which will have the biggest advantage are the ones which have direct access to crude, high distillate yield, high jet, and most importantly, ability to quickly respond to changing conditions.

我們認為，此事件造成的結構性成品短缺，即使衝突結束後仍將在相當一段時間內影響市場。同時，在目前環境下，我們認為最具優勢的煉油公司將是那些能直接取得原油、餾分油（distillate）收率高、航煤（jet）收率高，且最重要的是能快速回應變動情勢的公司。

We believe because of our access to multiple grades of domestic crude, high distillate and jet yield, and access to both Gulf and Mid-Continent product markets put us in a prime position to navigate the challenges and take advantage of the opportunities created by the ongoing disruption.

我們認為，憑藉我們可取得多種等級的國內原油、較高的餾分油與航煤收率，以及同時連結墨西哥灣與美國中部（Mid-Continent）成品市場的優勢，使我們處於有利位置，能在持續的供應中斷下因應挑戰並把握機會。

Now I will cover some of our first-quarter highlights and strategic initiatives in detail. Starting with the planned turnaround in Big Spring. Big Spring successfully completed its planned turnaround. This work was executed safely, on budget, on time, and refinery is running at full capacity.

接下來我將更詳細說明我們第一季的重點成果與策略性計畫。先從 Big Spring 的計畫性大修談起。Big Spring 已成功完成其計畫性大修。此項工作在安全、預算內、如期完成，且煉油廠目前以滿載產能運轉。

The primary focus of the turnaround has been to improve Big Spring reliability, cost structure, and long-term margin capture. Post the turnaround, we expect improved reliability, crude slate optimization, improvement in overall product yields and finally, higher-octane and blending capabilities.

本次大修的主要重點在於提升 Big Spring 的可靠度、成本結構，以及長期的利差（margin）掌握能力。大修完成後，我們預期可靠度提升、原油組合（crude slate）最佳化、整體成品收率改善，最後是更高辛烷值與調和能力的提升。

With no further planned turnaround, we have the highest spending quarter behind us. Our system is well positioned to capture the strong crack spread environment and respond to increasing demand as we move into the summer driving season.

在沒有其他已規劃的大修之下，我們已經度過支出最高的季度。隨著我們進入夏季駕車旺季，我們的系統已做好充分準備，可掌握強勁的裂解價差（crack spread）環境並回應需求增加。

Moving on to EOP next. Enterprise optimization plan continued to drive significant value. We are once again raising our enterprise optimization plan target to at least $220 million on an annual run rate basis. During the first quarter of 2026, we estimate approximately $60 million of EOP contribution to our P&L. We are looking at ways to further advance the program and create another meaningful step change to our free cash flow profile. We'll provide more details on this in the future.

接著談 EOP。企業最佳化計畫（EOP）持續帶來顯著價值。我們再次將企業最佳化計畫的目標上調至年度化執行率至少 2.2 億美元。在 2026 年第一季，我們估計 EOP 對損益表（P&L）的貢獻約為 6,000 萬美元。我們正在尋找進一步推進該計畫的方法，為自由現金流特性帶來另一個具意義的躍升。未來我們將提供更多細節。

Our sum-of-the-parts initiatives continue to advance with rising strength of our midstream business. DKL today reaffirmed its 2026 EBITDA guidance of $520 million to $560 million. DKL is currently seeing meaningful tailwinds in the business, and we are working hard to capture these opportunities in a prudent fashion.

我們的分拆估值（sum-of-the-parts）相關計畫持續推進，並受惠於中游業務日益增強的動能。DKL 今日重申其 2026 年 EBITDA 指引為 5.2 億至 5.6 億美元。DKL目前在業務上正迎來顯著順風，我們正努力以審慎的方式把握這些機會。

DKL is taking another meaningful step in completing its industry-leading comprehensive sour gas solution. It has completed the drilling of its first acid gas injection well. The comprehensive gathering treatment, processing and acid gas injection solution will provide DKL the ability to fully capitalize on the growth opportunities in the Delaware basin and maintain its best-in-class EBITDA growth and yield.

DKL 在完成其業界領先、全面性的含硫天然氣（sour gas）解決方案方面再邁出重要一步。其已完成第一口酸性氣體回注井（acid gas injection well）的鑽井作業。這套涵蓋集輸、處理、加工與酸性氣體回注的完整解決方案，將使 DKL 能充分掌握德拉瓦盆地（Delaware Basin）的成長機會，並維持其同業最佳的 EBITDA 成長與收益率。

In 2026, on a pro forma basis, with a continued growth in third-party cash flow, we expect DKL third-party EBITDA to exceed 80%. Achieving this level of economic separation has been a cornerstone of our sum-of-the-parts strategy, and it continues to bring us closer to our deconsolidation goal. We are in the process of taking additional steps to ensure the strength of DKL third-party midstream service are fully reflected in DKL share price and DKL unit price.

在 2026 年，以備考（pro forma）基礎計算，隨著第三方現金流持續成長，我們預期 DKL 的第三方 EBITDA 將超過 80%。達成此一程度的經濟分離一直是我們分拆估值策略的基石，並持續使我們更接近去合併（deconsolidation）的目標。我們正採取額外措施，以確保 DKL 第三方中游服務的實力能充分反映在 DKL 的股價與 DKL 單位價格上。

As mentioned last quarter, we are pursuing a proactive strategy to manage our obligation under the RFS. SRE provision of the RFS serves the important purpose of mitigating the impact felt on small refineries from the RFS burden. We expect EPA to continue to provide relief for 2025 to refineries after clearing the backlog of pending petitions since 2019.

如同上季所提，我們正採取主動策略以管理我們在 RFS 下的義務。RFS 的 SRE 條款具有重要目的，用以減輕小型煉油廠承擔 RFS 負擔所受到的影響。我們預期 EPA 在清理自 2019 年以來待審請願案的積壓後，將持續為 2025 年的煉油廠提供救濟。

We also remain actively involved in our efforts to get full value for our 2019 to 2022 RINs for which we were provided invalid relief. Finally, we believe that the current administration, Senate, Congress, and EPA realize the importance of SREs, not only for the refineries, which qualify under the program, but also to the local communities they serve.

我們也持續積極投入，致力於就 2019 至 2022 年的 RINs 取得其完整價值；針對該等 RINs，我們先前獲得的救濟被認定為無效。最後，我們相信現任政府、參議院、國會與 EPA 都了解 SRE 的重要性，不僅對符合該計畫資格的煉油廠重要，對其所服務的在地社區亦同樣重要。

The final piece of our strategy is being shareholder-friendly and having a strong balance sheet. During the quarter, we paid approximately $16 million in dividends. Our strong balance sheet, improved reliability, EOP and confident in our outlook continue to support a disciplined approach to capital allocation through continued dividend and buybacks. We remain committed to a balanced and disciplined capital allocation strategy and look forward to continuing to reward our shareholders.

我們策略的最後一環，是以股東為優先並維持強健的資產負債表。本季我們支付約 1,600 萬美元股利。我們強健的資產負債表、可靠度提升、EOP，以及對展望的信心，持續支持我們在資本配置上採取有紀律的方法，包括持續配息與庫藏股回購。我們仍致力於平衡且有紀律的資本配置策略，並期待持續回饋股東。

In closing, thank you for our team for their hard work and dedication during the first quarter of 2026. I'm proud of the progress Delek has made and look forward to continue the progress towards the remaining of the year.

最後，感謝我們的團隊在 2026 年第一季的辛勤工作與投入。我為 Delek 所取得的進展感到自豪，並期待在今年剩餘期間持續推進。

Now I will turn the call over to Mark, who will provide additional color on the quarter.

現在我將把電話會議交給 Mark，由他就本季表現提供更多補充說明。

Thank you, Avigal. For the first quarter, Delek had a net loss of $201 million or $3.34 per share. Adjusted net income was approximately $5 million or $0.08 per share and adjusted EBITDA was approximately $212 million. On slide 4, we showed the breakout of adjusted EBITDA and adjusted EPS for the first quarter. Excluding SREs, adjusted EBITDA and adjusted EPS were approximately $129 million and a loss of $0.98 per share, respectively. This removes the impact of our RVO exemption recognition for the first quarter of $82 million.

謝謝你，Avigal。第一季，Delek 淨損 2.01 億美元，或每股 3.34 美元。調整後淨利約為 500 萬美元，或每股 0.08 美元；調整後 EBITDA 約為 2.12 億美元。在投影片 4，我們展示了第一季調整後 EBITDA 與調整後每股盈餘（adjusted EPS）的拆解。若排除 SREs，調整後 EBITDA 與調整後 EPS 分別約為 1.29 億美元，以及每股虧損 0.98 美元。此處排除了我們第一季確認的 8,200 萬美元 RVO 豁免認列影響。

On slide 5, the breakdown of adjusted EBITDA, excluding SREs from the fourth quarter of 2025 to the first quarter shows that there were two main drivers for the decrease in EBITDA. The drivers were primarily in the Refining segment, where adjusted EBITDA declined due to the Big Spring turnaround and the impacts of timing in our Supply and Marketing segment, which will reverse over time. Both impacts were partially offset by the increase in refining margins that we experienced in March after seasonally weak margins in January and February.

在第 5 張投影片中，2025 年第四季至第一季（剔除 SREs）調整後 EBITDA 的拆解顯示，EBITDA 下滑主要有兩個驅動因素。這些驅動因素主要來自煉油事業部門：受 Big Spring 大修（turnaround）影響，以及我們供應與行銷事業部門的時點影響，後者將隨時間推移而回轉。上述影響部分被煉油利差的上升所抵銷；在 1 月與 2 月季節性偏弱的利差之後，我們在 3 月看到了利差回升。

Supply and Marketing was a loss of approximately $61 million in the quarter. Of that amount, wholesale marketing had a loss of $27.1 million. Asphalt contributed a loss of $12.1 million, with the remaining loss coming from supply. In the Logistics segment, we delivered our best first quarter to date, generating approximately $132 million of adjusted EBITDA, which includes an approximate $10 million negative impact from winter storm Fern.

供應與行銷本季約虧損 6,100 萬美元。其中，批發行銷虧損 2,710 萬美元。瀝青業務貢獻虧損 1,210 萬美元，其餘虧損來自供應。在物流事業部門，我們交出迄今最佳的第一季表現，產生約 1.32 億美元的調整後 EBITDA，其中包含冬季風暴 Fern 約 1,000 萬美元的負面影響。

Moving to slide 18 to discuss cash flow. Cash flow provided by operations was $461 million in the quarter. This includes our net income for the period, adjusted for non-cash items, and a net inflow related to changes in working capital. Investing activities was a use of $190 million. Financing activities was a use of $273 million, which includes payments on financing agreements and other activities, approximately $16 million in dividend payments, and approximately $22 million in DKL distribution payments to public unitholders.

接著看第 18 張投影片，討論現金流。本季營運活動提供的現金流為 4.61 億美元。這包括本期淨利，並就非現金項目調整，以及與營運資金變動相關的淨流入。投資活動使用現金 1.90 億美元。籌資活動使用現金 2.73 億美元，其中包括融資協議的付款及其他活動、約 1,600 萬美元的股利支付，以及約 2,200 萬美元支付給公開單位持有人的 DKL 配息（distribution）。

On slide 19, we outline our first-quarter capital spending with $181 million invested at Delek on a standalone basis, the majority of which was related to the plant-wide Big Spring turnaround. With no additional turnarounds or major capital projects planned for the remainder of the year, Big Spring and the broader system are well positioned to capture stronger margins and meet seasonal demand during the driving season. We also invested $50 million in Delek Logistics, of which approximately $42 million was for growth projects.

在第 19 張投影片，我們概述第一季資本支出：以 Delek 單體口徑計算投資 1.81 億美元，其中大部分與 Big Spring 全廠大修相關。由於今年剩餘期間未規劃其他大修或重大資本專案，Big Spring 與整體系統已具備良好條件，可在行車旺季期間掌握較強的利差並滿足季節性需求。我們也在 Delek Logistics 投資 5,000 萬美元，其中約 4,200 萬美元用於成長型專案。

Our net debt position is broken out between Delek and Delek Logistics on slide 20. Excluding Delek Logistics, our Delek standalone net debt remained largely in line with year-end 2025.

我們在第 20 張投影片將淨負債部位拆分為 Delek 與 Delek Logistics。排除 Delek Logistics 後，Delek 單體的淨負債大致與 2025 年底持平。

Moving now to slide 21, where we cover second quarter outlook items. Our throughput guidance for the second quarter is 72,000 to 77,000 barrels per day for Tyler; 78,000 to 83,000 barrels per day at El Dorado; Big Spring will run 65,000 to 70,000 barrels per day; and lastly, Krotz Springs will run 78,000 to 83,000 barrels per day.

接著看第 21 張投影片，我們說明第二季展望項目。第二季的處理量（throughput）指引為：Tyler 每日 72,000 至 77,000 桶；El Dorado 每日 78,000 至 83,000 桶；Big Spring 每日 65,000 至 70,000 桶；最後，Krotz Springs 每日 78,000 至 83,000 桶。

Our implied system throughput target for the second quarter is in the 293,000 to 313,000 barrels per day range. In addition to the throughput guidance, for the second quarter of 2026, we expect operating expenses to be between $215 million and $225 million. G&A to be between $47 million and $52 million. D&A is expected to be between $105 million and $115 million, and net interest expense to be between $80 million and $90 million.

我們推算的第二季系統總處理量目標區間為每日 293,000 至 313,000 桶。除處理量指引外，對於 2026 年第二季，我們預期營運費用介於 2.15 億至 2.25 億美元。管理費用（G&A）介於 4,700 萬至 5,200 萬美元。折舊與攤銷（D&A）預期介於 1.05 億至 1.15 億美元，淨利息費用介於 8,000 萬至 9,000 萬美元。

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

接下來，我們將開放提問。

(Operator Instructions) Alexa Petrick, Goldman Sachs.

(接線員指示) 高盛的 Alexa Petrick。

With the Big Spring turnaround complete, how should we be thinking about your capital allocation priorities? Recognized this quarter had higher spend, but as we look to the rest of the year, how are you thinking about buybacks and then use of SRE cash inflow?

Big Spring 大修完成後，我們應該如何看待你們的資本配置優先順序？我知道本季支出較高，但展望今年剩餘時間，你們如何看待庫藏股回購，以及 SRE 現金流入的運用？

Yeah. Alexa, thank you for everything. So listen, first of all, we are very, very proud of our performance of capital allocation during 2025. We outperformed around 4% versus our peers. We gave more capital back to investors around 4% more than the peer group. So it's a very good outcome in our mind.

是的。Alexa，謝謝你一直以來的支持。首先，我們對 2025 年資本配置的表現感到非常、非常自豪。相較同業，我們的表現約高出 4%。我們回饋給投資人的資本也比同業多約 4%。因此在我們看來，這是非常好的成果。

And we have a very clear, crisp capital allocation program. First, we want to have a balanced approach between buyback and balance sheet that we obviously achieved. Second, we want to maintain dividend through the cycle that we obviously maintain.

而且我們有一套非常清楚、明確的資本配置計畫。第一，我們希望在回購與資產負債表之間採取平衡做法，而我們顯然已做到。第二，我們希望在景氣循環中維持股利，而我們也確實維持了。

And third, we want to make it very, very clear. We see a lot of value in our share price and more to come. We have a very good quarter ahead of us, and we are very optimistic.

第三，我們希望把話說得非常、非常清楚。我們認為目前股價具有很高價值，而且未來還有更多上行空間。我們接下來將迎來非常好的季度，我們也非常樂觀。

Okay. That's helpful. And then our follow-up is just on 2Q. There's definitely a lot of moving pieces in the macro right now. So can you just talk about how we should think about captures and some of these different dynamics?

好的。這很有幫助。接著追問第二季。目前總體環境確實有很多變動因素。你能否談談我們應如何看待捕捉率（captures）以及這些不同動態的影響？

Yeah. Alexa, in your permission, I will take a step back and talk about the macro in more detail just a little bit because there is a lot of moving parts, and it's a different macro environment versus regular macro environment. So I will start with the facts, and then we'll take it from there.

好的。Alexa，如果你允許，我先退一步，更詳細談一下總體環境，因為目前變動因素很多，而且這個宏觀環境不同於一般的宏觀環境。我會先從事實談起，然後再往下延伸。

So I think it's pretty obvious that we've seen the Strait of Hormuz closed close to -- around close to two months now. It's a continued period of time. Then I think the consensus in the market that we are seeing around [10] maybe a bit more of crude off-line and around 5 million barrels of refined capacity remain off-line. SPR offsets the crude portion just a little bit, but not to a very meaningful way. That's on the fact side.

我想很明顯，我們看到荷姆茲海峽已接近封閉——大約快兩個月了。這是一段持續的時間。接著，我們看到市場共識大約有 [10]（可能還更多）的原油供給離線，以及約 500 萬桶的成品油產能仍處於離線狀態。戰略石油儲備（SPR）對原油部分有些微抵銷，但幅度並不顯著。以上是事實面。

On the effect side, what is really happening on the markets, obviously, we see elevated crude and product market. We see dislocation between physical and paper, which is very meaningful for some. We see steep backwardation that obviously is impacting the capture rate for everyone almost and we see a wide swing in crude differentials and especially around Brent and TI.

在影響面，市場上實際發生的情況是：很明顯我們看到原油與成品市場價格處於高檔。我們看到現貨與紙貨（physical vs. paper）之間出現錯位，對某些參與者而言非常重要。我們看到陡峭的逆價差（backwardation），這顯然幾乎影響到所有人的捕捉率。

So what does it really mean? On the product side, we start with that, we believe that the product market will outlast the event, and they will see a lingering effect on the car spread. We also see that the risk premium after the event between Brent and TI is going to be different. The risk element of Brent putting itself into the market now and probably going to outlast the event as well. So that's the second point.

那這到底代表什麼？先從成品端來看，我們認為成品市場的緊俏將會比事件本身更持久，並且會對 crack spread 產生延續性的影響。我們也看到事件過後 Brent 與 TI 之間的風險溢價將會不同。Brent 的風險因素目前已反映進市場，而且很可能也會比事件本身更持久。這是第二點。

So what does it really mean? So that actually means higher call on US Shell that present a lower premium risk versus Brent and that's something that we'll see more coming into effect. And being a bit more specific on the Delek side, obviously, we have a big operation on the midstream side that is very correlated to what's happening in the Permian at any given point.

那這到底代表什麼？這其實意味著市場對美國 Shell 的需求（call）更高，因為其相對於 Brent 的風險溢價較低，而我們將看到這一點更明顯地發酵。更具體到 Delek 這邊，顯然我們在中游端有很大的營運規模，且在任何時點都與二疊紀盆地（Permian）的情況高度相關。

Obviously, we have direct access to crude, which make us coming to the market and making changes as needed very quickly. And third, we have access to product market, both on the Gulf and on the group, which give us flexibility around that.

此外，我們可直接取得原油，這使我們能夠進入市場並在需要時非常快速地做出調整。第三，我們也能進入成品市場，無論是在墨西哥灣沿岸或在集團內部，這都讓我們在相關操作上具備彈性。

I want to finish with a very important point. We have a very good distillate and jet yield and part of that is due to the EOP we've done last year. I think you remember a slide I put together -- we put together, not I, that present a great project that the El Dorado team conduct to basically do more jet with zero cost capital, and that's paying us very nice dividends today.

我想以一個非常重要的重點作結。我們的中間餾分與航煤收率非常好，其中一部分要歸功於我們去年完成的 EOP。我想你還記得我整理過的一張投影片——其實是我們團隊整理的——那張投影片展示了 El Dorado 團隊所執行的一個很棒的專案，基本上是在零資本支出的情況下提高航煤產出，而這件事今天正為我們帶來非常可觀的回報。

Mohit, do you want to finish with something?

Mohit，你要不要再補充幾句作結？

Yeah. Alexa, just one thing to add. I think in this current market environment, as Avigal rightly pointed out, there will be winners and losers in terms of capture rates. And you have to think about people who have access to barrels who are closer to the well and who have very high distillate and jet yield, they are going to be the winners in this environment, and we are very well positioned to capture the opportunities in front of us.

好。Alexa，我再補充一點。我認為在目前的市場環境下，正如 Avigal 正確指出的，就捕捉率而言會有贏家與輸家。你必須去想，那些能取得原油桶數、離井口更近、且中間餾分與航煤收率非常高的業者，將會是這個環境下的贏家；而我們在把握眼前機會方面具備非常好的定位。

Manav Gupta, UBS.

Manav Gupta，瑞銀。

I'm also going to ask a little bit of a macro question here. So my question, sir, here is, when we look at 2Q, Delek is very well positioned. There's no doubt about it. But I'm also trying to understand from the perspective of what you said, I think 2Q will be a story of haves and have nots. Haves are people like Delek who have the crude and have nots are people who may have the best refining system in the world but have no crude.

我也想問一個偏宏觀的問題。所以我的問題是，先生，當我們看第二季（2Q）時，Delek 的定位非常好。這點毫無疑問。但我也想從你剛才所說的角度理解，我認為第二季會是一個「有」與「沒有」的故事。「有」的是像 Delek 這樣有原油的人；「沒有」的是那些可能擁有全世界最好的煉油系統、但卻沒有原油的人。

And from my perspective, obviously, Delek is a winner, but do you also think the situation we are in generally, US refining as such is a winner because you have the crude, you have the demand, you're not really dependent on Strait of Hormuz. So we have this dynamic playing out where relative to global peers, US refiners and Delek can actually show a lot of outperformance. If you can talk a little bit about that?

從我的角度來看，顯然 Delek 是贏家；但你是否也認為，就我們目前所處的情勢而言，美國煉油業整體也是贏家，因為你有原油、有需求，而且並不真正依賴荷姆茲海峽。因此我們看到這樣的動態在發生：相較於全球同業，美國煉油商以及 Delek 實際上可能展現相當程度的超額表現。你能否談談這一點？

Yeah, absolutely, Manav, a very smart question. Mohit and I and Mark and the team speak about it all the time. And Mohit has a lot of tonnes of energy around the topic. So I'll let Mohit chime in.

是的，當然，Manav，這是一個非常聰明的問題。我、Mohit、Mark 以及團隊一直都在討論這件事。而 Mohit 對這個主題投入了非常多的精力。所以我讓 Mohit 來補充。

Yeah. Thanks, Avigal. And Manav, thanks for all the good work you're doing. You're absolutely right. US refining will have an advantage because US is one of the largest crude producers in the world. US has the most flexible refining system in the world. And most importantly, you see US natural gas prices are very low.

好。謝謝你，Avigal。Manav，也謝謝你做的所有出色工作。你說得完全正確。美國煉油業會有優勢，因為美國是全球最大的原油生產國之一。美國擁有全球最具彈性的煉油系統。而最重要的是，你看到美國天然氣價格非常低。

So from an OpEx standpoint, we are also at an advantage. But you rightly pointed out, the biggest winners will be the guys who have access to barrels even within the US and who have very high distillate and jet yield. And which is why we like our position versus anybody else in the US refining system right now.

因此從營運費用（OpEx）的角度來看，我們也具備優勢。但你也正確指出，最大的贏家將是那些即便在美國境內也能取得原油桶數、且中間餾分與航煤收率非常高的業者。這也是為什麼就目前美國煉油體系而言，我們很喜歡自己相對於其他任何人的位置。

Perfect. My second quick follow-up, Mohit or Avigal, is that when we look at the price of the RIN, that's going up, and that does impact the price of gasoline. In my opinion, there is a higher probability of SREs in 2026 that there was even in '25 and '24.

很好。我第二個快速追問，Mohit 或 Avigal，是當我們看 RIN 的價格時，它正在上升，而這確實會影響汽油價格。在我看來，2026 年核發 SRE 的機率，比 2025 年甚至 2024 年都更高。

If you don't issue SREs, you can cause the price of RIN to get to a point where gasoline can go to $5. Can you talk about those dynamics? Why the profitability of SREs is even higher now than what it was in '25 and '24?

如果你不核發 SRE，你可能會讓 RIN 的價格升到一個程度，使得汽油可能漲到每加侖 5 美元。你能談談這些動態嗎？為什麼現在 SRE 的獲利性甚至比 2025 年和 2024 年更高？

Yeah, absolutely. And I will take -- Manav, with your permission, I will take a step back and give you a wider answer about the SREs. So giving -- SRE is a way bigger topic. SRE is not a Delek issue. And it's directly impacting close to four refineries, and I would say it's impacting around half of our industry, more or less. So it's a very big, big, big deal.

是的，當然。Manav，在你允許的情況下，我會先退一步，從更廣的角度回答你關於 SRE 的問題。所以——SRE 是一個大得多的議題。SRE 不是 Delek 的問題。它直接影響接近四座煉油廠，而我會說它影響了我們產業大約一半左右。所以這是一件非常、非常、非常重大的事。

And I want to make it very clear. The SRE, the whole point of the law is disproportionate economic harm, disproportionate economic harm. And it's for each asset and each community. It's not related to companies. And the essence of the law is to maintain high paying job to maintain local communities and affordable fuel.

我想把話說得非常清楚。SRE，法律的核心重點是「不成比例的經濟傷害」，不成比例的經濟傷害。而且是針對每一項資產、每一個社區。它與公司本身無關。法律的本質是維持高薪工作、維持在地社區，以及可負擔的燃料。

When we are looking at compliant costs of small mid-cap in the last five years, it's 85% of the group (technical difficulty) that's completely different dynamic. Risking SREs, as you smartly stated, will lead to higher price at the pump. Very clear. It's very clear. And just coupling critical topic of SRE that we just mentioned with E15 is like putting a square peg in a round hole. So it's very, very obvious and clear.

當我們看過去五年小型與中型市值業者的合規成本時，這占該族群的 85%（技術性困難），這是完全不同的動態。如你很聰明地指出，不核發 SRE 會導致加油站端的價格更高。非常清楚。這非常清楚。而且把我們剛提到的 SRE 這個關鍵議題與 E15 綁在一起，就像把方釘硬塞進圓孔。所以這是非常、非常明顯且清楚的。

And Mohit, please chime in.

Mohit，請也補充一下。

Yeah, Manav, again, a very good question. Look, as Avigal rightly pointed out, RFS and RIN issue is an issue about disproportionate economic harm. So we show in our slide deck at $1.50 a gallon blended RIN price, our 2026 RVO compliance is close to $750 million.

好的，Manav，再次，這是個非常好的問題。你看，正如 Avigal 正確指出的，RFS 與 RIN 的問題，本質上是關於「不成比例的經濟傷害」。我們在簡報中展示，在每加侖 1.50 美元的混合 RIN 價格下，我們 2026 年的 RVO 合規成本接近 7.5 億美元。

So if you think about that number, so for us, people like us who stay in compliance, it's not like you get SREs as cash. You have to stay in compliance, and then you get the money that you spend on buying RINs back. So for us, this is not just an issue about how RFS is working. It's only an issue of our disproportionate economic harm.

所以如果你想想這個數字，對於像我們這種維持合規的人而言，這並不是說你拿到 SRE 就等同拿到現金。你必須先維持合規，然後才會把你用來購買 RIN 的支出退回來。因此對我們而言，這不只是 RFS 如何運作的問題。這只是一個關於我們不成比例經濟傷害的問題。

And you rightly pointed out and a lot of market participants are pointing this out that if you don't have 2026 SREs granted, based upon the current renewable volume obligations, you will have a deep deficit in 2027 RIN bank. And as Avigal pointed out, that's going to impact affordability at the pump, which is squarely against this administration's energy dominance agenda.

而你也正確指出，許多市場參與者也在指出：如果 2026 年沒有核准 SRE，基於目前的再生燃料義務量，你在 2027 年的 RIN 儲備（RIN bank）將會出現嚴重缺口。而如 Avigal 所說，這將影響加油站端的可負擔性，這與本屆政府的能源主導（energy dominance）議程是正面衝突的。

So we definitely want -- or we definitely expect SREs to continue, but that's up to the EPA to decide. But our expectation is in line with the government's agenda. They will be granting these SREs on a go-forward basis.

所以我們確實希望——或者說我們確實預期——SRE 會持續，但這要由 EPA 來決定。不過我們的預期與政府的議程一致。他們將會在未來持續核發這些 SRE。

Yeah, I think the EPA put a very clear, clean framework together that we have all the capability in the world to follow through. And as Mohit pointed very well, the administration put energy dominance program together that SRE is a very important part of it.

是的，我認為 EPA 制定了一個非常清楚、乾淨的框架，而我們完全有能力依此執行。而如 Mohit 說得很到位，政府提出的能源主導計畫中，SRE 是非常重要的一部分。

Matthew Blair, TPH.

Matthew Blair，TPH。

Congrats on the strong results. Could you talk about how the Big Spring refinery is running post the turnaround? Are you seeing any operational improvements? And I guess we would have thought -- did the turnaround stretch into the second quarter at all? We would have thought that the Q2 throughput guidance might have been a touch higher. So could you address that?

恭喜你們繳出強勁的結果。能否談談 Big Spring 煉油廠在檢修（turnaround）之後的運轉情況？你們是否看到任何營運上的改善？另外我想我們原本以為——這次檢修是否有延續到第二季？我們原本以為第二季的處理量（throughput）指引可能會再高一點。所以能否請你回應一下？

Yeah. So the point of the turnaround, which we are very happy about the turnaround was improved reliability to improve crude optimization, higher-octane blending options, margin and cost. We are very happy about what we see. We have a very good team over there, and we are very optimistic about the Big Spring going forward. And we leave it to that, more to come. We have a very strong guidance and more to come.

是的。因此，這次停工檢修（turnaround）的重點——我們對這次檢修非常滿意——在於提升可靠性，以改善原油最佳化、更高辛烷值的調和選項、利潤率與成本。我們對目前看到的情況非常滿意。我們那邊有一支非常好的團隊，對 Big Spring 未來的發展也非常樂觀。先說到這裡，後續還會有更多進展。我們給出的指引非常強勁，後續還會有更多內容。

Yeah. Matthew, you rightly pointed out our guidance. But we are -- Big Spring coming out of the turnaround, we are just being a little bit more conservative. And hopefully, things will play out the way we expect them to.

是的。Matthew，你確實正確指出了我們的指引。不過——Big Spring 在完成停工檢修後，我們只是採取稍微更保守一些的態度。也希望事情能如我們預期般發展。

Sounds good. And then could you talk about what you're seeing in the end market demand so far in the second quarter, both for gasoline as well as diesel? I guess for jet as well, is there any evidence of demand destruction given the higher price environment? Or does demand still look pretty strong?

聽起來不錯。接著你們能談談第二季迄今在終端市場需求方面看到的情況嗎？包括汽油與柴油，我想也包括航煤；在較高價格環境下，是否有任何需求被破壞（demand destruction）的跡象？還是需求看起來仍然相當強勁？

Yeah. In all the markets we are operating, we see strong demand. We see decent netbacks, the group dynamics improving as we speak, and that's very positive. We do not see a demand destruction these 10 seconds. And I think that it's -- the demand we see is pretty resilient at this junction. Please, Mohit.

是的。在我們營運的所有市場，我們都看到強勁需求。我們看到不錯的淨回收（netbacks），該區域（group）的供需動態也正在改善，這非常正面。目前這 10 秒內我們沒有看到需求被破壞。我認為——在此時點我們看到的需求相當有韌性。Mohit，請。

Yeah. Again, a good question. So if you look at Europe, we've seen some talks around people reducing capacity as far as the airlines are concerned. But the US demand remains very strong. We are seeing, there's going to be potentially a very strong summer gasoline driving season.

是的。同樣是個好問題。如果看歐洲，我們確實聽到一些討論，航空公司可能會在運能方面做出縮減。但美國的需求仍然非常強勁。我們看到今年夏季的汽油駕車旺季可能會非常強。

Gasoline remains a big part of the barrel right now. And as people are focused on distillate and jet, we also think gasoline cracks also have a room to move higher. So we don't see any demand destruction in the US just yet, but I think we do see the outlook for cracks, especially in Q3 to move higher is very evident based upon where things are right now.

汽油目前仍占每桶產品組合（barrel）中的很大比重。當大家把焦點放在餾分油與航煤時，我們也認為汽油裂解價差（gasoline cracks）仍有上行空間。所以我們目前還沒有在美國看到任何需求被破壞，但我認為裂解價差的展望——尤其是第三季走高——從目前情況來看非常明顯。

Jason Gabelman, TD Cowen.

TD Cowen 的 Jason Gabelman。

First, just on, I guess, regional product prices, it's looking right now like group three is still a bit discounted versus the Gulf Coast. Typically, I think you'd see group three already strengthened at this time of year. Can you just talk about your forward outlook for the relative values between those two markets? And if you expect normal seasonality to take hold?

首先，關於區域產品價格，我想目前看起來 group three 相對於墨西哥灣沿岸（Gulf Coast）仍有些折價。通常我認為在每年這個時點，group three 應該已經轉強。你們能談談對這兩個市場相對價值的前瞻看法嗎？以及你們是否預期正常的季節性會開始發揮作用？

Yeah, absolutely, Jason. Thank you for the great question. The way we see a group today is actually stronger coming this morning. We just checked that before the call. So that's positive. Obviously, the group has dynamic of its own.

是的，當然可以，Jason。謝謝你的好問題。我們今天看到的該區域（group）其實今早已經轉強。我們在電話會議前剛確認過。所以這是正面的。當然，該區域有其自身的動態。

And even if you are putting your long-term view on that, you see the group dynamic in the near and midterm future going to be different. We've just seen two pipelines. One is coming second half of the year and the other one coming later on like three, four years down the road, that's going to make move barrels from the group into PADD 4 and PADD 5.

即使你用更長期的角度來看，你也會看到該區域在短期與中期的動態將會不同。我們剛看到兩條管線。其中一條將在今年下半年投用，另一條則會在更後面、約三到四年後投用，這將把該區域的產品桶量（barrels）移往 PADD 4 與 PADD 5。

So we are looking at the group also on a very tactic basis as today, but we have the obligation and the duty to and the opportunity to look at the group down the road. And I think the group that we remember versus -- going to be very different versus the group that we're going to see starting second half of this year and probably even more importantly, when the next line is going to be executing and move the product into PADD 5. So that's a very good dynamic on the short term, midterm, and long term to our position.

因此，我們今天在戰術層面也會觀察該區域（group），但我們也有責任、義務與機會去看更長遠的該區域走勢。我認為我們記憶中的那個該區域——相較之下——將會與我們從今年下半年開始看到的該區域非常不同；而且更重要的是，當下一條管線開始執行並把產品移往 PADD 5 時，差異會更明顯。所以對我們的部位而言，這在短期、中期與長期都是非常好的動態。

Great. And maybe if I could go back to the small refinery exemptions. Do you have a sense around timing of when you should expect to receive those? And I know you've kind of presented cases where you think you're able to get up to $400 million -- the full, I guess, amount of exemptions for all your plants. How do you square that with the EPA publishing an expected amount of exemptions will grant the next two years, which seems consistent with the past few years?

很好。另外如果可以，我想回到小型煉油廠豁免（SRE）。你們對於何時應該會收到這些豁免，有沒有時間點的概念？我知道你們曾提出一些情境，認為你們有機會拿到最高達 4 億美元——也就是你們所有工廠的全額豁免金額。但 EPA 公布了未來兩年預計核准的豁免總量，看起來與過去幾年一致；你們如何看待這兩者之間的關係？

Yeah. It's a great question. We have a tremendous amount of trust with the EPA. I think the EPA put a very strong strict guidance. The EPA was able to clear a backlog of 2019 to 2022 and we are confident the EPA is going to do what it says it's going to do. It's a very reliable administration in this regard. I'm sure the administration see the correlation between small refinery exemption and the price at the pump, and we'll leave it to that.

是的。這是個很好的問題。我們對 EPA 有非常高度的信任。我認為 EPA 提出了非常強而且嚴格的指引。EPA 已經能夠清理 2019 到 2022 年的積壓案件，我們也有信心 EPA 會照它所說的去做。在這方面，這是一個非常可靠的政府機構／行政當局。我相信行政當局也看得到小型煉油廠豁免與加油站油價之間的關聯，我們就先說到這裡。

Doug Leggate, Wolfe Research.

Wolfe Research 的 Doug Leggate。

Guys, I know that the SREs have been fairly well flogged on the call, but I just want to make sure I understand something. The guidance you've given for -- or not the guidance, but the indication you've given for 2026, what are you assuming for the RIN because it's basically doubled since the beginning of the year.

各位，我知道 SRE 在這通電話裡已經被反覆討論很多了，但我只是想確認我理解正確。你們對 2026 年給出的指引——或者不是指引，而是你們對 2026 年的暗示——你們對 RIN 的假設是什麼？因為 RIN 自年初以來基本上已經翻倍。

And I'm trying to get a feel for if you -- I can't really -- I don't know what the scenario is where you don't get the RIN or the SRE and the duration at least for the Trump administration. So what would you -- if you were to roll forward the current RIN price into '27 and '28, basically the four years, I guess, of that period, the Trump administration, what would your number be?

我想了解的是，如果你——我其實很難——我不知道在什麼情境下你們拿不到 RIN 或 SRE，至少在川普政府任期內。所以如果你把目前的 RIN 價格延伸到 2027 與 2028，也就是那段期間的四年——我想是川普政府的那段期間——你們的數字會是多少？

Thank you, Doug, and thank you for joining us. It's really important for us. And I will let Mohit stay very close to the topic to take this one.

謝謝你，Doug，也謝謝你加入我們。這對我們非常重要。我會讓 Mohit 針對這個主題、緊扣重點來回答這題。

Yeah, Doug, as we've talked about in the past, the way EPA is looking at a lot of these issues is trying to have a happy medium. It's a mathematical equation that they have in their minds. So they're looking at SREs, they're looking at the RVO, they're looking at imports, and they're looking at all of these issues together and reallocation as well to come up with a price, which is -- so that affordability at the pump remains.

是的，Doug，正如我們過去談過的，EPA 看待許多這類議題的方式，是試圖取得一個折衷的平衡點。他們心中有一套數學方程式。因此他們會同時看 SRE、看 RVO、看進口，也會把所有這些議題以及重新分配（reallocation）一併納入考量，以得出一個價格——也就是讓終端加油站的可負擔性得以維持。

As far as our 2026 numbers are concerned, so we show that very clearly in our slide, based upon our current estimates and $1.50 a gallon blended D4, D6, D3 RIN price, we should have a $750 million RVO obligation in 2026.

就我們 2026 年的數字而言，我們在投影片中已非常清楚地呈現：根據我們目前的估計，以及每加侖 1.50 美元的 D4、D6、D3 混合 RIN 價格，我們在 2026 年的 RVO 義務應為 7.5 億美元。

But just to be clear, the RIN, Mohit, isn't $1.50, it's $1.90.

但我想澄清一下，Mohit，RIN 不是 1.50 美元，而是 1.90 美元。

Yeah, Doug, you're absolutely right about that.

是的，Doug，你說得完全正確。

Yeah. And that's what I was confused about your previous answer to when Manav asked the question because -- so what in your mind, then, if you don't mind my follow-up, what would drive -- what would cause the RIN value from the RIN bank standpoint to move back significantly lower from here?

是的。這也是我對你先前回答 Manav 提問時感到困惑的地方，因為——所以在你看來，如果你不介意我追問一下，從 RIN 庫存（RIN bank）的角度，什麼因素會驅動——或導致——RIN 價值從目前水準顯著回落、下跌很多？

Yeah. Look, Doug, from our vantage point, based upon the numbers and Jason Gabelman was talking about those numbers in the previous question, you would have a significant 2027 deficit if those are the level of SREs which are granted. So that is one toggle that EPA does have. And that is why I think 2026 SREs are extremely important to manage 2027 RIN bank.

是的。你看，道格，從我們的角度來看，根據這些數字，而且 Jason Gabelman 在上一個問題也談到了這些數字，如果核准的 SRE 數量維持在那個水準，你在 2027 年將會出現顯著的缺口。所以這是 EPA 確實可以調整的一個槓桿。也因此我認為 2026 年的 SRE 對於管理 2027 年的 RIN 銀行極其重要。

What exactly EPA will do and they're extremely smart, honest people working at the EPA, they will figure it out. But for us, we're just trying to manage our situation and highlight the fact that SREs are an issue by disproportionate economic harm, and we just are trying to manage our position based upon that.

EPA 具體會怎麼做——EPA 裡有非常聰明、正直的人在工作——他們會把它理清楚。但對我們而言，我們只是試著管理自身的情況，並強調 SRE 因「不成比例的經濟損害」而成為一個議題；我們也只是基於此來管理我們的立場。

Joe Laetsch, Morgan Stanley.

Joe Laetsch，摩根士丹利。

So I wanted to start on the EOP program where you've made good progress and increased the target again to over $220 million. I think that was a sixth raise, if I heard you right. Can you just talk through some of the initiatives to help drive this improvement and how we should think about the potential upside and maybe potential seventh raise from here?

我想先從 EOP 計畫談起，你們已取得不錯的進展，並再次把目標提高到超過 2.2 億美元。如果我沒聽錯的話，這應該是第六次上調。你能否談談有哪些舉措在推動這項改善，以及我們應該如何看待潛在的上行空間，還有從這裡再來一次第七次上調的可能性？

Yeah, absolutely. And thank you for that question. The question I really like because EOP, first and foremost, Joe, and you know that we spoke about it privately in the past, it's all about lifestyle. And when we -- it was really important for us, and we are extremely proud of the ability to push EOP to the entire organization. You see the buy and you see people talking about it in the hallway.

是的，當然可以。也謝謝你的提問。我很喜歡這個問題，因為 EOP——首先，Joe，你也知道我們過去私下談過——它完全關乎一種生活方式。而且對我們來說非常重要的是，我們也非常自豪能把 EOP 推廣到整個組織。你可以看到大家的認同，也能看到人們在走廊裡談論它。

It's not a project; it's not a spreadsheet. It's people really think how to make more of what we have. And if I'm going to refinery, I hear it in the -- between the units. If I'm going to the accounting team, I hear them speaking about that. If we are going to commercial, it's across the company.

這不是一個專案；也不是一張試算表。而是人們真的在思考如何把我們現有的資源做出更多。如果我去煉油廠，我會在——各個裝置之間——聽到大家在談這件事。如果我去會計團隊，我也會聽到他們在談這件事。如果我們去商務端，這是全公司一致的。

So it's not just about cost savings, as we said in the past, it's what we make, where we sell, and all the value chain that we are owning A to Z. As you can -- as you probably can see very easily, Joe, it's very clear in our financial results. You can see it very, very clearly in El Dorado, in G&A, in the capture rate of the rest of the refinery. So that's very, very obvious that we can all see it.

所以這不只是節省成本——如同我們過去所說——而是我們生產什麼、賣到哪裡，以及我們從 A 到 Z 擁有的整個價值鏈。你可以——你應該很容易就能看出來，Joe——這在我們的財務結果中非常清楚。你在 El Dorado、在 G&A、以及煉廠其餘部分的捕捉率上，都能非常非常清楚地看到。所以這點非常、非常明顯，我們都看得到。

And we are always looking, I said it in my prepared remarks, we are always looking to how to make it better, what else we can do, what -- how else we can improve. And I'm very, very proud of the team here that taking the high road on that and making that part of our DNA.

而且我們一直在尋找——我在事先準備的發言中也提到——我們一直在想如何把它做得更好、還能做什麼、還能如何改善。我也非常、非常為這裡的團隊感到自豪，他們選擇走正道，把這件事變成我們 DNA 的一部分。

I want to finish with important comment. If you look in our deck slide in our deck that we prepared, we are seeing around $600 million to $700 million on a mid-cycle environment of free cash flow. And that's around 20% to 30% of our current market price. That's a tremendous opportunity. And I want to capture this comment and the comment that I answered Alexa and put those together that we see a tremendous amount of value about where we are.

我想用一個重要的評論作結。如果你看我們準備的簡報投影片，在中周期環境下，我們看到約 6 億到 7 億美元的自由現金流。這大約相當於我們目前市值的 20% 到 30%。這是非常巨大的機會。我想把這個評論，以及我回答 Alexa 的那段評論放在一起：我們認為以我們目前的位置來看，存在非常可觀的價值。

So thank you for that great question.

所以謝謝你這個很棒的問題。

Perfect. That's helpful. And then I wanted to just ask on the sum-of-the-parts side. Can you talk through latest thinking about current deconsolidation, value unlock options from here as well? You've done a good job with bolt-ons and organic growth at DKL. So just any thoughts on the path forward here would be helpful.

很好。這很有幫助。接著我想問一下分部加總估值（sum-of-the-parts）這一塊。你能談談目前對去合併（deconsolidation）的最新想法，以及從這裡開始的價值釋放選項嗎？你們在 DKL 透過補強式併購與內生成長做得很好。所以任何對未來路徑的想法都會很有幫助。

Yeah, absolutely. So you're absolutely right. Deconsolidation is our ultimate goal, and we're going to do it on the right price, on the right condition. We see tremendous amount of value in our DKL story pro forma basis, 80% third-party. It's unheard of versus what we used to be.

是的，當然。所以你說得完全正確。去合併是我們的最終目標，我們會在合適的價格、合適的條件下去做。以 DKL 的故事來看，在備考（pro forma）基礎上有 80% 來自第三方，我們看到非常可觀的價值。相較於我們過去的狀況，這是前所未有的。

We have done, as you said, two very big acquisitions that we are extremely pleased. We've built a gas plant that we are extremely pleased. We have a very clear, clean strategy of being a premier provider of crude, gas, and water in the most prolific area of the Permian Basin. And we have created something here very, very, very beautiful that we are very proud of.

正如你所說，我們完成了兩筆非常大的收購，我們非常滿意。我們也建了一座天然氣處理廠，我們非常滿意。我們有一個非常清晰、乾淨的策略：在二疊紀盆地最具生產力的區域，成為原油、天然氣與水務的頂級服務供應商。我們在這裡打造出非常、非常、非常美好的事業，我們為此感到非常自豪。

We see that the current value based upon the intrinsic asset in DKL needs to have a seven handle on this unit. So for the right price, we will reward -- deconsolidate and reward investors going forward. We need to make sure that there's great value creation that was created in the midstream business vis-a-vis the 80% pro forma third party is fully reflected both on the DK share price and unit and DKL unit price.

我們認為，基於 DKL 的資產內在價值，目前這個單位的估值應該要到「7 字頭」。所以在合適的價格下，我們會去合併並在未來回饋投資人。我們需要確保中游業務所創造的巨大價值——相對於備考 80% 第三方——能夠在 DK 的股價與單位，以及 DKL 的單位價格上都被充分反映。

So we're going to do one or four ways that as we are doing, we are doing one or more of four ways, keep doing bolt-on acquisition, deconsolidation because people see the value in the DKL unit, right, [53] consecutive increase in distribution, it's pretty much unheard of and our ability to reward investors.

所以我們會以一種或四種方式來做——就像我們正在做的——我們會持續採取四種方式中的一種或多種：持續進行補強式併購、去合併，因為市場看得到 DKL 單位的價值，對吧，已經連續 [53] 次提高配息，這幾乎是前所未有的，也展現了我們回饋投資人的能力。

Second, if a price for the right price, we might be selling assets. For the right price, DKL has the ability to buy on its unit from DK. And we can always sell DKL for the right price. As I mentioned, we see the intrinsic value of [$700 million] on the unit price. So we are extremely aggressive and disciplined around this opportunity and more to come.

第二，在合適的價格下，我們也可能出售資產。在合適的價格下，DKL 也有能力向 DK 回購其單位。而且我們也隨時可以在合適的價格下出售 DKL。如我所提到的，我們看到其內在價值為 [7 億美元] 對應到單位價格。因此，我們對這個機會非常積極且嚴守紀律，後續還會有更多進展。

There are no further questions at this time, and we have reached the end of the Q&A session. I will now turn the call back to Avigal Soreq, CEO, for closing remarks.

目前沒有進一步的問題，我們也已到達問答環節的結尾。我現在把電話交回給執行長 Avigal Soreq 作結語。

Thank you for everyone who joined the call. Thank you for my colleagues here around the table that did a great job. Thank you for the investors that are sticking with the story and like what we are doing. I want to thank the Board of Directors and most importantly, our great employees that make this company what it is. Thank you.

感謝所有參與本次電話會議的各位。感謝在座各位同事的出色表現。感謝一路支持我們、認同我們所做事情的投資人。我要感謝董事會，最重要的是，感謝我們優秀的員工，正是他們成就了這家公司。謝謝。

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。您現在可以掛線。