Marathon Petroleum Corp (MPC) 2024 Q3 法說會逐字稿

Welcome to the MPC third quarter, 2024 earnings call.

歡迎參加 MPC 2024 年第三季財報電話會議。

My name is Sheila and I will be your operator for today's call.

我叫希拉，我將擔任您今天通話的接線生。

(Operator Instructions)

（操作員說明）

Please note that this conference is being recorded.

請注意，本次會議正在錄製中。

I will now turn the call over to Kristina Kazarian.

我現在將把電話轉給克里斯蒂娜·卡扎里安。

Kristina, you may begin.

克里斯蒂娜，你可以開始了。

Welcome to Marathon Petroleum Corporation's third quarter, 2024 earnings conference call.

歡迎參加馬拉松石油公司 2024 年第三季財報電話會議。

The slides that accompany this call can be found on our website at marathonpetroleum.com under the investor tab.

本次電話會議附帶的幻燈片可以在我們的網站 marathonpetroleum.com 的「投資者」標籤下找到。

Joining me today on the call are Maryann Mannen, CEO; John Quaid, CFO; and other members of the executive team.

今天加入我電話會議的是執行長 Maryann Mannen；約翰‧奎德，財務長；以及執行團隊的其他成員。

We invite you to read the safe harbor statements on slide 2.

我們邀請您閱讀投影片 2 上的安全港聲明。

We will be making forward-looking statements today.

我們今天將發表前瞻性聲明。

Actual results may differ, factors that could cause actual results to differ are included there as well as in our filings with the SEC.

實際結果可能有所不同，可能導致實際結果有所不同的因素包含在此以及我們向 SEC 提交的文件中。

With that, I'll turn the call over to Maryann.

這樣，我就把電話轉給瑪麗安。

Thanks Kristina and good morning everyone.

謝謝克里斯蒂娜，大家早安。

We remain committed to peer leading operational excellence, commercial performance and profitability per barrel in each of the regions in which we operate while being steadfast in our commitment to safely reliably operate our assets and protect the health and safety of our employees.

我們仍然致力於在我們經營的每個地區實現同行領先的卓越運營、商業業績和每桶盈利能力，同時堅定不移地致力於安全可靠地運營我們的資產並保護我們員工的健康和安全。

The global macro environment continues to exhibit refined product demand growth and we expect 2024 will be another year of record refined product consumption.

全球宏觀環境持續呈現成品油需求成長，我們預期 2024 年將是成品油消費再創新高的一年。

Within our domestic and export businesses, we have seen steady year over year demand for gasoline and diesel and growth in demand for jet fuels.

在我們的國內和出口業務中，我們看到汽油和柴油的需求逐年穩定，航空燃油的需求也在增加。

Refining margins were volatile in the third quarter as the market digested the implications of a light turnaround season, less seasonal supply interruptions than anticipated and the uncertainties around global economic growth particularly the pace within China, by leveraging our fully integrated refining system and geographic diversification across the Gulf Coast, Mid-Con and West Coast regions.

第三季煉油利潤波動較大，原因是市場透過充分利用我們完全一體化的煉油系統和地理多元化，消化了淡季週轉季節的影響、季節性供應中斷少於預期以及全球經濟成長的不確定性，特別是中國國內的成長速度。

Our portfolio of assets is well positioned to perform in this dynamic market environment.

我們的資產組合處於有利地位，可以在這個充滿活力的市場環境中發揮作用。

Beyond 2024 we expect demand growth to exceed the net impact of capacity additions and rationalization through the end of the decade.

2024 年後，我們預期需求成長將超過本世紀末產能增加和合理化的淨影響。

These fundamentals support an enhanced midcycle environment for refining.

這些基本原理支援增強的煉油週期中期環境。

The availability of low cost energy, the complexity of our facilities and our domestic and international logistical capabilities are further increase our global competitive advantage.

低成本能源的可用性、我們設施的複雜性以及我們的國內和國際物流能力進一步增強了我們的全球競爭優勢。

The US refining industry will remain structurally advantaged over the rest of the world.

美國煉油業相對於世界其他地區仍將具有結構性優勢。

Operational excellence and commercial execution have driven sustainable structural benefits.

卓越營運和商業執行推動了可持續的結構性效益。

Our disciplined long term strategic and quick hit investments are allocated to projects that we believe will achieve attractive returns.

我們嚴格的長期策略和快速投資將分配給我們相信將實現可觀回報的項目。

These projects are expected to strengthen our competitiveness and position MPC well into the future.

這些項目預計將增強我們的競爭力，並為 MPC 的未來奠定良好的基礎。

We believe prioritization of these capabilities will ensure that our assets will remain the most competitive in each region in which we operate, positioning us to deliver the strongest through cycle cash generation and lead in capital allocation.

我們相信，優先考慮這些能力將確保我們的資產在我們經營的每個地區保持最具競爭力，使我們能夠透過循環現金產生和領先的資本配置提供最強的競爭力。

In midstream, MPLX continues to execute attractive growth opportunities anchored in the Permian and Marcellus Basins.

在中游，MPLX 繼續在二疊紀和馬塞勒斯盆地抓住有吸引力的成長機會。

In the third quarter, MPLX began operations at Preakness 2, a gas processing plant located in the Permian Basin and today announced an additional processing plant in the Northeast.

第三季度，MPLX 開始在位於二疊紀盆地的 Preakness 2 天然氣加工廠運營，並於今天宣佈在東北部增設一座加工廠。

The Harmon Creek 3 project will bring northeast gas processing capacity to 8.1 billion cubic feet per day and fractionation capacity to 800,000 barrels per day once completed in the second half of 2026.

Harmon Creek 3 計畫一旦在 2026 年下半年完工，將使東北部的天然氣加工能力達到每天 81 億立方英尺，分餾能力達到每天 80 萬桶。

Executing its well head to water strategy, MPLX progressed its natural gas and NGL pipeline projects including the capacity expansion of the Bengal natural gas liquids pipeline and Black Home natural gas pipeline in collaboration with its partners.

MPLX執行井口到水戰略，與合作夥伴合作推動天然氣和液化天然氣管道項目，包括孟加拉天然氣液體管道和Black Home天然氣管道的產能擴張。

MPLX is strategic to MPCS portfolio and therefore its value proposition.

MPLX 對 MPCS 產品組合及其價值主張具有戰略意義。

Our midstream segment which is primarily comprised of MPLX has grown its adjusted EBITDA by over 6% on a three year annual compound basis through 2023.

我們的中游部門主要由 MPLX 組成，截至 2023 年，其調整後 EBITDA 以三年複合年增長率計算，增長了 6% 以上。

This growth and the durability of its cash flow profile supported a 12.5% increase to its quarterly distribution, increasing the expected annual cash distribution to MPC to $2.5 billion.

這種成長和現金流狀況的持久性支持其季度分配增加 12.5%，使 MPC 的預期年度現金分配增加至 25 億美元。

As MPLX is able to grow its distribution, the cash flow MPC receives is expected to fully cover MPC's dividend and all of our capital program in 2025.

由於 MPLX 能夠擴大其分配，MPC 收到的現金流預計將在 2025 年完全涵蓋 MPC 的股息和我們的所有資本計劃。

MPLX's growing portfolio and financial flexibility is expected to support this level of annual distribution increases in the future, strengthening the value proposition to MPC.

MPLX 不斷增長的投資組合和財務靈活性預計將支持未來的年度分配成長水平，從而加強 MPC 的價值主張。

MPC's total capital return since May 2021 has reduced MPC share count by over 50% and following last week's announced 10% increase to MPC's dividends over the past three years, we have grown our quarterly dividend at a compound annual growth rate of approximately 16%.

自2021 年5 月以來，MPC 的總資本回報已使MPC 股份數量減少了50% 以上，繼上周宣布過去三年MPC 股息增加10% 後，我們的季度股息以約16% 的複合年增長率增長。

We announced an additional $5 billion share repurchase authorization, this will provide us flexibility to execute our peer leading capital return commitment.

我們宣布額外授予 50 億美元的股票回購授權，這將為我們提供靈活性來執行同業領先的資本回報承諾。

Given our highly advantaged refining business and the $2.5 billion annualized distribution from MPLX, we are positioned to lead peers in capital return through all parts of the cycle.

鑑於我們高度優勢的煉油業務以及來自 MPLX 的 25 億美元年化分配，我們有能力在整個週期的各個部分的資本回報方面領先於同行。

MPC generated third quarter earnings per share of a $87, this quarter we delivered refining utilization at 94% reflecting our operational excellence and value chain optimization.

MPC 第三季每股收益為 87 美元，本季我們的煉油利用率為 94%，反映了我們的卓越營運和價值鏈優化。

Utilization in the West Coast and Mid-Con regions was in the upper [90s] demonstrating strong reliability.

西海岸和中部地區的利用率處於上 [90 年代]，顯示出強烈的可靠性。

Utilization in the US Gulf Coast region reflected execution of turnaround activity.

美國墨西哥灣沿岸地區的使用率反映了周轉活動的執行情況。

The team executed to deliver capture of 96% reflecting strong commercial performance in a volatile market.

該團隊實現了 96% 的捕獲率，反映出在動盪的市場中強勁的商業表現。

Our capture improved by 2% exceeding the rate of improvement achieved by our closest peers.

我們的捕獲率提高了 2%，超過了最接近的同行所實現的改進率。

This performance drove R&M segment adjusted EBITDA of $3.82 per barrel in cash from operations excluding the impacts of working capital of $1.9 billion.

這項業績推動 R&M 業務部門調整後 EBITDA 達到每桶 3.82 美元，不包括 19 億美元營運資金的影響。

And in the third quarter, we continue to lead our peers in capital return.

第三季度，我們在資本回報方面繼續領先同業。

The capabilities we have built, provide a sustainable advantage and we expect to continue to see the impact on our quarterly results.

我們建立的能力提供了可持續的優勢，我們預計將繼續看到對我們季度業績的影響。

Let me turn the call over to John.

讓我把電話轉給約翰。

Thanks Maryanne.

謝謝瑪麗安娜。

Slide 5, shows the sequential change in adjusted EBITDA from second to third quarter, 2024 as well as the reconciliation between net income and adjusted EBITDA for the quarter.

投影片 5 顯示了 2024 年第二季至第三季調整後 EBITDA 的連續變化，以及該季淨利與調整後 EBITDA 之間的調整。

Adjusted EBITDA was lower sequentially by approximately $900 million driven by decreased results in our refining and marketing segment.

由於煉油和行銷部門業績下降，調整後 EBITDA 環比下降約 9 億美元。

The tax rate for the quarter was 10% reflecting the earnings mix between our R&M and midstream businesses.

本季的稅率為 10%，反映了我們的 R&M 和中游業務之間的獲利組合。

Moving to our segment results, slide 6 provides an overview of our refining and marketing segment for the third quarter.

轉到我們的部門業績，投影片 6 概述了我們第三季的煉油和行銷部門。

Lower crack spreads reduce per barrel margins sequentially.

較低的裂解價差依序降低了每桶利潤。

Our refineries ran at 94% utilization processing nearly 2.8 million barrels of crude per day.

我們的煉油廠利用率高達 94%，每天處理近 280 萬桶原油。

Refining operating costs were $5.30 per barrel in the third quarter, higher sequentially primarily due to lower throughputs and higher project related expenses associated with increased turnaround activity.

第三季煉油營運成本為每桶 5.30 美元，環比上升，主要是由於產量下降以及與週轉活動增加相關的項目相關費用增加。

Slide 7 provides an overview of our refining and marketing margin capture of 96% for the quarter.

投影片 7 概述了本季我們的煉油和行銷利潤率為 96%。

An improvement of 2% from the second quarter.

較第二季提高2%。

The improvement was primarily driven by our operational and commercial teams execution of value driven secondary product strategies as prices strengthened relative to gasoline quarter over quarter.

這項改善主要是由於我們的營運和商業團隊執行了價值驅動的二級產品策略，因為價格相對於汽油逐季走強。

This was partially offset by clean product margins declining sequentially and we also continued to see headwinds from our renewables business during the quarter.

這部分被清潔產品利潤率連續下降所抵消，而且本季我們的再生能源業務也持續面臨阻力。

Slide 8 shows our midstream segment performance for the quarter.

投影片 8 顯示了我們本季中游部門的業績。

Our midstream segment continues to deliver cash flow growth.

我們的中游部門持續實現現金流成長。

Segment adjusted EBITDA was flat sequentially but increased approximately 6% year-over-year, primarily due to higher throughputs and rates.

部門調整後 EBITDA 與上一季持平，但同比增長約 6%，這主要是由於吞吐量和費率的提高。

MPLX remains a source of durable earnings growth as it advances projects targeted to enhance our natural gas and NGL value chains.

MPLX 仍然是持久獲利成長的來源，因為它推進了旨在增強我們的天然氣和液化天然氣價值鏈的專案。

Slide 9 presents the elements of change in our consolidated cash position for the third quarter.

投影片 9 介紹了我們第三季合併現金部位的變動要素。

Operating cash flow excluding changes in working capital was $1.9 billion in the quarter, driven by both our refining and midstream businesses.

在煉油和中游業務的推動下，本季營運現金流（不包括營運資金變動）為 19 億美元。

Working capital was a $179 million use of cash for the quarter primarily driven by decreases in crude prices.

本季營運資金使用現金 1.79 億美元，主要是原油價格下跌所致。

This quarter capital expenditures, investments, and acquisitions were $922 million including $210 million for MPLX's acquisition of an additional 20% interest in the BANGL pipeline.

本季資本支出、投資和收購為 9.22 億美元，其中包括 MPLX 額外收購 BANGL 管道 20% 權益的 2.1 億美元。

MPC utilized cash to repay $750 million of debt due in the quarter which we plan to refinance.

MPC 使用現金償還本季到期的 7.5 億美元債務，我們計劃對其進行再融資。

MPC returned $2.7 billion through share repurchases and $273 million in dividends during the quarter.

MPC 在本季透過股票回購返還 27 億美元，並透過股息返還 2.73 億美元。

And in October, we repurchased $500 million of MPC shares.

10 月份，我們回購了 5 億美元的 MPC 股票。

At the end of the third quarter, MPC had approximately $5.1 billion in consolidated cash and short term investments including MPLX cash of $2.4 billion.

截至第三季末，MPC 擁有約 51 億美元的合併現金和短期投資，其中包括 24 億美元的 MPLX 現金。

Turning to slide 10, our capital allocation priorities remain consistent.

轉向投影片 10，我們的資本配置優先事項保持一致。

Our number one priority is sustaining capital.

我們的首要任務是維持資本。

We remain steadfast in our commitment to safely operate our assets and protect the health and safety of our employees and the communities in which we operate.

我們堅定不移地致力於安全運營我們的資產並保護我們員工和我們經營所在社區的健康和安全。

We are committed to paying a secure competitive and growing dividend.

我們致力於支付安全且具競爭力且不斷成長的股息。

We will invest where we believe there are attractive returns which will enhance our competitiveness and position MPC well into the future.

我們將在我們認為具有吸引力回報的領域進行投資，這將增強我們的競爭力，並使 MPC 在未來佔據有利地位。

After meeting those requirements, we will return all excess capital through share repurchases even as we approach a more normalized balance sheet and including the additional $5 billion announced this morning, we currently have $8.5 billion remaining under our share repurchase authorizations highlighting our commitment to superior shareholder returns.

滿足這些要求後，我們將透過股票回購返還所有多餘資本，即使我們的資產負債表更加正常化，包括今天早上宣布的額外50 億美元，我們目前的股票回購授權還剩85 億美元，這凸顯了我們對優質股東的承諾回歸。

As Maryann highlighted earlier with our highly advantaged refining business and the $2.5 billion annualized distribution from MPLX, we are positioned to lead peers in capital returns through all market cycles.

正如瑪麗安早些時候強調的那樣，憑藉我們高度優勢的煉油業務和 MPLX 的 25 億美元年化分配，我們有能力在所有市場週期的資本回報方面領先於同行。

Turning to guidance on slide 11, we provide our fourth quarter outlook.

轉向幻燈片 11 的指導，我們提供了第四季度的展望。

We are projecting crude throughput volumes of just over 2.6 million barrels per day representing utilization of 90%.

我們預計原油吞吐量將略高於每天 260 萬桶，利用率為 90%。

Turnaround expense is projected to be approximately $285 million in the fourth quarter with activity focused in the Mid-Con region.

第四季週轉費用預計約為 2.85 億美元，活動主要集中在中型地區。

Operating costs are projected to be $5.50 per barrel, distribution costs are expected to be approximately $1.5 billion and corporate costs are expected to be $200 million in the quarter.

本季營運成本預計為每桶 5.50 美元，分銷成本預計約為 15 億美元，企業成本預計為 2 億美元。

In summary, on slide 13 this quarter, our R&M segment generated $1.1 billion of adjusted EBITDA, and our midstream segment delivered $1.6 billion of adjusted EBITDA.

總之，在本季的幻燈片 13 中，我們的 R&M 部門產生了 11 億美元的調整後 EBITDA，而我們的中游部門產生了 16 億美元的調整後 EBITDA。

We invested $922 million in the business and returned $3 billion of capital.

我們向該業務投資了 9.22 億美元，並返還了 30 億美元的資本。

With that, let me pass it back to Maryann.

接下來，讓我把它傳回給瑪麗安。

Thanks John.

謝謝約翰。

We are unwavering in our commitment to safe and reliable operations, operational excellence, commercial execution, and our cost competitiveness, yield sustainable structural benefits, and position us to deliver peer leading financial performance in each of the regions in which we operate.

我們堅定不移地致力於安全可靠的營運、卓越營運、商業執行和成本競爭力，產生可持續的結構性效益，並使我們能夠在我們經營的每個地區實現同業領先的財務業績。

To deliver this, we will optimize our portfolio to deliver our performance now and in the future, we'll leverage our value chain advantages and ensure the competitiveness of our assets while continuing to invest in our people.

為了實現這一目標，我們將優化我們的產品組合，以實現現在和未來的業績，我們將利用我們的價值鏈優勢，確保我們資產的競爭力，同時繼續投資於我們的員工。

Our execution of these commitments, position us to deliver the strongest through cycle cash generation, durable midstream growth is expected to deliver cash flow uplift.

我們對這些承諾的執行使我們能夠透過週期現金產生提供最強的能力，持久的中游成長預計將帶來現金流的提升。

Investing capital where we believe there are attractive returns will enhance our competitiveness now and for the future.

在我們認為有吸引力回報的地方進行資本投資將增強我們現在和未來的競爭力。

We are committed to leading capital allocation and will return excess capital through share repurchases.

我們致力於主導資本配置，並將透過股票回購的方式返還多餘資本。

MPC's position to create exceptional value through peer leading performance, execution of our strategic commitments and its compelling value proposition.

MPC 的地位是透過同業領先的績效、執行我們的策略承諾及其引人注目的價值主張來創造卓越價值。

Let me turn the call back to Christina.

讓我把電話轉回給克里斯蒂娜。

Thanks Marianne.

謝謝瑪麗安。

As we open the call for questions.

當我們開始提問時。

As a courtesy to all participants, we ask that you limit yourself to one question and a follow up.

出於對所有參與者的禮貌，我們要求您只回答一個問題並進行跟進。

If time permits, we will re-prompt for additional questions.

如果時間允許，我們將再次提示您提出其他問題。

Sheila, we are ready.

希拉，我們準備好了。

(Operator Instructions)

（操作員說明）

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛。

Good morning, Maryann and team.

早安，瑪麗安和團隊。

Thanks for the rundown and good quarter here.

感謝這裡的總結和美好的季度。

I thought from the first topic -- would be good to get your perspective on was capital returns.

我認為從第一個主題開始，最好了解您對資本回報的看法。

As you -- as we thought about 2024, you've been kind of run rating $2.5 billion of buybacks a quarter.

正如我們對 2024 年的考慮一樣，您每季的回購評級為 25 億美元。

And as you think about 2025 the forward curve and your view of enhancement cycle relative to your cash balances.

當您思考 2025 年遠期曲線以及您對相對於現金餘額的增強週期的看法時。

Just curious on your perspective on the level for 2025 it seems like a $1.5 billion is what most investors are calibrating to.

只是好奇您對 2025 年水準的看法，似乎 15 億美元是大多數投資者正在校準的水平。

And that ties into the $500 million you did in October, but just your perspective on the quarterly run rate of buybacks would be helpful.

這與你在 10 月所做的 5 億美元有關，但只要你對季度回購率的看法就會有所幫助。

Yeah, good morning Neil and thank you.

是的，早上好，尼爾，謝謝你。

First and foremost, we are committed to leading our peers in capital returns through all parts of the cycle.

首先也是最重要的是，我們致力於在整個週期的各個階段在資本回報方面領先於同行。

And that means returning all-cash after our requirements to shareholders.

這意味著按照我們的要求向股東返還全部現金。

When we think about mid cycle, there's no doubt we see volatility, we've seen it in the last quarter and that volatility could continue, but we remain constructive on the long term.

當我們考慮週期中期時，毫無疑問我們會看到波動性，我們在上個季度就已經看到了波動性，而且波動性可能會持續下去，但從長遠來看，我們仍然持建設性態度。

When we look at the demand profile over the next decade, we look at the net.

當我們審視未來十年的需求概況時，我們會關注網路。

If you will between capacity additions that are coming online, we don't see anything beyond 2026 and you look at sort of the capacity that's actually coming offline as well, we think over the long term that remains an extremely constructive environment for us to operate.

如果你考慮即將上線的產能增加，我們不會看到任何超過2026 年的情況，而且你會看到實際上也會離線的產能，我們認為從長遠來看，這仍然是我們運營的一個極具建設性的環境。

You mentioned a comment about sort of how we think about share repurchase beyond that period.

您提到了關於我們如何看待該時期之後的股票回購的評論。

Look, one of the things that we are trying to achieve is our peer leading performance in all of the regions we operate.

看，我們正在努力實現的目標之一是我們在我們運營的所有地區的同行領先表現。

We're going to do that through commercial performance, we're going to do that through our operational excellence.

我們將透過商業表現、卓越營運來做到這一點。

Therefore, we should have the strongest cash flow through cycle and when we do that, we should then have the ability to lead our peers in capital allocation.

因此，我們應該擁有最強的周期現金流，當我們做到這一點時，我們就有能力在資本配置方面領先於同業。

Contributing to that, as I was mentioning in my comments is the durability of that midstream business.

正如我在評論中提到的，促成這一點的是中游業務的持久性。

We saw the 12.5% increase in the distribution that we announced a few days ago.

我們看到幾天前宣布的分配增加了 12.5%。

And that brings about $2.5 billion to MPC on an annual basis, covers the MPC dividend which as we just increased and the capital -- although we haven't given our capital guidance for 2025 highly likely it's going to cover our capital for 2025 as well.

這每年為 MPC 帶來約 25 億美元，涵蓋我們剛剛增加的 MPC 股息和資本——儘管我們尚未給出 2025 年的資本指導，但很可能它也將涵蓋我們 2025 年的資本。

So again, just summarizing here, we expect that when we perform in this manner, we will have the strongest through cycle cash flow and we'll be able to lead our peers in our capital allocation through share repurchase.

所以，在這裡再次總結一下，我們預計，當我們以這種方式表現時，我們將擁有最強勁的循環現金流，並且我們將能夠透過股票回購在資本配置方面領先於同業。

Okay.

好的。

Maryann we'll stay tuned, thanks.

瑪麗安，我們會繼續關注，謝謝。

And then the follow up is just on the West Coast, very volatile, tough environment in Q3 things seem to be getting better in Q4.

接下來是西海岸，第三季的環境非常不穩定、艱難，第四季情況似乎有所改善。

And then you had the big announcement in LA around retirement.

然後你在洛杉磯發布了關於退休的重大公告。

So how do you think about the West Coast set up and some of the moving pieces as we go into the next year?

那麼，當我們進入明年時，您如何看待西海岸的設置和一些移動的部分？

Yeah, thanks, Neil.

是的，謝謝，尼爾。

First, I think as we've been sharing over the last several quarters, we believe in our West Coast, we have one of the most competitive assets in the region.

首先，我認為正如我們在過去幾季所分享的那樣，我們相信我們的西海岸擁有該地區最具競爭力的資產之一。

If you take a look at our performance in this quarter, we think the results on the West Coast demonstrate that.

如果你看一下我們本季的表現，我們認為西海岸的結果證明了這一點。

We've got a fairly sophisticated set of assets in that region.

我們在該地區擁有一套相當複雜的資產。

It's a region where we have been monitoring for a long period of time, frankly, if you go back to as early as 2020, we have been assessing the performance in that region and our ability to be profitable.

這是我們長期監控的地區，坦白說，如果你回到 2020 年，我們就一直在評估該地區的表現以及我們的獲利能力。

We made a decision at that point in time to shutter the Martinez asset as a traditional refine -- fossil fuel refinery.

我們當時決定關閉馬丁內斯資產作為傳統煉油廠—化石燃料煉油廠。

So again, when we look at the capability of that asset, we look at the access waterborne, we look at our crude sourcing, we look at the capability for Canadian coming out of TMX.

所以，當我們再次審視該資產的能力時，我們會關注水運的通道，我們會關注我們的原油採購，我們會關注加拿大從 TMX 生產的能力。

We think over the long term those decisions that others are making as well, bode well for us and we remain committed to that West Coast region.

我們認為從長遠來看，其他人所做的這些決定對我們來說是個好兆頭，我們仍然致力於西海岸地區。

Thank you Maryann.

謝謝瑪麗安。

Doug Leggett, Wolf Research.

道格‧萊格特，沃爾夫研究中心。

Thank you.

謝謝。

Good morning, everyone.

大家早安。

Thanks for taking my questions.

感謝您回答我的問題。

Maryann, I apologize for following up on the cash return question but post 2026 is two years away for rebalancing of global capacity.

Maryann，我為跟進現金回饋問題表示歉意，但 2026 年之後全球產能的重新平衡還需要兩年時間。

Let's assume things remain soft and on a margin outlook for a period of time.

讓我們假設在一段時間內情況仍然疲軟且利潤前景有限。

How much tolerance are you prepared to have on your balance sheet at the MPC level to fund your cash returns?

您準備在貨幣政策委員會層級對資產負債表有多大的容忍度來為您的現金回報提供資金？

I wonder if you could put a limit on where you would allow your balance sheet to get to?

我想知道您是否可以限制資產負債表的發展範圍？

Yeah, good morning, Doug.

是的，早安，道格。

One of the things we've shared for a period of time is the comfort that we have with our cash balance.

一段時間以來，我們分享的一件事是我們對現金餘額感到滿意。

And we remain comfortable as we've shared in the past that about $1 billion is where we think our cash balances need to be on the MPC side.

我們仍然感到放心，因為我們過去曾表示，我們認為我們的現金餘額需要放在 MPC 方面，大約 10 億美元。

And again, part of that comfort comes from historically as we weathered other things like COVID, et cetera and liquidity evaluations.

再說一次，這種安慰的一部分來自於歷史，因為我們經歷了新冠疫情等其他事情以及流動性評估。

Second, as I mentioned, we do have the benefit of our midstream cash flow, that durability of that stream $2.5 billion coming to MPC.

其次，正如我所提到的，我們確實受益於中游現金流，即流入 MPC 的 25 億美元現金流的持久性。

When we think about cash allocation., therefore, capital allocation, again, we intend to lead in capital allocation as we execute on the things that I mentioned, we should be able to have the strongest performance, peer leading in each of the regions we operate, generating strong cash flow and then we'll return that cash not necessary for other requirements via share buyback.

當我們考慮現金配置時，因此，再次考慮資本配置時，我們打算在執行我提到的事情時在資本配置方面處於領先地位，我們應該能夠擁有最強勁的業績，在我們的每個地區處於同行領先地位運營，產生強勁的現金流，然後我們將透過股票回購返還其他需求不需要的現金。

So, again, while the total may look different, the commitment and the framework that we have been implementing doesn't change as we watch that mid cycle return.

因此，儘管總數看起來有所不同，但當我們觀察週期中期的回報時，我們一直在實施的承諾和框架並沒有改變。

So just to be clear, where would you like to see your net debt?

需要明確的是，您希望在哪裡查看您的淨債務？

Is there a limit?

有限制嗎？

Yeah.

是的。

On the MPC side, we've always talked about, being in a range of 25% to 30% debt to capital and that's a gross number and we remain comfortable in that position.

在貨幣政策委員會方面，我們一直在談論資本負債比率在 25% 到 30% 之間，這是一個總數字，我們對這個狀況仍然感到滿意。

Today, we're sitting on under $6.5 billion of debt.

如今，我們的債務不到 65 億美元。

That's simply because, we've got about a $750 million refinance and we intend to refinance that, we felt like when we looked at market environment and other volatility happening, it was beneficial for us to evaluate that.

這僅僅是因為，我們已經獲得了大約 7.5 億美元的再融資，我們打算為其再融資，我們覺得當我們觀察市場環境和其他波動發生時，這對我們進行評估是有益的。

So that $750 million is intended to be refinanced.

因此，這 7.5 億美元將用於再融資。

It was a shorter term decision as we look for opportunities to put that debt back on the balance sheet at their rates.

這是一個短期決定，因為我們正在尋找機會將債務以其利率重新納入資產負債表。

Thanks.

謝謝。

Thanks for the clarification, Maryanne.

感謝您的澄清，瑪麗安娜。

I guess my follow up is related to your prepared remarks.

我想我的後續行動與你準備好的言論有關。

I don't think I've heard you say this before.

我想我以前沒聽你說過這件事。

So I wonder if I could ask you to elaborate, we will optimize our portfolio, to obviously maximize returns.

所以我想知道是否可以請您詳細說明一下，我們將優化我們的投資組合，以明顯最大化回報。

It sounds like under your leadership, there's a -- is there a portfolio review underway?

聽起來在你的領導下，正在進行一項投資組合審查嗎？

Is there something that you're not happy within the asset base?

您對資產基礎中有什麼不滿意的地方嗎？

And I guess specifically, you still have a decent amount of, equity interests in multiple pipelines that I guess could potentially be monetized.

我想具體來說，你在多個管道中仍然擁有相當數量的股權，我認為這些股權有可能被貨幣化。

I wonder if you could just elaborate on what you meant by optimize our portfolio.

我想知道您能否詳細說明優化我們的投資組合的含義。

Yeah.

是的。

Certainly Doug.

當然是道格。

No, nothing different.

不，沒什麼不同。

One of our strategic pillars for a long time is ensuring the competitive nature of all of the assets in our portfolio.

長期以來，我們的策略支柱之一是確保我們投資組合中所有資產的競爭性。

And so my comment, there is our commitment that we are going to continue to evaluate those assets in the portfolio.

因此，我的評論是，我們承諾將繼續評估投資組合中的這些資產。

Today, all of those assets are cash flow positive.

如今，所有這些資產的現金流均為正。

But we'll ensure that, that competitive nature of those assets continues both today and in the future.

但我們將確保這些資產的競爭性在今天和未來都會持續下去。

So it is merely our commitment to ensure the competitive nature of our assets, not anything different intended by that comment.

因此，這只是我們對確保我們資產的競爭性的承諾，而不是該評論的任何不同意圖。

Great stuff.

很棒的東西。

Thanks so much.

非常感謝。

You're welcome Doug.

不客氣，道格。

Manav Gupta, UBS.

馬納夫古普塔，瑞銀集團。

Good morning.

早安.

My question is around the capital investment you're making.

我的問題是關於您正在進行的資本投資。

You've highlighted high return investments in Los Angeles and Galveston Bay refineries.

您強調了洛杉磯和加爾維斯頓灣煉油廠的高回報投資。

Can you help us remind exactly what kind of projects you're doing over there and obviously the to follow up a little bit on the Neil's questions, your competitors are looking to shut refineries on the West Coast and you're actually making an investment in Los Angeles.

您能否幫助我們準確地提醒我們您在那裡正在做什麼樣的項目，顯然是為了跟進尼爾的問題，您的競爭對手正在尋求關閉西海岸的煉油廠，而您實際上正在投資洛杉磯。

So help us understand that.

所以幫助我們理解這一點。

Certainly, good morning.

當然，早安。

So let me start with the West Coast.

讓我從西岸開始。

We talked earlier this year about an investment that we are making in our LA assets.

今年早些時候，我們討論了我們對洛杉磯資產的一項投資。

We think that investment with roughly a 20% return one helps us reduce Scope 1, Scope 2 emissions, gives us operational efficiency, reduces cost and ultimately will improve our competitiveness in that region, in addition to giving us compliance for Knock submissions.

我們認為，回報率約為20% 的投資有助於我們減少範圍1 和範圍2 的排放，提高我們的營運效率，降低成本，並最終提高我們在該地區的競爭力，此外還使我們能夠遵守Knock 提交的要求。

But a 20% return given the strength of that asset in the West Coast and what we believe to be a certainly a competitive asset we think is inappropriate commitment to capital in that region.

但考慮到該資產在西海岸的實力以及我們認為肯定具有競爭力的資產，20% 的回報率我們認為對該地區的資本承諾是不適當的。

The other question that you were referencing our project, excuse me, Manav was the project, the DHT in Galveston Bay.

您提到的另一個問題是我們的項目，請問，Manav 是加爾維斯頓灣的 DHT 項目。

And again, another one that we talked about this year follow on to our Star project, this allows us with a similar return in that 20% range allows us to convert high sulfur diesel to ultra-low sulfur diesel.

再說一次，我們今年討論的另一個項目是我們的 Star 項目的後續項目，這使我們能夠在 20% 的範圍內獲得類似的回報，使我們能夠將高硫柴油轉化為超低硫柴油。

And particularly when you look at the curves going forward again, we think will give us a further competitive advantage on the US Gulf Coast, given the strength of our asset there in that region.

特別是當你再次觀察未來的曲線時，我們認為，鑑於我們在該地區的資產實力，這將為我們在美國墨西哥灣沿岸帶來進一步的競爭優勢。

Let me pause and see if that answers your question.

讓我暫停一下，看看這是否能回答您的問題。

That's perfect.

那很完美。

Maryann, my follow up is a little bit on the midstream side, 12% -- 12.5% distribution growth.

瑪麗安，我的後續行動是在中游方面，12% - 12.5% 的分銷增長。

It kind of is getting to a point where you can grow MPC distribution as well as cover the CapEx.

現在已經到了可以擴大 MPC 分佈並涵蓋資本支出的地步。

Just I'm trying to understand are the opportunities you are looking in exclusively organic.

我只是想了解您正在尋找的純有機機會。

Your press release is saying you can grow that 5% EBITDA organically.

你們的新聞稿說你們可以有機地成長 5% 的 EBITDA。

But are you also open to small boat on deals or JV's in minority interest in projects to grow your midstream business?

但您是否也願意接受小型交易或合資企業在專案中的少數股權，以發展您的中游業務？

Yeah, thank you for the question.

是的，謝謝你的提問。

So you're correct, we increased that MPLX distribution, as you say, 12.5% just a few days ago.

所以你是對的，正如你所說，幾天前我們增加了 MPLX 分佈 12.5%。

Really on the strength, the durability of our cash flows based on over the last three years, we've seen EBITDA do grow at just under 7%.

實際上，根據過去三年我們現金流的實力和持久性，我們看到 EBITDA 確實以略低於 7% 的速度成長。

We've seen our distributable cash flows just under 8%.

我們的可分配現金流略低於 8%。

We believe there are a series of organic projects that can help us fuel that mid-single digit growth.

我們相信，有一系列有機項目可以幫助我們推動中個位數的成長。

One of the things that we -- you don't see necessarily when you look at the amount of capital that we're putting to work in MPLX is the strength of our JV's.

當您查看我們投入 MPLX 的資本金額時，您不一定會看到的一件事是我們合資企業的實力。

And as we grow those JV's that allocation is not included in the capital.

隨著我們發展這些合資企業，該分配不包含在資本中。

So that's another source of continued growth for us.

所以這是我們持續成長的另一個來源。

The other comment that you made also was really around our growth strategy that what we call our well head to water strategy.

您提出的其他評論也確實圍繞著我們的成長策略，即我們所謂的「井口到水」策略。

And we think we've provided examples here increase in the BANGL ownership as we're looking at our NGL and NAT gas and frankly crude value chains as well.

我們認為我們在這裡提供了 BANGL 所有權增加的例子，因為我們正在研究我們的 NGL 和 NAT 天然氣以及坦率地說原油價值鏈。

Though that wellhead to water strategy is anchored in the Permian.

儘管這種從井口到水的策略是紮根於二疊紀的。

We think those opportunities there to continue to capture the full value chain are extremely supportive of our ability to continue to support mid-single digit growth in MPLX.

我們認為，繼續佔領整個價值鏈的機會極大地支持了我們繼續支持 MPLX 中個位數成長的能力。

And then the comment about whether or not, we would look at other Boltons.

然後是關於我們是否會考慮其他博爾頓的評論。

If you look at the decision we made in the Utica, we think the opportunity for the Utica to increase utilization.

如果你看看我們在尤蒂卡做出的決定，我們認為尤蒂卡有機會提高利用率。

We made a -- we did a transaction to buy out the rest of our JV partner there in the first quarter of summit.

我們在峰會第一季進行了一項交易，收購了我們合資夥伴的其餘股份。

So we think we've got good examples of where we can continue to grow in mid-single digit growth.

因此，我們認為我們已經有了很好的例子，可以證明我們可以繼續實現中個位數成長。

Thank you so much.

太感謝了。

You're most welcome.

非常歡迎您。

Paul Cheng, Scotiabank.

Paul Cheng，豐業銀行。

Thank you.

謝謝。

Good morning guys.

早安，夥計們。

Maryann, look like in the third quarter, your fuel produce is really good, much better than your previous guy and then your turnaround expenses.

瑪麗安，看起來在第三季度，你的燃料生產非常好，比你以前的人好得多，然後是你的周轉費用。

I was Just curious that, do you have a breakdown, how much of the better than expected fuel produce is to better execute the turnaround and how much is just the base operation or lesser and downtime than you expected?

我只是很好奇，您是否有詳細的了解，比預期更好的燃料生產有多少是為了更好地執行週轉，以及有多少只是基本操作或比您預期更少的停機時間？

And also from that standpoint is the turnaround, have you changed the process, how you do it?

從這個角度來看，還有轉變，你是否改變了流程，你是如何做到的？

In other words, that the improvement we see in the third quarter is that repeatable?

換句話說，我們在第三季看到的改善是可重複的嗎？

Yeah, thanks for the question, Paul.

是的，謝謝你的提問，保羅。

One of the things that I wanted to be sure that we talk about is our commitment to our operational performance.

我想確定我們談論的一件事是我們對營運績效的承諾。

And you can see as we've shared our commitment to peer leading operational performance as well.

您可以看到，我們也共同致力於實現同業領先的營運績效。

We talk about commercial performance, giving us sustainable benefits.

我們談論商業績效，為我們帶來可持續的利益。

Clearly, our operational performance, including our safe and reliable operations has given us sustainable benefits as well.

顯然，我們的營運績效，包括安全可靠的運營，也為我們帶來了永續的效益。

I'm going to ask Tim to talk a little bit about the strength of those capabilities and what it's done frankly with respect to our turnaround capabilities.

我將請提姆談談這些能力的優勢，以及它在我們的周轉能力方面所做的坦率的工作。

Hello, Paul.

你好，保羅。

We're routinely in the first quartile of Solomon on the turnaround performance.

我們的扭虧為盈表現通常位於所羅門的第一四分位。

I think you probably recognize that in the past and that's really based on our best in class procedures and processes that we have.

我想您可能在過去認識到這一點，這實際上是基於我們擁有的一流程序和流程。

But we're not standing still at all.

但我們並沒有停滯不前。

We're continuing to improve and tweak these processes over time.

隨著時間的推移，我們將繼續改進和調整這些流程。

And what we found really is that our, when we execute our turnaround outages, using this consistent approach, we do so across all of the facilities and that leads to good results.

我們真正發現的是，當我們執行週轉中斷時，使用這種一致的方法，我們在所有設施中都這樣做，這會帶來良好的結果。

I would also point out that our large scale really allows us to assist the smaller plants which then enables us the consistent performance regardless of the location.

我還想指出的是，我們的規模確實使我們能夠協助較小的工廠，從而使我們無論位於何處都能保持一致的性能。

So I think that's another key benefit that you're seeing come through.

所以我認為這是您所看到的另一個關鍵好處。

And I'd also like to maybe take the opportunity to give a shout out to our teams as we had outstanding safety and environmental performance during our four fall turnarounds.

我還想藉此機會向我們的團隊表示感謝，因為我們在四次秋季週轉期間取得了出色的安全和環境表現。

So we had like zero [OSHA] recordables, zero lost time injuries, no significant environmental events all during these turnarounds this fall.

因此，在今年秋天的這些週轉過程中，我們的 [OSHA] 可記錄為零，損失工時傷害為零，沒有重大環境事件。

So I think this is just yet another example of our safe and reliable focus and our operational excellence mindset.

因此，我認為這只是我們關注安全可靠和卓越營運理念的另一個例子。

So hopefully that helps.

希望這會有所幫助。

That's great.

那太棒了。

Maryann, can I ask the renewable diesel business?

瑪麗安，我可以詢問再生柴油業務嗎？

I think you are probably not making money in Martinez and if we assume the margin environment remain flat at this level, what the -- and after we take into consideration of the Martinez due to from BTC transition to PTC, what's the path to profitability?

我認為你可能不會在 Martinez 上賺錢，如果我們假設保證金環境在這個水平上保持平穩，那麼在我們考慮到 Martinez 由於從 BTC 過渡到 PTC 後，盈利之路是什麼？

I mean, what internally you are doing that will be able to allow you to actually bridge the GAAP and be able to push it back up to making money.

我的意思是，你在內部所做的事情將能夠讓你真正跨越公認會計原則，並能夠將其推回獲利狀態。

Yeah, thanks for the question, Paul.

是的，謝謝你的提問，保羅。

So on Martinez, first of all, as we have shared, we expect that by the end of the fourth quarter, we will have Martinez returning to full nameplate capacity on plan, right, and that's a range of about 48,000 barrels a day.

因此，關於馬丁內斯，首先，正如我們所分享的那樣，我們預計到第四季度末，我們將使馬丁內斯恢復到計劃中的全部銘牌產能，右側，範圍約為每天 48,000 桶。

When you talk about profitability, actually make a comment here on the West coast.

當你談論盈利能力時，實際上是在西海岸這裡發表評論。

As we are ramping up the challenges of profitability are there, if you exclude the impact of Martinez in our West coast performance, our west coast performance is actually positive in the quarter.

由於我們正在加大盈利能力的挑戰，如果排除馬丁內斯對我們西海岸業績的影響，我們的西海岸業績在本季度實際上是積極的。

As we go forward, we certainly believe that at full nameplate, we will be profitable.

隨著我們的前進，我們當然相信，按照完整的銘牌，我們將實現盈利。

Frankly, one of the more profitable renewable diesel facilities.

坦白說，這是最有利可圖的再生柴油設施之一。

I'm going to pass it to John, because I think you had some questions also around BTC and John's going to take you through that.

我將把它傳遞給約翰，因為我認為你也有一些關於 BTC 的問題，約翰將帶你解決這個問題。

Yeah.

是的。

Thanks, Maryanne.

謝謝，瑪麗安娜。

Morning, Paul.

早安，保羅。

I mean, Maryann really hit on it, is the main factor for our Martinez facility and we're on track to do this is to get it back up to full capacity again, running the advantage feedstocks we can run there.

我的意思是，瑪麗安真的意識到了這一點，這是我們馬丁內斯工廠的主要因素，我們正在努力做到這一點，就是讓它再次恢復滿負荷，運行我們可以在那裡運行的優勢原料。

So and Paul, as we look at that transition, right as BTC right now is set to expire, here comes PTC.

Paul，當我們審視這一轉變時，正當 BTC 即將到期時，PTC 就來了。

We're still waiting on regulations, et cetera.

我們仍在等待法規等。

We'll prepare for all scenarios, but we would see longer term, the market will balance that out.

我們將為所有情況做好準備，但從長遠來看，市場將平衡這一點。

But the key for us to be profitable on the West Coast is where we are now and being on track to getting back up to full capacity.

但我們在西海岸實現盈利的關鍵是我們現在的位置以及正在恢復滿載生產的軌道上。

Thanks.

謝謝。

That helps.

這有幫助。

You're welcome.

不客氣。

Roger Read, Wells Fargo.

羅傑·里德，富國銀行。

Yeah, thanks.

是的，謝謝。

Good morning.

早安.

Maybe a couple of operational questions with some of the changes here as we look at the West Coast and the changes coming here in, I guess early '26.

當我們觀察西海岸時，可能會遇到一些操作問題，其中一些變化是在 26 年初發生的。

But maybe even a little sooner with some sort of unplanned downtime type items.

但對於某種計劃外停機類型的項目，可能會更快一些。

How do you think about the incremental barrels coming to California?

您如何看待加州的增量石油產量？

We've heard talk about it would be an Asian Barrel, historically, would have said maybe Gulf Coast or even parts of Europe can bring California back in.

我們聽說這將是亞洲桶，從歷史上看，可能墨西哥灣沿岸甚至歐洲部分地區可以讓加州重新回歸。

But we've got closures coming in both of those locations.

但這兩個地點都將關閉。

California though, relative to the rest of your fleet and really the US in general is pretty expensive place to operate.

不過，相對於您的機隊的其他部分以及整個美國來說，加州的營運成本相當昂貴。

So what do you think about in terms of an incremental margin as California becomes more dependable or more dependent, excuse me on an imported barrel.

那麼，隨著加州變得更加可靠或更依賴進口桶，您對增量利潤有何看法？

Hey, good morning, Roger.

嘿，早上好，羅傑。

It's Rick.

是瑞克。

So if you -- I won't speak for our competitors, but when you look at what has happened in the past, we believe that it will most likely be an Asian Barrel.

因此，如果你——我不會代表我們的競爭對手發言，但當你看看過去發生的事情時，我們相信這很可能是亞洲桶。

South Korea is a logical choice and I will tell you, Roger that, that will introduce some new nuances to the state of California.

韓國是一個合乎邏輯的選擇，我會告訴你，羅傑，這將為加州帶來一些新的細微差別。

We believe that could cause more volatility.

我們認為這可能會導致更大的波動。

You have increased transit time and you have market disruptors in terms of additional transportation costs to bring a barrel in.

您增加了運輸時間，並且由於運輸一桶酒而產生額外的運輸成本，從而擾亂了市場。

But specifically, I would tell you South Korea/Asia will be the primary market where we believe imports would come from.

但具體來說，我想告訴你，韓國/亞洲將是我們認為進口的主要市場。

Okay.

好的。

And then on the Gulf Coast, we do have a company that's going to be closing one of their units in January, they've pretty much confirmed that here in the last few days.

然後在墨西哥灣沿岸，我們確實有一家公司將在一月份關閉他們的一個單位，他們在過去幾天裡幾乎已經證實了這一點。

Any thoughts on what that means for crude availability on the Gulf coast?

對於這對墨西哥灣沿岸的原油供應意味著什麼有什麼想法嗎？

I mean, generally a heavy crude unit, you've got heavy crude units on the Gulf Coast.

我的意思是，通常是重質原油裝置，墨西哥灣沿岸有重質原油裝置。

Does it matter?

有關係嗎？

Does the crude just go elsewhere and it doesn't really affect differentials?

原油是否只是流向其他地方而不會真正影響差異？

Just any thoughts along those lines.

只是沿著這些思路的任何想法。

Yeah.

是的。

Great question, Roger.

好問題，羅傑。

So they are a big buyer of Canadian crudes.

因此他們是加拿大原油的大買家。

And as you know the Gulf coast market has a large appetite for it.

如您所知，墨西哥灣沿岸市場對此有很大的胃口。

When you rebalance the market, there will be winners and losers.

當你重新平衡市場時，就會有贏家和輸家。

And I will say that more incremental capacity into the Gulf Coast is a very good thing for the spread we believe and we should reap the benefits of that, especially at our Galveston Bay refinery.

我想說的是，墨西哥灣沿岸產能的增加對於我們所相信的擴散來說是一件非常好的事情，我們應該從中受益，特別是在我們的加爾維斯頓灣煉油廠。

Okay.

好的。

Thank you.

謝謝。

You're welcome.

不客氣。

Thank you, Roger.

謝謝你，羅傑。

(Operator Instructions)

（操作員說明）

John Royall, JPMorgan.

約翰‧羅亞爾，摩根大通。

Hi, good morning.

嗨，早安。

Thanks for taking my question.

感謝您提出我的問題。

So my first question is just on a seasonality within capture rates.

所以我的第一個問題只是關於捕獲率內的季節性。

You're tracking somewhere in the mid-90s on capture year-to-date.

從年初至今的捕獲情況來看，您正在追蹤 20 世紀 90 年代中期的某個時間。

And when I look at the past couple of years, there's obviously always some quarter to quarter volatility, but that's not out of the ordinary for 1Q through 3Q, but 4Q is historically tended to be a big quarter from a capture perspective.

當我回顧過去幾年時，顯然總是存在一些季度波動，但這對於第一季度到第三季度來說並不罕見，但從歷史上看，從捕獲的角度來看，第四季度往往是一個大季度。

So my question is, do you consider the year-to-date capture to be generally in line with what you would typically expect and recognizing that there are a lot of moving pieces.

所以我的問題是，您是否認為今年迄今為止的捕獲量總體上符合您通常的預期，並認識到有很多變化。

But if you have a more kind of seasonally normal, 4Q, could we expect the full year to average somewhere around that 100% range, so?

但如果你有一個更季節性的正常情況，即第四季度，我們是否可以預期全年的平均值約為 100% 的範圍，那麼呢？

Yeah, good morning John.

是的，早上好，約翰。

Thanks for your question.

謝謝你的提問。

I think when we talk about capture, we think our commercial performance is a key deliverable particularly as we try to execute to be the most competitive in each region where we operate.

我認為，當我們談論捕獲時，我們認為我們的商業表現是一個關鍵的可交付成果，特別是當我們試圖在我們經營的每個地區成為最具競爭力的人時。

To your point.

就你的觀點而言。

If you look at the last several fourth quarters of our performance, our capture in the fourth quarter has been greater than the capture in the prior three quarters.

如果你看我們最後幾季的業績，我們第四季的捕獲量比前三個季度的捕獲量還要大。

There is nothing in the fourth quarter of 2024 that would tell us that behavior should be anything different at this point in time.

2024 年第四季沒有任何跡象表明此時的行為應該有所不同。

Great.

偉大的。

Exactly what I was looking for.

正是我正在尋找的東西。

Thank you.

謝謝。

And next one is maybe for John, if you could maybe talk a little bit about the potential timing for a refinancing of the debt that you took out of the MPC level and what the use of proceeds could be there.

下一個可能是給約翰的，如果你能談談你從 MPC 層級取出的債務再融資的潛在時機以及收益的用途。

Should we think about the 3Q buyback is maybe being held back a bit by that cash outflow and therefore by the same token, maybe we can expect the proceeds to go back to the buyback.

如果我們考慮到第三季的回購可能會受到現金流出的影響，因此出於同樣的原因，也許我們可以預期收益將重新用於回購。

Yeah.

是的。

Thanks for the question, John.

謝謝你的提問，約翰。

I mean as we discussed before, that was a maturity, we took the advantage of the flexibility of our balance sheet to opportunistically look to refinance that at the right time, we want to get maybe past an election and some other things before we look to do that, but we'll do that at the right time.

我的意思是，正如我們之前討論的那樣，這是一種成熟，我們利用資產負債表的靈活性，機會主義地尋求再融資，在適當的時間，我們希望在我們考慮之前能夠通過選舉和其他一些事情。

Again, to the earlier comments will be comfortable with that level of debt as we look out longer term.

同樣，從長遠來看，先前的評論將對這一債務水平感到滿意。

So again, just trying to leverage some of the flexibility of the balance sheet to get the most optimal cost of that debt and we look to refinance it.

再說一遍，只是試圖利用資產負債表的一些靈活性來獲得該債務的最佳成本，我們希望為其再融資。

Thank you.

謝謝。

You're welcome John.

不客氣，約翰。

Jason Gableman, TD Cowen.

賈森·蓋博曼，TD·考恩。

Good morning.

早安.

Thanks for taking my questions.

感謝您回答我的問題。

I wanted to go back

我想回去

--

--

Morning, Jason.

早上好，傑森。

Yeah, hi.

是的，嗨。

I wanted to go back to the shareholders returns and focus on this minimum $1 billion of cash balance.

我想回到股東回報並專注於這至少 10 億美元的現金餘額。

And I guess the question is more about timing of getting to that $1 billion.

我想問題更多的是關於達到 10 億美元的時機。

And as we think about heading into a weaker environment next year, are you looking to maybe retain a bit more cash above that cash balance so that you can deploy the excess cash on the balance sheet towards the buyback in a weaker environment or how do you exactly think about the timing of drawing that down?

當我們考慮明年進入較疲軟的環境時，您是否希望在現金餘額之上保留更多現金，以便您可以將資產負債表上的多餘現金用於在較疲軟的環境中進行回購，或者您如何仔細想想把它拉下來的時機嗎？

Thanks.

謝謝。

Hey morning Jason, it's John.

早安，傑森，我是約翰。

I'll take that.

我會接受的。

Look, when we look at that $1 billion target, that's what we look at minimum cash through a down cycle, right, that's what we're analyzing.

看，當我們考慮 10 億美元的目標時，這就是我們在下行週期中考慮的最低現金，對吧，這就是我們正在分析的內容。

So we remain very comfortable with that amount and there's a couple of reasons why you've heard a lot on the call today, how we're confident in the competitiveness of our operations in each of the regions we operate and the things we're working on to drive positive cash flow.

因此，我們對這個數字仍然非常滿意，有幾個原因讓您在今天的電話會議上聽到了很多聲音，我們對我們運營的每個地區的運營競爭力以及我們正在做的事情充滿信心。推動正現金流。

And then we've got this fantastic midstream investment in MPLX that continues to grow its distribution and drive, $2.5 billion right now of annualized distributions back to MPC.

然後，我們對 MPLX 進行了這項出色的中游投資，繼續擴大其分銷和驅動力，目前年化分銷額達 25 億美元返回 MPC。

So all of those factors are why we're very comfortable with that $1 billion and it might differentiate us from maybe some of our peers that don't have that same business set.

因此，所有這些因素都是我們對這 10 億美元感到非常滿意的原因，它可能使我們與一些沒有相同業務的同行區分開來。

Hopefully, that helps.

希望這會有所幫助。

Yeah, it does.

是的，確實如此。

Thanks.

謝謝。

The other question, just on the quarterly results, you had mentioned that your capture trended better than peers.

另一個問題，就季度業績而言，您提到您的捕獲趨勢比同行更好。

Just wondering if there's anything specific that drove that, that you could call out in the quarter or if it's something more structural.

只是想知道是否有任何具體因素推動了這一點，您可以在本季度提出，或者是否是更具結構性的因素。

Thanks.

謝謝。

Hi, this is Rick.

嗨，這是瑞克。

I really would have to give a huge shout out to our specialty products teams.

我真的必須向我們的特色產品團隊大聲喊叫。

So oftentimes specialty products is a headwind.

因此，特色產品常常是一種阻力。

But when a market turns, it's only as good as your team executing on the market turning.

但是，當市場轉變時，您的團隊在市場轉變時執行的效果如何。

And when I think of some specific commodities that we don't often talk about when I think of asphalt, petchems, butane, and propane, we really did a great job.

當我想到一些我們不常談論的特定商品時，當我想到瀝青、石化產品、丁烷和丙烷時，我們確實做得很好。

The team was phenomenal at capturing that market when it was there within the quarter.

當該市場在本季出現時，該團隊在佔領該市場方面表現出色。

And I really am proud of them and I truly believe they outperformed our competition that I would say is the largest single callout.

我真的為他們感到自豪，我真的相信他們超越了我們的競爭對手，我想說這是最大的單一標註。

Okay.

好的。

Sounds good.

聽起來不錯。

Thanks.

謝謝。

You're welcome, Jason.

不客氣，傑森。

And that is all the time that we have for questions today.

這就是我們今天提問的全部時間。

Great.

偉大的。

Thank you so much for joining us on our call today.

非常感謝您今天參加我們的電話會議。

And if you should have follow up questions, please reach out the IR team is available all day to help you with your questions.

如果您有後續問題，請聯絡 IR 團隊，他們全天為您提供協助。

Thank you, everybody.

謝謝大家。

That does conclude today's conference.

今天的會議到此結束。

Thank you for participating.

感謝您的參與。

You may disconnect at this time.

此時您可以斷開連線。