Marathon Petroleum Corp (MPC) 2025 Q1 法說會逐字稿

Welcome to the MPC's first-quarter 2025 earnings call. My name is Amanda, and I will be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded.

歡迎參加 MPC 2025 年第一季財報電話會議。我叫阿曼達，今天我將擔任您的電話接線生。（操作員指示）請注意，本次會議正在錄音。

I will now turn the call over to Kristina Kazarian. Kristina, you may begin.

現在我將電話轉給克里斯蒂娜·卡扎里安。克里斯蒂娜，你可以開始。

Welcome to Marathon Petroleum Corporation's first-quarter 2025 earnings conference call. The slides that accompany this call can be found on our website at marathonpetroleum.com under the Investors tab.

歡迎參加馬拉松石油公司 2025 年第一季財報電話會議。本次電話會議的幻燈片可以在我們網站 marathonpetroleum.com 的「投資者」標籤下找到。

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

今天與我一起參加電話會議的還有執行長 Maryann Mannen；財務長 John Quaid；以及其他執行團隊成員。

We invite you to read the Safe Harbor statements on slide 2. We will be making forward-looking statements today. Actual results may differ. Factors that could cause actual results to differ are included there, as well as in our filings with the SEC.

我們邀請您閱讀投影片 2 上的安全港聲明。我們今天將做出前瞻性陳述。實際結果可能有所不同。可能導致實際結果不同的因素都包含在其中，以及我們向美國證券交易委員會提交的文件中。

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

說完這些，我就把電話轉給瑪莉安。

Thanks, Kristina, and good morning, everyone. Let me highlight a few elements of our performance that were most relevant to our results in the first quarter.

謝謝，克里斯蒂娜，大家早安。讓我重點介紹一下與第一季業績最相關的幾個表現因素。

Refining utilization of 89%, reflecting the safe and successful completion of the second highest amount of planned turnarounds in history focused heavily on our Gulf Coast region. We planned this turnaround activity to occur in the first quarter, a period of seasonally weaker demand.

煉油利用率達到 89%，這反映了我們安全成功地完成了史上第二高的計畫檢修，主要集中在墨西哥灣沿岸地區。我們計劃在第一季（季節性需求較弱的時期）進行此扭轉活動。

Capture was 104% as we delivered strong commercial performance in a period of low refining margins and volatility from regulatory uncertainty. Our midstream segment adjusted EBITDA grew 8% year over year. And MPLX announced over $1 billion of strategic acquisitions advancing our midstream natural gas and NGL growth strategies.

在煉油利潤率較低且監管不確定性導致波動的時期，我們實現了強勁的商業業績，因此捕獲率達到了 104%。我們的中游部門調整後的 EBITDA 年成長 8%。MPLX 宣布了超過 10 億美元的策略性收購，以推進我們的中游天然氣和 NGL 成長策略。

Our longer-term fundamental view supports an enhanced mid-cycle environment for refining. Despite reductions to the 2025 demand outlook, forecasts still point to a global oil demand growth mainly driven by demand for the refined products we produce. US refined product inventories have drawn for the ninth straight week and are below the five-year average.

我們從長期基本面角度來看，煉油中期環境將會得到改善。儘管對 2025 年的需求前景有所下調，但預測仍表明全球石油需求成長主要受對我們生產的精煉產品的需求所推動。美國成品油庫存連續第九週下降，低於五年平均值。

This, plus lower retail prices, should be supportive as we move into the summer driving season, a period of strong seasonal demand. Within our own domestic and export businesses, we are seeing steady year-over-year demand for gasoline and growth for diesel and jet fuel. And while light heavy differentials could remain narrow as Canadian producers increase maintenance in the second quarter, we believe that higher OPEC plus production could offset that near-term tightness.

隨著我們進入夏季駕駛季節（季節性需求強勁的時期），這一點加上較低的零售價格應該會起到支撐作用。在我們自己的國內和出口業務中，我們看到汽油的需求逐年穩定，柴油和航空燃料的需求也在增加。儘管由於加拿大生產商在第二季度增加維護，輕重差異可能仍然較小，但我們認為，OPEC+產量增加可以抵消短期緊張局面。

We believe underlying fundamentals support stronger margins, especially as announced refinery closures offset recent capacity additions. We anticipate around 800,000 barrels per day coming offline across several refineries in the US and Europe this year. In the US, the Gulf Coast refinery completed its closure in the first quarter, and in California, two announced closures are expected over the next 12 months.

我們認為，基本面因素支持利潤率上升，尤其是宣布關閉煉油廠抵銷了近期新增產能的影響。我們預計今年美國和歐洲的幾家煉油廠每天將有約 80 萬桶原油停產。在美國，墨西哥灣沿岸煉油廠已於第一季完成關閉；在加州，預計未來 12 個月內將有兩座煉油廠宣布關閉。

We have been investing in our fully integrated West Coast value chain. California demand for our products is driven by the 28 million conventional fuel vehicles in the state, among other factors. And with nearly 8 million in Los Angeles, the LA region is one of the three largest refined product demand centers in the US.

我們一直在投資我們完全整合的西海岸價值鏈。加州對我們產品的需求受到該州 2800 萬輛傳統燃料汽車以及其他因素的推動。洛杉磯地區人口近800萬，是美國三大成品油需求中心之一。

At our Los Angeles refinery, we are nearing completion of approximately $700 million in infrastructure improvements to integrate and modernize utility systems to improve reliability and increase energy efficiency while also complying with tighter emission reduction regulations. Following completion, expected at the end of this year, these improvements are intended to strengthen the competitiveness of our Los Angeles refinery and position us to be one of the most cost competitive players in the region for years to come.

在我們的洛杉磯煉油廠，我們即將完成約 7 億美元的基礎設施改善工程，以整合和現代化公用事業系統，提高可靠性和能源效率，同時遵守更嚴格的減排法規。這些改進預計將於今年年底完工，旨在增強我們洛杉磯煉油廠的競爭力，並使我們在未來幾年成為該地區最具成本競爭力的企業之一。

Our long-term positive fundamental view for the refining industry is unchanged, and we expect demand growth to exceed the net impact of capacity additions and rationalizations through the end of the decade. We believe the US refining industry will remain structurally advantaged over the rest of the world. The US has a locational advantage given the accessibility of nearby crude, which we believe will grow as the cost of transportation increases. The availability of low-cost natural gas, low-cost butane, and the US refining system's flexibility all increase its competitive advantage over international sources of supply.

我們對煉油產業的長期樂觀基本面觀點並沒有改變，我們預期到本世紀末，需求成長將超過產能增加和合理化的淨影響。我們相信，美國煉油業仍將比世界其​​他地區保持結構優勢。美國具有區位優勢，因為附近原油供應充足，我們相信，隨著運輸成本的增加，這種優勢將會增加。低成本天然氣、低成本丁烷的供應以及美國煉油系統的靈活性都增強了其相對於國際供應來源的競爭優勢。

The flexibility of our [fighting] assets and our domestic and international logistical and commercial capabilities further increase our global competitive advantage. Our commitment to commercial excellence, regardless of market conditions remains core to our execution. We believe that the capabilities we are building provide a sustainable advantage versus our peers. We look to demonstrate that through our financial performance.

我們的[戰鬥]資產的靈活性以及我們的國內和國際後勤和商業能力進一步增強了我們的全球競爭優勢。無論市場狀況如何，我們對商業卓越的承諾始終是我們執行的核心。我們相信，我們正在建立的能力將為我們的同行帶來可持續的優勢。我們希望透過我們的財務表現來證明這一點。

We are progressing our $1.25 billion standalone capital plan for 2025 with 70% targeted on high return projects designed to create optionality and improve our ability to capitalize on market volatility. Underpinning our commitment to safe and reliable operations, maintenance capital is approximately 30% of that capital spend.

我們正在推動 2025 年 12.5 億美元的獨立資本計劃，其中 70% 的資金將用於高回報項目，旨在創造選擇性並提高我們利用市場波動的能力。為了支持我們對安全可靠營運的承諾，維護資本約佔資本支出的 30%。

In addition to the project at our LAR refinery in our Midcon region, we are increasing our flexibility to optimize jet production at our Robinson refinery to meet growing demand, with completion expected by year end 2026. On the Gulf Coast, we are constructing a distillate hydrotreater at our Galveston Bay refinery to produce higher value ultra-low sulfur diesel with completion expected by year end 2027.

除了位於 Midcon 地區的 LAR 煉油廠專案外，我們還在提高靈活性，優化 Robinson 煉油廠的噴射燃料生產，以滿足不斷增長的需求，預計該專案將於 2026 年底完工。在墨西哥灣沿岸，我們正在加爾維斯頓灣煉油廠建造一座餾分油加氫處理裝置，以生產更高價值的超低硫柴油，預計將於 2027 年底完工。

In addition to these multi-year projects, we are executing smaller high return quick hit projects targeted at enhancing refinery yields, improving energy efficiency, and lowering our cost, leveraging our fully integrated refining system and geographic diversification across the Gulf Coast, Midcon and West Coast regions, we are well positioned to deliver peer leading through cycle cash generation.

除了這些多年期項目外，我們還在執行規模較小、回報豐厚、快速見效的項目，旨在提高煉油廠的產量、提高能源效率和降低成本，利用我們完全一體化的煉油系統和遍布墨西哥灣沿岸、中部地區和西海岸地區的地理多樣化，我們完全有能力通過週期性現金生成實現同行領先。

In our midstream business, we've announced over $1 billion of strategic acquisitions since the start of the year. First, within its NGL value chain, MPLX, we'll be acquiring the remaining 55% interest in the BANGL NGL pipeline. Full ownership of BANGL and its expansion opportunities enhance MPLX's Permian platform as we connect growing NGL production from the wellhead to our recently announced Gulf Coast fractionation facilities. The BANGL transaction is anticipated to close in July, subject to the satisfaction of closing conditions.

在我們的中游業務中，自今年年初以來我們已經宣布了超過 10 億美元的策略性收購。首先，在其 NGL 價值鏈 MPLX 中，我們將收購 BANGL NGL 管線剩餘的 55% 的權益。我們對 BANGL 的完全所有權及其擴張機會增強了 MPLX 的二疊紀平台，因為我們將不斷增長的 NGL 產量從井口連接到我們最近宣布的墨西哥灣沿岸分餾設施。BANGL 交易預計將於 7​​ 月完成，但須滿足成交條件。

Second, MPLX expanded its crude oil value chain by acquiring gathering businesses from Whiptail Midstream in March. The San Juan basin assets in the Four Corners region enhances supply to our refining system.

其次，MPLX於3月收購了Whiptail Midstream的集輸業務，擴大了其原油價值鏈。位於四角地區的聖胡安盆地資產增強了我們煉油系統的供應。

Third, within its natural gas value chain, MPLX has entered into an agreement to double its stake in the Matterhorn Express natural gas pipeline from 5% to 10%. The transaction is expected to close in the second quarter of 2025, subject to the satisfaction of closing conditions. These acquisitions are expected to be immediately accretive.

第三，在其天然氣價值鏈中，MPLX已達成協議，將其在馬特洪峰快線天然氣管道中的股份從5%增加一倍至10%。該交易預計將於 2025 年第二季完成，但須滿足成交條件。預計這些收購將立即帶來增值。

We're all well aware of the volatility in the commodity markets. However, based on feedback from our producer customers, we continue to expect year-over-year growth across our Marcellus, Utica, and Permian operating regions. These basins have some of the lowest breakeven prices in the US, offering economically advantaged development opportunities.

我們都很清楚商品市場的波動性。然而，根據我們的生產商客戶的回饋，我們仍然預期馬塞勒斯、尤蒂卡和二疊紀營運地區將實現年成長。這些盆地擁有美國最低的損益平衡價格，提供了經濟上有利的發展機會。

We believe MPLX is well positioned and has significant opportunities to support the development plans of its producer customers, especially as demand increases for natural gas-powered electricity.

我們相信，MPLX 擁有良好的定位和龐大的機會來支持其生產商客戶的發展計劃，尤其是在天然氣發電需求不斷增長的背景下。

MPLX's financial flexibility places it in an excellent position to continue to significantly grow its distributions, further enhancing the value of its strategic relationship with MPC. Given our highly advantaged refining business and the $2.5 billion annualized distribution from MPLX, we believe we can lead peers in capital returns through all parts of the cycle.

MPLX 的財務彈性使其處於有利地位，可繼續大幅增加其分銷量，從而進一步提升其與 MPC 的策略關係的價值。鑑於我們極具優勢的煉油業務和 MPLX 25 億美元的年化分配，我們相信我們可以在整個週期的各個階段在資本回報方面領先於同業。

Now, I'll hand it over to John to discuss our financial performance.

現在，我將把時間交給約翰來討論我們的財務表現。

Thanks, Maryann.

謝謝，瑪麗安。

Moving to first-quarter highlights, slide 4 provides a summary of our financial results. This morning we reported a first quarter net loss of $0.24 per share. During the quarter we returned over $1.3 billion to shareholders through dividends and repurchases.

轉到第一季的亮點，投影片 4 提供了我們的財務表現摘要。今天上午我們報告第一季淨虧損為每股 0.24 美元。本季度，我們透過股利和回購向股東返還了超過 13 億美元。

Slide 5 shows the sequential change in adjusted EBITDA from fourth quarter 2024 to first quarter 2025 and the reconciliation between adjusted EBITDA and our net results for the quarter.

投影片 5 顯示了從 2024 年第四季到 2025 年第一季調整後 EBITDA 的連續變化，以及調整後 EBITDA 與本季淨業績之間的對帳。

Adjusted EBITDA for the quarter was approximately $2 billion lower sequentially by $145 million due to decreased results in our refining and marketing and renewable diesel segments. In addition to effects from the mix of pre-tax earnings between our R&M and midstream businesses, our tax rate was further lowered by discrete tax benefits recognized in the quarter.

由於煉油和行銷以及再生柴油部門的業績下降，本季調整後的 EBITDA 比上一季下降約 20 億美元，即 1.45 億美元。除了我們的研發與製造業務和中游業務的稅前收益組合的影響之外，本季確認的單獨稅收優惠還進一步降低了我們的稅率。

Moving to our refining and marketing first quarter segment results on slide 6, our refineries ran at 89% utilization, processing 2.6 million barrels of crude per day. We completed significant planned turnaround activity in the quarter, particularly in our Gulf Coast region where utilization decreased from 97% in the fourth quarter of last year to 82% in the first quarter.

查看幻燈片 6 上我們第一季煉油和行銷部門的業績，我們的煉油廠利用率為 89%，每天處理 260 萬桶原油。我們在本季完成了重大的計劃性扭虧為盈活動，特別是在墨西哥灣沿岸地區，該地區的利用率從去年第四季的 97% 下降到第一季的 82%。

As compared to fourth quarter of last year, the effects of lower Gulf Coast volumes were partially offset by higher margins in the mid-con and the West Coast. R&M segment adjusted EBITDA was $1.91 per barrel for the quarter.

與去年第四季相比，墨西哥灣沿岸地區運輸量下降的影響被中部地區和西海岸地區利潤率的提高部分抵消。R&M 部門本季調整後的 EBITDA 為每桶 1.91 美元。

Turning to slide 7, first quarter capture of 104% was driven by solid commercial execution, as well as seasonally strong clean product tailwinds. We leveraged the scale of our fully integrated system across all three regions to capture margin opportunities across our entire value chain, from feedstocks to products.

轉到幻燈片 7，第一季 104% 的捕獲率得益於穩健的商業執行以及季節性強勁的清潔產品順風。我們利用涵蓋三個地區的全面整合系統的規模，抓住從原料到產品的整個價值鏈中的獲利機會。

Slide 8 shows our midstream segment performance for the quarter. Our midstream segment continues to deliver cash flow growth with an 8% year-over-year increase in quarterly segment adjusted EBITDA. And in the first quarter, MPC received $619 million of distributions from MPLX, a 12.5% increase compared to the $550 million received in the first quarter of 2024. MPLX remains a source of durable growth as it progresses its mid-single-digit adjusted EBITDA growth strategy.

幻燈片 8 展示了我們本季中游部門的表現。我們的中游部門持續實現現金流成長，季度部門調整後 EBITDA 年成長 8%。今年第一季度，MPC 從 MPLX 獲得了 6.19 億美元的分配，與 2024 年第一季收到的 5.5 億美元相比成長了 12.5%。隨著 MPLX 推進其中等個位數調整後 EBITDA 成長策略，其仍是持久成長的來源。

Slide 9 shows our renewable diesel segment performance for the quarter in what was a challenging environment. Our renewable diesel facilities ran at 70% utilization, mainly as a result of unplanned downtime at both facilities. As compared to last year's fourth quarter, the segment's largest headwind was changes in regulatory credits, which reduced margins across the industry.

投影片 9 展示了我們再生柴油部門在本季充滿挑戰的環境下的表現。我們的再生柴油設施的利用率為 70%，這主要是因為兩個設施都出現了非計劃性停機。與去年第四季相比，該部門面臨的最大阻力是監管信貸的變化，這降低了整個行業的利潤率。

As we look forward based on the late latest guidance, we have already taken actions we expect will allow us to realize incremental 45Z credits starting at the beginning of the second quarter, and we will continue to pursue value for the 45Z credits we were unable to recognize in the first quarter.

根據最新的指導，我們展望未來，我們已經採取了一些行動，預計這些行動將使我們能夠從第二季度初開始實現增量 45Z 積分，並且我們將繼續追求第一季無法實現的 45Z 積分的價值。

That said, we're focused on what we can control, at our Martinez joint venture facility, one of the most competitive renewable diesel operations in the US, we are optimizing the renewable refinery to its nameplate capacity, leveraging flexible logistics and pre-treatment capabilities to enable a diverse slate and margin.

也就是說，我們專注於我們能夠控制的事情，在我們的馬丁內斯合資工廠，這是美國最具競爭力的可再生柴油業務之一，我們正在優化可再生煉油廠的額定產能，利用靈活的物流和預處理能力，實現多樣化的產品和利潤。

We have addressed the operational items that limited production in the first quarter, and following some planned downtime at our Dickinson refinery in April, both our renewable refineries are positioned to run in the second quarter.

我們已經解決了第一季限制生產的營運問題，並且在 4 月迪金森煉油廠計劃停工之後，我們的兩家再生煉油廠都已準備好在第二季度投入營運。

Slide 10 presents the elements of change in our consolidated cash position for the first quarter. Operating cash flow, excluding changes in working capital, was $1 billion for the quarter, driven by the strength and growth of our midstream business. Working capital was a $1.1 billion use of cash for the quarter, primarily driven by inventory builds, mostly in our Gulf Coast region, crude and product inventory builds related to planned turnarounds here in the first and second quarters, as well as product bills related to in-transit export shipments.

投影片 10 展示了第一季合併現金狀況的變化因素。本季的營運現金流（不包括營運資本變動）為 10 億美元，這得益於我們中游業務的強勁和成長。本季營運資本使用現金 11 億美元，主要由於庫存增加（主要在我們墨西哥灣沿岸地區）、與第一季和第二季計畫週轉相關的原油和產品庫存增加，以及與在途出口貨物相關的產品帳單。

In the second quarter, we expect some, but maybe not all of this inventory build will reverse as turnarounds are completed and inventory is drawn to normal operating levels. First-quarter capital expenditures and investments were $795 million and MPLX completed the acquisition of a gathering business from Whiptail Midstream for $237 million.

在第二季度，我們預計部分（但可能不是全部）庫存增加將會逆轉，因為週轉已經完成，庫存將恢復到正常運作水準。第一季的資本支出和投資為 7.95 億美元，MPLX 以 2.37 億美元完成了 Whiptail Midstream 集輸業務的收購。

In the quarter, MPC issued $2 billion in senior notes, and this issuance was intended to replace the $750 million of senior notes that matured in September of last year, as well as refinance the $1.25 billion of senior notes that matured on May 1.

本季度，MPC發行了20億美元的優先票據，此次發行旨在替換去年9月到期的7.5億美元優先票據，並為5月1日到期的12.5億美元優先票據進行再融資。

MPLX repaid $500 million of maturing debt in February and also issued $2 billion of senior notes. MPLX used a portion of the proceeds to retire $1.2 billion of senior notes scheduled to mature in June. At the end of the quarter, MPC had approximately $3.8 billion in consolidated cash, including MPC cash of $1.3 billion and MPLX cash of $2.5 billion. We continue to manage our balance sheet to an investment grade credit profile.

MPLX 於 2 月償還了 5 億美元的到期債務，並發行了 20 億美元的優先票據。MPLX 使用部分收益來償還原定於 6 月到期的價值 12 億美元的優先票據。截至本季末，MPC 擁有約 38 億美元的合併現金，其中包括 13 億美元的 MPC 現金和 25 億美元的 MPLX 現金。我們將繼續管理我們的資產負債表，以達到投資等級信用狀況。

We remain comfortable with our minimum target of about $1 billion of cash on the balance sheet being sufficient to run the business, and this is supported by the $2.5 billion and growing annual distribution from MPLX, as well as our undrawn credit facilities of $5 billion positioning us to have ample liquidity to endure market fluctuations.

我們仍然相信，資產負債表上的最低現金目標約為 10 億美元，足以維持業務運營，而這得益於 MPLX 每年 25 億美元且不斷增長的分配，以及 50 億美元未提取的信貸額度，使我們擁有充足的流動性來承受市場波動。

Turning to guidance on slide 11, we provide our second quarter outlook. With major planned turnaround activity behind us, we are ready to run to meet increasing seasonal demand. We're projecting throughput volumes of 2.8 million barrels per day, representing utilization of 94%. Turnaround expense is projected to be approximately $265 million in the second quarter, with activity mainly focused in the mid-con and West Coast regions.

轉到第 11 張投影片上的指導，我們提供了第二季的展望。隨著主要計劃的周轉活動的完成，我們已準備好滿足日益增長的季節性需求。我們預計日產量為 280 萬桶，利用率為 94%。預計第二季的周轉費用約為 2.65 億美元，活動主要集中在中部地區和西海岸地區。

For the full year, turnaround expenses are expected to be similar to last year at around $1.4 billion. Operating costs are projected to be $5.30 per barrel in the in the second quarter. Distribution costs are expected to be approximately $1.5 billion. Corporate costs are expected to be $220 million.

預計全年轉虧為盈支出與去年持平，約 14 億美元。預計第二季營運成本為每桶 5.30 美元。預計分銷成本約15億美元。公司成本預計為 2.2 億美元。

With that, let me pass it back to Maryann.

說完這些，讓我把它交還給瑪麗安。

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、卓越的營運、商業執行和成本競爭力，從而產生可持續的結構性效益，並使我們能夠在我們運營的每個地區提供同行領先的財務業績。

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 we continue to invest in our people. Our execution of these commitments positions us to deliver the strongest through cycle cash generation.

為了實現這一目標，我們將優化我們的投資組合，以實現我們現在和未來的表現。我們將利用我們的價值鏈優勢，確保我們資產的競爭力，同時繼續投資我們的人才。我們履行這些承諾使我們能夠在周期現金產生方面實現最強勁的成長。

Durable midstream growth is expected to deliver cash flow uplift and to deliver distribution increase going forward, a differentiator from our peers. Investing capital where we believe there are attractive returns will enhance our competitiveness now and for the future. We are committed to leading in capital allocation and will return excess capital through share repurchases.

持久的中游成長預計將帶來現金流的提升，並帶來未來的分銷成長，這是我們與同行的不同之處。在我們認為有可觀回報的地方進行投資將增強我們現在和未來的競爭力。我們致力於引領資本配置，並將透過股票回購返還過剩資本。

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

MPC 致力於透過同業領先的績效、履行策略承諾以及其引人注目的價值主張來創造卓越的價值。

Let me turn the call back to Kristina.

讓我把電話轉回給克里斯蒂娜。

Thanks, Maryann. As we open the call for your questions, as a courtesy to all participants, we ask that you limit yourself to one question and we'll follow up. If time permits, we will prompt for additional questions.

謝謝，瑪麗安。當我們開始徵集您的問題時，出於對所有參與者的尊重，我們要求您將問題限制在一個範圍內，然後我們會跟進。如果時間允許，我們會提示您提出其他問題。

Operator, we're ready for questions.

接線員，我們已經準備好回答問題了。

(Operator Instructions) Neil Mehta, Goldman Sachs.

（操作員指示）高盛的 Neil Mehta。

Yeah, good morning, Maryann and team. A lot to talk about here, but maybe we start on what you're seeing real time from a demand perspective as we get into deeper here in the second quarter. Are you seeing any physical evidence of an economic slowdown? And just maybe give some real time color of what you're seeing in your system here?

是的，早上好，瑪麗安和團隊。這裡有很多內容要討論，但也許我們可以從需求角度開始討論您即時看到的內容，因為我們將在第二季進行更深入的探討。您是否看到經濟放緩的實質證據？也許可以提供一些您在系統中看到的即時顏色？

Yeah, good morning, Neil, and thanks for the question. Look, I think we've seen refined cracks improve. We're about $4 better the second quarter than we were in the first. It's showing the typical seasonal improvement into the second quarter.

是的，早上好，尼爾，謝謝你的提問。瞧，我認為我們已經看到細化裂縫有所改善。我們第二季的業績比第一季好約 4 美元。它顯示了第二季度典型的季節性改善。

You've seen our guidance when we look at overall utilization, 94%, particularly when you look at the Gulf Coast, 96% for us as we get out of our second largest turnaround. And if you will, ready to run in the second quarter, we think we are well positioned to meet this seasonal uptick in demand and certainly when you look at the fundamentals, the inventories that I referred to, the five-year average, et cetera, and certainly, sort of the overall outlook.

你已經看到了我們的指導，當我們看整體利用率時，是 94%，特別是當你看墨西哥灣沿岸時，我們的利用率是 96%，因為我們剛剛擺脫了第二大轉變。如果您願意，準備好在第二季度運行，我們認為我們已做好準備，以滿足這種季節性的需求上升，當然，當您查看基本面，我提到的庫存，五年平均值等，當然還有整體前景。

But I'm going to ask Rick to give you some specifics as he's looking at our system and demand to address your question.

但我會請 Rick 向您提供一些具體信息，因為他正在查看我們的系統並要求回答您的問題。

Yeah, Neil, to bolt on to Maryann's comments, so real time, we're very optimistic on what we're seeing within the domestic business. We're seeing steady year-over-year demand for gas, and we're seeing growth in diesel and jet fuel. And then additionally, when we look at our exports, Neil, when you go year on year, quarter on quarter, we're seeing increases in export demand as well. So all the way across our system we are seeing positive signs and aren't really seeing a slowdown whatsoever.

是的，尼爾，接著瑪麗安的評論，我們對國內業務的現狀非常樂觀。我們看到天然氣需求逐年穩定，柴油和航空燃料需求也在增加。此外，尼爾，當我們查看我們的出口時，如果逐年、逐季度地看，我們也看到出口需求增加。因此，在整個系統中，我們看到了積極的跡象，並沒有看到任何放緩的跡象。

Closer to home to what Maryann mentioned, on the inventories, I want to double tap on that for a moment because those signals are really important to us and a great indication of how the market is setting up as we head into our summer driving season. So as we did a lot of turnaround work in Q1, we are ready to run in Q2, and with the lower street prices year on year, we see this as another strong demand signal that the consumers will have to continue this demand strength that we're seeing.

更貼近瑪麗安提到的庫存問題，我想再強調一下，因為這些訊號對我們來說非常重要，並且很好地表明了在我們進入夏季駕駛季節時市場是如何設定的。因此，由於我們在第一季度做了很多扭轉局面的工作，我們已經準備好在第二季度投入運營，而且隨著市場價格逐年下降，我們認為這是另一個強勁的需求信號，表明消費者必須延續我們所看到的這種需求強勁。

And lastly, Maryann mentioned the $4 a barrel increase versus Q1. Just a few specifics on that to break down for you by region, in the mid-con, we're seeing a $6 a barrel increase of where we stand today versus the Q1 results. In the Gulf Coast, the $3 a barrel increase and in the West Coast a $5 barrel increase so strength across the system, Neil.

最後，瑪麗安提到，與第一季相比，油價每桶上漲了 4 美元。僅按地區為您細分幾個具體情況，在中期，我們看到今天的油價與第一季的結果相比每桶上漲了 6 美元。尼爾，墨西哥灣沿岸的油價每桶上漲 3 美元，西海岸的油價每桶上漲 5 美元，因此整個系統的油價都表現強勁。

Yeah, okay. You see it in the margins for now and so it's definitely notable in some of the hard data here. The follow-up is just on the west coast specifically, we've seen a lot of developments here most notably [Beishia] but how are you guys thinking about the multiyear outlook for the West Coast? How do you position yourself and do you think that the political environment is such that if you go into a period of strong margins, you'll be able to capitalize that?

嗯，好的。現在您可以在邊緣看到它，因此它在一些硬數據中肯定是值得注意的。後續情況具體是在西海岸，我們已經看到這裡發生了很多事態發展，最顯著的是 [Beishia]，但你們如何看待西海岸的多年前景？您如何定位自己？您是否認為，在當前的政治環境下，如果您進入利潤豐厚的時期，您就能夠利用這一點？

Yeah, thanks, Neil.

是的，謝謝，尼爾。

Maybe a few things around the around the west coast and our views sort of longer term. First, as you know, we've been investing, I mentioned it on some of my prepared remarks there. We've been investing in our LA asset. We believe its flexibility, the integrated nature of that asset, its ability to process different types of crudes, et cetera gives us a long-term competitive advantage, in the case of this capital that we're putting to work, gives us efficiency, improves performance, EBITDA while at the same time we are complying with regulatory requirements around NOx emissions.

也許是西海岸周圍的一些事情以及我們長期的觀點。首先，如你所知，我們一直在投資，我在一些準備好的演講中提到了這一點。我們一直在投資我們的洛杉磯資產。我們相信，它的靈活性、資產的綜合性、處理不同類型原油的能力等為我們帶來了長期競爭優勢，就我們投入的資本而言，它提高了我們的效率、改善了性能、EBITDA，同時我們也遵守了有關氮氧化物排放的監管要求。

So overall, we think that's been a good investment. Just when we think about demand in the West Coast, right, 28 million conventional fuel vehicles, as I like to say in the state, a lot of that demand is centered in the Los Angeles region, so speaks well for our asset also. And then you speak about the regulatory environment, we've spent a lot of time -- you can go back really to 2018, 2019, frankly, as we began our assessment of our profitability and the competitive nature of our assets in that region when we made the decision, frankly to close Martinez as a fossil fuel refinery, albeit continued as a renewable diesel.

所以總的來說，我們認為這是一項很好的投資。當我們考慮西海岸的需求時，對吧，2800 萬輛傳統燃料汽車，正如我喜歡說的，在該州，許多需求都集中在洛杉磯地區，所以這也說明了我們的資產狀況良好。然後您談到監管環境，我們花了很多時間——坦率地說，你可以追溯到 2018 年、2019 年，當時我們開始評估我們在該地區的盈利能力和資產的競爭力，當時我們做出了決定，坦率地說，關閉馬丁內斯作為化石燃料煉油廠，儘管繼續作為可再生柴油廠。

We're watching the regulatory environment very closely, right? We've got minimum inventory, law went into place in the beginning of the year, but frankly, the rulemaking isn't done. I think right now the state and the officials there are focused on resupply as maintenance and turnaround activity happens to ensure that we can provide, they can provide requirements for consumers there.

我們正在密切關注監管環境，對嗎？我們有最低庫存，法律已於年初生效，但坦白說，規則制定尚未完成。我認為現在州政府和那裡的官員都專注於補給，因為維護和周轉活動正在進行，以確保我們能夠提供，他們能夠滿足那裡的消費者的需求。

There's also been conversation around whether or not the state would own or operate refineries. We certainly don't think that that's plausible, but we'll watch it closely. And last, what I would say is we are spending time with the regulatory agencies through our Washington office, et cetera, to ensure that there is an understanding of sort of the longer-term view and the decisions that they are trying to make there.

關於國家是否應該擁有或經營煉油廠的討論也一直在進行。我們當然不認為這是合理的，但我們會密切關注。最後，我想說的是，我們正在透過華盛頓辦事處等與監管機構進行交流，以確保他們了解長期觀點以及他們試圖做出的決定。

So we're comfortable as we sit here today recognizing that a challenging environment. We think we've got one of the most competitive assets in the region and hopefully I've done a reasonably good job of telling you why that's the case.

因此，我們今天坐在這裡，很高興地認識到這是一個充滿挑戰的環境。我們認為我們擁有該地區最具競爭力的資產之一，並希望我已經很好地告訴了你們為什麼會這樣。

I'm going to ask Rick, excuse me, to give you a little bit of color on what we're seeing maybe long term with demand there.

我要請里克，對不起，給你稍微介紹一下我們所看到的那裡的長期需求。

Yeah, so Neil, we continue to see pretty positive signals also on the west coast, but I want to maybe take a step back and gives some color to our positioning as well to add on to Maryann's comments. So we have the largest refinery in California. It is complex. It is fully integrated, and we will beat the what we call high cost alternative of imports into the region all day long.

是的，尼爾，我們在西海岸也繼續看到非常積極的信號，但我想退一步，給我們的定位一些色彩，以補充瑪麗安的評論。因此我們擁有加州最大的煉油廠。它很複雜。它已完全整合，我們將全天打擊我們所謂的該地區高成本的進口替代品。

With that being said, the closures that we have seen certainly are a tailwind to not only our LAR facility but also to our Pacific Northwest facilities. So if you look, they will also be the beneficiary of product placement, and as you know, the West Coast is structurally short gasoline and jet, so we will be leaning into these markets as others close.

話雖如此，我們所看到的關閉無疑不僅對我們的 LAR 設施有利，而且對我們的太平洋西北設施也有利。所以如果你看一下，他們也將成為產品植入的受益者，而且如你所知，西海岸在結構上缺少汽油和噴射機，因此當其他市場關閉時，我們將傾向於進入這些市場。

And lastly, I want to leave you with a nugget that not a lot of people talk about. It's on the feedstock side. If these closures happen that have been announced, Neil, we will be the beneficiary as well. We have a large TMX position taking advantage of barrels from Canada, but above and beyond that, we're a big ANS and a big SJV buyer, and we will be the beneficiary of those closures if they happen. That'll put incremental pressure on those differentials, and we have a large appetite for those grades, so I'll leave it there, Neil.

最後，我想告訴大家一個很少人談論的秘密。它位於原料方面。如果這些已經宣布的關閉真的發生，尼爾，我們也將是受益者。我們擁有大量 TMX 部位，可以利用來自加拿大的石油，但除此之外，我們還是 ANS 和 SJV 的大買家，如果這些油田關閉，我們將從中受益。這將對這些差異施加越來越大的壓力，而且我們對這些成績有很大的需求，所以我就不多說了，尼爾。

Great color. Thanks.

顏色很棒。謝謝。

Thank you.

謝謝。

Thank you, Neil.

謝謝你，尼爾。

Doug Leggate, Wolfe Research.

道格‧萊格特（Doug Leggate），沃爾夫研究公司。

Hello, good morning everyone. Thanks for taking my questions. Maryann, I want to come back to a topic that -- I feel like we used to bring it up relatively frequently and then it kind of fell into the background a little bit, and it's the issue of capture rates.

哈嘍，大家早安。感謝您回答我的問題。瑪麗安，我想回到一個話題——我覺得我們以前經常提起這個話題，但後來有點被淡忘了，那就是捕獲率的問題。

You had one of the heaviest turnaround seasons in, I guess in your history this quarter, but yet your capture rate kind of knocked it out of the park, and I know this is related to the commercial organization that you've built up over the last several years, and I'm just wondering as you get back into normal utilization rates into the -- when you don't have a lot of downtime, should we be thinking that your capture rate has shifted up as a matter of course, or I'm just curious how you would respond to that comment?

我想，本季是你們歷史上最艱難的轉折期之一，但你們的捕獲率卻非常出色，我知道這與你們過去幾年建立的商業組織有關，我只是想知道，當你們恢復正常利用率時——當你們沒有太多停機時間時，我們是否應該認為你們的捕獲率理所當然地上升了，或者我只是好奇你如何回應這個評論？

Good morning, Doug, and thanks for your question. So as you know, one of the things that we've been really leaning in for some time is our ability to improve our commercial performance. We think it is one of the most important elements when we think about our value proposition and our peer leading performance. And over the last few years, as you said, we've been building what we think are sustainable benefits across the system organization wise, other capabilities we've talked about our London office, our Singapore office, our Houston office, in addition to our Finley office as well.

早安，道格，謝謝你的提問。所以，正如你所知，我們一段時間以來真正關注的事情之一就是提高我們的商業表現的能力。我們認為，當我們考慮我們的價值主張和同儕領先表現時，這是最重要的因素之一。正如您所說，過去幾年來，我們一直在建立我們認為的整個系統組織範圍內可持續的效益，我們也談到了倫敦辦事處、新加坡辦事處、休士頓辦事處以及芬利辦事處的其他能力。

So some of these capabilities will transcend. We've also said that approaching 100% is clearly an objective of ours, and we think some of the sustainable advantages that we've really put in place are being demonstrated through our financial performance. And as you know, some of these things, regardless of whether it's a high crack environment or a low crack environment may not be in our control, but the ones that are that what we are trying to focus on quarter after quarter.

因此其中一些能力將會超越。我們也表示，接近 100% 顯然是我們的一項目標，而且我們認為，我們真正實現的一些永續優勢已透過我們的財務表現得到體現。如你所知，無論是高裂縫環境還是低裂縫環境，其中一些事情可能都不在我們的控制範圍內，但這些是我們每個季度都試圖關注的重點。

We think, right, looking at our fully integrated system and trying to leverage those capabilities, you hear us talk about value chain integration, the strategic importance of the relationship between MPC and MPLX. We believe all of these will continue to deliver -- capture rates approaching 100%.

我們認為，對的，看看我們完全集成的系統並嘗試利用這些功能，您會聽到我們談論價值鏈集成，以及 MPC 和 MPLX 之間關係的戰略重要性。我們相信，所有這些都將繼續發揮作用——捕獲率接近 100%。

And I'll look at Rick and see if there was anything else that Rick wanted to add, particularly as we think about what happened in the quarter.

我會看看 Rick 是否還有其他要補充的內容，特別是當我們考慮本季發生的事情時。

Yeah, thank you, Maryann. Doug, I have to chuckle for a moment. I'm guessing Maryann thinks I paid you to ask that question because we are quite proud of our results. Not only has it been this quarter, but I think you've seen it the last several quarters, and I do want to reiterate that it is structurally sustainable. We believe we built the system and have the value chain to continue to garner more value than our competition.

是的，謝謝你，瑪麗安。道格，我不得不笑一下。我猜瑪麗安認為我付錢讓你問這個問題，因為我們對我們的結果感到非常自豪。不僅本季如此，而且我想你們在過去幾個季度也看到了這種情況，我確實想重申，它在結構上是可持續的。我們相信，我們建立的系統和價值鏈能夠繼續比我們的競爭對手獲得更多的價值。

In three areas of particularly strong performance that I want to highlight in our specific teams: specialty products, asphalt, and product margins. And sometimes we mention product margins and they're specific to a region. This past quarter, I would tell you it's all three regions. It's Gulf Coast, Midcon, and West Coast. So very proud of the team's performance and wringing value out of the entire value chain, as Maryann referenced.

我想強調我們特定團隊在三個表現特別強勁的領域：特殊產品、瀝青和產品利潤。有時我們會提到產品利潤，它們是特定於某個地區的。上個季度，我想告訴你，這三個地區都是如此。它是墨西哥灣沿岸、中部地區和西海岸。正如瑪麗安所說，我對團隊的表現以及從整個價值鏈中榨取的價值感到非常自豪。

Okay, well, I was thinking the 100% might now be a little conservative, but we'll see where we go.

好的，嗯，我認為 100% 現在可能有點保守，但我們會看看會怎樣。

Please don't do that to me, but we're confident in our ability to outperform in this area, Doug.

請不要這樣對我，但我們有信心我們有能力在這個領域表現出色，道格。

Good stuff, thanks for the answer. Maryann, a completely unrelated question, again, it's something that's come up periodically. You've talked about -- you want to hold $1 billion of cash on the balance sheet, but you did admittedly have some working capital moves and you lend into the balance sheet this quarter, it seems for share buybacks.

好東西，謝謝你的回答。瑪麗安，這是一個完全不相關的問題，同樣，這是一個定期出現的問題。您曾談到——您希望在資產負債表上持有 10 億美元現金，但您確實有一些營運資金變動，並且您在本季度將資金借入資產負債表，似乎是為了股票回購。

What is the net debt level at the MPC level -- try that again, the net debt MPC level that you're comfortable with, as opposed to the cash level at the MPC level?

MPC 級別的淨債務水平是多少——再試一次，您可以接受的淨債務 MPC 水平，而不是 MPC 級別的現金水平？

Yeah, thanks for the question, Doug. Maybe just a couple of other comments as well before I get to your specific answer. But one of the things that we think is important as we try to lean in with respect to our capital allocation priorities, and they haven't changed. You talk about the $1 billion, as you know, from quarter to quarter, some of those things just depending on commodity prices, et cetera, that'll ebb and flow, but the billion dollars continues to be something that we have stress tested and remain comfortable in part because we had a real life situation many years ago called COVID that helped us understand that.

是的，謝謝你的提問，道格。在得到您的具體答案之前，也許我還需要一些其他的評論。但我們認為，當我們試圖在資本配置優先事項方面有所傾斜時，其中一件重要的事情並沒有改變。您談到 10 億美元，正如您所知，每個季度都會有所不同，其中一些因素取決於大宗商品價格等，會有所波動，但我們已經對這 10 億美元進行了壓力測試，並且仍然感到安心，部分原因是多年前我們經歷過一種名為 COVID 的現實情況，它幫助我們理解了這一點。

The second part of that, and I think you've been asking me this question for a couple of quarters now, right, if not longer than that, the distribution that MPC receives from MPLX at $2.5 billion today covers the MPC dividend to its shareholders as well as the 2025 capital plan that MPC has announced. And hopefully, you can see that we are supporting that mid-single-digit growth in MPLX and the distribution increase of 12.5%, which means the cash coming back to MPC should continue to increase as that growth in MPLX happens.

第二部分，我想你已經問我這個問題好幾個季度了，如果不是更長的話，MPC 今天從 MPLX 獲得的 25 億美元分配涵蓋了 MPC 向股東支付的股息以及 MPC 宣布的 2025 年資本計劃。希望您能看到，我們正在支持 MPLX 的中位數成長和 12.5% 的分配成長，這意味著隨著 MPLX 的成長，回到 MPC 的現金應該會繼續增加。

These are all factors that give us confidence when we talk about $1 billion on the balance sheet that that continues to be, if you will, a durable basis. I'm going to pass it to John, and he can talk a bit about the debt to specifically answer that question, Doug.

當我們談論資產負債表上的 10 億美元時，所有這些因素都讓我們充滿信心，如果你願意的話，這將繼續是一個持久的基礎。我要把它交給約翰，他可以談談債務問題來具體回答這個問題，道格。

Yeah, hey, morning, Doug. Thanks for the question. So maybe again to take it back, as you know, we'd like to kind of think about the two balance sheets a little bit separately. So if I think about MPC standalone, I'll come back to MPLX in the midstream business. Look, we've said absolute gross debt. We're comfortable in and around plus or minus $7 billion, right? So $7 billion absolute debt, the billion dollar of minimum cash target. Again, I commented and Maryann did why we continue to be really comfortable with that and comfortable with our investment grade profile.

是的，嘿，早上好，道格。謝謝你的提問。所以也許再回顧一下，如你所知，我們想分別考慮一下這兩份資產負債表。因此，如果我考慮 MPC 獨立，我會回到中游業務中的 MPLX。瞧，我們說的是絕對總債務。我們對上下 70 億美元左右的規模感到滿意，對嗎？因此，70 億美元的絕對債務，即 10 億美元的最低現金目標。再次，我和瑪麗安都評論了為什麼我們對此感到滿意，並對我們的投資等級概況感到滿意。

MPX is a little interesting, right? There, debt has stayed relatively flat, but we've really grown the EBIDTA, four-year CAGRs of 7%. So leverage has really come down and there, we look at kind of a gross debt to EBITDA and we're sitting the end of this quarter at about 3.3 times and we've said, look, given that business, the durability and stable cash flows it generates, we're comfortable up to 4, so we see a lot of capacity there as MPLX looks at its growth opportunities to leverage that balance sheet.

MPX 有點意思，對吧？在那裡，債務保持相對平穩，但我們的 EBIDTA 確實增長了，四年複合年增長率為 7%。因此，槓桿率確實下降了，我們看一下總債務與 EBITDA 的比率，本季度末的比率約為 3.3 倍，並且我們已經說過，考慮到該業務、其產生的持久性和穩定現金流，我們對高達 4 倍的比率感到滿意，因此，當 MPLX 著眼於其增長機會以利用該資產負債表時，我們看到那裡有很多產能。

Again on the MPC side, absolute debt about $7 billion, as I think you know there, we talk again about a gross debt to cap ratio, and I think we've got some of that in our materials as well. What you would typically see more with an investment grade approach. It's a little bit interesting there because if we did something like we did this quarter where we're leaning into buybacks and maybe a lower profitability market, you're going to impact that ratio, but over time, we're really comfortable with that $7 billion. So hopefully that helps, Doug.

再次從貨幣政策委員會的角度來看，絕對債務約為 70 億美元，我想您也知道，我們再次討論了總債務與資本比率，我認為我們的材料中也包含了一些這方面的內容。透過投資等級方法，您通常會看到更多內容。這有點有趣，因為如果我們像本季那樣做一些事情，傾向於回購，也許盈利能力較低的市場，你就會影響這個比率，但隨著時間的推移，我們對這 70 億美元感到非常滿意。希望這會有所幫助，道格。

It does. Thanks very much indeed, guys.

確實如此。非常感謝大家。

You're welcome, Doug. Thank you.

別客氣，道格。謝謝。

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

Congrats on a strong quarter. I wanted to ask you about the crude quality discounts. Looks like OPEC would be raising volumes faster than most of us expected. So help us understand your near to medium term outlook for crude quality discounts and how MPC can benefit from it?

恭喜本季業績強勁。我想向您詢問有關原油品質折扣的問題。看起來，OPEC 增產的速度將超出我們大多數人的預期。那麼，請幫助我們了解您對原油品質折扣的近期至中期展望以及 MPC 如何從中受益？

Yeah, hi, Manav, this is Rick. Good to hear from you. I will say this is very positive for us given the amount of heavy crude we run in all three regions West Coast, Gulf Coast, and Midcon, so we are arguably the largest heavy refiner in the country, and so we will benefit significantly. And as we see the acceleration of OPEC's volume and with their recent announcement this weekend, certainly as a tailwind for the light heavy spreads.

是的，你好，Manav，我是 Rick。很高興收到你的來信。我想說，考慮到我們在西海岸、墨西哥灣沿岸和中部地區三個地區運行的重質原油數量，這對我們來說非常有利，因此我們可以說是全國最大的重質原油煉油商，因此我們將受益匪淺。我們看到，OPEC產量加速成長，而且他們本週末宣布了最新舉措，這無疑對輕重價差形成利多。

Additionally though, I'd like to give you some color on Canadian because Canadian has recently been depressed, but we see upside there, Manav, as well when you look at not only the OPEC announcement of accelerating their barrels into the market, but as you look forward on their forward curve, and I don't even think the OPEC piece has baked in yet. In the fourth quarter, Manav, we're seeing $3 to $4 a barrel of discounts greater than what we see today. So certainly, that's a benefit to us as we run a lot of heavy Canadian, as you know. I hope that helps, Manav.

此外，我想向你介紹加拿大的情況，因為加拿大最近一直處於低迷狀態，但我們也看到了上漲的潛力，Manav，當你不僅看到 OPEC 宣布加速向市場供應原油，而且當你展望他們的遠期曲線時，我什至認為 OPEC 的部分還沒有被消化。馬納夫，在第四季度，我們看到每桶的折扣比今天高出 3 至 4 美元。所以，這對我們來說當然是一個好處，因為我們經營著許多重型加拿大產品，正如你所知。我希望這會有所幫助，Manav。

No, perfect. I actually also wanted to follow up a little bit on the midstream side, 7% year-on-year growth on the MPLX side. But when you look at year to date, almost $1 billion of acquisitions, some of which have not even closed, right? And so if you think about it, how should we look at the distributions from MPLX growing over a period of time given you already had an attractive lineup of project growth at [track 1 fact 2], and now you're adding $1 billion of additional assets, so can we think about that 12%, 12.5% growth for distribution could be sustainable for the next like three to four years?

不，完美。我實際上還想跟進一下中游方面的情況，MPLX 方面同比增長了 7%。但當你回顧今年迄今的收購案時，你會發現其中有近 10 億美元的收購案甚至還沒完成，對嗎？因此，如果您考慮一下，鑑於您在 [軌道 1 事實 2] 上已經擁有一系列具有吸引力的計劃增長，並且現在您又增加了 10 億美元的額外資產，我們應該如何看待 MPLX 在一段時間內的分配增長，那麼我們能否認為 12%、12.5% 的分配增長率可以在未來三到四年內持續下去？

And then you're already covering your CapEx and dividends through that distribution so that buybacks can also be supported to that distribution if you could talk about that? Thank you.

然後，您已經透過該分配覆蓋了您的資本支出和股息，以便回購也可以得到該分配的支持，您可以談談這一點嗎？謝謝。

Manav, thank you and good morning. I appreciate your question. So first of all, when you look at the MPLX, the midstream business, we talk about a compound annual growth rate both on EBITDA and DCF in and about 7% for 4 years. We think, as you have heard us talk about as well, that we have projects and opportunities to be able to continue that mid-single-digit growth, albeit say, it might not be perfectly linear as we as we move out.

Manav，謝謝你，早安。我很感謝你的提問。首先，當您查看 MPLX 中游業務時，我們討論的是 EBITDA 和 DCF 的複合年增長率，4 年內約為 7%。我們認為，正如您所聽到的，我們擁有能夠繼續保持中等個位數成長的項目和機會，儘管隨著我們的發展，這種成長可能不會完全呈線性。

The point of that 12.5% distribution increase last year was to say when you look at the growth opportunities, when you look at these mid-teen returns projects using that strict capital discipline lens, we felt very good about suggesting that that 12.5% was clearly doable for the next few years, to your point, because of the durability of those earnings and the opportunities that we see.

去年 12.5% 的分配成長意味著，當您審視成長機會時，當您使用嚴格的資本紀律視角審視這些中等回報項目時，我們非常有信心在未來幾年內實現 12.5% 的增長率，正如您所說，因為這些收益具有持久性，而且我們看到了機會。

This quarter we put about a billion dollars to work. You are absolutely correct. Some of that has not closed yet. BANGL gives us, will give us 100% ownership, very critical when we think about the ability to support our producer customers. Important to the integration of our well head to water strategy.

本季我們投入了約 10 億美元。你完全正確。其中一些尚未關閉。BANGL 給予我們 100% 的所有權，當我們考慮支援生產商客戶的能力時，這一點至關重要。對於我們的井源到水策略的整合非常重要。

Second, we talked about whiptail. It's a gathering, it's natural gas, crude oil, and water gathering system. We talk a lot about the value chain importance and the strategic relationship between MPC and MPLX. It's in the four corners, critically important on the opportunity for our El Paso refinery.

其次，我們討論鞭尾蛇。它是一個聚集系統，是天然氣、原油和水的聚集系統。我們討論了很多關於價值鏈的重要性以及 MPC 和 MPLX 之間的策略關係。它位於四個角落，對於我們的埃爾帕索煉油廠來說至關重要。

So two examples, as you say, plus. As we talked about $1.7 billion of capital in MPLX that is growth oriented, of which 85% was natural gas and NGL-focused, Secretariat, sorry, 7th processing plant. In the Permian bringing our processing capability when it comes online at the end of the year to about 1.4 BCF, so really making the connections and the integrated value chains.

所以，正如你所說，有兩個例子，另外還有。正如我們所說的，MPLX 擁有 17 億美元的成長導向資本，其中 85% 用於天然氣和 NGL，秘書處，抱歉，是第 7 個加工廠。在二疊紀盆地，當年底投產時，我們的處理能力將達到約 14 億立方英尺，從而真正建立起連結和綜合價值鏈。

So we believe that 12.5% is durable for multi-years as we bring it back to MPC. To your point, we are already covering the NPC dividend, and as we are continuing to lean in delivering right, excess cash via buyback on the NPC side, and then we are still covering the cost, or excuse me, the capital cost with that distribution. So certainly as it grows it will continue to give us even greater flexibility on the NPC side of the house. I hope that addressed your question, Manav.

因此，我們相信，隨著我們將其帶回 MPC，12.5% 的水平將能夠持續多年。正如您所說，我們已經支付了 NPC 股息，並且我們將繼續傾向於透過 NPC 方面的回購來提供正確的、過剩的現金，然後我們仍然可以透過該分配來支付成本，或者對不起，是資本成本。因此，隨著它的成長，它肯定會繼續為我們的 NPC 方面帶來更大的靈活性。我希望這回答了你的問題，Manav。

Thank you so much.

太感謝了。

You are welcome.

不客氣。

Paul Cheng, Scotiabank.

加拿大豐業銀行的 Paul Cheng。

Very good. Good morning. Maryann, just want to ask that -- seems like you and a lot of your peers, everyone is looking at the NGO value chain and have a lot of opportunity.

非常好。早安.瑪麗安，我只是想問一下——似乎你和你的許多同行都在關注非政府組織的價值鏈，並且有很多機會。

And so that seems a very consensus view and everyone is pursuing a -- -we had to water strategy. So can you try to help us understand that how your strategy may be different than your peers? And there's also in the commodity business, there's always some fear. If everyone is pursuing the same strategy and everyone see that is such a great thing, it turned out that the result may not be as good as everyone hope. So maybe that you can help us that to. Better say understand that what is the risk in terms of everyone is doing this.

因此，這似乎是一個非常一致的觀點，每個人都在追求「我們必須採取水策略」。那麼，您能否試著幫助我們理解您的策略與同行有何不同？而且在大宗商品交易中，總是存在著一些恐懼。如果每個人都追求同一種策略，每個人都認為這是一件很棒的事情，但結果可能並不像大家所希望的那麼好。所以也許您也可以幫助我們。最好說明白每個人這樣做的風險是什麼。

Certainly, Paul, thanks for the question. So we think and we've talked about our well head to water strategy, our completion two fracs and the export terminal 2028 and 2029. We are very confident in our ability to fill these two fracs. As I mentioned just earlier, we've got the 7th processing plant in the Permian that's going to be complete. That'll give us 1.4, and frankly, our current customer commitments really support this project.

當然，保羅，謝謝你的提問。因此，我們思考並討論了我們的井口到水戰略、我們的兩次壓裂完工以及 2028 年和 2029 年的出口終端。我們對填補這兩個壓裂口的能力非常有信心。正如我剛才提到的，我們在二疊紀的第 7 座加工廠即將完工。這樣我們就可以獲得 1.4，坦白說，我們目前的客戶承諾確實支持這個專案。

Also keep in mind today we, meaning, as we're thinking about this this fractionation, we are using third-party fracs which we will not need to use in the future. We think it has a very solid cost position as we shared with you, the total cost of the project. We think when we look at both C3 and ethane will be a domestic sale, but we know the strength of C3 when we look at its requirements in, Asia, Japan, et cetera.

另外請記住，今天我們，意思是，當我們考慮這種分餾時，我們正在使用第三方分餾，而將來我們將不需要使用它。正如我們與您分享的，我們認為它的成本地位非常穩固，即該專案的總成本。我們認為，C3 和乙烷都將在國內銷售，但當我們考慮亞洲、日本等地對 C3 的需求時，我們就知道 C3 的實力。

So we think that export market will be there, and we think we're very good at executing projects and certainly our commercial prowess will give us the ability to market that in the future. They would be a few of the things, Paul, that I would tell you. We'll differentiate this project from our peers, as I mentioned, we're not looking, we're not done. We are really trying to adapt as these markets are changing and completing these value chains, particularly when we're looking at that well head to water strategy. I hope that addresses your question, Paul.

因此，我們認為出口市場將會存在，而且我們認為我們非常擅長執行項目，而且我們的商業實力肯定會使我們有能力在未來推銷它。保羅，這些就是我要告訴你的一些事。我們將把這個專案與我們的同儕專案區分開來，正如我所提到的，我們不在尋找，我們還沒有完成。隨著這些市場不斷變化並完善這些價值鏈，我們確實在努力適應，特別是當我們研究從井源到水源的策略時。我希望這能解答你的問題，保羅。

Okay, great. The second question is on the renewable diesel business. Yeah, I mean that it does look like that the wind price is going higher and hopefully the LCFS price will get the amendment will go through and then we will see them higher later this year or next year. But in addition to the market condition, I mean, what else are you doing internally trying to improve the profitability of that business?

好的，太好了。第二個問題是關於再生柴油業務。是的，我的意思是，風電價格確實看起來在上漲，希望低碳燃料標準價格 (LCFS) 的修正案能夠獲得通過，然後我們將在今年稍後或明年看到價格上漲。但除了市場狀況之外，我的意思是，您還在內部採取什麼措施來提高該業務的獲利能力？

I was a little bit surprised that we have, say, the 10 downtimes in the first quarter after all I mean that we have the fire and subsequently that you guys have rebuild the unit or that repair the unit. So can you help us understand that? What is the root cause of the outages in the first quarter and more importantly, what are the initiatives that you are doing to help to improve the operation and reliability of that business?

我有點驚訝，畢竟我們在第一季有 10 次停機，我的意思是我們發生了火災，然後你們重建了設備或修復了設備。那麼你能幫助我們理解這一點嗎？第一季停電的根本原因是什麼？更重要的是，您正在採取哪些措施來幫助改善該業務的營運和可靠性？

Hey, morning, Paul. It's John. I'll start here and if we have any other questions, I'll look to some of my peers as well. So I, and some of this I tried to have in our prepared remarks as well, as you noted, there's a portion of this business that's supported by regulations, whether it's RINs, LCF, et cetera. But we're really focused on the things that that we can control.

嘿，早上好，保羅。是約翰。我將從這裡開始，如果我們有任何其他問題，我也會向我的一些同儕諮詢。因此，正如您所說，我嘗試在準備好的演講中也提到了這一點，這部分業務有一部分受到法規的支持，無論是 RIN、LCF 等等。但我們真正關注的是那些我們能夠控制的事情。

And as I mentioned in my remarks, we did have some opportunities here in the first quarter. To address utilization, I will tell you again, we're taking a turnaround, doing some work at Dickinson. It's ready to run and quarter to date Martinez is running as we expect it to be. So without getting into the details of what those things are, I think it's maybe more important to tell you the plan is running as we expect, and that's then what we're focused on.

正如我在發言中提到的，我們在第一季確實有一些機會。為了解決利用率問題，我再告訴你們一次，我們正在扭轉局面，在迪金森做一些工作。它已準備好運行，截至本季度，Martinez 的運行情況與我們預期的一樣。因此，無需贅述這些事情的細節，我認為也許更重要的是告訴您計劃正在按照我們的預期進行，而這正是我們所關注的重點。

If we take our Martinez position and really looking with our partner to optimize the feedstocking of the facility, really leverage that pre-treat, which is a competitive advantage for the for the facility and obviously where it's located in California, the key market. So those are the things we're really focused on, as you note, as now we get to kind of hit the ground running and really run that plant and see what we can do. So you know those are the big things that we can control. Again, we'll continue to work with government affairs, etc. For the respective agencies to understand the impact of their decisions.

如果我們採取馬丁內斯的立場，並真正與我們的合作夥伴一起優化工廠的原料，真正利用預處理，這對工廠來說是一個競爭優勢，顯然它位於加州這個關鍵市場。所以，正如您所說，這些都是我們真正關注的事情，因為現在我們要開始著手運行並真正運行工廠，看看我們能做些什麼。所以你知道這些都是我們可以控制的大事。再次，我們將繼續與政府事務等部門合作，讓相關機構了解其決策的影響。

And I guess I wanted to maybe add too, Paul, you didn't ask it, but you might, obviously there's a lot of change in the industry going from the lenders' tax credit to the production tax credit. We, like others, were reacting to guidance that came out during the quarter. As I mentioned, we had very limited recognition in the first quarter, but we've already taken action that's going to drive that.

我想我可能還想補充一點，保羅，你沒有問，但你可能會問，顯然這個行業發生了很多變化，從貸款人的稅收抵免到生產稅收抵免。我們和其他人一樣，對本季發布的指導做出了反應。正如我所提到的，我們在第一季獲得的認可非常有限，但我們已經採取了行動來推動這一點。

And let me be clear too, we're also going to continue to push on the regulations, et cetera. To get back the value we weren't able to recognize in Q1 as well. So that's another action we're taking. So hopefully that gives you a little bit of the play of the land.

我還要明確一點，我們還會繼續推動法規等等。為了恢復我們在第一季未能實現的價值。這是我們正在採取的另一項行動。希望這能讓你對這片土地的玩法有一點了解。

Can you tell us that what is the average duration before you have to change your catalyst and Main?

您能告訴我們更換催化劑和主要催化劑之前的平均持續時間是多久嗎？

Yeah, that might be a detailed question, Paul, that we'll work with the team with you offline.

是的，這可能是一個詳細的問題，保羅，我們將與你的團隊進行線下合作。

Okay, will do. Thank you.

好的，我會的。謝謝。

Thank you.

謝謝。

Theresa Chen, Barclays.

巴克萊銀行的 Theresa Chen。

Morning, thank you for taking my questions. I'd like to double click on the West Coast outlook one more time. Just on the profitability and the idea that the supply of California spec products coming from Asia by means of a regular way production of [carbob] in Asia versus opportunistic and the regularity of and cadence of imports on an ongoing basis, even if in-state facilities can produce cheaper, do you think the regularity of imports will cap benchmark cracks over time?

早上好，感謝您回答我的問題。我想再次雙擊西海岸展望。僅從獲利能力和想法來看，透過在亞洲定期生產 [carbob] 來供應來自亞洲的加州規格產品，而不是機會主義，以及持續進口的規律性和節奏，即使州內設施可以更便宜地生產，您是否認為進口的規律性會隨著時間的推移限制基準裂縫？

Hi, Theresa, this is Rick. So generally I would say, we're tracking imports as everyone else is very closely. What imports are doing is creating a lot of volatility, and what I mean by that is when imports come in, they do have an impact on the marketplace, but when that inventory is run through, we then see a spike within the marketplace.

你好，特蕾莎，我是瑞克。所以總的來說，我們會像其他人一樣密切追蹤進口情況。進口造成了很多波動，我的意思是，當進口商品進入時，它們確實會對市場產生影響，但是當庫存耗盡時，我們就會看到市場飆升。

So it's somewhat of a feast or famine because to bring imports in is challenging because you have a 40-plus day transit time. So it's a big bet on where the market will be by the time they get into the West Coast system. So we continue to see imports just wreaking a lot of havoc and volatility within the industry and continue to see our advantage really over overplaying any imports that would be sustainable because we don't believe they're going to be consistently sustainable long-term month in, month out, and that's what you've seen here as of recent.

因此，這有點像是一場盛宴或飢荒，因為進口貨物很有挑戰性，因為你有 40 多天的運輸時間。因此，當他們進入西海岸系統時，市場將處於什麼位置，這是一個很大的賭注。因此，我們繼續看到進口給行業帶來巨大的破壞和波動，並且繼續看到我們的優勢真正在於誇大任何可持續的進口，因為我們不相信它們能夠持續地、月復一月地長期持續下去，這就是您最近在這裡看到的情況。

Understood. And on the midstream side, with what seems to be an increasingly visible, near to medium term slowdown in associated gas growth from liquids places and a relatively unchanged long-term natural gas demand outlook, what is your view on pursuing infrastructure growth opportunities in dry gas production areas and further diversify the growth opportunities set within your footprint?

明白了。在中游方面，隨著液體場所伴生氣增長在中短期內放緩的現象越來越明顯，以及長期天然氣需求前景相對不變，您如何看待在乾氣生產區尋求基礎設施增長機會，並進一步多樣化您業務範圍內的增長機會？

Yeah, Theresa, it's Maryann. I appreciate the question. If you go back and you look at the things that we have been focused on last year, we did the Utica transaction summit. We think that made sense for a lot of reasons and continues to, one of the opportunities that we were looking for was increasing utilization, frankly, we put a lot of capital to work in the Utica a few years ago.

是的，特蕾莎，我是瑪麗安。我很感謝你提出這個問題。如果你回顧我們去年關注的事情，我們舉辦了尤蒂卡交易高峰會。我們認為這在很多方面都是有意義的，並將繼續如此，我們一直在尋找的機會之一就是提高利用率，坦白說，幾年前我們在尤蒂卡投入了大量資金。

And as we watch that dried liquids move change, so we'll continue to evaluate that, but as you've seen from the things that we are looking at right now, you see where the majority of our priorities are focused, but again we'll look for those through our lens of how do we deliver a mid-single-digit growth consistently ensure that we got mid-teens returns through that that support the, 12.5%b distribution. So we'll continue to evaluate.

當我們觀察乾液體移動變化時，我們將繼續評估這一點，但正如您從我們現在正在關注的事情中看到的那樣，您會看到我們的大多數優先事項集中在哪裡，但我們會再次通過我們如何實現中等個位數增長的視角來尋找這些問題，始終如一地確保我們獲得中等十幾率的回報，從而支持 12.5%b 的分佈。因此我們會繼續評估。

Thank you.

謝謝。

You're welcome.

不客氣。

John Royall, JPMorgan.

摩根大通的約翰·羅亞爾。

Hi, good morning, thanks for taking my question. So my first question is to follow up on the LA refinery project. I know you had it as a year end startup and it sounded like from Maryann's comments in the opener that that project is getting maybe close to completion. So any more granular target on the startup timing would be helpful.

嗨，早上好，感謝您回答我的問題。我的第一個問題是跟進洛杉磯煉油廠計畫。我知道你把它作為年底的創業項目，從 Maryann 在開場白中的評論來看，這個項目可能已經接近完成。因此，任何有關啟動時間的更詳細的目標都會有所幫助。

And then it seems like the project is more geared towards reliability and cost as well as compliance. So should we think of the 20% IRR target as not being highly exposed to the commodity and margin environment? Therefore, maybe somewhat lower risk than your other two big projects?

然後看起來該項目更注重可靠性、成本和合規性。那麼，我們是否應該認為 20% 的 IRR 目標不會高度暴露於商品和保證金環境中？因此，風險可能比你的另外兩個大專案低一些？

Yeah, thanks for the question, John. Yeah, we're looking at -- you're right, we remain committed to that project and expect it to be complete. I'd say closer to the end of the third, early fourth quarter. The 20% return is not subject to commodity price.

是的，謝謝你的提問，約翰。是的，我們正在考慮——您說得對，我們仍然致力於該項目並期望它能夠完成。我想說的是接近第三季末或第四季初。20%的返利不受商品價格影響。

One of the things that we tried to do with this project, you may remember a while ago there was a NOx reduction emission requirement. I think it's Rule 1109, to be specific, which no longer allowed paper credits. It had to be absolute. So given what we believe to be one of the most competitive assets in the region, we said we would work to ensure that we had compliance. Then once we made that decision, we looked at how else we could optimize. So there were other changes that add efficiency and reduce overall cost. That's what's driving the 20%, certainly not commodity price driven.

您可能還記得，我們​​在這個專案中嘗試做的事情之一就是不久前有一項氮氧化物減排要求。我認為具體來說是規則 1109，該規則不再允許紙本信用。它必須是絕對的。因此，鑑於我們認為這是該地區最具競爭力的資產之一，我們表示將努力確保合規。一旦我們做出了這個決定，我們就會研究如何進行其他最佳化。因此還有其他變化可以提高效率並降低整體成本。這就是推動20%成長的因素，絕對不是由商品價格推動的。

Great, thank you. And then we're at the end of the call, so maybe I can sneak in a little bit more of a housekeeping question and happy to take it offline if it's too detailed but we noticed a big step-up in interest expense in 1Q and obviously, there was some net issuance of debt at both the parent and the MPLX level. Is there anything one time in that line this quarter or should we think about that as kind of a similar level going forward?

太好了，謝謝。然後我們就到了電話會議的結尾，所以也許我可以偷偷地問一些更常規的問題，如果太詳細的話，我很樂意把它離線，但我們注意到第一季度的利息支出大幅增加，顯然，母公司和 MPLX 層面都有一些淨債務發行。本季是否會出現這種情況，或者我們是否應該將其視為未來的類似水平？

Yeah, probably similar. Hey, morning John, it's John Quaid. Sorry, I jumped right in. Probably the biggest thing if you're looking at that over time would be as our cash balance has moved lower, you're seeing a little bit less of an offset from an interest income standpoint. You can see those details when we file our 10 later today. But outside of that, no one kind items here in the quarter.

是的，可能類似。嘿，早安，約翰，我是約翰‧奎德。抱歉，我直接跳進去了。如果你從長遠來看，可能最大的問題是，隨著我們的現金餘額下降，從利息收入的角度來看，抵銷效果會減弱。當我們今天晚些時候提交 10 份文件時，您就可以看到這些詳細資訊。但除此之外，本季沒有其他任何商品。

Thank you.

謝謝。

Matthew Blair, TPH.

馬修·布萊爾，TPH。

Thank you and good morning. I have two questions on the RD side. One, are you still finding it economic to run vegetable oil based feeds or or have you shifted entirely to low CI feeds? And then two, do you think that your RD segment is on track for an even a positive quarter?

謝謝，早安。我對 RD 方面有兩個問題。首先，您是否仍然認為使用植物油飼料是經濟的，或者您是否已經完全轉向低 CI 飼料？其次，您是否認為您的研發部門在本季有望取得積極的進展？

And two, as you were some of the challenges from Q1, it sounded like, the feed stocks weren't quite optimized and you didn't capture all the 45Z. So putting that behind you is already on track to EBITDA positive in Q2?

第二，就像您在第一季遇到的一些挑戰一樣，聽起來原料庫存還沒有完全優化，而且您沒有捕獲所有的 45Z。那麼，拋開這些不談，您第二季的 EBITDA 是否已經有望實現正成長了？

Yeah, hey morning, Matt. It's John. Let me try and take that maybe at a higher level, as I said, we're focused on the things we can control. What gets interesting with the feedstocks again, a lot of effects from 45Z, kind of saying that imported Uuode doesn't qualify, so that's affected some of the domestic feedstocks, and we've got teams that, as you would expect, are every day optimizing the best feedstocks we can push through that facility in Martinez and leverage its pre-treatment unit.

是的，早上好，馬特。是約翰。讓我試著從更高的層面來理解這一點，正如我所說，我們專注於我們能夠控制的事情。原料方面再次變得有趣，45Z 產生了很多影響，也就是說進口的 Uuode 不合格，所以這影響了一些國內原料，而且正如您所期望的那樣，我們的團隊每天都在優化我們可以在馬丁內斯的工廠推出的最佳原料並利用其預處理裝置。

Look, it's a regulatory supported business, so I'm not going to go out on a limb and talk about profitability for Q2. We're going to focus on the things we can control, and that's going to be driving the operational performance of the unit, getting the right slate through the pre-treat and through the facility and meeting the demands of our of our customers.

你看，這是一項受監管支持的業務，所以我不會冒險談論第二季的獲利能力。我們將專注於我們能夠控制的事情，這將推動設備的運作性能，透過預處理和設施獲得正確的結果並滿足我們客戶的需求。

Maryann, I don't know if you want to.

瑪麗安，我不知道你是否願意。

Yeah, Matt, thanks, and I think John's done a nice job of giving you some color there. A few things that I would also comment on, remember that our decision to have a JV with Neste gives us a level of competitiveness we think now that the PTU unit is up and running as of the end of 2024.

是的，馬特，謝謝，我認為約翰很好地為你提供了一些色彩。我還想評論幾件事，請記住，我們決定與 Neste 成立合資企業，這為我們提供了一定的競爭力，我們認為現在 PTU 部門已於 2024 年底啟動並投入營運。

Remember, the requirements with Neste was their ability to bring advantage feedstock. We certainly have that advantage as well. So different sources optimizing now around the PTU unit, and as you've heard us say, we continue to believe we are the most competitive relative right, notwithstanding what the regulatory environment is going to do, and we'll ensure that we have cost efficiency in that asset.

請記住，Neste 的要求是他們能夠提供優質的原料。我們當然也有這個優勢。因此，現在不同的來源都在圍繞 PTU 單元進行優化，正如您所聽到的，我們仍然相信我們是最具競爭力的相對正確的，無論監管環境將如何變化，我們都會確保該資產具有成本效益。

As we do in all of our assets, it is certainly one of our core principles when we think about operational performance and commercial excellence there. We'll continue to optimize, as John said, but it is something that we think is an opportunity for us now that the PTU is operating.

正如我們對所有資產所做的那樣，當我們考慮營運績效和商業卓越時，這無疑是我們的核心原則之一。正如約翰所說，我們將繼續優化，但我們認為，現在 PTU 正在運行，這對我們來說是一個機會。

Sounds good, thanks for your comments and I guess speaking of the regulatory picture, do you have any views on the upcoming RVO? It sounds like there might be a good chance that the D4 category gets moved up quite a bit. Would you expect D6s to decouple from D4s? And then finally, regarding the new California LCFS targets, do you think they'll be implemented in 2025, or are we looking more like a 2026 startup date for that?

聽起來不錯，感謝您的評論，我想說到監管情況，您對即將到來的 RVO 有什麼看法？聽起來 D4 類別很有可能會大幅上升。您是否希望 D6 與 D4 分開？最後，關於加州新的低碳食品目標，您認為它們會在 2025 年實施，還是更有可能在 2026 年啟動？

Thank you.

謝謝。

Hey, Matt, thank you. Thanks for your question. I'm going to ask Jim to provide as much color as we possibly can to many of your questions, as the regulatory environment ebbing and flowing there and some of those things we just don't have control over. We can certainly give you our views, but let me pass it to Jim and he'll provide some of the color that he can on the where the specifics are.

嘿，馬特，謝謝你。謝謝你的提問。我將請吉姆盡可能詳細地解答你們的許多問題，因為監管環境瞬息萬變，有些事情我們無法控制。我們當然可以向您提供我們的觀點，但請讓我將其傳達給吉姆，他會就具體細節提供一些他能提供的資訊。

Matt, still a lot of uncertainties on the LCFS timeline, but we anticipate CARB will issue that revised package to the Office of Administrative Law by the end of May. That will allow the Office of Administrator Law to make their final decision by the end of June, so there'll be a lot more clarity by the end of June. CARB's been pretty quiet in the public regarding the effective date if the administrative law approves the package.

馬特，低碳食品時間表上仍然存在許多不確定性，但我們預計加州空氣資源委員會將在 5 月底之前向行政法辦公室發布修訂後的方案。這將使行政法辦公室能夠在 6 月底之前做出最終決定，因此 6 月底之前情況會更加明朗。如果行政法批准該方案，CARB 對於其生效日期一直保持沉默。

It could be anywhere from the beginning of the second quarter or push all the way into 2026, as you suggest. They just have not been open about that.

正如您所說，它可能從第二季初開始，或一直延續到 2026 年。他們只是尚未公開此事。

Hope that's somewhat helpful and responsive there, Matt.

希望這能有所幫助並有所幫助，馬特。

Great, thank you.

太好了，謝謝。

You're welcome.

不客氣。

Jason Gabelman, TD Cowen.

傑森·加貝爾曼（Jason Gabelman），TD Cowen。

I wanted to go back to the $7 billion debt target that you mentioned, and I guess it's kind of two parts, given decline in prices, I think you could see another working capital happen in the quarter. I know you suggested some of the one key working capital will unwind. But given that and potential for some volatility in the stock, given the macro environment, how willing are you, if at all, to go above the $7 billion debt target either to absorb working capital volatility and or support buybacks if the stock gets further dislocated?

我想回到您提到的 70 億美元債務目標，我想它分為兩部分，考慮到價格下跌，我認為您可能會在本季度看到另一筆營運資金的出現。我知道您建議釋放一些關鍵營運資金。但考慮到這一點以及股票可能出現的波動，考慮到宏觀環境，如果股票進一步混亂，您是否願意將債務目標提高到 70 億美元以上，以吸收營運資本波動或支持回購？

Hey, Jason, it's John. Thanks for the question. I'll start and see if there's some other comments as well. I said, let me take the tail end of that, and I think I'll circle back to some of Maryann's comments. We're focused on driving our performance and driving our cash flow and having that then drive our capital return, right? So we're in a nice position with midstream business, MPLX growing that business, that cash flow covering our capital, covering our dividend up at the MPC side.

嘿，傑森，我是約翰。謝謝你的提問。我會開始看看是否有其他評論。我說，讓我接著說，我想我會回到瑪麗安的一些評論。我們專注於推動我們的業績、推動我們的現金流，然後推動我們的資本回報，對嗎？因此，我們在中游業務方面處於有利地位，MPLX 正在發展該業務，現金流覆蓋了我們的資本，並在 MPC 方面涵蓋了我們的股息。

So if we're performing, we're running our assets safely and reliably, we're getting all the value and then some that the market's providing. That's the cash we're going to look to use to return capital and do repurchases, not really, looking to increase debt to do repurchases. That's not on my radar right now. Again, we'll manage the business with our revolvers, et cetera, as working capital moves. That's what those are for, but really comfortable with that $7 billion of debt long term.

因此，如果我們表現出色，就能安全可靠地經營我們的資產，我們就能獲得所有價值，甚至包括市場提供的一些價值。這些現金是我們要用來返還資本和進行回購的，而不是真的要增加債務來進行回購。目前這還不在我的考慮範圍內。再次，隨著營運資金的流動，我們將利用循環信貸等來管理業務。這就是它們的用途，但長期承擔 70 億美元的債務確實很舒服。

Great, thanks for that. My follow-up is just on midstream growth again. I know we've touched it quite a bit on the call, but I'm wondering if you could characterize the appetite to do, larger deals as the market weakens here you seem pretty bullish on the midstream growth outlook you've done. Small deals that are enhancing the earnings growth of that business so do you feel like it's more favorable to continue to do those smaller deals or would you be open to a larger deal if the right one came across? Thanks.

太好了，謝謝。我的後續問題仍是關於中游成長。我知道我們在電話會議上已經談了很多，但我想知道您是否可以描述一下隨著市場疲軟而進行更大規模交易的興趣，您似乎對您所做的中游增長前景非常樂觀。小型交易正在促進該業務的獲利成長，那麼您覺得繼續進行這些小型交易更有利嗎？或者，如果遇到合適的交易，您是否願意接受更大的交易？謝謝。

Yeah, thanks, Jason, and appreciate your comments on midstream growth. I would say as we continue to look at those opportunities we're going to do it through the lens of strict capital discipline. We want to ensure that they have the ability to deliver mid-teens returns, that they are supportive of our mid-single-digit growth objective.

是的，謝謝，傑森，感謝您對中游增長的評論。我想說，當我們繼續尋找這些機會時，我們將透過嚴格的資本紀律來做到這一點。我們希望確保他們有能力實現中等水準的回報，並支持我們中等個位數的成長目標。

And we certainly have the ability to execute. We hopefully have demonstrated to you over the last, several quarters our ability to lean in both organically and inorganically to drive the well head to water strategy. I mentioned earlier, the strength.

我們當然有能力執行。我們希望在過去的幾個季度中向您展示我們透過有機和無機的方式推動井源到水戰略的能力。我之前提到過，力量。

The Utica and what we tried to do there, we just announced a smaller one gathering crude oil, water, and that gas. So hopefully we've demonstrated to you the opportunities that we see and the ability to support it, but they will be through that strict capital discipline lens regardless of their size, Jason.

尤蒂卡，我們試圖在那裡做的事情，就是宣佈建立一個較小的收集原油、水和天然氣的設施。因此，希望我們已經向您展示了我們看到的機會和支持它的能力，但無論其規模如何，它們都將通過嚴格的資本紀律視角，傑森。

Okay, great. Thanks for the answers.

好的，太好了。謝謝您的回答。

You're welcome, thank you.

不用客氣，謝謝。

All right, if there are no further questions, thank you for your interest in Marathon. Should you have additional questions or want clarifications on topics discussed this morning, please contact us and our team will be available to help with your calls.

好的，如果沒有其他問題，感謝您對馬拉鬆的關注。如果您還有其他問題或想了解今天上午討論的主題，請聯絡我們，我們的團隊將隨時為您提供協助。

Thank you for joining us today.

感謝您今天加入我們。

Thank you, that concludes today's conference. Thank you for participating. You may disconnect at this time.

謝謝大家，今天的會議到此結束。感謝您的參與。您現在可以斷開連線。