Marathon Petroleum Corp (MPC) 2025 Q2 法說會逐字稿

(audio in progress) quarter 2025 earnings call. My name is Ted, and I'll be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded.

（音訊正在播放）2025 年季度收益電話會議。我叫泰德，今天電話的接線生由我來接聽。（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.

現在我將把電話轉給克里斯蒂娜·卡扎里安。克里斯蒂娜，你可以開始了。

Welcome to Marathon Petroleum Corporation's second-quarter 2025 earnings conference call. The slides that accompany this call can be found on our website at MarathonPetroleum.com under the Investor tab. Joining me on the call today are Maryann Mannen, CEO; John Quaid, CFO; and other members of the executive team. 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 SEC filings.

歡迎參加馬拉松石油公司 2025 年第二季財報電話會議。本次電話會議的幻燈片可以在我們的網站 MarathonPetroleum.com 的「投資者」標籤下找到。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。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這份報告以及我們向美國證券交易委員會提交的文件中。

With that, I will turn the call over to Maryann.

說完這些，我將把電話轉給瑪麗安。

Thanks, Kristina. And good morning, everyone. Our second-quarter results reflect actions we have taken to create exceptional value. We delivered 97% utilization, achieving record rates at several refineries throughout the quarter. And we leveraged our fully integrated value chains across the West Coast, Gulf Coast, and MidCon to deliver 105% margin capture. Current fundamentals, especially strong diesel demand coupled with tight inventory levels, remain supportive of strong margins. US gasoline inventories are in line with five-year averages, and diesel inventories are at historically low levels.

謝謝，克里斯蒂娜。大家早安。我們第二季的業績反映了我們為創造卓越價值所採取的行動。我們的利用率達到了 97%，整個季度多家煉油廠的使用率均創下歷史新高。我們利用遍布西海岸、墨西哥灣沿岸和中部地區的全面整合的價值鏈，實現了 105% 的利潤率。目前的基本面，尤其是強勁的柴油需求加上緊張的庫存水平，仍然支撐著強勁的利潤率。美國汽油庫存與五年平均值一致，柴油庫存處於歷史低點。

As anticipated, sequentially, we saw steady growth across gasoline, diesel, and jet. Our system was ready to run. Higher OpEx plus production and more Canadian supply should lead to crude differentials widening later this year. Our longer-term fundamental view supports an enhanced mid-cycle environment for refining, as we expect demand growth to exceed the net impact of capacity additions and rationalizations through the end of the decade. We expect the US refining industry will remain structurally advantaged over the rest of the world.

正如預期的那樣，我們看到汽油、柴油和噴氣燃料的銷售量連續穩定成長。我們的系統已準備好運作。更高的營運成本加上產量以及更多的加拿大供應應該會導致今年稍後原油價差擴大。我們對長期基本面的看法支持煉油業中期週期環境的增強，因為我們預計到本世紀末，需求成長將超過產能增加和合理化帶來的淨影響。我們預計美國煉油業仍將比世界其​​他地區保持結構優勢。

The flexibility of our refining assets and our domestic and international logistical and commercial capabilities further increase our global competitive advantage. We are steadfast in our commitment to safely operate our assets and protect the health and safety of our employees. We continue to advance our operational and commercial capabilities to enhance competitiveness, deliver incremental value, and achieve peer-leading profitability in each region in which we operate.

我們的煉油資產的靈活性以及國內外物流和商業能力進一步增強了我們的全球競爭優勢。我們堅定不移地致力於安全營運我們的資產並保護員工的健康和安全。我們不斷提升我們的營運和商業能力，以增強競爭力，提供增量價值，並在我們營運的每個地區實現同業領先的獲利能力。

In the first half of 2025, our Midstream business delivered 5% year-over-year segment-adjusted EBITDA growth. MPLX is well-positioned to support the development plans of its producer customers, especially as demand increases for natural gas-powered electricity and LNG imports -- exports, excuse me. And with the development of its Gulf Coast fractionation facilities, MPLX is positioned to supply growing global demand for NGOs.

2025 年上半年，我們的中游業務實現了 5% 的同比分部調整後 EBITDA 成長。MPLX 完全有能力支持其生產商客戶的發展計劃，特別是在對天然氣發電和液化天然氣進口（對不起，是出口）的需求增加的情況下。隨著墨西哥灣沿岸分餾設施的發展，MPLX 能夠滿足全球對非政府組織日益增長的需求。

MPLX's financial flexibility, its producer-customer relationships, and strategic roadmap for growth all place 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 and marketing business and the $2.5 billion annualized distribution from MPLX, we believe Marathon can lead industry in capital returns through all parts of the cycle.

MPLX 的財務靈活性、生產商與客戶的關係以及成長策略路線圖都使其處於有利地位，可以繼續大幅增加其分銷量，從而進一步提升其與 MPC 的戰略關係的價值。鑑於我們極具優勢的煉油和行銷業務以及 MPLX 25 億美元的年化分配，我們相信 Marathon 可以在整個週期的各個階段引領行業的資本回報。

We announced two transactions to further our portfolio optimization for today and the future. First, MPC's $425 million divestiture of its partial interest in ethanol production facilities. As the partner's strategic goals evolved and diverged, an opportunity came for MPC to exit the partnership. We were able to monetize our interest at a very compelling multiple. We were the largest blender of ethanol before, and we are the largest blender after the sale. There will be no commercial impacts from the sale.

我們宣布了兩項交易，以進一步優化我們目前和未來的投資組合。首先，MPC 斥資 4.25 億美元剝離其在乙醇生產設施中的部分權益。隨著合作夥伴的策略目標不斷發展和分化，MPC 退出合作關係的機會來了。我們能夠以非常誘人的倍數將我們的利益貨幣化。我們之前是最大的乙醇混合商，出售後我們也是最大的乙醇混合商。此次出售不會產生任何商業影響。

Second, MPLX announced the strategic acquisition of Northwind Midstream, for under $2.4 billion. Northwind provides sour gas gathering and treating services in the highly prolific Delaware Basin. Increased crew drilling activity in the eastern edge of the northern Delaware Basin has been enabled by increased sour gas treating and AGL well capacity provided by these assets. The assets will provide prompt treatment solutions for existing and new producer customers.

其次，MPLX宣布以不到24億美元的價格策略收購Northwind Midstream。Northwind 在產量豐富的德拉瓦盆地提供酸性氣體收集和處理服務。這些資產提高了酸性氣體處理能力和 AGL 井的產能，從而增加了特拉華盆地北部東部邊緣的鑽井活動。這些資產將為現有和新的生產商客戶提供及時的處理解決方案。

Our fee structure comprises gathering, compression, processing, as well as more extensive CO2 and H2S treating. The higher levels of CO2 and H2S warrant a higher fee structure compared to other regions. On average, this gets to an aggregated rate significantly above other regions. These assets are complementary and adjacent to our existing Delaware Basin natural gas system and will expand MPLX's treating and blending operations.

我們的收費結構包括收集、壓縮、加工以及更廣泛的二氧化碳和硫化氫處理。與其他地區相比，二氧化碳和硫化氫含量較高，因此收費結構也較高。平均而言，這項累計率明顯高於其他地區。這些資產與我們現有的特拉華盆地天然氣系統互補且相鄰，並將擴大 MPLX 的處理和混合業務。

The addition of 200,000 dedicated acres will increase MPLX's access to natural gas and NGL volumes. The optionality to direct these new volumes through our integrated system will accelerate our growth opportunities in the Permian. The transaction is expected to be immediately accretive to MPLX's distributable cash flow and represents a 7 times multiple on forecasted '27 EBITDA after the treating system reaches full capacity.

新增的 20 萬英畝專用土地將增加 MPLX 的天然氣和 NGL 產量。透過我們的整合系統引導這些新產量的選擇將加速我們在二疊紀的成長機會。預計該交易將立即增加 MPLX 的可分配現金流，並在處理系統達到滿載後，相當於預測的 27 年 EBITDA 的 7 倍。

MPLX's execution of its wellhead-to-water growth strategy and the ability to accelerate growth opportunities in the Permian extends the duration of its anticipated mid-single-digit EBITDA growth. We believe execution of our strategic commitments, including portfolio optimization, will position our integrated system to deliver industry-leading capital returns and offer a compelling value proposition for our shareholders.

MPLX 實施其從井口到水的成長策略，並加速二疊紀的成長機會，延長了其預期的中位數 EBITDA 成長的持續時間。我們相信，執行我們的策略承諾（包括投資組合優化）將使我們的綜合系統能夠提供業界領先的資本回報，並為我們的股東提供引人注目的價值主張。

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. Moving to second-quarter highlights, slide 5 provides a summary of our financial results. This morning, we reported second quarter net income of $3.96 per share. And during the quarter, we returned approximately $1 billion to shareholders through dividends and repurchases. Slide 6 shows the sequential change in adjusted EBITDA from first-quarter to second-quarter 2025 and the reconciliation between adjusted EBITDA and our net results for the quarter.

謝謝，瑪麗安。轉到第二季的亮點，投影片 5 提供了我們的財務表現摘要。今天上午，我們報告第二季淨收入為每股 3.96 美元。本季度，我們透過股利和回購向股東返還了約 10 億美元。投影片 6 顯示了 2025 年第一季至第二季調整後 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 $3.3 billion, higher sequentially by $1.3 billion, primarily due to increased results in our refining and marketing segment. Moving to our R&M second-quarter segment results on slide 7, our refineries ran at 97% utilization, processing 2.9 million barrels of crude per day. R&M segment adjusted EBITDA was $6.79 per barrel, reflecting strong operational and commercial performance.

本季調整後的 EBITDA 約為 33 億美元，比上一季高出 13 億美元，主要由於煉油和行銷部門業績成長。轉到幻燈片 7 上的 R&M 第二季部門業績，我們的煉油廠利用率為 97%，每天處理 290 萬桶原油。R&M 部門調整後的 EBITDA 為每桶 6.79 美元，反映出強勁的營運和商業表現。

Turning to slide 8, second-quarter capture of 105% was driven by our strategic execution to grow our product channels and favorable secondary product pricing relative to gasoline. Leveraging our integrated value chain, we achieved strong profitable growth through our product sales channels, including brand, wholesale, and export sales.

轉到投影片 8，第二季 105% 的收益得益於我們擴大產品通路的策略執行以及相對於汽油有利的二級產品定價。利用我們的綜合價值鏈，我們透過品牌、批發和出口銷售等產品銷售管道實現了強勁的獲利成長。

We are committed to improving our commercial performance and believe we are building capabilities that will provide sustained incremental value and will produce results that can be seen in our financials. We are also making investments in our refining and marketing segment targeted on growing our margins. The multi-year projects at our Robinson and Galveston Bay refineries increase our ability to produce higher-value products. And the execution of smaller, high-return, quick-hit projects drive incremental yield and performance improvements.

我們致力於提高我們的商業表現，並相信我們正在建立能夠提供持續增量價值並產生可在我們的財務中看到的結果的能力。我們也對煉油和行銷部門進行投資，旨在提高利潤率。我們羅賓遜和加爾維斯頓灣煉油廠的多年期計畫提高了我們生產高價值產品的能力。而規模較小、回報較高、見效較快的專案的實施則推動了產量和性能的提升。

Slide 9 shows our Midstream segment performance for the quarter. Our Midstream segment continues to deliver cash flow growth, with year-to-date segment adjusted EBITDA increasing 5% over last year. In the second quarter of 2025, MPC received distributions of $619 million from MPLX, a 12.5% increase compared to the $550 million received in the second quarter of last year. MPLX remains a source of durable growth as it progresses its mid-single-digit adjusted EBITDA growth strategy.

投影片 9 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，年初至今的部門調整後 EBITDA 比去年成長了 5%。2025 年第二季度，MPC 從 MPLX 獲得了 6.19 億美元的分配，與去年第二季度收到的 5.5 億美元相比增長了 12.5%。隨著 MPLX 推進其中位數調整後 EBITDA 成長策略，其仍是持久成長的來源。

Slide 10 shows our renewable diesel segment performance for the quarter. Our renewable diesel facilities operated at 76% for the quarter, which included a planned full plant turnaround at our Dickinson facility. Margins improved as we realized incremental 45Z production tax credits in the second quarter, and we will continue to focus on optimizing our renewable facilities, leveraging logistics, and our pretreatment capabilities.

幻燈片 10 展示了本季我們的再生柴油部門的表現。本季度，我們的再生柴油設施的運作率為 76%，其中包括計劃中的迪金森工廠的全面改造。由於我們在第二季度實現了增量 45Z 生產稅收抵免，利潤率有所提高，我們將繼續專注於優化我們的再生設施、利用物流和預處理能力。

Slide 11 presents the elements of change in our consolidated cash positions for the second quarter. Operating cash flow, excluding changes in working capital, was $2.6 billion for the quarter. Working capital was a $34 million source of cash for the quarter. Inventory drawdowns to normal operating levels were a source of cash, but they were offset by higher product receivables from increased sales volumes. Second-quarter capital expenditures, investments, and acquisitions were just over $1 billion, approximately $350 million for MPC on a standalone basis, and almost $700 million for MPLX.

投影片 11 展示了第二季合併現金狀況的變化要素。本季營運現金流（不包括營運資本變動）為 26 億美元。本季營運資金為 3,400 萬美元的現金來源。庫存下降至正常營運水準是現金來源之一，但被銷售量增加導致的產品應收帳款增加所抵銷。第二季的資本支出、投資和收購略高於 10 億美元，其中 MPC 單獨支出約為 3.5 億美元，MPLX 支出近 7 億美元。

In the quarter, MPC repaid $1.25 billion in senior notes, which matured in May, and MPLX redeemed $1.2 billion of senior notes, which were scheduled to mature in June. At the end of the quarter, MPC had cash of nearly $300 million and MPLX cash of approximately $1.4 billion. We manage our balance sheet to an investment-grade credit profile. Supported by the $2.5 billion in growing annual distribution from MPLX, our strong balance sheet provides us the financial flexibility to execute our strategy.

本季度，MPC 償還了 5 月到期的 12.5 億美元優先票據，MPLX 贖回了原定於 6 月到期的 12 億美元優先票據。截至本季末，MPC 擁有現金近 3 億美元，MPLX 擁有現金約 14 億美元。我們將資產負債表管理為投資等級信用狀況。在 MPLX 每年不斷增長的 25 億美元分配的支持下，我們強勁的資產負債表為我們執行策略提供了財務靈活性。

Turning to guidance on slide 12, we provide our third-quarter outlook. We are projecting crude throughput volumes of 2.7 million barrels per day, representing utilization of 92%. Turnaround expense is projected to be approximately $400 million in the quarter, with activity mainly focused in the MidCon and West Coast regions. 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 $5.70 per barrel. Distribution costs are expected to be $1.5 billion. And corporate costs are expected to be $240 million.

轉向幻燈片 12 上的指導，我們提供了第三季的展望。我們預計原油吞吐量為每天 270 萬桶，利用率為 92%。本季的周轉費用預計約為 4 億美元，活動主要集中在 MidCon 和西海岸地區。預計全年轉虧為盈支出與去年持平，約 14 億美元。預計營運成本為每桶 5.70 美元。預計分銷成本為15億美元。公司成本預計為 2.4 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. Our strategic priorities and commitments have produced sustained structural advantages. Safe and reliable operations are foundational. Operational excellence is integral. And paired with strong commercial execution, we should deliver peer-leading profitability. We will continue to optimize our portfolio for today and the future through strategic investments and divestitures, such as the sale of our partial interest in ethanol production facilities.

謝謝，約翰。我們的策略重點和承諾產生了持續的結構優勢。安全可靠的運作是基礎。卓越營運是不可或缺的。結合強大的商業執行力，我們應該能夠實現同業領先的獲利能力。我們將繼續透過策略性投資和資產剝離（例如出售我們在乙醇生產設施中的部分權益）來優化我們現在和未來的投資組合。

We will execute 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 opportunities. MPLX has announced $3.5 billion of acquisitions so far this year, enhancing the growth platform of its natural gas and NGL value chain strategy and remains on track to invest $1.7 billion on organic growth plans in 2025.

我們將執行 2025 年 12.5 億美元的獨立資本計劃，其中 70% 將用於高回報項目，旨在創造選擇性並提高我們利用市場機會的能力。MPLX 今年迄今已宣布了 35 億美元的收購，增強了其天然氣和 NGL 價值鏈策略的成長平台，並預計在 2025 年投資 17 億美元用於有機成長計畫。

MPLX differentiates MPC from peers, providing distributions that we expect to cover MPC's dividends, standalone capital spending, and more. MPLX increased its distribution by 12.5% last year and expects to see similar increases for the next few years. Our integrated value chain and diversified assets position us to lead in capital allocation.

MPLX 將 MPC 與同業區分開來，提供我們預計將涵蓋 MPC 股息、獨立資本支出等的分配。MPLX 去年的分銷量增加了 12.5%，預計未來幾年也將出現類似的成長。我們整合的價值鏈和多元化的資產使我們在資本配置方面處於領先地位。

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 other participants, we ask that you limit yourself to one question and a follow up. If time permits, we will reprompt for additional questions. We will now open the call for questions. Operator?

謝謝，瑪麗安。當我們開始徵集您的問題時，為了尊重其他參與者，我們要求您只提出一個問題並進行後續跟進。如果時間允許，我們將再次提示其他問題。我們現在開始提問。操作員？

(Operator Instructions) Manav Gupta, UBS.

（操作員指示）Manav Gupta，瑞銀。

Good morning, Maryann. A very strong quarter. I have to ask you this. I know you guys don't focus so much on it, but 105% capture. I know in the past there are times you go over 100% towards the fourth quarter where things are a little different, but I don't remember seeing over 100% in the second quarter. So could you talk about that 105% capture that you achieved in the second quarter?

早安，瑪麗安。這是一個非常強勁的季度。我必須問你這個問題。我知道你們不太注意這一點，但捕獲率為 105%。我知道過去有時第四季的成長率會超過 100%，那時情況會有些不同，但我不記得第二季的成長率超過 100%。那麼，您能談談您在第二季度實現的 105% 的捕獲率嗎？

Of course, and good morning. Thank you for your question. We've been prioritizing our commercial performance. It has been and will continue to be foundational for us to deliver peer-leading results. The commercial and the value chain optimization teams have been and will remain committed to improving commercial performance, and we expect that these are sustainable. And we'll be able to continue to deliver those results in the coming quarters.

當然，早安。感謝您的提問。我們一直優先考慮我們的商業表現。它一直是並將繼續成為我們取得同儕領先成果的基礎。商業和價值鏈優化團隊一直並將繼續致力於提高商業績效，我們預計這些努力是可持續的。我們將能夠在未來幾季繼續取得這些成果。

We've got the scale of our fully integrated system across our three regions. We've increased commercial capabilities, as you know, and we think those sustainable changes will continue to deliver value in the future. It's part of our commitment to excellence. And frankly, we expect this to lead to stronger cash flows and our ability to deliver the most cash flow per share. With that, let me pass it to Rick, because I'm sure he's got a few other things that he would like to share with you as well on the performance in the quarter.

我們的全面整合系統已涵蓋三個地區。如您所知，我們已經提高了商業能力，我們認為這些可持續的變化將在未來繼續帶來價值。這是我們對卓越的承諾的一部分。坦白說，我們預計這將帶來更強勁的現金流，並提高我們實現每股最高現金流的能力。說完這些，讓我把它傳遞給 Rick，因為我相信他還有一些其他的事情想與你們分享，關於本季的表現。

Yes, hi, Manav, and thank you for the question. So Maryann used the word sustainable. I couldn't agree more, but I would also say I want to leave you with the fact that we have made and continue to make structural improvements to our organization to better our performance. So I think that that's a key point that I want you to walk away with. This isn't a one and done. We expect to maintain this and to continue to improve on our performance.

是的，你好，Manav，謝謝你的提問。因此瑪麗安使用了“可持續”這個詞。我完全同意，但我還想說，我想讓你們知道，我們已經並將繼續對我們的組織進行結構性改進，以提高我們的績效。所以我認為這是我希望你們明白的一個關鍵點。這不是一次性的事。我們希望保持這種狀態並繼續提高我們的業績。

Maryann also mentioned our regional optimization. So when you look at our fully integrated value chains within the MidCon, the West Coast, and the Gulf Coast, we believe we're unparalleled to take advantage of our assets and our connectivity within each region, whether that's moving feedstocks, intermediates, products between one plant or one region to another. We have incredible flexibility.

Maryann 也提到了我們的區域優化。因此，當您查看我們在 MidCon、西海岸和墨西哥灣沿岸的完全整合的價值鏈時，我們相信我們能夠無與倫比地利用我們在每個地區的資產和連通性，無論是在一個工廠或一個地區之間運輸原料、中間體、產品。我們擁有令人難以置信的靈活性。

And then, Manav, what was mentioned on the call in the second quarter, we certainly achieved strong profitable growth through our product channels, our Marathon brand, our wholesale channel, and our international clean product exports. As well as, I'll leave you with, it's very well known that diesel cracks have been driving the market, as well as jet has been very strong. And we leaned in significantly to both of those product channels throughout the quarter. So I hope that helps to give you some color, Manav.

然後，Manav，正如第二季度電話會議上提到的，我們確實透過我們的產品管道、我們的馬拉松品牌、我們的批發管道以及我們的國際清潔產品出口實現了強勁的盈利增長。另外，我要告訴你們的是，眾所周知，柴油裂解一直推動著市場，而且噴射燃料也表現非常強勁。整個季度我們都大力依賴這兩個產品管道。所以我希望這能給你一些幫助，Manav。

No, that's very helpful. My quick follow up here is we have seen OpEx put in some hikes. More hikes are on the table. We are not seeing still a material widening on the quality discounts. WCS has actually started to move. The last I checked was almost $13 discount to WTI, which does help you a lot. I'm just trying to understand your outlook for the quality discounts as OpEx comes forward with August and September hikes of additional barrels. How do you see those discounts trending into the year end? Thank you.

不，這非常有幫助。我的快速跟進是，我們已經看到營運支出增加。進一步升息的可能性正在考慮中。我們還沒有看到品質折扣出現實質的擴大。WCS 實際上已經開始行動了。我上次檢查時發現 WTI 的價格有近 13 美元的折扣，這確實對你有很大幫助。我只是想了解一下，隨著 8 月和 9 月石油產量增加，OpEx 將面臨品質折扣的前景。您認為這些折扣在年底會呈現怎樣的趨勢？謝謝。

Yes, it's a really good call out, Manav. I will tell you that we expect differentials flat out to widen out in the back of the second half this year. As everyone has seen, OpEx recently accelerated, increasing -- bringing barrels to market by 547,000 barrels a day by September. And I want to double-click on September for just a moment because that's key.

是的，這確實是一個很好的呼籲，Manav。我可以告訴你們，我們預計今年下半年後期差距將會進一步擴大。如大家所見，營運支出最近加速成長——到 9 月份，每天向市場輸送 547,000 桶石油。我想稍微談談九月，因為那是關鍵。

What you will find, at least in our experience, is it will take a month or two, Manav, for those barrels to impact the global flows and then ultimately impact the spreads. So continue to watch that as 3Q plays out here. And then I'd be remiss if I didn't chat about the Canadian production as well and where we see everything coming out of Canada. So with Canadian maintenance behind the producers, we're seeing bullish Canadian production as witnessed by recent apportionment on lines out of Canada for actually six out of the last eight months.

至少根據我們的經驗，你會發現，這些原油需要一兩個月的時間才會影響全球原油流動，最後影響價差。因此，請繼續關注第三季的進展。如果我不談論加拿大的生產以及我們看到的所有來自加拿大的產品，那我就太失職了。因此，由於加拿大的維護工作落後於生產商，我們看到加拿大的產量看漲，正如最近八個月中有六個月加拿大境外生產線的分配情況所證明的那樣。

And as you know, turnarounds are increasing on the Gulf Coast this fall, reducing demand for Canadian barrels. And then here in the middle to end of 3Q, we're going to have diluent blending kicking in here shortly to swell the pool as well. So we see a lot of positive trends on the Canadian barrel that, as you know, comes into our system and we can use in a very dynamic way. In fact, there is no one in the United States that can consume more heavy Canadian than us. So we're looking forward to 3Q, 4Q. As you pointed out, none of the signals and the differentials are already beginning to change.

如您所知，今年秋季墨西哥灣沿岸的周轉量正在增加，從而減少了對加拿大石油的需求。然後在第三季中期到末期，我們很快就會開始使用稀釋劑混合來擴大池子。因此，我們看到加拿大石油桶出現了很多積極的趨勢，正如你所知，這些石油桶進入了我們的系統，我們可以以非常動態的方式加以利用。事實上，在美國沒有人能比我們消耗更多重的加拿大人。所以我們期待第三、第四季。正如您所指出的，所有訊號和差異都尚未開始改變。

Thank you so much.

太感謝了。

You're welcome. Thank you.

不客氣。謝謝。

You're welcome.

不客氣。

Paul Cheng, Scotiabank.

加拿大豐業銀行 Paul Cheng。

Hey, guys. Good morning.

嘿，大家好。早安.

Good morning, Paul.

早安，保羅。

Maryann, there are two questions in here. One, maybe this is for Rick. With the two pending California refinery culture, for your system, how do you think that it is going to impact you? And I would imagine there's a lot of opportunity for you and where you see is the biggest opportunities. The second question is that on the turnaround expense, you have back-to-back two years actually, pretty heavy turnaround, about $1.4 billion spending. Is that considered the cycle high? And over the next several years, what would be a more normal level or average for the cycle? What is a more normal level for the turnaround expense that we can expect? Thank you.

瑪麗安，這裡有兩個問題。第一，也許這是給瑞克的。鑑於加州兩家煉油廠的文化即將出台，對於您的系統而言，您認為這將對您產生什麼影響？我想你會有很多機會，而你看到的地方就是最大的機會。第二個問題是，關於週轉費用，實際上連續兩年，你們的周轉費用相當大，支出約 14 億美元。這算是周期高點嗎？在接下來的幾年裡，週期的更正常或平均值是多少？我們可以預期的更正常的周轉費用水準是多少？謝謝。

Thanks, Paul. First, on California, let me share a few thoughts. And then I'll pass it to Rick, and he can give you incremental color. On California, we've been studying this region, as you well know, for a long period of time. And one of the things that we've said is we believe that we have one of the most competitive regions on the West Coast.

謝謝，保羅。首先，關於加州，我想分享一些想法。然後我會把它傳給 Rick，他可以給你增量顏色。關於加州，正如你們所知，我們已經對這個地區進行了長期的研究。我們說過的一件事是，我們相信我們是西海岸最具競爭力的地區之一。

Frankly, we've shared, over the last two years, we've put about $700 million to work in our LA asset with a return that we expect in and about 20%. It will improve efficiency. It will add reliability, obviously generate incremental EBITDA, all at the same time then complying with required NOx emission reductions. And so we think there's real advantages there, as you well know.

坦白說，我們已經分享過，在過去的兩年裡，我們在洛杉磯資產上投入了大約 7 億美元，預計回報率約為 20%。這將提高效率。它將增加可靠性，顯然會產生增量的 EBITDA，同時也能滿足所需的 NOx 減排要求。因此，我們認為這確實有優勢，正如您所知。

We think about the number of ICE vehicles remaining in that state, 28 million vehicles. I think about 8 million of those sit in LAR, really in very close proximity to our asset as well. So we've made commitments to the region. We continue to feel positive about those commitments we've made. And again, this project that I referred to will be complete this year. I'm going to pass it to Rick, and he can give you any incremental color on California.

我們考慮一下該州剩餘的 ICE 車輛數量，2800 萬輛。我認為其中約有 800 萬人位於 LAR，實際上也非常靠近我們的資產。因此我們對該地區做出了承諾。我們繼續對我們所做的承諾感到樂觀。再次強調，我提到的這個項目將在今年完成。我要把它傳給里克，他可以給你任何關於加州的增量資訊。

Yes. Hi, Paul. So just a few additional items because Maryann really covered it well. A couple of things to watch as the closures happen is we will have access to a lot of local California crudes that we don't have access to today or not as much access to. And we see those as being advantage barrels. So look for that to happen. We see that certainly as a tailwind for us being right there in LA with our facility.

是的。你好，保羅。因此只需要增加一些項目，因為 Maryann 確實講解得很好。關閉期間需要注意的幾件事是，我們將能夠獲得大量目前無法獲得或無法獲得的加州當地原油。我們認為這些都是優勢。因此，期待這種情況發生。我們認為這對我們在洛杉磯設立工廠來說無疑是個順風。

And then I'll also leave you with don't just think of us as LA and LA only. Really think of us as our fully integrated system. And what I mean by that is our Pacific Northwest. It's Anacortes and it's Kenai. So we have the optionality to use all three facilities to play off of one another, whether that be providing carb gasoline into the state of California, i.e., San Francisco, when differentials blow out, or to move intermediates between the three facilities. So we have a lot of optionality, which we believe ultimately gives us a really strong competitive advantage in that region.

然後我還要告訴你們，不要只把我們當洛杉磯。真正將我們視為完全整合的系統。我指的是我們的太平洋西北地區。這是阿納科特斯 (Anacortes) 和基奈 (Kenai)。因此，我們可以選擇使用這三個設施來相互配合，無論是在差速器爆裂時向加州（即舊金山）提供碳水化合物汽油，還是在三個設施之間運輸中間體。因此，我們有很多選擇，我們相信這最終會讓我們在該地區擁有真正強大的競爭優勢。

Rick, can you also talk about how the impact on the Southwest market where you have the parcel refinery and also into the Rocky Mountain, given that LA is also sending barrel in theory that, I mean, they are sending barrel to the Phoenix market. And so in theory that those barrels will become lesser and how that you will be able to take advantage.

里克，你能否談談這對西南市場有何影響？西南市場有包裹煉油廠，也有落基山脈，因為理論上洛杉磯也在運送石油到菲尼克斯市場。因此從理論上講，這些桶的數量會變得越來越少，而你將能夠利用這一點。

Yes, great question, Paul. I will tell you that El Paso can reach the Phoenix market very efficiently and effectively, and we'll continue to lean into that market even more as all things play out within California. Because ultimately, it's fair to say that most people know that California is short, right? And it's going to be even shorter going forward. So that will continue to place more emphasis on our El Paso refinery to cover the Arizona market.

是的，保羅，這個問題問得很好。我會告訴你，埃爾帕索可以非常有效率地進入鳳凰城市場，隨著加州所有事情的發展，我們將繼續更加傾向於市場。因為最終，可以公平地說，大多數人都知道加州很矮，對吧？而以後這個時間將會變得更短。因此，我們將繼續更加重視埃爾帕索煉油廠，以涵蓋亞利桑那州市場。

And Paul, I wanted to come back to your second question, I think, which was around turnaround and whether or not this run rate is what we're expecting going forward. Just a couple of comments, and I'll pass it to John to give you some of the details. But as you know, we've continued to prioritize our peer-leading performance and our operational excellence to ensure, one, safe and reliable operations; and, two, the ability to continue to improve profitability per barrel. And a lot of the work that we've been doing, quick-hit projects, projects that I mentioned as well, are all part of our objective of ensuring the most profitable results for each of the regions. Let me pass it to John to address your turnaround question.

保羅，我想回到你的第二個問題，即扭虧為盈，以及這個運行率是否符合我們的預期。僅幾條評論，我會將其轉交給約翰，以便向您提供一些詳細信息。但如您所知，我們一直優先考慮我們的同行領先表現和卓越運營，以確保：第一，安全可靠的運營；第二，能夠繼續提高每桶的盈利能力。我們一直在做的許多工作，包括快速見效的項目，以及我提到的那些項目，都是我們確保每個地區獲得最盈利結果的目標的一部分。讓我把它交給約翰來解答你的周轉問題。

Yes, thanks, Maryann. And thanks for the question, Paul. I think, like you noted, I think we're still kind of coming out of the backlog from COVID, et cetera, still working through that. So we might be here at the peak as we continue to work through that backlog. And then I think if you looked out a little further beyond that we'll see the numbers come back down, although I'm not going to give you 2027 guidance on the call today. But hopefully, directionally, that gives you a feel for where we are.

是的，謝謝，瑪麗安。謝謝你的提問，保羅。我認為，正如您所說，我們仍在努力解決 COVID 等造成的積壓問題。因此，當我們繼續處理積壓的工作時，我們可能正處於高峰期。然後我想如果你再往前看一點，我們會看到數字回落，儘管我不會在​​今天的電話會議上給你 2027 年的指導。但希望從方向來看，這能讓你了解我們所處的位置。

All right, very good. Thank you.

好的，非常好。謝謝。

Thanks, Paul.

謝謝，保羅。

Neil Mehta, Goldman Sachs.

高盛的尼爾·梅塔。

Yes, good morning, Maryann and team. Thanks for all this. First question is just around return of capital. Obviously, that's been a hallmark of MPC coming out of COVID, the amount of -- you've shrunk your share count. Buyback this quarter may be a little bit lighter than where we've been trending. I don't know if there was some specific dynamics there or just it's where we are at this point with the cash balances. But Maryann, maybe you can talk about how you're thinking about the return of capital, specifically around the buyback.

是的，早上好，瑪麗安和團隊。謝謝這一切。第一個問題是關於資本回報。顯然，這是貨幣政策委員會擺脫 COVID 的一個標誌，即減少了股票數量。本季的回購可能會比我們之前的趨勢稍微少一些。我不知道那裡是否存在一些特定的動態，或者只是我們目前的現金餘額情況。但是瑪麗安，也許你可以談談你對資本回報的看法，特別是圍繞著回購。

Yes, good morning, Neil. So no change in the way that we think about prioritizing the return of capital. One of the things that we've been trying to say is all of the work that we're doing, improving commercial performance, our operational excellence should yield the strongest cash flow per share and therefore allow us to lead in capital return compared to our peers.

是的，早上好，尼爾。因此，我們對優先考慮資本回報的思考方式並沒有改變。我們一直想說的一件事是，我們所做的所有工作，提高商業績效，我們的卓越營運應該產生最強勁的每股現金流，從而使我們在資本回報率方面領先於同行。

I think the other thing that I would want to be sure, when we look at MPLX, we've been talking about that 12.5% distribution and the potential to continue to grow that over the next few years. We raised that distribution last year as well. The benefit of that, at least right now, is $2.5 billion on an annual basis coming to MPC. And as you know, that covers MPC's dividend to its shareholders and the capital that MPC was planning to put to work in 2025 with some rights available for other elements.

我想確定的另一件事是，當我們看 MPLX 時，我們一直在談論 12.5% 的分佈以及未來幾年繼續增長的潛力。去年我們也提高了分配額。這樣做的好處是，至少目前，每年有 25 億美元流入 MPC。如您所知，這包括 MPC 向其股東支付的股息和 MPC 計劃在 2025 年投入的資本，以及其他要素的一些權利。

So as MPLX is able to grow that distribution and that $2.5 billion improves as well, that should further support our ability to continue to lead in capital return. But I think your statement's accurate. When you look at the amount of cash flow that we have in terms of our results and how we prioritize that cash flow, these are reasonable ranges. We'll take a look each quarter at market dynamics, our cash flow expectation, et cetera, but we intend to return all free cash flow in the form of share buyback. So no change to that at all, Neil. Hope that answers your question.

因此，隨著 MPLX 能夠擴大分銷，並且 25 億美元的收入也得到提高，這將進一步支持我們繼續在資本回報方面保持領先地位的能力。但我認為你的說法是準確的。當你從我們的業績和我們如何優先安排現金流的角度來看待我們的現金流時，這些都是合理的範圍。我們每季都會關注市場動態、現金流預期等，但我們打算以股票回購的形式返還所有自由現金流。所以，尼爾，這一點沒有任何改變。希望這能回答你的問題。

That's really helpful. Thanks, Maryann. And then to follow up just on Galveston Bay, it looked like there was some downtime at the ROUx unit. Where are we in terms of starting that back up? And I know you're working on some projects around the high-sulfur distillate and trying to get that into ultra-low-sulfur diesel. So where do we stand on that project as well?

這真的很有幫助。謝謝，瑪麗安。然後，僅就加爾維斯頓灣進行跟踪，看起來 ROUx 裝置出現了一些停機時間。就重新啟動而言，我們處於什麼階段？我知道您正在進行一些有關高硫餾分油的項目，並試圖將其轉化為超低硫柴油。那我們在這個專案上處於什麼位置？

Yes, certainly, Neil. So really, as you saw in the second quarter, very minimal impact from GBR. I'm going to pass it to Mike here in a moment, who will take you through what the plans are for 3Q and walk you through that coming back up, if you will, for GBR. And you're right, we are also prioritizing capital. Galveston Bay is one of them for the DHT, really trying to optimize that product slate. We've got a couple of other projects, Robinson being another one where we can improve yield.

是的，當然，尼爾。因此，正如您在第二季度看到的那樣，GBR 的影響非常小。我馬上就會把它交給麥克，他會向你們介紹 3Q 的計劃，並且如果你們願意的話，還會向你們介紹 GBR 的計劃。你說得對，我們也優先考慮資本。加爾維斯頓灣 (Galveston Bay) 是 DHT 的公司，致力於優化其產品結構。我們還有其他幾個項目，其中 Robinson 是另一個可以提高產量的項目。

And so we continue to try to put capital to work, very similar to what you say with respect to Galveston Bay. We think that's important for us from a reliability standpoint, particularly when you look at the level of returns that we can see on those major projects as we've shared in at about 20% our overall portfolio in at about 30% this year. But let me pass it to Mike and have him walk you through the plans for GBR restart.

因此，我們繼續嘗試讓資本發揮作用，這與您在加爾維斯頓灣所說的非常相似。我們認為從可靠性的角度來看這對我們很重要，特別是當你看到我們在這些主要項目中看到的回報水平時，因為今年我們在整體投資組合中的份額約為 20%，約為 30%。但請讓我把它交給麥克，讓他向你們介紹 GBR 重啟計劃。

Thank you, Maryann. In June, an incident occurred around one of our trains in the resid hydrocracker. The refinery team did a great job responding quickly and extinguished the fire with no injuries. We're roughly about halfway through our phase startup process. The 200 train is up and running, and the downstream units are currently stable, and we're working on the 300 train and plan to be operational soon. Overall, we should be back at plant rates shortly. We are currently optimizing the remaining plant operations around resid containment, and this has been incorporated in our third-quarter guidance and is expected to have a minor impact on our capture trends.

謝謝你，瑪麗安。6 月份，我們的渣油加氫裂解裝置中的一列火車周圍發生了一起事故。煉油廠團隊反應迅速，成功撲滅大火，沒有人員傷亡。我們的階段啟動過程大約已經進行了一半。200列火車已經啟動並運行，下游裝置目前穩定，我們正在建造300列火車，計劃很快投入運作。總體而言，我們的生產力應該很快就會恢復。我們目前正在優化剩餘工廠的殘油控制運營，這已納入我們的第三季度指導中，預計對我們的捕獲趨勢產生輕微影響。

Doug Leggate, Wolfe Research.

道格‧萊格特（Doug Leggate），沃爾夫研究公司。

Thanks. Good morning, everyone. Maryann, I wonder if I could come back to the issue of capture, please. You and I have had this conversation before about the danger of the perception that when you talk about commercial, people think trading and you get a 1 times multiple.

謝謝。大家早安。瑪麗安，我想知道我是否可以再回到捕獲問題。您和我之前曾討論過這種看法的危險性：當您談論商業時，人們會想到交易，而您會得到 1 倍的倍數。

What I really want to ask is, obviously, this capture trend has been getting better, and it looks like it's more embedded and the go-forward capture rate, which you've always talked about as being a kind of 100% target. So I wonder if I could put you on the spot a little bit and say, well, if this is repeatable, what is the new capture rate? What is the new sustainable capture rate that you would expect out of your system, or is it still too early to answer?

我真正想問的是，顯然這種捕獲趨勢一直在好轉，而且看起來更加根深蒂固，而您一直說的前進捕獲率是一種 100% 的目標。所以我想知道我是否可以稍微問一下你一下，如果這是可重複的，那麼新的捕獲率是多少？您期望您的系統達到的新的可持續捕獲率是多少？或者現在回答這個問題還為時過早？

Yes, Doug, thanks. So a couple of things. One, and I hope you heard both from the earlier question around capture. Both Rick and myself speak about sustainable changes. As you mentioned, we've been talking about it for a period of time. We've continued to prioritize our commercial performance. We've talked about some of the things that we've done. giving us greater visibility as we look at operations not only in Findlay but in Houston, in London, and in Singapore.

是的，道格，謝謝。有幾件事。第一，我希望你們已經聽清楚了之前關於捕獲的問題。里克和我都談到了可持續的變化。正如您所說，我們已經討論這個問題一段時間了。我們一直把商業表現放在第一位。我們討論了一些我們做過的事情，這讓我們對芬德利、休士頓、倫敦和新加坡的營運情況有了更清晰的認識。

We think those provide us sustainable change and visibility. It's an area where we continue to prioritize. I don't think you heard in Rick's response that he talked about one-time results in trading. Now certainly, we look to optimize in the prompt as well. But a lot of the work that we're doing is really quite different and that is really sustainable, looking at the way that we make our decisions, looking at the tools and the capabilities that we have to make decisions more rapidly. Those would be the things that I would point to.

我們認為這些為我們提供了可持續的變化和可見性。這是我們持續優先考慮的領域。我認為你沒有聽到里克的回答中談到交易中的一次性結果。當然，我們也希望在提示中進行最佳化。但我們所做的許多工作確實非常不同，而且確實是可持續的，看看我們做決策的方式，看看我們更快做出決策所需的工具和能力。這些就是我要指出的事情。

It's a challenge to call capture from quarter to quarter, and the reason for that obviously is some of those things are not within our control. We'll use the phrase. You've heard us say it. We're going to control the things we can. Obviously, as prices move up or down more rapidly, the impact on secondary --

逐季進行捕獲是一項挑戰，原因顯然是其中一些事情不在我們的控制範圍內。我們將使用這個短語。您已經聽我們說過了。我們將控制我們能控制的事情。顯然，隨著價格上漲或下跌速度加快，對二級市場的影響--

Rick talked about brand. Rick talked about across the value chains and the integration there. These are the types of changes that he and the rest of the commercial team have been making. So we prioritize commercial for a period of time, and we will continue to do that and ensure that we can deliver results quarter after quarter. I'm going to pause, Doug.

里克談到了品牌。里克談到了整個價值鍊及其整合。這些都是他和其他商業團隊成員一直在進行的改變。因此，我們在一段時間內優先考慮商業，我們將繼續這樣做，並確保我們能夠逐季度地取得成果。我要暫停一下，道格。

You know what I'm getting at, right? Because when Shell and others talk about trading, it's kind of a 1 times multiple business, and I just want to make sure that we're interpreting it correctly. My follow up, Maryann, if you don't mind, is on cash taxes. It's normally a question we ask of the E&Ps.

你知道我的意思吧？因為當殼牌和其他公司談論交易時，這是一種 1 倍多的業務，我只是想確保我們正確地理解它。瑪麗安，如果你不介意的話，我的後續問題是關於現金稅。這通常是我們向 E&P 提出的問題。

But it seems to us, although you don't disclose the full detail of your cash flow statement, it seems to us that we're starting to see some benefit maybe of the One Big Beautiful Bill on some of the investments you made on the West Coast. I wonder if you could maybe offer some insight as to whether you are getting accelerated bonus depreciation, not just in the West Coast, but your planned projects over the next year or so around the portfolio as well.

但在我們看來，儘管你們沒有透露現金流量表的全部細節，但我們似乎開始看到「一攬子美麗法案」可能為你們在西海岸進行的一些投資帶來了一些好處。我想知道您是否可以提供一些見解，說明您是否獲得了加速獎金折舊，不僅在西海岸，而且在未來一年左右的投資組合計劃項目中也是如此。

Hey, morning, Doug. It's John. I'll just step in and take that one. I think you're spot on, right? We're a capital-intensive business. And going back to full expensing on a permanent basis and rolling that back to January of this year, there's a nice cash tax benefit that we're going to be expecting to see versus where those rates had lowered under the previous legislation. We don't mind the federal rates staying at 21% as well, but certainly a nice cash flow benefit from bonus depreciation.

嘿，早上好，道格。是約翰。我會介入並接受這個。我認為您說得對，對嗎？我們是一家資本密集型企業。而且，如果永久恢復全額費用化，並將其回滾到今年 1 月，我們將有望看到不錯的現金稅收優惠，而之前的立法中這些稅率已經降低了。我們並不介意聯邦利率維持在 21%，但獎金折舊肯定會帶來不錯的現金流收益。

Can you quantify it, John?

你能量化它嗎，約翰？

No, I don't know if I want to do that here today. I think you'll see that as we start to report in our quarterly results, and we'll speak to it then.

不，我不知道今天是否想在這裡做這件事。我想當我們開始報告季度業績時，您就會看到這一點，到時候我們就會談論它。

Got it. Thanks so much.

知道了。非常感謝。

Thanks, Doug.

謝謝，道格。

Jason Gabelman, TD Cowen.

傑森·加貝爾曼 (Jason Gabelman)，TD Cowen。

Start on the balance sheet, and it seems like you leaned on it a bit more this quarter to support buybacks. If I think about prior guidance, I think it included $7 billion gross debt at the parent and $1 billion of cash, so $6 billion of net debt, and I think you're closer to $7.5 now. So can you talk about if your targets for net debt have changed or if they're one-offs in the quarter, that impact in net debt that you'd expect to reverse?

從資產負債表開始，似乎本季你更依賴它來支持回購。如果我考慮先前的指導，我認為它包括母公司 70 億美元的總債務和 10 億美元的現金，因此淨債務為 60 億美元，我認為現在更接近 75 億美元。那麼，您能否談談，如果您的淨債務目標已經發生變化，或者這些目標在本季度是一次性的，您預計這會對淨債務產生哪些影響？

Yes, hey, Jason. It's John. I'll take that one. Yes, I think, look, I don't know that I'd look too much this quarter, and I'll try and walk you through some pieces because our targets have not changed of being around $1 billion on the cash and the debt targets you mentioned from a gross debt standpoint. I think here you heard us talk about the sale of this interest in our ethanol JV, which closed last week. That cash is in the bank.

是的，嘿，傑森。是約翰。我要那個。是的，我想，看，我不知道這個季度我會看太多，我會嘗試帶你了解一些部分，因為我們的目標沒有改變，從總債務的角度看，現金和債務目標都是 10 億美元左右。我想您在這裡聽到了我們談論出售我們乙醇合資企業的權益，該合資企業已於上週關閉。那筆現金在銀行。

We knew kind of where we were with that as we went into the end of the quarter. And again, from quarter end to quarter end, you're going to get some timing things that come through. I guess the clearest way I can kind of maybe put you at ease is we just closed here the month of July. We're pretty much right back to our $1 billion of cash on the balance sheet.

當我們進入季度末時，我們大概知道我們的處境了。再一次，從一個季度末到另一個季度末，你會得到一些時間上的事情。我想我能讓您放心的最清楚的方式是，我們剛剛在七月關閉了這裡。我們的資產負債表上的現金幾乎又回到了 10 億美元。

Got it. That's helpful. And then my other question is kind of strategic initiatives. And at the June investor event you held, you talked about a few things that I was hoping you could update us on, one of them being targeting moving more barrels from kind of eastern pad to further east, one on interest in pet chem bolt-ons, and then the last on kind of organic Gulf Coast capacity growth. And I'm not sure if any of those really had more fully baked plans behind them or if those were things you were initially exploring, but was just hoping to get any additional color on those if you have any to share.

知道了。這很有幫助。我的另一個問題是策略性舉措。在您舉辦的 6 月份投資者活動中，您談到了一些事情，我希望您能向我們通報一下，其中之一就是將更多的石油從東部地區轉移到更東部地區，一個是關於對寵物化學附加產品的興趣，最後一個是關於墨西哥灣沿岸有機產能的增長。我不確定其中是否真的有更完善的計劃，或者這些是否是你最初探索的東西，但我只是希望獲得任何額外的細節，如果你有任何可以分享的話。

Sure, Jason. Maybe just a couple of comments, and I'll pass it to Rick to address a few of them that you had embedded in there that we shared when we were together in June. Certainly, portfolio optimization is a strategic priority for us. As an example, we talked about the Andersons today, so we continue to ensure that the portfolio that we have for today as well as the portfolio we see necessary to carry out our strategic objectives both at MPC and MPLX are where they need to be.

當然，傑森。也許只是幾條評論，我會將其傳遞給 Rick，以解決您在其中嵌入的幾條評論，我們在六月在一起時分享這些評論。當然，投資組合優化是我們的策略重點。舉個例子，我們今天談到了安德森家族，所以我們繼續確保我們今天擁有的投資組合以及我們認為在 MPC 和 MPLX 實現我們的戰略目標所必需的投資組合處於正確的位置。

Ensuring the competitive nature of all of those assets and optimizing our profitability across all three regions that we operate is one of the key tenets of our strategic opportunities. So just wanted to be sure we'll continue to look for those and ensure that the portfolio is appropriate for now and for the long term. I'll pass it to Rick, and he can address some of the specifics that you mentioned.

確保所有這些資產的競爭力並優化我們運營的所有三個地區的盈利能力是我們戰略機會的關鍵原則之一。因此，我們只是想確保我們會繼續尋找這些，並確保投資組合適合現在和長期。我會把它轉交給 Rick，他可以解決你提到的一些特定問題。

Yes, Jason, maybe the one item I can give you, a brief update on -- from the last time we spoke is clearing MidCon barrels. So that's a focus of ours every day, all day long, but especially in the wintertime when demand shrinks in the Midwest. So we continue to push -- look for opportunities to push east.

是的，傑森，也許我可以給你提供一件事，關於上次我們談話的內容，簡要更新一下清理 MidCon 桶的情況。因此，這是我們每天一整天關注的重點，尤其是在中西部需求萎縮的冬季。因此我們繼續努力——尋找向東推進的機會。

There is a third-party pipeline that is supposed to come online. I would call it early to mid-4Q, which we would certainly take advantage of and push barrels east on it, as well as we push barrels towards the Gulf Coast into the Nashville market and other markets. We've been doing that for years, but there's a more concentrated effort to push into those markets today more than ever. And then the East Coast will truly be an incremental barrel that we look to clear here by the end of 4Q.

有一條第三方管道即將上線。我認為這是第四季初至中期，我們肯定會利用這個機會，將原油推向東部，同時，我們也將原油推向墨西哥灣沿岸的納許維爾市場和其他市場。我們已經這樣做了很多年，但今天我們比以往任何時候都更集中精力進入這些市場。然後，東海岸將真正成為一個增量桶，我們希望在第四季末清理它。

Great. Thanks for the update.

偉大的。感謝您的更新。

Thank you.

謝謝。

You're welcome, Jason.

別客氣，傑森。

Theresa Chen, Barclays.

巴克萊銀行的 Theresa Chen。

Thank you for taking my questions. Maybe turning back on the macro, as we see the evolution of capacity curtailments and limited additions, how do you view the net capacity outlook for the global refining kit between the near to medium term and its relative impact on your assets?

感謝您回答我的問題。也許回到宏觀層面，當我們看到產能削減和有限增加的演變時，您如何看待近期至中期全球煉油設備的淨產能前景及其對資產的相對影響？

Hey, Theresa. Thank you. Look, overall, as you well know, we've been very constructive in the long term on our refining space. As you well know, we've seen capacity reductions coming offline in the beginning of this year. When you add in total that which has been announced and that which needs to still come offline, I think we're approaching over 1 million barrels a day. Granted, some of that will happen in the next year.

嘿，特蕾莎。謝謝。總體而言，如您所知，我們在煉油領域長期以來一直非常具有建設性。眾所周知，我們在今年年初就看到了產能削減的現象。如果將已經宣布的產量和仍需下線的產量加在一起，我認為我們的日產量將接近 100 萬桶。當然，其中一些將會在明年發生。

When you look at incremental supply, Dangote and [Despoques] have started up, still some challenges along the way. That's close to 900,000 to 1 million once they get to full capacity. And then there's a few more smaller potentially European and Asian that could come offline.

從增量供應來看，丹格特和德斯波克已經啟動，但一路上仍面臨一些挑戰。一旦達到滿載狀態，這個數字將接近 90 萬至 100 萬。還有一些規模較小的歐洲和亞洲電廠也可能下線。

We believe demand growing somewhere in the 1 million to 1.2 million barrels a day. So once you sort of get past this balance here with additions and supply coming online -- or offline, excuse me, we see it to be extremely constructive, so globally. Again, in the US, we think we remain quite advantaged. and the work that we're doing across our portfolio we think should give us good opportunity to continue to lead there.

我們認為需求成長將在每天 100 萬至 120 萬桶之間。因此，一旦你透過線上或離線的增加和供應來克服這種平衡，我們認為它在全球範圍內都是非常有建設性的。再說一次，在美國，我們認為我們仍然具有相當大的優勢。而且我們認為，我們在整個投資組合中所做的工作應該會為我們帶來良好的機會，讓我們繼續在美國保持領先地位。

Understood. And longer term, as far as the strategic path forward, with significant growth announcements within your Midstream portfolio, both organically and inorganically thus far this year, what do you think is the next frontier of growth for MPC?

明白了。從長遠來看，就未來的策略路徑而言，今年到目前為止，您的中游投資組合中已經宣布了重大成長，包括有機成長和無機成長，您認為 MPC 的下一個成長前沿是什麼？

I'd say, look, in the short term, as we continue to grow MPLX, that distribution growth coming back to MPC gives us flexibility to return capital. I mentioned earlier the importance of our portfolio optimization, ensuring that the assets that we have today and those that we have in the future support our long-term strategic plans.

我想說，從短期來看，隨著 MPLX 的持續成長，MPC 的分銷成長將為我們帶來資本回報的彈性。我之前提到過投資組合優化的重要性，確保我們目前擁有的資產和未來擁有的資產能夠支持我們的長期策略計畫。

As you know, with the announcement of our frac and export dock on the Midstream side, our ability to market LPGs in the export market continues to be an opportunity for us to grow in that space as well. There would be a few things, Teresa, that I would tell you in the short term support how we see MPC.

如您所知，隨著我們在中游地區的壓裂和出口碼頭的宣布，我們在出口市場銷售液化石油氣的能力將繼續為我們在該領域的發展提供機會。特蕾莎，我想告訴你一些短期內支持我們如何看待貨幣政策的事情。

Thank you very much.

非常感謝。

You are welcome.

不客氣。

Matthew Blair, TPH.

馬修·布萊爾，TPH。

Thank you and good morning. Could you talk a little bit about the factors behind the recent strength in diesel cracks? I think you previously mentioned low inventories and pretty good demand. But how sustainable do you think this is? Should we expect strong diesel cracks for the rest of the year and into 2026? Thanks.

謝謝，早安。能否談談近期柴油裂解價差走強背後的因素？我想您之前提到過庫存低且需求相當好。但您認為這有多可持續？我們是否應該預期今年剩餘時間和 2026 年柴油裂解價差將強勁？謝謝。

Yes, hi, Matt. It's Rick. So you nailed it. The core reasons are US inventories. As you know, they're at five-year lows or below. We've not seen these type of inventories from a diesel perspective in a long time. And the signals that we're getting from a diesel demand perspective with not only our over-the-road customers, but through our ag customers is very healthy.

是的，你好，馬特。是瑞克。所以你成功了。核心原因是美國庫存。如您所知，它們處於五年來的最低水平或更低。從柴油的角度來看，我們已經很久沒有看到這種類型的庫存了。從柴油需求角度來看，我們不僅從公路客戶那裡獲得訊號，而且從農業客戶那裡獲得訊號，都非常健康。

And then we're also seeing strong jet demand. So as you produce more jet, you're cutting that's pulling away from diesel. So that just adds to the diesel strength. And so as we look forward, we continue to see a healthy premium persisting through the rest of the year, especially if we get a cold winter. We're in the midst of, as you very well know, hurricane season, so if there are some weather disruptions, that could also be a tailwind. So with all that being said, over the next three to four months, we're quite constructive on diesel cracks being sustained at levels similar to where they're at today, Matt.

我們也看到噴射機的需求強勁。因此，當你生產更多的噴射燃料時，你就會減少對柴油的需求。這只會增加柴油的強度。因此，展望未來，我們將繼續看到健康的溢價將在今年剩餘時間內持續下去，特別是如果我們遇到寒冷的冬天。眾所周知，我們正處於颶風季節，因此，如果出現一些天氣幹擾，這也可能是一種順風。因此，綜上所述，在接下來的三到四個月內，我們非常有信心柴油裂解價差將維持在與今天類似的水平，馬特。

Sounds good. And then could you also share a little bit more behind the thinking of divesting the ethanol stake? In fact, the valuation was quite attractive, approximately $1.70 per gallon. I think some of the public peers trade much closer to $1 per gallon. But were there any other factors that led you to exit the JV? And also, should we think about the proceeds as being earmarked for share buybacks? Thank you.

聽起來不錯。那麼，您能否再分享一下剝離乙醇股份背後的想法？事實上，估價相當有吸引力，約為每加侖 1.70 美元。我認為一些公眾同行的交易價格更接近每加侖 1 美元。但有其他因素導致您退出合資企業嗎？此外，我們是否應該考慮將收益專門用於股票回購？謝謝。

Yes, thanks for your question. I think you said it well. We received what we thought was a compelling offer from our partner. We have been the largest ethanol blender, and we will continue to be. There's no change there, really no change to the commercial outlook. when we think about this JV, the opportunities that we saw to put capital to work versus the opportunities that our partners saw, were different. And so we took the opportunity to optimize our portfolio for the future. And I think you characterized the economics well.

是的，謝謝你的提問。我覺得你說得很好。我們收到了來自合作夥伴的一份我們認為極具吸引力的報價。我們一直是最大的乙醇混合商，我們將繼續保持這一地位。那裡沒有變化，商業前景確實沒有變化。當我們考慮這個合資企業時，我們看到的利用資本的機會與我們的合作夥伴看到的機會是不同的。因此，我們藉此機會優化我們的未來投資組合。我認為你對經濟學的描述很準確。

Great. Thank you.

偉大的。謝謝。

You're welcome. Thank you.

不客氣。謝謝。

Phillip Jungwirth, BMO Capital Markets.

Phillip Jungwirth，BMO 資本市場。

Thanks. Good morning. More on the Midstream side, a number of the major Appalachian producers are pointing to potential growth in coming years with incremental in-basin demand, new takeaway. You have the processing expansion, but wondering what other areas of the value chain could you see yourselves participating in across the Midstream buildout, and how are you viewing these opportunities versus the Permian?

謝謝。早安.更多地從中游方面來看，阿巴拉契亞山脈的一些主要生產商都指出，隨著盆地內需求的增加和新的外賣量，未來幾年將出現潛在的增長。你們進行了加工擴展，但想知道你們還能參與中游建設的價值鏈的其他哪些領域，以及與二疊紀相比，你們如何看待這些機會？

Hey, Philip, this is Dave. I'll take that. So I'm going to take it from two different angles. I'll touch it from the NGL side and also from the net gas side. So let me start with the NGL side. So when we've looked at our business, it's really around the continued evolution and optimization of the strategies. So when you look at the Permian NGL -- you touched on the processing side. We recently acquired 100% of our Bangle pipeline, announced our Gulf Coast fractionation export terminal project.

嘿，菲利普，我是戴夫。我會接受的。所以我將從兩個不同的角度來看這個問題。我將從 NGL 方面和淨天然氣方面來觸及它。那麼就讓我從 NGL 方面開始吧。因此，當我們審視我們的業務時，它實際上圍繞著策略的持續發展和最佳化。因此，當您查看二疊紀 NGL 時，您觸及了加工方面。我們最近收購了 Bangle 管道 100% 的股份，並宣布了墨西哥灣沿岸分餾出口終端專案。

But again, strategies don't stop. They continue to evolve. So as you look forward on the NGL side, one of the reasons we're excited about it is with our JV with One Oak, with our relationship between MPC and MPLX. We have some of the largest advantaged refineries in the US Gulf Coast, so think of integration with those. And then also think about the Gulf Coast, the large petrochemical platform, and the integration opportunities around the pet chem down the road.

但同樣，策略不會停止。它們繼續進化。因此，當您展望 NGL 方面時，我們對此感到興奮的原因之一是我們與 One Oak 的合資企業，以及 MPC 和 MPLX 之間的關係。我們在美國墨西哥灣沿岸擁有一些最大的優勢煉油廠，因此考慮與它們進行整合。然後還要考慮墨西哥灣沿岸、大型石化平台以及未來圍繞寵物化學品的整合機會。

So I think that kind of gives you a view of what we're thinking about on the NGL side going forward. If you go to the nat gas side out of the Permian. I'll start by saying we believe incremental takeaway capacity is necessary in the Permian for the nat gas. That's really being driven by not only the growth of nat gas in the Permian, but also from the demand side, really driven by the LNG complexes down the US Gulf Coast. That is being complemented a little bit with a lot of the discussion around the growth in the data center side, but the main drivers being the LNG.

所以我認為這可以讓您了解我們對 NGL 未來發展的看法。如果你去二疊紀的天然氣區。首先我想說的是，我們認為二疊紀盆地的天然氣輸送能力有必要增加。這其實不僅是由二疊紀天然氣的成長所推動的，而且從需求面來看，也是由美國墨西哥灣沿岸的液化天然氣綜合設施所推動的。關於資料中心方面的成長的討論對此進行了補充，但主要驅動力是液化天然氣。

So if you think about our previously announced projects, a lot of them around the JV, we've been really pleased with the pace of our volume growth, our ramps from FID to full capacity in our JVs. So think about the Whistler, the Matterhorn, Blackcomb, those long-haul pipes coming out of the basin. In addition, think about our announcement of Traverse and the subsequent expansion of 2.5 BCF a day, the connection between [Agua Dulce and KD], and the increased flexibility that gives our customers.

因此，如果您考慮我們之前宣布的項目，其中許多都是圍繞合資企業展開的，我們對我們的產量增長速度感到非常滿意，我們的合資企業從 FID 到滿載運轉的速度也非常滿意。想想惠斯勒、馬特洪峰、黑梳山，以及那些從盆地流出的長距離管道。此外，想想我們宣布的 Traverse 以及隨後每天 2.5 BCF 的擴展、[Agua Dulce 和 KD] 之間的連接，以及為我們的客戶提供的更大的靈活性。

And the last piece I want you to maybe keep in your mind is the final connectivity to those LNG facilities I touched on earlier. Think of ADCC and Bay Runner. So with all that said, based on the continued strong demand we're seeing, the production growth, the interest from our business partners, we believe there's still a lot of opportunities going forward in that space. Hopefully, that helps.

最後我想讓你們記住的一點是與我之前提到的液化天然氣設施的最終連接。想想 ADCC 和 Bay Runner。因此，綜上所述，基於我們看到的持續強勁的需求、產量的成長以及我們業務合作夥伴的興趣，我們相信該領域未來仍有許多機會。希望這能有所幫助。

And hey, Philip, this is Rick. Just one other item maybe to point out on the Utica-Marcellus. So we have a healthy demand for condensate in the region. We have condensate splitters at Canton and at Catlettsburg. And over the years, we've built out quite a system to connect to the Utica-Marcellus region to get access to those barrels. And we're continuing to look for new opportunities to even lean into it more so. So keep your eyes open there.

嘿，菲利普，我是瑞克。關於尤蒂卡-馬塞勒斯，還有一件事需要指出。因此，我們對該地區凝析油的需求很高。我們在坎頓和卡特萊茨堡設有冷凝水分離器。多年來，我們已經建立了一個完善的系統來連接尤蒂卡-馬塞勒斯地區以獲取這些桶子。我們將繼續尋找新的機會，甚至更努力地利用它。所以請保持警惕。

Yes, and we saw some producer consolidation there during the quarter, which might help also. And then just on California refining, so the legislature is currently looking at a number of potential regulatory changes, including RVP waivers, E15, LCFS caps, streamlining refining permit, and also a regional gasoline spec. It's a lot there, but just any view on how you would see some of the changes impacting market conditions, potential changes, or just helping to offset some of the impact from closures.

是的，我們在本季看到了一些生產商的整合，這可能也會有所幫助。然後是關於加州煉油，立法機構目前正在研究一些潛在的監管變化，包括 RVP 豁免、E15、LCFS 上限、簡化煉油許可證以及區域汽油規格。那裡有很多內容，但只是關於您如何看待一些變化影響市場狀況、潛在變化或只是幫助抵消關閉帶來的一些影響的任何看法。

Yes, Phillip, thank you. Just a couple of things really about California. I think it's interesting you talked about several of the initiatives, thoughts, changes, et cetera. We've been dealing with the potential for minimum inventory requirements, not necessarily sure whether it's on production or on demand. There was a point in time in which perhaps the state was considering actually running refineries to ensure that there was ample supply and others.

是的，菲利普，謝謝你。關於加利福尼亞，實際上只有幾件事。我認為您談論的一些舉措、想法、變化等等很有趣。我們一直在處理最低庫存要求的潛在問題，但不一定確定是按生產還是按需求。曾經有一段時間，政府可能正在考慮實際運作煉油廠，以確保有充足的供應等。

I think one of the things that we are seeing now with respect to some of the closures that have been announced also is a shift from some of this rulemaking and trying to be more structured around that to a way that the state is really trying to ensure that there will be ample fuel supply to meet customer demand.

我認為，就已宣布的一些關閉措施而言，我們現在看到的一個現像是，一些規則制定方式發生了轉變，並試圖圍繞這些規則制定方式更加結構化，而州政府則真正努力確保有充足的燃料供應來滿足客戶需求。

And then you talk about a series of other changes. I think you mentioned a couple of them. I'm going to ask Jim to give you his thoughts as we really track what's been happening in California to some of those that could have some meaningful impact, either in a positive or a negative way. But I'll ask Jim to share some of that with you.

然後你談到一系列其他變化。我認為您提到了其中幾個。我將請吉姆告訴你們他的想法，因為我們確實在追蹤加州發生的一些事情，這些事情可能會產生一些有意義的影響，無論是正面的還是負面的。但我會讓吉姆與你們分享其中的一些內容。

Thanks, Phil. We've been dealing with CARB on a lot of matters to help kind of expedite permitting through the state on a few of the projects we're looking at, some of the maintenance projects that currently get held up by the CEQA process. So we find the agencies are very open right now to those discussions, and we do think some good benefits will come out of them. So I would say, all in all, they've been much more receptive, I think, to the items we need to execute our refineries in the state.

謝謝，菲爾。我們一直在與 CARB 就許多事宜進行交涉，以幫助加快我們正在考慮的一些專案在該州的許可審批，其中一些維護專案目前因 CEQA 流程而受到阻礙。因此，我們發現各機構現在對這些討論持非常開放的態度，而且我們確實認為這些討論會帶來一些好處。所以我想說，總的來說，我認為他們對我們在州​​內建造煉油廠所需的物品更加接受。

Thanks.

謝謝。

You're welcome.

不客氣。

Ryan Todd, Piper Sandler.

瑞恩·托德、派珀·桑德勒。

Great, thanks. Just one for me on the biofuel side and renewable diesel, nice improvement quarter on quarter. But if we take a step back and look at the macro backdrop, you've had a couple positive regulatory steps in the right direction this year. The margins have stayed pretty rough. Is this lingering uncertainty, this lag effect as we work through credit banks? Or as you look into the back half of this year and into 2026, what do you think we need to see for the markets to tighten up and margins to move higher?

太好了，謝謝。就我而言，生物燃料和再生柴油方面，每個季度都有很好的改善。但如果我們退一步看看宏觀背景，就會發現今年監管已經朝著正確的方向邁出了幾步。利潤率一直很低。當我們透過信用銀行進行工作時，這種不確定性是否仍然存在，這種滯後效應是否仍然存在？或者，當您展望今年下半年和 2026 年時，您認為我們需要看到什麼才能使市場收緊、利潤率上升？

Yes, thanks for the question. I would say this. First and foremost, you've seen the approach that we, MPC, have taken in renewable diesel. And as you know, it's a fairly small portion of our daily throughput. We've got about 12,000 a day in Dickinson. We produce 48,000 a day at Martinez, of which 24,000 is ours. So a pretty small percentage. If you allow me to round up, 50,000 a day versus our 3 million barrels a day.

是的，謝謝你的提問。我會這麼說。首先，您已經看到了我們 MPC 在再生柴油方面採取的方法。如您所知，這只是我們每日吞吐量的一小部分。迪金森每天接待約 12,000 名遊客。我們在馬丁內斯每天生產 48,000 個，其中 24,000 個是我們的。所以這個比例相當小。如果允許我四捨五入的話，每天 5 萬桶，而我們的每天 300 萬桶。

We've tried to take a prudent approach to putting capital to work there, particularly on Martinez as well. I think you said it well. There's clearly some things that need to have happen in order for the economics to improve. We believe we have, frankly, one of the most competitive assets. But certainly, the incremental regulation and other changes in order to get the margins to improve are critical for the longer term.

我們試圖採取審慎的方式將資金投入那裡，特別是馬丁內斯。我覺得你說得很好。顯然，為了改善經濟狀況，需要採取一些措施。坦白說，我們相信我們擁有最具競爭力的資產之一。但可以肯定的是，為了提高利潤率，漸進式監管和其他變革對於長期而言至關重要。

Great. Thanks, Maryann.

偉大的。謝謝，瑪麗安。

You're welcome.

不客氣。

Joe Laetsch, Morgan Stanley.

摩根士丹利的喬·萊奇。

Hey, good morning, team. Thanks for taking my questions. So I wanted to go back to California, and we talked about peers closing facilities while Marathon continues to invest in its LA refinery. I know, currently, you're investing to reduce operating costs and lower emissions. But looking ahead, could you talk to how you think about further investments or expansions at LA to take advantage of the market that's becoming increasingly short gasoline and jet?

嘿，早上好，團隊。感謝您回答我的問題。所以我想回到加利福尼亞，我們討論了同行關閉設施而馬拉松繼續投資其洛杉磯煉油廠的情況。我知道，目前您正在投資以降低營運成本和減少排放。但展望未來，您能否談談您如何考慮在洛杉磯進一步投資或擴張，以利用日益短缺的汽油和噴射機市場？

Certainly, and thank you for that. That project, we expect to really come online by the end of this year. We think it's about a 20-ish percent return, as I mentioned. Improves reliability, reduces overall cost, adds efficiency while committing to NOx reduction emissions, et cetera. Going forward, I think what we would be looking at is really all focused on improving the reliability of that asset.

當然，謝謝你。我們預計該項目將在今年年底真正上線。正如我所提到的，我們認為回報率大約是 20% 左右。提高可靠性、降低整體成本、提高效率，同時致力於減少氮氧化物排放等等。展望未來，我認為我們所關注的重點實際上是提高該資產的可靠性。

As we've talked about, one of the things that we are trying to achieve is being the most profitable in every region where we operate, and reliability and commercial execution obviously are key to that. What we're looking at right now would be really committing work that would improve the overall reliability of the assets at LAR.

正如我們所討論的，我們努力實現的目標之一就是在我們運營的每個地區實現最高的盈利，而可靠性和商業執行顯然是實現這一目標的關鍵。我們現在正在考慮的是真正致力於提高 LAR 資產的整體可靠性。

Thanks. That's helpful. And then on the refining side, would you mind just giving us an update on your demand outlook here for gasoline heading into the end of the summer? And then what are you currently seeing in your system relative to last year? Thank you.

謝謝。這很有幫助。那麼在煉油方面，您能否向我們介紹夏季末汽油需求前景的最新情況？那麼與去年相比，您目前在系統中看到了什麼？謝謝。

Yes, Joe, we continue to see strong and what I would characterize as stable compared to last year, gasoline demand. We're having a good summer driving season. A lot of times, when you get to the point in time where we're at in the summer, you would see quite a fall off, and we're not seeing that yet. So we're very constructive.

是的，喬，我們繼續看到汽油需求強勁，而且與去年相比，我認為是穩定的。我們正迎來一個良好的夏季駕駛季節。很多時候，當你到達夏季這個時間點時，你會看到相當大的下降，但我們還沒有看到這種情況。所以我們非常有建設性。

Great. Thank you.

偉大的。謝謝。

Thank you.

謝謝。

You're welcome.

不客氣。

Conor Fitzpatrick, Bank of America.

美國銀行的康納·菲茨帕特里克。

Hi, everybody. Thanks for taking my question. Distillate strength and broader tightness in heavier molecules have been discussed a bit already, but diesel and jet differentials appear to have been particularly strong in the MidCon and West Coast in recent weeks. What are you seeing in those regions that could be driving that?

大家好。感謝您回答我的問題。餾分油強度和重分子的更廣泛緊密性已經討論過一些，但最近幾週，中部地區和西海岸的柴油和噴氣燃料差異似乎特別大。您在這些地區看到了什麼可以推動這現象？

Yes, Conor, this is Rick. I think what you're seeing is you're seeing more refiners running a sweeter slate, and that shorts diesel and jet. And thus, you're seeing octane spreads blow out in the MidCon. But I think it's a slate. It's a slate call, one; and then it's a demand call, two. So when you put both of those on top of one another, I think that explains the majority of why you're seeing that phenomenon.

是的，康納，這是瑞克。我認為，您會看到越來越多的煉油廠採用低硫燃料，導致柴油和噴射燃料短缺。因此，您會看到 MidCon 的辛烷值價差急劇擴大。但我認為它是一塊石板。一是預定呼籲，二是需求呼籲。因此，當你將這兩者放在一起時，我認為這解釋了為什麼你會看到這種現象。

Okay, thanks. That's all I had.

好的，謝謝。這就是我所擁有的一切。

Thank you.

謝謝。

You're welcome, Conor.

別客氣，康納。

And with no further questions, I'll turn the call back over to Kristina.

如果沒有其他問題，我將把電話轉回給克里斯蒂娜。

Thank you for your interest in Marathon Petroleum Corporation. Should you have additional questions or want clarification on topics discussed this morning, please contact us. Our team will be available to take your calls. Thank you for joining us today.

感謝您對馬拉松石油公司的關注。如果您有其他問題或想了解今天上午討論的主題，請與我們聯絡。我們的團隊將隨時接聽您的電話。感謝您今天加入我們。

This concludes today's call. Thank you for your participation. You may disconnect at this time.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。