Marathon Petroleum Corp (MPC) 2025 Q3 法說會逐字稿

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

歡迎參加 MPC 2025 年第三季財報電話會議。我叫雪莉，今天由我來為您接聽電話。（操作員說明）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.

現在我將把通話轉交給克里斯蒂娜·卡扎里安。克里斯蒂娜，你可以開始了。

Welcome to Marathon Petroleum Corporation's third 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.

歡迎參加馬拉松石油公司2025年第三季財報電話會議。本次電話會議的幻燈片可在我們的網站 marathonpetroleum.com 的「投資者」標籤下找到。今天與我一起參加電話會議的有執行長瑪麗安·曼寧、財務長約翰·奎德以及其他高階主管團隊成員。請您閱讀投影片 2 上的安全港聲明。我們今天將發表一些前瞻性聲明。

Actual results may differ. Factors that could cause actual results to differ are included there as well as in our SEC filings.

實際結果可能有所不同。可能導致實際結果差異的因素已在文件中列出，並在我們提交給美國證券交易委員會的文件中列出。

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

接下來，我將把電話交給瑪莉安。

Thanks, Kristina, and good morning. I'd like to take a moment to recognize Mike Hennigan. At the end of the year, Mike will be stepping down as Executive Chairman. Mike's guidance has been tremendously valuable to our Board, to me and our entire leadership team. We thank him for his service as well as all of his contributions.

謝謝你，克里斯蒂娜，早安。我想藉此機會表揚一下麥克·亨尼根。年底時，麥克將卸任執行董事長一職。麥克的指導對我們的董事會、我以及我們整個領導團隊都非常有價值。我們感謝他所做出的貢獻和付出。

He will be missed.

我們會想念他的。

In the third quarter, we delivered strong cash generation of $2.4 billion. Utilization in the quarter was 95% as we executed our planned refinery turnarounds safely and on time. Our team delivered 96% capture despite significant market-driven headwinds. Year-to-date, capture is 102%. This compares to the prior year's level of 95%.

第三季度，我們實現了強勁的現金流，達到 24 億美元。本季產能利用率達 95%，我們安全且按時地完成了計畫中的煉油廠檢修。儘管面臨巨大的市場逆風，我們的團隊仍然實現了 96% 的捕獲率。今年迄今為止，捕獲率為 102%。這與上一年的95%相比有所下降。

We believe this demonstrates our commitment to deliver sustainable, improving commercial performance in varying market conditions. We have generated $6 billion of operating cash flow, excluding changes in working capital and have returned $3.2 billion to shareholders through the third quarter. Last week, we announced a 10% increase to MPC's dividend, reflecting our confidence in our business outlook. We believe that we should be able to lead in cash generation through cycle delivering peer-leading results.

我們相信，這體現了我們致力於在不斷變化的市場條件下實現可持續的、不斷提升的商業績效的承諾。截至第三季末，我們已產生 60 億美元的營運現金流（不包括營運資本變動），並已向股東返還了 32 億美元。上週，我們宣布將 MPC 的股息提高 10%，這反映了我們對公司業務前景的信心。我們相信，我們應該能夠在現金流創造方面保持領先地位，並透過週期性業績取得同行領先的成果。

In October, our blended crack was over $15 per barrel, which is seasonally strong and more than $5 per barrel or 50% higher than the same time period last year. Diesel and jet demand are up modestly across our system, while gasoline is flat to slightly lower.

10 月份，我們的混合裂解價超過每桶 15 美元，這是季節性強勢價格，比去年同期高出每桶 5 美元以上，漲幅達 50%。柴油和航空煤油的需求在我們的系統中略有上升，而汽油的需求則持平或略有下降。

The product inventory draws reported last week signaled strong demand. Gasoline and distillate inventory levels remain below five-year averages. Current market fundamentals are indicative of tightness in supply and supportive demand, which we believe will persist into 2026.

上週公佈的產品庫存下降數據顯示需求強勁。汽油和餾分油庫存水準仍低於五年平均值。當前市場基本面顯示供應緊張，需求旺盛，我們認為這種情況將持續到 2026 年。

Throughout the quarter, we completed several transactions advancing our strategic objectives and optimizing our portfolio. We sold our interest in an ethanol production joint venture. As the partner's strategic goals evolved and diverged, an opportunity came for MPC to exit the partnership at a compelling multiple, MPLX acquired a Delaware Basin sour gas treating business and the remaining 55% interest in the BANGL pipeline, these transactions further MPLX's growth profile.

本季度，我們完成了多項交易，推進了我們的策略目標並優化了我們的投資組合。我們出售了我們在一家乙醇生產合資企業中的股份。隨著合作夥伴的策略目標演變和分歧，MPC 有機會以極具吸引力的倍數退出合作關係，MPLX 收購了特拉華盆地酸性天然氣處理業務和 BANGL 管道剩餘的 55% 權益，這些交易進一步提升了 MPLX 的成長前景。

MPLX increased its distribution this quarter reflecting conviction in its growth outlook, we now expect to receive $2.8 billion annually from MPLX. MPLX continues to target a distribution growth rate of 12.5% over the next couple of years which would imply annual cash distributions to MPC of over $3.5 billion.

MPLX 本季提高了分紅，反映出對其成長前景的信心，我們現在預計每年將從 MPLX 獲得 28 億美元。MPLX 繼續以未來幾年 12.5% 的分紅增長率為目標，這意味著每年向 MPC 支付的現金分紅將超過 35 億美元。

We are driving value and positioning MPC to be industry-leading in its own capital return program. With our competitive, integrated, refining and marketing value chains and durable midstream growth driving increasing distributions from MPLX, we believe MPC is positioned to deliver industry-leading cash generation through all parts of the cycle.

我們正在創造價值，並將 MPC 定位為自身資本回報計畫的產業領導者。憑藉我們具有競爭力的一體化煉油和行銷價值鏈以及持續的中游成長推動 MPLX 分紅不斷增加，我們相信 MPC 有能力在整個週期中實現業界領先的現金流。

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

現在我將把發言權交給約翰，讓他來討論我們的財務表現。

Thanks, Maryann. Moving to third quarter highlights. Slide 4 provides a summary of our financial results. This morning, we reported third quarter adjusted net income of $3.01 per share. We delivered adjusted EBITDA of $3.2 billion and $2.4 billion of cash flow from operations excluding changes in working capital.

謝謝你，瑪麗安。接下來進入第三季精彩回顧。第 4 張投影片概述了我們的財務表現。今天上午，我們公佈了第三季調整後每股淨收入為 3.01 美元。我們實現了調整後 EBITDA 32 億美元，以及不計營運資本變動的營運活動現金流 24 億美元。

MPC returned over $900 million to capital -- of capital to shareholders in the quarter with repurchases of $650 million and dividends of $276 million.

MPC 在本季向股東返還了超過 9 億美元的資本——其中 6.5 億美元用於股票回購，2.76 億美元用於股利。

Slide 5 shows the sequential change in adjusted EBITDA from second quarter to third quarter and the reconciliation between adjusted EBITDA and our net results for the quarter. Third quarter adjusted EBITDA of $3.2 billion was largely in line with the prior quarter.

投影片 5 顯示了從第二季到第三季的調整後 EBITDA 的連續變化，以及調整後 EBITDA 與我們本季淨利之間的調節情況。第三季調整後 EBITDA 為 32 億美元，與上一季基本持平。

R&M segment results on Slide 6 were strong with adjusted EBITDA of $6.37 per barrel. Our refineries ran at 95% utilization, processing 2.8 million barrels of crude per day. And several of our refineries achieved monthly throughput records in the quarter, including Robinson and Detroit in the Mid-Con and Anacortes in the West Coast. Mid-Con margin strengthened sequentially and but were offset by declining margins in the US Gulf Coast and the West Coast.

幻燈片 6 中 R&M 部門的業績表現強勁，調整後的 EBITDA 為每桶 6.37 美元。我們的煉油廠開工率達 95%，每天加工原油 280 萬桶。本季度，我們的幾家煉油廠都創下了月度產量紀錄，其中包括中部地區的羅賓遜煉油廠和底特律煉油廠，以及西海岸的阿納科特斯煉油廠。中部地區的利潤率環比上升，但被美國墨西哥灣沿岸和西海岸地區利潤率的下降所抵消。

Turning to Slide 7. Third quarter capture was 96% with headwinds in the West Coast and the Gulf Coast. Jet to diesel differentials compressed. We faced lower clean product margins and inventory changes contributed headwinds to capture. The downtime of our Galveston Bay refinery resid hydrocracker was also a headwind to capture of almost 2% across the whole system with a larger effect on our Gulf Coast results.

翻到第7張投影片。第三季捕獲率為 96%，但西海岸和墨西哥灣沿岸地區面臨逆風。噴射機與柴油引擎之間的差值被壓縮了。我們面臨清潔產品利潤率下降和庫存變化的不利影響，阻礙了產品取得。我們加爾維斯頓灣煉油廠殘渣加氫裂解裝置的停工也對整個系統的捕獲率造成了不利影響，導致近 2% 的損失，對我們墨西哥灣沿岸的業績影響更大。

Slide 8 shows our Midstream segment performance for the quarter. Segment adjusted EBITDA increased 5% year-over-year. MPLX is executing its growth strategy targeting its natural gas and NGL value chains and remains a source of durable cash flow growth for MPC.

第 8 張投影片展示了我們本季的中游業務部門業績。分部調整後 EBITDA 較去年同期成長 5%。MPLX 正在執行其成長策略，目標是其天然氣和 NGL 價值鏈，並且仍然是 MPC 持續現金流成長的來源。

Slide 9 shows our renewable diesel segment performance for the quarter. Our renewable diesel facilities operated at 86% utilization, reflecting improved operational reliability. Margins were weaker in the third quarter as higher diesel prices and RIN values were more than offset by higher feedstock costs. We will continue to optimize our renewable operations, leveraging their logistics and pretreatment capabilities.

第 9 張投影片展示了我們本季再生柴油業務的業績。我們的再生柴油設施利用率達到 86%，反映出運作可靠性有所提高。第三季利潤率走弱，因為柴油價格和 RIN 值上漲帶來的收益被原料成本上漲所抵銷。我們將繼續優化再生能源業務，充分利用其物流和預處理能力。

Slide 10 presents the elements of change in our consolidated cash position for the third quarter. Operating cash flow, excluding changes in working capital, was $2.4 billion. And in the third quarter, MPLX completed acquisitions of over $3 billion and issued debt in connection with those acquisitions to finance them. Also, as we discussed with you last quarter, our second quarter share repurchases were influenced by the anticipated proceeds from the sale of our interest in the ethanol joint venture, which closed in July. At the end of the quarter, MPC had cash of nearly $900 million and MPLX had cash of approximately $1.8 billion.

第 10 張投影片展示了我們第三季合併現金狀況的變化要素。不計營運資本變動，經營現金流為 24 億美元。第三季度，MPLX 完成了超過 30 億美元的收購，並發行了與這些收購相關的債務來為其融資。另外，正如我們上個季度與您討論的那樣，我們第二季度的股票回購受到了出售我們在乙醇合資企業中的權益的預期收益的影響，該交易已於 7 月完成。截至季末，MPC 擁有近 9 億美元的現金，而 MPLX 擁有約 18 億美元的現金。

Turning to guidance on Slide 11. We provide our fourth quarter outlook. We are projecting crude throughput volumes of 2.7 million barrels per day, representing utilization of 90%. The Galveston Bay resid hydrocracker is expected to be at full operating capacity before the end of the month enabling optimization of our Gulf Coast system. Turnaround expense is projected to be approximately $420 million in the fourth quarter, with activity mainly focused in the West Coast.

請參考第 11 頁投影片上的指導說明。我們在此提供第四季展望。我們預期原油日處理量為 270 萬桶，利用率為 90%。預計加爾維斯頓灣殘渣加氫裂解裝置將於本月底前達到滿載運轉，從而優化我們墨西哥灣沿岸的系統。預計第四季的整改費用約為 4.2 億美元，主要集中在西海岸。

We are completing our multiyear infrastructure improvement project at our Los Angeles refinery in the fourth quarter, with start-up scheduled to align with the conclusion of planned turnaround work before the end of this month. These improvements are intended to strengthen the competitiveness of our Los Angeles refinery and position us to remain one of the most cost competitive players in the region for years to come. Operating costs for the fourth quarter are projected to be $5.80 per barrel. Distribution costs are projected to be approximately $1.6 billion and corporate costs are expected to be $240 million.

我們將在第四季度完成洛杉磯煉油廠的多年基礎設施改進項目，並計劃在本月底前完成計劃中的檢修工作，並同時啟動該項目。這些改進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內繼續保持該地區最具成本競爭力的企業之一的地位。預計第四季營運成本為每桶 5.80 美元。預計分銷成本約 16 億美元，公司成本預估為 2.4 億美元。

With that, let me pass it back to Maryann.

那麼，我把麥克風交還給瑪麗安吧。

Thanks, John. We delivered a strong quarter in Refining & Marketing. Safe and reliable operations are foundational. Operational excellence is integral. The commercial team is optimizing decision making as we leverage our value chains and capture opportunities the market presents.

謝謝你，約翰。我們在煉油和行銷方面取得了強勁的季度業績。安全可靠的營運是根本。卓越營運至關重要。商業團隊正在優化決策，以充分利用我們的價值鏈並抓住市場帶來的機會。

We are optimizing our portfolio through strategic investments. Fourth quarter refining cracks have started out stronger than seasonal averages. Current fundamentals highlight the market tightness and support our enhanced mid-cycle outlook into 2026. Our integrated value chains and geographically diversified assets position us to lead in capital allocation, and offer a compelling value proposition to our shareholders.

我們正透過策略投資優化投資組合。第四季煉油裂解價格開局強於季節性平均。當前基本面凸顯了市場的緊張態勢，並支撐了我們對 2026 年中期週期展望的增強。我們一體化的價值鏈和地理多元化的資產使我們在資本配置方面處於領先地位，並為我們的股東提供極具吸引力的價值主張。

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 your call for questions, as a courtesy to all participants, we ask that you limit yourself to one question and a follow-up. If time permits, we will reprompt for additional questions. . Shirley, could you please open the line for questions?

謝謝你，瑪麗安。在我們開放提問環節之際，為了尊重所有參與者，我們要求您每人只提一個問題，並可提出後續問題。如果時間允許，我們會再次詢問您是否還有其他問題。。雪莉，請你開通提問專線好嗎？

(Operator Instructions)

（操作說明）

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛集團。

Yeah, good morning, Maryann, congrats on the Chairmanship as well. The question I had was really around capture rates in the quarter. We've gotten -- so you're putting up north of 100%, 96% a little softer. And I think you called out some stuff in the script a little bit about the room, but also some West Coast dynamics around diesel and jet. I was wondering if you could unpack that for us here.

是的，早安，瑪麗安，也祝賀你當選主席。我真正想問的是關於本季捕獲率的問題。我們已經——所以你投入了超過 100% 的資金，96% 的資金稍微軟一些。我認為你在劇本中稍微提到了一些關於房間的事情，以及西海岸關於柴油和噴射機的一些動態。我想請您幫我們解釋一下。

Yeah, certainly. And good morning Neil, thanks for your questions. So absolutely, in the quarter, we generated 96% capture sequentially down from the second capture -- second quarter capture excuse me, of 105%. I would say that the West Coast was the leading driver in the quarter it accounted for more than 50% of the capture change. We actually saw clean product margins fall about 40% in the West Coast.

當然可以。早安，尼爾，謝謝你的提問。所以，本季我們的捕獲率確實為 96%，比第二季的捕獲率（抱歉，是第二季的捕獲率，105%）有所下降。我認為西海岸是本季的主要驅動力，佔市場份額變化的 50% 以上。實際上，我們看到西海岸清潔產品的利潤率下降了約 40%。

The jet premium to diesel narrowed. In fact, it actually moved from a benefit to a negative. And then, of course, as you know, secondary product margins were clearly a headwind. So again, West Coast really the majority of the driver for the sequential change in capture. Second, and John, as you said, mentioned it in his remarks as well.

噴射機與柴油引擎的溢價收窄。事實上，它反而從有利變成了不利。當然，如你所知，次要產品的利潤率顯然是一個不利因素。所以，西岸再次成為推動捕捉順序變化的主要因素。其次，正如你所說，約翰也在他的演講中提到了這一點。

The RHU, and Mike shared with you sort of the status of that on our last earnings call. Obviously, its downtime impacted the quarter and then also the jet to diesel there. Year-to-date, as I mentioned, our capture is at 102% through the third quarter, and that compares to 95% the prior year quarter. So what we are hoping that you see is the sustainable changes that we have been working on over the last few years will continue to serve us well. Our headwinds were certainly a challenge.

RHU，Mike 在上次財報電話會議上和大家分享了這方面的最新進展。顯然，它的停產影響了該季度的業績，也影響了噴射機改用柴油引擎的進程。正如我之前提到的，今年迄今為止，截至第三季末，我們的捕獲率達到了 102%，而去年同期為 95%。所以我們希望大家看到的是，我們過去幾年一直在努力實現的這些可持續的改變將繼續為我們帶來好處。逆風確實是一大挑戰。

Fourth quarter, as you know, is typically our strongest quarter for many reasons, and we'll share a little bit more with you there but we certainly don't see the fourth quarter being any different than we have in prior quarters as well.

如您所知，第四季度通常是我們業績最好的季度，原因有很多，我們稍後會與您分享更多細節，但我們肯定認為第四季度與之前的幾個季度不會有任何不同。

So let me pass it to Rick and he'll give you some incremental color as well, Neil.

那就讓瑞克來幫你補充一些細節吧，尼爾。

Yeah, hi Neil, just a couple of comments, additional to Maryann. So we are off to a good start in the fourth quarter. We've seen the jet and product margins go right back to normal levels. So that's quite encouraging. We're one month through the quarter, but signals look promising.

是的，嗨，尼爾，除了瑪麗安的補充，我還有幾點要說。所以我們在第四節比賽開局不錯。我們已經看到噴射機和產品的利潤率恢復到了正常水平。這真是令人鼓舞。本季已經過去一個月了，但種種跡象顯示前景光明。

And the other item that I'd add on 3Q specifically is we build butane inventory in 3Q and we're heading into blending season. So as we go into 4Q now, the building of inventory hit that we took in 3Q will be a tailwind in the fourth quarter. So we look to be in really good shape here, Neil, heading into the fourth quarter.

另外，關於第三季度，我想補充一點，我們在第三季度建立了丁烷庫存，並且即將進入混合季。因此，進入第四季後，我們在第三季遭受的庫存積壓衝擊將在第四季成為有利因素。尼爾，所以看起來我們進入第四節時情況非常有利。

Yeah, and then the follow-up is just on return of capital, it was a little bit lighter from a buyback perspective than, again, I think where The Street was modeling. Can you just talk about how you're thinking about the share repurchase on the go forward?

是的，後續措施只是關於資本返還，從回購的角度來看，它比華爾街預測的要輕。您能否談談您未來對股票回購計畫的看法？

Yes, certainly. I'm happy to do so, Neil. Thank you. No change in terms of the way that we view our primary return of capital using share buyback. As you know, essentially, what we've said and you heard we've announced a 12.5% distribution increase at MPLX, and that brings about $2.8 billion back on the MPC side.

當然可以。我很樂意這樣做，尼爾。謝謝。我們看待主要資本回報方式（即股票回購）的方式並沒有改變。如您所知，我們已經宣布 MPLX 的分紅增加 12.5%，這將為 MPC 帶來約 28 億美元的收益。

So our ability, as we said, given the differentiation with our midstream distribution should allow us to lead in capital returns. And you can see that on a year-to-date basis, share those statistics there with you, no change, Neil. And our ability to continue to lead in share purchase, no change in the way we view it and it will be, as you know, the primary return of capital going forward.

因此，正如我們所說，鑑於我們在中游分銷方面的差異化優勢，我們有能力在資本回報方面處於領先地位。你可以看到，從年初至今的數據來看，沒有任何變化，尼爾。我們繼續在股票收購方面保持領先地位的能力，我們對此的看法沒有改變，而且正如您所知，這將是未來主要的資本回報方式。

Perfect. Thanks, Mary.

完美的。謝謝你，瑪麗。

You're welcome, Neil.

不客氣，尼爾。

Manav Gupta, UBS.

瑞銀集團的馬納夫·古普塔。

So I'm going to start with the West Coast. We understand capture can move around a bit. It should not matter that much. But when we look at the West Coast, one big refinery has closed in your backyard. Another one will most likely close in the next three to four months.

那我就先從西岸開始吧。我們知道捕獲地點可能會有一定程度的變動。應該不會有太大影響。但當我們把目光轉向西海岸時，就會發現你家附近就有一家大型煉油廠倒閉了。未來三到四個月內，很可能還會有另一家公司倒閉。

And yes, there are some product pipelines that might show up, but they might not show up for three years. So I'm just trying to understand, given the setup and the upgrade you are doing at your refinery, could we see you generate above mid-cycle margins on the West Coast for next maybe 8 or even 12 quarters? Can you talk a little bit about that?

是的，有些產品線可能會出現，但可能要三年後才會出現。所以我想了解的是，鑑於你們煉油廠的配置和升級情況，我們能否看到你們在接下來的 8 個甚至 12 個季度裡，在西海岸獲得高於週期中期的利潤率？能稍微談談這方面嗎？

Yeah, hi, Manav, this is Rick. So you point out some very dynamic items that are happening in the West Coast. Let's maybe walk through them one by one. So as we look today, I think you're well aware, we're looking at a $40 crack today. And we've got one closure that's happened, one that appears that it may happen early next year.

嗨，Manav，我是Rick。所以你指出了西海岸正在發生的一些非常活躍的事件。我們不妨逐一分析一下。所以，正如大家所知，今天我們看到的是一個40美元的裂縫。我們已經完成了一項關閉工程，還有一項工程似乎可能會在明年初完成。

And this is just simply supply and demand. The market is efficient and the market is responding and showing you that the market is efficient.

這完全就是供需關係的問題。市場是有效的，市場正在做出反應，並向你展示市場的有效性。

So when we look at the overall market, there's a couple of lenses I'd like you to view it from is we optimize not only the West Coast, but along with the Pacific Northwest. So when we look at our system, it's no different than what we look at when we look at our Mid-Con region, which, as you know, is highly integrated, so is the West Coast and Pacific Northwest.

所以，當我們審視整個市場時，我希望你們從幾個角度來看待它，那就是我們不僅要優化西海岸市場，還要優化太平洋西北地區市場。所以，當我們審視我們的系統時，它與我們審視中部地區的系統並無不同，正如您所知，中部地區高度一體化，西海岸和太平洋西北地區也是如此。

What I mean by that, Manav, is when you look at Anacortes and you look at Kenai and you look at L.A. which we have invested in and continue to invest in as the largest, most dynamic complex efficient refinery in the California region, we believe we had a competitive advantage that not only exist today but will exist far into the future.

馬納夫，我的意思是，當你看看阿納科特斯、基奈，再看看洛杉磯——我們已經投資並將繼續投資，使其成為加州地區規模最大、最具活力、最複雜、最高效的煉油廠——我們相信我們擁有競爭優勢，這種優勢不僅存在於今天，而且在未來很長一段時間內都將存在。

And when you maybe back away even from L.A. Manav, and you look at Anacortes and Kenai we're able to optimize those two refineries to fill the short that is in the San Francisco region. So all three of those assets are complementary to one another.

即使從洛杉磯馬納夫煉油廠退後一步，看看阿納科特斯和基奈煉油廠，我們也可以優化這兩家煉油廠，以填補舊金山地區的缺口。因此，這三項資產是互補的。

In terms of the pipelines that are rumored to come into the region, I would say that's a big if. I would say those projects, I would say, are ambitious and at earliest might be 2029. But when we look at the overall structure of the market, Manav, the incremental barrel coming into the marketplace continues to be a waterborne barrel.

至於傳聞中將進入該地區的輸油管，我認為這還是個很大的未知數。我認為這些項目雄心勃勃，最早也要到 2029 年才能實現。但當我們審視市場的整體結構時，Manav，進入市場的新增桶子仍然是水上桶。

They have a timing and a transportation cost that we can and will beat all day long, and that does set the market. And that, therefore, is an incredible incremental advantage to Marathon Petroleum not only for the West Coast, but for the Pacific Northwest.

他們的交貨時間和運輸成本是我們能夠而且將會一直超越的，這確實決定了市場走向。因此，這不僅對西海岸，而且對太平洋西北地區來說，都是馬拉松石油公司令人難以置信的增量優勢。

Manav, it's Maryann. The other thing that I might add to Rick's comprehensive response to your question would be, as you know, our LAR project is coming online in the fourth quarter and intended to meet not only NOx reduction emission requirements, but also greater efficiency and improvement in EBITDA, and that project will benefit us in 2026 as well, and that comes online in the fourth quarter. That's the West Coast -- another West Coast benefit also.

馬納夫，我是瑪麗安。我還要補充一點，正如您所知，我們的 LAR 專案將於第四季度上線，旨在不僅滿足 NOx 減排要求，而且提高效率和 EBITDA，該專案也將使我們在 2026 年受益，並且該專案將於第四季度上線。這就是西岸——這也是西岸的另一項優勢。

Manav, maybe not to come over top of Maryann, but an item I meant to bring out, and I just slipped my mind is we have a significant feedstock advantage in the West Coast and if you look even six months ago versus where we're at today, when you look at the closure that just happened and the one that's about to happen in 2026. We are buying more local California crude today than we ever have.

馬納夫，也許不應該搶了瑪麗安的風頭，但我本來想提一下，只是我一時疏忽了，那就是我們在西海岸擁有巨大的原料優勢，如果你看看六個月前和我們今天的情況，看看剛剛發生的關閉事件和即將於 2026 年發生的關閉事件。我們今天購買的加州本地原油比以往任何時候都多。

Actually, it's 2 times greater than we had in the past at a significant advantage. So while our advantages were great even before that happened, that just continues to stress why we're so committed to California. And the feedstock advantage is real and really helps us compete quite well with those waterborne imports.

實際上，這比我們過去擁有的優勢大了兩倍。所以，儘管在那件事發生之前我們的優勢就很大，但這更凸顯了我們為什麼如此致力於加州。原料優勢是實實在在的，確實能幫助我們很好地與那些水路進口產品競爭。

Perfect. My quick follow-up here is, I'm going to focus a little bit on MPC dividend growth. Maryann, you provided a very detailed response to John [Maki's] question on the MPLX call and as you walk through the growth pipeline or projects in MPLX. It's pretty clear that MPLX could support the distribution growth of 12.5% for two or maybe even three years.

完美的。接下來我要重點介紹MPC的股息成長。Maryann，你在 MPLX 電話會議上對 John [Maki] 的問題給出了非常詳細的回答，並且在介紹 MPLX 的成長管道或專案時也提供了詳盡的說明。很明顯，MPLX 可以支援未來兩到三年 12.5% 的分銷成長率。

Now when we couple that with the buyback and how that lowers the dividend burden, would it be fair to say that at this point, if refining cracks hold even mid-cycle or maybe slightly below mid-cycle, MPC is in a very good position to raise its dividend by 10% for the next couple of years at least, supported by distribution from MPLX and the buyback that lowered the dividend burden?

現在，如果我們把這一點與股票回購以及股票回購如何降低股息負擔結合起來考慮，那麼，如果煉油裂解價格保持在周期中期甚至略低於週期中期的水平，MPC 是否有可能在未來幾年內將其股息提高 10%，這得益於 MPLX 的分紅以及降低股息負擔的股票回購？

Manav, well said. The answer to that is yes. As you know, over the last few years, we've taken over 50% of the equity out through our share buyback initiative. For the last three years, we've raised the MPC dividend 10% per year and then prior to that 30%.

馬納夫，說得好。答案是肯定的。如您所知，在過去幾年裡，我們透過股票回購計畫收回了超過 50% 的股權。過去三年，我們每年將 MPC 股息提高 10%，而在此之前，股息每年提高 30%。

But as you clearly state, and our commitment to continue to use our share buyback as a critical lever to return capital to our shareholders that share count will continue to decline making it obviously supported by our mid-cycle environment, our belief there, making that dividend opportunity clearly possible for the next several years at MPC as well.

但正如您所明確指出的，我們將繼續將股票回購作為向股東返還資本的關鍵手段，因此股票數量將繼續下降，這顯然得益於我們目前的中期週期環境，我們相信，這也使得MPC在未來幾年內派發股息成為可能。

And as I mentioned on the MPLX call, we see a couple more years of 12.5% as we continue to deliver that mid-single-digit growth. So should both of those things should be extremely supportive.

正如我在 MPLX 電話會議上提到的那樣，我們預計未來幾年還能保持 12.5% 的成長率，繼續實現中等個位數的成長。所以這兩件事都應該要起到極大的支持作用。

Thank you so much.

太感謝了。

You're welcome thank you.

不客氣，謝謝。

Doug Leggate, Wolfe Research.

道格‧萊格特，沃爾夫研究公司。

Hi, everyone. hi Maryann, congrats from me as well. Please pass our best regards on to Mr. Hennigan as he officially moves into retirement. I have two quick ones, hopefully. Can you address the CapEx specifically for refining relative to the guidance you gave at the beginning of the year.

大家好。嗨，瑪麗安，我也要祝賀你。請代我們向亨尼根先生致上最誠摯的問候，祝賀他正式退休。希望我能很快完成兩個問題。能否具體說明一下煉油領域的資本支出，並與您年初給予的指導意見進行比較？

It seems you're running a little hot. I'm just wondering if something is changing there or if it was cadence? Or is there some other explanation as to why we should or should not be paying attention to that. . And my follow-up is a simple one.

你好像有點過熱了。我只是想知道那裡是不是有什麼變化，或者只是節奏變了？或者，還有其他解釋為什麼我們應該或不應該關注這一點嗎？。我的後續問題很簡單。

I want to hark back to the balance sheet and buybacks. And just get your simple perspective, obviously, we've had extraordinary share performance from MPC. One could argue elevated valuations, certainly elevated margins for the time being and a slowdown in the buyback, I believe, the slowest in the fourth quarter 2021 I think, might be weighing on your shares today. So my question is simply, are you prepared to lean on your balance sheet to buy back your shares?

我想回顧一下資產負債表和股票回購的情況。簡單來說，很明顯，MPC 的股票表現非常出色。有人可能會認為，估值過高、利潤率目前肯定也過高，以及股票回購速度放緩（我認為是 2021 年第四季最慢的一次），可能正在對貴公司目前的股價造成壓力。所以我的問題很簡單，您是否準備好動用您的資產負債表來回購您的股票？

So Doug, let me try to address some of those and then I'll pass it to John to give you a little more color. I think we've probably said this before, but at the risk of maybe repeating, no one quarter or for that matter any one given month, is meant to be indicative of the way that we view share buyback.

道格，讓我先試著回答其中的一些問題，然後我會把話題交給約翰，讓他再補充一些細節。我想我們以前可能說過，但為了避免重複，我想說，任何一個季度，甚至任何一個月，都不能代表我們對股票回購的看法。

And frankly, if you look consistent with what we've shared, we are comfortable with roughly $1 billion on our balance sheet last quarter for a lot of reasons, we ended lower than that, and you know we delivered strong share buyback performance. So again, no one quarter should be indicative of how we view that. We remain committed to using share buyback as the element of return of capital, and we'll consistently do that.

坦白說，如果我們回顧一下之前分享的內容，就會發現，出於很多原因，我們對上季度資產負債表上約 10 億美元的資產感到滿意，但最終的實際數額低於這個數字，而且我們也實現了強勁的股票回購業績。所以再次強調，任何一個季度都不應該代表我們如何看待這個問題。我們將繼續堅持以股票回購作為資本回報的方式，並會一如既往地這樣做。

As I shared earlier, the benefit of that growing distribution from MPLX two years now at 12.5% and growing, it should also be supportive for us to be able to lead in the return of capital. I think the other part of your question was, would we use our balance sheet, in other words, would we take on debt? And we don't see taking on debt at MPC to buy back stock as something that we would do. Having said that, we do believe that our margin delivery will allow us to continue to lead in share repurchases.

正如我之前分享的，MPLX 兩年來不斷增長的分紅已經達到 12.5% 並且還在增長，這對我們引領資本回報也應該有所幫助。我認為你問題的另一部分是，我們會使用資產負債表嗎？換句話說，我們會承擔債務嗎？我們認為MPC不會透過舉債來回購股票。儘管如此，我們相信我們的保證金交付將使我們能夠繼續在股票回購方面保持領先地位。

I'm going to pass the question back to John and he can give you some color on capital. And then I'll follow up.

我會把這個問題轉回給約翰，他可以給你詳細解釋資本的問題。然後我會跟進。

Hey, morning, Doug. So yes, certainly, looking at capital, I think what you're seeing there is, as we're looking across our value chains and where we're positioned, we're finding really good opportunities to drive investments whether it's operationally or commercially to drive reliability, drive mix and yields and really drive margin and capture. So I think that's partly what you're seeing in the numbers this year, and maybe I'll turn it back to Maryann as she had a comment to follow up there as well.

嘿，早上好，道格。所以，是的，當然，從資本的角度來看，我認為，當我們審視我們的價值鏈以及我們所處的位置時，我們發現了非常好的投資機會，無論是在營運方面還是商業方面，以提高可靠性、改善產品組合和收益率，並真正提高利潤率和市場份額。所以我覺得這在某種程度上解釋了今年的數據，也許我應該把這個問題轉回給瑪麗安，因為她也想對此發表一些評論。

Yeah, thanks. And thanks, John. The one thing that I wanted to be clear, we have not given guidance yet for 2026. And as you know, consistent with the way that we always have we'll provide you full year guidance.

嗯，謝謝。謝謝你，約翰。我想澄清一點，我們尚未給出 2026 年的指導意見。如您所知，我們將一如既往地為您提供全年指導。

But I think as you are thinking about planning, you should assume that 2026 capital will be below 2025, and we'll give you incremental color on the next quarter call, but you should assume capital will be below 2025.

但我認為，在考慮規劃時，你應該假設 2026 年的資本將低於 2025 年，我們將在下一個季度電話會議上提供更詳細的信息，但你應該假設 2026 年的資本將低於 2025 年。

Thanks so much, guys.

非常感謝各位。

Thank you.

謝謝。

Sam Margolin, Wells Fargo.

Sam Margolin，富國銀行。

Hi, good morning. Thanks for taking the question.

您好，早安。感謝您回答這個問題。

Good morning samples.

早上好樣品。

Maybe we could drill into this jet to diesel dynamic because it seems like it's pretty influential. And you said it's normalized now. But if you just look at the shape of sort of what underlying crack spreads did for the quarter, it was volatile, right? There are a few like sort of big pulses higher and then it came in. I mean how much of the, I guess, abnormal jet to diesel relationship in the quarter would you attribute to kind of unusual volatility across the array of commodities versus something more structural or any other macro effect you want to call out?

或許我們可以深入研究一下噴射引擎到柴油引擎的動力轉換動力學，因為它似乎影響很大。你說現在已經習以為常了。但如果你只看本季基礎裂解價差的走勢，你會發現它波動很大，對吧？先是出現了一些比較大的脈衝，然後就進來了。我的意思是，您認為本季噴射燃料與柴油燃料之間異常的比率，有多少是由於各種大宗商品價格的異常波動造成的，又有多少是由於結構性因素或其他您想指出的宏觀因素造成的？

Yeah, hi Sam, it's Rick. So we have not seen a volatility between the Jet diesel differential to this extent. I can tell you throughout the length of my career, Sam, it was unprecedented. And I really think it was a combo of inventory and supply driven. We did have some inventory switches on the diesel side and then jet took the opposite position and it just caused an imbalance for the better part of 1 month, 1.5 months and it's certainly corrected itself.

嗨，山姆，我是瑞克。因此，我們還沒有看到噴射柴油價差出現如此大的波動。山姆，我可以告訴你，在我整個職業生涯中，這種情況是前所未有的。我真的認為這是庫存和供應兩方面因素共同作用的結果。柴油方面我們確實進行了一些庫存調整，然後噴射燃料方面則採取了相反的做法，這導致了大約 1 個月到 1.5 個月的庫存失衡，不過這種情況現在已經自行糾正了。

But we do not see it structural whatsoever.

但我們完全看不出來這是結構性的。

Okay. That's helpful. And then maybe taking a step back, just to the macro because nobody has asked about demand yet given all the moving parts of the quarter. But what's interesting about this environment is that a lot of indicators that normally correlate to demand don't look that strong. Consumer sentiment is very low.

好的。那很有幫助。然後，或許應該退後一步，從宏觀角度來看，因為考慮到本季各種因素的變化，還沒有人問到需求方面的問題。但在這種環境下有趣的是，許多通常與需求相關的指標看起來並不強勁。消費者信心指數非常低迷。

PMIs are basically below 50 everywhere. And yet refining margins are still very high. And so I guess this is a question about kind of the conditions you're seeing today and what that means for kind of what a real mid-cycle margin environment looks like. It looks very much like the mid-cycle might be lifting higher based on kind of long-term capacity trends and indicators today, but would love your perspective on that thank you.

各地採購經理人指數（PMI）基本上都低於50。然而，煉油利潤率仍然很高。所以我想這個問題是關於你今天看到的狀況，以及這對真正的中期週期利潤環境意味著什麼。根據目前的長期產能趨勢和指標來看，週期中期似乎很有可能會出現上升趨勢，但我很想聽聽您的看法，謝謝。

Yes, Sam. So let me start by saying we tend to believe we have some of the best indicators in the United States with the breadth and depth of our refining and marketing business throughout the United States. Every day, we're getting demand signals. So while there are a lot of surveys out there, I would tell you we have what we would call hard facts and we feel very good about what we're seeing today and going forward.

是的，山姆。首先我想說的是，憑藉我們在美國各地煉油和行銷業務的廣度和深度，我們相信我們擁有美國最好的指標之一。我們每天都會收到需求訊號。雖然市面上有很多調查，但我可以告訴你，我們掌握著所謂的確鑿事實，我們對目前的情況以及未來的發展都感到非常樂觀。

But if I were to take a step back just for a moment, I mean, as you know, global demand continues to grow, whether it's the IEA or OPEC or almost any institution, everyone continues to upgrade their global demand views by several hundred thousand barrels a day. But more so closer to home here, Sam.

但如果我稍微退後一步，我的意思是，正如你所知，全球需求持續增長，無論是國際能源署、歐佩克還是幾乎任何機構，都在不斷上調其全球需求預期，每天增加數十萬桶。但更重要的是，山姆，這跟我們家的情況更密切相關。

When we look at diesel and jet, we continue to see modest growth and saw that in the third quarter, and we're seeing that here again to start the fourth quarter. And gasoline, it depends on the region within gasoline, but gasoline is flat-ish to slightly lower to prior year, which, to us, is a very strong signal. And as you know, we're in max diesel mode everywhere, driven by the diesel crack, and we are seeing strong signals not only on over-the-road but container business as well, harvest season.

當我們觀察柴油和航空煤油市場時，我們發現它們繼續保持溫和成長，第三季如此，第四季伊始又如此。至於汽油價格，雖然具體情況因地區而異，但總體而言，汽油價格與去年同期相比基本持平或略有下降，這對我們來說是一個非常強烈的信號。如您所知，由於柴油價格暴漲，我們現在到處都處於柴油使用量最大的狀態，我們不僅在公路運輸方面看到了強烈的信號，在貨櫃運輸業務方面也看到了強烈的信號，尤其是在收穫季節。

So we're getting a lot of positive signals today, Sam, that would lead us to be very bullish looking forward here into the near term.

山姆，今天我們收到了很多正面的訊號，這讓我們對近期前景非常看好。

And then if I even zoom out a little bit further, Sam, you continue to see the slightest bit of disruption in a region that is causing cracks to blow out greater than what they have in the past. A good example is the West Coast today.

山姆，如果我再把鏡頭拉遠一點，你就會發現，在這個區域，哪怕是最輕微的擾動，也會導致裂縫比以往更加嚴重地擴大。如今的美國西岸就是一個很好的例子。

You know there's operating issues out on the West Coast as well as a closure. But then even go to the Mid-Con, where we're seeing outsized cracks for this time of year because of a disruption. To me, if an outsider is looking in, I would say this is a primary example of how tight this market is from a US.

你知道西海岸那邊也存在營運問題，而且還有停駛的情況。但即便到了 Mid-Con，由於受到干擾，我們看到了與往年同期相比異常大的裂縫。在我看來，如果一個局外人來觀察，我會說這是美國市場競爭有多激烈的典型例子。

perspective. And then globally, when you look at drone attacks. I woke up and read another article yet this morning on a Russian refinery getting hit with another drone. That's sending the market in turmoil, especially from a diesel perspective, we're having good success, Sam, taking diesel to Europe because the whole Russian product export portfolio has been turned upside down. So that is advantaging US.

看法。然後，從全球來看，無人機攻擊事件也值得關注。今天早上醒來，我又讀到一篇關於俄羅斯煉油廠再次遭到無人機攻擊的文章。這給市場帶來了動盪，尤其是從柴油的角度來看，薩姆，我們向歐洲出口柴油取得了不錯的成功，因為整個俄羅斯產品出口組合都發生了翻天覆地的變化。所以這對我們有利。

refiners like us who have a really strong appetite to export on the Gulf Coast.

像我們這樣對向墨西哥灣沿岸出口有著強烈需求的煉油商。

Thanks so much.

非常感謝。

You're welcome, Sam.

不客氣，薩姆。

Paul Cheng, Scotiabank.

Paul Cheng，加拿大豐業銀行。

Hey guys, good morning.

嘿，各位，早安。

Good morning.

早安.

Maryann or maybe this is for John. You guys have mentioned that the third quarter, one of the impact on the margin capture is on butane inventory bill. Can you give us some idea that how big is that impact whether you're seeing dollar per barrel or percent of capture weigh?

瑪麗安，或者這可能是給約翰的。你們提到過，第三季影響利潤率的因素之一是丁烷庫存成本。能否大致說明一下，無論是以每桶油的價格還是以捕獲量的百分比來衡量，這種影響有多大？

Secondly, then I want to go back into California with the new pipeline proposal in Northern, we know that, I mean, not all of them probably will be materialized, but I suppose that at least 1 may be materialized. And so how do you guys will position your sale?

其次，我想回到加州，談談北部的新管道提案。我們知道，我的意思是，這些提案可能不會全部實現，但我認為至少有一條可能會實現。那麼，你們打算如何進行促銷活動呢？

And also then I think Rick has said that you believe the main import avenue is going to be waterborne. Will MPC be an active and aggressive player in that market and already organized range import coming in, given your LA logistics that you will be able to easily bring import. So trying to understand that how you are positioned yourself?

而且，我想里克也說過，你認為主要的進口途徑將是水路運輸。MPC是否會成為該市場中積極進取的參與者，並已組織好進口計劃？鑑於你們在洛杉磯的物流能力，你們應該能夠輕鬆地進行進口。所以，你試著弄清楚自己所處的位置是什麼？

Hey morning Paul, it's John. I'll start with the inventory question you had on capture. Rick mentioned earlier, there were a few different inventory changes. I would that affected capture one that Rick mentioned earlier, you would expect every season, right, as we're building LPGs to get ready for blending season. We also had some VGO we built ahead of some FCC turnarounds that kind of bridge the quarter and then probably some other pieces as well, Paul.

早安，保羅，我是約翰。我先回答你之前提出的關於捕獲的庫存問題。里克之前提到過，庫存發生了一些變化。我會像里克之前提到的那樣，影響到捕獲一個，你會預料到每個季節都會發生這種情況，對吧，因為我們正在建造液化石油氣裝置，為混合季節做準備。我們還建立了一些 VGO，以應對一些 FCC 的調整，這在某種程度上彌補了季度的空缺，然後可能還有一些其他部分，保羅。

But I mean, it was you add all those up, it's -- it gets you to a pretty good effect on capture quarter-to-quarter.

但我的意思是，把所有這些加起來，就能對季度間的業績產生相當好的影響。

John, do you -- can you quantify? Is it, say, 3%, 4%, 1% and line of color?

約翰，你能量化一下嗎？比如說，是 3%、4%、1% 和一條色線嗎？

Yes, it's probably closer to 3% to 5%, Paul.

是的，保羅，可能更接近 3% 到 5%。

Thank you.

謝謝。

Hey Paul, it's Rick. So let me start with the pipeline questions. So there are, as you mentioned, several announcements out there. And if one of them goes through, I would say, that's if one does and it comes, the origin comes out of the Mid-Con I would say, Paul, that's extremely positive for us. Most pundits on the one coming out of the Mid-Con would say that about 100,000 to 200,000 barrels per day could come out of the Mid-Con.

嘿，保羅，我是瑞克。那麼，就讓我先從管道相關的問題開始。正如你所說，目前已經發布了一些公告。如果其中一個方案通過了，我會說，如果真的通過了，而且方案來自 Mid-Con，我會說，保羅，這對我們來說是非常積極的。大多數專家認為，中康油田每天可以生產約 10 萬到 20 萬桶原油。

And as you know, Paul, we've got about 800,000 barrels per day through our four plants that come out of the Mid-Con. So we feel like we would benefit significantly with that draw coming out of the Mid-Con.

如你所知，保羅，我們位於中部地區的四家工廠每天生產約 80 萬桶原油。因此，我們覺得如果中期大會能抽出球員，我們將受益匪淺。

Now I will pause though and say that's a big if because when you look at a tariff that's yet to be set, if a line comes out of the Mid-Con as best we can tell, it's about a 1,000 mile pipe that would need to be laid across several states. It's long haul and it would most likely or potentially cross governmental administrations. So there's a wild card there. So there are a lot of ifs on the cost and the likelihood of it happening. But if one would come out of Mid-Con, we see it as quite bullish for us.

不過，現在我要停下來說明一下，這只是一個假設，因為考慮到關稅尚未確定，而且據我們所知，如果從中部地區延伸出一條輸電線路，那麼這條線路大約需要鋪設 1000 英里的管道，橫跨好幾個州。這是一場持久戰，而且很可能會跨越多個政府部門。所以這裡有個變數。所以成本和發生的可能性都存在著許多不確定因素。但如果 Mid-Con 展會能傳出好結果，我們認為這對我們來說是個相當利好的消息。

On the second part of your question, on the waterborne market. From a commercial perspective, we absolutely have a significant advantage with our L.A. asset and our Pacific Northwest assets. However, Paul, if we see a trading opportunity in the waterborne market, we will look at it just like we look at every other market. But I would tell you at this 10 seconds, that would not be a primary focus of ours.

關於您問題的第二部分，即水性塗料市場。從商業角度來看，我們在洛杉磯和太平洋西北地區的資產絕對具有顯著優勢。但是，保羅，如果我們在水上運輸市場看到交易機會，我們會像看待其他市場一樣看待它。但我可以告訴你，在這短短的 10 秒內，這不會是我們的主要焦點。

Our focus is to really bring the value out of our fully integrated value chain between the West Coast and Pacific Northwest.

我們的重點是真正發揮西海岸和太平洋西北地區之間完全整合的價值鏈的價值。

Okay. So if I interpret it correctly, it means that you do not have plan to be a consistent and active import product into California market?

好的。所以如果我理解正確的話，這意味著你們沒有計劃持續、積極地向加州市場進口產品？

Paul, I wouldn't tell you if I was or wasn't, but it's a nice try, Paul, but I won't tell you that. We look at every opportunity to make money.

保羅，我不會告訴你我是不是，不過你的想法不錯，保羅，但我不會告訴你。我們會抓住每一個賺錢的機會。

Sure, I understand thank you.

好的，我明白了，謝謝。

You're welcome, Paul. Maybe just one last wrap on the capture question just to be sure. As you know, over the last several quarters, one of the things that we've been trying to do is continue to provide color on the things that are sustainable that which Rick and his team are working on to provide that sustainable excellence in terms of our commercial performance. And the lion's share of that change that we talked about this particular quarter was really market-driven. That's the volatility I talked about the jet versus diesel, the clean product margins, et cetera.

不客氣，保羅。為了確保萬無一失，或許可以再就捕獲問題做最後總結。如您所知，在過去的幾個季度裡，我們一直在努力做的一件事就是繼續闡明里克和他的團隊正在努力實現的那些可持續發展的事情，以期在我們的商業業績方面取得可持續的卓越成就。而我們在本季討論的這些變化中，絕大部分都是由市場驅動的。這就是我之前提到的噴射機與柴油引擎之間的波動性，清潔產品的利潤率等等。

And then as you know, as a result of that volatility, then the secondary product headwinds can be significant for us. And you know that they are obviously largely not within our control as well. The one that was, and that's where we've shared with you the progress was the Gulf Coast part of that, and that was the downtime that we experienced on our RHU and Mike shared with you the intent to bring that back up and obviously expect to have that operational for much of the fourth quarter. That would be the piece that I would tell you is sort of ours. But largely, when you look at the change quarter-over-quarter, it was largely market-driven for all of the reasons that I shared.

如您所知，由於這種波動性，二級產品面臨的不利因素可能對我們來說非常顯著。而且你也知道，這些顯然大多不在我們的控制範圍內。之前提到的部分，也就是我們向大家報告進展的那部分，是墨西哥灣沿岸地區的部分，那是我們的 RHU 遇到的停機時間，Mike 也向大家表示過打算讓它恢復運行，顯然預計在第四季度的大部分時間裡都能正常運轉。我會告訴你，那部分算是屬於我們的。但總的來說，從季度環比來看，這種變化很大程度上是由市場驅動的，原因正如我之前所說。

I hope that's helpful for you as well.

希望這對你也有幫助。

Thanks very much.

非常感謝。

Theresa Chen, Barclays.

特蕾莎·陳，巴克萊銀行。

Hi there, a Building off of Rick's comments about how Mid-Con product margins would likely improve if Kinder and (inaudible) pipeline gets built. Is the same true for PADD four is Dino project. The diner project goes through, considering that you do also have a Salt Lake facility and given the relatively low CapEx and minimal looping that, that would require? Would that also improve netbacks for you in that region?

大家好，基於 Rick 的評論，如果 Kinder 和（聽不清楚）管道建成，Mid-Con 產品的利潤率可能會提高。PADD 4 的 Dino 專案也是如此嗎？考慮到你們在鹽湖城也有一家分店，而且該專案所需的資本支出相對較低，流程也最簡單，那麼這個餐廳專案可以順利進行嗎？這樣也能提高您在該地區的淨收益嗎？

That one is a little tougher to call, Theresa. This is Rick, by the way. But I would tell you where we see our significant advantage in Salt Lake City is as we are the largest refiner in Salt Lake and we have a significant feedstock advantage with the amount of black and yellow wax we run in that region.

這個問題有點難判斷，特蕾莎。順便說一下，這位是里克。但我要告訴你的是，我們在鹽湖城的主要優勢在於，我們是鹽湖城最大的煉油廠，而且我們在該地區擁有大量的黑蠟和黃蠟原料，因此我們在原料方面具有顯著優勢。

And so regardless if something comes in and out of that region, the project that you're referencing is of such de minimis volumes, we don't see it affecting us really negatively. And we -- so we really like where our assets at because of the reasons I've mentioned and our ability to clear our product to other areas of the country, i.e., Vegas, Arizona, et cetera.

因此，無論該地區是否有物品進出，你提到的這個項目規模都非常小，我們認為它不會對我們產生真正的負面影響。而且我們——所以我們非常滿意我們的資產所在地，原因正如我所提到的，而且我們有能力將我們的產品銷往美國其他地區，例如拉斯維加斯、亞利桑那州等等。

Understood. And on the light heavy outlook, what are your expectations on how those differentials evolve from here. What do you think are the key drivers and keeping the geopolitical instability and general macro volatility in mind?

明白了。至於輕重股的前景，您預期這些價差接下來會如何變動？您認為在考慮地緣政治不穩定和宏觀經濟波動的情況下，關鍵驅動因素是什麼？

Yeah, up until now, Theresa, I would tell you that TMX has been the key driver. I would say most have been projecting the differentials to get wider, but increased Far East demand through TMX pipeline has really kept Canadian inventories low and differentials tighter than expected.

是的，Theresa，直到現在，我都會告訴你，TMX一直是關鍵驅動因素。我認為大多數人都預測價差會擴大，但透過 TMX 管道輸送到遠東地區的需求增加，實際上使加拿大庫存保持在較低水平，價差也比預期的要小。

However, as Far East demand appears to be waning, we believe this could provide some relief to those differentials. So we expect our differentials to widen slightly in Q1 on incremental OPEC production and incremental Canadian production, especially as we enter the diluent blending season and production grows.

然而，由於遠東地區的需求似乎正在減弱，我們認為這可能會緩解這些價差。因此，我們預計第一季歐佩克增產和加拿大增產將導致價差略微擴大，尤其是在稀釋劑混合季到來、產量成長的情況下。

. The one area that I would like to point out is we've certainly seen depressed ASCI prices as grades are under pressure due to more challenging export environments, both within the US and China. So we believe this is extremely positive. As you know, we're a big player in the ASCI market.

。我想指出的一點是，由於美國和中國出口環境的日益嚴峻，導致礦石等級承壓，我們確實看到 ASCI 價格低迷。所以我們認為這是非常正面的訊號。如您所知，我們是ASCI市場上的重要參與者。

We have a ton of exposure of our barrels priced against an ASCI benchmark. And just as a reference, ASCI prices are $2 weaker than earlier in the year and the forward curve is one of the weaker 4Q, 1Q ASCI curves that I've seen and we've seen in the last five years as offshore production continues to be quite bullish.

我們有大量原油價格以ASCI基準價格為基準進行定價。作為參考，ASCI 價格比今年早些時候下跌了 2 美元，遠期曲線是我見過的，也是過去五年中我們見過的最疲軟的第四季度和第一季 ASCI 曲線之一，因為海上生產持續保持強勁勢頭。

The latest number I looked at is it looks like it's slightly above 2 million barrels a day for the first time since 2020. A lot of big exploration projects coming online. So we're quite bullish on the ASCI as we're seeing that not only in current ASCI markets but in the future forward curve.

我查閱的最新數據顯示，原油日產量似乎略高於 200 萬桶，這是自 2020 年以來的首次。許多大型勘探項目即將上線。因此，我們對ASCI相當看好，因為我們不僅在目前的ASCI市場中看到了這一點，而且在未來的遠期曲線中也看到了這一點。

I hope that helps answer your question.

希望這能解答你的疑問。

That's very helpful.

那很有幫助。

Thank you, Rick.

謝謝你，里克。

Thank you, Teresa.

謝謝你，特蕾莎。

Thank you, Teresa.

謝謝你，特蕾莎。

Jason Gabelman, TD Cowen.

Jason Gabelman，TD Cowen。

Yeah, hey, morning, thanks for taking my questions.

是啊，早安，謝謝你回答我的問題。

Morning, Jason.

早上好，傑森。

I wanted to start on the West Coast. It's been a heavier turnaround year in that region, and it seems like that's going to continue into 4Q. So just wondering what's driving that? And then more broadly, it looks like turnaround spend is going to be a bit higher than what you had previously guided to. So I'm wondering if that's related to what's specifically going on in the West Coast and then I have a follow-up.

我想從西海岸開始。今年該地區的復甦步伐比較大，而且這種情況似乎還會持續到第四季。所以我想知道是什麼原因導致這種情況？此外，總體而言，週轉支出似乎會比您之前預期的要高一些。所以我想知道這是否與西海岸正在發生的事情有關，然後我還有一個後續問題。

Good Morning, Jason, this is Mike. On the West Coast, primarily, we're running the refinery currently, but we do have our FCC and our alky down. We started that turnaround in the third quarter. And then we're coming up with the project that Maryann talked about, our Etie project will come up here in the next few weeks. So we should be in a good position to capture that in the West Coast.

早安，傑森，我是麥克。目前，我們主要在西海岸運營煉油廠，但我們的 FCC 和醇類燃料裝置也已經停產。我們從第三季開始扭轉局面。然後，我們將著手開展瑪麗安提到的項目，我們的 Etie 項目將在接下來的幾週內啟動。因此，我們應該能夠很好地掌握西海岸的機會。

So at this point, we'll be able to run hard on the LAR refinery. From the turnaround cost side, some of it has went up, specifically at LAR GBR. That was primarily around opportunities on growth projects and ER projects, mainly around some reliability, which allows us to put us in a position for a better capture, both on the West Coast and the Gulf Coast.

所以現在，我們可以全力運作 LAR 煉油廠了。從週轉成本來看，部分成本上升，特別是 LAR GBR 的成本。這主要圍繞著成長項目和 ER 項目的機會，主要圍繞著一些可靠性，這使我們能夠更好地掌握西海岸和墨西哥灣沿岸的機會。

And Jason, it's John. I might just kind of add on to Mike's comments. So certainly, you're seeing the number you can add the fourth quarter to get to a number for the year. But as we look '26, that's the number we see coming down. And after '26, we see that trend continuing as well.

傑森，我是約翰。我可能要補充一下麥克的評論。所以，你當然可以看到，你可以把第四季的數字加上去，得到全年的數字。但展望 2026 年，我們看到這個數字將會下降。2026 年之後，我們看到這種趨勢仍在繼續。

Just to give you a little bit of a forward look.

只是想讓你們對未來有個大致了解。

Great. And my follow-up is maybe just on margin capture. And your indicators don't include some regions that were really strong in 2Q and 3Q, the Pacific Northwest and the Rockies and I suppose some had thought that strength would offset some of the headwinds that you had mentioned.

偉大的。我的後續問題可能只是關於利潤率獲取。而且，你的指標沒有包括第二季和第三季表現非常強勁的一些地區，例如太平洋西北地區和洛磯山脈地區。我想有些人認為，這些地區的強勁勢頭可以抵消你提到的一些不利因素。

So can you just talk about your ability the past couple of quarters to capture the strength in the Pacific Northwest and the Rockies. Has that driven that distribution cost number higher, which came in above estimates?

那麼，您能否談談您在過去幾季中如何把握住太平洋西北地區和落基山脈的優勢？這是否推高了配送成本，使其高於預期？

Or do you feel like your system is kind of well situated at this point to capture those dislocations in the market?

或者您覺得您的系統目前已經具備了相當不錯的條件，可以捕捉到市場中的這些錯位？

Hey Jason, it's John. I'll start with distribution costs and then turn it over to Rick to talk about kind of those regional cracks as you noted. So again, just to take a step back, right, this is our cost that we look at to kind of get our product to markets across all our refinery systems, again, a little bit of a different convention for us.

嘿，傑森，我是約翰。我先從分銷成本說起，然後把話題交給里克，讓他談談你提到的那些區域性問題。所以，我們再退一步來看，這是我們為了將產品透過我們所有的煉油系統運送到市場而考慮的成本，這對我們來說又是一個略有不同的慣例。

Certainly, like you said, the number is a little bit higher than our guidance, but that really reflects commercial decisions. Rick's team is making every day about products, which markets we go to, and where we see the most margin opportunities.

當然，正如你所說，這個數字比我們的預期略高，但這確實反映了商業決策。Rick 的團隊每天都在圍繞產品、我們進入哪些市場以及我們看到最大利潤機會的地方開展工作。

Some of those might have higher distribution costs, if you will, but we're going after relatively higher margin. And the only other thing I would offer again, that can move quarter-to-quarter based on those decisions. But if you look at it on a barrel sold basis versus our normal throughput basis, you look year-to-date, this year, year-to-date last year, it's pretty much the same number, but it can move quarter-to-quarter, but it reflects those commercial decisions Rick and his team are making.

有些產品的分銷成本可能會更高，但我們追求的是相對較高的利潤率。我唯一要再次強調的是，這可以根據這些決定來按季度調整。但如果你以桶裝銷售量為基礎，而不是以我們正常的吞吐量為基礎來看一下，你會發現今年迄今為止，與去年同期相比，數字幾乎相同，雖然季度之間可能會有所波動，但這反映了里克和他的團隊正在做出的商業決策。

And I'll turn it over to Rick to talk about kind of your regional question.

接下來我將把麥克風交給瑞克，讓他來談談你提出的這個地區性問題。

Yeah, Jason, the regional question is a dynamic one because as we look -- and I'll just talk about California for a moment. So in California, especially in 3Q, you had the dynamic between the cracks between San Fran and LAR. Now we would -- we will and can take some of our Anacortes product and take it and back it into San Francisco and backfill the San Francisco market.

是的，傑森，區域問題是一個動態的問題，因為當我們審視——我先談談加州。所以在加州，尤其是在第三季度，舊金山和洛杉磯之間的縫隙中存在著動態。現在我們可以把我們在阿納科特斯的一些產品運回舊金山，填補舊金山的市場空白。

But the swings that we have seen between the PNW and the California market, which I always break into two, San Francisco and LAR are quite significant. So in any one given quarter, there are times when one region is out clipping the other, but it's a tough call to make consistently throughout the quarter.

但我們看到太平洋西北地區和加州市場（我總是把加州市場分成兩個部分：舊金山和洛杉磯）之間的波動相當顯著。因此，在任何一個季度中，總是會有一些時候一個地區的成長速度超過另一個地區，但要在整個季度中持續做出判斷是很困難的。

And in a lot of cases, in 3Q, I would tell you the P&W actually trailed parts of California for a negative for our margin pull-through. So it's quite dynamic, and we do all we can to move around and optimize it to take advantage of the highest margin areas within that region.

在很多情況下，例如第三季度，我會告訴你，普惠公司實際上落後於加州部分地區，這對我們的利潤率產生了負面影響。所以情況相當複雜，我們會盡一切努力調整策略並進行最佳化，以利用該地區利潤最高的區域。

Great, thanks for those answers.

太好了，謝謝你的解答。

Thank you. You're.

謝謝。你是。

Welcome, Jason.

歡迎你，傑森。

Matthew Blair, TPH.

Matthew Blair，TPH。

Great, thank you and good morning everyone. Could you give your thoughts on the RD market going forward? Given these losses, are you considering shutting your California RD asset? And do you have any explanation on why D4 RINs are at stronger levels now? On our supply demand, it looks like D4 seen shortage this year.

太好了，謝謝，大家早安。您能否談談您對未來研發市場發展的看法？鑑於這些損失，您是否考慮關閉您在加州的研發資產？您能否解釋一下為什麼D4 RIN值現在處於較高水平？根據我們的供需情況來看，D4 今年似乎出現了短缺。

We see a lot of companies operating at pretty low utilization in some any economic run cuts and yet the D4 market still seems pretty depressed. So if you have any thoughts on that, that would be great.

我們看到很多公司在一些經濟性削減措施下以相當低的利用率運營，然而D4市場似乎仍然相當低迷。所以，如果您對此有任何想法，那就太好了。

Yeah, good morning so maybe just a couple of comments, and then I'll pass it to John to give you some of the specifics to your questions with respect to our renewable diesel segment. As you know, in the very beginning of the year, one of the things that we said was in terms of operation, the only investment that we were considering was anything to ensure reliability, and that really hasn't changed. As you know, there's been a tremendous amount of backdrop as we think about the regulatory environment that continues to ebb and flow steel decisions that are pending with respect to how resolution will happen, et cetera.

是的，早安。我先簡單說幾點，然後把問題交給約翰，讓他具體解答您關於我們再生柴油業務的問題。如您所知，年初的時候，我們說過，就營運而言，我們唯一考慮的投資就是確保可靠性，這一點至今仍未改變。如您所知，當我們思考監管環境時，存在著大量的背景因素，而監管環境又在不斷變化，鋼鐵業的決策也懸而未決，例如如何進行解決等等。

So it is a place where we are ensuring that our operations are running as efficiently as possible but there's certainly some headwinds when we look at margins, feedstock, et cetera. And as we went out to work on this project, we felt like we had some very favorable I'll call it, metrics with respect to this project when we look at its location, we look at the center of demand, logistics, et cetera.

因此，我們正在努力確保我們的營運盡可能有效率地進行，但當我們審視利潤率、原料等方面時，肯定會遇到一些不利因素。當我們著手進行這個專案時，我們感覺我們有一些非常有利的指標，我稱之為指標，從專案的位置、需求中心、物流等方面來看，都是如此。

Feedstock was a place where we felt strongly that we wanted to further optimize as well. So very small part of the portfolio. We're ensuring that we can run it as efficiently as possible, but you don't really see us putting capital to work in this space.

原料供應是我們強烈希望進一步優化的一個面向。所以，這只是投資組合中很小的一部分。我們正在確保盡可能高效地運營，但你並沒有看到我們在這個領域投入資金。

But let me pass it to John and he can answer some of the specifics for you.

不過，我把這個問題轉給約翰，他可以為你解答一些具體問題。

Yeah, hey morning Matthew, it's John. Maybe just building off some of Maryann's comments and I'm sure you've heard similar comments from some of our peers on some of those regulatory items, there's probably more unknowns than knowns right now.

是啊，早上好，馬修，我是約翰。也許可以藉鏡 Maryann 的一些評論，而且我相信你也從我們的一些同行那裡聽到過類似的評論，就某些監管事項而言，目前未知因素可能比已知因素多。

Lots of things need to play out there. We're looking at that D4 range just like you are as well as maybe LCFS credits, and you could kind of go down the stack there. Certainly seeing margins improve some in the fourth quarter, but it really feels like we got to get into 2026 before we're going to get some clarity there.

外面有很多事情需要發生。我們和你一樣也在關注 D4 範圍，以及 LCFS 積分，你也可以慢慢往下看。第四季利潤率確實有所改善，但感覺要到 2026 年才能真正明朗起來。

As Maryann noted, we're going to work on driving the most value out of the assets we have, given where we are in Martinez and what we can do there. So we'll keep focused on that, but I think there's just a lot of uncertainty. You're seeing other players come out of the market, and we'll just have to keep an eye on it as we go into 2026.

正如瑪麗安所指出的，鑑於我們在馬丁內斯的地理位置以及我們在那裡能夠做的事情，我們將努力從我們擁有的資產中榨取最大價值。所以我們會繼續關注這一點，但我認為目前存在著許多不確定因素。你會看到其他玩家退出市場，到了 2026 年，我們只能密切關注市場動態了。

Great. And then maybe just to expand the conversation on crude dips. You talked about favorable dynamics on WCS and ASCI. We're also seeing wider moves in areas like ANS, Bakken and Syncrude so far in the fourth quarter. So I guess, fair to say that this would be an additional tailwind on capture this quarter?

偉大的。然後或許可以進一步探討原油價格下跌的問題。你談到了WCS和ASCI的有利動態。第四季至今，我們也看到ANS、Bakken和Syncrude等地區的油氣價格出現了更廣泛的上漲趨勢。所以，我猜，可以公平地說，這將是本季業績成長的另一個利好因素？

And do you have any sort of -- any other insights on what's pushing these other grades wider as well?

您對其他等級劃分擴大的原因還有其他見解嗎？

Yeah, hi Matthew, it's Rick. So I'll start with ANS. That is the one that is the most logical to explain because when you look at the TMX barrels that have entered the market there, and the closures, the demand for ANS has gone down significantly. So the differential has had to widen out to compete. And then we're seeing stronger than what we would have expected, Bakken production and Syncrude production.

嗨，馬修，我是瑞克。那我就先從答案開始吧。這是最合乎邏輯的解釋，因為當你觀察進入市場的 TMX 原油桶和關閉情況時，就會發現對 ANS 的需求已經大幅下降。因此，為了保持競爭力，價差不得不擴大。而且，巴肯油田和辛克魯德油田的產量也比我們預期的還要高。

So quite nice tailwinds, both from a production perspective in those two fields that is driving those differentials wider for us.

所以，從生產角度來看，這兩個領域的順風都相當不錯，這正在拉大我們之間的價差。

And Matthew, it's John. Just to add on one more thing kind of when you think about for modeling purposes. The way we do our blended crack numbers and our market metrics, we include those dips in those numbers. So when we do capture, it's above and beyond what's going on here. It would certainly drive margin, but it's not going to be a capture tailwind.

還有馬修，是約翰。再補充一點，當你出於建模目的考慮時。我們在計算混合裂縫數據和市場指標時，會將這些下跌幅度也考慮在內。所以當我們進行拍攝時，拍攝的內容遠遠超出了這裡正在發生的事情。這肯定會提高利潤率，但不會成為一股強勁的順風。

I just -- we're a little different than what some of our peers do around their indicators. So I just wanted to remind you.

我只是——我們和一些同行在指標方面的做法略有不同。所以我只是想提醒你。

Sounds good. Thanks for your comments.

聽起來不錯。感謝您的評論。

Thank you.

謝謝。

Phillip Jungwirth, BMO.

Phillip Jungwirth，BMO。

Thanks. Good morning. The Gulf Coast and Mid-Con are expecting to run a higher percentage of sweet crude in the fourth quarter than they have in prior quarters. Just given what should be increased availability of crude, I was hoping you could talk through the planned crude slate and also just what you're seeing in the market as far as sourcing more advantaged barrels.

謝謝。早安.墨西哥灣沿岸和中部地區的石油產業預計，第四季低硫原油的使用比例將高於前幾季。鑑於原油供應量應該會增加，我希望您能談談計劃中的原油供應情況，以及您在市場上尋找更有優勢的原油方面看到的情況。

Yeah, hi Phillip, it's Rick. So from a sweet perspective, GBR really sits right at the mouth of incredible amount of sweet discounted crude. So we're highly advantaged to run it at GBR. And then at Garyville, specifically, we will toggle between sweet and sour depending on the price and the economics. I will tell you, we're starting to see a few more looks at what we see as Iraqi barrels that are becoming more promising and getting a slight hint that we might lean into those a little bit more so.

嗨，菲利普，我是瑞克。所以從原油的角度來看，GBR 其實位於大量優質折扣原油的入口處。因此，在英國舉辦這項賽事對我們非常有利。而在加里維爾，我們會根據價格和經濟狀況，在甜味和酸味之間切換。我可以告訴你，我們開始看到一些我們認為是伊拉克產的槍管，這些槍管越來越有希望，我們略微感覺到我們可能會更傾向於選擇它們。

. But generally, the increased sweet and the amount of sweet you're seeing is just because of where we're logistically set up and the toolkit for Garyville is really well positioned to run a lot of sweet barrels. In addition to that, we do run, I think, as you know, a lot of Canadian heavy barrels that we feed into the RHU that are highly discounted as well, and we see that discount becoming slightly larger in the coming quarter. I hope that helps you, Phillip.

。但總的來說，你看到的甜味酒的增加和甜味酒的數量，僅僅是因為我們的物流設置以及加里維爾的工具包非常有利於運行大量的甜味酒桶。除此之外，如您所知，我們還會向 RHU 輸送大量的加拿大重桶原油，這些原油的價格也大幅折扣，而且我們預計在下一個季度，這種折扣還會進一步擴大。希望這對你有幫助，菲利普。

Yeah, No, that's helpful. And then when you look at the need for waterborne refined product imports into California, can you touch on available dock space just to bring volumes in? I know you're utilizing some of this through your other refineries, but from an industry perspective, how much of DUCs based you view as utilized? And is that at all a bottleneck of future supply as additional refineries close?

是的，這很有幫助。那麼，考慮到加州對水運精煉產品進口的需求，您能否談談目前可用的碼頭空間，以便運輸這些產品？我知道你們在其他煉油廠也利用了其中的一些資源，但從產業角度來看，你們認為有多少DUC（未完成的未煉油廠）被利用了？隨著更多煉油廠關閉，這是否會對未來的供應造成瓶頸？

Phillip, you've identified something that certainly is a deterrent and headwind for waterborne imports. Even prior to imports needing to go up significantly because of the recent announced closures and one to come. The DUCs have always been the wildcard on the West Coast.

菲利普，你指出的這一點確實對水路進口構成阻礙和不利因素。甚至在進口因近期宣布的關閉措施以及即將到來的關閉措施而需要大幅增加之前。DUCs一直是西海岸的變數。

And the reason is, as you have fog, you have delays, you have unexpected waterborne incidents that are far less ratable than having a refinery in the state. So when we look at not only the DUCs, but when we look at weather concerns, when we look at high freight rates today, which is also causing the arm to be where it's at and cracks, be where it's at.

原因在於，有霧的時候，會發生延誤，會發生意想不到的水路事故，而這些事故的危害遠不及在該州建造煉油廠。所以，當我們不僅關注未完工貨物，還關注天氣問題，以及如今高昂的貨運費率時，這也導致了現在的狀況和裂縫出現。

We see all of these as significant tailwinds for us.

我們認為所有這些對我們來說是重要的順風。

Great, thanks thank you.

太好了，謝謝。

Thank you.

謝謝。

Ryan Todd, Piper Sandler.

瑞安·托德，派珀·桑德勒。

Good thanks maybe a couple of follow-ups on earlier ones. On the renewable diesel side, the -- you mentioned a lot of the uncertainty that which there's still a ton of uncertainty out there regarding various policies.

非常感謝，或許可以跟進一下之前的問題。在再生柴油方面，你提到了許多不確定性，目前在各種政策方面仍有許多不確定性。

One of which is the treatment of foreign feedstocks. What sort of impact could this have on your access to or approach to feedstock at Martinez, if you continue to see penalties there? And maybe on the R&D side as well, are you at a ratable run rate at this point in terms of kind of monetization or booking of PTC credits?

其中之一是外國原料的處理。如果繼續受到處罰，這會對您在馬丁內斯獲取原料的途徑或方式產生什麼樣的影響？或許在研發方面，就PTC積分的貨幣化或預訂而言，您目前是否達到了可衡量的運行速度？

Or is there still movement one way or the other there?

或者說，那裡仍然存在某種方向的轉變嗎？

Yeah, Ryan, thanks for the question. So really on foreign feedstock, that is still being debated. But as we know right now, there is a potential for a 50% limitation on that from foreign feedstocks. As I mentioned earlier, one of the things that we were really focused on was ensuring that we could optimize our feedstock when we ran our initial economics on the Martinez project, we were looking at largely a soybean only feedstock. And then as we did our transaction with Neste and had access to other foreign feedstocks as well as other local advantage feedstocks.

是的，瑞恩，謝謝你的提問。所以，關於進口原料的問題，目前仍在討論中。但就我們目前所知，來自國外的原料有可能被限制在 50%。正如我之前提到的，我們真正關注的事情之一是確保我們能夠優化原料。在對馬丁內斯計畫進行初步經濟評估時，我們主要考慮的是只使用大豆作為原料。然後，當我們與 Neste 進行交易時，我們不僅可以獲得其他外國原料，還可以獲得其他具有本地優勢的原料。

We saw that as a benefit and actually improve the economics of the project.

我們認為這是一個優勢，實際上可以改善專案的經濟效益。

Today, I think we can largely source and have benefit with our partner Neste and our access. So we don't see this as necessarily being significantly limiting to us. I think the question longer term is what does the administration do and whether or not that 50% stays in place and would have obviously broader market impact or whether or not they are able to delay the implementation of that as they are resolving the RVO issue and also other elements associated with go forward as well as the historical review of that. So for us, less of an impact, but it will be obviously a market-driven decision as they decide how they're going to implement that 50% foreign feedstock.

今天，我認為我們可以藉助合作夥伴 Neste 的資源和管道獲得大量採購和收益。所以我們認為這未必會對我們造成重大限制。我認為從長遠來看，問題在於政府會採取什麼行動，以及這 50% 的稅率是否會繼續維持，這顯然會對更廣泛的市場產生影響；或者他們是否能夠推遲實施該稅率，因為他們正在解決 RVO 問題以及與未來發展相關的其他因素，以及對歷史情況的審查。所以對我們來說影響較小，但這顯然是一個市場驅動的決定，因為他們將決定如何實施 50% 的外國原料。

And then Ryan, it's John. Just to add on to that, as Maryann said, we've got really strong logistics, not just water for international, but actually rail offload for domestic coming in at Martinez, that puts us in a good spot to pivot wherever the market goes. And then on your -- I figured we couldn't get off the call without a 45z question. Again, as a reminder, we made some changes to our structures there back in April, and that really got us a big chunk of those credits. There's some little pieces here and there.

然後是瑞恩，是約翰。補充一點，正如瑪麗安所說，我們的物流非常強大，不僅有國際水運，而且國內貨物還能透過鐵路在馬丁內斯卸貨，這使我們能夠根據市場走向靈活調整。然後，關於你——我想，如果沒有一個 45z 的問題，我們就無法結束通話。再次提醒大家，我們在四月對那裡的結構進行了一些調整，這確實為我們贏得了很大一部分積分。這裡零星散落著一些小碎片。

We're still pursuing. There's a piece back in Q1, we haven't given up on kind of getting, but I think you're largely seeing the production tax credit in the numbers right now.

我們仍在追查。第一季還有一部分收入，我們還沒有放棄爭取，但我認為你現在主要看到的是生產稅收抵免。

Great. Maybe one CapEx or credit question overall on the overall business. I appreciate the provided details and the release on many of the projects that you have going on, either on the refining or the midstream side. Can you talk about some of the macro opportunity set that has you leaning in a little more here in the near term into some of the project spend, particularly on the midstream side? And then should we see that trend back towards a more normal level as we look out a couple of years?

偉大的。或許可以就整體業務提出一個資本支出或信貸方面的問題。我非常感謝您提供的詳細信息，以及您公佈的正在進行的許多項目，無論是在煉油方面還是在中游方面。您能否談談促使您在近期內加大專案投入，尤其是在中游領域，的一些宏觀機會？那麼，展望未來幾年，我們是否會看到這種趨勢逐漸恢復到正常水平？

Yeah, Ryan, sure. Thank you. So when we look at the midstream, our growth opportunities are focused in the Permian as you see really trying to build out our nat gas and our NGL value chain. So most recently, we put some capital to work to acquire a sour gas treating set of assets.

是的，瑞恩，當然可以。謝謝。因此，當我們審視中游業務時，我們的成長機會集中在二疊紀盆地，正如你所看到的，我們正在努力發展我們的天然氣和液化天然氣價值鏈。所以最近，我們投入了一些資金，收購了一套酸性氣體處理資產。

And the reason why we think that's so important is we believe that this is some of the best rock in the Permian in this Delaware Basin Lea County. The challenge with that is producers move into that region is it is a sour gas, high H2S, CO2. And requires a certain level of treatment to blend it down to be able to further process. But in this area, this is very close adjacent and complementary to the assets that we are currently operating and fit very nicely with the producer customers that we are currently supporting.

我們認為這一點非常重要的原因是，我們相信這是特拉華盆地利縣二疊紀地層中最好的岩石之一。問題在於，生產商進入該地區是因為那裡的天然氣是酸性​​的，含有高濃度的硫化氫和二氧化碳。而且需要經過一定程度的處理才能將其混合均勻，以便進行進一步加工。但在這個領域，它與我們目前正在營運的資產非常接近且互補，並且與我們目前正在支援的生產商客戶非常契合。

That EBITDA will improve in 2026 as the second follow-on -- I mean treating plant comes online, bringing our EBITDA to its projected run rate by the end of 2026. So contributing in 2026, frankly and beyond to incremental EBITDA. Additionally, we talked about some other projects, first of all, BANGL. We took the remaining ownership in incremental 55%. And so that ownership will be another EBITDA growth into 2026.

2026 年，隨著第二個後續項目（即污水處理廠）投入運營，EBITDA 將有所改善，到 2026 年底，我們的 EBITDA 將達到預期的運行水準。因此，坦白說，這將為 2026 年及以後的增量 EBITDA 做出貢獻。此外，我們還討論了一些其他項目，首先是 BANGL。我們分批收購了剩餘的 55% 股份。因此，這項所有權將推動 2026 年 EBITDA 的另一個成長。

Similarly, the full year benefit of our Preakness II plant. And then Secretariat, another processing plant in the Permian, bringing our processing capability to 1.4 will come online at the end of this year and therefore be incremental.

同樣，我們的 Preakness II 工廠全年都能帶來收益。然後，位於二疊紀盆地的另一座加工廠 Secretariat 將於今年年底投產，使我們的處理能力達到 1.4，因此是增量式的。

And then if we look at even longer term, we talked about our fractionation and LPG export dock. So two fracs coming online, one each in 2028 and 2029 along with our export and that will add incremental EBITDA in both of those years. As we look at nat gas and NGL demand, frankly, you look at the growth of NGL, you look at gas oil ratios, we see demand, LPG pool, the strength of the producer customers in that region really is all very supportive long term to that growth as well.

然後，如果我們從更長遠的角度來看，我們談到了我們的分餾和液化石油氣出口碼頭。因此，兩套壓裂設備將於 2028 年和 2029 年分別投入運營，加上我們的出口業務，這兩年將增加 EBITDA。當我們審視天然氣和液化天然氣的需求時，坦白說，看看液化天然氣的成長，看看柴油與石油的比例，我們看到需求、液化石油氣市場以及該地區生產商客戶的實力，所有這些都對長期成長起到了非常有利的作用。

And then that growth allows us the ability to increase the MPLX distribution, bringing back at least this year about $2.8 billion, which supports MPC's ability to lead in capital return. Again, as we bring that back, our goal, as we've always said, is to lead in the return of capital through all parts of this cycle, and that is extremely supportive of what we think, extremely supportive of our ability to do so.

而這種成長使我們能夠增加 MPLX 的分紅，至少今年將帶來約 28 億美元的收益，這支持了 MPC 在資本回報方面的領先地位。再說一遍，正如我們一直所說，我們的目標是在整個週期中引領資本回歸，這極大地支持了我們的想法，也極大地支持了我們實現這一目標的能力。

Let me pause there and see if I've answered your question.

我先停一下，看看我是否回答了你的問題。

Yeah, that's great thank you very much.

是的，太好了，非常感謝。

You're welcome.

不客氣。

All right. With that, thank you for your interest in MPC. Should you have more questions or want clarifications on topics discussed this morning, please contact us. Our team will be available to take your calls. Thank you for joining us this morning.

好的。感謝您對MPC的關注。如果您對今天上午討論的話題還有其他問題或需要澄清，請與我們聯繫。我們的團隊將隨時接聽您的來電。感謝您今天早上收看我們的節目。

Thank you. This does conclude today's conference. We thank you for your participation. At this time, you may disconnect your lines.

謝謝。今天的會議到此結束。感謝您的參與。此時，您可以斷開線路。