Marathon Petroleum Corporation (MPC) 2026 Q2 法說會逐字稿

Welcome to the MPC second-quarter 2026 earnings call. My name is Julie, and I will be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded.

歡迎參加 MPC 2026 年第二季財報電話會議。我叫 Julie，將擔任今天會議的接線員。(接線員指示) 請注意，本次電話會議將被錄音。

I will now turn the call over to Brian Worthington. Brian, you may begin.

我現在把電話交給 Brian Worthington。Brian，您可以開始。

Welcome to Marathon Petroleum Corporation's second-quarter 2026 earnings conference call. The slides that accompany this call can be found on our website at marathonpetroleum.com under the Investors tab. Joining me today on the call are Maryann Mannen, CEO; Maria Khoury, 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 Marathon Petroleum Corporation 2026 年第二季財報電話會議。本次會議隨附的簡報可在我們網站 marathonpetroleum.com 的「投資人」分頁下找到。今天與我一同參與電話會議的有執行長 Maryann Mannen、財務長 Maria Khoury，以及其他執行團隊成員。我們邀請各位閱讀第 2 張投影片上的安全港聲明。我們今天將作出前瞻性陳述。實際結果可能有所不同。可能導致實際結果不同的因素亦載於該處以及我們向 SEC 提交的文件中。

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

接下來，我把電話交給 Maryann。

Thank you, Brian. Good morning. In the second quarter, we delivered $8.5 billion of adjusted EBITDA. Safety and reliability are fundamental. This performance reflects more than market strength. It demonstrates our planning, commercial and operational capabilities, which enable safe and reliable operations to meet resilient consumer demand. Our results reflect the differentiated capabilities of our value chains and the execution of our optimization strategies. Year to date, we have operated with our lowest level of unplanned downtime this decade. On the US Gulf Coast, we ran at 100% utilization in the second quarter.

謝謝你，Brian。各位早安。第二季我們達成 85 億美元的調整後 EBITDA。安全與可靠性是根本。這項表現不僅反映市場強勁。也展現我們的規劃、商務與營運能力，使我們能以安全且可靠的方式運作，以滿足具韌性的消費需求。我們的成果反映了價值鏈的差異化能力，以及我們最佳化策略的執行成效。今年迄今，我們的非計畫性停機水準為本十年最低。在美國墨西哥灣沿岸，我們第二季以 100% 產能利用率運轉。

Across the system, we achieved R&M margin capture of over $1 billion, the strongest on an absolute basis. Through the first half of 2026, we achieved capture of 108%. We are sourcing economically advantaged barrels, optimizing our feedstock to improve clean product yields, increasing margins in all markets we participate in. Our ability to run advantaged crude and optimize yields to meet consumer demand remains the core strength. Extensive pipelines and logistics provide abundant access to crude, limiting our exposure to Brent price crudes which were more significantly impacted by the Persian Gulf conflict.

在整個系統中，我們達成超過 10 億美元的煉製與行銷（R&M）利潤捕捉，絕對金額為歷來最強。2026 年上半年，我們的捕捉率達到 108%。我們採購具經濟優勢的原油桶數，最佳化進料以提升潔淨產品收率，並在我們參與的所有市場提高利潤。我們能夠處理具優勢的原油並最佳化收率以滿足消費需求，仍是核心強項。廣泛的管線與物流提供充足的原油取得管道，降低我們對布蘭特定價原油的曝險；而布蘭特定價原油在波斯灣衝突中受到更顯著的影響。

In the second quarter, we also completed two high-return yield-enhancing refining investments further positioning us to deliver incremental value. The Robinson product flexibility investment enables approximately 10,000 barrels per day of incremental jet fuel production, supporting growing regional demand and the El Paso yield improvement investment enhances the refinery's ability to produce specialty gasoline for key markets. These disciplined investments yield high returns aligned with our targeted return of 25% or above, extending the competitive position of these refining assets.

第二季我們也完成兩項高報酬、提升收率的煉油投資，進一步強化我們創造增量價值的能力。Robinson 產品彈性投資可使航空燃油日產量增加約 10,000 桶，以支援區域需求成長；而 El Paso 收率改善投資則提升該煉廠生產供關鍵市場使用之特種汽油的能力。這些嚴謹的投資帶來與我們 25% 或以上目標報酬率一致的高回報，並延伸這些煉油資產的競爭地位。

The refining macro environment remains constructive. Globally, there is over 9 million barrels per day of planned and unplanned refined capacity downtime, approximately 4 million barrels per day above historical norms, reflecting ongoing Persian Gulf disruptions and accelerated Ukrainian attacks on Russian infrastructure. Against this backdrop, US gasoline inventory remains well below the five-year range, while distillate inventory is at the bottom of its five-year range, underscoring continued market tightness.

煉油的總體環境仍具建設性。全球計畫性與非計畫性的成品油產能停工超過每日 900 萬桶，約比歷史常態高出每日 400 萬桶，反映波斯灣持續受干擾，以及烏克蘭對俄羅斯基礎設施攻擊加速。在此背景下，美國汽油庫存仍遠低於五年區間，而餾分油庫存位於五年區間底部，凸顯市場持續緊俏。

Within our system, consumer demand remains strong across gasoline, diesel and jet, supported by both domestic and international markets. Looking ahead, we expect to remain in an enhanced mid-cycle environment through the end of the year and into 2027. MPC's advantage is sustainable, a diversified and integrated US refining system across three regions built for optimization with access to advantaged crude supply, low-cost natural gas and the ability to supply both domestic and global consumer demand.

在我們的系統內，汽油、柴油與航空燃油的消費需求仍然強勁，並同時受到國內與國際市場支撐。展望未來，我們預期強化的中周期環境將持續至今年年底並延伸至 2027 年。MPC 的優勢具可持續性：我們在三大區域擁有多元且整合的美國煉油系統，為最佳化而打造，具備取得具優勢原油供應、低成本天然氣，以及同時供應國內與全球消費需求的能力。

In the second quarter, our midstream business continued to advance its natural gas and NGL growth strategy. In April, MPLX placed the Secretariat I processing plant into service. In July, the Blackcomb natural gas pipeline began commissioning activities, the joint venture partners continue to progress the pipeline as planned with Blackcomb expected to achieve full commercial service in the fourth quarter.

第二季，我們的中游業務持續推進天然氣與 NGL 的成長策略。4 月，MPLX 將 Secretariat I 處理廠投入營運。7 月，Blackcomb 天然氣管線開始試運轉作業；合資夥伴持續按計畫推進該管線，預期 Blackcomb 將於第四季達到全面商業運轉。

This week, MPLX is beginning operations at the Harmon Creek III processing plant in line with its strategy to add processing capacity on a just-in-time basis. This increases MPLX's total processing capacity to 8.1 billion cubic feet per day and de-ethanization capacity to over 800,000 barrels per day.

本週，MPLX 依其即時（just-in-time）新增處理產能的策略，開始在 Harmon Creek III 處理廠投入營運。這使 MPLX 的總處理產能提升至每日 81 億立方英尺，去乙烷化產能提升至每日超過 80 萬桶。

In the Permian, sour gas treating volumes exceeded 150 million cubic feet per day for the second consecutive quarter as MPLX continues to optimize operations at our Titan treating facility. And sour gas treating capacity is expected to expand to over 400 million cubic feet per day by the end of the year. Natural gas and NGL fundamentals remain robust, creating compelling opportunities to support growing domestic and global demand for US energy.

在二疊紀盆地，酸性天然氣處理量連續第二季超過每日 1.5 億立方英尺，因 MPLX 持續在我們的 Titan 處理設施最佳化營運。且酸性天然氣處理產能預期在年底前擴增至每日超過 4 億立方英尺。天然氣與 NGL 的基本面仍然強勁，創造具吸引力的機會，以支援美國能源在國內與全球日益成長的需求。

This morning, MPLX announced it is increasing its 2026 capital growth spending outlook by $500 million to $2.9 billion. The increase primarily reflects the accelerated execution of the ongoing Gulf Coast fractionation project pulling forward capital MPLX previously expected to deploy in early 2027.

今天早上，MPLX 宣布將其 2026 年成長資本支出展望上調 5 億美元至 29 億美元。此增加主要反映加速執行進行中的墨西哥灣沿岸分餾專案，將 MPLX 原先預期於 2027 年初投入的資本提前。

With multiple investments transitioning from construction to operations this year, MPLX is on track to deliver mid-single-digit adjusted EBITDA growth in 2026 weighted towards the second half of the year. This also positions MPLX for strong adjusted EBITDA growth in 2027. These investments are expected to support 12.5% annual distribution growth in '26 and 2027, positioning MPC to lead in capital return.

隨著今年多項投資由建設階段轉入營運階段，MPLX 有望在 2026 年實現中個位數的調整後 EBITDA 成長，且成長動能偏向下半年。這也使 MPLX 在 2027 年具備強勁的調整後 EBITDA 成長動能。預期這些投資將支撐 2026 年與 2027 年每年 12.5% 的配息成長，使 MPC 在資本回饋方面保持領先。

During the second quarter, we returned $2.8 billion of capital inclusive of $2.5 billion of share repurchases, reflecting strong cash generation and disciplined execution of our capital allocation priorities. We are maintaining balance sheet discipline, with a targeted cash framework that allows flexibility while supporting return of capital. We will execute safely, invest strategically and generate significant cash all at the same time.

第二季，我們回饋資本 28 億美元，其中包含 25 億美元的庫藏股回購，反映強勁的現金創造能力與對資本配置優先順序的嚴謹執行。我們維持資產負債表紀律，採用目標現金框架，在支援資本回饋的同時保有彈性。我們將同時做到安全執行、策略性投資並創造可觀現金。

With that, I'll turn it over to Maria to walk you through our financial performance.

接下來，我把時間交給 Maria，帶各位檢視我們的財務表現。

Thank you, Maryann, and good morning. Our second quarter results demonstrate a strong financial performance across the business. We delivered earnings per share of $17.73 and adjusted EBITDA of $8.5 billion. Refining and Marketing adjusted EBITDA per barrel was $24.84. Cash flow from operations, excluding working capital changes, was $6.6 billion, and we returned $2.8 billion to shareholders. These results reflect both market strength and disciplined execution.

謝謝你，Maryann，各位早安。我們第二季的結果展現全公司強勁的財務表現。我們的每股盈餘為 17.73 美元，調整後 EBITDA 為 85 億美元。煉製與行銷每桶調整後 EBITDA 為 24.84 美元。營運活動現金流（不含營運資金變動）為 66 億美元，且我們回饋股東 28 億美元。這些成果同時反映市場強勁與嚴謹執行。

The next slide shows the year-over-year change in adjusted EBITDA from second quarter 2025 to second quarter 2026. Adjusted EBITDA increased approximately $5.2 billion year-over-year, primarily driven by our refining and marketing segment. Overall, our results show how our operational execution translated into financial performance.

下一張投影片顯示 2025 年第二季至 2026 年第二季調整後 EBITDA 的年對年變化。調整後 EBITDA 年對年增加約 52 億美元，主要由我們的煉製與行銷部門帶動。整體而言，我們的結果顯示營運執行如何轉化為財務表現。

Now turning to our segment results. We provide an overview of our Refining & Marketing segment, where R&M second quarter adjusted EBITDA was approximately $6.7 billion. Execution matters, and we delivered. All regions contributed to the significant improvement year-over-year, primarily driven by a stronger margin environment.

現在轉到各部門的結果。我們將概述煉製與行銷（Refining & Marketing）部門，其中 R&M 第二季調整後 EBITDA 約為 67 億美元。執行至關重要，而我們做到了。所有區域都對年對年顯著改善有所貢獻，主要由更強勁的利潤環境所驅動。

On total throughput of nearly 3 million barrels per day reflecting strong availability following our first quarter plant turnaround activity, our refineries ran at 94% utilization. In the Gulf Coast, we ran 100% utilization delivering $27 of adjusted EBITDA per barrel, where crude optimization, higher jet yields and strong domestic and export demand where differentiators. In the Mid-Con, we ran at 87% utilization as we completed plant turnaround and maintenance activity, delivering nearly $21 of adjusted EBITDA per barrel.

在總處理量接近每日300萬桶、反映第一季裝置歲修後產能可用率強勁的情況下，我們的煉油廠以94%的產能利用率運轉。在墨西哥灣沿岸，我們以100%的產能利用率運轉，每桶貢獻27美元的調整後EBITDA；其中，原油最佳化、更高的航煤收率，以及強勁的國內與出口需求是主要差異化因素。在中部大陸（Mid-Con），我們在完成裝置歲修與維護作業期間以87%的產能利用率運轉，每桶貢獻接近21美元的調整後EBITDA。

In the West Coast, we ran at 93% utilization and delivered over $27 of adjusted EBITDA per barrel, supported by strong regional value chain optimization. We prioritized operational reliability, investments in high-return projects, therefore, value-enhancing opportunities and continuous improvement across the portfolio. These are objectives that we can and do control, positioning MPC to perform through cycles.

在西岸，我們以93%的產能利用率運轉，每桶貢獻超過27美元的調整後EBITDA，並受惠於強勁的區域價值鏈最佳化。我們優先確保營運可靠性、投資於高報酬專案，因此把握提升價值的機會，並在整體資產組合推動持續改善。這些都是我們能夠且確實可以掌控的目標，使MPC得以在景氣循環中保持表現。

Turning to slide 7. Second quarter capture was 112%. Our results highlight the advantage of our integrated system, we're planning commercial and operational execution are aligned to capture value across the barrel. Capture this quarter was supported by crude optimization included advantaged SPR barrels received from the DOE and a strong clean product margins across gasoline, diesel and jet.

接著看第7頁投影片。第二季的捕捉率（capture）為112%。我們的結果凸顯整合式系統的優勢；我們的商業規劃與營運執行相互一致，以捕捉每一桶的價值。本季的捕捉率受原油最佳化支持，其中包括自美國能源部（DOE）取得的具優勢的戰略石油儲備（SPR）原油，以及汽油、柴油與航煤等潔淨產品強勁的產品利差。

In the Gulf Coast, margin capture was positively impacted by the advantage crude we ran in the quarter, increased jet fuel margins and the physical offset related to the derivative losses in the first quarter. These tailwinds were partially offset by secondary products, which remain a market-driven headwind as prices of secondary products lag higher clean product prices. This performance underscores the strength of our integrated value chain and our commitment to deliver peer-leading profitability per barrel.

在墨西哥灣沿岸，本季捕捉率受惠於我們所加工的具優勢原油、航煤利差擴大，以及與第一季衍生品損失相關的實體對沖抵銷效果。上述利多部分被次級產品所抵銷；由於次級產品價格落後於較高的潔淨產品價格，仍屬市場驅動的不利因素。此一表現凸顯我們整合價值鏈的實力，以及我們致力於提供同業領先的每桶獲利能力。

Slide 8 shows our midstream segment performance for the quarter. Segment adjusted EBITDA increased $137 million compared to the second quarter of 2025. The increase was primarily driven by higher rates and throughputs, including growth from equity affiliates and acquisitions, partially offset by the divestiture of non-core gathering and processing assets.

第8頁投影片顯示我們本季的中游事業表現。相較於2025年第二季，事業部調整後EBITDA增加1.37億美元。增幅主要由費率與輸送量提升所帶動，包括來自權益法投資公司與併購的成長；部分被出售非核心集輸與處理資產所抵銷。

As MPLX is executing plans to expand its value chains and transition projects from construction to cash flow generation, it is also maximizing the utilization of existing assets and optimizing operations. MPLX remains on track to deliver sequential growth throughout the year, culminating in mid-single-digit adjusted EBITDA growth in 2026.

在MPLX執行擴展其價值鏈、並將專案由建設階段轉入現金流產生階段的同時，也在最大化既有資產的利用率並優化營運。MPLX仍按計畫在全年實現逐季成長，並在2026年達成調整後EBITDA中個位數的成長。

Now moving to slide 9. We cover our Renewable Diesel performance. Following the completion of the Martinez turnaround in the first quarter, utilization increased to 95%, reflecting a strong operational availability. Results were supported by a more constructive margin environment with uplift from feedstock optimization as well as improved regulatory credit values.

接著看第9頁投影片。我們將說明可再生柴油（Renewable Diesel）的表現。第一季完成Martinez裝置歲修後，產能利用率提升至95%，反映營運可用率強勁。結果亦受較為有利的利差環境支持，並受惠於原料最佳化帶來的提升，以及法規信用價值改善。

Segment adjusted EBITDA increased approximately $277 million year-over-year. As we look ahead, we remain focused on optimizing operations, leveraging feedstock and logistics flexibility and responding to market conditions. Based on current fundamentals, we expect a constructive environment through the remainder of the year.

事業部調整後EBITDA年增約2.77億美元。展望未來，我們仍聚焦於優化營運、運用原料與物流彈性，並因應市場狀況。基於目前的基本面，我們預期在今年剩餘期間環境仍將偏向有利。

Now slide 10 presents the elements of change in our consolidated cash position for the second quarter. Operating cash flow, excluding changes in working capital, was approximately $6.6 billion. Working capital was a $3.8 billion source of cash for the quarter, driven by higher payables, the timing benefit of crude exchanges and inventory draws. During the quarter, we returned over $2.8 billion of capital to shareholders, executing on our disciplined capital allocation framework. At the end of the quarter, MPC had roughly $7.8 billion of consolidated cash, including MPC's cash of $6.7 billion and MPLX's cash of over $1 billion.

第10頁投影片呈現第二季合併現金部位變動的各項因素。營運現金流（不含營運資金變動）約為66億美元。本季營運資金提供38億美元的現金來源，主要由應付帳款增加、原油交換的時點效益以及庫存下降所帶動。本季我們依循嚴謹的資本配置框架，向股東返還超過28億美元的資本。季末MPC合併現金約78億美元，其中包括MPC現金67億美元，以及MPLX現金超過10億美元。

Now turning to guidance. On slide 11, we provide our third quarter outlook for the Refining & Marketing segment. We're projecting crude throughput volumes of 2.8 million barrels per day, representing utilization of 94%. Turnaround expenses is projected to be approximately $290 million, with activity mainly focused on conversion units in the Gulf Coast and Mid-Con regions, limiting our ability to upgrade certain products and creating a headwind to capture.

接著談指引。在第11頁投影片，我們提供煉製與行銷（Refining & Marketing）事業第三季展望。我們預估原油處理量為每日280萬桶，對應94%的產能利用率。歲修費用預估約2.9億美元，作業主要集中於墨西哥灣沿岸與中部大陸地區的轉化裝置，將限制我們升級部分產品的能力，並對捕捉率形成不利因素。

With that, let me pass it back to Maryann.

接下來我把時間交回給Maryann。

Thank you, Maria. Our priorities remain consistent: operate safely and reliably, execute commercially, invest with discipline and lead in the return of capital to shareholders. We remain focused on execution and are strengthened by our strategic relationship with MPLX. Our competitive advantage is sustainable.

謝謝你，Maria。我們的優先事項保持一致：安全且可靠地營運、商業執行到位、紀律投資，並在向股東返還資本方面保持領先。我們仍專注於執行力，並因與MPLX的策略關係而更為強健。我們的競爭優勢具可持續性。

It is built on integrated value chains, scale, flexibility and disciplined execution. Our portfolio and optimization capabilities position us to deliver peer-leading profitability per barrel in each region where we operate. We are disciplined in how we deploy capital. We invest where we see clear line of sight to returns, strong demand pool and sustainable competitive advantages. At the same time, we maintain our commitment to return capital to shareholders, supported by strong cash generation.

這建立在整合式價值鏈、規模、彈性與紀律執行之上。我們的資產組合與最佳化能力，使我們能在各營運區域提供同業領先的每桶獲利能力。我們在資本部署上保持紀律。我們投資於能清楚看見報酬路徑、具強勁需求池與可持續競爭優勢的領域。同時，在強勁現金創造的支持下，我們維持向股東返還資本的承諾。

MPLX remains the key differentiator for MPC, strengthening MPC's through-cycle cash flow profile and enhancing our ability to deliver industry-leading capital returns. We remain constructive on the outlook for both US refining and midstream. While volatility will persist, our priorities remain consistent. Capture upside, protect the downside and lead in the return of capital to our shareholders.

MPLX仍是MPC的關鍵差異化因素，強化MPC穿越景氣循環的現金流特性，並提升我們提供產業領先資本回報的能力。我們對美國煉油與中游兩者的前景仍持正向看法。儘管波動仍將持續，我們的優先事項保持一致。把握上行、保護下行，並在向股東返還資本方面保持領先。

With that, I'll return the call back to Brian.

接下來我把電話交回給Brian。

Thank you, Maryann. (Event Instructions)

謝謝你，Maryann。（活動說明）

We will now open the call to questions.

我們現在開放提問。

(Operator Instructions)

（接線員說明）

Neil Mehta, Goldman Sachs.

Neil Mehta，高盛。

Yeah. Good morning, Maryann and thanks for doing this. The first question is just on the refining side. The capture was very strong at 112%. You called out a couple of things, including crude optimization and the strength of the product margin. But maybe you could just help us understand what was the formula for success around the capture rate as we think about modeling this on the go-forward too.

是的。早安，Maryann，謝謝你們安排這場。第一個問題是關於煉油端。捕捉率在112%非常強勁。你提到幾個因素，包括原油最佳化以及產品利差的強勢。但也許你能協助我們理解，若要在後續建模時推估，這次捕捉率成功的關鍵公式是什麼？

Yeah. Good morning, Neil, thank you. So you know this. Our overall objective with respect to commercial and planning and frankly, our operational execution is to optimize our results, add value in all markets. And there's always variables that we're not able to control. But I think when you look at our results, there's a few things that you should always expect to see that are largely consistent.

好的。早安，Neil，謝謝你。你也知道。就商業與規劃而言，坦白說也包括我們的營運執行，我們的整體目標是最佳化成果、在所有市場創造價值。而且總會有一些我們無法控制的變數。但我認為，當你看我們的結果時，有幾件事是你應該一貫會看到、且大致一致的。

One, would be our ability to capture, take advantage of the opportunities in the prompt, things like dislocations, supply constraints, regional asset disruptions, crude sourcing, as you saw in this quarter, and there are just a few, and we should be able to optimize around those. But the other element there is really trying to build sustainability into these results. You've heard me say before, we're using our planning, our commercial and our operational competency to do that.

第一，是我們的捕捉能力：把握即期市場中的機會，例如錯位、供應受限、區域資產中斷、原油採購——就像你在本季看到的——這些只是其中幾項，而我們應能圍繞這些進行最佳化。但另一個要素，是努力把可持續性納入這些成果之中。你之前也聽我說過，我們正運用規劃、商業能力與營運專長來做到這點。

One example is our ability to narrow our decision windows, which means we're now able to make better decisions, value-driven decisions on the opportunities that are presented and in particular, in volatile markets. We're using an abundance of data, digital competencies to give our commercial leaders, our commercial planners, the analytics to make market-informed decisions, value decisions value-driven decisions and to make them faster.

其中一個例子是我們縮短決策窗口的能力，這表示我們現在能在所出現的機會上做出更好的決策、以價值為導向的決策，特別是在波動市場中。我們運用大量數據與數位能力，為我們的商業主管與商業規劃人員提供分析工具，以做出貼近市場的決策、價值決策、以價值驅動的決策，並且更快做出決策。

So our goal, as you know, is really to achieve peer-leading profitability in every region where we operate. This quarter, in particular, the $112 million was driven by strict inventory discipline in a backward-dated market. We had benefits from crude sourcing and optimization, as you've heard us talk about. We obviously had favorable impact from the derivatives that came through with the physical receipt in the second quarter, consistent with what we shared in the first quarter, incremental jet production in a very strong margin environment and then reliability in a strong crack environment.

所以我們的目標，如你所知，確實是在我們營運的每個地區都達到同業領先的獲利能力。本季尤其是，這1.12億美元主要來自於在遠期貼水（backwardation）的市場中嚴格的庫存紀律所帶動。我們也受惠於原油採購與最佳化，正如你聽我們談過的。顯然，我們也受到第二季隨著實物交割入帳的衍生性商品之有利影響，這與我們在第一季分享的一致；此外，在非常強勁的利差環境下，航煤產量增加，以及在強勁裂解價差環境中的高可靠度表現。

So these are a few of the things that are both market-driven and our own commercial and planning capabilities that drove that. But I'm going to ask the team to give you a little more detailed insight to help with our results in this quarter. So I'm going to pass it to Rick.

所以，這些因素有些是市場驅動的，也有些是我們自身的商業與規劃能力所促成的。不過我會請團隊提供更細緻的洞見，以協助解讀我們本季的成果。所以我把時間交給Rick。

Yeah. Hi, Neil. I'm going to start with where Maryann ended, and that's on reliability. Everything starts with Mike's team, delivering safe, reliable operations at our refineries. That truly is the foundation of our ability to optimize our fully integrated system. And as Maryann mentioned in her opening remarks, in a volatile market, our crude optimization team excelled across three regions. So let me give you just a few examples that demonstrate our commercial sophistication and our maturity in terms of where we're at.

是的。嗨，Neil。我先從Maryann剛才結尾提到的「可靠度」談起。一切都始於Mike的團隊，在我們的煉油廠提供安全、可靠的營運。這確實是我們能夠最佳化完整整合系統的基礎。而如同Maryann在開場談到的，在波動的市場中，我們的原油最佳化團隊在三個地區都有出色表現。我舉幾個例子，來說明我們在商業面的成熟度與精密度。

I'll start with the purchase of SPR exchange barrels, Neil. We bought directly from the SPR. We avoided the middleman, and we're grateful where the DOE releases helped meet market demands and ultimately, consumer demands. We ran more than double Venezuelan crudes in 2Q versus what we ran in 1Q. We ran record amounts of Canadian heavy in the Gulf Coast in the second quarter, thus reducing our exposure to Brent-based crudes.

Neil，我先從購買SPR交換桶（exchange barrels）談起。我們直接向SPR採購。我們避開了中間商，也很感謝DOE的釋放有助於滿足市場需求，最終也滿足消費者需求。第二季我們處理的委內瑞拉原油量，是第一季的兩倍以上。第二季我們在墨西哥灣沿岸處理了創紀錄的加拿大重質原油，因此降低了我們對以布蘭特為基準原油的曝險。

And out on the West Coast, we ran twice as many California-based crudes than normal with advantaged economics due to the recent pure closures that we've seen in that market, making these barrels available. And Neil, we had many, many more yield enhancement shifts, but maybe I'll just pause there and pass it over to Julian and have him give you a little bit of color on a few of our yield enhancement shifts. Julian?

而在西岸，由於我們近期在該市場看到的純煉廠（pure）關閉，使這些桶量得以釋出，我們以更具優勢的經濟性，處理了比平常多一倍的加州本地原油。Neil，我們還有非常非常多的收率提升（yield enhancement）調整，但我先在這裡停一下，把時間交給Julian，請他補充一些我們收率提升調整的細節。Julian？

Thanks, Rick. Good morning, Neil. In terms of the formula for success that you mentioned, I think that at its call, it's now our underlying operating model. And the sustainable capabilities we've embedded that drives capture through enhanced execution. So planning are responsible for identifying value-enhancing strategies under all market conditions. And to do that, we leverage crude sourcing, logistics optionality, but really the depth range of our integrated value chains.

謝謝，Rick。早安，Neil。就你提到的成功公式而言，我認為核心在於：它現在已成為我們的底層營運模式。以及我們所內嵌的可持續能力，透過更強的執行力來驅動價值捕捉。規劃團隊的責任是在各種市場條件下，辨識能提升價值的策略。為了做到這點，我們運用原油採購、物流的選擇權（optionalities），但更重要的是我們整合價值鏈的深度與廣度。

And in combination, it's my planning, Rick's commercial and Mike's operational teams who collaborate seamlessly now to optimize across these integrated value chains and run our strategies through the assets safely and reliably. And in Q2, I think jet is a really good example of this. So we leveraged the strong market signals that Rick's team identified. And then we work hand-in-hand with Mike's team to reoptimize quickly on refinery yields, and we were able to take full advantage of the jet investments that came online at Garyville and Robinson in the quarter, almost perfect timing.

而結合起來，就是由我的規劃團隊、Rick的商業團隊以及Mike的營運團隊，如今能無縫協作，在這些整合價值鏈上進行最佳化，並以安全、可靠的方式透過資產執行我們的策略。我認為第二季航煤（jet）就是一個很好的例子。我們運用了Rick團隊所辨識到的強勁市場訊號。接著我們與Mike的團隊密切合作，快速重新最佳化煉廠收率，並充分把握本季在Garyville與Robinson投產的航煤投資，時機幾乎完美。

And that resulted in a 3% increase in jet yield year-on-year. And in fact, since 2024, we've now increased our jet yield capability from 8% to 12%. So I think the key to our success fundamentally is that we've really enhanced our ability to rapidly adapt to changing market conditions, and we can flex between jet and diesel production as appropriate to the conditions.

這使得航煤收率年增3%。事實上，自2024年以來，我們已將航煤收率能力從8%提升到12%。因此，我認為我們成功的關鍵，本質上在於我們大幅強化了快速因應市場變化的能力，並能依市場條件在航煤與柴油產量之間彈性切換。

That's great. Very helpful. Just the follow-up is just on cash. You guys are on sitting on a lot of it, Maryann. And so just your perspective on some of the moving pieces as you think about what's the optimal level of cash relative to the $1 billion you've talked about in the past, return of capital, how aggressive you want to be? And then working capital was such a big nut this quarter. How do we think about the unwind of that item?

很好。非常有幫助。我接著想追問的是現金。Maryann，你們手上有很多現金。所以想請你談談，在你思考相對於過去提到的10億美元的最佳現金水位、資本回饋，以及你們想要多積極之間，有哪些變動因素。另外，本季營運資金是一個很大的項目。我們該如何看待這個項目的回轉（unwind）？

Yeah. Certainly, Neil. So just on cash flow, no change to our priorities on capital allocation. As you saw in the quarter, we did build a bit of cash on the strengths. But our capital allocation priorities are unchanged. The strength of MPLX distribution should allow us to continue to lead in the return of capital.

是的。當然，Neil。就現金流而言，我們在資本配置的優先順序上沒有改變。如你在本季看到的，我們在強勁表現下確實累積了一些現金。但我們的資本配置優先順序不變。MPLX配息分配（distribution）的強勁，應能讓我們持續在資本回饋方面保持領先。

No change when we think about overall the cash balance that we need, roughly $1 billion. You probably heard Maria speak on the SPR as well. We do have an obligation to repay that and we'll look at those balances as well. But we really don't change at all in the way that we think about our cash balances.

在我們所需的整體現金餘額方面也沒有改變，大約是10億美元。你可能也聽到Maria談到SPR。我們確實有償還的義務，我們也會一併檢視那些餘額。但我們對現金餘額的看法與做法，確實沒有任何改變。

And then on working capital, I'll pass it to Maria and have her give you some of the sensitivities. But obviously, a strong quarter this quarter. We talked about inventory draw, et cetera. But let me give it to Maria and she'll give you a little more color on the specifics on working capital, Neil. And hopefully, that answers your question.

至於營運資金，我把時間交給Maria，請她說明一些敏感度。但顯然，本季表現很強。我們談到庫存下降等等。不過我先交給Maria，讓她就營運資金的具體細節多補充一些，Neil。希望能回答你的問題。

Hi, Neil. Yes. On working capital, we had a large benefit this quarter, as you saw of $3.8 billion. We are cognizant of the timing of our working capital needs and the elements. If you think about it, we are already starting to rebuild inventory, right? We have a liability and a repayment obligation for these crude exchanges. And we will be watching as well our payables. Now it's good to keep in mind the sensitivity that we have communicated. For every $10 move in crude, that is about a $550 million change in working capital, one way or another. So trust that helps.

嗨，Neil。是的。就營運資金而言，本季我們獲得了很大的挹注，你也看到是38億美元。我們清楚掌握營運資金需求的時點與各項構成要素。如果你想一想，我們其實已經開始回補庫存了，對吧？我們對這些原油交換有負債與償還義務。我們也會持續關注應付帳款。另外要記得我們先前溝通過的敏感度。原油每變動10美元，營運資金大約會變動5.5億美元，可能增加也可能減少。希望這能有所幫助。

Hope that helps, Neil.

希望這能幫到你，Neil。

Thank you. Very helpful.

謝謝。非常有幫助。

Manav Gupta, UBS.

Manav Gupta，瑞銀（UBS）。

Good morning, Maryann and team. I was hoping to talk a little bit on refining macro. Your opening comments were very interesting, where you said 9 million barrels is offline, 4 million more than normal. And it's been offline for some time here. So I'm just trying to understand what this has done to global product inventory? How long could it take to replenish it?

早安，Maryann和團隊。我想談一下煉油的總體面（macro）。你在開場的評論很有意思，你說有900萬桶的產能離線，比正常多400萬桶。而且這種離線狀態已經持續一段時間了。所以我想了解，這對全球成品油庫存造成了什麼影響？要多久才能補回來？

But more importantly, we have actually seen serious damaged Russian refining capacity. We have seen damages in the Middle East. So is there a possibility here that for the next 10 years or so, even the mid-cycle is higher given the actual unplanned downtime, which will go on for some time and the global product inventory depletion, if you could talk about that?

但更重要的是，我們其實已經看到俄羅斯煉油產能遭到嚴重破壞。我們也看到中東地區的損害。所以是否有可能在未來大約10年左右，即使在中周期（mid-cycle）情境下也會更高，因為實際的非計畫性停機將持續一段時間，以及全球成品油庫存的消耗？如果你能談談這點。

Certainly. And good morning, Manav. So we've been very constructive, as you know, on the long term, even before the conflict. And then certainly, the opportunities and the challenges that the Persian Gulf conflict have created on top of the Russian/Ukraine. We remain constructive well into 2027.

當然可以。早安，Manav。如你所知，我們一直以來對長期展望都相當正面，即使在衝突發生之前也是如此。而且可以確定的是，波斯灣衝突在俄羅斯／烏克蘭局勢之上所帶來的機會與挑戰。我們的正面看法將延續到2027年。

As you mentioned, the global supply, it's extremely dynamic. As we've seen, it is difficult for us to have a level of prediction as to when it will resolve. You've got, I think you mentioned this already, with respect to Persian Gulf conflict, the Middle East refineries have really been slow to come back online. And then again, any further disruption in the region could cause further supply constraints to evolve.

如你提到的，全球供給非常動態。正如我們所見，要預測何時能夠解決，對我們來說很困難。我想你也已經提到，就波斯灣衝突而言，中東煉油廠重新恢復運轉的速度確實偏慢。此外，該地區若再出現任何進一步的干擾，都可能使供給限制進一步加劇。

Russian/Ukraine conflict, certainly, the acceleration of the Ukrainian attacks on Russian refineries have led to more than 2.8 million barrels offline, downtime there as well. And that's a third of Russian's refinery capacity offline and the country's fully banned diesel exports. So we certainly see that it will take quite some time for the infrastructure to be repaired.

俄羅斯／烏克蘭衝突方面，烏克蘭對俄羅斯煉油廠攻擊的加速，確實已導致超過280萬桶的產能離線，當地也出現停工時間。這相當於俄羅斯煉油產能的三分之一離線，而且該國已全面禁止柴油出口。因此我們確實認為，基礎設施修復將需要相當長的時間。

And then as I mentioned in my remarks as well, you got global product balances remain extremely tight and some of the lowest levels of inventories in gasoline and diesel that we've seen. I'm going to pass it to Rick and let him give you a little more color as he sees some of the market impacts here.

另外，如我在發言中也提到的，全球成品油供需平衡仍然極度吃緊，汽油與柴油庫存處於我們所見過的最低水準之一。我把問題交給Rick，讓他就他所看到的一些市場影響補充更多細節。

Yeah. Hi, Manav. I think where I'll start is on the demand side, just to give you a feel for what we're seeing in all three of the regions we operate. So within our system, we continue to see consumer demand being resilient on gas, diesel and jet, and this is both domestically and internationally. We are seeing very strong signals in both markets. As an example, US jet was at an all-time high in June, the demand for it was, and we hit distillate records on exports in the quarter in 2Q and continue to see very positive economic signals there.

好的。嗨，Manav。我想我會先從需求端開始，讓你感受一下我們在三個營運區域所看到的情況。在我們的系統內，我們持續看到汽油、柴油與航空燃油的消費需求具韌性，這包括國內與國際市場。我們在兩個市場都看到非常強的訊號。例如，美國航空燃油在6月的需求創下歷史新高；而在第二季（2Q），我們的出口也創下中間餾分油的季度紀錄，並且持續看到非常正面的經濟訊號。

If I move on though, if you look at, as you and Maryann have touched on, the amount of refining capacity off-line, I think what I want to leave you with, and I hope doesn't get overlooked, is the medium sour availability, which is reduced by the Middle East conflict and more refineries running light crudes, that ultimately is yielding more gasoline globally. And the diesel spread is partially high as a result of that in combination with, as Maryann mentioned, low global inventories, but especially low global inventories in the US and in Europe. So we're seeing most everyone taking the appropriate signals and we're all in max diesel mode, and we've watched this play out before.

不過如果往下看，如你和Maryann提到的離線煉油產能規模，我想要你記住、也希望不要被忽略的一點是：中質含硫原油（medium sour）的可得性，因中東衝突而下降；同時更多煉油廠改跑輕質原油，最終在全球產出更多汽油。因此柴油價差部分偏高，是上述因素再加上如Maryann所說的全球低庫存所致，尤其是美國與歐洲的全球庫存特別低。所以我們看到幾乎所有人都在接收正確的市場訊號，我們也都在最大化柴油產出模式（max diesel mode），而且我們以前也看過這種情況的演變。

When you're in max mode of any one product for a significant period of time, it puts pressure on other products. And we're starting to see that pull through on the gas crack is I think you're seeing in the indicators. And then finally, I'll leave you with this. As refineries are running hard, and as we enter hurricane season, a little bit of an elevated turnaround season in 3Q, which is in line with other 3Qs. We do expect more volatility here in the near term, Manav.

當你在某一項產品的最大化模式下運行相當長一段時間，就會對其他產品造成壓力。我們開始看到這種傳導效應反映在汽油裂解價差（gas crack）上，我想你從指標中也看得到。最後我補充一點。在煉油廠高負荷運轉、且我們進入颶風季之際，第三季（3Q）也會有一個略偏高的檢修季（turnaround season），但仍符合其他年度第三季的水準。我們確實預期短期內波動會更大，Manav。

Any refining disruption, as you've seen over the last couple of months, it really doesn't matter what region you're in; Gulf Coast, West Coast, Mid-Con; it is proving to cause significant outsized market moves, and we just see a lot of that continuing to happen here as we look forward through the end of the year and beyond.

如你在過去幾個月所見，任何煉油中斷其實不太在乎你在哪個地區；不論是墨西哥灣沿岸（Gulf Coast）、西岸（West Coast）或中部大陸地區（Mid-Con），都已證明會引發顯著且超比例的市場波動。我們認為這種情況在今年年底乃至更長時間仍會持續發生。

Thank you. My quick follow-up here is on the West Coast, where things appear particularly tight. I think there was a theory at one point that California can import its way out of the problem. It clearly looks like that's not going to work. So A, your leverage over there, can you move some product from your refinery in Washington over to California to capitalize on it? And do you think market will get even tighter in 3Q given one of the bigger peers of yours as already announced downtime at both the refineries?

謝謝。我這裡有個簡短追問，關於西岸，那裡看起來特別吃緊。之前有一種說法是，加州可以靠進口來解決問題。但現在看起來很明顯行不通。所以第一，你們在那邊的槓桿／操作空間如何？你們能否把華盛頓州煉油廠的一些產品調往加州以把握機會？第二，你是否認為第三季市場會更吃緊，因為你們其中一家較大的同業已宣布兩座煉油廠都會停工？

Yeah, Manav, really insightful question. What I would start by saying is the Jones Act waiver is allowing us and the rest of the industry to make movements from the Gulf Coast into the West Coast. But those movements are enough to overcome the lack of Asian imports that are not coming in as they usually would due to the Middle East conflict. To your point, I would tell you, we are extremely well positioned with LAR and our Pacific Northwest assets to meet consumer demands, especially as you rightfully noted several of our competitors there will have turnarounds here in 3Q.

是的，Manav，這個問題很有洞見。我先說，瓊斯法案（Jones Act）豁免正讓我們以及產業其他公司能把產品從墨西哥灣沿岸運往西岸。但這些運量不足以彌補因中東衝突而未如往常進來的亞洲進口量缺口。就你提到的重點，我會說，我們憑藉LAR以及太平洋西北（Pacific Northwest）的資產，具備非常好的佈局來滿足消費者需求，尤其如你正確指出的，第三季我們那邊有幾家競爭對手將進行檢修。

Thank you so much.

非常感謝。

Doug Leggate, Wolfe Research.

Doug Leggate，Wolfe Research。

Well, thank you. Good morning, everybody. Maryann, it's great to hear you on the call. I wonder if I could hit one very specific question and one follow-up. And my specific question is on capture rates. You clearly had extraordinary capture rates across all three refineries. You normally show pretty fantastic capture rates in the fourth quarter when the RVP rules are different, butane blending and so on.

好的，謝謝。各位早安。Maryann，很高興在電話會議上聽到你。我想問一個非常具體的問題，然後再追問一個。我具體的問題是關於捕捉率（capture rates）。你們三座煉油廠的捕捉率顯然都非常出色。通常在第四季，因為RVP規範不同、丁烷調和（butane blending）等因素，你們也會呈現相當亮眼的捕捉率。

So my question is the RVP waiver, as I understand it, was one of the policy steps taken by the US government. So are you benefiting from that butane blending uplift in your capture in the second quarter? And should we, therefore, expect that also in the third quarter? That's my first question. And then I've got a follow-up on the cash balance.

所以我的問題是，據我理解，RVP豁免是美國政府採取的政策措施之一。那麼你們在第二季的捕捉率是否受惠於丁烷調和帶來的提升？因此，我們是否也應該預期第三季同樣會有這種效應？這是我的第一個問題。接著我還有一個關於現金餘額的追問。

Yeah, certainly. Good morning, Doug. So that benefit, certainly, it would be a part of 3Q -- 2Q, excuse me, but it is just a really small element of all of the contributors that we were trying to articulate in the second quarter. So certainly, a benefit, but not one that is significant in the second quarter. We tried to mention the things in the second quarter that led to that.

是的，當然。早安，Doug。那項效益確實會是第三季——更正，是第二季（2Q）的一部分，但它只是我們在第二季試圖說明的所有貢獻因素中非常小的一環。所以確實有受益，但在第二季並不顯著。我們也嘗試提到第二季促成該結果的各項因素。

I'd say two things. One, we had clearly market tailwinds as we talked about, and then good commercial and planning execution, really trying to optimize in the prompt and bring those sustainable changes that we've been referring to, to deliver the most profitable profitability per barrel in each of the regions where we operate. I hope that helps.

我會說兩點。第一，如我們所談到的，市場順風（tailwinds）很明顯；第二，良好的商業與規劃執行，確實努力在即期市場（prompt）中最佳化，並把我們一直提到的可持續變革落地，以在我們營運的各個區域實現每桶最高的獲利能力。希望這能解答你的問題。

Yes, it does. Thank you. Maryann, my follow-up is, I mean, clearly, I hear my peers talking about the extraordinary market we're in right now. And those of us who have been doing this for 30 years are looking at it going, well, how long is this going to last? And I see you not deploying 100% of your surplus cash to buybacks. We see obviously the big cash build on your balance sheet this quarter. I'm just curious, are you -- do you have any hesitancy about allocating your full cash distributions in the current environment? In other words, do you have any concerns on the durability of the current margin environment? Thanks.

是的，有幫助。謝謝。Maryann，我的追問是：很明顯，我聽到同業都在談論我們目前所處的這個非同尋常的市場。而我們這些做了30年的人看著它會想，這會持續多久？我注意到你們並沒有把100%的剩餘現金都用於回購。而且我們也看到本季你們資產負債表上的現金大幅增加。我只是好奇，你們是否——對於在目前環境下配置全部現金分配有任何猶豫？換句話說，你們是否對當前利差／毛利環境的持久性有任何疑慮？謝謝。

Yeah, certainly. Thanks for the question, Doug. No, our capital allocation priorities are consistent. No change there. We believe the return of capital via share buyback to our shareholders continues to be the right vehicle. When we talk about cash balances, timing matters. Obviously, there's been a lot of volatility in the quarter. But that volatility doesn't change the way we think about returning capital.

是的，當然。謝謝你的提問，Doug。沒有，我們的資本配置優先順序是一致的。這方面沒有改變。我們相信，透過股票回購向股東返還資本，仍然是正確的方式。當我們談到現金餘額時，時點很重要。顯然，本季波動很大。但這些波動不會改變我們對返還資本的看法。

The only thing that's slightly different, and Maria mentioned it as well, with the SPR barrels, we have an obligation to repay those barrels in the future. But overall -- and that's embedded in the working capital that she spoke about. But again, our overall view on the cash that we need to run the company, notwithstanding the SPR return is consistent and therefore, the return of capital remains a priority. I hope that helps.

唯一稍有不同的是，Maria 也提到，關於 SPR 的桶數，我們未來有義務償還這些桶數。但整體而言——這已反映在她提到的營運資金之中。不過再說一次，撇除 SPR 返還因素，我們對公司營運所需現金的整體看法是一致的，因此返還資本仍然是優先事項。希望這有幫助。

It does. Thanks a lot.

有的。非常感謝。

Sam Margolin, Wells Fargo.

Wells Fargo 的 Sam Margolin。

Good morning. Thanks for the question. So historically, Marathon and the whole refining industry has been pretty successful at identifying the best possible growth investments when there's a surplus of light crude, we saw the industry build out some distillation capacity when there's a call on product it's -- there's been very timely conversion projects that have been executed and MPC is certainly a part of that.

早安。謝謝讓我提問。過去來看，Marathon 以及整個煉油產業在辨識最佳成長投資方面相當成功：當輕質原油供給過剩時，我們看到產業擴建了一些常壓蒸餾產能；當產品需求上升時——也有非常及時執行的轉化（conversion）專案，而 MPC 當然也是其中一部分。

Right now, I think the salient question is how you see growth potential on the refining side in the context of not only product shortages that are accumulating structurally, but also crude availability dynamics that are changing with Venezuela and Canada as well in growth mode. Thanks.

目前我認為關鍵問題是：在煉油端，你們如何看待成長潛力——不僅是在結構性累積的產品短缺背景下，同時原油供給可得性的動態也在改變，例如委內瑞拉與加拿大也都處於成長模式。謝謝。

Yeah. Thanks, Sam. So I'm going to pass the question first to Julian to talk about crude sourcing, et cetera. And then I'll come back and just talk in general, the way that we are thinking about deployment of capital with respect to refining in general. But Julian, first, please.

是的。謝謝你，Sam。我會先把這個問題交給 Julian，請他談談原油採購來源等。然後我再回來更概括地談談，我們如何思考在煉油方面的資本部署。不過先請 Julian。

Thanks, Maryann. Hi, Sam, I think in relation to the crudes that we choose to put in front of our refineries, I'll start and reinforce that we'll always maximize the most cost-effective feedstock to run through our system at all times. And we've already got the ability to run over 100 different types of crudes across our system with Garyville being the most flexible refinery on the Gulf Coast.

謝謝你，Maryann。嗨，Sam，關於我們選擇供給各煉油廠的原油，我先強調一點：我們始終會在任何時候，最大化使用成本效益最高的進料來運行整個系統。而且我們的系統已具備可處理超過 100 種不同原油的能力，其中 Garyville 是墨西哥灣沿岸最具彈性的煉油廠。

We've got two premier Gulf Coast assets, and we can run almost any crude that's put before us or based on economics. So we have very high crude optionality. So we don't really see a need to further invest in the ability to run more different types of crudes. We have that choice across our enterprise. So we're all ready to run on -- in terms of crude slate diversification.

我們在墨西哥灣沿岸有兩項頂級資產，幾乎可以處理任何擺在我們面前、或在經濟性上合適的原油。因此我們的原油選擇權非常高。所以我們不太認為有必要再進一步投資，以提升處理更多不同原油種類的能力。我們在整個企業範圍內已經具備這樣的選擇。因此就原油組合多元化而言，我們已經準備就緒。

Thanks, Julian. Sam, so maybe to your question on how we are thinking about deploying capital in the refining space. Hopefully, you've seen even over the last few years, we're not relying on any particular specific market environment, a mid-cycle enhanced crack, et cetera. We're really looking to deploy capital where we can improve reliability, optimize around the yield. I think the example that Julian and others have talked about here on our decision to flex incremental jet yield.

謝謝你，Julian。Sam，回到你關於我們如何在煉油領域部署資本的問題。希望你也看到，過去幾年我們並不依賴任何特定的市場環境，例如中周期（mid-cycle）較強的裂解價差等。我們真正關注的是把資本投向能提升可靠度、並在收率（yield）上做最佳化的地方。我想 Julian 和其他人提到的例子，就是我們決定彈性提高額外的航煤收率。

We talked about that last quarter at Garyville, completing the Robinson product. So we're trying to be sure that we can increase value, again, be the most competitive in every region where we operate by putting capital to work aligned with where we see longer-term demand headed, the strength of our US Gulf Coast, particularly as we look at export opportunities, and align with the way that we see the portfolio for today and the portfolio for the future, and then maintaining that strict discipline around the returns that we expect when we put capital to work. I hope that helps, Sam.

我們在上一季也談到 Garyville，完成了 Robinson 的產品專案。因此我們希望確保能提升價值；同時，透過投入資本，讓我們在各營運區域都保持最具競爭力——這些投入會與我們看到的長期需求走向一致、與我們美國墨西哥灣沿岸的優勢一致（特別是當我們看出口機會時），並與我們對「當前投資組合」與「未來投資組合」的看法一致；同時也維持嚴格的紀律，確保資本投入能達到我們所要求的報酬。希望這有幫助，Sam。

Yeah, it does. And then it's along the same reinvestment team, but Renewable Diesel probably worth asking, commodity margins are back to where they were when you FID'd Martinez. And so it's obviously very policy-driven. And so your thoughts on kind of the call on incremental renewable diesel capacity as well would be helpful. Thank you.

有的，確實有幫助。接著同樣是再投資的主題，但我想再問一下可再生柴油（Renewable Diesel）：商品利差已回到你們對 Martinez 做出最終投資決策（FID）時的水準。因此這顯然非常受政策驅動。所以也想請你們談談，對於新增可再生柴油產能的需求（call on incremental capacity）你們怎麼看，會很有幫助。謝謝。

Yeah. You're welcome, Sam. No different. The capital that we put to work in RD is really for efficiency only. And there's no change in the way we think about the allocation of capital today to the Renewable segment. We want that asset to run well reliably, as you've seen in the second quarter, feedstock sourcing there, safe and reliable operations and obviously, the benefit of the regulatory environment has helped. But we have no change in the way that we're thinking about capital in that particular segment, efficiency only as we said in the beginning of the year.

是的。不客氣，Sam。沒有不同。我們在 RD 上投入的資本，主要只為了效率提升。我們對目前分配到可再生能源事業部門的資本配置思維沒有改變。我們希望該資產能穩定、可靠地運轉；如你在第二季所見，包含那裡的原料採購，以及安全且可靠的營運；當然，監管環境帶來的效益也有所幫助。但我們對該事業的資本思維沒有改變——如同年初所說，只做效率相關的投入。

Thanks.

謝謝。

Joe Laetsch, Morgan Stanley.

Morgan Stanley 的 Joe Laetsch。

Hey. Good morning, team, and thanks for taking my questions. I wanted to follow up on Sam's renewable fuels question. And I think it was the strongest quarter from an earnings standpoint since the segment was broken out. And I know the industry overall has seen tailwinds from higher credit prices. But could you just maybe unpack some of the drivers for Marathon specifically and speak to the repeatability of the strong results?

嗨。各位早安，謝謝回答我的問題。我想延續 Sam 關於可再生燃料的問題。我認為，從獲利角度來看，這是自該事業部門獨立揭露以來最強的一季。我也知道整體產業受惠於較高的信用額度價格而有順風。但你們能否拆解一下，對 Marathon 而言有哪些具體驅動因素，並談談這樣的強勁表現是否可持續、可重複？

Yeah. Hi, Joe, this is Rick. What I'll start with is we continue to have a constructive view. It was key for us, as is in our entire refining portfolio that we ran, and Maryann mentioned this in her opening remarks, at 95% utilization this quarter. So that is an absolute must, and we did quite well there.

是的。嗨，Joe，我是 Rick。我先說，我們仍然持建設性的看法。對我們而言，關鍵在於——就像我們整個煉油投資組合一樣——本季我們的運轉率達到 95%，Maryann 在開場致詞也提到這點。這是絕對必要的，而我們在這方面做得相當好。

Renewable Diesel margin continues to look favorable given the fundamental RIN balance. As you probably well know, the market is short, and we believe it will continue to stay short. And when I speak of short, I'm specifically referring to the RIN balances.

在基本面的 RIN 供需平衡下，可再生柴油的利差仍然看起來有利。如你可能很清楚，市場目前是供給不足（short），而我們相信將會持續供給不足。我所說的供給不足，是特別指 RIN 的結餘（balances）。

And we've seen volatility in the RVO market here in the last week to 10 days, but we believe the market is short and will continue to be short, and the volatility is probably short-lived. So we believe we remain well positioned, and we're going to continue to optimize around our assets at Martinez and Dickinson and really lean into our pretreatment at Martinez as well, which we believe is a significant benefit. I hope that helps, Joe.

過去 7 到 10 天我們看到 RVO 市場出現波動，但我們相信市場的確是供給不足且將持續供給不足，而這種波動可能只是短期現象。因此我們認為自身仍處於有利位置；我們會持續在 Martinez 與 Dickinson 的資產上做最佳化，也會更充分運用 Martinez 的預處理（pretreatment）能力，我們相信這是一項顯著的優勢。希望這有幫助，Joe。

Thanks, Rick. Yeah, that's helpful. And then I wanted to follow up on some of the comments within Refining. So one of the areas about performance relative to our expectations was on the Gulf Coast. And I know utilization was strong, like you called out in the opening remarks, but could you just provide some more detail on what you saw during 2Q? And then as part of that, could you also talk about the economic signals and arms you're seeing in the export market? Thank you.

謝謝你，Rick。是的，這很有幫助。接著我想追問一些關於煉油業務的評論。其中一個相對於我們預期的表現差異點是在墨西哥灣沿岸。我知道你們的運轉率很強，如你在開場致詞提到的，但你能否提供更多關於第二季你們觀察到的情況細節？另外，作為其中一部分，你也能談談你們在出口市場看到的經濟訊號與動能嗎？謝謝。

Yeah. So maybe I'll start and then turn it over to Maryann. I'll start on the export side. I mentioned record diesel export numbers that we exported. And so that would be a combo of both from Garyville and GBR. We continue to see very strong arbs and demand, specifically in Latin America and in Europe on the Gulf Coast, as well as we're leaning into the jet market out there as well. And while the diesel to jet differentials have come in, they're still attractive, just not as attractive as they were in 2Q.

是的。所以也許我先開始，然後再交給 Maryann。我先從出口端談起。我提到我們創紀錄的柴油出口量。這會是 Garyville 和 GBR 兩邊合計的數字。我們持續看到非常強勁的套利空間與需求，特別是在拉丁美洲，以及墨西哥灣沿岸對歐洲的需求；同時我們也在那邊加大切入航煤市場。雖然柴油對航煤的價差已經收斂，但仍然具有吸引力，只是不像第二季那麼吸引人。

So I would say those are some pretty good signals. And I will touch on gas just for a moment because we continue to see gas demand throughout the Southeast to be very healthy. Margins are decent. And then when we look at exports, we're seeing a little bit better than average export demand and margins as well on gas. So some very positive signals on the Gulf Coast that we're leaning into, Joe.

所以我會說，這些都是相當不錯的訊號。另外我也簡單提一下汽油，因為我們持續看到美國東南部的汽油需求非常健康。利差還不錯。再看出口方面，我們也看到汽油出口需求與利差都略優於平均水準。所以在墨西哥灣沿岸有一些非常正面的訊號，我們也正順勢加碼，Joe。

And Joe, Maryann, let me just give you maybe a little more color on what drove the Gulf Coast. First, we continue to talk about our lost capacity due to internal problems being, frankly, at the lowest level that we've seen in a decade. So reliability and execution really mattered. And that, I would say, is one of the drivers.

Joe、Maryann，我再補充一些細節，說明是什麼推動了墨西哥灣沿岸的表現。第一，我們一直在談到因內部問題造成的產能損失，坦白說，已經降到我們十年來看到的最低水準。所以可靠度與執行力真的很重要。我會說這是其中一個驅動因素。

Second, you heard us talk about Garyville, obviously, having incremental jet capacity. You saw those jet to diesel margins. So clearly, being able to deliver that -- those incremental volumes in a very healthy market backdrop helped the results there on the Gulf Coast as well. And then Rick and Maria both talked a bit about the benefit of SPR and the crude sourcing, right?

第二，你們也聽到我們談到 Garyville 顯然新增了航煤產能。你們也看到航煤對柴油的利差。因此，很明顯地，在非常健康的市場背景下，能夠交付那些——那些新增的量，對墨西哥灣沿岸的結果也有幫助。另外 Rick 和 Maria 也都提到 SPR 與原油採購來源的效益，對吧？

So it's not just SPR, but just in general, and Julian mentioned the flexibility that we have with being able to run multiple crudes. So incremental Ven, WCS, so crude sourcing, clearly a strong variable into the Gulf Coast as well. They would be a few of the things that I would tell you drove our Gulf Coast performance. I hope that helps.

所以不只是 SPR，而是更廣泛地說，Julian 也提到我們具備可加工多種原油的彈性。因此，額外的 Ven、WCS——也就是原油來源配置——顯然也是墨西哥灣沿岸的一個強力變數。以上是我會告訴你、推動我們墨西哥灣沿岸表現的幾個因素。希望這有幫助。

That's great. Thank you very much.

太好了。非常感謝。

Theresa Chen, Barclays.

Theresa Chen，Barclays。

Morning. Thank you for taking my questions. Would you provide some additional color on your views on quality differential from here and key dynamics to watch for the balance of 2026 and beyond? And on the Gulf Coast consumption of heavy barrels in particular, would you elaborate on the economics of running WCS versus Venezuelan crude? And how does that compare across your Gulf Coast refining system currently?

早安。謝謝讓我提問。能否請你們就你們對未來品質價差（quality differential）的看法提供更多細節，以及 2026 年剩餘時間與之後需要關注的關鍵動態？另外，就墨西哥灣沿岸對重質原油（heavy barrels）的消耗而言，能否說明一下加工 WCS 相較於委內瑞拉原油的經濟性？以及就你們目前的墨西哥灣沿岸煉油系統而言，這之間的比較如何？

Yeah. Hi, Theresa, this is Rick. Thank you for the question. I'll start with how heavy compares to Venezuelan in our system. I would tell you, 8 out of 10 times heavy wins when we look at the economic advantage of a heavy Canadian barrel versus Venezuela. Now that's not to say we don't like the Ven barrel. We do. We bought twice as much in 2Q as we did 1Q. But I think a key differentiator is when you think of Marathon, we have the largest appetite for Canadian barrels of anyone in the United States. And on the Gulf Coast, specifically, we have a large appetite.

好的。嗨，Theresa，我是 Rick。謝謝你的問題。我先從在我們系統中重質原油相較於委內瑞拉原油的比較談起。我會說，當我們看加拿大重質原油相對於委內瑞拉原油的經濟優勢時，十次裡有八次是重質原油勝出。但這不代表我們不喜歡 Ven 這個油種。我們確實喜歡。我們在第二季的採購量是第一季的兩倍。但我認為一個關鍵差異在於，談到 Marathon，我們對加拿大原油的需求量是美國任何一家中最大的。而在墨西哥灣沿岸，尤其是，我們的需求也很大。

So economically, to address your question head on, that usually wins the day for us, both at Garyville and at GBR. From a Venezuela perspective, when you look at the e-com, we continue to see more Vens barrels coming to the US. So they'll have to price those barrels accordingly. I believe there'll continue to be more economical for us and that inadvertently will put direct pressure on other grades such as WCS.

所以就經濟性而言，直接回答你的問題，這通常對我們來說是決定性因素，無論在 Garyville 或 GBR 都是如此。從委內瑞拉的角度來看，當你看 e-com（經濟性比較）時，我們持續看到更多 Ven 原油流向美國。因此他們必須相應地為這些原油定價。我相信對我們而言它們會持續更具經濟性，而這也會在無意間對 WCS 等其他油種造成直接的價差壓力。

When I and we look at WCS, today, it's, call it, WTI minus $14 a barrel. And when we look forward, if you look at 4Q, Theresa, on the forward curve, it's north of $16 a barrel. So it's going to move positive in our direction by about $2 a barrel between now and the fourth quarter, which is certainly a nice tailwind.

當我——以及我們——看 WCS 時，目前大約是 WTI 減每桶 14 美元。而往前看，如果你看第四季，Theresa，在遠期曲線上是高於每桶 16 美元。所以從現在到第四季，將朝對我們更有利的方向變動約每桶 2 美元，這當然是一個不錯的順風。

I mentioned earlier, we also have the benefit of domestic California crudes at LAR, which we've doubled up on there as well at very advantageous numbers. So that, along with the SPR barrels, we were a large buyer of SPR barrels. And if you look year-to-date, they've released about 110 million, 111 million barrels of SPR at least is accounted for. And we believe there's potentially another 38 million barrels that they could release yet this year. So we believe that will apply some pressure on differentials, which will be a definite tailwind for us from a feedstock perspective.

我先前也提到，我們在 LAR 也受惠於美國國內加州原油，我們在那邊的採購量也加倍，而且價格非常有利。此外還有 SPR 原油，我們是 SPR 原油的大買家。如果你看年初至今，他們已釋出約 1.10 億、1.11 億桶的 SPR，至少這部分是已經確定的。而我們認為今年可能還有另外 3,800 萬桶可以釋出。因此我們相信這會對價差帶來一些壓力，從原料端來看，對我們會是明確的順風。

And then lastly, I would say when the conflict gets solved and you get more Middle East barrels coming into the Gulf Coast, specifically into North America, that's going to continue to put pressure on every competing grade in the Gulf Coast. So when that day happens, it will be another tailwind. I hope that helps, Theresa.

最後我會說，當衝突獲得解決、更多中東原油進入墨西哥灣沿岸——特別是進入北美——這將持續對墨西哥灣沿岸所有競爭油種造成壓力。所以當那一天到來時，會是另一個順風。希望這有幫助，Theresa。

That's incredibly helpful. Thank you for that answer, Rick. Looking at the Gulf Coast again, with Blackcomb ramping higher and multiple Bcf per day of residue egress in the Permian headed to the Texas Gulf Coast over the near to medium term, how do you think about how this incremental gas translates as far as better profitability for your refining assets in the Gulf Coast, Galveston, in particular, both in terms of getting cheaper gas to augment capture and COGS as well as lower OpEx. How should we think about that going forward?

這非常有幫助。謝謝你的回答，Rick。再看墨西哥灣沿岸，隨著 Blackcomb 逐步拉升，以及在短中期內二疊紀（Permian）每天數個 Bcf 的殘餘氣（residue）外運量將流向德州墨西哥灣沿岸，你們如何看待這些新增天然氣在提升墨西哥灣沿岸煉油資產（特別是 Galveston）的獲利能力方面的轉化？包括取得更便宜的天然氣以提升捕捉（capture）與降低 COGS，以及降低 OpEx。未來我們應該如何看待這件事？

Yeah, Theresa, I'll take a stab at that. So we have several commitments that we're making on many, if not all, of the lines you just mentioned. And I will tell you that you will continue to see a bottleneck as nat gas gets closer to the US Gulf Coast refining complex, and we are solving for that. We are solving for that from an optionality and flexibility perspective with the sole intent of reducing our nat gas cost into our refining system on the Gulf Coast.

好的，Theresa，我試著回答。所以你剛提到的許多——如果不是全部——管線，我們都有做出若干承諾。我會告訴你，當天然氣越接近美國墨西哥灣沿岸的煉油聚落時，你會持續看到瓶頸，而我們正在解決這個問題。我們從選擇權與彈性（optionality and flexibility）的角度來解決，唯一目的就是降低我們輸入墨西哥灣沿岸煉油系統的天然氣成本。

So the bottleneck is moving from what we would say, ultimately, it will continue to move downstream from Waha closer to the water, and we will benefit from that bottleneck moving closer to us as we will ultimately be able to provide cheaper feedstock -- cheaper nat gas cost into our Gulf Coast refining system.

所以這個瓶頸會從我們所說的——最終——持續往下游移動，從 Waha 往更靠近海岸（靠近水邊）的地方移動；而隨著瓶頸更靠近我們，我們將因此受益，因為我們最終將能以更便宜的原料——更低的天然氣成本——供應到我們的墨西哥灣沿岸煉油系統。

Thank you.

謝謝。

Conor Fitzpatrick, Bank of America.

Conor Fitzpatrick，Bank of America。

Hi, there. Thanks for taking my questions. I'll do another follow-up on renewable fuels for a second. So the policy changes with each renewable volume obligation that comes out, they generally don't shrink year-over-year. So given the tight market balance today, it looks like that could continue after 2027. So I was just wondering what do you think the sustainability of margins for Renewable Diesel are today beyond 2027? And where you think supply could evolve market-wide as a result?

嗨，你好。謝謝讓我提問。我再追問一下再生燃料。通常每次公布的再生燃料義務量（renewable volume obligation）政策變動，年對年一般不會縮減。所以在目前市場供需很緊的情況下，看起來 2027 年之後也可能會延續。因此我想請教，你們如何看待目前再生柴油（Renewable Diesel）利差在 2027 年之後的可持續性？以及你們認為在此影響下，整體市場的供給可能會如何演變？

So Conor, the SET 3 rule is supposed to come out by mid next year, and that will set obligations for 2028 and 2029. We feel those obligations need to be realistic based upon US production and recognition of the existing headwinds to imports, which include tariffs, the exclusion from the production tax credit, the registration and compliance requirements set in SET 2 and even the potential reduction in the RIN value from the SET 2 rule.

所以，Conor，SET 3 規則預計將在明年年中發布，並將為 2028 年與 2029 年設定義務。我們認為，這些義務必須以美國國內產量為基礎、並認知到進口所面臨的既有逆風而具備現實性；這些逆風包括關稅、被排除在生產稅收抵免之外、SET 2 中所設定的登記與合規要求，甚至還包括 SET 2 規則可能導致 RIN 價值下調的風險。

So right now, as Rick mentioned earlier, we are pulling on the bank, and that is not sustainable. So we feel that the SET 3 rule has got to lower the obligations to be more realistic of more supply-demand fundamentals.

所以目前，正如 Rick 先前提到的，我們是在動用「銀行」的額度，而那是不可持續的。因此我們認為，SET 3 規則必須下調義務量，讓它更符合供需基本面、更加務實。

Thank you.

謝謝。

John Royall, Piper Sandler.

John Royall，Piper Sandler。

Hi, good morning. Thanks for taking my question. So my first question is another follow-up on captures, and I hate to pound out in too much, but it's just such an important part of your story. After this really strong result, you're tracking well above 100% year-to-date. And thinking about 2H and some of the drivers you called out, presumably, you can keep buying advantage Venezuelan barrels like we have more opportunity to buy from the SPR. And you've got these new projects running. And on top of that, 4Q was always very seasonally strong.

嗨，早安。謝謝讓我提問。我第一個問題是關於 capture 的另一個追問；我不想過度追打這個議題，但它確實是你們故事中非常重要的一部分。在這次非常強勁的結果之後，你們年初至今的追蹤表現明顯高於 100%。再想想下半年以及你們提到的一些驅動因素，推測你們可以持續買到具優勢的委內瑞拉原油桶數，就像我們從 SPR（戰略石油儲備）有更多採購機會一樣。而且你們也有這些新專案在運轉。此外，第四季一向具有很強的季節性。

Is it fair to say that this year's full year cap should look even higher than last year's 105%? And if that's the case, are you thinking of the long-term targets any differently today? Or would you view the past couple of years' strength is more transitory, especially given some of this is self-help?

可以說今年全年 cap 會看起來甚至高於去年的 105% 嗎？如果是這樣，你們今天對長期目標的看法是否有所不同？或者你們會認為過去幾年的強勢比較偏短暫，尤其考量其中一部分是自助改善（self-help）帶來的？

Hey, John, good morning and thanks for the question. So let me try to take that question in a couple of parts. So first half of the year, as you said, absolutely right, 108%. There were clearly some things in that first half of the year that we think are sustainable, right? And that is both the operations, planning, commercial and operational excellence that allow us to optimize both in the short term and the long term, capture the prompt and continue to generate sustainable change.

嗨，John，早安，謝謝你的問題。我把這個問題分幾個部分來回答。上半年，如你所說，完全正確，是 108%。上半年確實有一些我們認為可持續的因素，對吧？那包括營運、規劃、商務與營運卓越，讓我們能在短期與長期都進行最佳化、把握即期（prompt）機會，並持續產生可持續的改變。

So those things will continue. But there were a few things in the first half of the year that we don't control. Obviously, the volatility that was created in Q1 on derivatives, we saw the benefit of that unwind in the second quarter. A crude sourcing, to your point, however, is something that we should have the opportunity to deliver going forward. That doesn't change for all of the reasons Rick talked about availability of Ven pressure on WCS, and we're a significant buyer and utilizer, if you will, of WCS.

所以這些事情會持續下去。但上半年也有幾件事不在我們控制之內。很明顯地，第一季衍生品造成的波動，我們在第二季看到其回轉（unwind）帶來的好處。至於原油採購，如你所說，則是我們未來應該有機會持續交付的項目。基於 Rick 提到的所有原因——委內瑞拉供給的可得性、WCS 的壓力——這點不會改變；而我們是 WCS 的重要買家與使用者。

Third quarter, just keep in mind, if you look over 2023 to 2025, it has tended to be the most muted quarter of all four quarters. It averages 95%, which means some are higher, some are lower. But there's a lot of headwinds there, inventory build ahead of the hurricane season. And again, if you go back and you look, secondaries is always a challenge for us, but on average, the secondary product impact is typically the most significant in the third quarter.

第三季請記住，如果你看 2023 到 2025 年，它往往是四個季度中最平淡的一季。平均是 95%，也就是有些年份更高、有些更低。但那裡有很多逆風，例如在颶風季前建立庫存。而且再說一次，如果你回頭看，次級產品（secondaries）對我們一直是個挑戰，但平均而言，次級產品的影響通常在第三季最為顯著。

Having said all that, we believe that our sustainable changes that we're making, you heard Julian talk about our crude sourcing optimization, Mike is running reliably across the entire system and then Rick's commercial team, obviously doing its part with respect to optimizing in the prompt.

話雖如此，我們相信我們正在推動的可持續改變——你聽到 Julian 談到我們的原油採購最佳化、Mike 讓整個系統穩定可靠地運行，然後 Rick 的商務團隊顯然也在即期最佳化方面盡其所能。

So I'm going to pass it to Rick, and I'll allow him to give you a little more color. Our focus is really to ensure that through all markets, we are delivering incremental barrels -- I mean, sorry, incremental profitability, incremental EBITDA per barrel, that is our objective. I'm going to pass it to Rick.

所以我把問題交給 Rick，讓他提供更多細節。我們的重點其實是確保在所有市場中，我們都能交付增量的桶數——我是說，抱歉，增量的獲利能力、每桶增量 EBITDA，這是我們的目標。我把問題交給 Rick。

Yeah, John. Maryann really captured the majority of what I would have had to have said. I'll add two things. We're one month into the quarter. So a lot of time to play out to see how this quarter actually looks going forward. And then certainly, fourth quarter is generally quite different than the third quarter, as Maryann indicated.

是的，John。Maryann 已經涵蓋了我大部分想說的內容。我再補充兩點。我們才進入本季一個月。所以還有很多時間可以觀察本季接下來實際會如何發展。另外，第四季通常與第三季差異很大，正如 Maryann 所指出的。

There's two additional items that I would lean into when you look at 2Q results versus what we're seeing early on here in 3Q. While margins are good, they're not to the level they were. And when I say margins, I'm specifically speaking to product margins. They're not to the level that we saw in 2Q through a month or so in of the quarter. And then we've seen a pullback in the jet to diesel spread. So there's a lot of puts and takes here. A lot to go here within the quarter. So we'll watch the game play out and optimize as best we can around it.

當你比較第二季結果與我們在第三季初期看到的情況時，還有兩個額外項目值得關注。雖然利差不錯，但沒有達到之前的水準。我說的利差，特別是指產品利差。它沒有達到我們在第二季、在該季進行約一個月時所看到的水準。另外，我們也看到航煤對柴油的價差回落。所以這裡有很多此消彼長的因素。本季內還有很多變數。所以我們會觀察局勢發展，並盡可能圍繞它做最佳化。

And John, maybe just to close the question, given our objective, and that is to add incremental value through all markets, I think it's appropriate to expect that we're going to continue to drive value quarter after quarter. I hope that helps.

John，或許就用這點來收尾：考量我們的目標——也就是在所有市場中增加增量價值——我認為合理的預期是，我們會一季接一季地持續推動價值提升。希望這有幫助。

Thank you. Yeah. And my follow-up is hopefully a quick one. It's just kind of a mechanical question on the share buyback. Sitting on a good amount of excess cash as others on this call have pointed out. And you weren't too far removed from another period of having a lot of excess cash, and that's when you were working off your Speedway cash.

謝謝。好的。我的追問希望很快。這是一個關於庫藏股回購的機械性問題。如同本次電話會議中其他人指出的，你們手上有相當多的超額現金。而你們距離上一段同樣擁有大量超額現金的時期也不算久，那時你們正在消化 Speedway 的現金。

During that time period, you seem to max out around $3 billion to $3.5 billion of buyback in a given quarter. So starting with the assumption that you'll be willing and able to buy back the stock, should we think of that $3 billion to $3.5 billion as kind of a reasonable upper bound for the buybacks as you work down this cash balance?

在那段期間，你們單季回購似乎最高大約落在 30 億到 35 億美元。所以先從你們願意且能夠回購股票這個前提出發，我們是否可以把 30 億到 35 億美元視為在你們降低這個現金餘額過程中，回購規模的一個合理上限？

Yeah, John. Look, no change in the way that we think about the return of capital. Timing matters, as you can imagine. So we continue to say the return of capital via share buyback is the priority. The growth of MPLX giving us the $2.8 billion and growing to cover our dividend for MPC and the capital that we outlay should continue to allow us to lead in the return of capital via share buyback, no change in the way that we think about that.

是的，John。你看，我們對資本回饋的思考方式沒有改變。如你所想像，時點很重要。所以我們仍然表示，透過股票回購進行資本回饋是優先事項。MPLX 的成長帶來 28 億美元並持續成長，用以覆蓋我們對 MPC 的股利以及我們支出的資本，這應該會讓我們能在透過股票回購回饋資本方面保持領先；我們對此的思考方式沒有改變。

Matthew Blair, TPH.

Matthew Blair，TPH。

Great. Thanks for taking the questions here. Maybe I could circle back to the comment on that the fundamental RIN balance is short and just asking for a prediction, if you can, on how this all resolves. Normally, you see RIN prices move higher and then imports would ramp up.

很好。謝謝讓我在這裡提問。也許我可以回到你提到「RIN 基本面供需缺口為短缺」的評論，並請你（如果可以的話）預測一下這整件事最後會如何解決。通常你會看到 RIN 價格上升，然後進口量就會增加。

But it sounds like there might be some challenges for that. So do you think that we're headed for a pretty big RIN spike as the year progresses? And is MPC taking any actions today to help offset that spike? Are you buying RINs ahead of time to meet your refining obligations?

但聽起來這方面可能會有一些挑戰。所以你認為隨著今年進展，我們是否會面臨相當大的 RIN 飆升？而 MPC 今天是否採取任何行動來幫助抵消那次飆升？你們是否會提前買入 RIN 以履行你們的煉油義務？

Hey, Matt, this is Rick. I would tell you that from a RIN spike perspective, Usually, the market does have to act and then others take that signal and respond accordingly. Certainly, we're not going to step out and play the game of a regulator. And so really, it's a tough call. But I would say the market will respond, and I think that's what you're signaling here. And we believe the market is efficient, and ultimately, they will take the signals and act accordingly.

嗨，Matt，我是 Rick。我會告訴你，就 RIN 飆升而言，通常市場必須先採取行動，然後其他人接收到那個訊號並相應回應。當然，我們不會跳出來扮演監管者的角色。所以這確實很難判斷。但我會說市場會做出回應，我想這正是你在這裡所暗示的。而我們相信市場是有效率的，最終他們會接收這些訊號並相應採取行動。

Phillip Jungwirth, BMO.

Phillip Jungwirth，BMO。

Great. Thanks for squeezing me in here. Just coming back to the theme of integration across refining, logistics and commercial. When you look at the regions, is there any one where you feel like you're better positioned here than others? Clearly, Gulf Coast had a strong quarter. And if so, what's the opportunity of rolling out some of the shared learnings technologies across the other areas?

很好。謝謝讓我插進來提問。回到煉油、物流與商務之間整合這個主題。當你看各個區域時，有沒有哪一個區域你覺得相較其他區域，你們在這方面的布局更有利？顯然，墨西哥灣沿岸本季表現強勁。如果是的話，把一些共同學習到的技術在其他區域推廣的機會是什麼？

Yeah, Phil, it's Maryann. So first and foremost, I'd say no difference with respect to prioritization across all three. Each of those regions present different capabilities, differentiations that allow us, again, to have some degree of confidence that over the longer term here will continue to be the most profitable in every region where we operate.

是的，Phil，我是 Maryann。首先我會說，在這三個面向的優先順序上沒有差異。每個區域都具備不同的能力與差異化優勢，使我們再次有一定程度的信心：從較長期來看，在我們營運的每個區域都將持續保持最高的獲利能力。

I'm going to ask Mike to talk a little bit about some of the things that he's doing around the maintenance side here, and then pass it to Julian because there's also some incremental tools that he is using as well that allow us to look at the optimization across all three of those regions. And hopefully, that will give you a bit more color. Mike?

我會請 Mike 談談他在維護面向正在做的一些事情，然後再交給 Julian，因為他也在使用一些額外的工具，讓我們能夠檢視這三個區域之間的整體最佳化。希望這能讓你更了解一些細節。Mike？

Sure. Thanks, Maryann. Good morning, Phil. One of the couple of areas we're focusing on from technologies right around drones. We're using quite a bit of drone inspection technology, and we're also using them for emergency response support.

當然。謝謝你，Maryann。早安，Phil。我們在技術方面聚焦的幾個領域之一是無人機。我們大量使用無人機檢測技術，也用它們來支援緊急應變。

The other piece is our digital twin. That's where we actually scan our assets, and then we use that for maintenance planning, centralized reliability and capital project reviews. One thing that's in the last couple of years is wireless sensors have become cost competitive. So we're installing quite a bit of wireless sensing, and we're rolling that into our asset health monitoring program, which drives our predictive reliability.

另一個部分是我們的數位孿生。也就是我們實際掃描我們的資產，然後用於維護規劃、集中式可靠度管理以及資本專案審查。過去幾年有一件事是無線感測器在成本上變得具有競爭力。因此我們正在安裝相當多的無線感測，並把它納入我們的資產健康監測計畫，進而推動我們的預測性可靠度。

And then we have the digital twin, which is a contextualization piece that we're using, and that's how we're getting our data that we're using for predictive reliability. So those are all in motion or if not already done. So it's -- we're proceeding pretty quick in that area.

然後我們還有數位孿生，這是一個情境化（contextualization）的部分，我們正在使用它，而這也是我們取得用於預測性可靠度之資料的方式。所以這些都在推進中，或是已經完成。因此——我們在這個領域推進得相當快。

Thanks, Mike. If you think about optimization for Marathon, let's say, it's become a systemic behavior now across the entire organization. So we've now deployed very sophisticated refining and logistics models all across the network, and we're able to run those now almost continuously. And in combination with enhanced analytical capabilities, we've now got the agility, and we've got the ability to reforecast quickly, adjust our yields and optimize crude and product placement across regions and also export markets. And as we take this capability, we're long past optimizing single refineries.

謝謝，Mike。如果你從 Marathon 的最佳化來看，可以說它現在已成為整個組織的系統性行為。因此我們已在整個網路部署非常精密的煉油與物流模型，而且現在幾乎可以持續地運行這些模型。再結合強化的分析能力，我們現在具備敏捷性，也能快速重新預測、調整產出率，並在各區域以及出口市場之間最佳化原油與產品的配置。而隨著我們具備這項能力，我們早已不再只是最佳化單一煉油廠。

We optimize regional refineries, and now we're optimizing cross-regional across the entire system. And that's really where both the size and the footprint of our company really matters. But to your point on technology, it's the speed of being able to convert insights into executable actions that really make a difference. And we think that as we coordinate decisions as one iterated system, that's what creates a differentiating durability for us.

我們會最佳化區域內的煉油廠，現在則是在整個系統中進行跨區域最佳化。而這正是我們公司的規模與版圖真正重要之處。但回到你提到的技術重點，真正帶來差異的是：能以多快的速度把洞見轉化為可執行的行動。我們認為，當我們把決策協同為一個反覆迭代的系統來運作時，這就為我們創造了具差異化且可持續的韌性。

And Phil, we are really trying to prioritize the capital that we're using on these AI capabilities, these digital capabilities to prioritize the most value-enhancing that deliver right, that incremental EBITDA per barrel, and that's the way that across the planning, commercial and operational teams were using these technologies. So anyway, we hope that helps to address your question, though.

另外，Phil，我們確實在努力優先配置用於這些 AI 能力、這些數位能力的資本，優先投入在最能提升價值、能真正帶來成果的項目，也就是每桶帶來的增量 EBITDA；而這正是我們在規劃、商務與營運團隊中運用這些技術的方式。總之，希望這能回答你的問題。

I am showing no further questions. I'll turn the call back to Brian.

我這邊顯示沒有進一步的問題。我把電話會議交回給 Brian。

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

感謝您對 Marathon Petroleum Corporation 的關注。若您還有任何問題，或希望釐清今天上午討論的主題，請與我們聯繫，我們的團隊將隨時接聽您的來電。感謝您參與。

Thank you for your participation. Participants, you may disconnect at this time.

感謝您的參與。各位與會者，您現在可以掛線。