Marathon Petroleum Corporation (MPC) 2026 Q3 法說會逐字稿

Welcome to the MPC third quarter 2026 earnings call. My name is Julie, and I will be your operator for today's call. (Operator Instructions)

歡迎參加 MPC 2026 年第三季財報電話會議。我是 Julie，將擔任今天會議的接線員。（接線員指示）

Please note that this conference is being recorded. I will now turn the conference over to Brian Worthington. Brian, you may begin.

請注意，本次電話會議將被錄音。我現在將會議交給 Brian Worthington。Brian，您可以開始。

Welcome to Marathon Petroleum Corporation's third quarter 2026 earnings conference call. The slides that accompany this call can be found on our website at marathonpetroleum.com under the Investors tab.

歡迎參加 Marathon Petroleum Corporation 2026 年第三季財報電話會議。本次電話會議所搭配的簡報可於我們網站 marathonpetroleum.com 的「投資人」頁籤下找到。

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

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 頁投影片中的安全港聲明。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其中，並可參閱我們向 SEC 提交的文件。接下來我將把電話交給 Maryann。

Thank you, Brian. Good morning. We're pleased to welcome David Constable to the Marathon Board effective March 1, 2027. His four decades of global leadership, experience in energy, chemicals, engineering, and construction sectors will be a tremendous asset as we execute our strategy.

謝謝你，Brian。各位早安。我們很高興宣布 David Constable 將自 2027 年 3 月 1 日起加入 Marathon 董事會。他在能源、化學、工程與營建領域累積四十年的全球領導經驗，將在我們執行策略時成為極大的助力。

Our third quarter results demonstrate the earnings power of MPC's value chains. Consistent with our commitment to safe and reliable operations, we achieved record third quarter utilization of 100% to meet market demand while executing our planned turnaround and maintenance activity.

我們第三季的成果展現了 MPC 價值鏈的獲利能力。秉持我們對安全且可靠營運的承諾，我們在執行既定的歲修與維護作業同時，為滿足市場需求，第三季達成創紀錄的 100% 產能利用率。

Consistent with our commitment to safe and reliable operations, we achieved record third quarter utilization. Across all three regions, our teams executed in a strong margin environment. We delivered peer-leading cash flow generation in the third quarter, demonstrating the strength of our system.

秉持我們對安全且可靠營運的承諾，我們在第三季達成創紀錄的產能利用率。在三大區域，我們的團隊皆於強勁的利差環境中有效執行。第三季我們實現同業領先的現金流創造能力，展現我們系統的實力。

Ensuring the long-term competitive position of our portfolio is a strategic commitment, and today we announced steps we are taking to advance our strategic commitment.

確保我們投資組合的長期競爭地位是一項策略性承諾，而今天我們宣布了推進此一策略承諾的相關措施。

MPC has agreed to sell the St. Paul Park and Mandan refineries and MPLX has agreed to sell the associated midstream assets to CVR Energy for $4.2 billion. MPC will receive $3.4 billion and MPLX will receive $750 million.

MPC 已同意以 42 億美元將 St. Paul Park 與 Mandan 煉油廠出售，MPLX 亦同意將相關的中游資產出售給 CVR Energy。MPC 將取得 34 億美元，MPLX 將取得 7.5 億美元。

MPLX expects to redeploy proceeds from the sale to advance its growth plans anchored in the Permian and Marcellus basins. The refining macro environment remains constructive, and the US Gulf Coast is the most structurally advantaged refining region globally. We intend to reinvest the proceeds from the announced sale of our mid-con assets opportunities that meet our return thresholds and advance our strategic priorities primarily in the Gulf Coast.

MPLX 預期將把出售所得重新部署，以推進其以二疊紀（Permian）與馬塞勒斯（Marcellus）盆地為核心的成長計畫。煉油產業的總體環境仍具建設性，而美國墨西哥灣沿岸是全球結構性優勢最強的煉油區域。我們擬將此次宣布出售中部大陸（mid-con）資產的所得再投資於符合我們報酬門檻、並推進策略優先事項的機會，主要聚焦於墨西哥灣沿岸。

Globally, there are 10 million barrels per day of planned and unplanned refining capacity offline. This is approximately 3 million barrels per day above historical norms reflecting ongoing Persian Gulf disruptions and Ukrainian attacks on Russian infrastructure.

全球目前有 1,000 萬桶/日的計畫性與非計畫性煉油產能停擺。這比歷史常態高出約 300 萬桶/日，反映波斯灣持續的干擾以及烏克蘭對俄羅斯基礎設施的攻擊。

US diesel inventory is below the five-year range, while gasoline inventory is near the bottom of its five-year range, underscoring continued market tightness. Yet within our system, demand remains resilient across gasoline, diesel and jet.

美國柴油庫存低於五年區間，而汽油庫存接近其五年區間底部，凸顯市場仍然偏緊。然而在我們的系統內，汽油、柴油與航空燃油需求仍具韌性。

We expect to remain in an enhanced mid-cycle environment through the end of the decade with elevated margins through at least mid-2027. Against this backdrop, our ability to run advantage crude and optimize our value chains provides a sustainable advantage. The scale, geographic diversity and flexibility of our refining system enable us to respond rapidly across dynamic market conditions.

我們預期在本十年末之前仍將處於強化的中周期環境，且利差至少將維持在 2027 年年中之前的高檔水準。在此背景下，我們運行具優勢的原油並最佳化價值鏈的能力，提供可持續的優勢。我們煉油系統的規模、地理多元性與彈性，使我們能在多變的市場條件下快速因應。

Access to low-cost natural gas and integrated midstream logistics further enhances the competitiveness of our system. And we are investing in value-enhancing opportunities focused on lowering operating costs and enhancing system reliability while improving our ability to convert lower-value inputs into the high-value products the market continues to demand.

取得低成本天然氣與整合式中游物流，進一步提升我們系統的競爭力。我們也正投資於提升價值的機會，重點在降低營運成本、提升系統可靠性，同時強化我們將較低價值投入轉化為市場持續需求之高價值產品的能力。

We expect the investments we have been making in our Gulf Coast region to enter service by year-end 2027, these include the construction of a 90,000 barrel per day distillate hydrotreater at our Galveston Bay refinery, which will convert lower value high sulfur diesel to higher value ULSD. At Garyville, further feedstock optimization will increase crude throughput by 30,000 barrels per day and reduce our reliance on higher cost intermediate purchases.

我們預期目前在墨西哥灣沿岸地區所進行的投資將於 2027 年底前投入服務；其中包括在 Galveston Bay 煉油廠興建一座日處理量 90,000 桶的餾分油加氫處理裝置，將低價值的高硫柴油轉換為更高價值的超低硫柴油（ULSD）。在 Garyville，進一步的原料最佳化將使原油處理量增加 30,000 桶/日，並降低我們對成本較高的中間產品採購之依賴。

Additionally, we are increasing flexibility at Garyville to produce an incremental 10,000 barrels per day of export premium gasoline while lowering cost. We will continue evaluating additional opportunities to further strengthen the long-term competitiveness of our strategic value chains, positioning the portfolio for today and the future.

此外，我們正提升 Garyville 的彈性，以在降低成本的同時，額外生產 10,000 桶/日的出口高級汽油。我們將持續評估更多機會，以進一步強化我們策略性價值鏈的長期競爭力，讓投資組合能同時因應當下與未來。

Moving on to our midstream business, MPLX continued to execute its natural gas and NGL value chain strategies. Harmon Creek III began operations with 300 million cubic feet per day of gas processing and 40,000 barrels per day of deethanization capacity, increasing our Northeast processing capacity to 8.1 billion cubic feet per day and fractionation capacity to 800,000 barrels per day.

接著談到我們的中游業務，MPLX 持續執行其天然氣與天然氣液（NGL）價值鏈策略。Harmon Creek III 已開始營運，具備每日 3 億立方英尺的天然氣處理能力與 40,000 桶/日的脫乙烷能力，使我們東北部處理能力提升至每日 81 億立方英尺，分餾能力提升至 800,000 桶/日。

Additionally, MPLX and its joint venture partners announced FID of the Solitude Pipeline system, which when completed will provide an additional 4.5 billion cubic feet per day of natural gas egress from the Permian Basin.

此外，MPLX 與其合資夥伴宣布 Solitude 管線系統的最終投資決策（FID）；該系統完工後，將為二疊紀盆地額外提供每日 45 億立方英尺的天然氣外運能力。

MPLX is also progressing the expansion of sour gas treating capacity at the Titan Complex to more than 400 million cubic feet per day expected by year end. Natural gas and NGL fundamentals remain robust, creating compelling opportunities to support growing domestic and global demand for US Energy.

MPLX 也正推進 Titan 複合設施的酸性天然氣處理能力擴建，預計於年底前提升至每日超過 4 億立方英尺。天然氣與 NGL 的基本面仍然強勁，帶來具吸引力的機會，以支援美國能源在國內與全球日益成長的需求。

MPLX continues to advance its integrated US Gulf Coast well-headed water strategies through disciplined investment across the value chain. MPLX increased its quarterly distribution by 12.5% for the third consecutive year.

MPLX 透過在價值鏈各環節的紀律性投資，持續推進其整合式美國墨西哥灣沿岸井口水（well-headed water）策略。MPLX 連續第三年將季度配息提高 12.5%。

The increase is supported by MPLX's multi-year track record of delivering mid-single-digit adjusted EBITDA growth and growth projects coming online over the next several years. MPC now expects to receive $3.1 billion of annual distributions from MPLX more than covering MPC's annual dividend and capital expenditures, a differentiator in our industry.

此次調升配息，係基於 MPLX 多年來持續交付中個位數的調整後 EBITDA 成長，以及未來數年將陸續投產的成長專案。MPC 現預期每年可自 MPLX 取得 31 億美元的配息，足以覆蓋 MPC 的年度股利與資本支出，這是我們產業中的一項差異化優勢。

During the third quarter, MPC returned $3.3 billion of capital, executing on our commitment to industry-leading capital return. We also announced a 10% increase in MPC's quarterly dividend, consistent with our capital allocation priorities.

在第三季，MPC 回饋資本 33 億美元，落實我們對同業領先資本回饋的承諾。我們也宣布將 MPC 的季度股利提高 10%，符合我們的資本配置優先順序。

We are maintaining balance sheet discipline with a targeted cash framework that allows flexibility while supporting return to capital. We will execute safely, invest strategically and generate significant cash all at the same time.

我們以目標現金框架維持資產負債表紀律，在支持資本回饋的同時保有彈性。我們將在確保安全執行的前提下，策略性投資並同時創造可觀現金流。

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

接下來我把時間交給 Maria，請她說明我們的財務表現。

Thank you, Maryann, and good morning. Our third quarter results demonstrate a strong operational performance across the business. We delivered earnings per share of $26.93 and adjusted EBITDA of $11.7 billion.

謝謝你，Maryann，各位早安。我們第三季的成果展現了全公司強勁的營運表現。我們每股盈餘為 26.93 美元，調整後 EBITDA 為 117 億美元。

Refining and Marketing segment adjusted EBITDA per barrel was $34.15. Cash flow from operations, excluding working capital changes, was $8.5 billion and we returned $3.3 billion to shareholders. These results reflect disciplined execution.

煉油與行銷事業部門的每桶調整後 EBITDA 為 34.15 美元。營運活動現金流（不含營運資金變動）為 85 億美元，我們向股東回饋 33 億美元。這些成果反映了紀律性的執行。

The next slide shows the year-over-year change in adjusted EBITDA from third quarter 2025 to third quarter 2026. Adjusted EBITDA increased $8.5 billion year-over-year, led by our refining and marketing segment. Overall, our results demonstrate the earnings power of our value chains enabled by strong planning, commercial and operational execution.

下一張投影片顯示 2025 年第三季至 2026 年第三季調整後 EBITDA 的年對年變化。調整後 EBITDA 年增 85 億美元，主要由我們的煉油與行銷事業部門帶動。整體而言，我們的成果展現了在強健的規劃、商務與營運執行支持下，我們價值鏈的獲利能力。

Turning to our segment results, refining and marketing segment third quarter adjusted EBITDA was $9.9 billion. Every region contributed to the significant improvement year-over-year, primarily driven by a stronger margin environment. With total throughput of nearly 3.2 million barrels per day, our refineries ran at 100% utilization.

接著談到我們的分部業績，煉油與行銷分部第三季調整後 EBITDA 為 99 億美元。各地區皆對年增的顯著改善有所貢獻，主要受更強勁的利差環境帶動。在總處理量接近每日 320 萬桶的情況下，我們的煉油廠以 100% 的產能利用率運轉。

We achieved this while executing our planned turnaround activity, maintaining our commitment to safe and reliable operations. Execution matters, and we deliver.

我們在執行既定的大修計畫活動的同時達成上述成果，並持續堅守對安全且可靠營運的承諾。執行力至關重要，而我們做得到。

Let's talk about our regional performance. In the Gulf Coast, we ran at 99% utilization, despite planned conversion unit downtime, delivering nearly $33 of adjusted EBITDA per barrel. Our ability to respond to market signals and maximize distilled yields was enhanced by the added flexibility from our Garyville investment that came online earlier this year.

接下來談談各區域的表現。在墨西哥灣沿岸地區，儘管部分轉換裝置按計畫停機，我們仍以 99% 的產能利用率運轉，每桶貢獻近 33 美元的調整後 EBITDA。我們對市場訊號的反應能力以及最大化中間餾分產率的能力，因今年稍早投產的 Garyville 投資所帶來的額外彈性而進一步提升。

In Mid-Con, we achieved record utilization of 101% and delivered $36 of adjusted EBITDA per barrel. Higher rates and maximized distillate yields were supported by our Robinson investment that came online in the second quarter. In the West Coast, we ran at 98% utilization at record levels for this region, delivering over $33 of adjusted EBITDA per barrel. Our results reflect our commitment to peer-leading profitability per barrel in every region where we operate.

在中部大陸（Mid-Con）地區，我們達成創紀錄的 101% 產能利用率，並交出每桶 36 美元的調整後 EBITDA。更高的運轉率與中間餾分產率最大化，受惠於第二季投產的 Robinson 投資。在西岸地區，我們以 98% 的產能利用率運轉，達到該區域的紀錄水準，每桶貢獻超過 33 美元的調整後 EBITDA。我們的成果反映出我們致力於在每個營運地區都達成同業領先的每桶獲利能力。

Turning to slide 7, third quarter capture was 93%. Secondary products were a material headwind, the largest we have seen on an absolute basis to capture as benchmark clean product prices increased more than secondary product prices during the quarter.

接著看第 7 頁投影片，第三季捕捉率為 93%。次級產品構成了實質逆風，且就絕對值而言是我們所見過對捕捉率影響最大的一次，因為本季基準清潔產品價格的上漲幅度高於次級產品價格。

Weaker jet margins and seasonal inventory bills were additional headwinds, partially offset by clean product margins and wider diesel to gasoline spreads in the quarter. Importantly 100% utilization enabled us to optimize the system while strong planning and commercial performance further strengthened our results.

較弱的航空燃油利差與季節性庫存費用也是額外逆風，但部分被本季清潔產品利差以及柴油相對汽油更寬的價差所抵銷。重要的是，100% 的產能利用率使我們得以最佳化整體系統，而強勁的規劃與商業表現也進一步強化了成果。

Slide 8 shows our midstream segment results. Segment adjusted EBITDA increased $173 million compared to the third quarter 2025. The increase was primarily driven by higher rates and throughput, increased income from equity affiliates and growth from acquisitions.

第 8 頁投影片顯示我們的中游分部業績。與 2025 年第三季相比，分部調整後 EBITDA 增加 1.73 億美元。增幅主要由更高的費率與輸送量、來自權益法投資公司的收益增加，以及併購帶來的成長所驅動。

Underlying operating performance was strong across MPLX's value chains. As additional projects enter service and utilization increases across the system, MPLX is positioned to deliver durable mid-single adjusted EBITDA growth.

MPLX 各價值鏈的基礎營運表現皆相當強勁。隨著更多專案投入服務、系統整體利用率提升，MPLX 有望實現穩健的中個位數調整後 EBITDA 成長。

Now moving to slide 9, we cover our renewal diesel performance. Segment adjusted EBITDA increased by $310 million year over year. These results were supported by a more constructive margin environment, improved regulatory credit values and higher throughput. We continue to optimize operations and leverage our feedstock and logistics flexibility to adapt to market conditions. This performance demonstrates the value of our disciplined investment.

接著到第 9 頁投影片，我們說明可再生柴油的表現。分部調整後 EBITDA 年增 3.10 億美元。這些成果受更具建設性的利差環境、監管信用價值改善以及更高的處理量所支撐。我們持續最佳化營運，並運用原料與物流的彈性以因應市場狀況。此表現展現了我們紀律性投資的價值。

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 $8.5 billion. Working capital was a $2.3 billion source of cash for the quarter, primarily driven by income tax payables and the timing benefit of the SBR crude exchanges. In the quarter, MPC redeemed all of its upstanding $749 million senior notes due December 2026.

第 10 頁投影片呈現第三季合併現金部位變動的構成要素。營運現金流（不含營運資金變動）為 85 億美元。本季營運資金為 23 億美元的現金來源，主要由所得稅應付帳款以及 SBR 原油交換所帶來的時點利益所驅動。本季 MPC 贖回其所有尚未償還、於 2026 年 12 月到期的 7.49 億美元優先票據。

As we think about liability management, we will consider opportunities when the economics are favorable. During the quarter, we returned $3.3 billion of capital to shareholders, demonstrating a strong cash generation and disciplined execution.

在負債管理方面，當經濟條件有利時，我們將評估相關機會。本季我們向股東返還 33 億美元資本，展現強勁的現金創造能力與紀律性的執行。

At the end of the quarter, MPC had roughly $13.6 billion of consolidated cash and short-term investments, including MPL excess cash of nearly $1.3 billion.

截至季末，MPC 合併現金與短期投資約為 136 億美元，其中包含 MPL 約 13 億美元的超額現金。

Now turning to guidance, on slide 11, we provide our fourth quarter outlook. For the Refining and Marketing segment, we are projecting crude throughput volumes of 2.8 million barrels per day, representing utilization of 95%.

接著談指引，在第 11 頁投影片，我們提供第四季展望。就煉油與行銷分部而言，我們預估原油處理量為每日 280 萬桶，對應 95% 的產能利用率。

Turnaround expenses is projected to be $230 million with activity mainly focused on conversion units in the Gulf Coast and West Coast regions. This will limit our ability to upgrade certain products and create a headwind to capture.

大修費用預估為 2.30 億美元，活動主要集中在墨西哥灣沿岸與西岸地區的轉換裝置。這將限制我們升級部分產品的能力，並對捕捉率形成逆風。

For the year, turnaround expenses remain in line with our 2026 outlook of $1,350 million. For the renewable diesel segment, we are projecting 85% utilization and planned turnaround cost of $65 million, driven primarily by turnaround activity at Dickinson.

就全年而言，大修費用仍與我們 2026 年展望的 13.50 億美元一致。就可再生柴油分部而言，我們預估 85% 的產能利用率，以及 6,500 萬美元的計畫性大修成本，主要由 Dickinson 的大修活動所驅動。

With that, let me pass it back to Maryann for closing remarks.

接下來，我把時間交回給 Maryann 做結語。

Thank you, Maria. Our performance reinforces the strength of MPC's value proposition. Our scale, flexibility, and geographical diversification are key competitive advantages. Combined with our integrated midstream logistics and our commercial capabilities, these advantages allow us to optimize our system and enhance margins in dynamic market conditions.

謝謝你，Maria。我們的表現再次印證 MPC 價值主張的強勁。我們的規模、彈性與地理多元化是關鍵競爭優勢。再加上我們整合式的中游物流以及商業能力，這些優勢使我們能在多變的市場環境中最佳化系統並提升利差。

Safety and reliability are foundational, ensuring the competitive position of our assets is a strategic commitment. We are developing a resilient portfolio for today and for the future, investing where we see attractive returns and sustainable competitive advantages.

安全與可靠性是根本，確保資產競爭地位是我們的策略性承諾。我們正在打造一個能因應當下與未來的韌性投資組合，並在我們看見具吸引力的報酬與可持續競爭優勢之處進行投資。

We are directing investment to our Gulf Coast value chain to further strengthen the long-term competitiveness of our system. Our capital allocation priorities are consistent. We remain committed to industry-leading capital return supported by strong cash generation that enables us to continue to invest in the business.

我們正將投資導向墨西哥灣沿岸價值鏈，以進一步強化系統的長期競爭力。我們的資本配置優先順序一貫且一致。在強勁現金創造的支持下，我們仍致力於同業領先的資本回饋，並使我們得以持續投資於業務。

MPLX provides durable growth and an increasing source of cash flow to MPC, further strengthening our through cycle cash flow profile. Global supply and demand fundamentals. Support our constructive outlook for both US refining and midstream. Our differentiated portfolio and disciplined execution position MPC to deliver exceptional value across market cycles.

MPLX 為 MPC 提供穩健成長與日益增加的現金流來源，進一步強化我們穿越景氣循環的現金流特性。全球供需基本面。支撐我們對美國煉油與中游業務的正向展望。我們具差異化的投資組合與紀律性的執行，使 MPC 能在各種市場循環中創造卓越價值。

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

接下來，我把電話交回給 Brian。

Thank you, Maryann. (Event Instructions) We will now open the call to questions. Operator.

謝謝你，Maryann。（活動說明）我們現在開放提問。接線員。

(Operator Instructions)

（接線員說明）

Neil Mehta, Goldman Sachs.

Neil Mehta，高盛。

Yeah, thanks, Maryann, for the rundown here. Just wanted to start off on the transactions and the asset sales. It's been a long time since Marathon has monetized some of its refining assets. So maybe you could just talk about the process, why you identified these assets and how that fits into the broader strategy and how did you get comfortable with the valuation around this monetization as well?

好的，謝謝你，Maryann，剛才的說明。我想先從交易與資產出售談起。Marathon 已經很久沒有將部分煉油資產變現了。所以也許你可以談談流程、為何辨識出這些資產、這如何融入更廣泛的策略，以及你們如何對這次變現的估值感到放心？

Yeah, good morning, Neil, and thanks for the question. And maybe before I share a little bit about the divestiture, once again, I really want to thank the employees of our St. Paul Park and Mandan refineries and those employees that are accompanying the midstream assets that support it as well for their ability to safely and reliably operate these assets up until this point and all the way through the close of the transaction. A big thank you for all of our employees.

好的，早安，Neil，謝謝你的提問。在我分享一些關於處分的內容之前，我想再次感謝我們 St. Paul Park 與 Mandan 煉油廠的員工，以及同樣隨附處分、用以支援這些煉油廠的中游資產相關員工；感謝他們至今、並一直到交易完成交割為止，能夠安全且可靠地營運這些資產。非常感謝我們所有員工。

But let me try to address your question, Neil, around the divestiture. I think maybe as far back as August of 2024, I and the rest of the leadership team have really been talking about ensuring that we create a portfolio for today, looking at market demand, et cetera, and a portfolio for the future.

不過讓我試著回應你關於處分的問題，Neil。我想大概早在 2024 年 8 月，我以及其他領導團隊成員就一直在討論，確保我們打造一個適用於當下的投資組合——考量市場需求等等——以及一個面向未來的投資組合。

And we remain committed to ensuring that that is a portfolio that we are operating consistently. We acted on an opportunity to align our portfolio with our strategy at valuations that I think we deem to be very attractive. Glad that we are able to divest to a company that is looking to grow and also operate safely and reliably, and we believe those assets fit well into their portfolio.

而我們也持續致力於確保該投資組合能以一致的方式運作。我們把握機會，依照我們的策略調整投資組合，且交易估值我認為相當具吸引力。我們也很高興能將資產出售給一家希望成長、並同樣以安全可靠方式營運的公司；我們相信這些資產非常適合納入對方的投資組合。

And as I mentioned, I think we have been committed to ensuring that we will deploy capital strategically, grow in the areas like the US Gulf Coast that we believe have the strongest long-term potential for growth and value creation.

正如我提到的，我認為我們一直致力於確保以策略性方式部署資本，在我們相信具備最強長期成長潛力與價值創造的領域（例如美國墨西哥灣沿岸）擴張。

So that would be the reason why all of our assets in our portfolio are cash flow positive and generating strong returns there, but this was, we think, an appropriate decision to align our strategy with the long-term. Let me pause, Neil, and see if I've answered your question.

因此，這就是為什麼我們投資組合中的所有資產都能產生正向現金流並帶來強勁回報；但我們認為，這是一項適當的決策，使我們的策略與長期方向一致。我先停一下，Neil，看看我是否已回答你的問題。

You have. And that kind of brings me to the follow-up, which is just as we think about crude sourcing post this transaction, how should we think about how much WCS Marathon is running and just your perspectives on the Western Canadian crude environment, I think on the last call you had indicated a view that it could widen out a little bit, but boy this has exceeded I think even the most bullish expectations for differentials, so your views on the market and your perspective on how much WPS you can run through the system.

你有回答。而這也引出我的追問：在這筆交易之後，當我們思考原油採購時，我們應該如何看待 Marathon 目前運行的 WCS 量？以及你們對西加拿大原油市場環境的看法？我記得在上次電話會議上你們提到價差可能會再擴大一些，但這次的表現甚至超出我想連最樂觀的價差預期都不及；所以想請教你們對市場的看法，以及你們認為系統中最多能跑多少 WPS。

Yeah, Neil, I think you said it well. I'm going to give Rick the opportunity to share some of the details. But as we have been one of the largest, if you will, operators that using WCS, including the imports and we continue to see the strength of those differentials, particularly as you look into the fourth quarter. So let me pass it to Rick.

是的，Neil，我覺得你說得很到位。我先讓 Rick 有機會分享一些細節。不過，作為使用 WCS 的最大營運商之一（包含進口），我們持續看到這些價差的強勢，尤其是展望第四季時。所以我把問題交給 Rick。

Yeah, Neil, so we're really leaning into the WCS story. I think this morning, my team reported to me that there was a print of minus 32 a hardisty barrel under TI. So it continues, that differential continues to widen out.

好的，Neil，我們確實在大力押注 WCS 這個題材。我想今天早上，我的團隊向我回報，Hardisty 的報價曾出現相對 TI 每桶折價 32 美元的成交價。所以情況仍在延續，這個價差仍在擴大。

And when you look at it, Neil, I continue to think it may widen out further. There's just significant tailwinds when you look at the heavy and the sour grades. It's led by freight, the freight challenges with crude export economics, especially on the medium and heavy sour barrel. And thankfully for MPC, we have a very small exposure to freight on the crude side as about 90% of our crude sourcing is from US and Canada.

而且從整體來看，Neil，我仍然認為價差可能還會進一步擴大。當你看重質與高硫等級原油時，確實有顯著的順風因素。主要由運費所帶動——原油出口經濟性面臨運費挑戰，尤其是中質與重質高硫原油。所幸對 MPC 而言，我們在原油端對運費的曝險很小，因為約 90% 的原油採購來自美國與加拿大。

And then what little we do bring in via waterborne barrels, we locked into very attractive time charter rates before the war started. So we're in a really good spot there. And then when you couple that with the Venezuelan and the SPR barrels that have hit the US Gulf Coast.

另外，我們少量透過海運引進的原油，在戰爭爆發前就以非常有吸引力的期租費率鎖定了。因此我們在這方面處於非常有利的位置。再加上委內瑞拉原油以及投放到美國墨西哥灣沿岸的 SPR 原油。

The diluents that are being blended into the heavy Canadian right now. And then here recently, we just saw increased Enbridge apportionment on both lights and heavies, we're in a really good spot. In fact, here in the fourth quarter, we expect to set records on how much heavy Canadian we process.

目前被混入加拿大重油的稀釋劑。以及最近我們也看到 Enbridge 對輕油與重油的配額分配比例提高，我們的處境非常好。事實上，在第四季，我們預期加拿大重油的加工量將創下紀錄。

Manav Gupta, UBS.

Manav Gupta，瑞銀。

Good morning. I wanted to ask you on the refining macro, you guys were constructive coming into this year. Obviously, it's been a record year for you. I'm just trying to understand what's the margin outlook now. We have seen gasoline pullback. Do you think that's just seasonal? But obviously, the overall differentials, even medium sours are pretty wide. So as you enter 2027, how are you looking in terms of the overall refining macro? And have you seen any early signs of any kind of demand destruction here?

早安。我想就煉油的總體環境提問：你們在今年一開始的看法偏正面。顯然，對你們而言今年是創紀錄的一年。我想了解目前對利潤率的展望如何。我們看到汽油利潤回落。你認為那只是季節性因素嗎？但整體價差，甚至中質高硫原油的價差仍然很寬。所以當你們進入 2027 年時，對整體煉油總體環境的看法是什麼？以及你們是否已看到任何需求遭到破壞的早期跡象？

Good morning, again, it's Maryann. So let me start first with, as you mentioned, we have been extremely constructive long-term prior to the Iran conflict. We look at the supply coming online, frankly, and the demand that we see over the longer-term. And we went into 2026 in a very constructive environment.

再次早安，我是 Maryann。我先從你提到的部分開始：在伊朗衝突之前，我們對長期一直非常正面。坦白說，我們觀察到新增供給的上線，以及我們在更長期所看到的需求。因此我們在進入 2026 年時，處於非常正面的環境。

Obviously, Iran conflict has had significant impact, really elevating margins as you see. And one of the things that we've been trying to do, frankly, is capitalize on that through our planning, commercial and operational excellence to be sure that we're delivering the greatest value.

顯然，伊朗衝突帶來了重大影響，正如你所見，利潤率被大幅推升。而我們一直在做的一件事，坦白說，就是透過規劃、商務與營運卓越來把握這個機會，確保我們能交付最大的價值。

As we -- as I've mentioned, and again, rick will give you a little bit more color here, but frankly, we haven't seen really demand disruption across our system, particularly when you look at jet and diesel. So we head into 2027 believing that it continues to be structurally sound solid, notwithstanding the timing of resolution on the Iran conflict, a series of things would have to happen, so we remain quite constructive over '27.

正如我——如我所提到的，再次說明，Rick 會提供更多細節；但坦白說，我們在整個系統中並未看到明顯的需求中斷，尤其是當你看航空燃油與柴油時。因此我們在進入 2027 年時，仍相信其結構性依然健全且穩固；即便伊朗衝突何時解決仍有不確定性，仍需要一連串事情發生，所以我們對 2027 年仍相當正面。

I'll let Rick give you an increment of color to some of the specifics there.

我讓 Rick 再補充一些更具體的說明。

Yes, Manav, on the demand side specifically, when you really take a step back and look at the industry, but then even say look at MPC specific, we ran at 100% utilization in 3Q and met all of our consumer demands, both domestically and internationally.

好的，Manav，就需求面來說，當你真正退一步看整個產業，甚至只看 MPC 本身，我們在第三季以 100% 的產能利用率運行，並滿足了所有消費端需求，無論是國內或國際。

And then when you kind of overlay that and look at the inventories on gas and diesel, they continue to remain at or below five-year average. So we're really bullish as you look back into the larger term S&D fundamentals within the system. And then as Maryann said, within our system, consumer demand remains very resilient across gasoline, diesel and jet, both domestically and internationally.

接著當你把這些因素疊加起來看汽油與柴油的庫存，它們仍維持在五年平均水準附近或以下。因此，回到系統中更長期的供需基本面，我們確實非常看多。而且如 Maryann 所說，在我們的系統內，消費需求在汽油、柴油與航空燃油方面仍非常有韌性，無論國內或國際皆然。

And then on the recent pullback, I think maybe a little color there. We're expecting the unexpected. Everything you see is headline driven here lately. But in our view, a slight pullback was not unexpected as we transitioned out of the summer driving season. This is just a seasonal pullback that is quite typical, as well as when you couple that with their third quarter turnarounds, it really makes sense to us.

至於近期的回落，我想補充一點說明。我們一直在為意外情況做準備。最近你看到的一切幾乎都由新聞標題所驅動。但在我們看來，隨著夏季駕車旺季結束，出現小幅回落並不意外。這只是相當典型的季節性回落；再加上第三季的歲修（turnarounds），對我們而言非常合理。

But going forward, Manav, we see continued volatility. We're bullish because of the inventory positions I mentioned on gas and diesel throughout the United States and bright days are ahead. We haven't entered a winter season in this position ever and we feel very constructive on it going forward.

但展望未來，Manav，我們認為波動仍會持續。基於我提到的美國全境汽油與柴油庫存水位，我們偏多看待，未來會有更好的日子。我們從未在這樣的庫存位置下進入冬季，我們對後續走勢感到非常正面。

Thank you. My quick follow-up is on the amount of cash on the balance sheet. You ended the quarter at 12.3. This is before the asset sale proceeds come in, and then fourth quarter is looking pretty strong, as you said. Your cash on the balance sheet could balloon to over $20 billion by the end of this year, and that's a lot of cash to hold on to the balance sheet. I'm just trying to understand the possible uses of this amount of cash on the balance sheet.

謝謝。我快速追問一下資產負債表上的現金規模。你們在季末的現金是 123 億美元，這還不包含資產出售的款項入帳，且如你所說第四季看起來也相當強勁。到今年底，你們資產負債表上的現金可能膨脹到超過 200 億美元，而把這麼多現金放在資產負債表上是很大一筆。我想了解這筆現金可能的用途。

Certainly. And thanks for the question. Yes, you're right. Obviously, as we look at the third quarter, we built cash. And of course, depending on how you view that outlook for the fourth quarter, Rick just shared with you sort of how we see it. We are obviously quite constructive. We could build cash again. A few things to think about in the third quarter. We remain disciplined to our capital allocation priorities. We increased our dividend 10% at normal timing as we have in previous years. We also bought back $3 billion of our own equity. We would continue to say that our capital allocation priorities have not changed.

當然可以。也謝謝你的提問。是的，你說得沒錯。顯然，回顧第三季，我們累積了現金。當然，取決於你如何看待第四季的展望，Rick 剛才也分享了我們的看法。我們顯然相當正面。我們可能會再次累積現金。第三季有幾點可以思考。我們仍嚴守資本配置的優先順序。我們在一貫的時間點將股利提高 10%，如同過去幾年一樣。我們也回購了 30 億美元的自家股票。我們仍會強調，我們的資本配置優先順序並未改變。

And to your point, as we see the sale come to conclusion as we're projecting by the end of the fourth quarter, we would also see obviously net proceeds from that. As I mentioned in my prepared remarks and you see in the press release, our objective would be to invest those proceeds into US Gulf Coast as well as other value chains.

就您提到的重點而言，隨著我們預期在第四季末完成出售交易，我們也將明顯看到由此帶來的淨收益。如我在事先準備的發言中所提到、且您也可在新聞稿中看到，我們的目標是把這些收益投入到美國墨西哥灣沿岸以及其他價值鏈。

Historically, over the last few years, we have put capital to work that has grown our EBITDA per barrel. You can talk about the things that we did in 2026, frankly. We talked about our Robinson jet project. We talked about Garyville. Coming online in 2027, we have the DHT. We have two Garyville projects that I mentioned that will reduce cost, improve feedstock input, as well as give us capabilities for export premium, and we see the opportunity in the US Gulf Coast to put that capital to work as well, Manav.

從歷史來看，在過去幾年裡，我們投入的資本已推動每桶 EBITDA 的成長。坦白說，你可以談談我們在 2026 年所做的事情。我們談到了 Robinson 航空燃油（jet）專案。我們談到了 Garyville。在 2027 年投產方面，我們有 DHT。我們有我提到的兩個 Garyville 專案，將降低成本、改善原料投入，同時也賦予我們出口溢價產品的能力；我們也看到在美國墨西哥灣沿岸同樣有機會把資本投入運用，Manav。

Sam Margolin, Wells Fargo.

Wells Fargo 的 Sam Margolin。

Well, your last point I think is a pretty good prompt for some more detail on maybe some reinvestment opportunities in the Gulf Coast. It sounds like you have a lot underway right now, you're prosecuting some projects, but I think you just said pretty clearly that you see opportunity for more. So can you talk about the categories of reinvestment that are most appealing right now, whether it's the bottlenecking or conversion or all of the above or what exactly I think is jumping off the screen for you right now.

嗯，我認為你最後一點很適合引出更多細節，談談在墨西哥灣沿岸可能的一些再投資機會。聽起來你們目前有很多工作在進行中，也在推進一些專案，但我覺得你剛才也相當清楚地表示，你們看到還有更多機會。所以你能否談談目前最具吸引力的再投資類別是哪些——不論是去瓶頸、轉換（conversion）、或是以上皆是——或者說，現在對你而言最顯眼、最值得優先考慮的是什麼？

Sure, Sam. Thanks for the question and good morning. First and foremost, whenever we consider putting capital to work, as we've been sharing over the last several years, we want to be sure that there are certain things that are evident and obvious when we put capital to work.

當然可以，Sam。謝謝你的提問，早安。首先也是最重要的，每當我們考慮投入資本時——正如過去幾年我們一直分享的——我們希望在投入資本時，有一些條件是明確且顯而易見的。

One, we're looking for yield enhancement. We're looking to strengthen our reliability. Frankly, you may have heard over the last couple of quarters, we talked about reliability that has been kind of some of the best that we've been able to experience in a decade as those projects come to fruition, critically important.

第一，我們尋求提升收率（yield enhancement）。我們希望強化我們的可靠度。坦白說，你可能在過去幾季聽到我們提到，隨著這些專案逐步落地，我們的可靠度達到近十年來我們所能體驗到的最佳水準之一，這點至關重要。

We want to enhance flexibility. We talked about increasing our jet. And also having flexibility to move to different distillates as demand changed, we executed those this year and then cost reduction also being a place that we would look to invest. They are the areas where our review, if you will, and objectives must be met.

我們希望提升彈性。我們談到提高航空燃油（jet）的比例。同時也要具備在需求變化時，能切換到不同餾分油品（distillates）的彈性；我們今年已執行到位。另外，降本也是我們會考慮投資的方向。這些就是我們審視（如果你願意這麼說）與目標必須達成的領域。

If you think actually over the last five years from the capital that we've put to work, we've actually been able to increase about 175,000 barrels a day capacity and I think that's been pretty important, but I'm going to pass it to Mike because as we've got what we think to be two of the best assets on the US Gulf Coast, one of which is probably the lowest cost operating asset and I'd like Mike, to share a bit about what he's contemplating, what we're contemplating as well into next year.

如果你回顧過去五年我們投入的資本，實際上我們已將產能提高約 175,000 桶/日，我認為這相當重要；但我想把問題交給 Mike，因為我們在美國墨西哥灣沿岸擁有我們認為最好的兩項資產，其中之一可能是營運成本最低的資產。我希望 Mike 能分享一些他在思考的方向，以及我們對明年的規劃。

Yes, Sam, a couple of things, obviously, the reliability, we're continuously investing in that. But all the things you laid out are all in the plan, to be honest with you. We're looking at additional conversion, yield enhancements and throughput as well in the Gulf Coast. And as Maryann stated, we have two world-class facilities there that we intend to invest in. But the future looks bright in the Gulf Coast and we're ready to invest.

是的，Sam，有幾點。顯然，在可靠度方面，我們會持續投資。但老實說，你提到的那些項目都已納入計畫之中。我們正在評估在墨西哥灣沿岸進一步的轉換（conversion）、收率提升以及處理量（throughput）。如 Maryann 所說，我們在那裡有兩座世界級設施，我們打算持續投資。墨西哥灣沿岸的未來看起來很光明，我們也已準備好投入資本。

And then just as a follow-up on the seasonality of gasoline, I think one of the factors right now that's unusual is that LPGs have a very high value and it's influencing blending economics and some other seasonality that might be important in gasoline.

接著就汽油季節性再追問一下：我認為目前一個不尋常的因素是 LPG 的價值非常高，這正在影響調和（blending）經濟性，以及一些可能對汽油很重要的季節性因素。

But MPC has a very integrated system when it comes to LPGs and blending, and so maybe if you could just remark a little bit on how you're positioned right now within this kind of abnormal commodity skew with respect to butane and seasonal gasoline.

但 MPC 在 LPG 與調和方面有非常整合的系統，所以也許你可以稍微評論一下，在目前這種相對異常的商品價差結構下，特別是就丁烷（butane）與季節性汽油而言，你們目前的布局狀況如何？

Yes, Sam, very timely question. We have a build program that we execute and we executed it very well on butane this year. So we built in 2Q and early 3Q.

是的，Sam，這個問題非常切題。我們有一套建庫（build）計畫並加以執行，而今年在丁烷方面我們執行得非常好。所以我們在第二季以及第三季初進行了建庫。

And to your point, we're reaping the benefits of that right now significantly. So I would say we're positioned very well from a butane perspective. And then I would also say when you look at propane, we export a decent amount of propane as well. And we're seeing --

如你所說，我們現在正顯著地收穫這些成果。所以我會說，從丁烷的角度來看，我們的布局非常好。另外我也會說，談到丙烷（propane），我們也出口相當數量的丙烷。而我們看到——

Please stand by. Please continue to hold for today's conference call. We will begin one moment. Please continue to hold. We are having technical difficulties. Please stand by.

請稍候。請繼續保持在線，參加今天的電話會議。我們將在片刻後開始。請繼續保持在線。我們遇到技術問題。請稍候。

(technical difficulty)

（技術問題）

Thank you for continuing to make the commitment on standing by. Thank you.

感謝您持續配合並保持在線等候。謝謝。

Sam, it's Maryann. Sam, can you hear us? Sorry, we think we lost audio there for a moment. Just wanted to be sure that you got the answer to your question.

Sam，我是 Maryann。Sam，你聽得到我們嗎？抱歉，我們覺得剛才音訊中斷了一下。只是想確認你有收到你問題的回答。

Yeah, that's right. It did interrupt, but I heard most of it. I think I'm not sure if I speak for everybody on the call, but I cut off when you're talking about propane. So I don't know if you want to continue there if you felt it's been answered.

對，沒錯。確實有中斷，但我大部分都有聽到。我不確定是否能代表電話會議上的所有人，但我是在你開始談丙烷時被切斷的。所以如果你覺得還需要補充、或認為已回答完畢，你可以接著說。

Yeah, Sam, let me just finish my thoughts on propane and then we'll continue on. So on propane, as we're a large exporter and about to get a lot larger as we bring on our projects on the US Gulf Coast next year. But on the propane side, we have had significant economic margins within the environment, mainly because of the demand overseas.

好的，Sam，我把關於丙烷的想法補充完，然後我們再繼續。在丙烷方面，我們是大型出口商，而且隨著我們明年在美國墨西哥灣沿岸的專案投產，我們的出口規模還會大幅增加。但就丙烷而言，我們在目前環境下有相當可觀的經濟利差（margins），主要是因為海外需求。

So we've not only -- I feel really been played advantageously the butane market, but propane has been a nice shot in the arm for us as well. I hope that answers your question, Sam.

所以我們不僅——我覺得——在丁烷市場上掌握了有利的機會，丙烷也同樣為我們帶來了不小的助益。希望這回答了你的問題，Sam。

Joe Laetsch, Morgan Stanley.

Morgan Stanley 的 Joe Laetsch。

Good morning, team, and thanks for taking my questions. So I wanted to just start on the refining side. Utilization came in much stronger than guidance and that we expected really across the regions during the third quarter. Can you just talk to what went right during the quarter and some of the drivers of the outperformance?

各位早安，謝謝回答我的問題。我想先從煉油端開始。第三季的產能利用率（utilization）明顯高於指引，也高於我們的預期，而且幾乎各區域都是如此。你能否談談本季有哪些做對了，以及超預期表現的驅動因素是什麼？

A few things we talked about earlier is the investment and reliability has been key for us, not just in the Gulf Coast, but all of our value chains. With that gives us a better platform to grow from as well, but I will say we've tackling just the basics of operating, really paying attention to the blocking and tackling of day-to-day operations and a lot of work around training and optimization as well, that's been the target to our utilization.

我們先前提到的幾點之一是投資與可靠度，這一直是我們的關鍵，不僅在墨西哥灣沿岸，也涵蓋我們所有價值鏈。這也為我們提供了更好的平台來進一步成長；但我也要說，我們一直在把營運的基本功做好，真正關注日常營運的基本動作（blocking and tackling），並在訓練與最佳化方面投入大量工作，這些都是推動我們利用率的重點。

And Joe, it's Maryann. I think the other thing that I would add, as over the last several quarters, we've been talking about the opportunity across our planning, commercial and operational value chains. And I think really, we are focused on the things that we can control, looking for those opportunities and ensuring that we are able to deliver that. I thought I'd pass it maybe to Julian to see if there was anything else that he wanted to add as he's thinking through the planning side of our utilization.

Joe，我是 Maryann。我想補充的另一點是，過去幾季我們一直在談我們在規劃、商務與營運價值鏈上的機會。我認為我們確實專注在我們能控制的事情上，尋找那些機會並確保我們能交付成果。我想也許把問題交給 Julian，看看他從利用率的規劃面向是否還有其他想補充的。

Thanks, Maryann. I think our performance, as Mike said, it reflects the strength of our integrated planning, commercial and operations teams and optimization can only really create value if the assets are available to run. So kudos to Mike and the team.

謝謝你，Maryann。我認為我們的表現，正如 Mike 所說，反映了我們整合式規劃、商務與營運團隊的實力；而最佳化只有在資產可用、能夠運轉時，才能真正創造價值。所以要給 Mike 和團隊一個讚。

Reliability was and remains, it's the foundation upon which the capture of any commercial opportunity really depends. And we've said previously, I think our speed of analysis now, the sophistication of our tools and modeling, that's given us the ability to identify opportunities and convert it to executable sort of insights that we can pass to the teams. And it's our ability now to coordinate those decisions as one integrated system that creates that durable -- differentiate in resilience, I think.

可靠性一直是、也仍然是基礎；任何商業機會的掌握其實都仰賴於此。而且我們之前也說過，我認為我們現在的分析速度、工具與模型的成熟度，讓我們能夠辨識機會，並把它轉化為可執行的洞見，交付給團隊。而我們如今能以一個整合系統來協調這些決策的能力，正是我認為能形成持久——在韌性上的差異化。

Thank you. And then maybe just looking ahead into the fourth quarter, so recognizing it's so early, the market obviously remains volatile. Can you just walk through some of the puts and takes on capture relative to 3Q? And in particular, how should we think about the benefit of wider WCS differentials like we talked about earlier, maybe changes in freight, crude backwardation, secondary product margins. And then I think you also mentioned in the prepared remarks that there's some conversion unit maintenance, so how that factors in as well. Thank you.

謝謝。那麼也許展望第四季，雖然知道現在還很早，市場顯然仍然波動。你能否說明一下，相較於第三季，capture（捕捉率）的利多與利空有哪些？特別是，我們應該如何看待像先前談到的 WCS 價差擴大所帶來的好處、運費可能的變化、原油逆價差（backwardation）、以及次級產品（secondary product）利差。另外我想你在事先準備的講稿也提到有一些轉化裝置（conversion unit）維修，這部分會如何影響。謝謝。

Certainly, Joe. So maybe let me start with third quarter and then I'll head to fourth quarter and then I'll let Rick give you some of the more intricate details as we're thinking about your questions on freight and WCS [DFs], et cetera.

當然可以，Joe。那我先從第三季談起，接著談第四季，然後我會請 Rick 就你提到的運費、WCS（價差）等問題，提供一些更細部的看法。

In our third quarter, we delivered capture of about 93%. And as we mentioned in the second quarter, we had some elements that we did not expect to repeat, obviously, crude sourcing and the benefit of SPR that occurred in the second quarter were clearly tailwinds that we shared would not be able to repeat into the third quarter.

在第三季，我們的 capture 約為 93%。而且如同我們在第二季提到的，有些因素我們本來就不預期會重複出現；很明顯地，原油採購以及第二季 SPR 帶來的效益，都是順風因素，我們也分享過這些無法延續到第三季。

I think the other headwind that we had very significant, Maria mentioned it too as she was sharing her remarks with all of you was the most significant secondary headwind that we have experienced. And that certainly played into the third quarter as well.

我認為另一個非常顯著的逆風——Maria 在對各位的說明中也提到——是我們所經歷過最顯著的次級產品逆風。而這也確實影響了第三季。

Having said that, if you go back and you look at the average over the time period, our third quarter averages in and about that 94%, 95% range. So just a few things to consider as we think about the third quarter strongest really headwind coming from secondaries ever in the history of the company.

話雖如此，如果回頭看一段時間的平均值，我們第三季的平均大約落在 94%、95% 的區間。所以在思考第三季時，有幾點要納入考量，其中最強的逆風確實來自公司史上次級產品最嚴重的一次。

And then as we yeah -- year-to-date, frankly, through the third quarter, we are at capture of 101% and then the fourth quarter is typically our strongest quarter on the things that we can absolutely control. So I'm going to pass it to Rick and he can give you some of those specific thoughts to answer your questions.

另外，就年初至今而言，坦白說到第三季為止，我們的 capture 是 101%；而第四季通常是我們在那些我們絕對能控制的事項上表現最強的一季。所以我把問題交給 Rick，他可以就你提的問題給一些更具體的想法。

Yeah, Joe, so when you look at 4Q, just a little bit of insight there, one month end of a three-month game here, we're seeing through excuse me, through October, we saw the same headwinds on secondary products, so we'll continue to watch that for the next 60 or so days. But early on, we're seeing very similar numbers that we saw on the secondary side in 3Q.

好的，Joe，談到第四季，先給一點觀察：這是一場三個月的賽局，目前只走完一個月；我們看到——抱歉——截至 10 月，我們在次級產品上仍看到相同的逆風，所以接下來大約 60 天我們會持續觀察。但就目前早期來看，次級產品端的數字與第三季非常相近。

I do want to make very clear one item though, because I think it's not well understood and I think it's because within the industry, our capture metrics seem to vary company by company and we're no different or we are quite different, I should say, than others. So I talked earlier about tailwinds on heavies, sours and inland crudes.

不過我確實想把一件事講得很清楚，因為我認為這點不太被理解；而原因可能是，在產業內，各家公司對 capture 指標的計算似乎不盡相同，我們也不例外——或者說，我們跟其他人其實相當不同。我先前提到過重質油（heavies）、高硫油（sours）以及內陸原油（inland crudes）的順風因素。

However, I want to remind you that they -- those differentials, they're referenced in our market indicator as well as backwardation as referenced in our market indicator. Unlike others, they put that in their capture results. So we're a bit unique there, and I just wanted to call that out so you're not overstating what our capture may be in any given quarter. I hope that helps answer your question, Joe.

不過我要提醒你的是，這些價差——以及逆價差（backwardation）——其實都已經反映在我們的市場指標（market indicator）裡。但有些同業會把這些納入他們的 capture 結果。所以我們在這點上比較特殊；我只是想特別點出來，避免你在任何一季高估我們的 capture。希望這能回答你的問題，Joe。

And Joe, one other thing that I'd like to maybe just add as we talk about capture, it's clearly one of the metrics that we look at only one. But as we've stated, our objective really is to ensure that we're the most competitive in every region where we operate and that comes through obviously commercial and our ability to capture those markets hurdling the things that Rick just shared with you that are already embedded in the market metrics, our planning, and then obviously our operational execution, which allows us to be the most competitive in every region where we operate over a period of time. So we hope that helps and answers your question.

Joe，另外我想在談 capture 時再補充一點：它確實是我們看的指標之一，但只是其中之一。如同我們所說，我們的目標其實是確保在我們營運的每個區域都具備最高競爭力；這來自於——當然——商務端，以及我們在掌握市場時能跨越 Rick 剛剛分享、且已內嵌在市場指標中的那些因素；也來自於我們的規劃，以及——同樣重要的——我們的營運執行，讓我們能在一段時間內於各營運區域保持最具競爭力。所以希望這能幫助並回答你的問題。

Yes, thank you very much.

是的，非常感謝。

You're welcome.

不客氣。

Jason Gabelman, TD Cowen.

Jason Gabelman，TD Cowen。

I wanted to go back to the user proceeds from this asset sale, if I could, $3.5 billion MPC, I imagine there will be some tax leakage there. But in terms of deploying that to the US Gulf Coast, your kind of growth capital the past few years has been $1 billion. So it doesn't necessarily seem like all of that cash will be deployed to incremental growth projects.

如果可以的話，我想回到這次資產出售的可用所得（proceeds）：MPC 這邊是 35 億美元，我想其中會有一些稅負流失（tax leakage）。但就把這筆資金投入美國墨西哥灣沿岸而言，你們過去幾年的成長資本支出大概是 10 億美元。所以看起來不一定會把所有現金都用在額外的成長專案上。

So should we expect some of that cash to be used to defend the stock? If the market turns, does it open the aperture for inorganic activity? Just a bit more color would be helpful there.

那我們是否應該預期其中一部分現金會用來支撐股價（defend the stock）？如果市場轉向，是否會擴大視野、進行非有機（inorganic）活動？如果能多給一點說明會很有幫助。

You're welcome, Jason. Thanks for the question. So maybe let me start with capital allocation to the Gulf Coast. As we always give you the detailed capital planning as we head into our fourth quarter call, and it will be in February this year. And of course, we will do the same with a significant amount of clarity in terms of where that capital would be deployed and the projects.

不客氣，Jason。謝謝你的問題。那我先從墨西哥灣沿岸的資本配置談起。如同以往，我們會在第四季電話會議時提供詳細的資本規劃；今年會是在二月。當然，我們也會同樣以相當清楚的方式說明資本將部署到哪裡以及相關專案。

You're right. We've averaged a little over $1 billion each year. And hopefully, as I tried to articulate in some of my earlier responses, we are actually seeing the benefit of that capital deployment pull through in our results.

你說得沒錯。我們每年平均略高於 10 億美元。而且希望如同我在先前一些回覆中試著表達的，我們其實正看到這些資本部署的效益在結果中逐步顯現。

You're seeing it earlier this year as we saw jet demand rise and our ability to have that conversion project complete and meet that demand. I mentioned a couple of other projects that are coming online in 2027, like the DHT, obviously a little bit later in the year. There's a few Garyville projects that we think also will be incremental to the value propositions and the planning that Julian and Rick have been talking about.

你今年稍早就看到了：當航空燃油需求上升時，我們能夠完成那個轉化專案並滿足需求。我也提到幾個將在 2027 年上線的其他專案，例如 DHT——當然會是在那一年稍晚一些。另外還有一些 Garyville 的專案，我們認為也會為 Julian 和 Rick 一直在談的價值主張與規劃帶來增量。

So yes, if we deploy more capital into the Gulf Coast, it is likely that our total capital plan for 2027, you will see higher than what you normally have seen, given the opportunity that we see on the US Gulf Coast. Mike talked about a few of the areas that we're planning on.

所以是的，如果我們在墨西哥灣沿岸投入更多資本，那麼在 2027 年你會看到我們的總資本計畫很可能高於你過去通常看到的水準，因為我們看到了美國墨西哥灣沿岸的機會。Mike 也談到幾個我們正在規劃的領域。

We really are not intending to reduce or shrink our refining footprint. We really want to be sure that our refining footprint meets the demand, and we believe the Gulf Coast is a place where capital is warranted there. Let me pause and see if that answers the question, Jason.

我們其實無意縮減或收縮我們的煉油版圖。我們希望確保煉油版圖能滿足需求，而我們相信墨西哥灣沿岸是值得投入資本的地方。我先停一下，看看這是否回答了你的問題，Jason。

Yeah, that's great. My follow-up is on the Mid-Con end. I think Laurel is now shipping Product D, so just wondering to what extent you expect that to reduce seasonality and kind of the Eastern pad to Chicago market and the benefits that has to MPC?

有的，這很棒。我的追問是關於 Mid-Con 端。我想 Laurel 現在正在運送 Product D，所以想請教你們預期這在多大程度上能降低季節性，以及對東部供應區到芝加哥市場的影響，並且這對 MPC 帶來哪些好處？

Yes, hi, Jason, it's Rick. So we see a significant advantage with Laurel moving east. In fact, we're going to be a significant shipper or are a significant shipper here in November and we'll continue to ramp up through the winter months when Pad 2 is predominantly long.

是的，嗨，Jason，我是Rick。所以我們看到 Laurel 往東移動帶來顯著優勢。事實上，我們在11月將會是重要的出貨方，或說我們在這裡已經是重要的出貨方，而且在冬季月份會持續放量，因為 Pad 2 主要呈現偏長。

So as we're uniquely positioned across Pad 2 and our ability to clear product is really a lifeline that we have that others don't have. And the reason is we've invested over the years, especially with the Midland connection, specifically to Laurel, that's going to enable us to lean into that market in a big way. So we see significant advantages, specifically when you look at our Canton and Catlettsburg refinery. Hope that answers your question, Jason.

因此，由於我們在 Pad 2 的獨特佈局，加上我們清運產品的能力，這確實是我們擁有而其他人沒有的生命線。原因在於我們多年來持續投資，特別是 Midland 的連接，具體而言是通往 Laurel 的連接，這將使我們能以很大的力度切入該市場。所以我們看到顯著優勢，尤其是當你看我們的 Canton 與 Catlettsburg 煉油廠時。希望這回答了你的問題，Jason。

And Jason, I probably didn't completely answer your question because I think you were also talking about overall capital allocation. And so our capital allocation priorities have not changed. We continue to be committed to return capital to our shareholders via share buyback. You've seen we've built a little bit of cash in the third quarter. And again, as I mentioned earlier, depending on what you believe about the fourth quarter.

而且 Jason，我可能沒有完全回答你的問題，因為我想你也在談整體資本配置。因此，我們的資本配置優先順序沒有改變。我們仍然致力於透過股票回購向股東返還資本。你也看到我們在第三季累積了一些現金。同樣地，如我先前提到的，這也取決於你對第四季的看法。

But we intend to continue our capital allocation priorities and return capital via share buyback as well. Hope that helps.

但我們打算持續執行資本配置優先順序，並同樣透過股票回購返還資本。希望這有幫助。

John Royall, Piper Sandler.

John Royall，Piper Sandler。

So my first question is just another follow-up on the divestiture and specifically on the tax implications. I would imagine the sale price as well in excess of your cost basis and should we expect most of the proceeds to be taxable, is that kind of the right way to be thinking about it?

所以我的第一個問題是關於剝離交易的另一個追問，特別是稅務影響。我想像出售價格也高於你們的成本基礎，我們是否應預期大部分收益都需要課稅？這樣理解是否正確？

Hi, John. Great to talk to you today and thanks for the question. So when you think about the taxable implications from a refining perspective, you will expect that those proceeds will be taxable. From an MPLX, as it's a different structure. So we have a different level of tax implications on that side, but just from a refining perspective.

嗨，John。今天很高興和你交流，也謝謝你的問題。因此，當你從煉油業務角度思考課稅影響時，你可以預期這些收益將是應稅的。至於 MPLX，因為它是不同的架構。所以在那一端我們有不同層級的稅務影響，但就煉油業務角度而言是如此。

Understood. Thank you. And then I guess my follow-up is on midstream. Looks like a really strong quarter and you previously talked about kind of back half loaded growth this year, which seems to be playing out. Can you just update us on how the project start-ups are phasing in from an EBITDA perspective? Are there other drivers there driving the 3Q strength and any expectations for 4Q?

了解。謝謝。接著我想追問的是中游業務。看起來第三季非常強勁，而你們先前談到今年成長會偏向下半年貢獻，似乎正在實現。你能否更新一下，從 EBITDA 的角度看，各項專案投產的節奏是如何逐步反映的？第三季強勁是否還有其他驅動因素？以及對第四季有何預期？

Certainly, yes, one of the things that we tried to share is we expected our MPLX EBITDA back half of the year, so Q3 and Q4, its growth to be stronger than the first half, and that's largely because of the timing of project completions and capital that we've put to work.

當然可以。是的，我們嘗試分享的一點是，我們預期 MPLX 的 EBITDA 在下半年，也就是第三季與第四季，其成長會比上半年更強，這主要是因為專案完工時點以及我們投入運作的資本時序所致。

And we have no different expectation operationally that our fourth quarter should actually be stronger than the third quarter. And I also shared earlier today on our MPLX call that we expect 2027 EBITDA growth to be stronger than we have in 2026.

而在營運面上，我們對第四季的預期沒有不同，第四季實際上應該會比第三季更強。我今天稍早也在 MPLX 的電話會議上分享，我們預期 2027 年的 EBITDA 成長會比 2026 年更強。

So fourth quarter, just to walk through a few of the projects coming online, Secretariat One came online earlier in 2026 and that continues its ramp. Harmon Creek III and the Marcellus came online around August of this year. That continues to ramp. We're seeing strength in utilization in the Utica from second quarter in about 70%, moving to 80% in the third quarter, and we expect that to continue into the fourth quarter.

就第四季而言，簡單走過幾個即將上線的專案：Secretariat One 在 2026 年較早時已上線，並持續爬坡。Harmon Creek III 與 Marcellus 的專案在今年8月左右上線。也持續爬坡。我們看到 Utica 的使用率從第二季約70%提升到第三季80%，並預期這個趨勢會延續到第四季。

As you look at our Titan I, so this is our Delaware-based and sour gas processing, we expect to see good performance there and completing the expansion to 400 a day for Titan II, which will be a very strong support as that ramps through 2027, that will start there as well. So there are a few of the key operational opportunities that we have across the system to see the strength in the fourth quarter.

再看 Titan I，這是我們以 Delaware 為基地的含硫天然氣處理業務，我們預期那裡會有良好表現；同時也在完成 Titan II 擴建至每日400（的規模），這將在 2027 年爬坡過程中提供非常強的支撐，並且也會在那時開始貢獻。以上是我們在系統各處、用以支撐第四季走強的幾個關鍵營運機會。

On the call, Chris mentioned that we could have a headwind or a tailwind coming from executive compensation, and that's partly because that executive compensation is tied to the performance of the MPC stock. So as it increases or decreases, there is some mark-to-market that is necessary. But when we think about the growth on an operational basis, we feel good about the fourth quarter delivering as we said.

在電話會議上，Chris 提到高階主管薪酬可能帶來逆風或順風，部分原因是高階主管薪酬與 MPC 股價表現掛鉤。因此，當股價上升或下降時，需要進行一定的按市價評價（mark-to-market）。但當我們從營運基礎來看成長時，我們對第四季如我們所說的交付表現感到樂觀。

Doug Leggate, Wolfe Research.

Doug Leggate，Wolfe Research。

Thanks. Good morning, everyone. Maryann, you probably want to delegate this one, but I want to ask, if I may, about gasoline. We all know what's going on with diesel, but utilization rates are running pretty hard, and I'm just wondering if your team has a prognosis to the extent of seasonal gasoline weakness, but more importantly, what you can do to minimize gasoline versus maximize jet and diesel within your system. And I've got a quick follow-up, please.

謝謝。各位早安。Maryann，你可能會想把這題交給別人，但如果可以的話，我想問汽油的問題。我們都知道柴油的情況，但開工率跑得相當滿；我想知道你們團隊是否對季節性汽油走弱的程度有任何判斷；更重要的是，在你們的系統內，你們能做些什麼來降低汽油、並最大化航煤與柴油？我還有一個簡短的追問，謝謝。

I'm going to look at both Julian and Rick here to give you some incremental color, one on kind of what's happening and two on our planning opportunities to continue to modify yield as we look at both jet and diesel versus gasoline.

我會請 Julian 和 Rick 兩位都補充一些資訊：一是目前發生了什麼，二是我們在規劃上有哪些機會，能在航煤與柴油相對於汽油之間持續調整產品收率。

So hi, Doug, I'll take maybe the first part and then pass it to Julian. One thing I don't want to be overlooked is as we're in max diesel mode as we've been predominantly all year and lean into the diesel and jet markets, that continues to put pressure on the gas crack.

嗨，Doug，我先回答第一部分，然後交給 Julian。有一點我不希望被忽略：當我們如同今年大部分時間一樣處於「最大柴油模式」，並且更偏向柴油與航煤市場時，這會持續對汽油裂解價差（gas crack）造成壓力。

And here recently, a good example of that is when you look at the S&D balances in the Mid-Con, you see that they're extremely tight. So any disruption in the Chicago market, you see outsized responses on the gas crack specifically, and we saw that where within a week or two, we saw a $30 crack move.

而近期一個很好的例子是，當你看 Mid-Con 的供需平衡時，你會看到它們非常吃緊。因此，只要芝加哥市場出現任何干擾，你就會看到汽油裂解價差出現特別大的反應；我們就看到在一到兩週內，裂解價差出現了30美元的變動。

So I will just maybe double click on saying we are leaning in on the yields. Specifically on diesel and jet, but it's also bearing fruit on the gas side. So with that, I'll pass it to Julian to give you a little more color on the yields.

所以我再強調一次：我們確實在收率上更偏向。特別是柴油與航煤，但這也在汽油端結出成果。因此，我把問題交給 Julian，讓他就收率再補充一些說明。

Thanks, Rick. I think in terms of flexibility, Doug, historically we've demonstrated the ability to shift roughly 4% of our product yield between gasoline and diesel. But more importantly than that, we can now respond incredibly quickly as jet and diesel economics shift and reoptimize our production and product placement accordingly.

謝謝，Rick。Doug，就彈性而言，歷史上我們已證明有能力在汽油與柴油之間，將產品收率大約調整4%。但比這更重要的是，當航煤與柴油的經濟性變化時，我們現在可以非常快速地回應，並相應地重新最佳化我們的生產與產品配置。

So it's part of our DNA to continuously improve and optimize the assets. I think it really is that combination of manufacturing flexibility and the commercial optionality that enable us to respond quickly to changing market conditions and shift things around to capture opportunity as and when they arise.

因此，持續改善並最佳化資產是我們的 DNA 的一部分。我認為，正是製造端的彈性與商業端的選擇權相結合，使我們能快速回應不斷變化的市場條件，並在機會出現時調整配置以掌握機會。

I think our volatility argument is something that we've been focused on, so I appreciate the answers. Maryann, I apologize for this one, but I just wanted to touch on the MPC/MPLX relationship, extraordinary times for MPC share price. But my question is a little different than the usual what about the structure, it's really more about the reinvestment.

我認為我們關於波動性的論點是我們一直在聚焦的，所以我很感謝這些回答。Maryann，這題先說聲抱歉，但我想稍微談一下 MPC/MPLX 的關係；MPC 股價正處於非常特殊的時期。但我的問題和一般常見的「架構如何」有點不同，更多是關於再投資。

Does MPLX have the opportunity set and the reinvestment capability to maintain its tax-free status and tax-free distributions. I'm just wondering if that factors into your thinking about the right affiliate relationship between those two, and I'll leave it there. Thanks.

MPLX 是否有足夠的機會集合與再投資能力，以維持其免稅地位以及免稅分配？我想知道這是否會影響你們對兩者之間適當關係（關聯架構）的思考，我就問到這裡。謝謝。

Yeah, sure, Doug. So I'd say right now, yes, absolutely. We do not see any challenge in maintaining our tax-free status through the MLP, notwithstanding the structure at all, but we're confident in our ability to maintain that structure, obviously, for the things that we can control, right? Certainly don't know what an administration might choose to do, but as the current rules, if you will, and tax structure is today. No issue with us being able to do that. Hope that helps, Doug.

是的，當然，Doug。就我目前來看，是的，絕對沒問題。儘管有相關架構，我們不認為透過 MLP 維持免稅地位會有任何挑戰；但對於我們能掌控的事項，我們有信心能維持該架構，對吧？當然，我們無法知道政府可能會選擇怎麼做，但就目前的規則與稅制而言。我們在做到這一點上沒有問題。希望這能幫到你，Doug。

It does. Thanks so much.

有的。非常感謝。

You're welcome.

不客氣。

Phillip Jungwirth, BMO.

Phillip Jungwirth，BMO。

We've seen higher operating costs across the industry this quarter, but you guys were spot on guidance. 4Q also looks a bit better along with the turnaround performance. So I was just hoping you could touch on how you're managing the cost side of the business just given inflation and any areas where you're seeing pressure and separately if there's any initial read on whether 2027 could be average or above average turnaround year for MPC in the industry?

我們看到本季全產業的營運成本都更高，但你們的指引非常精準。第四季看起來也稍微好一些，加上檢修（turnaround）表現。所以我想請你們談談，在通膨環境下你們如何管理業務的成本端、哪些領域看到壓力；另外，是否有任何初步判斷，2027 年對於產業中的 MPC 而言，可能是平均或高於平均的檢修年度？

I will say overall, from a cost discipline standpoint, has been a major focus for us. We're not in the cost cutting, we're in cost discipline. But when you invest in the reliability like we are, we're starting to realize those benefits in '26 and in '27. So the investment side of it, I would say the upskilling of our resources and our assets are really helping on, I would say, the cost discipline, cost control side.

我會說整體而言，從成本紀律的角度來看，一直是我們的重點。我們不是在做削減成本，而是在做成本紀律。但當我們像現在這樣投資於可靠度時，我們開始在 2026 年與 2027 年看到這些效益。所以在投資面，我會說我們對人力與資產的技能提升（upskilling）確實在成本紀律、成本控制方面帶來很大幫助。

Turnaround for 2027, it looks to be it's going to be a lighter year. In 2027 than it was in '26. So our investments are paying off, especially around the reliability.

至於 2027 年的檢修，看起來會是比較輕的一年。2027 年會比 2026 年輕。所以我們的投資正在發揮效果，特別是在可靠度方面。

And Phil, it's Maryann. I also wanted to say we maintained our turnaround plan for 2026. I think Maria talked about it as well. We did not delay, postpone any turnaround activities in 2026. Obviously, you can see we were still able to run. So our decision on 2027, as Mike just said, is a plan that we've had in place for a period of time.

Phil，我是 Maryann。我也想補充，我們維持了 2026 年的檢修計畫。我想 Maria 也有提到。我們沒有延後或推遲 2026 年的任何檢修活動。很明顯你也看到，我們仍然能夠維持運轉。所以我們對 2027 年的決策，如 Mike 剛剛所說，是我們已經規劃一段時間的計畫。

Discipline has been paying off for us over a period of time as we constantly manage cost discipline. We hope that helps, Phil.

紀律在一段時間以來一直為我們帶來回報，因為我們持續管理成本紀律。希望這能幫到你，Phil。

No, that's great. And then recognizing it's less a factor in the Mid-Con and the Gulf Coast, I was hoping we could just bring the whole freight rate discussion to the West Coast and see how you're seeing market dynamics across crude sourcing, but also the cost of product imports and if you could just separately touch on your ability to source in-state crude along with just market implications of less Jones Act waiver usage versus 2Q.

不，這很棒。另外，雖然這在 Mid-Con 和墨西哥灣沿岸的影響較小，但我希望我們能把整個運費率的討論帶到西岸，看看你們如何看待原油採購的市場動態，以及成品油進口成本；另外也請分別談談你們在州內原油採購的能力，以及相較於第二季，較少使用《瓊斯法案》（Jones Act）豁免對市場的影響。

Yeah, Phil, I'll start with the end. The Jones Act waivers, we've been able to lean into specifically during Hurricane Isaiah's, while it didn't impact California specifically, but it was a big help for us in supplying the Florida market. So that's been a win for us there.

好的，Phil，我先從最後一點說起。《瓊斯法案》豁免方面，我們在 Isaiah 颶風期間特別善加運用；雖然它沒有直接影響加州，但對我們供應佛羅里達市場幫助很大。所以那部分對我們來說是個勝利。

Specifically, when you think of the West Coast, one of the things we've been able to do is with the recent closures, we have been able to double, actually more than double our California grades that we're running at LAR. That's been a big win for us.

具體來說，談到西岸，近期一些關閉事件之後，我們能做的一件事是：我們在 LAR 所加工的加州等級原油已經加倍，實際上是超過加倍。這對我們來說是很大的利多。

We've also leaned in when we think West Coast fill, we also -- in our vernacular, we weave in Pacific Northwest. And when you think of Pacific Northwest, we're actually running a lot of inland crudes over to Anacortes, Washington, specifically to give us a competitive advantage over more expensive crudes such as ANS.

另外，當我們思考西岸補貨（fill）時，我們也會——用我們的說法——把太平洋西北地區納入其中。而談到太平洋西北，我們其實正把大量內陸原油運到華盛頓州的 Anacortes，特別是為了讓我們相較於像 ANS 這類更昂貴的原油取得競爭優勢。

And then lastly, I would say when you think of the transportation from a crude perspective, as I stated earlier, we have a significant amount of our time charters locked in at a rate significantly below the high market today that is providing us a significant benefit.

最後我想說，從原油運輸的角度來看，如我先前提到的，我們有相當大比例的期租（time charters）已以遠低於目前高檔市場的費率鎖定，這為我們帶來顯著效益。

And then in terms of Asian barrels making their way over. It continues to be more and more difficult. The marker with freight is high and you continue to have supply disruptions as well causing them to not run at full rates. So we continue to see that as a nice tailwind for our West Coast asset. I hope that helps. You're welcome.

至於亞洲貨源（barrels）運到這邊的情況。這件事持續變得越來越困難。運費的指標水準很高，而且供應中斷也持續發生，導致他們無法滿載運行。因此我們持續把這視為我們西岸資產的一股不錯的順風。希望這能幫到你。不客氣。

Matthew Blair, TPH.

Matthew Blair，TPH。

Maybe we could end on renewable diesel where your results seem better than expected, better than peers. Anything to highlight in the third quarter? And then so far in the fourth quarter, it looks like industry margins are generally trending higher. Are you seeing the same thing in your system?

也許我們可以以再生柴油作結；你們的結果看起來優於預期，也優於同業。第三季有什麼重點可以分享嗎？另外到目前為止在第四季，看起來產業利差普遍走高。你們在自家系統中也看到同樣情況嗎？

Yeah, Matt, it's Rick. Let me start with just as with our fossil fuel refineries, our RD Plants are running and have been running really well. That's where it all starts. But in addition to that, our results were certainly supported by a more constructive margin environment, improved regulatory credit values and higher throughputs. And we're early into the fourth quarter, but we see more of the same in the fourth quarter.

是的，Matt，我是 Rick。我先從這點開始：就像我們的化石燃料煉油廠一樣，我們的 RD 工廠運轉狀況一直、也仍然非常好。一切都是從這裡開始。除此之外，我們的結果也確實受惠於較為有利的利差環境、法規信用（regulatory credit）價值提升，以及更高的處理量（throughputs）。我們才剛進入第四季不久，但我們在第四季看到的情況也大致相同。

Great. Thank you very much.

很好。非常感謝。

Thank you.

謝謝。

You're welcome.

不客氣。

And that was our last question.

以上是我們最後一個問題。

Thank you for your interest in Marathon Petroleum Corporation. Should you have 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。若您對今天上午討論的主題還有更多問題或需要釐清，請與我們聯繫，我們的團隊將可接聽您的來電。感謝您的參與。

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

感謝您的參與。各位與會者，您現在可以中斷連線。