Par Pacific Holdings Inc (PARR) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Par Pacific third quarter earnings call. (Operator Instructions)

早上好，歡迎參加 Par Pacific 第三季財報電話會議。（操作說明）

I would now like to turn the conference over to Ashimi Patel, Vice President of Investor Relations. Please go ahead.

現在我將把會議交給投資者關係副總裁阿希米·帕特爾女士。請繼續。

Thank you, George. Welcome to Par Pacific's third quarter earnings conference call. Joining me today are William Monteleone, President and Chief Executive Officer; Richard Creamer, EVP of Refining and Logistics; and Shawn Flores, SVP and Chief Financial Officer.

謝謝你，喬治。歡迎參加 Par Pacific 第三季財報電話會議。今天與我一同出席的有總裁兼執行長 William Monteleone；煉油與物流執行副總裁 Richard Creamer；以及資深副總裁兼財務長 Shawn Flores。

Before we begin, note that our comments today may include forward-looking statements. Any forward-looking statements are subject to change and are not guarantees of future performance or events. They are subject to risks and uncertainties, and actual results may differ materially from these forward-looking statements.

在開始之前，請注意，我們今天的評論可能包含前瞻性陳述。任何前瞻性陳述均可能發生變化，並不構成對未來績效或事件的保證。這些預測存在風險和不確定性，實際結果可能與這些前瞻性陳述有重大差異。

Accordingly, investors should not place undue reliance on forward-looking statements, and we disclaim any obligation to update or revise them. I refer you to our investor presentation on our website and to our filings with the SEC for non-GAAP reconciliations and additional information.

因此，投資人不應過度依賴前瞻性陳述，我們也不承擔更新或修改這些陳述的任何義務。有關非GAAP財務報表調整和其他信息，請參閱我們網站上的投資者演示文稿以及我們向美國證券交易委員會提交的文件。

I'll now turn the call over to our President and Chief Executive Officer, William Monteleone.

現在我將把電話交給我們的總裁兼執行長威廉·蒙特萊昂。

Thank you, Ashimi, and good morning, everyone. We are pleased to announce strong third quarter operating and financial results. The organization fired on all cylinders as we safely and reliably throughput a near record 198,000 barrels per day, maximized logistics system utilization and delivered above industry trend retail results.

謝謝Ashimi，大家早安。我們很高興地宣布第三季營運和財務業績表現強勁。該組織火力全開，安全可靠地實現了接近創紀錄的每天 198,000 桶的吞吐量，最大限度地利用了物流系統，並取得了高於行業趨勢的零售業績。

This crisp commercial and operational execution drove core financial results of $170 million and $2.10 in adjusted EBITDA and adjusted EPS, respectively. In addition, we captured the benefit of small refinery exemptions, resulting in an earnings boost of approximately $200 million. In total, third quarter adjusted EBITDA was $372 million and adjusted net income was $5.95 per share. As we enter November, we are optimistic about the market outlook. Product margins are rallying in response to tight fundamental supply and demand balances and heightened geopolitical disruptions.

高效的商業和營運執行推動了核心財務業績，調整後 EBITDA 為 1.7 億美元，調整後每股收益為 2.10 美元。此外，我們還享受了小型煉油廠豁免政策的好處，使收益增加了約 2 億美元。第三季調整後 EBITDA 總計為 3.72 億美元，調整後每股淨收入為 5.95 美元。進入11月，我們對市場前景持樂觀態度。受供需基本面緊張和地緣政治動盪加劇的影響，產品利潤率正在上升。

Our fourth quarter combined index averaged $15.55 per barrel in October, up from the third quarter. While we typically expect fourth quarter seasonal market conditions to taper off due to lower gasoline margins, our distillate production orientation is lifting our combined index. The Retail business continues to deliver exceptional results, reflecting encouraging trends from improved focus on inside sales and gross margin. In particular, we're seeing improving food top and bottom line results. Quarterly same-store fuel and in-store revenue increased by 1.8% and 0.9% compared to the third quarter of 2024.

10 月份，我們第四季的綜合指數平均為每桶 15.55 美元，高於第三季。雖然我們通常預期第四季季節性市場狀況會因汽油利潤率下降而逐漸減弱，但我們的餾分油生產導向正在提振我們的綜合指數。零售業務持續取得優異業績，反映出對內部銷售和毛利率的重視程度提高所帶來的令人鼓舞的趨勢。尤其值得一提的是，我們看到食品業的營收和利潤都在穩定提升。與 2024 年第三季相比，季度同店燃油收入和店內收入分別成長了 1.8% 和 0.9%。

Looking forward, our development pipeline is expanding with the recent groundbreaking on our second new-to-industry store in the Pacific Northwest and an expanding list of attractive redevelopment or new-to-industry opportunities in Hawaii. We've made considerable progress on our key strategic objectives this year. In Montana, we're pleased with a strong third quarter result, reflected both by record quarterly throughput and OpEx per barrel under our ownership. As throughput increases, we're quickly debottlenecking new constraints.

展望未來，隨著我們在太平洋西北地區第二家全新門市的破土動工，以及在夏威夷不斷湧現的有吸引力的重建或全新行業機會，我們的發展計劃正在不斷擴大。今年，我們在關鍵策略目標方面取得了顯著進展。在蒙大拿州，我們對第三季強勁的業績感到滿意，這體現在我們擁有的季度產量和每桶營運支出均創歷史新高。隨著吞吐量的增加，我們正在迅速消除新的瓶頸。

Like our other acquisitions, we have developed an attractive list of low-capital, high-return projects that will allow us to increase the mid-cycle earnings power of the Billings asset from our original expectations. These projects focus on improved logistics flexibility and efficiency, lighter crude processing, expanded hydrotreating capacity and enhanced jet and diesel production capabilities.

與其他收購項目一樣，我們制定了一系列具有吸引力的低資本、高回報項目，這將使我們能夠提高比林斯資產在中期週期中的獲利能力，超越我們最初的預期。這些項目著重於提高物流的靈活性和效率、輕質原油加工、擴大加氫處理能力以及增強航空煤油和柴油生產能力。

The Hawaii SAF project continues to progress towards startup. We've achieved mechanical completion and startup of the pretreatment unit and are encouraged by the early results. Focus has turned towards completing construction of the remaining reactors and associated systems. We are targeting mechanical completion by the late fourth quarter and startup shortly thereafter. We are also pleased to announce the closing of the Hawaii Renewables joint venture with Mitsubishi and ENEOS in late October. We've received $100 million in proceeds and are excited by the prospects of this newly formed partnership.

夏威夷SAF計畫正朝著啟動目標穩步推進。我們已經完成了預處理裝置的機械組裝和啟動，並對初步結果感到鼓舞。目前的工作重點已轉向完成剩餘反應器及相關係統的建造。我們的目標是在第四季末完成機械部分，並在此之後不久啟動生產。我們也很高興地宣布，夏威夷再生能源公司與三菱和ENEOS的合資企業已於10月下旬完成交割。我們已收到 1 億美元的收益，並對這項新成立的合作夥伴關係的前景感到興奮。

Our balance sheet continues to strengthen, and we expect further improvement as we convert this quarter's strong earnings to cash and record the inflow associated with the Hawaii SAF joint venture. The combination of our strong financial position and solid operating momentum positions us to pursue growth and continue opportunistic share repurchases.

我們的資產負債表持續增強，隨著本季強勁的獲利轉化為現金，以及夏威夷SAF合資企業相關資金流入的確認，我們預計資產負債表將進一步改善。憑藉我們雄厚的財務實力和穩健的經營勢頭，我們有能力追求成長並繼續進行機會性股票回購。

I'll now turn the call over to Richard to discuss Refining and Logistics operations.

現在我將把電話交給理查德，讓他來討論煉油和物流運作的問題。

Thank you, Will. Third quarter combined throughput was a strong 198,000 barrels per day, reflecting exceptional performance across all of our locations. We also achieved a new record low in Refining production costs at $6.13 per barrel. In Hawaii, throughput was 82,000 barrels per day. In September, the team set a new monthly throughput record of nearly 90,000 barrels per day, partially offsetting crude delivery delays that occurred in July. Production costs were $4.66 per barrel.

謝謝你，威爾。第三季總吞吐量達到強勁的 198,000 桶/天，反映出我們所有工廠的卓越表現。我們也實現了煉油生產成本的新低，達到每桶 6.13 美元。在夏威夷，日吞吐量為 82,000 桶。9 月份，該團隊創下了新的月度吞吐量記錄，接近每天 9 萬桶，部分抵消了 7 月份發生的原油交付延遲。生產成本為每桶4.66美元。

Washington throughput was 39,000 barrels per day and production costs were $4.31 per barrel. Washington continues to excel in reliability and efficiency, capturing the benefits of a strong market environment. Shifting to Wyoming, throughput was 19,000 barrels per day and production costs were $8.11 per barrel. The strong operating results and return to normalized production costs are reflective of the Wyoming team's execution and resilience to operational challenges earlier this year.

華盛頓州的日產量為 39,000 桶，生產成本為每桶 4.31 美元。華盛頓在可靠性和效率方面繼續表現出色，充分受益於強勁的市場環境。轉移到懷俄明州後，日產量為 19,000 桶，每桶生產成本為 8.11 美元。強勁的營運績效和恢復正常的生產成本反映了懷俄明團隊在今年稍早應對營運挑戰的執行力和韌性。

Finally, in Montana, third quarter throughput was a record high 58,000 barrels per day and production costs were a record low at $8.76 per barrel. This quarter's performance is an example of the Billings refinery potential. Effective reliability investment and the team's strong execution is yielding operational and cultural benefits that are consistent with our acquisition objectives. In the fourth quarter, we do anticipate lower throughput and increased costs associated with routine coker maintenance.

最後，在蒙大拿州，第三季產量創歷史新高，達到每天 58,000 桶，生產成本創歷史新低，每桶 8.76 美元。本季的業績體現了比林斯煉油廠的潛力。有效的可靠性投資和團隊的出色執行力正在帶來營運和文化效益，這與我們的收購目標一致。我們預計第四季度產量會下降，並且與常規焦化裝置維護相關的成本會增加。

Looking further into the fourth quarter, we expect system-wide throughput between 184,000 and 193,000 barrels per day. Hawaii throughput is expected between 84,000 and 87,000 barrels per day and Washington between 35,000 and 37,000. Wyoming is forecasted to be between 15,000 and 16,000 barrels per day and Montana between 50,000 and 53,000. Both are reflective of seasonal market demand conditions. And Washington's lower Q4 throughput guidance reflects crude unit inefficiencies that will be addressed during the Q1 2026 planned outage.

展望第四季度，我們預計全系統日吞吐量將在 184,000 至 193,000 桶之間。預計夏威夷的日處理量在 84,000 至 87,000 桶之間，華盛頓的日處理量在 35,000 至 37,000 桶之間。預計懷俄明州的日產量將在 15,000 至 16,000 桶之間，蒙大拿州的日產量將在 50,000 至 53,000 桶之間。兩者都反映了季節性市場需求狀況。華盛頓方面下調了第四季度的產能預期，反映出原油裝置效率低下，而這些問題將在 2026 年第一季的計畫停產檢修期間得到解決。

I'll now turn the call over to Shawn to cover our financial results.

現在我將把電話交給肖恩，讓他來介紹我們的財務表現。

Thank you, Richard. Third quarter adjusted EBITDA and adjusted earnings were $372 million and $303 million or $5.95 per share. The Refining segment generated adjusted EBITDA of $338 million compared to $108 million in the second quarter. Third quarter results include a $203 million gain associated with the full and partial small refinery exemptions granted for the 2019 through 2024 compliance periods. This gain reflects the expected cash benefit based on September 30, RIN prices and is included in our adjusted results since the related obligations were expensed in prior periods.

謝謝你，理查。第三季調整後 EBITDA 和調整後收益分別為 3.72 億美元和 3.03 億美元，即每股 5.95 美元。煉油業務部門調整後 EBITDA 為 3.38 億美元，而第二季為 1.08 億美元。第三季業績包括與 2019 年至 2024 年合規期間授予的小型煉油廠全部和部分豁免相關的 2.03 億美元收益。該收益反映了基於​​ 9 月 30 日 RIN 價格的預期現金收益，並且由於相關義務已在前期計入費用，因此已計入我們的調整後業績。

For comparability, our regional commentary on margin capture will exclude the impact of the SRE benefits. Starting with Hawaii, the Singapore 3-1-2 averaged $16.34 per barrel and our crude diff was $6.07, resulting in a Hawaii Index of $10.27 per barrel. Hawaii margin capture was 111%, including a combined $11 million impact from product crack hedging and price lag. Excluding these items, capture was 125%, reflecting lower purchase product costs and steady clean product freight rates.

為了便於比較，我們對利潤獲取的區域性評論將排除 SRE 收益的影響。從夏威夷開始，新加坡 3-1-2 原油平均價格為每桶 16.34 美元，我們的原油價差為 6.07 美元，因此夏威夷原油指數為每桶 10.27 美元。夏威夷利潤率達到 111%，其中包括產品裂解避險和價格滯後帶來的 1,100 萬美元影響。排除這些項目後，捕獲率為 125%，反映出採購產品成本降低和清潔產品運費穩定。

In Montana and Wyoming, margin capture was 93% and 91%, respectively, consistent with our target range and reflecting a return to normal operations following the second quarter turnaround and maintenance activity. Lastly, in Washington, our index averaged $16.66 per barrel, margin capture was 69%, reflecting the widening discount of jet relative to diesel during the third quarter.

在蒙大拿州和懷俄明州，利潤率分別為 93% 和 91%，與我們的目標範圍一致，反映出在第二季度檢修和維護活動之後，業務已恢復正常運作。最後，在華盛頓，我們的指數平均為每桶 16.66 美元，利潤率為 69%，反映出第三季航空煤油相對於柴油的折扣擴大。

Looking to the fourth quarter, our combined Refining index averaged $15.55 per barrel in October, up nearly $1 per barrel compared to the third quarter, primarily driven by strength in the Singapore market. The Singapore 3-1-2 Index averaged $20.52 per barrel in October, an increase of over $4 per barrel compared to the third quarter average. We expect our fourth quarter Hawaii crude differential to land between $5.50 and $6 per barrel.

展望第四季度，我們的綜合煉油指數在 10 月平均為每桶 15.55 美元，比第三季上漲近 1 美元，主要受新加坡市場強勁表現的推動。10 月新加坡 3-1-2 指數平均為每桶 20.52 美元，比第三季平均價格上漲超過每桶 4 美元。我們預計第四季夏威夷原油價差將在每桶5.50美元至6美元之間。

In the Rockies and the Pacific Northwest, distillate margins remained strong, partially offset by seasonal declines in gasoline and asphalt netbacks. Unplanned outages on the West Coast have narrowed jet to diesel spreads in October with prompt jet now trading at typical spreads to diesel in the Pacific Northwest.

在洛磯山脈和太平洋西北地區，餾分油利潤率依然強勁，但部分被汽油和瀝青淨收益的季節性下降所抵消。西海岸計畫外停電導致10月份航空煤油與柴油的價差收窄，目前太平洋西北地區的航空煤油現貨價差與柴油價差基本持平。

Moving to the Logistics segment, third quarter adjusted EBITDA was a record $37 million, up $7 million from the second quarter. The improvement reflects the return to normal summer operations in Montana and Wyoming and higher system utilization in Hawaii. In our Retail segment, third quarter adjusted EBITDA was $22 million compared to $23 million in the second quarter. Retail results continue to outperform our mid-cycle target, supported by strong in-store sales growth, improved cost control and solid fuel margins. This marks the third consecutive quarter of record LTM retail adjusted EBITDA, which now stands at $86 million.

物流業務方面，第三季調整後 EBITDA 達到創紀錄的 3,700 萬美元，比第二季成長 700 萬美元。這一改善反映了蒙大拿州和懷俄明州夏季運營的正常恢復以及夏威夷系統利用率的提高。在我們的零售業務板塊，第三季調整後 EBITDA 為 2,200 萬美元，而第二季為 2,300 萬美元。零售業績持續超越我們中期預期目標，這得益於強勁的店內銷售成長、成本控制的改善以及穩健的燃油利潤率。這標誌著連續第三個季度零售調整後 EBITDA 創下歷史新高，目前已達到 8,600 萬美元。

Turning to cash flow, cash provided by operations was $219 million, including a working capital outflow of $147 million, primarily driven by higher RIN inventory associated with the small refinery exemptions. We expect the working capital impact to reverse over the next few quarters as we monetize our excess RIN position. Additionally, our federal tax assets continue to enhance the cash conversion of our earnings. We began the year with an NOL balance of approximately $1 billion and have utilized over $375 million year-to-date, reducing our cash tax payments by $80 million.

從現金流來看，經營活動產生的現金為 2.19 億美元，其中包括 1.47 億美元的營運資金流出，這主要是由於小型煉油廠豁免導致 RIN 庫存增加所致。我們預計，隨著我們將多餘的 RIN 部位變現，未來幾季營運資本受到的影響將會逆轉。此外，我們的聯邦稅收資產繼續增強了我們收益的現金轉換能力。今年年初，我們的淨營業虧損餘額約為 10 億美元，到今年為止已使用了超過 3.75 億美元，減少了 8,000 萬美元的現金稅支出。

Cash used in investing activities totaled $32 million in the third quarter. Year-to-date, accrued CapEx and deferred turnaround expenditures totaled $204 million with our full year outlook trending toward the upper end of our $240 million guidance. Cash used in financing activities totaled $197 million, driven by an ABL paydown of $147 million and share repurchases of 16 million. Year-to-date, we've repurchased 5.7 million shares, reducing our basic share count by over 9%.

第三季投資活動所用現金總計3,200萬美元。今年迄今為止，累計資本支出和遞延檢修支出總計 2.04 億美元，我們全年的展望正朝著 2.4 億美元指導目標的上限邁進。用於融資活動的現金總額為 1.97 億美元，其中 1.47 億美元用於償還 ABL，1,600 萬股用於回購股票。今年迄今為止，我們已回購了 570 萬股股票，使我們的基本股數減少了 9% 以上。

Shifting to the balance sheet, gross term debt as of September 30 was $642 million or 3 times our LTM Retail and Logistics EBITDA, positioning us at the low end of our 3 to 4 times leverage target. Quarter end liquidity increased 14% to $735 million, reflecting an excess capital position relative to our minimum liquidity of $300 million to $400 million.

從資產負債表來看，截至 9 月 30 日，總長期債務為 6.42 億美元，相當於我們過去 12 個月零售和物流 EBITDA 的 3 倍，使我們處於 3 到 4 倍槓桿目標的低端。季度末流動資金成長 14% 至 7.35 億美元，反映出相對於我們 3 億至 4 億美元的最低流動資金而言，資本狀況過剩。

Looking ahead, cash proceeds from the Hawaii Renewables JV and future monetization of excess RINS are expected to further bolster our liquidity position. With a strong balance sheet and constructive outlook, we're well positioned to pursue strategic growth and continue opportunistic share repurchases.

展望未來，夏威夷再生能源合資企業的現金收益以及未來剩餘 RINS 的貨幣化預計將進一步增強我們的流動性狀況。憑藉強勁的資產負債表和積極的前景，我們已做好充分準備，追求策略性成長並繼續進行機會性股票回購。

This concludes our prepared remarks. George, we'll turn it back to you for Q&A.

我們的發言稿到此結束。喬治，接下來我們把問答環節交給你。

(Operator Instructions)

（操作說明）

Matthew Blair, Tudor, Pickering, Holt.

馬修·布萊爾，都鐸，皮克林，霍爾特。

Congrats on the strong results overall. I would say that Washington capture might have been a little bit lower than our expectations. Was that primarily due to the dynamics on jet versus diesel in the quarter? And if so, would you expect that to reverse out in the fourth quarter?

祝賀你們取得如此優異的整體成績。我認為華盛頓的戰果可能比我們預期的要低。這主要是由於本季噴射引擎與柴油引擎的市場動態變化造成的嗎？如果真是這樣，你認為這種情況會在第四季逆轉嗎？

Matt, it's Shawn. That's correct. We sell a fair amount of jet fuel out of our Tacoma facility. Our index really reflects the diesel market dynamics. And we saw, at least in the Pacific Northwest, jet to diesel spreads north of $20 per barrel. And as I mentioned in my prepared remarks, this spread is now compressed down to more typical levels. I think this morning, it's trading $4 to $5 per barrel discount to diesel. So we estimated that was about a 15% capture impact to Q3. I think adjusting for that, we're right sort of within our range of 85% to 95%.

馬特，我是肖恩。沒錯。我們在塔科馬的工廠銷售了相當數量的航空燃油。我們的指數真實反映了柴油市場的動態。至少在太平洋西北地區，我們看到航空煤油與柴油的價差超過了每桶 20 美元。正如我在準備好的發言稿中提到的，目前這種價差已經收窄到更正常的水平。我認為今天早上，原油價格比柴油價格每桶低 4 到 5 美元。因此，我們估計這會對第三季的市佔率造成約 15% 的影響。我認為考慮到這一點，我們的結果基本上在 85% 到 95% 的範圍內。

Sounds good. And then could you also discuss the turnaround schedule for 2026? I think you might have mentioned some upcoming work at Washington. Are you also expecting any work at Hawaii or Wyoming? And what -- any further comments on the timing and total capital cost of this planned activity next year?

聽起來不錯。那麼，您能否也談談2026年的周轉計畫？我想你可能有提到接下來在華盛頓的一些工作。你還打算去夏威夷或懷俄明州工作嗎？那麼，關於明年這項計畫活動的具體時間安排和總資本成本，您還有什麼要補充說明嗎？

Matthew, it's Will. I think consistent with our prior disclosures, we're planning to conduct a turnaround in Hawaii next year. And we're going to have a small planned outage in Washington, as Richard referenced, to address some of the crude unit inefficiencies that we're seeing. And then we have elected to defer the Wyoming turnaround, given the time we had inside the units during the outage earlier this year. So that's the main update on that front, and we'll be back in front of everybody in December with our expectations on capital requirements.

馬修，我是威爾。我認為，根據我們先前的披露，我們計劃明年在夏威夷進行業務重組。正如理查德所提到的那樣，我們將在華盛頓進行小規模的計劃性停產，以解決我們看到的一些原油裝置效率低下的問題。鑑於今年早些時候停機期間我們在機組內部擁有的時間，我們決定推遲懷俄明州的檢修計劃。以上就是這方面的主要進展，我們將在 12 月向大家公佈我們對資本需求的預期。

Ryan Todd, Piper Sandler.

瑞安·托德，派珀·桑德勒。

Maybe one first on cash. You should see a significant influx in cash over the next few quarters in the form of JV -- the payment from the JV and the reversal of the 3Q working capital headwind as you monetize the RINS from the SREs. And that's on top of the organic free cash flow that you're generating. During the third quarter, you were more active strengthening the balance sheet compared to share buybacks. How should we think about your priorities for the use of all this cash going forward?

或許先付現金。在接下來的幾個季度裡，您應該會看到大量現金流入，這些現金將以合資企業的形式出現——合資企業的付款以及隨著您將 SRE 中的 RINS 貨幣化，第三季度營運資金逆風的逆轉。而且這還不包括你自身產生的自由現金流。第三季度，你們在加強資產負債表方面的投入比股票回購更為積極。我們該如何考慮您今後如何使用這筆資金的優先事項？

Sure, Ryan. It's Will. You're correct. I mean I think our balance sheet is improving quickly and is in good a shape as I've seen it. And again, I think that really positions us to both pursue growth as well as consider and weigh that against our share repurchase opportunity. And so I'd say over the near term, we're focused on completing the construction on Hawaii Renewables project. And then as we kind of look into the future, we're looking at projects that can propel the Montana business mid-cycle EBITDA generation higher.

當然可以，瑞恩。是威爾。你說得對。我的意思是，我認為我們的資產負債表正在迅速改善，而且就我所見，狀況良好。而且，我認為這確實使我們能夠在追求成長的同時，考慮並權衡成長與股票回購機會之間的關係。因此，我認為在短期內，我們的重點是完成夏威夷再生能源專案的建設。展望未來，我們正在尋找能夠推動蒙大拿州企業在中期 EBITDA 成長的項目。

I'd say we see a mix of low capital and high-return implant projects as well as some enhanced logistics capabilities and market access opportunities that we see as most attractive in that area. And I would say, as always, we'll weigh that against the opportunity to repurchase shares. And I think given our capital position, we can really do all of the above.

我認為，我們看到的是低資本、高回報的植入項目組合，以及一些增強的物流能力和市場准入機會，我們認為這些是該領域最有吸引力的。而且，我還要像往常一樣說，我們會權衡這和回購股票的機會。我認為，以我們目前的資本實力，我們完全可以做到以上所有事情。

Great. And then maybe just a follow-up to some of your comments earlier. I mean you're seeing quite a bit of strength in the Singapore margin environment. Can you maybe talk about what you're seeing there in terms of drivers, sustainability of that strength? And how you think about the sustainability outlook there at the Hawaii refinery?

偉大的。然後，也許可以對你之前的一些評論做個補充。我的意思是，新加坡的保證金環境表現相當強勁。您能否談談您觀察到的驅動因素以及這種優勢的可持續性？您如何看待夏威夷煉油廠的永續發展前景？

Sure. You're correct, Ryan. I think we're seeing the Singapore margin environment at levels that would be almost consistent with, call it, the third quarter of 2023. So I think this morning, we saw gas, oil cracks at $30. It's the first time I've seen that in a long time. And again, I think the drivers of this are you've got really -- you do have existing tight and low inventories across the OECD kind of major tankage positions.

當然。你說得對，瑞恩。我認為我們看到新加坡的利潤率環境處於與 2023 年第三季幾乎一致的水平。所以我覺得今天早上我們看到了汽油和原油價格跌至每桶 30 美元。我已經很久沒見過這種情況了。而且，我認為造成這種情況的原因是，經合組織主要儲罐的庫存確實已經非常緊張和低迷。

And then I think you overlay that on top of the disruptions that you're seeing from sanctions and the potential impacts on crude flows into both India and into China, and again, I think that's what has the market really focused on overall availability and supply of distillate as we head into the winter and as we work through pretty elevated and strong demand that we're seeing on the harvest side. So I think those are the key things that we're seeing. And again, it is a strong backdrop, particularly for our distillate-oriented refineries.

我認為，再加上製裁造成的干擾以及對印度和中國原油運輸的潛在影響，我認為正是這些因素使得市場真正關注餾分油的整體供應情況，尤其是在冬季來臨之際，以及我們正在應對收穫季出現的高企強勁的需求。所以我覺得這些就是我們目前看到的關鍵。而且，這對我們以餾分油為導向的煉油廠來說，是個強勁的背景。

(Operator Instructions)

（操作說明）

Alexa Petrick, Goldman Sachs.

Alexa Petrick，高盛集團。

I wanted to ask, can you provide some color on early thoughts on how Q4 is shaping out? How should we think about captures quarter over quarter? You talked a little about the jet diesel differential, but maybe if you could expand on some of the moving pieces.

我想問一下，您能否簡單介紹一下您對第四季情勢的初步看法？我們該如何看待季度環比收盤價？您剛才稍微談到了噴射柴油引擎的差異，但也許您可以詳細介紹其中的一些組成部分。

Alexa, it's Shawn. Yeah, I think the Refining index overall, as we mentioned, at $15.55 per barrel up relative to the Q3. I would expect some seasonal dynamics to take hold as we get into the latter half of the quarter, particularly in the Rockies, as it relates to gasoline and asphalt netbacks. But as far as capture, I'll maybe just take through the different regions.

Alexa，我是肖恩。是的，我認為正如我們所提到的，煉油指數整體上漲了 15.55 美元/桶，高於第三季。我預計隨著本季後半段的到來，一些季節性因素將會出現，尤其是在落基山脈地區，這與汽油和瀝青的淨收益有關。至於捕捉方式，我或許會帶它去不同的地區看看。

In Hawaii, our guidance is still around that 110% capture level. I think when you look over the last two to three years, we've averaged between 110% and 120%. And the elevated capture has really been linked to the elevated clean product freight rates, and we haven't really seen that change.

在夏威夷，我們的指導目標仍然是110%的捕獲率水準。我認為，回顧過去兩到三年，我們的平均成長率在 110% 到 120% 之間。而捕獲量的增加實際上與清潔產品運費的增加有關，我們還沒有真正看到這種變化。

So I think the one thing I'd call out in Hawaii is we do have a small crack hedge book position. We typically layer that in two to three months in advance. And so like in Q3, I think it's fair to assume it's a marginal headwind going into Q4. But again, we typically only hedge about 15% to 25% of our Singapore exposure. So pretty minor impact in Hawaii.

所以我覺得在夏威夷我要特別指出的一點是，我們確實有一個小規模的裂縫對沖頭寸。我們通常提前兩到三個月鋪設這層材料。因此，就像第三季度一樣，我認為可以合理地假設，進入第四季度後，這將帶來輕微的不利影響。但是，我們通常只對沖新加坡風險敞口的 15% 到 25%。所以對夏威夷的影響很小。

In Tacoma, our mid-cycle guidance continues to be in the 85% to 95% range, should expect to see some favorable impacts on the jet to diesel dynamics. And partially offsetting those dynamics will be the asphalt netbacks worsening as you get into late November and December.

在塔科馬，我們的中期指導意見仍然在 85% 到 95% 的範圍內，應該會看到噴射引擎轉變為柴油引擎的動態變化產生一些有利影響。而隨著 11 月下旬和 12 月的到來，瀝青路面的淨收益將會進一步惡化，這將在一定程度上抵消上述動態變化。

I think Montana and Wyoming, the market conditions are strong. Diesel margins, in particular, north of $45 per barrel in the upper Rockies. But again, I think as you get into December, we would expect some seasonal dynamics to take hold.

我認為蒙大拿州和懷俄明州的市場狀況良好。特別是落基山脈上游地區，柴油利潤率高於每桶 45 美元。但是，我認為到了 12 月，我們會預期一些季節性因素會開始顯現。

Okay. That's helpful. And then maybe to follow up, I mean, you guys have a high distillate yield relative to a lot of your peers. So curious as we think about incremental heavy barrels entering the market, how are you thinking about distillate going forward maybe relative to gasoline cracks? Or -- I'll kind of turn it to you on how you're thinking about the products.

好的。那很有幫助。然後我想補充一點，我的意思是，相對於許多同行來說，你們的餾出物產率很高。考慮到未來會有更多重油進入市場，您如何看待餾分油的未來發展，以及它與汽油裂解價差之間的關係？或者——我想問你對這些產品的看法。

Sure. Yeah, we're typically in max diesel mode, I would say, across the majority of our refineries. I would say, max distillate mode. pretty much 100% of the time. And again, that's been the case in each of the markets that we're serving. And I don't think we see a significant incentive to move to heavier barrels. And generally speaking, we're ensuring the crudes we're buying have adequate amounts of intermediates to fill up our downstream processing units, so we maximize the overall distillate yield. So I don't see any major changes. And in general, the average barrel in the world definitely continues to get lighter, given our complexity configuration and location that tends to match up pretty well with what we do.

當然。是的，可以說，我們的大部分煉油廠通常都處於柴油生產最大模式。我建議，幾乎一直都用最大餾出模式。而且，在我們服務的每一個市場，情況都是如此。我認為我們沒有看到改用更重槍管的明顯動力。總的來說，我們確保我們購買的原油含有足夠的中間體，以填滿我們的下游加工裝置，從而最大限度地提高餾分油的總產量。所以我覺得不會有什麼重大改變。總的來說，考慮到我們複雜的結構和生產地點，世界上的平均槍管重量肯定會繼續減輕，這與我們所做的事情非常吻合。

Jason Gabelman, TD Cowen.

Jason Gabelman，TD Cowen。

I wanted to ask about the RINS received from the small refinery exemptions. Are you going to pursue additional opportunities there for exemptions that you didn't receive in your refinery? Some of your peers have discussed trying to submit additional petitions for 2018 to 2024 on refineries they think should have received RINS. So wondering if you're going to do the same or if you're satisfied with the outcome.

我想詢問一下從小型煉油廠豁免中獲得的 RINS 值。你打算在那裡尋求你在煉油廠沒有獲得的額外豁免機會嗎？你們的一些同行討論過，是否要就他們認為應該獲得 RINS 的煉油廠提交 2018 年至 2024 年的額外請願書。所以我想知道你是否也會這樣做，或者你是否對結果感到滿意。

Yeah, Jason, I mean, I think I'd tell you, we will avail ourselves of all opportunities that we think are consistent with the law and what the EPA is proposing and how the DOE is scoring the exemption petitions. And again, we've spent significant time on this over the last seven to eight years and I think have generally a good feel for how the EPA approaches and the DOE is approaching the scoring here. So I wouldn't point out anything that I think is material to us right now. I think there are probably some things where we've -- we'll see clarifications over time, but I don't think it's anything I'd point out as material.

是的，傑森，我的意思是，我想我會告訴你，我們會利用所有我們認為符合法律、環保署的提議以及能源部對豁免申請的評分標準的機會。而且，在過去的七、八年裡，我們在這方面投入了大量時間，我認為我們總體上對美國環保署和能源部如何進行評分有了比較清晰的了解。所以，我不會指出任何我認為目前對我們而言重要的內容。我認為可能有些事情我們還沒有——隨著時間的推移，我們會看到一些澄清，但我認為這不是什麼實質的問題。

Okay. And connected to that, are you going to change the way that you go about managing your RIN liability moving forward and more directly ask just purchasing less RINS to cover your liability than you have in the past?

好的。與此相關的是，您今後是否會改變管理 RIN 責任的方式，更直接地減少購買 RIN 來承擔責任的數量，而不是像過去那樣購買更多 RIN 來承擔責任？

Yeah. I think I'd prefer not to get into our commercial strategy and positioning on RINS. That said, I would tell you, at the end of the day, I think the law and the approach that the EPA and the DOE have taken or the approach they've taken is consistent with the law. I think we'd expect that approach to continue forward.

是的。我認為我最好還是不要深入探討我們在 RINS 上的商業策略和定位。也就是說，歸根究底，我認為法律以及環保署和能源部採取的方法，或者說他們採取的方法，都是符合法律的。我認為我們應該會繼續沿用這種做法。

That said, I think in this area, as history would tell you, you have to be prepared for a wide range of outcomes. And again, I think we manage our commercial position as such, recognizing that there are, I'll just say, tail risks out there that we have to constantly be thinking about how we want to manage it. But I'd say, our system gives us a fair amount of flexibility to ensure we can capture the benefit of the smaller refinery exemptions over time and certainly see this as a benefit and consistent with the law.

也就是說，我認為在這個領域，正如歷史所表明的那樣，你必須做好應對各種結果的準備。再次強調，我認為我們之所以能夠管理好我們的商業地位，是因為我們意識到存在一些尾部風險，我們必須不斷思考如何管理這些風險。但我認為，我們的系統給了我們相當大的靈活性，以確保我們能夠隨著時間的推移獲得小型煉油廠豁免帶來的好處，而且這當然是一種好處，並且符合法律規定。

Yeah. Understood. My follow-up is on Montana, which seem to run very well out of its turnaround. As you look forward, do you expect it to sustain these lower operating costs that are below, I think, your base case assumptions? Or do you view this more as a onetime benefit and OpEx should kind of move back above that $9 per barrel range?

是的。明白了。我的後續報導是關於蒙大拿州的，該州似乎在周轉期結束後運行得非常好。展望未來，您認為它能否維持低於您基本假設的較低營運成本？或者您認為這只是一次性收益，營運成本應該會回升到每桶 9 美元以上？

Yeah. Thanks, Jason. And I think you're right, it was a great and strong performance of the Montana team. I think you should expect seasonal improvements on OpEx per barrel as we ramp rates in the summer. And then I think as you get into the softer quarters, you'll see that start to taper down. In general, what I'd tell you is we still think the $10 per barrel annual target is the right number for the Montana team. And again, I think we feel confident we're moving in the right direction to achieving that.

是的。謝謝你，傑森。我認為你說得對，蒙大拿隊表現出色，發揮強勁。我認為隨著夏季產量的提高，每桶油的營運成本應該會有所改善。然後，我認為隨著比賽進入較為平緩的階段，你會發現這種情況開始逐漸減少。總的來說，我想告訴大家的是，我們仍然認為每桶 10 美元的年度目標對於蒙大拿州團隊來說是合適的數字。而且，我認為我們有信心正朝著實現這一目標的正確方向前進。

Ladies and gentlemen, this was our last question. I would like to turn the conference back over to William Monteleone any closing remarks.

女士們、先生們，這是我們的最後一個問題。我謹將會議交還給威廉·蒙特萊昂，請他作總結發言。

Great. Thank you, George. With a high distillate yield and strong balance sheet, our enterprise is well positioned to grow and thrive in the current market environment. I want to congratulate our entire team on a strong operational and financial quarter. I hope everyone has a great day.

偉大的。謝謝你，喬治。憑藉高餾分油收率和強勁的資產負債表，我們的企業在當前的市場環境下擁有良好的發展和繁榮前景。我要祝賀我們整個團隊在本季度取得了強勁的營運和財務業績。祝大家今天過得愉快。

Thank you.

謝謝。

Ladies and gentlemen, the conference has now concluded. Thank you for attending today's presentation. You may now disconnect. Goodbye.

女士們、先生們，會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。再見。