Par Pacific Holdings, Inc. (PARR) 2026 Q1 法說會逐字稿

Good day, and welcome to the Par Pacific first-quarter 2026 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Par Pacific 2026 年第一季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

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

現在我想把電話會議交給投資人關係副總裁 Ashimi Patel。請開始。

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

謝謝你，Kim。歡迎參加 Par Pacific 第一季財報電話會議。今天與我一同出席的有：總裁暨執行長 Will Monteleone；煉油與物流執行副總裁 Richard Creamer；以及資深副總裁暨財務長 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. Accordingly, investors should not place undue reliance on forward-looking statements and we disclaim any obligation to update or revise them.

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變動，且不保證未來的績效或事件。其受風險與不確定性影響，實際結果可能與這些前瞻性陳述有重大差異。因此，投資人不應過度依賴前瞻性陳述，我們亦不承擔更新或修訂該等陳述的任何義務。

I refer you to our investor presentation on our website and to our filings with the SEC for non-GAAP reconciliations and additional information.

有關非 GAAP 調節表及其他資訊，請參閱我們網站上的投資人簡報以及我們向 SEC 提交的文件。

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

接下來我把電話會議交給我們的總裁暨執行長 Will Monteleone。

Thank you, Ashimi, and good morning, everyone.

謝謝你，Ashimi，各位早安。

First-quarter adjusted EBITDA was $91 million and adjusted net income was $0.78 per share. First-quarter results compare favorably against historical first-quarter performances, despite the lag effect of rapidly rising crude and distillate prices in Hawaii, off-season conditions in Wyoming, Montana, and the planned Washington outage.

第一季調整後 EBITDA 為 9,100 萬美元，調整後淨利為每股 0.78 美元。儘管夏威夷原油與餾分油價格快速上漲帶來的遞延效應、懷俄明與蒙大拿的淡季狀況，以及華盛頓廠的計畫性停工，第一季表現仍優於歷史第一季水準。

Our facilities ran well across the system, setting a first-quarter throughput record. This strong throughput allowed us to pre-build inventory ahead of planned maintenance outages. The Wyoming and Montana facilities have both completed their April outages on time and are prepared to run hard for the highly profitable summer months.

我們的各項設施在整個系統中運轉良好，創下第一季處理量新高。強勁的處理量使我們得以在計畫性維修停工前預先建立庫存。懷俄明與蒙大拿的設施皆已按時完成 4 月停工，並已準備在獲利極佳的夏季月份全力運轉。

Over the past two months, refined product cracks surged to all-time highs, particularly in Asia, due to the reduction of Persian Gulf origin refined product exports, Asian refiners reducing run rates, and protectionist policies restricting free trade of waterborne refined products. As a result, the April Singapore 312 Index is materially above historical norms, averaging over $72 per barrel, compared with the 2025 average of $16 per barrel. These levels exceed prior highs observed during the early months of the Russia-Ukraine conflict. In addition, mainland seasonal cracks are also rallying to elevated levels.

過去兩個月，成品油裂解價差飆升至歷史新高，尤其在亞洲，原因包括波斯灣來源成品油出口減少、亞洲煉油廠降低開工率，以及限制海運成品油自由貿易的保護主義政策。因此，4 月新加坡 312 指數顯著高於歷史常態，平均每桶超過 72 美元，相較之下 2025 年平均為每桶 16 美元。這些水準超過俄烏衝突初期數月所見的前高。此外，中國大陸的季節性裂解價差也正上升至偏高水準。

Our commercial position and supply chain flexibility allow us to capture a substantial portion of the strong market environment. In addition, we have no crack spread hedges in place positioning us to capture improved market conditions. Looking forward, global refined product inventory buffers are drawing down aggressively, setting up for meaningful tightness over the summer months. We see many Asian refiners running at near minimum throughput rates, attempting to preserve crude supply chain duration versus maximizing profits.

我們的商業部位與供應鏈彈性，使我們能掌握強勁市場環境中的相當大一部分機會。此外，我們目前沒有裂解價差避險部位，因此能把握改善的市場條件。展望未來，全球成品油庫存緩衝正快速下降，為夏季月份出現顯著供應吃緊鋪路。我們看到許多亞洲煉油廠以接近最低處理量的水準運轉，試圖維持原油供應鏈的在途/週轉時間，而非追求利潤最大化。

Turning to the Retail segment. Quarterly same-store fuel and in-store sales decreased by 3.3% and 1% compared to the first quarter of 2025. Fuel volume and in-store results reflect shifting consumer refueling patterns associated with the rising flat price environment and the impact of three state-level closures during the first quarter from Hawaii flooding events.

接著談零售事業部。本季同店燃油與店內銷售額分別較 2025 年第一季下降 3.3% 與 1%。燃油銷量與店內表現反映消費者加油行為的轉變，與油品絕對價格上升的環境相關，並受到第一季夏威夷洪災事件導致三處州內據點關閉的影響。

On the strategic front, we achieved a major milestone with the successful start-up of the Hawaii Renewables Unit. This is a significant step for the renewables business, reflecting our disciplined commissioning approach. We continue to test and optimize unit operations and are focused on establishing credit pathways. The policy backdrop continues to strengthen, and we remain constructive on the outlook for the project.

在策略面，我們成功啟動夏威夷再生能源裝置，達成一項重大里程碑。這是再生能源業務的重要一步，體現我們嚴謹的試車投產方法。我們持續測試並最佳化裝置運轉，並專注於建立信用額度/憑證取得途徑。政策背景持續轉強，我們對該專案前景仍持建設性看法。

On the capital allocation front, we repurchased $28 million during the quarter at an average price of $38 per share. Since the program's inception, we've repurchased over 14 million shares, or just over 20% of shares outstanding, at an average price of $25 per share. Our total liquidity position of $938 million, combined with the robust forward cash flow outlook, positions the balance sheet to support our strategic objectives and opportunistic share repurchase framework.

在資本配置方面，我們本季以每股平均 38 美元回購 2,800 萬美元。自計畫啟動以來，我們已回購超過 1,400 萬股，約占流通股數的 20% 多一些，平均回購價格為每股 25 美元。我們總流動性達 9.38 億美元，結合強勁的前瞻現金流展望，使資產負債表得以支持我們的策略目標與機動性的股票回購架構。

In closing, our consistent focus on reliable operations, commercial agility, and disciplined capital allocation remains the foundation for capturing today's market opportunity and delivering long-term shareholder value.

最後，我們一貫專注於可靠營運、商業敏捷性與紀律性的資本配置，仍是把握當前市場機會並為股東創造長期價值的基礎。

With that, I'll hand the call to Richard, who will walk through our Refining and Logistics results.

接下來我把電話會議交給 Richard，由他說明我們煉油與物流的業績表現。

Thank you, Will.

謝謝你，Will。

I want to begin with a moment of recognition for each of our Refining teams for an outstanding first quarter. The Hawaii team achieved a record quarter throughput and Montana achieved a record winter season throughput. In addition, Washington successfully completed their February turnaround, restarted operations, and are operating at maximum rates.

我想先花點時間表揚我們各煉油團隊在第一季的傑出表現。夏威夷團隊創下單季處理量新高，蒙大拿則創下冬季處理量新高。此外，華盛頓廠已成功完成 2 月大修，重啟營運，並以最大負荷運轉。

We are pleased that both Montana and Wyoming teams completed their April outages safely and are operating under normal conditions. Par Pacific's success lies in the foundation of delivering production safely and reliably for our communities. The entire Refining and Logistics team continues to demonstrate that commitment.

我們很高興蒙大拿與懷俄明團隊皆已安全完成 4 月停工，並在正常狀況下運轉。Par Pacific 的成功奠基於為我們的社區安全且可靠地提供產出。整個煉油與物流團隊持續展現這份承諾。

As Will referenced, we are pleased with the early operational results from the Hawaii Renewable Fuels facility. As a reminder, we brought the pretreatment unit online early this year and achieved on-specification product using a mix of feedstocks, with additional inbound waste oils to further test our capabilities.

如同 Will 所提到的，我們對夏威夷再生燃料設施的早期營運成果感到滿意。提醒各位，我們在今年稍早讓前處理裝置上線，並以多元原料組合產出符合規格的產品，同時增加進料的廢油以進一步測試我們的能力。

We are now operating the pretreatment in tandem with the renewable hydrotreater and achieved on-specification renewable diesel in late April. We are beginning to transition operations to validate the sustainable aviation fuel mode.

目前我們正讓前處理與再生加氫處理裝置協同運轉，並於 4 月下旬產出符合規格的再生柴油。我們正開始轉換操作，以驗證永續航空燃料（SAF）模式。

Our first-quarter conventional refining throughput was 184,000 barrels per day, and we'll begin reporting renewable fuel throughput in the second quarter. In Hawaii, throughput was a record 90,000 barrels per day and production costs were $4.67 per barrel. Hawaii will begin its planned turnaround in late June, which is expected to last between 30 and 45 days. The renewable fuels unit will be offline during the turnaround.

第一季傳統煉油處理量為每日 184,000 桶，我們將於第二季開始揭露再生燃料處理量。在夏威夷，處理量創下每日 90,000 桶的新高，生產成本為每桶 4.67 美元。夏威夷將於 6 月下旬開始計畫性大修，預計持續 30 至 45 天。再生燃料裝置將在大修期間停機。

The first-quarter Washington throughput was 23,000 barrels per day and production costs were $7.53 per barrel, driven by reduced rates related to the February planned downtime. The refinery is operating well and delivering fully restored capability.

第一季華盛頓廠處理量為每日 23,000 桶，生產成本為每桶 7.53 美元，主要受 2 月計畫性停機導致的降載影響。該煉油廠運轉良好，並已交付全面恢復的產能。

Shifting to Wyoming, throughput was 15,000 barrels per day and production costs were $11.68 per barrel, reflecting lower seasonal throughput. As I mentioned, the spring refinery outage to address routine maintenance was completed successfully and safely.

轉到懷俄明，處理量為每日 15,000 桶，生產成本為每桶 11.68 美元，反映季節性處理量較低。如我所提到的，為例行維護而進行的春季煉油廠停工已成功且安全地完成。

Finally, in Montana, first-quarter throughput was 57,000 barrels per day and production costs were $9.05 per barrel. The team continues to deliver on their plan of efficient operations and OpEx control.

最後，在蒙大拿州，第一季處理量為每日 57,000 桶，生產成本為每桶 9.05 美元。團隊持續依計畫推進高效率營運與營運費用（OpEx）控管。

Looking ahead to the second quarter, we expect Hawaii throughput between 77,000 and 81,000 barrels per day, reflecting the turnaround, and Washington between 40,000 and 42,000 barrels per day. Due to the April planned maintenance across the Rockies system, Wyoming quarterly throughput is expected to be between 14,000 and 16,000 barrels per day and Montana between 45,000 and 49,000. This results in a system-wide midpoint throughput of 182,000 barrels per day.

展望第二季，我們預期夏威夷處理量介於每日 77,000 至 81,000 桶，反映停工檢修（turnaround）的影響；華盛頓州則介於每日 40,000 至 42,000 桶。由於落磯山系統於 4 月進行計畫性維護，懷俄明州單季處理量預期介於每日 14,000 至 16,000 桶，蒙大拿州介於每日 45,000 至 49,000 桶。因此，全系統處理量中位數為每日 182,000 桶。

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

接下來我把電話交給 Shawn，請他說明財務結果。

Thank you, Richard.

謝謝你，Richard。

First-quarter adjusted EBITDA was $91 million and adjusted net income was $39 million or $0.78 per share. Our Refining segment reported adjusted EBITDA of $69 million in the first quarter compared to $88 million in the fourth quarter.

第一季調整後 EBITDA 為 9,100 萬美元，調整後淨利為 3,900 萬美元，或每股 0.78 美元。我們的煉油事業部第一季調整後 EBITDA 為 6,900 萬美元，較第四季的 8,800 萬美元下降。

Starting in Hawaii, the Singapore 312 averaged $36 per barrel during the first quarter and our landed crude differential was $4.90, resulting in a Hawaii index of $31.11 per barrel. Hawaii capture was 42%, including a net price lag headwind of approximately $125 million. As a reminder, net price lag reflects the Hawaii refinery's contractual sales that are structured on prior-month and prior-week average pricing.

先從夏威夷開始，第一季新加坡 312 平均為每桶 36 美元，我們的到岸原油價差為 4.90 美元，因而夏威夷指數為每桶 31.11 美元。夏威夷捕捉率（capture）為 42%，其中包含約 1.25 億美元的淨價格滯後（net price lag）逆風。提醒一下，淨價格滯後反映夏威夷煉油廠合約銷售的定價結構係以前一個月與前一週的平均價格為基礎。

The lag impact was driven by the sharp increase in refined product prices in March, resulting in adjusted gross margin trailing current period market conditions. We would expect price lag to be neutral in a stable pricing environment and to reverse into a capture benefit during periods of declining prices. Normalized for the lag impact, Hawaii capture was 92%, reflecting wider West Coast discounts relative to Singapore and lower netbacks on secondary products such as naphtha and LPGs.

滯後影響主要來自 3 月成品油價格大幅上漲，導致調整後毛利落後於當期市場狀況。在價格穩定的環境下，我們預期價格滯後影響將趨於中性；而在價格下跌期間，則會反轉為捕捉率的正面貢獻。若將滯後影響正常化，夏威夷捕捉率為 92%，反映相較新加坡更寬的西岸折價，以及石腦油與液化石油氣（LPGs）等次級產品淨回收（netbacks）較低。

In Montana, the first-quarter index averaged $4.84 per barrel with margin capture of 143%. Capture was above our target range, driven by lower asphalt production and favorable sales mix relative to the index.

在蒙大拿州，第一季指數平均為每桶 4.84 美元，利差捕捉率為 143%。捕捉率高於我們的目標區間，主因為瀝青產量較低，以及相對於指數更有利的銷售組合。

In Wyoming, the first-quarter index averaged $19.30 per barrel, margin capture was 139%, including an $18 million FIFO benefit from rising crude oil prices.

在懷俄明州，第一季指數平均為每桶 19.30 美元，利差捕捉率為 139%，其中包含因原油價格上漲帶來的 1,800 萬美元先進先出（FIFO）利益。

In Washington, our index averaged $8.20 per barrel, margin cash flow was 100%, supported by favorable jet-to-diesel spreads.

在華盛頓州，我們的指數平均為每桶 8.20 美元，利差現金流捕捉率為 100%，受惠於有利的航煤相對柴油價差。

Turning to the Logistics segment. Adjusted EBITDA was $32 million in the first quarter, in line with our mid-cycle run rate. Strong system utilization in Hawaii and Montana was partially offset by reduced crude activity in Washington during the plane turnaround.

接著談物流事業部。第一季調整後 EBITDA 為 3,200 萬美元，符合我們的中週期常態水準。夏威夷與蒙大拿州系統使用率強勁，部分被華盛頓州在裝置停工檢修期間原油活動減少所抵銷。

In the Retail segment, adjusted EBITDA was $15 million compared to $22 million in the fourth quarter. The sequential decline was driven by lower fuel margins, reflecting rapid increases in wholesale prices during the quarter.

在零售事業部，調整後 EBITDA 為 1,500 萬美元，較第四季的 2,200 萬美元下降。季比下滑主要由燃料毛利降低所致，反映本季批發價格快速上升。

Moving to cash flow. First-quarter cash from operations totaled $162 million, excluding working capital outflows of $185 million and deferred turnaround costs of $18 million. Working capital outflows reflect rising flat prices and higher inventory levels ahead of the April planned maintenance across our Rockies system.

接著看現金流。第一季營運活動現金流合計 1.62 億美元，排除營運資金流出 1.85 億美元及遞延停工檢修成本 1,800 萬美元。營運資金流出反映平價（flat prices）上升，以及為因應落磯山系統 4 月計畫性維護而提高的庫存水位。

Turning to RINs. We remain in an excess RIN position at the end of the first quarter, having monetized less than half of the RINs associated with the prior period small refinery exemptions. This position is expected to provide additional working capital inflows over the coming quarters.

接著談 RIN。第一季末我們仍處於 RIN 過剩部位，與前期小型煉油廠豁免相關的 RIN 中，變現比例不到一半。預期此部位將在未來幾季帶來額外的營運資金流入。

It's also worth noting that our first-quarter adjusted EBITDA and adjusted net income reflect full RIN expense at current period market prices, which does not capture the benefit of our excess RIN asset position. Our GAAP results, by contrast, include an approximately $30 million gain in the quarter, representing the difference between current period RIN prices and the book value of RIN assets on our balance sheet.

另外值得注意的是，我們第一季調整後 EBITDA 與調整後淨利係以當期市場價格反映完整的 RIN 費用，並未納入我們持有之 RIN 過剩資產部位所帶來的利益。相較之下，我們的 GAAP 結果在本季認列約 3,000 萬美元的收益，代表當期 RIN 價格與資產負債表上 RIN 資產帳面價值之間的差額。

First-quarter capital expenditures, including deferred turnaround costs, totaled $61 million.

第一季資本支出（含遞延停工檢修成本）合計 6,100 萬美元。

Shifting to capital allocation. We repurchased $28 million of common stock during the quarter at an average price of $38 per share. Gross term debt at quarter-end was $638 million, remaining below the low end of our leverage targets.

接著談資本配置。本季我們以每股平均 38 美元回購普通股 2,800 萬美元。季末總定期債務為 6.38 億美元，仍低於我們槓桿目標區間的下緣。

Looking ahead to the second quarter, our April consolidated refining index averaged $42 per barrel, an increase of $23 per barrel compared to the first quarter.

展望第二季，我們 4 月合併煉油指數平均為每桶 42 美元，較第一季增加每桶 23 美元。

In Hawaii, Refining margins continue to reflect a tight refined product supply environment across the Pacific Basin. We expect our second-quarter crude differential to be between $4 to $5 per barrel, reflecting the extended crude supply chain we built earlier this year. From a financial standpoint, the impact of the upcoming Hawaii turnaround is expected to be limited in the second quarter, with most of the impact shifting into the third quarter.

在夏威夷，煉油利差仍反映太平洋盆地成品油供應吃緊的環境。我們預期第二季原油價差介於每桶 4 至 5 美元，反映我們今年稍早建立的延伸原油供應鏈。從財務角度來看，即將到來的夏威夷停工檢修對第二季的影響預期有限，多數影響將遞延至第三季。

Across our mainland system, April refining indices increased by approximately $17 per barrel versus the first quarter, driven by strong distillate margins. As Richard noted, we had planned downtime in April across the Rockies system, but expect minimal financial impact as we drew down inventories previously built during the first quarter.

在我們的美國本土系統，4 月煉油指數較第一季約增加每桶 17 美元，主要由強勁的中間餾分油利差帶動。如 Richard 所提，我們在 4 月於落磯山系統安排了計畫性停機，但由於我們先前在第一季已建立庫存並於期間提用，預期財務影響有限。

In renewables, we expect sales volumes and earnings contribution to be modest in the second quarter as we optimize operations and build inventory with a more meaningful ramp in the back half of the year following the Hawaii refinery turnaround.

在再生能源方面，第二季我們預期銷售量與獲利貢獻將相對有限，因我們正優化營運並建立庫存；待夏威夷煉油廠停工檢修完成後，今年下半年將有更顯著的爬坡增長。

Overall, we are well positioned to deliver robust cash flow in the current margin environment, enabling us to further strengthen the balance sheet, pursue accretive growth opportunities, and opportunistically repurchase our common stock.

整體而言，在目前的利差環境下，我們具備創造強勁現金流的良好條件，使我們得以進一步強化資產負債表、追求具增益性的成長機會，並在適當時機回購普通股。

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

以上為我們的準備稿。接線員，接下來請交給你進行問答。

(Operator Instructions) Matthew Blair, Tudor, Pickering & Holt.

(接線員指示) Matthew Blair，Tudor, Pickering & Holt。

Great. Thank you, and good morning. I think that Par has probably the highest jet yield in the group, but we believe it's roughly 15% or so. Could you confirm if that's the correct estimate? And could you talk a little bit about dynamics in the jet market, both on the supply side as well as demand side? We are seeing wider jet versus diesel spreads, which look like a nice tailwind into the second quarter. Thank you.

好的。謝謝，早安。我認為 Par 可能是同業中航煤收率最高的，但我們估計大約是 15% 左右。你能否確認這個估計是否正確？另外也請你談談航煤市場的動態，包括供給面與需求面。我們看到航煤相對柴油的價差擴大，這看起來會是第二季的有利順風。謝謝。

Hey, Matt. Good morning. This is Will. I think 15% is probably reasonable. And again, I think some of this depends on some of our jet versus ULSD objectives. But as you indicated, given the spreads between jet and ULSD, we see a high and attractive economic incentive to try and maximize jet yields, particularly in the Pacific. And again, I think have a number of projects underway to maximize jet yields in the Rockies.

嗨，Matt。早安。我是Will。我認為15%大概是合理的。而且再說一次，我認為其中一部分取決於我們在航煤（jet）相對於ULSD的目標。但如你所指出的，鑑於航煤與ULSD之間的價差，我們看到一個很高且具吸引力的經濟誘因，去嘗試把航煤收率最大化，特別是在太平洋地區。同樣地，我們在落磯山脈地區也有多個專案在進行中，以最大化航煤收率。

And in terms of just the overall regrade spread or the spread between jet and gas oil, again, continue to see that to be strong as, again, I think it's one of the more difficult molecules to make. And with the amount of crude distillation offline globally, it's a challenge. And again, given the loss in the Persian Gulf origin exports, which was a material supplier to Europe, we're seeing the Asian market and the Indian refiners need to try and attempt to backfill some of Europe's jet requirements.

至於整體的regrade價差，或航煤與瓦斯油之間的價差，我們仍然看到它維持強勢；同樣地，我認為這是較難製造的分子之一。而在全球有相當多的原油蒸餾裝置停工的情況下，這是一項挑戰。另外，鑑於波斯灣來源出口的減少（該地區原本是歐洲的重要供應來源），我們看到亞洲市場以及印度煉油商需要嘗試回補歐洲部分的航煤需求。

Sounds good. And then this Hawaii product lag headwind in the first quarter, $126 million, it sounds like that would likely reverse in the second quarter. But would you also get an additional benefit from the drop in Singapore gas oil prices so far? And I guess, do you have an estimate so far in April on what that might look like?

聽起來不錯。那麼第一季夏威夷產品價格滯後（product lag）的逆風是1.26億美元，聽起來第二季很可能會反轉。但你們是否也會因為迄今新加坡瓦斯油價格下跌而獲得額外好處？另外，你們是否能估算一下截至目前四月大概會是什麼樣子？

Hey, Matt. Good morning. It's Shawn. Yeah, I think it's too early to give an estimate on price lag. As you know, it really depends on where Singapore prices end up in June relative to March. I think you're right. It's down in the prompt market and it would suggest the reversal -- a partial reversal of the $125 million impact. But I think that's how you should think about it and look at June pricing once available.

嗨，Matt。早安。我是Shawn。是的，我認為現在要對價格滯後給出估算還太早。如你所知，這真的取決於6月的新加坡價格相對於3月最後落在哪裡。我想你說得對。即期市場價格確實下來了，這會暗示1.25億美元影響會出現反轉——部分反轉。但我認為你應該這樣理解，等6月價格出來後再看。

Sounds good. Thank you.

了解。謝謝。

Alexa Petrick, Goldman Sachs.

Alexa Petrick，高盛。

Hey. Good morning, team, and thank you for taking our question. I want to just jump in a little more to the Hawaii captures. Recognize there was that price lag impact, but even if we adjust for it, I think captures look like they were in the low 90% compared to your target of over 105%. So can you just talk about some of the drivers there and then how that's tracking for Q2?

嗨。各位早安，謝謝讓我們提問。我想再更深入談一下夏威夷的捕捉率（captures）。我知道有價格滯後的影響，但即使把它調整掉，我認為捕捉率看起來也只有90%出頭，對比你們超過105%的目標。所以你們能否談談背後的一些驅動因素，以及第二季的追蹤情況？

Hey, Alexa. It's Shawn. Yeah, I'd call out two other elements that I think drove a 10% to 15% capture hit. One was typically we see West Coast pricing to a premium to Singapore in most historical periods. That flipped to a significant discount, particularly LA jet versus Singapore jet and LA diesel versus Singapore gas oil. We do have some contractual exposure to the West Coast. And so that was, let's call it, a 5% to 10% capture headwind.

嗨，Alexa。我是Shawn。是的，我會點出另外兩個我認為造成捕捉率下滑10%到15%的因素。第一個是，通常在大多數歷史期間，我們看到美西價格相對新加坡有溢價。但這次反轉成為顯著折價，特別是洛杉磯航煤相對新加坡航煤，以及洛杉磯柴油相對新加坡瓦斯油。我們對美西有一些合約曝險。因此這大概是5%到10%的捕捉率逆風。

And then the other sort of factor I called out is we do produce and sell naphtha and LPGs. And whenever you see a blowout like we did where gas oil and jet is pricing at such a premium to the secondary products, it creates a capture headwind. I think both of those dynamics have normalized heading into Q2. If anything, I think West Coast is pricing at a premium to Singapore. So it's something that we're watching, not trying to make a call right now given the volatility, but those are the elements to keep an eye on.

另一個我提到的因素是，我們也生產並銷售石腦油（naphtha）與液化石油氣（LPGs）。當你看到像我們那次一樣的「價差爆開」（blowout），也就是瓦斯油與航煤相對於次級產品出現如此高的溢價時，就會形成捕捉率逆風。我認為這兩個動態在進入第二季時都已經正常化。甚至可以說，美西目前相對新加坡是有溢價的。所以這是我們在觀察的事情；鑑於波動性，我們不想現在就下定論，但這些就是需要留意的要素。

Okay, that's helpful. And then maybe just a follow-up, sticking on Hawaii, it sounds like the planned turnaround is still tracking for an end of June start-up. Can you just talk about the planning behind that? Is there any flex given the macro and just how investors should be thinking about the impact? Sounds like majority of it's going to be a Q3 impact.

好的，這很有幫助。那再追問一下，仍然聚焦夏威夷：聽起來計畫性的歲修（turnaround）仍按進度在6月底重啟。你們能談談背後的規劃嗎？考量總體環境，是否有任何彈性？以及投資人應該如何看待其影響？聽起來大部分會反映在第三季。

That's correct, Alexa. We already shifted it. I'll say weeks, and I think that's probably the extent of the flexibility that we have. And again, I think we really tie our decision on turnaround timing towards hydrocracker catalyst life. That's one of the key drivers in Hawaii.

沒錯，Alexa。我們已經把它往後移了。我會說是以「幾週」為單位，而我認為這大概就是我們能有的彈性範圍。再說一次，我們把歲修時點的決策很大程度上與加氫裂化裝置（hydrocracker）的觸媒壽命綁在一起。這是夏威夷的一個關鍵驅動因素。

It's been roughly six years since we changed that catalyst out and, again, I think have the objective of completing this over the summer periods, just given the scheduling, the timing of the contractors and the work that we've done. So I think we have limited flexibility beyond where we've set today and have kind of the supply chain contractors and all the moving pieces in place to execute that on time and on budget.

我們上一次更換該觸媒大約是六年前；同樣地，我們的目標是在夏季期間完成，主要是基於排程、承包商的時程，以及我們已完成的工作。因此我認為，除了我們今天設定的位置之外，彈性有限；而且我們已把供應鏈、承包商以及所有需要協調的環節都就位，以確保按時、按預算執行。

That's very helpful.

非常有幫助。

And Richard -- hold on, Richard's got a couple of things to add. So Richard, go ahead.

另外，Richard——等一下，Richard還有幾點要補充。Richard，你請。

Thanks, Will. Just one other comment that one of our primary goals is to absolutely ensure the product supply in the state of Hawaii is the only producer there. So timing around that is significantly considered in the execution start of the turnaround.

謝謝，Will。再補充一點：我們的首要目標之一，是在夏威夷州內絕對確保產品供應，因為我們是那裡唯一的生產者。因此，歲修開始執行的時點在安排上會被非常慎重地納入考量。

Sounds good. Thank you both.

了解。謝謝兩位。

(Operator Instructions) Jason Gabelman, TD Cowen.

（接線員指示）Jason Gabelman，TD Cowen。

Hey. Thanks for taking my questions. Maybe sticking with the Hawaii turnaround planning, throughput guidance is a bit light for Hawaii in 2Q. And I wonder to what extent that's some conservatism baked into guidance versus the Hawaii turnaround really starting in earnest the last week or two of the quarter. And then could you also discuss kind of how the landed crude cost dynamics will trend once Hawaii comes back online? Will that reflect the impacts of the conflict and higher freight and backwardation we're seeing in the market?

嗨。謝謝回答我的問題。或許延續夏威夷歲修規劃：你們對夏威夷第二季的處理量（throughput）指引看起來偏保守。我想了解這在多大程度上是指引中刻意納入的保守假設，還是夏威夷歲修其實會在本季最後一到兩週才真正全面展開。另外，你們也能談談夏威夷恢復運轉後，到岸原油成本（landed crude cost）的動態趨勢嗎？那會反映我們在市場上看到的衝突影響、更高的運費，以及期貨逆價差（backwardation）嗎？

Yeah. Sure, Jason. I think that the throughput guidance reflects our estimate on the start time of the outage. And then again, I think working through, I'll just say, optimizing our crude supply chain, both extending the turnaround as well as our plans exiting the turnaround. So again, I think we're focused on kind of margin optimization through both the inbound and outbound elements of the turnaround.

是的。當然，Jason。我認為處理量指引反映了我們對停工開始時間的估計。另外，同樣地，我想我們也在推進——我就說——優化我們的原油供應鏈，包括在歲修期間的延伸安排，以及歲修結束後的退出計畫。因此，我們的重點是在歲修期間，透過進料與出貨兩端的要素來做利潤最佳化。

In terms of landed crude differentials, I think it's too early to call, I'll say the third-quarter differentials. I'd just keep in mind a couple of things. One is, given the turnaround is ongoing and the length of our supply chain, we've been able to, I'd say, stay out of the market and the kind of teeth of the most extreme kind of hoarding events that we've seen over the last 30 to 60 days.

就到岸原油價差而言，我認為現在下定論還太早；我會說是第三季的價差。我想提醒幾點。第一，由於歲修仍在進行，加上我們供應鏈較長，我們得以——我會說——基本上避開市場，以及過去30到60天我們所看到的最極端囤貨事件的風口浪尖。

That said, I think when you look at backwardation alone, our first half of the year crude differentials reflect probably a near flat market structure. And if you just look at the current market structure today between the front month contract and the third month contract, you're moving between $6 and $8 a barrel.

話雖如此，我認為如果只看逆價差（backwardation），我們上半年原油價差大概反映的是接近持平的市場結構。而如果你只看今天目前的市場結構，在近月合約與第三個月合約之間，價差大約在每桶6到8美元之間波動。

So again, that's consistent with our risk management framework and ensuring that we're not taking flat price risk between the origin loading point and the delivery to Hawaii. So again, too early to call, but I think those are the factors to watch.

所以再說一次，這與我們的風險管理框架一致，並確保我們不在原產地裝船點到交付夏威夷之間承擔平價（flat price）風險。因此，仍然太早下定論，但我認為這些是需要觀察的因素。

Great. I was also hoping to get your color on Singapore cracks more broadly. They obviously were extremely strong in the start of the conflict and through April, and it seems like they've converged with rest of world cracks. And I guess it's to be expected given if there are arbitrage opportunities, those are going to be taken advantage of and the differentials are going to tighten between regions.

很好。我也希望聽聽你對新加坡裂解價差（cracks）更廣泛的看法。顯然在衝突初期以及整個4月，它們都非常強勁，但看起來似乎已經與全球其他地區的裂解價差趨同。我想這也在預期之內，因為如果存在套利機會，就會被利用，而各地區之間的價差也會收斂。

So are we in more of a, call it, stable is probably not the right word, but from a relative basis, are we in an environment where relative cracks make more sense here? Or just given the refinery capacity shut-ins in Asia, there's potential for cracks to spike again moving forward?

所以我們是否正處於一個——姑且稱之為——穩定（stable 可能不是最貼切的詞），但就相對而言，現在相對裂解價差更有意義的環境？或者考量到亞洲煉油產能關停，未來裂解價差仍有可能再次飆升？

Yeah, it's a good question. I mean, I think our observations would be at the beginning of the conflict, obviously, the most I'll say hoarding of product and I'll say disruption between physical and financial markets, I think, emerged. And again, I think if anybody was short Singapore cracks financially going into that, I think there was a fair amount of rush to cover that position.

是的，這是個好問題。我的意思是，我們的觀察是，在衝突初期，顯然出現了最多的——我會說——成品油囤積，以及實體市場與金融市場之間的脫節。同樣地，我認為如果有人在金融端做空新加坡裂解價差進入那段期間，當時確實有相當程度的回補潮。

I think now you're seeing freight normalize, and again, kind of the ability to arbitrage products between the Atlantic and Pacific Basin, you're getting back into, I'll just say, transport parity economics between Atlantic and Pacific Basin. So again, I think that's probably the right way to think about it, assuming that no other major factors change, which I think is a big assumption. So again, I think for Asia to price materially above Europe, given that they're both in, I'm going to say, deficit positions needing to import product, again, I think it's going to be a call on a competition between those two points to source and attract barrels.

我認為現在你看到運費正在正常化，而且在大西洋盆地與太平洋盆地之間進行產品套利的能力也在恢復，你正在回到——我就說——大西洋與太平洋盆地之間的運輸平價（transport parity）經濟。所以我認為，在沒有其他重大因素改變的前提下，這大概是正確的思考方式——而我認為這是一個很大的前提。因此，亞洲要在價格上顯著高於歐洲，考量到兩者都處於——我會說——供給不足、需要進口成品油的狀態，我認為這將取決於這兩個地點之間在採購與吸引油品（barrels）方面的競爭。

Got it. And if I could just sneak one final one in. Just on the small refinery exemptions, I think you received $60 million RINs worth of exemptions last year. It sounds like you haven't monetized a large part of that. So if you get the exemptions this year reflecting 2025 exemptions, should we expect you to monetize most of that position?

了解。如果我可以再偷偷問最後一個問題。關於小型煉油廠豁免（small refinery exemptions），我想你們去年收到價值6,000萬美元的RINs豁免。聽起來你們尚未將其中很大一部分變現。所以如果你們今年獲得反映2025年度的豁免，我們是否應預期你們會將該部位的大部分變現？

Hey, Jason. It's Shawn. Yeah, I think that's probably a fair assumption. We've monetized less than half to date. I think we would prefer to have clarity from the EPA on 2025 exemptions before further monetizing both the historical excess and then any new relief that we would get related to 2025.

嗨，Jason。我是Shawn。是的，我認為這大概是合理的假設。截至目前我們變現的不到一半。我想在進一步變現歷史累積的超額，以及任何與2025年度相關、我們可能獲得的新減免之前，我們更希望先從EPA那裡獲得對2025年度豁免的明確性。

All right. I'll leave it there. Thanks for the answers.

好。我就先到這裡。謝謝你的回答。

Zach Parham, JPMorgan.

JPMorgan 的 Zach Parham。

Hey. Thanks for taking my question. Can you just talk a little bit about how you're thinking about the buyback going forward? It seems like you slowed down as the stock price moved higher post-Iran. We've cracked where they are today, you're set to generate a significant amount of free cash flow in 2Q. Do you plan to be active in the market buying back your stock? Or are you comfortable with the cash just going to the balance sheet in the near term?

嗨。謝謝讓我提問。你能談談你們對未來回購的思考嗎？看起來在伊朗事件之後股價走高，你們放慢了回購。以目前的裂解價差水準，你們在第二季將產生可觀的自由現金流。你們是否計畫在市場上積極回購自家股票？或者短期內你們更傾向讓現金留在資產負債表上？

Zach, this is Will. I think our historical framework still holds today. And again, I think we've been in an excess capital position and have taken an opportunistic framework towards our share repurchases.

Zach，我是Will。我認為我們過去的框架在今天仍然適用。同樣地，我認為我們一直處於資本過剩（excess capital）的狀態，並以機會主義的框架來進行股票回購。

And so again, I think the cadence of our repurchase is going to be driven by our excess capital position, forward outlook, and really our view of intrinsic value. And I think when we see a trade materially below that, we'll seize that opportunity.

因此，我認為我們回購的節奏將由我們的超額資本狀況、前瞻展望，以及我們對內在價值（intrinsic value）的看法所驅動。而當我們看到股價相對內在價值出現顯著折價時，我們就會把握那個機會。

So I think our framework is the right way to allocate capital through the cycle. And again, I think you should expect us to be more aggressive in our share repurchasing when we see deeper discounts, intrinsic value and then I'll say more moderate in our approach as we see it, less attractive discounts, intrinsic value.

所以我認為，我們的框架是穿越景氣循環進行資本配置的正確方式。同樣地，我認為你應該預期，當我們看到更深的折價（相對內在價值）時，我們會更積極回購；而當我們看到折價較不具吸引力（相對內在價值）時，我們的做法會更為溫和。

Thanks. That's all for me.

謝謝。我這邊就這樣。

This concludes our question-and-answer session. I would like to turn the conference back over to Will Monteleone for any closing remarks.

問答環節到此結束。我想把電話會議交回給 Will Monteleone，請他做結語。

Thank you, Kim.

謝謝你，Kim。

Q1 was a strong start to 2026, notably solid operational performance across the system, the successful April start-up of our renewable fuels unit, and attractive share repurchases. Our focus remains on disciplined execution as the durable path to growing earnings and free cash flow per share over time.

第一季為2026年帶來強勁開局，尤其是全系統穩健的營運表現、我們可再生燃料裝置在4月成功啟動，以及具吸引力的股票回購。我們的重點仍是以紀律執行，作為隨時間推進、提升每股盈餘與每股自由現金流的可持續路徑。

Thank you to our employees, and thank you all for joining us today.

感謝我們的員工，也感謝各位今天與會。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。