Par Pacific Holdings, Inc. (PARR) 2026 Q2 法說會逐字稿

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

大家好，歡迎參加 Par Pacific 2026 年第二季財報電話會議。(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 Jeff Hollis, Senior Vice President, General Counsel, and Secretary. Please go ahead.

現在我想把會議交給資深副總裁、總法律顧問兼公司秘書 Jeff Hollis。請開始。

Thank you, operator. Welcome to Par Pacific's earnings conference call. Joining me today are Will Monteleone, President and CEO; Richard Creamer, EVP of Refining and Logistics; and Shawn Flores, CFO.

謝謝，接線員。歡迎參加 Par Pacific 的財報電話會議。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，請注意我們今天的發言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。這些陳述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。

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 additional information.

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。更多資訊請參閱我們網站上的投資人簡報，以及我們向美國證券交易委員會（SEC）提交的文件。

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

接下來我把電話交給我們的總裁暨執行長 Will Monteleone。

Thank you, Jeff, and good morning, everyone. We're pleased to report strong second quarter financial results, driven by excellent operational and commercial execution. Amidst extreme volatility, each of our business units executed crisply and use the full commercial flexibility of our asset base to capture market conditions. System throughput ran at elevated levels through the peak margin window and our commercial team optimized crude sourcing and product placement, generating excellent capture rates. Fine product cracks remained materially above historical norms for the quarter.

謝謝你，Jeff，各位早安。我們很高興報告第二季財務表現強勁，主要受惠於卓越的營運與商業執行。在極端波動的環境下，我們各事業單位都精準執行，並充分運用資產基礎的商業彈性以掌握市場情勢。系統處理量在利差高峰期間維持在較高水準，我們的商業團隊也最佳化原油採購與產品配置，帶來優異的捕捉率。本季成品油裂解價差仍顯著高於歷史常態。

Our combined market index averaged approximately $33 per barrel well above the 2025 average of $12.40 per barrel and exceeding the second quarter 2022 when the Russia-Ukraine conflict was intensified. Reduced Pershing Gulf and Russian origin refined product exports Asian refiners running conservatively to preserve crude supply chain duration and protectionist policies restricting free trade drove these favorable market conditions. Looking forward, global refined product inventories remain tight and the structural factors supporting margins remain. Turning to retail. Same-store fuel volumes declined by 0.8%, while in-store sales increased by 1% compared to the second quarter of 2025.

我們的綜合市場指數平均約每桶 33 美元，遠高於 2025 年平均每桶 12.40 美元，並超過 2022 年第二季（俄烏衝突加劇期間）。Pershing Gulf 與俄羅斯來源的成品油出口減少、亞洲煉油商為維持原油供應鏈持續性而保守運轉，以及限制自由貿易的保護主義政策，共同推動了這些有利的市場條件。展望未來，全球成品油庫存仍偏緊，支撐利差的結構性因素依然存在。接著談零售業務。同店燃油銷量較 2025 年第二季下降 0.8%，而店內銷售額則成長 1%。

Despite pressure on fuel margins in a higher price environment, the merchandising and food programs continue to advance, strengthening the underlying earnings power of the segment. On the strategic front, our Hawaii Renewables business made steady progress. Renewable diesel production ramped through the quarter with June throughput reaching approximately 3,000 barrels per day before we commence the Hawaii plant-wide turnaround. In addition, we completed first commercial renewable diesel sales during the quarter. Volumes are small and reflect the early stage nature of the commercial ramp, but they established the operational pathway from production to sales.

儘管在較高價格環境下燃油毛利承壓，我們的商品陳列與餐食方案仍持續推進，強化該事業部門的基礎獲利能力。在策略面，我們的 Hawaii Renewables 業務穩步推進。再生柴油產量在本季逐步爬升，6 月處理量在啟動夏威夷全廠歲修前達到約每日 3,000 桶。此外，我們在本季完成首次商業性再生柴油銷售。銷量仍小，反映商業爬坡仍處早期階段，但已建立從生產到銷售的營運路徑。

On the capital allocation front, we meaningfully strengthened the balance sheet during the quarter, reducing our term debt balance by over 20% and via the inaugural senior unsecured notes issuance. We ended the quarter with total liquidity of approximately $1.4 billion, placing our balance sheet in a very strong position to pursue growth and continue to allocate capital thoughtfully through cycles. In closing, our through-cycle discipline on operations, commercial positioning and capital allocation is what allowed us to convert an exceptional market environment into a durably stronger balance sheet and strong purchase earnings. We remain focused on maintaining that discipline as market conditions evolve.

在資本配置方面，我們於本季大幅強化資產負債表，將定期貸款債務餘額降低逾 20%，並完成首次高級無擔保票據發行。本季末我們的總流動性約為 14 億美元，使資產負債表處於非常強健的位置，可追求成長並在景氣循環中持續審慎配置資本。最後，我們在營運、商業布局與資本配置上的跨循環紀律，使我們得以將卓越的市場環境轉化為更為穩健且具持續性的資產負債表，以及強勁的獲利表現。隨著市場條件演變，我們仍將專注維持這份紀律。

With that, I'll hand the call to Richard, who will walk through our refining logistics results.

接下來我把電話交給 Richard，由他說明我們煉油與物流的業績表現。

Thank you, Will. I want to begin by congratulating the Wyoming and Montana teams for the safe and efficient completion of their scheduled outages in April. In addition, the Tacoma team achieved a new record quarterly production rate of 41,200 barrels per day or 98.1% utilization through the second quarter. In Hawaii, the Q2 throughput was 73,200 barrels per day and production costs were $6.43 per barrel. The lower production versus planned was the result of the refinery experiencing end-of-cycle conditions. The team delivered on all customer fuel requirements despite challenges associated with the ongoing conflict in the Middle East.

謝謝你，Will。我想先恭喜懷俄明與蒙大拿團隊在 4 月安全且高效率地完成既定停工檢修。此外，Tacoma 團隊在第二季達成新的季度產量紀錄：每日 41,200 桶，或 98.1% 的產能利用率。在夏威夷，第二季處理量為每日 73,200 桶，生產成本為每桶 6.43 美元。產量低於原計畫，係因煉油廠處於週期末狀態所致。儘管中東持續衝突帶來挑戰，團隊仍滿足所有客戶燃料需求。

The turnaround in Hawaii began in late June, and I'm pleased to report that the team executed the turnaround safely and cleanly while also delivering cost and schedules near target. At this point, the Hawaii turnaround is substantially complete and major operations have been safely restarted. As I stated, Washington throughput set a new quarterly record at 41,200 barrels per day and production costs were $4.21 per barrel, capturing market missions following the Q1 planned outage.

夏威夷的歲修於 6 月下旬開始，我很高興報告團隊安全且乾淨地執行歲修，同時成本與工期也接近目標。目前夏威夷歲修已大致完成，主要裝置已安全重啟。如我所述，華盛頓州處理量創下新的季度紀錄，達每日 41,200 桶，生產成本為每桶 4.21 美元，並在第一季計畫性停工後把握市場機會。

Shifting to Wyoming. Throughput was 14,000 barrels per day and production costs were $15.28 per barrel, reflecting the April outage downtime and costs. Following the outage, the refinery has shifted to routine operations supported by strong seasonal demand. Finally, in Montana, second quarter throughput was 53,000 barrels per day and production costs were $10.16 per barrel. The team executed the April crude outage safely on time and on budget. In May and June, Par Montana refining set new monthly throughput and OpEx per barrel record of approximately 62,000 barrels per day at $7.56 per barrel.

接著談懷俄明。處理量為每日 14,000 桶，生產成本為每桶 15.28 美元，反映 4 月停工期間的停機時間與成本。停工後，煉油廠已轉回例行運轉，並受惠於強勁的季節性需求。最後，在蒙大拿，第二季處理量為每日 53,000 桶，生產成本為每桶 10.16 美元。團隊在 4 月安全、準時且在預算內完成原油停工檢修。在 5 月與 6 月，Par Montana 煉油廠創下新的月度處理量與每桶營運費用（OpEx）紀錄：處理量約每日 62,000 桶、成本每桶 7.56 美元。

Looking ahead to the third quarter, we expect Hawaii conventional throughout between 55,000 and 65,000 barrels per day and renewable throughput between 1,500 and 2,000 barrels per day, reflecting the turnaround event in July through early August. In the Mainland, Washington is expected between 40,000 and 42,000 barrels per day booming between 17 and 20 and Montana between 56 and 61. The Montana Coker was down in July for routine maintenance and is expected to return to service by mid-August. From today's date, there are no significant planned downtime for the balance of the year. The Q3 midpoint throughput guidance is 182,000 barrels per day.

展望第三季，我們預期夏威夷傳統燃料處理量介於每日 55,000 至 65,000 桶，再生燃料處理量介於每日 1,500 至 2,000 桶，反映 7 月至 8 月上旬的歲修事件。在美國本土，預期華盛頓州介於每日 40,000 至 42,000 桶；懷俄明介於每日 17 至 20（千桶）；蒙大拿介於每日 56 至 61（千桶）。蒙大拿的焦化裝置（Coker）於 7 月因例行維護停機，預計於 8 月中旬恢復運轉。自今日起，今年剩餘期間沒有重大計畫性停機。第三季處理量指引的中位數為每日 182,000 桶。

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

接下來我把電話交給 Shawn，說明我們的財務結果。

Thank you, Richard. Second-quarter adjusted EBITDA was $571 million and adjusted net income was $499 million or $10.10 per share. Our refinement segment reported adjusted EBITDA of $552 million in the second quarter compared to $69 million in the first quarter, reflecting a sharp step-up in market conditions driven by the disruptions in crude and refined product supply. Our combined refining index averaged approximately $33 per barrel, an increase of roughly $14 per barrel compared to the first quarter. System-wide refining capture was 125% and or 112% on a normalized basis after adjusting for Hawaii price lag and Wyoming FIFO impacts.

謝謝你，Richard。第二季調整後 EBITDA 為 5.71 億美元，調整後淨利為 4.99 億美元，或每股 10.10 美元。我們的煉油事業部第二季調整後 EBITDA 為 5.52 億美元，相較第一季的 6,900 萬美元大幅提升，反映原油與成品油供應受干擾所帶動的市場條件急遽改善。我們的綜合煉油指數平均約每桶 33 美元，較第一季增加約每桶 14 美元。全系統煉油捕捉率為 125%；若扣除夏威夷價格滯後與懷俄明 FIFO 影響後，以常態化基礎計算為 112%。

Starting in Hawaii, the Singapore 3.1.2. averaged approximately $50 per barrel our land accrue difference was $3.93 resulting in a Hawaii index of approximately $46 per barrel. Hawaii capture was 124%, including a net price lag benefit of approximately $77 million or $11.49 per barrel. Normalized for the price lag impact Hawaii capture was 99%. In Montana, the second quarter index averaged $25.76 per barrel with margin capture of 144%.

先從夏威夷開始，新加坡 3.1.2. 平均約每桶 50 美元，我們的陸運與應計差異為 3.93 美元，因此夏威夷指數約為每桶 46 美元。夏威夷捕捉率為 124%，其中包含約 7,700 萬美元（或每桶 11.49 美元）的淨價格滯後利益。若將價格滯後影響常態化，夏威夷捕捉率為 99%。在蒙大拿，第二季指數平均為每桶 25.76 美元，利差捕捉率為 144%。

Capture was well above our target range driven by favorable clean product to asphalt sales mix and refined product inventory draws that sustained volumes during the April outage.

捕捉率顯著高於我們的目標區間，主要受惠於潔淨成品油相對瀝青的銷售組合有利，以及成品油庫存去化在 4 月停工期間支撐了銷量。

In Wyoming, the second core index averaged $28.73 per barrel margin capture was 118%, including the benefit of refined product inventory draws during the April outage partially offset by a $3 million FIFO headwind from declining crude oil prices. In Washington, our index averaged $20.27 per barrel margin capture was 100%, supported by continued jet to diesel strength on the West Coast.

在懷俄明州，第二核心指數平均為每桶 28.73 美元，利潤捕捉率為 118%，其中包含 4 月停工期間成品油庫存去化的效益，但部分被原油價格下跌帶來的 300 萬美元 FIFO 不利影響所抵銷。在華盛頓州，我們的指數平均為每桶 20.27 美元，利潤捕捉率為 100%，主要受西岸航空燃油相對柴油持續走強所支撐。

Turning to the Logistics segment, adjusted EBITDA was $30 million in the second quarter compared to $32 million in the first quarter reflecting reduced crude imports ahead of the Hawaii turnaround. In the Retail segment, adjusted EBITDA was $17 million compared to $15 million in the first quarter. The sequential improvement was driven by a partial recovery in fuel margins and continued growth in foodservice sales in both regions.

轉到物流（Logistics）事業部，第二季調整後 EBITDA 為 3,000 萬美元，較第一季的 3,200 萬美元下降，反映在夏威夷大修前原油進口量減少。在零售（Retail）事業部，調整後 EBITDA 為 1,700 萬美元，較第一季的 1,500 萬美元增加。此一季比改善主要由燃油毛利部分回升，以及兩個地區餐飲服務（foodservice）銷售持續成長所帶動。

Moving to cash flow, second-quarter cash from operations totaled $614 million excluding working capital outflows of $312 million and deferred turnaround costs of $19 million. The working capital outflows were primarily driven by building refined product inventories ahead of the Hawaii turnaround and higher commodity prices, which increased the value of hydrocarbon inventories. We expect a substantial portion of these working capital outflows to reverse as inventory levels normalize after the Hawaii turnaround and commodity prices stabilize.

談到現金流，第二季營運活動現金流入合計 6.14 億美元（不含營運資金流出 3.12 億美元及遞延大修成本 1,900 萬美元）。營運資金流出主要來自於在夏威夷大修前建立成品油庫存，以及商品價格上漲推升碳氫化合物庫存價值。我們預期其中相當大一部分營運資金流出，將在夏威夷大修後庫存水位正常化、且商品價格趨於穩定時回轉。

Second quarter capital expenditures, including deferred turnaround costs, totaled approximately $59 million. During the quarter, we continued to benefit from our excess RIN inventories associated with the prior period small refinery exemptions. As a reminder, our adjusted EBITDA and adjusted net income reflects full rent expense at current period RIN prices. which does not reflect the benefit of our excess rent position. Our GAAP results by contracts include approximately $35 million gain in the quarter, representing the difference between current RIN prices and the book value of our RIN assets on our balance sheet.

第二季資本支出（含遞延大修成本）合計約 5,900 萬美元。本季我們持續受惠於先前期間小型煉油廠豁免（small refinery exemptions）所帶來的超額 RIN 庫存。提醒一下，我們的調整後 EBITDA 與調整後淨利已反映以當期 RIN 價格計算的全額租金費用（rent expense），因此未反映我們超額租金部位（excess rent position）的利益。依 GAAP，我們的合約相關結果在本季包含約 3,500 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。

Shifting to the balance sheet. We completed a $500 million offering of senior secured notes, reducing gross term debt by more than $130 million during the quarter. We also reduced ABL borrowings by $78 million, resulting in a total net debt reduction of over $220 million. Given the heightened market volatility during the period, we moderated our opportunistic share repurchase activity in favor of strengthening the balance sheet through debt reduction. Year-to-date, through the second quarter, we have repurchased approximately $48 million of common stock including cash settled options. As of June 30, total liquidity was approximately $1.4 billion, and our cash balance was $185 million.

接著看資產負債表。我們完成 5 億美元的優先擔保票據（senior secured notes）發行，使本季總定期債務（gross term debt）減少超過 1.3 億美元。我們也將 ABL 借款減少 7,800 萬美元，使淨負債合計減少超過 2.2 億美元。鑑於期間市場波動加劇，我們降低了機會型庫藏股回購活動，轉而優先透過減債強化資產負債表。年初至今截至第二季，我們已回購約 4,800 萬美元普通股（包含以現金結算的選擇權）。截至 6 月 30 日，總流動性約 14 億美元，現金餘額為 1.85 億美元。

Looking to the third quarter, our July consolidated Refining index was $31.34 per barrel or approximately $1.60 below the Q2 average. In Hawaii, the financial impact of the refinery turnaround will be concentrated in the third quarter, increased refined product imports are expected to hold capture below our typical guidance range. Our third quarter Hawaii crude differential is expected to land between $11.50 and $13.50 per barrel, reflecting higher freight costs and deeper backwardation.

展望第三季，我們 7 月合併煉油指數為每桶 31.34 美元，約較第二季平均低 1.60 美元。在夏威夷，煉油廠大修的財務影響將集中反映在第三季；預期增加成品油進口將使捕捉率低於我們典型的指引區間。我們預期第三季夏威夷原油價差將落在每桶 11.50 至 13.50 美元之間，反映較高運費成本與更深度的逆價差（backwardation）。

Across our mainland system, distillate margins have remained firm and seasonal demand has been strong quarter to date. As Richard mentioned, Montana will complete its annual coker maintenance during the third quarter, resulting in roughly $6 million to $8 million of incremental OpEx and a heavier asphalt sales mix. In renewables, we expect a gradual ramp in third-party sales volumes and earnings contribution as we restart the units following the Hawaii turnaround.

在我們美國本土系統方面，餾分油（distillate）利差仍維持穩健，且截至目前本季的季節性需求表現強勁。如 Richard 所提，蒙大拿將於第三季完成年度焦化裝置（coker）維護，將帶來約 600 萬至 800 萬美元的額外營運費用（OpEx），並使瀝青銷售組合比重提高。在再生能源方面，隨著我們在夏威夷大修後重啟裝置，我們預期第三方銷售量與獲利貢獻將於第三季逐步爬升。

Overall, the second quarter demonstrated the significant earnings power of our business in a favorable market. Our strong balance sheet and liquidity position will provide financial flexibility to invest in strategic growth opportunities while maintaining an opportunistic approach to share repurchases. This concludes our prepared remarks.

整體而言，第二季在有利市場環境下展現了我們業務顯著的獲利能力。我們強健的資產負債表與流動性部位，將提供財務彈性以投資策略性成長機會，同時維持機會型的庫藏股回購策略。以上為我們的預先準備發言。

Sara will turn it back to you for the Q&A.

Sara 會把時間交還給您進行問答（Q&A）。

(Operator Instructions) Matthew Blair, TPH.

(接線員指示) Matthew Blair，TPH。

Thank you and good morning, and congrats on the strong results. I was hoping you could talk just a little bit more about the moving parts in Hawaii for the third quarter. So you mentioned the turnaround in July, the capture would likely be below typical guidance. I think you also mentioned that you've been building inventory.

謝謝，早安，也恭喜你們有很強勁的成果。我想請你們再多談一點第三季夏威夷的各項變動因素。你們提到 7 月的大修，捕捉率可能會低於典型指引。我想你們也提到一直在建立庫存。

So is it reasonable to assume that you're monetizing inventory throughout July to help offset the impact of the turnaround? Also, is there any increase in OpEx from the term? And then finally, should we expect a timing headwind just based on Q3, quarter-to-date prices so far in Q3 in Hawaii?

那麼，是否可以合理假設你們在 7 月會持續將庫存變現，以協助抵銷大修的影響？另外，是否會因為大修而增加任何 OpEx？最後，僅就第三季而言，基於第三季迄今夏威夷的價格水準，我們是否應預期會有時間差造成的不利影響（timing headwind）？

Matt, it's Shawn. I'll take your last one first. I think it's too early to call the sort of price lag impacts. It's really, as you know, the last month of each quarter, and you look at sort of Singapore disilane. So I think just watch September Singapore pricing relative to June once that month prices out.

Matt，我是 Shawn。我先回答你最後一個問題。我認為現在判斷所謂價格落後（price lag）的影響還太早。如你所知，關鍵其實在每一季的最後一個月，並且要看新加坡餾分油（Singapore distillate）。所以我認為可以觀察 9 月新加坡價格相對於 6 月的走勢，等那個月份價格確定後再看。

And then I think on capture, I sort of referred to it in the prepared remarks, we are expecting a more concentrated impact of the turnaround activities in we built refined products through imports late in Q2. But from a costing perspective, most of those imported barrels will be costed in Q3. So would expect capture to likely come in below sort of typical normalized guidance of 100% to 110% because of those factors. I think on -- I would say, a marginal increase. Most of the expenditures incurred during the turnaround are capitalized.

至於捕捉率（capture），我在準備發言中有提到，我們預期大修活動的影響會更集中；我們在第二季末透過進口建立了成品油庫存。但從成本認列角度來看，多數進口桶數將在第三季入帳。因此，基於這些因素，我們預期捕捉率可能會低於一般常態化指引的 100% 至 110%。至於——我會說 OpEx 只會小幅增加。大修期間發生的大部分支出都會資本化處理。

Lower total crude throughput. Matt, right, as you think about as the plant comes back online, you won't be at full rates for the entire quarter.

原油總處理量會較低。Matt，沒錯，當你思考裝置重新開車時，整個季度不會全程都維持滿載運轉。

Okay. Sounds good. And then, Will, could you share any insights on the Singapore market, we have seen China refinery utilization pick up a little bit or past month because it still is relatively low report that China has been increasing product or have you seen any of that? And yes, I mean, the inventory picture in Singapore next still move five-year highest. But what are the moving parts you're seeing in the Singapore market?

好的。了解。另外，Will，你能否分享一些對新加坡市場的看法？我們看到中國煉廠開工率在過去一個月略有回升，但仍相對偏低；有報導稱中國正在增加成品油——你們有看到這種情況嗎？另外，新加坡的庫存情況仍接近五年高點。你們在新加坡市場看到的主要變動因素是什麼？

Sure. Yes, Matt, I think continue to watch Chinese behavior closely, obviously moves month-to-month. I would say despite I think some announcements and potentially some increases in crude throughputs not seeing any material change in exports of refined product as we look in the July and even the forward planning that we've seen at least through August. So again, I think, as you know, the data of China is opaque and the best thing to do is to watch the vessel movements. And I think what we're seeing is limited increases in waterborne refined exports at this point in time.

當然。是的，Matt，我認為仍需密切關注中國的行為，顯然每個月都會變動。我會說，儘管有一些公告、且原油處理量可能有所增加，但就我們觀察 7 月以及目前看到至少到 8 月的前瞻規劃而言，並未看到成品油出口有任何實質性變化。所以再說一次，如你所知，中國的數據不透明，最好的方式是觀察船舶動態。而我們目前看到的是，海運成品油出口在此時點的增幅有限。

And again, I think -- just as a reminder, we followed the Chinese policy over the last decade, and there's been a focus on internalizing their capabilities for many years. And again, I think you're seeing that behavior play out and it's this shock. And so again, I think that internal focus is probably the primary objective. And again, I think that's something to continue to watch over the course of years rather than months. But certainly the behavior that we're seeing.

另外再提醒一下，我們過去十年一直追蹤中國政策，且多年來一直聚焦於將其能力內部化。而我認為你正在看到這種行為在這次衝擊中展現出來。因此，我認為內部聚焦很可能是主要目標。同樣地，我認為這是需要以「年」而非「月」為尺度持續觀察的事情。但這確實是我們目前看到的行為。

Alexa Breno, Goldman Sachs.

Alexa Breno，高盛。

Hey, good morning, team, and thanks for taking our question. Are you able to give us any more color on the Hawaii turnaround. It sounds like from an operational perspective, it's tracking. I mean, anything that surprised downside? And then on the substantially complete piece, what specific units are left? And any thoughts on timeline?

嗨，各位早安，團隊，謝謝讓我們提問。你們能否就夏威夷的檢修後復原（turnaround）提供更多細節？聽起來從營運角度看，進度是符合預期的。我是說，有沒有任何超出預期的負面驚訝？另外，關於「基本完工（substantially complete）」那一塊，還剩下哪些具體裝置／單元？以及時程方面有什麼想法？

Sure, Alexa. This is Richard. The turnaround was scheduled for 30 to 45 days, 13 the return of some of the early equipment, and we follow pretty well on track with that with the crude unit and reforming unit to produce gasoline on that 30-day window. Out on the outer edge of that, the 45-day window is really centered around the hydrocracker and the mechanical work is completed on it, and it's in the middle of Catalyst activation and start-up at this point. So that's the status of the major equipment the cost and schedule all came in close range to target, so no significant issues there.

當然，Alexa。我是 Richard。這次檢修原本排定 30 到 45 天，包含部分早期設備的返還；就原油蒸餾裝置與重整裝置而言，我們在 30 天的窗口內恢復生產汽油，整體進度相當符合計畫。至於外圍的 45 天窗口，主要是以加氫裂化裝置為核心；其機械作業已完成，目前正處於觸媒活化與開車（start-up）階段。以上是主要設備的狀態；成本與工期都與目標相當接近，因此沒有任何重大問題。

Okay. That's helpful. And then just a follow-up. Can you talk about your latest thoughts on capital allocation priorities, whether that be around capital returns or potential for any bolt-on M&A or any other considerations?

好的。這很有幫助。再追問一下。你能談談你們最新對資本配置優先順序的想法嗎？不論是資本回饋、是否有任何補強型併購（bolt-on M&A）的可能，或其他考量？

Sure, Alexa. It's Will. I think what I'd say on capital allocation is it continues to be dynamic. And I think our past history really is a pretty good indicator of a framework that we deploy. And so, I'd say you look back at times, we found that M&A is the most attractive capital deployment and that others, you've seen us invest in growth inside the business, like in our renewable fuels project. And then there's been other times where we've seen the opportunity to repurchase our own shares at attractive discounts to our view of intrinsic value.

當然，Alexa。我是 Will。我想我會說，資本配置仍然是動態的。而且我認為我們過去的歷史，其實很能反映我們採用的一套框架。所以，我會說你回頭看，有些時候我們認為併購是最具吸引力的資本運用；也有其他時候，你看到我們在業務內部投資成長，例如我們的再生燃料專案。另外也有一些時候，我們看到以相對於我們對內在價值的看法而言具吸引力的折價，回購自家股票的機會。

And I think these opportunities that come and go and based on many different variables. And ultimately, our focus is really just a disciplined view on creating long-term value on a per share basis. That's really how we think about the capital allocation priorities. And so -- at this point in time, I think we're spending a fair amount of effort doing internal small-scale projects that I described as kind of singles and doubles that I think give us flexibility to achieve unlevered returns that are in the low 20s for refining logistics projects. And I think those are within our control.

我認為這些機會會來來去去，並取決於許多不同變數。最終，我們的重點就是以紀律性的角度，在每股基礎上創造長期價值。這就是我們思考資本配置優先順序的方式。因此——在目前這個時間點，我們投入相當多精力在我所描述的內部小型專案上，有點像是「一壘安打、二壘安打（singles and doubles）」；我認為這些專案能讓我們具備彈性，在煉油與物流相關專案上達成約 20% 出頭的無槓桿報酬率。而且我認為這些都在我們可控範圍內。

And these other opportunities involve a lot of external market forces. And I think being prepared and ready to move is a significant strategic asset. So I think our historical framework is the best thing to look at and guides the way we think about the future.

而其他機會則牽涉到許多外部市場力量。我認為保持準備就緒、隨時能行動，是一項重要的策略資產。所以我認為，回顧我們歷史上的框架是最值得參考的，也指引我們如何思考未來。

(Operator Instructions) Jason Gabelman, TD Cowen.

（接線員指示）TD Cowen 的 Jason Gabelman。

I was hoping to get an update on how much of the NOL is left. When do you expect that to be exhausted just given the very strong earnings we've seen and then updated guidance on where tax rate can go once that is exhausted.

我想了解一下目前還剩多少 NOL（淨營運虧損可扣抵額）。考量到我們看到非常強勁的獲利表現，你們預期何時會用完？以及一旦用完後，稅率可能會到哪個水準的最新指引。

Jason, it's Shawn. Yes, I'd say the beginning point, at the end of the year, our NOL balance was around $700 million and just given the year-to-date performance, I would expect to utilize a substantial portion of that NOL this year. I think if current margins persist, will likely transition to a more typical federal tax position beginning in 2027.

Jason，我是 Shawn。是的，我想先從起點說起：在年底時，我們的 NOL 餘額大約是 7 億美元；以今年迄今的表現來看，我預期今年會使用掉相當大一部分的 NOL。我認為如果目前的利差（margins）持續，我們很可能會在 2027 年開始轉為較典型的聯邦稅負狀態。

Okay. Understood. And then maybe I was hoping to get your updated thoughts around small refinery exemptions. Any kind of sense on when you can expect to hear on your 2025 petitions and outlook for what that could do from a cash standpoint.

好的。了解。另外我也想請教你們對小型煉油廠豁免（small refinery exemptions）的最新看法。對於你們 2025 年的申請案，大概何時可能收到結果？以及從現金角度看，這可能帶來什麼影響的展望？

Sure, Jason. Yes, I think the -- I think any specific dates would be complete speculation, as you guys know, just kind of watching there's deadlines, there's legal obligations and all those things rarely seem to be binding on behalf of the EPA. So I think the key date, we're watching is clearly there's a September 1 compliance deadline for 2025. It's early August. So we would certainly hope to hear with adequate time ahead of that compliance. As a reminder, we're in a favorable position with respect to the 2025 positioning at this juncture. And I'll let Shawn go into the dollar magnitudes based on different scenarios for your benefit.

當然，Jason。是的，我想任何具體日期都純屬猜測；如各位所知，雖然有期限、有法律義務等等，但這些往往看起來很少會真正約束 EPA 的行事節奏。所以我們關注的關鍵日期，顯然是 2025 年 9 月 1 日的合規截止日。現在是 8 月初。因此我們當然希望能在該合規期限之前、且有足夠時間的情況下收到通知。提醒一下，就目前而言，我們在 2025 年的定位上處於有利位置。我會請 Shawn 針對不同情境，為你說明金額規模。

Yes, Jason, our mainland RVO is about 140 million RIN units for 2025. So a full exemption at all three of our refineries and at current RIN prices would be about $300 million and then a partial exemption would be half of that.

是的，Jason，我們本土（mainland）的 RVO（再生燃料義務量）在 2025 年約為 1.4 億個 RIN 單位。因此，若我們三座煉油廠都獲得完全豁免，按目前 RIN 價格計算約為 3 億美元；若是部分豁免，則大約是其中一半。

Got it. Maybe if I could just ask a follow-up on the Hawaii turnaround and kind of the outlook. I know you mentioned some of the working capital headwind in 2Q was related to Hawaii. I was hoping you could disclose around what proportion of the headwind we should expect to come back once a while it comes back online? And then based on what you're seeing in the market, do you anticipate landed crude costs to normalize beyond 3Q?

了解。如果可以的話，我想再追問一下夏威夷檢修以及後續展望。我知道你們提到第二季部分營運資金的逆風與夏威夷有關。我想請你們揭露一下，一旦裝置重新上線，這個逆風大概有多少比例會回流／反轉？另外，依你們在市場上看到的情況，你們是否預期到岸原油成本（landed crude costs）在第三季之後會正常化？

Yes, Jason, I'll take the first one. I would say roughly half of the outflow this quarter was directly related to building up refined product inventories in Hawaii. I think the balance is mostly related to just higher flat price and inventory values.

是的，Jason，我先回答第一個。我會說本季的資金流出大約有一半，直接與在夏威夷建立成品油庫存有關。其餘部分主要與較高的絕對價格（flat price）以及庫存價值上升有關。

So -- and then, Will, you want to cover the crude.

所以——至於原油部分，Will，你要補充嗎？

Yes, Jason, I think the waterborne crude market and volatile, as you can imagine. And we've seen, I think, it's probably your best proxy to think about this as amidst kind of the peak concerns on crude supply. We saw AMS for June crude delivery. So these would have traded in kind of the April, May time frame, trade as high as (inaudible) plus 18. So -- and then the moment that the straights appeared to be opening and did open for periods of time we saw substantial excess waterborne crude available and the AMS deliveries for September delivery dropped to minus 6. So you can see it's almost a $25 barrel in the span of three months in terms of crude delivery and I think, expresses the kind of volatility we're seeing.

是的，Jason，我認為海運原油市場（waterborne crude market）如你所想非常波動。我想，你可以把這視為在原油供應疑慮達到高峰之際的一個最佳代理指標。我們看到 6 月交付的 AMS 原油。這些大概是在 4、5 月期間交易的，最高交易到（聽不清）加 18。所以——接著當直餾油（straights）看起來開始放開、且確實在某些期間放開時，我們看到大量多餘的海運原油供給；而 9 月交付的 AMS 則下滑到負 6。因此你可以看到，在三個月的時間內，按交付原油來看幾乎是每桶 25 美元的變動，我認為這反映了我們所看到的那種波動性。

That said, I would just comment that at this point, despite the conflict reintensifying we're not seeing crude differentials at peak levels like it was early -- in the early stage of the conflict in the kind of March, April time frame in the current market environment.

話雖如此，我只想補充：就目前而言，儘管衝突再度升溫，我們並沒有看到原油價差（crude differentials）回到像衝突初期——大約 3、4 月那段時間——那樣的高峰水準，在目前的市場環境下並非如此。

This concludes the question-and-answer session. I will now turn the call over to Will for closing remarks.

問答環節到此結束。我現在把電話交回給 Will 作結語。

Great. This quarter represents an example of what strong execution can deliver against a favorable market backdrop. Looking forward, our focus remains on disciplined execution as durable path to growing earnings and free cash flow per share over time. Thank you to the entire Par Pacific team for your focused efforts throughout the quarter and thank you all for joining us today.

很好。本季展現了在有利的市場背景下，強勁執行力所能帶來的成果。展望未來，我們的重點仍是以紀律性的執行，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。感謝整個 Par Pacific 團隊在本季期間的專注努力，也謝謝各位今天加入我們。

This concludes today's conference call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。