Par Pacific Holdings, Inc. (PARR) 2026 Q3 法說會逐字稿

Good day, and welcome to the Par Pacific third-quarter 2026 earnings conference call. (Operator Instructions) This event is being recorded. I would now like to turn the conference over to Ashimi Vitter, Vice President of Investor Relations. Please go ahead.

大家好，歡迎參加 Par Pacific 2026 年第三季財報電話會議。(接線員指示) 本次活動將被錄音。現在我想把會議交給投資人關係副總裁 Ashimi Vitter。請開始。

Thank you, Sarah. Welcome to Par Pacific's third quarter earnings conference call. Joining me today are Will Monteleone, Richard Creamer, Shawn Flores and Jerry Stumbo. 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.

謝謝你，Sarah。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 Will Monteleone、Richard Creamer、Shawn Flores 以及 Jerry Stumbo。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。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存在重大差異。

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

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。關於非 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向 SEC 提交的申報文件。接下來我將把電話交給我們的總裁兼執行長 Will Monteleone。

Thank you, Ashimi, and good morning, everyone. Before I turn to results, I want to note a leadership transition in our refining and logistics organization. After many years of outstanding contributions, Richard Creamer is transitioning to a senior adviser role ahead of his retirement next spring, and Jerry Stumbo has joined us as Executive Vice President of Refining and Logistics.

謝謝你，Ashimi，各位早安。在我談到業績之前，我想先提及我們煉油與物流組織的一項領導層交接。在多年卓越貢獻之後，Richard Creamer 將在明年春季退休前轉任資深顧問一職，而 Jerry Stumbo 已加入我們，擔任煉油與物流執行副總裁。

Richard built a reliable, disciplined operating organization that is a significant part of the results we are reporting today, and we are fortunate to retain his counsel through the transition. Richard will walk through our operational results on today's call, and Jerry will take that role beginning next quarter.

Richard 建立了一個可靠且紀律嚴明的營運組織，這也是我們今天所報告成果的重要組成部分；我們很幸運能在交接期間持續獲得他的建議。Richard 將在今天的電話會議中說明我們的營運結果，而從下個季度開始，Jerry 將接手這項角色。

I'm excited to welcome Jerry to the team and believe his experience, character and resilience will be critical ingredients to drive our operations to the next level. I couldn't be more excited to work side-by-side with him to build an even stronger business. Turning to the quarter.

我很高興歡迎 Jerry 加入團隊，並相信他的經驗、品格與韌性將是推動我們營運邁向下一個層級的關鍵要素。我非常期待與他並肩合作，打造更強健的業務。接著談本季表現。

Strong financial results were driven by solid reliability and commercial execution from our core operations. Third quarter adjusted net income was $10.70 per share. Adjusted EBITDA was $646 million, including a small refinery exemption benefit of $222 million. We safely and successfully completed Hawaii's plant-wide turnaround and returned the facility to full operations, and our mainland refineries ran well during the peak summer margin environment.

強勁的財務成果主要來自核心營運的穩健可靠性與商業執行力。第三季調整後每股淨利為 10.70 美元。調整後 EBITDA 為 6.46 億美元，其中包含 2.22 億美元的小型煉油廠豁免（Small Refinery Exemption）收益。我們安全且成功地完成夏威夷全廠歲修並使設施恢復全面運轉，同時我們在美國本土的煉油廠在夏季利差高峰環境下運轉良好。

The refined product market environment strengthened through the quarter, and our combined market index averaged a quarterly record of $38.45 per barrel, nearly 3x the 2025 average of $12.40 per barrel. Constrained Persian Gulf and Russian refined product exports, restricted Asian refiner throughput and continued trade protectionism remained critical factors that limited refined product supply. Demand remained resilient.

本季期間成品油市場環境走強，我們的綜合市場指數季度平均創下每桶 38.45 美元的紀錄，接近 2025 年平均每桶 12.40 美元的 3 倍。波斯灣與俄羅斯成品油出口受限、亞洲煉油廠開工率受抑，以及持續的貿易保護主義，仍是限制成品油供給的關鍵因素。需求仍具韌性。

Looking forward, global refined product inventories remain tight and structural factors supporting refining margins remain intact. Overall, Asian refinery runs remain constrained as the ability to run long-haul import/export refineries and an elevated freight rate environment faces pressure. Increasing waterborne LNG prices are also major factors for both Europe and Asia as we head into winter. The value of local manufacturing is going up in a more volatile world.

展望未來，全球成品油庫存仍然偏緊，支撐煉油利差的結構性因素依舊存在。整體而言，亞洲煉廠開工仍受限制，長程進出口型煉廠的運行能力以及高企的運費環境正面臨壓力。隨著進入冬季，水運 LNG 價格上升亦是影響歐洲與亞洲的主要因素。在更為動盪的世界中，在地製造的價值正在提升。

Turning to retail. Same-store fuel volumes and in-store sales increased by 2.1% and 1.9%, respectively, compared to the third quarter of 2025, reflecting continued momentum. Our enhanced food offering remains a key driver of in-store performance with food sales growing 11% over the same period and now representing more than 10% of total in-store sales.

接著談零售業務。與 2025 年第三季相比，同店燃油銷量與店內銷售額分別成長 2.1% 與 1.9%，反映動能持續。我們強化的餐食供應仍是帶動店內表現的關鍵驅動因素，餐食銷售較同期成長 11%，目前已占店內總銷售額的 10% 以上。

There is plenty of room to grow this valuable revenue stream. We're also encouraged by the early performance of our most recent new-to-industry location, which is exceeding underwriting expectations and demonstrating the value of our differentiated food and merchandising strategies.

這項高價值的營收來源仍有很大的成長空間。我們也對最新一家新進入產業（new-to-industry）的據點早期表現感到鼓舞，其表現超出承銷/投資評估（underwriting）預期，並展現我們差異化餐食與商品策略的價值。

On the strategic front, our Hawaii renewables business reached an inflection, generating a profit during the quarter. Renewable diesel production ramped quickly following July's turnaround with September throughput of approximately 3,700 barrels per day. Just as encouraging, the business is operating at a competitive operating expense per gallon, which is essential to the long-term durability of the platform.

在策略面，我們的夏威夷再生能源業務達到轉折點，本季實現獲利。7 月歲修後，再生柴油產量迅速爬坡，9 月處理量約為每日 3,700 桶。同樣令人振奮的是，該業務以具競爭力的每加侖營運費用運行，這對平台的長期韌性至關重要。

Separately, the sale of Laramie Energy remains on track to close in the fourth quarter, subject to customary closing conditions. We expect to receive approximately $120 million in cash proceeds at closing with additional fixed and natural gas price-based consideration over the following five years.

另外，Laramie Energy 的出售案仍按計畫推進，預計在第四季完成交割，但仍須符合慣常的交割條件。我們預期在交割時可收到約 1.2 億美元的現金收益，並在接下來五年取得額外的固定對價及與天然氣價格掛鉤的對價。

Our balance sheet is in the strongest position in the company's history. We ended the quarter with total liquidity of approximately $2.4 billion. And for the first time, the company is in a net cash position. This is a meaningful milestone and a major strategic asset for a cyclical business.

我們的資產負債表處於公司史上最強健的狀態。本季末我們的總流動性約為 24 億美元。而且公司首次處於淨現金部位。這是一個重要里程碑，亦是景氣循環型業務的一項重大策略資產。

Our focus remains on day-to-day reliability, executing low capital, high-return growth projects and opportunistically repurchasing shares. In closing, continued operational discipline, commercial execution and capital allocation are translating in a constructive market into durably stronger free cash flow per share. With that, I'll hand it over to Richard, who will walk through our Refining and Logistics results.

我們的重點仍在於日常營運可靠性、執行低資本高報酬的成長專案，以及把握時機回購股份。最後，在具建設性的市場環境下，持續的營運紀律、商業執行與資本配置，正轉化為每股更具持久性的自由現金流。接下來我把電話交給 Richard，由他說明我們煉油與物流的業績。

Thank you, Will, and good morning. Let me begin by welcoming Jerry to the team. I'm excited that he's here, and I look very forward to the bright future for him and Par Pacific ahead. Hawaii had a busy quarter, and I want to recognize the logistics team for their excellent hurricane preparation and response along with the well-executed changeout of the single point mooring system.

謝謝你，Will，各位早安。首先讓我歡迎 Jerry 加入團隊。我很高興他能加入，也非常期待他與 Par Pacific 未來光明的發展。夏威夷本季相當忙碌，我要肯定物流團隊在颶風準備與應對方面的出色表現，以及單點繫泊系統（single point mooring system）更換作業的良好執行。

In addition, the refining team successfully executed their turnaround, ending with a quality onetime refinery restart. We're very proud of the Hawaii team and their efforts to reliably support the entire island community. Third quarter refining throughput was 174,000 barrels per day. In Hawaii, throughput was 57,000 barrels per day and production costs were $8.45 per barrel.

此外，煉油團隊成功執行歲修，並以一次高品質的煉廠重啟作結。我們為夏威夷團隊感到非常自豪，他們的努力可靠地支援整個島嶼社區。第三季煉油處理量為每日 174,000 桶。在夏威夷，處理量為每日 57,000 桶，生產成本為每桶 8.45 美元。

The lower throughput was related to extended turnaround discovery work. The refinery is now positioned for a five-year run and is benefiting from several project completions that support the improved onstream reliability and annualized capacity. Hawaii Renewables throughput was 78,000 gallons per day and production costs were $0.38 per gallon. Following the turnaround, we saw strong throughput rates and continue to broaden and prove out our feedstock flexibility.

處理量較低與歲修期間延長的檢修發現工作有關。目前煉廠已具備連續運行五年的條件，並受益於多項專案完工，這些專案支援更佳的開工可靠性與年化產能。夏威夷再生能源處理量為每日 78,000 加侖，生產成本為每加侖 0.38 美元。歲修後，我們看到強勁的處理速率，並持續擴大與驗證我們在原料上的彈性。

In Q3, we successfully processed canola, yellow grease and tallow feedstocks. Now our forward focus shifts to sustaining reliable operations and optimizing the pretreatment and hydrotreater units. Shifting to Washington, throughput was 40,000 barrels per day and production costs were $4.68 per barrel.

在第三季，我們成功處理了芥花籽油、黃油脂（yellow grease）與牛羊脂（tallow）等原料。接下來我們的重點將轉向維持可靠運轉，並最佳化預處理與加氫精製（hydrotreater）裝置。轉到華盛頓州，處理量為每日 40,000 桶，生產成本為每桶 4.68 美元。

In Wyoming, throughput was 19,000 barrels per day and production costs were $9.27 per barrel. In Montana, throughput was a quarter record 58,400 barrels per day and production costs were $10.41 per barrel. Excluding $6 million of OpEx related to coker maintenance, routine production costs were $9.29 per barrel.

在懷俄明州，處理量為每日 19,000 桶，生產成本為每桶 9.27 美元。在蒙大拿州，處理量創季度紀錄，達每日 58,400 桶，生產成本為每桶 10.41 美元。扣除與延遲焦化裝置（coker）維護相關的 600 萬美元營運費用（OpEx）後，例行生產成本為每桶 9.29 美元。

It's worth a moment to reflect on the progress we've made at Billings since the acquisition. Prior to our ownership, the refinery operated at approximately 50,000 barrels per day with production costs exceeding $12 per barrel. Through disciplined reliability investments and consistent execution, we've increased throughput to 56,000 barrels per day year-to-date while reducing production costs to below $10 per barrel.

值得花點時間回顧自收購以來我們在 Billings 所取得的進展。在我們接手之前，該煉油廠日產量約 50,000 桶，且生產成本高於每桶 12 美元。透過有紀律的可靠性投資與持續一致的執行，我們今年迄今已將處理量提升至日產 56,000 桶，同時將生產成本降至每桶 10 美元以下。

With a stronger operating foundation in place, we are adjusting our focus to the next phase of high-return growth projects and logistics improvements to further enhance the refinery's earnings potential.

在更強健的營運基礎到位後，我們正將重點調整至下一階段的高報酬成長專案與物流改善，以進一步提升煉油廠的獲利潛力。

Moving to the fourth quarter. With our planned maintenance events behind us, refining throughput guidance reflects strong Q4 demand. We expect Hawaii between 85,000 and 89,000 barrels per day, Washington between 39,000 and 42,000, Wyoming between 16,000 and 18,000 and Montana between 53,000 and 57,000, resulting in a system-wide midpoint of 200,000 barrels per day. Hawaii Renewables throughput is expected between 2,800 and 3,400 barrels per day, reflecting continued feedstock optimization and operating flexibility.

接著談第四季。隨著我們規劃的維修事件已告一段落，煉油處理量指引反映第四季強勁需求。我們預期夏威夷介於日產 85,000 至 89,000 桶，華盛頓介於 39,000 至 42,000 桶，懷俄明介於 16,000 至 18,000 桶，蒙大拿介於 53,000 至 57,000 桶，使全系統中位數達日產 200,000 桶。夏威夷再生能源處理量預期介於日產 2,800 至 3,400 桶，反映持續的原料最佳化與營運彈性。

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. Third quarter adjusted EBITDA was $646 million and adjusted net income was $531 million or $10.70 per share. Our third quarter results include a gain related to the 2025 small refinery exemptions of $222 million in adjusted EBITDA and $187 million in adjusted net income.

謝謝你，Richard。第三季調整後 EBITDA 為 6.46 億美元，調整後淨利為 5.31 億美元，或每股 10.70 美元。我們第三季結果包含與 2025 年小型煉油廠豁免（SRE）相關的收益：調整後 EBITDA 增加 2.22 億美元，調整後淨利增加 1.87 億美元。

These amounts reflect the expected pre and post-tax cash benefits based on September 30 RIN prices. For comparability, the upcoming refining segment commentary will exclude the impact of these SRE benefits.

上述金額反映以 9 月 30 日 RIN 價格為基礎、預期稅前與稅後的現金效益。為了可比性，接下來對煉油事業部的評論將排除這些 SRE 效益的影響。

The Refining segment generated third quarter adjusted EBITDA of $396 million compared to $561 million in the second quarter. Our third quarter combined refining index was $38.45 per barrel, an increase of approximately $5.50 per barrel compared to the second quarter.

煉油事業部第三季調整後 EBITDA 為 3.96 億美元，較第二季的 5.61 億美元下降。第三季我們合併煉油指數為每桶 38.45 美元，較第二季約增加每桶 5.50 美元。

System-wide capture was 86%, reflecting the impacts of Hawaii contractual price lag and turnaround activities. Excluding these items, normalized capture was approximately 98%. Starting in Hawaii, margin capture was 54%, including a net price lag headwind of $52 million or $10 per barrel. Capture was also impacted by June turnaround downtime with the associated margin effects recognized in the third quarter.

全系統捕捉率為 86%，反映夏威夷合約價格落後以及歲修活動的影響。排除上述因素後，常態化捕捉率約為 98%。先從夏威夷開始，利潤捕捉率為 54%，其中包含淨價格落後的不利因素 5,200 萬美元，或每桶 10 美元。捕捉率也受到 6 月歲修停工時間的影響，相關的利潤影響在第三季認列。

Normalizing for these items, Hawaii capture was 97%. In the Rockies, combined capture was 109%, supported by strong seasonal demand in Montana and a $9 million FIFO benefit in Wyoming.

將上述因素常態化後，夏威夷捕捉率為 97%。在落磯山地區，合併捕捉率為 109%，受蒙大拿強勁的季節性需求以及懷俄明 900 萬美元 FIFO（先進先出）利益支撐。

In Washington, capture was 89%, reflecting a normalization of West Coast jet to diesel spreads compared to the first half of the year. Shifting to our newly created Renewables segment. Renewables adjusted EBITDA was $5 million, reflecting supportive environmental credit prices and renewable diesel margins.

在華盛頓，捕捉率為 89%，反映西岸航煤相對柴油的價差較上半年回歸常態。接著談我們新成立的再生能源事業部。再生能源調整後 EBITDA 為 500 萬美元，反映環境信用價格具支撐以及再生柴油利差。

Due to downtime associated with the refinery turnaround, third quarter renewable throughput and sales volumes were approximately half of what we would expect at normalized operating rates.

由於煉油廠歲修相關停工，第三季再生能源處理量與銷售量約為我們在常態營運水準下預期的一半。

Turning to Logistics. Adjusted EBITDA was $31 million in the third quarter, partially impacted by lower asset utilization during the Hawaii turnaround. Our Retail segment reported adjusted EBITDA of $19 million in the third quarter compared to $17 million in the second quarter, reflecting improved fuel margins during the first half of the quarter. Moving to cash flow.

接著談物流事業部。第三季調整後 EBITDA 為 3,100 萬美元，部分受到夏威夷歲修期間資產使用率較低的影響。零售事業部第三季調整後 EBITDA 為 1,900 萬美元，較第二季的 1,700 萬美元增加，反映本季前半段燃料利差改善。接著談現金流。

Cash from operations was $839 million, including a $387 million working capital inflow and $50 million of turnaround expenditures. The working capital inflow primarily reflected the reversal of elevated receivables and equity funded product inventory from the second quarter. Despite the large inflow, our year-to-date working capital change remains an outflow of over $110 million, which we would expect to unwind as commodity prices decline. Separately, during the quarter, we sold approximately $200 million of excess RINs associated with our 2025 small refinery exemptions.

營運活動現金流為 8.39 億美元，其中包含 3.87 億美元的營運資金流入以及 5,000 萬美元的歲修支出。營運資金流入主要反映第二季偏高的應收款項與以權益資金支應的產品庫存回轉。儘管本季流入金額龐大，我們今年迄今的營運資金變動仍為超過 1.10 億美元的流出；隨著商品價格下跌，我們預期該狀況將回轉。另外，本季我們出售約 2 億美元與 2025 年小型煉油廠豁免相關的多餘 RIN。

Approximately half of the cash proceeds settled during the third quarter with the balance expected in the fourth quarter. Third quarter capital expenditures, including turnaround costs, totaled $87 million, bringing our year-to-date spending to $205 million. With our major maintenance activities behind us, we expect full year capital and turnaround costs to finish slightly above our 2026 guidance range.

約一半的現金收入已於第三季結算，餘額預期於第四季結算。第三季資本支出（含歲修成本）合計 8,700 萬美元，使今年迄今支出達 2.05 億美元。隨著主要維修活動已完成，我們預期全年資本與歲修成本將略高於我們 2026 年指引區間的上緣。

Shifting to the balance sheet and capital allocation. We fully repaid our ABL borrowings of $243 million and repurchased $10 million of common stock during the third quarter. As of September 30, total liquidity was $2.4 billion, including a cash balance of $731 million.

接著談資產負債表與資本配置。我們已全數償還 2.43 億美元的 ABL 借款，並於第三季回購 1,000 萬美元普通股。截至 9 月 30 日，總流動性為 24 億美元，其中包含 7.31 億美元現金餘額。

As part of our ongoing efforts to optimize our capital structure, we expect to terminate our Hawaii crude intermediation facility in the near term. We plan to use approximately $150 million of cash on hand to repurchase the related inventory and transition the collateral to our ABL facility, reducing annual working capital funding costs by approximately $14 million per year.

作為我們持續優化資本結構努力的一部分，我們預期在近期終止夏威夷原油中介融資安排。我們計畫使用約 1.5 億美元手頭現金回購相關庫存，並將擔保品轉至我們的 ABL 融資安排，使年度營運資金資金成本每年約降低 1,400 萬美元。

Finally, we expect to fully utilize our remaining federal NOLs this year. We entered 2026 with approximately $775 million of NOLs, providing a significant cash tax benefit of over $160 million. With these NOLs fully utilized, we anticipate becoming a regular federal cash taxpayer going forward.

最後，我們預期今年將完全用盡剩餘的聯邦 NOL（淨營業損失結轉扣抵）。我們在 2026 年初約有 7.75 億美元的 NOL，可帶來超過 1.6 億美元的重大現金稅務效益。在這些 NOL 全數用盡後，我們預期未來將成為一般的聯邦現金納稅人。

Looking to the fourth quarter, our combined refining index averaged $41.34 per barrel in October or $3 per barrel above the third quarter average. In Hawaii, we expect our fourth quarter crude differential to land between $9 and $11 per barrel, reflecting crude purchases made during the third quarter. Quarter-to-date Hawaii capture is supported by higher clean product freight pass-through rates and wider West Coast to Singapore distillate spreads.

展望第四季，我們 10 月的合併煉油指數平均為每桶 41.34 美元，較第三季平均高出每桶 3 美元。在夏威夷，我們預期第四季原油價差將落在每桶 9 至 11 美元，反映第三季所採購的原油。今年迄今第四季的夏威夷捕捉率，受較高的潔淨成品運費轉嫁費率以及西岸至新加坡的餾分油價差擴大所支撐。

Across our Mainland system, we are well positioned to benefit from the widened Brent-to-TI spreads and heavy crude differentials, particularly in Washington and Montana, where our combined heavy crude throughput averages 50,000 barrels per day or 25% of our system-wide feedstock mix.

在我們的美國本土系統，我們具備良好條件受惠於 Brent 與 TI 價差擴大以及重質原油價差，尤其是在華盛頓與蒙大拿；在這兩地，我們合計重質原油處理量平均為日產 50,000 桶，約占全系統原料組合的 25%。

Overall, we entered the fourth quarter with a strong outlook and significant financial flexibility. Looking ahead to 2027, we see attractive opportunities to compound recent earnings through organic growth investments while maintaining an opportunistic approach to share repurchases.

整體而言，我們以強勁展望與顯著的財務彈性進入第四季。展望 2027 年，我們看到透過有機成長投資來延續近期獲利的具吸引力機會，同時維持在股票回購上的機會主義作法。

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

以上為我們預先準備的發言。Sarah，接下來交還給你進行問答。

(Operator Instructions)

（接線員指示）

Matthew Blair, TPH.

Matthew Blair，TPH。

Congrats on the strong results. I was hoping you could talk a little bit more about the impact of rising tanker rates on your business. You provided that $9 to $11 per barrel Hawaii crude diff in Q4. Is there any idea where Q1 is trending so far on that metric? And then clean rates are also moving up. Can you talk about how that supports you in the Hawaii product market?

恭喜取得強勁的成果。我想請你們再多談一些油輪運價上升對你們業務的影響。你們提供第四季夏威夷原油價差每桶 9 到 11 美元。就這個指標而言，目前第一季的趨勢大概如何？另外，潔淨油品運價也在上升。能否談談這如何在夏威夷成品市場對你們形成支撐？

Matthew, thanks for the question. Yes, I'll start by sort of giving some context on Q4, and we're -- we typically don't give guidance out beyond the upcoming quarter, but I think I can help sort of set the stage and what we're seeing in the prompt market. As I mentioned, the fourth quarter Hawaii crude diff is guiding between $9 and $11 per barrel, which is actually softer relative to the third quarter.

Matthew，謝謝你的提問。是的，我先從第四季的背景談起。我們——我們通常不會提供超過下一季的指引，但我想我可以協助大致鋪陳一下我們在即期市場看到的情況。如我提到的，第四季夏威夷原油價差指引為每桶 9 到 11 美元，實際上相較第三季是較為疲弱的。

And just keep in mind, we're typically buying crude two to three months in advance. And so that's really indicative of crude that we bought in the early part of Q3. Obviously, since then, dirty freight and market structure have widened materially. I think the best proxy to look at is delivered ANS differentials to the West Coast. And over the last two to three months, those differentials have widened by $10 to $15 per barrel.

另外請記住，我們通常會提前兩到三個月採購原油。因此，這其實反映的是我們在第三季初期買進的原油。顯然，自那之後，髒油運費與市場結構已明顯擴大。我認為最好的參考指標是交付至西岸的 ANS 貼水/升水（differentials）。而在過去兩到三個月，這些貼水/升水已擴大每桶 10 到 15 美元。

So, I think that gives you some context of the types of crude that we're competing against in the market. But keep in mind, as you mentioned, we have meaningful offsets to the dirty freight exposure. On the sort of revenue side, all of our contracts include clean product freight pass-through rates. And over the same time period, those rates are up $6 to $8 per barrel.

所以，我想這能讓你了解我們在市場上所面對競爭的原油類型。但請記住，如你提到的，我們對髒油運費曝險有相當程度的抵銷。在收入端，我們所有合約都包含潔淨成品油運費的轉嫁費率（pass-through rates）。而在同一期間，這些費率上升了每桶 6 到 8 美元。

We also have a fair amount of exposure to West Coast pricing. And when you look at L.A. versus Singapore spreads, particularly on the distillate side, those have been averaging $30 to $40 per barrel relative to about $5 per barrel in the third quarter. So, those are meaningful offsets that we expect to support capture in Hawaii. Those may not sort of materialize exactly in the same quarter. The clean product freight comments and West Coast spreads is a prompt comment. And obviously, we have the lag on the crude side.

我們也有相當程度的西岸定價曝險。當你看洛杉磯相對新加坡的價差，特別是在中間餾分油（distillate）方面，這些價差平均每桶 30 到 40 美元，相較之下第三季約每桶 5 美元。因此，這些都是我們預期可支撐夏威夷捕捉率（capture）的重要抵銷因素。這些抵銷未必會在同一個季度完全同步反映。關於潔淨成品油運費與西岸價差的評論屬於即期（prompt）因素。而顯然，在原油端我們存在時間落後（lag）。

I think the other thing that I just wanted to remind you of is our exposure to the heavy Canadian crude differential on the mainland. We run about 50,000 barrels a day of heavy crude. We've seen those differentials widen out by $15 per barrel over the last month or so. And so, I mean, overall, our system, I think, provides a really natural balance between Hawaii and the Mainland. And I think we're able to offset much of the waterborne freight and Brent-to-TI spreads that you're seeing in the market. And Will, anything else you'd like to add?

我想另外一點也想提醒你的是，我們在美國本土對加拿大重質原油貼水/升水的曝險。我們每天加工約 50,000 桶重質原油。過去一個月左右，我們看到這些貼水/升水擴大了每桶 15 美元。所以整體而言，我認為我們的系統在夏威夷與本土之間提供了非常自然的平衡。我認為我們能抵銷你在市場上看到的大部分海運運費以及布蘭特對 WTI 的價差（Brent-to-TI spreads）。Will，你還有什麼想補充的嗎？

No. I mean, I think, Matthew, the only thing I'd point out too is keep in mind the delivered waterborne freight number or the delivered all-in crude cost to Hawaii is really made up of three factors, right? It's the kind of the origin point or FOB differentials on crude freight and then market structure.

沒有。我想，Matthew，我唯一要再指出的是，請記住，交付到岸的海運運費數字，或交付到夏威夷的全包原油成本，基本上由三個因素構成，對吧？也就是原產地或 FOB 貼水/升水、原油運費，然後是市場結構。

And I would just point out that if -- what we're seeing is in regions that are exporters of crude that are an extended distance from their typical markets are having to discount the FOB crude in order to clear into the market.

我只想指出，如果——我們看到的是，那些原油出口地區若距離其典型市場較遠，為了讓原油能在市場中出清，就必須在 FOB 原油上提供折價。

So, in the same time period, we've seen FOB crude differentials move from plus three to five to minus five to eight in certain markets. So, again, it's -- there's a number of variables that move in ensuring that crude is clearing the market. And I think I'd just point that out. I think Shawn gave you the best proxy with respect to the delivered ANS values, and that gives you a good sense of where the market is today.

因此，在同一期間，我們看到某些市場的 FOB 原油貼水/升水從正 3 到 5，轉為負 5 到 8。所以再說一次——為了確保原油能在市場中出清，有許多變數會變動。我想我只是要把這點指出來。我認為 Shawn 就交付到岸的 ANS 價值給了你最好的參考指標，這能讓你對當前市場位置有很好的掌握。

John Royall, Piper Sandler.

John Royall，Piper Sandler。

So my first question is just on potential M&A. We've seen some activity out in the market kind of across the size spectrum for independent refiners. Bless you, can you just update us on how you're thinking about refinery M&A more broadly post-Billings? And if there's any kind of geographic white space that you'd like to fill in?

我第一個問題是關於潛在的併購（M&A）。我們看到市場上獨立煉油商在不同規模區間都有一些活動。不好意思（Bless you），你能否更新一下，在 Billings 交易之後，你們對煉油廠併購更廣泛的思考方向？以及是否有任何你們想補上的地理空白區（geographic white space）？

Sure, John. It's Will. I think broadly, it's there's not a lot that's changed in our M&A framework. And again, I think we continue to be focused in areas where we would have significant synergies. And ultimately, that's principally in the Western United States that would plug into our existing network.

當然，John。我是 Will。我想整體而言，我們的併購框架並沒有太多改變。同樣地，我們仍然專注在能帶來顯著綜效的領域。最終而言，那主要是在美國西部，能夠接入我們既有的網路。

That said, I don't think we're in a rush to try and get things done. And I would recognize that we're in a very attractive margin environment, which typically is a challenging environment for which a buyer and a seller to get together, notwithstanding recent activity.

話雖如此，我不認為我們急著要把事情做成。而且我也會承認，我們正處於非常有吸引力的利差環境，這通常是買方與賣方較難達成共識的環境，儘管近期市場上確實有一些交易活動。

That makes sense. And then my follow-up is on the balance sheet and having the ABL at 0 and over $700 million of cash on the balance sheet is a great position to be in. My question is, do you expect to keep the ABL at zero and finance your working capital with cash from here? Or should we expect those balances to move back up a little bit?

了解。那我追問一個關於資產負債表的問題：ABL 餘額為 0，且資產負債表上有超過 7 億美元現金，這是很好的狀態。我的問題是，你們是否預期會把 ABL 維持在零，並從現在起用現金來支應營運資金？還是我們應該預期這些餘額會回升一些？

Yes. John, it's Will again. I think on just broader capital allocation, I would just say really our capital allocation framework remains consistent. And I'd say, first and foremost, we're really -- we're a growth company and are focused on building shareholder value over the next 5 to 10 years.

是的。John，我還是 Will。就更廣泛的資本配置而言，我只想說，我們的資本配置框架仍然一致。而且我會說，首要之務，我們確實——我們是一家成長型公司，專注於在未來 5 到 10 年為股東創造價值。

And in a cyclical business, maintaining excess capital after a period of near record margins is particularly valuable. And we've seen this time and again in the refining business that balance sheet strength really affords us flexibility to be prepared to act when inevitably the cycle is going to change.

在一個具循環性的產業中，在接近歷史高檔利差的一段期間之後維持超額資本，特別有價值。而我們在煉油產業一次又一次看到，資產負債表的強健確實賦予我們彈性，讓我們能在景氣循環不可避免改變時做好準備並採取行動。

And so in terms of priority, I would just say we're always going to challenge ourselves and rethink our position. And I'd point you to the past to really understand how we're dynamically thinking about things and ensuring that we're deploying capital in the most effective and risk-adjusted manner. So I mean, since 2023, I would point you to, we've repurchased our shares and have found that to be a particularly valuable allocation and deployed nearly $360 million and reduced our share count by 20%.

因此就優先順序而言，我只想說，我們會一直挑戰自己並重新思考我們的定位。我也會請你回顧過去，以真正理解我們如何動態思考各項選擇，並確保以最有效且經風險調整的方式部署資本。也就是說，自 2023 年以來，我會指出，我們回購了自家股票，並認為這是一項特別有價值的資本配置；我們已投入近 3.6 億美元，並將流通股數降低了 20%。

And at other times, you've seen us active on the M&A side. And it is difficult to predict when those opportunities emerge. And at other times, you've seen us execute organic capital projects like the approximately $100 million opportunity at Hawaii Renewables.

而在其他時候，你也看到我們在併購面向相當積極。而這些機會何時出現很難預測。另外在其他時候，你也看到我們執行有機資本專案，例如夏威夷再生能源（Hawaii Renewables）約 1 億美元的機會。

So, I really just give you that context because it gives you a sense of how we think. And I'd also just say at the same time, we don't rest on our past and remind ourselves that we're only as good as our next capital deployment decision.

所以，我提供這些背景，因為這能讓你了解我們的思考方式。同時我也想說，我們不會停留在過去的成績上，而是提醒自己，我們的表現取決於下一個資本部署決策。

(Operator Instructions)

(接線員指示)

Jason Gabelman, TD Cowen.

Jason Gabelman，TD Cowen。

You mentioned in your prepared comments that you're shifting to high-growth projects in Montana and you've kind of increased capability in Hawaii out of the turnaround. So wondering if you could walk through some of the details on that. Any color on potentially increasing crude flexibility and/or the future ability to increase capacity at the sites?

你在事先準備的發言中提到，你們正轉向蒙大拿的高成長專案，並且在檢修（turnaround）後提升了夏威夷的能力。想請你帶我們了解一些細節。能否談談在提升原油彈性（crude flexibility）以及/或未來提高各據點產能的可能性方面，有哪些補充資訊？

Yes. Sure, Jason, it's Will. I think in Hawaii, the opportunities we're pursuing there are really to increase our ability to run lighter crudes. And I would say it's early, but we're encouraged by the rates that we're seeing out of Hawaii post turnaround and have found -- again, there's times where we're able to get over 90,000 barrels per day. Again, I think it's too early to call that consistent, but I think we're encouraged by the results we're seeing there.

是的。當然，Jason，我是 Will。我想在夏威夷，我們正在推動的機會主要是提升我們加工較輕質原油的能力。我會說現在還早，但我們對夏威夷在檢修後所看到的運轉率感到鼓舞——而且我們發現——再說一次，有些時候我們能超過每日 90,000 桶。同樣地，我認為現在要說這會成為穩定常態還太早，但我們對目前看到的結果感到鼓舞。

In Montana, I would tell you, it's about a mix of crude flexibility, but then also product yield flexibility. And again, I think we've got a number of projects that we think are going to expand our capabilities to run a range of inland crudes and then also have a number of debottlenecking projects that are underway.

在蒙大拿，我會告訴你，這關乎原油彈性的組合，但也關乎產品收率彈性（product yield flexibility）。同樣地，我認為我們有多個專案可望擴大我們加工各類內陸原油的能力，同時也有多個去瓶頸（debottlenecking）專案正在進行中。

And these are probably less than $10 million projects that will allow us to expand our diesel production or our jet production by up to 1,000 barrels per day. And again, other projects inside the alkylation units that will allow us to debottleneck that unit by 10% to 20%. So, again, lots of low-hanging fruit in Montana that we're seeing. And again, I think we're excited to have a stronger operating foundation to start from that we can execute on some of these projects.

而這些很可能是低於1,000萬美元的專案，將使我們的柴油產量或航煤產量每天最多增加1,000桶。另外，還有一些位於烷基化裝置內的其他專案，可讓我們將該裝置的瓶頸解除10%到20%。所以，再次強調，我們在蒙大拿看到很多唾手可得的機會。同樣地，我想我們很高興能以更強的營運基礎作為起點，去執行其中一些專案。

Great. And my other question, just on the SRE disclosure. So, once you monetize these $200 million worth of RINs, will you be -- you'll still be current on your current RIN compliance?

很好。我另一個問題是關於SRE揭露。所以，一旦你們將這2億美元的RIN變現之後，你們仍然會在目前的RIN合規上保持最新進度嗎？

Jason, it's Shawn. That's correct. Our sort of purchase cadence remains consistent with how we've approached it in the past. The RINs that we've sold that I referenced the $200 million is truly excess RINs, and we'd like to maintain a sort of assets that fully offset the potential obligation in the future.

Jason，我是Shawn。沒錯。我們的採購節奏大致上與過去的做法一致。我提到的、我們已出售的那2億美元RIN，確實是超額的RIN；而我們希望維持一種資產配置，能完全抵銷未來可能產生的義務。

Got it. And if I could just squeeze one last one in. There's obviously been product pipelines announced going west by some of your peers as you look at kind of inorganic opportunities and logistics opportunities in kind of the western region of the country. Are those potential projects that can fit in your portfolio?

了解。如果我可以再塞最後一個問題。顯然你們的一些同業已宣布有往西部輸送的成品油管線；當你們在美國西部地區尋找外生成長機會與物流機會時，那些是否可能是適合納入你們投資組合的專案？

Yes, Jason, I think I would say we look at lots of different opportunities, including those on the logistics side. Generally speaking, I think we're trying to find opportunities that have a build multiple that would be attractive for our cost of capital.

是的，Jason，我想我會說我們會看很多不同的機會，包括物流端的機會。一般而言，我想我們在尋找的，是建置倍數（build multiple）對我們資本成本而言具有吸引力的機會。

And again, I think they're going to be probably smaller opportunities that fit within our core markets versus adding on to some of those long-haul pipes that are probably more focused on clearing Mid-Con barrels to the West Coast.

另外，我想它們很可能會是較小型、符合我們核心市場的機會，而不是去加碼那些長距離管線；那些管線可能更著重於把Mid-Con的桶數疏通到西岸。

Josiah Knight, Goldman Sachs.

Josiah Knight，高盛。

I guess first one on China, reports of refined products coming out the region or more coming out of the region. Can you just talk about what you're seeing in real time and then how you see this evolving over the next near to medium term?

我想先問中國方面，有報導指出該地區有更多成品油流出、或從該地區出口增加。你能談談你們即時看到的情況，以及你們如何看待未來短到中期的演變嗎？

Sure. Yes, this is Will. Josiah, thanks for the question. I think big picture, our view of Chinese policy and approach is really unchanged from where it's been. And I would just characterize that broadly as you're seeing refined product exports at flat to down over the last five years as they've rationalized kind of their approach to, let's just call it, internally focusing on serving the Chinese market for petrochemicals as well as transportation fuels.

當然。是的，我是Will。Josiah，謝謝你的問題。從大方向來看，我們對中國政策與作法的看法，與過去基本上沒有改變。我會大致這樣描述：過去五年你看到成品油出口持平到下滑，因為他們在調整其策略，姑且稱之為，內部更聚焦於服務中國國內的石化市場以及交通燃料需求。

So, we believe that framework remains the same. It's going to be volatile quarter-to-quarter based on the timing and frequency of export quotas. And so again, I think that's the kind of the main kind of, let's just call it, quarterly release valve that we're monitoring. And again, I think we did see some increase in exports during parts of the third quarter. Again, it does look like there's, again, increased quota volume available in the fourth quarter.

所以，我們相信這個框架仍然相同。季度之間會因出口配額的時點與頻率而波動。因此，我想這就是我們在觀察的主要「季度釋壓閥」。我們確實在第三季的部分期間看到出口有所增加。同樣地，看起來第四季可用的配額量也有所增加。

That said, I'd point out the Northeast Asian product balances are dynamic. China is clearly a factor. That said, a number of refineries that operate in Northeast Asia have long-haul freight on crude and are export-oriented and so have to pay the clean product freight outbound to try and clear the refined product in the market. So, given the dynamics on both the dirty freight as well as the clean freight side, you're in a more challenging environment if you're an export-oriented refinery in Asia.

話雖如此，我要指出東北亞的成品油供需平衡是動態的。中國顯然是一個因素。但另一方面，東北亞有不少煉油廠在原油端承擔長程運費、且以出口為導向，因此必須支付潔淨成品油的外運運費，才能把成品油在市場上出清。所以，考量到黑油運費與潔淨運費兩端的動態，如果你是亞洲以出口為導向的煉油廠，所處環境會更具挑戰。

Got it. That makes sense. And then the follow-up just on renewable diesel. You guys broke it out this segment and that positive EBITDA, which is nice to see. Can you just walk us through how you plan on continuing to ramp this segment maybe from a volume perspective? And additionally, any color you have on how you think about mid-cycle profitability for the segment?

了解。這很合理。接著追問可再生柴油。你們把這個部門單獨拆出來，而且EBITDA為正，這點很高興看到。你能帶我們了解一下，你們打算如何持續拉升這個部門（例如從產量角度）嗎？另外，你們對這個部門在中周期的獲利能力有何看法，也請分享一些顏色（補充說明）？

Yes, Josiah, it's Shawn. I think Richard provided our fourth quarter guidance midpoint around 3,000 barrels a day. Our nameplate capacity there is closer to 4,000. So I think we'll continue to make progress in getting it up closer to nameplate over the coming quarters.

是的，Josiah，我是Shawn。我想Richard提供的第四季指引中位數大約是每天3,000桶。我們那邊的名目產能（nameplate capacity）更接近4,000桶。所以我想在接下來幾個季度，我們會持續推進，把產量提升到更接近名目產能。

When we underwrote this project, we underwrote it at 40% IRR returns, which I think implies about a $35 million a year EBITDA contribution. We did $5 million in Q3. Obviously, volumes were about half of what we would expect in normal operating conditions.

當初我們為這個專案做承作評估（underwrite）時，是以40%的IRR報酬率為基礎，我想這意味著每年約3,500萬美元的EBITDA貢獻。我們在第三季做了500萬美元。顯然，當季產量大約只有我們在正常營運條件下預期的一半。

So I think that gives you a sense of sort of the margin potential in this type of margin environment. So I think the historical framework is the right one to go off of for now at $35 million a year. I think we would just note that the current margin environment is probably better than our underwriting case.

所以我想這能讓你對在這種利差環境下的利潤潛力有個概念。因此，我認為目前仍可沿用歷史框架，以每年3,500萬美元作為參考。我們也想補充的是，目前的利差環境可能比我們當初承作假設的情境更好。

Matthew Blair, TPH.

Matthew Blair，TPH。

Did you have a baseline on what we should think about for SREs for next year, so essentially the 2026 SRE applications that you would potentially receive in 2027? Do you think investors should just pencil in 0 here because absolute refining profitability was so strong in 2026? Or is it more of a relative calculation and so the small refineries would still have the case to receive SREs?

你們對明年的SRE是否有一個基準，讓我們可以思考？也就是2026年的SRE申請、你們可能在2027年收到的那些。由於2026年整體煉油獲利能力非常強，投資人是否應該在這裡直接先假設為0？還是說這更偏向相對計算，因此小型煉油廠仍然有理由獲得SRE？

Yes. Thanks for that easy question, Matthew. I appreciate it. That's -- but no, I think very difficult to predict the approach that we'll be taking on a year-to-year basis. And again, I think our current baseline would be that the law and the approach that the DOE and the EPA go through remains consistent.

是的。謝謝你這個「簡單」的問題，Matthew。我很感謝。不過沒有，我想要逐年預測我們會採取的作法非常困難。同樣地，我想我們目前的基準假設是：法律以及DOE與EPA所採行的流程與作法將保持一致。

And again, the scoring frameworks are relative. And ultimately, I think that's probably the best way in which to evaluate the baseline, which, again, I think, again, you've got two years of history at which point to use as I think your best guide for the future. There's nothing that we've seen in the law or in the approach that we're seeing taken that suggests a different approach going forward.

而且，評分框架是相對的。最終，我想這大概是評估基準的最佳方式；同樣地，我想你已經有兩年的歷史可用作你對未來最好的指引。我們在法律或目前看到的執行方式上，沒有看到任何跡象顯示未來會採取不同的作法。

There are no further questions at this time. I will now turn the call back to Will Monteleone for closing remarks.

目前沒有其他問題。我現在把電話交回給Will Monteleone作結語。

Thank you all for joining today. The third quarter was a strong continuation of a year defined by execution, notably the successful completion of our Hawaii turnaround, our renewable business turning profitable in its first full quarter of operations and reaching a net cash position for the first time in the company's history.

感謝各位今天加入。第三季延續了今年以執行力為主軸的強勁表現，尤其是我們成功完成夏威夷的歲修（turnaround）、我們的再生能源業務在首個完整營運季度轉為獲利，以及公司史上首次達到淨現金部位。

Our focus remains on disciplined execution as the durable path to growing earnings and free cash flow per share over time. Thank you to our employees for their focused effort through the quarter, and thank you all for joining us today.

我們的重點仍是以嚴謹自律的執行，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。感謝我們的員工在本季度的專注投入，也感謝各位今天與會。

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。