PBF Energy Inc (PBF) 2023 Q1 法說會逐字稿

Good day, everyone, and welcome to the PBF Energy First Quarter 2023 Earnings Conference Call Webcast.(Operator Instructions) Please note this conference is being recorded. It is now my pleasure to turn the floor over to Colin Murray of Investor Relations. Sir, you may begin.

大家好，歡迎收看 PBF Energy 2023 年第一季度收益電話會議網絡直播。（操作員說明）請注意，此會議正在錄製中。現在我很高興將發言權交給投資者關係部的 Colin Murray。先生，您可以開始了。

Thank you, Rob. Good morning, and welcome to today's call. With me today are Tom Nimbley, our CEO; Matt Lucey, our President; Karen Davis, our CFO; and several other members of our management team. Copies of today's earnings release and our 10-Q filing, including supplemental information, are available on our website.

謝謝你，羅布。早上好，歡迎來到今天的電話會議。今天和我在一起的是我們的首席執行官 Tom Nimbley；我們的總裁 Matt Lucey；我們的首席財務官 Karen Davis；以及我們管理團隊的其他幾位成員。今天的收益發布和我們的 10-Q 文件的副本，包括補充信息，可在我們的網站上找到。

Before getting started, I'd like to direct your attention to the safe harbor statement contained in today's press release. Statements in our press release and those made on this call that express the company's or management's expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions under federal securities laws. There are many factors that could cause actual results to differ from our expectations, including those we described in our filings with the SEC. Consistent with our prior periods, we will discuss our results today, excluding special items.

在開始之前，我想請您注意今天新聞稿中包含的安全港聲明。我們的新聞稿中的聲明和本次電話會議上表達公司或管理層對未來的期望或預測的聲明均為前瞻性聲明，旨在涵蓋聯邦證券法的安全港條款。有許多因素可能導致實際結果與我們的預期不同，包括我們在提交給美國證券交易委員會的文件中描述的那些因素。與我們之前的時期一致，我們今天將討論我們的結果，不包括特殊項目。

In today's press release, we described the non-cash special items included in our quarterly results. The cumulative impact of the special items increased first quarter net income by an after-tax amount of $13 million or approximately $0.10 per share related primarily to net changes in the fair value of contingent consideration.

在今天的新聞稿中，我們描述了季度業績中包含的非現金特殊項目。特殊項目的累積影響使第一季度淨收入增加了 1300 萬美元或每股約 0.10 美元，這主要與或有對價的公允價值淨變化有關。

Also included in today's press release is guidance information related to our second quarter operations. For any questions on these items or follow-up questions, please contact Investor Relations after today's call. For reconciliations of any non-GAAP measures mentioned on today's call, please refer to the supplemental tables provided in today's press release.

今天的新聞稿中還包括與我們第二季度運營相關的指導信息。如對這些項目有任何疑問或後續問題，請在今天的電話會議後聯繫投資者關係部。有關今天電話會議中提到的任何非 GAAP 措施的調節，請參閱今天新聞稿中提供的補充表格。

I'll now turn the call over to Tom.

我現在將電話轉給湯姆。

Thanks, Colin. Good morning, everyone, and thank you for joining our call. Before commenting on the quarter and providing some market thoughts, I want to take a moment to discuss yesterday's announcement on the next phase of PBF's life cycle.

謝謝，科林。大家早上好，感謝您加入我們的電話會議。在評論本季度並提供一些市場想法之前，我想花點時間討論一下昨天關於 PBF 生命週期下一階段的公告。

As of July 1, I will be assuming the role of Executive Chairman of the Board, and Matt Lucey will become PBF's next Chief Executive Officer. Leading PBF over the last decade has been an honor, privilege and a rewarding challenge. The company has never been in better shape, and it is time to turn the future over to Matt and the rest of the executive team.

自 7 月 1 日起，我將擔任董事會執行主席，而 Matt Lucey 將成為 PBF 的下一任首席執行官。在過去十年中領導 PBF 是一種榮譽、特權和有益的挑戰。公司的狀況從未像現在這樣好，是時候將未來交給馬特和其他管理團隊了。

I will continue to serve PBF as Executive Chairman and work with Matt to develop the strategy for the company's future growth and identify other value-enhancing initiatives. I would also like to thank the employees of PBF, without whom none of our successes would be possible. Thank you.

我將繼續擔任 PBF 的執行主席，並與 Matt 一起制定公司未來發展戰略，並確定其他提升價值的舉措。我還要感謝 PBF 的員工，沒有他們我們就不可能取得成功。謝謝。

Regarding results, the first quarter was another strong quarter for PBF. We continued strengthening our balance sheet, rewarding shareholders and finished the quarter with more cash than debt. The safety and reliability of our operations remain our first and top priority. But it is closely followed by maintaining our firm financial footing.

關於業績，第一季度是 PBF 的另一個強勁季度。我們繼續加強我們的資產負債表，回報股東，並在本季度結束時現金多於債務。我們運營的安全性和可靠性仍然是我們的首要任務。但緊隨其後的是保持我們穩固的財務基礎。

Refiners follow the markets and respond to consumer demands. We continue to hear calls for higher refining utilization and see a market supported by low inventories and sustained customer demand.

煉油廠跟隨市場並響應消費者的需求。我們繼續聽到要求提高煉油利用率的呼聲，並看到市場受到低庫存和持續客戶需求的支撐。

The winter of '22, '23 was a mild one in the Northern Hemisphere. Henry Hub U.S. Natural Gas Futures started the year at $4.50 per million Btus, and it ended the quarter at $2 per million. European natural gas prices fell as well but still command a premium to U.S. Natural Gas prices of 6 to 7x, providing domestic refineries with a competitive advantage.

22、23 年的冬天北半球氣候溫和。 Henry Hub 美國天然氣期貨年初價格為每百萬 Btus 4.50 美元，本季度末為每百萬 Btus 2 美元。歐洲天然氣價格也有所下跌，但仍比美國天然氣價格高出 6 至 7 倍，為國內煉油廠提供了競爭優勢。

Crude differential was narrowed over the quarter. The OPEC Plus production cuts are expected to be somewhat supportive for medium and heavy grades, which may further compress differentials. Although having narrowed, differentials remain wider than historical patterns.

本季度原油價差收窄。預計 OPEC Plus 減產將在一定程度上支持中質和重質原油，這可能會進一步壓縮價差。儘管有所收窄，但差距仍大於歷史模式。

Similarly, despite recent declines, refinery margins also remain well above mid-cycle, but have moderated from the distillate to '22 levels. A key theme for 2023 is recovery in the demand for jet fuel and gasoline, supported by a stronger summer driving season.

同樣，儘管最近有所下降，但煉油廠的利潤率也仍遠高於週期中期，但已從餾分油降至 22 年的水平。 2023 年的一個關鍵主題是航空燃料和汽油需求的複蘇，這得益於夏季駕駛旺季的強勁增長。

In brief, we are experiencing a tremendous amount of volatility in the broader market at intervals of increasing frequency. This makes it challenging to predict the timing of and future moves in the commodity markets. At the same time, we are seeing stable to growing demand for our products at our refinery gates, which continues the call for higher utilization from our assets.

簡而言之，我們正經歷著大盤中頻率越來越高的巨大波動。這使得預測商品市場的時間和未來走勢變得具有挑戰性。與此同時，我們看到煉油廠門口對我們產品的需求穩定增長，這繼續要求提高我們的資產利用率。

We expect volatility-driven market dislocations will continue to generate strong returns for our business.

我們預計波動驅動的市場混亂將繼續為我們的業務帶來強勁回報。

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

有了這個，我會把電話轉給馬特。

Thank you, Tom. Thank you for your leadership and mentoring over the last decade. While we'll be transitioning roles over the next 2 months, I feel very fortunate and grateful that the company as well as our shareholders will continue to benefit from Tom's leadership in his new role as Executive Chairman.

謝謝你，湯姆。感謝您在過去十年中的領導和指導。雖然我們將在接下來的 2 個月內進行角色轉換，但我感到非常幸運和感激，因為公司和我們的股東將繼續受益於湯姆擔任執行主席的新職位的領導能力。

In our business, there are a number of moving pieces in the market that are beyond PBF's control. PBF remains focused on the aspects of our business we can control, the safety and reliability of our operations and our financial position. In recognitions of PBF's commitment to safety, 5 of our 6 refineries were honored with safety achievement awards from AFPM with our Martinez refinery receiving the Elite Silver Award given to the top 10 percentile and safety performance of refining and petrochemical facilities in the U.S.

在我們的業務中，市場上有許多超出 PBF 控制範圍的變動因素。 PBF 仍然專注於我們可以控制的業務方面、我們運營的安全性和可靠性以及我們的財務狀況。為了表彰 PBF 對安全的承諾，我們的 6 家煉油廠中有 5 家獲得了 AFPM 頒發的安全成就獎，我們的馬丁內斯煉油廠獲得了精英銀獎，該獎授予美國煉油和石化設施的前 10 個百分點和安全性能。

The first quarter was the strongest Q1 in PBF's history. Operations and results in the first quarter were impacted by lingering effects from the unplanned downtime due to winter storm Eliott, coupled with the extensive planned maintenance activity.

第一季度是 PBF 歷史上最強勁的第一季度。第一季度的運營和業績受到冬季風暴 Eliott 造成的計劃外停機以及廣泛的計劃維護活動的影響。

We completed turnarounds at Toledo, Chalmette and Martinez. Q2 performance will be impacted by the currently ongoing coker and hydrocracker work at Del City, which will be wrapping up very soon and to a much lesser extent, minor work on the hydrocracker in Torrance. There will be a larger FCC and alkylation unit turnaround in the Q4 at Torrance. But outside of these activities, we should have a very clean operational runway.

我們在 Toledo、Chalmette 和 Martinez 完成了轉型。第二季度的業績將受到 Del City 目前正在進行的焦化和加氫裂化裝置工作的影響，這些工作將很快結束，並且在較小程度上，托倫斯的加氫裂化裝置的小型工作。托倫斯第四季度將有更大的 FCC 和烷基化裝置周轉。但在這些活動之外，我們應該有一條非常乾淨的運營跑道。

We are also progressing the St. Bernard renewables project and are happy to report that we are mechanically complete on the renewable diesel unit, and that aspect of the project has been turned over to operations.

我們還在推進 St. Bernard 可再生能源項目，並很高興地報告說，我們在可再生柴油裝置上的機械完成，並且該項目的這方面已經移交運營。

The RD unit comprises the repurposed hydrocracker and ancillary supporting infrastructure. We are in the commissioning stages now. We should be introducing feed to the RD unit this month, primarily vegetable oils, [textile oil] and distillers corn oil. We are still completing construction of the pretreatment unit and expect that work to be complete in June.

RD 裝置包括改造後的加氫裂化裝置和輔助配套基礎設施。我們現在正處於調試階段。我們應該在本月向 RD 部門引入飼料，主要是植物油、[紡織油] 和玉米酒糟油。我們仍在完成預處理裝置的建設，預計該工作將於 6 月完成。

We expect to introduce additional lower CI feedstocks once the pretreater is up and running. The JV transaction with ENI is expected to close later in the second or third quarter. We are awaiting certain regulatory approvals that are the only [gated] items for closing.

一旦預處理器啟動並運行，我們預計會引入額外的較低 CI 原料。與 ENI 的合資交易預計將在第二或第三季度晚些時候完成。我們正在等待某些監管部門的批准，這些批准是唯一需要關閉的 [gated] 項目。

On the regulatory front, in the first several months of 2023, we've seen new policies and positions attempting to prematurely alter the marketplace. None of these policies address the most critical component of increasing the supply of energy and all ignore the necessity to ensure reliable, ratable and affordable energy. Much like the commodity markets, the policy environment is turbulent, and we expect the current volatility to persist. This has and will continue to create market dislocations.

在監管方面，在 2023 年的前幾個月，我們看到了試圖過早改變市場的新政策和立場。這些政策都沒有解決增加能源供應的最關鍵組成部分，並且都忽視了確保可靠、可負擔和負擔得起的能源的必要性。就像大宗商品市場一樣，政策環境動盪不安，我們預計當前的波動將持續下去。這已經並將繼續造成市場混亂。

Robust market conditions has provided PBF with the opportunity to generate exceptional results, enabling execution of a financial strategy that has altered PBF's trajectory.

穩健的市場條件為 PBF 提供了產生卓越結果的機會，使執行改變 PBF 軌蹟的財務戰略成為可能。

Over the past 3 years, PBF has navigated financial stress to achieve a sector-leading balance sheet with unassailable financial metrics. We are committed to maintaining our safe and reliable operations while demonstrating the durability and transformation of our through-cycle financial strength. By doing so, we expect our credit ratings will improve, our cost of capital will be reduced and operating results will continue to support balance sheet strength and the potential for increased shareholder returns.

在過去的 3 年裡，PBF 克服了財務壓力，以無懈可擊的財務指標實現了行業領先的資產負債表。我們致力於保持安全可靠的運營，同時展示我們整個週期財務實力的持久性和轉型。通過這樣做，我們預計我們的信用評級將提高，我們的資本成本將降低，經營業績將繼續支持資產負債表的實力和增加股東回報的潛力。

And with that, I'll turn it over to Karen.

有了這個，我會把它交給凱倫。

Thanks, Matt. During the first quarter, we continued our work to improve the financial position of the company, strengthen our balance sheet and reward shareholders. We further reduced our gross debt by another $525 million with the redemption of the PBF logistics notes in February, and reduced our outstanding payables related to environmental credits by approximately $300 million.

謝謝，馬特。第一季度，我們繼續努力改善公司的財務狀況，加強資產負債表並回報股東。通過在 2 月份贖回 PBF 物流票據，我們進一步將總債務減少了 5.25 億美元，並將與環境信貸相關的未償應付款項減少了約 3 億美元。

To date, we have repurchased almost $350 million worth of PBF shares, bringing our total outstanding share count to just under 126 million shares. We have now effectively eliminated the dilution of the shares issued in 2022 in the transaction to fully acquire PBF Logistics. That was the first priority of the share buyback program.

迄今為止，我們已經回購了價值近 3.5 億美元的 PBF 股票，使我們的已發行股票總數接近 1.26 億股。我們現在已經有效地消除了在交易中對 2022 年發行的股份的稀釋，以全面收購 PBF 物流。這是股票回購計劃的首要任務。

Additionally, we increased our existing share repurchase authorization by an incremental $500 million to a total of $1 billion. For the first quarter, we reported adjusted net income of $2.76 per share and adjusted EBITDA of more than $665 million. Consolidated CapEx for the first quarter was approximately $383 million, which includes $220 million for refining and corporate, $3 million for PBF Logistics and just over $158 million related to the continuing development of the St. Bernard renewables facility in Louisiana.

此外，我們將現有的股票回購授權增加了 5 億美元，總額達到 10 億美元。第一季度，我們公佈的調整後每股淨收入為 2.76 美元，調整後的 EBITDA 超過 6.65 億美元。第一季度的綜合資本支出約為 3.83 億美元，其中包括用於煉油和企業的 2.2 億美元、用於 PBF 物流的 300 萬美元以及與路易斯安那州聖伯納德可再生能源設施的持續開發相關的 1.58 億美元。

Heading into 2023, we continue to demonstrate our commitment to prudent balance sheet management. Taking into account our most recent quarter, we reduced our gross debt and environmental liabilities by approximately $3.5 billion and rewarded investors with almost $400 million in returns through our dividend and share repurchases. We have cash in excess of debt with sufficient liquidity to serve the needs of the business.

進入 2023 年，我們將繼續展示我們對審慎資產負債表管理的承諾。考慮到我們最近一個季度，我們將債務總額和環境負債減少了約 35 億美元，並通過股息和股票回購向投資者提供了近 4 億美元的回報。我們擁有超過債務的現金和足夠的流動性來滿足業務需求。

In the near to medium term, given heightened market volatility, we plan to maintain a level of cash above our previous guidance. We expect our gross debt and cash to be in the $1 billion to $1.5 billion range, respectively. Said differently, we expect to maintain close to 0 net debt in the near term.

在中短期內，鑑於市場波動加劇，我們計劃將現金水平維持在高於先前指引的水平。我們預計我們的總債務和現金將分別在 10 億美元至 15 億美元之間。換句話說，我們預計短期內將保持接近 0 的淨債務。

Quantitatively, we believe we meet or exceed many investment-grade credit metrics. Our refinery should continue to demonstrate durable earnings power, and we are adding diversified earnings streams as SBR comes online. We will continue to exercise balance sheet discipline, targeting robust rating agency-driven metrics and sound financial costs.

從數量上講，我們相信我們達到或超過了許多投資級信用指標。我們的煉油廠應繼續展示持久的盈利能力，並且隨著 SBR 上線，我們正在增加多元化的盈利來源。我們將繼續執行資產負債表紀律，以穩健的評級機構驅動指標和穩健的財務成本為目標。

Operator, we completed our opening remarks, and we'd be pleased to take questions.

接線員，我們完成了開場白，我們很樂意接受提問。

In a moment, we'll open the call to questions. The company requests that all callers limit each turn to 1 question and 1 follow-up. You may rejoin the queue with additional questions. (Operator Instructions) Your first question is from the line of Doug Leggate with Bank of America.

稍後，我們將開始提問。公司要求所有來電者每次輪到 1 個問題和 1 個跟進。您可以帶著其他問題重新加入隊列。 （操作員說明）您的第一個問題來自美國銀行的 Doug Leggate。

This is actually Kalein for Doug. Firstly, I'd like to also my congratulations to the both of you, Tom and Matt. Tom, I particularly enjoyed listening to your market views over the year. It's really taught me a lot, and I'm sure other people have benefited as well. And I guess that brings me to my first question here.

這實際上是 Doug 的 Kalein。首先，我還要祝賀你們，湯姆和馬特。湯姆，我特別喜歡聽你一年來的市場觀點。它真的教會了我很多東西，我相信其他人也從中受益。我想這讓我想到了我的第一個問題。

My first question is on California. It seems like between the RD conversions at [NBC and Phillips] and the startup of TMX next year, the setup in California is looking increasingly attractive. Wondering if you can address the evolution that's going on in that market and touch on several points, the market balance, the destock outlook and the potential impact from what they're calling the new Oversight Committee.

我的第一個問題是關於加利福尼亞的。似乎在 [NBC 和菲利普斯] 的 RD 轉換和明年 TMX 的啟動之間，加利福尼亞的設置看起來越來越有吸引力。想知道你是否可以解決該市場正在發生的演變並觸及幾個要點，市場平衡，去庫存前景以及他們所謂的新監督委員會的潛在影響。

Okay. And thank you for your kind remarks, Doug, and good morning to you. I'll just make some brief comments on California, and I'll turn it over to Paul Davis because you had 3 or 4 points there, and Paul has been the point person for the company on many of them.

好的。道格，謝謝你的客氣話，祝你早上好。我只會對加利福尼亞做一些簡短的評論，我會把它交給保羅戴維斯，因為你在那裡有 3 或 4 點，而保羅一直是公司在其中許多方面的關鍵人物。

But we do expect gasoline and jet demand to pick up in California as we move into the driving season. Certainly, we've seen the strongest cracks in the country regionally right now, out in California led by gasoline. We do expect that distillate will be under some stress because of renewables.

但我們確實預計，隨著我們進入駕駛季節，加州的汽油和噴氣式飛機需求將會回升。當然，我們現在已經看到該國區域中最嚴重的裂縫，加利福尼亞州以汽油為首。我們確實預計餾分油會因為可再生能源而承受一些壓力。

But then as you mentioned, with Rodeo already being down and -- I'm sorry, with Marathon already being down and Rodeo coming down some time probably by the end of the year, certainly to finish the tie-ins to their project, we believe that California is going to be a stronger market as we go further into the future. And that's going to be exacerbated by some of the policy decisions that are being made in California.

但是正如你提到的那樣，Rodeo 已經倒閉了——我很抱歉，Marathon 已經倒閉了，Rodeo 可能會在今年年底的某個時間倒閉，當然是為了完成他們項目的搭配，我們相信隨著我們走向未來，加州將成為一個更強大的市場。加州正在製定的一些政策決定將加劇這種情況。

Some of these policies well intentioned, have the result of adding cost to the business, have a result of impacting the supply chain negatively, and that's what tends to drive the prices. Paul, why don't you comment on what we're seeing there in natural throughput and the CEC stuff?

其中一些政策的出發點是好的，結果是增加了企業的成本，對供應鏈產生了負面影響，而這往往會推動價格上漲。保羅，你為什麼不評論一下我們在自然吞吐量和 CEC 方面看到的情況？

All right. Well, the throughput we're seeing today in that marketplace is very normalized versus '18 and '19 demand. So you have a pretty much a normalized marketplace as we speak with the impending shutdown of Rodeo that's going to exacerbate the supply. That's the bigger issue in California. They have a supply problem, and there's really no way for them to deal with that said supply problem. It needs to attract imports.

好的。好吧，我們今天在該市場上看到的吞吐量與 18 和 19 年的需求相比非常正常。所以當我們談到即將關閉的 Rodeo 將加劇供應時，你有一個幾乎正常化的市場。這是加州更大的問題。他們有一個供應問題，他們真的沒有辦法處理那個供應問題。它需要吸引進口。

The import volumes that need to come in are above 100,000 barrels a day on this [gasoline], and jet fuel is right behind it at around 40,000 to 50,000 barrels a day. So that's the impending challenge for California is how do you attract enough ratable supply to stay balanced for the population.

這種[汽油]每天需要進口的進口量超過 100,000 桶，噴氣燃料緊隨其後，每天約 40,000 至 50,000 桶。因此，加利福尼亞面臨的迫在眉睫的挑戰是如何吸引足夠的可負擔供應以保持人口平衡。

With regards to the CEC and the impending rule-make or not rule-making with the legislative bill. We're going to meet with the CEC next week. We're going to provide some input for them. They have a cleanup build that they're going to be progressing through the legislation to be able to make sure that they've got a bill that can actually work.

關於 CEC 以及即將通過立法法案製定規則或不制定規則。我們將在下週與 CEC 會面。我們將為他們提供一些意見。他們有一個清理構建，他們將通過立法取得進展，以確保他們有一個可以實際工作的法案。

Right now, the way it's more related, it's not going to work for. So we'll meet with them next week. It's going to be quite the challenge for the state to be able to manage the amount of information that they're seeking from others.

現在，它更相關的方式是行不通的。所以我們將在下週與他們會面。對於國家來說，能夠管理他們從其他人那裡尋求的信息量將是一個相當大的挑戰。

Just Trans Mountain.

只是跨山。

In Trans Mountain pipeline, it looks like we expect that to go in to [fill mode]. That's what the market has some time in the second half of '23. It's slated to start up first quarter of '24. And most, if not all of that material has the sale right by San Francisco and Los Angeles on its way to the lightering point for transpacific moves. I think we're going to be positioned as others will in California to be a good outlet for some of that production.

在 Trans Mountain 管道中，我們似乎希望進入 [填充模式]。這就是市場在 23 年下半年的一些時間。它計劃於 24 年第一季度啟動。大多數（如果不是全部的話）這些材料都在舊金山和洛杉磯的銷售權中被運往跨太平洋移動的駁船點。我認為我們將像加利福尼亞州的其他人一樣定位為某些產品的良好出口。

I guess just to put a finer point on that question. Do you see the addition of the WCS barrels in the Pacific Basin advantaging your feedstock procurement costs relative to what you're seeing today? Does it make heavy crude cheaper?

我想只是為了更好地說明這個問題。您是否看到太平洋盆地的 WCS 桶的增加相對於您今天看到的有利於您的原料採購成本？它會使重質原油更便宜嗎？

Yes. We believe that's going to be the case. You've got 2 things that are rather significant, WCS moving to the West Coast and then being exported. And we've got a lot of activity in our system in California, particularly Martinez and refining where we're looking at what we can do to increase the volumes that we plan to run.

是的。我們相信情況會如此。你有兩件相當重要的事情，WCS 搬到西海岸然後被出口。我們在加利福尼亞州的系統中有很多活動，特別是 Martinez 和精煉，我們正在研究我們可以做些什麼來增加我們計劃運行的數量。

The other thing that is apparently still going to happen is that some time by the end of the year, LyondellBasell continues to indicate that they're going to shut down the refinery in Houston. And that, of course, is a heavy crude refinery. So there are some potential tailwinds on the heavy crude side.

另一件顯然仍將發生的事情是，到今年年底的某個時候，LyondellBasell 繼續表示他們將關閉休斯頓的煉油廠。當然，那是重質原油煉油廠。因此，重質原油方面存在一些潛在的有利因素。

Got it. My follow-up is on the cadence of turnaround. The first quarter here was obviously very heavy and some of that work is filling over here into the second quarter. But as you wrap these up, can you offer some thoughts on what the turnaround outlook looks like maybe over the next year or two?

知道了。我的後續行動是關於周轉的節奏。這裡的第一季度顯然非常繁重，其中一些工作將在這裡填補到第二季度。但是當你總結這些時，你能否就未來一兩年的轉機前景提出一些想法？

Sure. So first quarter was heavy. The hydrocracker and fluid coker work at Del City is going to be wrapping up very shortly. We really have minor work in June in Torrance. It should not be too disruptive to earnings. There is a bigger turnaround starting at the very end of Q3, residing in Q4 at Torrance. But absent what I just described, the rest of the runway is very clear, certainly. So for all of our -- the other 5 refineries outside of Torrance from this point forward should have a very clear runway through the end of the year.

當然。所以第一季度很沉重。 Del City 的加氫裂化裝置和流化焦化裝置工作將很快結束。我們確實在 6 月在托倫斯有一些小工作。它不應該對收益造成太大的破壞。從第三季度末開始，在托蘭斯的第四季度出現了更大的轉變。但是，如果沒有我剛才描述的情況，跑道的其餘部分肯定是非常暢通無阻的。因此，從現在開始，對於我們所有的托倫斯以外的其他 5 家煉油廠，到今年年底應該會有一條非常清晰的跑道。

And going forward, we're going to get to a normalized turnaround schedule. We obviously, like everybody else in the industry when we had these high-margin periods. We took steps to safely, but continue to run and the units were put pretty hard. And to a certain extent, we're paying for that in 2023 with most of that work already underway or done. But we expect to be maybe a little bit higher than normal next year. But from that point on, back to what we would expect.

展望未來，我們將採用標準化的周轉時間表。顯然，當我們處於這些高利潤期時，我們和行業中的其他人一樣。我們採取了安全措施，但繼續奔跑並且單位被放置得非常堅硬。在某種程度上，我們將在 2023 年為此付出代價，其中大部分工作已經在進行中或已經完成。但我們預計明年可能會比正常水平高一點。但從那時起，回到我們所期望的。

Our next question is from the line of Manav Gupta with UBS.

我們的下一個問題來自瑞銀集團的 Manav Gupta。

Congrats on a good quarter, guys. I just -- you buy a lot of heavy sour crude and medium sour crudes globally even from Canada, and you have a very informative view on where that market is heading. So help us understand a little bit what you're seeing out there, an incremental Canadian barrels, some crude coming from Venezuela, BP ramping up some projects, but then OPEC cutting. So help us understand where the spreads are moving, both medium and heavy in the near term?

恭喜一個好季度，伙計們。我只是——你在全球範圍內甚至從加拿大購買了大量的重質含硫原油和中質含硫原油，你對該市場的走向有一個非常豐富的看法。因此，請幫助我們稍微了解一下您在那裡看到的情況，增加的加拿大桶，來自委內瑞拉的一些原油，英國石油公司增加了一些項目，但隨後歐佩克削減。因此，請幫助我們了解利差在短期內的移動方向，包括中度和重度？

I'm going to take the first part of it, and I'm going to ask Tom O'Connor to weigh in on your question. But as I said in my opening comments, certainly, we've seen the light heavy spreads narrow in. Some of that's due to the fact that OPEC came out with their cut and tighten, and that's going to be a medium or a heavier barrel.

我將開始它的第一部分，我將請 Tom O'Connor 對你的問題進行權衡。但正如我在開場評論中所說，當然，我們已經看到輕重價差收窄。部分原因是歐佩克減產和收緊，這將是中等或較重的桶.

And the other thing is you would expect the dips to narrow when some -- with a decrease in flat price. Because basically, you get penalized more when running a medium or a heavy crude if you don't have cokers, particularly, we do. But if you don't, there's a penalty if you're going to try and run a medium crude, as the flat price comes down and then that penalty decreases.

另一件事是，您會期望隨著固定價格的下降，逢低下跌會有所收窄。因為基本上，如果你沒有焦化裝置，你在運行中等或重質原油時會受到更多的懲罰，特別是我們有。但如果你不這樣做，那麼如果你打算嘗試運行中等原油，就會有罰款，因為固定價格下降，然後罰款減少。

Propane is not as much of a discount. [Coke] is not as much of a discount. So you would expect them to narrow in. But that being said, because of the production that's there, we are continuing to see light heavy dips that are quite a bit wider than the historical norm. Tom, you would add?

丙烷沒有那麼大的折扣。 [可樂] 沒有那麼大的折扣。所以你會期望它們縮小。但話雖這麼說，由於那裡的產量，我們繼續看到比歷史常態寬得多的輕度大幅下降。湯姆，你會補充嗎？

I don't have a lot to add. I mean, Tom's comments, I think, summarized it well. I mean, I think the only thing I'd really kind of add is that the market certainly has to deal with sort of the disruption over the fact that, particularly, I think, in the Eastern basin or the Pacific Basin, there's really a -- there's an imbalance basically in crude cost between people that are consuming discounts at Russian crude versus people that are paying market indicators.

我沒有太多要補充的。我的意思是，我認為 Tom 的評論總結得很好。我的意思是，我認為我唯一要補充的是，市場肯定必須應對這樣一個事實的干擾，特別是，我認為，在東部盆地或太平洋盆地，確實有一個- 消費俄羅斯原油折扣的人與支付市場指標的人之間的原油成本基本上存在不平衡。

So that certainly has, I think, exacerbated some of the moves that we saw coming out of the OPEC Plus cuts. When they were announced, it feels like things normalize just a little bit of a touch. And then as you mentioned, there certainly is some marginal growth at this point coming out of the U.S. Gulf Coast. And certainly, it seems like Venezuela is producing more barrels, which are finding their way to the U.S.

因此，我認為，這肯定加劇了我們看到的歐佩克+減產帶來的一些舉措。當它們被宣佈時，感覺就像一點點事情就正常化了。然後正如你所提到的，此時美國墨西哥灣沿岸肯定會出現一些邊際增長。當然，委內瑞拉似乎正在生產更多的桶，這些桶正在尋找通往美國的途徑

Perfect, guys. One quick follow-up here is, over the years, you've done a very good job of fixing up these assets and improving the reliability. So 2 small items caught our eye. One was generally, you are much better in your op cost on the West Coast. It seemed a little high in the quarter. So we are hoping it tapers down again. And then Mid-Con, you have a good asset. So just help us understand what exactly happened during the quarter? Because generally, it's a very good asset.

完美，伙計們。這裡的一個快速跟進是，多年來，您在修復這些資產和提高可靠性方面做得非常好。所以 2 件小物品引起了我們的注意。一般而言，您在西海岸的運營成本要好得多。這個季度似乎有點高。所以我們希望它再次減少。然後是 Mid-Con，你有一個很好的資產。那麼，只是幫助我們了解本季度到底發生了什麼？因為總的來說，這是一項非常好的資產。

Yes, I'll start and then Matt weigh in. Well, op cost in the West Coast, the natural gas really blew out on the West Coast. Some of that was weather related. But natural gas in the first quarter was high across the entire country. But particularly in Northern California, it was extremely high. So that certainly hit us on operating costs. Those gas prices come back and come back to norm. Toledo, which is a very good machine, but Toledo refinery was hit badly from Winter storm Eliot, that what we call.

是的，我會開始，然後馬特權衡一下。好吧，西海岸的運營成本，天然氣在西海岸真的爆炸了。其中一些與天氣有關。但一季度全國天然氣價格偏高。但特別是在北加州，這個數字非常高。所以這肯定會影響我們的運營成本。這些汽油價格回升並恢復正常。托萊多，這是一台非常好的機器，但托萊多煉油廠受到冬季風暴艾略特的嚴重打擊，也就是我們所說的。

The Christmas eve freeze.

聖誕前夜凍結。

Yes, go ahead. You take it.

好，去吧。你拿著吧。

So the freeze that happened on Christmas eve, we suffered unplanned downtime both at Chalmette and Toledo. Just from a management of that, we were able to accelerate some work, which mitigated what otherwise would have been a more blatant result from the unplanned downtime.

所以在聖誕節前夕發生的凍結，我們在 Chalmette 和托萊多都遭受了計劃外停機。僅僅通過對此的管理，我們就能夠加快一些工作，這減輕了計劃外停機造成的更明顯的結果。

So we were able to sort of couple it with work, but we had to go into the cat cracker at Toledo, and so we're able to take essentially a surgical strike there, which definitively impacted the quarter between the 2. So nothing has changed at Toledo. It's still an exceptional refinery. But it has to run and it has to run reliably for that to be the case. So that's certainly the expectation going forward.

所以我們能夠將它與工作結合起來，但我們必須進入托萊多的貓餅乾，所以我們能夠在那裡進行實質上的外科手術罷工，這最終影響了 2 之間的四分之一。所以什麼都沒有在托萊多改變。它仍然是一個特殊的煉油廠。但它必須運行，並且必須可靠地運行才能做到這一點。所以這肯定是未來的期望。

One other thing I should have mentioned on the West Coast, natural gas prices was a big pillar. But we also did execute a turnaround in Martinez, and it was a good size turnaround. We shut down the crude unit. And we were able to keep because we commercially set up to be able to continue to try to fill or at least run the downstream units, but throughput was down because of that turnaround being down. So on a unit basis, that hurt us on cost.

我應該在西海岸提到的另一件事是，天然氣價格是一個重要支柱。但我們也確實對馬丁內斯進行了一次轉機，這是一個很好的規模轉機。我們關閉了原油裝置。我們能夠保持，因為我們在商業上設置能夠繼續嘗試填充或至少運行下游單元，但由於周轉時間下降，吞吐量下降。因此，在單位基礎上，這會損害我們的成本。

The next question is from the line of Ryan Todd with Piper Sandler.

下一個問題來自 Ryan Todd 和 Piper Sandler。

Yes. Let me start out. Congratulations, Tom and Matt. You and the team have done an amazing job of transforming the company over the last 10 years and positioning it for success going forward. So congratulations to both of you.

是的。讓我開始吧。祝賀你，湯姆和馬特。在過去的 10 年裡，您和團隊在公司轉型和未來成功定位方面做得非常出色。所以祝賀你們倆。

I wanted to ask on some of the cash or the uses of cash going forward. You reduced your balance of environmental liabilities by $300 million in the quarter. Can you run through the non-CapEx-related kind of uses of call -- potential calls on cash over the remainder of the course of this year. How much more environmental liability you anticipate reducing to get back to a normalized level? I believe there's a J.Aron inventory management agreement that you could look to address. So what are the noncapital-related potential uses of cash that we should expect to see between now and year-end?

我想詢問一些現金或現金的未來用途。您在本季度將環境負債餘額減少了 3 億美元。您能否完成與資本支出無關的電話使用——在今年餘下的時間裡可能會使用現金。您預計要減少多少環境責任才能恢復到正常水平？我相信您可以尋求解決 J.Aron 庫存管理協議。那麼，從現在到年底，我們應該看到哪些非資本相關的潛在現金用途？

Sure. Thanks for the question. We ended the quarter with $1.6 billion in cash, and I'm glad you focused. There are certainly some cash calls coming forward. We're going to continue to execute on the annual capital program, which is elevated above normal levels (inaudible) this year. In the near term, in the second quarter, we'll be finishing up the SBR project and funding initial working capital.

當然。謝謝你的問題。我們以 16 億美元的現金結束了本季度，我很高興你能專注。肯定會有一些現金電話即將到來。我們將繼續執行年度資本計劃，該計劃今年高於正常水平（聽不清）。在短期內，在第二季度，我們將完成 SBR 項目並為初始營運資金提供資金。

And as you mentioned, we are going to continue to reduce our environmental credit liability. We've described that we have a plan that we'll be doing that over the next 5 to 6 quarters. And I think you would likely should expect to see a more normalized environmental credit liability balance in the 2 to 4 months range, RINs liability range.

正如你提到的，我們將繼續減少我們的環境信用責任。我們已經描述了我們有一個計劃，我們將在接下來的 5 到 6 個季度內這樣做。而且我認為您可能應該期望在 2 到 4 個月的範圍內看到更加規範化的環境信用負債餘額，即 RIN 的負債範圍。

Yes, Ryan, the RIN program is obviously matches up with our new operation, which is going to start generating RINs. And so we've worked hard in sort of sinking the normalization of the RIN balance to our new production of RIN credits.

是的，Ryan，RIN 計劃顯然與我們將開始生成 RIN 的新操作相匹配。因此，我們一直在努力將 RIN 餘額的標準化下沉到我們新生產的 RIN 積分中。

And of course, the other thing that we -- I was just going to mention, we obviously got Board approval to, as we mentioned in the script, Karen mentioned, to up the repurchase program. So we'll be using some cash opportunistically to do that. Go ahead, I'm sorry.

當然，我們 - 我剛才要提到的另一件事，我們顯然得到了董事會的批准，正如我們在腳本中提到的那樣，Karen 提到了，以提高回購計劃。所以我們會機會主義地使用一些現金來做到這一點。去吧，對不起。

I was just going to say on the -- and the normal -- I think you talked about 2 to 4 months. I mean I guess it depends on RIN prices. But is that $400 million environmental liability, $300 million that kind of remains on a go-forward basis that rolls?

我只是想說——正常情況下——我想你談到了 2 到 4 個月。我的意思是我想這取決於 RIN 價格。但是，那 4 億美元的環境責任，即 3 億美元，是否仍然在滾動的基礎上？

Well, I think that's going to be based on we consume about 100 million RINs a year as our RVO.

好吧，我認為這將基於我們每年消耗大約 1 億個 RIN 作為我們的 RVO。

So yes, depending on price, it's a couple of hundred million dollars.

所以是的，根據價格，它是幾億美元。

Okay. And then maybe switching gears. Gasoline inventories remain extremely tight, particularly in PADD 1. Can you talk about what you're seeing on kind of market dynamics in your areas of operation, particularly in the Northeast and what that might mean for gasoline and distillate markets as we head in the summer driving season?

好的。然後也許換檔。汽油庫存仍然非常緊張，尤其是在 PADD 1。你能談談你在你的經營地區看到的市場動態，特別是在東北部，以及這對汽油和餾分油市場可能意味著什麼，因為我們正在進入夏季駕車季？

I'll ask Paul to handle that, [with a very] short answer is as demand wholesale [brent] demand remains very strong. Go ahead, Paul.

我會請保羅處理這個問題，[非常] 簡短的回答是需求批發 [布倫特] 需求仍然非常強勁。去吧，保羅。

Yes. I mean you stated inventory positions in PADD 1 are around 5-year lows. We're coming into driving season. Our (inaudible) are starting to show off a pretty good bit. Our wholesale business in the East Coast is year-to-date is up 10% from last year and current run rate right now is 15% above the first quarter. So it's shaping up to be a strong season going into the summer, and we're anticipating that really across the country.

是的。我的意思是你說 PADD 1 的庫存頭寸大約是 5 年低點。我們即將進入駕駛季節。我們的（聽不清）開始表現得很好。我們在東海岸的批發業務今年迄今比去年增長了 10%，目前的運行率比第一季度高出 15%。因此，進入夏季將成為一個強勁的季節，我們預計在全國范圍內都會出現這種情況。

Our next question is from the line of John Royall with JPMorgan.

我們的下一個問題來自摩根大通的 John Royall。

Congrats to Tom and Matt. So we did notice a bump of, I think, about $50 million on full spend on the SBR project. Now I realized in the broader context, it would be $800 million, plus you're bringing in, it's somewhat less material. But just any color on that incremental spend would be helpful if we have that right.

恭喜湯姆和馬特。所以我們確實注意到，我認為 SBR 項目的全部支出增加了大約 5000 萬美元。現在我意識到，在更廣泛的背景下，這將是 8 億美元，加上你帶來的，它的實質性要少一些。但是，如果我們做對了，那麼增加支出的任何顏色都會有所幫助。

You do. And well, we're not pleased with -- we try to drive to perfection with delivering projects on time. There was a small increase, although we're getting down to the short strokes. So as I said, the renewable diesel unit has been turned over to operations. They're commissioning it now. And in fact, we expect feed in this month.

你做。好吧，我們不滿意 - 我們試圖通過按時交付項目來達到完美。儘管我們正在研究短行程，但略有增加。正如我所說，可再生柴油裝置已經投入運營。他們現在正在調試它。事實上，我們預計本月會有飼料。

The pretreatment unit, much of the work is done, but there's about another month or so of work to get done there. So while I was a bit disappointed with the rise in the budget, the project is well on hand and we're getting towards the end. And I fully expect the pretreatment facility, like you said, to be turned over to operations in June.

預處理單元，大部分工作已經完成，但還有大約一個月左右的工作要在那裡完成。因此，雖然我對預算的增加感到有點失望，但該項目已經在手頭上，我們正在接近尾聲。我完全希望像您所說的那樣，預處理設施將在 6 月投入運營。

Great. And then maybe just 1 follow-up on capital allocation. You talked about some of the moving pieces of environmental liabilities and things like that. But you have this inflow of $835 million coming in related to SBR. You're net debt negative even after paying down a good chunk of the environmental liabilities.

偉大的。然後可能只有 1 個資本配置跟進。你談到了一些環境責任的變化和類似的事情。但與 SBR 相關的 8.35 億美元流入。即使在償還了一大筆環境債務之後，你的淨債務還是負的。

And you talked about staying near 0 on net debt and also increase your authorization. So it seems like generally, we can expect most of that $835 million to go back to shareholders via the buyback. But I just want to make sure we're thinking about that correctly.

你談到了保持淨債務接近 0 並增加你的授權。因此，總的來說，我們可以預期這 8.35 億美元中的大部分將通過回購返還給股東。但我只是想確保我們正確地考慮了這一點。

Well, as we've been saying for some time, our balance sheet is our first priority. And we do have some additional initiatives that we could do address further strengthening of the balance sheet. You had mentioned potential retiring of inventory financing agreements, we could also reduce long-term debt and then, of course, reducing the environmental payables over the next 5 or 6 quarters is going to require some cash.

好吧，正如我們一段時間以來所說的那樣，我們的資產負債表是我們的首要任務。我們確實有一些額外的舉措可以解決進一步加強資產負債表的問題。你提到了可能取消庫存融資協議，我們也可以減少長期債務，當然，減少未來 5 或 6 個季度的環境應付款項將需要一些現金。

And then we expect to continue and potentially increase shareholder returns through the dividend and share repurchase program. But also we think it's prudent to retain some cash for future potential opportunities that might come our way.

然後我們希望通過股息和股票回購計劃繼續並可能增加股東回報。但我們也認為，為未來可能出現的潛在機會保留一些現金是明智的。

The next question is from the line of Neil Mehta with Goldman Sachs.

下一個問題來自 Neil Mehta 與 Goldman Sachs 的合作。

Congrats, Tom, and congrats to you as well, Matt, wish you well in your new roles. The first question is just around the renewable diesel at Chalmette. As you think about the mid-cycle EBITDA associated with the 320 million gallons of production, how do you -- how would you frame that out? There are a lot of moving pieces since you first talked about that last year. So any update on the framework would be helpful.

祝賀你，湯姆，也祝賀你，馬特，祝你在新角色中一切順利。第一個問題是關於 Chalmette 的可再生柴油。當您考慮與 3.2 億加侖產量相關的中期 EBITDA 時，您如何 - 您將如何構建它？自從你去年第一次談到這一點以來，有很多感人的片段。因此，對框架的任何更新都會有所幫助。

Obviously, it's a fledgling business and there's going to be new market participants. And so you're going to have a bigger call on feeds. And so what we saw in 2022 was an EBITDA margin for -- modeled to what our plan and the capabilities of our plan will be, will be an EBITDA -- was an EBITDA margin of $1.25 to $1.50.

顯然，這是一項剛剛起步的業務，將會有新的市場參與者。因此，您將對提要有更大的要求。因此，我們在 2022 年看到的 EBITDA 利潤率——根據我們的計劃和計劃的能力建模，將是 EBITDA——EBITDA 利潤率為 1.25 美元至 1.50 美元。

I think in regards to feedstock side, RD and what will extend to SAF has a distinct advantage over historical biodiesel plants. And so I think as the market evolves, you'll see feedstock shift probably from biodiesel plants to renewable diesel plants as the economics are much stronger. So there's going to be lots of puts and takes. We modeled a base case that was below last year's levels. But we're still very attractive for the investment and for the returns for the shareholders.

我認為在原料方面，RD 和將擴展到 SAF 的東西比歷史上的生物柴油工廠具有明顯的優勢。所以我認為隨著市場的發展，你會看到原料可能從生物柴油廠轉移到可再生柴油廠，因為經濟更加強勁。所以會有很多的投入和投入。我們模擬了一個低於去年水平的基本案例。但我們對股東的投資和回報仍然非常有吸引力。

Where it's going to end up? My guess is it will be below '22 levels. But certainly, I would expect going forward your EBITDA margins are going to be greater than $1 and hopefully much higher.

它會在哪裡結束？我的猜測是它將低於 22 年的水平。但可以肯定的是，我預計未來您的 EBITDA 利潤率將超過 1 美元，並希望更高。

That's helpful. And then, Matt, maybe I could ask you just big picture. A lot of what you guys have orchestrated over the last couple of years have been preparing the balance sheet and setting some growth and capacity initiatives in place. Can you talk about how you think about the 5-year strategic vision as you step into this new role?

這很有幫助。然後，馬特，也許我可以問你大局。你們在過去幾年中精心策劃的很多事情都是在準備資產負債表並製定一些增長和產能計劃。您能否談談您對進入這個新角色後的 5 年戰略願景的看法？

Thanks. I appreciate the question. The overriding principle is -- Tom and I have worked together for 13 years. And it's been incredibly rewarding partnership, not for the company, just from a personal standpoint, working with Tom. But it's a strategy that we're working hand-to-hand in regards to building PBF up.

謝謝。我很欣賞這個問題。最重要的原則是——湯姆和我一起工作了 13 年。從個人角度來看，與 Tom 的合作是非常有益的合作夥伴關係，而不是對公司而言。但這是我們在建立 PBF 方面攜手合作的戰略。

And so continuity will be a big theme, obviously. Tom and I have been lockstep and everything that PBF has done over the last 13 years. But Hopefully, it's my hope and is not to indicate that there's a lack of energy. But any change provides a new breadth of energy.

因此，顯然，連續性將是一個大主題。湯姆和我在過去 13 年裡步調一致，PBF 所做的一切。但希望是，這是我的希望，並不表示缺乏活力。但任何變化都會提供新的能量範圍。

And so obviously, we're a refining company. That is not going to change. Operations is the center of our universe. That's not going to change. But we do have some initiatives. SBR is one that's been in the works for a long time. We're just getting out of the gates now, which is very, very exciting. I think there's going to be a lot of growth opportunities with our partnership with ENI there, not only potentially into new products, whether it's sustainable aviation fuel, or it could be on the feedstock side. That will develop over time in connection with our partnership.

很明顯，我們是一家煉油公司。這不會改變。運營是我們宇宙的中心。這不會改變。但我們確實有一些舉措。 SBR 是一個已經開發了很長時間的產品。我們現在剛剛走出大門，這非常非常令人興奮。我認為我們與 ENI 的合作將帶來很多增長機會，不僅可能進入新產品，無論是可持續航空燃料，還是原料方面。隨著時間的推移，我們的伙伴關係會逐漸發展。

I will say with the partnership with ENI, it hasn't closed yet, but it's already started bearing fruit. Our renewable diesel team was down, or I shouldn't say down, was over in Italy visiting both their plants. We got to visit a plant in Sicily and Venice. And so very excited about that partnership. Obviously, beyond St. Bernard renewables, we're in the sort of mid-stages now, sort of beyond the early stages and exploring a hydrogen hub opportunity on the East Coast.

我要說的是，與 ENI 的合作夥伴關係尚未結束，但已經開始結出碩果。我們的可再生柴油團隊情緒低落，或者我不應該說情緒低落，他們在意大利參觀了他們的兩家工廠。我們參觀了西西里島和威尼斯的一家工廠。對這種夥伴關係感到非常興奮。顯然，除了 St. Bernard 可再生能源，我們現在處於某種中期階段，有點超越早期階段，並在東海岸探索氫樞紐的機會。

We submitted an application with a consortium there. And so I think there's going to be real opportunities there. And we have this unique asset in Delaware City, where beyond being a hydrogen hub, you have -- we're blessed with 5x the amount of real estate that our refinery sits on sort of in surrounding areas. So as that project, if it's able to move forward, I think the opportunities will be manifest.

我們向那裡的一個財團提交了申請。所以我認為那裡會有真正的機會。我們在特拉華市擁有這一獨特的資產，除了成為氫能樞紐之外，您還擁有 - 我們的煉油廠位於周邊地區的房地產數量是其 5 倍。所以作為那個項目，如果它能夠向前推進，我認為機會將會很明顯。

And then as Karen said, we're in volatile markets and maintaining a rock-solid balance sheet with terrific liquidity, opportunities will pop up. And to the degree we feel like we can grow the company and reward shareholders, we'll certainly try to do that.

然後正如凱倫所說，我們處於動蕩的市場中，並保持著堅如磐石的資產負債表和極好的流動性，機會就會突然出現。就我們認為可以發展公司和回報股東的程度而言，我們當然會努力做到這一點。

Our next question is from the line of Matthew Blair with Tudor, Pickering, Holt.

我們的下一個問題來自 Matthew Blair 與 Tudor、Pickering、Holt 的對話。

Matt and Tom, congrats on the new roles. I wanted to follow up, I think it was Karen's comments where you talked about it was prudent to retain cash for future Ops. Could you expand on that a little bit more? And I guess should we take that to mean that PBF would be potentially interested in looking at future refining acquisitions?

馬特和湯姆，祝賀新角色。我想跟進，我認為是 Karen 的評論，你談到為未來的 Ops 保留現金是謹慎的。你能再擴展一下嗎？我想我們是否應該認為這意味著 PBF 可能有興趣考慮未來的煉油收購？

Yes, it's Matt. I think it's always prudent to maintain some flexibility, especially when you're entering volatile markets. There's nothing planned. We look at everything that comes up. And obviously, there's been activities over the last year where refineries have come for sale and haven't been able to find a buyer and are going away.

是的，是馬特。我認為保持一定的靈活性總是謹慎的，尤其是當你進入動蕩的市場時。沒有什麼計劃。我們會審視出現的一切。很明顯，去年有一些煉油廠出售但找不到買家而要離開的活動。

So we'll evaluate every opportunity that is in front of us. But generally speaking, if there's periods of volatility, opportunities usually come up. We've said it before, we'll say it again, what we sort of say towards down to face. But we are absolutely committed to maintaining a strong balance sheet.

因此，我們將評估擺在我們面前的每一個機會。但一般來說，如果有波動的時期，通常會出現機會。我們之前已經說過，我們會再說一遍，我們是面對面地說的。但我們絕對致力於維持強勁的資產負債表。

By the way, that's not just for the benefit of our bondholders. That goes directly to the benefit of our equity holders. Obviously, it lowers your cost of debt as you improve. It lowers your cost of insurance. It improves your trade credit. It introduces new shareholders, all of which is profound in running our business.

順便說一下，這不僅僅是為了我們債券持有人的利益。這直接有利於我們的股東。顯然，隨著您的進步，它會降低您的債務成本。它降低了您的保險成本。它可以提高您的貿易信用。它引入了新的股東，所有這些都對我們的業務經營具有深遠的意義。

We want to be opportunistic, but we're going to stay disciplined. And we think we have a realistic view of what the future holds. So -- but we're very excited about it.

我們想投機取巧，但我們會保持紀律。我們認為我們對未來有一個現實的看法。所以 - 但我們對此感到非常興奮。

Sounds good. And then have you started to procure low CI feeds for the RD unit? And if so, could you just talk about the availability? Are you looking at like U.S. feeds or international feeds? And do you expect the ENI partnership to help in this regard?

聽起來不錯。那麼你們是否開始為 RD 裝置採購低 CI 原料？如果是這樣，你能談談可用性嗎？您是在看美國 Feed 還是國際 Feed？您希望 ENI 的合作夥伴關係在這方面有所幫助嗎？

Absolutely, we do. And look, they're already in the business from a just -- I don't want to get too deep into the weeds. But for the first couple of months of operations, we're going to be running low CI feeds. So we've been focused on lining up those feeds for the renewable diesel unit.

當然，我們有。看，他們已經開始從事這項業務了——我不想太深入雜草。但在最初幾個月的運營中，我們將運行低 CI 提要。所以我們一直專注於為可再生柴油裝置準備這些原料。

As we get closer to pretreatment startup, we'll start [laying] in those lower CI feeds. And look, this is where it's similar to a refining business or traditional petroleum refining business in that we're a merchant renewable diesel manufacturer, and we're going to go out and procure the most economic feeds that are available at any given time. And there will be volatility in those markets, and we'll be as quick and entrepreneurial as we can in shifting between the feeds.

當我們接近預處理啟動時，我們將開始 [laying] 在那些較低的 CI 提要中。看，這與精煉業務或傳統石油精煉業務相似，因為我們是商業可再生柴油製造商，我們將出去採購在任何給定時間可用的最經濟的飼料。這些市場將會出現波動，我們將盡可能快速地在不同的信息源之間切換。

But there's no question on the feed side with ENI, where they're already in the marketplace. They've been investing in the upstream in regards to feeds, and they have access to some very interesting opportunities, but it also extends to the product side.

但毫無疑問，在 ENI 的饋電方面，他們已經進入市場。他們一直在飼料方面的上游投資，他們可以獲得一些非常有趣的機會，但它也延伸到產品方面。

And I'd say there's a reasonably high probability in the not-too-distant future once we're up and running that we could see products going into Europe. And there's no question, they'll be adding value to our operation as we execute that business.

我想說的是，在不久的將來，一旦我們啟動並運行，我們很有可能會看到產品進入歐洲。毫無疑問，他們會在我們執行該業務時為我們的運營增加價值。

Our next question is from the line of Paul Cheng, Scotiabank.

我們的下一個問題來自豐業銀行的 Paul Cheng。

Tom and Matt, first, let me add my congratulation. Tom, are you sure that you're ready to spend all this time in the golf course? You're too young.

湯姆和馬特，首先讓我表示祝賀。湯姆，你確定你準備好在高爾夫球場度過這段時間了嗎？你太年輕了。

Spend all these time on the golf course.

把所有這些時間都花在高爾夫球場上。

I'll tell you, Paul, I haven't played golf around the gulf in 3 years. So I'm not going to spend all the time on a golf course, but I'm going back to the golf course. But I'll remain as Executive Chair involved in the business. I've got too much committed, my General Counsel sitting across me reminds me on occasion I am the largest private shareholder in PBF, and so PBF supply blood forever.

我會告訴你，保羅，我已經 3 年沒有在海灣附近打過高爾夫球了。所以我不會一直在高爾夫球場上度過，但我會回到高爾夫球場。但我將繼續擔任執行主席，參與這項業務。我有太多的承諾，坐在我對面的總法律顧問有時會提醒我，我是 PBF 最大的私人股東，因此 PBF 永遠供應血液。

All right. Matt, just curious that some of your peers that after they start up their RD projects, they realize that they don't have sufficient hydrogen. Could you talk about what's the situation in [Xiamen]? And also that a lot of the feed is high acetic, and that has been pretty mostly to the (inaudible) And the machine itself, that how are you guys going to save up on that?

好的。馬特，很好奇你的一些同行在他們開始他們的研發項目後，他們意識到他們沒有足夠的氫氣。能不能談談【廈門】的情況？而且很多進料都是高醋酸，而且大部分都是（聽不清）和機器本身，你們打算如何節省呢？

Second question is that strategically, I think California is interesting, right? I mean, on one hand, the shutdown of those facility is probably going to make at least the near term or that for the next couple of years, margins should be good. But at the same time that the regulatory and the government asset is make it very challenging. So I guess my question is that if there's an asset in California, good asset to be on sale. If the price is right, strategically, do you guys still want to add to your position in California given the regulatory environment and the government entity?

第二個問題是，從戰略上講，我認為加州很有趣，對吧？我的意思是，一方面，這些設施的關閉可能至少會在短期內或未來幾年內實現良好的利潤率。但與此同時，監管和政府資產使其變得非常具有挑戰性。所以我想我的問題是，如果加利福尼亞有資產，那麼好的資產可以出售。如果價格合適，從戰略上講，考慮到監管環境和政府實體，你們是否還想增加你們在加州的地位？

The short answer is no. We look at everything. But I don't think we get approval to buy another asset in California, given that we've got Torrance and Martinez already, Paul.

最簡潔的答案是不。我們看一切。但我認為我們不會獲得在加利福尼亞購買另一項資產的批准，因為我們已經有了托倫斯和馬丁內斯，保羅。

As I said, we look at everything. But I would doubt that, that would be something that we could effectively do even if something came on the market.

正如我所說，我們會審視一切。但我懷疑，即使市場上出現了一些東西，我們也能有效地做到這一點。

Yes. There's no question about that. So in regards to hydrogen, look, one of the benefits of being located in the Gulf Coast, hydrogen simply won't be a problem for us. It's something that we recognized early on. It's something that we signed on for well in advance, and there's abundant supply of hydrogen. And it really does go to one of the competitive strengths of being located down in the Gulf.

是的。毫無疑問。所以關於氫氣，看，位於墨西哥灣沿岸的好處之一，氫氣對我們來說根本不是問題。這是我們很早就認識到的事情。這是我們提前簽署的協議，而且氫氣供應充足。它確實成為位於海灣地區的競爭優勢之一。

In regards to feeds, and we've talked a lot about internally, obviously, and I know it's been a focus for all of you guys looking at the company. We've worked very, very hard in recognizing where others have stumbled out of the gates. And so we've tried to bake in all those lessons that have been learned over time. And so, Jim, would you add anything in regards to the specific low CI feeds and the preparation we did in getting our equipment ready for that?

關於提要，我們在內部討論了很多，很明顯，我知道這一直是你們所有人關注公司的焦點。我們非常非常努力地認識到其他人在哪些方面跌跌撞撞地走出了大門。因此，我們嘗試吸取隨著時間的推移吸取的所有教訓。那麼，吉姆，你能補充一下關於特定的低 CI 飼料以及我們為準備好我們的設備所做的準備嗎？

Well, we -- the low CI feeds that we're going to bring in will benefit us once we get the pathways approved in through California specifically. So we'll have provisional CI scores for the facility initially. But as we go through the pathway process in California, which we're well underway, we'll be able to fully realize those in the future when they get approved.

好吧，我們 - 一旦我們通過加利福尼亞獲得特別批准的途徑，我們將引入的低 CI 飼料將使我們受益。因此，我們最初將獲得該設施的臨時 CI 分數。但是，當我們在加利福尼亞州完成路徑過程時，我們正在進行中，我們將能夠在未來獲得批准時充分實現這些。

Matt or Karen, can you remind us that what's the remaining CapEx spending in the second quarter for the LG project to finish and including the pretreatment unit?

Matt 或 Karen，你能提醒我們第二季度 LG 項目完成的剩餘資本支出是多少，包括預處理單元？

I'm sorry. So there's 2 different questions. In regards to the pretreatment unit, we've -- the project wind up being $675 million. $675 million To $700 million, if you want to [ban] it, is worth the total R&D facility project is going to be. In regards to the Torrance work, I don't know that we've given out specific turnaround budgets for any one project.

對不起。所以有兩個不同的問題。關於預處理裝置，我們已經 - 該項目最終耗資 6.75 億美元。 6.75 億美元到 7 億美元，如果你想[禁止]它，那麼研發設施項目的總價值是值得的。關於 Torrance 的工作，我不知道我們是否已經為任何一個項目給出了具體的周轉預算。

The Torrance work in the second quarter, though is not as significant as what we're going to do in the third and fourth quarter in Torrance. That's Torrance -- when we took Torrance over, of course, you're all aware that with the precipitator explosion, Exxon was down for a while, and they did an extensive overhaul and turnaround on that cat cracker.

托倫斯在第二節的表現雖然不如我們在第三節和第四節在托倫斯所做的那麼重要。那是托倫斯——當我們接管托倫斯時，當然，你們都知道隨著除塵器爆炸，埃克森美孚停工了一段時間，他們對那台貓餅乾進行了大修和周轉。

And I will tell you, I have never seen a cat cracker run for as long as the Torrance cat cracker ran. It's finishing up in the fall a 7-year plus run. But that -- the one in the second quarter is not going to be material. And you remember how much of that we have left on the PTU or the RD project?

我會告訴你，我從來沒有見過一隻貓餅乾跑得像托倫斯貓餅乾跑的那麼久。它在秋季結束了 7 年多的運行。但這 - 第二季度的那個不會很重要。你還記得我們在 PTU 或 RD 項目上還剩下多少嗎？

It's probably about $140 million to $150 million in the quarter.

本季度可能約為 1.4 億至 1.5 億美元。

In the quarter, the whole quarter, but some of that has already been spent.

在這個季度，整個季度，但其中一些已經用完了。

Our last question is from the line of Jason Gabelman with Cowen and Company.

我們的最後一個問題來自 Cowen and Company 的 Jason Gabelman。

Tom and Matt, congrats on the new roles and best of luck. First, I wanted to go back to the balance sheet because it's certainly a focus for us and I believe investors. You discussed keeping debt to cash equal. And so the overarching question is, at what point does that framework change? Is it when you reach investment-grade rating? Is it when you reduce the environmental liabilities?

湯姆和馬特，祝賀新角色，祝你好運。首先，我想回到資產負債表，因為它肯定是我們關注的焦點，我相信投資者。您討論了保持債務與現金相等的問題。因此，最重要的問題是，該框架在什麼時候發生變化？是在您達到投資級評級時嗎？是在減少環境責任的時候嗎？

And I guess, tied to the environmental liabilities. Are the RIN obligation that you're going to pay down to, is there going to be a transfer cost mechanism between kind of the biofuels plants and, I guess, paying down the environmental obligations. Is that going to be at market price? Or are you going to recognize that at something different?

我想，這與環境責任有關。你要支付的 RIN 義務是什麼，生物燃料工廠之間是否會有轉移成本機制，我想，支付環境義務。那會是市場價嗎？還是您會以不同的方式認識到這一點？

I can take the last piece, for sure, which is PBF, we have a pure partnership with ENI. And so the financials from SBR will be pure market-based everything at market prices. That being said, PBF will acquire the RINs from SBR as they are produced, which will be -- will essentially bring ancillary benefits of to PBF and that we're not going to be in the marketplace acquiring those.

我可以拿最後一塊，當然，這是 PBF，我們與 ENI 有純粹的合作夥伴關係。因此，SBR 的財務數據將完全以市場價格為基礎。話雖如此，PBF 將在生產 RIN 時從 SBR 獲取 RIN，這將實質上為 PBF 帶來輔助好處，我們不會在市場上獲取這些。

So -- but it's a true joint venture and it's at market joint venture. So there's not any subsidy there to speak of.

所以 - 但它是一家真正的合資企業，而且是市場合資企業。所以那裡沒有任何補貼可言。

Got it.

知道了。

And with respect to cash balances and all the balance sheet initiatives, as I said in my prepared remarks, we're given heightened market volatility. And as we pursue investment-grade ratings, we intend to maintain this near net debt 0 target.

關於現金餘額和所有資產負債表計劃，正如我在準備好的發言中所說，我們的市場波動加劇。在我們追求投資級評級的同時，我們打算維持這個接近淨債務為零的目標。

And then after that, it's going to be pretty much conditions and operations dependent.

然後在那之後，它將在很大程度上取決於條件和操作。

Yes. It's hard to say. I mean nothing is static, obviously. We have a couple of things that we want to address. Quite frankly, we want to sit down with the rating agencies and have a frank conversation with them and understand their perspectives.

是的。這很難說。顯然，我的意思是沒有什麼是靜態的。我們有幾件事要解決。坦率地說，我們想與評級機構坐下來，與他們進行坦率的對話，了解他們的觀點。

But as Karen said, that we live in volatile times. It's hard to imagine over the last 3 years sort of the volatility that we've gone through. And so we'll continually assess what's best for the company and by extension, obviously, to shareholders.

但正如凱倫所說，我們生活在動蕩的時代。很難想像在過去 3 年中我們經歷了怎樣的動盪。因此，我們將不斷評估什麼對公司最有利，進而顯然對股東最有利。

All right. Based on your conversations with the ratings agencies, do you feel like you're close to getting that investment-grade rating?

好的。根據您與評級機構的對話，您是否覺得自己接近獲得投資級評級？

I can't assess what their timing is, but I can assess what our balance sheet is. And I can certainly look at it, look at the metrics. And there's no question that when you analyze the financial metrics, we are investment grade.

我無法評估他們的時機，但我可以評估我們的資產負債表。我當然可以查看它，查看指標。毫無疑問，當你分析財務指標時，我們是投資級別的。

Okay. My follow-up is -- I'm going to ask 2 since we're at the end of the call, if I may. The first, just a clarification that the OpEx guidance you gave last quarter, $8 to $8.50 per barrel, still holds for the full year.

好的。我的後續行動是——我要問 2，因為我們在通話結束時，如果可以的話。首先，只是澄清您上個季度給出的運營支出指導，即每桶 8 美元至 8.50 美元，仍然適用於全年。

And then the other, just you've mentioned you would be interested. It sounds like in pursuing potential acquisitions if they arise, would it be a focus on single refining assets as you've done in the past? Or would you be comfortable acquiring, say, a system of refining assets if they were to become available?

然後另一個，剛才你提到你會感興趣。這聽起來像是在尋求潛在的收購，如果它們出現，它會像你過去所做的那樣專注於單一的煉油資產嗎？或者，如果資產可用，您是否願意收購，比如說，一個提煉資產的系統？

First, with respect to OpEx. The guidance we give is based on our annual budget and our annual budgeted throughput. There is some seasonality. Q1 is typically the highest because of energy costs. Second quarter next highest.

首先，關於運營支出。我們給出的指導基於我們的年度預算和年度預算吞吐量。有一定的季節性。由於能源成本，Q1 通常是最高的。第二季度次高。

But when we put that guidance out, natural gas was materially higher than it is now. So that will move. In regards to your acquisitions question, I appreciate the desire to sort of get more and more sort of clarity. We don't know what's coming down or what will come down the pipe. And so we look at everything.

但是當我們發布該指南時，天然氣的價格比現在高得多。這樣就會移動。關於您的收購問題，我很欣賞希望越來越清晰的願望。我們不知道會發生什麼，也不知道會發生什麼。所以我們看一切。

We've always said that there's not an imperative that we must grow by any stretch. And so we're very pleased with the system we have. If opportunities come up, who knows what they will be, but we'll certainly look at them and try to do the best for our shareholders.

我們一直說，沒有必要一定要擴大規模。所以我們對我們擁有的系統非常滿意。如果機會出現，誰知道會是什麼，但我們一定會審視它們並努力為我們的股東做到最好。

We've reached the end of the question-and-answer session. I'll now turn the call over to Tom Nimbley for closing remarks.

我們已經結束了問答環節。我現在將電話轉給 Tom Nimbley 作結束語。

Thank you for joining us today on today's call. As we have discussed, the markets will continue to be volatile and consumer demand will continue to be resilient. PBF remains in good hands. Our operating principles are unchanged. We are focused on operating safely, reliably and in an environmentally responsible manner.

感謝您今天參加我們的電話會議。正如我們所討論的，市場將繼續波動，消費者需求將繼續保持彈性。 PBF 仍處於良好狀態。我們的經營原則沒有改變。我們專注於以對環境負責的方式安全、可靠地運營。

In doing so, we will continue to provide our essential products to meet consumer demand. As we've mentioned, our balance sheet is in its strongest condition ever and we expect our operations and financial discipline will allow us to continue rewarding our investors. I look forward to speaking with you all again next quarter. Thank you.

在此過程中，我們將繼續提供我們的基本產品以滿足消費者的需求。正如我們所提到的，我們的資產負債表處於有史以來最強勁的狀態，我們預計我們的運營和財務紀律將使我們能夠繼續回報我們的投資者。我期待著下個季度再次與大家交談。謝謝。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。