PBF Energy Inc. (PBF) 2026 Q1 法說會逐字稿

Good day, everyone, and welcome to the PBF Energy first-quarter 2026 earnings conference call and Webcast. (Operator Instructions)

各位早安，歡迎參加 PBF Energy 2026 年第一季財報電話會議與網路直播。(接線員指示)

Please note that this conference is being recorded.

請注意，本次會議將被錄音。

It is now my pleasure to turn the floor over to Colin Murray of Investor Relations. Sir, you may begin.

現在我很榮幸將會議交給投資人關係部的 Colin Murray。先生，您可以開始了。

Thank you, Anjali. Good morning, and welcome to today's call. With me today are Matt Lucey, our President and CEO; Mike Bukowski, our Senior Vice President and Head of Refining; Joe Marino, 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，Anjali。各位早安，歡迎參加今天的電話會議。今天與我一同出席的有：我們的總裁兼執行長 Matt Lucey；資深副總裁兼煉油事業負責人 Mike Bukowski；財務長 Joe Marino；以及我們管理團隊的其他幾位成員。今日的財報新聞稿與 10-Q 申報文件（含補充資訊）可於我們的網站取得。

Before getting started, I'd like to direct your attention to the safe harbor statement contained in today's press release. Statements 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.

在開始之前，我想請各位留意今日新聞稿中所載的安全港聲明。凡表達公司或管理階層對未來的預期或預測之陳述，均屬前瞻性陳述，旨在適用聯邦證券法下安全港條款之保障。

Consistent with our prior periods, we'll discuss our results excluding special items, which are described in today's press release. Also included in the press release is forward-looking guidance information. For any questions on these items or other follow-up questions, please contact Investor Relations after today's call.

與以往期間一致，我們將在排除特殊項目後討論本期結果；相關特殊項目已於今日新聞稿中說明。新聞稿亦包含前瞻性指引資訊。如對上述項目有任何疑問或其他後續問題，請於今日電話會議後聯絡投資人關係部。

I'll now turn the call over to Matt Lucey.

接下來我將把電話會議交給 Matt Lucey。

Thanks, Colin. Good morning, everyone, and thank you for joining the call. Indeed, today is a moment. With the disruption in the Middle East, the world is in greater need of the products we produce and therein lies the momentous opportunity for our company to perform and reward our shareholders for owning such critical infrastructure. Within PBF, the spotlight is squarely on Martinez.

謝謝，Colin。各位早安，感謝加入本次電話會議。確實，今天是一個關鍵時刻。隨著中東局勢的擾動，全球更需要我們所生產的產品；這也為公司帶來重大機會，使我們能夠展現表現並回饋股東，因為股東持有的是如此關鍵的基礎設施。在 PBF 內部，焦點正集中在 Martinez。

We are bringing Martinez back online and will shortly be supplying the California market with our full capabilities. This could not be coming at a better time for the West Coast and California markets. There are three main areas of focus in terms of the restart of Martinez, the cat feed hydrotreater, the alkylation unit and the FCC.

我們正讓 Martinez 重新上線，並將在不久後以完整產能供應加州市場。對西岸與加州市場而言，這個時點再好不過。就 Martinez 的重啟而言，有三個主要重點：催化裂化進料加氫處理裝置（cat feed hydrotreater）、烷基化裝置（alkylation unit）以及 FCC。

The cat feed hydrotreater and alky are up and both are running. With the FCC, we expect to be making finished products this weekend. While the rebuild effort was completed in February, there is no question the restart took longer than expected. It was critical for us to ensure that all the work accomplished at Martinez over the last 14 months was capped off with a safe restart.

催化裂化進料加氫處理裝置與烷基化裝置已啟動，且兩者皆在運轉中。至於 FCC，我們預期本週末將開始生產成品。雖然重建工作已於二月完成，但毫無疑問，重啟所花時間比預期更久。對我們而言至關重要的是，必須確保過去 14 個月在 Martinez 完成的所有工作，最終能以安全的重啟作為收尾。

Moving on to the broader environment. The events in the Middle East have caused the largest disruption ever in the oil markets and the effects are indeed dramatic and constructive for PBF. Initially, approximately 15 million barrels per day of crude and 5 million barrels per day of product were trapped inside the Straits of Hormuz. The loss of crude barrels was most acutely felt in Asia, but the shortages have cascaded to other markets. 80% of the crude flowing through the straits was destined for Asian refineries, and those refineries in turn, supplied products to many markets, including the US West Coast.

接著談更廣泛的環境。中東事件造成油市史上最大規模的擾動，其影響確實劇烈，且對 PBF 具有正面建設性。起初，約有每日 1,500 萬桶原油與每日 500 萬桶成品油被困在荷姆茲海峽內。原油供給的流失在亞洲感受最為明顯，但短缺已連鎖擴散至其他市場。經由海峽運輸的原油中有 80% 目的地為亞洲煉油廠，而這些煉油廠又向包括美國西岸在內的多個市場供應成品油。

As refining runs in Asia have been rationing due to lack of inputs, the loss of products has affected every market. Compounding this impact, the products stranded in the Arabian Gulf have tightened markets in Europe and subsequently, the Atlantic Basin.

由於投入原料不足，亞洲煉油開工量被配給限制，成品油供給的流失影響了每一個市場。此外，滯留在阿拉伯灣的成品油使歐洲市場趨緊，進而影響到大西洋盆地。

In the near-term, the markets will continue to adjust in real time to demand signals for both crude and products. Global pricing will dictate trade patterns. Increasingly, markets are calling for both U.S. crude and US products to meet demand.

短期內，市場將持續依據原油與成品油的需求訊號即時調整。全球定價將決定貿易流向。市場愈來愈需要以美國原油與美國成品油來滿足需求。

While the US has been somewhat insulated, there are signs that demand is being impacted globally by both pricing and supply issues. It has never been more evident that US refining is critical infrastructure, and this is most apparent in regions like the West Coast and the East Coast that are short refining capacity and rely on imports from unstable sources to meet demand. It will take some time for trade patterns to normalize both during and post the conflict in the Middle East.

雖然美國在某種程度上較為隔離於衝擊之外，但已有跡象顯示，全球需求正同時受到價格與供應問題的影響。美國煉油從未如此明顯地被證明是關鍵基礎設施；在煉油產能不足、且仰賴自不穩定來源進口以滿足需求的地區（如西岸與東岸）尤為明顯。無論在中東衝突期間或衝突結束後，貿易流向要恢復常態都需要一些時間。

Refining fundamentals should remain strong throughout, supported by tight refining balances, coupled with low product inventories around the world. Prior to this event, refining balances looked constructive and the inevitable restocking should provide a favorable backdrop for quarters to come. PBF remains focused on controlling the aspects of our business that we can control. To be successful and enhance value for our investors, we must operate safely, reliably and responsibly, and we must do it as efficiently as possible.

在此期間，煉油基本面應可維持強勁，因煉油供需平衡偏緊，加上全球成品油庫存偏低。在此事件發生前，煉油供需平衡已呈現正向態勢，而後續不可避免的補庫存應可為未來幾季提供有利背景。PBF 仍專注於掌控我們能掌控的業務面向。為了成功並提升投資人價值，我們必須安全、可靠且負責任地營運，並且要以盡可能高的效率做到。

And with that, I'll turn the call over to Mike Bukowski.

接下來我把電話會議交給 Mike Bukowski。

Thank you, Matt. Good morning, everyone. Before updating on the progress of our refining business improvement program, I'll provide a few comments on first quarter operations and our Martinez refinery status. Outside of the West Coast, our refining system ran reasonably well. All of our refineries navigated record cold temperatures with minimal disruptions.

謝謝你，Matt。各位早安。在更新我們煉油事業改善計畫的進展之前，我先就第一季營運與 Martinez 煉油廠狀態提供幾點說明。除西岸之外，我們的煉油系統運轉表現相當不錯。我們所有煉油廠在面對創紀錄的低溫時，僅出現極少的干擾。

On the West Coast, as Matt mentioned, Martinez is in the final stages of its phased restart. The process to restart it has been methodical and required many levels of safety and process checks to ensure that all equipment was correctly manufactured and installed before we introduced hydrocarbons.

在西岸方面，如 Matt 所提，Martinez 正處於分階段重啟的最後階段。重啟流程採取循序漸進的方法，並需要多層級的安全與製程檢查，以確保在引入碳氫化合物之前，所有設備皆已正確製造並完成安裝。

The cat feed hydrotreater and alkylation unit have been operating and producing finished products as well as the intermediates required for the start-up of the fluid catalytic cracking unit this weekend. The Martinez team and the supporting cash too numerous to mention worked tirelessly to get us to this point. My thanks to all involved in the project.

催化裂化進料加氫處理裝置與烷基化裝置已在運轉，並正在生產成品以及本週末流體觸媒裂化裝置（FCC）啟動所需的中間產品。Martinez 團隊以及多到難以一一列舉的支援同仁不懈努力，讓我們走到今天這一步。我感謝所有參與此專案的人員。

Additionally, while Martinez operations were being restored, Torrance underwent a turnaround early in the first quarter and with that event complete has a clean runway for the remainder of 2026. I'm happy to report that we're seeing progress from our RBI program.

此外，在 Martinez 營運逐步恢復期間，Torrance 於第一季初進行了歲修；該作業完成後，2026 年剩餘期間將可順利運行。我很高興報告，我們的 RBI 計畫正看到進展。

We achieved our 2025 target of $230 million of annualized run rate savings. This goal includes approximately $160 million of OpEx reductions against our 2024 benchmark and is incorporated in our full 2026 budget.

我們達成了 2025 年目標：年化節省金額的運行率（run rate）達 2.30 億美元。此目標包含相較於 2024 年基準約 1.60 億美元的營運費用（OpEx）降低，並已納入我們 2026 年完整預算。

While the ongoing Martinez process is causing some noise within the first quarter results, we are very comfortable in meeting or even exceeding our stated targets. While we are improving our maintenance and operational efficiency and reducing energy consumption, our main priority will always be to the focus on safe, reliable and responsible operations across our system.

雖然 Martinez 持續進行的流程使第一季結果出現一些雜訊，但我們非常有信心達成，甚至超越我們所宣示的目標。在我們提升維修與營運效率並降低能源消耗的同時，我們的首要任務永遠是專注於全系統安全、可靠且負責任的營運。

With that, I'll now turn the call over to Joe Marino for our financial overview.

接下來我將把電話會議交給 Joe Marino，進行財務概覽。

Thanks, Mike. For the first quarter, excluding special items, we reported adjusted net loss of $0.88 per share and adjusted EBITDA of $68.7 million. Our discussion of first quarter results excludes the net effect of special items, including $11.5 million in incremental OpEx related to the Martinez refinery incident, a $106.5 million gain on insurance recoveries, a $313 million LCM inventory adjustment, a $9.4 million gain relating to PBF's 50% share of SBR's LCM adjustment for the quarter and approximately $9.4 million of charges associated with the RBI initiative, as well as other items detailed in the reconciling tables in today's press release.

謝謝你，Mike。第一季在排除特殊項目後，我們的調整後每股淨損為 0.88 美元，調整後 EBITDA 為 6,870 萬美元。我們對第一季結果的討論排除了特殊項目的淨影響，包括：與 Martinez 煉油廠事件相關的 1,150 萬美元新增營運費用（OpEx）、1.065 億美元的保險理賠回收利益、3.13 億美元的 LCM 存貨調整、與 PBF 持有 SBR 50% 權益相關且屬於本季 SBR LCM 調整之 940 萬美元利益、以及約 940 萬美元與 RBI 計畫相關的費用，另有其他項目詳列於今日新聞稿對帳表中。

PBF's results reflect several unfavorable conditions that manifested in the first quarter, both operationally and commercially. Capture rates for the quarter were negatively impacted by West Coast operations, the higher flat price environment, increasing the headwind of low-value products, higher RINs expense and derivative losses recognized in the quarter. These capture headwinds more than offset benefits from improving jet and diesel spreads and certain crude dips.

PBF 的業績反映了第一季出現的多項不利情況，涵蓋營運面與商業面。本季的捕捉率（capture rates）受到西岸營運影響而走弱；同時較高的平價（flat price）環境加劇了低價值產品的不利因素、RINs 費用上升，以及本季認列的衍生品損失。這些捕捉不利因素，已超過噴射燃油與柴油價差改善及部分原油回落所帶來的效益。

Operationally, our Torrance refinery was in planned turnaround during January and February, while our Martinez refinery restart was delayed. We built up inventory levels in the first quarter, primarily in anticipation of the planned restart of Martinez. This occurred as global pricing for hydrocarbons surged on the back of the conflict in the Middle East, resulting in losses in our typical hedge program.

在營運方面，我們的 Torrance 煉油廠於一月與二月進行計畫性歲修（turnaround），而 Martinez 煉油廠的重啟則有所延遲。第一季我們提高了庫存水位，主要是為了因應 Martinez 計畫重啟。同時，中東衝突推升全球碳氫化合物價格飆升，導致我們一貫的避險計畫出現損失。

Our results for the quarter reflect an aggregate derivative loss of a little over $200 million. Approximately half of this loss related to unrealized amounts expected to be mostly offset in the second quarter as the physical barrels run through our refining system. The $106.5 million gain on insurance recoveries related to the Martinez fire is a result of the fourth unallocated payment agreed to and received in the first quarter. This brings our total insurance recoveries to $1 billion, net of our deductibles and retention, including the amounts received in 2025.

本季業績反映合計略高於 2 億美元的衍生品損失。其中約一半為未實現損失，預期在第二季隨著實體油品通過我們的煉製系統後，大多將被抵銷。與 Martinez 火災相關的保險理賠回收收益 1.065 億美元，係因第一季同意並收到第四筆未分配款項所致。這使我們的保險回收總額達到 10 億美元（扣除自負額與自留額後），其中包含於 2025 年收到的款項。

Important to note, while the bulk of the spending related to Martinez is behind us, the claim is ongoing, and we expect to recover incremental funds as we continue to work with our insurance providers towards potential additional interim payment and finalization of the claim in an expeditious manner. Shifting back to our normal quarterly results discussion, also included in our results is an approximate $8 million EBITDA benefit, excluding LTM impacts related to PBF's equity investment in St. Bernard Renewables.

需要特別說明的是，雖然與 Martinez 相關的大部分支出已經過去，但理賠仍在進行中；我們預期在持續與保險提供方合作、力求加速取得可能的額外中期付款並完成理賠結案的過程中，仍可回收更多資金。回到我們正常的季度業績討論，本季業績亦包含約 800 萬美元的 EBITDA 利益（不含與 PBF 對 St. Bernard Renewables 的股權投資相關之 LTM 影響）。

FCR produced an average of 16,700 barrels per day of renewable diesel in the first quarter. FCR's production was as expected, but results reflect the impact of improving market condition in the renewable fuel space with the finalization of the RVO in March.

FCR 第一季平均每日生產 16,700 桶可再生柴油。FCR 的產量符合預期，但業績反映了可再生燃料市場狀況改善的影響，且 RVO 於三月定案。

With the setting of the 2026, '27 RVO, the market is now the ability to stabilize and should result in favorable margins. PBF's cash used in operations for the quarter was $324 million, which includes a working capital draw of approximately $340 million, mainly due to movements in inventory and the impact on our net payable position as a result of rapidly moving commodity prices.

隨著 2026、2027 年 RVO 的設定，市場如今具備穩定的條件，應可帶來有利的利潤率。PBF 本季營運活動使用現金為 3.24 億美元，其中包含約 3.40 億美元的營運資金動用，主要來自庫存變動，以及大宗商品價格快速波動對我們淨應付部位的影響。

On our last call, we mentioned our expectations for elevated first quarter CapEx and working capital outflows, primarily related to Martinez restart and normal seasonal inventory patterns. The capital spending for the Martinez rebuild is essentially behind us, and we expect working capital to normalize as operations restart in full.

在上次電話會議中，我們提到預期第一季資本支出（CapEx）與營運資金流出將偏高，主要與 Martinez 重啟以及正常的季節性庫存型態有關。Martinez 重建的資本支出基本上已告一段落，且我們預期在營運全面重啟後，營運資金將回歸常態。

Cash invested in consolidated CapEx for the quarter was $320 million, which includes refining, corporate and logistics. This amount excludes first quarter capital of approximately $189 million related to the Martinez incident. On the surface, the Q1 figure might be slightly higher than expected, and this is because it includes approximately $100 million of net carryover from 2025 that had not been cash settled at year-end.

本季投入於合併資本支出的現金為 3.20 億美元，包含煉油、公司與物流。此金額不包含第一季與 Martinez 事件相關、約 1.89 億美元的資本支出。表面上看，第一季數字可能略高於預期，原因是其中包含約 1 億美元自 2025 年結轉、於年末尚未以現金結算的淨結轉款項。

The balance is our normal quarterly incurred amount, including the turnaround at Torrance. Given that and the noise related to Martinez rebuild, it would be helpful to more broadly consider the 2025 and 2026 capital programs over a two-year period.

其餘部分為我們正常的季度發生金額，包含 Torrance 的歲修。鑑於上述情況以及 Martinez 重建帶來的雜訊，更有助於以兩年期間更廣泛地看待 2025 與 2026 年的資本計畫。

We ended the quarter with $542 million in cash and approximately $2.3 billion of net debt. At quarter end, our net debt to cap was 36%, and our current liquidity is approximately $2.4 billion based on current commodity prices, cash and borrowing capacity under our ABL.

本季期末我們持有現金 5.42 億美元，淨負債約 23 億美元。截至季末，我們的淨負債占資本比（net debt to cap）為 36%；以目前大宗商品價格、現金以及 ABL 項下可借款額度計算，我們目前流動性約為 24 億美元。

Our net debt increased in the first quarter due to planned capital expenditures, continued spend on the Martinez restart and working capital outflows primarily related to a build in inventory. Going forward, inventory should normalize as operations ramp up, and we should see a resulting tailwind in working capital cash flows.

第一季淨負債增加，係因計畫性資本支出、持續投入 Martinez 重啟，以及主要因庫存增加所致的營運資金流出。展望未來，隨著營運逐步提升，庫存應會回歸常態，並可望在營運資金現金流上形成順風。

Additionally, with our capital spend for the Martinez rebuild predominantly behind us, we expect to further progress our Martinez insurance claim and receive additional payments. Once realized, these factors alone should principally offset the increase in net debt experienced in Q1. Maintaining our firm financial footing and a resilient balance sheet remain priorities. As we look ahead, we expect these periods of strength to focus on reducing both our gross and net debt.

此外，隨著 Martinez 重建的資本支出大致已完成，我們預期將進一步推進 Martinez 的保險理賠並收到額外款項。一旦實現，僅上述因素就應可在主要程度上抵銷第一季淨負債增加的影響。維持穩健的財務基礎與具韌性的資產負債表仍是優先事項。展望未來，我們預期在這些強勁時期將著重於降低總負債與淨負債。

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

接線員，我們已完成開場致詞，接下來很樂意回答各位的問題。

(Operator Instructions) Manav Gupta, UBS.

(接線員指示) UBS 的 Manav Gupta。

I want to start a little bit on the global macro side. The way we are seeing things, Matt, is 2Q and 3Q are a tale of two halves, those who have the crude and who can run and those who don't have crude, and they may have the best kit out there, but they don't have crude. And you are in this category where you have the crude and you can run. So can you help us understand, given relatively low US nat gas price and availability of crude, does that mean that US refining has an advantage over most of their global peers at this point of time?

我想先從全球總體面談起。Matt，就我們的觀察，第二季與第三季像是兩個半場的故事：有原油、能夠開工的，以及沒有原油的；後者即使設備再好，但沒有原油。而你們屬於有原油、也能夠開工的這一類。所以能否協助我們理解：在美國天然氣價格相對偏低、且原油供應可得的情況下，是否意味著此刻美國煉油業相較多數全球同業具有優勢？

Manav, I don't think there's any question on that. I think the outlook for the second quarter and the third quarter look extraordinary only because the world is going to be in desperate need of our products. And as you say, we're insulated from a natural gas perspective, heck we're insulated from a physical security perspective. We have the best steel globally with a very stable workforce. And indeed, we have access to crude.

Manav，我認為這點毫無疑問。我認為第二季與第三季的展望看起來非常出色，原因在於全球將迫切需要我們的產品。而如你所說，從天然氣角度我們具備隔離性；坦白說，從實體安全角度我們也具備隔離性。我們擁有全球最好的鋼鐵資產，且勞動力非常穩定。而且，我們確實能取得原油。

Obviously, the pricing on crude is determined on a global basis. But when you stack up the US industry compared to the rest of the world, it stands out. And then when you look within the US, I think particularly PBF's coastal complexity is incredibly well positioned within that.

當然，原油定價是以全球為基礎決定的。但當你把美國產業與世界其他地區相比，美國確實更為突出。而再看美國國內，我認為 PBF 的沿海複雜度（coastal complexity）在其中尤其具備非常好的定位。

Perfect. And a quick follow-up here and this is a question we have pretty much got all morning. What gives you the confidence that this time, Martinez will be able to restart within probably a week or so and there will not be any further delays?

很好。再快速追問一下，這也是我們今天早上幾乎一直被問到的問題。是什麼讓你們有信心這次 Martinez 能在大約一週左右重啟，且不會再有任何進一步延遲？

I'll turn that over to Mike.

我把這題交給 Mike。

So the delays that we saw over the past couple of months were primarily focused on the process to verify the equipment to make sure it was constructed, installed properly. And now we're at the point now with two units up in operations. We always had a phase start-up. It's always going to be the cat feed hydrotreater. It's always going to be the alkylation unit.

我們過去幾個月看到的延遲，主要集中在設備驗證流程上，以確保設備的建造與安裝都正確無誤。而現在我們已經進入有兩個裝置投入運轉的階段。我們一向採分階段啟動。第一個一定會是催化裂化進料加氫精製裝置（cat feed hydrotreater）。接著一定會是烷基化裝置（alkylation unit）。

Those two units started up without incident. They -- we got up safely. And we're essentially -- if you make the analogy of a football game, we're in the fourth quarter on the process on the FCC. The unit is heating up and we're a day or so away from putting feed in the unit. So it's very close.

這兩個裝置都已順利啟動，沒有發生事故。我們安全地升載運轉。而我們基本上——如果用美式足球比喻——在 FCC 流程上已進入第四節。裝置正在升溫，我們大約再過一天左右就會把進料送入裝置。所以已非常接近。

We've got all the checks that we've done. We've had a lot of the major hurdles that you typically go through in an FCC start-up. So, that gives us the confidence.

我們已完成所有已做的檢查。我們已跨過在 FCC 新建/啟動過程中通常會遇到的許多主要障礙。因此，這讓我們更有信心。

The frustration on the duration is certainly understandable. But the alternative simply wasn't considered in terms of rushing through anything. And so, all the steps that we're taking were done in the name of caution and safety and reliability. It obviously was an extraordinarily large disruption. And as such, it took a bit longer. That being said, we're here on the precipice of this whole incident being behind us.

對於時間拖長的挫折感當然可以理解。但就替代方案而言，並沒有考慮以趕工的方式草率完成任何事情。因此，我們所採取的每一步，都是以謹慎、安全與可靠為出發點。這顯然造成了極其巨大的干擾。因此，確實花了更長一些時間。話雖如此，我們現在已站在門檻邊緣，整起事件即將成為過去。

Alexa Petrick, Goldman Sachs.

Alexa Petrick，高盛。

We wanted to ask on the East Coast dynamics. But that region looks tight from a product perspective, but there's also a lot of moving pieces around crude access, freight rates. So, can you just talk about the exposure there and how you're seeing capture rates shake out?

我們想請教東岸的動態。從成品角度看，那個地區似乎偏緊，但同時在原油取得、運費等方面也有很多變動因素。所以，您能否談談那邊的曝險，以及您如何看待捕捉率（capture rates）的變化？

Yes. It was in my comments. I mean, whether you're talking about the East Coast or West Coast, you're relying on imports and so how critical our infrastructure is within those pads. It's highlighted. It gets highlighted every couple of years, whether it's through hurricanes or other events, whether when Colonial went down clearly in this event now with the global market completely disrupted.

是的。我在評論裡有提到。我的意思是，不論你談的是東岸或西岸，你都仰賴進口，因此我們在那些樞紐中的基礎設施有多關鍵。這點很突出。每隔幾年就會被凸顯一次，不論是颶風或其他事件；無論是 Colonial 管線停擺，或是這次事件在全球市場完全被擾亂的情況下更是如此。

But our assets are running well. They -- like I said, they have access to crude. And so, I think we'll be rewarded handsomely for operating them reliably over the coming quarters. Tom?

但我們的資產運轉良好。它們——如我所說——有原油來源。因此，我認為在接下來幾個季度，因為我們可靠地運營它們，我們將獲得相當可觀的回報。Tom？

Yes. I mean I would just add in terms of what we've seen, particularly over the last several reporting weeks, right, where we're seeing draws across the country. And you're at a situation also where even in the past couple of -- in the past month or so, right, where in terms of the US has been exporting product, not just off of the Gulf Coast, but out of the East Coast as well. So we're at a situation where inventories have been depleted and obviously depends upon how long the disruption in the Straits of Hormuz continues, right?

是的。我想補充的是，就我們所看到的情況而言，特別是在最近幾個報告週，我們看到全國庫存都在下降。而且你也處在一個情況：即便在過去幾——在過去一個月左右，美國一直在出口成品，不僅從墨西哥灣沿岸，也從東岸出口。所以我們處在庫存被消耗的狀態，而這顯然取決於荷姆茲海峽的擾動會持續多久，對吧？

But the longer it goes, obviously, we stay in a very point of friction. But on the flip side of it is that when we would look at it in terms of resolution in terms of the conflict, you then potentially also have OPEC in a fractured state with the announcement of UAE looking to depart the organization.

但時間拖得越久，顯然我們就越會處在一個摩擦點很高的狀態。但另一方面，當我們從衝突解決的角度來看時，你也可能會看到 OPEC 處於分裂狀態，因為阿聯酋宣布有意退出該組織。

So I think that all sort of fits within the sort of constructive outlook and the situation where in terms of markets that are deficit products, it is going to be challenging in the short term to find that resupply from any other region, because it certainly would appear at this point that Asia is buying the minimum amount of crude that they can purchase to basically satisfy their local demand or the region's demand, and there's no expectation that they're going to be continuing to pull crude from the Atlantic Basin to then resupply just in terms of the sheer amount of time that takes and the uncertainty in terms of what could happen during that 60, 90, 120-day supply line.

所以我認為這些都符合相對建設性的展望：在成品供給短缺的市場中，短期內要從其他地區找到補給將會很具挑戰，因為目前看起來亞洲正以他們能買到的最低原油量來基本滿足其本地需求或區域需求；而且也不預期他們會持續從大西洋盆地拉原油來補給，原因在於所需時間非常長，以及在那條 60、90、120 天供應線期間可能發生什麼的不確定性。

And importantly, also for the East Coast and the West Coast, with the Jones Act being put on the shelf for a period of time, we're actually able to run non-traditional crudes to the East Coast. Indeed, we'll be running some WTI and some other US barrels on the East Coast during the second quarter. So we'll have access to the crude. At the end of the day, as we said in the comments and Tom highlighted, the world is going to be desperate for our finished products.

而且很重要的是，對東岸與西岸而言，隨著《瓊斯法案》（Jones Act）在一段時間內被擱置，我們實際上能把非傳統原油運到東岸加工。確實，我們在第二季會在東岸加工一些 WTI 以及其他美國原油。所以我們將能取得原油。歸根結底，正如我們在評論中所說、Tom 也強調的，全球將會非常渴求我們的成品油。

Okay. That's helpful. And then our follow-up is just on capital allocation. Any more color you could provide on the optimal capital structure with Martinez back on and elevated margins, how should we just think about that cash flow generation being used?

好的。這很有幫助。接著我們的追問是關於資本配置。在 Martinez 恢復運轉且利差走高的情況下，您能否再多提供一些關於最佳資本結構的看法？我們應該如何思考這些現金流的運用？

I'll hand it over to Joe, but just one overriding sort of 10,000-foot comment I would make, consistent with all the comments that we've made for the last number of years. When there are periods of excess cash flow generation, we will look to our balance sheet first as just the core business model of how we run our business in terms of driving to a very conservative balance sheet.

我把問題交給 Joe，但我先從 10,000 英尺的高度做一個總體性的評論，這也與我們過去多年來一貫的說法一致。當出現超額現金流的期間，我們會先看資產負債表，因為就我們經營業務的核心商業模式而言，我們的做法是推動非常保守的資產負債表。

Obviously, it's a cyclical business, capital-intensive business. And during periods where the cycle is against us, we have that balance sheet to lean into. But that's requisite on times where we are generating excess cash where we return the balance sheet to our expectation.

顯然，這是一個景氣循環性、資本密集型的產業。而在景氣循環對我們不利的期間，我們就能倚靠那張資產負債表。但這也要求在我們產生超額現金的時候，把資產負債表恢復到我們所期望的水準。

Joe, any other?

Joe，還有其他補充嗎？

Yes. No, I would reiterate that we do maintain -- always look at our capital allocation framework comprised of the three pillars of invest in the business, invest in the balance sheet and shareholder returns. But as Matt indicated, our current market conditions persist, we'll have an opportunity here to accelerate delevering as a means of transferring value from debt to equity, which would be a priority in the near-term. We did lean into the balance sheet in the last 12, 24 months, and I think we'd be looking to get back to levels we had come into 2025.

是的。不，我會重申：我們確實一直維持——並且始終檢視——我們的資本配置框架，由三大支柱構成：投資於業務、投資於資產負債表，以及股東回報。但如 Matt 所指出的，若目前的市場狀況持續，我們將有機會加速去槓桿，作為將價值從債務轉移到股權的一種方式，這在短期內會是優先事項。在過去 12 到 24 個月我們確實更倚重資產負債表，我想我們會希望回到我們在 2025 年初所處的水準。

Joe Laetsch, Morgan Stanley.

Joe Laetsch，摩根士丹利。

So, I wanted to ask on the West Coast. Can you just talk about what you're seeing from a local crude pricing and availability standpoint here? Are these barrels pricing off of ANS right now? And then is there any competition that you're seeing from Asia pulling barrels away?

我想問一下西岸。您能談談就當地原油定價與供應可得性而言，您目前看到什麼情況嗎？這些桶數現在是以 ANS 作為定價基準嗎？另外，您是否看到亞洲把桶數拉走而形成任何競爭？

I'll make a comment and hand it over to Paul. You have to appreciate our position on the West Coast. And we've talked about this a fair amount in regards to -- and we've spent a lot of time talking about products and 300,000 barrels a day of gasoline and jet that needs to be imported to meet demand. And to the degree you bring in those products, those products -- you have to be able to attract those products from the rest of the world and the logistics to get there are significant. But on the crude side, we talked about it less.

我先做個評論，然後交給 Paul。你必須理解我們在西岸的定位。我們也談過不少：我們花了很多時間談成品，以及每天需要進口 30 萬桶汽油與航空燃油來滿足需求。而當你引進那些成品時——你必須能從世界其他地方吸引那些成品，且運送到這裡的物流成本與難度都很可觀。但在原油端，我們談得比較少。

We've seen an increase on California production with some production coming on over the last quarter. And importantly, PBF has its own pipeline infrastructure with our M70 pipeline delivering to Torrance. So the crude pricing in California is particularly interesting because if you look at pricing of crude around the world, the California production coming out of Valley, some of the most attractively priced crude in the world.

我們看到加州產量增加，過去一季有一些產量上線。而且很重要的是，PBF 擁有自有的管線基礎設施，我們的 M70 管線可輸送到 Torrance。因此，加州的原油定價特別有意思，因為如果你看全球原油價格，加州從 Valley 產出的原油，是全球定價最具吸引力的原油之一。

And we have our own proprietary line that will be bringing that is bringing it to our refinery in Torrance. So we feel like that's going to be a real competitive advantage for us going forward.

而我們有自有的專有管線，會把——也正在把——這些原油送到我們在 Torrance 的煉油廠。所以我們覺得，這將會是我們未來一個真正的競爭優勢。

Any other comments, Paul?

還有其他意見嗎，Paul？

I mean on the indigenous crude, it prices against ICE. That's the format that it trades on. It trades at a discount because of the quality. It is a very heavy sweet barrel, high TAM material, somewhat captured because it can't go offshore. So, it trades at a pretty good discount to ICE, which is obviously a pretty good discount to ANS.

我的意思是，就本土原油而言，它是以 ICE 作為定價基準。那就是它交易的格式。因為品質因素，它以折價交易。它是一種非常重的甜油桶，高 TAM 材料，某種程度上被「鎖住」，因為它無法外運到海外。所以，它相對 ICE 以相當不錯的折價交易，而 ICE 相對 ANS 顯然也有相當不錯的折價。

As far as the pull on the -- from Asia, the Asian program did pull a lot of ANS away from the West Coast in the current trade periods and the next trade period. So, it's a good supplement to some of the air grades that have been lost for those guys. So yes, we're seeing a pretty good pull.

至於來自亞洲的拉動——亞洲的採購計畫在目前的交易期以及下一個交易期，確實把大量 ANS 從西岸拉走。因此，對他們來說，這是對一些已經流失的其他等級原油的良好補充。所以是的，我們看到相當不錯的拉動。

Great. That's helpful. And then on the refining business improvement program, can you just talk about how that's progressing? So, I understand the $230 million was achieved in 2025. Can you just talk a bit more about the path to the $350 million by year-end '26?

很好。這很有幫助。另外關於煉油業務改善計畫，你能談談目前進展如何嗎？所以，我理解 2025 年已達成 2.30 億美元。你能再多談一點，到 26 年底達到 3.50 億美元的路徑嗎？

Sure. I'm just happy to report we're on path. But Mike, why don't you give?

當然。我很高興可以回報我們正按計畫推進。不過 Mike，你要不要補充？

Sure. Yes. So, the way we structured the program is we took the savings that we -- the run rate savings that we had achieved last year. That was $230 million that included capital. So just from an OpEx perspective, it was $160 million.

好的。是的。所以，我們設計這個計畫的方式是：把我們——去年已經達成的節省（以年化運行率計）納入。那是 2.30 億美元，其中包含資本項目。所以若只從營運費用（OpEx）的角度來看，是 1.60 億美元。

We put that into our budget. And then in the first quarter, we are right on that plan right now. And you'll see as the quarters go by, an increase in savings from quarter-to-quarter as other savings initiatives are implemented as well. So that by the year-end, we would expect to achieve those savings.

我們把這些納入預算。而在第一季，我們目前完全符合該計畫。你會看到隨著季度推進，隨著其他節省措施也陸續落地，節省金額會逐季增加。因此到年底，我們預期可以達成那些節省。

Paul Sankey, Sankey Research.

Paul Sankey，Sankey Research。

Can you hear me, okay?

你們聽得到我嗎？

Hearing, Paul.

聽得到，Paul。

Can you -- you've talked a lot around these questions. So if I could just sort of keep digging a bit here, please. Matt, did you say -- can you just say when Martinez is going to be completely up and running all units, best guess. Did you say that's happening? And then can we talk a little bit -- you said some interesting stuff about how the crude slate is changing.

你——你們其實已經在這些問題周邊談了很多。所以如果可以的話，我想再深入追問一下。Matt，你剛剛是不是說——你能不能講一下 Martinez 什麼時候會所有裝置都完全恢復、全面運轉，你的最佳估計是什麼？你是說正在發生嗎？另外我們能不能再談談——你提到一些很有意思的內容，關於原油組合如何在改變。

For example, you mentioned the Jones Act allowing you to take WTI. I was wondering, for example, is that WTI price at Cushing? And can we dig a little bit into how your crude slate is changing given the whole new situation? And again, you've addressed this, but are there major issues where for example, jet fuel, how are you dealing with that? And is that getting exported?

例如，你提到《瓊斯法案》讓你們可以接收 WTI。我想問的是，例如，那個 WTI 的價格是以庫欣（Cushing）為基準嗎？在整個新局勢下，你們的原油組合如何改變，我們能不能再深入一點？再者，你們也提過，但是否存在重大問題——例如航煤，你們如何處理？那會出口嗎？

Can we kind of go through what the next two months will look like? Because I think the current market is guaranteed to be here for the next two months. And then if Hormuz starts opening up, I assume that all of that will reverse, but any longer-term comments would be helpful as well.

我們能不能大致走一遍接下來兩個月會是什麼樣子？因為我認為目前的市場狀況在未來兩個月肯定會持續。然後如果荷莫茲海峽開始重新開放，我假設這一切都會反轉；但任何較長期的看法也會很有幫助。

Okay. There's a lot. So, just in regards to Martinez, as we said, essentially, we expect literally over the next couple of days. And so, we'll be very, very pleased to get there. But as soon as this weekend, we should be up with sort of all our units up and running, which is good news. Again, frustrating on the duration, but very, very good news looking forward.

好。問題很多。所以，先就 Martinez 而言，如同我們所說，基本上我們預期真的就在接下來幾天內。因此，我們會非常、非常高興能達到那個狀態。甚至最快這個週末，我們應該就能讓所有裝置都恢復並運轉，這是好消息。再次強調，過程拖得久確實令人沮喪，但展望未來是非常、非常好的消息。

In regards to running nontraditional crews, everything has been disrupted and the size and scale of this disruption is sort of hard to imagine. I just keep coming back to -- at the end of the day, there's a lot of interesting conversations about crude. But at the end of the day, the only thing that matters is products.

至於運行非傳統原油，所有事情都被打亂了，而這種擾動的規模與程度某種程度上很難想像。我一直回到——說到底，關於原油有很多有趣的討論。但說到底，唯一重要的是產品。

The disruption to the product market is extreme, and we're best positioned to capitalize that throughout the country, but particularly our coastal markets. When you look at our based operations and sort of the daily impacts, the US East Coast is probably impacted the most in terms of what crudes it's running. Paulsboro historically ran Aramco barrels, and we've been able to make adjustments there.

產品市場的擾動非常極端，而我們在全國範圍內、尤其是在沿海市場，最有條件把握這個機會。當你看我們的基地型營運以及每日影響時，美國東岸在其所運行的原油種類方面可能受影響最大。Paulsboro 過去主要跑阿美（Aramco）的油桶，而我們已能在那裡做出調整。

But to a great degree, Chalmette, Toledo certainly and the West Coast is running what it traditionally ran. I don't think we're going to give you quite the detail you're looking for in terms of exactly how to pricing, but I commend you for trying.

但在很大程度上，Chalmette、Toledo 當然還有西岸，仍在運行它們傳統上運行的原油。至於你想要的那種「精確到如何定價」的細節，我想我們不會提供到那個程度，但我肯定你很努力在挖。

But yes, I mean, at the end of the day, like I said, I just go back to products, products, products. And to the degree that we can reliably produce them, we will be handsomely rewarded because they're in desperate need.

不過是的，我的意思是，說到底，如我所說，我只會回到產品、產品、產品。只要我們能可靠地生產它們，我們就會獲得非常可觀的回報，因為市場對它們的需求非常迫切。

Fair enough, Matt. It was very good say.

可以理解，Matt。你說得很好。

Paul, it's Tom. I would just jump in. I mean, I think certainly for us in terms of -- I mean your comment, maybe the next two weeks, two months or certainty, right? I mean is that I think as we look at the sort of acute problems that the market has been doing or going through, it really depends upon just really how far you are from the Straits of Hormuz, right? So Asia felt all these pinch points soonest, then it cascaded more so into the European product markets.

Paul，我是 Tom。我補充一下。我的意思是，我想對我們來說——就你提到的，可能接下來兩週、兩個月的確定性，對吧？我想我們在看市場正在經歷的那種急性問題時，真的取決於你離荷莫茲海峽有多遠，對吧？所以亞洲最早感受到這些瓶頸，接著更明顯地外溢到歐洲的成品油市場。

And then it's now filtered into the US market or the Americas, and we're certainly seeing that on products and particularly in terms of what gasoline has done over the last several weeks in terms of catching up because initially, this was just a crude problem and a distillate problem and a jet problem, right?

然後現在已經傳導到美國市場或美洲，而我們確實在產品端看到這點，尤其是過去幾週汽油的表現——因為一開始這只是原油問題、馏分油問題以及航煤問題，對吧？

Now in terms of the balances, now it's a gasoline problem. And then therefore, also if Straits of Hormuz opens, right, then it's going to be a situation where the recovery is going to happen soonest in terms of how far are you from Straits of Hormuz, right? And obviously, the Americas are the furthest away from the Straits of Hormuz in terms of that. That's the sort of commentary relating around sort of months, quarters, et cetera, in terms of the recovery time.

現在就供需平衡而言，現在變成汽油問題。因此，如果荷莫茲海峽重新開放，對吧，那麼復原也會最先發生在——同樣取決於你離荷莫茲海峽有多遠，對吧？而顯然，就這點而言，美洲距離荷莫茲海峽最遠。這就是關於以月份、季度等維度來看復原時間的相關評論。

Yes. It's interesting that the Jones Act is helping you lack of it.

是的。很有意思的是，《瓊斯法案》正在幫你們——它的缺乏也在幫你們。

Doug Leggate, Wolfe Research.

Doug Leggate，Wolfe Research。

I can't tell you how happy I am to hear you talk about translating value from debt to equity, but I'll take that one offline. My two questions is, first of all, I'd like to maybe dig in a little bit on capture rate. At the simplest level, what we're trying to -- we've all been through these kind of spikes before, maybe not quite like this. But when you see extraordinary margins, the risk, I think, is that the market takes those extraordinary margins and assumes capture rate remains the same of those margins. You guys talked about headwinds.

我無法形容我有多高興聽到你們談到把價值從債務轉移到股權，但那題我私下再聊。我有兩個問題：第一，我想稍微深入談一下捕捉率（capture rate）。用最簡單的層次來說，我們想要——我們以前都經歷過這類尖峰，可能沒有這次這麼誇張。但當你看到非比尋常的利差時，我認為風險在於市場會把那些非比尋常的利差，並假設你們對那些利差的捕捉率仍維持不變。你們提到了逆風。

You talked about RINs. Obviously, you talked about crude slate. I wonder if you could just dumb it down and say, well, how do you anticipate your capture rate on these extraordinary margins to trend? Will it be the same? Will it be higher?

你提到了 RIN。顯然，你也談到了原油組合。我想知道你能不能把它講得更白話一點：嗯，你預期在這些非同尋常的高利潤環境下，你們的捕捉率（capture rate）趨勢會怎麼走？會一樣嗎？會更高嗎？

Will it be lower? That's my first one. My second one is just real simple on business interruption. And maybe it's just a balance sheet question. You haven't really given us a lot of disclosure on how much of the current balance sheet is still a net positive that will go away.

會更低嗎？這是我的第一個問題。第二個問題很簡單，關於營業中斷（business interruption）。也許這只是資產負債表的問題。你們其實沒有披露太多：目前資產負債表上還有多少是淨正數、但之後會消失。

In other words, when you pay out the remainder of the repairs, net it against how much you actually still get in the growth of business interruption. And then the root of my question is, you've been offline during extraordinary margins in the West Coast. You were supposed to come back up in December. Do you still get business interruption in the first quarter? I'll leave it there.

換句話說，當你們支付剩餘的維修費用時，把它與你們實際仍能從營業中斷保險的增加中取得的金額相抵後，淨額是多少。而我問題的核心是：在美西出現非同尋常高利潤的期間，你們一直停工。你們原本應該在 12 月復工。你們在第一季仍然能取得營業中斷（BI）理賠嗎？我就先問到這裡。

Okay. Sure. So capture rates in extraordinary periods of time, which we clearly are in, it will be very, very difficult for you, quite frankly, for the investment community to pinpoint capture rates as you have a lot. Obviously, flat price, RINs and massive, massive basis differentials that are swinging wildly on a daily basis. Indeed, jet on the West Coast today is trading over $1 NYMEX distillate mark.

好的。當然。所以，在這種非同尋常的時期（而我們顯然正處於其中），要精準界定捕捉率會非常、非常困難；坦白說，對投資社群而言也很難精準掌握捕捉率，因為你同時面對很多因素。顯然，包含絕對價格（flat price）、RIN，以及非常、非常巨大的基差差異（basis differentials），而且每天都在劇烈波動。事實上，今天美西的航空燃油（jet）交易價格比 NYMEX 蒸餾油（distillate）指標高出超過 1 美元。

So it will be very difficult task to bring precision to capture rates in these extraordinary periods. Capture rates by them self -- by definition are rules of thumb. And in this period of time, rules of thumb don't necessarily equate perfectly. We'll try to be as helpful as we can in that regard navigating it through. But there are obviously a lots of puts and tails.

因此，在這些非同尋常的時期，要把捕捉率精準化是一項非常困難的工作。捕捉率本身——按定義——就是經驗法則（rules of thumb）。而在這段期間，經驗法則不一定能完全對得上。我們會盡可能在這方面提供協助，幫大家一起釐清與導航。但顯然其中有很多變數與尾端風險。

But at the end of the day, I keep coming back to products, products, products. And the fiscal price for our products will be evident as we go because of how short they are at the moment. And so yes, and on top of that, the last barrel in the plant may look expensive compared to historic sort of runs. But again, the product prices are going to carry that.

但歸根結底，我一直回到產品、產品、產品。我們產品的實際價格會隨著時間變得很明顯，因為目前市場供給非常短缺。所以是的，而且除此之外，裝置裡最後一桶（last barrel）的成本，和歷史上的運轉水準相比，可能看起來很貴。但再說一次，產品價格會支撐這一點。

In regards to BI, indeed, our coverage does extend into this year and we will continue sort of to work with the insurance companies who've been very, very good partners. I've said that, I think, on every single call. And I'll turn some of the insurance stuff over to Joe.

至於 BI（營業中斷），確實，我們的保險保障延伸到今年，我們也會持續與保險公司合作；他們一直是非常、非常好的合作夥伴。我想我幾乎每一通電話會議都這麼說。我把部分保險相關的內容交給 Joe。

But indeed, it wasn't your question. But again, the addressing the balance sheet and transferring that wealth from leverage into equity is a core principle of how we run this business. So let there be no confusion on that.

不過，這其實不是你問的問題。但再次強調，處理資產負債表、把財務價值從槓桿轉移到股東權益，是我們經營這門生意的核心原則。所以請不要有任何誤解。

Any other comment on the insurance side?

在保險方面還有其他補充嗎？

Yes. I would just say, given the fact that the claim is ongoing and the insurance proceeds we've received to date have not been allocated. I can't really give you any more detail on the breakup between DI at this point. But we'll say that importantly, the rebuild costs are substantially behind us at this point, and we do expect further progress payments on the insurance side through the end of the claim.

有。我只能說，鑑於理賠仍在進行中，而且我們迄今收到的保險理賠款尚未分配入帳，我目前無法就 DI（財產損失/直接損失）之間的拆分提供更多細節。但重要的是，重建成本在此刻已大致在我們身後了，我們也預期在理賠結案前，保險端會持續支付後續的進度款。

I understand there's no precision here, but nevertheless, I appreciate the color.

我理解這裡沒有精準數字，但我仍然感謝你提供的補充說明。

Philip Jungwirth, BMO.

Philip Jungwirth，BMO。

The turnaround schedule for the year originally contemplated Martinez hydrocracker in 2Q. Is this at all impacted by the later restart? And or just what's the status here? What would this turnaround entail or imply as far as crude throughput for the facility?

今年的歲修（turnaround）排程原本規劃在第二季對 Martinez 的加氫裂化裝置（hydrocracker）進行。這是否會受到較晚復工的影響？或者目前狀態如何？這次歲修就該廠的原油處理量（crude throughput）而言，會包含或意味著什麼？

Yes. We've been working that, obviously. That was originally like per our last call, we were talking about that in the second quarter. We're working through that now. I would say there's a high degree or a high probability that, that turnaround that we actually move that towards the end of the third quarter.

會的。我們顯然一直在處理這件事。就像我們上次電話會議提到的，原本是談在第二季。我們現在正在推進。我會說，有相當高的可能性，我們會把那次歲修往第三季末移動。

That hasn't been completely finalized yet. They have to go through a number of checks. And again, safety, reliability, responsibility, running responsibly is sort of the prerequisite for everything. And so, we're working through that. But I expect that work will be pushed out towards the end of the third quarter.

這還沒有完全定案。他們必須完成一系列檢查。而且再次強調，安全、可靠、負責任地運轉，是所有事情的前提。所以我們正在逐步處理。但我預期那項工作會往第三季末推遲。

Okay. Great. And then can you talk a little bit about SBR and the outlook here? We don't get a ton of detail on profitability, but clearly, the margin profile for RD has improved. Any color as we head into 2Q? And then separately, just how are you viewing your RIN exposure currently net of SBR?

好的。很好。接著你能談談 SBR 以及這裡的展望嗎？我們拿不到太多獲利細節，但顯然 RD 的利潤結構已改善。在邁入第二季時，有沒有任何補充說明？另外一個問題是：扣除 SBR 之後，你們目前如何看待自身的 RIN 風險曝險？

All right. So SBR, look, this is -- it's a happy moment. There's no doubt the reason -- one of the reasons we invested in the project in the first place. So, the prospects, the outlook for SBR is quite strong today. It's quite honestly, the strongest it's ever been since we've been up and operating.

好。所以 SBR，聽著，這——是一個令人高興的時刻。毫無疑問，這也是我們當初投資這個專案的原因之一。所以，SBR 目前的前景與展望相當強勁。坦白說，這是自我們投產營運以來最強的一次。

So, the first quarter had positive EBITDA, but the outlook going forward, and we just completed a catalyst change, the outlook going forward looks very, very constructive. And to some degree, it holds the story together for PBF as the hedge against RIN prices that we didn't have 3 years ago. And so, we're very pleased to have SBR in our portfolio. And indeed, I think on our next call, you'll see sort of how helpful it is.

第一季 EBITDA 為正，但往後看——而且我們剛完成一次觸媒更換（catalyst change）——未來展望看起來非常、非常正向。在某種程度上，它也把 PBF 的整個故事串起來，因為它提供了對沖 RIN 價格的工具，而這是我們 3 年前沒有的。因此，我們很高興 SBR 在我們的投資組合裡。而且確實，我想在下一次電話會議上，你會看到它有多麼有幫助。

In regards to RINs, they seem to be on a one-way freight train going up. RINs are upwards of getting close to $13 a barrel. I've described the program for over a decade as being broken, which is true, maybe nothing is more true than that, but it actually very well may break literally where there's not sufficient RIN generation because, of course, high RIN prices, low RIN prices, you still blend the same amount of ethanol. There is an ethanol blend wall. So, it relies on RD production and bioproduction.

至於 RIN，它們看起來像是一列單向上行的貨運列車。RIN 折算後接近每桶 13 美元。我把這個計畫形容為「壞掉的」已經超過十年了，這是真的；也許沒有什麼比現在更能證明它確實壞掉了。但它甚至很可能會在字面意義上真的「斷裂」，因為可能沒有足夠的 RIN 生成量；畢竟，RIN 價格高也好、低也好，你仍然是混摻同樣數量的乙醇。乙醇混摻有一道「混摻牆」（blend wall）。所以它仰賴 RD 產量與生質燃料生產。

And if that doesn't meet the RVO, you could get into a situation where not only is RINs dramatically in pricing the price of gasoline, where it's actually constricting supply because if you can't -- if you import, so if you go to the coast and you need to attract imports, that importer has to buy a RIN. So the price that he's looking at deducts the RIN price. So, that sort of speaks to the requirement on the coast to be able to attract those products. But if the RIN is unavailable and he can't be compliant, the product won't come.

如果那無法滿足 RVO（再生燃料義務量），你可能會進入一種情況：RIN 不僅在定價上大幅推高汽油價格，甚至會因為——如果你無法——如果你要進口，也就是說你在沿海地區需要吸引進口量，那個進口商就必須買一個 RIN 才能合規。所以他看的價格會先扣掉 RIN 成本。這也就說明了沿海地區要能吸引那些產品所需的條件。但如果 RIN 不可得、他無法合規，那產品就不會進來。

And so, will we get there this year? I don't know. To a great degree, it will depend on bioproduction and renewable diesel production around the world, I guess, to some degree. The RVL, as I said, is the highest it's ever been and completely stupid in regards to impacting the price of gasoline.

那麼，我們今年能達成嗎？我不知道。在很大程度上，我想這將取決於全球的生物製造與可再生柴油產量，某種程度上是如此。如我所說，RVL 已經是史上最高，而且就其對汽油價格的影響而言，完全是荒謬的。

The easiest lever the administration has to lower the price of gasoline today would be to address the blend wall, and there is countless ways they could do that. But it is what it is. And as I said, we're very, very pleased to have SBR. We think it's going to be contributing nicely.

政府目前要降低汽油價格最容易動用的槓桿，就是處理「調和牆」（blend wall），而他們有無數種方式可以做到。但現況就是如此。而且如我所說，我們非常、非常高興擁有 SBR。我們認為它將帶來相當不錯的貢獻。

Jason Gabelman, TD Cowen.

Jason Gabelman，TD Cowen。

You discussed the Martinez hydrocracker turnaround and potential to push that out. But can you talk more broadly about the opportunity to push out maintenance later this year into next year and just how maintenance looks over the next couple of years, given we could be in a period where margins are higher for a decent amount of time here?

你們談到 Martinez 加氫裂化裝置（hydrocracker）的檢修（turnaround）以及可能將其延後。但你們能否更廣泛地談談，是否有機會把今年稍晚的維護延到明年，以及在未來幾年維護計畫大致會是什麼樣子？考量到我們可能正處於一段利差在相當長一段時間內都較高的期間。

Yes, higher for longer. Yes. I'll just say in the short, short term. We obviously -- just looking at the next couple of quarters, we have a very, very clean runway. And so, the opportunity is certainly extraordinary in the near term.

是的，較高且維持更久。是的。我先就短期、非常短期來說。我們顯然——只看接下來幾個季度——有非常、非常乾淨的跑道。因此，短期內的機會確實非常難得。

Mike, why don't you make some comments?

Mike，你要不要補充幾點？

Yes. The second and third quarter are pretty clean. We do have some things coming up in the fourth quarter. We always evaluate right around this time, actually moving some things around. There are some things that we may be able to do.

好的。第二季和第三季相當乾淨。第四季確實有一些事項會出現。我們通常就在這個時間點評估，實際上會把一些事情重新調整。有些事情我們可能做得到。

There are some things that are kind of locked in. I'm not going to get into specific turnarounds and the likelihood of moving them at this point. I will say that this year was probably one of our heavier turnaround years in terms of our major turnarounds. We consider a major turnaround, whether it's a conversion unit or a crude unit combined together. So, this is one of our heavy years in recent history in terms of the scope.

也有一些事情算是已經鎖定。目前我不會深入談特定檢修以及移動它們的可能性。我會說，今年就我們主要檢修而言，可能是較重的一年。我們所謂的主要檢修，是指轉化裝置或原油裝置，或兩者合併在一起的檢修。所以，就範圍而言，這是我們近年來較重的一年。

But the next couple of years, we tail off a bit and we're a little bit later in '27 and '28. So, specifically, I'm not going to mention any turnarounds can be moved, but we are -- we do those evaluations right around this time.

但接下來幾年會稍微趨緩，而在 2027 年與 2028 年會稍微偏後一些。因此，具體來說我不會提哪些檢修可以移動，但我們——我們確實就在這個時間點做那些評估。

My other question is on the results for the quarter. You mentioned derivative losses impacting 1Q, I believe. You didn't quantify it. Can you talk about what that looked like for 1Q and what that maybe will look like for 2Q or how we should think about that going forward, just given in the current environment, I think some of these derivative losses could be a bit outsized.

我另一個問題是關於本季的結果。你提到衍生品損失影響了第一季，我記得是這樣。你沒有量化。你能談談第一季大概是什麼情況，以及第二季可能會是什麼樣子，或我們未來應該如何看待？因為在目前環境下，我認為其中一些衍生品損失可能會偏大。

Yes. So we recognized a little over $200 million of mark-to-market on derivative losses during the quarter. At the end of the quarter, there was about $100 million of unrealized. So, there's still some offsetting physical barrels that will flow through to offset that and likely be a benefit in Q2. And then as far as Q2 actual derivative impact will depend on where prices go from here.

是的。本季我們認列了略高於 2 億美元的衍生品按市價計量（mark-to-market）損失。在季末，約有 1 億美元尚未實現。因此，仍有一些對應的實體桶數（physical barrels）會在後續流入，用以抵銷該影響，並且很可能在第二季形成正面貢獻。至於第二季實際的衍生品影響，將取決於接下來價格走勢。

The derivative program, just so everyone understands is a risk-reducing program in that we will hedge inventory that is above and beyond our normal baseline. And with the disruption we had on the West Coast at -- when we are entering the February 28 or March -- early March, we had approximately 6 million barrels above and beyond what we normally have in our portfolio. And as such, we were managing the price of that.

為了讓大家理解，這個衍生品計畫是一個降低風險的計畫；我們會對高於正常基準的庫存進行避險。而在西岸出現的擾動下——當我們進入 2 月 28 日或 3 月——3 月初時，我們的投資組合中大約有 600 萬桶，超出我們通常持有的水準。因此，我們在管理那部分的價格風險。

Anecdotally, I think the company did an exceptional job of sort of navigating the unprecedented volatility that we saw in managing those barrels. But as our inventory works down, the need for that hedging exercise is eliminated.

就經驗而言，我認為公司在管理那些桶數、應對我們所見到的前所未有波動方面，做得非常出色。但隨著我們的庫存下降，進行該避險作業的需求也就消失了。

And so, I suspect by the end of the second quarter, you're not going to see similar callouts. But again, it's a situation where at the end of the first quarter, you're marking those derivatives to market even though you still have the inventory that you're then going to realize the physical side during the second quarter.

因此，我猜到第二季末，你不會看到類似的特別說明。但再次強調，這是一種情況：在第一季末，你會對那些衍生品按市價計量，即使你仍持有庫存，而你會在第二季實現實體端的結果。

We have reached the end of the question-and-answer session. And I will now turn the call over to Matt Lucey, CEO, for closing remarks. Please go ahead.

我們已到達問答環節的結束。接下來我將把電話會議交給執行長 Matt Lucey 作結語。請開始。

Thanks again for your time and attention this morning, and we look forward to speaking with you in July. Have a good day.

再次感謝各位今天早上的時間與關注，我們期待在七月與各位再度交流。祝各位有美好的一天。

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

謝謝。今天的會議到此結束，您現在可以掛斷電話線。感謝您的參與。