PBF Energy Inc. (PBF) 2026 Q2 法說會逐字稿

Good day, everyone, and welcome to the PBF Energy second-quarter 2026 earnings conference call and webcast. (Operator Instructions) Please note, this conference is being recorded.

各位好，歡迎參加 PBF Energy 2026 年第二季財報電話會議與網路直播。(接線員指示) 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, Angeline. 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. Before getting started, I'd like to direct your attention to the Safe Harbor statement contained in today's press release.

謝謝你，Angeline。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。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。

Statements expressing 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. Consistent with our prior periods, we will 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 the call.

凡表達公司或管理層對未來之預期或預測的陳述，均屬前瞻性陳述，旨在受聯邦證券法下「安全港」條款之保障。與以往期間一致，我們將在討論業績時排除特殊項目，相關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。如對上述事項有任何問題或需進一步追問，請於會後聯絡投資人關係部。

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

接下來我把電話交給 Matt Lucey。

Thanks, Colin. Good morning, everyone, and thank you for joining our call. We clearly have reached a transformative moment for PBF. The ongoing disruptions in the Middle East and Eastern Europe have created one of, if not, the largest dislocation the oil markets have ever seen. None of us welcomes the circumstance behind it, but the effect on our industry is both dramatic and constructive.

謝謝你，Colin。各位早安，感謝各位參加我們的電話會議。我們顯然已經來到 PBF 的一個轉型時刻。中東與東歐持續的動盪，造成了石油市場可能是史上最大之一的錯位。我們都不樂見其背後的情勢，但對我們產業的影響既劇烈也具有建設性。

Indeed, the world is in desperate need of the products we produce. Let me spend a few minutes on what we are seeing, first in crude, then in refined products, because the story on each is a bit different and both matter to how we think about the quarters ahead.

確實，全球迫切需要我們所生產的產品。我想花幾分鐘談談我們所看到的情況，先談原油，再談成品油，因為兩者的故事略有不同，而這兩者都會影響我們對未來幾季的看法。

With the backdrop of the ongoing Ukraine war, hostilities in the Middle East caused initially roughly 15 million barrels a day of crude and 5 million barrels a day of product to be effectively trapped inside the strait. These are significant headline numbers, but we've seen the market exercise some flexibility on the crude side with alternative routing, crude supply coming from national strategic reserves and in some areas outside the US, reduced demand as a result of lower utilization. Global refining utilization is down roughly 10% year on year.

在烏克蘭戰爭持續的背景下，中東的敵對行動一開始使約每日 1,500 萬桶原油與每日 500 萬桶成品油實質上被困在海峽內。這些是相當重大的頭條數字，但在原油端，我們看到市場透過替代航線、動用國家戰略儲備釋出供應，以及在美國以外部分地區因開工率下降而導致需求降低等方式，展現了一定的彈性。全球煉油開工率年比約下降 10%。

In the near term, crude flows are still searching for a new equilibrium, and global pricing is doing the work of redirecting barrels along new routes. Until crude reestablishes its historical trade patterns, we cannot predict exactly where a flat price or differentials land. What we can say with more confidence is that this environment favors refiners with crude slate flexibility and proximity to stable crude supply in the Americas. Shorter voyages and quicker, more reliable deliveries are real advantages. PBF's footprint is well positioned as we have not, nor do we expect crude availability to impact our operations.

短期內，原油流向仍在尋找新的均衡，而全球價格正在發揮作用，將原油重新導向新的路線。在原油重新建立其歷史貿易模式之前，我們無法精確預測絕對價格或價差將落在何處。我們較有把握的是，這樣的環境有利於具備原油組合彈性、且靠近美洲穩定原油供應的煉油商。更短的航程以及更快速、更可靠的交付是實質優勢。PBF 的佈局具備良好位置；我們目前沒有、也不預期原油可得性會影響我們的營運。

Most importantly, on the product side, product inventories have been drawn down across the globe. Refining utilization outside the US has fallen. US markets must incentivize products to stay home as products are being pulled into exports.

最重要的是，在成品端，全球成品庫存已被持續消耗下降。美國以外地區的煉油開工率已下滑。由於成品被出口需求拉走，美國市場必須提供誘因讓成品留在國內。

US and West Coast markets are finding it harder to pull the imports they have historically relied on. The West Coast and East Coast are structurally short refining capacity and depend on imports, often from less stable sources to balance. The temporary Jones Act waivers are helping in this regard. California alone imports on the order of 250,000 barrels a day of gasoline, close to a third of its demand, along with a meaningful volume of its jet fuel.

美國與西岸市場愈來愈難取得其歷來仰賴的進口量。西岸與東岸在結構上煉油產能不足，必須依賴進口來平衡供需，而進口來源往往較不穩定。臨時的《瓊斯法案》(Jones Act) 豁免在這方面有所助益。僅加州就進口約每日 25 萬桶汽油，接近其需求的三分之一，並且也進口相當數量的航空燃油。

When the global supply tightens, those are precisely the markets that feel first and are most exposed. It reinforces the point we have made for some time. US refining is critical infrastructure and has rarely been more evident than it is today. It will take time for trade patterns to normalize, both during and after these conflicts, and we expect crude to find its footing sooner than products.

當全球供應收緊時，正是這些市場最先感受到衝擊、且曝險程度最高。這也再次印證我們一段時間以來所強調的觀點。美國煉油業是關鍵基礎設施，而像今天這樣明顯的時刻實屬罕見。無論在衝突期間或衝突結束之後，貿易模式要恢復正常都需要時間；我們預期原油會比成品更早站穩腳步。

Prior to the disruption in the Middle East, there was a constructive setup -- I'm sorry, prior to the disruption in the Middle East, there was a constructive setup for refining -- with tight refining balances and low product inventories worldwide. With the ongoing conflicts, this situation has been magnified.

在中東出現擾動之前，煉油業原本就有一個有利的格局——抱歉，在中東擾動之前，煉油業的格局是正向的——當時煉油供需平衡偏緊，且全球成品庫存偏低。隨著衝突持續，這種情況被進一步放大。

Product inventories will be slow to rebuild and the restocking that ultimately must occur should provide a favorable backdrop for refining margins over the quarters to come. What the current environment has provided is the prospect for PBF to generate significant value for our investors. In the second quarter, we reduced our net debt by over $1.4 billion. We ended the quarter with just under $900 million in cash, and I expect we'll end July with approximately $1.5 billion in cash.

成品庫存的回補將會相對緩慢，而最終必然發生的補庫，應可在未來幾季為煉油利差提供有利背景。目前的環境為 PBF 帶來了為投資人創造顯著價值的前景。在第二季，我們將淨負債降低了超過 14 億美元。季末我們持有接近 9 億美元現金，我預期我們在 7 月底的現金將約為 15 億美元。

So to recap, we had a constructive marketplace prior to the Middle East disruptions with ample crude, tight refining balances and no product inventories worldwide. The disruptions around the world have resulted in over 5 million barrels of refining capacity offline, a portion of which has suffered physical damage, which could take significant time to repair.

總結來說，在中東擾動之前，市場環境是正向的：原油供應充足、煉油供需平衡偏緊，且全球幾乎沒有成品庫存。全球各地的擾動已導致超過每日 500 萬桶的煉油產能停擺，其中一部分遭受實體損害，修復可能需要相當長的時間。

When the disruption passes and the conflicts end, it will take an extended time for product inventories to normalize, thereby maintaining elevated margins for a time. As we saw in a small sample size immediately after the signing of the MoU, crude can and will normalize much quicker than products as the dislocated crude will need to compete for market share. This should result in a favorable crude environment.

當擾動消退、衝突結束後，成品庫存要恢復正常仍需較長時間，因此利差將在一段時間內維持高檔。正如我們在簽署 MoU 後的短暫樣本中所見，原油可以、也將比成品更快恢復正常，因為錯位的原油必須競爭市占。這應會帶來有利的原油環境。

PBF is uniquely positioned to capitalize on the opportunities presented by this extraordinary market. We've strengthened our balance sheet, we continue to lower our cost structure, and we are executing initiatives that improve reliability and efficiency. The work is being done, and we expect it to translate into meaningful value for shareholders.

PBF 具備獨特優勢，可把握這個非比尋常市場所帶來的機會。我們已強化資產負債表，持續降低成本結構，並推動提升可靠度與效率的各項措施。相關工作正在進行中，我們預期將轉化為對股東具實質意義的價值。

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

接下來我把電話交給 Mike。

Thank you, Matt. Good morning, everyone. Currently, all of our refineries are operating well. In May, we were able to safely restart the fire-affected units at the Martinez refinery and have been producing our full product slate since that time. Again, I thank our Martinez team and all of our partners for their efforts to restore Martinez to full operations.

謝謝你，Matt。各位早安。目前我們所有煉油廠的運作狀況良好。在 5 月，我們得以安全地重新啟動 Martinez 煉油廠受火災影響的裝置，並自那時起一直生產我們完整的產品組合。我再次感謝我們 Martinez 團隊以及所有合作夥伴，為使 Martinez 恢復全面運作所付出的努力。

While the restoration work was underway and the refinery was operating at reduced rates, the Martinez hydrocracker was doing the heavy lifting in terms of keeping the balance of the refinery operating, providing us with the ability to fulfill our commitments to deliver products to our customers. With that said, we will be conducting the upcoming hydrocracker turnaround at Martinez beginning in the third quarter and finishing in October.

在復原工程進行期間且煉油廠以較低負荷運轉時，Martinez 的加氫裂化裝置在維持煉油廠整體運作平衡方面扮演了關鍵角色，使我們得以履行向客戶交付產品的承諾。話雖如此，我們將於第三季開始在 Martinez 進行即將到來的加氫裂化裝置大修，並於 10 月完成。

Staying on the West Coast, in July, we reached an agreement with Air Products to repurchase two hydrogen plants servicing our Torrance refinery. Air Products has been and continues to be a valuable business partner for PBF. The hydrogen plants in Torrance are heavily integrated into the operation of the refinery, and we feel that owning and operating those assets will improve the overall reliability of Torrance as we will be able to closely manage operating details and coordinate maintenance and turnarounds with the rest of the refinery as a whole.

同樣在西岸，7 月我們與 Air Products 達成協議，回購兩座為我們 Torrance 煉油廠提供服務的氫氣工廠。Air Products 一直是、並且仍然是 PBF 極具價值的業務夥伴。Torrance 的氫氣工廠與煉油廠營運高度整合，我們認為擁有並自行營運這些資產將提升 Torrance 的整體可靠性，因為我們將能更緊密地管理營運細節，並與煉油廠其他單元整體協調維修與大修安排。

Outside of the West Coast, we contended with a few operational challenges during the quarter. In May, we had a loss of containment event at Chalmette that resulted in a pre-treater and reformer being taken offline until repairs are complete later in Q3. There was no material reduction in throughput as a result of this event and the refinery is able to run at planned rates while we complete the repairs.

在西岸以外，本季我們也面臨一些營運挑戰。5 月，Chalmette 發生一次洩漏（失去圍堵）事件，導致一套預處理裝置與重整裝置停機，預計要到第三季稍晚完成修復後才能復運。該事件並未造成實質性的處理量下降，在我們完成修復期間，煉油廠仍能以計畫負荷運轉。

The primary impact of the event is increased production of naphtha and a slight reduction in our finished gasoline yield. We expect to have a relatively clean run for the remainder of the year at Chalmette as we have shifted after careful evaluation and management of change the scheduled fourth-quarter crude unit and coker turnaround to 2027.

該事件的主要影響是石腦油產量增加，以及成品汽油收率略為下降。我們預期 Chalmette 在今年剩餘期間可相對順利運轉，因為在審慎評估並完成變更管理後，我們已將原定第四季的原油蒸餾裝置與焦化裝置大修延後至 2027 年。

In the Mid-Continent, we performed unplanned work related to Toledo's FCC during the second quarter, which was the driver of the lower-than-expected throughput. However, we took the opportunity to perform some key maintenance during the outage, which enables us to safely push the planned fourth-quarter FCC turnaround to the first half of 2027. Our East Coast assets ran well in the second quarter, and we expect to have an uninterrupted run until we begin our Paulsboro crude unit turnaround late in the fall. We continue to implement the RBI program. Here are some examples of key accomplishments.

在美國中部地區，我們於第二季針對 Toledo 的 FCC（流體催化裂化）進行了非計畫性工作，這也是處理量低於預期的主因。不過，我們也趁停機期間完成了一些關鍵維護，使我們能在確保安全的前提下，將原定第四季的 FCC 大修延後至 2027 年上半年。我們的東岸資產在第二季運轉良好，且我們預期在秋末開始 Paulsboro 原油蒸餾裝置大修之前可持續不中斷運轉。我們持續推動 RBI 計畫。以下是一些重要成果範例。

We have implemented a circuit-wide energy efficiency program that resulted in a 20% reduction in purchased natural gas on a per barrel and price-adjusted basis relative to the 2024 baseline. Our turnaround performance has seen a marked improvement. Not only have we become more predictable, based on industry benchmarking, we are moving up among industry leaders in turnaround execution.

我們已推行全迴路的能源效率計畫，使每桶（並經價格調整後）的外購天然氣用量相較於 2024 年基準降低 20%。我們的大修績效已有顯著改善。不僅在產業標竿比較下變得更可預測，我們在大修執行方面也正躍升至產業領先者之列。

Our new strategic procurement organization is halfway through renegotiating or rebidding over 60 contracts with a focus on leveraging our spend nationally or regionally. We expect to see savings of about $60 million a year in goods and services such as process chemicals, maintenance and equipment rentals, among others.

我們新的策略採購組織已完成超過 60 份合約重新議價或重新招標工作的半數，重點在於於全國或區域層級整合並發揮我們的採購支出規模。我們預期在製程化學品、維修與設備租賃等商品與服務上，每年可節省約 6,000 萬美元。

RBI is a multiyear effort with periods of focused work in each of the refineries, followed by establishment of new practices to ensure the improvements are sustained. The refining business improvement initiative is essential to improving PBF's results, but it will not distract us from our obligation to operate in a safe, reliable and environmentally responsible way every day.

RBI 是一項多年期工作，在各煉油廠會有一段段的重點推進期，之後再建立新的作業做法，以確保改善成果得以延續。煉油事業改善倡議對提升 PBF 的經營成果至關重要，但這不會分散我們每日以安全、可靠且對環境負責的方式營運之義務。

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

接下來，我把電話會議交給 Joe Marino，請他進行財務概覽。

Thanks, Mike. For the second quarter, excluding special items, we reported adjusted net income of $6.22 per share and adjusted EBITDA of $1.24 billion. Our discussion of second quarter results excludes the net effect of special items, including $23 million in incremental OpEx related to the Martinez refinery incident, a $250 million gain on insurance recoveries, a $2 million charge related to the repayment of the $800 million senior notes due 2028 and approximately $9 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，Mike。第二季，扣除特殊項目後，我們公布的調整後每股淨利為 6.22 美元，調整後 EBITDA 為 12.4 億美元。我們對第二季結果的討論不包含特殊項目的淨影響，其中包括：與 Martinez 煉油廠事件相關的 2,300 萬美元額外營運費用（OpEx）、2.5 億美元的保險理賠回收收益、與償還 2028 年到期之 8 億美元優先票據相關的 200 萬美元費用、以及約 900 萬美元與 RBI 倡議相關的費用，另有其他項目詳列於今日新聞稿的調節表中。

PBF's results for the quarter are primarily a reflection of the strong product markets driven by tight supply and relatively firm demand. Globally, refineries that can run are running at high utilization rates.

PBF 本季的業績主要反映了產品市場強勁，這是由供給緊俏與相對穩健的需求所帶動。在全球範圍內，能夠運轉的煉油廠都以高稼動率運行。

However, a significant portion of refining capacity remains offline or is running at reduced rates due to conflicts or crude availability constraints. The $250 million gain on insurance recoveries related to the Martinez fire is a result of the fifth unallocated payment agreed to and received in the second quarter. This brings our total insurance recoveries to $1.25 billion, net of our deductibles and retention, including the amounts received in 2025.

然而，仍有相當一部分煉油產能因衝突或原油供應受限而停擺或以較低負荷運轉。與 Martinez 火災相關的 2.5 億美元保險理賠回收收益，來自於我們在第二季同意並收到的第五筆未分配款項。這使我們的保險理賠回收總額達到 12.5 億美元（已扣除自負額與自留額），其中包含 2025 年收到的款項。

Important to note, the bulk of the spending related to the Martinez rebuild is behind us with only some cleanup and demobilization items ahead. However, the claim is ongoing, and we expect to recover additional funds as we continue to work with our insurance providers towards finalization of the claim in the second half of 2026.

需要特別指出的是，與 Martinez 重建相關的大部分支出已經完成，後續僅剩部分清理與撤場等項目。不過，理賠申請仍在進行中，我們預期在 2026 年下半年持續與保險提供方合作以完成理賠結案的過程中，將可再回收額外資金。

Shifting back to our normal quarterly results discussion, also included in our results is net income of $27.5 million from our investment in SBR or approximately $40 million of EBITDA. SBR produced an average of 15,100 barrels per day of renewable diesel in the second quarter. SBR's production was as expected and reflected reduced rates because of the catalyst change completed in April. Although it has only been a few months since the installation of the new catalyst, we are encouraged by the improved performance we are seeing and expect to achieve a longer run time.

回到我們例行的季度業績討論，我們的結果亦包含來自對 SBR 投資的 2,750 萬美元淨利，或約 4,000 萬美元的 EBITDA。SBR 在第二季的再生柴油平均產量為每日 15,100 桶。SBR 的產量符合預期，並反映了因 4 月完成觸媒更換而降低的運轉負荷。雖然新觸媒安裝至今僅數月，我們對目前看到的效能改善感到鼓舞，並預期可達成更長的連續運轉時間。

On the market side, we are seeing robust margins for renewable diesel, which are being driven by globally high distillate margins combined with elevated RINs pricing. PBF's cash from operations for the quarter was $1.6 billion, which includes a working capital benefit of approximately $430 million.

在市場面，我們看到再生柴油的利差相當強勁，主要由全球偏高的中間餾分油利差與高檔的 RINs 價格共同推動。PBF 本季營運活動現金流為 16 億美元，其中包含約 4.3 億美元的營運資金挹注。

The working capital benefit was expected in the second quarter and was driven by a reduction in above-average inventory levels from the first quarter as well as benefits from our net payable position in a higher price environment. We are now at normalized inventory levels and the working capital headwind from the first quarter has reversed.

這項營運資金挹注在第二季屬於預期之內，主要來自於相較第一季將高於平均的庫存水位降低，以及在較高價格環境下我們淨應付部位所帶來的效益。我們目前的庫存水位已回到常態，第一季的營運資金逆風也已反轉。

Going forward, working capital fluctuations will depend largely on movements in commodity prices and inventory levels that may vary due to operational needs. Cash invested in consolidated CapEx for the second quarter was $189 million, which includes refining, corporate and logistics. This amount excludes second-quarter capital of approximately $56 million related to the Martinez rebuild.

展望未來，營運資金的波動將主要取決於大宗商品價格變動與庫存水位，而庫存水位可能因營運需求而有所不同。第二季投入於合併資本支出（CapEx）的現金為 1.89 億美元，包含煉油、公司與物流。此金額不包含第二季約 5,600 萬美元與 Martinez 重建相關的資本支出。

Q2 capital expenditures are slightly below expectations as a result of our decision to shift the scheduled hydrocracker turnaround at Martinez from the end of the second quarter to the end of the third quarter. On that note, we reduced our total capital expenditure guidance for 2026 by approximately $75 million to $850 million at the midpoint of our revised guidance. This is primarily a result of the decision to move the Q4 Toledo and Chalmette turnaround to 2027.

第二季資本支出略低於預期，原因是我們決定將 Martinez 原定於第二季末進行的加氫裂化裝置大修，移至第三季末。基於此，我們將 2026 年資本支出指引下調約 7,500 萬美元，修正後指引的中點為 8.5 億美元。這主要是因為決定將 Toledo 與 Chalmette 原定第四季的大修延後至 2027 年。

We ended the quarter with $894 million in cash and approximately $855 million in net debt. At quarter end, our net debt to cap was 15%. During the second quarter, PBF reduced net debt by over 62% by fully paying down borrowings on our asset-backed lending facility and refinancing $802 million of senior notes due 2028 using available cash and proceeds from the issuance of $500 million of senior notes due 2034, an aggregate gross debt reduction of over $1 billion.

我們在本季末持有8.94億美元現金，淨負債約為8.55億美元。季末時，我們的淨負債占資本比率（net debt to cap）為15%。在第二季期間，PBF 透過全額償還資產擔保貸款融資（asset-backed lending facility）的借款，並以可用現金及發行5億美元2034年到期優先票據（senior notes）所得款項，為2028年到期的8.02億美元優先票據進行再融資，使淨負債降低逾62%，合計總負債（gross debt）減少超過10億美元。

As we mentioned a moment ago, subsequent to the end of the quarter, we entered into an agreement with Air Products to acquire two hydrogen plants at our Torrance refinery. This transaction will be financed with an amortizing seller's note. Upon closing of the transaction, this note will appear as incremental debt in our capital structure. The transaction is subject to regulatory review and customary closing conditions and is expected to be finalized in the third quarter.

如同我們剛才提到的，在本季結束後，我們與 Air Products 達成協議，收購其位於我們 Torrance 煉油廠的兩座氫氣工廠。此交易將以攤還式賣方票據（amortizing seller's note）融資。交易完成交割後，該票據將在我們的資本結構中列為新增負債。此交易仍須通過監管審查及符合慣常交割條件，預計將於第三季完成。

As mentioned over the past several quarters, our capital allocation framework rests on three core elements: invest in the business, invest in our balance sheet and shareholder returns. We continue to invest in our assets to improve efficiency and reliability. We have made significant progress in just a short time with our balance sheet, but the work there is not done.

如過去幾季所述，我們的資本配置框架建立在三個核心要素之上：投資於業務、投資於資產負債表，以及股東回報。我們持續投資於資產，以提升效率與可靠性。我們在短時間內已在資產負債表方面取得顯著進展，但這項工作尚未完成。

We operate in a cyclical business, and our intention is to continue investing in our balance sheet to ensure we are able to adeptly navigate the next cycle in our industry. Through our deleveraging over the last several months, we believe we have delivered significant equity value to our investors.

我們所處的是一個具週期性的產業，我們的目標是持續投資於資產負債表，以確保能夠靈活應對產業的下一個週期。透過過去幾個月的去槓桿（deleveraging），我們相信已為投資人帶來顯著的股權價值。

We're intent on maximizing value across the entire refining cycle. While returning capital remains an important pillar in our framework, we believe ensuring our refining assets remain competitive, and maintaining a strong balance sheet enhances long-term shareholder returns by reducing risk and increasing strategic flexibility.

我們致力於在整個煉油週期中最大化價值。雖然資本回饋仍是我們框架中的重要支柱，但我們認為，確保煉油資產保持競爭力並維持強健的資產負債表，能透過降低風險與提升策略彈性，增進長期股東報酬。

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

接線員，我們已完成開場發言，接下來很樂意回答各位的提問。

(Operator Instructions) Manav Gupta, UBS.

(接線員指示) UBS 的 Manav Gupta。

Matt, Joe, congrats to the entire team, a very strong quarter. And the way things are going, probably 3Q would be a replica of 2Q, if not better. My first question to you was, you talked about refining taking a lot longer to normalize. As you mentioned, over 5 million barrels of capacity has been offline for a sustained time. We don't know when this reopens, but there is a possibility that global product inventories would have depleted significantly before things start to normalize.

Matt、Joe，恭喜整個團隊，本季表現非常強勁。以目前的走勢來看，第三季可能會複製第二季的表現，甚至更好。我第一個問題是，你們提到煉油業要恢復正常需要更長時間。如你們所說，超過500萬桶/日的產能已長期停擺。我們不知道何時會重啟，但在情勢開始正常化之前，全球成品油庫存很可能已大幅消耗。

So one, I wanted to understand from you the timeframe of the normalization. But the bigger question I'm trying to ask is, there are refineries that have been damaged -- there are refineries that have been damaged in Russia by Ukraine. Even when flows fully normalize, do you see a scenario where the mid-cycle has moved up because the global supply routes have been impacted, global supply has been impacted? So if you could talk about some of those dynamics, I would be very grateful.

所以第一，我想了解你們對正常化時間表的看法。但我更想問的是，有些煉油廠已受損——俄羅斯的一些煉油廠也遭烏克蘭攻擊而受損。即使物流完全恢復正常，你們是否認為由於全球供應路線受影響、全球供給受影響，中週期（mid-cycle）水準可能已上移？如果你們能談談其中一些動態，我將非常感激。

Thanks, Manav. And I agree with everything you commented on. And obviously, every cycle is different. And so then you relate it back to mid-cycle. But in this cycle, I see the floor has been risen unquestionably. And the consequence of all the damage, I think, it could be a long time. It is almost unimaginable working in this industry, certainly in places like Russia where you're sort of under attack.

謝謝你，Manav。我同意你剛才的所有評論。而且顯然，每一個週期都不同。因此你會把它連結回中週期（mid-cycle）。但在這一輪週期中，我毫無疑問地看到底部已被抬高。而所有這些破壞所帶來的後果，我認為可能會持續很長一段時間。在這個產業工作，幾乎難以想像——尤其是在像俄羅斯這樣某種程度上正遭受攻擊的地方。

So it's impossible for us to predict exactly how long, but it certainly seems that the consequence of these conflicts is acute in the refining business. And I think it's going to take a considerable amount of time. I haven't quantified that exactly. But certainly, you're well into 2027 before it's even possible to get inventories normalized under sort of normal economic conditions.

所以我們不可能精準預測會持續多久，但這些衝突的後果在煉油業顯然是急迫且顯著的。我認為這將需要相當長的時間。我尚未對此做出精確量化。但可以肯定的是，在一般經濟條件下，要讓庫存恢復正常，至少要到2027年之後才有可能。

Tom, would you make any other?

Tom，你還有要補充的嗎？

Yes. I mean, Matt, I mean I think just in terms of adding to that, I mean, I think it goes back to sort of the prepared remarks, right, I mean in terms of the preview that we saw when the MoU was signed in terms of -- obviously, there was a correction in crude. There was a correction in margins. But quite quickly, margins found a floor and started to move back up just as we get really back to the question over really is the refining capacity that's currently offline.

有。我是說，Matt，我想就補充一點來看，這其實回到我們事先準備的講稿，對吧——也就是在 MoU（備忘錄）簽署時我們看到的前瞻情況：顯然原油出現修正。利差（margin）也出現修正。但很快地，利差找到了底部並開始回升，因為我們又回到真正的核心問題：目前停擺的煉油產能。

So obviously, when that comes back, I mean, I think it's certainly -- we've seen it in terms of knowing that it is just about crude. That is normalization is sort of in the weeks to months' timeframe. Then when it comes to products, that's certainly in the months to quarters. So I mean just expanding upon that just a little bit, but very consistent thoughts.

所以顯然，當那些產能回來時，我認為這當然——我們已經看到，這不只是原油的問題。就原油而言，正常化大概是以數週到數月為時間尺度。而當談到成品油時，則更可能是以數月到數季為時間尺度。所以我只是稍微延伸補充一下，但整體看法非常一致。

Perfect. My second question is your net debt-to-cap special items was 36% in 1Q. You dropped it to 15% in 2Q. You talked a little bit about the cash generation in July. You would be in a net cash position by the end of third quarter if not the fourth quarter.

很好。我第二個問題是，你們的淨負債占資本比率（net debt-to-cap）在第一季（排除特殊項目）為36%。第二季降到15%。你們也稍微談到7月的現金創造。你們在第三季末、最晚第四季末，可能會達到淨現金（net cash）部位。

So I'm just trying to understand how much cash would you like to build on the balance sheet? And you should, after which you would also say, okay, this is just too much cash, we probably should go back and look at some of our buybacks or something. So if you could talk a little bit about shareholder returns once you have gotten to your net cash position?

所以我想了解的是，你們希望在資產負債表上累積多少現金？以及到了某個程度後，你們會說，好吧，現金太多了，我們可能應該回頭看看回購之類的安排。因此，當你們達到淨現金部位後，能否談談股東回報的規劃？

Yes. Look, I think you made a comment. It would certainly appear that the third quarter is stronger from a margin perspective than the second quarter, and we've been tracking a bit ahead. But that being said, we don't know what's going to happen. And I think I've made this point historically, we don't like to openly speculate about money that we haven't earned yet. Prospectively, it looks very, very constructive. And indeed, I believe we will be able to get our balance sheet potentially to a place that it's never been, and that's where we're focused on at the moment.

是的。你剛才提到一點。從利差角度來看，第三季看起來確實比第二季更強，我們的追蹤也略為超前。但即便如此，我們不知道接下來會發生什麼。而且我過去也一直強調，我們不喜歡公開推測尚未賺到的錢。從前瞻角度看，情勢非常、非常正面。而且我確實相信，我們有機會把資產負債表帶到一個可能前所未有的狀態，這也是我們目前的重點。

Joe Laetsch, Morgan Stanley.

Morgan Stanley 的 Joe Laetsch。

So I wanted to go back to the refining macro. Just building on your opening comments, could you just talk a bit more about how the commercial organization is navigating the disruption? And then could you also just talk about what you're seeing from a physical, financial market perspective, freight rate impact and maybe where you're seeing some of the biggest dislocations currently?

我想回到煉油的總體環境。延續你們的開場評論，能否再多談一些商務團隊（commercial organization）如何因應這些擾動？另外，也請談談你們從實體與金融市場角度所觀察到的情況，包括運費率的影響，以及你們目前看到的一些最大錯位（dislocations）可能在哪些地方？

Sure. One comment I would make is that the last couple of months have been a bit more calm than the first couple of months. That being said, there are obviously extraordinary markets with massive volatility. Tom, do you want to make a comment, then Paul?

好的。我想補充的一點是，過去這幾個月相較於最初那幾個月，市場稍微平靜一些。話雖如此，市場顯然仍屬於非常態，波動極為劇烈。Tom，你要先評論一下嗎？然後再請Paul？

Yes. I mean think in terms of just examining the market, right, I mean, number one, we have concerns about buying crude every day, even in a right way market. In terms of, obviously, the environment certainly has raised the sort of risk factor on procuring crude. But as we've gone through the cycles of this, right, there's been something that we've haven't yet been able -- we've yet to see a scenario where we've had to impact our refining operations materially due to a lack of avails, right? So it's one of those things we constantly are evaluating it.

是的。我的意思是，從單純檢視市場的角度來看，對吧，第一，我們每天都在擔心採購原油，即使是在一個「正常」的市場也是如此。就採購而言，顯然目前的環境確實提高了取得原油的風險因子。但在我們走過這些循環的過程中，對吧，我們至今仍未看到一種情境：因為可供量不足而必須對我們的煉油營運造成實質影響，對吧？所以這是我們一直在持續評估的事情。

And certainly, I think you can probably add that there's a little bit more of sort of upside skew and certainly on the diesel side of the equation. And obviously, we're in the midst of hurricane season right now, which could have a potentially a dramatic effect upon both products and crude, right? I mean if we go back to hard curve of Hurricane Harvey, right, it's not quite easy to forget, right, just the impact that that had on US crude exports and how much crude backed up into the Mid-Continent and Cushing inventories rebuilt at that time frame.

而且我想你也可以補充的是，整體來看上行偏態（upside skew）稍微更明顯一些，尤其是在柴油這一端。另外，顯然我們目前正處於颶風季，這可能會對成品與原油都產生相當戲劇性的影響，對吧？我的意思是，如果回頭看哈維颶風（Hurricane Harvey）的那條「硬曲線」經驗，對吧，那段影響其實不太容易忘記——它對美國原油出口造成的衝擊，以及有多少原油回堵到美國中部（Mid-Continent），並使得當時庫欣（Cushing）庫存重新累積。

And then, Paul, do you want to make a comment in regards to how everyone is hand to mouth in this environment?

那麼，Paul，你要不要就目前這種環境下大家都採取「手到口」（hand to mouth）策略這件事評論一下？

Sure. Look, the market structure is telling you what everybody should be doing. The backwardations that we see on products, inclusive of the backwardation we see on crude, everything is hand to mouth. We have dynamic product demands in the Gulf Coast across the docks. We're participating in that. We have export demand out of the East Coast. We're participating in that.

當然。你看，市場結構正在告訴你每個人應該怎麼做。我們在成品上看到的逆價差（backwardation），包括我們在原油上看到的逆價差，都意味著一切都是「手到口」。墨西哥灣沿岸（Gulf Coast）跨碼頭的成品需求是動態變化的。我們也在參與其中。我們也有來自東岸（East Coast）的出口需求。我們也在參與其中。

Inventories across the PADDS are at the lowest levels we've seen in many, many, many years. So primary goal for our commercial team is to keep the refineries full on the inbound and make sure we're empty on the outbound every single day.

各個PADD（石油行政區）整體庫存處於我們多年、多年、多年來所見的最低水準。因此，我們商務團隊的首要目標，是每天都要確保進料端讓煉廠滿載，同時在出貨端每天都要把庫存清空。

That's helpful. And then I wanted to just talk a little bit about your comments around delaying some turnarounds to 2027. So it sounds like you're able to get in and assess Toledo during some unplanned downtime last quarter. Maybe more broadly, are you seeing longer duration between turnaround intervals? And just given how fast the data technology and monitoring landscape is evolving, is there any change to how you're thinking about planning turnarounds going forward?

這很有幫助。接著我想再談一下你們提到把部分大修（turnaround）延後到2027年的評論。聽起來你們在上一季某段非計畫性停機期間，得以進場並評估Toledo廠。更廣泛來看，你們是否看到大修週期間隔變得更長？另外，考量資料技術與監測環境演進非常快，你們對未來大修規劃的思考方式是否有任何改變？

Yes, Joe, this is Mike. So the short answer to your question is yes. As part of RBI, we've taken three- or four-pronged approach to turnaround improvement and a piece of that is turnaround interval optimization. And so we're certainly looking at techniques such as risk-based inspection and other opportunities to kind of really set durations.

是的，Joe，我是Mike。所以對你問題的簡短回答是：是的。作為RBI（風險基礎檢驗）的一部分，我們採取了三到四個面向並行的方式來改善大修，而其中一塊就是大修週期間隔最佳化。因此我們確實在研究像是風險基礎檢驗等技術，以及其他機會，來更精準地設定週期長度。

But we're also -- we're optimizing that against capabilities of refineries in terms of the contractor manpower available at a given location, the size of the turnaround. As you delay turnarounds, they tend to get bigger. So we're optimizing against those types of things. So in general, yes, interval optimization is a key piece of what we're doing. And I would say that the industry has been looking at that for the past several years, and we're approaching, I think, some limits in terms of that just based on capabilities of manpower.

但同時我們也——會把這些最佳化與煉廠的能力相互權衡，例如某個地點可取得的承包商人力、該次大修的規模。當你延後大修時，大修往往會變得更大。所以我們會針對這類因素進行最佳化。總體而言，是的，週期間隔最佳化是我們正在做的關鍵一環。我也會說，整個產業過去幾年一直在看這件事，而我認為就人力能力而言，我們也正在接近某些極限。

Phillip Jungwirth, BMO Capital Markets.

BMO資本市場（BMO Capital Markets）的Phillip Jungwirth。

PBF had initially budgeted $235 million, $250 million of capital projects for '26. I was hoping you could remind us the nature of these. And more importantly, is this an area where you could see more investment in the future given the stronger margin environment for refining, which we think should last for some time?

PBF最初為2026年編列了2.35億到2.5億美元的資本專案預算。我想請你們提醒一下這些專案的性質是什麼。更重要的是，鑑於煉油利差環境更強、而我們認為這種狀況應該會持續一段時間，未來你們是否可能在這個領域加大投資？

Yes, that's really included within our budget for turnaround safety and regulatory spend. So that's kind of -- as a piece of that, roughly $50 million to $100 million of that is discretionary growth, but we'd continue to evaluate that as the market changes and obviously be looking for opportunities always to increase reliability and efficiencies of our system.

是的，那其實主要包含在我們針對大修安全與法規遵循支出的預算之內。因此其中大約有5,000萬到1億美元屬於可裁量的成長性支出，但我們會隨著市場變化持續評估，並且顯然也會一直尋找機會，提升我們系統的可靠度與效率。

I think the focus of the company is obviously safe, reliable, responsible operations. We talk about that all the time, but we must be efficient, as such, where our RBI program has been highlighted. But then it's upon us. Our job is not done. We must make improvements on our margin capture.

我認為公司的重點顯然是安全、可靠、負責任的營運。我們一直在談這件事，但我們也必須有效率，因此我們的RBI計畫才會被特別強調。但接下來就看我們自己了。我們的工作還沒完成。我們必須在利差捕捉（margin capture）上做出改善。

And if we're able to do that, it doesn't always require a tremendous amount of capital. But that's just always evaluating your plan and making sure not only running efficiently from a cost side, but from an operations side and capturing all of that margin. So when you stack all these things in regards to positive markets, reduced cost structure, improving margin capture, reduced interest expense, really, really deepening the keel of PBF operating through all different cycles.

而如果我們能做到這點，並不總是需要非常龐大的資本支出。但這就是持續評估你的計畫，並確保不只是成本端的效率，也包括營運端的效率，並把所有利差都捕捉到。所以當你把這些因素疊加在一起——正向的市場、降低的成本結構、提升的利差捕捉、降低的利息費用——其實是在讓PBF的船身龍骨更深、更穩，能夠穿越各種不同景氣循環來營運。

Yes. I would also add, we consciously chose to look at our cost structure first because we felt like that our base case was not optimized. And as you start getting to a point where you kind of see and achieve the efficiencies that you expected to get, you start to see open up new opportunities in terms of margin.

是的。我也想補充，我們是有意識地先檢視成本結構，因為我們覺得我們的基準情境（base case）並沒有最佳化。當你開始走到一個程度，看到並達成你原本預期能取得的效率時，你就會開始看到在利差方面出現新的機會。

So for instance, relative to the comments we made in the prepared remarks, getting that energy efficiency improvement now opens up different opportunities where you can take advantage of that. And it starts to identify constraints or remove constraints that you didn't see you had before and presents opportunities to drive margin improvement. So I would expect to see us to drive in that direction.

例如，呼應我們在事先準備的講稿中提到的評論，當我們把能源效率改善做到位之後，就會開啟不同的機會讓你可以加以利用。而且它會開始辨識出你以前沒發現的瓶頸，或是移除你以前沒看到的限制，進而帶來推動利差改善的機會。所以我預期我們會朝那個方向推進。

Okay. Great. And then any reason the Paulsboro crude unit turnaround can't also be pushed? And just for PBF, is there any ability or consideration to bring back idled units here, FCC, alky unit, delayed coker? Or more broadly, do you think there's much opportunity for the industry to really bring back shuttered or mothballed refining capacity?

好的。了解。那麼，為什麼Paulboro的原油裝置大修也不能往後推？另外，對PBF而言，是否有能力或考量把目前停用的裝置重新啟用，例如FCC（流體觸媒裂解）、烷基化（alky）裝置、延遲焦化（delayed coker）？或更廣泛地說，你認為整個產業是否有很大的機會把已關閉或封存（mothballed）的煉油產能重新帶回來？

In terms of Paulsboro, and obviously, we look at every turnaround individually based on market considerations, but there are some constraints that we have in terms of equipment inspections and mechanical integrity deadlines that really forestall us being able to move that. So that's going to stay in place.

就Paulsboro而言，顯然我們會基於市場考量逐一檢視每一次大修，但在設備檢驗與機械完整性（mechanical integrity）期限方面，我們確實有一些限制，使我們無法再往後移。所以這個時程會維持不變。

In terms of idled units in Paulsboro, we're always looking at ways to optimize that facility in conjunction with our Delaware City refinery, but there are no short-term plans to bring back any units at that point in time.

就保羅斯伯勒（Paulsboro）停置的裝置而言，我們一直在尋找與我們的德拉瓦市（Delaware City）煉油廠協同、以最佳化該設施的方法，但在那個時間點並沒有任何短期計畫要讓任何裝置重新啟動。

And in terms of the rest of the industry, it really depends on situational, how well the units were put away or put up and the costs associated with bringing it back. But it would also take a really a good understanding and a commitment of what the market is going to do longer term because it does take an awful long time to restart idle units, especially ones that have been down for a significant period of time.

至於產業其他部分，這真的取決於具體情況：裝置當初封存/停放得有多妥當，以及重新啟動所需的相關成本。但同時也需要對市場長期走向有非常充分的理解與承諾，因為重啟停置裝置需要非常長的時間，尤其是那些已停機相當長一段期間的裝置。

Yes. I think there's no question that the duration of the current cycle we're in, I think, could be in an extended period of time. That being said, the duration when you're looking at, bringing on new equipment, generally exceeds any one cycle. And so the math is a bit more complicated.

是的。我認為毫無疑問，我們目前所處的這一輪週期，其持續時間可能會拉長。話雖如此，當你在評估導入新設備時，其時間跨度通常會超過任何單一週期。因此，計算就會更複雜一些。

Doug Leggate, Wolfe Research.

Doug Leggate，Wolfe Research。

It must be very gratifying to you to have all your facilities running in these times, so congratulations on getting everything up. You have a bit of a unique situation insofar as your market cap is a little under $7 billion.

在這樣的時期你們所有設施都能運轉，想必讓你非常欣慰，恭喜把一切都拉起來。你們的情況有點獨特，因為你們的市值略低於70億美元。

You're probably headed towards, if our numbers are anywhere close to being right, to wiping out your balance sheet on a net basis by potentially in the next quarter or two, which then puts you in a position where the level of cash flow you're generating, albeit you could argue peak margins or whatever, but you could take out a lot of your stock. My question is, we don't know how long this is going to last. Why wouldn't you consider hedging?

如果我們的數字大致正確，你們可能在接下來一兩個季度就能在淨額基礎上把資產負債表的淨負債基本清掉；如此一來，以你們正在產生的現金流規模——即便你可以說這是高峰利差或其他因素——你們也可以回購相當多的股票。我的問題是，我們不知道這會持續多久。你們為什麼不考慮做避險？

We look at hedging every day, and it's a very reasonable question. And I will say there are times where if you get carried away, you can cut off the tops. And it would have been a very reasonable thing three months ago to say, let's hedge it all. And it would have been at a very, very attractive margin, and we would have gotten our face ripped off because it powers through it and then some.

我們每天都在看避險，這是個非常合理的問題。我也要說，有些時候如果做得太過頭，你可能會把上行空間切掉。三個月前說「我們把它全部避掉」其實非常合理。而且當時的利差會非常、非常有吸引力，但後來利差一路衝破那個水準甚至更高，我們反而會被打得很慘。

But look, we deliver the crack to our investors. Are there times around the edges or where we want to protect downside risk? We certainly -- we have a very, very robust risk management business, and I can ask Tom to comment as well. But we do participate in the forward markets, but we also want to deliver the crack to our investor. Tom?

但你看，我們是把裂解價差（crack）交付給投資人。在邊際上、或我們想保護下行風險的時候，有沒有可能？當然——我們有非常、非常健全的風險管理業務，我也可以請Tom一起補充。我們確實會參與遠期市場，但我們也希望把裂解價差交付給投資人。Tom？

Yes, Doug, I mean, there certainly is unique opportunities that are sort of being presented. I mean, right, when you look at the forward curves, I mean, you are looking at margins that are certainly well above mid-cycle, particularly when you look at distillate.

是的，Doug，我的意思是，確實出現了一些算是獨特的機會。你看遠期曲線時，看到的利差水準確實明顯高於中周期（mid-cycle），尤其是看蒸餾油（distillate）時更是如此。

And obviously, another sort of sort of tailwind behind that has been a reasonable correction in the price of RINs as you look at that. Because, certainly, there is some element of that when you're just examining sort of US cracks, right? Remember that, obviously, we still have quite an elevated RVO. And that's certainly something that needs to be taken into contemplation as well.

而且很明顯，背後另一個順風因素，是你看到RINs價格出現了合理的回調。因為當你只是在檢視美國裂解價差（US cracks）時，這當然是其中一個要素，對吧？請記得，很顯然我們仍然面臨相當偏高的RVO。這也確實是需要一併納入考量的事情。

I understand that. I thought -- as I say, the scale of your business, your beta, if you like, it puts you in a bit of a unique situation. I'm going to try this one, but I don't know if you can answer it, Matt. But any -- can you frame for us at least the magnitude of what you think that remaining insurance income could be or cash flow order of magnitude without being too precise?

我理解。我想——如我所說，你們業務的規模、你們的beta（敏感度）如果你願意這麼稱呼——讓你們處在一個有點獨特的位置。我想試著問這個，但我不確定你能不能回答，Matt。不過，至少能否幫我們框一下你認為剩餘保險收入可能是多少量級，或現金流的大致量級，不用太精確？

Sure. Here's my expectation. My expectation is I think there's going to be one more payment. I think it's going to be very similar to the last payment. And my hope would be that by the time we talk on our next earnings call, it will be in-house. And that will put a bow on the whole situation.

當然。這是我的預期。我預期應該還會有一次付款。我認為它會和上一次付款非常相近。我希望等到我們下次財報電話會議時，這筆款項已經入帳。那樣就能把整件事畫上句點。

Alexa Breno, Goldman Sachs.

Alexa Breno，高盛（Goldman Sachs）。

We wanted to ask on the West Coast. Your margins there were particularly strong this quarter. Can you just talk about some of the regional dynamics and product pricing trends? And then at Martinez, now that the facility has transitioned back to full operations, any update on the current status of some of the ongoing agency investigations and any outlook there?

我們想問一下西岸。你們那邊本季的利差特別強。你能否談談一些區域性的動態以及產品定價趨勢？另外，Martinez那座設施現在已經轉回全面運作，關於一些仍在進行的政府機關調查，目前狀態有沒有更新，以及你們對後續有什麼展望？

Okay. On the latter part first, nothing new there. But I must say -- and again, some of those -- the crisis for California started well before disruptions in the world with the amount of refining capacity that's come off. We have had a much better and more collaborative process with the state in varying degrees between regulators and politicians and the folks in Sacramento. But there's nothing to report there.

好的。先講後半段，沒有新的進展。但我必須說——而且再一次，其中一些——加州的危機在全球出現擾動之前就已經開始了，因為有相當多的煉油產能退出。我們與州政府之間的流程合作得更好、也更具協作性，無論是在監管機構、政治人物，或沙加緬度（Sacramento）的相關人士之間，程度不一但確實改善。不過目前沒有可報告的內容。

In regards to California, broadly in terms of the marketplace, and we've talked a lot about this. Obviously, a significant amount of gasoline and jet has to be imported into the state. It has to attract that. There's real cost to get it there. Those real costs are coming on either historically on a boat from very, very far away.

至於加州，從整體市場面來看，我們也談過很多。很明顯，州內必須進口相當數量的汽油與航空燃油。必須要有足夠吸引力才能把那些貨吸引進來。把產品運到那裡有實際成本。而這些實際成本，歷史上往往是透過船運、從非常非常遠的地方運來。

If that's replaced in the future by a pipe that's inland, that will still have a significant cost. So we've historically talked about $12 to $13, $10 to $15 cost to import products into the state. It has to elevate to that level to attract those barrels. And we think that's going to be really attractive for our business going forward. But products are only half -- and by the way, so on that, if you look at the last quarter, it's been less than that.

如果未來改由內陸管線來替代，成本仍然會相當可觀。所以我們過去一直談到，把產品進口到州內的成本大約是每桶12到13美元、或10到15美元。價格必須抬升到那個水準，才能吸引那些桶數進來。我們認為這對我們未來的業務會非常有吸引力。但產品只是一半——順帶一提，就這點而言，如果你看上一季，其實低於那個水準。

And obviously, there's been Jones Act waivers. So that's helped alleviate these temporary waivers, and I expect they will be temporary during this Middle East conflict. That's been able to sort of reduce some of the temperature. So that's been helpful. In regards to the crude side, look, we are getting -- at Torrance, we're increasing our domestic California crude runs, I'd say, I don't know, 25,000, 30,000 barrels a day.

而且很明顯，還有《瓊斯法案》（Jones Act）的豁免。因此，這些臨時豁免有助於緩解壓力；我預期在這場中東衝突期間它們會是暫時性的。這在某種程度上降低了緊張程度。所以這是有幫助的。至於原油端，你看，在Torrance，我們正在提高加州本地原油的加工量，我想，大概，不知道，每天增加25,000到30,000桶。

And remember, we have our own proprietary logistics system in California. And so we've seen volumes on our M70 pipeline that were closer to 60,000 barrels a day prior to some of the closures, now averaging about 90,000 barrels a day. Importantly, we still have room on our M70 pipeline. So we've seen production come online, which is more crude supply into the state, which has been helpful certainly on differentials. And I think PBF is uniquely positioned with our M70 pipeline that services our refinery.

另外請記得，我們在加州有自有的專屬物流系統。因此，我們看到M70管線的輸送量，在一些關閉事件之前接近每日60,000桶，現在平均約每日90,000桶。重要的是，我們的M70管線仍有餘裕。所以我們看到產量重新上線，意味著更多原油供應進入州內，這對價差（differentials）當然有所幫助。我認為PBF憑藉服務我們煉油廠的M70管線，具備獨特的有利位置。

So you're sort of getting it on both ends, and we expect the marketplace to be constructive because they desperately need the products, you have to import almost a third of your gas. It is a massive, massive lift. So that's sort of the marketplace. And obviously, we highlight any legal developments. That's always in the queue, and you can always see any updates there as well.

所以你某種程度上是兩頭都在承受，而我們預期市場會是正向建設性的，因為他們迫切需要這些產品，你們必須進口將近三分之一的天然氣。這是一個非常、非常巨大的提升。所以這大概就是市場面的情況。而且很明顯地，我們也會強調任何法律方面的進展。那一直都在待辦清單裡，你也隨時可以在那裡看到任何更新。

We appreciate that. And then just a follow-up, can you just talk about how you're managing your RINs purchasing strategy? Do you expect any regulatory relief or structural changes in the market there?

我們很感謝。接著再追問一下，你能談談你們如何管理RIN的採購策略嗎？你預期那邊會有任何監管紓困或市場結構性的變化嗎？

All right. Well, this is good. It is the last question. And for those that are not interested, you can go get your glass of water, [ask them] now, because I can get on my soapbox on that one. Tom, why don't you manage the first part in regards to how we procure the RINs?

好。嗯，這很好。這是最後一個問題。如果有人對這個不感興趣，現在可以去拿杯水，[請他們]現在就去，因為我在這題上可能要開始長篇大論了。Tom，你先來談第一部分，關於我們如何取得RIN，好嗎？

Yes. I mean, Alexa, on a daily basis, just always remember, right, that SBR is producing D4. So we're taking those in. And then we're just actively managing our position in the marketplace. There certainly has been some improvements and advancements sort of in the derivatives of RINs. So there has been a few things that we've been looking at in terms of that.

好的。我的意思是，Alexa，每天都要記得，對吧，SBR正在產出D4。所以我們會把那些納入。然後我們就是在市場上積極管理我們的部位。RIN的衍生性商品方面確實有一些改善與進展。所以就那方面而言，我們也在看一些事情。

But without getting into absolute specifics, for us, it's certainly the acquisition and different things about RINs is sort of status quo and I think it's really sort of the recent correction in RINs as that presents a new opportunity with the perception that there's going to be some small refinery exemptions are going to come into the marketplace, and that has knocked prices down by 10%, 15% even in the last two weeks.

但不談到絕對具體的細節，對我們來說，RIN的取得以及相關的不同作法基本上仍是照常進行；而我認為更關鍵的是，近期RIN的修正帶來了新的機會，因為市場認為會有一些小型煉油廠豁免（SRE）回到市場，這在過去兩週內就把價格打下來10%、甚至15%。

And keep in mind also is that the balances were so constructive in terms of the draw on the RIN bank that certainly, the advancements in the financial aspects, it's been a market that has really gotten itself a little bit crowded long in terms of where the spec community has come in acquiring RINs in the marketplace. So -- and that, I think, has contributed also to the most recent sell-off.

另外也要記得，從RIN庫存（RIN bank）的消耗來看，供需結餘其實相當有利；再加上金融面的一些進展，市場在投機社群進場於市場上收購RIN之後，確實變得有點「多頭擁擠」。所以——我想這也促成了最近這一波拋售。

So Tom has highlighted the sell-off, it's spot on, and so that's helpful. But let's put it in perspective. The RFS program is still imposing $14 a barrel of cost and much of that is being borne by the consumer. And unfortunately, still -- there's still an equity in the program. And so with the winners and losers in that trade-off, PBF is still bearing a significant cost as a result of that.

所以Tom提到的拋售非常到位，這確實有幫助。但我們把它放在更大的脈絡來看。RFS計畫仍然施加每桶14美元的成本，而其中很大一部分是由消費者承擔。而且不幸的是，這個計畫仍然——仍然存在不公平性。因此在這種此消彼長的贏家與輸家之下，PBF仍因而承擔相當可觀的成本。

And the fear is -- and I've talked about this before, and my thinking has evolved a bit. And in some degree, it's worse because I've talked about how the program with the volumes that the administration has put on, the volume breaks where it becomes insolvent, that you don't have enough RINs in the RIN bank to satisfy the program. And therefore, the only way to satisfy that because if you can't buy the RIN, you can't produce gasoline, is to throttle supply.

而令人擔心的是——我以前談過這點，而我的想法也有些演變。某種程度上，情況更糟，因為我曾談到，依照政府所設定的這些配額量，在某個量的臨界點上，這個計畫會變得無法自我支撐，也就是RIN庫存裡沒有足夠的RIN來滿足計畫要求。因此，唯一能滿足的方法——因為如果你買不到RIN，你就不能生產汽油——就是去限縮供給。

Obviously, that would be a disaster in today's marketplace. But my thinking has evolved a bit on it as we sort of learn more is, well, no, it's actually, there are significant bio-based barrels in the world that are being sent to Europe or other places. But the problem is if we need to meet these mandates over this year and into next year, we have to attract those barrels out of Europe and other places.

很明顯，在今天的市場那會是一場災難。但隨著我們學到更多，我的想法也有些改變：其實，全球有相當多的生質燃料桶數正被運往歐洲或其他地方。但問題是，如果我們要在今年以及明年達成這些強制要求，我們就必須把那些桶數從歐洲和其他地方吸引回來。

But Europe also has mandates, so it's like a reverse vortex of racing to the top or escalating costs to get the program satisfied. We continue to talk to people in Washington about it. It is the single easiest thing they can do to adjust the price of gasoline to today, and we'll continue to have those conversations.

但歐洲也有強制要求，所以這就像是一個反向渦旋，大家競相往上加碼、或為了滿足計畫而推升成本。我們持續就此與華府的人士溝通。這是他們能做的、最簡單的一件事，用來把汽油價格調整到今天的水準，我們也會持續進行這些對話。

And the reality is, you can fix the RFS price without impacting ag volumes where you don't have to lower corn consumption or soybean. By the way, soybean oil, there's more soybean oil going now into fuel than into food, which is sort of hard to wrap your mind around. But you can adjust the RFS without -- and improve prices without impacting the farmers. With that, we'll leave that there. Anything else?

而現實是，你可以在不影響農業用量的情況下修正RFS的價格，也就是不必降低玉米或黃豆的消耗。順帶一提，黃豆油現在進入燃料的量比進入食品的量還多，這其實很難讓人理解。但你可以在不——且在不影響農民的情況下，調整RFS並改善價格。那麼我們就先講到這裡。還有其他問題嗎？

Thanks. That was very helpful. We'll turn it back.

謝謝。這非常有幫助。我們把時間交回去。

I appreciate it. I think with that, that concludes the questions for today. So we appreciate everyone's participation. It truly is an extraordinary moment for our company, and we greatly look forward to talking to you again at the end of the third quarter. Thanks.

謝謝。我想到這裡，今天的提問就結束了。所以我們感謝各位的參與。這對我們公司而言確實是一個非凡的時刻，我們非常期待在第三季末再與各位交流。謝謝。