菲利普斯66 (PSX) 2023 Q2 法說會逐字稿

Hello, and welcome to the Second Quarter 2023 Phillips 66 Earnings Conference Call. My name is Alex, and I will be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded.

您好，歡迎參加 Phillips 66 2023 年第二季度收益電話會議。我叫亞歷克斯，我將擔任您今天通話的接線員。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the call over to Jeff Dietert, Vice President, Investor Relations. Jeff, you may begin.

我現在將把電話轉給投資者關係副總裁 Jeff Dietert。傑夫，你可以開始了。

Good morning, and welcome to Phillips 66 Second Quarter Earnings Conference Call. Participants on today's call will include Mark Lashier, President and CEO; Kevin Mitchell, CFO; Tim Roberts, Midstream and Chemicals; Rich Harbison, Refining; and Brian Mandell, Marketing and Commercial. Today's presentation materials can be found on the Investor Relations section of the Phillips 66 website, along with supplemental financial and operating information.

早上好，歡迎參加 Phillips 66 第二季度收益電話會議。今天電話會議的參與者包括總裁兼首席執行官 Mark Lashier；凱文·米切爾，首席財務官；蒂姆·羅伯茨（Tim Roberts），中游和化學品公司；里奇·哈比森，精煉；和布賴恩·曼德爾（Brian Mandell），營銷和商業。今天的演示材料以及補充財務和運營信息可以在 Phillips 66 網站的投資者關係部分找到。

Slide 2 contains our safe harbor statement. We will be making forward-looking statements during today's call. Actual results may differ materially from today's comments. Factors that could cause actual results to differ are included here as well as in our SEC filings.

幻燈片 2 包含我們的安全港聲明。我們將在今天的電話會議中發表前瞻性聲明。實際結果可能與今天的評論存在重大差異。可能導致實際結果不同的因素包含在此處以及我們向 SEC 提交的文件中。

With that, I'll turn it over to Mark.

有了這個，我會把它交給馬克。

Thanks, Jeff. Good morning, and thank you for joining us today. In the second quarter, we had adjusted earnings of $1.8 billion or $3.87 per share. We continued to execute on our strategic priorities and returned $1.8 billion to shareholders through share repurchases and dividends. Our results reflect strong operating performance across our portfolio, demonstrating the commitment of our employees to maintain safe and reliable operations. We want to thank them for their dedication to operating excellence and delivering on our mission to provide energy and improve lives.

謝謝，傑夫。早上好，感謝您今天加入我們。第二季度，我們調整後的收益為 18 億美元，即每股 3.87 美元。我們繼續執行我們的戰略重點，並通過股票回購和股息向股東返還 18 億美元。我們的業績反映了我們整個投資組合的強勁運營業績，體現了我們員工對維持安全可靠運營的承諾。我們要感謝他們致力於卓越運營並履行我們提供能源和改善生活的使命。

In Refining, we continue to run above industry average rates, and in Midstream, we had record NGL frac volumes. We continue to run our Sweeny Hub fracs and export terminal at above nameplate capacities to meet strong demand. We remain committed to operating excellence and continue to focus on our strategic priorities to create value and return cash to shareholders.

在煉油領域，我們的運行速度繼續高於行業平均水平，在中游領域，我們的液化天然氣壓裂量創歷史新高。我們繼續以高於銘牌的產能運行我們的 Sweeny Hub 壓裂和出口終端，以滿足強勁的需求。我們仍然致力於卓越運營，並繼續專注於我們的戰略重點，以創造價值並向股東返還現金。

Slide 4 summarizes progress toward our strategic priorities. Over the last 12 months, we've returned 14% of our market cap or $5.4 billion to shareholders through share repurchases and dividends. We're on track to return $10 billion to $12 billion over the 10-quarter period between July 2022 through year-end 2024.

幻燈片 4 總結了我們戰略重點的進展。在過去 12 個月中，我們通過股票回購和股息向股東返還了 14% 的市值，即 54 億美元。我們有望在 2022 年 7 月至 2024 年底的 10 個季度內實現 100 億至 120 億美元的回報。

In Refining, we had another quarter of strong operating performance with crude utilization of 93% and lower operating costs. As of the end of the quarter, more than $300 million of the $550 million run rate cost savings are attributable to Refining. Kevin will provide an update on our business transformation progress in a moment.

在煉油領域，我們又一個季度表現強勁，原油利用率達到 93%，運營成本更低。截至本季度末，5.5 億美元運行成本節省中的 3 億多美元歸功於 Refining。 Kevin 稍後將提供我們業務轉型進展的最新信息。

We're executing our NGL wellhead to market strategy and capturing DCP integration synergies faster than expected. Our current synergy run rate is over $200 million. We've been successful in identifying additional opportunities to increase our target from $300 million to more than $400 million by 2025. In June, we completed the acquisition of DCP Midstream's public common units for $3.8 billion, increasing our economic interest from 43% to 87%. We ended the quarter with a net debt-to-capital ratio of 35%. We expect leverage to be within our target range by year-end.

我們正在執行 NGL 井口市場戰略，並比預期更快地獲得 DCP 整合協同效應。我們目前的協同運行率超過 2 億美元。我們成功地找到了更多機會，將我們的目標從2025 年的3 億美元增加到4 億美元以上。6 月，我們以38 億美元完成了對DCP Midstream 公共普通單位的收購，將我們的經濟權益從43% 增加到87% %。本季度結束時，我們的淨債務與資本比率為 35%。我們預計槓桿率到年底將在我們的目標範圍內。

In Refining, we're converting our San Francisco refinery into one of the world's largest renewable fuels facilities. The capital to convert the facility to over 50,000 barrels per day of renewable fuels production is anticipated to be approximately $1.25 billion. This is an increase from our original premise due to higher-than-anticipated material and labor costs as well as impacts related to weather and permitting.

在煉油方面，我們正在將舊金山煉油廠改造成世界上最大的可再生燃料設施之一。將該設施轉化為每天生產超過 50,000 桶可再生燃料的資本預計約為 12.5 億美元。由於材料和勞動力成本高於預期以及與天氣和許可相關的影響，這比我們最初的前提有所增加。

The revised capital cost of around $1.60 per gallon remains well below similar announced projects, and the expected returns are significantly above our Refining hurdle rates. The overall project timing and scope remains unchanged. We expect to begin commercial operations in the first quarter of 2024.

修正後的資本成本約為每加侖 1.60 美元，仍然遠低於已宣布的類似項目，並且預期回報率遠高於我們的煉油門檻率。總體項目時間和範圍保持不變。我們預計將於 2024 年第一季度開始商業運營。

In Chemicals, CPChem completed construction of the 1-hexene unit in Old Ocean, Texas and expects to begin operations by the end of the third quarter. The new propylene splitter at its Cedar Bayou facility is expected to start up in the fourth quarter.

在化學品方面，CPChem 完成了位於德克薩斯州 Old Ocean 的 1-己烯裝置的建設，預計將於第三季度末開始運營。 Cedar Bayou 工廠的新丙烯分離器預計將於第四季度啟動。

CPChem and QatarEnergy are jointly building world-scale petrochemical facilities on the U.S. Gulf Coast and in Ras Laffan, Qatar. On the U.S. Gulf Coast, the Golden Triangle Polymers joint venture has project financing in place. The Ras Laffan petrochemical joint venture expects to complete project financing later this year. Both projects remain on schedule to start up in 2026.

CPChem 和卡塔爾能源公司正在美國墨西哥灣沿岸和卡塔爾拉斯拉凡共同建設世界規模的石化設施。在美國墨西哥灣沿岸，金三角聚合物合資企業已到位項目融資。拉斯拉凡石化合資企業預計將在今年晚些時候完成項目融資。這兩個項目仍按計劃於 2026 年啟動。

Now I'll turn the call over to Kevin to review the business transformation savings and second quarter financial results.

現在我將把電話轉給凱文，以審查業務轉型節省和第二季度財務業績。

Thank you, Mark. Starting on Slide 5 with an update on our business transformation progress. Our $1 billion business transformation target includes $800 million of cost savings and $200 million of sustaining capital reductions. We have identified over 2,700 initiatives to permanently reduce costs, with employees across the organization actively engaged in the transformation process. We have completed 1,200 initiatives that are generating value today. .

謝謝你，馬克。從幻燈片 5 開始，介紹我們業務轉型進展的最新情況。我們 10 億美元的業務轉型目標包括 8 億美元的成本節約和 2 億美元的持續資本削減。我們已經確定了 2,700 多項永久降低成本的舉措，整個組織的員工都積極參與轉型過程。我們已經完成了 1,200 項正在創造價值的舉措。 。

The chart on the left shows our progress toward the $800 million cost reduction target, with $550 million of run rate cost savings at the end of the second quarter. The stacked bar shows our actual cumulative cost reductions for the year by category.

左圖顯示了我們在實現 8 億美元成本削減目標方面取得的進展，第二季度末運行成本節省了 5.5 億美元。堆積條形圖顯示了我們今年按類別實際累計的成本削減情況。

Over the first half of 2023, we realized $260 million in cost savings. The majority of these cost reductions relate to Refining, which has benefited by about $0.40 per barrel.

2023 年上半年，我們實現了 2.6 億美元的成本節省。這些成本降低大部分與煉油相關，煉油成本每桶受益約 0.40 美元。

Business transformation initiatives range from optimizing services across our portfolio of assets to establishing new tools to improve use of steam and energy. Organizationally, we strengthened our centralized model for core functions to drive consistency and efficiencies. We continue implementing cost savings initiatives and are on track to achieve our run rate target by year-end 2023. We expect to realize the full $800 million of cost savings in 2024, which will include Refining cost reductions of $0.75 per barrel.

業務轉型舉措涵蓋從優化我們資產組合的服務到建立新工具以改善蒸汽和能源的使用。在組織上，我們加強了核心職能的集中化模型，以提高一致性和效率。我們繼續實施成本節約計劃，並有望在 2023 年底前實現運行率目標。我們預計到 2024 年將實現全部 8 億美元的成本節約，其中包括每桶煉油成本降低 0.75 美元。

Now I'll move to Slide 6 to cover the second quarter financial results. Adjusted earnings were $1.8 billion or $3.87 per share. The $15 million decrease in the fair value of our investment in NOVONIX reduced earnings per share by $0.03. We generated operating cash flow of $1 billion, including a working capital use of $1 billion and cash distributions from equity affiliates of $239 million.

現在我將轉到第 6 張幻燈片來介紹第二季度的財務業績。調整後收益為 18 億美元，即每股 3.87 美元。我們對 NOVONIX 投資的公允價值減少了 1500 萬美元，每股收益減少了 0.03 美元。我們產生了 10 億美元的運營現金流，其中包括 10 億美元的營運資金使用和 2.39 億美元的股權附屬公司現金分配。

Capital spending for the quarter was $551 million, including $339 million for growth projects. We returned $1.8 billion to shareholders through $1.3 billion of share repurchases and $474 million of dividends. We ended the quarter with 445 million shares outstanding.

本季度資本支出為 5.51 億美元，其中用於增長項目的資本支出為 3.39 億美元。我們通過 13 億美元的股票回購和 4.74 億美元的股息向股東返還 18 億美元。本季度結束時，我們流通在外的股票數量為 4.45 億股。

I'll cover the segment results on Slide 7. Additional details can be referenced in the appendix to this presentation. This slide highlights the change in adjusted results by segment from the first quarter to the second quarter. During the period, adjusted earnings decreased $199 million, mostly due to lower results in Refining and Midstream, partially offset by an improvement in Marketing and Specialties.

我將在幻燈片 7 上介紹分段結果。其他詳細信息可以參考本演示文稿的附錄。這張幻燈片突出顯示了從第一季度到第二季度按部門調整後的業績變化。在此期間，調整後收益減少了 1.99 億美元，主要是由於煉油和中游業務的業績下降，但部分被營銷和特種業務的改善所抵消。

In Midstream, second quarter adjusted pretax income was $626 million, down $52 million from the prior quarter. The decrease was driven by the impact of declining commodity prices in our NGL business. This was partially offset by higher volumes in transportation.

在中游，第二季度調整後稅前收入為 6.26 億美元，比上一季度減少 5200 萬美元。這一下降是由於我們液化天然氣業務中商品價格下跌的影響所致。這被運輸量增加部分抵消。

Chemicals adjusted pretax income decreased $6 million to $192 million in the second quarter. The industry polyethylene chain margin increased by $0.03 to $0.20 per pound. However, this was offset by higher maintenance and turnaround costs in the quarter. Global O&P utilization was 98%.

第二季度化學品調整後稅前收入減少 600 萬美元，至 1.92 億美元。行業聚乙烯鏈利潤率每磅增加 0.03 美元至 0.20 美元。然而，這被本季度較高的維護和周轉成本所抵消。全球 O&P 利用率為 98%。

Refining second quarter adjusted pretax income was $1.1 billion, down $460 million from the first quarter. The decrease was due to a decline in margins, partially offset by higher volumes and lower operating expenses. Realized margins decreased primarily due to the decline in distillate crack spreads and narrowing heavy crude differentials, partially offset by improved gasoline cracks. In addition, realized margins reflect the impact of losses from secondary products due to declining NGL and coke prices.

煉油第二季度調整後稅前收入為11億美元，比第一季度減少4.6億美元。下降的原因是利潤率下降，但部分被銷量增加和運營費用下降所抵消。實現利潤率下降主要是由於餾分油裂解價差下降和重質原油價差縮小，部分被汽油裂解價差改善所抵消。此外，已實現利潤率反映了由於液化天然氣和焦炭價格下跌而導致的二次產品損失的影響。

Marketing and Specialties adjusted second quarter pretax income was $644 million, an increase of $218 million from the previous quarter, mainly due to seasonally higher global marketing margins and continued strong demand. The Corporate and Other segments adjusted pretax costs were $12 million lower than the prior quarter. The adjusted effective tax rate was 22%, consistent with the previous quarter. The impact of noncontrolling interests was improved compared to the prior quarter and also reflects our acquisition of DCP units on June 15.

營銷和特種產品調整後的第二季度稅前收入為 6.44 億美元，比上一季度增加 2.18 億美元，這主要是由於季節性較高的全球營銷利潤率和持續強勁的需求。公司和其他部門調整後的稅前成本比上一季度減少了 1200 萬美元。調整後的有效稅率為22%，與上一季度持平。非控股權益的影響較上一季度有所改善，也反映了我們 6 月 15 日收購 DCP 單位的情況。

Slide 13 shows the change in cash during the second quarter. We started the quarter with a $7 billion cash balance. Cash from operations was $2 billion, excluding working capital. There was a working capital use of $1 billion, mainly reflecting an increase in inventory, which included the impact of unplanned downtime at the Bayway Refinery and seasonal storage opportunities. Year-to-date working capital is a use of around $2 billion, primarily related to inventory that we expect to mostly reverse by year-end. We funded $551 million of capital spending.

幻燈片 13 顯示了第二季度的現金變化。本季度伊始，我們的現金餘額為 70 億美元。運營現金為 20 億美元，不包括營運資金。營運資金使用為 10 億美元，主要反映庫存增加，其中包括 Bayway 煉油廠計劃外停機和季節性儲存機會的影響。年初至今的營運資金使用量約為 20 億美元，主要與庫存相關，我們預計這些庫存將在年底前大部分扭轉。我們資助了 5.51 億美元的資本支出。

In June, we drew $1.25 billion on a single draw term loan to partially fund the acquisition of the DCP units for $3.8 billion. This transaction and the redemption of DCP's Series B preferred units of $161 million are represented as repurchase of noncontrolling interests. Additionally, we returned $1.8 billion to shareholders through share repurchases and dividends. Our ending cash balance was $3 billion.

6 月份，我們通過單筆提款定期貸款提取了 12.5 億美元，為收購 38 億美元的 DCP 單位提供部分資金。此次交易以及 DCP B 系列優先單位 1.61 億美元的贖回被視為非控股權益的回購。此外，我們還通過股票回購和股息向股東返還 18 億美元。我們的期末現金餘額為 30 億美元。

This concludes my review of the financial and operating results. Next, I'll cover a few outlook items. In Chemicals, we expect the third quarter global O&P utilization rate to be in the mid-90s. In Refining, we expect the third quarter worldwide crude utilization rate to be in the mid-90s and turnaround expenses to be between $110 million and $130 million. We anticipate third quarter Corporate and Other costs to come in between $280 million and $300 million, reflecting higher net interest expense from funding the purchase of DCP units during the second quarter.

我對財務和經營業績的審查到此結束。接下來，我將介紹一些展望項目。在化學品方面，我們預計第三季度全球 O&P 利用率將在 90 年代中期。在煉油領域，我們預計第三季度全球原油利用率將在 90 年代中期，周轉費用將在 1.1 億至 1.3 億美元之間。我們預計第三季度公司和其他成本將在 2.8 億美元至 3 億美元之間，反映出第二季度為購買 DCP 單位提供資金而產生的淨利息支出增加。

In 2023, we expect our full year capital spend to be above the $2 billion budget, reflecting approximately $200 million of additional spending on Rodeo Renewed. In addition, we just closed on a $260 million acquisition of West Coast marketing assets. This acquisition supports the high-return Rodeo Renewed project by optimizing the full value of our renewable fuel sales to end customers.

到 2023 年，我們預計全年資本支出將高於 20 億美元預算，反映出 Rodeo Renewed 的額外支出約為 2 億美元。此外，我們剛剛完成了以 2.6 億美元收購西海岸營銷資產的交易。此次收購通過優化我們向最終客戶銷售的可再生燃料的全部價值來支持高回報的 Rodeo Renewed 項目。

We continue to review our portfolio to determine if assets meet our strategic long-term objectives or if they provide more value to third parties. Earlier this year, we divested the Belle Chasse Terminal, and very recently, we sold our interest in the South Texas Gateway Terminal. Total proceeds from the 2 transactions are approximately $350 million. Now we will open the line for questions, after which Mark will make closing comments.

我們繼續審查我們的投資組合，以確定資產是否滿足我們的長期戰略目標，或者它們是否為第三方提供更多價值。今年早些時候，我們剝離了 Belle Chasse 碼頭，最近，我們出售了南德克薩斯門戶碼頭的權益。兩筆交易的總收益約為 3.5 億美元。現在我們將開始提問，之後馬克將發表結束語。

(Operator Instructions) Our first question for today comes from Doug Leggate of Bank of America.

（操作員說明）我們今天的第一個問題來自美國銀行的 Doug Leggate。

I'm not sure who wants to answer this, maybe Kevin, but we've obviously talked ad nauseam about what we think could be a new mid-cycle Refining outlook. But what we haven't taken into account is the continued upgrade to your synergy targets, the faster delivery of your cost reductions and more importantly, the continued appearance of deferred taxes in your operating cash flow. So Kevin, I guess my somewhat convoluted question is, what do you think your sustainable mid-cycle free cash flow looks like for the company post these recent series of changes that you've introduced?

我不確定誰想回答這個問題，也許是凱文，但我們顯然已經令人作嘔地談論了我們認為可能是新的中期煉油前景。但我們沒有考慮到您的協同目標的持續升級、成本削減的更快實現，更重要的是，您的經營現金流中遞延稅款的持續出現。所以凱文，我想我有點複雜的問題是，在你最近推出的一系列變化之後，你認為公司可持續的中期自由現金流是什麼樣的？

Yes, Doug. So we had guided to $7 billion increasing to $10 billion at Investor Day of cash flow. And the reality is some of the actions that bridge us from $7 billion to $10 billion we have executed on. And so at this point in time, on a traditional -- our view of Refining mid-cycle, we're probably somewhere in the $8 billion range, maybe a little bit higher than that. But we're not all the way to $10 billion because there are still other things we need to execute on. But we're certainly making good progress from the $7 billion to $10 billion.

是的，道格。因此，我們在投資者日將現金流量目標從 70 億美元增加到 100 億美元。事實上，我們已經採取了一些行動，將我們的資金從 70 億美元提升到 100 億美元。因此，在這個時間點上，按照我們對煉油中期週期的傳統看法，我們可能處於 80 億美元的範圍內，也許比這個高一點。但我們還沒有一路走到 100 億美元，因為我們還有其他事情需要執行。但我們確實從 70 億美元到 100 億美元取得了良好進展。

Your comment on deferred taxes is a relevant one. This year, we actually expect to have a slightly larger-than-normal deferred tax benefit on cash flow. So I think I had previously guided to about $400 million to $500 million of benefit for the year. We expect that to be more like $700 million to $800 million, and that's mainly because of the impact of DCP buy-in on that. And after that, we should revert to a more traditional sort of $400 million to $500 million level.

您對遞延稅款的評論是相關的。今年，我們實際上預計現金流的遞延稅優惠將略高於正常水平。因此，我認為我之前預計今年的福利約為 4 億至 5 億美元。我們預計該數字將約為 7 億至 8 億美元，這主要是由於 DCP 買入的影響。之後，我們應該恢復到更傳統的 4 億至 5 億美元水平。

Just to be clear, you have not changed your view of mid-cycle margins, is that right?

需要明確的是，您沒有改變對中期利潤率的看法，對嗎？

That is correct. We have not changed our view of mid-cycle, but we would acknowledge that we are in a stronger than mid-cycle margin environment currently. We have been for the last 1 year-plus, 1.5 years. And barring any major economic downturn, we actually think that will continue for a reasonable period of time, just given the overall supply/demand balances that exist globally.

那是對的。我們沒有改變對周期中期的看法，但我們承認，目前我們處於比周期中期更強的利潤環境。我們已經過去 1 年多了，1.5 年了。除非出現任何重大的經濟衰退，我們實際上認為，考慮到全球存在的總體供需平衡，這種情況將持續一段合理的時間。

Okay. My follow-up, just a quick one. The step-up in the buyback piece, is that a transitory perhaps as a consequence of the DCP process? I'm not quite sure what other things might have delayed you. But I guess my point is that if I look to the $5 billion to $7 billion buyback guidance you gave through 2024, 2 things come to mind, which is well, it seems to us you could maintain an elevated pace and certainly a pace well beyond 2024. So I could just -- I wonder if you could just touch on the cash return strategy, and I'll leave it there.

好的。我的後續行動，只是一個快速的。回購方面的升級是否是暫時的，可能是 DCP 流程的結果？我不太確定還有什麼其他事情可能會耽誤你。但我想我的觀點是，如果我看看您在2024 年之前給出的50 億至70 億美元的回購指導，我會想到兩件事，這很好，在我們看來，您可以保持較高的步伐，而且肯定會遠遠超過2024 年。所以我可以——我想知道你是否可以談談現金回報策略，我就留在那裡。

Yes, I think that's right. I mean as you know, we have been -- other than during the COVID period, we've been consistently buying back shares since really 2012 when we started the program. The elevated pace in the second quarter was not so much an impact of the DCP transaction. More it was a function of we recognize that relative to our share price at the time and our outlook, which was quite positive in terms of the overall business fundamentals, it seemed like a good opportunity to up the pace from where we had been.

是的，我認為這是對的。我的意思是，如您所知，除了新冠疫情期間外，自 2012 年啟動該計劃以來，我們一直在持續回購股票。第二季度的增長速度並沒有受到 DCP 交易的太大影響。更多的是，我們認識到，相對於我們當時的股價和我們的前景（就整體業務基本面而言相當積極），這似乎是一個加快步伐的好機會。

And based on where things sit today, it looks like a good decision on our part. The $5 billion to $7 billion that we guided at Investor Day, that's a sort of minimum threshold that we expect to meet. It doesn't mean to say we can't either hit that total return $10 billion to $12 billion before the end of 2024, and it certainly does not mean that we stop once we hit that threshold either. And so I go back to our normal -- our traditional sort of guidance of at least 40% of cash flow returned to shareholders through the dividend and buybacks.

從目前的情況來看，這對我們來說似乎是一個不錯的決定。我們在投資者日指導的 50 億至 70 億美元是我們期望達到的最低門檻。這並不意味著我們不能在 2024 年底之前達到 100 億至 120 億美元的總回報，當然也不意味著我們一旦達到這個門檻就停止。所以我回到了我們的常態——我們傳統的指導方針是至少 40% 的現金流通過股息和回購返還給股東。

Our next question comes from Neil Mehta of Goldman Sachs.

我們的下一個問題來自高盛的尼爾·梅塔。

I want to stay on the topic of capital structure. The net debt to capital, as you guys indicated, kind of ticked up to 35%, but you indicated that you expect it to move lower by year-end. Talk about some of the things that are moving back into your favor in addition to the strong margin environment, working capital or other items that we need to keep in mind. And how should we think about exit rate for that metric?

我想繼續討論資本結構這個話題。正如你們所指出的，資本淨負債上升到了 35%，但你們表示預計到年底它會下降。除了強勁的利潤環境、營運資金或我們需要牢記的其他事項之外，談談一些對您有利的因素。我們應該如何考慮該指標的退出率？

Yes, Neil. I think we had given guidance that we expected our debt to cap to increase once we completed the buy-in of the DCP units. And so it wasn't a surprise to us where we landed on that number. The 2 big drivers that will bring that back between now and the end of the year are what you pointed to, working capital. So that's about $2 billion inflow in cash that we expect to see between now and the end of the year, and then also just the ongoing ability to generate earnings, generate strong earnings and build to equity.

是的，尼爾。我認為我們已經給出了指導，一旦我們完成了 DCP 單位的買入，我們的債務上限就會增加。因此，我們對這個數字並不感到驚訝。從現在到今年年底，實現這一目標的兩大驅動因素就是您所指出的，即營運資金。因此，我們預計從現在到年底將有約 20 億美元的現金流入，而且還有持續產生盈利、產生強勁盈利和建立股本的能力。

So on our math, we think we end the year at right around the 30% level, so the top end of the range, but nonetheless, still within that overall target range. Obviously, this thing will move around quarter-over-quarter depending on what's going on in terms of market environment and cash items like working capital. But fundamentally, we think we're on a reasonable trajectory to be able to sustain in that target range.

因此，根據我們的計算，我們認為今年結束時的增長率約為 30% 左右，因此是該範圍的上限，但仍然在總體目標範圍內。顯然，這件事將按季度變化，具體取決於市場環境和營運資金等現金項目的情況。但從根本上講，我們認為我們正處於合理的軌道上，能夠維持在該目標範圍內。

And then the follow-up is just on Rodeo Renewed. Some changes, it sounds like in the capital scope here. Just can you walk us through the drivers of those changes? And then as we think about against the capital, the type of EBITDA that you can generate from the asset, how has your view of mid-cycle from that asset evolved as you spend more time on the project?

接下來就是 Rodeo Renewed。一些變化，聽起來像是在資本範圍內。您能否向我們介紹一下這些變化的驅動因素？然後，當我們考慮資本（您可以從資產中產生的 EBITDA 類型）時，隨著您在項目上花費更多時間，您對該資產的中期週期的看法如何演變？

Yes, Neil, it's Mark. I'll cover it at a high level and then Rich can drill in a little bit. But essentially, what we've experienced there as we commenced the project execution, we had a lot of heavy rainfall. And of course, even the start of the project was deferred a little bit because of permitting challenges. And we believe -- we recognize that the earnings from this are going to far exceed the earnings we realized to date from the San Francisco refinery so we wanted to stick to the schedule. So we incurred some more cost to compensate for the productivity loss during bad weather and delays around permitting.

是的，尼爾，是馬克。我將在高層次上進行介紹，然後 Rich 可以深入探討一下。但本質上，當我們開始執行項目時，我們經歷了很多強降雨。當然，由於許可方面的挑戰，甚至項目的啟動也被推遲了一點。我們相信，我們認識到，由此產生的收益將遠遠超過我們迄今為止從舊金山煉油廠實現的收益，因此我們希望遵守時間表。因此，我們花費了更多的成本來補償惡劣天氣期間的生產力損失和許可方面的延誤。

We also saw some inflation. When this project was sanctioned, the big run-up in inflationary pressures hadn't hit yet. And so we realized that really is the only project in our purview where we're seeing that kind of impact or haven't accounted for the inflation at sanction, so we're having to take care of that.

我們還看到了一些通貨膨脹。當該項目獲得批准時，通脹壓力尚未大幅上升。所以我們意識到，這確實是我們職權範圍內唯一一個我們看到這種影響或沒有考慮到製裁時的通貨膨脹的項目，所以我們必須處理這個問題。

So we still look at that $1.60 a gallon as incredibly competitive. The overall competitiveness of the asset is strong. The location, we've got competitive advantage. The pull-through with our retail presence is a competitive advantage. And if you look -- at as we bring this facility online, we're taking off almost as much traditional diesel as we're bringing in renewable diesel to the market, so the market disruption will be minimal. So we really are bullish around this project, and we see that the economics are still very robust in spite of the cost increases. Rich, do you want to go...

因此，我們仍然認為每加侖 1.60 美元的價格極具競爭力。資產整體競爭力較強。地理位置，我們有競爭優勢。我們的零售業務的拉動是一種競爭優勢。如果你看一下——當我們將該設施投入使用時，我們淘汰的傳統柴油幾乎與我們向市場引入的可再生柴油一樣多，因此對市場的干擾將是最小的。因此，我們確實看好這個項目，並且我們看到，儘管成本增加，但經濟效益仍然非常強勁。瑞奇，你想去嗎……

Yes, I think you covered most of that, Mark. Maybe I can add just a little bit of color to it. As we talked about, the primary drivers for the increase were material and labor costs. And when you think about the timing of this project, it was estimated and approved prior to the heavy inflationary period. So we're realizing that inflationary pressure that's occurred over the duration of the development of the project. .

是的，我想你已經涵蓋了大部分內容，馬克。也許我可以給它添加一點顏色。正如我們所討論的，增長的主要驅動因素是材料和勞動力成本。當你考慮這個項目的時機時，它是在嚴重通貨膨脹時期之前估計和批准的。因此，我們意識到在項目開發期間出現的通貨膨脹壓力。 。

Half of those costs we'll experience this year. The other half will flow into next year's capital allocation. As Mark indicated, the project is still very capital efficient at $1.60 a gallon, and we're very happy with that and that is very competitive versus other announced projects. And we continue to work full steam ahead on the construction, and it remains on track for commercial operation in first quarter 2024.

今年我們將經歷其中一半的成本。另一半將流入明年的資本配置。正如 Mark 所指出的，該項目的資本效率仍然非常高，每加侖 1.60 美元，我們對此非常滿意，並且與其他已宣布的項目相比非常有競爭力。我們將繼續全力推進建設工作，預計將於 2024 年第一季度投入商業運營。

Now I know there's been a lot of focus around the lower LCFS credits over the recent change. But the reality of this, the economics around this project are centered around 4 programs as well as the retail price of diesel in the state of California and other markets that recognize renewable diesel. And those programs, 2 are federal and 2 are at the state level. And all of these seem to be working interrelationally with each other as well as impacting the feedstock costs as well. So when we look at the overall momentum and movement of all this interrelationship, we still see very strong economics for the project and continue to be very optimistic about the EBITDA returns on it.

現在我知道最近的變化引起了人們對較低 LCFS 學分的關注。但事實上，圍繞該項目的經濟學主要圍繞 4 個項目以及加利福尼亞州和其他承認可再生柴油的市場的柴油零售價格。這些計劃中，2 個是聯邦級的，2 個是州級的。所有這些似乎都是相互關聯的，並且也會影響原料成本。因此，當我們審視所有這些相互關係的整體勢頭和變化時，我們仍然看到該項目非常強勁的經濟效益，並繼續對其 EBITDA 回報非常樂觀。

And when you look at those increases across '23 and '24, it will require a modest increase in our capital target of $2 billion for this year, but we will manage that additional cost within our $2 billion target going forward in 2024.

當你看到 23 年和 24 年的增長情況時，我們今年的資本目標將需要適度增加 20 億美元，但我們將在 2024 年的 20 億美元目標範圍內管理額外成本。

Our next question comes from Roger Read of Wells Fargo.

我們的下一個問題來自富國銀行的羅傑·里德。

I was hoping to follow up on the DCP transaction, just how that's gone so far. And while I understand you've raised the, I guess we would call it, cost savings, another part of this transaction was on the revenue synergy side, building a truly integrated model. So I was just curious what you've seen to date, what you maybe expect in the near term on that or maybe even the medium term on that in terms of how the transaction comes together as a seamless organization.

我本來希望跟進 DCP 交易，看看到目前為止進展如何。雖然我知道你提出了，我想我們會稱之為成本節約，但這筆交易的另一部分是在收入協同方面，建立一個真正的集成模型。因此，我只是很好奇您迄今為止所看到的情況，以及您在近期甚至中期對交易如何整合為無縫組織的期望。

Roger, this is Tim. Thanks for the question. We started working on this as soon as we closed the initial part of the transaction last year, so we got the integration teams together. At the beginning of this back in the fall of last year, we felt we had a line of sight of $300 million that we could get full value for all the way through the first quarter of 2025. And that's when some contracts were rolling off that we're going to third parties and we could bring them into our system. But most of that we felt would be captured by 2024.

羅傑，這是蒂姆。謝謝你的提問。去年我們完成交易的初始部分後，我們就開始著手解決這個問題，因此我們將整合團隊聚集在一起。去年秋天開始時，我們認為我們有一個 3 億美元的願景，我們可以在 2025 年第一季度之前獲得全部價值。就在那時，一些合同正在滾動交付我們將去找第三方，我們可以將它們引入我們的系統。但我們認為其中大部分將在 2024 年實現。

Well, as we dug in, and we got the teams involved, engaged, everybody's working together, now the employees have done a really good job of digging deeper and finding a couple more gems in there. So now that's why we're comfortable talking about an increase going to $400 million. And I'm actually hoping at some point, I can give you more upside to that as we continue to dig because this integration is going to continue through the first quarter of 2024.

嗯，當我們深入挖掘時，我們讓團隊參與進來，每個人都在一起工作，現在員工們做得非常好，深入挖掘並在那裡找到了更多寶石。所以現在這就是為什麼我們可以放心地談論增加到 4 億美元。我實際上希望在某個時候，隨著我們繼續挖掘，我可以為您帶來更多好處，因為這種整合將持續到 2024 年第一季度。

The big driver right now, the teams are working together commercially and probably worth setting a tone there is that currently, when we had the $300 million number, 1/3 was based on cost, 2/3 on commercial, we'll call it system optimization. But as we dug in and we've got to the $400 million number, now that is more 50-50 on cost. We found more in our procurement, more in our maintenance, more in our operations. And then -- so 50% on cost and now 50% on, again, system optimization and commercial activities. So that's kind of the breakdown.

目前最大的推動力是，各團隊正在商業上合作，可能值得定下一個基調，目前，當我們擁有 3 億美元的數字時，1/3 基於成本，2/3 基於商業，我們稱之為系統優化。但當我們深入研究後，我們得到了 4 億美元的數字，現在成本增加了 50-50。我們在採購、維護和運營中發現了更多。然後，50% 用於成本，現在 50% 用於系統優化和商業活動。這就是崩潰。

And the real driver right now for us through the first quarter of 2024 is systems integration. So a lot of good work being done by the team, but it just takes time and you got to get it right. So we are spending the time to do that, and we'll be done by the end of the first quarter. And then we'll be in what I consider a normal operation, steady-state mode with regard to how we run as a business.

從目前到 2024 年第一季度，真正的驅動力是系統集成。團隊做了很多出色的工作，但這需要時間，而且你必須把它做好。所以我們正在花時間來做這件事，我們將在第一季度末完成。然後我們將處於我認為的正常運營、關於我們如何作為企業運營的穩態模式。

Yes, I'd just like to comment a little bit on that, the integration impact. This really is a clear indication of how well the teams are integrating, the DCP team, the Phillips 66 teams coming together. And as Tim noted, once we had operational control of the entity after the Enbridge transaction, we were able to really hit the ground running and started executing against our targets.

是的，我只想評論一下集成的影響。這確實清楚地表明了 DCP 團隊和 Phillips 66 團隊的整合程度。正如蒂姆指出的，一旦我們在安橋交易後獲得了該實體的運營控制權，我們就能夠真正開始行動並開始執行我們的目標。

And getting these teams integrated, 1 team, 1 culture, taking the best of the best and driving this, this is really the biggest visible measure of how successful that's been. And we see those numbers move up and we see teams excited about the future and looking at ways to capture more value, both from a cost perspective and a commercial perspective. And so this is going to be what they are and what they do from this point forward.

讓這些團隊整合起來，一個團隊，一種文化，汲取最優秀的人才並推動這一目標，這確實是衡量其成功程度的最大可見衡量標準。我們看到這些數字在上升，我們看到團隊對未來感到興奮，並從成本角度和商業角度尋找獲取更多價值的方法。因此，這將是他們的本質以及他們從現在開始所做的事情。

Yes. And then the unrelated follow-up just to come back to the $0.40 a barrel of Refining margin, cash OpEx savings, the goal to get to $0.75. Can you give us an idea of -- I mean, I know you mentioned seeing cost reductions, things like that. But like what is this process allowing you to do? Is it best practices in 1 location being expanded, an overall centralized look at the cost structure? Just it's a very impressive number. It's certainly sustainable, it adds up over time. And so I was just curious kind of where did you start? How did you get here? How confident are you in the $0.75 on the time line that you've set?

是的。然後，無關的後續行動只是回到每桶 0.40 美元的煉油利潤，現金運營支出節省，目標是達到 0.75 美元。您能否給我們一個想法——我的意思是，我知道您提到過看到成本降低之類的事情。但是這個過程可以讓你做什麼？是否擴大了 1 個地點的最佳實踐，對成本結構進行全面集中的審視？這是一個非常令人印象深刻的數字。這當然是可持續的，隨著時間的推移它會不斷增加。所以我只是好奇你從哪裡開始？你是怎麼來到這裡？您對您設定的 0.75 美元的時間表有多大信心？

Yes, Roger, this is Rich. We're well on our way, as you indicated, to our $0.75 per barrel savings target that we announced or committed to during the Investor Day last November. And you know what's most exciting about this whole process for me has really been how the organization, the entire organization is engaged in this process. So yes, there is some oversharing site to site of activity and best practices. But most of these activities are opportunities identified by that local organization, really accepting the challenge to improve the business.

是的，羅傑，這是里奇。正如您所指出的，我們正在順利實現去年 11 月投資者日期間宣布或承諾的每桶 0.75 美元的節約目標。你知道，對我來說，整個過程中最令人興奮的是組織、整個組織如何參與這個過程。所以，是的，存在一些過度共享網站到網站的活動和最佳實踐。但大多數這些活動都是當地組織發現的機會，真正接受了改善業務的挑戰。

And they're uncovering these opportunities to be more efficient in their work process, right? And changing -- and then fundamentally changing how that work process is occurring to drive inefficiencies out of the business, which ultimately reduce costs out of the business. So if you think about, we talked about $0.40 a barrel already year-to-date. If you -- that's calculated by, if you take our barrels that we've run year-to-date and calculate to the $0.40, you can back into the number that we're seeing drive to the bottom line of our financial report there. And that's been quite impressive.

他們正在發現這些機會來提高工作流程的效率，對吧？然後進行改變——然後從根本上改變工作流程的發生方式，以消除業務效率低下的情況，最終降低業務成本。因此，如果你想一想，我們今年迄今已經討論過每桶 0.40 美元。如果你——這是計算出來的，如果你把我們今年迄今運行的桶計算為 0.40 美元，你可以回到我們看到的推動我們財務報告底線的數字。這真是令人印象深刻。

And we've got a lot more in the queue, as Mark indicated on his comments, with the run rate. Our target is $550 million. Over $300 million of that is currently assigned to Refining. And of course, the run rate doesn't mean it's realized, right? But that just means it's identified, it's locked in. And now we've got to drive it to the bottom line, and that's what's most impressive about the organization, really pushing to get these identified opportunities pushed to the bottom line.

正如馬克在他的評論中指出的那樣，我們還有更多的運行率。我們的目標是 5.5 億美元。其中超過 3 億美元目前分配給煉油業務。當然，運行率並不意味著它已經實現，對吧？但這僅僅意味著它已被識別，它已被鎖定。現在我們必須將其推向底線，這就是該組織最令人印象深刻的地方，真正推動將這些已識別的機會推向底線。

Yes. And if you see some commonalities between the mindset and our Refining organization and the Midstream organization, it's real. And it's this business transformation process, it's easy to talk about the cost impact and it's easy to have those cost targets. But really the most phenomenal thing going on is the mindset change and the drive that we see in the employees to get better at what they do every day. And you're seeing that move on from cost focus to just where do we create the most value, how do we create the most value together.

是的。如果您看到我們的煉油組織和中游組織的思維方式之間存在一些共同點，那麼這是真實的。在這個業務轉型過程中，很容易談論成本影響，也很容易制定這些成本目標。但實際上，最顯著的事情是心態的改變，以及我們在員工身上看到的改善日常工作的動力。您會看到，我們從關注成本轉向我們在哪裡創造最大價值，以及我們如何共同創造最大價值。

Whether it's the way we've organized and integrated our value chain optimization organization more synergistically across the refineries, having VCO folks sitting on the refinery leadership team every day, searching for ways to optimize and coordinate with other refineries. It's real. And that's -- it's that mindset, it's that drive that's going to make these cost savings and the synergy capture sustainable for the long term. And it's just not going to end. It's just going to be the way we do business going forward.

無論是我們在煉油廠中更協同地組織和整合價值鏈優化組織的方式，還是讓 VCO 人員每天坐在煉油廠領導團隊中，尋找優化和與其他煉油廠協調的方法。它是真實的。這就是——正是這種心態、這種動力將使這些成本節約和協同效應獲得長期可持續。而且這還不會結束。這將成為我們未來開展業務的方式。

Our next question comes from John Royall of JPMorgan.

我們的下一個問題來自摩根大通的約翰·羅亞爾。

So my first question is on the Bayway FCC. I think your last official statement was around mid-July for the restart. We saw reports after that, that it was end of July. I'm not sure if that's been confirmed. So if you can just update us on the status of the unit and when you expect it up and running full if it's not now.

我的第一個問題是關於 Bayway FCC 的。我認為你最後一次正式聲明是在七月中旬重啟的時候。之後我們看到報導說已經是七月底了。我不確定這是否已得到證實。因此，如果您可以向我們更新設備的狀態，以及您期望它何時啟動並全面運行（如果不是現在）。

John, this is Rich. FCC repairs were complete and the unit is up and running as of July 20. That's the actual date that it was back online producing on specification material. The refinery itself is back to normal operations, so all the units and all the assets there are running to our plan. The Bayway team did a phenomenal job getting that repair work done very efficiently. Very excited about how they performed to complete that work.

約翰，這是里奇。 FCC 維修已完成，該裝置已於 7 月 20 日啟動並運行。這是它恢復在線生產規格材料的實際日期。煉油廠本身已恢復正常運營，因此所有裝置和所有資產都按照我們的計劃運行。 Bayway 團隊做得非常出色，非常高效地完成了維修工作。對他們完成這項工作的表現感到非常興奮。

And additionally, when Mark's just talking about this mindset activity, we saw other parts of our organization also really focused to help pick up our teammates that were struggling a little bit in Bayway. And we saw phenomenal performance in our refineries in Sweeny, Ponca City and Billings. They each had record performance as well as our assets on the West Coast, and it all ended up in a system-wide utilization of 93%, which is our highest crude utilization since 2019. So -- and we're looking forward to building on this momentum and continuing that into the third quarter.

此外，當馬克剛剛談論這種心態活動時，我們看到我們組織的其他部分也非常專注於幫助我們在 Bayway 遇到困難的隊友。我們在斯威尼、龐卡城和比林斯的煉油廠看到了驚人的表現。他們每個人都擁有創紀錄的業績以及我們在西海岸的資產，最終整個系統的利用率達到 93%，這是我們自 2019 年以來最高的原油利用率。所以——我們期待著建立以此勢頭並將其延續到第三季度。

Great. And then I know it's early on but maybe sticking with Refining. If you could give us possibly some expectations on some puts and takes around captures for 3Q. And then relatedly, maybe you can weave in your view on WCS dips from here. We've widened out a fair amount off of bottoms but still look very tight. So any views there into 2H would be helpful.

偉大的。然後我知道現在還為時尚早，但也許會堅持精煉。如果您能給我們一些關於第三季度的一些看跌期權和看跌期權的預期。與此相關的是，也許你可以從這裡闡述你對 WCS 下降的看法。我們已經從底部加寬了相當多的部分，但看起來仍然很緊。因此，任何對 2H 的看法都會有所幫助。

It's Brian. Maybe I'll just talk about product demand, give you a sense of what we're thinking for Q3. The strength in U.S. products basically starts with low inventories. Gasoline, we're under 5-year averages by 7%. Distillate, we're under averages, 5-year averages by 19%. That's a lot. We have a lot of new capacity coming online in the U.S., but we've had even more outages than the new capacity. For us, we're seeing gasoline demand up about 2% over last year in the U.S. and about 4% globally. So that's strong demand.

是布萊恩。也許我只會談談產品需求，讓您了解我們對第三季度的想法。美國產品的強勢基本上始於低庫存。汽油方面，我們比 5 年平均水平低 7%。蒸餾液，我們低於平均水平，5 年平均水平低了 19%。好多啊。我們在美國有很多新產能上線，但停電的次數甚至比新產能還要多。對我們來說，我們看到美國的汽油需求比去年增長了約 2%，全球的汽油需求增長了約 4%。所以這是一個強烈的需求。

On distillate, we have the demand down a bit in the U.S., mostly on industrial manufacturing segments. But globally, we have it up. We have lots of pockets of really strong distillate demand in Latin America, up 9%; Asia, up 4%. And diesel cracks continue to remain strong. In fact, they've gotten a lot stronger and we believe that they'll continue to perform throughout the year as we head into higher demand planning season and into winter in the U.S. where distillate over gasoline every pad now.

就餾分油而言，美國的需求略有下降，主要是工業製造領域。但在全球範圍內，我們已經做到了。拉丁美洲很多地區的餾分油需求非常強勁，增長了 9%；亞洲，上漲 4%。柴油裂紋繼續保持強勁。事實上，它們已經變得更加強大，我們相信，隨著我們進入更高的需求計劃季節和進入美國的冬季，它們將在全年繼續表現，現在每個墊都在汽油上蒸餾。

And then finally on jet, jet's also strong. Low inventories, increasing domestic and international travels. Global seat demand is essentially flat to 2019 levels. TSA throughput numbers in the U.S. are back to 2019 levels. And interestingly, U.S. jet yields remain a little bit higher so that should add some marginal strength to diesel.

最後是噴氣機，噴氣機也很強。庫存低，國內和國際旅行增加。全球座椅需求基本與 2019 年水平持平。美國 TSA 吞吐量恢復至 2019 年水平。有趣的是，美國噴氣式飛機的產量仍然略高，因此這應該會增加柴油的邊際實力。

And then on the WCS, you're right. WCS has started to widen again, which is in our best interest here at -- we buy the most WCS of, I think, anybody that there is. And we've seen the widening mostly because of heavy crude dips, in general, have started to widen. We also see fall turnarounds in PADD 2 as being very strong. And then if you'll remember in September, which next month, we'll start to see Dillon blending, which will swell the volume of Canadian crude. So all those things have been putting pressure and widening the dips to our advantage.

然後在 WCS 上，你是對的。 WCS 又開始擴大，這符合我們的最大利益——我認為，我們是購買 WCS 最多的人。我們看到這種情況擴大主要是因為原油價格大幅下跌，總體而言，已經開始擴大。我們還認為 PADD 2 的秋季扭虧為盈非常強勁。然後，如果你還記得九月，即下個月，我們將開始看到狄龍混合，這將增加加拿大原油的數量。因此，所有這些因素都給我們帶來了壓力，並擴大了我們的優勢。

Our next question comes from Ryan Todd of Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Ryan Todd。

We don't often talk that much about Marketing, but your Marketing business, as it continues to generally kind of exceed expectations on a regular basis, so I think first half contributions are fairly in line with last year's first half contributions, which was generally higher-than-expected year-end Marketing. Is that business maybe structurally -- just structurally stronger than we have appreciated and maybe you've guided to? Or what do you attribute kind of continued strength in the Marketing side?

我們不經常談論營銷業務，但您的營銷業務，因為它通常繼續定期超出預期，所以我認為上半年的貢獻與去年上半年的貢獻相當一致，去年上半年的貢獻總體上是年終營銷超預期。該業務是否可能在結構上——只是結構上比我們所理解的、也許你所指導的更強大？或者您認為營銷方面的持續優勢是什麼？

Ryan, this is Brian. Exceeding expectations is a good thing. We're happy about that. We did have a strong quarter in Q2. We've added a bunch of retail JVs since 2019. We're roughly at 750 retail stores, which have really performed well since we've added them and certainly in 2Q. We had higher margins, as Kevin mentioned, in both the domestic markets and in our Western European business. We had U.S. volumes up a bit.

瑞安，這是布萊恩。超出預期是好事。我們對此感到高興。我們在第二季度確實表現強勁。自 2019 年以來，我們增加了許多零售合資企業。我們大約有 750 家零售店，自從我們添加它們以來，尤其是在第二季度，這些零售店的表現確實很好。正如凱文提到的，我們在國內市場和西歐業務都有更高的利潤率。我們的美國銷量有所增加。

And finally in our lubricants business, the base oil business has been performing really well as the feedstock prices have been falling more than the base oil prices. So I'd tell you for Q3, when you're thinking about Q3, our earnings should be in line with our mid-cycle expectations, assuming the kind of normal seasonal demand.

最後，在我們的潤滑油業務中，基礎油業務表現非常好，因為原料價格的跌幅超過了基礎油價格。因此，我想告訴您，對於第三季度，當您考慮第三季度時，假設正常的季節性需求，我們的收益應該符合我們的中期預期。

Yes. I would just comment over again and compliment Brian and his Marketing team on the execution of the strategy that they've held for several years is to go in and participate through these joint venture opportunities in markets that make sense for us, that we have a competitive advantage that there's strength to capitalize on. And we don't go and do this everywhere. It's very surgical. It's very intentional, and it is exceeding expectations so it's a well-executed strategy.

是的。我想再次發表評論並讚揚布萊恩和他的營銷團隊執行了他們多年來堅持的戰略，即進入並參與對我們有意義的市場中的這些合資機會，我們有一個有實力可以利用的競爭優勢。我們不會到處這樣做。這非常像外科手術。這是非常有意的，並且超出了預期，因此這是一個執行良好的策略。

Great. And maybe just a quick follow-up on Rodeo and some of your comments from earlier. Are there -- as we think about kind of the pathway from here until start-up in first quarter '24, are there any outstanding permits required, legal challenges that we should be looking at? Or any -- how do you view kind of potential risks that exist or things you're keeping an eye on between now and commercial start-up there?

偉大的。也許只是對 Rodeo 的快速跟進以及您之前的一些評論。當我們思考從這裡到 24 年第一季度啟動的路徑時，是否存在任何需要的未決許可以及我們應該考慮的法律挑戰？或者任何 - 您如何看待從現在到商業啟動之間存在的潛在風險或您正在關注的事情？

Yes, Ryan. Permitting to complete any project in California is very challenging, projects even to convert a conventional crude oil facility refinery to a lower carbon intensity transportation fuel production facility. So we did recently receive news on an appeal to our environmental impact report that is the supporting document for permits. This was filed by a couple of NGOs in the state.

是的，瑞安。批准在加州完成任何項目都非常具有挑戰性，甚至將傳統原油設施煉油廠改造為低碳強度運輸燃料生產設施的項目。因此，我們最近確實收到了有關對我們的環境影響報告提出上訴的消息，該報告是許可證的支持文件。這是由該州的幾個非政府組織提交的。

And the good news is the court ruling found several issues in the favor of Phillips 66. And notably, most notably is the construction of the Rodeo Renewed project can continue with the county work to resolve 3 issues. So we're working closely with the county and the courts to provide necessary information to reconsider the open issues. And we remain very confident that the Rodeo Renewed project is on track to start commercial operation in first quarter 2024.

好消息是，法院的裁決發現了幾個有利於 Phillips 66 的問題。值得注意的是，最引人注目的是 Rodeo Renewed 項目的建設可以繼續與縣政府合作解決 3 個問題。因此，我們正在與縣和法院密切合作，提供必要的信息，以重新考慮未決問題。我們仍然非常有信心 Rodeo Renewed 項目有望在 2024 年第一季度開始商業運營。

Our next question comes from Jason Gabelman of Cowen.

我們的下一個問題來自 Cowen 的 Jason Gabelman。

I wanted to follow up on Ryan's question just now on Marketing and the outlook for 3Q. There were reports of droughts in the Rhine River. And I think typically when that happens, you're positioned to supply that region well and take advantage of margin moves there. Have you seen any strength in 3Q, early 3Q as a result of those outages? And would you expect, as a result, continued outperformance in Marketing in 3Q?

我想跟進一下 Ryan 剛才關於營銷和第三季度前景的問題。有報導稱萊茵河出現乾旱。我認為，通常當這種情況發生時，你就可以為該地區提供良好的供應，並利用那裡的利潤變動。由於這些停電，您是否在第三季度、第三季度初看到了任何強勢？您是否預計第三季度營銷業務將繼續表現出色？

And then conversely, what you're seeing on chems, we've seen chain margins fall into July. Just any views on the outlook there into 3Q and then beyond that when you expect Chemical margins to move back to mid-cycle.

相反，您在化學品上看到的情況是，我們看到七月份的環比利潤率下降。只是對第三季度前景的任何看法，然後當您預計化工利潤率回到週期中期時。

Jason, it's Brian. So far in Western Europe on the Rhine, we haven't seen water levels low enough to benefit us. It is true if water levels do get low, we benefit from that. But the water levels haven't gotten there yet. Can't really predict where they're going to go in Q3, but if they get lower, then we'll have some benefit.

傑森，是布萊恩。到目前為止，在西歐萊茵河沿岸，我們還沒有看到水位低到足以使我們受益。確實，如果水位確實下降，我們就會從中受益。但水位還沒有達到那裡。無法真正預測第三季度的走勢，但如果它們下降，那麼我們將獲得一些好處。

Yes. And with regard -- this is Tim Roberts on this. With regard to Chemicals, talk about currently where we're at with chain margins. Yes, it's been an interesting run here. Obviously, you've got supply, plenty of supply available, and demand, they're not matching up. So therefore, you've seen chain margins have been dropping over the last several quarters.

是的。關於這一點，這是蒂姆·羅伯茨的發言。關於化學品，請談談目前我們的環比利潤率。是的，這裡的跑步很有趣。顯然，你有供應，有充足的供應，但需求卻不匹配。因此，您可以看到過去幾個季度的環比利潤率一直在下降。

Where you're at right now, I think IHS added about $0.12 chain margins. And really the way we would look at this and look at it going forward is, is that the high-cost producers, both in Asia and those that are in Europe are going to set the price. And those that are in advantaged feedstock locations will keep running and probably run hard, which is what we're seeing right now in North America and the Middle East. While those are having to shut in capacity or having to manage production or any other reasons I mentioned earlier.

我認為 IHS 環比利潤增加了約 0.12 美元。事實上，我們看待這個問題以及未來的看法是，亞洲和歐洲的高成本生產商將設定價格。那些處於有利原料位置的企業將繼續運行，並且可能會努力運行，這就是我們現在在北美和中東看到的情況。雖然這些公司必須關閉產能或必須管理生產或我之前提到的任何其他原因。

Now fundamentally, though, you've got to get demand and supply to match up and you've got to start working off inventory. Ethylene inventories here in North America are above 5-year average. So that's -- that direction needs to start working its way down. And you're seeing the same thing in polyethylene, so 2 of the main products that we see with regard to our CPChem JV. However, we're running really strong here. Exports are strong as well with regard to in North America because we're advantaged on feedstock.

但現在從根本上來說，你必須讓需求和供應相匹配，並且你必須開始消除庫存。北美乙烯庫存高於五年平均水平。所以，這個方向需要開始向下推進。您在聚乙烯中也看到了同樣的情況，因此我們在 CPChem 合資企業中看到了兩種主要產品。然而，我們在這裡表現得非常強勁。北美的出口也很強勁，因為我們在原料方面具有優勢。

So our outlook is that yes, you've got to hit the bottom before you can start working your way back up. I can't say this is the inflection point, but cash costs typically will drive where you get to the bottom and then how soon you can accelerate. And usually, as we would say and it goes in a lot of different directions is low cost, low prices solve prices. So fundamentally, we do think that the outlook is still going to be constructive and constructive in that you've still got population growth, you still have economies that have not been churning at their -- all cylinders, China being one of them.

所以我們的觀點是，是的，你必須先觸底，然後才能開始努力恢復。我不能說這是拐點，但現金成本通常會決定你跌到谷底的位置，以及多久才能加速。通常，正如我們所說，它會朝很多不同的方向發展，即低成本、低價格解決價格問題。因此，從根本上來說，我們確實認為前景仍然是建設性的，因為人口仍然在增長，經濟體仍然沒有全速運轉，中國就是其中之一。

And that's not a position of saying they never will, not at all. We think there's still going to be good solid economic growth, you're just not seeing it consistent global. So we do anticipate that, that will happen and that will help soak up some of the capacity that's out there, bring the markets back into balance and you get back into more of a mid-cycle case.

這並不是說他們永遠不會，根本不會。我們認為經濟仍將保持良好穩健的增長，只是全球範圍內的增長並不一致。因此，我們確實預計，這種情況將會發生，這將有助於吸收一些現有產能，使市場恢復平衡，並回到更多的中期情況。

Great. That's really helpful. And my follow-up is just on acquisitions and divestments. You mentioned it at the top of the call that you continue to evaluate the portfolio. As you look across the various segments you operate in, any thoughts on where maybe you have noncore positions or you have some portfolio gaps? And how are you viewing the broader M&A market?

偉大的。這真的很有幫助。我的後續行動只是收購和撤資。您在電話會議的開頭提到，您將繼續評估投資組合。當您縱觀您所經營的各個細分市場時，您是否想過您在哪些方面可能擁有非核心職位或存在一些投資組合差距？您如何看待更廣泛的併購市場？

Yes. I think that again, as Kevin mentioned earlier, we looked across our portfolio, and there's different dimensions across our portfolio where others may have some interest in our assets and may place a greater value because it's not strategic to us, and we'll continue to evaluate that. I wouldn't comment on any specific opportunities.

是的。我再次認為，正如凱文之前提到的，我們審視了我們的投資組合，我們的投資組合有不同的維度，其他人可能對我們的資產有一些興趣，並且可能會賦予更大的價值，因為這對我們來說沒有戰略意義，我們將繼續來評價一下。我不會對任何具體機會發表評論。

And likewise, as we did with Marketing in California to -- we made some relatively small acquisitions to enhance the opportunities around Rodeo once it's up and running, and we've done a series of those and they're all doing quite well. And so we'll look at smaller opportunistic things. But you think about where we've come from, we've done some pretty significant transactions in Midstream. It's time to digest those and to drive value through those. And if we can find some very accretive small, midsized kinds of things, we'd look at them, but there's nothing in the queue and nothing that we'd want to comment on.

同樣，正如我們在加利福尼亞州的營銷部門所做的那樣，我們進行了一些相對較小的收購，以在Rodeo 啟動並運行後增加圍繞它的機會，我們已經做了一系列的收購，它們都做得很好。因此，我們將關注較小的機會主義事物。但你想想我們從哪裡來，我們在中游做了一些非常重要的交易。是時候消化這些並通過這些來驅動價值了。如果我們能找到一些非常增值的小型、中型的東西，我們會關注它們，但隊列中沒有任何東西，也沒有我們想要評論的東西。

We've got a great backbone there and history has shown that the strong backbone in that industry can attract smaller investments that are quite attractive. So think in terms of small, very accretive, high-return opportunities like we've done in Marketing would be on our scale. But we're going to stick with our disciplined approach going forward. We've got a commitment for around $2 billion for 2024, and anything around that would be very disciplined and high return.

我們在那裡擁有強大的骨幹力量，歷史表明，該行業的強大骨幹力量可以吸引相當有吸引力的較小投資。因此，從小的、非常增值的、高回報的機會來看，就像我們在營銷領域所做的那樣，就符合我們的規模。但我們將繼續堅持我們的紀律方法。我們承諾在 2024 年投入約 20 億美元，圍繞這一目標的任何事情都將是非常嚴格的和高回報的。

Our next question comes from Manav Gupta of UBS.

我們的下一個問題來自瑞銀集團的馬納夫·古普塔。

I want to start on the East Coast. That was like a 52% margin capture. That's a significant drop from the last quarter. Was it primarily the outage at Bayway? Can you talk about some of the factors that led to such a significant drop on the East Coast and margin capture?

我想從東海岸開始。這相當於 52% 的利潤率。這比上季度大幅下降。主要是 Bayway 的停電嗎？您能談談導致東海岸和利潤率大幅下降的一些因素嗎？

Yes. Manav, this is Rich. Over, Manav, what we refer to it as the Atlantic Basin, we did have higher volumes and lower costs due to less turnaround activity at Bayway quarter-over-quarter when you look at those. But a lot of those were offset by lower margins. The realized margin was lower primarily due to a weaker market crack. Configuration impacts also played into this with the gasoline cracks increasing by $10 a barrel and then the distillate crack decreasing by $18 a barrel. That played into the market capture quite a bit. And there was lower product differentials there.

是的。馬納夫，這是里奇。在馬納夫，我們稱之為大西洋盆地，我們確實有更高的產量和更低的成本，因為當你看到這些時，Bayway 的周轉活動逐季減少。但其中很多都被利潤率下降所抵消。實現利潤率較低主要是由於市場裂縫減弱。配置影響也對此產生了影響，汽油裂解價每桶增加 10 美元，然後餾分油裂解價每桶減少 18 美元。這對市場佔領起到了很大的作用。而且那裡的產品差異較小。

And then the other 1 that goes a little bit unnoticed in this market is really the secondary product cost and margins on those secondary products. And both the NGLs for both Bayway and Humber were lower. And then the petroleum coke that sold out of Humber also experienced lower product differentials. So those are the primary reasons you saw lower market capture there in Atlantic Basin.

在這個市場上，另一個被忽視的因素實際上是次級產品的成本和這些次級產品的利潤。 Bayway 和 Humber 的 NGL 均較低。然後，從亨伯出口的石油焦也經歷了較低的產品差異。這些是大西洋盆地市場佔有率較低的主要原因。

Okay. Can you also talk a little bit about the TMX expansion? There's a lot of capacity coming on and moving the crude to the West Coast starting next year. What would -- how would that change the WCS WTI differential outlook in your opinion?

好的。您能談談 TMX 擴展嗎？從明年開始，大量產能即將投入使用，將原油運往西海岸。您認為這將如何改變 WCS WTI 差價前景？

Manav, this is Brian. Well, first, I think our view is that TMX will probably come on later in the year, although line fill is forecasted for early Q1. I think the line will not be filled completely. That's our view. I think those are -- on the lines, I feel like some of those barrels will be exported to Asia. We'll see if that happens. It's hard to get VLCCs there. In fact, you can't load VLCCs. You have to load them ship to ship outside of L.A. So it's -- we'll see what happens going forward. But certainly, it could be a benefit to the West Coast having more of that crude.

馬納夫，這是布萊恩。好吧，首先，我認為我們的觀點是 TMX 可能會在今年晚些時候推出，儘管預計第一季度初就會出現線路填充。我認為這條線不會完全填滿。這是我們的觀點。我認為這些——順便說一句，我覺得其中一些桶將出口到亞洲。我們將看看是否會發生這種情況。那裡很難找到 VLCC。事實上，你無法裝載 VLCC。你必須把它們裝到洛杉磯以外的地方。所以我們會看看接下來會發生什麼。但可以肯定的是，擁有更多原油可能會給西海岸帶來好處。

Our next question comes from Matthew Blair of Tudor, Pickering, Holt.

我們的下一個問題來自都鐸·皮克林·霍爾特的馬修·布萊爾。

On the Midstream side, did Phillips unwind any of the DCP NGL and nat gas hedges? And if so, could you quantify the impact that flowed through the Midstream EBITDA in Q2?

在中游方面，菲利普斯是否解除了任何 DCP NGL 和天然氣對沖？如果是這樣，您能否量化第二季度中游 EBITDA 的影響？

Yes, Matt, this is Kevin. We did. We did unwind them or we let them roll off but we have less of that. We don't have that same hedging on our exposure to the nat gas NGL commodity price that we have -- that DCP has historically had in our overall portfolio. And when you also factor in our position in Refining as a consumer of those project products, it felt more appropriate just to let the natural offsets flow through. And so we have done that.

是的，馬特，這是凱文。我們做到了。我們確實鬆開了它們，或者讓它們滾了下來，但我們的這種情況較少。我們對天然氣 NGL 商品價格的敞口沒有像 DCP 在我們的整體投資組合中歷來那樣進行對沖。當您還考慮到我們作為這些項目產品的消費者在煉油行業中的地位時，感覺讓自然抵消流動更合適。我們已經這麼做了。

I don't think we've given a number. I know we haven't given any specific number out there. What we have done is updated the sensitivities for Midstream to reflect the fact that those hedges are no longer in place. And so you see a slightly higher Midstream sensitivity to the commodity price than before.

我認為我們還沒有給出具體數字。我知道我們還沒有給出任何具體數字。我們所做的是更新中游的敏感性，以反映這些對沖已不再存在的事實。因此，您會發現中游對大宗商品價格的敏感度比以前略高。

Okay, sounds good. And then I don't know if I missed it, but did you give out a number for refined product exports in Q2? I think a year ago, it was 153,000 barrels per day. How did it trend this year? And are you seeing a mix shift with more barrels headed to Europe and fewer to Latin America?

好的聽起來不錯。然後我不知道我是否錯過了，但你是否給出了第二季度成品油出口的數字？我想一年前是每天 153,000 桶。今年的趨勢如何？您是否看到了混合變化，更多的石油運往歐洲，而更少的石油運往拉丁美洲？

This is Brian. We exported over 200,000 barrels this quarter, which was up. In large part, our Sweeny refinery was making some more higher sulfur diesel that we exported to Latin America. Like others have said, we have been exporting more distillate to Europe as trade flows from Russia change and Russia is importing more barrels, particularly into Brazil, 120,000 to 140,000 barrels and where U.S. exporting more barrels to Europe.

這是布萊恩。本季度我們出口了超過 20 萬桶，有所增加。在很大程度上，我們的斯威尼煉油廠正在生產一些更高硫的柴油，然後出口到拉丁美洲。正如其他人所說，隨著來自俄羅斯的貿易流量發生變化，俄羅斯進口了更多的石油，特別是巴西，12萬至14萬桶，而美國向歐洲出口了更多的石油，我們一直在向歐洲出口更多的餾分油。

Our next question comes from Paul Cheng of Scotiabank.

我們的下一個問題來自豐業銀行的 Paul Cheng。

I think this is for Mark. Mark, if we look at California, you still have the Carson and Wilmington, that combined refinery. Today, probably 60% of the diesel in California being consumed by the renewable and biodiesel. And that in several years' time, you may end up that to be 100%. So what's the role of that facility going to look like and how your configuration may need to change?

我想這是給馬克的。馬克，如果我們看看加利福尼亞州，仍然有卡森和威爾明頓聯合煉油廠。如今，加州大約 60% 的柴油被可再生柴油和生物柴油消耗。幾年後，你可能會達到 100%。那麼該設施的作用是什麼以及您的配置可能需要如何更改？

Yes. I'll help cover that at a high level. Paul, I think Brian has some views on what's going on there as well. I think at one end of the spectrum, we're well connected to LAX from that facility. And jet is a big opportunity there, and we would certainly look at doing what we could to provide more jet.

是的。我將幫助在高層介紹這一點。保羅，我認為布萊恩對那裡發生的事情也有一些看法。我認為一方面，我們從該設施與洛杉磯國際機場的聯繫很好。噴氣式飛機在那裡是一個巨大的機會，我們當然會考慮盡我們所能提供更多噴氣式飛機。

I think that 1 mitigant of that is as we take the San Francisco refinery offline, that diesel production will go away and leave the market. And it's almost a gallon-for-gallon replacement with renewable diesel so that is an opportunity there as well. And so we -- I think that there are exports from California today and Brian can comment further on that, but that's an opportunity to balance things out.

我認為，其中一個緩解措施是，當我們關閉舊金山煉油廠時，柴油生產將消失並離開市場。這幾乎是可再生柴油的一加侖替代品，因此這也是一個機會。所以我們——我認為今天有來自加利福尼亞州的出口，布萊恩可以對此發表進一步評論，但這是一個平衡事情的機會。

And Paul, I would add, the best amount of distillate produced at L.A. is actually exported by pipeline to neighboring states. So we don't make a lot of California distillate at that refinery. So it's, for us, at least a nonissue.

保羅，我想補充一點，洛杉磯生產的最大量的餾分油實際上是通過管道出口到鄰近的州。所以我們在那家煉油廠生產的加州餾分油並不多。所以，對我們來說，這至少不是問題。

Okay. So you think that. And do you think that on the longer-term basis, that, that should be part of your portfolio? Or given the political environment and everything, that, that may -- I mean, is there any plan to do something that -- like what you have done to Rodeo?

好的。所以你這麼認為。您認為從長遠來看，這應該成為您投資組合的一部分嗎？或者考慮到政治環境和一切，我的意思是，是否有計劃做一些事情，就像你對 Rodeo 所做的那樣？

Well, Paul, we're looking at everything we can do to keep the L.A. refinery competitive in that environment, but it is, frankly, a difficult environment. And it's been very publicly, politically challenging there, whether it's EV mandates. But we believe that it's going to be challenging for California to implement their aspirations around EVs so I think that may be overplayed. But we're watching the markets environment very carefully and doing everything that's in our control to keep the LA refinery competitive and supplying products in that market.

好吧，保羅，我們正在考慮採取一切措施來保持洛杉磯煉油廠在這種環境下的競爭力，但坦率地說，這是一個困難的環境。無論是電動汽車的強制規定，那裡都存在非常公開的政治挑戰。但我們認為，加州要實現他們對電動汽車的願望將面臨挑戰，所以我認為這可能被誇大了。但我們正在非常仔細地觀察市場環境，並儘我們所能控制的一切，以保持洛杉磯煉油廠的競爭力並在該市場供應產品。

Okay. And final one, I think this maybe is for either Rich or Kevin. When we look at your margin capture or your margin realization in Central Corridor, you're actually doing better than we thought. Is there any one-off benefit that we see or it's just normal market condition and that recovery from the downtime in the first quarter?

好的。最後一個，我想這可能是給里奇或凱文的。當我們查看您在中央走廊的利潤獲取或利潤實現時，您實際上做得比我們想像的要好。我們是否看到了任何一次性的好處，或者這只是正常的市場狀況以及從第一季度的停機中恢復過來的情況？

Paul, this is Rich. I'll start it off here with an answer. The Central Corridor, the primary reason that you're seeing this is really strong performance from our facilities there, specifically Ponca City and the Billings refinery. Both of those facilities have been running very, very well over the last several quarters and continue to operate, exceeding expectations on utilization as well as clean product yield, which is improving the market capture there.

保羅，這是里奇。我將從這裡開始回答。中央走廊，您看到這種情況的主要原因是我們那裡的設施表現非常強勁，特別是龐卡城和比林斯煉油廠。這兩個設施在過去幾個季度都運行得非常非常好，並且繼續運行，利用率和清潔產品產量超出了預期，這正在改善那裡的市場佔有率。

And just to clarify, it's not a function of one-off items that are benefiting. It is all operational, as Rich described.

需要澄清的是，這並不是一次性項目受益的結果。正如里奇所描述的，一切都可以運行。

Our next question comes from Joe Laetsch of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Joe Laetsch。

So I wanted to go back to a couple of topics we've already hit on. But first on Chemicals. So with the 2 CPChem projects starting up in the back half of the year, could you just give us a sense of earnings contribution and uplift, probably 2024 on a normalized margin environment from those 2 projects, just how we should think about that?

所以我想回到我們已經討論過的幾個話題。但首先是化學品。那麼，隨著2 個CPChem 項目在今年下半年啟動，您能否讓我們了解一下這兩個項目的盈利貢獻和提升，可能是2024 年，在正常化的利潤環境下，我們應該如何看待這一點？

Yes. On that, Joe, probably to clarify, those projects aren't expected to start up till 2026. And so -- on the hexene units, okay. So with regard to the hexene unit, yes, that was completed. We're looking at that -- my apologies here. I was thinking of the bigger projects. 1-hexene has been completed down at Sweeny. They'll be in start-up mode through the third quarter. And you should probably start to see some level of earnings start to show up in the fourth quarter.

是的。對此，喬可能需要澄清一下，這些項目預計要到 2026 年才會啟動。所以，關於己烯裝置，好吧。所以關於己烯裝置，是的，已經完成了。我們正在考慮這個問題——我在這裡表示歉意。我正在考慮更大的項目。 1-己烯已在 Sweeny 完成。他們將在第三季度處於啟動模式。您可能應該開始看到第四季度開始出現一定水平的收益。

The splitter project, which is up at Cedar Bayou, that project also is in the final completion at this point or they're going to be ready to get everything completed by the end of sometime in the mid-fourth quarter, excuse me. So you're really probably not going to see anything meaningful as they go through shaking out the units, getting them started up. And probably for both of them, you may be probably landing more towards a grueling first quarter before something really starts to show up there.

位於 Cedar Bayou 的分離器項目目前也已進入最終完成階段，或者他們將準備在第四季度中期的某個時間完成所有工作，請原諒。因此，當他們清理這些單元並啟動它們時，你真的可能看不到任何有意義的東西。也許對於他們兩人來說，在真正開始出現一些東西之前，你可能會更加接近艱難的第一季度。

Yes. And CPChem executed the hexene project, brought it in under budget as well, so I think that's notable in this environment.

是的。 CPChem 執行了己烯項目，並將其控制在預算之內，所以我認為這在這種環境下值得注意。

Great. And then just going back to Rodeo. I know you all have talked about the potential to produce renewable jet fuel out of that facility as well. Can you just talk about any progress you've made there? Any thoughts on timing when a decision could be made to produce SAF?

偉大的。然後就回到牛仔競技表演。我知道你們都談到了從該設施生產可再生航空燃料的潛力。您能談談您在這方面取得的進展嗎？對於何時決定生產 SAF 有什麼想法嗎？

Yes, this is Rich. The project, as it's designed, will be able to produce SAF. What's really missing from the whole equation is the market indicator to do that. And as soon as that's in place, we will quickly shift to a renewable jet/sustainable aviation fuel production. The facility will have the capability of producing 20,000 barrels a day of sustainable aviation fuel on the backbone of 10,000 barrels a day of renewable jet that's blended with traditional crude oil-based jet production.

是的，這是里奇。按照設計，該項目將能夠生產 SAF。整個方程式中真正缺少的是做到這一點的市場指標。一旦到位，我們將迅速轉向可再生噴氣機/可持續航空燃料生產。該工廠將能夠每天生產 20,000 桶可持續航空燃料，其基礎是每天生產 10,000 桶可再生飛機，並與傳統的原油飛機生產相結合。

Yes. And that's not saying negative around SAF. We believe that SAF will be an important part of our path toward renewable fuels. But today at Rodeo, the economics favor renewable diesel, so we would maximize renewable diesel, produce some -- there are some that you just will produce just because of the yields. But any additional investment to produce more SAF would require something that would incent us to divert away from renewable diesel into SAF.

是的。這並不是說 SAF 的負面影響。我們相信，SAF 將成為我們邁向可再生燃料之路的重要組成部分。但今天在羅迪歐，經濟有利於可再生柴油，所以我們將最大限度地利用可再生柴油，生產一些——有些只是因為產量而生產。但任何用於生產更多 SAF 的額外投資都需要激勵我們從可再生柴油轉向 SAF。

And there is capability to invest and increase that production level.

並且有能力投資並提高生產水平。

Yes.

是的。

This concludes the question-and-answer session. I'll now turn the call back over to Mark Lashier for closing remarks.

問答環節到此結束。現在我將把電話轉回給馬克·拉希爾（Mark Lashier）做總結髮言。

Thank you, Alex, and thanks to all of you for your questions. We delivered strong second quarter financial and operating results as we executed on our strategic priorities by focusing on the things we control, most importantly, the commitments we made to our owners in November. We continued a healthy pace of returning cash to shareholders. And in Refinery -- Refining, we had another quarter of strong operating performance with above industry average crude utilization and lower operating costs.

謝謝你，亞歷克斯，也感謝大家提出的問題。我們通過專注於我們控制的事情（最重要的是我們在 11 月份向所有者做出的承諾）來執行我們的戰略優先事項，從而實現了強勁的第二季度財務和運營業績。我們繼續以健康的步伐向股東返還現金。在煉油廠——煉油廠，我們又一個季度實現了強勁的運營業績，原油利用率高於行業平均水平，運營成本較低。

We're executing our Midstream NGL wellhead to market strategy and completed the buy-in of DCP's units and raised our synergy targets to over $400 million, wrapping up a series of foundational transactions to drive value creation in our NGL business. We're realizing our business transformation initiatives and are on track to achieve at least $1 billion of annual run rate savings by year-end while driving a transformative mindset across the enterprise.

我們正在執行中游 NGL 井口市場戰略，完成了 DCP 裝置的收購，並將我們的協同目標提高到超過 4 億美元，完成了一系列基礎交易，以推動我們 NGL 業務的價值創造。我們正在實現業務轉型計劃，並有望在年底前實現至少 10 億美元的年度運行率節省，同時推動整個企業的變革思維。

As we deliver on our strategic priorities, we remain committed to financial strength, disciplined capital allocation and returning cash to shareholders. Outstanding operational performance will position us to capture the current strong market environment in the third quarter. And we look forward to updating you on our progress. Thank you all for your interest in Phillips 66.

在我們實現戰略重點的同時，我們仍然致力於增強財務實力、嚴格的資本配置和向股東返還現金。出色的運營業績將使我們能夠在第三季度抓住當前強勁的市場環境。我們期待向您通報我們的最新進展。感謝大家對菲利普斯 66 的關注。

Thank you for joining today's call. You may now disconnect your lines.

感謝您參加今天的電話會議。您現在可以斷開線路。