菲利普斯66 (PSX) 2024 Q1 法說會逐字稿

Welcome to the First Quarter 2024 Phillips 66 Earnings Conference Call. My name is Lydia, and I'll be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded. I'll now turn the call over to Jeff Dietert, Vice President, Investor Relations.

歡迎參加 Phillips 66 2024 年第一季財報電話會議。我叫莉迪亞，我將擔任您今天通話的接線生。 （操作員說明）請注意，本次會議正在錄製中。現在我將把電話轉給投資者關係副總裁 Jeff Dietert。

Jeff, you may begin.

傑夫，你可以開始了。

Welcome to Phillips 66 First Quarter Earnings Conference Call. Participants on today's call will include Mark Lashier, President and CEO; Kevin Mitchell, the 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.

歡迎參加 Phillips 66 第一季財報電話會議。今天電話會議的參與者包括總裁兼執行長 Mark Lashier；凱文‧米切爾，財務長；羅伯茲（Tim Roberts），中游和化學品公司；里奇·哈比森，精煉；和布萊恩曼德爾，行銷和商業。今天的演示材料以及補充財務和營運資訊可以在 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.

投影片 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有重大差異。可能導致實際結果不同的因素包含在此以及我們向 SEC 提交的文件中。

With that, I'll turn the call over to Mark.

這樣，我會將電話轉給馬克。

Thanks, Jeff. Welcome, everyone, to our first quarter earnings call. We continued to progress our strategic priorities and we returned significant cash to our shareholders. While our crude utilization rates were strong during the quarter, our results were affected by maintenance that limited our ability to make higher-value products. We were also impacted by the renewable fuels conversion at Rodeo as well as the effect of rising commodity prices on our inventory hedge positions.

謝謝，傑夫。歡迎大家參加我們的第一季財報電話會議。我們繼續推進我們的策略重點，並向股東返還大量現金。儘管本季我們的原油利用率很高，但我們的業績受到維護的影響，限制了我們生產更高價值產品的能力。我們也受到 Rodeo 的可再生燃料轉換以及大宗商品價格上漲對我們庫存對沖頭寸的影響的影響。

Currently, our assets are running near historical highs, and we are ready to meet peak summer demand. Before we provide an update on our strategic priorities, we want to recognize our Midstream, Refining and Chemicals businesses, which have all received honors for their exemplary safety performance in 2023.

目前，我們的資產運作接近歷史高位，我們已準備好滿足夏季高峰需求。在提供有關策略重點的最新資訊之前，我們希望對我們的中游、煉油和化學業務表示認可，這些業務均因其在 2023 年的模範安全表現而獲得了榮譽。

Our Midstream gathering and processing business received the Top 2023 GPA Safety Award in the large operator division. In Refining, the Rodeo and Sweeny facilities both received the AFPM Distinguished Safety Award, which is the highest annual safety award in the industry. This was Sweeny refinery's third straight year to receive the honor.

我們的中游收集和加工業務榮獲大型營運商部門 2023 年 GPA 安全獎。在煉油領域，Rodeo 和 Sweeny 設施都獲得了 AFPM 傑出安全獎，這是業內最高的年度安全獎。這是斯威尼煉油廠連續第三年獲此殊榮。

The Ponca City Refinery earned the Elite Platinum Award and the Lake Charles Refinery secured the Elite Gold Award. In Chemicals, CPChem received 2 AFPM Safety Awards. I'm very proud of our employees and the employees of CPChem for their commitment to safety. I would like to congratulate them on a job well done.

龐卡城煉油廠獲得了精英白金獎，查爾斯湖煉油廠獲得了精英金獎。在化學品領域，CPChem 榮獲 2 項 AFPM 安全獎。我為我們的員工和 CPChem 員工對安全的承諾感到非常自豪。我謹祝賀他們出色的工作。

Today, beginning on Slide 4, we'll highlight the progress we've made on our strategic priorities. Next, we'll discuss our first quarter financial results. Then we look forward to your questions.

今天，從幻燈片 4 開始，我們將重點介紹我們在策略重點方面的進展。接下來，我們將討論第一季的財務表現。那我們期待您的提問。

We previously announced plans to monetize assets that no longer meet our long-term objectives, and we set a target to generate over $3 billion in proceeds. The expected proceeds will support our strategic priorities, including returns to shareholders. This quarter, we launched a process to divest our retail marketing business in Germany and Austria and communicated the plans to employees. Completion of the dispositions is subject to satisfactory market conditions and customary approvals.

我們先前宣布了將不再滿足我們長期目標的資產貨幣化的計劃，我們設定的目標是產生超過 30 億美元的收益。預期收益將支持我們的策略重點，包括股東回報。本季度，我們啟動了剝離德國和奧地利零售行銷業務的流程，並向員工傳達了該計劃。處置的完成取決於令人滿意的市場條件和慣例批准。

We have distributed almost $10 billion through share repurchases and dividends since July of 2022. Over the remaining 3 quarters of 2024, we expect to achieve our $13 billion to $15 billion target. Share repurchases will continue to be an important component of our capital allocation. We're committed to return over 50% of our operating cash flows to shareholders.

自 2022 年 7 月以來，我們已透過股票回購和股息分配了近 100 億美元。股票回購將繼續成為我們資本配置的重要組成部分。我們致力於將 50% 以上的經營現金流回饋給股東。

Recently, we announced a 10% increase in our quarterly dividend, contributing to a 16% compound annual growth rate since 2012. The dividend increase reflects the confidence we have in our growing mid-cycle cash flow generation and our disciplined approach to capital allocation, including a secure, competitive and growing dividend.

最近，我們宣布將季度股息增加 10%，從而實現自 2012 年以來 16% 的複合年增長率。有競爭力且不斷成長的股息。

In Refining, we continue to run at crude utilization rates above the industry average for the fifth consecutive quarter. We remain focused on improving performance, increasing market capture and reducing costs to enhance our earnings per barrel. We have achieved over $560 million or more than $0.80 per barrel in run rate cost reductions from business transformation. We expect to achieve our full $1 per barrel run rate target by the end of the year.

在煉油領域，我們的原油利用率連續第五個季度高於產業平均。我們仍然專注於提高業績、增加市場佔有率和降低成本，以提高我們的每桶收益。透過業務轉型，我們已實現營運成本降低超過 5.6 億美元（即每桶 0.80 美元以上）。我們預計到今年年底將實現每桶 1 美元的全部運轉利率目標。

In Midstream, our NGL wellhead-to-market business is focused on capturing operating and commercial synergies of over $400 million by year-end 2024. Midstream's estimated 2024 mid-cycle adjusted EBITDA is $3.6 billion, providing stable cash generation that covers the company's top capital priorities: funding sustaining capital and the dividend.

在Midstream，我們的NGL 井口市場業務致力於在2024 年底實現超過4 億美元的營運和商業協同效應。業務資本優先事項：為維持資本和股利提供資金。

During the first quarter, we achieved a major milestone with the start-up of our Rodeo Renewable Energy Complex. Slide 5 summarizes our journey to transform the San Francisco refinery into one of the world's largest renewable fuels facilities. The facility benefits as a superior location to secure renewable feedstocks and market renewable fuels. The project leverages existing assets and is expected to generate strong returns.

第一季度，我們實現了一個重要的里程碑，Rodeo 再生能源綜合體的啟動。投影片 5 總結了我們將舊金山煉油廠改造成世界上最大的再生燃料設施之一的歷程。該設施地理位置優越，可確保再生原料和再生燃料的銷售。該項目利用現有資產，預計將產生豐厚的回報。

We began producing renewable diesel from our Unit 250 hydrotreater in April of 2021. We have gained valuable operational experience and market knowledge that positions us for success in our expanding renewable fuels business. Unit 250 continues to exceed expectations and has increased production to approximately 10,000 barrels per day.

我們於 2021 年 4 月開始透過 Unit 250 加氫處理裝置生產再生柴油。 250 號裝置繼續超出預期，產量已增加至每天約 10,000 桶。

Our Rodeo Renewable Energy Complex is producing 30,000 barrels per day of renewable fuels. We're on track to increase production capability to full rates of approximately 50,000 barrels per day by the end of the second quarter. Once complete, we'll have the ability to produce renewable jet, a key component of sustainable aviation fuel.

我們的 Rodeo 再生能源綜合體每天生產 30,000 桶再生燃料。我們預計在第二季末將產能提高到每天約 5 萬桶。一旦完成，我們將有能力生產再生飛機，這是永續航空燃料的關鍵組成部分。

We're proud of the team's strong project execution and appreciate their commitment to operating excellence in achieving this significant milestone. The Rodeo Renewable Energy Complex positions Phillips 66 as a world leader in renewable fuels.

我們為團隊強大的專案執行能力感到自豪，並讚賞他們為實現這一重要里程碑而致力於卓越營運的承諾。 Rodeo 再生能源綜合體將 Phillips 66 定位為再生燃料領域的世界領導者。

Slide 6 provides an update on business transformation progress. Our run rate savings were $1.24 billion at the end of the first quarter, comprised of $940 million of cost reductions and $300 million of sustaining capital efficiencies.

幻燈片 6 提供了業務轉型進展的最新資訊。截至第一季末，我們的運作效率節省為 12.4 億美元，其中包括 9.4 億美元的成本削減和 3 億美元的維持資本效率。

Through the first quarter, we've achieved $750 million in annualized cost reductions. The majority of these cost reductions relate to refining operating and SG&A expenses as well as benefits to equity earnings and gross margin. We are on track to realize $1 billion of cost reductions in 2024 to sustain higher cash generation.

截至第一季度，我們已實現年化成本削減 7.5 億美元。這些成本削減大部分與煉油營運和銷售、一般管理費用以及股本收益和毛利率收益有關。我們預計在 2024 年實現 10 億美元的成本削減，以維持更高的現金產生能力。

Before I turn the call over to Kevin to review the financial results, I want to stress that the market fundamentals are good, our assets are running well, and we have a clear path to achieving our strategic priorities and growing cash flows.

在我打電話給凱文審查財務表現之前，我想強調市場基本上良好，我們的資產運作良好，我們有明確的道路來實現我們的策略重點和不斷增長的現金流。

Thank you, Mark. Slide 7 summarizes our first quarter results. Adjusted earnings were $822 million or $1.90 per share. Operating cash flow, excluding working capital, was $1.2 billion. We received distributions from equity affiliates of $348 million. Capital spending for the quarter was $628 million, including $171 million for a Midstream joint venture debt repayment. We distributed $1.6 billion to shareholders through $1.2 billion of share repurchases and $448 million of dividends. Net debt-to-capital ratio was 38%.

謝謝你，馬克。投影片 7 總結了我們第一季的業績。調整後收益為 8.22 億美元，即每股 1.90 美元。營運現金流（不含營運資金）為 12 億美元。我們從股權附屬公司收到了 3.48 億美元的分配。該季度的資本支出為 6.28 億美元，其中包括用於償還中游合資企業債務的 1.71 億美元。我們透過 12 億美元的股票回購和 4.48 億美元的股息向股東分配了 16 億美元。淨債務與資本比率為38%。

Slide 8 highlights the change in results by segment from the fourth quarter to the first quarter. During the period, adjusted earnings decreased $540 million, mostly due to lower results in Refining, Midstream and Marketing and Specialties, partially offset by improved results in Chemicals.

幻燈片 8 突顯了從第四季度到第一季度按部門劃分的業績變化。在此期間，調整後收益減少了 5.4 億美元，主要是由於煉油、中游、行銷和特種業務業績下降，部分被化學品業績改善所抵消。

In Midstream, first quarter adjusted pretax income of $613 million was down $141 million from the prior quarter, reflecting lower results in transportation and NGL. Transportation results were down mainly due to a decrease in throughput and deficiency revenues, partially offset by seasonally lower maintenance costs. The NGL business decreased primarily due to a decline in margins as well as lower volumes, reflecting impacts from winter storms.

在中游，第一季調整後稅前收入為 6.13 億美元，比上一季減少 1.41 億美元，反映出運輸和 NGL 業績下降。運輸業績下降主要是由於吞吐量下降和收入不足，但部分被季節性較低的維護成本所抵消。液化天然氣業務下降主要是由於利潤率下降以及銷售下降，反映出冬季風暴的影響。

Chemicals adjusted pretax income increased $99 million to $205 million in the first quarter. This increase was mostly due to higher polyethylene margins, driven by improved sales prices and the decline in feedstock costs as well as lower turnaround costs. Global O&P utilization was 96%.

第一季化學品調整後稅前收入增加 9,900 萬美元，達到 2.05 億美元。這一成長主要是由於銷售價格上漲、原料成本下降以及週轉成本下降推動聚乙烯利潤率上升。全球 O&P 利用率為 96%。

Refining first quarter adjusted pretax income was $228 million, down $569 million from the fourth quarter. The decrease was primarily due to lower realized margins. Our commercial results were less favorable than the previous quarter, in part due to inventory hedging impacts in a rising price environment and less advantageous pipeline arbs.

煉油第一季調整後稅前收入為2.28億美元，比第四季減少5.69億美元。下降的主要原因是實現利潤率下降。我們的商業業績不如上一季度，部分原因是價格上漲環境下的庫存對沖影響和管道套利的優勢減弱。

In addition, realized margins decreased due to lower Gulf Coast clean product realizations. Our Refining results and market capture of 69% were also negatively impacted by maintenance activities on downstream conversion units as well as the renewable fuels conversion at Rodeo.

此外，由於墨西哥灣沿岸清潔產品的實現量下降，實現利潤率也有所下降。我們的煉油業績和 69% 的市場佔有率也受到下游轉化裝置的維護活動以及 Rodeo 的可再生燃料轉化的負面影響。

Marketing and Specialties adjusted first quarter pretax income was $345 million, a decrease of $87 million from the previous quarter. The decrease was mainly due to lower domestic marketing and lubricant margins. Our adjusted effective tax rate was 21%.

行銷和專業調整後的第一季稅前收入為 3.45 億美元，比上一季減少 8,700 萬美元。下降的主要原因是國內行銷和潤滑油利潤率下降。我們調整後的有效稅率為 21%。

Slide 9 shows the change in cash during the first quarter. We started the quarter with a $3.3 billion cash balance. Cash from operations, excluding working capital, was $1.2 billion. There was a working capital use of $1.4 billion, mainly reflecting a $2.6 billion increase in inventory, partially offset by benefits and accounts payables and receivables, which included the impact of rising commodity prices.

投影片 9 顯示了第一季的現金變動。本季開始，我們的現金餘額為 33 億美元。營運現金（不含營運資金）為 12 億美元。營運資金使用為 14 億美元，主要反映庫存增加 26 億美元，部分被福利以及應付帳款和應收帳款所抵消，其中包括商品價格上漲的影響。

Net debt issuances were $802 million. We returned $1.6 billion to shareholders through share repurchases and dividends. Additionally, we funded $628 million of capital spending. Our ending cash balance was $1.6 billion. This concludes my review of the financial and operating results. Next, I'll cover a few outlook items for the second quarter.

債務淨發行額為 8.02 億美元。我們透過股票回購和股利向股東返還 16 億美元。此外，我們也資助了 6.28 億美元的資本支出。我們的期末現金餘額為 16 億美元。我對財務和經營績效的審查到此結束。接下來，我將介紹第二季的一些展望。

In Chemicals, we expect the second quarter global O&P utilization rate to be in the mid-90s. In Refining, we expect the second quarter worldwide crude utilization rate to be in the mid-90s. Turnaround expense is expected to be between $100 million and $120 million, excluding Rodeo. We anticipate second quarter Corporate and Other costs to come in between $330 million and $350 million, reflecting higher net interest expense.

在化學品方面，我們預計第二季全球 O&P 利用率將在 90 年代中期。在煉油領域，我們預計第二季全球原油利用率將在 90 年代中期。週轉費用預計在 1 億至 1.2 億美元之間，不包括 Rodeo。我們預計第二季公司和其他成本將在 3.3 億美元至 3.5 億美元之間，反映出淨利息支出增加。

Now we will open the line for questions, after which Mark will make closing comments.

現在我們將開始提問，之後馬克將發表結束語。

(Operator Instructions) Our first question comes from Neil Mehta of Goldman Sachs.

（操作員指示）我們的第一個問題來自高盛的 Neil Mehta。

I guess the first question was just Refining in the quarter. The capture rates were really noisy at 69%. I know you guys target 75%. It looks like a lot of that was on the West Coast because of Rodeo and then also secondary products. So you alluded to some of this in the prepared remarks, but maybe you can just talk a little bit about what happened there and your confidence about the progression as we work our way through the year.

我想第一個問題只是本季的精煉。 69% 的捕獲率確實很吵雜。我知道你們的目標是 75%。看起來很多都在西海岸，因為牛仔競技表演以及次級產品。因此，您在準備好的發言中提到了其中的一些內容，但也許您可以稍微談談那裡發生的事情以及您對我們這一年的工作進展的信心。

Yes, Neil, that's a great question. Thank you for asking that. The way I'm looking at this is those first quarter headwinds that you mentioned in Refining are all related to activities that will position us to deliver medium- and long-term tailwinds in support of our strategic priorities. And so it's some of the fundamental work going on around Rodeo and some of the work around our turnarounds are critically important.

是的，尼爾，這是一個很好的問題。謝謝你這麼問。我看待這個問題的方式是，您在煉油中提到的第一季的不利因素都與使我們能夠提供中長期有利因素以支持我們的策略重點的活動有關。因此，圍繞 Rodeo 進行的一些基礎工作以及圍繞我們的扭虧為盈所做的一些工作至關重要。

And Rich and Kevin can drive into that a little bit more. And including some of the activities in commercial that we underwent over the last several quarters, that will contribute to our long-term success. So Rich, do you want to dive in?

里奇和凱文可以進一步深入探討這一點。包括我們在過去幾個季度進行的一些商業活動，這將有助於我們的長期成功。如此豐富，你想潛入嗎？

Yes, Mark. And Neil, when I reflect back on the quarter, I look at the metrics, and we ran pretty well. But the market capture, obviously, was challenged, and it was primarily driven by activity in the Gulf Coast and the West Coast. We achieved about an 84% clean product yield, which, for our assets, is pretty good. It's actually 1% higher year-over-year.

是的，馬克。尼爾，當我回顧本季時，我查看了指標，我們運行得相當不錯。但市場佔領顯然受到了挑戰，這主要是由墨西哥灣沿岸和西海岸的活動所推動的。我們實現了約 84% 的清潔產品收益率，對於我們的資產來說，這已經相當不錯了。實際上同比增長了 1%。

So it is a sign that our margin projects are actually playing into the bottom line here as we move forward. However, quarter-over-quarter, we were 3% lower than the fourth quarter. 1% of that very clearly is seasonal. It's butane blending related to our conversion as we move towards summer gasoline over the quarter.

因此，這表明我們的保證金項目實際上正在影響我們前進的底線。然而，環比來看，我們比第四季低了 3%。其中 1% 顯然是季節性的。當我們在本季度轉向夏季汽油時，丁烷混合與我們的轉換相關。

Another 2% is really related to our turnaround activity, and this was principally focused in the downstream catalytic units across our system, and it was concentrated in the Gulf Coast area. This has really 2 effects when it comes to market capture and clean product yield. It reduces our ability to produce higher-value products, and it increases our intermediate inventories over the period.

另外 2% 確實與我們的周轉活動有關，這主要集中在我們系統的下游催化裝置，並且集中在墨西哥灣沿岸地區。當涉及市場佔領和清潔產品產量時，這確實有兩個影響。它降低了我們生產高價值產品的能力，並增加了我們在此期間的中間庫存。

Now on the West Coast, we have the conversion of the Rodeo facility, which is a compounding event. Essentially, it effectively had a $180 million loss and adjusted pretax income in the quarter as we transformed the business. And if you think about the business, it went from active to idle to reactive across this first quarter. The good news is we're near completion of the Rodeo conversion, and I actually would say we're well into the wind-up phase now.

現在在西海岸，我們對牛仔競技表演設施進行了改造，這是一項複合活動。本質上，當我們進行業務轉型時，該季度實際上虧損了 1.8 億美元，並調整了稅前收入。如果您考慮一下業務，您會發現第一季它從活躍到閒置再到被動。好消息是我們即將完成牛仔競技表演的轉換，實際上我想說我們現在已經進入收尾階段了。

So to summarize, I guess, the Rodeo start-up is on schedule, ramping up production. Approximately 50,000 barrels a day of renewable fuels will be achieved out of that facility in the second quarter. And we positioned our units across the system to run full conversion rates with fresh catalysts and ample intermediate inventories for the upcoming driving season.

總而言之，我認為 Rodeo 新創公司正在按計劃進行，正在提高產量。第二季該設施將生產約 50,000 桶/天的可再生燃料。我們在整個系統中部署了我們的裝置，以在即將到來的駕駛季節使用新鮮催化劑和充足的中間庫存來實現完全轉化率。

Kevin, did you want to add anything?

凱文，你想補充什麼嗎？

Yes. Let me just put a couple of numbers to some of these items. So in terms of some commercial impacts that we talk about, on Gulf Coast product pricing differentials, in absolute terms, that was a $50 million headwind in the first quarter. The inventory hedges that I referenced in the earlier comments, which primarily impacts Central Corridor, that was a $100 million headwind in the first quarter. These are not variances, these are absolutes in the quarter.

是的。讓我為其中一些項目提供幾個數字。因此，就我們談論的一些商業影響而言，墨西哥灣沿岸產品定價差異的絕對值在第一季帶來了 5000 萬美元的逆風。我在之前的評論中提到的庫存對沖主要影響中央走廊，這在第一季帶來了 1 億美元的阻力。這些不是差異，而是本季的絕對值。

And then on the West Coast, Rodeo, in overall terms, was a $180 million negative or loss for the quarter. So the West Coast results are bearing that drag from the impact of the Rodeo conversion.

然後在西海岸，Rodeo 整體而言，該季度的虧損或虧損為 1.8 億美元。因此，西岸的業績受到了牛仔競技表演轉換影響的拖累。

Yes. And I think, just to put that in context, we're taking a disadvantaged refinery and converting it into one of the world's largest renewable fuels facilities. And so to bridge to that, we took the heavy lift this quarter, and now we're well positioned to start delivering value again from the Rodeo facility as we continue to push it to full rates through the second quarter.

是的。我認為，就具體情況而言，我們正在將一家處於不利地位的煉油廠改造成世界上最大的再生燃料設施之一。因此，為了實現這一目標，我們在本季度承擔了重任，現在我們已經做好準備，可以再次開始從 Rodeo 設施中提供價值，因為我們將在第二季度繼續將其推向滿載。

And then on the Gulf Coast, the way you have to think about that is we're still maximizing our crude utilization throughput, but that crude turned into intermediates instead of clean products by design because of the turnaround work we had underway. So now we've got that inventory of intermediates poised to be converted into clean products as we continue to ramp back up into the summer season. So we're well positioned going forward.

然後在墨西哥灣沿岸，你必須考慮的方式是，我們仍在最大限度地提高原油利用吞吐量，但由於我們正在進行的周轉工作，原油在設計上變成了中間體，而不是清潔產品。因此，隨著我們繼續進入夏季，我們的中間體庫存已準備好轉化為清潔產品。因此，我們在未來的發展中處於有利位置。

That's a lot of good color. The follow-up is just on balance sheet, Q1 is always a noisy quarter for working capital. And that cash flow bridge, Kevin, is really helpful. But just your perspective on where you want to get your net debt to capital over time, what's the path to get there, including potential asset sales? And then how do we think about working capital getting into that equation? So big picture question around that metric.

這是很多很好的顏色。後續只是在資產負債表上，第一季對於營運資金來說始終是個吵雜的季度。凱文，那個現金流橋樑真的很有幫助。但就您而言，隨著時間的推移，您希望將淨債務轉化為資本，實現這一目標的途徑是什麼，包括潛在的資產出售？那我們如何看待營運資本進入這個等式呢？圍繞這個指標的大局問題。

Yes, Neil, so let me hit on the working capital piece first. So negative $1.4 billion in aggregate, about $2.6 million of that is a function of inventory build. And so we did have some partial offsetting benefit in payables and receivables, and that was driven by 2 items.

是的，尼爾，所以讓我先談談營運資金部分。因此，總計負 14 億美元，其中約 260 萬美元是庫存建設的函數。因此，我們在應付帳款和應收帳款方面確實有一些部分抵銷效益，這是由兩個項目驅動的。

One, the rising price, the absolute rising price environment generally is positive for net AP/AR. So we saw some benefit there. But we also benefited on receivables by collecting, in the first quarter, cash from fourth quarter inventory drawdown, and that was several hundred million dollars that showed up in there.

一、價格上漲，絕對上漲的價格環境整體而言有利於淨AP/AR。所以我們在那裡看到了一些好處。但我們也從應收帳款中受益，在第一季度，我們從第四季度庫存減少中收取了現金，其中出現了數億美元。

But on the inventory build, it's a sizable build, and I would say, it's really a function of both commercial opportunity inventory as well as some operational-driven inventory. And the way to think about that is the operational barrels will turn into margin at a future point in time, like the intermediates that we've talked about.

但在庫存建設方面，這是一個相當大的建設，我想說，這實際上是商業機會庫存和一些營運驅動庫存的函數。思考這個問題的方法是，營運桶將在未來某個時間點轉化為保證金，就像我們討論過的中間產品一樣。

The commercial inventory build, those will generate a return that will be in excess of anything we will realize on cash balances. And fundamentally, it's all still sitting in a liquid asset on the balance sheet. So that kind of talks to the working capital. And consistent with normal practice, you would expect that inventory to come back down in the -- towards the end of the year, and you'll see some of that cash coming back to us.

商業庫存的增加將產生超過我們透過現金餘額實現的任何回報。從根本上說，這一切仍然位於資產負債表上的流動資產中。所以這與營運資金有關。按照正常做法，您預計庫存將在年底時回落，並且您將看到部分現金回到我們手中。

In terms of balance sheet and the leverage levels, we are above our targeted range, so 25% to 30% target range. Still comfortable with that target. You'll notice that we've been leaning into the share repurchases quite heavily, and that's a function of our confidence in the business, in the outlook, our growth that we see coming in terms of the $14 billion of mid-cycle adjusted EBITDA. And so it feels like still a pretty compelling opportunity for us to be buying shares back even if, in the near term, it's at the expense of that leverage metric. So still expect to get there to that level. That's still our objective.

就資產負債表和槓桿水平而言，我們高於目標範圍，即 25% 至 30% 的目標範圍。對這個目標仍然感到滿意。你會注意到，我們一直非常傾向於股票回購，這是我們對業務、前景以及我們預計將實現 140 億美元的中期調整 EBITDA 增長的信心的體現。因此，對我們來說，回購股票仍然是一個非常有吸引力的機會，即使在短期內，這是以犧牲槓桿指標為代價的。所以仍然期望達到那個水準。這仍然是我們的目標。

And the other comment I'd make on leverage, the other metric, the other way we look at this is the non -- or the much less commodity-sensitive businesses, the Midstream and the Marketing and Specialties business, is our ability for those businesses to basically be able to bear the debt that the company has. So on a combined basis, that's circa $6 billion of EBITDA generation.

我對槓桿率、其他指標、我們看待這一問題的另一種方式的評論是，對商品不敏感的業務、中游以及營銷和專業業務，是我們對這些業務的能力。公司的債。因此，綜合起來，EBITDA 的產生約為 60 億美元。

And if you think of a typical leverage multiple for businesses like that, call it 3x, that's $18 billion of net debt, which is roughly where we are. And so that's the other measure we look at. And that keeps the Refining business avoid that volatility being part of that, the way we look at that debt level. So it keeps us very comfortable from a balance sheet standpoint.

如果你想到這樣的企業的典型槓桿倍數，稱之為 3 倍，那就是 180 億美元的淨債務，這大致就是我們的水平。這就是我們關注的另一個衡量標準。這使得煉油業務避免波動成為其中的一部分，也就是我們看待債務水準的方式。因此，從資產負債表的角度來看，這讓我們感到非常舒適。

Our next question comes from Roger Read of Wells Fargo Securities.

我們的下一個問題來自富國銀行證券的羅傑·里德。

I'd like to, if we could, maybe look at -- I guess it's a combination of the OpEx that we're seeing in Refining and, I guess, let's say, juxtaposed against the progress you're making in overall cost reduction. So during the first quarter going from $630 million to $715 million on a cumulative basis, if I look at cash OpEx, it's kind of stable over the last 3 quarters.

如果可以的話，我想看看——我想這是我們在煉油領域看到的營運支出的組合，我想，比方說，與你們在降低總體成本方面取得的進展並列。因此，第一季的現金營運支出累計從 6.3 億美元增至 7.15 億美元，在過去 3 個季度中保持穩定。

Recognize a lot of stuff's going on, but if you could help us kind of put those 2 together and maybe where you see the impact on cash OpEx, or maybe if it's embedded in the actual Refining margin. Where we're seeing the cost savings manifest in Refining?

認識到正在發生很多事情，但如果您能幫助我們將這兩者放在一起，也許您會看到對現金營運支出的影響，或者它是否嵌入到實際的煉油利潤中。我們在煉油中看到了哪些成本節省？

Yes. I think that, certainly, the majority of our business transformation cost impact is showing up in Refining, and we've been out delivering our targets, overdelivering against our targets and certainly continue that into 2024. There's always a lag, and we talk about run rate and then we talk about realized, and we're going to make sure that you keep track, too.

是的。我認為，當然，我們業務轉型成本影響的大部分都體現在煉油領域，我們一直在實現我們的目標，超額交付我們的目標，並且肯定會持續到 2024 年。 ，然後我們討論實現，我們將確保您也跟踪。

The run rate is where the speedometer is at this point in time. The realized is what we're actually seeing show up in the numbers, and we've seen good progress in Refining. And we'll continue to see that throughout this year as we rise up to our forecasted $1.1 billion in cost and $300 million in capital synergies, capital savings. And so Rich can drive into those cost numbers for you, Roger, and give you some color around that.

運轉速率是車速表此時的位置。實現的是我們實際看到的數字，我們已經看到精煉方面取得了良好的進展。今年我們將繼續看到這一點，因為我們預計成本將達到 11 億美元，資本協同效應和資本節省將達到 3 億美元。因此，羅傑，里奇可以為您詳細了解這些成本數字，並為您提供一些相關資訊。

Yes. So the end of last year, Roger, we, on a run rate basis, passed the $500 million or $0.75 -- roughly $0.75 a barrel number on run rate last year and realized about $0.41 of that last year. As we fast forward now into -- through the first quarter here, we see that realized number creeping up to the $500 million -- actually, slightly over the $500 million number. So it's coming in at that $0.75. And it's roughly that delay that Mark's talking about, roughly a 90-day delay in achieving that.

是的。所以去年年底，羅傑，我們在運行率的基礎上，去年的運行率超過了 5 億美元或 0.75 美元——大約每桶 0.75 美元，去年實現了約 0.41 美元。當我們快轉到第一季時，我們看到已實現的數字已攀升至 5 億美元，實際上，略高於 5 億美元。所以它的價格是 0.75 美元。馬克所說的延遲大約就是延遲 90 天才能實現這一目標。

So when we go back and we validate those spends -- and remember, those spends are over 900 separate initiatives that we've completed across the organization. We go back and revalidate these. So we are seeing those start flowing to the bottom line for Refining. And if you look at our year-over-year OpEx, it is noticeably lower even in the face of inflation, pretty heavy inflationary period here that we faced over the period of time.

因此，當我們回過頭來驗證這些支出時，請記住，這些支出是我們在整個組織中完成的 900 多個單獨的計劃。我們回去重新驗證這些。因此，我們看到這些開始流入煉油廠的底線。如果你看看我們的年比營運支出，即使面對通貨膨脹，我們在一段時間內面臨的通貨膨脹相當嚴重，它也明顯較低。

So we're happy with the progress. On a run rate basis, at the end of the first quarter, we've achieved $560 million of run rate, which equates to about $0.80. And that's on a trajectory for the year-end of $1 a barrel target that's set for the organization, which is roughly $650 million by the end of the year. So we're well on that pace to achieve that, and the program is pressing forward.

所以我們對進展感到滿意。從運行率來看，第一季末，我們實現了 5.6 億美元的運行率，相當於 0.80 美元左右。該組織設定的年底目標是每桶 1 美元，到年底約為 6.5 億美元。因此，我們正在以良好的步伐實現這一目標，並且該計劃正在穩步推進。

And like I had mentioned earlier, it's a seriatim of hundreds, if not thousands, of initiatives to execute, and it's really intended to drive work and efficiencies out of our work process. And as that happens, we want to make sure that, that changes how we do our work. It influences how we make decisions, but it should not compromise safety, reliability or earnings power for the organization.

正如我之前提到的，這是數百個（如果不是數千個）計劃的連續執行，它的真正目的是推動我們工作流程的工作和效率。當這種情況發生時，我們希望確保這會改變我們的工作方式。它影響我們的決策方式，但不應損害組織的安全性、可靠性或獲利能力。

Yes, Roger, and I really want to drive home what Rich just said, that the cultural impact on the organization has been impressive, particularly out in the field, whether it's Midstream, Refining, wherever you are. And we have a workforce that has bought into it, and it's committed to driving higher levels of performance. They understand right out at the front lines, they understand what our strategic priorities are and how they can contribute to us getting there. And so they're digging in, and they're looking at those opportunities every day.

是的，羅傑，我真的很想強調里奇剛才所說的，即文化對組織的影響令人印象深刻，尤其是在現場，無論是中游、煉油，無論你身在何處。我們擁有一支接受它的員工隊伍，並致力於推動更高水準的績效。他們了解第一線，他們了解我們的策略重點是什麼以及他們如何為我們實現這一目標做出貢獻。所以他們正在挖掘，每天都在尋找這些機會。

And across the organization, we continue to simplify work, to make work easier for people to get done. So get people the right digital opportunity so they can make better decisions faster, whether it's commercial or whether it's an operator on the front line. And the organization, we're also simplifying. And we want to ensure that we've got a streamlined organization that will support sustainable success around both cost and performance, and we're seeing that live as we move forward.

在整個組織中，我們繼續簡化工作，讓人們更輕鬆地完成工作。因此，為人們提供正確的數位機會，以便他們可以更快地做出更好的決策，無論是商業決策還是第一線操作員決策。我們也在簡化組織。我們希望確保我們擁有一個精簡的組織，能夠在成本和性能方面支持可持續的成功，並且隨著我們的前進，我們正在看到這一點。

No, I appreciate the detail there, everybody. I guess, just a follow-up question. On the announcement of the potential sale of the European retail assets, how does that affect the partial ownership you have in Refining assets on mainland Europe, MiRO, specifically?

不，我很欣賞大家的細節。我想，這只是一個後續問題。關於可能出售歐洲零售資產的消息，這對您在歐洲大陸煉油資產（特別是 MiRO）中擁有的部分所有權有何影響？

Yes, Roger, it's Kevin. So we're selling the Germany and Austria retail assets, like we said. That's a company-owned, dealer-operated model, primarily almost 1,000 sites across those 2 countries. That's a high-performing business, top-rated many years in a row, 10% of market share in each country. A great business, but doesn't really integrate with the sort of core strategic focus areas that we have as a company. So just a little bit of background as to why those assets.

是的，羅傑，我是凱文。因此，正如我們所說，我們正在出售德國和奧地利的零售資產。這是一種公司自有、經銷商營運的模式，主要在這兩個國家擁有近 1,000 個站點。這是一項業績出色的業務，連續多年名列前茅，在每個國家都佔有 10% 的市場份額。這是一項偉大的業務，但並沒有真正與我們公司的核心策略重點領域結合。關於為什麼要使用這些資產，我們先簡單介紹一下背景知識。

It does not include our ownership in the MiRO Refinery in Germany. And the reason for that is the majority of buyers for those type of retail assets would not be interested in refinery ownership. If there's a buyer that is interested, then that's a separate conversation, and we'll handle that separately. But this package right now is focused on those marketing assets.

它不包括我們在德國 MiRO 煉油廠的所有權。原因是大多數此類零售資產的買家對煉油廠所有權不感興趣。如果有買家有興趣，那麼這是一個單獨的對話，我們將單獨處理。但現在這個方案的重點是這些行銷資產。

The next question comes from Ryan Todd of Piper Sandler.

下一個問題來自 Piper Sandler 的 Ryan Todd。

Maybe if I could start with one on Rodeo. I mean congrats on getting the project -- the Rodeo Renewed project up and running. You mentioned the loss in the first quarter, and I know like early days are challenging, it's ramped for its full capacity and optimized performance.

也許我可以從牛仔競技表演開始。我的意思是祝賀您啟動並運行了 Rodeo Renewed 專案。您提到了第一季的虧損，我知道早期充滿挑戰，但它已全面提升產能並優化效能。

But can you walk through maybe what to expect over the next few quarters there? When do you anticipate hitting full production capacity? How do you anticipate the feedstock mix to change over the next few quarters as you run more advantaged feeds? And how should we think about that negative $180 million moving towards profitability from a time line point of view as we look over the course of this year?

但您能否大致了解未來幾季會發生什麼？您預計何時達到滿載生產？隨著您運行更有優勢的飼料，您預計未來幾季原料組合將如何變化？當我們回顧今年的進程時，從時間軸的角度來看，我們應該如何看待負 1.8 億美元轉向獲利的情況？

Sure, Ryan. I got that. This is Rich here. So maybe first, I'll start with a time line of the Rodeo facility. As you know, we've been ramping this facility down and hit a milestone in February of this year, with a complete shutdown of the facility after 128 years of legacy of running as a crude processing site. That first transition occurred on the first hydrocracker, and they went into renewable fuels feedstock production in March of this year.

當然，瑞安。我明白了。這是里奇。因此，也許首先，我將從牛仔競技表演設施的時間線開始。如您所知，我們一直在縮減該設施的產能，並在今年 2 月達到了一個里程碑，該設施在作為原油加工場運行了 128 年後完全關閉。第一次轉變發生在第一台加氫裂解裝置上，並於今年 3 月投入再生燃料原料生產。

So that first phase is up and running, and that's, that milestone we're talking about here. And that's allowed the facility, in complement with the Unit 250 operation that Mark mentioned in the earlier comments, with the first hydrocracker to produce about 30,000 barrels a day of renewable fuels. The second hydrocracker and the pretreatment unit will both finish construction in the May time frame, and we will start those up in the June time frame.

第一階段已經啟動並運行，這就是我們在這裡討論的里程碑。這使得該設施與馬克在先前評論中提到的 250 號機組運作相輔相成，第一台加氫裂解裝置每天可生產約 30,000 桶可再生燃料。第二套加氫裂解裝置和預處理裝置將在5月完成建設，我們將在6月啟動它們。

So by the end of the second quarter, the facility will be at full production rates. Now what does that all mean when it comes to margin? So margin in this business is driven a lot by the carbon intensity of the feedstocks. And Brian's team has been actively engaged in that over the last couple of years on aggregating the number of feedstocks.

因此，到第二季末，該工廠將達到滿載生產。那麼，當談到保證金時，這一切意味著什麼？因此，該業務的利潤很大程度取決於原料的碳強度。過去幾年裡，布萊恩的團隊一直積極致力於聚合原料數量。

So the way we see this is, we will start with essentially the pretreated material in the second quarter at a higher CI, roughly 50 CI number. And over the third quarter, we see the carbon intensity of our feedstocks continually ramping down through that third quarter. But by the end of the third quarter, I would expect to see us in the lower to mid-CI range of 30s, in that range. And that's primarily driven by processing more recycled fats, oils and greases that are aggregated throughout the world.

因此，我們的看法是，我們將從第二季的預處理材料開始，CI 值較高，大約為 50。在第三季度，我們看到原料的碳強度在第三季不斷下降。但到第三季末，我預計我們的 CI 範圍將處於 30 秒以上的中下區間。這主要是透過加工更多來自世界各地的回收脂肪、油和油脂來推動的。

So -- and then as a supplement to all of that, we're seeing a growing interest in sustainable aviation fuel as well. So we have positioned the facility to begin production of sustainable aviation fuel, which is a key component is the renewable jet that's blended into that. And that production will be capable starting in the third quarter as well. And we do expect to be a prominent supplier in the market on that.

因此，作為所有這些的補充，我們也看到人們對永續航空燃料的興趣日益濃厚。因此，我們已將該設施定位為開始生產永續航空燃料，其中的關鍵組成部分是混合其中的可再生噴射機。該生產也將於第三季開始。我們確實希望成為市場上的傑出供應商。

So the good news is Rodeo's through that start-up process, that shutdown/start-up process, and now we're in the ramp-up phase, I'll call it. It's online, and we're ramping up production right now.

所以好消息是 Rodeo 經歷了啟動過程、關閉/啟動過程，現在我們正處於加速階段，我稱之為。它已上線，我們現在正在提高產量。

Yes. Ryan, when we get up to full rates, we'll be able to produce something on the order of 10,000 barrels a day of renewable jet fuel, which gets blended up then to sustainable aviation fuel in the marketplace. And this kit is going to be designed for continuous optimization, whether it's the split between jet and diesel fuel or the feedstocks coming in.

是的。 Ryan，當我們達到滿載時，我們將能夠每天生產約 10,000 桶可再生噴射燃料，然後將其混合成市場上的可持續​​航空燃料。該套件的設計旨在持續優化，無論是噴氣機和柴油燃料之間的分配還是進入的原料。

Because of the feed pretreatment unit we'll have, we'll have great flexibility. And so we'll optimize on CI, cost and revenue and as well as the incentives that are out there. So it's going to be an interesting facility to have in our kit, and we're looking forward to getting it fully online and generating cash.

由於我們將擁有飼料預處理裝置，我們將擁有很大的靈活性。因此，我們將優化 CI、成本和收入以及現有的激勵措施。因此，這將是我們工具包中的一個有趣的設施，我們期待著讓它完全在線並產生現金。

I think it's supplemented as well by the last-mile strategy that Brian's team has put in place. That prevents leakage of value as we deliver the product to the end user there, and that should play out nicely as we increase production from the facility.

我認為布萊恩團隊制定的最後一哩策略也對此進行了補充。當我們將產品交付給最終用戶時，這可以防止價值洩漏，並且當我們增加工廠的產量時，這應該會很好地發揮作用。

And do you have -- have you signed contracts on the SAF front? Are you in ongoing negotiations there with partners?

你們是否簽署了有關新加坡武裝部隊方面的合約？您正在與合作夥伴進行談判嗎？

We're concurrently in negotiations with partners. We've seen a lot of interest in SAF.

我們同時正在與合作夥伴進行談判。我們看到人們對 SAF 很感興趣。

Great. Maybe just one, changing gears to chems, on the Chemical side, the better-than-expected performance of CPChem. Can you talk about kind of the drivers of improvement there? Is it primarily feedstock-related? Are you seeing any signs of underlying improvement in market conditions and maybe how you're looking at the rest of the year?

偉大的。也許只有一個，轉向化學，在化學方面，CPChem 的表現比預期好。您能談談那裡的改進驅動因素嗎？主要與原料有關嗎？您是否看到市場狀況有任何潛在改善的跡象？

Yes. Ryan, this is Tim Roberts, and I'll chat about that. I'll cover 3 things because I think there'll be other questions around it. First one I wanted to talk about is actually more on the leadership side. I just wanted to recognize Bruce Chinn, who was the recently retired CEO at CPChem. He did a really good job there, great leadership, great drive for excellence, and he'll be missed.

是的。瑞安，我是提姆·羅伯茨，我來談談這個。我將討論三件事，因為我認為還會有其他問題。我想談的第一個實際上更多的是領導力方面。我只是想認識 Bruce Chinn，他是 CPChem 最近退休的執行長。他在那裡做得非常出色，具有出色的領導能力，追求卓越的巨大動力，我們會懷念他的。

We have an internal candidate, Steve Prusak, who's assumed the role of CEO. Steve has been very successful in all phases of the Chemical business, and we are highly confident in his ability to lead and take CPChem to the next level of industry-leading performance. So that, I want to thank both of those guys.

我們有一位內部候選人史蒂夫·普魯薩克 (Steve Prusak)，他將擔任執行長。 Steve 在化學業務的各個階段都非常成功，我們對他領導和帶領 CPChem 達到行業領先績效新水平的能力充滿信心。因此，我要感謝這兩個人。

Now on the macro side, let me talk about that, and then I'll get specific to CPChem. Macro, clearly, the heavy-light spread with regard to being light feed versus heavy feed, it's really been a boon to those that can crack the light feedstock, especially CPChem, who's well positioned not only in the U.S. Gulf Coast but in the Middle East. And so it's -- the advantage is pretty wide right now. And so they've been able to take advantage of it. In fact, the industry in the U.S., if you're cracking light, you like it.

現在在宏觀方面，讓我談談這一點，然後我將具體介紹 CPChem。宏觀上，顯然，輕質原料與重質原料之間的重質輕質價差，對於那些能夠裂解輕質原料的公司來說確實是一個福音，尤其是CPChem，它不僅在美國墨西哥灣沿岸而且在中部地區都處於有利地位。所以現在的優勢相當廣。所以他們能夠利用它。事實上，在美國這個產業，如果你能破解光，你就會喜歡它。

However, I will tell you, we are not at mid-cycle margins. It has come off the bottom, which is good. A lot of that is really related to more about feedstock. So natural gas has come off. It's come down. And subsequently, ethane's come down with it, as has some propane and butane as well. And so subsequently, that gap has gotten bigger, and then, anyway, that's showing up, and then, also, the lower feedstock and natural gas relative to utility cost.

然而，我會告訴你，我們還沒有處於週期中期。它已經脫離了底部，這很好。其中很多確實與原料有關。所以天然氣已經脫落了。已經下來了隨後，乙烷也隨之下降，一些丙烷和丁烷也隨之下降。因此，隨後，這種差距變得更大，然後，無論如何，這種情況正在出現，然後，相對於公用事業成本而言，原料和天然氣也較低。

So the combination of those 2, as well as just a little bit of support on polyethylene pricing, not a lot, but enough to help widen up that chain margin a little bit. So I think that's been good. We still think, though, that although we're off the bottom, we still think it's hard to see us getting to mid-cycle anytime during 2025. But certainly, supply-demand fundamentals, as destocking goes, we do see that it's -- sometime after 2025, you can see it rebalance and then get back into a mid-cycle environment.

因此，這兩者的結合，以及對聚乙烯定價的一點支持，雖然不是很多，但足以幫助稍微擴大連鎖利潤。所以我認為這很好。不過，我們仍然認為，儘管我們已脫離谷底，但我們仍然認為在 2025 年期間很難進入周期中期。之後的某個時候，您可以看到它重新平衡，然後回到中期環境。

Specifically to CPChem, though, I do want to highlight as well with them that they've had a couple of their mid-cap projects that did come onstream late last year, C3 splitter, the 1-hexene unit, and then they also added another furnace to one of the large crackers there. And 1-hexene and C3, they're adding earnings in the first quarter. So they're up, they're running. They have run it higher than nameplate capacity, which has been really good, and again, generating earnings that are showing up at CPChem's results.

不過，特別是對於 CPChem，我確實想向他們強調，他們有幾個去年年底投產的中型項目，C3 分離器、1-己烯裝置，然後他們還添加了那裡的一個大餅乾的另一座熔爐。還有 1-己烯和 C3，他們在第一季增加了收益。所以他們站起來，他們在奔跑。他們的運行速度高於銘牌產能，這確實非常好，並且再次產生了 CPChem 業績中顯示的收益。

And we're in really a start-up mode with the furnace. That work is complete. They're starting it up, going through the normal shakedown you will have with those units. And we're hoping, in 2Q, you'll see something more material on the earnings side there, too.

我們的熔爐確實處於啟動模式。這項工作已經完成。他們正在啟動它，對這些設備進行正常的檢查。我們希望，在第二季度，您也會在收益方面看到更多實質內容。

Yes. Ryan, you're seeing live the last almost 25 years of what CPChem has done to position themselves to be able to run flat out at the bottom of the cycle. And they did that, and they did that profitably. And you're seeing rationalization of assets in Europe while they're running at flat-out rates.

是的。 Ryan，您親眼目睹了 CPChem 在過去近 25 年中所做的一切，以使自己能夠在周期底部全力以赴。他們確實這麼做了，並且獲利豐富。你會看到歐洲資產的合理化，而它們卻以穩定的速度運作。

And so that's encouraging from a CPChem perspective. We need to see that in this down cycle to see some of the less competitive assets come out of the system, and that's going to be constructive. And that will help accelerate the industry out of the bottom of the cycle and to greener pastures out in the next couple of years.

從 CPChem 的角度來看，這是令人鼓舞的。我們需要看到，在這個下行週期中，一些競爭力較弱的資產將退出系統，這將是建設性的。這將有助於加速該行業走出週期底部，並在未來幾年走向更美好的未來。

And Mark, to add on to that point, I think that's a great point. What you're seeing is that a lot of your higher-cost folks, they're running at reduced rates or they're shut down and extending maintenance or running at reduced rates. And we've even seen some facilities, namely in Europe, 2 announcements of 2 crackers that will be shutting down from some competition there because they're at the wrong place in the cost curve, whereas CPChem is on the right place in the cost curve.

馬克，補充一點，我認為這是一個很好的觀點。您所看到的是，許多成本較高的人員正在以較低的速度運行，或關閉並延長維護時間或以較低的速度運行。我們甚至看到一些設施，即在歐洲，有 2 份公告宣布 2 家裂解廠將因那裡的一些競爭而關閉，因為它們在成本曲線上處於錯誤的位置，而 CPChem 在成本曲線上處於正確的位置曲線。

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。

Guys, so you did a good job of explaining the variability in earnings quarter-on-quarter on Refining. Can we go through some of that in the Midstream? We saw a big variation on the NGL and Other side. I mean transportation wasn't off that much, but help us understand what drove the variability in the second part of that business.

夥計們，你們很好地解釋了煉油業務季度收益的變化。我們可以在中游經歷一些嗎？我們看到 NGL 和另一邊有很大的變化。我的意思是交通並沒有那麼糟糕，但可以幫助我們了解是什麼導致了該業務第二部分的變化。

Yes. Manav, thanks for the question. This is Tim Roberts again, and let me go ahead and address. I mean first thing I want to lay out there is that last quarter on the earnings call, I talked about guiding towards $675 million per quarter IBT, and we're staying with that. I mean that still feels good, $3.6 billion to the year. That's where we're at. So I just wanted to make sure we were -- that hasn't changed. Now if you look at 4Q and 1Q, 4Q was a strong quarter, okay? That was the first thing.

是的。馬納夫，謝謝你的提問。我又是提姆·羅伯茨，讓我繼續講話。我想說的第一件事是，在上個季度的財報電話會議上，我談到了每季 IBT 達到 6.75 億美元的目標，我們將堅持這一點。我的意思是，今年 36 億美元，感覺還是不錯。這就是我們現在的情況。所以我只是想確保我們——這一點沒有改變。現在，如果你看看第四季度和第一季度，第四季度是一個強勁的季度，好嗎？這是第一件事。

You had some onetime things that showed up in that fourth quarter. And in first quarter, what impacted it and especially the variance, number one, winter storm. So the winter storm, it impacted us and impacted other people, too. And really, the impact was, and I think it's worth noting, were really not to our assets, it was to the producers. So we really weren't seeing the volumes come down the pipe due to freeze-offs and a variety of other different issues.

你在第四季出現了一些曾經的事情。在第一季度，是什麼影響了它，尤其是差異，第一，冬季風暴。因此，冬季風暴不僅影響了我們，也影響了其他人。事實上，我認為值得注意的是，這種影響其實不是針對我們的資產，而是針對製作人。因此，由於凍結和其他各種不同問題，我們確實沒有看到銷量下降。

So it took a while for those volumes to get back up and get running again and then subsequently start working their way through the system. So about $30 million impact there. And then also, we had some commercial true-ups from fourth quarter to first quarter, commercial true-ups, accruals and some inventory timing that showed up between fourth quarter to first quarter.

因此，這些磁碟區需要一段時間才能恢復並再次運行，然後開始在系統中工作。大約有 3000 萬美元的影響。然後，我們從第四季度到第一季進行了一些商業調整，在第四季度到第一季之間出現了一些商業調整、應計費用和一些庫存時間表。

And so if you put those 2 quarters together, you really are getting in somewhere north of that $675 million number where we're at. We think we'll be on a more normalized basis as we go into 2Q. And you'll see some inventory timing issues will show up. It's not big, but some will show up in the second quarter as a positive. But generally, that's kind of how we look at it. We're still in that $675 million is the right number as we see throughout the year.

因此，如果將這兩個季度放在一起，您的收入確實超出了我們目前的 6.75 億美元。我們認為，進入第二季時，我們將處於更正常化的基礎上。您會發現一些庫存時間問題會出現。雖然規模不大，但有些會在第二季度顯現為積極的一面。但一般來說，我們就是這樣看待它的。我們仍然認為 6.75 億美元是我們全年看到的正確數字。

Perfect. My quick follow-up is on the diesel macro. We have seen some pullback in cracks. Wasn't fully anticipated because we expected Russia volumes to drop, which they did not. So I know Jeff does a lot of detailed work on this, so if you could help us with your crystal ball as to what's going on in the diesel world. And do you expect the cracks to get stronger in the year?

完美的。我的快速跟進是柴油宏觀。我們已經看到了一些裂縫的回落。沒有完全預料到，因為我們預計俄羅斯的銷量會下降，但事實並非如此。所以我知道傑夫在這方面做了很多詳細的工作，所以如果你能用你的水晶球幫助我們了解柴油世界正在發生的事情。您預計今年裂縫會變得更嚴重嗎？

Manav, this is Brian Mandell. I would say that we've had a number of issues. We had a warm northeast U.S. winter, then refineries came back and they were running really well. Prices for diesel are in contango. We have seen about 200,000 barrels a day of Russian distillate off the market. But we are constructive. We do think the market will come back. You're seeing -- starting to see run cuts in Europe and Asia with hydrocracking and hydroskimming margins at breakeven.

馬納夫，這是布萊恩·曼德爾。我想說我們遇到了很多問題。我們在美國東北部度過了一個溫暖的冬天，然後煉油廠恢復運轉，運作得非常好。柴油價格處於升水狀態。我們每天看到大約 20 萬桶俄羅斯餾分油從市場上消失。但我們是建設性的。我們確實認為市場將會復甦。你會看到－歐洲和亞洲開始削減產量，加氫裂解和加氫撇油利潤達到損益兩平。

As we move into driving season, we could see more gasoline mode. In fact, you're seeing gasoline over distillate on the coast in the U.S., East and West Coast. And that could drive less distillate moving to more jet production from diesel, particularly fixing ahead into China's Labor Day, Golden Week, and we see real strong jet demand. And then continue to geopolitical issues, if Russia's hit again, that means that diesel exports as well. So we think that things are going to look better coming out of kind of this trough here.

當我們進入駕駛季節時，我們可以看到更多的汽油模式。事實上，在美國東海岸和西海岸，您會看到汽油多於餾分油。這可能會導致更少的餾分油轉向更多的柴油飛機生產，特別是在中國勞動節、黃金周之前，我們看到真正強勁的飛機需求。然後繼續地緣政治問題，如果俄羅斯再次受到打擊，那就意味著柴油出口也會受到影響。所以我們認為，走出這個低谷後，事情會看起來更好。

Our next question today comes from John Royall of JPMorgan.

今天我們的下一個問題來自摩根大通的約翰·羅亞爾。

I had a follow-up on the retail sale in Europe. Are there any other assets on the international marketing side that might be less strategic that could shake out there? And on the U.S. Marketing side, is the majority of that business too integrated with the Refining operations to separate? I'm just trying to get a sense of the strategic direction in Marketing in light of this new sales process.

我對歐洲的零售銷售情況進行了追蹤。國際行銷方面是否還有其他可能不太具有戰略意義的資產可能會被淘汰？在美國行銷方面，大部分業務是否與煉油業務過於一體化而無法分開？我只是想根據這個新的銷售流程來了解行銷的策略方向。

Yes, John. From a Europe standpoint, the other marketing businesses are in Switzerland, where we have a joint venture with Coop, and in the U.K. And the two are very different in that the Switzerland business is somewhat of a stand-alone retail business, but it's also in a joint venture structure, and so the dynamics are a little bit different around that.

是的，約翰。從歐洲的角度來看，其他行銷業務在瑞士（我們與Coop 在那裡有一家合資企業）和在英國。但它也在合資企業結構中，因此動態略有不同。

The U.K., that marketing business is very integrated with our Refining in the U.K. So it's much more akin to the U.S. model, where the Marketing business serves to help ensure product placement coming out of the Humber Refinery. And that's really the case for the U.S. Marketing business as well. It's very much integrated with the Refining system across the different regions.

在英國，行銷業務與我們在英國的煉油業務緊密結合。美國行銷業務也是如此。它與不同地區的精煉系統高度整合。

Great. And then my next question is on the West Coast. And I think Mark sort of alluded to this a little in his response to Neil. But how should we think about the structural capture rate on the West Coast? And how it's going to be different now with the Rodeo officially an RD unit and not a refinery? Should we expect it to be higher than what we've seen historically as a result?

偉大的。我的下一個問題是關於西海岸的。我認為馬克在對尼爾的回應中稍微提到了這一點。但我們該如何看待西海岸的結構性捕獲率？現在，Rodeo 正式成為研發單位而不是煉油廠，情況會有什麼不同？我們是否應該期望它會高於我們歷史上看到的結果？

Well, do you want me to start with that?

好吧，你想讓我從這個開始嗎？

Sure.

當然。

Come over the top. This is Rich Harbison. So there's a reason, John, we've gone to Rodeo and converted it into a renewable fuels stock. It has not been a meaningful contributor to the earnings profile on the West Coast for quite some time now. So that -- we're looking forward to getting that change fully implemented. And we do think that will have a marked change to the West Coast profitability.

過來吧。這是里奇·哈比森。所以約翰，我們去牛仔競技表演並將其轉化為可再生燃料庫存是有原因的。很長一段時間以來，它一直沒有對西海岸的盈利狀況做出有意義的貢獻。因此，我們期待這項變革能得到全面實施。我們確實認為這將對西海岸的盈利能力產生顯著變化。

The Los Angeles and the Ferndale facilities will continue to operate, and they've been good contributors to the West Coast. But I'll say, in general, the West Coast is a challenging market to make money on the Refining side of the business. Our Los Angeles Refinery has been challenged with the declining supply of California domestic crudes, which has taken away a lot of the original crude advantage for that facility when it was originally built.

洛杉磯和芬代爾的設施將繼續運營，它們一直為西海岸做出了良好的貢獻。但我要說的是，總的來說，西海岸是一個在煉油業務方面賺錢具有挑戰性的市場。我們的洛杉磯煉油廠面臨加州國內原油供應下降的挑戰，這使得煉油廠在最初建造時失去了許多原有的原油優勢。

Now the TMX pipeline is opening up, so there's a change in the crude flow dynamics, which has the potential to have a positive impact on the Los Angeles facility. And we'll see how that dynamic works out here over the next few months as these crude flows change around. But changing and pulling the Rodeo refinery out will have a marked change on the West Coast.

現在 TMX 管道正在開放，因此原油流動動態發生了變化，這有可能對洛杉磯設施產生積極影響。隨著原油流量的變化，我們將在未來幾個月看到這種動態如何發揮作用。但改變並撤出 Rodeo 煉油廠將為西海岸帶來顯著的變化。

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。

Are you able to share the approximate EBITDA contribution of those German and Austrian retail assets up for sale? And then the cash from the sale, would that be earmarked for, like, share buybacks? And if so, would that mean an increase to the $13 billion to $15 billion target?

您能否分享一下德國和奧地利待售零售資產的大致 EBITDA 貢獻？然後，出售所得的現金是否會專門用於股票回購等？如果是這樣，這是否意味著將目標提高到 130 億至 150 億美元？

Yes, Matt, this is Kevin. The EBITDA, I'll give you the numbers that are on the information that we're providing to the prospective buyers. It's a -- the range is EUR 300 million to EUR 350 million, which the conversion for that is $325 million to $375 million. If you pick the midpoint, $350 million of EBITDA is probably your best number to go with on that.

是的，馬特，這是凱文。 EBITDA，我將向您提供我們向潛在買家提供的資訊中的數字。範圍是 3 億歐元到 3.5 億歐元，換算下來就是 3.25 億美元到 3.75 億美元。如果您選擇中點，3.5 億美元的 EBITDA 可能是您最好的數字。

In terms of cash generation, as we've previously stated, our cash return target of $13 billion to $15 billion was not dependent on proceeds from asset sales. So it does have the potential to increase that. But I would also say, we haven't made any definitive decisions on exactly how that cash would be deployed. And also, the timing is still quite uncertain at this point anyway. These processes usually take a while to run through. So that will be something that we will make a determination on near the time when that cash inflow becomes real.

在現金產生方面，正如我們之前所說，我們 130 億至 150 億美元的現金回報目標並不依賴資產出售的收益。所以它確實有潛力增加這一點。但我還要說，我們還沒有就如何部署這些現金做出任何明確的決定。而且，無論如何，目前時機仍然相當不確定。這些過程通常需要一段時間才能完成。因此，我們將在現金流入真正實現時做出決定。

That's great. And then the $180 million hit from the Rodeo conversion, I think that's a little bit higher than what we're expecting. What drove that increase? And can you provide any sort of breakout on like how much of that was in gross margins versus OpEx versus depreciation? And then also, is it fair to assume that the current Rodeo plant is EBITDA negative since it's not running the low CI feeds yet?

那太棒了。然後，牛仔競技表演帶來的 1.8 億美元收入，我認為比我們的預期要高一些。是什麼推動了這項成長？您能否提供任何類型的突破，例如毛利率與營運支出與折舊的比例？另外，由於目前的 Rodeo 工廠尚未運行低 CI 飼料，因此假設其 EBITDA 為負值是否公平？

So on the first question, we're not going to give that level of asset-specific breakout. And I would say, the $180 million does not include -- the absolute loss on a GAAP basis is a bigger number, again, because we had some impairments related to assets that are taken out of service. So the $180 million is on the -- consistent with the way we report our adjusted earnings. And it does show up in the different areas, but we're not going to provide that level of line item breakout.

因此，關於第一個問題，我們不會給出特定資產的突破水準。我想說的是，1.8 億美元不包括在內——以 GAAP 計算的絕對損失是一個更大的數字，因為我們有一些與停止服務的資產相關的減損。因此，1.8 億美元的金額與我們報告調整後收益的方式一致。它確實出現在不同的區域，但我們不會提供該等級的訂單項目細分。

The second question was around EBITDA while we're in ramp-up mode. My observation, and others can supplement this is, clearly, when we're in ramp-up mode, we're running the higher CI feedstocks. We don't yet have the full economies of scale because we're in ramp-up mode. EBITDA generation is going to be challenged than the early phases. But as we go through that series of bringing all the units up, production coming up to the 50,000 barrels per day, the feedstocks migrating to the more -- the lower carbon intensity, we should start to see that transition into positive EBITDA contribution.

第二個問題是關於我們處於上升模式時的 EBITDA。我的觀察和其他人可以補充這一點，顯然，當我們處於加速模式時，我們正在運行更高的 CI 原料。我們還沒有完全實現規模經濟，因為我們正處於加速模式。 EBITDA 的產生將比早期階段面臨挑戰。但當我們經歷一系列的提高所有裝置、產量達到每天 50,000 桶、原料遷移到更多——碳強度更低時，我們應該開始看到這種轉變為正的 EBITDA 貢獻。

Supported by sustainable aviation fuel.

由永續航空燃料支持。

That's right. It's another uplift, yes.

這是正確的。是的，這是另一種提升。

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 have to apologize, but I want to go back into the West Coast. Can you share that what is the OpEx, excluding Rodeo? And also what is Rodeo going to look like once it's fully ramped up in terms of the OpEx? That's the first question.

我必須道歉，但我想回到西海岸。您能否分享一下什麼是營運支出（不包括 Rodeo）？一旦 Rodeo 的營運支出全面提升，它會是什麼樣子？這是第一個問題。

OpEx, excluding Rodeo, yes, Paul, I think the best way to answer that is because we don't give that level of asset level detail out. But we will be providing more reporting transparency on a going-forward basis that will enable you to see the kind of level of information that your -- the questions that you're asking for.

營運支出，不包括 Rodeo，是的，Paul，我認為回答這個問題的最佳方法是因為我們沒有給出資產等級的詳細資訊。但我們將在未來提供更多的報告透明度，使您能夠看到您所詢問的問題的資訊等級。

In future periods, we will be providing more transparency around the Rodeo renewable fuels business separate from West Coast Refining. And so I would just say, I know that doesn't help you in terms of modeling right now, but just watch this space because we will be providing more transparency around that.

在未來的時期，我們將提高與西海岸煉油公司分開的 Rodeo 再生燃料業務的透明度。所以我只想說，我知道這對你現在的建模沒有幫助，但只要關注這個空間，因為我們將提供更多的透明度。

Right. Kevin, can I ask that, from the first to the second quarter, I understand there's some onetime OpEx related with that transition in the first quarter. So the OpEx, should we assume that it's going to stay at this level as the first quarter or that is actually going to be down?

正確的。凱文，我可以問一下，從第一季到第二季度，我知道有一些一次性的營運支出與第一季的過渡有關。那麼，我們是否應該假設營運支出將保持在第一季的水平，還是實際上會下降？

Well, it's probably down a little. There's still going to be an elevated element of that, and there's some what we would classify as turnaround-related costs associated with the conversion as well that will show up at Rodeo. But the trend is downward. We're past the peak spend, I guess, is the way to say it.

嗯，可能會下降一點。其中仍然會有一個較高的因素，我們將一些與轉換相關的周轉相關成本歸類為在 Rodeo 上出現。但趨勢是下降的。我想，我們已經過了消費高峰期了。

Our next question comes from Jason Gabelman of Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Jason Gabelman。

Yes. The first one is just on commercial performance. And I think you had discussed a desire to integrate different plans in terms of how you buy crude and sell product and try to maximize profitability across the portfolio, rather than at a site level. I'm just wondering if you could provide an update on that journey, and if you've seen any of that earnings benefit come through in the results. And then second, just a quick clarification. Can you remind us what your target cash balance is?

是的。第一個是商業表演。我認為您已經討論過在如何購買原油和銷售產品方面整合不同計劃的願望，並嘗試在整個投資組合中（而不是在站點層面）最大化盈利能力。我只是想知道您是否可以提供有關該旅程的最新信息，以及您是否在結果中看到了任何收入收益。其次，快速澄清一下。您能提醒我們您的目標現金餘額是多少嗎？

Jason, it's Brian Mandell. I'll give you some kind of flavor of our journey for commercial. Our commercial supply and trading organization is, as you know, an integrated global business. We have offices in Houston, Calgary, London and Singapore. And as you mentioned, our focus is now to fully optimize and capture the optionality value embedded in all of the assets and then to capture that kind of integration value between the various business segments to drive additional value for the company.

傑森，我是布萊恩‧曼德爾。我將為您介紹我們的商業之旅。如您所知，我們的商業供應和貿易組織是一家綜合性的全球企業。我們在休士頓、卡加利、倫敦和新加坡設有辦事處。正如您所提到的，我們現在的重點是全面優化和捕獲所有資產中嵌入的可選價值，然後捕獲各個業務部門之間的這種整合價值，從而為公司帶來額外價值。

Last year, internally, we announced a reorganization of our commercial group, the goal of reducing our back office costs and continuing to advance our capabilities and value generations. We've made some really strong hires this year. We also have a companion organization that we call value chain optimization group, VCO for short, whose function is to work across the integrated value chain to ensure that we continue to make the best corporate general interest decisions.

去年，我們在內部宣布對商業集團進行重組，目標是降低後台成本並繼續提高我們的能力和價值創造。今年我們招募了一些非常優秀的員工。我們還有一個夥伴組織，我們稱之為價值鏈優化小組，簡稱VCO，其職能是在整個價值鏈上開展工作，以確保我們繼續做出最佳的企業整體利益決策。

And ultimately, we're kind of focused on driving increased earnings, maximizing our return on capital employed and increasing the market capture for our Refining segment, and doing all this while thinking about continuous improvement and continually growing the business.

最終，我們專注於推動收入成長，最大化我們的資本回報率並增加煉油部門的市場佔有率，在實現這一切的同時考慮持續改進和不斷發展業務。

And Jason, on the cash number, the target cash balance, the same as we've said in the past, $2 billion to $3 billion. We were slightly below that level at the end of the quarter. I'd also say, the first quarter is typically a heavy drain on cash quarter. So as we look ahead, we're still very comfortable with that target level.

Jason，關於現金數字，目標現金餘額，與我們過去所說的一樣，20 億至 30 億美元。到本季末，我們的業績略低於該水準。我還想說，第一季通常是現金消耗嚴重的季度。因此，展望未來，我們仍然對這個目標水準感到非常滿意。

And our final question today comes from Theresa Chen of Barclays.

今天我們的最後一個問題來自巴克萊銀行的Theresa Chen。

First, on the near-term outlook for capture in second quarter and maybe third as well. Just thinking about the different moving parts, you have presumably less noise from the onetime items impacting first quarter, whether it be from turnarounds or Rodeo. But you do have WCS narrowing based on your sensitivity and the magnitude that we've seen to date, that should be a sizable headwind.

首先，關於第二季甚至第三季捕獲的近期前景。只要考慮不同的活動部分，您可能會減少影響第一季的一次性項目的噪音，無論是來自扭虧為盈還是牛仔競技表演。但根據您的敏感度和我們迄今為止所看到的幅度，您確實有 WCS 縮小，這應該是一個相當大的阻力。

And then later, maybe with TMX ramping online, to be able to bring barrels to PADD 5 indirectly or directly, that should help your West Coast assets. Just help us think about how to reconcile these variables as we look to capture in the near term, please.

然後，也許隨著 TMX 上線，能夠間接或直接將桶帶到 PADD 5，這應該會對您的西海岸資產有所幫助。請幫助我們考慮如何協調這些變量，因為我們希望在短期內捕獲這些變量。

I think at a high level, Theresa, we are laser focused on the things we can control, and that's what we focus on, and that's what Rich and Brian focus on. I think that the things out of our control would be speculative. But I think Rich can talk about what we're doing to -- and what we see over the next couple of quarters with respect to market capture potential, and Brian can chime in from a commercial perspective.

我認為，特蕾莎，從高層次來說，我們專注於我們可以控制的事情，這就是我們所關注的，這也是里奇和布萊恩所關注的。我認為我們無法控制的事情將是推測性的。但我認為里奇可以談談我們正在做什麼——以及我們在接下來的幾個季度中看到的市場佔領潛力，而布萊恩可以從商業角度插話。

Yes. So Theresa, we talked -- this is Rich again. We talked a little bit about some of the headwinds on market capture, which, when I think about market capture from a Refining perspective, it's our clean product yield. So -- and then it's the products that we make. Are we moving up the product value chain on that?

是的。特蕾莎，我們聊過──這又是里奇。我們討論了市場佔領的一些不利因素，當我從煉油的角度考慮市場佔領時，這就是我們的清潔產品產量。所以——然後就是我們生產的產品。我們是否正在以此提升產品價值鏈？

So first quarter, certainly, some headwinds with some downstream conversion unit turnaround activity. Good news is we've refreshed all that catalysts now, and they're ready to run here. Some of that did bleed a little bit into the second quarter. But as we roll into the summer driving season, you'll see our clean product yield and product values in about the best place we can put them.

因此，第一季肯定會遇到一些下游轉換單位週轉活動所帶來的阻力。好消息是我們現在已經更新了所有催化劑，它們已經準備好在這裡運行。其中一些確實在第二季度有所流失。但當我們進入夏季駕駛季節時，您會看到我們的清潔產品產量和產品價值處於我們可以放置的最佳位置。

Now we continue to invest in these as well. We've seen over the last 2 years that we've completed a number of projects on this front, and continue that program through this year as well with a target of increasing our market capture by 5% from a mid-cycle basis.

現在我們也繼續在這些方面進行投資。在過去的兩年裡，我們已經在這方面完成了許多項目，並將在今年繼續該計劃，目標是在中期基礎上將我們的市場佔有率提高 5%。

Through last year, we put projects in that have raised that bar by 3%, and we expect to close the balance of that out of the 5 this year with an additional 15 projects that are currently in construction at the sites. So when we think about the market capture this quarter at 69%, I see that as a lower part of our market and something to build on as we move through the rest of the quarter as the facilities come out of turnaround cycle.

截至去年，我們投入的項目已將這一標準提高了 3%，我們預計今年將透過目前在工地建設的另外 15 個項目來完成 5 個項目中的餘額。因此，當我們考慮本季 69% 的市場佔有率時，我認為這是我們市場的較低部分，隨著設施走出週轉週期，我們在本季度剩餘時間裡可以繼續發展。

And Theresa, this is Brian Mandell. Just to add some color on the commercial side. I would say, we're seeing, this year, gasoline and diesel roughly flat to last year in terms of demand. Jet fuel, a little bit stronger this year. I talked about our commercial organization, how kind of moving up that curve to take advantage of the optionality in our assets, we'll continue to do that.

特蕾莎，這是布萊恩曼德爾。只是為了在商業方面添加一些色彩。我想說，我們看到，今年汽油和柴油的需求基本上與去年持平。航空燃油，今年有點強。我談到了我們的商業組織，如何沿著曲線向上移動以利用我們資產的可選性，我們將繼續這樣做。

And then thinking about WCS, you made a good comment. I would say that WCS will remain volatile. What we have appetite, we can move around different grades. So we can run Canadian heavy, we can run Canadian lights as well. We have an integrated system, a big commercial footprint. And if the WCS is unfavorable, particularly on our Gulf Coast plants or West Coast plants, we can switch to other grades such as Latin American grades and AG grade. So a lot of flexibility in our system.

然後想到 WCS，您發表了很好的評論。我想說，WCS 將繼續波動。我們有什麼胃口，我們可以在不同的年級之間移動。所以我們可以運行加拿大重載，我們也可以運行加拿大輕載。我們擁有一個整合的系統，一個巨大的商業足跡。如果 WCS 不利，特別是在我們的墨西哥灣沿岸工廠或西海岸工廠，我們可以改用其他牌號，例如拉丁美洲牌號和 AG 牌號。所以我們的系統有很大的彈性。

Got it. And if I could ask a follow-up related to Kevin's earlier comments about what the appropriate leverage is for the company and the commentary related to how some of your more cash flows stable businesses can bear more leverage. Can you just share with us what portion of your Midstream business at this point, what portion of the EBITDA is paid by third-party customers and not Phillips Refining paying those Midstream?

知道了。我能否詢問與凱文先前關於公司合適槓桿率的評論相關的後續內容，以及與您的一些現金流更穩定的企業如何承受更高槓桿率相關的評論。您能否與我們分享您目前中游業務的哪一部分、EBITDA 的哪一部分是由第三方客戶支付的，而不是由 Phillips Refining 支付這些中游費用？

Theresa, I'll verify the number, but we're well into, I would say, it's 65% to 70% third parties.

Theresa，我會核實這個數字，但我想說，我們很了解，65% 到 70% 是第三方。

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）做總結發言。

Thank you, all, for your great questions. The market fundamentals that we're looking at are supportive, and our assets are running strong since the completion of seasonal maintenance activities. Our integrated portfolio is well positioned to capture market opportunities and to meet the peak summer demand.

謝謝大家提出的好問題。我們所關注的市場基本面是支撐性的，並且自季節性維護活動完成以來我們的資產運作強勁。我們的綜合產品組合能夠很好地抓住市場機會並滿足夏季高峰需求。

We've got a clear path forward to achieve our strategic priorities that support $4 billion of growth from our 2022 mid-cycle adjusted EBITDA to our $14 billion target by 2025. We're confident in our ability to grow cash flows and create significant long-term value for shareholders. Thank you for your interest in Phillips 66. If you have questions after today's call, please call Jeff or Owen. Thank you.

我們有一條明確的前進道路來實現我們的戰略優先事項，支持從2022 年周期中期調整後的EBITDA 增長40 億美元到2025 年140 億美元的目標。信心。感謝您對 Phillips 66 的興趣。謝謝。

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

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路。