菲利普斯66 (PSX) 2025 Q2 法說會逐字稿

Welcome to the second quarter 2025 Phillips 66 earnings conference call. My name is Emily, 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. Jeff, you may begin.

歡迎參加 2025 年第二季 Phillips 66 財報電話會議。我叫艾米麗，今天我將擔任您的電話接線生。（操作員指示）請注意，本次會議正在錄音。現在我將把電話轉給投資者關係副總裁 Jeff Dietert。傑夫，你可以開始了。

Welcome to Phillips 66 earnings conference call. Participants on today's call will include Mark Lashier, Chairman and CEO; Kevin Mitchell, CFO; Don Baldridge, Midstream and Chemicals; Rich Harbison, Refining; and Brian Mandell, Marketing and Commercial.

歡迎參加菲利普斯 66 收益電話會議。參加今天電話會議的人員包括董事長兼首席執行官馬克·拉希爾 (Mark Lashier)、首席財務官凱文·米切爾 (Kevin Mitchell)、中游和化學品部門唐·鮑德溫 (Don Baldridge)、煉油部門里奇·哈比森 (Rich Harbison) 以及市場營銷和商業部門布萊恩·曼德爾 (Brian Mandell)。

Today's presentation can be found on the Investor Relations section of the Phillips 66 website, along with supplemental financial and operating information.

今天的簡報可以在 Phillips 66 網站的投資者關係部分找到，同時還有補充的財務和營運資訊。

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做出前瞻性陳述。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這裡以及我們的 SEC 文件中。

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

說完這些，我會把電話轉給馬克。

Thanks, Jeff. Welcome, everyone, to our second quarter earnings call. We had a strong financial and operating results this quarter. They are a reflection of our focused strategy, disciplined execution and meaningful progress towards achieving our 2027 strategic priorities.

謝謝，傑夫。歡迎大家參加我們的第二季財報電話會議。本季我們的財務和營運業績強勁。它們體現了我們的重點策略、嚴謹的執行以及在實現 2027 年策略重點方面取得的重大進展。

Coming off our large spring turnaround program, we said we were positioned to capture a strengthening market, and we delivered. Our refining assets ran at 98% utilization, the highest since 2018. Clean product yield was over 86%, we captured 99% of our market indicator and achieved our lowest adjusted cost per barrel since 2021.

在我們完成大規模春季轉型計劃之後，我們表示我們已做好準備，抓住一個日益增強的市場，而我們做到了。我們的煉油資產利用率達到 98%，為 2018 年以來的最高水準。清潔產品收率超過 86%，我們實現了 99% 的市場指標，並實現了自 2021 年以來最低的每桶調整成本。

Along with refining, the other parts of our integrated business delivered Midstream generated adjusted EBITDA of approximately $1 billion. We are on track to achieve the $4.5 billion annual EBITDA target in Midstream by 2027.

除煉油業務外，我們綜合業務的其他部分也為中游業務帶來了約 10 億美元的調整後 EBITDA。我們預計在 2027 年前實現中游業務年度 45 億美元的 EBITDA 目標。

Marketing and Specialties reported its strongest quarter since 2022. The combination of stable contributions from Midstream and Marketing and Specialties provide a robust platform for our capital allocation framework. We returned over $900 million to shareholders this quarter. The resilience of our integrated business model drives results delivering consistent returns to shareholders.

行銷和特種產品部門報告了自 2022 年以來最強勁的季度業績。中游和行銷及特種業務的穩定貢獻為我們的資本配置架構提供了強大的平台。本季我們向股東返還了超過 9 億美元。我們綜合業務模式的彈性推動了績效的實現，為股東帶來了持續的回報。

Slide 4 shows the progress we've made in our refining business from targeted low capital, high-return investments and a dedication to operating excellence. The results are clear. Utilization is improving, and we're consistently above industry average.

投影片 4 展示了我們在煉油業務中透過有針對性的低資本、高回報投資和對卓越營運的奉獻所取得的進展。結果很明顯。利用率正在提高，並且我們一直高於行業平均水平。

We've been setting new clean product yield records. Year-to-date, our yield is 2% higher than the previous record for the same period set in 2024. These factors have contributed to market capture improving to 99% of our published refining indicator this quarter. Year-to-date, market capture has increased 5% compared to the first half of last year. Our goal is to drive performance in any market environment while running our assets safely and reliably.

我們一直在創造新的清潔產品產量記錄。今年迄今為止，我們的收益率比 2024 年同期創下的紀錄高出 2%。這些因素促使本季市佔率提高至我們發表的煉油指標的99%。今年迄今為止，市佔率比去年上半年成長了 5%。我們的目標是在任何市場環境下推動業績，同時安全可靠地運行我們的資產。

The second quarter PSX market indicator was just over $11 a barrel. As a reminder, for every dollar per barrel that the indicator increases, EBITDA increases by roughly $170 million per quarter. In the second quarter, we achieved the lowest refining adjusted cost per barrel since 2021. The organization has done a fantastic job embracing a culture of continuous improvement, enabling us to more than offset inflation.

第二季PSX市場指標略高於每桶11美元。提醒一下，該指標每增加一美元/桶，EBITDA 每季就會增加約 1.7 億美元。第二季度，我們實現了2021年以來每桶煉油調整成本的最低水準。該組織在培育持續改進的文化方面做得非常出色，使我們能夠抵消通貨膨脹的影響。

By 2027, we expect to see the adjusted cost per barrel number below $5.50 per barrel on an annual basis. Midstream is a key growth driver for our company and creates ongoing value for our shareholders through reliable, long term cash generation.

到 2027 年，我們預計調整後的每桶成本將低於每年 5.50 美元。中游是我們公司的主要成長動力，透過可靠的長期現金創造為我們的股東創造持續價值。

Slide 5 shows the increase in quarterly average adjusted EBITDA from $500 million in 2021 to $1 billion this quarter. We reached significant milestones in the second quarter as we continue to enhance our integrated wellhead to market strategy.

投影片 5 顯示季度平均調整後 EBITDA 從 2021 年的 5 億美元增加到本季的 10 億美元。隨著我們繼續加強從井口到市場的綜合策略，我們在第二季度取得了重要的里程碑。

We acquired EPIC NGL, now renamed Coastal Bend at the beginning of the quarter. We're also near completion on the capacity expansion pipeline project from 175,000 to 225,000 barrels per day. The dose Pecos 2 gas processing plant came online ahead of schedule and on budget at the end of the second quarter.

我們收購了 EPIC NGL，目前已於本季初更名為 Coastal Bend。我們的產能擴張管道專案也即將完成，從每天 175,000 桶增加到 225,000 桶。Pecos 2 號天然氣處理廠已於第二季末提前投入運營，且符合預算。

This plant and the previously announced Iron Mesa plant are great examples of highly strategic and selective investments that enhance Midstream's return on capital employed. These projects contribute to our plan to organically grow midstream EBITDA to $4.5 billion by 2027. Midstream is an important part of the Phillips 66 story. We're executing on our wellhead to market strategy and the results are coming through.

該工廠和先前宣布的 Iron Mesa 工廠都是高度策略性和選擇性投資的典範，可以提高 Midstream 的資本回報率。這些項目有助於我們實現 2027 年將中游 EBITDA 有機成長至 45 億美元的計畫。Midstream 是 Phillips 66 故事的重要組成部分。我們正在執行從井口到市場的策略，並且已經取得了成果。

Over the past several months, we've had the opportunity to extensively engage with shareholders leading up to and following the Annual Shareholder Meeting. These conversations provided valuable constructive feedback on our strategic direction along with the support of our priorities.

在過去的幾個月裡，我們有機會在年度股東大會前後與股東進行廣泛的接觸。這些對話為我們的策略方向提供了寶貴的建設性回饋，並支持了我們的優先事項。

We will remain focused on four key areas, enhancing our refining competitiveness, driving organic growth in Midstream, reducing debt and returning over 50% of net operating cash flow to shareholders through share repurchases and a secure, competitive and growing dividend. We've made substantial progress and remain committed to maintaining safe and reliable operations as we execute on achieving these initiatives by 2027.

我們將繼續專注於四個關鍵領域：增強煉油競爭力、推動中游有機成長、減少債務以及透過股票回購和安全、有競爭力且不斷增長的股息向股東返還 50% 以上的淨營運現金流。我們已取得實質進展，並將繼續致力於保持安全可靠的運營，力爭在 2027 年前實現這些計劃。

In the second quarter, we welcomed the addition of three new board members. As we do with all new directors, each new Board member participated in a comprehensive multi-day onboarding process with a broad group of our senior leadership team, equipping them to contribute meaningfully and immediately.

第二季度，我們迎來了三位新董事會成員。正如我們對待所有新董事一樣，每位新董事會成員都與我們廣泛的高階領導團隊一起參加了為期多天的全面入職培訓，使他們能夠立即做出有意義的貢獻。

The extensive industry experience of our Board members continues to promote thoughtful discussion and thorough evaluation of all opportunities for maximizing shareholder value.

我們董事會成員的豐富行業經驗將繼續促進對最大化股東價值的所有機會進行深思熟慮的討論和徹底的評估。

Now I'll turn the call over to Kevin to cover the results for the quarter.

現在我將把電話交給凱文來介紹本季的業績。

Thank you, Mark. On slide 7, second quarter reported earnings were $877 million or $2.15 per share. Adjusted earnings were $973 million or $2.38 per share. Both the reported and adjusted earnings include the $239 million pre-tax impact of accelerated depreciation due to our plan to cease operations at the Los Angeles refinery in the fourth quarter.

謝謝你，馬克。在第 7 張投影片上，第二季報告的收益為 8.77 億美元，即每股 2.15 美元。調整後收益為 9.73 億美元，即每股 2.38 美元。由於我們計劃在第四季度停止洛杉磯煉油廠的運營，報告和調整後的收益均包括加速折舊產生的 2.39 億美元稅前影響。

We generated $845 million of operating cash flow. Operating cash flow, excluding working capital, was $1.9 billion. We returned $906 million to shareholders including $490 million of share repurchases. Net debt to capital was 41% and reflects the impact of the acquisition of the Coastal Bend assets. We plan to reduce debt with operating cash flow and proceeds from the announced Germany and Austria retail marketing disposition, which we expect to close in the fourth quarter.

我們產生了8.45億美元的經營現金流。不包括營運資本的營運現金流為 19 億美元。我們向股東返還了 9.06 億美元，其中包括 4.9 億美元的股票回購。淨債務與資本之比為 41%，反映了收購 Coastal Bend 資產的影響。我們計劃利用經營現金流和宣布的德國和奧地利零售行銷處置的收益來減少債務，預計該處置將在第四季度完成。

I will now cover the segment results on slide 8. Total company adjusted earnings increased $1.3 billion to $973 million compared with prior quarter's adjusted loss of $368 million. Midstream results increased mainly due to higher volumes, primarily due to the acquisition of the Coastal Bend assets.

我現在將在第 8 張投影片上介紹細分結果。公司調整後總收益增加 13 億美元，達到 9.73 億美元，上一季調整後的虧損為 3.68 億美元。中游表現的成長主要由於產量的增加，這主要歸功於收購了 Coastal Bend 資產。

In Chemicals, results decreased mainly due to lower polyethylene margins driven by lower sales prices. Refining results increased mainly due to higher realized margins. We came out of a high turnaround season in the first quarter, well positioned to capture improved crack spreads.

化學品業務的業績下降主要是因為銷售價格下降導致聚乙烯利潤率下降。煉油績效的成長主要得益於實現利潤率的提高。我們在第一季走出了高週轉季節，為捕捉裂解價差改善做好了準備。

Market capture was 99% and crude utilization was 98%. In addition, costs were lower primarily due to the absence of first quarter turnaround impacts. Marketing and Specialties results improved due to seasonally higher margins and volumes. In renewable fuels, results improved primarily due to higher realized margins, including inventory impacts.

市佔率為99%，原油利用率為98%。此外，成本較低主要是由於沒有受到第一季扭虧為盈的影響。由於季節性利潤率和銷量增加，行銷和特種產品的業績有所改善。在再生燃料方面，業績改善主要由於更高的實現利潤率（包括庫存影響）。

Slide 9 shows cash flow for the second quarter. Cash from operations, excluding working capital, was $1.9 billion. Working capital was a use of $1.1 billion, primarily due to an increase in accounts receivable from higher refined product sales in the quarter following the spring turnaround program.

幻燈片 9 顯示了第二季的現金流。不包括營運資金的經營現金為 19 億美元。營運資金使用額為 11 億美元，主要由於春季扭虧為盈計畫實施後，本季成品油銷量增加，導致應收帳款增加。

Debt increased primarily due to the acquisition of the Coastal Bend assets for $2.2 billion. We funded $587 million of capital spending and returned $906 million to shareholders through share repurchases and dividends. Our ending cash balance was $1.1 billion.

債務增加主要是因為以 22 億美元收購了 Coastal Bend 資產。我們資助了 5.87 億美元的資本支出，並透過股票回購和股息向股東返還了 9.06 億美元。我們的期末現金餘額為 11 億美元。

Looking ahead to the third quarter on slide 10. In Chemicals, we expect the global O&P utilization rate to be in the mid-90s. In Refining, we expect the worldwide crude utilization rate to be in the low to mid-90s and turnaround expense to be between $50 million and $60 million. We continue to optimize turnarounds and improve performance. We are reducing the full year turnaround guidance by $100 million.

投影片 10 上展望第三季。在化學領域，我們預計全球 O&P 利用率將達到 90 年代中期。在煉油領域，我們預計全球原油利用率將在 90 年代中期，週轉費用將在 5,000 萬美元至 6,000 萬美元之間。我們不斷優化週轉並提高效能。我們將全年轉虧為盈預期下調 1 億美元。

The new guidance is $400 million to $450 million compared to the previous guidance of $500 million to $550 million. We anticipate corporate and other costs to be between $350 million and $370 million.

新的指導金額為 4 億至 4.5 億美元，而先前的指導金額為 5 億至 5.5 億美元。我們預計公司和其他成本將在 3.5 億美元至 3.7 億美元之間。

Now we will move to slide 11 and open the line for questions, after which, Mark will wrap up the call.

現在我們將轉到第 11 張投影片並開放提問環節，之後馬克將結束通話。

(Operator Instructions) Doug Leggate, Wolfe Research.

（操作員指示）Doug Leggate，Wolfe Research。

Thanks. Good morning, everyone. Mark, after all the drama over the last six months, quite a quarter you put up. So good to see that. I am curious, however, your last part of your prepared remarks, you said you referenced -- I don't want to put words in your mouth, but it's kind of engaging with shareholders and obviously reviewing or continuing to review the appropriate opportunities to maximize value.

謝謝。大家早安。馬克，在經歷了過去六個月的所有戲劇性事件之後，你已經拿出了相當多的錢。很高興看到這一點。不過，我很好奇，您準備好的發言的最後一部分，您說您提到了——我不想把話塞到您嘴裡，但這有點像與股東接觸，顯然是審查或繼續審查實現價值最大化的適當機會。

I guess it's a strategy question. So after everything that's happened in the last six months, are you still comfortable with this -- the forward strategy of the integrated company or do you envisage any incremental changes in light of the -- what you've been through the last few months?

我猜這是一個策略問題。那麼，在經歷了過去六個月發生的一切之後，您是否仍然對整合後公司的前瞻性策略感到滿意，或者您是否根據過去幾個月的經驗設想進行任何漸進式變革？

Yeah, Doug, it's a good solid question. Thank you for asking that. And we've been quite encouraged, frankly, by the constructive engagement we've had with all of our shareholders over the last several months. The results of the vote, we believe reflect what's been a consistent theme in the conversations that we've had with shareholders. They understand the value inherent in the business, and they recognize that our plans can provide upside as we continue to execute against them.

是的，道格，這是一個很好的問題。謝謝你問這個問題。坦白說，過去幾個月我們與所有股東的建設性接觸讓我們感到非常鼓舞。我們相信，投票結果反映了我們與股東對話中一貫的主題。他們了解業務的內在價值，並且意識到只要我們繼續執行計劃，就能帶來好處。

We're fully aligned and the shareholders agree that there's significant value in Phillips 66, and we've got to go out and capture that upside. So as we always do, we continue to evaluate a wide range of strategic alternatives. Our Board is very engaged in the process constantly questioning us, is the strategy effective? Do we need to tweak it? Do we need to make major changes to it.

我們完全一致，股東們也同意菲利普斯 66 具有巨大價值，我們必須出去抓住這個優勢。因此，正如我們一貫的做法，我們將繼續評估各種策略替代方案。我們的董事會非常投入這個過程，不斷質疑我們，這個策略是否有效？我們需要調整它嗎？我們是否需要對其進行重大改變？

And we have a wealth of experience and talent on our board. We've got retired Chairman, CEOs, CFOs, corporate executives that are well established and Wall Street veterans. And so they constructively challenge our strategy every step of the way.

我們的董事會擁有豐富的經驗和人才。我們有退休的董事長、執行長、財務長、經驗豐富的企業主管和華爾街資深人士。因此，他們在我們的策略每一步都提出建設性的挑戰。

And as I mentioned, we've got the 3 new members that have been deeply immersed in an onboarding process that gives them access to all the data that they didn't have access during the proxy season. And so they have a clear understanding of where we're headed, why we're headed that way and how we can unlock value.

正如我所提到的，我們有 3 名新成員，他們已經深入參與了入職流程，這使他們能夠存取代理季節期間無法存取的所有資料。因此，他們清楚地了解我們的發展方向、我們為什麼要這樣做以及我們如何釋放價值。

And as I've said before, there's no sacred cows. We're not ideological about anything. We're -- well, we are ideological about one thing and that's shareholder value creation. So let me correct myself. But at the right price, and for the creation of long-term value, we'll consider any alternatives, but we always, always are focused on the long-term value creation opportunities. And so I think our shareholders agree with us in that regard.

正如我之前所說，沒有什麼是神聖不可侵犯的。我們對任何事都不抱持意識形態。我們——嗯，我們在意識形態上有一個目標，就是創造股東價值。因此，請允許我糾正一下自己。但如果價格合適，為了創造長期價值，我們會考慮任何替代方案，但我們始終專注於長期價值創造機會。所以我認為我們的股東在這方面同意我們的觀點。

I appreciate the very full answer, Mark. Thank you for that. My follow-up is, I guess I'm asking a lot of people about that nowadays, but my follow-up is a little different. I think perhaps in the context of the macro, so strong quarter, $2.5 billion of EBITDA. Obviously, you're not where you want to be on Midstream. But if I annualize that at the margin environment we had, we're still obviously quite a bit shy of the $15 billion.

我很感謝你的完整回答，馬克。謝謝你。我的後續問題是，我想我現在正在向很多人詢問這個問題，但我的後續問題有點不同。我認為，從宏觀角度來看，本季的業績表現強勁，EBITDA 達到 25 億美元。顯然，你還沒有達到自己想要的 Midstream 位置。但如果我按照我們當時的利潤環境將其年化，那麼顯然我們仍然遠遠達不到 150 億美元。

So my question is, if you had to try and normalize for today's environment, what would the $15 billion be, meaning, rather than making assumption on the mid-cycle, what would it be at today's environment? In other words, how far away from that are you? And if assuming it is less than $15 billion, how does Kevin think about the right level of debt for the combined company as it stands today?

所以我的問題是，如果您必須嘗試使今天的環境正常化，那麼 150 億美元會是多少，也就是說，不是對中期週期做出假設，而是在今天的環境下它會是多少？換句話說，你距離這個目標還有多遠？如果假設債務總額少於 150 億美元，那麼凱文如何看待合併後公司目前的合理債務水平？

Yeah, I think what we've said, and I would say the controversy is around putting a stake in the ground on what everybody believes that mid-cycle conditions are in refining. And so we said that based on our indicators, we see that as a $14 per barrel indicator.

是的，我認為我們已經說過了，我想說的是，爭議在於對每個人都認為的煉油中期週期條件進行確認。因此我們說，根據我們的指標，我們認為該指標為每桶 14 美元。

And so clearly, we're several dollars per barrel below away from that. And that's the key driver between that and what chemicals does. And we're in the bottom of the cycle for chemicals. So we've got a lot of upside in chemicals to add to that number.

顯然，我們距離這一目標還有幾美元/桶的差距。這就是其與化學品作用之間的關鍵驅動因素。我們正處於化學品循環的底部。因此，我們在化學品方面還有很大的發展空間，可以進一步增加這個數字。

So we've got a long way to go to get to those levels, although I would say this quarter, the gap to mid-cycle closed considerably for refining, but chemicals is still a couple of years out. So Kevin, I'll turn it over to you for debt.

因此，要達到這些水平我們還有很長的路要走，儘管我想說本季煉油與中期週期的差距已經大大縮小，但化學品仍需要幾年時間。所以凱文，我會把它交給你來償還債務。

Yeah, and just one additional point, Doug. So refining EBITDA was $867 million in the quarter. If you annualize that, you got a $3.5 billion number, that's an $11 market indicator. If you use the sensitivity to a $14 market indicator, it puts you just a little bit north of $5 billion.

是的，還有一點，道格。因此本季煉油 EBITDA 為 8.67 億美元。如果以年率計算，你會得到 35 億美元的數字，這是一個 11 美元的市場指標。如果您使用對 14 美元市場指標的敏感度，那麼您的市值將略高於 50 億美元。

You can question whether you have your own view on whether $14 per barrel market indicator is the right mid-cycle, but that's what we've out there. I would also caution though that this was a quarter with minimal turnaround activity.

您可以質疑自己是否有自己的看法，即每桶 14 美元的市場指標是否是正確的中期週期，但這就是我們所知道的。不過，我還要提醒大家，這是一個扭轉局勢活動很少的季度。

We ran extremely well, typically not going to have four quarters of that in a given calendar year, so we need to adjust for that. But fundamentally, we're in the ballpark of where we should be relative to our mid-cycle assumptions.

我們的營運狀況非常好，通常情況下，在一個日曆年內不會出現四個季度的業績，所以我們需要對此進行調整。但從根本上來說，我們目前處於相對於中期週期假設的大致位置。

On the debt question, I go back to what we've been saying at the $17 billion of debt. On a consolidated basis, we feel puts us in a very comfortable spot relative to our -- not only our mid-cycle assumptions, but also in a less than mid-cycle environment like we're in today, clearly, we're not at that debt level today, but we have that objective to get there over the next couple of years, and we expect to do that.

關於債務問題，我回到我們之前討論的 170 億美元債務問題。從綜合來看，我們認為相對於我們的中期週期假設，以及像我們今天所處的中期週期以下的環境，我們處於一個非常舒適的位置，顯然，我們今天的債務水平還沒有達到那個水平，但我們的目標是在未來幾年內達到那個水平，我們預計會做到這一點。

We expect to accomplish that through a combination of cash generated from operations as well as proceeds from dispositions. Notwithstanding all of that, it does not compromise our ability to continue to return cash to shareholders. So 50% of operating cash flow, 50% or more of operating cash flow through share repurchases and dividends.

我們希望透過經營活動產生的現金和處置收益來實現這一目標。儘管如此，這並不影響我們繼續向股東返還現金的能力。因此，50% 的經營現金流，50% 或更多的經營現金流來自股票回購和股利。

Appreciate the answers, guys. Thanks very much indeed.

謝謝大家的回答。確實非常感謝。

Thank you, Doug.

謝謝你，道格。

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

Good morning. I wanted to focus a little bit on the refining results 99% capture, 98% crude utilization. I understand some of those things would be tough to replicate. But even quarter-over-quarter or year-over-year, gives a remarkable achievement.

早安.我想稍微關註一下煉油結果：99% 的捕獲率和 98% 的原油利用率。我知道有些事情很難複製。但即使與上一季或前一年相比，這也是一項了不起的成就。

So can you help us understand what helped you drive close to $1.3 billion in quarter-over-quarter improvement in refining? I know the tracks were higher, but help us walk through some of the stuff which you were able to achieve here. I think you probably were working on it for some time, but it all came together in the second quarter.

那麼，您能否幫助我們了解是什麼幫助您推動煉油業務逐季成長近 13 億美元？我知道軌道更高，但請幫助我們了解您在這裡所取得的一些成就。我想你可能已經為此工作了一段時間，但一切都在第二季完成了。

Yeah, Manav, thank you. I would appreciate that. As the data shows, and as we've said for the last several years in refining, we had full intention to improve refining performance, and we were with a focus on the things that we can control. That's most evident in things like the clean product yield, the utilization rate.

是的，Manav，謝謝。我將非常感激。正如數據所顯示的，正如我們在過去幾年煉油過程中所說的那樣，我們完全有意願提高煉油性能，並且我們專注於我們能夠控制的事情。這在清潔產品產量、利用率等方面表現得最為明顯。

Market capture is going to have more variability in it because you -- because of the movements in the market and crude diffs and all those variables that we have less control over. But we absolutely will continue to drive costs down in the areas that we can control, things like natural gas costs may go up and down.

市場佔領將會變得更加多變，因為市場變動、原油差異以及所有那些我們無法控制的變數。但我們絕對會繼續降低我們能夠控制的領域的成本，例如天然氣成本可能會上升或下降。

But where we're looking at the things that we can control, we'll continue to drive those costs now where it's responsible to do so. And so we'll continue to fight that fight and position refining for whatever the market conditions are, we're going to be out there to capture the market that's available.

但就我們能夠控制的事情而言，我們將繼續在負責任的情況下降低這些成本。因此，無論市場狀況如何，我們都會繼續戰鬥並完善定位，我們將在那裡佔領可用的市場。

And I think that's what we saw in the second quarter. It's a combination of a very disciplined focus over the last three years of preparing and implementing projects and executing to be able to capture that market when it's available to us. So Rich can drive into more detail.

我認為這就是我們在第二季度看到的情況。這是我們過去三年來在準備和實施專案以及執行過程中高度嚴謹的專注的結合，以便能夠在市場成熟時佔領該市場。因此 Rich 可以講得更詳細一些。

Yeah, Manav, let me go a little bit -- maybe a layer deeper here on this. Our mission in refining is to run the assets safely and reliably and then drive world-class performance. And we do this, as Mark indicated, by managing the items we can control, and then sustainably implementing change over time.

是的，馬納夫，讓我稍微深入一點——也許可以更深入地探討這個問題。我們在煉油領域的使命是安全可靠地運作資產，並實現世界級的績效。正如馬克所說，我們透過管理我們能夠控制的項目，然後隨著時間的推移持續實施變革來做到這一點。

And of course, the foundation for all of this is safe and reliable operations, and we are an industry leader in safety, and we have that culture in our organization that continually challenges ourselves to be the best we can be. We've also established a comprehensive reliability program that has been applied to each of our assets out there in the field, and we're measuring that success by mechanical availability.

當然，所有這一切的基礎是安全可靠的運營，我們是安全行業的領導者，我們的組織擁有這樣的文化，即不斷挑戰自己，力求做到最好。我們還建立了一個全面的可靠性計劃，並將其應用於我們在現場的每項資產，並透過機械可用性來衡量該計劃的成功。

Ultimately, utilization of the assets will be the final measurement of that one. You talked -- you asked a little bit about market capture. We had a fantastic quarter at 99% market capture. But even if you look at the data a little bit closer, year-over-year, year-to-date, we're showing a 5% improvement year-over-year. So that's -- that sustainable improvement is what we're looking for over time.

最終，資產的利用率將是衡量此指標的最終標準。您談到了—您問了一點有關市場佔領的問題。我們本季的市佔率高達 99%，表現十分出色。但即使你更仔細地觀察數據，與去年同期相比，今年迄今的數據也顯示出 5% 的年成長。所以這就是我們長期以來所追求的可持續的改進。

And there's a couple of reasons we're able to achieve that. One is the reliability program and the impact it's having on our ability to utilize our assets and crude utilization was at 98% for the quarter. That's actually 9 out of the last 10 quarters, we've been well above industry average on utilization, only interrupted by a set of turnarounds in the first quarter of this year.

我們能夠實現這一目標有幾個原因。一是可靠性計畫及其對我們利用資產的能力的影響，本季原油利用率為 98%。實際上，在過去 10 個季度中，有 9 個季度我們的利用率都遠高於行業平均水平，只有今年第一季出現了一些好轉。

We've reached some record clean product yield as well at 87% for the assets. We're on pace this quarter also to meet that and potentially exceed it. And this is a reflection of what I've been talking about over the last three years, which is the execution of these small capital high-return projects.

我們的資產清潔產品收益率也達到了創紀錄的 87%。本季我們也將按計劃實現這一目標，甚至有可能超越這一目標。這正是我過去三年來一直在談論的內容的體現，即執行這些小資本高回報的專案。

They've improved both our clean product yield as well as driven flexibility into the system. We've increased our ability to produce gasoline, diesel and jet and swing between those three components. We've also improved our flexibility to process light and heavy crudes without losing capacity in the overall system.

它們不僅提高了我們的清潔產品產量，還增強了系統的靈活性。我們提高了生產汽油、柴油和噴射燃料的能力，並在這三種原料之間搖擺不定。我們也提高了處理輕質和重質原油的靈活性，同時又不損失整個系統的產能。

There's no better example of this than at our Sweeny complex, where we recently completed the sour crude flex project, we called it. This project actually increased our ability to process light crude by 3 times the historic volume and the largest crude unit at the site, to reduce our dependence on waterborne crudes, and it also takes advantage of the integration of the site with the Midstream NGLs and CPChem feedstock generation with increased (inaudible) production, and we see nice improvement with market capture with that project as well.

沒有比我們的斯威尼綜合設施更好的例子了，我們最近在那裡完成了我們稱之為酸性原油柔性項目的項目。該項目實際上使我們處理輕質原油的能力提高了 3 倍，並且擁有該現場最大的原油處理裝置，從而減少了對水運原油的依賴，同時還利用了該現場與中游 NGL 和 CPChem 原料生產的整合，增加了（聽不清）產量，我們也看到該項目的市場佔有率得到了顯著提高。

Also been driving the inefficiencies out of the business. I think this is also a big important part of refining performance. And we've been managing -- the fundamental difference here that we've been doing as an organization is managing the assets as a fleet versus a set of independent operations.

同時也消除了業務中的低效率。我想這也是提升績效的很重要的一環。我們一直在管理——作為一個組織，我們所做的根本區別在於將資產作為一個艦隊進行管理，而不是作為一組獨立的營運進行管理。

And that's really opened up our ability to drive inefficiencies out of the business. And we've removed well over $1 per barrel out of the system. We saw a really good number of $5.46 in the second quarter and we're striving to be below $5.50 on an annualized basis as our goal.

這確實增強了我們消除業務低效率的能力。我們已經從系統中消除了每桶超過 1 美元的成本。我們在第二季度看到了一個非常好的數字，即 5.46 美元，我們力爭將年化利潤控制在 5.50 美元以下。

The key thing quarter-over-quarter was really higher utilization for the assets. We had a set of turnarounds in the first quarter, we had 17% increase in volume in the second quarter. So that improves really drove the dollar per barrel cost down.

與上一季相比，關鍵因素是資產利用率確實有所提高。我們在第一季取得了一系列好轉，第二季銷量成長了 17%。因此，這種改善確實推動了每桶美元成本的下降。

But if you look underneath that even a little bit more the operating cost for the assets were flat quarter-over-quarter with the exception of the turnarounds. So that base cost is still there. It's fixed. It's doing -- we're able to operate the assets well. And it's a little bit subject, as Mark indicated, to the natural gas price that is moving around a little bit on us right now, which drives $1 per barrel as well.

但如果你進一步觀察就會發現，除了周轉之外，資產的營運成本與上一季相比持平。因此基本成本仍然存在。已修復。這樣做——我們能夠很好地運營資產。正如馬克所指出的，這有點受目前天然氣價格波動的影響，天然氣價格也波動在每桶 1 美元左右。

We're making some portfolio management changes with the Los Angeles refinery. But let me kind of wrap this up. We've made good progress, but we're not done. We'll continue to focus on and drive these strategies.

我們正在對洛杉磯煉油廠的投資組合管理進行一些調整。但請讓我總結一下。我們已經取得了很大進展，但尚未完成。我們將繼續關注並推動這些策略。

And I think, Manav, if you look at it over time, you see this trend, the steady drumbeat of improvement that's occurred in the refining system and that means our processes of changing are really sustainably implemented.

我認為，馬納夫，如果你從長遠來看，你會看到這種趨勢，煉油系統一直在穩步改善，這意味著我們的變革過程確實得到了可持續的實施。

And most importantly, the people, our organization, our people have proven that we're willing to take on the hard work of change and put it in place and capture the opportunities over time.

最重要的是，我們的組織、我們的員工已經證明，我們願意承擔變革的艱苦工作，並將其付諸實施，並隨著時間的推移抓住機會。

Yeah, I just want to echo Richard's closing comments there, whether it's refining, marketing, commercial, Midstream or back office, across the Board, we've got a company full of people that are humble enough to know we can always do it better and we're driven to do it better.

是的，我只是想重複理查德的結束語，無論是煉油、營銷、商業、中游還是後台，在整個董事會中，我們公司都是一群足夠謙虛的人，他們知道我們總是可以做得更好，而且我們致力於做得更好。

We've got the competitive mindset to do it better and to get up and do it better each and every day. And that's what's going to make this sustainable and that's going to continue to improve those metrics that you've seen across the Board. So thanks for the question.

我們擁有競爭心態，力求做得更好，每天都能做得更好。這將使這項舉措可持續發展，並將繼續改善您在各個方面看到的指標。感謝您的提問。

Thank you guys. I'll be a quick follow up. Very strong results from M&S better than our expectations, even if you deduct the $89 million onetime, Help us understand some of the dynamics there? And now that you have sold these assets, what would be a good run rate of EBITDA normalized for this business?

謝謝你們。我會盡快跟進。瑪莎百貨的業績非常強勁，好於我們的預期，即使扣除一次性的 8900 萬美元，也能幫助我們了解其中的一些動態？現在您已經出售了這些資產，那麼對於這項業務來說，EBITDA 的正常化運作率應該是多少呢？

Yeah, Manav, it's Kevin. So yeah, very strong results in the quarter, $660 million, as you highlighted. We had about $100 million benefit in the quarter that were really timing with an offset in the first quarter. And so you'd call that a sort of one-time effect, if you like.

是的，馬納夫，我是凱文。是的，正如您所強調的，本季的業績非常強勁，達到 6.6 億美元。我們本季獲得了約 1 億美元的收益，但第一季的收益卻有所抵銷。如果你願意的話，你可以稱之為一種一次性效應。

And so as we look at the results, we had higher volumes as we -- as the refining system came out of turnarounds and the seasonal effect on demand as well as stronger margins, which likewise, you have a seasonal driver there, but also just the nature of the way the product price has moved over the course of the quarter, falling prices tended to help that on the margin front.

因此，當我們查看結果時，我們會發現，隨著煉油系統走出困境、季節性需求影響以及利潤率提高，我們的產量有所增加，這同樣也有一個季節性驅動因素，而且產品價格在本季度的變動方式的性質，價格下跌往往有助於提高利潤率。

As you look ahead to the third quarter, we would expect to be at a more normal level for the business in the third quarter, which is somewhere in the order of $450 million to $500 million of earnings is where we'd expect that to be your other component to the question on the disposition.

展望第三季度，我們預計第三季度的業務將處於更正常的水平，收益約為 4.5 億美元至 5 億美元，我們預計這也是您關於處置問題的另一個組成部分。

So we haven't closed that disposition yet. We expect that to happen in the fourth quarter. That will reduce EBITDA by about $50 million per quarter. When we -- the vet disposition of the 65% interest in our Germany and Austria business.

所以我們還沒有結束這一處置。我們預計這將在第四季度發生。這將導致每季 EBITDA 減少約 5000 萬美元。當我們——處置我們在德國和奧地利業務的 65% 權益時。

Thank you so much for responses. And it was great to see Mark on CNBC today morning. Thank you.

非常感謝您的回覆。今天早上在 CNBC 上看到馬克真是太好了。謝謝。

Thanks, Manav.

謝謝，Manav。

Neil Mehta, Goldman Sachs.

高盛的尼爾·梅塔。

Yeah, good morning, good afternoon. I've been spending some time, chatting with Mr. Dietert about global refining balances and there's a healthy debate in the market over the next couple of years about how you guys are thinking about net capacity adds?

是的，早上好，下午好。我花了一些時間與 Dietert 先生討論全球煉油平衡問題，未來幾年市場上將就你們如何看待淨產能增加展開有益的辯論？

And then also the swing factor of China, which obviously has excess export capacity that's been pretty disciplined about product quotas. And so I just love your bottoms-up view of how you think about those net adds over the next couple of years?

此外還有中國這個搖擺因素，中國顯然擁有過剩的出口能力，而且對產品配額的執行也相當嚴格。所以，我很喜歡你對未來幾年淨增額的看法？

Hi Neil, this is Brian. I would say that net refinery additions are below for as far out as we forecast, certainly through the end of the decade. And that's before you even start thinking about unplanned shutdowns. We had Lindsay UK refinery announced that they're shutting down or in the process of shutting down last week or this week, and we expect more of those coming in the system.

你好，尼爾，我是布萊恩。我想說的是，到目前為止，煉油廠淨增數量都低於我們的預測，當然到本世紀末也是如此。這還是在您開始考慮計劃外停機之前。英國林賽煉油廠已在上週或本周宣布關閉或正在關閉中，我們預計會有更多煉油廠進入該系統。

Also, some of the refineries, as you pointed out, particularly in Asia, their pet chem focus. So those -- when you're thinking about crude, you really have to think about clean product yields, and those are very low clean product yields, 30% to 35% clean product yield. So I'd say bottom line is with the net additions below demand expectations, we see a very strong margin environment.

另外，正如您所指出的，一些煉油廠，特別是亞洲的煉油廠，專注於石油化學品。因此，當您考慮原油時，您確實必須考慮清潔產品產量，而這些清潔產品產量非常低，為 30% 至 35%。所以我想說，底線是，由於淨增量低於需求預期，我們看到了非常強勁的利潤環境。

Thanks, Brian. Just follow-up on the cash flow. The Doug's question about just debt levels being about 10, 11 points higher than where you want it to be. When you just talk about two dynamics working capital, there was a $1.1 billion outflow, but I would think that swings back in the back half.

謝謝，布萊恩。只需追蹤現金流。道格的問題是，債務水準比你想要的水準高出 10 到 11 個百分點。當你談論兩個動態營運資本時，有 11 億美元的資金流出，但我認為這會在下半年回落。

So if you could just talk about what drove that and how you think that evolves and then the jet sale because between those two nuts, I think you can close a lot of the gap that you need to get to the $17 billion level.

因此，如果您可以談談推動這一進程的因素以及您認為這一進程將如何發展，然後是飛機銷售，因為透過這兩個因素，我認為您可以縮小達到 170 億美元水平所需的大部分差距。

Yeah, Neil, it's Kevin. You're right on both front. So the working capital, $1.1 billion use of cash, as you highlighted, that was predominantly due to increased accounts receivables. If you think about the end of the first quarter where utilization was much lower, we're still just wrapping up the heavy turnaround activity versus the end of June where we're running full product production and sales are significantly higher. And so that creates a build in accounts receivable.

是的，尼爾，我是凱文。這兩點你都說對了。因此，正如您所強調的，營運資金使用 11 億美元現金主要是由於應收帳款增加。如果您想想第一季末利用率低得多的情況，我們仍然只是在完成繁重的周轉活動，而六月底我們則在全面生產產品，而且銷售額明顯較高。這樣就產生了應收帳款。

That's the biggest single component to the move in working capital. There's also some inventory impact on the as we build for the sort of seasonal trade on that. And so over the course of the year, we would expect a benefit of working capital, probably more fourth quarter item, the third quarter item because the receivables component that I mentioned, you'd expect that to continue at the same sort of levels through the third quarter.

這是營運資本變動中最大的單一因素。當我們為季節性貿易做準備時，庫存也會受到一些影響。因此，在這一年中，我們預計營運資本將受益，可能是第四季度的項目更多，第三季度的項目更多，因為我提到的應收帳款部分，您預計它將在第三季度繼續保持相同的水平。

But come fourth quarter, you'll see the normal inventory reductions that will take place and probably some modest benefit on the receivables payables front. So do you expect that to come back, expect the cash proceeds in the fourth quarter, EUR1.5 billion, $1.6 billion. And so you put that together, and we'll make some significant inroads towards the debt target.

但到了第四季度，你會看到正常的庫存減少，並且在應收帳款和應付帳款方面可能會有一些適度的收益。那麼，您是否預期該數字會回升，第四季的現金收益預計為 15 億歐元、16 億美元。所以，把這些結合起來，我們將在實現債務目標方面取得重大進展。

Makes sense. Thanks, Kevin.

有道理。謝謝，凱文。

Jason Gabelman, TD Cowen.

傑森·加貝爾曼（Jason Gabelman），TD Cowen。

Yeah. Hey, thanks for taking my question. I wanted to go back to kind of how you're thinking about the business after the activism campaign that you endured and there was a lot of focus on that Midstream part of the business.

是的。嘿，謝謝你回答我的問題。我想回顧一下，在您經歷了激進主義運動之後，您對業務有何看法，並將重點放在了業務的中游部分。

And I'm wondering if the company is thinking about doing a deep dive on that segment and the structure that makes sense. In any way, that would be different than how you kind of evaluate that business in normal course through the year.

我想知道公司是否正在考慮深入研究該領域及其合理的結構。無論如何，這與你對全年正常業務的評估方式有所不同。

Absolutely. We've done that in the past. We'll continue to do that. We will look to see if anything has changed. We will engage with industry experts to make sure that we're thinking about it the right way. And certainly, we'll lay it out all out for our Board to drive to the right conclusion. So as I said earlier, nothing is off the table, but it's got to create long term value for our shareholders, full stop.

絕對地。我們過去也這樣做過。我們將繼續這樣做。我們將觀察是否有任何變化。我們將與行業專家合作，以確保我們以正確的方式思考這個問題。當然，我們會向董事會詳細闡述一切，以得出正確的結論。所以正如我之前所說的，沒有什麼是不可能的，但它必須為我們的股東創造長期價值，僅此而已。

Great, thanks. And my follow-up is just on a couple of weaker segments, chems and renewable fuels. And on chems, I just want to know if your outlook for when we reach mid-cycle in that industry has changed at all and then renewable fuels given margins where they are, do you consider tapering back runs there and just kind of outlook for margins in general would be great. Thanks.

太好了，謝謝。我的後續關注點只是幾個較弱的領域，化學品和可再生燃料。關於化學品，我只是想知道，當我們進入該行業中期週期時，您對該行業的前景是否有所改變？然後，考慮到再生燃料的利潤率，您是否考慮縮減該行業的產量，並且整體利潤率前景會很好？謝謝。

Yeah, I'll grab the chemicals question. Second quarter was particularly problematic when you think about the disruptions that tariffs caused at one point, the Chinese had imposed punitive tariffs of 100% on polyethylene imports and CPChem has really minimized its exposure to China, but all of that material that was flowing into China got pushed back into the world market.

是的，我會解答化學品問題。考慮到關稅一度造成的混亂，第二季尤其成問題，中國對聚乙烯進口徵收了 100% 的懲罰性關稅，CPChem 確實已將對中國的依賴降至最低，但所有流入中國的材料都被推回了世界市場。

So that was a big challenge this quarter. Our longer-term view is still consistent, you're seeing rationalization in Europe, you're seeing rationalization rumored in Asia. And I think you're starting to see capitulation of those players that need to take assets off the table.

所以這是本季的一大挑戰。我們的長期觀點仍然是一致的，你會看到歐洲的合理化，你會看到亞洲傳聞的合理化。我認為你開始看到那些需要放棄資產的參與者的投降。

That will be constructive and we continue to see things firming up throughout '26 into '27 and beyond without a lot of new capacity coming on other than what CPChem and Qatar Energy are bringing to the table.

這將是建設性的，我們將繼續看到情況在 2026 年到 2027 年及以後逐漸穩定，除了 CPChem 和卡達能源帶來的產能外，不會出現太多新的產能。

And again, CPChem fares relatively well versus their competitors because of the advantaged ethane position they have both on the Gulf Coast and in the Middle East. And the high-density polyethylene volumes continue to be strong. That's that they can run at high rates because demand for that product continues to grow.

而且，由於 CPChem 在墨西哥灣沿岸和中東地區擁有優勢的乙烷地位，其表現相對於競爭對手而言相對較好。高密度聚乙烯的產量持續強勁。這是因為該產品的需求持續成長，所以它們能夠以高速度運作。

It's really a very resilient product and their cost position allows them to continue to operate profitably. And so they've built out a strong competitive position that's passing the test of time as others are showing weakness.

這確實是一種非常有彈性的產品，其成本狀況使他們能夠繼續獲利運作。因此，他們建立了強大的競爭地位，經受住了時間的考驗，而其他公司則表現出了弱點。

Hey Jason, it's Brian. On the renewable front, renewable margins are indeed weak, and they were weaker in the second quarter slightly than the first quarter. We are running at reduced rates. In the second quarter, we ran at reduced rates, and we continue to run at reduced rates. Maybe I'll give you some color and tailwinds and headwinds in the regulatory and in the renewables segment in general.

嘿傑森，我是布萊恩。在再生能源方面，再生能源利潤率確實很弱，第二季的利潤率略低於第一季。我們正在以折扣價運作。在第二季度，我們以較低的速度運行，並且我們繼續以較低的速度運行。也許我可以給你一些監管方面以及可再生能源領域總體上的有利和不利因素。

As you know, there's been a number of regulatory changes for 2026 and those are headwinds for the plants, including limiting the eligible feedstocks for PTC credits to those from North America and also in reducing the premium for sustainable aviation fuel.

如您所知，2026 年出現了許多監管變化，這些變化對工廠來說是不利的，包括將 PTC 信用的合格原料限制為來自北美的原料，以及降低可持續航空燃料的溢價。

While we also have RVO obligations that support made renewed, other policies included in the RVO such as that reduced RIN generation for renewable fuels derived from imported feedstocks will present a challenge. We're doing a lot of things in self-help, including talking to state and federal regulators to promote profitability for the plant.

雖然我們也有支持再生能源的 RVO 義務，但 RVO 中包含的其他政策（例如減少從進口原料中獲得的可再生燃料的 RIN 生成）將帶來挑戰。我們正在做很多自救的事情，包括與州和聯邦監管機構進行對話，以提高工廠的獲利能力。

Additionally, we're working very hard on lowering the cost of operating the plant just like Rich has done in the refining segment. We're focused on this plan as well. And we're thinking about how to adjust operations to increase SAF production and also to provide additional optionality for feedstocks.

此外，我們正在努力降低工廠營運成本，就像里奇在煉油領域所做的那樣。我們也專注於這個計劃。我們正在考慮如何調整營運以增加 SAF 產量並為原料提供額外的可選性。

I'd say also, there are some tailwinds we see in the market, potentially stronger LCFS and RIN credits with the tighter regulations. European markets are driving greater incentives, including Germany, we've been exporting to Europe almost every month this year. There are stronger biofuels programs in Oregon and Washington and stronger Canadian markets as well.

我還想說，我們在市場上看到了一些順風，隨著監管更加嚴格，LCFS 和 RIN 信用可能會更強。歐洲市場正在推動更大的激勵措施，包括德國，我們今年幾乎每個月都會向歐洲出口。俄勒岡州和華盛頓州的生物燃料計畫更為強大，加拿大市場也同樣強大。

So I would say, just in summary, when they are renewed, as you know, is one of the world's largest RD in SAF plants. And we can also generate up to 15% of the country's D4 and D5 RINs. So ensuring profitability for the plant will be important for energy supply for affordable energy across the country, given the RIN generation and for energy dominance in the United States.

所以我想說，總而言之，當它們更新時，正如你所知，它們是 SAF 工廠中世界上最大的研發之一。我們還可以產生該國高達 15% 的 D4 和 D5 RIN。因此，考慮到 RIN 發電量以及美國能源主導地位，確保工廠的盈利能力對於全國廉價能源的供應至關重要。

Yeah, I would just add to that, that it's clear that the losses are unacceptable and unsustainable. But this is, as Brian noted, a strategic asset, not just for us, but for the country and for the whole RIN program, it's important as well as the volume of diesel that it produces and its capability to produce sustainable aviation fuel to meet a lot of the policies that are underway.

是的，我只想補充一點，很明顯這些損失是不可接受的、不可持續的。但正如布萊恩所說，這是一項戰略資產，不僅對我們而言，對國家和整個 RIN 計劃而言，它與它生產的柴油量以及生產可持續航空燃料的能力一樣重要，以滿足許多正在進行的政策。

So we are fully engaged at the federal level and fully engaged at the state level in California, to make sure that all the right choices are made to support this -- the strategic asset.

因此，我們在聯邦層級和加州層級都全力參與，以確保做出所有正確的選擇來支持這項戰略資產。

Great, thanks for the answers.

太好了，謝謝你的回答。

Jean Ann Salisbury, Bank of America.

美國銀行的 Jean Ann Salisbury。

Hi, I have a Midstream question. Obviously, the top concern right now across Permian volume, levered Midstream is the falling rig count in the Permian and whether growth could materially slow there next year. Can you talk about PSX's exposure to potentially slowing growth in the Permian? And how you might actually be less exposed than some peers in the medium term given your high share of contracted third-party volumes?

你好，我有一個關於 Midstream 的問題。顯然，目前二疊紀中游地區最令人擔憂的問題是二疊紀鑽井數量下降，以及明年該地區的成長是否會大幅放緩。您能否談談 PSX 對二疊紀盆地潛在成長放緩的影響？鑑於你們在第三方合約中所佔的份額很高，從中期來看，你們面臨的風險實際上可能比一些同行要小嗎？

Hi Jean Ann, this is Don. A couple of things around the Permian outlook. We do stay very close with our producer customers and currently, we see not a significant change in their plans based on where we are from a pricing standpoint and what their drilling activity looks like.

你好，Jean Ann，我是 Don。關於二疊紀前景的幾件事。我們確實與生產商客戶保持著非常密切的聯繫，目前，根據我們的定價立場和他們的鑽井活動情況，我們認為他們的計劃沒有發生重大變化。

One of the things I think you have to realize though is the NGL content in the new production is higher than the old production. So even when you see some tampering and the -- or the dampening of the volume growth in crude, you're still seeing good robust growth on the gas and NGL side because of the higher GOR from the wells that are being drilled.

我認為你必須意識到的一件事是新產品中的 NGL 含量高於舊產品。因此，即使你看到一些篡改和——或者原油產量增長受到抑制，你仍然會看到天然氣和 NGL 方面的強勁增長，因為正在鑽探的井的 GOR 更高。

So that certainly creates some buffer when you see some rig count changes or see a change in producer plans. But as you mentioned, our volume outlook is supported both by our G&P processing volumes as well as a robust third-party contract portfolio.

因此，當你看到鑽機數量發生變化或生產商計劃發生變化時，這肯定會產生一些緩衝。但正如您所提到的，我們的產量前景受到 G&P 處理量以及強大的第三方合約組合的支持。

And based on the conversations we were having across the board, we still have good confidence in the outlook of the volumes coming through our system, see our rate -- our utilization rates continuing to stay high. We're turning on expansion at Coastal Bend and volumes continue to grow and fill that capacity. So I feel like we're in good shape there.

根據我們全面進行的討論，我們仍然對我們系統的交易量前景充滿信心，我們的利用率將繼續保持在高位。我們正在 Coastal Bend 進行擴建，產量將繼續增長並填補這一產能。所以我覺得我們的情況很好。

Great, Don, thanks for that color. And then as a broader follow-up, I think in the most recent PSX deck, there were a lot of examples of the $500 million of operating synergies from integration. Can you just kind of speak high level like directionally, I guess, on what environments caused those operating synergies to be higher, like, for example, is it just when there's refining in chems margins?

太好了，唐，謝謝你的顏色。然後，作為更廣泛的後續行動，我認為在最近的 PSX 簡報中，有許多透過整合實現 5 億美元營運協同效應的例子。您能否從高層次的角度來談談，什麼環境導致這些營運協同效應更高，例如，是否只有在化學利潤率精煉時才會產生協同效應？

Do those numbers go up to or perhaps in more volatile environment, the operating synergies go up. But any kind -- or is it just more of a steady state number as you guys look at it?

這些數字是否會上升，或者在更動盪的環境中，經營協同效應是否會上升。但是任何類型——或者正如你們所看到的，它只是一個更穩定的數字？

Sure. I'll take this one. It is fairly steady. I mean, there's some seasonality when you think about butane blending with our refining kit and how that interacts with our NGL business that has some seasonality. But a lot of it is fairly steady when you think about a lot of this is throughput-driven.

當然。我要這個。它相當穩定。我的意思是，當你考慮丁烷與我們的煉油設備混合以及它如何與具有季節性的 NGL 業務相互作用時，就會出現一些季節性。但是，當您考慮到其中許多都是由吞吐量驅動時，其中許多都是相當穩定的。

A lot of this is the operational synergies that we have across the portfolio. And so those tend to get realized on a month in and month out basis. So a lot of stability in that regard. I would echo what you heard certainly from Mark and Rich, is that we still see a lot of opportunity to continually improve and even extract more value in the integrated model. So excited for the opportunities that we see the portfolio is presenting us.

這很大程度上是我們在整個投資組合中所實現的營運綜效。因此，這些目標往往會逐月實現。因此在這方面具有很大的穩定性。我同意馬克和里奇所說的，我們仍然看到很多機會可以不斷改進整合模型，甚至提取更多價值。我們對於投資組合帶給我們的機會感到非常興奮。

Great, thanks, Don, that's all for me.

太好了，謝謝，唐，對我來說就這些了。

Ryan Todd, Piper Sandler.

瑞恩·托德、派珀·桑德勒。

Good, thanks. Maybe first talk one back on refining. Distillate markets have been very tight with really supportive margins. Can you talk about what you see as the primary drivers in your view? How do you see the outlook over the remainder of the year? And as you think about your operations, is there anything more that you can do to increase distillate yields or are you maxed out given the current crude sight?

很好，謝謝。也許首先要談的是精煉。餾分油市場一直非常緊張，利潤空間非常大。您能談談您認為的主要驅動因素是什麼嗎？您如何看待今年剩餘時間的前景？當您考慮自己的營運時，還有什麼可以做的來提高餾分油產量嗎？或者，考慮到目前的原油情況，您是否已經做到了極限？

Hey Ryan, it's Brian. Well, I'd say, although distillate's been favored over gasoline every month this year, but -- distillate remains very strong, as you pointed out, with lowest US inventories in decades and recent lower clean product yields versus Q2 of 2024.

嘿，Ryan，我是 Brian。嗯，我想說，儘管今年餾分油每個月都比汽油更受青睞，但是——正如你所指出的，餾分油仍然非常強勁，美國庫存處於幾十年來的最低水平，而且近期清潔產品產量與 2024 年第二季度相比有所下降。

We would expect distillate margins to remain strong through the end of the year with planning season coming up, our hurricane season coming up fall turnarounds and then winter demand right after that. And so we'd expect a tight distillate margins to put also bullish pressure on gasoline margins as refineries move to making more and more distillate through the driving season.

我們預計，隨著規劃季節的到來、颶風季節的到來、秋季的轉變以及緊隨其後的冬季需求，餾分油利潤率將在年底前保持強勁。因此，我們預計，隨著煉油廠在駕駛季節生產越來越多的餾分油，餾分油利潤率緊張也會對汽油利潤率造成看漲壓力。

I'd say thinking about what would put some pressure on the distillate margins, it will come from additional OPEC crude and the weakening of fuel oil values with heavy crude pressure. Additionally, we have a Canadian producers ramping up production, putting more heavy crude on the market.

我想說的是，考慮一下什麼會對餾分油利潤造成壓力，這將來自額外的歐佩克原油產量以及沉重的原油壓力導致的燃料油價值的走弱。此外，加拿大生產商正在提高產量，向市場提供更多重質原油。

And we've seen back and forth, some jet moving into the diesel pool. So I'd say that one of the things we're doing is watching the MidEast and India where the global net distillate length exists with potential imports into Europe and while we don't think China is going to add any more gasoline or diesel exports, this could also take some steam from distillate.

我們看到一些噴射機來回駛入柴油池。因此我想說，我們正在做的事情之一就是關注中東和印度，這兩個地方是全球淨餾分油長度存在的地方，並且有潛力進口到歐洲，雖然我們認為中國不會再增加汽油或柴油出口，但這也可能會從餾分油中吸收一些動力。

And finally, as many people have talked about, we've seen lower biodiesel and our renewable diesel production is also bullish for distillate. So we would think that distillate margin will remain strong through the year, eventually coming off some when you get these extra barrels, heavy crude barrels back onto the market.

最後，正如許多人談到的，我們看到生物柴油價格下降，而再生柴油產量也對餾分油有利。因此，我們認為餾分油利潤率全年將保持強勁，當這些額外的重質原油重新回到市場時，最終利潤率將會下降。

Alright, thank you. And then one, I know a big focus here improvement in refining performance has also been an improvement on the commercial side of the business. Can you talk about how you view your progress in that regard? And particularly in a quarter like this one, what benefits you might be seeing in terms of your efforts on the commercial side?

好的，謝謝。然後，我知道這裡重點關注的煉油性能的提高也是業務商業方面的改善。您能談談您如何看待自己在這方面的進步嗎？特別是在本季度，您在商業方面的努力可能會帶來哪些好處？

Yeah. We continue to drive our commercial business. We've done a lot of hiring. We've done a lot of upgrading in the business. we're focused on driving more value through the integrated system and moving barrels further along the value chain. As you know, we have offices in the Houston, Canada and Calgary in the UK, Singapore and a small office in China as well.

是的。我們繼續推動我們的商業業務。我們已經招募了很多員工。我們已經在業務上做了很多升級。我們專注於透過整合系統創造更多價值，並進一步推動價值鏈的發展。如您所知，我們在加拿大休士頓、英國卡加利、新加坡設有辦事處，在中國也設有小型辦事處。

So we are constantly looking to drive value by moving barrels to the highest netback markets. So as an example, LPG or naphthas may end up in Asia, and we have the customers in Asia. We have boys in Asia to talk to those customers and figure out what they need. So I think we've made a lot of progress.

因此，我們不斷尋求透過將石油運往淨回值最高的市場來推動價值成長。舉個例子，液化石油氣或石腦油最終可能會銷往亞洲，而我們在亞洲也有客戶。我們在亞洲派人與這些顧客交談並了解他們的需求。所以我認為我們已經取得了很大進展。

We've added a strong origination group. We've hired about two dozen originators around the world. These are people that speak multiple languages, understand multiple commodities and can drive value with customers, thinking about what we might want to buy and sell with customers and how we might use the integrated -- our integrated system to drive more value. So really excited about the progress we've made in commercial and I think there's -- as Don and Mark have pointed out, there's still more opportunity.

我們增加了一個強大的發起小組。我們在全球僱用了大約二十幾位發起人。這些人會說多種語言，了解多種商品，可以為客戶創造價值，思考我們可能想與客戶買賣什麼，以及我們如何使用整合——我們的整合系統來創造更多價值。因此，我們對商業領域的進展感到非常興奮，我認為——正如唐和馬克所指出的，還有更多的機會。

Okay, thank you.

好的，謝謝。

Phillip Jungwirth, BMO.

菲利普·榮格沃思（BMO）。

Thanks. You guys have been pretty active in managing the Midstream portfolio and are now shifting the focus more to organic growth. But wondering if there's more to do on the divestiture side here where there's crude or refined product pipelines that maybe you don't necessarily operate.

謝謝。你們一直非常積極地管理中游投資組合，現在將重點轉向有機成長。但我想知道在資產剝離方面是否還有更多工作要做，其中有原油或精煉產品管道，也許你不一定會運作。

Are there arguably still integration synergies? Or is maintaining ownership more about just enhancing the cost structure for refining, diversification or just not the right environment to really realize full value.

是否仍有可能存在整合協同效應？或者維持所有權只是為了增強煉油、多樣化的成本結構，或者只是沒有合適的環境來真正實現全部價值。

So Joe, we -- or I'm sorry, Phillip, we've got an active list that we look at. We've taking a deep dive and to find what our core assets are, what we believe our noncore assets are, and we're working on that list. So there are more potential sales of non-core assets.

所以喬，我們——或者對不起，菲利普，我們有一個正在查看的活動清單。我們正在深入研究我們的核心資產是什麼，我們認為我們的非核心資產是什麼，我們正在製定這份清單。因此非核心資產的潛在出售可能性較大。

Some -- primarily in Midstream non-operated kinds of assets, and we're not ready to put a number out there or talk about specific assets, but we do have a considerable list of things that we could continue to monetize.

一些——主要是中游非營運資產，我們還沒有準備好公佈具體數字或談論具體資產，但我們確實有相當多可以繼續貨幣化的資產清單。

Okay. Great. And then I don't think we've asked about the new M&S allocation slide that you have in the deck here, just to be more apples-to-apples in terms of comparing refining performance. But it was a nice quarter for refining. I mean, typically, PSX tends to really outperform in the central corridor.

好的。偉大的。然後，我認為我們並沒有詢問您在這裡的新的 M&S 分配幻燈片，只是為了在比較煉油性能方面更加具有可比性。但這對於煉油業來說是一個不錯的季度。我的意思是，通常情況下，PSX 在中央走廊的表現往往非常出色。

I assume with the M&S allocation, I mean, the outperformance is even greater there. So just in a quarter where WCS didn't really give you much help. What do you guys look at as far as really attributing and driving that relative outperformance?

我認為，有了 M&S 配置，其表現會更加出色。所以在這個季度中，WCS 並沒有為你帶來太多幫助。你們認為什麼才是真正促成和推動這種相對優異表現的原因？

And then in some of the other regions, maybe like the Gulf Coast. I know you mentioned the Sweeny project, but are there other things you can do there, new projects or otherwise to improve relative margin uplift given that you are pretty vertically integrated in the Gulf Coast also?

然後是其他一些地區，可能像墨西哥灣沿岸。我知道您提到了 Sweeny 項目，但是考慮到您在墨西哥灣沿岸也進行了相當垂直的整合，您還可以在那裡做其他事情嗎，新項目或其他方法來提高相對利潤率？

Hey Phillip, it's Brian. Maybe I'll start on talking about the MidCon strength. Again, we talked about the commercial organization. I think they had a hand in the MidCon as well. We were able to increase value in MidCon by optimizing the system essentially on both gasoline and diesel, we anticipated strong MidCon prices in Q2 with heavy turnarounds and decreasing inventories, and we positioned our system appropriately.

嘿，菲利普，我是布萊恩。也許我應該開始談論 MidCon 的優勢。我們再次討論了商業組織。我認為他們也參與了 MidCon。我們能夠透過主要針對汽油和柴油的系統進行最佳化來提高 MidCon 的價值，我們預計第二季 MidCon 價格將保持強勁，週轉率高且庫存減少，並且我們對系統進行了適當的定位。

And also on the gasoline prior to the emergency RVP waivers, our refineries were able to produce the lower RVP, which received a premium in the market given the limited production. And finally, I think, just in general, refineries had minimal maintenance during a heavy MidCon turnaround season. So we benefited by running why others were down.

此外，在緊急 RVP 豁免之前的汽油方面，我們的煉油廠能夠生產較低的 RVP，由於產量有限，這種汽油在市場上獲得了溢價。最後，我認為，一般來說，在 MidCon 的繁忙週轉季節，煉油廠的維護工作很少。因此，透過了解其他人失敗的原因，我們受益匪淺。

Yeah, and I guess I'll add on the refining side of the business, what we see an opportunity on -- in the Gulf Coast and even a bit in the MidCon area, is to continue to fill up the secondary units in our processes, and that may not be -- native feedstocks may not be generated from the front end of the facility.

是的，我想我會補充一下煉油業務方面，我們看到的機會是——在墨西哥灣沿岸，甚至在 MidCon 地區，繼續填補我們流程中的二級單元，而這可能不會——原生原料可能不會從設施的前端產生。

So that is an opportunity that we've zeroed in on, and we think there's good potential there that we can increase the overall utilization of the assets and generate more clean products for the marketplace.

所以這是我們關注的一個機會，我們認為它有很大的潛力，我們可以提高資產的整體利用率，並為市場提供更多的清潔產品。

Thanks.

謝謝。

Joe Laetsch, Morgan Stanley.

摩根士丹利的喬·萊奇（Joe Laetsch）。

Hey team, thanks for taking my questions. So I wanted to start on the full year turnaround expense guidance, which was used by $100 million. Was this due to outperformance or was prior planned maintenance deferred. What I'm getting at and trying to figure out is if the $400 million to $500 million level run rate to use going forward? Thanks.

嘿，團隊，感謝你們回答我的問題。因此，我想從全年扭虧為盈費用指引開始，該指引使用了 1 億美元。這是由於性能優異還是之前計劃的維護被推遲了。我想弄清楚的是，4 億到 5 億美元的運行率是否適合未來使用？謝謝。

Yeah, I'll take that this one, Joe. This is Rich. So the third quarter guidance we gave you was $50 million to $60 million. And if you look at the year-to-date spend, we've underspent based on our previous guidance there. So we did feel it was important to adjust the overall guidance for the year.

是的，喬，我接受這個。這是里奇。因此，我們給您的第三季指引金額是 5,000 萬至 6,000 萬美元。如果你看今年迄今為止的支出，你會發現根據我們先前的指導，我們的支出是不足的。因此，我們確實認為調整今年的整體指導很重要。

And that's attributed to really two primary things that we've got going on. And one has been our continued focus on execution and planning. And that work has really allowed us to be very efficient on the execution and actually come under our historical productivity or above our productivity numbers, but under our historical spend to execute our work.

這實際上歸因於我們正在進行的兩件主要事情。其中之一就是我們一直專注於執行和規劃。這項工作確實讓我們在執行上非常高效，實際上達到了我們的歷史生產力水平或高於我們的生產力數字，但低於我們執行工作的歷史支出。

And the second key component of this is the maturity of our inspection programs where we're moving from a time-based inspection process to a condition-based inspection process. That does two things. One, it allows us to really optimize the interval between turnarounds.

第二個關鍵因素是我們的檢查程序的成熟度，我們正在從基於時間的檢查過程轉向基於條件的檢查過程。這有兩個作用。首先，它使我們能夠真正優化週轉間隔。

So we can as more data comes available, we have a technical basis to move a turnaround from, call it, 36 months to 48 months or whatever that interval is. And the other benefit that this inspection process is driving is actually reduced scope of work inside the turnarounds, which is reducing the complexity of the turnarounds and then is compounding the effectiveness on the execution and planning side of the business.

因此，隨著更多數據的出現，我們有技術基礎將週轉時間從 36 個月延長至 48 個月或任何其他間隔。此檢查流程帶來的另一個好處是實際上減少了周轉內的工作範圍，從而降低了周轉的複雜性，並提高了業務執行和規劃方面的效率。

So year-to-date, we performed quite well. We've spent around $320 million year-to-date. So looking at the numbers, we felt it was the right thing to do to adjust our full year outlook down by $100 million.

因此，今年到目前為止，我們的表現相當不錯。今年迄今為止我們已經花了約 3.2 億美元。因此，從這些數字來看，我們認為將全年預期下調 1 億美元是正確的做法。

Thanks for that detail and good to see the execution. My second question is on the Midstream side. Now that Coastal Bend has been closed for a couple of months. Can you talk to how the integration is going, synergy capture and any surprises now that you've had at in time with it in the portfolio. Thank you.

感謝您提供的詳細信息，很高興看到執行情況。我的第二個問題是關於中游方面的。現在 Coastal Bend 已經關閉了幾個月。您能否談談整合的進展、綜效的取得以及目前在投資組合中遇到的任何意外情況？謝謝。

Sure. This is Don. I'd say our Coastal Bend integration work is going quite well. As you heard on the call today, the first phase of our expansion is near complete. We are on schedule for completing the second expansion, which would take us up to 350,000 a day of volume capacity in 2026.

當然。這是唐。我想說我們的 Coastal Bend 整合工作進展非常順利。正如您今天在電話會議上聽到的，我們擴張的第一階段已接近完成。我們計劃在 2026 年完成第二次擴建，屆時我們的日吞吐量將達到 35 萬輛。

We're well on our way capturing the cost synergies as well as the commercial opportunities that we saw that would be associated with bringing coastal bin into our broader wellhead to market systems. So that's all going quite well.

我們正在順利實現成本協同效應以及將沿海儲罐納入我們更廣泛的井口市場系統所帶來的商業機會。一切進展順利。

I think you step back, it's a great addition that really supports our organic growth plans that you see us executing in the Permian with our gas gathering and processing plant expansions like (inaudible) Pecos 2 and the Iron Mesa gas plants.

我認為你退一步來看，這是一個很好的補充，它真正支持了我們的有機增長計劃，你可以看到我們在二疊紀實施了我們的天然氣收集和處理工廠擴建，如（聽不清）Pecos 2 和 Iron Mesa 天然氣工廠。

All of that is volume that's going to come out of those plants and feed into Coastal Bend and then hit that Gulf Coast market where Coastal Bend plus what we had really creates a great network of purity product lines that hits a lot of markets up and down the Gulf Coast. And really see a robust opportunity there.

所有這些產量都將從這些工廠生產並輸送到 Coastal Bend，然後進入墨西哥灣沿岸市場，Coastal Bend 加上我們現有的資源，真正創建了一個龐大的純度產品線網絡，覆蓋了墨西哥灣沿岸的許多市場。並且確實看到了那裡的巨大機會。

And the customer feedback, the customer engagement that we've had post-closing Coastal Bend has been robust and very positive. So really excited about what the acquisition has done for us and what the opportunity set looks like.

我們在關閉 Coastal Bend 之後收到的客戶回饋和客戶參與度非常強勁且積極。我對這次收購帶給我們的好處以及帶來的機會感到非常興奮。

Great. Thanks for taking my questions.

偉大的。感謝您回答我的問題。

Paul Cheng, Scotiabank.

加拿大豐業銀行的 Paul Cheng。

Hey, guys. Good -- I think it's still good morning for you guys. Brian, can I go back to the renewable diesel. You're saying that you are running at reduced rates. Just curious that if the margin is lower, that means that you're going to reduce further from the second quarter level. In other words, that how sensitive you are in your runway versus the market condition.

嘿，大家好。很好——我想對你們來說這仍然是一個美好的早晨。布萊恩，我可以回到再生柴油嗎？您說的是您正在以降低的價格運作。只是好奇，如果利潤率較低，那就意味著你將在第二季的水平上進一步降低。換句話說，這就是你的跑道對市場狀況的敏感度。

And also that whether you have fully booked the PTC in the second quarter or that there's some incremental benefit that we should assume and expand on that? That's the first question.

此外，您是否已經完全預訂了第二季度的 PTC，或者是否有一些增量收益值得我們假設並擴大？這是第一個問題。

The second question, I think, is for Mark. Upon the completion of the shutdown of LA, you have no refinery in California, but you have wholesale and marketing and retail marketing operation there. And also that in Europe, given the market condition is never really that great for the oil and gas business.

我認為第二個問題是問馬克的。洛杉磯關閉完成後，你們在加州沒有煉油廠，但你們在那裡有批發和行銷以及零售行銷業務。而且在歐洲，石油和天然氣業務的市場狀況從來都不太好。

So in those two sets of business, it means that in Europe, your refining and marketing business and in California, your marketing business, in the long haul, how do you see them fit into your portfolio? Are they -- should be part of your portfolio long haul? Thank you.

那麼，在這兩組業務中，這意味著在歐洲，您的煉油和行銷業務以及在加州的行銷業務，從長遠來看，您認為它們如何融入您的投資組合？它們是否應該成為您長期投資組合的一部分？謝謝。

Hey Paul, it's Brian. I'll start. I'll tell you that we're likely to run Rodeo at reduced rates even from Q2 in Q3, but that will be predicated on the market and the market may be better or may not. We're watching -- as you know, there's a lot of aspects to the margins for renewable diesel and renewable jet, including all the credits, including the price of the renewable diesel relative to car diesel and also the price of the feedstock and they all move in tandem. So we're watching it all very closely. And depending on what the market gives us, that's what we'll run the plant at.

嘿，保羅，我是布萊恩。我先開始。我會告訴你，我們可能會從第二季到第三季以較低的價格經營 Rodeo，但這將取決於市場，市場可能會變好，也可能不會。我們正在關注—如您所知，再生柴油和再生噴射燃料的利潤率有很多方面，包括所有信貸，包括再生柴油相對於汽車柴油的價格以及原料價格，它們都是同步變動的。因此我們正在密切關注這一切。我們將根據市場需求來決定工廠的運作方式。

Paul, on your second question, regarding LA shutdown, you're right, we'll have no traditional refining capacity in California. I would point you to what we did when we converted to Rodeo to renewable feedstocks.

保羅，關於你的第二個問題，關於洛杉磯關閉，你是對的，我們在加州將沒有傳統的煉油能力。我想向你們指出我們在 Rodeo 轉換為可再生原料時所做的事情。

In essence, we were neutral on diesel production. It just happened to be renewable diesel versus traditional diesel, but we had to backfill gasoline. We did that and other market participants did that by importing. We also have the ability to import from our Ferndale refinery in Washington. So it's a good position there.

本質上，我們對柴油生產持中立態度。只是碰巧是再生柴油與傳統柴油，但我們必須補充汽油。我們這麼做了，其他市場參與者也透過進口這樣做了。我們也可以從華盛頓的芬代爾煉油廠進口。所以這是一個很好的位置。

And then as we shut down LA, again, it's primarily a gasoline import opportunity. And the California authorities have been very proactive in helping us address the import opportunities from the water, whether it's international or other domestic sources. And so we've got a great plan that's been well received by California.

然後，當我們關閉洛杉磯時，這主要是一個汽油進口機會。加州當局一直非常積極地幫助我們解決水進口問題，無論是國際還是其他國內來源。因此，我們制定了一個受到加州好評的偉大計劃。

And I'd also add to Mark's comments, I think what's interesting is we believe that the volatility in California gasoline prices will actually be reduced with more gasoline imports because if you think about having mature supply chains, which are similar to other markets like PADD 1, which is also a gasoline import market.

我也想補充馬克的評論，我認為有趣的是，我們相信加州汽油價格的波動實際上會隨著汽油進口量的增加而降低，因為如果你考慮擁有成熟的供應鏈，它與其他市場類似，例如 PADD 1，它也是一個汽油進口市場。

You're going to have barrels coming in large ships, 300,000 barrels to 700,000 barrels and those barrels will come off the ship and be stored and ready for our market dislocations. You also have many more destinations that can produce, (inaudible) gasoline than in the past.

將會有 30 萬桶到 70 萬桶的石油通過大型船隻運來，這些石油將從船上卸下並儲存起來，為市場混亂做好準備。與過去相比，可以生產（聽不清楚）汽油的目的地也多得多。

And also, as Mark pointed out, destinations that are very close to California, like our Ferndale Refinery. And in fact, gasoline imports into California versus a five year average are up 70,000 barrels a day already. So we really don't see any constraints on getting the CARB gasoline.

而且，正如馬克指出的那樣，這些目的地距離加州非常近，例如我們的芬代爾煉油廠。事實上，與五年平均值相比，加州的汽油進口量已經增加了 7 萬桶/天。所以我們確實沒有看到取得 CARB 汽油有任何限制。

We see a lot more gasoline coming into the market, a steady stream will help put a lid on volatility to a certain degree. The only issue is infrastructure. That's a potential issue, but what we've seen is a state is aware of this and seems poised to continue to help us on that infrastructure. So we think California is in a very good position.

我們看到越來越多的汽油進入市場，穩定的供應將有助於在一定程度上抑制波動。唯一的問題是基礎設施。這是一個潛在的問題，但我們看到，政府已經意識到了這一點，並且似乎準備繼續幫助我們建立基礎設施。因此我們認為加州處於非常有利的地位。

Yeah, and regarding Europe, we've already exited co-op. We are exiting 65% of our jet position in Germany and Austria. So clearly, that's not strategic for us. We like the deal that we did for jet. It was a solid offer from a high-quality buyer.

是的，關於歐洲，我們已經退出合作了。我們正在退出德國和奧地利 65% 的噴射機市場。顯然，這對我們來說不具戰略意義。我們很喜歡與 Jet 達成的交易。這是來自優質買家的可靠報價。

They wanted us to come along for some period of time as they adjust to that market, and we still have exposure to the upside there. with clear exit provisions. And so we're comfortable with where we are there in Europe.

他們希望我們在他們適應市場的過程中陪伴他們一段時間，並且我們仍然可以享受到那裡的上行空間，並有明確的退出條款。因此，我們對自己在歐洲的現狀感到滿意。

Around Humber and the integrated position in the UK, Humber is really the leading refinery in the UK, perhaps in all of Europe. It's a strong position there. It has good optionality. And as you see others rationalize assets, it's only going to strengthen this position.

圍繞著亨伯煉油廠和英國的綜合地位，亨伯煉油廠確實是英國乃至整個歐洲領先的煉油廠。它在那裡佔據著強勢地位。具有良好的可選性。正如你所看到的，其他人正在合理化資產，這只會加強這個地位。

Matthew Blair, Tudor Pickering Holt.

馬修布萊爾、都鐸皮克林霍爾特。

Thank you and good morning. I want to check in on the refining guide for Q3. I think it was for utilization in the low to mid-90% range versus the 92% -- or 98% in Q2 and your turnaround expense is flat quarter-over-quarter.

謝謝，早安。我想看第三季的煉油指南。我認為利用率在 90% 左右，而第二季度的利用率是 92% 或 98%，而且週轉費用與上一季持平。

The indicator in July, at least should be higher than the Q2 average. So I guess we're a little surprised that utilization might be coming down fairly significantly in Q3. Is there anything to read into that? Or what's going on there?

7月份的指標至少應該高於第二季的平均值。因此，我想我們有點驚訝於第三季利用率可能會大幅下降。這其中有什麼值得解讀的事嗎？或是那裡發生了什麼事？

I'll take that one. There's a couple of things going on that you need to think about on this one, Matt. One is -- and this is public information, Bayway -- our Bayway facility had an upset here, power outage during the last set of storms that rolled through and that took the entire plant down. The plant is back up now and operating well, but that will have an impact on utilization.

我要那個。馬特，有幾件事你需要考慮。一是——這是公開訊息，Bayway——我們的 Bayway 工廠在這裡發生了意外，在最近一場暴風雨中發生了停電，導致整個工廠停工。該工廠目前已恢復運營，但這將對利用率產生影響。

And then the second thing is around our Los Angeles refinery. We've indicated that we're going to cease operations in the fourth quarter. But actually, on the backside of the third quarter, you'll start seeing some winding down of the operation that will have also some impact to utilization.

第二件事是關於我們洛杉磯煉油廠的事。我們已表示將在第四季度停止營運。但實際上，在第三季的後期，你會開始看到一些營運的減少，這也會對利用率產生一定的影響。

Thank you, that's helpful. And then on the renewables business, I'm wondering if it would make sense to seek out a partner here. There's a lot of other examples in the space where your competitors are working with partners to provide help on feedstocks.

謝謝，這很有幫助。然後關於再生能源業務，我想知道在這裡尋找合作夥伴是否有意義。該領域還有很多其他例子，您的競爭對手正在與合作夥伴合作提供原料方面的幫助。

We saw a deal earlier this week where a partner came in and valued SAF capacity at about $4.50 a gallon, which seems like a pretty attractive number. So is that on the table for PSX bringing in a partner on the renewable diesel side?

本週早些時候我們看到了一筆交易，一位合作夥伴加入並將 SAF 容量估價為每加侖 4.50 美元左右，這似乎是一個非常有吸引力的數字。那麼，PSX 是否會在再生柴油方面引入合作夥伴呢？

With assets like this, we always look at what the best options are to create value. And I agree with you, that was a very attractive number. But everything, as I said earlier, everything is on the table.

對於這樣的資產，我們總是在尋找創造價值的最佳選擇。我同意你的看法，這是一個非常有吸引力的數字。但正如我之前所說，一切都擺在桌面上。

Great. Thank you.

偉大的。謝謝。

Thanks, Matt.

謝謝，馬特。

Thank you. This concludes the question-and-answer session. I will now turn the call back over to Mark Lashier for closing comments.

謝謝。問答環節到此結束。現在我將把電話轉回給馬克·拉希爾，請他發表最後評論。

Thanks for all your questions. Before we wrap up, I want to emphasize three points from the call. The strong financial and operating results this quarter show that we're executing well on a proven strategy. Our integrated business model generates competitive returns through disciplined investments and synergy capture along our crude and NGL value chains.

感謝您提出的所有問題。在結束之前，我想強調一下通話中的三點。本季強勁的財務和營運業績顯示我們正在良好地執行一項行之有效的策略。我們的綜合業務模式透過嚴格的投資和原油及天然氣液體價值鏈上的協同效應產生有競爭力的回報。

And we're committed to returning over 50% of net operating cash flow to shareholders through share repurchases and a secure, competitive and growing dividend. Thank you for your interest in Phillips 66. If you have questions or feedback after today's call, please contact Jess Roman.

我們致力於透過股票回購和安全、有競爭力且不斷增長的股息向股東返還 50% 以上的淨營運現金流。感謝您對 Phillips 66 的關注。如果您在今天的通話後有任何問題或回饋，請聯絡 Jess Roman。

Thank you everyone for joining us today. This concludes our call and you may now disconnect your lines.

感謝大家今天的參與。我們的通話到此結束，您可以掛斷電話了。