菲利普斯66 (PSX) 2025 Q3 法說會逐字稿

Welcome to the third quarter 2025 Phillips 66 earnings conference all. My name is Breka, and I will be your operator for today's call.

歡迎各位參加 Phillips 66 2025 年第三季財報發表會。我叫布雷卡，我將擔任您今天通話的接線生。

(Operator Instructions) Please note that this conference is being recorded.

（操作員說明）請注意，本次會議正在錄音。

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

現在我將把電話交給投資者關係副總裁肖恩·馬赫。肖恩，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. Today's presentation 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 的財報電話會議。參加今天電話會議的有：董事長兼執行長 Mark Lashier；財務長 Kevin Mitchell；中游與化學業務負責人 Don Baldridge；煉油業務負責人 Rich Harbison；以及行銷和商業業務負責人 Brian Mandell。今天的簡報可在 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.

第 2 張投影片包含我們的安全港聲明。我們將在今天的電話會議上發表一些前瞻性聲明。實際結果可能與今天的評論有重大差異。可能導致實際結果出現差異的因素已在此處以及我們提交給美國證券交易委員會的文件中列出。

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

接下來，我將把電話交給馬克。

Thanks, Sean. Before we begin the call, I'd like to take a moment to recognize Jeff Dietert, our Vice President of Investor Relations since 2017. After a long and successful career in the energy industry, Jeff announced his decision to retire at the end of this year. On behalf of the entire management team, I want to extend our deepest gratitude to Jeff for his invaluable contributions to the company and we wish him all the best in retirement.

謝謝你，肖恩。在正式開始電話會議之前，我想花一點時間表揚一下自 2017 年以來一直擔任我們投資者關係副總裁的 Jeff Dietert。在能源行業擁有漫長而成功的職業生涯後，傑夫宣布他將於今年年底退休。我謹代表整個管理團隊，向傑夫致以最深切的感謝，感謝他對公司的寶貴貢獻，並祝福他退休生活一切順利。

During the quarter, we continued to execute on our strategy and delivered strong financial and operating performance. Refining's results demonstrated our commitment to world-class operations. Midstream, along with Marketing and Specialties, delivered another consistent contribution, providing a strong foundation for our capital allocation framework. Chemicals generated solid returns despite a challenging market, operating above 100% utilization. Year-to-date adjusted chemicals EBITDA is $700 million, reflecting the unique feedstock advantage of our assets.

本季度，我們繼續執行我們的策略，並取得了強勁的財務和營運業績。煉油廠的表現證明了我們致力於打造世界一流營運體系的承諾。中游業務與行銷和特種業務一起，持續做出貢獻，為我們的資本配置框架奠定了堅實的基礎。儘管市場充滿挑戰，化學工業仍取得了穩健的回報，產能利用率超過 100%。今年迄今為止，經過調整的化學品 EBITDA 為 7 億美元，反映了我們資產獨特的原料優勢。

During the quarter, the Dos Picos II gas plant became fully operational, and the first expansion of our Coastal Bend pipeline was successfully completed. These milestones enabled us to achieve record NGL throughput and fractionation volumes.

本季度，Dos Picos II 天然氣廠全面投入運營，Coastal Bend 管道的首次擴建工程也成功完成。這些里程碑使我們實現了創紀錄的NGL處理量和分餾量。

Since quarter end, we processed the final barrel of crude oil at the Los Angeles refinery. We sincerely thank our Los Angeles refinery employees for their exemplary dedication to safely operating the assets as we progress the idling process.

自季度末以來，我們在洛杉磯煉油廠處理了最後一桶原油。我們衷心感謝洛杉磯煉油廠的員工們，感謝他們在我們推動停產程序的過程中，為安全操作設備所展現出的卓越奉獻精神。

Earlier this month, we also closed on our acquisition of the remaining 50% interest in the Wood River and Borger refineries. This transaction simplifies our portfolio and enhances our ability to capture operational and commercial synergies across the value chain. The further integration of the Wood River, Borger and Ponca City refineries will create a system that offers opportunities to capture margin across our assets.

本月初，我們也完成了對伍德河煉油廠和博格煉油廠剩餘 50% 股份的收購。此次交易簡化了我們的投資組合，並增強了我們在整個價值鏈中獲取營運和商業協同效應的能力。伍德河煉油廠、博格煉油廠和龐卡城煉油廠的進一步整合將創造一個系統，為我們提供從所有資產中獲取利潤的機會。

An example is the recently announced Open Season for Western Gateway. This refined products pipeline will ensure reliable supply to Arizona, California and Nevada from Mid-Continent refineries. This proposed project is one of many opportunities that will drive greater shareholder value. Aligned with our focus on continuous improvement and the dedication to operational excellence, we're excited about the future.

例如，最近宣布的西部門戶開放狩獵季。這條成品油管道將確保從美國中西部煉油廠向亞利桑那州、加利福尼亞州和內華達州可靠供應成品油。這項擬議項目是眾多能夠提升股東價值的機會之一。秉持著持續改善和追求卓越營運的理念，我們對未來充滿信心。

Rich will now provide more context on our progress in the future in refining.

Rich接下來將為我們未來在精煉方面的進展提供更多背景資訊。

Thanks, Mark. Slide 4, highlights another strong quarter for refining, a clear reflection of our commitment to operational excellence. We achieved 99% utilization, the highest quarter since 2018 and above industry average. Our year-to-date clean product yield of 87% is a record, underscoring our ability to maximize value from every barrel processed. Our third quarter adjusted cost per barrel of $6.07 was impacted by $0.40 per barrel due to a $69 million environmental accrual related to the Los Angeles refinery.

謝謝你，馬克。第 4 張投影片重點介紹了煉油業務的另一個強勁季度，這清楚地反映了我們對卓越營運的承諾。我們實現了 99% 的利用率，這是自 2018 年以來最高的季度利用率，高於行業平均水平。今年迄今為止，我們的清潔產品收率達到了 87%，創下歷史新高，這凸顯了我們能夠最大限度地提高每一桶加工產品的價值。由於洛杉磯煉油廠產生的 6,900 萬美元環境費用，我們第三季調整後的每桶成本為 6.07 美元，每桶成本增加了 0.40 美元。

Since 2022, we've reduced our adjusted controllable costs by approximately $1 per barrel. We have built our improvement strategy on five pillars of excellence, safety, people, reliability, margin and cost efficiency. Our greatest asset is our people, training them well and sending them home safely each and every day as our top priority. Reliable operations improved nearly every metric. Our team is focused on a world-class reliability program that will sustain our strong operating performance.

自 2022 年以來，我們已將調整後的可控成本降低了每桶約 1 美元。我們的改善策略建立在卓越、安全、人員、可靠性、利潤率和成本效益這五大支柱之上。我們最大的資產是我們的員工，把好好培訓他們，並確保他們每天都能安全回家作為我們的首要任務。可靠的營運改善了幾乎所有指標。我們的團隊致力於打造世界級的可靠性計劃，以維持我們強勁的營運表現。

We are seeing excellent progress in utilization and uptime and we're not done yet. We've made some tough, but impactful decisions that are paying off as we lower our cost structure and improve our flexibility and optionality to capture changing market conditions. Excellence in all five pillars maximizes earnings and value creation.

我們在利用率和正常運行時間方面取得了顯著進展，但這還不是終點。我們做出了一些艱難但影響深遠的決定，這些決定正在取得成效，因為我們降低了成本結構，提高了靈活性和選擇權，以應對不斷變化的市場狀況。五大支柱全面卓越，可最大限度地提高收益和價值創造。

Moving to Slide 5. Since early 2022, refining has been on a journey. We have been making structural changes to the portfolio and organization that will continue to drive long-term shareholder value. We've rationalized our refining footprint while strengthening our position in the central corridor. The full ownership of the Wood River and Borger refineries creates additional high-return organic opportunities.

切換到第5張投影片。自 2022 年初以來，精煉工作一直在進行中。我們一直在對投資組合和組織結構進行調整，這將繼續推動股東的長期價值成長。我們優化了煉油廠的佈局，同時鞏固了我們在中部走廊的地位。完全擁有伍德河煉油廠和博格煉油廠將創造更多高回報的有機成長機會。

We've also transformed the organization, centralizing support functions, operating the assets as a fleet versus independently. We have a list of low capital, high-return projects in the queue going through our standard review and approval process. The ones we've already executed have improved yields product value and flexibility.

我們也對組織結構進行了改革，集中了支援職能，並將資產作為一個整體車隊而不是獨立運作。我們有一系列低投入、高回報的項目正在排隊等待我們的標準審查和批准流程。我們已經實施的專案提高了產量、產品價值和靈活性。

We've increased our optionality to switch between heavy and light crudes and between finished product mixes. I look forward to implementing the next phase of organic growth opportunities. Lastly, we're focused on driving efficiencies, which will further improve our cost profile. We're targeting adjusted controllable cost per barrel to be approximately $5.50 on an annual basis by 2027. We are positioned well for the future.

我們增加了在重質原油和輕質原油之間以及成品油混合物之間進行切換的選擇。我期待著實施下一階段的有機成長機會。最後，我們致力於提高效率，這將進一步改善我們的成本狀況。我們的目標是到 2027 年將每桶調整後可控成本控制在每年約 5.50 美元。我們已為未來做好了充分準備。

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

現在我將把電話交給凱文，讓他來介紹本季的財務表現。

Thank you, Rich. On Slide 6, third quarter reported earnings were $133 million or $0.32 per share. Adjusted earnings were $1 billion or $2.52 per share. Both reported and adjusted earnings include the $241 million pretax impact of accelerated depreciation and approximately $100 million in charges related to our plan to idle operations at the Los Angeles refinery by year-end. We generated $1.2 billion of operating cash flow.

謝謝你，里奇。投影片 6 顯示，第三季報告收益為 1.33 億美元，即每股 0.32 美元。調整後收益為10億美元，即每股2.52美元。報告和調整後的收益均包含加速折舊帶來的 2.41 億美元稅前影響，以及與我們計劃在年底前停止洛杉磯煉油廠營運相關的約 1 億美元費用。我們創造了12億美元的經營現金流。

Operating cash flow, excluding working capital, was $1.9 billion. We returned $751 million to shareholders, including $267 million of share repurchases. We Net debt to capital was 41%. We plan to reduce debt with operating cash flow and proceeds from the announced fourth quarter European retail disposition.

不計營運資金，營運現金流為 19 億美元。我們向股東返還了 7.51 億美元，其中包括 2.67 億美元的股票回購。我們的淨債務資本比為 41%。我們計劃利用經營現金流和已宣布的第四季歐洲零售資產處置所得來減少債務。

I will now cover the segment results on Slide 7. Total company adjusted earnings increased $52 million to $1 billion. Midstream results decreased mainly due to lower margins, partially offset by higher volumes. These results include $30 million of additional depreciation related to the retirement of assets associated with our Los Angeles refinery. Chemicals improved on higher margins and lower costs, which were largely driven by a decrease in turnaround spend.

接下來我將介紹投影片 7 上的細分市場結果。公司調整後總收益增加5,200萬美元，達到10億美元。中游業務業績下降主要是由於利潤率降低，但銷量增加部分抵消了利潤率下降的影響。這些結果包括與洛杉磯煉油廠相關資產報廢相關的 3,000 萬美元額外折舊。化學工業利潤率提高、成本降低，主要得益於檢修費用的減少。

Refining results increased on stronger realized margins, partially offset by environmental costs associated with the idling of the Los Angeles refinery. Marketing and Specialties results decreased due to lower margins, primarily driven by more favorable market conditions in the second quarter. In renewable fuels, results improved primarily due to higher margins, including inventory impacts and international renewable credits.

煉油廠績效因實際利潤率提高而成長，但部分被洛杉磯煉油廠停產帶來的環境成本所抵銷。受第二季市場環境更有利的影響，行銷和特種產品業務的利潤率下降，導致其業績下滑。在再生燃料領域，業績改善主要歸功於更高的利潤率，包括庫存影響和國際再生能源信用額度。

Slide 8, shows cash flow for the third quarter. Cash from operations, excluding working capital, was $1.9 billion. Working capital was a use of $742 million primarily due to an inventory build. Debt increased primarily due to the issuance of hybrid bonds, which was partially offset by a reduction in short-term debt.

第 8 張投影片顯示了第三季的現金流量。不包括營運資金在內，經營活動產生的現金為 19 億美元。營運資金使用量為 7.42 億美元，主要原因是庫存增加。債務增加主要是由於發行混合債券，但短期債務減少部分抵消了這種影響。

We returned $751 million to shareholders through share repurchases and dividends and funded $541 million of capital spending. Our ending cash balance, including assets held for sale, was $2 billion. Looking ahead to the fourth quarter on Slide 9.

我們透過股票回購和分紅向股東返還了 7.51 億美元，並為 5.41 億美元的資本支出提供了資金。期末現金餘額（包括待售資產）為 20 億美元。展望第四季度，請參閱第 9 張投影片。

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. Turnaround expense is expected to be between $125 million and $145 million. The utilization and turnaround guidance reflects 100% ownership of the Wood River and Borger refineries and removal of Los Angeles. We anticipate corporate and other costs to be between $340 million and $360 million.

在化學領域，我們預計全球 O&P 利用率將達到 90% 以上。在煉油領域，我們預計全球原油利用率將在 90% 左右。預計整修費用在 1.25 億美元至 1.45 億美元之間。利用率和周轉率指導反映了對伍德河煉油廠和博格煉油廠的 100% 所有權以及洛杉磯煉油廠的移除。我們預計公司及其他費用將在 3.4 億美元至 3.6 億美元之間。

Now we will move to Slide 10 and open the line for questions, after which, Mark will wrap up the call.

現在我們將進入第 10 張投影片，並開放提問環節，之後，馬克將結束本次通話。

(Operator Instructions)

（操作說明）

Steve Richardson, Evercore.

史蒂夫理查森，Evercore。

Great, thank you. Regarding WRB, interested if we could just dig a little further there. Very clear, what looks to be a really attractive acquisition price, and you've got a clear synergy target out there. But could we talk a little bit about beyond this inside and outside the fence line, some of the other benefits and just address what 100% ownership of these facilities opens up in terms of some of the organic growth that Rich mentioned.

太好了，謝謝。關於WRB，我很想知道我們是否可以再深入研究。非常清楚，收購價格看起來非常有吸引力，而且你們也找到了一個明確的綜效目標。但是，我們能否稍微談談圍欄內外之外的其他好處，並探討一下100%擁有這些設施在Rich提到的一些自然增長方面所帶來的好處？

Sure, Steve. I think this falls into the category of our strategy in action. Several years ago, we identified that the Mid-Continent Central Core was core to our business, and we would focus and make strategic decisions around that. And since then, we've made the decision to idle LA and redeveloped land there.

當然可以，史蒂夫。我認為這屬於我們策略實施的範疇。幾年前，我們認定中大陸中心核心區是我們業務的核心，我們將圍繞該區域制定策略決策。從那時起，我們決定讓洛杉磯閒置下來，並重新開發那裡的土地。

We announced our increased ownership of WRB that you referenced here. And now we pushed that on with the open season the Western gateway. The first step is that really it opens up the frontier to integrate more freely WRB, Ponca City and Borger together into one system that creates a lot of optionality, a lot of opportunity.

我們已宣布增持 WRB 的股份，您在此提及。現在，我們透過開放西部門戶的狩獵季，進一步推動了這一進程。第一步實際上是開闢了將 WRB、Ponca City 和 Borger 更自由地整合到一個系統中的前沿，從而創造了許多選擇和機會。

And I'll let Rich and Brian dive into the details on that.

至於細節方面，就交給 Rich 和 Brian 來詳細探討。

All right. Thanks, Mark. I'll start and then pass it over to Brian there for the commercial side of the business. So when I think about this, Steve, we've added 250,000 barrels a day of processing capacity for us. And what is our most competitive portfolio in the center -- Mid-Continent area there.

好的。謝謝你，馬克。我先開始，然後把商業方面的工作交給布萊恩。所以，史蒂夫，我這樣想來，我們每天的加工能力增加了 25 萬桶。我們在中西部地區最具競爭力的投資組合是什麼？

And as you indicated, we got at a very attractive price, not diving into the cost synergies. But really, this deal opens up some organic growth opportunities that will allow us to increase our crude processing optionality and flexibility. With our previous arrangement in the JV, we were somewhat locked into a desired crude slate and investments to open up that flexibility we're generally not looked upon favorably.

正如您所指出的，我們以非常優惠的價格購得此資產，而沒有深入研究成本綜效。但實際上，這筆交易帶來了一些有機成長機會，使我們能夠提高原油加工的選擇權和靈活性。由於我們先前在合資企業中的安排，我們在某種程度上被限制在了理想的原油產品組合和投資範圍內，而要獲得這種靈活性，我們通常不會受到青睞。

So now we have the opportunity to really open up this flexibility inside this system as well as on the product slate side of the business, too. So lots of opportunity there, which will help us increase our market capture opportunity. But most importantly, from my perspective, it's our ability to operate Wood River, Borger and Ponca City as a regional system.

所以現在我們有機會在這個系統內部以及業務的產品組合方面真正釋放這種靈活性。所以那裡有很多機會，這將有助於我們擴大市場份額。但從我的角度來看，最重要的是我們能否將伍德里弗、博格和龐卡城作為一個區域系統來運作。

Actually interconnected with a very good pipeline system operated by our Midstream assets and this will allow us to really optimize the use of intermediate products between the sites. And what that leads to is higher utilization of these downstream units, these units downstream of the crude operation. And that will also allow us to increase utilization of these conversion units and make additional products. All that leads to more commercial opportunity.

實際上，它與我們中游資產運營的非常好的管道系統相互連接，這將使我們能夠真正優化各站點之間中間產品的使用。而這會導致這些下游裝置（原油作業下游的裝置）的使用率更高。這將使我們能夠提高這些轉換裝置的利用率，並生產更多產品。這一切都將帶來更多的商業機會。

And I'll kick it over to Brian to expand a little bit on that.

接下來我請布萊恩再詳細闡述。

Hey Steve, from a commercial point of view, we have currently a cross-functional team looking at synergy opportunities, everything you can think of and currently have 30-plus initiatives in the pipeline and we're generating new initiatives every single week.

嘿，史蒂夫，從商業角度來看，我們目前有一個跨職能團隊正在研究協同效應的機會，你能想到的所有機會我們都會考慮，目前有 30 多個項目正在籌備中，而且我們每週都在產生新的項目。

So maybe just to give you a few examples of some flavor for what we're looking at. We've been able to improve our integrated model between Wood River and Ponca City on butane blending and optimize the two plants, which are highly rated with our midstream assets.

所以，我舉幾個例子，讓你們去感受我們正在研究的內容。我們已經改進了伍德河和龐卡城之間的丁烷混合一體化模式，並優化了這兩家工廠，這兩家工廠在我們的中游資產中獲得了很高的評價。

Another example is we've updated our variable cost economics on proprietary pipelines to incentivize shipping on P66 assets versus third-party pipelines. We're utilizing some of the marine assets that were previously dedicated to WRB for other higher netback service.

另一個例子是，我們更新了自有管道的可變成本經濟模型，以激勵使用 P66 資產而非第三方管道進行運輸。我們正在利用一些以前專門用於 WRB 的海洋資產，提供其他淨收益更高的服務。

And also, we're using Borger and Wood River Coke and blending it with Coke from other refineries to generate more volume to be placed in the anode coke market. So those are just a few examples. It's early days, a lot more opportunity to go.

此外，我們還使用博格和伍德河焦炭，並將其與其他煉油廠的焦炭混合，以增加陽極焦炭的產量。以上只是幾個例子。現在還為時過早，還有很多機會。

Hey Steve, this is Kevin. One other point of clarification I'd like to make because I think there's been a little bit of confusion out there in terms of impact on capital.

嘿，史蒂夫，我是凱文。我還有一點需要澄清，因為我認為在對資本的影響上有一些誤解。

So we increased our guidance on capital budget to $2.5 billion or approximately $2.5 billion from what was previously $2 billion, and that has been attributed to WRB. That's a little bit of an overstatement of the impact. The reality here is if you look at 2025, the capital budget was $2.1 billion. The WRB capital budget at a 100% level was $300 million. And so our net addition is $150 million relative to that.

因此，我們將資本預算指引從先前的 20 億美元提高到 25 億美元，這主要歸功於 WRB。這有點誇大其影響了。實際情況是，如果你看看 2025 年，資本預算為 21 億美元。WRB 的資本預算以 100% 執行率計算為 3 億美元。因此，我們淨增的金額為 1.5 億美元。

And that $300 million is a reasonable run rate to assume. And so really, we're saying the $2.1 billion goes to $2.4 billion on a 100% consolidated basis, but we already had 50% of that uplift reflected in our operating cash flow because of the way that flows through the distributions from the equity to accounting. So I just wanted to put some clarity around that point.

假設年收入為 3 億美元是一個合理的水平。因此，實際上，我們說 21 億美元在 100% 合併的基礎上變為 24 億美元，但由於股權分配到會計核算的方式，我們已經將其中 50% 的增長反映在我們的經營現金流中。所以我只是想就這一點澄清一下。

Appreciate the additional color there, particularly on the CapEx. If I could just quickly follow up and the fear of sounding like I'm leaving the witness, but fair to assume that a lot of these benefits we just talked about, both on the refining side and the marketing side, are capital efficient and we're going to see some of those benefits relatively nearer term? I mean is the 1 point we'd like to probably bring is when do we start seeing some of those things?

我很欣賞那裡添加的色彩，尤其是在資本支出部分。如果我能夠快速跟進一下，並且擔心聽起來像是在離開證人席，那麼可以合理地假設我們剛才討論的許多好處，無論是在提煉方面還是在營銷方面，都是資本效率高的，而且我們將在相對較短的時間內看到其中一些好處嗎？我的意思是，我們想提出的一個問題是，我們什麼時候才能開始看到這些事情發生？

Yeah. I think you will see capital efficient additions there. There are capital opportunities. It will add to Rich's list of of low capital, high-return opportunities, but the kind of synergies we talked about and the commercial opportunities that freeze is up, those things are happening as we speak.

是的。我認為你會看到那裡增加一些資本效率高的設施。這裡存在投資機會。這將為 Rich 的低資本、高回報機會清單再添一筆，但我們談論的那種協同效應和商業機會，那些凍結的機遇，正在我們說話的此刻發生。

Theresa Chen, Barclays.

特蕾莎·陳，巴克萊銀行。

Hello, thank you for taking my questions. I want to dig deeper into Western Gateway. Now that we are we can change into the binding open season, can you talk about the rationale behind this project? And why it's important for Phillips 66, how does it stack up versus ONEOK's competing pipeline project and it built how do you think this pipeline will change (inaudible) flows as well as margin capture for your central corridor assets?

您好，感謝您回答我的問題。我想更深入地研究西部門戶。既然我們已經進入了正式的開放狩獵季，您能談談這個計畫背後的理由嗎？這對 Phillips 66 來說為什麼重要？它與 ONEOK 的競爭性管道項目相比如何？您認為這條管道將如何改變（聽不清楚）流量以及您中心走廊資產的利潤獲取？

Yeah, Theresa, that's a great question. When you step back and think about our mission to provide energy and improve lives. And when we looked at the evolution of refining capacity out west, impacting both California as well as Arizona and Nevada.

是的，特蕾莎，這是一個很好的問題。當你退後一步，想想我們提供能源、改善人們生活的使命。當我們審視西部煉油產能的發展時，我們發現它對加州、亞利桑那州和內華達州都產生了影響。

We saw an opportunity along with the alignment of Wood River, Ponca City and Borger to really make something special happen and in essence, the ability to bring our Mid-Continent strengths, our Mid-Continent advantages to the West Coast, St. Louis all the way to Santa Monica.

我們看到了伍德里弗、龐卡城和博格三地聯合起來的機會，可以真正成就一番偉業，本質上就是將我們在中大陸的優勢帶到西海岸，從聖路易斯一直到聖莫尼卡。

And we believe there's great opportunities there. Less refining capacity in California, growing demand in Arizona and Nevada, all of those things combined to get us interested in this opportunity. Brian and Don can dig into the details of those opportunities and address the specifics of your question.

我們相信那裡蘊藏著巨大的機會。加州煉油產能減少，亞利桑那州和內華達州的需求不斷增長，所有這些因素加在一起，讓我們對這個機會產生了興趣。Brian 和 Don 可以深入探討這些機會的細節，並解答您問題的具體內容。

Sure. Thanks, Mark. And Theresa, we do think it's a unique and compelling opportunity. And if you think about just the framework of the project, our gold line really operates like a supply header that's going to be able to access the Mid-Continent refineries, bringing that volume to help fill the Western Gateway pipeline which is going to take product along the new pipeline all the way to Phoenix, which that will help satisfy that market, that area.

當然。謝謝你，馬克。特蕾莎，我們確實認為這是一個獨特且極具吸引力的機會。如果僅從專案框架來看，我們的黃金輸油管實際上就像一個供應幹線，能夠接入中大陸煉油廠，將這些黃金輸送到西部門戶管道，該管道將沿著新管道一路輸送到鳳凰城，這將有助於滿足該地區的市場需求。

And then the balance of that volume being able to go all the way to Colton, California, where it can access the broader California and Nevada market. We think that's a compelling opportunity. It's certainly early days in the open season. We're having constructive and active conversation with interested parties. So more to come on that. I think the project how we have it set up is something that's resonating quite well with the market.

然後，剩餘的貨物可以運往加州的科爾頓，從而進入更廣闊的加州和內華達州市場。我們認為這是一個極具吸引力的機會。現在距離狩獵季開始還為時過早。我們正在與相關各方進行建設性和積極的對話。關於這一點，後續還會有更多討論。我認為我們目前的專案設定方式與市場反應相當不錯。

And then maybe just from a commercial perspective, the way I think about it is PADD 5 is going to look very similar to PADD 1, where you have a short market, you have a pipeline that brings in domestic volumes like colonial does to PADD 1 and then you have barrels coming from overseas, order-borne barrels as well. So it will be set up very similar to that market. And as you know, a pipeline is the most reliable way to move volume.

然後，從商業角度來看，我認為 PADD 5 將會與 PADD 1 非常相似，那裡有一個短期市場，有一條管道將國內原油輸送到 PADD 1，就像殖民地管道輸送到 PADD 1 一樣，然後還有來自海外的原油，以及訂單原油。所以它的設置將與那個市場非常相似。如你所知，管道運輸是輸送貨物最可靠的方式。

It won't be susceptible to dock restrictions, lack of logistics, demerge or weather issues. And assuming only our pipeline gets built, we estimate probably about half the volume will end up in the Phoenix market with the reversal of Kinder Morgan, and the rest will end up in California, which makes sense as Mark mentioned, as you see the closures of California refineries.

它不會受到碼頭限制、物流不足、離港或天氣問題的影響。假設只有我們的管道建成，我們估計大約一半的石油最終會流入鳳凰城市場（因為金德摩根的石油供應會逆轉），其餘的石油最終會流入加利福尼亞州，正如馬克提到的那樣，這是有道理的，因為你可以看到加州的煉油廠正在關閉。

But California will continue to be a waterborne import market. And at Phillips 66, we'll continue to be import barrels by the water. And from our commercial perspective at Phillips, the pipeline will allow us to move products, as Mark said, from our Mid-Con refineries for likely better than Mid-Con netbacks -- and all our Mid-Con refineries can make Arizona great gasoline and California grade gasoline. So we see the pipeline as a great opportunity for California, for Arizona for Nevada and for all the potential shippers.

但加州仍將是水路進口市場。而菲利普斯66公司將繼續從水邊進口桶裝原油。從菲利普斯的商業角度來看，正如馬克所說，這條管道將使我們能夠從我們在中部地區的煉油廠輸送產品，其淨收益可能比在中部地區更高——而且我們所有的中部地區煉油廠都可以生產亞利桑那州優質汽油和加利福尼亞州級汽油。因此，我們認為這條管道對加州、亞利桑那州、內華達州以及所有潛在的托運人來說都是一個巨大的機會。

Yeah. As far as the comparison of our project to ONEOK's project, I think they have different target markets or target sources, Gulf Coast versus Mid-Continents and I think that ultimately, the market will determine if one or either of the projects go forward. So we believe we've got a strong ability to bring Mid-Continent volumes all the way to California in the partnership with Kinder Morgan really provides a lot of strength for this option, and we have full faith that we'll move forward with this.

是的。至於將我們的專案與 ONEOK 的專案進行比較，我認為他們的目標市場或目標客戶群不同，一個是墨西哥灣沿岸地區，另一個是中大陸地區。我認為最終，市場將決定這兩個項目是否能夠繼續前進。因此，我們相信我們有能力將中西部地區的業務量一直帶到加利福尼亞州，與金德摩根的合作確實為這一選擇提供了很大的優勢，我們完全有信心推進這一計劃。

Thank you for that comprehensive answer. And as a follow-up, from a cost perspective, what kind of CapEx should we anticipate for Western Gateway given the substantial re-yield component? And how will the coffee split between the partners since Kinder is contributing its existing pipeline infrastructure.

感謝您如此詳盡的解答。其次，從成本角度來看，考慮到大量的再收益部分，我們應該預期西部門戶計畫需要多少資本支出？鑑於 Kinder 將貢獻其現有的管道基礎設施，咖啡將在合作夥伴之間如何分配？

Sure, Theresa. So the partnership is 50-50 with Kinder Morgan. And so that will be at the end of the day, how the balance works. And then in terms of the overall CapEx, we haven't disclosed that number. And part of that is because as we talk through with shippers and different supply connections, we're still working through what some of that connection costs might entail and how all that will flow from a volume standpoint.

當然可以，特蕾莎。因此，與金德摩根的合作關係是五五開。所以歸根結底，這就是平衡是如何運作的。至於整體資本支出，我們尚未公佈具體數字。部分原因是，當我們與托運人和不同的供應管道進行溝通時，我們仍在研究其中一些連接成本可能包含哪些內容，以及從數量的角度來看，所有這些成本將如何流動。

And that will drive some of the infrastructure needs and obviously, capital requirements. But safe to say, this is a from an investment opportunity, this is a consistent midstream type return investment that we're looking at in concert with Kinder Morgan.

這將推動一些基礎設施需求，顯然也會帶來資金需求。但可以肯定的是，這是一個投資機會，這是一個持續的中游類型回報投資，我們正在與金德摩根公司共同研究。

And probably also worth highlighting that capital spend wouldn't be in the next couple of years, either you're sort of looking at '27, '28, '29 time frame. So no near-term impact on capital budgeting.

也值得強調的是，未來幾年內也不會有資本支出，大概要等到 2027 年、2028 年、2029 年。因此，短期內不會對資本預算產生影響。

Thank you very much.

非常感謝。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛集團。

Yeah, good morning, Mark and team. I wanted to keep on pushing on the Midstream point and you've talked about $4.5 billion in EBITDA by year-end 2027 as the run rate. You annualize Q3, you're close to $4 billion. And so maybe you could just talk about bridging that $500 million and if oil prices languish, how sensitive is the EBITDA to that? And so giving us confidence around that incremental $500 million would be great.

是的，早安，馬克和各位同事。我想繼續推進中游業務，您曾提到 2027 年底 EBITDA 將達到 45 億美元。第三季以年計算，接近 40 億美元。所以，或許你可以談談如何彌補這 5 億美元的缺口，如果油價低迷，EBITDA 對此有多敏感？因此，如果能讓我們確信這額外的 5 億美元能夠到位，那就太好了。

Absolutely, Neil. I'll kick it off and then turn it over to Don. But first of all, I think you have to look at our track record. We've grown that NGL business from the Midstream business from $2 billion to $4 billion over the last several years. And as you noted, we're just under $1 billion this quarter.

當然，尼爾。我先開始，然後交給唐。但首先，我認為你們應該先看看我們的過往業績。過去幾年，我們已將中游業務的天然氣凝液業務規模從 20 億美元成長到 40 億美元。正如您所指出的，我們本季營收略低於10億美元。

So the $4 billion is in line of sight. This is all the result of the concerted effort based on our strategy, we aligned on several years ago with our Board to establish this wellhead to market presence in NGLs. And we've done disciplined accretive inorganic and organic things to do that to get to where we are today.

所以，這40億美元就在眼前。這一切都是我們根據幾年前與董事會共同製定的策略而齊心協力努力的結果，該策略旨在建立從井口到市場的天然氣凝液供應管道。我們採取了有條不紊的有機和無機成長策略，才取得了今天的成就。

We see the next increment, another $500 million, largely from organic. I mean we've got line of sight on organic opportunities and the inorganic opportunities were facilitated by non-core asset dispositions. So we've been able to reallocate capital and free that up.

我們預計下一輪成長將達到 5 億美元，主要來自自然成長。我的意思是，我們已經看到了有機成長的機會，而無機成長的機會則得益於非核心資產的處置。因此，我們得以重新分配資金，釋放出更多資源。

And most importantly, the organic opportunities quite often are unleashed because of the inorganic opportunity. So this has all been a relentless pursuit of higher ROCE in the midstream business as well as building competitive advantage on top of competitive advantage. And I'll tell you that it was a great visit we had the Sweeny last week. We've done some things around the frac there. The operations has been incredible.

而且最重要的是，有機成長的機會往往是因為無機成長的機會而釋放出來的。因此，這一切都是為了在中游業務中不斷追求更高的資本回報率，以及在競爭優勢之上建立競爭優勢。我還要告訴你，上週我們拜訪斯威尼一家真是太棒了。我們已經在那處裂縫附近做了一些工作。這次行動非常成功。

And the operators pointed out that they've found our fifth frac. We have four fractionators at Sweeny. They found enough capacity through some debottleneck projects they've done. So in essence, they've added an additional frac through very low capital opportunities. So much like refining, we're looking at ways to be more efficient, to grow more aggressively in midstream and more accretively and Don's got another list of opportunities that he's going to go after.

操作員指出，他們找到了我們的第五個壓裂點。我們在斯威尼有四台分餾裝置。他們透過進行一些消除瓶頸的項目，找到了足夠的產能。所以從本質上講，他們以極低的資本投入增加了一個額外的油氣田。就像煉油一樣，我們正在尋找提高效率、在中游領域更積極地發展並實現更高收益的方法，而唐還有另一批他要去追求的機會。

Sure. Thanks, Mark. And definitely, the platform that we have developed over the years, it just lends itself to a lot of organic growth opportunities. And that's what's really driving this growth from $4 billion to $4.5 billion. A lot of those projects are publicly announced and are in execution phase.

當然。謝謝你，馬克。當然，我們多年來開發的這個平台，本身就為許多自然成長機會提供了可能。而這才是真正推動這項成長從 40 億美元成長到 45 億美元的因素。其中許多項目都已公開宣布，並正在執行階段。

If I look at the gas gathering and processing business, we've got plant expansions in the Permian with our Dos Picos gas plant that came on just a few months ago that will fill up by 2026. And then our iron Mesa gas plant that we announced that's under construction that will come online in early '27 and fill up.

如果我看一下天然氣收集和加工業務，我們在二疊紀盆地有工廠擴建項目，其中 Dos Picos 天然氣廠幾個月前剛剛投產，到 2026 年將全部填滿。還有我們宣布正在建設中的鐵梅薩天然氣廠，該廠將於 2027 年初投入運作並投入使用。

So our footprint, that plus the commercial successes as well as the higher NGL content in the production, that's really driving a lot of the volume growth that's coming through our system. That's, again, all fee-based type margins. So very limited sensitivity to underlying commodity price that volume drives what happens downstream and in our NGL pipeline business in -- we just completed the first phase of our Coastal Bend expansion.

因此，我們的業務規模，加上商業上的成功以及生產中更高的 NGL 含量，真正推動了我們系統產量的大幅成長。再次強調，這些都是基於費用的利潤。因此，對基礎商品價格的敏感度非常有限，銷售決定了下游的走勢，在我們的 NGL 管道業務中——我們剛剛完成了 Coastal Bend 擴建項目的第一階段。

We're running that full -- we've got a next phase of capacity 125,000 a day of additional capacity will come on later in 2026. And as well as the restart of our Powder River pipeline that will pull in barrels out of the Bakken. So those volumes -- that capacity and the volumes that will flow through there, again, help drive this earnings growth that will take us to that $4.5 billion run rate by the end of 2027.

我們已經滿載運轉了——下一階段的產能，每天新增 125,000 噸產能，將於 2026 年稍後投入使用。此外，我們還將重啟 Powder River 輸油管，該管道將從巴肯油田輸送原油。因此，這些銷量——這些產能以及將要流經那裡的銷量，再次推動了盈利增長，這將使我們在 2027 年底達到 45 億美元的年化收入。

So we've got a well-defined organic growth plan that we're executing. The other thing I would just say is that now our asset footprint, it definitely is in a position where it creates additional growth opportunities that are high return, low capital that we continue to pull together and execute on. So really see like we've got some great momentum within this part of the business and are executing it on a day-to-day basis.

因此，我們制定了一項明確的有機成長計劃，並且正在執行中。我還要補充一點，目前我們的資產規模無疑創造了更多高回報、低資本的成長機會，我們將繼續努力爭取並執行這些機會。所以，我們確實看到，我們在這個業務領域取得了很大的發展勢頭，並且正在日常工作中貫徹執行。

Thank you, Don. Thank you, Mark. So the follow-up is just crude in transit. A lot has been made of the $1.4 billion barrels that appear to be on the water. But today's DOEs reinforce the view that they aren't finding their way into US shores or into a lot of OECD pricing nodes.

謝謝你，唐。謝謝你，馬克。所以後續工作還很粗糙。人們對漂浮在水面上的價值 14 億美元的油桶進行了許多報導。但今天的能源報告進一步證實了這樣一種觀點：這些能源產品並沒有進入美國市場，也沒有進入許多經合組織成員國的定價體系。

And I want to make -- get your perspective of -- do you guys have visibility to that crude actually manifesting its way over here. And if not, what do you think is driving that? Do you think it's the sanctions, whether it's Iran, Venezuela and now Russia contributing to that that difference between what appears to be a visible build in inventory on the water but not on land.

我想了解你們的看法——你們是否能看到這種粗糙的物質實際上是如何蔓延到這裡來的。如果不是，你認為是什麼原因造成的？你認為制裁，無論是針對伊朗、委內瑞拉還是現在的俄羅斯，是否導致了這種差異，即水上庫存明顯增加而陸地庫存卻沒有增加？

Yeah. It's Brian. We do see a very large build on water of barrels. It's a function of what those barrels are and it's not clear if those are Russian barrels and they don't get to end users. They may sit there for a while. If they are other barrels, maybe Saudi barrels or OECD barrels that we'll get to market, and that will probably put pressure on Saudi OSPs and benchmark crudes.

是的。是布萊恩。我們看到水上堆放著大量的桶子裝水。這取決於這些槍管的材質，目前還不清楚這些槍管是否是俄羅斯產的，以及它們是否最終會落入最終用戶手中。他們可能會在那兒坐一會兒。如果它們是其他原油，可能是沙烏地阿拉伯原油或經合組織原油，那麼這些原油將會投放市場，這可能會對沙烏地阿拉伯官方售價和基準原油構成壓力。

And so we're kind of waiting to see what those crudes are and it's not clear, but it is clear that there is a lot of crude on the water now.

所以我們現在都在等待觀察這些原油的成分，目前還不清楚，但很明顯現在水面上有很多原油。

Justin Jenkins, Raymond James.

賈斯汀詹金斯，雷蒙德詹姆斯。

Great, thanks. I guess one of the common questions we get from longer-term investors is sit on the debt side, the pathway to your 2027 targets. And Kevin, you touched on it a bit in your remarks, but maybe I'd ask if you could give your thoughts on the bridge to that $17 billion debt target by 2027?

太好了，謝謝。我想我們從長期投資者那裡經常聽到的一個問題是，關於債務方面，如何實現你們 2027 年的目標。凱文，你在發言中也稍微提到了這一點，但我能否請你談談你對 2027 年實現 170 億美元債務目標的看法？

Hey, Justin, this is Mark. I just want to context it a little bit that we've clearly been using both our balance sheet as well as asset dispositions to drive the inorganic transactions as well as the organic opportunities midstream as well as in refining while sustaining our commitment to return at least 50% of our cash from operations to shareholders.

嘿，賈斯汀，我是馬克。我只想稍微補充一下背景，我們顯然一直在利用資產負債表和資產處置來推動非有機交易以及中游和煉油領域的有機增長機會，同時堅持將至少 50% 的經營現金返還給股東的承諾。

And so we've been able to do that quite effectively. We're making a more proactive shift now towards intently focusing on the debt level, and then that debt reduction is a clear priority. And Kevin is well prepared to walk you through the math going forward.

因此，我們能夠相當有效地做到這一點。我們現在正採取更積極主動的措施，將重點放在債務水準上，降低債務水準顯然是我們的首要任務。凱文已經做好充分準備，接下來會一步步為你解釋相關的數學知識。

Yeah. Thanks, Mark. So we still have that same $17 billion debt target. That has not changed. You will have noticed that in the third quarter, our debt level increased to $21.8 billion.

是的。謝謝你，馬克。所以我們仍然維持170億美元的債務目標。這一點沒有改變。您可能已經注意到，第三季我們的債務水準增加到 218 億美元。

Now that increase was combination of some debt issuance and some short-term debt reduction. But we also had a corresponding increase in cash balance. So on a net basis, we were essentially flat during the third quarter.

此次成長是部分債務發行和部分短期債務削減共同作用的結果。但同時，我們的現金餘額也相應增加了。因此，總體而言，我們在第三季基本持平。

But as we look ahead to the next -- over the next -- the fourth quarter and the next couple of years, and you look in the third quarter, actually in the second quarter, preworking capital, we generated $1.9 billion of operating cash flow in both periods, you think about WRB coming into the equation. And I'll use this number partly to keep the math simple.

但展望未來——接下來的——第四季度和未來幾年，看看第三季度，實際上是第二季度，在扣除營運資本之前，我們在這兩個時期都產生了 19 億美元的經營現金流，這時你就會想到 WRB 的出現。我使用這個數字的部分原因是為了簡化計算。

But if we're at $8 billion in operating cash flow annually, you can -- we're still committed to returning 50% of cash -- operating cash to shareholders. That's $4 billion, which is -- would be split evenly between the dividend and the buyback that leaves $4 billion that's available, the capital budget of $2 billion to $2.5 billion per year, as we talked about earlier, leaves somewhere in the order of $1.5 billion to $2 billion per year available for debt reduction.

但如果我們每年的經營現金流達到 80 億美元，您可以——我們仍然致力於將 50% 的現金返還給股東——經營現金。那筆錢是 40 億美元，將平均分配給股息和股票回購，剩餘的 40 億美元可用。正如我們之前討論過的，每年 20 億至 25 億美元的資本預算，每年約有 15 億至 20 億美元可用於償還債務。

That's '26 and '27. Obviously, margins will do what margins do, and so we don't have complete control over all of that, but that's a reasonable construct to think about this. In the fourth quarter of this year, we will have the proceeds from the Jet disposition, but we also just funded the WRB acquisition, and those two kind of offset, but we'll have a sizable working capital benefit in the fourth quarter, somewhere in the order of $1.5 billion will come back to us, maybe slightly more.

那是26年和27年。顯然，利潤率會按照利潤率的規律發展，所以我們無法完全控制所有利潤率，但這是一個合理的思考方式。今年第四季度，我們將獲得出售 Jet 所得的收益，但我們也剛剛為 WRB 的收購提供了資金，這兩筆收入在某種程度上相互抵消，但我們在第四季度將獲得可觀的營運資金收益，大約會有 15 億美元返還給我們，也許還會更多一些。

And so between $1.5 billion in the fourth quarter of this year and then the $1.5 billion to $2 billion potentially in each of '26 and '27 gets us comfortably to that $17 billion level by the end of '27. And that doesn't include any potential additional dispositions of non-core assets, which just provides upside and additional flexibility.

因此，今年第四季的 15 億美元，再加上 2026 年和 2027 年每年可能達到的 15 億至 20 億美元，到 2027 年底，我們就能輕鬆達到 170 億美元的水準。而且這還不包括任何可能對非核心資產進行的額外處置，這只會帶來上漲空間和更大的靈活性。

Perfect. Appreciate that detail, Kevin and Mark. I guess my second question on the refining macro and maybe tilt to that cash generation side of things does seem to fit your portfolio pretty well with high diesel cracks and expectations for wider diff, maybe just your overall expectation on how cracks play out and crude diff play out in 2026?

完美的。凱文和馬克，謝謝你們注意到這個細節。我想問的第二個問題是關於煉油宏觀經濟，以及可能更側重於現金流的方面，這似乎與您的投資組合非常契合，因為柴油裂解價差較高，並且預期價差會擴大。也許您只是對2026年裂解價差和原油價差的整體預期？

Hey there, this is Brian again. On the crude dips, we expect to see the light-heavy spreads start to widen during Q4 and into Q1, it's been somewhat delayed, I think, surprising many of us. But the heavy crude has been slower, as I said, with additional OPEC barrels moving into China's and staying in the East in general and then just the geopolitical concerns hitting market volatility around Russia, Iran and Venezuela. In the US Gulf Coast, through Q3, the Canadian heavy crude became more attractive than high-sulfur fuel oil, which cause refiners on the US.

大家好，我是布萊恩。當原油價格下跌時，我們預計輕質原油與重質原油的價差將在第四季度開始擴大，並延續到第一季度，但這種情況有所延遲，我認為這讓許多人感到驚訝。但正如我所說，重質原油的供應速度有所放緩，更多的歐佩克原油流入中國，整體上滯留在東方市場，再加上俄羅斯、伊朗和委內瑞拉周圍的地緣政治問題導致市場波動。在美國墨西哥灣沿岸，截至第三季度，加拿大重質原油比高硫燃料油更具吸引力，這導緻美國煉油商面臨困境。

Gulf Coast to run more Canadian crude, and that supported differentials. But as we've entered Q4, we're starting to see some impact from additional OPEC crude and the kind of relative weakening, although still strong of the high sulfur fuel oil.

墨西哥灣沿岸地區將更多地使用加拿大原油，這支撐了價差。但隨著我們進入第四季度，我們開始看到歐佩克原油供應增加以及高硫燃料油價格相對走弱（儘管高硫燃料油價格仍然堅挺）所帶來的一些影響。

And additionally, the WCS production increased by 250,000 barrels in Q3, and we're going to expect another 100,000 barrels or more in Q4. And as more Canadian volume comes online along with the winter diluent blending, we're seeing the WCS diff weaken by about $1 in Q4 versus Q3. And Canadian production is expected to increase next year as well with several projects coming online and also from winter diluent blending.

此外，WCS 第三季產量增加了 25 萬桶，我們預計第四季還將增加 10 萬桶或更多。隨著更多加拿大原油產量上線以及冬季稀釋劑混合的進行，我們看到第四季度 WCS 的差價較第三季收窄了約 1 美元。隨著多個項目上線以及冬季稀釋劑混合的增加，預計加拿大明年的產量也將增加。

So in 2026, WCS curve is off another dollar from Q4. So as additional crude hits the market, including Middle Eastern crude, we also expect to see Middle Eastern OSPs to fall and put additional pressure on heavy crude. And as you know, we're a large user of WCS. So watching the WCS differential continue to widen will be a benefit to us.

因此，到 2026 年，WCS 曲線將比第四季再下降 1 美元。隨著更多原油（包括中東原油）進入市場，我們預期中東原油的官方售價也會下降，這將對重質原油帶來更大的壓力。如您所知，我們是 WCS 的大用戶。因此，觀察 WCS 差異繼續擴大對我們有利。

Douglas Leggate, Wolfe Research.

道格拉斯‧萊格特，沃爾夫研究公司。

Hey, good morning everybody. Guys, utilization rates blow out quarter record, I believe, since 2018, I think you said in the release. When we were running around Sweeney with you guys -- I asked I forget the gentleman's name who joined you from Chevron recently.

嘿，大家早安。各位，利用率打破了季度紀錄，我相信這是自 2018 年以來的最高紀錄，我想你們在新聞稿中也提到過。當我們和你們一起在斯威尼四處奔波的時候——我問過我，我忘了那位最近從雪佛龍加入你們的先生叫什麼名字了。

So what are you doing differently on how you think about plant turnarounds, the habitual once every 4- to 5-years. Is that changing? And should we think about your go-forward capacity utilization, your ability to manage that, if you like, as averaging higher over time.

那麼，你們在考慮工廠改造方面有什麼不同之處，而不是像以往那樣每 4 到 5 年進行一次改造？這種情況會改變嗎？我們是否應該考慮您未來的產能利用率，或者說您管理產能的能力，使其隨著時間的推移而平均提高？

The reason I ask the question is because Valero had a similar situation. And between the 2 of you, you just basically offset the closure of Lyondell, Houston. So we're trying to understand if cloud utilization is a new normal for notes you guys but for the industry generally.

我之所以會問這個問題，是因為瓦萊羅公司也曾經遇到類似的情況。你們兩個加起來，基本上就抵消了休士頓利安德勒工廠的關閉。所以我們正在努力了解雲端利用率是否會成為你們筆記領域的新常態，以及是否會成為整個產業的新常態。

Hey Doug, this is Rich. Gentleman, you're talking with Bill. He's a refinery manager down there at Sweden, and that was a good visit. I'm glad you mentioned that. It was a good opportunity for us to show off an asset there that highlights our -- one of our core strategies, which is integration with the Midstream and also CPChem operation there as well.

嘿，道格，我是里奇。先生們，你們正在和比爾說話。他是瑞典一家煉油廠的經理，那次訪問很愉快。很高興你提到了這一點。這對我們來說是一個很好的機會，可以展示我們在那裡的一項資產，這項資產突顯了我們的一項核心策略，即與中游業務以及當地的 CPChem 業務進行整合。

What I -- Doug, when I think about your question and how do I answer that? It's -- to me, it's a journey that we have been on. And you don't sustain utilization rates like this if you're making quick and short-term decisions. These have to be long-term end of sight visionary-type direction that you're moving a large set of assets to. Of course, we started that with a cost and margin, but we also simultaneously was running an improvement opportunities and initiatives around our reliability programs.

道格，當我思考你的問題時，我該如何回答呢？對我來說，這是我們共同經歷的一段旅程。如果你總是做出快速、短視的決策，就無法維持這樣的使用率。這必須是具有長遠見的願景方向，你要將大量資產轉移到這個方向。當然，我們一開始就考慮了成本和利潤，但同時，我們也圍繞可靠性計畫開展改進機會和措施。

And those reliability programs are essential to this sustainability component to it. And that to me is what culturally has continued to improve over the last 2- to 3-years on this journey as we've marched down this path, and also on the margin front, which is a journey that we started a couple of years ago, and that was really centric around starting to fill up our downstream processing units behind the crude.

這些可靠性計劃對於實現永續性至關重要。在我看來，在過去的2到3年裡，隨著我們沿著這條道路前進，文化方面一直在不斷改進，利潤率方面也是如此。利潤率是我們幾年前開始的一項工作，其核心是開始填滿原油下游的加工裝置。

First, you got to fill the crude, you end it up and then you got to fill the downstream units up. Those directly result in clean product yield, which is where most of the earnings are flowing into the organization. So I think with that commitment to reliability, world-class reliability program that we're executing as well as the fundamental change in our cost and margin outlooks at each of the sites gives me a high level of comfort that we will be able to sustain this level of performance going well into the future.

首先，你要把原油裝滿，然後把下游裝置裝滿。這些都直接帶來了清潔產品的產量，而這正是公司大部分收益的來源。因此，我認為，憑藉我們對可靠性的承諾、我們正在執行的世界一流可靠性計劃，以及我們每個站點成本和利潤前景的根本性變化，讓我非常有信心，我們將能夠在未來很長一段時間內保持這種業績水平。

That's really helpful. Through the AI words out to Valero and a bumper stock up, I think. So maybe you could say AI is helped pay up you manage your utilization. So my follow-up is a very quick one for Kevin. Kevin, I'm not same trip, we had an opportunity to have dinner with the guys.

這真的很有幫助。我認為，人工智慧透過向瓦萊羅公司發出訊號，導致其股票大幅上漲。所以或許可以說人工智慧可以幫助你支付費用並管理你的能源使用。所以我接下來要問凱文的問題很簡單。凱文，我沒參加那次旅行，我們有機會和他們一起吃晚餐。

And you sadly, we're not there to take this question on the chin. And the question basically is if you're a relatively static enterprise value, and what I mean by that is you've got a lot of long-life assets. However you think about mid-cycle, a little bit of growth in Midstream in the context of the overall company, but relatively static enterprise value.

遺憾的是，我們無法坦然接受這個問題。問題基本上是，如果你是相對靜態的企業，我的意思是，你有很多長期資產。無論你如何看待週期中期，從整個公司的角度來看，中游業務略有成長，但企業價值相對不變。

It seems to me that the easiest way to basically boost your equity value is to reduce your net debt simple mass equities, enterprise value minus net debt. So why is net debt reduction not part of the cash return formula, raise a formula include net debt?

在我看來，提高股權價值最簡單的方法就是降低淨債務，也就是降低淨債務。股權價值的計算方法很簡單，就是用企業價值減去淨負債。那麼，為什麼淨債務減少沒有納入現金回報公式，是否應該在公式中加入淨債務？

Why not?

為什麼不呢？

Well, it's -- I mean you're absolutely correct that everything else stays the same or reduction in debt translates into an increase in equity value. And you can choose to look at debt reduction in that light. I mean what we do is take a very sort of consistent view that most others in the space do, which is the cash return to shareholders is the dividend plus the buyback and at the same time, as part of our capital allocation framework, we've got debt reduction as a key part of that.

嗯，我的意思是，你說的完全正確，在其他條件不變的情況下，債務減少會轉化為股權價值的增加。你也可以選擇從這個角度來看減少債務的問題。我的意思是，我們採取了一種與該領域大多數其他公司非常一致的觀點，即股東的現金回報是股息加上股票回購，同時，作為我們資本配置框架的一部分，我們將減少債務作為其中的關鍵部分。

We actually have this debate internally when we have traditionally thought of capital allocation being how much is returned to shareholders, dividend and buybacks and how much is reinvested in the business in terms of the capital program.

實際上，我們內部也存在這種爭論，因為我們傳統上認為資本配置是指有多少資金返還給股東（股息和股票回購），以及有多少資金根據資本計劃再投資於業務。

And now we've got this -- the additional dynamic of debt reductions in which bucket does it fall into. We tended to just break out separately on its own. But you are absolutely correct that there is clear value proposition for equity holders through debt reduction. And we do see it the same way in that context. It's really then down to the semantics of how we communicate that.

現在我們又面臨這樣一個問題──債務削減這項額外動態因素，它究竟屬於哪一類呢？我們往往會自行各自脫離組織。但您說的完全正確，透過減少債務，股東權益確實能獲得明顯的價值。在這種背景下，我們的看法也是一樣的。所以，關鍵在於我們如何用語意來表達這一點。

Manav Gupta, UBS

瑞銀集團 Manav Gupta

I want to really thank Jeff Dietert over the years, I've thrown a lot of stupid questions at him, and he's been very patient in answering all of those. So thank you, Jeff. You will be missed a lot. My first question here, sir, is on the chemical side. The indicator, and I understand it's an industry indicator, seemed relatively flat.

我真心感謝 Jeff Dietert 多年來對我的幫助，我問了他很多愚蠢的問題，他都非常有耐心地回答了所有這些問題。所以，謝謝你，傑夫。我們會非常想念你。先生，我的第一個問題是關於化學方面的。據我了解，該指標（據我所知，這是一個行業指標）看起來相對穩定。

The earnings jumped materially. Now I think some part of it was the Port Arthur non downtime. But was it also a function of you using a higher ethane blend than what probably the indicator is showing. That's what I concluded, but I wanted your opinion on it. And if you could also talk about when can we get back to like mid-cycle chemical margins.

收益大幅增長。現在我認為部分原因是亞瑟港沒有停機現象。但這是否也與您使用的乙烷混合物濃度高於指示器可能顯示的濃度有關？這是我的結論，但我想聽聽你的意見。如果您還能談談我們什麼時候才能恢復到週期中期化學產業的利潤率水平就更好了。

Yeah. Just for the record, Manav, I've never feel that it's a stupid question from you. So I think I can speak for the rest of them, you ask insightful questions. And this one is very insightful. You partially answered it.

是的。馬納夫，我得聲明一下，我從來沒覺得你問的問題是愚蠢的。所以我想我可以代表其他人說，你提出的問題都很有見地。這篇文章很有見地。你回答了一部分。

CPChem's chain margins increased about [$0.095], $0.097 per pound. IHS was flat. There's really three drivers there. We had higher high-density polyethylene margins due to lower feedstock costs. So our blend of feedstock is different than the blend used in the IHS marker where, as you noted, more heavily weighted ethane. I think the most heavily weighted to ethane, and that provides a very resilient advantage. Also in the second quarter, CPChem had some planned downtime at Port Arthur, some unplanned downtime at Cedar Bayou.

CPChem 的供應鏈利潤率每磅增加了約 0.095 美元至 0.097 美元。IHS 平坦。實際上那裡有三個司機。由於原料成本降低，我們的高密度聚乙烯利潤率更高。因此，我們的原料混合物與 IHS 標記物中使用的混合物不同，正如您所指出的，IHS 標記物中乙烷的含量更高。我認為乙烷的權重最大，這帶來了非常持久的優勢。第二季度，CPChem 在 Port Arthur 工廠有一些計劃內的停產，在 Cedar Bayou 工廠有一些計劃外的停產。

They had some turnarounds as well. And so you flip all that to the third quarter, those things go away, that was beneficial. And also the [worm] turns, other people had unplanned downtime in the third quarter and CPChem was able to take full advantage of that because of the short in the market.

他們也經歷過一些轉機。所以，到了第三季度，那些事情都消失了，這反而是件好事。此外，市場風向也發生了轉變，其他公司在第三季出現了計劃外的停工，而CPChem由於市場供過於求，得以充分利用這一機會。

And so we see the chemicals world is still oversupplied, but I would say that, what happened in the third quarter with that quick uptick in margins when there was a little bit of tightness created, that's a really good sign. CPChem because of its cost position is going to -- they generated year-to-date $700 million of EBITDA, they should -- that's our half, not just CPChem or half of their EBITDA.

因此，我們看到化學工業仍然供過於求，但我認為，第三季利潤率在供應略微緊張的情況下迅速上升，這是一個非常好的跡象。由於成本優勢，CPChem 將會——他們今年迄今為止創造了 7 億美元的 EBITDA，他們應該——那是我們的一半，不僅僅是 CPChem 或他們 EBITDA 的一半。

They'll be up around $1 billion, and this is the bottom of a very protracted cycle. And so they are doing quite well. They're able to jump in when others falter. They're running at above 100% when others are rationalizing. There's going to be a lot of asset rationalization going forward or even hearing news out of Korea about the potential for rationalization.

它們的市值將達到10億美元左右，而這只是一個漫長週期的底部。所以他們做得相當不錯。當其他人猶豫不決時，他們能夠挺身而出。當其他人都在尋找合理化理由時，他們的出席率卻超過了 100%。未來將會有許多資產合理化，甚至從韓國也聽到了有關合理化可能性的消息。

Europe is already well down that path. And so I think when you start seeing margin upticks when people have outages, that's a good sign. We're not calling this down cycle over. We think it's going to be a long slog forward. But I think there'll be more shake out.

歐洲已經在這條路上走了很遠。所以我覺得，當人們遇到服務中斷時，如果利潤率開始上升，那是一個好兆頭。我們並不認為這輪下行週期已經結束。我們認為這將是一場漫長的艱苦跋涉。但我認為之後還會有更多波折。

When CPChem starts up their two large world-scale -- the definition of world scale, frankly, assets, both here in the US and in Ras Laffan Qatar. And that will even, I think, potentially force out other high-cost producers. And so they're going to be moving from strength to strength and the long-term prospects are quite good for CPChem.

當 CPChem 啟動其位於美國和卡達拉斯拉凡的兩處大型世界級資產時——坦白說，這就是世界級規模的定義。我認為，這甚至有可能迫使其他高成本生產商退出市場。因此，CPChem 將會不斷發展壯大，其長期前景相當樂觀。

Thank you for a detailed response. My quick follow-up is here, sir. Initially, when you did the EPIC deal, I think now you call it coastal bend, there was a little bit of a pushback, but now things are really coming together. The line has already had on expansion. And I think one more phase is planned. So help us understand where is the EPIC acquired assets EBITDA at this point on a quarterly basis?

感謝您的詳細回覆。先生，我的後續回覆在這裡。最初，當你們進行 EPIC 交易時（我想現在你們稱之為海岸彎曲），遇到了一些阻力，但現在事情真的進展順利了。該線路已經進行了擴建。我認為還有一個階段的計劃。請您幫我們了解一下，EPIC 收購的資產目前的季度 EBITDA 是多少？

And then what would it become once the whole expansion happens? If you could just run us through that much.

那麼，當整個擴張過程完成後，它會變成什麼樣子呢？如果您能給我們簡單介紹一下就好了。

Thank you.

謝謝。

Yeah. Thank you for highlighting that, Manav. Again, the inorganic opportunities that we've done in Midstream have always opened up more organic opportunities. And so I think that it's important to continue to look at our track record of what we do. We're not buying inorganic opportunities just to get bigger.

是的。謝謝你指出這一點，馬納夫。再次強調，我們在中游領域取得的非有機成長機會總是能帶來更多有機成長機會。所以我認為，持續檢視我們過去的工作成果非常重要。我們收購非有機成長機會並非為了擴大規模。

We're buying because it opens up a new playing field. It creates more opportunity that perhaps the incumbents couldn't couldn't realize. And that is the case in EPIC, and we're quite pleased with EPIC and everything that's going on around that, and Don can fill in the details of what's coming next.

我們之所以收購，是因為它開啟了一個新的競爭領域。它創造了更多現有企業可能無法實現的機會。EPIC 的情況也是如此，我們對 EPIC 以及圍繞它的一切進展都非常滿意，Don 可以補充接下來的細節。

Sure, Manav. And the -- in terms of just looking back since we closed on the EPIC transaction in April, compared to the acquisition plan, we are meeting and even exceeding what we expected from the assets. That's really a testament to the synergy capture around the operations and commercial opportunities around that now Coastal Bend pipeline, it certainly has been a really nice add in the Gulf Coast for us with the Corpus Christi presence combined with what we have at Sweeny.

當然可以，馬納夫。回顧自 4 月完成 EPIC 交易以來的情況，與收購計劃相比，我們已經達到甚至超過了我們對這些資產的預期。這充分證明了圍繞 Coastal Bend 管道的運營和商業機會所取得的協同效應，它無疑為我們在墨西哥灣沿岸的業務增添了一個很好的補充，結合了我們在斯威尼的業務和科珀斯克里斯蒂的業務。

And as you mentioned, we turned on the first phase of the expansion here in August. We're running at -- the pipeline full. Again, that's, I think, a sign that we've had the volumes available on the system, why we acquired the system and expanded it because we needed the capacity. We're filling it up as we turn it on. We've got another expansion that will come on later in 2026.

正如您所提到的，我們在 8 月啟動了擴建工程的第一階段。我們正在全力運轉——管道已滿。我認為這再次表明，我們的系統已經具備了足夠的容量，這也是我們當初購置並擴展系統的原因，因為我們需要更大的容量。我們邊開機邊加水。我們還有另一項擴建計劃，將於 2026 年稍後推出。

And most all of that volume is already on the ground and flowing on third-party pipes that will move over or it's a volume that's going to come from the G&P expansions that we've already announced. So we're executing on the acquisition plan as we advertised and really pleased with the results and the follow-on opportunities that we're seeing with having that as part of our portfolio.

而且大部分輸氣量已經透過第三方管線輸送過來，或是來自我們已經宣布的天然氣和石油管線擴建計畫。因此，我們正在按照我們宣傳的那樣執行收購計劃，並且對結果以及將其納入我們的投資組合後所看到的後續機會感到非常滿意。

Jason Gabelman, Cowen Inc.

Jason Gabelman，Cowen 公司

Yeah, hey, thanks for taking my questions. The first question is a portfolio one. You've obviously concentrated your footprint in Central Corridor talking a lot about synergies with your midstream footprint. As you think about your East Coast and West Coast refining footprints, do you still view those as core? I mean, there are some good assets there but obviously not as well integrated with what you're doing in Midstream and Chems.

好的，謝謝你回答我的問題。第一個問題與投資組合有關。顯然，你們已將業務重心放在中央走廊，並大談與中游業務的綜效。在考慮貴公司在東海岸和西海岸的煉油佈局時，您是否仍然認為它們是核心？我的意思是，那裡有一些不錯的資產，但顯然與你在中游和化學領域的業務整合得不夠好。

So how do you think about the importance of those regions within the overall business?

那麼，您如何看待這些地區在整個業務中的重要性？

I think there's a couple of key things to think about here. It's -- clearly, we have a core strategy around the integration of our Mid-Continent Central Corridor refineries there. They have the greatest crude flexibility. They have lots of optionality. But that doesn't mean that we're ignoring or remaining coastal refineries.

我認為這裡有兩點需要重點考慮。很顯然，我們的核心策略是將我們在中大陸中央走廊的煉油廠整合到那裡。它們具有最大的粗略柔韌性。它們有很多選擇。但這並不意味著我們會忽視或繼續發展沿海煉油廠。

You think about Ferndale, we've already talked about it's transitioning to produce California carbon and its value is increasing as refineries -- refinery capacity in California tightens up. And so we're not going to kick out assets that are creating good value, but we are going to focus more intensely on the integration opportunities in the Mid-Continent and Central Corridor.

想想費恩代爾，我們已經討論過它正在轉型生產加州碳，隨著加州煉油廠產能的收緊，它的價值也不斷增加。因此，我們不會放棄那些創造良好價值的資產，但我們會更專注於中大陸和中央走廊的整合機會。

Likewise, Bayway, when you think about the Atlantic Basin, we've got opportunities to integrate between between Bayway and Humber. We can move streams back and forth to optimize there and to enhance the profitability and the reliability of both of those assets, and there's some very strong opportunities there that we're continuing to look at.

同樣，考慮到大西洋盆地，我們有機會將 Bayway 和 Humber 連接起來。我們可以來回調動流體，以優化這方面的運行，提高這兩個資產的盈利能力和可靠性，這方面存在一些非常好的機會，我們正在繼續關注。

Okay. Great. That's very clear. My follow-up is on the renewable fuel segment and obviously, results saw a meaningful improvement quarter-over-quarter. You mentioned some impact from selling credits and I think there was something about selling product out of inventory in there.

好的。偉大的。這一點很清楚。我的後續工作是關於再生燃料領域的，顯然，該領域的業績環比有了顯著改善。你提到了出售積分的一些影響，我想其中也涉及了出售庫存產品的問題。

So wondering if you could just elaborate on what drove the increase quarter-over-quarter. How much of that is kind of underlying versus some timing impacts.

所以我想請您詳細說明是什麼因素導致了季度環比增長。其中有多少是潛在因素，又有多少是時間因素的影響？

Thanks.

謝謝。

This is Brian, Jason. I mean just talking about Q3, and we'll talk a little bit about what we're seeing in Q4 and beyond. But in Q3, the renewable margins were actually worse if you took a look at just the margins, but we did a lot of self-help in Q3. We reduced costs. We improved our logistics, particularly to get in more domestic feedstock.

這是布萊恩，傑森。我的意思是，我們先談談第三季的情況，然後再稍微談談第四季及以後的情況。但第三季度，如果只看利潤率的話，再生能源的利潤率實際上更糟，但我們在第三季度做了很多自我補救措施。我們降低了成本。我們改進了物流，特別是增加了國內原料的供應。

We send more of our renewable products to Pacific Northwest, where fossil basis were stronger. We got a lot of value from some new pathways that we got. We doubled SAF production. And then as you pointed out, we had the timing of the European credits.

我們將更多再生能源產品運往太平洋西北地區，因為那裡的化石燃料基礎更穩固。我們從獲得的一些新途徑中受益匪淺。我們使SAF的產量翻了一番。正如你所指出的，我們還有歐洲學分的發放時間問題。

In Q4, we'll have some timing impacts as well probably less timing impacts than we had in Q3. But in Q4, margins are improving with weaker soybean prices and relatively stronger credit values. We think the industry will continue to run at about the same rates as they did in Q3, given the turnaround activity. The European market will continue to attract renewable products. We've been sending renewable products in that direction, both in Q3 and we continue doing that.

第四季度，我們也會出現一些時間上的影響，但可能比第三季受到的影響要小。但第四季度，隨著大豆價格走軟和信貸價值相對走強，利潤率有所改善。鑑於目前的復甦勢頭，我們認為該行業的運行速度將繼續與第三季大致相同。歐洲市場將持續吸引再生能源產品。我們在第三季就一直在向這個方向輸送可再生產品，而且我們將繼續這樣做。

We also anticipate continuing to increase our SAF production in Q4, and we've seen strong interest from SAF buyers. And finally, the new pathways that I mentioned will give us some additional flexibility, but in the end, we still need more clarity on federal and state policy. For example, the guidance on RVO policy, including reallocation of SREs and regeneration and foreign feedstock and even more clarity on the European policy.

我們也預計在第四季繼續提高SAF的產量，並且我們已經看到SAF買家表現出濃厚的興趣。最後，我提到的這些新途徑將為我們帶來一些額外的靈活性，但歸根結底，我們仍然需要聯邦和州政策方面更加明確。例如，關於再生能源政策的指導，包括再生能源的重新分配、再生利用和外國原料，以及對歐洲政策的更清晰的說明。

And Jason, it's Kevin. Just one other clarification. That inventory comment. That was a variance relative to the second quarter. There was no net benefit in the third quarter from inventory. It's just relative to what we saw in the second quarter. So that's not a direct impact.

傑森，我是凱文。還有一點需要澄清。那條關於庫存的評論。與第二季度相比，情況有所不同。第三季庫存並未帶來淨收益。這只是相對於我們在第二季度看到的情況而言的。所以這不是直接影響。

Ryan Todd, Piper Sandler

瑞安·托德，派珀·桑德勒

Yeah. Thanks. Maybe a couple back on refining. Throughput was obviously much higher than anticipated in the quarter. But margin capture that still probably still a few headwinds that we see that existed in the third quarter. Can you talk about maybe some of the headwinds in the third quarter and how those might be trending or improving into the fourth quarter?

是的。謝謝。或許還需要幾個人回爐重造。本季吞吐量顯然遠高於預期。但利潤率的提升可能仍受到一些不利因素的影響，這些不利因素在第三季就已經存在。您能否談談第三季可能遇到的一些不利因素，以及這些因素在第四季可能會如何變化或改善？

And then maybe as a follow-up, a few years ago, as part of your strategic priorities, you talked about a goal of driving margin capture improvement of 5%. Can you talk about where you are on that project? You've clearly made improvements on clean product yield. But where do you think you are on that journey? And what are some of the things that you may be working on over the next couple of years that we should keep an eye on that front?

然後，或許作為後續行動，幾年前，作為你們策略重點的一部分，你們談到了將利潤率提高 5% 的目標。您能談談這個專案目前的進度嗎？你們在提高清潔產品產量方面顯然取得了進展。但你認為自己在這段旅程中處於什麼位置？那麼，在接下來的幾年裡，您可能會著手哪些方面的事情，值得我們關注呢？

Hey Ryan, this is Rich. Let me start and then Brian can clean up anything else on the market front there. But as I think about it, maybe the best way to approach this is a regional conversation. In the Atlantic Basin, market capture this quarter, 97%, pretty solid quarter-over-quarter, that was really a difference in turnaround activity in that region. But we did see improved market cracks and some inventory impacts that were really offset by some higher feedstock costs as well as some lower product differentials in the region.

嘿，瑞恩，我是里奇。我先開始，然後布萊恩可以處理市場上的其他事情。但仔細想想，或許最好的方法就是進行區域性對話。在大西洋盆地，本季市佔率達到 97%，環比成長相當穩健，這確實反映了該地區扭虧為盈的積極性。但我們確實看到市場裂痕有所改善，庫存也受到一些影響，但這些影響被較高的原料成本以及該地區較低的產品價差所抵消。

The operations of the plants were quite good, though. Utilization for the region was sitting at 99%. And on our journey to improve, we had a clean product yield in that region of 88%. So very solid performance on that area. And we think that's a lot of that's supported by the self-help that we've done, but also a project that we initiated at Bayway that increased the native gas oil production, and it's allowed us to fill up that cat.

不過，這些工廠的運作情況相當不錯。該地區的利用率達到了 99%。在不斷改進的過程中，我們在該區域的清潔產品產率達到了 88%。所以這方面表現非常好。我們認為這很大程度上得益於我們所做的自助努力，也得益於我們在 Bayway 發起的一個項目，該項目提高了本地柴油產量，使我們能夠填滿那個貓。

And really, we're seeing positive returns on that. In the Gulf Coast area, market capture was a little bit lower at 86%. And really, the headwinds on this one were lower octane and jet differentials. So we saw that in the marketplace, utilization for the region, pretty solid at 100%. And the clean product yields at its typical 81% for that area, which may seem a little low on clean product yield.

而且，我們確實看到了正面的回報。在墨西哥灣沿岸地區，市佔率略低，為 86%。實際上，這次最大的阻力是低辛烷值汽油和噴射引擎的差異。因此，我們看到，該地區的市場利用率相當穩定，達到了 100%。該地區的清潔產品收率通常為 81%，這似乎有點低。

But I'll just remind everyone that at Lake Charles, we produce a gas oil that is sent over to excel that impacts that overall clean product yield for the facilities. Central Corridor, 101% market capture, very solid. Again, that's one of our highest performing regions.

但我還是要提醒大家，在查爾斯湖，我們生產的柴油會被運往 Excell 公司，這會影響工廠的整體清潔產品產量。中央走廊，市佔率101%，非常穩固。再次強調，這是我們業績最好的地區之一。

The headwinds there, lower product differentials again. And those were offset by some improved market cracks. But that differential is the common theme you're hearing here, the octane value as well as the jet to distillate differential. Again, for the central corridor, 103% on the utilization front and 90% clean product yield. So you can see how that -- those assets are running and performing quite well.

不利因素導致產品價差再次下降。而這些不利因素則被一些市場裂痕的改善所抵消。但你在這裡聽到的共同主題是辛烷值差異以及噴射燃料與餾分油的差異。同樣，中央走廊的使用率達 103%，清潔產品收率達 90%。所以你可以看到，這些資產運作良好，表現也相當不錯。

And then, of course, one of our headwinds for the quarter was in the West Coast 9% market capture, and that's primarily driven by the wind down of the Los Angeles refinery and the impacts associated with that. So we had that impact in the third quarter. You'll see that impact continue into the fourth quarter, where we will have wind down expenses, but yet no barrels to offset that in the profile.

當然，本季我們面臨的不利因素之一是西海岸 9% 的市場份額，這主要是由於洛杉磯煉油廠的關閉及其相關影響所致。所以我們在第三季產生了這樣的影響。你會看到這種影響會持續到第四季度，屆時我們將面臨逐步減少開支的情況，但產量卻不足以抵銷這些開支。

So we'll provide some clarity on that when we report in on the fourth quarter. Utilization was reasonably well in the West Coast at 88%. And of course, they're very complex refineries on the link product yields up there, too.

所以，我們會在發布第四季財報時對此進行詳細說明。西海岸的利用率相當不錯，達到 88%。當然，那裡的煉油廠工藝非常複雜，對成品油收率也有影響。

And the only thing I would add was that we're seeing -- we saw, as Rich mentioned, jet under diesel. Now those regrades have flipped and across all pads, jet is over diesel, which will be a tailwind for us and octane spreads have firmed as well with a weakening naphtha to crude and so that's also will be a tailwind for us as well.

我唯一要補充的是，我們看到——正如 Rich 所提到的，我們看到了柴油噴射發動機。現在這些重新分級的情況已經逆轉，在所有油田，航空煤油的價格都高於柴油，這對我們來說是一個利好因素，辛烷值差也隨著石腦油與原油價格的下降而收緊，因此這也將對我們來說是一個利好因素。

Phillip Jungwirth, BMO.

Phillip Jungwirth，BMO。

Thanks for taking the question. On Western Gateway, how important is Phillips integration between Midstream and refining and designing and executing this project? And then separately, what's your level of confidence around regulatory permitting risk? And any different dynamics here to keep in mind between the greenfield pipe and the reversal in the California.

感謝您回答這個問題。在西部門戶專案上，菲利普斯在中游業務、煉油、設計和執行該專案方面的整合有多重要？其次，您對監理授權風險的信心程度如何？還有，需要注意的是，綠地管道和加州的逆流管道之間有哪些不同的動態差異。

Yeah, Pill, we have a team that looks at integration opportunities that has representation from refining, commercial, midstream, all looking at where can we capture the most value, create the most optionality. And this this opportunity jumped right out of that kind of collaboration and it was a home run. And so we see opportunities both on the refining side we see commercial opportunities and certainly midstream is the glue that pulls it all together.

是的，Pill，我們有一個團隊專門研究整合機會，團隊成員來自煉油、商業、中游等各個環節，都在研究如何才能獲得最大的價值，創造最大的選擇。而這次合作機會正是由此而來，並且取得了巨大的成功。因此，我們看到了煉油方面的機遇，看到了商業機遇，而中游環節無疑是把所有環節連結起來的關鍵。

So Don, I don't know if you have anything on the regulatory side.

唐，我不知道你在監管方面有什麼經驗。

Yeah. The feedback that we've gotten initially from folks in the various states as well as in the federal has been encouraging and positive. We're obviously in the early days of going through the open season and and firming up any of the route nuances as we look at the new build, but we feel very positive in terms of the ability to get this project done.

是的。我們從各州以及聯邦政府方面得到的初步回饋令人鼓舞，而且是正面的。顯然，我們現在還處於開放階段的早期，在研究新方案的過程中，我們仍在確定路線的任何細微之處，但我們對完成這個專案的能力感到非常樂觀。

And to follow on just to what Mark said, I think from an integration standpoint, this is a project that Phillips 66 is uniquely positioned to help facilitate and drive as really a compelling industry solution to market access for the Midwest refineries as well as satisfying a supply deficit in the West really feel good about where we stand and the opportunity set in front of us.

就像馬克剛才說的那樣，我認為從整合的角度來看，菲利普斯66公司擁有獨特的優勢，可以幫助促進和推動這個項目，使其成為中西部煉油廠進入市場以及滿足西部供應缺口的真正引人注目的行業解決方案。我對我們所處的位置和擺在我們面前的機會感到非常滿意。

I've had conversations with key people at the federal level as well as the state level in California, and they are enthusiastic about this. I think the opportunity to leverage Mid-Continent energy dominance through infrastructure that can come online fairly quickly is very attractive at the federal level and California is looking for ways to provide energy security, and this does that.

我與聯邦政府和加州州政府的關鍵人物都進行了交談，他們對此充滿熱情。我認為，利用中西部地區的能源優勢，透過能夠快速投入使用的基礎設施來發揮其作用，這對聯邦層級來說非常有吸引力。加州正在尋找保障能源安全的方法，而這正是實現這一目標的途徑。

So when you get both of those sides to the table in a positive way, I think that's a strong vote of confidence for the project.

所以，當雙方都能以積極的態度坐下來談判時，我認為這是對該項目投下的強有力的信任票。

Okay. Great. And recognizing Chemicals ran really well in the quarter. Just going back to industry capacity rationalization. I wanted to get your sense on the China anti evolution policies? And just how meaningful do you think this could be to help bring balance back into the market?

好的。偉大的。化學品業務在本季表現非常出色。歸根究底，還是回到產業產能合理化的問題上來。我想了解您對中國反進化政策的看法？你認為這對於幫助市場恢復平衡究竟有多大意義？

Well, I think you've seen it in refining in China, where the teapot refineries, it's the same kind of concept. We're hearing from our chemicals folks that they're looking at drawing a line in the sand around old, less efficient assets to make room for what they're doing around their crude to chemicals things. So I think that watch that space, I think that will result in rationalization of assets, maybe even as young as only 10- or 20-years old.

嗯，我想你在中國煉油廠已經看過這種現象了，那裡有茶壺煉油廠，概念也是一樣的。我們從化學部門的人那裡了解到，他們正在考慮對舊的、效率較低的資產劃清界限，以便為他們正在進行的原油製化學品項目騰出空間。所以我認為值得關注，我認為這將導致資產合理化，甚至可能包括只有 10 年或 20 年歷史的資產。

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

謝謝。問答環節到此結束，現在我將把發言權交還給馬克·拉希爾，請他作總結發言。

Thanks for all the great questions. We remain committed to our strategic priorities: consistently strong operational performance across our assets, disciplined investments which deliver attractive returns a strong balance sheet and a commitment to returning capital to shareholders.

感謝大家提出的所有精彩問題。我們將繼續致力於我們的策略重點：旗下所有資產持續保持強勁的營運業績，進行穩健的投資以實現可觀的回報，保持強勁的資產負債表，並致力於向股東返還資本。

Thank you for your interest in Phillips 66. If you have questions or feedback after today's call, please reach out to Sean or Owen.

感謝您對菲利普斯66的關注。如果您在今天的通話後有任何疑問或回饋，請聯絡 Sean 或 Owen。

Thank you. This concludes today's conference. Thank you all for your participation, and you may now disconnect.

謝謝。今天的會議到此結束。感謝各位的參與，現在可以斷開連結了。