菲利普斯66 (PSX) 2026 Q1 法說會逐字稿

Welcome to the first quarter 2026 Phillips 66 earnings conference call. My name is Rob, and I will be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded.

歡迎參加 2026 年第一季 Phillips 66 盈餘電話會議。我是 Rob，將擔任今天電話會議的接線員。（接線員指示）請注意，本次會議將被錄音。

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

我現在把電話交給投資人關係副總裁兼首席經濟學家 Sean Maher。Sean，請開始。

Hello, everyone. Good morning, and thank you for joining Phillips 66 First Quarter 2026 earnings conference call. Participants on today's call will include Mark Lashier, Chairman and CEO; Kevin Mitchell, CFO; and Don Baldridge, Midstream and Chemicals, Rich Harbison, Refining; and Brian Mandell, Marketing and Commercial.

各位好。早安，感謝各位參加 Phillips 66 2026 年第一季盈餘電話會議。今天與會者包括：董事長兼執行長 Mark Lashier；財務長 Kevin Mitchell；以及 Don Baldridge（中游與化學品）、Rich Harbison（煉油）與 Brian Mandell（行銷與商務）。

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

今天的簡報可在 Phillips 66 官網的投資人關係專區找到，並附有補充的財務與營運資訊。

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 為我們的安全港聲明。我們在今天的電話會議中將提出前瞻性陳述。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已列於此處，亦載於我們向 SEC 提交的文件中。

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

接下來，我把電話交給 Mark。

Thank you, Sean. Geopolitical events in the Middle East drove unprecedented commodity price volatility during the quarter. To put this in context, March was the first month that price moves in major crude oil, refined product and European natural gas benchmarks all exceeded the 95th percentile.

謝謝你，Sean。本季中東地緣政治事件帶動前所未有的大宗商品價格波動。為了提供背景，3 月是第一個主要原油、成品油以及歐洲天然氣基準價格的波動幅度全部超過第 95 百分位的月份。

In the face of this volatility, we remain focused on operational excellence. Our team is executing safely and reliably. The majority of our assets are in the US We have pipeline connectivity to some of the lowest cost and most reliable hydrocarbon corridors in the world. This positions us to reliably supply energy to support global demand.

面對這樣的波動，我們仍專注於卓越營運。我們的團隊以安全且可靠的方式執行。多數資產位於美國，並透過管線連結至全球成本最低且最可靠的碳氫化合物走廊之一。這使我們能可靠供應能源以支援全球需求。

Due to the closure of the Strait of Hormuz, a significant amount of global refining and petrochemical capacity is down. We, however, continue to operate at high utilization supplying products to our customers. Additionally, we have global placement optionality through our commercial organization.

由於荷姆茲海峽關閉，全球相當一部分煉油與石化產能停擺。然而，我們仍以高稼動率運作，持續向客戶供應產品。此外，透過我們的商務組織，我們具備全球配置的彈性選擇。

This quarter has seen a significant and favorable shift in market fundamentals. First, the importance of US sourced hydrocarbons has increased due to a need for diversification and access to reliable supply. Second, unplanned downtime in global refining assets has reduced inventories and will support margins.

本季市場基本面出現顯著且有利的轉變。第一，由於需要分散來源並取得可靠供應，美國來源的碳氫化合物重要性提高。第二，全球煉油資產的非計畫性停機降低了庫存，將支撐利差。

Finally, reduced petrochemical production globally due to downtime and higher naphtha prices has reduced inventories and will also support margins. As a reminder, 80% of CP Chem's capacity is on the US Gulf Coast with competitive ethane feedstock.

最後，由於停機與石腦油價格上升，全球石化產量下降，庫存降低，也將支撐利差。提醒各位，CP Chem 80% 的產能位於美國墨西哥灣沿岸，並擁有具競爭力的乙烷原料。

Recent global events show the importance of reliable domestic energy supply. Our Western Gateway Pipeline project will address long-term refined products needs, improve supply flexibility and increased reliability for the West Coast markets.

近期全球事件顯示可靠的國內能源供應之重要性。我們的 Western Gateway Pipeline 專案將滿足長期成品油需求、提升供應彈性，並提高西岸市場的可靠性。

We're excited about the future due to our strong asset footprint culture of operating excellence and attractive fundamental outlook across all of our businesses.

憑藉我們強大的資產版圖、卓越營運文化，以及各業務具吸引力的基本面展望，我們對未來感到振奮。

Anchored by the strength of our balance sheet, we're confident in our ability to navigate market volatility and capture opportunities.

在強健資產負債表的支撐下，我們有信心能因應市場波動並掌握機會。

Brian will now share more on Slide 4 about how our commercial organization is one of our competitive advantages.

接下來 Brian 將在投影片 4 分享更多內容，說明我們的商務組織如何成為我們的競爭優勢之一。

Thanks, Mark. We have a strong commercial organization with 6 offices across the globe. Our business enhances our asset footprint by optimizing feedstocks, delivering products into the marketplace and capturing value. We capitalize on geographic dislocations and turn volatility into opportunity.

謝謝你，Mark。我們擁有強大的商務組織，在全球設有 6 個辦公室。我們的業務透過最佳化原料、將產品交付市場並捕捉價值，來強化資產版圖。我們把握地理錯位帶來的機會，將波動轉化為機會。

With our expertise in global market dynamics, we're ahead of the game, we have an assetbacked trading model and can leverage our physical footprint to take advantage of opportunities. We trade over 6 million barrels of liquid hydrocarbons every day. This creates optionality and economic value.

憑藉我們對全球市場動態的專業，我們能領先一步；我們採用資產支撐的交易模式，並可運用實體版圖把握機會。我們每天交易超過 600 萬桶液態碳氫化合物，這帶來彈性選擇與經濟價值。

Markets are fluid right now and volatility is likely to persist into next year. Recent disruptions have created multiple opportunities.

目前市場變化快速，波動很可能延續到明年。近期的干擾帶來多項機會。

For example, we move Bakken crude oil to our Beaumont terminal on the US Gulf Coast and then leveraging the Jones Act waiver to our Bayway Refinery. We displaced international crudes with domestic grades into our refining system and sold the international barrels into tight overseas markets.

例如，我們將巴肯（Bakken）原油運至美國墨西哥灣沿岸的 Beaumont 終端，接著利用《瓊斯法案》（Jones Act）豁免運至我們的 Bayway 煉油廠。我們以國內等級原油取代國際原油進入煉油系統，並將國際原油桶數售往供應吃緊的海外市場。

We placed gasoline from our US Gulf Coast commercial blending facilities into the West Coast using the Jones Act waiver. We leveraged our global footprint to deliver LPGs and naphtha produced at our Sweeny hub to global petrochemical customers around the world.

我們利用《瓊斯法案》豁免，將來自美國墨西哥灣沿岸商業調和設施的汽油投放至西岸市場。我們也運用全球版圖，將在 Sweeny 樞紐生產的 LPG 與石腦油交付給全球各地的石化客戶。

Commercial performance is included in the results of our operating segments. Enhancing their margins and improving market capture. Moving to Slide 5. The recent shock to the global energy system has been universal. Refining capacity has been damaged, logistics have shifted arbitrage routes have changed.

商務表現已反映在各營運部門的業績中，提升其利差並改善市場捕捉。接著看投影片 5。近期對全球能源系統的衝擊是全面性的：煉油產能受損、物流改變、套利路線也已改變。

We are watching these and other signposts closely to capture additional value. The differentials between global indices and physical markets have spiked and forward markets are heavily backward dated. This dynamic reflects tight global crude oil balances.

我們正密切關注這些及其他指標，以捕捉額外價值。全球指數與現貨實體市場之間的價差已飆升，遠期市場呈現明顯的逆價差（backwardation）。此一動態反映全球原油供需平衡偏緊。

The outlook for product markets looks even tighter, and we expect refining margins to be constructive through the remainder of the year. Our market analysis, commercial capabilities and global footprint enable us to optimize the flow of molecules around our system. Our team maximizes the margin uplift across our value chains.

成品市場的展望看起來更為吃緊，我們預期今年剩餘期間煉油利差將具建設性。我們的市場分析、商務能力與全球版圖，使我們能最佳化分子在系統中的流向。我們的團隊在各價值鏈中最大化利差提升。

Here are two examples of how we are optimizing our system. First, we've added two dozen originators around the globe. They speak the language. They know the culture, and they know how to source deals that unlock more value and optionality providing long-term access to key global markets.

以下是我們如何最佳化系統的兩個例子。第一，我們在全球新增了約兩打的業務開發人員（originators）。他們會說當地語言、了解文化，也知道如何取得能解鎖更多價值與彈性選擇的交易，並提供長期進入關鍵全球市場的管道。

Second, we've tripled our vessels on time charter in the past two years, securing roughly half of our waterborne crude slate.

第二，過去兩年我們的定期租船（time charter）船舶數量增加了三倍，確保約一半的海運原油組合。

The global tanker fleet has become tight with limited spot availabilities and a large share of sanctioned vessels. This has caused freight rates to increase to historic levels by locking in our freight rates early, we reduced the cost of crude to our refineries.

全球油輪船隊供給趨緊，可用的即期船舶有限，且受制裁船舶占比高，導致運費升至歷史水準。透過提前鎖定運費，我們降低了供應煉油廠的原油成本。

We optimize around our refineries, pipelines and terminals to ensure that we're leveraging every molecule and driving additional value from our fundamental knowledge of the global markets. Backed by world-class assets, we find opportunity and volatility to deliver greater shareholder value.

我們圍繞煉油廠、管線與終端進行最佳化，確保充分運用每一個分子，並憑藉對全球市場的基本面知識創造額外價值。在世界級資產的支撐下，我們在波動中尋找機會，為股東創造更高價值。

Now I'll turn the call over to Kevin.

現在我把電話交給 Kevin。

Thank you, Brian. On Slide 6, first quarter reported earnings were $207 million or $0.51 per share. Adjusted earnings were $200 million or $0.49 per share.

謝謝你，Brian。投影片 6 顯示，第一季公告盈餘為 2.07 億美元，或每股 0.51 美元。調整後盈餘為 2.00 億美元，或每股 0.49 美元。

As a result of a sharp increase in commodity prices during the first quarter, the company's financial results were impacted by mark-to-market losses of $839 million related to short derivative positions used as economic hedges to manage price risk on certain physical positions.

由於第一季大宗商品價格大幅上升，公司財務結果受到 8.39 億美元的按市價評價（mark-to-market）損失影響；該損失與用作經濟性避險、用以管理特定實體部位價格風險的衍生性商品空頭部位相關。

We had a use of operating cash flow of $2.3 billion. Operating cash flow, excluding working capital, was approximately $700 million. Capital spending for the quarter was $582 million. We returned $778 million to shareholders including $269 million of share repurchases and $509 million of dividend payments.

營運現金流為淨流出 23 億美元。若排除營運資金，營運現金流約為 7 億美元。本季資本支出為 5.82 億美元。我們向股東回饋 7.78 億美元，其中包括 2.69 億美元的庫藏股回購與 5.09 億美元的股利發放。

We increased the quarterly dividend 7% on an annualized basis. I will now cover the segment results on Slide 7.

我們將季度股利以年化基礎提高 7%。接下來我將在投影片 7 說明各部門業績。

Total company adjusted earnings were $200 million. Midstream results decreased mainly due to lower volumes, largely due to impacts from winter storm burn, lower margins associated with customer recontracting and accelerated depreciation associated with a Permian Basin gas plant.

公司合計調整後盈餘為 2.00 億美元。中游業績下滑主要因為運量較低，主要受冬季風暴 Burn 的影響、客戶重新簽約帶來的較低利差，以及與二疊紀盆地一座天然氣處理廠相關的加速折舊。

In Chemicals, results increased mainly due to higher polyethylene margins. Across refining, marketing and specialties and renewable fuels, results decreased mainly due to mark-to-market impacts.

化學品業務方面，業績增加主要因聚乙烯利差較高。煉油、行銷與特用產品以及再生燃料方面，業績下滑主要因按市價評價影響。

In Corporate and Other, the pretax loss increased primarily due to the inclusion of costs associated with the decommissioning and redevelopment of the idled Los Angeles refinery site. Slide 8 shows cash flow for the quarter.

在公司與其他項目中，稅前損失增加主要因納入與停運的洛杉磯煉油廠場址除役與再開發相關的成本。投影片 8 顯示本季現金流。

We started the quarter with a $1.1 billion cash balance. Cash from operations, excluding working capital, was approximately $700 million.

本季期初現金餘額為 11 億美元。營運現金流（排除營運資金）約為 7 億美元。

There was a $3 billion use of working capital, mainly reflecting an inventory build and an increase in cash collateral on derivative positions, partly offset by the net benefit in our payables and receivables positions associated with rising commodity prices.

營運資金淨使用 30 億美元，主要反映庫存增加以及衍生性商品部位的現金擔保品增加；部分被因大宗商品價格上升而在應付與應收部位上產生的淨受益所抵銷。

We funded $582 million of capital spending and returned $778 million to shareholders through share repurchases and dividends. Our commitment to return greater than 50% of net operating cash flow to shareholders remains unchanged. The company increased debt in the first quarter.

我們支應了 5.82 億美元的資本支出，並透過庫藏股回購與股利向股東回饋 7.78 億美元。我們承諾將超過 50% 的淨營運現金流回饋股東的政策維持不變。公司在第一季增加了負債。

Given the sharp increase in commodity prices, we issued a term loan and increased borrowings on short-term facilities to manage the margin collateral requirements. We ended the quarter with $5.2 billion in cash.

鑑於大宗商品價格大幅上升，我們發行一筆定期貸款並提高短期融資工具的借款，以管理利差保證金（margin collateral）需求。本季期末現金為 52 億美元。

We are well positioned to manage further commodity price volatility through significant liquidity and including a high cash balance and cash generated from operations. Slide 9 shows the projected path from the current debt level to year-end 2026 and 2027 debt.

我們具備充足條件，能透過顯著的流動性（包括較高的現金餘額以及營運所產生的現金）來管理進一步的大宗商品價格波動。投影片 9 顯示從目前的負債水準到 2026 年與 2027 年年底負債的預估路徑。

We remain fully committed to a total debt balance of $17 billion by year-end 2027. Consensus cash from operations for 2026 and 2027 is approximately $8 billion.

我們仍然完全致力於在 2027 年年底將總負債餘額降至 170 億美元。市場共識預估 2026 年與 2027 年的營運現金流約為 80 億美元。

In the remainder of 2026, we expect operating cash flow, working capital benefits and the reduction of cash balances as markets stabilize to enable us to reduce debt to approximately $19 billion.

在 2026 年剩餘期間，我們預期營運現金流、營運資金效益，以及隨著市場趨於穩定而降低現金餘額，將使我們得以把負債降至約 190 億美元。

In 2027, we expect operating cash flow to enable us to reduce debt by a further $2 billion to $17 billion. This is consistent with the capital allocation framework we have previously laid out. with approximately $2 billion each to dividends, share repurchases, capital spend and debt paydown.

在 2027 年，我們預期營運現金流將使我們得以再減少 20 億美元負債至 170 億美元。這與我們先前提出的資本配置架構一致：股利、庫藏股回購、資本支出與償還負債各約 20 億美元。

Looking ahead to the second quarter on Slide 10. In Chemicals, we expect the global O&P utilization rate to be in the low 80s, driven by the uncertainty of operating levels at CPChem's joint ventures in the Middle East. In Refining, we expect the worldwide crude utilization rate to be in the low to mid-90s.

展望投影片 10 的第二季。在化學品業務方面，我們預期全球 O&P（烯烴與聚烯烴）產能利用率將落在 80% 出頭，主要受 CPChem 在中東合資企業營運水準不確定性所影響。在煉油業務方面，我們預期全球原油產能利用率將落在 90% 初至中段。

Turnaround expense is expected to be between $120 million and $150 million. We anticipate corporate and other costs to be between $430 million and $450 million. Moving to Slide 11. Mark will now provide some final thoughts. We will then open the line for questions.

歲修費用預期介於 1.2 億至 1.5 億美元。我們預期公司本部及其他成本介於 4.3 億至 4.5 億美元。接著看投影片 11，Mark 將提供一些最後的想法，之後我們將開放提問。

Great things happen when preparation meets opportunity. The current environment is attractive across all our businesses. We've prepared by focusing relentlessly on what we control: cost, culture, competitiveness and capital with discipline, all in the service of safe, reliable operations that deliver strong shareholder returns.

當準備遇上機會，就會成就非凡。當前環境對我們所有業務都具吸引力。我們已透過持續聚焦於我們可控的事項來做好準備：成本、文化、競爭力與紀律性的資本配置，所有努力都服務於安全、可靠的營運，並帶來強勁的股東報酬。

Our teams are performing, and we're pressing in and capturing those opportunities. fully prepared fully committed to execute and win when we win, you win.

我們的團隊表現出色，我們也正積極把握並捕捉這些機會。充分準備、全力投入，去執行並取勝；當我們贏，你們也贏。

(Operator Instructions) Steve Richardson, Evercore ISI.

（接線員指示）Steve Richardson，Evercore ISI。

Hi, thank you. Guys, I was wondering if you could start on the mark-to-market adjustments and wondering if you could give us some color on some of these impacts by segment, if you could. And I know you addressed this in the 8-K, but if you could get into a little bit of how the volatility that you witnessed was outside the bands of expectations?

嗨，謝謝。各位，我想先從按市價評價（mark-to-market）調整談起，想請你們就各事業部門的影響提供一些說明（如果可以的話）。我知道你們在 8-K 裡已經提到，但能否再多談一點：你們所看到的波動，如何超出原先預期區間？

And can you also just be sure to hit on how you think about that draw of liquidity, what it means going forward? And would it -- any impacts it may have on your shareholder return commitments?

另外，也請務必談談你們如何看待這次流動性動用（draw of liquidity），以及它對未來意味著什麼？它是否會對你們對股東報酬的承諾造成任何影響？

Yes, Steve, this is Kevin. Let me walk through some of that detail. So as we laid out in the first quarter, we saw an $839 million mark-to-market loss from an income statement that impacted refining M&S and renewables and the specific amounts by segment were detailed in the press release. This is broadly consistent with what we put out in the 8-K.

好的，Steve，我是 Kevin。我來說明一些細節。如同我們在第一季所說，我們看到來自損益表的 8.39 億美元按市價評價損失，影響了煉油 M&S 與再生能源；各部門的具體金額已在新聞稿中揭露。這與我們在 8-K 中發布的內容大致一致。

We said approximately $900 million. At that point, that was our best estimate at that point in time. And so I think it's important to make it clear that these are mark-to-market impacts on paper hedges that we have in place to offset physical purchases those purchases are mark-tomarket at the end of each month, but the physical inventory is not.

當時我們說約 9 億美元；在那個時間點，那是我們當時能做出的最佳估計。因此我認為有必要清楚說明：這些是我們用來抵銷實體採購的「紙上避險」所產生的按市價評價影響。這些採購在每個月月底會按市價評價，但實體庫存不會。

And so there's a net impact through the income statement. I do think it's important to emphasize that we do this to protect economic value. There is -- this is a risk mitigation tool. We've been doing this for some time. It's a standard practice.

因此損益表會出現淨影響。我也認為必須強調，我們這麼做是為了保護經濟價值——這是一項風險緩釋工具。我們已經做了一段時間，這是標準作法。

And in the normal course, the impacts of these mark-to-market transactions are just not that significant, not that material.

在一般情況下，這些按市價評價交易的影響並不顯著，也不具重大性。

But as Mark mentioned in his comments, we saw unprecedented volatility across the commodity markets in which we participate that course this, we'll see as a sort of outsized impact. as you look ahead in terms of what you can expect on a go-forward basis, it's very much a function of where the commodity prices move from end of March, I think through, say, the end of the year.

但如同 Mark 在評論中提到的，我們在所參與的大宗商品市場看到前所未有的波動，因此才會出現這種相對放大的影響。展望未來你可以預期的情況，主要取決於商品價格自 3 月底起的走勢，我想一直到例如年底。

And if we were to use the forward curve as of end of day yesterday, we'd recover by the end of the year, about $500 million of that $893 million. And it's a commodity-by-commodity calculation on a quarter-by-quarter basis.

如果以昨天收盤時的遠期曲線來看，到年底我們大約可以回收 8.93 億美元中的 5 億美元。這是逐一商品、逐季計算的。

So based on the forward curve, if that were to play out as reality, that's what you see come back in that context.

因此若遠期曲線最終成為現實，你在那個脈絡下就會看到這部分回沖。

From a cash standpoint, we have -- at the end of the quarter, we had a total of $3.2 billion out on margin associated with all of this activity.

從現金角度來看，我們在季末因所有這些活動而在保證金（margin）上占用的總額為 32 億美元。

That differs from the income statement effect because there are other barrels being marked where we actually do a corresponding impact to reflect the physical gain and so you have more paper activity than is subject to the income statement related mark-to market that cash impact will come back -- two ways it comes back.

這與損益表的影響不同，因為還有其他桶數（barrels）也在按市價評價，而我們會做相對應的影響以反映實體收益；因此，紙上部位的活動量會大於損益表中與按市價評價相關的部分。這個現金影響會回來——有兩種回來的方式。

One, directly in falling prices, you'll see the reverse effect. But in normal course, because this is a continual process as volatility subsides, we effectively consume this cash through a normal purchasing activity.

第一，當價格下跌時，你會看到反向效果。第二，在一般情況下，因為這是一個持續性的流程，當波動趨緩時，我們會透過正常的採購活動把這些現金逐步消化掉。

So just to put some context around that, $3.2 billion out on margin at the end of March, at the end of yesterday, it was $2.1 billion, even though the absolute price levels are pretty similar to where they were at the end of the first quarter. And so we'll see that come down as we work our way through the year.

補充一些背景：3 月底保證金占用為 32 億美元；截至昨天收盤，已降至 21 億美元，儘管絕對價格水準與第一季末相當接近。因此我們預期在今年推進的過程中，這個數字會持續下降。

And then as we get into -- what does this mean in terms of capital allocation, debt reduction, share buybacks, big picture.

接著談——這對資本配置、降負債、庫藏股回購等整體面向意味著什麼。

And I covered it in the earlier comments and the slide that we put in the presentation on debt targets, we think we will be able to utilize between working capital benefits and the remainder of the year, operating cash flow and as the market stabilize, we don't need to carry that much cash, which is what we showed at the end of the quarter and still do.

我在先前的評論以及簡報中關於負債目標的投影片已提到：我們認為，透過營運資金效益、今年剩餘期間的營運現金流，以及隨著市場穩定後我們不需要維持那麼高的現金水位（這也是我們在季末所呈現、目前仍維持的狀態），我們可以動用並降低現金餘額，把今年年底負債降到約 190 億美元，並在明年降到我們的目標 170 億美元。

But we can draw down that cash, get debt down to about $19 billion at the end of this year and then down to our target $17 billion next year, all while still returning 50% of our operating cash flow back through dividends and buybacks and quite frankly, we used Street estimates for cash generation in that calculation, but I feel pretty optimistic that there's upside there as well and we'll hold true to that.

同時，我們仍會透過股利與回購，把營運現金流的 50% 回饋給股東。坦白說，我們在該計算中採用華爾街對現金創造的估計，但我相當樂觀認為也有上行空間，而我們會堅守這項承諾。

So 50% back to shareholders and the other excess will just accelerate debt reduction.

因此，50% 回饋給股東，其餘超額則會加速降負債。

That's great. Thanks for the fulsome answer, Kevin. I was wondering if I could just hit as well, we've got you on CPChem. The consultants have full chain margins up, I believe, $0.33 at last check for the second quarter. I was wondering if you could talk about what you're seeing in your business and your view on capturing this with obviously a very high utilization rate on the US Gulf Coast into the second quarter and the balance of the year?

很好。謝謝你詳盡的回答，Kevin。我也想再追問一下 CPChem。顧問的全產業鏈利差（full chain margins）在第二季上調，我記得上次查看是上調 0.33 美元。我想請你談談你們在業務中看到的情況，以及你們對把握這些利差的看法——尤其是在美國墨西哥灣沿岸第二季及今年其餘時間維持非常高的產能利用率之下？

Yes, absolutely, Steve. This is Mark. CPChem is well positioned to go out and capture those margins. There can be some contractual step-ups that occur, but they're certainly out there aggressively pushing that -- you've seen the supply and demand situation tightened up dramatically with the limitations coming out of the Middle East.

好的，當然可以，Steve。我是 Mark。CPChem 很有條件去把握並取得這些利差。可能會出現一些合約性的階梯式上調（step-ups），但他們確實正積極推進。你已經看到，隨著中東供應受限，供需狀況大幅收緊。

And additionally, you've seen limitations for producers in Asia that, frankly, some countries in Asia are selectively moving hydrocarbons away from petrochemical production and into energy use to protect that.

此外，你也看到亞洲生產商受到限制；坦白說，亞洲一些國家正選擇性地把碳氫化合物從石化生產轉向能源用途，以確保能源供應。

And so that further tightens things up and the cost curve has dramatically shifted as the price of oil has gone up versus low-cost ethane in North America, you see that price floor going up, driving the margin increases.

這使得供需進一步收緊；同時，隨著油價上升，相較於北美低成本乙烷，成本曲線已大幅移動。你會看到價格底部上移，帶動利差擴大。

And then there's this factor that prior to Venezuela prior to the activities in Iran. China was accessing deeply discounted crude and so they were converting that into a deeply discounted naphtha and then pouring that polyethylene to the world market.

另外還有一個因素：在委內瑞拉事件之前、以及伊朗相關行動之前，中國能取得大幅折價的原油，並將其轉換為大幅折價的石腦油（naphtha），再把聚乙烯（polyethylene）大量供應到全球市場。

We think that somewhere in the $0.05 to $0.06 per pound advantage versus what the cost curve should have been.

我們認為，相較於成本曲線原本應有的水準，這帶來約每磅 0.05 至 0.06 美元的優勢。

Now that's been eliminated with the things that have been going on and so it's very constructive for CPChem.

現在，隨著近期發生的事情，這個優勢已被消除，因此對 CPChem 非常有利。

They can operate from the US Gulf Coast at high rates and over 80% of their capacity is in the US access to advantaged ethane feedstocks that have been -- that feedstock cost has been stable versus what's been going on in the rest of the world. So they're very well positioned to go out and capture those margins.

他們可以在美國墨西哥灣沿岸以高負荷運轉，而且其產能超過 80% 位於美國，可取得具成本優勢的乙烷原料；相較於世界其他地區的變化，這些原料成本一直保持穩定。因此他們非常有利於走出去並把握這些利差。

Thanks very much.

非常感謝。

Neil Mehta, Goldman Sachs.

Neil Mehta，高盛。

Yeah. Good morning, Mark and team, the standout number from this quarter was really the worldwide market capture, which ticked up to 138%. And maybe you can bring this to life a little bit.

是的。早安，Mark 以及團隊，本季最突出的數字其實是全球市場捕捉率，上升到 138%。也許你們可以把這點講得更具體一些。

What -- can you give us a couple of examples of dynamics that specifically drove that strength? And then when we think about sort of a mid-cycle market capture rate, you've talked about mid-90s type of utilization.

什麼——你們能否給我們幾個例子，說明是哪些動態因素特別推動了這樣的強勁表現？另外，當我們思考所謂的中周期市場捕捉率時，你們談到過中 90% 左右的利用率。

I think there are a lot of investors on the call who were thinking that 2Q could be lower than that mid-90s number, though, just because of the backwardation in the curve. And just your perspective of that is actually achievable as we set up for Q2.

我想電話會議上有很多投資人原本認為第二季可能會低於中 90% 那個數字，主要是因為曲線處於逆價差（backwardation）。想請教你們的看法：在我們為第二季做準備時，那個水準實際上是否可達成？

Yeah, Neil, it's a great question. Brian was -- he was pretty humble in his opening remarks, but we always talk about optionality and creating optionality and what he and his commercial team demonstrated in Q1 is leveraging that optionality.

是的，Neil，這是個很好的問題。Brian——他在開場致詞時相當謙虛，但我們一直在談「選擇權性（optionality）」以及創造選擇權性，而他和他的商務團隊在第一季所展現的，就是運用這些選擇權性。

If you think about moving Bakken crude to New Jersey without using a train and leveraging the shipping logistics that they've at least in advance. So we've got an advantage over shipping using the Jones Act waivers, all those things lined up to where Brian and his team could take full advantage of that and to drive that.

如果你想想看，把巴肯（Bakken）原油運到新澤西而不使用火車，並且運用他們事先就建立好的航運物流安排。因此，相較於依賴《瓊斯法案》（Jones Act）豁免的航運方式，我們具備優勢；所有這些條件都到位，使得 Brian 和他的團隊能夠充分把握並推動這件事。

And that's what drove that pretty remarkable capture number, and we're really proud of what they've been doing. They weren't sitting around watching the world in a crisis.

而這就是促成那個相當驚人的捕捉率數字的原因，我們也為他們所做的事情感到非常自豪。他們並不是坐在那裡看著世界陷入危機。

They were -- they were moving things to take advantage of the optionality that we've created and we're prepared for. So Brian, you can go ahead and talk a little bit more about what your folks have been up to.

他們——他們採取行動，去利用我們已經創造並且準備好的選擇權性。所以 Brian，你可以再多談一點你們團隊最近在做些什麼。

And as Mark said, with the huge amount of volatility in the market with market dislocations and just the integration of our businesses, there was a lot of value to be had in the market. Just maybe some examples, we profited from a long RIN position, including RINs, we generated at a RIDEA renewable facility.

如 Mark 所說，市場波動非常大、出現市場錯位，再加上我們業務的整合，市場上有很多價值可以掌握。舉幾個例子：我們從一個偏多的 RIN 部位中獲利，包括我們在一座 RIDEA 再生能源設施所產生的 RIN。

And we were also able to roll some lower cost RINs for prior year into this year. We had really strong results in our European and Asian trading businesses. As I mentioned earlier, and as Mark mentioned, the time charters that we put on over the last couple of years really helped in the elevated freight market. And reduced our accrued costs into our refineries.

我們也能把前一年度的一些較低成本 RIN 結轉到今年使用。我們在歐洲與亞洲的交易業務也有非常強勁的成果。正如我先前提到、Mark 也提到的，我們在過去幾年簽下的期租（time charters）在運費高漲的市場中確實提供了很大幫助，並降低了進入我們煉油廠的應計成本。

And then finally, you saw some of the product differentials like on octane and Jet were higher than the indicator. So that helped as well. So to give you some context maybe going forward, if we use our refining indicator, it includes a lot of the impacts already.

最後，你也看到某些產品價差，例如辛烷值（octane）與航煤（Jet）的價差高於指標水準，這也帶來助益。為了提供一些未來的脈絡，如果我們使用我們的煉油指標，它已經包含了許多影響因素。

It's embedded in the indicator. Historically, an average for the year would be -- in Q1, we captured -- benefited from all the commercial opportunities I just mentioned. Normally, in Q2, beginning of summer driver season, we would think about mid-50s so just thinking about some of the tailwinds and headwinds, tailwinds, things like butane blending.

這些都已內嵌在指標之中。歷史上，全年平均——在第一季，我們受益於我剛提到的所有商務機會。通常在第二季、進入夏季駕車旺季之初，我們會以 50% 中段（mid-50s）來思考，因此在考量一些順風與逆風時，順風因素包括像是丁烷調和（butane blending）。

We think there'll be more butane blending to the RVP waivers. Strong Jetter octane dips can help us there and additional commercial value and I think we'll continue to see some of the same value we saw in Q1.

我們認為因為 RVP 豁免，丁烷調和會更多。強勁的航煤與辛烷值價差也能在這方面幫助我們，還有額外的商務價值；我想我們會持續看到一些與第一季相同的價值。

But then there's some headwinds, as you said, backwardation and inventory impacts and even turnarounds if we had some in Q2 would impact capture. So I'd start with the mid-90s and think about what you think the market will look like in Q2 and then work our way from there.

但也有一些逆風，如你所說的逆價差（backwardation）與庫存影響，甚至如果第二季有一些歲修（turnarounds）也會影響捕捉率。所以我會先以中 90% 作為起點，接著再看你認為第二季市場會是什麼樣子，然後再從那裡推演。

Is it fair to say mid-90s is a good starting point, though, based on plus?

可以說中 90% 是一個不錯的起點嗎，基於正向因素？

Mid-90s would be a good starting point.

中 90% 會是一個不錯的起點。

Okay. All right. And then Kevin, can you hit Slide 9 again, maybe in a little bit more detail because this is on the pushback since the 8-K came out that I know you and we have gotten on the PSX stores is leverage pretty elevated. And I think part of that is you're just holding excess cash and so if you could spend a little more time just unpacking this slide because I think it is important.

好的。明白。然後 Kevin，你能否再講一次第 9 張投影片，或許更詳細一些？因為自從 8-K 公布後，外界有一些反彈聲音，我知道你和我們都在 PSX 的討論中聽到：槓桿似乎相當偏高。我想其中一部分原因是你們只是持有了超額現金，所以如果你能多花點時間拆解這張投影片，我認為這很重要。

Yes. And that is a really important point that we've effectively, from a debt and cash standpoint, we sort of gross up the balance sheet by borrowing more than we need from a normal day-today standpoint but being positioned in the event that we see more extreme volatility and have a need on, for example, margin calls in the event that significant price increases.

可以。而且這確實是非常重要的一點：就負債與現金的角度來看，我們等於是把資產負債表「放大」了——借的錢比日常營運正常所需更多——以便在我們看到更極端的波動、並且例如在價格大幅上漲導致需要因應追繳保證金（margin calls）時，能夠處於有利位置。

It does feel like since the end of the first quarter, that dynamic has settled down a little bit. I mean the markets still continue to fluctuate. But we've been in this -- if you look at crude in the sort of $90 to $110-ish band over that period. And so our expectation is as market conditions stabilize, we'll be able to draw that cash down. And clearly, that will have an offset on debt.

感覺自第一季末以來，那種動態已經稍微平穩一些。我的意思是，市場仍然持續波動，但在那段期間，如果你看原油，大致落在 90 到 110 美元左右的區間。因此我們的預期是，隨著市場狀況穩定下來，我們將能把那筆現金降下來。而且很明顯，這會對負債形成對沖效果。

Likewise, on working capital. We had a big working capital use in the first quarter. We expect that to more than come back over the course of the remainder of the year through the combination of normal sort of annual trends. First quarter is usually a working capital use for us.

同樣地，在營運資金方面，我們第一季有很大的營運資金使用。我們預期在今年剩餘期間，透過正常的年度趨勢組合，這部分不僅會回來，還會超額回補。第一季通常對我們而言就是營運資金的使用期。

It was exacerbated by the margin calls this year. but we expect that we recover that and end up our projection is a slight working capital benefit for the year -- for the full year. That's our assumption. And then operating cash flow. We expect to have healthy operating cash flow, and that will go to debt reduction.

今年因追繳保證金而更加嚴重。但我們預期會把它收回；我們的預測是假設全年——就全年而言——營運資金會有小幅的貢獻（benefit）。這是我們的假設。然後是營運現金流。我們預期會有健康的營運現金流，而這些將用於減債。

And as you roll into next year, we continue to have that sort of $8 billion of operating cash flow, then a couple of billion of that can go to debt reduction pretty comfortably.

而當你進入明年，我們仍將維持大約 80 億美元的營運現金流，其中有數十億美元可以相當從容地用於減債。

All that gets us to our projected $17 billion target and I will emphasize that if we see a continuation of strong margin conditions in refining and chemicals, that will further enhance the cash generation will enable us to pay down the debt quicker and also enable us to return more cash to shareholders.

這些加總起來，讓我們達到預估的 170 億美元目標。我也要強調，如果煉油與化工的利差環境持續強勁，將進一步提升現金創造能力，使我們能更快償還債務，也能讓我們向股東回饋更多現金。

Very clear. Thank you, Kevin.

非常清楚。謝謝你，Kevin。

Manav Gupta, UBS Financial.

Manav Gupta，瑞銀金融（UBS Financial）。

Good morning, guys. I have more of a theoretical question. What I'm trying to get to the bottom of this, based on your preliminary comments, it feels your refining system, which is in the US mostly is relatively insulated from these crude supply disruptions and other things that are happening in the world where certain refining assets may be very good, but can't run.

各位早安。我有一個比較偏理論性的問題。我想釐清的是：根據你們的初步評論，感覺你們主要位於美國的煉油系統，相對而言能隔絕這些原油供應中斷以及世界各地正在發生的其他事情；在某些地方，煉油資產可能非常好，但卻無法運轉。

You are relatively insulated from these things. And what I'm trying to understand is -- does that mean somebody like a Philips or even any US refiner in this environment is structurally better off than their global counterparts. And if that is the case, in your opinion, is this the time to be bullish US refining? Or is it this time to be bear issue as refining, if you could help us answer that.

你們相對能隔絕這些影響。我想理解的是——這是否意味著像 Phillips（或甚至任何美國煉油商）在這種環境下，結構性地比全球同業處境更好？如果是這樣，依你們看法，現在是看多美國煉油的時點嗎？還是反而應該看空煉油？如果你們能幫我們回答這個問題。

Hi, Manav. It's Brian. You're absolutely right. This is the time to be bullish, US refining. If we look at what's happened in the marketplace, it started in Asia, moved to Europe, but US has been relatively insulated on supply. Refinery runs are strong, consumer demand is healthy.

嗨，Manav。我是 Brian。你說得完全正確。現在就是看多美國煉油的時候。如果我們看市場上發生的事情，最初在亞洲，接著轉到歐洲，但美國在供應面相對受到的影響較小。煉廠開工率強勁，消費者需求健康。

Crude production is relatively stable. And this kind of highlights how we're immune to the crisis, although not to the higher prices. But largely, our crude -- for instance, at Phillips 66, we only purchased about 1% of our crude from the Middle East.

原油產量相對穩定。這也凸顯了我們對這場危機的免疫力——雖然對高油價並不免疫。但大體而言，我們的原油——例如在 Phillips 66，我們只有大約 1% 的原油採購來自中東。

Our crude is generally from Canada from the US and from Latin America. And of course, from Canada and the US, it's all pipeline connected. So we are in a very, very good position.

我們的原油一般來自加拿大、來自美國，以及來自拉丁美洲。當然，來自加拿大與美國的供應都是透過管線連接。因此我們處於非常、非常有利的位置。

And I would add to Brian's comments and you think about the activities that they undertook in the first quarter, they do interface with the rest of the world, so they're able to move around and leverage domestic supply and push normal imports out into what the global markets are demanding.

我也想補充 Brian 的評論：如果你想到他們在第一季所採取的活動，他們確實與世界其他地區互動，因此能夠靈活調度，運用國內供應，並把原本的進口量轉移出去，以滿足全球市場的需求。

And then in addition to that great position in North American refining CPChem is rock solid in North America petrochemicals and the high-density polyethylene value chain. So all of our product lines, all of our businesses really have tailwinds in this environment. And we think that those tailwinds will persist for a considerable amount of time.

此外，除了北美煉油的優勢地位之外，CPChem 在北美石化以及高密度聚乙烯價值鏈也非常穩健。因此我們所有產品線、所有業務在這種環境下基本上都有順風。我們也認為這些順風將會持續相當長一段時間。

We completely agree. Quickly pivoting to -- sometimes people don't forget that you actually own a significant amount of renewable diesel capacity in the US, you never actually entered into a JV to split your capacity. Renewable diesel margins were negative. Everybody was losing money, but we are in a very different environment.

我們完全同意。快速轉向——有時候大家會忘記，你們其實在美國擁有相當可觀的可再生柴油產能，你們從未真正成立合資企業（JV）去分拆你們的產能。可再生柴油的利潤率曾經是負的。大家都在虧錢，但我們現在所處的環境已經非常不同。

Given the size of your footprint, would it be fair to say year-over-year, you could see a material free cash flow inflection in your renewable diesel business, given where we are right now.

考量你們的布局規模，是否可以說，與去年同期相比，鑑於我們目前的狀況，你們的可再生柴油業務自由現金流可能會出現顯著的拐點？

Well, absolutely. Even if you just think about the Ringman of the current blended RIN is more than twice what it was in 2025. So just a credit value alone. And we are running very, very well right now, in fact, above nameplate capacity. So you should see a substantial difference than prior year.

嗯，絕對是。即便你只看目前混合 RIN 的「Ringman」（指標/水準），也已經是 2025 年的兩倍以上。所以單就抵免價值而言就是如此。而且我們現在運轉得非常、非常好，事實上已經高於名目產能。因此你應該會看到相較前一年有相當大的差異。

Thank you so much.

非常感謝。

Doug Leggate, Wolfe Research.

Doug Leggate，Wolfe Research。

Hey, good morning, everybody. Thank you for taking my questions. Brian, I wonder if I could direct this to you. So we've got extraordinary margins, you pointed out multiple times, that it's steeply backward dated and I get the bullish near-term outlook question and duration and what breaks it. And we're seeing a lot of airlines cutting capacity or balancing demand through demand disruption, you could argue versus physical supply constraints.

各位早安。謝謝讓我提問。Brian，我想把這題請教你。我們現在看到非常驚人的利潤率，你也多次指出，曲線呈現明顯的深度逆價差（backwardation），我理解短期看多的展望、以及持續時間與什麼因素會打破它的問題。同時我們也看到很多航空公司在削減運能，或透過需求擾動來平衡需求；你可以說這更像是需求端的擾動，而不是實體供給受限。

What's your response to that in terms of margins are great, but what's your view on duration? And then I've got a follow-up for Kevin, please.

你對此的回應是什麼？也就是利潤率很棒，但你對持續時間的看法如何？另外我還有一個追問想請教 Kevin。

Thanks, Doug. Our view is throughout this is going to last throughout the rest of this year and into early next year. If you think about what's going on, it's less about demand destruction and more about demand constriction, trying to manage the need for products. And we kind of think of it as a race to the top.

謝謝，Doug。我們的看法是，這種狀況會持續到今年剩餘時間，並延續到明年年初。若你想想正在發生的事情，與其說是需求破壞（demand destruction），不如說是需求收縮/限縮（demand constriction），也就是在試圖管理對產品的需求。我們有點把它看成是一場「向上競賽」。

We're watching very tight food markets and crude prices keep moving up $106 today on TI, 118 on Brent. And as crude prices move up, products are going to have to move up even further to open up the refinery margin to keep refiners producing the products that the world needs.

我們觀察到成品市場非常緊俏，而原油價格持續上行——今天 WTI 106 美元、布蘭特 118 美元。隨著原油價格上升，成品價格必須上升得更快，才能把煉油利差打開，讓煉油商持續生產世界所需要的產品。

Clearly, the world is tight and as you mentioned, it's jet fuel is the tightest. So it's the refinery margins are going to have to keep opening. And we saw that even for instance, in our European refinery recently, where we saw the gasoline crack were somewhat weak compared to the distillate crack, which seemed to be slowing down European refineries.

顯然全球供應很緊，而如你所提到的，航煤（jet fuel）是最緊的。因此煉油利差必須持續擴大。甚至例如在我們最近的歐洲煉廠，我們看到汽油裂解價差（gasoline crack）相較於中間餾分裂解價差（distillate crack）偏弱，這似乎正在拖慢歐洲煉廠的運轉。

And then all of a sudden, the gasoline, in fact, made a large move to the upside, opening up margins so that European refiners could produce the products that they need. So I think we'll continue to see that through this year and through the early part of next year, even if the straits are opened in the next month or two months.

然後突然之間，汽油其實大幅上行，打開了利差，讓歐洲煉油商能夠生產他們所需要的產品。所以我認為我們會在今年以及明年年初持續看到這種情況，即便海峽在接下來一兩個月內重新開放也是如此。

Two Brian, would you treat this as -- would you this or treat it as a windfall?

Brian，第二個問題，你會把這視為——你會把這個（狀況）年金化（annuitize）嗎？還是把它當作一筆意外之財（windfall）？

What was the question? .

你剛剛的問題是什麼？

Would you annuitize this? Or would you treat that as a windfall?

你會把它年金化嗎？還是把它當作一筆意外之財？

In other words, are the margin is going to persist. Yes, I think we see them persisting for longer than the straights being closed. Annuitize it. I don't know that we're at the point where we would annuitize anything, but we see it more than just a few months phenomenon

換句話說，利潤率會持續嗎？是的，我認為我們看到它們的持續時間會比海峽關閉的時間更長。至於年金化，我不確定我們是否已經到了會把任何東西年金化的程度，但我們認為這不只是幾個月的現象。

So this is my follow-up question, which is for Kevin. Kevin, your share price is 5% off is high. And I think Mark just said we wouldn't annuitize this. This is the opportunity to permanently shift this windfall to your equity value comes from debt reduction versus buying back your shares? Why is that not the right answer if this is indeed a windfall.

那這就是我對 Kevin 的追問。Kevin，你們股價距離高點只差 5%。而我想 Mark 剛剛說我們不會把這年金化。若這確實是一筆意外之財，把這筆意外之財永久轉化為股東權益價值的機會，應該來自於減債而不是回購股票？如果這真的是意外之財，為什麼那不是正確答案？

Yeah, Doug. So you are correct that debt reduction is -- creates equity value as well. And debt reduction is a priority the $17 billion target that we laid out there is a target. If we have significant excess cash generation, we will reduce debt below that level. I'm not going to go so far as to say we will stop buying back shares so it can all go to debt reduction.

是的，Doug。你說得對，減債也——同樣能創造股東權益價值。而減債是優先事項；我們提出的 170 億美元目標就是一個目標。如果我們有顯著的超額現金產生，我們會把負債降到低於那個水準。我不會進一步說我們會停止回購股票，讓所有資金都用於減債。

I think having -- maintaining a degree of balance through the cycle on capital allocation. We've been pretty clear on the 50% return of which at current levels, about half of that is the dividend and the other half is buybacks.

我認為在資本配置上——在景氣循環中維持一定程度的平衡。我們一直很清楚：回饋股東 50%，以目前水準來看，其中大約一半是股利，另一半是回購。

But as the absolute level of cash generation increases by definition, if you take 50% back to shareholders, that's an increasing amount also going to the balance sheet and so we view it as a balance across the Board.

但隨著現金產生的絕對水準提高，按定義，如果你把 50% 回饋給股東，那麼同時也會有越來越多的金額進入資產負債表，因此我們把它視為全方位的平衡。

As of right now, while we may only be a few percent off of our high, we still think there is good value in our share price. And so we feel comfortable with that plan and capital allocation.

就目前而言，雖然我們可能只比高點低了幾個百分點，但我們仍然認為目前股價具有不錯的價值。因此我們對這個計畫與資本配置感到安心。

Thanks so much for taking my questions, guys.

非常感謝各位回答我的問題。

Joe Laetsch, Morgan Stanley.

Joe Laetsch，Morgan Stanley。

Hey, good morning, Mark and team, and thanks for taking my questions. So I wanted to start on the macro, just given where product prices are today. Can you talk about the demand trends that you're seeing within your system in the US? Are you seeing any signs of demand destruction on gasoline and diesel, but the inventory levels in the US have drawn to at or below the five-year range on products, things are starting to look pretty tight.

各位早安，Mark 和團隊，謝謝讓我提問。我想先從總體面開始，考量目前成品價格的位置。你能談談你們在美國系統內看到的需求趨勢嗎？你們是否看到汽油與柴油有任何需求破壞的跡象？但美國的成品庫存已經下降到五年區間的下緣或更低，看起來開始相當吃緊。

Hey, Joe, this is Brian. We haven't seen much demand destruction, probably 1% or down for products, both gasoline and diesel. And then in terms of our system, we've actually done really well.

嗨，Joe，我是 Brian。我們沒有看到太多需求破壞，成品（汽油與柴油）大概只有 1% 左右的下滑。至於我們的系統，我們其實表現得非常好。

We added over 500 franchise stores last year in marketing. So we're actually seeing a lot of value from the good work the sales team has done in marketing. But we haven't seen demand disruption in the US

我們去年在行銷端新增了超過 500 家加盟門市。因此我們確實看到銷售團隊在行銷方面的努力帶來很大價值。但我們在美國沒有看到需求擾動。

That's helpful. And then I wanted to just ask on the refining side. So utilization rates of 95% in the quarter were solid, even with some maintenance and some third-party pipeline impacts as well.

這很有幫助。接著我想問煉油端。這一季的產能利用率 95% 很不錯，即便有一些維修以及第三方管線的影響。

Can you just talk to some of the drivers of the performance during the quarter and then as part of that operating costs, they continue to trend in the right direction and I recognize there is variability quarter-to-quarter with throughput and natural gas costs. But could you just touch on what inning you think you're in, in terms of cost reduction efforts and the path to the $550 per barrel?

你能談談本季表現的幾個驅動因素嗎？另外作為其中一部分，營運成本也持續朝正確方向趨勢發展；我理解處理量與天然氣成本會造成季度間的波動。但你能否談談你認為在降本努力上目前進行到第幾局（inning），以及邁向每桶 5.50 美元的路徑？

Yeah, Joe, this is Rich. Thanks for the question. Yes, first quarter, I'll start with the cost per barrel and then maybe look back at some of the regional performance opportunities that we see last quarter. The cost per barrel 1Q was $6.21. That's actually $0.80 per barrel improvement yearover-year.

好的，Joe，我是 Rich。謝謝你的問題。是的，第一季我先從每桶成本談起，然後再回頭看看上季我們看到的一些區域表現機會。第一季每桶成本是 6.21 美元。這其實比去年同期改善了每桶 0.80 美元。

So good movement there. I'm very happy with what the team has accomplished on that front. Quarter-over-quarter, as you indicated, it was slightly higher. And that's primarily due to fewer barrels processed in the quarter and that was a combination of planned maintenance activity as well as there's just fewer days in the quarter and the first quarter of the year, and that does have a material effect.

所以這方面有不錯的進展。我對團隊在這方面的成果非常滿意。就季對季而言，如你所指出的，略高一些，主要是因為本季處理的桶數較少；這是計畫性維修活動以及第一季天數較少的綜合結果，而這確實會產生實質影響。

Total process inputs were down about 2% quarter-over-quarter. Seasonally, higher natural gas price was also a big player in this prices gone all the way.

總處理投入量季對季下降約 2%。季節性較高的天然氣價格也是一個重要因素，價格一路上升。

I think, averaged about $4.87 per MMBtu at the Henry Hub. We normalize that back to the $3 annual natural gas price, which is the basis we've used for the $5.50 target, the number moves into the low 5.80s on a dollar per barrel OpEx basis.

我想在 Henry Hub 的平均價格約為每 MMBtu 4.87 美元。若我們把它正規化回每年 3 美元的天然氣價格（這是我們用來設定每桶 5.50 美元目標的基礎），那麼以每桶營運費用（OpEx）計，數字會落在 5.80 美元出頭。

So that says we're well within striking range here of this $5.50 per barrel target in 2027. The organization is really working hard. They've actually got over 200 initiatives that we're actively pursuing right now which are forecasted to drive $0.15 to $0.20 per barrel out of the base operating costs.

這表示我們距離 2027 年每桶 5.50 美元的目標已經在可攻擊範圍內。組織正在非常努力地推進；目前我們積極推動超過 200 項措施，預計可在基礎營運成本中再降低每桶 0.15 到 0.20 美元。

And these are structural changes in our cost profile and continuing a trend that we've started here well over four years ago now. And maybe an example of one or two of these One of them is really changing our approach to how we clean FCC boilers. It doesn't sound like something very exotic but that actually will, once accomplished, will drive down our annual cost by well over $3 million.

而這些是我們成本結構的結構性改變，並延續我們在四年多前就開始的趨勢。也許舉一兩個例子：其中之一是徹底改變我們清洗 FCC 鍋爐的方式。聽起來不是什麼很新奇的事，但一旦完成，每年就能把成本降低超過 300 萬美元。

And another example is really acid consumption in our sulfuric acid alkylation units and we're working on tightening up the process controls and the temperature controls on those -- that strategy is projected to save another $2 million per year.

另一個例子是我們在硫酸烷基化裝置中的硫酸消耗量，我們正致力於強化該流程控制與溫度控制——這項策略預計每年可再節省200萬美元。

So it's racking these wins up one by one by one across the system, and the team has been doing a fantastic of doing that.

所以就是在整個系統中一項一項地累積這些成果，而團隊在這方面做得非常出色。

So the balance of the closure, I see us continuing to increase our availability and utilization of the assets, the continued maturity of our reliability programs as well as something I've mentioned before, which is increasing our total process inputs by filling up the downstream units, behind the crude units, using all that discipline that we put in for the crude unit side to apply it to the downstream units.

至於其餘的收尾工作，我認為我們會持續提升資產的可用率與利用率、持續推進我們可靠度計畫的成熟度；另外還有我之前提過的，也就是透過把原油裝置後端的下游單元填滿，來提高我們的總製程進料，並把我們在原油裝置端所建立的那套紀律，同樣套用到下游單元。

So this remains an ongoing execution story, and I'm very happy with the way the organization is progressing it, and we do see additional upside on that.

因此這仍是一個持續執行的故事，我對組織推進的方式非常滿意，而且我們確實看到還有額外的上行空間。

On the market capture, regional performance side of the business, Brian covered a lot of that generally at the macro level. But what we saw on the refining side was cargo prices coming in a little bit lower for us in refining.

在市場捕捉、區域表現這一塊業務上，Brian 在宏觀層面已大致涵蓋了很多。不過我們在煉油端看到的是，貨船到岸價格對我們煉油業務而言略低一些。

And some of that's just the anomaly of pricing, you got prior month pricing that's coming in on crude deliveries and really good work by the European office to capture strong results. And especially on the jet side of the business, the Kerosene fuel is those prices disconnected from traditional tied to distillate.

其中一部分只是定價上的異常：你會看到以前一個月的價格套用在原油交付上；同時歐洲辦公室也做了非常好的工作，成功掌握了強勁成果。尤其是在航煤這一端，煤油燃料的價格與傳統上與餾分油掛鉤的定價出現了脫鉤。

On the Gulf Coast, we saw the same -- a similar story, jet production there quarter-on-quarter was very high. That's for us, and it was also very timely with the Jet pricing blowing out coming out of the Gulf Coast area as well. And then in the central corridor, this is where we had a lot of our turnaround activity focused for the quarter.

在墨西哥灣沿岸，我們看到相同——類似的情況，那裡的航煤產量季比季非常高。對我們而言是如此，而且也非常及時，因為航煤價格也在墨西哥灣沿岸地區大幅走強。然後在中部走廊，這是我們本季許多停工檢修活動集中的地方。

So we did see the market capture actually go down a bit there, and that was related to maintenance activity at Wood River and Borger facilities and some mark-to-market impacts that Kevin had pointed out earlier in the call here. And last but not least, the West Coast was in a pretty good spot.

因此我們確實看到那裡的市場捕捉率略有下降，這與 Wood River 與 Borger 設施的維修活動，以及 Kevin 在本次電話會議較早時提到的一些按市價計量（mark-to-market）影響有關。最後但同樣重要的是，西岸的狀況相當不錯。

As you mentioned, there was some impact with third-party pipeline operations there that slowed down our Pacific Northwest operations. But short of that, the team did a fantastic job of capturing the marketplace.

如你所提到的，那裡第三方管線營運對我們太平洋西北業務造成了一些影響，讓作業放緩。但除此之外，團隊在掌握市場方面做得非常出色。

Great. Thank you. Appreciate it.

很好。謝謝。非常感謝。

Phillip Jungwirth, BMO Capital Markets.

BMO 資本市場的 Phillip Jungwirth。

Thanks. Good morning. How does -- on midstream, just how does the higher crude prices change, how you're thinking about investment opportunities? If it becomes clear, there's going to be a greater call on shale.

謝謝。早安。關於中游業務，較高的原油價格會如何改變你們對投資機會的思考？如果情況變得明顯，頁岩油的需求會更大。

We see the public raise CapEx. Just would you be willing to look more at organic growth here -- if so, which parts of the value chain would that consistent GMP pipeline frac or exports? And then just last, just how much sensitivity is there around the $4.5 billion midstream EBITDA target by year-end '27 if we do see higher US volumes?

我們看到上市公司提高資本支出。你們是否願意在這裡更多地看有機成長——如果是的話，價值鏈的哪些部分會是重點？例如集輸與處理（GMP）、壓裂砂（frac）或出口？最後，如果我們確實看到美國產量更高，對於到2027年底中游 EBITDA 45億美元目標的敏感度有多大？

Phil, it's Don. When I think about the crude prices and the activity. What I would say, first and foremost, that the capital discipline, returns, those are very important to us.

Phil，我是 Don。當我思考原油價格與活動時，我想先說，最重要的是資本紀律與報酬，這些對我們非常重要。

I mean certainly, as opportunities evolve, whether that's volume growth in the field where we can add gathering and processing capacity to serve our customers and fill our value chain up we'll certainly pursue those opportunities.

當然，隨著機會演變，無論是油田端的產量成長、我們可以增加集輸與處理產能來服務客戶並把我們的價值鏈填滿，我們都會追求這些機會。

We've got growth plans in place. You'll see us continue to add capacity as the customer needs evolve. I think that's a sooner the fairway of our midstream growth plans.

我們已有成長計畫。隨著客戶需求演變，你會看到我們持續擴增產能。我認為這正是我們中游成長計畫的主要跑道。

You'll see that we try to maintain a balanced value chain. What I mean by that is adding -- gathering and processing capacity, making sure we've got the downstream infrastructure, but also being mindful of what capacities are needed in the market.

你會看到我們努力維持一個平衡的價值鏈。我的意思是：增加——集輸與處理產能，確保我們具備下游基礎設施，同時也要留意市場需要哪些產能。

Again, going back to staying focused on capital discipline, staying focused on the returns that we can generate with those organic growth opportunities. In terms of and our $4.5 billion target. We feel very good about that target, the path that we are on.

再次回到重點：保持資本紀律，聚焦於我們能從這些有機成長機會中創造的報酬。至於我們45億美元的目標，我們對該目標以及目前所走的路徑感到非常有信心。

Certainly, the fundamentals are bright. Coupled with our execution and commercial successes, we feel very comfortable with where we are on that trajectory as well as the ability staying that growth beyond 2027.

當然，基本面相當亮眼。再加上我們在執行與商務上的成功，我們對這條軌跡上的位置非常放心，也對在2027年之後維持該成長的能力很有信心。

Great. And then coming back to Chemicals. Once the Strait opens up, how do you see the progression for getting back to normal operations for CPChem where you are guiding the lower 2Q utilization, but obviously benefiting on the margin front in the Gulf Coast. And if you could also just comment on the broader industry that would also be helpful just in terms of what does that scenario look like, steps to take and time duration to get back to normal.

很好。接著回到化學品業務。一旦海峽重新開放，你們如何看待 CPChem 恢復正常營運的進程？你們指引第二季利用率較低，但顯然在墨西哥灣沿岸的利差面受益。如果你也能評論更廣泛的產業情況會很有幫助——就這種情境而言，需要採取哪些步驟、以及回到正常所需的時間長度大概如何？

I think as far as CPChem is concerned, the assets in the Middle East that are offline are in good shape. The bigger question is then the greater infrastructure in the Middle East and what challenges there may be.

就 CPChem 而言，中東停產的資產狀況良好。更大的問題在於中東更廣泛的基礎設施，以及可能面臨哪些挑戰。

I think that there's probably a greater sense of urgency to get crude oil and refined products moving and then petrochemicals may be a next layer. So I think that revival from the Gulf will be a little lag behind the energy recovery and then you're going to see the system need to repopulate the inventory chain, the logistics chain, and that will take some time.

我認為大家可能更急著先讓原油與成品油恢復流動，接著石化可能是下一層。因此我認為從海灣地區的復甦會比能源復甦稍微落後一些；然後你會看到整個系統需要重新補足庫存鏈、物流鏈，而這會需要一些時間。

So I think you'll see this have some legs on it. Now we've got two big projects underway, too. And those projects, the Golden Triangle project in the US and the RPP project in Qatar, are both proceeding as expected. And there's been no disruption in the progress of the LPP project.

所以我認為這件事會持續一段時間。另外我們也有兩個大型專案在進行中。這些專案——美國的 Golden Triangle 專案以及卡達的 RPP 專案——都按預期推進。而 LPP 專案的進度也沒有受到干擾。

In spite of what's going on, everybody's been safe. everybody is doing what they need to do to get that project going. And both those projects will come online fully in 2027, you'll see Golden Triangle polymers starting to commission things later this year and they're making great progress.

儘管發生這些事情，大家都很安全。每個人都在做他們需要做的事來推動專案。這兩個專案都將在2027年全面投產；你會看到 Golden Triangle 的聚合物裝置在今年稍晚開始進入試車投運（commissioning），而且進展非常好。

And so I think they will contribute capacity at a time when it will be really sorely needed, I think. And so there'll be good progress from multiple dimensions for CPChem as this crisis resolves itself.

因此我認為它們會在一個我認為將非常迫切需要產能的時點貢獻產能。所以隨著這場危機逐步解決，CPChem 將在多個面向取得良好進展。

Thank you.

謝謝。

Lloyd Byrne, Jefferies.

Jefferies 的 Lloyd Byrne。

Hey, good afternoon, Mark, Kevin, team, thank you for having me on. Can I start by following up on Neil's question on capture. And I know you commented on how well positioned your transportation is, but how does that impact second quarter capture or maybe even third quarter if rates continue to go on like this.

嗨，午安，Mark、Kevin、各位團隊，謝謝讓我加入。我可以先追問一下 Neil 關於捕捉率的問題嗎？我知道你提到你們的運輸配置有多好，但如果運價持續像現在這樣，這會如何影響第二季的捕捉率，甚至第三季？

You should see a benefit -- given that we locked in our shipping rates over the last couple of years and shipping rates are so elevated, you should continue to see a benefit from shipping rates, particularly in our Atlantic Basin region.

你應該會看到一個好處——鑑於我們在過去幾年鎖定了運費，而目前運價又如此高企，你應該會持續看到運價帶來的好處，特別是在我們的大西洋盆地區域。

Okay. And let me ask a follow-up of -- I don't know whether Don is on, but maybe Mark can answer it. You can comment on Western Gateway and obviously, a very good open season. Just what are the hurdles left and kind of the timing for FID.

好的。那我再追問一個——我不確定 Don 是否在線上，但也許 Mark 可以回答。你能談談 Western Gateway 嗎？顯然這次 open season 非常成功。接下來還剩哪些障礙？以及 FID 的時間點大概是什麼時候？

Hey, Lloyd, this is Don. I appreciate the question on Western Gateway. We are quite excited about where we are on the Western Gateway project, the progress we've made to date and where we find ourselves at the end of the second open season.

嗨，Lloyd，我是 Don。謝謝你對 Western Gateway 的提問。我們對 Western Gateway 專案目前的進展、迄今為止所取得的成果，以及在第二次 open season 結束時所處的位置感到相當振奮。

How I see the path forward here is to complete the JV arrangements with Kinder Morgan as well as execute the transportation agreements with the third-party shippers, we've got a team that's working hard to get that done.

我對接下來路徑的看法是：完成與 Kinder Morgan 的合資（JV）安排，並與第三方託運人簽署運輸協議；我們有一個團隊正努力把這些工作完成。

I would say with the successful conclusion of that work over the next couple of months, I'd expect we would be in a position to FID this project mid- to late summer, again for 2029 in service date and one of the things I plugback on just the progress we've made and what we've learned through the open season, is really twofold.

我會說，如果未來幾個月能順利完成這些工作，我預期我們將能在仲夏到夏末之間對該專案做出最終投資決策（FID）；同樣地，目標是2029年投運。還有一點我想補充，關於我們在 open season 期間取得的進展與學到的事情，主要有兩個面向。

One, I think there is a strong market interest in having a new build pipeline built to Phoenix and be able to deliver reliable, secure transportation fuels to the west and then two, there's strong support from the state and federal groups, agencies and officials in having this pipeline in service as soon as possible.

第一，我認為市場對於新建一條通往鳳凰城的管線、並能向西部提供可靠且安全的運輸燃料，有很強的興趣；第二，州與聯邦層級的團體、機構與官員也強力支持讓這條管線盡快投運。

So that gives me a lot of confidence that Western Gateway is the right project at the right time and we'll deliver the right returns.

因此，這讓我非常有信心：Western Gateway 是在對的時間做對的專案，而且我們將交付合適的報酬。

That's great. Thank you, guys.

太好了。謝謝各位。

Jason Gabelman, TD Cowen.

Jason Gabelman，TD Cowen。

Hey, thanks for taking my questions. I know you reiterated the $4.5 billion of EBITDA on midstream 1Q obviously moved sequentially lower particularly in the NGL business quarter-over-quarter.

嗨，謝謝讓我提問。我知道你們重申了中游業務第一季的 EBITDA 為 45 億美元，而第一季顯然較前一季下滑，尤其是 NGL 業務的季對季表現。

Can you just help us, I guess, bridge quarter-over-quarter decline and remind us how you get to that $4.5 billion and perhaps given Western Gateway and potential for continued activity? Do you see what type of upside do you see from that $4.5 million?

你能否協助我們釐清季對季下滑的銜接，並提醒我們你們如何達到 45 億美元？另外，考量 Western Gateway 以及活動可能持續，你們認為相對於 450 萬美元（$4.5 million）會有什麼樣的上行空間？

Sure, Jason. Appreciate the question. And just in summary at the very onset, absent the impact of volume from winter storm earn, we're right where I expected us to be from a quarter one performance. We continue to have great commercial success, not only in the growth, but also in the recontracting, which -- that has some impact in Q1 and maybe unpack that a little bit.

當然可以，Jason。感謝你的問題。先在一開始做個總結：若不考慮冬季風暴 Earn 對量的影響，我們第一季的表現基本上正如我預期。我們持續在商業面取得很大成功，不僅在成長上，也在續約（recontracting）上——這在第一季有一些影響，我可以再稍微拆解說明。

When we think about our renewals, we're quite proactive in how we do that. We tend to renew those a year prior to their expiration dates. The ones that came up for this quarter, we had renewed those and what was exciting about that is we had renewed those for 10-year plus terms.

談到續約，我們在做法上相當積極，通常會在到期日前一年就完成續約。本季到期的合約我們已經續好了，而令人振奮的是，我們把這些合約續成了 10 年以上的期限。

For me, that really validates the success of our customer service the success of our relationships with our customers, that execution gives me a lot of confidence in our ability to continue to grow into our $4.5 billion target by 2027.

對我而言，這確實驗證了我們客戶服務的成功、與客戶關係的成功；這樣的執行力讓我對我們在 2027 年前持續成長、達成 45 億美元目標的能力更有信心。

If the fundamentals are bright, the execution by the team is strong. And as we look through with Western Gateway, whether it's some of the follow-on expansion when we talk about additional gas plants, that gives me confidence that we can sustain this growth rate beyond just 2027.

基本面前景亮麗，團隊的執行也很強。再往前看 Western Gateway，不論是我們談到的後續擴建，或是新增天然氣處理廠等，都讓我有信心我們能把這個成長率延續到不只 2027 年。

Got it. And I neglected to ask about the LPG export ARB opportunity in the current environment. So if you could just talk about how you're thinking about that?

了解。另外我剛剛忘了問，在目前環境下 LPG 出口的 ARB（套利）機會。你能談談你們怎麼看這件事嗎？

Sure. In the near term, most of our windows are spoken for, either with our term customers or by ourselves, from our time charters, where we've had success is really in our delivered time charter market, where the team in Singapore has been able to optimize deliveries, be able to take advantage of the volatility much like what you just heard Brian talk about.

當然。短期內，我們大多數的時段窗口都已被預訂，不是由我們的長約客戶使用，就是由我們自己使用（透過我們的期租船 time charters）。我們真正取得成果的是「交付式期租」（delivered time charter）市場，新加坡團隊能夠優化交付，並利用波動性，就像你剛剛聽到 Brian 談到的那樣。

I think, overall, what this shows is the importance and the strength of the Gulf Coast LPG export capability. So I think this will continue to be a good tailwind for Gulf Coast exports, and we expect Freeport to be a beneficiary of that outlook.

我認為整體而言，這顯示了墨西哥灣沿岸 LPG 出口能力的重要性與強勁實力。因此我認為這將持續成為墨西哥灣沿岸出口的有利順風，我們預期 Freeport 會是這個展望的受益者。

Great. And my follow-up is just on some of the assets you have on the West Coast. One, given Western Gateway, does that make Ferndale any more or less quarter of the business than it previously was? And maybe can you also talk about the opportunity to sell down part of the interest in the renewable diesel plant as your peers have done and as that market has strengthened here.

很好。我的追問是關於你們在西岸的一些資產。第一，考量 Western Gateway，Ferndale 對業務的重要性相較以往會更高或更低嗎？另外，你能否談談出售可再生柴油廠部分持股的機會——你們的同業已經這麼做了，而且這個市場近期也轉強。

Yes. Absolutely. From a Ferndale perspective, Ferndale is integrating well into the California market, and we see the two things complementary there. They're more targeted at Northern California, Western Gateway is a Southern California opportunity.

可以，當然。就 Ferndale 而言，Ferndale 與加州市場的整合進展良好，我們也認為兩者在那裡是互補的。Ferndale 更聚焦北加州，而 Western Gateway 則是南加州的機會。

And so we still see strong tailwinds for Ferndale as they enhance their capability with CARB and sustainable aviation fuel and blending and so they're in a strong position and Western Gateway will come in and provide some stability in Southern California. The other question about renewable yes, I think that we'll see what the market does.

因此我們仍然看好 Ferndale 的強勁順風，因為他們正在強化在 CARB、永續航空燃料（SAF）以及調和（blending）方面的能力，所以他們處於有利位置；而 Western Gateway 會進來，為南加州提供一些穩定性。至於你問到可再生能源資產，是的，我想我們會觀察市場的走向。

The asset is running strong. we would always entertain any interest, but it's a great asset, worldclass asset runs like a Swiss watch, and we're seeing great value from that asset today.

該資產運轉表現很強。我們一向會考慮任何有興趣的提案，但這是一項很棒的資產、世界級資產，運作得像瑞士鐘錶一樣精準，而我們目前也從該資產看到很高的價值。

Great. Thanks for the answers.

很好。謝謝你的回答。

Theresa Chen, Barclays.

Theresa Chen，Barclays。

On the midstream front, with the crude price outlook likely risk to the upside over the medium term and potential re-acceleration of activity in second-tier basins, can you talk about utilization and the ability to expand your path for NGL assets that are now or soon will be connected to Kinder's double age conversion now an NGL surface is there renewed growth, if there is renewed growth in associated gas, either in the Bakken or in the Rockies itself, how much incremental pipe capacity could you have on your Rockies to Sweeny NGL system? Or would that require a significantly more investment?

在中游方面，考量原油價格展望在中期可能有上行風險，以及第二梯隊盆地的活動可能再度加速，你能談談產能利用率以及擴張的能力嗎？對於那些目前或即將連接到 Kinder 的 double age conversion（雙……轉換）且現在成為 NGL 地面設施（surface）的 NGL 資產，你們的擴張路徑如何？如果伴生氣（associated gas）在 Bakken 或 Rockies 本身出現重新成長，你們在 Rockies 到 Sweeny 的 NGL 系統上，能增加多少額外管線運能？還是需要相當顯著的投資？

Hi Teresa, I appreciate the question. In the Rockies, right now, actually, our DJ production, we're seeing some record volumes. So it's very exciting to see the volume in that area. And certainly, as you alluded, there's opportunities, whether that's in the Powder River Basin or the Bakken for additional development.

嗨 Teresa，感謝你的問題。在 Rockies 方面，目前其實我們在 DJ 的產量正看到一些創紀錄的量，所以看到那個區域的量非常令人振奮。當然，如你所提，無論是在 Powder River Basin 或 Bakken，都存在額外開發的機會。

We certainly have a well-positioned NGL network out of Colorado that flows through our system in multiple different routes and feeds into our Sweeny complex. We've recently restarted our Powder River NGL pipeline to be able to take some early Bakken barrels.

我們在科羅拉多州外運的 NGL 網路佈局非常到位，能透過我們系統的多條不同路徑輸送，並匯入我們的 Sweeny 綜合設施。我們最近也重新啟動了 Powder River 的 NGL 管線，以便承接一些早期的 Bakken 產量。

If there's growth in that area, we would certainly look at opportunities to be able to expand capacity to be able to fill the downstream pipes that we have out of the Rockies. So that is certainly an area that we're keeping an eye on.

如果那個區域出現成長，我們當然會評估擴充運能的機會，以便把我們從 Rockies 下游的管線填滿。因此這確實是我們正在密切關注的領域。

Thank you. And in regards to Western Gateway, now that the commercialization process is done what range of total CapEx and expected to build multiple on a 100% basis, can you share at this point regardless of how the economics would be split between the partners?

謝謝。關於 Western Gateway，既然商業化流程已完成，就 100% 基礎而言，你能否在此時分享總資本支出（CapEx）的區間，以及預期的建置倍數（build multiple）？不論經濟利益將如何在合作夥伴之間分攤。

We still need to kind of work through some of the final details with our partner in terms of scope and connections with our perspective of shippers. So we're probably premature to have that information out there, but it will be out there shortly.

我們仍需要與合作夥伴就範疇（scope）以及與我們托運人（shippers）觀點下的連接方案，釐清一些最後細節。所以現在就對外提供那些資訊可能還太早，但很快就會公布。

Thank you.

謝謝。

Matthew Blair, TPH.

Matthew Blair，TPH。

Great, thank you. Just one question for me. Could you talk about the Canadian crude market? It looks like WCS Hardisty is one of the most attractive crudes out there. Are the wider dips relative to TI due to any pipeline constraints coming out of Canada? And then the market structure impacts that you talked about earlier for US inland barrels, would those apply to Canadian barrels as well? Or are they not affected by that?

很好，謝謝。我只有一個問題。你能談談加拿大原油市場嗎？看起來 WCS Hardisty 是目前最具吸引力的原油之一。相對於 TI（應為 WTI）折價擴大，是因為加拿大外運有任何管線瓶頸嗎？另外，你先前提到的美國內陸原油市場結構影響，是否也適用於加拿大原油？還是加拿大原油不受那個影響？

I say the -- clearly, the WTI WCS differentials have moved wider for very tight levels earlier on this year. They're now next month at almost $18 off. And a couple of reasons. The first reason is that light sweet crudes from the US are being pulled to Asia and so that's tightening up light sweet crudes and medium sours.

我會說——很明顯，WTI 與 WCS 的價差已從今年稍早非常緊的水準擴大。現在下個月大約擴到接近貼水 18 美元。有幾個原因。第一個原因是美國的輕甜原油正被拉往亞洲，因此使輕甜原油與中質含硫油（medium sours）供應趨緊。

And the second reason is that the Venezuelan barrels on the market and also some planned and unplanned outages at refineries have put some pressure on the heavy grades. And so that's kind of widened the WTI, WCS and our kind of view is they're going to stay wide for some period of time.

第二個原因是市場上出現委內瑞拉的原油，以及煉油廠一些計畫性與非計畫性的停工，對重質油品造成壓力。因此 WTI、WCS 的價差就被拉大；我們的看法是，這個價差會在一段時間內維持偏寬。

We're in a very strong position with our Mid-Con portfolio and our pipeline position, which is a competitive advantage, given the Canadian crudes to our refineries. And we benefit from those widened differentials, as you mentioned. And currently, just as a reminder, our sensitivity is $140 million of additional earnings for every dollar wider at the dips to come.

我們在 Mid-Con 投資組合與管線佈局上處於非常有利的位置，這在把加拿大原油送到我們煉油廠方面是一項競爭優勢。如你所提，我們也受益於這些擴大的價差。並且提醒一下，目前我們的敏感度是：價差每擴大 1 美元，將額外增加 1.4 億美元的獲利。

And this concludes the question-and-answer session. I will now turn the call back over to Sean Maher for closing comments.

問答環節到此結束。接下來我將把電話交回給 Sean Maher 作結語。

Thank you for your interest in Phillips 66. If you have any questions or feedback after today's call, please retain to Kirk or myself. Thanks, and have a great day.

感謝各位對 Phillips 66 的關注。若在今天的電話會議後你有任何問題或回饋，請聯絡 Kirk 或我本人。謝謝，祝各位有美好的一天。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。