Sunoco LP (SUN) 2024 Q3 法說會逐字稿

Greetings and welcome to Sunoco's LP S third quarter, 2024 earnings call at this time. (Operator Instruction) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Scott Grisha, senior Vice President, Finance and treasurer. Thank you. You may begin.

歡迎參加 Sunoco LP S 2024 年第三季財報電話會議。（操作員說明） 溫馨提示，本次會議正在錄音中。現在我很高興向大家介紹主持人斯科特·格里沙 (Scott Grisha)，他是財務高級副總裁兼財務主管。謝謝。你可以開始了。

Thank you and good morning. Everyone on the call with me this morning are Joe Kim Sono LP S President and Chief Executive Officer. Carl fails, Chief Operations Officer Austin Harkness, Chief Commercial Officer, Brian hand, Chief Sales Officer and Dylan Bramhall, Chief Financial Officer.

謝謝你，早安。今天早上與我通話的所有人都是 Joe Kim Sono LP S 總裁兼執行長。Carl 失敗，營運長 Austin Harkness 擔任首席商務官，Brian Hand 擔任首席銷售官，Dylan Bramhall 擔任財務長。

Today's call will contain forward-looking statements that include expectations and assumptions regarding the partnership's future operations and financial performance.

今天的電話會議將包含前瞻性聲明，其中包括有關合作夥伴未來營運和財務表現的預期和假設。

Actual results could differ materially and the partnership undertakes no obligation to update these statements based on subsequent events.

實際結果可能存在重大差異，合作夥伴不承擔根據後續事件更新這些聲明的義務。

Please refer to our earnings release as well as our filings with the SEC for a list of these factors during today's call. We will also discuss certain non-GAAP financial measures including adjusted EBITDA and distributable cash flow as adjusted.

請參閱我們的收益發布以及我們向美國證券交易委員會提交的文件，以了解今天電話會議期間這些因素的清單。我們還將討論某些非公認會計準則財務指標，包括調整後的 EBITDA 和調整後的可分配現金流量。

Please refer to the SNOC OP website for reconciliation of each financial measure.

請參閱 SNOC OP 網站以了解每項財務指標的調節情況。

The third quarter brought a continuation of Sunoco's strong financial and operational performance throughout 2024 the partnership delivered record third quarter just deta of $470 million excluding approximately $14 million of one time transaction expenses.

第三季度，Sunoco 在 2024 年繼續保持強勁的財務和營運業績，該合作關係在第三季度創造了創紀錄的數據，僅為 4.7 億美元，不包括約 1,400 萬美元的一次性交易費用。

In the third quarter, we spent $67 million on growth capital and $26 million on maintenance capital.

第三季度，我們花了 6,700 萬美元用於成長資本，2,600 萬美元用於維護資本。

In addition on August 30th, we closed on the previously announced acquisition of a liquid fuels terminal in Portland Maine third quarter, distributable cash flow as adjusted was $349 million yielding a current quarter coverage ratio of 2.3 times and a trailing 12 month ratio of 1.9 times.

此外，8 月30 日，我們完成了先前宣布的緬因州波特蘭液體燃料碼頭的收購，第三季度，調整後的可分配現金流量為3.49 億美元，當前季度覆蓋率為2.3 倍，過去12 個月覆蓋率為1.9 倍。

On October 28th, we declared an $0.8756 per unit distribution consistent with last quarter, our liquidity position and balance sheet remains strong. At the end of the third quarter, we had approximately $1.4 billion of liquidity remaining on our revolving credit facility leverage at the end of the quarter was four times in line with our long term leverage target.

10 月 28 日，我們宣布每單位分配 0.8756 美元，與上季度一致，我們的流動性狀況和資產負債表仍然強勁。截至第三季末，我們的循環信貸融資槓桿上剩餘約 14 億美元的流動性，是我們長期槓桿目標的四倍。

I would like to conclude by stating that we are confident in our ability to meet our 2024 EBITDA guidance range. Our financial position remains strong enabling us to pursue growth opportunities while maintaining a healthy balance sheet and targeting a secure and growing distribution for our unit holders. With that, I will now turn it over to Carl to walk through some additional thoughts on our third quarter performance.

最後我想指出，我們對達到 2024 年 EBITDA 指導範圍的能力充滿信心。我們的財務狀況依然強勁，使我們能夠尋求成長機會，同時保持健康的資產負債表，並為我們的單位持有人提供安全且不斷增長的分配。現在，我將把它交給卡爾，讓他對我們第三季的業績進行一些額外的思考。

Thanks Scott. Good morning, everyone. Our results this quarter highlight the strength of our business and the benefits that come from the new additions to our portfolio.

謝謝斯科特。大家早安。我們本季的業績突顯了我們業務的實力以及我們產品組合新成員帶來的好處。

Let me now walk through our segment results and provide some additional perspective on each segment.

現在讓我回顧一下我們的細分結果，並對每個細分提供一些額外的觀點。

Starting with our fuel distribution segment. We had a very strong quarter adjusted I do for the segment was $253 million. Up 3% from the second quarter and up 8%. Over the third quarter of last year, we distributed $2.1 billion gallons down 2% versus the second quarter and up 1% versus the third quarter of last year reported margin for the quarter was $0.128 per gallon compared to $0.118 per gallon in the second quarter and $0.125 per gallon for the third quarter of 2023.

從我們的燃料分銷部門開始。我們的季度業績非常強勁，調整後該部門的營收為 2.53 億美元。較第二季成長3%，成長8%。去年第三季度，我們分配了21 億加侖，比第二季度下降2%，比去年第三季度增長1%。 ， 2023 年第三季每加侖 0.125 美元。

Looking back over our recent history, our record shows that we take advantage of market upsides and when there are market headwinds, we're very good at mitigating the downsides.

回顧我們最近的歷史，我們的記錄表明，我們利用了市場的優勢，而當市場出現逆風時，我們非常善於緩解市場的不利因素。

If you zoom out from quarterly results. The basis of our fuel profit optimization strategies is to evaluate our fuel distribution business on total fuel profit dollars rather than volumes and margins separately.

如果你縮小季度業績。我們的燃料利潤優化策略的基礎是根據總燃料利潤而不是分別評估我們的燃料分銷業務的數量和利潤。

We have a demonstrated record of increasing our volumes by growing our market share. Higher break, evens across the industry have led to higher average margins. These factors have led to consistent growth in fuel profit dollars year after year. And we expect that to continue going forward in our pipeline system segment adjusted Ebida for the third quarter was $147 million excluding $11 million of transaction expenses compared to $111 million for the second quarter.

我們擁有透過擴大市場份額來增加銷量的良好記錄。整個產業更高的損益平衡導致了更高的平均利潤率。這些因素導致燃料利潤逐年持續成長。我們預計第三季管線系統部門調整後的稅息折舊及攤銷前利潤 (Ebida) 為 1.47 億美元，不包括 1,100 萬美元的交易費用，而第二季為 1.11 億美元。

On the volume side, we reported nearly 1.2 million barrels per day of throughput.

在成交量方面，我們報告的吞吐量接近 120 萬桶/日。

These numbers are not directly comparable to the second quarter for two reasons. First, the newar acquisition only contributed two months of volume in the second quarter and second, beginning in the third quarter, volumes from our premium assets are not included since they are now part of our JV. With energy transfer.

由於兩個原因，這些數字無法與第二季直接比較。首先，紐瓦爾收購僅在第二季度貢獻了兩個月的銷量，其次，從第三季度開始，我們的優質資產的銷售不包括在內，因為它們現在是我們合資企業的一部分。具有能量轉移。

During the third quarter, our volumes and revenue were impacted by extended maintenance activity at two refineries connected to our pipelines in our Southwest and Midcon regions, excluding those impacts. Overall performance of the segment was solid and we expect a stronger fourth quarter with those turnarounds behind us as well as higher seasonal demand in our Midcon region.

第三季度，我們的產量和收入受到西南和中康地區與我們管道相連的兩家煉油廠延長維護活動的影響（不包括這些影響）。該部門的整體表現穩健，我們預計第四季將更加強勁，因為這些轉變已經過去，而且 Midcon 地區的季節性需求也更高。

Let me take a minute and share some additional thoughts on the premium JV. With energy transfer.

讓我花一點時間分享一些關於優質合資企業的額外想法。具有能量轉移。

The joint venture is making good progress in integrating the combined systems and has begun executing on synergies and growth opportunities that will drive additional value we remain very excited about the deal as it will drive additional growth and perform better in any market condition than what our permanent system would have been able to do on a stand alone basis.

該合資企業在整合合併系統方面取得了良好進展，並已開始執行協同效應和成長機會，這將帶來額外價值，我們對這筆交易仍然感到非常興奮，因為它將推動額外成長，並且在任何市場條件下都比我們的永久公司表現更好。

Moving on to our terminal segment adjusted EBITDA for the third quarter was $70 million excluding $3 million of transaction expenses. Compared to $43 million. In the second quarter, we reported nearly 700,000 barrels per day of throughput up from the second quarter, primarily due to a full quarter of contribution from legacy Newar assets.

我們的碼頭部門第三季調整後的 EBITDA 為 7,000 萬美元，不包括 300 萬美元的交易費用。相比之下，4,300 萬美元。第二季度，我們報告的吞吐量比第二季度增加了近 70 萬桶/日，這主要是由於傳統 Newar 資產的整個季度的貢獻。

Our combined portfolio performed well with throughput and storage revenues in line with expectations.

我們的組合產品組合表現良好，吞吐量和儲存收入符合預期。

I'm pleased to share that we are done with the Newar integration.

我很高興地告訴大家，我們已經完成了 Newar 整合。

All major integration efforts have been completed and we have already delivered the majority of the cost synergies into our run rate business.

所有主要整合工作均已完成，我們已將大部分成本綜效融入我們的營運率業務中。

We are well on our way in executing the commercial synergy plans have been identified.

我們正在順利執行已確定的商業協同計劃。

We remain confident that we will deliver on our commitments of $125 million of synergies in 2025 and $200 million in 2026.

我們仍然相信，我們將兌現 2025 年 1.25 億美元綜效和 2026 年 2 億美元綜效的承諾。

These are on top of the $60 million in annual financial synergies that we have already realized.

這些還不包括我們已經實現的 6000 萬美元的年度財務綜效。

Even with a larger portfolio of business, our focus remains the same strong operational execution, expense, discipline, commercial creativity and profit optimization and ensuring we deliver strong returns on capital that we deploy.

即使擁有更大的業務組合，我們的重點仍然是強大的營運執行力、費用、紀律、商業創造力和利潤優化，並確保我們提供強勁的資本回報。

I will now turn it over to Joe to share his final thoughts. Joe.

現在我將把它交給喬分享他最後的想法。喬.

Thanks Carl. Good morning, everyone. We delivered a very strong third quarter. Our business continues to deliver quality results quarter after quarter. Although 2024 is not quite over, we expect to have another record year and deliver on full year. EBITDAS guidance. Let me put some perspective on this achievement.

謝謝卡爾。大家早安。我們第三季的業績非常強勁。我們的業務持續逐季交付優質成果。儘管 2024 年尚未完全結束，但我們預計將再創紀錄的一年並實現全年交付。息稅折舊攤提前利潤 (EBITDAS) 指引。讓我對這項成就發表一些看法。

All three of our business segments are performing well. Our fuel distribution segment continues to grow and deliver outstanding results.

我們的三個業務部門都表現良好。我們的燃料分銷部門持續成長並取得了出色的業績。

We have grown volume and fuel profit dollars even with the divestment of our West Texas business earlier this year. And a US macro environment that has seen a decrease in year over year demand, our scale, our expense management and our ability to optimize fuel profit have positioned us to deliver strong results year after year.

即使今年早些時候剝離了我們的西德克薩斯業務，我們的銷量和燃油利潤仍然有所增長。美國的宏觀環境導致需求逐年下降，我們的規模、費用管理和優化燃料利潤的能力使我們能夠年復一年地取得強勁的業績。

As for the pipeline systems and terminal segments, our continued growth in critical midstream infrastructure has provided us with material diversification and further income stability.

至於管線系統和終端部分，我們在關鍵中游基礎設施的持續成長為我們提供了材料多元化和進一步的收入穩定性。

The strength of both segments is reflected in our 2024 results.

這兩個細分市場的實力都反映在我們 2024 年的業績上。

And finally, our acquisitions along with our growth capital are delivering value creating results.

最後，我們的收購以及我們的成長資本正在帶來創造價值的成果。

The newar acquisition was obviously the biggest. We set very high expectations both internally and externally. We're very confident that we will at a minimum meet these high expectations.

紐瓦爾的收購顯然是最大的一筆。我們在內部和外部都設定了非常高的期望。我們非常有信心至少能夠滿足這些高期望。

Last quarter, we detailed the synergy guidance, we're well positioned to deliver on these synergy targets this year next year and beyond our entry into Europe has gone very well. We like the stability of the income streams that each location provides. We're confident that these assets will remain highly valuable for decades to come. Bottom line 2024 will be another very strong year for sun.

上個季度，我們詳細介紹了協同效應指導，我們已做好充分準備，能夠在今年、明年以及之後實現這些協同目標，我們進入歐洲的進展非常順利。我們喜歡每個地點提供的穩定的收入流。我們相信，這些資產在未來幾十年內仍將保持極高的價值。總而言之，2024 年對於陽光來說將是另一個非常強勁的一年。

As for next year, we expect more of the same. This December we provide a new investor presentation which will include our formal 2025 guidance and business outlook. I'd like to preview a few key themes. The outlook for all three of our business segments remains very strong. We expect industry fundamentals to remain highly supportive and we expect to deliver on the new star acquisition synergies. When you put it all together, we expect to deliver another record year. We will continue to be a growth company.

至於明年，我們預計會有更多相同的情況。今年 12 月，我們將提供新的投資者演示文稿，其中將包括我們正式的 2025 年指導和業務展望。我想預覽幾個關鍵主題。我們所有三個業務部門的前景仍然非常強勁。我們預計產業基本面將保持高度支持，並預計將實現新明星收購的綜效。當你把所有這些放在一起時，我們預計將再創紀錄的一年。我們將繼續成為一家成長型公司。

We have a proven record of delivering on growth opportunities. We have had more than seven consecutive years of growth in DC F per LP unit and we expect this to continue. And finally, we're positioned to once again increase our distribution early next year and for years to come all this while maintaining strong coverage and leverage ratios. Operator that concludes our prepared remarks. You may open the line for questions.

我們在提供成長機會方面有著良好的記錄。我們的每 LP 單位 DC F 已連續七年多成長，我們預計這種情況將持續下去。最後，我們準備在明年初和未來幾年再次增加我們的分配，同時保持強勁的覆蓋率和槓桿率。結束我們準備好的評論的操作員。您可以開啟提問熱線。

(Operator Instructions)

（操作員說明）

Theresa Chen, Barclays.

特蕾莎·陳，巴克萊銀行。

Good morning. Great to see the strong results in general and the strong fuel margin. Especially I understand you had previously amended the long term range following the re segmentation. Just with this result though, and more empirical data from the combined assets and the strength demonstrated, can you provide some additional color on your views on field margins going forward?

早安.很高興看到整體的強勁業績和強勁的燃油利潤。特別是據我所知，您之前已經修改了重新細分後的長期範圍。僅僅有了這個結果，以及更多來自合併資產的經驗數據和所展示的實力，您能否就您對未來領域利潤率的看法提供一些額外的資訊？

Yeah, Teresa, this is Austin. I, I'll just start by saying, you know, echoing some of Joe's prepared remarks, I mean, the our fuel distribution business has never been healthier and I think the third quarter is, is emblematic of that. As you know, we don't manage for CPG margin or volume specifically on a quarter to quarter basis, but really seek to optimize fuel profit over the long run.

是的，特蕾莎，這是奧斯汀。我首先要說的是，你知道，呼應喬準備好的一些言論，我的意思是，我們的燃料分銷業務從未如此健康，我認為第三季就是這一點的象徵。如您所知，我們不會專門按季度管理 CPG 利潤或銷量，而是真正尋求長期優化燃料利潤。

In terms of, you know, what delivered the quarter and our margin view going forward. I mean, you know, as, as Carl shared in his remarks, we were, you know, margins were strengthened against the backdrop of elevated break events which predicts a pretty constructive margin environment.

就本季的業績以及我們未來的利潤率觀點而言。我的意思是，正如卡爾在他的演講中所分享的那樣，在斷裂事件增多的背景下，我們的利潤率得到了加強，這預示著一個相當有建設性的利潤環境。

And there was flat price volatility if you look at our Bob and ULSD, it was off throughout most of the quarter, some of that's continued in the Q4. You know, and there were, there were commercial opportunities that, that presented themselves by the market that, that the team was able to execute against. So it's, it's never one thing that delivers the quarter in terms of our view going forward. I mean, I think a lot of the macro fundamentals in terms of elevated break evens remain in place and I think they're going to, they're going to remain fairly sticky. So our view is very fairly bullish going forward.

如果你看看我們的 Bob 和 ULSD，你會發現價格波動很平穩，整個季度的大部分時間都處於關閉狀態，其中一些在第四季度仍在繼續。你知道，市場上存在著商業機會，團隊能夠執行這些機會。因此，從我們對未來的看法來看，從來沒有一件事能夠代表本季的情況。我的意思是，我認為在盈虧平衡點提高方面的許多宏觀基本面仍然存在，而且我認為它們將保持相當的粘性。因此，我們對未來的看法非常樂觀。

That said there's obviously wild cards with, you know, what flat price is doing and, and what the overall demand and volume picture looks like. But, but we're bullish going forward in terms of margin. Now, are we going to print, you know, record margin and record adjusted EBITDA quarter after quarter? That, that might be a bit of a stretch. But I think what is reasonable to expect and I think what our track record would suggest is that we're going to continue to grow fuel profit on a going forward basis, you know, on a trailing 12 month period.

也就是說，顯然存在不確定因素，例如固定價格的表現以及整體需求和銷售情況。但是，但我們對未來的利潤率持樂觀態度。現在，我們是否要逐季印製創紀錄的利潤率和創紀錄的調整後 EBITDA？那，這可能有點牽強。但我認為合理的預期是，我們的往績記錄表明，我們將在未來 12 個月的時間內繼續增加燃油利潤。

Thank you for that nuanced answer. Turning to the broader landscape, I would be remiss not to bring up the election and following the results. What are your views on how the apparent Trump victory impacts your business or changes the landscape of the industry in general.

謝謝你的細緻入微的回答。談到更廣泛的前景，如果我不提及選舉和關注結果，那就太失職了。您對川普的明顯勝利如何影響您的業務或改變整個行業的格局有何看法？

Hey, this is Joe. I think the first thing is I think the market appreciates some clarity. And boy, did we get some clarity last night? So I think overall you kind of saw how the market open, how the how the the street has responded, investors have responded to that. Secondly, for Sun, I, I think it's without question, this is, this is positive for Sun and for the industry as a whole. So I think all things considered it was a, it was a very positive event for Sun in the sector going forward.

嘿，這是喬。我認為首先是我認為市場有一定的透明度。天啊，我們昨晚明白一些事情了嗎？因此，我認為總體而言，您看到了市場如何開放，華爾街如何反應，投資者對此有何反應。其次，對於Sun來說，我，我認為這是毫無疑問的，這對Sun以及整個行業來說都是積極的。因此，我認為從各方面考慮，對於 Sun 在該領域的發展來說，這是一個非常積極的事件。

I would add one other perspective from a sun sunside is that if you look at it over a longer landscape and longer time period, We've performed well within various administrations and you Sprinkle in COVID and and and other macro factors. And I think there's a good reason why our business is resilient because we perform critical functions and we own critical infrastructure that keeps America healthy and moving forward.

我想從太陽的側面補充另一個觀點是，如果你從更長的視野和更長的時間段來看，我們在不同的政府中表現良好，並且你在新冠肺炎和其他宏觀因素中表現得很好。我認為我們的業務具有彈性是有充分理由的，因為我們履行關鍵職能，並且我們擁有保持美國健康和前進的關鍵基礎設施。

And I think we've also demonstrated our ability to evolve, execute and grow on a go on a going forward basis. So, all things considered, we're in a better position today and we feel very, very strong about our future going forward.

我認為我們也展示了我們不斷發展、執行和成長的能力。因此，考慮到所有因素，我們今天處於更好的位置，並且我們對未來的發展感到非常非常堅定。

Thank you.

謝謝。

The next question is from Jeremy Tonet from JP Morgan Chase and Company. Please go ahead.

下一個問題來自摩根大通公司的 Jeremy Tonet。請繼續。

Hey, this is Noah Katz on for Jeremy. Thanks for the question. First, I wanted to touch on your capital allocation priorities was so continuing to decrease leverage this quarter to four times. What are your thoughts on wigh repurchases versus dividend raises or continuing to lower leverage? I think you said you're planning on raising the dividend early next year earlier on this call. Thanks.

嘿，這是傑里米的諾亞·卡茨。謝謝你的提問。首先，我想談談你們的資本配置優先事項，本季繼續將槓桿率降低至四倍。您對回購與提高股利或持續降低槓桿有何看法？我想你在這次電話會議上說過你打算在明年初提高股利。謝謝。

Yeah, this is Scott Noah. Look, I'd say, you know, our primary focus right after the new star acquisition was to get our leverage back to our long term target at four times. And we were able to accomplish that within six months following close recall, that we had given ourselves a 12 to 18 month time frame to do that.

是的，這是斯科特·諾亞。聽著，我想說，你知道，在收購新星之後，我們的主要關注點是使我們的槓桿率回到我們的長期目標的四倍。經過仔細回憶，我們能夠在 6 個月內實現這一目標，我們為自己設定了 12 到 18 個月的時間框架來做到這一點。

And I really think that's a result of some of the things we talked about today, the strong performance of the base business, our ability to harvest synergies quicker and at a greater extent than we had originally talked about with the newar acquisition. And so protecting the balance sheet remains a core component of the capital allocation strategy that said now that we have achieved our long term target, we can begin to, to refocus on the other two elements of our capital allocation strategy, which is returning capital to our unit holders.

我確實認為這是我們今天討論的一些事情的結果，基礎業務的強勁表現，我們比我們最初討論的收購 newar 時更快、更大程度地獲得協同效應的能力。因此，保護資產負債表仍然是資本配置策略的核心組成部分，既然我們已經實現了長期目標，我們就可以開始重新關注資本配置策略的其他兩個要素，即將資本返還給我們的單位持有人。

As Joe said, we expect to have announcements there early next year regarding future distribution increases. And see this really is a multi period, multi year outlook for distribution increases going forward. And then in in conjunction with that, the other component of our capital allocation strategy is is continuing to remain a growth company and is Carlin and Joe both said, you know, I think we have a couple areas to, to focus in that regard as well.

正如喬所說，我們預計明年初將發布有關未來分配增加的公告。這確實是一個多時期、多年度的分配成長前景。與此結合，我們資本配置策略的另一個組成部分是繼續保持成長型公司的地位，卡林和喬都說，我認為我們有幾個領域需要重點關注這方面，例如出色地。

Our organic growth capital program as well as continuing to look at acquisitions both in the field distribution and midstream space as it relates to to unit repurchases. You know, that is at its heart of capital allocation decision as well.

我們的有機成長資本計劃以及繼續關注與單位回購相關的現場分銷和中游領域的收購。您知道，這也是資本配置決策的核心。

And, and from our standpoint, we see the best return to our unit holders coming in the form of returning capital to them through distribution increases and continuing to reinvest in the business and a creative growth projects.

而且，從我們的角度來看，我們認為對單位持有人的最佳回報是透過增加分配以及繼續對業務和創意成長項目進行再投資來向他們返還資本。

Thanks for that, that's helpful. And then as a quick follow up, I think you guys spoke about a little bit earlier about the fuel distribution trends you're seeing going forward and, and your thoughts on it, but I'm curious about your initial thoughts into 2025 given the trends you're seeing thus far into the fourth quarter. So any color here would be helpful. Thank you.

謝謝你，這很有幫助。然後作為快速跟進，我認為你們早些時候談到了你們所看到的未來​​燃料分配趨勢以及你們對此的想法，但我很好奇你們對 2025 年的初步想法到目前為止，你們在第四季度看到的趨勢。所以這裡任何顏色都會有幫助。謝謝。

Yeah, no, this is Austin. You know, I I touched on our, our margin view with Theresa's question but just to, to kind of switch over to the volume side of the equation, I think you know, our, our view over the next 6 to 12 months is that demand for refined products is going to, is going to roughly mirror the last 6 to 12 months, which if you're tracking the I A, what that means is on the gasoline side, roughly flat, on a year, over year basis, there's been some slight strengthening over the last couple of months. With ULSD being a touch softer than that in terms of our view and what that means for.

是的，不，這是奧斯汀。你知道，我在特蕾莎的問題中談到了我們的利潤率觀點，但只是為了切換到等式的數量方面，我想你知道，我們對未來 6 到 12 個月的看法是需求對於成品油而言，將大致反映過去6 至12 個月的情況，如果您跟踪IA，這意味著汽油方面，在一年、一年以上的基礎上，大致持平，過去幾個月略有加強。就我們的觀點及其意義而言，ULSD 的觸感比這要溫和一些。

So, I mean, we're, we're well prepared to, to execute and deliver in that environment. But if our assumptions are often and demand comes in below expectation, I think using history as a guide that would create a pretty constructive margin environment and I think our track record suggests that we're well positioned to execute and take advantage of the opportunities that would present themselves. Should that be the case?

所以，我的意思是，我們已經做好充分準備，在這種環境中執行和交付。但是，如果我們的假設經常出現，並且需求低於預期，我認為以歷史為指導，這將創造一個相當有建設性的利潤環境，而且我認為我們的業績記錄表明，我們有能力執行並利用以下機會：會展示自己。應該是這樣嗎？

And then on the flip side, if demand exceeds our expectations, we have a, an asset base and portfolio of income streams and a team that's wired to take advantage of those opportunities as well. So, you know, we're, we're, we're, we're pretty bullish about the about the fuel distribution business, both obviously with, with the Q3 print and what the, the near term and long term look like for the business.

另一方面，如果需求超出我們的預期，我們擁有資產基礎和收入流組合，以及一支能夠利用這些機會的團隊。所以，你知道，我們對燃料分銷業務非常看好，無論是第三季的印刷品還是近期和長期的情況為了生意。

Thank you.

謝謝。

Gabe Moreen, Mizuho.

加布·莫林，瑞穗。

Hey, good morning, everyone. Just to first, I want to start out with a two parter on some of the legacy newar assets with some refinery closure announcements announced in California. Just wondering how you feel that may impact the legacy new star assets in California.

嘿，大家早安。首先，我想從兩個合作夥伴開始處理一些遺留的紐瓦資產，並在加州宣布了一些煉油廠關閉的公告。只是想知道您認為這可能會如何影響加州的傳統新明星資產。

Then also competitors come out and announced a big expansion to the Denver markets, which I also believe connects to one of the legacy newar refined products assets. So just wondering if that additional competition could have any impact?

然後，競爭對手也出來宣布向丹佛市場進行大規模擴張，我也相信這與傳統的新精煉產品資產之一有關。所以只是想知道額外的競爭是否會產生任何影響？

Yeah, I gave this call, I'll start with, with California. Clearly there's been a talk among energy companies doing business there on the challenges of of the regulatory environment and some of the additional requirements that are being put in place with our asset base.

是的，我先向加州打了電話。顯然，在那裡開展業務的能源公司之間一直在討論監管環境的挑戰以及對我們的資產基礎實施的一些額外要求。

We think if anything, there's upside, not downside to that, if, if they are Refiners that find it too challenging environment economically to do business there, you know, the energy demand in, in that state is going to continue to grow and whether it's, you know, traditional hydrocarbons or whether it's, you know, a lower carbon version or renewable diesel.

我們認為，如果有的話，那就是有利的，而不是不利的，如果煉油廠發現在那裡開展業務在經濟上太具有挑戰性，你知道，該州的能源需求將繼續增長，並且是否會繼續成長。

Our assets are really well positioned to be able to provide that storage and, and critical infrastructure to enable that to happen. So anyway, we're, we're really pleased with our assets in California, kind of regardless of, of, of what the future looks like.

我們的資產確實處於有利地位，能夠提供儲存和關鍵基礎設施來實現這一目標。所以無論如何，我們對加州的資產非常滿意，不管未來會是什麼樣子。

You talked about other competition in, in some of our other areas and, and here's what I'd say is our asset base is really good and we think generally it's set up to, to really match where Refiners are, are producing and deliver it to markets where there's consumer demand, a lot of our refined product infrastructure on the pipeline side, right?

您談到了我們其他一些領域的其他競爭，我想說的是，我們的資產基礎非常好，我們認為一般來說，它的設置是為了真正匹配煉油廠的生產和交付情況到有消費者需求的市場，我們在管道方面有很多精緻的產品基礎設施，對嗎？

Really are kind of internal center of the country kind of projects or, or, or, or assets and, and you know, we don't see that demand profile really changing o over the near term or even, or even beyond that. And I think I'll go back to one of the things Joe Joe said earlier, you know, even if there are changes, we have a really creative commercial team and we're going to find some way to utilize those assets and, and deliver more value to the customers. So I think both those in both those cases, they're either neutral to positive on our outlook.

確實是國家內部中心的項目或資產，而且你知道，我們認為需求狀況在短期內甚至更遠的時間內都不會真正改變。我想我會回到喬·喬之前所說的一件事，你知道，即使有變化，我們也有一支非常有創意的商業團隊，我們將找到某種方法來利用這些資產，並且，為客戶提供更多價值。因此，我認為在這兩種情況下，他們對我們的前景要么是中性的，要么是積極的。

Thanks Carl. And maybe if I can follow up again, another legacy Newar question their Corpus Christi assets which I don't believe are in the GV with energy transfer, I think the big contract with traffic Europe is coming up soon. So I'm just wondering to what extent your expectations may or may not be shifting around renewing that?

謝謝卡爾。也許如果我可以再次跟進，另一個遺產紐瓦爾質疑他們的科珀斯克里斯蒂資產，我不相信這些資產在具有能源轉移的 GV 中，我認為與歐洲交通的大合約很快就會到來。所以我只是想知道您的期望可能會或可能不會在更新方面發生多大程度的變化？

Yeah. So you're correct. Our South Texas crude assets are not in the joint venture with energy transfer. I think we take maybe a little different approach on these kind of questions and maybe Newar did and that we traditionally don't talk publicly about individual contracts with customers. And so I'd expect that going forward more out of our we, we think if anything, it gives us more opportunity commercially to, to keep those discussions private with our, with our counterparties.

是的。所以你是對的。我們的南德州原油資產不屬於能源轉讓合資企業。我認為我們對這類問題可能採取了一些不同的方法，也許紐瓦爾就是這麼做的，而且我們傳統上不會公開談論與客戶的個人合約。因此，我希望我們能夠繼續前進，我們認為，如果有的話，它會給我們更多的商業機會，與我們的交易對手進行私密的討論。

With that being said, there are opportunities that some of the synergies that we've identified in Newar is we think there, we could better utilize some of those assets. Clearly, there's always recontracting risk and you might change from one customer to another customer.

話雖如此，我們認為，我們在紐瓦爾發現的一些協同效應存在機會，我們可以更好地利用其中一些資產。顯然，總是存在重新簽約的風險，您可能會從一個客戶變成另一個客戶。

But our our Corpus Christi terminal is a really good terminal and, and you know, our business development teams are working on that and, and we expect that to continue to be a good terminal for us going forward.

但我們的科珀斯克里斯蒂航站樓是一個非常好的航站樓，而且您知道，我們的業務開發團隊正在努力解決這個問題，並且我們希望它繼續成為我們未來發展的良好航站樓。

Hey, Gabe, this is Jared. Let me add one thing on top of everything. Carl said, you know, in my prepared remarks, I mentioned that in December, we're going to give guidance about 220 about 2025 and our outlook going forward, you know, you brought up three good points about, you know, the refinery closure in California, the expansion into Colorado and and South Texas.

嘿，加布，這是賈里德。讓我在一切之上添加一件事。卡爾說，你知道，在我準備好的演講中，我提到在12 月，我們將提供有關2025 年220 的指導，以及我們對未來的展望，你知道，你提出了關於煉油廠的三個好點關閉加州，擴展到科羅拉多州和德克薩斯州南部。

There's always going to be commercial situations going positive, negative. But I think whenever we provide the full details in December, I think what the market is going to take very clearly from us is that we're very bullish on ALL33 of our segments from field distribution to the pipeline system to our terminal system out there.

商業情況總是會出現正面或負面的情況。但我認為每當我們在12 月提供完整的細節時，我認為市場將從我們這裡非常清楚地了解到我們非常看好我們的所有33 個細分市場，從現場分配到管道系統再到我們的終端系統。

So when you put it all together. We're going to have a great year in 2024 and 2025. We're going to get very strong guidance because we're very confident about our business in all three segments.

所以當你把它們放在一起時。2024 年和 2025 年我們將度過美好的一年。我們將獲得非常強大的指導，因為我們對所有三個細分市場的業務都非常有信心。

Great. Thank you, Joe. Thank you, Carl.

偉大的。謝謝你，喬。謝謝你，卡爾。

(Operator Instructions)

（操作員說明）

Ned Burov, Wells Fargo.

內德‧布羅夫，富國銀行。

Hey, good morning. Thanks for taking the questions. Earlier this summer, the DC Court of Appeals ruled in favor of the Liquid Energy Pipeline Association and the ruling allows a fer indexed liquids pipeline to possibly retroactively recoup earnings on previous years, tariffs which are now considered to have been too low. So can you can you maybe just walk through the potential implications to Sonoco from, from this ruling?

嘿，早安。感謝您提出問題。今年夏天早些時候，華盛頓特區上訴法院做出了有利於液體能源管道協會的裁決，該裁決允許 FER 索引的液體管道可能追溯收回前幾年的收入，但目前認為關稅太低。那麼，您能否簡單介紹一下這項裁決對索諾科公司的潛在影響？

Sure man. I won't give a lot of detail because this is still an ongoing issue, but I can give you our perspective on it. And so first, we clearly support the DC circuit decision on on the rate index issue. You know, unfortunately, there's been some FK announcements and notices after that, that's created a little bit of uncertainty and confusion in the market. So there's a little bit of wait and see how this shakes out.

當然，夥計。我不會提供太多細節，因為這仍然是一個持續存在的問題，但我可以向您提供我們對此的看法。因此，首先，我們明確支持直流電路關於利率指數問題的決定。您知道，不幸的是，此後發布了一些 FK 公告和通知，這在市場上造成了一些不確定性和混亂。因此，我們需要等待一段時間，看看情況會如何發展。

But we're obviously involved in, in through industry associations or, or other means and we're optimistic that this can be resolved in a favorable manner as far as the impact to, so I'd say, kind of regardless of the outcome, whether it, it's in our favor and our, on our IDA is a little higher or it goes against us.

但我們顯然透過產業協會或其他方式參與其中，我們樂觀地認為，就影響而言，這可以以有利的方式解決，所以我想說，無論結果如何，無論是對我們有利，還是對我們不利，我們的IDA 稍微高一些，或對我們不利。

You know, I'll, I'll reiterate what Joe just said, our asset base is strong, our 24 is strong, our 25 is going to be stronger. And as we continue to, to deploy capital in a, in a profitable manner, you know, we'll, we'll continue to grow beyond that.

你知道，我會重申喬剛才所說的，我們的資產基礎很強大，我們的 24 很強大，我們的 25 將會更強大。隨著我們繼續以盈利的方式部署資本，你知道，我們將繼續超越這一目標。

Thanks for this Karl. And then I, I appreciate the high level preview of what to expect in December. Can you, can you maybe give us a little bit more specifically? Will there be new metrics as part of your guidance such as maybe segment ebida or, or maybe a longer term EBITDA target for the business.

感謝這個卡爾。然後我，我很欣賞 12 月的預期的高水準預覽。您能給我們更具體一點嗎？是否會有新的指標作為您指導的一部分，例如部門 ebida 或業務的長期 EBITDA 目標。

Hey, David, this is Joe. Here's, here's what we have right now. We're, we're a month away. So I would ask the street to be just moderately patient since we're talking days instead of months from, from providing full details on it. And I think on my prepared remarks, I talked about the themes. It's going to be a really strong year as far as exactly what elements we're going to provide in guidance. We have it all. We just have to figure out what's the best way to, to, to give clarity to the market on a going forward basis without flooding the market with too much information it becomes even more confusing.

嘿，大衛，這是喬。這就是我們現在所擁有的。我們，我們還有一個月。因此，我要求街道保持適度的耐心，因為我們正在討論幾天而​​不是幾個月後提供完整的細節。我認為在我準備好的發言中，我談到了主題。就我們將在指導中提供的具體內容而言，這將是非常強勁的一年。我們擁有一切。我們只需要找出最好的方法，讓市場在未來的基礎上變得清晰，而不是讓太多的資訊淹沒市場，讓市場變得更加混亂。

So we'll have a very thoughtful clear viewpoint about 2025 and it's only is days away versus months away. And I think you'll be, I think you and the market will be happy to see our, our bullishness about our business going forward.

因此，我們將對 2025 年有一個非常深思熟慮的清晰觀點，距離現在只有幾天而不是幾個月了。我想你們和市場都會很高興看到我們對我們業務未來的樂觀態度。

That's fair. I look forward.

這很公平。我期待著。

To December. Thank you.

到十二月。謝謝。

Thank you.

謝謝。

This concludes the question and answer session. I would like to turn the floor back over to Scott Grischow for closing comments.

問答環節到此結束。我想將發言權交還給斯科特·格里肖（Scott Grischow）以徵求結束意見。

Thanks for joining us on the call this morning. As always, feel free to reach out with any questions and we look forward to catching up with everyone soon. Have a great day.

感謝您今天早上參加我們的電話會議。像往常一樣，如有任何問題，請隨時與我們聯繫，我們期待盡快與大家聯繫。祝你有美好的一天。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。