Sunoco LP (Texas) (SUN) 2026 Q1 法說會逐字稿

Hello. Thank you for standing by. Welcome to Sunoco LP and Sonoco Corp. Q1 2026 earnings conference call. (Operator Instructions)

您好。感謝您耐心等候。歡迎參加 Sunoco LP 與 Sonoco Corp. 2026 年第一季財報電話會議。(接線員指示)

I would now like to hand the conference over to Scott Grischow, you may begin.

我現在把會議交給 Scott Grischow，您可以開始了。

Thank you. Good morning, everyone. On the call with me this morning are Joe Kim, President and Chief Executive Officer; Karl Fails, Chief Operating Officer; Austin Harkness, Chief Commercial Officer; Brian Hahn, Chief Sales Officer; and Dylan Bramhall, Chief Financial Officer.

謝謝。各位早安。今天早上與我一同參與電話會議的有：總裁兼執行長 Joe Kim；營運長 Karl Fails；商務長 Austin Harkness；銷售長 Brian Hahn；以及財務長 Dylan Bramhall。

Today's call will contain forward-looking statements that include expectations and assumptions regarding Snokolp's future operations and financial performance. Actual results could differ materially, and we undertake no obligation to update these statements based on subsequent events. Please refer to our earnings release as well as our filings with the SEC for a list of these factors.

今天的電話會議將包含前瞻性陳述，其中包括對 Snokolp 未來營運與財務表現的預期與假設。實際結果可能有重大差異，我們不承擔因後續事件而更新這些陳述的義務。請參閱我們的財報新聞稿以及向美國證券交易委員會（SEC）提交的文件，以了解這些因素的清單。

During today's call, we will also discuss certain non-GAAP financial measures, including adjusted EBITDA and distributable cash flow as adjusted. Please refer to the Sunoco LP website for a reconciliation of each financial measure. The partnership started off 2026 with a strong quarter, delivering adjusted EBITDA of $867 million, excluding approximately $9 million of onetime transaction expenses. The first quarter benefited from a onetime gain on a sale of inventory of approximately $102 million.

在今天的電話會議中，我們也將討論若干非 GAAP 財務衡量指標，包括調整後 EBITDA 以及經調整之可分配現金流。請參閱 Sunoco LP 官網，以取得各項財務衡量指標的調節表。本合夥企業在 2026 年以強勁的一季開局，調整後 EBITDA 達 8.67 億美元，已排除約 900 萬美元的一次性交易費用。第一季亦受惠於一次性存貨出售收益，約 1.02 億美元。

With the acquisition of Parkland Corporation here and the elevated commodity price environment in the first quarter, we proactively optimized our inventory levels, which resulted in this onetime gain. Karl will provide more detail on the impact from these inventory reduction efforts and discuss segment performance in his remarks.

隨著我們完成對 Parkland Corporation 的收購，以及第一季大宗商品價格處於較高水準的環境下，我們主動優化存貨水位，因而產生這項一次性收益。Karl 將在發言中提供更多關於這些存貨降低措施影響的細節，並說明各事業部門的表現。

We continued our growth efforts in the first quarter with the closing of the Tank wood acquisition on January 16. Following the acquisition, Sunoco is Germany's largest independent terminal operator with a network of 16 assets across Germany and Poland. We expect this acquisition to be immediately accretive to distributable cash flow per common unit in 2026. During the quarter, we spent $106 million on growth capital and $93 million maintenance capital. First quarter distributable cash flow as adjusted was $535 million.

第一季我們持續推動成長，並於 1 月 16 日完成 Tank wood 收購案交割。收購完成後，Sunoco 成為德國最大的獨立終端營運商，在德國與波蘭共擁有 16 項資產的網絡。我們預期此收購案將在 2026 年立即提升每普通單位的經調整可分配現金流。本季我們投入 1.06 億美元成長資本支出，以及 9,300 萬美元維護資本支出。第一季經調整可分配現金流為 5.35 億美元。

On April 21, we declared a distribution of $0.9899 per common unit for both Sunoco LP common units and Sunoco Corp. shares. This 6.25% increase represents a onetime step-up of 5% and a quarterly increase of 1.25%. This distribution represents an increase of over 10% versus the first quarter of 2025 and as the result of Sunoco's continued financial stability, execution of highly accretive acquisitions and growth projects and confidence in future distribution increases. Our trailing 12-month coverage ratio was 1.9 times, and we continue to target a multiyear distribution growth rate of at least 5%.

4 月 21 日，我們宣布對 Sunoco LP 普通單位與 Sunoco Corp. 股票每單位配發 0.9899 美元的分配。此 6.25% 的增幅包含一次性上調 5% 以及季度上調 1.25%。相較於 2025 年第一季，此次分配增幅超過 10%；這反映 Sunoco 持續的財務穩健、成功執行高度增厚的收購與成長專案，以及對未來分配持續增加的信心。我們過去 12 個月的覆蓋倍數為 1.9 倍，並持續以至少 5% 的多年期分配成長率為目標。

Our balance sheet and liquidity position remains strong. We had $2.2 billion in availability under our revolving credit facility at the end of the quarter and leverage at the end of the quarter was approximately 4 times, in line with our long-term target. In summary, our financial position continues to strengthen, which will provide us with continued flexibility to pursue high-return growth opportunities while maintaining a healthy balance sheet and a secure and growing distribution for our unitholders.

我們的資產負債表與流動性部位仍然強勁。截至本季末，我們在循環信用額度下仍有 22 億美元可用額度，季末槓桿約為 4 倍，符合我們的長期目標。總結而言，我們的財務狀況持續強化，將使我們在維持健康資產負債表，以及為單位持有人提供安全且成長的分配之同時，仍能保有持續追求高報酬成長機會的彈性。

With that, I'll now turn it over to Karl to walk through some additional thoughts on our first quarter performance.

接下來，我把時間交給 Karl，請他進一步分享我們第一季表現的一些想法。

Thanks, Scott. Good morning, everyone. Our results this quarter continued the trend of accretive and sustainable growth for Sunoco. As we benefited from a full quarter of operations from Parkland and the closing of our Tank wood acquisition in Europe. Each of our segments delivered strong performance in the first quarter, and they are all well positioned to contribute meaningfully toward achieving our 2026 EBITDA guidance.

謝謝，Scott。各位早安。本季的結果延續了 Sunoco 增厚且可持續成長的趨勢。我們受惠於 Parkland 全季營運貢獻，以及我們在歐洲完成 Tank wood 收購案交割。我們各事業部門在第一季皆有強勁表現，且都已就位，將對達成我們 2026 年 EBITDA 指引作出重要貢獻。

Starting with our fuel distribution segment. Adjusted EBITDA was $538 million, excluding $9 million of transaction expenses. This compares to $391 million last quarter, excluding transaction expenses and $220 million in the first quarter of 2025.

先從燃料配送事業部門談起。調整後 EBITDA 為 5.38 億美元，已排除 900 萬美元交易費用。相較之下，上季（排除交易費用）為 3.91 億美元，而 2025 年第一季為 2.20 億美元。

This growth reflects continued strength in our legacy Sunoco operations, coupled with a full quarter of operations from Parkland. It is also supported by our ongoing gross profit optimization and growth strategies both through roll-up acquisitions and growth capital. As Scott mentioned in his remarks, these results also include a onetime benefit of inventory reduction. The level of fuel inventory we hold is always a trade-off between holding more to provide reliable supply and carrying less to deliver better returns on capital. This is especially true as we grow our fuel distribution business.

此成長反映我們既有 Sunoco 營運持續強勁，並結合 Parkland 全季營運貢獻。同時也受惠於我們持續推動的毛利優化與成長策略，包括透過整併式收購以及成長資本投入。如 Scott 在發言中所提到，這些結果亦包含一次性的存貨降低效益。我們持有的燃料存貨水位，始終是在「持有較多以提供可靠供應」與「持有較少以提升資本報酬」之間的取捨。隨著我們擴大燃料配送業務，這點尤其明顯。

Naturally, our inventory also grows, but we frequently look to optimize our inventory levels to ensure we are delivering on our target returns. This quarter, as a result of inventory reductions we delivered a $92 million benefit in this segment, unlocking additional cash to reinvest in future growth. While the size of the benefit was clearly impacted by market prices during the quarter, this was a result of active management of our inventory to a level that is sustainable on an ongoing basis.

自然地，我們的存貨也會隨之增加，但我們經常檢視並優化存貨水位，以確保達成目標報酬。本季因存貨降低，我們在此部門實現 9,200 萬美元的效益，釋放額外現金以再投入未來成長。雖然效益規模明顯受到本季市場價格影響，但這是我們主動管理存貨至可長期維持之水準的結果。

We distributed 3.8 billion gallons, up 15% versus last quarter, up 82% versus the first quarter of last year. We continue to see volume growth in our legacy Sunoco business with an increase of almost 6% and over prior year compared to a relatively flat US demand profile. This growth is a result of effectively deployed capital via our growth capital plan and roll up M&A transactions. We continue to work on optimizing our volumes in the legacy Parkland assets as we implement our gross profit optimization approach that we've evolved over the years.

我們配送 38 億加侖，較上季增加 15%，較去年第一季增加 82%。在美國需求概況相對持平的情況下，我們仍持續看到既有 Sunoco 業務的量能成長，增幅接近 6%，且較去年同期成長。此成長來自我們透過成長資本計畫與整併式併購交易有效部署資本。隨著我們導入多年來逐步演進的毛利優化方法，我們也持續致力於優化既有 Parkland 資產的銷量結構。

Reported margin for the quarter was $0.17 per gallon compared to $0.177 per gallon last quarter and $0.115 per gallon for the first quarter of 2025. There were many factors influencing our margin this quarter with the 7-Eleven makeup payment, the gain on inventory reduction and the return of market volatility compensating for the margin compression experienced with dramatic increases in commodity prices during the quarter.

本季報告毛利為每加侖 0.17 美元，相較上季每加侖 0.177 美元，以及 2025 年第一季每加侖 0.115 美元。本季影響毛利的因素很多，包括 7-Eleven 的補償款、存貨降低帶來的收益，以及市場波動回升，抵銷了本季大宗商品價格大幅上漲所造成的毛利壓縮。

For reference, RBOB futures increased over $1.60 a gallon during the quarter with diesel futures increasing over $2 a gallon. In our Pipeline Systems segment, adjusted EBITDA for the first quarter was $179 million compared to $187 million last quarter and $172 million in the first quarter of 2025. On the volume side, we reported 1.3 million barrels per day of throughput, slightly down from the seasonally strong throughput last quarter and slightly up from the same quarter last year. This segment continues to provide steady and stable income.

供參考，本季RBOB期貨每加侖上漲超過1.60美元，柴油期貨每加侖上漲超過2美元。在我們的管線系統（Pipeline Systems）部門，第一季調整後EBITDA為1.79億美元，較上一季的1.87億美元下降，較2025年第一季的1.72億美元上升。在運量方面，我們通報日均輸送量為130萬桶，較上一季季節性偏強的輸送量略低，較去年同期略高。該部門持續提供穩定且可預期的收入。

Moving on to our Terminals segment. Adjusted EBITDA for the first quarter was $107 million. This compares to $87 million last quarter and $66 million in the first quarter of last year. We reported around 1 million barrels per day of throughput, which is up from both last quarter and the first quarter of last year. Growth in both earnings and volumes in this segment were supported by the inclusion of Tank wood and a full quarter of legacy Parkland operations. This segment continues to deliver stable results that predictably and accretively grow as we add to the portfolio.

接著談我們的碼頭（Terminals）部門。第一季調整後EBITDA為1.07億美元。相較之下，上一季為8,700萬美元，去年第一季為6,600萬美元。我們通報日均吞吐量約100萬桶，較上一季及去年第一季皆有所增加。該部門的獲利與運量成長，受惠於納入Tank wood以及既有Parkland業務完整一季的貢獻。隨著我們持續擴充資產組合，該部門持續交出穩健成果，並以可預期且具增益（accretive）的方式成長。

Turning to our refining segment. Adjusted EBITDA for the first quarter was $43 million compared to $41 million last quarter. There was a $10 million benefit in this segment from our inventory reduction efforts that I discussed earlier. Refinery throughput was 22,000 barrels per day compared to 50,000 barrels per day last quarter. As we shared previously, throughput was down as a result of a planned 50-day maintenance turnaround that began at the end of January, which was completed on time and on budget.

再來看我們的煉油部門。第一季調整後EBITDA為4,300萬美元，較上一季的4,100萬美元增加。我先前提到的庫存降低措施，為該部門帶來1,000萬美元的效益。煉廠吞吐量為日均22,000桶，較上一季日均50,000桶下降。如我們先前分享，吞吐量下滑是因為一項計畫性的50天維修大修（turnaround）於1月底開始，並已如期且在預算內完成。

During the turnaround, we continue to meet regional demand by sourcing supply through our refinery tank farm. The refining margin was strong during the periods of refinery operation and that continues into the second quarter. To provide more clarity to the market on our refinery performance, we posted an updated indicator crack on our website yesterday and expect to post updates at the beginning of each month. This calculation is intended to be an indicator of general profitability for the refinery using market prices.

在大修期間，我們持續透過煉廠槽區（tank farm）採購供應，以滿足區域需求。煉廠在運轉期間的煉油利差表現強勁，且此趨勢延續至第二季。為了讓市場更清楚了解我們的煉廠表現，我們昨天已在網站上發布更新後的指標性裂解價差（indicator crack），並預期在每月月初發布更新。此計算旨在使用市場價格，作為煉廠整體獲利能力的一項指標。

Before I wrap up, I wanted to make a few comments on the integration of the recent Parkland acquisition. The balance sheet has returned to our long-term target. We are already delivering on synergies, both expense and commercial, which puts us well on track to deliver on 10%-plus accretion before our year three commitment.

在我結束前，我想就近期收購Parkland的整合進度補充幾點。資產負債表已回到我們的長期目標水準。我們已開始實現協同效益，包含費用端與商業端，這讓我們非常有把握在第三年承諾期限之前，達成10%以上的增益（accretion）。

In summary, we continue to build on the strong momentum over the past few years. Each of our segments is delivering, and we will continue to remain focused on safe and reliable operations, expense discipline and accretive growth.

總結來說，我們持續延續過去幾年的強勁動能。各部門皆有交付成果，我們也將持續聚焦於安全且可靠的營運、費用紀律，以及具增益的成長。

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

接下來我把時間交給Joe，請他分享最後的想法。Joe？

Thanks, Karl. And good morning, everyone. Every quarter presents a new set of challenges. This first quarter provided more than most. Obviously, the events in the Middle East created a volatile market. Costs and prices rose dramatically and at times fell and went back up.

謝謝你，Karl。各位早安。每一季都會帶來一組新的挑戰。而這一季的挑戰比多數季度都更多。顯然，中東事件造成市場波動。成本與價格大幅上升，且有時下跌後又再度上升。

Furthermore, normal supply patterns were disrupted specifically within Sonoco, we completed a turnaround at our Burnaby Refinery and made significant progress on the Parkland integration. And despite all these events, we still delivered an outstanding first quarter.

此外，正常的供應模式也受到干擾；特別是在Sonoco方面，我們完成了Burnaby煉廠的大修，並在Parkland整合上取得重大進展。儘管發生了這些事件，我們仍交出非常出色的第一季表現。

More importantly, we're confident that we'll deliver on our full year EBITDA guidance even without the onetime gain from optimizing our inventory. Operationally, our refining team completed the turnaround on budget, our fuel distribution and midstream teams maintain reliable supply for our customers.

更重要的是，我們有信心即使不計入透過最佳化庫存所帶來的一次性收益，仍能達成全年EBITDA指引。在營運面，我們的煉油團隊在預算內完成大修；我們的燃料配送與中游團隊也為客戶維持可靠供應。

And finally, we're on track to deliver 10% plus accretion from the Parkland acquisition. We have proven year after year and crisis after crisis that we can distinguish ourselves in challenging environments. And thus, we have gained a reputation as a strong defensive play.

最後，我們正按計畫推進，將從收購Parkland中實現10%以上的增益（accretion）。我們一年又一年、一次又一次危機中證明，在充滿挑戰的環境下我們能夠脫穎而出。因此，我們也建立了作為強勢防禦型標的的聲譽。

However, we're also a proven growth play. Already this year, we closed on the Tank wood acquisition in Europe, a multi-island acquisition in the Caribbean and various smaller field distribution bolt-on acquisitions in the US. We're on track to complete over $500 million of bolt-on acquisitions in 2026.

不過，我們同時也是經驗證的成長型標的。僅在今年，我們已完成歐洲Tank wood收購案、加勒比海多島收購案，以及在美國多項較小的終端配送補強型（bolt-on）收購。我們正按計畫在2026年完成超過5億美元的補強型（bolt-on）收購。

Separately and in totality, these are immediately accretive while maintaining our balance sheet target. When you combine our ongoing accretive growth with the resilient-based business, we're stronger than any point since the establishment of Sunoco LP. As a result, we're able to announce a meaningful increase in our quarterly distribution two weeks ago.

分別來看以及合併來看，這些交易在維持我們資產負債表目標的同時，皆能立即帶來增益（accretive）。當你把我們持續的具增益成長與具韌性基礎的業務結合起來，我們比Sunoco LP成立以來任何時點都更強。因此，我們得以在兩週前宣布大幅提高季度配息。

The decision to materially increase the distribution had to meet the following criteria: maintain a strong coverage ratio, protect our balance sheet, remain a growth company and finally, provide a clear path to increase distributions quarter after quarter over a multiyear time frame. We're confident the answer is yes on all these factors.

決定大幅提高配息必須符合以下條件：維持強勁的覆蓋比率、保護資產負債表、持續作為成長型公司，最後是在多年期間提供一條清晰的路徑，讓配息能一季接一季地提高。我們有信心，以上各項因素的答案都是肯定的。

Operator, that concludes our prepared remarks. You may open the line for questions.

接線員，我們的預備發言到此結束。你可以開放線路進行提問。

(Operator Instructions) Justin Jenkins, Raymond James.

(接線員指示) Justin Jenkins，Raymond James。

I guess maybe just to start on a housekeeping item here, the inventory gain. You gave us a lot of detail on the impact here in the quarter. And I think, Karl, you suggested you're at an overall level you're comfortable with, but does that inventory level fluctuate with where commodity prices sit -- or how should we think about the moving pieces going forward here?

我想也許先從一個例行事項開始，也就是庫存收益。你們已就本季的影響提供了很多細節。而且我記得Karl你提到，你們對整體水位已感到滿意；但這個庫存水位會隨商品價格所在水準而波動嗎——或是我們接下來應該如何理解未來的變動因素？

Yes. Thanks, Justin. This is Karl. Yes, as I talked in my prepared remarks, inventory decisions are really a trade-off between supply reliability and return on capital. And as part of that inventory management, we use derivatives to hedge inventory in the normal course of business. So as you mentioned, based on market conditions, we actively manage those inventory positions. So in periods of high prices and steep backwardation like we've had in the past few months will typically draw.

是的。謝謝你，Justin。我是Karl。是的，正如我在預備發言中提到，庫存決策本質上是在供應可靠性與資本報酬之間做取捨。作為庫存管理的一部分，我們在日常業務中會使用衍生性商品來對庫存進行避險。因此，如你所提，基於市場狀況，我們會主動管理這些庫存部位。所以在價格高、且像過去幾個月那樣呈現明顯逆價差（backwardation）的期間，我們通常會降低庫存。

And then in the less frequent periods of contango, we would build and our hedging practices are set up accordingly to make sure we can optimize that. I think if you look at what we reported in the first quarter, that's just a larger step we took as a result of a lot of the growth that we've done over the last six to nine months, including the recent Parkland acquisition. So the level that we reduce our inventory, too, we feel is responsible and we could stay there for a long time some of those minor optimizations that I talked about base to market conditions, yes, we'll continue to do regularly.

而在較不常見的正價差（contango）期間，我們則會增加庫存；我們的避險作法也會相應設定，以確保能夠最佳化。我想如果你看我們第一季所揭露的內容，那只是我們採取的一個較大的步驟，原因在於過去六到九個月我們做了大量成長，包括近期收購Parkland。因此，我們認為把庫存降低到目前的水位是負責任的，而且我們可以在這個水位維持很長一段時間；至於我提到那些依市場狀況進行的小幅最佳化，我們也會持續定期執行。

But this $100 million was sized and impacted by the higher prices, but it's something that we would have done regardless to manage our business. And it does differ from some of the other companies that have reported so far in the quarter, talking about timing-related inventory impacts because like I said, we're confident we can operate at this level going forward, and there is no symmetric risk if and when prices fall, that this gain is reversed.

但這1億美元的規模與影響受到較高價格的推動，不過這是我們為了管理業務不論如何都會採取的作為。而且這確實不同於本季迄今一些已經公布的公司所談到、與時間點相關的庫存影響；因為如我所說，我們有信心未來可以在這個水準下運作，且當價格下跌時並不存在對稱性的風險，亦即這項收益不會在價格回落時被反向沖回。

That's helpful. Second question here on the distribution. Certainly, the step-up in the quarter very well received. I guess, how does this play into your overall views on capital allocation for the long term? And then maybe for 2026, more specifically, Joe, you hinted at this, but presumably, this shows a very high degree of confidence in your outlook for the year, even if it might be just a little too soon to update the guidance. Is that right?

這很有幫助。第二個問題是關於配息。本季的上調顯然獲得非常好的回響。我想問，這如何融入你們對長期資本配置的整體看法？另外更具體地談2026年，Joe，你有稍微提到這點，但這大概顯示你們對今年展望具有非常高的信心，即便現在可能還稍早、尚不便更新指引。是這樣嗎？

Justin, this is Joe. Just to build off on Carlson, I'll take your first question first. On the inventory optimization, that was just a result of gossip and good timing. With that said, the recent 5% step up, we would have done with or without the inventory optimization. As far as kind of giving you some better background as to our step up in our capital allocation, think maybe kind of talking through how we made this decision would be helpful.

Justin，我是Joe。延續Carlson的說法，我先回答你的第一個問題。關於庫存最佳化，那只是運氣加上時機掌握得好所帶來的結果。話雖如此，最近這次5%的上調，即使沒有庫存最佳化，我們也會做。至於讓你更了解我們提高資本配置的背景，我想或許把我們如何做出這個決定的思路講清楚會有幫助。

Our past investments have paid off, especially the NuStar acquisition we did two years ago in the Parkland acquisition we did last year. And just as importantly, our base business has proven to be year after year very resilient. As a result, our DCF per common unit has grown materially, and we believe a step-up followed by continued quarterly distribution increases would be highly valued by our unitholders. As far as the step-up, we wanted that step-up to be material. But at the same time, we didn't want to affect our ability to increase distributions over a multiyear period nor affect our ability to continue to grow.

我們過去的投資已經獲得回報，尤其是兩年前完成的NuStar收購，以及去年完成的Parkland收購。同樣重要的是，我們的核心業務年復一年證明了高度韌性。因此，我們每普通單位的DCF已顯著成長，我們相信先進行一次幅度可觀的上調，並在之後持續按季提高配息，將會受到我們單位持有人的高度重視。就這次上調而言，我們希望上調幅度要夠有感。但同時，我們不希望影響我們在多年期間提高配息的能力，也不希望影響我們持續成長的能力。

And we think that the actions that we've taken recently have put us in a very good position to achieve these goals. As far as -- I think, Justin, if I understand you correctly, the second part of the question was really more about guidance. Is that how I should read it?

我們認為，近期採取的行動已讓我們處於非常有利的位置來達成這些目標。至於——Justin，我如果理解正確，你問題的第二部分其實更偏向指引。我應該這樣解讀嗎？

Yes.

是的。

The one key message that I hope that you and the rest of the people on this call take away from today is that we're going to have an outstanding year and deliver on guidance. That's even after you take out the onetime inventory optimization. Our established practice is not to give guidance after the first quarter unless there's a major acquisition. So is the question -- is there upside, of course. However, the amount is still to be determined, and our history shows that we're good at capturing the upside as well as protecting the downside.

我希望你以及本次電話會議上的其他人，今天能帶走的一個關鍵訊息是：我們今年會是非常出色的一年，並且會達成指引。即便把一次性的庫存最佳化因素扣除也是如此。我們既定的做法是，除非有重大收購，否則不會在第一季之後提供指引。所以問題是——是否有上行空間？當然有。不過幅度仍有待確定，而我們的歷史也顯示，我們擅長把握上行，同時也能保護下行。

Spiro Dounis, Citigroup.

Spiro Dounis，花旗集團。

This is [Chad] on for Spiro. Just starting off, could you provide an update on how the conflict in the Middle East is impacting your business and trends today? And have you started to see any demand impacts from the higher prices yet?

我是代替Spiro出席的[Chad]。先從一開始問起，你能否更新一下中東衝突目前如何影響你們的業務與當前趨勢？另外，你們是否已開始看到較高價格對需求造成任何影響？

Yes. Chad. Yes, let me -- I'll answer your questions kind of in order there in terms of impact to our operations given the current market volatility and then I can touch on margins and demand separately. If you take a step back, given our scale, supply chain optionality and logistics capabilities, it's really -- the business really shines during these types of periods of extreme market volatility.

是的。Chad。是的，讓我——我會依序回答你的問題：先談在目前市場波動下對我們營運的影響，接著再分別談毛利與需求。如果退一步看，憑藉我們的規模、供應鏈的彈性選擇以及物流能力，在這種極端市場波動的時期，我們的業務其實最能展現優勢。

Just to give you one example, we normally supply our Hawaii business out of South Korea. What we're finding though right now is it's actually economical to load vessels out of the US Gulf Coast and supply the business via the Panama Canal. I share that because that's really only a move that's available if you have our scale and logistics capabilities.

舉一個例子，我們通常是從南韓供應夏威夷業務。但我們目前發現，從美國墨西哥灣沿岸裝船，經由巴拿馬運河供應該業務，反而在經濟性上更划算。我分享這點，是因為只有具備我們的規模與物流能力，才有可能做出這樣的調度。

There's literally countless other examples of how our operations have been impacted by some of the global disruption of product flows, but that's not always a bad thing. In fact, in our world, a lot of times, that can mean value creation. Just quickly touching on margins. We've always talked about flat price volatility, being bullish for margins in the long run. But the way that you get there is margins compress as flat prices on the way up, but then it widens disproportionately on the way down.

還有無數其他例子顯示，我們的營運如何受到全球產品流向受干擾的影響，但這不一定是壞事。事實上，在我們的產業裡，很多時候這反而意味著價值創造。快速談一下毛利。我們一直都提到，長期而言，現貨價格（flat price）波動對毛利是利多。但達到那個結果的過程是：現貨價格上行時毛利會被壓縮，但在下行時毛利會以不成比例的幅度擴大。

And I'd say you get an overall kind of net bullish margin environment. If you were to pull an RBOB or ULSD chart for year-to-date, I think what you'd find is we've been on a pretty sharp up and to the right for -- essentially through the first 4.5 months or four months in a week of the year. Despite that, we just closed out a really strong first quarter for the segment. The second quarter is off to a great start. And we haven't even gotten to the part of the story where flat price comes off and margins widen. So we feel really good about where we're positioned there.

因此整體而言會形成一個偏多的毛利環境。如果你拉出今年迄今的RBOB或ULSD走勢圖，我想你會看到——基本上在今年前4.5個月、或四個月又一週的期間，價格一路相當陡峭地向上。儘管如此，我們剛結束的第一季該事業部表現仍非常強勁。第二季開局也很不錯。而且我們甚至還沒進入現貨價格回落、毛利擴大的那一段。所以我們對目前的布局位置感到非常有信心。

And then I think you mentioned a question around impact to consumer demand. We haven't seen any evidence of demand destruction yet. I say that because it's kind of a function of how high flat prices go and for how long they remain there. That said, I think those of you who follow our story know that if we do encounter a scenario where there's demand destruction that creates a really strong margin environment as retailers are forced to respond to rising breakeven by taking price. So all that said, we're out of the gate really strong to start the year, and we feel really good about both the second quarter and delivering on an outstanding 2026.

另外我想你也提到消費需求影響的問題。我們目前尚未看到任何需求被破壞（demand destruction）的證據。我這麼說是因為這取決於現貨價格會漲到多高，以及在高位維持多久。不過話說回來，關注我們故事的人都知道，如果真的遇到需求被破壞的情境，當零售商被迫因應損益兩平點上升而調高售價時，反而會創造非常強的毛利環境。總之，今年一開始我們就表現非常強勁，我們對第二季以及在2026年交出一個非常出色的成績都感到很有信心。

Okay. Got it. That's very helpful. And just wanted to get your thoughts on kind of your M&A outlook with the current macro environment in two quarters of sort of the pro forma business. it sounds like you're tracking the $500 million of annual M&A cadence this year. But has there been any changes in the way that you view M&A as a cadence or a scale standpoint from your business yet?

好的。了解。這非常有幫助。另外也想請你談談在目前宏觀環境下，你們對併購（M&A）前景的看法；在兩個季度的某種備考（pro forma）業務表現之後，聽起來你們今年正按每年5億美元的併購節奏在推進。但你們對併購作為一種節奏或規模的看法，迄今是否有任何改變？

Chad, this is Joe. The simple answer is no. We view it exactly the way that we outlined it late last year and early this year. So just to kind of give you an update if you take a step back and you look at all the recent acquisitions that we've done, we've greatly expanded our scale and our geographic footprint. It wasn't too long ago that we were a US-only business predominantly on the East Coast and in the South. Now we have investment opportunities in the US, Canada, Latin America, Greater Caribbean, and Europe.

Chad，我是Joe。簡單的答案是否定的。我們的看法完全如同我們在去年年底與今年年初所闡述的。所以簡單更新一下：如果你退一步看我們近期完成的所有收購，我們已大幅擴大規模與地理版圖。不久之前，我們主要還是一家僅在美國、且以東岸與南部為主的企業。現在我們在美國、加拿大、拉丁美洲、大加勒比地區以及歐洲都有投資機會。

And so to give you an example, already this year, we have almost $200 million of bolt-on M&A that are either closed or signed are going to be closed in the very near future. And this doesn't include the $500 million plus tank with acquisition that we started the year with. So the $500 million a year plus bolt-on acquisition is very reasonable for us. And bottom line, we're in a good position to deliver on an attractive long-term growth story.

舉例來說，光是今年到目前為止，我們已經有接近2億美元的附加型併購（bolt-on M&A）已完成或已簽約，並將在非常近期內完成交割。而這還不包含我們在年初就啟動、金額超過5億美元的Tanked收購案。因此，每年5億美元以上的附加型收購對我們而言是非常合理的。總結來說，我們處於有利位置，能夠交出具吸引力的長期成長故事。

Theresa Chen, Barclays.

Theresa Chen，巴克萊。

First question is related to the Burnaby Refinery. Post your planned turnaround, how are operations trending at this point? And given the significant disruption to the liquids markets over the past two months plus following the Middle East conflict -- can you talk about your ability to capture these elevated margins not only on the West Coast of North America, but broadly across the Pacific Basin into Asia and Australia, given your fleet of assets from an infrastructure perspective as well as the refining facility at Burnaby.

第一個問題與Burnaby煉油廠有關。在你們計畫中的大修（turnaround）之後，目前營運趨勢如何？另外，鑑於過去兩個多月因中東衝突導致液體市場出現顯著擾動——你們能否談談，憑藉你們在基礎設施面的資產組合以及Burnaby的煉油設施，你們在北美西岸不僅如此、而是更廣泛地在整個太平洋盆地延伸至亞洲與澳洲，捕捉這些偏高利潤（margins）的能力？

Yes, Theresa. Thanks for the question. This is Karl. As Joe and I mentioned in our prepared remarks, the team and the refinery did a great job delivering on the turnaround on time and on budget, and that really allowed us to restart the refinery in the back part of the quarter into the higher cracks that were in the market. Our -- we've used this phrase a lot, but our crystal ball is in perfect as far as how long those refining margins will last. But I think the possibility of a period of longer cracks is reasonable and would be a tailwind for overall results.

好的，Theresa。謝謝你的提問。我是Karl。如同Joe和我在事先準備的發言中提到的，團隊與煉油廠在如期、且在預算內完成大修方面做得非常出色，這也讓我們能在本季後段重啟煉油廠，並切入市場上較高的裂解價差（cracks）。我們——我們常用這個說法——但就煉油利差能維持多久而言，我們的水晶球並不完美。不過，我認為裂解價差維持較長一段時間的可能性是合理的，並將成為整體業績的順風。

If you look at that, the refinery business, it really is a foundational piece of our overall business in British Columbia. And most of the refinery production goes into that market in British Columbia, -- and so I think that's a tailwind for that overall business that we'll be able to see the results as we go through the year. Now clearly, so far into the year, the refinery is outperforming assumptions we made for the Parkland acquisition or even the midpoint of our guidance, as Joe talked about.

如果你看煉油業務，它確實是我們在卑詩省整體業務的基礎性組成。而煉油廠的大部分產量都供應卑詩省市場——因此我認為這會成為該整體業務的順風，我們也會在今年推進過程中看到成果。很明顯地，截至目前，煉油廠的表現優於我們在Parkland收購案中所做的假設，甚至也高於我們指引區間的中點，如同Joe所談到的。

The refinery is an important part of the portfolio. not a large part of the portfolio. It's our smallest segment, but it fits well into our overall business. When there are big price movements, and we have the higher cracks that can help offset some of the margin compression that Lawson talked about in our fuel distribution business and the opposite is also true.

煉油廠是投資組合中重要的一部分，但不是很大的一部分。它是我們最小的事業部門，但與我們的整體業務非常契合。當價格出現大幅波動、且裂解價差較高時，它可以幫助抵消Lawson在我們燃料分銷業務中提到的部分利潤率壓縮；反過來也同樣成立。

And as far as your broader question for the rest of the Pacific I think Austin has come do a great job of looking at what the market is giving us and supplying as an example of how we supply Hawaii, of choosing the options we have to supply our base business in the most economical way possible and then finding additional opportunities to supply fuel to new customers. So yes, I think there's going to be opportunity.

至於你更廣泛的太平洋其他地區問題，我認為Austin在審視市場提供的條件並做出供應安排方面做得非常好；例如我們如何供應夏威夷：在既有選項中選擇最具經濟效益的方式來供應我們的基本盤業務，並進一步尋找額外機會向新客戶供應燃料。所以是的，我認為會有機會。

And going back to your earlier comments about synergies post the acquisitions and the broader more comprehensive set of assets you have under one portfolio now. Can you speak to the progress made both on the commercial side as well as any existing cost synergies still to be harvested at this point and what your outlook is for that?

再回到你先前提到的收購後協同效應，以及你們現在在同一投資組合下擁有更廣泛、更完整的資產配置。你能否談談目前在商業端的進展，以及此刻仍可持續挖掘的既有成本協同效應，並分享你對此的展望？

Yes, I think the outlook is good. You know us, and we've looked backwards on various acquisitions we've done. We start the synergy process even before we close, and that was true in the Parkland acquisition. So there were changes that we made, particularly on the expense side as soon as we took ownership in the fourth quarter, and those are continuing. I think the breadth of the Parkland portfolio means that, that runway of getting to the end result on the expense side takes a little longer than some of the other deals we've done, but that work is all going well.

是的，我認為展望良好。你也了解我們，我們回頭檢視過我們做過的各項收購。我們在交割前就開始推動協同效應流程，Parkland收購案也是如此。因此在第四季我們取得所有權後，特別是在費用端，我們立刻做了一些調整，而這些工作仍在持續。我認為Parkland投資組合的廣度意味著，在費用端要跑到最終成果的「跑道」會比我們做過的其他交易更長一些，但整體進展都很順利。

I think on the commercial side, there are significant commercial synergies that we outlined over the last year since we announced the Parkland deal and many of those have already been delivered. Many are in flight, and there are some still to come. So our guidance was based on $125 million of in-year synergies and to be able to hit that number, we needed to exit the year much higher than that, and we're still on pace with that and expect that to continue and us to the final kind of run rate of $250 million plus, we feel very comfortable with, and that should be a floor. You bet.

我認為在商業端，我們在過去一年、也就是自宣布Parkland交易以來所說明的商業協同效應相當可觀，其中許多已經實現。許多正在推進中，還有一些仍待後續落地。因此，我們的指引是以當年度可實現1.25億美元的協同效應為基礎；要達到這個數字，我們需要在年底的退出水準（exit rate）遠高於此，而我們目前仍按進度推進，並預期會持續下去；至於最終達到2.5億美元以上的運行率（run rate），我們非常有信心，而且那應該只是底線。沒錯。

Gabriel Moreen, Mizuho.

Gabriel Moreen，瑞穗。

Can I maybe just ask for an update on sort of the midstream side of things and to the extent you're planning to spend on the capital there this year. I noticed that your parent announced an expansion in the Bayou Bridge going into same game. So just curious if maybe that would necessitate more storage there, for example.

我想請你更新一下中游（midstream）業務的近況，以及你們今年在那部分計畫投入的資本支出規模。我注意到你們的母公司宣布擴建Bayou Bridge，進入同一個區域。所以我想了解，這是否可能需要例如增加更多儲存設施之類的配套？

Yes, Gabe, this is Karl again. Clearly, our midstream portfolio, we really like, whether it's the pipeline systems assets, our terminal network. Joe talked about, we're excited to have tanked as part of that portfolio. So -- we spend capital on those, whether it's maintenance capital to keep our tanks ready to go when market opportunities come or some growth capital. I think our current portfolio is we're always looking for opportunities for larger projects.

好的，Gabe，我又是Karl。很明顯地，我們非常喜歡我們的中游資產組合，無論是管線系統資產，或是我們的終端（terminal）網路。Joe也提到，我們很高興把Tanked納入這個投資組合。所以——我們會在這些資產上投入資本，不論是維護性資本支出，讓我們的儲槽隨時可用、以便市場機會出現時能把握，或是一些成長型資本支出。我認為就我們目前的投資組合而言，我們一直在尋找更大型專案的機會。

But as we sit here right now, I think our sweet spot is kind of the these small to midsize projects. And so we have a portfolio of those and then really looking for accretive M&A and any projects we do in the midstream space would be to optimize and to help us gain synergies on the M&A. So that -- as we sit here today, that can change down the road, but that's our current plan.

但以我們現在的狀況來看，我認為我們的甜蜜點大概是在這些小到中型的專案。因此我們有一個由這類專案構成的組合，同時也在尋找具增益性（accretive）的併購；而我們在中游領域所做的任何專案，目的都會是為了最佳化，並協助我們在併購上取得協同效應。所以——以今天來看，未來可能會改變，但這就是我們目前的計畫。

And then maybe I can follow up. I think 7-Eleven is doing a bit of portfolio repositioning in terms of their store base. Can you just talk about whether there's any implications at the 7-Eleven from any of those moves?

接著我可能再追問一下。我認為 7-Eleven 正在就其門市基礎進行一些投資組合重新定位。你能談談這些動作對 7-Eleven 是否會帶來任何影響嗎？

Gabe, it's Joe. As far as -- we've got a great relationship with 7-Eleven. So as far as the supply agreement we have with them, nothing changes on that one. That's a rock solid take-or-pay contract with highly profitable investment-grade company. So we feel good on that one.

Gabe，我是 Joe。就——我們和 7-Eleven 的關係非常好。所以就我們與他們的供應協議而言，那份協議沒有任何改變。那是一份非常穩健的 take-or-pay（照付不議）合約，對方是獲利能力很強、具投資等級的公司。所以我們對這一點很有信心。

As far as the 7-Eleven doing portfolio optimization, obviously, with our scale and our geographic footprint, anytime there's anything on the market, I think we're a viable partner for a lot of people that are looking to exit and we -- with the synergies we bring to the table, we're always going to be competitive.

至於 7-Eleven 進行投資組合最佳化，顯然，以我們的規模與地理佈局來看，只要市場上有任何機會，我認為對許多想要退出的人而言，我們都是可行的合作夥伴；而且——憑藉我們能帶來的協同效益，我們一向都會具備競爭力。

Joe, maybe if I just squeeze one more in, the M&A question from a different angle. Is the current volatile backdrop making it easier to transact in your mind or harder. I'm just curious what your thoughts are on there.

Joe，如果我再塞一個問題，從另一個角度問併購（M&A）。你認為目前波動的環境讓交易更容易還是更困難？我只是好奇你的看法。

Yes. harder, easier, I would probably say all things equal, maybe harder overall may be more opportunistically better for Sunoco. I think we have -- we know what we're good at and scale and geographic diversity -- and given our midstream assets, especially on the term level, we're in a good position. So I think from that standpoint, it's not going to affect us. As far as now that we're more than just a US company and we're in various geographies.

是的。更難、或更容易——我大概會說，在其他條件相同下，整體可能更難，但機會性上可能對 Sunoco 更有利。我認為我們——我們知道自己擅長什麼：規模與地理多元性——再加上我們的中游資產，尤其是在長約層面，我們處於有利位置。所以我認為從這個角度來看，這不會影響我們。另外，現在我們不只是美國公司，我們也在多個地理區域布局。

As far as opportunities in foreign markets, there's always going to be some level of tension between countries. The extent of it and Magia always kind of evolving. But the one thing that we do believe in is that cross-border foreign investment is going to continue across the world, and we're in a good position to find the right assets wherever it may be. And with the synergies that we bring to the table, we're going to be in a good position to be highly competitive.

至於海外市場的機會，各國之間總會存在某種程度的緊張關係。其程度以及 Magia 也一直在演變。但我們確信的一點是，跨境的外國投資將會在全球持續進行，而我們也處於良好位置，能在任何地方找到合適的資產。再加上我們能帶來的協同效益，我們將能在競爭中保持非常強的優勢。

(Operator Instructions) Ned Baramov, Wells Fargo.

(接線員指示) Ned Baramov，富國銀行。

Could you maybe talk about the interplay between Burnaby refining margins and the margins on the fuel distribution side in British Columbia. Does the higher crack spread imply lower potential FD margin? Or is this market also not seeing any change in demand from higher fuel prices as you commented earlier.

你能否談談卑詩省（British Columbia）Burnaby 煉油利潤率與燃料分銷端利潤率之間的相互影響？較高的裂解價差（crack spread）是否意味著燃料分銷（FD）利潤率的潛在空間較低？或者如你先前所說，這個市場也沒有因燃油價格上升而看到需求有任何變化？

Yes, Ned, this is Karl. I'll try to pull together to answer your question, a couple of points that Austin made in his overall answer on margins. and then some of the things I talked about at Burnaby. The short answer is -- as far as the refinery margin, the fuel distribution margin, as we look at it, we use internal transfer prices like most people do, and those are based on the market. So as most we can run the business while we like having the integrated margin, and we're always making choices to optimize the overall result for Sunoco, as we're looking at those two businesses, we also look at them independently.

是的，Ned，我是 Karl。我會試著把幾點串起來回答你的問題：包括 Austin 在整體利潤率回答中提到的幾個重點，以及我在 Burnaby 談到的一些事項。簡短的答案是——就煉油利潤率與燃料分銷利潤率而言，我們在檢視時，和大多數人一樣使用內部移轉價格，而這些是以市場為基礎。因此，雖然我們喜歡整合後的利潤率、也會在經營上做出選擇以最佳化 Sunoco 的整體結果，但在看這兩個業務時，我們也會分別獨立檢視。

And so I think on the overall margin and consumer demand question, I think Austin hit the nail on the head that those margins will adjust -- and I would expect that the overall fuel gross profit and the EBITDA that we get in British Columbia should stay the same or grow over time the refining margin is going to vary more, right? That's going to really flow based on supply/demand going on in the world.

因此我認為，就整體利潤率與消費者需求的問題而言，我覺得 Austin 說得非常到位：那些利潤率會調整——而我預期我們在卑詩省取得的整體燃料毛利與 EBITDA 應該會隨時間維持不變或成長；煉油利潤率則會有更大的波動，對吧？那將主要取決於全球供需的變化。

And so right now, we're in a period of higher cracks, but -- while we manage that supply chain as an integrated supply chain. I wouldn't necessarily imply that when refinery cracks are high, that the fuel distribution margins are low, sometimes they're both higher together. Hopefully, that answers the first question.

所以目前我們處於裂解價差較高的時期，但——雖然我們把供應鏈當作一體化供應鏈來管理。我不會必然推論：當煉油裂解價差很高時，燃料分銷利潤率就會很低；有時兩者會同時更高。希望這回答了第一個問題。

Yes, very clear. And then second one on the housekeeping side. Was the Burnaby turnaround spending included in your $93 million of maintenance CapEx for the quarter?

是的，非常清楚。那第二個是關於例行事項。Burnaby 的歲修支出是否已包含在你們本季 9,300 萬美元的維護性資本支出（maintenance CapEx）之中？

Yes. And there was some component of growth CapEx there as well that was included in our reported capital.

是的。而且其中也包含了一部分成長性資本支出（growth CapEx），已納入我們所揭露的資本支出。

Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to Scott for closing remarks.

各位女士先生，我這邊顯示隊列中沒有其他問題。現在我想把電話交回 Scott 作結語。

Well, thank you for joining us on the call today and for your continued interest in Sunoco. As we said, there's a lot of great things to look forward to in 2026, and we look forward to updating you across the year. Please reach out if you have any questions. Thanks for tuning in, and I always appreciate your support.

好的，感謝各位今天參與電話會議，也感謝各位持續關注 Sunoco。如同我們所說，2026 年有很多值得期待的好事，我們也期待在今年持續向各位更新。若有任何問題，請隨時與我們聯繫。感謝收聽，我也一向感謝各位的支持。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。