Sunoco LP (Texas) (SUN) 2026 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Desiree, and I will be your conference operator today. At this time, I would like to welcome everyone to Sunoco and Sunoco Corp Q3 2026 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star. Followed by the number one on your telephone keypad. If you would like to withdraw your question again, press the star one. I would now like to turn the call over to Scott Grischow, Senior Vice President of Finance. Please go ahead.

各位女士、先生，感謝您稍候。我是 Desiree，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 Sunoco 與 Sunoco Corp 2026 年第三季（Q3）財報電話會議。為避免背景雜音影響，所有線路已設為靜音。待講者發言結束後，將進行問答環節。若您希望在此期間提問，請按星號再按電話鍵盤上的 1。若您希望撤回提問，請再按一次星號 1。現在我將把電話交給財務資深副總裁 Scott Grischow。請開始。

Thank you and good morning, everyone. On the call with me this morning are Joe Kim, President and Chief Executive Officer Carl Fales, Chief Operating Officer Austin Harkness, Chief Commercial Officer. Brian Hand, Chief Sales Officer, and Dylan Bramhall, Chief Financial Officer. Today's call will contain forward-looking statements that include expectations and assumptions regarding SnoCult Peace'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. 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 reconciliation at Beach financial measure. The partnership continued its strong performance in 2026 with a record third quarter adjusted EBITDA of $1.06 billion, excluding approximately $11 million of one-time transaction expenses.

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 Carl Fales、商務長 Austin Harkness、銷售長 Brian Hand，以及財務長 Dylan Bramhall。今天的電話會議將包含前瞻性陳述，其中包括對 SnoCult Peace 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，我們亦不承擔因後續事件而更新這些陳述之義務。請參閱我們的財報新聞稿以及向 SEC 提交的文件，以了解相關因素清單。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 與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。本合夥企業於 2026 年持續展現強勁表現，第三季調整後 EBITDA 創下 10.6 億美元新高（不含約 1,100 萬美元的一次性交易費用）。

Third quarter distributable cash flow as adjusted was $588 million. On October 22, we announced a distribution of approximately $1.01.5 for both Sunoco LP common units and Sunoco Corp shares. This represents a quarterly increase of 1.25% from the prior quarter, over 10% versus the third quarter of 2025. Our business continues to generate strong cash flow.

第三季經調整之可分配現金流為 5.88 億美元。10 月 22 日，我們宣布對 Sunoco LP 普通單位與 Sunoco Corp 股票每單位/每股配發約 1.01.5 的分配金。這代表較前一季季增 1.25%，較 2025 年第三季成長超過 10%。我們的業務持續產生強勁現金流。

In a trailing 12-month coverage ratio of 2.1 times. Our balance sheet liquidity position remains strong. We had $2.3 billion in availability under our revolving credit facility at the end of the quarter and leverage was approximately 3.5 times, well below our long-term target. Finally, we spent $121 million on growth capital and $116 million on maintenance capital.

過去 12 個月的覆蓋倍數為 2.1 倍。我們的資產負債表流動性仍然強勁。截至本季末，我們在循環信用額度下可動用額度為 23 億美元，槓桿約為 3.5 倍，明顯低於我們的長期目標。最後，我們在成長資本支出上投入 1.21 億美元，維護資本支出為 1.16 億美元。

I want to wrap up my comments by stating that our execution in 2026 has put us in an outstanding financial position. In less than one year since closing on the Parkland acquisition, we have already delivered double-digit growth to DCF per common unit while also getting our balance sheet below our long-term leverage target of four times. Investors have benefited from this execution through year-over-year distribution growth of over 10%. Finally. We have continued to execute on growth opportunities, including the opposition of Austin Petroleum for $600 million, which we closed last week. In summary, we expect our financial position will continue 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. With that, I will turn it over to Carl to walk through some additional thoughts on our third quarter performance.

我想以以下說明作結：我們在 2026 年的執行表現，使我們處於極佳的財務位置。自完成 Parkland 收購案結案以來不到一年，我們已讓每普通單位的 DCF 達到兩位數成長，同時也將資產負債表槓桿降至低於我們長期 4 倍的目標。投資人也因這項執行而受益，年度分配金成長超過 10%。最後，我們持續把握成長機會，包括以 6 億美元收購 Austin Petroleum（我們已於上週完成交割）。總結而言，我們預期財務狀況將持續強化，讓我們在追求高報酬成長機會方面保有彈性，同時維持健康的資產負債表，以及為單位持有人提供安全且持續成長的分配金。接下來我將把時間交給 Carl，請他分享第三季表現的更多觀點。

Thanks, Scott. Good morning, everyone. As Scott outlined, we delivered record financial results in the third quarter. Our teams continued to optimize gross profit across fuel distribution.

謝謝，Scott。各位早安。如 Scott 所述，我們在第三季交出創紀錄的財務成果。我們的團隊持續在燃料分銷業務中優化毛利。

Operate our midstream assets reliably and capture a favorable market environment at the Burnaby Refinery. Let me walk through the performance of each segment. Starting with our fuel distribution segment, adjusted EBITDA was $532 million, excluding $9 million of transaction expenses. This compares with $516 million last quarter and $238 million in the third quarter of 2025, both excluding transaction expenses.

我們可靠地營運中游資產，並在 Burnaby 煉油廠把握有利的市場環境。以下我將逐一說明各事業部門的表現。先從燃料分銷部門開始，調整後 EBITDA 為 5.32 億美元（不含 900 萬美元交易費用）。相較之下，上季為 5.16 億美元，2025 年第三季為 2.38 億美元，兩者皆不含交易費用。

We distributed approximately 4.2 billion gallons during the quarter and fuel margin was $16.8 per gallon. Volume was up slightly and margin was down slightly from last quarter. While industry demand indicators were mixed and varied by geography, the volatility in the market continued to provide opportunities for gross profit optimization, especially for a system with our scale. Volatility remained elevated, particularly in diesel, reflecting. High distillate inventories, global supply disruptions, refinery outages and fall maintenance activity. Our scale, supply optionality and commercial capabilities allowed us to respond to those market conditions. When you step back, our model continues to deliver on what it is designed to do. We do not manage the business for an individual quarterly volume or margin outcome. Instead, we manage for total fuel profit, EBITDA and returns on deployed capital. The third quarter result. The value of applying that approach across a much larger geography. And more importantly, that geography continues to expand. As Scott shared earlier, we closed on the acquisition of Offen Petroleum last week.

本季我們分銷約 42 億加侖，燃料毛利為每加侖 16.8 美元。銷量較上季小幅增加，毛利較上季小幅下降。雖然產業需求指標好壞參半且因地區而異，但市場波動仍持續帶來毛利優化機會，尤其對於具備我們這種規模的系統而言。波動性仍處於高檔，特別是在柴油方面，反映出高蒸餾油庫存、全球供應中斷、煉廠停工以及秋季維修活動。我們的規模、供應彈性與商務能力，使我們能夠因應這些市場狀況。從更宏觀的角度來看，我們的模式持續實現其設計目的。我們不以單一季度的銷量或毛利結果來管理業務；相反地，我們以燃料總毛利、EBITDA 以及已投入資本的報酬率為管理目標。第三季的結果體現了將此方法應用於更大地理範圍的價值；更重要的是，這個地理範圍仍在擴大。如 Scott 先前分享，我們已於上週完成 Offen Petroleum 的收購。

Offen adds approximately 2.5 billion gallons of annual fuel distribution volume and strengthens our presence in the Midwest and Mountain West regions. The Offen business is a great fit with our existing portfolio. Its geographic footprint complements our network, while its logistics capabilities and market density create opportunities to improve supply, transportation and growth in both our branded and unbranded businesses.

Offen 每年新增約 25 億加侖的燃料分銷量，並強化我們在中西部與山區西部（Mountain West）地區的布局。Offen 的業務與我們既有投資組合高度契合：其地理版圖可補強我們的網路，而其物流能力與市場密度則可創造機會，提升供應與運輸效率，並推動我們品牌與非品牌業務的成長。

We look forward to the integration process and welcome the new team members to Sunoco. In our pipeline system segment, adjusted EBITDA was $166 million. Compared with $190 million last quarter and $182 million in the third quarter of 2025. Throughput was approximately 1.3 million barrels per day, essentially flat with last quarter and the third quarter of 2025. Sequential reductions were related to lower contributions from our joint ventures and some FERC clawbacks we received in the first half of the year that did not repeat in the second half.

我們期待整合流程，並歡迎新團隊成員加入 Sunoco。在管線系統部門，調整後 EBITDA 為 1.66 億美元。相較之下，上季為 1.90 億美元，2025 年第三季為 1.82 億美元。輸送量約為每日 130 萬桶，與上季及 2025 年第三季基本持平。季對季的下降主要與我們合資企業貢獻降低，以及我們在上半年收到的一些 FERC 追溯調整（clawbacks）在下半年未再發生有關。

However, the underlying characteristics of the segment remain consistent. The segment consists of critical infrastructure assets generating stable income with targeted opportunities to grow volumes, improve utilization and generate attractive returns from relatively modest capital investments. Moving on to our Terminals segment.

然而，該部門的基本特性仍然一致：由關鍵基礎設施資產構成，帶來穩定收入，並具備可透過相對適度的資本投資來提升輸送量、改善使用率並創造具吸引力報酬的機會。接著談我們的終端儲運（Terminals）部門。

Adjusted EBITDA was $124 million, excluding $2 million of transaction expenses, compared with $115 million last quarter and $76 million in the third quarter of 2025, both excluding transaction expenses. Throughput was approximately 1 million barrels per day in line with last quarter.

調整後 EBITDA 為 1.24 億美元（不含 200 萬美元交易費用），相較之下，上季為 1.15 億美元、2025 年第三季為 7,600 萬美元，兩者皆不含交易費用。輸送量約為每日 100 萬桶，與上季一致。

Overall results were supported by a strong quarter in our transmix processing business as well as the continued contribution of our larger European network. This is another segment where the operating story is straightforward. The assets continue to generate stable results and the expanded system gives us additional opportunities to increase utilization, support fuel distribution and deploy growth capital where we have attractive customer-backed returns.

整體結果受惠於我們 transmix 處理業務的強勁季度表現，以及我們更大規模的歐洲網路持續貢獻。這也是一個營運敘事相當清楚的部門：資產持續帶來穩定成果，而擴大的系統讓我們有更多機會提升使用率、支援燃料分銷，並在具備吸引力且有客戶支持回報的領域投入成長資本。

Turning to our refinery segment, adjusted EBITDA was $238 million compared with $175 million last quarter. The Burnaby refinery throughput averaged 57,000 barrels per day during the quarter, slightly up from the second quarter. Refining margin topped $54 per barrel and expenses were below $10 per barrel for the second quarter in a row. The market environment clearly remained favorable, but the financial result also reflects. Strong execution by the team. Our priorities at Burnaby remain safe and reliable operations, disciplined expense management and positioning the facility to capture available market opportunities. We understand that refining margins will move over time. Our job is to manage what we can control and operate the facility with a long-term mindset. Before I wrap up, I want to share a few final thoughts. This was an outstanding quarter. But it is really a continuation of the same operating focus that we deliver quarter after quarter, year after year. We grow and integrate, we operate our assets reliably and efficiently, we fully capture market opportunities all through disciplined execution of our strategy. I will now turn it over to Joe to share his final thoughts. Joe?

接著談煉油部門，調整後 EBITDA 為 2.38 億美元，較上季的 1.75 億美元增加。Burnaby 煉油廠本季平均處理量為每日 57,000 桶，較第二季略增。煉油利差超過每桶 54 美元，且費用連續第二季低於每桶 10 美元。市場環境顯然仍然有利，但財務成果也反映出團隊的強勁執行力。我們在 Burnaby 的優先事項仍是安全且可靠的營運、嚴謹的費用管理，以及讓廠區處於可掌握市場機會的位置。我們理解煉油利差會隨時間波動；我們的工作是管理可控因素，並以長期思維營運該設施。在結束前，我想分享幾點最後的想法：這是一個非常出色的季度，但更重要的是，它其實是我們年復一年、季復一季持續維持相同營運聚焦的延續。我們成長並整合、可靠且高效率地營運資產，並透過對策略的嚴謹執行，充分掌握市場機會。接下來我將把時間交給 Joe，請他分享最後的想法。Joe？

Thanks, Carl. Good morning, everyone. We had an outstanding third quarter. Although 2026 is not quite over, I wanted to share some perspectives on this year as a whole. 2026 will be another record year for Sunoco. With three quarters completed and visibility into the fourth quarter, we're highly confident that we will surpass the top end of our guidance. This will be our eighth consecutive year of EBITDA growth.

謝謝你，Carl。各位早安。我們第三季表現非常出色。雖然2026年尚未完全結束，但我想分享一些對今年整體的看法。2026年將會是Sunoco再創紀錄的一年。前三季已結束，且我們對第四季具備可見度，我們非常有信心將超越我們指引區間的上緣。這將是我們連續第八年EBITDA成長。

Obviously, the Parkland acquisition is a big part of our recent success. We have already delivered approximately a 25% growth in DCF per common unit in less than one year of ownership. In addition, our pre-Parkland businesses are performing at a high level. Our portfolio has become more diversified with greater scale and geographic reach.

顯然，收購Parkland是我們近期成功的重要一環。在持有未滿一年的時間內，我們已使每普通單位的DCF成長約25%。此外，我們在收購Parkland之前的既有業務也維持高水準表現。隨著規模擴大與地理覆蓋範圍提升，我們的投資組合更加多元化。

Combining this enhanced portfolio with our proven business model, we're able to succeed in various commodity environments. 2026 is a good example of our ability to deliver outstanding results in a higher price volatile market. Looking further into the future, we believe volatility will persist. Agnostic of the direction of prices, we're confident that we'll deliver strong results in various scenarios. Let me wrap up with some final thoughts. We've had material accretive growth over the last five years, and we expect this to continue. Earlier this year, we provided a multi-year guidance of at least $500 million a year bolt-on acquisition. We exceeded this amount in 2026, and we expect this to be a modest bar in 2027 and beyond. In addition, we'll continue to deploy attractive organic growth capital. Bottom line, when you combine our portfolio of stable income streams with acquisitions and investments that are delivering on expected economics, our cash flow will continue to grow. We're in a strong position to continue to increase distributions while executing on accretive growth and maintaining a strong balance sheet. Operator, that concludes our prepared remarks. You may open the line for questions.

將這個更強化的投資組合與我們經過驗證的商業模式結合，我們得以在各種商品環境中取得成功。2026年就是我們在高價格且波動的市場中仍能交出亮眼成績的良好例證。展望更長遠的未來，我們認為波動性將持續存在。不論價格走勢方向如何，我們都有信心在各種情境下交出強勁成果。最後我做個總結。過去五年我們實現了具實質增益（accretive）的成長，我們預期這將持續。今年稍早，我們提供了多年期指引：每年至少進行5億美元的補強型（bolt-on）併購。我們在2026年已超過此金額，且我們預期在2027年及之後，這將只是相對溫和的門檻。此外，我們也將持續投入具吸引力的有機成長資本。歸根結底，當你把我們穩定的收益來源投資組合，與能達成預期經濟效益的併購與投資結合起來，我們的現金流將持續成長。我們具備強而有力的條件，在執行具增益成長並維持強健資產負債表的同時，持續提高配息。接線員，我們的預先準備發言到此結束。您可以開放電話線進行提問。

Thank you. We will now begin the question-and-answer session. If you have dialed in and would like to add a question, please press 1 on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again. If you are called upon to ask your question and are listening via speakerphone in your device, please pick up your handset to ensure that your phone is not on mute when asking your question. We do request for today's session that you please limit to one question and one follow-up question only. Thank you. Our first question comes from the line of Spiro Donis with Citi. Your line is open.

謝謝。我們現在開始問答環節。若您已撥入並希望提問，請在電話鍵盤按1舉手並加入隊列。若您想撤回問題，只要再按一次星號1即可。若輪到您提問，而您是透過裝置的擴音功能收聽，請拿起聽筒，以確保您提問時電話未處於靜音狀態。我們也請各位在今天的會議中，每人僅限一個問題以及一個追問。謝謝。我們的第一個問題來自Citi的Spiro Donis。您的線路已開通。

Hi, this is Chad on for Spiro. Just starting off on guidance, you're now trending over the '26 guidance range. Could you just provide kind of your latest thoughts on how the fourth quarter is shaping up versus your record third quarter results and maybe any outlook into '27?

嗨，我是Chad，代Spiro提問。先從指引開始，你們目前的趨勢已高於2026年指引區間。你們能否分享一下最新看法：第四季相較於創紀錄的第三季表現會如何發展，以及對2027年是否有任何展望？

Hey, Chad, this is Joe. I think the first takeaway is that 2026 is going to be another outstanding year for Sunoco.

嗨，Chad，我是Joe。我認為第一個重點是，2026年將會是Sunoco又一個非常出色的一年。

Obviously, the refinery has performed very well this year, but even if we had more cracks that were closer to the mid-cycle levels for this year, we would still surpass the guidance that we gave back in January. I think the key point is that all four business segments are performing very well and we've delivered on our very high expectations.

顯然，今年煉油業務表現非常好；但即使今年的裂解價差（cracks）更接近中周期水準，我們仍會超過我們在一月給出的指引。我認為關鍵在於四個業務部門都表現非常強勁，我們也達成了我們非常高的期待。

On the Parkland acquisition as well as other smaller acquisitions. But I think the most important takeaway is that 2026 is not an outlier, but instead we're going to continue to grow our business. We are very well positioned for 2027 to be another record year even if refining cracks are closer to the mid-cycle levels.

這包括Parkland的收購以及其他較小型的收購。但我認為最重要的結論是，2026年並非異常值；相反地，我們將持續成長。我們在2027年也具備非常好的條件，即使煉油裂解價差回到更接近中周期水準，2027年仍有望再創紀錄。

Perfect, thank you. And just following up on fuel demand, I guess kind of in this elevated crude price volatile environment, what are you seeing with respect to the impact on fuel demand and margins as a result kind of going forward?

很好，謝謝。再追問一下燃料需求：在目前原油價格偏高且波動的環境下，你們看到燃料需求與利潤率受到什麼影響？以及未來的走勢如何？

Yes. Hey, Chad. This is Austin. Happy to walk you through kind of some of the themes that we're seeing across the portfolio. If you start domestically, demand in the U.S. has been remarkably resilient despite all the fuel price volatility that we've seen recently. So if you look at EBITDA data, the monthly data shows that diesel is roughly flat on a year-over-year basis with gasoline demand being off low single-digits year-over-year. And then all this is against a back. Of healthy margins despite the fact that we've had all this flat price volatility and haven't yet hit the part of the volatility curve where prices durably come off and margins widen. So we feel really good about kind of where the US business is for the segment and kind of the outlook there. If you move to Canada.

好的。嗨，Chad。我是Austin。我很樂意帶你梳理一下我們在整個投資組合中看到的一些主題。先看美國本土市場，儘管近期燃料價格波動很大，美國需求仍展現出驚人的韌性。因此，如果你看EBITDA數據，月度數據顯示柴油需求年增率大致持平，而汽油需求則年減低個位數。然後這一切都是在一個背景之下。也就是在我們經歷了現貨價格（flat price）波動的同時，利潤率仍維持健康；而且我們尚未進入波動曲線中「價格持續回落、利潤率擴大」的那一段。因此，我們對美國業務在該部門的現況與展望都感到非常樂觀。接著如果轉到加拿大。

Just as a reminder and point of reference, flat price volatility has actually been amplified in Canada relative to what we've seen in the US. So as an example, diesel recently touched $7 a gallon USD equivalent there. And so some of the themes that we had touched on last quarter around demand starting this off and continue into Q3. So diesel and gasoline demand is off low to mid-single-digits, but as a reminder, that's. It's a very strong margin environment. We've seen strong margins and durable margins, likely in large part owed to the flat price volatility that we're seeing there. And then lastly, in the Caribbean, that continues to be its own kind of animal. We've got 20-plus markets that we operate in, each with their own demand and margin profiles. What I would just say there is, in general, the theme is the Caribbean has been a growth engine for us. It will continue to be a growth engine for us, and we expect that to be both on healthy volume growth and. Margin expansion. So all that said, if you followed our story, you all know that if demand softens from here, that paints a pretty bullish picture for what the margin environment looks like. And then also, as Joe mentioned in his opening remarks, we built this portfolio in this segment to perform in a range of economic scenarios. And so we feel really well positioned to grow the segment from an EBITDA and fuel profit standpoint durably into the future.

提醒一下並作為參考，相較於美國，我們在加拿大看到的現貨價格波動其實更為放大。舉例來說，柴油最近一度觸及每加侖7美元（折合美元）左右。因此，我們上季提到的一些主題——需求開始走弱——在第三季仍持續。柴油與汽油需求下滑低到中個位數，但提醒一下，那是。那是在一個非常強勁的利潤環境下發生的。我們看到利潤率強勁且具持續性，這很可能在很大程度上歸因於我們在當地看到的現貨價格波動。最後，在加勒比海地區，情況仍然相對獨特。我們在20多個市場營運，每個市場都有各自的需求與利潤結構。我在那裡想說的是，整體而言，加勒比海一直是我們的成長引擎，未來也將持續是成長引擎；我們預期這將同時來自健康的銷量成長以及。利潤率擴張。綜合以上，如果你一路追蹤我們的故事，你會知道：若需求從這裡開始轉弱，反而會讓利潤環境的前景更偏多（bullish）。此外，正如Joe在開場致詞提到的，我們打造這個部門的投資組合，就是為了能在各種經濟情境下運作。因此，從EBITDA與燃料毛利（fuel profit）的角度來看，我們認為自己在未來能夠持續、穩健地推動該部門成長，且我們的定位非常良好。

Perfect. Thanks. Very helpful. Thanks for the time today.

很好。謝謝，非常有幫助。感謝今天撥冗。

Our next question comes from the line of Gabriel Maureen with Mizuho Securities. Your line is open.

下一個問題來自Mizuho Securities的Gabriel Maureen。您的線路已開通。

Hey, good morning, everyone. $500 million, I guess, is a pretty easy bogey to clear at this point.

各位早安。我想5億美元在目前看來算是相當容易達成的門檻。

But Offen, nonetheless, was a pretty big transaction for you. Can you just talk about that asset as a fuel distributor versus others and what it may give you? And then also any chance of another acquisition announcement two days after earnings like you did with Offen?

不過，Offen對你們而言仍是一筆相當大的交易。你能否談談這項資產作為燃料分銷商，相較於其他同業有何不同，以及它可能帶給你們什麼？另外，有沒有可能像你們收購Offen那樣，在財報發布兩天後又宣布另一筆收購？

Thanks, Gabe, this is Karl. Clearly, we're excited about Offen and.

謝謝，Gabe，我是Karl。很明顯，我們對Offen感到非常興奮，而且。

In many ways, often is just a continuation of our roll-up strategy, but clearly it's on a much larger scale. So one of the pillars of our overall fuel distribution strategy is that scale matters, and that is not just from an aggregate basis, but also on a more regional view. So often gives us scale in areas of the US that we haven't necessarily had scale before.

在很多方面，Offen只是我們整併（roll-up）策略的延續，但顯然規模大得多。我們整體燃料分銷策略的支柱之一是：規模很重要；這不僅體現在總量層面，也體現在更區域性的視角。因此，Offen讓我們在美國一些過去未必具備規模的地區取得規模優勢。

So that really leads into the next benefit, which is supply optionality. So that larger scale in the Midwest, Mountain West region really integrates well into our footprint in Canada, in the South, Southwest and a little bit further east. So it provides a lot of options for us to supply and integrate those markets into our much broader network. And then I think the last thing I'd mention is people.

這也自然帶出下一個好處：供應的選擇性（supply optionality）。在中西部與山區西部（Mountain West）更大的規模，能與我們在加拿大、南部、西南部以及更往東一些的版圖很好地整合。這為我們提供了許多選項，讓我們能供應並把這些市場整合進我們更廣泛的網路。最後我想提的是人才。

With often, we picked up a couple of really good leaders that are going to help us on our much larger portfolio, and we're excited to have them join the team.

透過Offen，我們延攬了幾位非常優秀的領導者，他們將協助我們管理更龐大的投資組合；我們也很高興他們加入團隊。

Great. Thanks, Carl. And then maybe if I could just ask in terms going back to the guidance for the year and the bump and I guess not giving a kind of specific range for where you might wind up for 2026, but just within a larger context of thinking about giving guidance going forward.

太好了。謝謝你，Carl。接著我想再問一下，回到今年的指引與這次的上修；我知道你們不打算給出 2026 年最終可能落在何處的具體區間，但能否放在更大的脈絡下談談你們對未來提供指引的思考方式？

Particularly with Burnaby and the volatility in the backdrop here, just can you talk about how you're thinking about that in terms of laying out specific parameters for the market and what you want your you obviously want to show a readable growth rate, I think, with the underlying business and how you would kind of go about communicating that?

特別是考量 Burnaby 以及目前大環境的波動性，你們能否談談在為市場設定更明確的參數時是怎麼思考的？你們顯然希望讓市場看到核心業務可理解的成長率，那你們會如何去溝通這件事？

Hey, Dave, this is Joe.

嗨，Dave，我是 Joe。

As far as guidance, we'll follow the same kind of rhythm that we've done in the past, we'll provide guidance in early January of next year, but here's i'll kind of reiterate what I said earlier and I want to reemphasize that '26 is not an outlier for us. Yeah, cracks were really great this year at the same time.

就指引而言，我們會延續過去同樣的節奏，會在明年一月初提供指引。不過我想重申我先前說過的，並再次強調：對我們來說，'26 並不是異常值。是的，今年的裂解價差（cracks）確實非常好，同時也是如此。

The point is that even if we assume a mid-cycle type level, we're going to see Sun grow in 2027 and you should expect Sun to grow in 2028 and that's why we gave that guidance earlier this year that we think that we can do bolt-on acquisitions of at least $500 million. This year, we should end up roughly about $1.5 billion in bolt-on acquisition and if you add in our organic growth capital, we're well over $2 billion. And I said it in the prepared remarks, I think $500 million a year bolt-on acquisition is a modest bar as we kind of look at all the different geographies we're in, we look at the different sectors we're in and we see what's kind of coming to the market, what's not on the market, what those opportunities are, we feel really good about our growth and that's all with the foundation that all our businesses are performing very well.

重點是，即便我們假設回到一個中循環水準，我們仍會在 2027 年看到 Sun 成長，而你也應該預期 Sun 在 2028 年繼續成長。這也是為什麼我們今年稍早給出指引，認為我們至少可以做每年 5 億美元的附加型併購（bolt-on acquisitions）。今年我們的附加型併購最終應該大約會到 15 億美元；如果再加上我們的有機成長資本支出，總額就遠超過 20 億美元。我在事先準備的發言裡也提到過，我認為以我們所處的不同地理區域、不同產業別來看，每年 5 億美元的附加型併購門檻其實是相對保守的；我們觀察市場上有哪些資產釋出、哪些沒有釋出，以及有哪些機會，我們對成長非常有信心，而這一切都建立在我們所有業務表現都非常好的基礎之上。

Next question comes from the line of Theresa Chen with Barclays. Your line is open.

下一題來自 Barclays 的 Theresa Chen。您的線路已開通。

Good morning.

早安。

Given the recent M&A activity across refining and the strength in margins, how are you thinking about the strategic value and long-term fit of Burnaby within your portfolio?

鑑於近期煉油產業的併購活動以及利差走強，你們如何看待 Burnaby 在你們投資組合中的策略價值與長期契合度？

Is there a valuation at which you would consider monetizing the asset?

是否存在一個估值水準，讓你們會考慮將該資產變現？

Hey, Theresa.

嗨，Theresa。

Here's the way that we look at the Burnaby Refinery. So I've talked to a lot of you all many times. Our strategic intent was never to say that we're going to go buy a refinery and put into a portfolio. But the Parkland acquisition, as I said, we're already 25% DCF growth within a year. So that worked out tremendously for us. The way that I think you should look at our business is that if you look at our other three. Sectors, fuel distribution, our pipeline and our terminals segment, they're stable and growing. And the way that I would look at the Burnaby refinery is, it's kind of an asymmetrical upside for us where whenever cracks blow out, we're going to take that to the bottom line. But even if it goes back to a mid-cycle or slightly below mid-cycle level, we're going to continue to grow our overall business. So that's the way we're looking at it as far as opportunistically, are we trying to grow the refining sector? And the answer is no. That's one scenario that I would say that we would look at is if there was an identical type of match to Parkland that came with a fantastic business that also happens to have a refinery, yeah, we'll take a look at that. But as far as on a stand-alone segment basis, we like the position we're in where we have three segments that are stable and growing and we have the smaller segment that gives us asymmetrical upside in various environments.

我們看待 Burnaby 煉油廠的方式是這樣。我過去跟各位很多次談過。我們的策略初衷從來不是說要去買一座煉油廠，然後把它放進投資組合裡。但如我所說，透過 Parkland 的收購，我們在一年內就已經實現 25% 的 DCF 成長。所以那對我們來說非常成功。我認為你應該這樣看我們的業務：如果你看我們另外三個事業部門——燃料分銷、我們的管線，以及我們的碼頭業務——它們都穩定且成長。而 Burnaby 煉油廠，我會把它視為對我們而言具有「非對稱上行」的資產：當裂解價差大幅擴張時，我們就會把這些收益直接反映到盈餘。但即便回到中循環或略低於中循環的水準，我們仍會持續推動整體業務成長。所以就「是否機會性地擴大煉油板塊」而言，我們的看法是：答案是否定的。我會說有一種情境我們會考慮：如果出現一個與 Parkland 類似的匹配標的——本身是一門非常出色的生意，且剛好也包含一座煉油廠——那我們當然會看一看。但若以單一事業部門的角度來看，我們喜歡目前的配置：三個部門穩定且成長，另有一個較小的部門能在不同環境下提供非對稱上行。

Thank you.

謝謝。

And I want to go back to Austin's comment about demand elasticity, taking into account your comment about not hitting the part of the volatility curve that would impact demand and margins at this point. But it does feel that the market has been testing that threshold for some time. Where do you see that inflection point today?

我想回到 Austin 對需求彈性的評論，並結合你剛才提到的：目前尚未觸及會影響需求與利差的那段波動曲線。但市場似乎已經測試那個門檻一段時間了。你認為今天那個拐點在哪裡？

Hey, Teresa.

嗨，Teresa。

It's a good question. I think it's one that's on a lot of our minds, but frankly, it's not one that we spend a lot of time thinking about because our guess is likely going to be wrong. I think what we have seen is there's a couple of different themes that we can talk to. One is when there's flat price volatility, the degree and direction which is going to impact demand is really a question of how high does price go and for how long, right? And so to your point, I think we've seen extended periods of pretty significant volatility. But demand has been holding up. As to when demand gets impacted, I think is anyone's guess, what I would say is we've built the portfolio, just going back to my earlier comments and Joe's opening remarks, we've built the portfolio to perform in a range of economic conditions. And I think given our scale, the supply chain optionality, the logistics capabilities that Carl referenced earlier, we feel really well positioned regardless of what the macroeconomic future kind of holds that we're going to be well positioned to grow the segments.

這是個好問題。我想這也是我們很多人都在想的，但坦白說，我們不會花太多時間去推演，因為我們的猜測很可能會是錯的。我認為我們看到的是，有幾個不同的主題可以談。其中之一是，當名目價格（flat price）出現波動時，波動的幅度與方向會如何影響需求，關鍵其實在於價格會漲到多高、以及維持多久，對吧？所以如你所說，我們確實看到相當長一段期間的顯著波動。但需求仍然撐得住。至於需求何時會受到影響，我想誰也說不準；我能說的是，回到我先前的評論以及 Joe 開場的說法，我們打造的投資組合能在一系列經濟情境下運作良好。而且考量我們的規模、供應鏈的選擇性（optionalitiy）、以及 Carl 先前提到的物流能力，無論未來宏觀經濟走向如何，我們都覺得自己處於非常有利的位置，能推動各事業部門的成長。

EBITDA well into the future.

並在未來很長一段時間內推動 EBITDA 成長。

Thank you.

謝謝。

Next question comes from the line of Ratan Reddy with JPMorgan. Your line is open.

下一題來自 JPMorgan 的 Ratan Reddy。您的線路已開通。

Hey, good morning. Thanks for taking my question. I wanted to start on the field distribution segment and maybe if you guys could just speak to strengthen margins there, your outlook and the synergies you still have left to capture that segment?

嗨，早安。謝謝讓我提問。我想先從燃料分銷（fuel distribution）部門談起，想請你們談談那邊利差走強的情況、你們的展望，以及該部門仍有多少協同效益尚待釋放？

Yeah, this is Austin. Just going back to kind of some of the earlier comments that have been shared, I think we feel really good about where margins are right now. I think for those that are maybe newer to the story, we don't really solve for margin or volume independently. It's more a story around fuel profit and optimizing for EBITDA growth on a year-over-year basis. There's always going to be some quarter-to-quarter volatility, but as mentioned earlier and then I think implied. Relative to Teresa's question a moment ago, we feel really good about where margins are right now given where flat price volatility has been and the fact that we haven't yet come prices haven't durably come off, which is where we tend to see the most margin expansion.

好的，我是 Austin。回到先前分享的一些評論，我想我們對目前的利差水準感到非常滿意。對於可能比較新加入、剛開始了解我們故事的投資人，我們不會把「利差」或「銷量」分開單獨最佳化。我們更關注的是燃料獲利（fuel profit），並以年對年 EBITDA 成長為最佳化目標。季度之間一定會有一些波動，但如先前提到、以及我想在剛才 Teresa 的問題裡也有所暗示，考量名目價格波動的狀況，以及價格尚未出現持續性回落——而那通常是我們看到利差擴張最明顯的時候——我們對目前的利差水準感到很不錯。

Thanks for that. And then in pipelines, is there anything that we should note this quarter a little softer versus expectations beyond seasonality?

謝謝。另外在管線方面，本季表現比預期稍弱，除了季節性之外，還有什麼需要注意的嗎？

Yeah, I mean, I mentioned a couple of things in my prepared remarks. I don't know that there's a lot more color to add other than just like in most of our segments, we look at it on a rolling 12-month sort of basis. So there's always quarter-to-quarter fluctuations, whether it's certain contracts or certain pricing or certain.

是的，我在事先準備的發言裡提了幾點。除了這些之外，我不確定還能補充多少細節；就像我們多數部門一樣，我們會用滾動 12 個月的角度來看。因此季度之間總會有波動，可能來自某些合約、某些定價，或某些

Kind of timing variations, but overall, we're really happy with our pipeline business. And as Joe mentioned earlier, I think both of our midstream segments, terminals and pipelines, provide a lot of stability in our portfolio.

時點上的差異；但整體而言，我們對管線業務非常滿意。而且如 Joe 先前提到，我認為我們兩個中游部門——碼頭與管線——為我們的投資組合提供了很大的穩定性。

Got it.

了解。

Thank you.

謝謝。

And again, if you would like to ask a question, please press star then the number one on your telephone keypad.

再次提醒，若您想提問，請在電話按鍵上先按星號再按數字 1。

And our final question comes from the line of Ned Baramo with Wells Fargo. Your line is open.

我們最後一個問題來自 Wells Fargo 的 Ned Baramo。您的線路已開通。

Hi, good morning. Thanks for taking the question.

嗨，早安。謝謝讓我提問。

Could the planned pipeline, which is linking the Midwest, MidCon, and Gulf Coast refinery supply to Arizona, Nevada, and California. Together with the recently completed refined products pipeline expansion into Denver and the Denver Airport, could this tighten product balances in the MidCon and potentially increase demand for northbound shipments from the Gulf Coast? And if yes, is there a role for Sunoco to play in this rerouting of flows?

規劃中的管線將把中西部、MidCon 與墨西哥灣沿岸煉油供應連結到亞利桑那、內華達與加州。再加上近期已完成的成品油管線擴建至丹佛與丹佛機場，這是否會使 MidCon 的產品供需更為吃緊，並可能提高自墨西哥灣沿岸向北運輸的需求？若是，Sunoco 在這種流向重新配置中是否能扮演角色？

Yeah, Ned, I mean, the short answer is yes. I mean, there are obviously a lot of hypotheticals in what you've laid out. I know there are other pipeline companies that have announced projects that can impact the product flows in the middle part of the US. I'd say here's our view is if those projects are built and product flows change.

是的，Ned，我的意思是，簡短答案是肯定的。不過你提出的情境裡顯然有很多假設。我知道還有其他管線公司已宣布一些可能影響美國中部地區產品流向的專案。我們的看法是：如果那些專案建成、產品流向發生變化。

We've experienced that a lot in our history and we are well positioned, particularly in the mid-continent, we have our pipeline system that kind of flows north in the mid-continent, but I'd extend that to the broader.

我們在過去的歷史中經歷過很多次這種情況，而我們也具備良好條件，特別是在美國中部地區；我們的管線系統在該區域大致是往北流動，但我也會把這點延伸到更廣的範圍。

Kind of point that Jill made earlier, given our portfolio, I mean, we've intentionally put together the portfolio we have to be able to withstand and take advantage of lots of different product shifts or supply chain shifts, whether they're a tailwind like the hypothetical that you gave us could be or even if they're a headwind, we can find some other way in other parts of our business to continue to grow year after year.

呼應 Jill 先前提到的重點，考量到我們的資產組合，我們是有意打造目前這個組合，以便能承受並把握各種不同的產品移轉或供應鏈移轉；不論是像你提出的假設那樣可能帶來順風，甚至即使是逆風，我們也能在業務的其他部分找到方式，讓公司年復一年持續成長。

Understood. And then a quick housekeeping item on operating expenses in the fuel distribution segment. It seems OpEx was well below our forecast. Can you maybe just talk about drivers behind the lower number and how sustainable this is going forward?

了解。另外一個簡單的例行問題，關於燃料分銷部門的營運費用。看起來 OpEx 明顯低於我們的預估。能否談談較低數字背後的驅動因素，以及未來這種情況的可持續性？

Hey, Ned, this is Scott. I'd offer a couple of comments there. I think one, being a low-cost operator has always been a focus for us.

嗨，Ned，我是 Scott。我這裡提供幾點看法。第一，成為低成本營運者一直是我們的重點。

And the decline you saw in Q3 is another example of that. Second, the Parkland integration efforts continue, and that also contributed to the sequential decline. I think moving forward, there may be some ups and downs sequentially, but looking forward to 2027, we'd expect an overall decline relative to '26.

你在第三季看到的下降就是另一個例子。第二，Parkland 的整合工作仍在持續，這也促成了環比下降。我認為往後每季可能會有一些起伏，但展望 2027 年，我們預期整體會較 2026 年下降。

That concludes the question-and-answer session. I would now like to turn the call back over to Scott Risho for closing remarks.

問答環節到此結束。現在我想把電話交回 Scott Risho 作結語。

Well, thank you for joining us on the call today, and we appreciate the continued interest in Sunoco. Please feel free to reach out if you have any follow-up questions.

感謝各位今天參與電話會議，我們也感謝大家持續關注 Sunoco。若您有任何後續問題，歡迎隨時與我們聯繫。

This concludes today's call.

今天的電話會議到此結束。

Ladies and gentlemen, that concludes today's call.

各位女士先生，今天的電話會議到此結束。

Thank you all for joining. You may now disconnect.

感謝各位參與。您現在可以掛線。

Ladies and gentlemen, thank you for standing by. My name is Desiree and I will be your conference operator today. At this time, I would like to welcome everyone to Sunoco and Sunoco Corp Q3 2026 Earnings Conference Call.

各位女士先生，感謝您耐心等候。我叫 Desiree，今天將擔任本次會議的接線員。此刻我想歡迎各位參加 Sunoco 與 Sunoco Corp 2026 年第三季財報電話會議。

All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad.

為避免背景雜音，所有線路已設為靜音。在講者致詞後，將進行問答環節。若您想在此期間提問，請在電話按鍵上按星號後再按數字 1。

If you would like to withdraw your question again, press the star one. I would now like to turn the call over to Scott Grisho, Senior Vice President of Finance. Please go ahead.

若您想撤回您的問題，請再次按星號 1。現在我想把電話交給財務資深副總裁 Scott Grisho。請開始。

Thank you, and good morning, everyone. On the call with me this morning are Joe Kim, President and Chief Executive Officer Karl Fales, Chief Operating Officer Austin Harkness, Chief Commercial Officer Brian Hand, Chief Sales Officer and Dylan Bramhall, Chief Financial Officer. Today's call will contain forward-looking statements that include expectations and assumptions regarding Snoqualpie's future operations and financial performance.

謝謝，各位早安。今天早上與我一同出席的有：總裁兼執行長 Joe Kim、營運長 Karl Fales、商務長 Austin Harkness、銷售長 Brian Hand，以及財務長 Dylan Bramhall。今天的電話會議將包含前瞻性陳述，其中包括對 Snoqualpie 未來營運與財務表現的預期與假設。

Actual results could differ materially, and we undertake no obligation. 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. 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 reconciliation at Beach financial measure. The partnership continued its strong performance in 2026 with a record third quarter adjusted. EBITDA of $1.06 billion, excluding approximately $11 million of one-time transaction expenses. Third quarter distributable cash flow as adjusted was $588 million. On October 22, we announced a distribution of approximately $1.01.5 for both Sunoca LP common units and Sunoca Corp shares. This represents a quarterly increase of 1.25% from the. Prior quarter, over 10% versus the third quarter of 2025. Our business continues to generate strong cash flow, resulting in a trailing 12-month coverage ratio of 2.1 times. Our balance sheet and liquidity position remains strong. We had $2.3 billion in availability under our revolving credit facility at the end of the quarter and leverage was approximately 3.5 times, well below our long-term target.

實際結果可能有重大差異，我們亦不承擔任何義務，根據後續事件更新這些陳述。相關風險因素清單請參閱我們的財報新聞稿以及向 SEC 提交的文件。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 與經調整的可分配現金流。請參閱 Sunoco LP 網站以取得各項財務衡量指標的調節表。本合夥企業於 2026 年延續強勁表現，第三季調整後 EBITDA 創下紀錄，達 10.6 億美元，排除約 1,100 萬美元的一次性交易費用。第三季經調整的可分配現金流為 5.88 億美元。10 月 22 日，我們宣布對 Sunoca LP 普通單位與 Sunoca Corp 股票每單位/每股配發約 1.01.5 美元的分配。這代表較前一季季增 1.25%，且相較 2025 年第三季增幅超過 10%。我們的業務持續產生強勁現金流，使過去 12 個月的覆蓋倍數達 2.1 倍。我們的資產負債表與流動性狀況仍然強健。本季末，我們在循環信貸額度下可用額度為 23 億美元，槓桿約為 3.5 倍，明顯低於我們的長期目標。

Finally, we spent $121 million on growth capital and $116 million on maintenance capital. I want to wrap up my comments by stating that our execution in 2026 has put us in an outstanding financial position. In less than one year since closing on the Parkland acquisition, we have already delivered double-digit growth to DCF per common unit while also getting our balance sheet below our long-term leverage target of 4 times.

最後，我們在成長資本支出上投入 1.21 億美元，在維護資本支出上投入 1.16 億美元。我想以一句話總結：我們在 2026 年的執行表現讓我們處於極佳的財務位置。自完成 Parkland 收購交割以來不到一年，我們已讓每普通單位的 DCF 實現雙位數成長，同時也把資產負債表槓桿降到低於我們長期 4 倍的槓桿目標。

Investors have benefited from this execution through year-over-year distribution growth of over 10%. Finally, we have continued to execute on growth opportunities, including the opposition of Austin Petroleum for $600 million, which we closed last week. In summary, we expect our financial position will continue to strengthen, which will provide us with continued flexibility to pursue high return growth opportunities.

投資人也因這樣的執行而受益，年度分配金成長超過 10%。此外，我們也持續推進成長機會，包括以 6 億美元收購 Austin Petroleum（原文：opposition of Austin Petroleum），並於上週完成交割。總結而言，我們預期財務狀況將持續強化，這將使我們在追求高報酬成長機會方面保有持續的彈性。

While maintaining a healthy balance sheet and a secure and growing distribution for our unit holders. With that, I will turn it over to Karl to walk through some additional thoughts on our third quarter performance.

同時維持健康的資產負債表，以及對我們單位持有人而言安全且持續成長的分配金。接下來我把時間交給 Karl，請他進一步說明我們第三季表現的一些想法。

Thanks, Scott. Good morning, everyone. As Scott outlined, we delivered record financial results in the third quarter. Our teams continued to optimize gross profit across fuel distribution, operate our midstream assets reliably and capture a favorable market environment at the Burnaby Refinery. Let me walk through the performance of each segment.

謝謝，Scott。各位早安。如 Scott 所述，我們在第三季交出創紀錄的財務成果。我們的團隊持續在燃料分銷業務上最佳化毛利、可靠地營運我們的中游資產，並在 Burnaby 煉油廠把握有利的市場環境。接下來我將逐一說明各事業部門的表現。

Starting with our Fuel Distribution segment, adjusted EBITDA was $532 million, excluding $9 million of transaction expenses this compares with $516 million last quarter and $238 million in the third quarter of 2025, both excluding transaction expenses.

先從燃料分銷部門開始，調整後 EBITDA 為 5.32 億美元，排除 900 萬美元的交易費用；相較之下，上季為 5.16 億美元，2025 年第三季為 2.38 億美元，兩者同樣排除交易費用。

We distributed approximately 4.2 billion gallons during the quarter and fuel margin was 16.$0.08 per gallon. Volume was up slightly and margin was down slightly from last quarter. While industry demand indicators were mixed and varied by geography, the volatility in the market continued to provide opportunities for gross profit optimization, especially for a system with our scale.

本季我們分銷約 42 億加侖，燃料毛利為每加侖 16.$0.08 美元。銷量較上季小幅增加、毛利較上季小幅下降。雖然產業需求指標好壞參半且因地區而異，但市場波動仍持續帶來毛利最佳化的機會，特別是對於具備我們這種規模的系統而言。

Volatility remained elevated, particularly in diesel, reflecting tight distillate inventories, global supply disruptions, refinery outages and fall maintenance activity. Our scale, supply optionality and commercial capabilities allowed us to respond to those market conditions.

波動性仍維持在高位，尤其是柴油，反映出中間餾分油庫存吃緊、全球供應中斷、煉油廠停工以及秋季維修活動。我們的規模、供應彈性與商業能力使我們得以因應這些市場狀況。

When you step back, our model continues to deliver on what it is designed to do. We do not manage the business for an individual quarterly volume or margin outcome. Instead, we manage for total fuel profit, EBITDA and returns on deployed capital. The third quarter result demonstrates the value of applying that approach across a much larger geography. And more importantly, that geography continues to expand.

退一步看，我們的模式持續交出其設計初衷所要達成的成果。我們不會為了單一季度的銷量或毛利結果來經營業務。相反地，我們管理的是燃料總利潤、EBITDA 以及已投入資本的報酬率。第三季的結果展現了在更大地理範圍內採用該方法的價值。而更重要的是，這個地理範圍仍在持續擴大。

As Scott shared earlier, we closed on the acquisition of Offen Petroleum last week. Offen adds approximately 2.5 billion gallons of annual fuel distribution volume and strengthens our presence in the Midwest and Mountain West regions. The Offen business is a great fit with our existing portfolio. Its geographic footprint complements our network, while its logistics capabilities and market density create opportunities to improve supply, transportation and growth in both our branded and. Businesses. We look forward to the integration process and welcome the new team members to Sunoco. In our Pipeline Systems segment, adjusted EBITDA was $166 million compared with $190 million last quarter and $182 million in the third quarter of 2025.

如同 Scott 先前分享的，我們已於上週完成對 Offen Petroleum 的收購交割。Offen 增加約每年 25 億加侖的燃料分銷量，並強化我們在中西部與山區西部地區的布局。Offen 的業務與我們既有投資組合高度契合。其地理覆蓋範圍可補強我們的網路，而其物流能力與市場密度也為我們在自有品牌及業務方面改善供應、運輸與成長創造機會。我們期待整合流程，並歡迎新團隊成員加入 Sunoco。在我們的管線系統部門，調整後 EBITDA 為 1.66 億美元，較上季的 1.90 億美元及 2025 年第三季的 1.82 億美元為低。

Throughput was approximately 1.3 million barrels per day, essentially flat with last quarter and the third quarter of 2025. Sequential reductions were related to lower contributions from our joint ventures and some FERC clawbacks we received in the first half of the year that did not repeat in the second half. However, the underlying characteristics of the segment remain consistent. The segment consists of critical infrastructure assets generating stable income with targeted. Opportunities to grow volumes, improve utilization and generate attractive returns from relatively modest capital investments. Moving on to our terminal segment. Adjusted EBITDA was $124 million, excluding $2 million of transaction expenses, compared with $115 million last quarter and $76 million in the third quarter of 2025, both excluding transaction expenses.

輸送量約為每日 130 萬桶，與上季及 2025 年第三季基本持平。季比下降主要與我們合資企業貢獻降低，以及我們在上半年收到、但下半年未重複出現的部分 FERC 追溯調整（clawbacks）有關。然而，該部門的基本特性仍然一致。該部門由關鍵基礎設施資產構成，可產生穩定收入，並具備有針對性的機會以增加量能、提升使用率，並以相對適度的資本投資取得具吸引力的報酬。接著談我們的碼頭部門。調整後 EBITDA 為 1.24 億美元（不含 200 萬美元交易費用），較上季的 1.15 億美元及 2025 年第三季的 7,600 萬美元為高（兩者皆不含交易費用）。

Throughput was approximately 1 million barrels per day in line with last quarter. Overall results were supported by a strong quarter in our transmix processing business, as well as the continued contribution of our larger European network. This is another segment where the operating story is straightforward. The assets continue to generate stable results, and the expanded system gives us additional opportunities to increase utilization, support fuel distribution. And deploy growth capital where we have attractive customer-backed returns. Turning to our refinery segment, adjusted EBITDA was $238 million compared with $175 million last quarter. The Burnaby refinery throughput averaged 57,000 barrels per day during the quarter, slightly up from the second quarter.

輸送量約為每日 100 萬桶，與上季一致。整體結果受惠於我們 transmix 處理業務的強勁季度表現，以及更大規模的歐洲網路持續貢獻。這也是一個營運敘事相當直接的部門。資產持續產生穩定成果，而擴大的系統讓我們有更多機會提升使用率、支援燃料分銷，並在具備吸引力且有客戶支持回報的領域投入成長資本。轉到我們的煉油部門，調整後 EBITDA 為 2.38 億美元，較上季的 1.75 億美元增加。Burnaby 煉油廠本季平均處理量為每日 57,000 桶，較第二季略有上升。

Refining margin topped $54 per barrel and expenses were below $10 per barrel for the second quarter in a row. The market environment clearly remained favorable, but the financial result also reflects strong execution by the team.

煉油利差超過每桶 54 美元，且費用連續第二季低於每桶 10 美元。市場環境顯然仍然有利，但財務結果也反映出團隊強而有力的執行。

Our priorities at Burnaby remain safe and reliable operations, discipline expense management, and positioning the facility to capture available market opportunities. We understand that refining margins will move over time. Our job is to manage what we can control and operate the facility with a long-term mindset. Before I wrap up, I want to share a few final thoughts. This was an outstanding quarter. But it is really a continuation of the same operating focus that we delivered quarter after quarter, year after year. We grow and integrate, we operate our assets reliably and efficiently, we fully capture market opportunities all through disciplined execution of our strategy. I will now turn it over to Joe to share his final thoughts. Joe?

我們在 Burnaby 的優先事項仍是安全且可靠的營運、嚴謹的費用管理，以及讓該設施能掌握可得的市場機會。我們理解煉油利差會隨時間變動。我們的工作是管理我們可控的部分，並以長期思維來營運該設施。在我結束之前，我想分享幾點最後的想法。這是一個非常出色的季度。但這其實是我們一季又一季、年復一年所展現的同樣營運聚焦的延續。我們成長並整合，我們可靠且高效率地營運資產，我們透過對策略的嚴謹執行，充分掌握所有市場機會。接下來我把時間交給 Joe，請他分享最後的想法。Joe？

Thanks, Carl. Good morning, everyone. We had an outstanding third quarter. Although 2026 is not quite over, I want to share some perspectives on this year as a whole. 2026 will be another record year for Sunoco. With three quarters completed and visibility into the fourth quarter, we're highly confident that we will surpass the top end of our guidance. This will be our eighth consecutive year of EBITDA growth.

謝謝，Carl。各位早安。我們第三季表現非常出色。雖然 2026 年尚未結束，但我想分享一些對今年整體的看法。2026 年將是 Sunoco 再創紀錄的一年。三個季度已完成，且對第四季具備能見度，我們非常有信心將超越指引區間的上緣。這將是我們連續第八年 EBITDA 成長。

Obviously, the Parkland acquisition is a big part of our recent success. We have already delivered approximately a 25% growth in DCF per common unit in less than one year of ownership. In addition, our pre-Parkland businesses are performing at a high level. Our portfolio has become more diversified with greater scale and geographic reach.

顯然，收購 Parkland 是我們近期成功的重要因素。我們在持有未滿一年的時間內，已使每普通單位的 DCF 約成長 25%。此外，我們在收購 Parkland 之前的業務也維持高水準表現。隨著規模與地理覆蓋範圍擴大，我們的投資組合也更加多元化。

Combining this enhanced portfolio with our proven business model, we're able to succeed in various commodity environments. 2026 is a good example of our ability to deliver outstanding results in a higher price volatile market.

將這個更強化的投資組合與我們經驗證的商業模式結合後，我們能在各種商品環境中取得成功。2026 年就是我們在高價格且波動的市場中仍能交出卓越成果的良好例證。

Looking further into the future, we believe volatility will persist. Agnostic of the direction of prices, we're confident that we'll deliver strong results in various scenarios. Let me wrap up with some final thoughts. We've had material accretive growth over the last five years and we expect this to continue.

展望更長遠的未來，我們認為波動性將持續存在。不論價格走勢方向如何，我們都有信心在各種情境下交出強勁成果。最後做個總結：過去五年我們實現了具實質增益（accretive）的成長，我們預期這將持續。

Earlier this year, we provided a multi-year guidance of at least $500 million a year both on acquisitions. We exceeded this amount in 2026, and we expect this to be a modest bar in 2027 and beyond. In addition, we'll continue to deploy attractive organic growth capital. Bottom line, when you combine our portfolio of stable income streams with acquisitions and investments that are delivering on expected economics. Our cash flow will continue to grow. We're in a strong position to continue to increase distributions while executing on accretive growth and maintaining a strong balance sheet. Operator, that concludes our prepared remarks. You may open the line for questions.

今年稍早，我們提供了多年期指引：在併購方面每年至少 5 億美元。我們在 2026 年已超過此金額，且我們預期在 2027 年及之後，這將只是相對溫和的門檻。此外，我們也將持續投入具吸引力的有機成長資本。總結而言，當你把我們穩定的收入來源組合，與能按預期經濟效益交付成果的併購與投資結合起來，我們的現金流將持續成長。我們處於有利位置，能在執行具增益的成長並維持強健資產負債表的同時，持續提高配息。接線員，我們的準備發言到此結束。您可以開放提問。

Thank you.

謝謝。

We will now begin the question-and-answer session. If you have dialed in and would like to add a question, please press 1 on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press 1 again. If you are called upon to ask your question and are listening via speakerphone in your device, please pick up your handset to ensure that your phone is not on mute when asking your question. You do request for today's session that you please limit to one question and one follow-up question only. Thank you. Our first question comes from the line of with Citi. Your line is open.

我們現在開始問答環節。若您已撥入並希望提問，請在電話鍵盤按 1 舉手並加入隊列。若您想撤回問題，只需再按一次 1。若輪到您提問且您使用裝置的擴音功能收聽，請拿起聽筒，以確保提問時您的電話未處於靜音狀態。另外請您配合，今日每位僅限一個問題及一個追問。謝謝。我們的第一個問題來自 Citi 的來電者。您的線路已開通。

Hi, this is Chad on for Spiro. Just starting off on guidance, you're now trending over the '26 guidance range. Could you just provide kind of your latest thoughts on how the fourth quarter is shaping up versus your record third quarter results and maybe any outlook into '27?

嗨，我是 Chad，代 Spiro 提問。先從指引開始，你們目前的趨勢已高於 2026 年指引區間。能否請你分享一下你們對第四季相較於創紀錄第三季結果的最新看法，以及對 2027 年的任何展望？

Hey, Chad, this is Joe. I think the first takeaway is that 2026 is going to be another outstanding year for Sunoco.

嗨，Chad，我是 Joe。我認為第一個重點是，2026 年將是 Sunoco 又一個非常出色的一年。

Obviously, the refinery has performed very well this year, but even if we had more cracks that were closer to the mid-cycle levels for this year, we would still surpass the guidance that we gave back in January. I think the key point is that all four business segments are performing very well and we've delivered on our very high expectations on the Parkland acquisition as well as other smaller acquisitions. But I think the most important takeaway is. 2026 is not an outlier, but instead we're going to continue to grow our business, we are very well positioned for 2027 to be another record year, even if refining cracks are closer to the mid-cycle levels.

顯然，今年煉油業務表現非常好，但即使今年的裂解價差更接近中周期水準，我們仍會超過我們在一月給出的指引。我認為關鍵在於四個業務部門都表現非常好，我們也達成了對 Parkland 收購以及其他較小型收購的高期待。但我認為最重要的重點是：2026 年並非異常值；相反地，我們將持續成長業務，而且即使煉油裂解價差更接近中周期水準，我們在 2027 年也非常有條件再創紀錄。

Perfect, thank you. And just following up on fuel demand, I guess kind of in this elevated crude price volatile environment, what are you seeing with respect to the impact on fuel demand and margins as a result kind of going forward?

很好，謝謝。接著追問燃料需求：在這種原油價格偏高且波動的環境下，你們觀察到對燃料需求與利潤率的影響為何？以及未來走勢如何？

Yeah, hey, Chad, this is Austin. Happy to walk you through kind of some of the themes that we're seeing across the portfolio. If you start domestically, demand in the U.S. has been remarkably resilient despite all the fuel price volatility that we've seen recently. So if you look at EBITDA data, the monthly data shows that diesel is roughly flat on a year-over-year basis with gasoline demand being off low single-digits. Year over year. And then all this is against a backdrop of healthy margins, despite the fact that we've had all this flat price volatility and haven't yet hit the part of the volatility curve where prices durably come off and margins widen. So we feel really good about kind of where the US business is for the segment and kind of the outlook there. If you move to Canada.

是的，嗨，Chad，我是 Austin。很樂意帶你快速梳理一下我們在整體投資組合中看到的一些主題。先看美國本土市場，儘管近期燃料價格波動很大，美國需求仍展現出相當強的韌性。所以如果你看 EBITDA 數據，月度數據顯示柴油需求年增率大致持平，而汽油需求則年減低個位數。以年對年來看。而且這一切是在利潤率健康的背景下發生的，儘管我們經歷了這些平價（flat price）波動，且尚未進入波動曲線中價格能夠持續回落、利潤率擴大的階段。因此，我們對美國業務在該分部目前的狀況以及後續展望都感到非常樂觀。接著如果看加拿大。

Just as a reminder and point of reference, flat price of volatility has actually been amplified in Canada relative to what we've seen in the U.S. So as an example, diesel recently touched $7 a gallon USD equivalent there. And so some of the themes that we had touched on last quarter around demand starting us off and continue into Q3. So diesel and gasoline demands off low to mid-single-digits, but as a reminder, that's a very strong margin environment. We've seen strong margins and. Margins likely in large part owed to the flat price volatility that we're seeing there. And then lastly, in the Caribbean, that continues to be its own kind of animal. We've got 20-plus markets that we operate in, each with their own demand and margin profiles. What I would just say there is, in general, the theme is the Caribbean has been a growth engine for us. It will continue to be a growth engine for us, and we expect that to be both on healthy volume growth and margin expansion. So.

提醒一下並作為參考，加拿大的平價波動實際上相較於美國更為放大。舉例來說，柴油最近一度觸及每加侖 7 美元（折合美元）左右。因此，我們上季提到的一些主題——需求開始走弱——在第三季仍在延續。柴油與汽油需求下滑低到中個位數，但提醒一下，這仍是在非常強勁的利潤率環境下。我們看到利潤率表現強勁，而且。利潤率在很大程度上可能歸因於我們在當地看到的平價波動。最後，在加勒比海地區，情況仍然比較特殊。我們在那裡營運 20 多個市場，每個市場都有各自的需求與利潤率特徵。我想說的是，整體而言，加勒比海一直是我們的成長引擎，未來也會持續是成長引擎；我們預期這將同時來自健康的銷量成長與利潤率擴張。所以。

All that said, if you followed our story, you all know that if demand softens from here, that paints a pretty bullish picture for what the margin environment looks like. And then also, as Joe mentioned in his opening remarks, we've built this portfolio in this segment to perform in a range of economic scenarios. And so we feel really well positioned to grow the segment from an EBITDA and fuel profit standpoint durably into the future.

總之，如果你一路追蹤我們的故事，你們都知道：如果從現在開始需求進一步轉弱，對利潤率環境反而會描繪出相當偏多的圖景。另外，如同 Joe 在開場致詞提到的，我們在這個分部打造的投資組合，目標就是能在各種經濟情境下都能表現。因此，從 EBITDA 與燃料獲利的角度來看，我們認為自己處於非常有利的位置，能在未來持續、穩健地推動該分部成長。

Perfect. Thanks. Very helpful. Thanks for the time today.

太好了。謝謝。非常有幫助。謝謝你今天撥空。

Our next question comes from the line of Gabe Maureen with Mizuo. Your line is open.

下一個問題來自 Mizuho 的 Gabe Maureen。你的線路已開通。

Hey, good morning, everyone. $500 million, I guess, is a pretty easily bogey to clear at this point. But Offen, nonetheless, was a pretty big transaction for you. Can you just talk about that asset as a fuel distributor versus others and what it may give you? And then also any chance of another acquisition announcement two days after earnings like you did with Offen?

嗨，大家早安。我想 5 億美元在這個時間點應該算是相當容易達成的門檻。不過，Offen 對你們而言仍是一筆相當大的交易。你能否談談這項資產作為燃料分銷商，與其他同業相比有何不同，以及它可能帶給你們什麼？另外，有沒有可能像你們當初收購 Offen 一樣，在財報發布兩天後又宣布另一筆收購？

Thanks, Gabe. It's Carl. Clearly, we're excited about Offen and.

謝謝你，Gabe。我是 Carl。很明顯，我們對 Offen 感到非常興奮，而且。

In many ways, often is just a continuation of our roll-up strategy, but clearly it's on a much larger scale. So one of the pillars of our overall fuel distribution strategy is that scale matters, and that is not just from an aggregate basis, but also on a more regional view. So often gives us scale in areas of the US that we haven't necessarily had scale before.

在很多方面，Offen 只是我們整併（roll-up）策略的延伸，但顯然規模大得多。我們整體燃料分銷策略的一個支柱是：規模很重要，而且不只是總體規模，從更區域性的角度也同樣重要。因此，Offen 讓我們在美國一些過去未必具備規模的地區取得了規模優勢。

So that really leads into the next benefit, which is supply optionality. So that larger scale in the Midwest, Mountain West region really integrates well into our footprint in Canada, in the South, Southwest and a little bit further east. So it provides a lot of options for us to supply and integrate those markets into our much broader network. And then I think the last thing I'd mention is people.

這也就帶出下一個好處，也就是供應的選擇性（optionalitiy）。我們在中西部、山區西部的更大規模，能與我們在加拿大、南部、西南部以及更往東一些的版圖很好地整合。因此，它為我們提供了許多選項，讓我們能供應並把這些市場整合進我們更廣泛的網路。最後我想提的是人才。

With often, we picked up a couple of really good leaders that are going to help us on our much larger portfolio, and we're excited to have them join the team.

透過 Offen，我們也延攬到幾位非常優秀的領導者，他們將協助我們管理更大的投資組合；我們很高興他們加入團隊。

Great. Thanks, Carl. And then maybe if I could just ask in terms going back to the guidance for the year and the bump and I guess not giving a kind of specific range for where you might wind up for 2026, but just within a larger context of thinking about giving guidance going forward.

很好，謝謝你，Carl。接著如果我可以再問一下，回到今年的財測與上修，以及我想你們沒有給出 2026 年可能落點的明確區間，但在更大的脈絡下，談談你們未來提供指引的思考方式。

Particularly with Burnaby and the volatility in the backdrop here, just can you talk about how you're thinking about that in terms of laying out specific parameters for the market and what you want your you obviously want to show a rateable growth rate, I think, with the underlying business and how you would kind of go about communicating that?

特別是考量 Burnaby 以及目前大環境的波動，你能否談談你們如何思考：在向市場提出更具體的參數時，你們希望呈現什麼？你們顯然希望底層業務能展現可持續、可預期的成長率，而你們會如何溝通這件事？

As far as guidance, we'll follow the same kind of rhythm that we've done in the past, we'll provide guidance in early January of next year, but here's i'll kind of reiterate what I said earlier and I want to reemphasize that '26 is not an outlier for us. Yeah, cracks were really great this year, at the same time.

就財測而言，我們會延續過去相同的節奏，會在明年一月初提供指引。不過我會重申我先前說過的，並且想再次強調：對我們來說，2026 年並不是異常值。是的，今年裂解價差（cracks）非常好，但同時。

The point is that even if we assume a mid-cycle type level, we're going to see Sun grow in 2027 and you should expect Sun to grow in 2028 and that's why we gave that guidance earlier this year that we think that we can do bolt-on acquisitions of at least $500 million. This year, we should end up roughly about $1.5 billion in bolt-on acquisition and if you add in our organic growth capital, we're well over $2 billion.

重點在於，即便我們假設回到一個中周期（mid-cycle）水準，我們在 2027 年仍會看到 Sun 成長，而你也應該預期 Sun 在 2028 年會繼續成長。這也是為什麼我們今年稍早給出那個指引：我們認為我們可以做至少每年 5 億美元的附加型（bolt-on）收購。今年我們的附加型收購最終大概會落在約 15 億美元；如果再加上我們的有機成長資本支出，總額就遠超過 20 億美元。

And I said it in the prepared remarks, I think $500 million a year bolt-on acquisition is a modest bar as we kind of look at all the different geographies we're in, we look at the different sectors we're in and we see what's kind of coming to the market, what's not on the market, what those opportunities are, we feel really good about our growth and that's all with the foundation that all our businesses are performing very well.

我在事先準備的講稿裡也提到過：當我們看我們所處的不同地理區域、不同產業領域，並觀察市場上有哪些標的、哪些不在市場上、以及那些機會是什麼時，我認為每年 5 億美元的附加型收購是一個相對保守的門檻。我們對成長非常有信心，而這一切都建立在我們所有業務表現都非常好的基礎之上。

Next question comes from the line of Theresa Chen with Barclays. Your line is open.

下一個問題來自 Barclays 的 Theresa Chen。你的線路已開通。

Good morning. Given the recent M&A activity across refining and the strength in margins, how are you thinking about the strategic value and long-term fit of Burnaby within your portfolio? Is there a valuation at which you would consider monetizing the asset?

早安。鑑於近期煉油產業的併購活動以及利潤率的強勁表現，你們如何看待 Burnaby 在你們投資組合中的策略價值與長期契合度？是否存在某個估值水準，會讓你們考慮將該資產變現？

Hey, Therese, this is Joe. Here's the way that we look at the Burnaby Refinery. So I've talked to a lot of you all many times. Our strategic intent was never to say that we're going to go buy a refinery and put into the portfolio. But the Parkland acquisition, as I said, we're already 25% DCF growth within a year. So that worked out tremendously for us. The way that I think you should look at our business is that if you look at our other three. The fuel distribution, our pipeline and our terminals segment, they're stable and growing. And the way that I would look at the Burnerview refinery is, it's kind of an asymmetrical upside for us where whenever cracks blow out, we're going to take that to the bottom line. But even if it goes back to a mid-cycle or slightly below mid-cycle level, we're going to continue to grow our overall business. So that's the way we're looking at it as far as opportunistically, are we trying to grow the refining sector? And the answer is no. There's one scenario that I would say that we would look at is if there was an identical type of match to Parkland that came with a fantastic business that also happens to have a refinery, yeah, we'll take a look at that. But as far as on a stand-alone segment basis, we like the position we're in where we have three segments that are stable and growing and we have the smaller segment that gives us asymmetrical upside in various environments.

嗨，Therese，我是 Joe。我們看待 Burnaby 煉油廠的方式是這樣：我已經跟在座很多人談過很多次。我們的策略初衷從來不是說要去買一座煉油廠放進投資組合裡。但如我所說，透過收購 Parkland，我們在一年內就已經實現 25% 的 DCF 成長，所以這對我們來說效果非常好。我認為你應該這樣看我們的業務：如果你看我們另外三個。燃料分銷、我們的管線，以及我們的碼頭（terminals）分部，它們都穩定且在成長。而我看 Burnaby 煉油廠的方式是：它對我們而言是一種不對稱的上行（asymmetrical upside），當裂解價差大幅擴張時，我們就會把這些直接反映到最終獲利。但即便回到中周期或略低於中周期的水準，我們仍會持續推動整體業務成長。所以我們就是這樣看待它。至於是否會機會性地擴大煉油領域？答案是否定的。有一種情境我會說我們會考慮：如果出現一個與 Parkland 類似、非常契合的標的，帶來一個很棒的業務，而剛好也包含一座煉油廠，那我們會看一看。但若以單一分部的角度來看，我們喜歡目前的配置：三個分部穩定且成長，另外一個較小的分部則在不同環境下提供不對稱的上行空間。

Thank you. And I want to go back to Austin's comment about demand elasticity, taking into account your comment about not hitting the part of the volatility curve that would impact demand and margins at this point. But it does feel that the market has been testing that threshold for some time. Where do you see that inflection point today?

謝謝。我想回到 Austin 關於需求彈性的評論，同時也考量你提到目前尚未觸及會影響需求與利潤率的波動曲線區段。但感覺市場已經測試那個門檻一段時間了。你認為今天那個拐點在哪裡？

Hey, Teresa.

嗨，Teresa。

It's a good question. I think it's one that's on a lot of our minds, but frankly, it's not one that we spend a lot of time thinking about because our guess is likely going to be wrong. I think what we have seen is there's a couple of different themes that we can talk to. One is when there's flat price volatility, the degree and direction which is going to impact demand is really a question of how high does price go and for how long, right? And so to your point, I think we've seen extended periods of pretty significant volatility. But demand has been holding up. As to when demand gets impacted, I think is anyone's guess, what I would say is we've built a portfolio, just going back to my earlier comments and Joe's opening remarks, we've built a portfolio to perform in a range of economic conditions. And I think given our scale, the supply chain optionality, the logistics capabilities that Carl referenced earlier, we feel really well positioned regardless of what the macroeconomic future kind of holds that we're going to be well positioned to grow the segments.

這是個好問題。我想這也是我們很多人都在想的事，但坦白說，我們不會花太多時間去推演，因為我們的猜測很可能會是錯的。我認為我們看到的是，有幾個不同的主題可以談。其中之一是，當平價（flat price）出現波動時，其影響需求的程度與方向，真正取決於價格會漲到多高、以及維持多久，對吧？所以如你所說，我們確實看到相當長一段期間的顯著波動。但需求仍然撐得住。至於需求何時會受到影響，我想誰也說不準；我會說的是，我們已建立一個投資組合——回到我先前的評論以及 Joe 的開場談話——我們打造的投資組合能在各種經濟情境下表現。而且考量到我們的規模、供應鏈的彈性選擇，以及 Carl 先前提到的物流能力，我們覺得無論未來總體經濟走向如何，我們都處於非常有利的位置，能夠推動各業務板塊的成長。

EBITDA will into the future.

EBITDA 在未來也會。

Thank you.

謝謝。

Next question comes from the line of Ratan Reddy with JP Morgan. Your line is open.

下一個問題來自摩根大通（JP Morgan）的 Ratan Reddy。您的線路已開通。

Hey, good morning. Thanks for taking my question. I wanted to start on the field distribution segment and maybe if you guys could just speak to strengthen margins there, your outlook and the synergies you still have left to capture that segment?

嗨，早安。謝謝讓我提問。我想先從現場配送（field distribution）業務談起，想請你們談談那邊利潤率走強的情況、你們的展望，以及該板塊仍有多少協同效益尚待釋放？

Yes, this is Austin. Just going back to kind of some of the earlier comments that have been shared, I think we feel really good about where margins are right now. I think for those that are maybe newer to the story, we don't really solve for margin or volume independently. It's more a story around fuel profit and optimizing for EBITDA growth on a year-over-year basis. There's always going to be some quarter-to-quarter volatility, but as mentioned earlier and then I think implied. Relative to Teresa's question a moment ago, we feel really good about where margins are right now given where flat price volatility has been and the fact that we haven't yet come prices haven't durably come off, which is where we tend to see the most margin expansion.

是的，我是 Austin。回到先前分享的一些評論，我想我們對目前的利潤率水準感到非常滿意。對於可能較新加入、剛開始了解我們故事的人，我們不會把利潤率或銷量分開單獨最佳化。更核心的是燃料利潤（fuel profit）的故事，以及以年對年為基礎去最佳化 EBITDA 成長。季度之間一定會有一些波動，但如先前提到、也可從語境推知。相對於剛才 Teresa 的問題，考量到平價波動的情況，以及價格尚未出現持續性回落——而那通常是我們看到利潤率擴張最多的時候——我們對目前的利潤率水準感到很有信心。

Thanks for that. In pipelines, is there anything that we should note this quarter a little softer versus expectations beyond seasonality?

謝謝。在管線（pipelines）方面，本季表現比預期稍弱，除了季節性之外，還有什麼需要我們注意的嗎？

Yeah, I mean, I mentioned a couple of things in my prepared remarks. I don't know that there's a lot more color to add other than just like in most of our segments, we look at it on a rolling 12-month sort of basis. So there's always quarter-to-quarter fluctuations, whether it's certain contracts or certain pricing or certain.

是的，我在事先準備的發言裡提到幾點。除了這些之外，我不確定還能補充多少細節；就像我們多數業務板塊一樣，我們會以滾動 12 個月的基礎來看。所以季度之間總會有波動，可能是某些合約、某些定價，或某些——

Kind of timing variations. But overall, we're really happy with our pipeline business. And as Joe mentioned earlier, I think both of our midstream segments, terminals, and pipelines provide a lot of stability in our portfolio.

某種時點差異。但整體而言，我們對管線業務非常滿意。而且如 Joe 先前提到，我認為我們兩個中游板塊——碼頭（terminals）與管線——為我們的投資組合提供了很大的穩定性。

Got it.

了解。

Thank you.

謝謝。

And again, if you would like to ask a question, please press star then the number one on your telephone keypad.

再次提醒，如果您想提問，請在電話鍵盤上按星號再按 1。

And our final question comes from the line of Ned Baramo with Wells Fargo. Your line is open.

我們最後一個問題來自富國銀行（Wells Fargo）的 Ned Baramo。您的線路已開通。

Hi, good morning. Thanks for taking the question.

嗨，早安。謝謝讓我提問。

Could the planned pipeline, which is linking the Midwest, MidCon, and Gulf Coast refinery supply to Arizona, Nevada, and California. Together with the recently completed refined products pipeline expansion into Denver and the Denver Airport, could this tighten product balances in the mid-con and potentially increase demand for northbound shipments from the Gulf Coast?

規劃中的管線將把中西部、MidCon 與墨西哥灣沿岸煉油供應連結到亞利桑那、內華達與加州。再加上近期已完成、通往丹佛與丹佛機場的成品油管線擴建，這是否會使 Mid-Con 地區的產品供需更為吃緊，並可能提高從墨西哥灣沿岸向北運輸的需求？

And if yes, is there a role for Sunoco to play in this rerouting of flows?

如果是，Sunoco 在這種流向重新配置中是否能扮演角色？

Yeah, Ned, I mean, the short answer is yes. I mean, there are obviously a lot of hypotheticals in what you've laid out. I know there are other pipeline companies that have announced projects that could impact the product flows in the middle part of the US. I'd say here's our view is if those projects are built and product flows change.

是的，Ned，我想簡短答案是會。當然，你提出的情境裡有很多假設。我知道也有其他管線公司宣布了一些可能影響美國中部地區產品流向的專案。我會說，我們的看法是，如果那些專案建成、產品流向發生改變——

We've experienced that a lot in our history and we are well positioned, particularly in the mid-continent, we have our pipeline system that kind of flows north in the mid-continent, but I'd extend that to the broader.

我們在歷史上經歷過很多次這種情況，而我們的布局很到位，特別是在美國中部（mid-continent），我們有一套在該區域向北輸送的管線系統；但我也會把這點延伸到更廣泛的——

Kind of point that Jill made earlier, given our portfolio, I mean, we've intentionally put together the portfolio we have to be able to withstand and take advantage of lots of different product shifts or supply chain shifts, whether they're a tailwind like the hypothetical that you gave us could be or even if they're a headwind, we can find some other way in other parts of our business to continue to grow year after year.

更廣泛的重點，也就是 Jill 先前提到的：以我們的投資組合來看，我們是有意打造目前這個投資組合，使其能承受並把握各種不同的產品轉移或供應鏈轉移；不論是像你提出的假設那樣可能成為順風，或即使是逆風，我們也能在業務的其他部分找到方法，持續逐年成長。

Understood. And then a quick housekeeping item on operating expenses in the fuel distribution segment. It seems OpEx was well below our forecast. Can you maybe just talk about drivers behind the lower number and how sustainable this is going forward?

了解。另外一個快速的例行問題，關於燃料配送板塊的營運費用（operating expenses）。看起來 OpEx 明顯低於我們的預估。你能談談造成數字較低的驅動因素，以及未來這種水準的可持續性嗎？

Hey, Ned, this is Scott. I'd offer a couple of comments there. I think one, being a low-cost operator has always been a focus for us.

嗨，Ned，我是 Scott。我這裡補充幾點。第一，成為低成本營運商一直是我們的重點。

And the decline you saw in Q3 is another example of that. Second, the Parkland integration efforts continue, and that also contributed to the sequential decline. I think moving forward, there may be some ups and downs sequentially, but looking forward to 2027, we'd expect an overall decline all to '26.

你在第三季看到的下降就是另一個例子。第二，Parkland 的整合工作仍在持續，這也促成了環比下降。展望未來，環比可能會有一些起伏，但往 2027 年看，我們預期整體會下降，相較於 2026 年。

That concludes the question-and-answer session. I would now like to turn the call back over to Scott Pricho for closing remarks.

問答環節到此結束。現在我想把電話交回給 Scott Pricho 作結語。

Well, thank you for joining us on the call today, and we appreciate the continued interest in Sunoco. Please feel free to reach out if you have any follow-up questions.

感謝各位今天參與電話會議，我們也感謝大家持續關注 Sunoco。若您有任何後續問題，歡迎隨時與我們聯繫。

This concludes today's call.

今天的電話會議到此結束。

Ladies and gentlemen, that concludes today's call.

各位女士、先生，今天的電話會議到此結束。

Thank you all for joining. You may now disconnect.

感謝各位參與。您現在可以掛線。