瓦萊羅能源 (VLO) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Valero First Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎來到 Valero 2023 年第一季度收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。

It is now my pleasure to introduce your host, Homer Bhullar, Vice President of Investor Relations. Thank you. You may begin.

現在我很高興向您介紹主持人，投資者關係副總裁 Homer Bhullar。謝謝。你可以開始了。

Good morning, everyone, and welcome to Valero Energy Corporation's First Quarter 2023 Earnings Conference Call. With me today are Joe Gorder, our Chairman and CEO; Lane Riggs, our President and COO; Jason Fraser, our Executive Vice President and CFO; Gary Simmons, our Executive Vice President and Chief Commercial Officer; and several other members of Valero's senior management team. If you have not received the earnings release and would like a copy, you can find one on our website at investorvalero.com.

大家早上好，歡迎來到 Valero Energy Corporation 的 2023 年第一季度收益電話會議。今天和我在一起的是我們的董事長兼首席執行官 Joe Gorder； Lane Riggs，我們的總裁兼首席運營官； Jason Fraser，我們的執行副總裁兼首席財務官；我們的執行副總裁兼首席商務官 Gary Simmons；以及 Valero 高級管理團隊的其他幾位成員。如果您還沒有收到收益發布並想要一份副本，您可以在我們的網站 investorvalero.com 上找到一份。

Also attached to the earnings release are tables that provide additional financial information on our business segments and reconciliations and disclosures for adjusted metrics mentioned on this call. If you have any questions after reviewing these tables, please feel free to contact our Investor Relations team after the call.

收益發布還附有表格，這些表格提供了有關我們業務部門的額外財務信息，以及本次電話會議中提到的調整後指標的對賬和披露。如果您在查看這些表格後有任何疑問，請隨時在電話會議後聯繫我們的投資者關係團隊。

I would now like to direct your attention to the forward-looking statement disclaimer contained in the press release. In summary, it says that statements in the press release and on this conference call that state the company's or management's expectations or predictions of the future are forward-looking statements intended to be covered by safe harbor provisions under federal securities laws. There are many factors that could cause actual results to differ from our expectations, including those we've described in our earnings release and filings with the SEC.

我現在想請您注意新聞稿中包含的前瞻性聲明免責聲明。總之，它表示，新聞稿和本次電話會議中聲明公司或管理層對未來的預期或預測的聲明是前瞻性聲明，旨在納入聯邦證券法的安全港條款。有許多因素可能導致實際結果與我們的預期不同，包括我們在收益發布和提交給美國證券交易委員會的文件中描述的那些因素。

Now I'll turn the call over to Joe for opening remarks.

現在，我將把電話轉給 Joe，讓他發表開場白。

Thanks, Homer, and good morning, everyone. We had another strong quarter with all of our segments performing well. Our refineries operated at 93% capacity utilization rate despite planned maintenance at several facilities. Our ability to optimize and maximize system throughput while undertaking maintenance activities illustrates the benefits from our long-standing commitment to operational excellence. Refining margins were supported by lower industry refining capacity in a backdrop of strong product demand.

謝謝，荷馬，大家早上好。我們有另一個強勁的季度，我們所有的部門都表現良好。儘管計劃對多個設施進行維護，但我們的煉油廠仍以 93% 的產能利用率運行。我們在進行維護活動的同時優化和最大化系統吞吐量的能力說明了我們對卓越運營的長期承諾所帶來的好處。在產品需求強勁的背景下，行業煉油能力下降支撐了煉油利潤率。

I'm also proud to report that the Port Arthur Coker project was completed in March and successfully started up in early April, which is a testament to the strength of our engineering and operations teams. The project is expected to increase the refinery's throughput capacity and ability to process incremental volumes of sour crude oils and residual feedstocks while also improving turnaround efficiency.

我也很自豪地報告，亞瑟港焦化項目已於 3 月完成，並於 4 月初成功啟動，這證明了我們工程和運營團隊的實力。該項目預計將提高煉油廠的吞吐量和處理增量含硫原油和渣油原料的能力，同時提高周轉效率。

Our Renewable Diesel segment set another sales volume record in the first quarter, with the continued ramp-up of DGD Port Arthur, which was started up in November 2022. In January, we announced that DGD approved a sustainable aviation project at Port Arthur, Texas. The DGD Port Arthur plant will have the capability to upgrade approximately 50% of its current 470 million-gallon annual renewable diesel production capacity to sustainable aviation fuel or SAF.

隨著 2022 年 11 月啟動的 DGD Port Arthur 的持續增長，我們的可再生柴油部門在第一季度創下了新的銷量記錄。1 月，我們宣布 DGD 批准了德克薩斯州亞瑟港的可持續航空項目. DGD 亞瑟港工廠將有能力將其目前每年 4.7 億加侖的可再生柴油年產能中的大約 50% 升級為可持續航空燃料或 SAF。

The project is expected to be completed in 2025 and is estimated to cost approximately $315 million, with half of that attributable to Valero. With the completion of this project, DGD is expected to be 1 of the largest manufacturers of SAF in the world.

該項目預計將於 2025 年完工，預計耗資約 3.15 億美元，其中一半來自 Valero。隨著該項目的完成，DGD 有望成為全球最大的 SAF 製造商之一。

In the Ethanol segment, BlackRock and Navigator's carbon sequestration project is progressing, and they expect to begin start-up activities in late 2024. We expect to be the anchor shipper with 8 of our ethanol plants connected to this system, which will allow us to produce a lower carbon-intensity ethanol product and significantly improve the margin profile and competitive positioning of our Ethanol business.

在乙醇部分，BlackRock 和 Navigator 的碳封存項目正在進行中，他們預計將在 2024 年底開始啟動活動。我們預計將成為錨定托運人，我們的 8 個乙醇工廠將連接到該系統，這將使我們能夠生產碳強度較低的乙醇產品，並顯著提高我們乙醇業務的利潤率和競爭定位。

And we continue to advance other low-carbon opportunities, such as renewable hydrogen, alcohol-to-jet and additional renewable naphtha and carbon sequestration projects. All of our projects must meet a minimum return threshold to continue to progress through our gated review process.

我們繼續推進其他低碳機會，例如可再生氫、醇制噴氣和其他可再生石腦油和碳封存項目。我們所有的項目都必須達到最低迴報門檻才能繼續通過我們的門控審查流程。

On the financial side, we continue to strengthen our balance sheet, reducing debt by $199 million in the first quarter and ending the quarter with a net debt to capitalization ratio of 18%. In January, we announced an increase in our quarterly dividend on our common stock from $0.98 per share to $1.02 per share, demonstrating our long-standing commitment to stockholder returns.

在財務方面，我們繼續加強資產負債表，第一季度減少了 1.99 億美元的債務，本季度末淨債務與資本化比率為 18%。一月份，我們宣布將普通股的季度股息從每股 0.98 美元增加到每股 1.02 美元，表明我們對股東回報的長期承諾。

Looking ahead, we expect refining fundamentals to remain supported by low global light product inventories, tight product supply and demand balances and continued increase in product demand as we approach peak air travel and summer driving season.

展望未來，隨著我們接近航空旅行高峰和夏季駕駛旺季，我們預計煉油基本面將繼續受到全球輕質產品庫存低、產品供需平衡緊張以及產品需求持續增長的支撐。

In closing, our team continues to successfully execute a strategy that enables us to meet the challenge of supplying the world's need for reliable and affordable energy in an environmentally responsible manner. The tenets of our strategy, underpinned by operational excellence, deploying capital with an uncompromising focus on returns and honoring our commitment to stockholders have been in place for nearly a decade and continue to position us well for the future.

最後，我們的團隊繼續成功地執行一項戰略，使我們能夠以對環境負責的方式滿足世界對可靠和負擔得起的能源需求的挑戰。我們的戰略宗旨以卓越運營為基礎，部署資本時毫不妥協地關注回報，並履行我們對股東的承諾已經實施了近十年，並將繼續為我們的未來做好準備。

So with that, Homer, I'll hand the call back to you.

所以，荷馬，我會把電話還給你。

Thanks, Joe. For the first quarter of 2023, net income attributable to Valero stockholders was $3.1 billion or $8.29 per share compared to $905 million or $2.21 per share for the first quarter of 2022.

謝謝，喬。 2023 年第一季度，歸屬於 Valero 股東的淨收入為 31 億美元或每股 8.29 美元，而 2022 年第一季度為 9.05 億美元或每股 2.21 美元。

First quarter 2023 adjusted net income attributable to Valero stockholders was $3.1 billion or $8.27 per share compared to $944 million or $2.31 per share for the first quarter of 2022. For reconciliations to adjusted amounts, please refer to the earnings release and the accompanying earnings release tables.

2023 年第一季度歸屬於 Valero 股東的調整後淨收入為 31 億美元或每股 8.27 美元，而 2022 年第一季度為 9.44 億美元或每股 2.31 美元。有關調整後金額的調節，請參閱收益發布和隨附的收益發布表.

The Refining segment reported $4.1 billion of operating income for the first quarter of 2023 compared to $1.5 billion for the first quarter of 2022. Refining throughput volumes in the first quarter of 2023 averaged 2.9 million barrels per day, which was 130,000 barrels per day higher than the first quarter of 2022. Throughput capacity utilization was 93% in the first quarter of 2023 compared to 89% in the first quarter of 2022.

煉油部門報告的 2023 年第一季度營業收入為 41 億美元，而 2022 年第一季度為 15 億美元。2023 年第一季度的煉油吞吐量平均每天 290 萬桶，比 2023 年第一季度高出 130,000 桶/天。 2022 年第一季度。2023 年第一季度吞吐量產能利用率為 93%，而 2022 年第一季度為 89%。

Refining cash operating expenses were $4.78 per barrel in the first quarter of 2023, lower than guidance of $4.95, primarily attributed to higher throughput and lower natural gas prices.

2023 年第一季度，煉油現金運營費用為每桶 4.78 美元，低於 4.95 美元的指導值，這主要歸因於更高的吞吐量和更低的天然氣價格。

Renewable Diesel segment operating income was $205 million for the first quarter of 2023 compared to $149 million for the first quarter of 2022. Renewable diesel sales volumes averaged 3 million gallons per day in the first quarter of 2023, which was 1.3 million gallons per day higher than the first quarter of 2022. The higher sales volumes in the first quarter of 2023 were due to the impact of additional volumes from the start-up of the DGD Port Arthur plant in the fourth quarter of 2022.

2023 年第一季度可再生柴油部門營業收入為 2.05 億美元，而 2022 年第一季度為 1.49 億美元。2023 年第一季度可再生柴油銷量平均每天 300 萬加侖，比每天高出 130 萬加侖比 2022 年第一季度高。2023 年第一季度的銷量增加是由於 2022 年第四季度 DGD 亞瑟港工廠投產帶來的額外銷量的影響。

The Ethanol segment reported $39 million of operating income for the first quarter of 2023 compared to $1 million for the first quarter of 2022. Ethanol production volumes averaged 4.2 million gallons per day in the first quarter of 2023, which was 138,000 gallons per day higher than the first quarter of 2022.

乙醇部門報告 2023 年第一季度的營業收入為 3900 萬美元，而 2022 年第一季度為 100 萬美元。2023 年第一季度乙醇產量平均每天 420 萬加侖，比 2023 年平均每天高出 138,000 加侖2022 年第一季度。

For the first quarter of 2023, G&A expenses were $244 million and net interest expense was $146 million. Depreciation and amortization expense was $650 million, and income tax expense was $880 million for the first quarter of 2023. The effective tax rate was 22%.

2023 年第一季度，G&A 費用為 2.44 億美元，淨利息費用為 1.46 億美元。 2023 年第一季度折舊和攤銷費用為 6.5 億美元，所得稅費用為 8.8 億美元。有效稅率為 22%。

Net cash provided by operating activities was $3.2 billion in the first quarter of 2023. Excluding the unfavorable change in working capital of $534 million in the first quarter and the other joint venture member share of DGD's net cash provided by operating activities excluding changes in DGD's working capital, adjusted net cash provided by operating activities was $3.6 billion.

2023 年第一季度經營活動提供的現金淨額為 32 億美元。不包括第一季度營運資金的不利變化 5.34 億美元和其他合資成員在 DGD 經營活動提供的淨現金中所佔的份額，不包括 DGD 經營活動的變化資本，經營活動提供的調整後淨現金為 36 億美元。

Regarding investing activities, we made $524 million of capital investments in the first quarter of 2023, of which $341 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance, and $183 million was for growing the business.

在投資活動方面，我們在 2023 年第一季度進行了 5.24 億美元的資本投資，其中 3.41 億美元用於維持業務，包括周轉、催化劑和監管合規的成本，1.83 億美元用於發展業務。

Excluding capital investments attributable to the other joint venture members share of DGD, capital investments attributable to Valero were $467 million in the first quarter of 2023.

不包括其他合資企業成員應佔 DGD 份額的資本投資，2023 年第一季度歸屬於 Valero 的資本投資為 4.67 億美元。

Moving to financing activities. We returned over $1.8 billion to our stockholders in the first quarter of 2023, of which $379 million was paid as dividends and $1.5 billion was for the purchase of approximately 11 million shares of common stock, resulting in a payout ratio of 52% of adjusted net cash provided by operating activities.

轉向融資活動。我們在 2023 年第一季度向股東返還了超過 18 億美元，其中 3.79 億美元作為股息支付，15 億美元用於購買約 1100 萬股普通股，派息率為調整後淨額的 52%經營活動提供的現金。

With respect to our balance sheet, as Joe mentioned, we completed additional debt reduction transactions in the first quarter that reduced Valero's debt by $199 million through opportunistic open market repurchases. We ended the quarter with $9 billion of total debt, $2.4 billion of finance lease obligations and $5.5 billion of cash and cash equivalents. The debt-to-capitalization ratio, net of cash and cash equivalents, was 18% as of March 31, 2023. And we ended the quarter well capitalized with $5.4 billion of available liquidity, excluding cash.

關於我們的資產負債表，正如 Joe 提到的那樣，我們在第一季度完成了額外的債務削減交易，通過機會主義的公開市場回購將 Valero 的債務減少了 1.99 億美元。本季度結束時，我們的總債務為 90 億美元，融資租賃債務為 24 億美元，現金和現金等價物為 55 億美元。截至 2023 年 3 月 31 日，扣除現金和現金等價物後的債務資本化比率為 18%。本季度末，我們擁有 54 億美元的可用流動資金（不包括現金），資本充足。

Turning to guidance. We expect capital investments attributable to Valero for 2023 to be approximately $2 billion, which includes expenditures for turnarounds, catalysts and joint venture investments. About $1.5 billion of that is allocated to sustaining the business and the balance to growth.

轉向指導。我們預計 2023 年歸屬於 Valero 的資本投資約為 20 億美元，其中包括用於扭虧為盈、催化劑和合資企業投資的支出。其中約 15 億美元用於維持業務，其餘用於增長。

For modeling our second quarter operations, we expect Refining throughput volumes to fall within the following ranges: Gulf Coast at 1.73 million to 1.78 million barrels per day; Mid-Continent at 405,000 to 425,000 barrels per day; West Coast at 250,000 to 270,000 barrels per day; and North Atlantic at 450,000 to 470,000 barrels per day. We expect Refining cash operating expenses in the second quarter to be approximately $4.60 per barrel.

為了模擬我們第二季度的運營，我們預計煉油吞吐量將在以下範圍內：墨西哥灣沿岸每天 173 萬至 178 萬桶；中部大陸每天 405,000 至 425,000 桶；西海岸每天 250,000 至 270,000 桶；和北大西洋，每天 450,000 至 470,000 桶。我們預計第二季度的煉油現金運營費用約為每桶 4.60 美元。

With respect to the Renewable Diesel segment, we expect sales volumes to be approximately 1.2 billion gallons in 2023. Operating expenses in 2023 should be [$0.49] per gallon, which includes $0.19 per gallon for noncash costs such as depreciation and amortization.

關於可再生柴油部分，我們預計 2023 年的銷量約為 12 億加侖。2023 年的運營費用應為每加侖 [0.49 美元]，其中包括每加侖 0.19 美元的折舊和攤銷等非現金成本。

Our Ethanol segment is expected to produce 4.2 million gallons per day in the second quarter. Operating expenses should average $0.40 per gallon, which includes $0.05 per gallon for noncash costs such as depreciation and amortization.

我們的乙醇部門預計在第二季度每天生產 420 萬加侖。運營費用應平均為每加侖 0.40 美元，其中包括每加侖 0.05 美元的非現金成本，如折舊和攤銷。

For the second quarter, net interest expense should be about $145 million, and total depreciation and amortization expense should be approximately $670 million. For 2023, we expect G&A expenses, excluding corporate depreciation, to be approximately $925 million.

第二季度，淨利息支出應約為 1.45 億美元，折舊和攤銷費用總額應約為 6.7 億美元。 2023 年，我們預計 G&A 費用（不包括公司折舊）約為 9.25 億美元。

That concludes our opening remarks. (Operator Instructions)

我們的開場白到此結束。 （操作員說明）

(Operator Instructions) Our first question is coming from the line of Manav Gupta with UBS.

（操作員說明）我們的第一個問題來自瑞銀集團的 Manav Gupta。

Congrats on a very good result. I'm not sure if there are many other refiners out there who can show this kind of capture with such heavy turnaround. So congrats on that. I have two quick questions and I'll ask them upfront. We keep seeing DOE data, which is prone to revisions, but sometimes doesn't actually make too much sense. So Joe, in your system across various products, what are you seeing in terms of demand for various products in your system?

祝賀你取得了很好的成績。我不確定是否有許多其他煉油廠可以通過如此大的周轉來展示這種捕獲。所以恭喜你。我有兩個簡單的問題，我會提前問他們。我們不斷看到 DOE 數據，這些數據很容易被修改，但有時實際上並沒有太大意義。那麼，喬，在您的系統中各種產品中，您對系統中各種產品的需求有何看法？

And the second and related question is, help us understand a little bit what's going on in the diesel market. Are we suddenly oversupplied? Is the demand weak? If you could just talk through those diesel dynamics.

第二個相關問題是，幫助我們了解柴油市場的情況。我們突然供過於求了嗎？需求疲軟？如果你能談談那些柴油動力。

No, Manav, we're happy to do that, and thanks for your comments. Gary, do you want to give them some insight?

不，Manav，我們很樂意這樣做，並感謝您的意見。加里，你想給他們一些見解嗎？

Yes, sure. So, so far, our 7-day average in our wholesale system, our gasoline sales are up 16% year-over-year. Our diesel volumes are up 25% year-over-year. So our wholesale team continues to do a great job.

是的，當然。因此，到目前為止，我們批發系統的 7 天平均汽油銷量同比增長 16%。我們的柴油銷量同比增長 25%。所以我們的批發團隊繼續做得很好。

In March, we set a record at 998,000 barrels a day. In April, the volumes are trending right along those levels. So demand seems very, very strong in our system. And even the DTN data for the wholesale racks across the industry is very strong as well.

3 月，我們創下了每天 998,000 桶的記錄。 4 月份，交易量正沿著這些水平發展。因此，我們系統中的需求似乎非常非常強勁。甚至整個行業批發貨架的 DTN 數據也非常強大。

In terms of your question on diesel weakness, we're just not seeing it. I can tell you, in addition to the wholesale volumes, today, there's domestic arbs that are open from PADD 3 into PADD 2 as we're seeing a surge in agricultural demand that's going along with planting season. You also have a domestic arb open to ship from PADD 3 to PADD 1. We see strong waterborne premiums to go to Latin America. The transatlantic arb is open to Europe. And so for us, distillate fundamentals look pretty good.

就您關於柴油疲軟的問題而言，我們只是沒有看到它。我可以告訴你，除了批發量，今天還有從 PADD 3 到 PADD 2 開放的國內套利，因為我們看到隨著種植季節的到來，農業需求激增。您還有一個國內套利開放，可以從 PADD 3 運往 PADD 1。我們看到前往拉丁美洲的水運溢價很高。跨大西洋套利對歐洲開放。所以對我們來說，餾分油的基本面看起來相當不錯。

Our next question is coming from the line of Theresa Chen with Barclays.

我們的下一個問題來自巴克萊銀行的 Theresa Chen。

Can you comment on your outlook for Gulf Coast capture from here? Clearly, the start-up of the Port Arthur Coker should be a tailwind, but we've also seen differentials come in. Net-net, how do you view the profitability of your Gulf Coast system, both near term and longer term?

你能從這裡評論一下你對墨西哥灣沿岸捕獲的前景嗎？顯然，Port Arthur Coker 的啟動應該是順風，但我們也看到了差異。淨淨，您如何看待墨西哥灣沿岸系統的近期和長期盈利能力？

Yes, this is Lane. I'll (inaudible) some general comments about capture rates, sort of compare our first quarter capture rate to our second quarter capture rate. Holding all things equal, we'll blend less butane. So everything -- pulling everything equal, our capture rate will actually fall just due to butane.

是的，這是萊恩。我將（聽不清）一些關於捕獲率的一般性評論，將我們的第一季度捕獲率與第二季度捕獲率進行比較。在所有條件相同的情況下，我們將混合更少的丁烷。所以一切——把一切都拉平，我們的捕獲率實際上會因為丁烷而下降。

And then as you alluded to, you look at feedstocks, what's the trajectory of feedstocks, they're lower. On the other side of it, we're seeing big RBOB premiums versus CBOB. So to the extent that, that's not captured in our capture rate, that's actually a positive.

然後正如你提到的，你看原料，原料的軌跡是什麼，它們更低。另一方面，我們看到 RBOB 溢價高於 CBOB。因此，就我們的捕獲率未捕獲的範圍而言，這實際上是積極的。

So there are several things you just got to look at. And what you got to focus on are the -- some of the drivers that may not be in our formula for our crack attainment and how those change relative to things those are tied to. An example would be Maya versus WCS or, like I said, RBOB versus CBOB. Those are the things you guys kind of key on trying to predict maybe how our crack attainment looks.

所以有幾件事你只需要看看。你必須關注的是 - 一些可能不在我們實現卓越成就的公式中的驅動因素，以及這些驅動因素如何相對於與之相關的事物發生變化。一個例子是 Maya 與 WCS，或者就像我說的，RBOB 與 CBOB。這些是你們試圖預測我們的最高成就看起來如何的關鍵。

And on a related note, how do you see the VGO situation evolving in terms of your Gulf Coast consumption as well as the global supply following the EU embargo on Russian products as well as the Saudis exporting less after [Keystone] bought its conversion unit?

在相關說明中，您如何看待 VGO 在墨西哥灣沿岸消費以及歐盟對俄羅斯產品禁運後的全球供應以及 [Keystone] 購買其轉換裝置後沙特出口減少的情況？

Well, I'll start on at least our system and let Gary kind of look at -- talk about the supply. The start-up of our Port Arthur Coker goes a long way to shoring up our VGO position. Essentially, that's where it is. It's taking resid and heavier crudes and cracking into sort of -- in the distillate and essentially a VGO boiling range material. So it allows us to sort of -- our requirement for importing VGO has fallen post the new coker startup.

好吧，我至少會從我們的系統開始，讓加里看看——談談供應。我們的 Port Arthur Coker 的啟動大大鞏固了我們的 VGO 地位。本質上，這就是它所在的位置。它採用渣油和較重的原油，並裂化成某種形式——在餾出物中，基本上是一種 VGO 沸程材料。所以它允許我們有點——我們對進口 VGO 的要求在新的焦化器啟動後已經下降。

Yes. In terms of supply, I think we were concerned that the ramp-up in sanctions against Russia would limit VGO exports and cause VGO tightness. So far, it looks like the Russian barrels are continuing to flow. And so we're not nearly as concerned about VGO supply as we were earlier in the year.

是的。在供應方面，我認為我們擔心對俄羅斯的製裁升級會限制 VGO 出口並導致 VGO 供應緊張。到目前為止，俄羅斯的桶似乎還在繼續流動。因此，我們不像今年早些時候那樣擔心 VGO 供應。

Our next question is coming from the line of Doug Leggate with Bank of America.

我們的下一個問題來自美國銀行的 Doug Leggate。

This is Kalei on for Doug. I've got a follow-up to Theresa's question, and it really goes to the availability of heavy sours that are in the market. There is a perception that, that length is getting shorter with OPEC cuts and then increased demand from new projects such as [YER] Coker and perhaps MPC's resid hydrocracker are squeezing the market for those kind of supplies. Can you talk about what you guys are seeing and if the phased start-ups of the new refineries, where not all the units are online, could help alleviate that situation.

這是道格的 Kalei。我對 Theresa 的問題進行了跟進，這確實與市場上重酸的可用性有關。有一種看法認為，隨著歐佩克減產，石油輸出國組織減產以及新項目（如 [YER] Coker 和 MPC 的渣油加氫裂化裝置）的需求增加正在擠壓此類供應的市場。你能談談你們所看到的情況嗎？新煉油廠的分階段啟動是否有助於緩解這種情況？

Yes. So I'll go through. We have seen -- during the first quarter, we saw the supply-demand balances around heavy sour get tighter. Some of it is supply. You also see -- saw Chinese refinery utilization ramp-up, which put more demand in the system. But going forward, I think there are some bullish factors. Platts is reporting 500,000 barrels a day. Canadian crude production is off-line due to maintenance. We'll get that production back. Venezuelan production is forecasted to grow. And our view is that more Chevron production from that region will make its way into the Gulf as we progress through the year.

是的。所以我會通過。我們已經看到 - 在第一季度，我們看到圍繞重質酸的供需平衡變得更加緊張。其中一些是供應。你還看到——看到中國煉油廠利用率的提高，這給系統帶來了更多的需求。但展望未來，我認為有一些看漲因素。 Platts 每天報告 500,000 桶。加拿大原油生產因維修而停產。我們會恢復生產的。委內瑞拉的產量預計將增長。我們的觀點是，隨著今年的進展，來自該地區的更多雪佛龍產品將進入海灣。

At some point in time, all indications are that the Lyondell refinery will come down, which will kick more heavy sour back to the market. And then if the demand and -- the supply-demand balances that are currently being forecasted are correct, at some point in time, you'll need that OPEC production back on the market, which again is bullish to differentials.

在某個時間點，所有跡像都表明 Lyondell 煉油廠將倒閉，這將把更多的重質酸重新推向市場。然後，如果需求和 - 當前預測的供需平衡是正確的，那麼在某個時間點，您將需要歐佩克的產量重新投放市場，這再次利好差異。

Got it. And a quick follow-up to that. Can you talk about what you're seeing for new refining capacity that's supposed to come online, like Dangote and Dos Bocas in Mexico?

知道了。並對此進行快速跟進。你能談談你對應該上線的新煉油能力的看法嗎，比如墨西哥的 Dangote 和 Dos Bocas？

Yes, I really can't make a comment. We don't have a lot of insight into either one of those refineries.

是的，我真的不能發表評論。我們對其中任何一家煉油廠都沒有太多了解。

Thank you. Our next question is coming from the line of John Royall with JPMorgan.

謝謝。我們的下一個問題來自摩根大通的 John Royall。

So I just wanted to start on the return of capital side. You guys returned above your 40% to 50% range again this quarter, I think second quarter in a row. What's your latest thinking on where you want to be in that range of returns to shareholders given your balance sheet is very strong, but fundamentals appear to be ticking down and you can see that in your indicators.

所以我只想從資本回報方面開始。你們本季度再次超過 40% 到 50% 的範圍，我想是連續第二個季度。鑑於您的資產負債表非常強勁，您對股東回報範圍的最新想法是什麼，但基本面似乎正在下降，您可以在指標中看到這一點。

Yes. No, that's right. This is Jason. And you're right, our balance sheet is in good shape right now. We've got up over $5.5 billion of cash, we feel pretty strong there. We got our net debt to cap ratio down into a good spot around 18%, which is well at the lower end of our range. So we feel like we're in a pretty good spot with regard to any potential recessionary conditions.

是的。不，沒錯。這是傑森。你是對的，我們的資產負債表現在狀況良好。我們已經籌集了超過 55 億美元的現金，我們在那裡感覺非常強大。我們將淨債務與上限比率降至 18% 左右的良好水平，這很好地處於我們範圍的低端。因此，我們覺得就任何潛在的衰退情況而言，我們處於一個非常好的位置。

And as far as our target for where we want to be in our range, we'll continue to target the 40% to 50% when we have strong results. Of course, we'll be looking at the upper end. Of that, we ended at 45% last year, paid out 52% this quarter. Actually with the extra cash we had, we did kind of an all-of-the-above strategy, we were able to build our cash by $600 million. Payout at 52% and also paid back a little more debt. So it will just depend on how the year plays out, where we fall in the range, right, in the payout range.

就我們希望在我們的範圍內的目標而言，當我們有很好的結果時，我們將繼續以 40% 到 50% 為目標。當然，我們會關注高端。其中，我們去年支付了 45%，本季度支付了 52%。實際上，利用我們擁有的額外現金，我們採取了一種所有上述策略，我們能夠增加 6 億美元的現金。支付率為 52%，還還清了更多的債務。因此，這將僅取決於這一年的結果，我們在範圍內的位置，對，在支出範圍內。

Great. And then I was hoping you could also touch on the regulatory changes out in California and how you expect those to play out and the potential impact on both your business and maybe just the broad refining market in California.

偉大的。然後我希望您也能談談加利福尼亞州的監管變化，以及您期望這些變化如何發揮作用，以及對您的業務以及加利福尼亞州廣泛的煉油市場的潛在影響。

This is Rich. I can start out with just sort of the regulatory climate. California has always been a tough regulatory climate for operations. And so I'm assuming you're talking about the California SBX1-2, rulemaking is out there. And what we would just say is that the bill does have some burden, some reporting requirements in it. And then obviously, it kicks basically a profit tax over to this California Energy Commission to implement it.

這是里奇。我可以從某種監管環境開始。加州一直是一個嚴苛的運營監管環境。所以我假設你在談論加州 SBX1-2，規則制定就在那裡。我們只想說，該法案確實有一些負擔，其中有一些報告要求。然後很明顯，它基本上向加州能源委員會徵收利潤稅來實施它。

So we'll stay active and engaged in that rulemaking process and watch what develops out of the agency there. It's unclear what price cap, if any, they'll ultimately put in place.

因此，我們將保持活躍並參與該規則制定過程，並觀察該機構在那裡的發展情況。目前還不清楚他們最終會設定什麼價格上限（如果有的話）。

I would point out that the rulemaking on that, the standard that the agency is supposed to use is they're supposed to determine that the benefits to consumers are outweighed by the potential cost to consumers. And it goes without saying that attempts by governments to artificially limit commodity prices has never been really good for the economy and it ultimately ends up hurting consumers. So we'll just have to see how that all plays out.

我要指出的是，制定規則時，該機構應該使用的標準是他們應該確定消費者的利益超過了消費者的潛在成本。不言而喻，政府人為限制大宗商品價格的嘗試從未對經濟真正有利，最終傷害了消費者。所以我們只需要看看這一切如何發揮作用。

And John, this is Joe. Just let me bolt on something to what Rich said. So it's -- we have a great team operating both of our refineries on the West Coast. Great teams are running those plants. And we have been very consistent and clear in our approach to the California business. That is we aggressively manage the capital, we invest to maintain safe and reliable operations out there, but we haven't invested capital in growing that business for many years now.

約翰，這是喬。讓我對 Rich 所說的話進行補充。所以它是 - 我們有一個很棒的團隊在西海岸經營我們的兩個煉油廠。偉大的團隊正在運營這些工廠。我們對加州業務的態度一直非常一致和明確。那就是我們積極地管理資本，我們投資以維持安全可靠的運營，但我們多年來沒有投資於發展該業務。

Now historically, California, in a normal operating environment, isn't a strong contributor to our earnings. We've always viewed it as an option on periodically strong margins. And if the margin caps are set at levels that remove the upside, the opportunity to earn a return isn't there the way it's been in the past and we'll have to evaluate our options.

從歷史上看，在正常的運營環境下，加利福尼亞州並不是我們收入的重要貢獻者。我們一直將其視為周期性高利潤率的一種選擇。如果保證金上限設置在消除上行空間的水平，那麼獲得回報的機會就不會像過去那樣存在，我們將不得不評估我們的選擇。

Right now, Rich and his team are communicating to the California Energy Commission and others the concerns that we have, and we're just going to have to wait and see what happens out there. So it is an environment that is a difficult operating environment. I would not even take a shot at stating what might happen to the overall refining environment out there, but I can just tell you that from our perspective, we're just going to have to watch it and see and then we'll evaluate our options.

現在，Rich 和他的團隊正在向加州能源委員會和其他人傳達我們的擔憂，我們只能拭目以待，看看那裡會發生什麼。所以這是一個困難的操作環境。我什至不會嘗試說明那裡的整體煉油環境可能會發生什麼，但我可以告訴你，從我們的角度來看，我們只需要觀察它，然後我們將評估我們的選項。

The next question is coming from the line of Paul Sankey with Sankey Research.

下一個問題來自 Sankey Research 的 Paul Sankey。

Could you repeat the wholesale sales demand number that you just gave and explain how come, if I heard you right, that's growing so massively.

你能否重複你剛才給出的批發銷售需求數字，並解釋一下，如果我沒聽錯的話，為什麼會增長如此之快。

Yes. So our wholesale on the gasoline side, we're up 16% year-over-year. On distillate, we're up 25% year-over-year. March, we set a sales volume record 998,000 barrels a day. And then April, the volumes are trending about like they did in March.

是的。因此，我們在汽油方面的批發量同比增長 16%。在餾分油方面，我們同比增長 25%。 3月，我們創下了每天998,000桶的銷量記錄。然後是 4 月，交易量的趨勢與 3 月一樣。

So certainly, when you look at the broader DTN wholesale volume data, it's not as significant growth is what we're seeing, and so it indicates we're doing a good job of capturing market share.

因此，當然，當您查看更廣泛的 DTN 批發量數據時，它並沒有我們所看到的那樣顯著增長，因此這表明我們在奪取市場份額方面做得很好。

So there's no structural change. It's just better wholesale performance?

所以沒有結構性變化。只是更好的批發業績？

Yes.

是的。

Okay. I'm not counting that as a question, Joe.

好的。我不認為這是一個問題，喬。

Paul, we could talk all day.

保羅，我們可以聊一整天。

I'm in D.C. actually. On the IRA, what's your latest thinking on how that could impact your business in terms of the regulatory environment? We've had -- we've dealt with the California one, I think, on the call already, but if you've got any latest thoughts on how things in Washington are shifting.

實際上我在華盛頓特區。關於 IRA，您最近對監管環境如何影響您的業務有何看法？我們已經——我想，我們已經在電話中處理了加利福尼亞州的問題，但如果你對華盛頓的情況有何變化有任何最新想法。

And the other one, I guess, is a big deal here. Obviously, it's carbon capture and how you're thinking about that.

我想，另一個在這裡很重要。顯然，這是碳捕獲以及您對此的看法。

Well, this is Rich Walsh again. I guess I'll take an effort to respond on that in terms of -- I think you're probably alluding to some negotiations that are going on right now. And just this morning, I think the Republican bill has been revised to include some of the credits to be back in that they were proposing to pull out. And so we're looking at the clean energy tax credits being put back in, and so the things that help us on our renewable side and some of our sequestration projects back in.

嗯，這又是 Rich Walsh。我想我會努力對此做出回應——我想你可能指的是目前正在進行的一些談判。就在今天早上，我認為共和黨的法案已經過修改，以包括一些他們打算撤回的信用額度。因此，我們正在研究重新投入的清潔能源稅收抵免，以及在可再生能源方面幫助我們的事情以及我們的一些封存項目。

And they also have grandfathered those that have already made investment decisions on the (inaudible) while SAF is out, the projects that have been announced on SAF are back in. So that means our projects would be still eligible for the proper treatments on that.

他們還繼承了那些已經在 SAF 退出時就（聽不清）做出投資決定的人，在 SAF 上宣布的項目又回來了。這意味著我們的項目仍然有資格獲得適當的處理。

Yes. Got it. I think that SAF is definitely a very interesting one. Okay. And then generally speaking, in the market, do you -- we've seen margins come off an awful lot, which is a bit odd seasonally. Is there anything that you can observe about -- especially given what you're saying about your wholesale margins, your wholesale deliveries. The big sell-off that we've seen here is somehow doesn't seem to be entirely supported by fundamentals. We had a great gasoline demand number, for example, this week in the DOE. Any thoughts on how Q2 is going to shape out? And I'll leave it there.

是的。知道了。我認為SAF絕對是一個非常有趣的。好的。然後一般來說，在市場上，你——我們看到利潤率下降了很多，這在季節性上有點奇怪。有什麼你可以觀察到的——特別是考慮到你所說的關於你的批發利潤率、你的批發交付量。我們在這裡看到的大拋售似乎並沒有完全得到基本面的支持。例如，本周美國能源部的汽油需求量很大。關於第二季度將如何形成的任何想法？我會把它留在那裡。

Yes, Paul, our view is whenever inventory is as low as it is today, it just puts you way out on the margin curve where the slope is really steep and any type of market news can have a significant impact on prices and margins. So early in the year, the market headlines were all about losing Russian supply with the ramp-up in sanctions and it drove the market up. Today, I think people are generally comfortable that the Russian barrels will continue to flow and then a lot of concern on the economy and what happens with demand in the future. As I've said, we're not seeing any indication of demand weakness today, but I think that's a concern as what happens in the future.

是的，保羅，我們的觀點是，只要庫存像今天這樣低，它只會讓你遠離利潤率曲線，那裡的斜率非常陡峭，任何類型的市場新聞都會對價格和利潤率產生重大影響。所以在今年年初，市場的頭條新聞都是關於隨著制裁的增加而失去俄羅斯的供應，這推動了市場上漲。今天，我認為人們普遍對俄羅斯桶將繼續流動感到滿意，然後對經濟以及未來需求的變化產生了很多擔憂。正如我所說，我們今天沒有看到任何需求疲軟的跡象，但我認為這是一個令人擔憂的問題，因為未來會發生什麼。

The next question is coming from the line of Roger Read with Wells Fargo.

下一個問題來自 Roger Read 與 Wells Fargo 的對話。

Yes, I'd like to follow up, Joe -- I'd like to follow up on the comments or how you're looking at the diesel and gasoline markets. I mean there's a ton of ways to track demand and shortfalls of supply. But one we pay attention to is each end of the Colonial Pipeline, and it shows clear stress in the gasoline market.

是的，我想跟進，喬 - 我想跟進評論或你如何看待柴油和汽油市場。我的意思是有很多方法可以追踪需求和供應短缺。但我們關注的是殖民地管道的每一端，它在汽油市場上顯示出明顯的壓力。

So I guess I'd like to dig into maybe what you see in the Atlantic Basin, particularly between New York and Northwest Europe in terms of just outright gasoline supply. Or is it a component issue? Or what exactly is going on there?

所以我想我想深入了解一下你在大西洋盆地看到的情況，特別是紐約和西北歐之間的直接汽油供應。還是組件問題？或者那裡到底發生了什麼？

Yes. So I think there are several factors that come into play there, Roger. Historically, we see an incentive to store summer-grade gasoline or components to New York Harbor. This winter, the market structure really made it where it wasn't economic to do that. And so we did build inventory for that.

是的。所以我認為有幾個因素在那裡發揮作用，羅傑。從歷史上看，我們看到了將夏季級汽油或部件儲存到紐約港的動機。今年冬天，市場結構確實使它變得不經濟。所以我們確實為此建立了庫存。

And then, again, typically in the first quarter, you see a lot of volume going across the Atlantic from Europe into New York Harbor early in the year, and the strikes that occurred in France kind of minimized those volumes as well.

然後，通常在第一季度，你會看到年初有大量貨物從歐洲穿過大西洋進入紐約港，而法國發生的罷工也使這些貨物量最小化。

So we've come into driving season with 10 million barrels below where we were last year on gasoline inventory. So especially summer grade gasoline is very tight, and it is going to stress the Colonial system as we move into driving season.

因此，我們進入了駕駛季節，汽油庫存比去年少了 1000 萬桶。因此，特別是夏季級汽油非常緊張，隨著我們進入駕駛季節，它會給殖民地系統帶來壓力。

Yes. I mean it's early in the quarter, but really haven't seen the gap quite this large at this time of the year before. So it definitely shows stress. Follow-up question, if I could, on the SAF. Obviously, you mentioned there are some opportunities in terms of what's moving forward legislatively. If you weren't to see, let's call it, fundamental support for SAF margins, do you want to make SAF? I mean, what's the driver to do that versus renewable diesel which obviously already enjoys support as well as LCFS programs.

是的。我的意思是現在是本季度初，但在去年的這個時候真的還沒有看到這麼大的差距。所以它肯定顯示壓力。如果可以的話，關於 SAF 的後續問題。顯然，您提到在立法方面的進展方面存在一些機會。如果你沒有看到，讓我們稱之為 SAF 利潤率的基本支持，你想製作 SAF 嗎？我的意思是，與顯然已經享有支持以及 LCFS 計劃的可再生柴油相比，這樣做的驅動力是什麼。

Roger, this is Eric. I think we still see a big demand for SAF in the future. The EU just talked about mandating it beginning in 2025 and at increasing percentages as you get to 2030 and 2050. So the IRA isn't the only driver for SAF. I think, between what we see in different jurisdictions starting to obligate jet and make it a mandatory requirement as well as just the internal commitments that a lot of the airlines and cargo carriers have made from a corporate standpoint, we still see that SAF is going to be a strategic growth area for renewables.

羅傑，這是埃里克。我認為我們未來仍會看到對 SAF 的巨大需求。歐盟剛剛談到從 2025 年開始強制執行它，並且隨著你到 2030 年和 2050 年的增加百分比。所以 IRA 並不是 SAF 的唯一驅動力。我認為，從我們在不同司法管轄區看到的開始強制噴氣式飛機並使其成為強制性要求，以及許多航空公司和貨運公司從公司角度做出的內部承諾之間，我們仍然看到 SAF 正在成為可再生能源的戰略增長區。

The next question is coming from the line of Ryan Todd with Piper Sandler.

下一個問題來自 Ryan Todd 和 Piper Sandler 的台詞。

Maybe I'll stick for one follow-up on the low carbon fuel side. Can you talk a little bit about a couple of the carbon possibilities that you mentioned earlier in the call, you mentioned renewable hydrogen, alcohol-to-jet. What would either of those projects look like in your current operations? And are there further changes in product prices or regulatory support that would be required to make either of those businesses make sense?

也許我會堅持在低碳燃料方面進行一次跟進。你能談談你之前在電話會議中提到的幾種碳可能性嗎，你提到了可再生氫，酒精到噴射。在您當前的運營中，這些項目中的任何一個會是什麼樣子？是否需要進一步改變產品價格或監管支持才能使這些業務中的任何一個變得有意義？

Well, I think -- this is Eric again. In particular, I'll start with ethanol-to-jet. Assuming the Navigator project goes forward, that will lower the carbon intensity of our ethanol to a point where it will qualify as a feedstock into SAF. And so if you look at that as the precursor project that would then enable an ethanol to jet SAF project, that's one of the things we're looking at. Now that's years out from anything we would talk about in any sort of detail, but conceptually that's kind of what would line up that possibility from a project standpoint.

好吧，我想——這又是埃里克。特別是，我將從乙醇到噴射開始。假設 Navigator 項目繼續進行，這將降低我們乙醇的碳強度，使其有資格作為 SAF 的原料。因此，如果您將其視為先驅項目，然後將乙醇噴射到 SAF 項目中，這就是我們正在研究的事情之一。現在距離我們討論任何細節的任何事情都已經過去了很多年，但從概念上講，從項目的角度來看，這就是那種可能性。

And then renewable hydrogen, that's another sort of horizon opportunity, that as you look at your low-carbon platforms, if you can make blue or green hydrogen, it's just another way to further lower your CIs on your low carbon operations.

然後是可再生氫，這是另一種地平線機會，當您查看低碳平台時，如果您可以製造藍色或綠色氫，這只是進一步降低低碳運營 CI 的另一種方式。

Great. And then maybe just a quick follow-up on the Port Author Coker. Is there -- congratulations on getting that started up. Is there any sort of ramp associated with operations there? How should we expect kind of contributions to that in the second quarter? And any kind of updates or thoughts on what the -- what you think the annualized EBITDA contribution is in the current environment?

偉大的。然後可能只是對 Port Author Coker 的快速跟進。有沒有——祝賀你開始了。那裡有與運營相關的任何類型的坡道嗎？我們應該如何期待第二季度對此的貢獻？以及關於什麼的任何更新或想法 - 你認為在當前環境中年化 EBITDA 貢獻是什麼？

Yes, this is Lane. So we started it up on April 5. I would say actually, this week, we've sort of ramped up most of the refinery up to where we're running. We're close to fuel -- to full. We're sort of from now through the rest of the quarter, you will see the least of benefit of (inaudible). Clean start-up, as Joe alluded to earlier in his comments. It was done really well by our team. It's working just as we had indicated.

是的，這是萊恩。所以我們在 4 月 5 日啟動了它。我想說的是，實際上，本週，我們已經將大部分煉油廠提高到我們正在運行的地方。我們快要加油了——快滿了。我們從現在到本季度的剩餘時間，你會看到（聽不清）的好處最少。正如喬早些時候在評論中提到的那樣，乾淨的啟動。我們的團隊做得非常好。正如我們所指出的那樣，它正在工作。

In terms of the contribution on EBITDA, when you take sort of the current volumetrics and use forward pricing on it, it's normally about $0.5 billion a year is the benefit.

就 EBITDA 的貢獻而言，當你採用當前的數量並對其使用遠期定價時，通常每年約有 5 億美元的收益。

Our next question is coming from the line of Jason Gabelman with TD Cowen.

我們的下一個問題來自 Jason Gabelman 和 TD Cowen。

I wanted to ask one on market structure. I think there's some concern because there's headlines around Asia cutting refining runs because margins are low there and there's some concern that, that could permeate into the U.S. And so the question is, how should the market kind of take that indicator? Should they think that while Asia margins are falling and so U.S. will follow because there's global weakness?

我想問一個關於市場結構的問題。我認為存在一些擔憂，因為有關於亞洲削減煉油運行的頭條新聞，因為那裡的利潤率很低，而且有人擔心，這可能會滲透到美國。所以問題是，市場應該如何看待這個指標？他們是否應該認為亞洲利潤率正在下降，因此美國會因為全球疲軟而跟隨？

Or conversely, because Asia margins are falling, U.S. cracks are around the level they are, probably closer to a floor, because of the structural kind of tailwinds that are out there and Asia is kind of absorbing all of the throughput declines related to global demand issues? I know it's a bit of a complex question, but I guess, give it a shot.

或者相反，由於亞洲的利潤率正在下降，美國的裂縫在他們所在的水平附近，可能更接近底部，因為那裡存在結構性順風，亞洲正在吸收與全球需求相關的所有吞吐量下降問題？我知道這是一個有點複雜的問題，但我想，試一試吧。

Yes. So I think the way we would view it is much like you said, we would view it as it's kind of telling us where the floor on margins. It's not just Asia, but in Europe hydroskimming margins are negative. And so a lot of that is the distillate weakness. We still see diesel inventory very, very low. And we view that some of that capacity should actually be running. And so it's kind of telling you we're the floor on where margins are.

是的。所以我認為我們看待它的方式很像你說的，我們會認為它告訴我們利潤率的底線在哪裡。不僅僅是亞洲，歐洲的 hydroskimming 利潤率也是負的。因此，其中很多是餾出物的弱點。我們仍然看到柴油庫存非常非常低。我們認為其中一些容量實際上應該在運行。所以這有點告訴你我們是利潤率的底線。

Okay. That's helpful. And then the follow-up on DGD. Where are we in terms of the DGD distribution? Have you received one yet? Is that coming soon? And how are you thinking about that cash being moved up to the partners moving forward?

好的。這很有幫助。然後是 DGD 的後續行動。就 DGD 分佈而言，我們在哪裡？你收到了嗎？那會很快嗎？您如何考慮將現金轉移給合作夥伴？

Yes. We've looked at the DGD cash flow, and we would still say we see a distribution in the back half of this year becoming an opportunity for the partners.

是的。我們已經查看了 DGD 現金流，我們仍然會說我們看到今年下半年的分配成為合作夥伴的機會。

Okay. Any idea around the quantity?

好的。對數量有什麼想法嗎？

No, we're not going to give a number like that out, but it does look positive through the end of the year.

不，我們不會給出這樣的數字，但到今年年底它看起來確實是積極的。

Our next question is coming from the line of Matthew Blair with Tudor, Pickering, Holt.

我們的下一個問題來自 Matthew Blair 與 Tudor、Pickering、Holt 的對話。

Joe, could you help us understand the Q1 refining capture, a strong figure, a little bit more. I think Lane mentioned butane blending was a tailwind. What else drove it up? And I guess, specifically, were product exports more of a supporting factor than normal? And then also, was there any impact from turning in the 2021 RINs, like any sort of mark-to-market as you submitted the 2021 RINs in March of 23?

Joe，你能不能幫我們了解一下Q1煉化攻略，強勢人物，多一點。我認為萊恩提到丁烷混合是順風。還有什麼推動了它？我想，具體來說，產品出口是否比正常情況更能起到支持作用？然後，提交 2021 RIN 是否有任何影響，就像您在 23 日 3 月提交 2021 RIN 時的任何按市值計價？

So Matt, this is Lane. I'll start out with the first part of it. So the things that are contributing factors were we had backwardation sort of flattened out in the market on feedstock. That's always one you get. So market structure plays into capture rates in a big way. So it's tightened out some. You had wider differentials in the first quarter versus the fourth quarter on all the crudes that we run.

所以馬特，這是萊恩。我將從它的第一部分開始。因此，促成因素是我們在原料市場上的現貨溢價趨於平緩。那總是你得到的。因此，市場結構在很大程度上影響捕獲率。所以收緊了一些。在我們運行的所有原油中，第一季度與第四季度的差異更大。

And then finally, there were pretty good jet premiums versus distillate in the first quarter. Those are the other things driving our capture rate. With respect to the other RIN mentioned...

最後，第一季度噴氣機溢價與餾分油相比相當可觀。這些是推動我們捕獲率的其他因素。關於提到的其他 RIN...

I don't think the RIN had anything to do with it.

我不認為 RIN 與它有任何關係。

And I wouldn't say exports had any kind of material impact on capture rates either.

而且我也不會說出口對捕獲率有任何實質性影響。

Great. And then on the Q2 Refining guidance, it looks like it implies about 90% to 93% utilization. You already did 93% in Q1. So I guess I'd be surprised if it ticks down. Is that just -- should we think about it as just a conservative number? Or are there -- are there major turnarounds that we should be aware of that's pulling down your Q2 expected run rate?

偉大的。然後在第二季度的精煉指南中，它似乎意味著大約 90% 到 93% 的利用率。你在第一季度已經完成了 93%。所以我想如果它下降我會感到驚訝。這只是——我們是否應該將其視為一個保守數字？還是有 - 是否有我們應該意識到的重大轉變正在拉低您的第二季度預期運行率？

Yes, we -- this is Lane. We have a policy of not really commenting directly on our turnaround activity, but I would just take the guidance to be kind of where we think it's going to be.

是的，我們——這是萊恩。我們的政策是不直接對我們的周轉活動發表評論，但我只想把指導放在我們認為會發生的地方。

Yes. And Matthew, I mean, you know our history and our tendency. I mean we're not going to oversell anything. So we'll just -- we'll see how the markets look. And Lane is right, we'll operate as appropriate.

是的。 Matthew，我的意思是，你了解我們的歷史和趨勢。我的意思是我們不會超賣任何東西。所以我們將 - 我們將看看市場的情況。萊恩是對的，我們將酌情採取行動。

We have no additional questions at this time. So I'll pass the floor over to management for any additional closing remarks.

我們目前沒有其他問題。因此，我將把發言權交給管理層，聽取任何額外的結束語。

Thanks, Jesse. We appreciate everyone joining us today. Obviously, feel free to contact the IR team if you have any questions. Have a great week. Thank you, everyone.

謝謝，傑西。我們感謝今天加入我們的每一個人。顯然，如果您有任何問題，請隨時聯繫 IR 團隊。祝你度過愉快的一周。謝謝大家。

Ladies and gentlemen, this does conclude our call and webcast. You may disconnect your lines at this time. We thank you for your participation.

女士們，先生們，我們的電話會議和網絡廣播到此結束。此時您可以斷開線路。我們感謝您的參與。