车主们注意了 别急着加油 编 辑丨刘 巧 校 对丨王海艳 初 审丨刘 雷 复 审丨古洪庆 终 审丨李文峰 今天（8月26日）24时 新一轮油价要大幅下调啦 2025年第17轮油价调整将于今天（8月26日）24时开启。本轮油价在经过10个工作日统计后，预计今晚 将会下调汽油180元/吨，柴油175元/吨。折合升计算，汽柴油价格下降0.13至0.16元/升，加满一箱50升 的92号汽油预计将节省7元左右。（具体以国家发改委通知为准） 来 源丨今日油价查看、第一财经 ...

Financial Performance - Ultrapar reported strong operating cash generation of R$ 1.8 billion[5], with R$ 0.9 billion used to reduce debt[5] - Net income increased by 47% to R$ 1.151 billion[23] - EBITDA increased by 15% to R$ 1.468 billion[23] - Recurring EBITDA increased by 55% to R$ 2.070 billion[23] Debt and Leverage - Net debt increased to R$ 12.635 billion[26], primarily due to the consolidation of Hidrovias' debt[30] - The company reduced the draft discount by R$ 909 million[5, 23, 30] - Financial leverage (Net debt + draft discount / LTM EBITDA) was 1.9x[26] Segment Performance - Ipiranga's EBITDA decreased by 13% to R$ 678 million[34] due to irregularities in the fuel sector and international prices under Petrobras prices[32, 38] - Ultragaz's total EBITDA increased by 11% to R$ 442 million[42] driven by better sales mix and greater efficiency in the bulk segment[43] - Ultracargo's EBITDA decreased by 15% to R$ 141 million[47] due to lower m³ sold and costs related to expansion[45, 48] - Hidrovias' recurring EBITDA was R$ 348 million[57], with R$ 234 million consolidated into Ultrapar's EBITDA[59]

A cargo of Indian diesel is heading to China, in what would be first such shipment since 2021, with oil product exports from Russia-linked Nayara Energy in a state of limbo following the latest round of European Union sanctions https://t.co/dUQBqaQhCV ...

Operational Highlights - Petrobras' total production of oil and natural gas reached 2.91 MM boed, a 5% increase compared to 1Q25[9] - Total operated production reached a record level of 4.19 MM boed[9] - Pre-salt layer own production also reached a record of 2.39 MM boed[9] - FPSO Alexandre de Gusmão started production in the Mero Field with a capacity of 180 thousand barrels of oil per day and process 12 million m³ of gas[10] - The company signed new contracts in the free gas market, increasing volumes by 170% in 1H25[21] Financial Highlights - Commercial oil and gas production in Brazil increased by 5% from 1Q25 to 2Q25[29] - Operating cash flow was US$7.5 billion in 2Q25[32] - Net income was US$10.2 billion in 2Q25[32] - Total utilization factor of refining system was 91% in 2Q25 with 68% yield of high value-added oil products[16] - Shareholder remuneration was R$8.7 billion in 2Q25[49]

Financial Data and Key Metrics Changes - Delek reported a net loss of $106 million or negative $1.76 per share for the second quarter, with an adjusted net loss of $33 million or negative $0.56 per share and adjusted EBITDA of $170.2 million [23][24] - The increase in adjusted EBITDA was driven by a $141 million increase in refining, primarily due to a higher margin environment and sequentially higher throughputs [23][24] - Cash flow provided by operations was $51 million, including a net loss and an inflow of approximately $51 million from timing-related working capital movements [24] Business Line Data and Key Metrics Changes - The logistics segment delivered approximately $120 million in adjusted EBITDA, marking a $4 million increase over the previous record [24] - Supply and marketing contributed a gain of $26 million, with wholesale marketing generating approximately $19 million [21] - The refining segment saw realized refining margins increase by $0.96 per barrel compared to the previous year, despite a decline in benchmark net margin [16] Market Data and Key Metrics Changes - The company noted a positive trend in diesel demand, with diesel inventories at five-year lows and gasoline showing a draw of 1.2 million barrels [45][48] - The outlook for the market remains optimistic, particularly for diesel, as high utilization rates continue despite low inventories [48] Company Strategy and Development Direction - Delek is focused on its enterprise optimization plan (EOP), increasing guidance on EOP improvements to a run rate of $130 million to $170 million starting in the second half of the year [4][8] - The company aims to improve cash flow generation through structural changes in operations, including cost reductions and enhanced operational efficiency [7][35] - Delek is committed to maintaining a disciplined approach to capital allocation, balancing dividends, share buybacks, and strengthening the balance sheet [12][41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the small refinery exemption (SRE) petitions, indicating confidence in a favorable outcome based on legal precedents [30][31] - The company anticipates continued strong performance in refining and logistics, with expectations for increased throughput and margin improvements [16][19][66] Other Important Information - Delek paid approximately $16 million in dividends and repurchased about $13 million of its shares during the quarter [12] - The company completed a successful high-yield offering, increasing liquidity at DKL to over $1 billion, which supports its growth initiatives [9][24] Q&A Session Summary Question: Confidence around small refinery exemption (SRE) - Management expressed optimism about the SRE outcome, highlighting the economic harm caused by the pending issue and the company's compliance during the petition period [30][31] Question: EOP guidance and potential for further upside - Management confirmed that EOP is a continuous improvement initiative, with increased guidance reflecting confidence in margin improvements and operational efficiencies [35][38] Question: Allocation of cash flow and capital returns strategy - The company maintains a balanced approach to capital allocation, focusing on dividends, share buybacks, and strengthening the balance sheet [41][42] Question: Q3 demand trends and outlook - Management noted positive trends in diesel and gasoline demand, with expectations for a constructive market environment [45][48] Question: Supply and marketing performance in Q3 - The company is optimistic about supply and marketing contributions, driven by improved logistics and market access [51][53] Question: Timing for economic separation of DKL - Management indicated ongoing efforts towards economic separation, with a focus on enhancing DKL's value through strategic initiatives [57][59]

Delek US Holdings (DK) Operations and Strategy - Delek Logistics (DKL) reported a record quarter, with run-rate cash flow improvements of $120 million in 2Q'25[11] - DK raised its EOP target to $130-170 million in cash flow improvements[11] - DK returned ~$150 million to shareholders through buybacks and dividends over the last 12 months, representing an approximate 12% yield[11] - DKL is on track to deliver 2025 EBITDA guidance of $480-520 million[11] - DK's value creation journey is tied to EOP (efficiency and optimization plan), SOTP (sum of the parts), and SREs (small refinery exemptions)[14] EOP (Efficiency and Optimization Plan) Progress - EOP aims to improve DK's profitability and free cash flow at constant margins[21] - DK is confident in reaching $130 – 170 million in run-rate cash flow improvements in 2H'2025[21] - Approximately $30 million of cash improvements were realized in 2Q'25 due to EOP initiatives[11, 25] - El Dorado refinery saw ~$1.45/Bbl of EOP improvements in its gross margin during the second quarter[28] Financial Performance - Adjusted EBITDA for 2Q'25 was $170.2 million[47, 52] - Capital expenditures for 2025 YTD totaled $297 million, with $97 million in Refining and $191 million in Logistics[56] - Delek US, excluding DKL net debt, was $275.2 million as of June 30, 2025[59]

Financial Data and Key Metrics Changes - The company reported a record upstream production of 831,000 barrels per day for the first half of 2025, an increase of 28,000 barrels per day compared to the previous record set in 2024 [7] - Refining throughput reached 462,000 barrels per day in the first half of 2025, surpassing the previous best by 20,000 barrels per day [9] - Adjusted funds from operations (AFFO) for Q2 was $2,700,000,000, translating to $2.2 per share, while adjusted operating earnings were $873,000,000 or $0.71 per share [32] - Operating costs for the first half of 2025 were $6,460,000,000, down $135,000,000 compared to 2024 despite higher production and throughput [12] Business Line Data and Key Metrics Changes - Upstream production in Q2 was 808,000 barrels per day, the highest second quarter in company history, with oil sands production at 748,000 barrels per day [31] - Refining utilization remained robust at 95%, with crude throughput of 442,000 barrels per day [32] - Product sales in the first half of 2025 reached 603,000 barrels per day, marking a 15,000 barrels per day increase from the previous year [10] Market Data and Key Metrics Changes - WTI crude oil prices averaged $63.7 per barrel in Q2, a decrease of almost $8 from Q1 [28] - The light-heavy differential tightened to $2.45 per barrel, while synthetic crude improved to a $1 per barrel premium [28] - The Canadian dollar strengthened against the US dollar, moving from $0.70 to $0.72 [29] Company Strategy and Development Direction - The company is focused on operational excellence and has implemented a new system to manage reliability and performance, aiming to reduce variability across its operations [23][24] - A commitment to reduce turnaround costs by $350,000,000 per year has been established, reflecting a focus on capital efficiency and operational improvements [18] - The company plans to continue enhancing its integrated business model to deliver reliable cash flows and strong returns to shareholders [27] Management's Comments on Operating Environment and Future Outlook - Management expects continued commodity market volatility but remains optimistic about refining margins due to positive supply-demand balances and low product inventories [30] - The company is confident in its ability to achieve high-end production guidance for the year, driven by operational improvements and reduced variability [70] - Future capital expenditures are expected to remain structurally lower, with a focus on maintaining resilience and returning capital to shareholders [72] Other Important Information - The company returned nearly $1,500,000,000 to shareholders in Q2, including $697,000,000 in dividends and $750,000,000 in share buybacks [26] - The company has repurchased 2.3% of its equity float so far this year, supporting future dividend and free funds flow per share growth [27] Q&A Session Summary Question: Has the stream day capacity risen on U1 after the project enhancements? - The stream day capacity remains around 140,000 barrels per day, but the upgraded metallurgy allows for extended turnaround intervals [40] Question: Is the $8,000,000,000 net debt target still appropriate given better cash flow generation? - The $8,000,000,000 target was based on a $50 per barrel WTI world, and management is open to reevaluating this as business performance improves [43] Question: How is the company driving stronger turnaround performance? - A systematic approach has been implemented, focusing on benchmarking, risk-based work selection, and detailed planning to achieve best-in-class turnaround performance [55] Question: Can you provide an update on Fort Hills' North Pit development? - Fort Hills is delivering on its three-year plan, with ongoing stripping and dewatering activities in the North Pit, and management is confident in future production increases [62] Question: What is the outlook for refining margins and the diesel market? - The refining macro environment is robust, with strong diesel cracks and record diesel production following recent turnarounds [98]

Financial Data and Key Metrics Changes - The company reported a record upstream production of 831,000 barrels per day for the first half of 2025, surpassing the previous record by 28,000 barrels per day [6] - Refining throughput reached 462,000 barrels per day in the first half of 2025, also a record, exceeding the previous best by 20,000 barrels per day [7] - Adjusted funds from operations (AFFO) for Q2 was $2,700,000,000, translating to $2.2 per share, while adjusted operating earnings were $873,000,000 or $0.71 per share [30] - The total operating costs for the first half of 2025 were $6,460,000,000, down $135,000,000 compared to 2024, despite higher production and throughput [10] Business Line Data and Key Metrics Changes - Upstream production in Q2 was 808,000 barrels per day, marking the highest second quarter in company history [29] - Oil sands production averaged 748,000 barrels per day in Q2, impacted by turnaround activities [29] - Refining utilization remained robust at 95%, with crude throughput of 442,000 barrels per day [30] - Product sales reached 603,000 barrels per day in the first half of 2025, a record high, with a 72,000 barrels per day increase compared to 2023 [9] Market Data and Key Metrics Changes - WTI crude prices averaged $63.7 per barrel in Q2, a decrease of nearly $8 from Q1 [25] - The light-heavy differential tightened to $2.45 per barrel, while synthetic crude improved to a $1 per barrel premium [26] - Diesel cracks remained strong, contributing positively to the refining margins [96] Company Strategy and Development Direction - The company is focused on operational excellence and reducing turnaround costs, raising the annual turnaround capital reduction target from $250,000,000 to $350,000,000 [17] - A new operational excellence system has been implemented to standardize performance across sites, aiming for best-in-class operations [22][23] - The company plans to maintain a disciplined approach to capital expenditures, with a revised guidance range of $5,700,000,000 to $5,900,000, reflecting a structural reduction [21][72] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued commodity market volatility but remains optimistic about refining margins due to positive supply-demand balances [28] - The company is committed to returning excess funds to shareholders through buybacks and dividends, having returned $13,600,000,000 since the beginning of 2023 [25] - Future growth projects and long-term plans will be discussed at the end of 2025, as the company aims to achieve its three-year plan ahead of schedule [90][91] Other Important Information - The company completed significant capital projects under budget, including the Base Plant U1 coke drum replacement and the Syncrude Mildred Lake West mine extension [19][20] - The balance sheet remains strong with net debt at $7,700,000,000, and the company expects to manage working capital effectively [31] Q&A Session Summary Question: Has the stream day capacity risen on U1 after the project? - The stream day capacity remains around 140,000 barrels per day, but the upgraded metallurgy allows for extended turnaround intervals [40] Question: Is $8,000,000,000 the right net debt target going forward? - The $8,000,000,000 target was set based on a $50 per barrel WTI environment, and management is open to reevaluating this as cash flow generation improves [42][43] Question: How is the company driving stronger turnaround performance? - A systematic approach has been implemented, focusing on benchmarking, risk-based work selection, and detailed planning to achieve best-in-class turnaround performance [55][56] Question: Can you provide an update on Fort Hills' North Pit development? - Fort Hills is on track with its three-year plan, and the North Pit development is progressing as planned, with confidence in increasing production [61] Question: When will the company discuss growth projects like Firebag expansion? - The company plans to provide more details on growth projects at the end of 2025, as it aims to achieve its current three-year plan ahead of schedule [90][91] Question: What is the outlook for the refining macro environment? - The refining environment is expected to remain robust, particularly for diesel, with strong local and global demand supporting the business [96]

Financial Performance & Shareholder Returns - Suncor's market capitalization in Q2 2025 was $62 billion[5] - Net debt to AFFO for Q2 2025 TTM was 0.6x[5] - AFFO (Adjusted Funds From Operations) for Q2 YTD (Year-to-Date) was $5.7 billion[5] - Capital expenditures for Q2 YTD were $2.7 billion[5] - Free Funds Flow (FFF) for Q2 YTD was $2.9 billion[5] - Over the past 10 years, Suncor has returned >70% of its average market cap to shareholders[9] - Suncor is targeting 3-5% annual dividend growth[15] - Suncor is aiming for 1.0x Net Debt to AFFO at US$50 WTI[15] Operational Highlights - Upgrading capacity is 556 kbpd (thousands of barrels per day)[5] - Refining capacity is 466 kbpd[5] - Production to Market for Q2 YTD was 831 kbpd[5] - Refinery utilization for Q2 YTD was 99%[5] - Oil Sands reserve life index is 25 years (as of 2024)[5] - Upstream production is 825,000 bpd[18] - Refining capacity is 466,000 bpd[18] - Product sales are 570,000 bpd[18] - Suncor's total 2P Reserves (gross) were 7,315 million barrels at December 31, 2024[89, 96] 2025 Guidance - The 2025 capital budget is projected to be between $5.7 billion and $5.9 billion[44] - Oil Sands capital expenditure is projected to be between $3.775 billion and $3.850 billion, representing 40% of economic investment[46] - Exploration & Production (E&P) capital expenditure is projected to be between $725 million and $775 million, representing 100% of economic investment[46] - Downstream capital expenditure is projected to be between $1.175 billion and $1.250 billion, representing 30% of economic investment[46] - Corporate capital expenditure is projected at $25 million, representing 5% of economic investment[46] - Total bitumen production is guided between 880,000 and 920,000 kbpd[46] - Upgraded net SCO (Synthetic Crude Oil) and diesel production is guided between 485,000 and 495,000 kbpd[46] - Non-upgraded bitumen production is guided between 280,000 and 290,000 kbpd[46] - Total Oil Sands production is guided between 765,000 and 785,000 kbpd[46] - E&P production is guided between 45,000 and 55,000 kbpd[46] - Total Upstream Production is guided between 810,000 and 840,000 kbpd[46] - Refinery throughput is guided between 435,000 and 450,000 kbpd[46] - Refinery utilization is guided between 93% and 97%[46] - Refined product sales are guided between 555,000 and 585,000 kbpd[46]

Core Viewpoint - Suncor Energy reported strong second quarter results driven by effective execution of major operational activities, positioning the company well for the second half of the year [3][5]. Financial Highlights - Net earnings for Q2 2025 were Cdn$1.134 billion, or Cdn$0.93 per common share, compared to Cdn$1.568 billion, or Cdn$1.22 per common share in Q2 2024 [4][9]. - Adjusted operating earnings were Cdn$873 million, or Cdn$0.71 per common share, down from Cdn$1.626 billion, or Cdn$1.27 per common share in the prior year [4][9]. - Adjusted funds from operations decreased to Cdn$2.689 billion, or Cdn$2.20 per common share, from Cdn$3.397 billion, or Cdn$2.65 per common share in Q2 2024 [4][9]. - Cash flow from operating activities was Cdn$2.919 billion, or Cdn$2.38 per common share, compared to Cdn$3.829 billion, or Cdn$2.98 per common share in the prior year [4][9]. Operational Highlights - Total upstream production reached a record of 808,000 bbls/d in Q2 2025, compared to 770,600 bbls/d in Q2 2024 [5][13]. - Refinery throughput also set a record at 442,300 bbls/d with a utilization rate of 95%, compared to 430,500 bbls/d and 92% in the prior year [5][13]. - The company executed major turnaround activities safely and ahead of schedule, including the Upgrader 1 coke drum replacement project [5][11]. Shareholder Returns - Suncor returned Cdn$1.45 billion to shareholders, comprising Cdn$750 million in share repurchases and Cdn$700 million in dividends [5][9]. - The dividend per common share remained stable at Cdn$0.57, consistent with the previous quarter [4][5]. Corporate Guidance - The company reduced its 2025 capital expenditure guidance by Cdn$400 million, now estimating a range of Cdn$5.7 billion to Cdn$5.9 billion [12][19]. - Adjustments were made to estimated ranges for current income taxes and royalties to reflect the current business environment [12].