Management remarks
Call period: 2026 Q2 · 2026-07-30
Guidance: Harminder S. Bhullar: For the Renewable Diesel segment, we expect sales volumes of approximately 3.5 million gallons per day in the third quarter. Operating expenses should be $0.49 per gallon, including $0.21 per gallon for noncash costs such as depreciation and amortization.Demand and orders: Harminder S. Bhullar: For the Renewable Diesel segment, we expect sales volumes of approximately 3.5 million gallons per day in the third quarter. Operating expenses should be $0.49 per gallon, including $0.21 per gallon for noncash costs such as depreciation and amortization.Analyst Q&A
Analyst Doug Leggate asked: First of all, we are just sitting here watching extraordinary margins. We do not know what the duration is. But you have got practically no net debt. I think you are kind of signaling a preparedness to be patient with building cash. Why is a rebalancing of dividends and buybacks not an appropriate thing to consider if you believe mid-cycle should be higher going forward? Management Harminder S. Bhullar answered: Right? And so, you know, let me rule out that part of our capital allocation framework where we are not going to all of a sudden do growth or acquisitions just because we are flush with cash. That has obviously worked really well for us, and it is evident when you look at our long-term return on invested capital or return on equity. It is well north of 15%. Right? And so keep in mind that includes all sustaining capital, not just growth capital. So that tells you our growth projects have actually returned well in excess of that.管理层陈述
电话会期间：2026 Q2 · 2026-07-30
指引：哈明德·S·布勒表示：对于可再生柴油部门，我们预计第三季度销量约为每日350万加仑。运营费用应为每加仑0.49美元，其中包括每加仑0.21美元的非现金成本，如折旧和摊销。需求与订单：哈明德·S·布勒表示：对于可再生柴油部门，我们预计第三季度销量约为每日350万加仑。运营费用应为每加仑0.49美元，其中包括每加仑0.21美元的非现金成本，如折旧和摊销。分析师问答
分析师道格·莱格特：我们正目睹异常高的利润率，虽不知持续时长，但你们几乎没有净债务，且似乎准备耐心积累现金。如果你们认为未来中期利润率会更高，为何不考虑调整股息和回购计划？ 管理层哈明德·S·布拉尔：我们不会仅因现金充裕就突然开展增长或收购交易，这一策略效果极佳。我们的长期投入资本回报率远高于15%，包含所有维持性资本支出，可见增长项目的回报率更高。This earnings research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报研究基于公司业绩公告、监管文件、财务报表，以及财报电话会议记录或官方回放整理。内容仅供参考，不构成投资建议。
