{"id":39564,"date":"2026-03-09T11:58:26","date_gmt":"2026-03-09T11:58:26","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/39564\/"},"modified":"2026-03-09T11:58:26","modified_gmt":"2026-03-09T11:58:26","slug":"par-petroleum-2025-%e5%b9%b4-12-%e6%9c%88%e5%ad%a3%e5%ba%a6%e7%87%9f%e6%94%b6%e9%81%94-18-1-%e5%84%84%e7%be%8e%e5%85%83%e3%80%81%e4%b8%8b%e6%bb%91-1%ef%bc%8c%e6%af%8f%e8%82%a1%e7%9b%88%e9%a4%98","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh\/live-updates\/39564\/","title":{"rendered":"Par Petroleum 2025 \u5e74 12 \u6708\u5b63\u5ea6\u71df\u6536\u9054 18.1 \u5104\u7f8e\u5143\u3001\u4e0b\u6ed1 1%\uff0c\u6bcf\u80a1\u76c8\u9918\uff08EPS\uff09\u5347\u81f3 1.17 \u7f8e\u5143"},"content":{"rendered":"Par Petroleum \u516c\u5e03 2025 \u5e74 12 \u6708\u7576\u5b63\u71df\u6536 18.1 \u5104\u7f8e\u5143\uff0c\u5e74\u6e1b 1%\u3002\u6bcf\u80a1\u76c8\u9918\uff08EPS\uff0c\u6307\u516c\u53f8\u628a\u6de8\u5229\u5206\u6524\u5230\u6bcf\u4e00\u80a1\u7684\u7372\u5229\uff09\u70ba 1.17 \u7f8e\u5143\uff0c\u9ad8\u65bc\u4e00\u5e74\u524d\u7684 -0.79 \u7f8e\u5143\u3002\n\n\u71df\u6536\u6bd4 Zacks \u4e00\u81f4\u9810\u4f30\uff08\u591a\u4f4d\u5206\u6790\u5e2b\u5e73\u5747\u7684\u5e02\u5834\u9810\u6e2c\u503c\uff0917.1 \u5104\u7f8e\u5143\u9ad8 5.9%\u3002EPS \u5247\u6bd4\u4e00\u81f4\u9810\u4f30 1.21 \u7f8e\u5143\u4f4e 2.91%\u3002\n\n<h3>\u4e3b\u8981\u71df\u904b\u6307\u6a19<\/h3>  \n\u7149\u6cb9\u539f\u6599\u8655\u7406\u91cf\uff08refining feedstocks throughput\uff0c\u6307\u7149\u6cb9\u5ee0\u5be6\u969b\u8655\u7406\u7684\u539f\u6cb9\u8207\u5176\u4ed6\u9032\u6599\u7e3d\u91cf\uff09\u70ba 190900\uff08\u539f\u6587\u55ae\u4f4d\uff1amillions of barrels of oil\uff09\uff0c\u5c0d\u6bd4\u4e09\u4f4d\u5206\u6790\u5e2b\u5e73\u5747\u9810\u4f30 189129.2\u3002\u590f\u5a01\u5937\u8655\u7406\u91cf\u70ba 87.10 MMBBL\/D\uff08\u6bcf\u65e5\u767e\u842c\u6876\uff09\u5c0d\u6bd4 85.96\uff1b\u83ef\u76db\u9813\u70ba 37.00 \u5c0d\u6bd4 36.08\uff1b\u61f7\u4fc4\u660e\u70ba 14.40 \u5c0d\u6bd4 15.53\uff1b\u8499\u5927\u62ff\u70ba 52.40 \u5c0d\u6bd4 51.55\u3002\n\n\u83ef\u76db\u9813\u7149\u6cb9\u5ee0\u6bcf\u6876\u8abf\u6574\u5f8c\u6bdb\u5229\uff08Adjusted gross margin per barrel\uff0c\u6307\u6263\u9664\u7279\u5b9a\u8abf\u6574\u9805\u5f8c\u3001\u6bcf\u52a0\u5de5\u4e00\u6876\u7522\u54c1\u80fd\u7559\u4e0b\u7684\u6bdb\u5229\uff09\u70ba 8.32 \u7f8e\u5143\uff0c\u5c0d\u6bd4\u5169\u4f4d\u5206\u6790\u5e2b\u9810\u4f30 6.39 \u7f8e\u5143\u3002\u6bcf\u6876\u751f\u7522\u6210\u672c\uff08production costs per barrel\uff0c\u6307\u628a\u71df\u904b\u8207\u88fd\u9020\u76f8\u95dc\u6210\u672c\u63db\u7b97\u6210\u6bcf\u6876\uff09\u65b9\u9762\uff1a\u61f7\u4fc4\u660e\u70ba 13.27 \u7f8e\u5143\u5c0d\u6bd4 10.25\uff1b\u83ef\u76db\u9813\u70ba 4.57 \u7f8e\u5143\u5c0d\u6bd4 4.08\uff1b\u590f\u5a01\u5937\u70ba 4.15 \u7f8e\u5143\u5c0d\u6bd4 4.70\u3002\n\n\u7149\u6cb9\u71df\u6536\uff08Refining revenue\uff0c\u6307\u7149\u6cb9\u4e8b\u696d\u90e8\u9580\u5e36\u4f86\u7684\u6536\u5165\uff09\u70ba 17.5 \u5104\u7f8e\u5143\uff0c\u5c0d\u6bd4\u9810\u4f30 15.7 \u5104\u7f8e\u5143\uff0c\u5e74\u6e1b 1.2%\u3002\u96f6\u552e\u71df\u6536\uff08Retail revenue\uff0c\u6307\u52a0\u6cb9\u7ad9\u8207\u96f6\u552e\u901a\u8def\u6536\u5165\uff09\u70ba 1.4228 \u5104\u7f8e\u5143\uff0c\u5c0d\u6bd4 1.4587 \u5104\u7f8e\u5143\uff0c\u5e74\u589e 0.5%\u3002\u7269\u6d41\u71df\u6536\uff08Logistics revenue\uff0c\u6307\u904b\u8f38\u3001\u5132\u5b58\u3001\u7ba1\u7dda\u8207\u76f8\u95dc\u670d\u52d9\u6536\u5165\uff09\u70ba 7371 \u842c\u7f8e\u5143\uff0c\u5c0d\u6bd4 7400 \u842c\u7f8e\u5143\uff0c\u5e74\u6e1b 4.9%\u3002\n\n<h3>\u9078\u64c7\u6b0a\u7b56\u7565\u8003\u91cf<\/h3>  \n\u4e0d\u904e\uff0c\u6210\u672c\u8d85\u652f\u5f88\u660e\u986f\uff0c\u5c24\u5176\u662f\u61f7\u4fc4\u660e\u7149\u6cb9\u5ee0\uff1a\u751f\u7522\u6210\u672c\u6bd4\u9810\u671f\u9ad8\u8fd1 30%\u3002\u5728 WTI \u539f\u6cb9\uff08\u897f\u5fb7\u5dde\u4e2d\u8cea\u539f\u6cb9\uff0c\u7f8e\u570b\u5e38\u7528\u7684\u539f\u6cb9\u50f9\u683c\u6307\u6a19\uff09\u50f9\u683c\u8d70\u5f37\u3001\u8fd1\u671f\u7d04\u5728\u6bcf\u6876 85 \u7f8e\u5143\u7684\u60c5\u6cc1\u4e0b\uff0c\u82e5\u539f\u6599\u6210\u672c\u74b0\u5883\u6301\u7e8c\u4e0a\u5347\uff0c\u6210\u672c\u58d3\u529b\u53ef\u80fd\u62b5\u6d88\u9ad8\u7149\u6cb9\u6bdb\u5229\u7684\u597d\u8655\u3002\n\n\u9019\u7a2e\u300c\u6bdb\u5229\u53ef\u80fd\u5f88\u9ad8\u300d\u8207\u300c\u6210\u672c\u98a8\u96aa\u4e5f\u5f88\u9ad8\u300d\u7684\u62c9\u626f\uff0c\u4ee3\u8868 PARR \u9078\u64c7\u6b0a\u7684\u96b1\u542b\u6ce2\u52d5\u7387\uff08implied volatility\uff0c\u6307\u9078\u64c7\u6b0a\u50f9\u683c\u53cd\u63a8\u7684\u5e02\u5834\u5c0d\u672a\u4f86\u6ce2\u52d5\u5e45\u5ea6\u7684\u9810\u671f\uff09\u53ef\u80fd\u504f\u4f4e\u3002\u53ef\u80fd\u53d7\u76ca\u65bc\u80a1\u50f9\u51fa\u73fe\u5927\u5e45\u6ce2\u52d5\u7684\u7b56\u7565\uff08\u4f8b\u5982\u8cb7\u8de8\u5f0f long straddle\uff1a\u540c\u6642\u8cb7\u9032\u540c\u5230\u671f\u3001\u540c\u5c65\u7d04\u50f9\u7684\u8cb7\u6b0a\u8207\u8ce3\u6b0a\uff0c\u8ced\u80a1\u50f9\u5927\u6f32\u6216\u5927\u8dcc\uff09\u5728\u63a5\u4e0b\u4f86\u5e7e\u9031\u53ef\u80fd\u8f03\u6709\u5229\uff1b\u4e0d\u8ad6\u80a1\u50f9\u56e0\u6bdb\u5229\u5f37\u52e2\u8d70\u9ad8\uff0c\u6216\u56e0\u6210\u672c\u7591\u616e\u8d70\u5f31\uff0c\u90fd\u6709\u6a5f\u6703\u7372\u5229\u3002\n\n\u504f\u591a\u8005\u53ef\u8003\u616e\u8ce3\u51fa\u50f9\u5916\u8ce3\u6b0a\u4fe1\u7528\u50f9\u5dee\uff08out-of-the-money put credit spreads\uff1a\u8ce3\u51fa\u8f03\u9ad8\u5c65\u7d04\u50f9\u7684\u50f9\u5916\u8ce3\u6b0a\u3001\u540c\u6642\u8cb7\u9032\u8f03\u4f4e\u5c65\u7d04\u50f9\u7684\u50f9\u5916\u8ce3\u6b0a\uff0c\u7528\u4f86\u6536\u53d6\u6b0a\u5229\u91d1\u4e26\u628a\u6700\u5927\u98a8\u96aa\u9650\u5236\u5728\u5169\u5c65\u7d04\u50f9\u5dee\u984d\uff09\u3002\u4e0a\u5b63\u7149\u6cb9\u71df\u6536\u8f03\u9810\u4f30\u9ad8\u903e 11%\uff0c\u53ef\u4f5c\u70ba\u504f\u591a\u89c0\u9ede\u7684\u652f\u6490\uff1b\u6b64\u7b56\u7565\u5728\u80a1\u50f9\u6301\u5e73\u6216\u4e0a\u6f32\u6642\u8f03\u6709\u5229\u3002\n<p>\n\n<p><strong>\u7acb\u5373\u958b\u59cb\u4ea4\u6613 &#8211; \u9ede\u64ca<a href=\"https:\/\/www.vtmarkets.com\/trade-now\/\">\u9019\u88e1<\/a>\u5275\u5efa\u60a8\u7684 VT Markets \u771f\u5be6\u8cec\u6236 <\/strong> <\/p>\n<!-- \/wp:post-content 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