{"id":30819,"date":"2026-03-09T11:55:42","date_gmt":"2026-03-09T11:55:42","guid":{"rendered":"https:\/\/www.vtmarketsmy.com\/cn\/uncategorized\/par-petroleum-2025%e5%b9%b412%e6%9c%88%e5%ad%a3%e5%ba%a6%e8%90%a5%e6%94%b618-1%e4%ba%bf%e7%be%8e%e5%85%83%ef%bc%8c%e5%90%8c%e6%af%94%e4%b8%8b%e9%99%8d1%ef%bc%8c%e6%af%8f%e8%82%a1%e7%9b%88%e5%88%a9\/"},"modified":"2026-03-09T11:55:42","modified_gmt":"2026-03-09T11:55:42","slug":"par-petroleum-2025%e5%b9%b412%e6%9c%88%e5%ad%a3%e5%ba%a6%e8%90%a5%e6%94%b618-1%e4%ba%bf%e7%be%8e%e5%85%83%ef%bc%8c%e5%90%8c%e6%af%94%e4%b8%8b%e9%99%8d1%ef%bc%8c%e6%af%8f%e8%82%a1%e7%9b%88%e5%88%a9","status":"publish","type":"post","link":"https:\/\/www.vtmarketsmy.com\/cn\/live-updates\/par-petroleum-2025%e5%b9%b412%e6%9c%88%e5%ad%a3%e5%ba%a6%e8%90%a5%e6%94%b618-1%e4%ba%bf%e7%be%8e%e5%85%83%ef%bc%8c%e5%90%8c%e6%af%94%e4%b8%8b%e9%99%8d1%ef%bc%8c%e6%af%8f%e8%82%a1%e7%9b%88%e5%88%a9\/","title":{"rendered":"Par Petroleum 2025\u5e7412\u6708\u5b63\u5ea6\u8425\u653618.1\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u964d1%\uff0c\u6bcf\u80a1\u76c8\u5229\u5347\u81f31.17\u7f8e\u5143"},"content":{"rendered":"Par Petroleum\u516c\u5e032025\u5e7412\u6708\u5b63\u5ea6\u8425\u653618.1\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u6ed11%\u3002\u6bcf\u80a1\u6536\u76ca\uff08EPS\uff0c\u6bcf\u80a1\u53ef\u5206\u914d\u5230\u7684\u5229\u6da6\uff09\u4e3a1.17\u7f8e\u5143\uff0c\u53bb\u5e74\u540c\u671f\u4e3a-0.79\u7f8e\u5143\u3002  \n\n\u8425\u6536\u6bd4Zacks\u4e00\u81f4\u9884\u671f\uff08\u5e02\u573a\u7efc\u5408\u9884\u6d4b\u503c\uff0917.1\u4ebf\u7f8e\u5143\u9ad8\u51fa5.9%\u3002EPS\u5219\u6bd4\u4e00\u81f4\u9884\u671f1.21\u7f8e\u5143\u4f4e2.91%\u3002  \n\n<h3>\u5173\u952e\u8425\u8fd0\u6307\u6807<\/h3>  \n\u70bc\u6cb9\u8fdb\u6599\u5904\u7406\u91cf\uff08throughput\uff0c\u6307\u70bc\u6cb9\u5382\u5b9e\u9645\u5904\u7406\u7684\u539f\u6cb9\/\u8fdb\u6599\u6570\u91cf\uff09\u4e3a190,900\uff08\u5355\u4f4d\u539f\u6587\u5982\u6b64\uff09\u767e\u4e07\u6876\u6cb9\uff0c\u7565\u9ad8\u4e8e\u4e09\u540d\u5206\u6790\u5e08\u5e73\u5747\u9884\u4f30\u7684189,129.2\u3002\u590f\u5a01\u5937\u5904\u7406\u91cf\u4e3a87.10 MMBBL\/D\uff08\u6bcf\u5929\u767e\u4e07\u6876\uff0c\u5e38\u7528\u5355\u4f4d\uff09\u5bf9\u6bd4\u9884\u4f3085.96\uff1b\u534e\u76db\u987f\u4e3a37.00\u5bf9\u6bd436.08\uff1b\u6000\u4fc4\u660e\u4e3a14.40\u5bf9\u6bd415.53\uff1b\u8499\u5927\u62ff\u4e3a52.40\u5bf9\u6bd451.55\u3002  \n\n\u534e\u76db\u987f\u70bc\u6cb9\u5382\u7684\u8c03\u6574\u540e\u6bcf\u6876\u6bdb\u5229\uff08Adjusted gross margin per barrel\uff0c\u6263\u9664\u7279\u5b9a\u9879\u76ee\u540e\u3001\u4ee5\u6bcf\u6876\u8ba1\u7b97\u7684\u6bdb\u5229\uff09\u4e3a8.32\u7f8e\u5143\uff0c\u9ad8\u4e8e\u4e24\u540d\u5206\u6790\u5e08\u9884\u4f30\u76846.39\u7f8e\u5143\u3002\u6bcf\u6876\u751f\u4ea7\u6210\u672c\uff08production costs per barrel\uff0c\u6bcf\u5904\u7406\u4e00\u6876\u7684\u6210\u672c\uff09\u65b9\u9762\uff1a\u6000\u4fc4\u660e\u4e3a13.27\u7f8e\u5143\uff08\u9884\u4f3010.25\uff09\uff1b\u534e\u76db\u987f\u4e3a4.57\u7f8e\u5143\uff08\u9884\u4f304.08\uff09\uff1b\u590f\u5a01\u5937\u4e3a4.15\u7f8e\u5143\uff08\u9884\u4f304.70\uff09\u3002  \n\n\u70bc\u6cb9\u4e1a\u52a1\u8425\u6536\u4e3a17.5\u4ebf\u7f8e\u5143\uff0c\u9ad8\u4e8e\u9884\u4f30\u768415.7\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u4e0b\u6ed11.2%\u3002\u96f6\u552e\u4e1a\u52a1\u8425\u6536\u4e3a1.4228\u4ebf\u7f8e\u5143\uff08\u9884\u4f301.4587\u4ebf\u7f8e\u5143\uff09\uff0c\u540c\u6bd4\u589e\u957f0.5%\uff1b\u7269\u6d41\u4e1a\u52a1\u8425\u6536\u4e3a7371\u4e07\u7f8e\u5143\uff08\u9884\u4f307400\u4e07\u7f8e\u5143\uff09\uff0c\u540c\u6bd4\u4e0b\u6ed14.9%\u3002  \n\n\u56de\u770b\u622a\u81f32025\u5e7412\u6708\u7684\u8fd9\u4efd\u5b63\u62a5\uff0cPar Petroleum\u5448\u73b0\u201c\u8425\u8fd0\u5f3a\u3001\u76c8\u5229\u7565\u5f31\u201d\u7684\u77db\u76fe\u5c40\u9762\uff1a\u8425\u6536\u4f18\u4e8e\u9884\u671f\uff0c\u4f46EPS\u7565\u4f4e\u4e8e\u534e\u5c14\u8857\u9884\u4f30\uff0c\u663e\u793a\u6267\u884c\u5c42\u9762\u4ecd\u6709\u538b\u529b\u3002  \n\n\u6b63\u9762\u56e0\u7d20\u5728\u4e8e\u8425\u8fd0\u8868\u73b0\u504f\u5f3a\uff0c\u5c24\u5176\u662f\u534e\u76db\u987f\u70bc\u6cb9\u5382\u6bdb\u5229\u660e\u663e\u4eae\u773c\uff0c\u53cd\u6620\u516c\u53f8\u5728\u6709\u5229\u5e02\u573a\u73af\u5883\u4e0b\u5177\u5907\u63d0\u5347\u76c8\u5229\u7684\u80fd\u529b\u3002\u8fd1\u671f\u6570\u636e\u663e\u793a\uff0c\u57fa\u51c63:2:1\u88c2\u89e3\u4ef7\u5dee\uff08crack spread\uff0c\u6210\u54c1\u6cb9\u4ef7\u683c\u51cf\u53bb\u539f\u6cb9\u6210\u672c\u7684\u6307\u6807\uff0c\u5e38\u7528\u6765\u8861\u91cf\u70bc\u6cb9\u5229\u6da6\u7a7a\u95f4\uff09\u8fc7\u53bb\u4e00\u4e2a\u6708\u6269\u5927\u5230\u6bcf\u687630\u7f8e\u5143\u4ee5\u4e0a\uff0c\u610f\u5473\u7740\u5229\u6da6\u7a7a\u95f4\u5b58\u5728\u3002  \n\n<h3>\u671f\u6743\u7b56\u7565\u8003\u91cf<\/h3>  \n\u4f46\u6210\u672c\u8d85\u652f\u4e0d\u5bb9\u5ffd\u89c6\uff0c\u5c24\u5176\u6000\u4fc4\u660e\u70bc\u6cb9\u5382\u751f\u4ea7\u6210\u672c\u6bd4\u9884\u671f\u9ad8\u51fa\u63a5\u8fd130%\u3002\u5728WTI\u539f\u6cb9\uff08\u897f\u5fb7\u5dde\u4e2d\u8d28\u539f\u6cb9\uff0c\u7f8e\u56fd\u57fa\u51c6\u6cb9\u4ef7\uff09\u8fd1\u671f\u8d70\u5f3a\u3001\u7ea6\u5728\u6bcf\u687685\u7f8e\u5143\u9644\u8fd1\u4ea4\u6613\u7684\u60c5\u51b5\u4e0b\uff0c\u8fdb\u6599\u6210\u672c\u8d70\u9ad8\u53e0\u52a0\u5382\u5185\u6210\u672c\u538b\u529b\uff0c\u53ef\u80fd\u62b5\u6d88\u70bc\u6cb9\u6bdb\u5229\u6539\u5584\u5e26\u6765\u7684\u597d\u5904\u3002  \n\n\u8fd9\u79cd\u201c\u9ad8\u6bdb\u5229\u6f5c\u529b vs \u9ad8\u6210\u672c\u98ce\u9669\u201d\u7684\u62c9\u626f\uff0c\u53ef\u80fd\u8ba9PARR\u671f\u6743\u7684\u9690\u542b\u6ce2\u52a8\u7387\uff08implied volatility\uff0c\u671f\u6743\u4ef7\u683c\u53cd\u63a8\u7684\u5e02\u573a\u9884\u671f\u6ce2\u52a8\uff09\u88ab\u4f4e\u4f30\u3002\u53ef\u8003\u8651\u53d7\u76ca\u4e8e\u5927\u5e45\u6ce2\u52a8\u7684\u7b56\u7565\uff0c\u4f8b\u5982\u4e70\u5165\u8de8\u5f0f\uff08long straddle\uff0c\u540c\u65f6\u4e70\u5165\u540c\u5230\u671f\u3001\u540c\u5c65\u7ea6\u4ef7\u7684\u770b\u6da8\u4e0e\u770b\u8dcc\u671f\u6743\uff09\uff0c\u65e0\u8bba\u80a1\u4ef7\u56e0\u6bdb\u5229\u7a81\u7834\u4e0a\u884c\u6216\u56e0\u6210\u672c\u62c5\u5fe7\u4e0b\u8dcc\uff0c\u90fd\u6709\u673a\u4f1a\u83b7\u5229\u3002  \n\n\u82e5\u504f\u5411\u770b\u591a\uff0c\u53ef\u8003\u8651\u5356\u51fa\u4ef7\u5916\u770b\u8dcc\u4fe1\u7528\u4ef7\u5dee\uff08out-of-the-money put credit spread\uff1a\u5356\u51fa\u8f83\u9ad8\u5c65\u7ea6\u4ef7\u770b\u8dcc\u3001\u4e70\u5165\u8f83\u4f4e\u5c65\u7ea6\u4ef7\u770b\u8dcc\uff0c\u4ee5\u6536\u53d6\u6743\u5229\u91d1\u5e76\u9650\u5b9a\u6700\u5927\u4e8f\u635f\uff09\u3002\u4e0a\u4e00\u5b63\u5ea6\u70bc\u6cb9\u8425\u6536\u6bd4\u9884\u4f30\u9ad8\u51fa\u8d85\u8fc711%\uff0c\u4e3a\u8be5\u89c2\u70b9\u63d0\u4f9b\u652f\u6491\uff1b\u8be5\u7b56\u7565\u5728\u80a1\u4ef7\u6301\u7a33\u6216\u8d70\u9ad8\u65f6\u66f4\u6709\u5229\u3002\n<p>\r\n\r\n<p><strong>\u7acb\u5373\u5f00\u59cb\u4ea4\u6613 &#8211; \u70b9\u51fb<a href=\"https:\/\/www.vtmarketsmy.com\/cn\/trade-now\/\">\u8fd9\u91cc<\/a>\u521b\u5efa\u60a8\u7684 VT Markets \u771f\u5b9e\u8d26\u6237 <\/strong> <\/p>\r\n<!-- \/wp:post-content -->","protected":false},"excerpt":{"rendered":"<p>Par Petroleum\u5b63\u62a5\u8425\u6536\u8d85\u9884\u671f\u4f46EPS\u5c0f\u5e45\u5931\u8272\uff1b\u534e\u76db\u987f\u70bc\u6cb9\u6bdb\u5229\u4eae\u773c\u3001\u88c2\u89e3\u4ef7\u5dee\u8d70\u5f3a\uff0c\u60df\u6000\u4fc4\u660e\u6210\u672c\u98d9\u5347\u6210\u9690\u5fe7\u3002\u6ce2\u52a8\u6216\u88ab\u4f4e\u4f30\uff0c\u8de8\u5f0f\/\u770b\u8dcc\u4fe1\u7528\u4ef7\u5dee\u5e03\u5c40\u3002<\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[129],"tags":[],"class_list":["post-30819","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/posts\/30819","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/comments?post=30819"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/posts\/30819\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/media?parent=30819"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/categories?post=30819"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarketsmy.com\/cn\/wp-json\/wp\/v2\/tags?post=30819"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}