现在，我们已清楚看到成品油利润率进一步扩大，因此像瓦莱罗能源、马拉松石油和菲利普斯 66 这样的炼油商在过去两个季度产生了巨额自由现金流，其中大部分以股票回购或提高股息的形式返还给了股东。
Now, we have clearly seen that refined product margins have widened even further, so refiners such as Valero, Marathon Petroleum and Phillips 66 have seen huge free cash flows over the past two quarters, much of which has been returned to shareholders in the form of share buybacks or higher dividends.
事实上，我们看到像瓦莱罗能源这样的公司已经从成品油出口中受益，此外还有山姆之前提到的高炼油利润率。因此，我们偏好的公司是像瓦莱罗能源这样的公司，这是我们在乌龟资本这里偏好的公司之一。
In fact, what we have seen is that companies like Valeero are already benefiting from exports of refined products, in addition to the high refining margins that Sam talked about earlier. Thus, the names we prefer are companies like Valiero, which is one of the names we prefer here at Tortoises.