Antero Midstream Corporation (AM) 2023 Q3 法說會逐字稿

Greetings, and welcome to the Antero Midstream's Third Quarter 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. And it is now my pleasure to introduce to you, Justin Agnew, Director of Finance. Thank you, Justin. You may begin.

各位好，歡迎參加 Antero Midstream 2023 年第三季財報電話會議。（接線員指示）提醒各位，本次會議將被錄音。現在很榮幸為各位介紹財務總監 Justin Agnew。謝謝你，Justin。你可以開始了。

Good morning, and thank you for joining us for Antero Midstream's third quarter investor conference call. We'll spend a few minutes going through the financial and operating highlights, and then we'll open it up for Q&A.

各位早安，感謝各位參加 Antero Midstream 第三季投資人電話會議。我們將先用幾分鐘回顧財務與營運重點，接著開放問答。

I would also like to direct you to the home page of our website at www.anteromidstream.com, where we've provided a separate earnings call presentation that will be reviewed during today's call.

我也想請各位前往我們網站首頁 www.anteromidstream.com，我們已提供一份獨立的財報電話會議簡報，將在今天的會議中進行說明。

Today's call may also contain certain non-GAAP financial measures. Please refer to our earnings press release for important disclosures regarding such measures, including reconciliations to the most comparable GAAP financial measures.

今天的電話會議也可能包含某些非 GAAP 財務衡量指標。請參閱我們的財報新聞稿，以了解與此類指標相關的重要揭露資訊，包括與最可比 GAAP 財務衡量指標的調節表。

Joining me on the call today are Paul Rady, Chairman, CEO and President of Antero Resources and Antero Midstream; Brendan Krueger, CFO of Antero Midstream; and Michael Kennedy, CFO of Antero Resources and Director of Antero Midstream.

今天與我一同參與電話會議的有：Antero Resources 與 Antero Midstream 董事長、執行長兼總裁 Paul Rady；Antero Midstream 財務長 Brendan Krueger；以及 Antero Resources 財務長兼 Antero Midstream 董事 Michael Kennedy。

With that, I'll turn the call over to Paul.

接下來，我把電話交給 Paul。

Thanks, Justin. In my comments, I will discuss the multi-decade inventory dedicated to AM and the AR capital efficiency achievements in 2023. Both of these attributes support the attractive and derisked long-term outlook at AM. Brendan will then discuss our third quarter financial results, repeatable free cash flow business model and 2022 ESG highlights.

謝謝你，Justin。在我的發言中，我將討論專供 AM 的數十年期庫存，以及 AR 在 2023 年資本效率方面的成果。這兩項特質支撐了 AM 具吸引力且風險降低的長期展望。接著 Brendan 將說明我們第三季的財務結果、可重複的自由現金流商業模式，以及 2022 年 ESG 重點。

Going to start my comments on Slide #3 titled Consistent Growth and Large Low-cost Inventory Dedicated to AM. This slide highlights the throughput growth at AM and drilling inventory for the natural gas peers at a $2.75 breakeven NYMEX gas price. During the third quarter, AM once again delivered double-digit year-over-year throughput growth. With gathering volumes well over 3 Bcf a day, AM now gathers roughly 3% of the total natural gas production in the United States, highlighting the growth and scale of AM's operations since 2021.

我先從第 3 張投影片開始，標題為「一致的成長與專供 AM 的大量低成本庫存」。本頁重點呈現 AM 的輸送量成長，以及在 NYMEX 天然氣價格 $2.75 損益兩平情境下，同業的天然氣鑽井庫存。第三季，AM 再次實現年增雙位數的輸送量成長。集輸量遠超過每日 30 億立方英尺（Bcf），AM 目前約集輸美國天然氣總產量的 3%，凸顯自 2021 年以來 AM 營運的成長與規模。

Similar to AM's organic growth strategy, AR has executed its organic leasing program investing $340 million in land capital since 2021. The result is over 22 years of inventory dedicated to AM based on the 2023 development pace as depicted on the right-hand side of the page. So while Antero Midstream's gathering volumes have increased nearly 15% since 2021, AR has more than replenished the multi-decade inventory that drove the throughput growth over that time frame. This organic leasing strategy is not only cost-effective for AR, but incredibly capital efficient at AM. A majority of the land capital is invested to extend laterals, fill-in acreage positions and block up AR's already contiguous acreage position. This results in more production and reserves per well for AM as well as more capital efficient infrastructure build-outs within the consolidated acreage position.

與 AM 的有機成長策略類似，AR 自 2021 年以來執行其有機租地計畫，已投入 3.4 億美元土地資本。其結果是，依 2023 年開發節奏計算，右側所示有超過 22 年的庫存專供 AM。因此，儘管 Antero Midstream 的集輸量自 2021 年以來增加近 15%，AR 仍大幅補充了在此期間推動輸送量成長的數十年期庫存。此有機租地策略不僅對 AR 具成本效益，對 AM 而言也極具資本效率。大部分土地資本用於延長水平段、加密既有區塊的持地位置，並將 AR 原本已連續的持地區塊進一步整合成更完整的區域。這使 AM 每口井的產量與儲量提升，同時在整合後的持地範圍內進行基礎設施建置也更具資本效率。

Now let's move to Slide #4, titled Most Capital-Efficient Customer in Appalachia. This slide illustrates the year-over-year change in production on the Y-axis and the year-over-year change in drilling and completion capital on the X-axis. While targeting a maintenance capital program, AR's third quarter 2023 production actually grew 9% year-over-year. This growth, combined with the contributions from the bolt-on acquisitions and drilling partnership, translated to a 13% year-over-year increase in gathering volumes at AM.

現在請看第 4 張投影片，標題為「阿帕拉契亞最具資本效率的客戶」。本頁以 Y 軸呈現產量的年增變化，以 X 軸呈現鑽井與完井資本支出的年增變化。在以維持性資本計畫為目標的情況下，AR 於 2023 年第三季的產量實際上仍年增 9%。此成長再加上補強式收購與鑽井合作夥伴的貢獻，使 AM 的集輸量年增 13%。

Conversely, when AR's peer group attempted to target a maintenance capital program, their volumes actually declined year-over-year. When you compare the production growth to the drilling and completion capital invested to deliver this growth, AR has been far and away the most capital-efficient operator in Appalachia over the last year. For reference, AR is consistently running 2 to 3 rigs and 1 to 2 completion crews, which is a very manageable and balanced development program for 1 of the largest natural gas producers in the U.S. This peer-leading capital efficiency, combined with strong balance sheet at AR, underpins the consistent development program that drives repeatable results at AM.

相較之下，當 AR 的同業群嘗試以維持性資本計畫為目標時，其產量反而年減。若將產量成長與為達成該成長所投入的鑽井與完井資本相比，AR 在過去一年中無疑是阿帕拉契亞地區資本效率最高的營運商。供參考，AR 一直維持 2 到 3 座鑽機與 1 到 2 組完井團隊，對於美國最大的天然氣生產商之一而言，這是一個非常可控且均衡的開發計畫。這項同業領先的資本效率，加上 AR 強健的資產負債表，支撐了穩定的開發計畫，並為 AM 帶來可重複的成果。

In summary, we continue to be 1 of the most capital-efficient midstream companies in the industry. The multi-decade, repeatable, low-cost inventory dedicated to AM combined with our unparalleled visibility consistently generates high teens return on invested capital or ROIC. These peer-leading returns on invested capital further supported by AR's peer-leading capital efficiency continues to drive value for AM shareholders.

總結來說，我們仍是業界資本效率最高的中游公司之一。專供 AM 的數十年期、可重複、低成本庫存，結合我們無與倫比的能見度，持續帶來約 10% 後段（high teens）的投資資本報酬率（ROIC）。在 AR 同業領先的資本效率進一步支撐下，這些同業領先的 ROIC 持續為 AM 股東創造價值。

With that, I turn the call over to Brendan.

接下來，我把電話交給 Brendan。

Thanks, Paul. I will begin my comments on Slide #5 titled Operational Success Drives Earnings Growth. During the third quarter, we generated a company record $251 million of EBITDA or over $1 billion on an annualized basis, which was a 12% increase year-over-year. We also generated $138 million of free cash flow before dividends and $30 million of free cash flow after dividends. This free cash flow is utilized to reduce absolute debt and resulted in leverage declining to 3.4x, which is a reduction from 3.7x at year-end 2022. These financial achievements were a direct result of Antero Midstream's growth strategy and operational success.

謝謝你，Paul。我將從第 5 張投影片開始，標題為「營運成功推動獲利成長」。第三季，我們創下公司紀錄，EBITDA 達 2.51 億美元，年化超過 10 億美元，年增 12%。我們也在股利發放前產生 1.38 億美元自由現金流，股利發放後自由現金流為 3,000 萬美元。這些自由現金流用於降低絕對負債，使槓桿倍數降至 3.4 倍，較 2022 年底的 3.7 倍下降。這些財務成果直接來自 Antero Midstream 的成長策略與營運成功。

During the third quarter, low pressure gathering and compression volumes increased by 13% and 17%, respectively, compared to the prior year quarter. Both throughput measures set company records for Antero Midstream. Of the 13% growth in low-pressure gathering volumes, approximately 6% was organic growth on our legacy assets and 7% was attributable to the Crestwood acquisition that closed in the fourth quarter of last year. The outperformance in AM's gathering and compression business, which drove the increase in our EBITDA guidance, was a result of outperformance on wells turned to sales in 2023, as Paul discussed, as well as the acceleration of completion throughout the year.

第三季，低壓集輸量與壓縮量分別較去年同期增加 13% 與 17%。這兩項輸送量指標皆創下 Antero Midstream 的公司紀錄。在低壓集輸量 13% 的成長中，約 6% 來自既有資產的有機成長，7% 則歸因於去年第四季完成的 Crestwood 收購。AM 集輸與壓縮業務的優於預期表現推升了我們的 EBITDA 指引，其原因包括 Paul 所提到的 2023 年投產井（turned to sales）表現優於預期，以及全年完井進度的加速。

Now let's move on to Slide #6, titled Transition to Repeatable Free Cash Flow after Dividends. This quarter was our fifth straight quarter of generating free cash flow after dividends. Year-to-date, free cash flow after dividends has totaled $107 million, which is above our original full year guidance midpoint of $105 million, and we have achieved this in just 3 quarters. Antero Midstream's 2023 free cash flow has benefited from a combination of outperformance in our base business, realizing synergies from our bolt-on acquisitions and optimizing our capital budget.

接著看第 6 張投影片，標題為「轉型為股利發放後可重複的自由現金流」。本季是我們連續第五季在股利發放後仍產生自由現金流。年初至今，股利發放後自由現金流合計 1.07 億美元，已高於我們原先全年指引中位數 1.05 億美元，而且我們僅用 3 個季度就達成。Antero Midstream 2023 年的自由現金流受惠於多項因素的組合，包括基礎業務表現優於預期、補強式收購帶來的綜效，以及資本預算的最佳化。

Looking back at the Crestwood and EnLink acquisitions, we were well positioned to put both acquisitions on the balance sheet given our leverage position and visibility over the near term. To put it into context, we expect to essentially pay off both of these acquisitions with just 6 to 7 quarters of excess free cash flow after dividends. At the same time, we expect our leverage to decline by almost a turn over that period. This is an incredible feat and highlights just how strong AM's base business is as well as demonstrating how free cash flow accretive those acquisitions were.

回顧 Crestwood 與 EnLink 的收購案，考量我們的槓桿水準與短期能見度，我們具備將兩項收購納入資產負債表的良好條件。為了提供脈絡，我們預期僅需 6 到 7 個季度的股利發放後超額自由現金流，就能基本上償付這兩項收購。同時，我們預期在此期間槓桿將下降接近 1 倍。這是一項令人驚豔的成就，凸顯 AM 基礎業務的強勁，也證明這些收購對自由現金流具有增益效果。

Before finishing up our prepared remarks, I wanted to briefly touch on our 2022 ESG achievements on Slide #7. The data on this page was just recently published in our annual ESG report. In 2022, we delivered a methane leak loss rate of just 0.031%, 1 of the lowest in the midstream industry. Our integrated water system, the largest in Appalachia, allowed us to reuse or recycle 86% of our wastewater and eliminated over 12 million miles of truck traffic in our local communities. Importantly, while we have delivered significant growth over the last year, we have delivered it safely.

在結束我們的準備發言前，我想簡要提及第 7 張投影片中的 2022 年 ESG 成果。本頁數據近期已發布於我們的年度 ESG 報告。2022 年，我們的甲烷洩漏損失率僅 0.031%，為中游產業最低水準之一。我們在阿帕拉契亞規模最大的整合水系統，使我們得以重複使用或回收 86% 的廢水，並在當地社區減少超過 1,200 萬英里的卡車行駛里程。重要的是，儘管過去一年我們實現了顯著成長，但我們是在安全的前提下完成的。

2022 marked the eighth straight year without an employee lost time incident, which is an incredible achievement and something we are very proud of here at Antero Midstream. We also had a 59% reduction in the total recordable incident rate in 2022 further highlighting the corporate focus on safe and efficient operations.

2022 年是連續第八年未發生員工失能工時事故（lost time incident），這是一項了不起的成就，也是我們在 Antero Midstream 非常引以為傲的事。此外，2022 年可記錄事故率（total recordable incident rate）下降 59%，進一步凸顯公司對安全且高效率營運的重視。

I'll finish my comments on Slide #8, titled Antero Midstream Checking all the Boxes. The first 3 quarters of 2023 have been incredibly successful from an operating and financial standpoint, which is reflected in the second guidance increase this year. The outperformance in our base business and successful integration of our complementary acquisitions, keep us on track to deliver a peer-leading ROIC in the high teens again in 2023. We have significantly derisked the business by transitioning to generate consistent free cash flow after dividends, which we now expect to total $145 million at the midpoint of guidance, which is almost 40% above our initial guidance of $105 million.

我將以第 8 張投影片作結，標題為「Antero Midstream 各項條件皆到位」。2023 年前三季在營運與財務面都極為成功，反映在我們今年第二次上調指引。基礎業務的優於預期表現，以及對互補性收購案的成功整合，使我們有望在 2023 年再次交出約 10% 後段（high teens）的同業領先 ROIC。我們也透過轉型為在股利發放後仍能穩定產生自由現金流，顯著降低了業務風險；目前我們預期該自由現金流在指引中位數將達 1.45 億美元，較最初 1.05 億美元的指引高出近 40%。

As we look to 2024, we expect a further meaningful increase in free cash flow after dividends. This will position AM well to achieve our 3x leverage target and increase our return of capital to shareholders.

展望 2024 年，我們預期在股利發放後的自由現金流將進一步顯著增加。這將使 AM 處於有利位置，以達成我們 3 倍槓桿目標，並提高對股東的資本回饋。

In summary, we continue to build on our track record of delivering on our stated guidance and financial targets. More importantly, we deliver these through safe and efficient operations while being good stewards in our local communities.

總結而言，我們持續在既有基礎上，延續我們一貫能夠達成所提出之指引與財務目標的紀錄。更重要的是，我們透過安全且高效率的營運來實現這些成果，同時在在地社區中善盡管理與責任。

With that, operator, we are ready to take questions.

那麼，接線員，我們已準備好開始回答問題。

(Operator Instructions) And the first question comes from the line of Jeremy Tonet with JPMorgan.

(Operator Instructions) 第一個問題來自摩根大通（JPMorgan）的 Jeremy Tonet。

This is Noah on for Jeremy. I wanted to touch on your leverage target of achieving 3x by 2024. I guess just what -- how should we think about your capital allocation priorities after achieving this?

我是 Noah，代替 Jeremy 提問。我想談談你們在 2024 年前達成 3 倍槓桿的目標。我想問的是——在達成這個目標之後，我們應該如何看待你們的資本配置優先順序？

Yes. I think we've talked about this on some past calls as well. I mean I think overall, as we get closer to that target, we'll certainly evaluate where we are from an equity perspective and we'll look whether share repurchases or further debt paydown or increases to the dividend makes sense. I think as we've talked about in the past, having this visibility -- significant visibility into the long-term business of AM through the integration with AR, gives us a lot of perspective in terms of the underlying equity value. And as we sit here today, I think share repurchases continue to make a lot of sense for that further return of capital. But we'll certainly look at all of those as we approach that leverage target.

是的。我想我們在過去幾次電話會議也談過這點。整體而言，當我們更接近該目標時，我們當然會評估從股權角度目前所處的位置，並檢視股票回購、進一步償還債務或提高股利是否合理。如同我們先前所說，透過與 AR 的整合，我們對 AM 長期業務具有——相當高的可視性，這也讓我們對其內在股權價值有更多判斷。以目前來看，我認為股票回購仍非常有意義，可作為進一步的資本回饋。不過，當我們接近該槓桿目標時，我們也會全面檢視上述所有選項。

And the next question comes from the line of Brian Reynolds with UBS.

下一個問題來自瑞銀（UBS）的 Brian Reynolds。

Maybe to look ahead to 2024, given some of the recent '23 outperformance. Just kind of wondering if you could kind of characterize some of the tailwinds going into '24, just given the growth that should flow through some of the rate relief that will go away and then the CPI inflator. Should we kind of characterize this as mid-single-digit EBITDA growth? Or could we get into the low teens next year?

或許展望 2024 年，考量到近期 2023 年的超預期表現。我想請你們描述一下進入 2024 年的一些順風因素：例如部分費率紓困（rate relief）將到期消失所帶來的成長，以及 CPI 調整因子。這是否可以描述為 EBITDA 的中個位數成長？還是明年可能達到低十位數的成長？

Yes. Good question, Brian. I think you kind of broke it down nicely. There's really the 3 components. So the fee rebates rolling off will be about $48 million next year. So that's roughly 5% growth on our -- on the midpoint of our guidance this year. The CPI, it's measured June to June. So we know that number already. It was -- it was a 3% CPI number, and then you take 55% of that. So you're, call it, 1.5%, so given that 6% to 7% overall EBITDA growth. And then if you look at the drilling partnership and what AR said, the benefit is that AR has continued to improve with well performance, acceleration of completions. And so the production number at AR is up over 200 million a day from year-end '22 to year-end '23.

是的。好問題，Brian。我認為你拆解得很到位，主要就是三個組成部分。首先，費用回饋（fee rebates）在明年到期結束，約為 4,800 萬美元。以我們今年指引中點來看，這大約相當於 5% 的成長。第二，CPI 是以 6 月到 6 月衡量，所以我們已經知道該數字——是 3% 的 CPI，然後取其中的 55%。因此大約是 1.5%，合計大概就是 6% 到 7% 的 EBITDA 整體成長。第三，若看鑽井合作（drilling partnership）以及 AR 所說的，受益在於 AR 持續改善單井表現、加速完井，因此 AR 的產量從 2022 年底到 2023 年底每天增加超過 2 億（單位/日）。

And so depending on what they run from a maintenance capital plan will drive kind of that third component of growth at AM. So you can be anywhere, call it, in the 6% to 7% up to that low double-digit number that you talked about, just depending on the development plan that we see at the AR level and AM is well positioned just from a capital standpoint to be able to meet those levels.

因此，取決於他們在維持性資本計畫（maintenance capital plan）下的運行方式，將帶動 AM 的第三個成長組成。也就是說，你可能會落在約 6% 到 7%，最高到你提到的低雙位數區間，端看我們在 AR 層級看到的開發計畫而定；而 AM 從資本角度來看也具備良好條件，能夠滿足那些水準。

Great, makes sense. I appreciate all the color. Maybe as my follow-up, let's look even a little further ahead to 2025. The drill co with AR is expected to end, which could impact the water volumes at AM in '25. So just given where AR's balance sheet is relative to where it was a few years ago and then the call for natural gas, given the LNG supply, the demand that's coming online, and the call for gas from that gas basin. Just kind of curious of how we should think about maybe AR volumes picking up some of the drill co-activity that ultimately flows through to Antero Midstream on the water side?

很好，這樣就合理了。感謝你提供這些細節。作為追問，我們再把時間拉長一點看 2025 年。AR 的鑽井合資公司（drill co）預期將結束，這可能會影響 AM 在 2025 年的水量。考量 AR 的資產負債表相較幾年前已改善，以及在 LNG 供給、即將上線的需求帶動下對天然氣的需求，還有該氣田對天然氣的需求。想請教我們應如何看待：AR 的產量/作業量是否可能回升，以補上部分 drill co 活動，並最終在 AM 的水務端反映出來？

Thanks. I think overall, as you look to 2025, I mean, the benefit for us looking at it from an AR AM perspective here is the gross wellhead volume, you've got the infrastructure in place from a gross wellhead volume perspective. And so once the drilling partnership rolls off, that's very -- it's very efficient to grow from a net perspective at AR into that infrastructure capacity that you already have from a processing, from a firm transport, from a gathering perspective. So if the prices hold with what the strip entails, I think that'd probably be a fair assumption that you maintain that gross wellhead volume at the AR level, and that will flow through to AM, of course.

謝謝。我認為整體而言，展望 2025 年，從 AR/AM 的角度來看，我們的優勢在於總井口量（gross wellhead volume）——就總井口量而言，相關基礎設施已經到位。因此，一旦鑽井合作到期結束，AR 從淨值（net）角度在既有的基礎設施容量內成長會非常——非常有效率，無論是處理（processing）、固定運輸（firm transport）或集輸（gathering）面向都是如此。所以如果價格能維持在期貨曲線（strip）所隱含的水準，我認為可以合理假設 AR 層級能維持該總井口量，當然也會傳導到 AM。

And the next question comes from the line of Zack Van Everen with Tudor Pickering Holt.

下一個問題來自 Tudor Pickering Holt 的 Zack Van Everen。

Just 1 on the processing and frac side. I see you guys are running at or above nameplate for both of those. Have you looked into expanding that capacity? And if so, what would the CapEx spend look like on those?

關於處理（processing）與分餾（frac）這一塊我有一題。我看到你們兩者的運行都達到或高於名義產能（nameplate）。你們是否評估過擴充產能？如果有，相關資本支出（CapEx）大概會是什麼樣的規模？

Yes. No, I mean I think the benefit on the processing side is you typically can run about 10% above nameplate. So if you look just net to the JV at the 1.6 Bcf a day, that would be another $160 million of ability to grow. In addition to that, obviously, you've got the Utica, which there will be a couple of pads that will be turned on that AM's gathering in the Utica. And the benefit in the Utica from an AM perspective is a lot of that infrastructure is already built out.

是的。我的意思是，在處理端的好處是通常可以比名義產能高出約 10% 運行。因此，如果你看合資企業（JV）淨額為每日 16 億立方英尺（1.6 Bcf/d），那就還有額外每日 1.6 億立方英尺（160 MMcf/d）的成長空間。除此之外，顯然你還有 Utica，那邊會有幾個井場（pads）將啟用，而 AM 在 Utica 有集輸。從 AM 的角度看，Utica 的優勢在於許多基礎設施已經建置完成。

So I think there's plenty of levers that can be pulled in terms of where development occurs, plus the ability to run above nameplate on the processing side. And then on the dry side, you've also got the assets we acquired from Crestwood, which give you the ability to move over there. So you've got Utica dry assets and Crestwood and the ability to run above the nameplate capacity and processing.

所以我認為在開發發生的位置上有很多槓桿可以運用，再加上處理端可高於名義產能運行的能力。另外在乾氣端（dry side），你也有我們從 Crestwood 收購的資產，讓你有能力把量移轉到那邊。因此你同時具備 Utica 乾氣資產與 Crestwood 資產，以及在處理端高於名義產能運行的能力。

Got it. That makes sense. And then on the frac side, can you also run above that capacity? Or is that pretty limited?

了解，這很合理。那在分餾（frac）端，你們也能超出那個產能運行嗎？還是說那方面相當受限？

The benefit on the frac side is the last frac that was there anyway is essentially unutilized. So you've got full capacity. It's just our frac 4. We elected to participate in the fourth fractionation unit. The fifth one, Hopedale 5, we elected not to participate and that 1 is essentially pretty empty. So you've got the ability to grow from an AR perspective and move into that fractionation facility.

分餾端的好處是，無論如何，最後一套分餾裝置基本上是未被使用的。所以你有完整的產能；只是我們的 frac 4。我們選擇參與第四套分餾單元。第五套 Hopedale 5，我們選擇不參與，而那一套基本上相當空置。因此，從 AR 的角度你仍有成長空間，並可導入該分餾設施。

(Operator Instructions) And the next question comes from the line of Gregg Brody with Bank of America.

(Operator Instructions) 下一個問題來自美國銀行（Bank of America）的 Gregg Brody。

Was trying to see if I can get back in within 30 minutes of the last call. But the -- just the -- 1 more M&A-related question, but this 1 is very specific to Antero Midstream. So we -- obviously, returning capital next year is a possibility. How do you think about the M&A landscape for Antero Midstream today? And if you think there's opportunities out there and does it make sense?

我原本想看看能不能在上次電話會議後 30 分鐘內再插話進來。不過——再問一個與併購（M&A）相關的問題，但這題非常針對 Antero Midstream。明年回饋資本顯然是一種可能性。你們如何看待 Antero Midstream 目前的併購環境？如果你們認為外面有機會，這樣做是否合理？

Yes. I mean on the AM side, you saw us do the 2, what we call kind of cleanup acquisitions, which were EnLink and Crestwood assets last year. Those were nice fold-in. AR volumes drove the asset cash flow there. So we'll look for other opportunities. There are a few opportunities out there probably smaller in scale. And then you occasionally see some larger opportunities with third parties and that's where you just need to get comfortable with a third-party perspective. And can you derisk it enough relative to the organic opportunities you have on the AR side. That's essentially how we look at M&A and how we'll continue to do that going forward.

是的。就 AM 而言，你看到我們去年做了兩筆我們稱之為「整理式」（cleanup）的收購，也就是 EnLink 與 Crestwood 的資產。那些是很好的併入（fold-in），而 AR 的量帶動了那些資產的現金流。因此我們會尋找其他機會。市場上可能還有一些機會，但規模可能較小。你也偶爾會看到一些與第三方相關、規模更大的機會；那時你就需要從第三方角度感到足夠安心，並評估相對於你在 AR 端的有機成長機會，是否能把風險降到足夠低。這基本上就是我們看待併購的方式，也會是我們未來持續採取的做法。

There are no further questions at this time. And I would like to turn the floor back over to Justin Agnew for any closing comments.

目前沒有其他問題。我想把會議交回給 Justin Agnew，請他做結語。

Thanks, everyone, for joining us today. Please feel free to reach out with any questions.

謝謝各位今天加入我們。如有任何問題，歡迎隨時與我們聯繫。

Ladies and gentlemen, that does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

各位女士先生，今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。