DT Midstream Inc (DTM) 2023 Q4 法說會逐字稿

Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the DT Midstream Fourth Quarter 2023 Earnings Conference Call. Today's conference is being recorded. (Operator Instructions)

早安.我叫奧德拉，今天我將擔任你們的會議操作員。在此，我歡迎大家參加DT Midstream 2023年第四季財報電話會議。今天的會議正在錄製中。 （操作員說明）

At this time, I would like to turn the conference over to Todd Lohrmann, Director of Investor Relations.

現在，我想將會議交給投資者關係總監 Todd Lohrmann。

Good morning, and welcome, everyone. Before we get started, I would like to remind you to read the safe harbor statement on Page 2 of the presentation, including the reference to forward-looking statements. Our presentation also includes references to non-GAAP financial measures. Please refer to the reconciliations to GAAP contained in the appendix.

早上好，歡迎大家。在我們開始之前，我想提醒您閱讀簡報第 2 頁的安全港聲明，包括對前瞻性聲明的引用。我們的簡報也提到了非公認會計準則財務指標。請參閱附錄中的 GAAP 調整表。

Joining me this morning are David Slater, President and CEO; and Jeff Jewell, Executive Vice President and CFO. I'll now turn it over to David to start the call.

今天早上和我一起來的還有總裁兼執行長 David Slater；以及執行副總裁兼財務長 Jeff Jewell。現在我將把它交給 David 來開始通話。

Thanks, Todd, and good morning, everyone, and thank you for joining. During today's call, I'll discuss our 2023 accomplishments and provide an update on our organic growth projects and future outlook. I'll then close with some remarks on the accomplishments the DTM team has made since we spun the company in 2021, before turning it over to Jeff to review our financial performance and outlook.

謝謝托德，大家早安，謝謝您的加入。在今天的電話會議中，我將討論我們 2023 年的成就，並提供有關我們有機成長項目和未來展望的最新資訊。最後，我將簡要介紹 DTM 團隊自 2021 年公司分拆以來所取得的成就，然後交給 Jeff 來審查我們的財務表現和前景。

So with that, 2023 ended strong. We delivered full year adjusted EBITDA of $924 million, which exceeded our guidance midpoint and represents 10% growth year-over-year. We also executed on the largest construction program in our company's history. And I'd like to thank the team for successfully completing these projects ahead of schedule and on budget. I'd also like to commend the team for their excellent safety performance. We finished the year with only one OSHA recordable, one of our best safety years on record.

就這樣，2023 年圓滿結束。我們全年調整後 EBITDA 為 9.24 億美元，超出了我們的指導中位數，年增 10%。我們也執行了公司史上最大的建設項目。我要感謝團隊提前按預算成功完成了這些專案。我還要讚揚該團隊出色的安全表現。今年我們只取得了一項 OSHA 記錄，這是我們有史以來最好的安全年份之一。

Most notably, we placed our LEAP Phase 1 and 2 expansions in service early, which are fully contracted and directly served the growing LNG markets along the Gulf Coast. With these expansions completed, we're able to focus construction activities on Phase 3, which is currently running ahead of schedule.

最值得注意的是，我們提前將 LEAP 一期和二期擴建項目投入使用，這些項目已完全簽約並直接服務於墨西哥灣沿岸不斷增長的液化天然氣市場。隨著這些擴建的完成，我們能夠將建設活動集中在第三階段，目前正在提前進行中。

On Blue Union, we added additional treating and pipeline capacity, putting us in an advantaged position to quickly ramp supply to serve the coming LNG demand wave beginning in 2025.

在 Blue Union 上，我們增加了額外的處理和管道產能，使我們處於有利地位，可以快速增加供應，以滿足 2025 年開始的液化天然氣需求浪潮。

Turning to the Northeast. We successfully completed our Appalachia gathering system Phase 2 expansion which added additional mainline capacity. In Ohio, our Ohio Utica project trunk line was completed early and we began collecting revenue under our take-or-pay agreement. On NEXUS, we're able to sell new capacity through hydraulic optimization initiatives.

轉向東北。我們成功完成了阿巴拉契亞收集系統第二階段擴建，增加了額外的主線容量。在俄亥俄州，我們的俄亥俄州尤蒂卡計畫幹線提前完工，我們開始根據照付不議協議收取收入。在 NEXUS 上，我們能夠透過水力優化措施銷售新產能。

Throughout the year, our business development team successfully executed several new commercial agreements, including our Ohio Utica project, a new supply interconnect on Blue Union in the Carthage area, and an interconnect with the Gillis Access project on LEAP. Additionally, during the fourth quarter, we finalized new agreements that will result in a Phase 3 expansion to our Appalachia gathering system, an expansion of the Tioga gathering system and a pipeline expansion on the Blue Union system. The business development team remains focused on progressing organic project backlog which currently sits at over $1.3 billion through 2027.

在這一年中，我們的業務開發團隊成功執行了多項新的商業協議，包括俄亥俄州尤蒂卡專案、迦太基地區Blue Union 的新供應互連以及與LEAP 上的Gillis Access 專案的互連。此外，在第四季度，我們敲定了新協議，這些協議將導致阿巴拉契亞收集系統的第三階段擴建、泰奧加收集系統的擴建以及 Blue Union 系統的管道擴建。業務開發團隊仍專注於推進有機專案積壓，目前到 2027 年積壓的專案數量將超過 13 億美元。

On LEAP, we are in advanced discussions for a Phase 4 expansion which we are now estimating to be between 200 million and 400 million cubic feet a day. We have also updated our expansion potential on the LEAP system from 3 Bcf a day to 4 Bcf a day. This asset is fully integrated into the Haynesville supply region, operating today and easily expandable. It provides superior market access and connectivity to the Gulf Coast LNG corridor. LEAP offers tremendous value to our current and future customers, and we feel confident in our ability to gain additional market share.

在 LEAP 上，我們正​​在就第四階段擴建進行深入討論，目前我們估計每天的產量將在 2 億至 4 億立方英尺之間。我們也將 LEAP 系統的擴展潛力從每天 3 Bcf 更新為每天 4 Bcf。該資產已完全融入海恩斯維爾供應區域，目前正在運作且易於擴展。它提供了優越的市場准入和與墨西哥灣沿岸液化天然氣走廊的連接。 LEAP 為我們目前和未來的客戶提供了巨大的價值，我們對獲得更多市場份額的能力充滿信心。

Regarding the LNG permitting pause announced by the Biden administration, we see no material impact to our business in the near term. All LNG demand growth which will be directly served via LEAP is fully permitted and under construction.

關於拜登政府宣布的液化天然氣許可暫停，我們認為短期內不會對我們的業務產生重大影響。所有將透過 LEAP 直接滿足的液化天然氣需求成長均已完全獲準並正在建設中。

We continue to view the U.S. Gulf Coast as the premier LNG export region and a critical supply source for our European and international allies. Energy security for allies will remain a long-term geopolitical priority for the U.S. Additionally, LNG is the largest, most cost-effective and reliable solution to reduce carbon emissions internationally by displacing coal and supporting the build-out of intermittent renewable energy. Our assets are well positioned to support these long-term energy fundamentals and priorities.

我們繼續將美國墨西哥灣沿岸視為首要的液化天然氣出口地區以及我們歐洲和國際盟友的重要供應來源。盟友的能源安全仍將是美國的長期地緣政治優先事項。此外，液化天然氣是透過取代煤炭和支持間歇性再生能源建設來減少國際碳排放的最大、最具成本效益和可靠的解決方案。我們的資產處於有利地位，可以支持這些長期能源基本面和優先事項。

I'd now like to provide an update on our carbon capture and storage project in Louisiana. In early January, we received our Class 5 well permit, and we are currently drilling a characterization well to confirm our favorable view on the geology of our storage site.

我現在想介紹一下我們在路易斯安那州的碳捕獲和封存專案的最新情況。一月初，我們獲得了 5 級井許可證，目前正在鑽探一口特徵井，以確認我們對封存地點地質狀況的有利看法。

Throughout the project, our development approach has been methodical, leveraging our extensive storage, pipeline and tax credit expertise. Our goal is to minimize our capital at risk while systematically derisking our CO2 storage site before reaching a final investment decision. We have been closely collaborating with Louisiana DENR, local geology experts, and actively engaged in community outreach.

在整個專案中，我們的開發方法一直有條不紊，充分利用了我們廣泛的儲存、管道和稅收抵免專業知識。我們的目標是最大限度地減少我們的資本風險，同時在做出最終投資決定之前系統地降低我們的二氧化碳封存地點的風險。我們一直與路易斯安那州環境和自然資源部、當地地質專家密切合作，並積極參與社區外展活動。

Adhering to our disciplined development philosophy, we are pursuing a phased approach to this project. Phase 1 will include installing capture equipment and compression at our southernmost treating plant and constructing a dedicated CO2 pipeline to transport captured CO2 to our storage site. We expect Phase 1 to go on service in the second half of 2026. Phase 2 will capture CO2 from a second DT Midstream treating plant and is expected to be in service in 2027. As a reminder, the 45Q tax credit will provide the revenue streams for the project.

秉承我們嚴謹的發展理念，我們正在對該專案採取分階段的方法。第一階段將包括在我們最南端的處理廠安裝捕獲設備和壓縮設備，並建造一條專用二氧化碳管道將捕獲的二氧化碳運送到我們的儲存地點。我們預計第一階段將於 2026 年下半年投入使用。第二階段將從第二個 DT 中游處理廠捕獲二氧化碳，預計將於 2027 年投入使用。提醒一下，45 季度稅收抵免將提供收入來源對於該項目。

Finally, I want to take a moment to reflect on the achievements the DTM team has made since we spun the company. It's been a very exciting 3 years. Since the spin-off, we've achieved significant growth while maintaining a high-quality pure-play natural gas asset portfolio. We have delivered 9% annual adjusted EBITDA growth which has outpaced gas-focused midstream peers. We have also consistently grown the dividend, including today's announced increase of 7%.

最後，我想花點時間回顧一下 DTM 團隊自公司拆分以來所取得的成就。這是非常令人興奮的三年。自分拆以來，我們在維持高品質的純天然氣資產組合的同時實現了顯著成長。我們的調整後 EBITDA 年度成長率為 9%，超過了以天然氣為主的中游同行。我們也不斷提高股息，包括今天宣布的 7% 的成長。

Driving this growth has been our high-quality natural gas Pipeline segment which represented less than 50% of our business mix at spin and has grown to represent about 2/3 of our business today, ranking DTM as having the highest natural gas pipeline segment mix in the peer group.

推動這一成長的是我們的高品質天然氣管道部門，該部門在我們業務組合中所佔比例不到50%，但如今已增長至約占我們業務的2/3，將DTM 評為擁有最高天然氣管道部門組合的公司在同儕群體中。

Our portfolio continues to be well-contracted with a high level of takers and an average contract tenor of 9 years, the same contract tenor as when we spun the company in 2021. We also have no direct commodity exposure, a unique feature among our peer group. Our integrated wellhead-to-market pipeline asset portfolio is positioned to serve growing demand markets from 2 world-class dry gas basins and features a deep organic growth project backlog that is grounded in supportive long-term market fundamentals.

我們的投資組合繼續與高水平的接受者簽訂了良好的合同，平均合同期限為9 年，與我們在2021 年剝離公司時的合同期限相同。我們也沒有直接的商品敞口，這是我們同行中的一個獨特之處團體。我們的綜合井口到市場管道資產組合旨在服務兩個世界級乾氣盆地日益增長的需求市場，並具有深厚的有機增長項目積壓，這些項目建立在長期市場基本面的支持之上。

One of our goals from the onset of the spin was to achieve an investment grade credit rating, and we are in a very strong position to achieve that this year. We have maintained a strong balance sheet and financial flexibility with our current leverage in a very comfortable position.

從分拆一開始，我們的目標之一就是實現投資等級信用評級，今年我們有能力實現這一目標。我們保持了強大的資產負債表和財務靈活性，目前的槓桿率處於非常舒適的位置。

Our ESG program has also made great strides since the spin and is in a very strong position today. We have improved our MSCI rating 2 notches with our current rating at AA, the second-highest rating possible. This positions DTM as having a best-in-class rating. Our safety total recordable incident rate has consistently improved each year for a cumulative 83% improvement since spin. Our community giving and volunteer hours on a per employee basis is leading among our sector peers.

自重組以來，我們的 ESG 計畫也取得了長足進步，如今處於非常有利的地位。我們將 MSCI 評級提高了 2 個等級，目前評級為 AA，這是可能的第二高評級。這使得 DTM 擁有一流的評級。自成立以來，我們的安全總可記錄事故率逐年持續改善，累計改善了 83%。我們的社區捐贈和每位員工的志工時間在業內同行中處於領先地位。

All of these great accomplishments could not have been achieved without the hard work and dedication from our individual team members who have continued to demonstrate excellent performance and professionalism. Additionally, the team's unwavering commitment to customer service sets them apart, consistently delivering customer satisfaction and fostering strong relationships, a distinction that has been independently recognized as best-in-class within the sector, where we received the top ranking in the Mastio customer service study of midstream companies.

所有這些偉大成就的取得，離不開我們各個團隊成員的辛勤工作和奉獻精神，他們不斷展現出卓越的表現和專業精神。此外，團隊對客戶服務堅定不移的承諾使他們與眾不同，始終如一地提供客戶滿意度並培養牢固的關係，這一特點已被獨立認可為業內最佳，我們在Mastio 客戶服務中獲得了最高排名中游公司的研究。

In summary, I am very proud of the DTM team. Their dedication to delivering exceptional results for our shareholders, customers and communities is foundational to our business performance and future success. It is an honor to work with this group, and I truly look forward to what the future has in store for the company.

總而言之，我為 DTM 團隊感到非常自豪。他們致力於為我們的股東、客戶和社區提供卓越的成果，這是我們業務績效和未來成功的基礎。與這個團隊合作是我的榮幸，我真誠地期待公司的未來。

I'll now pass it over to Jeff to walk you through our financial results and outlook.

現在我將把它交給傑夫，讓他向您介紹我們的財務表現和前景。

Thanks, David, and good morning, everyone. As David mentioned, we delivered overall 2023 adjusted EBITDA of $924 million, which is up 10% over the prior year driven by our Pipeline segment. For the fourth quarter, we delivered overall adjusted EBITDA of $239 million, which was an increase of $3 million over the third quarter.

謝謝大衛，大家早安。正如 David 所提到的，我們在管線部門的推動下，2023 年調整後 EBITDA 整體達到 9.24 億美元，比上年成長 10%。第四季度，我們整體調整後 EBITDA 為 2.39 億美元，比第三季增加了 300 萬美元。

Reviewing our segment quarterly results. Our Pipeline segment was up $11 million over the prior quarter, driven by the early in-service of our LEAP expansions, higher revenues at our pipeline joint ventures and increased rates on new contracts at our Washington 10 Storage facility.

回顧我們部門的季度業績。我們的管道部門比上一季增長了 1100 萬美元，這得益於我們的 LEAP 擴建項目的早期投入、管道合資企業收入的增加以及華盛頓 10 號儲存設施新合約費率的提高。

Our Gathering segment results were $8 million lower than the prior quarter, due to a $6 million environmental reserve adjustment recognized in the third quarter and modestly lower volumes in the Haynesville, partially offset by higher volumes in the Northeast. Operationally, for the quarter, total gathering volumes across both the Haynesville and Northeast averaged around 3.1 Bcf a day, up around 100 million cubic feet a day from the third quarter driven by 10% growth in the Northeast.

我們的採集部門業績比上一季減少了800 萬美元，這是由於第三季確認了600 萬美元的環境儲備調整以及海恩斯維爾的產量略有下降，部分被東北部的產量增加所抵消。從營運角度來看，本季度海恩斯維爾和東北部地區的總收集量平均約為每天3.1 Bcf，較第三季度每天增加約1 億立方英尺，這主要得益於東北部地區增長10% 。

Now looking forward to 2024 and beyond. As we have done in the past, we are providing the current year guidance as well as an early outlook for next year. Additionally, we are providing a long-term growth target.

現在期待 2024 年及以後。正如我們過去所做的那樣，我們提供了今年的指導以及明年的早期展望。此外，我們也提供了長期成長目標。

For 2024, our adjusted EBITDA guidance range is $930 million to $980 million, reflecting a $10 million midpoint increase from our prior 2024 early outlook. Our 2025 early outlook range for adjusted EBITDA is $980 million to $1.04 billion, with the midpoint representing a 6% increase over the 2024 guidance midpoint.

對於 2024 年，我們調整後的 EBITDA 指引範圍為 9.3 億美元至 9.8 億美元，比我們之前的 2024 年早期展望中點增加了 1000 萬美元。我們對 2025 年調整後 EBITDA 的早期展望範圍為 9.8 億美元至 10.4 億美元，其中中點較 2024 年指引中點成長 6%。

Our adjusted EBITDA guidance for 2024 and 2025 is supported by the incremental contribution from our growth investments as well as expected of our major customers. Longer term, we are targeting adjusted EBITDA growth to be 5% to 7%, which is supported by our strong organic backlog, advantaged asset positions, our strong balance sheet and high level of take-or-pay contracts. Our 2024 growth capital guidance is $300 million to $375 million.

我們調整後的 2024 年和 2025 年 EBITDA 指引得到了我們成長投資的增量貢獻以及我們主要客戶的預期的支持。從長遠來看，我們的調整後 EBITDA 成長目標為 5% 至 7%，這得益於我們強勁的有機積壓訂單、優勢的資產頭寸、強勁的資產負債表和高水平的照付不議合約。我們的 2024 年成長資本指引為 3 億至 3.75 億美元。

For 2025, we expect a similar overall level of growth investment as 2024. We currently have approximately $50 million of committed spend in 2025 and are working to advance a number of organic growth opportunities to FID.

對於 2025 年，我們預計成長投資的總體水準與 2024 年類似。目前，我們在 2025 年承諾支出約 5,000 萬美元，並正在努力向 FID 推進許多有機成長機會。

Our Board has declared a quarterly dividend increase to $0.735 per share, which represents a 7% increase. Going forward, we expect to increase the dividend annually in line with our long-term adjusted EBITDA growth target of 5% to 7%.

我們的董事會宣布將季度股息增加至每股 0.735 美元，即增加 7%。展望未來，我們預計每年都會增加股息，以符合我們 5% 至 7% 的長期調整後 EBITDA 成長目標。

From a balance sheet perspective, we are pleased with our positioning on leverage and progress towards obtaining an investment-grade credit rating.

從資產負債表的角度來看，我們對槓桿定位和獲得投資等級信用評級的進展感到滿意。

Our plan is to delever through 2027 into the low 3s for on-balance sheet debt and into the mid-3s for proportional debt. We have continued to execute on the plans we have shared with the rating agencies and the credit profile for our largest customers continues to improve. Therefore, we expect to attain an investment-grade credit rating by the end of 2024.

我們的計劃是到 2027 年將表內債務去槓桿化至 3 左右，比例債務降至 3 左右。我們繼續執行與評級機構共享的計劃，我們最大客戶的信用狀況持續改善。因此，我們預計到 2024 年底將獲得投資等級信用評等。

And with that, I'll now pass it back over to David for closing remarks.

現在，我將把它轉回給 David 作結束語。

Thanks, Jeff. So in summary, we are highly confident in our full year guidance for 2024 and early outlook for 2025. Over the course of our history, both pre spin-off from DTE and post spin-off, we have a proven track record of strong performance even in downward commodity price cycles.

謝謝，傑夫。總而言之，我們對 2024 年全年指引和 2025 年早期展望充滿信心。在我們的歷史進程中，無論是從 DTE 分拆前還是分拆後，我們都擁有良好的業績記錄即使在大宗商品價格下行週期中。

Our pure-play natural gas portfolio is well contracted with long-term take-or-pay agreements. We have no commodity exposure and our integrated assets provide critical pipeline capacity to premium demand markets which are expected to grow significantly between now and the end of the decade. We have a sizable organic project backlog consisting of traditional midstream and tangible energy transition opportunities which will deliver long-term value as we grow EBITDA and provide a reliable, growing dividend to our shareholders.

我們的純天然氣投資組合與長期照付不議協議簽訂了良好合約。我們沒有大宗商品敞口，我們的綜合資產為優質需求市場提供了關鍵的管道能力，預計從現在到本十年末，這些市場將大幅增長。我們擁有大量的有機項目積壓，包括傳統的中游和有形的能源轉型機會，這些機會將隨著我們 EBITDA 的成長而帶來長期價值，並為我們的股東提供可靠的、不斷增長的股息。

And with that, we can now open up the line for questions.

至此，我們現在可以開放提問專線了。

(Operator Instructions) We'll go first to John Mackay at Goldman Sachs.

（操作員說明）我們先去找高盛的約翰·麥凱。

Maybe I'll just start on the gas macro. You guys have exposure to both the Northeast and the Haynesville. Obviously, we're seeing gas around $1.60 right now. Would just be curious to see -- hear from you guys what you're hearing from your producer customers, whether or not you are seeing any shut-ins on your footprints right now. And I guess what you've baked into the '24 guide in terms of activity levels from the fourth quarter.

也許我會從天然氣宏觀開始。你們都接觸過東北部和海恩斯維爾。顯然，我們現在看到汽油價格約為 1.60 美元。只是很想知道——聽聽你們從生產商客戶那裡聽到的消息，無論你們現在是否看到你們的足跡上有任何關閉的情況。我猜你已經將第四季的活動水準納入了 24 世紀指南中。

And yes, that's a topic that's front and center on most folks' mind right now, is the commodity price seems to be mirroring the weather forecast that we've had this winter.

是的，這是目前大多數人最關心的話題，大宗商品價格似乎反映了我們今年冬天的天氣預報。

I guess what I'd say is our current guidance, John, reflects the most current information that we have from all of our customers. The other item I'd mention here is that we have significant MVC protection across our Gathering segment that protects the downside.

約翰，我想我想說的是我們目前的指導反映了我們從所有客戶那裡獲得的最新資訊。我在這裡要提到的另一件事是，我們在 Gathering 部分提供了重要的 MVC 保護，可以防止負面影響。

You had asked about potential for shut-ins last year when we saw a very weak pricing in the summertime. We did see some modest shut-ins in our portfolio, and we've taken that learning last year and reflected that in our guide for this year.

去年，當我們看到夏季價格非常疲軟時，您曾詢問過關閉的可能性。我們確實在我們的投資組合中看到了一些適度的關閉，我們去年吸取了教訓，並將其反映在今年的指南中。

So the way I would describe our guidance is we're very aware of the current price environment. We are very close to all of our customers and their plans. And all of that's reflected in our 2024 guide.

因此，我描述我們指導的方式是，我們非常了解當前的價格環境。我們與所有客戶及其計劃非常接近。所有這些都反映在我們的 2024 年指南中。

All right. That's clear. Maybe just looking to the new long-term EBITDA growth guidance of 5% to 7%. You also mentioned you have hit effectively 60% coming from pipelines now. If we're thinking about that long-term rate, does Pipelines continue to take share from Gathering? Should they both kind of grow similarly? Anything on kind of that mix when you're looking towards the outer years.

好的。很清楚。也許只是期待新的 5% 至 7% 的長期 EBITDA 成長指引。您還提到，您現在已經有效地達到了 60% 來自管道的效果。如果我們考慮長期成長率，Pipelines 是否會繼續從 Gathering 手中奪取份額？它們的生長方式應該要相似嗎？當你展望未來的歲月時，任何類似的事情都會發生。

Yes. Great question, John. So yes, as we sit here today, Pipelines is about 2/3 of the portfolio and a significant increase from when we spun the company. And that's been very intentional. I mean, we've been very focused on growing that segment. It obviously carries a higher multiple. It's the most stable revenue segment in our portfolio.

是的。好問題，約翰。所以，是的，當我們今天坐在這裡時，管道約佔投資組合的 2/3，比我們分拆公司時有了顯著增加。這是非常有意的。我的意思是，我們一直非常專注於發展該細分市場。它顯然具有更高的倍數。這是我們投資組合中最穩定的收入部分。

In terms of that 5% to 7% growth forward, I'd refer you to the deck, John. We laid out on Slide 14 a nice description of the backlog and we broke it out by segment. And approximately 60% of the capital in the backlog is pointed towards the Pipeline segment. So our plan is to continue to grow it proportionately at about the same size as it represents in the portfolio today.

就 5% 到 7% 的未來成長而言，我建議您參考這套牌，約翰。我們在投影片 14 上對待待辦事項進行了很好的描述，並按部分進行了細分。積壓資金中約 60% 都流向了管道部門。因此，我們的計劃是繼續按比例增長，規模與目前投資組合中的規模大致相同。

All right. And I appreciate all the new detail on the subsector breakdown as well.

好的。我也很欣賞有關分部門細分的所有新細節。

We'll move to our next question from Jeremy Tonet at JPMorgan.

我們將轉向摩根大通的 Jeremy Tonet 提出的下一個問題。

Just wanted to talk about the guidance range for '24 a little bit more. If you could dive into what maybe could drive high end versus low end there. What amount of EBITDA would be subject to maybe producer activity shifting? And also I guess the Carthage connector, what type of impact do you see that having in the year?

只是想多談談 24 年的指導範圍。如果你能深入研究什麼可能會推動高端與低端的發展。多少 EBITDA 可能會受到生產者活動轉移的影響？我還想猜想迦太基連接器，您認為今年它會產生什麼類型的影響？

Yes, Jeremy, the 2 ways that we laid out in the guidance, we feel really confident in that 2-way. And like I mentioned earlier with John's question, we've certainly calibrated to what I'll call the current realities in the commodity space that may affect some of our customers and factored in the behaviors that we saw last summer when we experienced some really weak cash prices. So that's baked into the guidance 2-way. So I feel very confident that we're going to be in between those goalposts.

是的，傑里米，我們在指南中列出的兩種方式，我們對這兩種方式非常有信心。就像我之前在約翰的問題中提到的那樣，我們當然已經根據我所說的商品領域當前的現實進行了校準，這可能會影響我們的一些客戶，並考慮到去年夏天我們經歷了一些非常弱的情況時所看到的行為。現金價格。因此，這已納入 2 路指南中。所以我非常有信心我們將處於這些球門柱之間。

In terms of some of the incremental activity in the portfolio. Getting the Blue Union and LEAP system more deeply integrated to the Haynesville basin has been a strategic priority for us. That Carthage Interconnect is an example of that, just getting it more deeply tied to the entire breadth of the basin. Lots of customers sitting over there that are looking for incremental egress down into the Gulf region, and we're very bullish that interconnect, that it will drive incremental activity and potentially help support incremental LEAP expansion.

就投資組合中的一些增量活動而言。讓 Blue Union 和 LEAP 系統更深入融入海恩斯維爾盆地一直是我們的策略重點。迦太基互聯就是一個例子，只是讓它與整個盆地的連結更加緊密。那裡的許多客戶正在尋找進入海灣地區的增量出口，我們非常看好互連，它將推動增量活動並可能有助於支援增量 LEAP 擴展。

Got it. And just wanted to see, I guess, over time, how you see capital allocation evolving for the company you have. CapEx stepped up a bit this year, and it seems like there's still more opportunities. Also, it seems like there is M&A potential out there in the market, and which would argue for leaving some balance sheet capacity. So I just wonder how you see balancing these competing priorities.

知道了。我想，隨著時間的推移，您只是想看看您所擁有的公司的資本配置如何演變。今年資本支出增加，似乎還有更多機會。此外，市場上似乎存在併購潛力，這需要保留一些資產負債表容量。所以我只是想知道您如何看待平衡這些相互競爭的優先事項。

Yes. The way I think about it, and as we laid out in the deck, we've got this really robust organic backlog of opportunities. And everything that we detailed in the disclosure are actively being worked. So we're in a really advantaged position of having that deep organic backlog, which typically drive higher returns for capital deployment. So our priority will be to deploy capital there and monetize those higher returns. That will be priority number one.

是的。我的想法是，正如我們在甲板上所展示的那樣，我們已經獲得了非常強大的有機積壓機會。我們在披露中詳細說明的所有內容都正在積極進行中。因此，我們處於真正有利的地位，擁有深厚的有機積壓，這通常會帶來更高的資本部署回報。因此，我們的首要任務是在那裡部署資本並將這些更高的回報貨幣化。這將是第一要務。

We announced 7% dividend increase. Our plan and our goal is to continue to grow that dividend and make it very durable for investors so people have confidence in it. That's currently our primary tool to return capital to shareholders.

我們宣布股利增加 7%。我們的計劃和目標是繼續增加股息，並使其對投資者來說非常持久，以便人們對其充滿信心。這是目前我們向股東返還資本的主要工具。

In terms of M&A, lots of assets in the market, lots of activity happening in the space, especially upstream. I don't think that's going to abate. I think we're in a consolidation mode right now. Lots of bolt-on opportunities around us. Those will just have to compete with the organic opportunities that we're pursuing.

在併購方面，市場上有大量資產，該領域發生了大量活動，尤其是上游。我認為這種情況不會減弱。我認為我們現在正處於整合模式。我們周圍有很多補充機會。這些只需要與我們正在追求的有機機會競爭。

We're very aware of all those bolt-on opportunities around us we'll assess them and hold them to the standard of our organic. And if it makes sense, we'll pursue. That's one of the reasons why Jeff's kept the balance sheet as clean and pure as he has and why we continue to strengthen the balance sheet, to have that dry powder sort of in the cupboard if opportunities present themselves.

我們非常清楚我們周圍的所有補充機會，我們將對其進行評估並使其符合我們的有機標準。如果有意義，我們就會追求。這就是傑夫保持資產負債表像他一樣乾淨和純粹的原因之一，也是我們繼續加強資產負債表的原因之一，如果有機會的話，我們會在櫃子裡備有乾粉。

We'll go next to Spiro Dounis at Citi.

我們將前往花旗銀行的斯皮羅·杜尼斯 (Spiro Dounis)。

First question, maybe a 2-part one on the LEAP expansion. First, can you walk us through the scope of getting that extra 1 Bcf a day out of the pipeline, and how much of that is going to ultimately be dependent on new LNG FIDs?

第一個問題，可能是關於 LEAP 擴充的兩個部分。首先，您能否向我們介紹每天從管道中額外獲得 1 Bcf 的範圍，以及其中有多少最終將依賴新的液化天然氣 FID？

And the second part of the question is, as we think about the Phase 4 part of the expansion that you're potentially moving forward with soon, is any of that impacted right now by the litigation going on right now in The Haynesville?

問題的第二部分是，當我們考慮您可能很快就會推進的擴建的第四階段部分時，海恩斯維爾目前正在進行的訴訟是否會影響其中任何一個？

Spiro, great questions, so I'll unpack that. For our Phase 4, we're in some detailed conversations with a handful of shippers. These are long-term shippers with a long view on the basin and LNG export. I think those conversations are really driven by the commercial value that the system offers.

Spiro，很好的問題，所以我會解開這個問題。對於第四階段，我們正在與一些托運人進行一些詳細的對話。這些都是長期托運人，對盆地和液化天然氣出口有著長遠的眼光。我認為這些對話實際上是由系統提供的商業價值所驅動的。

It's -- like I talked about earlier with Jeremy, it's interconnectivity to numerous supply points in the basin and it's egress capacity to multiple market areas out of the basin, both to the south but also in the north. It's very well connected. And I think the customers are recognizing that, a lot of optionality for them to move their product to market. And I think that's driving the conversation more than some of the drama that's unfolding in the basin with some other pipelines. So that's my perspective on that, Spiro.

就像我之前與傑里米談到的那樣，它與流域內的眾多供應點互連，並且具有流域外多個市場區域（包括南部和北部）的出口能力。連接得很好。我認為客戶已經認識到，他們有很多選擇將產品推向市場。我認為這比盆地與其他管道上演的一些戲劇更能推動對話。這就是我的觀點，斯皮羅。

In terms of extending the runway from 3 Bcf a day to 4 Bcf a day, that's sort of evolved organically driven by a couple of things. We're -- we've completed Phase 1 and Phase 2 and we're now ahead of schedule on Phase 3. So we're getting a much better feel from an engineering perspective, how the system is operating, where potential incremental gas is coming in on the system, that affects the hydraulics of the system.

就將跑道從每天 3 Bcf 擴展到每天 4 Bcf 而言，這是由幾件事有機驅動的。我們已經完成了第一階段和第二階段，現在第三階段的進度提前了。因此，我們從工程角度更好地了解了系統的運作方式、潛在的增量天然氣進入系統，影響系統的液壓系統。

As we have inbound requests for capacity and running different studies, it's become clear to us that we actually can expand this beyond 3 Bcf a day up to the 4 Bcf a day neighborhood. So that's obviously been well received in the market. We have no limitations on that right now, like some other projects have. So we have a clear runway to expand on a relatively short notice with relatively low execution risks to that higher number.

由於我們收到了對容量的入站請求並進行了不同的研究，我們很清楚，我們實際上可以將其從每天 3 Bcf 擴展到每天 4 Bcf 附近。所以這顯然受到了市場的好評。與其他一些項目一樣，我們現在對此沒有任何限制。因此，我們有一條清晰的跑道，可以在相對較短的時間內進行擴張，而對於較高的數字來說，執行風險相對較低。

And if you look at what's under construction and FID-ed in terms of incremental demand coming over the balance of this decade, there's definitely a need for significant incremental pipeline capacity. We laid that out in our deck, and I'd point you to that slide just to look at the numbers.

如果你看看正在建造的項目和最終決定投資的項目，以及這十年餘下時間的增量需求，你會發現肯定需要大量增量管道容量。我們把它放在我們的甲板上，我會指給你看那張幻燈片，只是為了看看數字。

Got it. That's helpful color. David, second question just going to the CapEx backlog of over $1.3 billion. You sort of laid out '24 and '25 pretty clearly, and then it seems like the capital spending in '26, '27 maybe is around that sort of $300 million level. I'm curious, if you look at that backlog and sort of tether that to the 5% to 7% EBITDA growth outlook, does that level of spending gets you 5% to 7%? Or is there an assumption there that you would be adding on more?

知道了。這是有用的顏色。 David，第二個問題涉及超過 13 億美元的資本支出積壓。你相當清楚地列出了“24”和“25”，然後“26”和“27”的資本支出似乎約為 3 億美元的水平。我很好奇，如果你看看積壓的訂單以及與 5% 至 7% 的 EBITDA 成長前景的聯繫，那麼這種支出水平是否能讓你獲得 5% 至 7% 的成長？或者是否假設您會添加更多內容？

No. That -- if you do the simple math on the EBITDA multiple, that will get you the 5% to 7% growth rate.

不，如果你對 EBITDA 倍數進行簡單的計算，就會得到 5% 到 7% 的成長率。

(Operator Instructions) We'll move next to Robert Mosca at Mizuho Securities.

（操作員指示）我們將轉到瑞穗證券 (Mizuho Securities) 的羅伯特·莫斯卡 (Robert Mosca) 旁邊。

Wondering if you could speak to the viability of some of those Northeast pipeline expansions you flagged in that CapEx slide. Understand there might be a commercial desire, but perhaps your thoughts on how they could navigate the regulatory backdrop in the Northeast.

想知道您是否可以談談您在資本支出幻燈片中標記的一些東北管道擴建的可行性。了解可能存在商業願望，但也許您對他們如何應對東北部監管背景的想法。

Sure, Rob. I'd say Millennium is probably one of the best examples of that. They've -- they're in an open season process. They had an open season on the expansion that ties into the Algonquin expansion that I think Enbridge has talked about publicly recently. So both those 2 projects are sort of hand-in-glove, and both of them are in active discussions with shippers as we speak.

當然，羅布。我想說千禧年可能是最好的例子之一。他們正處於開放賽季過程中。他們有一個與阿岡昆擴張相關的開放賽季，我認為安橋最近已經公開談論過這一點。因此，這兩個項目在某種程度上是緊密結合的，在我們發言時，它們都在與托運人進行積極的討論。

So they're very real. They're active. There's clearly an incremental demand need in that area. There's obviously a lot of political drama around this topic around the reliability topic, but they're very real, and they're being -- we're in active conversations with long-term shippers around this as we speak.

所以它們是非常真實的。他們很活躍。該領域顯然存在增量需求。圍繞可靠性話題顯然有很多政治戲劇，但它們非常真實，而且就在我們發言時，我們正在與長期托運人圍繞這個問題進行積極的對話。

Got it. Appreciate it, David. And then my second question, been some consolidation on your acreage in the Haynesville. Can you talk about maybe base case assumptions on how it affects your volume outlook and growth plan in that region, just outside of having a stronger-credit customer?

知道了。很欣賞它，大衛。然後我的第二個問題是對您在海恩斯維爾的土地進行一些整合。除了擁有更強的信用客戶之外，您能否談談基本案例假設，即它如何影響您在該地區的銷售前景和成長計劃？

Yes. I mean, that's a great question that I think, until that merger closes and the new entity emerges -- when we look at it and you look at the acreage overlap, just looking at the acreage map, you can see the kind of the industrial engineering rationale around that merger. The acreage is side-by-side. I think it's going to enable them, and I think Chesapeake has said this publicly, it will enable them to drill longer laterals, more efficient capital deployment to release the same quantity of gas.

是的。我的意思是，我認為這是一個很好的問題，直到合併結束並出現新實體時- 當我們查看它時，您會看到面積重疊，只需查看面積圖，您就可以看到工業的類型圍繞該合併的工程原理。面積是並排的。我認為這將使他們能夠鑽探更長的支線，更有效地部署資本來釋放相同數量的天然氣，我認為切薩皮克已經公開說過這一點。

So I think once the merger happens, there should be a good opportunity for us to sit down with the new entity, look at the dedications that we have, the SWN dedications. Look at where maybe there's pockets of acreage, an island within that dedication, that maybe has the Chesapeake label on it. I suspect there'll be opportunity, but it's really going to be a question post-merger as to having more clarity on what those incremental opportunities may be.

因此，我認為一旦合併發生，我們應該有一個很好的機會與新實體坐下來，看看我們所做的奉獻，SWN 的奉獻。看看哪裡可能有幾塊土地，一個奉獻精神中的島嶼，上面可能有切薩皮克的標籤。我懷疑會有機會，但合併後確實會出現一個問題，即如何更清楚地了解這些增量機會可能是什麼。

We're certainly bullish. The transaction from a credit counterparty exposure, it's a significant uplift for us. And I think is one of the key items in our journey to investment grade for DTM.

我們當然看好。來自信用交易對手風險敞口的交易對我們來說是一個重大提升。我認為這是我們獲得 DTM 投資等級之旅的關鍵項目之一。

Next, we'll go to Sunil Sibal at Seaport Global.

接下來，我們將前往 Seaport Global 的 Sunil Sibal。

So first question on your investment-grade ratings targeted by year-end 2024. So I was just curious, are there any specific milestones that the rating agencies have laid out for you for 2024 that help them get there? Or is it just basically executing on that '24 guidance?

第一個問題是關於您到 2024 年底的投資等級目標。所以我很好奇，評級機構是否為您在 2024 年制定了任何具體的里程碑來幫助他們實現這一目標？或者它只是基本上按照 '24 指南執行？

Sunil, I'd say there are a couple of things that the agencies have made very clear. And I think when you read the reports that they've published on us, they allude to them in the reports.

蘇尼爾，我想說，這些機構已經非常明確地說明了一些事情。我認為當你閱讀他們發布的關於我們的報告時，他們在報告中提到了他們。

So I'd say the first item would be we're currently on positive outlook at Finch. They all mentioned Southwestern achieving investment grade, which the original plan for Southwestern was to achieve investment grade this year. So I think the merger is an accelerant to that. The agencies have already publicly stated that the new merged entity would be investment grade. So I think that's a catalyst that accelerates our journey to investment grade. It's one of the key measures that the agencies have mentioned in terms of our move from where we are to investment grade.

所以我想說的第一件事是我們目前對 Finch 的前景持樂觀態度。他們都提到西南航空達到投資級別，西南航空原計劃是今年達到投資級別。所以我認為合併是一個加速器。這些機構已經公開表示，新的合併實體將是投資等級的。所以我認為這是加速我們邁向投資等級進程的催化劑。這是各機構在我們從目前的水平轉向投資等級時提到的關鍵措施之一。

And then the other item is what you alluded to, which is just continuing to have a disciplined execution of the detail plans that we share with the rating agencies since we spun the company. And we're definitely doing that. And we'll have an opportunity to sit down in the spring to do our annual checkup, and we'll be demonstrating again to them that we continue to execute on that plan and deliver the outcomes that they were expecting. So I think we're well positioned to achieve that later in the year.

然後另一個項目就是你提到的，那就是繼續嚴格執行自從我們分拆公司以來我們與評級機構分享的詳細計劃。我們肯定會這樣做。我們將有機會在春天坐下來進行年度檢查，我們將再次向他們證明我們將繼續執行該計劃並交付他們期望的結果。所以我認為我們有能力在今年稍後實現這一目標。

Got it. And then on the $1.3 billion backlog that you laid out on the projects, I was curious if you could talk a little bit about some puts and takes which might pull that backlog either up or might lead to some pruning in the backlog as you go along.

知道了。然後，關於您在專案上佈置的13 億美元的積壓工作，我很好奇您是否可以談談一些看跌期權和採取的措施，這些看跌期權可能會增加積壓的積壓，或者可能會導致積壓的一些削減。 。

Yes. That's another good question. I'd say the one area that has been evolving in the backlog. So I'd say our 2 core areas, Pipeline and Gathering, lots of projects in different stages of the development cycle. Some you can see we're -- we brought a few in service, some are -- we're under construction on a few. Some are in what I'll call late-stage development and some further out are earlier stage development. But the fundamentals around every one of these projects that we detailed are strong, and we've got line of sight to these expansions. So that's what I'll call our current core business platforms.

是的。這是另一個好問題。我想說的是積壓中一直在發展的領域。所以我想說我們的兩個核心領域，管道和收集，有很多專案處於開發週期的不同階段。有些你可以看到我們 - 我們帶來了一些投入使用，有些 - 我們正在建造一些。有些處於我所說的後期開發階段，有些則處於早期開發階段。但我們詳細介紹的每一個專案的基礎都很強大，而且我們已經看到了這些擴充功能。這就是我所說的我們目前的核心業務平台。

The one that's emerging, the energy transition, that one is emerging. We laid out a lot of detail in the deck around our Louisiana carbon capture and storage project. But there are other opportunities that are emerging and growing in that segment.

正在出現的一種，能源轉型，正在出現。我們在路易斯安那州碳捕獲和封存項目的甲板上列出了許多細節。但該領域還有其他機會正在出現和成長。

I'd say if there is any reallocation happening over time, my intuition would be that the energy transition segment grows quicker or attracts more capital quicker than some of the other segments. It just feels like it's on the verge of really stepping forward quickly, especially with a lot of the tax incentives that have been laid out that are really accelerants to some of these investment opportunities.

我想說，如果隨著時間的推移發生任何重新分配，我的直覺是能源轉型領域比其他一些領域成長更快或吸引更多資本。感覺它正處於真正快速前進的邊緣，特別是已經制定的許多稅收激勵措施確實促進了其中一些投資機會。

So just one clarification on that. Do you mean that opportunity set might be widening beyond CCS for you? Or is it more of CCS as you kind of achieve success in that?

對此僅作一澄清。您的意思是說，對您而言，機會集可能會超出 CCS 範圍？或者說，當您在這方面取得成功時，更多的是 CCS？

Yes. I think there's more beyond just the Louisiana CCS. I think for us, Louisiana CCS is demonstrating to the market that we are very capable to execute a CCS project in a disciplined way. I think the low-carbon fuels which we had laid out is a really interesting space that's growing quickly. And taking our CCS expertise to third parties and really growing a third-party carbon capture and storage business is very real for us as I look out over the next 5 years.

是的。我認為不只是路易斯安那州 CCS。我認為對我們來說，路易斯安那州 CCS 正在向市場證明我們非常有能力以嚴格的方式執行 CCS 專案。我認為我們佈局的低碳燃料是一個非常有趣的領域，並且正在迅速成長。當我展望未來 5 年時，將我們的 CCS 專業知識帶給第三方並真正發展第三方碳捕獲和儲存業務對我們來說是非常現實的。

And there are no further questions at this time. I would like to turn the conference over to David Slater for closing remarks.

目前沒有其他問題。我想請大衛·斯雷特（David Slater）致閉幕詞。

Well, thank you very much for your time this morning, and thank you very much for your interest on DTM. We greatly appreciate everyone as investors, and I look forward to meeting everyone in person at the next conference. Have a great Friday, and enjoy your weekend.

好的，非常感謝您今天早上抽出時間，也非常感謝您對 DTM 的興趣。我們非常感謝每一位投資者，我期待在下次會議上與大家見面。祝你周五愉快，週末愉快。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。