DT Midstream Inc (DTM) 2024 Q2 法說會逐字稿

Good morning and welcome to DT Midstream second quarter 2024 earnings conference call all participants are in a listen-only mode. After the speaker's remarks, we will have a question-and-answer session. (Operator Instructions) As a reminder, this conference call is being recorded.

早上好，歡迎參加 DT Midstream 2024 年第二季財報電話會議，所有與會者均處於僅聽模式。演講者發言後，我們將進行問答環節。（操作員說明）謹此提醒，本次電話會議正在錄音。

I would now like to turn the call over to Todd Lohrmann, Director of Investor Relations. Thank you. Please go ahead.

我現在想將電話轉給投資者關係總監 Todd Lohrmann。謝謝。請繼續。

Good morning, and welcome everyone before we get started, I would like to remind you to read the safe harbor statement on page two 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.

早安，歡迎大家，在我們開始之前，我想提醒您閱讀簡報第二頁的安全港聲明，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.

今天早上與我一起出席的有總裁兼執行長 David Slater 和執行副總裁兼財務長 Jeff Jewell。

I'll now turn it over to David to start the call.

現在我將把它交給 David 來開始通話。

Thanks, Todd and good morning, everybody, and thank you for joining. During today's call, I'll touch on our financial results, provide an update on the latest commercial activity and construction progress on our growth initiatives.

謝謝托德，大家早安，謝謝你們的加入。在今天的電話會議中，我將談到我們的財務業績，提供有關我們成長計畫的最新商業活動和建設進度的最新資訊。

I'll then close with some commentary on gas market fundamentals before turning it over to Jeff to review our financial performance and outlook so with that, we had another strong quarter and the business continues to perform in line with our full year plan. We are reaffirming our 2024 adjusted EBITDA guidance range and our 2025 adjusted EBITDA early outlook range.

然後，我將以對天然氣市場基本面的一些評論作為結束，然後將其交給傑夫來審查我們的財務業績和前景，這樣，我們又度過了一個強勁的季度，並且業務繼續按照我們的全年計劃執行。我們重申 2024 年調整後 EBITDA 指引範圍和 2025 年調整後 EBITDA 早期展望範圍。

Our construction and commercial teams are making great strides in advancing our backlog of organic growth projects, positioning the company for continued success, this morning, we are pleased to announce that our LEAP Phase 3 expansion was placed into service early and on budget, increasingly capacity from 1.7 bcf to 1.9 bcf per day and further expanding our Haynesville System's wellhead to water connectivity.

我們的建築和商業團隊在推進我們積壓的有機增長項目方面取得了長足進步，為公司的持續成功奠定了基礎。 ，產能不斷增加從每天 1.7 bcf 增加到 1.9 bcf，並進一步擴大我們的 Haynesville 系統的井口與水的連結性。

As a reminder, this expansion was underpinned by long-term take or pay contracts and leverages incremental looping and compression providing reliable, timely access to growing Gulf Coast LNG demand. We continue to be in active discussions for a LEAP Phase 4 expansion, with strong recognition by producers of the coming demand starting next year and the long-term value for production access to Gulf Coast markets.

需要提醒的是，這種擴張是以長期照付不議合約為基礎的，並利用增量循環和壓縮提供可靠、及時的滿足不斷增長的墨西哥灣沿岸液化天然氣需求。我們繼續積極討論 LEAP 第 4 階段的擴張，生產者對明年開始的需求以及進入墨西哥灣沿岸市場的長期價值有強烈認識。

Sticking with our Haynesville System, we've also executed agreements to connect three producers that are located in East Texas, further expanding and diversifying the supply access of our system. These agreements with private producers are underpinned by long-term contracts with sizable acreage dedications and include all of the delivery point flexibility of the system, including potential access to LEAP.

堅持我們的海恩斯維爾系統，我們還簽署了連接位於德克薩斯州東部的三個生產商的協議，進一步擴大和多樣化我們系統的供應管道。這些與私人生產商簽訂的協議以長期合約為基礎，具有相當大的土地專用權，並包括系統的所有交付點靈活性，包括潛在的 LEAP 存取權限。

Turning to our energy transition platform. Our carbon capture and sequestration project in Louisiana continues to progress as planned the third-party evaluation of the Class V test well was recently completed and the results confirm the formation suitability for CO2 sequestration.

轉向我們的能源轉型平台。我們在路易斯安那州的碳捕獲和封存項目繼續按計劃進展，V 類測試井的第三方評估最近已完成，結果證實了地層適合二氧化碳封存。

We've commenced a more detailed engineering design of the system and injection site and are awaiting the final Class VI well permit requirements from the Louisiana DENR. We are very happy with how the project is progressing and it remains on track for second half of 2024 FID.

我們已經開始對系統和注入點進行更詳細的工程設計，並正在等待路易斯安那州環境和自然資源部最終的 VI 級井許可要求。我們對該專案的進展感到非常滿意，並且預計將於 2024 年下半年完成最終投資決定。

This morning, we are also excited to announce that earlier this month we reached an agreement to advance a new clean fuels gathering project. This project consists of the acquisition of an existing treating plant and the build out of a new gas gathering system which will gather fugitive coal mine methane from acreage dedicated by a producer.

今天早上，我們也很高興地宣布，本月早些時候我們達成了一項協議，將推進一個新的清潔燃料收集項目。該項目包括收購現有的處理廠和建造新的天然氣收集系統，該系統將從生產商專用的土地上收集逃逸的煤礦甲烷。

This new project is right in our wheelhouse and is expected to provide significant tax credit and environmental benefits, leveraging the producers' development and operational experience and our gathering, treating and tax credit expertise. We are excited about our entry into this emerging and growing clean fuel space through the advancement of this opportunity from our project backlog, and we'll keep you updated as it progresses.

這個新項目就在我們的駕駛室中，預計將利用生產商的開發和營運經驗以及我們的收集、處理和稅收抵免專業知識，提供顯著的稅收抵免和環境效益。我們很高興透過我們的專案積壓中的這一機會進入這個新興和不斷增長的清潔燃料領域，我們將隨時向您通報最新進展。

Finally, I wanted to take a moment to address the natural gas market fundamentals. In spite of the choppiness in the short-term market, which is trading on weather, our portfolio has remained very durable, and we continue to be bullish on the need for natural gas infrastructure in the long-term.

最後，我想花點時間談談天然氣市場的基本面。儘管短期市場因天氣而波動，但我們的投資組合仍然非常耐用，並且我們繼續看好天然氣基礎設施的長期需求。

We are nearing the next wave of new LNG demand growth, which will increase the call on natural gas production in 2025 and are pleased to see some fee gas deliveries to these new facilities already starting. We fully expect that growing LNG demand will underpin the gas market over the next decade, especially along the Gulf Coast corridor, which can be served directly via our Haynesville System.

我們正在接近下一波新的液化天然氣需求成長，這將增加 2025 年天然氣生產的需求，並且很高興看到向這些新設施輸送一些收費天然氣已經開始。我們完全預計，未來十年不斷增長的液化天然氣需求將支撐天然氣市場，特別是墨西哥灣沿岸走廊沿線，這些地區可以透過我們的海恩斯維爾系統直接提供服務。

Beyond this new demand from LNG, we continue to be highly focused on advancing power demand related gas infrastructure opportunities across our footprint as new large industrial loads such as data centers emerge. With speed to market and reliability being foremost considerations for many of these facilities, natural gas firepower generation will be needed to provide stable and predictable baseload energy.

除了液化天然氣的新需求之外，隨著資料中心等新的大型工業負載的出現，我們繼續高度關注在我們的足跡中推進與電力需求相關的天然氣基礎設施機會。由於上市速度和可靠性是許多此類設施的首要考慮因素，因此需要天然氣火力發電來提供穩定且可預測的基本負載能源。

We anticipate this power demand growth will require incremental pipeline and natural gas storage infrastructure, creating growth opportunities for DTM, and we are currently engaged in early-stage commercial discussions with six potential projects across our network.

我們預計電力需求的成長將需要增加管道和天然氣儲存基礎設施，從而為 DTM 創造成長機會，並且我們目前正在與我們網路中的六個潛在項目進行早期商業討論。

While not all of these opportunities may advance, we are excited about the prospect to serve this emerging demand growth so in summary, I am very pleased with how our team has performed in this challenged short-term commodity market, as we continue to commercialize growth opportunities from our project backlog.

雖然並非所有這些機會都會出現，但我們對服務新興需求成長的前景感到興奮，因此總而言之，隨著我們繼續將成長商業化，我對我們的團隊在這個充滿挑戰的短期商品市場中的表現感到非常滿意我們的專案積壓中的機會。

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

現在我將把它交給傑夫，讓他帶您了解我們的季度財務狀況和前景。

Thanks, David and good morning, everyone. In the second quarter, we delivered overall adjusted EBITDA of $248 million, representing a $3 million increase from the prior quarter. Our Pipeline segment results were $3 million below the first quarter, reflecting higher firm revenue from LEAP and our Washington 10 storage complex, offset by lower seasonal revenues from our pipeline joint ventures.

謝謝大衛，大家早安。第二季度，我們整體調整後 EBITDA 為 2.48 億美元，比上一季增加 300 萬美元。我們的管道部門業績比第一季低 300 萬美元，反映出 LEAP 和 Washington 10 儲存綜合體的公司收入增加，但被我們管道合資企業的季節性收入下降所抵消。

Gathering segment results were $6 million greater than the first quarter, reflecting lower base business EBITDA due to the timing of producer plans and a planned maintenance outage at one of our Haynesville treating plants, offset by favorable one-time items of approximately $10 million, which were initially expected to be recorded in the fourth quarter.

收集部門的業績比第一季增加了600 萬美元，反映出由於生產商計劃的時間表和我們的海恩斯維爾處理廠的計劃維護停電而導致的基本業務EBITDA 較低，但被約1000 萬美元的一次性有利項目所抵消，其中最初預計將在第四季度錄得。

Operationally, total gathering volumes across both the Haynesville and Northeast averaged approximately 2.9 billion cubic feet a day in the second quarter, with volumes down in both regions compared to the prior quarter. In the Northeast, second quarter volumes reflected the impact of planned producer curtailments, partially offset by the continued ramp up in production on the Ohio Utica system.

從營運角度來看，第二季海恩斯維爾和東北部的總收集量平均約為每天 29 億立方英尺，這兩個地區的收集量均較上一季下降。在東北部，第二季的產量反映了計畫生產者減產的影響，部分被俄亥俄州尤蒂卡系統產量的持續增加所抵消。

And in the Haynesville second quarter, volumes were lower due to the timing of producer activity and the impact of the treating plant planned maintenance outage as we've previously noted, our 2024 plan and guidance assumes that gathering volumes and base business adjusted EBITDA would be lower in the second and third quarters, with a ramp expected in the fourth quarter, driven by incremental contributions from our new projects and a more constructive market environment for producers.

在海恩斯維爾第二季度，由於生產商活動的時間表以及處理廠計劃維護中斷的影響，產量有所下降，正如我們之前指出的，我們的2024 年計劃和指導假設收集量和基本業務調整後的EBITDA 將是第二季和第三季有所下降，預計第四季將有所成長，這得益於我們新專案的增量貢獻以及為生產商提供的更具建設性的市場環境。

We are confident in our full year outlook and are reaffirming our 2024 adjusted EBITDA guidance range and our 2025 adjusted EBITDA early outlook, reflecting our strong start and confidence in the balance of the year.

我們對全年展望充滿信心，並重申 2024 年調整後 EBITDA 指導範圍和 2025 年調整後 EBITDA 早期展望，反映出我們強勁的開端和對今年剩餘時間的信心。

We've increased our committed capital in 2024 and 2025 to reflect new projects reaching FID, with approximately $330 million committed in 2024 and approximately $180 million committed in 2025. This committed growth capital includes initial payments associated with our new clear lean fuels gathering project, with the expectation that there will be additional spend forthcoming to build incremental project facilities in 2024 and 2025.

我們增加了 2024 年和 2025 年的承諾資本，以反映達到 FID 的新項目，2024 年承諾資本約 3.3 億美元，2025 年承諾資本約 1.8 億美元。這筆承諾的成長資本包括與我們新的清潔精益燃料收集項目相關的初始付款，預計 2024 年和 2025 年將有額外支出用於建造增量項目設施。

As well as potential contingent payments due to the seller over the next several years, subject to the achievement of project milestones we will provide additional detail on the project in the coming quarters as the team finalizes scope and works to advance the project.

除了未來幾年應向賣方支付的潛在或有付款外，根據專案里程碑的實現，我們將在未來幾個季度隨著團隊最終確定範圍並努力推進專案而提供有關該專案的更多詳細資訊。

Following our successful commercialization and commitment to new projects, we are updating our 2024 growth capital guidance range to $330 million to $375 million. The high end of our guidance range is unchanged, and we continue to expect to spend within free cash flow in 2024 and 2025.

在我們成功商業化和對新專案的承諾之後，我們將 2024 年成長資本指導範圍更新為 3.3 億至 3.75 億美元。我們指導範圍的上限保持不變，我們繼續預計 2024 年和 2025 年將在自由現金流範圍內支出。

We are committed to preserving the strength of our balance sheet and achieving an investment grade credit rating, and we had very productive meetings with the rating agencies in May with recent positive actions from two of the agencies positioning us to potentially receive an upgrade to investment grade later this year.

我們致力於保持資產負債表的實力並實現投資級信用評級，我們在五月份與評級機構舉行了非常富有成效的會議，其中兩家機構最近採取了積極行動，使我們有可能獲得投資級的升級今年晚些時候。

Finally, today we also announced the declaration of our second quarter dividend of $0.735 per share, unchanged from the prior quarter. We remain committed to growing the dividend 5% to 7% per year in line with our long-term adjusted EBITDA growth.

最後，今天我們也宣布宣布第二季股息為每股 0.735 美元，與上一季持平。我們仍然致力於將股息每年增長 5% 至 7%，與我們的長期調整後 EBITDA 增長保持一致。

I'll now pass it back over to David for closing remarks.

現在我將把它轉回給大衛做總結發言。

Thanks, Jeff. So, in summary, we are very pleased with our progress this year and are feeling confident in our full year guidance for 2024 and early outlook range for 2025. Our short cycle growth investments continue to track on budget and on schedule, which will contribute meaningful growth over the next two years.

謝謝，傑夫。因此，總而言之，我們對今年的進展感到非常滿意，並對 2024 年全年指導和 2025 年早期展望範圍充滿信心。我們的短週期成長投資繼續按預算和按計劃進行，這將在未來兩年內帶來有意義的成長。

Our approach to capital allocation remains thoughtful and disciplined, with our focus on spending within cash flow, over the balance of our five-year plan, and achieving an investment grade credit rating. As we look across the portfolio, we continue to see significant growth opportunities with our strategically located asset footprint, building torque as new LNG and power demand increase, the call on natural gas, and through the emergence of our energy transition platform.

我們的資本配置方法仍然經過深思熟慮和嚴格遵守，我們的重點是現金流內的支出、五年計劃的餘額以及實現投資級信用評級。當我們縱觀整個投資組合時，我們繼續看到重大的成長機會，包括我們策略性分佈的資產足跡、隨著新液化天然氣和電力需求的增加而建立的扭矩、對天然氣的需求以及我們能源轉型平台的出現。

We can now open up the line for questions.

我們現在可以開放提問熱線。

(Operator Instructions)

（操作員說明）

Jeremy Tonet from JP Morgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Hi, good morning.

嗨，早安。

Morning, Jeremy.

早上好，傑里米。

I want to dive in a little bit more if I could, with regards to potential projects. I think six that you're talking about that could support logistics for data center opportunities, if I had that right there. Just wondering if you could provide a bit more detail on what the scale and scope of these projects might look like as far as timing of online or size, or is this a FERC process to come online? Just wondering if you can share any incremental details on the potential scope there. I'm assuming that this is in Ohio.

如果可以的話，我想更深入地了解潛在的專案。我認為你所說的六個可以支持資料中心機會的物流，如果我那裡有的話。只是想知道您是否可以提供更多關於這些項目的規模和範圍的詳細信息，包括上線時間或規模，或者這是一個 FERC 上線流程嗎？只是想知道您是否可以分享有關潛在範圍的任何增量細節。我假設這是在俄亥俄州。

Yeah. Thanks for the question, Jeremy. We're really excited about the number of opportunities that we're actually in a commercial dialogue on right now. And you're correct, they're all driven by this incremental power demand that is underpinned predominantly by data center development.

是的。謝謝你的提問，傑里米。我們對目前正在進行的商業對話中的機會數量感到非常興奮。你是對的，它們都是由這種增量電力需求驅動的，而電力需求主要是由資料中心開發所支撐的。

But I think there's also just a growing demand for gas fired generation. So a lot of the conversations have been around the data centers recently, but I think there's just an underlying growth and strength in power demand, gas fired power demand in these regions.

但我認為對燃氣發電的需求也在不斷增長。因此，最近很多討論都是圍繞著資料中心進行的，但我認為這些地區的電力需求、燃氣電力需求存在潛在的成長和強勁。

So I'd love to get into more detail, but Jeremy, we are under some confidentiality agreements with a lot of these conversations, so I'm going to have to just keep it at a high level. I would say that these are predominantly lateral type opportunities into these locations.

所以我很想了解更多細節，但是傑里米，我們在許多此類對話中都簽署了一些保密協議，所以我必須將其保持在較高的水平。我想說，這些主要是進入這些地點的橫向機會。

There could be some incremental opportunity on the mainlines that spawn from this. But we view all of this as very supportive to the whole network in terms of just building new demand and connecting it to the current infrastructure and, but I think I'm going to stop there just in terms of the disclosure right now.

由此產生的主線上可能會出現一些增量機會。但我們認為，就建立新需求並將其連接到當前基礎設施而言，所有這些都對整個網路非常有支持，但我想我現在就披露而言就到此為止。

As I said in my opening remarks, lots of conversations going on. Like always, not all of them will commercialize, but I feel really confident. Our commercial team's batting average on commercialization. So as they progress and as we can be more transparent, we'll certainly provide that color.

正如我在開場白中所說，正在進行許多對話。像往常一樣，並非所有這些都會商業化，但我感到非常有信心。我們的商業團隊在商業化方面的成功率。因此，隨著他們的進步以及我們變得更加透明，我們肯定會提供這種顏色。

Got it. Makes sense. We eagerly await more details there. Pivoting to the new clean fuels gathering project, was just wondering if you might be able to share any more on what this looks like? Is this on or adjacent to your existing footprint. Is this in Pennsylvania, I imagine, for fugitive coal mine methane? Or could this be out West? Just kind of curious, I guess, how you see the scale of this potential business over time.

知道了。有道理。我們熱切地等待那裡的更多細節。轉向新的清潔燃料收集項目，只是想知道您是否可以分享更多關於它的情況？這是在您現有的足跡或附近嗎？我想，這是在賓州，為了逃逸的煤礦甲烷嗎？或者這可能是在西方？我想，你只是有點好奇，隨著時間的推移，你如何看待這項潛在業務的規模。

Sure, Jeremy. So let's just start at the highest level. This is fugitive coal fed methane capture. And I think as we all know methane is the most damaging greenhouse gas. So it has a very positive environmental benefit. So locationally, it's in and around what I'll call our existing footprint. And I'll just leave it there. And again, we just closed this transaction. This is a subsequent event conversation that we're having right now for the quarter.

當然，傑里米。那麼就讓我們從最高等級開始吧。這是逃逸煤炭甲烷捕獲。我認為眾所周知，甲烷是最具破壞性的溫室氣體。因此它具有非常積極的環境效益。所以從位置上來說，它位於我所說的我們現有足跡的內部和周圍。我就把它留在那裡。再說一次，我們剛結束了這筆交易。這是我們本季正在進行的後續活動對話。

So we'll provide more detail, probably third quarter or year-end as we scope out the complete development plan and can lay out more of the specifics and details for you. But I just say at the highest level, the demand for clean fuels in the country, we believe is growing at a very rapid pace. Many states are developing clean fuel standards. So this product we believe will be in high demand going forward. And this kind of lands right in our wheelhouse in terms of our core competencies.

因此，我們將提供更多詳細信息，可能是在第三季或年底，因為我們會制定完整的開發計劃，並可以為您列出更多細節和細節。但我只是說，在最高層，我們認為該國對清潔燃料的需求正在以非常快的速度成長。許多州正在製定清潔燃料標準。因此，我們相信該產品未來的需求將會很大。就我們的核心能力而言，這種情況正好落在我們的駕駛室中。

We understand how to gather, we understand how to treat, and we have a lot of experience in tax monetization in the company. So we found a really good partner to work with that is complimentary to our skillset. And we believe there's a future runway of growth opportunities in front of this. Step number one is to commercialize this. Step number two will be to look for incremental opportunities beyond this.

我們懂得如何採集，我們懂得如何對待，我們在公司稅收貨幣化方面也有很多經驗。因此，我們找到了一個非常好的合作夥伴，這對我們的技能是互補的。我們相信，未來存在著巨大的成長機會。第一步是將其商業化。第二步是尋找除此之外的增量機會。

Got it. Very helpful. I'll leave it there. Thanks.

知道了。非常有幫助。我會把它留在那裡。謝謝。

Michael Blum from Wells Fargo.

富國銀行的麥可布魯姆。

Thanks. Good morning, everyone. I wanted to go back to your commentary on producer expectations in the Haynesville for the rest of the year. You're expecting a rebound by the fourth quarter. I'm wondering, though, if you're hearing any change yet in producer, either messaging to you or just activity levels as we sort of are here now, past midpoint of the year.

謝謝。大家早安。我想回到你對今年剩餘時間海恩斯維爾製片人期望的評論。您預計第四季會出現反彈。不過，我想知道您是否聽到製作人有任何變化，無論是向您發送訊息還是只是活動水平，就像我們現在在這裡一樣，已經過了今年的中點。

Sure, I'll address that, Michael. And good question. It feels as if we're having a bit of a double dip in the short-term price here this summer. We were seeing quite a nice recovery there a month or so ago. We seem to be back down in the trough at the moment, certainly very attuned to what EQT has said publicly on their call earlier.

當然，我會解決這個問題，麥可。好問題。感覺今年夏天我們的短期價格似乎出現了兩次下跌。大約一個月前，我們看到那裡的恢復情況相當不錯。目前我們似乎又回到了低谷，當然非常適合殷拓早些時候在電話會議上公開表示的內容。

So I think we're just being we're taking a very cautious approach to Q3 and the balance of the year, just given how sensitive this market is right now around price, until we see that incremental demand really pick up later this year and next year.

因此，我認為我們只是對第三季和今年剩餘時間採取非常謹慎的態度，考慮到這個市場目前對價格的敏感度，直到我們看到今年晚些時候增量需求真正回升，明年。

As I said in my opening remarks, we're seeing really good early signals of some fee gas showing up on these new facilities but again, until those facilities are up and running and that demand is locked in, for lack of a better word, I think we're going to be in this choppy short-term market that seems to be trading on the weather forecast as it changes day to day.

正如我在開場白中所說，我們看到了一些非常好的早期信號，這些新設施上出現了一些收費天然氣，但在這些設施啟動並運行並且需求被鎖定之前，由於缺乏更好的詞，我認為我們將處於這個動盪的短期市場中，隨著天氣預報的不斷變化，該市場似乎正在根據天氣預報進行交易。

So we need to get through the summer, get ourselves into the fall, where we see a clear line of sight into the winter, and see these incremental demands picking up on the system here in North America. And that's sort of how we're guiding our results as we see that fourth quarter pickup and then getting into a much more constructive price environment in 2025 and beyond.

因此，我們需要度過夏天，進入秋天，在那裡我們可以清楚地看到冬天，並看到北美系統上這些增量需求的增加。這就是我們指導結果的方式，因為我們看到第四季的回升，然後在 2025 年及以後進入更具建設性的價格環境。

Great. Appreciate all that. And then, I wanted to ask about a project that you believe. You announced it last quarter, this project, this interconnect project into Mountain Valley pipeline. I wonder if you have any updates there. Does that spurring any like additional interest from other producers who maybe want to access Mountain Valley via your system?

偉大的。欣賞這一切。然後，我想問你相信的一個項目。您上個季度宣布了這個項目，這個互連項目進入了山谷管道。我想知道你那裡有沒有任何更新。這是否會激發其他可能想透過您的系統訪問 Mountain Valley 的生產商的額外興趣？

Yeah. So I think once we announced that transaction, which was anchored, which had an anchor customer underpinning it, we've opened up the opportunity to other shippers on our Appalachia network there, and we're in an active dialogue with those shippers to the extent that they want to participate. If they do, Michael, that would result in an upsizing of the project. We're not at that point to announce it yet, but as you'd expect, we're actively working that with a group of our existing customers.

是的。因此，我認為，一旦我們宣布了這項固定的交易，該交易有一個錨定客戶作為支撐，我們就為阿巴拉契亞網絡上的其他托運人提供了機會，並且我們正在與這些托運人進行積極對話他們想要參與的程度。如果他們這樣做，邁克爾，這將導致項目規模擴大。目前我們還沒有宣布這一消息，但正如您所期望的，我們正在與一組現有客戶積極合作。

Great. Thank you so much.

偉大的。太感謝了。

You're welcome.

不客氣。

John Mackay from Goldman Sachs.

高盛公司的約翰·麥凱。

Hey, good morning. Thank you for the time. I wanted to go back to, David, your comments around kind of volumes into the back half of the year and then into '25. We have the EBITDA guidance range unchanged for the year. I guess, just curious how much of that remaining range, I guess, is that gathering sensitivity? Is there anything else in the portfolio that you're watching on? And then more broadly, can you just kind of remind us what your contracting position looks like in terms of kind of MVC support into the back half of the year as well? Thanks.

嘿，早安。謝謝你的時間。大衛，我想回顧一下你對下半年和 25 年的評論。我們今年的 EBITDA 指導範圍保持不變。我想，只是好奇剩餘的範圍有多少，我想，是在收集敏感度？您正在觀看的作品集還有其他內容嗎？更廣泛地說，您能否提醒我們，您在今年下半年的 MVC 支援方面的承包情況是什麼樣的？謝謝。

Yeah. Great question, John. So I'll start by saying we're halfway through the year and we're in a really good position right now, halfway in, in terms of achieving our guidance. And I'm just going to reflect back on the previous comments I made around price, that we're taking a cautious approach. We see this price double dip phenomenon happening and it's happening real time. So we're taking a cautious approach for the balance of the year.

是的。好問題，約翰。因此，我首先要說的是，今年已過半，在實現我們的指導方面，我們現在處於非常有利的位置，已過半。我只想回顧一下我之前關於價格的評論，我們正在採取謹慎的態度。我們看到這種價格雙底現象正在發生，而且它正在即時發生。因此，我們對今年剩餘時間採取謹慎態度。

I think, as you're aware, as the investors are aware, we have significant MVCs that underpin our Gathering segment, which really protects the downside. And I think for us, the rest of the year is going to be all about that incremental molecule that likely is driven around the price structure that lays out for the balance of the year. We're highly confident in hitting our guidance, but in terms of that incremental molecule, which is the incremental revenue, it's really going to be, I think, price driven for the second half of the year. And again, we've taken a cautious approach to just sitting tight with the guidance range as laid out.

我認為，正如您所知，正如投資者所知，我們擁有重要的 MVC 來支撐我們的 Gathering 部門，這確實可以保護下行趨勢。我認為對我們來說，今年剩下的時間將是關於增量分子，這可能是圍繞今年剩餘時間的價格結構所驅動的。我們對達到我們的指導非常有信心，但就增量分子而言，即增量收入，我認為下半年確實將由價格驅動。再次，我們採取了謹慎的態度，嚴格遵守所製定的指導範圍。

All right. That's fair. Thank you maybe and then taking that next step into 2025, as we see this demand finally start to step up. I guess, how much of that incremental call do you think comes from the Haynesville versus supply from elsewhere being able to make its way into the state?

好的。這很公平。也許謝謝您，然後在 2025 年邁出下一步，因為我們看到這種需求終於開始增加。我想，您認為增量呼叫中有多少來自海恩斯維爾，而不是其他地方能夠進入該州的供應？

Yeah. I think for us, the interconnectivity that we have with that incremental demand, we're connected, directly connected to the locations that that demand secures supply from, which is predominantly Gillis. So we feel real good about our system being built, being in service.

是的。我認為對我們來說，我們與增量需求的互聯性，我們是連接的，直接連接到需求確保供應的地點，主要是吉利斯。因此，我們對我們的系統正在建造和投入使用感到非常滿意。

That incremental demand is going to show up. We're going to have the ability to serve that incremental demand directly and timely. And I think that'll be our advantage. And we feel really confident about that in 2025.

這種增量需求將會顯現出來。我們將有能力直接、及時地滿足增量需求。我認為這將是我們的優勢。我們對 2025 年的實現充滿信心。

And I'd say some of the items that we've announced today would be proof points to that confidence. Those three new producers, private producers that were serving and going to do some work for to bring them online next year, I think are looking at the same fundamentals that I just described.

我想說，我們今天宣布的一些項目將證明這種信心。我認為，這三個新的生產商、私人生產商正在服務並將為明年的上線做一些工作，他們正在考慮我剛才描述的相同基本原理。

I appreciate that. Thank you.

我很欣賞這一點。謝謝。

Keith Stanley from Wolfe Research.

沃爾夫研究中心的基斯‧史丹利。

Hi. Good morning. Want to follow up on that last questions, line of thought. You have some big competitors coming on and looking more likely to get built now with LEG and NG3, are you seeing that reduce demand at all near term for incremental LEAP expansions, or are you seeing the connectivity of the system still driving a lot of near-term demand, even with some competing projects likely moving forward?

你好。早安.想跟進最後一個問題，思路。您有一些大型的競爭對手正在出現，並且看起來更有可能使用LEG 和NG3 進行構建，您是否認為短期內對增量LEAP 擴展的需求會減少，或者您是否看到系統的連接性仍然在推動許多近期的發展- 長期需求，即使一些競爭項目可能會向前推進？

Yeah. Keith, I think those projects moving forward, I think their in service timing is, I think earliest, late '25. So again, I think this next wave of demand that washes through the market will be there in front of their capacity being available. So I think that gives us an advantage.

是的。Keith，我認為這些項目正在向前推進，我認為它們的投入使用時間是，我認為最早是 25 年末。因此，我再次認為，席捲市場的下一波需求將在其產能可用之前出現。所以我認為這給了我們一個優勢。

Again, I think what we announced today with those three new producers accessing the system recognize, have recognized that advantage. Obviously, we're working to commercialize our Phase 3 LEAP expansion and feel highly confident that we're going to do that.

再說一次，我認為我們今天宣布的三位新生產商訪問該系統的消息已經認識到了這一優勢。顯然，我們正在努力將第三階段的 LEAP 擴展商業化，並且我們對此充滿信心。

So again, we're trying to take advantage of that situation that's playing out in the market right now and capturing another wave of expansion in front of those other two projects being constructed and completed and brought into service late '25, perhaps beyond depending on their schedules.

因此，我們再次嘗試利用目前市場上出現的情況，並在另外兩個項目建設、竣工並於 25 年末投入使用之前抓住另一波擴張浪潮，也許超出了取決於他們的日程安排。

That's helpful. Second question, I just want to go back. So you point to over $1.3 billion of projects in the backlog through 2027. You're making progress on that. It seems like you have good visibility to hit your growth targets through that 2027 period.

這很有幫助。第二個問題，我只想回去。因此，您指出，到 2027 年，積壓的項目將超過 13 億美元。你在這方面正在取得進展。您似乎有很好的預見性來實現 2027 年期間的成長目標。

So, given that, how are you viewing M&A these days as a way to maybe further boost growth? Is it on the back burner because of what you have organically in front of you, or do you see acquisitions as a tool to maybe even enhance the growth rate over the next few years?

那麼，有鑑於此，您如何看待最近的併購可能進一步促進成長？是因為你面前的有機條件而將其置於次要地位，還是你將收購視為一種工具，甚至可能提高未來幾年的成長率？

Yeah. Keith, the way I would describe it is our long-term growth guide of five to seven. So call it 6% growth rate at the midpoint. That organic backlog of projects fuels that growth rate. We do not require M&A to deliver that growth rate. And if you kind of look at our track record since we spun. We have been fueling that type of a growth rate consistently since we spun through organic opportunities. So we feel highly confident in our ability to hit that growth rate with purely organic activities.

是的。基思，我所描述的方式是我們五到七的長期成長指南。所以稱為 6% 的中點成長率。專案的有機積壓推動了這一增長率。我們不需要併購來實現這樣的成長率。如果你看看我們自成立以來的記錄。自從我們抓住有機機會以來，我們一直在持續推動這種成長率。因此，我們對透過純粹的有機活動達到這一成長率的能力充滿信心。

So you kind of alluded to it at the end of your question. M&A for us is really option value, and it has the potential to be an accelerant to that underlying growth rate and would have to make a clearly make economic sense if those opportunities presented themselves. And that's kind of how we think about it at the highest level.

所以你在問題的最後提到了這一點。對我們來說，併購確實具有選擇權價值，它有可能加速潛在的成長率，如果這些機會出現的話，它必須具有明顯的經濟意義。這就是我們在最高層次的思考方式。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Spiro Dounis Citi.

斯皮羅·杜尼斯·花旗。

Thanks, operator. Maybe go back to that $1.3 billion backlog. Just curious if you have any sense of directionally, maybe where you think that goes from here is that kind of a nice, steady state you hope to maintain? A lot of chatter around data centers and power to them are broadly. So curious if there's an acceleration in that backlog actually gets even higher over time and what kind of projects you think start to fill it from here.

謝謝，接線生。也許回到 13 億美元的積壓訂單。只是好奇你是否有任何方向感，也許你認為從這裡開始就是你希望保持的那種美好、穩定的狀態？關於資料中心及其電源的許多討論都是廣泛的。很好奇積壓的情況是否會隨著時間的推移而加速，以及您認為什麼樣的項目會從這裡開始填補它。

Yeah. Spiro, that's an interesting question. I think the fundamentals in the market right now, the way the market has evolved in the last six months with sort of this more robust power demand forecast in front of us, that is driving, everyone expects it's going to drive incremental gas infrastructure.

是的。斯皮羅，這是一個有趣的問題。我認為目前市場的基本面，市場在過去六個月的發展方式以及我們面前的這種更強勁的電力需求預測，正在推動，每個人都期望它將推動增量天然氣基礎設施。

That certainly has the ability over time, if that persists, to create a more robust environment for midstream investments. So I tend to agree with that, that point that you're making, that there could be potential tailwinds in the market here that are developing that could, over time, make that backlog more robust.

如果這種情況持續下去，隨著時間的推移，這肯定有能力為中游投資創造一個更穩健的環境。因此，我傾向於同意您所提出的觀點，即這裡的市場可能存在潛在的順風車，隨著時間的推移，這些順風車可能會使積壓的訂單更加強勁。

I think it's early days. I mean, we talked about the opportunities that we're pursuing. We've been around long enough to know that you don't win all the opportunities. But that's a pretty we're a moderate size company, and we have a pretty robust opportunity set in that emerging space.

我認為現在還為時過早。我的意思是，我們討論了我們正在尋求的機會。我們已經存在了足夠長的時間，知道您無法贏得所有機會。但我們是一家中等規模的公司，而且我們在這個新興領域擁有相當強勁的機會。

I suspect all of the other midstream companies have similar opportunity sets that they're pursuing. So it does feel like there could be a more robust underpinning. Fundamentally, that's entering in this space right now.

我懷疑所有其他中游公司都有他們正在追求的類似機會。所以感覺確實可以有更堅實的基礎。從根本上說，現在就進入了這個領域。

So I think that's something to watch here over the next six to 12 months, does this persist? Do companies like us and others start to commercialize some of these opportunities and lock them in? But it's certainly an area that we're spending a lot of time focusing on, and again, really is complementary to our skillset and our existing asset base. So it's a very focused area for us right now, Spiro.

所以我認為這是未來 6 到 12 個月值得關注的事情，這種情況會持續嗎？像我們這樣的公司和其他公司是否開始將其中一些機會商業化並鎖定它們？但這肯定是我們花費大量時間關注的一個領域，而且，它確實是對我們的技能和現有資產基礎的補充。所以這是我們現在非常關注的領域，Spiro。

Got it. Understood. Second question, going back to the new East Texas gathering. You did mention the potential to come on to LEAP. And so maybe a few parts questionnaire. Curious, is there enough space on the line now to accommodate all those volumes, or does that sort of further support a Phase 4 expansion? And I guess, curious what other options your customers have. I guess, they could price more locally, but maybe just walk us through the dynamics of why it would make sense for these volumes to eventually get to LEAP.

知道了。明白了。第二個問題，回到新的東德州聚會。你確實提到了加入 LEAP 的潛力。也許有幾個部分的問卷。很好奇，現在生產線上是否有足夠的空間來容納所有這些卷，或者這是否進一步支持第四階段的擴展？我想，很好奇您的客戶還有哪些選擇。我想，他們可以在當地定價更高，但也許只是讓我們了解為什麼這些卷最終達到 LEAP 是有意義的。

Yeah. That's a great question. So the way those current contracts are structured, they have full access to all of our delivery point flexibility in the entire Haynesville. Predominantly, they're using, in your words, the local delivery points or in basin delivery points, but they also have access to LEAP delivery points that 400 million a day, as they as this volume ramps would. If it ended up on primary LEAP delivery points, it would potentially underpin an expansion on LEAP.

是的。這是一個很好的問題。因此，按照目前合約的結構方式，他們可以完全使用我們在整個海恩斯維爾的所有交付點靈活性。用你的話來說，他們主要使用本地交付點或盆地交付點，但他們也可以訪問每天 4 億個的 LEAP 交付點，就像他們隨著數量的增加而進行的那樣。如果它最終出現在 LEAP 的主要交付點上，那麼它可能會支援 LEAP 的擴展。

Perfect. I'll leave it there for today. Thank you, gentlemen.

完美的。今天我就把它留在那裡。謝謝你們，先生們。

Sunil Sibal from Seaport Global Securities.

Seaport Global Securities 的 Sueil Sibal。

Yeah. Hi. Good morning, everybody, and thanks for the clarity on the call. So I just wanted to dwell on the clean fuels opportunity a little bit better. So it seems like you get an initial payment in the second half, and then the project really kicks in, in 2025. I was curious if you could quantify this a little bit going forward in 2025 or forward years. How should we think about this opportunity? Is this resulting in discussions with other clients also in the region, which could help grow this set?

是的。你好。大家早安，感謝您在通話中的清晰闡述。所以我只是想更專注於清潔燃料的機會。所以看起來你會在下半年收到首期付款，然後計畫會在 2025 年真正啟動。我很好奇你是否可以在 2025 年或未來幾年對此進行一些量化。我們該如何看待這個機會？這是否會導致與該地區其他客戶的討論，從而有助於擴大這一範圍？

Yeah. Let me touch on that. And again, we're describing a subsequent event activity here. So I'm probably going to be not able to provide as much clarity as you would like here but I'll just step back and maybe reiterate some of my earlier comments, is that the demand for clean fuels in this country is growing rapidly right now. We're seeing more and more clean fuel standards being either implemented or discussed in different jurisdictions to be implemented in the future.

是的。讓我談談這一點。再次，我們在這裡描述後續事件活動。因此，我可能無法像您希望的那樣提供清晰的信息，但我會退後一步，也許會重申我之前的一些評論，即這個國家對清潔燃料的需求正在快速增長，對嗎？我們看到越來越多的清潔燃料標準正在不同的司法管轄區實施或討論，以便將來實施。

So we're viewing this segment of the market as a very early days, emerging segment from a demand perspective, and there's not a lot of supply. So we spent a lot of time looking at, okay, what are all the areas of opportunity on the supply side to bring this product to market.

因此，從需求角度來看，我們將這個市場區隔視為非常早期的新興細分市場，而且供應量並不多。因此，我們花了很多時間研究供應方面有哪些機會領域可以將該產品推向市場。

This particular opportunity fit very nicely within our wheelhouse in terms of geography, in terms of skillset, and our ability to execute well with a partner producer that is looking at this fugitive. Methane emissions is very problematic inside their portfolio. So it checks a lot of boxes in terms of strategically doing a lot of good things for all the parties involved.

這個特殊的機會非常適合我們的駕駛室，無論是在地理位置、技能方面，還是我們與正在尋找逃犯的合作製片人良好執行的能力方面。甲烷排放在他們的投資組合中是一個很大的問題。因此，它在戰略上為所有相關方做很多好事方面做了很多檢查。

So we'd like to commercialize this particular opportunity, which, as we refine the scope, will be able to provide some answers to the questions that you were just asking me in more specifics but I'm just going to ask you to pause on that, and that'll probably come in a quarter or so.

因此，我們希望將這個特殊的機會商業化，隨著我們完善範圍，它將能夠為您剛才問我的問題提供一些答案，但我只是想請您暫停一下那個，這可能會在一個季度左右出現。

But more broadly, we're looking at this as a nice entree into this segment. And there's lots of opportunities around the country to do similar work with other companies. And we're viewing that as a growth area. It's very early days, and I think as we advance this development, we'll be keeping everybody tuned in.

但更廣泛地說，我們將其視為該細分市場的一個不錯的入口。全國各地有許多與其他公司合作類似工作的機會。我們將其視為一個成長領域。現在還處於早期階段，我認為隨著我們推進這項開發，我們會讓每個人都關注。

If I could point you to the project backlog or organic project backlog, we have identified clean fuels as an area that we've been pursuing in that allocation of capital over that five-year plan. So we talk about 20% of the capital going into this energy transition space.

如果我可以向您指出專案積壓或有機專案積壓，我們已將清潔燃料確定為我們在該五年計劃的資本分配中一直追求的一個領域。所以我們談 20% 的資本進入這個能源轉型領域。

Part of it's going to go into our carbon capture and storage project from Louisiana. We fully expect another portion of it to go into this clean fuels segment. So, very excited. It's just really early days, and as we can put more definition around this for the investors, we fully intend to do that.

部分資金將用於我們路易斯安那州的碳捕獲和封存項目。我們完全預計其中的另一部分將進入清潔燃料領域。所以，非常興奮。現在還處於早期階段，因為我們可以為投資者對此做出更多定義，所以我們完全打算這樣做。

Okay. Thanks for flushing that out. And then, just wanted to clarify one thing with regard to your discussions with rating agencies on credit moves. So once these moves happen, so that will basically put the whole capital structure on IG footing, i.e. the secured and the unsecured both, I presume.

好的。謝謝你把它沖掉。然後，我想澄清一件事，有關您與評級機構就信貸變動進行的討論。因此，一旦發生這些舉措，我認為整個資本結構基本上都會建立在 IG 基礎上，即有擔保和無擔保兩者。

Yes.

是的。

Hey, Sunil. Yeah. So what we've got you're right, we've got fall away provisions in our capital structure. And so you're right, it takes some, like two for other rating agencies to get there, for that to start triggering. But, yes, that sort of is the natural path. And we've intentionally sort of set the capital structure to be able to do that cleanly when that occurs.

嘿，蘇尼爾。是的。所以我們得到的你是對的，我們的資本結構中有一些失效條款。所以你是對的，需要一些人，例如其他評級機構需要兩個人才能達到這個目標，才能開始觸發這一點。但是，是的，這是自然的道路。我們有意設置了資本結構，以便在這種情況發生時能夠乾淨利落地做到這一點。

And again, that big part of that's going to be the Chesapeake SWN merger, because that's what Fitch is sort of tied there with that positive watch and then S&P, or, excuse me, Moody's has got theirs on the positive outlook, which is, again, based around that merger occurred.

再說一次，其中很大一部分將是切薩皮克SWN 的合併，因為這就是惠譽與積極觀察聯繫在一起的，然後是標準普爾，或者，對不起，穆迪已經得到了他們的積極前景，即，再次，基於合併的發生。

Understood. And could you talk a little bit broadly about how does the IG move helps DTM. You expect significant savings in terms of your financing cost is more like strategic goal.

明白了。您能否廣泛地談談 IG 的舉動如何幫助 DTM？您預期大幅節省融資成本更像是策略目標。

Yeah. It covers sort of several areas. You're right. The obvious is around financing costs and those things. But you can see where our debt, our debt's trading pretty close to IG now, but still there's that. It also allows you related to we've got a little bit of money out there for some collateral.

是的。它涵蓋了幾個領域。你說得對。顯而易見的是融資成本之類的事情。但你可以看到我們的債務，我們的債務現在的交易情況與 IG 相當接近，但仍然存在這一點。它還可以讓您知道我們有一點錢可以用作抵押品。

You're able to reclaim that. What it then also helps you with is on the equity side. It opens up your portfolio to investors that are focused on the investment grade sort of portfolio. It also opens us up to potential indexes that are also looking for investment grade.

你可以收回它。它還能在股權方面為您提供幫助。它向專注於投資等級投資組合的投資者開放您的投資組合。它也讓我們接觸到同樣尋求投資等級的潛在指數。

And then also, then from a commercial standpoint, strategically, it provides sort of the halo around investment grade entities. And so again, as a part of the negotiating, commercial activity and those kind of things, there's also a positive halo that you get by being an investment grade. So it's across all of those fronts that we see that as a positive move, and that's why we've been pursuing that for the last several years.

然後，從商業角度來看，從策略上講，它為投資等級實體提供了某種光環。再說一遍，作為談判、商業活動和這類事情的一部分，投資等級也會為你帶來正面的光環。因此，在所有這些方面，我們都認為這是一個積極的舉措，這就是我們過去幾年一直在追求這一目標的原因。

Got it. Thank you very much.

知道了。非常感謝。

Yeah. You bet.

是的。你打賭。

Operator

操作員

Robert Mosca from Mizuho Securities.

瑞穗證券的羅伯特莫斯卡。

Hi. Good morning, everyone. Thanks for squeezing me in. Only have one. Just wondering if we could get your latest thoughts on gas storage along the US Gulf Coast, maybe as we get closer to some of these LNG projects coming online. Is that something that you've been looking at?

你好。大家早安。謝謝你把我擠進去。只有一個。只是想知道我們是否可以了解您對美國墨西哥灣沿岸天然氣儲存的最新想法，也許隨著我們越來越接近其中一些液化天然氣項目的上線。這是你一直在看的東西嗎？

And maybe more broadly, just the needs for gas storage related to some of these incremental power demand type opportunities, and what you might be looking at on your footprint.

也許更廣泛地說，只是與這些增量電力需求類型機會相關的天然氣儲存需求，以及您可能在您的足跡中看到的內容。

Sure thing. And good morning, Robert. Not a problem to squeeze in. So, storage, for us, it really hits. There's multiple opportunities that we view through the lens of our storage portfolio. So, first off, here in Michigan, we've been really happy with the recontracting that we've done this year in that asset. So renewing and extending contracts at higher rates, longer terms in a really strong storage market, which is what is in front of us today.

當然可以。早上好，羅伯特。擠進去不是問題。所以，儲存對我們來說確實很重要。我們透過儲存產品組合看到了多種機會。因此，首先，在密西根州，我們對今年對該資產進行的重新承包感到非常滿意。因此，在一個真正強大的儲存市場中以更高的利率、更長的期限續簽和延長合同，這就是我們今天面臨的情況。

I'd say the other thing, again, from the highest level, is that we have been under investing in storage. When you look at the ratio of working capacity in the country to the demand that we have in the country, we've been lagging behind in terms of making those investments.

我想說的另一件事是，從最高層來看，我們一直在儲存方面進行投資。當你看看該國的工作能力與我們在該國的需求的比率時，我們在進行這些投資方面一直落後。

As more gas fired generation and renewables come on, on the electric side, I think that will start to exasperate that disparity and, in my view, drive the fundamental value of storage here in the back half of the decade.

隨著越來越多的燃氣發電和再生能源的出現，在電力方面，我認為這將開始加劇這種差距，並在我看來，在本世紀後半段推動儲能的基本價值。

So that's sort of fundamentally what we're seeing with storage in the existing portfolio in terms of incremental growth opportunities. We're obviously looking closely at Greenfield opportunities here in Michigan. I'd say that we're not quite at that price level for that to clear the market yet, but we're getting close.

因此，從根本上來說，這就是我們在現有投資組合中看到的儲存在增量成長機會方面所看到的。顯然，我們正在密切關注密西根州的綠地機會。我想說的是，我們還沒有完全達到市場出清的價格水平，但我們已經接近了。

And then in the Gulf, many of our customers on the Haynesville System have been inquiring about storage and looking to kind of partner or codevelop storage opportunities. So there's a very clear need, perceived need for more storage to support the LNG expansion that's occurred down in the Gulf. So I think that's a very active file right now for a lot of companies, and we're included in those companies.

然後在海灣地區，海恩斯維爾系統的許多客戶一直在詢問儲存問題，並尋求合作夥伴或共同開發儲存機會。因此，有一個非常明確的需求，即需要更多的儲存來支援海灣地區的液化天然氣擴張。所以我認為對於很多公司來說，這是一個非常活躍的文件，我們也包括在這些公司中。

And again, it's finding the right location with the right geology at the right price, and you got to have the trifecta. And we're working hard on that. And I know other companies are working hard on that, too.

再說一次，它是以合適的價格找到具有合適地質條件的合適位置，並且您必須擁有三連勝。我們正在為此努力。我知道其他公司也在這方面努力。

So stay tuned. More to come. I think there's a general consensus in the market we need more storage. It's just a matter of clearing commercially clearing the market and finding the right projects that can move forward.

所以請繼續關注。未來還會有更多。我認為市場上存在普遍共識，我們需要更多的儲存空間。這只是一個清理商業清理市場並找到可以向前發展的合適項目的問題。

Got it. That's helpful. Thanks for the time, everyone.

知道了。這很有幫助。謝謝大家抽出時間。

We have no further questions. I would like to turn the call back over to David Slater for closing remarks.

我們沒有其他問題了。我想將電話轉回給大衛·斯雷特（David Slater），讓其致閉幕詞。

end of Q&A.

問答結束。

Well, thank you very much for joining us today and great questions. We certainly appreciate your interest in DT Midstream and enjoy the rest of your day. Thank you.

非常感謝您今天加入我們並提出了很好的問題。我們當然感謝您對 DT Midstream 的興趣，並祝您度過愉快的一天。謝謝。

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。