DT Midstream Inc (DTM) 2025 Q1 法說會逐字稿

Welcome to DT Midstream first quarter 2025 earnings call. I will now turn it over to our speaker today, Todd Lohrmann, Director of Investor Relations. Please go ahead.

歡迎參加 DT Midstream 2025 年第一季財報電話會議。現在我將把時間交給今天的發言人、投資者關係總監 Todd Lohrmann。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 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，其中包括對前瞻性陳述的引用。我們的介紹還包括對非公認會計準則財務指標的引用。請參閱附錄中的 GAAP 對帳表。

Joining me this morning are David Slater, President and CEO, and Jeff Jewell, Executive Vice President and CFO. So with that, I'll go ahead and turn the call over to David.

今天早上與我一起出席的還有總裁兼執行長 David Slater 和執行副總裁兼財務長 Jeff Jewell。因此，我將把電話轉給大衛。

Thanks, Todd, and good morning, everyone 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 projects. I'll then close with some commentary on the current market fundamentals before turning it over to Jeff to review our financial performance and outlook.

謝謝，托德，大家早安，謝謝你們的加入。在今天的電話會議上，我將談到我們的財務業績，並提供最新的商業活動和成長項目的建設進度。最後，我將對目前的市場基本面進行一些評論，然後交給傑夫來回顧我們的財務表現和前景。

So with that, we're off to a strong start in 2025, giving us confidence in a full year plan. We are reaffirming our 2025 adjusted EBITDA guidance range and our 2026 adjusted EBITDA early outlook range. And we continue to execute on our $2.3 billion organic growth project backlog. Our teams remain focused on integrating our newly acquired interstate pipelines.

因此，我們在 2025 年有一個良好的開端，讓我們對全年計劃充滿信心。我們重申 2025 年調整後的 EBITDA 指引範圍和 2026 年調整後的 EBITDA 早期展望範圍。我們將繼續執行價值 23 億美元的有機成長項目積壓任務。我們的團隊仍然專注於整合我們新收購的州際管道。

The key integration activities are progressing on schedule, and we completed full cut over of all financial activities in the DTM systems on April 1. They're on track to complete all remaining milestones by year end. We onboarded all key employees that close and benefited from the team's expertise with these assets during the winter season, in which our pipelines were highly utilized and provided reliable service.

關鍵整合活動正在按計劃進行，我們於 4 月 1 日完成了 DTM 系統中所有財務活動的全面切換。他們預計在年底前完成所有剩餘的里程碑。我們讓所有關閉的關鍵員工都參與進來，並在冬季受益於團隊對這些資產的專業知識，我們的管道在冬季得到了高度利用並提供可靠的服務。

As we gain additional insights into these assets and how they operate, we're developing a clearer view of the commercial opportunities they present, including synergies with our existing network, and we feel that the growth and modernization opportunities offered from them are better than our initial assessment.

隨著我們對這些資產及其運作方式的了解越來越多，我們對它們帶來的商業機會（包括與我們現有網路的協同作用）有了更清晰的認識，我們認為它們提供的成長和現代化機會比我們最初的評估要好。

Construction is currently underway on the first of these growth projects, the Midwestern Gas Transmission Power Plant lateral to serve AES, Indiana's Petersburg Generating Station. On the broader construction front, all of our in-flight growth investments remain on track and on budget.

這些成長項目中的第一個項目——中西部天然氣輸送發電廠支線目前正在建設中，該支線將為印第安納州彼得斯堡發電廠 AES 提供服務。在更廣泛的建設方面，我們所有正在進行的成長投資均保持正常進行且符合預算。

And expansions across the gathering footprint will begin to contribute during the second half of the year. As a reminder, we expect these projects to ramp over a period of time and look forward to their contributions as they serve some of the most strategic supply areas in the country.

而聚會場所的擴張將在今年下半年開始帶來貢獻。提醒一下，我們預計這些項目將在一段時間內逐步發展，並期待它們為該國一些最具戰略意義的供應領域做出貢獻。

Finally, I'd like to take a moment to address the recent market volatility and its long-term impacts to DTM and the broader natural gas sector fundamentals. The first quarter of 2025 was a volatile period for the market. The significant cold weather in January, rebalancing the market and driving natural gas prices up, followed by a decline in pricing as the markets tried to understand the impact of tariff announcements.

最後，我想花點時間談談最近的市場波動及其對 DTM 和更廣泛的天然氣行業基本面的長期影響。2025 年第一季是市場動盪的時期。一月份的嚴重寒冷天氣重新平衡了市場並推高了天然氣價格，隨後由於市場試圖了解關稅公告的影響，價格出現下降。

Despite the uncertainty ahead and volatility, DTM, a pure plain natural gas midstream company is fundamentally well positioned and our plan remains unchanged. Our contracts have been structured to be durable, even in volatile markets, with significant demand-based revenues, a customer base that is over 80% investment rate rated and contract terms that averaged seven years.

儘管未來充滿不確定性和波動性，但作為一家純粹的天然氣中游公司，DTM 從根本上處於有利地位，我們的計劃保持不變。我們的合約結構是持久的，即使在動盪的市場中也是如此，擁有大量基於需求的收入、超過 80% 投資率的客戶群和平均七年的合約期限。

In addition, we have no commodity exposure and minimal volume exposure across our portfolio. With our pipeline segment comprising 70% of adjusted EBITDA, serving strong demand-pull utility customers anchored by long-term contracts.

此外，我們的投資組合中沒有大宗商品敞口，而且交易量敞口極小。我們的管道部門佔調整後 EBITDA 的 70%，為透過長期合約支撐的強勁需求拉動型公用事業客戶提供服務。

We expect terrorists will have no material effect on us. As we have procured long lead critical components for our projects currently in progress and maintain strong strategic relationships with suppliers, which is why we are confident in reaffirming our 2025 and 2026 adjusted guidance ranges, as well as our CapEx guidance.

我們預計恐怖分子不會對我們造成實質影響。由於我們為目前正在進行的專案採購了長週期關鍵零件，並與供應商保持著牢固的策略關係，因此我們有信心重申 2025 年和 2026 年調整後的指導範圍以及我們的資本支出指導。

Looking out over a longer term time horizon, we remain bullish about the outlook for natural gas infrastructure. Total US natural gas supply and demand are both expected to grow by approximately 19 Bcf per day through 2030.

從長遠來看，我們仍然看好天然氣基礎設施的前景。預計到 2030 年，美國天然氣總供應量和需求量都將以每天約 190 億立方英尺的速度成長。

With demand growth primarily driven by LNG exports, data center power generation, utility scale power generation, and industrial onshoring. Our Louisiana assets are very well positioned to serve this growing LNG demand in the Gulf Coast region.

需求成長主要受液化天然氣出口、資料中心發電、公用事業規模發電和工業在岸化的推動。我們的路易斯安那州資產非常適合滿足墨西哥灣沿岸地區日益增長的液化天然氣需求。

Likewise, data center and utility scale power generation is expected to drive 25% growth in the PJM and MISO power market regions by 2030. And this is where the bulk of our pipeline assets are located. In addition, the long-term positive effects of higher tariffs will result in reshoring of industrial demand, requiring more power and natural gas to serve energy intensive industries that relocate manufacturing and industrial operations to the United States.

同樣，預計到 2030 年，資料中心和公用事業規模發電將推動 PJM 和 MISO 電力市場地區成長 25%。我們的大部分管道資產都位於此處。此外，提高關稅的長期正面影響將導致工業需求回流，需要更多的電力和天然氣來服務將製造業和工業運作遷往美國的能源密集產業。

Two-third of the supply increase to meet this demand growth is expected to come from the Haynesville and Appalachia regions where assets are located providing opportunities for higher utilization and expansion of our gathering systems to feed our pipelines.

為滿足這一需求成長，預計供應增量的三分之二將來自海恩斯維爾和阿巴拉契亞地區，這些地區的資產為我們的收集系統的更高利用率和擴展提供了機會，為我們的管道提供了供應。

Finally, there is growing political and regulatory support emerging for natural gas and energy infrastructure. With the recognition of a national energy emergency and appreciation of the need to streamline the process for getting much-needed infrastructure built.

最後，對天然氣和能源基礎設施的政治和監管支持日益增多。隨著人們認識到國家能源緊急狀況並認識到需要簡化建設急需的基礎設施的流程。

So overall, the fundamentals supporting the need for more natural gas infrastructure remain intact, and we are confident in our ability to continue to deliver on our commitments to our customers, suppliers, and investors.

因此，總體而言，支援更多天然氣基礎設施需求的基本面仍然完好，我們有信心有能力繼續履行對客戶、供應商和投資者的承諾。

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

現在我將交給傑夫，讓他向您介紹我們的季度財務狀況和前景。

Thanks, David, and good morning, everyone. In the first quarter we delivered adjusted EBITDA of $280 million representing a $45 million increase from the prior quarter. Our pipeline segment results were $39 million higher than the fourth quarter 2024, which includes a full quarter contribution from our acquired interstate pipelines.

謝謝，大衛，大家早安。第一季度，我們的調整後 EBITDA 為 2.8 億美元，較上一季增加 4,500 萬美元。我們的管道部門業績比 2024 年第四季高出 3,900 萬美元，其中包括我們收購的州際管道整個季度的貢獻。

Gathering segment results were $6 million greater than the fourth quarter of 2024, reflecting lower overall expenses in the first quarter of 2025 and the impact of growing volumes in the Haynesville. Operationally, total gathering volumes across the Haynesville averaged 1.67 Bcf per day, an increase from the fourth quarter driven by new volumes and the return of offline production.

收集部門的業績比 2024 年第四季高出 600 萬美元，反映了 2025 年第一季整體支出的降低以及海恩斯維爾產量成長的影響。從營運角度來看，海恩斯維爾地區的天然氣總收集量平均為每天 16.7 億立方英尺，較第四季有所增加，這得益於新增收集量和離線生產的恢復。

In the Northeast, volumes averaged 1.3 Bcf per day, a decrease from the fourth quarter. Driven by timing of producer activity primarily across our Appalachia and Susquehanna gathering system, but remain in line with our full year plan.

在東北地區，天然氣日均輸送量為 13 億立方英尺，較第四季下降。主要受阿巴拉契亞和薩斯奎哈納收集系統中生產商活動時間的驅動，但仍與我們的全年計劃保持一致。

Looking ahead to the second quarter, our plan, which our full year guidance is based on is for adjusted EBITDA to be lower than the first quarter, driven by seasonality across our interstate pipelines, including JVs. An expected rate step down on Guardian pipeline, which was settled earlier in 2024 and included in our transaction purchase multiple and typical maintenance activity across our gathering assets.

展望第二季度，我們的計劃（全年指導依據是調整後的 EBITDA 將低於第一季度，這是受包括合資企業在內的州際管道季節性的影響。Guardian 管道的預期費率將下降，該費率已於 2024 年初結算，並包含在我們的交易購買倍數和整個收集資產的典型維護活動中。

We remain confident in our full year outlook and reaffirm our 2025 adjusted EBITDA guidance range and our 2026 adjusted EBITDA early outlook, reflecting the strong positioning of our assets and the durable nature of our contracting.

我們對全年前景仍然充滿信心，並重申 2025 年調整後的 EBITDA 指導範圍和 2026 年調整後的 EBITDA 早期展望，這反映了我們資產的強勁定位和合約的持久性。

We've increased our committed capital in 2025 and 2026 to reflect several new projects being executed, with approximately $365 million total committed in 2025 and approximately $100 million committed in 2026.

我們已增加 2025 年和 2026 年的承諾資本，以反映正在執行的幾個新項目，其中 2025 年承諾資本總額約為 3.65 億美元，2026 年承諾資本總額約為 1 億美元。

We look forward to our annual rating agency meetings in mid-May, where we will discuss the strength of our credit profile and our commitment to preserving the strength of our balance sheet and achieving an investment grade credit rating.

我們期待五月中旬舉行的年度評級機構會議，屆時我們將討論我們的信用狀況的強度以及我們對保持資產負債表強度和獲得投資級信用評級的承諾。

As a reminder, we are currently investment grade with Fitch Ratings and on positive outlook with both Moody's and S&P, requiring only one additional agency to upgrade us before fully achieving an investment grade rating.

提醒一下，我們目前在惠譽評級中處於投資級，在穆迪和標準普爾評級中也處於正面前景，只需要另外一家機構升級我們的評級，就能完全獲得投資級評級。

Finally, today we also announced that our board of directors approved our first quarter dividend of $0.82 per share unchanged from the prior quarter and we remain committed to grow the dividend 5% to 7% per year in line with our long term adjusted to growth.

最後，今天我們還宣布，董事會批准第一季每股 0.82 美元的股息，與上一季持平，並且我們仍致力於將股息每年增長 5% 至 7%，以符合我們的長期調整增長目標。

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

現在我將把發言權交還給戴維，請他作最後發言。

Thanks, Jeff. So in summary, we remain confident in delivering on our guidance, continuing our track record of strong performance that we've maintained since we fund the company in 2021.

謝謝，傑夫。總而言之，我們仍然有信心實現我們的指導方針，繼續保持自 2021 年為公司提供資金以來的強勁業績記錄。

Our high quality pure plain natural gas pipeline asset portfolio is very well positioned to take advantage of opportunities across our network and execute on our large organic project backlog. And the fundamental supporting natural gas infrastructure remains stronger than ever. The significant increases in demand coming from LNG exports and the power sector increased political support behind natural gas and energy infrastructure, and a broader realization of the key role natural gas will need to play as a reliable, cost-effective, and clean fuel to meet our country's growing energy demands.

我們的高品質純天然氣管道資產組合非常適合利用我們網路中的機會並執行我們的大型有機專案積壓。而支撐天然氣的基本基礎設施仍然比以往更強大。液化天然氣出口和電力行業需求的大幅增長增加了對天然氣和能源基礎設施的政治支持，人們更加廣泛地認識到天然氣作為一種可靠、經濟高效和清潔的燃料，在滿足我國日益增長的能源需求方面所發揮的關鍵作用。

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

現在我們可以開始回答問題了。

Thank you, and we will now begin the question and answer session. (Operator Instructions) Michael Blue with Wells Fargo.

謝謝，我們現在開始問答環節。（操作員指示）富國銀行的邁克爾布魯。

Thanks. Good morning, everybody.

謝謝。大家早安。

Morning, Michael.

早上好，麥可。

So I want to start on the volumes, the gathering volumes in Q1. He had a really big uptick in Haynesville and obviously a downtick in Northeast. Wanted to get, first of all, just your -- just speak to what's happening there, particularly in the Haynesville? Is this kind of a new run rate or is there anything in particular going on there? And then how do you see the rest of 2025 and beyond playing out in both Northeast and Haynesville?

所以我想從第一季的成交量開始說起。他在海恩斯維爾的支持率大幅上升，但在東北部的支持率卻明顯下降。首先，您想知道—您能談談那裡發生的事情嗎，特別是在海恩斯維爾？這是一種新的運行率嗎？或是有什麼特別的事情發生嗎？那麼，您如何看待 2025 年剩餘時間及以後東北地區和海恩斯維爾的發展？

Yeah, in Haynesville, which is where you saw the biggest uptick, that's completely in line with our large public producers and what they've communicated and reported to the markets on their activity. I'd say the other activity that's happening, particularly in the Haynesville is the privates have become very active. We have a number of privates on the network, so we're working very closely with them as they seem to have been responding quicker to the price signals and the demand showing up in the area than some of the publics.

是的，在海恩斯維爾，您看到了最大的上漲，這完全符合我們的大型公共生產商以及他們向市場傳達和報告的活動情況。我想說的是另一項正在發生的活動，特別是在海恩斯維爾，私人活動變得非常活躍。我們的網路上有許多私人公司，因此我們與他們密切合作，因為他們似乎比一些公眾公司對價格訊號和該地區出現的需求反應更快。

But yeah, we feel very confident in the Haynesville activity, very confident in our guidance for what we expect to see there for the balance of the year, likely continuing to see some ramp throughout the year towards year end.

但是，是的，我們對海恩斯維爾的活動非常有信心，對我們對今年剩餘時間的預期指導非常有信心，很可能在年底前全年繼續看到一些增長。

So again, feel very optimistic about the Haynesville right now. Appalachia, it's playing out exactly as we expected it to play out in our guidance, there's some timing of activity. That's kind of embedded in those volume numbers and I think in our disclosures we've talked about a number of projects clicking in the second half of the year in Appalachia and that's how you should think about the profile for Appalachia, but in general very aligned with what we've got in our full year plan.

所以，再次強調，我現在對海恩斯維爾感到非常樂觀。阿巴拉契亞山脈的情況正如我們在指導中所預期的那樣，有一定的活動時間。這在某種程度上已經嵌入到這些數量中，我認為在我們的披露中，我們已經討論了今年下半年在阿巴拉契亞地區開展的許多項目，這就是你應該考慮阿巴拉契亞地區的概況的方式，但總的來說，這與我們的全年計劃非常一致。

Okay, great, thanks for that. And then I just wanted to ask in the past you've talked about multiple, I think six or maybe even more potential projects aims at supplying data centers and want to kind of hear the update where that stands today. Thanks.

好的，太好了，謝謝。然後我只是想問一下，您過去曾談到過多個，我想是六個甚至更多的潛在項目旨在提供數據中心，並想听聽目前的最新情況。謝謝。

Yeah, that continues to be very active, that file, and yeah, there's a large group of proposals on the table with numerous sites across our entire footprint, and that -- and I'm referring to what I'll call behind the meter, data center power demand. In addition to that, there's also numerous proposals across our entire footprint on what I would call utility scale power generation. So we're seeing both those sectors very active.

是的，該文件仍然非常活躍，是的，桌子上有大量的提案，涉及我們整個足跡中的眾多站點，而且 - 我指的是我所說的電錶背後，數據中心的電力需求。除此之外，我們在整個足跡範圍內也提出了許多關於我稱之為公用事業規模發電的提案。因此，我們看到這兩個領域都非常活躍。

And advanced commercial conversations in both those categories, it's very active and ongoing and yeah, as we have ID projects, we'll be happy to share that with our investors.

這兩個類別中的高級商業對話非常活躍且持續進行，是的，由於我們有 ID 項目，我們很樂意與我們的投資者分享。

Thank you.

謝謝。

Jeremy Tonet with JP Morgan.

摩根大通的 Jeremy Tonet。

Hi, good morning.

嗨，早安。

Morning, Jeremy.

早上好，傑里米。

Hi, just want to start off with Millennium here, if I could? Looks like, I think there might be an open season, for about a half a beer or so and just wondering if you could provide any color there on the outlook if that's in the backlog or any other thoughts you could share?

你好，我可以先從千禧年開始聊天嗎？看起來，我認為可能會有一個開放的季節，大約半杯啤酒左右，我只是想知道您是否可以提供任何關於前景的信息，如果這是積壓的，或者您可以分享任何其他想法？

Yeah, thanks for bringing that one up, Jeremy. That is literally hot off the press. I think that went public at the end of the week last week.

是的，謝謝你提出這個問題，傑里米。這確實是新鮮出爐的消息。我認為它已於上週末公開。

Yes, I'd say that's a good example of the level of inbound inquiries we're getting right now across all of our pipelines, especially in the upper Midwest and Northeast areas. There's just strong interest in incremental capacity, and Millennium is in a fairly unique position there. They've got some abilities to repurpose existing capacity and to leverage other assets that are in the ground locally that there's synergies between the Millennium pipeline and those other assets to get deeper into that New York and New England market.

是的，我想說，這是一個很好的例子，它表明了我們目前在所有管道中收到的入站查詢水平，特別是在中西部上游和東北地區。人們對增量容量有著濃厚的興趣，而千禧年在這方面處於相當獨特的地位。他們有能力重新利用現有產能，並利用當地的其他資產，千禧管道與其他資產之間具有協同作用，從而更深入地進入紐約和新英格蘭市場。

I think that market area has come to a realization that they are materially short capacity, and I think what I talked about in my opening statement, just that fundamental backdrop has shifted and changed in a positive way.

我認為市場領域已經意識到他們實際上缺乏產能，我認為我在開場白中談到了基本背景已經發生了積極的變化。

And I think those utilities and those markets are sort of reassessing their situation and we'll see how the open season goes, but this open season is really to draw in and get a better read from those markets, the nature of the demands that they need to meet and how Millennium can serve that. So stay tuned, that's kind of the first step in. In a larger expansion project, we're seeing similar inbounds across other FERC assets, including our newly acquired assets.

我認為這些公用事業公司和市場正在重新評估他們的狀況，我們將看看開放季節的進展情況，但這個開放季節實際上是為了吸引和更好地了解這些市場，了解他們需要滿足的需求的性質以及千禧年如何滿足這些需求。所以請繼續關注，這只是第一步。在更大的擴建項目中，我們看到其他 FERC 資產（包括我們新收購的資產）也有類似的流入。

So again, it just kind of goes to that fundamental backdrop that we're operating in just clear demand growth occurring across our footprint, we're in the early stages of assessing how we can respond to that and what type of expansions are acceptable in the market.

所以，再說一次，這只是一種基本背景，即我們在整個業務範圍內都面臨著明顯的需求增長，我們正處於評估如何應對這一增長以及市場可以接受哪種類型的擴張的早期階段。

Another data point to kind of support this early activity, we had peak day send outs on three of our FERC regulated assets, our storage business and two of our new pipelines and that's just an indication of that demand has grown in this region and there's constraints emerging.

另一個數據點支援這種早期活動，我們的三個 FERC 監管資產、我們的儲存業務和兩個新管道在高峰日發送量達到峰值，這表明該地區的需求有所增長，並且出現了一些限制因素。

In terms of is this in our backlog? No, this is not in our backlog. So this is another good example of what we communicate with investors are projects that are either FID or near FID in the backlog. Projects like this in their earlier days are kind of excluded from the backlog. So the backlog is the gross backlog, the unadjusted backlog is actually growing right now. So again, very optimistic. Our job is we need to commercialize that and stay tuned as we move these projects along and we'll share the updates with the investors as appropriate. Great question though.

就我們的積壓工作而言？不，這不在我們的待辦事項中。因此，這是我們與投資者溝通的另一個很好的例子，這些項目都是積壓的 FID 或接近 FID 的項目。早期的此類項目基本上被排除在積壓項目之外。因此，積壓訂單是總積壓訂單，未調整的積壓訂單實際上正在成長。所以再次強調，非常樂觀。我們的工作是將其商業化，並在推進這些項目時保持關注，並在適當的時候與投資者分享最新進展。不過這個問題問得好。

Got it. And maybe, if I could just dig in at a high level a little bit more in some of the comments you said there, I mean, clearly there's a change at the federal level with dealing with energy infrastructure and the utilities have a duty to serve their customers, and so we see that alignment. But just curious, I guess maybe more at the local level or really at the state level we've seen legal filibuster and other tactics in the past, what time, energy infrastructure development, do you see, I guess, different tone coming out of some of those stakeholders?

知道了。也許，如果我可以從更高層面更深入地探討一下您所說的一些評論，我的意思是，顯然聯邦層面在處理能源基礎設施方面發生了變化，公用事業公司有責任為客戶提供服務，所以我們看到了這種一致性。但只是好奇，我想也許更多的是在地方層面或實際上是在州層面，我們過去見過法律阻撓議事和其他策略，什麼時候，能源基礎設施建設，我想你是否看到一些利益相關者表達出不同的語氣？

We do and I think there's a series of events have occurred over the last 12 months and I'll rattle off a few that I think are changing the sentiment in the market. I'd say one is, a lot of the renewal bills that have been announced, they haven't delivered as advertised, they've either been canceled or they're showing up late or the cost is significantly different than what was originally intended.

我們確實如此，我認為過去 12 個月發生了一系列事件，我會列舉一些我認為正在改變市場情緒的事件。我想說的是，許多已經宣布的續約帳單並沒有像宣傳的那樣兌現，要么被取消，要么遲到，要么費用與最初預期有很大差異。

So that would be one thing that I think is soaking into the market, I'd say on a reliability perspective, the true impact of reliability on the intermittency of these new generation assets is sinking into the market and being realized.

所以我認為這是正在滲透到市場的一件事，我想從可靠性的角度來看，可靠性對這些新一代資產間歇性的真正影響正在滲透到市場並實現。

You said, well, Jeremy, the utilities have an obligation to serve and if there are service challenges in the future that likely lands, the public sentiment will be with the utilities, and they don't want to be the ones holding the bag on that public sentiment. So I think that's shifting the thinking around the executives with a bunch of utilities, significant growth happening behind the utilities, both gas and power. So these are all just the fundamentals that are I think, causing the sentiment in the market to shift and a realization that we're probably short capacity, we need to shore up the supply side and I think we're in the early days of that.

你說，傑里米，公用事業公司有義務提供服務，如果未來可能出現服務挑戰，公眾情緒將站在公用事業公司這邊，而他們不想成為公眾情緒的責任人。所以我認為這正在改變許多公用事業高管的想法，公用事業（包括天然氣和電力）背後正在發生顯著的成長。所以我認為這些都是基本面因素，導致市場情緒轉變，並意識到我們可能產能不足，我們需要鞏固供應方面，我認為我們正處於早期階段。

So and I think public sentiment has shifted as well. I think on the other side of the new administration and how the election played out, I think there's just this recognition in the public, the general recognition of the public that hey, we need this fuel, we need economic fuel and energy.

所以我認為公眾情緒也改變了。我認為，從新政府的另一面以及選舉的結果來看，公眾已經認識到這一點，普遍認識到我們需要這種燃料，我們需要經濟燃料和能源。

And we have it within the country. This is a domestic supply. So there's just a lot of things I think have shifted here over the last 12 months that's really moved the pendulum from what I'll call maybe on the far left side to bringing it back to the center, where there's an appreciation we need all of the above.

我們在國內也有。這是國內供應。所以，我認為在過去的 12 個月裡，這裡發生了很多變化，這些變化確實將鐘擺從我所說的最左邊移到了中心，我們需要對上述所有內容進行評估。

And I think that's going to benefit the natural gas, the pipeline sector, and it's also going to benefit the electric sector as well.

我認為這將有利於天然氣、管道產業，也將有利於電力產業。

Got it. That's very helpful. Thank you for that. One last one if I could sneak in here, just on the LNG demand pool side, we saw the Woodside FID here and just wondering if you could comment on opportunities that might stem from that or anything else we're seeing on LNG commercialization moving forward across the board?

知道了。這非常有幫助。謝謝你。最後一個問題，如果我可以偷偷地問一下，就在液化天然氣需求池方面，我們看到了伍德賽德的最終投資決定，我只是想知道您是否可以評論一下可能由此產生的機會，或者我們在液化天然氣商業化全面推進方面看到的任何其他事情？

Yeah, that FID was really positive when I read that the other day and just to remind everybody at Woodside, part of that FID is the header system that serves that facility. It's about a 3 Bcf a day header system, and it's designed to connect directly into LEAP, so LEAP will be one of a handful of supply points into that header system. So we're really happy and pleased to see that FID and as we worked hand in glove with the previous owner, we will continue to work hand in glove with Woodside and the new ownership. So very pleased to see that FID.

是的，當我前幾天讀到那個 FID 時，感覺非常積極，只是想提醒伍德賽德的每個人，那個 FID 的一部分是為該設施服務的集管系統。它是一個每天輸送約 30 億立方英尺天然氣的集管系統，設計用於直接連接到 LEAP，因此 LEAP 將成為該集管系統中少數幾個供應點之一。因此，我們非常高興並高興看到 FID，正如我們與前所有者密切合作一樣，我們將繼續與 Woodside 和新所有者密切合作。非常高興看到 FID。

Got it. Sounds like an expansion opportunity there. Thank you for the call.

知道了。聽起來那裡有一個擴張的機會。謝謝您的來電。

You're welcome, Jeremy.

別客氣，傑瑞米。

Theresa Chen with Barclays.

巴克萊銀行的 Theresa Chen。

Morning, David. I'd like to dig in a little bit more on your backlog, specifically related to your comments about potential further expansions that are under development. Can you provide some more color on where things stand with the integrated solution across your Northeast gather as well as the existing pipelines into Midwest, newly acquired Midwest assets, are there any commercial developments to note there? And can we just think about how much CapEx that could be for DTM if you were to bring that molecule from your gathering system onto Nexus expansion vector expansion, straight to the end user in the Midwest?

早安，大衛。我想更深入地了解您的積壓工作，特別是有關您對正在開發的潛在進一步擴展的評論。您能否詳細介紹東北地區綜合解決方案以及中西部現有管道、新收購的中西部資產的現狀，有哪些值得注意的商業發展？我們能否想一想，如果將分子從收集系統帶到 Nexus 擴展向量擴展中，直接送到中西部的最終用戶手中，那麼 DTM 的資本支出會是多少？

Yeah, sure. I can provide a bit more color there. Maybe I'm going to pivot. I think we talked about what's happening already on 1:00 AM. So I'm going to pivot over to the new pipelines that we acquired from One Oak.

是的，當然。我可以在那裡提供更多顏色。也許我要轉變一下方向。我想我們在凌晨 1 點就已經討論過正在發生的事情了。因此我將轉向我們從 One Oak 收購的新管道。

So we're in month four, we had a really strong winter though, those assets like I mentioned earlier, performed really well, really strong demand, had some record high send outs on those assets. So I'm really pleased fundamentally with how they performed and our assessment of their importance to serve those load centers in the upper Midwest.

因此，我們已經進入了第四個月，儘管我們經歷了一個非常強勁的冬季，但正如我之前提到的，這些資產表現非常好，需求非常強勁，這些資產的發送量創下了歷史新高。因此，我對他們的表現以及我們對他們為中西部上游負荷中心提供服務的重要性的評估感到非常滿意。

We're taking a harder look and we obviously have more information now around the growth opportunities, the modernization opportunities and how they will integrate into the other assets. So it's particularly storage and vector and what I'll say at this point is that what we thought when we announced the transaction, based on what we think today, we are more bullish. The opportunity set is more robust than we thought it was when we announced the acquisition.

我們正在更加仔細地研究，現在我們顯然掌握了更多有關成長機會、現代化機會以及它們如何融入其他資產的資訊。因此，它特別是存儲和向量，我現在要說的是，當我們宣布交易時，基於我們今天的想法，我們更加樂觀。當我們宣布收購時，機會比我們想像的要多得多。

So very positive about that. Obviously, it's our job to commercialize that now, that power plant on Midwestern literally commercializing late year right around close was a really good early indication of the op opportunity set and the speed at which it can move.

我對此非常樂觀。顯然，我們現在的工作就是將其商業化，中西部發電廠實際上在去年年底即將實現商業化，這是一個很好的早期跡象，預示著營運機會和其發展速度。

So as we get more confident in this, we will be providing more clarity and updates to the investors, but at this point I would just put a green arrow up on the backlog of opportunities that are manifesting as we get more confident with them and can clarify them. We'll provide further updates.

因此，隨著我們對此越來越有信心，我們將向投資者提供更清晰的信息和更新，但此時，我只會在積壓的機會上放置一個綠色箭頭，隨著我們對這些機會越來越有信心並能澄清它們，這些機會就會出現。我們將提供進一步的更新。

Thank you.

謝謝。

Spiro Dounius with Citi.

花旗銀行的 Spiro Dounius。

Morning, team. I wanted to start with LEAP actually. David, I just want to pull some of your comments together. Sounds like Angel activity is kind of ramping back up again the same time Woodside, LNG is starting to FID again, and I think our working assumption around the next LEAP expansion was that maybe it was years away just given the two competing pipelines coming online soon. But any sense that, that timeline is moving forward? Just want to get your latest thoughts there.

早上好，團隊。我實際上想從 LEAP 開始。大衛，我只是想把你的一些評論匯總在一起。聽起來，在伍德賽德和 LNG 再次開始 FID 的同時，Angel 的活動又開始升溫，而且我認為，我們對下一次 LEAP 擴張的工作假設是，也許還需要幾年時間，因為兩條競爭管道即將上線。但有沒有感覺到，時間線正在向前推進？只是想了解你的最新想法。

Good morning, Spiro. Yeah, so our thoughts on LEAP, if you look at how we've expanded that over the last two to three years, it's been in these nice bite-sized, digestible increments. I don't see that changing going forward. I think we're really well positioned in the market in terms of the service offering. We offer very competitive rates. We are highly interconnected to the supply across the entire footprint of the basin.

早上好，斯皮羅。是的，所以我們對 LEAP 的想法是，如果你看看我們在過去兩到三年裡是如何擴展它的，它一直是這些漂亮的、易於消化的增量。我認為這種情況未來不會改變。我認為我們在服務提供方面確實在市場上佔據有利地位。我們提供非常有競爭力的價格。我們與整個盆地的供應高度互聯。

And we have a lot of delivery flexibility in terms of the physical deliveries we can make to a myriad of the LNG facilities on the Gulf Coast. So I'd say from a competitive perspective we're well positioned. You should expect the continued, what I'll call bite size expansion opportunities. We're kind of coming out of this period where Haynesville kind of tapped the brake over the last 18 months, right? And they're now, feels like they're putting their foot back on the gas.

就向墨西哥灣沿岸眾多液化天然氣設施進行實體交付而言，我們擁有很大的交付彈性。因此我想說，從競爭角度來看，我們處於有利地位。您應該期待持續的、我稱之為「小規模擴張機會」。我們差不多已經走出了海恩斯維爾在過去 18 個月裡踩剎車的時期，對吧？現在，他們感覺又開始加大油門了。

So I think we just need to let the clock run here a little bit, see how the basin responds. You alluded to the new projects coming into service, they're expected to come in later this year, that, that'll digest into the market and then we'll carry on from there, so.

所以我認為我們只需要讓時鐘在這裡運行一會兒，看看盆地如何反應。您提到的新項目即將投入使用，預計它們將在今年晚些時候投入使用，這些項目將被市場消化，然後我們將從那裡繼續下去，所以。

Nothing has changed in terms of how I think that will play out over time. Clearly, the Woodside FID is a positive catalyst, absolutely. So and that's hot off the press. So we're going to digest that. The market's going to digest that, and we'll see where that takes us, but I feel good about our position right now.

我認為隨著時間的推移，事情將如何發展，沒有任何改變。顯然，伍德賽德最終投資決定絕對是一個積極的催化劑。這就是剛剛報道的熱門新聞。所以我們要消化這一點。市場將會消化這一點，我們將拭目以待這將為我們帶來什麼，但我對我們目前的狀況感到滿意。

Got it. Good to hear. Second question, maybe just a finer point on maybe just the cadence as we think about the rest of the year. Just as you pointed out, CT maybe gets down a little bit on seasonality and some other factors which does seem to imply kind of a pretty strong second half of the year. And so just curious if you guys put maybe a finer point on what the specific drivers are to me to get you to that midpoint, how much is volume growth versus projects versus other items?

知道了。很高興聽到這個消息。第二個問題，也許只是關於我們思考今年剩餘時間的節奏的一個更細微的點。正如您所指出的，CT 可能會因季節性和其他一些因素而略有下降，這似乎意味著下半年將會表現相當強勁。所以我很好奇，如果你們能更詳細地說明一下，哪些具體的驅動因素讓我達到了這個中點，那麼數量增長與項目增長以及其他項目的增長相比是多少？

Yeah, I sure can. Hello there, girl. Yeah, so what we've got, you're exactly right. Second half of the year, we're planning on being stronger than the first half, and you're right, that's driven by volume and a couple of other projects coming online. So you got a couple of those factors and then the move from the first quarter to the second quarter is one item I mentioned was related to the Guardian.

是的，我當然可以。你好，姑娘。是的，所以我們得到的是，你完全正確。我們計劃在下半年表現比上半年更好，您說得對，這是由產量和其他幾個上線的項目推動的。所以你了解了其中幾個因素，然後從第一季到第二季的轉變是我提到的與《衛報》相關的一件事。

There's a small decline in the rates related to that was all contemplated in the acquisition and that's all built into the guidance that we provided in for the full year pieces of guidance there. So I think those are really the factors to think about as you're thinking about the modeling, it's the second half of the year is stronger than the first half.

與此相關的利率略有下降，這都是在收購中考慮到的，並且都已納入我們在全年指導中提供的指導中。因此，我認為這些確實是您在考慮建模時需要考慮的因素，下半年的表現會比上半年更強勁。

Spiro, I do want to be clear though. We haven't changed our guidance for the year. So if we felt we were getting outside of that, we would be updating you on that on the call, and I'll just add to what Jeff said there, we had a pretty cold winter, right. So we had some really, robust seasonality. I'll use that word on our pipeline assets because of the severe winter that we had, we had almost a 30-year normal winter up here in the Midwest, which it's been a long time since we've had a winter like that. So there's some of that playing through in Q1 as well.

斯皮羅，我確實想說清楚。我們沒有改變今年的指導方針。因此，如果我們覺得我們已經超出了這一範圍，我們會在電話會議上向您通報最新情況，我只想補充一下傑夫所說的，我們度過了一個非常寒冷的冬天，對吧。因此，我們確實經歷了一些強勁的季節性。我會用這個詞來形容我們的管道資產，因為我們經歷了一個嚴酷的冬天，在中西部地區，我們經歷了近 30 年來的正常冬天，我們已經很久沒有經歷過這樣的冬天了。因此，第一季也會出現一些類似的情況。

Got it. All right, appreciate the color. I'll leave it there. Thank you, gentlemen.

知道了。好的，欣賞一下顏色。我就把它留在那裡。謝謝各位。

Thanks, Spiro.

謝謝，斯皮羅。

John Mackay with Goldman Sachs.

高盛的約翰·麥凱。

Hey, good morning. Thanks for your time. I wanted to go back to some of your comments, David, on the privates in the Haynesville. You commented that they're kind of responding quicker to price signals. Definitely makes sense for first quarter, I guess I'd be curious your view though we've kind of bounced back from $450 down to about $3 now, are we seeing them kind of respond quicker in the opposite direction at this point or do you think this kind of first quarter, strength can follow through even if prices are a little weaker here in a shorter season?

嘿，早安。感謝您的時間。大衛，我想回顧一下你對海恩斯維爾士兵的一些評論。您評論說他們對價格訊號的反應更快。對於第一季來說這絕對有意義，我很好奇您的觀點，儘管我們已經從 450 美元反彈至現在的 3 美元左右，我們是否看到他們在這一點上以相反的方向更快地做出反應，或者您是否認為這種第一季度的強勢可以持續下去，即使在較短的季節裡價格略微疲軟？

Yeah, John. That's a really good question. That's a topic that's the forefront of my mind right now. We're watching that very closely. to see if what you just described, if we see any signals of that happening, my high level sense, John, is that they're fairly quick on the draw, but they also are pretty disciplined about hedging when they see those attractive prices.

是的，約翰。這真是一個好問題。這是我現在最關心的話題。我們正在密切關注這一點。看看你剛才所描述的情況，如果我們看到任何發生這種情況的信號，約翰，我的高層感覺是，他們行動相當迅速，但當他們看到那些有吸引力的價格時，他們也會非常自律地進行對沖。

Privates are typically PE backed and capital recovery is paramount in their minds, right? So if they can drill an edge and turn that capital quickly, that's their business model. So we're watching for that. We're not seeing any signals of that at this point. We've seen a little bounce back here on price over the last week or so. But we're definitely watching closely for that. Currently, we don't see any evidence of that.

私人公司通常由私募股權投資公司支持，而資本回收在他們心中是最重要的，對嗎？因此，如果他們能夠挖掘優勢並快速轉換資本，這就是他們的商業模式。我們正在關注這一點。目前我們還沒有看到任何這方面的跡象。過去一周左右，我們看到價格略有反彈。但我們肯定會密切關注這一點。目前，我們還沒有看到任何證據。

I appreciate that. That's helpful. Maybe just staying and gathering we're, I don't know, about a year into the Utica, pick up, maybe we can kind of just share your latest thoughts there, maybe what that looks like in this kind of softer liquids environment, and maybe anything you can kind of share on just pace of development from here?

我很感激。這很有幫助。也許只是停留和聚會，我不知道，大約一年後，進入尤蒂卡，也許我們可以在那裡分享您的最新想法，也許在這種更柔和的液體環境中是什麼樣子，也許您可以分享任何關於從這裡開始的發展速度的信息？

Sure, yeah. So just to remind everybody, the area of the Utica that we're gathering for EOG, it's really the oil window, which is their economics are not NGL dependent. So it's predominantly driven economically by oil.

當然，是的。因此，需要提醒大家的是，我們為 EOG 聚集的尤蒂卡地區實際上是石油窗口，其經濟並不依賴 NGL。因此，其經濟主要受石油驅動。

And I would just point you to what they've said publicly about their resource there. They have a massive resource footprint that they've established in that area. It's a virgin area. They've unlocked the rock, technically and the pace of development is consistent with kind of what we have in our guidance for this year and next year and you know they're a great counter party. We're working closely with them and yeah, we view that as kind of a long-term growth opportunity inside the Appalachian gathering portfolio and the nice thing about it is feeds one of our pipelines as well. So it feeds an excess pipeline.

我只是想向你指出他們公開談論的有關那裡的資源的情況。他們在該地區建立了龐大的資源足跡。這是一片處女地。從技術上講，他們已經解開了岩石，而且開發速度與我們今年和明年的指導一致，你知道他們是一個偉大的對手。我們正在與他們密切合作，是的，我們認為這是阿巴拉契亞收集組合內的一種長期成長機會，它的好處是也能為我們的一條管道提供燃料。因此它為多餘的管道提供供給。

I appreciate that. Thank you.

我很感激。謝謝。

Keith Stanley with Wolfe Research.

沃爾夫研究公司的基斯‧史丹利 (Keith Stanley)。

Hi, good morning. First, just wanted to start and clarify, slide 10, the high end of the 2026 CapEx range looks lower than last quarter. Was that intentional or not?

嗨，早安。首先，我只是想開始並澄清一下，第 10 張投影片，2026 年資本支出範圍的高端看起來低於上一季。這是有意還是無意的？

Hey, good morning, Keith. No, there is no change to the high end, and if that looks different, we'll check the formatting on the slide. There could be a formatting glitch there, but there is no change in the high end of 2026 CapEx guidance.

嘿，早上好，基斯。不，高端沒有變化，如果看起來不同，我們會檢查幻燈片上的格式。那裡可能存在格式錯誤，但 2026 年資本支出指引的高端沒有變化。

Keith, from our guidance and what we guide you guys to is we're going to spend our free cash flow on organic growth projects, so that's in your mind that's what you'd assume, and you're right, we'll adjust that slide and make that match up to that guy that there's been no change in that.

基思，根據我們的指導以及我們對你們的指導，我們將把我們的自由現金流花在有機增長項目上，所以在你看來，這就是你所假設的，你是對的，我們會調整那張幻燈片，使之與那個人相匹配，那件事沒有任何變化。

Okay, great, thanks for that. Second one. Second question, so last quarter you put out a large number of pre-FID projects in the refreshed backlog and you talked to a number of opportunities today too. Are there any projects you'd flag as closer to moving forward based on customer demand and timing from that list and I guess, I'm just curious what's looking most interesting near term or making the most progress?

好的，太好了，謝謝。第二個。第二個問題，上個季度您在更新的積壓工作中提出了大量 FID 前的項目，並且您今天也談到了許多機會。根據客戶需求和清單中的時間安排，您是否認為有哪些項目即將取得進展？我只是好奇短期內哪些項目看起來最有趣或最快速？

Yeah, I'm going to give you a high level answer to that because I don't want to get too specific. Just getting the discussions are happening directly with the anchor customers and some of our commitments, contractual commitments with them.

是的，我會給你一個高層次的答案，因為我不想太具體。我們只是直接與主要客戶進行討論，並與他們達成一些承諾和合約承諾。

But what I'll say generally and I'm probably going to repeat what I said earlier is there's a green up arrow sitting in that $2.3 billion backlog. A number of things are driving that. Our assessment of the new pipelines we acquired is part of what's driving that.

但我通常會說，而且我可能會重複我之前說過的話，在 23 億美元的積壓訂單中有一個綠色的向上箭頭。有許多因素在推動這現象。我們對所收購的新管道的評估是推動這項進程的部分原因。

The Millennium Open season, which is hot off the press is driving that. I'd say a number of the projects that we've been talking to you about are progressing to FID. So what I'm seeing in that backlog is nothing but kind of fundamental green arrows up and again.

千禧公開賽賽季正在推動這一進程，該賽季正處於熱議之中。我想說的是，我們與您討論的許多項目都正在推進最終投資決定 (FID)。因此，我在積壓工作中看到的只不過是基本上向上和向下的綠色箭頭。

As we get more confident, because just to remind everybody that backlog is not the total opportunity set, it's only the opportunity set that we feel highly confident in executing on and delivering to our investors. So as that gross backlog continues to grow, it's going to eventually push into that $2.3 billion, which we talked to the investors about.

隨著我們變得更有自信，因為只是為了提醒大家，積壓訂單並不是全部的機會集，而只是我們非常有信心執行並交付給投資者的機會集。因此，隨著總積壓訂單不斷增長，它最終將達到 23 億美元，我們已經與投資者討論過這個問題。

So I'm feeling really bullish about it, but I don't want to communicate anything until we're highly confident in it and I just say it's consistent with my fundamental assessment earlier on the call that there is just a -- it feels like we have -- we went from a situation a year ago where it felt like we had a headwind that we're constantly bucking to. Today it feels like we actually have a tailwind now around the business and we're working hard to better quantify and assess that tailwind and you know how that would adjust into our future long term outlook for the company.

所以我對此感到非常樂觀，但在我們對此非常有信心之前我不想透露任何消息，我只是想說這與我之前在電話會議上的基本評估一致，那就是——感覺我們已經——從一年前的情況來看，我們感覺我們遇到了逆風，我們一直在逆風而行。今天感覺我們的業務確實有了順風，我們正在努力更好地量化和評估這種順風，你知道這將如何適應我們對公司未來的長期展望。

Thank you.

謝謝。

Jean Ann Salisbury with Bank of America.

美國銀行的 Jean Ann Salisbury。

Hi, good morning. Boardwalk recently announced an open season for the Borealis project, which would source gas very close to your Appalachian footprint. If this project goes forward, do you see DTM as being a material beneficiary?

嗨，早安。Boardwalk 最近宣布了 Borealis 項目的開放期，該項目將在距離阿巴拉契亞山脈非常近的地方開採天然氣。如果該專案繼續推進，您是否認為 DTM 將成為實質受益者？

Oh, good morning, and thanks for the question. Yeah, that's a really interesting project because as we look at our new asset footprints, just to remind everybody, Midwestern connects directly to Texas gas at a point called Portland. And there is an existing pathway into Clarington between that asset and one other asset that could potentially avoid a greenfield build or maybe set a different way. There could be some lower cost capacity expansions that could kind of marry into their open season.

哦，早安，謝謝你的提問。是的，這是一個非常有趣的項目，因為當我們查看我們的新資產足跡時，需要提醒大家的是，中西部天然氣管道在波特蘭的一個地點直接連接到德克薩斯州的天然氣管道。並且，該資產與另一資產之間已有一條通往克拉靈頓的通道，可以避免新建資產，或開闢一條不同的道路。可能會有一些成本較低的產能擴張，可以與他們的開放季節結合。

So we're very aware of that and assessing that, but so if there's a benefit to our asset footprint, it would predominantly be, as I just described. And that's on the pipeline side, flipping over to the gathering side, a project like that leaving Clarington, there is not an incremental couple Bcf a day of gathering capacity to Clarington.

因此，我們非常清楚這一點並正在評估這一點，但如果這對我們的資產足跡有好處，那主要是，正如我剛才所描述的。這是管道方面，轉到收集方面，像克拉靈頓這樣的項目，每天向克拉靈頓的收集能力並沒有增加幾十億立方英尺。

So yes, if a project like that of that size and scale was to FID, I think there would be upstream incremental gathering investments that would trigger, and I think we would be one of the shortlist of parties that would be a beneficiary or you'd be able to participate in some of that to get more gas to Clarington.

所以是的，如果這種規模的項目要進行最終投資決定，我認為會引發上游增量收集投資，我認為我們會成為受益方之一，或者你可以參與其中的一些項目，以便將更多的天然氣輸送到克拉靈頓。

That's super helpful. Thank you.

這非常有幫助。謝謝。

So that's a great example of what I just talked about on the previous question, just this tailwind that's emerging in the region.

這是我剛才在問題中談到的一個很好的例子，即該地區正在出現的順風。

Great, thank you for the detailed answer. That's super helpful. And then as a follow up, there are concerns that if the China tariffs remain in place, you could see eventual significant pressure on US propane prices, which could reduce kind of the call on the NGL portion of Appalachia. Can you remind us what share of your Appalachia footprint is in the wet versus dry footprints, and do you view that as a risk?

太好了，謝謝你的詳細回答。這非常有幫助。接下來，有人擔心，如果中國關稅繼續存在，美國丙烷價格最終將面臨巨大壓力，這可能會減少對阿巴拉契亞地區 NGL 部分的需求。您能否提醒我們，阿巴拉契亞山脈的濕地足跡和乾地足跡各佔多少比例，您是否認為這是一種風險？

Yeah, so first off, we don't view that as a risk, and very little of our Appalachian gathering footprint gathers what I'll call the wet side of the Marcellus or the NGL side of the Utica. So the EOG assets is really the oil side of the Utica, not the NGL side of the Utica, and the bulk of our gathering in Appalachia is on the dry side.

是的，首先，我們並不認為這是一種風險，而且我們在阿巴拉契亞山脈的採集足跡中，只有很少一部分採集到了我稱之為馬塞勒斯濕潤側或尤蒂卡天然氣液側的天然氣。因此，EOG 資產實際上是尤蒂卡的石油側，而不是尤蒂卡的 NGL 側，而我們在阿巴拉契亞的大部分收集都在乾燥的一側。

So we don't have any derivative exposure to the NGL side in Appalachia. What I will say though is if that crack spread collapses or shrinks, what we do see is we see ethane rejection.

因此，我們在阿巴拉契亞的 NGL 方面沒有任何衍生性商品風險。但我想說的是，如果裂解價差崩潰或縮小，我們就會看到乙烷被拒絕。

And what that means is they put more of the NGLs into the gas stream, which basically grows the gas production in the basin by kind of toggling over to the gas infrastructure versus the NGL infrastructure, and that would be a positive for us because that typically would show up on the egress pipelines, nexus, for example.

這意味著他們將更多的 NGL 放入天然氣流中，透過切換到天然氣基礎設施而不是 NGL 基礎設施，基本上增加了盆地的天然氣產量，這對我們來說是積極的，因為這通常會顯示在出口管道、連接點等。

The capability to pivot that in Appalachia is capped by the gas quality specs. So you can only put so much ethane into the stream before you cap out on the quality specs. But that would actually be an opportunity for us versus a risk.

阿巴拉契亞山脈的樞轉能力受到天然氣品質規格的限制。因此，在達到質量規格上限之前，您只能將一定量的乙烷放入氣流中。但這對我們來說其實是個機遇，而不是風險。

Great. Super interesting. I'll leave it there. Thanks.

偉大的。超有趣。我就把它留在那裡。謝謝。

You're Welcome. Great question.

不客氣。好問題。

Manav Gupta with UBS.

瑞銀的 Manav Gupta。

Good morning. There's a lot of macro uncertainty out there. You saw GDP shrinking a little today. Some companies are actually withdrawing guidance. It's very positive that you actually reaffirmed your 2025 guide and 2026 guide. So help us understand what gives you the confidence that you can navigate this kind of very tough macro environment and deliver on both 2025 and 2026 goals?

早安.宏觀上存在著許多不確定性。今天你會看到 GDP 略有萎縮。一些公司實際上正在撤回指導。您實際上重申了 2025 年指南和 2026 年指南，這是非常積極的。那麼，請幫助我們了解一下，是什麼讓您有信心能夠應對這種非常艱難的宏觀環境，並實現 2025 年和 2026 年的目標？

Yeah, so I would say, the worry in the market is the R word, right? That's the worry is that we slide into a recession in the short term, so we've talked already about the long-term fundamentals and how we feel about that. I'd say in the near term, the way we built the portfolio, it's a highly durable portfolio and it's intentionally built to protect to the downside.

是的，所以我想說，市場上的擔憂是 R 字，對嗎？我們擔心的是短期內我們會陷入衰退，所以我們已經討論了長期基本面以及我們對此的感受。我想說，在短期內，我們建立投資組合的方式是高度耐用的投資組合，並且是專門為防止下行風險而建造的。

So If I just talk at a very high level, we have no commodity exposure in this portfolio, none, very minimal volumetric exposure, and that only exists in our gathering segment, which is only 30% of the business, and on the pipeline segment, which is the bulk of the business, 70% that's predominantly 100% demand-based contracts. So it's highly resilient to short term economic fluctuations. So that's really the short answer. I think Jeff, you may want to add from a balance sheet perspective and a durability perspective how we feel about, what I'll call our company itself going through turmoil?

因此，如果我只是從非常高的層面來講，我們在這個投資組合中沒有商品敞口，沒有，非常小的體積敞口，並且這僅存在於我們的收集部分，這僅佔業務的 30％，而在管道部分，這佔業務的大部分，70％主要是 100％ 基於需求的合約。因此它對短期經濟波動具有很強的彈性。這就是簡短的回答。我認為傑夫，你可能想從資產負債表的角度和耐用性的角度補充一下我們對公司本身正在經歷的動盪有何感受？

Yeah, sure can again. Just like they were talking about on the commercial side how we built the company, we've done the same thing on the balance sheet. We don't have any maturities throughout through 2029. We've got over a billion dollars worth of liquidity. We're right here on the doorstep of getting an upgraded to investment grade here soon. So I mean we have, and again, you see where our leverage metrics and those things are, so again, from a balance sheet perspective, same thing between 25, 2026 and beyond, we're in a very healthy position. So we're also not impacted by the broader macro sort of events.

是的，當然可以。就像他們在商業方面談論我們如何建立公司一樣，我們在資產負債表上也做了同樣的事情。截至 2029 年，我們均沒有任何到期債券。我們擁有價值超過十億美元的流動資金。我們很快就要獲得投資等級升級了。所以我的意思是，你再看看我們的槓桿指標和那些東西，所以再一次，從資產負債表的角度來看，在 2025 年、2026 年及以後，我們處於非常健康的狀態。因此我們也不會受到更廣泛的宏觀事件的影響。

And maybe my last proof point on that question, because it's an important question. I think it's on the mind of a lot of investors. So I'm glad you're asking it, is when you look at historically look back at other cycles, the economic cycles that we've gone through, we've been able to grow through those cycles and I said that's the other maybe proof point to provide confidence that nothing has changed with the management team in terms of how we're running the company.

這也許是我對這個問題的最後一個證明點，因為這是一個重要的問題。我想這是很多投資人都在考慮的問題。所以我很高興你問這個問題，當你回顧歷史時，看看其他週期，我們經歷過的經濟週期，我們已經能夠在這些週期中成長，我說這可能是另一個證明點，可以讓你相信管理團隊在公司運作方式方面沒有任何改變。

And past performance is only one data point, but I think it's another comforting data point to point to.

過去的表現只是一個數據點，但我認為這是另一個令人欣慰的數據點。

Perfect. My quick follow up here is, last year we were in this power trade where data centers are going to need a lot more power and then first DC came and then came all these announcements that Microsoft is pulling back from the data center. You are obviously negotiating with a bunch of customers about their power needs. Has anything actually changed on the ground because of either DeepSeek or Microsoft pulling back the data center spend or when you go out there, the underlying demand for power is still growing and very resilient out there?

完美的。我在這裡快速跟進的是，去年我們處於電力交易中，資料中心將需要更多的電力，然後首先是直流電，然後是微軟退出資料中心的所有這些公告。您顯然正在與一群客戶就他們的電力需求進行談判。由於 DeepSeek 或微軟削減了資料中心支出，實際情況是否發生了變化？或者，當你去那裡時，對電力的潛在需求是否仍在增長並且非常有彈性？

Yeah. So let me kind of break that question up into two parts. I'll address the behind the meter site specific power generation opportunities, and then I'll address the utility scale power generation opportunities because I think there's different fundamentals driving those two different opportunity sets.

是的。那麼讓我把這個問題分成兩個部分。我將討論電錶站點後特定的發電機會，然後我將討論公用事業規模的發電機會，因為我認為推動這兩個不同機會集的根本因素不同。

On the site specific data centers, we have numerous, like many and I don't want to put a number out there because every time I put a number out there. Everybody chases the number. I'm just going to tell you there are a lot of what I'll call mature commercial proposals sitting in front of developers for numerous sites across our entire footprint. A lot of different elements have to come together for a site to commercialize, energy and fuel supply is only one of many elements, and then once all those elements are together and commercially sort of lined up.

在特定站點的資料中心，我們有無數個，很多，我不想在那裡放一個數字，因為每次我都會在那裡放一個數字。每個人都追逐數字。我只是想告訴你們，我們整個業務範圍內的眾多站點都擺在開發商面前，有很多我稱之為成熟的商業提案。一個場地要實現商業化，需要很多不同的要素結合在一起，能源和燃料供應只是眾多要素中的一個，然後，一旦所有這些要素結合在一起，就可以進行商業化排列。

Then ultimately the host has to commercialize the site and I'd say that's the phase that we're in right now. We're in the phase where sites have all the elements that they need now, and the final step is commercialization of the site, so that's where we are with a host of opportunities across a myriad of our pipelines.

然後，最終主辦單位必須將網站商業化，我想這就是我們現在所處的階段。我們正處於這樣一個階段：場地擁有所有需要的元素，最後一步就是場地的商業化，因此，我們在眾多管道中擁有大量的機會。

So to the extent that the ultimate host is waiting or making decisions. That's where I think we are today. And I suspect that's true for all the other pipelines as well, flipping over the utility scale generation, and we announced the West Virginia project. That project is expected to FID next year.

因此，最終主持人正在等待或做出決定。我認為這就是我們今天的處境。我懷疑對於所有其他管道也是如此，翻轉公用事業規模的發電，我們宣布了西維吉尼亞項目。該項目預計明年完成最終決定。

They continue to move along and do the things that they need to do to commercialize that site. They're in the PJM Interconnect. They have full control of the site now. They've gone through the West Virginia regulatory process. Their air permit is underway. So we see these utility scale sites advancing and continuing. And like I said in my earlier comments, this realization that there's a reliability issue in PJM and emerging in ISO, the demand is robust than they thought.

他們繼續前進，做他們需要做的事情來使網站商業化。它們位於 PJM Interconnect 中。他們現在已經完全控制了該網站。他們已經完成了西維吉尼亞州的監管程序。他們的航空許可證正在辦理中。因此，我們看到這些公用事業規模的站點正在不斷進步和發展。正如我在之前的評論中所說的那樣，他們意識到 PJM 存在可靠性問題，並且 ISO 也出現了可靠性問題，需求比他們想像的要強勁。

The other generation that they thought was coming in isn't coming in or it's coming in at a different pace, all those are positive catalysts to drive incremental utility scale generation, and I'd say the last thing that we're seeing on the utility side is the utilities, many utilities have been quietly very successful in connecting these data centers directly to the utility grid.

他們認為即將到來另一代電力並沒有到來，或者以不同的速度到來，所有這些都是推動增量公用事業規模發電的積極催化劑，我想說，我們在公用事業方面看到的最後一件事是公用事業，許多公用事業已經悄悄地非常成功地將這些數據中心直接連接到公用電網。

And I would point the investors to, public announcements made out of Wisconsin by some of the utilities there in Michigan, by some of the utilities there, Louisiana, the energy announcements. So the utilities are being, are getting a fair share of this demand directly connected to utilities and what that does is it drives utility scale generation. So instead of site generation, the utilities are just rolling it in their portfolio and will add a plant to their future development.

我想向投資者指出，密西根州的一些公用事業公司在威斯康辛州發布的公告，以及路易斯安那州的一些公用事業公司發布的能源公告。因此，公用事業公司正在獲得與公用事業直接相關的需求的相當一部分，而這樣做的目的是推動公用事業規模的發電。因此，公用事業公司不再只是在現場發電，而是將其納入自己的投資組合，並將在未來的發展中增加一座發電廠。

So that's how I would characterize what's happening on the data center side. I know that was a long answer, but it's very interesting to watch. We're active on both of those two dimensions, the utility scale and on the site specific, and again, I'm highly confident we're going to get our fair share of that market, across our geographic footprint, so I'll stop there.

這就是我對資料中心方面發生的事情的描述。我知道這是一個很長的答案，但看起來很有趣。我們在這兩個維度上都很活躍，即公用事業規模和特定站點，而且，我非常有信心我們將在我們的地理覆蓋範圍內獲得公平的市場份額，所以我就此打住。

Thank you so much.

太感謝了。

You're welcome.

不客氣。

Robert Mosca with Mizuho.

瑞穗的羅伯特‧莫斯卡 (Robert Mosca)。

Hey, thanks everyone. Just one for me. Seems like your major customer in the Haynesville is building productive capacity this year that they could tap into in 2026. Just wondering the extent to which that's captured in your preliminary 2026 guidance and if possible, the base case you're assuming there?

嘿，謝謝大家。對我來說只有一個。看來您在海恩斯維爾的主要客戶今年正在建立生產能力，他們可以在 2026 年投入使用。只是想知道您在 2026 年的初步指導中捕捉到了多少這樣的情況，如果可能的話，您假設的基本情況是什麼？

Yeah, so I'll just keep it at a high level or all of our customers, provide us insights into their plan and for all of our customers that's reflected in our 2025 and 2026 guidance. So the short answer is in there.

是的，所以我會將其保持在高水平或我們所有的客戶，為我們提供有關他們的計劃的見解，並為我們所有客戶反映在我們的 2025 年和 2026 年指導中。簡短的答案就在這裡。

Great, thank you.

太好了，謝謝。

Operator, do we have another question?

接線員，我們還有其他問題嗎？

This time we have no further questions at this time. I would like to turn it back to David Slater for closing the remarks.

這次我們目前沒有其他問題。我想請大衛·斯萊特做最後發言。

Well, thank you very much everybody for your great questions today, and I appreciate the support and look forward to catching up with everybody on the next quarter.

好吧，非常感謝大家今天提出的精彩問題，我感謝大家的支持，並期待下個季度與大家見面。

Thank you, presenter. And ladies and gentlemen, this concludes today's conference call. Thank you all for joining. You may now disconnect.

謝謝主持人。女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。