DT Midstream Inc (DTM) 2025 Q2 法說會逐字稿

Hello and welcome to the DT Midstream, Inc second quarter 2025 earnings call.

您好，歡迎參加 DT Midstream, Inc 2025 年第二季財報電話會議。

I will now turn it over to our speaker today, Todd Lohrmann, Director of Investor Relations.

現在我將把發言權交給今天的發言人、投資者關係總監 Todd Lohrmann。

Thank you. Please go ahead.

謝謝。請繼續。

Good morning and welcome everyone.

早上好，歡迎大家。

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. Joining me this morning are David Slater, President and CEO.

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。請參閱附錄中的與 GAAP 的對帳。今天早上與我一起出席的還有總裁兼執行長戴維·斯萊特 (David Slater)。

And Jeff Jewell, Executive Vice President and CFO.

還有執行副總裁兼財務長 Jeff Jewell。

So, with that, I'll go ahead and turn the call over to David.

那麼，我將繼續把電話轉給大衛。

Thanks, Todd, and good morning, everyone and thank you for joining. In today's call I'll touch on our financial results. Share details on the latest commercial activity and provide a status update on our key growth projects that are currently under construction. 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。在今天的電話會議中，我將談到我們的財務表現。分享最新商業活動的詳細信息，並提供我們目前正在建造的關鍵增長項目的狀態更新。最後，我將對當前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, midway through the year we're continuing our strong performance, giving us confidence to reaffirm our 2025 adjusted EBITA guidance range, and our 2026 adjusted EBITDA early ella range.

因此，在年中我們將繼續保持強勁的表現，讓我們有信心重申 2025 年調整後的 EBITA 指導範圍，以及 2026 年調整後的 EBITDA 早期範圍。

The 2nd quarter was an active quarter for us commercially.

從商業角度來看，第二季是我們活躍的一個季度。

And we are announcing today that we've reached FID on approximately $600 million of new organic growth projects from our capital projects back of which approximately 90% of the investment is within our growing pipeline segment. Unpacking the new investment projects the first is an expansion of Guardian pipeline, increasing the capacity of the pipeline by 15%. This expansion is anchored by an investment grade utility customer under a twenty-year negotiated rate contract.

我們今天宣布，我們已經就資本項目中約 6 億美元的新有機成長項目達成了最終投資決定，其中約 90% 的投資用於我們不斷增長的管道領域。新的投資項目首先是擴大 Guardian 管道，將管道容量提高 15%。此次擴張由投資級公用事業客戶根據二十年協商利率合約進行承保。

The next project that we're moving forward with is the first phase of our initial phase will be predominantly focused on guardian pipeline. And will improve the reliability of this critical capacity for a valued customers in Wisconsin.

我們正在推進的下一個項目是初始階段的第一階段，主要集中在守護管道上。並將提高威斯康辛州重要客戶的這一關鍵容量的可靠性。

Both of these investments are supported by strong fundamentals, as there is robust power demand growth throughout the region. They also have connectivity to DTM's broader portfolio, including a pathway to our natural gas storage facility offering our customers greater supply flexibility and optionality to meet the growing demand.

由於整個地區的電力需求強勁成長，這兩項投資都受到強勁基本面的支持。它們還可以連接到 DTM 的更廣泛的產品組合，包括通往我們的天然氣儲存設施的通道，為我們的客戶提供更大的供應靈活性和可選性，以滿足日益增長的需求。

Additional modernization and investment opportunities exist across all of our new interstate assets to ensure reliability and maintain a high service level for our customers. Reaching FID on this first phase of our modernization efforts it's just step one. And we will keep you updated as we advance the program.

我們所有新的州際資產都存在額外的現代化和投資機會，以確保可靠性並為客戶提供高水準的服務。在我們的現代化努力的第一階段達成最終決定只是第一步。隨著計劃的推進，我們將及時向您通報最新進展。

We have also executed gathering agreements with private producers in each of the basins we operate in. A positive signal of the strengthening macroenvironment surrounding natural gas. Turning to our construction activity during the quarter, we placed 3 gathering projects into service across our foot continuing our track record of delivering projects on schedule and on budget.

我們也與我們經營的每個盆地的私人生產商簽訂了收集協議。這是天然氣宏觀環境增強的正面訊號。談到本季的建設活動，我們在整個公司範圍內投入了 3 個收集項目，繼續保持按時、按預算交付項目的良好記錄。

As a reminder, these projects are all expected to have a ramp period following their in-service state. The full contribution expected by the end of 2026. Haynesville leap phase 4 expansion is progressing ahead of schedule allowing us to pull forward the expected in-service date so the first quarter of 2026.

提醒一下，這些項目預計在投入使用後都會有一個爬坡期。預計到 2026 年底將完成全部貢獻。海恩斯維爾第四階段擴建工程正在提前進行，這使我們能夠將預計的投入使用日期提前到 2026 年第一季。

Finally, I'd like to take a moment to address the current natural gas fundamentals, and why I feel DTM is so well positioned. We've clearly seen a positive shift in the Haynesville over the last few quarters. As producers are beginning to drill into the long-awaited LNG demand ramp.

最後，我想花點時間談談目前的天然氣基本面，以及為什麼我認為 DTM 處於如此有利的地位。過去幾個季度，我們清楚地看到海恩斯維爾發生了積極的變化。隨著生產商開始鑽探人們期待已久的液化天然氣需求成長。

Today, private producers have been the most active. However, we expect public producers will also respond as pricing and physical demand increases. And we're forecasting a 16 BCF per day increase in LNG gas demand through 2035 from facilities that have access to our Haynesville system with the majority of these terminals already reaching FID.

如今，私營生產者最為活躍。然而，我們預計，隨著價格和實體需求的增加，公共生產者也會做出反應。我們預測，到 2035 年，能夠連接我們 Haynesville 系統的設施的液化天然氣需求量將每天增加 160 億立方英尺，其中大多數終端已經達成最終投資決定。

In addition to the growing momentum in the LNG market, we continue to have a very instructive view on power demand growth in the country fueled by the increasing electrification of the economy onshoring of manufacturing and demand for more AI computing and data centers.

除了液化天然氣市場的成長動能之外，我們繼續對該國的電力需求成長持非常有啟發性的看法，這得益於經濟電氣化的不斷提高、製造業的本土化以及對更多人工智慧運算和資料中心的需求。

Last week, the PGM auction cleared at over $329 per megawatt day, a 22% increase from last year's auction, and the highest price ever recorded for APGM capacity auction. This is a clear signal of the significant power demand growth is occurring in that region. We continue to advance pipeline opportunities driven by power demand within PGM and MYSO, the two primary electric markets or assets reside in. There (inaudible) is expect to see demand growth of more than 40% over the next 20 years.

上週，PGM 拍賣清算價格超過每兆瓦日 329 美元，比去年的拍賣價格上漲了 22%，創下了 APGM 容量拍賣的歷史最高價格。這清楚地表明該地區的電力需求正在大幅增長。我們將繼續推動由 PGM 和 MYSO（兩個主要電力市場或資產所在地）內的電力需求所驅動的管道機會。預計未來 20 年內需求成長率將超過 40%。

Today, we have commercialized more of these opportunities as in front of the meter utility scale projects. But we are also in numerous discussions with developers of behind the meter projects, providing pipeline lateral proposals to the projects.

今天，我們已將更多此類機會商業化，例如在電錶前的公用事業規模項目中。但我們也與電錶後專案的開發商進行了多次討論，為專案提供了管道橫向提案。

Moving to the regulatory framework, the current Federal Administration has also created a more favorable environment for much needed energy infrastructure projects to advance. We are finally beginning to see initiatives to streamline approval processes. A welcome development that will reduce permit times decrease project transparency and enable investment in critical energy infrastructure throughout the country.

在監管框架方面，現任聯邦政府也為急需的能源基礎設施項目的推進創造了更有利的環境。我們終於開始看到簡化審批流程的措施。這是一個值得歡迎的進展，它將減少許可時間，降低專案透明度，並促進對全國關鍵能源基礎設施的投資。

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.

謝謝，大衛，大家早安。

In the second quarter we delivered adjusted EBITDA of $277 million representing a $3 million decrease from the prior quarter. Our pipeline segment results were $3 million lower than the first quarter, 2025 driven by planned rate step down on Guardian pipeline effective April 1 and seasonally lower EBITDA from our interstate and joint venture pipelines.

第二季度，我們的調整後 EBITDA 為 2.77 億美元，比上一季減少 300 萬美元。我們的管道部門業績比 2025 年第一季低 300 萬美元，原因是 Guardian 管道計劃於 4 月 1 日起下調費率，以及州際和合資管道的 EBITDA 季節性下降。

Partially offset by an increase in short-term revenues on LEAP and Stonewall. Gathering segment results were in line with the first quarter 2025 reflecting higher volumes on our Haynesville system offset by lower volumes in the northeast. Operationally, total gathering volume for the Haynesville average 1.74 BCF per day. An all-time record throughput on our system for a quarter and a 16% increase over the second quarter, 2024.

部分被 LEAP 和 Stonewall 的短期收入增加所抵消。收集部門的表現與 2025 年第一季一致，反映了我們 Haynesville 系統的產量增加，但被東北地區的產量減少所抵消。從營運角度來看，海恩斯維爾的集水量平均每天為 1.74 BCF。我們的系統本季的吞吐量創下了歷史新高，比 2024 年第二季成長了 16%。

In the Northeast, volumes averaged 1.17 BCF per day which was a decrease from the first quarter driven by maintenance and timing of producer activity, primarily on our Appalachia and Susquehanna gathering systems.

在東北地區，日均產量為 1.17 BCF，較第一季有所下降，主要是由於維護和生產商活動時間安排，主要是我們的阿巴拉契亞和薩斯奎哈納收集系統。

Northeast volumes remain in line with our full year plan and expectation for flat entry to exit volumes.

東北地區的銷售量與我們的全年計劃和預期持平的進入和退出銷售保持一致。

Looking ahead to the third quarter. Our plan is for adjusted EDITDA to be relatively in line with the second quarter followed by a ramp in the fourth quarter. Driven by timing of producer activity and typical seasonality of pipeline segment earnings.

展望第三季。我們的計劃是使調整後的 EDITDA 與第二季度基本保持一致，然後在第四季度上升。受生產商活動時間和管道部門收益的典型季節性驅動。

As David stated, we are confident in our full year 2025 adjusted EBITDA guidance range. And our 2026 adjusted EBITDA early outlook. We've increased our committed capital in 2025 and 2026 to reflect the new growth projects reaching FID with approximately $385 million committed in 2025 and approximately $230 million committed in 2026 which is an increase of approximately $150 million from our first quarter disclosure for our guardian expansion project.

正如大衛所說，我們對 2025 年全年調整後的 EBITDA 指導範圍充滿信心。以及我們對 2026 年調整後 EBITDA 的早期展望。我們增加了 2025 年和 2026 年的承諾資本，以反映達到 FID 的新增長項目，2025 年承諾資本約為 3.85 億美元，2026 年承諾資本約為 2.3 億美元，比我們第一季度披露的守護者擴建項目增加了約 1.5 億美元。

We expect to invest $345million to 375 million at a 5 to 6 times billed multiple with the project entailing a combination of compression and looping. And expected to be in service in the fourth quarter of 2028 for the first phase of our interstate pipeline modernization program, we are planning to invest $130million to $150 million with an expected second half 2027 insert-state.

我們預計將投資 3.45 億至 3.75 億美元，投資額為帳單金額的 5 至 6 倍，該項目涉及壓縮和循環的組合。我們的州際管道現代化計畫第一階段預計將於 2028 年第四季投入使用，我們計劃投資 1.3 億至 1.5 億美元，預計於 2027 年下半年投入使用。

The capital associated with this project will be included in the pipelines next rate case for recovery. So overall, our committed capital has increased for the 2025 to 2029 time period to $1.1 billion out of our total $2.3 billion backlog.

與該項目相關的資本將納入管道下一個回收費率案例中。因此，總體而言，我們在 2025 年至 2029 年期間的承諾資本已增加到 11 億美元，而我們的總積壓資本為 23 億美元。

Therefore, we are feeling confident in achieving this total investment. We are also pleased to report that during the quarter we were upgraded to investment grade by both Moody's and S&P joining Fitch Rating, who upgraded us last year and solidifying DT midstream as a full investment grade entity.

因此，我們對實現這項總投資充滿信心。我們也很高興地報告，在本季度，穆迪和標準普爾將我們的評級上調至投資級，惠譽評級也加入了我們的行列，惠譽去年也上調了我們的評級，並鞏固了 DT 中游作為完全投資級實體的地位。

Achieving the investment grade was a strategic goal we established upon spinning the company. And I am incredibly proud of the entire team in reaching this milestone.

達到投資等級是我們在公司分拆時所訂定的策略目標。我為整個團隊達到這一里程碑感到無比自豪。

On the legislative front, we see several items from the recently enacted one big, beautiful bill act that will financially benefit DTM. The act extension of 100% bonus depreciation will benefit DTM's unregulated investments, and we also see benefits in increased interest expense deduction.

在立法方面，我們看到最近頒布的一項重大而美麗的法案中的幾項內容將為 DTM 帶來經濟利益。100% 獎金折舊法案的延長將有利於 DTM 的不受監管的投資，並且我們還看到了增加利息費用扣除額的好處。

These items provide a favorable impact on our projected cash taxes. And we anticipate further deferral of a significant portion of our federal tax for multiple years. Finally, today we also announced that our board of directors approved our 2nd 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 EBITDA to grow.

這些項目對我們預計的現金稅產生了有利影響。我們預計，很大一部分聯邦稅將在未來幾年內進一步延期繳納。最後，今天我們還宣布，董事會批准第二季度每股 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%，以配合我們長期調整後的 EBITDA 的增長。

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

現在我將把發言權交還給大衛，請他作最後發言。

Thanks, Jeff.

謝謝，傑夫。

So, in summary, we are excited for the growth opportunities ahead for the company, remain confident in delivering on our guidance. Continuing our track record of disciplined execution are high quality pure plain natural gas portfolio is well positioned to capture the growing opportunities across our entire network.

總而言之，我們對公司未來的成長機會感到興奮，並有信心實現我們的指導。我們繼續保持嚴格執行的良好記錄，高品質純淨天然氣產品組合能夠很好地抓住整個網路中不斷增長的機會。

We are focused on continued execution of our $2.3 billion organic project backlog of which $1.1 billion is already FID. Sentiment and fundamentals around natural gas infrastructure continue to improve with the LNG export grant building momentum, strong demand growth in our northern region, increased political backing of natural gas and energy infrastructure and a renewed realization of the role that natural gas plays as a critical fuel supporting the growing power generation fleet that runs the country.

我們專注於繼續執行價值 23 億美元的有機項目積壓，其中 11 億美元已經是 FID。隨著液化天然氣出口補貼的不斷增加、北部地區需求的強勁增長、對天然氣和能源基礎設施的政治支持力度的加大，以及對天然氣作為支撐國家日益增長的發電能力的關鍵燃料的作用的重新認識，圍繞天然氣基礎設施的情緒和基本面繼續改善。

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.

謝謝。

(Operator Instructions)

（操作員指示）

Jeremy Tonet, JPMorgan Chase.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

The line is open.

線路已開通。

Hi, good morning.

嗨，早安。

Morning Jeremy.

早上好，傑里米。

Just want to pick up on your last thoughts there winds have changed and, changing views on natural gas and wanting to dial in on New York a bit more, given the higher power prices given some of the issues with de voltages, what have you.

只是想了解您最後的想法，風向已經改變，對天然氣的看法也發生了變化，並且想更多地關注紐約，考慮到電價上漲以及電壓方面的一些問題，您有什麼想法。

I was wondering if you could talk a bit more what you're seeing in the state and I guess any line of sight you might have to, specifically water permits there to be able to get (inaudible) in moving forward with Millennium expansion.

我想知道您是否可以再多談談您在該州看到的情況，我想您可能要談談任何觀點，特別是那裡的水許可證，以便能夠（聽不清楚）推進千禧年擴張。

Yeah, Jeremy, I'll start with sort of our view on power generation in the state of New York, so, Millennium directly serves two plants. And both those plants have been running at very high load factors, much higher than historic load factors. So, I think that's just a data point that support he's what you said in the question that, there's clearly strong power demand in New York and the need additional generation.

是的，傑里米，我首先談談我們對紐約州發電的看法，千禧年直接為兩家工廠提供服務。這兩家工廠的運作負荷率都非常高，遠高於歷史負荷率。所以，我認為這只是一個數據點，支持你在問題中所說的，紐約顯然有強勁的電力需求，需要額外的發電。

Just given how the existing fleet is operating right now, so that's a positive encouraging signal that we see on the power generation side. If I flip to, what I'll call the regulatory environment, we've been seeing incremental positive changes.

考慮到現有機組目前的運作情況，這是我們在發電方面看到的正面鼓舞訊號。如果我轉向所謂的監管環境，我們已經看到了漸進的正面改變。

A lot of it is caught up in the political dialogue, and I'm not going to get into the details on the call here, but what I would say is that a high level we're seeing a positive shift and a recognition that there is a need, a legitimate need in the state for additional infrastructure.

其中許多都涉及政治對話，我不會在這裡討論電話會議的細節，但我想說的是，我們在高層看到了積極的轉變，並且認識到該州對額外基礎設施有合法的需求。

We're obviously working to in conjunction with the shippers that are interested in expansion capacity to sort of bring all those pieces together and have all the regulatory agencies and the states, the state leadership sort of aligning around and recognizing the need. And I think as I said earlier, on this topic is that. That's sort of a critical mile, gate gating item for us is that we need to see state support for any project that we would FID On millennium in terms of expansions.

我們顯然正在與有意擴大運力的托運人合作，將所有這些部分整合在一起，並讓所有監管機構、各州和州領導層協調一致並認識到這一需求。我認為正如我之前所說的，關於這個主題就是這樣。對我們來說，這是一個關鍵的里程碑，門控計畫是，我們需要看到國家對我們在千禧年進行的任何擴建計畫的支持。

Got it.

知道了。

Thank you for that.

謝謝你。

I was just wondering also, moving south if we could if we could expand a bit more, I guess on Haynesville activity. And how you think about, producers, particularly privates in the hands, responding to price signals there and how you think that kind of impacts the ramp in the basin, what pricing, what time frame, how do you see that unfolding.

我也只是想知道，如果可以的話，向南移動，我們是否可以進一步擴大一點，我想是在海恩斯維爾的活動上。您如何看待生產商，特別是私人生產商對那裡的價格信號的反應，以及您認為這會對盆地的坡度產生什麼影響，什麼定價，什麼時間框架，您如何看待這種情況的發展。

Yeah, I think like I said in the opening remarks, and you can see in the data that we shared here on the second quarter call is that we're seeing our Haynesville volumes ramping, which is very encouraging. The private seem to be a little quicker on the draw if I can use that term.

是的，我想就像我在開場白中所說的那樣，您可以從我們在第二季度電話會議上分享的數據中看到，我們看到 Haynesville 的銷量正在增長，這非常令人鼓舞。如果我可以使用這個術語的話，士兵拔槍的速度似乎更快一些。

In terms of deploying capital and ramping rig activity resulting in volume growth and we've been beneficiary of that and we, we've been working very closely with a handful of private producers that we brought onto the network over the last couple of years. So, very happy about that. The publics are coming around and I fully expect that the publics will begin to respond to the physical market growth and the price signal that's sitting out in 6 and 27.

在部署資本和增加鑽井活動方面，產量有所增長，我們也從中受益，並且在過去幾年中，我們一直與我們引入網路的少數私人生產商密切合作。所以，我對此感到非常高興。公眾正在逐漸轉變態度，我完全相信公眾將開始對實體市場的成長以及 6 月和 27 日出現的價格訊號做出反應。

They're just being a little more cautious and I think just a function of their ownership sentiment, they want them to be cautious and focused on, real discipline, capital execution. And that's fine. So, we're seeing the growth, we expect more of that, show up on the network in the second half of the year.

他們只是更加謹慎一些，我認為這只是他們所有權情緒的表現，他們希望他們謹慎並專注於真正的紀律和資本執行。這很好。因此，我們看到了成長，我們預計下半年網路上會出現更多成長。

And it feels like the Haynesville is pointed in a positive direction right now to exit this year, likely delivering some significant growths and getting the production back to where it was at the peak 2 years ago and then moving beyond that, going forward.

現在感覺海恩斯維爾今年的出口方向是積極的，可能會實現一些顯著的增長，並使產量回到兩年前的峰值水平，然後繼續前進。

Got it.

知道了。

That's helpful.

這很有幫助。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question comes from the line of Michael Blum, Wells Fargo.

我們的下一個問題來自富國銀行的麥可布魯姆。

The line's open.

線路已開通。

Thanks Sir, good morning, everyone, wonder if you could expand on the comments he made on the potential. Data center lateral investments that I know how you've been working on for a while, just how are things progressing? What's going on there and any best guess you have for timing of when some of these could actually move forward.

謝謝先生，大家早上好，想知道您是否可以詳細說明他對潛力的評論。我知道您一直在進行資料中心橫向投資，現在進展如何？那裡發生了什麼事？您對其中某些事項何時能夠真正取得進展有何最佳猜測？

Yeah, maybe I'll start at the at the macro level and then kind of we'll double click down into the details, but I'd say at the highest level we're seeing strong power demand growth manifesting across both PGM and MYSO, which is predominantly where our assets reside.

是的，也許我會從宏觀層面開始，然後再深入到細節，但我想說，在最高層面，我們看到 PGM 和 MYSO 都出現了強勁的電力需求增長，而這主要是我們的資產所在的地方。

Today for us, that growth is manifested itself and what I'll call utility scale, expansions on our network serving directly serving the utilities that are serving these growing power demands, so the AES lateral that we announced off of Midwestern plan in West Virginia.

今天對我們來說，這種增長已經顯現出來，我稱之為公用事業規模，我們網路的擴展直接服務於滿足不斷增長的電力需求的公用事業，因此我們在西弗吉尼亞州的中西部計劃中宣布了 AES 支線。

And our guardian expansion that that we announced here today. All of those are driven by the power demand ramp. So that's currently how our portfolio has been experiencing, but I'll call the data center power driven growth. Across our footprint, now we have a plethora of proposals in front of site specific behind the meter development, and those just haven't commercialized yet, that's the bottom line.

我們今天在這裡宣布了監護擴展。所有這些都是由電力需求的成長所驅動的。這就是我們投資組合目前的狀況，但我稱之為資料中心電力驅動的成長。在我們的業務範圍內，現在我們在特定地點的電錶後開發方面有大量的提案，但這些提案尚未商業化，這就是底線。

I think I've been saying this publicly for a while now is that we've been observing the utilities winning a disproportionate share of this market, I think DTE announced yesterday, a very bullish expectation of data centers in Michigan, I think they're very confident gigawatt of capacity with the potential to go to 3 gigawatts of capacity, that's significant, that's 2 to 3 combined cycle power plants.

我想我已經公開說過這一點有一段時間了，我們一直在觀察公用事業公司贏得不成比例的市場份額，我認為 DTE 昨天宣布了對密西根州數據中心的非常樂觀的預期，我認為他們對千兆瓦的容量非常有信心，有可能達到 3 千兆瓦的容量，這是很重要的，那是 2 到 3 個聯合循環發電廠。

Wack has announced similar, data center success. You could, if you go through the whole utility segment, I won't name them all, but they've all been very successful in winning large percentages of this new power demand. So, that's been fine for us. I mean, we love our utilities on the network, and we want to serve them and just like what we announced on Guardian, 20 year negotiated rate contract.

Wack 也宣布了類似的資料中心的成功。如果你看一下整個公用事業領域，你就會明白，我不會一一列舉，但他們都非常成功地贏得了這項新電力需求的很大一部分。所以，這對我們來說很好。我的意思是，我們熱愛網路上的公用事業，我們希望為他們服務，就像我們在《衛報》上宣布的那樣，簽訂 20 年協商費率合約。

We absolutely love that type of business, it's right down in the center of the fairway, right in line with their strategy to grow our gas pipelines. So that's how it's been manifesting to date on the network, I fully expect we are going to get some laterals more laterals just like the AES lateral.

我們非常喜歡這種類型的業務，它正好處於航道的中心，完全符合他們擴大天然氣管道的策略。這就是迄今為止它在網路上的表現，我完全希望我們能夠獲得一些橫向的、更多的橫向的，就像 AES 橫向的一樣。

Again, it's just a matter of when the site's commercialized. And what I am hearing directly from the underlying companies that are building these is that all things equal, they want to be directly connected to the grid, they would prefer to be connected to the utilities, there's significant reliability benefits and counterparty strength benefits that come with that.

再次強調，這只是該網站何時商業化的問題。我從建造這些設施的底層公司直接聽到的消息是，在其他條件相同的情況下，他們希望直接連接到電網，他們更願意連接到公用事業，因為這樣做可以帶來顯著的可靠性優勢和交易對手實力優勢。

So, there's a lot of things happening in the space right now, I, what I would just keep everybody focused on is that demand is real and it is showing up, it'll manifest itself in various ways across our network. And we're very excited about it, we're going to participate in this growth through this region, and that's a guarantee.

所以，現在這個領域發生了很多事情，我只想讓大家關注的是，需求是真實存在的，而且正在出現，它將以各種方式在我們的網路中體現出來。我們對此感到非常興奮，我們將透過這個地區參與這一成長，這是一個保證。

Great, thanks for all those details and then just a question on spend the CapEx for 2025 obviously if I just take the first half, it's pretty light relative to the full year guidance both for growth and maintenance so just wondering do you think you're sort of running more efficiently and you'll end up spending less than the guidance, or should we just expect the big ramp in the second half.

太好了，謝謝你提供這麼多細節，然後我有一個關於 2025 年資本支出的問題，顯然，如果我只看上半年，那麼相對於全年的增長和維護指導來說，上半年的支出相當少，所以我想問一下，你是否認為你的運營效率更高，最終的支出會低於指導水平，還是我們應該期待下半年的大幅增長。

Thanks.

謝謝。

Yeah, I wouldn't read into that, I fully expect we're going to, land in our guidance range, as we approach the end of the year and. I think as we get into Q3 if we think. We're going to be, outside of that band, we'll certainly telegraph that. But, as we sit here today, I'm not, I fully expect that we'll deploy that capital.

是的，我不會過度解讀這一點，我完全相信，隨著年底的臨近，我們將達到我們的指導範圍。我認為當我們進入第三季時，如果我們思考的話。我們將在那個樂團之外，我們一定會傳達這一點。但是，今天當我們坐在這裡時，我並不完全相信我們會部署這筆資金。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question comes from the line of Theresa Chen, Barclays.

我們的下一個問題來自巴克萊銀行的 Theresa Chen。

The line's open.

線路已開通。

Thank you and good morning.

謝謝，早安。

With the FID of Guardians 3, how do you think about gas sourcing for this project and are there additional brownfield expansions upstream Guardian on your other transmission assets that directly or indirectly tie to the Juliet hub, that could FID on the heels of this.

隨著 Guardians 3 的最終投資決定 (FID) 的出台，您如何考慮該專案的天然氣來源？在 Guardian 上游，您的其他輸電資產中是否有額外的棕地擴建，這些擴建將直接或間接地與 Juliet 樞紐相連，這些擴建可能會緊隨其後做出 FID。

Yeah, you can kind of see our physical network, if you look at the map and that will have to procure gas at the Joliet hub into this capacity and there's various ways to feed that certainly are our pipelines and our pipeline network, we have 2 pipelines that can feed the jolly of Midwestern and Vector.

是的，你可以看到我們的實體網絡，如果你看一下地圖，你必須在喬利埃特樞紐採購天然氣，並且有各種方式來供給，當然是我們的管道和管道網絡，我們有 2 條管道可以為中西部和向量地區提供天然氣。

The Vector pathway can bring all the way back to Appalachia, on Nexus, so that certainly will be part of the future conversation as they, take care of getting critical firm capacity into the state to serve the growing demand in the state. And I think as they look further upstream, we'll clearly be part of that conversation.

Vector 路徑可以一路帶回阿巴拉契亞山脈，通過 Nexus，因此這肯定會成為未來討論的一部分，因為他們負責將關鍵的公司產能引入該州，以滿足該州日益增長的需求。我認為，當他們進一步向上游看時，我們顯然會成為對話的一部分。

We have a very large percentage of our Washington pen storage capacity that's dedicated to Wisconsin utilities, so there is already a very well-established firm pathway between Michigan and Chicago, though, the jolly had hub that today serves a big portion of that Wisconsin market, so we absolutely believe that will be part of the conversation going forward.

我們在華盛頓的圍欄儲存容量中有很大一部分是專門為威斯康辛州的公用事業公司提供的，因此密西根州和芝加哥之間已經有了一條非常完善的穩固通道，而芝加哥這個樞紐如今服務於威斯康辛州的很大一部分市場，因此我們絕對相信這將成為未來對話的一部分。

Got it.

知道了。

And going back to your earlier comments about LNG David. Clearly 2025 has been a banner year so far, for this part of the energy infrastructure value chain, and your feed gas assets are integral in moving these molecules. Can you share any color at this point on potential additional phases of LEEP from here. And how have the competitive dynamics evolved given multiple infrastructure providers along that corridor and the fierce competition that has resulted?

回到您之前關於 LNG David 的評論。顯然，對於能源基礎設施價值鏈的這一部分來說，2025 年迄今是輝煌的一年，而原料氣資產對於移動這些分子至關重要。您能否就 LEEP 今後可能採取的附加階段分享一些資訊？鑑於該走廊沿線有多家基礎設施供應商，競爭十分激烈，競爭狀況將如何演變？

Yeah, that's a great question, maybe I'll start with the short term and kind of walk my way through an answer for you, but I think Jeff may have mentioned it in his opening remarks that we've seen some short-term favorability on LEEP. And it kind of goes to your statement, as these volumes have begun to physically ramp.

是的，這是一個很好的問題，也許我會從短期開始，然後逐步為您解答，但我認為傑夫可能在開場白中提到過，我們已經看到了對 LEEP 的一些短期有利因素。這在某種程度上符合您的陳述，因為這些數量已經開始物理增加。

We're peaking now above 16 BCF a day that they need to come from somewhere, so I think we've been a beneficiary of that this summer, so far which has been very nice to see that that the man showing up and searching for the molecules. So that's the short term, I maybe draw your attention to our deck. We did announce, this quarter that we are expanding our delivery point, connectivity into the LNG header system.

我們現在每天的峰值超過 16 BCF，它們需要從某個地方來，所以我認為今年夏天我們是受益者，到目前為止，很高興看到有人出現並尋找這些分子。所以這是短期內，我可能會提請您注意我們的平台。本季我們確實宣布，我們將擴大我們的交付點，並連接到 LNG 集管系統。

We're expanding that by 1.25 BCF a day, a big chunk of that is going to Woodside. I think a BC affidavit that's going to Woodside and residuals go to camera. So, we're positioning ourselves for that continued ramp.

我們每天將增加 12.5 億立方英尺的產量，其中很大一部分將流向伍德賽德。我認為 BC 宣誓書將發給伍德賽德，剩餘款項將交給攝影機。因此，我們正在為持續的成長做好準備。

Again, we've competitively speaking, we've been really intentional about making sure that our assets are deeply interconnected with all the demand. Along the Gulf Coast in Louisiana, so that shippers on our system have maximum flexibility and optionality. And likewise, we've been doing the same in basin to get from Carthage all the way through, into Louisiana on the fly side, so that's kind of been our strategy in terms of positioning the asset.

再說一次，從競爭力的角度來說，我們一直有意確保我們的資產與所有需求緊密相連。沿著路易斯安那州的墨西哥灣沿岸，以便我們系統上的托運人擁有最大的靈活性和可選性。同樣，我們在盆地中也採取了同樣的做法，從迦太基一路延伸到路易斯安那州，所以這可以說是我們資產定位的策略。

And then, yes, at the end of the day, like you said, there there's competitive tension, which is healthy we're pretty confident that we're going to win our fair share of that market, there's a large demand coming as evidenced by all the other projects that are being built. The nice thing about our project that it's real it's in the ground it's flowing today customers can see exactly how the asset works today versus a paper pipe on someone's desk somewhere, so. Those are the factors that are at play right now and we'll continue to compete with their brethren in the space and again I'm confident we're going to get our fair share.

是的，最終，就像你說的，存在著競爭壓力，這是健康的，我們非常有信心我們將贏得公平的市場份額，從正在建立的所有其他項目可以看出，市場需求很大。我們的專案的優點在於它是真實的，它在地下流動，今天客戶可以準確地看到資產今天是如何運作的，而不是某個地方某人桌子上的紙管。這些都是目前正在發揮作用的因素，我們將繼續與該領域的同行競爭，我再次相信我們將獲得公平的份額。

Thank you.

謝謝。

Thank you.

謝謝。

Next question comes from the land of Manav Gupta from UPS.

下一個問題來自 UPS 的 Manav Gupta。

Well.

出色地。

Good morning, congrats on rating upgrades.

早上好，恭喜評級升級。

I wanted to touch a little bit last year obviously you announced a very smart deal and the benefits can be seen already. I'm just trying to understand, is there a bolt on strategy still in place we saw another bolt on the smart deal today but another competitor of yours and I'm just trying to understand between all these good growth projects you have, what would be the appetite for small bolt on deals and if you're still looking for them, what exactly are the criteria? Area for which you decide that this is a good deal and we should move ahead with it ?

我想稍微談談去年你們顯然宣布了一項非常明智的協議，其好處已經顯而易見。我只是想了解，是否仍然有一個附加策略，我們今天看到了智能交易的另一個附加策略，但您的另一個競爭對手，我只是想了解在您擁有的所有這些良好的增長項目中，對小型附加交易的興趣是什麼，如果您仍在尋找它們，那麼標準到底是什麼？您認為這是一筆好交易，我們應該繼續推進的領域？

Yeah, good morning and thank you for the question. Yes, we are very pleased with how this acquisition is playing out, I think as I've said publicly, we fully expected there would be growth in this region and, additional investment opportunity, it, it's coming at a much quicker pace than I think we expected.

是的，早安，謝謝你的提問。是的，我們對此次收購的進展非常滿意，我想正如我公開說過的，我們完全預料到這個地區會出現成長，而且額外的投資機會來得比我們預期的要快得多。

And its core investment in terms of our core strategy, right to grow our pipeline segments to do it with long- term, high quality investment rate counterparties in a regulated asset construct, right.

就我們的核心策略而言，其核心投資就是擴大我們的管道部門，透過受監管的資產結構與長期、高品質的投資利率交易對手合作，對吧。

So, it's absolutely right down the fairway for us, and we're very excited about that. In terms of additional bolt on opportunities, we're always looking for those what is the criteria that would guide our activity in that space, I'd go back to our core investment thesis around the company.

所以，這對我們來說絕對是順理成章的事情，我們對此感到非常興奮。就額外的附加機會而言，我們一直在尋找那些能夠指導我們在該領域活動的標準，我會回到我們圍繞公司的核心投資論點。

We're pure play, natural gas company. A long tenure in our portfolio, high quality counterparties. We've said publicly that our stated goal is to grow our pipeline segment 270% or higher or just to remind everybody when we spun the company, we're at 50% as a snapshot time today we're at 70, feels like we're moving to 70 plus now.

我們是一家純粹的天然氣公司。我們的投資組合中長期存在高品質交易對手。我們曾公開表示，我們的目標是將我們的管道部門成長 270% 或更高，或者只是提醒大家，當我們拆分公司時，我們的快照時間是 50%，而今天我們是 70%，感覺我們現在正在向 70% 以上邁進。

So those fundamental strategies of having a high-quality portfolio with very predictable cash flows like Jeff said. Growing our dividend as we grow EBITDA, maintaining a real healthy balance sheet and achieving investment grade by all three rating agencies. What was a big milestone for us, that happened in the last quarter.

因此，正如傑夫所說，這些基本策略是擁有高品質投資組合和非常可預測的現金流。隨著 EBITDA 的成長，我們的股息也在增加，維持了真正健康的資產負債表，並獲得了三大評級機構的投資等級。上個季度發生的事情對我們來說是一個重要的里程碑。

So again, it just goes to what I'll call the quality metrics of the portfolio that's a very important to me. I believe that's very valued by investor base. That's the discipline strategy that will guide us as we consider any bolt on that may present itself. And obviously this goes without saying. Bolt on M&A has to compete with organic growths, we have a very robust organic growth opportunities set in front of us.

所以，這又回到了我所說的投資組合的品質指標，這對我來說非常重要。我相信投資者群體非常重視這一點。當我們考慮可能出現的任何附加問題時，這就是指導我們的紀律策略。顯然這是不言而喻的。附加併購必須與有機成長競爭，我們面前有非常強勁的有機成長機會。

Our job is to allocate capital and maximize shareholder value. So, bolt on M&A has to make strategic sense and compete with organic capital allocation, so I'll stop there.

我們的工作是分配資本並最大化股東價值。因此，附加併購必須具有戰略意義，並與有機資本配置競爭，所以我就此打住。

Thank you for the detailed.

謝謝你的詳細說明。

My quick, very quick follow up is it's about 7 months since you have a new federal government have things actually started changing on the ground. Are you feeling it's easier to get permits? Is it easy to move ahead with the projects. If you could talk about how this change in the administration has been a little bit of a tail for DTM.

我的快速、非常快速的跟進是，自從你們有了新聯邦政府以來已經有 7 個月了，實際情況已經開始改變。您是否覺得取得許可證變得更容易了？這些項目推進起來容易嗎？您能否談談政府的這次變動對 DTM 造成了怎樣的影響？

Thank you.

謝謝。

Yeah, the change of administration has been a breath of fresh air. They're working to reduce the friction and large-scale infrastructure investments and they're working at various levels, across agencies, executive orders. Supreme Court's weighed in on a few decisions, so there's this multi-prong approach that the administration has been taking to reduce the friction that we've seen historically in large scale energy capital deployment.

是的，政府的更迭帶來了一股清新的氣息。他們正在努力減少摩擦和大規模基礎設施投資，並且正在各個層面、跨機構、跨行政命令地開展工作。最高法院對一些決定進行了權衡，因此政府採取了多管齊下的方法來減少我們在歷史上大規模能源資本部署中看到的摩擦。

I was actually in Washington last had an opportunity to visit with all three FERC commissioners, the permanent commissioners and again, just a very constructive attitude. Very curious and engaged. Clearly a sentiment there that there is an acknowledgement that we need significant investment in energy infrastructure in this country to meet the growing demand and to compete, on the world stage. So, a lot of the pieces are all pointed in the right direction. And that's really encouraging, I think it's going to unleash a significant amount of capital into this sector over, the next 3 or 4 years, which is really encouraging.

事實上，我上次在華盛頓有機會拜訪了聯邦能源管理委員會的三位委員和常任委員，而且他們的態度非常有建設性。非常好奇並且投入。顯然，人們意識到我們需要對這個國家的能源基礎設施進行大量投資，以滿足日益增長的需求並在世界舞台上競爭。因此，很多部分都指向了正確的方向。這確實令人鼓舞，我認為在未來 3 到 4 年內，它將為該行業注入大量資本，這確實令人鼓舞。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Our next question comes from the line of Jean Ann Salisbury, Bank of America.

我們的下一個問題來自美國銀行的 Jean Ann Salisbury。

The line's open.

線路已開通。

Hi, good morning.

嗨，早安。

When you contemplated your 2026 EBITDA early guidance number earlier this year, I guess there was probably an embedded expectation of how quickly projects in your backlog would move to FID. Can you just kind of speak to whether that movement to FID is kind of happening as you expected or slower, even faster?

當您在今年早些時候考慮 2026 年 EBITDA 早期指導數字時，我猜您可能對積壓項目轉向 FID 的速度抱有某種預期。您能否說一下，FID 的移動是否如您所預期的那樣進行，還是速度較慢，甚至更快？

Yeah, that's a good question.

是的，這是個好問題。

I'm just thinking in my mind right now, how I want to answer it. I think the simple answer is, we reaffirmed our 2026 early outlook. And everything that's been happening, is happening inside that two-way, so yes, we are definitely on track.

我現在只是在心裡思考，我要如何回答這個問題。我認為簡單的答案是，我們重申了我們對 2026 年的早期展望。所發生的一切，都是在雙向內部發生的，所以，是的，我們肯定走在正軌上。

I'm confident in delivering that early outlook, and I think as the year progresses, we're in the second quarter here, as the year progresses if we need to adjust or change that will be, we'll be sharing that with the with the investors.

我對實現這一早期展望充滿信心，而且我認為隨著時間的推移，我們現在已經進入第二季度，如果我們需要進行調整或改變，我們將與投資者分享。

Okay.

好的。

Thank you for that.

謝謝你。

And then as a follow up, congrats on getting the Haynesville and Appalachia gathering expansions online. Can you just remind us how much each base kind of compared to the the QT volumes on slide 13 that you're at now?

然後作為後續，祝賀 Haynesville 和 Appalachia 聚會擴展上線。您能否提醒我們，與您現在的第 13 張投影片上的 QT 體積相比，每個鹼基的量是多少？

That's a really good question.

這真是一個好問題。

You're, I'm, you're going to stump me on that one because I don't know the answer off the top of my head, but I'm looking at Todd Lohrmann right now and he's smiling and he will get back to you with (inaudible).

你，我，你會把我難倒，因為我不知道答案，但我現在正在看著托德·洛爾曼，他面帶微笑，他會回答你（聽不清楚）。

Okay, sure, sorry about that.

好的，當然，很抱歉。

Cool, that's tough for me.

太棒了，這對我來說很難。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question comes from the line of John Mackay, Goldman Sachs.

我們的下一個問題來自高盛的約翰·麥凱。

The line's open.

線路已開通。

Good morning guys.

大家早安。

Thank you for the time, I wanted to start in the backlog so you kind of FID about 600 million of projects today I think you guys were really clear on those. I think they made a lot of sense that you're able to come out with them, but I guess you're keeping the backlog number unchanged.

感謝您抽出時間，我想從積壓工作開始，所以您今天對大約 6 億美元的項目進行了 FID，我想你們對這些都非常清楚。我認為他們很有道理，你可以提出這些建議，但我猜你會保持積壓數量不變。

I understand the 2.3 is a risk number, but maybe just kind of talk through the moving pieces on kind of what could be coming in there?

我知道 2.3 是一個風險數字，但也許只是透過一些動態因素來討論可能出現的情況？

How do you think about risking the piece that hasn't reached FID yet maybe just moving pieces.

您如何看待冒險使用尚未達到 FID 的棋子，或許只是移動棋子？

Thanks.

謝謝。

Yeah, morning John,

是的，早安，約翰，

Maybe I'll start at the highest level. When we updated that backlog, in the beginning of the year, and we're sitting here in the second quarter and we're, we have 50% of that backlog FID. That feels real positive to me and to the whole organization. I think that's a reflection of the macro. Environment that we're in and we've kind of talked about that already on the call here through some of the questions, so I'd say it's very encouraging that were 6 months into a 5-year plan and we're 50% FID.

也許我會從最高等級開始。當我們在年初更新積壓訂單時，現在我們正處於第二季度，我們有 50% 的積壓 FID。這對我和整個組織來說都是非常正面的感覺。我認為這是宏觀的反映。我們所處的環境，我們已經在電話會議上透過一些問題討論過這個問題，所以我想說，這是非常令人鼓舞的，五年計劃已經進行了 6 個月，我們的 FID 達到了 50%。

So, I think it's safe to say that's the risking significantly de-rising that backlog, in terms of process. What the way we're going to address this, John, with their disclosures is we'll annually update that backlog, I don't think it makes sense for us to be trying to do that quarter by quarter. You know it's a long-term view, And I think that's how we're going to handle that going forward, so what I would say is you should expect that on the year end call.

因此，我認為可以肯定地說，從流程角度來看，這有很大可能會減少積壓。約翰，我們解決這個問題的方式是，每年更新一次積壓訊息，我認為我們每個季度都嘗試這樣做是沒有意義的。你知道這是一個長遠的觀點，我認為這就是我們未來處理這個問題的方式，所以我想說的是，你應該在年底的電話會議上預料到這一點。

We'll do a refresh on that backlog, obviously the time frame will move forward a year and we'll do a refresh, but, as we sit here today, well, I'll start by saying as we sat here back in the new year, I was highly confident on executing that backlog that that is not the gross backlog that is the backlog that we are highly confident that we're going to execute on. And that confidence level is only, significantly gone up in the last 6 months, so, feeling really good with what the market's presenting to us.

我們將對積壓工作進行刷新，顯然時間框架將向前推進一年，我們也會進行刷新，但是，當我們今天坐在這裡時，好吧，我首先要說的是，當我們在新的一年坐在這裡時，我對執行積壓工作非常有信心，這不是總積壓，而是我們非常有信心將要執行的積壓。而這種信心水準在過去 6 個月裡顯著上升，因此，我們對市場呈現給我們的狀況感到非常滿意。

I feel like our asset base is sitting in the right locations in the country to take advantage of the momentum that that we're seeing across the country, the derivative investments that are driven by power demand growth. And then as we have already talked about the significant LNG RAM.

我覺得我們的資產基礎位於該國的正確位置，可以利用我們在全國範圍內看到的勢頭，即由電力需求增長驅動的衍生投資。然後，正如我們已經討論過的重要的 LNG RAM。

That I said on my opening remarks a significant portion of that is already FID, so that's coming. It's just a question now of, getting our fair share of that.

我在開場白中說過，其中很大一部分已經是 FID，所以即將到來。現在的問題是，我們要得到公平的份額。

Alright. I appreciate you, walking through that for the second question I just wanted to go back to some of the kind of, Ohio through Midwest opportunities. Can you remind us one I guess how to think about expansion capacity on nexus and then 2, maybe taking that a step further, how you could think about, maybe either some of the Midwest utilities participating in something reaching back to the basin versus potentially some of the ENP there looking to move their, incremental supply out.

好吧。我很感謝你，對於第二個問題，我只是想回到俄亥俄州到中西部的一些機會。您能否提醒我們，首先我想問一下如何考慮 nexus 的擴展容量，然後，第二，也許更進一步，您可以考慮一下，也許是一些中西部公用事業公司參與到一些延伸到盆地的項目中，或者可能是一些 ENP 想要將他們的增量供應移出盆地。

Yeah, why don't we start with nexus and.

是的，我們為什麼不從 nexus 開始呢？

This might be a bit of a history lesson for some folks on the call is that when we built nexus, we actually had an additional compressor station in the original design that we elected not to construct, just based on the amount of contracts that we had anchored, prior to, going into construction.

對於電話會議中的某些人來說，這可能是一個歷史教訓，當我們建造 nexus 時，我們實際上在原始設計中有一個額外的壓縮機站，但我們選擇不建造它，只是基於我們在開工前簽訂的合約數量。

So, nexus is like ready for a compression expansion. The simple way to think about it is every major compressor is going to deliver, 100 to 200 million a day of capacity just depending on where those shippers want to take that gas to like how far in Ohio or how far into Michigan, they want to take the sy (inaudible).

因此，nexus 就像已為壓縮擴展做好準備。簡單的思考方式是，每個主要的壓縮機每天的輸送量為 1 億到 2 億，這取決於運輸商想要將天然氣輸送到哪裡，例如俄亥俄州多遠，或者密西根州多遠，他們想要將系統（聽不清楚）。

So, it's very bite size and very digestible into the market, it's a lot like LEEP in terms of, we can expand. Very rationally, couple 100 million a day. And it's a very, it's a relatively light touch in terms of a regulatory application and construction.

因此，它的規模非常小，很容易被市場消化，它很像 LEEP，我們可以擴展它。很理性，一天賺1億。就監管應用和建設而言，這是一個相對輕鬆的舉措。

So that's how to think about nexus, so, and nexus clearly is one of the new pipes that was built in the last decade that has significant expansion of runway in front of it. So, it can comfortably expand up to 2.5 BCF a day again, depending on where the gas is ultimately destined to go to. So, there's a nice runway there of expandability. That we're obviously very aware of and working actively in the market to commercialize. That would be point number 1.

這就是對 nexus 的看法，nexus 顯然是過去十年中建造的新管道之一，其前方的跑道得到了顯著擴展。因此，它可以輕鬆地再次擴大到每天 2.5 BCF，這取決於天然氣的最終去向。因此，這裡有一個很好的可擴展性平台。我們顯然非常清楚這一點，並積極致力於市場商業化。這是第一點。

I think you mentioned Michigan, again, I think, I think go look at the DTE transcript about their views on gas growth potential in Michigan and power generation growth in Michigan, I think there's some pretty bullish activity happening in Michigan right now, all driven by data centers very similar to what's happening in Wisconsin and other locations around our footprint.

我認為您再次提到了密西根州，我認為，我認為去看看 DTE 記錄中關於他們對密西根州天然氣增長潛力和密西根州發電增長的看法，我認為密西根州目前正在發生一些相當樂觀的活動，所有這些都是由數據中心推動的，與威斯康星州和我們業務範圍周圍的其他地方發生的情況非常相似。

So again, let's just make it up for a minute, you build another combined cycle power plant in Michigan, we have a lot of pipeline assets pointed to Michigan, and we have storage in Michigan. So, we are going to be a beneficiary of that kind of demand materializing in Michigan, either directly or indirectly through those assets that serve Michigan, so again, just a lot of very favorable fundamentals, playing out right now in the marketplace that are all very supportive of our assets and our long-term strategy.

所以，讓我們再假設一下，你在密西根州建造了另一座聯合循環發電廠，我們有很多指向密西根州的管道資產，我們在密西根州有儲存設施。因此，我們將直接或間接地透過服務密西根州的資產受益於密西根州的這種需求，因此，現在市場上有許多非常有利的基本面，這些基本面都非常支持我們的資產和長期策略。

I appreciate that thanks for your time.

感謝您抽出時間。

You're welcome.

不客氣。

Thank you.

謝謝。

Our next question comes from the line of Keith Stanley, Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Keith Stanley。

The line's opened.

線路開通了。

Hi, good morning, wanted to start on the modernization, investment, so you said most of the phase one is on guardian. Should we assume, that can get reflected in the rate case filing potential in the second half of 26 even though the project's coming on in the second half of 27 so you can look forward in that case and then at a at a high level. Program as directly growing the EBITDA of the company, entirely or is some of this spend going to be to maintain rate base over time.

你好，早安，我想開始討論現代化和投資，所以你說第一階段的大部分工作都在監護人身上。我們是否應該假設，儘管該計畫將在 27 年下半年啟動，但這可以反映在 26 年下半年的案件申請率潛力中，因此您可以展望這種情況，然後在高水平上展望未來。該計劃將直接增加公司的 EBITDA，全部或部分支出將用於長期維持利率基礎。

Yeah, so I'll start with Guardian. The short answer is yes, we expect that to roll through the next rate, conversation with the anchor shippers, of the pipeline and just to remind everybody that approximately 95% of the capacity of the current pipeline are the wet family of utilities, just for reference.

是的，所以我將從 Guardian 開始。簡短的回答是肯定的，我們預計這將在下一個費率中滾動，與管道的主要托運人進行對話，只是提醒大家，當前管道容量的約 95％ 是濕式公用設施，僅供參考。

So yes, we expect that that modernization will be part of the [Raya] conversation. And that the rate adjustment related to the modernization would be happening when those facilities, go into service. And you know this is a like for like replacement and modernization, so it'll have a very light regulatory touch in terms of the FERC.

所以是的，我們預計現代化將成為 [Raya] 對話的一部分。當這些設施投入使用時，與現代化相關的費率調整將會進行。你知道，這是一種類似的替換和現代化，因此，就聯邦能源管理委員會而言，它的監管力度會非常輕。

So that would be The Guardian component in terms of how to think about modernization more broadly. At the highest level, to think about it. I would say that the regular maintenance. That we would put into those acids. Kind of keeps the rate base kind of treading water relatively flat. I mean there may be some timing issues here, from year to but generally speaking, that keeps the rate base flat.

因此，這就是《衛報》關於如何更廣泛地思考現代化的組成部分。在最高層次去思考這個問題。我想說的是定期維護。我們會將其放入那些酸中。某種程度上保持利率基礎處於相對平穩的狀態。我的意思是，這裡可能存在一些時間問題，從一年到另一年，但一般來說，這會使利率基礎保持穩定。

So, I think you're, your thesis there and your question is correct, that modernization will predominantly grow the EBITDA on those 3 regulated assets which is one of the reasons why we're so excited about it. Not only does it significantly improve the quality of the acid and the reliability to the customers. But it has a growth dimension to our total, pipeline segment.

所以，我認為你的論點和問題是正確的，現代化將主要增加這 3 項受監管資產的 EBITDA，這也是我們對此如此興奮的原因之一。它不僅顯著提高了酸的品質和對客戶的可靠性。但它對我們的整個管道部門來說具有成長意義。

Very clear, thanks for that, second question.

非常清楚，謝謝，第二個問題。

Are there any opportunities to expand your existing pipes to be part of a solution to increase Appalachia, takeaway capacity, potentially to the Gulf Coast even and curious if any updated thoughts you talked last quarter on, could you maybe work with the borealis project and Texas Gas to be part of a solution.

是否有機會擴展現有的管道，作為增加阿巴拉契亞山脈輸送能力的解決方案的一部分，甚至可能擴展到墨西哥灣沿岸，並且好奇您在上個季度談到的任何最新想法，您是否可以與北極星項目和德克薩斯天然氣公司合作，成為解決方案的一部分。

So yes, we're obviously working on that like I said, previously. We're a very open-minded company and we work with everybody. We'd like to have good relations with all of our peers and work cooperatively with them, especially when it's to each company's mutual benefit, so that's just how we work, generally speaking.

是的，正如我之前所說，我們顯然正在努力解決這個問題。我們是一家思想非常開放的公司，我們與所有人合作。我們希望與所有同行保持良好的關係並與他們合作，特別是當這有利於每家公司的共同利益時，所以一般來說，這就是我們的工作方式。

And that that isn't going to change going forward. So yes, there are lots of different ways that people are looking at creating additional egress capacity out of Appalachia. And again, Appalachia is the largest resource base we have in the country and has a tremendous runway on it in terms of decades of resource and runway to increase the annual production without stressing the system there at all.

而這種情況在未來也不會改變。是的，人們正在透過多種不同的方式尋找在阿巴拉契亞山脈之外創造額外出口容量的方法。再說一次，阿巴拉契亞是我們國家最大的資源基地，擁有數十年的巨大資源和發展空間，可以提高年產量，而不會給那裡的系統帶來任何壓力。

So, the short answer is yes, we are looking at all the different ways that we can use our assets to expand the egress capacity we talked about nexus already on the call. That's an obvious one. But we're looking at all the other ways as well and how can we participate in a cooperative manner with, even other companies to unlock basic capacity.

因此，簡短的答案是肯定的，我們正在研究可以利用我們的資產來擴大出口容量的所有不同方法，我們在電話會議上已經討論過這一點。這是顯而易見的。但我們也在研究其他所有方式，以及如何以合作的方式與其他公司一起釋放基本產能。

Thank you.

謝謝。

Thank you.

謝謝。

I that question comes from the Spiro Dounis, Citigroup Inc

這個問題來自花旗集團的 Spiro Dounis

The line's open.

線路已開通。

Morning, gentlemen.

早安，先生們。

First question want to start.

第一個問題想開始。

Morning, let's start with the Midwest pipeline. It's a two-part question.

早上好，讓我們從中西部管道開始。這是一個由兩部分組成的問題。

So David, as I remember when you, announced that transaction originally I think you talked about these three growth buckets that you expected to come out of these pipelines and modernization was certainly one of those, and I think the intention at some point was to provide the market with a sort of broad opportunity set and actually quantify the growth opportunities set for those buckets. Curious where that stands and how to think about that potential update now that you've got modernization under way.

所以大衛，我記得當你宣布那筆交易時，你最初談到了你預計將從這些管道中產生的三個增長桶，現代化肯定是其中之一，我認為在某種程度上，其目的是為市場提供一種廣泛的機會集，並實際上量化為這些桶設定的增長機會。好奇現在情況如何，以及既然已經開始了現代化，如何看待潛在的更新。

Second part of that question just around modernization itself, you've got this cadence of one rate case per year, 26, 27, 28, is that how we should about sort of the next phases as you announce them?

問題的第二部分是關於現代化本身的，您每年都會有一個這樣的頻率，26、27、28，這就是您宣布的下一階段的方式嗎？

Are they a year away, or could you actually do that much sooner?

還有一年的時間嗎，或者你實際上可以更早做到這一點？

Yeah, thanks for the question, Spiro, maybe we'll just start with. What we have disclosed, which is, between G3 and you know modernization phase one, we've essentially disclosed half a billion-dollar investment in these assets six months in which is pretty darn exciting from our perspective.

是的，謝謝你的提問，Spiro，也許我們就從這裡開始。我們所揭露的是，在 G3 和現代化第一階段之間，我們基本上揭露了在六個月內對這些資產的 5 億美元投資，從我們的角度來看，這是非常令人興奮的。

Hopefully it feels the same way, in terms of how we're going to disclose the total opportunities set, I'll go back to my earlier answer, and I think as we thought it through, we don't want to get in this cadence of every quarter changing this and changing that. The long-term capital backlog, I think we're going to get in a cadence of refreshing that annually.

希望大家有同樣的感覺，就我們如何披露總體機會而言，我將回到我之前的回答，我認為，正如我們仔細考慮過的那樣，我們不想在每個季度都改變這個、改變那個。對於長期資本積壓，我認為我們每年都會有節奏地進行更新。

So, that we're not bouncing it around quarter to quarter. And I think that'll just be a a more stable, predictable way for the investment community to understand our business, we'll continue to talk about how we're doing.

因此，我們不會在季度與季度之間進行波動。我認為這將是一種讓投資界更穩定、更可預測的方式來了解我們的業務，我們將繼續談論我們的經營狀況。

Like we talked on the call today we're 50% of the way there 6 months in on our 2.3. I think you can infer appropriately how we feel about that 2.3 based on where we are 6 months in. And again, we'll refresh at the end of the year, but my goodness, we're feeling very favor, very happy with our acquisition.

正如我們今天在電話會議上所說，2.3版本在六個月內就已經完成了一半。我想你可以根據六個月後的進展情況，準確地推斷出我們對2.3版本的看法。再次，我們將在年底進行更新，但是天哪，我們對我們的收購感到非常高興。

It's coming along nicely. There's really clear line of sight for a significant capital deployment here, the growth that has occurred. Already is very significant to us in terms of our size and the size and scale of the growth.

一切進展順利。這裡確實有明顯的重大資本部署和已經發生的成長的跡象。就我們的規模以及成長的規模和範圍而言，這對我們來說已經非常重要。

But the more encouraging part Spiro is I look at that business and as we get deeper and deeper and understand it more and more and get ourselves and the way in which we approach our customer base as we get deeper into this new customer base, we just continue to uncover more and more or we're seeing more and more growth opportunities.

但更令人鼓舞的是，Spiro 觀察這個業務時發現，隨著我們越來越深入地了解它，越來越了解自己，以及我們接近客戶群的方式，隨著我們越來越深入這個新客戶群，我們就會繼續發現越來越多的東西，或者看到越來越多的成長機會。

So, it's just very encouraging and tremendously happy with the acquisition of just say it that way.

因此，對於 Just Say It That Way 的收購，我感到非常鼓舞和高興。

Got it.

知道了。

Yeah, it's a great color.

是的，顏色很棒。

It's good to hear, your second question kind of picking up on that last point just around a lot of sort of unexpected growth that seems to be coming forward as we look at 2026 CapEx, I guess I could call it half full if we're just comparing it to 2025, but yeah, I guess as you sit here today and I know you're not going to guide the 26th, but should we consider 26 is a similar CapEx spending year to 2025, and I think about that in the context of Millennium Pro and maybe some other major projects that to be sanctioned and if you put in that context, once again, just maybe remind us about how you think about any self-imposed capital spending limits in any (inaudible).

很高興聽到你提出的第二個問題，它與最後一點類似，即當我們展望 2026 年的資本支出時，似乎會出現很多意想不到的增長。如果我們只是將其與 2025 年進行比較，我想它只是半滿的。但是，是的，我想你今天坐在這裡，我知道你不會指導 26 年，但我們是否應該認為 26 年是與 2025 年類似的資本支出年？我在 Millennium Pro 和其他一些需要批准的重大項目的背景下考慮了這一點，如果你把這個背景放在一起，再一次，也許可以提醒我們，你是如何看待任何自我強加的資本支出限制的？（聽不清楚）。

Yeah, I'll start at the highest level, our goal and our experience over the last 4 years and, in a, and not as constructive of an environment, it's just deploying or organic cash flow to predominantly greenfield opportunities across the network.

是的，我將從最高層次開始，我們的目標和過去 4 年的經驗，在一個不那麼建設性的環境中，它只是部署或有機現金流到整個網路中主要的綠地機會。

We been able to do that successfully over the last 4 years. Any M&A has really been, over and above that utilizing dry powder that we've accumulated on the balance sheet, with those two M&As that we've done over the last two years or 3 years. So, as I look forward, we're looking really at organic investment opportunity using that free cash flow.

過去四年來，我們成功地做到了這一點。任何併購實際上都是利用我們在資產負債表上累積的資金，就像我們在過去兩年或三年完成的兩次併購一樣。因此，展望未來，我們確實在尋找利用自由現金流的有機投資機會。

As I look at where next year FID projects sit in relation to that, we're in no different position today than we were a year ago, if we were looking ahead at 2025.

當我回顧明年 FID 計畫與此的關係時，如果我們展望 2025 年，我們會發現我們今天的處境與一年前並沒有什麼不同。

So, we're right on pace, we're right on track. I fully expect we'll deploy that. I think what you're kind of scratching at your Spiro is, well, what if the market is more robust and presents opportunities that that are above and beyond your free cash flow.

所以，我們的步伐正確，我們正走在正確的軌道上。我完全相信我們會部署它。我認為您對 Spiro 所關心的是，如果市場更加強勁並且提供超出您的自由現金流的機會，情況會如何？

I think the nice thing here and I'm kind of Jeff right now, but the disciplined management of her balance sheet and getting to investment grade as we continue to grow EBITDA inside every free cash flow.

我認為這裡的好處是，我現在有點像傑夫，但她對資產負債表進行了嚴格的管理，並達到了投資級別，因為我們繼續在每個自由現金流中增加 EBITDA。

Jeff's accumulating dry powder again on the balance sheet, we have a billion dollars of undrawn deck capacity on a revolver, so if you have a little, what I'll call timing, mismatches we've got plenty of deck capacity to handle timing mismatches, but if the market does present opportunities that are above and beyond our free cash flow, we are accumulating dry powder on the balance sheet, we will not jeopardize investment grade.

傑夫再次在資產負債表上累積了乾火藥，我們在循環信貸上有 10 億美元的未提取容量，因此，如果你有一點，我稱之為時機不匹配，我們有足夠的容量來處理時機不匹配，但如果市場確實提供了超出我們自由現金流的機會，我們正在資產負債表上積累乾火藥，我們不會危及投資等級。

But we, that dry powder in the back of our mind, we're thinking is either going to do greenfield opportunities or is the question earlier, if an appropriate bolt on presented that fit the strategy and made sense in the portfolio.

但是，我們腦海深處的乾粉，我們思考的是要么去做綠地機會，要么是之前的問題，如果提出了一個適合該戰略並在投資組合中有意義的適當的附加條件。

We have that dry powder optionality to pursue something like that as well, so it can go to either of those opportunities, and that's kind of how I think about it at the highest level, and I hope I answered your question.

我們也有乾粉選擇權來追求類似的事情，所以它可以用於其中任何一個機會，這就是我在最高層面上對此的看法，我希望我回答了你的問題。

You did, David, super helpful.

你確實做到了，大衛，非常有幫助。

I'll leave it there.

我就把它留在那裡。

Thank you, gentlemen.

謝謝各位。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question comes from the line of Robert Mosca, Mizuho.

我們的下一個問題來自瑞穗的羅伯特·莫斯卡。

The line's open.

線路已開通。

Hey, good morning, everyone.

嘿，大家早安。

A lot of positive indicators in the Haynesville and still a lot of expansion potential across your assets there, especially with these additional interconnections, but could you speak to maybe other opportunities you're assessing in the base and be it last mile solutions to LNG facilities, storage or whether you've evaluated the potential to connect to PowerGen in western Louisiana.

海恩斯維爾有很多積極的指標，你們在那裡的資產仍然有很大的擴張潛力，特別是有了這些額外的互連，但你能否談談你在基地評估的其他機會，無論是液化天然氣設施的最後一英里解決方案，儲存，還是你是否評估了連接到路易斯安那州西部 PowerGen 的潛力。

Yeah, all of those that you rattled off, Rob, are in our sites right now, we're definitely looking at Greenfield storage opportunities, our customers are asking for that they're they're searching for that, given the LNG demand ramp.

是的，羅布，你剛才提到的所有這些現在都在我們的網站上，我們肯定在尋找綠地存儲機會，考慮到液化天然氣需求的增長，我們的客戶要求他們尋找這樣的機會。

That's going to be an element of the ecosystem down there that's going to be required in significantly larger quantities as we look forward in time with this growth coming. So that's one that we're spending a lot of time on we have storage up here in Michigan.

這將成為那裡生態系統的一個元素，隨著我們期待這種增長的到來，對它的需求將大大增加。因此，我們花了很多時間在密西根州的儲存上。

We're very familiar with storage. So, that's clearly in our on our short list. You alluded to the interconnected expansions, that's important, we are talking on the last mile piece if parties downstream of us.

我們對存儲非常熟悉。所以，這顯然在我們的候選名單上。您提到了相互關聯的擴展，這很重要，我們正在討論下游各方的最後一英里部分。

If there's opportunities to participate in last mile expansions and there will be a number of last mile expansions required to meet this RAM, this LNG RAM. In terms of other, what I'll call incremental, green field activity.

如果有機會參與最後一哩的擴展，那麼將需要進行一定數量的最後一哩擴展來滿足這個 RAM，即這個 LNG RAM。至於其他方面，我稱之為增量、綠地活動。

And we've been very successful in the private producer space recently. And we continue to focus on that market segment. And there are more and more privates emerging in the basin as the basin is becoming more of a focal point in the in the near term. So, that's a segment of the market up there that we've been, that we will continue to focus on, and try to pull them into the into the broader network there and give them that turnkey solution to go well head right to theology market.

我們最近在私人製作人領域取得了巨大的成功。我們將繼續關注該細分市場。隨著該盆地在短期內成為焦點，越來越多的私人企業湧現。所以，這是我們一直關注的市場領域，我們將繼續關注它，並嘗試將他們拉入更廣泛的網絡，並為他們提供交鑰匙解決方案，讓他們順利進入神學市場。

Got it.

知道了。

That's great color, and then for my follow up, there's been a couple of announcements this quarter around projects I could drive and based in demand in the Northeast, were any of those projects included in your assessment of demand pull opportunities around your network, and do you have the potential to benefit either directly or indirectly from that increased poll in Southwest PA.

這顏色很棒，然後作為我的後續行動，本季度圍繞我可以推動的項目發布了幾個公告，並且基於東北地區的需求，這些項目中是否有任何一個包含在您對網絡周圍需求拉動機會的評估中，您是否有可能直接或間接地從賓夕法尼亞州西南部增加的民意調查中受益。

Yeah, the short answer is yes, some of these,

是的，簡短的回答是肯定的，其中一些，

AI data center demands that are dropping, what I'll call in in basin proper, so that they're not caught up in egress capacity constraints.

人工智慧資料中心的需求正在下降，我將在盆地內進行適當調用，這樣它們就不會受到出口容量限制的影響。

At the highest level, it's going to allow the basin to wrap, so you know the ones that have been recently announced, it's going to allow basin production to ramp, call it a BCF plus over the next couple of years as those facilities get constructed, and yeah, that'll drive incremental drilling across the basin and we believe that, some of that incremental drilling is going to happen on our footprint.

從最高層面來說，它將使盆地得到包裹，所以你知道最近宣布的那些，它將使盆地產量增加，在未來幾年隨著這些設施的建成，稱之為 BCF plus，是的，這將推動整個盆地的增量鑽探，我們相信，其中一些增量鑽探將在我們的足跡上進行。

It'll happen across the basin. But some of those big public companies that have announced and have been very vocal about this. Our customers of ours, so I'll just leave it at that.

它會在整個盆地發生。但一些大型上市公司已經宣布並公開表示了這個消息。我們的客戶，所以我就此打住。

Got it really helpful.

確實很有幫助。

Thanks for the time, everyone.

謝謝大家的時間。

Welcome.

歡迎。

Thank you.

謝謝。

Our next question comes from the line of that the never from T E T H (inaudible).

我們的下一個問題來自 T E T H 的（聽不清楚）。

The line's open.

線路已開通。

Hi thanks for squeeze me. Starting on the Haynesville. Good to see the record volumes for Q2.

嗨，謝謝你擠壓我。從海恩斯維爾出發。很高興看到第二季的交易量創下紀錄。

I'm curious, i know some of those volumes are under acre dedications as well as MBC style contracts at this point are you guys above NBC levels or there are a few of those contracts they're still below their contracted levels.

我很好奇，我知道其中一些產量是按照英畝承諾以及 MBC 風格的合約進行的，此時你們的產量是否高於 NBC 水平，或者其中一些合約的產量仍低於合約水平。

Yeah, that's a great question, and it's a question that we get asked frequently, that's just a level of disclosure that we've not provided, because of the sensitivity of a lot of those contracts, with those individual customers.

是的，這是一個很好的問題，也是我們經常被問到的問題，但由於與個人客戶簽訂的許多合約的敏感性，我們尚未提供這種程度的披露。

What I'll say, at a high level is, we'd like to put those floors into our agreements there to protect the downside. And I think, I think over the last 18 to 24 months. You, we've all lived through the downside of Haynesville. And they accomplished what they were intended to accomplish, I'll just say it that way.

我想說的是，從高層來看，我們希望將這些底線納入我們的協議中，以防止下行風險。我認為，我認為在過去的 18 到 24 個月裡。你們，我們都經歷過海恩斯維爾的不利之處。他們完成了他們想要完成的事情，我只能這麼說。

We are climbing the mountain on the other side and I think that's going to be positive for us.

我們正在攀登另一邊的高山，我認為這對我們來說是積極的。

I'll just leave it at that, so.

我就不多說了，就這樣。

Makes sense.

有道理。

I appreciate that and then a quick one on the Northeast. Seems like volumes and even they're going to ramp into Q4. Is it fair to assume 23 is, relatively flat, maybe slight growth, and then all the growth in Northeast will hit in Q4.

我對此表示感謝，然後我快速談談東北問題。看起來產量甚至將在第四季增加。是否可以假設 23 相對平穩，可能略有增長，然後東北地區的所有增長都將在第四季度實現。

Yeah, I think what we're saying publicly is that we expect a flat entry to exit rate in Appalachia and I think Jeff provided a little color as to what was happening in Q2, we had some timing, drilling timing, and, your ship drilling timing 3 or 4 months and it creates dips.

是的，我認為我們公開表示的是，我們預計阿巴拉契亞地區的進入和退出率將保持平穩，我認為傑夫對第二季度發生的事情提供了一些說明，我們有一些時間安排，鑽井時間安排，以及您的船舶鑽井時間安排 3 或 4 個月，這會產生下降。

And we had some maintenances was construction activity that occurred across the network that also impacted some volume flow, so that's really what happened. And we'll have, the typical ramp, the seasonal ramp going into the winter. And we expect, entry exit flat rates out of the Appalachian gathering.

我們進行了一些維護，這是整個網路中發生的施工活動，也影響了一些流量，所以這確實是發生的事情。我們將會看到典型的上升趨勢，即進入冬季的季節性上升趨勢。我們預計，阿巴拉契亞山脈聚會的入場費和出場費將保持固定水平。

Makes sense.

有道理。

Appreciate the time everyone.

感謝大家的時間。

Oh, you're welcome.

噢，別客氣。

Thank you.

謝謝。

There are no further questions.

沒有其他問題了。

I'll send the call back over to our CEO David Slater for closing remarks.

我會將電話轉回給我們的執行長大衛·斯萊特 (David Slater) 進行結束語。

Well, thanks again everybody for your time this morning and an excellent round of questions.

好吧，再次感謝大家今天早上抽出時間並提出如此精彩的問題。

We appreciate your interest in deam and have a great day.

感謝您對夢想的關注，祝您有個愉快的一天。

Okay

好的

The meeting has now concluded.

會議現已結束。

Thank you all for joining.

感謝大家的加入。

Have a great rest of the day.

祝您今天剩餘時間愉快。

You may now.

現在就可以了。