恩橋 (ENB) 2023 Q2 法說會逐字稿

Ladies and gentlemen, welcome to the Enbridge Inc. Second Quarter 2023 Financial Results Conference Call. My name is Abby, and I will be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded. And I will now turn the call over to Rebecca Morley, Director of Investor Relations. Rebecca, you may begin.

女士們、先生們，歡迎參加 Enbridge Inc. 2023 年第二季度財務業績電話會議。我叫艾比，我是今天電話的接線員。 （操作員說明）請注意，本次會議正在錄製中。我現在將把電話轉給投資者關係總監麗貝卡·莫利 (Rebecca Morley)。麗貝卡，你可以開始了。

Good morning, and welcome to the Enbridge Second Quarter 2023 Earnings Call. My name is Rebecca Morley, and I'm the Director of the Investor Relations team. Joining me this morning are Greg Ebel, President and CEO; Pat Murray, Executive Vice President and Chief Financial Officer; the heads of each of our business units: Colin Gruending, Liquid Pipelines; Cynthia Hansen, Gas Transmission and Midstream; Michele Harradence, Gas Distribution and Storage; and Matthew Akman Renewable Power.

早上好，歡迎參加 Enbridge 2023 年第二季度收益電話會議。我叫麗貝卡·莫利，是投資者關係團隊的總監。今天早上和我一起來的是總裁兼首席執行官格雷格·埃貝爾 (Greg Ebel)；帕特·默里（Pat Murray），執行副總裁兼首席財務官；我們每個業務部門的負責人：Colin Gruending，液體管道； Cynthia Hansen，天然氣輸送和中游；米歇爾·哈拉登斯 (Michele Harradence)，天然氣輸送和儲存；和馬修·阿克曼可再生能源公司。

As per usual, this call is being webcast, and I encourage those listening on the phone, to follow along the supporting slides. We'll try to keep the call roughly to 1 hour. And in order to answer as many questions as possible, we'd appreciate you limiting your questions to 1, plus a single follow-up as necessary. We'll be prioritizing questions from the investment community. So if you're a member of the media, please direct your inquiries to our communications team, who will be happy to respond.

像往常一樣，這次電話會議正在網絡直播，我鼓勵那些在電話上收聽的人按照支持幻燈片進行操作。我們會盡量將通話時間控制在 1 小時左右。為了回答盡可能多的問題，我們希望您將問題限制為 1 個，並根據需要進行一次後續跟進。我們將優先考慮投資界提出的問題。因此，如果您是媒體成員，請將您的疑問直接發送給我們的傳播團隊，他們將很樂意回复。

As always, our Investor Relations team will be available following the call for any follow-up questions. On to Slide 2, where I'll remind you that we'll be referring to forward-looking information during today's presentation and in the Q&A. By its nature, this information contains forecasts, assumptions and expectations about future outcomes, which are subject to the risks and uncertainties outlined here and discussed more fully in our public disclosure filings. We'll also be referring to non-GAAP measures as summarized below. And with that, I'll turn it over to Greg Ebel.

與往常一樣，我們的投資者關係團隊將在電話會議後解答任何後續問題。在幻燈片 2 上，我將提醒您，我們將在今天的演示和問答中提及前瞻性信息。就其性質而言，這些信息包含對未來結果的預測、假設和預期，這些預測、假設和預期受到此處概述的風險和不確定性的影響，並在我們的公開披露文件中進行了更全面的討論。我們還將參考下文總結的非公認會計準則衡量標準。接下來，我會將其交給 Greg Ebel。

Thank you, Rebecca, and good morning, everyone, and thanks for joining us. I'm excited to be here today to review our strong second quarter results and provide a business update. I'll start off by doing a midyear check-in on some of our key priorities that we laid out for you at our Investor Day.

謝謝麗貝卡，大家早上好，感謝您加入我們。我很高興今天能夠在這裡回顧我們強勁的第二季度業績並提供業務更新。我將首先對我們在投資者日為您列出的一些關鍵優先事項進行年中檢查。

I'll then take you through some updates from our 4 businesses and provide highlights from our 22nd annual sustainability report. I'll also highlight how our industry-leading diversified cash flow profile underpins our strong balance sheet and will continue to support Enbridge as a first-choice investment opportunity.

然後，我將向您介紹我們 4 家企業的一些最新動態，並提供我們第 22 份年度可持續發展報告的重點內容。我還將強調我們行業領先的多元化現金流狀況如何支撐我們強勁的資產負債表，並將繼續支持安橋作為首選投資機會。

Pat will then walk you through the financial performance, our capital allocation priorities and growth outlook. Lastly, I'll close with a few key takeaways. And as always, the Enbridge team is here to address any questions you may have.

然後帕特將向您介紹財務業績、我們的資本配置優先事項和增長前景。最後，我將以一些關鍵要點作為結束語。一如既往，安橋團隊隨時解答您的任何問題。

Q2 was a really good quarter for Enbridge. We saw high utilization across our assets and had strong financial results, consistent with our expectations. This performance puts us on track to meet our full year EBITDA and DCF per share guidance. Our balance sheet is in great shape. We have a high investment-grade credit rating, and we exited the quarter at 4.5x debt-to-EBITDA, the very low end of our targeted range of 4.5 to 5x.

第二季度對於安橋來說是一個非常好的季度。我們的資產利用率很高，財務業績強勁，符合我們的預期。這一業績使我們有望實現全年 EBITDA 和每股 DCF 指導。我們的資產負債表狀況良好。我們擁有較高的投資級信用評級，本季度末的債務與 EBITDA 之比為 4.5 倍，這是我們 4.5 至 5 倍目標範圍的極低端。

We are pleased to have reached a settlement in principle with shippers on the Mainline tolling early in the quarter, which was great news for us, our customers and the industry overall. We will provide an update on next steps when we discuss our business units.

我們很高興在本季度初與托運人就乾線收費問題達成原則和解，這對我們、我們的客戶和整個行業來說都是個好消息。當我們討論我們的業務部門時，我們將提供後續步驟的最新信息。

On growth, we made good progress on our U.S. Gulf Coast crude oil strategy by extending and upsizing Flanagan South's open season, where we saw very strong interest for customers for that pipeline service. We also sanctioned new storage capacity with Enbridge Houston oil terminal or EHOT, enhancing the competitive profile of our Mainline system to deliver Canadian oil to the U.S. Gulf Coast.

在增長方面，我們通過延長和擴大弗拉納根南的開放季節，在美國墨西哥灣沿岸原油戰略方面取得了良好進展，我們看到客戶對該管道服務非常感興趣。我們還批准了安橋休斯頓石油碼頭或 EHOT 的新存儲能力，增強了我們的干線系統的競爭地位，將加拿大石油輸送到美國墨西哥灣沿岸。

We have filed a partial settlement on our utility rebasing application, which includes important matters and has been verbally approved by the OEB pound. We expect a final outcome on 2024 rates by Q4. This will provide benefits to our investors and customers and will support Ontario's population growth, energy affordability and economic growth in the products.

我們已就公用事業重新基準化申請提交了部分和解，其中包括重要事項，並已得到 OEB pound 的口頭批准。我們預計 2024 年第四季度利率的最終結果將出爐。這將為我們的投資者和客戶帶來好處，並將支持安大略省的人口增長、能源負擔能力和產品經濟增長。

We continue to see growth opportunities in our renewable business and anticipate reaching FID on certain U.S. onshore development projects by year-end. And we're pleased that next decade reached FID on Phase 1 of their Rio Grande LNG facility. We are in the process of obtaining necessary permits and regulatory approval for our Rio Bravo Pipeline project and plan to start construction in 2025.

我們繼續看到可再生能源業務的增長機會，並預計到年底就某些美國陸上開發項目達成最終投資決定。我們很高興在接下來的十年裡，他們的里奧格蘭德液化天然氣設施一期工程達成了最終投資決定。我們正在為 Rio Bravo 管道項目獲得必要的許可和監管部門批准，併計劃於 2025 年開始建設。

We've executed over $1 billion of accretive tuck-in M&A year-to-date. In Liquids, we increased our ownership and acquired operatorship of Gray Oak pipeline, which delivers crude to our world-class export facility at Ingleside. In gas transmission, we enhanced our North American LNG export strategy by closing the Tres Palacios natural gas storage acquisition and acquiring Aitken Creek natural gas storage facility, which we expect to close in Q4. Lastly, we continue to sustainably return capital to our shareholders.

今年迄今為止，我們已執行了價值超過 10 億美元的增值併購。在液體方面，我們增加了所有權並收購了 Grey Oak 管道的運營權，該管道向我們位於 Ingleside 的世界級出口設施輸送原油。在天然氣傳輸方面，我們通過完成 Tres Palacios 天然氣儲存收購和收購 Aitken Creek 天然氣儲存設施（我們預計將在第四季度關閉）來加強我們的北美液化天然氣出口戰略。最後，我們繼續可持續地向股東返還資本。

All in all, a great start to the year. And as mentioned, we are on track to achieving our financial guidance, and we are making good progress on our growth commitment which include all forms of energy across our premier franchises. We continue to believe that all forms of energy will be required for years to come. Natural gas and oil will remain critical component of our energy supply in all energy transition scenarios that bounds the energy trilemma of reliability, sustainability and affordability. Our asset network is large, diverse and unmatched, providing opportunities to grow each of our base businesses, while our customer relationships, diversified asset footprint and capabilities open up new opportunities for lower carbon investments.

總而言之，今年有一個良好的開端。正如所提到的，我們正在實現我們的財務指導，並且我們在我們的增長承諾方面取得了良好進展，其中包括我們主要特許經營權的所有形式的能源。我們仍然相信，未來幾年將需要各種形式的能源。在所有能源轉型情景中，天然氣和石油仍將是我們能源供應的重要組成部分，這限制了可靠性、可持續性和可負擔性的能源三難。我們的資產網絡龐大、多樣化且無與倫比，為我們每項基礎業務的發展提供了機會，而我們的客戶關係、多元化的資產足跡和能力為低碳投資開闢了新的機會。

Now let's take a closer look at some of the recent highlights in our business units, which support our low-risk pipeline utility model. Let's start with liquids. In liquids pipelines, the Mainline system remains highly competitive. We saw record volumes in the first half of the year and extended and upsized a binding open season for the Flanagan South pipeline.

現在，讓我們仔細看看我們業務部門最近的一些亮點，這些亮點支持我們的低風險管道實用模式。讓我們從液體開始。在液體管道領域，Mainline 系統仍然具有高度競爭力。我們在今年上半年看到了創紀錄的運輸量，並延長並擴大了弗拉納根南管道的有約束力的開放季節。

FSP will approach being 90% long-term contracted, reinforcing strong utilization of Mainline infrastructure, delivering barrels into Chicago and downstream infrastructure serving the U.S. Gulf Coast, including the Seaway Pipeline and Enbridge Houston oil terminal. Then liquids system really is one of the kind. It provides attractive transportation access to approximately 75% of North America's refining capacity. As mentioned, we reached a win-win-win Mainline tolling agreement in principle with our customers in May.

FSP將接近90%的長期合同，加強主線基礎設施的強勁利用率，將石油輸送到芝加哥和服務於美國墨西哥灣沿岸的下游基礎設施，包括Seaway Pipeline和Enbridge Houston石油碼頭。那麼液體系統確實是其中之一。它為北美約 75% 的煉油產能提供了極具吸引力的運輸通道。如前所述，我們在5月份與客戶原則上達成了雙贏的干線收費協議。

This was the result of committed engagement and negotiation by both our team and the shipper representatives. The settlement will provide utility-like returns and aligns with customers' desire for safe, reliable service at a competitive toll. A key feature of the agreement is a performance collar that will allow Enbridge to earn a return on equity between 11% and 14.5% on a capital structure of 50% equity and 50% debt. This collar mechanism incentivizes us to control costs and maximize throughput to earn in the upper part of the ROE range while also providing some downside protection in the event of extreme volume disruptions. Cash flows generated by the asset will be protected from inflation with O&A and power expense escalators set to begin in mid-2024 with annual increases thereafter.

這是我們團隊和托運人代表致力於參與和談判的結果。該和解將提供類似公用事業的回報，並符合客戶以有競爭力的收費提供安全、可靠服務的願望。該協議的一個關鍵特點是績效上限，這將使安橋能夠在 50% 股本和 50% 債務的資本結構中獲得 11% 至 14.5% 的股本回報率。這種項圈機制激勵我們控製成本並最大限度地提高吞吐量，以達到 ROE 範圍的上限，同時在產量極端中斷的情況下提供一些下行保護。該資產產生的現金流將受到保護，免受通貨膨脹影響，運營管理和電力費用自動扶梯將於 2024 年中期開始，此後每年都會增加。

In terms of next steps, we expect to jointly finalize the settlement with industry and submit an application for its approval to the Canadian energy regulator by October, with the expectation that the new tolling settlement could be approved and implemented later this year. Now Line 5 has made a few headlines over the past few months. So I thought I'd spend a few moments addressing our position and what's happening in Wisconsin.

下一步，我們預計將與業界共同敲定和解方案，並在10月份之前向加拿大能源監管機構提交批准申請，預計新的收費和解方案可在今年晚些時候獲得批准並實施。現在，5 號線在過去幾個月裡成為了一些頭條新聞。所以我想我應該花一些時間來闡述我們的立場以及威斯康星州正在發生的事情。

We were pleased that the Federal District Court agreed that Line 5 continues to operate safely and its critical infrastructure delivering life-saving energy to millions of consumers downstream. 3 years ago, we filed for a 41-mile reroute in Wisconsin to relocate the pipeline of the Bad River Band land. We believe the pipeline can be relocated in the 3 years provided regulatory approvals are obtained in a reasonable time frame. And as a reminder, the new Mainline tolling agreement also provides support for investment in both the Line 5, we have planned in Wisconsin and the tunnel project proposed in Michigan.

我們很高興聯邦地方法院同意 5 號線繼續安全運營，其關鍵基礎設施為下游數百萬消費者提供拯救生命的能源。 3 年前，我們在威斯康星州申請了 41 英里的改道，以重新安置 Bad River Band 土地上的管道。我們相信，如果在合理的時間內獲得監管部門的批准，管道可以在三年內搬遷。提醒一下，新的干線收費協議還為我們在威斯康星州計劃的 5 號線和密歇根州擬議的隧道項目的投資提供支持。

Line 5 continues to operate safely and reliably, and we look forward to working with the Bad River Band regulators and other stakeholders to relocate Line 5 with no service disruption expected.

5 號線繼續安全可靠地運營，我們期待與 Bad River Band 監管機構和其他利益相關者合作，在預計不會造成服務中斷的情況下搬遷 5 號線。

Looking at our Permian strategy, the Enbridge Ingleside Energy Center is turning out to be an all-purpose Swiss army knife. It is indeed a one-of-a-kind terminal with the largest crude export capacity in North America, on-site storage and a suite of lower carbon development opportunities, including renewable power. We've seen record quarterly volumes at the facility and our Gray Oak pipeline, confirming our belief that a full past service for our customers from the Permian to Tidewater is a highly attractive competitive offering.

縱觀我們的二疊紀戰略，安橋英格爾塞德能源中心正成為一把萬能的瑞士軍刀。它確實是一個獨一無二的碼頭，擁有北美最大的原油出口能力、現場儲存能力和一系列低碳發展機會，包括可再生能源。我們看到該設施和灰橡樹管道的季度產量創歷史新高，這證實了我們的信念：為我們的客戶提供從二疊紀到潮水的全套服務是一項極具吸引力的競爭產品。

In March, we signed an LOI with Yara to jointly construct a blue ammonia production facility at Ingleside that is backed by a long-term offtake agreement. We're also planning to construct a carbon capture and sequestration hub in the region as part of our previously announced partnership with Oxy Low Carbon Ventures.

今年 3 月，我們與 Yara 簽署了意向書，在 Ingleside 共同建設藍氨生產設施，並簽署了長期承購協議。作為我們之前宣布的與 Oxy Low Carbon Ventures 合作的一部分，我們還計劃在該地區建設一個碳捕獲和封存中心。

A key competitive advantage of the terminal is ownership of 2 pipelines, Cactus II and Gray Oak that deliver Permian crude to the facility. We are looking to expand Gray Oak pipeline by up to 200,000 barrels per day with an open season plan for later this year. Additional capacity will provide customers with access to low cost integrated value chain that provides operational synergies and the lowest cost of Tidewater from the Permian.

該碼頭的一個關鍵競爭優勢是擁有 2 條管道，Cactus II 和 Grey Oak，將二疊紀原油輸送到該設施。我們希望將 Grey Oak 管道的產量擴大至每天 200,000 桶，並在今年晚些時候制定開放季節計劃。額外的產能將為客戶提供低成本的綜合價值鏈，從而提供運營協同效應和二疊紀潮汐水的最低成本。

Now let's move on to some of the exciting developments in our gas transmission business. In the U.S., we are excited about next decade announcing a final investment decision on the first 3 trains to export LNG from their Rio Grande LNG facility at the Port of Brownsville. Now this allows us to advance our Rio Bravo Pipeline project, which will supply 100% of the feedstock gas to the terminal as a key part of our U.S. Gulf Coast strategy. We are in the process of obtaining necessary construction permits and notice to proceed from FERC for the project with commercial operations expected in 2026.

現在讓我們來看看我們的天然氣輸送業務中一些令人興奮的發展。在美國，我們對下一個十年宣布最終投資決定感到興奮，該決定是從布朗斯維爾港的里奧格蘭德液化天然氣設施出口液化天然氣的前 3 列列車。現在，這使我們能夠推進我們的 Rio Bravo 管道項目，該項目將為終端供應 100% 的原料氣，作為我們美國墨西哥灣沿岸戰略的關鍵部分。我們正在為該項目獲得必要的施工許可證和 FERC 的通知，預計將於 2026 年進行商業運營。

We recently closed our acquisition of the 35 Bcf Tres Palacios gas storage facility further supporting LNG customers along the Gulf Coast. We've seen recontracting rates move significantly higher, and permitting is underway to expand the facility by up to 6.5 Bcf and we will work with our customers to deliver more capacity in the next 12 to 24 months.

我們最近完成了對 35 Bcf Tres Palacios 天然氣儲存設施的收購，進一步支持墨西哥灣沿岸的液化天然氣客戶。我們發現再承包率顯著上升，並且正在申請將設施擴大至 6.5 Bcf 的許可，我們將與客戶合作，在未來 12 至 24 個月內提供更多產能。

Currently, we provide service for 15% of the export capacity on the Gulf Coast through 4 LNG facilities operating in the region and we expect to grow that position to about 30% of market share by 2030.

目前，我們通過在該地區運營的 4 個液化天然氣設施為墨西哥灣沿岸 15% 的出口能力提供服務，我們預計到 2030 年將這一地位擴大到約 30% 的市場份額。

In the U.S. Northeast, we've identified significant and scalable expansion capability on Texas Eastern, which cuts through the heart of the Appalachian [show]. Our Appalachia to market projects are a perfect example of this, and we look forward to helping Appalachia gas reach the growing markets for all gas in all directions.

在美國東北部，我們已經確定了德克薩斯東部地區的重要且可擴展的擴張能力，該地區穿過阿巴拉契亞山脈的中心地帶。我們的阿巴拉契亞市場項目就是一個完美的例子，我們期待幫助阿巴拉契亞天然氣全方位進入不斷增長的所有天然氣市場。

In Canada, the engineering work on Woodfibre LNG is progressing on schedule, and we expect to set our preferred return early next year. On our West Coast pipeline system, we're progressing $5 billion of investment on the T-North and T-South systems to feed West Coast LNG terminals and other industrials in the Pacific Northwest. On T-North, we'll be looking to relaunch a binding open season for a second expansion of that BC pipeline system by year-end.

在加拿大，Woodfibre LNG 的工程工作正在按計劃進行，我們預計將在明年初設定我們的首選回報。在我們的西海岸管道系統中，我們正在對 T-North 和 T-South 系統進行 50 億美元的投資，為西海岸液化天然氣接收站和太平洋西北地區的其他工業提供電力。在 T-North，我們將尋求在年底前重新啟動具有約束力的開放季節，以便對 BC 管道系統進行第二次擴建。

You recall that we were acquiring Aitken Creek gas storage. Closing is on track to occur later in 2023. This asset is well positioned and will enhance our service offering to our customers and support our LNG export strategy in British Columbia.

您還記得我們正在收購艾特肯溪天然氣儲存庫。預計將於 2023 年晚些時候完成交割。該資產位置優越，將增強我們為客戶提供的服務，並支持我們在不列顛哥倫比亞省的液化天然氣出口戰略。

So now let's take a look at our gas distribution business. We are expecting another strong year of customer growth. We're on track to achieve more than 42,000 new customers with 21,000 added year-to-date. Ontario's population is expected to grow by over 2 million people over the next 10 years, making natural gas critical to meeting customer energy demand.

現在讓我們來看看我們的燃氣分銷業務。我們預計又一個客戶增長強勁的一年。我們有望獲得超過 42,000 名新客戶，今年迄今新增 21,000 名客戶。未來 10 年內，安大略省的人口預計將增長超過 200 萬，這使得天然氣對於滿足客戶能源需求至關重要。

On the industrial side, there are a few economic alternatives to natural gas to meet demand, and we're seeing tremendous growth opportunities across all sectors. On the rebasing application, we have held a settlement hearing for our new incentive rate application for the period of 2024 to 2028. We negotiated a partial settlement on important matters such as operating rate base and operating costs with recommended approval by the OEB staff.

在工業方面，有一些天然氣的經濟替代品可以滿足需求，我們在所有行業都看到了巨大的增長機會。關於重新基準申請，我們已就2024 年至2028 年期間的新激勵利率申請舉行了和解聽證會。我們就運營利率基準和運營成本等重要事項進行了部分和解談判，並得到了OEB 工作人員的建議批准。

There are still some important items that need to be settled, including equity thickness and depreciation but we expect a regulatory decision by year-end and plan to enact new rates on January 1, 2024.

仍有一些重要事項需要解決，包括股權厚度和折舊，但我們預計監管機構將在年底前做出決定，併計劃於 2024 年 1 月 1 日頒布新利率。

Our focus on cost optimization and reliable service has allowed us to consistently achieve above the base ROE, as you can see in the chart on the right. We have a long track record of working under incentive rate mechanisms, providing quality, safe service and predictable rates for our customers while also allowing us to achieve premium returns within the parameters set by the regulators.

我們對成本優化和可靠服務的關注使我們能夠始終實現高於基本 ROE 的目標，如右圖所示。我們在激勵利率機制下有著悠久的歷史，為客戶提供優質、安全的服務和可預測的利率，同時也使我們能夠在監管機構設定的參數範圍內獲得溢價回報。

The Ontario government recently announced and I quote, "Natural gas will continue to play a critical role in providing Ontarians with a reliable and cost-effective fuel supply for space seating, industrial growth and economic prosperity. With developments in energy efficiency and low-carbon fuels such as RNG and low-carbon hydrogen, the natural gas distribution system will help contribute to the province's transition from higher carbon fuels in a cost-effective way. "

安大略省政府最近宣布，我引用：“天然氣將繼續在為安大略省居民提供可靠且具有成本效益的燃料供應方面發揮關鍵作用，以促進空間座位、工業增長和經濟繁榮。隨著能源效率和低碳的發展天然氣分配系統將有助於該省以具有成本效益的方式從高碳燃料過渡。”

We agree with the Ontario government and believe renewables will also grow rapidly and be critical to meeting global emissions targets. But renewable growth cannot be sustained without being closely intertwined with the natural gas' intermittency and peak [sale] for consumers.

我們同意安大略省政府的觀點，並相信可再生能源也將快速增長，對於實現全球排放目標至關重要。但如果不與消費者的天然氣間歇性和高峰[銷售]密切相關，可再生能源增長就無法持續。

Speaking of renewables, let's take a look at some of the developments in our renewable business. We're making good progress on our French offshore wind projects under construction. Over 1 gigawatt of new generation is expected to be online by 2025. At Fecamp, the first turbines have been installed and at Provence Grand Large, all floaters have been secured. We are tracking on time and budget with both projects expected to be fully in service by the first quarter of '24. Calvados continues to make good progress and is tracking on time and budget.

說到可再生能源，讓我們來看看我們可再生能源業務的一些發展。我們在建的法國海上風電項目正在取得良好進展。預計到 2025 年，新一代發電容量將超過 1 吉瓦。在 Fecamp，第一批渦輪機已安裝完畢，在 Provence Grand Large，所有浮標均已固定。我們正在跟踪時間和預算，這兩個項目預計將在 2024 年第一季度全面投入使用。卡爾瓦多斯繼續取得良好進展，並按時和預算進行。

In North America, we have more than 4.5 gigawatts of onshore projects in development. A portion of these projects will come online by 2025, with some expected to reach FIDs later this year. All projects have to pass our strict risk return parameters, so don't expect us to make undisciplined investments just for the sake of growth.

在北美，我們正在開發超過 4.5 吉瓦的陸上項目。其中部分項目將於 2025 年上線，其中一些項目預計將在今年晚些時候達成最終投資決定。所有項目都必須通過我們嚴格的風險回報參數，所以不要指望我們僅僅為了增長而進行無紀律的投資。

Our behind-the-meter strategy is continuing to gain traction. Our first solar self-power project came online in 2021, and we now have 6 in service. 3 of which came online in 2023, with more than 30 megawatts of capacity. With technology improvements, rising renewable energy credits, prices and tax incentives, more of these developments are producing strong returns and help reduce our emissions footprint.

我們的用戶側策略正在繼續獲得關注。我們的第一個太陽能自發電項目於 2021 年上線，目前已有 6 個投入使用。其中3個於2023年並網，裝機容量超過30兆瓦。隨著技術的進步、可再生能源信貸的增加、價格和稅收優惠的增加，更多的這些發展正在產生豐厚的回報，並有助於減少我們的排放足跡。

On that note, we published our 22nd annual sustainability report. So let's move on to that next. The report highlights our long-standing focus on sustainable practices and our industry-leading performance across environmental, social and governance issues. We expanded our methane reporting, included more detail on scope 3 emissions, enhanced our climate lobbying reporting and outlined progress made on our indigenous reconciliation plan. We're making good progress on the targets we laid out to date, we have reduced our GHG emissions intensity by 27% compared to a 2030 target of 35% and have achieved 18% of our net zero emissions goal for 2050.

為此，我們發布了第 22 份年度可持續發展報告。那麼讓我們繼續下一步。該報告強調了我們對可持續實踐的長期關注以及我們在環境、社會和治理問題上的行業領先表現。我們擴大了甲烷報告範圍，納入了有關範圍 3 排放的更多詳細信息，增強了我們的氣候遊說報告，並概述了我們的本土和解計劃所取得的進展。我們在迄今為止制定的目標上取得了良好進展，與 2030 年 35% 的目標相比，我們已將溫室氣體排放強度降低了 27%，並實現了 2050 年淨零排放目標的 18%。

In our workforce, diversity and inclusion remain a focus with 31% identifying as women and 25% is racial and ethnic groups. We're making good progress on these priorities and remain committed to such improvements.

在我們的員工隊伍中，多樣性和包容性仍然是一個重點，其中 31% 的員工是女性，25% 的員工是種族和族裔群體。我們在這些優先事項上取得了良好進展，並將繼續致力於此類改進。

On governance, our Board is more diverse than ever. Our Chair is Pamela Carter, an accomplished black women, who brings extensive experience and sound business judgment. Across the company, we have integrated emission reductions considerations into our day-to-day operations, capital allocation processes and aligned executive compensation to performance against our ESG strategies.

在治理方面，我們的董事會比以往更加多元化。我們的主席是帕梅拉·卡特 (Pamela Carter)，她是一位多才多藝的黑人女性，擁有豐富的經驗和良好的商業判斷力。在整個公司範圍內，我們已將減排考慮因素納入我們的日常運營、資本分配流程中，並根據我們的 ESG 戰略將高管薪酬與業績掛鉤。

Our low-risk business model continues to deliver predictable results in all market cycles. So let's walk through our First-Choice value proposition. Enbridge has an industry-leading cash flow profile, which supports our resilient business model. Our cash flow is diversified across 4 large businesses and approximately 98% of our expected 2023 EBITDA is underpinned by regulated assets or long-term take-or-pay contracts. About 51% of that is what we call take-or-pay plus, meaning the assets are underpinned by long-term agreements with inflation protection and cost sharing provisions. Including the new Mainline tolling center, which will now have a call it, [floor] ROE, about 47% of our EBITDA is low risk and utility-like with limited variability.

我們的低風險商業模式繼續在所有市場週期中提供可預測的結果。那麼讓我們來看看我們的首選價值主張。安橋擁有行業領先的現金流狀況，支持我們富有彈性的業務模式。我們的現金流在 4 家大型企業中實現多元化，預計 2023 年 EBITDA 的約 98% 是由受監管資產或長期照付不議合同支撐的。其中約 51% 是我們所說的“照付不議加”，這意味著這些資產受到具有通脹保護和成本分攤條款的長期協議的支撐。包括新的主線收費中心（現在將其稱為[下限] ROE）在內，我們約 47% 的 EBITDA 是低風險且類似公用事業的，且可變性有限。

Earnings from these regulated assets have a prescribed greater return on deemed equity sickness. So our high-quality cash flow profile has little to no commodity exposure and volume risk, while having a high degree of assets earning regulated returns with cost pass-throughs. This underpins our low-risk business model, which is very similar to a utility, allowing us to carry somewhat higher leverage than our pure midstream peers. 95% of our customer base is investment grade and 80% of our EBITDA comes from assets with built-in inflation protection against rising costs. This cash flow predictability supports our strong access to capital and allows us to maintain our strong investment-grade credit rating.

這些受監管資產的收益在被視為股權病態時具有更高的規定回報。因此，我們高質量的現金流狀況幾乎沒有商品風險和數量風險，同時擁有大量資產，通過成本轉嫁賺取受監管的回報。這支撐了我們的低風險業務模式，該模式與公用事業非常相似，使我們能夠比純粹的中游同行擁有更高的槓桿率。我們 95% 的客戶群屬於投資級客戶，80% 的 EBITDA 來自具有內置通脹保護功能的資產，以抵禦成本上漲。這種現金流的可預測性支持我們強大的資本獲取能力，並使我們能夠維持強大的投資級信用評級。

Financial conservatism remains a key priority and is a hallmark of how we've delivered consistent returns for shareholders. We've actually delivered attractive total shareholder returns of approximately 12% per year for more than 20 years, driven by capital appreciation and consistent dividend growth. And as we just highlighted, our diversified low-risk pipeline utility model produces reliable cash flows to support these returns, maintain a strong balance sheet and extend our dividend growth track record.

財務保守主義仍然是一個關鍵優先事項，也是我們為股東提供持續回報的標誌。實際上，在資本增值和持續股息增長的推動下，20 多年來，我們每年實現了約 12% 的有吸引力的股東總回報。正如我們剛才強調的那樣，我們多元化的低風險管道實用模式可產生可靠的現金流來支持這些回報，保持強勁的資產負債表並擴大我們的股息增長記錄。

Over the medium term, we expect to grow EBITDA by about 5% per year by incorporating conventional infrastructure investments as well as finding lower carbon opportunities throughout the business, sustainably returning capital to shareholders is also a key part of our value proposition, and we expect that to continue in the future. So now let me turn things over to Pat to walk you through our quarterly financial results, our capital allocation priorities and our growth outlook.

從中期來看，我們預計通過納入傳統基礎設施投資以及在整個業務中尋找低碳機會，EBITDA 每年增長約 5%，可持續地向股東返還資本也是我們價值主張的關鍵部分，我們預計並將在未來繼續。現在讓我把事情交給帕特，讓您了解我們的季度財務業績、我們的資本配置優先事項和我們的增長前景。

Thanks, Greg, and good morning, everyone. I'm excited to walk you through our second quarter results. Strong operational performance resulted in an 8% increase in EBITDA year-over-year. In Liquids, the Mainline performed well again. We hit a new record for Q2 throughput with ex-Gretna volumes averaging almost 3 million barrels per day, up over 200,000 from the same quarter in 2022. The Mainline also benefited from the recognition of a lower provision against the interim CTS IJT toll this quarter as compared to the same period last year. After we came to agreement in principle on the Mainline tolling and knew the exact impact on the interim goal, we didn't need to accrue as much of a provision in the second quarter as we had previously.

謝謝格雷格，大家早上好。我很高興向您介紹我們第二季度的業績。強勁的運營業績導致 EBITDA 同比增長 8%。在液體賽中，主線再次表現出色。我們第二季度的吞吐量創下了新紀錄，前格雷特納地區的吞吐量平均每天近300 萬桶，比2022 年同一季度增加了20 萬桶以上。主線還受益於本季度臨時CTS IJT 通行費的撥備降低。與去年同期相比。在我們就主線收費原則上達成一致並了解對中期目標的確切影響後，我們不需要像以前那樣在第二季度積累那麼多準備金。

Finally, in Liquids, contributions from higher ownership in the Gray Oak and Cactus II pipeline, increased U.S. Gulf Coast and Mid-Continent results. At GTM, our lower ownership interest in DCP Midstream as a result of the transaction with Philip 66 impacted our results year-over-year. This was partially offset by the acquisition of the Tres Palacios storage facility and favorable recontracting on our U.S. gas transmission and storage assets.

最後，在液體方面，Grey Oak 和 Cactus II 管道所有權增加的貢獻增加了美國墨西哥灣沿岸和中部大陸的業績。在 GTM，由於與 Philip 66 的交易，我們在 DCP Midstream 的所有權權益下降，這影響了我們的業績同比。這被收購 Tres Palacios 存儲設施以及對我們美國天然氣傳輸和存儲資產有利的再承包所部分抵消。

Our utility business was down in the quarter but this was primarily due to the timing of storage and transportation margin. As noted in Q1, this is reversing some favorability from earlier in the year and will continue into the back half of this year. Our renewable business benefited from Saint-Nazaire coming into service at the end of last year, but that was partially offset by slightly lower wind resources and lower European power pricing.

我們的公用事業業務在本季度有所下降，但這主要是由於存儲和運輸利潤的時間安排所致。正如第一季度所指出的，這種情況扭轉了今年早些時候的一些有利情況，並將持續到今年下半年。我們的可再生能源業務受益於聖納澤爾去年年底投入運營，但這被風力資源略有下降和歐洲電價下降部分抵消。

At Energy Services, a number of our transportation commitments expired during Q1 and market backwardation has improved compared to the same period in 2022. Below the line, higher interest rates on floating rate debt and timing of maintenance capital as well as higher controlling interest distributions from our strategic new partnerships with the Athabasca Indigenous Investment Group, partially offsets the stronger operational performance of the business.

在能源服務公司，我們的許多運輸承諾在第一季度到期，市場現貨溢價與 2022 年同期相比有所改善。我們與阿薩巴斯卡土著投資集團的戰略新合作夥伴關係部分抵消了該業務更強勁的運營業績。

Our results are driven by the diversity and scale of our assets and highlight the low-risk nature and predictability of our financial and operational performance. So with a great first half of the year, let's talk about how we're tracking to our guidance.

我們的業績是由資產的多樣性和規模驅動的，並突顯了我們財務和運營業績的低風險性質和可預測性。因此，在今年上半年表現出色的情況下，我們來談談我們如何跟踪我們的指導。

I'm pleased to be reaffirming our 2023 financial guidance again this quarter. We expect strong utilization and operating performance across all of our businesses to continue. However, as we expected, a lower Mainline toll coming in effective July 1 and higher financing costs due to increased interest rates will be minor headwinds, and we expect these to play up primarily in the third quarter.

我很高興本季度再次重申我們的 2023 年財務指引。我們預計我們所有業務的利用率和運營業績將繼續強勁。然而，正如我們預期的那樣，自 7 月 1 日起生效的主線通行費降低以及利率上升導致的融資成本上升將是較小的阻力，我們預計這些阻力將主要在第三季度顯現。

As you think about the rest of the year, let me remind everybody about the seasonality in our business. Q1 and Q4 are typically our strongest financial quarters due to higher gas flows during winter on both our gas transmission and distribution systems. As well, we experienced higher deliveries on our liquid system outside of turnaround season. In terms of risk management, we've hedged almost all of our U.S. dollar DCF exposure at around $1.37 and our floating rate debt exposure is much less than 5% now. This increases our confidence in our financial projections for the balance of the year.

當您考慮今年剩餘時間時，讓我提醒大家我們業務的季節性。第一季度和第四季度通常是我們最強勁的財務季度，因為冬季我們的天然氣輸送和分配系統的天然氣流量較高。此外，我們的液體系統在周轉季節之外的交付量也有所增加。在風險管理方面，我們幾乎所有的美元 DCF 敞口都在 1.37 美元左右進行對沖，而我們的浮動利率債務敞口目前遠低於 5%。這增強了我們對今年剩餘財務預測的信心。

Now let's look beyond this year to our medium-term outlook. We're also happy to reaffirm our medium-term outlook, and there is no change to what we laid out at our Investor Day. The first bucket of growth will be a big focus of our company over the next little while. We recently settled on new tolling frameworks for BC Pipeline and Texas Eastern. We're in the process of finalizing the main tolling agreement and the utility rebasement is expected to be in place for January 2024. Although these agreements are similar to their predecessors, we're incentivized through all of them, optimized under each agreement, which will help us to achieve our low capital growth rate.

現在讓我們展望今年的中期前景。我們也很高興重申我們的中期前景，我們在投資者日所闡述的內容沒有變化。第一個增長桶將是我們公司未來一段時間的重點。我們最近確定了 BC 管道和德克薩斯東部管道的新收費框架。我們正在敲定主要收費協議，預計公用事業基礎調整將於 2024 年 1 月到位。雖然這些協議與其前身類似，但我們通過所有這些協議獲得激勵，並根據每項協議進行優化，這將幫助我們實現低資本增長率。

In the second bucket, we're advancing opportunities to build out our secured organic growth projects. With next decade, reaching FID on Rio Grande LNG, we added the Rio Bravo Pipeline to our secured backlog. On the open season front, we advanced our FSP and Texas Eastern open season and are still planning a T-North 1 by year-end.

在第二個方面，我們正在推動建立我們有保障的有機增長項目的機會。在接下來的十年裡，Rio Grande 液化天然氣項目達到最終投資決定，我們將 Rio Bravo 管道添加到我們的安全積壓訂單中。在公開賽季方面，我們提前了 FSP 和德克薩斯東部公開賽季，並仍在計劃在年底前舉辦 T-North 1。

Finally, we continue to look at opportunities for both organic growth and opportunistic tuck-in M&A. We continue to execute the strategy put forward at Enbridge Day and will effectively allocate capital to deliver growth.

最後，我們繼續尋找有機增長和投機性併購的機會。我們將繼續執行安橋日提出的戰略，並將有效配置資本以實現增長。

So let's talk about those capital allocation priorities. As I step into the CFO role, I want to reiterate that our capital allocation strategy is unchanged. Our #1 priority is maintaining a strong flexible balance sheet, Q2 debt-to-EBITDA was 4.5x, and we expect to exit 2023 within the lower half of our target range, leaving us room to execute on our secured capital program. We continue to return capital to shareholders through a sustainable and growing dividend and opportunistic share repurchases.

那麼讓我們來談談這些資本配置優先事項。當我擔任首席財務官時，我想重申我們的資本配置策略沒有改變。我們的第一要務是保持強大、靈活的資產負債表，第二季度債務與EBITDA 之比為4.5 倍，我們預計2023 年退出時將在目標範圍的下半部分內，從而為我們執行擔保資本計劃留下空間。我們繼續通過可持續且不斷增長的股息和機會性股票回購向股東返還資本。

Our financial flexibility and predictable cash flow provides with approximately $6 billion a year of investment capacity and we'll allocate capital only to the best opportunities in front of us.

我們的財務靈活性和可預測的現金流提供了每年約 60 億美元的投資能力，我們只會將資金分配給我們面前的最佳機會。

So let's turn to that secured growth program. Today, our secured growth program sits at $19 billion. It is diversified across our businesses and the regions that we operate and is expected to be deployed over about the next 5 years, which helps to mitigate against inflationary cost pressures.

那麼讓我們轉向安全增長計劃。如今，我們的安全增長計劃已達 190 億美元。它在我們的業務和經營地區實現多元化，預計將在未來 5 年內部署，這有助於緩解通脹成本壓力。

New to our backlog this quarter is the addition of the Rio Bravo pipeline with construction expected to begin in 2025. Next decades FID on the first 3 liquefication trains of Rio Grande LNG was the trigger for us to continue construction planning on this project.

本季度我們積壓的新項目是增加了Rio Bravo 管道，預計將於2025 年開始施工。接下來的幾十年裡，Rio Grande 液化天然氣的前3 條液化列車的FID 促使我們繼續該項目的施工規劃。

When we announced this project, our original cost estimate of $1.2 billion was for a 2-train build. We're currently refining our 3-train engineering estimates and expect to update our capital cost by year-end. We expect to place approximately $3 billion of capital into service for 2023 and already announced $1.1 billion of tuck-in M&A year-to-date with the final 1 closing Aitken Creek later this year. Now I'll turn it back to Greg to wrap up.

當我們宣布這個項目時，我們最初估計 12 億美元的成本用於建造 2 列列車。我們目前正在完善 3 列列車的工程估算，並預計在年底前更新我們的資本成本。我們預計將在 2023 年投入約 30 億美元的資本，今年迄今已宣布進行 11 億美元的併購，最後一筆併購將於今年晚些時候關閉 Aitken Creek。現在我將把它轉回格雷格來總結。

Thanks, Pat. And as we wrap up here for questions, I want to leave you with a few key takeaways. Enbridge's resilient low-risk business model is supported by our scale, diversification and high-quality cash flows, which positions us to withstand market volatility and deliver predictable results.

謝謝，帕特。當我們結束提問時，我想給你們留下一些關鍵的收穫。安橋的彈性低風險業務模式得到了我們的規模、多元化和高質量現金流的支持，這使我們能夠抵禦市場波動並提供可預測的結果。

Returning capital to shareholders remains a key focus through sustainable dividend growth and opportunistic share repurchases. We're confident in our ability to achieve our growth outlook by optimizing the business, adding to our visible growth backlog and executing additional tuck-in M&A.

通過可持續的股息增長和機會性股票回購，向股東返還資本仍然是一個重點。我們對通過優化業務、增加可見的增長積壓以及執行額外的併購來實現增長前景的能力充滿信心。

Our premium growth profile, incorporating conventional structure investments and lower carbon opportunities supports dividend growth, long-term shareholder returns and positions us as a first-choice investment opportunity. Thank you. And now let's open the lines for your questions.

我們的優質增長概況，結合了傳統的結構投資和低碳機會，支持股息增長、長期股東回報，並使我們成為首選投資機會。謝謝。現在讓我們開始回答您的問題。

(Operator Instructions) And we will take our first question from Jeremy Tonet with JPMorgan Chase.

（操作員說明）我們將回答摩根大通的 Jeremy Tonet 提出的第一個問題。

I just wanted to track, I guess, results this year, it seems like a strong first half where there was about just almost $8.5 billion of EBITDA and want to square that versus the guide of $15.9 billion to $16.6 billion. Do you see yourselves tracking the high end of the guidance or above? Or should we be thinking about items in the second half that would make the second half lower than the first half. Anything to think about there?

我想，我只是想跟踪今年的業績，上半年似乎表現強勁，EBITDA 約為 85 億美元，希望將其與 159 億美元至 166 億美元的指導值相匹配。您認為自己正在追踪指導的高端或更高嗎？或者我們是否應該考慮下半場的項目，使下半場低於上半場。那裡有什麼值得思考的嗎？

Yes. Maybe I'll start there, Jeremy. Good question. Yes, it was a very strong first half of the year. I think as Pat laid out, we've got a few little headwinds for the last half of the year. So I think being right in the middle of that range is the right place for us. Remember, the fourth quarter is a big quarter for us. So whether it's weather or volumes, those will impact where we finally land.

是的。也許我會從這裡開始，傑里米。好問題。是的，今年上半年非常強勁。我認為正如帕特所闡述的那樣，我們在今年下半年遇到了一些小阻力。因此，我認為處於該範圍的中間位置對我們來說是正確的位置。請記住，第四季度對我們來說是一個重要的季度。因此，無論是天氣還是體積，這些都會影響我們最終的著陸地點。

So I don't want to get ahead of the fourth quarter of mother nature, but feeling good about the quarter where we are for the year, these projects coming in. So I think sticky in the middle of that range is probably the right place to be today. But again, let's see how the fourth quarter goes, that can be a benefit sometimes.

因此，我不想提前第四季度，但對今年季度的情況感覺良好，這些項目即將到來。所以我認為粘在該範圍的中間可能是正確的位置成為今天。但同樣，讓我們​​看看第四季度的情況如何，這有時可能是一個好處。

Got it. That's helpful. Just one more question, if I could. We've seen some big moves in the kind of the midstream landscape, strategic action by competitors, consolidation among others. Just wondering if you have any updated strategic views for Enbridge moving forward, anything to call out there?

知道了。這很有幫助。如果可以的話，還有一個問題。我們已經看到中游領域的一些重大舉措、競爭對手的戰略行動、整合等。只是想知道您對安橋的未來發展是否有任何更新的戰略觀點，有什麼需要指出的嗎？

Well, Jeremy, I think we're in a great spot. I think what you're seeing out there is that breadth matters, size matters, the portfolio matters. I think increasingly, you're starting to see that premier valuation should go to companies that can play all parts of the energy evolution. So we've got the liquids business, we've got the gas transmission business and the distribution business and renewables and increasingly, some new energy technology. Those are increasingly, both vertically and horizontally connected, and we think that's going to matter more and more.

嗯，傑里米，我認為我們處於一個很好的位置。我認為你所看到的是廣度很重要，規模很重要，產品組合也很重要。我認為，越來越多的人開始看到，最重要的估值應該流向那些能夠參與能源發展各個領域的公司。因此，我們有液體業務、天然氣傳輸業務、分銷業務和可再生能源，以及越來越多的一些新能源技術。這些在垂直和水平上都越來越緊密地聯繫在一起，我們認為這將變得越來越重要。

So you think about the renewal business, as we said, doesn't survive without a good strong gas business, of which, as you know, we serve 20%, 25% of the volumes. The liquids business increasingly connected not only on the export side, but things like ammonia and blue ammonia and CCS, that's important to have that all together. The LNG export business, you need transmission on that front. And then on the distribution side of things, things like hydrogen and renewable natural gas not only a benefit on the transmission side, but also for GDS. So I think there may be some companies -- there are definitely some companies that do not have that type of portfolio breadth, but when you do, I think you're in a sweet spot there.

所以你想想，正如我們所說，如果沒有良好而強大的天然氣業務，更新業務就無法生存，正如你所知，我們服務於其中 20%、25% 的銷量。液體業務不僅在出口方面日益緊密聯繫，而且在氨、藍氨和 CCS 等方面也越來越緊密，將這些結合在一起非常重要。液化天然氣出口業務，需要在這方面進行傳輸。然後在分配方面，氫氣和可再生天然氣等不僅對傳輸方面有好處，而且對 GDS 也有好處。所以我認為可能有一些公司——肯定有一些公司不具備這種類型的投資組合廣度，但當你這樣做時，我認為你就處於最佳位置。

So I wouldn't read too much into some people selling assets and such. I don't think people have the same type of portfolio setup that we have. And I think the market's coming to us from that valuation perspective.

所以我不會過多地解讀某些人出售資產之類的事情。我認為人們的投資組合設置與我們不同。我認為市場正在從估值的角度來看我們。

Got it. So just to be clear, no split in the outlook going forward here?

知道了。需要澄清的是，未來的前景沒有分歧嗎？

Look, we're always looking at that, but I do not see -- again, I'd go back. That doesn't seem -- that seems to be a dis-synergy for a company like Enbridge, which actually, again, has that complementary aspects of multiple parts of the business. So again, the liquids business has elements that are actually connected to things like ammonia and CCS and the gas business. And the distribution business has connections to new energy technologies. So I do not see that.

看，我們一直在關注這一點，但我沒有看到——我會再回去。這似乎不是——對於像安橋這樣的公司來說，這似乎是一種不協同作用，實際上，安橋公司的多個業務部門實際上具有互補性。再說一遍，液體業務的要素實際上與氨、CCS 和天然氣業務等相關。而分銷業務則與新能源技術有聯繫。所以我不這麼認為。

Of course, we're always looking at making sure that we've got things structured to get premium valuation. But I think the market has recognized, we deserve a premium valuation because of that vertical and horizontal integration that goes on today. Does that change, we'd look at it. But I just don't see that today for a company of our breadth, size and diversity and frankly, low-risk diversification as well.

當然，我們一直在尋求確保我們的結構能夠獲得溢價估值。但我認為市場已經認識到，由於今天正在進行的縱向和橫向整合，我們應該獲得溢價估值。這是否會改變，我們會看看。但對於我們這樣一家業務廣度、規模和多樣性以及坦率地說，低風險多元化的公司來說，今天我看不到這一點。

And we will take our next question from Robert Catellier from CIBC Capital Markets.

我們將回答 CIBC 資本市場部的 Robert Catellier 提出的下一個問題。

I just wanted to focus on the liquid side a little bit here and specifically how Ingleside terminal is being leveraged to effectively to pull through volumes from the rest of the system. And maybe you could just touch on the competitive situation for the export terminals, please?

我只是想在這裡稍微關註一下液體方面，特別是如何利用 Ingleside 終端來有效地從系統的其餘部分拉取交易量。也許您可以談談出口碼頭的競爭狀況？

Colin is right here, so I'm just going to turn it over to Colin.

科林就在這裡，所以我就把它交給科林。

Sure. Thanks, Greg. Thanks, Robert. Yes, I think exactly right. So the Ingleside terminal is our kind of our flagship anchor asset for our Permian strategy, meant to be differentiated, highly competitive for a number of reasons, as you know, dredge depth, distance to blue water, loading rate, we're now dredged and we can load VLCC up to 1.6 million barrels per day. So that all just drops nickels and dimes of the marginal barrel and competitive netback for our customers.

當然。謝謝，格雷格。謝謝，羅伯特。是的，我認為完全正確。因此，Ingleside 碼頭是我們二疊紀戰略的旗艦錨定資產，旨在實現差異化，具有高度競爭力，原因有很多，如你所知，疏浚深度、距藍水的距離、裝載率，我們現在正在疏浚我們每天可以裝載 VLCC 多達 160 萬桶。因此，這一切只會為我們的客戶帶來邊際收益和有競爭力的淨利潤。

And then -- so we've got capacity, as we've talked about to expand storage and the docks there. That's all in our plan. And then the vertical integration, which Greg just kind of spoke about more broadly, we've got that going on in the Permian as well with Gray Oak. Now we've taken operation of Gray Oak, we've expanded a little bit. We've got -- we've got offerings in the market here in Q3 at both Ingleside and Gray Oak for expansions, watch for those and got our eye out for further tuck-ins along the value chain. So I think during the quarter, Ingleside exported a 1/4 of U.S. oil and record volumes. So it's all trending favorably, Robert.

然後——我們就有了容量，正如我們所說的擴大那裡的存儲和碼頭。這就是我們計劃中的一切。然後是垂直整合，格雷格剛才更廣泛地談到了這一點，我們在二疊紀以及灰橡樹上也發生了這種情況。現在我們已經開始運營Grey Oak，我們已經擴大了一些。我們已經在第三季度在 Ingleside 和 Grey Oak 的市場上提供了用於擴張的產品，請密切關注這些產品，並密切關注價值鏈上的進一步發展。因此，我認為在本季度，Ingleside 出口了美國 1/4 的石油，出口量創歷史新高。所以一切都朝著有利的方向發展，羅伯特。

So Colin, just to clarify, I'm curious to the extent to which the possible offerings in the market for Ingleside in the second half are contingent on a successful on again south open season?

所以科林，我想澄清一下，我很好奇下半年 Ingleside 市場上可能提供的產品在多大程度上取決於南開放賽季的成功？

No. They're disconnected.

不，他們已斷開連接。

Ingleside largely being driven by the Permian, right? And Flanagan largely by the Canadian crude.

Ingleside 很大程度上是由二疊紀盆地驅動的，對嗎？而弗拉納根主要由加拿大原油生產。

You might be thinking about EHOT, Robert, which were -- we've sanctioned we're going to build that at the terminus of Seaway, which we interact with Flanagan South and Seaway.

你可能會想到 EHOT，羅伯特，我們已經批准在 Seaway 的終點站建造它，我們與弗拉納根南和 Seaway 互動。

And we will take our next question from Linda Ezergailis with TD Securities.

我們將回答道明證券 Linda Ezergailis 提出的下一個問題。

Just looking forward to the second half of the year, and thinking about your investment capacity, you've announced about $1.1 billion of M&A and then now the Rio Bravo pipeline, do you expect to announce approximately $6 billion of new secured capital opportunities this year? And if not, might that inform what level of opportunistic share buybacks? Or do you expect those capital commitments to be a little bit lumpy year-over-year, some years more over $6 billion versus less?

展望下半年，考慮一下您的投資能力，您已經宣布了約 11 億美元的併購，然後是 Rio Bravo 管道，您是否預計今年將宣布約 60 億美元的新擔保資本機會？如果不是，這是否可以說明機會主義股票回購的程度？或者您是否預計這些資本承諾同比會有點不穩定，有些年份會超過 60 億美元，有些年份會更少？

Yes. I think the way to think about that, Lynn and Pat can chime in here too, is you're right, we get the $6 billion of capacity on the balance sheet each year. Half of that is going to already the secure projects. So think about that in future years that go to Rio. That doesn't go against the $3 billion of capacity we have to do things like opportunistic share buybacks, which we did a little bit of that in the second quarter or acquisitions like the $1 billion, we've done year-to-date. But inevitably, the first $3 billion unsecured projects is going to be a little bit lumpy, but I separated out more in that sense. So think about $6 billion, 3 for secured projects and 3 for other opportunistic pieces. Pat, I don't know if you'd add to that.

是的。我認為林恩和帕特也可以在這裡插話，你是對的，我們每年的資產負債表上有 60 億美元的產能。其中一半已經用於安全項目。所以想想未來幾年去里約的情況。這並不違背我們必須擁有 30 億美元的能力來進行機會主義股票回購等事情，我們在第二季度做了一些這樣的事情，或者我們今年迄今已經完成的 10 億美元的收購。但不可避免的是，前 30 億美元的無擔保項目將會有點不穩定，但從這個意義上來說，我分離出了​​更多項目。因此，想想 60 億美元，其中 3 個用於擔保項目，3 個用於其他機會主義項目。帕特，我不知道你是否願意補充這一點。

Yes. I think the one thing I'd add to that is that in that kind of second bucket of $3 billion, those will be a little bit lumpy, opportunistic as we go through them, and we're not going to do anything just to fill that bucket. We're going to make sure we pick the best projects. You think of Rio or Bravo, which we just added, that spend will be a couple of years out primarily. So it's not really impacting our capacity in the current year. And so we'll continue to look at various capital allocation purposes to see where we can spend some of that -- some of those dollars. But it can be a little lumpy, Linda. Just what are the opportunities out there and what's the timing of spend as we go forward.

是的。我認為我要補充的一件事是，在第二個 30 億美元的項目中，當我們經歷它們時，這些會有點不穩定，機會主義，我們不會做任何事情來填補它們。那個桶。我們將確保選擇最好的項目。你會想到我們剛剛添加的里約熱內盧或布拉沃，這些支出主要將在幾年後發生。因此，這並沒有真正影響我們今年的產能。因此，我們將繼續研究各種資本配置目的，看看我們可以將其中的一些資金花在哪裡。但它可能有點不穩定，琳達。未來有哪些機會以及支出的時機是什麼。

Okay. Just as a follow-up quickly. What are you seeing in terms of opportunistic tuck-in acquisitions in terms of volume, quality, pricing, nature where they are in the value chain and geography? Any observations in terms of how things are trending on that front would be appreciated.

好的。只是作為快速跟進。您對機會主義收購在數量、質量、定價、價值鏈中的性質和地理位置方面有何看法？任何有關這方面的趨勢的觀察都將受到讚賞。

Yes. Look, fortunately, given our size and breadth, as I talked about this balanced portfolio, we could see everything. I mean, people come to us and show us assets all the time, which allows us to be really picky and make sure that anything we do actually fits right down that fairway of low-risk pipeline utility-like cash flows and solid returns and accretion.

是的。幸運的是，考慮到我們的規模和廣度，當我談到這個平衡的投資組合時，我們可以看到一切。我的意思是，人們總是來找我們，向我們展示資產，這讓我們能夠非常挑剔，並確保我們所做的任何事情實際上都符合低風險管道公用事業的現金流以及穩定的回報和增值的通道。 。

So we're seeing everything. Now you saw in the first half of the year picking up pieces from joint venture partnerships, things like Gray Oak and Cactus II, we picked up pieces. And then the 2 storage assets are very complementary as well.

所以我們看到了一切。現在你看到，今年上半年我們從合資夥伴關係中獲得了一些成果，比如 Grey Oak 和 Cactus II，我們也從中獲得了一些成果。而且這兩種存儲資產也非常互補。

Some of those are being sold by corporate. Some of them are being sold by PEs that maybe need a monetization or liquidity event. And we've got that, as you mentioned, that $3 billion of capacity to be able to execute on those. So I'd say they're right across the board. I don't think there's any part of the energy value chain where people aren't trying to think through how to trade out assets. Sometimes they need to do that. That's opportunistic for us as well from a pricing perspective. And then, of course, as long as it fits into that value proposition that we have, low risk utility pipeline side, we feel we've got the ability to go out and execute.

其中一些正在由公司出售。其中一些是由可能需要貨幣化或流動性事件的私募股權公司出售的。正如您提到的，我們擁有 30 億美元的能力來執行這些任務。所以我想說他們是全面的。我認為，在能源價值鏈的任何一個環節，人們都在努力思考如何進行資產交易。有時他們需要這樣做。從定價角度來看，這對我們來說也是機會主義的。當然，只要它符合我們的價值主張，即低風險公用事業管道方面，我們就認為我們有能力走出去並執行。

We will take our next question from Robert Kwan with RBC Capital Markets.

我們將回答加拿大皇家銀行資本市場部羅伯特·關 (Robert Kwan) 提出的下一個問題。

So just if I just start with capital allocation. So you pushed back previously on the need for and desire for large sale deals, but just on the tuck-in M&A, and you have executed on that this year. Do you see the tuck-in acquisitions solely being linked to that $3 billion of discretionary annual capital allocation? Or could you see that those tuck-ins in aggregate being at a level that would require external equity?

所以，如果我從資本配置開始。因此，您之前推遲了對大型銷售交易的需求和願望，但只是進行了併購，今年您已經執行了這一點。您是否認為這些收購僅僅與 30 億美元的可自由支配的年度資本分配有關？或者您是否可以看到，這些投入總計達到了需要外部股權的水平？

Well, I guess I'd say, I don't think that's been our focus to date. Look, we've got that $6 billion in investment capital a year and some of which can be used for acquisition. And that gives us a lot of flexibility to do the transactions that we've seen to date that meet that low-risk accretive pipeline utility-like deals. I don't see us doing big corporate-to-corporate deals, but -- and I guess we're always open to things. But that's -- I think the tuck-in route to date has been the right one for us.

好吧，我想我會說，我認為這不是我們迄今為止的重點。看，我們每年有 60 億美元的投資資本，其中一些可以用於收購。這給了我們很大的靈活性來進行迄今為止我們所看到的滿足低風險增值管道公用事業交易的交易。我不認為我們會進行大型企業對企業的交易，但是——我想我們總是對事情持開放態度。但那是——我認為迄今為止的塞入路線對我們來說是正確的。

Got it. If I can turn to guidance. And so you're highlighting that the lower Mainline toll is a headwind. But then you also noted in the results that you took a lower provision against the Mainline IJT in the second quarter. Can you just talk about the dynamic there and if the lower toll was a headwind for Q3. Why is it not for Q4 and for that matter, into 2024?

知道了。如果我可以尋求指導。因此，您強調主線通行費較低是一個不利因素。但隨後您還在結果中指出，您在第二季度針對主線 IJT 採取了較低的撥備。您能否談談那裡的動態以及較低的死亡人數是否是第三季度的不利因素。為什麼不是第四季度以及 2024 年？

I think maybe I can take that. Robert, it's Pat. So on the provision side of things, if you think about the timing of when the agreement principle came to be in that April end of April time frame, we've got more clarity on kind of what the interim toll amount would be and as a result of that, we were pretty well provided by the end of Q1. So didn't have to book as big a provision for Q2 here before the toll goes down a little bit in on July 1. So that was really just getting us kind of trued up to what that difference would be in relation to the interim toll.

我想也許我可以接受。羅伯特，我是帕特。因此，在規定方面，如果您考慮協議原則在 4 月底的時間範圍內達成的時間，我們會更清楚地了解臨時通行費金額是多少，並且作為結果，我們在第一季度末就已經提供了很好的產品。因此，在 7 月 1 日通行費略有下降之前，不必為第二季度預訂那麼大的準備金。因此，這實際上只是讓我們了解與臨時通行費相關的差異。 。

And then as you talk about going forward, if you step back to when we announced the actual transaction, it was well within where we were looking for this year. We kind of laid out a waterfall to help understand how we get to the level we have. It will be a little bit lumpy this year like you're noting in that the toll go down a bit for Q3, Q4. Really, probably all we're noting in Q3 specifically, that Q3 tends to be a little bit of a lower volume period as well. But Q4 will usually pops back up. And then the agreement was right in line with what our views were of '24 and '25 when we guided back in, I guess it was early December last year.

然後，當您談論未來時，如果您回顧一下我們宣布實際交易的時間，就會發現它完全符合我們今年的預期。我們佈置了一個瀑布來幫助理解我們如何達到我們現有的水平。今年的情況會有點不穩定，就像您注意到的那樣，第三季度、第四季度的死亡人數略有下降。實際上，我們在第三季度特別注意到的可能是，第三季度也往往是成交量較低的時期。但第四季度通常會反彈。然後，當我們重新引導時，該協議與我們對 24 和 25 年的看法是完全一致的，我想那是去年 12 月初。

And we will take our next question from Theresa Chen with Barclays.

我們將回答巴克萊銀行特蕾莎·陳提出的下一個問題。

I wanted to touch on your Tres Palacios expansion. And just generally, your long-term outlook for natural gas storage especially in the U.S. Gulf Coast, how much can you further expand by -- how do you see yourself positioning in this interval in a portion of the value chain as we go forward? And do you see more tuck-in opportunities here?

我想談談您的 Tres Palacios 擴展。總的來說，您對天然氣儲存的長期前景，特別是在美國墨西哥灣沿岸，您可以進一步擴大多少——隨著我們的發展，您如何看待自己在價值鏈一部分中的這一區間的定位？您是否看到這裡有更多的機會？

Yes. We're big storage fans for sure. So a good question. And Cynthia, you want to take that?

是的。我們肯定是存儲的忠實粉絲。這是個好問題。辛西婭，你想接受這個嗎？

Sure. Thanks, Theresa. We, of course, we're very excited about the opportunities. We have the ability currently to expand Tres Palacios by 6.5 Bcf. There's an expansion on one of the cabins that's coming into service this fall, so that positions us well. As you mentioned, in that Southern Texas area, these assets, this is the southernmost salt storage dome in that area. The other thing we really like about the Tres Palacios assets was the header system that ties in and the interconnectivity that gives us into that market.

當然。謝謝，特蕾莎。當然，我們對這些機會感到非常興奮。我們目前有能力將 Tres Palacios 擴大 6.5 Bcf。其中一間客艙將進行擴建，將於今年秋天投入使用，這使我們處於有利的位置。正如您提到的，在德克薩斯州南部地區，這些資產是該地區最南端的鹽儲存圓頂。我們真正喜歡 Tres Palacios 資產的另一件事是連接的頭部系統和讓我們進入該市場的互連性。

When it comes to that ability to continue to expand, we are looking at that. We're also looking at how we can optimize with the rest of our assets and how we'll operate the Tres Palacios assets. So how can we do re-lease, how do we do parking loans, that kind of thing as we look to optimize the operations there. And we'll continue to look at whether we can do some small upgrades to the existing infrastructure there to increase our storage capacity as well.

當談到繼續擴張的能力時，我們正在考慮這一點。我們還在研究如何優化其餘資產以及如何運營 Tres Palacios 資產。那麼我們如何進行重新租賃，如何進行停車貸款，諸如此類的事情，我們希望優化那裡的運營。我們將繼續研究是否可以對現有基礎設施進行一些小升級，以增加我們的存儲容量。

So the other thing that, as we've noted before, we've seen is that the pricing has started to be a little bit more positive in storage. So we're continuing to monitor that. And we think in the long term, there will be incremental opportunities to invest in incremental storage in Texas, in particular.

因此，正如我們之前指出的，我們看到的另一件事是存儲的定價已經開始變得更加積極。所以我們正在繼續監控這一情況。我們認為，從長遠來看，特別是在德克薩斯州，將有更多投資增量存儲的機會。

Yes. I think that big ambient temperature swing that the LNG players have to manage is really starting to show the value of stores there too. So if you talk to the Cheniere and folks like that, I think they verify just the thesis that Cynthia just laid out. So good time to have bought those assets in, good to have the flexibility to do that. And I think it's going to match up really nice with a lot of [Cynthia's] assets.

是的。我認為液化天然氣生產商必須應對的環境溫度大幅波動也確實開始顯示出那裡商店的價值。因此，如果你與切尼爾和類似的人交談，我認為他們驗證了辛西婭剛剛提出的論點。現在是購買這些資產的好時機，並且能夠靈活地這樣做。我認為它將與[辛西婭]的許多資產非常匹配。

The other thing, I think, when you think about storage assets, as we move to forward with carbon capture and sequestration, that's going to put premium valuation on storage as well, too. So like the assets that we have in the several hundred Bcf of storage that we've got right across North America.

我認為另一件事，當你考慮存儲資產時，隨著我們推進碳捕獲和封存，這也將為存儲帶來溢價估值。就像我們在北美擁有數百 Bcf 的存儲資產一樣。

And then turning to the liquid side. Can you talk about the time frame for the group expansion. You're running open season in the fall. And I believe it's primarily pump work. How quickly can the 200,000 barrels per day come online? And are you still contemplating a further extension from [Sweeney] to Houston area?

然後轉向液體側。您能談談集團擴張的時間框架嗎？您將在秋季進行開放季節活動。我相信這主要是泵的工作。每天 20 萬桶的產量要多快才能上線？您是否仍在考慮從 [Sweeney] 進一步延伸至休斯頓地區？

Yes, Theresa, it's Colin. Yes. So I think you're right. We've been sounding the market on quantum and destination. Recall Gray Oak is a bit unique. It's (inaudible) and the Houston, [Sweeney] area. So it's kind of unique that way. We plan to launch that efficiently here in Q3. So it's still on track. And up to, I think, 200,000 barrel a day expansion. And we're looking at in-service dates in early 2025.

是的，特蕾莎，是科林。是的。所以我認為你是對的。我們一直在對量子和目的地市場進行試探。回想一下，灰橡木有點獨特。這是（聽不清）和休斯頓，[Sweeney] 地區。所以這是一種獨特的方式。我們計劃在第三季度有效地啟動該功能。所以它仍然在正軌上。我認為，每天的產量將擴大到 200,000 桶。我們正在考慮 2025 年初的投入使用日期。

We will take our next question from Patrick Kenny with National Bank Financial.

我們將回答國家銀行金融公司帕特里克·肯尼的下一個問題。

Wondering if you could provide any comments on Alberta's announcement here to pump the brakes on improving renewable power projects. And whether or not you're seeing a growing trend of political and regulatory pushback across some of the other jurisdictions in which you operate. And if this heightened focus on affordability and greater reliability might cause any slowdown in reaching FID on your renewable backlog or on the flip side, increase your desire to own natural gas-fired generation assets going forward?

想知道您是否可以對艾伯塔省在此宣布的旨在剎車改善可再生能源項目的公告發表任何評論。以及您是否發現您所在的其他一些司法管轄區的政治和監管阻力呈增長趨勢。如果對可負擔性和更高可靠性的高度關注可能會導致可再生能源積壓的 FID 進度放緩，或者反過來，是否會增加您未來擁有天然氣發電資產的願望？

Yes, definitely. Matthew's on the phone, I'll get him to respond, but I think you've kind of just made the thesis yourself on why you want to have all aspects of this energy value chain. And also, why governments are really giving a thoughtful approach about how are they going to be able to manage this transition. So I believe, Matthew, you're right here. So why don't you take that one?

當然是。馬修正在打電話，我會讓他回复，但我認為你自己已經寫了一篇論文，說明為什麼你想要擁有這個能源價值鏈的各個方面。此外，為什麼政府確實在如何管理這一轉變方面採取了深思熟慮的方法。所以我相信，馬修，你就在這裡。那你為什麼不拿那個呢？

Pat, thanks for the question. Yes. We don't have anything in Alberta under Lake development that gets held back by this. And so it doesn't affect the FID. Those would be in the U.S. where we have a very robust late development program and the next up there would be in ERCOT area. But bigger picture, I think, for the renewable business, you're right, I think some of the reclamation and time line issues aren't just in Alberta, I mean, other places. So I think there's going to be a real advantage for larger companies with scale and financial strength, which is what we've got and so I think that positions us well.

帕特，謝謝你的提問。是的。我們在艾伯塔省的湖泊開發項目中沒有任何項目會因此受到阻礙。所以它不會影響 FID。這些將在美國，我們有一個非常強大的後期開發計劃，接下來將在 ERCOT 領域。但我認為，從更大的角度來看，對於可再生能源業務來說，你是對的，我認為一些填海和時間表問題不僅僅存在於艾伯塔省，我的意思是其他地方。因此，我認為具有規模和財務實力的大公司將具有真正的優勢，這就是我們所擁有的，所以我認為這使我們處於有利地位。

I think reliability is another theme. And yes, I mean, we're going to need more battery storage, but also gas-fired power. We don't have any intentions to invest in that, but you can't take gas-fired power out of the equation. You need it for backup and reliability for a long time. And I think just more generally, this just shows the pace of transition is not unconstrained. So that's why we love our renewable business, but obviously, like Greg said, it's great to be diversified across conventional, which has a very long life and the renewable stuff.

我認為可靠性是另一個主題。是的，我的意思是，我們將需要更多的電池存儲，但也需要燃氣動力。我們無意對此進行投資，但你不能將燃氣發電排除在外。您需要它來長期提供備份和可靠性。我認為更一般地說，這只是表明轉型的步伐並非不受限制。這就是我們熱愛可再生能源業務的原因，但顯然，正如格雷格所說，在壽命很長的傳統能源和可再生能源領域實現多元化是一件好事。

The only other thing I'd add is in Colin's business is one of the largest power users and just about any jurisdiction we operate in. So this focus on affordability is really important to us and makes our liquids lines increasingly competitive. And even where there's elements, which things like the Mainline, there's elements of pass-through on power, we want to make sure that whatever that power is, however, it comes that it's cost competitive across jurisdiction in North America.

我唯一要補充的是，科林的業務是最大的電力用戶之一，幾乎是我們運營的任何司法管轄區。因此，對負擔能力的關注對我們來說非常重要，並使我們的液體產品線越來越具有競爭力。即使存在諸如主線之類的元素，也存在電力傳遞的元素，我們希望確保無論該電力是什麼，它在北美管轄範圍內都具有成本競爭力。

So I think this balanced approach of governments and starting to focus on affordability, security and reliability makes sense. And again, I just want to reiterate, that's exactly how we've structured the company for a long time to be able to react to those pieces and create value right across that value chain.

因此，我認為政府採取的這種平衡方法並開始關注負擔能力、安全性和可靠性是有意義的。我想再次重申，這正是我們長期以來構建公司的方式，以便能夠對這些部分做出反應並在整個價值鏈中創造價值。

Pat, it's Colin. I'll jump as you -- just a couple of examples. So liquids pipelines interacts with that with 75 utilities across a bunch of provinces and states. And we see this tension everywhere, right? Affordability, competitiveness, but we also want to green the grid. So we get a front row seat to that everywhere.

帕特，我是科林。我會像你一樣跳——僅舉幾個例子。因此，液體管道與遍布多個省和州的 75 個公用事業公司進行交互。我們到處都能看到這種緊張局勢，對嗎？可負擔性、競爭力，但我們也希望綠色電網。所以我們到處都能找到前排座位。

Okay. That's great. And then just a quick one for Pat here. Just on the rising financing costs. Curious how you're thinking about your rate reset pref shares within your capital stack, if there might be any refinancing opportunities coming up or perhaps other levers you might be able to pull to help mitigate the headwinds on distributable cash flow.

好的。那太棒了。帕特在這裡簡單介紹一下。就融資成本上升而言。好奇您如何考慮資本堆棧中的利率重置優先股，是否可能出現任何再融資機會，或者您可能可以利用其他槓桿來幫助減輕可分配現金流的不利因素。

Yes. I mean it's a fair question with rates continuing to go up. It's something we look at, the optimization of our overall capital structure, our overall interest costs. We have a pretty disciplined hedging program that we use to make sure that we're risk managing what the out years of our plan looks like, we'll continue to do that. We'll look for opportunistic times to hedge like we saw a bit in Q1 when there was a bit of an upset in the banking market in the U.S. It was a great time to put some hedges on it but probably at a lower rate than we had expected. But we'll look at the whole set paths just to see what the most opportunistic and most efficient way of managing our capital is and a little bit of press will play into that or the hybrids.

是的。我的意思是，這是一個公平的問題，因為利率持續上漲。這是我們關注的事情，我們整體資本結構的優化，我們整體利息成本。我們有一個非常嚴格的對沖計劃，我們用它來確保我們對計劃的未來幾年的情況進行風險管理，我們將繼續這樣做。我們將尋找機會主義時機進行對沖，就像我們在第一季度看到的那樣，當時美國銀行市場出現了一些動盪。這是對其進行一些對沖的好時機，但利率可能低於我們的水平曾預料到。但我們將審視整個設定的路徑，只是為了看看管理我們資本的最機會主義和最有效的方式是什麼，並且一點點的壓力將在這種方式或混合方式中發揮作用。

And Pat, just to remind you that right across most of our businesses, definitely in things like the gas pipelines in West Coast, gas trends -- or gas distribution, Colin's business, many places we have interest pass-throughs, right? So yes, there's always a little bit on that front, but we've got a lot of coverage. There might be a little timing lag. But ultimately, it goes into that regulated rate of return that's so prominent across the portfolio.

帕特，只是想提醒您，在我們的大多數業務中，肯定是在西海岸的天然氣管道、天然氣趨勢或天然氣分銷、科林的業務等方面，我們在很多地方都有利益傳遞，對吧？所以，是的，這方面總是有一點，但我們有很多報導。可能會有一點時間滯後。但最終，它涉及到在整個投資組合中如此突出的受監管回報率。

We will take our next question from Rob Hope with Scotiabank.

我們將回答豐業銀行 Rob Hope 提出的下一個問題。

Just one for me. In the prepared remarks, you mentioned expansion of Texas (inaudible) through Appalachia to meet demand in all regions. As you take a look at the increasing LNG demand off the Gulf Coast as well as increasingly congested pipelines, how would you view your pipeline's ability to continue to draw out volumes from kind of the Northeast all the way down to the Gulf Coast? And kind of what expansions are you looking for?

只給我一個。在準備好的發言中，您提到了德克薩斯州（聽不清）通過阿巴拉契亞的擴張，以滿足所有地區的需求。當您看到墨西哥灣沿岸日益增長的液化天然氣需求以及日益擁擠的管道時，您如何看待您的管道繼續從東北部一直輸送到墨西哥灣沿岸的能力？您正在尋找什麼樣的擴展？

Yes. Thanks for the question, Rob. Our assets -- they're in a great location, and we are supporting both the U.S. Northeast as well as the Gulf Coast. We continue to look at how we can optimize that infrastructure. Greg pointed out the Appalachia market, 2 that we're currently doing to optimize in Pennsylvania. We had an open season that we're still working with the customers on Appalachia market 3. So the whole idea of continuing to look at these brownfield opportunities where you can optimize the system with a little bit of looking, some changes of compression, that kind of opportunity.

是的。謝謝你的提問，羅布。我們的資產位置優越，我們為美國東北部和墨西哥灣沿岸提供支持。我們將繼續研究如何優化該基礎設施。 Greg 指出了我們目前正在賓夕法尼亞州優化的阿巴拉契亞市場 2。我們有一個開放季節，我們仍在與阿巴拉契亞市場 3 的客戶合作。因此，繼續關注這些棕地機會的整個想法是，您可以通過一些觀察和一些壓縮變化來優化系統，一種機會。

And we're always working with our customers when it comes to -- how do we make sure the infrastructure that we have is optimized. And there will be opportunities to look at how we can put those incremental volumes in. At some point, we will see both with the increased demand for LNG export, a need for new pipe infrastructure.

當涉及到如何確保我們擁有的基礎設施得到優化時，我們始終與客戶合作。我們將有機會研究如何投入這些增量。在某個時候，我們將看到隨著液化天然氣出口需求的增加，以及對新管道基礎設施的需求。

Fortunately, in that area in Louisiana and Texas, there will be opportunities that you can pipe that infrastructure in. In the U.S. Northeast, we'll continue to look at how we can optimize the overall capacity when it comes to providing that flexibility, particularly through peaking. So there are opportunities for the winter storage with small projects there. So a lot of work to look at how we can optimize our infrastructure and add more capacity.

幸運的是，在路易斯安那州和德克薩斯州的該地區，您將有機會將基礎設施引入管道。在美國東北部，我們將繼續研究如何在提供靈活性方面優化整體容量，特別是通過峰值。因此，那裡有小型項目進行冬季儲存的機會。因此，我們需要做大量工作來研究如何優化基礎設施並增加更多容量。

And we will take our next question from Praneeth Satish with Wells Fargo.

我們將回答富國銀行普拉尼思·薩蒂什 (Praneeth Satish) 提出的下一個問題。

If I look at the CapEx backlog, I mean, clearly, the focus here is on natural gas and renewables CapEx. There's kind of less spending earmarked for Mainline. So I guess just how do you think about conceptually the desire to maintain rate base at Mainline versus letting it decline and spending that capital elsewhere. I know you have the ROE collar that protects you, but just curious how you think about that?

如果我看一下資本支出積壓，我的意思是，顯然，這裡的重點是天然氣和可再生能源資本支出。主線的支出有所減少。因此，我想您如何從概念上考慮維持主線利率基礎的願望，而不是讓它下降並將資金花在其他地方。我知道你有保護你的 ROE 項圈，但只是好奇你對此有何看法？

Yes, Praneeth, it's Colin. So I think there's ongoing rate base investments. We probably haven't built them all on this chart per se, but I mean a good example would be the Line 5 reroutes that we've talked about earlier in Wisconsin and Michigan also be included in rate base. And I think we disclosed that as part of the Mainline tolling agreement. So that's a pretty, pretty good example.

是的，普拉尼斯，我是科林。所以我認為有持續的利率基礎投資。我們可能還沒有將它們全部建立在這張圖表上，但我的意思是一個很好的例子是我們之前在威斯康星州和密歇根州討論過的 5 號線改道也包含在費率基礎中。我認為我們將其作為主線收費協議的一部分進行了披露。這是一個非常非常好的例子。

So there'll be continued investment along the way, maintenance capital and growth capital in that regard. And I think there's also opportunity to expand the Mainline here, again. We withdrew those from the Mainline negotiation but we'll bring those back to the 4 year once we've approved the -- or the regulators approve the Mainline deal. I think whether you think about it as insurance egress or just actually egress. Other systems could go down, and we've seen what happens to the netbacks in the base and when that happens. So that's still very much strategy we have, and our customers are interested in that as well.

因此，在此過程中將會持續進行投資，包括維護資本和增長資本。我認為這裡還有機會再次擴展主線。我們從 Mainline 談判中撤回了這些協議，但一旦我們批准了——或者監管機構批准了 Mainline 交易，我們會將這些協議恢復到 4 年。我認為無論你將其視為保險出口還是實際上的出口。其他系統可能會崩潰，我們已經看到了基地的網絡備份會發生什麼以及何時發生。所以這仍然是我們的戰略，我們的客戶也對此感興趣。

We're still strong believers that through the end of the decade, you're going to see 500,000 barrels a day, call it, in growth out of Western Canada. Our pipeline, as Colin points out, travels by 75% of all the refineries, we can get people to the Gulf Coast. I think there's going to be plenty of opportunity and obviously, we're going to do those in the most capital-efficient way that serves the customer. But I have no doubt we're going to continue to see that growth, particularly when the alternatives don't have as competitive a, toll structure and b, have a lot more difficulty in adding incremental volumes versus what we can do with that system.

我們仍然堅信，到本世紀末，加拿大西部地區的產量將達到每天 50 萬桶。正如科林指出的那樣，我們的管道經過 75% 的煉油廠，我們可以將人們運送到墨西哥灣沿岸。我認為將會有很多機會，顯然，我們將以最節省資本效率的方式為客戶服務。但我毫不懷疑我們將繼續看到這種增長，特別是當替代方案不具備競爭力時。

That's helpful. And then as my follow-up, when you look at your Permian strategy, you mentioned a couple of times the potential for tuck-ins. I guess, what gaps do you see in your strategy at this point where you feel like you need to do additional M&A? And what would acquiring an asset do for you versus contracting for space on third-party lines and saving on that CapEx. I guess maybe if you could just talk through the benefits of acquiring versus leasing capacity at this point?

這很有幫助。然後，作為我的後續行動，當你審視你的二疊紀策略時，你多次提到了折騰的潛力。我想，在您認為需要進行額外併購的這一點上，您認為自己的戰略存在哪些差距？與在第三方線路上承包空間並節省資本支出相比，收購資產會給您帶來什麼好處。我想也許您現在可以談談收購產能與租賃產能的好處嗎？

Yes. I think -- both can work. I think we generally like operatorship, I'll tell you, obviously, you see that in things like picking up pieces of Gray Oak and taking on the operatorship, I think that allows us to optimize across the value chain, both for our investors, but even equally important, if not more important for our customers.

是的。我認為——兩者都可以。我認為我們通常喜歡經營權，我會告訴你，顯然，你會看到，在諸如撿起灰橡木碎片並承擔經營權之類的事情中，我認為這使我們能夠在整個價值鏈上進行優化，無論是對我們的投資者來說，但對於我們的客戶來說，即使不是更重要，也同樣重要。

So I think we'd prefer to do that. You could see -- I mean, generally, we like large diameter pipe. And I guess you could get back -- we don't have as much gathering, but we're pretty careful on that type of investment on the Permian side. You can also look at, can you do more out of Ingleside. Could you do some on the NGL side or other products from an export perspective, again, making sure we don't get caught up in any commodity risk and we can structure this pipeline. But -- and that would be my initial take, Colin?

所以我認為我們更願意這樣做。你可以看到——我的意思是，一般來說，我們喜歡大直徑的管道。我想你可以回來了——我們沒有那麼多的聚會，但我們對二疊紀一側的此類投資非常謹慎。您還可以看看，您能否在 Ingleside 之外做更多事情。您能否從出口角度在 NGL 方面或其他產品方面做一些工作，再次確保我們不會陷入任何商品風險，並且我們可以構建這條管道。但是——這就是我最初的想法，科林？

Yes, you got it. And the lease option is very much on the table. We could lease our way into the Houston market. We're currently still thinking about connecting Gray Oak over to EHOT. But yes, I think you're right. We're not held bent to spend capital. We're interested in returns on capital. So there any gaps per se, but we're going to optimize the system and grow and protect the franchise.

是的，你明白了。租賃選項也已擺在桌面上。我們可以通過租賃進入休斯頓市場。我們目前仍在考慮將 Grey Oak 連接到 EHOT。但是，是的，我認為你是對的。我們不打算花錢。我們對資本回報感興趣。因此，本身存在任何差距，但我們將優化系統並發展和保護特許經營權。

We will take our next question from Ben Pham with BMO.

我們將回答 BMO 的 Ben Pham 提出的下一個問題。

Just start off on -- maybe start off on funding and maybe you can potentially rank order the sources of capital if you do hypothetically exceed that at $6 billion investment opportunity?

就從資金開始吧，如果你假設的投資機會確實超過了 60 億美元，那麼你可能可以對資金來源進行排序？

Sure. I'll start. First, obviously, organic growth along our system is probably our best return. If we can add ways to increase the volume without putting a ton of capital to work right across our entire system, whether it's on the liquid side, the gas transmission side, or even on distribution or renewables repower (inaudible). And I would say that's the first call because that's got the greatest return.

當然。我開始吧。首先，顯然，我們系統的有機增長可能是我們最好的回報。如果我們能夠增加增加容量的方法，而無需在整個系統中投入大量資金，無論是在液體方面、天然氣輸送方面，甚至是在分配或可再生能源重新供電方面（聽不清）。我想說這是第一個電話，因為它得到了最大的回報。

Then if you -- then our major projects that you've got the large secure projects, now they take a longer time to go from investment to cash flow, so we want to balance those and then you look at the type of M&A we've done to date, stuff that is complementary, additive and that we can do in a value-enhancing price and mix it into our system. The way that we've been able to do with a lot of assets. And I would point to everything going back to Ingleside, to the Permian pipelines, to Tres and Aitken Creek. We've got a long history of being able to do that.

然後，如果你——那麼我們的主要項目，你擁有大型安全項目，現在它們從投資到現金流需要更長的時間，所以我們想要平衡這些，然後你看看我們的併購類型。迄今為止，我們所做的都是補充性的、附加性的，我們可以以增值的價格來做，並將其混合到我們的系統中。我們已經能夠處理大量資產的方式。我會指出一切可以追溯到英格爾賽德、二疊紀管道、特雷斯和艾特肯溪的一切。我們在這方面有著悠久的歷史。

And then if we can't find those or the values aren't compelling, we look at things like buying back stock. So that's kind of the hierarchy and way I would look at it. And it all starts with where do we think we can get the biggest bang for our buck in terms of return on capital and growing the business and extending out and advancing that low-risk utility-like pipeline-like asset base. So that's the way we look at it. That's the way everything gets filtered through and I think it's been pretty successful in attracting that premium valuation. Pat, I don't know if you want to add more.

然後，如果我們找不到這些或價值不引人注目，我們就會考慮回購股票等措施。這就是我看待它的層次結構和方式。這一切都始於我們認為在資本回報率、業務增長以及擴展和推進低風險公用事業類管道類資產基礎方面我們可以從哪裡獲得最大收益。這就是我們看待它的方式。這就是一切被過濾的方式，我認為它在吸引溢價估值方面非常成功。帕特，我不知道你是否還想補充。

Well, I think from a funding perspective, one thing I think -- then we can think about it -- I could be a little lumpy, a little bit higher in one year, a little lower in another year. We're right at the bottom of our debt-to-EBITDA range, which gives us the capacity to do some things. So that mix that Greg is talking about helps the funding as well, because we've got some that will be drag out over a few years, maybe back in to our plan. We can do some things earlier in the year through these kind of tuck-in acquisitions.

嗯，我認為從融資的角度來看，我認為有一件事——然後我們可以考慮一下——我可能會有點不穩定，一年內會高一點，另一年會低一點。我們正處於債務與 EBITDA 範圍的底部，這使我們有能力做一些事情。因此，格雷格正在談論的這種組合也有助於籌集資金，因為我們有一些將被拖幾年，也許會回到我們的計劃中。我們可以在今年早些時候通過這些臨時收購來做一些事情。

So we feel really good about the funding plan we've got and the optionality, and we'll be selective in what we do to make sure that we're doing the highest return, most strategic projects to us as an organization as we move forward.

因此，我們對現有的融資計劃和選擇性感到非常滿意，我們將選擇性地開展工作，以確保我們在行動過程中為我們作為一個組織提供最高回報、最具戰略意義的項目向前。

And can you comment, the follow-up. Is capital recycling, I know it's not been a huge, huge focus for you guys. I mean, you've opportunistic ones. Is that still an effective way to the fund projects? And if there is a year where you may be exceeding that $6 billion?

你能評論一下後續行動嗎？資本回收，我知道這對你們來說並不是一個非常非常大的焦點。我的意思是，你們都是機會主義者。這仍然是資助項目的有效方式嗎？如果有一天你的收入可能會超過 60 億美元？

Yes. We've got a list we're always looking at Ben. And I think since '18, we've done $10 billion of that, things like (inaudible) not only provide a funding element, but perhaps, first and foremost, to help us to make sure we're that first-choice partner for various stakeholders. And in that regard, things like (inaudible) for indigenous communities. So that's definitely always something on the list. And if someone out is going to value an asset at a higher valuation that we look at, we think nothing about pulling that trigger.

是的。我們有一份名單，我們一直在關注本。我認為自18 年以來，我們已經完成了100 億美元的投資，諸如（聽不清）之類的事情不僅提供了資金元素，而且也許，首先也是最重要的是，幫助我們確保我們是以下領域的首選合作夥伴：各個利益相關者。在這方面，諸如（聽不清）土著社區的事情。所以這絕對是清單上的東西。如果有人打算以我們認為的更高估值來評估某項資產，我們不會考慮觸發該觸發。

That's the benefit of being a very large, wide breadth, wide portfolio entity, you've got multiple levers to pull on, and you're not forced to pull any one. And so that's why we're focused on not only growing the earnings of the company and the distributable cash flow, keeping the balance sheet in that 4.5 to 5 range and as Pat said, we are at the line and also making sure that when we need to, we can pull the trigger on divestitures.

這就是成為一個非常大、廣泛、廣泛的投資組合實體的好處，你有多種槓桿可以使用，而且你不會被迫使用任何一個槓桿。因此，這就是為什麼我們不僅專注於增加公司收益和可分配現金流，將資產負債表保持在 4.5 到 5 的範圍內，正如帕特所說，我們處於一線，並確保當我們需要的話，我們可以觸發資產剝離。

We will take our final question from Brian Reynolds with UBS.

我們將回答瑞銀的布萊恩·雷諾茲（Brian Reynolds）提出的最後一個問題。

Maybe just a quick follow-up on some of the peer strategic announcements. There's a big focus on costs to help remain more competitive on tolling and to bring some value to the bottom line. So curious if you could just talk about how Enbridge is looking at its broader cost base to remain competitive and perhaps the Mainline tolling agreement was done in a way to remain competitive with peer pipes.

也許只是對一些同行戰略公告的快速跟進。人們非常關注成本，以幫助保持收費更具競爭力並為利潤帶來一些價值。如果您能談談安橋如何考慮其更廣泛的成本基礎以保持競爭力，那麼我很好奇，也許主線收費協議的達成方式是為了保持與同行管道的競爭力。

Yes, that's definitely a constant focus here. Whether it's in the distribution business, even though that cost structure ends up flowing through to rate payers, we think there is -- you cannot go wrong by being the lowest cost provider, and we sure are arrogant to think that we're that on every single day, but definitely something that we're looking at right across the business.

是的，這絕對是這裡持續關注的焦點。無論是在分銷業務中，即使這種成本結構最終會流向納稅人，我們認為，成為成本最低的提供商不會出錯，而且我們確實傲慢地認為我們就是這樣的。每一天，但絕對是我們整個企業都在關注的事情。

And I think -- we're actually -- things like the Mainline toll actually [incentive] -- to make sure that we do that, so that we are in most competitive position from a cost and service offering perspective, GTM as well. And as we get these assets and we tuck them in and integrate them, they may be coming from a PE or a smaller player that has less ability to get those synergistic benefits. It's not a huge element. But when you think of our 4% or 5% growth focus, we often put that chart out that shows. The first 1% of that growth comes from optimizing our costs and volumes and rate structures and regulatory side of things.

我認為——我們實際上——像幹線收費這樣的事情實際上是[激勵]——以確保我們做到這一點，以便從成本和服務提供的角度來看，我們處於最具競爭力的地位，GTM也是如此。當我們獲得這些資產並將其整合併整合時，它們可能來自私募股權公司或較小的參與者，他們獲得這些協同效益的能力較差。這不是一個巨大的元素。但當你想到我們 4% 或 5% 的增長重點時，我們經常會列出該圖表來說明這一點。前 1% 的增長來自於優化我們的成本、銷量、費率結構和監管方面。

So it's a big element for us, and we constantly need to look at it and make sure that we're ready for the next 75 years to be quite honest. Next year is the company's 75th anniversary as Enbridge. And so making sure that we're even better positioned for the next 75 is very much focused the company right now.

所以說，這對我們來說是一個重要因素，我們需要不斷地關注它，並確保我們為未來 75 年做好準備。明年是安橋公司成立 75 週年。因此，確保我們在接下來的 75 年中處於更好的位置是公司當前的重點。

Greg, you guys offer -- a double click on a couple of examples within the cost, P&L. Enbridge has a mature supply chain function. We've had one for many years across all our businesses. I think that's been helpful on quality and price. Power costs, right? Get our power use down through optimizing flows, modernizing pumps through some rate base growth, working with -- we talked about earlier, electric utilities to find that right tension around affordability, reliability and grading the grid. We've got a mature -- a major projects organization. right, that allows us, again, to optimize quality and price of our capital program. So just a couple of examples there, Brian, on the details around maintaining and improving our cost structure across all 4 businesses.

格雷格，你們提供——雙擊成本、損益表中的幾個例子。安橋擁有成熟的供應鏈功能。多年來，我們所有的業務都採用這一理念。我認為這對質量和價格都有幫助。電費，對嗎？通過優化流量、通過一定的費率基礎增長對泵進行現代化改造、與我們之前討論過的電力公司合作來降低電力使用量，以找到圍繞可承受性、可靠性和電網分級的適當張力。我們有一個成熟的大型項目組織。是的，這使我們能夠再次優化資本計劃的質量和價格。 Brian，這裡僅舉幾個例子，介紹有關維護和改善我們所有 4 項業務的成本結構的細節。

I think it's important not just to focus -- we focus on cost a lot, but also the revenue side, which is helpful not only for our shareholder and bottom line our customers to optimize the amount of volume. Colin, can get through the liquids line availability, of the gas system, especially at peak periods and Cynthia business, the availability of our wind assets to make sure that they're up and running when the wind and solar is blowing. So we focus on both the cost and the revenue optimization side as an enterprise on a daily basis.

我認為重要的不僅僅是關注——我們非常關注成本，而且還關注收入方面，這不僅對我們的股東和我們的客戶優化銷量有幫助。科林可以了解天然氣系統的液體管線可用性，特別是在高峰期和辛西婭業務，我們的風能資產的可用性，以確保它們在風能和太陽能發電時正常運行。因此，作為企業，我們每天都關注成本和收入優化。

Great. Appreciate that color. And then as my follow-up, just yesterday evening, we saw updated commentary around TMX (inaudible) in August. Just kind of curious if you could just update us with your view of whether this is included in your current guidance or expectations. And then just an updated view on time line and when you expect volumes to migrate from rail back onto your system.

偉大的。欣賞那個顏色。然後，作為我的後續行動，就在昨天晚上，我們看到了 8 月份有關 TMX 的最新評論（聽不清）。只是好奇您能否向我們更新您的看法，看看這是否包含在您當前的指導或期望中。然後只是時間線的更新視圖以及您預計卷何時從鐵路遷移回您的系統。

Yes. That's all built into our forecasts. We've been respecting TMX's public disclosures all the way along. If it is delayed, that's probably a little upside to our plan in '23, maybe '24.

是的。這些都已納入我們的預測中。我們一直尊重 TMX 的公開披露。如果推遲，這可能對我們 23 年甚至 24 年的計劃有一點好處。

And ladies and gentlemen, this concludes the question-and-answer session. I will now turn the call over to Rebecca Morley for final remarks.

女士們、先生們，問答環節到此結束。我現在將把電話轉給麗貝卡·莫利，讓其作最後發言。

Great. Thank you, and we appreciate your ongoing interest in Enbridge. As always, our Investor Relations team is available following the call for any additional questions that you may have. Once again, thank you, and have a great day.

偉大的。謝謝您，我們感謝您對安橋的持續關注。與往常一樣，我們的投資者關係團隊將在電話會議後為您解答任何其他問題。再次感謝您，祝您有美好的一天。

Thank you, ladies and gentlemen. We appreciate your participation. This concludes today's conference, and you may now disconnect.

謝謝你們，女士們、先生們。我們感謝您的參與。今天的會議到此結束，您現在可以斷開連接了。