EnLink Midstream LLC (ENLC) 2023 Q4 法說會逐字稿

Greetings, and welcome to the EnLink Midstream for Q2 2023 Earnings Conference Call and Webcast.

大家好，歡迎參加 EnLink Midstream 2023 年第二季財報電話會議和網路廣播。

At this time, all participants are in a listen only mode.

此時，所有參與者都處於只聽模式。

Brief question and answer session will follow the formal presentation.

正式演講之後將進行簡短的問答環節。

If anyone should require operator assistance during the conference, please press star zero on your telephone key pad.

如果有人在會議期間需要接線員協助，請按下電話鍵盤上的星號零。

As a reminder, this conference is being recorded is now my pleasure to introduce your host released.

提醒一下，本次會議正在錄製中，現在我很高興向您介紹發布的主持人。

Thank you, Brian.

謝謝你，布萊恩。

You may begin.

你可以開始了。

Thank you and good morning, everyone.

謝謝大家，早安。

Welcome to Nemak's fourth quarter of 2023 earnings call.

歡迎參加 Nemak 2023 年第四季財報電話會議。

Participating on the call today are Jeff Davis, Chief Executive Officer, to walk assignments, Executive Vice President and Chief Commercial Officer, and Ben Lamb, Executive Vice President and Chief Financial Officer.

參加今天電話會議的包括執行副總裁兼首席商務官、執行副總裁兼首席商務官傑夫·戴維斯 (Jeff Davis) 以及執行副總裁兼首席財務官本·蘭姆 (Ben Lamb)。

Walter Pinto, Executive Vice President and Chief Operating Officer, is also in the room to answer any questions during the Q&A session.

執行副總裁兼營運長 Walter Pinto 也在問答環節回答任何問題。

We issued our earnings release and presentation after the market closed yesterday.

我們在昨天市場收盤後發布了收益報告和簡報。

And those materials are on our website.

這些資料在我們的網站上。

A replay of today's call will also be made available on our website at investors dot ilinc.com.

今天電話會議的重播也將在我們的投資者 dot ilinc.com 網站上提供。

Today's discussion will include forward-looking statements, including expectations and predictions within the meaning of federal securities laws.

今天的討論將包括前瞻性陳述，包括聯邦證券法意義內的預期和預測。

The forward-looking statements speak only as of the date of this call, and we undertake no obligation to update or revise Actual results may differ materially from our projections and a discussion of factors that could cause actual results to differ can be found in our press release presentation and SEC files.

前瞻性陳述僅代表截至本次電話會議之日的情況，我們不承擔更新或修改的義務。中找到發布簡報和 SEC 文件。

This call also includes discussions pertaining to certain non-GAAP financial measures.

此次電話會議還包括有關某些非公認會計原則財務措施的討論。

Definitions of these measures, as well as reconciliation to comparable GAAP measures are available in our press release in the appendix of our presentation.

這些衡量標準的定義以及與可比較的公認會計準則衡量標準的調節可在我們簡報附錄中的新聞稿中找到。

We encourage you to review the cautionary statements and other disclosures made in our press release and our SEC filings, including those under the heading Risk Factors.

我們鼓勵您查看我們的新聞稿和 SEC 文件中所做的警告聲明和其他揭露，包括「風險因素」標題下的聲明和其他揭露。

We'll start today's call with a set of brief prepared remarks by Jesse dialogue and then and then the remainder of the call open for questions and answers.

我們將以傑西對話中準備好的一系列簡短演講開始今天的電話會議，然後電話會議的其餘部分將開放問答。

With that, I would now like to turn the call over to Jesse or any of us.

現在，我想將電話轉給傑西或我們中的任何人。

Thanks, Brian, and good morning, everyone.

謝謝布萊恩，大家早安。

Thank you for joining us today to discuss our fourth-quarter results and full 2023 results.

感謝您今天加入我們討論我們的第四季業績和 2023 年完整業績。

We'll also discuss our 2024 outlook, which looks like it will be another great year, driven by solid business activity.

我們還將討論 2024 年的展望，在穩健的業務活動的推動下，這看起來將是另一個偉大的一年。

Looking back at 23, I'm proud of the team's strong execution driving a number of records despite the challenging and volatile commodity environment.

回顧23，我為團隊強大的執行力感到自豪，儘管商品環境充滿挑戰和波動，但仍創造了多項記錄。

Last night, we reported fourth quarter adjusted EBITDA of $351 million adjusted EBITDA of $1.35 billion.

昨晚，我們報告第四季度調整後 EBITDA 為 3.51 億美元，調整後 EBITDA 為 13.5 億美元。

This marked a solid growth of approximately 5% over the prior year.

這標誌著比上一年實現約 5% 的穩健增長。

These solid results drove free cash flow after distributions of nearly $250 million for 2023.

這些穩健的業績推動了 2023 年分配近 2.5 億美元的自由現金流。

We continue to you bust free cash flow after distributions to return capital to our investors.

我們將繼續在分配後釋放自由現金流，將資本回饋給我們的投資者。

Earlier this year, we announced a 6% increase on our quarterly distribution.

今年早些時候，我們宣布季度分配增加 6%。

Additionally, we fully executed our expanded $250 million common unit repurchase program.

此外，我們全面執行了擴大後的 2.5 億美元普通單位回購計畫。

Since we began our consistent unit repurchase program in late 2021, we have repurchased approximately 9% of the common units outstanding.

自 2021 年底開始持續的單位回購計畫以來，我們已回購了約 9% 的未償還普通單位。

Phil will provide more details later in the call, but we forecast this momentum to continue into 2024 growth this year will be led by our largest business, the Permian, followed by Louisiana, which we expect to become our second largest segment this year.

Phil 將在稍後的電話會議中提供更多詳細信息，但我們預計這一勢頭將持續到2024 年，今年的增長將由我們最大的業務二疊紀盆地引領，其次是路易斯安那州，我們預計路易斯安那州今年將成為我們的第二大業務。

The growth in those businesses will be partly offset by the impact from the non-core ORV asset sale in late 2023 and a contractual rate reset in certain legacy Oklahoma and North Texas commercial agreements.

這些業務的成長將部分被 2023 年底非核心 ORV 資產出售以及某些舊俄克拉荷馬州和北德克薩斯州商業協議中合約利率重置的影響所抵消。

Overall, we forecast adjusted EBITDA of $1.36 billion at the midpoint of our guidance range.

總體而言，我們預計調整後 EBITDA 為 13.6 億美元，處於指導範圍的中點。

The continued strong cash flow generation, coupled with lower total capital expenditures, will drive significant increase in free cash flow after distributions to $290 million.

持續強勁的現金流產生，加上總資本支出的下降，將推動分配後的自由現金流大幅增加至 2.9 億美元。

At the midpoint of our guidance.

在我們指導的中間點。

Earlier this year, we announced that the Board authorized another $200 million common unit repurchase program for 2024, which represents a third consecutive year at of at least $200 million of repurchases.

今年早些時候，我們宣布董事會批准了 2024 年另一項 2 億美元的普通單位回購計劃，這意味著連續第三年回購金額至少為 2 億美元。

Last night, we released an update around our CO2 transportation solution for ExxonMobil.

昨晚，我們發布了有關埃克森美孚二氧化碳運輸解決方案的更新。

Following ExxonMobil's recent acquisition of Denbury, we expanded our commercial discussions to provide safe, reliable and cost-efficient CO2 transportation to others other areas across the Gulf Coast beyond the Mississippi River corridor.

繼埃克森美孚最近收購登伯里之後，我們擴大了商業討論範圍，為密西西比河走廊以外的墨西哥灣沿岸其他地區提供安全、可靠和經濟高效的二氧化碳運輸。

In total, the industrial facilities along the Gulf Coast between Houston and New Orleans, omit over 215 million metric tons of CO2 today into the atmosphere.

目前，休士頓和新奧爾良之間墨西哥灣沿岸的工業設施總共向大氣中排放了超過 2.15 億噸二氧化碳。

We're excited for this opportunity to expand our commercialization efforts with Exxon as it may represent a larger investment opportunity and an expanded reach into multiple markets in Lincoln, ExxonMobil continue to work closely together on CO2 transportation solutions since our initial agreement in 2022 and look forward to continuing our collaboration to help reduce carbon emissions across the Gulf Coast in connection with the expanded evaluation.

我們很高興有機會與埃克森美孚擴大商業化工作，因為這可能代表著更大的投資機會，並擴大了對林肯多個市場的影響力。繼續在二氧化碳運輸解決方案方面密切合作，並期待期待繼續我們的合作，透過擴大評估來幫助減少整個墨西哥灣沿岸的碳排放。

While the original transportation agreement remains in place in Lincoln, ExxonMobil have agreed to reassess the Pecan Island projects near term role with the expectation that other projects may be prioritized ahead of the Pecan Island project.

雖然最初的運輸協議在林肯仍然有效，但埃克森美孚已同意重新評估山核桃島計畫的近期作用，並預計其他計畫可能會優先於山核桃島計畫。

Meanwhile, we continue to execute and gain expertise in energy transition and CO2 transportation space.

同時，我們繼續執行並獲得能源轉型和二氧化碳運輸領域的專業知識。

During the fourth quarter, we achieved a milestone by bringing on line or carbon capture and transportation project at our Bridgeport facility in North Texas.

在第四季度，我們在德克薩斯州北部的布里奇波特工廠啟用了線路或碳捕獲和運輸項目，實現了一個里程碑。

Ultimately, we expect to cap you're up to 210,000 metric tons of CO2 emitted by our Bridgeport facility and deliver to a permanent sequestration site developed by our largest customer in North Texas BKV.

最終，我們希望將我們布里奇波特工廠的二氧化碳排放量限制在 210,000 公噸，並運送到我們位於北德克薩斯州 BKV 的最大客戶開發的永久封存場地。

With that, I'll turn it over to the Loqate and provide an update on our evolving Louisiana effect.

至此，我將把它交給 Loqate，並提供有關我們不斷發展的路易斯安那效應的最新資訊。

Thanks, Jesse, and good morning, everyone.

謝謝，傑西，大家早安。

Last quarter, we discussed how the Louisiana gas supply and demand market dynamics have shifted over the past year.

上個季度，我們討論了過去一年路易斯安那州天然氣供需市場動態的變化。

While we continue to evaluate opportunities, I wanted to spend this time to provide an update on discuss how end length can benefit from this shifting dynamic in three phases.

在我們繼續評估機會的同時，我想花這段時間提供最新信息，討論最終長度如何從三個階段的動態變化中受益。

In the first phase, we are focused on realizing the full value of assets, and we stand to benefit from renewing current business at higher rates.

在第一階段，我們專注於實現資產的全部價值，我們將從以更高的速度更新現有業務中受益。

And often for longer terms, we began to see the benefit in the second half of 2023, and we expect this to continue as contracts expire and our renewed.

通常，從長期來看，我們在 2023 年下半年開始看到好處，我們預計隨著合約到期和續簽，這種情況將持續下去。

We estimate the value of the higher rates in 2024 is approximately $20 million, and we see further upside in 2025 and beyond.

我們估計 2024 年較高費率的價值約為 2000 萬美元，我們預計 2025 年及以後將有進一步上漲。

The second phase of growth for EnLink is focused on de-bottlenecking projects.

EnLink 的第二階段成長重點是消除瓶頸專案。

We own and operate approximately 4,000 miles of pipeline across two major interstate systems as well as the Henry Hub.

我們擁有並經營橫跨兩個主要州際系統以及亨利樞紐的約 4,000 英里的管道。

And we connect to over a dozen third-party systems offering customers significant connectivity, particularly in the southern part of Louisiana.

我們連接到十多個第三方系統，為客戶提供重要的連接，特別是在路易斯安那州南部。

These projects are relatively quick to execute, generally less than 18 months and provide very attractive economics.

這些項目執行速度相對較快，通常不到 18 個月，並且具有非常有吸引力的經濟效益。

Typically low single digit EBITDA multiples.

通常較低的個位數 EBITDA 倍數。

Examples include adding compression or looping short distances of existing pipelines beyond quick efficient de-bottlenecking projects, the shifting So phase of growth for and links Louisiana system as LNG export capacity comes online over the next several years in Louisiana and with emerging industrial demand, such as blue ammonia projects, we expect the forces impacting the markets today will only grow stronger.

例子包括除了快速高效的去瓶頸項目之外，增加現有管道的壓縮或循環短距離，隨著液化天然氣出口能力在未來幾年在路易斯安那州上線以及新興的工業需求，路易斯安那州系統的增長階段轉變並連接路易斯安那州系統，例如作為藍氨項目，我們預計影響當今市場的力量只會變得更強。

The rising demand for natural gas to serve this growing market may drive the need for larger projects, such as new pipelines and expansions of natural gas storage to support our customers.

為了服務這個不斷增長的市場，對天然氣的需求不斷增長，可能會推動對更大項目的需求，例如新管道和擴大天然氣儲存庫，以支持我們的客戶。

While we are focused on meeting the needs of customers in this new environment, we remain committed to capital-efficient projects that are underwritten by a strong customer commitments in that range.

雖然我們專注於在新環境中滿足客戶的需求，但我們仍然致力於資本高效的項目，這些項目是由客戶在該範圍內的堅定承諾承保的。

We have been evaluating opportunities to expand our natural gas storage portfolio.

我們一直在評估擴大天然氣儲存產品組合的機會。

We currently have working natural gas storage capacity of about 11 Bcf since the last earnings call.

自上次財報電話會議以來，我們目前的天然氣儲存容量約為 11 Bcf。

When we mentioned this, we have progressed engineering studies and estimate that we can expand our solid storage capacity by an incremental nine Bcf and are currently marketing this capacity.

當我們提到這一點時，我們已經進行了工程研究，並估計我們可以將我們的固態儲存容量增加 9 Bcf，並且目前正在行銷該容量。

We will continue to provide updates on these exciting projects in the coming quarters.

我們將在未來幾季繼續提供這些令人興奮的項目的最新資訊。

But this is the latest example from opportunities to grow our Louisiana system and meet customer needs during this period of shifting supply and demand dynamics.

但這是在供需動態變化的時期發展我們的路易斯安那系統並滿足客戶需求的機會的最新例子。

In short, this is an exciting time for endings, Louisiana system.

簡而言之，這是一個激動人心的結局時刻，路易斯安那系統。

We acquired this system over two decades ago and remain focused on optimizing the unique footprint over the next several years.

我們在二十多年前收購了這個系統，並在接下來的幾年裡繼續專注於優化獨特的足跡。

With that, I'll turn it over to Ben to provide an overview of operations and our financial results.

接下來，我會將其交給 Ben，以概述我們的營運和財務表現。

Thanks to Lonca and good morning, everyone.

感謝隆卡，大家早安。

Let's start with the Permian for segment.

讓我們從二疊紀部分開始。

Profit for the fourth quarter of 2023 came in at $105.9 million, including approximately $9.6 million of gross operating expenses tied to plant relocations and $4 million of unrealized derivative gains excluding plant relocation, OpEx and unrealized derivative activity segment profit in the fourth quarter of 2023 decreased 1% sequentially but grew 11% from the prior year quarter.

2023 年第四季的利潤為1.059 億美元，包括與工廠搬遷相關的約960 萬美元的總營運費用以及400 萬美元的未實現衍生性商品收益（不包括工廠搬遷、營運支出和2023 年第四季未實現衍生性商品活動部門利潤下降）較上季成長 1%，但較去年同期成長 11%。

Producer activity behind our systems remained robust, driving a record quarter for gathered volumes, with average natural gas gathering volumes approximately 6% higher sequentially and 23% higher than the prior year quarter.

我們系統背後的生產商活動依然強勁，推動季度天然氣收集量創歷史新高，平均天然氣收集量比上一季高出約 6%，比去年同期高出 23%。

Turning now to Louisiana.

現在轉向路易斯安那州。

We experienced another quarter of solid performance in the gas segment, along with strong results in the NGL segment that benefited from normal seasonality.

我們在天然氣領域又經歷了一個季度的穩健表現，以及受益於正常季節性的 NGL 領域的強勁業績。

Segment profit for the fourth quarter of 2023 came in at $103.6 million, including $0.9 million of unrealized derivative gains.

2023 年第四季的部門利潤為 1.036 億美元，其中包括 90 萬美元的未實現衍生性商品收益。

Excluding the impact of unrealized derivative activity, segment profit in the fourth quarter of 2023 grew approximately 10% sequentially and grew approximately 2% compared to the prior year quarter.

剔除未實現衍生性商品活動的影響，2023年第四季的分部利潤較上季成長約10%，與去年同期相比成長約2%。

During the fourth quarter, we fully exited our non-core Ohio River Valley assets for total proceeds of approximately $70 million.

第四季度，我們完全退出了俄亥俄河谷的非核心資產，總收益約為 7,000 萬美元。

This represents a multiple of approximately six times EBITDA.

這相當於 EBITDA 的約六倍。

Moving to Oklahoma, we delivered segment profit of $112 million for the fourth quarter of 2023, including $1.3 million of unrealized derivative gains.

轉向俄克拉荷馬州，我們在 2023 年第四季實現了 1.12 億美元的部門利潤，其中包括 130 萬美元的未實現衍生性商品收益。

Excluding unrealized derivative activity, segment profit in the fourth quarter of 2023 grew approximately 1% sequentially and grew approach ultimately 7% from the prior year quarter.

不包括未實現的衍生性商品活動，2023 年第四季的部門利潤較上季成長約 1%，最終較去年同期成長近 7%。

During the fourth quarter, we continued to be impressed with the resilience of our business as we saw operators remain active with rigs.

在第四季度，我們的業務彈性繼續給我們留下了深刻的印象，因為我們看到營運商仍然積極使用鑽孔機。

Our acreage driving gathering volumes flat sequentially and approximately 15% higher compared to the prior year quarter.

我們的種植面積推動採集量環比持平，與去年同期相比增加了約 15%。

Wrapping up with North Texas segment profit for the quarter was $68.6 million, including $0.7 million of unrealized derivative gains.

該季度北德克薩斯分部的利潤為 6,860 萬美元，其中包括 70 萬美元的未實現衍生性商品收益。

Excluding unrealized derivative activity, segment profit in the fourth quarter of 2023 decreased approximately 2% sequentially and decreased approximately 10% from the prior year quarter.

不包括未實現的衍生性商品活動，2023年第四季的分部利潤較上季下降約2%，比去年同期下降約10%。

Natural gas gathering volumes were 1% lower sequentially and 9% lower compared to the prior year quarter.

天然氣收集量較上季下降 1%，與去年同期相比下降 9%。

These solid results were in line with our expectations and drove another robust quarter with $350.8 million in adjusted EBITDA and $79.4 million in free cash flow after distributions.

這些穩健的業績符合我們的預期，並推動了另一個強勁的季度，調整後 EBITDA 為 3.508 億美元，分配後自由現金流為 7,940 萬美元。

For the full year 2023, EnLink delivered adjusted EBITDA of $1.35 billion and free cash flow after distributions of $247 million.

2023 年全年，EnLink 調整後 EBITDA 為 13.5 億美元，分配後自由現金流為 2.47 億美元。

This represents 5% growth in adjusted EBITDA over the prior year, reflecting the resilience of our diverse asset base.

這意味著調整後 EBITDA 較上年增長 5%，反映了我們多元化資產基礎的彈性。

Despite the volatile commodity price environment, capital expenditures at plant relocation expenses net to EnLink investment contributions were $122 million in the fourth quarter of 2023.

儘管大宗商品價格環境波動，2023 年第四季工廠搬遷費用的資本支出（扣除 EnLink 投資貢獻）仍為 1.22 億美元。

On the balance sheet side, we continue to be in a very strong position with a leverage ratio of 3.3 times at the end of the fourth quarter, and we retain ample liquidity.

在資產負債表方面，我們繼續處於非常有利的地位，第四季末的槓桿率為3.3倍，並且我們保留了充裕的流動性。

We were remain investment grade at Fitch and one notch below investment grade with S&P and Moody's with a positive outlook at S&P.

惠譽維持我們的投資評級，比標普和穆迪的投資評級低一級，標普對我們的前景持樂觀態度。

Consistent with our capital allocation plan to return capital to investors, we increased our quarterly common unit distribution to $0.13 in a quarter per unit in the fourth quarter, which represents a 6% rent increase over the fourth quarter of 2022.

根據我們向投資者返還資本的資本分配計劃，我們在第四季度將季度普通單位分配增加至每單位 0.13 美元，這意味著租金比 2022 年第四季度增加了 6%。

During the fourth quarter, the board increased our 2023 common unit repurchase authorization to $250 million.

第四季度，董事會將 2023 年普通單位回購授權增加至 2.5 億美元。

The increase reflected our strong free cash flow generation as well as a portion of the proceeds from our sale of our non-core ORB. assets will be fully executed the expanded authorization, including GIP.s pro rata share, which settled after the end of the quarter.

這一增長反映了我們強勁的自由現金流產生以及我們出售非核心 ORB 的部分收益。資產將全面執行擴大的授權，包括 GIP. 的按比例份額，該份額將在本季度末後結算。

Following our consistent approach to repurchase common units.

遵循我們一貫的回購普通單位的方法。

Beginning in late 2021, we have now repurchased nearly 42 million common units, representing approximately 9% of the common units outstanding at the beginning of our repurchase activity.

從 2021 年底開始，我們現已回購近 4,200 萬個普通單位，約佔回購活動開始時流通的普通單位的 9%。

Now let me turn to the 2020 for guidance that we announced yesterday.

現在讓我轉向我們昨天宣布的 2020 年指引。

We are in a solid position to continue.

我們處於繼續前進的有利位置。

The momentum we ended the year with in 2024 is forecast to be another year of solid results.

我們在 2024 年結束時所呈現的勢頭預計將是另一個取得穩健成果的一年。

From an adjusted EBITDA standpoint, we are forecasting a range of $1.31 billion to $1.41 billion.

從調整後的 EBITDA 角度來看，我們預測範圍為 13.1 億美元至 14.1 億美元。

This outlook reflects solid growth in our two largest segments, the Permian and Louisiana, while partially offset by the impact from the note on our core ORB. asset sale in late 2023 and contractual rate resets in certain legacy North Texas and Oklahoma commercial agreements.

這一前景反映了我們最大的兩個板塊（二疊紀和路易斯安那）的穩健增長，同時部分被票據對我們核心 ORB 的影響所抵消。 2023 年末資產出售，以及某些遺留的北德克薩斯州和俄克拉荷馬州商業協議中的合約利率重置。

These contracts were extended back in 2018, and the agreement included a one-time rate reset in 2024 the contracts original expiration date to pre-agreed fees.

這些合約於 2018 年延長，協議包括在 2024 年將合約原始到期日一次性重置為預先商定的費用。

In effect, this reset partially reverses recent years of outsized annual inflation escalators.

實際上，這種重置部分扭轉了近年來每年通貨膨脹率大幅上升的情況。

These contracts now expire between 2029 in 2033 with annual inflation escalators and no further rate resets.

這些合約現於 2029 年至 2033 年到期，年度通膨自動上升，且不會進一步重置利率。

When you look through these two one-time impacts, the sale of the auto RV assets and the one-time contract resets, our base business is forecast to grow approximately 4% at the midpoint of adjusted EBITDA guidance compared to 2023.

當您仔細研究這兩個一次性影響（汽車房車資產的出售和一次性合約重置）時，我們的基礎業務預計與 2023 年相比，調整後 EBITDA 指導的中點將增長約 4%。

Turning now to commodity prices, we remain approximately 90% fee-based from our 2024 guidance.

現在轉向大宗商品價格，與 2024 年指引相比，我們仍保持約 90% 的費用。

We assumed average WTI and Henry Hub prices of $75 per barrel like last year, we took the opportunity in the second half of 2023 to take advantage of the supportive forward curve and hedged a large majority of our 2024 exposure to natural gas prices and Waha basis at prices significantly above current levels, providing increased visibility for 2024 financial results.

我們假設WTI 和Henry Hub 的平均價格與去年一樣為每桶75 美元，我們抓住2023 年下半年的機會，利用支持性遠期曲線，對沖了2024 年天然氣價格和瓦哈基差的大部分敞口價格遠高於目前水平，提高了 2024 年財務表現的可見度。

Accordingly, a scenario of plus or minus $5 per barrel and $0.5 per MMBTU impacts, adjusted EBITDA by approximately $6 million and $5 million, respectively, assuming no change in our forecast volumes.

因此，假設我們的預測量沒有變化，在每桶正負 5 美元和每 MMBTU 影響 0.5 美元的情況下，調整後的 EBITDA 分別約為 600 萬美元和 500 萬美元。

Taking guidance down to the segment level and focusing on the midpoints of the ranges we provided.

將指導細化至細分級別，並重點關注我們提供的範圍的中點。

We are projecting another year of significant growth for our Caribbean business with segment profit for 2024 forecast to be $455 million, including plant relocation expenses, representing an increase of approximately 15% As a reminder, our TIGER-2 processing facility is expected to come online in the second quarter of 2024.

我們預計加勒比海業務將迎來另一個顯著增長的一年，預計2024 年分部利潤將達到4.55 億美元，其中包括工廠搬遷費用，增長約15% 提醒一下，我們的TIGER-2 處理設施預計將上線2024 年第二季。

Louisiana segment profit for 2024 is forecast to be $420 million, representing an increase of approximately 7%.

路易斯安那州分部2024年獲利預估為4.2億美元，成長約7%。

The increase is mainly driven by the improving fundamentals in our natural gas business that the longest spoke about earlier.

這一成長主要是由我們天然氣業務基本面的改善所推動的，這一點是最長的人早些時候談到的。

Excluding the 2023 contribution from the RV assets that we sold, Louisiana growth will be even higher in Oklahoma.

排除 2023 年我們出售的房車資產的貢獻，路易斯安那州的成長將比俄克拉荷馬州更高。

We expect the activity from the Devon Dow JV, along with a little activity from other customers, will keep volumes approximately flat from 2024 compared to 2023.

我們預計，Devon Dow 合資企業的活動以及其他客戶的少量活動將使 2024 年的銷售量與 2023 年基本持平。

However, Oklahoma segment profit for 2024 is forecast to be $390 million, representing a decline of approximately 8%, driven in part by the one-time rate reset that I've talked about earlier.

然而，俄克拉荷馬州 2024 年部門利潤預計為 3.9 億美元，下降約 8%，部分原因是我之前談到的一次性利率重置。

Finally, North Texas segment profit for 2024 is forecast to be $240 million, representing a decline of approximately 13%.

最後，北德州分部 2024 年利潤預計為 2.4 億美元，下降約 13%。

This is driven by the one-time rate reset, but also reflects a conservative view on volumes given the current gas price environment.

這是由一次性利率重置推動的，但也反映了鑑於當前天然氣價格環境對交易量的保守看法。

The growth in our business, the last several years has been impressive, and our 2024 outlook reflects a transformation of our business back in 2019.

過去幾年我們的業務成長令人印象深刻，我們的 2024 年展望反映了我們 2019 年業務的轉變。

In Oklahoma and North Texas represented over 60% of our segment profit mix today.

俄克拉荷馬州和北德克薩斯州占我們今天部門利潤組合的 60% 以上。

However, the Permian in Louisiana represent approximately 60% of expected 2024.

然而，路易斯安那州的二疊紀約佔 2024 年預計產量的 60%。

Second profit said shortly, the largest drivers of our growth, our associated gas production in the Permian and downstream demand coal markets in Louisiana.

第二個利潤很快就會說，我們成長的最大驅動力是我們在二疊紀盆地的伴生氣生產和路易斯安那州的下游需求煤炭市場。

While our guidance is based on the most current producer drilling plans, we recognize the extreme volatility in natural gas prices may cause producers to delay their drilling and completion plans and thereby impact our volume expectations.

雖然我們的指導是基於最新的生產商鑽探計劃，但我們認識到天然氣價格的極端波動可能會導致生產商推遲其鑽探和完井計劃，從而影響我們的產量預期。

We estimate a hypothetical six month completion deferral by major customers in Oklahoma and North Texas.

我們估計俄克拉荷馬州和北德克薩斯州的主要客戶假設將推遲六個月完工。

So gas-oriented basins would have an aggregate 2024 impact of approximately $20 million.

因此，以天然氣為導向的盆地到 2024 年將產生約 2,000 萬美元的總影響。

As we've said before, though, longer term, we remain very bullish on natural gas demand and the need for Oklahoma and North Texas to help supply that growing market in the coming years.

不過，正如我們之前所說，從長遠來看，我們仍然非常看好天然氣需求以及俄克拉荷馬州和北德克薩斯州在未來幾年幫助供應這一不斷增長的市場的需要。

On the investment front, total capital expenditures plus operating expenses associated with the TIGER-2 plant relocation net to EnLink and investment contributions are forecast to be between $435 million and $485 million dollars.

在投資方面，總資本支出加上與 TIGER-2 工廠搬遷至 EnLink 相關的營運支出以及投資貢獻預計將在 4.35 億美元至 4.85 億美元之間。

As we have previously discussed, we remain focused on capital efficient, high return projects.

正如我們之前討論的，我們仍然專注於資本高效、高回報的項目。

I want to point out that our capital spending outlook includes approximately $50 million of spending for CCS projects with ExxonMobil.

我想指出的是，我們的資本支出前景包括與埃克森美孚合作的 CCS 計畫的約 5,000 萬美元支出。

As Jesse described in his opening remarks, this number may change as we and Exxon work toward findings optimal solution for the CCS market and the ways in which EnLink will participate in that solution.

正如傑西在開場白中所述，隨著我們和埃克森美孚努力尋找 CCS 市場的最佳解決方案以及 EnLink 參與解決方案的方式，這個數字可能會發生變化。

With that caveat in mind, from a free cash flow perspective, we expect a significant increase compared to 2023 was forecast cash flow after distributions in the range of $265 million to $315 million.

考慮到這一點，從自由現金流的角度來看，我們預計分配後的現金流量將比 2023 年大幅增加 2.65 億至 3.15 億美元。

As we disclosed in January, our Board reauthorized the $200 million a unit repurchase program for 2024 for the third consecutive year.

正如我們在 1 月所揭露的那樣，我們的董事會連續第三年重新授權 2024 年每單位 2 億美元的回購計畫。

There is the potential to see this number cries of the year goes on as it did last year as we gain more clarity on some of the moving pieces, including Exxon related CCS projects.

隨著我們對一些動態項目（包括埃克森美孚相關 CCS 項目）的了解更加清晰，今年的數字可能會像去年一樣持續下去。

In summary, the EnLink team delivered solid results in 2023, and we expect the momentum to continue in 2024.

總而言之，EnLink 團隊在 2023 年取得了紮實的成果，我們預計這一勢頭將在 2024 年繼續下去。

Despite the recent volatility, our assets are well positioned to grow, led by our two largest segments, the Permian in Louisiana.

儘管最近出現波動，但在我們最大的兩個板塊（路易斯安那州的二疊紀盆地）的帶動下，我們的資產處於良好的成長勢頭。

With that, I'll turn it back over to Jesse.

這樣，我會把它轉回給傑西。

Thank you, been.

謝謝你，去過。

In summary, I'm proud of the quick execution expanding our Louisiana assets, the bigger and broader CCS opportunity as we work with ExxonMobil and others.

總之，我對我們在路易斯安那州資產的快速擴張感到自豪，在我們與埃克森美孚和其他公司合作時，我們獲得了更大、更廣泛的 CCS 機會。

You addressed CO2 emitted into the atmosphere today, and there is agencies resiliency of our assets driving growth for our business in 2024 and beyond.

您今天討論了排放到大氣中的二氧化碳問題，我們資產的機構彈性推動了我們 2024 年及以後業務的成長。

With that, you may now open the call for questions.

這樣，您現在就可以開始提問了。

Thank you.

謝謝。

We will now be conducting a question and answer session.

我們現在將進行問答環節。

You would like to ask a question, please press star one on your telephone keypad.

您想提問，請按電話鍵盤上的星號一。

A confirmation tone will indicate your line is in the question queue, you may press star two.

確認音將表示您的線路已在問題佇列中，您可以按星號二。

If you would like to remove your question from the queue For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. one moment, please.

如果您想從佇列中刪除您的問題 對於使用揚聲器裝置的參與者，可能需要在按星號鍵之前拿起聽筒。稍等一會兒。

While we poll for questions.

當我們投票詢問問題時。

Thank you.

謝謝。

Our first question comes from the line of Spiro Dounis with Citi.

我們的第一個問題來自花旗銀行的 Spiro Dounis。

Please proceed with your question.

請繼續你的問題。

Thanks, operator.

謝謝，接線生。

Community may want to start with something we're going to few questions on this morning.

社區可能想從今天早上我們要回答的幾個問題開始。

It really began.

真的開始了。

I would add just curious if you have some more details on what prioritization of the projects that look like.

如果您有關於項目優先級的更多詳細信息，我想補充一點。

There's like Intel, you've already started spending some capital on that, that project.

就像英特爾一樣，你已經開始在那個專案上投入一些資金。

So curious what are some of the range of outcomes there?

很好奇其中的一些結果是什麼？

And when would you be able to expect to update us on that based Ferro's?

什麼時候可以向我們通報 Ferro 的最新情況？

Jesse, I appreciate the question.

傑西，我很欣賞這個問題。

First.

第一的。

Let me start by saying we're extremely excited about the opportunity in the expanded market.

首先我要說的是，我們對擴大的市場中的機會感到非常興奮。

We're going to be looking for mutually beneficial opportunities with Exxon for a gain a larger share of that addressable market expanding outside of the Mississippi River corridor.

我們將尋求與埃克森美孚互利共贏的機會，以便在密西西比河走廊以外的潛在市場中獲得更大的份額。

What that entails is.

這意味著什麼。

We've identified, as we've said in the past, right, we believe that the Denbury acquisition leads to more opportunities for imminently.

正如我們過去所說的那樣，我們相信收購登伯里將立即帶來更多機會。

And this is an example of an optimization of our existing agreement to find the most cost-efficient, most timely solution for them for those initial volumes.

這是我們優化現有協議的一個例子，旨在為這些初始數量找到最具成本效益、最及時的解決方案。

With respect to timing, we both have obligations under the existing agreement.

關於時間安排，我們雙方都有現有協議規定的義務。

So we vote are highly incented to get this work through very quickly.

因此，我們非常希望盡快完成這項工作。

As from a timing perspective, we hope to update you on the path forward very soon.

從時間角度來看，我們希望盡快向您通報最新進展。

With respect to the capital spend, most of that those dollars were spent on permitting and right-of-way acquisition.

就資本支出而言，其中大部分資金用於獲得許可和通行權。

We have taken a step back as we reassess.

當我們重新評估時，我們退了一步。

And so we will not be incurring future spending until we identify the most optimized solution.

因此，在找到最優化的解決方案之前，我們不會產生未來的支出。

That's just maybe moving on are sticking with this topic in thinking about expanding beyond that Mississippi River corridor you guys have talked about and something the order of 30 million tonnes per annum within discussion projects there.

這只是可能繼續圍繞這個主題，考慮擴展到你們所討論的密西西比河走廊之外，以及那裡討論項目中每年 3000 萬噸的數量級。

Just curious if we get an update on that.

只是好奇我們是否能得到最新消息。

And as you think about your competitive position beyond that corridor, I know one of the main selling point here was a lot of brownfield assets in the ground that you can repurpose as you expand beyond.

當您考慮您在該走廊之外的競爭地位時，我知道這裡的主要賣點之一是地面上有大量棕地資產，您可以在擴展時重新利用這些資產。

I don't think you've got as much of that.

我認為你沒有那麼多。

So curious how you're thinking about some of the return multiples outside the corridor.

很好奇你是如何看待走廊外的一些返程倍數的。

Yes.

是的。

I think from a return more multiple perspective, I think we would expect those to compete with our traditional midstream business.

我認為從回報較多的角度來看，我們希望這些業務能與我們傳統的中游業務競爭。

So those multiples will have to be competitive.

因此，這些倍數必須具有競爭力。

I think where we have a competitive advantage, again is our decades-long experience, both in Louisiana and as we expand into Texas Gulf Coast area is our ability to execute on agreements on construction projects, operations of CO2.

我認為我們的競爭優勢在於我們在路易斯安那州和德克薩斯州墨西哥灣沿岸地區數十年的經驗，即我們執行建設項目和二氧化碳運營協議的能力。

We are now in this phase of our North Texas assets that we've got the experience there.

我們現在正處於北德克薩斯州資產的這個階段，我們在那裡已經積累了經驗。

I think the relationship with ExxonMobil, there's a mutually beneficial relationship.

我認為與埃克森美孚的關係是一種互惠互利的關係。

And then we are pipeline infrastructure company as we set out to be the transporter of choice that is materializing and the value add there is going to be timely execution experience, customer relationships.

然後，我們是管道基礎設施公司，因為我們致力於成為正在實現的首選運輸公司，而附加價值將是及時的執行經驗和客戶關係。

So I think we do have a value add another gets recognized by ExxonMobil.

所以我認為我們確實有一個附加值得到了埃克森美孚的認可。

Great.

偉大的。

No different today than it was August.

今天和八月沒有什麼不同。

Faster question from the line of Brian rentals with UBS.

來自瑞銀的布萊恩租賃行的更快問題。

Please proceed with your question.

請繼續你的問題。

Hi, good morning, everyone.

嗨，大家早安。

Maybe to touch on just the Permian growth, create cadence a little bit in a lot of M&A among some of your counterparties in the Midlands, there should be some more Delaware growth, at least out with towards forecasted them going into this year.

也許僅談二疊紀的增長，在中部地區的一些交易對手之間的大量併購中創造一點節奏，特拉華州應該會有更多的增長，至少超出了今年的預測。

And then you have Matterhorn coming into service in the back half.

然後馬特洪峰在後半段投入使用。

So would be great if you could just maybe help us some break apart the Permian there and your asset base.

如果您能幫助我們分解那裡的二疊紀和您的資產基礎，那就太好了。

And as we think about, you know, Permian growth cadence across our footprint for this year.

正如我們所思考的，您知道，今年我們足跡中的二疊紀成長節奏。

Thanks.

謝謝。

Yes, Ryan, look, you're right there in your commentary.

是的，瑞安，你看，你的評論就在那裡。

If you look at the driver of our Permian growth for 2023, it was largely in the Midland gas segment.

如果你看看 2023 年二疊紀成長的驅動力，你會發現它主要來自米德蘭天然氣領域。

This year.

今年。

We expect to see more of it come from the Delaware gas side with the TIGER-2 plant coming into service just in time in the second quarter of this year.

隨著 TIGER-2 工廠於今年第二季及時投入使用，我們預計將看到更多來自特拉華州天然氣的天然氣。

In terms of Matterhorn, it will be in service in the third quarter that as a reminder, we treat that as an equity method investment in.

就馬特洪峰而言，它將在第三季投入使用，提醒一下，我們將其視為權益法投資。

So you're not seeing that in the guidance for segment profit for Permian, what you're seeing there and segment profit for Permian as all of our own Permian operator operations, the Matterhorn JV will hit below the line, so to speak.

因此，您在二疊紀的分部利潤指南中沒有看到，您所看到的二疊紀的分部利潤是我們自己的二疊紀運營商業務，可以這麼說，馬特宏峰合資企業將低於該線。

Great.

偉大的。

Super-helpful on and maybe do a follow-up on some of the CCUS questions.

對一些 CCUS 問題非常有幫助，也許可以跟進。

I believe last quarter you kind of talked about an 80% MCPA. market opportunity in Louisiana, which hopefully you're going to capture $300 million of EBITDA as an opportunity set.

我相信上個季度您談到了 80% MCPA。路易斯安那州的市場機會，希望您能抓住 3 億美元的 EBITDA 作為機會集。

Just given that were 2.5 times that, you know, are you still looking to capture kind of a 50% of market share, like, you know, could to this business ultimately makeup, not 20% of your ultimate earnings mix?

考慮到這是 2.5 倍，你知道，你是否仍然希望獲得 50% 的市場份額，例如，你知道，這項業務最終能否構成，而不是你最終收益組合的 20%？

Are you looking to make it even more substantial than that?

您是否想讓它變得更充實？

Thanks.

謝謝。

So, you know, what we identified is really not a percentage of the market share when we talked about it just worked out that 14 was 50%.

所以，你知道，當我們談論它時，我們確定的實際上並不是市場份額的百分比，只是得出 14 是 50%。

But those were identified projects that we were working with our customers and that includes ExxonMobil and beyond.

但這些都是我們正在與客戶合作的已確定項目，其中包括埃克森美孚等。

Those were identified fronts, not and if you put a marker out there on a percent of the total addressable market, but certainly now that we have expanded into multiple geographic regions and a much larger addressable market, we do anticipate and are optimistic that this business gets bigger than the initial 300 million business that we identified earlier.

這些都是已確定的前沿，如果你把標記放在總潛在市場的百分比上，但現在我們已經擴展到多個地理區域和更大的潛在市場，我們確實預計並樂觀地認為這項業務比我們之前確定的最初3 億業務規模還要大。

Great.

偉大的。

Thanks.

謝謝。

Appreciate the color this morning.

欣賞今天早上的顏色。

Thanks.

謝謝。

Next question comes from the line of Jeremy Tonet with JPMorgan.

下一個問題來自傑里米·託內 (Jeremy Tonet) 與摩根大通 (JPMorgan) 的對話。

Please proceed with your question.

請繼續你的問題。

Hey, this is Noah cats on for Jamie.

嘿，這是諾亞貓為傑米準備的。

I was just wondering if you had any additional comments on progress with incremental CCS partners other the next time.

我只是想知道下次您對增量 CCS 合作夥伴的進展是否有任何其他評論。

You know, we continue the discussions with Shell Aloxi here.

您知道，我們在這裡繼續與 Shell Aloxi 進行討論。

The public announcements we've made.

我們發布的公開公告。

Those are progressing as these have taken a little longer than we would have anticipated.

這些工作正在取得進展，因為這些工作花費的時間比我們預期的要長一些。

And I think that's for a couple of reasons. one is the uncertainties around the 45 Q. rags and then Louisiana primacy.

我認為這有幾個原因。一是圍繞 45 Q. rags 的不確定性，然後是路易斯安那州的首要地位。

I think a lot of those uncertainties are behind us, and we're optimistic that these things will move forward in 2024.

我認為很多不確定性已經過去，我們樂觀地認為這些事情將在 2024 年取得進展。

But again, those are progressing very nicely.

但同樣，這些進展非常順利。

Thanks.

謝謝。

That's helpful.

這很有幫助。

And a quick follow up on the contract rolls, where were the contract rolls and what do you see them rolling out into 2025?

以及對合約卷的快速跟進，合約卷在哪裡以及您認為它們到 2025 年會推出什麼？

Yes, I know it's been so these contracts were the original Devon contracts that were put in place when we formed in late way, back in 2014.

是的，我知道，所以這些合約是最初的德文郡合同，是我們在 2014 年晚些時候成立時簽訂的。

And we extended in 2018 for an additional five years of term at that time, they they would have expired this year in 2024.

我們在 2018 年將任期再延長了五年，當時他們的任期將在今年 2024 年到期。

We pushed them out to 2029, and one of them has even been extended against an expired now in 2023.

我們將它們推遲到 2029 年，其中一項甚至已經延長到 2023 年。

So we just agreed that at the time in 2018 that at the contracts, original expiration, SG&A rate of receptors, pre-agreed numbers.

所以我們只是在2018年的時候就合約、原始到期日、受體的SG&A費率、預先商定的數字達成一致。

And that's what's what's happened here in the first quarter of 2024.

這就是 2024 年第一季發生的事情。

So the rate reset preferred, it's a one-time item is not recurring and won't have a meaningful further impact in 2025.

因此，利率重置是首選，它是一次性項目，不會重複出現，不會在 2025 年產生進一步的有意義的影響。

That's helpful.

這很有幫助。

Thank you, guys.

感謝你們。

Thank you.

謝謝。

Our next question comes from the line of Zach than ever in with Tudor, Pickering, Holt.

我們的下一個問題來自扎克（Zach）與都鐸（Tudor）、皮克林（Pickering）、霍爾特（Holt）的關係。

Please proceed with your question.

請繼續你的問題。

Hey, guys.

大家好。

Thanks for taking the question.

感謝您提出問題。

Just one on hedging.

只有一項是關於對沖的。

It sounds like you're pretty well protected on the natural gas side.

聽起來您在天然氣方面受到了很好的保護。

Flipping to NGLs crude to Sylvie.

轉向西爾維液化天然氣原油。

The thought process that you guys had 100% down to 25% throughout the years, that hedging gains as well?

你們這些年來的思考過程是 100% 下降到 25%，對沖收益也是？

Well phase that this has been generally.

這通常是好的階段。

That's right.

這是正確的。

The programmatic approach that you described is our approach.

您所描述的程序化方法就是我們的方法。

I will say though, we've also gone ahead for this year, our ethane exposure because that that market is driven by many of the same forces that drive the natural gas market.

不過，我要說的是，今年我們也繼續推進乙烷業務，因為該市場是由許多與天然氣市場相同的力量所推動的。

In the in the prepared remarks, I mentioned a change to $5 on WT. either way moves or lose our results by about $6 million.

在準備好的發言中，我提到 WT 改為 5 美元。無論哪種方式，我們的業績都會增加或損失約 600 萬美元。

All else being held a healthy also is not a huge driver, frankly, either way.

坦白說，無論哪種方式，保持健康的其他一切都不是一個巨大的驅動因素。

Of course, the bigger impact is on producer activity.

當然，更大的影響是對生產者活動的影響。

And we gave you some guidance around that as well.

我們也為您提供了一些相關指引。

Perfect.

完美的。

I appreciate that.

我很感激。

And then the last one is just on the contracts that are rolling off in Louisiana.

最後一項是在路易斯安那州即將簽訂的合約。

It seems like you guys are seeing pretty good upside from the rate recent events.

看來你們從最近發生的事件中看到了相當好的上升空間。

Can you give a percent of contracts lapse that or maybe lower rate legacy contracts that you might see additional upside and two, 25 and beyond?

您能否給出失效合約的百分比，或者您可能會看到額外上漲空間的較低利率的遺留合同，以及兩個、25 個甚至更多？

five of the longer?

五個較長的？

You said it correct.

你說得對。

To date, we are seeing good success in renewing existing contracts at higher rate, and most of those transactions are documented a little bit more to go and has been mentioned earlier that the opportunity to grow very, very low margin.

到目前為止，我們在以更高的利率續簽現有合約方面取得了良好的成功，而且大多數交易的記錄要多一些，並且之前已經提到過，利潤率增長的機會非常非常低。

Okay, perfect.

好的，完美。

Thanks, guys.

多謝你們。

Thank you.

謝謝。

Our next question comes from the line of Kurt reef, Satish with Wells Fargo.

我們的下一個問題來自庫爾特礁、薩蒂什和富國銀行的關係。

Please proceed with your question.

請繼續你的問題。

Thanks.

謝謝。

Good morning.

早安.

I guess just going back to CCS., can you maybe elaborate on how Exxon is delineating?

我想回到CCS，您能詳細說明一下埃克森美孚是如何描繪的嗎？

We're thinking about new CS. projects in the Gulf Coast between working with you guys versus Denbury.

我們正在考慮新的 CS。與你們合作和與登伯里合作之間的墨西哥灣沿岸計畫。

I guess what are kind of the key factors there as they think about the opportunity set hybrids as

我猜當他們將機會集混合視為時，關鍵因素是什麼

Jesse?

傑西？

Thanks.

謝謝。

Just I can't speak for Exxon, but broadly speaking, you've got two systems that did vary in the green line also came with additional sequestration sites.

只是我不能代表埃克森美孚，但從廣義上講，你有兩個系統，綠線有所不同，也有額外的封存地點。

If you look on a map leak, our systems intersect that green line in multiple areas.

如果您查看洩漏的地圖，您會發現我們的系統在多個區域與綠線相交。

So I think as I said earlier, we're looking for mutually beneficial opportunities.

所以我認為正如我之前所說，我們正在尋找互利的機會。

And weeks quarter happened.

周季度發生了。

We had these quicker to market happened.

我們讓這些產品更快上市。

We get this optimized from a cost perspective, you know, return perspective.

我們從成本角度、回報角度進行最佳化。

So it's a very collaborative effort.

所以這是一個非常協作的努力。

I think they're looking at this is a broader opportunity.

我認為他們正在考慮這是一個更廣泛的機會。

Again, utilizing did in very assets with EnLink assets could provide unique opportunities to move forward.

同樣，將確實的資產與 EnLink 資產一起使用可以提供獨特的前進機會。

Got it.

知道了。

Then maybe just I guess switching gears to gas storage.

然後也許只是我猜要切換到天然氣儲存。

Just wondering if you could kind of elaborate on the.

只是想知道您是否可以詳細說明一下。

Yes, the discussions that you're having with customers there for potential Brownsville storage expansion in Louisiana, do you think the current market rate is high enough to support three to five year contracts on that expansion?

是的，您正在與客戶討論路易斯安那州布朗斯維爾儲存擴建的可能性，您認為當前的市場價格是否足以支持該擴建的三到五年合約？

Maybe if you could just kind of ballpark what the cost of that expansion would be?

也許如果你能大致估算一下擴張的成本是多少？

And then finally, is there a scenario where you take some of this capacity yourself and marketed?

最後，是否存在您自己獲取部分容量並進行行銷的情況？

Second question is a lot here.

第二個問題在這裡很多。

As I alluded to during the last call that a significant market interest financing S&R is driven by higher loadings commodity volatility, increasing energy exports.

正如我在上次電話會議中提到的那樣，大宗商品負載波動性增加和能源出口增加推動了 S&R 融資的大量市場利息。

This requires natural gas deliveries to manage operational, no issues and increasing demand as well.

這需要天然氣輸送來管理運營，沒有問題，並且需求也不斷增加。

So so the interest level is quite high in terms of our response to that between Osprey, natural gas storage facilities that are in operation today suggested on storage and influencer.

因此，就我們對魚鷹、今天正在運行的天然氣儲存設施之間建議的儲存和影響者之間的反應而言，興趣程度相當高。

In general, we are looking at mix of brownfield and greenfield project and trying to optimize our Internet solution and the customer demand in that time line side, we have great cost estimate just to set and what we found out from the initial engineering studies that we have a span of all at nine Bcf from a lot even easier today.

總的來說，我們正在考慮棕地和綠地專案的混合，並試圖優化我們的互聯網解決方案和客戶在該時間線方面的需求，我們有很好的成本估算來設定，以及我們從最初的工程研究中發現的結果跨度為 9 Bcf，今天要容易得多。

And we can go to market rates.

我們可以採用市場價格。

Having discussed, we began and as we have very attractive projects through a mixture of Broadview and some greenfield and brownfield remodel administrative up, once we get to a leverage pipeline connectivity that already exists, and then it becomes quite big versus a brand-new and get a little bit and all the infrastructure side, the combination of that would be the optimized for us.

經過討論，我們開始了，因為我們透過Broadview 和一些綠地和棕地改造行政管理的組合擁有非常有吸引力的項目，一旦我們利用已經存在的管道連接，那麼它就會變得相當大，而不是一個全新的和得到一點點和所有基礎設施方面，這些的結合將對我們進行最佳化。

Got it.

知道了。

Thank you.

謝謝。

Our next question comes from the line of Christopher Jeffrey with Zuhause securities.

我們的下一個問題來自克里斯托弗·傑弗裡 (Christopher Jeffrey) 與 Zuhause 證券公司的關係。

Please proceed with your question.

請繼續你的問題。

February.

二月。

And maybe just to follow up on that last question and confirm the opportunities for the brownfield expansion will be the and are currently captured in that '24 CapEx guidance that you've given?

也許只是為了跟進最後一個問題並確認棕地擴張的機會將是並且目前已包含在您給出的“24 年資本支出指南”中？

Are you kind of looking for something less than '25 just general time line for the opportunity in the business?

您是否正在尋找 25 年以內的業務機會的一般時間軸？

So of in natural gas storage, gentlemen, not of the CapEx comes in to the mid of that online.

因此，先生們，天然氣儲存領域的問題，而不是資本支出的問題，是線上問題的中間部分。

So we don't have much CapEx in 2020 volumes, mainly focused on engineering studies and permitting.

因此，我們 2020 年的資本支出不多，主要集中在工程研究和授權方面。

Some of the CapEx comes from 25 and beyond.

部分資本支出來自 25 歲及以上。

Got it.

知道了。

And then maybe just another, looking at the maintenance CapEx for the 24 guide, it looks like a decent step-up from '23.

然後也許只是另一個，看看 24 指南的維護資本支出，它看起來比 23 有了一個不錯的進步。

Any color there?

那裡有什麼顏色嗎？

Is that what's driving that?

這就是驅動力嗎？

You know, really a lot of our maintenance CapEx is on maintaining our compression equipment and that happens on a schedule as machines accrue hours at some point.

您知道，實際上我們的許多維護資本支出都用於維護我們的壓縮設備，並且隨著機器在某個時刻累積時間而按計劃進行。

Do you get to the point where you need to do a minor overhauls and what do you get to where you need to do a major overhaul?

您是否已經到了需要進行小修的地步以及您達到了需要進行大修的程度？

So it's nothing more than a heavy year for us, particularly in North Texas and Oklahoma.

因此，這對我們來說只不過是沉重的一年，特別是在北德克薩斯州和俄克拉荷馬州。

I'm on the scheduled maintenance.

我正在進行定期維護。

Great.

偉大的。

Thanks, Ron.

謝謝，羅恩。

Thank you.

謝謝。

There are no further questions at this time.

目前沒有其他問題。

I'd like to turn the floor back over to Jesse arena for closing comments.

我想把發言權轉回傑西競技場進行結束評論。

Thank you, Alyssa, for facilitating our call this morning, and thank everyone for being on the call today and for your support.

感謝艾莉莎為我們今天早上的通話提供便利，並感謝大家今天參加通話並給予支持。

As always, we appreciate your continued interest and investment in Italy, and we look forward to updating you with our first quarter results in May.

一如既往，我們感謝您對義大利的持續關注和投資，我們期待在五月向您通報我們第一季的最新業績。

In the meantime, we wish you well stay healthy fee and have a great day.

同時，我們祝福您身體健康，度過愉快的一天。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。