EnLink Midstream LLC (ENLC) 2024 Q2 法說會逐字稿

Greetings. Welcome to the EnLink Midstream second quarter 2024 earnings call and webcast. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎參加 EnLink Midstream 2024 年第二季財報電話會議和網路廣播。（操作員指示）請注意，本次會議正在錄音。

At this time, I'll turn the conference over to Brian Brungardt. Brian, you may now begin.

現在，我將把會議交給 Brian Brungardt。布萊恩，你現在可以開始了。

Thank you, and good morning, everyone. Welcome to EnLink's second quarter of 2024 earnings call. Participating on the call today are Jesse Arenivas, President and Chief Executive Officer; Dilanka Seimon, Executive Vice President and Chief Commercial Officer; and Ben Lamb, Executive Vice President and Chief Financial Officer; Walter Pinto, Executive Vice President and Chief Operating Officer, is also in the room to answer any questions during the Q&A session.

謝謝大家，早安。歡迎參加 EnLink 2024 年第二季財報電話會議。今天參加電話會議的有總裁兼執行長 Jesse Arenivas、執行副總裁兼商務長 Dilanka Seimon 和執行副總裁兼財務長 Ben Lamb；執行副總裁兼營運長 Walter Pinto 也在場，將在問答環節解答任何問題。

We issued our earnings release and presentation after the markets closed yesterday and those materials are on our website. For a replay of today's call will also be made available on our website at investors.enlink.com.

我們在昨天市場收盤後發布了收益報告和演示文稿，這些資料已發佈在我們的網站上。今天的電話會議重播也將在我們的網站 investors.enlink.com 上提供。

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

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。前瞻性陳述僅代表本次電話會議日的觀點，我們不承擔更新或修改的義務。實際結果可能與我們的預測有重大差異，有關可能導致實際結果不同的因素的討論可以在我們的新聞稿、簡報和 SEC 文件中找到。

This call also includes discussion pertaining to certain non-GAAP financial measures. Definitions of these measures, as well as reconciliations to comparable GAAP measures are available in our press release and the appendix of our presentation.

本次電話會議也包括有關某些非公認會計準則財務指標的討論。這些指標的定義以及與可比較 GAAP 指標的對帳可在我們的新聞稿和簡報附錄中找到。

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

我們鼓勵您查看我們的新聞稿和美國證券交易委員會 (SEC) 文件中的警示聲明和其他揭露，包括「風險因素」標題下的聲明和其他揭露。今天的電話會議將以傑西、迪蘭卡和本的簡短發言開始，然後電話會議的剩餘部分將留給提問和解答。

With that, I would now like to turn the call over to Jesse Arenivas.

說完這些，我現在想把電話交給傑西·阿雷尼瓦斯 (Jesse Arenivas)。

Thanks, Brian, and good morning, everyone. Thank you for joining us today to discuss our second quarter 2024 results.

謝謝，布萊恩，大家早安。感謝您今天加入我們討論我們的 2024 年第二季業績。

For the quarter, we generated $306 million of adjusted EBITDA, driven by our Tiger II plant going into service in the Permian. The return of volume that was impacted by weather or temporary shut in, in the first quarter and normal seasonality in our Louisiana segment. These results were in line with our expectations and drove solid free cash flow after distributions of approximately $53 million. Consistent with our approach to return capital to investors, we repurchased approximately $50 million of units outstanding taking our total buyback execution to more than 10% of unit outstanding over a little more than 2 years, all while continuing to invest in and grow our business.

本季度，我們實現了 3.06 億美元的調整後 EBITDA，這得益於我們在二疊紀盆地的 Tiger II 工廠投入使用。第一季度，受天氣或臨時關閉影響的產量恢復，路易斯安那州分部的產量也恢復正常。這些結果符合我們的預期，並在分配約 5,300 萬美元後帶來了穩健的自由現金流。按照我們向投資者返還資本的方針，我們回購了約 5000 萬美元的未償還單位，在兩年多一點的時間裡，我們的回購總額達到未償還單位的 10% 以上，同時我們繼續投資和發展業務。

As we reported earlier this year, we previously agreed with ExxonMobil to reassess the Pecan Island CCS project with the expectation that other joint CCS opportunities along the Gulf Coast might be prioritized ahead of the Pecan Island project. Since that time, we and ExxonMobil have been unable to find alternative CO2 transportation projects for EnLink. We are now pursuing a financial agreement for the value to EnLink of the Pecan Island CO2 transportation agreement. We plan to provide an update when appropriate.

正如我們今年稍早報道的那樣，我們之前與埃克森美孚公司達成協議，重新評估 Pecan Island CCS 項目，並期望墨西哥灣沿岸的其他聯合 CCS 機會能夠優先於 Pecan Island 項目。自那時起，我們和埃克森美孚一直無法為 EnLink 找到替代的二氧化碳運輸項目。我們目前正在尋求就 Pecan Island CO2 運輸協議對 EnLink 的價值達成財務協議。我們計劃在適當的時候提供更新。

Despite the CCS business being slower to develop, I continue to be impressed by our team’s execution on multiple fronts where we can create value for our unitholders. We’ll discuss these in more detail later on the call, but I want to give you some quick highlights. On the commercial front, we announced last night the first expansion of our natural gas storage assets in Louisiana. We’ve talked in prior quarters about the shifting supply and demand market and this new announcement represents our third project to meet this evolving market.

儘管 CCS 業務發展較慢，但我們團隊在多個方面的執行力仍然給我留下了深刻的印象，我們能夠為我們的基金份額持有者創造價值。我們將在稍後的電話會議中更詳細地討論這些問題，但我想簡要介紹一下要點。在商業方面，我們昨晚宣布首次擴大位於路易斯安那州的天然氣儲存資產。我們在前幾個季度討論過不斷變化的供需市場，而這項新公告代表了我們為滿足這一不斷變化的市場而推出的第三個項目。

On the operations front, we successfully brought on online our third relocated processing plant in the Permian, Tiger II. Consistent with our broader optimization approach, when compared to new build alternatives, this plant relocation strategy represents an efficient capital allocation with significant cost savings and shorter period-to-end service.

在營運方面，我們成功啟動了位於二疊紀盆地的第三家搬遷加工廠 Tiger II。與我們更廣泛的最佳化方法一致，與新建替代方案相比，此工廠搬遷策略代表了有效的資本配置，可大幅節省成本並縮短服務週期。

On the balance sheet front, we announced last night a proactive step to simplify our capital structure with a significant reduction in the Series B preferred stock outstanding. In short, we’ve been very active over the last several months managing the parts of our business where we can create the biggest impact.

在資產負債表方面，我們昨晚宣布了一項積極措施，以簡化我們的資本結構，大幅減少 B 系列優先股的流通股數。簡而言之，過去幾個月我們一直非常積極地管理我們業務中能夠產生最大影響的部分。

With that, I’ll turn it over to Dilanka to provide an update on our commercial opportunities.

接下來，我將把主題交給迪蘭卡，讓她介紹我們的商業機會。

Thanks, Jesse, and good morning, everyone. For the last several quarters, we have discussed the shifting Louisiana gas supply and demand market and how we are focused on meeting the needs of the market and creating value for our unitholders. As I mentioned during the last call, we are approaching the Louisiana gas opportunity in three phases.

謝謝，傑西，大家早安。在過去的幾個季度中，我們討論了路易斯安那州天然氣供需市場的變化，以及我們如何專注於滿足市場需求並為我們的基金份額持有者創造價值。正如我在上次電話會議中提到的那樣，我們將分三個階段來掌握路易斯安那州的天然氣機會。

The first phase is well underway with 2024 explorations mostly contracted and the team is now focused on 2025 renewals. While some work remains to be done, we have now captured a large majority of this value, and we are seeing it in the recent financial results in Louisiana.

第一階段進展順利，2024 年的勘探工作大部分已簽約，目前團隊專注於 2025 年的續約。雖然還有一些工作要做，但我們現在已經獲得了其中的大部分價值，並且我們在路易斯安那州最近的財務表現中看到了這一點。

The second phase of opportunities is leveraging our assets to drive attractive quick-to-market projects. Last quarter, we announced the Henry to River project, which brings approximately 210 MMcf a day of capacity to the Mississippi River corridor. We’re pleased that this project execution is progressing very well.

第二階段的機會是利用我們的資產來推動有吸引力的快速上市專案。上個季度，我們宣布了亨利河項目，該項目每天為密西西比河走廊帶來約 2.1 億立方英尺的產能。我們很高興看到這個專案的執行進展非常順利。

We also commenced operations of another such previously announced project, expanding deliveries to Venture Global’s Calcasieu Pass LNG export facility. Both of these projects expand our capacity primarily through additional compression and, therefore, result in attractive economics. We have done several optimizations of our system to increase the flow rate of our Sabine, LIG and Bridgeline systems and are presently marketing that increased capacity, and we continue to see a healthy funnel of these opportunities over time.

我們還啟動了另一個先前宣布的項目，擴大對 Venture Global 卡爾克蘇通道液化天然氣出口設施的交付。這兩個項目主要透過額外的壓縮來擴大我們的產能，因此產生了有吸引力的經濟效益。我們對系統進行了多項優化，以提高 Sabine、LIG 和 Bridgeline 系統的流量，目前正在行銷增加的容量，隨著時間的推移，我們將繼續看到這些機會的健康發展。

We are very excited to announce the expansion of Jefferson Island Storage Hub, or JISH, the first project in the third longer-term phase of opportunities. We previously disclosed that we had already progressed engineering work for a brownfield expansion at JISH which is located near the Henry Hub and is very well connected to regional supply and demand points.

我們非常高興地宣布傑斐遜島儲存中心（JISH）的擴建，這是第三個長期機會階段的第一個項目。我們先前透露，我們已經在 JISH 進行了棕地擴建工程，JISH 位於亨利中心附近，與區域供需點連接良好。

The market responded very quickly, and we received excellent customer interest. We will expand our JISH working gas storage capacity to approximately 10 Bcf from 2 Bcf today. The project will cost approximately $85 million, and we expect to begin injecting gas in 2028. Like our other Louisiana projects, this project represents low to mid-single-digit EBITDA multiples as we leverage our existing assets to generate attractive returns. With this expansion, we increased our total natural gas storage position to nearly 20 Bcf.

市場反應非常迅速，我們獲得了客戶的極大關注。我們將把 JISH 工作天然氣儲存容量從目前的 20 億立方英尺擴大到約 100 億立方英尺。該項目耗資約 8,500 萬美元，預計於 2028 年開始注入天然氣。與我們在路易斯安那州的其他項目一樣，該項目代表低至中等個位數的 EBITDA 倍數，因為我們利用現有資產來產生可觀的回報。透過此次擴建，我們的天然氣總儲存量增加到近200億立方英尺。

As we look forward, we are encouraged by the strong potential for new gas power generation and data center growth around our assets, particularly in the key North Texas market, where we are one of the largest gatherers and processors of natural gas. The diversity of EnLink’s assets in key locations in Louisiana, North Texas, the Permian and Oklahoma continues to set us up for commercial opportunities.

展望未來，我們對資產周圍的新天然氣發電和資料中心成長的巨大潛力感到鼓舞，特別是在關鍵的北德克薩斯州市場，我們是該市最大的天然氣收集和加工商之一。EnLink 在路易斯安那州、北德克薩斯州、二疊紀盆地和俄克拉荷馬州等關鍵地點的資產多樣性為我們帶來了持續的商業機會。

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

接下來，我將把時間交給 Ben，讓他概述我們的營運和財務表現。

Thanks, Dilanka, and good morning, everyone. Let’s start with the Permian where segment profit for the second quarter of 2024 came in at $93.1 million. Segment profit in the quarter included approximately $16.8 million of gross operating expenses tied to plant relocations and $1.3 million of unrealized derivative losses. Excluding plant relocation OpEx and unrealized derivative activity, segment profit in the second quarter of 2024 grew 10% sequentially and also grew 10% from the prior year quarter.

謝謝，迪蘭卡，大家早安。讓我們從二疊紀開始，該部門 2024 年第二季的利潤為 9,310 萬美元。本季的分部利潤包括與工廠搬遷相關的約 1,680 萬美元的總營運費用和 130 萬美元的未實現衍生性商品損失。不計工廠搬遷營運支出和未實現衍生活動，2024 年第二季分部利潤季增 10%，季增 10%。

Our diverse mix of producers remained active during the quarter. Average natural gas gathering volumes were approximately 7% higher sequentially and 17% higher than the prior year quarter. During the quarter, our third relocated processing plant, Tiger II, came online and provides much needed capacity for our customers in the Delaware Basin.

本季度，我們多元化的生產商組合依然保持活躍。平均天然氣收集量比上一季成長約 7%，比去年同期成長 17%。本季度，我們第三個搬遷的加工廠 Tiger II 投入使用，為特拉華盆地的客戶提供急需的產能。

Turning now to Louisiana. We experienced another quarter of solid performance, reflecting normal seasonal effects in the natural gas liquids segment. Segment profit for the second quarter of 2024 came in at $84.3 million, including $5.6 million of unrealized derivative gains. Excluding the impact of unrealized derivative activity, segment profit in the second quarter of 2024 decreased approximately 39% sequentially and decreased approximately 9% compared to the prior year quarter. The sequential decrease reflects both seasonality and an outsized result in the first quarter driven by weather-related activity.

現在轉向路易斯安那州。我們又經歷了一個季度的穩健表現，反映了天然氣液體部門的正常季節性影響。2024 年第二季分部利潤為 8,430 萬美元，其中包括 560 萬美元的未實現衍生性商品收益。剔除未實現衍生性商品活動的影響，2024 年第二季分部獲利季減約 39%，季減約 9%。環比下降既反映了季節性因素，也反映了第一季受天氣相關活動影響的巨額表現。

Moving up to Oklahoma, we delivered segment profit of $103.5 million for the second quarter of 2024, including approximately $0.1 million of gross operating expenses tied to plant relocations and $0.8 million of unrealized derivative gains.

在俄克拉荷馬州，我們在 2024 年第二季實現了 1.035 億美元的分部利潤，其中包括與工廠搬遷相關的約 10 萬美元的總營運費用和 80 萬美元的未實現衍生性商品收益。

Excluding the impact of plant relocation OpEx and unrealized derivative activity, segment profit in the second quarter of 2024 grew 14% sequentially but decreased approximately 5% from the prior year quarter. During the second quarter, we saw operators remain active with rigs on our acreage and average natural gas gathering volumes were 7% higher sequentially but were 3% lower compared to the prior year quarter.

不計工廠搬遷營運支出和未實現衍生性商品活動的影響，2024 年第二季分部利潤較上季成長 14%，但較去年同期下降約 5%。在第二季度，我們看到營運商仍在我們的油田上活躍地使用鑽機，平均天然氣收集量比上一季增長了 7%，但與去年同期相比下降了 3%。

Wrapping up with North Texas, segment profit for the quarter was $52.4 million, including $1.1 million of unrealized derivative losses. Excluding unrealized derivative activity, segment profit in the second quarter of 2024 decreased 11% sequentially and decreased 28% from the prior year quarter, driven by the full quarter impact of the previously discussed one-time contract reset. Natural gas gathering volumes were 2% higher sequentially, but were 8% lower compared to the prior year quarter. These solid results reflect the benefits of our diverse asset mix.

算上北德克薩斯，本季分部利潤為 5,240 萬美元，其中包括 110 萬美元的未實現衍生性商品損失。不計未實現衍生性商品活動，2024 年第二季分部利潤環比下降 11%，環比下降 28%，這主要是受先前討論過的一次性合約重置對整個季度的影響。天然氣收集量比上一季成長 2%，但比去年同期下降 8%。這些穩健的表現反映了我們多元化資產組合的優勢。

In total, our segments drove $306 million in adjusted EBITDA. We are tracking close to the midpoint of our adjusted EBITDA guidance range of $1.31 billion to $1.41 billion for full year 2024. While we don’t give quarterly guidance, we anticipate our second half 2024 results will be weighted towards the fourth quarter, driven by the normal winter seasonal strength in our Louisiana NGL business.

整體而言，我們各部門的調整後 EBITDA 為 3.06 億美元。我們正接近 2024 年全年調整後 EBITDA 指引範圍的中點，即 13.1 億美元至 14.1 億美元。雖然我們沒有提供季度指引，但我們預計 2024 年下半年的業績將主要受第四季度的影響，這主要得益於路易斯安那州 NGL 業務正常的冬季季節性強勁表現。

Capital expenditures, plant relocation expenses net to EnLink and investment contributions were $103 million in the second quarter of 2024. Free cash flow after distributions for the second quarter came in at approximately $53 million.

2024 年第二季度，資本支出、工廠搬遷費用淨額（歸屬於 EnLink）和投資貢獻為 1.03 億美元。第二季分配後的自由現金流約為 5,300 萬美元。

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 second quarter, and we retain ample liquidity. Consistent with our capital allocation plan, we maintained our common unit distribution of $0.1325 per unit in the second quarter, which represents a 6% increase over the second quarter of 2023.

在資產負債表方面，我們繼續處於非常強勁的地位，第二季末的槓桿率為3.3倍，並且我們保留了充足的流動性。根據我們的資本配置計劃，我們在第二季維持了每單位 0.1325 美元的普通股單位分配，比 2023 年第二季增加 6%。

Additionally, we remain active with our common unit repurchase program with approximately $50 million spent in the second quarter. After the quarter, the Board expanded our common unit repurchase authorization to $250 million. Since the end of 2021, we have now repurchased approximately 50 million common units or over 10% of total units outstanding.

此外，我們仍在積極推動普通股回購計劃，第二季已花費約 5,000 萬美元。本季結束後，董事會將我們的普通股回購授權擴大至 2.5 億美元。自 2021 年底以來，我們已回購了約 5,000 萬個普通股單位，佔已發行總單位的 10% 以上。

Lastly, after the quarter, we took a significant step towards simplifying our balance sheet through the purchase of nearly $200 million of our Series B preferreds. In total, the balance of the Series B preferred stock has been reduced by about half since the beginning of 2024. In summary, the EnLink team delivered solid results in the second quarter of 2024, and we expect the momentum to continue for the rest of the year.

最後，在本季結束後，我們透過購買近 2 億美元的 B 系列優先股，朝著簡化資產負債表邁出了重要一步。總體而言，自 2024 年初以來，B 系列優先股的餘額已減少了約一半。總而言之，EnLink 團隊在 2024 年第二季取得了穩健的業績，我們預計這一勢頭將在今年剩餘時間內持續下去。

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

說完這些，我就把話題交還給傑西。

Thank you, Ben. The EnLink team delivered another quarter of solid execution that showcased our ability to drive value in multiple areas of our diverse business and integrated value chain.

謝謝你，本。EnLink 團隊又一個季度表現出色，展現了我們在多元化業務和綜合價值鏈的多個領域推動價值的能力。

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

現在您可以開始提問了。

(Operator Instructions)

（操作員指示）

Praneeth Satish, Wells Fargo.

富國銀行的 Praneeth Satish。

Thanks. Good morning, all. So just turning to guidance. If we look at the first half results and compare against the midpoint of full year EBITDA guidance, it would imply a fairly steep ramp in the second half. You mentioned a lot of it is weighted towards Q4. Maybe if you could just kind of further unpack some of the drivers of growth between first half and second half? And how much visibility you have into the ramp?

謝謝。大家早安。因此，只需轉向指導。如果我們看一下上半年的業績，並與全年 EBITDA 指引的中點進行比較，就會發現下半年的業績將會出現相當急劇的成長。您提到其中很多內容都與第四季有關。您是否可以進一步分析上半年和下半年之間的一些成長驅動因素？您對坡道的能見度如何？

Hey, good morning, Praneeth, this is Ben. Happy to unpack that a little bit. So a few moving parts. One item is we placed the Tiger II plant in service just in May, and it’s already well utilized. So we’ll expect to be at a higher run rate for the Permian in the second half versus the first half. We also have the normal seasonality of the NGL business.

嘿，早上好，Praneeth，我是 Ben。很高興能稍微解開這一點。因此有幾個活動部件。其中一個是，我們在五月將 Tiger II 工廠投入使用，並且已經充分利用。因此，我們預期二疊紀盆地下半年的開採率將高於上半年。我們的 NGL 業務也具有正常的季節性。

The fourth quarter is our strongest quarter just based on the timing of some of our deliveries to customers that will be the same this year as it has been in past years. I’d also mention in the Louisiana gas business, where we have a storage business, we have some storage-related activity that we’ll expect to realize in the fourth quarter.

從我們向客戶交付部分產品的時間來看，第四季度是我們表現最強勁的一個季度，今年的交付時間與過去幾年相同。我還要提到，在路易斯安那州的天然氣業務中，我們有一個儲存業務，我們有一些與儲存相關的活動，預計將在第四季度實現。

And then a fairly small item, but we’ll expect to have some contribution from Matterhorn JV in the fourth quarter. So all of those are parts of the way that you get to a higher run rate for the second half than we saw in the first half.

這是一個相當小的項目，但我們預計在第四季度 Matterhorn JV 會做出一些貢獻。所以，所有這些都是導致下半場的運行率高於上半場的原因之一。

Got it. That's helpful. And maybe switching gears, I wanted to talk about your NGL contracts in the Permian. Our understanding is that EnLink controls around 150,000 barrels per day of NGLs in the Permian. These NGLs are being transported to Belvieu on higher-cost pipelines, and there’s an opportunity to renegotiate those rates lower over time. So I guess the first question is, is this an accurate summary? Is it an opportunity for you guys? And then second, if so, can you help us understand maybe the time line for when some of these volumes come off contract?

知道了。這很有幫助。也許換個話題，我想談談你們在二疊紀盆地的 NGL 合約。據我們了解，EnLink 每天控制著二疊紀盆地約 15 萬桶的 ​​NGL。這些天然氣液體透過成本更高的管道運輸至貝爾維尤，並有機會隨著時間的推移重新協商降低成本。所以我想第一個問題是，這是一個準確的總結嗎？這對你們來說是一個機會嗎？其次，如果是的話，您能否幫助我們了解其中一些卷的合約到期的時間表？

Good morning, Dilanka here. I’ll take that one. In the Permian, we have about 220,000 barrels of NGL that we market about 75%. So your [150,000] number is accurate. We have adequate pipeline capacity today, and this capacity starts to expire over the next 3 to 4 years, probably weighted towards the back end of that range, which is a time where NGL pipeline capacity is expected to increase.

早安，我是 Dilanka。我要那個。在二疊紀盆地，我們擁有約 22 萬桶 NGL，其中約 75% 已銷售。所以你的 [150,000] 這個數字是準確的。目前，我們的管道容量充足，並且這些容量將在未來 3 到 4 年內開始到期，可能集中在該範圍的後端，而此時 NGL 管道容量預計會增加。

Given the expirations are still a few years out and the NGL build-out relative to the demand of capacity is yet not clear, I think it’s too early to talk too much in specificity. But as you say, these contracts are various rates and depending on when they were executed but on average, I think it’s safe to say that we will be able to contract at -- recontract at lower T&F rates, and we expect to capture some value there.

鑑於到期日仍需幾年時間，相對於產能需求的 NGL 建設情況尚不明確，我認為現在談論太多具體細節還為時過早。但正如你所說，這些合約的費率各不相同，取決於執行時間，但平均而言，我認為可以肯定地說，我們將能夠以較低的運輸和運費費率簽訂合約——重新簽訂合同，並且我們期望從中獲得一些價值。

Great. Thank you.

偉大的。謝謝。

Spiro Dounis, Citi.

花旗銀行的 Spiro Dounis。

Thanks, operator. Good morning, gentlemen. I want to start off with Louisiana. Dilanka, as you sort of laid out, you’ve got projects across all three phases now at this point. And so I guess I’m just curious, what should we expect next? It sounds like on Phase 1, you’re already sort of focused on 2025, but as you think about the next few phases really specifically around Phase 3. Are there other projects like JISH you’ve got in the hopper and anything that could maybe be even quicker to market?

謝謝，接線生。先生們，早安。我想從路易斯安那州開始。迪蘭卡，正如您所說，目前您的專案已經涵蓋了三個階段。所以我想我只是好奇，接下來我們該期待什麼？聽起來，在第一階段，您已經把重點放在了 2025 年，但是當您考慮接下來的幾個階段時，您實際上會特別關注第三階段。你們還有沒有其他類似 JISH 的項目在籌備中，或者有什麼項目可以更快地推向市場？

Sure. I think in all three phases, kind of we are working various angles. On the first phase, I think, given that ‘24 expirations are mostly recontracted, we are quickly turning our attention to the ‘25 expirations. So teams are working hard on renewing those. On the Phase 2 expansions, we have -- we are working on a good funnel of kind of debottlenecking type projects and talking about incremental deliveries to our existing customers who are already connected as well as newer customers that are coming online.

當然。我認為在這三個階段，我們都在從各個角度進行工作。在第一階段，我認為，鑑於 24 年到期的合約大多已重新簽訂，我們很快就會將注意力轉向 25 年到期的合約。因此各團隊正在努力更新這些。在第二階段的擴展中，我們正在進行一系列消除瓶頸類型的項目，並討論向已經連接的現有客戶以及即將上線的新客戶提供增量交付。

If you were to think about where the gas demand is coming through, it’s from basically LNG, power demand and industrials. On the LNG front, Venture Global’s two projects, Calcasieu Pass and Plaquemines LNG, as they ramp up, I think there will be more opportunities for us to bring incremental volume to those facilities on top of what we already have contracted for. And then there are obviously other LNG projects that are being progressed.

如果你思考一下天然氣需求來自哪裡，它基本上來自液化天然氣、電力需求和工業。在液化天然氣方面，隨著 Venture Global 的兩個項目卡爾克蘇通道 (Calcasieu Pass) 和普拉克明液化天然氣 (Plaquemines LNG) 的不斷擴大，我認為我們將有更多機會在現有合約的基礎上為這些設施增加產量。顯然還有其他液化天然氣項目正在推進中。

On the power side, I think everyone understands the incremental demand for gas-fired power generation. And particularly in Louisiana, we are seeing the utilities reacting pretty quickly with plans for incremental power generation. On the industrial side, the -- most of the incremental demand seems to be coming from the ammonia sector, each 1 million tons of ammonia is about 130 MMcf a day of gas demand and a few of these projects are expected to take FID next year.

在電力方面，我想大家都了解燃氣發電的增量需求。特別是在路易斯安那州，我們看到公用事業公司反應非常迅速，並制定了增量發電計劃。在工業方面，大部分增量需求似乎來自氨產業，每 100 萬噸氨每天約 1.3 億立方英尺天然氣，其中一些項目預計明年將採取最終投資決定。

And given that most of these around the river corridor are quite close to our two systems being Bridgeline and LIG, I think we are well positioned to serve them, and we like our chances there. So a combination of these, I think will fill in the buckets of the Phase 2 and Phase 3 from a transport perspective.

鑑於河流走廊周圍的大多數地區都與我們的 Bridgeline 和 LIG 兩個系統非常接近，我認為我們完全有能力為他們提供服務，我們也喜歡在那裡獲得機會。因此，我認為從運輸角度來看，這些的結合將填補第二階段和第三階段的空白。

On the storage side, now that we have completed the engineering studies, sold the capacity and are in development phase of this expansion, we are turning our eyes on the next expansion. It’s going to be a mix of between do we expand Napoleonville storage more, or do we turn our eyes to a further expansion at JISH as we did in the recently announced expansion, we will optimize for the best solution there, so more to come on the storage. But I think it’s a combination of transport and storage that will fill these Phase 2 and Phase 3 buckets.

在儲存方面，現在我們已經完成了工程研究，銷售了容量並且正處於擴建的開發階段，我們將目光轉向下一次擴建。我們會考慮進一步擴大 Napoleonville 的存儲，或者像我們最近宣布的擴建一樣，將目光轉向 JISH 的進一步擴建，我們將在那裡優化以獲得最佳解決方案，因此在存儲方面會有更多改進。但我認為運輸和儲存的結合將填補第二階段和第三階段的空缺。

Great. I appreciate the color there, Dilanka. Second question, a two-part one on CapEx, first part, just curious how you are thinking about the need for that next processing plant, Ben, you had mentioned that Tiger II is kind of ramping up pretty quickly. If I look at past cadence, maybe you need another one by the end of ‘25 on my math. So, I just want to kind of sense check that. And then just given some of the moving pieces around CCS, maybe moving out and some of these Louisiana projects moving in, can you maybe just update us on how you are thinking directionally about CapEx into 2025?

偉大的。我很欣賞那裡的色彩，迪蘭卡。第二個問題，關於資本支出，分為兩部分，第一部分，我只是好奇您如何看待下一個加工廠的需求，本，您曾提到 Tiger II 正在快速發展。如果我看一下過去的節奏，也許你需要在 25 年底前再做一次數學練習。所以，我只是想檢查一下。然後考慮到 CCS 的一些變動，可能會有一些項目正在遷出，而一些路易斯安那州的項目正在遷入，您能否向我們介紹一下您對 2025 年資本支出方向的思考？

Yeah, Spiro, this is Ben. So, first, on the next plant, you are right. We have been roughly on a pace of a plant a year in the Permian. And as I have said earlier, we just brought Tiger II online in May. Next plant, very likely would be in the Midland Basin and also very likely would be another very cost-effective plant relocation. We are not at the point of announcing it today, but I would say watch this space.

是的，斯皮羅，這是本。因此，首先，關於下一株植物，你是對的。我們在二疊紀盆地的種植速度大約是每年一座工廠。正如我之前所說，我們剛剛在五月推出了 Tiger II。下一家工廠很可能位於米德蘭盆地，而且很可能是另一家非常具有成本效益的工廠搬遷公司。我們今天還不會宣布這個消息，但我想說，請關注這個領域。

We are progressing well towards making that decision still in consultation with our customers to make sure that we understand the outlook for volumes, but we may have news on that front in the fairly near future. In terms of 2025 capital, listen, it’s obviously too early to say too much about that because we don’t have full picture of what our producers are going to be doing.

我們在做出這項決定的道路上進展順利，我們仍在與客戶協商，以確保我們了解銷售前景，但我們可能在不久的將來就會有關於這方面的消息。至於 2025 年的資本，聽著，現在談論太多顯然還為時過早，因為我們並不完全了解我們的生產商將會做什麼。

But I think that directionally, you are correct to say less CCS capital in the near-term, more capital devoted to the Louisiana, probably reasonable to think that those things today roughly offset one another so that we stay on roughly the same pace we have been on the last couple of years.

但我認為，從方向上看，您說的對，短期內 CCS 資本減少，向路易斯安那州投入更多資本，可能是合理的，認為今天這些事情大致相互抵消，以便我們大致保持與過去幾年相同的速度。

Great. I'll leave it there for today. Thank you, guys.

偉大的。今天我就把它留在那裡。謝謝你們。

Jeremy Tonet, JP Morgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Hi. Good morning. This is Jeremy Tonet from JPMorgan. I just want to, I guess start off a little bit more with the CCS side, and I appreciate that we are still kind of early innings in everything that is happening here. But just over what type of timeframe do you see, I guess this market maturing in to support more commercial arrangements?

你好。早安.我是摩根大通的 Jeremy Tonet。我只是想先從 CCS 方面開始講解，我很感激這裡發生的一切還處於早期階段。但是，您認為在什麼樣的時間範圍內，這個市場會逐漸成熟，以支持更多的商業安排？

Yeah. Thanks Jeremy. It’s Jesse. Look, as we have said, it’s the space is slower to develop. What’s not changed on our end is we -- our core principles have not changed. CCS, we are it will be the mitigating -- the key mitigating factor to the industrial space. So, that’s going to happen. And let me just remind you, we have in that region, the second highest emitting region in the US 80 million metric tons emitted today and growing.

是的。謝謝傑里米。是傑西。你看，正如我們所說的，太空發展較慢。就我們而言，沒有改變的是──我們的核心原則沒有改變。CCS，我們認為它將成為工業領域緩解的關鍵緩解因素。所以，這將會發生。我還要提醒大家，該地區是美國排放量第二大的地區，目前的排放量已達 8,000 萬公噸，而且還在增加。

We have nearby sequestration. We have pipe in the ground. So, we feel very well positioned for the long-term. Just let me remind you, we have multiple conversations with the public parties. We have talked about, Shell and Oxy and a couple of others. Those discussions are ongoing. With respect to timing, it’s just been tough. I think we are moving at the pace of the emitters and the emitters are still focused on reducing their carbon footprint.

我們附近有封存。我們在地下埋有管道。因此，我們覺得自己已經做好了長期的準備。我只是想提醒你，我們與公眾各方進行了多次對話。我們已經討論過殼牌、Oxy 和其他一些公司。這些討論仍在進行中。就時間安排而言，這很困難。我認為我們正在跟上排放國的步伐，而排放國仍然專注於減少他們的碳足跡。

They are still in the process of evaluating and choosing their counterparties. So, timing, we can’t really speak to. It’s been slower. But longer term, we feel very well positioned to take advantage of our core competencies in the area.

他們仍處於評估和選擇交易對手的過程中。所以，我們其實無法談論時間。它已經慢多了。但從長遠來看，我們覺得自己已經做好了充分的準備，能夠發揮我們在該領域的核心競爭力。

Got it. Understood. And maybe just pivoting to the base business here, just curious if you could remind us, I guess with the level of commodity price exposure in the business today, maybe after recent bolt-on acquisitions. The margins came in a bit lighter than we expected in the Barnett and the Permian and saw some declines there quarter-over-quarter. So, just trying to get a sense, are these kind of just the new contracts, or how much is commodity price influence there, trying to get a feeling for margins?

知道了。明白了。也許只是轉向這裡的基礎業務，只是好奇您是否可以提醒我們，我猜想考慮到當今業務中商品價格的暴露水平，也許是在最近的附加收購之後。巴奈特和二疊紀的利潤率比我們預期的要低一些，並且比去年同期有所下降。因此，只是想了解一下，這些只是新的合約嗎，或者商品價格的影響有多大，想了解一下利潤率？

Hey Jeremy, it’s Ben. So, when you think across all of EnLink, we are about 90% fee-based, about 10% commodity-based, and we are very well hedged on that commodity piece for this year. And in fact, we are already layering in hedges for next year. So, not a ton of commodity sensitivity, you are right though, that where we have the commodity sensitivity primarily is in the Permian and particularly in the Midland Basin side of the Permian, where we have a component of POP gathering and processing agreements.

嘿，傑里米，我是本。因此，縱觀整個 EnLink，我們大約 90% 的業務是基於費用的，大約 10% 的業務是基於商品的，而且我們今年對商品部分的對沖做得非常好。事實上，我們已經開始為明年做好對沖準備。所以，您說得對，商品敏感性並不大，我們對商品的敏感性主要體現在二疊紀，特別是二疊紀的米德蘭盆地一側，在那裡我們有 POP 收集和加工協議的組成部分。

So, it does have some impact on Permian margins, not a huge impact, especially net of the hedging. On North Texas, the bigger factor when you look at this quarter versus the prior year quarter or even versus the first quarter, is you are seeing a full three-month impact of that one-time rate reset that we talked about in the last call. So, we had one month impact of that in Q1. Now, you see a three-month impact. So, from this point forward, you can expect to see those margins stay relatively stable and track more closely with volumes.

因此，它確實對二疊紀利潤率產生了一些影響，但影響並不大，尤其是扣除對沖後。對於北德克薩斯州來說，當你將本季與去年同期甚至第一季進行比較時，更大的因素是，你會看到我們在上次電話會議上討論的一次性利率重置對整個三個月的影響。因此，我們在第一季受到了一個月的影響。現在，你看到了三個月的影響。因此，從現在開始，您可以預期看到這些利潤率保持相對穩定並與銷量更加緊密地追蹤。

Got it. That's helpful. Thank you for that.

知道了。這很有幫助。謝謝你。

Zach Van Everen, TPH.

範弗倫（Zach Van Everen），TPH。

Perfect. Thanks for taking my question guys. Maybe just going to the Permian, you all mentioned you hope to see contributions from Matterhorn. I know you guys aren’t operating the pipe, but any updates you can give on the timeline for that to kind of start service or start line fill?

完美的。謝謝你們回答我的問題。也許只是去二疊紀，你們都提到希望看到馬特洪峰的貢獻。我知道你們沒有操作管道，但是你們能提供任何關於開始服務或開始填充管道的時間表的更新嗎？

Yeah. This is Ben, again. First, let me say how happy we are with our Matterhorn investment. The WhiteWater team runs an excellent project. They do a great job commercially. We couldn’t be happier with the investment in Matterhorn. As far as timing, we expect the pipeline to be in service in the month of September.

是的。又是我，本。首先，我要說一下我們對馬特洪峰的投資感到非常高興。WhiteWater 團隊運作著一個出色的專案。他們在商業上做得很好。我們對馬特洪峰的投資感到非常高興。就時間而言，我們預計該管道將於九月投入使用。

That’s maybe a two-week difference to what the original plan was towards the very end of August, but a very minor delay in the grand scheme of things, some of that weather related with Hurricane Beryl, in fact. So, that’s our current expectation, and so we will expect to begin seeing some contribution to the financials in the fourth quarter.

這可能與 8 月底的原計劃有兩週的差異，但從總體上看，這只是一個很小的延遲，事實上，部分天氣與颶風貝麗爾有關。這就是我們目前的預期，因此我們預計將在第四季度開始看到對財務的一些貢獻。

Got it. That makes sense. And maybe just a follow-up on that, do you guys have a sense for -- it seems like you all and all the other midstream G&P companies have not really seen an effect from negative Waha prices. When that comes online, is there gas trapped behind that pipe that will fill it relatively quick, or do you guys kind of see it growing with the cadence of the Permian, which is second half weighted on the ramp as it is right now?

知道了。這很有道理。也許只是想跟進一下，你們有沒有感覺到——似乎你們和所有其他中游 G&P 公司都沒有真正看到負 Waha 價格的影響。當它投入使用時，管道後面是否會滯留著天然氣並將其相對較快地填滿，或者你們是否認為它會隨著二疊紀的節奏而增長，而二疊紀的下半部分目前在斜坡上加權？

I think it’s going to fill pretty quickly. Yes. As far as speaking for the pipe, I think it’s going to fill very quickly. In terms of our exposure to Waha basis, we really have two exposures. One is that POP exposure that I mentioned earlier. We are very proactive in hedging our Waha basis to protect ourselves. We had all of our Waha basis for this year done before the year even began.

我認為它很快就會被填滿。是的。就管道而言，我認為它會很快被填滿。就我們對 Waha 基礎的接觸而言，我們實際上有兩種接觸。一個就是我之前提到的POP曝光。我們非常積極地對沖我們的 Waha 基礎以保護自己。我們在年初之前就已經完成了今年 Waha 的所有基礎工作。

The second exposure, of course is, if it changes producer behavior. But as you can imagine, in an oil-directed basin, the producer is, frankly not that sensitive to it. So, you are right, we really haven’t had much of an impact from weak Waha prices.

第二個暴露當然是它是否會改變生產者的行為。但你可以想像，在以石油為主導的盆地中，生產商坦率地說對此並不那麼敏感。所以，您說得對，我們確實沒有受到 Waha 價格疲軟的太大影響。

Got it. Well, that's super helpful. Thank you, guys.

知道了。嗯，這非常有幫助。謝謝你們。

(Operator Instructions) Thank you. At this time with this comes to conclude our question and answer session. I'll hand the floor back to management for any closing remarks.

（操作員指示）謝謝。我們的問答環節到此結束。我將把發言權交還給管理階層，請他們發表結束語。

Thank you, Rob for facilitating the call this morning. And thank you everyone for being on the call and today and for your continued support. As always, we appreciate your continued interest and investment in EnLink. We look forward to updating you with our third quarter results in November. In the meantime, we wish you well, and have a great day.

感謝 Rob 主持今天上午的電話會議。感謝大家今天的通話以及你們一直以來的支持。一如既往，我們感謝您對 EnLink 的持續關注和投資。我們期待在十一月向您更新我們的第三季業績。同時，我們祝福您一切順利，度過美好的一天。

Thank you. This will conclude today's webcast. You may disconnect your lines at this time, and thank you for your participation, and have a wonderful day.

謝謝。今天的網播到此結束。此時您可以斷開您的線路，感謝您的參與，祝您有美好的一天。