Enterprise Products Partners LP (EPD) 2020 Q4 法說會逐字稿

Good morning. My name is Dexter, and I will be your conference operator today. At this time, I would like to welcome everyone to the Enterprise Products Partners' Fourth Quarter 2020 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. Mr. Randy Burkhalter, Vice President of Investor Relations, will begin your conference. Please go ahead, sir.

早安.我叫德克斯特，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加企業產品合作夥伴 2020 年第四季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。投資者關係副總裁 Randy Burkhalter 先生將宣布會議開始。請繼續，先生。

Thank you, Dexter, and good morning, everyone, and welcome to the Enterprise Products Partners conference call to discuss fourth quarter 2020 earnings. Our speakers today will be co-Chief Executive Officers of Enterprise's General Partner, Jim Teague and Randy Fowler. Other members of our senior management team are also in attendance for the call today.

謝謝 Dexter，大家早安，歡迎參加企業產品合作夥伴電話會議，討論 2020 年第四季的收益。今天我們的演講者將是 Enterprise 普通合夥人的聯合執行長吉姆·蒂格 (Jim Teague) 和蘭迪·福勒 (Randy Fowler)。我們高階管理團隊的其他成員也出席了今天的電話會議。

During this call, we will make forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934 based on the beliefs of the company as well as assumptions made by and information currently available to Enterprise's management team. Although management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Please refer to our latest filings with the SEC for a list of factors that may cause actual results to differ materially from those in the forward-looking statements made during the call. With that, I'll turn it over to Jim.

在本次電話會議中，我們將根據 1934 年《證券交易法》第 21E 條的含義，根據公司的信念以及 Enterprise 管理團隊所做的假設和當前可獲得的信息，做出前瞻性陳述。儘管管理階層認為此類前瞻性聲明中反映的預期是合理的，但不能保證此類預期將被證明是正確的。請參閱我們向美國證券交易委員會提交的最新文件，以了解可能導致實際結果與電話會議期間前瞻性聲明中的結果有重大差異的因素清單。有了這個，我會把它交給吉姆。

Thank you, Randy. As we said in this morning's press release, our business has continued to perform well throughout 2020. We reported net income attributable to common unitholders for 2020 of $3.8 billion or $1.71 per unit compared to $4.6 billion or $2.09 per unit on a fully diluted basis for 2019. Net income for 2020 was reduced by noncash asset impairment charges of approximately $891 million, which Randy is going to address. Distributable cash flow was $6.4 billion for 2020 compared to $6.6 billion for 2019. DCF provided 1.6x coverage, and we retained $2.5 billion of DCF in 2020 to reinvest in the partnership.

謝謝你，蘭迪。正如我們在今天早上的新聞稿中所說，我們的業務在 2020 年繼續表現良好。我們報告 2020 年歸屬於普通單位持有人的淨利潤為 38 億美元，即每單位 1.71 美元，而 2019 年完全稀釋後的淨利潤為 46 億美元，即每單位 2.09 美元。2020 年淨利潤因非現金資產減損費用減少約 8.91 億美元，蘭迪將解決這個問題。2020 年可分配現金流為 64 億美元，而 2019 年為 66 億美元。DCF 提供了 1.6 倍的覆蓋率，我們在 2020 年保留了 25 億美元的 DCF 用於對合作夥伴關係進行再投資。

We completed 2020 with significant financial flexibility and a strong balance sheet. We really are proud of Enterprise's employees for their dedication and perseverance in responding to the challenges during 2020 caused by the coronavirus pandemic. The diversification of our businesses across multiple commodities, the magnitude of our transportation and storage assets, the depth of our marketing activities and our cost control efforts enabled us to generate distributable cash flow just 3% shy of the record DCF we earned in 2019.

我們以顯著的財務靈活性和強勁的資產負債表結束了 2020 年。我們為 Enterprise 的員工在應對 2020 年冠狀病毒大流行帶來的挑戰方面的奉獻精神和毅力感到自豪。我們跨多種商品的業務多元化、運輸和倉儲資產的規模、行銷活動的深度以及成本控制工作使我們產生的可分配現金流量僅比 2019 年創紀錄的 DCF 低 3%。

We were able to self-fund over 75% of our $3 billion of growth capital for the year. This performance supported our 22nd consecutive year of distribution growth. There's a lot to be proud of from all our folks. We are proud of how they consistently use good judgment in both their work and personal lives as Enterprise was one of the first work from work companies in the energy space. There is no way our results would have been what they were in 2020 without the power of teamwork that takes place when we're all in our offices on the same schedule and pulling in the same direction. We don't believe you can Zoom your way to prosperity. We are optimistic that the combination of the vaccine and more stimulus will lead to the world emerging from this economic sudden stop in 2021.

我們能夠自籌今年 30 億美元成長資本中的 75% 以上。這項業績支持了我們連續 22 年的分銷成長。我們所有人都有很多值得驕傲的事。我們為他們在工作和個人生活中始終如一地運用良好的判斷力而感到自豪，因為《企業》是能源領域工作公司的首批作品之一。如果沒有團隊合作的力量，我們不可能取得 2020 年的成績，而團隊合作的力量是我們都在辦公室按相同的時間表、朝著相同的方向努力時所產生的。我們不相信您可以透過 Zoom 實現繁榮。我們樂觀地認為，疫苗和更多刺激措施的結合將導致世界在 2021 年擺脫經濟突然停滯。

We're encouraged by the signs of a rebound in the global economy that we see through strong domestic and international demand for NGLs, ethylene and propylene, and the continuing recovery in the demand for refined products. There are still uncertainties and headwinds as we begin this year. We've been very outspoken about the potential for significant price appreciation as soon as the second half of this year, and we're not alone in that analysis, with most energy banks and consultants seeing the same thing.

我們對全球經濟復甦的跡象感到鼓舞，國內和國際對液化天然氣、乙烯和丙烯的需求強勁，以及煉油產品需求的持續復甦。今年伊始，仍存在不確定性和阻力。我們一直非常直言不諱地表示，今年下半年價格可能會大幅上漲，而且我們並不是唯一進行這種分析的人，大多數能源銀行和顧問也有同樣的看法。

Long term, the world, with its growing population of 8 billion people including billions living in energy poverty, is evolving, and we will continue to evolve with it. We have a successful track record of using technology to become more efficient, and expanding and repurposing our assets to adapt to changes in energy market fundamentals. We believe we are in a position of financial strength to continue to prosper through this period. Our objectives today are consistent with those when we went public in 1998, building a company that has staying power for the long-term by protecting a strong balance sheet, investing in growth projects with attractive returns and responsibly returning capital to our limited partners, including through distributions that have never been cut.

從長遠來看，世界正在不斷發展，人口不斷增長，人口已達 80 億，其中包括數十億生活在能源貧困中的人，我們也將繼續隨之發展。我們在利用技術提高效率、擴大和重新利用我們的資產以適應能源市場基本面的變化方面擁有成功的記錄。我們相信，我們有足夠的財務實力在這段期間繼續繁榮。我們今天的目標與1998 年上市時的目標一致，即透過保護強大的資產負債表、投資於具有吸引力回報的成長項目以及負責任地將資本返還給我們的有限合夥人，建立一家具有長期活力的公司，包括通過從未被削減的分配。

We placed $2.4 billion of major growth projects into service in [2020] (corrected by company after the call). And we have $3.6 billion of projects under construction that will come into service over the next 2 years. We put into service in 2020 including 2 fractionators at Mont Belvieu, our Midland-to-ECHO 3 pipeline and petrochemical projects related to ethylene and propylene logistics, storage and export capabilities.

我們在 [2020] 年將 24 億美元的重大成長項目投入使用（由公司在電話會議後更正）。我們還有價值 36 億美元的項目在建，將在未來兩年內投入使用。我們將於 2020 年投入使用，包括 Mont Belvieu 的 2 座分餾塔、我們的 Midland 至 ECHO 3 管道以及與乙烯和丙烯物流、儲存和出口能力相關的石化項目。

We developed the capability to co-load ethane and ethylene on the same ship at Morgan's Point, and propane and propylene on a VLGC at our [Houston] (added by company after the call) Ship Channel facilities. I don't know of anyone that has those capabilities. Projects coming in service in 2021 include a C5 hydrotreater at Mont Belvieu and our Acadian Gillis Lateral which will move approximately 1 Bcf a day of natural gas into growing LNG markets in Louisiana. In our petrochemical sector, our PDH2 facility remains on schedule and on budget to come online in the second quarter of 2023, and we have several other petchem projects expected to be placed in service next year. We continue to focus on cost control. In total, we have reduced our planned growth capital expenditures for 2020 and 2021 by over $1.5 billion in response to changing industry conditions. We want to give a special shout out to Operations for substantially managing our costs. For 2020, Enterprise's overall operating costs were down approximately $400 million versus budget, and our sustaining CapEx for 2020 were approximately $100 million lower than budget, all this without sacrificing safety or reliability.

我們開發了在摩根角的同一艘船上共同裝載乙烷和乙烯的能力，以及在我們的[休斯頓]（由公司在通話後添加）船舶航道設施的一艘 VLGC 上共同裝載丙烷和丙烯的能力。我不知道有誰擁有這些能力。將於 2021 年投入使用的項目包括位於 Mont Belvieu 的 C5 加氫處理裝置和我們的 Acadian Gillis Lateral，這些裝置將每天向路易斯安那州不斷增長的液化天然氣市場輸送約 1 Bcf 的天然氣。在我們的石化領域，我們的 PDH2 設施仍按計劃和預算在 2023 年第二季度上線，我們還有其他幾個石化項目預計將於明年投入使用。我們持續關注成本控制。為了因應不斷變化的產業狀況，我們總共將 2020 年和 2021 年的計畫成長資本支出減少了超過 15 億美元。我們要特別讚揚營運部門大幅管理我們的成本。2020 年，Enterprise 的整體營運成本比預算減少了約 4 億美元，2020 年的持續資本支出比預算低了約 1 億美元，所有這些都沒有犧牲安全性或可靠性。

Finally, I want to take a moment to address the change in administrations. Reading the news, one might think that the sun is setting on oil and gas. Enterprise has been around since 1968, and we have successfully grown our business through many administrations. Obviously, policy proposals from this new administration have been supportive of renewables. The cleaner energy feature does not mean a world without fossil fuels. The reality is nothing could be further from the truth. While the notion of energy transition, and I hate the word transition, but regardless, with the notion of energy transition often implies shifting away from traditional hydrocarbons, we still believe an all above approach will be required to meet the world's growing energy needs. A more prosperous and sustainable future for all people will require traditional sources of oil and gas, that the U.S. provides in numerous forms of renewables. To deny the world's poor nations access to the abundant low-cost energy that we have, frankly, is to tell them you can't have what I have, and you can't afford what I have.

最後，我想花點時間談談政府的變化。讀到這則新聞，人們可能會認為石油和天然氣的太陽正在落山。Enterprise 成立於 1968 年，經過多次管理，我們成功發展了我們的業務。顯然，新政府的政策提案一直支持再生能源。清潔能源特徵並不意味著世界沒有化石燃料。事實並非如此。雖然能源轉型的概念，而且我討厭「轉型」這個詞，但無論如何，能源轉型的概念通常意味著放棄傳統的碳氫化合物，我們仍然相信，需要採取上述所有方法來滿足世界不斷增長的能源需求。所有人更繁榮和永續的未來將需要傳統的石油和天然氣來源，而美國則以多種形式的再生能源提供這些來源。坦白說，拒絕世界上的貧窮國家獲得我們所擁有的豐富的低成本能源，就是告訴他們你不能擁有我擁有的東西，你也買不起我擁有的東西。

U.S. oil and gas and petrochemicals are making a difference, not just in the U.S. but around the world. There is nothing to replace these products. Without plentiful, reliable and low-cost fossil fuels, the world would be in a very different place. It would be one that is less advanced, much less prosperous, have much shorter life expectancies and frankly would be more polluted. Consider India, where 100 million homes have been converted from burning wood, dung and coal to LPG. Our power that is being generated from natural gas exported from the U.S. versus the alternative of coal. Talk to these people and you will really understand what U.S. hydrocarbon production has done to them. The more politicians try to limit production, the more price bullish I get. I'm sure someone on this call will ask how the cancellation of Keystone Pipeline will affect our Seaway throughput. And it may have a positive effect, but it doesn't make that stroke of the pen right.

美國的石油、天然氣和石化產品不僅在美國而且在世界各地都在發揮作用。沒有什麼可以取代這些產品。如果沒有充足、可靠和低成本的化石燃料，世界將會變得非常不同。它將是一個不太先進、不太繁榮、預期壽命更短、坦率地說污染更嚴重的國家。以印度為例，全國 1 億個家庭已從燃燒木材、糞便和煤炭轉向液化石油氣。我們的電力是透過從美國出口的天然氣而不是煤炭替代品來發電的。與這些人交談，你會真正了解美國碳氫化合物生產對他們造成的影響。政客越多試圖限制產量，我就越看好價格。我確信這次電話會議中有人會問取消 Keystone 管道將如何影響我們的海路吞吐量。它可能會產生積極的效果，但並不能保證筆觸正確。

Energy security is a North American issue. And limiting supply only makes Russia, OPEC and Iran richer and more powerful. And it is saying to the 3 billion people on this planet that live in energy poverty, that U.S. politicians don't care about their quality of life. Stepping off my soap box, as shown through our results for 2020, our asset base and our people have demonstrated that our business model can sustain cycles, even one as severe as this pandemic. We are committed that Enterprise will be here in a 100 years, prospering through whatever hurdles there might be.

能源安全是北美問題。限制供應只會讓俄羅斯、歐佩克和伊朗變得更富有、更強大。這也是在向地球上 30 億生活在能源貧困中的人們表明，美國政客並不關心他們的生活品質。放下我的肥皂盒，正如我們 2020 年的業績所表明的那樣，我們的資產基礎和我們的員工已經證明，我們的商業模式可以維持週期，即使是像這次大流行這樣嚴重的周期。我們堅信，Enterprise 將在 100 年後實現繁榮，克服任何可能的障礙。

And with that, I'll turn the call over to Randy Fowler.

接下來，我會將電話轉給蘭迪·福勒。

Thank you, Jim, and good morning, everyone. I'll start by reviewing some fourth quarter income statement items. Net income attributable to common unitholders for the fourth quarter of 2020 was $337 million or $0.15 per unit on a fully diluted basis compared to $1.1 billion or $0.50 per unit for the fourth quarter of 2019. Net income for the fourth quarters of 2020 and 2019 were reduced by noncash asset impairment and related charges of approximately $800 million or $0.36 per unit for the fourth quarter of 2020 and $82 million or $0.04 per unit for the fourth quarter of 2019. The impairment charges recorded in 2020 were primarily for goodwill associated with the partnerships Natural Gas Pipelines and Services segment and for certain long-lived assets, including those associated with our marine business, that is our barge and push boat business and natural gas gathering and processing facilities.

謝謝吉姆，大家早安。我將首先回顧一些第四季損益表項目。2020 年第四季歸屬於普通單位持有人的淨利潤為 3.37 億美元，即完全稀釋後每單位 0.15 美元，而 2019 年第四季為 11 億美元，即每單位 0.50 美元。2020 年及2019 年第四季的淨利因非現金資產減損及相關費用而減少，2020 年第四季約8 億美元或每單位0.36 美元，2019 年第四季約8,200 萬美元或每單位0.04 美元。2020 年記錄的減損費用主要用於與合作夥伴天然氣管道和服務部門相關的商譽以及某些長期資產，包括與我們的海洋業務相關的資產，即我們的駁船和推船業務以及天然氣收集和加工設施。

Moving on to cash flows. Cash flows from operations was $1.6 billion for the fourth quarter of 2020 compared to $1.7 billion for the fourth quarter of 2019. On a full year basis, cash flow from operations was $5.9 billion and $6.5 billion for 2020 and 2019, respectively. Cash flow from operations for 2020 and 2019 were both reduced by $768 million and $457 million, respectively, for cash used for working capital. Free cash flow for 2020, which we define as cash flow from operations minus investing activities less distributions to noncontrolling interest was $2.7 billion for the year, which is an 8% increase compared to free cash flow for 2019.

轉向現金流。2020 年第四季的營運現金流為 16 億美元，而 2019 年第四季為 17 億美元。以全年計算，2020 年和 2019 年的營運現金流分別為 59 億美元和 65 億美元。由於用於營運資金的現金，2020 年和 2019 年的營運現金流分別減少了 7.68 億美元和 4.57 億美元。2020 年的自由現金流（我們將其定義為營運現金流減去投資活動減去非控制權益的分配）為 27 億美元，比 2019 年的自由現金流增加了 8%。

Our payout ratio, which we define as the sum of cash distributions and buybacks as a percent of cash flow from operations was 70% for 2020, 67% from distributions and distribution equivalent rights and another 3% from common unit buybacks. We declared a distribution of $0.45 with regard to the fourth quarter which will be paid February 11. This distribution represents a 1.1% increase versus fourth quarter 2019. 2020 marked our 22nd year of consecutive annual distribution increases.

我們的派息率（我們將其定義為現金分配和回購總和占營運現金流的百分比）在2020 年為70%，其中67% 來自分配和分配等值權利，另外3% 來自普通單位回購。我們宣布第四季分配 0.45 美元，將於 2 月 11 日支付。該分佈較 2019 年第四季成長 1.1%。2020 年是我們連續年度分配成長的第 22 年。

During the fourth quarter of 2020, we bought back $26 million or 1.3 million common units at an average price of $19.62. This brought our total repurchases for 2020 to $200 million or 9.7 million units under our buyback program. Additionally, Enterprise's distribution reinvestment plan and employee unit purchase plan purchased a combined $33 million or 1.8 million common EPD units in the open market during the fourth quarter; and for the full year, these programs repurchased $137 million or approximately 7 million common units on the open market.

2020 年第四季度，我們以 19.62 美元的平均價格回購了 2,600 萬美元或 130 萬個普通單位。這使得我們 2020 年回購計畫下的回購總額達到 2 億美元，即 970 萬單位。此外，Enterprise 的分銷再投資計劃和員工單位購買計劃在第四季度在公開市場購買了總計 3,300 萬美元或 180 萬個普通 EPD 單位；全年，這些計劃在公開市場上回購了 1.37 億美元或約 700 萬個普通單位。

While we currently expect to generate discretionary free cash flow beginning in the second half of 2021 and what we define as discretionary free cash flow as cash flow in excess of capital investments and distributions, given the many uncertainties as we enter the year, we believe it would be premature to provide distribution growth and buyback guidance at this time. We will continue to think of buybacks as opportunistic as opposed to programmatic or formulaic. For 2021 and 2022, we currently anticipate growth capital investments to be approximately $1.6 billion and $800 million, respectively. These figures are based on sanctioned capital projects and exclude the growth capital investments related to our proposed SPOT offshore crude oil terminal that is pending government approvals.

雖然我們目前預計將在2021 年下半年開始產生可自由支配的自由現金流，並且我們將可自由支配的自由現金流定義為超過資本投資和分配的現金流，但考慮到進入今年的許多不確定性，我們認為，此時提供分銷成長和回購指引還為時過早。我們將繼續認為回購是機會主義的，而不是程序性或公式化的。目前，我們預計 2021 年和 2022 年的成長資本投資將分別約為 16 億美元和 8 億美元。這些數字是基於經批准的資本項目，不包括與我們擬議的現貨海上原油碼頭相關的成長資本投資，該碼頭正在等待政府批准。

While we have several projects in the development phase, we currently do not expect our 2021 growth capital expenditures to exceed $2 billion even if some of these projects are underwritten and sanctioned this year. We currently expect sustaining capital expenditures for 2021 to be approximately $440 million, which includes $115 million of expenditures associated with scheduled turnarounds of our PDH propane dehydrogenation facility and our octane enhancement facility.

雖然我們有幾個項目處於開發階段，但我們目前預計 2021 年的成長資本支出不會超過 20 億美元，即使其中一些項目今年獲得核保和批准。我們目前預計 2021 年的持續資本支出約為 4.4 億美元，其中包括與 PDH 丙烷脫氫設施和辛烷值增強設施的計畫檢修相關的 1.15 億美元支出。

Turning to capitalization, our total debt principal outstanding was approximately $30 billion as of December 31, 2020, assuming the first call date for our hybrids and the maturity date, the average life of our debt portfolio was 16.3 years. And again, based on final maturity, 20.4 years, respectively. Our effective average cost of debt is 4.4%.

就資本化而言，截至2020 年12 月31 日，我們的未償債務本金總額約為300 億美元，假設我們的混合債券的第一個贖回日和到期日，我們的債務投資組合的平均壽命為16.3 年。同樣，根據最終期限，分別為 20.4 年。我們的有效平均債務成本為 4.4%。

Adjusted EBITDA for 2020 was $8.1 billion, and our consolidated leverage ratio was 3.5x after adjusting debt for the equity treatment of the hybrid debt securities. And also reducing debt for cash on hand -- unrestricted cash on hand. Our consolidated liquidity was approximately $6.1 billion at year-end, including availability under our existing credit facilities and approximately $1.1 billion of unrestricted cash on hand. Much of this cash on hand was sourced from our $1.25 billion debt offering that we did in August 2020.

2020 年調整後 EBITDA 為 81 億美元，在調整混合債務證券權益處理的債務後，我們的綜合槓桿率為 3.5 倍。還可以減少手頭現金債務——不受限制的手頭現金。截至年底，我們的綜合流動資金約為 61 億美元，包括現有信貸額度下的可用資金和約 11 億美元的非限制性庫存現金。手頭現金大部分來自我們 2020 年 8 月發行的 12.5 億美元債券。

Going into 2020, we believed it was responsible to raise capital through debt offerings well in advance of our needs to fund maturing debt and capital expenditures. We issued a total of $4.25 billion in debt in 2020, $3 billion in the January offering and $1.25 billion in our August offering. Our maturities in 2020 were only $1.5 billion. As a result, throughout most of 2020, including at year-end, we carried more than $1 billion of unrestricted cash on our balance sheet to provide liquidity in addition to our bank credit facilities. This compares with our historical practice of maintaining unrestricted cash balance of $200 million to $300 million.

進入 2020 年，我們認為，有責任在我們為到期債務和資本支出提供資金的需求之前，透過發債籌集資金。2020 年，我們總共發行了 42.5 億美元的債券，其中 1 月發行了 30 億美元，8 月發行了 12.5 億美元。2020 年我們的到期期限僅為 15 億美元。因此，在 2020 年的大部分時間裡，包括年底，我們的資產負債表上有超過 10 億美元的非限制性現金，除了銀行信貸額度之外還提供流動性。相較之下，我們歷史上維持 2 億至 3 億美元不受限制的現金餘額的做法。

In 2021, we have a total of $1.325 billion of notes maturing. These maturities will ultimately be satisfied with unrestricted cash on the balance sheet largely from our $1.25 billion August 2020 debt offering and 2021 cash flow from operations. At this time, we do not foresee the need to access the debt capital markets in 2021. However, depending on market conditions and other factors, we may elect to approach the debt capital markets in 2021 to fund our 2022 debt maturities.

2021 年，我們共有 13.25 億美元的票據到期。這些到期日最終將透過資產負債表上不受限制的現金來滿足，這些現金主要來自我們 2020 年 8 月的 12.5 億美元債務發行和 2021 年的營運現金流。目前，我們預期 2021 年不需要進入債務資本市場。然而，根據市場狀況和其他因素，我們可能會選擇在 2021 年進入債務資本市場，為我們 2022 年的債務到期提供資金。

And turning to upcoming events. And before we turn it over to questions, I want to remind everyone that we have 2 virtual events that will take place on February 22 and February 23. On the 22nd, we will feature the discussion of ESG and other related topics. And on the 23rd, we will focus on traditional Analyst Day topics. The webcast will be available through our website, starting at 8:00 a.m. Central time, both days with speaker sessions followed by live Q&A on each day. With that, Randy, I think we're ready for questions.

並轉向即將發生的事件。在我們開始提問之前，我想提醒大家，我們將在 2 月 22 日和 2 月 23 日舉行 2 場虛擬活動。22日，我們將重點放在ESG等相關議題。23 日，我們將重點放在傳統的分析師日主題上。這場網路廣播將於上午 8:00 開始透過我們的網站提供。中部時間，這兩天都有演講者會議，然後每天都有現場問答。蘭迪，我想我們已經準備好要提問了。

Okay. Thank you, Randy. Dexter, we're ready to take questions now from our listeners.

好的。謝謝你，蘭迪。德克斯特，我們現在準備好回答聽眾的問題。

(Operator Instructions) Your first question comes from the line of Jeremy Tonet [of JPMorgan] (added by company after the call).

（操作員說明）您的第一個問題來自[摩根大通]的傑里米·託內特（Jeremy Tonet）（由公司在通話後添加）。

Just want to start off on the supply side, if I could. Maybe this is a question for Tony and Jim here. And just wondering what your latest thoughts are given producer conversations on the outlook for supply growth. From what we can see, it looks like the Permian will continue to grow, other basins could decline and the Permian kind of take share here. Just wondering what your thoughts are for supply -- G&P supply going forward? And also, with federal land issues there kind of encroaching on the Permian, thoughts on that and how this all kind of impacts EPD?

如果可以的話，我只想從供應方面開始。也許這是托尼和吉姆的問題。只是想知道您在生產商關於供應成長前景的對話中有何最新想法。從我們所看到的來看，二疊紀盆地似乎將繼續增長，其他盆地可能會衰退，而二疊紀盆地將在這裡佔據份額。只是想知道您對供應 - G&P 供應的未來有何看法？而且，隨著聯邦土地問題的出現​​，對二疊紀盆地的侵蝕，對此有何想法以及這對環保署有何影響？

Jeremy, we're going to produce a new supply forecast at the Analyst Day. But the long and the short of it is if you look at what public producers are saying and what they're telling us, they plan on remaining flat in 2021. And flat being -- most of them count it as where they exited 2020 and where they plan on exiting '21. And you are correct that the Permian is going to be the lion's share of the activity. That said, we are seeing some increase in activity and production in the Eagle Ford that we like to see.

傑里米，我們將在分析師日發布新的供應預測。但總而言之，如果你看看公共生產商的言論以及他們告訴我們的內容，他們計劃在 2021 年保持持平。他們中的大多數人都將其視為 2020 年的退出點以及他們計劃退出 21 年的點。你說得對，二疊紀將成為活動的最大部分。也就是說，我們看到 Eagle Ford 的活動和產量增加，這是我們希望看到的。

And then I guess, then I'll move to the federal acreage comment. And it's early on in this, and Brent may want to chime in. It's early on in this pronouncement from the Biden administration, kind of 2 weeks into it. But when we look at the Permian acreage and we back up and look at what we consider active acreage, it's nearly 15 million acres. Only about 12% of that as we gauge it is on federal land. And on that federal land, there's some approximately 2,000 permits, probably more as we speak in 600 or 700 DUCs. What we're hearing from producers, I think, Brent, and let me know if you feel differently, some are actually speeding up; most are saying at this point, no change. And I would say few, if any, at this point, have said I'm laying a rig or 2 down because they're well permitted. They saw that it might come. And that's where they're headed. There's a lot of political pushback. This is acreage of the state of New Mexico. And so stay tuned, but when we look at it holistically, this is how we feel. Brent, did I miss anything?

然後我想，然後我將轉向聯邦面積評論。現在還處於早期階段，布倫特可能想插話。這是拜登政府發布這項聲明的早期階段，大約已經過了兩週。但當我們查看二疊紀的面積時，我們回過頭來看看我們所認為的活躍面積，它接近 1500 萬英畝。據我們估計，其中只有約 12% 位於聯邦土地上。在這片聯邦土地上，大約有 2,000 個許可證，當我們談論 600 或 700 個 DUC 時可能更多。我想，布倫特，我們從製片人那裡聽到的消息，如果你有不同的感覺，請告訴我，有些實際上正在加速；有些正在加速。目前大多數人都說沒有改變。我想說，在這一點上，幾乎沒有人（如果有的話）表示我正在鋪設一兩個鑽孔機，因為它們是得到充分允許的。他們看到它可能會到來。這就是他們的前進方向。有很多政治阻力。這是新墨西哥州的面積。所以請繼續關注，但當我們從整體上看時，這就是我們的感受。布倫特，我錯過了什麼嗎？

No, I think you covered it, Tony. In terms of some green shoots, we are seeing some private guys be more active out there with putting more rigs in play. When we talk to our customers, and I think the simple answer is we don't know what's going to happen. But when we talk to our customers, it feels like they have a time line to go ahead and execute the permits that they have, and it's not a rush to go out there and get it done. So it's kind of a case-by-case basis, depending on the producer, but I haven't sensed panic from talking to our customers.

不，我想你已經報道過了，東尼。就一些新芽而言，我們看到一些私人人士更積極地投入更多的裝備。當我們與客戶交談時，我認為簡單的答案是我們不知道會發生什麼。但當我們與客戶交談時，感覺他們有一個時間表來繼續執行他們擁有的許可證，而且並不急於完成它。因此，這是根據具體情況而定，具體取決於生產商，但我在與客戶交談時並沒有感到恐慌。

Got it. That's helpful. And maybe kind of building off that supply impact as you see it for 2021 here. Just wondering if you couple that with, I guess, the turnarounds in the petchem segment. Does this mean that kind of you expect 2021 EBITDA would step down from 2020? Or are there any other kind of big moving pieces there we should be thinking about?

知道了。這很有幫助。正如您在此處看到的 2021 年那樣，也許可以消除這種供應影響。我想知道你是否將其與石油化學領域的轉變結合在一起。這是否意味著您預計 2021 年 EBITDA 將較 2020 年有所下降？或是有其他值得我們考慮的重大事件嗎？

Yes, Jeremy, I'd say -- I think we're -- based on what we see thus far, we think we can hold it flat. And could it be soft, $100 million, $200 million? Could be. But I'll tell you what, never doubt. The resolve of this organization to come in and capture opportunities. So we'll see. I think we're in good shape going into the year.

是的，傑里米，我想說——我認為我們——根據我們迄今為止所看到的情況，我們認為我們可以保持不變。可以是軟的嗎，1億美元，2億美元？可能是。但我會告訴你什麼，不要懷疑。該組織決心介入並抓住機會。所以我們拭目以待。我認為今年我們的狀態良好。

Your next question comes from the line of Colton Bean from Tudor, Pickering, Holt.

您的下一個問題來自都鐸、皮克林、霍爾特的 Colton Bean 家族。

So with total capital down nearly 40% for this upcoming year and leverage effectively at your long-term target, can you just update us on how you're thinking about payout ratio for 2021.

因此，隨著來年的總資本下降近 40%，並且有效地利用槓桿來實現您的長期目標，您能否向我們介紹一下您對 2021 年派息率的最新看法。

Yes. And I'd really refer back to the comments that I had in the conference call script. I think we do expect to start generating discretionary free cash flow in the second half of the year. A good bit of our CapEx is skewed more towards the beginning of the year. And -- but we think we'll be discretionary free cash flow positive. At this point in time, we really don't want to provide any guidance on payout or I mean payout is still going to be pretty lofty. I mean, just given where our distribution is, since the distribution makes up a substantial amount of the cash that we return to our investors. So it's still going to be fairly high just based on that. So as far as what we do on buyback, I think we'd like to get a little bit farther into the year. Again, a lot of uncertainties as we enter the beginning of this year, and we just like to get better visibility before we provide any guidance on that front.

是的。我真的會回顧一下我在電話會議腳本中的評論。我認為我們確實預計將在今年下半年開始產生可自由支配的自由現金流。我們的資本支出中有很大一部分更偏向今年年初。而且 - 但我們認為我們的可自由支配自由現金流將為正值。目前，我們真的不想提供任何有關支付的指導，或者我的意思是支付仍然會很高。我的意思是，只要考慮到我們的分配情況，因為分配構成了我們返還給投資者的大量現金。因此，基於此，它仍然會相當高。因此，就我們在回購方面所做的事情而言，我認為我們希望在今年能走得更遠。同樣，進入今年年初，存在著許多不確定性，我們只是希望在提供這方面的任何指導之前獲得更好的可見性。

Yes. And then Randy, just to follow-up on that. Do you see any benefit to going materially below that 3.5x leverage target?

是的。然後蘭迪，跟進此事。您認為大幅低於 3.5 倍槓桿目標有什麼好處嗎？

We said on 3.5x, it's -- our definition of 3.5x area is 3.5 plus or minus a quarter turn. So that's our target. We've been talking about that being our target for 2 or 3 years now, and we're still comfortable with that range.

我們在 3.5x 上說過，我們對 3.5x 面積的定義是 3.5 加上或減去四分之一圈。這就是我們的目標。我們已經談論這作為我們的目標兩三年了，我們仍然對這個範圍感到滿意。

Understood. And then just on the propylene operations, with the spread between PGP and RGP widening further year-to-date, any potential for the fracs to offset the PDH downtime here with Q1 upcoming.

明白了。然後就丙烯業務而言，隨著今年迄今為止 PGP 和 RGP 之間的價差進一步擴大，第一季即將到來，壓裂有可能抵消 PDH 停機時間。

Where is, Chris, you want to answer it?

克里斯，你想回答這個問題在哪裡？

Sure. Yes. With the spreads the way they are, obviously, we're running as hard as we can. So I think we're expecting to do as much as we can with that.

當然。是的。顯然，按照目前的價差，我們正在竭盡全力地運行。所以我認為我們希望為此做盡可能多的事情。

Yes. This is Jim. The spreads are wide, but we don't have exposure to the total. I think we got exposure to about 30% of our capacity of that spread. So to the extent we have exposure, yes, we'll benefit. I'm not sure how much it will make up.

是的。這是吉姆。價差很大，但我們沒有接觸到總數。我認為我們已經接觸了大約 30% 的傳播能力。因此，只要我們有曝光度，我們就會受益。我不確定它能彌補多少。

Appreciate that. And just a quick final one. The ethylene storage capacity, I don't think that was online until almost the end of December. Can you just update us on what you've seen there and how you're expecting exports to turn over the course of the year? I appreciate it.

很欣賞這一點。最後一個是快速的。乙烯儲存能力，我認為直到 12 月底才上線。您能否向我們介紹一下您在那裡看到的最新情況以及您對今年出口狀況的預期？我很感激。

Our storage hub was actually online the prior year, but we finished our storage tank at the export terminal at the end of the year. And we were operating at pretty high rates before the tank was in service. And having that tank just allows us to optimize dock loadings and dilute at higher rates. So really, at this point, we have contracts in place, but it's really going to be determined by the global arbitrage.

我們的儲存中心實際上在前一年就已上線，但我們在年底完成了出口碼頭的儲罐。在坦克投入使用之前，我們的運作速度相當高。擁有該罐可以讓我們優化碼頭裝載並以更高的速率稀釋。所以實際上，在這一點上，我們已經簽訂了合同，但這實際上將由全球套利決定。

Are you sold out?

你賣完了嗎？

We're sold out with some opportunity for spot business.

我們已經賣完了，還有一些現貨業務的機會。

Your next question comes from the line of Kyle May from Capital One Securities.

您的下一個問題來自第一資本證券公司的凱爾梅 (Kyle May)。

I just wanted to maybe go into a little bit in the release, you talked about analyzing renewable project opportunities. So just want to get a feel for maybe what you're looking at and then how that would fit with the business.

我只是想在發布中稍微介紹一下，您談到了分析可再生專案機會。因此，只是想了解您正在尋找的內容，然後了解它與業務的契合度。

Yes. It wasn't really renewable opportunities. What we said, we've got some growth projects that we're looking at that are, if you would, consistent with the energy evolution, not necessarily specifically renewable projects.

是的。這並不是真正的可再生機會。我們所說的，我們正在考慮一些成長項目，如果你願意的話，這些項目與能源發展一致，不一定是專門的可再生項目。

Okay. Got it. I appreciate that. Can you maybe go into a little bit more details on what those projects would be?

好的。知道了。我很欣賞這一點。您能否更詳細地介紹一下這些項目是什麼？

Not really.

並不真地。

Okay. Fair enough. And second question would be, I believe you've mentioned that your growth CapEx could move a little bit higher to around $2 billion this year. Any more details around what would push you to that upper end?

好的。很公平。第二個問題是，我相信您已經提到，今年您的成長資本支出可能會稍高一些，達到 20 億美元左右。關於什麼會推動你達到上限的更多細節？

The previous question.

上一個問題。

Yes.

是的。

We have a question from Jean Ann Salisbury from Bernstein.

我們有來自伯恩斯坦的 Jean Ann Salisbury 的問題。

Ethane storage in the U.S. is at record levels, frankly, more ethane storage than I knew existed. Can you comment on if that's mostly your inventory and perhaps your view on if this high storage will dampen ethane prices in 2021?

坦白說，美國的乙烷儲存量達到了創紀錄的水平，比我知道的還要多。您能否評論一下這是否主要是您的庫存，以及您對這種高儲存量是否會抑制 2021 年乙烷價格的看法？

Brent?

布倫特？

Yes. I mean we're seeing -- we saw ethane storage peak in the fourth quarter. We're seeing it roll off as crackers came back online. Ethane was a little bit challenged during the fourth quarter as ethane is trying to clean up. I think we're fundamentally bullish a lot of things as it relates to hydrocarbons. I think in terms of an outright price on ethane, I still think you have to have some sort of baseline gas call. But if you look at how this market balances with demand and supply on ethane, and if you look at the demand coming online, you hear what Tony says about supply, from talking to our customers, ultimately, ethane, and you're seeing it happen.

是的。我的意思是我們看到——我們在第四季度看到乙烷儲存達到高峰。隨著餅乾重新上線，我們看到它的銷量下降。乙烷在第四季度遇到了一些挑戰，因為乙烷正在努力清理。我認為我們從根本上看好很多與碳氫化合物有關的事情。我認為就乙烷的直接價格而言，我仍然認為必須有某種基準天然氣價格。但是，如果你看看這個市場如何與乙烷的供需平衡，如果你看看網上的需求，你會聽到托尼在與我們的客戶交談時所說的關於供應的內容，最終是乙烷，你會看到它發生。

We've seen it happen in the last several weeks. Ethane has to work and go to work, to go price, to get back into the NGL stream. So whether that means coming from further away or whether that means that people have to adjust prices in the Permian Basin, we believe that these markets need to balance. And I think fundamentally, we're probably -- I don't know, I've read -- I read your reports, Jean Ann, and I don't know if we're going to see some numbers that we -- that I've read from you a month or 2 months back, but I think we're aligned that we're fairly bullish ethane.

過去幾週我們已經看到了這種情況的發生。乙烷必須不斷地工作、定價，才能重新回到天然氣凝析液流中。因此，無論這意味著來自更遠的地方，還是意味著人們必須調整二疊紀盆地的價格，我們認為這些市場需要平衡。我認為從根本上來說，我們可能——我不知道，我讀過——我讀過你的報告，Jean Ann，我不知道我們是否會看到一些我們——我在一兩個月前讀過你的來信，但我認為我們一致認為我們相當看好乙烷。

That's helpful. And Asia propane prices were quite high for much of December and January. Can you comment if you were able to capture a material amount of marketing margin there? Or did most of that go to the shipping company?

這很有幫助。12 月和 1 月的大部分時間裡，亞洲丙烷價格相當高。如果您能夠在那裡獲得大量的行銷利潤，您能發表評論嗎？還是說大部分都給了運輸公司？

I think -- look -- this is Brent again. We have a massive presence in NGLs. So when price goes to work in NGLs, I think it's fair to assume that somehow Enterprise will participate in it.

我想——看——這又是布倫特。我們在液化天然氣領域擁有大量業務。因此，當 NGL 的價格發揮作用時，我認為可以公平地假設 Enterprise 會以某種方式參與其中。

Your next question comes from the line of Pearce Hammond from Simmons.

你的下一個問題來自西蒙斯的皮爾斯·哈蒙德。

My first question is, what are your expectations for crude oil export volumes for 2021? And what are the puts and takes around that view?

我的第一個問題是，您對2021年原油出口量有何預期？圍繞這個觀點有哪些看跌期權和看跌期權？

Okay. We're going to keep this as the Brent Secrest show, Brent? Now go to your answer that you gave early.

好的。我們要把這個保留為布倫特秘密秀，布倫特？現在轉到您早些時候給出的答案。

I mean -- so if you look at our volumes, I mean, I can speak specifically to Enterprise. Our volumes for crude exports have gone down. And so the pandemic has taught us a lot of things. And one thing that it has taught us is something that we've preached over the last several years, is that Houston truly is a market. And I understand and I see the numbers, too, that there's a lot of barrels going out of Corpus. But recognize the fact is once the train leaves the station in Midland and it heads to Corpus, it has to go to the water. What we offer in Houston is truly a market. And the domestic price that our customers achieve in Houston is higher than a price than they can achieve on the water. And that's the reason they've elected to not take the barrel across the water.

我的意思是——所以如果你看看我們的捲，我的意思是，我可以專門針對企業公司說話。我們的原油出口量有所下降。因此，這場大流行教會了我們很多。它告訴我們的一件事是我們在過去幾年中一直在宣揚的，那就是休士頓確實是一個市場。我明白並且我也看到了數字，有很多桶子從 Corpus 中流出。但要認識到一個事實是，一旦火車離開米德蘭車站，前往科珀斯，就必須下水。我們在休士頓提供的是真正的市場。我們的客戶在休士頓獲得的國內價格高於他們在水上獲得的價格。這就是他們選擇不把木桶帶過水面的原因。

Now as Enterprise, from a profitability standpoint, I'd say we're somewhat agnostic to it. We can provide the service. We have no problem providing the service, but the domestic price in Houston is higher than Corpus. So at some point the market is going to require that barrel to go across the water once the global market needs that barrel. But right now, our customers are achieving a higher netback in Houston. And so you can see the volumes decline, but when it comes to revenue, frankly, our revenue stays flat. It will continue to stay flat for quite some time. And then when we have to export, frankly, there's additional expenses that you undertake from exporting.

現在，作為企業，從獲利能力的角度來看，我想說我們對此有些不可知。我們可以提供服務。我們提供服務沒有問題，但是休士頓國內的價格比Corpus要高。因此，在某個時候，一旦全球市場需要該桶，市場就會要求該桶渡過水面。但現在，我們的客戶在休士頓實現了更高的淨回報。因此，您可以看到銷量下降，但坦白說，我們的收入保持不變。它將在相當長的一段時間內繼續保持平穩。然後，坦白說，當我們必須出口時，您會因出口而承擔額外費用。

Okay. That's super helpful. And then my follow-up is, can you elaborate on the drivers of the current strength in the NGL market and how sustainable you think those are for 2021? And that's following up on some of the earlier questions.

好的。這非常有幫助。然後我的後續問題是，您能否詳細說明 NGL 市場目前強勢的驅動因素以及您認為這些因素在 2021 年的可持續性如何？這是對之前一些問題的後續。

Yes, this is Justin Kleiderer. I mean I think it's all chemical driven. I mean the demand for plastics as a function of what we've been experiencing throughout 2020, I think we expect to continue, and that's supporting the entire NGL value chain.

是的，這是賈斯汀·克萊德爾。我的意思是我認為這都是由化學驅動的。我的意思是，對塑膠的需求是我們在 2020 年所經歷的情況的函數，我認為我們預計會繼續下去，這將支持整個 NGL 價值鏈。

What about your exports to Asia?

你們對亞洲的出口怎麼樣？

On the export front, we continue to seem to set records on volume every quarter. We did in the fourth quarter as well. And I think we expect volumes to remain robust through '21.

在出口方面，我們似乎每季都繼續創下出口量紀錄。我們在第四季也做到了。我認為我們預計 21 年銷量將保持強勁。

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

我們的下一個問題來自富國銀行的麥可布魯姆。

I wanted to get your thoughts on what's been going on at the Panama Canal and how that impacts or could impact in the future LPG movements kind of more on a long-term basis?

我想了解您對巴拿馬運河正在發生的事情的看法，以及這將如何影響或可能對未來的液化石油氣運輸產生更長期的影響？

Yes, this is Justin again, I'll take a stab at it. I think what you saw and what you continue to see with the congestion could potentially change trade flows. However, I don't think that we expect it to materially do so in which that would impact volumes across Gulf Coast docks. At the end of the day, barrels need to clear, the demand needs it, and they'll continue to pay the price to get it there.

是的，這又是賈斯汀，我會試試看。我認為你所看到的以及你繼續看到的擁堵情況可能會改變貿易流動。然而，我認為我們預計它不會實質地影響墨西哥灣沿岸碼頭的吞吐量。歸根結底，桶子需要清理，需求需要它，他們將繼續付出代價才能到達那裡。

Got it. And then you have a line in the press release that your goal, I guess, is to source 25% of your power from renewable sources by 2025. Can you just elaborate a little bit on that? Is that primarily replacing compressors along the pipelines? Or are there other areas where you think you're going to source that power?

知道了。然後，您在新聞稿中提到，我猜您的目標是到 2025 年，25% 的電力來自再生能源。能詳細說明一下嗎？這主要是更換管道上的壓縮機嗎？或者您認為您可以在其他領域獲得這種力量？

I think the power sourcing is from a wide variety of areas. We've -- over the last number of years, if you look 10 years plus, we've been going more and more to electrical drivers in our new facilities. But power is really sourced both from opportunistic, being able to go out and acquire solar power as well as the ERCOT grid provides a significant amount of renewable power.

我認為電力來源來自各個領域。在過去的幾年裡，如果你看看十多年，我們在我們的新設施中越來越多地採用電動驅動器。但電力實際上來自機會主義，能夠外出獲取太陽能，而 ERCOT 電網提供了大量的可再生電力。

We have a question from Shneur Gershuni from UBS.

我們有來自瑞銀 (UBS) 的 Shneur Gershuni 的提問。

I wanted to start off with a question on the Permian. There's been a lot of talk over the last 1.5 years or so about the Permian overbuild thesis. And I was just wondering if I can get your broader thoughts on it. Is the industry really discussing it correctly? And I'm kind of wondering along the lines of how we look at the egress out of the Permian. Is there a way to think about it in terms of egress to Cushing versus egress to demand centers, you were just talking about how great Houston is as kind of a demand center for a market. And so as we sort of think about it over time, when pipelines come up for recontracting and so forth, is there going to be a different price for pipelines that evacuate crude to Houston, Corpus and to the demand centers versus towards Cushing. And should there be kind of a dual market that sort of emerges over time? And just kind of thinking about your thoughts on how that entirely plays itself out.

我想從一個關於二疊紀的問題開始。在過去 1.5 年左右的時間裡，關於二疊紀過度建設的理論有許多討論。我只是想知道我是否可以了解您對此的更廣泛的想法。業界的討論真的正確嗎？我有點想知道我們如何看待二疊紀的出口。有沒有辦法從庫欣的出口與需求中心的出口來考慮，您剛才談到休士頓作為市場的需求中心有多麼偉大。因此，隨著時間的推移，當我們思考這個問題時，當管道需要重新承包等時，將原油疏散到休斯頓、科珀斯和需求中心的管道與疏散到庫欣的管道的價格是否會有所不同。隨著時間的推移，是否應該出現某種雙重市場？想想你對這一切如何完全發揮作用的想法。

This is Jim. Brent's pointing his finger to me, but I got more hay points than him. So Brent, you want to answer that question.

這是吉姆。布倫特用手指著我，但我得到的乾草點比他多。布倫特，你想回答這個問題。

I mean, I think what we're seeing flowing to Cushing, you guys can see the arbs between Midland and the overcapacity build that's coming out of Midland. I think there's some barrels, that there's refining complexes, that are going to want to go from Midland to Cushing. If you look at volumes and what they've done month-over-month, they continue to go down. Much like most areas in this country, I would say there's too much pipeline capacity going to Cushing. Now how that pipeline capacity gets rationalized and how it gets repurposed or what direction it flows, that remains to be seen. As far as Corpus and Houston, I'd argue, hey, they all work great when barrels are flowing and going straight to the water, and there's no decision to make. And that work -- there's a bunch of players that worked 15 months ago. But...

我的意思是，我認為我們所看到的流向庫欣，你們可以看到米德蘭和來自米德蘭的產能過剩之間的套利。我認為有一些桶，有煉油廠，想要從米德蘭運往庫欣。如果你觀察一下銷量及其逐月所做的事情，你會發現它們繼續下降。就像這個國家的大多數地區一樣，我想說通往庫欣的管道容量太多了。現在，管道容量如何合理化、如何重新利用或流向什麼方向，還有待觀察。至於 Corpus 和休斯頓，我認為，嘿，當桶子流動並直接進入水中時​​，它們都工作得很好，而且無需做出任何決定。那是工作——有一群球員在 15 個月前就工作了。但...

Brent, speak to the magnets you're building.

布倫特，和你正在建造的磁鐵談談。

So I mean in terms of what we offer to Houston, in terms of the refining capacity, the access to it from pipeline connectivity, if you look at the amount of storage of the Houston Gulf Coast versus Corpus, you're talking hundreds of millions of capacity. It can weather storms like we saw in 2020 versus what they offer at Corpus. When you look at grades, what people can do with different grades, what their export customers want with different grades. And if you look at, frankly, our announcement last week with Magellan, and working on a pricing point that works, frankly, for everybody. It works for producers, it should work for refiners, it should work for consumers, and the fact there's transparency for people to go out and conduct their business long term. And whether that's a hedge that they buy, whether that's a hedge that they sell, and then they can decide to execute on that or they take it across the water or not, but they don't have to take it across the water. They can go sell it back in the market if the arb doesn't work. Versus other ports where, frankly, you have vessels floating around out there who're hoping the phone rings. So because once that phone rings and say, "Hey, I need you, then, frankly, the people all they have to do is go beat the price of Midland. And I think that gets old after a while.

所以我的意思是，就我們向休士頓提供的煉油能力而言，透過管道連接獲得煉油能力，如果你看看休士頓墨西哥灣沿岸與 Corpus 的儲存量，你會發現數億的容量。與 Corpus 提供的服務相比，它可以像我們在 2020 年看到的那樣經受住風暴。當你查看等級時，人們可以用不同的等級做什麼，他們的出口客戶對不同等級的需求。坦白說，如果你看看我們上週與麥哲倫的公告，並製定了一個坦率地說對每個人都有效的定價點。它適用於生產商，它應該適用於煉油廠，它應該適用於消費者，事實上，人們出去長期開展業務是透明的。無論這是他們購買的對沖，還是他們出售的對沖，然後他們可以決定執行該對沖，或者是否將其帶過水面，但他們不必將其帶過水面。如果套利不起作用，他們可以在市場上賣回。坦白說，與其他港口相比，那裡有船隻漂浮在那裡，希望電話響起。因此，因為一旦電話響起並說：「嘿，我需要你，那麼，坦白說，人們所要做的就是去擊敗米德蘭的價格。我認為一段時間後就會過時。

Okay. Okay. So bottom line, the evacuation to the Gulf Coast should be more valuable than the evacuation to Cushing.

好的。好的。因此，最重要的是，疏散到墨西哥灣沿岸應該比疏散到庫欣更有價值。

This is going to work over time as contracts roll off. I mean, you got some sticky contracts that people have and markets evolve over time and people learn lessons. In terms of our presence on barrels going from Midland to Cushing is very, very small. But you can sit there and probably look at pipeline flows that are going from Midland to Cushing and say, that is something that is incredibly overbuilt.

隨著合約的結束，這將隨著時間的推移而發揮作用。我的意思是，人們擁有一些有黏性的合同，市場會隨著時間的推移而發展，人們會吸取教訓。就我們從米德蘭到庫欣的桶子上的存在而言，我們的存在非常非常小。但你可以坐在那裡，看看從米德蘭到庫欣的管道流量，然後說，這是令人難以置信的過度建設。

Got it. Okay. Perfect. And maybe to pivot a little bit here. Randy, in your prepared remarks, you had mentioned the word -- you don't want to use the word 'programmatic'. And I definitely appreciate not wanting to say that with respect to buybacks, but you do have a target of 2% of CFFO, which is kind of programmatic in nature. Enterprise did buyback 3% of their stock last year. Have there been any internal discussions around raising that target to 5% or even 10% before green lighting growth capital?

知道了。好的。完美的。也許這裡要稍微調整一下。蘭迪，在您準備好的發言中，您提到了這個詞——您不想使用“程序化”這個詞。我絕對很感激不想在回購方面這麼說，但你確實有 CFFO 2% 的目標，這本質上是一種程式化。Enterprise 去年回購了 3% 的股票。是否有內部討論過在綠色照明成長資本之前將該目標提高到 5% 甚至 10%？

And as part of the larger discussion around buybacks, just given where your debt is trading at, any thoughts on tolerating a quarter turn extra leverage, just to use the opportunity to take out some units given where they're trading. And it would help obviously reduce the distribution claim on cash flows. I think you put in your slides at 67%. Just wondering if you can give us an expanded discussion on that -- on your thought process there.

作為圍繞回購的更大討論的一部分，只要考慮到您的債務交易價格，任何關於容忍四分之一的額外槓桿的想法，只是為了利用這個機會取出一些單位的交易價格。這將明顯有助於減少現金流量的分配要求。我想你在幻燈片中放的是 67%。只是想知道您是否可以就您的思考過程向我們進行更廣泛的討論。

Yes. Shneur, I put that statement in there about opportunistic versus programmatic just to head off this question and I guess it didn't work. You asked a number of them there. The 2% target that we talked about for buybacks was really with respect to 2020. Coming in this year, again, we're getting into new territory in the second half of this year as far as -- I mean, what we see now based on current expectations, where we'll be discretionary free cash flow positive. And we just come back in. This has really been, 2020 and even coming in here to 2021, has been a very dynamic environment with a lot of uncertainties. And boy, you can go down the list of sort of what the uncertainties are as we enter into this year. And we're just not at a place, we think it's premature to come in and provide any guidance on what we're going to do with returning capital, buybacks or distributions at this point in time. The distribution that we announced in January, I don't think that should have been a surprise to anybody. We've been increasing distributions 22 years in a row. So that shouldn't have been surprising. We talked about trying to keep purchase power parity on our distribution. We don't have a lot of inflation, but we wanted to come in and go ahead and bump the distribution. But when it comes to the buyback, we'd just like to get a little bit more visibility for '21.

是的。Shneur，我在那裡發表了關於機會主義與程序性的聲明只是為了迴避這個問題，我想它不起作用。你在那裡問了他們中的一些人。我們談到的 2% 的回購目標實際上是針對 2020 年的。今年，我們將在今年下半年再次進入新的領域——我的意思是，根據當前的預期，我們現在看到的情況是，我們的可自由支配自由現金流將為正值。我們剛回來。2020 年，甚至到 2021 年，這確實是一個充滿活力的環境，存在著許多不確定性。天哪，你可以列出今年我們面臨的不確定性。我們只是還沒有到位，我們認為現在就我們將如何處理資本返還、回購或分配提供任何指導還為時過早。我們在一月份宣布的發行版，我認為這不會讓任何人感到驚訝。我們已連續 22 年增加發行量。所以這並不奇怪。我們談到了努力在我們的分銷中保持購買力平價。我們沒有太多的通貨膨脹，但我們想進來並繼續提高分配。但說到回購，我們只是想為 21 年獲得更多的知名度。

We have a question from Keith Stanley from Wolfe Research.

沃爾夫研究中心的基斯‧史丹利向我們提出了一個問題。

Wanted to follow-up on the 2021 outlook. So in the past, you've alluded to, I think, $500 million to $600 million of sort of outsized spread market-based opportunities, was Permian crude spreads in '19, contango spreads in '20. I'm wondering how you think about kind of what we're seeing in NGL and petchem markets so far in Q1? And if this is potentially the next thing to backfill the -- what you saw in 2020 on contango. And tying that into, I think earlier, I just want to confirm, you made a comment about 2021 maybe being flattish overall to 2020, just how all that ties together.

希望跟進 2021 年的展望。因此，我認為，您過去曾提到過 5 億至 6 億美元的基於市場的超大價差機會，即 19 年的二疊紀原油價差和 20 年的期貨溢價。我想知道您如何看待第一季到目前為止我們在液化天然氣和石油化學市場上看到的情況？如果這可能是下一個回補的事情——你在 2020 年看到的期貨溢價。我想早些時候，我只是想確認一下，你對 2021 年可能總體上與 2020 年持平的評論有關，這一切是如何联系在一起的。

Yes. Randy says it's going to be flat and I endorse that, and it makes Justin Kleiderer nervous. So we'll turn it over to him.

是的。蘭迪說它會持平，我對此表示贊同，這讓賈斯汀·克萊德爾感到緊張。所以我們會把它交給他。

Yes, this is Justin, I think you hit on what I'm about to say, for the reasons that I'm going to say it, which is the opportunities that we see are certainly going to be different than the past and most certainly going to be different than 2020. But I think we firmly believe that they're going to be there. It could be on NGLs and petchem, like you alluded to. I think we feel good about the opportunity set there. But the future holds opportunities that we can't forecast, but we do forecast them to be there. So we're geared up to meet Jim's target.

是的，我是賈斯汀，我想你說到了我要說的，因為我要說的原因是，我們看到的機會肯​​定會與過去不同，而且肯定會有所不同。不同。但我認為我們堅信他們會在那裡。正如您所提到的，可能是 NGL 和 petchem。我認為我們對那裡提供的機會感覺很好。但未來存在著我們無法預測的機遇，但我們確實預測它們將會存在。因此，我們已做好準備以實現吉姆的目標。

Great. And then just one cleanup item. So just thinking about the working capital, and I wouldn't normally ask this, but it's kind of large. So you referenced, it was over $700 million use of cash in 2020 for working capital items. It was almost $500 million in 2019. So that's over $1 billion. Is -- I'm assuming that's just related to greater storage and marketing, but when would you expect to get this cash back? And just how should we think about that going forward?

偉大的。然後只有一項清理項目。所以只要考慮營運資金，我通常不會問這個，但它有點大。所以你提到，2020 年用於營運資本項目的現金使用量超過 7 億美元。2019 年這數字接近 5 億美元。所以這超過了 10 億美元。我假設這只是與更大的儲存和行銷有關，但是您預計什麼時候能收回這筆現金？我們該如何思考未來的發展？

Yes, Keith, this is Chris Nelly. A lot of that working capital use is just if you look at the forward curve, should be coming back over the next couple of quarters. But again, going back to what Justin just stated that a lot of that is going to be dependent upon what market opportunities are out there and what working capital utilization will then be as a result. So again, those are self-liquidating, short-term deals that have high returns.

是的，基思，我是克里斯·內利。如果你看看遠期曲線，許多營運資金的使用應該會在接下來的幾季內恢復。但再次回到賈斯汀剛才所說的，其中很大一部分將取決於市場機會以及由此產生的營運資金利用率。再說一次，這些都是高報酬的自我清算、短期交易。

Our next question comes from Ujjwal Pradhan from Bank of America.

我們的下一個問題來自美國銀行的 Ujjwal Pradhan。

I just wanted to ask first on the growth projects that are going to service in 2021 that you noted in the press release. Could you talk about the cost associated with these with respect to the '21 budget and perhaps return expectations for the 3 projects in the press release?

我只是想先詢問您在新聞稿中提到的將於 2021 年投入使用的成長項目。您能否談談與 21 年預算相關的成本以及新聞稿中 3 個項目的回報預期？

Yes. We typically don't talk about capital costs of specific projects. I will say this, that the projects that are coming online are all on time, on budget. We also don't talk about returns of specific projects, a little bit for the same reason that we don't come in and we're not -- we're reluctany to talk about projects under development is we've got a lot of competitors on these calls, and we'd just not get into too much detail. We -- in the earnings support slides, we do provide a list of projects under development. Jackie, what page?

是的。我們通常不會談論特定項目的資本成本。我要說的是，即將上線的項目都是準時、在預算內的。我們也不談論特定項目的回報，這與我們不參與和不參與的原因是一樣的——我們不願意談論正在開發的項目，因為我們有很多項目競爭對手在這些電話會議上的情況，我們只是不會透露太多細節。在收益支援幻燈片中，我們確實提供了正在開發的項目清單。傑基，哪一頁？

Got it. I see it on Page 6. My question was about each of these projects sort of how much do they contribute to that 2021 budget versus the PDH 2, which I know is a big-ticket item in the budget is still.

知道了。我在第 6 頁上看到了它。

Bear with me just a minute. Yes, when you come in and you look at the -- of the $1.6 billion that we expect to invest in capital projects in 2021, probably the PDH 2 represents about 1/3 of it.

請耐心聽我一分鐘。是的，當你進來看看我們預計 2021 年投資於資本項目的 16 億美元中，PDH 2 可能約佔其中的 1/3。

Got it. That's helpful. And a quick follow-up with regards to the planned increase in renewable power uses. Could you comment on whether that would be neutral to your current power costs or a reduction to it?

知道了。這很有幫助。並對計劃增加再生能源使用進行快速跟進。您能否評論一下這對您目前的電力成本是否是中性的還是會降低？

Could you repeat the question, please?

請您重複一下這個問題好嗎？

The cost of the additional renewable power uses, will that be neutral to your current power costs or any reduction to it?

額外的再生能源使用成本對您目前的電力成本來說是中性的還是有任何減少？

It will be neutral to our current power costs.

它將對我們目前的電力成本保持中立。

Your next question comes from the line of Michael Lapides from Goldman Sachs.

您的下一個問題來自高盛 (Goldman Sachs) 的邁克爾·拉皮德斯 (Michael Lapides)。

I actually have a couple, several that are short-term kind of 2021 focus and then one longer-term one. On 2021, can you talk about the cadence of CapEx during the year? Meaning, is it very front-end loaded when I think about the $1.6 billion of growth CapEx. That's the first question. The second is the $400 million or so of cost savings that you realized in 2020, does some of that come back in 2021? So when you refer to flattish EBITDA, is there cost pressure? Or are there incremental OpEx savings? And then the last one is probably for Brent or Tony. When Wink to Webster fully comes online, how do you think that impacts the battle between Houston and Corpus for crude and crude exports?

實際上，我有兩個重點，其中幾個是 2021 年的短期重點，還有一個是長期重點。2021年，您能談談這一年資本支出的節奏嗎？意思是，當我想到 16 億美元的成長資本支出時，它是否非常前端負載。這是第一個問題。第二個是您在 2020 年實現的約 4 億美元的成本節省，其中一些會在 2021 年收回嗎？那麼，當您提到持平的 EBITDA 時，是否存在成本壓力？或是否有增量營運支出節省？最後一個可能是給布倫特或東尼的。當 Wink to Webster 完全上線時，您認為這會對休士頓和 Corpus 之間的原油和原油出口之爭產生什麼影響？

Okay. Michael, I'll take that first one. Probably, as far as CapEx, there's a little bit more in the first half of the year compared to the second half, but not a lot. And Graham?

好的。邁克爾，我要第一個。就資本支出而言，上半年可能比下半年多一點，但也不是很多。格雷厄姆呢？

As far as the operating costs, a big driver for us in 2021 compared to 2020 will be the turnarounds that we have primarily at PDH and BEF. So that's kind of an outlier compared to 2020. In 2020, we did a lot of focus on cost. We've got some of our base cost structure down, partly through supply chain negotiations that enabled us to lower cost. We've also focused very much on the -- data is driving, how we manage the cost, a lot on our power utilization in one area. Those are going to be sustainable costs.

就營運成本而言，與 2020 年相比，2021 年我們的一大推動力將是我們主要在 PDH 和 BEF 實現的扭虧為盈。因此，與 2020 年相比，這有點異常。2020年，我們非常關注成本。我們已經降低了一些基本成本結構，部分是透過供應鏈談判使我們能夠降低成本。我們也非常關注數據驅動、我們如何管理成本，以及我們在某個領域的電力利用率。這些將是可持續的成本。

Frac optimization.

壓裂優化。

Frac optimization. And sometimes when we look at cost savings, we really look at overall value, sometimes -- particularly on the optimization of our fractionators. We're using a lot of data to drive that. And sometimes, it's cost reduction, sometimes it's just overall value optimization. But I feel good about going into 2021. And our cost management that we did in 2020, we'll continue that on in 2021.

壓裂優化。有時，當我們考慮成本節省時，有時我們確實會考慮整體價值，尤其是分餾器的最佳化。我們正在使用大量數據來推動這一目標。有時是降低成本，有時只是整體價值優化。但我對進入 2021 年感覺良好。我們在 2020 年進行的成本管理，我們將在 2021 年繼續進行。

I think -- this is Brent. I think on -- when Wink to Webster, it's up, right, it's going to continue to ramp up over the next several months and so we've seen this before, Corpus' pipelines came on, took barrels from Houston. We looked at the people involved with Wink to Webster, they're obviously going to go take barrels from pipelines that go to Corpus and all this stuff when the tide starts rolling out, we'll find out who has contracts and who doesn't and what's sticky and what's not. So I would expect barrels to decrease that are flowing to Corpus and roll over to Wink to Webster. There may be some pipelines that frankly don't have contracts that are going to Houston that they may take from those pipelines. So we've seen this happen over the last couple of years.

我想——這是布倫特。我認為，當向韋伯斯特眨眼時，它已經上升了，對吧，它將在接下來的幾個月裡繼續上升，所以我們之前已經看到過這種情況，Corpus 的管道開始運行，從休士頓拿走了桶子。我們觀察了與 Wink to Webster 相關的人員，他們顯然會從通往 Corpus 的管道中取出桶，當浪潮開始出現時，我們會發現誰有合同，誰沒有合同以及什麼是粘性的，什麼不是。因此，我預計流向 Corpus 並轉至 Wink 至 Webster 的桶數將會減少。坦白說，可能有一些管道沒有可以從這些管道中獲得的前往休斯頓的合約。所以我們在過去幾年看到了這種情況的發生。

What is your pipeline? What is your contract position?

你的管道是什麼？你的合約地位是什麼？

To Jim's question, what's our contract position, and Brad Motal is going to go into this at our analyst meeting, but we got about 1 million barrels a day of committed contracts for crude oil that last, call it out to 2028 and beyond. So it's hard for me to say that we're going to have a bunch of discretionary barrels until the Permian Basin recovers, and that's going to take years, but I feel when it comes to weathering the storm, we'll be okay.

對於吉姆的問題，我們的合約狀況是什麼，布拉德·莫塔爾將在我們的分析師會議上討論這個問題，但我們每天得到約100 萬桶的承諾原油合同，持續到2028 年及以後。因此，我很難說在二疊紀盆地恢復之前我們將擁有大量可自由支配的石油桶，這將需要數年時間，但我覺得當談到抵禦風暴時，我們會沒事的。

Do you think there's an opportunity for people to -- other owners or even yourself to repurpose pipes? And if so, and kind of hopefully tighten the crude pipeline market, and if so, what kind of opportunities are out there? Do you see the NGL pipe market getting tighter as well? Or do you think that's as oversupplied as the crude side?

您認為其他業主甚至您自己是否有機會重新利用管道？如果是這樣，那麼原油管道市場有望收緊，如果是這樣，那裡有什麼樣的機會？您是否認為 NGL 管道市場也變得緊張？或者您認為這與原油一樣供應過剩嗎？

I fundamentally believe that capacity has to be rationalized and there's different ways to do that. And you can be repurposed or inefficient operators can, frankly, figure out something else to do. Those assets shut down. But the industry as a whole has to probably figure this out. As far as the details that we look at, we're not going to go into it, but I think it's naive to assume that we don't look at figuring out how to solve some of these capacity issues that are existing in the market.

我從根本上認為，能力必須合理化，並且有不同的方法可以做到這一點。坦白說，您可能會被重新利用，或者效率低下的操作員可能會想出其他事情來做。這些資產被關閉。但整個行業可能必須弄清楚這一點。就我們所關注的細節而言，我們不會深入探討，但我認為假設我們不考慮如何解決市場上存在的一些產能問題是天真的想法。

Dexter, we have time for one more question from our audience.

德克斯特，我們還有時間回答觀眾的另一個問題。

Your last question comes from Yves Siegel from Siegel Asset Management.

您的最後一個問題來自西格爾資產管理公司的伊夫·西格爾。

My question really relates to growth. And the underlying premise, I think, of most of the questions today, goes back to what Jim sort of laid out that fossil fuels are going to disappear. And so it's more playing defense than playing offense. So the question really relates to how do you folks think about the long-term opportunities for growth? How much operating leverage is there right now? And what are the longer-term opportunities perhaps that you see going forward? And if I could, just one editorial real quick. In terms of leverage and stock buybacks, I totally appreciate Shneur's question. But the other aspect of that is that you lever up, you have to live with the consequences. And I think being conservative has really held you in a pretty good position for a very long time.

我的問題確實與成長有關。我認為，今天大多數問題的基本前提都可以追溯到吉姆所說的化石燃料將會消失。因此，更多的是防守而不是進攻。所以問題其實與你們如何看待長期成長機會有關？現在的經營槓桿是多少？您認為未來可能有哪些長期機會？如果可以的話，快速發表一篇社論。在槓桿和股票回購方面，我完全理解Shneur 的問題。但另一方面是，你要提高槓桿，就必須承擔後果。我認為保守確實讓你在很長一段時間內處於一個相當好的位置。

This is Jim. I'm not sure we can spell defense. We're always on the offense. And we're working on some pretty exciting projects, recognizing that we need to be responsible about it, but we're looking at some pretty exciting things. And Brent said, it takes years in the Permian. I'm a firm believer mean that price fuels all ills. And Tony is bullish on hydrocarbon prices in the future, but not as bullish as I am and prices create supply. And I think you're going to see -- I'm a believer in the Permian. I'm a believer in the Eagle Ford. If you have federal land issues in New Mexico, we've got a hell of a position in the Eagle Ford, maybe rigs go down there. So I feel pretty good about things. And I feel good about the things we're working on that we said earlier, we're not going to talk about.

這是吉姆。我不確定我們能否拼出防禦。我們總是處於進攻狀態。我們正在進行一些非常令人興奮的項目，認識到我們需要對此負責，但我們正在研究一些非常令人興奮的事情。布倫特說，在二疊紀需要數年時間。我堅信價格會助長所有弊病。托尼看好未來的碳氫化合物價格，但不像我那麼看好，價格創造供應。我想你會看到──我是二疊紀的信徒。我是鷹福特的信徒。如果你在新墨西哥州有聯邦土地問題，我們在鷹福特有一個很好的位置，也許鑽井平台就在那裡。所以我對事情感覺很好。我對我們正在做的事情感覺很好，我們之前說過，我們不會談論。

Yes. And Yves appreciate your comment on that. If you come back in and you look at the midstream over time, we went through a couple of periods, where whether it was an investor driven or whether it was general partners with IDR driven, it was distribution growth, distribution growth, distribution growth, and you heard the request for that, and you saw a lot of that. And a little bit, you -- we were conservative in that. We tried to do something that would -- again, we're trying to build a partnership that's durable for the long term. And a little bit of the tortoise and hare. And you had a lot of midstream companies that got too far out over their skis on distribution growth, and you've seen them come back in and cut. And a little bit when we think about returning capital, we're -- again, we're trying to build a durable partnership. We have a proven track record of returning capital back to our investors, I mean, 70% last year. And -- but I think we're going to be deliberate in what we do. And again, a lot of uncertainties, and we'll continue to return capital to our investors. But the other thing, I think, with some of the mantra that you hear on buyback, buyback, buyback, and some of these companies better watch out. You get too aggressive on buybacks, and that can come in and bite you in the future, too. So that's a little bit why we're being deliberate. And -- but I appreciate your comment.

是的。伊夫感謝您對此的評論。如果你回來觀察一段時間的中游，我們經歷了幾個時期，無論是投資者驅動還是普通合夥人與 IDR 驅動，都是分銷增長、分銷增長、分銷增長，你聽到了這樣的要求，也看到了很多這樣的要求。還有一點，你──我們在這方面很保守。我們試著做一些事情，再次強調，我們正在努力建立長期持久的合作關係。還有一點龜兔賽跑。很多中游公司在分銷成長方面超出了他們的極限，你已經看到他們回來並削減了。當我們考慮返還資本時，我們再次嘗試建立持久的合作關係。我們在向投資者返還資本方面有著良好的記錄，我的意思是，去年返還了 70%。而且——但我認為我們會謹慎行事。同樣，存在著許多不確定性，我們將繼續向投資者返還資金。但我認為，另一件事是，你聽到的關於回購、回購、回購的一些口頭禪，其中一些公司最好要小心。你在回購方面過於激進，這也會在未來對你產生影響。所以這就是我們故意的原因。而且——但我很欣賞你的評論。

That ends our call today. And the management team here at Enterprise, really thanks you for joining us. We're going to leave the call now. Dexter, would you please give our listeners the replay information. And thank you all again for joining us.

我們今天的通話就到此結束。Enterprise 的管理團隊非常感謝您加入我們。我們現在要掛斷電話。Dexter，請您向我們的聽眾提供重播資訊。再次感謝大家加入我們。

Okay. A replay of today's call will be available today at 1:00 p.m. Eastern Time. To access, please dial (800) 585-8367 or (404) 537-3406 and enter the conference ID number, 6088764. Again a replay of today's call will be available today at 1:00 p.m. Eastern Time. To access, please dial (800) 585-8367 or (404) 537-3406 and enter the conference ID number, 06088764. And this concludes today's conference call. Thank you for joining. You may now disconnect.

好的。今天的電話會議將於今天下午 1:00 重播。東部時間。如需訪問，請撥打 (800) 585-8367 或 (404) 537-3406 並輸入會議 ID 號 6088764。今天下午 1:00 將會再次重播今天的電話會議。東部時間。如需訪問，請撥打 (800) 585-8367 或 (404) 537-3406 並輸入會議 ID 號碼 06088764。今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。