Enterprise Products Partners LP (EPD) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Q4 2021 Enterprise Products Partners Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to turn the conference over to your speaker for today, Randy Burkhalter, Vice President, Investor Relations. You may begin.

女士們、先生們，感謝大家的支持，歡迎參加 2021 年第四季企業產品合作夥伴電話會議。 （操作員指示）請注意，今天的會議正在錄製中。 （操作員指示）我現在想將會議交給今天的發言人，投資者關係副總裁蘭迪·伯克哈爾特 (Randy Burkhalter)。你可以開始了。

Thank you, Towanda. Good morning, everyone, and welcome to the Enterprise Products Partners conference call to discuss fourth quarter and year-end 2021 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 today.

謝謝你，托旺達。大家早安，歡迎參加企業產品合作夥伴電話會議，討論 2021 年第四季和年底的收益。今天我們的演講者是 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今天也出席了會議。

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 this call.

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本次電話會議期間做出的前瞻性聲明中的結果有重大差異的因素清單。

And with that, I'll turn it over to Jim.

有了這個，我會把它交給吉姆。

Thank you, Randy. We reported net income attributable to common unitholders for 2021 of $4.6 billion or $2.10 per unit compared to $3.8 billion or $1.71 per unit on a fully diluted basis for 2020. Cash flow from operations was $8.5 billion for '21 compared to $5.9 billion for 2020. Both '21 and '20 were impacted by large changes in working capital in opposite directions brought about by significant storage opportunities.

謝謝你，蘭迪。我們報告的2021 年歸屬於普通單位持有人的淨利潤為46 億美元，即每單位2.10 美元，而2020 年完全稀釋後的淨利潤為38 億美元，即每單位1.71 美元。現金流為85 億美元，而2020 年為59 億美元。

We generated $6.6 billion of DCF in '21 compared to $6.4 million in 2020. We had 1.7x coverage. We retained $2.6 billion of DCF in '21 and head into '22 with significant financial flexibility. We also increased our distribution again in 2021 to $1.815 per common unit, making this the 23rd consecutive year of distribution growth since our IPO in 1998.

我們在 21 年創造了 66 億美元的 DCF，而 2020 年為 640 萬美元。我們在 21 年保留了 26 億美元的 DCF，並以極大的財務靈活性進入 22 年。我們也在 2021 年再次將分配增加至每普通單位 1.815 美元，這也是自 1998 年 IPO 以來分配連續 23 年增長。

In addition, 2021 marked another year of records for Enterprise, including 12 financial records and 5 operating records. Our NGL Pipelines and Services and Natural Gas Pipelines and Services segments set gross operating margin records. We've also been focused on growing our Petrochemicals and Refined Products Services segment, which had a record gross operating margin of $1.4 billion for 2021 with a huge contribution in Petrochemicals, where gross operating margin exceeded $1 billion for 2021.

此外，2021年也是Enterprise創紀錄的一年，其中包括12項財務記錄和5項營運記錄。我們的液化天然氣管道和服務以及天然氣管道和服務部門創下了毛營業利潤率記錄。我們也致力於發展石化和成品油服務部門，該部門 2021 年的毛營業利潤率達到創紀錄的 14 億美元，其中石化產品貢獻巨大，2021 年毛營業利潤率超過 10 億美元。

We set 5 operational performance records in '21, including record ethane marine volumes, record natural gas transportation volumes, record refined products and petrochemical transportation volumes, record propylene production volumes, and record propylene production volumes.

我們在21 年創造了5 項營運業績記錄，包括創紀錄的乙烷海運量、創紀錄的天然氣運輸量、創紀錄的煉油產品和石化產品運輸量、創紀錄的丙烯產量和創紀錄的丙烯產量。

We also finished 2021 with a solid fourth quarter, reporting total gross operating margin of $2.1 billion. Our quarterly results were driven by another strong quarter from petrochemicals, our natural gas processing margins, an increase in equity NGL production, the continuing recovery in crude oil pipeline volumes to near pre-COVID levels and record natural gas pipeline volumes.

我們也以穩健的第四季結束了 2021 年，總營業利潤率為 21 億美元。我們季度業績的推動因素包括石化產品又一個強勁的季度、天然氣加工利潤、股權液化天然氣產量的增加、原油管道輸送量持續恢復至接近疫情前水平以及創紀錄的天然氣管道輸送量。

As to CapEx, our growth capital spending in 2021 was $1.8 billion with approximately $2.2 billion of major projects currently under construction. The largest projects put into service in 2021 include a C5 hydrotreater at Mont Belvieu, and we added pipeline capacity to move ethane from Mont Belvieu to Beaumont, another project to provide feedstocks to the growing Gulf Coast petrochemicals.

至於資本支出，我們 2021 年的成長資本支出為 18 億美元，目前興建中的主要項目約為 22 億美元。 2021 年投入使用的最大項目包括位於Mont Belvieu 的C5 加氫處理裝置，我們還增加了將乙烷從Mont Belvieu 運輸到博蒙特的管道容量，這是另一個為不斷增長的墨西哥灣沿岸石化產品提供原料的項目。

In our Natural Gas Services group, our Gillis Lateral and Acadian Haynesville expansion were put into service in December of '21. These projects move growing volumes from Haynesville down to the LNG corridor in South Louisiana. In our Petrochemicals segment, we completed our ethylene export terminal and ethylene storage and pipelines.

在我們的天然氣服務集團中，我們的 Gillis Lateral 和 Acadian Haynesville 擴建工程於 2021 年 12 月投入使用。這些項目將越來越多的天然氣從海恩斯維爾轉移到路易斯安那州南部的液化天然氣走廊。在石化業務領域，我們完成了乙烯出口碼頭以及乙烯儲存和管道建設。

Our sector PDH remains on budget and on schedule for in-service in the first half of 2023. Our project team has done an outstanding job to ensure supply chain issues would not impact project schedule. And Graham and his team are happy to report that almost all major equipment is now on site, significantly derisking any major equipment issues.

我們的部門 PDH 仍符合預算並按計劃於 2023 年上半年投入使用。格雷厄姆和他的團隊很高興地報告說，幾乎所有主要設備現在都在現場，大大降低了任何重大設備問題的風險。

We were also excited to announce the agreement to acquire Navitas Midstream. Navitas gives us an attractive entry point for our natural gas processing and NGL businesses in the Midland Basin. We anticipate closing this acquisition in the first quarter of 2022, subject to customary regulatory approvals. Navitas plans for the construction of another natural gas processing plant, which would also provide us additional organic growth.

我們也很高興地宣布達成收購 Navitas Midstream 的協議。 Navitas 為我們在米德蘭盆地的天然氣處理和液化天然氣業務提供了一個有吸引力的切入點。我們預計在 2022 年第一季完成此收購，但須獲得常規監管部門的批准。納維塔斯計劃建造另一座天然氣加工廠，這也將為我們帶來額外的有機成長。

Last year, we have announced that we joined forces with Magellan and ICE to promote a U.S. Gulf Coast futures crude oil contract. Early indications are that the contract is going to be well received as ICE announced last week that the contract traded well over 1 million barrels a day in just the first few days of trading.

去年，我們宣布與麥哲倫和 ICE 聯手推廣美國墨西哥灣沿岸原油期貨合約。早期跡象表明，該合約將受到好評，因為 ICE 上週宣布，該合約在交易的最初幾天內每天的交易量遠遠超過 100 萬桶。

We're excited about what this contract means, not just for the U.S. producer but for the global oil industry. We learned the hard way in April of 2020 that the perils that come with a futures contract that doesn't have adequate physical infrastructure, the ICE Midland WTI AGC futures contract has access to 14 ship docks in the Houston area, providing significant direct access for exports.

我們對這份合約的意義感到興奮，不僅對美國生產商，而且對全球石油業。我們在 2020 年 4 月慘痛地了解到，沒有足夠實體基礎設施的期貨合約會帶來危險，ICE Midland WTI AGC 期貨合約可以進入休士頓地區的 14 個船舶碼頭，為出口。

In addition, Enterprise and Magellan's combined distribution systems offer access to approximately 150 million barrels of total crude oil storage capacity and 4.5 million barrels of refining capacity.

此外，Enterprise 和 Magellan 的聯合分銷系統可提供約 1.5 億桶原油總儲存能力和 450 萬桶煉油能力。

As we finish up '21 and move into '22, I'd also like to highlight the momentum from our Evolutionary Technology team. This team led by Angie Murray and from a commercial perspective, Carrie Weaver is home to bright and creative people. We have a number of initiatives underway with major players in each segment of the energy value chain. In addition to working on lower carbon opportunities in the areas like hydrogen, carbon sequestration, circular plastics and renewable fuels, this team and our Big Data group constantly have a number of important projects underway using the billions of pieces of data that Enterprise has in order to improve the reliability of our systems and optimize these systems every day.

當我們結束 21 年並進入 22 年時，我還想強調一下我們的進化技術團隊的勢頭。這個團隊由 Angie Murray 領導，從商業角度來看，Carrie Weaver 是聰明而富有創造力的人才的家。我們正在與能源價值鏈各個環節的主要參與者採取多項措施。除了致力於氫、碳封存、循環塑料和可再生燃料等領域的低碳機會外，該團隊和我們的大數據團隊還不斷利用企業擁有的數十億條數據開展許多重要項目。可靠性並每天優化這些系統。

For Enterprise, in addition to supplying the developing world with the cleaner fuels it needs today, these teams are on a path to developing lower carbon projects that both complement our systems and are profitable. We have -- we would not have thrown the amount of horsepower into these initiatives if we didn't believe in their potential and profitability for our company.

對於 Enterprise 來說，除了向發展中國家提供當今所需的清潔燃料外，這些團隊還致力於開發既能補充我們的系統又能獲利的低碳計畫。如果我們不相信這些措施對我們公司的潛力和獲利能力，我們就不會在這些措施上投入大量精力。

We had our best year ever for safety in 2021. There's no doubt in my mind that our employees truly care about one another and the communities where we operate. As we said in the press release, we are extremely proud and grateful for the teamwork and contribution of our 7,000 employees to Enterprise's financial operating and safety performance in 2021.

2021 年是我們有史以來安全最好的一年。正如我們在新聞稿中所說，我們對 7,000 名員工的團隊合作以及為 Enterprise 2021 年財務營運和安全績效做出的貢獻感到非常自豪和感激。

Over the last 2 years, COVID-19 has whipsawed the global economy, including the U.S. energy sector. As always is the case, our people responded. In 2021, it was their efforts that enabled 3 of our 4 business segments to report record earnings that resulted in our company posting record gross operating margin, cash flow from operations and free cash flow.

過去兩年，新冠肺炎 (COVID-19) 為全球經濟帶來了沉重打擊，其中包括美國能源產業。一如既往，我們的人民做出了回應。 2021 年，正是他們的努力使我們 4 個業務部門中的 3 個業務部門報告了創紀錄的盈利，從而使我們公司的毛營業利潤率、營運現金流和自由現金流創下了歷史新高。

Regardless of the situation, whether it's a freeze that shuts down the entire state, the world going into a dark hole caused by a global pandemic or the complete opposite in 2021 when demand and prices for our products and services soared, our people proved to be creative and determined. We want to thank each and every one of them for yet another outstanding performance in 2021.

無論情況如何，無論是全國範圍內的凍結、全球大流行病導致世界陷入黑洞，還是 2021 年完全相反，我們的產品和服務的需求和價格飆升，我們的人民都證明了富有創造力和決心。我們要感謝他們每一個人在 2021 年的又一次出色表現。

Today, Randy and I are largely going to focus on '21 results, and you'll probably have a lot of questions about 2022. But before we get to Randy, I'll finish with our thoughts on the changing sentiments around oil and gas.

今天，蘭迪和我主要關注 21 年的結果，您可能會對 2022 年有很多疑問。

For some time now, the sentiment towards all traditional forms of energy, especially in political circles has been very negative. Many said that the world should pull the plug on traditional energy as soon as possible and completely devote our capital efforts toward renewable energy. Without a doubt, this was always naive. The world now realizes that an overnight transition to renewable sources of energy is not at all possible as evidenced by the rapid development of various global crises, including high natural gas and LNG prices, high crude oil prices and not seen since 2014 and runaway inflation, not seen for about 40 years.

一段時間以來，人們對所有傳統形式的能源的態度非常消極，尤其是在政界。許多人表示，世界應該盡快擺脫傳統能源，將資金全部投入再生能源。毫無疑問，這始終是天真的。世界現在意識到，一夜之間向再生能源過渡根本不可能，各種全球危機的迅速發展證明了這一點，包括天然氣和液化天然氣價格高企、原油價格高企（2014年以來從未出現過）以及失控的通貨膨脹，大約40年沒見了。

Europe is starved for gas and is faced with "heat or eat" while Russia, its major oil and gas supplier, is amassing troops on the Ukraine border. Try as you may, it's hard to blame these crises on the pandemic. Over 1/3 of the world lives in energy poverty, mainly in developing countries.

歐洲天然氣匱乏，面臨「要嘛熱，要嘛吃」的局面，而其主要石油和天然氣供應國俄羅斯卻在烏克蘭邊境集結軍隊。儘管你可以嘗試，但很難將這些危機歸咎於疫情。世界上超過 1/3 的人生活在能源貧窮中，主要是在發展中國家。

Europe's energy policies have now made energy poverty a reality in first world countries. As an oil analyst said, energy is the economy. We, in the United States, live in a country of plenty. We are a rich nation with the high quality of life, a creative culture, now also blessed with abundant energy. Maybe that has distorted our thinking about the situation in other countries or regions. People who don't want developing nations to have what we have are either in denial, hypocrites or both.

歐洲的能源政策現已使第一世界國家的能源貧窮成為現實。正如一位石油分析師所說，能源就是經濟。我們美國生活在一個富裕的國家。我們是一個富裕的國家，擁有高品質的生活、有創意的文化，現在也擁有充沛的活力。也許這扭曲了我們對其他國家或地區局勢的思考。那些不希望發展中國家擁有我們所擁有的東西的人要么是否認事實，要么是偽善者，或者兩者兼而有之。

At Enterprise, we've been outspoken that is going to take all of the above, not for a few years, but for decades to come. Look to comments made by a variety of sources, everyone from the IEA to the Head of Saudi Aramco, members of the European Union and even the U.S. Energy Secretary. Ultimately, they all message the same thing. Investment in oil and gas needs to ramp up sharply in order to provide the badly needed baseload traditional sources of energy that will be needed alongside low carbon fuels and green energy to meet the world's growing demand.

在 Enterprise，我們一直直言不諱地表示，我們將在未來幾十年內，而不是幾年內實現上述所有目標。看看各種來源的評論，從國際能源總署到沙烏地阿美總裁、歐盟成員，甚至美國能源部長。最終，他們都傳達了同樣的訊息。石油和天然氣投資需要大幅增加，以提供急需的基荷傳統能源，以及低碳和綠色能源，以滿足世界不斷增長的需求。

At Enterprise, we've never seen supplying energy to meet growing needs as two competing paths. We're going to remain focused on supplying the world with the clean, low-cost and reliable fuels it needs today, while also playing a role and important part in developing lower carbon alternatives.

在 Enterprise，我們從未將供應能源以滿足不斷增長的需求視為兩條相互競爭的途徑。我們將繼續專注於為世界提供當今所需的清潔、低成本和可靠的燃料，同時也在開發低碳替代品方面發揮作用和重要作用。

I think I've said enough, Randy, I'll let you...

我想我已經說得夠多了，蘭迪，我會讓你...

All right. Thank you, Jim. Good morning. Starting with the fourth quarter income statement items. Net income attributable to common unitholders for the fourth quarter was $1 billion or $0.47 per unit on a fully diluted basis compared to $337 million or $0.15 per common unit on a fully diluted basis for the fourth quarter of last year. Net income was reduced by noncash asset impairment charges of $120 million or $0.05 per unit in the fourth quarter of 2021.

好的。謝謝你，吉姆。早安.從第四季損益表專案開始。第四季歸屬於普通單位持有人的淨利潤為 10 億美元，或完全稀釋後每單位 0.47 美元，而去年第四季為 3.37 億美元，或完全稀釋後每普通單位 0.15 美元。 2021 年第四季度，淨利潤因非現金資產減損費用減少 1.2 億美元，即每單位 0.05 美元。

This compares to $800 million or $0.36 per common unit for asset impairment charges of fourth quarter. So before the impairment charges, EPU was $0.52 per unit for 2021 compared to $0.51 per unit for 2020.

相比之下，第四季的資產減損費用為 8 億美元或每普通單位 0.36 美元。因此，在扣除減損費用之前，2021 年 EPU 為每單位 0.52 美元，而 2020 年為每單位 0.51 美元。

Moving on to cash flows. Cash flow from operations was $2.1 billion for the fourth quarter of 2021 compared to $1.6 billion for the fourth quarter 2020. On a full year basis, cash flow from operations was $8.5 billion and $5.9 billion for 2021 and 2020, respectively.

轉向現金流。 2021 年第四季的營運現金流為 21 億美元，而 2020 年第四季為 16 億美元。

Cash flow from operations benefited from approximately $1.4 billion of net cash provided by changes in working capital accounts in 2021. By comparison, cash flow from operations was reduced by $768 million in 2020 due to changes in working capital. So if you would, a swing of $2.2 billion between the 2 years. Again, doing the math, cash flow from operations before changes in working capital was $7.1 billion for 2021 compared to $6.7 billion in 2020.

營運現金流受益於 2021 年營運資本帳變化提供的約 14 億美元淨現金。所以如果你願意的話，兩年之間的波動是 22 億美元。再計算一下，2021 年營運資本變動前的營運現金流為 71 億美元，而 2020 年為 67 億美元。

Free cash flow for the year ended December 31, 2021, was $6.3 billion compared to $2.7 billion for 2020. Before cash provided by changes in working capital, free cash flow was $4.9 billion in 2021 compared to $3.4 billion in 2020. We declared a distribution of $0.465 per common unit with regard to the fourth quarter of 2021, which represents a 3.3% increase compared to the distribution that we declared for the fourth quarter of 2020.

截至2021 年12 月31 日的年度自由現金流為63 億美元，而2020 年為27 億美元。億美元 我們宣布分配2021 年第四季每普通單位 0.465 美元，比我們宣布的 2020 年第四季分配增加 3.3%。

This distribution will be paid February 11 to all common unitholders of record as of the close of business, January 31. During the fourth quarter, we also repurchased approximately $125 million or 5.8 million common units. This brought our repurchases under our buyback program to $200 million or 9.2 million common units for 2021.

該分配將於 2 月 11 日支付給截至 1 月 31 日收盤時記錄在案的所有普通單位持有人。這使得我們在 2021 年回購計畫下的回購金額達到 2 億美元，即 920 萬個普通單位。

As of year-end 2021, we have utilized 24% of our outstanding $2 billion buyback program, which was authorized in 2019. In addition to these buybacks, Enterprise's distribution reinvestment plan and employee unit purchase plan purchased a combined $37 million of EPD common units in the open market during the fourth quarter of '21 and $144 million for the full year.

截至2021 年底，我們已利用了2019 年授權的20 億美元回購計畫中的24%。單位21 年第四季公開市場銷售額為 1.44 億美元，全年銷售額為 1.44 億美元。

Our payout ratio, which we define as the sum of our cash distributions and buybacks as a percent of cash flow from operations before working capital changes was 58% for 2021. The payout, the return of capital to investors includes $4 billion of declared distributions and $200 million of common unit buybacks.

2021 年，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資本變動前營運現金流量的百分比）為58%。已宣布分配和2 億美元的普通單位回購。

Our 2021 payout ratio as a percent of free cash flow before cash provided by changes in working capital was 84%. As we previously discussed, our capital allocation strategy remains focused on an all-the-above approach, investing in quality midstream infrastructure with attractive returns, supporting and growing distributions, executing buybacks opportunistically, all while maintaining a strong balance sheet and financial flexibility.

我們 2021 年的股息率佔營運資本變動提供的現金之前自由現金流的百分比為 84%。正如我們之前所討論的，我們的資本配置策略仍然側重於上述所有方法，投資於具有有吸引力回報的優質中游基礎設施，支持和增加分配，機會主義地執行回購，同時保持強大的資產負債表和財務靈活性。

In terms of capital investments in the fourth quarter, total capital investments were $424 million, which included $325 million of growth CapEx and $99 million for sustaining capital expenditures. Total capital investments in 2021 were $2.2 billion, which included investments in growth capital projects of $1.8 billion and $430 million for sustaining CapEx.

在第四季的資本投資方面，總資本投資為4.24億美元，其中包括3.25億美元的成長資本支出和9,900萬美元的維持資本支出。 2021 年資本投資總額為 22 億美元，其中包括 18 億美元的成長資本項目投資和 4.3 億美元的維持資本支出。

For 2022, we estimate growth capital investments to be approximately $1.5 billion. This estimate does not include capital investments associated with the partnership's proposed Seaport Oil Terminal "SPOT" which remains subject to governmental approval.

我們預計 2022 年成長資本投資約為 15 億美元。這項估算不包括與該合夥企業擬議的海港石油碼頭「SPOT」相關的資本投資，該項目仍有待政府批准。

We currently expect sustaining capital expenditures for 2022 to be approximately $350 million. We currently expect the acquisition of Navitas to close in the first quarter of 2022 and our estimate of $1.5 billion in growth CapEx in 2022 includes any Navitas related CapEx in the year.

我們目前預計 2022 年的維持資本支出約為 3.5 億美元。我們目前預計對 Navitas 的收購將於 2022 年第一季完成，我們預計 2022 年成長資本支出將達到 15 億美元，其中包括當年與 Navitas 相關的任何資本支出。

Our total debt principal outstanding was $29.8 billion as of December 31, 2021, assuming the first call date or final maturity date of our hybrids, the average life of our debt portfolio was 16.5 years and 20.7 years, respectively.

截至2021 年12 月31 日，我們的未償債務本金總額為298 億美元，假設我們的混合債券的第一個贖回日或最終到期日，我們的債務投資組合的平均壽命分別為16.5 年和20.7 年。

Our effective average cost of debt is 4.4%. Our consolidated liquidity was approximately $7.3 billion at December 31, 2021, including availability under our bank credit facilities and approximately $2.8 billion of unrestricted cash on hand.

我們的有效平均債務成本為 4.4%。截至 2021 年 12 月 31 日，我們的綜合流動性約為 73 億美元，包括我們銀行信貸額度下的可用資金和約 28 億美元的非限制性庫存現金。

This amount of cash on hand, while elevated by historical standards was reduced this morning as we retired $750 million of senior notes that matured and we will retire an additional $650 million of senior notes on February 15.

儘管以歷史標準衡量，手頭現金數量有所增加，但今天上午有所減少，因為我們註銷了已到期的7.5 億美元高級票據，並且我們將於2 月15 日註銷另外6.5 億美元的高級票據。

Further, as we previously communicated, we expect to fund our acquisition of Navitas with a combination of cash on hand and borrowings under the partnership's existing commercial paper facility and bank credit facilities.

此外，正如我們之前所傳達的，我們預計將透過手頭現金和合夥企業現有商業票據融資和銀行信貸融資的借款來為收購 Navitas 提供資金。

Adjusted EBITDA for the fourth quarter of 2021 was $2.1 billion and $8.4 billion for the 12 months ended December 31, 2021. Our consolidated leverage ratio was 3.1x after adjusting debt for the partial equity treatment of hybrid securities by the rating agencies and also being reduced by the partnership's unrestricted cash on hand.

2021 年第四季調整後EBITDA 為21 億美元，截至2021 年12 月31 日的12 個月為84 億美元。率為3.1 倍通過合夥企業手頭上不受限制的現金。

With that, Randy, we can open it up for questions.

蘭迪，這樣我們就可以開始提問了。

Okay. Thank you, Randy. Towanda, we're ready for the questions from our listeners, ma'am.

好的。謝謝你，蘭迪。托旺達，女士，我們已準備好回答聽眾的問題。

(Operator Instructions) Our first question comes from the line of Colton Bean with Tudor, Pickering.

（操作員說明）我們的第一個問題來自 Colton Bean 與 Tudor、Pickering 的系列。

So now that you have the updated capital budget in hand, can you update us on how you're evaluating your payout ratio for 2022? I think based on the budget today, seems like the increase in free cash should outpace the distribution rate, but hoping to understand if Navitas funding would steer you to a lower payout.

現在您已經掌握了更新後的資本預算，能否向我們介紹您如何評估 2022 年的派息率？我認為根據今天的預算，自由現金的增加似乎應該超過分配率，但希望了解納維的資金是否會引導您降低支付率。

Colton, this is Randy. We've -- our payout ratio has really been averaging between 56% and 62% of cash flow from operations before working capital changes. And I think we'll most likely be in that range in 2022.

科爾頓，這是蘭迪。在營運資本改變之前，我們的支付率實際上平均為營運現金流的 56% 至 62%。我認為 2022 年我們很可能會處於這個範圍內。

Okay. And so the Navitas acquisition, does that factor into the thinking?

好的。那麼 Navitas 的收購是否會影響我們的想法？

Well, I mean, it is an allocation of capital for $3.25 billion that we'll pay for. So some of our -- as we mentioned, we'll have some cash on hand after we've come in and pay this debt maturities in February. So some of the cash would go towards the purchase price as well as borrowings on our bank credit facility.

嗯，我的意思是，我們將支付 32.5 億美元的資本分配。因此，正如我們所提到的，在我們進入並支付二月份到期的債務後，我們手頭上將有一些現金。因此，部分現金將用於支付購買價格以及我們銀行信貸額度的借款。

Understood. Great. And then just on the operational front, a significant step-up in frac unit margins relative to recent history. Can you expand a bit on what you're seeing in that market and the sustainability of those margins in '22?

明白了。偉大的。然後就在營運方面，壓裂裝置利潤率相對於近期歷史顯著提高。您能否詳細介紹一下您在該市場中看到的情況以及 22 年這些利潤率的可持續性？

This is Zach. Some of that is a little bit of commodity exposure that the fracs have. So there's some blending margins. Some of that on the revenue side, we have a variable cost component. And so as gas prices go higher, you're seeing our revenue go up, but our expenses are also going up.

這是札克。其中有些是壓裂所擁有的一點大宗商品敞口。所以存在一些混合邊際。其中一些在收入方面，我們有可變成本部分。因此，隨著天然氣價格上漲，您會看到我們的收入增加，但我們的支出也在增加。

Okay. And in terms of the operating expenses that -- it seems like that would have been backed out of the unit margins or the operating margin, but I just want to clarify that.

好的。就營運費用而言，這似乎已從單位利潤率或營運利潤率中扣除，但我只是想澄清這一點。

Yes. It should be. So a lot of what you're seeing on the increase is the commodity exposure on the blending margins. As far as frac margins as a fee-based, there hasn't been a significant change there, nor do we sort of see one in the near future.

是的。應該是的。因此，您看到的成長很大程度上是混合利潤上的大宗商品曝險。就以費用為基礎的壓裂利潤而言，並沒有發生重大變化，我們在不久的將來也不會看到任何變化。

But as gas prices go up, your frac fee goes up?

但隨著天然氣價格上漲，你的壓裂費也會上漲嗎？

Correct. As gas prices go up, our fees go up, offset by some higher operational expenses.

正確的。隨著天然氣價格上漲，我們的費用也會上漲，但卻被一些較高的營運費用所抵銷。

Our next question comes from the line of Chase Mulvehill with Bank of America.

我們的下一個問題來自 Chase Mulvehill 與美國銀行的電話。

So quick question. I guess there's growing concern when you think about the Permian and potential bottlenecks on the natural gas side as we kind of go through 2023. And so I'd kind of be curious on some of your thoughts around this topic and kind of how this bottleneck potentially gets resolved.

這麼快的問題。我猜當你想到二疊紀和天然氣方面的潛在瓶頸時，你會越來越擔心，因為我們即將經歷 2023 年。得到解決。

I mean we've got, obviously, Permian E&Ps driving the majority of the growth, which makes it a little bit more difficult to sanction large greenfield projects just given that everybody is going to want 10-year take-or-pay contracts. And the private E&Ps may not be willing to kind of give that because they just don't have 10 years of drilling inventory.

我的意思是，顯然，二疊紀勘探與生產推動了大部分成長，這使得批准大型綠地計畫變得更加困難，因為每個人都想要 10 年來照付不議合約。私人勘探與生產公司可能不願意這樣做，因為他們沒有 10 年的鑽井庫存。

So just kind of curious, your thoughts on kind of how you think this ultimately gets resolved.

所以只是有點好奇，你對這個問題最終如何解決的想法。

You want to take it, Brent, do you want me to?

你想接受它，布倫特，你想讓我接受嗎？

Yes. This is Brent Secrest. It feels like a lot of the majors and the bigger publics out there are fairly well set in terms of the gas takeaway capacity. Most of the customers that we deal with and you can see our customer list, they seem like they're in pretty good shape.

是的。這是布倫特·秘密。感覺很多專業人士和更大的公眾在天然氣外賣能力方面都相當不錯。我們處理的大多數客戶，你可以看到我們的客戶名單，他們看起來狀態都很好。

So when it comes to basis in the past, the private guys have probably been the last ones to step up for capacity and it's benefited them in this environment from a crude perspective, from a gas perspective and some other things that they haven't had to and there was other people that stepped up to get projects done and to remove those type of basis dislocations.

因此，當談到過去的基礎時，私人企業可能是最後一個提高產能的人，從粗略的角度來看，從天然氣的角度和其他一些他們沒有的東西來看，這使他們在這種環境中受益。

Ultimately, somebody is going to need to step up or a collection of people are going to need to step up. And every month that goes by without a gas pipeline being announced is just going to add to the problem. But there are certainly opportunities for us as Enterprise in terms of the capacity that we have remained open to participate in these types of dislocations.

最終，需要有人挺身而出，或是一群人需要挺身而出。每個月都沒有宣佈建造天然氣管道，問題只會變得更加嚴重。但就我們企業參與此類混亂的能力而言，我們肯定有機會。

We talk to our customers about the potential for a pipeline project, but right now, we haven't been able to get anything done on that side.

我們與客戶討論了管道專案的潛力，但目前我們在這方面還沒有任何進展。

So can I just follow up on this a bit and ask. I mean it seems like obviously somebody is going to have to take more risk, whether it's the private E&P and whether it's the person going to build the pipe and do not 10 years or 5 years or they're probably not going to do? Or is it going to be the gas processor. Like obviously, now you're going to be the largest gas processor in the Permian. So let me ask you the question, are you willing to take more risk in the Permian on the gas processing side and maybe the contracts may have to be signed by the gas processor versus kind of the private E&P?

那我可以跟進一下並詢問一下嗎？我的意思是，顯然有人將不得不承擔更多風險，無論是私人勘探與生產，還是要建造管道的人，而不是 10 年或 5 年，或者他們可能不會這樣做？或者是氣體處理器。顯然，現在您將成為二疊紀最大的天然氣處理廠。那麼讓我問你一個問題，你是否願意在二疊紀天然氣加工方面承擔更多風險，也許合約可能必須由天然氣加工商簽署，而不是由私人勘探與生產公司簽署？

No, that's just something in the past. We haven't done Chase. And it's hard -- I mean there's times when we step up for some less bit of remaining capacity that we can overperform from an operational standpoint, and we'll take on a minute amount of risk. But ultimately, the folks that are realizing $85 a barrel and the folks that are realizing gas prices at these levels and NGL prices at these levels. And in terms of how we go pitch projects, those are the ones that probably need to step up. Can we be complementary to it? Possibly. But to me, ultimately, this is about producers stepping up to get this project done.

不，那隻是過去的事了。我們還沒完成大通。這很難——我的意思是，有時我們會增加一些較少的剩餘產能，從營運的角度來看，我們可以超越這些產能，並且我們將承擔少量的風險。但最終，那些實現每桶 85 美元的人們，以及那些實現這些水準的天然氣價格和 NGL 價格的人。就我們如何推銷項目而言，這些是可能需要加強的項目。我們可以與之互補嗎？可能吧。但對我來說，最終，這是關於製片人加緊完成這個項目。

Okay. Perfect. A quick follow-up on ethane exports. During the quarter, you averaged 171,000 barrels a day. And I think your dock capacity is 240,000 barrels a day. So I don't know if Justin is there. I don't know if somebody can kind of comment on where do you think you can take this? Do you take it to the 240,000 barrels a day? Or are there actually some constraints with vessels or imports on the other side, these docks that would present some constraints.

好的。完美的。乙烷出口的快速跟進。本季度，您平均每天生產 171,000 桶。我認為你們的碼頭容量是每天 24 萬桶。所以我不知道賈斯汀是否在那裡。我不知道是否有人可以評論一下你認為你可以把這個帶到哪裡？你能達到每天24萬桶嗎？或者另一邊的船隻或進口實際上是否存在一些限制，這些碼頭會帶來一些限制。

Chase, I think that as we think about dock capacity or ethane export capacity, we think 200 a day, maybe slightly above as a going run rate. But more often than not, when we start approaching those levels, there are things that are outside of our system that start becoming constraints, primarily around freight. So it's a milk-run business and freight has to be there on a consistent basis for the units to be able to run at those rates, and more often than not, we don't see that. Over time, we expect that market to get more mature and us to be able to get closer to those sustainable rates of 200, maybe slightly above.

Chase，我認為當我們考慮碼頭容量或乙烷出口能力時，我們認為每天 200 個，可能略高於當前運行速度。但通常情況下，當我們開始接近這些水平時，我們系統之外的一些事情開始成為限制，主要是圍繞貨運。因此，這是一項牛奶業務，貨運必須始終如一，才能使這些單位能夠以這樣的速度運行，但我們往往看不到這一點。隨著時間的推移，我們預計市場會變得更加成熟，我們能夠接近 200 的可持續利率，甚至略高一些。

So 240 is really your instantaneous -- 200 is basically your operating?

所以 240 確實是你的瞬時值——200 基本上是你的操作？

That's right.

這是正確的。

Our next question comes from the line of Tristan Richardson with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Tristan Richardson。

Appreciate your comments on Navitas and the opportunity in the Midland. I mean, should we think of that asset base as running pretty full today and that's driving the new plant investment? And then should we think of the development schedule as planned activity by existing customers or maybe recent commercial wins with new customers?

感謝您對 Navitas 和米德蘭機會的評論。我的意思是，我們是否應該認為該資產基礎今天運作得相當滿，而這正在推動新工廠的投資？那麼我們是否應該將開發計畫視為現有客戶的計畫活動，或者可能是最近與新客戶的商業勝利？

We think that we know -- I think everybody knows they're bringing the new plant on as we speak. We understand they have plans for an additional plant. Frankly, I don't think we know whether it's with their existing customers or what their plans are. So we haven't dug in too deep going through this regulatory process.

我們認為我們知道——我想每個人都知道在我們說話的時候他們正在啟用新工廠。我們了解到他們計劃再建一座工廠。坦白說，我認為我們不知道他們的現有客戶或他們的計劃是什麼。因此，我們還沒有深入研究這項監管流程。

Understood. And then just on the LPG side, you've talked about -- obviously, we saw substantial growth in total U.S. exports as part of the overall kind of global recovery. But recently, you guys have also noted that there's a competing incremental domestic pull that's emerged that may create one-off opportunities here or there to keep molecules state-side. But can you talk about what you're seeing sort of as we start the year and how 2022 unfolds on that dynamic?

明白了。然後就液化石油氣方面，您談到了——顯然，我們看到美國出口總額大幅增長，這是全球整體復甦的一部分。但最近，你們也注意到，出現了一種相互競爭的增量國內拉力，這可能會在這裡或那裡創造一次性機會，將分子留在國家一側。但您能談談您在新年伊始所看到的情況以及 2022 年這一動態將如何發展嗎？

Brent, I'll start it out and then we take it from there. When we see increases on the domestic side, those are weather related. At the end of the day, Tristan, the market for the incremental NGLs from the United States, which are substantial, is going to be at the dock. There's just no doubt about it. Unless Justin feels otherwise, we're going to say they're largely pointed towards Asia. Am I missing something?

布倫特，我先開始，然後我們就從那裡開始。當我們看到國內方面的成長時，這些都與天氣有關。歸根結底，來自美國的增量液化天然氣市場特里斯坦（Tristan）將停泊在碼頭。毫無疑問。除非賈斯汀有不同的看法，否則我們會說他們主要面向亞洲。我錯過了什麼嗎？

No, that's it. Everything is going balance at the dock.

不，就是這樣。碼頭上的一切都在平衡。

Our next question comes from the line of Janine Salisbury with Bernstein.

我們的下一個問題來自珍妮·索爾茲伯里和伯恩斯坦的對話。

This is probably for Brent. Your NGL Pipeline segment was down $200 million in 2021 versus 2020. And you gave some helpful color in the release that Permian and Rockies pipes had pipeline costs. I guess my question is what inning are we in, in terms of these NGL contract roll-offs? Obviously, a ton of Permian processing plants kind of came out in the last 5 or 6 years. So should we think of more contract roles could still be to come?

這可能是為了布倫特。與 2020 年相比，2021 年您的 NGL 管道部門減少了 2 億美元。我想我的問題是，就這些 NGL 合約滾存而言，我們現在處於哪一局？顯然，在過去的五、六年裡出現了大量的二疊紀加工廠。那我們是否應該考慮更多的合約角色？

So I think this is the first full quarter that we've seen the Rocky Mountain contract roll-off in effect. On the Permian side, there's some incentive rates that are in place. So those are there to stay for a while. And then if you look at across the MAPL system, the fact of the matter is in the fourth quarter, we didn't really get much of a winter.

因此，我認為這是我們看到落基山合約生效的第一個完整季度。在二疊紀一側，有一些激勵措施。所以這些東西會在那裡停留一段時間。然後，如果你看看整個 MAPL 系統，事實是在第四季度，我們並沒有真正經歷太多的冬天。

So from a propane demand perspective, quarter -- fourth quarter to fourth quarter, we saw some effects of that. We're seeing a good January and a good start to the year, but there were some -- definitely some effects to the propane lack of demand domestically.

因此，從丙烷需求的角度來看，第四季到第四季度，我們看到了一些影響。我們看到一月份表現不錯，今年也有一個良好的開端，但國內丙烷需求缺乏肯定會產生一些影響。

Okay. That's helpful. And then as my follow-up, this one might be for Tony. What is your latest projection of when Permian NGL production will warrant Enterprise either building more NGL takeaway or possibly switching Seminole back to NGLs.

好的。這很有幫助。然後作為我的後續行動，這可能是給托尼的。您對二疊紀 NGL 生產何時將保證 Enterprise 建造更多 NGL 外賣或可能將塞米諾爾改回 NGL 的最新預測是什麼？

It's certainly ...

這當然是...

Go ahead, Tony.

繼續吧，東尼。

Yes. Well, I'll tell you what, Tug, do you want to take it?

是的。好吧，我告訴你，塔格，你想接受嗎？

Sorry, Tony, I didn't mean to call you out.

抱歉，東尼，我不是故意叫你出去的。

Yes. I mean if you look at our system, we have a lot of options and you mentioned that we can repurpose certain assets, but call it -- late 2024, we'll be assessing whether we can do some brownfield expansions or evaluate a greenfield project.

是的。我的意思是，如果你看看我們的系統，我們有很多選擇，你提到我們可以重新調整某些資產的用途，但是到 2024 年底，我們將評估是否可以進行一些棕地擴張或評估綠地項目。

Jean Ann, I want to make the assumption that it's M2E2 is the one that gets repurposed. I mean there's some other better cost alternatives than potentially that one.

Jean Ann，我想假設 M2E2 是重新利用的。我的意思是，還有其他一些比潛在的成本更好的替代方案。

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

我們的下一個問題來自邁克爾布魯姆與富國銀行的對話。

Just one follow-up on the last set of questions on the MAPL contract rolling off. Just wanted to clarify, was that renewed at a lower rate? Or is it just not renewed and its operating more on a spot basis?

只是關於即將推出的 MAPL 合約的最後一組問題的一個後續行動。只是想澄清一下，續訂費率是否較低？或者它只是沒有更新並且更多地在現貨基礎上運行？

I believe, Tug, correct me on this, but Michael, those were not renewed. Those contracts were to support the expansion from a number of years ago. And there's those volumes are still flowing on this. They're just kind of rolling at the tariff rate.

我相信，塔格，請糾正我這一點，但是邁克爾，這些都沒有更新。這些合約是為了支持多年前的擴張。這些書仍然在流傳。他們只是按關稅率滾動。

That's right, there was deficiency revenue we were recognizing that we're no longer recognizing.

沒錯，我們曾經意識到收入不足，但現在卻不再體認到了。

Got it. And second question, I wonder if you can just give us a little bit of insight into your current conversations with producers. Are you seeing any change in their approach, any willingness to add more rigs? Or is it pretty much status quo in terms of the real discipline you're seeing certainly from the public?

知道了。第二個問題，我想知道您是否可以向我們介紹您目前與製片人的對話。您是否看到他們的方法有任何變化，是否願意添加更多鑽孔機？或者就您從公眾那裡看到的真正紀律而言，這幾乎是現狀嗎？

You Tony.

你托尼。

Obviously, the publics remain very committed to discipline. That said, if you look at what Chevron has said in the last couple of days, you look at what Exxon said this morning, the Permian is their hot basin and they're both going to increase activity there for 2022 and beyond.

顯然，公眾仍然非常遵守紀律。也就是說，如果你看看雪佛龍在過去幾天裡所說的話，你看看埃克森美孚今天早上所說的話，二疊紀是他們的熱盆地，他們都將在2022 年及以後增加那裡的活動。

The other thing that's very hard to get your arms around is there's a lot of acreage, and I hate to just use that term generically, that's changing hands and what I would call is Tier 2 acreage. And that will be drilled.

另一件很難讓你接受的事情是有很多面積，我討厭只通用地使用這個術語，那就是易手，我稱之為二級面積。這將被鑽探。

The private equities are picking it up and the privates are picking it up. So that's how we see it. We see rig counts, completions continuing to be added, and it's very profitable. As Brent talked about, the gas takeaway situation has to be resolved. But we've been really, really outspoken about a large number. People thought it was very large, 1.8 million barrels for '21, '22 and '23, that's crude oil production.

私募股權公司正在回升，私人企業也正在回升。這就是我們的看法。我們看到鑽機數量和完井數量不斷增加，而且利潤非常豐厚。正如布倫特所說，天然氣外送問題必須解決。但我們對很多問題都非常非常直言不諱。人們認為非常大，'21、'22和'23年產量為180萬桶，這就是原油產量。

And you can think about somewhere between 800,000 and 900,000 barrels of NGLs associated with that. And if you look at the crude oil number that the EIA published in December, we're talking 600,000 barrels of increase in 2021. So it's not a stretch to say that, that 1.8 is probably a little on the low side, as is the liquids number. Did that answer your question, Michael?

您可以想像與此相關的 800,000 至 900,000 桶 NGL。如果你看看 EIA 12 月發布的原油數據，我們談論的是 2021 年增加 60 萬桶。這回答了你的問題嗎，麥可？

Yes.

是的。

Our next question comes from the line of Spiro Dounis with Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Spiro Dounis。

First question is just on spread opportunities heading into the year. I know in the past, you talked about anywhere between $500 million to $800 million in spread opportunities in any given year.

第一個問題是關於今年的利差機會。我知道過去您談到任何一年的價差機會在 5 億至 8 億美元之間。

So curious on 2 fronts. One, do you have a sense of what that number ended up being in 2021? And as you look out into 2022, does it seem like this could be an environment to improve upon that number?

對兩方面都很好奇。第一，您知道 2021 年這個數字最終會是多少嗎？展望 2022 年，您是否認為現在的環境可以改善這個數字？

That last year? '21 is between $800 million and $1 billion. And I'd say 2022 is probably going to be between $500 million and $800 million.

去年那個？ '21 的價值在 8 億至 10 億美元之間。我想說 2022 年可能會在 5 億至 8 億美元之間。

Back to the average, got it. That makes sense. Second one, just -- I know you're going through the Navitas process now, so you probably can't say much, but would just love to get your general thoughts on M&A in general. Just curious if there are other assets out there that check a lot of those same boxes as Navitas and then just to get your overall appetite to do more tuck-in transactions that fit nicely into the EPD system.

回到平均水平，明白了。這是有道理的。第二個，我知道您現在正在經歷 Navitas 流程，所以您可能不能說太多，但只是想了解您對併購的整體想法。只是好奇是否有其他資產與 Navitas 一樣檢查許多相同的方框，然後只是為了讓您有整體興趣進行更多適合 EPD 系統的交易。

I think I love Randy's -- what Randy says. Price matters and it has to fit our value chain. So I don't think -- you never say never, but it's got to meet some criteria. If you look at anything that Enterprise has ever done in terms of acquisitions, invariably, it brings something to the total value chain. And that's a criteria we're not going to breach.

我想我喜歡蘭迪的——蘭迪所說的。價格很重要，它必須適合我們的價值鏈。所以我不認為——你永遠不會說永遠，但它必須滿足一些標準。如果你看看 Enterprise 在收購方面所做的任何事情，你會發現它總是為整個價值鏈帶來了一些東西。這是我們不會違反的標準。

And Spiro, this is Randy. I'd just add, Navitas is special because not only did it broaden our natural gas business into the Midland Basin where we didn't have anything. It also broadened relationships with customers that we already had. And as Jim said, it's complementary to our system. And again, the other thing is the cash accretion on the deal was superior to any assumption on buybacks.

斯皮羅，這是蘭迪。我想補充一點，納維塔斯很特別，因為它不僅將我們的天然氣業務擴展到了我們什麼都沒有的米德蘭盆地。它也擴大了我們與現有客戶的關係。正如吉姆所說，它是對我們系統的補充。再說一遍，另一件事是交易中的現金增值優於任何回購假設。

And also, no matter where we assume synergy capture, even if we don't capture $1 of synergies, this was superior to doing a leverage parity buyback. So very excited about the Navitas deal. And again, it's a special transaction.

而且，無論我們在哪裡假設協同效應捕獲，即使我們沒有捕獲 1 美元的協同效應，這也優於進行槓桿平價回購。對於納維的交易感到非常興奮。再說一次，這是一筆特別的交易。

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

我們的下一個問題來自沃爾夫研究中心的基斯‧史丹利。

I wanted to start on CapEx. So the $1.5 billion spend for this year, that's obviously consistent with the $1 billion to $1.5 billion, you said you thought you'd get to. But it's up from $800 million, I guess, committed spend that you had talked to last time.

我想從資本支出開始。因此，今年 15 億美元的支出，顯然與您所說的 10 億至 15 億美元是一致的。但我猜，這比您上次談到的承諾支出 8 億美元有所增加。

So can you talk to specific projects that were added? And then on the major capital project slide, it looks like it's about $2.2 billion for '22 and beyond was $2 billion previously. Just is that apples-to-apples? Or how can I think about kind of comparing those 2 data points?

那麼您能談談新增的具體項目嗎？然後在主要資本項目投影片上，看起來 22 年的金額約為 22 億美元，而先前的金額為 20 億美元。這只是同類嗎？或者我如何考慮比較這兩個數據點？

Yes. Keith, Yes, we were -- what we were finding is when we were coming in and just talking about sanctioned projects only, it was tending to, I guess it was understating, really where we thought our CapEx would be. And I think Jim has highlighted that we are working on a number of projects.

是的。基思，是的，我們發現，當我們進來時，只是談論經批准的項目，我想這有點輕描淡寫，實際上我們認為我們的資本支出會在哪裡。我認為吉姆已經強調我們正在進行許多項目。

And we came out this year and said, look, rather than coming in and trying to do surgery on what's sanctioned and what's not sanctioned that we're working on, the $1.5 billion is just where we think we're going to wind up for the year. And those are the sanctioned projects that we've been talking about that are included on that sheet that you saw in our supplemental slides that we posted this morning. And it was also some -- it also included these projects under development as well.

我們今年出來說，看，與其進來嘗試對我們正在研究的受制裁和不受制裁的項目進行手術，這 15 億美元正是我們認為我們最終會得到的。這些是我們一直在討論的經批准的項目，這些項目包含在您在我們今天早上發布的補充幻燈片中看到的表格中。它還包括一些正在開發的項目。

The difference between the $2.2 billion and $2.1 billion, I think there are some small things that we're doing from a natural gas gathering standpoint over the next 2 or 3 years that aggregated enough it rounded to another $100 million. So if you would have made that schedule.

22 億美元和 21 億美元之間的差異，我認為從天然氣收集的角度來看，我們在未來 2 到 3 年內正在做一些小事情，這些事情合計起來足以四捨五入到另外 1 億美元。所以如果你能訂定那個時間表的話。

Okay. Got it. That makes sense. A separate question just on Navitas. Do you have any -- can you give us a sense just of how much of the, I guess, revenue or DCF you're thinking for 2023 is tied to commodity prices? Is it similar to your existing processing business in terms of fee floors? Or is there more or less commodity exposure in this business versus your existing business?

好的。知道了。這是有道理的。關於 Navitas 的一個單獨問題。我猜您認為 2023 年的收入或 DCF 有多少與大宗商品價格相關？就費用底線而言，它與您現有的加工業務相似嗎？或與您現有的業務相比，該業務中的商品敞口是否更多或更少？

Yes. And I'll take a shot at this and Jim and Brent may want to come in and add some color. I think the way we look at it, just when we think about our equity NGL production, we're probably adding probably an incremental 30,000 to 35,000 barrels a day of liquids exposure as a result of the Navitas deal.

是的。我會嘗試一下，吉姆和布倫特可能想加入並添加一些色彩。我認為，從我們的角度來看，當我們考慮我們的權益 NGL 產量時，由於 Navitas 交易，我們可能會每天增加 30,000 至 35,000 桶液體敞口。

The way we look at what we see over the next few years, commodity exposure isn't necessarily a bad thing for us. I think we've -- Chris, we -- I think you said we had 18% commodity exposure last year? Was that your number? Where I saw that number -- but it's not -- my point is, in this environment, A little more commodity exposure is not a bad thing.

從我們看待未來幾年的情況來看，大宗商品敞口對我們來說不一定是壞事。我想我們——克里斯，我們——我想你說過我們去年有 18% 的大宗商品敞口？那是你的號碼嗎？我在哪裡看到了這個數字——但事實並非如此——我的觀點是，在這種環境下，增加一點大宗商品敞口並不是一件壞事。

Yes. And what Jim is highlighting is actually on Page 9 of our supplemental slide deck. If you look over the last few years and really put that on the other side, when we come in and think about our fee-based earnings, they've ranged from 82% to 87% over the last 3 years. In 2021, it was 82%.

是的。吉姆強調的其實是我們補充投影片的第 9 頁。如果你回顧過去幾年，真正換個角度來看，當我們考慮我們的收費收入時，會發現過去 3 年的收入比例在 82% 到 87% 之間。 2021年，這一比例為82%。

So spread related and commodity based was the 18%. And coming in and what we've said in the past, we really don't mind a lower fee because that just means our commodity businesses are doing better. And again, just expanding on what Jim said, in this world where there -- and again, we think some of this is turning, but where there is an underinvestment in oil and gas globally. We just think from a structure standpoint, commodity prices will hold up well, and we just want more exposure to it.

因此，與價差相關且基於商品的比例為 18%。正如我們過去所說的那樣，我們真的不介意降低費用，因為這只是意味著我們的商品業務做得更好。再說一遍，只是擴展吉姆所說的，在這個世界上，我們認為其中一些情況正在轉變，但全球石油和天然氣投資不足。我們只是認為從結構的角度來看，大宗商品價格將保持良好，我們只是希望更多地接觸它。

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

我們的下一個問題來自第一資本證券公司的凱爾梅 (Kyle May)。

Just one question for me today. You mentioned the Haynesville as an area that could drive growth this year. Can you talk more about what you're seeing in that area? And what kind of growth you expect this year?

今天只有一個問題想問我。您提到海恩斯維爾是今年可以推動成長的地區。您能詳細談談您在該地區看到的情況嗎？您預計今年會有什麼樣的成長？

Where's Natalie, do you want to answer it? You can take your mask off to answer it.

娜塔莉在哪裡，想回答嗎？你可以摘下面具來接聽。

We're seeing growth. In fact, well, one of the things we're doing right now is bringing Panola 2 back up because Cotton Valley is being drilled so we're bringing that processing plant back up. But as far as lean gas, our systems are starting to fill and our vision is that we're going to have to probably go through some expansions as far as treating goes. So all good things, all we're seeing is increases in production.

我們看到了成長。事實上，我們現在正在做的事情之一就是恢復 Panola 2，因為 Cotton Valley 正在進行鑽探，所以我們正在恢復該加工廠。但就貧氣而言，我們的系統已開始充滿，我們的願景是，就處理而言，我們可能必須進行一些擴展。因此，我們所看到的所有好事都是產量的增加。

Okay. Towanda, this is Randy. We have time for one more question before we terminate the call.

好的。托旺達，這是蘭迪。在結束通話之前我們還有時間再問一個問題。

All right. Our final question comes from the line of Yves Siegel with Siegel Asset.

好的。我們的最後一個問題來自 Yves Siegel 和 Siegel Asset 的線條。

Just a quick question. How do you think about the Northeast natural gas and NGLs, given problems with takeaway capacity?

只是一個簡單的問題。考慮到外運能力的問題，您如何看待東北天然氣和液化天然氣？

Yves, this is Tony. We've always felt that, that area was challenged, the rock, the resource is tremendous, both for dry gas and for NGL rich, the resource is incredible. But getting it out and getting it to market remains a challenge.

伊夫，這是東尼。我們一直認為，該地區面臨著挑戰​​，岩石、資源是巨大的，無論是對於乾氣還是對於富含液化天然氣的資源來說，資源都是令人難以置信的。但將其推出並推向市場仍然是一個挑戰。

And so I think you see the producers in the capital markets calibrating in that way. The question, just -- so I wondered 3 or 4 years ago, where is the incremental gas can come from? Is it going to come from Appalachia or Haynesville?

所以我認為你會看到資本市場上的生產商以這種方式進行調整。問題是，三、四年前我就想，增量天然氣從哪裡來？它將來自阿巴拉契亞還是海恩斯維爾？

Well, it's clear now that it's going to come from the Haynesville. 50 rigs, 20 frac crews working. And as Natalie mentioned, Cotton Valley, we see the Haynesville on the marginal gas molecule as being the provider outside of oil-related gas. Did that answer your question, sir?

嗯，現在很清楚，它將來自海恩斯維爾。 50 台鑽孔機、20 名壓裂人員正在工作。正如娜塔莉所提到的，棉花谷，我們認為邊緣天然氣分子上的海恩斯維爾是與石油相關的天然氣之外的提供者。先生，這回答了您的問題嗎？

Really well. Yes. Thank you. That's it for me.

真的很好。是的。謝謝。對我來說就是這樣。

Okay. Towanda, before you give the replay information, we'd like to thank everyone for joining us today for our call. And the company is going to sign off now, and if you would go ahead and give the replay information to our listeners. Thank you. Goodbye.

好的。 Towanda，在您提供重播資訊之前，我們要感謝大家今天加入我們的電話會議。公司現在就要簽字了，如果你能繼續向我們的聽眾提供重播訊息的話。謝謝。再見。

Thank you. Ladies and gentlemen, a digitized replay of the discussion will be available beginning today, February 1, 2022, at 1:00 p.m. Eastern Standard Time and will end Tuesday, February 8, 2022 and at 11:59 p.m. Eastern Standard Time. To access the digitized replay, please dial (855) 859-2056 or (404) 537-3406.

謝謝。女士們、先生們，討論的數位化重播將從今天（2022 年 2 月 1 日）下午 1:00 開始提供。東部標準時間，將於 2022 年 2 月 8 日星期二晚上 11:59 結束東部標準時間。如需觀看數位化重播，請撥打 (855) 859-2056 或 (404) 537-3406。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a wonderful day.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。祝大家有美好的一天。