Enterprise Products Partners LP (EPD) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Enterprise Products Partners L.P. Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Please be advised that this conference is being recorded. I would now like to hand the conference over to Randy Burkhalter, Vice President of Investor Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Enterprise Products Partners L.P. 2023 年第二季財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。現在我想將會議交給投資者關係副總裁 Randy Burkhalter。請繼續。

Thank you, Norma, and good morning, everyone, and welcome to the Enterprise Products conference call today to discuss second quarter 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. 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 that made during the call today. And so with that, I'll turn it over to Jim.

謝謝諾瑪，大家早安，歡迎參加今天的企業產品電話會議，討論第二季財報。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也出席了電話會議。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今天電話會議期間做出的前瞻性聲明中的結果存在重大差異的因素清單。就這樣，我會把它交給吉姆。

Thank you, Randy. Today, we reported adjusted EBITDA of $2.2 billion for the second quarter of '23 compared to $2.4 for the second quarter of '22 and $2.3 for the first quarter of 2013. We generated $1.7 billion of DCF providing 1.6x coverage. Enterprise retained $639 million of DCF in the second quarter, and we've retained $1.5 billion year-to-date. We had resilient financial results despite the impact of lower prices for crude, natural gas, NGLs and petrochemicals. Our profits were negatively impacted by weaker processing margins for the first part of the year. Our petrochemical services segment continued to perform in spite of the low price and lower margin environment. During the quarter, we established 6 operational records, including our natural gas pipeline volumes, NGL fractionation volumes and 11.9 million barrels of oil equivalent of total pipeline volumes.

謝謝你，蘭迪。今天，我們報告23 年第二季的調整後EBITDA 為22 億美元，而22 年第二季為2.4 美元，2013 年第一季為2.3 美元。覆蓋率。 Enterprise 在第二季保留了 6.39 億美元的 DCF，今年迄今我們保留了 15 億美元。儘管受到原油、天然氣、液化天然氣和石化產品價格下跌的影響，我們的財務表現仍強勁。今年上半年加工利潤疲軟對我們的利潤產生了負面影響。儘管價格低廉且利潤率較低，但我們的石化服務部門仍繼續表現出色。本季度，我們創造了 6 項營運記錄，包括天然氣管道量、液化天然氣分餾量和總管道量 1,190 萬桶油當量。

We're also extremely proud of the fact that with the increase in our distribution last quarter, we crossed the threshold of 25 consecutive years of distribution growth literally unheard of in the midstream industry. This is truly an exceptional milestone across all industries and most importantly, a real tribute to the core principles laid out from our very beginnings that Randa continues to prioritize today.

我們也感到非常自豪的是，隨著上季分銷量的增加，我們跨越了連續 25 年分銷成長的門檻，這在中游產業中是聞所未聞的。這確實是所有行業的一個非凡里程碑，最重要的是，這是對我們從一開始就制定的核心原則的真正致敬，蘭達今天繼續優先考慮這些原則。

Moving to growth capital. We started the second quarter with $6.1 billion of major growth projects under construction. We have since completed construction on 4 major growth projects that will provide new sources of cash, and we have an additional $4.1 billion under construction.

轉向成長資本。第二季開始，我們正在建造的主要成長項目價值達 61 億美元。此後，我們已經完成了 4 個主要成長項目的建設，這些項目將提供新的現金來源，我們還有 41 億美元的在建項目。

Completed major projects during the second quarter in early July include a 400 million cubic foot a day expansion of the Haynesville extension of the Acadian natural gas pipeline system, which is sold out. Our cryogenic natural gas processing plant, which is our sixth processing plant in the Midland Basin, which is sold out. Our 19th NGL fractionator, which is sold out and our PD2 plant in Chambers County, which is sold out and ramping up currently between 65% and 70% and climbing.

7月初第二季已完成的主要項目包括阿卡迪亞天然氣管道系統海恩斯維爾延伸段每天4億立方英尺的擴建項目，該項目已售罄。我們的低溫天然氣加工廠，這是我們在米德蘭盆地的第六個加工廠，現已售罄。我們的第 19 座 NGL 分餾器已售罄，我們位於錢伯斯縣的 PD2 工廠也已售罄，目前已售完，目前銷量在 65% 至 70% 之間，並且還在不斷攀升。

The 3 remaining natural gas processing plants we have under construction in the Permian Basin, will go into service in late '23 and early '24, one in Midland and one in Delaware. In the first phase of the Texas Western Products pipeline will be put into service in December. When we complete the next 3 Permian plants, we'll have 16 processing plants in the Permian with the capability to process 3.8 Bcf a day of natural gas and extract more than 520,000 barrels a day of NGLs, all destined for additional value-added services in our Gulf Coast NGL systems. Meanwhile, downstream of the Permian, we have major expansions underway for ethane, ethylene, polymer-grade propylene and LPG, expanding and upgrading our export capacity at the Ship Channel, at Morgan's Point and at Beaumont.

我們在二疊紀盆地剩餘的 3 個正在建造的天然氣加工廠將於 2023 年末和 24 年初投入使用，其中 1 個位於米德蘭，1 個位於德拉瓦。德州西部產品管道第一期工程將於12月投入使用。當我們完成接下來的3 個二疊紀工廠時，我們將在二疊紀擁有16 個加工廠，能夠每天處理3.8 Bcf 的天然氣，每天提取超過520,000 桶NGL，所有這些都將用於額外的增值服務在我們的墨西哥灣沿岸液化天然氣系統。同時，在二疊紀下游，我們正在進行乙烷、乙烯、聚合物級丙烯和液化石油氣的重大擴建，擴大和升級我們在船舶航道、摩根角和博蒙特的出口能力。

Our new export projects are designed with an emphasis on flexibility and reliability centered around a highly integrated footprint with multi-product capabilities. Even as a world works its way through a significant petrochemical downturn, U.S. NGLs and olefins continue to get a lot of attention from petrochemicals focused on feedstock diversity and advantaged prices. In addition to multiple long-term export contracts we recently signed, we are also in discussions with counterparties from several countries for substantial amounts of additional natural gas liquids and olefin exports. This level of customer interest is what supports further expansion of our export capabilities. A wide gas to crude spread gives the petrochemical industry a feedstock advantage that is proving both durable and permanent. As Randy has heard me say a million times, I grew up in that business, and I've lived through more than a few cycles. Only the strong prosper through times like these and U.S. NGL feedstocks sourced from shale oil and gas are again proving their growing importance.

我們新的出口項目的設計重點是靈活性和可靠性，以高度整合的足跡和多產品功能為中心。即使世界正在經歷石化產業的嚴重衰退，美國液化天然氣和烯烴仍繼續受到關注原料多樣性和優勢價格的石化產業的大量關注。除了我們最近簽署的多項長期出口合約外，我們還在與多個國家的交易對手討論大量額外的液化天然氣和烯烴出口。這種程度的客戶興趣支持我們進一步擴大出口能力。廣泛的天然氣與原油價差為石化產業帶來了持久且永久的原料優勢。正如蘭迪聽我說過一百萬遍的那樣，我是在這個行業長大的，而且我已經經歷了不止幾個週期。只有強者才能在這樣的時代繁榮發展，來自頁岩油和天然氣的美國液化天然氣原料再次證明了其日益增長的重要性。

The durability of U.S. shales is evident in ever-increasing U.S. exports of crude, natural gas, natural gas liquids and in exports of petrochemicals in various forms. In July, Enterprise crude oil exports will exceed a record 30 million barrels.

美國頁岩油的耐用性體現在美國不斷增加的原油、天然氣、天然氣液體出口以及各種形式的石化產品出口。 7月份，Enterprise原油出口量將突破創紀錄的3,000萬桶。

Oil and gas has faced commodity price headwinds, especially compared to the premiums of last year when crude averaged over $100 a barrel during the first 6 months of 2022. We see no reason that crude should have been trading at the low levels of the last few months. In early June, OPEC+ announced they were extending their reductions into 2024. On top of that, the Saudis announced that they would unilaterally cut an additional 1 million barrels a day of production in July and August with an option to extend these cuts as needed. Meanwhile, waterborne data confirms that Russia's exports are coming down. Inventories of crude and refined products both in the U.S. and globally remain very low, while OPEC+ continues to demonstrate they are committed to price stability. Even though industrial demand continues to lag, consumer demand is strong, especially in developed nations.

石油和天然氣面臨大宗商品價格逆風，尤其是與去年的溢價相比，當時 2022 年前 6 個月原油平均價格超過每桶 100 美元。 。 6月初，OPEC+宣布將減產期限延長至2024年。同時，水運數據證實俄羅斯的出口正在下降。美國和全球的原油和成品油庫存仍然非常低，而歐佩克+繼續表明他們致力於維持價格穩定。儘管工業需求持續落後，但消費者需求強勁，尤其是在已開發國家。

Crude oil supply/demand fundamentals continue to indicate that we are in store for much tighter balances for the remainder of the year and in 2024. And with that, I'll turn it over to Randy.

原油供需基本面繼續表明，今年剩餘時間和 2024 年我們將面臨更緊張的平衡。

Thank you, Jim, and good morning, everyone. Starting with the income statement. Net income attributable to common unitholders for the second quarter of 2023 was $1.3 billion or $0.57 per common unit on a fully diluted basis. This compares to $1.4 billion or $0.64 per common unit for the second quarter of last year. Adjusted cash flow from operations or we call it adjusted CFFO, which is cash flow from operating activities before changes in working capital was $1.9 billion for the second quarter of this year compared to $2.1 billion for the second quarter of 2022.

謝謝吉姆，大家早安。從損益表開始。 2023 年第二季歸屬於普通單位持有人的淨利為 13 億美元，或完全稀釋後每普通單位 0.57 美元。相比之下，去年第二季的銷售額為 14 億美元，即每普通單位 0.64 美元。調整後的營運現金流，或我們稱之為調整後的 CFFO，即營運資本變動前的營運活動現金流，今年第二季為 19 億美元，而 2022 年第二季為 21 億美元。

As Jim mentioned, 2023 marks our 25th consecutive year of distribution growth. We declared a distribution of $0.50 per common unit for the second quarter of 2023, which is a 5.3% increase over the distribution declared for the second quarter of last year and a 2% increase over the distribution that we declared last quarter. This distribution will be paid August 14 to common holders of record as of close of business July 31.

正如吉姆所提到的，2023 年標誌著我們的分銷連續 25 年成長。我們宣布 2023 年第二季每普通單位分配 0.50 美元，比去年第二季宣布的分配增加 5.3%，比我們上季宣布的分配增加 2%。此分配將於 8 月 14 日支付給截至 7 月 31 日交易結束時登記在冊的普通股持有人。

In the second quarter, we purchased 2.9 million common units for the quarter at a total cost of $75 million. For the first half of the year, unit purchases totaled approximately 3.6 million common units for a total purchase price of approximately $92 million. Inclusive of these purchases, we have now utilized 41% of the authorized $2 billion buyback program. In addition, our distribution reinvestment plan and our employee unit purchase plan purchased an approximately 2 million common units on the open market for a total purchase price of approximately $51 million, and that was also during the second quarter. For the 12 months ending June 30, 2023, Enterprise paid out approximately $4.2 billion in distributions to limited partners. These distributions, combined with $307 million in buybacks for this period result in Enterprise having a payout ratio of adjusted cash flow from operations of 57% and a ratio of payout for adjusted free cash flow of 86%.

第二季度，我們購買了 290 萬個普通單位，總成本為 7,500 萬美元。今年上半年，普通單位採購總量約 360 萬套，總購買價約 9,200 萬美元。包括這些購買在內，我們現在已經利用了授權的 20 億美元回購計畫的 41%。此外，我們的分銷再投資計劃和員工單位購買計劃在公開市場上購買了約 200 萬個普通單位，總購買價約為 5,100 萬美元，這也是在第二季度進行的。截至 2023 年 6 月 30 日的 12 個月內，Enterprise 向有限合夥人支付了約 42 億美元的分配。這些分配加上本期間 3.07 億美元的回購，導致 Enterprise 的調整後營運現金流量支付率為 57%，調整後自由現金流支付率為 86%。

Total capital investments in the second quarter of 2023 were $784 million which included $683 million for growth capital projects and $101 million of sustaining capital expenditures. As Jim noted, we have $4.1 billion of major growth projects under construction, $1.1 billion of which are expected to begin service in the remainder of 2023. We continue to expect our growth capital expenditures for 2023 will be in the range of $2.4 billion to $2.8 billion, depending on any incremental system expansions and timing. We continue to expect sustaining capital expenditures for 2023 will be approximately $400 million.

2023 年第二季的資本投資總額為 7.84 億美元，其中包括用於成長資本項目的 6.83 億美元和 1.01 億美元的維持資本支出。正如Jim 指出的那樣，我們有41 億美元的主要成長項目正在建設中，其中11 億美元預計將在2023 年剩餘時間內投入使用。美元之間十億，取決於任何增量系統擴展和時間安排。我們仍預期 2023 年的維持資本支出將約為 4 億美元。

Turning to capitalization. Our total debt principal outstanding was approximately $28.9 billion as of June 30. Assuming the final maturity date for our hybrids, the weighted average life of our debt portfolio was 20 years. Our weighted average cost of debt is 4.6% and at June 30, approximately 97% of our debt was fixed rate. Our consolidated liquidity at quarter end was approximately $4 billion, and that includes both availability under our credit facilities and unrestricted cash.

轉向大寫。截至 6 月 30 日，我們的未償債務本金總額約為 289 億美元。我們的加權平均債務成本為 4.6%，截至 6 月 30 日，我們約 97% 的債務為固定利率。截至季末，我們的綜合流動性約為 40 億美元，其中包括我們信貸安排下的可用資金和不受限制的現金。

For the 12 months ended June 30, 2023, our adjusted EBITDA was $9.1 billion. This compares to $8.8 billion for the trailing 12 months ending June 30, 2022. We ended the quarter with a consolidated leverage ratio of 3.0x on a net basis after adjusting debt for the partial equity treatment of our hybrid debt and reduced by the partnership's unrestricted cash on hand. As a reminder, our leverage target remains 3.0x plus or minus 0.25. So if you would 2.75 to 3.25x, so we're right in the middle of that range. And with that, Randy, I think we can open it up for questions.

截至 2023 年 6 月 30 日的 12 個月，我們調整後的 EBITDA 為 91 億美元。相較之下，截至2022 年6 月30 日的過去12 個月為88 億美元。為淨值3.0 倍。提醒一下，我們的槓桿目標仍然是 3.0 倍正負 0.25。因此，如果您願意 2.75 至 3.25 倍，那麼我們就處於該範圍的中間。蘭迪，我想我們可以開放提問了。

Okay. Thank you, Randy. Norma, we're ready to open it up to questions from our listeners. And I would like to remind our listeners to restrict your questions, please, to the one question and one follow-up question. And I'll, you can go ahead and take it from there, Norma.

好的。謝謝你，蘭迪。諾瑪，我們準備好接受聽眾的提問。我想提醒我們的聽眾，請將您的問題限制在一個問題和一個後續問題上。我會，你可以繼續從那裡開始，諾瑪。

(Operator Instructions) Our first question comes from the line of Theresa Chen with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的Theresa Chen。

I'd love to get your sense on the third quarter outlook and beyond, just given the recent action we saw in NGL pricing in ethane in particular. Would you be able to comment on this? And what will you expect pricing to do as the quarter progresses? And how does this split with your ability to earn outsized margins along your integrated NGL value chain as well as potentially treat the $9.3 billion basis?

我很想了解您對第三季及以後前景的看法，特別是考慮到我們最近在液化天然氣定價中看到的行動，特別是乙烷。您能否對此發表評論？隨著本季的進展，您預計定價會發生什麼變化？這與您在綜合 NGL 價值鏈上賺取巨額利潤以及潛在處理 93 億美元基礎的能力有何關係？

Yes, this is Jim. I think we feel pretty constructive on the second half of the year. If we look at our processing margins, Natalie, they're better and they've been moving up. In terms of outsized spreads, my experience is, you can't predict them, but they're always there and I think we might see more opportunity in the second half than we have seen in the first half.

是的，這是吉姆。我認為我們對今年下半年的情況非常有建設性。如果我們看看我們的加工利潤，娜塔莉，它們會更好，而且一直在上升。就巨大的價差而言，我的經驗是，你無法預測它們，但它們總是存在，我認為我們在下半年可能會看到比上半年更多的機會。

And then on the petchem front, can you just comment on what you're seeing as far as demand goes and the ramp-up of PDH utilization and/or the underutilization on the ethylene production side.

然後在石油化工方面，您能否評論一下您所看到的需求變化以及 PDH 利用率的上升和/或乙烯生產方面的利用率不足。

Yes, Theresa, this is Chris D'Anna. On the petchem side, overall demand, nondurables, we're seeing healthy exports, whether it's in the form of pellets or whether it's in the form of ethylene across our dock, which remains full. On the durable side, we've seen numbers increasing over the last 4 months, but it really hasn't translated to higher overall demand. So as we talk to customers, what originally was going to be a strong second half is probably pushed out maybe 6 months or so. And then on the MTBE side, it's really a business that's driven by normal RBOB and octane. That remains strong. So there was a lot in your question. PDH, it's ramping up. As it ramps up, we're sold out all the way up to the maximum nameplate. And so we'll continue to see that perform.

是的，特蕾莎，這是克里斯·德安娜。在石化產品方面，整體需求、非耐用品，我們看到健康的出口，無論是顆粒形式還是我們碼頭上的乙烯形式，碼頭仍然滿載。在耐用品方面，我們看到過去 4 個月的數量有所增加，但實際上並沒有轉化為更高的整體需求。因此，當我們與客戶交談時，原本預計強勁的下半年可能會被推遲 6 個月左右。然後在 MTBE 方面，這實際上是一項由普通 RBOB 和辛烷驅動的業務。這仍然很強勁。所以你的問題很多。 PDH，它正在加速。隨著銷售量的增加，我們的產品已全部售罄，直到達到銘牌上的最大限額。所以我們將繼續看到它的表現。

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

我們的下一個問題來自豐業銀行的特里斯坦·理查森 (Tristan Richardson)。

Just curious, Jim, you mentioned discussions with new international customers that maybe you haven't had relationships with before in the past. Should we think of these incremental customers as largely around filling export expansions currently underway? Or would these potential relationships be for further expansion to your export capacity down the road?

只是好奇，吉姆，你提到了與新的國際客戶的討論，這些客戶可能是你過去從未與之建立過關係的。我們是否應該將這些增量客戶視為主要是為了填補目前正在進行的出口擴張？或者這些潛在的關係是否會進一步擴大您未來的出口能力？

We signed that contract yesterday? Okay. You're about ready to execute it? One that we're going to execute, I think we've -- we had one large one. I think it was 200,000 barrels a day that we executed recently. And we're in discussions with at least 2 more, Tug? 4 more. And our guys are headed to Asia for an extended trip here not too long. So I guess it's both what we've built and what we expect to sign.

我們昨天簽了那份合約？好的。你準備好執行了嗎？我認為我們將要執行一項大型計劃。我認為我們最近每天執行的產量是 20 萬桶。我們正在與至少另外 2 個人進行討論，塔格？還有 4 個。我們的人員不久後將前往亞洲進行一次長途旅行。所以我想這既是我們已經建造的，也是我們期望簽署的。

And then maybe, Randy, just curious, as we've now seen PDH come online and frac 12 commission as well as a processing plant. I know it's too early to talk about 2024 capital but just thinking about the potential for this elevated spend for these large and critical projects, kind of coming to a conclusion in '23 such that '24 could be lower than '23?

蘭迪，也許只是好奇，因為我們現在已經看到 PDH 上線、壓裂 12 調試以及加工廠。我知道現在談論 2024 年的資本還為時過早，但只要考慮一下這些大型關鍵項目支出增加的潛力，就可以在 23 年得出結論，即 24 年的資本可能會低於 23 年？

Yes. Tristan, on that, certainly getting PDH 2 completed. That was a big capital project. But when we come in and see the opportunities just in and around our system, I think, frankly, we're going to be in that $2 billion, $2.5 billion range for the next 2 to 3 years. And some of that, I'll have to say that 2% to 2.5% really is still excluding SPOT, which is still going through the licensing process. But we're just seeing a lot of good activity, a lot of good growth opportunities across the system.

是的。就這一點而言，特里斯坦肯定會完成《PDH 2》。那是一個大的資本項目。但當我們進來並看到我們系統內部和周圍的機會時，坦白說，我認為未來 2 到 3 年我們將處於 20 億美元至 25 億美元的範圍內。其中一些，我不得不說，2% 到 2.5% 確實仍然不包括 SPOT，它仍在經歷許可過程。但我們只是看到整個系統有很多良好的活動和良好的成長機會。

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

我們的下一個問題來自花旗銀行的 Spiro Dounis。

I actually want to go back to that a little bit, if we could, just on capital allocation. So I guess, on my math, I think you still have you guys generating about 10% to 15% of operating cash flow that's sort of unspoken for over the next few years even with SPOT in there as well. So just curious at your latest thoughts on preferred ways to allocate that capital given your leverage levels are really already at sector lows.

如果可以的話，我實際上想稍微回顧一下資本配置。所以我想，根據我的計算，我認為你們仍然會產生大約 10% 到 15% 的營運現金流，這在未來幾年裡是不言而喻的，即使也有 SPOT。因此，鑑於您的槓桿水平實際上已經處於行業低點，我只是想知道您對分配資本的首選方式的最新想法。

Yes, Spiro. I think it comes back to really what you've seen out of us in the last 2 or 3 years, it's sort of all of the above. Certainly, in the last year, 1.5 years, we've picked back up on the cadence of our distribution growth and again, that seems like the most direct way to return capital to our partners is through distribution bumps. But I think we'll continue to come in and sort of use all the above.

是的，斯皮羅。我認為這實際上是你在過去兩三年裡從我們身上看到的，幾乎就是以上所有的情況。當然，在過去的 1.5 年裡，我們已經恢復了分銷成長的節奏，而且，向合作夥伴返還資本的最直接方式似乎是透過分銷成長。但我認為我們將繼續參與並利用以上所有內容。

Yes. Fair enough. Second question on Shin Oak and Jim, I'll preface this question with I know you're going to expand Shin Oak at some point, but I also know you've talked about short-term bridging solutions to get there. Just curious if you guys have any updated thoughts on that.

是的。很公平。關於 Shin Oak 和 Jim 的第二個問題，我將在這個問題之前加上我知道您將在某個時候擴展 Shin Oak，但我也知道您已經討論過實現這一目標的短期橋接解決方案。只是好奇你們對此是否有任何更新的想法。

I've got a lot of thoughts on that Spiro. I was in a 2-hour meeting yesterday with Brent and Justin. So you can imagine what it's like spending 2 hours with Brent and Justin looking at all of our options. And our options could be, we'll add another line called -- what are we calling that Bahia. We could partially loop Shin Oak and take Seminole out of NGL service. The bottom line is we have to have more takeaway out of the Permian and I guess I've got to have another 2 or 3 hours with Justin and Brent and we'll come up with a solution.

我對 Spiro 有很多想法。昨天我與布倫特和賈斯汀參加了一個兩小時的會議。因此，您可以想像花 2 個小時與布倫特和賈斯汀一起查看我們所有的選擇是什麼感覺。我們的選擇可能是，我們將添加另一行，稱為 - 我們如何稱呼巴伊亞。我們可以部分連結 Shin Oak，並將塞米諾爾從 NGL 服務中剔除。最重要的是，我們必須從二疊紀獲得更多收穫，我想我還必須與賈斯汀和布倫特再待 2 到 3 個小時，我們會找到一個解決方案。

Our next question comes from the line of Jeremy Tonet with JPMorgan Securities.

我們的下一個問題來自摩根大通證券的 Jeremy Tonet。

Just wanted to start off with some of the NGL dynamics as you talked about before, I think you mentioned how the ethane prices have been volatile as a late. I'm just wondering if you see that as kind of logistics constraints given heat in Texas or otherwise, and I guess future outlook for ethane and propane prices at this point given the volatility that we've seen recently?

只是想從您之前談到的一些 NGL 動態開始，我想您提到了乙烷價格最近如何波動。我只是想知道，考慮到德克薩斯州或其他地區的高溫，您是否認為這是一種物流限制，考慮到我們最近看到的波動，我想目前乙烷和丙烷價格的未來前景？

Tug or Brent?

拖船還是布倫特？

On ethane, I think what you saw last month is when nominations were due for ethane recoveries, the forward curve probably said not to recover. So you saw a bunch of ethane get rejected in the Permian Basin. You couple that with some operational issues on various plants across the entire basin. There was some frac rates that were lower than normal, and that made ethane very, very tight. I think if you look out forward, I think some of that volatility is going to suppress and I think we get back to probably more of a normal type ratio between ethane and natural gas, but there was a culmination of factors that caused that.

關於乙烷，我認為您上個月看到的是乙烷回收提名到期時，遠期曲線可能表明不會恢復。所以你看到一堆乙烷在二疊紀盆地被拒絕。您將其與整個盆地各個工廠的一些營運問題結合起來。有些壓裂率低於正常水平，這使得乙烷非常非常緊張。我認為，如果你展望未來，我認為一些波動性將會受到抑制，我認為我們可能會回到乙烷和天然氣之間更正常的類型比率，但導致這種情況的因素有很多。

Graham turn on your mic. We worry about plants going down in the winter. What's 103 temperature done?

格雷厄姆打開你的麥克風。我們擔心植物在冬天會枯萎。 103溫度是做什麼的？

Certainly, there's some challenges with that, but I wouldn't say it's been a material impact on our operating rates. We generally design for those conditions.

當然，這會帶來一些挑戰，但我不會說這對我們的營運率產生了重大影響。我們通常會針對這些條件進行設計。

What about others?

其他人呢？

I can't speak for others.

我不能為別人說話。

Well, I'm trying to get you to that.

嗯，我正在努力讓你做到這一點。

And then just real quick on propane. When you look at just overall global demand. I think we've had 4 PDH plants come up in China. So far this year, there's 11 other PDH plants scheduled to come online for the balance of this year. I mean if you say 100% capacity factor, that's another 250,000 barrels a day. Those plants aren't running at those higher rates, but call it, 65% to 70%. It will certainly put another bid under propane, just a matter how fast production comes online. I would hope that we've seen the bottom on propane. That's my hope.

然後很快就用丙烷。當你只看全球整體需求。我認為我們在中國已經建立了 4 家 PDH 工廠。今年到目前為止，還有 11 座 PDH 工廠計劃在今年剩餘時間內上線。我的意思是，如果你說 100% 的產能係數，那就是每天另外 25 萬桶。這些工廠並沒有以更高的速度運行，但可以稱之為 65% 到 70%。它肯定會對丙烷進行另一次出價，只是生產上線的速度有多快而已。這就是我的希望。

If not, it will still price to export, right?

如果沒有的話，出口還是要定價的，對嗎？

That's right.

這是正確的。

And just as we look going forward here, we keep seeing Enterprise's leverage dipping down below 3 and just wondering if that trend continues, what should we expect at that point? Leverage just continues to decline or I think $2 billion to $2.5 billion of CapEx next year? Could that increase? Or just any other thoughts in general on capital allocation?

正如我們展望未來一樣，我們不斷看到 Enterprise 的槓桿率跌至 3 以下，只是想知道這種趨勢是否持續下去，此時我們應該期待什麼？槓桿率繼續下降，還是我認為明年的資本支出將達到 20 億至 25 億美元？那能增加嗎？或只是關於資本配置的其他一般想法？

Yes, Jeremy, again, we're sort of in the middle of our range at 3.0x and I think, again, the team is really bringing in some good commercial opportunities. We think growth CapEx would be $2 billion, $2.5 billion. And again, as I mentioned earlier, that is without SPOT. And so I think we would just like to see it develop as far as returning capital. I said, we picked up the pace on distribution growth, still doing some buybacks. Balance sheet is in great shape. And Jeremy, I guess, just staying in a position that a lot of opportunities come along, and we just want to be in a good position to execute on.

是的，傑里米，我們再次處於 3.0 倍範圍的中間位置，我認為，球隊確實帶來了一些良好的商業機會。我們認為成長資本支出將達到 20 億美元、25 億美元。再次強調，正如我之前提到的，這沒有 SPOT。所以我認為我們只是希望看到它在資本回報方面得到發展。我說，我們加快了分銷成長的步伐，仍在進行一些回購。資產負債表狀況良好。我想傑里米只是留在一個有很多機會出現的位置，我們只是想處於一個有利的位置來執行。

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

我們的下一個問題來自讓安·索爾茲伯里和伯恩斯坦的對話。

Has the scope changed a bit for the Beaumont export terminal? It looks like from the slides, you're adding propane exports there.

博蒙特出口碼頭的範圍是否已經發生了一些變化？從幻燈片來看，您正在那裡添加丙烷出口。

You're pretty observant Jean Ann. Go ahead, Tug.

你真是觀察力敏銳的珍·安。繼續吧，圖格。

All right. So yes, the scope has changed on that. We previously announced a 120,000 barrel a day ethane train at Beaumont. And now what we're doing is we're proceeding with that train in addition to a 180,000 barrel a day ethane train that can also do up to 360,000 barrels a day of propane. So we're not adding any additional ethane-only capacity adding what we would like to call flex capacity. We're doing that in lieu of our Rev 4 expansion, and we're opting for a much smaller capital project at our Ship Channel facility to increase our butane loading rates and allow for fully refrigerated PGP.

好的。所以是的，範圍已經改變了。我們先前宣佈在博蒙特建立每天 12 萬桶乙烷列車。現在我們正在做的是，除了每天生產 180,000 桶乙烷的列車外，我們還將繼續使用該列車，該列車還可以每天生產 360,000 桶丙烷。因此，我們不會添加任何額外的純乙烷產能，即所謂的彈性產能。我們正在這樣做，以代替我們的 Rev 4 擴建，並且我們選擇在我們的船舶航道設施中進行一個更小的資本項目，以提高我們的丁烷裝載率並允許完全冷藏 PGP。

So Jean Ann, in my script, I said multiproduct and flexibility. Tug can go to somebody and say, "Look, you can take 3 tanks of ethane and a tank of ethylene or you can take 3 tanks of ethane and a tank of propane or vice versa. So we're trying to get fixed at where those things will always be full, but not necessarily of the same product.

所以，Jean Ann，在我的劇本中，我提到了多產品和靈活性。拖輪可以去找某人說：「看，你可以帶 3 罐乙烷和一罐乙烯，或者你可以帶 3 罐乙烷和一罐丙烷，反之亦然。所以我們正在努力解決問題這些東西永遠都是滿的，但不一定是同一種產品。

Butane, propylene, ethane, ethylene, you name it.

丁烷、丙烯、乙烷、乙烯，凡是你能想到的。

And then is the Acadian expansion running full already and maybe more broadly, in your opinion, is Haynesville just completely full on gas takeaway now as new pipes come on?

那麼，在您看來，阿卡迪亞的擴張是否已經全面展開，或許更廣泛地說，隨著新管道的開通，海恩斯維爾現在是否完全滿足了天然氣外賣的需要？

Jean Ann, this is Natalie. Haynesville, for us, our Acadian extension is full. Gas continues to produce in the -- even on our gathering systems, we're getting more and more gas every day.

瓊安，這是娜塔莉。海恩斯維爾，對我們來說，我們的阿卡迪亞分機已滿。即使在我們的收集系統中，天然氣仍在繼續生產，我們每天都會獲得越來越多的天然氣。

Our next question comes from the line of Colton Bean with TPH & Company.

我們的下一個問題來自 Colton Bean 與 TPH & Company 的合作。

Just shifting back to the backlog. On the expected '24 growth capital range, Randy, I think you outlined the $2 billion to $2.5 billion. Currently improved projects look to be closer to $1.4 billion. So can you just characterize the type of projects that you're expecting to reach FID on and then the hurdles you would need to clear to move those projects into the official backlog?

只是回到積壓工作。關於預期的 24 年成長資本範圍，蘭迪，我認為您概述了 20 億至 25 億美元。目前改進的項目看起來接近 14 億美元。那麼，您能否描述一下您期望達成最終投資決定的項目類型，以及將這些項目移至官方待辦事項中需要克服的障礙？

Yes. Brent, do you want to take some of this because you are on the front line of it.

是的。布倫特，你想接受一些嗎，因為你處於前線。

Yes. I mean just to generalize this Colton, I think everything is going to be centered around the Permian Basin. So whether that's an NGL pipe solution, whether that's processing plants or whether that's an additional fractionator, it's going to be all centered around Permian production growth.

是的。我的意思是，概括科爾頓，我認為一切都將以二疊紀盆地為中心。因此，無論是液化天然氣管道解決方案、加工廠或額外的分餾器，都將圍繞著二疊紀產量成長。

Got it. So effectively all from supply chain. Makes sense. And then on the operations side, it looks like Midland processing earnings were relatively flat Q-on-Q despite the lower NGL pricing. So have we effectively reached fee floors for the acquired system at this point?

知道了。因此，所有這些實際上都來自供應鏈。有道理。然後在營運方面，儘管 NGL 定價較低，但米德蘭加工獲利環比相對持平。那麼此時我們是否已有效達到所收購系統的費用底線？

Yes.

是的。

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

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 SPOT. Just any update on commercial momentum and remaining permitting process, and how soon you could conceivably get to FID on that project?

我想從現場開始。關於商業勢頭和剩餘許可流程的任何更新，以及您可以想像多久可以對該專案進行最終投資決定？

I think we should have our license to construct Graham in September, October.

我認為我們應該在九月、十月獲得建造格雷厄姆的許可證。

That's where it's trending right now. Everything is going well right now in the licensing stage, and we're expecting within the next few months.

這就是現在的趨勢。目前在許可階段一切進展順利，我們預計在接下來的幾個月內完成。

In terms of -- I mean, we're traveling the world on SPOT. We have a laser focus on getting customers on SPOT. And I think we will, and I believe we'll end up building it.

我的意思是，我們正在以 SPOT 方式環遊世界。我們專注於讓客戶了解現場狀況。我認為我們會的，而且我相信我們最終會建造它。

And that could be by next year even to be starting construction on that, do you think?

您認為，甚至可能到明年就開始建設嗎？

Well, Tug and Brent would get off a rear in and get to Asia and see everybody, we'll probably be sooner rather than later, but we're going to commercialize this thing and we've got meetings. Brent and I are going to Europe later this month, Brent?

好吧，塔格和布倫特會從後面下來，去亞洲見大家，我們可能會早點而不是晚點，但我們要把這個東西商業化，我們已經召開了會議。布倫特和我本月晚些時候要去歐洲，布倫特？

September.

九月。

In September. And the focus is on SPOT. We're pulling out all things to get it done.

九月。重點是 SPOT。我們正在竭盡全力來完成它。

And second question is just on the year overall. So the Project $9.3 billion target for EBITDA, you did $4.5 million in the first half but as you pointed out a lot, you have a lot of major projects starting up. Commodities are improving. Just any updated thoughts on how you're feeling on that target, things that need to go right, areas where you may have cushion, et cetera?

第二個問題是關於全年的整體情況。因此，專案 EBITDA 目標為 93 億美元，上半年您完成了 450 萬美元，但正如您多次指出的那樣，您有很多重大專案啟動。大宗商品正在改善。關於您對目標的感受、需要做的事情、您可能有緩衝的領域等等的任何最新想法？

I say this every time. That's not guidance, but it's a goal, and we reward all of our employees if we hit that goal. And somebody asked on one earnings call, have we ever had a goal that we didn't meet. We're bound and determined that our employees are going to be rewarded by meeting $9.3 goal. What's going to help us, I think, is if you talk to Tony, I mean, crude prices, I don't know what they're doing today, Tony, but they've been up $10 in the last 30 days. The balances are tight. All of our plants are full, the key, and Graham knows this. I think the key is keep the plants running because we will capitalize on any volatility.

我每次都會這麼說。這不是指導，而是一個目標，如果我們實現了這個目標，我們就會獎勵所有員工。有人在財報電話會議上問，我們是否曾經有過一個沒有實現的目標。我們有義務並決心讓我們的員工透過實現 9.3 美元的目標來獲得獎勵。我認為，對我們有幫助的是，如果你和托尼談談，我的意思是，原油價格，我不知道他們今天在做什麼，托尼，但他們在過去 30 天內上漲了 10 美元。餘額緊張。關鍵是，我們所有的工廠都滿了，格雷厄姆知道這一點。我認為關鍵是保持工廠運轉，因為我們將利用任何波動。

Our next question comes from the line of Brian Reynolds with UBS.

我們的下一個問題來自瑞銀集團的布萊恩雷諾茲。

Just talk on the crude business, it seems to be finding its footing in terms of margin opportunity for the first time since COVID. So curious if you could just opine on whether you're seeing incremental barrels and opportunity come back to Houston as Corpus remains full. And if we continue to see green shoots into the back half of '23.

就原油業務而言，自新冠疫情以來，它似乎首次在利潤機會方面找到了立足點。很好奇，如果您能發表意見，隨著語​​料庫仍然滿員，您是否會看到增量桶和機會回到休士頓。如果我們繼續看到 23 年後半段的萌芽。

I think in my script, what I said is we set a record loading crude on the ships in the month of July. And yes, Brent, I think you're seeing barrels move, pointed towards Houston. Brent before you answer that, but also talk about our quality improvements across the system.

我認為在我的劇本中，我所說的是我們在七月創下了船舶原油裝載記錄。是的，布倫特，我想你看到桶子在移動，指向休斯頓。布倫特在回答這個問題之前，還要先談談我們整個系統的品質改進。

I think fundamentally, we believe in Tony's production numbers as we go forward. We do think that the Corpus pipelines are full. We think that what we've done on our system as it relates to quality, has brought more interest and I do think when we speak to our customers, they want a bigger and bigger position in Houston. So I think over time -- and the other piece on this is not all pipelines are created equal. There's other pipelines that go to Houston or go to Beaumont that are more challenged than our integrated crude pipelines. So I think we're going to be the beneficiary of the volumes going forward. Yes. I mean just HOU being able to deliver data, Brent and what we've done on our system. You're seeing the open interest on that contract continue to go up. We've set records in the last couple of weeks on daily traded volume. I think ICE had a press release recently went through some of those details. But all this just put together lent itself to more interest in trying to get to Houston on our pipelines.

我認為從根本上來說，我們相信託尼的生產數字，因為我們會繼續前進。我們確實認為 Corpus 管道已滿。我們認為我們在系統上所做的與品質相關的工作帶來了更多的興趣，我確實認為當我們與客戶交談時，他們希望在休士頓獲得越來越大的地位。所以我認為隨著時間的推移，另一個問題是並非所有管道都是平等的。還有其他通往休士頓或博蒙特的管道比我們的綜合原油管道面臨更大的挑戰。所以我認為我們將成為未來銷售的受益者。是的。我的意思是 HOU 能夠提供數據、布倫特以及我們在系統上所做的事情。您將看到該合約的未平倉合約繼續上升。過去幾週我們創下了每日交易量紀錄。我認為 ICE 最近發布了一份新聞稿，詳細介紹了其中一些細節。但所有這些加在一起，讓我們更有興趣嘗試通過我們的管道到達休士頓。

I'm not supposed to ask questions, but I will anyway. Where's Jay? How many of your cargoes have met dated Brent specs.

我不應該問問題，但我還是會問。傑在哪裡？您的貨物有多少符合過時的布蘭特原油規格。

Since we implemented the new quality specification mimicking the Platt's spec, we've met every one of our export cargoes have met that specification since we adopted it in May.

自從我們實施了模仿 Platt 規範的新品質規範以來，自 5 月採用以來，我們的每一件出口貨物都符合該規範。

And maybe to just touch a little bit on M&A. Commentary coming out of the Analyst Day made it seemed like it was coming or attractive for Enterprise but with nothing year-to-date and EPD continuing to maintain its high bar for returns. Just kind of curious if you could just give us a forward-looking update on potential M&A appetite or whether other uses of capital could impact the use of M&A going forward?

也許只是稍微談談併購。分析師日的評論表明它似乎即將到來或對 Enterprise 有吸引力，但今年迄今沒有任何進展，EPD 繼續維持其高回報標準。只是有點好奇您能否給我們提供有關潛在併購興趣的前瞻性最新信息，或者資本的其他用途是否會影響未來併購的使用？

One of the things about building plants is you could build them where you want them. And that's what I love about building all these plants in the Permian, and we're probably not through building a fractionator where you want it. That's my color but Randy, is the one you should ask.

建造工廠的好處之一是你可以在你想要的地方建造它們。這就是我喜歡在二疊紀建造所有這些工廠的原因，而且我們可能還沒有在你想要的地方建造一個分餾器。這是我的顏色，但你應該問蘭迪。

Yes, make me want to go back and reread our transcripts from the Analyst Day. I didn't know we were that bullish on M&A. But again, we'll take a look at opportunities that come up. We're in every banker's Rolodex. So we get an opportunity to take a look but I can't say that we're predisposed to come in and jump on M&A if it makes sense, a good return on capital. And if it fits the system, dovetails in. I think that's one discipline that we've had over the years. It's not building a collection of assets, but coming in and actually ties in and bolts on to our system and provides downstream or upstream opportunities. We'll continue to look at that.

是的，讓我想回去重讀分析師日的文字記錄。我不知道我們這麼看好併購。但我們將再次關注出現的機會。每個銀行家的名片夾裡都有我們。因此，我們有機會看看，但我不能說，如果有意義的話，我們會傾向於參與併購，獲得良好的資本回報。如果它適合系統，就會吻合。它不是建立資產集合，而是進入並實際連接並固定到我們的系統上，並提供下游或上游機會。我們將繼續關注這一點。

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。

I wanted to go back to, I think in the opening comments, you made, you touched on this a little bit, but I wanted to ask just specifically how you're seeing China demand right now as it relates to NGLs and where you think that's headed?

我想回到您在開場評論中提到的一點，但我想具體問一下您目前如何看待中國與液化天然氣相關的需求以及您的想法那是頭嗎？

Yes, Michael, this is Brent. If you look at -- and let's take LPGs first that came from our terminal, in first quarter, that number was 24% of our volumes that went to China. Second quarter, we averaged 38%. So when we go back and talk about those PDH plants, I think that's some effect right there. And then when you go to ethane, first quarter it was about 33%, second quarter, 26% went to China. With what Tug's been doing on ethane contracts, I think you'll see that number go up on what's going to China.

是的，邁克爾，這是布倫特。如果你看一下——讓我們先看看第一季來自我們碼頭的液化石油氣，這個數字占我們運往中國的液化石油氣量的 24%。第二季度，我們的平均率為 38%。因此，當我們回過頭來談論那些 PDH 植物時，我認為這就是一些效果。然後當你談到乙烷時，第一季約為 33%，第二季有 26% 流向中國。根據拖船公司在乙烷合約上所做的工作，我想你會看到銷往中國的這個數字會上升。

And then I just have like a broad question on drilling activity. Are there any regions you'd highlight we were just seeing a change in either rate activity or messaging from producers, either up or down?

然後我有一個關於鑽探活動的廣泛問題。您是否想強調在某些地區，我們剛剛看到了利率活動或生產商訊息的變化，無論是上升還是下降？

Yes. This is Tony, Michael. We're in the middle of earnings season, and producers are reporting. But if you look at think Exxon, think Chevron, Diamondback reported today, everybody is saying the same thing. They continue to see drilling and completion efficiencies and not by a little. They are seeing cost mitigation and predicting, depending on where they are in the value chain, some amount of even deflation on costs, so better returns. When you look at the longer laterals are key to what they're doing, cube development, I mean, the producer continues to get even more and more efficient. So we look at it all the time. We talk about it. We talk about it with each of our producers. It's been difficult to look at the EIA numbers and try to figure out what production is doing, but I can tell you that we're on target for our own numbers to be in the 500,000 to 700,000 barrel a day range increase year into year-end. And I watch what the producers are saying during the second quarter, no one has a bad story. Everybody is very, very upbeat. On top of that, I guess, last but not least, our own calculation or DUCs are they continue to grow. So not only are things going well for them, but they're building a significant amount of headroom.

是的。這是托尼，邁克爾。我們正處於財報季中期，生產商正在報告。但如果你看看埃克森美孚、雪佛龍、響尾蛇今天的報道，你會發現每個人都在說同樣的話。他們繼續看到鑽井和完井效率提高，而且提升幅度不小。他們看到成本降低，並預測，根據他們在價值鏈中的位置，一定程度的成本甚至通貨緊縮，從而獲得更好的回報。當你看到更長的側線是他們正在做的事情的關鍵時，立方體開發，我的意思是，生產者繼續變得越來越有效率。所以我們一直在關注它。我們談論它。我們與每個製作人討論這個問題。查看 EIA 數據並試圖弄清楚產量正在做什麼是很困難的，但我可以告訴你，我們的目標是我們自己的數字每年增加 500,000 至 700,000 桶/日——結尾。我觀察了第二季度製片人的說法，沒有人有不好的故事。每個人都非常非常樂觀。最重要的是，我想，最後但並非最不重要的一點是，我們自己的計算或 DUC 是它們繼續增長。因此，他們不僅進展順利，而且還建立了大量的發展空間。

What about Haynesville?

海恩斯維爾呢？

Haynesville rigs. Let's look at completions there. Frac crews in the Haynesville went from, call it, 15 to 18 down at a point to 7. They're back up to around 14 today. And if you look at the forward curve, the forward curve says Haynesville drillers should keep drilling, that they have value there. So it is, the world is now watching it as that variable basin in the United States for natural gas production that you go, I'm just going to use some generic numbers. It can go up 2 Bcf or it can go down 2 Bcf. And that's a 4 Bcf swing over in about an 18-month period. That's what you've seen through the cycles in Haynesville.

海恩斯維爾鑽機。讓我們看看那裡的完成情況。 Haynesville 的壓裂人員數量從 15 人減少到 18 人，一度減少到 7 人。如果你看一下遠期曲線，遠期曲線表明海恩斯維爾鑽探者應該繼續鑽探，因為他們在那裡有價值。確實如此，全世界現在都在關注美國天然氣生產的可變盆地，我只想使用一些通用數字。它可以上升 2 Bcf，也可以下降 2 Bcf。這相當於在大約 18 個月的時間內波動了 4 Bcf。這就是你在海恩斯維爾的週期中所看到的。

Next question comes from the line of Neal Dingmann with Truist Securities.

下一個問題來自 Truist Securities 的 Neal Dingmann。

My first question is on Permian processing margins given Waha pricing. I'm just wondering, how do you see the margins going forward, including the impact from your fee floors?

我的第一個問題是考慮到瓦哈的定價，關於二疊紀加工利潤。我只是想知道，您如何看待未來的利潤率，包括費用底線的影響？

We think it will be better in the second half. It wasn't great in the first half. Is that fair?

我們認為下半年情況會更好。上半場的表現並不好。這樣公平嗎？

It's fair. I think the trend, if you model out the forward curve, which is a good thing on the percent that hits the floor, it gets a lot less.

這是公平的。我認為趨勢，如果你對遠期曲線進行建模，這對於觸及地板的百分比來說是一件好事，它會少得多。

Okay. And then second, just on the marine exports on the LPG and ethane, I think you all previously mentioned strong demand. And Jim, I think you even mentioned, I think it was around 240,000 barrels a day of new contracts. Is this still expectations? Or are you seeing kind of production continue to grow in this area?

好的。其次，關於液化石油氣和乙烷的海運出口，我想你們之前都提到了強烈的需求。吉姆，我想你甚至提到過，我認為每天的新合約數量約為 240,000 桶。這還是期待嗎？或者您看到該地區的產量持續成長？

I think if you look at what we're doing, it kind of tells you what we believe. What we're doing is expanding our ability to export across the hydrocarbons chain. So yes, we believe if Tony is wrong, well he's somebody's house boy, I guess.

我想如果你看看我們正在做的事情，就會告訴你我們的信念。我們正在做的是擴大我們在整個碳氫化合物鏈上的出口能力。所以，是的，我們相信，如果托尼錯了，我猜他就是某人的男僕。

Our next question comes from the line of Neel Mitra with Bank of America.

我們的下一個問題來自 Neel Mitra 與美國銀行的對話。

I wanted to ask your exposure to spot ethane prices. Were you able to sell spot ethane out of maybe some of your purity storage in Mont Belvieu to downstream players and benefit from that? And conversely, did you have any downstream obligations like possibly being short on Morgan's Point because of outages? Just wanted to see how that would kind of play out for 3Q now that we have a full month with prices over $0.30 a gallon.

我想問一下您對乙烷現貨價格的了解。您是否能夠將位於 Mont Belvieu 的部分純度儲存中的現貨乙烷出售給下游企業並從中受益？相反，您是否有任何下游義務，例如可能因停電而導致摩根點短缺？只是想看看第三季的情況如何，因為我們有一整天的價格都超過每加侖 0.30 美元。

One of the most valuable assets we have is our storage. And yes, we were able to take advantage of the volatility on ethane. And no, there were no issues would be in short at Morgan's Point or anywhere else.

我們擁有的最有價值的資產之一是我們的儲存。是的，我們能夠利用乙烷的波動性。不，摩根點或其他地方不會有任何問題。

And then second question. We started the year off in the first quarter with very high LPG exports and I know we're seasonally weaker in the second quarter. When does that seasonality start to pick up so that it's a benefit again for the second half of the year?

然後是第二個問題。我們在第一季開始了液化石油氣出口量非常高的一年，我知道第二季我們的季節性疲軟。這種季節性何時開始回升，以便在下半年再次受益？

Brent, let's let Tug take it. I mean what's our export volume.

布倫特，讓塔格來吧。我的意思是我們的出口量是多少。

Yes, we're going to be a little bit soft in the month of August.

是的，八月我們會有點軟。

What do you call it soft? 18 million barrels?

你管它叫什麼軟？ 1800萬桶？

Yes, right around there. But around September, I mean, we're fully booked up. And then I'll just note as well that we are seeing dock margins increase, specifically in the month of August and September forward.

是的，就在那裡。但我的意思是，九月左右，我們的房間都訂滿了。然後我還要指出的是，我們看到碼頭利潤增加，特別是在八月和九月。

I'm currently showing no further questions at this time. I'd like to hand the conference back over to Mr. Randy Burkhalter for closing remarks.

我目前沒有提出任何進一步的問題。我想將會議交回蘭迪·伯克哈爾特先生致閉幕詞。

Thank you, Norma. I think that covers it pretty well. I don't have any closing remarks. I'd just like to thank everybody for joining us today and for our call, and have a good day. Goodbye now.

謝謝你，諾瑪。我認為這很好地涵蓋了它。我沒有任何結束語。我只想感謝大家今天加入我們並打電話，祝您有美好的一天。現在再見了。

This concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

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。