Enterprise Products Partners LP (EPD) 2024 Q4 法說會逐字稿

Thank you for standing by, and welcome to Enterprise Products Partners LP's fourth quarter 2024 earnings Conference Call. (Operator Instructions)

感謝您的支持，歡迎參加 Enterprise Products Partners LP 2024 年第四季財報電話會議。（操作員指令）

I would now like to hand the call over to Libby Strait, Senior Director of Investor Relations. Please go ahead.

現在，我想將電話交給投資者關係高級總監 Libby Strait。請繼續。

Good morning, and welcome to the Enterprise Products Partners conference call to discuss fourth quarter 2024 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. During this call, we will make forward-looking statements within the meaning of Section 21E of the Securities 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.

早安，歡迎參加企業產品合作夥伴電話會議，討論 2024 年第四季的收益。今天的演講者將是 Enterprise 普通合夥人聯合執行長 Jim Teague 和 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。在本次電話會議中，我們將根據公司信念以及 Enterprise 管理團隊所做的假設和當前掌握的信息，做出《1934 年證券交易法》第 21E 條所定義義的前瞻性陳述。

Although management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that the 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. With that, I'll turn it over to Jim.

儘管管理階層認為此類前瞻性聲明所反映的預期是合理的，但無法保證這些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中前瞻性陳述的結果有重大差異的因素清單。說完這些，我就把麥克風交給吉姆。

Thank you, Libby. I want to just go through some bullet points to highlight some of the things we achieved in 2024. And a few of the things we expect to do this year. First of all, 2024 EBITDA of $9.9 billion. Randy reminds me of the line in a frankly valley song so close, so close and yet so far.

謝謝你，利比。我想透過幾個要點來強調我們在 2024 年所取得的一些成就。以下是我們預計今年要做的一些事情。首先，2024 年 EBITDA 為 99 億美元。蘭迪讓我想起了山谷歌曲中的一句歌詞：如此接近，如此接近，但又如此遙遠。

We had $7.8 billion of DCF, we had 1.7 timescoverage. $3.2 billion of retained DCF. Chris, I thought that was a record, but it's not, but it's close. 12 Financial records, 16 operational records. During 2024, we moved 12.9 million barrels of oil equivalent a day. In the fourth quarter, we moved 13.6 million barrels of oil equivalent per day. In the fourth quarter, we loaded out on -- for export, 2.1 million barrels a day of liquid hydrocarbons against our term commitments of 2.5 million barrels a day.

我們有 78 億美元的 DCF，覆蓋率是 1.7 倍。保留32億美元的DCF。克里斯，我以為那是一個記錄，但事實並非如此，但很接近了。12 筆財務記錄，16 筆營運記錄。2024年，我們每天運輸1,290萬桶油當量。第四季度，我們每天運輸1360萬桶油當量。第四季度，我們每天出口 210 萬桶液態碳氫化合物，而我們的長期承諾是每天 250 萬桶。

During '24 and early '25, we completed two processing plants in the Permian. We purchased opinion, acquired the JV interest in our Midland-to-ECHO 1 crude oil pipeline and the JV interest and our seventh and eighth fractionators. For 2025, we'll add two guest processing plants in the Permian led the Bahia NGL pipeline, Frac 14, the first phase of our NGL export on the Neches River and expansions of our ethane and ethylene terminal at Morgan's Point, that list almost needs to pause and take a breath.

1924 年和 1925 年初，我們在二疊紀盆地建造了兩座加工廠。我們購買了意見，獲得了米德蘭至 ECHO 1 原油管道的合資權益以及我們的第七和第八個分餾塔的合資權益。到 2025 年，我們將在 Permian 盆地新增兩家客戶加工廠，以 Bahia NGL 管道為龍頭，Frac 14 是我們在 Neches 河上的 NGL 出口的第一階段，也是我們在 Morgan's Point 的乙烷和乙烯終端的擴建項目，這個清單幾乎需要暫停一下，喘口氣。

We get a lot of questions on SPOT. I want to give you a status report of where we are with SPOT. I believe that SPOT should be the poster child for the need for permit reform. By in law, the record of decision should be issued to 356 days, and you can have clock stoppages on top of that. Frankly, I thought 356 was a typo, but it wasn't. Although, it took over five years to get the SPOT license, including almost 4 years to get the record of decision and 1.5 years to get the license to construct, our initial application was 13,000 pages.

我們收到了很多有關 SPOT 的問題。我想向你們提供一份有關 SPOT 現狀的報告。我認為 SPOT 應該成為許可證改革需求的典型代表。根據法律規定，判決記錄的期限為 356 天，並且在此基礎上還可以暫停計時。坦白說，我以為 356 是個打字錯誤，但事實並非如此。雖然獲得SPOT許可證花了五年多的時間，其中包括近四年的獲取決策記錄和一年半的獲取建設許可證，但我們的初始申請有13,000頁。

I thought that was ridiculous, but by the time we completed the process, our final submission was over 30,000 pages. We addressed over 80,000 comments, over two comment period, predominantly from NGOs. One NGOs comment was 60 pages long. We had to answer a ton of questions.

我認為這太荒謬了，但當我們完成這個過程時，我們最終提交的文件超過 30,000 頁。在兩個評論期內，我們處理了超過 80,000 條評論，主要來自非政府組織。其中一個非政府組織的評論長達60頁。我們必須回答大量問題。

One of my favorites was from a lady from (inaudible) asking how we plan to mold the right away. She was concerned that [a few] mice be protected from the hawks. The process we went through due to Federal bureaucracy pushed us beyond the drop-dead date that allowed our anchor customer to opt out of their contract, which they did. Granted a lot has changed since we entered our SPOT application in January 2019. When we started that application, it was assumed that the majority of crude exports would go to Asia on VLCCs.

我最喜歡的一個問題是一位來自（聽不清楚）的女士問的，我們打算如何立即塑造它。她擔心幾隻老鼠會受到鷹的傷害。由於聯邦官僚機構的束縛，我們所經歷的流程使我們超過了允許我們的主要客戶選擇退出合約的截止日期，他們也確實這樣做了。自 2019 年 1 月我們進入 SPOT 應用程式以來，確實發生了許多變化。當我們開始申請時，我們假設大部分原油出口將透過超大型油輪運往亞洲。

A lot of forecasters were predicting back 2024, the US would be exporting between 7 million and 8 million barrels a day. Instead, we're exporting around 4 million barrels a day. All of that with Russia invading Ukraine, which has resulted in the amount of crude oil export out of the US to Europe to have doubled to over 2 million barrels a day, and that will grow more.

許多預測者預測，到 2024 年，美國每天的石油出口量將達到 700 萬至 800 萬桶。相反，我們每天出口約400萬桶。再加上俄羅斯入侵烏克蘭，導緻美國出口到歐洲的原油數量翻了一番，達到每天超過 200 萬桶，而且這個數字還會進一步成長。

That move to Europe can be done on an Aframax or Suezmax. To date, we have not gotten enough traction in commercializing SPOT, though we continue to promote SPOT as we are the only company with a license to construct. We did a lot of research around cost. And our data shows that the cost to load on our SPOT project are always much lower than multi reverse-lightered VLCCs and have a lower all-in cost than 50% of single reverse-lightered VLCCs and are competitive with the best 50% single reverse-lightered VLCCs. However, in order to build SPOT, we know what we need in volumes, fees and terms.

前往歐洲的運輸可以透過阿芙拉型油輪或蘇伊士型油輪進行。到目前為止，我們在 SPOT 商業化方面尚未取得足夠的進展，但我們仍在繼續推廣 SPOT，因為我們是唯一一家擁有建設許可的公司。我們對成本做了大量研究。而且我們的數據顯示，我們的 SPOT 專案的裝載成本始終遠低於多艘倒車駁船 VLCC，且全包成本低於 50% 的單艘倒車駁船 VLCC，並且與最好的 50% 單艘倒車駁船 VLCC 具有競爭力。然而，為了建立 SPOT，我們知道我們需要多少數量、費用和條款。

We're not going to establish a drop-dead date. But if we can achieve these within a reasonable amount of time, we will move on. This is not a (inaudible) project. Regardless, Enterprise remains laser focused on growing our exports. As I said earlier, we currently have expansion projects on the Neches River in Beaumont, at Morgan's Point on the Ship Channel and at our main terminal on the Ship Channel.

我們不會設定一個截止日期。但如果我們能夠在合理的時間內實現這些目標，我們就會繼續前進。這不是一個（聽不清楚）項目。無論如何，Enterprise 仍然專注於增加出口。正如我之前所說，我們目前在博蒙特的尼奇斯河、航道上的摩根角以及航道上的主要碼頭都有擴建項目。

We exported over 70 million barrels of hydrocarbons in December, everything from ethylene to crude oil and our goal is that we will export over 100 million barrels of hydrocarbons a month by 2027. We recently contracted -- we get another ethane offtake customer in Asia. This with a plant in Vietnam, and we are working with numerous other customers around the world on hydrocarbon supply agreements. In the last 24 months, we have visited over 25 cities to sell US hydrocarbons.

12 月份，我們出口了超過 7,000 萬桶碳氫化合物，從乙烯到原油，應有盡有。我們最近簽訂了合約——我們在亞洲獲得了另一個乙烷承購客戶。這家工廠位於越南，我們也正在與世界各地的許多其他客戶簽訂碳氫化合物供應協議。在過去的 24 個月裡，我們已經訪問了 25 個城市，銷售美國碳氫化合物。

Some we visited multiple times. I know I've been in Mumbai at least 4 times. Someone from Enterprise is almost always in Asia or Europe, and no one even comes close to having the history and experience that we have. Think about it. We built our first LPG import terminal in 1983, and our first export terminal in 1999.

有些我們去過多次。我知道我至少去過孟買四次。Enterprise 幾乎總是會派人駐紮在亞洲或歐洲，沒有人擁有像我們這樣的歷史和經驗。想一想。我們於 1983 年建造了第一個液化石油氣進口終端，並於 1999 年建造了第一個出口終端。

We've been active in the international market for over 40 years. On a personal note, while I was at (inaudible) the first cargo of imported propane that I ever purchased went through the Enterprise terminal. And in total, our term commitments at our docks today exceed 2.5 million barrels a day and that's hydrocarbons, ethylene to crude oil. We reported the way to reach in the goal of 100 million barrels a month.

我們已經在國際市場活躍了 40 多年。就我個人而言，當我在（聽不清楚）時，我購買的第一批進口丙烷貨物通過了 Enterprise 航站樓。整體來看，目前我們碼頭的定期承運量超過每天 250 萬桶，包括碳氫化合物、乙烯到原油。我們報道了實現每月1億桶目標的方法。

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

現在我將把話題交給蘭迪。

Thank you, Jim, and good morning to everyone on the call. Starting with fourth quarter income segment items. Net income attributable to common unitholders for the fourth quarter of 2024 was $1.6 billion or $0.74 per common unit on a fully diluted basis. This is a 3% increase compared to $1.6 billion or $0.72 per unit for the same quarter in 2023. Adjusted cash flow from operations, which is cash flow from operating activities before changes in working capital increased 4% to $2.3 billion for the fourth quarter.

謝謝你，吉姆，祝電話中的各位早安。從第四季營收部分項目開始。2024 年第四季歸屬於普通股持有人的淨利為 16 億美元，以全面攤薄計算，每股普通股 0.74 美元。與 2023 年同期的 16 億美元或每單位 0.72 美元相比，成長了 3%。調整後經營現金流，即營運資本變動前的經營活動現金流，第四季成長 4%，達到 23 億美元。

This compares to $2.2 billion for the fourth quarter of 2023. We declared a distribution of $0.535 per common unit for the fourth quarter of 2024, which is a 4% increase over the distribution declared for the fourth quarter of 2023. The distribution will be paid February 4 to common unitholders of record as of the close of business on January 31.

相比之下，2023 年第四季的營收為 22 億美元。我們宣布 2024 年第四季每股普通股分配 0.535 美元，比 2023 年第四季宣布的分配增加 4%。此分配將於 2 月 4 日支付給 1 月 31 日營業結束時登記在冊的普通股持有人。

In the fourth quarter, the partnership purchased approximately 2.1 million common units off the open market for $63 million. Total purchases for 2024 were $219 million or approximately 7.6 million Enterprise common units, bringing total purchases under our buyback program to approximately $1.1 billion.

第四季度，該合夥企業以 6,300 萬美元的價格從公開市場購買了約 210 萬股普通股。2024 年的總購買量為 2.19 億美元，或約 760 萬股企業普通股，使我們的回購計畫下的總購買量達到約 11 億美元。

In addition to buybacks, our distribution reinvestment plan and employee unit purchase plan purchased a combined 6.5 million common units on the open market or $188 million in 2024. This includes 1.6 million common units for $48 million during the fourth quarter of 2024. Of note, almost half of our employees participate in the employee unit purchase plan.

除了回購之外，我們的分銷再投資計劃和員工單位購買計劃還在公開市場上購買了總計 650 萬個普通單位，即 2024 年的 1.88 億美元。其中包括 2024 年第四季價值 4,800 萬美元的 160 萬個普通股單位。值得注意的是，我們幾乎一半的員工都參與了員工單位購買計畫。

For 2024, Enterprise paid out approximately $4.6 billion in cash distributions to limited partners combined with the $219 million of common unit repurchases over the same period, Enterprise's total capital return of $4.8 billion resulted in a payout ratio of 55%. Since our IPO in 1988 -- 1998, we have returned approximately $56 billion to unitholders in the form of distributions and buybacks while building one of the largest energy infrastructure networks in North America.

2024 年，Enterprise 向有限合夥人支付了約 46 億美元的現金分配，加上同期 2.19 億美元的普通股回購，Enterprise 的總資本回報率為 48 億美元，股息率為 55%。自 1988 年至 1998 年首次公開募股以來，我們以分配和回購的形式向基金份額持有人返還了約 560 億美元，同時建設了北美最大的能源基礎設施網絡之一。

Total capital investments in the fourth quarter of 2024 were $2 billion, which includes $946 million for growth capital projects, $949 million for the acquisition of Piñon Midstream and $113 million of sustaining capital expenditures. Capital investments for the full year of 2024 were $5.5 billion, which includes $3.9 billion for organic growth capital projects, the $945 million for Piñon and $667 million for sustained capital expenditures.

2024 年第四季的總資本投資為 20 億美元，其中包括 9.46 億美元用於成長資本項目、9.49 億美元用於收購 Piñon Midstream 以及 1.13 億美元的持續資本支出。2024 年全年資本投資為 55 億美元，其中包括 39 億美元用於有機成長資本項目，9.45 億美元用於 Piñon，6.67 億美元用於持續資本支出。

As mentioned in last quarter's earnings call, we have received noteworthy support from our producer customers following the Piñon acquisition. And for that reason, we are fine-tuning our 2025 estimated growth capital expenditures range to $4 billion to $4.5 billion to include new opportunities in sour gas gathering and treating projects as well as additional natural gas gathering and compression projects in the Delaware Basin. Our expected range of growth capital expenditures for 2026 remains unchanged at $2 billion to $2.5 billion.

正如上個季度的收益電話會議中所提到的，在收購 Piñon 之後，我們得到了生產商客戶的顯著支持。因此，我們正在對 2025 年預計成長資本支出範圍進行微調，至 40 億美元至 45 億美元，以包括酸性氣體收集和處理項目的新機會以及特拉華盆地的額外天然氣收集和壓縮項目。我們預期 2026 年資本支出成長範圍維持不變，為 20 億美元至 25 億美元。

We expect 2025 sustaining capital expenditures will be approximately $525 million, which includes a planned turnaround on our octane enhancement plan. Moving to capitalization. Our total debt principal outstanding was approximately $32.2 billion as of December 31, 2024. Assuming the final maturity date for our hybrids, the weighted average life of our debt portfolio was approximately 18 years. Our weighted average cost of debt was 4.7% and approximately 98% of our debt was fixed rate.

我們預計 2025 年持續資本支出約為 5.25 億美元，其中包括辛烷值增強計畫的計畫轉變。轉向大寫。截至 2024 年 12 月 31 日，我們未償還的債務本金總額約為 322 億美元。假設我們的混合債券的最終到期日，我們的債務組合的加權平均期限約為 18 年。我們的加權平均債務成本為 4.7%，其中約 98% 的債務為固定利率。

Our consolidated liquidity was approximately $4.8 billion at the end of the year, including availability under our credit facilities and unrestricted cash on hand. Our adjusted EBITDA was $2.6 billion for the fourth quarter, and as Jim mentioned, $9.9 billion for 2024.

截至年底，我們的綜合流動資金約為 48 億美元，包括信貸安排下的可用資金和庫存無限現金。我們第四季的調整後 EBITDA 為 26 億美元，正如 Jim 所提到的，2024 年的調整後 EBITDA 為 99 億美元。

We ended the year with a consolidated leverage ratio of 3.1 times 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. Our leverage target remains 3 times plus or minus 25, so in the range of 2.75% to 3.25%.

在調整混合債務的部分股權處理債務並減少合夥企業庫存的無限制現金後，我們截至年底的綜合槓桿率為 3.1 倍（按淨額計算）。我們的槓桿目標仍是3倍加減25，也就是在2.75%到3.25%的範圍內。

And with that, Libby, I think we can open up for questions.

好了，利比，我想我們可以開始問問題了。

Thank you, Randy. Operator, we are ready to open up the call for questions.

謝謝你，蘭迪。接線員，我們已經準備好開始回答問題了。

(Operator Instructions)

（操作員指令）

Spiro Dounis, Citi.

花旗銀行的 Spiro Dounis。

Thanks, operator. Good morning, everybody. First question, maybe just go to the outlook for 2025. I know you guys don't provide guidance, but can we just get results the way you closed the year, it seemed like it was pretty strong. So just curious, two part question here. any reason that that's not a good baseline to sort of run rate as we think about 2025? And then if you could, maybe just outline some of the bigger drivers of growth this year.

謝謝，接線生。大家早安。第一個問題，也許只是談談 2025 年的展望。我知道你們沒有提供指導，但是我們能否按照你們結束這一年的方法來獲得結果呢？我只是好奇，這裡有兩個問題。當我們考慮 2025 年時，有什麼理由認為這不是一個好的運行率基準呢？如果可以的話，也許請您概述今年一些更大的成長動力。

Yeah, Spiro, I'll go back to what we said on our Investor Day call a year ago that really, we think near term, we've got the potential for, call it, mid-single-digit cash flow growth over the near to intermediate term. And I think that's sort of our view going into 2025.

是的，斯皮羅，我會回到我們一年前在投資者日電話會議上說過的話，我們認為短期內，我們有可能在短期到中期內實現中等個位數的現金流增長。我認為這是我們對 2025 年的看法。

Jim mentioned the number of projects that we have coming on. Most of them the larger ones for sure come on lighter in the year. So we'll see some of that growth on the second half of the year. But 2025 is setting up a strong year, especially when you come in and just look at industry fundamentals.

吉姆提到了我們即將開展的項目數量。其中大多數，體型較大的，今年的顏色肯定會比較淺。因此我們將在今年下半年看到一些成長。但 2025 年將是強勁的一年，尤其是當你進入並觀察行業基本面時。

Great. That's helpful. Thanks, Randy. Second question, just to go back to SPOT. So I know you're not providing a drop-dead date to get that facility FID. But two parts here once again, does it seem less likely or unlikely at this point that a 2025 FID is possible, and you also mentioned being the only one licensed. Just curious, can you just talk about license expiration timing, what that looks like and what it would take to renew it if you do FID, let's call within two years?

偉大的。這很有幫助。謝謝，蘭迪。第二個問題，回到 SPOT。所以我知道您沒有提供獲得該設施 FID 的最後期限。但這裡再次提到了兩個部分，目前看來，2025 年 FID 的可能性較小或不可能，而且您還提到了是唯一獲得許可的。只是好奇，您能談談許可證到期時間嗎？

Yeah. I think we've renewed one permit, Bob.

是的。我想我們已經更新了一份許可證，鮑伯。

Yeah. We renewed the air permit right, [Ram] to 2028?

是的。我們將空氣許可證有效期限延長至 2028 年？

(inaudible)

（聽不清楚）

Yeah. We're not that worried about renewing permits if we need to.

是的。如果需要的話，我們並不太擔心更新許可證。

Okay. And does it seem like a 25% FID based on customer feedback at this point, maybe less likely?

好的。根據目前的客戶回饋，FID 似乎是 25%，還是不太可能？

I'm not going to admit to that.

我不會承認這一點。

Okay. Tried to get you. All good. I appreciate the color. I'll leave it there. Thank you, guys.

好的。試著得到你。一切都很好。我很欣賞這個顏色。我就把它留在那裡。謝謝你們。

Theresa Chen, Barclays.

巴克萊銀行的 Theresa Chen。

Thank you for taking my questions. A follow-up to the cadence of earnings growth in 2025. Can you help us think about the path to recovery for the Petchem segment. What are the puts and takes there? And as far as operations and utilization goes for the larger -- the newer projects? How is that going at this point?

感謝您回答我的問題。追蹤 2025 年獲利成長節奏。您能否幫助我們思考石化產業的復甦之路？那裡有什麼得失？那麼對於更大、更新的專案來說，營運和利用情況如何呢？目前進展如何？

I think we've got to run the PDH that's one thing from our perspective, and we will. From a petrochemical marketing perspective, I don't think Chris is here. But -- there he is. But it looks pretty bad right now, doesn't Chris?

我認為我們必須運行 PDH，從我們的角度來看這是一回事，我們會這麼做。從石化行銷角度來看，我認為克里斯不在這裡。但是──他就在那裡。但現在情況看起來很糟糕，不是嗎克里斯？

Yeah. I think what we're hearing from most of our customers domestically is they're seeing moderate improvement from last year, and they're not expecting anything much bigger. Globally, the market is oversupplied. So that's the headwind there.

是的。我想我們從大多數國內客戶那裡聽到的是，他們看到的情況比去年有了適度改善，而且他們並不期待有太大改善。從全球來看，市場供應過剩。這就是那裡的逆風。

Yeah, Teresa, this is Jim. What I see is we are signing -- we just signed recently within the last two or three weeks to a contract with the Southeast Asian petrochemical company for a sizable ethane contract. I think we'll be back in Southeast Asia for another one. We -- the other thing that I wouldn't be surprised at is ethane feedstock to crackers in other parts of the world is advantaged to naphtha. It wouldn't surprise me and help me, Chris, to see cracker shutdown in other parts of the world and ethylene exports beginning to fill that void.

是的，特蕾莎，這是吉姆。我看到的是我們正在簽署——我們最近兩三週內剛剛與東南亞石化公司簽署了一份規模相當大的乙烷合約。我想我們會再去東南亞一次。我們—另一件我不會感到驚訝的事情是世界其他地區裂解裝置的乙烷原料比石腦油更有優勢。克里斯，如果看到世界其他地區的裂解裝置關閉，而乙烯出口開始填補這一空白，我不會感到驚訝，也不會給我帶來幫助。

Yeah. I mean we're already seeing some of that. And that helps not only our ethylene, but it also helps the propylene markets because those naphtha crackers in the rest of the world also do make some amount of propylene. So that will help rationalization.

是的。我的意思是我們已經看到了一些這樣的情況。這不僅有助於我們的乙烯，也有助於丙烯市場，因為世界其他地區的石腦油裂解廠也生產一定量的丙烯。這將有助於合理化。

Interesting. Thank you so much. And then on the LPG side, following a competitor announcement of a new export project in Galveston Bay, today, how do you think about the potential change to export economics to competitive economics within the region.

有趣的。太感謝了。然後是液化石油氣方面，繼競爭對手今天宣佈在加爾維斯頓灣開展新的出口項目之後，您如何看待出口經濟向該地區競爭性經濟的潛在變化。

Theresa, this is Brent. As you see capacity come online, and there's industry capacity come online this year, we'll have some in the back half of this year as well, and then a larger expansion for next year. But -- right now, the DAC FOB values are pretty healthy. Obviously, as this capacity comes online, this will start to become eroded. When you look at our capital for expansion, it's less than a third of what a greenfield expansion is. So we'll see -- I didn't listen to the call, but that's -- in terms of when we run the numbers, that's a little bit of a challenging project.

特蕾莎，這是布倫特。正如你所看到的，今年一些產能已經上線，而且產業產能也已經上線，今年下半年我們也會有一些產能上線，明年還會有更大規模的擴張。但是－目前，DAC FOB 值相當健康。顯然，隨著這種產能上線，這種產能將開始受到侵蝕。如果你看看我們的擴張資本，你會發現它還不到綠地擴張資本的三分之一。所以我們會看到 - 我沒有聽電話，但是 - 就我們運行數字而言，這是一個有點具有挑戰性的項目。

We're not going to give up our LPG export franchise, and we'll phase more favorable to our customers than anyone.

我們不會放棄我們的液化石油氣出口特許經營權，而且我們將採取比任何人都更有利於客戶的措施。

Understood, nor would I expect you to give anything up, Jim. Thank you.

明白，我也不指望你放棄任何東西，吉姆。謝謝。

Jean Ann Salisbury, (inaudible) Bank.

吉恩·安·索爾茲伯里（聽不清楚）銀行。

Hi. Good morning. Can you talk about how you see the size of the eventual prize for being able to handle sour gas and the Permian. Do you expect sour gas to grow much faster as a share? Or is it mainly a strategy to be able to have a broader customer offering and get more customers?

你好。早安.您能否談談您認為處理酸性天然氣和二疊紀盆地的最終回報規模是多少？您是否預計酸性氣體的份額會成長更快？或者這主要是一種能夠提供更廣泛的客戶服務並吸引更多客戶的策略？

Hey, Jean Ann. This is Natalie. I don't think anything is going to be passed. However, we are permitting a third AGI well or we're in the front of it. We're also expanding the two AGI wells there. We'll build our fourth train and then we have our eyes on the fifth train. So I don't know how quickly, but I think we'll -- it does give us a new asset base to be able to expand integrated value chain to the upstream side.

嘿，Jean Ann。這是娜塔莉。我認為不會有任何事得到通過。然而，我們正在允許第三個 AGI 出現，或者我們處於它的前面。我們還在擴建那裡的兩口 AGI 井。我們將建造第四列火車，然後專注於第五列火車。所以我不知道速度有多快，但我認為我們會——它確實為我們提供了一個新的資產基礎，使我們能夠將綜合價值鏈擴展到上游。

And then as a follow-up, can you just kind of talk about how you expect your Flex NGL exports to ramp as they come online, roughly how much in ethane versus propane service to start?

然後作為後續問題，您能否談談您預計 Flex NGL 出口量在上線後將如何增加，乙烷和丙烷服務的啟動量大致是多少？

Hi, Jean Ann, this is Tug Hanley here. On the ethane side, so we're fully contracted on our base capacity of 540,000 barrels a day. We're in the process. We've identified low-cost expansion debottlenecking projects, and we're well in the contracting that additional capacity. So if you think about how that's going to play out, we're waiting on the [DELC] the ships get delivered as those ships continue to get delivered and ramp our ethane exports at our Neches River terminal that timing coincides with our ship channel expansion around 300,000 barrels a day.

你好，Jean Ann，我是 Tug Hanley。在乙烷方面，我們的基本產能已完全簽約，為每天 540,000 桶。我們正在進行中。我們已經確定了低成本擴張的瓶頸項目，我們正在承包額外產能。因此，如果你想想這將如何發展，我們正在等待 [DELC] 船舶的交付，因為這些船舶將繼續交付，並在我們的 Neches River 碼頭增加我們的乙烷出口，這個時間恰好與我們的航道擴建（每天約 300,000 桶）相吻合。

So long term, we expect it to be ethane at Neches, and we'll have our ship channel expansion to back that. And we're continuing to see robust demand on the ethane exports. And as Brent alluded to, we have a great brownfield expansion opportunities across all three of our export terminals.

因此，從長遠來看，我們預計 Neches 的乙烷產量將達到 1000 萬噸，我們將擴大航道來支持這一目標。我們繼續看到乙烷出口的強勁需求。正如布倫特所提到的，我們的三個出口碼頭都擁有巨大的棕地擴建機會。

And then when our expansion comes on for LPG, we're 85% contracted.

當我們開始拓展液化石油氣業務時，我們的合約簽訂率已經達到 85%。

85% contract on LPGs.

85% 的液化石油氣合約。

Okay. That's great color. I'll leave it there. Thank you.

好的。顏色真棒。我就把它留在那裡。謝謝。

Michael Blum, Wells Fargo.

富國銀行的麥可布魯姆。

Thank you. Good morning, everyone. So I appreciate the slide and the comments on capital allocation. I wanted to ask you about buybacks specifically, just if you're thinking about buybacks any differently as a component of capital return, should we expect the cadence we've seen in the last couple of years should be consistent going forward? Or any change there?

謝謝。大家早安。因此，我很欣賞這張投影片和關於資本配置的評論。我想具體問您關於回購的問題，如果您以不同的方式考慮回購作為資本回報的一個組成部分，我們是否應該預期過去幾年看到的節奏在未來會保持一致？或者那裡有什麼變化嗎？

Yeah, Michael, good morning. Yes, if we sort of come in and carry that theme as far as the potential for cash flow growth to be mid-single digits. Jim mentioned earlier that we had $3.2 billion of excess distributable cash flow in 2024. And if you take that forward a couple of years to 2026 that probably puts you in the neighborhood of $3.5 billion, $3.6 billion of excess DCF.

是的，邁克爾，早安。是的，如果我們繼續這個主題的話，現金流成長的潛力將達到中等個位數。吉姆之前提到，到 2024 年，我們將有 32 億美元的超額可分配現金流。如果你把這個數字提早幾年到 2026 年，那麼你的 DCF 超額可能會達到 35 億到 36 億美元左右。

And then if we're up at the upper end of our growth CapEx range of $2.5 billion, that leaves you about $1 billion, $1.1 billion of excess DCF after fully funding your growth CapEx with excess that's left over for buybacks and debt retirement. Our leverage target, again, is the range 2.75% to 3.25%. Our midpoint 3%. That's about where our leverage is today. And so I think we'll have a lot more flexibility to do buybacks and maybe a little bit of debt retirement once we get out to 2026.

然後，如果我們的成長資本支出達到 25 億美元的上限，那麼在為您的成長資本支出提供全額資金後，您將獲得約 10 億美元、11 億美元的超額 DCF，剩餘的資金可用於回購和債務償還。我們的槓桿目標再次是2.75％至3.25％的範圍。我們的中間點是 3%。這就是我們今天所擁有的優勢。因此，我認為，到 2026 年，我們將擁有更大的靈活性來進行回購，甚至可能進行少量的債務償還。

Thanks for that, Randy. Appreciate it. And then I just wanted to ask about, as we head here into 2025, the M&A landscape. How active what's out there for you? And do you expect this to be an active year for Enterprise? Thanks.

謝謝你，蘭迪。非常感謝。然後我想問一下，當我們進入 2025 年時，併購情況如何。對你來說，有哪些活動比較活躍？您是否預計今年對 Enterprise 來說將是活躍的一年？謝謝。

Yeah. 2024 was a pretty active year, and we've looked at virtually every asset package that came across, and again, Piñon was the most attractive to us, and we executed on that. We do see some additional asset packages, or we think we'll see some later in the year, and we'll take a hard look at those and see what fits well in our system.

是的。 2024 年是相當活躍的一年，我們幾乎研究了所有遇到的資產包，而 Piñon 對我們來說最具吸引力，我們就執行了這一點。我們確實看到了一些額外的資產包，或者我們認為我們會在今年稍後看到一些，我們會仔細研究這些資產包，看看哪些適合我們的系統。

Public company M&A a little bit harder to do, especially if you're end goal is to drive cash flow per share, cash flow per unit growth. public M&A can be a little on the problematic side, don't see as much value as we do with asset purchases. So we'll take a look at both.

上市公司的併購有點難，特別是如果你的最終目標是推動每股現金流、每單位現金流的成長。公開併購可能會有點問題，我們認為其價值不如資產購買那麼大。因此我們將對兩者進行看一下。

Thank you.

謝謝。

Neal Dingmann, Truist Securities.

Truist Securities 的 Neal Dingmann。

Morning. Thanks for the time. My first question, guys, just on GOM. I'm just wondering, it looks like that the processing spread and others have stayed, or I guess they were pretty stable for the remainder of last year. Are you expecting more of that this year? Or maybe just talk about the activity there.

早晨。感謝您的時間。大家好，我的第一個問題是關於 GOM 的。我只是想知道，看起來加工範圍已經擴大，而其他範圍則保持不變，或者我猜去年剩餘時間內它們都相當穩定。您期望今年會有更多這樣的事發生嗎？或只是談論那裡的活動。

I mean I think in terms of the forward curve, Neal, I think we think that spread is going to be there. It's probably more when you look at Waha, it's a function of Waha gas price. Probably think ethane's fairly stable for this year. It's probably going to escalate a little bit. But in terms of the processing spread in our system and the recovery of ethane is probably more of a function of the law of gas price.

我的意思是，尼爾，就遠期曲線而言，我認為利差將會存在。當您查看 Waha 時，它可能更多，它是 Waha 天然氣價格的函數。可能認為乙烷今年相當穩定。情況可能會稍微升級。但就我們系統中的加工範圍而言，乙烷的回收可能更取決於天然氣價格法則。

Got it. Okay. And then just one forward. I'd love to hear just on prospects of now where we sit on the macro side. I'm just wondering based on how you are looking at and you've talked about M&A now today. Is that predicated on what you're thinking on the macro on both the oil and the gas side? I just wanted to hear kind of what you're thinking for the remainder of the year on the macro commodity side.

知道了。好的。然後只需向前一步。我很想聽聽我們現在宏觀的前景。我只是想知道，根據您今天對併購的看法和討論。這是基於您對石油和天然氣宏觀面的思考嗎？我只是想聽聽您對今年剩餘時間宏觀商品方面的看法。

Hey, Neil, would you mind repeating that?

嘿，尼爾，你介意再說一次嗎？

Yeah. Randy, you laid out kind of -- I know you guys are active on the M&A side. I'm just wondering, is this predicated. I'd love to hear you guys always have a pretty good forecast on what you're thinking the commodity-wise both gas, I'd say gas NGLs and oil. I'm just wondering, are you expecting a bit of a ramp commodity-wise for the remainder of the year? And I guess I'm asking is M&A predicated on this?

是的。蘭迪，你已經闡述過了——我知道你們在併購方面很活躍。我只是想知道，這是有根據的嗎？我很高興聽到你們對商品方面（包括天然氣，我想說是天然氣液和石油）的預測總是相當準確。我只是想知道，您是否預計今年剩餘時間內商品價格會上漲？我想問的是，併購是否以此為前提？

I don't know if M&A is predicated on it, but you're talking about ramping price or a ramp in production?

我不知道併購是否以此為前提，但您談論的是提高價格還是提高產量？

Price, Jim. I'm just trying to figure out what you all are thinking for price in the remainder of the year.

普萊斯，吉姆。我只是想知道大家對於今年剩餘時間的價格有何看法。

Price, if we start with oil, it's been range bound, not at really bad prices, quite frankly, it's really been quite range-bound. And not just for the last year, but even longer than that. Our belief is that the OPEC+ continues to be very focused on that. They don't want prices too high, and they don't want them too low.

價格，如果我們從石油開始，它一直在區間波動，價格並不是很糟糕，坦白說，它確實一直在區間波動。而這不僅僅是去年的事，而是比那更長的時間。我們相信，OPEC+將繼續高度關注這一點。他們不希望價格太高，也不希望價格太低。

I don't know what changes that landscape. Right now, there's a lot of discussion about will we move into a -- for lack of a better term, drill baby drill scenario and all signs are that we will not, that it will be, call it, slow and steady from very large numbers already. That said, we continue to see the rich natural gas production, just sticking to the Permian continues to exceed our expectations. And we will be reforecasting and publishing new forecast probably sometime in the second quarter. We're working on it now.

我不知道是什麼改變了那片景觀。目前，有很多關於我們是否會進入一個——缺乏更好的術語，‘鑽嬰兒鑽’方案的討論，所有跡像都表明我們不會，它將是所謂的‘緩慢而穩定’的，從已經非常大的數字來看。話雖如此，我們仍然看到豐富的天然氣產量，僅二疊紀就繼續超出我們的預期。我們大概會在第二季的某個時候重新預測並發布新的預測。我們正在努力。

And I'll say, Neal, I wouldn't be surprised if our natural gas liquids forecast in the Permian specifically is not up again from the prior one but give us some time to work through it. And then Brent's pointed to the natural gas equation it's somewhat weather-related. Waha is very much what pipes can you count on running related. That matters a lot to us. So there, you have that.

我想說的是，尼爾，如果我們對二疊紀盆地的天然氣液體預測沒有比之前的預測更高，我不會感到驚訝，但請給我們一些時間來解決它。布倫特指出天然氣方程式與天氣有一定關係。Waha 與您能依靠哪些管道運作有很大關係。這對我們來說非常重要。就這樣，你已經知道了。

Perfect --

完美的--

Last but not least, we're pretty constructive on natural gas long term just because of what we see from the demand standpoint for LNG and for power.

最後但同樣重要的一點是，我們對天然氣的長期前景持相當樂觀的態度，因為我們看到了液化天然氣和電力的需求。

Okay.

好的。

Jeremy Tonet, JPMorgan Securities.

摩根大通證券的傑里米·託內特 (Jeremy Tonet)。

Hi, good morning. Just wanted to start off, I guess, any updated thoughts out of DC. Just wondering, in the Trump administration, imagine permitting might be easier, also talking about energy emergency and how that could impact permitting overall. Just wondering what you hear coming out of DC, anything different? And could that impact, I guess, your growth strategy going forward?

嗨，早安。我猜，只是想開始了解 DC 的最新想法。只是想知道，在川普政府的領導下，許可可能會更容易，同時也談論能源緊急情況以及這將如何影響整體許可。只是想知道你聽到了來自 DC 什麼不同的東西嗎？我想，這會影響您未來的成長策略嗎？

Remit reform would be nice, but I got to see it to believe it, frankly.

匯款改革會很好，但坦白說，我必須親眼看到才能相信。

Got it. Anything else out of DC on your radar right now or just kind of business as usual?

知道了。您現在還在關注 DC 以外的其他事情嗎？

Jeremy, again, on the permit reform, it just seems like that's going to take some time and pretty involved. The other thing is just what the administration is looking to do as far as from a tax packages -- tax package and extend some of these some of these provisions at sunset at the end of 2025 to get extended.

傑里米，再次談到許可證改革，這似乎需要一些時間並且相當複雜。另一件事是政府在稅收方案方面想要做什麼——稅收方案並將其中一些條款在 2025 年底到期時延長。

So thus far, really no surprises from where we were frankly, right after the election. It seems like the administration and Congress are following through with what they were talking about during the election cycle and right after the election.

所以到目前為止，坦白說，選舉剛結束後，我們並沒有發現任何意外。看起來政府和國會正在履行他們在選舉週期和選舉後所談論的事項。

Jeremy, the lack of permit reform seems to make what we have in the ground to hack them a lot more valuable.

傑里米，缺乏許可證改革似乎使我們在地面上擁有的用於破解它們的東西變得更有價值。

Got it. Yeah. No, absolutely. And just wanted to touch base real quick on the PDH facilities 1 and 2. Where are the current, I guess, operating run rates? And where do you see them going over the course of '25 and kind of hitting a normalized level?

知道了。是的。不，絕對不是。只是想快速了解 PDH 設施 1 和 2。我猜，目前的營運運行率是多少？您認為它們在 25 年內會走向何方並達到正常水平？

You want to hit it, Graham?

你想打它嗎，格雷厄姆？

Yes, Jim, this is Graham. Right now, we're looking to increase the run rates of the PDHs. Obviously, they haven't met our expectations. Currently, we're working through a mechanical issue on PDH-1. But that's coming out of our turnaround last year, it really ran pretty it ran pretty well.

是的，吉姆，這是格雷厄姆。目前，我們正在尋求提高 PDH 的運行率。顯然，他們沒有達到我們的期望。目前，我們正在解決 PDH-1 上的機械問題。但這是我們去年扭轉局面的結果，效果確實很好。

We had a minor blip we're working through right now, but expect a sustained run rate there. PDH-2, we're working through a design issue with our licensor that has the rates -- the rate is currently limited. We expect to get that resolved and our long-term target is to have those operating in the upper 90% of utilization.

我們遇到了一個小問題，目前正在努力解決，但預計問題的解決率會持續下去。PDH-2，我們正在與我們的授權人合作解決速率設計問題——目前的速率受到限制。我們希望解決這個問題，我們的長期目標是讓這些設備的利用率達到 90% 以上。

Okay, got it. Thank you.

好的，明白了。謝謝。

John Mackay, Goldman Sachs.

高盛的約翰‧麥凱 (John Mackay)。

Hey, good morning. Thanks for the time. I want to stay on some of the policy stuff. We've obviously seen a lot of different headlines on the tariff front, we had some kind of retaliatory tariffs from China overnight, I guess. So far from China, they're not on the NGL front, but I guess I'd just be curious to hear your takes overall on any of these energy tariffs, how you think about that in the context of your export footprint. Thank you.

嘿，早安。感謝您的時間。我想繼續討論一些政策上的事情。我們顯然看到了許多關於關稅方面的不同新聞頭條，我想，我們一夜之間就遭遇了中國採取的某種報復性關稅。目前，中國還沒有進入天然氣液體（NGL）領域，但我只是好奇想聽聽您對這些能源關稅的整體看法，以及您如何從出口足跡的角度看待這個問題。謝謝。

China imports -- we don't have -- I think we have one contract with one Chinese company on propane, is that right? Right, but a lot of propane out of the US goes to China or their PDH plants tub. They've got a lot of PDH plants, and they don't have any propane, so I don't see it affecting that. We have ethane contracts with customers. And those crackers can only use that thing to.

中國進口——我們沒有——我認為我們與一家中國公司簽訂了丙烷合同，對嗎？沒錯，但是美國出口的許多丙烷都運往中國或其 PDH 工廠。他們有很多 PDH 工廠，但沒有丙烷，所以我認為這不會對其造成影響。我們與客戶簽訂了乙烷合約。而那些餅乾只能用那個東西來。

So they don't have anything. So from an NGL perspective, I'm not worried. Now that's -- most of what we -- on the LPG that goes we're getting interest in places like Southeast Asia, where we're going to have two contracts before it's all said and done.

所以他們什麼都沒有。所以從 NGL 的角度來看，我並不擔心。現在，我們對液化石油氣的大部分興趣都集中在東南亞等地，在一切塵埃落定之前，我們將在這些地方簽訂兩份合約。

And we're expanding another contract in Asia by 40,000 barrels a day. And then we have a huge contract in Europe. So Doug was a little modest when he says 540,000. I think where we will end up on ethane is $600,000, and he's pointing higher. And then I think on -- I think 85% LPG, I think we'll contract that out before it's all said and done.

而且我們正在亞洲將另一份合約的產量擴大 40,000 桶/日。我們在歐洲有一份巨額合約。因此當道格說 54 萬時，他顯得有些謙虛。我認為乙烷的最終成本是 60 萬美元，而他的預測還更高。然後我想——我認為是 85% 的液化石油氣，我想我們會在一切都說完之前把它承包出去。

All right. I appreciate all that. Thank you. Maybe just follow-up. I wanted to ask about the NGL pipeline side volume, and we're just looking year-over-year, I know there's always a little bit of noise, but volumes were up a lot. Margin itself was an upper time. You guys called out some higher costs. I'd just be curious your take on kind of NGL pipe margins going from here, how to think about those -- that extra OpEx side and then maybe comment on this in the context of broader NGL pipe competition. Thanks.

好的。我對此表示感謝。謝謝。也許只是後續行動。我想問 NGL 管道側的產量，我們只是查看同比數據，我知道總是會有一點噪音，但產量確實增加了很多。保證金本身就是上限時間。你們指出了一些更高的成本。我只是好奇您對 NGL 管道利潤的看法，如何看待這些額外的營運支出，然後在更廣泛的 NGL 管道競爭背景下對此發表評論。謝謝。

Yeah, this is Justin. A few things going on the volume side, just to cover that, significant walk-up volume, which incorporates a lot of our purity movements along with the trajectory that we see on just overall Y-grade growth. So you're seeing some a big quarterly step-up as a function of some of those month-to-month movements on the purity side.

是的，這是賈斯汀。為了涵蓋這一點，在成交量方面發生了一些事情，大量的步行量，融合了我們的許多純度運動以及我們在整體 Y 級增長中看到的軌跡。因此，您會看到純度方面每月變動帶來的季度大幅增長。

But we are continuing to see that nice ramp of Y-grade volumes trending in the right direction. On the -- when you look at the GOM side, it's one thing to note that while Permian Y-grade rates stay in the reinvestment economic range as we build out Bahia, a lot of what changes associated to Rockies flows and those Rockies tariffs are significantly higher.

但我們繼續看到 Y 級產量呈現良好上升趨勢，趨勢正確。從墨西哥灣方面來看，值得注意的是，隨著我們建設巴伊亞州，二疊紀 Y 級油氣開採利率保持在再投資經濟範圍內，但與落基山脈流量和落基山脈關稅相關的許多變化都明顯更高。

And so sometimes I can -- when you look at this volume and GOM perspective can make the fee may otherwise skew the fee. So changes in our Rockies flows can sometimes make the per unit otherwise more skewed than what you would anticipate. So all in all, the growth that we're seeing in the Permian continues to support reinvestment economics on the Y-Grade side.

所以有時候我可以——當你查看這個數量和 GOM 視角時可能會使費用產生偏差。因此，落基山脈流量的變化有時會使單位面積流量比您預期的更加不平衡。總而言之，我們在二疊紀看到的成長繼續支持 Y 級的再投資經濟。

Sorry, just on the context of kind of competition from new pipes coming in, how are you feeling about that?

抱歉，僅從新管道進來帶來的競爭的角度來看，您對此有何感想？

Yeah, we still like our platform. We're still growing our G&P footprint. I'd say when you look at in-service of Bahia in the fourth quarter, we're quickly right behind that, going to convert Seminole back to crude service. We've guided to that in prior calls. And so when you take that into account, going into 2026, we'd expect the year to be 60% full with more coming behind it as we continue to ramp. So we still feel like our platform gives us a pathway to being full over the coming years.

是的，我們仍然喜歡我們的平台。我們仍在擴大我們的 G&P 足跡。我想說，當你看到第四季度巴伊亞州的投入使用情況時，我們很快就會緊隨其後，將塞米諾爾州改回原油服務。我們在之前的電話會議中已經談到了這一點。因此，如果考慮到這一點，到 2026 年，我們預計全年產能將達到 60%，隨著我們繼續增加產能，產能還會更高。因此，我們仍然覺得我們的平台為我們在未來幾年實現繁榮提供了一條道路。

Yeah, it's clear. Thanks for the time. Thanks so much.

是的，很清楚。感謝您的時間。非常感謝。

AJ O'Donnell, TPH.

AJ O'Donnell，TPH。

Yeah, thanks. Goor morning, everyone. I was just hoping maybe we could start on NGL marketing. There was some notable strength there quarter-over-quarter. I was just wondering if you could expand a little bit on the prospects for 2025 in light of commodity price movements and maybe the potential to offset any lower margins from natural gas marketing as a result of higher Waha spreads?

是的，謝謝。大家早安。我只是希望我們可以開始 NGL 行銷。與上一季相比，該季度的業績表現顯著強勁。我只是想知道，考慮到大宗商品價格的變動，您是否可以稍微擴展一下 2025 年的前景，也許有潛力抵消由於 Waha 價差上升而導致的天然氣營銷利潤率下降？

Yeah. I mean it's a function of -- we had some higher fab values across our dock on the LPG side, but the bottom line is, as volatility presents itself in the market will be there to monetize it and we continue to do that, and those opportunities continue to present themselves.

是的。我的意思是，這是一個功能——在液化石油氣方面，我們的碼頭上有一些更高的晶圓廠價值，但最重要的是，隨著市場波動，我們會繼續將其貨幣化，我們會繼續這樣做，而這些機會也會繼續出現。

Okay. Thanks for that. Maybe one more on data centers. We saw the Stargate announcement. And I'm just curious, I know you guys have some intrastate lines in the area. Is there any capacity on your Texas interstate system to be able to feed that project?

好的。謝謝。也許還有一個關於資料中心的問題。我們看到了《星際之門》的公告。我只是很好奇，我知道你們在該地區有一些州內線路。你們德州的州際公路系統是否有足夠的容量來滿足該計畫的需求？

We sold out the capacity on both of our -- it just depends on where the project is. Just to give you some perspective of how much data center demand is out there. We've got probably 20 data center projects in the queue on the Texas side placed over 2 BCF a day of demand. We believe only probably 15% of those projects are showing signs of progress. On the power plant side, which may feed data centers because you believe it's just power from those, we're looking at probably 15 potential projects around 1.2 BCF a day and maybe 50% of those are real.

我們的兩種容量都已售罄——這取決於項目在哪裡。只是為了讓你了解資料中心的需求有多大。我們在德州排隊的資料中心專案大概有 20 個，每天的需求量超過 20 億立方英尺。我們認為，這些項目中只有大概15％顯示出進展跡象。在發電廠方面，它可能為資料中心供電，因為你認為這只是來自發電廠的電力，我們正在考慮大概 15 個潛在項目，每天約 1.2 BCF，其中 50％ 可能是真實的。

So we're -- it depends on where the data center project is, and it stems all the way from Dallas to San Antonio. So if our lines are closed, we're going to take the opportunity to serve the data center where it makes sense.

所以我們 - 這取決於資料中心項目的位置，它從達拉斯一直延伸到聖安東尼奧。因此，如果我們的線路關閉，我們將藉此機會在合理的範圍內為資料中心提供服務。

Okay, great. Thank you.

好的，太好了。謝謝。

Brandon Bingham, Scotiabank.

加拿大豐業銀行的布蘭登‧賓厄姆 (Brandon Bingham)。

Hi. Thanks for taking the questions. If we could go back to the volume side and the volumes outperformance this quarter, just wondering how sticky those volumes are and kind of how you see that progressing throughout 2025?

你好。感謝您回答這些問題。如果我們可以回到本季度的銷售方面和銷量表現，只是想知道這些銷量的黏性如何，以及您如何看待它在 2025 年的發展？

Yeah. Brandon, I think if you'd come in, I mean, that's really just the growth at the wellhead, especially the growth at the Permian, and really the benefit of a value chain. So it's flowing into our gas processing plants, those liquids out of the processing plants flow into our downstream pipelines through our fractionators all the way to the dock. So what is that thing? Well head to water. I think that's pretty much what you're seeing across our system.

是的。布蘭登，我想如果你進來的話，我的意思是，這實際上只是井口的增長，特別是二疊紀的增長，以及價值鏈的真正好處。因此，它會流入我們的天然氣處理廠，來自加工廠的液體會透過分餾器流入下游管道，一直到碼頭。那那是什麼東西？那就去水邊吧。我想這幾乎就是您在我們的系統中看到的。

Awesome. Thank you. And then if we could just quickly go back to the petchem side. And on the margin front, you guys had previously discussed the PDH plants contributing, I think it was roughly $200 million a year in EBITDA whenever they're running as they should. Could you just talk about what margins were baked into that $200 million number and how those compare to what you're currently seeing?

驚人的。謝謝。然後我們是否可以快速回到石化方面。在利潤方面，你們之前曾討論過 PDH 工廠的貢獻，我認為只要它們正常運行，每年的 EBITDA 大約為 2 億美元。您能否談談 2 億美元這個數字中包含的利潤是多少，以及與您目前看到的利潤相比如何？

The margins haven't changed because it's a formulaic price. Isn't that right? Chris?

由於這是一個公式化的價格，所以利潤率沒有改變。是不是？克里斯？

Yeah. The way our PDH contracts are set up, they're all toll-based. So it's cost plus. So it's really just a function of utilization rates.

是的。我們的 PDH 合約的製定方式都是基於收費的。因此這是成本加成。所以它實際上只是利用率的函數。

And really, what we were talking about was I think when we look at where earnings were in 2024, we see the potential for the PDHs to contribute an incremental $200 million in 2025.

實際上，我們談論的是，我認為當我們看看 2024 年的收益情況時，我們看到 PDH 有可能在 2025 年貢獻 2 億美元的增量。

Got it. Okay, thank you.

知道了。好的，謝謝。

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

Good morning. My quick question here is any update on the Morgan's Point fire flex expansion that you can provide?

早安.我的問題是，您能提供任何關於 Morgan's Point 防火彈性擴充的最新消息嗎？

As far as an update on where we are with the Morgan's Point flex train?

可否介紹一下摩根角彈性列車的最新情況？

Yes.

是的。

Yeah. This is Chris D'Anna. We finished the construction at the end of December of last year. So it's in service and ready to serve. Today, it's mostly being filled for ethane because there's a lot of both planned and unplanned outages on the crackers side that's limiting the arb for ethylene, but the -- and the ethane opportunities are there.

是的。這是克里斯·丹娜 (Chris D'Anna)。我們去年12月底就完成了施工。至此，它已投入使用並準備投入使用。如今，它主要用於生產乙烷，因為裂解裝置方面有許多計劃內和計劃外的停工，限制了乙烯的套利，但乙烷的機會仍然存在。

Perfect, Any -- and second one is more on the Haynesville side. Do you still see that as a growth basin? And are you looking at growth opportunities coming out of the Haynesville Basin.

完美，Any ——第二個更偏向 Haynesville 一側。您還將其視為增長盆地嗎？您是否正在關注海恩斯維爾盆地的成長機會？

Haynesville has -- it's a growing basin. Although rig counts wouldn't show that to be true. We have seen some growth in our portfolio, and this is some new acreage developments that producers are hitting. However, I don't know that the Haynesville has truly grown over the last year. I would say the opposite. Over the next year, I think we do see some growth potential that again, gas price drives that story.

海恩斯維爾是一個正在發育的盆地。儘管鑽井數量並不能證明這一點。我們的投資組合有所成長，這是生產商正在開拓的一些新的種植面積發展。然而，我不知道海恩斯維爾在過去的一年裡是否真正發展了。我想說的恰恰相反。在接下來的一年裡，我認為我們確實會看到一些成長潛力，而汽油價格將再次推動這一進程。

Thank you so much.

太感謝了。

We'll be updating our Haynesville forecast, at least for its potential when we have better forecast in the second quarter.

我們將更新海恩斯維爾的預測，至少在第二季有更好的預測時更新其潛力。

It's what it's doing and what its potential is (inaudible)

它正在做什麼以及它的潛力是什麼（聽不清楚）

(inaudible) That's why I used the word potential.

（聽不清楚）這就是我使用潛力這個詞的原因。

Thank you.

謝謝。

Thank you. I would now like to turn the conference back to Libby Strait for closing remarks. Madam?

謝謝。現在，我想將會議轉回利比海峽，並致閉幕詞。女士？

Thank you to our participants for joining us today. That concludes our remarks. Have a good day.

感謝今天的參與者加入我們。我們的發言到此結束。祝你有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

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。