Enterprise Products Partners LP (EPD) 2025 Q2 法說會逐字稿

Thank you for standing by, and welcome to Enterprise Products Partners LP second quarter 2025 earnings conference call. (Operator Instructions)

感謝您的支持，歡迎參加 Enterprise Products Partners LP 2025 年第二季財報電話會議。（操作員指示）

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

現在我想將電話交給投資者關係副總裁 Libby Strait。請繼續。

Good morning, and welcome to the Enterprise Products Partners conference call to discuss second quarter 2025 earnings.

早安，歡迎參加企業產品合作夥伴電話會議，討論 2025 年第二季的收益。

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.

今天的演講者是 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。

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. 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.

在本次電話會議中，我們將根據本公司的信念以及 Enterprise 管理團隊所做的假設和目前掌握的信息，做出《1934 年證券交易法》第 21E 條所定義範圍內的前瞻性陳述。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，但無法保證此類預期將被證明是正確的。

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.

請參閱我們向美國證券交易委員會提交的最新文件，其中列出了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。

With that, I'll turn it over to Jim.

說完這些，我就把麥克風交給吉姆。

Thank you, Libby. Despite facing considerable headwinds, we delivered another good performance this quarter. Seasonally, the second quarter is always tough. But this time, we also face macroeconomic and geopolitical challenges.

謝謝你，莉比。儘管面臨巨大阻力，我們本季仍然取得了良好的業績。從季節性來看，第二季總是很艱難。但這一次，我們還面臨宏觀經濟和地緣政治的挑戰。

Today, we reported adjusted EBITDA of $2.4 billion, $1.9 billion of distributable cash flow, about 1.6 times coverage, and we retained $740 million of DCF. We set five volumetric records for the quarter, processed 7.8 billion cubic feet of natural gas per day, moved 20 billion cubic feet per day through our natural gas pipeline network. We transported over 1 million barrels per day of refined products and petrochemicals. And we have even more plant frac and dock capacity coming online over the next 18 months.

今天，我們報告的調整後 EBITDA 為 24 億美元，可分配現金流為 19 億美元，約為覆蓋率的 1.6 倍，並且我們保留了 7.4 億美元的 DCF。我們在本季創下了五項容量記錄，每天處理 78 億立方英尺的天然氣，每天透過我們的天然氣管道網路輸送 200 億立方英尺的天然氣。我們每天運送超過100萬桶成品油和石化產品。未來 18 個月內，我們將有更多工廠壓裂和碼頭產能投入使用。

We've got nearly $6 billion worth of organic growth projects entering service. That includes two gas processing plants in the Permian that are ramping as we speak and a third plant that is expected to start up in the first part of next year.

我們已有價值近 60 億美元的有機成長項目投入營運。其中包括二疊紀盆地的兩座天然氣處理廠，目前這兩座工廠正在加緊生產，第三座工廠預計明年上半年投產。

Altogether, these three plants will bring our total Permian processing capacity to almost 5 Bcf a day, producing 650,000 barrels a day of liquids. In the fourth quarter, we expect to start up the 600,000 barrel per day by Y-grade pipeline and our frac port team these investments bring more volumes into our NGL value chain.

總的來說，這三家工廠將使我們的二疊紀總加工能力達到每天近 50 億立方英尺，每天生產 65 萬桶液體。在第四季度，我們預計將啟動每天 60 萬桶的 Y 級管道和壓裂港口團隊，這些投資將為我們的 NGL 價值鏈帶來更多的產量。

We started operations at our Natus River terminal. Initially, the facility will have the capacity load ethane at 120,000 barrels a day. In the first half of 2026, the facility will be fully operational or the commissioning of a second train that is a flex train. This expansion will increase its capacity by an additional 180,000 barrels a day of ethane and 360,000 barrels a day of propane.

我們開始在納圖斯河碼頭進行營運。初期，該設施的乙烷產能為每天 12 萬桶。2026 年上半年，該設施將全面投入營運或調試第二列靈活列車。此次擴建將使其乙烷產能每天增加18萬桶，丙烷產能每天增加36萬桶。

This past quarter was dominated by headlines about tariffs and trade many of this being close to home, especially regarding ethane and LPG. We managed to navigate these disruptions. That said, we've been clear about the risk of recognizing US energy exports. These kind of actions rarely hurt the intended target and often backfire hurting our own industry more.

過去一個季度，關稅和貿易佔據了新聞頭條，其中許多都與國內息息相關，尤其是乙烷和液化石油氣。我們設法克服了這些幹擾。儘管如此，我們已經清楚承認美國能源出口的風險。這類行動很少能傷害到預定目標，而且往往適得其反，對我們自己的產業造成更大的傷害。

We're fortunate this administration understands the importance of energy and global trade even if the commerce department may need a little reminder. Unfortunately, we could face similar challenges in the future. We are growing rumors and midstream companies planning to enter the LPG export market. However, this space has become increasingly competitive, and the impact is already evident. Just a year ago, spot terminal fees range from $0.10 to $0.15 per gallon that is no longer the case.

我們很幸運，儘管商務部可能需要一點提醒，但本屆政府了解能源和全球貿易的重要性。不幸的是，我們將來可能會面臨類似的挑戰。有傳言稱，中游企業正在計劃進入液化石油氣出口市場。然而，這個領域的競爭日益激烈，其影響已經顯而易見。就在一年前，現貨終端費用仍處於每加侖 0.10 美元至 0.15 美元之間，但現在情況已不再如此。

In the second quarter, our LPG export volumes rose by 5 million barrels quarter-to-quarter, yet our gross operating margin declined by 37 million. This was driven by the recontracting of a legacy 10-year double-digit term agreement to current market pricing and by a 60% drop in spot rates. Although increased throughput across our Houston Ship Channel pipeline system, help mitigate the decline. It doesn't change the fact that this market has fundamentally shifted.

第二季度，我們的液化石油氣出口量較上季增加了500萬桶，但我們的毛營業利潤卻下降了3,700萬桶。這是由於傳統的 10 年期兩位數定期協議重新簽訂至當前市場定價以及現貨價格下降 60% 所致。儘管我們休士頓航道管道系統的吞吐量增加，有助於緩解下降趨勢。這並不能改變這個市場已經發生根本轉變的事實。

Despite the challenges, however, we remain well positioned to succeed. Our competitive advantage from our existing export infrastructure enables us to make customer needs through brownfield expansions, where new build economics simply don't work, and we will aggressively depend our position. The appetite for US ethane and ethylene remains strong in both Asia and Europe. As to octane enhancement, we've seen margins normalize, after a few years of outsized earnings, but the business remains healthy.

儘管面臨挑戰，我們仍然有充分的條件取得成功。我們現有的出口基礎設施帶來的競爭優勢使我們能夠透過棕地擴建來滿足客戶的需求，而新建經濟根本行不通，我們將積極依靠我們的地位。亞洲和歐洲對美國乙烷和乙烯的需求仍然強勁。至於辛烷值提高，經過幾年的巨額盈利，我們看到利潤率已恢復正常，但業務仍然健康。

Lower margins are a product of new supply in the market, not winning demand. Hydrocarbons is a supply-driven business, and our network of assets reflect that. The majority of our capital projects currently under stored construction directly support our supply strategy, which applies in the whole story. What sets us apart is our extensive connectivity to end users. We are directly or indirectly linked. The 100% of the ethylene plants in the US and 90% of the refineries east of the Rockies.

利潤率較低是由於市場新增供應，而非需求旺盛。碳氫化合物是一個供應驅動的業務，我們的資產網絡反映了這一點。我們目前正在建造的大部分資本項目都直接支持我們的供應策略，這適用於整個故事。我們的獨特之處在於我們與最終用戶的廣泛連結。我們有著直接或間接的連結。美國 100% 的乙烯工廠和落基山脈以東 90% 的煉油廠。

Our export business continues to be a key part of our strategy. With the addition of the Natus River terminal expanded LPG loading at EHT, and increased ethylene export capability at Morgan's Point. We've taken the deliberate step to enhance and expand our downstream footprint, strengthening our access to global markets.

我們的出口業務仍然是我們策略的重要組成部分。隨著納圖斯河碼頭的增加，EHT 的液化石油氣裝載量擴大，摩根角的乙烯出口能力也有所提升。我們已採取慎重措施來增強和擴大我們的下游業務，並加強我們進入全球市場的管道。

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

蘭迪，現在我把話題交給你了。

Okay. Thank you, Jim. Good morning, everyone. Starting with the income statement. Net income attributable to common unitholders was $1.4 billion for both the second quarter of 2025 and 2024.

好的。謝謝你，吉姆。大家早安。從損益表開始。2025 年第二季及 2024 年第二季歸屬於普通股股東的淨收入均為 14 億美元。

Net income to common unit holders on a per unit basis increased 3% to $0.66 per common unit in the second quarter of 2025 compared to $0.64 per common unit for the second quarter of last year, both on a fully diluted basis. Adjusted cash flow from operations, that is cash flow from operations before changes in working capital was $2.1 billion for both the second quarters of 2025 and 2024.

2025 年第二季度，普通股持有人每單位淨收入成長 3% 至每單位 0.66 美元，而去年第二季度為每單位 0.64 美元（均以完全稀釋後計算）。2025 年第二季及 2024 年第二季的調整後營運現金流量（即營運資本變動前的營運現金流量）均為 21 億美元。

Distributable cash flow increased $127 million or 7%, $1.9 billion for the second quarter of 2025, primarily due to lower sustaining capital expenditures compared to last year that had a higher level due to modifications and a turnaround at PDH 1.

2025 年第二季可分配現金流增加 1.27 億美元，即 7%，達到 19 億美元，這主要是由於持續資本支出與去年相比有所降低，而去年由於 PDH 1 的改造和扭虧為盈導致持續資本支出有所增加。

Distributable cash flow provided 1.6 times coverage of the distribution declared for the second quarter this year and Enterprise retained $748 million of distributable cash flow. For the last 12 months, the partnership has retained $3.4 billion of distributable cash flow.

可分配現金流量提供了今年第二季宣布的分配的 1.6 倍，並且 Enterprise 保留了 7.48 億美元的可分配現金流量。在過去的 12 個月中，該合夥企業保留了 34 億美元的可分配現金流量。

We declared a distribution of $0.545 per common unit for the second quarter of 2025, which is a 3.8% increase over the distribution declared for the second quarter of 2024. The distribution will be paid August 14 to common unitholders of record as of the close of business on July 31.

我們宣布 2025 年第二季每股普通股分配 0.545 美元，比 2024 年第二季宣布的分配增加 3.8%。此分配將於 8 月 14 日支付給 7 月 31 日營業結束時登記在冊的普通股持有人。

In the second quarter, the partnership purchased approximately 3.6 million common units off the open market for $110 million. Total repurchases for the 12 months ended June 30, 2025, were $309 million or approximately 10 million common units, bringing total purchases under our $2 billion buyback program to approximately $1.3 billion.

第二季度，該合夥企業以 1.1 億美元從公開市場購買了約 360 萬個普通股單位。截至 2025 年 6 月 30 日的 12 個月的總回購額為 3.09 億美元，或約 1,000 萬個普通股單位，使我們 20 億美元回購計畫下的總購買額達到約 13 億美元。

In addition to buybacks, our distribution reinvestment plan and employee unit purchase plan just a combined 5.5 million common units on the open market of $171 million during the last 12 months, including 1.3 million common units on the open market for $41 million during the second quarter.

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在過去 12 個月中在公開市場上共計購買了 550 萬個普通股，價值 1.71 億美元，其中包括第二季度在公開市場上以 4,100 萬美元的價格購買了 130 萬個普通股。

I've highlighted on past calls that almost 50% of our employees participate in the employee unit purchase plan.

我在過去電話會議中強調過，我們幾乎 50% 的員工都參與了員工單位購買計畫。

We did some analysis using our 2024 K-1s at December 31, 2024, as a group, our employees, retirees and their families owned over 40 million EPD units or almost 2% of outstanding units and made them our second largest unitholder after privately held EFCO at year-end.

我們對截至 2024 年 12 月 31 日的 2024 K-1 進行了一些分析，作為一個整體，我們的員工、退休人員及其家人擁有超過 4000 萬個 EPD 單位，或占未償還單位的近 2%，並使他們成為繼私人控股的 EFCO 之後我們年底的第二大單位持有人。

For the 12 months ending June 30, 2025, enterprise paid out approximately $4.6 billion in distributions to limited partners combined with $309 million of common unit purchases over the same period, Enterprise's total capital return was $4.9 billion, resulting in a payout ratio of adjusted cash flow from operations of 57%.

截至 2025 年 6 月 30 日的 12 個月內，企業向有限合夥人支付了約 46 億美元的分配，並在同一時期購買了 3.09 億美元的普通股，企業的總資本回報率為 49 億美元，調整後的經營現金流派息率為 57%。

Total capital investments in the second quarter of 2025 were $1.3 billion, which included $1.2 billion for growth capital projects and $117 million of sustaining capital expenditures.

2025 年第二季的總資本投資為 13 億美元，其中包括 12 億美元的成長資本項目和 1.17 億美元的持續資本支出。

Our expected range of growth capital expenditures for 2025 and 2026 remain unchanged and $4 billion to $4.5 billion for 2025 and [$2 billion] -- to $2.5 billion for 2026. We continue to expect 2025 sustaining capital expenditures to be approximately $525 million.

我們對 2025 年和 2026 年資本支出成長範圍的預期保持不變，2025 年為 40 億美元至 45 億美元，2026 年為 [20 億美元] 至 25 億美元。我們繼續預期 2025 年維持資本支出約為 5.25 億美元。

Our total debt principal outstanding was approximately $33.1 billion as of June 30, 2025.

截至 2025 年 6 月 30 日，我們的未償還債務本金總額約為 331 億美元。

Assuming the final maturity date for our hybrids, the weighted average life of our debt portfolio was approximately eight hours. Our weighted average cost of debt was 4.7% and approximately 98% of our debt was fixed rate. At June 30, 2025, our consolidated liquidity was approximately $5.1 billion including availability under our credit facilities and unrestricted cash on hand.

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壽命約為八小時。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。截至 2025 年 6 月 30 日，我們的綜合流動資金約為 51 億美元，包括信貸安排下的可用資金和庫存無限現金。

Our adjusted EBITDA for the second quarter was $2.4 billion, and for the last 12 months was $9.9 billion. As of June 30, 2025, our consolidated leverage was 3.1 times on a net basis after adjusting our debt for the partial equity treatment of our hybrid debt and reduced the partnership's unrestricted cash on hand. Our leverage target remains at 3 times plus or minus 0.25 turns.

我們第二季的調整後 EBITDA 為 24 億美元，過去 12 個月的調整後 EBITDA 為 99 億美元。截至 2025 年 6 月 30 日，在調整了混合債務的部分股權處理後的債務並減少了合夥企業的庫存非限制現金後，我們的合併槓桿率為淨額的 3.1 倍。我們的槓桿目標仍為3倍正負0.25倍。

With that, Libby, I think we can open it up for questions.

有了這個，利比，我想我們可以開始問問題了。

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

謝謝。接線員，我們已準備好開始回答問題。

(Operator Instructions) Spiro Dounis, Citi.

（操作員指示）花旗銀行 Spiro Dounis。

First question, I just want to maybe take a look at the second half of 25%. Jim, you mentioned about $6 billion of assets coming online in the second half. Just curious -- how should we think about the ramp-up of those assets? Are there a lot of volumes behind the systems? Should we expect these processing plants to come online pretty full as well?

第一個問題，我只是想看看 25% 的下半部。吉姆，您提到下半年將有約 60 億美元的資產投入使用。只是好奇──我們該如何看待這些資產的增加？系統背後有很多卷嗎？我們是否應該期待這些加工廠也能滿載運轉？

Zach, what would be your ramp-up on [514].

Zach，你的提升計畫是什麼？[514]。

514 will come up completely full. NRT will see a ramp as VLECs are ordered and not only can chime in, but I think the processing plants are going to have a pretty quick ramp to them as well.

514 將完全充滿。隨著 VLEC 的訂購，NRT 將迎來產能提升，不僅可以滿足需求，而且我認為加工廠也將很快迎來產能提升。

Yes. That's right. Delaware and Midland combined is probably around a 90% utilization today. But remember, we just brought those two plants up -- by the end of the year, fourth quarter, mainly driven, Delaware should be full and so should have been.

是的。這是正確的。目前，德拉瓦州和米德蘭的總利用率大概在 90% 左右。但請記住，我們剛剛把這兩家工廠投入使用——到今年年底，也就是第四季度，主要是特拉華州的工廠應該已經滿載運作了。

[Uber] here come up at --

[Uber] 來吧--

[Bahia] should come up probably around 50%, first 12 months, probably closer to 60%. Again, that's middle of fourth quarter startup, so you won't get a full quarter's contribution to the first quarter of next year.

[巴伊亞] 的成長速度大概會在 50% 左右，前 12 個月可能會接近 60%。再說一次，這是第四季度中期的啟動，因此您不會獲得明年第一季的完整貢獻。

Got it. Got it. All very helpful. Second question, maybe just shifting to capital allocation, stepped up the buyback a little bit this quarter. I imagine that was in response to just some volatility in the price.

知道了。知道了。一切都非常有幫助。第二個問題，也許只是轉向資本配置，本季略微加強了回購力道。我想這只是對價格波動的反應。

But as we look forward, you're still holding off that $2 billion to $2.5 billion for 2026. So I wonder now as we're approaching that time frame, do you start ratcheting up the buyback in anticipation of 2026 being a lean year? Or really not until we get into it, do we see any, let's call it, step change in the buyback program.

但展望未來，您仍將保留 20 億至 25 億美元的目標，以達到 2026 年的目標。所以我想知道，隨著我們接近這個時間框架，您是否會開始加強回購力度，以應對 2026 年將是艱難的一年？或者實際上直到我們深入研究它，我們才會看到回購計劃有任何，我們稱之為步驟變化。

Hey Spiro, this is Randy. We had said actually last quarter that our expectation this year was we would probably do anywhere from $200 million to $300 million of buybacks. You're right in the second quarter, we did see some volatility. And so we picked up the pace of purchases and I think we'll continue to be opportunistic for the remainder of this year. I think the larger opportunity for the buybacks will come in 2026. As we really start rolling off much more free cash flow.

嘿，斯皮羅，我是蘭迪。實際上，我們在上個季度曾表示，我們預計今年的回購金額可能會在 2 億至 3 億美元之間。你說得對，在第二季度，我們確實看到了一些波動。因此，我們加快了採購步伐，我認為今年剩餘時間我們將繼續抓住機會。我認為更大的回購機會將在 2026 年到來。隨著我們真正開始產生更多的自由現金流。

Jean Ann Salisbury, BofA.

美國銀行的 Jean Ann Salisbury。

I wanted to go back to some of Jim's commentary on the call. LPG export fees have fallen, pipeline and frac might be overbuilt as well and have some pressure there. How do you see this evolving? And how will enterprise balance defending market share with maintaining your excellent return on capital?

我想回顧一下吉姆在這次通話中的一些評論。液化石油氣出口費用已經下降，管道和壓裂設施也可能建設過剩，並帶來一些壓力。您如何看待這項發展？企業如何在捍衛市場佔有率和維持良好的資本報酬率之間取得平衡？

Hey Jean Ann, this is Tug. So it's -- from our perspective, specifically on LPGs, we stay in 85% and 90% contracted through the balance of the decade. And as far as our strategy, probably using brownfield economics over here, it's all bolt-on infrastructure. So it allows us to be extremely competitive to continue to get term contracts, which we continue to sign up additional counterparties, and we'll continue to do so.

嘿，Jean Ann，我是 Tug。因此，從我們的角度來看，特別是在液化石油氣方面，我們在未來十年的剩餘時間內保持 85% 至 90% 的合約。就我們的策略而言，可能採用這裡的棕地經濟學，即全部附加基礎設施。因此，它使我們能夠極具競爭力地繼續獲得定期合同，我們將繼續與更多的交易對手簽約，並且我們將繼續這樣做。

Jean, the other thing I think is important is that export facility as a way of being a magnet for our pipelines and our fractionators and our storage.

吉恩，我認為另一件重要的事情是出口設施可以吸引我們的管道、分餾塔和儲存設施。

That makes sense. And then I think as my follow-up, it's probably for Tony. There's obviously a lot of concern about potentially slowing oil growth in the Permian next year. If oil growth does slow down or even is flat next year, do you see the rate of gas to oil ratio growth changing, if at all? And how do you think about that?

這很有道理。然後我想作為我的後續行動，它可能適合托尼。顯然，人們非常擔心明年二疊紀盆地的石油產量成長可能會放緩。如果明年石油成長確實放緩甚至持平，您是否認為天然氣與石油比率的成長率會改變？您對此有何看法？

I think, I'll than about that question. First and foremost, we believe the Permian Basin producers have been and will always be looking for oil. That said, they've been drilling about 5,000 locations a year for the last several years. So I would say it's clear that the easiest in oil is locations for the most part have been drilled up. Thus, we have been and we will be drilling gassier benches, and we've talked about that for the last year or two.

我想，我會回答這個問題。首先，我們相信二疊紀盆地的生產商一直在尋找石油，並且會一直尋找下去。也就是說，過去幾年他們每年都會在約 5,000 個地點鑽探。所以我想說，很明顯，石油中最容易開採的地區大部分都已經被鑽探過了。因此，我們已經並且將繼續鑽探含氣層，過去一兩年我們也一直在談論這個問題。

You add to that, that oil naturally declines faster than natural gas does. And we have this very large PDP and very large and growing PDP base in the Permian. So Jean, any way you cut it, all signs point to the Permian Basin continuing to get cashier really for years to come. There's no question about it. I think we're on the topic of the Permian, maybe I'll just talk about how we see the Permian if maybe this is a good time to talk about it.

您也可以補充一點，石油的自然下降速度比天然氣快。我們在二疊紀擁有非常大的 PDP，而 PDP 基地非常龐大且不斷成長。所以，Jean，無論你如何看待，所有跡像都表明，二疊紀盆地在未來幾年將繼續獲得現金。毫無疑問。我想我們現在討論的是二疊紀，如果現在是個好時機，我或許會談談我們如何看待二疊紀。

I think while we're -- when we're on the topic of the Permian maybe I'll just talk about how we see the Permian if maybe this is a good time to talk about it because there's been a lot of questions. (multiple speakers)

我認為當我們討論二疊紀這個主題時，我可能會談論我們如何看待二疊紀，如果現在是談論這個主題的好時機，因為有很多問題。（多位發言者）

It's a great time, Tony.

真是美好的時光，東尼。

Okay. There's a lot that's happened over the last 60 to 90 days. First and foremost, OPEC has abandoned their long-standing market stability roll in favor of market share and on the way to put a couple of 2 million barrels of incremental production on in just a six-month time period. That's a lot.

好的。過去 60 到 90 天發生了很多事情。首先，OPEC放棄了長期以來的市場穩定角色，轉而追求市場份額，並在短短六個月內將產量增加了200萬桶。那太多了。

And then we had the Israel and Iran conflict breakout to a full fledge war and all the oil facilities in Iran and throughout the Middle East were unscathed. So thus, we had the word premium taken out.

然後，以色列和伊朗的衝突爆發為全面戰爭，伊朗和整個中東的所有石油設施都毫髮無傷。因此，我們去掉了「優質」這個詞。

So all that being said, there's a lot of pressure one could see on oil. Meanwhile, we're sitting here in summer driving season around the world and strong demand in the Middle East. So the question is, when the strong demand end, summer driving season ends and Middle East quick using all the oil for electrical generation, what happens to oil and I guess, Jean respectfully, I see there's a lot of people that are -- that have some pretty dire forecast.

綜上所述，石油市場將面臨巨大壓力。同時，全球正處於夏季駕駛旺季，中東地區的需求強勁。所以問題是，當強勁的需求結束，夏季駕駛季節結束，中東迅速將所有石油用於發電時，石油會發生什麼事？我想，Jean，恕我直言，我看到很多人做了相當可怕的預測。

And we feel differently, and I think I'll just point out the reason we feel differently is OPEC has been shorting the market, at least 2 million barrels a day for two years running and more on top of that. So there is a massive hold to be able to put oil into when and if the price drops. So assuming we have a price drop and we moved from backwardation to contango, oil is going to get a signal to trade into storage, and that's the way we see it.

我們有不同的看法，我想我只想指出我們不同看法的原因是歐佩克一直在做空市場，連續兩年每天至少做空 200 萬桶，甚至更多。因此，當油價下跌時，可以儲備大量的石油。因此，假設價格下跌，並從現貨溢價轉為正價差，石油就會收到交易儲存的訊號，這就是我們的看法。

So we're probably not as bearish on price, although we don't have to call price. We're not as bearish as others. But from a fundamental standpoint, I will say we're not as bearish as others. So what does that mean for US producers? We had a brief period where we touched $57. But we're at 65% this morning. And really, when you look at '26, '27 all the way out to '30 we're at $62 to $63.

因此，儘管我們不必預測價格，但我們可能不會那麼看跌價格。我們並不像其他人那麼悲觀。但從基本面來看，我想說我們不像其他人那麼悲觀。那麼這對美國生產商意味著什麼？我們曾短暫觸及 57 美元。但今天早上我們已經完成了 65%。實際上，如果你看一下 26 年、27 年一直到 30 年，我們的價格是 62 到 63 美元。

For the Permian producer, which is where we're focused with our assets, you had the improvement in gas basis because in new pipelines to take away and really Permian producers bottom line is extremely profitable. So I think what we're going to see during earnings season for producers is you're going to see them hold their guidance and not go down where others are saying the Permian is going to be flat to down.

對於二疊紀生產商（我們專注於該資產），天然氣基礎有所改善，因為有新的管道輸送天然氣，二疊紀生產商的底線利潤非常高。因此，我認為在生產商的獲利季節我們將會看到他們堅持自己的指導方針，而不是像其他人所說的那樣，二疊紀盆地的產量將持平或下降。

We just don't believe that's going to happen. You'll see them hold their guidance for the year, and you'll see that they've been aggressive on the hedging '25, '26 and maybe even some of them '27.

我們只是不相信那會發生。你會看到他們堅持今年的指導方針，你會看到他們在 25 年、26 年甚至 27 年的對沖上非常積極。

From a fundamental standpoint, that's how we see it Natalie. What are you seeing? Are we?

從根本上來說，娜塔莉，我們就是這樣看待這件事的。你看到了什麼？是嗎？

Yeah. We are not hearing anything different than we always spoke to in our last earnings call. We actually did get a surprise from one of our producers who brought wells forward in 2026 in our production plans. There are a few production areas too in our portfolio where it's not declining as expected. And obviously leave you with this, in Midland, this year, we will have brought on 463 wells. Next year, we are -- we will -- we have 498 on the schedule. Just to give you some color.

是的。我們聽到的與我們上次財報電話會議所說的內容沒有什麼不同。事實上，我們的一位生產商確實讓我們感到驚訝，他在我們的生產計劃中將油井提前到了 2026 年。我們的投資組合中也有一些生產領域沒有像預期的那樣下降。顯然，今年我們將在米德蘭開鑿 463 口油井。明年，我們 — — 我們將 — — 計劃舉辦 498 場活動。只是為了給你一些顏色。

That's super helpful. Thank you, Tony. You've had a really good record at your forecasting, so that carries some weight. So thank you for the very good answer.

這非常有幫助。謝謝你，托尼。您的預測一直非常準確，因此這很有分量。非常感謝您給出如此好的答案。

Theresa Chen, Barclays.

巴克萊銀行的 Theresa Chen。

I want to go back to the topic of NGL exports. And Specifically, what are the lessons we learned from the BIS ethane incident during the second quarter? Do you think the views of your customers, suppliers and other stakeholders on US ethane exports to China? Do you think those you have structurally changed as a result of this event? And if so, are you likely going to try to find alternate markets or end uses for incremental ethane exports from here?

我想回到 NGL 出口的話題。具體來說，我們從第二季的 BIS 乙烷事件中學到了什麼？您認為您的客戶、供應商和其他利害關係人對美國乙烷出口到中國有何看法？您認為這次事件為您帶來了結構性改變嗎？如果是這樣，您是否可能嘗試從這裡尋找替代市場或增量乙烷出口的最終用途？

Tug, do you want to take it?

塔格，你想拿走它嗎？

Yeah. So if you look at what happened with the BIS requiring export license effectively for ethane, I will say -- we were largely unscathed at enterprise, but I'll remind you that we have a lot of international exposure to other countries other than China, call it, Vietnam, Thailand, India, Europe, Mexico, Brazil. But if it was going to be sustained, I could see if there's any a challenge for ethane structurally here in the US. But what it has done and where it's been a problem if you really compromise the US brand for reliable supply and energy security when you just cut off a counterparty like that.

是的。因此，如果你看看美國商務部工業和安全局 (BIS) 要求有效頒發乙烷出口許可證的情況，我會說——我們的企業基本上沒有受到太大影響，但我要提醒你，除了中國之外，我們還與其他國家有很多國際業務往來，比如越南、泰國、印度、歐洲、墨西哥、巴西。但如果這種情況持續下去，我可以看看美國乙烷是否會面臨結構性挑戰。但是，當你切斷與對手的聯繫時，如果你真的損害了美國可靠供應和能源安全的品牌，那將是一個問題。

In fact, I would tell you -- we had a non-Chinese based company that we're in discussions with about contracting ethane with. And they've now since made a decision to contract naphtha, which is supplied globally versus is coming to the US to get ethane. So from that perspective, it's been disruptive, but in the short term, we were able to manage through it with our diverse contract mix.

事實上，我想告訴你——我們正在與一家非中國公司討論簽訂乙烷合約的事宜。現在他們已決定簽訂石腦油合同，石腦油的供應遍布全球，而不是前往美國獲取乙烷。因此從這個角度來看，這確實會造成破壞，但在短期內，我們能夠透過多樣化的合約組合來解決這個問題。

And then within the Pecan and Refined Products Services segment, what's your forward outlook for PDH as well as what is your view for whether it be the second half or into 2026 about these spread-based businesses. Can you touch a little bit on the incremental supply you see Optane that will persist from here?

然後在山核桃和精煉產品服務領域，您對 PDH 的前景如何，以及您對這些基於價差的業務在下半年或 2026 年的看法如何。您能否稍微談談您認為 Optane 從現在開始將持續成長的供應量？

Yeah. Sure, Theresa. This is Chris. As far as PDHs go, our operating rates have improved quite a bit versus the first quarter. That being said, we're still not happy, and we haven't met expectations about what our onstream time should be.

是的。當然，特蕾莎。這是克里斯。就PDH而言，我們的營運率與第一季相比有了很大的提高。話雖如此，我們仍然不滿意，我們的線上時間也沒有達到預期。

As far as our beef and octane enhancement goes. We've had really a record last three years of high margins. And as Jim touched on in the opening remarks, we've returned to historic margin. So they're still really good. I mean it's still some of the best margins we have in the company, but it's not what we have had historically.

就我們的牛肉和辛烷值增強而言。過去三年我們的利潤率確實創下了歷史新高。正如吉姆在開場白中提到的那樣，我們又回到了歷史性的差距。所以他們仍然非常優秀。我的意思是，這仍然是我們公司目前最好的利潤率之一，但這並不是我們歷史上所擁有的利潤率。

That being said, so far for the month of July, the -- we've seen margins improve just part of that will probably be in driving season.

話雖如此，到目前為止，就 7 月而言，我們已經看到利潤率提高，但其中一部分可能只是在駕駛季節。

We still see the pressure from China. Historically, MTBE was more of a regionally regional market where occasionally, you would see some cargoes coming from Europe or from Asia. And occasionally, we would send some cargoes to Europe or Asia. But by and large, it was regional that's changed with all the additional capacity coming on from China. And we started seeing that pressure, and that's some of the reason why we've seen some weakness.

我們仍然看到來自中國的壓力。從歷史上看，MTBE 更像是一個區域性市場，偶爾你會看到一些來自歐洲或亞洲的貨物。有時，我們也會將一些貨物送到歐洲或亞洲。但總體而言，隨著中國新增產能的增加，地區情況發生了變化。我們開始看到這種壓力，這也是我們看到一些弱點的部分原因。

John Mackay, Goldman Sachs.

高盛的約翰·麥凱。

I want to go back to the margin compression conversation. I think the narrative around the LPG exports Hub is clear. I guess if you could just comment, where do you stand in that process for repricing down those LPG exports? Is that in there now? Or is there maybe a little bit more to work through?

我想回到利潤壓縮的話題。我認為有關液化石油氣出口中心的敘述很清楚。我想您可以評論一下，您對降低液化石油氣出口價格的過程持什麼立場？現在它在裡面嗎？或者可能還有一些工作需要完成？

And then maybe any comment you can make on a related side for anywhere else in the portfolio or particularly the Permian NGL pipes.

然後，您可能可以對投資組合中其他任何地方或特別是二疊紀 NGL 管道的相關方面提出任何評論。

I'll take it and then Tug you take it. I think you heard Tug say we're 85%, 90% contracted on LPG exports through the end of decade. We're going to be full here and simple, and we'll defend it ever how we have to. And Tug, you got anything to add other than we're damn well going to be full?

我拿走它，然後你再拿走它。我想你聽到塔格說過，到本世紀末，我們的液化石油氣出口合約已經完成了 85% 到 90%。我們將在這裡保持充實和簡單，並且我們將以任何必要的方式捍衛它。還有 Tug，除了我們快要吃飽之外，你還有什麼要補充的嗎？

No. We are full, we're in a continued contract pool, but I'll just tell you that we're still executing contracts. So whatever we're going to leave on margin compression we're going to make up by volume.

不。我們已經滿員了，我們處於續約池中，但我只想告訴你，我們仍在履行合約。因此，無論我們在利潤壓縮方面留下什麼，我們都會透過銷量來彌補。

And then just anything you can add on the perm NGL pipe side.

然後，您可以在永久 NGL 管道側添加任何內容。

John, this is Justin. I would say generally on TNF, we have very little recontracting to work through to the balance of the decade. At our core, we still expect production to grow. So long as supply growth is happening, we don't expect recontracting to play a role because we're going to continue to see volumes increase.

約翰，這是賈斯汀。我想說，總體而言，在 TNF 方面，我們在接下來的十年中幾乎不需要重新簽訂任何合約。從本質上講，我們仍然期望產量成長。只要供應量繼續增長，我們預計重新簽約不會發揮作用，因為我們將繼續看到供應增加。

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

I've been reading a little bit about potentially an uptick in activity in the San Juan Basin. I'm just wondering if there's much to that. Are you seeing anything different from your producer customers up there? And could that have a meaningful impact for you guys?

我讀到了一些有關聖胡安盆地活動可能增加的文章。我只是想知道這是否有意義。您是否發現那裡的生產商客戶有什麼不同？這對你們來說會產生有意義的影響嗎？

Not, necessarily where we are located, I guess, the uptick in activity. I don't know if you're talking about the recent acquisition of a player there. But as far as we can tell, our San Juan pretty stable flat to slight really small groups.

我想，不一定是我們所在的位置，而是活動的增加。我不知道您是否在談論最近在那裡收購的球員。但據我們所知，我們的聖胡安相當穩定，平坦，略有小群體。

Okay. Great. I appreciate that. And then just maybe just a follow-up for Tony. I appreciate all the commentary -- is it fair to say, if I think back to your -- I think it was like April 1, updated production forecast if you had to tweak that today, there would be pretty minor tweaks to what you were seeing back in April.

好的。偉大的。我很感激。然後也許只是對托尼的後續行動。我感謝所有的評論——如果我回想一下你的評論——我想那是在 4 月 1 日，更新的生產預測，如果你今天必須對其進行調整，那麼與你在 4 月份看到的情況相比，會有很小的調整。

Michael, that's a great question. I really appreciate it. Yeah, there -- if we had to tweak it today, given the profitability of the Permian producer, those tweaks would be small. So from a black oil standpoint, we were calling from 25 through 27, I think we were calling for 800,000 barrels of growth. Could that be [7%]? Yes, certainly could.

邁克爾，這個問題問得非常好。我真的很感激。是的，如果我們今天必須對其進行調整，考慮到二疊紀生產商的獲利能力，這些調整將會很小。因此，從黑油的角度來看，我們預測從 25 到 27 年間，產量將增加 80 萬桶。難道[7%]？是的，當然可以。

If prices did go through a low spot, if we had a fall in prices and we go into contango, and then waiting for people to start storing could that be a growth of [6%]. I guess on the outside, it could look, we think we grew [350] last year.

如果價格確實經歷了低點，如果價格下跌，我們進入正價差，然後等待人們開始儲存，這是否會導致成長？[6%]。我想從表面上看，我們認為去年我們的成長了 [350]。

So when producers talk about their guidance as we all listen to their calls coming, Michael, and they say they're going to stick to their guidance and their guidance was 3% to 5% growth in the Permian as a general rule. It's not hard math. It's -- I think we're on target, Michael.

因此，當生產商談論他們的指導時，我們都聽到他們的電話，邁克爾，他們說他們將堅持他們的指導，他們的指導一般是二疊紀盆地的增長率為 3% 到 5%。這並不是什麼難的數學問題。這是——我認為我們已經達到目標了，邁克爾。

I think we're on target. And we've said before that liquids forecast is on target to meet our forecast or producers continue to drill gas here. So we feel great about our liquids forecast also. And then Natalie confirmed and Justin is confirmed, Zach is confirmed. That's what we're seeing in the business.

我認為我們已經達到目標了。我們之前說過，液體預測將達到我們的目標，否則生產商將繼續在這裡鑽探天然氣。因此，我們對液體的預測也感到很滿意。然後娜塔莉確認了，賈斯汀確認了，扎克也確認了。這就是我們在業務中看到的。

We're just not a sky is falling scenario. Look, the Permian producer is extremely profitable, especially when you look at what's happened to natural gas basis out there.

我們並不是面臨天塌下來的局面。你看，二疊紀生產商的利潤非常豐厚，特別是當你看到那裡的天然氣基礎發生了什麼變化時。

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

There are a lot of announcements on potential LNG projects and there is a belief that (inaudible) could be supplying some of them. Can you talk about your leverage to the Haynesville shale, maybe talk about the Acadian gas system little.

關於潛在液化天然氣計畫的公告有很多，人們相信（聽不清楚）可以為其中一些項目提供能源。您能否談談您對 Haynesville 頁岩的影響力，或稍微談談 Acadian 天然氣系統。

So our Canadian gas system, we actually went out for open season on our recontracting efforts on that pipeline, actually timing is everything and came up at the right time. So the rates we're going to achieve on that pipe relative to historical is 2 to 3 times what we've seen before. So a little bit more increase in activity, obviously, in the Haynesville with a price of gas, and we'll reap benefits from that.

因此，對於我們的加拿大天然氣系統，我們實際上已經對該管道的重新承包工作進行了公開討論，實際上時機就是一切，而且是在正確的時間進行的。因此，相對於歷史水平，我們將實現的管道產量是先前的 2 到 3 倍。因此，顯然，隨著天然氣價格的上漲，海恩斯維爾的活動會稍微增加，我們將從中獲益。

Okay. And quickly, since your CapEx is dropping. Can you talk about the criteria you could possibly look at for possible and bolt-on opportunities as a company.

好的。而且速度很快，因為你的資本支出正在下降。您能否談談作為一家公司，您在尋找潛在和附加機會時可能考慮的標準？

Yeah. No, I think when we came in and sort of gave future guidance of $2 billion to $2.5 billion, that's really taking into consideration some organic growth that we could see in our system in the coming years, whether it's additional processing plants in the Permian or something more on the distribution side of the downstream part of our system.

是的。不，我認為，當我們加入並給出 20 億至 25 億美元的未來指導時，這實際上考慮到了未來幾年我們系統中可能出現的一些有機增長，無論是二疊紀盆地的額外加工廠，還是我們系統下游部分分銷方面的更多內容。

Keith Stanley, Wolfe Research

基思‧史丹利，沃爾夫研究公司

I want to clarify some of the earlier questions around LPG exports. So you're 85% to 90% contracted through the end of the decade. Given that, is it fair to assume the more meaningful recontracting headwinds on margins are now over with at this point?

我想澄清一些有關液化石油氣出口的早期問題。因此，到本世紀末，您的合約簽訂率將達到 85% 到 90%。有鑑於此，是否可以公平地假設利潤率方面更有意義的重新收縮阻力現在已經結束？

This is tug. That is correct.

這是拖船。沒錯。

Okay. Great. And then I had one on Natus River. So the major projects under construction bucket went down $2 billion from $7.6 million to $5.6 million. It looks like that's two processing plants and Phase 1 of the export facility. That implies the capital cost could be maybe $1 billion or more for Phase 1 of Nature River. Am I thinking about that right, just as a ballpark?

好的。偉大的。然後我在納圖斯河上也遇到了一個。因此，在建主要項目總額從 760 萬美元下降至 560 萬美元，降幅達 20 億美元。看起來那是兩個加工廠和出口設施的第一階段。這意味著「自然河」第一階段的資本成本可能達到 10 億美元甚至更多。我這樣想對嗎？就當作一個大概的數字吧？

Yeah, that's on the ballpark.

是的，大致是如此。

Okay. would Phase 2 be similar to that?

好的。第二階段會與此類似嗎？

Not that much.

沒那麼多。

Brandon Bingham, Scotia Bank.

布蘭登‧賓厄姆，加拿大豐業銀行。

I'd like to go back to capital allocation, if we could, and maybe ask on the inorganic side in a different way. Just given all of the cash in that you guys have, and you have your priorities outlined pretty clearly, would you consider maybe increasing activity and equity investments potentially into areas where you currently do not participate or operate any assets may be like in LNG? Or just how should we think about all of the cash gen moving forward?

如果可以的話，我想回到資本配置問題，也許可以用不同的方式詢問無機方面的問題。考慮到你們擁有的所有現金，並且你們已經非常清楚地列出了你們的優先事項，你們是否會考慮增加活動和股權投資，可能進入你們目前沒有參與或運營任何資產的領域，例如液化天然氣？或者我們應該如何看待未來所有的現金流？

I imagine Randy is going to try to give it to you guys.

我想蘭迪會嘗試把它給你們。

Yeah, Brandon, I don't see us -- and I'm trying to read where you're going with your question is are you asking would we make passive equity investments in LNG facilities.

是的，布蘭登，我不明白我們——我試圖理解你的問題，你是在問我們是否會對液化天然氣設施進行被動股權投資。

Right. Like taking taken a non-op stake or an equity interest or just another way to deploy capital that maybe hasn't been discussed?

正確的。例如取得非經營性股份或股權，或只是另一種可能尚未討論過的資本部署方式？

No.

不。

Yeah. Fair enough. And then maybe just on 2026 growth spend, could you remind us how much is currently committed? And then where do you see the most pressing need to deploy capital? Or maybe ask another way, where is the greatest opportunity across your operations right now?

是的。很公平。然後也許只是關於 2026 年的成長支出，您能否提醒我們目前承諾的金額是多少？那麼您認為最迫切需要部署資本的地方在哪裡？或者換一種方式問，目前您的營運中最大的機會在哪裡？

Yeah, I think when we look at that in 2026, that range of $2 billion to $2.5 billion, what's committed is approximately $2.2 billion.

是的，我認為當我們展望 2026 年時，20 億美元到 25 億美元這個範圍，承諾的金額約為 22 億美元。

And where we go. I really like what we've done in terms of our ethylene. If I look back a few years, we didn't have anything in ethylene. Now we've got a pretty robust storage distribution an export system and those fees are cents per pound, not cents per gallon.

以及我們要去的地方。我真的很喜歡我們在乙烯方面所做的工作。如果我回顧一下幾年前的情況，我們當時還沒有任何乙烯產品。現在我們有一個相當強大的儲存分配和出口系統，這些費用是每磅幾美分，而不是每加侖幾美分。

Jason Gabelman, TD Cowen.

傑森·加貝爾曼（Jason Gabelman），TD Cowen。

I'm afraid I'm going to ask another one on LPG exports. And trying to understand it more from a strategic standpoint, given the amount of build-out that the industry is pursuing on LPG exports. Have your upstream customers told you that you need to more or less have that egress to compete for additional volumes from them. So is this LPG export build driven by what the customer needs and to keep you competitive in contracting with those customers?

恐怕我要再問一個有關液化石油氣出口的問題。並嘗試從戰略角度對此進行更多理解，考慮到該行業在液化石油氣出口方面所追求的擴張規模。您的上游客戶是否告訴過您，您需要或多或少地擁有該出口來爭奪他們的額外容量。那麼，液化石油氣出口的成長是否由客戶需求驅動，並為了讓您在與這些客戶簽訂合約時保持競爭力？

I can't -- this is Tug. I can't speak for what our competitors are doing relative to their CapEx or how much it cost them to build these greenfield facilities. I can just tell you the success we've had on contracting with our brownfield economics, it's there.

我不能——這是塔格。我無法談論我們的競爭對手在資本支出方面做了什麼，或者他們建造這些綠地設施花費了多少錢。我只能告訴你，我們在與棕地經濟簽訂合約方面取得了成功，它就在那裡。

You have to remind yourself as well that Enterprise Mont Belvieu is the pricing point for call it, over 95% of total NGL production in the United States, and that's another competitive advantage we have, and our customers are here to continue to take the LPG exports from our facility at a competitive fee.

您還必須提醒自己，Enterprise Mont Belvieu 是美國 NGL 總產量的 95% 以上的定價點，這是我們的另一個競爭優勢，我們的客戶將繼續以具有競爭力的價格從我們的工廠獲取 LPG 出口。

I think it's worth noting that we've been dealing in the international market since 1983 when we put in an import facility and since 1999 when we built our export facility. We've created a lot of strong relationships, and we've performed. So I don't think -- I think we've got a rather sticky customer base tied to what we've been able to do in the past.

我認為值得注意的是，我們自 1983 年建立進口設施和 1999 年建立出口設施以來就一直在國際市場上開展業務。我們建立了許多牢固的關係，並且表現出色。所以我不認為——我認為我們已經擁有一個與我們過去所做的事情緊密相關的相當黏性的客戶群。

Okay. And my follow-up is, unfortunately, a topic that has also been already asked on, which is capital allocation. And I guess the question is the midstream sector broadly has had multiple expansion given all of the growth opportunities that they've been pursuing over the past couple of years.

好的。不幸的是，我的後續問題已經被問過了，那就是資本配置。我想問題在於，考慮到過去幾年他們一直在追求的所有成長機會，中游產業總體上已經實現了多次擴張。

And as you think about capital allocation moving forward, how important is it to continue to have a robust growth backlog that really competes with other companies in the industry to continue to attract equity investment. And how much -- does that frame your strategic decisions on capital allocation moving forward?

當您考慮未來的資本配置時，繼續擁有強勁的成長積壓以真正與行業中的其他公司競爭以繼續吸引股權投資有多重要。這在多大程度上影響了您未來資本配置的策略決策？

Do you want to take it?

你想拿走它嗎？

Yeah. Let me -- I think, first, we feel like we're in a good place, the basins that we operate in, focus on the Permian, focus on the Haynesville. The sectors that we support the downstream sector, petchem is a little soft right now. But again, they'll cycle through this.

是的。讓我——我想，首先，我們覺得我們處於一個好的位置，我們運作的盆地專注於二疊紀，專注於海恩斯維爾。我們支持的下游產業，石化產業目前有點疲軟。但他們會再次經歷這個過程。

So we like our footprint. We like where we are. We think we'll have bolt-on opportunities from an organic standpoint and an organic standpoint as opportunities arise. When you come back in, especially over the last 2024 and 2025.

所以我們喜歡我們的足跡。我們喜歡我們所在的地方。我們認為，從有機角度和隨著機會出現而有機的角度，我們將獲得附加機會。當你回來時，特別是在過去的 2024 年和 2025 年。

Our CapEx did step up. A lot of that was a step change in capacity to be able to come in and be able to support the growth of our E&P customers coming out of the Permian. I think we're in good shape there. I think we've got some low-cost expansions that we can do on some of those assets that are coming into service. And we're here for the next couple of years anyway, at that $2 billion, $2.5 billion. Our job is to keep our system reliable, keep it up, and we should throw off a lot of cash flow from those businesses and where we see opportunities to deploy it, we will.

我們的資本支出確實增加了。其中很大一部分是產能的逐步變化，以便能夠進入並支持來自二疊紀的 E&P 客戶的成長。我認為我們的情況很好。我認為我們可以對一些即將投入使用的資產進行一些低成本的擴建。無論如何，未來幾年我們的投資金額將是 20 億或 25 億美元。我們的工作是確保我們的系統可靠、持續運行，我們應該從這些業務中釋放大量現金流，只要我們看到了部署現金流的機會，我們就會這麼做。

But honestly, I think discretionary free cash flow is really about to take a step-up in 2026, 2027, and that will give us an opportunity to come and return more capital to our investors.

但老實說，我認為可自由支配的現金流在 2026 年、2027 年確實會有所提升，這將使我們有機會向投資者回饋更多資本。

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

謝謝。現在我想將會議交回利比海峽，請大家致閉幕詞。女士？

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

感謝各位參與者今天的參與。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。