Enterprise Products Partners LP (EPD) 2025 Q3 法說會逐字稿

Thank you for standing by and welcome to Enterprise Products Partners LP's third-quarter 2025 earnings conference call. (Operator Instructions)

感謝您的耐心等待，歡迎參加 Enterprise Products Partners LP 2025 年第三季財報電話會議。（操作說明）

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

現在我將把電話交給投資者關係副總裁莉比·斯特雷特。請繼續。

Good morning and welcome to the Enterprise Products Partners conference call to discuss third-quarter 2025 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.

早安，歡迎參加企業產品合作夥伴電話會議，本次會議將討論 2025 年第三季財報。今天我們的演講嘉賓是 Enterprise 普通合夥人的聯合執行長 Jim Teague 和 Randy Fowler。我們高階管理團隊的其他成員今天也參加了電話會議。

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 Enterprises's management team. Although management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Please refer to our latest filings with the SEC for a list of factors that may cause actual results to differ materially from those in the forward-looking statements made during this call.

在本次電話會議中，我們將根據公司信念以及企業管理團隊所做的假設和目前可獲得的信息，作出符合 1934 年證券交易法第 21E 條規定的前瞻性陳述。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，但無法保證這些預期最終會實現。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作出的前瞻性陳述存在重大差異的因素。

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

那麼，接下來就交給吉姆了。

Thank you, Libby. Good morning. Before we dive into our third quarter results, I want to take a moment to recognize the upcoming to retirement of Tony Chovanec.

謝謝你，莉比。早安.在我們深入探討第三季業績之前，我想花一點時間向即將退休的托尼·喬瓦內克表示祝賀。

Tony has been more than a colleague. He's been a dear friend and a guiding force of Enterprise for nearly two decades. His leadership in building our fundamentals and supply appraisal scheme have steered Enterprise through the shale revolution and set the standard across the industry. We wish him all the best in the next chapter and thank him for his invaluable contributions. Tony will be with us through the start of next year, but we wanted to make sure we had an opportunity to congratulate him on an incredible career on this call.

托尼對我來說不僅僅是同事。近二十年來，他一直是我的摯友，也是 Enterprise 的指路明燈。他在建構我們的基本面和供應評估體系方面的領導作用，引領企業度過了頁岩氣革命，並為整個產業樹立了標準。我們祝福他在人生的下一個階段一切順利，並感謝他所做的寶貴貢獻。托尼將和我們一起工作到明年年初，但我們想確保有機會在這次通話中祝賀他擁有如此輝煌的職業生涯。

Jim, I really appreciate those kind words. And to all of you here around the table, I really appreciate you all. People on the call, the analyst community, our producers, our customers around the world, I'm forever grateful for the interest and respect that you've always shown in our fundamentals and our supply appraisal work sincerely.

吉姆，非常感謝你的鼓勵。我衷心感謝在座的各位。各位參加電話會議的人員、分析師群體、我們的生產商、世界各地的客戶，我衷心感謝你們一直以來對我們的基本面和供應評估工作所表現出的興趣和尊重。

Jim, I want to thank you for years ago when we sat down at your table, recognizing early on that we had something that we now know as a shale revolution and as you put it, you had a bunch of reports on the table in front of you and you told me something's different this time; and giving me the chance to establish a fundamentals team that I've been so honored and frankly, humbled to be part of and I really mean that.

吉姆，我想感謝你多年前我們坐在你的桌旁，你很早就意識到我們正經歷著一場我們現在稱之為頁岩革命的變革。正如你所說，你面前擺著一堆報告，你告訴我這次情況有所不同；你給了我機會組建一支基礎團隊，我非常榮幸，坦白說，能成為其中的一員，我感到無比謙卑，我是真心這麼想的。

I guess last but not least, Corey Johnson, the Data Science team, what you all have taught me over the last four years, I'll take with me the rest of my life. So thanks to everyone. Thank you, sir.

最後，我要感謝 Corey Johnson 和資料科學團隊，在過去的四年裡，你們教我的東西，我將終生受益。所以，謝謝大家。謝謝您，先生。

Yeah, I'm about to cry, Tony.

東尼，我快要哭了。

Now to results. Today, we reported adjusted EBITDA of $2.4 billion for the third quarter, generating $1.8 billion of distributable cash flow, providing 1.5 times coverage. Additionally, we retained $635 million of DCF.

現在來看結果。今天，我們公佈了第三季調整後 EBITDA 為 24 億美元，產生 18 億美元的可分配現金流，提供了 1.5 倍的覆蓋率。此外，我們保留了 6.35 億美元的 DCF。

When I look at the third quarter results, I'm reminded of the long anticipated projects we're commissioning in the fourth quarter. Third quarter results were lighter than expected, but far from discouraging as we look ahead to year end and then to 2026.

當我看到第三季的業績時，我不禁想起了我們將在第四季啟動的那些期待已久的專案。第三季業績低於預期，但展望年底以及2026年，遠非令人沮喪。

After a three-month delay, Frac 14 is now in service and will contribute to our results going forward. The Bahia pipeline and Seminole pipeline conversion will come online in tandem, adding capacity to our NGL pipeline system, and returning capacity and flexibility to our crude oil pipelines. We originally planned for these projects to be completed around midyear, but we look forward to completing them in the remaining months of 2025, and what they'll deliver.

經過三個月的延誤，Frac 14 現已投入使用，並將有助於我們未來的研究成果。巴伊亞管道和塞米諾爾管道改造將同時上線，增加我們天然氣凝液管道系統的輸送能力，並恢復我們原油管道的輸送能力和靈活性。我們原計劃這些項目在年中左右完成，但我們期待在 2025 年剩餘的幾個月裡完成它們，並期待它們能帶來什麼成果。

Our PDH plants are looking up with PDH 1 averaging 95% of nameplate, and PDH 2 showing similar promise as it resumes operations following a third quarter turnaround to address coking in the fourth reactor, an issue that technology licensor has committed at the highest levels to resolve. If you add all that up, I see a lot of upside that was pushed out of the third quarter.

我們的 PDH 工廠正在好轉，PDH 1 平均達到額定產能的 95%，PDH 2 也表現出類似的良好前景，在第三季度進行檢修以解決第四反應堆的結焦問題後，PDH 2 已恢復運行，技術許可方已在最高層承諾解決該問題。綜合所有因素來看，我認為第三季有很多上漲空間被延後了。

As you know, our petrochemical facilities at Mont Belvieu faced their share of opportunities and challenges. Enterprise is built on engineering and operational excellence, and Randy and I couldn't be more proud of the incredible work our petrochemicals teams have done to bring these assets up to our standard. We've never been more confident in the team we have in place today.

如您所知，我們在蒙特貝爾維尤的石化設施面臨許多機會和挑戰。企業以卓越的工程技術和營運能力為基石，蘭迪和我為我們的石化團隊所做的出色工作感到無比自豪，他們使這些資產達到了我們的標準。我們從未像現在這樣對現有的團隊充滿信心。

Neches River terminal is set to be completed next year. We're nearing the end of a multiyear, multibillion-dollar capital deployment cycle that began in 2022. These strategic investments, including pipelines, marine terminals, and key acquisitions, puts us in a great position to capitalize on long-term growth from the Haynesville and Permian Basins.

內奇斯河碼頭預計明年完工。我們即將結束始於 2022 年、歷時多年、數十億美元的資本部署週期。這些策略投資，包括管道、海運碼頭和關鍵收購，使我們處於有利地位，能夠充分利用海恩斯維爾盆地和二疊紀盆地的長期成長。

Finally, I'm sure Randy's going to hit this, but I kind of enjoy stealing his thunder from time to time to say this morning, we announced a $3 billion increase to our buyback program, taking it from $2 billion to $5 billion. While we see plenty of opportunities to efficiently expand our footprint in the future, we're also well-positioned to continue our strong track record of returning capital to our unitholders.

最後，我確信蘭迪會提到這一點，但我還是想時不時地搶他的風頭說一句：今天早上，我們宣布將股票回購計劃增加 30 億美元，使其從 20 億美元增加到 50 億美元。儘管我們看到未來有很多機會可以有效地擴大我們的商業版圖，但我們也處於有利地位，可以繼續保持向股東返還資本的良好記錄。

Growing distributions will continue to be our primary focus. But this expanded program enhances our flexibility to grow buybacks alongside rising free cash flow. We're excited about the next chapter, not just in the years ahead, but in the decades to come.

擴大分銷管道仍將是我們的首要任務。但這項擴大的計畫增強了我們在自由現金流不斷增長的情況下增加股票回購的靈活性。我們對下一個篇章感到興奮，不僅是未來幾年，更是未來幾十年。

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

那麼，接下來就交給蘭迪了。

Thank you, Jim, and good morning, everyone. Starting off with the income statement. Net income attributable to common unitholders was $1.3 billion or $0.61 per common unit on a fully diluted basis for the third quarter of 2025. Adjusted cash flow from operations, which is cash flow from operating activities before changes in working capital, was $2.1 billion for the third quarter of 2025.

謝謝你，吉姆，大家早安。首先來看損益表。2025 年第三季歸屬於普通股股東的淨收入為 13 億美元，即完全稀釋後的每普通股單位 0.61 美元。2025 年第三季度，經調整的營運活動現金流量（即營運資本變動前的營運活動現金流量）為 21 億美元。

We declared a distribution of $0.5450 per common unit for the third quarter of 2025 which is a 3.8% increase over the distribution declared for the third quarter of 2024. The distribution will be paid November 14 to common unitholders of record as of the close of business, October 31.

我們宣布 2025 年第三季每普通股單位發放 0.5450 美元的股息，比 2024 年第三季宣布的股息增加 3.8%。此筆分紅將於 11 月 14 日支付給截至 10 月 31 日營業結束時登記在冊的普通股股東。

In the third quarter, the partnership purchased approximately 2.5 million common units under its buyback program for $80 million. Total repurchases for the first nine months of 2025 were $250 million or approximately 8 million enterprise common units, bringing total purchases under our buyback program to approximately $1.4 billion.

第三季度，該合夥企業根據其回購計劃，斥資 8,000 萬美元購買了約 250 萬個普通單位。2025 年前九個月的總回購額為 2.5 億美元，約合 800 萬個企業普通股單位，使我們的回購計畫下的總購買金額達到約 14 億美元。

In addition to buybacks, our distribution reinvestment plan and employee unit purchase plan purchased a combined 3.5 million common units on the open market for $114 million during the first nine months of 2025, including 1.2 million common units on the open market for $37 million in the third quarter.

除了回購之外，我們的分紅再投資計畫和員工單位購買計畫在 2025 年前九個月在公開市場上共購買了 350 萬份普通單位，花費 1.14 億美元，其中包括第三季度在公開市場上購買的 120 萬份普通單位，花費 3700 萬美元。

For the 12 months ending September 30, 2025, Enterprise paid out approximately $4.7 billion in distributions to limited partners. Combined with the $313 million of common unit repurchases over the same period, Enterprise' returned total capital was $5 billion resulting in a payout ratio of adjusted cash flow from operations of 58%.

截至 2025 年 9 月 30 日的 12 個月內，Enterprise 向有限合夥人支付了約 47 億美元的分紅。加上同期3.13億美元的普通股回購，Enterprise 回饋的總資本為50億美元，調整後的營運現金流量支付率為58%。

As Jim mentioned earlier, we expect an inflection point in discretionary free cash flow in 2026 as we have completed a four-year period of large investments, both organic and acquisitions, that have enhanced and expanded our integrated footprint in the Permian and Haynesville Basins. And our (inaudible) will head to market businesses serving domestic as well as international markets via our marine terminals.

正如吉姆之前提到的，我們預計 2026 年自由現金流將出現拐點，因為我們已經完成了為期四年的大規模投資，包括內生成長和收購，這些投資增強並擴大了我們在二疊紀盆地和海恩斯維爾盆地的綜合業務版圖。而我們的（聽不清楚）將透過我們的海運碼頭，為國內和國際市場提供服務的市場企業。

With the completion of the major projects such as Bahia NGL pipeline and Neches River terminal, we continue to believe our organic growth capital expenditures in the near term will return to our mid-cycle range of approximately $2 million to $2.5 billion per year and largely consists of pipeline expansions and smaller projects, both on the supply and demand side; and natural gas storage, trading, and processing facilities.

隨著巴伊亞天然氣液管道和內切斯河碼頭等重大項目的完成，我們仍然相信，近期我們的有機增長資本支出將恢復到中期週期水平，即每年約 200 萬美元至 25 億美元，主要包括管道擴建和較小的項目（包括供應端和需求端）；以及天然氣儲存、交易和加工設施。

As Jim noted earlier, we announced our Board has approved an increase in our common unit program to $5 billion. The program now has $3.6 billion in capacity allowing us to increase the amount of our annual buybacks as our free cash flow increases.

正如吉姆之前提到的，我們宣布董事會已批准將共同基金計劃的規模增加到 50 億美元。該計劃目前擁有 36 億美元的資金，隨著自由現金流的增加，我們可以增加年度股票回購金額。

In terms of allocation of capital, we see cash distributions to partners growing commensurate with distributable cash flow per unit in the near term, with discretionary free cash flow being evenly split between buybacks and retiring debt.

就資本配置而言，我們預期短期內向合夥人分配的現金將與每單位可分配現金流成比例增長，而可自由支配的現金流將平均分配給股票回購和償還債務。

Growth and cash distributions to partners can be further enhanced by the percent of common units we retire for buybacks.

透過我們回購普通股股份的百分比，可以進一步提高合夥人的成長和現金分配。

Total capital investments were $2 billion in the third quarter of 2025 which included $1.2 billion for growth capital projects, $583 million for the acquisition of natural gas gathering systems from Occidental and the Midland Basin, and $198 million of sustained capital expenditures.

2025 年第三季總資本投資為 20 億美元，其中包括 12 億美元用於成長資本項目，5.83 億美元用於從 Occidental 和 Midland Basin 收購天然氣收集系統，以及 1.98 億美元用於持續資本支出。

Our expected range of growth capital expenditures for 2025 and 2026 remains unchanged at approximately $4.5 billion for 2025 and $2.2 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 年的成長資本支出預期範圍保持不變，2025 年約為 45 億美元，2026 年約為 22 億至 25 億美元。我們仍預期 2025 年的維持性資本支出約為 5.25 億美元。

Our total debt principal outstanding was approximately $33.9 billion as of September 30, 2025. Assuming the final maturity date of our hybrid, the weighted average life of our debt portfolio is approximately 17 years.

截至 2025 年 9 月 30 日，我們的未償債務本金總額約為 339 億美元。假設我們混合債券的最終到期日，我們債務組合的加權平均期限約為 17 年。

Our weighted average cost of debt was 4.7%. And approximately 96% of our debt was fixed rate.

我們的加權平均債務成本為 4.7%。我們約 96% 的債務是固定利率的。

At September 30, we had consolidated liquidity of $3.6 billion which includes availability under our credit facility and unrestricted cash-on-hand.

截至9月30日，我們的合併流動資金為36億美元，其中包括信貸額度下的可用資金和不受限制的現金儲備。

Our adjusted EBITDA was $2.4 billion for the third quarter and $9.9 billion for the last 12 months.

我們第三季的調整後 EBITDA 為 24 億美元，過去 12 個月的調整後 EBITDA 為 99 億美元。

As of September 30, our consolidated leverage ratio is 3.3 times on a net basis after adjusting debt for the partial equity treat of the hybrid debt and reduced by the partnership's unrestricted cash-on-hand. This is above our leverage target of 3.3 times plus or minus a quarter or a range of 2.75 to 3.25 times. This is due to the capital expenditures on our large projects such as NGL Fractionator 14, Bahia NGL pipeline, Neches River terminal, and the acquisition of Oxy's Midland gathering system being included in our debt balance without EBITDA included in our trailing 12 months of EBITDA. We believe our leverage will return to our target range by year-end 2026 when we have a full year of EBITDA from these projects.

截至 9 月 30 日，經調整混合債務的部分股權待遇後，並扣除合夥企業的非限制性現金，我們的合併淨槓桿率為 3.3 倍。這高於我們設定的槓桿目標 3.3 倍，上下浮動四分之一，即 2.75 倍至 3.25 倍的區間。這是因為我們大型專案（如 NGL 分餾裝置 14、巴伊亞 NGL 管道、內切斯河碼頭）的資本支出以及對 Oxy 的 Midland 集輸系統的收購都計入了我們的債務餘額，而這些支出並未計入我們過去 12 個月的 EBITDA 中。我們相信，到 2026 年底，隨著這些專案全年 EBITDA 的實現，我們的槓桿率將恢復到目標範圍。

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

這樣一來，莉比，我們可以開始提問了。

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

謝謝你，蘭迪。接線員，我們已準備好開通問答線路。

(Operator Instructions)

（操作說明）

Jean Ann Salisbury, BofA.

Jean Ann Salisbury，美國銀行。

Good morning. So there are lots of Permian gas pipelines coming on next year in the basin. Do you think that that's going to drive producers to produce more gas at the margin? And do you consider that to be a constraint?

早安.所以明年二疊紀盆地將會有許多天然氣管道投入使用。你認為這會促使生產商提高邊際產量嗎？你認為這是限制因素嗎？

The Permian Basin, Jean Ann, is an oil basin, first and foremost, and it will be forever more. I think the thing that more gas pipelines does do is just, and NGLs, transportation takeaway for both NGLs and natural gas at the end of the day, I'll say, is healthy for the producers, meaning, it is healthy for the basin. That's kind of the bottom line. That's how we see it, Jean Anne.

珍妮安，二疊紀盆地首先是一個石油盆地，而且永遠都會是。我認為，更多的天然氣管道確實能帶來好處，而且從長遠來看，無論是天然氣凝液還是天然氣的運輸，對生產商來說都是有益的，也就是說，對盆地來說也是有益的。這就是問題的關鍵。我們也是這麼看的，珍妮安妮。

That makes sense. And then I think I have one more for you, Tony. I think I know what you're going to say, but as LPG exports ramp, I've gotten this question a lot from people, but do you see Asia rescom and petchem demand as sort of an unlimited sync for all that LPG? Or is there going to potentially require extreme price pressure on global propane to make it flow?

這很有道理。東尼，我想我還有一個問題想問你。我知道你要說什麼，但隨著液化石油氣出口的增加，很多人都問過我這個問題：你是否認為亞洲再生能源和石化產品的需求會成為液化石油氣的無限供應？或者說，是否需要對全球丙烷價格施加極大的壓力才能使其流通？

Jean Ann, I'm going to punt that one to Tug because he travels the world, he and his team. If that's okay, Tug, can I do that?

Jean Ann，我要把這件事交給Tug，因為他和他的團隊週遊世界。如果可以的話，Tug，我可以這樣做嗎？

Yeah. This is Tug. In short, I'd say both rescom demand is growing internationally and petrochemical due to lighting of the petrochemical feed slate. But the growth is really part of supply. The US will export what's needed to balance the market. And price will ultimately adjust upon that global demand. So we're not necessarily worried about demand.

是的。這是 Tug。簡而言之，我認為國際上再生能源需求和石化產品需求都在成長，這得益於石化原料價格的上漲。但這種增長實際上是供給增加的一部分。美國將出口平衡市場所需的商品。價格最終會根據全球需求進行調整。所以我們不一定擔心需求。

Hi, Jean Ann. This is Jim. I've got a fundamental that I always believe in. Price creates supply and price creates demand. We're not going to have an issue with demand.

你好，珍妮安。這是吉姆。我始終堅信一個基本原則。價格創造供給，價格創造需求。我們不會面臨需求方面的問題。

Hey, Jean Ann, while you're still on the line, I guess, I sort of have one for you. You and I have always been in the industry sort of obsessed with this molecule called, ethane, as you know. And we haven't always been on the same side of the ledger relative to this molecule which now, I'm again just looking back, has become very important and will become more important.

嘿，珍妮安，趁你還在電話裡，我想問你一個問題。如你所知，你我一直以來都對一種叫做乙烷的分子非常著迷。而且，對於這種分子，我們並非一直都站在同一陣線上。現在，我再次回顧過去，這種分子已經變得非常重要，而且會變得越來越重要。

I remember in 2018 at our analyst meeting, I was on crutches and just after we were at the Museum of Natural Science and sitting on the sidelines. And you came and sat down next to me and you said, I want to sit next to the only (inaudible) bear besides myself in the industry. Do you remember that?

我記得在 2018 年的分析師會議上，我拄著拐杖，會議結束後我們去了自然科學博物館，坐在場邊。然後你走過來坐在我旁邊，說：“我想坐在業內除了我之外唯一的（聽不清）熊旁邊。”你還記得這件事嗎？

I do. I remember that, Tony.

我願意。我記得這件事，東尼。

And so what I'd like to say is we're approaching a million barrels a day of exports for ethane. That's a line of sight that the industry can see. And just like we talked that day, we still have 600,000 to 800,000 barrels a day that's being rejected.

因此，我想說的是，我們每天的乙烷出口量即將達到100萬桶。這是業內人士都能看到的觀點。正如我們那天所說，我們每天仍然有 60 萬到 80 萬桶原油被拒收。

Yeah. That's unbelievable. Tony, thank you for all of your help and time over the years. I'm really going to miss working with you.

是的。真是難以置信。東尼，感謝你這些年來給我的幫助和時間。我真的會很想念和你一起工作的日子。

Thank you so much.

太感謝了。

Theresa Chen, Barclays.

特蕾莎·陳，巴克萊銀行。

Good morning. I'd also like to congratulate Tony on his retirement and thank him for his insights and help over the many years. We wish you the best, Tony.

早安.我還要祝賀托尼退休，並感謝他多年來的真知灼見和幫助。祝你一切順利，托尼。

Thank you, Theresa.

謝謝你，特蕾莎。

Going to the capital allocation side of things, on the upside buyback authorization, would you all talk about -- or just provide more details on the capital allocation outlook for the next couple of years? What do you see at this point as a steady state run rate for CapEx? And do you expect to buy back stock on a more rateable basis given the visibility in free cash flow growth? Or will it be more opportunistic and dependent on market dynamics?

就資本配置方面而言，關於上漲後的股票回購授權，大家能否談談──或者提供更多關於未來幾年資本配置前景的細節？您認為目前資本支出的穩定運行速度應該是多少？鑑於自由現金流成長的可見性，您是否預期以更合理的利率回購股票？或者它會更注重機會主義，並依賴市場動態？

Okay. Theresa, this is Randy. Yeah, I think when we come in and think about, sort of, as you put it, over the near term, the next two or three years on organic growth CapEx, we do see it in the $2 billion, $2.5 billion range, with the projects that we currently have announced and with a few that we've got pretty good visibility on that we think will come forward that's included in expectations. Next year, we see really $2.2 billion to $2.5 billion. Could next year get to $2.6 billion, $2.7 billion? It could. But we don't see it going to $3 billion. And so I think that's sort of where we are on the CapEx side.

好的。特蕾莎，這是蘭迪。是的，我認為當我們考慮一下，正如你所說，在短期內，未來兩三年內，關於有機增長資本支出，我們預計支出將在 20 億至 25 億美元之間，這包括我們目前已宣布的項目，以及一些我們比較清楚將會推進的項目，這些項目都包含在預期之中。明年，我們預計實際收入將達到 22 億至 25 億美元。明年能達到26億美元、27億美元嗎？有可能。但我們認為它不會達到30億美元。所以我覺得這就是我們在資本支出方面目前的狀況。

And so as a result, given those numbers, we'll have some free cash flow to deploy. And again, at this point, looking to split it between buybacks and debt paydown. And I think because we're leaning in a little bit more on buybacks than what we've done over the last two or three years, there could be an element of programmatic buybacks in there as well as, I think, with the component of debt paydown that we have in there as well, that gives us a little bit more flexibility to be opportunist. So really, I see the buybacks having a component of both programmatic and opportunistic.

因此，根據這些數據，我們將有一些自由現金流可供使用。目前來看，這筆錢將用於股票回購和償還債務。我認為，由於我們比過去兩三年更傾向於股票回購，其中可能包含一些程序化回購的成分，而且我認為，再加上我們還有償還債務的計劃，這讓我們在把握機會方面有了更大的靈活性。所以，我認為股票回購既包含程序化因素，也包含機會主義因素。

Understood. Thank you. And with, (inaudible) announced plans yesterday to potentially move up to 150,000 barrels per day of repined products, primarily from its own refineries from (inaudible), could this lead to better utilization and or marketing opportunities on your Texas Western product system that recently went into service in ramped? How do you see this evolving?

明白了。謝謝。昨天，（聽不清楚）宣布計劃將每天最多 15 萬桶的煉油產品（主要來自其自己的煉油廠）從（聽不清楚）輸送出去，這是否會給你們最近投入使用的德克薩斯西部產品系統帶來更好的利用率和/或市場機會？您認為這種情況會如何發展？

Yeah. Theresa, this is Justin. So clearly, a lot of headlines out there with respect to people reacting to ongoing closures and potential future closures in California. Two points to make. There's a lot to unpack with respect to the projects out there whether or not they go or not; and then also what the future closures or potential closures in California will be. But we'll hang our hat on two things with respect to the system. One is we run a unique corridor pretty much direct to Salt Lake. And to the extent that Salt Lake gets net shorter as a result of these projects, then we're going to stand to be the beneficiary.

是的。特蕾莎，這是賈斯汀。顯然，關於加州持續關閉和未來可能關閉的場所，有許多新聞標題正在報導人們對這些關閉措施的反應。有兩點需要說明。關於這些項目能否順利進行，有許多問題需要探討；此外，加州未來可能會有哪些項目關閉或面臨關閉，也有很多問題需要探討。但就這個體係而言，我們最看重兩點。其一是我們經營一條幾乎直通鹽湖城的獨特通道。如果這些項目導致鹽湖城的淨截面積減少，那麼我們將從中受益。

And then if you zoom out to our overall product system, both our TW system and our legacy TE system benefit from mid (inaudible) and pricing being at a premium to the Gulf. And really, all three of these projects that have been announced do some degree of that. So our overall product system will benefit by if any of them go. Again, early days, we'll have to see how it plays out.

然後，如果你把視角放大到我們的整體產品系統，我們的 TW 系統和我們傳統的 TE 系統都受益於中端（聽不清楚）和定價高於海灣地區的水平。事實上，這三個已公佈的項目都在某種程度上實現了這一點。因此，如果他們中的任何一位離開，我們的整體產品體係都會受益。現在還為時過早，我們得看看事情會如何發展。

It's very helpful. Thank you.

這很有幫助。謝謝。

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

Thanks. Good morning. I also wanted to wish congratulations to Tony. We really enjoyed working with you, so congrats.

謝謝。早安.我也想向托尼表示祝賀。我們非常榮幸能與您合作，恭喜您！

Thank you, Michael.

謝謝你，麥可。

I wanted to ask kind of a macro question, I guess. So you're signaling here an inflection point. You've completed a big capital buildout phase. And now you're kind of pivoting to some more cash return to shareholders. How much of this is just your view that the macro is less constructive, with oil prices lower, drilling slowing, et cetera? Or is it just a function that you think that your system is built out, you're still expecting that growth, but you just have ample capacity?

我想問的是一個比較宏觀的問題。所以你是在暗示一個轉捩點。你們已經完成了一個大型資本建設階段。現在你們似乎正在轉向向股東返還更多現金。這其中有多少只是您個人對宏觀經濟情勢不利（例如油價下跌、鑽探活動放緩等）的看法？或者，這只是你認為你的系統已經建置完成，你仍然期望成長，但你只是擁有充足的容量？

Michael, I think it's just a function of large projects. Come back in and if you just look at our history, we have had some large capital-intensive projects that we put into service. And again, our CapEx is flexed up. And then, it's come back in to a sort of a normal mid-cycle range. And I think that's where we are. Probably, the most recent cycle of that was in 2015-2016, where we built the Morgan's Point ethane export facility. We built built the Aegis ethane pipeline running over to South Louisiana. And then we built the Midland Echo 1 system. That was a period of elevated CapEx. And then, we came back down and it was sort of a $2.5 billion range until we saw the next large capital projects. So I think it's more of a function of that as opposed to a change in our macro view of the economy.

邁克爾，我認為這只是大型專案的一個特徵。回顧我們的歷史，我們曾投入使用一些大型資本密集型專案。我們的資本支出再次增加。然後，它又回到了正常的周期中期範圍。我認為這就是我們目前的處境。可能最近一次是在 2015-2016 年，當時我們建造了摩根角乙烷出口設施。我們建造了通往路易斯安那州南部的 Aegis 乙烷管道。然後我們建造了 Midland Echo 1 系統。那段時間資本支出很高。然後，我們又把預算降了下來，大概維持在 25 億美元左右，直到我們看到下一個大型資本項目。所以我認為這比較是這種因素造成的，而不是我們對宏觀經濟看法的改變。

Okay. Thanks for that. It makes sense. And then, on the buyback, I wanted to ask how you're going to basically balance the potential increase in buybacks with any tax ramifications for your unitholders. And does that create any kind of limit to the amount of buybacks you can do in any given year because of taxes? Thanks.

好的。謝謝。這很有道理。然後，關於股份回購，我想問一下，您將如何平衡股份回購可能增加與對單位持有人可能產生的任何稅務影響之間的關係。那麼，由於稅收原因，這是否會對每年可以進行的股票回購數量造成任何限制？謝謝。

The tax ramifications are really for those selling unitholders. Not for the unitholders that remain.

稅務影響實際上主要針對出售股份的持有人。但這對剩餘的單位持有者來說並非如此。

Thanks a lot.

多謝。

Did I answer your question, Michael?

邁克爾，我的回答是否解決了你的問題？

You did. Thank you.

你做到了。謝謝。

John Mackay, Goldman Sachs.

約翰麥凱，高盛集團。

Good morning, everyone. Thank you for the time. Tony, I'm going to make sure we get a few last ones out of you while we still have you. So thank you again.

各位早安。感謝您抽出時間。東尼，趁你還在，我一定要從你身上榨取最後幾個字。再次感謝。

Thank you.

謝謝。

We haven't really talked about the broader macro that much. (inaudible) kind of touched on it. You guys were a little ahead of the curve on being a little cautious earlier this year. I'd love just to hear a little kind of mark-to-market on what you're thinking now and what you're hearing from your permanent producer customers.

我們還沒有真正深入討論宏觀經濟層面的問題。 （聽不清楚）只是稍微提了一下。今年早些時候，你們在謹慎行事方面確實有點先見之明。我很想聽聽您現在的想法以及您從長期合作的客戶那裡聽到的回饋，並了解市場行情。

Is Natalie in here?

娜塔莉在這裡嗎？

Yeah, I think. Natalie, tell us what you're seeing on our systems would be the best way to start.

是的，我想是的。娜塔莉，最好的方法是先告訴我們你在我們的系統中看到了什麼。

Hey, Michael. This is Natalie Gayden. I would say in Midland, volumes are outperforming our expectations. I think the last time I sat on this call, I gave some well connects just for color. The well connect in '26 are up 25% from what I told you last time. We're now expecting almost over 600 wells to be connected to the system next year. A lot of that fourth quarter surged from the original 500.

嘿，麥可。這是娜塔莉·蓋登。我認為米德蘭的銷量超出了我們的預期。我覺得上次我參加這個電話會議的時候，我為了增添一些趣味性，給了一些不錯的連結。2026 年的良好聯繫比我上次告訴你的增加了 25%。我們預計明年將有近 600 口油井連接到該系統。第四季很多股票都是從最初的500檔股票中暴漲而來。

In the Delaware, same growth trajectory. We've got a record number of wells being connected to the low pressure system we've built up in the northern Delaware. That growth curve is deepening for Delaware and the trajectory remains intact and increasingly constructive.

特拉華州也呈現同樣的成長軌跡。我們在特拉華州北部建立的低壓系統已經連接了創紀錄數量的油井。特拉華州的成長曲線正在加深，成長軌跡依然保持完整，並且越來越具有建設性。

And then lastly, I'll say this and I may say it more than once, but we don't talk about base volume durability and PDP and how it holds in on gas. I think that's sometimes what people miss. And I'll just give you an example. We have a producer in Midland that finished their development program a year ago. Today in Midland, those volumes are flat with where they were then. So in some part of the PDP and the base volume and durability of that volume, I think that's just upside.

最後，我要說一點，而且我可能會說不止一遍，但我們不討論基礎體積耐久性和 PDP 以及它如何保持氣體。我覺得這有時正是人們所忽略的。我給你舉個例子。我們在米德蘭有一位製片人，他們一年前完成了發展計劃。如今米德蘭的這些銷量與當時相比已經持平。所以，在 PDP 的某些部分以及該體積的基礎體積和耐用性方面，我認為這只是一個優勢。

Jay, you got anything on crude oil or Justin on NGLs?

傑伊，你有什麼原油方面的資訊嗎？賈斯汀，你有什麼天然氣凝液方面的資訊嗎？

Yeah. This is Jay on crude. My story is similar to Natalie. Again, we don't have the same large footprint. We're probably more heavily weighted with Midland Basin. But from '24 averages to '25, we saw well above a double-digit gain and gathering. And we're seeing in, at least based on producer, curves for '26, something very similar.

是的。這是傑伊在原油上的報導。我的經歷和娜塔莉很相似。此外，我們的佔地面積也沒有那麼大。我們可能更看好米德蘭盆地。但從 2024 年的平均水平到 2025 年的平均水平，我們看到了兩位數以上的成長和聚集。至少根據生產商的說法，我們看到 2026 年的曲線也非常相似。

How are you contracted on Seminole?

你如何與塞米諾爾隊簽約？

Yeah. We've mentioned it, Seminole comes up at the beginning of next year. We do have some space as that pipeline ramps up. But over the course of '26, we've become very well contracted over the year.

是的。我們已經提過，塞米諾爾隊將在明年年初出場。隨著這條管道產能的提升，我們還有一些空間。但在 2026 年，我們這一年已經簽訂了非常完善的合約。

I'll say again, it'll be the last time I say it, the PDP wedge is the most underappreciated thing in the industry, particularly when you're in the (inaudible) company. That's the reality, and we see it time and time again.

我再說一遍，這將是我最後一次說，PDP楔形墊片是業界最被低估的東西，尤其是在（聽不清楚）公司裡。這就是現實，我們一次又一次地看到這一點。

That's absolutely clear. I appreciate all that color. Second one from me is, you talked a little bit about some of these projects coming on maybe a little later than hoped. Could you just give us a general target? $6 billion of projects coming on between now and the next couple of quarters, when would you expect those all, generally, (inaudible) to be fully ramped?

這一點非常清楚。我喜歡這些色彩。我的第二個問題是，您剛才提到，其中一些專案的啟動時間可能比預期要晚一些。能否給我們一個大致的目標？從現在到接下來的幾個季度，將有價值 60 億美元的專案啟動，您預計這些專案通常何時能夠全面全面投產？ （聽不清楚）

I think he asked if with these projects, when would we expect them to be fully ramped that I referred to in my -- Yeah. I think what I said was Bahia will be on it at end of November, 1st of December. Justin? Okay. Frac 14 is up and running. PDH 2 was in the process of running. What else was it? Our Neches River terminal in --Take your shot, Tug.

我想他問的是，對於這些項目，我們預計何時才能全面啟動，就像我之前提到的那樣——是的。我想我之前說的是，巴伊亞將在11月底，也就是12月1日左右出現在賽場上。賈斯汀？好的。第 14 號分餾裝置已啟動並運作。PDH 2 正在運行中。還能是什麼呢？我們在內奇斯河的碼頭－放馬過來吧，拖船。

Yeah. This is tug. Yeah, NRT will be. It's ramping right now. It'll be full by the middle of next year, the first train. And then the second train comes online shortly after that. And that'll be our LPG ethane flex train. And we'll have long-term LPG contracts commence once that train starts as well.

是的。這是拉力賽。是的，NRT會的。現在正處於加速發展階段。到明年年中，第一班火車就會滿員。隨後不久，第二列火車也投入營運。那將是我們的液化石油氣乙烷柔性燃料列車。一旦該列車投入運營，我們將開始簽訂長期液化石油氣合約。

Okay. Are you fully contracted on ethane and LPG?

好的。你們的乙烷和液化石油氣供應是否已全部簽訂合約？

We're around 90% contracted on LPG, and we are fully contracted on ethane (inaudible) term.

我們已經簽訂了約 90% 的液化石油氣合同，並且乙烷（聽不清楚）的合約已全部簽訂。

All right. I appreciate all the color. Thank you.

好的。我喜歡這些色彩。謝謝。

Jeremy Tonet, J.P. Morgan.

傑里米·託內特，摩根大通。

Good morning, guys. This is (inaudible), on for Jeremy. I just had one question. I think previous remarks have touched upon the potential for, not a major step up in '26 organic growth CapEx but maybe point to the high end, if anything. In that case, curious where in the value chain you see the most attractive opportunities for organic growth, and if you could just expand upon that a little bit.

各位早安。這是（聽不清楚），請傑瑞米上台。我只有一個問題。我認為先前的發言已經提到了2026年有機成長資本支出可能不會大幅成長，但或許會達到高端水準。在這種情況下，我很好奇您認為價值鏈中哪些環節最有吸引力，能夠帶來有機成長，能否再詳細闡述一下？

I'll take the first shot at it and then, Natalie and maybe Tug. I mean, I don't think we're rebuilding gas processing plants. And the appetite we have for exports is stunning. And I think you could see us, it'll be in both directions. Natalie, process?

我先試一次，然後是娜塔莉，也許還有塔格。我的意思是，我認為我們不會重建天然氣處理廠。我們對出口的需求令人震驚。我想你們都能看到我們，無論從哪個方向看過去。娜塔莉，流程是什麼？

Yeah. This is Natalie. On processing, if you think about it, there's 5 Bcf a day under construction, let's just call it in the Permian, of gas processing capacity in a basin that's been growing almost 2.2 Bcf a day a year. So in the near term, probably, call it one- to two-year window. We've got clear line of sight with two more 300 a day plants, beyond what we've announced. One in each basin. And we've got further expansion opportunities beyond that. And then as we expand our gathering system, our ability to scale with capital efficiency is really rooted in the reach that we already have. I'll just leave it there.

是的。這是娜塔莉。就天然氣處理而言，如果你仔細想想，在二疊紀盆地，每天有 50 億立方英尺的天然氣處理能力正在建設中，而該盆地的天然氣產量每年增長近 22 億立方英尺。所以短期內，大概可以稱為一到兩年的時間窗口。除了我們已經宣布的計劃之外，我們還有明確的計劃，將再建兩座日產 300 噸的工廠。每個盆裡放一個。而我們還有進一步的擴張機會。隨著我們擴大收集系統，我們以資本效率擴大規模的能力實際上取決於我們已經擁有的覆蓋範圍。我就把它放在那裡吧。

Natalie, do you want to add on what we're seeing on natural gas-fired power generation in Louisiana, Texas?

娜塔莉，你能否補充一下我們在路易斯安那州和德克薩斯州看到的天然氣發電情況？

Yeah. So we're capturing indirect upside from some of those data center demand really through incremental power gen across Texas and Louisiana. We have an advantage interconnect footprint in, really, San Antonio and Dallas area. So we're well-positioned to benefit from that trend without really much incremental CapEx. On the behind-the-meter side, we've got several high margin kind of low touch opportunities that require minimal investment there, but they offers outside value uplift.

是的。因此，我們透過德州和路易斯安那州的增量發電，間接地從一些資料中心需求中獲得了收益。我們在聖安東尼奧和達拉斯地區擁有強大的網路優勢。因此，我們完全有能力從這一趨勢中受益，而無需增加太多資本支出。在儀錶板後方，我們有一些利潤率高、接觸量小的機會，這些機會只需要極少的投資，但卻能帶來外部價值提升。

Yeah. This is Tug. With respect to ethane, specifically on the export side, we're continuing to see strong international interest for ethane. There's a lot of demand, so there could be some opportunities there as well.

是的。這是 Tug。就乙烷而言，尤其是在出口方面，我們繼續看到國際社會對乙烷的濃厚興趣。需求很大，所以那裡也可能存在一些機會。

Got it. Very helpful. Thank you, guys.

知道了。很有幫助。謝謝大家。

Keith Stanley, Wolfe Research.

Keith Stanley，Wolfe Research。

Good morning. First I thought you sounded more optimistic than previously on the PDH issues now being behind you. Am I hearing that right? And can you talk a little more to what gives you confidence after this turnaround that you're more or less in the clear going forward?

早安.起初我覺得你現在對PDH問題已經過去這件事比以前樂觀多了。我沒聽錯吧？能否再詳細談談，是什麼讓您在這次情況好轉後有信心，認為您未來基本上已經擺脫困境？

This is Graham. On the PDH 2, we've had some issues with coking on the fourth reactor, as Jim mentioned in his remarks. We've developed new operating procedures and made some modifications during the outage to address some of those. And we continue to work with a high level team from our licensor to improve the process.

這是格雷厄姆。正如吉姆在演講中提到的，PDH 2 的第四反應爐出現了一些結焦問題。我們制定了新的操作規程，並在停電期間進行了一些修改，以解決其中的一些問題。我們將繼續與授權方的高階團隊合作，改善流程。

And if you look at PDH 1, if you look at our run rate for the quarter, we have a very high run rate, few minor issues. But the team out there has really done a great job of being able to reduce some of the impacts. And we've got a line of sight on fixing a few of the issues that that we have. So we're very optimistic going forward that the PDH run rates are going to continue to increase from where they've been, and we'll see a great improvement in 2026.

如果你看一下 PDH 1，如果你看一下我們本季的運行率，我們的運行率非常高，只有一些小問題。但是，現場團隊確實在減輕一些影響方面做得非常出色。我們已經看到了解決其中一些問題的希望。因此，我們對未來的發展非常樂觀，PDH 運行率將繼續從目前的水平增長，我們將在 2026 年看到很大的改善。

That's great to hear. Second one on your Permian NGL pipelines, can you remind us the business model that you guys pursue here? So is it you're primarily transporting NGLs produced at your own plants on your Permian NGL pipelines? Or is there any meaningful amount of third-party NGL volume that you move on your Permian pipes today?

聽到這個消息真是太好了。關於你們的二疊紀天然氣凝析液管道項目，能否請你們介紹一下你們在這裡採用的商業模式？所以，你們主要是透過二疊紀盆地的天然氣凝液管運輸你們自己工廠生產的天然氣凝液嗎？或者說，目前你們透過二疊紀盆地的管道輸送的第三方天然氣凝液量有多少？

Hey, Keith. This is Justin. So it's a portfolio of all of the above. But it's primarily rooted in the volumes that are gathering and processing plants bring to us. I'll give you a data point. In 2020, the volumes out of the Permian that our pipelines moved were 45%. 45% of those volumes were from our own gathering and processing facilities. In 2025, that number is now two-thirds of the volume, and we expect that trajectory to continue.

嘿，基斯。這是賈斯汀。所以，這是一個包含以上所有內容的投資組合。但這主要源自於集散廠和加工廠所帶來的數量。我提供你一個數據點。2020年，我們管道輸送的二疊紀盆地原油量佔總原油量的45%。其中45%的原油量來自我們自己的集輸和處理設施。到 2025 年，這一數字將達到總銷量的三分之二，我們預計這一趨勢將持續。

We continue to see a growing allocation of our NGL portfolio to be behind our own gas plants. And while we'll continue to look for other third-party opportunities, we don't expect that to be our baseline assumption as large as it has been historically.

我們看到，我們越來越多的天然氣凝液資產組合被用於支持我們自己的天然氣發電廠。雖然我們會繼續尋找其他第三方合作機會，但我們預計這不會像以往那樣成為我們的基本假設。

That's a very helpful data point. Thank you.

這是一個非常有用的數據點。謝謝。

AJ O'Donnell, TPH.

AJ O'Donnell，TPH。

Morning, everyone. Congrats on your retirement, Tony. I wanted to go back to just some of the NGL and LPG stuff, especially on the terminal volumes. It seemed like for the third consecutive quarter, we saw lower implied volumes on the LPG side. I was wondering if you guys could provide maybe a little bit more detail and kind of what's going on there, if there's anything unpack.

大家早安。東尼，恭喜你退休！我想再回顧 NGL 和 LPG 的一些內容，特別是終端產量方面。液化石油氣方面的隱含銷售量似乎連續第三季下降。我想問你們能不能提供更多細節，解釋一下那裡發生了什麼，有沒有什麼需要澄清的地方。

Yeah. This is Tug. In the third quarter, we had some minor maintenance which resulted in some lower volumes, and we had some cargos roll from month to month, so nothing other than that. Demand is still strong, it's robust.

是的。這是 Tug。第三季度，我們進行了一些小的維護，導致銷量下降，還有一些貨物從一個月前開始陸續交付，除此之外沒有其他問題。需求依然強勁，十分穩健。

Okay. And then one other, just continuing on this theme of LPGs, we're starting to see propane inventories notch new records here. Curious what your view is on the latest for the domestic propane market and maybe if there are any read-throughs on tailwinds for your storage business and their marketing opportunities you're looking out over the short to medium term.

好的。還有一點，繼續討論液化石油氣，我們開始看到丙烷庫存創下新紀錄。我很好奇您對國內丙烷市場的最新情況有何看法，以及您是否能從中解讀出一些有利於您的儲能業務及其市場營銷機會的利好因素，尤其是在中短期內。

If container presents opportunities, we have the storage assets to monetize that, and we will. With respect to lower LPG price, that could provide potentially some arbitrage opportunity across the water. Those would be the opportunity sets.

如果容器技術帶來機遇，我們擁有足夠的儲存資產來獲利，而且我們一定會這樣做。鑑於液化石油氣價格走低，這可能會為跨海貿易提供一些套利機會。這些就是機會集。

Okay. Thanks.

好的。謝謝。

How do you see our storage?

您如何看待我們的倉儲業務？

I mean, I think Tug is right. We got a lot of storage. We got the biggest storage position in the world. So if propane goes to container, it would be beneficial for Enterprise.

我的意思是，我覺得塔格說得對。我們獲得了大量的儲存空間。我們獲得了世界上最大的倉儲位置。因此，如果丙烷被裝入容器，這對企業來說是有利的。

Great. Appreciate the detail. Thank you.

偉大的。感謝您提供的細節。謝謝。

Manav Gupta, UBS.

瑞銀集團的馬納夫·古普塔。

Good morning. Thank you for taking my questions. The first one is on August 6, you announced acquisition of some assets from Oxy. How's the integration of those assets going? And the best acquisitions are ones which always come with some organic growth opportunities, so if you could highlight the organic growth opportunities on these assets, maybe (inaudible). Or what else can be done to further get more revenue and EBITDA out of these assets?

早安.謝謝您回答我的問題。第一件事發生在 8 月 6 日，您宣布收購 Oxy 的一些資產。這些資產的整合進度如何？而最好的收購往往都伴隨著一些內生成長機會，所以如果你能重點介紹這些資產的內生成長機會，或許會有幫助。（聽不清楚）或者，還可以採取哪些措施來進一步從這些資產中獲得更多收入和 EBITDA？

Hey. This is Natalie Gayden. That asset acquisition was strategic. And let me just lay it out for everybody that doesn't remember. It's a 75,000-acre location. It's got over 1,000 drillable locations. So an opportunity of that scale is quite rare.

嘿。這是娜塔莉·蓋登。那次資產收購具有策略意義。讓我為那些不記得的人解釋一下。這是一個佔地75000英畝的地方。它有超過1000個可鑽探地點。所以，如此規模的機會非常難得。

The asset bolt-on pretty seamlessly to our existing footprint and extend the reach. It will unlock for us an incremental 200 million a day almost immediately. Let's just call those revenues coming to us in really 2027. We love assets that are already producing gas. But then, the development for that asset is going to be quite constructive and strong.

該資產可以非常無縫地融入我們現有的業務佈局，並擴大業務範圍。這將幾乎立即為我們每天增加 2 億的收入。我們姑且把這些收入稱為 2027 年即將到帳的收入。我們喜歡那些已經開始產氣的資產。但是，該資產的開發將會非常具有建設性和強勁的勢頭。

Like any other asset or footprint that we've purchased, again, being in an area and having the reach is the way we get incremental packages of gas onto our system. So we've already seen synergies, yes, with the acquisition of that asset.

就像我們購買的任何其他資產或業務一樣，身處某個區域並擁有覆蓋範圍，是我們逐步將天然氣輸送到我們系統的方式。是的，我們已經看到了收購該資產所帶來的綜效。

To also chime in that there's going to be a pull through on the NGL side to both Justin's pipe and our fractionator.

另外補充一點，NGL 側會同時向 Justin 的管道和我們的分餾塔輸送液體。

Thank you. My quick follow-up here is, you guys did a very smart deal and gotten the Permian sour gas opportunity with Pinon. The price was great. How is that opportunity developing along? And are you seeing more producers willing to go in that part of (inaudible) Lee County because the gas oil ratios are favorable, drill for more oil and then get this nasty gas. So how is this Permian sour gas opportunity evolving for you after the announcement of that deal? Thank you.

謝謝。我接下來要說的是，你們做了一筆非常明智的交易，透過與 Pinon 合作獲得了二疊紀盆地酸性天然氣的機會。價格很優惠。這個機會進展如何？你是否看到更多生產商願意前往李縣（聽不清楚）的那個地區，因為那裡的油氣比有利，鑽探更多的石油，然後得到這種劣質天然氣？那麼，在宣布這項交易之後，二疊紀盆地酸性天然氣計畫對您來說發展如何？謝謝。

Yeah. We still think Pinon's the most attractive position out there, so we're so proud of that. There has been a bit of a pacing gap really with producers working through some of the development hurdles they've had with commodities this high of H2S. But it's temporary. The trajectory remains intact. Train 4 is coming online next summer for us. It'll add another 180 million a day of treating. We see Train 5 and 6 right behind it, so the setup for that system is extremely bullish.

是的。我們仍然認為皮尼翁是目前最有吸引力的位置，所以我們為此感到非常自豪。由於 H2S 含量如此之高的商品，生產商在開發過程中遇到了一些障礙，因此生產進度確實存在一些差距。但這只是暫時的。軌跡保持不變。4 號列車將於明年夏天投入使用。這將使每天的治療需求增加1.8億人次。我們看到 5 號和 6 號列車緊跟在後，因此該系統的配置非常看好。

Thank you so much.

太感謝了。

Brandon Bingham, Scotiabank.

Brandon Bingham，加拿大豐業銀行。

Good morning. Thanks for taking the questions. I was just curious, looking at the Permian more broadly, there's a lot of announced egress capacity slated to come online over the next, call it, few years. Just wondering what you make of it considering your currently outlined growth expectations for the basin. Is there a chance that some of these projects get sidelined? Or maybe conversely, do you think there's a chance that Permian growth actually accelerates to meet the announced buildout?

早安.謝謝您回答問題。我只是好奇，從更廣泛的角度來看，二疊紀盆地有許多已宣布的出口輸氣能力計畫在未來幾年內投入使用。我想知道您對此有何看法，尤其考慮到您目前對該流域的成長預期。這些項目有沒有可能被擱置？或者反過來說，你認為二疊紀盆地的成長是否有可能加速，從而達到已宣布的建設目標？

Natalie?

娜塔莉？

This is Natalie again. So next year, let's just call it, 4.5 VCF a day coming online. That'll be really nice. I don't think we'll see it, let's just call it, late 2026. But as a reminder, Tony kind of pointed out to it a little earlier, this is an oil basin. These gassier benches aren't being drilled. It's because of the multi-bench development that these producers are going after some of these gassy zones. So yeah, takeaways there's even better for them.

我是娜塔莉。所以明年，我們姑且稱之為每天 4.5 個 VCF 上線。那真是太好了。我認為我們最早也要到 2026 年底才能看到它。但需要提醒的是，正如托尼之前指出的那樣，這是一個石油盆地。這些高負荷的訓練凳沒有鑽孔。正是由於多層油田的開發，這些生產商才開始追逐這些富含天然氣的區域。所以，是的，那裡的外賣對他們來說甚至更好。

And I'll say again, it's very healthy for the basin. Negative gas prices are not healthy for producers.

我再說一遍，這對流域非常有益。負天然氣價格對生產商來說並不有利。

Okay. Fair enough. And then just one more, just a quick clarifying one. Natalie, I think you were talking about two incremental plants beyond Athena or a line of sight to them. Was that something contemplated for 2026 CapEx budget or were you just saying there's just a line of sight to those over the next year or two? Just trying to figure out like what's currently contemplated in the 2026 CapEx budget if it's just Athena or if there's an incremental one because you guys kind of have that one- to two-year cadence.

好的。很公平。最後還有一個問題，只是簡單澄清一下。娜塔莉，我想你指的是雅典娜遠處的兩株植物，或者說是能看到它們的視線範圍。這是2026年資本支出預算中的一個考慮因素，還是您只是說未來一兩年內有實現這些目標的可能？我只是想弄清楚 2026 年資本支出預算中目前考慮的是什麼，是只有 Athena 項目，還是會有其他增量項目，因為你們的進度通常是一到兩年。

Yeah. This is Randy. And our CapEx expectations for '26, that includes the expectations that we'll be building a couple of more plants in addition to what we've announced.

是的。這是蘭迪。我們對 2026 年的資本支出預期包括，除了我們已經宣布的工廠之外，我們還將再建造幾座工廠。

Perfect. Thank you.

完美的。謝謝。

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

謝謝。現在我謹將會議交還給莉比·斯特雷特，請她作閉幕致詞。女士？

That concludes our remarks for today. Thank you to everyone for your participation and have a good day.

今天的發言到此結束。感謝大家的參與，祝福大家今天過得愉快。

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了。