Enterprise Products Partners L.P (EPD) 2026 Q1 法說會逐字稿

Thank you for standing by, and welcome to Enterprise Products Partners LP's first quarter 2026 earnings conference call. (Operator Instructions) I would now like to hand the call over to Joe Thiriak, Vice President of Finance and Investor Relations. Please go ahead.

感謝各位稍候，歡迎參加 Enterprise Products Partners LP 2026 年第一季財報電話會議。(接線員指示) 現在我想把電話交給財務與投資人關係副總裁 Joe Thiriak。請開始。

Thanks, Latif. Good morning, and welcome to the Enterprise Products Partners conference call to discuss first quarter 2026 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.

謝謝你，Latif。各位早安，歡迎參加 Enterprise Products Partners 的電話會議，討論 2026 年第一季財報。今天的講者將是 Enterprise 普通合夥人之共同執行長 Jim Teague 與 Randy Fowler。我們的其他高階管理團隊成員今天也出席本次電話會議。

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.

在本次電話會議中，我們將依據 1934 年《證券交易法》第 21E 條之定義，發表前瞻性陳述；該等陳述係基於公司之信念，以及 Enterprise 管理團隊所作之假設與目前可得之資訊。

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

儘管管理層認為此等前瞻性陳述所反映之預期屬合理，但無法保證該等預期將被證實為正確。請參閱我們最近向 SEC 提交之文件，其中列示可能導致實際結果與本次電話會議中所作前瞻性陳述存在重大差異之因素。接下來，我把時間交給 Jim。

Thank you, Joe. We got off to a very strong start this year, and the business is performing well across the board. In the first quarter, we generated $2.7 billion of EBITDA in a short quarter, and this was up 10% over last year. We generated 1.8 times coverage of our distributable cash flow. By any measure, this was an exceptional quarter.

謝謝你，Joe。今年我們開局非常強勁，業務整體表現良好。第一季在較短的季度中，我們創造了 27 億美元的 EBITDA，較去年成長 10%。我們的可分配現金流覆蓋倍數達到 1.8 倍。以任何衡量標準來看，這都是一個非常出色的季度。

The assets we brought online over the past year, including the Bahia NGL pipeline, fractionator 14 and 3 Permian natural gas processing plants continued to ramp throughout the quarter. In fact, frac 14 was full on day 1. The gas plants were essentially full by mid-quarter. And if you look at Bahia and Shin Oak as a system, they are running at 80% of a combined 1.2 million barrels a day of capacity. Operationally, the quarter was outstanding.

過去一年我們投產的資產，包括 Bahia NGL 管線、第 14 號分餾裝置（fractionator 14）以及 3 座二疊紀（Permian）天然氣處理廠，在本季持續爬坡提升產能。事實上，第 14 號分餾裝置在第 1 天就滿載。天然氣處理廠在季度中期基本上已接近滿載。若將 Bahia 與 Shin Oak 視為一個系統，它們目前以合計每日 120 萬桶產能的 80% 在運行。就營運而言，本季表現非常卓越。

We set multiple operating records across the system. With the addition of Midtown West 2 in the Delaware Basin during the first quarter, we set a new record for gas processing plant and [led by him] processed 8.3 billion cubic feet per day of natural gas.

我們在整個系統中創下多項營運紀錄。第一季在德拉瓦盆地（Delaware Basin）新增 Midtown West 2 後，我們創下天然氣處理廠處理量新高，[led by him] 日處理天然氣 83 億立方英尺。

That was up 7% from last year. We fractionated 1.9 million barrels per day of NGLs. That was up 16%. We loaded 2.3 million barrels per day of hydrocarbons at our docks, up 15%. We transported 14.2 million barrels of oil equivalent per day, up 7%. In total, we set 12 new volumetric records for the first quarter. Those results speak to both the scale of our system and the demand we are seeing across the markets we serve. On the market side, commodity prices were volatile throughout most of the quarter, and we tend to embrace volatility.

這較去年增加 7%。我們分餾 NGL 的量為每日 190 萬桶。這增加了 16%。我們在碼頭裝載的碳氫化合物為每日 230 萬桶，增加 15%。我們運輸的油當量為每日 1,420 萬桶，增加 7%。合計而言，我們在第一季創下 12 項新的體積（量）紀錄。這些結果反映了我們系統的規模，以及我們所服務市場中所見到的需求。在市場面，商品價格在本季大部分時間波動劇烈，而我們往往樂於擁抱波動。

In January, Winter storm Farn gave us a strong start to the year. elevated demand for natural gas and propane created price dislocations across our asset network as producers faced widespread supply disruptions following the short drop in temperatures.

1 月份，冬季風暴 Farn 讓我們在年初就有強勁開局。天然氣與丙烷需求上升，造成我們資產網路各處出現價格錯位；在氣溫短暫驟降後，生產商面臨廣泛的供應中斷。

Our trucks, pipelines and storage facilities enabled us to continue meeting customer needs despite these challenges while our marketing teams and asset flexibility allowed us to capture incremental value, and this was only the beginning of the volatility we experienced during the quarter.

我們的卡車、管線與儲存設施使我們得以在這些挑戰下仍持續滿足客戶需求；同時，我們的行銷團隊與資產彈性讓我們得以捕捉額外價值，而這只是本季所經歷波動的開始。

The ongoing conflict in the Middle East and restricted flows through the strike have driven a substantial increase in demand for all forms of US energy, petrochemicals and refined products. The supply shock dramatically improved US petrochemical margins, prompting our domestic petrochemical customers to run their units full out one week before the start started the war in Iran. Ethane to ethylene cracking margins were about [$0.07 a pound]. Today, they are $0.23.

中東持續的衝突，以及經由該海峽的流量受限，推動對各類美國能源、石化產品與成品油的需求大幅增加。供給衝擊顯著改善了美國石化利差，促使我們的國內石化客戶在伊朗戰爭爆發前一週就將裝置全速運轉。乙烷裂解成乙烯的利差約為[每磅 0.07 美元]。而今天已達到每磅 0.23 美元。

The ethylene to polyethylene spread was $0.20 per pound now over $0.45. It's no wonder when my former employee stock is up over 50% year-to-date. International demand for US feedstocks is as strong as we have seen in quite some time.

乙烯到聚乙烯的價差原為每磅 0.20 美元，現在已超過 0.45 美元。難怪我以前任職公司的股票今年以來上漲超過 50%。國際市場對美國原料的需求強勁程度，是我們相當長一段時間以來所見之最。

The loss of Middle East hydrocarbon supply fractured the Asian supply chain. China's PDHs are currently operating at less than 50% of capacity. As a result, Asian petrochemicals have been destocking inventories by consuming derivative inventories. The impact to hydrocarbon markets around the world has been significant and we see this strong demand continue through the remainder of '26 and maybe into '27.

中東碳氫供應的流失使亞洲供應鏈出現斷裂。中國的 PDH 裝置目前運轉率低於 50% 產能。因此，亞洲石化業者透過消耗下游衍生品庫存來去化庫存。對全球碳氫市場的影響相當顯著，我們預期這股強勁需求將延續至 2026 年剩餘時間，甚至可能延伸到 2027 年。

The demand pool is showing up very clearly in our Marine Export business. Our crude oil terminals are benefiting from volumes being released from the US Strategic Petroleum Reserve that are being directed to international markets. And our ethane and LPG customers continue to line up at our docks for US NGL feedstocks.

這股需求動能在我們的海運出口業務中表現得非常明顯。我們的原油碼頭受惠於美國戰略石油儲備（SPR）釋出的量，並被導向國際市場。同時，我們的乙烷與 LPG 客戶仍持續在我們碼頭排隊等候取得美國 NGL 原料。

In the first quarter, we averaged around 70 million barrels per month across our dock, and we expect that strength to continue into the second quarter as we are scheduled to load more than 88 million barrels in April. On the upstream side, we continue to build on the momentum in our system. Producer activity remains constructive in the basins where we operate and our assets are well positioned to capture volume growth.

第一季，我們碼頭的月均裝載量約為 7,000 萬桶；我們預期這股強勢將延續至第二季，因為我們排定在 4 月裝載超過 8,800 萬桶。在上游方面，我們持續在系統動能上再接再厲。我們營運所在盆地的生產商活動仍具建設性，而我們的資產也已做好準備以掌握量的成長。

The combination of strong supply, growing export demand and new projects ramping into service is creating real operating leverage across the business. We also saw strong contributions from the downstream stack. In addition to record product flows, strong margins across our assets and high utilization at our PDH facilities that supported solid earnings and cash flow for the quarter. Our new assets are ramping well volumes are at record levels. Demand remains strong both domestically and internationally, and our system is performing the way it was built to perform.

強勁供給、出口需求成長，以及新專案逐步投運爬坡的組合，正在為整體業務帶來實質的營運槓桿。我們也看到下游組合（downstream stack）有強勁貢獻。除了創紀錄的產品流量外，我們資產的強勁利差以及 PDH 設施的高利用率，也支撐了本季穩健的獲利與現金流。我們的新資產爬坡良好，量也處於創紀錄水準。國內與國際需求仍然強勁，而我們的系統正以其設計初衷的方式在運行。

We entered 2026 expecting steady production growth and oversupplied markets, which we thought would lead to another year of relatively benign commodity prices. That has clearly not been the case. Today, we believe the financial markets are underestimating the potential global supply implications from a prolonged closure of the strata or moves.

我們進入 2026 年時，原本預期產量將穩定成長且市場供給過剩，並認為這將導致商品價格再度呈現相對溫和的一年。顯然情況並非如此。目前我們認為，金融市場低估了該海峽長期關閉或相關動向所可能帶來的全球供給影響。

Depending on the industry expert you ask anywhere from 12 million to 15 million barrels a day of crude oil, refined products, LPG and petrochemical supplies are constrained. That is almost 0.5 billion barrels of hydrocarbon supplies of the market every month.

視你詢問的產業專家而定，每日約有 1,200 萬至 1,500 萬桶的原油、成品油、LPG 與石化供應受到限制。這相當於每個月約有 5 億桶的碳氫供應量退出市場。

Shipping and geopolitical commentators estimate that the earliest Strait could reopen for normal operations, including vessel repositioning as July, and that does not account for the time required to repair onshore production and refining facilities damaged in the war.

航運與地緣政治評論人士估計，該海峽最早可能要到 7 月才能恢復正常運作（包括船舶重新部署），而這還未計入修復戰爭中受損的陸上生產與煉製設施所需的時間。

Until global supplies and inventories returned to normal, we believe there will continue to be strong international demand for US energy and products. We are also seeing international consumers look to increase purchases of US Energy is an avenue to improve the US trade balance and add greater resilience in security to their energy supply chains given the current disruption of product flows in the Middle East.

在全球供應與庫存恢復正常之前，我們認為對美國能源及其產品的強勁國際需求仍將持續。我們也看到國際消費者希望增加採購美國能源，這是改善美國貿易收支的一條途徑；同時，鑑於目前中東產品流動受阻所造成的干擾，這也能為其能源供應鏈增添更高的安全韌性。

After the first quarter, we are encouraged by the momentum we are seeing across the business and increasingly confident in the outlook for the year. At the same time, we remain focused on what matters most: operating cycling, serving our customers rely on them, allocating capital with discipline and creating long-term value for our investors.

第一季之後，我們對全公司業務所展現的動能感到鼓舞，並對今年的展望愈發有信心。同時，我們仍專注於最重要的事項：營運卓越、服務仰賴我們的客戶、以紀律分配資本，並為投資人創造長期價值。

With that, I'll turn it over to [Anthony].

接下來，我把時間交給[Anthony]。

Thank you, Jim, and good morning, everyone. Starting with the income statement items. Net income attributable to common unitholders for the first quarter of 2026 was $1.5 billion, or $0.68 per common unit on a fully diluted basis, which is a 6% increase compared to the first quarter of 2025.

謝謝你，Jim，各位早安。先從損益表項目開始。2026 年第一季歸屬於普通單位持有人的淨利為 15 億美元，按完全稀釋後計算每普通單位為 0.68 美元，較 2025 年第一季增加 6%。

Adjusted cash flow from operations which is cash flow from operating activities before changes in working capital increased 10% to $2.3 billion for the first quarter of 2026 compared to $2.1 billion for the first quarter of 2025.

調整後營運活動現金流（即營運活動產生之現金流量，扣除營運資金變動前）在 2026 年第一季增加 10% 至 23 億美元，較 2025 年第一季的 21 億美元成長。

We declared a distribution of $0.55 per common unit for the first quarter of 2026, which is a 2.8% increase over the distribution declared for the first quarter of 2025. The distribution will be paid on April 14 to common unitholders of record as of close of business on April 30.

我們宣告 2026 年第一季每普通單位配發 0.55 美元，較 2025 年第一季宣告的配發增加 2.8%。該配發將於 4 月 14 日支付給截至 4 月 30 日營業日結束時登記在冊的普通單位持有人。

We are on track for 28 consecutive years of distribution growth in 2026. To our knowledge, this is the longest period of distribution growth of any US midstream company and is example of Enterprise's consistency and commitment to returning capital directly to our unitholders.

我們正按計畫在 2026 年達成連續 28 年配發成長。據我們所知，這是所有美國中游公司中最長的配發成長期間，亦展現 Enterprise 一貫的穩健與致力於將資本直接回饋給單位持有人的承諾。

The partnership purchased 3.1 million common units of the open market during the first quarter for approximately $116 million. In addition to buybacks, our distribution reinvestment plan and employee unit purchase plan purchased a combined 1 million common units on the open market for $37 million during the first quarter.

本合夥企業於第一季在公開市場買回 310 萬個普通單位，金額約 1.16 億美元。除回購外，我們的配發再投資計畫與員工單位購買計畫於第一季亦在公開市場合計買入 100 萬個普通單位，金額為 3,700 萬美元。

For the 12 months ended March 31, 2026, enterprise returned approximately [$5.1 billion] of capital to our equity investors. 93% or approximately $4.8 billion was in the form of cash distributions to limited partners and the remaining 77% through $356 million of buybacks.

截至 2026 年 3 月 31 日止的 12 個月內，Enterprise 向我們的股權投資人回饋約 [$5.1 billion] 的資本。其中 93%（約 48 億美元）以對有限合夥人的現金配發形式回饋，其餘 77% 則透過 3.56 億美元的回購完成。

Our payout ratio of adjusted cash flow from operations was 57% over this period. Since our IPO in 1998, we have prioritized returning capital to our partners, returning over $63 billion through distributions and buybacks.

在此期間，我們以調整後營運活動現金流計算的配發率為 57%。自 1998 年 IPO 以來，我們一直將資本回饋合夥人列為優先事項，透過配發與回購累計回饋超過 630 億美元。

At the same time, we have reinvested capital to build one of the largest energy infrastructure networks in North America. Total capital investments were $988 million in the first quarter of 2026, which included $783 million of growth capital projects and $205 million of sustaining capital expenditures.

同時，我們也再投資資本，以打造北美規模最大的能源基礎設施網路之一。2026 年第一季資本投資總額為 9.88 億美元，其中包含 7.83 億美元的成長型資本專案與 2.05 億美元的維持性資本支出。

In the first quarter, we also see the final payment of $596 million from ExxonMobil for the purchase of a 40% interest in the Bahia NGL pipeline. With the completion of major projects such as the Bahia NGL pipeline and Neches River terminal, we believe our expected range of growth capital expenditures for 2026 will net to $2.3 billion to $2.6 billion after applying approximately $600 million in proceeds from asset sales already received. For 2027, we expect our growth capital expenditures to be in the area of $2 billion to $2.5 billion. Sustaining capital expenditures for 2026 are expected to be approximately $580 million.

第一季我們也收到 ExxonMobil 就收購 Bahia NGL 管線 40% 權益所支付的最後一筆款項 5.96 億美元。隨著 Bahia NGL 管線與 Neches River 終端等重大專案完工，我們認為在扣除已收到約 6 億美元資產出售款項後，2026 年成長型資本支出預期區間將淨額落在 23 億至 26 億美元。2027 年，我們預期成長型資本支出約為 20 億至 25 億美元。2026 年維持性資本支出預期約為 5.8 億美元。

On the fourth quarter 2025 earnings call, we stated that discretionary free cash flow for 2026 has the potential to be in the $1 billion area. Even though estimate of growth capital expenditures for 2026 has increased by $300 million as a result of investments in two new natural gas processing plants in the Permian, we still believe discretionary cash flow for 2026 has to be -- has the potential to be in the $1 billion area. And depending on commodity prices and spreads for the remainder of the year could be higher.

在 2025 年第四季財報電話會議上，我們曾表示 2026 年的可自由運用自由現金流有機會落在 10 億美元左右。儘管由於在二疊紀投資兩座新的天然氣處理廠，使我們對 2026 年成長型資本支出的估計增加了 3 億美元，但我們仍認為 2026 年的可自由運用現金流仍有——仍有機會落在 10 億美元左右。並且視今年剩餘期間的大宗商品價格與價差而定，可能更高。

In terms of allocation of capital, as we have said many times, we see cash distributions to partners grow in commensurate with operational distributable cash flow per unit. Let me repeat that, as we have said many times, we think distributions to partners will grow commensurate with operational distributable cash flow per unit growth.

就資本配置而言，正如我們多次所說，我們認為對合夥人的現金配發將與每單位可分配營運現金流的成長相匹配。我再重申一次，正如我們多次所說，我們認為對合夥人的配發將與每單位可分配營運現金流的成長相匹配。

In the near term, we continue to expect discretionary free cash flow to be split between buybacks and retiring debt. In 2026, we still expect this slip would be approximately 50% to 60% in buybacks. As we have said before, Enterprise's buyback program has both programmatic and opportunistic elements.

短期內，我們仍預期可自由運用自由現金流將在回購與償還債務之間分配。在 2026 年，我們仍預期其中約 50% 至 60% 將用於回購。如同先前所述，Enterprise 的回購計畫同時包含制度性與機會性兩個面向。

In periods of momentum and volatility characterized by higher equity prices, we may elect not to chase price and instead retain cash in the opportunistic bucket for buybacks in future periods when momentum has on. Similarly, in periods when there are significant price dislocations in equity prices, we may elect to pull cash forward earmark buybacks in future periods, such as bringing cash forward from 2027 to buy back the partnership units at more opportunistic prices in the near term.

在股價較高、呈現動能與波動的期間，我們可能選擇不追價，而是保留現金於機會性回購的「彈性額度」中，以便在未來動能消退時進行回購。同樣地，當股價出現顯著錯位時，我們可能選擇提前動用原本預留於未來期間的回購資金，例如將 2027 年的部分現金提前，用於在短期內以更具吸引力的價格回購合夥企業單位。

Our total debt principal outstanding was approximately [$34.2 billion] as of March 31, 2026. Assuming the final maturity date for our hybrids, the weighted average life of our debt portfolio is approximately 17 years. Our weighted average cost of debt was 4.7% and approximately 95% of our debt was fixed. At March 31, our consolidated liquidity was approximately $3.3 billion, including availability on our credit facilities and unrestricted cash on hand.

截至 2026 年 3 月 31 日，我們未償還的債務本金總額約為 [$34.2 billion]。若以混合證券的最終到期日計算，我們債務組合的加權平均存續期間約為 17 年。我們的加權平均債務成本為 4.7%，且約 95% 的債務為固定利率。截至 3 月 31 日，我們合併流動性約為 33 億美元，包含信貸額度可用額度與手上不受限制的現金。

As Jim mentioned, adjusted EBITDA increased 10% to $2.7 billion for the first quarter of 2026. As of March 31, 2026, our consolidated leverage ratio decreased to 3.2 times on a net basis after adjusting debt for the partial equity treatment of our hybrid debt and reduced by the partner's unrestricted cash on hand.

如 Jim 所提到，2026 年第一季調整後 EBITDA 增加 10% 至 27 億美元。截至 2026 年 3 月 31 日，在將混合債務的部分權益性處理納入調整，並扣除合夥企業持有的不受限制現金後，我們的合併槓桿比率（淨額）下降至 3.2 倍。

Our current leverage ratio reflects significant investments in the large-scale projects that we recently brought into service, such as the Bahia NGL pipeline, Port Neches terminal and frac and the midstream asset acquisition from Occidental, where the debt is on the balance sheet, but the resulting annual adjusted EBITDA generation from these investments is yet to flow into our 12-month trailing EBITDA number.

我們目前的槓桿比率反映了我們近期投入並已投運的大型專案之重大投資，例如 Bahia NGL 管線、Port Neches 終端與分餾（frac）設施，以及自 Occidental 收購的中游資產；相關債務已反映在資產負債表上，但這些投資所帶來的年度調整後 EBITDA 貢獻尚未完全反映在我們過去 12 個月的追蹤 EBITDA 數字中。

Our overall leverage target remains at 3 times plus or minus 0.25 times or [$2.75 billion] to [$3.25 billion]. With that, [Joe], I think we can open it up to questions.

我們整體槓桿目標仍維持在 3 倍上下 0.25 倍，也就是[$2.75 billion] 至[$3.25 billion]。

Thanks, Randy. Latif, we are ready to open the call for questions.

謝謝，Randy。Latif，我們準備開放提問。

Theresa Chen, Barclays.

Theresa Chen，巴克萊。

Good morning. Following up on the comments about the uptick for US energy demand in general and export infrastructure demand in particular, can you walk us through the contract duration profile across your export docs today?

早安。延續你們先前對美國整體能源需求回升、以及出口基礎設施需求特別走強的評論，能否帶我們了解一下你們目前各項出口碼頭（export docks）的合約期限結構概況？

Specifically, how much capacity is tied to contracts with near-term expirations that could be recontracted at higher rates? And longer term, how much incremental brownfield expansion capability do you have across your export assets?

具體來說，有多少產能綁定在近期到期、可能以更高費率重新簽約的合約上？以及更長期來看，你們在各項出口資產上有多少可進一步擴建的既有場址（brownfield）擴充能力？

Thanks. Theresa, this is Tyler Cott. I'll speak to the NGL exports specifically. I think we've said before, our NGL export docks are contracted around the range of 90%. On LPG, those contracts go through the end of this decade on ethane, they extend 10 to 20 years depending on contracts, so lengthy duration. We had 10% available for spot capacity in the near term, but long term, we're significantly contracted.

謝謝。Theresa，我是 Tyler Cott。我先就 NGL 出口部分回答。我想我們之前提過，我們的 NGL 出口碼頭合約覆蓋率大約在 90% 左右。在 LPG 方面，這些合約一路到本十年末；在乙烷方面，依合約不同延伸 10 到 20 年，因此期限相當長。短期我們有 10% 可用於現貨（spot）產能，但長期來看，我們的合約覆蓋率很高。

Okay. And on the LPG side, in particular, given the recent strength in LPG export ARPS, alongside the commissioning time line for Phase 2 of the Neches River expansion, can you talk about incremental earnings uplift or cash uplift from spot cargoes in interim? And related to this, when do you expect Phase II officially enter service to support your term commitments with customers?

了解。那在 LPG 這邊，特別是考量近期 LPG 出口 ARPS 的強勢表現，以及 Neches River 擴建第二期的投產時程，你能談談在過渡期間透過現貨貨載（spot cargoes）帶來的增量獲利或現金提升嗎？另外，第二期預計何時正式投運，以支援你們對客戶的長約承諾？

Sure. This is Tyler Cott again. Our operations team has done a fantastic job expediting a bit the commissioning of Matas River terminal. We're still in the process of commissioning it. We began in the second half of April. And at this point, we expect to complete commissioning for both ethane and propane sometime in May.

當然可以。我還是 Tyler Cott。我們營運團隊在加速 Matas River 終端的試車投產（commissioning）方面做得非常出色。我們目前仍在試車投產流程中。我們在 4 月下旬開始。截至目前，我們預期乙烷與丙烷兩者的試車投產會在 5 月的某個時間完成。

In terms of spot utilization and earnings uplift, we really got to get through the commissioning process here and see what we have. I think an important point to note about our export business going forward, as we have a significant amount of flexibility, so our spot business will be dictated across different products in terms of what the market needs at a given time. Jay?

至於現貨使用率與獲利提升，我們得先完成試車投產流程，看看實際可用狀況。我認為關於我們未來出口業務的一個重點是：我們具備相當大的彈性，因此我們的現貨業務會依不同產品、以及市場在特定時間的需求來決定。Jay？

Yeah. Theresa, this is Jay Baney. Just on the crude front of that, -- we've got a pretty wide mix of contract structures. So contracts that last through '28 and '29. And similar for '26, we have about 10% of open capacity. And yes, I think we're having good conversations about '27.

對。Theresa，我是 Jay Baney。就原油這一塊來說——我們的合約結構組合相當多元。有些合約會一路到 2028、2029 年。而在 2026 年也類似，我們大約有 10% 的開放產能。是的，我想我們也正在就 2027 年進行良好的洽談。

Thank you.

謝謝。

Spiro Dounis, Citi.

Spiro Dounis，花旗。

Thanks, operator. Good morning, team. I want to go back to the growth outlook really quickly, Jim, you sound incrementally more positive than when we last caught up. Obviously, a lot has changed. And then, Randy, you seem to indicate that your operating cash flow is going to have at least sort of mirror the increase in CapEx to keep that DCF free cash flow kind of stable.

謝謝，主持人。各位早安。我想很快回到成長展望這個話題，Jim，你聽起來比我們上次交流時更偏正面一些。顯然，很多事情都變了。另外，Randy，你似乎表示營運現金流至少會在某種程度上跟著資本支出（CapEx）的增加同步，讓 DCF 自由現金流大致維持穩定。

So Curious if you could give us an update on the sort of 3% growth you guys are talking about for '26 and the 10% growth you were talking about for 2027 on the last call. And as you answer that question, just curious if these two new processing plants are additive to that '27 outlook?

所以想請你們更新一下：你們談到 2026 年約 3% 的成長，以及上次電話會議提到 2027 年約 10% 的成長。另外也想確認，這兩座新的處理廠是否會對 2027 年的展望帶來額外增量？

This is Jim. Yeah, I think I said modest in '26 and 10% in '27. I think will be modest.

我是 Jim。對，我想我說的是 2026 年溫和成長、2027 年 10%。我認為 2026 年會是溫和。

Yeah. Spiro, I sort of like the point you made in your note that probably modest is a low bar now. And I think you're right. again, it's sort of hard to come in and look at 2026 because, again, just what's the duration of these commodity price is going to be and the duration of spreads. So really shaping up to be a much stronger year than what we expected. And again, because we were really coming in and not expecting much benefit at all from commodity or spread and really, we're aligned on our fee-based businesses.

對。Spiro，我滿認同你在備忘錄裡提到的觀點：現在「溫和」可能已經是偏低的門檻了。我覺得你說得對。再次強調，要直接看 2026 年其實有點難，因為關鍵在於這些商品價格與價差能維持多久。所以 2026 年看起來會比我們原先預期強很多。而且因為我們原本進來時幾乎不預期商品或價差能帶來任何好處，我們主要是以費基（fee-based）業務為核心來規劃。

So really hard to come in and give much guidance because it's sort of -- you don't have much visibility, especially when you come in and look at the futures market because we don't think the futures market really is representative of what the physical markets should be.

因此很難給出太多指引，因為能見度不高，尤其是看期貨市場時更是如此；我們不認為期貨市場真的能代表實體市場應有的狀況。

So -- but the end point is 2026 looks to be much more favorable year than when we first started. Commercial guys team did a great job in underwriting two more natural gas processing plants in the Permian, which really then will come on during 2027. We really did not have those baked into our 2027 numbers at the time.

所以——但結論是，2026 年看起來會比我們一開始預想的更有利。商務團隊在二疊紀盆地（Permian）成功承作（underwriting）了另外兩座天然氣處理廠，這些將在 2027 年期間投產。當時我們做 2027 年數字時，確實還沒有把這兩座廠納入。

So that would be additive. And then from the same token, I think we're still in good shape to come in and do meaningful buyback and meaningful debt retirement in 2026 even with CapEx ticking up a little bit for these two new plants.

所以這會帶來額外增量。同樣地，我認為即便因這兩座新廠使 CapEx 略有上升，我們在 2026 年仍有很好的條件進行具規模的庫藏股回購，以及具規模的債務償還。

And Sprio, I've been around a while, and I have never seen a supply disruption like we're experiencing today. that supply disruption creates a lot of benefits that Enterprise is able to capture.

另外，Spiro，我在這行待了很久，從未見過像我們今天所經歷的這種供給中斷。這種供給中斷帶來了許多 Enterprise 能夠掌握的利益。

Yeah. And that's actually a good segue to the second question. Jim, you also talked about embracing volatility. And I know we go back a few years ago, you used to sort of talk about this sort of $500 million or so outsized spread gains you guys would sort of find in any given year, that's been absent for about maybe the last two years or so. Just curious, it sounds like that's back.

是的。這其實也很自然地帶到第二個問題。Jim，你也提到要擁抱波動。我知道如果回到幾年前，你們常會談到每年大概能找到約 5 億美元左右的超額價差收益（outsized spread gains），但過去大概兩年左右這種情況比較少見。想確認一下，聽起來這又回來了？

I don't want to put too fine a number on it, but in the environment you're seeing now, do you think we see a return to that $500 million? And what parts of the market do you see that from, obviously, export being a big one?

我不想把數字講得太精確，但在你們現在看到的環境下，你覺得會回到那種 5 億美元的水準嗎？你認為主要會來自市場的哪些部分？顯然出口會是很大的一塊。

I don't know -- I don't know if it's going to be $500 million, $600 million or $700 million, frankly. But I do expect that we're going to have what you call outsized spreads. Frankly, typically, we have it every year, we just don't know which spread it will be. Last year was pretty benign and usual for us as to what specifically it might be. I'll throw it to --

我不知道——坦白說，我不知道會是 5 億、6 億還是 7 億美元。但我確實預期會出現你所說的超額價差。老實說，通常我們每年都會有，只是不知道會是哪一個價差。去年對我們來說相對溫和，也比較不明顯，至於會是哪一項——我把問題交給--

Yeah. This is Doug. I'll just add. I mean, this first quarter, we had some outsized spreads on natural gas, when storm firm presented some opportunities, but largely the spreads that we've seen post Iranian conflict, those will come second quarter.

對。我是 Doug。我補充一下。第一季我們在天然氣上出現了一些超額價差，當時冬季風暴（storm）帶來了一些機會；但我們在伊朗衝突之後看到的那些價差，主要會反映在第二季。

Great. Helpful color, guys. I'll leave it there. Thank you.

很好。各位提供的補充說明很有幫助。我就先到這裡。謝謝。

Jean Salisbury, BofA.

Jean Salisbury，美國銀行（BofA）。

Hi, good morning. We've talked about this a little bit at the dinner tug, but it seems like international crackers that are running ethane and are pretty happy that they do so right now. Has there been any interest in the last couple of months in more international conversions to than that could drive the next leg of ethane demand?

嗨，早安。我們在晚宴上稍微談過一點，但看起來目前有些海外裂解廠以乙烷作為原料運轉，而且他們現在對此相當滿意。過去幾個月，是否有看到更多海外轉換為使用乙烷的興趣，進而帶動乙烷需求的下一波成長？

Yes, this is [Tug]. So yeah, they were happy prior to the conflict and they're even happier now. I will say that interest and demand we've seen on ethane specifically and I'll even throw LPG in there, we had quite the appetite for demand prior to the conflict. And I would say we have the similar appetite for demand post conflict. It made sense before and it still makes sense today.

是的，我是[Tug]。所以沒錯，他們在衝突之前就很滿意，現在更滿意了。我想說的是，我們看到對乙烷的興趣與需求——我也把LPG算進來——在衝突之前需求胃納就很強。而我會說，衝突之後我們看到的需求胃納也差不多。以前合理，現在依然合理。

That's helpful. And I guess as a follow-up to that question, how -- what's kind of the time line if a cracker does decide to convert to ethane or take more ethane to the ethane being delivered? Should we expect like basically a couple of years for them and you to build that capacity?

這很有幫助。那我追問一下，如果裂解廠決定改用乙烷或增加乙烷用量，從決定到乙烷實際交付，大概的時間軸是怎樣？我們是否應該預期大概需要幾年時間，讓他們以及你們把相關產能建起來？

That's probably -- it's not overnight, Jean. I think your couple of years is probably in the ballpark.

大概是——這不是一夕之間就能完成的，Jean。我想你說的「幾年」大致上差不多。

Thank you. I'll leave it there.

謝謝。我就先到這裡。

Michael Blum, Wells Fargo.

Michael Blum，富國銀行（Wells Fargo）。

Thanks. Good morning, everyone. At dinner a few weeks ago, you didn't really think you'd see any cement shifts in where global buyers are going to source their hydrocarbons. I thought maybe they trip more to the US, but you seem to think that wouldn't happen.

謝謝。各位早安。幾週前的晚宴上，你們不太認為全球買家在碳氫化合物採購來源上會出現任何明顯的轉移。我原本以為他們可能會更多轉向美國，但你們似乎認為不會發生。

Curious just if that's -- if any -- if you've had any change in your thinking there? And -- in a similar vein, I think at the time, you didn't really think we'd see any reaction from the U.S. producers, and I'm curious if you still think that's the case?

想請教這方面你們的看法是否有任何改變？另外類似地，當時你們也不太認為美國生產商會有什麼反應，我也想知道你們現在是否仍這麼看？

I'll take the second one first, (jay) what reaction by US producers?

我先回答第二個問題，（Jay）你指的是美國生產商會有什麼反應？

Not only gain I'd say, and Jay can chime in here, I don't know that US producers have done much different. It seems to be that they're staying pretty disciplined. Sure, we see some movement in rig activity to different maybe producing zones or maybe different areas of their acreage that they have discretionary acreage. But other than that, I'd say they're keeping discipline.

我先說，我想，Jay也可以補充，我不覺得美國生產商有做出太多不同的動作。看起來他們仍然相當自律。當然，我們看到鑽機活動有些移動，可能轉到不同的產區，或是在他們持有的區塊裡轉向不同區域——也就是他們可彈性調整的區塊。但除此之外，我會說他們仍維持自律。

I'd agree with Natalie. We do hear some conversations from the independents about cadence, maybe moving up where they think they can on our gathering systems. We've seen incremental growth, call it, over the last three months, but that could just be anecdotal.

我同意Natalie的看法。我們確實聽到一些獨立業者在談節奏（cadence），也許在我們的集輸系統上，能做的部分會稍微提前。過去三個月我們看到一些增量成長，可以這麼說，但也可能只是個別案例。

As to the first question, in Jean Ann, a supply disruption like we have changes a lot of things. And we're seeing interest from countries to like India. But it's a funny thing. We're geographically challenged when it comes to LPG and India. And the question will be, when this is all over and everything returns to normal, do they still want to lift US LPG when the AG is so close to. Right now, they're showing a lot of interest.

至於第一個問題，Jean Ann，像我們現在遇到的這種供應中斷會改變很多事情。我們確實看到一些國家（例如印度）表達興趣。但有趣的是，若談到LPG與印度，我們在地理位置上是相對不利的。而問題會是：等一切結束、恢復正常後，當AG（阿拉伯灣）那麼近時，他們是否仍想提取美國的LPG？但就目前而言，他們展現了很高的興趣。

Okay. Thanks for that. The second question is just on capital allocation. Randy, I appreciate your comments on the $1 billion of discretionary cash. The question is, assuming you're able to realize stronger results this year as a result of the conflict.

了解。謝謝你的說明。第二個問題是關於資本配置。Randy，我很感謝你提到10億美元的可自由運用現金。問題是，假設你們今年因為衝突而能實現更強的業績表現。

And would you maintain that 50% to 60% allocation to buybacks versus debt pay down or if that $1 billion turned into $1.5 billion, for example, would the incremental above plan just go to buybacks since your leverage is already within the target? Thanks.

那你們是否會維持50%到60%配置在庫藏股回購、其餘用於償債？或者如果這10億美元變成例如15億美元，超出原計畫的增量是否會因為槓桿已在目標區間內而全部用於回購？謝謝。

Yeah, Michael, I like the way you're thinking this morning. Yeah, Michael, I think we would still, in the near term, -- when we think about 2026, we'd probably still maintain that 50% to 60% split. 2027 could be a different story. But I think 2026 still probably maintain that split.

是的，Michael，我喜歡你今天早上的思路。是的，Michael，我想在短期內——當我們看2026年時——我們大概仍會維持50%到60%的分配比例。2027年可能會是不同的情況。但我認為2026年大概還是會維持那個比例。

Thank you.

謝謝。

Brandon Bingham, Scotiabank.

Brandon Bingham，加拿大豐業銀行（Scotiabank）。

Hey, good morning. Thanks for taking my question. Just thinking about the two new plant announcements in the Permian, and I know it's barely -- hasn't even really been a month since the macro update. But just curious what you think the go-forward cadence should be for Permian processing capacity, I believe, Previously, you guys were around one or two a year with the thought process. Do you think we're moving more to a two plus environment? Or just how should we think about that moving forward?

嗨，早安。謝謝讓我提問。我在想二疊紀（Permian）最近宣布的兩座新工廠，我知道距離宏觀更新其實還不到一個月。但想請教你們對二疊紀未來處理產能的推進節奏（cadence）有何看法？我記得你們之前的思路大概是一年一到兩座。你們覺得我們是否正走向一年兩座以上的環境？或是我們應該如何看待未來的節奏？

This is Natalie, I think we're probably trending closer to 2. And obviously, that depends on how GORs shape up. But Cory, the GORs are increasing, that is definitely true. So I'd say we're turning more to 2 per year.

我是Natalie，我認為我們可能正朝更接近2座的方向走。當然，這取決於GOR（氣油比）的走勢。但Cory，GOR確實在上升，這點毫無疑問。所以我會說我們正轉向每年2座。

Okay. Great. And then maybe just shifting over to the global supply-demand dynamics, especially on the demand side. Just curious what you guys are seeing for refined products and crude and what that might mean for your export business moving forward?

好的。很好。接著把話題轉到全球供需動態，特別是需求端。想請教你們看到的成品油與原油需求狀況如何，以及這對你們未來的出口業務可能意味著什麼？

Yeah, Brandon, this is Jay again. Yeah, we've seen volumes leave our dock. I mean you go back to first quarter last year, I think we -- for fourth quarter, we were up 70,000 barrels a day on exports. And then add back to the first quarter, that's another 70 with the SPR barrels, now looking for second quarter, I mean, we could be well over 1 million barrels a day.

是的，Brandon，我是Jay再回答一次。是的，我們看到碼頭出貨量在增加。如果回到去年第一季，我想我們——到第四季時，出口量增加了7萬桶/日。再加回第一季，因為SPR的桶數又多了7萬；現在看第二季，我是說，我們可能會遠超過100萬桶/日。

Okay, great. Thanks.

好的，很棒。謝謝。

Manav Gupta, UBS.

Manav Gupta，瑞銀（UBS）。

Good morning. Congrats on the good results. I just wanted to quickly focus on slide 17. It looks like PDH units are operating much better based on that slide. And I think you did do some kind of turnaround on the PDH unit 2, and it's been operating better after that. Can you speak to those dynamics, please?

早安。恭喜有很好的業績。我想快速聚焦在第17頁投影片。從那頁看起來，PDH裝置的運轉狀況好很多。我記得你們對PDH 2號裝置做了某種歲修（turnaround），之後運轉表現也更好。可以請你們談談這些動態嗎？

Yes. This is Graham. PDH 2 has been running much better and much consistent lease since the turnaround that we had last year. The teams have put a lot of work and work very closely with our licensing partner, and have resolved a number of the issues that we had and looking forward to sustained operation of that unit. PDH 1 as well.

是的。我是Graham。自從我們去年進行檢修（turnaround）之後，PDH 2 的運轉狀況好很多，也穩定一致得多。團隊投入了大量心力，並且與我們的授權合作夥伴密切合作，已解決了我們先前遇到的多項問題，並期待該裝置能夠持續穩定運轉。PDH 1 也是如此。

we've invested a lot over the years in improving the reliability, and we still have some projects that we're working, but I think what you're seeing in PDH 1. Much improved reliability in that unit as well due to the investments that we've made over the last few years and reliability as well. And the team we've got gets working out there. And just knocking down the barriers that we've had out there over the previous years and good work by those folks out in our Belvieu PDH team.

多年來我們投入了很多資本來提升可靠度，目前仍有一些專案在推進中，但我認為你在 PDH 1 看到的情況是：由於過去幾年的投資，該裝置的可靠度也大幅改善，整體可靠性也提升。而且我們的團隊在現場持續把工作落實。也就是把過去幾年在現場所遇到的障礙一一排除；我們位於 Belvieu 的 PDH 團隊做得很出色。

Perfect. My quick follow-up is the macro comments you made at the beginning of the call, which were actually very informative. And you talked about 15 million barrels of total disruptions. And then straight probably normally operating maybe only in July.

很好。我快速追問一下：你在電話會議一開始提到的宏觀評論，其實非常有資訊量。你提到總計有 1,500 萬桶的中斷。然後看起來可能要到 7 月才會恢復到大致正常運作。

I'm just trying to understand what does this do to various storage levels of crude, refined products, do you think like because based on this depletion, like storage levels could probably take a year or so to get fully replenished here? If you could talk about some of those dynamics, please?

我想了解的是，這對原油、成品油等各類庫存水位會造成什麼影響？你是否認為基於這樣的消耗，庫存水位可能需要一年左右才能完全補回？能否請你談談其中一些動態？

So if we look at the numbers, and then I think Jim was pretty spot on with saying around 500 million barrels a month of lost supply depending on who you ask. As you pointed out, it's somewhere between 10 million and 15 million barrels a day of lost supply through the Straight of Hormuz. That's crude oil products and -- so just take 12 million barrels, for example, multiply that times 60 days. You've lost 720 million barrels through the straight for global supply.

如果我們看這些數字，我認為 Jim 說每個月大約少了 5 億桶供給（視你問誰而定）其實相當貼近。如你所指出，經由荷姆茲海峽的供給損失大約介於每日 1,000 萬到 1,500 萬桶。那包含原油與成品油——所以舉例來說，就用 1,200 萬桶。把它乘以 60 天，你就會看到全球供給透過海峽少了 7.2 億桶。

So imagine if we can get back to normal and let's say we're or down a handful of barrels, you're only going to get maybe 1 million or 2 million barrels above that. So it could take years to get back to where we were before the war.

所以想像一下，如果我們能回到正常，假設我們只少了少數幾桶，你最多也只能在正常水準之上多出大概 100 萬到 200 萬桶。因此，要回到戰前的水準可能需要好幾年。

What we don't know is what's been destroyed or damaged by the war and what it takes to repair that. I mean, we've heard about the train that Qatar has, but there's still not a hell of a lot of information as to what other assets have been damaged.

我們不知道的是，戰爭造成了哪些設施被摧毀或受損，以及修復需要多少時間。我的意思是，我們聽說了卡達那邊的火車（train）裝置，但關於其他資產受損的資訊仍然非常有限。

Thank you so much.

非常感謝。

John Mackay, Goldman Sachs.

高盛的 John Mackay。

Hey, good morning, everyone. Thanks for the time. I just want to go back to the 2027 kind of soft guide from the last call. You talked about it a little bit earlier in this one, but I just want to put a little finer point on it. When you shared that update, were you thinking of '27 being a kind of what had at the time thought to be a kind of softer 2026 macro environment or a 2025 macro environment where we weren't going to have a lot of spreads?

各位早安。謝謝撥冗。我想回到上次電話會議提到的 2027 年那個偏「溫和」的指引。你們在這次也稍微提到，但我想把重點問得更精準一些。當你們分享那次更新時，你們心中想的是：2027 年會像當時認為較疲弱的 2026 年宏觀環境，或是像 2025 年那種我們不會有太多價差（spreads）的宏觀環境嗎？

Or was 2027 meant to be a more kind of normalized environment, maybe closer to what you outlined in the fundamentals update a couple of weeks ago. Maybe just kind of walk us through the kind of macro behind the '27 piece.

還是說，2027 年是指一個更正常化的環境，可能更接近你們在幾週前基本面更新中所描述的情境？能否帶我們走一遍 2027 年那部分背後的宏觀假設？

Yeah. John, this is Randy. I appreciate the question. Yeah, really, what we were looking at when we saw the potential for 2027 was really just fee-based EBITDA growth. It was -- we were in a situation in 2025 and coming into 2026, Jim mentioned earlier, it was really a benign environment for commodity prices and spreads.

好的。John，我是 Randy。謝謝你的問題。是的，我們當時看 2027 年的潛力，主要是著眼於以費率為基礎（fee-based）的 EBITDA 成長。也就是說，在 2025 年以及進入 2026 年時，Jim 先前提到，那是一個商品價格與價差相對溫和（benign）的環境。

So really, the driver was really fee-based cash flows off new assets going into service and also around the acquisition that we did from Occidental Petroleum that you'd start seeing those volumes show up on our system at the beginning of 2027. Those are really for drivers.

因此，驅動因素主要是：新資產投產後帶來的以費率為基礎的現金流；以及我們向 Occidental Petroleum 收購的那筆交易，相關量能會在 2027 年初開始在我們系統上顯現。這些才是真正的驅動因素。

I appreciate that. That's clear. Thank you. And then maybe just switching to kind of the broader macro commented a couple of times on this call about the disconnect between the, let's say, paper market in the physical market. Can you talk a little bit more about that and maybe what you think is driving the divergence or what could drive a convergence in that?

了解，謝謝。這很清楚。謝謝你。接著也許換個方向，這通電話裡你們幾次提到「紙上市場」與實體市場之間的脫節。你能否多談一些：你認為造成這種分歧的原因是什麼？或是什麼因素可能促使它們重新收斂？

Yes, this is [Tug]. I mean you're seeing strong physical premiums, for example, in data of Brent, but I think that we're alluding to is the forward market may not be accurately reflected in what we're seeing in the physical market. It's probably not high enough.

是的，我是[Tug]。我的意思是，你看到實體溢價很強，例如布蘭特的即期（data）溢價；但我們想表達的是，遠期市場可能沒有準確反映我們在實體市場看到的狀況。它可能偏低。

It may sound like you'd expect the kind of futures market to drift up over time even if we get closer to, let's say, some clear resolution in the rate.

聽起來你會預期期貨市場會隨時間逐步上移，即使我們更接近、比方說，某種更明確的解決方案（在利率方面）也是如此。

So it sure looks like.

所以看起來確實是這樣。

Appreciate the time. Thank you.

感謝撥冗。謝謝。

Gabe Dow, Truist.

Truist 的 Gabe Dow。

Thanks, operator. Good morning, everyone. Thanks for the time. I was hoping maybe to just touch on the gas side just for a second. Maybe Haynesville gathering -- is there in the shoulder season now and front month at 250.

謝謝接線員。各位早安。謝謝撥冗。我想先花一點時間談一下天然氣端。Haynesville 的集輸（gathering）——現在是淡旺季交替的肩季（shoulder season），而近月價格在 2.50。

We'll see what happens in the summer, but curious if you're seeing any change in behavior. It does seem like privates build productive capacity to turn on at the appropriate price in. But curious if you're seeing any change in the behavior?

我們看看夏天會怎麼發展，但我想了解你們是否看到行為上有任何改變。看起來民營業者會建立可在適當價格時啟動的產能。但想請問你們是否看到行為上有任何變化？

This is Natalie Gayden. You're right, the privates, you see some rigs or quite a few rigs actually running. And so I think we expect a little bit of pop on our system in the Haynesville at the end of the year. And otherwise, it looks pretty steady for the most part. Maybe it'd be a growth, I don't know what Corey's got in the forecast, but something like that.

我是 Natalie Gayden。你說得對，民營業者那邊，你確實看到一些鑽機——其實是相當多的鑽機——在運作。所以我們預期今年年底在 Haynesville 的系統上會有一點小幅跳升。除此之外，大致上看起來相當穩定。也許會有一些成長，我不確定 Corey 的預測是什麼，但大概是那樣。

Alright, Natalie. Got it. Thanks. Alright. And just a quick follow-up, maybe shifting back to the Permian as the commercial team tends to win some new business, obviously, a competitive basin. But just curious, what's most important to producers today? Is it reliability just given where pricing is, fees, differentiation given your story capabilities? Just trying to frame the competitive dynamics today. Thanks, guys.

好的，Natalie。了解。謝謝。好。再快速追問一下，回到 Permian：商務團隊往往會拿下一些新業務，當然那是一個競爭激烈的盆地。但我想了解，對於現在的生產商而言，最重要的是什麼？是在目前價格水準下更重視可靠度？還是費率？或是基於你們的儲運能力（story capabilities）所帶來的差異化？我只是想掌握目前的競爭動態。謝謝各位。

Well, we always use our integrated value chain to compete. There's no doubt about that. And then cost of capital and what it takes to build out whatever a producer needs. I will say, an established footprint that far reaches into areas of the basin that people are producing in as a competitive advantage because you're already there. And when producers want to bring on gas in the next 12 months, you kind of have -- you already have a foot in the door per se. So that would be a mix of all of the things, integrated value chain and just geographical position in the basin.

嗯，我們一向是運用我們整合式價值鏈來競爭。這點毫無疑問。另外還有資本成本，以及建置任何生產商所需設施所需要付出的成本。我會說，我們既有的佈局足跡深入延伸到盆地內人們正在生產的各個區域，這本身就是一項競爭優勢，因為你已經在那裡了。而當生產商希望在未來12個月內把天然氣投產時，你等於——可以說——已經先踏進門檻了。所以這會是多種因素的組合：整合式價值鏈，以及在盆地內的地理位置。

I'll just add that, Natalie operates a super system out there, which provides our customers a lot of reliability.

我再補充一下，Natalie 在那邊營運一個超級系統，能為我們的客戶提供很高的可靠性。

Yes, understood. That makes sense. Thanks, everyone.

是的，了解。這很有道理。謝謝各位。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，Jefferies。

Hi, good morning, everyone. This is Rob Mosca on for Julian. On the CapEx revision and the planned FIDs, I would imagine you'd line of sight to these projects when you issued guidance last quarter? Should we interpret this to mean that incremental FIDs like a new frac could bias '26 CapEx higher? And is what you have now actually a pretty firm number? And also maybe if you could provide an update on those commercial agreements you spoke to with Exxon last quarter? Thanks.

嗨，各位早安。我是 Rob Mosca，代 Julian 發言。關於資本支出（CapEx）修訂以及規劃中的 FID，我想你們在上季發布指引時應該就已經能看見這些專案的輪廓？我們是否應該將此解讀為，像新增一座分餾（frac）之類的增量 FID，可能會使 2026 年的 CapEx 偏高？而你們目前給出的數字其實是相當確定的嗎？另外，是否也能更新一下你們上季提到與 Exxon 的那些商業協議？謝謝。

Yeah. The first part of your question, no, our CapEx guide does include anticipated projects that are under development. I will talk to specifically any unannounced projects, but we do have some projects that are under development that are in that guide.

是的。你問題的第一部分，不是，我們的 CapEx 指引已包含正在開發中的預期專案。我不會特別談任何尚未公布的專案，但我們確實有一些正在開發中的專案已納入該指引。

Previously where we were, we had on the two processing plants that we just announced with the earnings release this morning, we actually had the long lead items associated with that plant in our guide. We just did not know as far as when we were going to come in and actually FID those and again, just with the volume growth we've seen in the Permian, but FID came earlier. So that was, if you would, the reason for the increase in the CapEx guide for this year because we'll see some of that CapEx happening in like the fee.

先前在我們原本的狀況下，今天早上隨著財報發布我們剛宣布的兩座處理廠，其實我們已把與該廠相關的長交期項目納入指引。只是我們當時還不確定何時會進來正式做出 FID；而且同樣地，隨著我們在二疊紀（Permian）看到的量成長，FID 提前了。所以，如果你要說的話，這就是今年 CapEx 指引上調的原因，因為我們會看到其中一部分 CapEx 會在像是費用（fee）那樣的項目上發生。

And this is Zach Strait. On the NGL side, on the fractionation side, not only mentioned, she's probably up on the upper end of her guidance. So we're always looking at building fractionators. We like to bring on fractionators full helps the economics. We've got a lot of levers within the system. Honestly, we were probably a little late on 14, but we got a lot of levers. So we'll see if we need another fractionator. And if we do, we'll build one.

我是 Zach Strait。在 NGL 端、分餾端方面，正如她提到的，她可能會落在指引的上緣。所以我們一直在評估興建分餾塔（fractionators）。我們喜歡在分餾塔滿載時投產，這有助於經濟性。我們在系統內有很多可調整的槓桿。老實說，我們在 14（號分餾塔）上可能有點晚了，但我們有很多槓桿。所以我們會看是否需要再一座分餾塔。如果需要，我們就會建一座。

I'm not sure what your question is on the Exxon side. But on the downstream agreements, I would say that we talked about, I would say a lot of those agreements were just extensions of deals that we already had, and it was just a natural fit why we're in the conversations about Bahia to go ahead and extend those contracts.

我不太確定你在 Exxon 方面的問題是什麼。但就我們談到的下游協議而言，我會說其中很多協議只是我們既有交易的延長，而我們之所以在 Bahia 的相關對話中順勢把那些合約延長，也是很自然的契合。

Got it. No, that addressed it. And for my follow-up, just wondering how we should think about the quantum of that could be shipped out of NRT 2 Phase II once it's online relative to the 360,000 barrels per day refrigeration capacity. It seems like you guys might have just 1 dock there. I'm wondering how contracted that capacity is until the EHT agent comes online on the LPG side at the end of this year? Thanks.

了解。不，這回答到了。那我追問一下：想請教 NRT 2 第二期上線後，相對於每日 36 萬桶的冷凍（refrigeration）產能，能夠外運的量級應該怎麼看？看起來你們那邊可能只有 1 個碼頭泊位。我想了解在今年底 LPG 端的 EHT 裝置上線之前，那些產能的簽約（contracted）程度如何？謝謝。

Yeah, this is Tyler Cott. Ia'll just reiterate again that over the longer term, we're contracted around the range of 90%. We have propane contracts that will start to ramp pretty quickly at NRT. And I think as we've said before, we expect NRT to do a good amount of propane in the balance of this year, and that will transition to ethane as our EHT capacity comes online late this year.

是的，我是 Tyler Cott。我再重申一次，從較長期來看，我們的簽約率大約在 90% 的區間。我們的丙烷合約在 NRT 會很快開始爬坡。而且如同我們之前說過的，我們預期 NRT 在今年剩餘期間會做相當多的丙烷，並且在今年稍晚我們的 EHT 產能上線後，會轉向乙烷。

Appreciate the time, everyone.

感謝各位撥冗。

A.J. O'Donnell, TPH.

A.J. O'Donnell，TPH。

Good morning, all. I am just wondering if I could just go back to some of the comments on damaged infrastructure in the Middle East. I think we saw from Saudi Aramco this morning, they're going to be halting LPG shipments through May.

各位早安。我想回到一些關於中東受損基礎設施的評論。我想我們今天早上看到沙烏地阿美（Saudi Aramco）表示，他們將在 5 月前暫停 LPG 出貨。

There's been some published price indexes from third-party sources showing that spot loading rates in the US Gulf Coast have been as high as $0.55. And I'm just wondering, given that Phase 2 of Nature River will be up soon. Curious how you would characterize that rate and what maybe you're seeing in terms of spot opportunities and how that could affect the return profile of your two new export projects?

有一些第三方來源發布的價格指數顯示，美國墨西哥灣沿岸的現貨裝船費率曾高達 0.55 美元。我想請教，考量到 Nature River 第二期很快就會上線。想了解你們會如何看待這個費率，以及你們在現貨機會方面看到什麼情況，還有這可能如何影響你們兩個新出口專案的報酬輪廓？

Yeah. We've seen elevated spot rates. They've been volatile. They've been as high as kind of what you mentioned, and they're off from those highs now. I think going back to what I said earlier, our system now has a significant amount more flexibility than it did previously. And so we'll respond to what products the markets need and have the highest value with the spot capacity that we have available. Those products being ethylene, propylene, LPG and ethane.

是的。我們確實看到現貨費率走高。波動也很大。曾經高到你提到的那種水準，但現在已從高點回落。我想回到我先前說的，我們的系統現在比以前有大幅更高的彈性。因此，我們會依市場需要、以及在我們可用的現貨產能下具有最高價值的產品來做出回應。這些產品包括乙烯、丙烯、LPG 和乙烷。

Okay. Great. Then I just had one more on the crude business. looking at the Q1 results, I was just -- could you provide a little bit more detail on kind of the specific drivers behind the lower sales margin and lower transport revenues. Curious with the higher commodity strip and overall volatile basis spreads that you guys have been citing. Is this something that we could see kind of reverting in Q2 and the rest of the year? Thanks.

好的。很好。那我還有一個關於原油業務的問題。看第一季（Q1）結果時，我想——你們能否提供更多細節，說明銷售毛利較低與運輸收入較低背後的具體驅動因素？考量你們一直提到較高的商品價格帶（commodity strip）以及整體波動的基差價差（basis spreads）。這是否可能在第二季（Q2）以及今年其餘時間出現回復？謝謝。

Yes, A.J., this is Jay again. As Q1 results, we had a headwind with the Eagle Ford JV renegotiation on some fees there and then some mark-to-market noise. -- lower spreads. But you brought up looking forward, the spreads increasing, that really didn't take place until, call it, April business. But your point is valid. We see definitely at least as April looks now, that turning around.

是的，A.J.，我是 Jay，再次回答。就第一季結果而言，我們受到 Eagle Ford 合資（JV）在部分費率重新談判上的逆風影響，另外也有一些按市價計價（mark-to-market）的雜訊——價差較低。但你提到往前看、價差擴大，那其實要到大概 4 月的業務才發生。不過你的觀點是合理的。至少就目前 4 月的情況來看，我們確實看到正在回升。

Got it. Thank you very much.

了解。非常感謝。

Jeremy Tonet, JPMorgan Securities.

Jeremy Tonet，JPMorgan Securities。

Alright. Good morning.

好的。早安。

Good morning.

早安。

Just wanted to come back to some of the commentary that you provided on the macro level. And just wanted to see, I guess, the industry, as you said, I don't think has really responded with a lot of new rig activity. And wondering what you think the industry would need to see in the market to pick up activity? And do you expect us to get there?

我想回到您先前在總體層面所提供的一些評論。另外我也想了解一下，如您所說，我認為整個產業其實並沒有以大量新增鑽機活動來回應。想請教您認為產業需要在市場上看到什麼，才會開始提升活動量？以及您預期我們會走到那一步嗎？

We hear from producers is they're going to stay disciplined. Go ahead, Natalie.

我們從生產商那邊聽到的是，他們會維持紀律。Natalie，你先說。

I think that's true. I mean, we'll stay disciplined. We have a few companies that may break out from the back, but they're private in nature and don't add a whole lot to the bottom line. So that's what we're seeing. .

我認為確實如此。我的意思是，我們會維持紀律。有少數公司可能會從後段開始突破，但它們多為私人公司，對最終獲利的貢獻不大。所以我們目前看到的是這樣。.

Do you see any certain price levels out there in the '27 curve that might start to warrant more activity? Or just can't tell that?

那您是否看到在「27年期貨曲線」上有任何特定的價格水準，可能會開始促使更多活動？還是目前也看不太出來？

No, this is Tug. I don't think it's necessarily a specific price that was probably more focused on the back of the curve being lifted up and not just next year needs to get looked at from any year beyond that.

不，我是Tug。我不認為一定是某個特定價格；可能更著重於曲線後端被抬升，而不只是明年，任何超過明年的年份都需要被重新檢視。

Got it. Thanks. And then just wondering for the CapEx backlog as a whole, if you might be able to share, I guess, how much of that could be allocated to kind of projects that have not taken FID yet? Just trying to get a sense for how that might look?

了解。謝謝。另外想請教整體資本支出（CapEx）在手量（backlog），您是否能分享其中有多少可能分配到尚未做出最終投資決定（FID）的專案？只是想掌握一下大概會是什麼樣子？

For 2026, Jeremy, that's getting pretty granular there.

Jeremy，如果是2026年，這就問得相當細了。

'27 works as well.

「27年」也可以。

Probably for 2027 -- Chris, I mean, I would say probably half of 2027 is not spoken for.

大概就2027年而言——Chris，我的意思是，我會說2027年大概有一半還沒有被排定。

Yeah, very helpful.

好的，非常有幫助。

Somewhere between 50% and 65%.

大約在50%到65%之間。

Keith Stanley, Wolfe Research.

Wolfe Research 的 Keith Stanley。

Hi, good morning. I wanted to clarify on Neches River Phase I. Would you have contracted any of the LPG shipments on that since it's only an interim service until you switch to ethane? Or is that all spot? And then I just want to confirm the time line you would switch to ethane, you're required to do that at year-end?

嗨，早安。我想釐清一下 Neches River 第一期。由於那只是過渡性服務、直到你們切換到乙烷為止，你們是否已經為該項目簽下任何液化石油氣（LPG）出貨合約？還是全部都是現貨？另外我想確認切換到乙烷的時間表：你們是被要求在年底前完成切換嗎？

We do have propane contracts that we'll be ramping up here at NRT on the Flex train. And then as EHC comes online, we'll satisfy that contract demand long term at EHC. Our ethane commitments are generally driven by when the VLECs arrive and largely, that's later this year and into next year.

我們確實有丙烷合約，將在 NRT 的 Flex 裝置這邊逐步拉升。接著當 EHC 上線後，我們會在 EHC 長期滿足該合約需求。我們的乙烷承諾通常取決於 VLEC 抵達的時間，而大致上是在今年稍晚以及延續到明年。

Got it. Bigger picture question as a follow-up. What would you say is the biggest opportunity for Enterprise with the situation in the Middle East and some of the commodity dynamics? Is there any particular business or commodity that you see as most exciting that you'd call out or things we might not be thinking about?

了解。接著一個更宏觀的追問：就中東局勢以及一些商品動態而言，您認為對 Enterprise 來說最大的機會是什麼？是否有任何特定業務或商品是您覺得最令人振奮、會特別點名的，或是一些我們可能沒有想到的事情？

Frankly, I think ethane has surprised me the appetite for it. I could say that growing. And another one is we're going to ship out what, Chris, 3 million barrels of ethylene this month?

坦白說，我對乙烷的需求胃納感到意外。我可以說那正在成長。另外一個是，我們這個月要出貨多少，Chris，300萬桶乙烯？

That's right, Jim. Yes, our ethylene exports over the last couple of months have been really high.

沒錯，Jim。是的，我們過去幾個月的乙烯出口量一直非常高。

What excites me is how we have broadened the offering across our docks. We're not just an LPG dock. We're not just a crude oil dog. We're a hydrocarbon dock. And I think I'd like to see that grow. We've got our own target to support where we like to be that I'm not going to share, but I like the broadening of the offerings rather than a specific project.

讓我感到興奮的是，我們已經把碼頭的服務範圍擴大了。我們不只是 LPG 碼頭。我們不只是原油碼頭。我們是碳氫化合物碼頭。而我希望看到這部分持續成長。我們有自己想要支持、希望達到的目標，我不會分享，但我更喜歡擴大產品與服務的廣度，而不是聚焦在某一個特定專案。

And probably the only thing I'd add to that, just really what is just the improvement in fundamentals for our petrochemical customers has really been a big change, which is good to see for them, and we'll get the benefit from just volumes going through the system, but that's much improved.

我可能唯一要補充的是，我們石化客戶的基本面確實改善了很多，這是一個很大的變化；很高興看到他們如此，我們也會因為系統內的運量增加而受益，而那確實改善不少。

Yeah, healthy petrochemical business is good for Enterprise. And they were running pretty strong before this what's changed? Some are going to heck of a lot of money.

健康的石化業務對 Enterprise 是好事。而他們在此之前其實就跑得很強了——現在改變的是什麼？有些人要賺很多很多錢。

Thank you.

謝謝。

Jason Gabelman, TD Cohen.

TD Cohen 的 Jason Gabelman。

Hi. Most of my questions have been answered. I wanted to ask about another commodity exposure. You guys have around octane enhancement. I think in 2022, that business did in '23, north of $400 million of gross margin. How are those spreads looking right now? Do you see that repeating this year?

嗨。我大部分的問題都已經被回答了。我想問另一個商品曝險。你們有辛烷值提升（octane enhancement）相關業務。我記得在2022年、以及在「23年」，那項業務的毛利超過4億美元。目前那些價差看起來如何？你們認為今年會重演嗎？

And we just now are coming out of a turnaround on our Oleflex unit. And so we're not able to get full capacity, but if we're coming out of that, and we think it's going to be strong through the quarter.

而我們的 Oleflex 裝置剛完成一次歲修。因此目前還無法達到滿載產能，但隨著我們從歲修中恢復，我們認為本季表現會很強。

Got it. That was it for me. Thanks for the question.

了解。我這邊就這些。謝謝提問。

I would now like to turn the conference back to James Teague for closing remarks. Sir?

我現在要把電話會議交回給 James Teague 做結語。先生？

Thanks, Latif, and thank you to our participants for joining us today.

謝謝你，Latif，也謝謝各位與會者今天加入我們。

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。感謝各位參與。您現在可以掛線。