Enterprise Products Partners L.P (EPD) 2026 Q3 法說會逐字稿

Thank you for standing by and welcome to Enterprise Products Partners L.P.'s third-quarter 2026 earnings conference call. (Operator Instructions)

感謝各位耐心等候，歡迎參加 Enterprise Products Partners L.P. 2026 年第三季財報電話會議。(接線員指示)

I would now like to hand the call over to Joe Theriac, VP of Finance and Investor Relations. Please go ahead.

現在我想把電話交給財務與投資人關係副總裁 Joe Theriac。請開始。

Thanks, Lateef. Good morning and welcome to the Enterprise Products Partners conference call to discuss third-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，Lateef。各位早安，歡迎參加 Enterprise Products Partners 的電話會議，討論 2026 年第三季財報。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 and 1934 based on the beliefs of the company as well as assumptions made by and information currently available to Enterprise's management team, although management believes that the expectations reflected in such forward-looking statements are reasonable, and 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，我們將依據《1934 年證券交易法》第 21E 條之意義作出前瞻性陳述，該等陳述係基於本公司之信念，以及 Enterprise 管理團隊所作之假設與目前可得之資訊。儘管管理階層相信此等前瞻性陳述所反映之預期屬合理，但不保證該等預期將被證實為正確。請參閱我們最近向美國證券交易委員會（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所作前瞻性陳述存在重大差異之因素。

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

那麼，我把時間交給 Jim。

Thank you, Joe. As some of you may or may not know, this marks my final quarterly earnings call as Co-CEO of Enterprise. Looking out across this room and reflecting on nearly three decades, it's impossible not to feel a profound sense of gratitude in this journey we have shared. When I joined Enterprise in 1999, the company had an enterprise value of less than $2 billion. Today, it approaches $120 billion.

謝謝你，Joe。各位可能知道也可能不知道，這是我以 Enterprise 共同執行長身分主持的最後一次季度財報電話會議。環顧這個房間，回顧將近三十年的歷程，我不可能不對我們共同走過的旅程心懷深深的感恩。我在 1999 年加入 Enterprise 時，公司企業價值不到 20 億美元。如今，已接近 1,200 億美元。

The true measure of Enterprise has never been just the number on the balance sheet. It has always been defined by a philosophy that was handed down by Dan: Do the best you can every day. Those simple yet profound words became the foundation of the Enterprise culture. They define both our personal and collected mission, achieved extraordinary results through hard work, perseverance, and teamwork.

衡量 Enterprise 的真正標準，從來不只是資產負債表上的數字。它一直由 Dan 傳承下來的一種理念所定義：每天都盡你所能做到最好。這句簡單卻深刻的話，成為 Enterprise 文化的基石。它們定義了我們個人與集體的使命，並透過努力、毅力與團隊合作，取得非凡成果。

Before going Enterprise, I spent more than two decades at Dow Chemical. I was an Enterprise customer. My time on the other side of the negotiating table gave me a unique perspective of the Midstream industry. It helped me to view our assets from the customer's point of view. That customer-first mindset is woven directly into our culture, driving our team to ask the hard questions. How do we solve our customers' problems? How do we eliminate downtime? And how do we keep products moving?

在加入 Enterprise 之前，我在陶氏化學（Dow Chemical）工作了二十多年。我曾是 Enterprise 的客戶。我在談判桌另一側的經驗，讓我對中游產業有了獨特的視角。這也幫助我能從客戶的角度看待我們的資產。這種以客戶為先的思維，直接編織進我們的文化之中，驅動團隊提出艱難的問題。我們如何解決客戶的問題？我們如何消除停機時間？以及我們如何讓產品持續流動？

That mindset, combined with an extraordinary team willing to ask why and why not, allowed us to move quickly when the shale revolution transformed our industry. We spent the last 20 years connecting supply basins from the Permian, Eagle Ford, Haynesville, and Marcellus to our customers along the Gulf Coast. And when domestic production exceeded US demand, we built and expanded our collection of export terminals to deliver product all over the world.

這種思維，加上一支願意追問「為什麼」與「為什麼不」的卓越團隊，使我們在頁岩革命改變產業時能迅速行動。過去 20 年，我們把二疊紀（Permian）、鷹福特（Eagle Ford）、海恩斯維爾（Haynesville）與馬塞勒斯（Marcellus）等供應盆地與墨西哥灣沿岸的客戶連結起來。當美國國內產量超過需求時，我們建置並擴充一系列出口碼頭，把產品輸送到全球各地。

When I look at our network of pipelines, plants, and docks, I don't just see physical assets, I see the people who run them. Our assets thrive because the people operating them care about one another. Enterprise's success has never been driven by individual heroes; it's driven by teamwork. We operate as one, one team and one book, the Enterprise book. Every decision is made based on the overall benefit for the company.

當我看著我們的管線、工廠與碼頭網路時，我看到的不只是實體資產，我看到的是營運它們的人。我們的資產之所以能蓬勃運作，是因為操作它們的人彼此關心。Enterprise 的成功從來不是靠個別英雄；而是靠團隊合作。我們以一體運作：一個團隊、一本帳，也就是 Enterprise 這本帳。每一項決策都是以對公司整體最有利為依據。

For a long time, we've measured things in Dan dollars. Today, we measure them in Randall dollars. Our strength comes from checking our egos at the door and staying laser-focused on the details. All the men and women across our entire system, thank you. You are the true engine of Enterprise. You've braved freezing rain, brutal heat, hurricanes, and a pandemic. And when times get tough, you work around the clock to keep production flowing. Serving alongside you has been the greatest privilege of my professional life.

長久以來，我們用「Dan 美元」來衡量事情。今天，我們用「Randall 美元」來衡量。我們的力量來自於把自我放在門外，並對細節保持高度專注。致我們整個系統中所有的男士與女士，謝謝你們。你們才是 Enterprise 真正的引擎。你們挺過了凍雨、酷熱、颶風，以及一場疫情。當情勢艱難時，你們日以繼夜地工作，確保生產持續流動。能與你們並肩服務，是我職業生涯中最大的榮幸。

To Randall, thank you for your unwavering support, and thank you for your dedication to preserving our company's values. To my partner, Randy, we have shared an incredible working partnership for nearly 30 years. Your financial discipline, sound business judgment, and dedication to our core values represent everything the Enterprise culture stands for. As Randy assumes the sole CEO role in January, I step aside knowing with certainty this company is absolutely in the best hands. Finally, to our investors and the analyst community, thank you for the engagement, the sharp questions, and the trust you placed in our company over the years.

致 Randall，感謝你始終如一的支持，也感謝你致力於守護我們公司的價值觀。致我的夥伴 Randy，我們近 30 年來建立了令人難以置信的工作夥伴關係。你的財務紀律、穩健的商業判斷，以及對核心價值的投入，正是 Enterprise 文化所代表的一切。當 Randy 於一月接任唯一的執行長職務時，我退居其後，並確信這家公司絕對交到最可靠的手中。最後，致我們的投資人與分析師社群，感謝你們多年來的參與、犀利提問，以及對本公司的信任。

And with that, you got the ball, buddy boy.

那麼，球就交給你了，老弟。

All right. Jim, as always, you're a hard act to follow. Thank you for your leadership and mentorship over the past 28 years. You have been a pacesetter and driver of value creation for our customers and our partnership. Whether it was developing NGL markets, both domestically and internationally, to absorb all the prolific amount of NGLs produced from the shale plays; or developing transparent and liquid pricing hubs for ethylene and polymer grade propylene that benefited our petrochemical customers; or leading the efforts to improve the Houston Ship Channel through assuring two-way traffic and securing the Project 11 deepening and widening expansion project, you have been one of the leading change agents in our industry. We congratulate you on an extraordinary career and wish you into the absolute best in the next chapters of your remarkable life.

好。Jim，一如往常，你讓人很難接棒。感謝你過去 28 年的領導與指導。你一直是為我們的客戶與本合夥企業創造價值的標竿與推動者。無論是開發國內與國際的 NGL 市場，以吸收頁岩區塊大量產出的 NGL；或是建立透明且具流動性的乙烯與聚合級丙烯（polymer grade propylene）定價樞紐，讓我們的石化客戶受益；或是領導改善休士頓航道（Houston Ship Channel）的工作，包括確保雙向通航並推動「11 號計畫」（Project 11）加深與拓寬擴建專案，你一直是本產業最重要的變革推動者之一。我們祝賀你擁有非凡的職涯，也祝福你在精彩人生的下一篇章一切順遂、萬事如意。

Now, with that, let's turn to the quarter. (laughter) Enterprise reported another strong performance for the third quarter. These results were primarily driven by increased natural gas and NGL production growth in the Permian that was reflected across our entire natural gas and NGL value chain businesses; also from continuing strong demand for US energy and petrochemical products, including the motor gasoline additives we produce; also higher natural gas pipeline volumes in the Haynesville basin; as well as earnings and cash flow from new assets placed in service over the past 12 months.

接下來，我們來談本季表現。(笑聲) Enterprise 在第三季再次繳出強勁成績。這些結果主要受二疊紀地區天然氣與 NGL 產量成長所帶動，並反映在我們整體天然氣與 NGL 價值鏈業務之中；同時也受惠於美國能源與石化產品（包括我們生產的汽油添加劑）需求持續強勁；此外，海恩斯維爾盆地天然氣管線輸送量提高；以及過去 12 個月內投產的新資產所帶來的獲利與現金流。

For the quarter, we generated $2.8 billion of adjusted EBITDA, a 16% increase over the third quarter last year. Distributable cash flow from operations increased 27% year over year to $2.3 billion, providing 1.9 times coverage and generating $1.1 billion of retained cash flow that we reinvested back in the partnership. Our integrated pipeline system moved a record 14.8 million barrels per day equivalent, and our marine terminals exported 2.5 million barrels per day of liquid hydrocarbons.

本季我們創造 28 億美元的調整後 EBITDA，較去年第三季成長 16%。營運產生的可分配現金流年增 27% 至 23 億美元，覆蓋倍數達 1.9 倍，並產生 11 億美元的留存現金流，我們將其再投資回合夥企業。我們的整合管線系統輸送量創新高，達每日等值 1,480 萬桶；我們的海運碼頭出口每日 250 萬桶液態烴。

In our natural gas processing business, total inlet volumes reached a record 8.5 Bcf a day. In the Permian Basin, plant inlet volumes increased by 12% compared to the third quarter of last year, hitting a record 4.6 Bcf per day. Our three-year CAGR on Permian plant inlet volumes is 19%. That production growth feeds our integrated NGL value chain, supporting higher pipeline, fractionation, storage, and export utilization. Our system provides our producer customers flow reliability and access to multiple markets while providing our consumer customers supply diversification.

在天然氣處理業務方面，總進廠量創新高，達每日 8.5 Bcf。在二疊紀盆地，工廠進廠量較去年第三季增加 12%，達到每日 4.6 Bcf 的新高。我們二疊紀工廠進廠量的三年複合年成長率（CAGR）為 19%。這樣的產量成長為我們整合式 NGL 價值鏈提供供給，支撐更高的管線、分餾、儲存與出口設施使用率。我們的系統為生產商客戶提供流量可靠性與多元市場的可及性，同時也為消費端客戶提供供應多元化。

Assets that began operations during the past 12 months include our 11th natural gas processing plant in the Delaware Basin, the Bahia NGL pipeline, Frac 14 in Mont Belvieu, and the second phase of our Neches River NGL export terminal. Global energy supply disruptions and volatility continue to support strong international demand for US hydrocarbons, particularly NGLs, petrochemicals, and refined products. In this environment, our reliability, flexibility, and most of all, price transparency remain increasingly valuable for our international customers.

過去12個月內開始營運的資產包括我們在德拉瓦盆地的第11座天然氣處理廠、Bahia NGL 管線、位於蒙特貝爾維尤（Mont Belvieu）的 Frac 14，以及我們 Neches River NGL 出口碼頭的第二期工程。全球能源供應中斷與波動持續支撐美國碳氫化合物強勁的國際需求，特別是 NGL、石化產品與成品油。在此環境下，我們的可靠性、彈性，尤其是價格透明度，對國際客戶而言愈發珍貴。

Looking ahead, our next major projects scheduled for completion in the fourth quarter are 300,000 barrels a day, LPG export expansion at our Houston Ship Channel export marine terminal, and a new 300 million cubic feet per day natural gas processing plant in the Midland Basin. The LPG marine terminal expansion will increase our total LPG loading capacity at the Ship Channel to approximately 1.1 million barrels per day.

展望未來，我們下一批預計於第四季完工的重大專案包括：位於休士頓航道（Houston Ship Channel）出口海運碼頭的每日30萬桶 LPG 出口擴建，以及位於米德蘭盆地（Midland Basin）一座每日3億立方英尺的新天然氣處理廠。LPG 海運碼頭擴建將使我們在航道的 LPG 總裝載能力提升至約每日110萬桶。

Athena, our 20th natural gas processing plant in the Permian Basin will increase our total processing capacity in the basin to nearly 5 Bcf per day. We have recently updated our production growth -- Permian production growth forecast through 2030. While our 2025 to 2030 forecast of crude oil production changed modestly -- the growth changed modestly, only 100,000 barrels per day by 2030.Our forecast of wet natural gas and NGL production during this time period increases to 34% due to higher gas-to-oil ratios in the Permian. This compares to 23% growth for this time period that we forecasted last April.

Athena 是我們在二疊紀盆地（Permian Basin）的第20座天然氣處理廠，將使我們在該盆地的總處理能力提升至接近每日5 Bcf。我們近期已更新我們的產量成長——二疊紀產量成長至2030年的預測。雖然我們對2025年至2030年原油產量的預測僅小幅變動——到2030年成長僅改變10萬桶/日；但由於二疊紀氣油比更高，我們對此期間濕天然氣與 NGL 產量的預測成長率提高至34%。相較之下，我們在去年四月對同一期間的預測為成長23%。

I'd refer you to page 9 of our third-quarter earnings supplemental slide deck for this updated forecast, and Corey can address this further during our Q&A. We have a confident outlook. Continued production growth in the Permian Basin and robust domestic and international demand are providing attractive organic growth opportunities for the partnership. We are remaining disciplined in our capital allocation. Rather than pursuing acquisitions at top of the cycle M&A multiples, we have been opting for targeted organic growth that historically provided us higher and more consistent returns on capital with fewer surprises.

關於這項更新後的預測，請參閱我們第三季財報補充簡報第9頁，Corey 也可在問答環節進一步說明。我們對前景充滿信心。二疊紀盆地持續的產量成長，以及強勁的國內與國際需求，正為本合夥企業帶來具吸引力的內生成長機會。我們在資本配置上仍保持紀律。相較於在景氣高點以高倍數進行併購，我們選擇更具針對性的內生成長；歷史上這能為我們帶來更高且更穩定的資本報酬，且意外更少。

We have $6.3 billion of organic growth projects that have been sanctioned and are under construction. We believe with these opportunities and solid execution, our team can continue to deliver cash flow per unit growth that will increase the value of our partnership over time.

我們已有63億美元的內生成長專案獲核准並正在建設中。我們相信，憑藉這些機會與扎實的執行力，我們的團隊能持續實現每單位現金流成長，並隨時間推進提升本合夥企業的價值。

During the quarter, we declared a distribution of $0.56 per common unit for the third quarter, which is a 2.8% increase over the distribution that we declared for the third quarter of '25. The distribution will be paid on November 30 to common unitholders of record as of the close of business on October 30. The partnership purchased $112 million of its common units during the third quarter.

本季我們宣告第三季每普通單位配發0.56美元的分配金，較我們在'25年第三季宣告的分配金增加2.8%。分配金將於11月30日支付給截至10月30日營業結束時登記在冊的普通單位持有人。本合夥企業於第三季回購了1.12億美元的普通單位。

Total year-to-date repurchases for 2026 are $387 million, bringing the cumulative utilization of our $5 billion buyback program to 36%. In addition to buybacks, purchases under our distribution reinvestment plan and employee unit purchase plan totaled approximately 1 million common units.

2026年截至目前的回購總額為3.87億美元，使我們50億美元回購計畫的累計使用率達到36%。除回購外，透過我們的分配金再投資計畫與員工單位購買計畫的購買量合計約100萬個普通單位。

For the 12 months ended September 30, 2026, Enterprise paid out approximately $4.8 billion in distributions to limited partners. Combined with $437 million of buybacks over the same period, Enterprise's total capital return was $5.3 billion, resulting in a payout ratio of adjusted cash flow from operations of 54%. Total capital investments were $1.1 billion in the third quarter of 2026, which included $900 million for growth capital projects and $185 million of sustaining CapEx.

在截至2026年9月30日的12個月內，Enterprise 向有限合夥人支付約48億美元的分配金。加上同期間4.37億美元的回購，Enterprise 的總資本回饋為53億美元，使經調整營運現金流的配付率為54%。2026年第三季總資本投資為11億美元，其中包括9億美元的成長資本專案，以及1.85億美元的維持性資本支出（sustaining CapEx）。

Our expected range of growth capital expenditures for 2026 will net to between $2.9 billion and $3.4 billion after applying approximately $600 million of proceeds from asset sales already received. While we currently expect our growth capital expenditures in 2027 to still be in the $3 billion area, given expected natural gas and NGL volume growth in the Permian, we will provide an update next quarter after we complete our annual budget cycle and review producer plans.

在扣除已收到約6億美元的資產出售款項後，我們預期2026年的成長資本支出淨額區間為29億至34億美元。雖然目前我們預期2027年的成長資本支出仍約在30億美元左右，但鑑於二疊紀預期的天然氣與 NGL 量成長，我們將在完成年度預算循環並檢視生產商計畫後，於下季提供更新。

Sustaining CapEx for 2026 are expected to be approximately $650 million. Our total debt principal outstanding was approximately $33.7 billion as of September 30. 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 is 4.7% and approximately 96% of our debt was fixed rate.

2026年的維持性資本支出預計約為6.5億美元。截至9月30日，我們未償還的總債務本金約為337億美元。若以我們混合證券（hybrids）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。我們的債務加權平均成本為4.7%，且約96%的債務為固定利率。

At September 30, our consolidated liquidity was approximately $4.8 billion, including availability under our credit facilities and unrestricted cash on hand. As of September 30, our consolidated leverage ratio was 2.9 times on a net basis after adjusting debt for the partial equity treatment of our hybrid debt and reduced by the partnership's unrestricted cash on hand. Our leverage target remains three times plus or minus a quarter. So that is 2.7 times to 3.25 times.

截至9月30日，我們的合併流動性約為48億美元，包括信貸額度可用額度與手上不受限制的現金。截至9月30日，在將混合債務部分按權益處理以調整債務，並扣除本合夥企業不受限制的手上現金後，我們的合併槓桿比率（淨額）為2.9倍。我們的槓桿目標仍為3倍上下0.25倍。也就是2.7倍至3.25倍。

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

那麼，Joe，我們可以開放提問了。

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

謝謝你，Randy。Latif，我們準備好開放電話會議提問。

(Operator Instructions) Jean Ann Salisbury, BofA.

(接線員指示) BofA 的 Jean Ann Salisbury。

Jim, best of luck to you in retirement. We are definitely going to miss hearing your quotable quotes on these calls. There will be a void during earnings season, and thank you for all the help.

Jim，祝你退休一切順利。我們一定會想念在這些電話會議上聽到你那些可引用的金句。財報季會少了一塊空缺，也謝謝你一直以來的協助。

Thank you, Jean Ann.

謝謝你，Jean Ann。

Corey, I just wanted to ask what drove the increase in your gas-to-oil ratio forecast? Was it decline curves in wells that have already been online? Or was this more of an expectation of a coming producer shift to more Delaware or something like that?

Corey，我想請教是什麼因素推動你們對氣油比預測的上調？是已投產井的遞減曲線所致嗎？還是更多是預期生產商將轉向更多德拉瓦盆地之類的變化？

Yes, Jean Ann, it's a great question, and I think you nailed it. It really is both of those factors, kind of combined. So when we think about the decline curves, we have been seeing the curve shallow on natural gas. And so when we look at our PDP, you get that compounding effect of more natural gas coming online relative to crude oil. So that was one of the key drivers for increased GORs in the basin.

是的，Jean Ann，這是個很好的問題，我想你說到重點了。確實是兩個因素的綜合作用。就遞減曲線而言，我們看到天然氣的遞減曲線趨於平緩。因此當我們看我們的 PDP（已開發生產儲量）時，就會出現相對於原油而言更多天然氣上線的複利效應。所以這是推動盆地內 GOR 上升的關鍵驅動因素之一。

The other one, obviously, as you pointed out, is people moving to different locations, whether it be moving just into a location in the Delaware Basin where we're seeing a little bit more activity from a growth perspective. Typically, the Delaware Basin is drier, but they're also hitting new benches that are producing really high GORs. Some of these benches typically will reach as high as 8, 9 GOR on IP, and these are the Woodfords and the Barnetts relative to what we would see on a Wolfcamp that's more like a 2 GOR on IP. So some of these areas definitely have rock that have more gas. And when we build out and forecasting, there's a couple of things that we like to look at.

另一個因素，正如你所指出的，顯然是人們轉移到不同區域，無論是轉往德拉瓦盆地的某些區塊——從成長角度來看，我們在那裡看到活動略有增加。通常德拉瓦盆地較「乾」，但他們也在鑽探新的層段（benches），其產出的 GOR 非常高。其中一些層段在初期產量（IP）時的 GOR 通常可高達8、9，而這些是 Woodford 與 Barnett；相較之下，我們在 Wolfcamp 看到的 IP GOR 更像是2。因此這些區域確實有含氣量更高的岩層。而在我們建模與預測時，有幾件事是我們喜歡觀察的。

One of them, obviously, is location, as I just mentioned. Another one is technology, and we keep looking at what the producers are doing in the basin, using different proppants, new surfactants, new drilling mechanisms, the frac equipment is better. When I think about total recoveries that come out of the rock as we've been talking about an increase in total recovery in the basin, those last few percent are typically going to be a lighter molecule, so these are all factors driving higher GORs.

其中之一，顯然是我剛提到的區位。另一個是技術，我們持續觀察生產商在盆地內的作法：使用不同的支撐劑（proppants）、新的界面活性劑（surfactants）、新的鑽井機制，壓裂設備也更好。當我想到我們一直在談的、從岩層中可採出的總回收量增加時，那最後幾個百分點通常會是較輕的分子；因此，這些都是推動更高 GOR 的因素。

I look forward to delving into it even further with you in the next few weeks. As my follow-up, ethane and propane prices have been very strong the past month or so. I think some are attributing it to a ramp in exports. Some are saying that fractionation is extremely tight, and that's the main driver. I'm just wondering what your view is and whether these elevated price levels of ethane and propane you expect to persist?

我期待在接下來幾週與您一起更深入探討。作為我的追問，過去一個月左右乙烷與丙烷價格一直非常強勁。我認為有些人把這歸因於出口放量。也有人說分餾能力極度吃緊，這才是主要驅動因素。我想請教您怎麼看，以及您是否預期乙烷與丙烷目前這些偏高的價格水準會持續？

Jean Ann, it's Tyler Cott. Yes, we've seen a little bit of an increase. It's been mostly in the front of the curve. And I think it's for the reasons that you said, just timing around demand and supply. We've had a new ethane cracker in the US Gulf Coast reportedly starting up and a little bit of new export capacity.

Jean Ann，我是 Tyler Cott。是的，我們確實看到些許上升。主要集中在曲線前端。我認為原因如您所說，主要是需求與供給在時間點上的影響。據報導，美國墨西哥灣沿岸有一座新的乙烷裂解裝置開始啟動，另外也新增了一點出口能力。

So, I think that's part of it along with fractionation waiting to come online. I think it's important to note, though, that the US is still extremely competitive, somewhat due to the high freight costs. So US consumers of those NGLs are still very much advantaged to the rest of the world.

所以我認為這是其中一部分原因，另外還有分餾設施尚待上線。不過我認為需要強調的是，美國仍然極具競爭力，某種程度上是因為運費成本偏高。因此，美國對這些 NGL 的消費者相較於世界其他地區仍然具有明顯優勢。

And Jean Ann, this is Tug. I'll just add that ethane production is continuing to grow. We still continue to expect ethane to be long here in the US.

Jean Ann，我是 Tug。我再補充一點：乙烷產量仍在持續成長。我們仍然預期乙烷在美國會維持供給偏長（供過於求）的狀態。

Theresa Chen, Barclays.

Theresa Chen，巴克萊。

Congratulations again to Jim. Thank you for your leadership, and we wish you the best as well. Going back to the macro forecast, given the magnitude of the gas revision in just six months and with the revisions consistently moving higher over the past few iterations, how much conservatism and general subjectivity is embedded in your assumptions? And do you see the potential for GORs to surprise even further to that side?

再次恭喜 Jim。感謝您的領導，我們也祝您一切順利。回到總體預測：在短短六個月內天然氣修正幅度如此之大，且過去幾次迭代修正都持續上調的情況下，您的假設中包含了多少保守性與一般性的主觀判斷？您是否認為 GOR（氣油比）還有可能在同一方向上帶來更進一步的意外？

This is Corey. Yes, I think there are some conservative variables that we have in there. When we look at how these type curves are changing, it's a measure of what we've seen change in the past. And some of these new formations are really new to us. And so we're going to see how they shake out, so there could be more gas.

我是 Corey。是的，我們的確在其中放入了一些保守變數。當我們觀察這些型態曲線（type curves）如何變化時，衡量的是我們過去看到的變化。而其中一些新層系對我們而言確實很新。因此我們會觀察它們最終表現如何，所以確實可能會有更多天然氣。

And turning to the Northeast. With continued upstream consolidation there, how are you thinking about the implications for ATEX recontracting at this point, taking into account the existing plants at AR and RRC and now the EQT branch combination, does the changing producer landscape alter the commercial dynamics around ATEX as those contracts come up for renewal soon?

再談到東北地區。在上游持續整併的情況下，您目前如何看待這對 ATEX 重新簽約的影響？考量到 AR 與 RRC 的既有工廠，以及現在 EQT 與 Branch 的合併，生產商版圖的變化是否會在 ATEX 這些合約即將續約之際，改變其商業動態？

Yes. And, Theresa, before I turn it over to Carrie to answer, just keep in context, this is less than 3% of our EBITDA. Carrie, go ahead.

是的。Theresa，在我把問題交給 Carrie 回答之前，先提醒一下背景：這部分不到我們 EBITDA 的 3%。Carrie，請。

This is Carrie Weaver. We don't view the recent announcements as materially changing how we look at ATEX. We recognize that there certainly could be some optimization as customers look at their portfolios, and we would expect the next generation of contracts to reflect today's market rather than the econs that existed when ATEX was originally contracted.

我是 Carrie Weaver。我們不認為近期的公告會實質改變我們看待 ATEX 的方式。我們也理解，當客戶檢視其資產組合時，確實可能會有一些最佳化，而我們預期下一代合約將反映今日市場狀況，而不是 ATEX 最初簽約時所存在的經濟條件（econs）。

But the conversations are still dynamic, and we're having those with current potential new shippers as we continue to evaluate on a high level what the best, most economic uses of the pipe. But we continue to view ATEX as a very strategic asset, and that's especially with the significant amount of demand coming online in the Gulf Coast that will need the ethane.

不過相關對話仍在動態進行中；我們也持續與現有及潛在的新託運人（shippers）溝通，同時從高層次評估這條管線最佳、最具經濟性的用途。但我們仍將 ATEX 視為非常具策略性的資產，尤其是墨西哥灣沿岸將有大量需求上線，將需要乙烷供應。

Spiro Dounis, Citi.

Spiro Dounis，花旗。

Once again, Jim, Randy, very much looking forward to your first monologue. Going to the '27 outlook first. I know the original 10% increase in '27 is maybe less relevant now given the '26 outperformance. But from what I can tell, you've largely sort of held firm on that ultimate EBITDA endpoint for '27 and have been maybe hesitant to say that '26 tailwinds are durable through next year. So curious now maybe to get an update on that outlook, especially in light of you raising your Permian volume outlook.

再次，Jim、Randy，非常期待你們的首次獨白。我先從 2027 年展望談起。我知道原先對 2027 年 10% 成長的說法，考量到 2026 年的超預期表現，現在可能沒那麼相關。但就我所見，你們大致仍維持 2027 年最終 EBITDA 的目標水準，且似乎較為保守，不太願意說 2026 年的順風能延續到明年。因此想請你們更新一下這個展望，特別是在你們上調二疊紀（Permian）量能展望的背景下。

Yes, Spiro, don't get used to the monologue. We're going to be having some additional speakers on the next call. Yes, fair question. The one thing to keep in context, if you just look at our EBITDA through the first three quarters of this year, we're up 15% year to date. So I think to a degree, we got things backwards when we said we were looking at modest growth in '26 and then we could see up to 10% growth in '27. I think the way it's turning out, again, 15% up year to date. So 2027, hard to know what the world will bring in '27 as far as geopolitical conflicts and what have you, but '27 may be more modest compared to what we're going to wind up reporting for 2026.

是的，Spiro，別太習慣獨白。下一次電話會議我們會有其他講者加入。是的，這是個合理的問題。需要放在脈絡中看的是，如果只看我們今年前三季的 EBITDA，我們年初至今成長了 15%。所以某種程度上，我們先前說 2026 年是溫和成長、而 2027 年可能有高達 10% 成長，可能把順序說反了。就目前的走勢來看，年初至今成長 15%。至於 2027 年，很難知道屆時世界在地緣政治衝突等方面會如何發展，但相較於我們最終將在 2026 年揭露的表現，2027 年可能會更溫和一些。

Got it. And when we say modest on a percentage basis, I just want to make sure I understand what that means.

了解。那當我們說「溫和」是以百分比來看時，我只是想確認我理解的意思是什麼。

Spiro, it depends on what your crystal ball is for geopolitical conflict because that's what's where we picked up some nice spreads across the system. So without that, I think it's probably more modest, not really looking to put a percent on it.

Spiro，這取決於你對地緣政治衝突的水晶球怎麼看，因為我們在系統各處取得的一些不錯價差（spreads）就是從那裡來的。所以如果沒有那些因素，我認為可能就會更溫和一些，但不太想給出一個百分比。

Yes. Fair enough. I can appreciate the lack of clarity these days. Second question, maybe just turning to leverage, below three times now, from what I can tell, trending perhaps even below your sort of lower end of the range next year, if all goes well. Good problem to have, certainly.

是的，可以理解。我也能體會現在缺乏明確性。第二個問題，轉到槓桿：從我看來，你們現在已低於 3 倍，若一切順利，明年甚至可能低於你們區間的下緣。這當然是個好問題。

But I guess at what point do you consider yourselves underlevered? Is that a meaningful consideration in your mind? And what are the options to address it? I know buybacks are there, but you've taken a growing but kind of measured approach on that. And so curious, do you see large growth opportunities manifesting themselves now for later in the decade, or does M&A suddenly come back into focus?

但我想問的是，你們在什麼情況下會認為自己槓桿不足（underlevered）？這在你們心中是重要的考量嗎？以及有哪些選項可以因應？我知道有庫藏股（buybacks），但你們採取的是逐步增加、但相對審慎的做法。因此我也想了解，你們是否看到本十年後期會出現大型成長機會，或是併購（M&A）會突然重新成為焦點？

Spiro, we -- from the -- one, we're just looking at 2.9 times on debt to EBITDA. We just ticked to that this quarter. And think of that some of that is the tailwind of 15% EBITDA growth this year. So we're benefiting from that. Certainly, the balance sheet flexibility gives us a lot of room on the M&A side.

Spiro，我們——從——第一，我們目前的負債對 EBITDA 倍數是 2.9 倍，這一季剛降到這個水準。其中一部分是今年 EBITDA 成長 15% 的順風所帶來的效果。所以我們正受惠於此。當然，資產負債表的彈性也讓我們在併購面有很大的操作空間。

But again, as we said in the prepared remarks, we've really been deliberate on the M&A front. It seems like organic growth gives us more consistent returns of capital. And like I said, I'll reiterate with a lot fewer surprises than what we see on the M&A side. So I don't see the need for our debt to go much lower than where it is today. And -- but we've got -- as we said in the prepared remarks, we've got a lot of good growth opportunities coming in, especially when you come in and look at just the gas and NGL-rich content in the Permian. We've got a lot of room to run.

但如同我們在事先準備的發言中所說，我們在併購方面一直非常審慎。看起來，有機成長能帶來更一致的資本回報。而且如我所說，我再重申一次：相較於我們在併購上看到的情況，有機成長的意外也少得多。因此我不認為我們的負債需要比今天更低很多。另外——但我們也有——如同我們在事先準備的發言中所說，我們有很多很好的成長機會正在到來，特別是當你看二疊紀的天然氣與富含 NGL 的含量時。我們還有很大的成長空間。

Manav Gupta, UBS.

Manav Gupta，瑞銀。

I actually just wanted to follow up quickly on the Bahia expansion. Your partner is obviously setting the envelope of developments within the Permian with 40 stackable technologies and their volumes are growing at a faster pace than anyone expected. So if you could give us an update on the Bahia expansion probably coming on one year from now?

我其實只是想就巴伊亞（Bahia）擴建案快速追問一下。你們的合作夥伴顯然正在界定二疊紀盆地內的開發範圍，擁有 40 項可堆疊技術，而且他們的產量成長速度比任何人預期的都更快。所以你們能否就大約一年後可能上線的巴伊亞擴建案，給我們一個最新進度？

Yes, this is Carrie. As we look at Bahia, the expansion into the Delaware will be in service in the fourth quarter of 2027. The expansion of 400,000 barrels a day, stepping us up to 1 million barrels a day will start in the fourth quarter of '27 as well and continue through mid-2028. And that's as we get permanent power and pump stations with power really being the critical path.

是的，我是 Carrie。就巴伊亞而言，向德拉瓦盆地（Delaware）的擴建將於 2027 年第四季投入服務。每日 40 萬桶的擴建、把我們提升到每日 100 萬桶的計畫，也將在 2027 年第四季啟動並持續到 2028 年年中。這取決於我們取得永久電力以及具備電力的泵站，而電力確實是關鍵路徑。

Perfect. And my quick follow-up, I think you mentioned in the opening comments that you don't want to pay higher multiples at the peak of the cycle. But just thinking about very strong balance sheet, any potential bolt-on opportunities, where are the areas where EPD could be potentially looking to buy some stuff if it's available at the right price?

很好。我再快速追問一下，我想你在開場談話中提到，你不想在景氣循環高峰時支付更高的倍數。但考量你們資產負債表非常強健，若有任何潛在的補強型（bolt-on）機會，EPD 可能會在哪些領域尋找可在合適價格買進的資產？

Really, I would -- I think as far as bolt-on opportunity really across the entire value chain, across the entire system.

坦白說，我會——我認為就補強型機會而言，幾乎涵蓋整個價值鏈、整個系統。

John Mackay, Goldman Sachs.

John Mackay，高盛。

I go back to the macro outlook a little bit, and this has been touched on, but maybe asked in a different way. With the higher Permian gas growth outlook, how do you see that kind of changing your project plans over the next few years? I mean, if you're going to, let's say, hold relative G&P market share, it probably implies more plants and therefore, more downstream in the plan than you would have been considering before. So maybe just kind of walk us through how you're thinking about that.

我想回到一點總體展望，這之前有被提到，但我可能用不同方式問。在二疊紀天然氣成長展望更高的情況下，你們認為這會如何改變未來幾年的專案規劃？我的意思是，如果你們要維持相對的集輸與處理（G&P）市占，這可能意味著需要更多處理廠，因此在規劃中下游配置會比你們先前考慮的更多。所以能否帶我們走一遍你們的思考方式？

John, this is Justin Kleiderer. I think in the past, we've said range of one to two a year on plants. Certainly, with the higher growth curve, we feel more confident that we're going to be closer to the two per year. If you look historically, processing capacity growth versus production growth versus 2019 have basically matched each other 1:1. And so if you just take that out further, the steeper that gas production curve goes, the more infrastructure is going to be needed to support it.

John，我是 Justin Kleiderer。我想過去我們說過，每年大概一到兩座處理廠的區間。當然，隨著成長曲線更陡，我們更有信心會更接近每年兩座。如果你看歷史數據，處理能力成長相對於產量成長，自 2019 年以來基本上是 1:1 對應。因此，如果把這個趨勢往後推，天然氣產量曲線越陡，就需要越多基礎設施來支撐。

So to the extent we continue to revise that curve, the more we'll need. So I still think two-year is good for the runway. And then we'll look to see how some of these newer developments in the basin continue to unfold and pivot around that data.

所以在我們持續上修那條曲線的程度上，我們就會需要更多。因此我仍然認為，兩座/年的節奏對於可見的跑道來說是合理的。接著我們會觀察盆地內一些較新的開發如何持續展開，並依據那些數據做調整。

That's clear. Appreciate that. Second one for me. We have seen LNG contracting off the Gulf Coast pick up on the back of a couple of things, but one of them has been, let's say, let's call it, an energy security bid. Anything you guys can share on the LPG contracting side in terms of tone of conversations, how that's picked up over the last couple of months and what we could expect from here?

很清楚。謝謝。第二個問題。我們看到墨西哥灣沿岸的 LNG 簽約活動在幾個因素帶動下回升，其中之一可以說是「能源安全」的需求溢價。你們在 LPG 簽約面向上，能否分享一下對話氛圍、過去幾個月的升溫情況，以及接下來可能的走向？

Yes. John, this is Tyler Cott. I think like we said before, on the LPG side, we're pretty highly contracted at about 90% through the end of the decade. I think in terms of what we're hearing from our customers, yes, energy security is a big part of it.

是的。John，我是 Tyler Cott。我想如同我們之前說過的，在 LPG 方面，我們的合約覆蓋率相當高，到本十年末大約已簽約 90%。就我們從客戶那邊聽到的而言，是的，能源安全是很重要的一部分。

I think a couple of other things are just the confidence in the US producer and the production story that we're talking about. Our customers definitely see that. And then I think finally, at least for us and our assets, we offer a little bit of a differentiated service. We have a lot of scale, a lot of flexibility, three different terminals, so I think that's also contributed to a lot of the strong interest that we've seen.

我想另外幾點是，市場對美國生產商以及我們所談到的產量故事更有信心。我們的客戶確實看得到這一點。最後，至少就我們與我們的資產而言，我們提供的是較具差異化的服務。我們規模很大、彈性很高，有三個不同的碼頭，因此我認為這也促成了我們看到的強勁興趣。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，Jefferies。

You've actually got Patrick, but from Julien and myself, another congratulations on your retirement. So thank you for everything. And I think a question will just be evolving a bit from some of the other ones there. In terms of that growth going towards the end of the decade, and I know you don't want to do CapEx update until Q4, but does that extend to changing your forecast for the number of frac plants as well? And if you could talk a little bit about the lead times that you need for that kind of changing CapEx allocation.

其實是 Patrick 在發問，但我代表 Julien 和我自己，再次恭喜您退休。非常感謝您所做的一切。我的問題算是從前面幾個問題延伸。就成長延伸到本十年末而言，我知道你們不想在第四季之前更新資本支出（CapEx），但這是否也意味著你們會改變對分餾廠（frac plants）數量的預測？另外也請談談，若要調整這類資本支出配置，你們需要的前置期大概多久。

I mean, if you're looking at adding stuff in '28, '29, does it basically have to be announced in Q4 or you can't do it in that time frame, or is there a chance that that could keep evolving as you change your forecast each year?

也就是說，如果你們要在 2028、2029 年新增一些設施，是否基本上必須在第四季就宣布，否則就無法在那個時間框架內完成？還是說，隨著你們每年更新預測，仍有可能持續演變？

Julien, Zach Strait. As far as outlook on fracs, not going to say we're not going to build. I actually think we probably will build more. But we feel pretty good where we're at. We just announced Frac 15.

Julien，我是 Zach Strait。就分餾的展望而言，我不會說我們不會再建。我其實認為我們很可能會再建更多。但我們對目前的位置感到相當不錯。我們剛宣布了 Frac 15。

It's not coming on until '28. Lead times have been a bit more extended probably six more months, but we've got a lot of flexibility in our downstream value chain, storage, fracs across South Texas, Louisiana. So, we feel pretty good where we're at with 15, and we'll see what contracting we do for the next one.

它要到 2028 年才會投產。前置期確實拉長了一些，大概多了六個月，但我們在下游價值鏈、儲存，以及南德州、路易斯安那的分餾方面都有很大的彈性。所以就 Frac 15 而言，我們對目前狀況感覺良好，接下來就看我們為下一座做多少簽約。

And another question evolving on that Permian growth story, I think I'm just wondering if you're planning on expanding your market share materially. I think there was a comment in your last answer about growing 1:1 with production growth and processing capacity. Is there any intention to get more competitive and take more market share? I think you've been growing that quite a bit over the last few years, right?

另外一個延伸自二疊紀成長故事的問題：我想知道你們是否計畫實質擴大市占。我記得你在上一個回答提到，處理能力與產量成長大致是 1:1 成長。你們是否有意圖變得更具競爭性、拿下更多市占？我想你們過去幾年市占成長相當多，對吧？

Patrick, this is Justin Kleiderer. Yes, I mean, I think as Randy said in his comments, we've grown at a 19% CAGR, which is well in excess of what the basin has done. And so I would expect we'll continue to see that trend play out going forward.

Patrick，我是 Justin Kleiderer。是的，我的意思是，正如 Randy 在他的評論中所說，我們以 19% 的年複合成長率（CAGR）成長，遠高於盆地本身的成長。因此我預期，這個趨勢未來仍會持續上演。

Keith Stanley, Wolfe Research.

Keith Stanley，Wolfe Research。

Randy, how are you thinking about buybacks for next year and beyond? Is the 50% to 60% of free cash flow framework that you laid out for this year, something you think you would continue to do?

Randy，你如何看待明年及之後的庫藏股回購？你今年提出的「將自由現金流的 50% 到 60% 用於回饋」這個框架，是你認為會持續採用的做法嗎？

As far as total capital return? Yes, I think what we had said is really in the 55% to 60% range. I think that's still a good range to think about.

你是指整體資本回饋？是的，我想我們之前說的是大約 55% 到 60% 的區間。我認為這仍然是一個可以參考的好區間。

Okay. So 55% to 60% of return of cash flow?

好的。所以是回饋現金流的 55% 到 60%？

Yes. Specifically, 55% to 60% of adjusted cash flow from operations for distributions and buybacks. And just when you've seen what we've done over the last 12 months, that's still heavily skewed towards distributions.

是的。具體而言，是將經調整的營運現金流的 55% 到 60% 用於配息與回購。而且就你看到我們過去 12 個月所做的而言，仍然明顯偏向配息。

Got it. The next question on the LPG export expansion. So you're nearing completion. It's rather large at 300,000 barrels a day. How can we think about a ramp-up of volumes and how quickly you think you could fill that level of expanded capacity on exports?

了解。下一個問題是關於LPG出口擴建。所以你們已接近完工。規模相當大，達到每日30萬桶。我們該如何看待出口量的爬坡，以及你們認為能多快把擴增後的出口產能填滿到那個水準？

Keith, this is Tyler Cott. It's full. We've contracted it. We are in the early stages of commissioning, and we're confident we're going to be commissioned here before the end of the year, as we've said. I think what's important for us is that we're getting bigger, but we're getting more flexible as well. We have three different terminals. They all have some amount of product flexibility. So we'll be steering our excess capacity, if you will, or spot capacity to the market that needs it month-to-month, quarter-to-quarter.

Keith，我是Tyler Cott。已經滿了。我們都已簽約。我們正處於試車投運的早期階段，而且我們有信心會如同先前所說，在年底前完成投運。我認為對我們來說重要的是，我們規模變大了，同時也更具彈性。我們有三個不同的碼頭。它們都具備一定程度的產品彈性。因此我們會把多餘產能（如果你願意這麼說）或現貨產能，導向每月、每季市場需要的地方。

Okay. But it sounds like we're going to see a big step-up in total export volumes in 2027 at a high level.

好的。但聽起來從整體來看，2027年的總出口量會出現大幅躍升。

I agree, yes.

我同意，是的。

Brandon Bingham, Scotiabank.

Brandon Bingham，豐業銀行（Scotiabank）。

Just wanted to maybe go back to the Permian forecast, but more on the crude side, the growth was more or less unchanged, just modest uptick there. Could you just walk through some of the dynamics that you're seeing on the crude side? And do you think there's any upside potential to that particular stream?

我想回到二疊紀（Permian）的預測，但更偏向原油端；成長大致沒有改變，只是小幅上調。你能否說明一下你們在原油端看到的一些動態？你認為那條特定流向是否有任何上行潛力？

Yes. Brandon, this is Jay Bany. I think what we've seen on the crude side over, call it, the second and third quarter is we've seen a little bit of production move up within our dedicated acreage. That's predominantly around the Midland Basin. And then in the Permian Basin, we've seen our trunk line connects with third-party gatherers, we've seen volumes increase on that, call it, up to 50,000 barrels a day, so we're seeing growth in both basins.

是的。Brandon，我是Jay Bany。我認為我們在原油端看到的是，在第二、第三季期間，我們在自有專屬區塊內的產量有些上升。這主要發生在Midland盆地周邊。另外在二疊紀盆地，我們的幹線與第三方集輸商的連接點，該處的量也增加了，大約增加到每日5萬桶，所以我們在兩個盆地都看到成長。

Okay. And maybe just the broader basin forecast that you guys updated today. Any thoughts around that holistic piece?

好的。那再談談你們今天更新的更廣泛盆地預測。對於那個整體面向有什麼看法嗎？

Yes. This is Corey Johnson. So when we look at our forecast update, it really wasn't a change in the cadence of completions or drilling. It was a change in what we're seeing coming out of the rock. And so that's why we didn't see a whole lot of change in the crude oil. We saw more of a change in the gas because, again, we're getting more gas and then about the same crude as we had expected before.

是的。我是Corey Johnson。所以當我們看這次預測更新時，真正改變的並不是完井或鑽井的節奏。而是我們看到從岩層產出的組成在改變。因此原油沒有出現太大的變化。我們看到較多變化的是天然氣，因為同樣地，我們得到更多天然氣，而原油大致與先前預期相同。

Okay. Great. That's helpful. And then maybe just a quick one. Petchem segment looked really good. Just kind of curious how much of that looking at the bridge quarter-over-quarter can be carried forward? And maybe how much of that do you think is maybe more along the lines of market dynamics at present?

好的。很好。這很有幫助。再快速問一個。石化（Petchem）部門看起來非常好。我有點好奇，從季度對季度的變動橋接來看，有多少可以延續到後續季度？以及你認為其中有多少更像是目前市場動態所致？

Brandon, this is Chris D'Anna. Yes, there were some puts and takes. So propylene was down lower and so is our ethylene exports, but MTBE kind of picked up the slack, and then some. So we're seeing MTBE a little bit weaker right now, typical seasonal weakness. But ethylene and propylene have both picked back up. So I guess -- yes, summary, yes, it's sustainable.

Brandon，我是Chris D'Anna。是的，確實有一些此消彼長。丙烯走低，我們的乙烯出口也較低，但MTBE某種程度上補上了缺口，甚至更多。所以我們目前看到MTBE稍微偏弱，屬於典型的季節性走弱。但乙烯和丙烯都已回升。所以我想——是的，總結來說，是的，這是可持續的。

Jason Gabelman, TD Cowen.

Jason Gabelman，TD Cowen。

Two questions on the Permian gas, one maybe related to the near -- or to the 3Q print. You had a step-up in inlet volumes, didn't have any new processing plants coming online. So I was wondering if you could talk through what drove the step up? How much of that is just ramp-up of volumes on your acreage? Is there any consideration for others offloading volumes onto your plants, which maybe is not sustainable? Any color there would be helpful.

關於二疊紀天然氣有兩個問題，其中一個可能與第三季的表現有關。你們的進廠量出現躍升，但並沒有新的處理廠投產。所以我想請你們說明是什麼驅動了這次躍升？其中有多少只是你們自有區塊的量在爬坡？是否有其他業者把量卸到你們的處理廠（可能不可持續）的情況？若能提供一些說明會很有幫助。

Jason, Justin Kleiderer again. Yes, I mean, I think quarter-over-quarter, we're up 13% in the Delaware and just over 10% in the Midland. I'd say in the second quarter, we saw probably about 200 a day of economic shut-ins due to all the volatility in Waha pricing. And so I think you can see -- you can say that's a combination. The growth you're seeing quarter-over-quarter is a combination of that production coming back as well as some just organic additional acreage being completed and brought online behind the system, so it's a combination of the two.

Jason，我是Justin Kleiderer，再次回答。是的，我的意思是，季度對季度來看，我們在Delaware上升了13%，在Midland則略高於10%。我會說在第二季，我們可能因Waha價格的劇烈波動而出現約每日2億立方英尺的經濟性關井。所以我想你可以看到——你可以說，你看到的季度對季度成長，是那部分產量回來，加上部分是自然而然的增量：更多區塊完成完井並在系統後端上線，因此兩者兼具。

Great. And I wanted to hit on the long-term forecast again, sorry. But the dry gas out of the Permian forecast is only 7.5 Bs a day. I think at this point, we're up to 20 Bs a day of new dry gas egress coming out of the Permian between '25 and 2030. So, Corey, I'm wondering if that kind of pipeline build-out fed into your modeling at all and how you explain the delta between your dry gas production growth and the amount of pipeline capacity that's been contracted?

很好。抱歉，我想再回到長期預測。但二疊紀的乾氣產量預測只有每日75億立方英尺。我想截至目前，在2025到2030年之間，二疊紀新增的乾氣外輸能力大約已達每日200億立方英尺。所以Corey，我想知道這類管線擴建是否有納入你們的模型，以及你如何解釋你們的乾氣產量成長與已簽約的管線容量之間的差距？

When we run our analysis, it's really a bottom-up analysis, looking at the rock and talking to all of Justin's customers to see how they are reacting and then also what they're seeing in the basin. When it comes to the overall forecast, it does factor in when we think about what the runway looks like for producers. I think this is probably the clearest runway we've had in years for producers to look out and see that there is plenty of takeaway capacity for them to grow into. And so it will be a factor when we sit down and recalibrate for our 2027 forecast that we should release somewhere in that March, April time frame.

我們在做分析時，基本上是自下而上的分析，從岩層出發，並與Justin的所有客戶溝通，了解他們如何反應，以及他們在盆地看到什麼。就整體預測而言，當我們思考生產商的成長跑道時，確實會把這些因素納入。我認為這可能是我們多年來看到最清晰的跑道，讓生產商能往前看並確認有充足的外運能力可供其成長。因此，當我們坐下來為2027年的預測重新校準時——我們應該會在3月、4月左右發布——這會是一個因素。

I would now like to turn the conference back to Joe Theriac for closing remarks. Sir?

我現在想把會議交回給Joe Theriac作結語。先生？

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

謝謝你，Latif。感謝各位與會者今天加入我們。我們的發言到此結束。祝各位有美好的一天。

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

今天的電話會議到此結束。感謝您的參與。您現在可以掛線。