EQT Corp (EQT) 2025 Q3 法說會逐字稿

Good morning, and welcome to the EQT third quarter 2025 quarterly results conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

早安，歡迎參加 EQT 2025 年第三季業績電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。

I would now like to turn the call over to Cameron Horwitz, Managing Director, Investor Relations and Strategy. Please go ahead.

現在我想將電話轉給投資者關係和策略董事總經理卡梅倫·霍維茨 (Cameron Horwitz)。請繼續。

Good morning, and thank you for joining our third quarter 2025 earnings results conference call. With me today are Toby Rice, President and Chief Executive Officer; and Jeremy Knop, Chief Financial Officer. In a moment, Toby and Jeremy will present their prepared remarks with a question-and-answer session to follow. An updated investor presentation has been posted to the Investor Relations portion of our website, and we will reference certain slides during today's discussion. A replay of today's call will be available on our website beginning this evening.

早安，感謝您參加我們的 2025 年第三季收益結果電話會議。今天與我一起的有總裁兼執行長 Toby Rice 和財務長 Jeremy Knop。稍後，托比和傑里米將發表準備好的發言，隨後進行問答環節。更新後的投資者簡報已發佈到我們網站的投資者關係部分，我們將在今天的討論中參考某些幻燈片。今天晚上開始，我們的網站將提供今天電話會議的重播。

I'd like to remind you that today's call may contain forward-looking statements. Actual results and future events could materially differ from these forward-looking statements because of factors described in yesterday's earnings release, in our investor presentation, the Risk Factors section of our most recent Form 10-K and Form 10-Q and the subsequent filings we make with the SEC. We do not undertake any duty to update forward-looking statements.

我想提醒您，今天的電話會議可能包含前瞻性陳述。由於昨天的收益報告、我們的投資者介紹、我們最新的 10-K 表和 10-Q 表的風險因素部分以及我們隨後向美國證券交易委員會提交的文件中描述的因素，實際結果和未來事件可能與這些前瞻性陳述存在重大差異。我們不承擔更新前瞻性陳述的任何義務。

Today's call also contains certain non-GAAP financial measures. Please refer to our most recent earnings release and investor presentation for important disclosures regarding such measures, including reconciliations to the most comparable GAAP financial measures.

今天的電話會議也包含某些非公認會計準則財務指標。請參閱我們最新的收益報告和投資者介紹，以了解有關此類指標的重要揭露，包括與最具可比性的 GAAP 財務指標的對帳。

With that, I'll turn the call over to Toby.

說完這些，我會把電話轉給托比。

Thanks, Cam, and good morning, everyone. Third quarter results built upon EQT's strong track record of operational and financial outperformance. Our performance this quarter resulted in $484 million of free cash flow attributable to EQT, which is net of $21 million of one-time costs associated with the Olympus transaction. We have now generated cumulative free cash flow attributable to EQT of more than $2.3 billion over the past four quarters with natural gas prices averaging just $3.25 per million Btu, highlighting the differentiated cash flow generation capabilities of EQT's low-cost integrated business model.

謝謝，Cam，大家早安。第三季的業績建立在 EQT 出色的營運和財務表現記錄之上。本季我們的業績為 EQT 帶來了 4.84 億美元的自由現金流，扣除與奧林巴斯交易相關的 2,100 萬美元一次性成本。過去四個季度，我們已產生歸屬於 EQT 的累計自由現金流超過 23 億美元，而天然氣價格平均僅為每百萬英熱單位 3.25 美元，凸顯了 EQT 低成本綜合業務模式的差異化現金流量產生能力。

Production was near the high end of guidance despite price-related curtailments as we continue to benefit from robust well productivity and compression project outperformance. Our tactical approach to volume curtailments in response to volatile local pricing resulted in another quarter of significant price realization outperformance with our corporate differential coming in $0.12 tighter than the midpoint of guidance despite local basis widening after we provided Q3 guidance.

儘管價格方面有所削減，但由於我們繼續受益於強勁的油井生產力和壓縮項目的優異表現，產量仍接近指導值的高端。為了應對波動的當地價格，我們採取了策略性減量措施，這導致我們又一個季度的價格實現表現顯著優異，儘管在我們發布第三季度指引後當地基差有所擴大，但我們的企業差價仍比指引中點收窄了 0.12 美元。

Operating costs were also lower than expected across the board, driving record low total cash cost per unit and underscoring ongoing benefits from water infrastructure investments and midstream cost optimization.

營運成本也全面低於預期，推動單位總現金成本創歷史新低，並凸顯了水基礎設施投資和中游成本最佳化帶來的持續效益。

Capital spending came in roughly $70 million below the midpoint of guidance, supported by further upstream efficiency gains and midstream optimization. Our team set multiple EQT and basin-wide records during the quarter, including our highest pumping hours ever in a month, our fastest quarterly completion pace on record and the most lateral footage drilled and completed in a 24-hour period. Simply put, our execution machine is firing on all cylinders.

受上游效率進一步提高和中游優化的影響，資本支出比指導中點低約 7,000 萬美元。我們的團隊在本季度創下了多項 EQT 和全盆地記錄，包括我們有史以來一個月內最高的抽水小時數、有史以來最快的季度完井速度以及 24 小時內鑽探和完成的最多橫向進尺。簡而言之，我們的執行機器正在全力運作。

Turning to our acquisition of Olympus Energy. We closed the transaction on July 1 and completed the full integration of all upstream and midstream operations in just 34 days. This marks the fastest operational transition in EQT's acquisition history. Our teams have already achieved significant operational improvements since taking control of the assets.

談到我們對奧林巴斯能源的收購。我們於7月1日完成交易，僅用34天就完成了所有上游和中游業務的全面整合。這標誌著 EQT 收購史上最快的營運轉型。自從控制資產以來，我們的團隊已經取得了顯著的營運改善。

An example of this is in the Deep Utica, where we drilled two wells during the third quarter at a pace that was nearly 30% faster than Olympus' historic performance, driving an estimated $2 million of per well cost savings. Deep Utica inventory represents significant long-term upside optionality on the Olympus assets, which we ascribed 0 value to in the purchase price.

以 Deep Utica 為例，我們在第三季鑽了兩口井，速度比奧林巴斯的歷史表現快了近 30%，每口井節省了約 200 萬美元的成本。尤蒂卡深度庫存代表了奧林巴斯資產的顯著長期上行選擇權，我們在購買價格中將其賦予了 0 價值。

Olympus' production also provides a significant supply source to feed the Homer City data center project that we announced last quarter, underscoring how assets can become more valuable once they are part of EQT's platform and our ability to unlock sustainable growth.

奧林巴斯的生產也為我們上個季度宣布的荷馬城資料中心專案提供了重要的供應來源，這凸顯了資產一旦成為 EQT 平台的一部分就會變得更有價值，以及我們實現可持續成長的能力。

Shifting to our growth project pipeline. We have made significant progress with the various in-basin power projects that we announced last quarter and are seeing additional opportunities to provide natural gas supply and infrastructure to service new load growth in Appalachia.

轉向我們的成長專案管道。我們在上個季度宣布的各個盆地電力項目上取得了重大進展，並看到了提供天然氣供應和基礎設施以滿足阿巴拉契亞地區新負載成長的更多機會。

We also completed an exceptionally strong and oversubscribed open season on our MVP Boost expansion project. Demand far exceeded our initial expectations. And as a result, we collaborated with our vendors and partners to upsize the project by 20%, increasing capacity to over 600,000 decatherms per day. Even with the additional capacity, the region's appetite for Appalachian natural gas remains greater than what we can currently provide, a clear signal of continued market strength and long-term demand growth.

我們的 MVP Boost 擴展項目也完成了異常強勁且超額認購的開放季。需求遠遠超出了我們最初的預期。因此，我們與供應商和合作夥伴合作，將專案規模擴大 20%，產能提高到每天 60 萬十億分之一千焦以上。即使有了額外的產能，該地區對阿巴拉契亞天然氣的需求仍然大於我們目前所能提供的量，這清楚地表明市場持續強勁和長期需求成長。

The MVP Boost project is 100% underpinned by 20-year capacity reservation fee contracts with the leading Southeastern utilities, highlighting the depth and durability of these customer commitments. We estimate a 3 times adjusted EBITDA build multiple for the expansion project, highlighting how strong the economics are for low-risk infrastructure investments in our midstream business.

MVP Boost 專案完全由與東南部領先的公用事業公司簽訂的 20 年容量預訂費合約提供支持，凸顯了這些客戶承諾的深度和持久性。我們估計擴建專案的調整後 EBITDA 建置倍數為 3 倍，凸顯了我們中游業務中低風險基礎設施投資的經濟效益有多強勁。

Once expanded by the Boost project, MVP will have a total capacity of 2.6 Bcf per day of gas, which is more than 1 Bcf per day greater than current flow rates on the MVP mainline due to downstream bottlenecks, which will be solved when the Transco Southbound and northbound expansion projects are completed in 2027 and 2028. This additional takeaway should come online at the same time that in-basin power demand is inflecting higher, which we expect will drive improvement in Appalachian pricing over the coming years. In fact, the futures market is already starting to take note with M2 bases futures in 2029 and 2030, tightening by more than $0.20 over the past few months.

一旦透過 Boost 專案進行擴建，MVP 的天然氣總產能將達到每天 26 億立方英尺，由於下游瓶頸，這一產能將比 MVP 主線目前的流量高出每天 10 億立方英尺以上，而這些問題將在 2027 年和 2028 年 Transco 南向和北向擴建項目完工後得到解決。這項額外外送服務應與流域內電力需求上漲同時上線，我們預計這將在未來幾年推動阿巴拉契亞定價的改善。事實上，期貨市場已經開始注意到 2029 年和 2030 年的 M2 基礎期貨，過去幾個月收緊了 0.20 美元以上。

In summary, our third quarter performance once again demonstrates the power of EQT's integrated model and our relentless drive for continuous improvement. From record-setting operational efficiency through seamless acquisition integration and advancement of strategic growth projects, all aspects of our business are performing at a high level. The strength and consistency of our results, even in a moderate gas price environment reflects the quality of our company, the durability of our low-cost structure and depth of our opportunity set. The foundation we've built at EQT is strong. Our strategy is working, and our future has never been brighter.

總而言之，我們第三季的業績再次證明了 EQT 綜合模式的強大力量以及我們持續改進的不懈動力。從創紀錄的營運效率到無縫的收購整合和策略成長項目的推進，我們業務的各個方面都表現得很高。即使在適中的天然氣價格環境下，我們業績的強勁和一致性也反映了我們公司的品質、低成本結構的持久性和機會集的深度。我們在 EQT 建立的基礎非常牢固。我們的策略正在奏效，我們的未來從未如此光明。

I'll now turn the call over to Jeremy.

我現在將電話轉給傑里米。

Thanks, Toby. Our strong financial results and free cash flow outperformance left our balance sheet in a stronger-than-expected position during the third quarter. Despite approximately $600 million of cash outflows from closing the Olympus transaction, the previously disclosed legal settlement and working capital impacts, our net debt balance ended the quarter just under $8 billion.

謝謝，托比。我們強勁的財務表現和自由現金流的優異表現使我們的資產負債表在第三季處於強於預期的狀況。儘管奧林巴斯交易結束後產生了約 6 億美元的現金流出，加上先前披露的法律和解以及營運資本影響，但本季末我們的淨債務餘額仍略低於 80 億美元。

We continue to target a maximum of $5 billion of total debt, which is 3 times unlevered free cash flow before strategic growth CapEx at a $2.75 natural gas price. With $19 billion of forecasted cumulative free cash flow attributable to EQT over the next five years at recent strip pricing, we have plenty of capacity to execute on our capital allocation priorities. Which include investing in high-return, strategic growth projects, further deleveraging, steadily growing our base dividend and building cash to opportunistically buy back shares.

我們繼續將總債務目標定為最高 50 億美元，這是天然氣價格為 2.75 美元時戰略成長資本支出前的無槓桿自由現金流的 3 倍。根據最近的定價，預計未來五年 EQT 的累積自由現金流將達到 190 億美元，我們有足夠的能力執行我們的資本配置優先事項。其中包括投資高回報、策略性成長項目、進一步去槓桿、穩步增加基本股息以及累積現金以適時回購股票。

Last week, we increased our base dividend by 5% to $0.66 per share on an annualized basis as we begin returning permanent cost structure improvements and synergy capture to shareholders. Now that our credit ratings are stabilized, we are on a glide path of further balance sheet strengthening. We have now grown our base dividend at an approximate 8% compound annual growth rate since 2022.

上週，我們將基本股利提高了 5%，達到每股 0.66 美元（按年計算），因為我們開始向股東返還永久性成本結構改善和協同效應。現在我們的信用評級已經穩定，我們正處於進一步加強資產負債表的下滑軌道上。自 2022 年以來，我們的基本股利以約 8% 的複合年增長率成長。

This is a testament to our confidence in the sustainability of our business and a corporate free cash flow breakeven price that is among the lowest in North America. We will continue to look for ways to recycle structural cost savings into future growth. Ensuring that our base dividend is bulletproof through commodity cycles.

這證明了我們對業務可持續性的信心，以及公司自由現金流盈虧平衡價格在北美處於最低水平之一。我們將繼續尋找將結構性成本節約轉化為未來成長的方法。確保我們的基本股利不受商品週期的影響。

Turning to LNG. We signed offtake agreements with Cimpress Port Arthur next decades, Rio Grande and Commonwealth LNG beginning in the 2030 and 2031 timeframe. These SPAs represent patient execution of the LNG strategy that we began formulating in 2022 as we waited for the right time to gain exposure to high-quality facilities with geographic diversification, competitive pricing and favorable credit terms.

轉向液化天然氣。我們與 Cimpress Port Arthur、Rio Grande 和 Commonwealth LNG 簽署了未來幾十年的承購協議，這些協議分別於 2030 年和 2031 年開始生效。這些 SPA 代表了我們耐心執行 2022 年開始製定的 LNG 策略，我們一直在等待合適的時機，以獲得具有地域多樣化、有競爭力的價格和優惠信貸條件的高品質設施。

We intentionally positioned our exposure to begin after the 2027 to 2029 window, which we have flagged for several years as a potential period of global oversupply. This oversupply should result in a trough period of new LNG FID activity and lower prices should stimulate new international demand, setting the stage for tightening fundamentals concurrent with the commencement of our contracts.

我們有意將投資開始時間定在 2027 年至 2029 年後，幾年來，我們一直將這段時期標記為全球供應過剩的潛在時期。這種供應過剩將導致新的液化天然氣最終投資決定 (FID) 活動進入低谷期，而較低的價格將刺激新的國際需求，為合約生效的同時基本面收緊奠定基礎。

While we remain bullish on domestic demand growth, we believe that international growth will increase even faster, and it is important to have the right exposure in our portfolio to these markets. Our strategy of signing SPAs on tolling arrangements provides direct connectivity to international markets, with less downside risk and greater upside optionality than netback deal structures.

雖然我們仍然看好國內需求成長，但我們相信國際成長將會更快，因此在我們的投資組合中正確投資這些市場非常重要。我們簽署收費協議的策略提供了與國際市場的直接聯繫，與淨回值交易結構相比，下行風險更小，上行選擇更多。

Our structures give us complete end market flexibility. Allowing us to provide tailor-made solutions to in-market customers globally with varying contract tenors and price benchmarks over the 20-year lives of these contracts. We are taking the same direct-to-customer approach to LNG that we have deployed domestically with utilities and data centers. We expect to enter into sales agreements and regasification capacity covering a large portion of our LNG exposure in the coming years, leaving us with a geographically diversified portfolio of customers and pricing exposure.

我們的結構為我們提供了完全的終端市場靈活性。這使我們能夠為全球市場客戶提供量身定制的解決方案，這些解決方案具有 20 年合約期限內不同的合約期限和價格基準。我們對液化天然氣採取了與國內公用事業和資料中心相同的直接面向客戶的方式。我們預計在未來幾年內將達成涵蓋大部分液化天然氣風險的銷售協議和再氣化能力，使我們擁有地域多樣化的客戶組合和定價風險。

Our recent discussions with international buyers give us confidence in the long-term LNG demand outlook and suggest the desire to contract with an integrated US-based natural gas producer that can offer greater flexibility than legacy LNG suppliers due to their short exposure at Henry Hub.

我們最近與國際買家的討論讓我們對長期液化天然氣需求前景充滿信心，並表明我們希望與一家總部位於美國的綜合天然氣生產商簽訂合同，由於他們在亨利港的短期曝光，該生產商可以提供比傳統液化天然氣供應商更大的靈活性。

It's worth noting that EQT is the second largest marketer of natural gas in the US, ahead of all upstream and midstream peers as well as the super majors. LNG marketing is a natural bolt-on to our existing capabilities, and we've been building our expertise over the past several years. While the US market has significant demand tailwinds over the near and medium term, global growth in natural gas demand should far outpace the domestic market over the long term.

值得注意的是，EQT 是美國第二大天然氣行銷商，領先所有上游和中游同行以及超級巨頭。液化天然氣行銷是我們現有能力的自然補充，過去幾年我們一直在累積專業知識。儘管美國市場在短期和中期內需求明顯順風，但從長遠來看，全球天然氣需求的成長應該遠超過國內市場。

We expect natural gas demand outside the US to rise by 200 Bcf per day between now and 2050, highlighting the tremendous opportunity for US producers that can directly access international markets. However, that access will only be available to producers that have a combination of scale, low-cost structure, multiple decades of quality inventory and investment-grade balance sheet and strong environmental attributes, all of which are hallmarks of the differentiated platform we have built at EQT.

我們預計，從現在到 2050 年，美國以外的天然氣需求將每天增加 2,000 億立方英尺，這為能夠直接進入國際市場的美國生產商帶來了巨大的機會。然而，只有擁有規模、低成本結構、數十年優質庫存和投資級資產負債表以及強大環境屬性的生產商才能獲得這種機會，所有這些都是我們在 EQT 構建的差異化平台的標誌。

Turning to natural gas macro. We see a supportive setup emerging as we head into year-end with a tightening balance driven by factors, including surging LNG demand and slowing associated gas supply growth as crude oil prices weaken.

轉向天然氣宏觀。隨著年底臨近，我們看到一種支持性格局正在形成，受原油價格走弱導致液化天然氣需求激增和伴生氣供應增長放緩等因素推動，平衡趨緊。

On the demand side, the US is on track to exit 2025 with over 4 Bcf per day of incremental LNG demand compared to year-end 2024, the largest annual increase since the US began exporting LNG almost 10 years ago. The start-up of Golden Pass and continued ramp-up of the Corpus Christi Stage 3 expansion are expected to add another 2.5 to 3 Bcf per day of demand by year-end 2026, providing a further tailwind for US natural gas prices.

在需求方面，與2024年底相比，美國預計在2025年底實現每天超過40億立方英尺的液化天然氣需求增量，這是自近10年前美國開始出口液化天然氣以來的最大年度增幅。預計到 2026 年底，Golden Pass 計畫的啟動和 Corpus Christi 第三階段擴建計畫的持續推​​進將使每日天然氣需求量再增加 25 至 30 億立方英尺，為美國天然氣價格提供進一步的推動力。

Looking ahead to winter weather, several major forecasters are calling for one of the coldest winners in over a decade as early indications suggest a transition from El Nino to a moderate lamina phase. This transition tends to produce below normal temperatures across key US consuming regions, including the Midwest and Northeast. A return to sustained cold could drive a meaningful rebound in residential and commercial heating demand tightening inventories and accelerating the drawdown pace by late Q1.

展望冬季天氣，幾家主要預報機構預測，今年冬季將是十多年來最冷的天氣之一，因為早期跡象表明，厄爾尼諾現象將轉變為溫和的層狀天氣。這種轉變往往會導緻美國主要消費地區（包括中西部和東北部）的氣溫低於正常水平。持續寒冷天氣的回歸可能會推動住宅和商業供暖需求大幅反彈，從而導致庫存收緊，並加速第一季末的庫存下降速度。

Finally, on the supply side, we anticipate flat associated gas volumes through the first half of 2026. The rig reductions in capital discipline we've seen across major oil basins this year are beginning to translate into lower associated gas growth, particularly from the Permian. Should Brent and WTI prices remain in the 50s as OPEC increases production and geopolitical tensions in the Middle East ease, oil prices could approach breakeven economics for many producers and further discourage incremental oil activity. Together, these trends point to a tighter supply picture emerging into 2026 and 2027, supporting a more durable recovery in US gas prices.

最後，在供應方面，我們預計到 2026 年上半年伴生氣產量將保持穩定。今年，我們看到各大油田的鑽機數量因資本約束而減少，開始導致伴生氣增長放緩，尤其是二疊紀盆地的伴生氣增長。如果隨著石油輸出國組織增加產量和中東地緣政治緊張局勢緩和，布蘭特原油和 WTI 原油價格保持在 50 美元左右，那麼油價可能會對許多產油國產生盈虧平衡的影響，並進一步抑製石油生產的增量。綜合來看，這些趨勢表明，2026 年和 2027 年的供應情況將更加緊張，從而支持美國天然氣價格更持久的復甦。

In sum, the US gas market is entering a critical inflection point. Rapidly growing LNG demand and slowing associated gas production going to a constructive setup in 2026, which could be bolstered further should a cold winter manifest. That said, we remain vigilant over the medium term due to the wave of new Permian pipeline scheduled to be completed by the end of 2026. And an increasing risk of LNG oversupply later this decade, which we believe could temporarily back up gas supply into US storage and set up another short down cycle.

總而言之，美國天然氣市場正進入一個關鍵的轉捩點。液化天然氣需求的快速成長和伴生氣產量的放緩將在 2026 年形成積極的局面，如果出現寒冷的冬季，這種情況可能會進一步加劇。儘管如此，由於計劃於 2026 年底前完成一波新的二疊紀管道建設，我們在中期內保持警惕。本世紀末液化天然氣供應過剩的風險將持續增加，我們認為這可能會暫時導緻美國天然氣庫存過剩，並引發另一個短暫的下降週期。

Wrapping up, I want to point out a couple of items on our updated guidance and provide a few thoughts as we think ahead to 2026. Our fourth quarter production and operating expense guidance includes the impact of 15 to 20 Bcfe of strategic curtailments during October as our teams continue to optimize around in-basin pricing volatility. Additionally, recent IRS guidance suggests that we will not be subject to AMT in 2025, and thus, we now expect to pay minimal cash taxes this year, which will save nearly $100 million relative to our prior forecast.

最後，我想指出我們更新後的指南中的幾個內容，並在展望 2026 年時提供一些想法。我們的第四季生產和營運費用指引包括 10 月 150 至 200 億立方英尺當量的策略性減產的影響，因為我們的團隊將繼續針對盆地內價格波動進行優化。此外，美國國稅局 (IRS) 的最新指導表明，到 2025 年我們將不再需要繳納 AMT，因此，我們預計今年只需繳納最低現金稅，這將比我們先前的預測節省近 1 億美元。

Looking ahead to 2026, we expect to maintain production volumes at a level consistent with our 2025 exit rate. We expect maintenance CapEx in line with 2025 plus the full year impact of the Olympus acquisition. As our compression projects are completed and base decline shallow, we expect maintenance CapEx to decline towards $2 billion later this decade.

展望 2026 年，我們預期產量將維持在與 2025 年退出率一致的水準。我們預計維護資本支出將與 2025 年持平，加上收購奧林巴斯的全年影響。隨著我們的壓縮項目的完成和基礎下降幅度的減緩，我們預計維護資本支出將在本十年後期下降至 20 億美元。

As we highlighted last quarter, we have an expanding backlog of high-return infrastructure growth projects, which will unlock sustainable growth for our upstream business. We are excited to allocate the first dollars of our free cash flow after maintenance CapEx to these opportunities, which we believe will create more long-term shareholder value than any other reinvestment opportunity available to us today.

正如我們在上個季度所強調的那樣，我們積壓的高回報基礎設施成長項目不斷增加，這將為我們的上游業務帶來永續成長。我們很高興將維護資本支出後的首筆自由現金流分配給這些機會，我們相信這將比我們今天可用的任何其他再投資機會創造更多的長期股東價值。

Our total capital spend in the years ahead will be based on the quality of the investment opportunity set in a given year, and we hope to continue sourcing opportunities and unlocking differentiated value across our integrated platform. Our pipeline of projects provides a low-risk, high-return reinvestment opportunity that is unique to EQT, allowing us to drive sustainable cash flow per share growth and compound capital for shareholders for years to come. And with that, I'd like to open the call to questions.

我們未來幾年的總資本支出將取決於特定年份的投資機會的質量，我們希望繼續在我們的綜合平台上尋找機會並釋放差異化價值。我們的專案管道為 EQT 提供了獨特的低風險、高回報的再投資機會，使我們能夠在未來幾年推動每股現金流的可持續成長並為股東帶來複合資本。現在，我想開始提問。

(Operator Instructions) Arun Jayaram, JPMorgan.

（操作員指示）摩根大通的 Arun Jayaram。

Jeremy, Toby, I was wondering if maybe you could start with the open season and talk about some of the key demand takeaways that you saw from the utilities during that process?

傑里米、托比，我想知道你們是否可以從開放季節開始，談談在過程中你們從公用事業中看到的一些關鍵需求？

Yeah, Arun, I think it's really interesting just to look at the -- what took place with compared to what took place with this MVP boost. I mean, I think the most significant signal is the fact that to get MVP project going, it required a producer, EQT, to sign up for over 60% of the capacity to make sure that volumes were spoken for to get that pipeline built.

是的，阿倫，我認為看看與這次 MVP 提升相比發生的事情真的很有趣。我的意思是，我認為最重要的訊號是，要啟動 MVP 項目，需要生產商 EQT 簽署超過 60% 的產能，以確保有足夠的產能來建立該管道。

In contrast with MVP Boost, 100% of the shipping capacity is taken by the utilities. It just represents the fact that we're in a pole environment and should not be surprising just given the tremendous amount of demand that we're seeing that show up in our projects with utilities.

與 MVP Boost 相比，100% 的運輸能力都被公用事業公司佔據。這只是表明我們處於一個極地環境中，考慮到我們在公用事業項目中看到的巨大需求，這並不奇怪。

Great. And then maybe just a follow-up. Jeremy, you provided some soft 2026 outlook commentary. I guess one question is how are you thinking about strategic midstream capital in '26 and over the next -- maybe through '28, do you have any visibility on those -- on that spending in the midstream bucket?

偉大的。然後也許只是後續行動。傑里米，你對 2026 年的前景做出了一些溫和的評論。我想問的一個問題是，您如何看待 26 年以及接下來的（也許到 28 年）策略中游資本，您對這些中游支出有什麼了解嗎？

Yeah. Arun, we're still working through that. We're not going to give any specific guidance on that today. But I would say it's going to be something at our discretion based on the quality of projects. We certainly don't need to spend any of it if we don't want to. But I think when we look at the full cycle returns, both on those projects but also the demand, it unlocks for our product from our upstream business. The holistic return is so attractive and allows us to grow in a really differentiated way.

是的。阿倫，我們仍在努力解決這個問題。我們今天不會就此給出任何具體指示。但我想說，這將由我們根據專案品質自行決定。如果我們不想的話，我們當然不需要花任何錢。但我認為，當我們觀察整個週期的回報時，不僅要考慮這些項目，還要考慮需求，這將為我們上游業務的產品帶來好處。整體回報非常有吸引力，使我們能夠以真正差異化的方式發展。

We're going to be pretty disciplined about how we invest in those, but we also recognize it's a key differentiator for EQT to be able to bring those online. So we're going to keep it in balance. But we're continuing to see that opportunity set grow, which is pretty exciting.

我們將非常嚴格地對待這些投資，但我們也認識到，對於 EQT 來說，能夠將這些投資帶到線上是一個關鍵的區別因素。所以我們要保持平衡。但我們繼續看到機會不斷增長，這是非常令人興奮的。

Devin McDermott, Morgan Stanley.

摩根士丹利的 Devin McDermott。

I wanted to start on the commercial side that's already been a big year for you guys on the commercial solidifying some of the power opportunity. I think Toby, you mentioned in your prepared remarks that you're seeing additional opportunities still here. And I believe you just headlines since the last call, I think there was another large data center site van project in Greene County, Pennsylvania that actually did call out a new supply contract with EQT.

我想從商業方面開始，今年對你們來說已經是重要的一年，在商業方面鞏固了一些電力機會。我認為托比，你在準備好的發言中提到，你看到這裡仍然有更多的機會。我相信您自上次通話以來就一直關注著這個頭條新聞，我認為賓夕法尼亞州格林縣還有另一個大型數據中心現場貨車項目，該項目確實與 EQT 簽訂了新的供應合約。

So I'm not sure if you can comment on that, but maybe broadly, the kind of trends you're seeing on incremental opportunities, any updated thoughts on price structure and how this all fits into your views on in-basin demand growth through decade end?

所以我不確定您是否可以對此發表評論，但也許從廣義上講，您在增量機會方面看到的趨勢，對價格結構的任何最新想法，以及這一切如何符合您對十年末盆地內需求增長的看法？

Yeah, so we have a robust opportunity pipeline. I mean, what we've announced to date has been pretty large. Our midstream growth teams is working multiple opportunities I expect us to have more announcements in the future, can't say when. But I'll tell you this, I mean, the focus still is on scale and speed. That has been the factor. So as these projects are still trying to get as large as they can, figuring out exactly what they need once schedules get put in -- that baseline gets put in place, then people will be working on moving things to the lab.

是的，所以我們擁有強大的機會管道。我的意思是，我們迄今為止宣布的內容已經相當龐大了。我們的中游成長團隊正在努力抓住多種機遇，我預計我們將來會發布更多公告，但無法確定具體時間。但我要告訴你的是，重點仍然放在規模和速度。這就是原因所在。因此，當這些項目仍在試圖盡可能擴大規模時，一旦制定了時間表，他們就會弄清楚自己到底需要什麼——基線已經到位，然後人們就會開始將東西轉移到實驗室。

As far as structuring on gas prices here I think on that Robina site, specifically, you talked about some structure and gas prices we talked about. We think that entering into conversations about structure on pricing, like specifically getting into more fixed nature is an opportunity down the road, but the focus right now is on the scale and the speed.

至於這裡的天然氣價格結構，我認為在 Robina 網站上，具體來說，您談到了我們討論過的一些結構和天然氣價格。我們認為，就定價結構進行討論，例如具體進入更固定的性質，是未來的一個機會，但現在的重點是規模和速度。

But I do anticipate once the dust settles, that will be a great optimization opportunity for these hyperscalers to solidify that a part of their cost structure, and we'd be open to having those conversations. All of this would be a tool for us to continue to bring more durability to the cash flows at EQT. So it's a good strategic fit for us.

但我確實預計，一旦塵埃落定，對於這些超大規模企業來說，這將是一個很好的優化機會，可以鞏固其成本結構的一部分，我們願意進行這些對話。所有這些都將成為我們繼續為 EQT 的現金流量帶來更多持久性的工具。所以這對我們來說是一個很好的策略契合。

Got it. Makes a lot of sense. And then sticking with the commercial side, but shifting over to LNG is an active quarter for LNG deals for you all. I mean, Jeremy, maybe could you comment on what you've done so far kind of solidifies your strategic goal of diversifying price exposure and giving some direct access to international markets? And then a little bit more clarity on how you think about terming this out and the evolution of your direct-to-customer sales strategy as you place these volumes over time?

知道了。很有道理。然後堅持商業方面，但轉向液化天然氣對你們所有人來說都是液化天然氣交易活躍的一個季度。我的意思是，傑里米，也許你能否評論一下你迄今為止所做的工作，這些工作是否鞏固了你的戰略目標，即分散價格風險並直接進入國際市場？然後，您能否更清楚地說明一下，隨著時間的推移，您如何看待這一問題，以及您的直接面向客戶的銷售策略如何演變？

Yeah, absolutely. So look, we've been talking about LNG as a company for several years now. And we've been laying the groundwork in terms of team and expertise in negotiating with a lot of projects for that duration of time. We've been very intentional about the time of these projects coming online. If you look back at our prior commentary over the last couple of years, we've been pretty eyes wide open about what we think will be a relatively well-supplied LNG market between, call it, 2027, 2029.

是的，絕對是。所以，你看，我們已經談論液化天然氣公司好幾年了。在此期間，我們一直在為與許多專案進行談判奠定團隊和專業知識的基礎。我們非常注重這些項目上線的時間。如果回顧我們過去幾年的評論，我們一直對 2027 年、2029 年之間液化天然氣市場供應相對充足的情況保持著清醒的認識。

So we've intentionally tried to partner with and take capacity out on projects that come online after that window. That's one of the reasons we've been so patient. But it's not only that. It's getting the right credit terms making sure the right EPC is building these contracts, you have the right financial sponsor behind the facility itself. We think we got that with all of these facilities. We think they're really some of the best really along the Gulf Coast.

因此，我們有意與該窗口期之後上線的項目合作並釋放其產能。這就是我們如此耐心的原因之一。但事情不僅如此。獲得正確的信用條款，確保正確的 EPC 正在製定這些合同，並且設施背後有正確的財務贊助商。我們認為，透過所有這些設施，我們已經實現了這一目標。我們認為它們確實是墨西哥灣沿岸最好的部分。

I think with what we signed up for today, our bucket is full now. We moved really swiftly once we saw that opportunity come up. I wouldn't anticipate we sign anything else near term. And our focus really going forward is getting our team fully built out, finishing the build out of our systems, which we've been working on for really about a year now on the LNG side.

我想，有了我們今天所簽署的內容，我們的桶子現在已經滿了。一旦我們看到機會出現，我們就會迅速採取行動。我預計我們近期不會簽署任何其他協議。我們未來的重點是全面組建我們的團隊，完成我們的系統建設，我們在液化天然氣方面已經工作了大約一年。

And then working on those long-term sale agreements with customers around the world, and we're having a lot of really productive conversations there, seeing a lot of good traction in those discussions. And it's going to give us a lot of flexibility to diversify that exposure around different markets in the world, while giving us that direct-to-customer model that we've been talking about and developing domestically. So it's going according to plan, and we're really excited about the momentum.

然後與世界各地的客戶達成長期銷售協議，我們在那裡進行了很多非常富有成效的對話，並在這些討論中看到了許多良好的進展。這將為我們提供很大的靈活性，使我們在全球不同市場實現多元化曝光，同時為我們提供我們一直在討論並在國內開發的直接面向客戶的模式。一切都按計劃進行，我們對這一勢頭感到非常興奮。

Doug Leggate, Wolfe Research.

道格‧萊格特（Doug Leggate），沃爾夫研究公司。

I guess, Toby or Jeremy, whoever wants to take this. My first question is on marketing because obviously, you guys had a phenomenal quarter in terms of marketing optimization. I'm trying to understand is, is this kind of a new normal for you guys? And I wonder if I could bolt on to that. When you pivot into LNG, I mean, guys like Shell or your competition on this. Give us some color. I know it's some way off but give us some color as to how you're confident on how that domestic gas marketing translates to a successful international marketing business? That's my first one.

我想，無論是托比還是傑瑞米，誰想接受這個就接受吧。我的第一個問題是關於行銷的，因為顯然，你們在行銷優化方面度過了一個非凡的季度。我想了解的是，這對你們來說是一種新常態嗎？我想知道我是否可以繼續這樣做。當你轉向液化天然氣時，我的意思是，像殼牌或你的競爭對手這樣的公司。給我們一些顏色。我知道這還有一段距離，但請告訴我們您對國內天然氣行銷如何轉化為成功的國際行銷業務有信心嗎？這是我的第一個。

And my follow-up very quickly, Jeremy. You mentioned buybacks again, you know what I'm going with this. We're heading into a much more volatile gas price environment one suspects I think you've acknowledged that yourself. Where is the priority on the net debt balance sheet sit versus the priority for getting back to buybacks. And I'll leave it there.

我的後續問題很快就得到解答，傑里米。您再次提到回購，您知道我的意思。我們正進入一個更動盪的天然氣價格環境，我想你自己也承認了這一點。淨債務資產負債表上的優先順序與恢復回購的優先順序有何不同？我就把它留在那裡。

All right. I count that as three questions, Doug. Yeah, let me just state, I think one of the things coming into this year, we were most excited about at this company is seeing Jeremy really spend a lot more time and attention on the commercial front. And I think you're seeing the results of that. So we'll save the comments on marketing for him.

好的。我把這算作三個問題，道格。是的，我只想說，我認為今年最讓我們興奮的事情之一就是看到傑里米在商業方面投入了更多的時間和精力。我想你已經看到結果了。因此，我們將把有關行銷的評論留給他。

But as it relates to just our positioning on the LNG marketplace, we think that we're going to be very competitive in this space. We've got the scale to be able to be meaningful here. I mean, just to give you some perspective, some of these customers with us being able to deliver up to over 800 million cubic feet of gas a day in LNG form. We are relevant. We've been networking in the LNG space for years now.

但就我們在液化天然氣市場的定位而言，我們認為我們將在這個領域非常具有競爭力。我們的規模已經夠大，能夠在這裡發揮意義。我的意思是，只是為了給你一些了解，我們的一些客戶每天能夠以液化天然氣的形式輸送多達 8 億立方英尺的天然氣。我們是有關聯的。我們已經在液化天然氣領域建立了網路多年。

You all remember the unleased US LNG campaign. We've been part of the global conversation about energy. We've made a ton of contacts and had a lot of meetings with energy leaders around the world. And now as we've solidified our offtake agreements. Those conversations are now advancing and we're excited about keeping people up to speed with how that portfolio shapes up over time.

大家都記得美國未釋放液化天然氣的活動。我們一直參與有關能源的全球對話。我們與世界各地的能源領導人建立了大量聯繫並舉行了許多會議。現在我們已經鞏固了承購協議。這些對話目前正在推進，我們很高興能讓人們了解該投資組合隨著時間的推移如何形成。

Yeah. Doug, I'll hop in on the other part of your question, too, on marketing. Look, I think we're in the early innings of the potential of the team here. We have the right leadership in place. We're redeveloping some systems internally. It's giving a lot of visibility to the team of -- I mean, our total trading team size today is about 45 people. So they're getting really dialed in, taking advantage of a lot of great opportunities. I mean even stuff we've done in the past week and the amount of money we're making doing that's really exciting to watch. I would correlate the performance of that team with volatility.

是的。道格，我也想談談你問題的另一部分，關於行銷。看，我認為我們正處於球隊潛力的早期階段。我們擁有正確的領導階層。我們正在內部重新開發一些系統。它為團隊提供了很大的可見性——我的意思是，我們今天的交易團隊總規模約為 45 人。因此，他們真正投入其中，並利用了許多絕佳的機會。我的意思是，即使我們在過去一周所做的事情以及我們所賺到的錢也確實令人興奮。我會將該團隊的表現與波動性聯繫起來。

So for example, winter volatility and like winter fall shoulder season volatility, I think you'll see the most benefit in realizations relative to where you would just assume basis shapes out first to month as the team optimizes around what we're seeing in the daily markets and capturing those spreads.

因此，例如冬季波動和冬季秋季平季波動，我認為您將看到實現方面的最大好處，相對於您假設基礎形狀首先從第一個月開始的情況，因為團隊會根據我們在日常市場中看到的情況進行優化並捕捉這些價差。

And again, as you and I have talked about the more volatility we see develop in the markets over the coming years, the more profitable that business will become I expect it to be pretty consistent. It's not trading so much in a speculative sense. It's really just optimization very proactively in the markets. So I hope it becomes something that is more and more consistent. But again, I think we're in the early innings of the potential that, that team has.

再說一次，正如你和我所討論的，未來幾年市場波動越大，業務的盈利能力就越強，我預計它會保持相當穩定。從投機意義上來說，這並不是什麼交易。這實際上只是在市場上非常主動的優化。所以我希望它能夠變得越來越一致。但我再次認為，我們正處於該隊潛力的早期階段。

And then your final question as it relates to balance sheet, capital allocation. Look, as we said in the prepared remarks, we see $5 billion as our maximum total debt level going forward. We don't really have a view that when you look at valuation in the industry today that companies get any benefit from having much debt on the balance sheet. In fact, I would argue there's really a ding in valuation that comes from that. So we're very focused on converting that liability into equity value and reducing that equity volatility. And at the same time, what that does is it opens up the optionality for us to take aggressive and decisive action when you see pullbacks in our stock price.

然後您的最後一個問題與資產負債表、資本配置有關。正如我們在準備好的演講中所說的那樣，我們認為 50 億美元是我們未來的最高總債務水準。我們確實不認為，當你看當今行業的估值時，公司會從資產負債表上的大量債務中獲得任何好處。事實上，我認為這確實會導致估值下降。因此，我們非常注重將負債轉化為股權價值並降低股權波動性。同時，當我們的股價出現回檔時，這也為我們採取積極果斷的行動提供了選擇權。

Just look at what our stock has done over the course of this year. I mean, we've traded between the DeepSeek pullback, Liberation Day, what's happened over the summer, between a range of like $45 and $60 a share, there's a lot of really great opportunities for us to step in and buy the stock once we have the capacity to do so. So that's what we intend to do as we go about executing that buyback once we have the capacity to do it. And I think a core tenet of our strategy is having low leverage and being able to act with conviction during down cycles and pullbacks like that. And we think over the long term, that creates the most value for shareholders.

看看我們的股票今年的表現就知道了。我的意思是，我們在 DeepSeek 回檔、Liberation Day 以及夏季發生的情況之間進行過交易，價格在每股 45 美元到 60 美元之間，一旦我們有能力這樣做，我們就有很多非常好的機會介入併購買股票。因此，一旦我們有能力執行回購，我們就打算這樣做。我認為我們策略的核心原則是低槓桿，並且能夠在下行週期和回調期間堅定地採取行動。我們認為，從長遠來看，這將為股東創造最大的價值。

Betty Jiang, Barclays.

巴克萊銀行的 Betty Jiang。

Good morning, team. I wanted to ask about the growth capital and how you guys thinking about allocation of capital there. Jeremy, you mentioned earlier that you're looking at full cycle returns and not just the midstream but the demand unlock for the upstream business. So can you just expand on how you assess the value of these opportunities? And is the flow-through to upstream benefits coming from pricing uplift or volume growth? And is that like -- and are you looking at opportunities above and beyond the $1 billion investment identified last year -- sorry, last quarter?

早安，各位團隊。我想問一下成長資本以及你們如何考慮在那裡分配資本。傑里米，您之前提到過，您關注的是整個週期的回報，而不僅僅是中游，還有上游業務的需求釋放。那麼您能否詳細說明一下您如何評估這些機會的價值？而流向上游的收益是來自於價格上漲還是銷售成長？這是否就像——您是否正在尋找超出去年——抱歉，是上個季度——確定的 10 億美元投資的機會？

Yeah. Great question. So whether it's LNG or whether it's power, our teams have done a lot of work over the last couple of years to understand where along that value chain, a lot of the value is accruing to. And I think the one thing that really jumps out to us is that the most value really comes back to being able to grow sustainably our base volumes and ideally into premium markets or premium contracts.

是的。好問題。因此，無論是液化天然氣還是電力，我們的團隊在過去幾年裡做了大量工作來了解價值鏈中的大部分價值累積到哪裡。我認為，真正讓我們眼前一亮的一點是，最大的價值實際上在於能夠持續增加我們的基礎銷量，理想情況下還能進入高端市場或高端合約。

And so what we're trying to do is use our midstream business to connect our upstream production to those markets and opportunities where you have a really good low-risk return which is a foundation for then allowing us to steadily and methodically increase our base upstream business by increasing volumes into that over time when the market needs it.

因此，我們試圖利用我們的中游業務將我們的上游生產與那些能夠帶來真正良好的低風險回報的市場和機會連接起來，這為我們在市場需要時透過逐步增加產量來穩步、有條不紊地增加我們的基礎上游業務奠定了基礎。

So that's in essence what we're trying to do, just create this virtuous cycle sort of a flywheel effect there. But I would argue the majority of that long-term value uplift comes from unlocking are multiple decades of upstream high-quality inventory and being able to pull that forward. But again, doing it in a sustainable way. So that is really what we're trying to unlock through those opportunities.

所以這本質上就是我們正在嘗試做的，只是在那裡創造這種良性循環的飛輪效應。但我認為，長期價值提升的大部分來自於解鎖數十年的上游高品質庫存，並能夠提前。但再次強調，要以永續的方式去做。所以這正是我們試圖透過這些機會實現的目標。

And yes, I would say that growth pipeline, specifically on the midstream side, which is what then unlocks the upstream side. That continues to grow. We're working a number of really high-quality opportunities right now. We're not ready to talk about them yet but we're trying to increase the number of shots on goal to see what shakes loose and continue to increase that optionality in the amount of value we can create by growing the business in the years ahead.

是的，我想說的是成長管道，特別是在中游方面，這將解鎖上游方面。這一數字還在持續成長。我們現在正在努力實現許多真正高品質的機會。我們還沒有準備好談論它們，但我們正在嘗試增加射門次數，看看會發生什麼，並繼續增加這種可選性，以便在未來幾年透過發展業務來創造價值。

Got it. That's helpful. And then my follow-up is actually on the MVP boost. Just talking about that flywheel effect. You got the utilities signing up for the pipe FT, but do you see opportunity to sign separate sales agreement on the upstream side for you guys to lock in premium pricing similar to what you have done in the past?

知道了。這很有幫助。然後我的後續實際上是關於 MVP 提升。只是談論飛輪效應。您讓公用事業公司簽署了管道 FT，但您是否看到機會在上游簽署單獨的銷售協議，以便您可以鎖定類似於過去所做的溢價？

Yeah. Look, we'll see where those negotiations go. But if you think about where MVP connects to, it's really fed by our pipeline systems in Appalachia upstream. So I think there's opportunity both on further pipeline expansions upstream as well as sales deals. So I think this is set in the stage for that next stage of negotiations for our business holistically.

是的。瞧，我們會看到談判的進展。但如果你想想 MVP 連接到哪裡，它實際上是由我們位於阿巴拉契亞上游的管道系統供應的。因此，我認為在進一步擴展上游管道和銷售交易方面都有機會。所以我認為這為我們業務下一階段的整體談判奠定了基礎。

Josh Silverstein, UBS.

瑞銀集團的喬希·西爾弗斯坦。

Just on the Energy side, you had highlighted the $40 million to $50 million cash flow breakeven on pricing there. I was curious, could you not get the spread with the tolling agreement versus an offtake agreement? And maybe the suggestion is tolling agreements are more like a $5 to $7 range and so the cash flow breakeven there would be much higher. I was curious about that.

僅在能源方面，您就強調了 4000 萬至 5000 萬美元的定價現金流盈虧平衡。我很好奇，您能不能了解一下收費協議和承購協議之間的價差？也許建議收費協議的價格更像是 5 到 7 美元的範圍，因此那裡的現金流盈虧平衡點會高得多。我對此很好奇。

Yeah. Good question. Just to give us a chance to clarify this. So economically, they're I mean, virtually the exact same. I would argue that the spread is the same needed to break even on the contracts. The difference in tolling is that we are responsible for delivering the physical molecules to the facility. So in that case, we need to take out additional FT and probably take out storage capacity nearby just to help us balancing with an offtake agreement, we don't have to worry about any of that. So it just makes it a bit more of a pure expression on the international spread in diversifying into that pricing market.

是的。好問題。只是為了給我們一個機會來澄清這一點。所以從經濟角度來說，它們幾乎完全相同。我認為價差與合約損益平衡所需的價差相同。收費的不同之處在於，我們負責將實體分子運送到設施。因此在這種情況下，我們需要取出額外的 FT，並可能取出附近的儲存容量，以幫助我們平衡承購協議，我們不必擔心任何這些。因此，它只是在定價市場多元化方面對國際價差進行了更純粹的表達。

But that's why -- look, we're open to both. I think something like tolling we're more open-minded about in the on the Texas coast market just because you have so much long-term Permian supply. I think as you move towards Louisiana, our appetite for offtake increases because we do have concerns about long-term just gas supply in the region because you have so much demand pool relative to a Haynesville play, which is pretty short inventory at this point.

但這就是為什麼——看，我們對兩者都持開放態度。我認為，我們對德克薩斯海岸市場收費之類的做法持更開放的態度，因為那裡有如此多的長期二疊紀供應。我認為，隨著向路易斯安那州邁進，我們對承購的興趣會增加，因為我們確實擔心該地區的長期天然氣供應，因為相對於海恩斯維爾地區而言，你們的需求池非常大，而海恩斯維爾地區的庫存目前相當短缺。

So we're trying to sort of match contract structure with where we see the risk long term to make sure we have the best exposure for EQT. But I would say in both situations, whether it's the tolling agreement we have at Texas LNG, which again is on the Texas Coast side versus something more like Commonwealth on the Louisiana side. The spreads we need to breakeven are virtually the same.

因此，我們試圖將合約結構與我們認為的長期風險相匹配，以確保 EQT 獲得最佳曝光率。但我想說的是，在兩種情況下，無論是我們在德州液化天然氣公司簽訂的收費協議，還是在德州海岸一側的收費協議，還是在路易斯安那州一側的聯邦協議。我們實現損益平衡所需的利差其實是相同的。

Got it. And then you had highlighted tighter Appalachia pricing a few years out from now given that you see this -- and that you have the ability to further ramp supply into that market. How do you think about your consolidation strategy in the basin as part of this? You've obviously had a lot of integration success with recent transactions and that could provide a further uplift to you guys beyond tightening dips. So I was just curious how you're thinking about that going forward.

知道了。然後，您強調了幾年後阿巴拉契亞價格將更加緊張，因為您看到了這一點——並且您有能力進一步增加該市場的供應。您如何看待作為其中一部分的盆地整合策略？你們在最近的交易中顯然取得了很多整合成功，這可以為你們帶來進一步的提升，超越緊縮的困境。所以我只是好奇你對此有何看法。

Yeah, I'll make a comment or soon basis and let Toby talk about future strategic moves. I would encourage you to look at what has happened to M2 basis if you look at like CAL '29, 2030, that is tightened by, call it, $0.30. I mean, you're trading in the 60s now over the past 6 months. It's been a material move in response to these demand projects getting built, discussion of new pipeline capacity out of basin.

是的，我會盡快發表評論，讓托比談談未來的策略舉措。我建議你看看M2基差的變化，例如2030年的CAL '29，它收緊了，比如說0.30美元。我的意思是，在過去6個月裡，你的交易價格在60多美元左右。這是為了回應這些正在建造的需求項目以及關於盆地外新管道容量的討論而採取的一項重大舉措。

So I think you're already seeing the impact of that effectively around the timeframe and beyond after these projects come into service. That is accruing entirely to the value of our asset base. In a way that's not been factored in historically and is not really factored into our forecast today. So that tailwind is already in full effect, and we hope continues.

因此，我認為您已經看到了這些項目投入使用後及以後的有效影響。這完全計入我們的資產基礎價值。從某種程度上來說，這在歷史上並沒有被考慮在內，而且在我們今天的預測中也沒有被真正考慮在內。因此，順風已全面發揮作用，我們希望它能繼續發揮作用。

Yeah. And as it relates to acquisitions and strategically expanding what is a pretty remarkable story that we have right here. I think you got to start with the remarkable story that we've created. Strategically, when we look at what we're doing, I mean, it's very simple getting access to the best markets and supplying the best energy. With our asset base we have right now, we've got a lot of runway across all of those fronts that we can do organically.

是的。就收購和策略擴張而言，我們目前所講述的故事非常了不起。我認為你必須從我們創造的非凡故事開始。從策略上講，當我們審視我們正在做的事情時，我的意思是，進入最佳市場並提供最佳能源非常簡單。憑藉我們現有的資產基礎，我們在所有這些方面都擁有很大的發展空間，可以有機地開展業務。

So it's easy for us to stay disciplined here, but there are -- I think we're seeing the opportunities of scale. You're seeing that with our capture of these data center demand opportunities within our footprint. You're seeing the scale coming from our more robust trading platform that we're leveraging. You're seeing scale -- you're seeing the benefits of scale with our operations teams, the number of reps that they're getting they're exceeding execution capabilities on the operational front. So I mean, there's wins across the board from this company firing all cylinders.

因此，我們在這裡很容易保持紀律，但我認為我們看到了規模化的機會。您會看到，我們在我們的覆蓋範圍內抓住了這些資料中心需求機會。您可以看到，我們正在利用更強大的交易平台來實現規模擴張。您看到的是規模——您看到的是我們的營運團隊的規模優勢，他們獲得的代表數量超出了營運方面的執行能力。所以我的意思是，這家公司全力以赴，並且取得了全面勝利。

So you can look and see the opportunity for us to replicate that in other assets. But we'll continue to make sure we make the best decisions and stay disciplined to value creation with what we have now.

因此，您可以看到我們在其他資產中複製這一做法的機會。但我們將繼續確保做出最佳決策，並嚴格遵守現有條件創造價值。

Neil Mehta, Goldman Sachs.

高盛的尼爾·梅塔。

I just wanted to talk a little bit more about the 4Q outlook here. And you elected to take some curtailment in the quarter. And so just talk about what the mechanism or what would the trigger to lower that near-term production is and what you're looking to bring some of that supply back on? And then any comments around CapEx as well, where -- it did come in a little bit hotter than we expected in the quarter, but I think some of that just probably reflected timing.

我只是想在這裡多談一點關於第四季的展望。並且您選擇在本季採取一些削減措施。那麼，請您談談降低近期產量的機製或觸發因素是什麼，以及您希望如何恢復部分供應？然後還有關於資本支出的任何評論，它確實比我們本季預期的要熱一些，但我認為其中一些可能只是反映了時機。

Yeah. Great questions. So first of all, on curtailment. So we went into the quarter assuming we baseload Bcf a day curtailments. When you look at where pricing was a week ago, $1.50, we were effectively fully curtailed where we sit today with pricing in basin, at call it 250, we're fully online. So we have been very tactical about shifting production on and off in response to this. That is also what drives, in many ways, our improved realizations that you saw in Q3 and hopefully in Q4 as well. So we're very responsive to market conditions and making sure we're a reliable supplier.

是的。很好的問題。首先，關於削減。因此，我們在本季假設每天削減 10 億立方英尺的基載量。當您查看一周前的定價時，即 1.50 美元，我們實際上已經完全限制了我們今天的定價，即盆地定價，如果將其定為 250，我們就可以完全在線。因此，為了應對這種情況，我們採取了非常有策略的生產調整措施。從很多方面來說，這也是推動我們在第三季以及希望在第四季實現改進的動力。因此，我們對市場狀況反應非常迅速，確保我們是可靠的供應商。

As it relates to CapEx in Q4, I mean, look, there's just some lumpiness in there to some degree. But you're also approaching the end of the year where typically, when there are dollars that have been allocated, we and -- we have, call it, two to three months left in the year. We typically don't trim those back. We believe the option open for teams to spend that and finish up projects for the year. Some of that might not get spent or might get pushed, but we've left it in the budget for now. So look, there is a chance for being conservative, but we feel good about the guidance we've given and hope to consistently beat that.

至於它與第四季度的資本支出有關，我的意思是，看起來，在某種程度上存在一些不平衡。但我們也接近年底了，通常情況下，當資金分配完畢時，我們一年就剩下兩到三個月的時間了。我們通常不會修剪它們。我們相信，各團隊可以選擇花掉這些錢並完成今年的專案。其中一部分可能不會花掉或可能會被推遲，但我們暫時將其留在預算中。所以看起來，保守是有可能的，但我們對我們給予的指導感到滿意，並希望能夠持續超越這一點。

The follow-up is just around 2027. And I know, Jeremy, you've been very consistent in your view that LNG markets could flip the US gas market oversupply potentially as well if there's any backup as well. So I know you're leaving '26 more open, and that's been a really good call as the curve has strengthened up. But does this make you want to be more aggressive around hedging '27 now that the '27 curve rally as well?

後續大概就是2027年左右了。我知道，傑里米，你一直非常堅持你的觀點，如果有任何備用方案，液化天然氣市場也有可能扭轉美國天然氣市場的供應過剩局面。所以我知道你讓 26 年更開放，這是一個非常好的決定，因為曲線已經加強了。但是，既然 27 年曲線也開始上漲，這是否會讓您想要更積極地對沖 27 年利率呢？

Look, we're going to -- all options are open. Again, our approach to hedging is to be opportunistic and tactical right now. We don't have a specific plan in place, but we're watching the markets as always. And we continue to be patient. And look, I think what we're doing with actual price realizations and optimizing how every physical molecule is sold right now also should continue to provide a big uplift there. And again, the more volatility that we see, the more we can optimize. So we'll see. And if we decide to add some hedges, you'll see it in our quarterly results. But right now, we remain pretty bullish over the near term.

瞧，我們將——所有選項都是開放的。再次強調，我們現在的對沖方法是機會主義和戰術性的。我們還沒有製定具體的計劃，但我們會一如既往地關注市場。我們將繼續保持耐心。而且，我認為我們現在對實際價格實現和優化每個物理分子的銷售方式所做的工作也應該會繼續帶來巨大的提升。再說一次，我們看到的波動性越大，我們可以優化的越多。我們拭目以待。如果我們決定增加一些對沖，您將在我們的季度業績中看到它。但目前，我們對短期前景仍然相當樂觀。

Kalei Akamine, Bank of America.

卡雷‧阿卡明 (Kalei Akamine)，美國銀行。

I want to come back to 2026. There has obviously been some portfolio changes over the last 12 months with Northeast not upcoming out, Olympus coming in, strategic curtailments here in 4Q. So that's quite a few moving parts. And I appreciate the call out for maintenance CapEx, but for clarity, can we also get your view on maintenance production.

我想回到2026年。過去 12 個月，投資組合顯然發生了一些變化，東北地區沒有退出，奧林巴斯加入，第四季度進行了戰略削減。所以這裡面有相當多的活動部件。我很感謝您對維護資本支出的呼籲，但為了清楚起見，我們也可以聽聽您對維護生產的看法。

Yeah, Kalei, good question. We expect next year to be approximately flat to where we are exiting 2025, so you could extrapolate forward our Q4 guidance adjusted for the curtailments.

是的，Kalei，這個問題問得好。我們預計明年的產量將與 2025 年的產量大致持平，因此您可以推斷我們根據減產調整後的第四季產量指引。

Got it. I appreciate that. Next, I want to ask on data centers. So Homer City and Shipping 4 were obviously big wins, and there's more in development, and there's some attention on Ohio. Some would say that you don't have the same presence in Ohio as you do in Southwest PA. And therefore, those projects might be out of reach. But you guys do have FT and the ability to build lateral pipelines. So I'm wondering if that expands our range for those kind of sales agreements.

知道了。我很感激。接下來我想問一下資料中心的問題。因此，荷馬城和 Shipping 4 顯然取得了巨大的成功，並且還有更多內容正在開發中，俄亥俄州也受到了一些關注。有人會說，你們在俄亥俄州的存在感不如在賓州西南部。因此，這些項目可能無法實現。但你們確實擁有 FT 和建造橫向管道的能力。所以我想知道這是否擴大了我們這類銷售協議的範圍。

Yeah, I think you're exactly right. We look at these opportunities that come to EQT sort of across three different tiers, our upstream footprint across our midstream footprint, the 3,000 miles of pipeline network that we have. And then also looking at opportunities across our commercial footprint, which factors into all the pipelines that we have, selling gas anywhere east of the Mississippi, which includes Ohio opportunities. So we're engaged in conversations on that now that I think the biggest focus has been around our midstream footprint, but we are having conversations around the commercial footprint as well.

是的，我認為你說得完全正確。我們從三個不同的層面來看待 EQT 所面臨的機遇，即我們的上游足跡、中游足跡以及我們擁有的 3,000 英里的管道網路。然後，我們也會考慮我們商業足跡中的機會，其中包括我們擁有的所有管道，將天然氣銷售到密西西比河以東的任何地方，其中包括俄亥俄州的機會。因此，我們現在正在就此進行討論，我認為最大的焦點是我們的中游足跡，但我們也在就商業足跡進行討論。

Toby, a while back, you guys called out several smaller projects on the XL midstream system, Ferti Connector, OakGate and the purpose was to get more gas over to Rex from West Virginia. Just what's the latest on those projects?

托比，不久前，你們在 XL 中游系統、Ferti Connector、OakGate 上提出了幾個較小的項目，目的是從西維吉尼亞州向雷克斯輸送更多的天然氣。這些項目的最新進展是什麼？

So on Clarington, that's a project that we're planning on putting in place in the next -- 2026 budget. So hopefully, we'll have -- we'll do a little bit of spend here in '25 and then that will be bigger in '26, so that will get completed. Our Midstream team is going to continue to look inside the operational footprint we have to look for ways to continue to debottleneck the system.

因此，關於克拉靈頓，我們計劃在下一個 2026 年預算中實施這個計畫。因此，希望我們能夠在 25 年投入少量資金，然後在 26 年投入更多資金，這樣就能完成。我們的中游團隊將繼續深入研究營運足跡，尋找繼續消除系統瓶頸的方法。

I mean, when you look at where we're optimizing the energy systems, what started with the sites has now evolved to the gas systems and now obviously with FT and debottlenecking some of those points like this Clarington Connector we'll continue to look for more of those opportunities because those will be really great, high rate of return, low capital type projects.

我的意思是，當你看到我們正在優化能源系統的地方時，一開始是站點，現在已經發展到天然氣系統，現在顯然有了 FT 和消除某些點的瓶頸，比如這個 Clarington Connector，我們將繼續尋找更多這樣的機會，因為那些將是非常棒的、高回報率、低資本類型的項目。

Phillip Jungwirth, BMO Capital Markets.

Phillip Jungwirth，BMO 資本市場。

With the very successful open season for MVP Boost, wondering if you could give us an update on MVP Southgate here. And whether the changes in the marketplace, greater pull-on gas demand, more favorable permit regime, provide any reason to maybe revisit the projects goal.

MVP Boost 的開幕賽季非常成功，想知道您是否可以在這裡向我們提供有關 MVP Southgate 的最新消息。市場變化、更大的天然氣需求、更優惠的許可證制度是否提供了重新審視計畫目標的理由。

Yeah. So Southgate, I think the results of MVP Boost specifically, the fact that we're seeing a strong pull environment gives us more excitement over the future potential of Southgate and the opportunity to potentially expand that pipeline system in the future. But when you look at this region here, I mean, there are some big things that are happening, obviously, the customers are demanding more gas supply into this area. You see what happened in this region, this last winter with MVP flowing above max rate. So the demand is there. MVP Boost oversubscribed. And then on a federal level, you're seeing the drive for more reliable, lower-cost energy systems.

是的。所以 Southgate，我認為 MVP Boost 的結果，特別是我們看到的強大的拉動環境，讓我們對 Southgate 的未來潛力和未來擴展該管道系統的機會更加興奮。但是當你看看這個地區時，我的意思是，有一些大事正在發生，顯然，客戶要求向該地區供應更多的天然氣。你可以看到去年冬天這個地區發生了什麼，MVP 流量超過了最大速率。所以需求是存在的。MVP Boost 已超額認購。然後在聯邦層面，你會看到對更可靠、更低成本能源系統的追求。

So I mean, I think all the factors are there. So we're going to be looking at ways to optimize just like we did and taking advantage of upsizing the MVP Boost project by increasing that by over 20%. So we're studying that right now, we'll report back.

所以我的意思是，我認為所有因素都存在。因此，我們將像以前一樣尋找優化方法，並利用 MVP Boost 專案的擴大規模，將其擴大 20% 以上。所以我們現在正在研究這個問題，我們會報告結果。

Yeah. I would just say for the sake of clarity, though, I mean, we're moving ahead on Southgate. I mean, that's a project that we are counting on happening. And I think the -- as Toby said, the Boost open season, I think, just further underscores how important that is. And there is I would expect there to be overlap in customers there as well. So it's just further highlights how much that gas is needed in that region.

是的。不過，為了清楚起見，我只想說，我們正在推進 Southgate 計劃。我的意思是，這是一個我們期待實現的項目。我認為——正如托比所說，Boost 開放季進一步強調了這一點的重要性。我希望那裡的客戶也會有重疊。這進一步凸顯了該地區對天然氣的需求量。

Okay. Great. And then you guys had talked about an LNG strategy for a couple of years now, really, that only recently had announced some numerous agreements. Just wondering if you could talk about how offtake terms have evolved maybe before and after the export pause. And are you generally seeing a lot more favorable deals and structures than you would have a couple of years ago if you had signed up some of these arrangements.

好的。偉大的。然後，你們實際上已經討論了幾年的液化天然氣戰略，直到最近才宣布了一些協議。我只是想知道您是否可以談談出口暫停之前和之後承購條款是如何演變的。如果您幾年前簽署了這些安排，您是否會看到比現在更有利的交易和結構？

Yeah. Look, I think the one thing that held us back in a major way were some of the credit conditions that we were going to have to sign up for with some of these projects in the past. And it was very much a seller's market, where if you wanted to be an offtaker or have tolling capacity, it was very difficult to get it on terms that we were comfortable with. As you saw that LNG pause get released, and a lot of these projects move rapidly towards FID. In our mind, it shifted to be more of a buyer's market shifting in the favor of the likes of EQT. And so that's why we try to move pretty quickly in response to this.

是的。聽著，我認為，嚴重阻礙我們前進的一件事是我們過去在執行某些專案時必須簽署的一些信貸條件。這是一個賣方市場，如果你想成為承購者或擁有收費能力，那麼很難以我們滿意的條件獲得它。如您所見，液化天然氣暫停計劃已經解除，許多此類項目正在迅速向最終投資決定 (FID) 邁進。在我們看來，市場已經轉變為買方市場，並且對 EQT 等公司有利。這就是為什麼我們要迅速採取行動來應對這個問題。

We also have a view that the contracts of this quality at this cost, the LNG build out, it kind of happens in waves. And so once you get beyond this wave, if you do see a period of oversupply, that will probably put a chill on new FIDs for a couple of years. That next wave that comes up, I would expect the pricing on those projects to probably increase another level as well.

我們也認為，這種品質、這種成本的合同，以及液化天然氣的建設，都是分階段進行的。因此，一旦度過這一波浪潮，如果確實出現一段時間的供應過剩，那麼這可能會在未來幾年抑制新的最終投資決定。隨著下一波浪潮的到來，我預期這些項目的定價可能也會再上升一個水準。

So what we're trying to do is get in at the tail end of this wave, capacity comes online post any sort of risk of LNG glut. We have the right credit terms, the right EPCs and the right partners on the LNG facilities. And then I think we will be structurally advantaged long term as the cost of building equipment and facilities like this inevitably just goes up over time. So that -- I mean, there's a culmination of factors leading to why we made the decisions we did at the time we did. But again, we feel really good about just the totality of the terms we've got.

因此，我們試圖做的是在這波浪潮的尾聲進入，在任何液化天然氣過剩風險出現後，產能就會上線。我們在液化天然氣設施方面擁有合適的信貸條款、合適的 EPC 和合適的合作夥伴。然後我認為我們將在長期內擁有結構優勢，因為建造此類設備和設施的成本不可避免地會隨著時間的推移而上升。所以——我的意思是，有很多因素導致了我們當時做出這樣的決定。但再次強調，我們對目前所得到的所有條款感到非常滿意。

Bob Brackett, Bernstein Research.

鮑伯‧布拉克特（Bob Brackett），伯恩斯坦研究公司。

You guys highlight that you're the number two gas marketer in the US. If you look at your peers, they use that scale and that market insight to extend into gas trading, gas storage, even power marketing, there's a lot of adjacencies. What's your appetite to explore some of those adjacencies? And maybe what time frame?

你們強調你們是美國第二大天然氣行銷商。如果你看看你的同行，他們利用這種規模和市場洞察力來擴展到天然氣交易、天然氣儲存甚至電力行銷，有很多相鄰領域。您是否有興趣探索其中的一些鄰接關係？大概是什麼樣的時間範圍？

Yeah. Look, we're not looking to get into like speculative trading and things away from our base business. We're looking at optimizing the value of our production. So again, we're sticking to our knitting and where we really have an edge. That's why we're able to produce the results we did and realized pricing this quarter as an example.

是的。你看，我們不想涉足投機交易以及遠離我們基礎業務的事情。我們正在尋求優化生產價值。所以，我們再次堅持我們的專業以及我們真正有優勢的領域。這就是為什麼我們能夠取得這樣的成果，並實現本季的定價。

As it relates to LNG, too, because there's been a lot of questions around the overlap between that business and LNG, where you have a lot of big players like Shell internationally. In our view, you need to have a minimum of about 4 mtpa of LNG capacity on the water to where you can really start to optimize and be a real player and be competitive. That's part of what also held us back signing in the past is we didn't think that the cost structure and the balance sheet and everything else was lined up with an EQT with enough scale to be able to do that. We thought we might be overextending ourselves by doing it.

這也與液化天然氣有關，因為圍繞該業務與液化天然氣之間的重疊存在許多疑問，而液化天然氣領域有很多像殼牌這樣的國際大公司。我們認為，您需要在水上擁有至少約 4 mtpa 的液化天然氣產能，這樣您才能真正開始優化，成為真正的參與者並具有競爭力。這也是我們過去未能簽約的原因之一，因為我們認為成本結構、資產負債表和其他一切都與 EQT 的規模不相符，無法做到這一點。我們認為這樣做可能會超出我們的承受能力。

So we are very patient until we could get to the point we could sign up for at least four. But we do think there's a lot of synergies between the two. And I think the discussions we've been having with international buyers of gas are proving that out.

因此，我們非常有耐心，直到我們能夠簽約至少四個人。但我們確實認為兩者之間存在著許多協同作用。我認為我們與國際天然氣買家進行的討論證明了這一點。

Yeah. And I would just say when we think about just strategically what we're trying to do with the best energy, making it cheaper, making it more reliable, making it cleaner. We've spent a lot of time focusing on making our energy more affordable lowering the cost structure of this business. That's been a huge focus. We focused a lot of making energy cleaner all the work we've done to become the first company of scale to achieve net zero Scope 1 and 2 emissions.

是的。我想說的是，當我們從策略角度考慮如何利用最佳能源時，我們會讓它變得更便宜、更可靠、更乾淨。我們花了很多時間致力於讓我們的能源更便宜，並降低這項業務的成本結構。這是一個很大的焦點。我們非常注重使能源更清潔，我們所做的所有工作都是為了成為第一家實現範圍 1 和範圍 2 淨零排放的規模公司。

And on the -- I think now you're seeing a little bit more focus for us on the reliability of the energy that we produce. And that simply put is just making sure the market gets the energy when it needs it and trading will be a big function there. And it's a part of the story here that we're spending a little bit more time improving the reliability of the energy systems we develop and work in.

而且——我想現在你會看到我們更加關注我們生產的能源的可靠性。簡單來說，這只是確保市場在需要時獲得能量，而交易將發揮重要作用。我們花費更多的時間來提高我們開發和使用的能源系統的可靠性，這是我們故事的一部分。

Sam Margolin, Wells Fargo.

富國銀行的 Sam Margolin。

A question on commercial, and it kind of relates back to an earlier comment Toby made. One of the things that turbine manufacturers are talking about is a shift in customer mix and data center customers, hyperscalers directly ordering turbines. And I wonder if that's catalyst to change pricing structure around gas supply deals. Utilities are comfortable with variable pricing, maybe the hyperscalers directly would prefer something a little more bracketed or stable. I just -- maybe if you could elaborate on that comment you made earlier, that would be great.

這是一個關於商業的問題，它有點與托比之前的評論有關。渦輪機製造商正在談論的事情之一是客戶結構和資料中心客戶的變化，超大規模客戶直接訂購渦輪機。我想知道這是否會成為改變天然氣供應交易定價結構的催化劑。公用事業公司對浮動定價感到滿意，但超大規模企業可能更喜歡更固定或穩定的定價。我只是——也許如果你能詳細說明一下你之前所作的評論，那就太好了。

Yeah. What we're seeing on the turbine side of things is we're actually seeing some opportunities for turbines that have been put on order locked up that are actually looking for homes. Hyperscalers, I think, are going to be looking to relieve whatever constraints that they're facing for them getting into actually developing the power themselves. Would be an interesting move for them. I wouldn't put it past just given the cost, but that is outside the area of expertise.

是的。從渦輪機方面來看，我們實際上看到了一些機會，這些渦輪機已經下訂單並正在尋找家園。我認為，超大規模企業將尋求減輕他們在實際開發電力時所面臨的任何限制。對他們來說這將是一個有趣的舉動。考慮到成本，我不會放棄，但這超出了我的專業範圍。

I mean, our perspective is that if hyperscalers had it their way, they'd be able to sign up and just pay and pay a rate for every kilowatt that they use and keep it very simple because they've got so many other bigger things to focus on. But in the spirit of simplifying the story for them, yeah, I think that could create opportunities for EQT and creating more structure on pricing, increasing the durability of our cash flow. So we're certainly willing to entertain those conversations.

我的意思是，我們的觀點是，如果超大規模企業能夠按照自己的方式行事，他們就可以註冊並支付他們使用的每千瓦時的費用，並保持非常簡單，因為他們有許多其他更重要的事情需要關注。但本著為他們簡化故事的精神，是的，我認為這可以為 EQT 創造機會，並在定價上創造更多的結構，從而提高我們現金流的持久性。所以我們當然願意進行這些對話。

Yeah. I think from what I've heard in the market, whether it's -- and I know Amazon has done a little bit of this Meta might have. Some of these big facilities, specifically down along like the Louisiana, Mississippi corridor. There's -- you have to order a lot of this equipment multiple years ahead of time, and it's very costly. Utilities are not in the business of speculating like that. And so whether it's done through like a PPA offtake or whether it's one of the hyperscalers stepping in and making the order basically guaranteeing the cost. I think that kind of has to happen for these mega projects.

是的。我認為從我在市場上聽到的消息來看，無論是——我知道亞馬遜已經做了一些這方面的工作，Meta 也可能已經做了一些工作。其中一些大型設施，具體位於路易斯安那州和密西西比州走廊沿線。你必須提前幾年訂購大量此類設備，而且成本非常高。公用事業公司並沒有從事這樣的投機活動。因此，無論是透過 PPA 承購來完成，還是由超大規模企業介入並下訂單，基本上都能保證成本。我認為這些大型專案必須實現這一點。

So I wouldn't say that means the hyperscaler is building or owning the power themselves. I think it's more so inherently providing the credit support one way or the other for what are very large capital expenditures. But again, it really just speaks to the demand for power and the necessity for all the stuff to get built as quick as possible. So it's all positive either, right?

所以我不會說這意味著超大規模企業正在自己建造或擁有電力。我認為它本質上是以某種方式為巨額資本支出提供信貸支援。但同樣，這實際上只是說明了對電力的需求以及盡快建造所有設施的必要性。所以這都是正面的，對嗎？

Got it. And then just on the marketing side, you pointed out that on the curves, dips are tightening. And I guess, in the past, that might have compelled you to hedge basis if not the flat price. And I guess the question is like with the evolution of this marketing team and the success it had, should we expect basis hedging to really be reduced and deemphasized just given what your capabilities are now?

知道了。然後，就行銷方面而言，您指出曲線上的下降正在收緊。我想，在過去，這可能迫使你對沖基礎，如果不是固定價格的話。我想問題是，隨著這個行銷團隊的發展和取得的成功，考慮到你們現在的能力，我們是否應該期望基礎對沖真的會減少和不再被重視？

Yeah. In the past, I mean, we never provide a lot of clear disclosure on what we do in basis just because we don't want to influence the markets in any indirect way. But we, in the background, have usually hedged up to about 90% of our in-basin sales just to provide that stability. We are not doing that anymore. We will hedge basis and we do have some basis hedged, but it will be likely far less than that in 2026 and beyond just due to those dynamics.

是的。我的意思是，過去我們從來沒有對我們所做的基礎工作提供過很多明確的揭露，因為我們不想以任何間接的方式影響市場。但為了確保穩定性，我們通常會在幕後對高達 90% 的盆地內銷售額進行對沖。我們不再這樣做了。我們將對沖基礎，而且我們確實對沖了一些基礎，但由於這些動態，到 2026 年及以後，對沖量可能會遠低於這個數字。

And if you think about it, we can also effectively hedge basis by just shutting gas in. And that is kind of a new paradigm shift in the ability to coordinate between our traders, our production control center, midstream control center. And make sure we're not just selling gas at the price that doesn't make sense when you can shut in for a month and sell it into winter, then provide that reliability during the winter months when you can surge above your baseline of production capacity.

如果你仔細想想，我們也可以透過關閉天然氣來有效地對沖基礎。這是我們貿易商、生產控制中心和中游控制中心之間協調能力的新典範轉移。確保我們不只是以不合理的價格出售天然氣，因為你可以關閉一個月並在冬季出售，然後在冬季提供這種可靠性，這樣你就可以超過你的生產能力基線。

So it is an evolution for us, but the need to hedge basis to protect that downside is just not there in the same way and instead, we're turning it from like a defensive strategy to more of an opportunistic proactive strategy through what we're doing with curtailments.

因此，這對我們來說是一種演變，但對沖基礎以保護下行風險的需求已不再以同樣的方式存在，相反，我們透過採取限制措施，將其從防禦性策略轉變為更具機會主義的主動策略。

Scott Hanold, RBC.

斯科特·漢諾德，RBC。

Yeah. On MVP Boost and potentially Southgate, can you talk about -- do you expect that EQT will be the supplier for those pull volumes? And if so, how do you think about where you source that? Is it pulling it from in-basin Appalachia? Or would you grow into that? And just give us a sense of if it's a grow option kind of the time frame at which that starts?

是的。關於 MVP Boost 和潛在的 Southgate，您能談談嗎——您是否預計 EQT 將成為這些拉動量的供應商？如果是的話，您認為該資訊的來源是什麼？它是從盆地內的阿巴拉契亞山脈中汲取水源嗎？或者你會成長為那樣的人嗎？請告訴我們，這是否是一種成長選擇，以及從什麼時候開始成長？

Yeah. Great question. So MVP, again, pulls off EQT Systems and comes out of the Mobley plant. So I would expect it to be at least majority EQT volumes, that's not all of it. And that provides us the opportunity to grow. We are not committing to growing to fill that yet. We have to ultimately see how the markets balance out. But whether it's the data center projects or whether it's more egress out of basin, what that is doing is teeing up the opportunity for us to grow with confidence and do so in a sustainable way.

是的。好問題。因此，MVP 再次脫離 EQT Systems 並從 Mobley 工廠出來。因此我預計它至少佔 EQT 總量的大多數，但這並不是全部。這為我們提供了成長的機會。我們尚未承諾透過發展來填補這一空白。我們最終必須看看市場如何平衡。但無論是資料中心專案還是更多的盆地出口，這都為我們充滿信心地發展並以可持續的方式發展創造了機會。

Yeah, to quantify that, from where MVP's flowing today through end of Boost coming online, that we see over a Bcf a day of greater takeaway from the MVP complex and you pair that up with another 1.5 bin a day of data center demand to a pretty attractive demand set up.

是的，為了量化這一點，從今天的 MVP 流量到 Boost 上線結束，我們看到 MVP 綜合體每天的輸送量超過 10 億立方英尺，再加上資料中心每天 1.5 箱的需求，這是一個相當有吸引力的需求。

Yeah. That's right. Okay. And then real quickly, you talked that you feel you're good with the LNG offtake right now, which I think is circa 10% of your production. And you've obviously done some of these power deals. Can you talk a little bit about like industrial types of deals? Have you seen any interest in there? And how much are you willing to allocate towards those initiatives?

是的。這是正確的。好的。然後您很快就表示，您對目前的液化天然氣採購量感到滿意，我認為這約佔您產量的 10%。而且你顯然已經做了一些權力交易。您能談談工業類型的交易嗎？您在那裡看到任何有趣的事情嗎？您願意為這些計劃投入多少資金？

Yeah. I mean, look, we're seeing opportunities across the board. I think our sort of reinvigorated commodities team and our gas origination efforts are turning up a ton of opportunities, whether that ultimately manifests in a midstream deal or a supply deal we're open-minded about both. We're trying to be a sort of one-stop shop solution for gas supply. But we're -- look, we're pretty flexible and open lined about it.

是的。我的意思是，你看，我們看到了各方面的機會。我認為我們重新振作起來的商品團隊和我們的天然氣起源努力正在帶來大量的機會，無論這些機會最終體現在中游交易還是供應交易中，我們對這兩者都持開放態度。我們正在努力成為天然氣供應的一站式解決方案。但是我們——你看，我們對此非常靈活和開放。

Jacob Roberts, Tudor Pickering, Holt & Company.

羅伯茲 (Jacob Roberts)、都鐸皮克林 (Tudor Pickering)、霍爾特公司 (Holt & Company)。

On LNG, you've laid out some thoughts on demand through 2050. And Jeremy, you touched on this a few questions ago, but we were curious if you could comment on global supply over that timeframe. And maybe more specifically, your assumptions on the cyclicality of the global LNG market over the contract pipe with respect to the outcomes on slide 12.

關於液化天然氣，您闡述了一些對 2050 年需求的看法。傑里米，您在幾個問題之前提到了這一點，但我們很好奇您是否可以評論一下該時間段內的全球供應情況。也許更具體地說，您對第 12 張投影片中的結果有關全球液化天然氣市場在合約管道上的週期性的假設。

Yeah. Great question. So what's interesting when a lot of people are focused on the risk of LNG oversupply right now and I think rightly so, it is a short window where I think that is at risk. But just say, haircut our assumptions in half if you want to, right. The amount of new LNG that has to get built to serve that market means that, that spread needs to be in excess of 450 at a minimum to justify new projects getting built. And as the cost of those projects goes up in time with inflation, that just means that spread has to widen out. So that spread has to structurally stay wide as long as you do have additional demand growth. Otherwise, the demand growth cannot be served.

是的。好問題。因此，有趣的是，當許多人關注液化天然氣供應過剩的風險時，我認為這是正確的，但我認為這種風險只會持續很短的時間。但是，如果您願意的話，可以把我們的假設減半，對吧。為了滿足該市場的需求，必須建造新的液化天然氣數量，這意味著，該價差至少需要超過 450，才能證明新項目的建設是合理的。隨著這些項目的成本隨著通貨膨脹而上升，這意味著利差必須擴大。因此，只要需求確實有額外的成長，這種利差就必須在結構上保持較大。否則，需求成長就無法被滿足。

So that's why like structurally, we're really bullish on that set up long term. Ultimately, it just comes down to what that export arb incentive is for new projects to get built, though, and ultimately a question of where does the gas come from. We think the US is advantaged in many ways, whether it's gas from Appalachia or gas from the Permian that really will be the biggest source of demand over the next two decades.

所以這就是為什麼從結構上來說，我們非常看好這種長期設定。但最終，問題只在於出口套利對新工程建設的誘因是什麼，以及天然氣從何而來。我們認為美國在許多方面都具有優勢，無論是阿巴拉契亞山脈的天然氣還是二疊紀的天然氣，都將成為未來二十年最大的需求來源。

We are certainly bullish the domestic opportunity. But when you think about the, call it, 20 Bs of growth we could see from domestic demand, not including LNG over that time period, we think that global market is going to dwarf even what that -- what a really bullish domestic outlook will be. And that's why we're so excited about getting into that LNG market even in a small way because even a small increase in that export ARB can have meaningful impacts on our profitability and realized pricing. So it's a really good way for us to extend our exposure and further improve the profitability of EQT over the long term.

我們當然看好國內機會。但是，當你考慮到我們可以從國內需求中看到 200 億美元的成長（不包括該時期的液化天然氣）時，我們認為全球市場的成長將遠遠超過國內真正看漲的前景。這就是為什麼我們對進入液化天然氣市場如此興奮，即使只是小規模進入，因為即使出口 ARB 的小幅增加也會對我們的盈利能力和實現定價產生重大影響。因此，這對我們來說確實是一種擴大曝光度並進一步提高 EQT 長期盈利能力的好方法。

Great. And then a quick follow-up. On the Olympus results, the two deep Utica wells you point to in the presentation, would you classify those as having met the EQT standard in terms of efficiencies and cost? And then how are those results shaping thoughts about development going forward?

偉大的。然後進行快速跟進。關於奧林巴斯的結果，您在演示中提到的兩口尤蒂卡深井，您是否認為它們在效率和成本方面符合 EQT 標準？那麼這些結果如何影響未來發展的思維呢？

Yeah. I would classify that as early innings for us. I mean we have not got a ton of reps on deep Utica. So it's really encouraging to see the teams come out the gate and cut drilling times by over 30%, shave $2 million per well. In that area, we've got a pretty hefty amount of acreage, hundreds of potential sticks. So that's a starting point is the way we'd look at it. Where we're going to get to is going to be where we're at with Marcellus relative to peers, and that's going to be peer-leading setting operational records, both on the CapEx side and peer-leading LOE.

是的。我認為這是我們的早期局面。我的意思是我們在尤蒂卡深處沒有得到大量的代表。因此，看到這些團隊將鑽井時間縮短了 30% 以上，每口井節省了 200 萬美元，這確實令人鼓舞。在那個地區，我們擁有相當大面積的土地，有數百棵潛在的樹木。所以這是我們看待這個問題的起點。我們要達到的目標就是 Marcellus 相對於同業所處的位置，那就是在資本支出方面和領先同行的 LOE 方面創下營運記錄。

I think the table is set. We just need to get some more reps. And it's something that will sprinkle and give the teams the opportunity to lightly touch and prove themselves over time. But in the meantime, the core story is going to be continuing on the success that we've had with our core Marcellus in Pennsylvania and West Virginia.

我認為餐桌已經擺好了。我們只是需要獲得更多的代表。這會為球隊帶來一些機會，讓他們隨著時間的推移輕鬆證明自己。但同時，核心故事將繼續延續我們在賓州和西維吉尼亞州的核心馬塞勒斯所取得的成功。

Bert Donnes, William Blair.

伯特唐尼斯、威廉布萊爾。

I'll keep pretty short. I just want to follow up on the potential for the data center fixed gas price agreements. It sounds like your view is that the structure might ultimately fit better for both parties involved. But is there also a discussion to potentially take some equity in a power project? Or is that not even on the table?

我會盡量簡短地講。我只是想跟進資料中心固定天然氣價格協議的潛力。聽起來您的觀點是，這種結構最終可能更適合雙方。但是否也討論過可能在電力項目中持有部分股權？或者這根本不是問題？

Yeah. Right now, I mean, our strategy is the same when it comes to vertical integration, whether it's LNG or power plants. We're taking a very capital-light approach towards creating value in these arenas. The infrastructure continues to get funded by others, returns to not compete with our core business, and we're able to access the value potential of these arenas without taking the equity stake. So that's the situation right now. We'll continue to be capital light, but those are the factors that we're watching that drives our decision.

是的。現在，我的意思是，無論是液化天然氣還是發電廠，我們的垂直整​​合策略都是相同的。我們採取輕資本的方式在這些領域創造價值。基礎設施繼續得到其他人的資助，不會與我們的核心業務競爭，而且我們能夠在不持有股權的情況下獲得這些領域的價值潛力。這就是目前的情況。我們將繼續保持輕資本，但這些是我們正在關注的、推動我們做出決定的因素。

Perfect. That makes sense. And then on the same topic, at a time, there was an idea that maybe a consortium of smaller E&Ps to potentially piece together a power deal. Is that no longer the case, you really need the midstream side of things in order to sign these deals? Or is there room for maybe smaller projects to work that way?

完美的。這很有道理。然後，在同一主題上，有一次，有人提出，也許可以組成一個由小型 E&P 公司組成的財團來達成一項電力交易。情況不再如此了嗎？你真的需要中游方面來簽署這些協議嗎？或者也許較小的專案也可以採用這種方式進行嗎？

I mean, every project that we look at that the projects are only getting bigger. I mean, if we were in a situation where 50-megawatt data centers make sense, I guess you could say that would be an opportunity. We're talking about gigawatts, multiple gigawatts at a time. You're going to need large-scale mean 1.5 Bcf a day is a tremendous amount of natural gas. EQT is unique in the sense that we can say we've already got that gas flowing above ground in local markets, so we could just allocate that to you when you're ready. The credit requirements here, again, investment-grade balance sheets matter. That's something that's not available to smaller peers.

我的意思是，我們所關注的每個項目都變得越來越大。我的意思是，如果我們處於 50 兆瓦資料中心有意義的情況下，我想你可以說這是一個機會。我們談論的是千兆瓦，一次談論幾千兆瓦。您將需要大規模的天然氣，平均每天 15 億立方英尺，這是一個巨大的數量。EQT 的獨特之處在於，我們可以說我們已經在當地市場上擁有地面天然氣，因此當您準備好時，我們可以將其分配給您。這裡的信貸要求，再次強調，投資等級資產負債表很重要。這是規模較小的同行無法獲得的。

So I look at this as sort of a big player opportunity, and it's a big responsibility for EQT to make sure that we get our tech customers all the energy they can.

因此，我認為這是一個巨大的機遇，而 EQT 的重大責任是確保我們的技術客戶能夠獲得盡可能多的能源。

Yeah. I would also just add that I think one of the biggest obstacles to getting all these data centers specifically built out is you have too many parties already involved when you think about the needs for a $80 billion, $100 billion project. Adding more chefs in the kitchen doesn't improve efficiency. I think one of our edges at EQT is really simplifying this and being a one-stop shop. So I think a strategy like that would actually be moving the wrong direction and make it even more challenging to get something done. And it doesn't solve the credit quality either. So I don't think that really holds water.

是的。我還要補充一點，我認為，建造所有這些資料中心的最大障礙之一是，考慮到一個 800 億美元、1000 億美元的專案的需求，涉及的參與者太多了。在廚房裡增加更多的廚師並不能提高效率。我認為 EQT 的優勢之一是真正簡化了這個過程並成為一站式商店。所以我認為這樣的策略實際上是朝著錯誤的方向發展，並且會使完成某件事變得更具挑戰性。而且它也不能解決信用品質問題。所以我認為這根本站不住腳。

David Deckelbaum, TD Cowen.

大衛·德克爾鮑姆（David Deckelbaum），TD Cowen。

I did want to just ask on the margin. You guys have seen some outsized performance on the well productivity side, but we've seen like we've seen an increase in liquids recovery. Is that happening from benefits on the midstream side? Or is that something that's more geologically driven, perhaps if you could speak to that going into next year?

我確實只是想順便問一下。你們已經看到了油井生產力方面的一些超乎尋常的表現，但我們也看到液體回收率有所提高。這是從中游方面的利益而發生的嗎？或者這是否更受到地質因素的影響，您能否談談明年的情況？

Yeah. I think that will be more driven from just where we've been developing, if I'm being honest with you. And on that front, we have been reassessing some of our parts of our asset base and looking at the opportunities we see from the Equinor trade, we just got done looking at that. Probably not a lot of running room from the Ohio Utica there but have identified the prospect of the Ohio Marcellus could be very prospective over 80,000 acres. This would be a big upside. It would give us even more exposure to liquids. So I mean, it's something that we're looking at and how we're shaping it. But just given the size of our base, we're going to be a dry gas story.

是的。坦白說，我認為這將更多地受到我們一直以來的發展方向的推動。在這方面，我們一直在重新評估我們的部分資產基礎，並研究從 Equinor 交易中看到的機會，我們剛剛完成了對此的考察。俄亥俄州尤蒂卡的開採空間可能不大，但已確定俄亥俄州馬塞勒斯的前景非常廣闊，超過 80,000 英畝。這將是一個很大的好處。這會讓我們更接觸液體。所以我的意思是，這是我們正在研究的事情以及我們如何塑造它。但考慮到我們基地的規模，我們將面臨一個乾氣問題。

I appreciate that, Toby. And then maybe, Jeremy, just -- at a high level, I think there's been a lot of questions around firm sales and LNG and data centers. And I guess as you see all the market forces progressing here, do you see a long-term target? Obviously, you guys give guidance all the way out to 2050 on demand. As you went through into like the next decade, do you have an expectation for -- or a target for what percent of total EQT gas volumes will be sold on firm sales agreement in the direct-to-customer model?

我很感激，托比。然後也許，傑里米，只是 - 從高層次來看，我認為圍繞公司銷售、液化天然氣和數據中心存在很多問題。我想，當您看到所有市場力量在這裡發展時，您是否看到了長期目標？顯然，你們會根據需求提供到 2050 年的指導。展望未來十年，您是否有一個預期，或者說目標，即 EQT 天然氣總量中有多少百分比將透過直接面向客戶的模式按照固定銷售協議銷售？

Yeah. I mean, if I'm honest with you, we're seeing more opportunities pop up like literally every single week. I consider it to be a bit of what we call internally like an all-you-can-eat opportunity we can grow volumes, if there's really that much demand that comes up, we can market it, whether it's third-party gas.

是的。我的意思是，如果我對你說實話，我們幾乎每週都會看到更多的機會出現。我認為這有點像我們內部所說的「無限供應」的機會，我們可以增加產量，如果真的有那麼大的需求，我們就可以推銷它，無論是第三方天然氣。

I wouldn't say there really is a limit our job as it relates to just what's best for EQT shareholders is just to capture as much of that growth opportunity as possible. And I would say that continues to ramp up, and I think the teams are doing an amazing job just increasing the frequency of conversations and getting in front of every potential customer and making sure we capture it.

我不會說我們的工作真的有限制，因為它只與 EQT 股東最有利的事情有關，就是盡可能地抓住成長機會。我想說的是，這種勢頭還在繼續增強，我認為團隊做得非常出色，他們增加了對話的頻率，接觸到了每一位潛在客戶，確保我們能夠抓住他們。

We are out of time for questions today. I would like to turn the call back over to Toby Rice for any closing remarks.

今天我們已經沒有時間提問了。我想將電話轉回給托比·賴斯 (Toby Rice) 做最後發言。

Thanks for your time, everybody. This quarter, stepping back just thinking about is probably one of my favorite quarters just because of the fact that every -- this is a really great example of the total team effort that's taking place here we're seeing wins across the board from every department. CapEx, OpEx, volumes. The back office team is getting in the mix with lightning fast strategic integrations of Olympus our commodities team grinding wins on the trading front. It's a really great example of the culture we've built of teamwork and trust and delivering for our stakeholders. So we look forward to continuing the success going forward. Thank you, guys.

謝謝大家的時間。這個季度，回想起來可能是我最喜歡的季度之一，因為事實上每一個——這都是整個團隊努力的一個很好的例子，我們看到每個部門都取得了全面勝利。資本支出、營運支出、數量。後台團隊正在與奧林巴斯進行閃電般的快速策略整合，我們的商品團隊在交易方面取得了勝利。這是我們建立的團隊合作、信任和為利害關係人服務的文化的一個非常好的例子。因此，我們期待未來繼續取得成功。謝謝你們。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。