EQT Corporation (EQT) 2026 Q1 法說會逐字稿

Hello, and thank you for standing by. My name is Bella, and I will be your conference operator today. At this time, I would like to welcome everyone to EQT Q1 2026 quarterly results conference call. (Operator Instructions)

您好，感謝各位稍候。我叫 Bella，今天將擔任本次電話會議的接線員。此刻，我謹代表主辦方歡迎各位參加 EQT 2026 年第一季季度業績電話會議。（接線員指示）

I would now like to turn the conference over to Cameron Horwitz, Managing Director, Investor Relations and Strategy. You may begin.

現在我想將會議交給投資人關係與策略董事總經理 Cameron Horwitz。您可以開始了。

Good morning, and thank you for joining our first quarter 2026 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.

各位早安，感謝您參加我們 2026 年第一季財報電話會議。今天與我一同出席的有總裁兼執行長 Toby Rice，以及財務長 Jeremy Knop。稍後，Toby 與 Jeremy 將發表事先準備的談話，之後將進行問答環節。我們已在公司網站的投資人關係專區發布更新版投資人簡報，並將在今天的討論中引用其中部分投影片。今天會議的重播將於今晚起在我們的網站提供。

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 in subsequent filings we make with the SEC. We do not undertake any duty to update any forward-looking statements.

提醒各位，今天的電話會議可能包含前瞻性陳述。由於昨日財報新聞稿、投資人簡報、我們最新 Form 10-K 的風險因素章節，以及我們後續向美國證券交易委員會（SEC）提交的文件中所述因素，實際結果與未來事件可能與這些前瞻性陳述存在重大差異。我們不承擔更新任何前瞻性陳述的義務。

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.

今天的電話會議亦包含若干非 GAAP 財務衡量指標。請參閱我們最新的財報新聞稿與投資人簡報，以了解與該等指標相關的重要揭露資訊，包括與最可比 GAAP 財務衡量指標之間的調節表。

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

接下來，我把電話交給 Toby。

Thanks, Cam, and good morning, everyone. Our historic first quarter results are tangible proof of the differentiated value of EQT's platform. We generated more than $1.8 billion of free cash flow in the first quarter, another record-high for EQT. To put this into perspective, in just 90 days, we generated roughly as much free cash flow as we did during the entirety of 2022, a year when gas prices were over $6. This is a powerful illustration of how we've strategically transformed EQT over the past several years.

謝謝你，Cam，各位早安。我們創紀錄的第一季成果，是 EQT 平台差異化價值的具體證明。我們在第一季創造了超過 18 億美元的自由現金流，再度刷新 EQT 的歷史新高。為了讓各位更有概念，在短短 90 天內，我們產生的自由現金流大致相當於 2022 年全年的水準——而 2022 年天然氣價格曾高於每百萬英熱單位 6 美元。這有力地說明了過去幾年我們如何策略性地轉型 EQT。

Our vertical integration through the Equitrans acquisition and our low-cost operating model have fundamentally enhanced the earnings power of this company. That transformation has enabled us to enter this high-price environment largely unhedged, capturing the full upside of market volatility and accelerating our deleveraging plans. With leverage now below 1 times net debt to EBITDA and our long-term $5 billion net debt target within reach by year-end, EQT has entered a new chapter, one defined by financial strength, durable free cash flow generation and sustainable growth.

透過收購 Equitrans 所實現的垂直整合，以及我們的低成本營運模式，已從根本上提升了公司的獲利能力。這項轉型使我們在本次高價環境下得以在很大程度上維持未避險狀態，充分掌握市場波動帶來的上行空間，並加速去槓桿計畫。隨著槓桿率目前已降至淨負債對 EBITDA 低於 1 倍，且我們長期 50 億美元淨負債目標可望於年底前達成，EQT 已進入新篇章——以財務實力、穩健的自由現金流創造能力與可持續成長為特徵。

Our operational performance remains the bedrock of our financial results. Despite the challenging weather conditions presented by Winter Storm Fern, our teams coordinated seamlessly to achieve production uptime that outperformed our peers by a factor of more than 2 times.

我們的營運表現仍是財務成果的基石。儘管冬季風暴 Fern 帶來嚴峻天候挑戰，我們的團隊仍緊密協作，達成的產量開機率（uptime）較同業高出 2 倍以上。

Given with some minor volume impacts from the storm, production for the quarter came in above the high end of our guidance range. This is a testament to the strong underlying productivity of our asset base, the durability of our infrastructure and the outstanding coordination across our upstream, midstream and marketing teams to ensure our customers had access to reliable energy when they need it at most.

儘管風暴對產量造成些微影響，本季產量仍高於我們指引區間的上緣。這證明了我們資產基礎的強勁內在生產力、基礎設施的耐久性，以及上游、中游與行銷團隊之間出色的協同，確保客戶在最需要的時候能取得可靠能源。

Shifting to the macro environment, recent geopolitical developments once again highlight the strategic importance of US natural gas and energy independence. Recent events in the Middle East have triggered the second global energy shock of this decade. Supply disruptions across the region have pushed global natural gas prices sharply higher. In fact, European natural gas prices nearly doubled following the disruption of Qatari LNG supply and the closure of the Strait of Hormuz.

轉向總體環境，近期地緣政治發展再次凸顯美國天然氣與能源獨立的戰略重要性。中東近期事件引發了本十年第二次全球能源衝擊。該地區供應中斷推升全球天然氣價格大幅上漲。事實上，在卡達 LNG 供應受阻以及荷姆茲海峽關閉之後，歐洲天然氣價格幾乎翻倍。

These developments underscore a clear reality. Global energy markets remain highly vulnerable to geopolitical risk. While these challenges are significant, they also reinforce the critical role of American energy and position producers like EQT to help meet the world's growing need for reliable supply.

這些發展凸顯一個明確現實：全球能源市場仍高度暴露於地緣政治風險之下。儘管挑戰嚴峻，但也進一步強化了美國能源的關鍵角色，並使像 EQT 這樣的生產商得以協助滿足全球對可靠供應日益增加的需求。

And yet, despite this global volatility, US natural gas prices have remained stable, continuing to provide affordable energy for American consumers. This divergence highlights one of the most important advantages of US natural gas: energy security and affordability. While global markets are experiencing sharp price increases, American citizens and businesses continue to benefit from low-cost domestic supply, thanks to the shale revolution. In fact, in energy equivalent terms, the price of US natural gas today is equal to $16 per barrel of oil, even with record US LNG exports and data center-driven domestic power demand growth.

然而，儘管全球波動加劇，美國天然氣價格仍維持穩定，持續為美國消費者提供可負擔的能源。這種分歧凸顯了美國天然氣最重要的優勢之一：能源安全與可負擔性。當全球市場面臨價格大幅上漲時，美國民眾與企業仍受惠於低成本的國內供應，這要歸功於頁岩革命。事實上，以等值能源計算，即便美國 LNG 出口創新高、且資料中心帶動國內用電需求成長，美國天然氣目前的價格相當於每桶原油 16 美元。

Recent events also reinforced another key takeaway: energy reliability matters. Global buyers are increasingly prioritizing secure and dependable sources of supply, and the United States has emerged as the most reliable LNG supplier in the world. This reliability is becoming increasingly valuable to global customers, and EQT is positioned to benefit from this dynamic.

近期事件也再次強化另一項關鍵結論：能源可靠性至關重要。全球買家正日益優先考量安全且可依賴的供應來源，而美國已成為全球最可靠的 LNG 供應國。這種可靠性對全球客戶而言愈發珍貴，而 EQT 也具備從此趨勢中受益的有利位置。

Our LNG contracts position us to be a supplier of choice internationally, providing secure supply to global buyers who increasingly value reliability and energy security, while at the same time providing attractive international market exposure for our investors. In fact, if our LNG portfolio was fully online today, with current TTF and JKM spreads to Henry Hub, our projected 2026 free cash flow would be approximately $6 billion, positioning the company to materially enhance our free cash flow generation with only 15% of our volumes is a powerful illustration of the value our LNG portfolio could unlock.

我們的 LNG 合約使我們有能力成為國際市場的首選供應商，為日益重視可靠性與能源安全的全球買家提供安全供應，同時也為投資人帶來具吸引力的國際市場曝險。事實上，若我們的 LNG 組合今天已全面上線，並以目前 TTF 與 JKM 相對 Henry Hub 的價差計算，我們預估 2026 年自由現金流約為 60 億美元；這顯示僅以 15% 的銷售量，就能使公司自由現金流創造能力大幅提升，充分說明我們的 LNG 組合可釋放的價值。

As global markets continue to prioritize dependable supply, we believe EQT is well positioned to capture demand growth, improve our price realizations and further enhance the durability of our free cash flow generation. This geopolitical landscape reinforces what we've believed for a long time: low-cost, reliable US natural gas is essential for both American consumers and global energy security, and EQT is uniquely positioned at the center of that opportunity.

隨著全球市場持續優先追求可靠供應，我們相信 EQT 具備良好條件以掌握需求成長、改善實現價格，並進一步提升自由現金流創造能力的韌性。這樣的地緣政治格局再次印證我們長期以來的看法：低成本且可靠的美國天然氣，對美國消費者與全球能源安全都至關重要，而 EQT 在這項機會的核心位置上具備獨特優勢。

I'll now turn the call over to Jeremy.

接下來我把電話交給 Jeremy。

Thanks, Toby. As Toby mentioned, the company delivered a record first quarter with outperformance across the board. We delivered sales volumes above the high end of guidance into peak winter pricing, while our cash operating expenses and capital costs came in below the low end of guidance due to improved efficiencies.

謝謝你，Toby。正如 Toby 所提到的，公司第一季創下紀錄，且各方面表現均優於預期。我們在冬季價格高峰期的銷售量高於指引上緣；同時，由於效率提升，我們的現金營運費用與資本成本低於指引下緣。

All told, we generated more than $1.8 billion of free cash flow before the effects of $475 million of working capital inflows. As promised, we allocated post-dividend free cash flow to strengthening our balance sheet and retired more than $1.7 billion of senior notes during the quarter.

總體而言，在 4.75 億美元營運資金流入的影響之前，我們創造了超過 18 億美元的自由現金流。如同承諾，我們將股利後的自由現金流用於強化資產負債表，並在本季償還（退休）超過 17 億美元的優先票據。

We exited the quarter with net debt of just under $5.7 billion. This accelerated deleveraging has already been recognized by the credit rating agencies, with Fitch upgrading EQT to BBB during the quarter. This milestone further strengthens our brand while mitigating financial risk as we expand our gas sales portfolio.

本季結束時，我們的淨負債略低於 57 億美元。這項加速去槓桿已獲信評機構認可，Fitch 在本季將 EQT 評等上調至 BBB。此一里程碑在我們擴大天然氣銷售組合之際，進一步強化品牌並降低財務風險。

This rapid deleveraging also enhances our capital allocation flexibility. We are well positioned to continue investing in high-return growth projects, build on our track record of base dividend growth, and accumulate cash to aggressively repurchase our shares during times of market weakness.

快速去槓桿也提升了我們資本配置的彈性。我們具備良好條件持續投資於高報酬成長專案、延續基本股利成長的良好紀錄，並在市場疲弱時累積現金以積極回購自家股票。

Turning to hedging, the benefits of our opportunistic strategy were on display as we captured nearly 100% of the surge in natural gas prices in the first quarter due to the attractive ceilings on the collars we put in place during periods of price strength in December. As prices have moderated into the spring, we are realizing the benefits with our balance of year hedge book in the money by $180 million.

談到避險，我們的機會型策略效益在第一季充分展現：由於我們在 12 月價格走強期間建立的領口（collar）具備具吸引力的上限（ceiling），我們幾乎捕捉到第一季天然氣價格飆升的 100%。隨著價格在春季趨於溫和，我們也正在享受其好處——我們今年剩餘期間的避險部位目前處於價內（in the money）約 1.8 億美元。

Turning to fundamentals. The global market has tightened meaningfully due to the conflict in the Middle East. Lasting damage to key LNG infrastructure has reduced near-term supply and delayed the timing of Qatar's large-scale expansions. At the same time, Europe is exiting winter with natural gas storage levels at the lowest level since 2022.

再談基本面。由於中東衝突，全球市場明顯趨緊。關鍵 LNG 基礎設施的持續性損害降低了短期供應，並延後卡達大型擴產的時程。與此同時，歐洲在冬季結束時的天然氣庫存水位降至 2022 年以來最低。

US LNG exports should be a primary beneficiary in this environment. In the near term, we expect LNG operators will defer maintenance to capture favorable margins, boosting export demand. In the medium term, the risk of an LNG glut in volumes backing up into the US market is effectively gone. This environment also serves as a good case study for our thesis of the asymmetric upside exposure to global natural gas prices that EQT will have through our LNG portfolio.

在此環境下，美國 LNG 出口應是主要受益者。短期內，我們預期 LNG 業者將延後維修以掌握有利利差，進而推升出口需求。中期而言，LNG 供給過剩、導致大量回流並堆積於美國市場的風險基本已消失。此環境也可作為我們投資論點的良好案例：透過我們的 LNG 組合，EQT 將對全球天然氣價格具備不對稱的上行曝險。

While our LNG contracts are forecasted to generate $500 million in annual free cash flow uplift when they begin in 2030 at the current strip, a repeat of the 2026 level volatility could drive that figure to $2.5 billion. This underscores the significant upside optionality for producers that can access the global markets.

雖然在目前期貨曲線（strip）水準下，我們的 LNG 合約預計於 2030 年開始時，每年可帶來 5 億美元的年度自由現金流增量，但若重演 2026 年那種波動程度，該數字可能上升至 25 億美元。這凸顯了能夠進入全球市場的生產商所具備的顯著上行選擇權。

Shifting to the US. Momentum in natural gas-fired power growth is accelerating beyond prior expectations. Recent announcements and our own discussions suggest upside to our base case power demand growth forecast of 6 Bcf per day, with our initial bull case of 10 Bcf per day looking more like the new base case. This view is informed by the swelling opportunity set in Appalachia with a notable pickup in large-scale power, midstream and data center projects where EQT is positioned as the preferred partner. This backdrop is increasing our confidence in the view that demand pull projects will further improve Appalachian fundamentals through the end of the decade and create substantial high-return upstream and midstream growth optionality for EQT.

轉向美國。天然氣發電成長的動能正以超出先前預期的速度加速。近期公告以及我們自身的討論顯示，我們對電力需求成長的基準預測（每日 6 Bcf）存在上行空間，而我們最初的多頭情境（每日 10 Bcf）看起來更像是新的基準情境。此觀點來自阿帕拉契亞（Appalachia）不斷擴大的機會集合，當地大型電力、中游與資料中心專案明顯增加，而 EQT 正處於成為首選合作夥伴的位置。在此背景下，我們更有信心認為，需求拉動型專案將在本十年末之前持續改善阿帕拉契亞的基本面，並為 EQT 創造可觀的高報酬上游與中游成長選擇權。

Turning to the second quarter guidance. After surging production volumes in the peak winter pricing in Q1, we began tactically curtailing volumes this month to optimize price realizations during shoulder season and have embedded 10 to 15 Bcf of curtailments into our second quarter production guidance. Our strategic curtailments act as a form of storage, keeping gas in the ground brings seasonally low periods of demand and surging volumes above baseline when demand rebounds. This approach allows us to leverage the flexibility of our integrated asset base to maximize value in both peak and trough demand seasons.

接著談第二季指引。在第一季冬季高峰價格期間產量大幅攀升之後，我們本月開始策略性限產，以在淡季（shoulder season）期間最佳化價格實現，並已在第二季產量指引中納入 100 億至 150 億立方英尺（Bcf）的限產。我們的策略性限產可視為一種儲存形式：在季節性需求偏低期間把天然氣留在地下，並在需求回升時將產量提高至基準之上。此作法使我們能運用整合式資產基礎的彈性，在需求旺季與淡季皆能最大化價值。

From a CapEx standpoint, the second quarter represents our peak capital investment period of the year, driven by the timing of growth investments. We expect to see meaningful declines in capital spending into the third and fourth quarters, which should further support free cash flow generation in the back half of the year.

就資本支出（CapEx）而言，第二季是我們全年資本投資的高峰期，主要受成長投資時點所驅動。我們預期第三季與第四季的資本支出將明顯下降，這也將進一步支撐下半年自由現金流的產生。

In closing, this quarter is a tangible demonstration of the value creation possible through EQT's platform. With an integrated operating model, a peer-leading cost structure and a fortress balance sheet, the transformation of EQT is now complete. Our teams are now busy positioning the business to capture robust and sustainable growth opportunities, which should lock in the next leg of differentiated value creation for shareholders.

最後總結，本季具體展現了透過 EQT 平台所能創造的價值。憑藉整合式營運模式、同業領先的成本結構以及堅實如堡壘的資產負債表，EQT 的轉型如今已完成。我們的團隊正積極為企業布局，以掌握強勁且可持續的成長機會，這應能鎖定下一階段為股東創造差異化價值的動能。

And with that, we will now open the line for questions.

接下來，我們將開放提問。

(Operator Instructions) Doug Leggate, Wolfe Research.

（接線員指示）Wolfe Research 的 Doug Leggate。

Good morning. Thanks for having me on. I got one macro and one EQT transformation question, just to pick up on Jeremy's comments there. Toby, I'm always interested in your macro view. Sadly, it seems that with LNG full, the US is back to an incremental cost of supply market, a.k.a. the Permian. The punchline is it seems that gas really hasn't benefited from all the resets that we've seen in terms of domestic demand. So my question is, what can you do to improve your realizations? And more specifically, can you accelerate your access to LNG on international markets given your current plan is post 2030? That's my first one.

早安。謝謝讓我加入。我有一個總體（macro）問題，以及一個關於 EQT 轉型的問題，想延續 Jeremy 剛才的評論。Toby，我一直很關注你對總體的看法。遺憾的是，看起來在 LNG 已滿載的情況下，美國又回到了增量供給成本市場，也就是所謂的二疊紀（Permian）。重點是，天然氣似乎並沒有從我們在國內需求方面看到的各種重置中受益。所以我的問題是，你們能做些什麼來改善你們的實現價格（realizations）？更具體地說，鑑於你們目前的計畫是在 2030 年之後，能否加速取得在國際市場的 LNG 參與？這是我的第一個問題。

My second one is specifically for Jeremy. The balance sheet you've talked about often, Jeremy, you've talked about the transformation is complete. So given your inventory depth, why are buybacks the right answer for opportunistic cash flow versus offering EQT as a competitive dividend stock?

第二個問題是給 Jeremy 的。你經常談到資產負債表，也提到轉型已完成。因此，考量你們的庫存深度（inventory depth），為什麼在機會性現金流運用上，股票回購是正確答案，而不是把 EQT 打造成具競爭力的股利股？

Doug, appreciate the questions. I'll tackle the first set. So when it comes to getting better realized pricing, I think there's a couple of things we think about. One, attracting demand to our backyard I think is going to be really important that will have the impact of strengthening basis, which will benefit our business. We're really excited about the progress that we're seeing. I think if you look at the slide we put out on data center demand, there's a lot of activity happening in our backyard.

Doug，感謝你的提問。我先回答第一部分。關於如何取得更好的實現價格，我認為我們會從幾個面向思考。第一，把需求吸引到我們的後院（本地）非常重要，這將強化基差（basis），進而有利於我們的業務。我們對目前看到的進展感到非常振奮。我想如果你看我們在資料中心需求那張投影片，我們的後院正有大量活動在發生。

As it relates to LNG, I think this quarter and what's happening right now around the world just really shows why the strategy that we took to position the company to get exposure to LNG, why it matters, because we see the same dynamic that you're seeing. We see prices around the world rising and there's -- we're not seeing that benefit in the US. The only way to solve that is to get exposure to international pricing. So for us, we're proud of the decisions we've made. We're excited to start trading with LNG in the 2030 time frame.

至於 LNG，我認為本季以及目前全球正在發生的事情，正好說明了我們採取的策略——讓公司能夠取得 LNG 曝險——為何重要，因為我們看到與你相同的動態：全球各地價格上升，但我們在美國並未看到這樣的好處。解決之道只有一個，就是取得國際定價的曝險。因此，對我們而言，我們為所做的決策感到自豪，也很期待在 2030 年左右開始進行 LNG 交易。

As far as accelerating that today, we were actually talking about that this morning, but I think getting more exposure to that sooner, you're already taking into account the spreads and you're paying for that. So it's not much of an opportunity in the short term. But we're excited about how we've positioned the company in the long term.

至於今天是否能加速，我們其實今早也在討論。不過我認為若要更早取得更多曝險，你其實已經把價差（spreads）考量進去，也等於為此付費了。所以短期內機會不大。但我們對公司長期的布局感到振奮。

Doug, on the second part of your question, look, our base dividend has been and will continue to be a key part of our capital allocation strategy. That is something we intend to grow annually for the foreseeable future. But when we step back and think about what creates the most value in the long term for shareholders and what compounds capital, it's not necessarily the dividend.

Doug，關於你第二個問題，首先，我們的基本股利一直是、也將持續是我們資本配置策略的關鍵部分。我們打算在可預見的未來每年提高它。但當我們退一步思考，什麼能在長期為股東創造最大價值、什麼能讓資本複利成長時，答案未必是股利。

We see the most value upside certainly on an after-tax basis for shareholders being more so in buybacks, but also bringing back top line growth to the business. And in a capital-intensive business, we need capital to be able to invest and do that. And so, what you're seeing us do this year through our midstream growth projects, I think we continue to search for opportunities, and I think we're really finding some phenomenal ones right now. We plan to lean into those in the years ahead.

我們認為，對股東而言（尤其在稅後基礎上）最大的價值上行更多來自回購，同時也來自讓企業恢復營收端（top line）的成長。而在資本密集型產業中，我們需要資本才能投資並做到這點。因此，你今年看到我們透過中游成長專案所做的事情——我認為我們仍在持續尋找機會，而且目前確實找到一些非常出色的機會。我們計畫在未來幾年加大投入。

And then I think at some point too there will be an element of upstream growth that I think we bring back as the low-cost producer, some sort of mid to low single-digit level of production growth. But we need to see that sustainable structural demand show up first. And that's what we are working through our midstream strategy to help enable and create and tie into. And I think when you have a growing top line in a business, both hopefully with price structurally over time, but also with production growth, that creates an ideal situation to be buying back the stock along the way and creating outsized returns over the long run.

另外，我也認為在某個時間點，作為低成本生產商，我們會把部分上游成長帶回來，可能是中到低個位數的產量成長。但我們需要先看到可持續的結構性需求出現。而這正是我們透過中游策略在推動、促成並串接的方向。我認為當一家企業的營收端在成長——希望價格隨時間呈現結構性改善，同時也有產量成長——那就會形成一個理想情境：一路回購股票，並在長期創造超額報酬。

Kalei Akamine, Bank of America.

美國銀行（Bank of America）的 Kalei Akamine。

Good morning. Thanks for taking my questions. My first question is about data centers. So more and more projects are getting shovel-ready, they need gas. You were having supply conversations. How would you guys frame up the near-term opportunity set in terms of scale? And also curious if terms are evolving beyond the (inaudible) deals that we've seen so far?

早安。謝謝回答我的問題。我的第一個問題是關於資料中心。越來越多專案已經具備動工條件（shovel-ready），它們需要天然氣。你們一直在進行供應方面的對話。你們會如何從規模角度來界定近期的機會集合？另外也想了解，條款是否正在演變，超出我們目前看到的（聽不清）交易？

So a lot of opportunities in our backyard, as we mentioned on the call on the prepared remarks. When we look high level just what's happening in basin, there's been some big announcements in Pennsylvania, Ohio, West Virginia, Pennsylvania. NextEra has come out and said that they're going to look at putting 10 gigawatts.

如同我們在電話會議的準備稿中提到的，我們的後院有很多機會。從高層次來看盆地內正在發生的事情，賓夕法尼亞州、俄亥俄州、西維吉尼亞州、賓夕法尼亞州都有一些重大公告。NextEra 已表示他們將考慮部署 10 吉瓦。

We've got that big facility in Ohio that just got announced at Portsmouth. That's over 9 gigawatts. And then West Virginia has come out recently with their 50x50 plans, installing 50 gigawatts by 2050 in West Virginia. So these are big plans that are being put out in this area. So we're really excited about how Appalachia is positioned to be the home for a lot of these projects.

我們在俄亥俄州 Portsmouth 剛宣布的那個大型設施，規模超過 9 吉瓦。然後西維吉尼亞州最近也公布了他們的 50x50 計畫，目標是在 2050 年前於西維吉尼亞州裝置 50 吉瓦。因此，這些都是在此區域提出的龐大計畫。我們對阿帕拉契亞有望成為許多此類專案所在地感到非常振奮。

And then for us, what that translates to EQT specifically, we've got a robust pipeline of these opportunities that are currently being negotiated. I mean, we're looking at multiple Bcf a day of supply opportunities. And other opportunities range from gathering to gas supply.

就我們而言，這對 EQT 的具體意義是：我們有一條強健的機會管線，這些機會目前正在洽談中。我的意思是，我們正在評估每日數 Bcf 的供應機會。其他機會則涵蓋從集輸（gathering）到天然氣供應。

The gas supply opportunity, I think it's important for people to know, we are focusing these opportunities around our asset base. So that should set the table for some pretty good returns, while also being able to offer low cost of service to these customers because we're leveraging our existing asset base.

至於天然氣供應機會，我認為讓大家了解很重要的是：我們正把這些機會聚焦在我們的資產基礎周邊。這應能為相當不錯的報酬鋪路，同時也能因為我們運用既有資產基礎，而以較低的服務成本提供給這些客戶。

So I think all these -- a lot of opportunities in the air right now, I think that they're going to start landing in the second half of this year. And it's a really -- it's a really great setup and we're excited about how we're positioned.

所以我認為所有這些——目前空中有很多機會，我認為它們將在今年下半年開始落地。而且這真的是——這真的是一個很好的布局，我們也對自身的定位感到振奮。

Yeah, Kalei, I think to put some more numbers to that too, if you look at the projects we've announced so far between our midstream projects and the other data center projects, you're, depending on utilization levels, call it, 2 to 3 Bcf per day of demand growth that we've already partnered with other parties to help underwrite. And then if we look at the other midstream projects that we are in discussions with people about that we think have a reasonable chance to come into fruition, I mean, that number could increase to 8, 10 Bcf a day potentially of additional egress and pull out of Appalachia for gas. Some of that goes more short haul into Ohio, as we talked about, but some of it also more down to the South and Southeast markets.

是的，Kalei，我想再用一些數字補充一下，如果你看我們迄今已宣布的專案，包含我們的中游專案以及其他資料中心專案，依使用率水準而定，大概是我們已經與其他方合作、協助承作（underwrite）的每日 2 到 3 Bcf 的需求成長。然後如果我們再看其他我們正在與人討論、且我們認為有合理機會落地的中游專案，我是說，這個數字可能會增加到每日 8、10 Bcf，作為額外的外運能力（egress）並把阿帕拉契亞（Appalachia）的天然氣拉出來。其中一部分如我們談到的，會是較短距離運到俄亥俄州，但也有一部分會更多往南部與東南部市場。

So I think the opportunity for producers, specifically in Southwest Appalachia, what we think of as like the gateway to the basin, is really tremendous. And so, going back to Doug's question, as we think about capital allocation, seeing that opportunity potentially coming around the corner and seeing that demand show up in the next two to three years is a phenomenal opportunity for us to reinvest and potentially grow structurally, sustainably and create a lot of value through that.

所以我認為對生產商而言，特別是在西南阿帕拉契亞——我們把它視為通往盆地的門戶——機會真的非常巨大。因此回到 Doug 的問題，當我們思考資本配置時，看到這個機會可能就在轉角處、並看到未來兩到三年需求出現，對我們而言是個極佳的機會，讓我們得以再投資並可能在結構上、可持續地成長，並透過此創造大量價值。

I appreciate that. My second question is on LNG. You guys have gone beyond pure financial exposure here. As you wrap your head around the physical business, are you seeing margin opportunities that maybe have been overlooked by others? And through your conversations, what kind of contract terms are you seeing being favored by buyers at this point?

謝謝。我第二個問題是關於 LNG。你們在這裡已經不只是純粹的財務曝險。當你們逐步掌握實體業務時，是否看到了可能被其他人忽略的利差（margin）機會？另外，從你們的對話來看，目前買方偏好的合約條款大概是什麼樣子？

I mean, I think -- so we think of our LNG business and that book being built out similar to how we had the book on our just base domestic gas business where we have some deals under longer term and some under short-term tenors. And then a little bit in the spot market too. I would say expect most of that to be index-based. And then there's potential for structure around that.

我的意思是，我想——我們看待我們的 LNG 業務以及正在建立的那本部位（book），會類似於我們在國內基礎天然氣業務上建立的部位：有些交易是較長期，有些是較短期的期限（tenor），另外也會有一點點現貨市場。我會說大多數會是指數連結（index-based）。然後在此之上也可能有一些結構設計。

But look, you can also financially hedge that with structure just like we do domestically in the financial market. So I think it will be a combination of all the above. But we really envision that portfolio, I think, geographically being split pretty equally between Asia and Europe. But it's something that we will build out over the coming years, just like we do with our domestic gas book.

但你看，你也可以像我們在國內金融市場做的一樣，用結構化方式在財務上進行避險。所以我認為會是上述各種方式的組合。不過我們確實設想那個投資組合在地理上大致會在亞洲與歐洲之間各占一半。但這會是我們在未來幾年逐步建立的，就像我們建立國內天然氣部位一樣。

And I'll just follow up with just one point here. I don't think these opportunities are being overlooked by our peers. I just think they're out of reach. And I think you need to have a large-scale, high-quality business like EQT to be able to play in this market and do it in a balanced way. I mean, for us to be able to take -- to reach a level of scale to be effective in this market, but still not be betting the farm on LNG, this is still a nice part of a diversified gas portfolio, only companies of our scale, I think, can achieve that.

我再補充一點。我不認為同業忽略了這些機會；我只是認為這些機會對他們而言是搆不到的。我認為你需要像 EQT 這樣具備大規模、高品質的業務，才能在這個市場中參與並以平衡的方式運作。我的意思是，對我們而言，要達到在這個市場有效運作所需的規模，但同時又不至於把公司押在 LNG 上——這仍然只是多元化天然氣投資組合中的一個不錯部分——我認為只有我們這種規模的公司才能做到。

Arun Jayaram, JPMorgan.

Arun Jayaram，摩根大通（JPMorgan）。

Good morning, gentlemen. Jeremy, maybe for you, I was wondering if you could update us on the progress on some of your large-scale supply deals. I'm thinking Homer City shipping port and the Duke Energy and Southern Company deals, I think it's 2.6 Bcf a day of supply in total. I think we're seeing early construction at Homer City, but would love to get an update on both of those key projects.

各位先生早安。Jeremy，可能想請教你，能否更新一下你們一些大型供應協議的進展？我想到的是 Homer City 的航運港口，以及 Duke Energy 和 Southern Company 的協議，我記得合計是每日 2.6 Bcf 的供應量。我想我們看到 Homer City 已經開始早期施工，但很希望能聽到這兩個關鍵專案的最新情況。

Actually, a lot of really great progress on both. I mean, the guys at Homer City are putting a lot of steel up and really moving that project forward. So we're pretty optimistic about the timing there. There's been a lot of good progress lately on shipping ports too with the offtake. So we're very positive on that, both in terms of timing and also just the gas supply. But again, those aren't our projects, so we're going to hold off giving like specific updates. I would look towards the developers on both of those for more specifics.

其實兩邊都有非常好的進展。我的意思是，Homer City 那邊的人正在架設大量鋼構，確實在推動專案往前走，所以我們對時程相當樂觀。最近在航運港口方面，與承購（offtake）相關也有很多良好進展。所以我們對此非常正面，不論是時程或天然氣供應。不過再說一次，那些不是我們的專案，所以我們會先不提供像是具體的更新。我會建議你向兩邊的開發商尋求更具體的資訊。

But look, we remain a committed partner to anyone trying to develop anything in the region, both to midstream companies, to data center developers or power developers. And I think that's why you're seeing us laying so many demand projects.

但你看，我們仍然是任何想在該區域開發任何項目的夥伴——不論是中游公司、資料中心開發商或電力開發商。我想這也是為什麼你會看到我們在鋪設這麼多需求端專案。

As it relates to the in-market like power plants being built down in the Southeast, our understanding is a lot of that will probably come online in like between 2029 and 2031. So I think there will be a ramp post that Southeast supply enhancement project on Transco coming online. It won't immediately be consumed, but it will debottleneck the Appalachian markets and bring [MVP] up to full capacity.

至於市場內（in-market）在東南部興建的電廠，我們的理解是其中很多可能會在 2029 到 2031 年之間上線。所以我認為在 Transco 的那個東南部供應增強專案上線之後，會有一段爬坡期。它不會立刻被消化，但它會解除阿帕拉契亞市場的瓶頸，並讓 [MVP] 提升到滿載產能。

But like any of these projects, it takes multiple years to get it built. So it can't happen overnight. Unfortunately, some of this has to happen sequentially given the uncertainty of timing for completion of these projects. But everything is moving ahead, we remain opportunistic. And I think the opportunity set for more of these projects to get built is today as big as ever and I think continuing to accelerate. We're feeling that in our day-to-day conversations.

但就像任何這類專案一樣，建成需要好幾年，所以不可能一夜之間發生。不幸的是，考量到這些專案完工時點的不確定性，其中一些事情必須按順序推進。不過一切都在往前走，我們也保持機會主義。我認為，讓更多這類專案得以建成的機會集合（opportunity set）如今比以往任何時候都更大，而且還在持續加速。我們在日常對話中能感受到這點。

And I'd say the other thing too that's really changing, it's less so I think developers and the sort of upstart outfits trying to put these projects together, but it's increasingly really well-capitalized names who you would recognize who are sort of playing catch-up but I think can put real dollars to work and give us a lot more confidence that a lot of this demand ends up showing up. So we're increasingly excited by it.

我還想說，另一個真正正在改變的點是：與其說是開發商或一些新創團隊在拼湊這些專案，不如說越來越多是資本非常雄厚、你一聽就認得的名字在參與——他們某種程度上是在追趕進度，但我認為他們能投入真金白銀，讓我們更有信心，很多這些需求最終會真正出現。所以我們對此越來越興奮。

Yes. GEV had some really strong orders though. I know they raised their expectations on inbound 110 gigawatts from 100, so obviously, some good things happening in power. My follow-up, Jeremy and Toby, is just to talk a little bit about your discussions around LNG offtake. You have 6 million tons of capacity post 2030. How would you characterize the nature of those discussions post the war in Iran? And would it be your expectation that you could sign some offtake in this calendar year?

是的。GEV 的訂單確實很強勁。我知道他們把預期的新增（inbound）從 100 吉瓦上調到 110 吉瓦，所以顯然電力端有一些好事正在發生。我接續的問題，Jeremy 和 Toby，是想請你們談談你們在 LNG 承購（offtake）方面的討論。你們在 2030 年之後有 600 萬噸的產能。在伊朗戰爭之後，你們會如何描述這些討論的性質？以及你們是否預期能在今年曆年內簽下一些承購合約？

Yes. So the reaction with Iran, I think, reinforces the reliability of US supply. And that's certainly going to -- it was valued before, I think it's even more valued now. So we think that the interest in US LNG is only going to continue to grow. We do hope to see that the international community steps up and signs up for what we view as 6 Bcf a day of available offtake from these facilities out on the Gulf Coast area. So there still is opportunity for the market to give more exposure to US LNG.

是的。對伊朗局勢的反應，我認為更強化了美國供應的可靠性。而這肯定會——它以前就被重視，我認為現在更被重視了。所以我們認為市場對美國 LNG 的興趣只會持續成長。我們確實希望看到國際社群挺身而出，簽下我們認為在墨西哥灣沿岸地區這些設施可提供的每日 6 Bcf 可用承購量。因此市場仍有機會增加對美國 LNG 的曝險。

And for us, with the international community, I mean, we're going to be building a portfolio. I think just you're going to see some of those agreements probably be timed closer to when that offtake will become available. So I expect those agreements to be more of a focus sort of in that '28, '29 time frame.

而對我們而言，面對國際社群，我的意思是，我們將建立一個投資組合。我想你會看到其中一些協議可能會更接近承購量實際可用的時間點才簽訂。所以我預期這些協議會更集中在 2028、2029 年那個時間框架。

I'd just remind you too, Arun, and I think anyone who's just in the market looking for offtake, the international customers who have signed up for this capacity, whether it's out of Europe or out of Asia, while you see chaos in the global markets, uncertainty over security physical volumes, but also just price uncertainty, those offtakers are buying gas at Henry Hub plus 115% today. So they -- by buying US gas, like they are effectively insulated from what's going on in the world.

Arun，我也提醒你，以及我想任何在市場上尋找承購的人：那些已經簽下這些產能的國際客戶，不論來自歐洲或亞洲，當你看到全球市場混亂、對實體供應量的安全性存在不確定性，同時也有價格不確定性時，這些承購方今天是以 Henry Hub 加 115% 的價格在買氣。也就是說——透過購買美國天然氣，他們實際上等於隔離了世界上正在發生的事情所帶來的影響。

And so, I think the relative attractiveness, both for existing offtakers but also those still looking for offtake, I think the attractiveness of shifting to the US just because you do have that inherent price security, being able to buy effectively at the same price that US consumers are able to buy at, is really unique. And you're not going to find that anywhere else in the world.

因此，我認為相對吸引力——不論對既有承購方，或仍在尋找承購的人——轉向美國的吸引力在於你確實具備那種內建的價格安全性：能夠以基本上與美國消費者相同的價格購買。這非常獨特，你在世界其他任何地方都找不到。

Neil Mehta, Goldman Sachs.

Neil Mehta，高盛。

Thank you. We spent a lot of time on the last call just talking about Winter Storm Fern. But now with the clarity of the numbers and how robust the trading and marketing effort was in Q1, maybe, Toby and Jeremy, you could just talk about lessons learned and confidence about the ability to replicate this in another period of high volatility.

謝謝。我們在上一通電話會議花了很多時間談冬季風暴 Fern。但現在隨著數字更清楚，以及第一季（Q1）交易與行銷工作的強勁表現，也許 Toby 和 Jeremy 你們可以談談汲取到的經驗，以及對於在另一個高波動期間複製這種表現的信心。

This is something that we do believe we are going to replicate because this was very well orchestrated. I'd also -- I mean, this all starts with operations. The entire team across the board on the commercial team did a fantastic job. But it starts with operations.

我們確實相信這是可以複製的，因為這次的安排非常周密。我也想說——我的意思是，這一切都始於營運。商務團隊各個面向的整個團隊都做得非常出色。但起點是營運。

The playbooks that we put in place that really the planning on this started in the summertime are things that we're going to be able to put out there and repeat that. It's hard to see that performance is going to get even better, but just look at how our performance versus our peers, I mean, we had basically half the downtime than peers did, but there will be some opportunities.

我們建立的作戰手冊（playbooks），其實相關規劃從夏天就開始了，這些都是我們能夠推出並重複執行的做法。很難想像績效還能更好，但看看我們相較同業的表現——我們的停機時間基本上只有同業的一半，不過仍然會有一些機會可以再改善。

But the big part for us is really just continuing to keep the teams in great collaboration and coordinating across. And this is something where our technology platforms really bring that type of sustainability as we continue to scale this business. So we'll continue to look for ways to streamline communications, and that's a normal part of our business in this large-scale organization.

但對我們來說，更大的重點其實是持續讓團隊保持高度協作並進行跨部門協調。而這也是我們的技術平台在我們持續擴大這項業務規模時，能帶來那種可持續性的原因。因此我們會持續尋找精簡溝通流程的方法，而在這種大型組織中，這本來就是我們業務的常態。

I think what's also unique this time and seeing the stress in the system is it now that we have the integration with midstream complete, and we have effectively controlling visibility of the molecule from the wellhead through our own systems for 90% of our volumes down to the end markets, it allows us to have a lot more accountability and visibility into like, if something goes down, we can figure out what's happening really quickly.

我認為這次比較獨特、也看到系統壓力的一點是：現在我們已完成與中游（midstream）的整合，而且就我們約 90% 的產量而言，我們基本上能透過自有系統掌握從井口到終端市場的分子（molecule）全程可視性與控制權，這讓我們在例如某個環節出問題時，能有更多責任歸屬與可視性，並且可以非常快速地釐清發生了什麼。

Historically, a lot of our traders would find themselves in situations where all of a sudden volume is lost and volume maybe they presold and they're trying to figure out where the volume is balanced, they're not able to trade and capture arbitrage. They're trying to just minimize imbalances on the system, avoid OFO penalties.

過去，我們很多交易員會遇到這種情況：突然之間供應量消失了，而這些量可能已經預售，他們得去搞清楚量在哪裡平衡；他們無法交易、也無法捕捉套利，只能努力把系統的不平衡降到最低，避免 OFO 罰款。

So the amount of collaboration this time, the ability to identify issues in the field and get them resolved within hours, and allow the traders to do what they're there to do, and that's trade and create value, I think it was on full display this time. But again, it's not just because the trader is doing well or just because ops are doing well. It's a collective effort of the whole team working really well together, and that's what's important.

所以這次的協作程度、在現場辨識問題並在數小時內解決的能力，讓交易員能做他們該做的事——也就是交易並創造價值——我認為這次展現得非常充分。但同樣地，這不只是因為交易員做得好，或只是因為營運做得好；而是整個團隊集體努力、彼此配合得非常好，這才是重點。

Thank you. Very clear. Look, you guys got a ton of inventory at this point. And I know that the A&D market, it felt like the bid-ask was pretty wide and it got overheated there for a period of time. Are there opportunities to continue to opportunistically bolt-on stuff? Or is this really just an organic story given all the stuff you guys talked about earlier?

謝謝。非常清楚。你們目前有大量庫存。我也知道 A&D 市場（收購與剝離）之前感覺買賣價差很大，而且有一段時間過熱。是否還有機會繼續伺機做一些補強型（bolt-on）的併購？還是說，考量你們先前談到的那些事情，這其實主要就是一個內生成長的故事？

I mean, look, we were intentionally a first mover in M&A. We thought there would be a snowball effect to that and the best assets would go first. I think what's left is of much lower quality. So look, we're always opportunistic.

我的意思是，你看，我們在併購（M&A）上刻意做了先行者。我們認為那會產生雪球效應，而最好的資產會先被買走。我覺得剩下的資產品質低很多。所以你看，我們一向會伺機而動。

But we see when we look at the opportunity set and where to invest capital right now, it's organically, and gets compared to where the A&D market is, I think our stock is a much better value candidly. And I think the organic reinvestment opportunity set is a significantly higher return on capital than putting cash into an acquisition of, I think, what would be an inferior asset. So again, we're going to remain opportunistic and look around as we always have. But I think the odds of something happening in the A&D space are significantly lower.

但當我們看目前的機會集合以及資本該投向哪裡時，答案是內生投資；而且拿來跟 A&D 市場相比，坦白說，我認為我們的股票更有價值。我也認為內生再投資的機會集合，其資本報酬率顯著高於把現金投入收購——我覺得那會是較差的資產。所以同樣地，我們會一如既往保持機會主義、四處看看。但我認為在 A&D 領域發生交易的機率顯著降低。

James West, Melius Research.

James West，Melius Research。

Thanks. Good morning, guys. Toby, I wanted to quickly ask about if you're looking at any opportunities outside of Appalachia at this point. There's certainly international shales where you have tons of expertise you could provide, I'm thinking [Vaca Muerta] which is probably 10 years on the Permian or so, maybe 7. But any expansion opportunities outside of your current market that you're at least considering at this point? I know you guys have a ton on plate and there's a ton of growth in the domestic market. But just curious how you're thinking about that.

謝謝。各位早安。Toby，我想快速問一下：你們目前是否在看阿帕拉契亞（Appalachia）以外的任何機會？當然有一些國際頁岩，你們有很多專業可以輸出；我想到的是 [Vaca Muerta]，它大概比二疊紀（Permian）晚 10 年左右，或許 7 年。但你們是否至少正在考慮拓展到目前市場以外的機會？我知道你們手上事情很多，而且國內市場也有很多成長。但我只是好奇你們怎麼想。

Our view is pretty simple. We've got a massive asset base here in Appalachia that we believe will give us the ability to connect our gas to premium markets domestically around world. And the key for us to unlocking that asset base is going to be to capturing that demand. So I'm more focused on looking for demand capture opportunities as opposed to supply opportunities. So we're staying focused on what we have right now. And it's just -- it's all the great work we've done over the last five years, bolting on and beefing up this asset base, is where our focus is right now.

我們的看法很簡單。我們在阿帕拉契亞擁有龐大的資產基礎，我們相信這能讓我們把天然氣連接到國內乃至全球的高價市場。對我們而言，解鎖這個資產基礎的關鍵在於捕捉需求。因此我更專注於尋找需求捕捉的機會，而不是供給端的機會。所以我們會持續聚焦在目前擁有的資產。過去五年我們所做的所有努力——透過補強與擴充這個資產基礎——就是我們現在的重點。

Okay. That's very clear. And then maybe a quick follow-up on the LNG strategy. I think you addressed some of this earlier, but we clearly have a tight end of the market and changing dynamics there. Pricing has moved. Anything you think you would move on earlier than that time period you've already committed to getting into LNG?

好的。非常清楚。接著可能快速追問一下 LNG 策略。我想你先前已經回答了一部分，但我們顯然看到市場末端供應吃緊、動態也在改變，價格也已經移動。你們是否認為會在你們先前已承諾進入 LNG 的那個時間點之前，提前採取任何行動？

I mean, I think, as Toby said earlier, I mean, if you're going to take out capacity sooner, you're effectively buying it at the current strip in spread. So it's not like you're able to buy it at the same terms. Look, if we have the opportunity, we'd obviously take advantage of it. It would be free money. But I think the odds of that are pretty low.

我的意思是，正如 Toby 先前說的，如果你要更早拿到產能，你等於是用目前遠期曲線（strip）的價差去買。所以不可能用相同條件買到。你看，如果我們有機會，我們當然會把握——那等於是白拿的錢。但我認為那種情況發生的機率很低。

Bob Brackett, Bernstein Research.

Bob Brackett，Bernstein Research。

Good morning. I'm curious around your comments of attracting demand to your backyard. And one way to do that is simply commercially you're low-cost operator, you're well plumbed up there. And the other is with some judicious midstream capital. Can you talk about what might be inbounds and out of bounds for the source of capital projects you've put to work to attract that demand?

早安。我想針對你們提到把需求吸引到自家地盤的評論請教。一種方式是純粹從商務面：你們是低成本營運商，而且那邊管網連接完善。另一種方式則是透過一些審慎的中游資本投入。你能談談為了吸引需求，你們已投入運作的資本專案，其資金來源哪些是可接受（inbounds）、哪些是不可接受（out of bounds）嗎？

I would say what's inbounds right now is our goal is to make sure that we're giving customers the best energy. That's the lowest cost energy, most reliable. And the key for us doing that is leveraging our existing asset base, the over 3,000 miles of pipeline infrastructure we have, and building off of that and extending that to be able to service these new the demand hubs that we're talking about. So I'd say that's really our big focus.

我會說，目前可接受的範圍是：我們的目標是確保我們提供給客戶最好的能源——也就是成本最低、可靠性最高的能源。而我們做到這點的關鍵，是運用我們既有的資產基礎、我們超過 3,000 英里的管線基礎設施，並在此基礎上延伸與擴建，以便服務我們所談到的這些新的需求樞紐（demand hubs）。所以我會說，這確實是我們最大的重點。

And I'd say we'd stay in that zone until we've exhausted all the opportunities and then we could look out more broadly. But right now, just given the opportunity set we have in front of us, the cup is full and now we're just looking to land some of these big opportunities.

我也會說，在我們把所有機會都用盡之前，我們會維持在這個範圍內；之後才可能更廣泛地往外看。但就目前而言，考量我們眼前的機會集合，杯子已經滿了，我們現在只是想把其中一些大型機會落地。

Sam Margolin, Wells Fargo.

Sam Margolin，富國銀行（Wells Fargo）。

Good morning. Thanks for taking my questions. First one is on the shape of the CapEx that you referenced. We're at a peak in 2Q for the growth side. Are there going to be any immediate returns with the start-up of those projects, whether it's in sales mix and realizations or costs that we can expect?

早安。謝謝回答我的問題。第一個問題是關於你提到的資本支出（CapEx）形狀。我們在第二季（2Q）的成長端達到高峰。這些專案啟動後，是否會有任何立即的回報——不論是在銷售組合與實現價格（realizations），或是成本方面——是我們可以期待的？

No, I wouldn't say it necessarily correlates with that. I think it just depends -- it comes down to the lumpiness of large-scale operations and just the timing of some of our growth capital.

不，我不會說它一定和那個直接相關。我認為這取決於——歸根結底是大型營運的波動性（lumpiness），以及我們部分成長資本投入的時點。

Okay. Got it. So nothing in second half to point to. And then just on the operational side, within liquids, we got this inbound. There was a little bit of a mix shift from C3 to ethane away from guidance. Was that just market-driven, natural gas price contracts? Or was there anything else to call out that's worth noting? Thank you.

好的，了解。所以在下半年沒有什麼特別可以指向的。接著在營運面，在液體（liquids）方面，我們看到這個進來了。相較指引，從 C3 到乙烷（ethane）有一點組合轉移。那只是市場驅動、天然氣價格合約的因素嗎？還是有其他值得一提的原因？謝謝。

Yes. I mean, just slight tweaks based on GPM assumptions we're making. But I wouldn't say there's anything material to read into on that one.

是的。我的意思是，主要是基於我們對 GPM（毛利率）假設所做的一些小幅調整。但我不會說這裡面有任何重大的訊息值得過度解讀。

Lloyd Byrne, Jefferies.

Lloyd Byrne，Jefferies。

Good morning, guys. Toby, I just wanted to know if you give me an update on the regulatory standpoint with US infrastructure, whether electricity pricing is finally going to get us over the home there with respect to probably the Northeast?

各位早安。Toby，我想請你更新一下美國基礎建設在監管面的進展，尤其是電價是否終於能在東北部一帶讓我們跨過那道門檻、推動事情往前走？

I hope that perm reform happens, and I think it needs to happen in the near term, so in the next few months. I do think that there's a lot of focus on this. And I think the pressure is only ratcheting up on our leaders to take action and create a win for themselves going into midterms, that they're actually doing something the lower Americans' energy bills that have been up over 40% since 2020.

我希望許可改革（perm reform）能夠發生，而且我認為必須在短期內發生，也就是接下來幾個月內。我確實覺得大家對這件事高度關注。而且我認為，對我們領導人採取行動的壓力只會愈來愈大，讓他們在期中選舉前替自己創造一個勝利，證明他們確實在做一些事來降低美國民眾的能源帳單——自 2020 年以來，這些帳單已上漲超過 40%。

So -- and I think that -- we saw just a couple of days ago, Trump put out the executive determinations that just continue to reinforce the critical need to get energy infrastructure built. So all the signals are there and I think the issues going on around the world, I mean, our energy independence, the value of that is on full display with international prices being up $10 and the natural gas price here in the US not moving.

所以——我認為——就在幾天前，我們看到川普發布了行政裁定（executive determinations），持續強化建設能源基礎設施的迫切關鍵需求。因此所有訊號都在那裡；再加上全球正在發生的事情，我是說，我們能源獨立的價值已完全展現：國際價格上漲了 10 美元，而美國這裡的天然氣價格卻沒有波動。

We've insulated Americans, but we can't take that for granted. We need more infrastructure to make sure we can preserve this really valuable opportunity we create for Americans. The American energy advantage is sort of at the end of its rope unless we get more infrastructure built. So I think people are recognizing this, but I hope they act.

我們已經讓美國民眾免於衝擊，但我們不能把這當作理所當然。我們需要更多基礎設施，確保能維持這個我們為美國人創造的、非常有價值的機會。若不建更多基礎設施，美國的能源優勢某種程度上已快到極限了。所以我想大家正在意識到這點，但我希望他們能採取行動。

It feels like we're finally making some progress there. Thank you, guys.

感覺我們終於在那方面取得一些進展了。謝謝各位。

Phillip Jungwirth, BMO Capital Markets.

Phillip Jungwirth，BMO Capital Markets。

Thanks. Good morning. Last quarter, you guys talked about industry having limited Ohio Utica dry gas inventory left than the last month. We saw a 9-gigawatt gas plant announced to power data centers in Southern Ohio. So just as you see projects like this or others in the Midwest announced, how do you see these projects securing gas? And is there an appetite to either expand existing pipelines? Or how much momentum do you think there is around proposed new builds right now?

謝謝，早安。上季你們提到，產業在俄亥俄 Utica 的乾氣庫存所剩不多。上個月我們看到宣布要在俄亥俄南部興建 9GW 的燃氣電廠來為資料中心供電。所以當你們看到像這樣或其他在中西部宣布的專案時，你們怎麼看這些專案取得天然氣供應？是否有意願擴建既有管線？或你們認為目前新建（new builds）提案的動能有多大？

So we think we do see that as a big source of some of the gas supply opportunities we're looking at. And yes, while our view is the dry gas portion of the Utica play in Ohio may be light, all it takes to get back to deep, high-quality inventory in the Marcellus region in Pennsylvania and West Virginia is a 20-mile pipeline. So that is a very short bridge to build. And these are going to be some opportunities for us to be able to connect to those opportunities.

我們確實認為，這會是我們正在尋找的一些天然氣供應機會的重要來源。是的，雖然我們的看法是俄亥俄 Utica 盆地的乾氣部分可能偏少，但要回到賓州與西維吉尼亞的 Marcellus 區域那種深度、優質的庫存，只需要一條 20 英里的管線。那是一座非常短的橋要去搭建。而這些將會是我們能夠連結到那些機會的一些切入點。

We see that Ohio market and that Clarington market as one of the greatest opportunities for us. I think there's a lot of low-risk pipe builds of significant size backfilling those Utica dry gas declines. But also, I think a lot of the demand maybe that gets built in Ohio or some of the egress that gets built out of that market through both brownfield or also greenfield expansion.

我們把俄亥俄市場以及 Clarington 市場視為我們最大的機會之一。我認為有很多低風險、規模可觀的管線建設，可以回填（backfill）Utica 乾氣產量下滑的缺口。同時，我也認為，未來在俄亥俄建起來的部分需求，或是透過既有設施（brownfield）以及新建（greenfield）擴張，從該市場外送（egress）出去的能力，都可能會增加。

So again, I think if you're sitting in Southwest Appalachia with a lot of inventory like EQT is, you're kind of first-row, beachfront real estate, get ready for that theme to really pick up. But that's something, as we said last quarter, we're super excited about based on the conversations we're having.

所以再說一次，如果你像 EQT 一樣坐擁西南阿帕拉契亞大量庫存，你基本上就是第一排的海景房地產——準備好迎接這個主題真正升溫。但正如我們上季所說，基於我們正在進行的對話，這是我們非常興奮的事情。

Okay. Great. And then one of the things you haven't talked about in the past is distributed power. It's smaller scale than what you've announced to date, but just wondering how you view this demand opportunity. And is it something that EQT could look to partner with or is it just adding another tool to the toolkit?

好的，很棒。接著，你們過去比較少談到分散式電力（distributed power）。它的規模比你們迄今宣布的要小，但我想了解你們如何看待這個需求機會。這是否是 EQT 可能會尋求合作的領域，還是只是工具箱裡多一個工具？

Look, I think there are so many companies and there's so much capital chasing that right now. I'd say it kind of falls in the same vein as like LNG and some of the other things that are tangential to our business. We looked at it all, we've studied it. And it ultimately comes back to do we as EQT have an edge? Is the need capital? Is it expertise? Is it equipment?

你看，我認為現在有非常多公司、也有大量資本在追逐這個領域。我會說它有點類似 LNG 以及其他一些與我們業務相關但非核心的事情。我們都看過、也研究過。最後還是回到：EQT 是否有優勢？需求是資本嗎？是專業能力嗎？還是設備？

I think what we come back to is there's plenty of money to finance it, return is inferior, I think, to what we can generate just being a partner to those projects in our base business, and we can create a lot of value by doing what we do best. So look, we see our position in the market as a partner both to midstream companies to power companies to some of these developers of distributed power, the data center developers.

我們的結論是：市場上有足夠的資金可以為它融資；而且我認為其報酬率不如我們在核心業務中、作為這些專案的合作夥伴所能創造的報酬。我們只要做我們最擅長的事，就能創造很大價值。所以你看，我們把自己在市場上的位置視為合作夥伴——不論是對中游公司、電力公司、一些分散式電力的開發商，或資料中心開發商。

I mean, we're really an ally and partner on everybody. We're not really a competitor with anybody. We're just trying to help enable and to facilitate all that gas demand to get built. So I think that's really one of the key reasons we're seeing so much opportunity right now.

我的意思是，我們基本上是大家的盟友與夥伴。我們並不真正與任何人競爭。我們只是想協助促成、推動所有那些天然氣需求能夠建起來。所以我認為這正是我們現在看到這麼多機會的關鍵原因之一。

Josh Silverstein, UBS Financial.

Josh Silverstein，UBS Financial。

Good morning, guys. For the 2Q guide, you said you have about 10 to 15 Bcf of strategic curtailments and it kind of acts like storage. I was curious what kind of price point drove this decision? Maybe how much more you could curtail? And then potentially if prices go back the other way, how much more could you potentially say bring it out of your synthetic storage? Thanks.

各位早安。關於 2Q 指引，你們說大約有 10 到 15 Bcf 的策略性減產（strategic curtailments），而且它有點像儲氣。我想了解是什麼價格水準驅動你們做出這個決定？你們最多還能再減產多少？另外，如果價格往相反方向走，你們可能能把多少產量從你們的「合成儲氣」（synthetic storage）中釋放出來？謝謝。

Yeah, good question. It changes depending on the season and the shape of the forward curve. We make those decisions really through the lens of a marketer and trader rather than necessarily operations in today's world. And so, it's informed by a lot of different factors.

是的，這個問題很好。它會隨季節以及遠期曲線的形狀而改變。我們現在做這些決策，更多是從行銷與交易員的角度，而不一定是從營運的角度來看。因此它會受到很多不同因素的影響。

We can curtail a lot, a whole lot more than what we are planning to curtail based on the guidance we gave. We just don't see the need for that, at least at this juncture. There's a chance that later this year in the fall, we could choose to shut in a lot more.

我們能減產的量可以大很多，遠高於我們在指引中規劃的減產量。只是至少在目前這個時間點，我們看不到有那個必要。今年稍晚到秋季，我們有可能會選擇關井（shut in）更多。

Economically, it's a lot easier to shut in large quantities right ahead of winter because you have so much contango in the curve, and the value and effectively storing gas in September, October is a whole lot higher versus storing it going into summer where the forward curve for the next six to nine months is flat. So look, we adapt and evolve with the market, but that's kind of the framework through which we think about it.

從經濟性來看，在入冬前關井大量產量要容易得多，因為曲線上有很大的正價差（contango），而在 9、10 月把天然氣「存起來」的價值會高很多；相較之下，進入夏季時，未來 6 到 9 個月的遠期曲線較為平坦。所以你看，我們會隨市場調整與演進，但大致上就是用這個框架來思考。

Got it. Okay, and that kind of goes to the next question I had, because I was curious if you had strategic curtailments planned for the back half of this year. Because the number of TILs is kind of even in kind of the mid-30s number throughout the course of this year, but the production guide is much higher for the first half versus the back half of the year. So are you planning more of these curtailments? And this is kind of the game plan going forward where first half volumes might be higher than second half volumes? Thanks.

了解。好，那也帶到我下一個問題：我想知道你們是否已規劃今年下半年也要做策略性減產。因為 TIL 的數量在今年整體期間大致都維持在 30 多口的水準，但產量指引在上半年明顯高於下半年。所以你們是打算做更多這類減產嗎？而這是否會成為未來的作戰計畫——上半年量可能高於下半年量？謝謝。

I wouldn't say it really comes down to planning for curtailments. I mean, our ops plan, we map that out regardless of things like curtailments. Curtailments are what we consider to be an optimization action. I mean, even if we were in growth mode, from like a base ops standpoint, we would still choose to curtail based on the factors I mentioned previously. So they're related but also not dependent on each other.

我不會說這真的取決於是否「規劃」減產。我的意思是，我們的營運計畫會先不考慮減產這類因素就把它排出來。減產是我們視為一種最佳化動作。即使我們處於成長模式，從基礎營運的角度來看，我們仍會基於我先前提到的因素選擇減產。所以它們彼此相關，但也不是互相依賴。

Jacob Roberts, TPH.

Jacob Roberts，TPH。

Good morning. Jeremy, we spent some time on data centers, but I'm just curious, when I look at slide 16, can you talk about how internally you guys derisk some of those numbers as to what might actually happen? And then you spent quite a bit of time talking about the partner capability of EQT, I'm just you could remind us what the guardrails are on that in terms of the type of counterparty risk you're willing to take or size or scale on the potential project.

早安。Jeremy，我們在資料中心上花了一些時間，但我好奇的是，當我看第 16 頁投影片時，你能談談你們內部如何對那些數字做去風險（derisk），以判斷哪些事情實際上可能會發生嗎？另外你們也花了不少時間談 EQT 的合作夥伴能力，我想請你再提醒我們，在這方面你們的護欄（guardrails）是什麼——例如你們願意承擔的交易對手風險類型，或潛在專案的規模與量級。

I mean, I guess, slide 16 first, this is data that we bought recently as we're analyzing where these projects are and trying to understand what markets we're seeing the most pull. I mean, look, we don't really see it is our role to sort of derisk this. I think the best thing we can do to help enable these projects to go forward is be a reputable, highly creditworthy, reliable supplier of gas. And the best thing we can do is provide a simple, comprehensive solution, which we, from our platform, see as being one where we can provide midstream if it's needed, we can provide the gas supply, we can manage daily gas volumes and balancing.

我想先談第 16 頁投影片：這是我們最近買來的資料，用來分析這些專案在哪裡，並試著了解我們看到哪些市場的拉力（pull）最大。你看，我們並不真的認為「去風險」是我們的角色。我認為我們能做的、最能協助這些專案推進的事情，就是成為一家可信賴、信用評等很高、供應穩定可靠的天然氣供應商。我們能做的最好事情，是提供一個簡單、全面的解決方案；從我們的平台來看，就是如果需要，我們可以提供中游（midstream），我們可以提供天然氣供應，我們也可以管理每日天然氣量與平衡（balancing）。

And we can participate in owning a midstream project. We can let someone else build the midstream and just manage the gas and capacity. It doesn't really matter that much to us. I think for us, it's really about helping enable creating that demand and then tying that back to our operational and production base so that it effectively stimulates growth for our base business in the years ahead. So again, I think taking that approach and being a flexible partner is really, like I said before, what's driving a lot of the inbounds we have right now.

而且我們也可以參與持有一個中游專案。我們可以讓別人來建中游設施，而我們只負責管理天然氣與運能。對我們而言其實差別不大。我認為對我們來說，重點在於協助促成並創造那個需求，然後把它與我們的營運與生產基礎連結起來，讓它在未來幾年有效地刺激我們核心業務的成長。所以再說一次，我認為採取這種做法、成為一個彈性的合作夥伴，正如我之前所說，確實是推動我們目前收到大量主動洽詢的原因。

I appreciate that. And Toby, I think you briefly mentioned you see the potential for long-haul egress needed out of the Northeast maybe down to the Gulf Coast. And I think we generally agree as we look across the other basins and their staying power in terms of volume growth. So I'm curious if those conversations are happening now. And potentially, if you could opine on whether or not you think the cost of those types could be borne by the end user? Or do we see something similar to in the past where you guys might have to pay for that?

我很感謝。Toby，我想你剛才簡要提到，你看到可能需要從東北部一路長距離外運到墨西哥灣沿岸。我想當我們放眼其他盆地、以及它們在產量成長方面的持續力時，我們大致也同意這個看法。所以我好奇，這些對話現在是否正在進行？另外，也想請你談談，你是否認為這類型的成本可以由終端用戶承擔？還是會像過去一樣，你們可能得為此買單？

There are conversations right now about some of those pipelines. And then as far as who will bear the shipping rate for those, I think you look at the open season we had with MVP Boost as an indication of the market that we're in. MVP Boost Utility signed up for 100% of that. And it did not require operators to sign up and take on those liabilities.

目前確實正在就其中一些管線進行討論。至於誰來承擔這些運輸費率，我認為你可以把我們在 MVP Boost 的 open season（公開徵求承運/認購）結果，視為當前市場環境的一個指標。MVP Boost Utility 對該專案 100% 全數認購，而且不需要營運商去簽約並承擔那些責任。

We think that we're in a demand pull for these type of projects. And certainly, the demand that's being created in the Gulf Coast region, people are waking up and looking for where am I going to get the supply and how can we get the infrastructure built to make sure reliable supply is delivered.

我們認為，這類專案正處於「需求拉動」的階段。尤其是在墨西哥灣沿岸地區正在形成的需求，人們開始警覺並思考：我要從哪裡取得供應？以及我們要如何把基礎設施建起來，確保能交付可靠的供應。

Gabe Daoud, Truist.

Gabe Daoud，Truist。

Good morning, everyone. Thanks for your time. Maybe just a follow-up on that last question. Maybe from your perspective, what's the latest on the Borealis project? Is there still an open season? Or any kind of update you could share as far as incremental egress side of the basin?

各位早安，謝謝你們撥冗。也許就上一個問題再追問一下。從你們的角度來看，Borealis 專案最新進展如何？是否仍在 open season（公開徵求承運/認購）？或就盆地增量外運（egress）方面，有沒有任何更新可以分享？

I would just call that one of many projects that is in the works in counterparties who we are in discussions with. In any of these pipes, I think the answer is going to be just it depends on who the shippers are and what EQT's role is. On many of these pipes, I think it's probably reasonable to assume that we probably build back into basin from certain supply hubs and gather the production and deliver it there. And there is a host of other companies either that are looking at projects like the one you mentioned or other brownfield expansions of existing interstate pipes that would probably take care of things from there.

我會把那個視為我們正在推進、且與我們正在洽談的交易對手方之間眾多專案之一。對於任何這類管線，我認為答案都會是：取決於承運方（shippers）是誰，以及 EQT 在其中扮演什麼角色。在許多這類管線上，我認為合理的假設是：我們可能會從某些供應樞紐往盆地內回建（build back into basin），把產量集輸起來並交付到那裡。接著，還有許多其他公司，不論是評估你提到的那種專案，或是對既有跨州管線進行其他棕地擴建（brownfield expansions），大概會從那個節點開始把後續部分處理好。

But again, it's a lot easier to get those built when you have a business like EQT on the supplying end of those pipes. If you even just look at the Southeast supply enhancement project on Transco expansion that was needed there, that was effectively paired up. I mean, the shippers -- the name shippers on that pipe effectively paired those agreements up with the gas supply deals we did with them to enable that to happen.

但再說一次，當你在這些管線的供應端有像 EQT 這樣的企業時，要把它們建成就容易得多。即便你只看 Transco 擴建所需的 Southeast supply enhancement 專案，那基本上就是被配對起來的。我的意思是，那條管線上的主要承運方（name shippers）實際上把那些協議與我們和他們做的天然氣供應交易配對起來，才促成了這件事。

And again, it goes back to what I've said a couple of times already, I mean, our goal is to be a partner of choice, whether that's with utilities, midstream companies, power companies or whoever it might be -- not really a competitor. We're helping trying to play our role in helping this market develop. And I think whether it's Borealis or any of these other pipes in discussion, we're going to continue playing that role the best we can.

而且這也回到我已經說過幾次的重點：我們的目標是成為首選合作夥伴，不論是與公用事業、中游公司、電力公司或任何其他對象——而不是競爭者。我們是在協助並嘗試扮演我們的角色，幫助這個市場發展。我認為不管是 Borealis 或其他正在討論中的管線，我們都會盡我們所能持續扮演好這個角色。

Got it. Thanks. That's helpful. And then just a quick follow-up, I think you alluded to this earlier, but just around growth expectations and maybe what governs that. You have some pretty big projects coming on '27 and '28 -- when we can get a little bit of that growth wedge materializing in those?

了解，謝謝。這很有幫助。再快速追問一下，我想你先前有提到，但關於成長預期以及可能由什麼因素主導。你們在 2027 年與 2028 年有一些相當大的專案將上線——我們何時能看到那部分成長楔形（growth wedge）開始顯現？

Yes. The midstream -- the growth for -- CapEx growth on midstream, I mean, that's in progress right now. And I think we have visibility through '27, '28, where these projects will ultimately come online. The conversations we're having right now, the opportunities we have would allow us to extend that runway in that '28 through '30 time frame. And then that's been the big focus right now on the midstream side, and that will create optionality for us on the upstream side if and when we decide that makes sense.

是的。中游——中游的成長——中游的資本支出（CapEx）成長，我的意思是，現在就正在進行中。我認為我們對 2027、2028 年這些專案最終上線的時間點有能見度。我們目前正在進行的對話、以及我們掌握的機會，將使我們能把那條跑道延伸到 2028 到 2030 年的時間範圍。這一直是我們目前在中游端的重點，而這也會在上游端為我們創造選擇權，當且僅當我們判斷那樣做有意義時。

Leo Mariani, ROTH.

Leo Mariani，ROTH。

I just wanted to follow up a little bit on your guidance here in 2026. So obviously, great start to the year, very, very strong volumes here in 1Q. Also your second quarter guide, while production is down a little bit, also looks very strong. Just relative to kind of your full year guide, certainly starting to make maybe the rest of the year look a bit conservative. You did talk about some more potential shut-ins during the fall to capture that winter premium, but certainly it seems like you guys are trending pretty well versus the guide at this point. So should people think that you might be a little towards the higher end of the range on production here for the year?

我想就你們 2026 年的指引再追問一下。顯然今年開局很好，第一季的產量非常、非常強勁。你們第二季的指引雖然產量略有下降，但看起來也很強。相較於你們的全年指引，這樣的開局確實讓今年剩餘時間看起來可能有點保守。你們確實提到秋季可能會有更多停產（shut-ins）以捕捉冬季溢價，但目前看起來你們相對於指引的走勢相當不錯。所以市場是否應該認為，你們今年的產量可能會更接近區間的高端？

Look, I think two months after setting our initial guidance. In our view, it's a little early to update something like full year guidance without a material change otherwise. But look, I think the business is humming as evidenced by our Q1 results. I think if there's a reason to update, we'd probably look typically to do that by midyear. But all else equal, yeah, I think we're at least at midpoint of guide so far through the year. And as we see how the market develops and the likelihood of curtailments this fall, we'll adjust accordingly if it's merited.

你看，我認為在我們設定初始指引兩個月後，若沒有其他重大變化，現在就更新像全年指引這種東西，在我們看來還是有點早。不過，你看，從我們第一季的結果就能看出來，業務運轉得很順。我認為如果有理由要更新，我們通常可能會在年中左右再來看。但在其他條件不變的情況下，是的，我認為截至目前，我們至少是在全年指引的中位數水準。隨著我們觀察市場如何發展，以及今年秋季限產（curtailments）的可能性，我們會在有必要時相應調整。

Appreciate that. And then obviously, I would love a discussion on the macro here. Gas market has been a little bit weaker of late. Liquids markets have been robust. Does EQT see any optionality of trying to maybe shift activity to slightly more liquids-rich areas? Is that something you guys might consider here?

感謝。接著我當然也想討論一下總體環境。最近天然氣市場稍微偏弱，液體市場則相當強勁。EQT 是否看到任何選擇權，嘗試把活動稍微轉向液體含量更高的區域？這是你們可能會考慮的事情嗎？

Yes. I mean, just so you understand how our operations scheduling works, I mean, we developed the most economic projects first. So if there's opportunity for us to develop more liquids, that's already been taken into account. Just given the size of our asset base, it's going to be hard for us to see -- to materially change our liquids mix in our production portfolio. But it is something that is taken into account in our normal operations.

是的。我的意思是，先讓你了解我們的營運排程是怎麼運作的：我們會先開發經濟性最好的專案。所以如果我們有機會開發更多液體，這其實已經被納入考量。只是鑑於我們資產基礎的規模，我們很難在我們的生產組合中，看到——在液體占比上做出實質性的改變。但這確實是我們日常營運中會納入考量的事情。

That concludes our Q&A session. Thank you all for joining, and you may now disconnect. Everyone, have a great day.

我們的問答環節到此結束。感謝各位參與，現在可以斷線。各位，祝今天愉快。