Energy Transfer LP (ET) 2023 Q4 法說會逐字稿

Good afternoon, and welcome to the Energy Transfer Fourth Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note that this event is being recorded. I would now like to turn the conference over to Tom Long. Please go ahead.

下午好，歡迎參加 Energy Transfer 2023 年第四季財報電話會議。 （操作員說明）請注意，該事件正在被記錄。我現在想把會議交給湯姆朗。請繼續。

Thank you, operator, and good afternoon, everyone, and welcome to the Energy Transfer Fourth Quarter 2023 Earnings Call. I'm also joined today by Mackie McCrea and other members of the senior management team who are here to help answer your questions after our prepared remarks.

謝謝營運商，大家下午好，歡迎參加 Energy Transfer 2023 年第四季財報電話會議。今天，麥基·麥克雷 (Mackie McCrea) 和高級管理團隊的其他成員也加入了我的行列，他們在我們準備好的發言後在這裡幫助回答你們的問題。

Hopefully, you saw the press release we issued earlier this afternoon as well as the slides posted to our website. As a reminder, we will be making forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. These statements are based upon our current beliefs as well as certain assumptions and information currently available to us and are discussed in more details in our Form 10-K for the full year ended December 31, 2023, which we expect to file this Friday, February 16.

希望您看到我們今天下午早些時候發布的新聞稿以及發佈到我們網站上的幻燈片。謹此提醒，我們將做出1934 年《證券交易法》第21E 條含義內的前瞻性陳述。這些陳述基於我們當前的信念以及我們當前可獲得的某些假設和信息，並在更多內容中進行了討論我們預計將於 2 月 16 日星期五提交截至 2023 年 12 月 31 日的全年 10-K 表格的詳細信息。

And I'll also refer to adjusted EBITDA and distributable cash flow, or DCF, both of which are non-GAAP financial measures. You'll find a reconciliation of our non-GAAP measures on our website.

我還將提及調整後的 EBITDA 和可分配現金流量（DCF），這兩者都是非公認會計準則財務指標。您可以在我們的網站上找到我們的非公認會計準則措施的調節表。

Let's start today by going over our financial results. For the full year 2023, we generated adjusted EBITDA of $13.7 billion, which is up 5% over 2022 and is a partnership record. DCF attributable to the partners of Energy Transfer, as adjusted were $7.6 billion, which resulted in excess cash flow after distributions of approximately $3.6 billion. Operationally, we moved record volumes across all of our segments for the year ended 2023, which included record volumes on our legacy assets before including contributions from assets acquired in 2023. In addition, we exported a record amount of total NGLs out of our Nederland and Marcus Hook Terminals in 2023.

讓我們從今天開始回顧一下我們的財務表現。 2023 年全年，我們的調整後 EBITDA 為 137 億美元，比 2022 年成長 5%，創下合作夥伴記錄。調整後歸屬於 Energy Transfer 合作夥伴的 DCF 為 76 億美元，導致分配後現金流量過剩約 36 億美元。在營運方面，截至2023 年，我們所有部門的交易量都創下了紀錄，其中包括我們的遺留資產的創紀錄交易量（之前包括2023 年收購的資產的貢獻）。此外，我們從荷蘭出口的液化天然氣總量也創歷史新高。2023 年 馬庫斯胡克碼頭。

For the fourth quarter of '23, we generated adjusted EBITDA of $3.6 billion compared to $3.4 billion for the fourth quarter of 2022. In our base business, we had strong performances across our operations, which included record volumes through our NGL pipelines and fractionators as well as record volumes in our crude oil and midstream segments. DCF attributable to the partners of ET, as adjusted, was $2 billion compared to $1.9 billion for the fourth quarter of 2022. This resulted in excess cash flow after distributions of approximately $970 million.

2023 年第四季度，我們的調整後EBITDA 為36 億美元，而2022 年第四季為34 億美元。在我們的基礎業務中，我們的業務表現強勁，其中包括我們的NGL 管道和分餾塔的創紀錄產量我們的原油和中游領域的產量也創歷史新高。經調整後，歸屬於 ET 合作夥伴的 DCF 為 20 億美元，而 2022 年第四季為 19 億美元。這導致分配後現金流量過剩約 9.7 億美元。

On January 25, we announced a quarterly cash distribution of $0.315 per common unit or $1.26 on an annualized basis. This distribution represents an increase of 3.3% from $0.305 paid in the fourth quarter of 2022. Last year, Energy Transfer's senior unsecured credit rating was upgraded by Standard & Poor's to BBB with a stable outlook. And last week, we were pleased to see that Fitch has also upgraded Energy Transfer's senior unsecured credit rating to BBB with a stable outlook. This continued third-party acknowledgment reiterates the emphasis we have placed on balancing growth while improving our balance sheet and reducing our leverage. And in 2023, we made meaningful progress towards reaching the low end of our leverage range.

1 月 25 日，我們宣布季度現金分配為每普通單位 0.315 美元，按年化計算為 1.26 美元。此次分配比 2022 年第四季支付的 0.305 美元增加了 3.3%。去年，標準普爾將 Energy Transfer 的高級無擔保信用評級提升至 BBB，前景穩定。上週，我們很高興地看到惠譽也將 Energy Transfer 的高級無抵押信用評級上調至 BBB，展望為穩定。第三方的持續認可重申了我們在改善資產負債表和降低槓桿的同時平衡成長的重要性。 2023 年，我們在達到槓桿範圍的低端方面取得了有意義的進展。

Based on our calculations of the rating agencies' methodologies and pro forma for full year of acquisitions, our leverage ratios are now in the lower half of our 4% to 4.5% target range. As of December 31, 2023, the total available liquidity under our revolving credit facilities was approximately $3.56 billion. During the fourth quarter of 2023, we spent approximately $380 million on organic growth capital. And for full year 2023, we spent approximately $1.6 billion on organic growth capital, primarily in the Midstream and NGL and refined products segments, excluding SUN and USA Compression CapEx.

根據我們對評級機構方法論和全年收購預估的計算，我們的槓桿率目前處於 4% 至 4.5% 目標範圍的下半部分。截至 2023 年 12 月 31 日，我們循環信貸額度下的可用流動資金總額約為 35.6 億美元。 2023 年第四季度，我們在有機成長資本上花費了約 3.8 億美元。 2023 年全年，我們在有機成長資本上花費了約 16 億美元，主要用於中游、液化天然氣和煉油產品領域，不包括 SUN 和 USA Compression 資本支出。

The reduction in capital relative to our most recent guidance is a result of deferring approximately $300 million from 2023 into 2024 due to project in-service timing needs. In January 2024, we issued $3 billion of aggregate principal amount of senior notes and $800 million of junior subordinated notes and used the proceeds to refinance existing indebtedness and for general partnership purposes. In addition, proceeds were used to redeem all of our outstanding Series C and Series D preferred units. We completed this redemption on February 9, and we expect to redeem all of our outstanding Series E preferred units by May of 2024.

相對於我們最新指導的資本減少是由於專案投入運行時間需要而將約 3 億美元的資金從 2023 年推遲到 2024 年的結果。 2024 年 1 月，我們發行了本金總額為 30 億美元的優先票據和 8 億美元的次級次級票據，並將所得款項用於現有債務再融資和普通合夥企業用途。此外，所得款項也用於贖回我們所有已發行的 C 輪和 D 輪優先單位。我們於 2 月 9 日完成了此次贖回，我們預計在 2024 年 5 月之前贖回所有未償還的 E 系列優先單位。

Now turning to our results by segment for the fourth quarter. I'll start with NGL and refined products. Adjusted EBITDA was $1 billion compared to $928 million for the fourth quarter of 2022. This was primarily due to strong performances across our transportation, storage, terminal and fractionation operations as well as lower operating expenses. NGL transportation volumes increased 10% to 2.2 million barrels per day compared to 2 million barrels per day for the same period last year. This increase was primarily due to higher volumes from the Permian region and on our NGL pipelines that deliver into our Nederland Terminal as well as on the Mariner East pipeline system.

現在轉向我們第四季按部門劃分的業績。我將從液化天然氣和精煉產品開始。調整後 EBITDA 為 10 億美元，而 2022 年第四季為 9.28 億美元。這主要是由於我們的運輸、儲存、碼頭和分餾業務表現強勁，以及營運費用降低。 NGL 運輸量成長 10%，達到 220 萬桶/日，去年同期為 200 萬桶/日。這一增長主要是由於二疊紀地區以及輸送到荷蘭碼頭的液化天然氣管道以及 Mariner East 管道系統的產量增加。

Average fractionated volumes increased 16% to a partnership record 1.1 million barrels per day compared to 982,000 barrels per day for the same period last year. Total NGL export volumes grew 13% over the fourth quarter of 2022 and 18% over full year 2022. This was primarily driven by increased international demand for natural gas liquids. For 2023, we loaded more than 61 million barrels of ethane out of Nederland and nearly 27 million barrels of ethane out of Marcus Hook. For 2023, we continue to export more NGLs than any other company and maintained approximately 20% market share of worldwide NGL exports.

平均分餾量增加了 16%，達到創紀錄的每天 110 萬桶，而去年同期為每天 98.2 萬桶。液化天然氣出口總量較 2022 年第四季成長 13%，較 2022 年全年成長 18%。這主要是由於國際對液化天然氣的需求增加所致。 2023 年，我們從荷蘭裝載了超過 6,100 萬桶乙烷，從馬庫斯胡克裝載了近 2,700 萬桶乙烷。到 2023 年，我們的液化天然氣出口量將繼續超過任何其他公司，並保持全球液化天然氣出口約 20% 的市場份額。

For midstream, adjusted EBITDA was $674 million compared to $632 million for the fourth quarter of 2022. We saw record throughput this quarter, which was primarily the result of the addition of the Crestwood assets as well as higher volumes from existing customers in the Permian, South Texas and Mid-Continent regions. The strong volume growth was partially offset by lower natural gas and NGL prices. Gathered gas volumes increased 5% to 20.3 million MMBtus per day compared to 19.4 million MMBtus per day for the same period last year.

就中游而言，調整後的EBITDA 為6.74 億美元，而2022 年第四季為6.32 億美元。本季我們看到了創紀錄的吞吐量，這主要是由於Crestwood 資產的增加以及二疊紀現有客戶的銷售增加的結果，德克薩斯州南部和中部大陸地區。天然氣和液化天然氣價格下降部分抵消了銷售的強勁成長。收集的天然氣量增加了 5%，達到每天 2,030 萬 MMBtus，而去年同期為每天 1,940 萬 MMBtus。

For the crude oil segment, adjusted EBITDA was $775 million compared to $571 million for the fourth quarter of 2022. This was primarily due to higher volumes on several of our pipelines, higher terminal throughput as well as the acquisitions of the Lotus and Crestwood assets in May and November of last year.

對於原油部門，調整後的 EBITDA 為 7.75 億美元，而 2022 年第四季為 5.71 億美元。這主要是由於我們的幾條管道的產量增加、碼頭吞吐量增加以及收購了 Lotus 和 Crestwood 資產。去年五月和十一月。

Crude oil transportation volumes increased 39% to a record 5.9 million barrels per day compared to 4.3 million barrels per day for the same period last year. This was a result of higher volumes on our Texas pipeline systems and the Bakken and Bayou Bridge pipelines, increased crude oil gathering volumes as well as the acquisitions of Lotus and Crestwood. Without the additions of Lotus and Crestwood, adjusted EBITDA and crude oil transportation volumes would still have increased 16% and 8%, respectively, compared to the fourth quarter of 2022.

原油運輸量成長 39%，達到創紀錄的 590 萬桶/日，去年同期為 430 萬桶/日。這是由於我們德克薩斯州管道系統以及巴肯和河口大橋管道的產量增加、原油收集量增加以及收購 Lotus 和 Crestwood 的結果。如果沒有 Lotus 和 Crestwood 的加入，與 2022 年第四季相比，調整後的 EBITDA 和原油運輸量仍將分別成長 16% 和 8%。

In our Interstate segment, adjusted EBITDA was $541 million compared to $494 million for the fourth quarter of 2022. This increase was primarily due to placing the Gulf Run pipeline into service in December of 2022 as well as higher contracted volumes on several of our wholly owned and joint venture pipelines. Volumes increased 5% over the same period last year due to the Gulf Run pipeline being placed into service as well as higher utilization on many of our interstate pipelines, including Transwestern, Rover and Trunkline. We continue to fully utilize Zone 1 capacity on Gulf Run, and we are also maximizing deliveries into our Trunkline pipeline from Zone 2. Our team continues to work on the next phase of a potential capacity expansion to facilitate the transportation of natural gas from Northern Louisiana to the Gulf Coast based upon customer demand.

在我們的州際公路部門，調整後的EBITDA 為5.41 億美元，而2022 年第四季為4.94 億美元。這一增長主要是由於Gulf Run 管道於2022 年12 月投入使用，以及我們全資擁有的幾個管道的合約量增加以及合資管道。由於 Gulf Run 管道投入使用以及我們許多州際管道（包括 Transwestern、Rover 和 Trunkline）利用率的提高，銷量比去年同期增長了 5%。我們繼續充分利用 Gulf Run 的 1 區產能，並且還最大限度地從 2 區向我們的幹線管道輸送天然氣。我們的團隊繼續致力於下一階段的潛在產能擴張，以促進路易斯安那州北部的天然氣運輸根據客戶需求飛往墨西哥灣沿岸。

And for our intrastate segment, adjusted EBITDA was $242 million compared to $433 million for the fourth quarter of last year. Benefits from new contracts on several of our Texas pipelines as well as lower operating expenses were more than offset by decreases from lower optimization opportunities.

對於我們的州內部門，調整後的 EBITDA 為 2.42 億美元，而去年第四季為 4.33 億美元。我們德州幾條管道的新合約帶來的好處以及較低的營運費用被優化機會減少帶來的損失所抵消。

Now turning to our acquisition of Crestwood Equity Partners, which we completed in November of 2023. Integration of the combined operations has been going very well. The combination of these complementary assets will allow us to continue to provide flexibility, reliable and competitive services for our customers as we pursue additional commercial opportunities utilizing our improved connectivity and expanded footprint. We now expect to generate approximately $80 million of annual cost synergies by 2026 with $65 million in 2024. This is before any additional anticipated benefits from financial or commercial synergies.

現在談談我們對 Crestwood Equity Partners 的收購，該收購已於 2023 年 11 月完成。合併後業務的整合進展順利。這些互補資產的結合將使我們能夠繼續為客戶提供靈活性、可靠和有競爭力的服務，同時利用我們改進的連接性和擴大的覆蓋範圍尋求更多的商業機會。我們現在預計到 2026 年將產生約 8000 萬美元的年度成本協同效應，到 2024 年將產生 6500 萬美元的成本協同效應。這還不包括財務或商業協同效應帶來的任何額外預期收益。

We are in the process of identifying and evaluating a number of commercial and operational synergies that are expected to enhance the operational capabilities of our systems by improving efficiencies and increasing the utilization and profitability of our combined assets. These synergies include optimizing our West Texas processing capacity given the newly acquired Crestwood plants as well as utilizing spare NGL pipeline capacity out of the Delaware Basin and working with producers in West Texas and New Mexico to provide additional water gathering solutions. We're also looking at opportunities to move more barrels into our Bakken pipeline system for transport to the Gulf Coast.

我們正在確定和評估一些商業和營運協同效應，這些協同效應預計將透過提高效率和提高我們合併資產的利用率和獲利能力來增強我們系統的營運能力。這些協同效應包括優化我們新收購的克雷斯特伍德工廠的西德克薩斯州加工能力，以及利用特拉華盆地的備用液化天然氣管道能力，並與西德克薩斯州和新墨西哥州的生產商合作提供額外的集水解決方案。我們也正在尋找機會將更多的桶子轉移到我們的巴肯管道系統中，以便運送到墨西哥灣沿岸。

And in the Northeast, we are evaluating options to transition LPG products previously transported by truck into our Mariner East pipeline system.

在東北部，我們正在評估將以前透過卡車運輸的液化石油氣產品轉移到我們的 Mariner East 管道系統中的選項。

Now turning to our growth projects and starting with our Nederland and Marcus export terminals, our NGL terminals continue to benefit from increased demand from both in the U.S. as well as from international customers. To address this demand, construction is underway on our expansion to the NGL export capacity at Nederland and we expect to be finished driving piles by the end of the month. This expansion is expected to give us the flexibility to load various products based upon customer demand. We continue to expect the project to be in service in mid-2025.

現在轉向我們的成長項目，從我們的荷蘭和馬庫斯出口碼頭開始，我們的液化天然氣碼頭繼續受益於美國和國際客戶需求的成長。為了滿足這項需求，我們正在荷蘭擴建 NGL 出口產能，預計本月底完成打樁工作。此次擴展預計將使我們能夠根據客戶需求靈活地加載各種產品。我們仍然預計該項目將於 2025 年中期投入使用。

In addition, we are building new refrigerated storage at Nederland, which will increase our butane storage capacity by 33% and will double our propane storage capacity. This will further increase our ability to keep customer ships loaded on time.

此外，我們正在荷蘭建造新的冷藏庫，這將使我們的丁烷儲存容量增加 33%，並使我們的丙烷儲存容量增加一倍。這將進一步提高我們讓客戶船舶按時裝載的能力。

Also, we recently closed on the acquisition of 2 pipelines, one from Mont Belvieu to our Nederland terminal and one from Mont Belvieu to the Ship Channel. We expect to have transportation commitments on the Mont Belvieu to Nederland pipeline in the near future, which will have the ability to flow at least 70,000 barrels per day. This will provide much needed capacity for several products in high demand, both international and domestically. And we are in discussions to provide transportation for potentially multiple products on the pipeline that extends from Mont Belvieu to Houston.

此外，我們最近完成了 2 條管道的收購，其中一條從 Mont Belvieu 到我們的荷蘭碼頭，另一條從 Mont Belvieu 到船舶航道。我們預計在不久的將來將獲得 Mont Belvieu 至荷蘭管道的運輸承諾，該管道將能夠每天輸送至少 70,000 桶石油。這將為國際和國內高需求的多種產品提供急需的產能。我們正在討論為從貝爾維尤山延伸至休士頓的管道上的多種潛在產品提供運輸。

And at our Marcus Hook terminal, we have commenced construction on the first phase of an optimization project that would add incremental ethane refrigeration and storage capacity. In addition, we have begun expanding our processing capacity at several of our existing 200 million cubic feet per day cryogenic processing plants. In total, we see opportunities to add approximately 100 million to 150 million cubic feet per day of processing capacity at our West and South Texas regions at favorable capital cost when compared to building a new processing plant.

在我們的馬庫斯胡克碼頭，我們已經開始建造優化項目的第一階段，該項目將增加乙烷製冷和儲存能力。此外，我們已開始擴大我們現有的幾個每天 2 億立方英尺低溫加工廠的加工能力。總的來說，與建造新的加工廠相比，我們認為有機會以有利的資本成本在德州西部和南部地區每天增加約 1 億至 1.5 億立方英尺的加工能力。

In November 2023, we announced a Heads of Agreement, or HOA, with TotalEnergies for Crude Offtake from our proposed Blue Marlin Offshore Project. Additional customers remain very engaged and interested in our project, recognizing the value of fully loading VLCCs and the reduced execution risk that comes with repurposing existing underutilized assets.

2023 年 11 月，我們宣布與 TotalEnergies 就我們擬議的 Blue Marlin 海上項目的原油開採達成了初步協議 (HOA)。其他客戶仍然對我們的專案非常投入和感興趣，認識到滿載 VLCC 的價值以及重新利用現有未充分利用資產所帶來的降低執行風險。

Next, on an update for our Lake Charles LNG project. As most of you are aware, the Biden administration recently imposed a moratorium on the approval of LNG exports by the Department of Energy, while the DOE conduct studies to determine whether LNG exports are in the public interest. The Biden administration stated that these studies would focus on the cumulative impact of LNG exports on climate change, U.S. natural gas prices and the impact of LNG facilities on local communities. The DOE most recently conducted similar studies in 2019 and based on the results of these studies, the DOE subsequently approved several LNG export projects.

接下來，介紹我們查爾斯湖液化天然氣計畫的最新情況。大多數人都知道，拜登政府最近暫停了能源部批准液化天然氣出口，而能源部則進行研究以確定液化天然氣出口是否符合公共利益。拜登政府表示，這些研究將重點放在液化天然氣出口對氣候變遷、美國天然氣價格的累積影響以及液化天然氣設施對當地社區的影響。美國能源部最近在 2019 年進行了類似的研究，根據這些研究的結果，美國能源部隨後批准了多個液化天然氣出口項目。

In light of the extremely low natural gas prices in the U.S. currently and the beneficial climate impacts from the use of natural gas compared to coal for power generation, it would be difficult to believe that these new studies won't continue to conclude that LNG exports are in the U.S. public interest. Lake Charles LNG applied for a new LNG export authorization in August of 2023, and requested approval by February of 2024. The recently announced moratorium on approvals of LNG export creates uncertainty as to when the DOE studies will be completed and whether the criteria for approving LNG export projects will be changed.

鑑於美國目前極低的天然氣價格以及與煤炭發電相比使用天然氣對氣候的有利影響，很難相信這些新研究不會繼續得出液化天然氣出口的結論符合美國公共利益。 Lake Charles LNG 於2023 年8 月申請了新的液化天然氣出口授權，並要求在2024 年2 月之前獲得批准。最近宣布的液化天然氣出口暫停批准給能源部研究何時完成以及批准液化天然氣的標準是否達到了不確定性。出口項目將發生變化。

Despite these uncertainties, Lake Charles LNG continues to pursue the development of the project and is extremely thankful for the continued support of its LNG customers.

儘管存在這些不確定性，查爾斯湖液化天然氣公司仍繼續致力於該專案的開發，並非常感謝液化天然氣客戶的持續支持。

And now for an update on other projects. On the blue ammonia front, we are working with several companies to evaluate the feasibility of ammonia projects. That would include the opportunity to supply and transport natural gas to the ammonia facility and to transport CO2 to third-party sequestration sites. We're also looking at opportunities to provide other infrastructure services, including transport and sequestration, ammonia storage and deepwater marine loading on property near our Lake Charles and Nederland facilities.

現在介紹其他項目的最新情況。在藍色氨方面，我們正在與幾家公司合作評估氨計畫的可行性。這將包括向合成氨設施供應和運輸天然氣以及將二氧化碳運輸到第三方封存地點的機會。我們也正在尋找機會提供其他基礎設施服務，包括運輸和封存、氨儲存以及在查爾斯湖和荷蘭設施附近的財產進行深水海洋裝載。

Additionally, we are working on carbon capture and sequestration projects to our processing plants and treating facilities in North Louisiana, South Texas and West Texas. And we are evaluating other CO2 pipeline projects that would connect CO2 emitters to CO2 sequestration site.

此外，我們也在北路易斯安那州、南德州和西德州的加工廠和處理設施進行碳捕獲和封存計畫。我們正在評估其他將二氧化碳排放者連接到二氧化碳封存地點的二氧化碳管道項目。

Before moving to discuss our 2024 guidance, we wanted to quickly address another topic. Our practice is not to comment on pending litigation. However, given that we have received a number of questions about the Louisiana pipeline matter, we would like to provide some important context. Recently, several third parties approached Energy Transfer about crossing various pipes we own and operate in Louisiana, including 3 of our common carrier pipelines, gathering systems and other lines. These 3 parties proposed between 140 and 160 crossings as well as seeking to secure long segments of proposed parallel pipe within our existing rights of way and workspaces. As a consequence, we requested certain technical information from these parties regarding these crossings to allow us to evaluate their technical feasibility and potential issues between these new proposed pipes and our existing operations. The parties making these requests largely rejected or ignored a very reasonable request. Instead, on at least 2 occasions, they told us they would begin construction on these new pipes, whether we agree to the crossings or not.

在開始討論 2024 年指導之前，我們想先快速討論另一個主題。我們的做法是不對未決訴訟發表評論。然而，鑑於我們收到了有關路易斯安那州管道問題的許多問題，我們想提供一些重要的背景資訊。最近，幾個第三方與 Energy Transfer 接洽，要求穿越我們在路易斯安那州擁有和營運的各種管道，包括我們的 3 條公共輸送管道、收集系統和其他管道。這 3 方提議設置 140 至 160 個交叉口，並尋求在我們現有的通行權和工作空間內確保擬議平行管道的長段安全。因此，我們要求這些各方提供有關這些交叉口的某些技術信息，以便我們評估其技術可行性以及這些新提議的管道與我們現有運營之間的潛在問題。提出這些請求的各方基本上拒絕或忽視了一個非常合理的請求。相反，他們至少有兩次告訴我們，無論我們是否同意穿越，他們都會開始建造這些新管道。

At that point, we had no choice, but to enforce our property rights by filing legal actions to prevent these crossings, pending our ability to evaluate the technical details of the crossing. In the process of enforcing our property rights, one of the requesting parties has alleged that Energy Transfer is using unfair or anticompetitive practices to block all pipeline crossings request in Louisiana in an effort to stifle competition and monopolize the pipeline capacity, moving gas from the Haynesville and these practices are threatening the expansion of pipeline infrastructure in Louisiana.

那時，我們別無選擇，只能透過提起法律訴訟來保護我們的財產權，以防止這些交叉，直到我們有能力評估交叉的技術細節。在執行我們的產權過程中，請求方之一聲稱能源轉移公司正在使用不公平或反競爭的做法來阻止路易斯安那州的所有管道穿越請求，以壓制競爭並壟斷管道容量，從海恩斯維爾輸送天然氣這些做法正在威脅路易斯安那州管道基礎設施的擴張。

These statements are unfounded and false. In our opinion, these parties are skirting state and federal regulations and regulatory oversight by seeking to quickly build large diameter pipe, high-pressure pipelines across state lines and calling them gathering. To this end, we encourage you to read the submission we filed in docket # 84356 in the 42nd Judicial District Court in DeSoto Parish, Louisiana, which set forth our positions on the facts and on the law. We do not want to litigate the matter on this earnings call. However, we want to underscore that Energy Transfer takes very seriously its obligations to operate its assets safely and reliably. Energy Transfer is simply seeking to protect its legal property rights under Louisiana law. Indeed, not a single court has found that ET somehow acted in bad faith in defending its lawful property rights.

這些說法毫無根據且錯誤。我們認為，這些政黨試圖快速建造跨越州界的大直徑管道、高壓管道，並稱其為“聚集”，從而規避了州和聯邦法規以及監管監督。為此，我們鼓勵您閱讀我們在路易斯安那州德索托教區第 42 區司法法院提交的案卷編號 84356 中提交的意見書，其中闡述了我們對事實和法律的立場。我們不想在本次財報電話會議上就此事提起訴訟。然而，我們想強調，Energy Transfer 非常重視安全可靠地運作其資產的義務。 Energy Transfer 只是尋求根據路易斯安那州法律保護其合法財產權。事實上，沒有任何法院發現 ET 在捍衛其合法財產權時存在惡意行為。

Nonetheless, any pipeline that is unable to agree to terms on pipeline crossing is free to exercise rights of condemnation or expropriation as applicable. To accomplish the crossings as it seeks to do so under state or federal law, Energy Transfer has never taken the position that others cannot cross us ever just that they must satisfy us, that they will not adversely affect our existing lines, create additional cost for us, put us at risk under our existing FERC certificate and unjustifiably piggyback off of our efforts to build pipelines in compliance with state and federal rules, including, in some cases, significant environmental reviews.

儘管如此，任何無法同意管道穿越條款的管道都可以自由行使譴責或徵收的權利（如適用）。為了根據州或聯邦法律實現跨越，能源傳輸從未採取其他人不能跨越我們的立場，只是他們必須滿足我們的要求，他們不會對我們現有的線路產生不利影響，不會為我們的現有線路帶來額外的成本。使我們面臨現有 FERC 證書的風險，並無理地利用我們按照州和聯邦規則建設管道的努力，包括在某些情況下的重大環境審查。

We appreciate that long distance transmission lines have become increasingly difficult to build, particularly given entrenched environment (inaudible). No one knows that better than Energy Transfer.

我們意識到，長距離輸電線路的建設變得越來越困難，特別是考慮到根深蒂固的環境（聽不清楚）。沒有人比能量傳輸更了解這一點。

As we have been clear, Energy Transfer embraces markets and vigorous competition, but this also means respecting property rights and playing by the rules.

正如我們所明確的，能源轉移擁抱市場和激烈競爭，但這也意味著尊重產權和遵守規則。

Now looking ahead at our 2024 organic growth capital guidance, we expect growth capital expenditures to be between $2.4 billion and $2.6 billion for 2024, inclusive of the $300 million (inaudible) from 2023, which will be spent primarily in the NGL and refined products and midstream segments. This capital is made up of expansions to our export facilities and storage tanks at Nederland, optimization work at Marcus Hook, and new pumping station to increase our NGL takeaway capacity from the Permian, new crude oil pipeline connections and new treating capacity in Haynesville.

現在展望我們的2024 年有機成長資本指引，我們預計2024 年的成長資本支出將在24 億美元至26 億美元之間，其中包括2023 年起的3 億美元（聽不清楚），這將主要用於NGL 和煉油產品以及中游段。這筆資金包括我們在荷蘭的出口設施和儲罐的擴建、馬庫斯胡克的優化工作、以及用於增加我們從二疊紀盆地的液化天然氣輸送能力的新泵站、新的原油管道連接和海恩斯維爾的新處理能力。

In addition, this capital includes a large number of blocking and tackling projects, including processing plant capacity additions, compression and laterals to existing pipeline systems, additional gathering and compression build-out as well as improved efficiencies and emissions reductions work. We also continue to evaluate a number of other potential growth projects that we hope to bring to FID. However, as we look at our potential backlog of high-returning growth projects, we continue to expect our long-term annual growth capital run rate to be approximately $2 billion to $3 billion.

此外，這筆資金還包括大量的堵塞和處理項目，包括加工廠容量增加、現有管道系統的壓縮和支管、額外的收集和壓縮擴建以及提高效率和減排工作。我們也將繼續評估希望提交 FID 的其他一些潛在成長項目。然而，當我們審視潛在的高回報成長項目積壓時，我們仍然預期我們的長期年度成長資本運作率約為 20 億至 30 億美元。

Now turning to our 2024 adjusted EBITDA guidance, given the ability of our business to provide stable cash flows and operate through various market cycles as well as our market outlook, we expect our adjusted EBITDA to be between $14.5 billion and $14.8 billion. In 2024, we expect utilization of assets within our core segments to remain strong and that recently acquired assets will provide growth and synergy opportunities.

現在轉向我們的2024 年調整後EBITDA 指引，考慮到我們的業務提供穩定現金流、在不同市場週期中運營的能力以及我們的市場前景，我們預計調整後EBITDA 將在145 億美元至148 億美元之間。到 2024 年，我們預計核心部門的資產利用率將保持強勁，最近收購的資產將提供成長和協同機會。

Worldwide demand for crude oil and natural gas liquids and refined products continues to grow, and we will continue to position ourselves to meet this demand by strategically targeting optimization and expansion projects that enhance our existing asset base, generate attractive returns and meet this growing demand for our price services. As a result of our continued emphasis on strengthening our balance sheet, we are in the strongest financial position in Energy Transfer history, and this will allow us the flexibility to balance pursuing new growth opportunities with further leverage reduction, maintaining our targeted distribution growth rate and increasing equity returns to our unitholders. This concludes our prepared remarks. Operator, please open the line up for the first question.

全球對原油和天然氣液體以及精煉產品的需求持續成長，我們將繼續透過策略性優化和擴大專案來滿足這一需求，這些專案將增強我們現有的資產基礎，產生有吸引力的回報並滿足不斷成長的需求我們的價格服務。由於我們持續強調加強資產負債表，我們處於能源轉移歷史上最強勁的財務狀況，這將使我們能夠靈活地在追求新的增長機會與進一步降低槓桿、維持我們的目標分銷增長率和增加我們單位持有人的股本報酬。我們準備好的演講到此結束。接線員，請開啟第一個問題的隊列。

(Operator Instructions) The first question comes from Jeremy Tonet with JPMorgan.

（操作員說明）第一個問題來自摩根大通的 Jeremy Tonet。

Just wanted to start off, if I could, maybe some of the drivers that feed into the guidance here. We've seen a bit of volatility in commodity prices and the environment overall. I'm just wondering, I guess, latest expectation for producer activity in the Haynesville, what have you, how that factored in? Or any other key drivers you'd call out for the upside versus the low side of the guidance?

只是想開始，如果可以的話，也許可以將一些驅動程式納入此處的指南中。我們看到大宗商品價格和整體環境出現了一些波動。我只是想知道，我想，對海恩斯維爾生產者活動的最新預期，你有什麼，這是如何考慮的？或者您認為指導的上行與下行的任何其他關鍵驅動因素？

Jeremy, this is Mackie. I can start. Yes. With the lower gas prices in North Louisiana, certainly, if they get any lower, we probably will see a slowdown. But right now, we haven't seen it out in the Permian Basin, where we have a tremendous amount of assets. We see growth even in a lower gas price environment with the higher oil prices, we continue to see growth, and we are projecting modest if not fairly significant growth out of the Permian Basin. Other areas (inaudible) Mid-Continent, relatively flat and other areas where our assets are pretty stable.

傑里米，這是麥基。我可以開始了。是的。當然，隨著北路易斯安那州天然氣價格的下降，如果價格進一步下降，我們可能會看到經濟放緩。但目前，我們在二疊紀盆地還沒有看到這種情況，我們在那裡擁有大量的資產。即使在油價較高的天然氣價格較低的環境中，我們也看到了成長，我們繼續看到成長，我們預計二疊紀盆地的成長即使不是相當顯著，也將是適度的。其他地區（聽不清楚）中大陸，相對平坦，以及我們的資產相當穩定的其他地區。

And Jeremy, this is Tom. I think in addition, the pricing that you brought up in your question just then, we've used the forward curve in this. So this is the latest -- the kind of latest forecast we have, we always stay kind of down the middle of the road with the range that we put out at the beginning of the year. So anything that we've seen even here in the first quarter, et cetera, this would be our latest forecast, everything included. So feel good about it and look forward to another great year.

傑里米，這是湯姆。我想另外，你剛才在問題中提到的定價，我們在這方面使用了遠期曲線。所以這是最新的——我們擁有的最新預測，我們總是保持在年初發布的範圍的中間位置。因此，我們在第一季看到的任何情況，等等，這都將是我們的最新預測，包括所有內容。因此，對此感到滿意並期待另一個美好的一年。

Got it. Okay. So it sounds like kind of a conservative outlook and producer activity given where the strip is there. Maybe pivoting a little bit towards capital allocation. Even with the capital program that you guys laid out as it is, it seems like it's going to be a significant amount of surplus cash flow. And now you've kind of hit stronger credit metrics getting to BBB. Just wondering how you think about this surplus cash flow? What's the, I guess, priority ranking for the capital allocation at that point?

知道了。好的。因此，考慮到該地帶的位置，這聽起來像是一種保守的前景和生產者活動。也許會稍微轉向資本配置。即使你們照原樣制定了資本計劃，看起來也會有大量的剩餘現金流。現在您已經達到了更強大的信用指標，達到了 BBB。只是想知道您如何看待這筆盈餘現金流？我想，此時資本配置的優先順序是什麼？

Well, it's probably pretty consistent to where we've been. The main difference is, is that we have got to the lower side of our 4% to 4.5%. And like we said before, it wouldn't even hurt to go a little bit lower if it gave us a little bit more dry powder to be able to continue to look at growth opportunities, et cetera. So if you kind of move through that, you go into the growth capital that we've talked about, we obviously are very disciplined on our projects and how we approve them and get them to FIDs. And we're going to continue to focus on that likewise.

嗯，這可能與我們去過的地方非常一致。主要的差異是，我們已經達到了 4% 到 4.5% 的較低水準。正如我們之前所說，如果它給我們提供了更多的乾粉，讓我們能夠繼續尋找成長機會等，那麼稍微降低一點也沒有什麼壞處。因此，如果你經歷了這一點，你就進入了我們討論過的成長資本，我們顯然對我們的專案以及我們如何批准它們並將它們提交給最終投資決定非常嚴格。我們將同樣繼續關注這一點。

And then we're going to look at the -- of course, the distribution growth also that we put out there, the 3% to 5%, which is the equity side of the equation. Based upon the CapEx spend and what we're seeing out there, and remember, we're always looking at this long term. We're not just looking at numbers that we're reporting for the quarter. But we will continue to evaluate, of course, unit buybacks along with the distribution growth. So let's see how everything continues to play out. We couldn't agree with you more. That's a lot of free cash flow is when you do the math on the guidance we've given out there and with the other capital allocation topics that we've talked about here. So very good question.

然後我們要看看——當然，我們也列出了分配成長，即 3% 到 5%，這是等式的權益方面。根據資本支出和我們所看到的情況，請記住，我們始終著眼於長期。我們不僅僅關注本季度報告的數字。但當然，我們將繼續評估單位回購以及分銷成長。那麼讓我們看看一切如何繼續發展。我們非常同意你的觀點。當你根據我們給出的指導以及我們在這裡討論的其他資本配置主題進行數學計算時，就會發現大量的自由現金流。這是非常好的問題。

Got it. So buybacks are not off the table at this point. Is that how to think about it?

知道了。因此，目前還沒有排除回購的可能性。是這樣想的嗎？

No, that's exactly right. Absolutely. They definitely are on the table.

不，完全正確。絕對地。它們肯定在桌面上。

Our next question comes from Jean Ann Salisbury with Bernstein.

我們的下一個問題來自讓安·索爾茲伯里和伯恩斯坦。

Would it be possible to get a dash more detail on the projects and the CapEx budget for this year? I think I'm good on the NGL export projects. But could you talk a little more about the new NGL pumping capacity that you described, the processing plants, like how many and where. Apologies if I missed it during the prepared remarks.

能否獲得有關今年項目和資本支出預算的更多詳細資訊？我認為我擅長液化天然氣出口計畫。但您能否多談談您所描述的新 NGL 泵送能力、加工廠，例如數量和地點。如果我在準備發言時錯過了它，我深表歉意。

Jean, this is Mackie. I think I can cover that question. If you're looking at -- if you're talking about our upgrade on some of our 200,000 (inaudible) that was out in West Texas in the Delaware, we can very optimally and at a low cost compared to adding a new processing plant add 20,000 to 40,000 (inaudible). So we are looking at that. We can move quicker on that. It's just adding compression in some cases (inaudible) we also have already done that in (inaudible) we've already added about 50,000 or 60,000 a day at very low cost. And then on some of the other CapEx, if you're looking at our expansion in Nederland, we're looking at the ability, as Tom said, in his opening remarks of doubling our propane capacity and increasing our butane capacity by 33%.

瓊，這是麥基。我想我可以回答這個問題。如果您正在談論- 如果您正在談論我們對特拉華州西德克薩斯州的200,000 台（聽不清楚）中的一些設備進行升級，與添加新的加工廠相比，我們可以非常優化且成本低廉添加 20,000 到 40,000（聽不清楚）。所以我們正在研究這個。我們可以在這方面採取更快的行動。它只是在某些情況下增加壓縮（聽不清楚），我們也已經這樣做了（聽不清楚），我們已經以非常低的成本每天增加了大約 50,000 或 60,000 個。然後，在其他一些資​​本支出方面，如果您關注我們在荷蘭的擴張，我們會關注我們的能力，正如湯姆在開場白中所說的那樣，將我們的丙烷產能增加一倍，並將丁烷產能增加33%。

So even though the market is going to be really tight for the next 18 months, we have a tremendous amount of capability of increasing our export volumes starting about mid-2025 and not only are we excited about that, but the international market is very excited about that. A lot of that, that we've already -- that we're in the process of expanding has already been sold out for 3 to 5 years once those projects come online. So we're doing the best we can to be prudent (inaudible) our capital and meet the needs of our customers and the obligations that we have.

因此，儘管未來 18 個月市場將非常緊張，但從 2025 年中期開始，我們有巨大的能力增加出口量，不僅我們對此感到興奮，而且國際市場也非常興奮關於那個。一旦這些項目上線，我們已經在擴張的過程中，其中許多已經售罄 3 到 5 年。因此，我們正在盡最大努力謹慎（聽不清楚）我們的資本並滿足客戶的需求和我們所承擔的義務。

Great. And as a follow-up, I believe that some of the original DAPL contracts roll this year, can you discuss if you're blending and extending those? Or anything you can share about that recontracting process?

偉大的。作為後續行動，我相信一些最初的 DAPL 合約今年會生效，您能否討論一下是否要混合和擴展這些合約？或者您可以分享有關重新簽約過程的任何內容嗎？

You bet. This is Mackie again. As you can imagine, that's a very sensitive question from the standpoint of competition. But as far as when contracts fall off and kind of what our approach is. But I will answer it this way. We are very confident that we will keep our pipeline full and increase the volumes through time, certainly if the volumes grow in the Bakken. We're the best outlet out there, we can at the best cost, we can feed all the refineries or many of the refineries in the Midwest. We come down to the Gulf Coast, of course, and feed all the refineries in the Port Arthur area. And of course, through our Bayou Bridge pipeline, we can pull volumes all in the St. James. So there's no other pipeline that's even close and other options and ours, we feel real good about as contracts roll off that we'll do very well on recontracting or selling on a spot basis.

你打賭。這又是麥基。正如你可以想像的那樣，從競爭的角度來看，這是一個非常敏感的問題。但就合約何時終止以及我們的做法而言。但我會這樣回答。我們非常有信心，我們將保持管道滿載，並隨著時間的推移增加產量，當然，如果巴肯的產量增長的話。我們是最好的出口，我們可以以最好的成本，為所有煉油廠或中西部的許多煉油廠提供原料。當然，我們來到墨西哥灣沿岸，為亞瑟港地區的所有煉油廠提供原料。當然，透過我們的河口大橋管道，我們可以將所有量輸送到聖詹姆斯河。因此，沒有其他管道可以接近，其他選項和我們的選項，隨著合約的結束，我們感覺非常好，我們在重新簽訂合約或現貨銷售方面會做得很好。

Our next question comes from Keith Stanley with Wolfe Research.

我們的下一個問題來自沃爾夫研究公司的基斯‧史丹利。

It's Keith. First question, you made some progress on repaying some of the preferred equity, and you mentioned another series to take out in May. How are you viewing the preferred stock right now over the next few years? And how do you kind of way using excess cash to repay that versus other uses?

是基思。第一個問題，您在償還部分優先股方面取得了一些進展，並且您提到了五月份要拿出的另一個系列。您現在如何看待未來幾年的優先股？與其他用途相比，您如何使用多餘的現金來償還債務？

Yes. Listen, that's -- we're actually very, very excited at the fact that we're able to start bringing some of that back in as far as the perpetual preferred. I think you're going to see us to continue to look at those and you're going to -- as we look at even cash flow and where our cost of debt is, it makes a lot of sense for us to continue to bring those back in. So I think that's how you'll see us kind of prioritize when we look at our total debt, you'll see us working on those first going forward.

是的。聽著，我們實際上非常非常興奮，因為我們能夠開始將其中一些恢復到永久首選的程度。我認為你會看到我們繼續關注這些，當我們甚至關注現金流和債務成本時，我們繼續帶來很大的意義因此，我認為，當我們考慮總債務時，您會看到我們的優先順序，您會看到我們首先致力於解決這些問題。

It's probably worth mentioning that even with the Crestwood acquisition, as you know, some -- we had some more coming in with that one. We're going to continue to be opportunistic on those. When they make sense, economic sense, we'll look at calling those. But we always are very diligent in looking at the math on those. And when soon as they make economic sense, we will jump.

也許值得一提的是，即使收購了克雷斯特伍德，正如你所知，我們還有更多的收購。我們將繼續在這些方面保持機會主義。當它們有意義、有經濟意義時，我們會考慮召喚它們。但我們總是非常勤奮地研究這些方面的數學。一旦它們具有經濟意義，我們就會跳起來。

Great. Second question. One of your peers recently said they think (inaudible) Permian gas takeaway projects move forward this year. I might have missed it, but I don't think you mentioned (inaudible) today. So my question is, do you agree with the view that one to 2 pipelines probably move forward? And any updates on (inaudible) and how optimistic you are on moving that forward kind of with or without Lake Charles?

偉大的。第二個問題。您的一位同行最近表示，他們認為（聽不清楚）二疊紀天然氣外運計畫今年將會取得進展。我可能錯過了，但我認為你今天沒有提到（聽不清楚）。所以我的問題是，您是否同意一到兩條管道可能向前推進的觀點？以及（聽不清楚）有什麼最新消息嗎？無論有沒有查爾斯湖，您對推動這項進程有多樂觀？

Yes. This is Mackie. I'll answer that. I guess an update on (inaudible) we'd love to say we're at FID were sold out for 10 years, demand charge and ready to go, but that's not where we're at. We have sold about 25% of our (inaudible) in negotiations with (inaudible) additional customers. All of them are looking for -- or a lot of them are looking for different places to take the gas. There's no project that's been contemplated. It's anywhere close to (inaudible) where it provides access to almost every major city gate in the state of Texas. It goes to all major hubs, (inaudible), et cetera. It also goes to a lot of power plants either directly or indirectly with connected to the majority of our plants.

是的。這是麥基。我會回答這個問題。我想更新（聽不清楚）我們很想說我們在 FID 的產品已售罄 10 年，需要收費並準備就緒，但這不是我們現在的情況。在與（聽不清楚）其他客戶的談判中，我們已經出售了大約 25% 的（聽不清楚）產品。他們所有人都在尋找——或者說他們中的許多人都在尋找不同的地方來獲取天然氣。沒有考慮過任何項目。它位於（聽不清楚）附近的任何地方，可以通往德克薩斯州幾乎所有主要城市的大門。它前往所有主要樞紐（聽不清楚）等等。它也直接或間接進入許多發電廠，並與我們的大多數發電廠相連。

So it's not (inaudible) best project that's out there. With the pause from the DOE, there is a customer that was looking at that. That's going to pause a little bit. However, we continue to push forward. We're not saying that FID is imminent. We do think there will be another pipeline needed in the next 2.5 years. And if that were to happen, we do believe it will be ours.

所以這不是（聽不清楚）最好的項目。隨著能源部暫停，有一位客戶正在關注此事。這會暫停一點。然而，我們仍在繼續前進。我們並不是說 FID 即將到來。我們確實認為未來 2.5 年內將需要另一條管道。如果這真的發生，我們相信它將屬於我們。

Our next question comes from Brian Reynolds with UBS.

我們的下一個問題來自瑞銀集團的布萊恩雷諾茲。

Maybe to follow up on some of the guidance on the EBITDA side relative to the S4 guide. I assume if you can just talk about maybe some of the differences between today's guidance in the S4, I assume a lot of it's related to some underlying growth CapEx assumptions that were in that S4 along with maybe some marketing that was included there. So it would be great if you could just provide us an update on maybe your expectations for marketing, which I believe you typically exclude from the guide?

也許是為了跟進 EBITDA 方面相對於 S4 指南的一些指南。我想如果你能談談今天 S4 中的指導之間的一些差異，我認為其中許多與 S4 中的一些潛在成長資本支出假設以及其中可能包含的一些行銷有關。因此，如果您能為我們提供有關您對行銷的期望的最新信息，那就太好了，我相信您通常會將其排除在指南之外？

Yes. Listen, I'll definitely start off here, and then Mackie, you want to add something more you can. By far, the largest driver of the difference between the S4 was the commodity prices. I think when you look at where -- what we used back then when that was filed, we are substantially lower now with our commodity prices. So -- and then also deferring -- maybe deferring some of the capital, I think is another piece of that, that you'll see in the difference between that S4 and now. So those are probably the 2 largest drivers. .

是的。聽著，我肯定會從這裡開始，然後麥基，你想添加更多的東西。到目前為止，S4 之間差異的最大驅動因素是商品價格。我認為，當你看看我們當時提交的材料時，我們的商品價格現在大大降低了。所以——然後也推遲——也許推遲一些資本，我認為這是另一部分，你會看到S4和現在之間的差異。所以這些可能是兩個最大的驅動因素。 。

Great. Makes sense. And as a follow-up, just touching on M&A. Sunoco made a large acquisition over the past month. So kind of just curious from an ET value perspective, are there other opportunities to optimize the ET system with additional access to different types of assets, whether it's crude or NGLs, refined products?

偉大的。說得通。作為後續行動，我們只談併購。太陽石油公司在過去一個月進行了一項大規模收購。所以從 ET 價值的角度來看，是否有其他機會來優化 ET 系統，並額外存取不同類型的資產，無論是原油還是 NGL、精煉產品？

Obviously, a great acquisition by Sunoco. It's a very, very good fit for them. And I will say there's not been discussion Sunoco. This was a Sunoco transaction, and they are doing a great job of proceeding through getting all the approvals and even moving a little bit into the integrations. But I wouldn't say there's been any discussions on that. .

顯然，Sunoco 的一次偉大收購。這非常非常適合他們。我想說的是，還沒有討論過 Sunoco。這是一筆太陽石油公司的交易，他們在獲得所有批准方面做得很好，甚至還進行了一些整合。但我不會說對此進行過任何討論。 。

All right. Fair enough. I'll leave it there. Enjoy the rest of your day.

好的。很公平。我會把它留在那裡。享受你一天剩下的時間。

Our next question comes from Jackie (inaudible) with Goldman Sachs.

我們的下一個問題來自高盛的 Jackie（聽不清楚）。

First, I just want to start off on exports. It looks like for NGL exports continue to be strong, though slightly down a little bit quarter-over-quarter. What drove that and how do you view exports going into '24? And do you see any upward pressure on margins as that dock capacity remains tight until you see those expansions online in mid '25?

首先，我只想從出口開始。液化天然氣出口看起來繼續強勁，儘管季度環比略有下降。是什麼推動了這一趨勢？您如何看待進入 24 世紀的出口？您是否認為利潤率會面臨任何上行壓力，因為碼頭容量仍然緊張，直到您看到 25 年中期的線上擴張？

Yes. Jackie, this is Mackie. What a great business we have with our export at Nederland and Marcus Hook. So we're very excited about what we've built and what we're building out. However, there's a lot of issues that are involved, especially with shipping. And so if there's issues with the Panama Canal or to the Red Sea, the timing of ships, some months, we may exceed our expectations and some months less. So every month or every quarter kind of have its up and down. But overall, we see our steady where we've been and/or slight growth and pretty much completely fill up our entire export capacity in the short term over the next 18 months. We believe we're going to see some very, very good margins for that business.

是的。傑基，這是麥基。我們在荷蘭和馬庫斯胡克的出口生意非常好。因此，我們對我們已經建立的內容和正在建立的內容感到非常興奮。然而，其中涉及許多問題，尤其是運輸方面。因此，如果巴拿馬運河或紅海出現問題，船舶的時間安排可能會超出我們的預期，有時會超出我們的預期，有時會少幾個月。所以每個月或每季都會有起有落。但總體而言，我們看到我們的穩定和/或小幅成長，並且在未來 18 個月的短期內幾乎完全填滿了我們的全部出口能力。我們相信該業務將會獲得非常非常好的利潤。

For the spot business that we have available today, there's a significant over demand in the international market than what the U.S. is capable of exporting and we are positioned very well in the next 18 months to capture that upside. And then as I mentioned earlier, we're very excited about bringing on projects that will bring in significant revenue for our export business.

對於我們今天提供的現貨業務，國際市場的需求遠遠超出美國的出口能力，我們在未來 18 個月內處於有利地位，可以抓住這個上升空間。正如我之前提到的，我們非常高興能夠開展將為我們的出口業務帶來可觀收入的項目。

Got it. Great. Makes sense. And then just as a follow-up, we saw some partial contributions from the Crestwood acquisition this quarter. Wondering if you would be able to quantify what synergies you were able to capture for the remainder of '23. And if you see any additional opportunities at this point beyond that $80 million annual cost synergies disclosed and the potential timing of when you expect to see that downstream gains from the acquisition?

知道了。偉大的。說得通。作為後續行動，我們看到本季收購 Crestwood 的部分貢獻。想知道您是否能夠量化您在 23 年剩餘時間內獲得的協同效應。除了所揭露的 8000 萬美元的年度成本協同效應以及您期望何時看到收購帶來的下游收益的潛在時機之外，您是否還看到了其他機會？

Yes. After you get a chance to start going through all the various costs in the organization, we always try to be fairly conservative. We're doing it with what information we have at the time, public information. But after you get really further into these things and start looking at organizations, et cetera, I think you'll find that a lot of times, you're always hopeful that you can find more. So the $80 million run rate that we've talked about from a call standpoint is something that we feel very comfortable with and putting that number out there. And of course, $65 million is what we put out for 2024. But we need to start looking across the systems and all the other type of costs that are buried sometimes that, once again, you can't see when you're in the middle of these things or early in the process -- it's always good to be able to find those. And I want to make sure we stop for a moment and give a huge compliment to our team who I know we said before is -- no one is better out there at integrating these companies than we are.

是的。當你有機會開始了解組織中的所有各種成本後，我們總是盡量保持相當保守。我們正在利用當時掌握的資訊（公共資訊）來做到這一點。但當你真正深入了解這些事情並開始研究組織等之後，我想你會發現很多時候，你總是希望能找到更多。因此，我們從呼叫角度討論過的 8000 萬美元運行率是我們感到非常滿意的，並將這個數字放在那裡。當然，我們為 2024 年投入了 6500 萬美元。但我們需要開始審視整個系統以及所有其他類型的成本，這些成本有時是隱藏的，而當你處於在這些事情的中間或過程的早期——能夠找到這些總是好的。我想確保我們停下來，對我們的團隊給予極大的讚揚，我知道我們之前說過，沒有人比我們更擅長整合這些公司。

We've had a lot of experience at it. And we move quickly, efficiently and effectively as we go through it. But as mentioned in the prepared remarks upfront, we've remained on multiple fronts, very excited about some of the commercial opportunities. I don't know, Mackie, do you want to add anything more to that.

我們在這方面有很多經驗。我們在整個過程中行動迅速、有效率且有效。但正如前面準備好的評論中所提到的，我們仍然在多個方面進行工作，對一些商業機會感到非常興奮。我不知道，Mackie，你還想補充什麼嗎？

What we said other than what you've -- did in the opening script, we're still digging in. Every acquisition that we do, we discovered more and more under the (inaudible) opening remarks. We are seeing significant logistics and maybe even deferred on some costs fully utilizing all of the assets and combined with the new (inaudible) assets in the Delaware Basin. There's also some things we can do in the DJ Basin that we're looking at up in the Bakken. A lot of those barrels have it down their way to our pipeline. We think now they will. We think that will also bring more business to our crude oil pipeline out of the North Dakota.

除了您在開場白中所做的以外，我們仍在深入研究。我們所做的每一次收購，我們都在（聽不清楚）開場白中發現了越來越多的內容。我們看到大量的物流，甚至可能推遲一些成本，充分利用所有資產並與特拉華盆地的新（聽不清楚）資產相結合。我們也可以在 DJ 盆地做一些我們正在巴肯研究的事情。其中許多桶子都已進入我們的管道。我們認為現在他們會的。我們認為這也將為我們從北達科他州輸出的原油管道帶來更多業務。

And then in the Northeast, we see some -- are starting to see some real commercial advantages to working together with that team and doing 2 things. One, helping that business grow the distribution of propane and butane that Crestwood built. And then on the other side, where they can bring in volumes with their contracts and with their relationships into our Mariner franchise, for deliveries to markets. So as Tom said, we're just getting started, but pretty excited about the things that we're already seeing.

然後在東北部，我們看到一些人開始看到與團隊合作並做兩件事的一些真正的商業優勢。第一，幫助該企業擴大 Crestwood 生產的丙烷和丁烷的分銷。然後在另一邊，他們可以透過合約和關係將數量帶入我們的 Mariner 特許經營權中，以便向市場交付。正如湯姆所說，我們才剛剛開始，但對我們已經看到的事情感到非常興奮。

No, makes sense. Appreciate the color here. Thank you so much.

不，有道理。欣賞這裡的色彩。太感謝了。

Our next question comes from Michael Blum with Wells Fargo.

我們的下一個問題來自富國銀行的麥可布魯姆。

So I know you have a growth CapEx target of $2 billion to $3 billion, but you also discussed quite a few potential projects in your prepared remarks today, some of which could be quite large. So I'm wondering if that $3 billion is a hard cap or would you consider going above that range if the returns make sense?

因此，我知道您的成長資本支出目標為 20 億至 30 億美元，但您在今天準備的發言中也討論了相當多的潛在項目，其中一些項目可能相當大。所以我想知道這 30 億美元是否是一個硬上限，或者如果回報有意義的話你會考慮高於這個範圍嗎？

Yes. Listen, I'll start, and then we'll go with Mackie. No, there was not a -- there's not a hard cap as we look at these. Once again, we'll evaluate projects that make economic sense. And when we pull it all together, recently gave the range of 2.4 to 2.6. And keep in mind that, that did include $300 million of rollover from 2023 that didn't make it into service at the time. So those got rolled into 2024. So make sure you bake that in there (inaudible) as far as your question here?

是的。聽著，我先開始，然後我們就跟麥基一起去。不，當我們看到這些時，並沒有硬性上限。我們將再次評估具有經濟意義的項目。當我們把所有這些放在一起時，最近給出的範圍是 2.4 到 2.6。請記住，這確實包括從 2023 年開始的 3 億美元的延期，但當時並未投入使用。所以這些都被推到了 2024 年。所以，就你在這裡的問題而言，請確保你把它放在那兒（聽不清楚）？

No, that covers it. I appreciate it. Maybe my second question, just wanted to ask obviously, you're very active in 2023 on the M&A front. So I wanted to just get your thoughts on what the landscape looks like in 2024 for you? And are you still kind of in digestion mode -- or are you kind of ready to roll if the next deal presents itself?

不，這涵蓋了它。我很感激。也許我的第二個問題只是想問一下，2023 年你們在併購方面非常活躍。所以我想聽聽您對 2024 年情況的看法？您是否仍處於消化模式，或者如果下一筆交易出現，您是否已準備好採取行動？

(inaudible) Michael, that is a good question. I think -- we've been saying for some time, we've been very consistent on our M&A discussions with everyone that we felt like it made a lot of sense in the midstream space, and you're seeing it. You're seeing it now. And we're going to continue to evaluate opportunities. But the other thing that's worth highlighting here is that we are staying very disciplined with these acquisitions to even (inaudible) with no premium, just doing at the market. And it's -- you can see the results. If they're accretive, they are deleveraging. And it's the reason why we've ended up with the continued growth in our distributions at the same time that our balance sheet is strengthening. And it's showing in our ratings, et cetera.

（聽不清楚）邁克爾，這是個好問題。我想——我們已經說過一段時間了，我們在與每個人的併購討論上一直非常一致，我們覺得這在中游領域很有意義，而且你也看到了。你現在看到了。我們將繼續評估機會。但這裡值得強調的另一件事是，我們對這些收購保持非常嚴格的紀律，甚至（聽不清楚）沒有溢價，只是在市場上進行。你可以看到結果。如果它們是增值的，那麼它們就是去槓桿化的。這就是為什麼我們的分配持續成長，同時我們的資產負債表不斷增強的原因。它體現在我們的收視率等方面。

So it's one of those where it makes sense and where it's a fit. And remember, as large as we are, there's a lot on the fit side. So we'll continue to evaluate them and we'll continue to look at opportunities.

所以它是有意義且適合的地方之一。請記住，儘管我們規模很大，但仍有許多適合的方面。因此，我們將繼續評估它們，並繼續尋找機會。

This concludes our question-and-answer session. I would like to turn the conference back over to Tom Long for any closing remarks.

我們的問答環節到此結束。我想將會議轉回湯姆·朗（Tom Long）發表閉幕詞。

Well, once again, I want to express a lot of appreciation to all of you for joining us today. We always thank you for a lot of really good questions, good dialogue. And as you can see, we've got a lot of really good things to talk about. And therefore, we look forward to a continuing dialogue even after this call with anyone. So thank you, everyone. You all have a great day.

好吧，我想再次對大家今天加入我們表示衷心的感謝。我們總是感謝您提出了很多非常好的問題和良好的對話。正如您所看到的，我們有很多非常好的事情要談論。因此，即使在這次通話之後，我們也期待與任何人繼續對話。謝謝大家。你們都度過了美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。