Energy Transfer LP (ET) 2024 Q2 法說會逐字稿

Good day and welcome to the Energy Transfer Q2 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加 Energy Transfer 2024 年第二季財報電話會議。（操作員說明）請注意此事件正在被記錄。

I now like to turn the conference over to Tom Long, Co-CEO. Please go ahead.

我現在想將會議交給聯合執行長 Tom Long。請繼續。

Thank you, operator, and good afternoon, everyone. And welcome to the Energy Transfer's second quarter 2024 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. Hopefully, you saw the press release we issued earlier this afternoon.

謝謝接線員，大家下午好。歡迎參加 Energy Transfer 的 2024 年第二季財報電話會議。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。希望您看到我們今天下午早些時候發布的新聞稿。

As a reminder, our earnings release contains a thorough MD&A that goes through the segment results in detail and we encourage everyone to look at the release as well as the slides posted to our website to gain a full understanding of the quarter and our growth opportunities.

提醒一下，我們的收益發布包含全面的 MD&A，詳細介紹了各個部門的業績，我們鼓勵每個人查看該發布以及我們網站上發布的幻燈片，以充分了解本季度和我們的成長機會。

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 on our Form 10-Q for the quarter ended June 30, 2024, which we expect to file tomorrow August 8.

謹此提醒，我們將根據 1934 年《證券交易法》第 21E 條的規定做出前瞻性聲明。這些陳述是基於我們目前的信念、某些假設以及我們目前可獲得的資訊。我們將在截至 2024 年 6 月 30 日的季度的 10-Q 表格中進行更多詳細討論，我們預計將於明天 8 月 8 日提交該表格。

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

我還將提及調整後的 EBITDA 和可分配現金流量或 DCF，這兩者都是非 GAAP 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。

I'll start today by going over our financial results, for the second quarter of 2024, we generated adjusted EBITDA of $3.76 billion, compared to $3.12 billion for the second quarter of 2023. This number includes over $80 million of transaction expense. Absent these transaction cost, adjusted EBITDA would have been over $3.8 billion.

今天我先回顧我們的財務業績，2024 年第二季我們的調整後 EBITDA 為 37.6 億美元，而 2023 年第二季為 31.2 億美元。這個數字包括超過 8000 萬美元的交易費用。如果沒有這些交易成本，調整後的 EBITDA 將超過 38 億美元。

We had record volumes through our crude oil and NGL pipelines, as well as record NGL exports. We also saw strong performance from our NGL fractionators and our refined products pipelines and terminals. DCF a trivial to the partners of Energy Transfer as adjusted was $2 billion compared to $1.6 billion for the second quarter of 2023. And for the six months of 2024, we spent approximately $1 billion on organic growth capital, primarily in the midstream and NGL and Refined Products segments, excluding SUN and USA compression CapEx.

我們的原油和液化天然氣管道運輸量以及液化天然氣出口量均創歷史新高。我們還看到了我們的液化天然氣分餾器以及煉油產品管道和終端的強勁表現。調整後的 DCF 對於 Energy Transfer 的合作夥伴來說微不足道，為 20 億美元，而 2023 年第二季為 16 億美元。在 2024 年的六個月中，我們在有機成長資本上花費了約 10 億美元，主要用於中游、液化天然氣和成品油領域，不包括 SUN 和美國壓縮資本支出。

Now, turning to our results by segment for the second quarter and let's start with NGL and Refined Products. Adjusted EBITDA was $1.07 billion, compared to $837 million for the second quarter of 2023. The increase was primarily due to growth across our transportation, fractionation, and terminal operations including records in both Mariner East and Permian Pipeline volumes, as well as NGL exports. In addition, we had higher gains from the optimization of hedged NGL inventory.

現在，我們來看看第二季按部門劃分的業績，讓我們從液化天然氣和成品油開始。調整後 EBITDA 為 10.7 億美元，而 2023 年第二季為 8.37 億美元。這一增長主要是由於我們的運輸、分餾和碼頭業務的增長，包括水手東和二疊紀管道的運輸量以及液化天然氣出口量的記錄。此外，我們也透過對沖液化天然氣庫存的優化獲得了更高的收益。

For midstream, adjusted EBITDA was $693 million, compared to $579 million for the second quarter of 2023. The increase was primarily due to the addition of the Crestwood assets as well as higher volumes in the Permian Basin.

中游領域，調整後 EBITDA 為 6.93 億美元，而 2023 年第二季為 5.79 億美元。這一增長主要是由於 Crestwood 資產的增加以及二疊紀盆地產量的增加。

For our crude oil segment, adjusted EBITDA was $801 million compared to $674 million for the second quarter of 2023. The increase was primarily due to record crude oil transportation throughput. And increase in our total crude oil exports, which were up 11% as well as the acquisitions of the Lotus and Crestwood assets in May and November,2023, respectively.

對於我們的原油部門，調整後的 EBITDA 為 8.01 億美元，而 2023 年第二季為 6.74 億美元。這一增長主要是由於創紀錄的原油運輸吞吐量。我們的原油出口總量增加了 11%，此外，2023 年 5 月和 11 月分別收購了 Lotus 和 Crestwood 資產。

Excluding these acquisitions, adjusted EBITDA and crude oil transportation volumes on our base business increased 4% and 8%, respectively. In our Interstate segment, adjusted EBA was $392 million compared to $441 million the second quarter of 2023. During the quarter, we saw higher contracted volumes on Trunk Line, Pebble, Gulf Run, and MRT. This was offset by lower operational gas sales, maintenance project cost of $12 million, as well as a $35 million reduction in revenue for shipper refunds related to our Pebble rate case.

排除這些收購，我們基礎業務的調整後 EBITDA 和原油運輸量分別成長 4% 和 8%。在我們的州際公路部門，調整後的 EBA 為 3.92 億美元，而 2023 年第二季為 4.41 億美元。本季度，我們看到 Trunk Line、Pebble、Gulf Run 和 MRT 的合約量有所增加。這被營運天然氣銷售量下降、維護項目成本 1200 萬美元以及與我們的 Pebble 費率案例相關的托運人退款收入減少 3500 萬美元所抵消。

For the Intrastate segment, adjusted EBITDA was $328 million, compared to $216 million in the second quarter of last year. The increase was primarily due to approximately $75 million of an increased gains related to pipeline optimization opportunities, as well as favorable storage optimization opportunities.

對於州內業務，調整後的 EBITDA 為 3.28 億美元，而去年第二季為 2.16 億美元。這一增長主要是由於與管道優化機會以及有利的儲存優化機會相關的收益增加了約 7500 萬美元。

In July 2024, Energy Transfer completed the acquisition of WTG, which provides Energy Transfer with increased access to growing supplies of natural gas and NGL volumes and enhances our Permian operations and downstream businesses. Integration of the combined assets is underway, and we are really excited about great customer base and the growing gas supply behind this asset.

2024 年 7 月，Energy Transfer 完成了對 WTG 的收購，這為 Energy Transfer 提供了更多獲得不斷增長的天然氣和液化天然氣供應的機會，並增強了我們的二疊紀業務和下游業務。合併後的資產整合正在進行中，我們對龐大的客戶群和該資產背後不斷增長的天然氣供應感到非常興奮。

Since closing the transaction, the $200 million cubic foot per day Red Lake 3 processing plant was placed into service. We expect volumes to ramp up quickly as more residue takeaway becomes available. Also in July 2024 Energy Transfer and Sunoco LP announced the formation of a joint venture combining the respective crude oil and produced water gathering assets in the Permian Basin. This is another exciting opportunity that highlights the creativity and optionality, our family of partnerships brings to the table when we work together to expand our market and service offerings for our customers.

自交易完成以來，每天價值 2 億立方英尺的 Red Lake 3 加工廠投入使用。我們預計，隨著更多殘渣外送的出現，產量將迅速增加。同樣在 2024 年 7 月，Energy Transfer 和 Sunoco LP 宣布成立一家合資企業，合併各自在二疊紀盆地的原油和採出水收集資產。這是另一個令人興奮的機會，凸顯了我們的合作夥伴關係家族在共同努力為客戶拓展市場和提供服務時所帶來的創造力和選擇性。

Now, turning to our growth projects, starting with our Nederland and Marcus Hook export terminals, construction of the expansions to our NGL export capacity at Nederland continues to progress, and we remain on schedule for an anticipated in-service in mid-2025 for the initial phases of the project.

現在，轉向我們的成長項目，從我們的荷蘭和馬庫斯胡克出口碼頭開始，荷蘭液化天然氣出口能力的擴建建設繼續取得進展，我們仍按計劃於 2025 年中期投入使用項目的初始階段。

And at our Marcus Hook terminal, construction continues to progress on the first phase of an optimization project.

在我們的馬庫斯胡克碼頭，優化計畫第一階段的建設仍在繼續。

Turning to Lone Star Express, our 90,000 barrels per day expansion project remains on schedule to be in service in 2026, bringing our total capacity of NGL transportation to over 1 million barrels per day out of the Permian Basin. We recently approved our ninth fractionator at Mont Bellevue, Frac IX will have a design capacity of 165,000 barrels per day and is expected to be in service in Q4 of 2026. This will bring our total fractionation capacity at Mont Belvieu to more than 1.3 million barrels per day. In addition, we recently placed a previously unutilized 2 million barrels butane storage well back into service, bringing our current NGL storage capacity of Mont Belvieu to approximately 62 million barrels.

至於 Lone Star Express，我們的 90,000 桶/日擴建項目仍按計劃於 2026 年投入使用，使我們從二疊紀盆地的 NGL 運輸總能力達到每天超過 100 萬桶。我們最近批准了位於 Mont Bellevue 的第九座分餾塔，Frac IX 的設計產能為每天 165,000 桶，預計將於 2026 年第四季投入使用。這將使 Mont Belvieu 的總分餾能力達到每天 130 萬桶以上。此外，我們最近將先前未使用的 200 萬桶丁烷儲存井重新投入使用，使 Mont Belvieu 目前的 NGL 儲存容量達到約 6,200 萬桶。

Now taking a look at our Permian processing expansions. Construction continues on upgrades to our existing processing facilities, which will add approximately 200 million cubic feet per day of processing capacity in West Texas. And in June, we announced plans to construct the 200 million cubic feet per day Badger processing plant in the Permian Basin.

現在來看看我們的二疊紀加工擴張。我們現有加工設施的升級建設仍在繼續，這將在西德克薩斯州每天增加約 2 億立方英尺的加工能力。6 月，我們宣布計劃在二疊紀盆地建造每天 2 億立方英尺的 Badger 加工廠。

This plant, which is expected to be in service in mid-2025, will utilize an idle plant that is to be relocated to the Delaware Basin, which will help save capital versus building a new plant. In North Louisiana, we placed trains one and two of our Ajax treating facility into service in July. These trains have a combined treating capacity of approximately 300 million cubic feet per day.

該工廠預計將於 2025 年中期投入使用，將利用將搬遷至特拉華盆地的閒置工廠，與建造新工廠相比，這將有助於節省資金。在路易斯安那州北部，我們的 Ajax 處理設施的一號和二號列車於 7 月投入使用。這些列車的總處理能力約為每天 3 億立方英尺。

Now for a brief update on our opportunities around Pap generation with forecast for electricity demand growth becoming increasingly bullish and the need for grid reliability becoming progressively more important, it is clear that natural gas will play a significant role in helping meet this demand. Given Energy Transfer's extensive Interstate and Interstate natural gas pipeline footprint, we believe we are extremely well positioned to benefit from the anticipated rise in -- natural gas needs.

現在，我們簡要介紹一下巴氏發電的機遇，隨著電力需求成長的預測變得越來越樂觀，對電網可靠性的需求也變得越來越重要，很明顯，天然氣將在幫助滿足這一需求方面發揮重要作用。鑑於能源傳輸公司廣泛的州際和州際天然氣管道足跡，我們相信我們處於非常有利的位置，可以從天然氣需求的預期成長中受益。

We currently serve gas-fired power plants in 15 states with approximately 185 plants served via direct or indirect connections throughout these states. And we have recently signed deals across our systems to provide gas loads of over 500,000 MMBtus per day.

目前，我們為 15 個州的燃氣發電廠提供服務，其中約 185 家發電廠透過這些州的直接或間接連接提供服務。我們最近在整個系統中簽署了協議，每天提供超過 500,000 MMBtus 的氣體負載。

In addition, as mentioned last quarter, we have approved the construction of eight 10 megawatt natural gas-fired electric generation facilities to support the partnership's operations in Texas. We continue to expect these facilities to go into service throughout 2025 and 2026. These facilities are expected to increase system reliability for Energy Transfer and for our customers.

此外，如上季所提到的，我們已批准建造 8 個 10 兆瓦天然氣發電設施，以支持合作夥伴在德州的營運。我們仍然預計這些設施將在 2025 年和 2026 年投入使用。這些設施預計將提高能源傳輸和我們客戶的系統可靠性。

We also continue to make progress on the development of several other growth projects, including our Warrior, Blue Marlin offshore project, Lake Charles LNG, a carbon capture, and sequestration project with capture point and blue ammonia hubs at Lake Charles and Nederland. We look forward to providing more updates on these projects as customer discussions advance and we bring them closer to FID.

我們也繼續在其他幾個成長項目的開發方面取得進展，包括我們的 Warrior、Blue Marlin 海上項目、查爾斯湖液化天然氣、碳捕獲和封存項目，在查爾斯湖和荷蘭設有捕獲點和藍氨中心。隨著客戶討論的進展，我們期待提供有關這些項目的更多最新信息，並使他們更接近最終投資決定。

Looking ahead at our 2024 organic growth capital guidance, we now expect 2024 growth capital expenditures to be approximately $3.1 billion, which will be spent primarily in the NGL and refined products and midstream segments. The primary driver of the increases from our previous guidance of $2.9 billion is the addition of growth capital related to WTG and quicker returning projects in the crude oil segment related to the Crestwood acquisition.

展望我們的 2024 年有機成長資本指引，我們現在預計 2024 年成長資本支出約為 31 億美元，這將主要用於 NGL 和煉油產品以及中游領域。與我們先前 29 億美元的指引相比，成長的主要驅動因素是與 WTG 相關的成長資本的增加以及與 Crestwood 收購相關的原油領域更快回報的項目。

Now turning to our adjusted EBITDA guidance. We are raising our 2024 adjusted EBITDA guidance to be between $15.3 billion to $15.5 billion compared to our prior guidance range of $15 billion to 15.3 billion.

現在轉向我們調整後的 EBITDA 指導。我們將 2024 年調整後 EBITDA 指引提高至 153 億美元至 155 億美元，而先前的指引範圍為 150 億美元至 153 億美元。

Our 2024 guidance has been updated to include our acquisition of WTG, which closed on July 15 and outperformance in the base business, even with over $100 million of transaction costs also included within our full year guidance. We continue to be excited about our business and the demand for our products and services, both domestically and internationally.

我們的 2024 年指引已更新，包括我們對 WTG 的收購（該收購已於 7 月 15 日完成），並且基礎業務的表現優於我們的全年指引，儘管交易成本超過 1 億美元。我們繼續對我們的業務以及國內外對我們產品和服務的需求感到興奮。

We're in a strong position to help meet this demand with strategic optimization and expansion projects that enhance our existing asset base and generate attractive returns. And we expect to maintain the flexibility to balance organic growth opportunities with further leverage reduction, maintaining our targeted distribution growth rate, and increasing equity returns to our unitholders.

我們有能力透過策略優化和擴張專案來幫助滿足這一需求，從而增強我們現有的資產基礎並產生有吸引力的回報。我們希望保持靈活性，以平衡有機成長機會與進一步降低槓桿率，維持我們的目標分配成長率，並增加單位持有人的股本回報。

In addition, we are pleased to see that in June, Moody's upgraded our senior unsecured credit rating to be AA 2, which further demonstrates the strides that we have made to strengthen our balance sheet and financial position.

此外，我們很高興看到6月份穆迪將我們的優先無擔保信用評級提升至AA 2，這進一步表明我們在加強資產負債表和財務狀況方面所取得的進步。

This concludes our prepared remarks operator, please open the line up for our first question.

我們準備好的演講到此結束，請打開我們的第一個問題的隊列。

(Operator Instructions) Jeremy Tonet with JPMorgan.

（操作員指示）Jeremy Tonet 與摩根大通。

Just wanted to start off, if I could appreciate the color on the call. But as it relates to WTG with a month in the books, I was just wondering if you could talk a bit more, I guess and what you see as far as the commercial opportunities there.

只是想開始，如果我能欣賞通話中的顏色的話。但由於它涉及 WTG 一個月的賬本，我只是想知道您是否可以多談談，我想以及您對那裡的商業機會的看法。

And similarly, with the JV with Sun and NuStar, just wondering what new opportunities that you see in front of you post these deals?

同樣，對於與 Sun 和 NuStar 的合資企業，您想知道在發布這些交易之前您會看到哪些新機會？

Hey, Jeremy, this is Mackie. I'll start with your first one.

嘿，傑里米，這是麥基。我將從你的第一個開始。

You were very excited about WTG -- as you just said, we're barely almost a month into it. We still have a lot of rocks to turnover, but we couldn't be more excited, not only just the asset itself and the -- very credit worthy producers that are supporting that long-term large acreage dedications and all that's going to support the cryos.

您對 WTG 感到非常興奮——正如您剛才所說，我們剛剛投入使用不到一個月。我們仍然有很多困難需要周轉，但我們不能更興奮，不僅是資產本身，還有非常值得信賴的生產商，他們支持長期大面積的投入，以及所有將支持冷凍。

But what's even more exciting to us that we don't even put in our numbers when we do acquisitions like this has really feed into our residue business, our downstream residue business as well as our Lone Star and NGL transport and fractionation business. So we're just getting our arms around it. We're very excited about there's enormous growth and that part of the Midland Basin that we have had little exposure to on the gas side. So we're very excited and looking forward to a lot of good things come out of that acquisition.

但更令我們興奮的是，當我們進行此類收購時，我們甚至沒有輸入數據，但這些數據確實融入了我們的渣油業務、下游渣油業務以及 Lone Star 和 NGL 運輸和分餾業務。所以我們只是全力以赴。我們對米德蘭盆地的巨大增長以及我們在天然氣方面幾乎沒有接觸過的部分感到非常興奮。因此，我們非常興奮，並期待這次收購能帶來許多好處。

With NuStar, we're excited about that too. Joe Kim has done an incredible job growing Sunoco. They've been in different areas and they're evolving entire areas. The pipeline side and we welcome -- we have a really good partnership with them right now and JC Nolan that's got really -- what’s gone really well moving diesel from the Gulf Coast to West Texas.

對於 NuStar，我們也對此感到興奮。喬金 (Joe Kim) 在發展 Sunoco 方面做出了令人難以置信的工作。他們一直在不同的領域，並且正在發展整個領域。管道方面，我們歡迎——我們現在與他們有非常好的合作夥伴關係，JC Nolan 確實——將柴油從墨西哥灣沿岸運送到德克薩斯州西部，進展非常順利。

We've got some deals with them up in the Northeast on transporting our refined products and a lot of stuff going on. With the great partners we look very much forward to what we're going to do with them and that JV. Once again, new news, we're getting our arms around that.

我們在東北部與他們達成了一些關於運輸我們的精煉產品和許多東西的協議。與優秀的合作夥伴一起，我們非常期待與他們以及合資企業的合作。再次，新消息，我們正在全力應對。

But the bottom-line is that's going to be a lot better for both our partnerships than just one-on-one it's going to be a lot add up to a lot more than three or four on what we're already seeing provide a lot of benefits to the producers out there as we team up, but also a lot of downstream value for both our partnerships. So we're excited about to both of them.

但最重要的是，對於我們雙方的合作夥伴關係來說，這比一對一的合作要好得多，而且在我們已經看到的提供的東西上，加起來會比三四個要好得多。當我們合作時，不僅會為生產者帶來好處，也為我們的合作夥伴帶來許多下游價值。所以我們對他們倆都很興奮。

Just want to pivot to the Permian itself. If I could, curious how you guys see the egress situation right now across the three different hydrocarbon chains and the need for incremental takeaway. Do you still see more discussion with Warrior at this point? And how do you think about the crude oil takeaway side as well?

只是想轉向二疊紀本身。如果可以的話，我很好奇你們現在如何看待三個不同碳氫化合物鏈的出口情況以及增量外賣的需求。現在你還會看到與 Warrior 的更多討論嗎？您如何看待原油外送方面？

And how do you think about the crude oil takeaway side as well.

您如何看待原油外送方面？

Okay, I'll tell you -- I’ll start with the crude oil. We don't see a lot with crude oil. We do see there need to be quite a bit more growth to fill up what's there? We're probably a year or two away from any concerns around that at least from our business standpoint, but we'll certainly keep an eye on that. But on Warrior, yeah, we've had some questions both internally but mainly externally about what does the announcement going to arguably do at Warrior. I’ll just summarize that as zero.

好吧，我告訴你——我將從原油開始。我們看不到很多原油。我們確實看到需要更多的成長來填補現有的空間？至少從我們的業務角度來看，我們可能還需要一兩年的時間才能消除對此的擔憂，但我們肯定會密切關注這一點。但對於 Warrior，是的，我們在內部但主要是在外部都提出了一些問題，關於該公告可能會對 Warrior 產生什麼影響。我將其總結為零。

The vast majority of the customers that we've already signed up and that we're pressing the sign of over the next 60 to 90 days have no desire for either the their gas to be in South Texas or the markets that are supporting this project. So by no means is that slowing us down.

我們已經簽約並在未來 60 到 90 天內簽署的絕大多數客戶都不希望他們的天然氣位於德克薩斯州南部或支持該項目的市場。所以這絕對不是讓我們放慢腳步的原因。

We're very -- and I know we've talked about this quarter after quarter, but it has picked up steam. There is a tremendous market east not south but east heading through Texas and other parts of the country really. And so we're very excited about where we sit on Warrior and I'll just say that I'll be disappointed certainly am implying that we're almost FID but I'll be disappointed if we're not announcing FID by our next earnings call.

我們非常——而且我知道我們已經一個又一個季度地討論過這個問題，但它已經加速發展。東部有一個巨大的市場，不是南部，而是東部，穿過德克薩斯州和該國其他地區。因此，我們對 Warrior 的進展感到非常興奮，我只想說，我肯定會感到失望，這意味著我們幾乎已經完成 FID，但如果我們在下一個專案中不宣布 FID，我會感到失望財報電話會議。

We are working hard and we'll see if we can get there. If we do announce that it will be fully sold out. We are not going to take any risk on overbuilding out of that basin but there is still a lot of gas and oil growth for many years to come out of that basin in our opinion.

我們正在努力，看看能否實現這一目標。如果我們確實宣布它將全部售空。我們不會冒任何在該盆地過度建設的風險，但我們認為該盆地多年來仍將有大量天然氣和石油增長。

And then a last one, we mentioned all three, but NGLs we never worry about what others are doing around NGLs. We will build the necessary pipelines to move NGLs out of that area to meet the contracts we have with our customers.

最後一個，我們提到了所有三個，但 NGL 我們從不擔心其他人圍繞 NGL 做了什麼。我們將建造必要的管道，將液化天然氣移出該地區，以滿足我們與客戶簽訂的合約。

John Mackay, Goldman Sachs.

約翰麥凱，高盛。

I wanted to -- and you touched on a couple of these drivers, but maybe just a little more on the underlying business performance for the guidance update? Maybe just a little more color there and how that looks for the back half of the year?

我想——您談到了其中幾個驅動因素，但也許只是更多地介紹了指導更新的基本業務績效？也許只是多一點顏色，下半年情況如何？

Yeah, John, this is Tom. I'll start and then Mackie can add more on. As we said in prepared remarks, we feel very good about the base business, and that's the reason why we were able to bring it up in addition to the acquisitions, not just the WTG.

是的，約翰，這是湯姆。我先開始，然後麥基可以添加更多內容。正如我們在準備好的演講中所說，我們對基礎業務感覺非常好，這就是為什麼我們能夠在收購之外提出它，而不僅僅是 WTG。

So when you really look at it, I think the optimization group a lot of the stuff we've been able to do. We just continue to be able to see additional benefits as we look out over the year. But no, it was great to be able to continue to walk the guidance up for the year, even in this commodity environment because as we get a lot of extra pop when natural gas prices are higher, et cetera. But even with that, we're able to continue to extract good value out of the optimization group.

因此，當你真正審視它時，我認為優化小組做了很多我們已經能夠做的事情。展望這一年，我們將繼續看到更多的好處。但不，即使在這種大宗商品環境下，能夠繼續提高今年的指引真是太好了，因為當天然氣價格較高等情況下，我們會得到很多額外的增長。但即便如此，我們仍能繼續從優化組中獲得良好的價值。

If we're looking at the CapEx side, obviously talking about WTG as a bit of a new growth platform. To your point in the on the Midland side. Maybe you could just frame up how you're thinking about your broader CapEx, look at CapEx, look over the next couple of years, not the footprints bigger. Now that you've pulled in some of the NuStar assets as well. How that should trend versus your two to three you've talked about in the past?

如果我們著眼於資本支出方面，顯然 WTG 是一個新的成長平台。就你在米德蘭一側的觀點而言。也許你可以只是框架你如何思考更廣泛的資本支出，看看資本支出，看看未來幾年，而不是更大的足跡。現在您也已經引進了一些 NuStar 資產。與您過去談論的兩到三個相比，這應該如何發展？

No, that's actually a very, very good question.

不，這其實是一個非常非常好的問題。

As we've just now closed on these up some of these transactions and we're working through right now. So we'll -- as usual, we'll come out with our 2025 guidance whenever we get to the fourth quarter earnings release. And at that time, we will have able book to scrub the normal run rate, but you absolutely nailed it.

由於我們剛剛完成了其中一些交易，我們現在正在處理中。因此，像往常一樣，每當我們發布第四季度收益時，我們都會發布 2025 年的指導。到那時，我們將能夠預訂取消正常的運行率，但你絕對做到了。

With our growth and our scale our size and with everything we're doing, let us scrub that a little bit more. So we won't just do -- give you the 2025 number. We will also kind of give you that ongoing run rate. But as of right now, we've always had that $2 billion to $3 billion. It if anything it'll be probably at that $3 billion. But let us let us do some more work on that before you give any official long-term run rate.

隨著我們的成長、規模、規模以及我們所做的一切，讓我們進一步消除這一點。所以我們不會只是給你 2025 年的數字。我們也會為您提供持續運行率。但截至目前，我們一直有 20 億到 30 億美元。如果有的話，可能會達到 30 億美元。但在您給出任何官方長期運行率之前，讓我們在這方面做更多的工作。

Keith Stanley, Wolfe Research.

基思‧史丹利，沃爾夫研究公司。

First just wanted to ask on M&A. Most of your recent deals including WTG and then buying G&P businesses and leveraging the NGLs. Is that still the main focus for future M&A? Or could you broaden it out? And then, with the with the JV with SUN could that that partnership potentially play a role in M&A or is the JV exclusively about optimizing the existing assets?

首先只是想問一下併購問題。您最近的大部分交易包括 WTG，然後購買 G&P 業務並利用 NGL。這仍然是未來併購的重點嗎？或者你能擴大一下範圍嗎？那麼，透過與 SUN 的合資企業，這種夥伴關係是否可能在併購中發揮作用，或者合資企業是否專門致力於優化現有資產？

Yeah, I will start with the end of that question. Yeah right now the way that is structured the JV in the Midland Basin is not to go out and acquire it. That’s not to say that if there is some gathering assets or other assets in that area that fall within that AMI that we wouldn't approach that together and that’s certainly in our agreement with them.

是的，我將從這個問題的結尾開始。是的，現在米德蘭盆地合資企業的結構方式不是出去收購它。這並不是說，如果該區域有一些採集資產或其他資產屬於該 AMI 範圍內，我們就不會一起處理該問題，這當然是我們與他們達成的協議。

But right now, the main focus is really developing out those systems together and achieve as much of the upside that we can't downstream of that partnership with our other businesses and further downstream revenues.

但現在，主要焦點是真正共同開發這些系統，並實現我們與其他業務的合作夥伴關係下游無法實現的盡可能多的優勢以及進一步的下游收入。

Yeah, and listen, I'll chime in here. This is Tom. The first part of your question just in general where we focus. First off, we still felt like consolidation is going to occur in the midstream similar to what is happening in the midstream and when you see how diversified we are across all the commodities and we go all the way from the wellhead to the water to our export facilities.

是的，聽著，我會在這裡插話。這是湯姆。你問題的第一部分只是我們關注的一般性問題。首先，我們仍然覺得中游將發生整合，類似於中游發生的情況，當你看到我們在所有商品上的多元化，我們從井口到水到出口的所有過程中設施。

We're looking really pretty much across the board. We wouldn't want to dial into any specific area, but the way you ask the question was actually very good, just like what Mackie said on the WTG, we are able to extract a lot of benefits downstream. When we, let's say get into the gathering and processing and it's across all the commodities. It's not tied to any one commodity. So we think that we still have a lot of opportunities there and we're going to continue to evaluate those opportunities.

我們正在全面審視。我們不想深入到任何特定領域，但你提出問題的方式實際上非常好，就像Mackie在WTG上所說的那樣，我們能夠從下游獲得很多好處。當我們進入收集和加工階段時，它涉及所有商品。它不與任何一種商品掛鉤。因此，我們認為我們仍然有很多機會，我們將繼續評估這些機會。

Second question with HH moving to NGL service out of the Bakken. Has that impacted discussions on re-contracting Dakota access at all? How are you thinking about re-contracting on Dakota access in terms of the timing and terms you're looking for?

第二個問題是 HH 從巴肯轉向 NGL 服務。這是否影響了有關重新承包達科他州訪問權的討論？您對達科他州訪問權重新簽訂合約的時間和條款有何看法？

Yeah, Keith, this Mackie. Not that hadn't released spurred any new thoughts around that. I guess, I’d summarize where we're at. We are the pipeline of choice out of their as we move more than 50% of the barrels out of the Bakken. We do have the ability to move significantly more if there's any growth and it's already done our appealing if there's going to be 60,000 to 80,000 barrels, that was leaving the basin now, we will be looking for another way out because we think we will continue to move the majority of the barrels out of that region. But we do think that we will end up and sooner than later, growing or extending some of the agreements that we have but we really don't have a lot of angst or concern of the reasons I just said.

是的，基思，這個麥基。並不是說沒有發布就引發了任何新的想法。我想，我會總結一下我們現在的處境。我們是他們選擇的管道，因為我們將超過 50% 的桶子從巴肯運出。如果有任何增長，我們確實有能力大幅增加產量，如果現在有 60,000 至 80,000 桶離開盆地，我們已經完成了我們的吸引力，我們將尋找另一種出路，因為我們認為我們將繼續將大部分桶運出該地區。但我們確實認為我們遲早會擴大或擴展我們已經達成的一些協議，但我們確實對我剛才所說的原因沒有太多焦慮或擔憂。

We offer more flexibility by going to the Mid-Continent refineries and of course all the way down to the Gulf Coast to the Beaumont, Houston area, as well as value bridge. So we just its unparalleled with the flexibility and the optionality that we're giving for producers. So we sit in very good position and we’re very confident that we will keep Dakota access full at healthy spreads for many years.

我們透過前往中洲煉油廠，當然還有一直到墨西哥灣沿岸、博蒙特、休士頓地區以及價值橋樑，提供更大的靈活性。因此，我們為生產者提供了無與倫比的靈活性和選擇性。因此，我們處於非常有利的位置，我們非常有信心，我們將在多年內保持達科他州的全面准入並保持健康的價差。

Theresa Chan, Barclays.

特蕾莎·陳，巴克萊銀行。

Going back to the comments related to downstream synergies following the formation of the Permian JV with SUN. Can you talk about what timeframe the long haul pipeline commitments rollover from the legacy NuStar gathering system for the barrels that are not already on your long haul system?

回到與 SUN 成立 Permian 合資企業後有關下游協同效應的評論。您能否談談從傳統 NuStar 收集系統中對尚未進入您的長途系統的桶進行長途管道承諾的延期？

Yeah, Theresa, this is Mackie again. No most of the business that NuStar had now Sunoco in our JV is just gathering. So it's gathering that basin and it's delivered to pipelines like Energy Transfer or other competing pipelines in the area.

是的，特蕾莎，這又是麥基。NuStar 現在 Sunoco 在我們合資企業中擁有的大部分業務都只是聚集。因此，它正在收集該盆地，並將其輸送到能源傳輸等管道或該地區其他競爭管道。

So that JV is a large area of the AMI that encompasses Energy Transfer old gathering business in the Permian Basin. But does not include any of the downstream pipelines for example that go to Nederland or up to Cushing. So that’s we're going to work very closely with NuStar’s. I mean, sorry with Sunoco go as part of that JV but that just confined in the gathering part of that business.

因此，該合資企業是 AMI 的一個大區域，涵蓋二疊紀盆地的能源傳輸舊收集業務。但不包括任何下游管道，例如通往荷蘭或庫欣的管道。因此，我們將與 NuStar 密切合作。我的意思是，很抱歉太陽石油公司成為該合資企業的一部分，但這僅限於該業務的收集部分。

Right. I meant to ask were the barrels that are not committed onto Permian Express, when can you roll them on to Permian Express over the next few years?

正確的。我的意思是問，如果沒有交付二疊紀快運的桶，未來幾年什麼時候可以將它們運到二疊紀快運？

I’d answer it like this is that, we're probably gathering 1.5 million barrels and we can move less than that out of it. So we don't have any necessarily dedicated barrels from any particular area other than shippers that taken space on our pipeline systems. So right now, really couldn't say what exact molecules will come from this JV may feed into our downstream business. We take it as a whole.

我的回答是這樣的，我們可能收集了 150 萬桶石油，但我們可以從中運出的數量少於這個數量。因此，除了佔用我們管道系統空間的托運商之外，我們沒有任何特定區域的專用桶。因此，現在還無法確切地說來自該合資企業的分子將進入我們的下游業務。我們把它當作一個整體。

Also, there's different qualities of oil, whether it's WTL or WTI to come involve. So there is a lot more thought process going into this. But yeah at the end of the day, certainly this JV the business of gathering will continue to feed our downstream business both to Nederland to our Houston terminal, as well as one day hopefully to our Blue Marlin project.

此外，石油也有不同的品質，無論是 WTL 還是 WTI。因此，這方面還有很多思考過程。但是，是的，歸根結底，這家合資企業肯定會繼續為我們的下游業務提供服務，包括荷蘭到我們的休士頓碼頭，也希望有一天能夠提供到我們的 Blue Marlin 專案。

And can you just provide us some incremental detail on the marketing strengths in the NGLs and Refined Products segment this quarter? What drove that and how much of that is repeatable?

您能否向我們提供一些有關本季液化天然氣和成品油細分市場行銷優勢的詳細資訊？是什麼推動了這一點？

Yeah, Theresa, hi this is Dylan. So that that NGL marketing line items a lot of activities go into that. Various optimization in the Gulf Coast and the northeast. Over the last quarter, where we really saw the great performance is from the Gulf Coast NGL group. It had a really strong quarter.

是的，特蕾莎，嗨，這是迪倫。因此，NGL 行銷專案涉及許多活動。墨西哥灣沿岸和東北部的各種最佳化。在上個季度，我們真正看到了墨西哥灣沿岸 NGL 集團的出色表現。它有一個非常強勁的季度。

And it's really comparing back to the second quarter last year when we did have an LCM right down on hedged inventory. And additionally, that we also had some strong margins from both the butane and gasoline blending businesses in the northeast.

這確實與去年第二季相比，當時我們的 LCM 確實在對沖庫存上有所下降。此外，我們在東北地區的丁烷和汽油混合業務也獲得了很高的利潤。

Spiro Dounis, Citi.

斯皮羅·杜尼斯，花旗銀行。

First question actually wanted to ask you guys about your global growth ambitions. I know in the past you've talked about an NGL Panama pipeline. And recently your name is mentioned alongside another South American oil and gas project. And so I respect the amount of able to talk about projects specifics, but just curious do you have ambitions to grow on a global level and is that’s something that you do under the MLP structure?

第一個問題其實想問你們全球成長的野心。我知道您過去曾談論過 NGL 巴拿馬管道。最近，您的名字與另一個南美石油和天然氣項目一起被提及。因此，我尊重能夠談論專案細節的人數，但只是好奇您是否有在全球範圍內發展的雄心，這是您在 MLP 結構下所做的事情嗎？

Yeah, this is Tom. That's the quick answer. We think it's the right thing to do for our partnership here. It makes a lot of sense with all that we've built out across all the commodities. So we continue to evaluate it -- evaluate various opportunities when you look across the globe. I will tell you that we will always be very careful with any risk. As we look at these, we'll make sure they're good fits for us. That we can bring a lot of value.

是的，這是湯姆。這就是快速的答案。我們認為這對於我們在這裡的合作夥伴關係是正確的。這對於我們在所有商品中建立的所有內容都非常有意義。因此，我們繼續對其進行評估——放眼全球，評估各種機會。我會告訴你，我們將始終非常小心任何風險。當我們查看這些時，我們將確保它們適合我們。我們可以帶來很多價值。

But we're well aware of the risk -- country risk et cetera that come along with each of these. And it's -- but we once again think that we've got the right team to be able to extract value when you look out globally. But we will -- like I said it'll be credit risk, country risk, et cetera. And when you get involved with -- some of these various companies that are in these other countries, you can do a lot of stuff with them globally when you look at it. So we will continue at least to evaluate but be very thorough in our evaluation.

但我們很清楚其中的風險──國家風險等。但我們再次認為，當您放眼全球時，我們擁有合適的團隊能夠提取價值。但我們會——就像我說的那樣，這將是信用風險、國家風險等等。當你參與其他國家的一些不同的公司時，你可以在全球範圍內與他們一起做很多事情。因此，我們至少會繼續評估，但評估要非常徹底。

And maybe to switch gears back domestically. This power demand or power-gen demand piece just really snuck up on a lot of the market here and it sounds like you all have a few irons in the fire even on the datacentre side.

或許還可以在國內換檔。這種電力需求或發電需求確實在許多市場上悄悄出現，聽起來即使在資料中心方面，你們也有一些急需的東西。

So just curious you get frame for us how you're thinking about the timing of when some of these projects starts to show up in earnings? And maybe as we think about the scope and size are we talking about Greenfield expansions here Brownfield? Just help us understand the opportunity in front of you.

所以只是好奇您是否為我們了解了您如何考慮其中一些項目何時開始出現在收益中的時間？也許當我們考慮範圍和規模時，我們正在談論綠地擴張這裡的布朗菲爾德？只需幫助我們了解您面前的機會。

Yeah, this is Mackie and I'm actually not going to answer your question at first, because I do want to make a statement. I thought about this and we're preparing. Bill Bergen's team did a great job of summarizing some of our competitors and their earnings call and how they did and I find it interesting think back about it. We’ve got competitors talk about the whole business, which is the vast majority of what they do. And they talk about their NGL and oil business, which is the vast majority, there they're all natural gas and what a blessing and how fortunate we are as a partnership with such great employees running this business.

是的，我是麥基，實際上我一開始並不打算回答你的問題，因為我確實想發表一個聲明。我考慮過這個，我們正在準備。Bill Bergen 的團隊出色地總結了我們的一些競爭對手、他們的財報電話會議以及他們的表現，我覺得回想起來很有趣。我們讓競爭對手談論整個業務，這是他們所做的絕大多數事情。他們談論他們的液化天然氣和石油業務，其中絕大多數都是天然氣，與經營這項業務的如此優秀的員工合作，我們是多麼幸運，多麼幸運。

And the breadth of our pipeline system, our terminal our storage throughout the US. I mean, we're so well positioned to meet the demand growth across the board for natural gas and other commodities. So we feel very fortunate and we're going to take advantage of that. So in answering to your question we keep talking here about transition for years in the last four years transitioned well.

我們的管道系統、碼頭和儲存遍布美國各地。我的意思是，我們完全有能力滿足天然氣和其他大宗商品的全面需求成長。所以我們感到非常幸運，我們將利用這一點。因此，在回答你的問題時，我們一直在這裡談論多年來的過渡，在過去四年中過渡得很好。

I guess, everybody's seeing the truth. The transition is, we're about to transition into untold demand for natural gas. And for that case also natural gas liquid did internationally. So, as I just mentioned, nobody is better positioned for us other than Eastern Seaboard. If you look at our pipeline Intrastate Interstate network you look at it what I just we have over 233 BCF of storage along all of our systems to really meet the demands.

我想，大家都看到真相了。轉變是，我們即將轉變為對天然氣的巨大需求。對於這種情況，國際上液化天然氣也採取了同樣的做法。因此，正如我剛才提到的，除了東海岸之外，沒有人比我們處於更有利的位置。如果您查看我們的州內州際管道網絡，您會發現我們所有系統擁有超過 233 BCF 的儲存空間，可以真正滿足需求。

We're situated very well to meet all the up hand demand. You mentioned datacentres.’ Yeah, we're in four five different states in discussions with multiple datacentre’s of different sizes. Some of them or many of them want to put generation on site and wanting as much as 200,000 or 300,000 CEP for each one. So it’s an enormous opportunity for us.

我們的位置非常好，可以滿足所有現有需求。您提到了資料中心。是的，我們在四個五個不同的州與不同規模的多個資料中心進行討論。他們中的一些人或許多人希望在現場發電，並希望每台發電高達 200,000 或 300,000 CEP。所以這對我們來說是一個巨大的機會。

As I mentioned, we're very advantaged at many of the areas to capture a lot of this business, as well as for the power plant demand for natural gas. We see that going up astronomically we think we could increase the demand here for electricity over the next six to eight years, about 30,000 or 40,000 megawatts at least. Here just in Texas and that go to other states similar type needs.

正如我所提到的，我們在許多領域都非常有優勢，可以捕獲大量此類業務，以及滿足發電廠對天然氣的需求。我們認為，未來六到八年，這裡的電力需求將呈現天文數字成長，至少增加約 3 萬或 4 萬兆瓦。就在德州，其他州也有類似的需求。

Once again, we are very well positioned and then you add on to that, I mean, we've got population growth in Florida, in Texas, Bahamas all these gas utilities that will be feeding. And we want our business you've got Blue Mont. Just what we're working with Long with a handful of folks. If it comes to fruition, the majority of that, we're looking at between one and two BCF of natural gas deliveries at our terminals close to our terminals for blue ammonia, and then you throw in crypto and on and on,

再一次，我們處於非常有利的位置，然後你補充一下，我的意思是，我們在佛羅裡達州、德克薩斯州、巴哈馬群島的人口增長，所有這些天然氣公用事業公司都將提供電力。我們想要我們的生意，你有 Blue Mont。這正是我們與 Long 和少數人合作的。如果實現的話，其中大部分，我們正在考慮在靠近我們的藍色氨終端的終端輸送一到兩個 BCF 的天然氣，然後你投入加密貨幣等等，

So yeah, we're very bullish. I know that longwinded answer to your question, but we couldn't be more excited about transferred I mean natural gas, demand growth, and how we're going to be able to take advantage of that with our broad system.

所以是的，我們非常樂觀。我知道你的問題的答案很冗長，但我們對轉移（我指的是天然氣）、需求成長以及我們將如何透過我們廣泛的系統利用這一點感到非常興奮。

So it's very problematic. I'll leave it there. Thanks so much.

所以這是非常有問題的。我會把它留在那裡。非常感謝。

Michael Blum with Wells Fargo.

麥可布魯姆與富國銀行。

I want to go back to Kinder Morgan's HH conversion announcement. Wondering if you could possibly participate in this project in any way either, offshoring or downstream of HH, and if you could remind us on the contract terms of the NGL balance you have from the Crestwood acquisition?

我想回到 Kinder Morgan 的 HH 轉換公告。想知道您是否可以以任何方式參與該項目，無論是離岸還是 HH 下游，以及您是否可以提醒我們您從 Crestwood 收購中獲得的 NGL 餘額的合約條款？

Yeah, that's a good question, Michael. Because that's really where we see a couple of benefits. But one of them is we are chasing a couple of pretty big deals and we've got available capacity that’s already sitting and waiting for us, the processing capacity with the Crestwood asset. We do intend to fill that and now there's competition.

是的，這是個好問題，麥可。因為這確實是我們看到的一些好處。但其中之一是，我們正在尋求幾筆相當大的交易，而且我們已經擁有可用的產能，也就是 Crestwood 資產的處理能力。我們確實打算填補這一空白，但現在存在競爭。

Now when you have a monopoly it's hard to get a good net back price for your producer for your business and that’s changing. So we're excited and intrigued that Kinder is doing this. It's something more like we do. So we love that and like I said, it's not going to hurt our feelings at the maybe 60,000 to 80,000 more barrels looking for a home on our Dakota access.

現在，當您擁有壟斷地位時，就很難為您的生產商為您的業務獲得良好的淨回報價格，而這種情況正在改變。因此，我們對金德正在這樣做感到興奮和好奇。這更像是我們所做的事情。所以我們喜歡這一點，就像我說的，這不會傷害我們的感情，因為大約有 60,000 到 80,000 桶在我們的達科他通道上尋找安家。

Now, downstream, we certainly are in discussions and we love and feel like we probably will see some of those barrels at a minimum at our frac, but we're just in early discussions and certainly see that as a another potential upside for what Kinder is doing. But mainly we like what's going on up the Basin of what it will do for our own assets up there.

現在，在下游，我們當然正在討論，我們喜歡並感覺我們可能會在我們的壓裂中至少看到其中一些桶，但我們只是在早期討論中，當然認為這是 Kinder 的另一個潛在好處正在做。但主要是我們喜歡盆地裡正在發生的事情，因為它將為我們在那裡的資產帶來好處。

And then, just wanted to get your latest thoughts on what's happening in the Haynesville, North of Louisiana. Obviously has been the legal challenges some of that now transpired. So just wanted to get your latest thoughts there.

然後，我只是想了解您對路易斯安那州北部海恩斯維爾發生的事情的最新想法。顯然，其中一些是現在發生的法律挑戰。所以只是想了解您的最新想法。

Okay, yeah, Marcellus, Utica, and Haynesville, tough areas over the last quarter. A lot of lean gas, lot of drilling slowing down even some shut-ins, so we've seen those two basins in Haynesville especially come off what 2 to 2.5 BCF just into the end of last year. We are seeing it start to recover as prices start to recover. The enormous reserves in North Louisiana we have multiple 42 inches pipes running through North Louisiana actually three.

好吧，是的，馬塞勒斯、尤蒂卡和海恩斯維爾是上個季度的艱難地區。大量貧氣、大量鑽探甚至減緩了一些關閉，因此我們看到海恩斯維爾的這兩個盆地在去年年底尤其下降了 2 至 2.5 BCF。隨著價格開始回升，我們看到它開始回升。北路易斯安那州儲量巨大，我們有多個 42 英寸管道穿過北路易斯安那州，實際上是三個。

We got a Gulf run extension to the South. We have the ability to increase the capacity on that relatively easy. And we're -- we've got a lot of potential to grow there and so does the industry. When you're talking about the issues in Louisiana, I'll touch on those real quick. We are in a lawsuit with one company, but from a high level there were three companies that were looking for I think it was 150, 160 crossing of our pipelines and we deal with this every day. Whether it's other top-line companies or utility companies, or electric companies or whatever, it's a normal part of our business.

我們得到了向南延伸的海灣航線。我們有能力相對容易增加容量。我們在那裡有很大的發展潛力，整個產業也是如此。當你談論路易斯安那州的問題時，我會很快談到這些問題。我們正在與一家公司提起訴訟，但從高層來看，有 3 家公司正在尋找我們管道的 150、160 處交叉點，我們每天都會處理這種情況。無論是其他頂級公司、公用事業公司、電力公司或其他公司，這都是我們業務的正常組成部分。

But what happened was with two of these pipeline companies we needed technical data. We need to work with them on where they cross and how they are going to impact their or router way, our first router way, how they maybe going to adversely possibly affect our safety, our employees.

但發生的情況是，我們需要其中兩家管道公司的技術數據。我們需要與他們合作，研究他們的交叉點，以及他們將如何影響他們或路由器的方式，我們的第一個路由器方式，他們可能會如何對我們的安全、我們的員工產生不利影響。

So it's important to us to have answers to our questions like we always ask and get and two of the pipelines work with us. We have one pipeline that has rejected or refused to provide that technical data and all we're doing is protecting our rights and we’ll continue to -- as a partnership and we'll see how all that plays out.

因此，對我們來說，獲得問題的答案非常重要，就像我們總是提出問題並得到答案一樣，並且有兩個管道與我們合作。我們有一條管道已拒絕或拒絕提供技術數據，我們所做的只是保護我們的權利，我們將繼續作為合作夥伴，我們將看看這一切會如何發展。

Thank you. And this concludes our question and answer session. I would like to return the floor to Tom Long for any closing comments.

謝謝。我們的問答環節到此結束。我想請湯姆朗發言以徵求結束意見。

All right, we definitely appreciate you all joining us.

好的，我們非常感謝大家加入我們。

I do want to add one more comment here at the end. We do get a lot of inbound. I'm going to go back to the global question a little bit here. We have a lot of hard assets second to none across this country, but another significant asset we just -- we mentioned occasionally, but can't ever mention -- emphasize enough is the team and human resource side of the team.

我確實想在最後添加一條評論。我們確實收到了很多入境的資訊。我將在這裡稍微回到全球問題。我們在全國擁有許多首屈一指的硬資產，但我們偶爾提到但不能提及的另一個重要資產是團隊和團隊的人力資源方面。

This, all the inbounds that we get globally is a huge, huge complement to the second to none team that we have. Operations team, BD team, I think it's recognized globally and that's the reason a lot of inbounds do come to us.

我們在全球範圍內獲得的所有入球都是對我們首屈一指的團隊的巨大補充。營運團隊、BD 團隊，我認為它在全球範圍內得到了認可，這就是許多入境者來到我們這裡的原因。

And we take it as, like I said, a massive complement that our name is used out there a lot. But, anyway one I wanted to make sure I got that in. But thank all of you -- all for joining us and we look forward to talking with all of you with any follow-up questions. Thanks.

正如我所說，我們認為這是對我們名字被廣泛使用的一個巨大補充。但是，無論如何，我想確保我能把它放進去。但感謝大家加入我們，我們期待與大家討論任何後續問題。謝謝。

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

謝謝。會議現已結束。感謝您參加今天的演講。現在您可以斷開線路。