Energy Transfer LP (ET) 2024 Q3 法說會逐字稿

Hello, and welcome to the Energy Transfer's third quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Energy Transfer 2024 年第三季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to hand the call to Tom Long. Please go ahead.

我現在想把電話轉給湯姆·朗。請繼續。

Thank you, operator, and good afternoon, everyone, and welcome to the Energy Transfer third quarter 2024 earnings call. I'm also joined today by Mackie McCrea and other members of the senior management team who are going to be able to help answer your questions after our prepared remarks. Hopefully, you saw the press release we issued earlier this afternoon.

謝謝營運商，大家下午好，歡迎參加 Energy Transfer 2024 年第三季財報電話會議。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，他們將能夠在我們準備好的發言後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 their 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其發布以及發佈到我們網站上的幻燈片，以充分了解本季度和我們的成長機會。

Also 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 detail in our Form 10-Q for the quarter ended September 30, 2024, which we expect to file tomorrow, November 7. 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.

另請注意，我們將根據 1934 年《證券交易法》第 21E 條的規定做出前瞻性陳述。這些陳述基於我們當前的信念以及我們目前掌握的某些假設和信息，並在截至2024 年9 月30 日的季度的10-Q 表格中進行了更詳細的討論，我們預計將於明天（即11月7 日）提交該表格。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 with the financial results. For the third quarter of 2024, we generated adjusted EBITDA of $3.96 billion. compared to $3.54 billion for the third quarter of 2023. We had record volumes through our crude oil midstream gathering and NGL pipelines as well as through our NGL fractionators. In addition, we saw strong crude and NGL exports during the quarter and increased volumes through our refined products pipelines. DCF attributable to the partners of Energy Transfer, as adjusted, was $1.99 billion, consistent with the third quarter of last year. And for the first nine months of 2024, we spent approximately $1.7 billion on organic growth capital, primarily in the Midstream and NGL and refined products segments, excluding SUN and USA Compression CapEx.

讓我們從財務表現開始。2024 年第三季度，我們的調整後 EBITDA 為 39.6 億美元。相比之下，2023 年第三季為 35.4 億美元。我們的原油中游收集、液化天然氣管道以及液化天然氣分餾器的產量創下了紀錄。此外，本季原油和液化天然氣出口強勁，並且透過我們的成品油管道出口量增加。調整後歸屬於 Energy Transfer 合作夥伴的 DCF 為 19.9 億美元，與去年第三季持平。2024 年前 9 個月，我們在有機成長資本上花費了約 17 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。

Now turning results by segment for the third quarter. We'll start with NGL and refined products. Adjusted EBITDA was $1.01 billion compared to $1.08 billion for the third quarter of 2023. This was primarily due to growth across our Mariner East pipeline operations as well as strong NGL exports which were offset by lower gains from the optimization of hedged NGL inventory as we recognized over $100 million in gains in the third quarter of last year compared to $30 million this year.

現在按部門劃分第三季的業績。我們將從液化天然氣和精煉產品開始。調整後 EBITDA 為 10.1 億美元，而 2023 年第三季為 10.8 億美元。這主要是由於我們的Mariner East 管道業務的成長以及強勁的NGL 出口，但這些成長被對沖NGL 庫存優化帶來的收益下降所抵消，因為我們去年第三季的收益超過1 億美元，而去年第三季的收益為3,000 萬美元今年。

For midstream, adjusted EBITDA was $816 million compared to $631 million for the third quarter of 2023. The increase was primarily due to higher volumes in the Permian Basin and Eagle Ford as well as the addition of the Crestwood and WTG assets in November 2023 and July 2024, respectively. In addition, during the quarter, we recognized $70 million in proceeds from a onetime business interruption claim.

中游業務調整後 EBITDA 為 8.16 億美元，而 2023 年第三季為 6.31 億美元。這一成長主要是由於二疊紀盆地和 Eagle Ford 的產量增加，以及 Crestwood 和 WTG 資產分別於 2023 年 11 月和 2024 年 7 月增加。此外，在本季度，我們從一次性業務中斷索賠中確認了 7,000 萬美元的收益。

For the crude oil segment, adjusted EBITDA was $768 million compared to $706 million for the third quarter of 2023. The increase was primarily due to record crude oil transportation throughput, higher crude oil exports, which were up 49%, the recently formed Permian joint venture with SUN as well as the acquisition of the Crestwood and WTG assets. Excluding these acquisitions, crude oil transportation throughput on our base business increased 4%.

對於原油部門，調整後的 EBITDA 為 7.68 億美元，而 2023 年第三季為 7.06 億美元。這一增長主要是由於創紀錄的原油運輸吞吐量、原油出口增加（增長了 49%）、最近與 SUN 成立的 Permian 合資企業以及對 Crestwood 和 WTG 資產的收購。剔除這些收購，我們基礎業務的原油運輸吞吐量成長了4%。

For the interstate natural gas segment, adjusted EBITDA was $460 million compared to $491 million for the third quarter of 2023. During the quarter, we saw higher demand on Panhandle, Trunkline and Gulf Run. This was offset by lower IT utilization in dry gas areas due to the lower gas prices and weaker spreads. Additionally, we had higher operating expenses primarily due to a one-time benefit recorded in the third quarter of 2023 that reduced operating expenses and increased maintenance project costs.

對於州際天然氣領域，調整後的 EBITDA 為 4.6 億美元，而 2023 年第三季為 4.91 億美元。本季度，我們看到 Panhandle、Trunkline 和 Gulf Run 的需求增加。但由於天然氣價格較低和價差較小，乾氣地區 IT 使用率較低，抵銷了這一影響。此外，我們的營運費用較高，主要是由於 2023 年第三季記錄的一次性效益減少了營運費用並增加了維護專案成本。

And for the intrastate natural gas segment, adjusted EBITDA was $329 million compared to $244 million in the third quarter of last year. The increase was primarily due to approximately $100 million of increased gains related to pipeline optimization opportunities.

對於州內天然氣部門，調整後的 EBITDA 為 3.29 億美元，而去年第三季為 2.44 億美元。這一增長主要是由於與管道優化機會相關的收益增加了約 1 億美元。

Turning to our recently completed acquisition of WTG which enhances our Permian Basin operations and downstream businesses. Integration of the combined assets is underway, and we have recently approved several projects that are expected to enhance reliability, reduce losses and improve the overall efficiencies of the system for our customers.

談到我們最近完成的對 WTG 的收購，這增強了我們二疊紀盆地的業務和下游業務。合併資產的整合正在進行中，我們最近批准了幾個項目，預計這些項目將為我們的客戶提高可靠性、減少損失並提高系統的整體效率。

Also in July, Energy Transfer and Sunoco LP announced the formation of a joint venture combining their respective crude oil and produced water gathering assets in the Permian Basin. We're making good progress on integrating the combined systems and are executing on synergies and growth opportunities that will drive additional value while expanding our market and service offerings for our customers.

同樣在 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。我們在整合組合系統方面取得了良好進展，並正在利用協同效應和成長機會，這將在擴大我們的市場和為客戶提供的服務的同時帶來額外價值。

No turning to our 2024 organic growth capital guidance and our growth projects, we now expect 2024 growth capital expenditures to be approximately $2.9 billion. which will be spent primarily in the NGL and refined products and midstream segments. At our Nederland Terminal, construction of the expansions to our NGL export capacity continues to progress. and the project remains on schedule for an anticipated in-service for the initial phase in mid-2025.

不考慮我們的 2024 年有機成長資本指導和成長項目，我們現在預計 2024 年成長資本支出約為 29 億美元。這將主要用於液化天然氣、煉油產品和中游領域。在我們的荷蘭碼頭，液化天然氣出口能力的擴建工程仍在持續進行中。該項目仍按計劃進行，預計於 2025 年中期投入使用。

At Mont Belvieu, as mentioned on our last call, we have approved our ninth fractionator, which 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.

正如我們上次電話會議中所提到的，我們已在 Mont Belvieu 批准了第九個分餾塔，該分餾塔的設計產能為每天 165,000 桶，預計將於 2026 年第四季度投入使用。這將使 Mont Belvieu 的總分餾能力達到每天 130 萬桶以上。

Taking a look at our Permian processing expansions. We recently completed the 50 million cubic foot per day upgrade to our Orla East processing plant. And construction continues on upgrades to three other processing facilities, which will add incremental processing capacity in West Texas of approximately 150 million cubic feet per day. Additionally, construction of the 200 million cubic feet per day Badger processing plant in the Permian Basin is underway. As a reminder, this plant, which is expected to be in service in mid-2025, will utilize an idle plant that is being relocated to the Delaware Basin.

看看我們的二疊紀加工擴張。我們最近完成了 Orla East 加工廠每天 5000 萬立方英尺的升級。另外三個加工設施的升級建設仍在繼續，這將為德州西部增加每天約 1.5 億立方英尺的加工能力。此外，二疊紀盆地每天 2 億立方英尺的 Badger 加工廠的建設正在進行中。需要提醒的是，該工廠預計將於 2025 年中期投入使用，將利用正在搬遷到特拉華盆地的閒置工廠。

Looking at our crude assets, we recently completed construction of a 30-mile pipeline to add a direct connection from Midland to our pipeline that flows from the Permian Basin to Cushing. As a result, we are now able to transport approximately 100,000 barrels per day of crude oil from our terminals in Midland, Texas to our terminal in Cushing, Oklahoma.

看看我們的原油資產，我們最近完成了一條 30 英里長的管道的建設，以增加從米德蘭到我們從二疊紀盆地到庫欣的管道的直接連接。因此，我們現在每天能夠將大約 100,000 桶原油從德克薩斯州米德蘭的碼頭運輸到俄克拉荷馬州庫欣的碼頭。

For a brief update around power generation opportunities. With forecasted AI and data center growth creating rising electrical needs, and the necessity for grid reliability becoming increasingly important, it is clear that natural gas will play a significant role in helping meet this demand. Given Energy Transfer's extensive interstate and intrastate natural gas pipeline footprint, we are the best positioned to capitalize on the anticipated rise in natural gas demand for AI data centers, natural gas power plants and industrial and onshore manufacturing for decades to come. We have never seen this level of activity from a demand pull standpoint and these opportunities are truly spread across our natural gas footprint from Arizona to Florida and from Texas to Michigan.

有關發電機會的簡要更新。隨著人工智慧和資料中心的成長預計將帶來不斷增長的電力需求，以及電網可靠性的必要性變得越來越重要，天然氣顯然將在幫助滿足這一需求方面發揮重要作用。鑑於 Energy Transfer 廣泛的州際和州內天然氣管道足跡，我們最有能力利用未來幾十年人工智慧資料中心、天然氣發電廠以及工業和陸上製造業的天然氣需求預期成長。從需求拉動的角度來看，我們從未見過這種水平的活動，這些機會真正分佈在我們的天然氣足跡中，從亞利桑那州到佛羅裡達州，從德克薩斯州到密西根州。

We currently serve gas-fired power plants in 15 states with approximately 185 plants served via direct or indirect connections throughout these states, and our opportunities have only increased since our last call. We have had requests to connect to approximately 45 power plants that we do not currently serve in 11 states that in aggregate could consume gas loads up to 6 BCF per day.

目前，我們為 15 個州的燃氣發電廠提供服務，其中約 185 家工廠透過直接或間接連接在這些州提供服務，自上次通話以來，我們的機會只增不減。我們已收到連接到 11 個州的大約 45 個發電廠的請求，這些發電廠目前尚未為這些發電廠提供服務，這些發電廠每天總共消耗的天然氣負載高達 6 BCF。

In addition, we have had requests from over 40 prospective data centers in 10 states. These data centers in aggregate could consume gas loads up to 10 BCF per day. Some of these may be behind the electric meter for reliability purposes. Many of these developers are still working to determine optimal locations and are seeking information on pipeline proximity and cost to connect.

此外，我們也收到了來自 10 個州 40 多個預期資料中心的請求。這些資料中心每天總共消耗的氣體負荷高達 10 BCF。出於可靠性目的，其中一些可能位於電錶後面。許多開發商仍在努力確定最佳位置，並尋求有關管道鄰近度和連接成本的資訊。

In addition to support our own operations and increase system reliability for Energy Transfer and our customers in Texas, we have started construction on eight 10-megawatt natural gas-fired electric generation facilities. The first of these facilities is expected to be in service in the first quarter of next year, with the remainder expected to be in service throughout 2025 and 2026.

除了支援我們自己的營運並提高 Energy Transfer 和德州客戶的系統可靠性外，我們還開始建造 8 個 10 兆瓦天然氣發電設施。第一個設施預計將於明年第一季投入使用，其餘設施預計將在 2025 年和 2026 年投入使用。

We also continue to make progress on the development of several other growth projects, including our Lone Star pipe optimizations, Warrior, Blue Marlin offshore oil project like Charles LNG, a carbon capture and sequestration project with CapturePoint, 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Lone Star 管道優化、Warrior、Blue Marlin 海上石油項目（如Charles LNG）、CapturePoint 的碳捕獲和封存項目以及位於查爾斯湖的Blue Ammonia中心和荷蘭。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，並使它們更接近最終投資決定。

Looking at EBITDA guidance. We continue to expect 2024 adjusted EBITDA to be between $15.3 billion to $15.5 billion. Our results reflect the strength of our assets and the benefit of having a diverse geographic footprint and multiple product offerings. We remain excited about our business and the demand for these products and our services, both domestically and internationally. We have seen a wide range of estimates for new power demand and the broad consensus suggests that natural gas fuel power demand will increase significantly in the future.

查看 EBITDA 指導。我們仍預期 2024 年調整後 EBITDA 將在 153 億美元至 155 億美元之間。我們的業績反映了我們的資產實力以及擁有多元化地理足跡和多種產品供應的優勢。我們對我們的業務以及國內和國際對這些產品和服務的需求仍然感到興奮。我們看到了對新增電力需求的各種估計，廣泛的共識表明天然氣燃料電力需求未來將大幅增加。

We are already seeing increasing power needs across several of our natural gas pipelines driven by AI, data center and power plant growth. Given our extensive natural gas pipeline network, particularly in Texas and Oklahoma, we believe that Energy Transfer is one of the best positioned companies in the industry to help meet this demand.

我們已經看到，由於人工智慧、資料中心和發電廠的成長，我們的幾條天然氣管道的電力需求不斷增加。鑑於我們廣泛的天然氣管道網絡，特別是在德克薩斯州和俄克拉荷馬州，我們相信 Energy Transfer 是業內最有能力幫助滿足這一需求的公司之一。

We also continue to maintain a strong liquidity position with a balance sheet that allows the flexibility to fund organic growth opportunities while also further reducing our leverage, maintaining our targeted distribution growth rate and increasing equity returns to our unitholders.

我們也持續保持強勁的流動性頭寸，資產負債表可以靈活地為有機成長機會提供資金，同時進一步降低槓桿率，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。

This now 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。接線員，請打開隊列回答我們的第一個問題。

(Operator Instructions)

（操作員說明）

Jeremy Tonet, JPMorgan.

傑里米·託內特，摩根大通。

Hi, good afternoon.

嗨，下午好。

Hey Jeremy.

嘿傑里米。

Thanks, this slide 5, as you laid out here, it seems pretty interesting, and thank you for all the details on the call. 45 plants, 6 BCF a number of other demand pull sounds pretty sizable here. And so granted that there's a lot uncertain at this point still. But when do you think this could start entering the plan? How could this impact the ET growth outlook? And how much operating leverage do you see the system having to this trend?

謝謝，這張投影片 5，正如您在此處列出的那樣，看起來非常有趣，並且感謝您在通話中提供的所有詳細資訊。 45 家工廠、6 BCF 以及其他一些需求拉動聽起來相當大。當然，目前仍存在著許多不確定性。但您認為這什麼時候可以開始進入計劃呢？這將如何影響 ET 的成長前景？您認為該系統對此趨勢有多大的營運槓桿？

Hey, Jimmy, this is Mackie. Certainly a question we anticipated. We've heard for four years how we're transitioning out of fossil fuels. And very clearly, we're going in a different direction. And even the liberals have figured out that we're transitioning into more natural gas and more natural gas liquids.

嘿，吉米，這是麥基。當然是我們預料到的問題。四年來我們一直聽說我們正在如何擺脫化石燃料。很明顯，我們正在走向不同的方向。甚至自由主義者也發現我們正在轉向更多的天然氣和更多的液化天然氣。

So we feel very fortunate as a partnership looking at our assets throughout the United States, we can benefit with our footprint as described on the page that you referenced. So we're -- for the last four or five years, we've been chasing every possible power plant or a large gas consumer on any of our pipelines. This is kind of just a follow-up to that with this all of a sudden rush to build data centers and additional power plants.

因此，作為一家在美國各地查看我們資產的合作夥伴，我們感到非常幸運，我們可以從您引用的頁面上描述的我們的足跡中受益。因此，在過去的四、五年裡，我們一直在尋找每一個可能的發電廠或任何管道上的大型天然氣消費者。這只是突然急於建造資料中心和額外發電廠的後續行動。

So we're way ahead of the curve. We are very excited about the opportunities this is going to create for our partnership throughout multiple states in the South and through the Midwest with our ability to move large volumes to these pipelines and our access to our own storage for immediate delivery to power plants where those services are necessary. We just are very excited about the future. In Tom's prepared remarks, we showed we're chasing like 16 BCF. Do we expect to get that? No. But do we expect to get our fair share of that throughout these assets.

所以我們遙遙領先。我們對這將為我們在南部多個州和中西部的合作夥伴關係創造機會感到非常興奮，因為我們有能力將大量貨物運輸到這些管道，並使用我們自己的儲存設施，以便立即交付給那些發電廠。我們對未來感到非常興奮。在 Tom 準備好的發言中，我們表明我們正在追逐 16 BCF。我們期望得到那個嗎？不。但我們是否期望在這些資產中獲得公平的份額？

And kind of a last comment on that. I was with the team last week, and we were looking through this. And it's ironic. It's almost crazy where a lot of these power plants and data centers are being potentially positioned are within 2 or 3 miles of our pipeline. It's almost like they had already come to us first and we're the most optimum places to our assets, whether they're close to cities or close to our storage facility. So we're really excited about where most of these data centers and power plants are going in close proximity to our system and our team is well prepared and down the road in a lot of negotiations to take advantage of those opportunities.

這是對此的最後評論。上週我和團隊在一起，我們正在研究這個問題。這很諷刺。許多發電廠和資料中心都可能位於距離我們管道 2 或 3 英里的範圍內，這幾乎是瘋狂的。就好像他們已經先來找我們一樣，我們是我們資產的最佳地點，無論它們靠近城市還是靠近我們的儲存設施。因此，我們對大多數資料中心和發電廠都靠近我們的系統感到非常興奮，我們的團隊已做好充分準備，並正在進行大量談判以利用這些機會。

Got it. Makes sense. Certainly seems like affordable and reliable natural gas is appealing. Wanted to move along, I guess, I think there was an announcement regarding a South Mississippi Pipeline open season there. And just wondering, I guess, what type of expansions do you see off the system going forward? And how could that impact, I guess, your growth CapEx outlook going forward within your capital allocation parameters?

知道了。有道理。當然，價格實惠且可靠的天然氣似乎很有吸引力。我想，我想繼續前進，我想那裡有關於南密西西比管道開放季節的公告。我想知道，您認為系統未來會進行什麼類型的擴充？我想，這會如何影響您在資本配置參數範圍內未來的成長資本支出前景？

Yeah, Jeremy, this is Mackie again. That's another project that's needed kind of desperately over the next four or five years. The growth in natural gas demand on the East Coast and Florida is just enormous, and it's going up by the day because of population, everything else. And so we do have an open season out there. We have a tremendous response, a lot of interest, the forward curve from kind of Perryville area to Florida are enormous. So we're very excited of that. It's way premature on kind of timing of how that will go and the capital involved, but we do see an opportunity there, and we think there's a real possibility, we'll be a part of that growth.

是的，傑里米，這又是麥基。這是未來四、五年迫切需要的另一個項目。東海岸和佛羅裡達州的天然氣需求成長非常巨大，而且由於人口和其他因素的影響，這項需求與日俱增。所以我們確實有一個開放季節。我們得到了巨大的反響和很大的興趣，從佩里維爾地區到佛羅裡達州的遠期曲線是巨大的。所以我們對此感到非常興奮。現在就具體的實施時機和涉及的資本來說還為時過早，但我們確實看到了那裡的機會，而且我們認為確實有可能，我們將成為這種增長的一部分。

Got it. And just one last quick one, if I could. It seemed like Diamondback was talking a bit about your partnership on their call recently here and just wondering what that means for Permian egress as you see it, it seems like Warrior, they outlined quite the case for the need there. Just wondering, do you see this being a sooner rather than later event with an FID here?

知道了。如果可以的話，就快點講最後一首吧。戴蒙德貝克最近在這裡的電話會議上似乎談到了你們的合作夥伴關係，只是想知道這對二疊紀出口意味著什麼，就像勇士一樣，他們概述了那裡的需求。只是想知道，您認為 FID 是宜早不宜遲的事件嗎？

Yes. I know I said on the last call that I'd be disappointed if we didn't announce it. We're certainly not on this call, going to announce FID, but I won't say we're disappointed. We've made tremendous progress. We are very likely, within weeks, getting to FID. We're not there yet, but we've made a lot of strides. It's a unique pipeline in that it is producer push to a certain degree, but it's also a market pull. So it's both directions needed. It ties into -- I was trying to describe this. Most of you all probably know our system well.

是的。我知道我在上次電話中說過，如果我們不宣布這一消息，我會感到失望。我們當然不會參加這次電話會議，宣布最終投資決定，但我不會說我們感到失望。我們已經取得了巨大的進步。我們很可能在幾週內達成最終投資決定。我們還沒有達到這個目標，但我們已經取得了很大的進步。這是一個獨特的管道，因為它在某種程度上是生產者的推動，但也是市場的拉力。所以這兩個方向都需要。它與——我試圖描述這一點有關。你們中的大多數人可能都很了解我們的系統。

But if you think about energy intrastate system in Texas. It's almost like a hand that extends out of the fourth basin, where we have a pipeline, 36 inch going to Northeast Texas, connected to multiple 42 inch pipes. We had two 42 inches going to cartage or our intrastate markets as well as interstate pipelines there. We also have two of our own pipelines. We have a 42 inch that goes down to Southeast, kind of Port Arthur, Texas, where we tie to -- or tied to interstate pipelines as well as Golden Pass and Sempra and just a lot of upside there, and of course, 42 and 36 that ultimately goes to Katy and the Houston Ship Channel. And of course, we have pipelines -- our Houston pipeline system that goes to Agua Dulce.

但如果你考慮一下德州的能源州內系統。它幾乎就像一隻手伸出第四個盆地，在那裡我們有一條 36 英寸的管道通往德克薩斯州東北部，連接到多個 42 英寸的管道。我們有兩個 42 英吋的管道用於運輸或州內市場以及州際管道。我們還有兩條自己的管道。我們有一條 42 英寸的管道延伸到東南部，類似於德克薩斯州的亞瑟港，我們在那裡連接或連接到州際管道以及 Golden Pass 和 Sempra，那裡有很多上升空間，當然，42 和36最終到達凱蒂和休斯頓航道。當然，我們有管道——我們的休士頓管道系統通往阿瓜杜爾塞。

So we're so uniquely set up to take advantage of offering the most flexibility to all of these markets. What we're missing is years ago when we built the first, second, third 42 and 36 inch pipes on the fourth Basin, we anticipated that basin being at 8 9,10 BCF by now. Well with what happened just population growth there and really what happened was all these other shelves that became more profitable and made more sense for producers, it slowed down dramatically.

因此，我們的設置如此獨特，可以充分利用為所有這些市場提供最大靈活性的優勢。我們缺少的是幾年前，當我們在第四個盆地建造第一、第二、第三個 42 和 36 英寸管道時，我們預計盆地現在的厚度為 8 9,10 BCF。好吧，隨著那裡人口的增長，真正發生的是所有其他貨架變得更有利可圖，對生產商來說更有意義，它的速度急劇放緩。

So we had a lot of idle -- not idle, a lot of underused capacity. We're using all these pipes, but we've got capacity unutilized. And so water is exciting and that it's going to be a great project for us, but it's also going to benefit from this underutilized capacity to go to all these points I just described. And so we hope to be to FID, if it's not days in the coming weeks, we actually have already locked in an option to purchase steel. So we know that price for the majority of the steel. We feel good about that.

所以我們有很多閒置的——不是閒置，而是很多未充分利用的產能。我們正在使用所有這些管道，但仍有容量未利用。因此，水是令人興奮的，這對我們來說將是一個偉大的項目，但它也將從這種未充分利用的能力中受益，以實現我剛才描述的所有這些點。所以我們希望最終投資決定，如果不是未來幾週內的幾天，我們實際上已經鎖定了購買鋼材的選擇權。所以我們知道大多數鋼材的價格。我們對此感覺很好。

And we're kind of structuring this where we anticipate announcing it when we get to FID, if we do, and it will be a good project with a good rate of return, where we'll have the ability to add compression in the future, a significant amount to move 700,000, 800,000 more than what we anticipated initially, and the reason that's important, that's why we'll feed all these new power plants that are coming on, all these new data centers that are happening. So it's an important project for us, and we do intend to get it to the finish line.

我們正在建立這個，我們預計在最終投資決定時宣布它，如果我們這樣做的話，這將是一個具有良好回報率的好項目，我們將有能力在未來增加壓縮，比我們最初的預期多了700,000 、80 萬個，這很重要，這就是為什麼我們將為所有這些即將投入使用的新發電廠、所有這些正在建造的新資料中心提供電力。所以這對我們來說是一個重要的項目，我們確實打算完成它。

Got it. That's great to hear. Sounds like a lot of operating leverage across the system. Thank you for that. I'll leave it there.

知道了。很高興聽到這個消息。聽起來整個系統有很多營運槓桿。謝謝你。我會把它留在那裡。

Jean Ann Salisbury, Bank of America.

讓安·索爾茲伯里，美國銀行。

Hi, with the lifting of the LNG permit band assuming possibly more imminent, can you just remind us of the status of Lake Charles on EPC contracts, et cetera?

您好，隨著液化天然氣許可證範圍的取消可能更加迫在眉睫，您能否提醒我們查爾斯湖在 EPC 合約等方面的狀況？

Well, I'm looking at Tom Mason and he's assured me and his team that once Trump elected, and we get some rational, reasonable people running this country that we will get that to FID. So we're very excited about that. We've still got a lot of work to do. We've got partners we'll need to bring in the course financing, but we do have a lot of momentum.

嗯，我看著湯姆·梅森，他向我和他的團隊保證，一旦川普當選，我們就會有一些理性、通情達理的人來管理這個國家，我們將把它提交給最終投資決定。所以我們對此感到非常興奮。我們還有很多工作要做。我們需要合作夥伴來提供課程融資，但我們確實有很大的動力。

We hope to announce some significant new markets that we've signed up by the end of the year. We've got a good EPC contract executed, and we're very optimistic that what happened yesterday is going to really help that and many other parts of our business to move forward. So yes, we're very bullish on getting LNG to finish line.

我們希望在今年年底前宣布我們已經簽署的一些重要的新市場。我們已經執行了一份良好的 EPC 合同，我們非常樂觀地認為昨天發生的事情將真正幫助我們業務的許多其他部分向前發展。所以，是的，我們非常看好液化天然氣能夠到達終點。

Thank you. And then one more on slide 5. Can you comment on the potential to expand Transwestern to the West. Could you do that with just compression? Or would it be a pretty significant looping project to meet that demand?

謝謝。然後投影片 5 上還有一張。您能否評論一下 Transwestern 向西部擴張的潛力？你能只用壓縮來做到這一點嗎？或者這會是一個非常重要的循環項目來滿足該需求嗎？

Yeah. What a great question. Everybody is kind of focused going east, and there -- it's probably likely there's going to be a need going west and I'll kind of leave it at that for this point. But to answer your question more directly, not a lot we can do to significantly increase from an efficiency standpoint, the volumes going we're pretty maxed out when you look at kind of how the contracts are structured where our compression is, we can't move a whole lot more, but we certainly think there's some potential for projects to move more gas to the west at some point.

是的。多麼好的問題。每個人都專注於向東發展，而且很可能需要向西發展，我會暫時保留這一點。但為了更直接地回答你的問題，從效率的角度來看，我們能做的並不多，可以顯著增加，當你看看我們的壓縮的合約是如何構建的時，我們的數量已經達到了極限，我們可以'雖然不會輸送更多天然氣，但我們當然認為，在某個時候，項目有可能將更多天然氣輸送到西部。

Great. I'll leave it there. Thanks.

偉大的。我會把它留在那裡。謝謝。

Manav Gupta, UBS.

馬納夫古普塔，瑞銀集團。

It's been a quarter since you completed the acquisition of WTG. And I'm just trying to understand how is that integration going? Do the assets meet your expectations? And also, could you provide us an update on the SUN JV? How are things progressing over there?

距離你們完成對WTG的收購已經過了一個季度。我只是想了解這種整合進度如何？資產是否符合您的預期？另外，您能為我們提供有關 SUN JV 的最新資訊嗎？那邊的事情進展得怎麼樣了？

Yes. This is Mackie again. WTG was a great acquisition. We're so excited about it. We identified some issues that we knew we would have to deal with when we closed, and we started dealing with those. We have running some other issues around the existing plants and even the plant that was built as we were closing. We're working through those issues, and like I said, we're so bullish. We have incredible amount of just high-quality acreage, hundreds of thousands of acres dedicated to those assets.

是的。這又是麥基。WTG 是一次偉大的收購。我們對此感到非常興奮。我們確定了一些我們知道關閉後必須處理的問題，並開始處理這些問題。我們也圍繞現有工廠甚至關閉時建造的工廠提出了一些其他問題。我們正在解決這些問題，就像我說的，我們非常樂觀。我們擁有數量驚人的優質土地，數十萬英畝的土地專門用於這些資產。

And on top of that, we have hundreds of thousands of acres that are top leased that right now are going to somebody else, but in future years will come to us. So what a great asset just stand alone from a GMP perspective. But then when you add on the -- what it's going to do for our NGL and downstream business there as well as feeding into our pipelines. We're very excited about what that acquisition is going to do for our partnership.

最重要的是，我們有數十萬英畝的頂級租賃土地，現在將歸其他人所有，但在未來幾年將歸我們所有。因此，從 GMP 的角度來看，這是多麼偉大的資產。但當你加上——它將為我們的液化天然氣和下游業務以及進入我們的管道做什麼時。我們對此次收購將為我們的合作夥伴關係帶來的影響感到非常興奮。

And then jumping over to Sunoco, I don't know how many of you guys follow them, but listened to their call this morning, and Joe Kim and Karl Fails, most guys have done an unbelievable job with that partnership. They -- not only the mass amount of distribution on fine products but also the terminals, not only here, but in Europe, they're just doing a an incredible job and NuStar put them into a much bigger way in the midstream business. And what a perfect fit for us.

然後跳到太陽石油公司，我不知道你們中有多少人關注他們，但今天早上聽了他們的電話，喬·金和卡爾·失敗，大多數人都在這種夥伴關係中做了令人難以置信的工作。他們——不僅是優質產品的大量分銷，還有終端，不僅在這裡，而且在歐洲，他們做得非常出色，NuStar 將他們在中游業務中發揮了更大的作用。非常適合我們。

We have a pretty extensive system throughout the Permian Basin, but coincidentally, we just didn't have a big presence in Howard County in Dawson and some of those counties where the new store assets were. So it was just a perfect situation to form a JV that kind of benefited in three ways. One, where we can offer a really good service to those producers. And then two, where we can benefit from a classic case of kind of one plus one is more than two. This is one of those situations. We've already identified numerous blending opportunities, lending the third parties, exchanging barrels, feeding our downstream pipeline system.

我們在整個二疊紀盆地擁有相當廣泛的系統，但巧合的是，我們在道森的霍華德縣以及新商店資產所在的一些縣沒有很大的業務。因此，組成合資企業是一個完美的時機，可以從三個方面受益。第一，我們可以為這些生產者提供真正優質的服務。然後是兩個，我們可以從一加一大於二的經典案例中受益。這是其中一種情況。我們已經確定了許多混合機會，向第三方提供貸款，交換桶，為我們的下游管道系統提供原料。

So we're very excited about the progress we made on the integration, and we're also excited about the growth opportunities that we're seeing in those assets and Sunoco is already great partners with us. They're partners on the JC Nolan line, moving diesel from Houston to the Permian Basin. And so we look forward to growing this partnership with them and excited to be a part of it.

因此，我們對整合方面取得的進展感到非常興奮，我們也對我們在這些資產中看到的成長機會感到興奮，而太陽石油公司已經成為我們的重要合作夥伴。他們是 JC Nolan 線路的合作夥伴，將柴油從休士頓運送到二疊紀盆地。因此，我們期待與他們發展這種合作關係，並很高興能成為其中的一部分。

Thank you for a detailed response. I'll turn it over.

感謝您的詳細回覆。我會把它翻過來。

Theresa Chen, Barclays.

特蕾莎·陳，巴克萊銀行。

Thank you for taking my questions. Maybe first, on the data center and natural gas infrastructure theme feeding that demand. I think one question is of magnitude, how much of the 16 BCF per day that you will eventually realize. But -- another question would be one of returns. Can you talk about how those types of projects and the returns could potentially compare to what's in your existing backlog today? And just the competitive dynamics that have developed given the incremental competition from many peers.

感謝您回答我的問題。也許首先是滿足這項需求的資料中心和天然氣基礎設施主題。我認為有一個問題很重要，即每天 16 BCF 中您最終會實現多少。但是——另一個問題是回報之一。您能談談這些類型的項目和回報與您目前現有積壓的項目和回報相比如何嗎？鑑於許多同行的競爭日益激烈，競爭動態也隨之發展。

You bet. This is Mackie again. Yeah, I guess the way we answer that question is we don't look at it any differently. We've got IRR, rate of return hurdles that we look to meet on all of our projects that make sense. We also look for other synergistic revenues that are tied to our projects. But as far as the competitive aspect to your question, gosh, we sit in a great spot.

你打賭。這又是麥基。是的，我想我們回答這個問題的方式是我們不會以任何不同的方式看待它。我們有 IRR，即回報率障礙，我們希望在所有有意義的專案中都能滿足這些障礙。我們也尋找與我們的專案相關的其他協同收入。但就你問題的競爭而言，天哪，我們處於一個很好的位置。

If you could just look at where we're looking at some of these significant data centers, especially in the Dallas-Fort Worth area, there's just nobody that can provide the service that we can for the price that we can. We've got big diameter pipe, especially if we can get Warrior to finish line. That's going to be a huge influx of the Permian Basin supply. We have unparalleled ability to get move gas around the state from our storage facilities. We have massive storage and ability to increase our storage in the DFW area as well as down around Houston.

如果你看看我們在哪裡尋找一些重要的資料中心，特別是在達拉斯-沃斯堡地區，你會發現沒有人能夠以我們所能提供的價格提供我們所能提供的服務。我們有大直徑的管道，特別是如果我們能讓勇士到達終點線的話。這將是二疊紀盆地供應的大量湧入。我們擁有無與倫比的能力，可以從我們的儲存設施中獲得全州範圍內的天然氣。我們擁有大量儲存空間，並且有能力增加 DFW 地區以及休士頓週邊地區的儲存空間。

So, yes, there's going to be a lot of competition. As I said earlier, do we expect to get 16 BCF? No. We do expect to get our fair share. And in Texas, a considerable part of that as well as we're optimistic in other states. And so we think we will look to achieve the same return hurdles that we do on all of our projects, and we're quite confident that we'll be able to do that on a pretty significant volume.

所以，是的，將會有很多競爭。正如我之前所說，我們期望獲得 16 BCF 嗎？不。我們確實希望得到我們公平的份額。在德克薩斯州，其中很大一部分以及我們對其他州的樂觀態度。因此，我們認為我們將尋求實現與所有項目相同的回報障礙，並且我們非常有信心能夠在相當大的數量上做到這一點。

Got it. And in terms of spending for this year, it looks like your growth capital budget decreased by $200 million even though there's a new bullet point within Midstream, the new Delaware processing plant. So have you added a project decreased spending? What are the moving parts there, please?

知道了。就今年的支出而言，儘管中游（特拉華州的新加工廠）有一個新的要點，但您的成長資本預算似乎減少了 2 億美元。那麼您是否增加了一個減少支出的項目？請問那裡有哪些活動部件？

Yeah. Theresa, this is Dylan. There's a couple of buckets really when we're looking at that total cost decrease. First of all, we've got a number of projects that are coming in at lower cost here. I think we're -- the DMC team is doing a great job there on in stuff constructive, but we do have some reduced costs.

是的。特蕾莎，這是迪倫。當我們考慮總成本下降時，確實有幾個方面。首先，我們有許多項目的成本較低。我認為我們——DMC 團隊在建設性的方面做得很好，但我們確實降低了一些成本。

Secondly, we have several projects. Well, we're always adding stuff. We have several that we've either reduce scopes or had outright cancellations really due to return hurdles not being met. We're being disciplined on those.

其次，我們有幾個項目。嗯，我們總是在添加東西。我們有幾個項目要么縮小了範圍，要么因未滿足退貨障礙而徹底取消。我們正在對這些進行紀律處分。

And then third, there are some smaller amounts that have been pushed out and deferred into next year.

第三，有一些較小的金額已被推遲並推遲到明年。

Thank you so much.

太感謝了。

Keith Stanley, Wolfe Research.

基思‧史丹利，沃爾夫研究公司。

Hi, good afternoon. Wanted to start on the Flexport LPG export project. You referenced an initial phase in mid-2025. When would the full 250,000 barrels a day of capacity be online? And then can you just remind us how contracted the facility is and how much spot exposure you might have to the [arb] spread?

嗨，下午好。想要啟動 Flexport 液化石油氣出口計畫。您提到了 2025 年中期的初始階段。每天 25 萬桶的產能何時才能全部上線？然後您能否提醒我們該設施的承包情況如何以及您可能對[套利]價差有多少現貨敞口？

This is Mackie again. Once again, we are on track for the third quarter. We need it for all the products that are coming in. We're excited about that. It's a little bit difficult to exactly answer that question because it is 250,000 barrels a day. But as we continue to fully contract the facility there may be a little bit more ethane or a little bit less ethane depending on the LPG contracts and also the ethylene part of it.

這又是麥基。我們再次步入第三季的正軌。我們所有即將推出的產品都需要它。我們對此感到興奮。要準確回答這個問題有點困難，因為每天生產 25 萬桶。但隨著我們繼續全面承包該設施，乙烷可能會多一點或少一點，具體取決於液化石油氣合約及其乙烯部分。

But for the most part, we expect it to be fully contracted. Typically, these aren't 7 to 10 year agreements, they're three to five year agreements, but we not only expect to be fully contracted, the international demand for ethane and LPG continues to grow through the roof with all the PDHs built throughout the world, especially in China, and there's just an insatiable demand for LPG all over the world. And so we are trying to stay ahead of that. We're very bullish on what we're doing at Nederland, and we will definitely be expanding beyond what we're doing today.

但在大多數情況下，我們預期它會完全收縮。通常，這些不是7 到10 年的協議，而是3 到5 年的協議，但我們不僅期望完全簽訂合同，而且隨著所有PDH 的建設，國際對乙烷和液化石油氣的需求將繼續大幅增長。因此，我們正在努力保持領先地位。我們非常看好我們在 Nederland 所做的事情，我們肯定會超越今天所做的事情。

Thank you. Second question, just the guidance for the year on EBITDA was maintained. The high end of the range would imply that EBITDA will be down quarter-over-quarter in Q4? Are there any headwinds to be mindful of for Q4 besides the insurance gain item in Midstream?

謝謝。第二個問題，僅維持本年度 EBITDA 指引。該範圍的高端是否意味著 EBITDA 將在第四季度環比下降？除了中游的保險收益項目之外，第四季還有什麼需要注意的阻力嗎？

Short answer is no. Keith. We don't have any headwinds going into the quarter. But as you know, we're always fairly conservative as to how we forecast out and the guidance numbers we put out there.

簡短的回答是否定的。基思.我們進入本季沒有任何不利因素。但如您所知，我們對於如何預測和發布的指導數字始終相當保守。

So here's the two items that I would put back at you. Number one, we don't have anything baked in for optimization that could possibly occur during the quarter. So we'll see how -- as we get through the end of December, what may present itself. But the second item is really around the natural gas spreads across Texas.

這是我要退回給您的兩項內容。第一，我們沒有任何可能在本季發生的優化。因此，當我們度過 12 月底時，我們將看看會發生什麼。但第二個問題實際上是圍繞德克薩斯州的天然氣分佈。

And right now, we're staying pretty conservative as we look out. But a few differing views based upon how those spreads move up and down, and they can be pretty volatile. But even if you look at the month of October, you can see they stayed pretty strong. So once again, that's another upside. So if you take those two items in, you can see that we will clearly be at the top end of that range, depending on what view you have.

現在，我們在觀察時保持相當保守。但根據這些利差的上下波動情況，有一些不同的觀點，而且它們的波動性可能相當大。但即使你看看十月份，你也會發現它們仍然相當強勁。這又是另一個好處。因此，如果您考慮這兩項，您會發現我們顯然處於該範圍的頂端，具體取決於您的觀點。

Thank you.

謝謝。

Gabe Moreen, Mizuho.

加布·莫林，瑞穗。

Hey, good afternoon, everyone. Just had a quick question on cadence of additional processing capacity announcements. I know you've got a couple of plants set here for '25 in expansions. Some of your competitors are now already in the back half of '26 though, in terms of announcing additions. I'm just curious how things stand in the queue where you think you'll be announcing a new stuff and the extent you feel you need to kind of get ahead of the curve here in announcing plans for '26.

嘿，大家下午好。剛剛對額外處理能力公告的節奏有一個簡短的問題。我知道你們在 25 年的擴展中設置了一些植物。不過，就宣布新增內容而言，您的一些競爭對手現在已經在 26 年後半段了。我只是好奇你認為你將要宣布的新東西在隊列中的情況如何，以及你認為你需要在宣布 26 年計劃時領先一步。

Yeah. Gabe, this is Mackie again. Yes, we've already announced a course Badger that's under construction and will be online next year. We just brought on Red Lake 3 kind of getting that lined out as we speak. We've got Red Lake 4 coming on in the second quarter of next year. We've got another project that's not fully to FID, but close called Mustang Draw, which will be in the Midland Basin to try to stay ahead of the growth behind WTG and other Midland growth.

是的。加布，這又是麥基。是的，我們已經宣布正在建立 Badger 課程，並將於明年上線。我們剛剛推出了 Red Lake 3，就在我們說話的時候就已經把這個問題搞清楚了。《紅湖 4》將於明年第二季推出。我們還有另一個項目，尚未完全完成最終投資決定，但已接近完成，稱為 Mustang Draw，該項目將位於米德蘭盆地，力圖保持領先於 WTG 和其他米德蘭增長的增長速度。

We're also looking at another plant in the Delaware. We're still in the process of increasing our capacity in Red Bluff and other plants in West Texas, where we are just adding compression and increased capacity fairly significantly.

我們還在尋找特拉華州的另一家工廠。我們仍在增加雷德布拉夫和西德克薩斯州其他工廠的產能，我們只是大幅增加壓縮和增加產能。

So we don't really pay attention or worry about what others are announcing. We're just worried about what we've contracted and stand ahead of that, and we have a consistent pipeline of what we've already announced and what we see in the future with just phenomenal continued growth out of the Permian Basin that just keeps giving. And with the new Barnett and Woodford type plays that are kind of being discovered in the Central Basin, we just continue to be, I guess, very fortunate to have such a big asset base in that basin.

因此，我們並不真正關注或擔心其他人宣布的內容。我們只是擔心我們已經簽訂的合同，並提前做好準備，我們已經宣布的內容和我們未來看到的內容都有一致的管道，二疊紀盆地的驚人持續增長只是保持了給予。隨著中央盆地新發現的巴尼特和伍德福德類型的油氣藏，我想我們仍然非常幸運，能夠在盆地中擁有如此龐大的資產基礎。

Thanks. And maybe if I can follow up also, just in terms of exposure to gas prices, and I think some of the volume declines we've seen in the Haynesville year-on-year and things like that. I'm just wondering to what extent you're embedding in guidance for the back half of this year or even thinking about into next year, some sort of recovery in volumes in places like the Haynesville that may have been impacted by dry gas prices.

謝謝。也許我也可以跟進，就天然氣價格的影響而言，我認為我們在海恩斯維爾看到的銷量同比下降以及類似的情況。我只是想知道你們在多大程度上納入了今年下半年的指導，甚至考慮到明年，像海恩斯維爾這樣可能受到乾氣價格影響的地方的銷量會出現某種程度的復甦。

Yeah. Let me try to answer that, and I don't do a very good job. Tom will tell me. But it's funny. We always feel very fortunate when we look at our assets because we are by far the most diversified pipeline company in the US by far. And so if our crude division is hurt a little bit, it seems like our NGLs picks up vice versa. And it was interesting as we were looking at these numbers preparing for this really over the last several months and looking at the results, even within our pipeline segments, if you look at -- you just referred to some residue areas, if you -- lean residue areas, if you look at, for example, our interstate pipelines, yes, we were down significantly.

是的。讓我嘗試回答這個問題，但我做得不好。湯姆會告訴我的。但這很有趣。當我們審視我們的資產時，我們總是感到非常幸運，因為我們是迄今為止美國最多元化的管道公司。因此，如果我們的原油部門受到一點傷害，那麼我們的液化天然氣部門似乎會反之亦然。有趣的是，我們在過去幾個月裡一直在研究這些數字，為這一點做準備，並研究結果，即使是在我們的管道段內，如果你看——你只是提到了一些殘留區域，如果你——貧渣地區，例如，如果你看看我們的州際管道，是的，我們的產量大幅下降。

I think it was around 900,000 a day on Tiger and Rover together. But then you look at Panhandle and you look at Trunkline, we're up over 1.1 BCF. So even embedded in our pipeline segments, we have offsetting gains that will offset some tough times. So where we have more of our lean gas -- residue gas that comes from our rich areas, we performed very well.

我認為 Tiger 和 Rover 每天的瀏覽量合計約為 90 萬次。但你看看 Panhandle 和 Trunkline，我們的漲幅超過 1.1 BCF。因此，即使嵌入我們的管道部門，我們也能抵銷一些困難時期的利益。因此，在我們擁有更多貧氣（來自富饒地區的殘餘氣體）的地方，我們表現得非常好。

Yes, we've had some tightening of spreads on Rover and Tiger, but we see those coming back. In fact, we just recently signed another long-term deal on Rover, a 10-year deal, significant volume. We're in the open season right now. There's enormous reserves that we all know in the Haynesville, we have no worries whatsoever that Tiger and Gulf Run for the future will begin to grow again and remain full for many years to come. A lot of that going further downstream.

是的，我們對羅孚和泰格的利差有所收緊，但我們看到這些利差會回來。事實上，我們最近剛與 Rover 簽署了另一份長期協議，為期 10 年，交易量很大。我們現在正處於開放季節。眾所周知，海恩斯維爾擁有巨大的儲備，我們完全不用擔心 Tiger 和 Gulf Run 的未來將再次開始成長，並在未來的許多年裡保持滿員狀態。其中很多都在下游。

So we feel very hedged, I guess, is the word on the way our pipelines are set up. And where we struggle a little bit or where our producers struggle a little bit, we're making it up in other areas of our pipeline business.

所以我想，我們感覺非常對沖，這就是我們的管道建立方式上的說法。當我們遇到一些困難或我們的生產商遇到一些困難時，我們會在管道業務的其他領域進行彌補。

Got it. Thanks, Mackie.

知道了。謝謝，麥基。

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

Thanks. Good afternoon, everyone. I wanted to go back to the slide 5 with all the growing demand that you're seeing on the natural gas side. I guess given all this percolating gas demand, how does that fit in with your CapEx spending framework of, I think, $2 billion to $3 billion per year? Do you think that given all these opportunities that could possibly trend higher over time?

謝謝。大家下午好。我想回到投影片 5，了解天然氣不斷成長的需求。我想考慮到所有這些不斷滲透的天然氣需求，這與我認為每年 20 億至 30 億美元的資本支出框架相適應嗎？您認為考慮到所有這些機會，隨著時間的推移，價格可能會走高嗎？

Yeah, Michael, this is Dylan again. Good question. I think as we've discussed the $2 billion to $3 billion. If you look at the slides we put out recently, we've called it illustrative, but we have started talking about a $2.5 billion to $3.5 billion run rate, and that's really just the result of just getting bigger as a company and bigger more opportunities and a number of acquisitions we've done recently that have added to the footprint.

是的，邁克爾，這又是迪倫。好問題。我認為我們已經討論了 20 億至 30 億美元。如果你看一下我們最近發布的幻燈片，我們稱之為說明性的，但我們已經開始談論 25 億至 35 億美元的運行率，這實際上只是公司規模不斷擴大和更多機會的結果我們最近進行的一系列收購也擴大了我們的足跡。

But -- and the additional cash flow that clearly supports a capital spend like that. But even within that, as we look out, we talk about some of these bigger projects that we're looking at, such as a Warrior the spend on those can be lumpy as they work. And so even though that's kind of an illustrative framework, we can be below or above that in any given year based on timing.

但是——以及額外的現金流顯然可以支持這樣的資本支出。但即便如此，當我們觀察時，我們也會談論我們正在考慮的一些更大的項目，例如《勇士》，這些項目的支出在工作時可能會很不穩定。因此，儘管這是一個說明性框架，但根據時間安排，我們可以在任何給定年份低於或高於該框架。

Great, thanks for that. And then I just wanted to ask on slide 7, you list the Sabina 1 pipeline as a proposed project. I'm wondering if you could talk about the scope of that project and where you are in the process?

太好了，謝謝你。然後我只想問在幻燈片 7 上，您將 Sabina 1 管道列為擬議項目。我想知道您是否可以談談該專案的範圍以及您目前的進度？

Yeah, Michael, this is Mackie. We bought the Sabina assets a while back. We -- Sabina 2, we will bring on service first quarter of next year, excited about that. We anticipated a number of barrels to make that a good project for us. We actually are close to closing twice that amount of barrels. So that's a natural gasoline project that we're very excited about. And what came with that asset was also Sabina 1, which gets us across the ship channel over to some crackers. And we're chasing a number of opportunities there. So we still got some work to do to fully benefit from what that pipeline can offer our partnership, but we're very excited about what's happening on Sabina 2 and the revenues that will start flowing in the first quarter of next year.

是的，邁克爾，這是麥基。我們不久前購買了 Sabina 資產。我們—Sabina 2，我們將於明年第一季推出服務，對此感到興奮。我們預計會有很多桶，這對我們來說是一個很好的項目。事實上，我們已經接近關閉兩倍數量的石油桶。這是一個令我們非常興奮的天然汽油項目。該資產附​​帶的還有 Sabina 1，它可以讓我們穿過航道到達一些餅乾。我們正在那裡尋找許多機會。因此，我們還有一些工作要做，才能充分受益於該管道為我們的合作夥伴關係提供的服務，但我們對 Sabina 2 所發生的事情以及明年第一季開始產生的收入感到非常興奮。

Thank you.

謝謝。

Zackery Van Everen, TPH.

扎克里·範·埃弗倫，TPH。

Thanks for taking my question. Just one on the Permian. We saw Matterhorn come online recently, and it's been flowing about, call it, 1.5 BCF a day. I was curious if when that came online, you guys saw a production jump on the gas side on your Permian system? Or do we think most of that gas flowing right now is just shifting from other pipes?

感謝您提出我的問題。只有一處位於二疊紀盆地。我們最近看到馬特宏峰上線了，它一直在流動，可以這麼說，每天 1.5 BCF。我很好奇，當它上線時，你們是否看到二疊紀系統天然氣的產量躍升？或者我們認為現在流動的大部分氣體只是從其他管道轉移過來的？

This is Mackie. It's a great question. In fact, we didn't even though there was that much gas flowing on it. So that's news to us. We thought it was significantly less than that. But yes, for example, WTG, we are flowing gas off of those assets into Matterhorn. But other than that, as far as our assets go, we don't have direct access to it. So most of that gas is flowing through our own assets.

這是麥基。這是一個很好的問題。事實上，即使有那麼多氣體在上面流動，我們也沒有。這對我們來說是新聞。我們認為它遠低於這個數字。但是，是的，例如，WTG，我們正在將這些資產中的天然氣輸送到馬特宏峰。但除此之外，就我們的資產而言，我們無法直接存取它。因此，大部分天然氣都流經我們自己的資產。

Got you. And then maybe going back to Warrior, it sounds like you're very close. Interesting that you note that, some of it will be a supply push, some demand pull. Based on conversations and contracting, do you have an idea of what that mix will be? And then is there a possibility that some of this gas connects into that South Mississippi project from Carthage and goes all the way over to that market?

明白你了。然後也許回到戰士，聽起來你們已經非常接近了。有趣的是，您注意到，其中一些將是供應推動，有些是需求拉動。根據對話和合同，您知道這種組合會是什麼嗎？那麼是否有可能其中一些天然氣從迦太基連接到南密西西比項目並一路進入該市場？

It's Mackie again. Yes. I guess we wouldn't get the specifics exactly where all that's going. I guess I would answer your question this way. It's weighted a little bit heavier towards market pool than it is on producer push. But a lot of our customers will have the option.

又是麥基。是的。我想我們無法確切地了解這一切的具體情況。我想我會這樣回答你的問題。它對市場池的權重比對生產者推動的權重稍重。但我們的許多客戶都有選擇。

For example, if they're taking their gas to Carthage, yes, they'll have the ability to go through our Gulf Run or Tiger system into a project that we're looking at from a Perryville East. So it certainly could potentially feed that. But right now, our customers are kind of pulling in different directions going east, and we'll fill up a lot of our assets, both intrastate and interstate.

例如，如果他們將天然氣運往迦太基，是的，他們將有能力透過我們的 Gulf Run 或 Tiger 系統進入我們正在從 Perryville East 考慮的專案。所以它肯定有可能滿足這一點。但現在，我們的客戶正朝著不同的方向向東發展，我們將填滿我們大量的資產，包括州內和州際資產。

Makes sense. Perfect. Well, thanks for the time.

有道理。完美的。嗯，謝謝你的時間。

John Mackay, Goldman Sachs.

約翰麥凱，高盛。

Hey guys, thanks for the time. I wanted to maybe, again, just go back to slide 5, like everyone else. Can you break this down a little bit for us maybe on what could be an inter-state opportunity versus what could come in the Texas intrastates. And I guess kind of the crux of what I'm thinking here is maybe time lines because we can obviously get it online a little faster probably in Texas than elsewhere. Just trying to frame up what that breakdown could look like.

嘿夥計們，謝謝您的寶貴時間。我想也許再次回到幻燈片 5，就像其他人一樣。您能否為我們稍微解釋一下，州際機會與德克薩斯州內可能出現的機會。我想我在這裡思考的關鍵可能是時間線，因為我們顯然可以在德克薩斯州比其他地方更快地將其上線。只是試圖建構出故障可能會是什麼樣子。

Yeah, I can answer that. There are so many projects that are out there, so many data centers and so many power plants even unrelated to data centers that we're chasing. It's probably a fair statement that we can move quicker and other companies can move quicker in Texas when looking at some of these other states. However, if you look at Arizona and some of the opportunities there around data centers, those could move fairly quickly.

是的，我可以回答。那裡有很多項目、很多資料中心和很多發電廠，甚至與我們正在追求的資料中心無關。看看其他一些州，我們可以更快地行動，其他公司在德克薩斯州也可以更快地行動，這可能是一個公平的說法。然而，如果你看看亞利桑那州以及資料中心周圍的一些機會，這些機會可能會很快發生。

And then you look at some even up in the Midwest, there's some opportunities that may move fairly quickly as well. However, Texas certainly is probably the lead for us and where we're -- how far along we are with signing (technical difficulty) agreements and actually showing cost and prices to some of those projects.

然後你看看中西部的一些機會，也有一些機會可能很快就會發生。然而，德克薩斯州無疑可能是我們的領先者，我們所處的位置——我們在簽署（技術難度）協議以及實際顯示其中一些項目的成本和價格方面取得了多大進展。

And as I mentioned earlier, Texas, we have a little bit better ability to feed some of that out of our storage facilities, which some of these power plants are really going to be -- that support the data centers are really going to be peaker units. They're going to be pulling off the grid and then pulling gas if the grid goes down, but kind of long-winded answer to we agree with you that probably these opportunities will move a little bit quicker in Texas. But gosh, there's a lot of companies chasing all over our assets, and some of them may come quicker than we realize today.

正如我之前提到的，德克薩斯州，我們有更好的能力從我們的儲存設施中提供一些電力，其中一些發電廠確實會成為支援資料中心的真正的峰值單位。如果電網出現故障，他們將關閉電網，然後提取天然氣，但我們同意你的觀點，即這些機會在德克薩斯州可能會移動得更快一些。但天哪，有很多公司都在追逐我們的資產，其中一些公司可能來得比我們今天意識到的要快。

I appreciate that. And maybe just second one for me. Could you just give us an update post the WTG acquisition, how you're thinking about your Permian NGL position in terms of what your capacity is going to be versus what you guys can flow from your own plants?

我很欣賞這一點。也許對我來說只是第二個。您能否為我們介紹一下 WTG 收購後的最新情況，您如何考慮您的二疊紀 NGL 定位，即您的產能與您自己工廠的產能之間的關係？

Yeah, great question. We're in the process of expanding our cross haul capacity on our Lone Star NGL line as we speak, and that should be completed, I believe, sometime middle of next year. and we're in good shape with what we've already signed up and what we're anticipating from WTG.

是的，很好的問題。正如我們所說，我們正在擴大 Lone Star NGL 航線的交叉運輸能力，我相信這應該會在明年年中的某個時候完成。我們已經簽署了協議，並且對 WTG 的期望也很好。

But clearly, over the next two or three years, we see the volumes continue to grow, we will be looking at whether it's adding additional pumps or some type of pipeline looping because at some point, we will exceed the capacity which whenever dream would come so quickly years ago when we built all these 24 and 30 inch pipes. But right now, we're sitting pretty good, at least for the next two or three years to accommodate the contracts that we have today and what we kind of foresee on our assets over the next year or two.

但顯然，在接下來的兩三年裡，我們看到數量繼續增長，我們將考慮是否增加額外的泵或某種類型的管道循環，因為在某些時候，我們將超過夢想到來時的容量幾年前，當我們建造所有這些24 和30 英吋管道時，速度非常快。但現在，我們的處境相當不錯，至少在未來兩三年內能夠適應我們今天擁有的合約以及我們對未來一兩年資產的預期。

Thanks for your time.

感謝您抽出時間。

Thank you. This concludes our question-and-answer session. I would now like to turn the call back to Tom Long for closing remarks.

謝謝。我們的問答環節到此結束。現在我想將電話轉回給湯姆·朗（Tom Long），讓其致閉幕詞。

Before we do that, this is Mackie. I was hoping somebody would ask a question about there's probably people in this room that are uncomfortable that I'm talking right now.

在我們開始之前，這是麥基。我希望有人會問這個房間裡的人可能對我現在正在講話感到不舒服。

But we had questions on an earlier call about the election. And I don't know what you guys think about it, but gosh, what an incredible refreshing, shocking result over the last 24 hours. This industry has gone through a lot over the last four years. And not only is this administration that is sensationalized and has misinformed and has through climate change fear mongering have really tried to influence Americans. And it's incredibly refreshing to see what happened 24 hours ago that Americans have woken up and at least the majority of Americans, more than half, recognized what was happening. And with this country, we have started with the constitution, the greatest document ever built the start of the country, and we have laws.

但我們對早些時候有關選舉的電話有疑問。我不知道你們對此有何看法，但天哪，過去 24 小時內的結果是多麼令人難以置信、令人耳目一新、令人震驚。這個行業在過去四年裡經歷了很多。這屆政府不僅聳人聽聞、誤導民眾，還透過散播氣候變遷恐懼來真正試圖影響美國人。看到 24 小時前發生的事情令人難以置信，美國人已經醒來，並且至少大多數美國人（超過一半）認識到正在發生的事情。對於這個國家，我們從憲法開始，這是自建國以來最偉大的文件，我們有法律。

And I believe that that's what this election is saying to the world and to this country is that the majority of Americans still believe in our country. They still believe that we should have law and order. They still believe that if you want to come to this country, it's a simple process. You just go through the legal process and you can enter.

我相信，這就是這次選舉向世界和這個國家傳達的訊息：大多數美國人仍然相信我們的國家。他們仍然相信我們應該有法律和秩序。他們仍然相信，如果你想來到這個國家，這是一個簡單的過程。你只要走完法律程序就可以進入。

But when you have an administration that is, for all practical purposes, doing everything they can to allow tens of millions of people to come into this country over the last four years. When many of them probably are coming in are good people that just won't be an American dream, but look what's come with them.

但是，當你的政府出於各種實際目的，在過去四年中盡一切努力允許數以千萬計的人進入這個國家。當他們中的許多人進來時，他們可能都是好人，但這不會成為美國夢，但看看他們會帶來什麼。

Look at all the drugs and the games and everything, and they're doing it for one reason for political power and just how insane and how sick is that at one of our parties is so enraged for political power they are willing to create safety issues for our country.

看看所有的毒品、比賽和一切，他們這樣做只是為了政治權力，我們的一個政黨對政治權力如此憤怒，他們願意製造安全問題，這是多麼瘋狂和病態啊為了我們的國家。

So anyway, parlay that into the oil and gas industry and just the attack that we've had in the last four years, what a breadth of fresh air the Trump administration is going to bring. I mean, we all believe that we need to be regulated. We're not arguing that we don't need to be regulated. But what we're asking for is reasonable, not onerous regulation that can be done in a matter of a few years, instead of years and hundreds of not billions of dollars of getting projects in line.

因此，無論如何，將其運用到石油和天然氣行業以及我們在過去四年中遭受的攻擊中，川普政府將帶來多麼廣泛的新鮮空氣。我的意思是，我們都相信我們需要受到監管。我們並不是說我們不需要受到監管。但我們要求的是合理的、而不是繁瑣的監管，可以在幾年內完成，而不是花費數年時間和數百而不是數十億美元來使專案順利進行。

And then worse, when you get them in line, we're asking that the agencies trying to bully companies and allow the projects they have permits to go forward. I mean there are statutes that require permits to be done with certain periods of times that aren't being honored that are being ignored by these agencies.

更糟的是，當你讓他們排隊時，我們要求那些試圖欺凌公司並允許他們擁有許可的項目繼續進行的機構。我的意思是，有些法規要求在某些時期內獲得許可，但這些法規並未得到遵守，而這些機構卻忽略了這些法規。

So we are so excited about what's happened in the last 24 days. We're excited for this country. We're excited for the world really for the international market that needs our LNG in the developing world that underbid world that's developing that needs our LPG. So what an incredible turn of events what's happened and especially for our partnership.

因此，我們對過去 24 天發生的事情感到非常興奮。我們為這個國家感到興奮。我們為世界感到興奮，因為國際市場需要我們的液化天然氣，而發展中國家的出價較低，需要我們的液化石油氣。所以，發生了多麼令人難以置信的轉折，尤其是對於我們的合作關係。

I mean, we were talking this morning, we've been blessed and fortunate over the last year with the Kelcy's leadership and direction, all the great employees that we have an incredible assets that we have. We just in such a wonderful spot, but we believe that what happened yesterday, Energy Transfer has an incredible future for the next three or four years and many years to come. So we're very grateful and thankful and God is good. Things happen and it's time to heal our land and get back to where this all started years ago.

我的意思是，我們今天早上談到，在過去的一年裡，我們在凱爾西的領導和指導下，在所有優秀的員工的幫助下，我們擁有令人難以置信的資產，我們感到非常幸運和幸運。我們正處於一個如此美妙的位置，但我們相信昨天發生的事情，能源轉移在未來三四年以及未來的許多年裡擁有令人難以置信的未來。所以我們非常感激和感謝，上帝是良善的。事情發生了，是時候治癒我們的土地並回到多年前這一切開始的地方了。

Thank you all for joining us. We look forward to talking to you. Bye, bye.

感謝大家加入我們。我們期待與您交談。再見，再見。

The conference has now concluded. Thank you for your participation. You may now disconnect your lines.

會議現已結束。感謝您的參與。現在您可以斷開線路。