Energy Transfer LP (ET) 2025 Q1 法說會逐字稿

Good day, everyone, and welcome to the Energy Transfer Q1 2025 earnings conference call. (Operator Instructions) Please note that this event is being recorded. I would now like to turn the conference over to Tom Long. Please go ahead.

大家好，歡迎參加 Energy Transfer 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在我想將會議交給湯姆朗。請繼續。

Thank you, operator. Good afternoon, everyone, and welcome to the Energy Transfer first-quarter 2025 earnings call. 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.

謝謝您，接線生。大家下午好，歡迎參加 Energy Transfer 2025 年第一季財報電話會議。此外，今天還有 Mackie McCrea 和其他高階管理團隊成員參加，他們將在我們準備好的發言後幫忙解答大家的問題。希望您看到了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. As a reminder, we will be making forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934.

提醒一下，我們的收益報告包含詳盡的 MD&A，詳細介紹了各部門的業績，我們鼓勵每個人都查看該報告以及發佈到我們網站上的幻燈片，以全面了解本季度和我們的成長機會。提醒一下，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。

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 March 31, 2025, which we expect to file this Thursday, May 8. 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. So let's start with our financial results today. For the first quarter of '25, we generated adjusted EBITDA of $4.1 billion compared to $3.9 billion for the first quarter of 2024.

這些聲明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，並在我們預計於 5 月 8 日星期四提交的截至 2025 年 3 月 31 日的季度 10-Q 表中進行了更詳細的討論。我也會參考調整後的 EBITDA 和可分配現金流（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衡量指標的對帳表。那麼就讓我們從今天的財務結果開始吧。2025 年第一季度，我們的調整後 EBITDA 為 41 億美元，而 2024 年第一季為 39 億美元。

We saw strong volumes through our midstream gathering, crude gathering, natural gas interstate and NGL pipelines as well as through our NGL fractionators. In addition, we saw strong NGL exports during the quarter. DCF attributable to the partners of Energy Transfer, as adjusted, was $2.3 billion. And for the first three months of 2025, we spent approximately $955 million on organic growth capital, primarily in the interstate, midstream and NGL and refined products segments excluding Sun and USA Compression CapEx.

我們的中游收集、原油收集、天然氣州際管道和 NGL 管道以及 NGL 分餾塔的產量都非常大。此外，本季我們看到 NGL 出口強勁。經調整後，歸屬於 Energy Transfer 合作夥伴的 DCF 為 23 億美元。2025 年頭三個月，我們花了約 9.55 億美元用於有機成長資本，主要用於州際、中游和 NGL 及精煉產品領域（不包括 Sun 和 USA Compression CapEx）。

Now turning to our results by segment for the first quarter. Let's start with NGL and refined products, adjusted EBITDA was $978 million compared to $989 million for the first quarter of 2024. This was primarily due to higher throughput across the NGL export terminals and across our Permian and Mariner East pipeline operations, which were offset by higher operating expenses and lower blending margins compared to the first quarter of 2024.

現在來看看第一季各部門的業績。讓我們從 NGL 和精煉產品開始，調整後的 EBITDA 為 9.78 億美元，而 2024 年第一季為 9.89 億美元。這主要是由於 NGL 出口終端以及我們的 Permian 和 Mariner East 管道營運的吞吐量增加，但與 2024 年第一季相比，營運費用增加和混合利潤率降低抵消了這一增長。

For midstream, adjusted EBITDA was $925 million compared to $696 million for the first quarter of 2024. The increase was primarily due to higher legacy volumes in the Permian Basin, which were up 8% as well as the addition of the WTG assets in July of 2024. In addition, results for the first quarter of 2025 were favorably impacted by the nonrecurring recognition of $160 million associated with Winter Storm Uri in 2021.

就中游而言，調整後的 EBITDA 為 9.25 億美元，而 2024 年第一季為 6.96 億美元。成長的主要原因是二疊紀盆地的遺留產量增加（增加了 8%），以及 2024 年 7 月增加了 WTG 資產。此外，2021 年冬季風暴「烏裡」（Uri）帶來的 1.6 億美元非經常性損益也對 2025 年第一季的業績產生了正面影響。

This represents the remainder of the midstream segment margin from Winter Storm Uri that had not already been recognized. Still outstanding in the intrastate segment is approximately $285 million, excluding interest, that is currently in litigation. The vast majority of which is due from CPS. For the crude oil segment, adjusted EBITDA was $742 million compared to $848 million for the first quarter of 2024. During the quarter, we saw growth across our crude gathering systems as well as contributions related to the recently formed Permian joint venture with Sun.

這代表了冬季風暴 Uri 造成的中游河段剩餘邊緣尚未被認識到。州內部分尚未償還的債務約為 2.85 億美元（不包括利息），目前正在訴訟中。其中絕大部分來自 CPS。原油部門調整後的 EBITDA 為 7.42 億美元，而 2024 年第一季為 8.48 億美元。在本季度，我們的原油收集系統得到了成長，並且與 Sun 最近成立的 Permian 合資企業也做出了貢獻。

These were offset by lower transportation revenues, primarily on the Bakken pipeline, higher expenses as well as lower gains due to the timing of the recognition of optimization gains in Q1 of 2025 as compared to Q1 2024. Lower optimization gains were primarily due to lower hedge gains realized during the quarter, a write-down to hedged inventory at the end of the quarter and the timing of the recognition of gains on certain physical crude sales.

但這些影響被較低的運輸收入（主要是巴肯管道收入）、較高的支出以及較低的收益所抵消，因為與 2024 年第一季相比，2025 年第一季確認了優化收益。優化收益較低主要是由於本季實現的對沖收益較低、本季末對沖庫存的減記以及某些實體原油銷售收益確認的時間。

We expect approximately $30 million of losses related to the hedge inventory that were realized in the first quarter of 2025 to reverse during the second quarter of 2025. In our interstate natural gas segment, adjusted EBITDA was $512 million compared to $483 million for the first quarter of 2024. During the quarter, we achieved record volumes driven by higher throughput on Panhandle, Gulf Run and Trunkline.

我們預計，2025 年第一季實現的與對沖庫存相關的約 3,000 萬美元損失將在 2025 年第二季扭轉。在我們的州際天然氣部門，調整後的 EBITDA 為 5.12 億美元，而 2024 年第一季為 4.83 億美元。在本季度，由於 Panhandle、Gulf Run 和 Trunkline 的吞吐量增加，我們實現了創紀錄的吞吐量。

The growth on Trunkline was related to our backhaul project to support growing Gulf Coast natural gas demand. We also had increased rates on several of our pipelines in the first quarter. For the intrastate natural gas segment, adjusted EBITDA was $344 million compared to $438 million in the first quarter of last year. During the quarter, we saw increased gains related to storage optimization opportunities, which were more than offset by reduced pipeline optimization as a result of lower volatility in natural gas prices compared to the first quarter of 2024.

主幹線的成長與我們為支持墨西哥灣沿岸日益增長的天然氣需求而開展的回程項目有關。我們在第一季也提高了幾條管道的費率。對於州內天然氣部門，調整後的 EBITDA 為 3.44 億美元，而去年第一季為 4.38 億美元。在本季度，我們看到與儲存優化機會相關的收益增加，但由於與 2024 年第一季相比天然氣價格波動性降低導致管道優化減少，這抵消了收益的增加。

Now let's take a look at the organic growth capital guidance. We continue to expect approximately $5 billion on organic growth capital projects in 2025. Our projects are expected to achieve mid-teen returns with most of them also providing incremental downstream benefits. In addition, the majority of these projects are expected online in 2025 or 2026, including our Flexport NGL export expansion, several Permian processing plant expansions and our Hugh Brinson pipeline project. As such, we continue to expect the majority of the earnings growth from these projects to significantly ramp up in 2026 and 2027. Taking a closer look at some of our largest growth projects that are currently underway.

現在讓我們來看看有機成長資本指引。我們仍預期 2025 年有機成長資本項目的投資將達到約 50 億美元。我們的專案預計將實現中等水準的回報，其中大多數專案還將提供增量下游效益。此外，這些項目中的大多數預計將於 2025 年或 2026 年上線，包括我們的 Flexport NGL 出口擴建項目、幾項 Permian 加工廠擴建項目以及我們的 Hugh Brinson 管道項目。因此，我們繼續預期這些項目的大部分獲利成長將在 2026 年和 2027 年大幅提升。仔細研究我們目前正在進行的一些最大的成長項目。

During the first quarter, we commenced construction on Phase 1 of the Hugh Brinson pipeline, which we expect to be in service in the fourth quarter of 2026. A we have secured the majority of the pipeline steel, which is currently being rolled in US pipe mills, and as a result, do not expect any material impacts to cost of the project from tariff announcements. Phase 1 is completely sold out, and we are currently in negotiations that are well in excess of Phase 2 capacity. At our Nederland Terminal, construction of our Flexport expansion project is nearing completion.

第一季度，我們開始建造休·布林森管道第一期，預計將於 2026 年第四季投入使用。答：我們已經獲得了大部分管線鋼，這些管線鋼目前正在美國管線廠進行軋製，因此，預計關稅公告不會對工程成本產生任何重大影響。第一階段的門票已全部售罄，目前我們正在協商，門票數量遠遠超過第二階段的容量。在我們的荷蘭碼頭，Flexport 擴建工程的建設即將完工。

We expect to begin ethane service later this month and propane service in July, and we continue to expect to begin ethylene export service in the fourth quarter of this year. Looking at our Permian processing expansions, the Red Lake 4 processing plant is now expected to be in service by the end of the second quarter of 2025. The Badger processing plant remains on schedule to be in service in mid-2025 and the Mustang Draw plant is now expected to be in service in the second quarter of 2026.

我們預計將於本月稍後開始乙烷服務，並於 7 月開始丙烷服務，同時我們仍預計今年第四季開始乙烯出口服務。綜觀我們的二疊紀加工擴建項目，紅湖 4 號加工廠預計將於 2025 年第二季末投入使用。Badger 加工廠仍按計畫於 2025 年中期投入使用，而 Mustang Draw 工廠預計將於 2026 年第二季投入使用。

Now let's look at Lake Charles LNG. We are making substantial progress towards commercialization of the project. In April, Lake Charles LNG and Mid-Ocean Energy signed a heads of agreement, which provides a nonbinding framework for the joint development of the LNG project. Pursuant to the HOA, Mid-Ocean would commit to fund 30% of the construction cost and be entitled to 30% of the LNG production. Mid-Ocean is an LNG company formed and managed by EIG Global Energy Partners.

現在讓我們來看看查爾斯湖液化天然氣計畫。我們在專案商業化方面正在取得實質進展。今年4月，Lake Charles LNG公司和Mid-Ocean Energy公司簽署了一份框架協議，為LNG專案的共同開發提供了非約束性框架。根據 HOA，Mid-Ocean 將承諾承擔 30% 的建設成本，並有權獲得 30% 的液化天然氣產量。Mid-Ocean 是一家由 EIG Global Energy Partners 組成和管理的液化天然氣公司。

In April, Lake Charles LNG signed a binding SPA with a Japanese utility company for up to 1 MTPA with the agreement subject to the approval of the Board of this company, which is expected to be received by the end of May. Also, in April, we signed an HOA with a German energy company for 1 MTPA. Lake Charles LNG is in discussions for the remaining uncommitted LNG offtake volume and is targeting FID by year-end.

4 月份，Lake Charles LNG 與一家日本公用事業公司簽署了一份具有約束力的 SPA，協議涉及的天然氣供應量高達 100 萬噸/年，但該協議需經該公司董事會批准，預計將於 5 月底獲得批准。此外，今年 4 月，我們與一家德國能源公司簽署了 100 萬噸/年的 HOA 協議。查爾斯湖液化天然氣公司 (Lake Charles LNG) 正在就剩餘未承諾的液化天然氣承購量進行討論，目標是在年底前做出最終投資決定。

Now for a brief update around our power generation opportunities the level of activity from demand pull customers has remained strong. And we're in advanced discussions with several other facilities in close proximity to our footprint to supply store and transport natural gas from gas-fired power plants, data centers, and industrial and onshore manufacturing. On our last earnings call, we were excited to announce that we have entered into a long-term agreement with CloudBurst data centers to provide natural gas to their flagship AI-focused data center development in Central Texas.

現在簡單介紹一下我們的發電機會，來自需求拉動客戶的活動水準依然強勁。我們正在與附近的其他幾家設施進行深入討論，以供應、儲存和運輸來自燃氣發電廠、資料中心以及工業和陸上製造業的天然氣。在我們上次的收益電話會議上，我們很高興地宣布，我們已與 CloudBurst 資料中心達成長期協議，為他們位於德克薩斯州中部的旗艦 AI 資料中心開發項目提供天然氣。

We would expect these types of projects to require very low capital and to generate revenue relatively quickly. There is a lot of competition around these projects, but our team has done an excellent job of identifying the most likely opportunities, and we will continue to provide updates as we move forward.

我們預計這些類型的項目需要的資本很少，而且能夠相對較快地產生收入。這些專案競爭非常激烈，但我們的團隊在識別最有可能的機會方面做得非常出色，我們將在前進的過程中繼續提供最新資訊。

Lastly, construction of 8, 10-megawatt natural gas-fired electric generation facilities continues. The first facility was placed into service in the first quarter, and we expect the next one to be in service by the end of the second quarter. With the remainder expected to be in service throughout 2025 and 2026. And now turning to our guidance. We continue to expect our 2025 adjusted EBITDA to be between $16.1 billion and $16.5 billion.

最後，8,10兆瓦天然氣發電設施的建設仍在繼續。第一座設施已於第一季投入使用，我們預計下一座設施將於第二季末投入使用。其餘的預計將於 2025 年和 2026 年投入使用。現在轉向我們的指導。我們繼續預計 2025 年調整後的 EBITDA 將在 161 億美元至 165 億美元之間。

We benefit from an integrated business model that is well diversified by products and geography. Our cash flows are highly fee-based with limited commodity price exposure and financially, our balance sheet is in the strongest position in our history. We also have a high percentage of take-or-pay contracts helping to reduce impacts from market volatility.

我們受惠於產品和地理多樣化的綜合業務模式。我們的現金流高度是基於費用，商品價格風險有限，從財務角度來看，我們的資產負債表處於歷史上最強勁的狀態。我們也擁有大量照付不議合同，有助於減少市場波動的影響。

We are executing on a solid backlog of well contracted growth projects with strong counterparties, which are expected to generate strong returns, enhance our integrated value chain and promote strong growth. We will start to see contributions from some of these projects this year with additional benefits really ramping up next year as we quickly convert CapEx into cash flow.

我們正在與實力雄厚的交易對手執行大量已簽訂良好合約的成長項目，預計這些項目將產生豐厚的回報，增強我們的綜合價值鏈並促進強勁成長。今年我們將開始看到其中一些項目的貢獻，隨著我們迅速將資本支出轉化為現金流，明年額外的收益將真正增加。

Given Energy Transfer's extensive natural gas infrastructure, we are excited to see the growing demand in and around our franchise to support power plant data center and LNG growth. With our diverse integrated asset base and strong financial position, we believe we are well positioned to manage volatility while we continue to grow.

鑑於 Energy Transfer 廣泛的天然氣基礎設施，我們很高興看到我們的特許經營權及其周邊地區的需求不斷增長，以支持發電廠資料中心和液化天然氣的成長。憑藉我們多元化的綜合資產基礎和強大的財務狀況，我們相信我們有能力在繼續成長的同時管理波動性。

Before we close, we'd like to take a moment to mention Sunoco's recently announced plans to acquire Parkland Corporation. We are excited for SUN as they work to bring these assets into the family of partnerships. This combination is expected to create the largest independent field distributor in the Americas.

在結束之前，我們想花點時間提一下 Sunoco 最近宣布的收購 Parkland Corporation 的計劃。我們為 SUN 致力於將這些資產納入合作夥伴大家庭而感到興奮。預計此次合併將打造出美洲最大的獨立現場經銷商。

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

我們的準備好的演講到此結束。接線員，請接通我們的第一個問題。

(Operator Instructions) Theresa Chen, Barclays.

（操作員指示）巴克萊銀行的 Theresa Chen。

I'd like to first ask on the Lake Charles progress. Looking to your year-end target FID, can you talk about additional steps from here either from a commercialization financing or permitting a regulatory perspective? And more broadly, how do you think US LNG is situated given increasing competitive dynamics domestically as well as increasing demand abroad with the EU commission proposing to phase out imports of all Russian gas and LNG.

我想先詢問一下查爾斯湖的進展。展望您年底的目標 FID，能否從商業化融資或監管角度談談接下來的額外措施？更廣泛地說，鑑於美國國內競爭日益激烈，國外需求不斷增長，且歐盟委員會提議逐步停止進口所有俄羅斯天然氣和液化天然氣，您認為美國液化天然氣的處境如何？

Theresa, this is Mackie. We continue to gain momentum and be excited about getting to FID. We've worked many, many years on this project. We've got teams over as we speak. In fact, even on this call moments ago, we got a text.

特蕾莎，這是麥基。我們繼續獲得動力並對最終決定 (FID) 感到興奮。我們在這個專案上已經工作了很多年。我們正在通話，隊伍已經過來了。事實上，就在剛才的通話中，我們就收到了一封簡訊。

We signed up another 1 million tons from a large international energy company. So we're very excited. However, we've still got work to do. We now pass 10.4 million tons. We're targeting about 15 million tons.

我們又與一家大型國際能源公司簽了100萬噸的合約。所以我們非常興奮。然而，我們還有很多工作要做。目前，我們的產量已超過1040萬噸。我們的目標是約1500萬噸。

As Tom just said on his opening statements, we have a big partner in this now. We're looking for other partners where at the end of the day, we won about 75% to 80% equity and/or infrastructure partners still have that box to check. We are finalizing our EPC cost over these next couple of months and everything is looking good. Like I said, we've got a lot of work to do, but we're very excited about where we're at, and we're also very excited about the new administration that will not hold up.

正如湯姆在開場白中所說的那樣，我們現在在這方面有一個重要的合作夥伴。我們正在尋找其他合作夥伴，最終，我們贏得了大約 75% 到 80% 的股權和/或基礎設施合作夥伴仍有待實現。我們將在接下來的幾個月內確定 EPC 成本，一切看起來都很好。正如我所說的，我們有很多工作要做，但我們對目前的狀況感到非常興奮，我們也對不會堅持的新政府感到非常興奮。

In fact, we'll promote these types of projects, not only benefit our country, our partnership, but also our friends around the world that so desperately need LNG. So we're excited about a lot of work to do and certainly hope we reach FID by the end of the year.

事實上，我們將推動這些類型的項目，不僅有利於我們的國家、我們的合作夥伴，也有利於世界各地迫切需要液化天然氣的朋友。因此，我們對要做的大量工作感到興奮，並希望我們能在今年年底前達成最終決定。

As far as the second question you had, kind of hard to address that, we feel pretty good where our prices are. We know there's a lot of competition out there. Some are already at FID. Some aren't. We're successful in continuing to price our capacity in a manner that works for our returns. So we kind of don't worry and think much about what others are doing. We focus on what we've got, and we're excited and are hopeful to get there by the end of the year.

至於您提出的第二個問題，這個問題有點難以回答，我們對我們的價格感到很滿意。我們知道外面競爭非常激烈。其中一些已經到達 FID。有些則不是。我們成功地繼續以有利於我們回報的方式對我們的產能進行定價。所以我們不太擔心，也不太考慮別人在做什麼。我們專注於我們所擁有的，我們很興奮並希望在今年年底前實現目標。

And with one of your portfolio companies getting a currency soon potentially, how does that parlay into the potential for energy transfer to also have a C corp presence? What are your thoughts on that topic at this point?

並且，由於您的投資組合公司可能很快就會獲得一種貨幣，那麼這將如何轉化為能源轉移的潛力，從而讓 C 公司也參與其中？您現在對這個主題有什麼看法？

Theresa, this is Tom. We've always had that on the options list, if you will. We continue to evaluate it and see what makes sense from an energy transfer standpoint. Obviously, very excited to see SUN to be able to first execute on one, and we'll evaluate that carefully. But as we sit here right now, it's really not any more plans than probably we had before this transaction as far as energy transfer goes. So it's an option, and we're going to continue to look at it, and we'll stay tuned.

特蕾莎，這是湯姆。如果你願意的話，我們一直將其放在選項清單中。我們將繼續對其進行評估，看看從能源轉移的角度來看什麼是有意義的。顯然，我們很高興看到 SUN 能夠首先執行這項任務，我們將仔細評估這一點。但就我們現在的情況來看，就能源轉移而言，我們所製定的計畫可能不會比這筆交易之前更多。所以這是一個選擇，我們會繼續研究它，並保持關注。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

I was just curious, given the volatility we have seen in commodity prices and we're starting to see some rigs being dropped even in the Permian. Just wondering, I guess, with your latest producer customer conversations, what your outlook is for production, if that has changed meaningfully? Or how do you expect it to impact the Energy Transfer?

我只是好奇，鑑於我們看到的大宗商品價格波動，我們開始看到甚至在二疊紀的一些鑽井平台被放棄。我只是想知道，根據您最近與生產商客戶的對話，您對生產的展望是什麼，是否發生了有意義的變化？或者您認為它會如何影響能量轉移？

Okay. This is Mackie again. Typically, I'll make a brief statement at the end. Sometimes I'll make a brief statement real quick. And I think it's important for this question and also for other questions that might come up.

好的。我又是麥基。通常，我會在最後做一個簡短的聲明。有時我會很快發表簡短的聲明。我認為這對於這個問題以及可能出現的其他問題都很重要。

We were talking a couple of weeks ago and a lot of us have been in this business for 35, 40 years, someone like Tom, longer than that. But anyway, we've seen a lot of cycles. It's a very cyclical business. And we've seen gas at $1.50. We've seen gas at $8 or $9.

我們幾週前進行過交談，我們中的許多人已經在這個行業工作了 35 到 40 年，有些人像湯姆一樣，時間更長。但無論如何，我們已經看到了很多周期。這是一個週期性很強的行業。我們看到汽油價格為 1.50 美元。我們看到汽油價格為 8 美元或 9 美元。

We've seen oil at less than $10. We've seen oil at $120. We've had quarters where we were panicked about what the spread is between Waha and Katy because we were a natural gas pipeline company. And fortunately, where we are today with Kelsey's leadership and guidance is we're the most diversified kind of unparalleled midstream pipeline company in the United States. And just quickly a few comments on that.

我們已經看到油價低於10美元。我們已經看到油價達到每桶120美元。由於我們是一家天然氣管道公司，因此我們曾一度對 Waha 和 Katy 之間的價差感到恐慌。幸運的是，在凱爾西的領導和指導下，我們如今已成為美國最多元化、無與倫比的中游管道公司。我對此快速發表幾點評論。

In addition to kind of our segments, we've got our USA compression run by Clint, who's doing a great job of not only maintaining what they have, but look for growth over the coming years. We got Joe Kim and his team with Sunoco. He's done an incredible job with the assets they purchased. Now they just made a huge announcement that we see a lot of upside for them. Of course, that also provides additional distributions, which don't hurt our feelings at all.

除了我們的細分市場之外，我們還有由克林特 (Clint) 負責的美國壓縮業務，他不僅出色地維持了現有業務，還尋求未來幾年的成長。我們邀請了 Joe Kim 和他的團隊來 Sunoco。他在他們購買的資產方面做得非常出色。現在他們剛剛發布了一個重大聲明，我們看到了他們的巨大優勢。當然，這也提供了額外的分佈，這根本不會傷害我們的感情。

And then you look at our segment, you look at our Crude segment, run by Adam and his team. And we move about 20% of the barrels out of West Texas, about 30% of the barrels that are produced in the United States go through our pipes, over 50% in the Bakken. We're one of the largest deliverers of barrels to the refineries around Port Arthur and then, of course, Bayou Bridge to the Lake Charles and St. James, and then on and so forth, up the Mid-Continent. Then you jump over to the NGLs and the massive pipelines we've built with Mariner and we are the company to go to with any ethane, propane growth out of the Northeast through our Marcus Hook terminal.

然後你看看我們的部分，看看由亞當和他的團隊負責的原油部分。我們將大約 20% 的石油運出西德克薩斯州，美國生產的大約 30% 的石油通過我們的管道運輸，超過 50% 的石油通過巴肯地區運輸。我們是向亞瑟港周圍的煉油廠運送原油的最大供應商之一，然後當然還要通過 Bayou Bridge 運送至查爾斯湖和聖詹姆斯，然後再一路運送至中部大陸。然後，您可以跳到我們與 Mariner 共同建造的 NGL 和大型管道，我們是透過 Marcus Hook 終端從東北地區輸送乙烷、丙烷的理想公司。

And then, of course, our incredible expansion at Nederland that we're also completing our next 250,000 in our NGL world where we move a lot of barrels, over 1 million barrels a day go into that. Very excited about that. And of course, midstream. We've got a big presence in the Permian and a lot of other places. And then you look at what's going on in the pipeline -- our intrastate, our interstate and how well we've built all those out from all the major basins, delivering to all the major markets, whether it's LNG or whether it's power plants or the utilities or cities or whatever, we just have positioned ourselves in such a good way to where if one segment slows down or whatever, the other one picks it back up.

然後，當然，我們在 Nederland 進行了令人難以置信的擴張，我們還在完成 NGL 領域的下一個 250,000 個項目，在那裡我們運輸大量桶，每天有超過 100 萬桶進入那裡。我對此感到非常興奮。當然還有中游。我們在二疊紀和許多其他地方都佔有重要地位。然後你看看管道的情況——我們的州內管道、州際管道，以及我們如何很好地從所有主要盆地建設這些管道，並將它們輸送到所有主要市場，無論是液化天然氣、發電廠、公用事業、城市還是其他什麼，我們都將自己定位在一個良好的位置，如果一個部分的速度減慢或其他什麼，另一個部分就會恢復。

So all that saying, going to your question, yes, we are seeing a slowdown a little bit over the last few weeks. We actually have been in conversations, Tom and I have, with some of the majors. They really haven't indicated at these kind of $50 barrel of pricing that necessarily going to slow down. But we have seen even in the last day, yesterday and today, there's been some statements on slowdown. We're well positioned to manage that.

所以，回到你的問題，是的，我們在過去幾週看到了一點放緩。事實上，湯姆和我已與一些主要機構進行了對話。他們確實沒有表示，在這種每桶 50 美元的油價水平下，油價必然會放緩。但我們甚至看到，在過去一天、昨天和今天，都出現了一些有關經濟放緩的聲明。我們已做好充分準備來應對這一問題。

This is what happens in this industry. It will slow down and then it will come back as a barn burner. We certainly anticipate that happening with oil but even tenfold on gas. Any kind of slowdown on gas, if you look over the next 3 or 4 years, 5 to 7 Bcf of growth in the LNG market, who knows where the AI data center and power plants are going to go on a high side or even a medium side on that. I mean, it's just a wonderful outlook for our pipeline business, both intra and interstate.

這就是這個行業正在發生的事情。它會減速然後再次以穀倉燃燒器的形式返回。我們當然預期石油業將會出現這種情況，但天然氣產業的情況甚至會是石油業的十倍。如果展望未來 3 到 4 年，如果天然氣市場出現任何形式的放緩，液化天然氣市場將成長 50 到 70 億立方英尺，誰知道人工智慧資料中心和發電廠的成長速度將處於高端還是中端。我的意思是，這對我們的管道業務（包括州內和州際管道）來說是一個美好的前景。

So yes, there's areas where drilling has slowed down. It will slow down some parts of that. But as a whole, we think some of the other areas of our well-balanced partnership will kind of even things out and we just stay very positive and bullish on the future, especially around NGLs and natural gas transportation.

是的，有些地區的鑽探速度已經放緩。這會減慢其中某些部分的速度。但總體而言，我們認為我們均衡的合作夥伴關係的其他一些領域將使情況更加平衡，我們對未來保持非常積極和樂觀的態度，特別是在天然氣液和天然氣運輸方面。

Got you. Makes sense. Yes, I know it's certainly important to have a diversified platform there. It seems like a slowdown in oil could help the gas supply demand dynamics and could help you out there as well. And maybe just building a gas a bit more, I guess, the opportunity set as you see it to service growing power demand in data centers even and thinking particularly to the west of Texas, just wondering how you see, I guess, the opportunity set to feed more power in Texas or data centers and also further West in Arizona as well.

明白了。有道理。是的，我知道擁有多元化的平台當然很重要。看起來，石油價格的放緩可能對天然氣的供需動態有所幫助，也可能對您有所幫助。也許只是再多建一些天然氣管道，我想，正如您所看到的那樣，這是一個機會，可以滿足數據中心日益增長的電力需求，特別是德克薩斯州西部，我只是想知道您如何看待這個機會，可以為德克薩斯州或數據中心以及亞利桑那州西部提供更多的電力。

Yes. I'll tell you, this is one of those areas where we feel like we're sitting on a gold mine. As I just mentioned, we built a lot of assets, bought a lot of pipeline assets, moving molecules from production basins to markets. We wake up here over the last 6 to 12 months and find ourselves in an incredible position. Adam and his team are -- you got a really good team he's put together to chase deals all over Texas.

是的。我告訴你，這是一個讓我們感覺像坐在金礦上的領域。正如我剛才提到的，我們建造了許多資產，購買了許多管道資產，將分子從生產盆地運送到市場。在過去的 6 到 12 個月裡，我們醒來後發現自己處於一個令人難以置信的位置。亞當和他的團隊是一支非常優秀的團隊，他組建了這支團隊來在德克薩斯州各地進行交易。

There's 150 approximate data centers that we're looking at just in Texas alone, we would love to elaborate and talk about some significant progress we make. We do believe in the next four to six weeks, we'll be able to make some significant announcements. But what's really cool about our assets, and we've said this before, is that if we were going to go out and develop.

僅在德克薩斯州，我們就關注大約 150 個資料中心，我們很樂意詳細說明並談論我們取得的一些重大進展。我們確實相信在接下來的四到六週內，我們將能夠發布一些重要的公告。但我們的資產真正酷的地方在於，我們之前也說過，如果要出去開發的話。

And we're kind of doing this to a certain degree to help some of the hyperscalers and try to place some of these data centers. We place them almost right on top of our pipes. In fact, like we said last time, CloudBurst location, our pipeline actually runs through that acreage.

我們這樣做在某種程度上是為了幫助一些超大規模企業，並嘗試建立一些資料中心。我們將它們放置在管道的正上方。事實上，就像我們上次所說的那樣，CloudBurst 位置，我們的管道實際上穿過該區域。

But we're so well positioned from an electrical transmission standpoint, a lot of the major electric lines running through Texas parallel or very close to our pipelines. A lot of the low latency fiber optics runs in the same quarter as our pipeline. So we're very optimistic. We'd love to elaborate.

但從電力傳輸的角度來看，我們的位置非常有利，許多穿過德克薩斯州的主要電力線與我們的管道平行或非常接近。許多低延遲光纖與我們的管道在同一季度運作。所以我們非常樂觀。我們很樂意詳細說明。

Yes, even outside of Texas, we see Arizona as a very significant growth area for data centers, really growth area for natural gas demand in addition to data centers elsewhere in other states call from other states, we expect to make some significant announcements over the next four to eight weeks.

是的，即使在德州以外，我們也認為亞利桑那州是資料中心非常重要的成長地區，也是天然氣需求真正的成長地區，此外，其他州的資料中心也來自其他州，我們預計將在未來四到八週內發布一些重要公告。

So a little premature, but very excited about where that's going to take us and couldn't be couldn't feel better about our situation on where our pipeline sit. Our ability to move large volumes through these large diameter systems in the storage, we have to back up that. We just couldn't be more excited about these opportunities we're chasing.

雖然有點為時過早，但我對這將帶給我們的前景感到非常興奮，並且對我們的管道現狀感到非常滿意。我們必須保證我們有能力透過儲存中的大直徑系統來移動大量物品。我們對我們正在追逐的這些機會感到無比興奮。

Got it. We'll be listening in the coming weeks for that announcement.

知道了。我們將在未來幾週內關注該公告。

Jean Ann Salisbury, Bank of America.

美國銀行的 Jean Ann Salisbury。

Thank you for the update on the timing of the ethane and propane in service for the Nederland Flexport expansion that starts in the next few months. Can you speak to how you're viewing the speed of the ramp for that project? And if you expect it to mainly be shipping propane or ethane in the medium term?

感謝您提供未來幾個月內開始的荷蘭 Flexport 擴建項目中乙烷和丙烷投入使用時間的更新。您能談談您如何看待該專案的坡道速度嗎？如果您預計中期內它將主要運輸丙烷或乙烷呢？

Yes, this is Mackie again. I believe we're coming on the end of this month, early next month with ethane. Regardless of what everybody is hearing about all the negativity around what's going on in China and other areas, we're not having a problem finding a home for our product or ethane or LPG. In fact, we did a deal this morning for another ethane spot cargo to China. So with those tariffs apparently being [method] around ethane and possibly LPG, we feel very good about it.

是的，我又是 Mackie。我相信乙烷將在本月底或下個月初出現。無論大家聽到什麼關於中國和其他地區發生的負面消息，我們都能輕鬆找到乙烷或液化石油氣產品的銷路。事實上，我們今天早上又達成了一筆運往中國的乙烷現貨交易。因此，由於這些關稅顯然是針對乙烷和可能的液化石油氣的，我們對此感到非常滿意。

July or August, we'll be ramping up the propane portion of that. And then by the end of this year, ethylene. All of that, we expect on a spot basis and/or some of it's turned up to stay very full for the second half of this year. And then we're on this new flexible expansion, we're over 90% sold out under 3- to 5-year agreement starting January 1 of '26. So we're very excited about that. It needs to come online for the international demand around the world. And we're excited to finally for all that hundreds of millions of dollars were spent, we're excited about the revenue that we're about to bring in the door.

七月或八月，我們將增加丙烷的比例。到今年底，乙烯也將問世。我們預計，今年下半年，現貨和/或部分現貨的供應將保持非常充足。然後，我們又進行了新的靈活擴展，從 26 年 1 月 1 日開始的 3 至 5 年協議中，我們的產品已售出 90% 以上。所以我們對此感到非常興奮。它需要滿足世界各地的國際需求。我們很高興，在花費了數億美元之後，我們終於可以獲得收入了。

Great. That's super helpful. And then you kind of touched on this, but my follow-up was just real time what you're seeing in the LPG export market. Is there basically enough ring rerouting, I guess, going on to avoid the China tariff on US LPG. And how do you think that plays out in the next few months?

偉大的。這非常有幫助。然後你提到了這一點，但我的後續問題是即時了解液化石油氣出口市場的情況。我猜想，是否有足夠的環路改道來避免中國對美國液化石油氣徵收關稅。您認為未來幾個月內情況會如何發展？

Yes. With all these questions, a lot of uncertainty about what's going on in the industry. We have very little concern, even talking to our team today, as I just said, there's a lot of international demand, not just China, all over the world for ethane, propane and butane, and we really don't expect to see any major challenges if any challenges at all selling out our terminal every month, the rest of this year.

是的。由於存在所有這些問題，人們對該行業正在發生的事情存在許多不確定性。我們幾乎沒有什麼擔心，甚至在今天與我們的團隊交談時，正如我剛才所說，不僅僅是中國，全世界對乙烷、丙烷和丁烷的需求都很大，我們真的不認為在今年剩餘時間內每月銷售我們的終端設備會面臨任何重大挑戰。

Spiro Dounis, Citi.

花旗銀行的 Spiro Dounis。

Maybe just to go to Hugh Brinson, Tom, you pointed out that negotiations now are well in excess of that Phase 2 capacity. So multipart question here. One, what does that mean for the timing of Phase 2? Is there an ability to accelerate that now? And does this actually create some bottlenecks, maybe even downstream of Hugh Brinson where that could precipitate more expansions? And then lastly, what kind of customers are you dealing with here? Is this largely data center-driven demand?

也許只是為了去找休·布林森，湯姆，你指出現在的談判已經遠遠超出了第二階段的容量。這裡有很多問題。第一，這對第二階段的時間意味著什麼？現在有沒有能力加速這一進程？這是否真的會造成一些瓶頸，甚至可能在休·布林森 (Hugh Brinson) 的下游引發更多的擴張？最後，您在這裡面對的是什麼樣的客戶？這主要是由資料中心驅動的需求嗎？

Yes. This is Mackie again, Spiro. I tell you, it's funny we've been trying to get a 42-inch across Texas FID for, I don't even know, 4 or 5 years, and we finally got that done, and it couldn't have been better timing, especially larger last question was related data centers. However, getting that to FID had nothing to do with data centers, not one data center supported that project to get it off the ground. As we've said, we have sold out now Phase 1.

是的。我又是麥基，斯皮羅。我告訴你，有趣的是，我們一直在嘗試讓 42 英寸的 FID 橫跨德克薩斯州，我什至不知道有 4 年還是 5 年，我們終於完成了，時機再好不過了，尤其是更大的最後一個問題是相關的資料中心。然而，將其提交 FID 與資料中心無關，沒有一個資料中心支援該專案並使其啟動。正如我們所說，第一階段的產品現已售罄。

We are in negotiations with -- I wouldn't say twice as much, but significantly more volume request and we have capacity available to take it from 1.5 Bcf to 2.2 Bcf. But as I was just alluding to what an incredible time to announce a new 42-inch, 2.2 Bcf pipeline out of the most prolific basin in the United States that connects to multiple 42- and 36-inch pipes of ours that feeds markets throughout the state of Texas and then also, of course, accesses Carthage and [tax owed] to feed the Southeast, LNG, everything else. So we're very excited about that. And then as far as data centers, we call it kind of the gold rush. It's something where not only is it -- are we working with customers that we will end up probably utilizing some of the remainder capacity we have available.

我們正在進行談判——我不會說是兩倍，但數量要求會大幅增加，我們有能力將其從 15 億立方英尺提高到 22 億立方英尺。但正如我剛才提到的，這是一個令人難以置信的時機，宣佈在美國最豐富的盆地中鋪設一條新的 42 英寸、22 億立方英尺的管道，該管道連接到我們的多條 42 英寸和 36 英寸管道，為整個德克薩斯州的市場提供天然氣，然後當然也連接到迦太基和 [稅欠]，為東南部提供液化天然氣和其他所有地區提供天然氣。所以我們對此感到非常興奮。就資料中心而言，我們稱之為淘金熱。這不僅僅是我們與客戶合作的事情，我們最終可能會利用我們現有的一些剩餘產能。

We also have customers that want diversification of receipt points, meaning they may want some from Waha, some from Katy, some from Carthage. We're able to accommodate that with this massive system we've built. So we're in such a good situation very excited about. As I keep saying, we can't express our excitement enough and one kind of exclamation point on this.

我們還有一些客戶希望收貨點多樣化，這意味著他們可能想要一些來自 Waha 的，一些來自 Katy 的，一些來自 Carthage 的。我們能夠透過建構這個龐大的系統來適應這一點。所以我們對如此好的情況感到非常興奮。正如我一直說的，我們無法充分錶達我們的興奮之情，也無法表達對此的感嘆。

Tying in all these, it's not just data centers. That's one thing that we probably need to elaborate on. We're negotiating with as many power plants unassociated with data centers that we think are more likely to happen just because of the need, especially here in Texas to meet the growing demand from population, et cetera.

綜合考慮這些因素，就不只是資料中心了。這或許是我們需要詳細說明的一件事。我們正在與盡可能多的與資料中心無關的發電廠進行談判，我們認為這些發電廠更有可能因為需要而發生，特別是在德克薩斯州，以滿足日益增長的人口需求等等。

So kind of the exclamation point is there's not a lot of capital to this. As I mentioned earlier, a lot of these areas where these data centers are proposed are right on top of us. So we're talking about moving 250,000, 300,000, 400,000, 500,000 in different directions with some good healthy margins and yet we're laying a mile of -- 5 miles of pipe. So it's exciting enough time. I'll say it again, we're thrilled with this new opportunity for our pipeline assets and very excited where that's going to take revenues for those assets in the future.

所以感嘆號是，這方面沒有太多的資本。正如我之前提到的，許多擬建資料中心的區域就在我們上方。因此，我們討論的是將 250,000、300,000、400,000、500,000 移向不同的方向，並獲得良好的健康利潤，但我們正在鋪設一英里到五英里的管道。所以這是一個足夠令人興奮的時刻。我再說一遍，我們對管道資產的這個新機會感到非常興奮，並且非常興奮這將在未來為這些資產帶來收入。

It's great to hear, Mackie. Second question, maybe this one for you as well. And I kind of want to go back to Jeremy's original question. Ask it a different way and hopefully not make you repeat yourself. Your point is well taken.

很高興聽到這個消息，麥基。第二個問題，也許這也是你所需要的。我想回到傑里米最初的問題。用不同的方式詢問，希望不會讓你重複自己的話。你的觀點很正確。

I think over longer-term periods, you've proven to be pretty durable and resilient duty cycles. I guess we narrow the focus a little bit. Obviously, a lot of projects coming online this year, $5 billion of CapEx in the hopper here. And I think last time we caught up, it did suggest you'd be sort of at the higher end of your sort of 3% to 5% growth rate this year and maybe next year. And so I guess I'm curious, given everything we've seen, I realize a lot of uncertainty still, crude in the 50s. There's still feel like that $5 billion of CapEx is got enough hardwired growth inside of it to still drive 5% growth or maybe some of that come off a bit.

我認為從長期來看，你已經證明了你具有相當持久和有彈性的工作週期。我想我們應該稍微縮小一下關注範圍。顯然，今年有很多項目上線，這裡有 50 億美元的資本支出。我認為上次我們討論時確實表明今年甚至明年的成長率將達到 3% 至 5% 的高端。所以我想我很好奇，考慮到我們所看到的一切，我意識到仍然存在著許多不確定性，這在 50 年代很粗糙。人們仍然覺得，50 億美元的資本支出內部有足夠的硬性成長空間，足以推動 5% 的成長，或者其中一部分可能會有所下降。

That's a good question. And certainly, we're always looking at everything. Every impact we might have on our system with some of the statements that have come out even recently, one thing we were joking about before this call is every time we bring on a plant, we just brought on Lenora 1 here not too long ago within days. Certainly within weeks, it's full. And so when we bring on Lenora 2 here in the next 30, 45 days, we don't know how full it's going to be. Our expectations are, it's going to fill up pretty fast.

這是個好問題。當然，我們始終在關註一切。最近發布的一些聲明可能會對我們的系統產生各種影響，在這次通話之前我們開玩笑說的一件事是，每次我們引入一個工廠，我們不久前就在幾天內引入了 Lenora 1。毫無疑問，幾週之內它就滿了。因此，當我們在未來 30 到 45 天內將 Lenora 2 帶到這裡時，我們不知道它會有多滿。我們的預期是，它會很快被填滿。

But we do have the luxury of kind of watching what happens over the next quarter, maybe 1.5 quarters, 2 quarters. And if we really do see a slowdown, we will have the ability to defer some of these costs. We can delay Mustang draw, certainly not talk about -- think about that or anything right now on that. but it's certainly a tool and something that we can look at as well as other projects that we have. If we see a huge downturn and it's extended for some period of time, we will be able to push some of that $5 billion into $26 billion.

但我們確實可以觀察下一季、可能是 1.5 個季度、2 個季度的情況。如果我們確實看到經濟放緩，我們將有能力推遲部分成本。我們可以推遲野馬的抽籤，當然不是談論——現在就考慮這個或任何事情。但它確實是一個工具，我們可以參考它，也可以參考我們的其他項目。如果我們看到嚴重的經濟衰退並且持續一段時間，我們將能夠將這 50 億美元中的一部分增加到 260 億美元。

But way premature to any kind of that type of -- I wouldn't say panic, but any of that type of moves. We remain bullish Yes, we see some softening. Yes, we see some potential challenges over the next quarter or two. But a year, 2 years through 10 years, we're extremely bullish on our industry and on the need for all the products that we transport. And we'll just see how the next quarter plays out before we make some of those decisions.

但採取任何此類行動都為時過早——我不會說是恐慌，而是採取任何此類行動。我們仍然看好是的，我們看到了一些疲軟。是的，我們看到未來一兩個季度將面臨一些潛在的挑戰。但一年、兩年甚至十年，我們對我們的行業以及我們運輸的所有產品的需求都非常樂觀。在做出一些決定之前，我們只需要觀察下個季度的情況。

Keith Stanley, Wolfe Research.

基斯‧史丹利（Keith Stanley），沃爾夫研究公司。

Two follow-ups on that. So on the CapEx conversation, Tom, is there a figure that you have just roughly, if we're talking $5 billion of growth CapEx this year. What would that look like based on just sanctioned projects right now for 2026? Does that number come down a lot? Or how are you looking at that and flexibility for '26 spend?

對此有兩項後續行動。那麼，湯姆，在談到資本支出時，如果我們談論的是今年 50 億美元的成長資本支出，您是否有一個大致的數字？根據目前核准的 2026 年專案來看，情況會如何？這個數字會下降很多嗎？或者您如何看待這一點以及 26 年支出的靈活性？

Yes, Keith. That's actually a very good question. Of course, we generally don't give our guidance for the current year until the end of the year. But when you really look out and you probably look at a lot of these projects that we're talking about coming on right now, we don't have that same size number currently filled up. But we do have, as always, a big backlog of projects to look at.

是的，基斯。這確實是一個非常好的問題。當然，我們一般要到年底才會給予當年的業績指引。但當你真正留意時，你可能會發現我們正在談論的許多項目目前還沒有達到相同的規模。但與往常一樣，我們確實有大量積壓項目需要處理。

So I don't really have an answer for you on how to guide. But probably take it to less than half of that is probably where I would take it with you, Keith. So let's see how the year continues to develop. But as we sit here right now, that's probably a good marker without it being guidance, though.

所以我真的無法告訴你如何引導。但可能要把它帶到少於一半的地方，基思，這可能是我會帶給你的。那麼讓我們看看今年將如何繼續發展。但就我們現在的情況來看，這可能是一個很好的標記，但並不具有指導意義。

Okay. So less than half of the $5 billion is sanctioned today, and obviously, that can change over time.

好的。因此，目前批准的 50 億美元中只有不到一半，而且顯然，這種情況會隨著時間的推移而改變。

That's (inaudible)

那是（聽不清楚）

Okay. That's very helpful. The second follow-up, I just wanted to check on the contracting position just across NGL exports. And so I think, Mackie, you said you expect to fully sell out on a spot basis, all of your available export capacity. We also said Flexport is 90% contracted for 3 to 5 years. Just looking holistically at your NGL export portfolio, is there a percentage of capacity that you would point to as being under fixed fee contracts going forward, including Flexport?

好的。這非常有幫助。第二個後續問題，我只是想檢查一下 NGL 出口的承包情況。所以我認為，麥基，你說過你希望以現貨方式完全售出你所有的可用出口能力。我們也表示，Flexport 的合約期限為 3 至 5 年，佔 90%。僅從整體上看您的 NGL 出口組合，您是否會指出未來有一定比例的產能將按照固定費用合約進行，包括 Flexport？

Yes, Keith. So our spot prices, they're fixed when we negotiate each month. And then our term prices, they are fixed. So all the -- whether it's a three-year or four-year or five-year term, it's a fixed fee for us to load ethane, propane or butane onto these ships. Does that answer your question?

是的，基斯。因此，我們的現貨價格是每月談判時固定的。我們的定期價格是固定的。因此，無論是三年、四年或五年的期限，我們將乙烷、丙烷或丁烷裝載到這些船上都需要支付固定費用。這回答了你的問題嗎？

I guess I was trying to get at what percentage the mix? So what percentage is term contracts versus kind of month-to-month?

我想我想知道混合比例是多少？那麼定期合約與按月合約的比例是多少？

So the Flexport project that we're bringing on ethane and propane and then ethylene throughout the remainder of this year, fully contracted fixed price on average three to five years for the Flexport capacity that we're putting in service this year.

因此，我們將在今年剩餘時間內為 Flexport 專案引入乙烷、丙烷以及乙烯，對於我們今年投入使用的 Flexport 產能，我們將簽訂平均三到五年的固定價格合約。

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

I had a follow-up question on Hugh Brinson. So it sounds like you have more demand than your Phase 2 expansion. So I guess the question is, could you expand it further with compression? Or do you have another option? Would you somehow need to add another pipeline? And the other question related to that is, does this give you more pricing power and the ability to charge higher rates? Or could you see a higher return on a project like that?

我有一個關於休·布林森的後續問題。因此聽起來您的需求比第二階段的擴張還要多。所以我想問題是，你可以透過壓縮進一步擴展它嗎？或者您還有其他選擇嗎？您是否需要新增另一條管道？與此相關的另一個問題是，這是否會賦予您更多的定價權和收取更高費率的能力？還是您認為這樣的專案能帶來更高的回報？

Well, let me just say our prices are always fair and competitive. We may have some markets on the phone. But no, anything like that, of course, we can always look pipe. We can always add compression. We actually now are looking at making Hugh Brinson fully bidirectional that's at a relatively inexpensive price to make that work.

好吧，我只想說我們的價格始終是公平且有競爭力的。我們可能透過電話了解一些市場狀況。但不，任何類似的事情，當然，我們總是可以看看管道。我們總是可以添加壓縮。實際上，我們現在正在考慮讓 Hugh Brinson 實現完全雙向通信，並以相對便宜的價格實現這一目標。

But I guess to kind of round out the answer, we feel really good about the value of the capacity that we have yet to sell on Hugh Brinson and the amount of revenues that's going to create for our partnership, both from a west-to-east route as well as from an east to west out across Texas. So as I mentioned, we're very well positioned and we think we're going to do very well on adding significant value with all of these, not only data centers but with all the power plant opportunities that we have, not only in Texas, but in a number of other states.

但我想，為了使答案更加完整，我們對尚未出售給休·布林森的運力的價值以及將為我們的合作夥伴關係創造的收入感到非常滿意，無論是從西到東的路線，還是從東到西穿過德克薩斯州的路線。正如我所提到的，我們處於非常有利的位置，我們認為我們將透過所有這些創造巨大的價值，不僅是資料中心，還有我們擁有的所有發電廠機會，不僅在德克薩斯州，而且在其他一些州。

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

I wanted to ask you, it's been about six months since you have had a new President and a new government. Have things actually changed on the ground? Are you seeing more supportive permitting process? And in general, are you seeing more support for oil and gas industry from the new administration?

我想問您，距離貴國有了新總統和新政府已經有六個月了。實際情況真的改變了嗎？您是否看到了更多支持性的許可流程？總體而言，您是否認為新政府將對石油和天然氣產業提供更多支持？

Yes, absolutely. We didn't expect it to be this big of an impact on things yet. But long term, we think the decisions that this administration will be very good for our country and very good for our industry and very good for our partnership.

是的，絕對是。我們還沒有想到它會對事情產生這麼大的影響。但從長遠來看，我們認為本屆政府的決定將對我們的國家非常有利，對我們的產業非常有利，對我們的夥伴關係非常有利。

In regards to permitting, it goes without saying that the pause around LNG, whatever pause there was left has been lifted the energy dominance Council under the Department of Interior is doing everything they can to learn about projects and to help projects get to the finish line where they make sense. As far as any extensions, for example, around our LNG project with FERC extensions or DOE extensions, we feel very good about getting those.

關於許可，不言而喻，圍繞液化天然氣的暫停，無論曾經暫停過什麼，都已經解除，內政部下屬的能源主導委員會正在盡其所能了解項目，並幫助項目在合理的範圍內完成。就任何延期而言，例如，圍繞我們的 LNG 項目與 FERC 延期或 DOE 延期，我們對獲得這些延期感到非常高興。

So general overall statement is things are much more positive. We think it will become much easier to build infrastructure with a lot more certainty for ourselves and for our customers and for the country. So as we talked about for the last four years, we are very excited about this new administration and where it's going to take this country and how our partnership will benefit from it.

因此總體情況是，情況更加積極。我們認為，對於我們自己、對我們的客戶、對國家來說，建立基礎設施將變得更加容易、更加確定。正如我們過去四年所談論的那樣，我們對新政府以及它將帶領國家走向何方以及我們的夥伴關係將如何從中受益感到非常興奮。

Perfect. My quick and easy follow-up here is your guidance still remains for 2025, 16.1% to 16.5%. And those of us really like ET, hope it's 16.5%. Help us understand, despite some of the small slowdowns that you are seeing, what could still get you closer to 16.5% versus the midpoint of the guidance?

完美的。我在這裡快速而簡單的後續追蹤是，您對 2025 年的指導仍然保持在 16.1% 至 16.5%。而我們這些真正喜歡 ET 的人，希望它是 16.5%。請幫助我們理解，儘管您看到了一些小幅放緩，但什麼仍然可以使您更接近 16.5% 相對於指導中點？

Yes. This is Dylan here. So when we think about that guidance range. One thing I do want to point out is before I start here, we put out this range. We put out this range of $400 million, and that's on at a midpoint of $16.3 billion.

是的。我是迪倫。因此，當我們考慮該指導範圍時。我確實想指出的一件事是，在我開始之前，我們提出了這個範圍。我們提出的範圍是 4 億美元，中間值為 163 億美元。

So if you think about that from the midpoint to the high and the low end, we're only going at less than 1.25% each way. So that's a pretty tight range. There's a lot of drivers in there. We feel really good about this plan when we put it out, and we still feel really good about it right now. It's the usual things, commodity price movements, spreads, those make up about 10% of our business there.

因此，如果你從中點到高端和低端來考慮，我們每個方向的成長率都只有不到 1.25%。所以這是一個相當狹窄的範圍。那裡有很多司機。當我們提出這個計劃時，我們感覺非常好，現在我們仍然感覺非常好。這是常見的情況，商品價格變動、價差，這些約占我們在那裡業務的 10%。

And then there's a little bit of volume exposure as well within primarily the midstream segment. That's fairly muted as well. But those are really the drivers that can move us within that 2.5% range top to bottom end.

然後，主要在中游部分也存在少量的成交量暴露。這也相當低調。但這些才是真正推動我們在 2.5% 範圍內成長的驅動力。

John Mackay, Goldman Sachs.

高盛的約翰·麥凱。

I wanted to talk about WTG for a second. It's been about, I guess, three quarters since you guys closed on that. Just anything you can kind of update us on in terms of how that asset is going right now, your ability to kind of ramp it up and start to retake share in the Midland. And then anything that's coming out of it on the NGL side that's given you some confidence on the contracting piece on the TMS side.

我想談談 WTG。我猜，從你們完成這件事到現在已經過了四個月的時間了。您能否向我們介紹一下該資產目前的進展情況，以及您提升該資產並開始重新奪回米德蘭市場份額的能力。然後，NGL 方面出現的任何結果都會讓您對 TMS 方面的承包部分充滿信心。

This is Mackie. I'll start and Dylan may want to follow up. But what a great acquisition, a tremendous amount of reserve and contracts dedicated to those assets. We have discovered as we've kind of started operating on some issues that have come up that we continue to address. But long term, we're excited about the growth, both from a cryogenic, from a gathering standpoint, but also from a downstream.

這是麥基。我先開始，Dylan 可能會想跟進。但這是多麼偉大的收購，大量的儲備和專門用於這些資產的合約。我們發現，當我們開始著手處理一些出現的問題時，我們會繼續解決這些問題。但從長遠來看，我們對成長感到興奮，無論是從低溫、聚集的角度，還是從下游的角度。

We mentioned Hugh Brinson. Hugh Brinson will be at the tailgate of the majority of the WTG cryos that'd be a great outlet when there's issues. We are having issues from time to time with the existing pipeline. So that will help in a big way. But as well as the NGLs, some of the NGLs are already dedicated. We do see growth in NGLs coming from these facilities in the future for our NGL pipeline in fracking business.

我們提到了休·布林森。休·布林森 (Hugh Brinson) 將會站在大多數 WTG 低溫裝置的後擋板上，當出現問題時，這將是一個很好的出路。我們時常會遇到現有管道的問題。這將會有很大幫助。但除了 NGL 之外，一些 NGL 已經專用。我們確實看到，未來來自這些設施的 NGL 產量將對我們水力壓裂業務的 NGL 管道產生成長。

But all in all, we're very pleased about that asset and working hard to bring it up to the full standards of energy transfers, other assets. And it's going to be a great contributor to our partnership for many years to come.

但總而言之，我們對資產感到非常滿意，並正在努力使其達到能源轉移和其他資產的全面標準。並且它將在未來許多年為我們的合作關係做出巨大貢獻。

Yes. (inaudible) I think when we look back versus our acquisition plan, as many of you recall, had a lot of maintenance (inaudible) maintenance capital in for the first years as we recognized there was going to be some work to do and we're definitely spending that capital. But on the plus side, the volumes are volumes are ahead of the plan that we had an acquisition.

是的。（聽不清楚）我認為，當我們回顧我們的收購計劃時，正如你們許多人記得的那樣，在最初幾年投入了大量的維護（聽不清楚）維護資金，因為我們認識到會有一些工作要做，而且我們肯定會花掉這些資金。但從好的方面來看，交易量超出了我們收購的計劃。

And so I think we're really pleased the producers behind the system are great partners, and we're seeing the financial benefits of that on the revenue side. So all in all, financially, this is going to turn out to be a great acquisition for us.

因此，我認為我們真的很高興這個系統背後的製作人是很好的合作夥伴，而且我們在收入方面看到了它帶來的經濟效益。總而言之，從財務角度來看，這對我們來說將是一次偉大的收購。

I appreciate that. And second, I want to be quick. Dylan, just going back to Manav's question on the guidance, not to belabor the point. But since the range is so tight, I just want to ask the $160 million benefit in midstream this quarter? Was that kind of expected inside the guide? And then how are you guys treating the remainder storm proceeds that you haven't recognized yet relative to that guidance range?

我很感激。其次，我想要快點。迪倫，我只是想回到馬納夫關​​於指導的問題，而不是過度強調這一點。但由於範圍如此狹窄，我只想問一下本季中期的 1.6 億美元收益？指南中是否預期會出現這種情況？那麼，你們如何處理相對於該指導範圍尚未確認的剩餘風暴收益？

Yes. I would say that wasn't explicitly as part of the guide now. When we look at the guide, the one thing that somewhat offsets that is the first quarter in our guide we've assumed internally some volatility in there that we capture in the intrastate segment. I'll say, this first quarter, we did not have the volatility that we've seen in past years. And so we were short on that mark there. So this is a little bit of an offset there versus some stretch that we put into the business in the first quarter. So kind of consider that a wash as we go forward here.

是的。我想說這現在不是指南中明確規定的一部分。當我們查看指南時，有一件事在某種程度上抵消了這一點，那就是在我們的指南的第一季度，我們在內部假設了我們在州內部分捕捉到的一些波動。我想說的是，今年第一季，我們並沒有出現過去幾年那樣的波動。所以我們在這方面還不夠。因此，與我們在第一季投入業務相比，這有一點抵消。因此，當我們繼續前進時，可以將其視為一種洗滌。

Gabe Moreen, Mizuho.

加布·莫林，瑞穗。

I just had one follow-up on Lake Charles. Given, I guess, all the activity to try to get gas to the Gulf Coast for LNG exports and also the mid-ocean agreement saying that they'll use energy transfer pipes to get gas to their portion of the facility. Can you calibrate kind of the upstream opportunities on the pipe side now that you're getting close to FID, whether it's getting gas from the Haynesville across the border from Texas, just kind of your latest thoughts on how big that opportunity could be?

我剛剛對查爾斯湖進行了一次跟進。我想，考慮到所有試圖將天然氣輸送到墨西哥灣沿岸用於液化天然氣出口的活動，以及中洋協議，該協議規定他們將使用能源輸送管道將天然氣輸送到他們的部分設施。既然您現在已經接近最終投資決定 (FID)，您能否校準一下管道方面的上游機會，無論是從德克薩斯州邊境的海恩斯維爾 (Haynesville) 輸送天然氣，您對這個機會有多大的最新看法是什麼？

You bet. This is Mackie again. It's a huge opportunity. Yes, we do intend for all the molecules that come in Lake Charles will -- were somehow moved through our pipelines. We have the ability to move quite a bit of gas in that area today.

當然。我又是 Mackie。這是一個巨大的機會。是的，我們確實打算讓進入查爾斯湖的所有分子以某種方式通過我們的管道運輸。今天我們有能力在該地區運輸相當多的天然氣。

We will be needing to expand where exactly that expansion will come to and what size and timing and all that, we're still working through that depending on what the customers' desires are, but probably unlike any other we will have the ability to source from the Permian Basin, from cartridge, from Oklahoma, from Perryville, from North Louisiana, from East Texas, from Katy.

我們需要擴張，擴張的具體地點、規模和時間等等，我們仍在根據客戶的需求進行努力，但與其他任何公司不同的是，我們將能夠從二疊紀盆地、墨盒、俄克拉荷馬州、佩里維爾、路易斯安那州北部、德克薩斯州東部、凱蒂採購。

So with our extensive pipeline interstate network, we're having the ability to provide our customers and ourselves with access to the cheapest sources of supply, wherever those may be from all those points we just talked about. So we're still fine-tuning and finalizing what additional upstream pipelines will be necessary and those will be also to FID by the end of this year as well in conjunction with the Lake Charles.

因此，憑藉我們廣泛的州際管道網絡，我們有能力為我們的客戶和我們自己提供最便宜的供應源，無論這些供應源位於我們剛才談到的所有地點的哪個位置。因此，我們仍在進行微調並最終確定需要哪些額外的上游管道，這些管道也將在今年年底前與查爾斯湖一起提交最終投資決定。

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

我們的問答環節到此結束。我想將會議交還給湯姆·朗，請他作最後發言。

Well, thank you. And thank you to all of you for joining us. We're always very, very appreciative of your support, and we look forward to any follow-up questions you might have.

好的，謝謝你。感謝大家的參與。我們始終非常非常感謝您的支持，並期待您提出任何後續問題。

Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day. day.

謝謝。今天的電話會議到此結束。感謝大家參加今天的演講。現在您可以斷開線路，享受美好的一天。天。