Energy Transfer LP (ET) 2025 Q3 法說會逐字稿

Good day, and welcome to the Energy Transfer Q3 2025 earnings conference call. (Operator Instructions) Please note, 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 年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把會議交給湯姆朗。請開始吧。

Thank you, operator, and good afternoon, everyone, and welcome to the Energy Transfer third-quarter 2025 earnings call. I'm also joined today by Mackie McCrea and several other members of our senior management team who are here to help answer your questions after we get through the prepared remarks.

謝謝接線員，大家下午好，歡迎參加 Energy Transfer 2025 年第三季財報電話會議。今天，麥基·麥克雷和我們高階管理團隊的其他幾位成員也和我一起出席，在我們結束準備好的發言後，他們將幫助回答大家的問題。

Hopefully, you saw the press release we issued earlier this afternoon. 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.

希望您已經看到了我們今天下午早些時候發布的新聞稿。再次提醒大家，我們的獲利報告包含詳盡的管理層討論與分析，詳細分析了各業務部門的表現。我們鼓勵大家查看這份報告以及發佈在我們網站上的幻燈片，以全面了解本季業績和我們的成長機會。

As a reminder, we will be making forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. These statements are based upon our current beliefs as well as certain assumptions and information currently available to us and are discussed in more details in our Form 10-Q for the quarter ended September 30, 2025, which we expect to file tomorrow, Thursday, November 6. 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.

再次提醒，我們將根據 1934 年證券交易法第 21E 條的規定作出前瞻性陳述。這些聲明基於我們目前的信念以及我們目前可獲得的某些假設和信息，並在我們截至 2025 年 9 月 30 日的季度 10-Q 表格中有更詳細的討論，我們預計將於明天，即 11 月 6 日星期四提交該表格。我也會提到調整後的 EBITDA 和可分配現金流量（DCF），這兩者都是非 GAAP 財務指標。您可以在我們的網站上找到非GAAP指標的調節表。

Let's start off today with the financial results for the third quarter of 2025. We generated adjusted EBITDA of $3.84 billion compared to $3.96 billion for the third quarter of last year. Excluding several nonrecurring items, adjusted EBITDA was flat year over year. We saw several volume records during the quarter, including midstream gathering, NGL transportation, NGL and refined products terminal volumes and NGL export volumes. We also saw strong volumes through our natural gas interstate and intrastate pipelines.

今天我們先來看看2025年第三季的財務表現。我們調整後的 EBITDA 為 38.4 億美元，而去年同期為 39.6 億美元。剔除若干非經常性項目後，調整後的 EBITDA 與前一年持平。本季我們看到了多項交易量記錄，包括中游集輸、天然氣液運輸、天然氣液和成品油碼頭交易量以及天然氣液出口量。我們也看到天然氣透過州際和州內管道輸送量強勁。

Year to date, we generated adjusted EBITDA of $11.8 billion compared to $11.6 billion for the same period in 2024. DCF attributable to the partners of Energy Transfer, as adjusted, was approximately $1.9 billion. And for the first nine months of 2025, we spent approximately $3.1 billion on organic growth capital, primarily in the NGL and refined products, midstream and intrastate segments, excluding SUN and USA Compression CapEx.

今年迄今為止，我們實現了調整後 EBITDA 118 億美元，而 2024 年同期為 116 億美元。經調整後，歸屬於 Energy Transfer 合作夥伴的 DCF 約為 19 億美元。2025 年前九個月，我們在有機成長資本方面投入了約 31 億美元，主要用於 NGL 和成品油、中游和州內業務，不包括 SUN 和 USA Compression 的資本支出。

Now turning to the results by segment for the third quarter, and we'll start off with the NGL and refined products. Adjusted EBITDA was $1.1 billion compared to $1 billion for the third quarter of last year. We saw higher throughput across our Gulf Coast and Mariner East pipeline operations, as well as through our terminals. For midstream, adjusted EBITDA was $751 million compared to $816 million for the third quarter of 2024.

現在來看第三季各業務部門的業績，我們先從天然氣凝液和精煉產品板塊開始。經調整後的 EBITDA 為 11 億美元，而去年第三季為 10 億美元。我們看到，墨西哥灣沿岸和 Mariner East 管道運作以及我們的碼頭吞吐量都有所提高。中游業務調整後 EBITDA 為 7.51 億美元，而 2024 年第三季為 8.16 億美元。

Results for the third quarter of 2024 included $70 million in proceeds from a onetime business interruption claim that was recognized in the third quarter of 2024. Absent this claim, midstream results would have been up compared to the third quarter of last year due to higher volumes in the Permian Basin, which were up 17% as a result of processing plant upgrades and new plants placed into service, as well as the addition of the WTG assets in July 2024. This growth was partially offset by lower gathering volumes in the dry gas areas.

2024 年第三季的業績包括 7,000 萬美元的一次性業務中斷索賠收益，該收益已於 2024 年第三季確認。如果沒有這項索賠，由於二疊紀盆地產量增加，中游業務的業績將比去年第三季有所成長。二疊紀盆地產量增加了 17%，這得益於加工廠的升級改造和新工廠的投產，以及 2024 年 7 月新增的風力發電機組資產。乾氣區天然氣收集量的下降部分抵消了這一增長。

For the crude oil segment, adjusted EBITDA was $746 million compared to $768 million for the third quarter of 2024. During the quarter, we saw growth across several of our crude pipeline systems, including the Permian joint venture with SUN. These were offset by lower transportation revenues, primarily on the Bakken pipeline, as well as on Bayou Bridge, where we saw greater impacts related to some refinery turnarounds in Louisiana, which have since been completed, and volumes have returned to normal levels.

原油業務板塊調整後 EBITDA 為 7.46 億美元，而 2024 年第三季為 7.68 億美元。本季度，我們的多個原油管道系統實現了成長，包括與 SUN 合作的二疊紀合資企業。這些損失被運輸收入的減少所抵消，主要體現在巴肯輸油管和巴尤橋輸油管輸油管上。在巴尤橋輸油管上，我們看到路易斯安那州一些煉油廠的檢修對運輸收入產生了更大的影響，但這些檢修工作已經完成，運輸量也已恢復到正常水平。

In our interstate natural gas segment, adjusted EBITDA was $431 million compared to $460 million for the third quarter of 2024. Results for the quarter included a $43 million increase related to the resolution of a prior period ad valorem tax obligation on our Rover system. Excluding this accrual, interstate results would have been up compared to the third quarter of last year due to higher demand on several of our interstate pipeline systems.

在我們的州際天然氣業務板塊，調整後的 EBITDA 為 4.31 億美元，而 2024 年第三季為 4.6 億美元。本季業績包括因解決先前期間 Rover 系統從價稅義務而增加的 4,300 萬美元。如果不計入這筆應計款項，由於我們幾條州際管道系統的需求增加，州際業務的業績將比去年第三季度有所增長。

And for our intrastate natural gas segment, adjusted EBITDA was $230 million compared to $329 million in the third quarter of last year. During the quarter, we saw increased volumes across our Texas intrastate pipeline system due to third-party volume growth. This was offset by reduced pipeline optimization, primarily as a result of our continued shift to more long-term third-party contracts, which are expected to provide more stable revenues at good rates over the next 10-plus years.

就我們的州內天然氣業務而言，調整後的 EBITDA 為 2.3 億美元，而去年第三季為 3.29 億美元。本季度，由於第三方運輸量的成長，我們德州州內管線系統的運輸量也隨之增加。但這被管道優化減少所抵消，這主要是由於我們不斷轉向更長期的第三方合同，預計這些合約將在未來 10 年以上以良好的費率提供更穩定的收入。

Now looking at organic growth capital guidance. We now expect to spend approximately $4.6 billion on organic growth capital projects in 2025 compared to our previous guidance of $5 billion. This is a result of project forecast reductions as well as spending deferrals into 2026. Looking ahead to 2026, we expect growth capital to be approximately $5 billion, the majority of which will be invested in our natural gas segments.

現在來看有機成長資本指引。我們現在預計 2025 年將在有機成長資本項目上花費約 46 億美元，而我們先前的預期為 50 億美元。這是由於項目預測減少以及支出推遲到 2026 年造成的。展望 2026 年，我們預計成長資本將達到約 50 億美元，其中大部分將投資於我們的天然氣業務。

We continue to expect our growth project backlog to generate mid-teen returns. The majority of the earnings growth associated with the Flexport Permian processing, NGL transport and Hugh Brinson Pipeline Expansion Project is expected in 2026 and 2027, promoting strong growth in the coming years. Beyond these projects, we also have a significant backlog of opportunities which support continued growth.

我們仍然預期我們的成長項目儲備將帶來兩位數以上的收益。與 Flexport Permian 加工、NGL 運輸和 Hugh Brinson 管道擴建項目相關的大部分收益成長預計將在 2026 年和 2027 年實現，從而推動未來幾年的強勁成長。除了這些項目之外，我們還有大量積壓的機會，這將支持我們持續成長。

Taking a closer look at some of our recently approved and currently underway projects. We continue to see significant demand for our services on the natural gas side of our business, which is expected to support growing demand for gas-fired power plants, data centers, and industrial and manufacturing.

讓我們仔細看看我們最近批准和目前正在進行的一些項目。我們繼續看到天然氣業務方面對我們服務的巨大需求，預計這將支持燃氣發電廠、資料中心以及工業和製造業不斷增長的需求。

First, looking at our Desert Southwest pipeline project, which we announced last quarter. This strategic expansion of our Transwestern Pipeline will enhance system reliability and provide new and existing markets in Arizona and New Mexico with access to low-cost, reliable Permian Basin natural gas. We recently completed an open season, and the 1.5 Bcf per day project is now fully contracted under long-term commitments with investment-grade counterparties with a term of 25 years. This includes a 400,000 MMBtu per day contract with a new demand source along the pipeline route. In addition, since the launch of the open season, we have received significantly more interest in current planned capacity, and we are evaluating options around a potential increase in capacity.

首先，我們來看看上個季度宣布的沙漠西南輸油管專案。這次對 Transwestern 管道的策略性擴建將提高系統可靠性，並為亞利桑那州和新墨西哥州的新舊市場提供低成本、可靠的二疊紀盆地天然氣。我們最近完成了公開招標，這個日產量 15 億立方英尺的項目現在已經與投資級交易對手簽訂了為期 25 年的長期合約。其中包括與沿管道線路的新需求來源簽訂的每日 40 萬 MMBtu 的合約。此外，自開放申請季開始以來，我們收到了對當前計劃產能的更多關注，我們正在評估有關潛在產能增加的各種方案。

We also recently entered into commitments with US pipe mills to lock in the majority of space and delivery for pipe in the fourth quarter of 2027 at favorable prices, and we expect to have 100% locked up very soon. Since the day we announced this project, our teams have been actively engaging with elected officials, county leadership and associated communities along the route to communicate project information and updates.

我們最近也與美國管道廠達成協議，以優惠的價格鎖定 2027 年第四季的大部分管道空間和交付量，我們預計很快就能 100% 鎖定。自從我們宣布該專案以來，我們的團隊一直積極與沿線民選官員、縣領導和相關社區進行溝通，以傳達專案資訊和最新進展。

To date, we have engaged with over 175 stakeholders who have interest in or are involved in this project. Our discussions have been very positive, as these stakeholders are pleased about the economic benefits expected and also realize the critical need for a substantial supply of gas to help address the significant demand growth in Arizona and the Mexico markets by providing access to reliable, affordable electricity.

到目前為止，我們已經與超過 175 位對本專案感興趣或參與本專案的利害關係人進行了溝通。我們的討論非常積極，這些利益相關者對預期的經濟效益感到滿意，同時也意識到，為了滿足亞利桑那州和墨西哥市場顯著增長的需求，提供可靠、價格合理的電力，迫切需要大量的天然氣供應。

Next, we continue to expect Phase 1 of our Hugh Brinson Pipeline to be placed into service no later than the fourth quarter of 2026. As of today, 100% of the right of way has been acquired for the proposed route. Over 85% of the pipe has been delivered to our pipe yards, and construction is underway on all five spreads of Phase 1 of the project. In addition, last quarter, we announced Phase 2 of the project, which will include additional compression. This system will be bidirectional, with the ability to transport approximately 2.2 Bcf per day from West to East and approximately 1 Bcf per day from East to West.

接下來，我們仍然預計休布林森管道第一期工程最遲將於 2026 年第四季投入使用。截至今日，擬建路線所需的全部通行權均已取得。超過 85% 的管道已運抵我們的管道堆場，工程第一階段的五個施工區域都已開工。此外，上個季度我們宣布了該專案的第二階段，其中將包括額外的壓縮。該系統將實現雙向輸送，每天可從西向東輸送約 22 億立方英尺天然氣，每天可從東向西輸送約 10 億立方英尺天然氣。

The Hugh Brinson pipeline will provide significant optionality by connecting shippers to our vast natural gas pipeline network, as well as providing access to the majority of gas utilities in Texas and to Ever Major trading hub in Texas. Additionally, our existing customers have the option to increase their volume commitments, and we will expand the system to meet those commitments in accordance with those agreements, if exercised.

休·布林森管道將為托運人提供重要的選擇，將其連接到我們龐大的天然氣管道網絡，並可連接德克薩斯州的大多數天然氣公用事業公司和德克薩斯州的 Ever Major 貿易中心。此外，我們現有的客戶可以選擇增加他們的採購量承諾，如果客戶行使這些承諾，我們將根據這些協議擴展系統以滿足這些承諾。

At this point, over 90% of our 3.8 million MMBtus per day of Texas cross haul capacity is sold out with demand charges through 2036, with the majority of this volume extending out through the remainder of the decade. This includes Hugh Brinson and all the other pipeline flows from the Permian Basin to markets in the East.

目前，我們每天 380 萬 MMBtu 的德州跨州運輸能力已售罄 90% 以上，需求費用將持續到 2036 年，其中大部分運輸量將持續到本十年的剩餘時間。這包括休·布林森管道以及從二疊紀盆地到東部市場的所有其他管道輸送的天然氣。

We have also sold capacity from East to West on the same systems, which will add significant revenue to our pipeline assets without additional capital. We are constantly evaluating whether our pipelines can generate more revenue by transporting a different product. In numerous instances, we have converted systems to different products, which have generated significantly more revenue once they are converted.

我們還出售了同一系統從東到西的輸電能力，這將為我們的管道資產增加可觀的收入，而無需額外的資本投入。我們一直在評估，透過運輸不同的產品，我們的管道是否可以產生更多收入。在許多情況下，我們已經將系統轉換為不同的產品，轉換後這些產品創造了更多的收入。

Although we are highly confident that we can keep our NGL pipelines out of the Permian Basin at or near capacity, we are considering converting one of our NGL pipelines to natural gas service. Considering the contracts we have already consummated, as well as the numerous transactions we are negotiating, we believe we may have the opportunities to significantly increase the value of that capacity by converting it from natural gas liquids to natural gas transportation service.

儘管我們非常有信心能夠使我們位於二疊紀盆地以外的 NGL 管道保持滿載或接近滿載運行，但我們正在考慮將我們的一條 NGL 管道改造成天然氣管道。考慮到我們已經簽訂的合約以及我們正在洽談的眾多交易，我們相信，透過將該產能從天然氣液體運輸轉變為天然氣運輸服務，我們或許有機會大幅提升該產能的價值。

In August, we also approved the construction of a new storage cavern at our Bethel natural gas storage facility, which is expected to double our working gas storage capacity at the facility to over 12 Bcf. And we expect to place the new cavern in service in late 2028. This expansion will increase our equity gas storage capabilities to serve growing demand in the heart of our extensive intrastate natural gas pipeline network and will further strengthen the reliability of our systems, as well as provide the opportunity to benefit from pricing volatility. We are well positioned to meet the future growth, and we have the ability to develop at least 15 Bcf of additional storage capacity at Bethel.

8 月，我們還批准在 Bethel 天然氣儲存設施中建造一個新的儲存洞穴，預計這將使我們該設施的天然氣儲存能力翻一番，達到 120 億立方英尺以上。我們預計將於 2028 年底投入使用這座新的洞穴。此次擴建將提高我們的天然氣儲存能力，以滿足我們龐大的州內天然氣管道網路核心區域日益增長的需求，並將進一步增強我們系統的可靠性，同時提供從價格波動中獲益的機會。我們已做好充分準備迎接未來的成長，並且我們有能力在伯特利開發至少 150 億立方英尺的額外儲存容量。

Now for a brief update around the recent natural gas opportunities for new power plant and data center development. As a reminder, on our last call, we announced that we had signed a deal to provide natural gas supply to a major hyperscaler in Texas. Since then, we have added to that agreement and are now able to disclose that we have entered into multiple agreements with Oracle to supply natural gas to three US data centers, two of which are in Texas.

現在簡單介紹一下近期天然氣在新建發電廠和資料中心開發方面的機會。提醒一下，在上一次電話會議上，我們宣布已簽署協議，向德州一家大型超大規模資料中心營運商提供天然氣供應。從那時起，我們對該協議進行了補充，現在可以披露，我們已與 Oracle 達成多項協議，向三個美國數據中心供應天然氣，其中兩個位於德克薩斯州。

Under the terms of these long-term agreements, Energy Transfer will deliver approximately 900,000 Mcf per day of natural gas. Supply for these agreements is expected to be sourced from our extensive intrastate pipeline network. And construction of a new pipeline lateral from Hugh Brinson and our North Texas pipeline is underway. First flow is expected to occur by the end of the year, with final completion to follow in mid-2026.

根據這些長期協議的條款，能源傳輸公司每天將輸送約 90 萬千立方英尺的天然氣。這些協議所需的供應預計將來自我們龐大的州內管道網路。從休·布林森管道和我們的北德克薩斯管道延伸出的新支線管道正在建設中。預計今年底前將實現首次輸水，最終工程將於 2026 年年中完工。

We have also entered into a 10-year agreement with Fermi America to provide a pipeline interconnection and exclusively provide initial gas supply of approximately 300,000 MMBtus per day to Fermi's hypergrid campus located outside of Amarillo, Texas, subject to Fermi's election. Energy Transfer has entered into several of these types of exclusivity agreements with data center and power plant customers, reflecting more than 1 Bcf of additional supply should these projects move forward.

我們還與 Fermi America 簽訂了一項為期 10 年的協議，提供管道互聯，並獨家向位於德克薩斯州阿馬裡洛郊外的 Fermi 超電網園區提供每天約 300,000 MMBtu 的初始天然氣供應，具體供應量由 Fermi 決定。Energy Transfer 已與資料中心和發電廠客戶簽訂了多份此類獨家協議，這意味著如果這些項目得以推進，將增加超過 10 億立方英尺的天然氣供應。

In addition, we recently entered into a 20-year binding agreement with Entergy Louisiana to provide 250,000 MMBtus per day of firm transportation service to fuel their facilities in Richland Parish, Louisiana, subject to limited conditions precedent. The agreement would begin in December 2028 and includes an option for Entergy to expand the capacity in the future.

此外，我們最近與路易斯安那州能源公司 (Entergy Louisiana) 簽訂了一份為期 20 年的具有約束力的協議，在滿足有限的先決條件的前提下，每天向其位於路易斯安那州里奇蘭教區的設施提供 250,000 MMBtu 的穩定運輸服務。該協議將於 2028 年 12 月生效，並包含 Entergy 未來擴大產能的選擇權。

Within the last year, we have contracted over 6 Bcf per day of pipeline capacity with demand-pull customers. These contracts have a weighted average life of over 18 years and are expected to generate more than $25 billion of revenue from firm transportation fees. This includes volumes from end users, data centers and utilities off of Desert Southwest, Hugh Brinson and other of our natural gas directed projects.

在過去一年中，我們與需求拉動型客戶簽訂了每天超過 60 億立方英尺的管道輸送能力合約。這些合約的加權平均期限超過 18 年，預計將從固定運輸費中獲得超過 250 億美元的收入。這包括來自沙漠西南、休布林森以及我們其他天然氣項目的終端用戶、資料中心和公用事業公司的用電量。

Also, our interstate power plant and data center team is working on multiple transactions in a number of states other than Texas and Louisiana which have a high likelihood of reaching FID. These opportunities continue to show how extensive our interstate pipeline network is throughout the country and how fortunate we are to have so many of them near our pipeline assets. In addition to the gas-fired power plants and associated data center opportunities, we also continue to negotiate with industrial, manufacturing and utility customers needing our gas storage and transportation services.

此外，我們的州際發電廠和資料中心團隊正在德克薩斯州和路易斯安那州以外的多個州開展多項交易，這些交易很有可能最終達成最終投資決定 (FID)。這些機會不斷表明，我們的州際管道網絡遍布全國，我們很幸運，因為我們的管道資產附近有很多這樣的管道。除了燃氣發電廠和相關的資料中心機會外，我們還在繼續與需要我們天然氣儲存和運輸服務的工業、製造和公用事業客戶進行談判。

Our team continues to do an excellent job of identifying the most likely opportunities, and we remain in advanced discussions with several other facilities in close proximity to our footprint. Lastly, construction of 8, 10-megawatt natural gas-fired electric generation facilities continue, and we are currently commissioning the third facility at our Grey Wolf processing plant.

我們的團隊繼續出色地尋找最有可能的機會，並且我們仍在與我們廠區附近的其他幾家工廠進行深入洽談。最後，8座10兆瓦天然氣發電廠的建設仍在繼續，我們目前正在調試位於灰狼加工廠的第三座發電廠。

Now looking at the Permian processing expansions. As a reminder, both the Lenorah II and Badger's 200 million cubic foot per day processing plants are in service. The Lenorah II plant is currently running at full capacity, and the Badger plant continues to ramp up. As a result of our recent processing plant optimization and expansion projects, our processed volumes in the Permian Basin, as well as Y-grade transportation throughput from the Permian, reached new records during the quarter.

現在來看二疊紀的地質構造擴張。提醒大家，Lenorah II 和 Badger 的日處理量 2 億立方英尺的加工廠都已投入使用。Lenorah II 工廠目前滿載運轉，而 Badger 工廠也不斷提高產能。由於我們近期對加工廠進行了優化和擴建項目，本季我們在二疊紀盆地的加工量以及從二疊紀盆地運輸的 Y 級礦石吞吐量均創下新紀錄。

In addition, we continue to expect our Mustang Draw plant to be in service in the second quarter of 2026. We also recently approved the construction of Mustang Draw II, which will have a capacity of 250 million cubic foot per day and is supported by continued growth from existing customers. Mustang Draw II is expected to be in service in the fourth quarter of 2026 and is expected to cost approximately $260 million, including spend related to additional gathering and downstream pipeline infrastructure. It will add additional revenue to our downstream assets as well.

此外，我們仍然預計 Mustang Draw 工廠將於 2026 年第二季投入使用。我們最近也批准了 Mustang Draw II 的建設，其每日處理能力為 2.5 億立方英尺，並得到了現有客戶的持續成長的支持。Mustang Draw II 預計將於 2026 年第四季投入使用，預計耗資約 2.6 億美元，其中包括與額外集輸和下游管線基礎設施相關的支出。它還將為我們的下游資產增加額外收入。

At our Nederland terminal, our Flexport NGL Export Expansion Project was previously placed into ethane and propane service, and volumes are expected to continue to ramp up throughout the remainder of 2025. In addition, the facility is now ready for ethylene export service. We expect to have over 95% of all LPG export capacity at Nederland contracted through the end of this decade.

在我們的荷蘭碼頭，我們的 Flexport NGL 出口擴建計畫先前已投入乙烷和丙烷服務，預計 2025 年剩餘時間內，吞吐量將持續增加。此外，該設施現已具備乙烯出口服務能力。我們預計到本十年末，荷蘭液化石油氣出口產能的95%以上都將簽訂合約。

In our crude segment, an expansion is underway at our Price River Terminal in Wellington, Utah. This expansion, which is backed by an agreement with FourPoint Resources, is expected to double the terminal's export capacity and enhance its deliverability of American Premium Uinta oil to markets throughout the Lower 48. The expansion includes new railcar loading facilities, a new heated storage tank with approximately 120,000 barrels of capacity and 2 additional 6,000-foot storage unit tracks, which will significantly improve storage capacity at the facility. The project is expected to cost approximately $75 million and is expected to be in service in the fourth quarter of 2026.

在我們的原油業務方面，位於猶他州惠靈頓的普萊斯河碼頭正在進行擴建。此次擴建工程得到了 FourPoint Resources 的支持，預計將使該碼頭的出口能力翻一番，並提高其向美國本土 48 個州市場輸送美國優質尤因塔原油的能力。此次擴建包括新建鐵路貨車裝載設施、一個容量約為 12 萬桶的新加熱儲罐和 2 條額外的 6000 英尺長的存儲單元軌道，這將大大提高該設施的存儲能力。該項目預計耗資約 7,500 萬美元，預計將於 2026 年第四季投入使用。

In September, Energy Transfer, along with Enbridge, completed a successful open season for the Southern Illinois Connector Project, which resulted in 100,000 barrels per day of contracts for transportation of Canadian crude oil to Nederland from both Flanagan and Hardisty. This project will connect Enbridge's pipeline near Wood River to Energy Transfers assets in Patoka, Illinois to support the delivery of Canadian crude oil to the US refineries, further strengthening market connectivity and value for all our stakeholders.

9 月，能源運輸公司與安橋公司一起成功完成了南伊利諾伊連接線項目的公開招標，最終簽訂了每天 10 萬桶的合同，將加拿大原油從弗拉納根和哈迪斯蒂運輸到尼德蘭。該項目將把 Enbridge 公司位於伍德里弗附近的管道與 Energy Transfer 公司位於伊利諾伊州帕託卡的資產連接起來，以支持向美國煉油廠輸送加拿大原油，進一步加強市場連通性，並為我們所有利益相關者創造價值。

Separately, Energy Transfer is working with Enbridge to provide capacity for approximately 250,000 barrels per day of Canadian crude oil through our Dakota Access pipeline. This project would provide much needed capacity for oil out of Canada and would be a significant part of the steady volume throughput on Dakota Access for many years to come. We have taken FID on the Southern Illinois Connector Project and expect to take FID on the other project by mid-2026. We are very excited about both projects, which would fill available and additional capacity on our Dakota Access and ETCOP pipelines, and we look forward to providing additional details in the future.

另外，Energy Transfer 正在與 Enbridge 合作，透過我們的 Dakota Access 管道提供每天約 25 萬桶加拿大原油的輸送能力。該計畫將為加拿大石油出口提供急需的產能，並將成為達科他輸油管未來多年穩定輸送量的重要組成部分。我們已經就南伊利諾伊連接線項目做出了最終投資決定，並預計將在 2026 年年中就另一個項目做出最終投資決定。我們對這兩個項目感到非常興奮，它們將充分利用我們達科他輸油管和ETCOP輸油管的可用和額外產能，我們期待在未來提供更多細節。

Turning to Lake Charles LNG. We are in advanced discussions with MidOcean Energy related to its participation as a 30% equity owner of Lake Charles LNG with a commensurate percentage of LNG offtake. We're in discussions with other parties for the remaining equity we intend to sell in order to reduce Energy Transfer's equity interest to 20%.

轉向查爾斯湖液化天然氣計畫。我們正在與 MidOcean Energy 就其以 30% 股權所有者身份參與 Lake Charles LNG 專案以及相應比例的液化天然氣承購事宜進行深入討論。我們正與其他各方商討出售剩餘股權事宜，以便將 Energy Transfer 的股權比例降至 20%。

We are also in the process of converting nonbinding heads of agreement with several offtake customers to binding agreements with the remaining volume of offtake needed for positive FID. FID on the project will be dependent upon bringing these items to the finish line. We continue to be extremely focused on capital discipline. The process we are going through during the development of our LNG project highlights this focus. Our projects need to meet certain risk/return criteria, and we are not there yet on LNG.

我們目前也將與幾家承購客戶簽訂的非約束性意向書轉換為具有約束力的協議，以達成最終投資決定所需的剩餘承購量。該項目的最終投資決定將取決於這些事項能否最終落實。我們將繼續高度重視資本紀律。我們在液化天然氣專案開發過程中所經歷的過程凸顯了這個重點。我們的專案需要滿足一定的風險/回報標準，而液化天然氣專案目前尚未達到此標準。

Now turning to guidance. We expect to be slightly below the lower end of the guidance range of $16.1 billion to $16.5 billion. Looking ahead, Energy Transfer is one of the best positioned companies in the industry to help meet the substantial growth in demand for energy sources over the next several years. We are leveraging our strong relationships to develop new projects, backed by high-quality counterparties on both the supply and demand side, and we see growth opportunities across all aspects of our business.

現在進入指導環節。我們預期實際營收將略低於先前預期的161億美元至165億美元區間的下限。展望未來，能源傳輸公司是業界最有能力滿足未來幾年能源需求大幅成長的公司之一。我們正在利用我們強大的關係網絡開發新項目，在供需雙方都有高品質合作夥伴的支持下，我們看到了業務各個方面的成長機會。

When combined with our existing natural gas pipeline network, our Hugh Brinson, Desert Southwest and Bethel storage projects further establish us as the premier option for customers seeking reliable natural gas solutions to support their power plant and data center growth plans. Our significant processing capacity expansion in the Permian Basin will help feed our downstream pipeline network.

結合我們現有的天然氣管道網絡，我們的 Hugh Brinson、Desert Southwest 和 Bethel 儲氣項目進一步鞏固了我們作為可靠天然氣解決方案的首選地位，以支持其發電廠和數據中心的發展計劃。我們在二疊紀盆地的大規模加工能力擴張將有助於為我們的下游管道網路提供原料。

We are continuing to expand our NGL business in the United States to help meet growing international demand. And we continue to expand our crude oil pipeline network with strategic projects that will help fill available and additional capacity on our existing pipelines.

為了滿足不斷增長的國際需求，我們正在持續擴大在美國的天然氣液化業務。我們將繼續透過戰略項目擴大原油管道網絡，以幫助填補現有管道的可用和額外輸送能力。

In short, we have an extensive backlog of growth projects that are coming online over the next several years, and we continue to be extremely focused on capital discipline. These projects are highly contracted under long-term agreements, many of which are demand pull in nature, and they are expected to generate significant revenue, providing strong returns and considerable earnings growth over the next decade or more.

簡而言之，我們有大量的成長項目將在未來幾年內陸續上線，我們將繼續高度重視資本紀律。這些項目大多簽訂了長期合同，其中許多項目屬於需求拉動型項目，預計將在未來十年或更長時間內產生可觀的收入，帶來強勁的回報和可觀的盈利增長。

That concludes our prepared remarks. Operator, let's open the line up for our first question.

我們的發言稿到此結束。接線員，我們現在開始提問。

(Operator Instructions) Keith Stanley, Wolfe Research.

（操作說明）Keith Stanley，Wolfe Research。

First, I just wanted to clarify on the guidance for the year. So saying you'll be a little bit below the low end of the range for 2025, does that include SUN's acquisition of Parkland? Or is that still stripped out when you're making that statement?

首先，我想澄清一下今年的指導方針。所以，您說2025年的預期收益會略低於預期範圍的下限，這是否包括SUN對Parkland的收購？或者，當你發表那番言論時，是否仍然忽略了這一點？

This is Dylan. For the guidance, we have not included Parkland in there. So we're saying without Parkland, we expect to be slightly below the initial guide.

這是迪倫。出於指導考慮，我們沒有將帕克蘭事件納入其中。所以，我們說，如果排除帕克蘭槍擊案的影響，我們預期實際結果會略低於最初的預期。

Okay. Great. And then picking up on Lake Charles, where you left off there. Can you give us more detail on -- I guess, realizing you guys are showing capital discipline, just how many more contracts you need at this point to firm up? And I guess, where you are timing-wise in the sell-down process to get to an FID decision?

好的。偉大的。然後繼續講講你在查爾斯湖的故事，接著你上次講的地方。鑑於你們展現出了良好的資本紀律，能否詳細說明一下，目前你們還需要多少份合約才能最終敲定？我想問的是，從出售流程的時間節點來看，您目前處於什麼階段，需要多久才能做出最終投資決定？

Yes, Keith, this is Mackie. Let me step back real quick. We worked on Lake Charles for a lot of years. We've had different partners. We've gone through the pandemic.

是的，基思，這是麥基。讓我先退後一步。我們在查爾斯湖工作了很多年。我們曾有過不同的合作夥伴。我們經歷了疫情。

We've gone through DOE positive, LNG positive, Ukraine. Everything kind of ebbs and flows, and Tom and Amy and his team have done a great job of getting markets in difficult times, especially when we're competing against companies that's all they do is LNG and they're willing to go to FID without having sufficient contracts to provide guaranteed rates of return.

我們已經了解了美國能源部積極進展、液化天然氣積極進展以及烏克蘭的情況。一切都有起有落，湯姆、艾米和他的團隊在困難時期成功地開拓了市場，尤其是在我們與那些只做液化天然氣的公司競爭，而這些公司卻願意在沒有足夠合約來保證回報率的情況下做出最終投資決定時。

So where we sit is -- and we've said this all along, Tom and I -- the only way we get to the end zone with LNG is to check all the boxes. And the major boxes are our EPC contract. We feel great about Raj and Rob and the team that work very well with KBR and Technip to get a good price there and add contingency and get rates of return that work for us. And then we've spent a great deal of time getting the markets to where they need to be. We're very close to that 15 million, 15.5 million tons. Some of those are still HOAs we've got to convert to SPAs that we expect to do by the end of the year.

所以我們現在的立場是──我和湯姆一直都這麼說──我們要想在液化天然氣領域取得成功，唯一的辦法就是滿足所有條件。而主要部分就是我們的EPC合約。我們對 Raj 和 Rob 以及他們的團隊非常滿意，他們與 KBR 和 Technip 合作，獲得了不錯的價格，並增加了應急資金，獲得了符合我們要求的回報率。然後，我們花了大量時間讓市場達到應有的水準。我們離1500萬噸、1550萬噸的目標非常接近了。其中一些仍然是 HOA（業主協會），我們需要將其轉換為 SPA（特殊用途協會），我們預計在年底前完成。

But the big box -- and Tom has already hit on this -- we really are focused with all the opportunities we have on our financial discipline. So we're very stringent about this one in regards to we're going to keep 20% of the equity in this, and we've got to have 80% of the other partners that are going to ride with us, good or bad, whether it's -- comes in under or over at the end of the day. So a specific number of contracts, and we've got a whole handful of equity players. We have -- it's amazing, the international market of how bad they want this project to go. It's one of the most attractive projects still not at FID, but we've got a lot of work to do.

但是，就我們這個大公司而言——湯姆已經提到過這一點——我們確實非常注重利用我們所擁有的所有機會來保持財務紀律。所以我們在這方面非常嚴格，我們要保留 20% 的股權，而且我們必須有 80% 的其他合夥人與我們一起承擔風險，無論好壞，無論最終結果是盈虧平衡還是低於預期。所以，合約數量是固定的，而且我們還有一大批股權投資者。令人驚訝的是，國際市場對這個計畫的渴望程度非常高。這是目前尚未進入最終投資決策階段的最具吸引力的項目之一，但我們還有很多工作要做。

We -- time is not working against us. We'll have to go in and renew the EPC contract before too long. So we're hoping that these equity partners will step up by the end of the year and get us to where we want on kind of the risk profile and the participation we want in this project. So we're going to keep our heads down, we'll see over the next couple of months how things turn out, and we're pushing hard to get there, but we've got a ways to go.

時間並沒有與我們作對。我們得盡快去續簽EPC合約。所以我們希望這些股權夥伴能在年底前加大投入，讓我們在風險狀況和參與程度上達到我們想要的目標。所以我們會保持低調，看看接下來幾個月情況如何發展，我們會努力實現目標，但我們還有很長的路要走。

Jeremy Tonet, JPMorgan.

Jeremy Tonet，摩根大通。

This is Eli on for Jeremy. Just wanted to start on some of the recent data center deals you guys have signed. Trying to get a sense of the financial impact going forward. Just given the size of the partnership, I understand the orders of magnitude that it could have to the business, if you can provide some commentary there?

這是伊萊替傑里米上場。我想先談談你們最近簽署的一些資料中心專案。試著了解未來可能產生的財務影響。考慮到合作的規模，我能理解它可能對公司業務產生的巨大影響，您能否就此提供一些評論？

You bet. I think probably seven or eight of us, we'd love to talk about this. It's so exciting. We talk about every time we get on these calls. A year ago, when we announced Hugh Brinson, we didn't even know what a data center was.

當然。我想我們當中大概有七、八個人都很樂意討論這個話題。太令人興奮了。我們每次通話都會談到這件事。一年前，當我們宣布休布林森加盟時，我們甚至不知道資料中心是什麼。

And we kicked it off a little less than 1.5 Bcf, and then data centers kicked in, and it's really been an impetus between that pipeline. Also, Desert Southwest had a lot to do with data centers. And then it just opened up the door for so many opportunities we're so excited about.

我們最初的天然氣產量略低於 15 億立方英尺，然後資料中心開始投入使用，這確實推動了天然氣管道的發展。此外，沙漠西南部與資料中心有著密切的聯繫。然後，它為我們打開了許多令人興奮的機會之門。

The unique nature of these data centers, especially the hyperscalers are very confidential. So unlike a lot of our business, we can't really talk about it. I can't really get out there and get out in front of it. We were pleased to have the ability to disclose what we disclosed for this earnings call, believe me. And Tom said in the opening statements, we have so many of these we're chasing. A lot of them are high probability to get there.

這些資料中心，尤其是超大規模資料中心，其獨特性質決定了它們高度機密。所以，與我們很多業務不同，我們不能真的談論它。我真的沒辦法出去，也沒辦法先發制人。請相信我，我們很高興能夠向大家揭露我們在本次財報電話會議上所揭露的資訊。湯姆在開場白中說，我們有很多這樣的目標要追逐。他們中的許多人很有可能會到達那裡。

As far as how many we've done so far than what we've disclosed which is on demand pull, a lot of that $25 billion is toward data centers. And I'll say one more thing, too, around data centers. Besides the fact that so many of them are in such close proximity to our pipelines, the Hugh Brinson pipeline, I believe -- and I don't think I've said this to a lot of our folks here is that I think it will be the most profitable asset we've ever built. And the reason for that is it's kind of the main artery connecting the Permian Basin with the rest of the world, the Southeast, East and rest of Texas, Gulf Coast and all that.

就我們目前為止完成的專案數量而言，除了我們揭露的按需拉動專案之外，這 250 億美元中有很大一部分用於資料中心。關於資料中心，我還要補充一點。除了其中許多管道都離我們的管道很近之外，我認為休·布林森管道——雖然我可能沒有跟我們這裡的很多人說過——它將是我們建造過的最賺錢的資產。原因在於，它是連接二疊紀盆地與世界其他地區（東南部、東部、德克薩斯州其他地區、墨西哥灣沿岸等等）的主要動脈。

And so not only have we sold out to this point, 2.2, we have data centers that have options over the next few quarters to exercise the right to create 800,000 more of capacity. So we'll be doing some more looping of Hugh Brinson. And in addition to that, we've sold a material amount of capacity, significant revenues from an East to West standpoint, which means a backhaul with no additional capital.

因此，我們不僅已經售罄了目前的 2.2 億個容量，而且我們的資料中心還擁有在未來幾季行使權利，增加 80 萬個容量。所以我們會繼續循環播放休·布林森的歌曲。除此之外，我們還售出了大量的運力，從東西向運輸的角度來看，這帶來了可觀的收入，這意味著無需額外資本即可實現回程運輸。

And I think our data -- Adam is sitting here with me. He leads our data center group in Texas. And we couldn't be more upbeat about where we sit today through data centers throughout the country, but especially in Texas because of our ability to perform and provide reliable gas to all these data centers and because of our close proximity to where these are being built and our ability to source from Waha, Maypearl, Katy, heck, South Texas, Carthage. You can even leave the state and bring gas into some of these data centers.

我認為我們的數據——亞當現在和我坐在一起。他領導我們在德克薩斯州的數據中心團隊。我們對目前在全國各地的數據中心所處的地位感到無比樂觀，尤其是在德克薩斯州，因為我們有能力為所有這些數據中心提供可靠的天然氣，而且我們距離這些數據中心的建設地點很近，能夠從瓦哈、梅珀爾、凱蒂、甚至南德克薩斯州、迦太基等地採購天然氣。你甚至可以離開州，把天然氣運到其中一些資料中心。

So it's something we'll be able to talk more and more about as these confidentiality issues go away as we're able to visit more. We're very excited about the future, and it's hard to over-exaggerate what these data centers and power plants associated with those and power plants unassociated with those for a grid to deliver electricity into the grid. So a very positive, exciting part of our growth for many years to go.

隨著保密問題的解決，隨著我們能夠更多地進行探訪，我們將能夠越來越多地談論這個問題。我們對未來感到非常興奮，這些資料中心和與之相關的發電廠，以及與這些資料中心無關的發電廠，對於將電力輸送到電網的重要性怎麼強調都不為過。因此，這將是我們未來多年發展中非常積極、令人興奮的一部分。

And then recognize 2026 budgeting is likely ongoing, but just want to think about it at a higher level, the kind of major puts and takes that you guys are looking at, both on the base business and then some of the organic growth projects that you're bringing on, just kind of framing the high-level drivers for performance next year?

然後，我們意識到 2026 年的預算編制工作可能仍在進行中，但我們想從更高的層面思考一下，你們正在考慮哪些重大投入和投入，包括對基礎業務和一些正在推進的有機增長項目，從而為明年的業績發展確定一些高層次的驅動因素？

This is Dylan. So as we look at next year, I think the biggest piece is really to look at -- we are going to have really the main impact of Flexport coming online. Those contracts kick in basically January 1. And so while we've got a little bit of little bit of spot volumes running here through the third and fourth quarter this year, we're going to get the full impact of Flexport coming online.

這是迪倫。所以展望明年，我認為最重要的部分是—Flexport 上線將真正產生重大影響。這些合約基本上從1月1日起生效。因此，雖然今年第三季和第四季我們這裡還有一些現貨交易量，但Flexport上線後，我們將迎來其全部影響。

Permian. Permian plants continue to fill the plants. We've got new plants that we're constructing right now, so we'll see the continued growth out of that. With all those plants, remember, we're sending those liquids down our NGL lines into our NGL and fractionators as well. So that will continue to be growth.

二疊紀。二疊紀植物繼續填充植物區。我們正在建造一些新的工廠，所以我們將會看到這些工廠持續成長。記住，所有這些工廠都會將這些液體透過我們的 NGL 管線輸送到我們的 NGL 和分餾裝置中。所以成長勢頭會持續下去。

We'll have frac line coming on next year as well. And so those are the main pieces there. And then Hugh Brinson will come online at the end of the year next year. And so just wait to see based on timing, how much impact that will have as well.

明年我們還會開通壓裂管線。以上就是主要內容。然後，休·布林森將於明年年底上線。所以，讓我們拭目以待，看看時機如何，這會產生多大的影響。

Theresa Chen, Barclays.

特蕾莎·陳，巴克萊銀行。

I want to ask about the consideration of converting one of your NGL pipes to natural gas service in the Permian. Would you be able to provide any additional details related to that at this point? Which pipeline do you have in mind for this? I imagine something directed to the Gulf Coast? What would be the cost and related economics of doing something like this?

我想問貴公司是否考慮將二疊紀盆地的一條天然氣液管道改造成天然氣管道。現在您能否提供與此相關的任何其他細節？您打算採用哪一條管道？我猜是針對墨西哥灣沿岸地區的？做這件事的成本和相關經濟效益是什麼？

Yes, Theresa, this is Mackie again. Let me give a quick little history. So you'll probably know most on the call that we are constantly looking at every one of our assets. And if assets are underutilized and could be put into a different service, we do that. And we have a record of doing that.

是的，特蕾莎，我是麥基。讓我簡單介紹一下歷史。所以，在電話會議上，大家可能大多都會了解到，我們一直在密切關注我們的每一項資產。如果資產未被充分利用，可以投入到其他服務中，我們就會這樣做。我們在這方面有過成功經驗。

Dakota Access would not have been a project without our ability to convert our 30-inch trunkline from natural gas to oil. It was very beneficial to the North Dakota producers to get a good rate down to the Gulf Coast. We converted a TW line as a natural gas interstate pipeline and natural gas liquids, which has been instrumental about getting a lot of liquids out of the Delaware Basin into our pipeline network. And also, our J.C. Nolan, it was a liquid line that we converted to diesel and are flowing diesel from the refineries in the Gulf Coast to West Texas.

如果沒有我們將 30 吋主幹管道從天然氣改為石油的能力，達科他輸油管計畫就不會存在。對於北達科他州的生產者來說，能夠以優惠的價格將貨物運往墨西哥灣沿岸是非常有利的。我們將一條 TW 管線改造成天然氣州際管道和天然氣液體管道，這對於將大量液體從特拉華盆地輸送到我們的管道網路起到了至關重要的作用。此外，我們的 J.C. Nolan 管道原本是一條液體管道，我們將其改造為柴油管道，將柴油從墨西哥灣沿岸的煉油廠輸送到西德克薩斯州。

So it's something we're constantly looking at. And what we run into on the NGL front is that we have some tiers, some contracts, cliffs over the end of this decade that is kind of approaching. So as we negotiate to extend and or fill that up, what we've started to recognize is there's been a lot of announcements.

所以這是我們一直在關注的問題。我們在天然氣液化方面遇到的問題是，我們有一些層級、一些合同，以及在本十年末即將到來的懸崖。因此，在我們協商延長或填補空缺的過程中，我們開始意識到，已經有許多公告發布了。

One of our competitors several months ago announced a large miner NGL line. That was just the most recent pipeline announcement for an NGL line. We're scratching our head. How in the heck in this environment, at the rates these folks are quoting to producers, how they can build these assets and get any kind of reasonable rate of return.

幾個月前，我們的一家競爭對手宣布了一項大型礦場天然氣凝液生產線計畫。那隻是最近一條天然氣凝液管的公告。我們百思不得其解。在這種環境下，這些人向生產商報出的價格，他們究竟要如何才能累積這些資產並獲得任何合理的投資報酬率？

So what it's causing us to look at is -- we have three NGL pipelines out of the Permian Basin. Does it make sense to continue those NGL service in May? We're in negotiations with over 300,000 barrels right now. But we're looking at very closely as we continue to negotiate. As the fees get more and more tight and more competitive, it just doesn't make sense.

所以，這促使我們去關注──我們有三條從二疊紀盆地輸送天然氣凝液的管道。五月繼續提供天然氣液化服務是否合理？我們目前正在就超過 30 萬桶的石油供應進行談判。但我們會密切關注，並繼續進行談判。隨著費用越來越低、競爭越來越激烈，這樣做就毫無意義了。

So you correlate that with the success Adam and his team have had on these data centers and you start putting numbers to it, if these options are exercised over the next few quarters, we're going to be looping pipe. We're going to have to be required to loop Hugh Brinson, make it a bigger project.

所以，如果你把這一點與亞當和他的團隊在這些數據中心取得的成功聯繫起來，並開始用數字來衡量，如果這些選擇在接下來的幾個季度中得到執行，我們將實現循環管道。我們恐怕得讓休·布林森參與進來，把這個計畫擴大規模。

We could forgo between $800 million and $1 billion. And if you look at the rates that we'll have to move that gas on the anticipated volumes that will recontract up at these much reduced rates, some of the scenarios show twice the revenue with natural gas as what we might see with NGL. So this is not something we're making a decision on today. But as we always look at and analyze, how do we make the most money we possibly can for our unitholders with the assets we have, and we are certainly, seriously looking at this conversion.

我們可能會損失 8 億至 10 億美元。如果你看看我們為了按預期數量重新簽訂合約而必須支付的天然氣運輸費率（這些合約將以大幅降低的費率重新簽訂），一些情境顯示，天然氣的收入可能是液化天然氣收入的兩倍。所以，這不是我們今天要做出的決定。但我們始終在審視和分析，如何利用我們現有的資產為我們的單位持有人創造盡可能多的收益，我們當然正在認真考慮這種轉換。

Understood. And on that same line of thinking as it relates to capital efficiency, your agreements with Enbridge on the crude side and moving WCS through DAPL and ETCOP to Nederland, it seems like that timeline would line up nicely with DAPL's recontracting in the 2027 timeframe. And considering the narrowing of Bakken differentials over time, certainly, a new source of barrel is welcome.

明白了。同樣地，從資本效率的角度來看，您與 Enbridge 在原油方面的協議，以及將 WCS 通過 DAPL 和 ETCOP 輸送到 Nederland，似乎這個時間表與 DAPL 在 2027 年的重新簽約時間非常吻合。考慮到巴肯原油價格差額隨著時間的推移而縮小，當然，新的原油來源是受歡迎的。

From an earnings perspective, are these connections backfilling volumes and maintaining earnings at the level that they are versus facing a contract roll off? Or would you expect earnings growth across your crude assets as these projects come online?

從獲利角度來看，這些連接能否彌補貨運量缺口，維持目前的獲利水平，而不是面臨合約到期的情況？或者，隨著這些項目陸續投產，您是否預期原油資產的收益會成長？

This is Mackie again. I think we probably used the word exciting, excitement too much. But we're very excited about what's going on in there and teaming up with Enbridge because you're right. It's almost like you've got somebody in our office. You're right.

我是麥基。我覺得我們可能「令人興奮的」這個詞用得太多了。但我們對那裡正在發生的事情以及與安橋公司合作感到非常興奮，因為你說得對。感覺就像有人在我們辦公室一樣。你說得對。

I mean, we've seen volumes level off. If you talk to the majority of the largest producers in the Bakken, they're not talking growth anymore. They're talking kind of flatline. So as these cliffs fall off of some of these contracts, the timing with what we're doing with Enbridge could not be better.

我的意思是，我們已經看到銷量趨於平穩了。如果你和巴肯油田的大多數大型生產商交談，他們已經不再談論成長了。他們的談話氣氛有點平淡。因此，隨著這些合約中的一些條款失效，我們與 Enbridge 合作的時機再好不過了。

We just announced today that we've got FID on 100,000 barrels of heavy that we'll deliver into our southern end of our Dakota Access, which we call ETCOP. And even more exciting is the need for Canadian barrels to find better markets, and the best markets for Canadian barrels or US refineries. So we're very pleased with where we sit with Enbridge. We -- they are going through a process with the Canadian producers.

我們今天剛剛宣布，我們已經對 10 萬桶重質原油做出了最終投資決定，這些原油將運往我們達科他輸油管的南端，我們稱之為 ETCOP。更令人興奮的是，加拿大原油需要尋找更好的市場，以及加拿大原油或美國煉油廠的最佳市場。所以我們對目前與安橋公司的合作關係非常滿意。我們—他們正在與加拿大生產商進行合作流程。

It's going to take several months. I'm not sure I've heard -- we've heard any protest, exceptions or anything. Everybody is fully behind this. We kind of think of this as the first phase, that's 250,000 a day.

這需要幾個月的時間。我不確定我是否聽到——我們是否聽到任何抗議、例外情況或其他任何消息。大家都全力支持這項提議。我們把這看成是第一階段，也就是每天 25 萬輛。

So to your answer to the question, it fits in perfectly. Our first priority will be to make sure that we give the opportunity for all the producers in North Dakota to sign up for whatever term they want to make sure there's capacity on Dakota Access for their pipeline. That's our first priority.

所以，對於你的問題，我的回答完全正確。我們的首要任務是確保北達科他州的所有生產商都有機會簽署他們想要的任何期限的協議，以確保達科他輸油管有足夠的輸送能力。這是我們的首要任務。

Our second one is keeping our pipeline full. We have the ability to move 750,000 barrels a day. We're 500, 550 today, so we can move a lot of the barrels from Enbridge without much capital, but we also think this may be just a steppingstone of what we may be able to accomplish with Enbridge out of North Dakota.

我們的第二個目標是保持供應充足。我們有能力每天運輸 75 萬桶原油。我們現在有 500、550 桶，所以我們可以不用投入太多資金就從 Enbridge 公司運走很多桶原油，但我們也認為這可能只是我們能夠與 Enbridge 公司在北達科他州共同取得更大成就的一個墊腳石。

But anyway, on the first 250 that we're parlaying very well with any declines or any cliff that we have on existing with the timing of these first 250,000. And then like I said, we think there's also some upside. So as Tom said in his remarks earlier, we are so excited about the timing of this and how it's going to keep Dakota Access full for a long time because these are 15-year agreements that we'll be working on with the Canadian producers. It will take us into the 2040s.

但無論如何，對於前 250 萬美元，我們都能很好地應對任何下跌或任何斷崖式下跌，這 25 萬美元的上市時間表非常合理。正如我所說，我們認為也存在一些上升空間。正如湯姆之前所說，我們對這個時機感到非常興奮，因為它將使達科他輸油管保持滿載運轉，因為這些是我們與加拿大生產商共同製定的 15 年協議。這將使我們進入2040年代。

Spiro Dounis, Citi.

Spiro Dounis，花旗銀行。

I want to start with the growth backlog more broadly. Curious, how you're thinking about the total opportunity set for growth, maybe beyond the sanctioned projects and a lot of the ones you've talked about today? Some of your peers have started to quantify these opportunities with multibillion-dollar backlogs. And so curious if that's a number you'd be sort of willing to share? Or maybe even another way to think about it, how do you think about a new run rate for CapEx in this environment?

我想先從更廣泛的成長積壓問題著手。很好奇，您如何看待整體的成長機會，除了已批准的項目和您今天談到的許多項目之外？你們的一些同行已經開始量化這些機會，積壓訂單高達數十億美元。所以，我很好奇你是否願意透露一下這個數字？或換個角度思考，在這種環境下，您如何看待新的資本支出運行速度？

Yes. Listen, I'll go ahead and start off with that. This is Tom. We have put out the $5 billion for next year. Obviously, as we get into early next year and year-end, we'll keep that number updated for you.

是的。聽著，我就先從這個開始吧。這是湯姆。我們已經撥出明年所需的50億美元。顯然，到了明年初和年底，我們會持續更新這個數字。

So you can see we've got -- we do have a great backlog of very good, high-returning projects. And if you start trying to look out further than that, I don't know that we can really give you a lot of guidance there. But you can see just from what we're already talking about -- I'm not trying to guide you toward the '26 number continuous, but you can see we continue to have a lot of opportunities, and we've got a great team that's out there chasing a lot of these.

所以你可以看到，我們確實有很多非常好的、高回報的項目積壓。如果你想把目光投向更遠的地方，我不知道我們還能給你多少指導。但從我們剛才談論的內容可以看出——我並不是想引導你們繼續關注 2026 年的成績，但你們可以看到我們仍然有很多機會，而且我們有一個很棒的團隊正在努力爭取這些機會。

So in fairness, at this stage, don't really have a -- probably a number for you there, but it's going to be a strong number. And they're going to be good returning projects, and we're going to make sure that we have the appropriate risk on them too as we venture off into these.

所以公平地說，現階段我真的沒有一個確切的數字——可能沒有，但肯定會是一個很高的數字。這些項目將會是收益不錯的項目，我們也會確保在涉足這些項目時承擔適當的風險。

Got it. I appreciate it, that one. Second one, maybe just going to Desert Southwest. You mentioned seeing additional interest there. Could you maybe just remind us again how you're thinking about upsizing that pipeline, what diameter you're looking at now? And you also mentioned, I think it was 400,000 dekatherms a day of demand source along the route. Can you just expand a little bit more on that?

知道了。我很感激。第二個方案，或許就去美國西南部沙漠地區。您提到您在那裡也看到了額外的興趣。您能否再次提醒我們一下，您打算如何擴大這條管道的規模，您目前考慮的直徑是多少？你也提到，我認為沿線每天的需求量是 40 萬德卡瑟姆。能再詳細解釋一下嗎？

Yes, this is Mackie again. Yes, Beth and her team did a fantastic job. We kind of -- in a lot of these cases, on these projects started way behind. And it took a while to get there, but we were very pleased to announce that. We just -- we've taken trips to Washington.

是的，我又是麥基。是的，貝絲和她的團隊做得非常出色。在很多情況下，這些計畫都是我們起步很晚才開始的。雖然花了一段時間才實現，但我們非常高興地宣布這一點。我們只是──我們去過華盛頓。

We've been to both states along the way, and the project is very highly thought of from a political standpoint and from an economic standpoint. So huge upside there. We did complete the overseas on as we have said, there's at least a Bcf above what we've already sold out above the 1.5 Bcf. So we're in -- a lot of work to figure out. Some of those involve some laterals off of DSW. So we've got some work to do.

我們一路走來都到過這兩個州，從政治角度和經濟角度來看，這個計畫都備受好評。所以這方面潛力大。正如我們所說，我們已經完成了海外的天然氣供應，目前至少還有 10 億立方英尺的天然氣，而我們已經售出了 15 億立方英尺以上的天然氣。所以我們已經進入狀態了——還有很多工作要做。其中一些涉及從 DSW 引出的支線。所以我們還有一些工作要做。

But we certainly have the capability of increasing it by at least 0.5 Bcf, possibly up to 1 Bcf, we'll be making those decisions over the next five or six weeks. We've locked in steel prices for a majority of that project, and we up until the middle of December, we have the flexibility to go from 42 to 48 or any combination thereof. So we sit in a really good spot on where we've already locked in prices, and we'll see how it plays out.

但我們當然有能力將其增加至少 0.5 億立方英尺，甚至可能增加至 1 億立方英尺，我們將在未來五到六週內做出這些決定。我們已經鎖定了該項目大部分鋼材的價格，而且在 12 月中旬之前，我們可以靈活地將價格從 42 調整到 48，或進行任何組合調整。所以我們現在處境非常有利，因為我們已經鎖定了價格，接下來就讓我們看看結果如何。

As part of the 400,000, that kind of falls under that unique nature of confidentiality. We can say a whole lot more on that. But that project and others similar to that, we are chasing, and I would say we're pretty confident that we will expand it higher than 1.5 Bcf, but not sure if we'll get to 2.5, but we'll see how the next six weeks play out before we have to make a decision on pipe size.

作為 40 萬個案例的一部分，這在某種程度上屬於保密的特殊範疇。關於這一點，我們還有很多話要說。但是，我們正在推進這個項目以及其他類似的項目，我認為我們相當有信心將其規模擴大到 15 億立方英尺以上，但不確定能否達到 25 億立方英尺，不過在決定管道尺寸之前，我們會看看接下來六週的情況如何。

Jean Ann, Bank of America.

Jean Ann，美國銀行。

Congrats on all the data center deals. I know you get asked this frequently, but you've been so active with the hyperscalers. I think you said earlier this year that Energy Transfer place in the story is primarily gas supply. But what keeps you from wanting to go into the power generation itself in a bigger way?

恭喜你們達成所有資料中心交易。我知道你經常被問到這個問題，但你一直非常積極地參與超大規模資料中心專案。我認為你今年早些時候說過，能源傳輸公司在業務中的主要地位是天然氣供應。但是是什麼阻止你更深入地涉足發電領域呢？

This is Mackie again. I think we're all anxious to answer this. Because we like good rates of return on our projects. And we just -- unless we've missed the boat on that, the opportunities that we've seen are low double, if not high single digit, it just doesn't fit. I mean, we'd love to team up with the folks that are generating those projects and provide all the gas they want. Not saying that we never will participate in that, but we'd have to see a lot better rate of return than what we've seen in the projects we're aware of.

我是麥基。我想我們都很想知道答案。因為我們喜歡專案獲得良好的報酬率。除非我們錯過了機會，否則我們看到的機會即使不是個位數，也只有兩位數左右，這根本不合適。我的意思是，我們非常樂意與那些正在開發這些項目的人合作，並為他們提供他們所需的所有天然氣。並不是說我們永遠不會參與，但我們需要看到比我們目前所知的專案更高的回報率。

That's very clear. And then as a follow-up, earlier this year, you FID-ed the Bethel gas storage expansion. Are gas storage rates high enough today to drive material other brownfield storage expansions in the US? Or is Bethel kind of a unique case? And do you kind of see more upside on gas storage rates as LNG starts up in the next few years? What inning do you feel like we're in, in those rising?

這一點很清楚。然後，作為後續行動，今年早些時候，你們對 Bethel 天然氣儲存擴建項目做出了最終投資決定 (FID)。目前的天然氣儲存價格是否夠高，足以推動美國其他棕地儲存設施的實質擴建？或者說，伯特利的情況比較特殊？您是否認為隨著液化天然氣在未來幾年內投產，天然氣儲存價格會有更大的上漲空間？你覺得我們現在處於上升階段的哪一局？

I'll go again. Here we go again, exciting. Storage is another huge area for us. We have about 233 Bcf of storage. We're expanding Bethel by another 6 Bcf, which is about 240 Bcf.

我還會再去。又來了，真刺激。倉儲是我們另一個非常重要的領域。我們擁有約 2330 億立方英尺的儲存空間。我們將 Bethel 的儲氣量再增加 60 億立方英尺，也就是約 2,400 億立方英尺。

The majority of that, probably 190 Bcf is in Oklahoma, Louisiana, Texas, very well positioned, tied to our large under pipeline. And with the absolute necessity of reliable gas supplies to the -- all these data centers, it's imperative that we have the ability through our big inch diner pipe to deliver and more importantly, deliver when we have freeze offs in Oklahoma or freeze-offs in the Permian Basin or other areas.

其中大部分（可能為 1900 億立方英尺）位於俄克拉荷馬州、路易斯安那州和德克薩斯州，地理位置優越，與我們龐大的地下管道相連。鑑於所有這些資料中心絕對需要可靠的天然氣供應，我們必須能夠透過我們的大口徑管道進行輸送，更重要的是，即使俄克拉荷馬州、二疊紀盆地或其他地區發生冰凍天氣，我們也能進行輸送。

So we believe that the value of storage is going to skyrocket. You think about 30 Bcf of LNG that's going to come online by the end of this decade, early 2020, and you pick a Harvey, you pick a hurricane that spins along the Gulf Coast for days. Yes, there's some storage capability of all these LNG facilities, but there's going to be problems, and it's going to happen. And we're going to be very well positioned.

因此，我們認為儲存的價值將會飆升。想想看，到本十年末、2020 年初，將有大約 300 億立方英尺的液化天然氣投入使用，然後你再想想哈維颶風，想想那種在墨西哥灣沿岸肆虐數日的颶風。是的，所有這些液化天然氣設施都有一定的儲存能力，但肯定會出現問題，而這些問題一定會發生。我們將處於非常有利的地位。

As far as Bethel, which we had 100 Bcf there. It's in the heart of all of our large diameter systems. It gives us the ability to come out of those systems and where in Texas, all the major hubs, all the major utilities and as well is going into the interstate markets both at Waha area, our interstates and others and also the Carthage area. So we are very bullish. However, we're not going to go out and just back a bunch of storage.

至於伯特利，我們在那裡有 1000 億立方英尺的天然氣。它位於我們所有大直徑系統的核心位置。它使我們能夠脫離這些系統，在德克薩斯州，所有主要樞紐、所有主要公用事業，以及進入州際市場，包括瓦哈地區、我們的州際公路和其他地區，以及迦太基地區。所以我們非常看好。但是，我們不會出去隨便買一大堆儲存設備。

We're very disciplined. It's kind of where we're at now, and all of our capital spending, as we Thomas said several times. And so -- but it doesn't mean that within the next six months, we don't kick off another storage to back to another project.

我們紀律嚴明。這就是我們目前的處境，也是我們所有的資本支出，正如托馬斯多次提到的。所以——但這並不意味著在接下來的六個月裡，我們不會啟動另一個儲存專案來支援另一個專案。

And it's very important to our data center customers. So we have a lot, and we look forward to talking over the next few quarters of a lot of others that we intend to add, but to not only have the capability we have. I just said kind of all these other receipt points, but also in dire times like urea and tough times, we have the ability to perform unlike anybody else. And storage gives us that backdrop to be able to do that.

這對我們的資料中心客戶來說非常重要。所以我們有很多東西，我們期待在接下來的幾個季度中討論我們打算增加的許多其他東西，但我們不僅要擁有我們現有的能力。我剛才說了，除了其他收據點之外，在像尿素短缺這樣的嚴峻時期和艱難時期，我們有能力做到其他任何人都做不到的事情。而儲存為我們提供了實現這一目標的背景。

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

I wanted to go back to the data center deals, you've announced Entergy, Berman, Oracle. Is there a way -- can you provide us any kind of framework for how to think about the capital outlay for each of these data center supply projects and your expected returns? I realize they're all a little bit different, but just like high level or a way to think about that?

我想回到資料中心交易的話題，你們已經宣布了與 Entergy、Berman 和 Oracle 的合作。能否提供某種框架，幫助我們思考每個資料中心供應項目的資本支出和預期回報？我知道它們之間略有不同，但從宏觀層面來說，或者說，有沒有一種思考這個問題的方式？

Sure. High level, and we've said this before, a lot of the data centers were talking to, very low capital. As I mentioned earlier on Hugh Brinson, we didn't have a data center in our head when we announced that project. And then lo and behold, we go through right by Abilene with one of the largest -- the largest data centers in Texas, we -- all we have to do is lay a lateral, 24-inch lateral kind of a loop system that provides what's going to be needed that location. You look at Franklin Farms in North Louisiana, we're looking at a less than 20 mile lay.

當然。從宏觀層面來說，我們之前也說過，很多資料中心都在談論非常低的資本投入。正如我之前在休布林森專案上提到的那樣，我們在宣布該專案時並沒有想到要建造資料中心。然後，瞧，我們正好經過阿比林，那裡有德克薩斯州最大的數據中心之一——我們——我們所要做的就是鋪設一個橫向的、24 英寸的環形系統，為該地點提供所需的東西。看看路易斯安那州北部的富蘭克林農場，我們看到的是不到 20 英里的牧場。

So pretty low capital stuff. Others, depending on where we go, there's some -- a couple of them that are kind of out in the middle of the Panhandle. We look at Landt, those would be capital exclusively for the large capital dollars exclusive for those opportunities. But Michael, I think you said it well, it's all across the board. I mean, it can be embedded in some of our large inter-project that we already have built.

所以都是些低成本的項目。其他一些地方，取決於我們去哪裡，有些——其中幾個位於狹長地帶的中間地帶。讓我們來看看 Landt，那些資金將專門用於那些專門用於抓住這些機會的大筆資本。但是邁克爾，我覺得你說得很好，這種情況普遍存在。我的意思是，它可以嵌入到我們已經建立的一些大型跨專案中。

It could be embedded in projects that we've announced. And part of that is data center expansions, which is what helped us expand Hugh Brinson was these data center deals that we have done. So it's kind of a combination.

它可以嵌入到我們已經公佈的項目中。其中一部分是資料中心擴張，正是我們達成的這些資料中心交易幫助我們擴展了 Hugh Brinson。所以這是一種組合。

But I'd say a lot of what we're looking at now, especially in Oklahoma and other areas of Texas that we're very close to getting some deals done, much less capital than for the amount of volume that we're talking about. And I have one thing to that. we have some data centers that have secured their electricity supplies somewhere. Renewables, somewhere else. And yet they're willing to pay large demand charges or the ability to instantaneously hold gas from our system in the event they've got interruptions from their -- so those are very low capital projects that we'd be utilizing.

但我想說，我們現在關注的很多事情，尤其是在俄克拉荷馬州和德克薩斯州的其他地區，我們非常接近達成一些交易，所需的資金比我們談論的交易量要少得多。我還有一點要補充。我們有一些資料中心已經確保了電力供應的安全。再生能源，另尋他處。然而，他們願意支付高額的需求費用，或者能夠在他們的天然氣供應中斷時立即從我們的系統中扣留天然氣——所以這些都是我們將要利用的資本投入非常低的項目。

As I mentioned earlier, our storage capabilities, along with our large diameter capabilities to move large volumes quickly to these locations.

正如我之前提到的，我們的儲存能力，以及我們的大直徑運輸能力，可以將大量貨物快速運送到這些地點。

Okay. Got it. That makes sense. And then just a clarification on your earlier comments on Lake Charles. I guess the first question is, would you definitely -- do you see this as you're definitely going to get to FID? Or is it really subject to all of those criteria that you laid out earlier? And if you do get to FID, what would you -- what's your latest on when you think timing-wise, you'll get there?

好的。知道了。這很有道理。最後，我想就您之前關於查爾斯湖的評論做個澄清。我想第一個問題是，你是否肯定──你是否認為你肯定會達到最終投資目標？或者它真的要符合你之前列出的所有那些標準嗎？如果你真的能參加FID，你覺得──從時間上看，你最近覺得什麼時候可以參加？

Yes. So let me make this real clear. Yes, we will not proceed with LNG until we have secured 80% of equity partners similar to ourselves. And we've got some work to do that. I mean, we -- getting the contracts done, feel great about that. If you see contract, feel great about that. But the last big, most important box, especially as we're emphasizing this financial discipline that's very important to us.

是的。讓我把話說清楚。是的，在我們找到與我們類似的、持有80%股權的合作夥伴之前，我們不會推進液化天然氣專案。我們還有一些工作要做。我的意思是，我們——完成了合同，對此感覺很棒。如果你看到合同，那就太好了。但最後一個也是最重要的方框，尤其是在我們強調這種對我們非常重要的財務紀律的時候。

When you only chase one or two projects, you don't think about as much. When you're changing billions of dollars in projects, several of which we've already announced, we've got to be careful in stepping out on something like this. And we're not an LNG company, like we compete -- we're a pipeline company that has an LNG or a regas facility, converting part of it to LNG.

當你只專注於一兩個專案時，你不會想太多。當你要改變數十億美元的項目時（其中一些我們已經宣布了），我們在做類似的事情時必須謹慎行事。我們不是像我們的競爭對手那樣的液化天然氣公司——我們是一家管道公司，擁有液化天然氣或再氣化設施，將其一部分轉化為液化天然氣。

So no, we're not going to get to FID until we have the required amount of equity partners that we need. And we've -- as we've said, we've got our work cut out for us to get that done timely enough to be able to get to FID in relation to our EPC costs that are -- that we have with our EPC contractor today.

所以，不，在我們擁有所需數量的股權合作夥伴之前，我們不會做出最終投資決定。正如我們所說，我們還有很多工作要做，才能及時完成這項工作，以便能夠就我們目前與EPC承包商簽訂的EPC成本做出最終投資決定。

Zack Van, TPH.

Zack Van，TPH。

Maybe going back to Hugh Brinson. Now that Phase 1 is fully contracted and we've seen a few producers come out and indicate they signed up for capacity, can you talk to the breakout of supply push from Waha and demand pull contracts from data centers and other demand sources on that pipe?

或許應該重新啟用休·布林森。現在第一階段的合約已經全部簽訂，我們也看到一些生產商表示他們已經簽約，您能否談談 Waha 的供應推動和數據中心及其他需求來源的需求拉動合約之間的差異？

Yes. This is Mackie again. I think you said Hugh Brinson, it seems like that we didn't hear the first part of that. But yes, that project started out as demand pull. Then to kind of get to finish line, we had a lot of producer push. And now as we've grown and expanding it, it's pretty much all demand pull. So it's been a pretty balanced combination of those two. But what we do see on the growth on any type of expansion will be a demand pull.

是的。我是麥基。我想你說的是休布林森，看來我們沒聽到前半部。沒錯，那個專案最初是由市場需求拉動的。然後為了最終完成任務，我們得到了製片人的大力推動。現在隨著我們的發展壯大，幾乎完全是需求拉動。所以，這兩種方法結合得相當均衡。但我們看到，任何類型的擴張都將是需求拉動帶來的成長。

Okay. Perfect. And then I know this might not be your arena and more on the end customers, but it feels like there's a lot of straws going into the Permian for gas between your projects and various other ones through the end of the decade. Have you seen your customers start to talk about actually signing supply deals out of Waha to make sure that gas is there on top of the FT contracts they have with you all?

好的。完美的。我知道這可能不是你的專長，你更關注的是最終客戶，但感覺在你的專案和其他各種專案之間，到本十年末，有很多專案都在向二疊紀盆地開採天然氣。您是否注意到您的客戶開始討論從瓦哈 (Waha) 簽訂實際的天然氣供應協議，以確保除了他們與您簽訂的固定期限合約之外，還有天然氣供應？

What a great question. it's interesting because if you don't think we're looking at this closely and doing our own studies in this, but there's been four pipelines announced. Depending on rumors, about one of those going to a 48-inch, possibly one of ours going to 48-inch. We could -- you could see north of 11 or 12 Bcf of new demand projects built out of that, not counting probably 0.5 Bcf to 1 Bcf of data centers that are built in the Permian Basin.

真是個好問題。這個問題很有意思，因為如果你認為我們沒有密切關注此事並進行自己的研究，那麼實際上已經有四個管道項目宣布啟動了。根據傳聞，其中一台可能會升級到 48 英寸，也可能是我們自己的一台會升級到 48 英寸。我們可以看到，其中新建的需求項目可能超過 11 或 12 Bcf，這還不包括在二疊紀盆地建造的可能 0.5 Bcf 到 1 Bcf 的資料中心。

So to answer your question, we are aware of some of the end users have reached out to producers to try to lock some of that up. But the great thing about our assets, our gathering assets, our intrastate, our interstate assets coming out of the Permian Basin, it can do nothing but grow dramatically. It's got to grow between 12% and 15% just to get enough gas to fill the pipes that have been already announced over the next 4.5 years. If I was a market, I would be out locking up production today.

所以回答你的問題，我們知道一些終端用戶已經聯繫了生產商，試圖鎖定其中一些內容。但是，我們資產的偉大之處在於，我們的集散資產，我們來自二疊紀盆地的州內資產和州際資產，只會大幅成長。天然氣產量必須增加 12% 到 15%，才能獲得足夠的天然氣來填滿未來 4.5 年內已宣布的管道項目。如果我是市場，我今天就會出門封鎖生產線。

John Mackay, Goldman Sachs.

約翰麥凱，高盛集團。

I appreciate the time. A quick one for me. You have in this slide -- on gas going to the power, you talk about 6 Bs of new deals signed over the past year. If you do some math, it's actually a pretty good margin on those. I'd love to know, how much of that 6 is kind of incremental growth on top of kind of what the business is doing right now? And then, yes, if we were to kind of back into a margin on what -- or a fee and what that's implying, is that a reasonable run rate for what you guys are seeing on some of these incremental power data center deals?

感謝您抽出時間。我這題很快就能完成。在這張幻燈片中——關於天然氣發電，你提到了過去一年簽署的 60 億份新協議。如果你稍微算一下，你會發現這些利潤其實相當可觀。我很想知道，這 6 倍成長中有多少是在公司現有業務基礎上實現的增量成長？那麼，如果我們反推一下利潤率——或者說費用以及它所蘊含的意義，對於你們目前看到的這些新增電力數據中心交易而言，這是一個合理的運行率嗎？

Yes, John, this is Dylan here again. Yes, that's all incremental business that we've signed up that we're not currently doing today. So these are all new demand sources that are in the process of being constructed right now. And so that's all incremental.

是的，約翰，我是迪倫，我又來了。是的，這些都是我們已經簽約但目前尚未進行的新增業務。所以這些都是目前正在興建中的新興需求來源。所以這一切都是循序漸進的。

Now backing into the fee, yes, that -- that's correct. If you do that math, you will back into a few, but that is made up of a lot of different types of contracts. So I'd be careful on trying to just project that forward on everything. I mean, that's got a good mix of Desert Southwest, some of the setoff in Hugh Brinson and then a couple of Bcf of just other demand growth along our systems or we're building laterals out too.

現在回到費用問題，是的，沒錯。如果你進行這樣的計算，你會得出一些結論，但這又是由許多不同類型的合約組成的。所以，我建議不要輕易將這種觀點套用到所有事情上。我的意思是，這其中既有沙漠西南地區的天然氣，也有休·布林森天然氣管道的部分天然氣，還有我們系統沿線其他需求增長帶來的幾十億立方英尺天然氣，或者我們正在建設的支線管道也帶來了這些增長。

So when you put that all together, yes, you do get to that pretty strong weighted average fee. But like I said, it is made up of those different sources.

所以把所有這些因素綜合起來，是的，你確實會得到一個相當高的加權平均費用。但就像我說的，它是由這些不同的來源組成的。

Manav Gupta, UBS.

瑞銀集團的馬納夫·古普塔。

I'll ask only one question. Bloomberg has reported that Energy Secretary Wright, has sent a DOT proposal to FERC that would limit the regulators review period for data center connections to power grid to 60 days, expediting the process, which can currently take years. I'm just trying to understand if this proposal does go through, could that mean a material acceleration in demand for natural gas to support electric generation? Because, honestly, it's like bring your own electricity right now. So that you might be the only game -- or your pipeline side with only game in town if this proposal actually does go through?

我只問一個問題。彭博社報道稱，能源部長賴特已向聯邦能源監管委員會提交了一份交通部提案，該提案將限制監管機構對數據中心接入電網的審查期限為 60 天，從而加快目前可能需要數年時間的審批流程。我只是想了解，如果這項提案獲得通過，是否意味著天然氣需求會大幅增加以支持發電？說實話，現在的情況就像是自備電源一樣。如果這項提案真的通過，那麼你可能就是唯一的參與者──或者說，你的管道系統可能就是唯一的參與者？

Manav, I think we've not heard that yet, but that would definitely be a big boost to the pipeline business. And being able to move that quickly there would definitely be good for our business.

馬納夫，我想我們還沒有聽到這個消息，但這肯定會對管道業務起到很大的推動作用。如果能夠如此迅速地推進那邊的業務，肯定對我們的業務有好處。

Okay. Can you elaborate a little bit on the expansion of Price River Terminal? It looks like a very interesting project, an exciting project. And what would be the demand for this expansion?

好的。能否詳細介紹普萊斯河碼頭的擴建情況？這看起來是個非常有趣、令人興奮的項目。那麼，這種擴張的需求會是什麼呢？

Yes. Once again, Adam is sitting here next to me. You want a great project. Years ago, we kind of took over that and it was kind of struggling and our team worked very hard to really grow that business, and it's phenomenal what they've done. I would say we've got time to know what percentage locked in of the acreage up there, but it's a significant amount of that acreage is locked into us for many years to come.

是的。亞當又一次坐在我旁邊。你想做一個很棒的專案。幾年前，我們接手了這家公司，當時它經營狀況不太好，我們的團隊非常努力地發展這項業務，他們所取得的成就令人矚目。我認為我們有時間去了解那裡有多少英畝土地已被鎖定，但可以肯定的是，相當一部分土地將在未來多年內歸我們所有。

That's for a lot of refineries that's very valuable, kind of lack the oil that fits what they're looking for.

對許多煉油廠來說，這非常寶貴，因為他們缺乏符合自己需求的石油。

So not only is that a great project for us as we expand that terminal, but we also see a lot of synergistic downstream, have new possibilities with a lot of those barrels going to St. James and possibly to Nederland. So there's a lot of upside to that project, but stand-alone, that's going to be a really great project for us.

因此，這不僅對我們來說是一個很棒的項目，因為我們正在擴建該碼頭，而且我們還看到了下游的許多協同效應，許多桶原油將運往聖詹姆斯，甚至可能運往荷蘭，這帶來了新的可能性。所以這個項目有很多優勢，但就其本身而言，這對我們來說將是一個非常棒的項目。

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

謝謝。我們的問答環節到此結束。我謹將會議交還給湯姆·朗，請他作總結發言。

Listen, once again, we do thank all of you all, as Mackie answered on several of the questions. Excited, it was the most commonly used word here of how excited we are. And you know that we've -- we've always dreamed of kind of getting to this point right now through our growth here with M&A and organic growth projects. And the reason why you're seeing a lot of this is just because of the massive infrastructure that we've built up and where our assets sit. So that's what's provided the opportunity.

再次感謝各位，Mackie 回答了幾個問題。「興奮」是我們在這裡最常用來表達興奮之情的詞。你知道，我們一直夢想著透過併購和內生成長項目，發展到今天這一步。你之所以會看到很多這樣的情況，是因為我們已經建立了龐大的基礎設施，以及我們的資產所在地。這就是機會的由來。

We are going to stay very disciplined on our capital. But these are the kind of projects that are just very high returning projects that are right in our wheelhouse, and we're going to continue to chase them with a great commercial team and the E&C team to build them. And of course, the finance team and the rest of the group, the team to be able to keep everything going. And so you're going to see these opportunities, and we look forward to talking to you more about this capital and about these great projects. Appreciate all of you joining today, and we look forward to the follow-up questions.

我們將繼續嚴格控制資金使用。但這些都是高回報的項目，完全符合我們的強項，我們將繼續組建一支優秀的商業團隊和工程建設團隊來爭取這些項目。當然，還有財務團隊和團隊的其他成員，正是他們才能保證一切正常運作。所以您將會看到這些機會，我們期待與您進一步探討這筆資金和這些偉大的項目。感謝各位今日的參與，我們期待收到後續提問。

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

謝謝。會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。