Energy Transfer LP (ET) 2025 Q4 法說會逐字稿

Good morning, and welcome to the Energy Transfer Fourth Quarter 2025 Earnings Call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加 Energy Transfer 2025 年第四季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Tom Long, Co-Chief Executive Officer. Please go ahead.

現在我將把會議交給聯合執行長湯姆朗。請繼續。

Thank you, operator, and good morning, everyone, and welcome to the Energy Transfer Fourth Quarter 2025 Earnings Call. I'm also joined today by Mackie McCrea and other members of the senior management team who are here to help answer your questions after our prepared remarks.

謝謝接線員，大家早安，歡迎參加 Energy Transfer 2025 年第四季財報電話會議。今天，麥基·麥克雷和其他高階管理團隊成員也和我一起，在我們發言結束後，他們將幫助回答大家的問題。

Hopefully, you saw the press release we issued earlier this morning. As a reminder, our earnings release contains an update to guidance and 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早上發布的新聞稿。再次提醒大家，我們的獲利報告包含最新的業績指引和詳盡的管理層討論與分析，其中詳細分析了各業務部門的業績。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-K for the year ended December 31, 2025, which we expect to file later this week.

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 12 月 31 日的年度 10-K 表格中有更詳細的討論，我們預計將在本週晚些時候提交該表格。

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

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 today with the financial results for full year 2025. Adjusted EBITDA was nearly $16 billion compared to $15.5 billion for 2024. This was up 3% over last year and was a partnership record. DCF attributable to the partners of Energy Transfer, as adjusted, was $8.2 billion compared to $8.4 billion for last year. Operationally, we moved record volumes across each of our interstate midstream NGL and crude segments for the year ended 2025. We also exported a record amount of total NGLs out of our Nederland and Marcus Hook terminals.

今天我們先來看看2025年全年的財務表現。調整後 EBITDA 接近 160 億美元，而 2024 年的預期為 155 億美元。這比去年成長了3%，創下了合作協議的紀錄。經過調整後，歸屬於 Energy Transfer 合作夥伴的 DCF 為 82 億美元，而去年為 84 億美元。在營運方面，截至 2025 年，我們在州際中游 NGL 和原油業務的各個環節都實現了創紀錄的吞吐量。我們也從荷蘭港和馬庫斯胡克碼頭出口了創紀錄的天然氣凝液總量。

For the fourth quarter of 2025, we generated adjusted EBITDA of approximately $4.2 billion compared to approximately $3.9 billion for the fourth quarter of last year. DCF attributable to the partners of Energy Transfer, as adjusted, was approximately $2 billion, consistent with the fourth quarter of 2024.

2025 年第四季度，我們調整後的 EBITDA 約為 42 億美元，而去年第四季約為 39 億美元。經調整後，歸屬於 Energy Transfer 合作夥伴的 DCF 約為 20 億美元，與 2024 年第四季一致。

During the quarter, we recorded records in each of our NGL fractionation throughput, LPG exports, Nederland terminal volumes and crude transportation throughput. And for full year 2025, we spent approximately $4.5 billion on organic growth capital, primarily in the NGL and refined products, midstream and intrastate segments, excluding SUN and USA compression CapEx. Turning to our results by segment for the fourth quarter, and we'll start with the NGL and refined products. Adjusted EBITDA was $1.1 billion, consistent with the fourth quarter of 2024. We saw higher throughput across our Gulf Coast and Mariner East pipeline operations, Mont Belvieu fractionators and Nederland terminal.

本季度，我們的 NGL 分餾產能、LPG 出口、荷蘭碼頭吞吐量和原油運輸產能均創歷史新高。2025 年全年，我們在有機成長資本方面投入了約 45 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 壓縮資本支出。接下來我們來看第四季的各業務板塊業績，首先是天然氣凝液和精煉產品板塊。調整後 EBITDA 為 11 億美元，與 2024 年第四季持平。我們看到墨西哥灣沿岸和 Mariner East 管道運作、Mont Belvieu 分餾裝置和 Nederland 碼頭的吞吐量有所提高。

Results for the quarter, including a onetime $56 million increase from a regulatory order impacting prior and current period rates. These were offset by $58 million of lower gains related to the timing of the settlement of NGL and refined products inventory hedges, which we anticipate will be recognized during the first quarter of 2026. In addition, loading delays related to fog at Nederland resulted in a $14 million impact, which we are on track to make up in the first quarter of 2026.

本季業績包括因監管命令而產生的一次性 5,600 萬美元增長，該命令影響了先前和當前期間的利率。這些收益被與 NGL 和成品油庫存套期保值結算時間相關的 5,800 萬美元的較低收益所抵消，我們預計這些收益將在 2026 年第一季確認。此外，由於內德蘭港大霧導致的裝貨延誤造成了 1,400 萬美元的損失，我們預計在 2026 年第一季彌補這一損失。

For midstream, adjusted EBITDA was $720 million compared to $705 million for the fourth quarter of 2024. This was primarily due to volume growth in the Permian, Northeast and ArkLaTex regions. Results were partially offset by a onetime expense increase of $14 million in intersegment NGL transportation fees as a result of the previously mentioned regulatory order.

中游業務調整後 EBITDA 為 7.2 億美元，而 2024 年第四季為 7.05 億美元。這主要是由於二疊紀盆地、東北部和阿肯色州、路易斯安那州、德克薩斯州地區的產量增長所致。由於前述監管命令，部門間 NGL 運輸費用一次性增加 1,400 萬美元，部分抵銷了業績。

For the crude oil segment, adjusted EBITDA was $722 million compared to $760 million for the fourth quarter of 2024. During the quarter, we saw growth across several of our crude pipeline systems and our Permian Basin gathering system. Results also included a onetime $19 million increase related to the previously mentioned regulatory order. These were offset by lower transportation revenues, primarily on the Bakken pipeline.

原油業務板塊調整後 EBITDA 為 7.22 億美元，而 2024 年第四季為 7.6 億美元。本季度，我們的多個原油管道系統和二疊紀盆地集輸系統均實現了成長。結果還包括與之前提到的監管命令相關的一次性 1900 萬美元增長。這些損失被運輸收入的下降所抵消，主要原因是巴肯輸油管的收入下降。

In our interstate natural gas segment, adjusted EBITDA was $523 million compared to $493 million for the fourth quarter of last year. This increase was primarily due to more capacity sold and higher utilization on several of our pipelines, including Panhandle Eastern, Trunkline, Florida Gas and Transwestern. And for our intrastate natural gas segment, adjusted EBITDA was $355 million compared to $263 million in the fourth quarter of last year. This increase was primarily due to increased pipeline and storage optimization, as well as increased volumes across our Texas intrastate pipeline system due to third-party volume growth.

在我們的州際天然氣業務板塊，調整後的 EBITDA 為 5.23 億美元，而去年第四季為 4.93 億美元。這一增長主要是由於我們幾條管道（包括 Panhandle Eastern、Trunkline、Florida Gas 和 Transwestern）的銷售能力增加和利用率提高所致。就我們的州內天然氣業務而言，調整後的 EBITDA 為 3.55 億美元，而去年第四季為 2.63 億美元。這一增長主要是由於管道和儲存優化程度的提高，以及由於第三方運輸量的增長，我們德克薩斯州州內管道系統的運輸量增加。

Now turning to our organic capital guidance. As we previously announced, our 2026 organic growth capital guidance range is projected to be between $5 billion and $5.5 billion, excluding SUN and USA Compression. We expect approximately 2/3 of this capital to be invested in projects that will enhance our natural gas assets, including the Hugh Brinson and Desert Southwest pipeline projects, Mustang Draw I and II, as well as continued system build-out in the Permian Basin.

現在來看我們的有機資本指引。正如我們之前宣布的那樣，我們預計 2026 年的有機成長資本指引範圍在 50 億美元至 55 億美元之間，不包括 SUN 和 USA Compression。我們預計這筆資金的約 2/3 將投資於能夠增強我們天然氣資產的項目，包括 Hugh Brinson 和 Desert Southwest 管道項目、Mustang Draw I 和 II，以及在二疊紀盆地繼續建設系統。

In addition, approximately 1/4 of the growth capital will be in the NGL and refined products segment related to the ongoing construction of the Nederland and Marcus Hook terminal expansions as well as Frac IX and Mont Belvieu. These expansions are contracted under long-term commitments and are expected to generate mid-teen returns and considerable earnings growth over the next decade or more.

此外，約 1/4 的成長資本將投入與正在進行的 Nederland 和 Marcus Hook 碼頭擴建以及 Frac IX 和 Mont Belvieu 相關的 NGL 和成品油領域。這些擴張項目均以長期合約形式簽訂，預計在未來十年或更長時間內將產生兩位數以上的收益和可觀的盈利增長。

Beyond these projects, we have a significant backlog of opportunities that are expected to support continued growth. For a closer look at some of our major growth projects, I'll start with the natural gas side of our business, where we continue to see significant demand for our services. In December, we announced that we have upsized the mainline pipeline diameter for Desert Southwest Pipeline Project from 42 inches to 48 inches to meet the planned and anticipated customer demand.

除了這些項目之外，我們還有大量積壓的機會，預計將支持持續成長。為了更詳細地了解我們的一些主要成長項目，我將從我們業務的天然氣方面開始，我們繼續看到對我們服務的巨大需求。去年 12 月，我們宣布將沙漠西南管道項目的主管道直徑從 42 英寸增加到 48 英寸，以滿足計劃和預期的客戶需求。

This will increase the project's capacity to up to 2.3 Bcf per day. A full buildout of the project is expected to cost approximately $5.6 billion, and we continue to expect the project to be in service by the fourth quarter of 2029. Our teams continue to actively engage with elected officials, county leadership and associated communities along the rail to communicate project information and updates, and we have engaged with over 275 stakeholders to date.

這將使該項目的產能提高到每天 23 億立方英尺。該項目全面建成預計耗資約 56 億美元，我們仍然預計該項目將於 2029 年第四季投入使用。我們的團隊繼續積極與民選官員、縣領導和鐵路沿線相關社區進行溝通，以傳達項目訊息和最新進展，迄今為止，我們已經與超過 275 位利益相關者進行了溝通。

Our discussions have been very positive, and existing and potential stakeholders are pleased about the economic benefits expected and also realize the critical need for a substantial, reliable supply of gas to help address the significant demand growth in Arizona and the Mexico market.

我們的討論非常積極，現有和潛在的利益相關者對預期的經濟效益感到高興，同時也意識到迫切需要大量、可靠的天然氣供應，以幫助滿足亞利桑那州和墨西哥市場顯著的需求增長。

Next, construction of our Hugh Brinson pipeline is going well. As of today, 100% of the 42-inch pipe has been delivered to our pipe yards, and mainline construction of the pipeline is approximately 75% complete. We expect Phase 1 to be in service in the fourth quarter of this year. However, if we stay on our current schedule, we should have the ability to flow some early volumes prior to Phase 1 in service. And we continue to expect Phase 2 to be in service in the first quarter of 2027.

其次，我們的休布林森輸油管建設進展順利。截至今日，42吋管線已100%運抵我方管線堆場，主管道建設已完成約75%。我們預計第一季度工程將於今年第四季投入使用。但是，如果我們按照目前的進度安排，我們應該能夠在服務第一階段開始之前先輸送一些早期的貨運量。我們仍預期二期工程將於 2027 年第一季投入使用。

As a reminder, 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. The pipe is fully contracted from West to East, and we also have a growing amount of volume committed on backhaul that is expected to add significant upside with no additional capital.

提醒一下，該系統是雙向的，每天可從西向東輸送約 22 億立方英尺的天然氣，從東向西輸送約 1 億立方英尺的天然氣。從西到東的管道已全部簽訂合同，而且回程運輸量也在不斷增加，預計無需額外資本投入即可帶來顯著的增長。

On Florida Gas Transmission, or FGT, we recently completed open seasons for two new projects that are supported by long-term binding agreements from anchor shippers. The Phase IX project, which is designed to expand firm natural gas transportation capacity to multiple new and existing meter stations located across FGT's market area. This project will consist of the construction of up to 82 miles of pipeline looping, as well as new and upgraded compression. This would expand FGT's capacity by up to 550 million cubic feet per day. The project is expected to be available for service in the fourth quarter of 2028.

在佛羅裡達天然氣輸送公司（FGT）方面，我們最近完成了兩個新項目的公開招標，這兩個項目都得到了主要托運商的長期約束性協議的支持。第九期計畫旨在擴大天然氣穩定運輸能力，涵蓋 FGT 市場區域內多個新建和現有計量站。該項目將包括建造長達 82 英里的管道環線，以及新建和升級壓縮設備。這將使FGT的產能每天增加多達5.5億立方英尺。該項目預計將於2028年第四季投入使用。

The South Florida Project is designed to enhance the reliability of critical infrastructure and increase overall deliveries in South Florida. It will consist of the construction of a new 37-mile lateral to supply the South Florida area, along with compression in a new meter station. The project is expected to be available for service in the first quarter of 2030.

南佛羅裡達州專案旨在提高關鍵基礎設施的可靠性，並增加南佛羅裡達州的整體交付量。該項目將包括建造一條新的 37 英里長的支線，為南佛羅裡達地區供水，以及在新計量站進行壓縮。該項目預計將於2030年第一季投入使用。

Energy Transfer's share of the cost of these two projects is expected to be up to $535 million and $110 million, respectively, depending on the final shipper volume elections. And 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, remains on schedule to be in service in late 2028.

根據最終托運人選擇的數量，Energy Transfer 在這兩個項目的成本中所佔份額預計分別高達 5.35 億美元和 1.1 億美元。我們在 Bethel 天然氣儲存設施新建的儲氣洞預計將使該設施的天然氣儲存能力翻一番，達到 120 億立方英尺以上，目前仍按計劃進行，將於 2028 年底投入使用。

Now for a brief update around recent natural gas opportunities for new power plant and data center development. On our last call, we announced we have long-term agreements with Oracle to deliver approximately 900,000 Mcf per day of natural gas to three US data centers.

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。在上一次電話會議上，我們宣布與 Oracle 達成長期協議，每天向美國三個資料中心輸送約 90 萬千立方英尺的天然氣。

We recently began flowing gas on the first pipeline lateral to a data center campus near Abilene, Texas. Two more laterals are expected to be completed in mid-2026. Supply for all three of these pipelines will be sourced from our Hugh Brinson and North Texas pipelines.

我們最近開始透過第一條通往德州阿比林附近資料中心園區的支線管道輸送天然氣。預計另外兩條支線將於 2026 年中完工。這三條管道的供氣都將來自我們的休·布林森管道和北德克薩斯管道。

As a reminder, Energy Transfer has entered into a 20-year binding agreement with Entergy Louisiana to provide at least 250,000 MMBtus per day of firm transportation service to fuel their facilities in Richland Parish, Louisiana. Within the last year, we have contracted over 6 Bcf per day of pipeline capacity with demand-pull customers.

再次提醒，Energy Transfer 已與 Entergy Louisiana 簽訂了一份為期 20 年的具有約束力的協議，每天至少提供 250,000 MMBtu 的穩定運輸服務，為其位於路易斯安那州里奇蘭教區的設施提供燃料。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。

This includes volumes from end users, data centers and utilities off of Desert Southwest, Hugh Brinson pipelines and other of our natural gas pipeline systems. And we remain in advanced discussions with several other facilities in close proximity to our footprint.

這包括來自沙漠西南管道、休·布林森管道以及我們其他天然氣管道系統的終端用戶、資料中心和公用事業公司的天然氣用量。我們目前正與廠區附近其他幾家工廠進行深入洽談。

Our Oklahoma intrastate power team recently added connections to serve three new power plant loads in the state of Oklahoma, totaling approximately 190 million cubic feet per day. These are expected to come online in the second quarter of 2026. These connections are supported by long-term contracts with investment-grade counterparties.

我們俄克拉荷馬州內電力團隊最近增加了連接，為俄克拉荷馬州的三個新發電廠負載提供服務，總計每天約 1.9 億立方英尺。預計這些產品將於 2026 年第二季投入使用。這些合作關係由與投資等級交易對手簽訂的長期合約提供支援。

In addition, we have also entered into advanced negotiations to serve another 350 million cubic feet per day of new power plant demand in Oklahoma. Outside of Oklahoma and Texas, our team continues to work on multiple transactions with power plants to provide significant transportation revenue across 13 other states, which have a high likelihood of reaching FID.

此外，我們也進入了深入談判階段，以滿足俄克拉荷馬州每天新增 3.5 億立方英尺的發電需求。除了俄克拉荷馬州和德克薩斯州之外，我們的團隊繼續與多家發電廠進行交易，以在其他 13 個州提供可觀的運輸收入，這些州很有可能達到最終投資決策 (FID)。

Lastly, construction of a 10-megawatt natural gas-fired electric generation facility continues, and we expect our third facility, which will be located at our Grey Wolf processing plant, to be in service in the first quarter of 2026. The remaining five facilities are expected to be fully constructed and ready for service later this year.

最後，一座 10 兆瓦天然氣發電廠的建設仍在繼續，我們預計位於 Grey Wolf 加工廠的第三座發電廠將於 2026 年第一季投入使用。其餘五座設施預計將於今年稍後全面建成並投入使用。

Now looking at the Permian processing expansions. We continue to expect our Mustang Draw I and II plants to be in service in the second quarter and fourth quarter of this year, respectively. At our Nederland terminal, volumes on our Flexport NGL export expansion project have continued to ramp up, and we exported our first two ethylene cargoes in December of 2025. This contributed to record exports out of Nederland for the fourth quarter of 2025.

現在來看二疊紀的地質構造擴張。我們仍然預計 Mustang Draw I 和 II 工廠將分別於今年第二季和第四季投入使用。在我們的荷蘭碼頭，Flexport NGL 出口擴建工程的吞吐量持續成長，我們在 2025 年 12 月出口了第一批兩批乙烯貨物。這促成了荷蘭在 2025 年第四季創紀錄的出口額。

We continue to work with Enbridge on a project to provide capacity for approximately 250,000 barrels per day of light Canadian crude oil through our Dakota Access pipeline, and we expect to take FID on this project by mid-2026.

我們繼續與 Enbridge 合作開展一個項目，透過我們的 Dakota Access 管道每天輸送約 25 萬桶加拿大輕質原油，我們預計將在 2026 年年中就該項目做出最終投資決定。

Turning to Lake Charles LNG. In December, we announced that we suspended the development of this project. As we have previously stated, we continue to be extremely focused on capital discipline, and we have directed our efforts toward our significant backlog of projects that we believe provide a more attractive risk/return profile.

轉向查爾斯湖液化天然氣計畫。去年12月，我們宣布暫停該專案的開發。正如我們之前所說，我們將繼續高度重視資本紀律，並將精力集中在我們認為風險/回報更具吸引力的大量積壓項目上。

However, we remain open to discussions with third parties who may have an interest in developing the project as we would expect to benefit from providing natural gas transportation capacity for the project. We're also exploring other projects to better utilize the terminal in a more profitable way.

但是，我們仍然願意與可能對開發該專案感興趣的第三方進行討論，因為我們希望透過為該專案提供天然氣運輸能力而受益。我們也正在探索其他項目，以更有效地利用該碼頭，從而實現更盈利的目標。

Turning to our guidance. We now expect our 2026 adjusted EBITDA to range between $17.45 billion and $17.85 billion compared to the previous range of between $17.3 billion and $17.7 billion. This change in guidance is solely attributable to the USA Compression's acquisition of J-W Power Company, which closed on January 12, 2026. Looking ahead, we are poised for continued growth in 2026, driven largely by the ramp of our Flexport NGL export project, new Permian processing plants and other projects.

請參考我們的指導意見。我們現在預計 2026 年調整後的 EBITDA 將在 174.5 億美元至 178.5 億美元之間，而先前的預期範圍為 173 億美元至 177 億美元。此次業績指引的改變完全歸因於 USA Compression 對 J-W Power Company 的收購，該收購於 2026 年 1 月 12 日完成。展望未來，我們已做好準備，在 2026 年繼續保持成長勢頭，這主要得益於我們的 Flexport NGL 出口項目、新的二疊紀盆地加工廠和其他項目的投資。

We believe our Hugh Brinson pipeline, which is expected online later this year, is extremely well positioned to become a major US header system that ties together with our network of large diameter pipelines and allows us the flexibility to deliver natural gas from Texas to the Desert Southwest, Southern Florida, the Midwest and anywhere in between.

我們相信，預計今年稍後投入營運的休·布林森管道，將極有可能成為美國主要的輸氣管道系統，與我們的大型管道網路連接起來，使我們能夠靈活地將天然氣從德克薩斯州輸送到美國西南部沙漠地區、佛羅裡達州南部、中西部地區以及兩者之間的任何地方。

In addition to our extensive pipeline systems, we have over 230 Bcf of storage to support the market demands of our customers. This shift provides significant upside in the future and further establish Energy Transfer's natural gas pipeline business as the premier option for customers seeking dependable natural gas supply.

除了我們廣泛的管道系統外，我們還擁有超過 2300 億立方英尺的儲存能力，以滿足客戶的市場需求。這項轉變將在未來帶來巨大的成長潛力，並進一步鞏固能源傳輸公司天然氣管道業務作為尋求可靠天然氣供應的客戶的首選地位。

We are currently undertaking a large slate of growth projects, including projects that will help address the need for reliable natural gas solutions to support power plant and data center growth plans, as well as the growing international demand for natural gas liquids. As a result, project execution remains one of our top priorities for 2026, and we will continue to place a significant amount of focus on completing projects safely, on time and on budget.

我們目前正在進行一系列大型成長項目，其中包括有助於滿足可靠天然氣解決方案需求的項目，以支援發電廠和資料中心的成長計劃，以及不斷增長的國際天然氣液體需求。因此，專案執行仍然是我們 2026 年的首要任務之一，我們將繼續高度重視安全、按時、按預算完成專案。

We also continue to see new growth opportunities across all aspects of our business and are extremely well positioned to help meet the substantial growth in demand for energy resources over the next several years. Given our extensive backlog of potential growth projects, we continue to be extremely focused on capital discipline, and we'll continue to target projects that are expected to generate the highest returns while balancing project risk. We continue to target a long-term annual distribution growth rate of 3% to 5%. We also expect to maintain our leverage target of 4 to 4.5 times EBITDA during this period of meaningful investment opportunities.

我們也持續看到公司各個業務領域出現新的成長機會，並已做好充分準備，以滿足未來幾年能源資源需求的顯著成長。鑑於我們有大量潛在成長項目積壓，我們將繼續高度重視資本紀律，並將繼續瞄準那些有望產生最高回報且同時平衡專案風險的專案。我們繼續以3%至5%的長期年分紅成長率為目標。我們也預計，在這段充滿重要投資機會的時期，我們將維持 EBITDA 4 至 4.5 倍的槓桿目標。

In summary, our extensive asset base and diverse product offerings is allowing us to deploy capital across our footprint. With several major growth projects coming online over the next several years, we continue to have great visibility into our ability to grow our franchise for many years to come.

總而言之，我們龐大的資產基礎和多元化的產品組合使我們能夠將資本部署到我們的業務範圍內。隨著未來幾年幾個重大成長項目陸續上線，我們對未來多年發展特許經營業務的能力充滿信心。

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

我們的發言稿到此結束。接線員，請接通我們的第一個問題。

(Operator Instructions) Theresa Chen, Barclays.

（操作說明）Theresa Chen，巴克萊銀行。

It's encouraging to see the continued commercialization momentum across your natural gas asset base. Could you talk about the key drivers behind the progress today?

令人鼓舞的是，貴公司天然氣資產基礎的商業化勢頭持續強勁。能否談談推動當今進步的關鍵因素？

And maybe talk about some of your more creative solutions to address market needs, maybe with Hugh Brinson as an example in the multiple life of service and revenue opportunities on that system?

或許可以談談您為滿足市場需求而提出的一些更具創意的解決方案，例如以 Hugh Brinson 為例，探討該系統在服務生命週期和收入機會方面的多樣性？

And as you look ahead, where do you see the next set of commercialization or optimization opportunities, whether through new customers or end markets or further integration across your footprint?

展望未來，您認為下一波商業化或優化機會在哪裡？是透過新客戶、終端市場，還是透過進一步整合您的業務範圍？

Hello, this is Mackie. Thanks, Theresa. Yes, listening to Tom go through that opening statement, it's hard to not get overly excited. So we couldn't be more excited about the future with our DSW project, a 500-mile 48-inch pipeline, largest pipeline ever built in the US as far as that distance for the 48.

你好，我是麥基。謝謝你，特蕾莎。是的，聽湯姆發表開場白，很難不激動不已。因此，我們對 DSW 項目的未來感到無比興奮，這是一條 500 英里長的 48 英寸管道，是美國有史以來建造的距離最長的 48 英寸管道。

And then you look at our Florida Gas pipeline system with another expansion. Actually in the open season, we had more interest than even the 550. So we anticipate in the future, we'll have another expansion off Florida. That's a pipeline that just keeps giving.

然後，我們再來看看佛羅裡達天然氣管道系統，它又擴建了。事實上，在開放銷售季，我們的關注度甚至超過了550。因此我們預計未來將在佛羅裡達州附近海域進行另一次擴張。這是一個源源不絕的供給管道。

And then as Tom just spoke about in his opening statements, we've got kind of crown jewel in the middle of our system with Hugh Brinson able to move a lot of volume from west to east, but it also gives us the ability to move volume from east to west as well as source gas from pretty much any basin in the world to the markets along our system as well as to the Gulf Coast into the Southeast. So we are very excited about the assets that we have built.

正如湯姆在開場白中所提到的，我們系統中心有一顆璀璨的明珠——休·布林森氣田，它能夠將大量的天然氣從西向東輸送，同時也使我們能夠將大量的天然氣從東向西輸送，並從世界上幾乎任何盆地獲取天然氣，輸送到我們系統沿線的市場以及墨西哥灣沿岸和東南部地區。因此，我們對已建立的資產感到非常興奮。

As you talked about -- or you asked about all the other commercialization, we can go on and on about what Tom just spoke about. We're building new cryos this next quarter and the fourth quarter out in the Permian Basin, the most prolific basin in the US. That flows into our NGL system. We have an expansion coming on our NGL transportation midyear. That feeds into our frac that comes online in the fourth quarter. That feeds on to the Flexport expansion that we just completed in 2025. So just an incredible future for our NGL business in Texas and beyond.

正如你剛才提到的——或者說你問到的其他商業化問題，我們可以繼續討論湯姆剛才談到的內容。我們將在下一季和第四季在二疊紀盆地（美國產量最高的盆地）建造新的低溫設備。這些液體流入我們的天然氣液化系統。年中我們將擴大NGL運輸規模。這將為我們第四季上線的壓裂設備提供原料。這將為我們剛剛在 2025 年完成的 Flexport 擴建項目提供動力。因此，我們在德州及其他地區的天然氣液化業務前景一片光明。

We're expanding our Marcus Hook ethane capabilities up there to export. We're by far the largest transport of NGLs in the Northeast and see that continued upside for our partnership. And then you look at all the assets and all the demand around our pipelines. It's not just data centers. What we're chasing is power plants at general electricity for data centers, for population growth, for manufacturing facilities.

我們正在擴大馬庫斯胡克地區的乙烷產能，以便出口。我們是東北地區最大的天然氣凝液運輸商，我們看到了這種合作關係的持續發展潛力。然後你再看看我們管道周圍的所有資產和所有需求。不僅僅是資料中心。我們正在追求的是為資料中心、人口成長和製造工廠提供通用電力的發電廠。

All the power plants that Tom just talked about that our team has done such a good job in Oklahoma. To the best of my knowledge, I don't think any of that data center. It's all just for population growth and new manufacturing growth. So we are incredibly excited about our footprint and couldn't be more elated of where we're going to be over the next 10 or 15 years because of our asset footprint throughout the United States.

湯姆剛才提到的所有發電廠，我們團隊在俄克拉荷馬州都做得非常出色。據我所知，我不認為那些資料中心有任何問題。這一切都只是為了促進人口成長和新興製造業發展。因此，我們對自身的業務規模感到無比興奮，並且對我們未來 10 到 15 年的發展前景感到無比激動，因為我們在美國各地都擁有資產。

And then maybe just a follow-up on the NGL front, understanding that you have a significant amount of organic growth ahead of you with your infrastructure in flight. Just with some of your Permian NGL competitors bring online downstream assets recently and through the year and moving their own volumes back on to their own systems as a result. Can you remind us how much third-party downstream Permian Y-grade volumes you have across your system as a mix of total volumes at this point? How much Y-grade do you transport and frac at this point that doesn't come from your own processing?

然後，或許可以就 NGL 方面做個後續跟進，因為考慮到你們的基礎設施正在建設中，未來還有很大的自然增長空間。就像你們的一些二疊紀 NGL 競爭對手最近和今年陸續將下游資產上線，並將自己的產量轉移回他們自己的系統一樣。可否告知我們目前貴公司係統中第三方下游二疊紀Y級原油的儲量佔總儲量的比例？目前，你們運送和壓裂的Y級礦石中，有多少不是來自你們自身加工的？

Yes. Maybe Dylan can follow up with the exact percentage, but the majority of our gas, more than half is coming from our own facilities. We just talked about the 2 Mustang Draw, both of those together, 550,000 Mcf a day, that's approaching 85,000 to 90,000 barrels alone just from our own cryos. And as we ramp up the rest of our cryos, we've got a lot of additional equity-owned liquids that we will be feeding into our massive intrastate transportation fracking and export business. I don't know the exact percentage.

是的。或許迪倫可以提供確切的百分比，但我們大部分的天然氣，超過一半，都來自我們自己的設施。我們剛才談到了 2 Mustang Draw，這兩個加起來每天 550,000 Mcf，光是我們自己的低溫設備就接近 85,000 到 90,000 桶。隨著我們逐步擴大低溫儲罐的生產規模，我們將擁有大量的額外股權所有液體，這些液體將用於我們龐大的州內運輸壓裂和出口業務。我不知道確切的百分比。

No, no, you -- we're about 60% of our own volumes, 40% third-party, and that affiliate volume number continues to grow. So we'll keep trending -- that 60% will trend up higher as we move through the year.

不，不，是你——我們大約 60% 的交易量來自我們自己的管道，40% 來自第三方，而且聯盟行銷的交易量還在持續增長。所以這個趨勢會持續下去——隨著時間的推移，60%這個數字還會繼續上升。

Gabe Moreen, Mizuho.

加布·莫林，瑞穗。

Wondering if you could maybe touch on -- I think last quarter, you talked about converting a pipe from NGL to gas service, potentially where that stands? I don't think you may have touched on it in your opening remarks?

我想請您談談—我記得上個季度您提到將一條輸送天然氣的管道改造成輸送天然氣的管道，請問目前進展如何？我想您在開場白中可能沒有提到這一點吧？

This is Mackie again. Let me kind of step back a little bit. Energy Transfer had a strategy since the day we began of looking at every asset we own and can we use it in a more profitable, efficient manner. So that's an ongoing thing that always happens with us.

我是麥基。讓我稍微退後一步。從公司成立之初，能源傳輸公司就制定了一項策略，那就是審視我們擁有的每一項資產，並思考我們能否以更有利可圖、更有效率的方式利用它們。所以，這種情況在我們這裡一直都在發生。

We've converted a natural gas pipeline to crude oil and moving Bakken down to the Gulf Coast. We've converted a liquid line to diesel and moving diesel from the Gulf Coast to the Permian Basin. We've converted a TW line to NGLs. So it's just kind of on and on. So that's just a process we go through.

我們已將一條天然氣管道改造成原油管道，並將巴肯地區的原油輸送到墨西哥灣沿岸。我們已將一條液體輸送管道改造為柴油輸送管道，並將柴油從墨西哥灣沿岸輸送到二疊紀盆地。我們已將一條 TW 生產線轉換為 NGL。所以事情就這樣沒完沒了地發生著。所以，這只是我們經歷的一個過程。

We evaluated that what we've looked at now though is with the growth in the NGLs, both as Dylan just talked about, not only in our systems, but also barrels that we're chasing on third-party systems. We can't afford to take that business. We're going to fill up that NGL pipeline. And if we need to loop another pipeline west to Eastern Texas, that will be a new project for natural gas.

我們評估後發現，我們現在所看到的 NGL 的成長，正如 Dylan 剛才所說，不僅在我們自己的系統中，而且在我們透過第三方系統追蹤的油桶中也是如此。我們接不了那筆生意。我們將把那條天然氣凝液管填滿。如果我們需要再建造一條通往德州東部的管道，那將是一個全新的天然氣計畫。

I appreciate that. And then maybe if you can just talk a little bit broadly about how your assets performed during some of the winter weather we've been having and the volatility in the gas market? And also to what extent that may or may not have benefited you guys financially here in the first quarter?

我很感激。然後，您能否大致談談您的資產在經歷了冬季惡劣天氣和天然氣市場波動期間的表現？那麼，在第一季度，這在多大程度上為你們帶來了經濟上的好處呢？

Yes. With Tom's leadership and Greg and Daniel and getting our operations team not only offer our assets safely, efficiently and profitably, but we also pride ourselves on times like this when it's critical to move energy to the market and create, in this case, electricity in tough times. We proved ourselves during Uri, paid off in a big way. The same way this last storm that came in, in January, we were prepared as good as we could be.

是的。在湯姆、格雷格和丹尼爾的領導下，我們的營運團隊不僅安全、高效、盈利地提供我們的資產，而且在像現在這樣關鍵的時刻，當能源輸送到市場並創造（在這種情況下）艱難時期的電力時，我們也感到自豪。我們在烏裡事件中證明了自己，並獲得了巨大的回報。就像一月那場暴風雪一樣，我們也做好了萬全的準備。

The negative, positive, however you want to look at it is that the industry got prepared. They saw what happens if you have an asset that are prepared, they're line-pack storage. You've got people manned out on your facilities. You can keep gas flowing as much as possible, and you can make a lot of money in those opportunities. So with the industry being, I think, much more prepared, all of us got through that better.

無論從哪個角度來看，無論是積極的還是消極的，都表明該行業已經做好了準備。他們看到如果資產準備就緒會發生什麼，它們就是生產線包裝儲存。你們的設施人員配備充足。你可以盡可能地保持天然氣的供應，並且你可以從這些機會中賺很多錢。我認為，由於整個行業準備得更加充分，我們所有人都更好地度過了那段時期。

We did see volumes come off, like they always do with freeze offs in the Permian Basin. We were able to keep all of our customers whole to our pipeline systems as well as coming out of storage. So yes, we didn't see the type of profits and earnings that we saw a number of years ago with Uri. But as we always do, our team performed excellently during that very cold day period in Texas and throughout the country.

我們確實看到產量下降，就像二疊紀盆地冰凍期總是會出現的情況一樣。我們能夠確保所有客戶的管道系統保持完整，並且能夠順利從倉庫出貨。所以，是的，我們沒有看到像幾年前 Uri 那樣的利潤和收益。但正如我們一貫的做法，我們的團隊在德克薩斯州和全國各地的嚴寒天氣中表現出色。

Jean Ann Salisbury, Bank of America.

Jean Ann Salisbury，美國銀行。

I heard in your comments that there could be some early volumes on Hugh Brinson? I think that with Blackcomb getting pushed to the fourth quarter, there could really be some value to those. Will those volumes go into your third-party customers? Or would that kind of all go to ET? And any sense of how early those could structure in?

我從你的評論中聽說可能會有一些關於休·布林森的早期作品？我認為，由於黑梳山賽程被推遲到第四節，這些比賽可能會很有價值。這些銷量會流向你們的第三方客戶嗎？或者說，那些東西都會被ET接收嗎？那麼，這些結構最早可能在什麼時候形成呢？

Yes, this is Mackie again. First of all, let me just say we keep talking about our teams, but we've got one of the best E&C teams, probably the best E&C team in the country as we build out these assets. And so we are moving very well ahead of schedule on Hugh Brinson. However, we're going to be real careful on -- things can happen.

是的，我又是麥基。首先，我想說我們一直在談論我們的團隊，但我們擁有最好的工程建設團隊之一，在我們建立這些資產的過程中，我們可能是全國最好的工程建設團隊。因此，我們在休·布林森的專案中進展非常順利，遠遠超前於原計劃。但是，我們會非常謹慎——可能會發生意外。

We don't know with certainty when volumes will come on. At this point, we are confident that we will be able to bring on some volumes earlier than the fourth quarter and how we'll manage that and how we'll operate as how we contractually and regulatory are allowed to do so. But we're going to do everything we can to get volumes, new egress out of the Permian Basin because it's much needed for the producers who are suffering from negative price seeing out of the Waha. And so it's going to be a huge shot in the arm, not only for our assets, but also for the Permian Basin.

我們無法確定音量何時會恢復。目前，我們有信心能夠在第四季度之前實現一定的產量，至於如何管理以及如何運營，我們將根據合約和監管規定來決定。但我們將盡一切努力增加產量，為二疊紀盆地開闢新的出口，因為這對於在瓦哈地區遭受負價格損失的生產商來說至關重要。因此，這不僅對我們的資產，對二疊紀盆地來說，都將是一劑強心針。

So we'll see how it plays out. We'll be able to talk more about the next earnings call on kind of what we think the volume might be and how early it might be. But right now, we're going to stand by. We're going to have some volumes early in the fourth quarter. We don't know exactly when or how much.

所以，我們拭目以待。我們將在下次財報電話會議上詳細討論我們對銷售的預期以及何時能夠實現。但現在，我們只能待命。第四季初我們會迎來一些銷售成長。我們不知道具體時間或金額。

That makes sense. And how do you think about what the limit is for how much Canadian heavy crude could eventually run on the DAPL asset? If Bakken crude production does fall off over the next 5 to 10 years, is there any technical limit to how much the DAPL system could switch over to running Canadian heavy and set?

這很有道理。那麼，您認為DAPL油田最終能夠開採的加拿大重質原油量上限是多少？如果巴肯原油產量在未來 5 到 10 年內下降，DAPL 系統在技術上能否最大限度地切換到運行加拿大重質原油和穩定原油？

Jean Ann, this is Adam. So as we're talking about MLO 2, which I think is what you're referring to, we've definitely done a look. And first and foremost, we're going to make sure that we take care of our Bakken producers and make sure that they can all move their oil out of that basin. But as you mentioned, as we see Bakken volumes kind of steady off and maybe potentially decline in the future, there's a number of different possibilities on moving additional volumes through DAPL.

珍妮安，這是亞當。所以，既然我們在談論 MLO 2（我想這就是你指的），我們肯定已經研究過了。首先，我們要確保照顧好巴肯油田的生產商，確保他們能夠把石油全部運出該盆地。但正如您所提到的，隨著巴肯油田的產量趨於穩定，未來甚至可能下降，透過 DAPL 管道輸送更多原油的可能性有很多。

Right now, the project's scope to move 250,000 barrels a day of light volumes down kind of off the Enbridge mainline system through DAPL and into Patoka to deliver back to them there. But we're definitely looking, and I think Enbridge even alluded to it some on their call about additional opportunities down the road as we see Bakken volumes potentially decline.

目前，該項目的範圍是每天從 Enbridge 主幹線系統通過 DAPL 輸送 25 萬桶輕質原油到 Patoka，然後從那裡運回給他們。但我們肯定會關注，而且我認為 Enbridge 在他們的電話會議上也暗示過這一點，他們談到了隨著巴肯頁岩油產量可能下降，未來可能會有更多機會。

Keith Stanley, Wolfe Research.

Keith Stanley，Wolfe Research。

So more of your peers are giving multiyear EBITDA growth expectations. How should we think about medium-term growth for Energy Transfer, if you'd put any framework around that?

因此，更多同業給出了多年 EBITDA 成長預期。如果讓你為能源傳輸產業的中期成長設定一個框架，我們該如何看待這個問題？

Keith, this is Dylan. Let us answer the question this way. But when we set our long-term distribution growth rate of 3% to 5% annually, that was very strategically set. That's not meant to be a manufactured growth rate. That's really driven from eating into coverage. But we said that, that basically sets the floor for what we believe we can achieve for our long-term growth rate.

基思，這是迪倫。讓我們這樣回答這個問題。但是，當我們把長期分紅成長率設定為每年 3% 到 5% 時，這是一個經過深思熟慮的策略性設定。這並非人為製造的成長率。這實際上是由於覆蓋範圍縮小所致。但我們說過，這基本上為我們認為能夠實現的長期成長率設定了底線。

Got it. That's helpful. Second one on -- so you've talked a lot about Texas NGL recontracting or contract expirations. How should we think about recontracting on the Mariner system? I think some of those contracts expire in a few years, too. So do you see pricing upside there, downside? And how is the Mariner system positioned relative to some of the other NGL takeaway options for producers?

知道了。那很有幫助。第二個問題—您已經多次談到德州天然氣液的續約或合約到期問題。我們該如何考慮Mariner系統的續約問題？我認為其中一些合約也將在幾年後到期。所以你認為價格有上漲空間還是下跌空間？那麼，Mariner 系統相對於其他一些 NGL 外輸方案，其定位如何？

This is Mackie again. Yes, what -- you do that. What an incredible set of assets we have up there. We built it a franchise with our Mariner pipelines going west, but also the majority of that going east as we speak. And as you know, we're expanding our ethane export capabilities out of Marcus Hook. We just see that system as continue to perform.

我是麥基。是的，你就是這麼做的。我們在上面擁有多麼令人難以置信的資源！我們透過向西延伸的 Mariner 輸油管道建立了一個特許經營體系，但目前大部分輸油管道也向東延伸。如您所知，我們正在擴大馬庫斯胡克的乙烷出口能力。我們認為該系統將繼續有效運作。

We're not going to get into strategies about when contracts fall off and when we'll be renegotiating all that, but let's just leave it this way. We are highly confident that not only will we maintain the level of volume throughput that we're doing today, but that we'll actually be able to grow on that with some opportunities that we're chasing. So it's a great business for us. We'll continue to look ways to expand that business and continue to be the major dominating player for moving natural gas liquids out of the Marcellus, Utica areas.

我們不打算討論合約何時失效以及何時重新談判的策略，就先這樣吧。我們非常有信心，不僅能夠保持目前的吞吐量水平，而且能夠抓住我們正在追求的一些機會，實現吞吐量的成長。所以這對我們來說是一筆很棒的生意。我們將繼續尋找拓展業務的方法，並繼續成為從馬塞勒斯、尤蒂卡地區運輸天然氣液體的主要主導者。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，傑富瑞集團。

Let me just follow up on a couple of clean-up items here. On the Desert Southwest project, can you talk a little bit about the pro forma economics? I mean, obviously, moving to 48, good stuff. But how are you thinking about just setting the expectations on economics there?

我再補充幾項收尾工作。關於西南沙漠項目，您能否談談其經濟預測？我的意思是，很明顯，升到48歲是件好事。但是，您打算如何設定那裡的經濟預期呢？

And then going back to Jean Ann's question from a moment ago. Looking at the DAPL side, can you talk about maybe some of the tariffs and how you think about that maybe relative to what you saw in the last decade on tariffs to give a little bit of a preliminary sense of what pro forma economics might look like for the 250 or more as it maybe that you're looking at there?

然後回到剛才珍妮安提出的問題。從 DAPL 的角度來看，您能否談談一些關稅問題，以及您如何看待這些關稅，並結合過去十年您看到的關稅情況，初步估算一下 250 噸或更多輸油管道的經濟效益，因為您可能正在考慮這個項目？

You bet. This is Mackie. I'll answer the Desert Southwest, and then Adam can follow up on the DAPL question. But we'll say it again, and I just keep thinking about, as Tom read that, how excited I am, and we are, the executive team, about what we've built and the incredible position we're in, in the country and certainly moving more gas toward Phoenix is a big deal. If you talk to some of those larger players out there, they're talking about anywhere between 25 and 35 gigawatts of growth above what's needed today. That's a lot more gas than our 48-inch can transport.

當然。這是麥基。我先回答有關美國西南部沙漠地區的問題，然後亞當可以跟進DAPL管道的問題。但我們再說一遍，湯姆讀到那段話的時候，我一直在想，我和我們整個管理團隊都感到多麼興奮，因為我們已經取得瞭如此成就，我們在全國範圍內佔據瞭如此重要的地位，而且將更多的天然氣輸送到鳳凰城絕對是一件大事。如果你和一些大型企業談談，他們說的成長幅度需要​​在現有需求的基礎上增加 25 到 35 吉瓦。這比我們48吋的瓦斯罐能輸送的瓦斯量多得多。

But talking about returns, I guess I'd say this. We don't want to over-exaggerate expectations. But right now, that type of project, that pie -- everything coming in the distance and diameter and throughput, we think that will be probably one of the better rate of return projects that we've ever built just as far as a one-way flow.

但說到回報，我想我會這麼說。我們不想過度誇大預期。但就目前而言，這類項目，這類項目——從距離、直徑和吞吐量來看，我們認為它可能是迄今為止我們建造過的回報率最高的項目之一，就像單向流動一樣。

We always mention Hugh Brinson is going to generate money in multiple directions. But going from east to west, New Mexico provide natural gas supplies to markets along Southern New Mexico and then into the just fast-growing population, probably data centers, et cetera, et cetera, in Phoenix, that's going to be one of the better projects that we've built in a long time.

我們總是說休·布林森會從多個方面賺錢。但從東到西，新墨西哥州向新墨西哥州南部市場供應天然氣，然後向人口快速增長的地區（可能是數據中心等等）供應天然氣，鳳凰城將是我們很長一段時間以來建造的最好的項目之一。

Julien, this is Adam. So we just closed on an open season on DAPL, and we're really happy with the result. We were able to actually add some incremental volume, but not only add incremental volume, get some of our base customers extended out well beyond kind of the mid-2030s.

朱利安，這位是亞當。我們剛結束了對達科他輸油管項目的公開招標，我們對結果非常滿意。我們不僅增加了一些增量業務量，而且還將一些基礎客戶的業務期限延長到了 2030 年代中期以後。

And we did that at rates that were good, what we believe good market rates reflective of the value of the assets. And so as we kind of tie the MLO 2 conversation in with that, we expect those rates to be in line with the rates that we're seeing from the Bakken producers in the basin.

而且我們以合理的利率完成了這項工作，我們認為這些利率是合理的市場利率，反映了資產的價值。因此，當我們把 MLO 2 的討論與此聯繫起來時，我們預計這些利率將與我們在盆地巴肯油田生產商那裡看到的利率保持一致。

Yes. I hear it. Mackie, just quick super quick on that expansion and further upside on DSW. I mean, it looks like even next year, we could get some real clarity on the 25-plus that you alluded to a second ago. I mean, the scope seems pretty real time that we're going to get that expansion in capacity through the IRP processes. Do you think we could be talking about a further expansion of DSW in some form or fashion here in even the next 12 months? I know you guys just did it here, but not being facetious.

是的。我聽到了。Mackie，關於DSW的擴張和進一步上漲，我只想簡單說幾句。我的意思是，看起來即使明年，我們也能真正清楚地了解你剛才提到的那 25 歲以上的人的情況。我的意思是，從目前的情況來看，透過 IRP 流程擴大產能似乎指日可待。你認為在未來 12 個月內，我們是否有可能討論 DSW 以某種形式或方式的進一步擴張？我知道你們剛才在這裡這麼做了，但我不是開玩笑。

We love your thinking. If there's an opportunity to build more pipe, we certainly will do that. I guess I would think about it this way. We own Florida Gas Transmission. We continue to look that pipeline. We've got gas coming into Florida Gas on the East moving back into Texas. We've got gas coming to Louisiana, moving to Texas.

我們很欣賞你的想法。如果有機會建造更多管道，我們一定會這樣做。我想我會這樣想的。我們擁有佛羅裡達天然氣輸送公司。我們將繼續關注這條管道。佛羅裡達的天然氣正在向東流入德州。我們已經把天然氣運到路易斯安那州，然後運往德州。

And I can go on and on, but we have multiple pipelines in those ditches. We're adding our Phase IX. Very likely, we'll add Phase X at some point in the future. Do we see Desert Southwest being a similar opportunity? Absolutely. As New Mexico grows and as Phoenix area grows with demand for natural gas for a number of reasons, there's certainly going to be opportunities to look at compression, backhaul. Who knows what the future holds, but we certainly will look forward to any of those opportunities on adding additional assets to deliver gas to those markets.

我還可以繼續說下去，但我們在那些溝渠裡有多條管道。我們正在推進第九階段。很有可能，我們會在未來的某個時間點加入 X 階段。我們認為美國西南部沙漠地區也存在類似的機會嗎？絕對地。隨著新墨西哥州的發展以及鳳凰城地區因各種原因對天然氣的需求而不斷增長，肯定會出現壓縮和回程運輸的機會。誰也不知道未來會怎樣，但我們當然期待任何能增加資產、輸送天然氣到這些市場的機會。

John Mackay, Goldman Sachs.

約翰麥凱，高盛集團。

Why don't we stay on DSW. You guys upsized -- that you kept your timeline intact. Can you just remind us when do you kind of need to make a call on sizing? And then just in terms of executing towards coming online end of the decade, what are the key kind of milestones you want us to watch from our side as you execute?

我們為什麼不繼續留在DSW呢？你們擴大了規模——但你們的時間安排卻保持不變。您能提醒我們一下，什麼時候需要確定尺寸嗎？那麼，就實現十年末上線目標而言，您希望我們在執行過程中專注於哪些關鍵里程碑？

Yes. I'll say once again, our E&C team is so good. On all these projects, we try to look ahead in the marketplace today, you can really get caught off guard. If you don't order steel, when you price it to your customers, you don't order compression, both from not only a pricing standpoint, but also a delivery standpoint. Mike Morgan and his team did a great job working with Beth on the timing. So we got way ahead of that.

是的。我再說一遍，我們的工程建設團隊非常出色。在所有這些項目中，我們都試圖展望當今的市場，因為你真的很容易措手不及。如果你不訂購鋼材，那麼在向客戶定價時，你就不會訂購壓縮系統，這不僅體現在價格方面，也體現在交貨方面。麥克摩根和他的團隊在時間安排上與貝絲合作得非常出色。所以我們遠遠領先他們。

We actually secured 42-inch with the option to go to 48-inch in the first part of December. We exercised that option. So that is officially, of course, upsized to a 48-inch. We've already ordered all of that pipe, and we've already ordered all the compression to move the full 2.3 Bcf a day.

實際上，我們預定了 42 吋的機型，並可以選擇在 12 月初升級到 48 吋。我們行使了該權利。所以，官方尺寸當然加大到了 48 吋。我們已經訂購了所有管道，也已經訂購了所有壓縮設備，以每天輸送全部 23 億立方英尺的天然氣。

And then sorry, just in terms of construction timing, the permits, et cetera.

抱歉，就施工時間、許可證等方面而言。

Yes. We are ahead of schedule. We have customers out there that want weekly and monthly updates. So we do this very rigorously. As we've said, we've already contacted both local, state and federal constituents all along the way.

是的。我們進度提前了。我們有一些客戶希望獲得每週或每月的更新資訊。所以我們非常嚴格地執行這項工作。正如我們所說，我們一路以來都與地方、州和聯邦各級選民進行了聯繫。

We have a substantial amount of the right-of-way already surveyed or permission to survey. As we've said before, much of this falls in the existing corridor of pipelines and utilities. So it's in a really good area where we're laying this to, and we're -- right now, a worst case will be in by the fourth quarter of 2029. And we'll see if we can do any better like we do on some of our other projects. But everything is going as planned.

我們已經勘測了相當一部分通行權範圍，或是獲得了勘測許可。正如我們之前所說，其中大部分都位於現有的管道和公用設施走廊內。所以，我們把資金投入到非常好的地區，而且——目前來看，最糟糕的情況將在 2029 年第四季到來。我們會看看能否像在其他一些項目中一樣做得更好。但一切都在按計劃進行。

Okay. And just a quick second one for me. Lake Charles, you mentioned -- you had mentioned kind of a couple of different options there now that you've kind of suspended your specific project. Can you just walk us through what that could end up looking like?

好的。我再快速問一個。您之前提到過查爾斯湖——您之前提到過那裡有幾個不同的選擇，因為您現在已經暫停了您的特定項目。你能給我們詳細描述一下最終可能的結果嗎？

Yes, as we said earlier, we -- as a strategy in transport, we're looking at all of our assets, not just our pipeline assets and repurposing those, but it's also our terminals. And so as Lake Charles, it looks like it's certainly not going to move forward with us being the lead, whether or not somebody else steps in and looks to build a pipeline on our terminal, we'll see.

是的，正如我們之前所說，作為一項運輸策略，我們正在審視我們所有的資產，不僅是我們的管道資產並對其進行重新利用，還包括我們的碼頭。因此，就查爾斯湖而言，看來我們肯定不會以我們為主導推進這個項目，至於其他人是否會介入並試圖在我們的碼頭建造一條管道，我們拭目以待。

But in the meantime, we're looking at there's no limit to what we're looking at. We're looking at -- it could be NGLs. It could be a crude oil terminal. It could be -- accommodate other commodities. So we'll see how it plays out.

但同時，我們的視野是無限的。我們正在調查——這可能是天然氣凝液。這可能是一個原油碼頭。它可以容納其他商品。所以，我們拭目以待。

But certainly, as I said, we look at all of our assets. And that is such a great location. It's -- it has a really good draft in a really good terminal, and we do expect it to create some kind of business going forward in that terminal.

當然，正如我所說，我們會審視我們所有的資產。那真是個絕佳的地點。它——它在一個非常好的碼頭擁有非常好的航線，我們確實期望它未來能在這個碼頭創造一些業務。

Manav Gupta, UBS.

瑞銀集團的馬納夫·古普塔。

You guys are obviously leading from the front when it comes to signing up with data centers. There's a lot of focus on pipe, and you have some of the best. I wanted to focus a little bit on the storage opportunities. These data centers require what is called like the [5-9] in terms of 99.99% utilization. So can you talk a little bit about how ET can benefit from the multiple storage opportunities that will arise as you try and build out these data centers along with the pipes you're building for them?

在資料中心簽約方面，你們顯然走在了前面。大家對管道的關注度很高，而你們擁有一些最好的管道。我想重點談談儲存​​方面的可能性。這些資料中心需要達到所謂的 [5-9] 級，即 99.99% 的利用率。那麼，您能否談談隨著您嘗試建造這些資料中心以及為它們建立管道，ET 如何從中受益於多種儲存機會？

You bet. And I'll give accolades to Adam, who's next to me and his team and what they've done in Texas and a few other states. And then Beth and where -- her team are doing in the other areas around data centers. There's even some producers and others that are looking to provide gas to data centers, but nobody can really do it unless you own big diameter pipe and actually, you can come out of storage.

當然。我還要讚揚一下我身邊的亞當和他的團隊，以及他們在德州和其他幾個州所取得的成就。然後是 Beth 和她的團隊在資料中心周圍其他領域所做的事情。甚至有些生產商和其他公司正在考慮向資料中心供應天然氣，但除非你擁有大直徑管道，否則沒有人能真正做到這一點，而且實際上，你可以從儲氣罐中取出天然氣。

So we have done a great job in what's been public and other opportunities that we're working on to provide firm transportation through our big etch pipelines throughout the country. And then as we mentioned earlier, we have over 230 Bcf of storage and expanding on that as we speak to be able to provide the pretty much 100% reliability that's required by these data centers.

因此，我們在公共領域以及其他我們正在努力爭取的機會方面都做得非常出色，透過我們遍布全國的大型蝕刻管道提供可靠的運輸服務。正如我們之前提到的，我們擁有超過 2300 億立方英尺的儲存空間，並且正在不斷擴展，以提供這些資料中心所需的幾乎 100% 的可靠性。

Perfect. My quick follow-up is you mentioned, obviously, Oracle. Obviously, you're dealing with Fermi and Entergy. And so both those companies are indicating a much stronger demand. And I'm just trying to understand if they do decide to upsize their orders and want significantly more gas from you, would you be in a position to supply them with a lot more gas than what you have currently signed them on for?

完美的。我的快速後續問題是，您顯然提到了 Oracle。顯然，你正在和費米能源公司和安特吉能源公司打交道。因此，這兩家公司都顯示市場需求更加強勁。我只是想了解，如果他們決定增加訂單量，需要你提供更多的天然氣，你是否能夠提供比目前與他們簽訂的合約中約定的數量多得多的天然氣？

Yes, this is Mackie again. Absolutely. I mean, wherever there is a need for natural gas supply. There's no company in the country anywhere close to the capability with the footprint that we have. In fact, our data team put together a map showing all the fiber optic systems that run through the country.

是的，我又是麥基。絕對地。我的意思是，凡是有天然氣供應的地方。國內沒有任何一家公司擁有我們這樣的實力和規模。事實上，我們的數據團隊製作了一張地圖，顯示了遍布全國的所有光纖系統。

And then we also have the electric transmission system. It's ironic, out -- you can almost lay our pipelines along many of those corridors. So we're extremely well positioned with our big inch gigantic 42-inch pipeline systems throughout really the country, but especially Texas and some of the other states like Louisiana, nobody is better positioned. And yes, we can upsize, loop, add compression and provide whatever natural gas needs that anybody has along our systems.

此外，我們還有電力傳輸系統。真是諷刺，實際上，你幾乎可以沿著許多這樣的走廊鋪設我們的管道。因此，我們在全國範圍內，尤其是在德克薩斯州和路易斯安那州等其他一些州，擁有巨大的 42 英寸管道系統，我們處於非常有利的地位，沒有人比我們更有優勢。是的，我們可以擴大規模、回收、增加壓縮，並滿足我們系統內任何人的任何天然氣需求。

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

Wanted to ask on Waha. Pricing has just been, as you know, very volatilely negative in Q4, expect Q1 with the storm. So can you just remind us how much open capacity you have to capture spreads there? And -- because I know you've also turned up a bunch of that lately.

想在Waha上問。如你所知，第四季度的價格波動非常劇烈，呈現負面走勢，預計第一季也會受到風暴的影響。那麼，您能否提醒我們一下，您還有多少空餘容量可以用來捕捉價差？而且──因為我知道你最近也發現了很多這樣的事。

Yes. Unfortunately, or fortunately, we have turned up a lot of that lately. That's what helped us get Hugh Brinson and other projects done. That's just the nature of the business. But we still have about 160,000 Mcf a day that we're benefiting from wherever the spread is from a day-to-day basis. And we're pretty excited about Hugh Brinson coming on, really opening up the basin for everybody and really to benefit the producers.

是的。不幸的是，或者說幸運的是，我們最近發現了很多這樣的事。正是這一點幫助我們完成了休布林森和其他項目。這就是行業的本質。但無論每日價差如何，我們每天仍能從中受益約 16 萬千立方英尺的天然氣供應。我們非常高興 Hugh Brinson 能來，他真的會為所有人打開盆地，真正造福生產者。

Got it. And then you and your competitors have all -- are all expanding frac capacity at Belvieu. So I'm curious if you're seeing any change in rates for fractionation with all this new capacity anticipated to enter the market?

知道了。然後，你和你的競爭對手都在貝爾維尤擴大壓裂產能。所以我很好奇，隨著預計大量新產能進入市場，您是否觀察到分餾速率有任何變化？

Yes. Probably of all the segments we have, the NGL transportation and fracking segment has become the most competitive. There tends to be an overbuild. We're heading to an overbuild a little bit in the NGL transport, not sure on the frac.

是的。在我們所有的業務板塊中，天然氣液運輸和水力壓裂板塊可能已經成為競爭最激烈的板塊。往往存在過度建設的情況。NGL運輸方面我們可能會出現一些產能過剩，但分餾方面還不確定。

But once again, we always answer questions like this in that we really don't -- I wouldn't say care, but we don't worry about what our competitors are building. Our jobs are to build assets, fill them up and keep them full for as long as possible, and we feel real good about that of -- enjoy filling up our natural gas transportation and then ramping up our Frac IX as we bring it online at the end of this year.

但我們對這類問題的回答總是如此，那就是我們真的不在乎——我不會說我們關心，但我們並不擔心競爭對手在開發什麼。我們的工作是建造資產，填滿它們，並儘可能長時間地保持它們的滿負荷運轉，我們對此感到非常滿意——享受著填滿我們的天然氣運輸，然後在今年年底上線 Frac IX 時加大力度。

Elvira Scotto, RBC Capital Markets.

Elvira Scotto，加拿大皇家銀行資本市場。

I guess with the new growth projects that you announced and this big opportunity set that you see ahead, where do you think kind of annual growth CapEx could shake out over the next few years?

我想，鑑於您宣布的新增長項目以及您看到的未來​​巨大機遇，您認為未來幾年年度資本支出增長會如何變化？

Yes. Elvira, thanks for that. Obviously, when you look out and you pull over all these projects that we've been talking about, there's a whole lot more of them in the queue here actually that we're looking at. So it's hard. We don't generally give growth guidance like that out there, but you can see that we've given the -- came out early with the 5 to 5.5. And with everything we're talking about, we feel like it's going to stay pretty strong. So it's probably a little bit early to give that guidance, but it's clearly a lot of good projects that we have to look at. I don't know, Dylan, if you want to add a little bit more to that?

是的。艾薇拉，謝謝你。顯然，當你放眼望去，把我們一直在討論的這些項目都列出來時，你會發現實際上還有更多項目在排隊等待我們去研究。所以這很難。我們通常不會給出這樣的成長預期，但你可以看到，我們很早就給了5到5.5的預期。而且考慮到我們目前所討論的一切，我們認為它將會保持強勁勢頭。所以現在給出這樣的指導可能還為時過早，但顯然有很多優秀的項目值得我們關注。迪倫，我不知道你是否想再補充一點？

Sure, Elvira. One thing as we look out, one thing to remember is when we talk about our growth capital, growth capital guidance that we put out for this year, we're not as concerned about cash flow and staying within cash flow there. When we look at long term, we're really governing this is staying within leverage targets.

當然可以，艾薇拉。展望未來，有一點需要記住，當我們談到今年的成長資本和成長資本指引時，我們並不太擔心現金流以及保持在現金流範圍內。從長遠來看，我們真正關注的是將槓桿率控制在目標範圍內。

So as you look out, we have strong growth coming on from a lot of assets going in service over the next couple of years, and that definitely creates more debt capacity for us. And so I think we're really set up well to be able to fund whatever Mackie and the team put together here over the next few years and this great opportunity set that we have in front of us.

因此，展望未來，未來幾年我們將迎來大量資產投入使用，這將帶來強勁的成長，並無疑地為我們創造更多的債務融資能力。所以我認為我們已經做好了充分的準備，能夠為麥基和他的團隊在未來幾年所做的一切，以及我們面前的這個絕佳機會提供資金。

Great. And then just one quick follow-up on the project with Enbridge. What's it going to take to get to FID? What else is required at this point?

偉大的。然後，就與 Enbridge 的專案進行一個簡短的後續溝通。要達到最終投資目標（FID）需要哪些條件？此時還需要什麼？

Yes. So I'll let Enbridge kind of comment on what is required on their side. But from our perspective, we're ready. We've got the design, the systems in place. And there's a little bit of work we need to do, obviously, to make this work. But we're just in the commercialization phase. So continuing to have discussions, productive discussions with customers in Canada.

是的。所以，我會讓安橋公司來評論他們那邊需要做些什麼。但從我們的角度來看，我們已經準備好了。我們已經完成了設計，系統也已到位。顯然，我們還需要做一些工作才能使其奏效。但我們目前還處於商業化階段。因此，我們將繼續與加拿大的客戶進行富有成效的討論。

Zack Van Everen, TPH.

Zack Van Everen，TPH。

Maybe starting on the Oracle data center. Can you talk to how much gas is flowing today and what the capacity is on those legacy pipelines before Hugh Brinson gets online?

或許可以從Oracle資料中心開始。在休·布林森管道投入使用之前，您能否談談目前天然氣的輸送量以及那些老舊管道的輸送能力？

Yes. This is Mackie again. But that is kind of confidential. We're not going to really share a lot of that exact volume flow at this time. But we are connected to our North Texas pipeline. We will be connected to Hugh Brinson in the Abilene area by about middle of the year. So we're well positioned to be able to provide whatever gas supplies that they will need as they build out their data center.

是的。我是麥基。但這屬於機密資訊。目前我們不會透露具體的流量數據。但我們與北德克薩斯州的輸油管相連。我們將在年中左右與阿比林地區的休·布林森取得聯繫。因此，我們完全有能力為他們建造資料中心提供所需的任何天然氣供應。

Got it. Makes sense. And then one more on Hugh Brinson. You talked to more and more backhaul contracts coming online or getting signed. What, in your eyes -- or what amount of gas do you think will actually make it to Carthage, if any? Or do you guys think most of that will be absorbed in the Dallas, kind of Abilene area?

知道了。有道理。然後還有一篇關於休·布林森的文章。你談到了越來越多的回程鏈路合約即將上線或簽署。在你看來，究竟有多少氣體能夠到達迦太基？或者說，你認為會有多少氣體到達迦太基？還是你們認為大部分需求會被達拉斯、阿比林之類的地區吸收？

Gosh, if we had that crystal ball, we'd certainly think differently about different pipes and stuff. But who knows? As we think about it, there's going to be 10 or 11 Bcf of new pipeline capacity built out of the Permian. There's several 48-inch pipes and 42-inch pipes being built out of Katy over into Louisiana. We've got a bunch of pipes in North Louisiana heading south, and we have a ton of pipes with capacity.

天哪，如果我們有水晶球，我們肯定會對不同的管道之類的東西有不同的看法。誰知道呢？我們仔細想想，二疊紀盆地將會新增 100 億到 110 億立方英尺的管線輸送能力。從凱蒂到路易斯安那州，正在建造幾條 48 英吋和 42 英吋的輸水管。我們在路易斯安那州北部有很多管道向南延伸，而且我們有很多輸送能力很強的管道。

So who knows where the pinch points will be. But the message really from us is this. There's nobody who can predict an answer to that question. Where most of the gas can be, where is the least. But what we can do is take the least priced gas and transport it to the market that's most needed in most areas of the United States.

所以誰也不知道瓶頸會在哪裡。但我們真正想傳達的訊息是這樣的。沒有人能夠預測這個問題的答案。哪裡氣體最多，哪裡氣體最少。但我們可以做的，是把價格最低的汽油運到美國大部分地區最需要的市場。

So we love the position we're in, and we'll be able to capitalize on whatever dynamics happened on the production front and the ebbs and flows from Permian Basin to East Texas to Haynesville. We just love the position we're in, not knowing exactly where all this is headed.

所以我們對目前的處境非常滿意，我們將能夠利用生產方面發生的任何動態變化，以及從二疊紀盆地到東德克薩斯再到海恩斯維爾的潮起潮落。我們很喜歡現在的狀態，因為不知道這一切最終會走向何方。

Jason Gabelman, TD Cowen.

Jason Gabelman，TD Cowen。

You've mentioned potential to FID or a high likelihood of FID-ing projects across 13 states related to power. That obviously sounds like a high number on the surface. So wondering if you could give us a flavor of what those projects look like if they're more like CloudBurst or the Oracle type projects and if that number has grown since the prior call?

您提到了在 13 個州與電力相關的項目有可能做出最終投資決定，或者很有可能做出最終投資決定。表面上看，這顯然是一個很高的數字。所以，您能否簡單介紹一下這些專案的情況，它們更像是 CloudBurst 還是 Oracle 類型的專案？以及自上次電話會議以來，專案數量是否有所增加？

This is Mackie. Adam, if he wants to follow up with this, he's closer to a lot of this. But once again, I'll give accolades to our data center teams, both -- one led by Adam and one led by Beth. We're chasing every opportunity to provide gas or natural gas spotter generation for data centers. We're well positioned with all of our pipelines.

這是麥基。如果亞當想繼續跟進這件事，他離真相更近了。但我再次要讚揚我們的兩個資料中心團隊——一個由 Adam 領導，另一個由 Beth 領導。我們正在抓住一切機會，為資料中心提供天然氣或天然氣示踪劑發電。我們所有的管道都佈局合理。

As we mentioned, we're talking to 150-plus different opportunities, and it seems like a new one or two come in every day. We have some deals that we've already done, where there are some options data centers can exercise and take some capacity on us. So it's across the board of the opportunities that we are chasing and negotiating. We've been very successful so far. And because of our team and because of our assets, we expect to do a whole lot more deals tied to electric generation behind data centers.

正如我們所提到的，我們正在洽談 150 多個不同的機會，而且似乎每天都會有一兩個新的機會出現。我們已經達成了一些交易，其中一些資料中心可以選擇行使某些選擇權，從我們這裡獲得一些容量。所以，這適用於我們正在爭取和洽談的所有機會。到目前為止，我們非常成功。憑藉我們的團隊和我們的資產，我們預計將達成更多與資料中心電力生產相關的交易。

And this is Adam. I'll just add that in terms of like project scope, they really range in size and go anywhere from kind of the new longer haul new pipelines to just interconnects that are -- like Mackie mentioned earlier, sitting right on top of our system. We're at the crossroads of transmission, fiber and our assets and are simply just installing a new interconnect. So the scope really varies from simple interconnects to bigger pipeline projects.

這是亞當。我還要補充一點，就專案範圍而言，它們的規模差異很大，從新的長途管道到像 Mackie 前面提到的那樣，直接位於我們系統之上的互連管道，都有涉及。我們正處於傳輸、光纖和我們資產的十字路口，而我們現在只是在安裝一個新的互連線路。因此，其範圍從簡單的互連到更大的管道項目不等。

Got it. Great. And my follow-up is more specific to the quarterly results. In the press release, there was a mention of this regulatory order impacting prior period and current period rates. So I wonder if you could provide a little more detail on what specifically that referred to and what that means for the increase in earnings moving forward? Because it seemed like there was a net benefit on the quarter and should provide a modest uplift of future earnings.

知道了。偉大的。我的後續問題則更具體地針對季度業績。新聞稿中提到，這項監管命令將影響前期利率和當期利率。所以我想知道您能否更詳細地說明一下具體指的是什麼，以及這對未來收益成長意味著什麼？因為看起來本季淨收益有所成長，並且應該會對未來的收益帶來適度的提升。

Sure. This is Adam again. I'll hand it over to Dylan for kind of the second half of your question on the looking forward. But to start, let's just say we're extremely happy with kind of the appointment of Chairman Swett and the actions that hurt the FERC under her leadership have taken so far. As far as the index issue specifically, in '22, FERC took what was ultimately determined to be an unlawful action in kind of changing the index methodology. And last year, this FERC issued an order allowing pipelines to recover those lost revenues. So that's what those one-timers reflect, and Dylan can kind of chime in on what it looks like going forward.

當然。這是亞當。關於展望未來，你問題的後半部就交給迪倫回答。但首先，我們只想說，我們對斯威特主席的任命以及在她領導下迄今為止對聯邦能源監管委員會（FERC）造成的損害所採取的行動感到非常滿意。就指數問題而言，2022 年，聯邦能源監管委員會採取了最終被認定為非法的行動，即改變指數的計算方法。去年，聯邦能源監管委員會發布了一項命令，允許管道公司追回這些損失的收入。所以，這些一次性事件反映出了這一點，而迪倫可以就未來的發展方向發表一些看法。

Yes, Jason. So why don't I just walk you through real quickly here or wrap up on the quarter and the onetime impact so we can kind of help you get a clean quarter to help how things are going to look going forward. On the NGL segment, we had $56 million from this regulatory order that was a onetime positive.

是的，傑森。那麼，我不如快速帶你了解本季的情況以及一次性影響，這樣我們就可以幫助你理清本季的情況，從而更好地了解未來的發展方向。在 NGL 業務方面，我們從這項監管命令中獲得了 5,600 萬美元的一次性收益。

Get a little carryover effect from where that sets the rates now, but that's primarily onetime there. We also had a negative $58 million on the timing of the hedge gains around our hedge NGL inventory, and a $14 million impact from the fog in Nederland. Both of those, that $72 million total we expect to recoup in the first quarter. So that's a big boost moving into 2026 there. That's a net negative 16 on NGL.

從目前的利率水準會有一些延續效應，但這主要是一次性的。此外，由於對沖 NGL 庫存的對沖收益時間表問題，我們也遭受了 5,800 萬美元的損失，而荷蘭的霧霾也造成了 1,400 萬美元的影響。我們預計第一季將收回這兩項共 7,200 萬美元的款項。所以這對2026年來說是一個很大的推動作用。NGL淨虧損16。

Crude picked up 19 onetime from the regulatory order, and midstream lost 14 from transport fees that it pays on that regulatory order and also had about $20 million from producer shut-ins in the Permian where we saw some shut-in gas due to low, really negative pricing in Waha or negative 34 total net at midstream. And then the big one was a $60 million in transaction expenses. It's on related to closing of the Parkland transaction. If you put this all together, clean up the quarter, you've got a net negative about $90 million for that fourth quarter here that you'd want to add back to get a clean quarter. And like we said, you've got $70-plus million that we expect to recoup it that in the first quarter.

原油價格因監管令而上漲 19 美元，中游價格因該監管令支付的運輸費而下跌 14 美元，此外，由於二疊紀盆地生產商停產，中游價格也因該監管令支付的運輸費而下跌 14 美元，此外，由於二疊紀盆地生產商停產，中游價格也因該監管令支付的運輸費而下跌 14 美元，此外，由於二疊紀盆地生產商停產，中游價格也下跌了約 2000 萬美元，其中瓦哈地區天然氣價格低迷甚至為負值，導致部分天然氣停產，中游價格淨跌 34 美元。還有一大筆費用是 6000 萬美元的交易支出。這與帕克蘭交易的完成有關。如果把所有這些加起來，把這個季度清理乾淨，你會發現第四季度淨虧損約 9000 萬美元，你需要把這部分虧損加回去才能得到一個乾淨的季度。正如我們所說，我們有超過 7000 萬美元的資金，預計將在第一季收回。

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

我們的問答環節到此結束。我謹將會議交還給湯姆·朗，請他作總結發言。

Once again, thank all of you for joining us today, but also a lot of appreciation for some very, very good questions, very good dialogue and discussion on this. As you can see, we've got a lot of great things to talk about with these projects. Not just for 2026, but for a long time into the future, like Mackie was mentioning.

再次感謝各位今天蒞臨，也非常感謝大家提出的非常好的問題，以及就此進行的非常好的對話和討論。如你所見，這些項目有很多值得我們探討的精彩內容。不只是 2026 年，而是像麥基提到的那樣，在未來很長一段時間內都是如此。

So I thank all of you. We look forward to all your follow-up questions, please get a hold of our IR team, and we're happy to jump on the call with you again. Thanks so much.

所以，我感謝大家。我們期待您的後續問題，請聯絡我們的投資者關係團隊，我們很樂意再次與您通話。非常感謝。

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

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。