Energy Transfer LP (ET) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Energy Transfer first-quarter 2026 earnings call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference call over to Mr. Tom Long, Co-Chief Executive Officer. Thank you, and over to you.

早安，歡迎參加 Energy Transfer 2026 年第一季財報電話會議。(接線員指示) 請注意，本活動將被錄音。現在我想將電話會議交給共同執行長 Tom Long 先生。謝謝，交給您。

Thank you, operator, and good morning, everyone, and welcome to the Energy Transfer first-quarter 2026 earnings call. I'm also joined today by Mackie McCrea, Dylan Bramhall, 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，各位早安，歡迎參加 Energy Transfer 2026 年第一季財報電話會議。今天也有 Mackie McCrea、Dylan Bramhall 以及其他高階管理團隊成員一同出席，他們將在我們的準備發言後協助回答各位的問題。

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 take a look at the press release, as well as the slides posted to our website to gain a full understanding of the quarter and our growth opportunities.

希望各位已看到我們今天稍早發布的新聞稿。提醒各位，我們的財報新聞稿包含對財測指引的更新，以及詳盡的管理階層討論與分析（MD&A），逐一說明各事業部門的結果；我們鼓勵大家閱讀新聞稿，以及我們網站上發布的簡報，以全面了解本季表現與我們的成長機會。

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 detail in our Form 10-Q for the quarter ending March 31, 2026, which we expect to file later this week.

提醒各位，我們將依據 1934 年《證券交易法》第 21E 條的定義發表前瞻性陳述。這些陳述係基於我們目前的信念，以及若干假設與目前可得資訊；相關內容在截至 2026 年 3 月 31 日季度的 Form 10-Q 中有更詳細的討論，我們預期將於本週稍晚提交。

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 EBITDA 與可分配現金流（distributable cash flow，DCF），兩者皆為非 GAAP 財務衡量指標。您可在我們網站上找到非 GAAP 指標的調節表。

Let's start today by going over our financial results for the first quarter of 2026. We generated adjusted EBITDA of approximately $4.9 billion compared to approximately $4.1 billion for the first quarter of last year. DCF, attributable to the partners of Energy Transfer, as adjusted, was approximately $2.7 billion compared to approximately $2.3 billion for the first quarter of 2025.

今天先從回顧 2026 年第一季的財務結果開始。我們的調整後 EBITDA 約為 49 億美元，去年第一季約為 41 億美元。歸屬於 Energy Transfer 合夥人的 DCF（經調整）約為 27 億美元，2025 年第一季約為 23 億美元。

These results were supported by strong operations, including record midstream gathering volumes, NGL fractionation volumes, NGL export volumes, and crude oil transportation volumes for the quarter. And for the first quarter of 2026, we spent approximately $1.5 billion on organic growth capital, primarily in the Intrastate, NGL and Refined products, Midstream, and Interstate segments, excluding SUN and USA Compression CapEx.

這些結果受惠於強勁的營運表現，包括本季中游集輸量、NGL 分餾量、NGL 出口量，以及原油運輸量皆創下紀錄。而在 2026 年第一季，我們在有機成長資本支出約 15 億美元，主要投入於州內管線（Intrastate）、NGL 與成品油（Refined products）、中游（Midstream）以及州際（Interstate）等事業部門，不含 SUN 與 USA Compression 的資本支出（CapEx）。

Turning to our 2026 guidance, as a result of our strong first-quarter performance across our segments, as well as revised expectations for the rest of 2026, we now expect our 2026 adjusted EBITDA to range between approximately $18.2 billion and $18.6 billion compared to the previous range of between approximately $7.45 billion and $17.85 billion. This includes a beat of approximately $500 million and the capture of our full-year optimization target in the first quarter, as well as the expectations for continued outperformance for the balance of the year.

接著談 2026 年指引。由於我們各事業部門第一季表現強勁，以及對 2026 年其餘期間的預期修正，我們目前預期 2026 年調整後 EBITDA 將介於約 182 億至 186 億美元之間，先前區間為約 174.5 億至 178.5 億美元。此指引包含約 5 億美元的超預期表現，並且在第一季即達成我們全年最佳化目標的全數成果，同時也反映我們預期今年其餘期間將持續優於原先預期。

Now turning to organic growth capital guidance. We now expect 2026 organic growth capital guidance to be between approximately $5.5 billion and $5.9 billion, compared to our previous guidance of approximately $5 billion to $5.5 billion, excluding SUN and USAC.

接著談有機成長資本支出指引。我們目前預期 2026 年有機成長資本支出指引介於約 55 億至 59 億美元之間，先前指引約為 50 億至 55 億美元（不含 SUN 與 USAC）。

This increase is primarily a result of the addition of several new growth projects, including the construction of the new Springerville Lateral off our existing Transwestern Pipeline; the construction of pipelines and meter stations to provide natural gas to various power plants and data center sites in Oklahoma and Arkansas; accelerated timing on longer-term projects like Desert Southwest and FGT Capital Spin; and gathering system and compression build-out in the Midstream segment, primarily in the Permian Basin associated with recent contract and acreage dedication extensions.

這項增加主要來自新增數個成長專案，包括：在既有 Transwestern 管線上新建 Springerville 支線（Lateral）；建置管線與計量站，為奧克拉荷馬州與阿肯色州多座發電廠及資料中心據點供應天然氣；加速推進如 Desert Southwest 與 FGT Capital Spin 等較長期專案的時程；以及在中游事業部門擴建集輸系統與壓縮設施，主要位於二疊紀盆地（Permian Basin），並與近期合約與礦權（acreage）奉獻延展相關。

I will provide additional details about these projects later in the call. Beyond these projects, we continue to have a significant backlog of opportunities that are expected to support future growth.

我會在稍後的電話會議中提供這些專案的更多細節。除上述專案外，我們仍有相當可觀的機會儲備（backlog），預期將支持未來成長。

Now turning to our results by segment for the first quarter. And we'll start with NGL and Refined products. Adjusted EBITDA was approximately $1.2 billion compared to approximately $978 million for the first quarter of 2025. We saw higher throughput across our Gulf Coast pipeline operations and record performance at our Mont Belvieu fractionators.

接著按事業部門說明第一季的結果。先從 NGL 與成品油（Refined products）事業部門開始。調整後 EBITDA 約為 12 億美元，2025 年第一季約為 9.78 億美元。我們在墨西哥灣沿岸管線營運的輸送量提高，且蒙特貝爾維尤（Mont Belvieu）分餾廠表現創下紀錄。

In addition, new chilling capacity placed into service last year contributed to a $50 million increase in earnings. As well as record export volumes from our Nederland terminal in the first quarter. This more than made-up for fog delays experienced in the fourth quarter of 2025.

此外，去年投產的新增冷卻（chilling）產能使獲利增加 5,000 萬美元。同時，我們 Nederland 終端在第一季的出口量也創下紀錄。這些表現已足以彌補 2025 年第四季因濃霧延誤所造成的影響。

During the first quarter of 2026, we realized higher gains of $65 million due to the timing of the settlement of NGL and Refined product inventory hedges, which offset losses realized in the fourth quarter of 2025. Results for the quarter also included an increase of approximately $50 million from higher premiums from the sale of propane and butane for both export and domestic supply, as well as approximately $25 million increase due to inventory write-down losses realized in the first quarter of last year.

在 2026 年第一季，由於 NGL 與成品油庫存避險的結算時點，我們實現了較高的收益 6,500 萬美元，抵銷了 2025 年第四季已實現的損失。本季結果亦包含：因出口與國內供應之丙烷與丁烷銷售溢價提高而增加約 5,000 萬美元；以及相較去年第一季認列的庫存減記損失，本季約增加 2,500 萬美元。

For Midstream, adjusted EBITDA was approximately $887 million compared to approximately $925 million for the first quarter of 2025. Base business earnings increased primarily due to growth in the Permian Basin, where we saw volumes up 8% related to new and upgraded processing plants brought online since the first quarter of last year.

中游（Midstream）方面，調整後 EBITDA 約為 8.87 億美元，2025 年第一季約為 9.25 億美元。基礎業務獲利增加主要來自二疊紀盆地的成長；自去年第一季以來，隨著新建與升級的處理廠投產，我們看到相關量能增加 8%。

In addition, we saw a $25 million decrease due to lower NGL natural gas prices compared to last year. As a reminder, the first quarter of last year included the recognition of revenue of $160 million from winter storm Uri.

此外，與去年相比，由於 NGL 與天然氣價格較低，我們看到約 2,500 萬美元的減少。提醒各位，去年第一季包含因冬季風暴 Uri 而認列的 1.6 億美元收入。

For the Crude Oil segment, adjusted EBITDA was approximately $869 million compared to approximately $742 million for the first quarter of 2025. During the quarter, we saw continued growth across several of our crude oil pipeline and gathering systems. Results also included a $60 million increase related to favorable impacts to our crude oil inventory value as a result of rising crude oil prices. We expect these gains to be mostly offset with hedge losses during the second quarter of this year.

原油（Crude Oil）事業部門方面，調整後 EBITDA 約為 8.69 億美元，2025 年第一季約為 7.42 億美元。本季我們在多條原油管線與集輸系統持續成長。本季結果亦包含因原油價格上漲、對原油庫存價值產生有利影響而增加的 6,000 萬美元。我們預期這些收益在今年第二季將大多被避險損失所抵銷。

In addition, we recognized $43 million of revenue that had previously been reserved related to the recontracting and extension of a legacy shipper contract during the recently completed successful DAPL open season. And we had lower expenses due to a $43 million adjustment to an accrual for a litigation-related contingency.

此外，在近期成功完成的 DAPL 開放季（open season）中，因重新簽約並延長一份既有託運人（shipper）合約，我們認列了先前已提列準備的 4,300 萬美元收入。同時，由於對一項與訴訟相關的或有事項應計金額進行 4,300 萬美元調整，我們的費用也有所下降。

In our Interstate Natural Gas segment, adjusted EBITDA was approximately $519 million compared to approximately $512 million for the first quarter of 2025. This increase was primarily due to higher contracted volumes and higher rates on several of our pipelines, including Panhandle Eastern, Trunkline, Florida Gas and Transwestern.

在州際天然氣（Interstate Natural Gas）事業部門，調整後 EBITDA 約為 5.19 億美元，2025 年第一季約為 5.12 億美元。這項增加主要來自多條管線的簽約量提高與費率上升，包括 Panhandle Eastern、Trunkline、Florida Gas 與 Transwestern。

And for our Intrastate Natural Gas segment, adjusted EBITDA was approximately $437 million compared to approximately $344 million in the first quarter of 2025. This was primarily due to an increase of approximately $100 million from winter storm Fern.

就我們的州內天然氣（Intrastate Natural Gas）業務分部而言，調整後 EBITDA 約為 4.37 億美元，而 2025 年第一季約為 3.44 億美元。這主要是由於冬季風暴 Fern 帶來約 1 億美元的增加。

The results for the first quarter show how incredibly well positioned our assets are across the country. Combining our extensive pipeline network, our storage facilities, and our terminals with our exceptionally experienced optimization and operating teams, we were able to capitalize on quickly changing dynamics and market volatility.

第一季的結果顯示，我們在全國各地的資產配置是多麼地得天獨厚。結合我們廣泛的管線網路、儲存設施與終端設施，以及我們經驗極其豐富的最佳化與營運團隊，我們得以把握快速變化的態勢與市場波動。

For a closer look at some of our major projects, and I'll start with the Natural Gas side of our business, where we continue to see significant demand for our services. We are making good progress on our Desert Southwest pipeline project. In March 2026, Transwestern Pipeline initiated the FERC pre-filing process for the project as previously scheduled, and we expect to file the formal certificate application with FERC in the fourth quarter of this year.

接下來更深入看看我們的一些重大專案；我先從天然氣業務談起，該領域我們持續看到對服務的強勁需求。我們在 Desert Southwest 管線專案上進展良好。2026 年 3 月，Transwestern Pipeline 依原定計畫啟動該專案的 FERC 事前申報（pre-filing）程序，我們預期將於今年第四季向 FERC 提交正式的證書申請。

In April, as a continuation of our comprehensive stakeholder engagement program, we hosted 15 open houses in communities along the entire proposed pipeline route throughout Texas, New Mexico, and Arizona. Our teams continue to actively engage with elected officials, county leadership, landowners, and associated communities along the route to communicate project information and updates, and we have engaged with over 500 stakeholders today.

4 月，作為我們全面利害關係人參與計畫的延續，我們在德州、新墨西哥州與亞利桑那州整條擬議管線路線沿線的社區共舉辦了 15 場說明會（open house）。我們的團隊持續積極與民選官員、郡縣領導、土地所有人及沿線相關社區互動，溝通專案資訊與最新進展；截至目前我們已與超過 500 位利害關係人接觸。

Our discussions have continued to be very positive as existing and potential stakeholders learn more about the expected economic benefits and realize the critical need for a dependable supply of natural gas to help with the transition from coal-fired generation to natural gas-fired generation and to help address significant power needs in the coming years, driven by population and demand growth in Arizona and New Mexico markets. We expect this pipeline to be in service, providing a reliable energy source, by the fourth quarter of 2029.

隨著既有與潛在利害關係人更深入了解預期的經濟效益，並認知到可靠天然氣供應的關鍵需求——以協助從燃煤發電轉向天然氣發電，並因應未來數年由亞利桑那與新墨西哥市場人口與需求成長所帶動的龐大用電需求——我們的討論持續非常正面。我們預期該管線將於 2029 年第四季投入營運，提供可靠的能源來源。

On the existing Transwestern Pipeline, we recently approved the construction of the new Springerville Lateral, an approximately 120-mile, 30-inch pipeline that will have a capacity of approximately 625 million cubic feet per day and extend south to new natural gas power generation that is expected to replace two coal-fired plants. This project is backed by 20-year agreements and is expected to be in service in the fourth quarter of 2029. Total growth capital for this project is expected to be approximately $600 million.

在既有的 Transwestern Pipeline 上，我們近期核准興建新的 Springerville 支線（Lateral），這是一條約 120 英里、30 吋的管線，日輸送能力約 6.25 億立方英尺，並將向南延伸至新的天然氣發電設施，該設施預計將取代兩座燃煤電廠。此專案由 20 年期合約支持，預計於 2029 年第四季投入營運。此專案的總成長資本預計約為 6 億美元。

New construction of our Hugh Brinson Pipeline is going well. We continue to expect phase one to be in service in the fourth quarter of this year. Upon the full build-out of the 400-mile pipeline and associated compression required to move 1.5 BCF per day of gas to customers' contractual delivery points.

我們 Hugh Brinson 管線的新建工程進展順利。我們仍預期第一期將於今年第四季投入營運。在全長 400 英里的管線及相關壓縮設施全面建置完成後，可將每日 15 億立方英尺（1.5 BCF）的天然氣輸送至客戶合約約定的交付點。

However, if we stay on our current schedule, we will have the ability to begin flowing some gas early in the third quarter, which is prior to placing phase one into service. And we continue to expect phase two, which includes additional compression, to be in service in the first quarter of 2027. The pipe is fully contracted from West to East, and we also have a growing amount of backhaul volumes committed that are expected to add significant upside.

不過，若我們維持目前進度，我們將有能力在第三季初開始輸送部分天然氣，早於第一期正式投運之前。我們也仍預期第二期（包含額外壓縮設施）將於 2027 年第一季投入營運。該管線自西向東已全數簽約；此外，我們也有日益增加的反向輸送（backhaul）量已承諾，預期將帶來顯著上行空間。

Turning to Florida Gas Transmission or FGT, in February, we completed open seasons for two new projects that are supported by 15- to 25-year long-term agreements with anchor shippers. The phase nine project, which is designed to expand firm natural gas transportation capacity to multiple new and existing meter stations located across FGT's market area.

轉到 Florida Gas Transmission（FGT），我們於 2 月完成兩個新專案的公開招標期（open season），這兩個專案由與主力託運人（anchor shippers）簽訂的 15 至 25 年期長約支持。第九期（phase nine）專案旨在擴增具保證的天然氣運輸能力，服務位於 FGT 市場區域內多個新的與既有的計量站（meter stations）。

This project will consist of the construction of approximately 90 miles of pipeline looping, as well as new and upgraded compression, with an anticipated capacity of approximately 525 million cubic feet per day. We recently locked in pipe for delivery at the end of 2027 and compression for delivery in the first quarter of 2028, and we continue to expect the project to be available for service in the fourth quarter of 2028.

此專案將包括興建約 90 英里的管線迴圈（looping），以及新增與升級壓縮設施，預計日輸送能力約 5.25 億立方英尺。我們近期已鎖定管材於 2027 年底交付、壓縮設備於 2028 年第一季交付，並仍預期該專案將於 2028 年第四季具備投運條件。

The South Florida project is designed to enhance the reliability of critical infrastructure and increase overall deliveries in South Florida. The project has a condition precedent, but once we reach FID, it will consist of the construction of an approximately 40-mile extension, with a capacity of approximately 230 million cubic feet per day, along with compression and a new meter station, and is expected to be available for service in the first quarter of 2030. Energy Transfer share of the cost for these two projects is expected to be approximately $565 million and approximately $110 million, respectively, depending upon final shipper volume elections.

South Florida 專案旨在提升關鍵基礎設施的可靠性，並增加南佛羅里達的整體交付量。該專案設有先決條件（condition precedent），但一旦達成最終投資決策（FID），將包括興建約 40 英里的延伸段，日輸送能力約 2.30 億立方英尺，並搭配壓縮設施與一座新的計量站，預計於 2030 年第一季具備投運條件。Energy Transfer 在這兩個專案中的成本分攤預計分別約為 5.65 億美元與約 1.10 億美元，實際金額將取決於託運人最終的運量選擇。

We continue to make progress on 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. In February, our intrastate power team added connections to serve three new power plant loads in the state of Oklahoma. We have since added a fourth connection for a total of approximately 300 million cubic feet per day of new gas supply.

我們在 Bethel 天然氣儲存設施新增儲存洞穴（storage cavern）的專案持續推進，預計可將該設施的可用工作氣（working gas）儲存容量倍增至超過 12 BCF。2 月，我們的州內電力團隊新增連接點，以服務奧克拉荷馬州三座新電廠的負載需求。此後我們又新增第四個連接點，合計新增天然氣供應量約為每日 3.00 億立方英尺。

The first of these connections is in service with two more expected in service in the third quarter of this year. The remaining connection is expected to be in service in the fourth quarter of 2028. These connections are supported by long-term contracts with investment-grade counterparties. In addition, we have entered advanced negotiations to serve another 400 million cubic feet per day of new power plant demand in Oklahoma.

上述連接點中，第一個已投入使用，另有兩個預計於今年第三季投入使用。其餘的連接點預計於 2028 年第四季投入使用。這些連接點由與投資等級交易對手簽訂的長期合約支持。此外，我們已進入進階談判，擬在奧克拉荷馬州再服務每日 4.00 億立方英尺的新增電廠需求。

And since our last earnings call, Energy Transfer has entered into agreements to provide long-term firm natural gas transportation services through our Texas intrastate system to support the Nexus Hubbard Campus located in Central Texas, where Nexus is constructing a behind-the-meter AI hyperscale campus powered by on-site natural gas generation.

自上次財報電話會議以來，Energy Transfer 已簽訂協議，將透過我們德州州內系統提供長期具保證的天然氣運輸服務，以支援位於德州中部的 Nexus Hubbard Campus；Nexus 正在該處建置一座表後（behind-the-meter）的 AI 超大規模（hyperscale）園區，並由現場天然氣發電供電。

Initial volumes are expected to be approximately 150 million cubic feet per day with certain rights by the transporter to increase its capacity upon election. Costs associated with this project are expected to be fully reimbursed, and it is expected to be in service by the end of this year.

初始運量預計約為每日 1.50 億立方英尺，且運輸方在對方選擇（election）時享有提高容量的特定權利。與此專案相關的成本預計將獲全額補償，並預計於今年底前投入營運。

In addition, we recently entered into a LOI to provide approximately 150 million cubic feet per day of firm natural gas transportation service through our EGT pipeline to support a new data center site in Arkansas. The facility is expected to be in service in mid-2027.

此外，我們近期也簽署一份意向書（LOI），擬透過我們的 EGT 管線提供約每日 1.50 億立方英尺的具保證天然氣運輸服務，以支援阿肯色州一處新的資料中心選址。該設施預計於 2027 年年中投入營運。

Energy Transfer also previously 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. To facilitate flow of this gas, we plan to construct an 18-mile lateral off of our Tiger pipeline, for which our customer recently exercised their option to upsize the pipeline lateral to 36 inches, and they continue to have an option to increase their commitment to up to 1 BCF per day.

Energy Transfer 先前亦與 Entergy Louisiana 簽訂一份 20 年期具約束力的協議，將提供至少每日 250,000 MMBTU 的具保證運輸服務，為其位於路易斯安那州 Richland Parish 的設施供應燃料。為促進該天然氣的輸送，我們計畫自 Tiger 管線興建一條 18 英里的支線；我們的客戶近期已行使選擇權，將該支線管徑加大至 36 吋，且其仍保有將承諾量提高至每日最高 1 BCF 的選擇權。

In addition to these projects, we have multiple ongoing discussions with power plants to provide significant volumes and associated transportation revenues across 15 states, which have a high likelihood of reaching FID.

除上述專案外，我們也正與電廠就跨 15 個州提供可觀運量及相關運輸收入進行多項洽談，這些專案達成最終投資決策（FID）的可能性很高。

Now looking at our Permian processing expansions, the 275 MMCF per day Mustang Draw I Processing Plant is currently being commissioned and is expected to be in full service next month, and we expect volumes to ramp up quickly. And we continue to expect our 275 MMCF per day Mustang Draw II Plant to be in service in the fourth quarter of this year.

現在來看我們在二疊紀盆地的處理擴建案，每日 2.75 億立方英尺（MMCF）的 Mustang Draw I 處理廠目前正在試車投運，預計下個月全面投入服務，我們預期處理量將快速爬升。此外，我們仍預期每日 2.75 億立方英尺的 Mustang Draw II 廠將於今年第四季投入服務。

In our NGL segment, we placed the Gateway NGL Pipeline de-bottlenecking project into service in the first quarter of this year, providing increased deliveries of Delaware Basin liquids to Energy Transfer's NGL fractionation complex in Mont Belvieu. Construction is also underway on a new 3 million barrel ethane storage cavern at Energy Transfer's NGL fractionation complex at Mont Belvieu.

在我們的 NGL 業務部門，我們已於今年第一季將 Gateway NGL 管線去瓶頸專案投入服務，提升德拉瓦盆地液體輸送至 Energy Transfer 位於蒙特貝爾維尤（Mont Belvieu）的 NGL 分餾綜合設施的交付量。同時，Energy Transfer 位於蒙特貝爾維尤的 NGL 分餾綜合設施也正在興建一座新的 300 萬桶乙烷儲存鹽穴。

The cavern, which is expected to be in service in the second-half of 2027, will help support our ninth fractionator at Mont Belvieu that is expected to be in service in the fourth quarter of this year, as well as future ethane export expansions.

該鹽穴預計於 2027 年下半年投入服務，將有助於支援我們位於蒙特貝爾維尤、預計於今年第四季投入服務的第九座分餾器，以及未來乙烷出口擴建。

At Nederland, we've recently extended the vast majority of our ethane export agreements into 2041, adding 10 years to the current contracts. We are hopeful to be in the position for incremental Nederland ethane expansion in the coming months.

在 Nederland，我們近期已將絕大多數乙烷出口協議延長至 2041 年，較現有合約再增加 10 年。我們希望在未來幾個月內，能具備推動 Nederland 乙烷增量擴建的條件。

In our Crude Oil segment, 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. The open season is underway, and we still expect to take FID of this project by mid-2026.

在我們的原油業務部門，我們持續與 Enbridge 合作推動一項專案，透過我們的 Dakota Access 管線為約每日 25 萬桶的加拿大輕質原油提供運輸能力。目前公開徵求承諾（open season）正在進行中，我們仍預期將於 2026 年年中對該專案作出最終投資決策（FID）。

In addition, we have approved an expansion of the Bayou Bridge crude oil pipeline, which is expected to increase the capacity to up to approximately 600,000 barrels per day, depending on destination and product mix. This expansion is underpinned by a 10-year term extension and volume increase from a demand-pull customer and is expected to be in service in Q1 2027.

此外，我們已核准 Bayou Bridge 原油管線的擴建，預計可將運能提升至最高約每日 60 萬桶，實際取決於目的地與產品組合。此擴建案由一位需求拉動型客戶提供 10 年期合約展延與運量增加作為支撐，預計於 2027 年第一季投入服務。

I think as all of you can see, we had a lot of great things happen in the first quarter and many more exciting things on the way, which contributed to our increased EBITDA guidance for 2026. Our guidance each year is based upon expectations for the base business with minimal optimization included.

我想各位都看得出來，我們在第一季有許多令人振奮的進展，且還有更多精彩事項即將到來，這些都促使我們上調 2026 年 EBITDA 指引。我們每年的指引係基於對基礎業務的預期，並僅納入極少的最佳化效益。

However, in five of the last eight years, we have seen large spreads, optimization, and other opportunities that have provided significant upside to our base business. These kinds of benefits, while one-time in nature, highlight the unique ability of our business to consistently capture significant upside during market volatility.

然而，在過去八年中的五年，我們都曾看到較大的價差、最佳化以及其他機會，為基礎業務帶來顯著上行空間。這類效益雖屬一次性，但凸顯了我們業務在市場波動期間，能持續捕捉可觀上行的獨特能力。

While additional upside is expected to be dependent upon the duration and impact of current market disruptions and resulting commodity prices, our assets remain incredibly well-positioned to continue maximizing on these opportunities. As a result, we are optimistic that some of the benefits we saw in the first quarter will carry over throughout the rest of the year, putting us in a position to achieve or exceed the high end of our guidance range.

雖然額外上行空間預期將取決於目前市場擾動的持續時間與影響，以及由此帶來的商品價格走勢，但我們的資產仍具備極佳的有利位置，可持續將這些機會的效益最大化。因此，我們樂觀認為第一季看到的部分效益將延續至今年其餘時間，使我們有機會達成或超越指引區間的上緣。

Additionally, we continue to expect the ramp-up of growth projects, including our Flexport NGL export project, new Permian processing plants, Hugh Brinson, and others, which we expect will contribute to continued growth in 2026. In particular, once our Hugh Brinson pipeline is in service, it will be extremely well positioned to become a major US header system that ties together our network of large diameter pipelines, providing significant future upside.

此外，我們仍預期各項成長專案將逐步放量，包括 Flexport NGL 出口專案、新的二疊紀處理廠、Hugh Brinson 等，我們預期這些將推動 2026 年持續成長。特別是，一旦 Hugh Brinson 管線投入服務，它將具備極佳條件成為美國主要幹線系統，串聯我們的大口徑管線網路，帶來顯著的未來上行空間。

Our large slate of growth projects is contracted under long-term commitments and expected to generate mid-teen returns and considerable earnings growth over the next decade or more. Completing these projects safely on time and on budget remains one of our top priorities for 2026.

我們龐大的成長專案組合均以長期承諾合約為基礎，預期在未來十年或更長期間帶來約中十位數（mid-teen）的報酬率與可觀的獲利成長。在 2026 年，安全、準時且在預算內完成這些專案仍是我們的首要任務之一。

We also continue to see new growth opportunities across all aspects of our business, demonstrated by the announcement of several new projects this quarter. And we remain extremely well positioned to help meet the substantial growth in demand for energy resources over many years to come. As a result, we also remain very focused on capital discipline, targeting a long-term annual distribution growth rate of 3% to 5% and maintaining our leverage target of 4 to 4.5 times EBITDA.

我們也持續在業務各面向看到新的成長機會，本季宣布的數個新專案即為明證。同時，我們仍具備極佳的有利位置，可在未來多年協助滿足能源資源需求的大幅成長。因此，我們也持續高度重視資本紀律，目標為長期年度配息成長率 3% 至 5%，並維持槓桿目標為 EBITDA 的 4 至 4.5 倍。

In summary, because of the breadth of our assets, we have an unparalleled ability to transport large amounts of energy from all of the major supply basins to markets throughout the US, including major trading hubs, power plants, data centers, city gates, industrial complexes, and other downstream markets, including international markets through our export terminals.

總結而言，憑藉我們資產的廣度，我們具備無可比擬的能力，能將大量能源自所有主要供應盆地運送至全美各地市場，包括主要交易樞紐、發電廠、資料中心、城市門站（city gates）、工業綜合體及其他下游市場，並透過我們的出口碼頭延伸至國際市場。

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

以上為我們預先準備的發言。接線員，請開放線路進行第一個提問。

(Operator Instructions) Michael Blum, Wells Fargo.

(接線員指示) Michael Blum，富國銀行（Wells Fargo）。

Wanted to just start high level, in light of the Middle East conflict that's ongoing, are you seeing any change in US producer activity or messaging? And I guess in a similar vein, would you expect to see any permanent shifts in where global buyers will be sourcing their hydrocarbons perhaps leaning more heavily on the US? And are you seeing any of that in your discussions yet?

我想先從較高層次的問題開始：鑑於中東衝突仍在持續，你們是否看到美國生產商的活動或對外訊息有任何改變？另外類似地，你是否預期全球買家在採購碳氫化合物的來源地上會出現任何永久性轉變，例如更倚重美國？你們在目前的討論中是否已看到任何這樣的跡象？

Good morning, Michael. This is Mackie. As I look around the room, as you're asking that question, there's like five people that want to answer that question because we're so excited about where we sit and where our assets sit. And certainly, what's been going on in the world, there's a very clear redirection to the US for all products, LNG, NGLs, oil, et cetera, and it really has emphasized the value of what this country offers and more importantly, what our partnership offers to deliver all these products around the world.

早安，Michael。我是 Mackie。你問這個問題時，我環顧會議室，感覺有五個人都想回答，因為我們對自身所處位置以及我們資產所在的位置感到非常興奮。而且，世界上正在發生的事情，確實非常清楚地把所有產品——LNG、NGL、原油等等——重新導向美國，這也凸顯了這個國家所能提供的價值，更重要的是，凸顯了我們這個合夥企業能把這些產品輸送到全球各地的價值。

If you talk about individual basins, it's all different, but I think the major tenor throughout is optimism, not a rush to put a bunch of rigs in. But even as of yesterday, one of our bigger customers out in the Midland Basin, Diamondback, they announced they're going to upsize and bring in more rigs. So I think we're going to see it's slow moving, not a lot of talk, but I think it's very evident that we're going to see more and more rigs moving in as more countries and companies turn to the US for supply regardless of how long that war may last.

若談到各個盆地，情況各不相同，但整體基調我認為是樂觀，並不是急著立刻增加大量鑽機。不過就在昨天，我們在米德蘭盆地（Midland Basin）的一位較大客戶 Diamondback 宣布他們將擴大規模並增加鑽機數。所以我認為我們會看到這是緩慢推進的，討論不多，但很明顯，隨著更多國家與公司轉向美國尋求供應，不論戰事持續多久，我們將看到越來越多鑽機進場。

And an example is in North Louisiana, Haynesville, we're projecting about 800,000 MCF of growth into our processing, treating, and downstream assets in North Louisiana by August or September. So clearly the producers in North Louisiana are drilling and are going to bring on ducts as we proceed deeper into this year, and we think that's going to continue for many years to come.

再舉一個例子，在路易斯安那州北部的 Haynesville，我們預估到 8 月或 9 月，我們在路易斯安那州北部的處理、淨化（treating）與下游資產將新增約 80 萬 MCF 的成長量。因此很明顯，路易斯安那州北部的生產商正在鑽井，並且隨著今年進入更後段，將逐步把 DUC（已鑽未完井）井轉為投產，我們也認為這種趨勢將持續很多年。

So we love where our assets are. We're very excited about the future of growth of drilling. Not real clear how quickly all the companies and all the bases are going to pick up, but the bottom line is there's going to be increased drilling in Greece, increasing ducts, bringing on new wells from ducts throughout the country, and we're very excited about where we sit.

所以我們非常喜歡我們資產所在的位置。我們對鑽井成長的未來非常興奮。目前還不太清楚所有公司與所有盆地會以多快速度回升，但重點是，將會有更多鑽井活動——在希臘的鑽井增加、DUC 增加、全國各地把 DUC 井轉為新井投產——我們對自身所處位置感到非常興奮。

Maybe just to ask specifically on the LPG exports, first of all, can you just remind us what percent of your capacity is contracted versus open? And are you seeing any increase in demand for contracted capacity? And do you think, potentially, you could see length of contracts or just rates trend higher over time? Thanks.

也許我想特別就LPG出口問一下，首先，您能否提醒我們，貴公司產能中有多少百分比是已簽約的、多少是開放的？另外，您是否看到對已簽約產能的需求有所增加？以及您是否認為，未來可能會看到合約期限拉長，或是費率隨時間走高的趨勢？謝謝。

Yes to all the above. As I mentioned earlier, whether we're meeting with companies that are looking at building assets over here and/or buying products over here, everybody's turning to the US. So we're extremely well positioned there.

以上全部都是肯定的。如我先前提到的，無論我們是在與打算在這裡建置資產的公司會面，和/或是在與打算在這裡採購產品的公司會面，大家都轉向美國。因此我們在這方面的布局非常有利。

Good or bad, our strategy as a company is looking long-term. So whether it's LPG or natural gas, whatever it is, we're looking to extend out into the 2030s and 2040s as much as our business as possible. So our team did a great job at good, healthy rates of extending our LPG business well into 2030s. So regretfully, we don't have a bunch of spot, but we have four or five ships where we could be printing a lot more money.

不論好壞，我們公司的策略是著眼長期。所以不管是LPG或天然氣，無論是什麼，我們都希望盡可能把業務延伸到2030年代與2040年代。因此我們團隊以良好、健康的費率，成功把我們的LPG業務延長到2030年代很後面。所以很遺憾，我們沒有太多現貨量，但我們有四、五艘船，本來可以賺更多錢。

But fortunately, we do have spots available at the Flexport Project 2 that we just completed, that we're starting to fully ramp up. We do have at least one or two slots a month that we can benefit from these higher spreads. And to answer the final part of your question, we do think this will bring about longer-terms and stronger margins as time goes on as everybody leans on the US for supply.

但幸運的是，我們在剛完成、正開始全面爬坡的Flexport Project 2上，仍有現貨可用。我們每月至少有一到兩個時段可以受惠於這些更高的價差。至於您問題的最後一部分，我們確實認為，隨著大家愈來愈依賴美國供應，這將在時間推移下帶來更長期的合約與更強的利潤率。

Gabe Moreen, Mizuho.

Gabe Moreen，瑞穗。

I just wanted to ask about guidance. It sounds like, on the one hand, in the slides, you didn't really shift your allocation between red and commodity-based margins through the year, and you're using the forward curves. But on the other hand, I think you noted in your remarks, you're hopeful to see guidance for the upper end of the guidance here if things persist.

我想問一下關於財測指引。聽起來一方面，在投影片中，您並沒有在年度期間真正調整紅色與商品連動型利潤之間的配置，而且您是使用遠期曲線。但另一方面，我想您在發言中提到，如果目前情況持續，您希望能看到結果落在指引區間的上緣。

Can you just maybe talk about some of the moving pieces? And I know it's pretty considerable. Maybe the assumptions on commodity versus forward curve and what you're really baking in for the rest of the year here with this guidance, Tom?

您能否談談其中一些變動因素？我知道這相當可觀。也許談談商品假設相對於遠期曲線，以及在這份指引中，您對今年剩餘期間實際納入了哪些假設，Tom？

Hey, Gabe, let me walk you through some additional thoughts rather on the full-year guide. I think, will help clear some of this up. We had an incredible first quarter. Tom just walked through -- the fact that we beat our internal plan by $500 million, plus achieved our full-year target for optimization earnings -- out of the $500 million,

嗨，Gabe，我來帶你走過一些關於全年指引的補充想法。我想這會有助於釐清一些疑問。我們第一季表現非常出色。Tom剛剛說明了——我們比內部計畫多出5億美元，並且也達成了全年優化收益目標——在這5億美元之中，

I want to point out that about $300 million of that would probably be considered one time, as we describe it and as Tom pointed out. We call it one time, but we see this almost every year at Energy Transfer with our assets and people. So how much of that really you call one time is up to the individual, I guess. But then the rest of it's really a result of the tailwinds to the business.

我想指出，其中約3億美元，按我們的描述方式以及Tom所提到的，可能會被視為一次性。我們稱之為一次性，但在Energy Transfer，憑藉我們的資產與團隊，幾乎每年都會看到類似情況。所以到底有多少該被稱為一次性，我想就見仁見智了。而其餘部分，主要真的是來自於業務的順風因素。

And so as you see, we raised guidance by $750 million at the midpoint. This is really based on line of sight to continue that performance across the majority of the segments, and it's everything. It's volumes, it's rates, it's spreads, and so that's why you didn't see us update that pie chart there. It's really permeating everything we do here.

因此如各位所見，我們把指引中位數上調了7.5億美元。這主要是基於我們對大多數事業部門能持續維持該表現具有可視性，而且涵蓋各方面。包括量、費率、價差，因此你沒有看到我們更新那張圓餅圖。因為這些因素確實滲透到我們在這裡所做的一切。

And a lot of this is a result of the conflict in the Middle East, making it clear, as Mackie pointed out, the need for these reliable US Energy supplies. And so that's increasing the demand and the volumes and rates, and so while we, in Energy Transfer, we pray for a resolution to this conflict, and we feel that it's very likely that the supply and product flows will need an extended amount of time to return into some form of normalcy on the back end of this, it's likely they'll never go back to exactly how it was pre-conflict.

而其中很大一部分是中東衝突所致，正如Mackie指出的，這讓市場更清楚地看到對可靠美國能源供應的需求。因此需求、運量與費率都在上升；雖然我們在Energy Transfer祈願衝突能夠解決，但我們也認為，在衝突結束後，供應與產品流向要回到某種正常狀態，可能需要相當長的時間；而且很可能永遠不會完全回到衝突前的樣子。

We saw this with the Ukraine conflict, and today's issues just drive home even more the need to -- the reliability of the energy from the US here. And so as we look through the balance of the year, from the commodity price standpoint, that midpoint of the guidance range, I think you could say is based on a conservative price bet going forward. If prices remain anywhere near where they are right now, that will push us to that high end of the guiding range and potential to exceed that. And so I think that should help clear up how we're thinking about the balance of the year here.

我們在烏克蘭衝突時就看到了這一點，而當前的問題更進一步凸顯——來自美國的能源可靠性之重要性。因此，當我們看今年剩餘期間，從商品價格角度來看，我認為可以說指引區間的中位數是基於較為保守的未來價格假設。如果價格維持在接近目前的水準，將推動我們走向指引區間上緣，甚至有可能超越。我想這應該能釐清我們對今年剩餘期間的思考方式。

Thanks, Dylan. And then maybe if I can just follow-up with a question on Desert Southwest and the Springerville lateral, I'm just curious whether the volume heading to that ladder was contemplated in the original 2.3 BCF on Desert Southwest or whether there's potentially any upsizing to the base project?

謝謝，Dylan。接著如果可以，我想追問一個關於Desert Southwest與Springerville支線的問題：我很好奇，流向那條支線的運量是否已納入Desert Southwest原先的2.3 BCF之中，或是基礎專案有可能再擴容？

And then also as far as potential for further lateral along those lines, I know you've talked about the potential to upside the pipe. And then lastly on that, anything change in terms of the regulatory approval or timelines given the lateral associated with the project now?

另外，就沿線進一步增建支線的可能性而言，我知道你們談過管線擴容的上行空間。最後，隨著現在專案包含這條支線，在監管核准或時程方面是否有任何變化？

Yeah. This is Mackie again. So separate topics, talking about the Springerville lateral, that's tied, as Tom mentioned, to the retirement of some coal plants, replacing it with natural gas fire generation. We believe that the majority of that gas will come from either the San Juan Basin and/or from the Permian Basin. Are there other ladder opportunities off that? Sure, there's always going to be stuff we're looking at.

是的。我是Mackie再回答。分開來談，關於Springerville支線，如Tom提到的，它與部分燃煤電廠退役、以天然氣燃燒發電取代有關。我們相信大部分天然氣將來自San Juan盆地和/或Permian盆地。那條線上還有其他支線機會嗎？當然，我們一直都會評估各種我們正在看的項目。

Separate that from your question on Desert Southwest, absolutely, all along through New Mexico and especially in Arizona, there are numerous opportunities to lay laterals to different power plant opportunities and different customers. So our team is constantly chasing that. There's a lot of volume, a lot of demand that we're chasing, and so we have zero concerns about selling the remaining portion of that gas through our -- the largest pipeline that's ever been built in the US once we complete it.

再把這與你對Desert Southwest的問題分開來看，絕對是的，沿著新墨西哥州一路到亞利桑那州，尤其在亞利桑那州，有許多機會可以鋪設支線，連接不同的電廠機會與不同客戶。所以我們團隊一直在持續追逐這些機會。我們正在追逐大量運量與大量需求，因此對於在完工後，透過我們——美國史上建造過的最大管線——銷售剩餘那部分天然氣，我們完全沒有疑慮。

So once again, like all of our assets, we're going to do the best we can to add value on assets that are already in the ground. And the Springerville customers can ultimately source through gas from anywhere on the TW system, but the vast majority of it will come from Permian Basin or San Juan.

所以再一次，和我們所有資產一樣，我們會盡最大努力在既有、已埋設在地底的資產上創造附加價值。而Springerville的客戶最終可以從TW系統上的任何地方取得天然氣，但其中絕大部分將來自Permian盆地或San Juan。

Theresa Chen, Barclays.

Theresa Chen，巴克萊。

Going back to the macro side of things, assuming an uptick in US production materializes and accelerates from here, can you talk about the operating leverage across your system to the extent where ET can handle incremental volumes without deploying additional CapEx? And more broadly, where do you see the critical bottlenecks likely to arise either for the industry or across your assets in particular? And how does that translate to additional opportunities for Energy Transfer?

回到總體面的問題，假設美國產量的回升確實出現並從現在起加速，能否談談你們整個系統的營運槓桿——在不投入額外資本支出（CapEx）的情況下，ET 在多大程度上可以處理新增的增量量能？更廣泛地說，你認為無論是對整個產業或特別是你們的資產而言，關鍵瓶頸最可能出現在哪裡？而這又如何轉化為 Energy Transfer 的額外機會？

Yeah. Theresa, as far as the operational leverage, let me kick off and I'll turn it over to Mackie to give some additional detail here. When you look at our systems, particularly in Midstream, we've got a lot of capacity available or idle capacity we could bring back online quickly across the Mid-Con. We've got a lot of capacity in the Eagle Ford. We've got a lot of capacity in our gathering systems in the Haynesville and in the Northeast.

是的。Theresa，就營運槓桿而言，我先開個頭，然後我會把話交給 Mackie 來補充一些細節。當你看我們的系統，特別是在中游（Midstream），我們在 Mid-Con 各地有大量可用產能或閒置產能，可以很快重新上線。我們在 Eagle Ford 也有大量產能。我們在 Haynesville 以及東北地區的集輸（gathering）系統也有大量產能。

We've got some pipeline capacity throughout various pipeline systems, but we've got capacity to move NGLs out of the Permian Basin, out of the Eagle Ford. I think those would be the first place to have a point where we have capacity either available or quickly available that we could bring online with little to no capital and be able to move significantly higher volumes. So that's probably what -- these are on the operational leverage, the back end.

我們在各個管線系統中也有一些管線運輸能力，但我們有能力把 NGL 從二疊紀盆地（Permian Basin）運出、從 Eagle Ford 運出。我認為這些會是最先出現的地方——我們有現成或可快速取得的產能，幾乎不需要資本、或只需很少資本就能上線，並能運輸顯著更高的量。所以這大概就是——就營運槓桿而言，這些屬於後端。

I don't know if you want to comment any more on bottlenecks in the system?

我不知道你是否還想就系統中的瓶頸再多評論一些？

Yes. Thanks, Dylan. Yeah, as far as bottlenecks, makes me think about, for example, our NGL segment, and as Tom read and as we released this morning in our press release, is that we had record levels from the wellhead, so to speak. So from an NGL perspective, we had record transportation revenues and volumes. We had record fractionation volumes, we had record terminal volumes, we had record export volumes.

是的。謝謝，Dylan。就瓶頸而言，這讓我想到例如我們的 NGL 業務板塊；正如 Tom 讀到的、以及我們今天早上在新聞稿中發布的，我們從井口端（wellhead）來看達到了創紀錄的水準。因此從 NGL 的角度，我們的運輸收入與運量都創新高。我們的分餾量創新高、終端量創新高、出口量也創新高。

So when you talk bottlenecks, we try to stay ahead of it. Right now, as everybody knows, we completed Flexport 2. We are slowly ramping that up and benefiting from whether ethylene or ethane or propane are the best price margins.

所以談到瓶頸，我們會努力走在前面。目前大家都知道，我們已完成 Flexport 2。我們正在逐步拉升（ramp up）其運作，並根據乙烯、乙烷或丙烷何者具備最佳價格利差而受益。

We will benefit from that, but we're trying to stay ahead of it. As Tom mentioned earlier, we are way down the road and very optimistic on another announcement of a major ethane expansion. So the way to avoid bottlenecks, stay ahead of it. And that's what we're trying to do, to stay ahead of the production as it comes on, so we're building crowds as quickly as we can to fit the needs of our customers, downstream transport, pipeline capacity, as well as frac and, in this case, export capabilities.

我們會從中受益，但我們正努力走在前面。如 Tom 先前提到，我們在另一項重大乙烷擴建的公告上已推進很深，且非常樂觀。因此避免瓶頸的方法，就是走在前面。這正是我們在做的——在產量逐步上來時提前布局，因此我們會盡快建設相關設施以符合客戶需求，包括下游運輸、管線容量，以及分餾（frac）與（在此案例中）出口能力。

So outside of that, could you say there's a bottleneck in the Permanent Basin today? Absolutely. By the end of this year, first part of next year, that bottleneck is going to open up and there's going to be enormous opportunities for producers to drill away as much as they want to drill because there will be plenty of capacity for a number of years to come.

除此之外，你能說今天二疊紀盆地（Permian Basin）存在瓶頸嗎？當然。到今年底、或明年初，該瓶頸將會打開，屆時生產商將有巨大的機會想鑽多少就鑽多少，因為未來好幾年都會有充足的運輸與處理能力。

But really bottleneck wise, we don't really see anything anywhere else. We try to stay ahead of where the production and where our customers are growing and connecting that with the markets downstream. And very excited about our ability to stay ahead of that and create more value for our partnership.

但就瓶頸而言，我們在其他地方其實看不到什麼問題。我們努力走在產量成長與客戶成長之前，並把這些與下游市場連接起來。我們對於能夠走在前面並為我們的合夥企業創造更多價值感到非常振奮。

And for the gas transmission projects related to delivering gas supply for data centers or power generation in general, some of these expansions seem relatively capital-light, so maybe not coming with a huge uplift in EBITDA from the project itself. But what proportion of them would you say have synergistic upstream opportunities where Energy Transfer brings the gas supply and/or can these projects can pave the way for expansion upstream of the current projects?

另外，關於與為資料中心或一般發電提供天然氣供應相關的輸氣管線專案，其中一些擴建看起來相對資本輕（capital-light），因此專案本身可能不會帶來很大的 EBITDA 提升。但你會說其中有多大比例具備上游協同機會——也就是 Energy Transfer 能帶來氣源供應——以及／或者這些專案是否能為目前專案上游的進一步擴建鋪路？

This is Mackie again. If you think about Hugh Brinson and it's coming online, we're going to start ramping it up next quarter and we will have a full phase one in service by the end of the year. That gives us the ability to do a lot of things as we've said in our statements before and we said today to swing volumes where volumes are needed, where the markets are the greatest demand.

我再補充一下，我是 Mackie。如果你想到 Hugh Brinson，它即將上線，我們會在下個季度開始逐步拉升，並在年底前讓第一期（phase one）全面投運。這讓我們有能力做很多事情——正如我們先前在聲明中所說、以及我們今天所說的——在需要量的地方、在需求最強的市場之間調配（swing）運量。

So if you look at that system, and what Hugh Brinson does for an entire intrastate pipeline network in Texas. We already have deals. We're working on additional transactions where, to your point, not a lot of capital, but we're going to be able to flow more and more backhaul volumes out of the Maypearl area, South of Dallas-Fort Worth, out of East Texas, even from [Katy], where we're very close to signing a large transportation deal to a data center and the source supply is going to be Katy.

所以如果你看那個系統，以及 Hugh Brinson 對德州整個州內（intrastate）管線網路的作用。我們已經有一些交易。我們也在推進更多交易；如你所說，資本不多，但我們將能夠從 Maypearl 區域（達拉斯—沃斯堡以南）、從東德州，甚至從 [Katy] 輸送越來越多的反向輸送（backhaul）量；我們非常接近與一家資料中心簽署一筆大型運輸協議，而其供應來源將會是 Katy。

So we have such a fungible system that has the ability, especially with our massive storage capabilities in the Houston, North Texas area and growing and expanding those, we have enormous capacity to really grow our volumes in a lot of cases without adding much capital. So as we've said before, we look at our assets, especially our pipeline assets across the country, and we couldn't be more pleased and really more fortunate to be located in such great areas where data centers are built right on top of us in a way we're able to benefit not only from normal flows like in Texas West to East, but now we're going to be able to benefit in multiple directions, sourcing the best place to apply for our customers to the market demand areas they're asking us to deliver gas to.

因此我們擁有一個高度可互換（fungible）的系統，具備這種能力；尤其是我們在休士頓、北德州地區龐大的儲存能力，並且正在成長與擴充，我們在許多情況下幾乎不需增加太多資本就能大幅成長運量。所以如我們之前所說，當我們檢視我們的資產、特別是全國各地的管線資產時，我們非常滿意，也很幸運能位於如此優越的區域——資料中心幾乎就建在我們的管線上方；我們不僅能從德州由西向東等正常流向中受益，現在也能在多個方向受益，從最佳供應來源出發，依客戶要求把天然氣送到他們希望我們交付的需求市場區域。

Jeremy Tonet, JPMorgan.

Jeremy Tonet，摩根大通（JPMorgan）。

Just wanted to continue with the bottlenecks theme, if I could. Thinking about the Permian and thinking about the processing side specifically, just wondering if you could share any thoughts on how you think the cadence of future processing plants might unfold? We saw some competitors announce some new plants this quarter. So just wondering any color you could provide there and how you see that developing?

如果可以的話，我想延續瓶頸這個主題。想到二疊紀（Permian），並特別從處理（processing）端來看，我想請教你們對未來處理廠可能的建置節奏（cadence）有何看法？我們看到一些競爭對手在本季度宣布了新廠。所以想請你們分享一些看法，以及你們如何看待後續發展？

Okay. This is Mackie again. Yeah, Brian and Alex and our GNP team have done such a great job. And yeah, we hear about announcements from all our competitors and their plants, and we just pay attention to what we do.

好的。我再說一次，我是 Mackie。是的，Brian、Alex 以及我們的 GNP 團隊做得非常出色。而且是的，我們也聽到所有競爭對手關於他們工廠的公告，但我們只專注於我們自己在做什麼。

What we don't do is get out ahead of ourselves. We're not going to go out and build a bunch of cryos that aren't fully sold out and fully committed to. So that's why maybe we haven't announced as many as some of our competitors, especially in the future. But we're very excited about the $550,000 MCF that we'll have on by the third quarter, one of those coming on here next month. And we will always take a look at when is the next one due to come on.

我們不會做的是超前於自身能力。我們不會跑去建一堆尚未完全售罄、也沒有完全承諾（fully committed）的低溫處理裝置（cryos）。所以這可能就是為什麼我們宣布的數量沒有一些競爭對手那麼多，尤其是更遠期的部分。但我們對於到第三季將投運的 550,000 MCF 感到非常興奮，其中一套會在下個月投運。而且我們會一直評估下一套應該在什麼時候投運。

And I'd be surprised if it's certainly not late third quarter to by the end of this year that our GMP doesn't come to us, say we need to add another one very likely in the Delaware. It's a little ahead of the game right now. Our focus right now is to bring these cryos on that we're constructing today, and then we expect those to ramp up fairly quickly.

而且如果我們的GMP直到今年第三季末甚至年底才來找我們、說我們很可能需要再新增一座（很可能在德拉瓦州），我會感到意外。目前來說這還有點太早。我們現在的重點是把我們今天正在建造的這些低溫處理廠（cryo）投產，然後我們預期它們會相當快地爬坡增量。

But we'll do everything we can and we'll stay ahead of the volume commitments that we have. And very excited, like I keep saying, where our assets are, how well located our pipelines are to gather gas and bring into the cryos and then ultimately deliver into our downstream assets, both NGL and residue pipelines.

但我們會盡一切所能，並且會走在我們既有的量能承諾之前。而且我們非常興奮，就像我一直說的，我們的資產所在位置、以及我們的集輸管線布局有多好，能把天然氣匯集起來送進低溫處理廠，最後再輸送到我們的下游資產，包括NGL與殘餘氣（residue）管線。

Got it. That's helpful. Thanks. And then just switching to the Haynesville, if I could, the 800, you talk about coming this year, quite a large quantity there. I was just wondering if you could talk a bit more, I guess, on timing cadence of how that looks like and is this really LNG pull or just any more color on how you see this unfolding over the course of the year?

了解。這很有幫助。謝謝。接著如果可以的話，切換到Haynesville，你提到今年會上的那個800，量相當大。我想請你再多談一點，我猜是就時點與節奏會是什麼樣子；以及這真的是LNG拉動，還是你對今年內這件事如何發展能再多給一些顏色？

Yeah I can't really speak to the ultimate market for all that. Just bottom line is the producers that have drilled, are drilling and have ducts have indicated to us that they're about to start really ramping up, bringing on gas. As we said earlier, we expect to bring on net about 500,000 a day. That's a lot of that's treated.

是的，我沒辦法真正去談那全部的最終市場會是哪裡。重點是，那些已經鑽井、正在鑽井、而且有接管（ducts）的生產商已向我們表示，他們即將開始大幅拉升、把天然氣投產。如同我們先前說的，我們預期淨增加約50萬/日。其中很大一部分是經過處理的。

So we'll be treating it, processing it, and that will, the vast majority, I think all of it actually, is going into our downstream pipes. Where the ultimate market is, sure, a lot of that will probably find its way to LNG markets, but most of those are third-party customers taking that transport, and we don't know the ultimate market.

所以我們會對它進行處理、加工，而我認為其中絕大多數——其實應該全部——都會進入我們的下游管線。至於最終市場在哪裡，當然，其中很多可能會流向LNG市場，但多數是第三方客戶在使用那段運輸，我們並不知道最終市場。

Got it. If I could sneak in one last quick one just as far as exports are concerned with crude oil refined products, wondering opportunities you see there in light of global macro volatility?

了解。如果我可以再塞最後一個快問：就原油與成品油出口而言，考量全球總體波動，你看到哪些機會？

Hey. This is Adam. We've definitely seen a ramp up across our docks on all products. So I think with the conflict that we talked about earlier, there's a clear demand for incremental US energy. And with the record export numbers that we've seen over the last couple of weeks be published, like we at ET are benefiting from our share of that for sure.

嗨。我是Adam。我們確實看到我們各個碼頭在所有產品上的出貨量都在爬升。所以我認為，隨著我們先前談到的衝突，很明顯市場對美國增量能源有需求。而且過去幾週公布的出口數據創下新高，像我們ET也確實從中受益。

So we expect that while this continues, there's definitely increased activity across the docks, both from a crude, LPG and refined products perspective. But then, as Dylan alluded to earlier, even if we get back to some sense of normalcy, it will never go back, we believe, to where we have been before, and that increased demand will stay at levels elevated to before the conflict.

因此我們預期，只要這種情況持續，碼頭端的活動量就會明顯增加，涵蓋原油、LPG與成品油。但同時，如同Dylan先前提到的，即便我們回到某種程度的常態，我們相信也不會回到衝突前的水準；這種增加的需求將會維持在高於衝突前的水平。

Jean Ann Salisbury, Bank of America.

Jean Ann Salisbury，美國銀行。

Can you comment on whether the ethane export contract extensions were at a similar rate to your existing rates or if they were a step down? And then you've referenced this potential future expansion at Nederland for ethane. Can you just comment on whether that's partially due to the current Iran conflict bringing forward interests or if that had been percolating?

你能否評論一下，乙烷出口合約的延長，其費率是否與既有費率相近，還是有下調？另外你也提到未來在Nederland可能擴建乙烷相關設施。你能否說明一下，這是否部分是因為目前伊朗衝突使得客戶興趣提前，或是這件事本來就已在醞釀？

This is Mackie again. Yeah, one thing I guess we won't get into for competitive reasons is where our rates are, but certainly certain segments of our business rates have gotten tighter, more competitive, and some actually have gotten wider. But we are very excited that we've expanded the vast majority of our ethane contracts into 2041.

我是Mackie，再次回答。是的，基於競爭因素，有一點我們不會深入談的是我們的費率水準；但可以確定的是，我們業務的某些區塊費率變得更緊、更具競爭性，而有些其實變得更寬鬆。不過我們非常興奮的是，我們已把絕大多數乙烷合約延長到2041年。

And as you mentioned, as we've mentioned, we also are very excited about some very far-down-the-road negotiations that we believe are very close to coming fruition, on not only additional ethane, but certainly significant ethane expansion and also additional propane. So what our commercial teams do, they extract as much value as they can that the market will provide. We're very excited about the rates that we did roll over for 10 years. And we also have really good rates of return -- will have good rates of return on the next projects that we announce.

而且如你所提、也如我們所提到的，我們也對一些非常長期、我們認為已非常接近落地的談判感到非常興奮，內容不僅是額外的乙烷，還包括相當可觀的乙烷擴張，以及額外的丙烷。所以我們的商務團隊所做的，就是在市場可提供的範圍內盡可能萃取最大價值。我們對這次把合約以10年期續約的費率非常滿意。而且我們也將在下一批我們宣布的專案上取得非常好的報酬率。

That makes sense. Thank you. And you decided at the beginning of this year not to move forward with Lake Charles, but I think you were open to potential partners. Have the recent events in Iran driven any new interest from potential partners?

這樣就說得通了。謝謝。另外，你們在今年年初決定不推進Lake Charles，但我記得你們對潛在合作夥伴仍持開放態度。最近伊朗的事件是否讓潛在合作夥伴出現新的興趣？

Listen, this is Tom Long, and I think the short answer to that is no. There's been some light interest, some inbounds, but overall there's not been anything of -- any meaningful discussions on any type partners on that.

聽著，我是Tom Long，我想簡短的答案是否定的。確實有一些零星的興趣、一些主動接洽，但整體而言，並沒有任何——沒有任何有意義的合作夥伴討論。

So we're still open, very much open to looking at ideas for Lake Charles, especially with us providing all the upstream benefits of the connectivity to our pipes and everything else. So we're open for that, but I wouldn't guide you to anything -- any meaningful discussions.

所以我們仍然開放，非常開放去看Lake Charles的各種想法，特別是我們能提供上游端的所有優勢，包括與我們管線的連通性以及其他一切。因此我們是開放的，但我不會引導你期待——任何有意義的討論。

Keith Stanley, Wolfe Research.

Keith Stanley，Wolfe Research。

Wanted to follow-up on what you're looking at for the next potential ethane export project? Could this be something similar size to what you did with the Satellite JV timeline and what customers you're targeting on that, if it's Chinese customers or others?

我想追問一下你們下一個可能的乙烷出口專案在看什麼？這會不會是類似你們與Satellite合資案（JV）那樣的規模、時程？以及你們鎖定的客戶會是哪些——是中國客戶或其他客戶？

Yeah. This is Mackie again, and Adam may want to follow-up on any of this. But yeah, once again, won't, of course, get into specifics on companies or countries, but it is fair to say we are chasing the ethane markets all over the world. Certainly, there are some still in China, of course, but there's also others in other countries that are building crackers that we are pursuing and feel confident that we will -- that will be a part of our next expansion.

是的。我又是Mackie，Adam也許會補充。不過是的，再次強調，我們當然不會談特定公司或國家的細節；但可以公平地說，我們正在全球各地追逐乙烷市場。當然，中國仍然有一些，但其他國家也有在建裂解廠（cracker）的客戶，我們正在爭取，並且有信心——這會成為我們下一次擴張的一部分。

So I'll put it this way, there's probably between 500,000 to 750,000 barrels of ethane interest around the world on new crackers. And so wherever the best margins are, the best volumes are, and the best customers for our business, those are the companies we're chasing.

我換個方式說，全球新建裂解廠對乙烷的興趣大概在每日50萬到75萬桶之間。因此，哪裡的利潤最好、量最好、客戶最適合我們的業務，我們就追逐那些公司。

Okay. So it sounds like it could be as big as Satellite-type sizing based on that demand, I would think?

好的。所以聽起來，基於那樣的需求，我想它的規模可能會大到類似Satellite那種規模？

Or -- yeah, or larger.

或者——是的，或者更大。

Got it. Thanks for that. Second question, so it's good to see the company have two straight quarters of gas pipeline projects that are meaningful with Springerville. As you look forward, are there any interstate gas pipes in particular that you'd highlight as seeing potentially meaningful growth opportunities or demand increases? Just what stands out on the interstate side in your system for sizable investments?

了解。謝謝你的說明。第二個問題，很高興看到公司連續兩季都有具規模的天然氣管線專案，像是Springerville。往前看，有沒有哪幾條州際天然氣管線是你會特別點名、可能看到顯著成長機會或需求增加的？就你們系統的州際端而言，哪些地方最突出、值得做較大規模的投資？

It's Matthew again. As we've announced and as discussed already, we're very excited about FGT and those expansions. It seems like that's never ending with the volume growth in the southeast. It's just incredible how that pipeline just keeps needing to be expanded. So who knows, I wouldn't be surprised by the end of this year, we'll be looking at expanding that pipeline again.

又是 Matthew。如同我們已宣布且先前也已討論過的，我們對 FGT 以及那些擴建案感到非常振奮。隨著東南部的量能成長，這看起來像是永無止境。那條管線的需求竟然一直需要擴建，真是令人難以置信。所以誰知道呢，我不會意外在今年底，我們又會在看要再擴建那條管線一次。

And so when you say that, you go, where's all the gas coming from? So there's definitely a need to move more gas from West to East. As everybody knows, we had an open season for our South Mississippi project, and we're not to FID by any means on that.

所以當你這麼說時，你就會想，這些天然氣都從哪裡來？因此，確實有需要把更多天然氣從西部運到東部。大家都知道，我們針對南密西西比（South Mississippi）專案進行了 open season（公開徵求承諾期），而我們距離對該專案做出 FID（最終投資決定）還差得遠。

However, we've made a lot of headway. That pipeline connect the Perryville area to several pipelines, but predominantly to FET. So that would be a good supply source for that. That's a very viable project that we hope to get to FID over the coming months.

不過，我們已經取得了很大的進展。那條管線會把 Perryville 區域連接到數條管線，但主要是連到 FET。因此，那會是很好的供應來源。這是一個非常可行的專案，我們希望在接下來幾個月內推進到 FID。

And then if you look throughout the country, there's opportunities. But right now, we're focusing on bringing online the pipelines that we're building, [Hubrins] and DSW, and fully filling up all of our other pipeline assets, which we've been able to do throughout the country. So that's where our vision is right now on the interstate pipeline expansion opportunities.

另外，如果你放眼全國，機會很多。但目前我們的重點是讓我們正在興建的管線（[Hubrins] 和 DSW）上線，並把我們其他所有管線資產完全填滿，而這點我們在全國各地都做到了。所以，這就是我們目前對州際管線擴建機會的願景。

Jackie Koletas, Goldman Sachs.

Jackie Koletas，高盛。

I first wanted to focus on just the NGL business. You noted record volumes across the system, but how are you thinking about your NGL pipeline recontracting, particularly in the context of deeper or gassier benches in the Permian?

我首先想聚焦在 NGL 業務。你提到整個系統的輸送量創下紀錄，但你們如何看待 NGL 管線的重新簽約（recontracting），特別是在二疊紀（Permian）更深層或含氣量更高的層段（benches）背景下？

Yeah, very competitive. A lot of NGL pipelines have been announced. As we always say, we don't really worry about what others announce. We worry about ourselves. With us bringing on more cryos and also chasing NGL liquids from third-party cryos, our team has been very aggressive. We are very optimistic over the coming year of replacing volumes that may be coming off over the next year or two.

是的，競爭非常激烈。已宣布了很多 NGL 管線。就像我們一直說的，我們不太擔心別人宣布什麼。我們關注的是我們自己。隨著我們投產更多低溫處理廠（cryo），也從第三方低溫處理廠爭取 NGL 液體，我們的團隊一直非常積極。對於未來一年，我們非常樂觀，能夠補回未來一到兩年可能到期流失的量。

We also are adding a little bit of capacity. We've got 90,000 a day that we'll have ramped up by next year, and we are highly confident over the next year or so that we will, similar to our other NGL businesses, [Freyac], export, et cetera, that we will have the vast majority of that locked in at least into the 2030s, early 2030s. But there are a lot of barrels, a lot of plants being built, and we're very optimistic about keeping our NGL pipeline full.

我們也會增加一點運能。我們有每日 90,000 的運能，將在明年之前逐步爬坡到位；而且我們對未來一年左右非常有信心：就像我們其他 NGL 業務（[Freyac]、出口等）一樣，我們將把其中絕大部分至少鎖定到 2030 年代、2030 年代初期。不過市場上有很多桶數、很多工廠在建，我們對維持 NGL 管線滿載非常樂觀。

Just to piggyback on Mackie's comments too, the one thing you have to remember with our franchise as well is all of these plants that we're building are going to have significant NGL supplies. And so we have the luxury of generating a lot of our own growth on these pipelines, and that really allows us to be able to have a great line of sight and keeping our pipelines full and keeping them full at reasonable rates.

再補充 Mackie 的評論，我們這個平台（franchise）有一點必須記得：我們正在興建的這些工廠都會帶來可觀的 NGL 供應。因此，我們有條件在這些管線上自行創造相當多的成長，這也讓我們能夠有很高的能見度，維持管線滿載，並以合理的費率維持滿載。

Got it. Understood. And then just wanted to touch in on the Bayou Bridge expansion project. I mean, what is driving the customer demand there? I mean, is part of that driven by exports specifically? And if so, is there an ability for additional expansion opportunities for crude to move that more out east from here?

了解。明白。接著我想談一下 Bayou Bridge 擴建專案。我是說，那邊的客戶需求是由什麼驅動的？其中是否有一部分是由出口特別帶動？如果是的話，是否還有額外的擴建機會，讓原油能從這裡更多往東運？

Yeah. Hey. This is Adam. So Bayou Bridge is really just driven by increased baseload customer demand. So that pipe has continued, over the last several years, to operate at or near capacity. And we've seen strong results from it, and we're able to go out and enter into recontracting with one of our original shippers on that to deliver to their refinery.

是的。嗨。我是 Adam。Bayou Bridge 基本上是由基礎負載（baseload）客戶需求增加所驅動。因此，過去幾年那條管線一直以滿載或接近滿載運行。我們從中看到很強的成果，也得以與該管線的一位原始託運人（shipper）進行重新簽約，將原油交付到他們的煉油廠。

And so we were able to not only extend the terms out, but to increase the volume and underpin expansion. We've also seen more demand further east into the St. James market. So all those things are really leading to the increased demand on Bayou Bridge, really not so much related to anything from exports there.

因此，我們不僅能把合約期限延長，還能提高運量並支撐擴建。我們也看到往東、進入 St. James 市場的需求增加。所以，這些因素共同導致 Bayou Bridge 的需求上升，與出口相關的因素其實不大。

Julien Smith, Jefferies.

Julien Smith，Jefferies。

This is Rob Mosca on for Julien. Just wondering if the disruption that you've seen in the international LPG markets in the wake of what's happening in Iran, has that maybe caused you to revisit projects such as the Panamanian LPG pipeline? Wondering how that factors into what you guys could potentially do on the LPG side?

我是代 Julien 出席的 Rob Mosca。想請教一下，你們在伊朗事件之後看到國際 LPG 市場出現的擾動，是否可能讓你們重新檢視像巴拿馬 LPG 管線這類專案？想了解這會如何影響你們在 LPG 方面可能採取的行動？

This is Mackie again. Yeah, same thing. Same common statement we all keep making. We are incredibly well-positioned to deliver products, ethane, propane, butane, for the international market. And there's no question that's going to continue to grow for many years to come. Estimations are for the next 15 to 20 years, those product demand will grow by 3% to 5%. So we're very well situated.

又是 Mackie。是的，同樣的事情。也是我們一直在講的共同說法。我們在向國際市場供應產品（乙烷、丙烷、丁烷）方面具備極佳的布局。毫無疑問，這在未來很多年都會持續成長。估計在未來 15 到 20 年，這些產品的需求將以 3% 到 5% 的速度成長。所以我們的位置非常有利。

And the Panama Canal project, if it comes to fruition, we think it's a game changer. We hope we're part of that project. We believe we will be. And it will be the go-to place for much of the world; instead of learning about all the dynamics, getting through all the canals and all the straits and all the issues dealing with getting products to the markets, so many of these companies and countries, they'll just cross the Pacific, load up and go back.

而巴拿馬運河專案如果能落地，我們認為將改變遊戲規則。我們希望能成為該專案的一部分。我們相信我們會是。它將成為全球許多地區的首選；與其去理解所有動態、穿越各種運河與海峽、以及把產品運到市場時面對的各種問題，很多公司與國家只要橫跨太平洋，裝船後再返航即可。

No waiting time, no nothing. And then we have more than enough product ourselves alone, plus with the rest of this country, to keep that project, once it comes online, fully loaded. So we hope that gets to the end zone. We think it will. We think it will be a huge benefit to our country, a huge benefit to Panama, and more importantly, a huge benefit to the world.

不用等待時間，什麼都不用。而且僅靠我們自己就有綽綽有餘的產品，再加上全國其他供應，足以在該專案一旦上線後，讓它保持滿載運行。所以我們希望它能順利達陣。我們認為會的。我們認為這將對我們國家、對巴拿馬都有巨大好處，更重要的是，對全世界都有巨大好處。

Great. Appreciate it, Mackie. And maybe sticking with the LPG theme, it seems like we're seeing a lot of positive data points around in-basement demand in the Northeast. I'm wondering how that could set up your franchise, your NGL and export franchise in the Northeast for expansions? And what potential tailwind you could experience there if you do start to see some more gas growth in the Marcellus, Utica?

很好。謝謝你，Mackie。另外延續 LPG 的主題，看起來我們在東北地區看到許多關於本地需求（in-basin demand）的正面數據點。我想了解，這可能如何為你們在東北的布局——你們的 NGL 與出口平台（franchise）——帶來擴建機會？以及如果 Marcellus、Utica 的天然氣產量開始出現更多成長，你們可能在那裡受惠到哪些順風（tailwind）？

Yeah. We keep saying this, how well-positioned we are, but my goodness, there's nobody even close to as well-positioned as we are with the three pipelines that we have to move products from West to East and the Northeast, our continued ability to expand our capabilities.

是的。我們一直在說我們的佈局有多好，但天啊，就我們擁有的三條管線而言，能把產品從西部運到東部以及東北部，沒有任何一家在佈局上能接近我們；而且我們也持續有能力擴充我們的運能。

For example, we're adding 20,000 a day of that thing, not huge, but it's definitely an expansion. We have the capability of adding a lot more capacity at Marcus Hook. And our teams are focused right now on the contracts that end over the next four or five years of extending those out. We're excited about how those are going.

例如，我們每天增加2萬（的那個項目），不算很大，但確實是擴張。我們在 Marcus Hook 還有能力再增加更多產能。而我們的團隊目前正專注於未來四到五年內到期的合約，將其延長。我們對目前的進展感到很振奮。

So that's going to continue to be a very great asset and revenue-generation segment of our business. And we have a great team to maximize on that. And yeah, I don't know what the question is. We've seen -- talked about this before this call. We've seen the Northeast, Marcellus, Utica hang around 33, 34, 35 BCF forever. It has the potential to grow significantly.

因此，這將持續成為我們業務中非常重要的資產與創收板塊。而且我們有一支很棒的團隊來把它的價值最大化。對，呃，我也不確定問題是什麼。我們已經看過——在這通電話之前也談過。我們看到東北部、Marcellus、Utica 一直維持在33、34、35 BCF，長期如此。它有顯著成長的潛力。

However, you've got to make sure you have enough pipeline infrastructure, MVP, Rover, helped that a lot. But we don't know where ultimately that will go, but we know we're very well positioned to maintain the business we have today and to grow it as needed as that basin expands.

不過，你必須確保有足夠的管線基礎設施；MVP、Rover 對此幫助很大。但我們不知道最終會走到哪裡；我們知道的是，我們的佈局非常好，既能維持今天的業務，也能在該盆地擴張時按需成長。

Manav Gupta, UBS.

Manav Gupta，瑞銀（UBS）。

Congrats on a good quarter. I just wanted to ask you about the two FGT projects. The prospects over there, any gating items before you can move to FID and the benefits that those two projects offer? And the second follow-up question is, on the call, you talked about getting more Canadian light sweet crude into the US to an open season that's going on. Can you talk a little bit more about that also?

恭喜本季表現不錯。我想請教兩個 FGT 專案。那邊的前景如何？在你們推進到 FID 之前，有沒有任何關卡事項（gating items）？以及這兩個專案能帶來哪些效益？第二個追問是，你們在電話會議中提到，為了把更多加拿大輕質甜原油輸入美國，正在進行一個 open season。也請你多談一點這部分。

You bet. This is Mackie. I'm going to start first, and Adam will finish with the second. I believe you said FGT. So yeah, that project has no contingency. We're already out there ordering compressors, ordering pipe. We will be completing that over the next several years, and we're very excited about that.

當然。我是 Mackie。我先回答第一部分，第二部分由 Adam 補充。我相信你說的是 FGT。所以，是的，那個專案沒有任何附帶條件（contingency）。我們已經在下單採購壓縮機、下單採購管材。我們會在接下來幾年內完成它，對此非常興奮。

As far as the Florida project south -- our South Florida project, we're bound to move forward. The customers do have some options that we're waiting for them to exercise that options. But there's about a 90%-plus chance they will, and that will reach full FID. But there are 30, 60 days left for them to make some elections that we've got to wait for them to make before we ultimately bring that project to full FID.

至於佛羅里達南部的專案——我們的南佛州專案——我們勢必會往前推進。客戶確實有一些選項，我們正在等他們行使這些選項。但機率在90%以上他們會行使，屆時就會達到完整的 FID。不過，他們還有30到60天可以做一些選擇；在我們最終把該專案推進到完整 FID 之前，必須先等他們做出決定。

Hey. This is Adam. So on the second part of your question as it relates to the Canadian light on DAPL, yeah we continue to be really excited about that project and reaching FID later this year. Enbridge has launched the open season, and we're in that process right now, but continued theme on this call of the world needing more North American energy surety of supply.

嗨。我是 Adam。關於你問題的第二部分，也就是 DAPL 上的加拿大輕質原油，是的，我們仍然對該專案非常興奮，並預期在今年稍晚達成 FID。Enbridge 已啟動 open season，我們目前正在進行中；而本次電話會議的一個持續主題是，世界需要更多北美能源供應的確定性。

Even before the Iran conflict, Canadian volumes were expected to see significant growth between now and the end of the decade. And what we know is that MLO2 is the right project at the right time and the only project that's out there in the market that can provide the needed egress for that growth. And that was growth before the war started, which subsequently, we expect there to be more. So we're really excited about MLO2 and look forward to having more to talk about that later this year.

即使在伊朗衝突之前，市場就預期加拿大的運量在現在到本十年末之間會顯著成長。我們所知道的是，MLO2 是在對的時間推出的對的專案，也是市場上唯一能為這種成長提供所需外運通道（egress）的專案。而那是在戰爭開始之前就存在的成長；之後我們預期成長會更多。所以我們對 MLO2 非常興奮，也期待今年稍晚能有更多內容可以分享。

Thank you so much and completely agree on MLO2.

非常感謝，也完全同意 MLO2 的看法。

Thank you. Ladies and gentlemen, that was the last question. I would now turn the conference over back to Mr. Tom Long for any closing remarks.

謝謝。各位女士先生，以上是最後一個問題。我現在把電話會議交回給 Tom Long 先生，請他做結語。

Yeah. Listen, thank you. We really appreciate all of you joining. You can see we've got a lot of great projects to talk about. We've got a great outlook, not just the quarter we just reported here, but for a long time to come.

好的。各位，謝謝。非常感謝大家參與。你們可以看到，我們有很多很棒的專案可以談。我們的展望非常好，不只是剛剛公布的這一季，而是未來很長一段時間都是如此。

But as you continue to look at these projects and how they're supported by good long-term contracts with a good mix of not just supply side, but on the demand side with a lot of the discussion today around contracts that go out more than 20 years, you can see why we remain so optimistic and so excited about what we're doing.

而當你們持續檢視這些專案，以及它們如何由優質的長期合約所支撐——不僅在供給端，也在需求端；今天也談到許多合約期限超過20年——你們就能理解為什麼我們仍然如此樂觀，並且對我們正在做的事情感到非常興奮。

But thank all of you for joining us today, and we definitely look forward to any follow-up questions you have and having discussions with you.

再次感謝各位今天加入我們；我們也非常期待你們任何後續問題，並與各位進一步交流討論。

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

謝謝。本次電話會議到此結束。感謝您參加今天的簡報。您現在可以掛線。