Energy Transfer LP (ET) 2026 Q2 法說會逐字稿

Good day, and welcome to Energy Transfer's Q2 2026 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I'd now like to turn the conference over to Tom Long, CEO. Please go ahead.

各位好，歡迎參加 Energy Transfer 2026 年第二季財報電話會議。(接線員指示) 請注意，本活動將被錄音。現在我想把會議交給執行長 Tom Long。請開始。

Thank you, operator, and good morning, everyone, and welcome to the Energy Transfer second 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 年第二季財報電話會議。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. 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表現。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 details in our Form 10-Q for the quarter ended June 30, 2026, which we expect to file later this week.

提醒各位，我們將發表符合 1934 年《證券交易法》第 21E 條所定義的前瞻性陳述。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，並在截至 2026 年 6 月 30 日止季度的 Form 10-Q 中有更詳細的討論；我們預計將於本週稍晚提交該文件。

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. Let's start today with going over our financial results for the second quarter of 2026.

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。今天先從回顧 2026 年第二季的財務結果開始。

We generated adjusted EBITDA of approximately $5.1 billion compared to approximately $3.9 billion for the second quarter of last year. DCF attributable to the partners of Energy Transfer, as adjusted, was approximately $2.6 billion compared to approximately $2.0 billion for the second quarter of 2025. These results were supported by strong performance in all of our business segments, including record midstream gathering volumes, NGL transportation volumes, NGL export volumes, and crude oil transportation volumes for the quarter. For the first half of 2026, we spent approximately $2.6 billion on organic growth capital in the intrastate, midstream, NGL refined products, and interstate segments, excluding SUN and USA Compression CapEx.

我們的調整後 EBITDA 約為 51 億美元，去年第二季約為 39 億美元。歸屬於 Energy Transfer 合夥人的經調整 DCF 約為 26 億美元，2025 年第二季約為 20 億美元。這些結果受惠於我們所有業務部門的強勁表現，包括本季創紀錄的中游集輸量、NGL 運輸量、NGL 出口量，以及原油運輸量。2026 年上半年，我們在州內天然氣、中游、NGL 成品油與州際部門的有機成長資本支出約為 26 億美元，不含 SUN 與 USA Compression 的資本支出（CapEx）。

Turning to our 2026 adjusted EBITDA guidance. Given our continued strong performance in the second quarter across all of our segments, we now expect our full year adjusted EBITDA to range between $18.8 billion and $19.1 billion, which is up approximately a half a billion dollars at the midpoint compared to our guidance range provided on last quarter's earnings call.

接著談 2026 年調整後 EBITDA 指引。鑑於我們第二季在各部門持續強勁的表現，我們目前預期全年調整後 EBITDA 將介於 188 億至 191 億美元之間；以中位數計，較上一季財報電話會議提供的指引區間上調約 5 億美元。

Let's go to the organic capital guidance. We now expect our 2026 organic growth capital expenditures to be between $5.6 billion and $5.9 billion, excluding SUN and USAC. Our growth capital spend remains aligned with the major themes driving our business today, including the increasing demand for natural gas and natural gas infrastructure to support the growing needs for power generation, growth in the Permian, and the growing global demand for natural gas and natural gas liquids.

接著談有機資本指引。我們目前預期 2026 年有機成長資本支出將介於 56 億至 59 億美元之間，不含 SUN 與 USAC。我們的成長資本支出仍與當前推動業務的主要趨勢一致，包括為支援發電需求成長而增加的天然氣與天然氣基礎設施需求、二疊紀盆地（Permian）的成長，以及全球對天然氣與天然氣液體的需求提升。

As a reminder, the majority of these growth projects are contracted under long-term commitments and expected to generate mid-teen returns and considerable earnings growth over the next decade or more. Beyond these projects, we have a significant backlog of opportunities that are expected to support future growth.

提醒各位，這些成長專案多數已簽訂長期合約承諾，預期可帶來約十幾%的報酬率，並在未來十年或更長期間帶來可觀的獲利成長。除這些專案外，我們還有大量機會儲備（backlog），預期將支撐未來成長。

Now turning to our results by segment for the second quarter, I will start with NGL and refined products. Adjusted EBITDA was approximately $1.3 billion, compared to approximately $1.0 billion for the second quarter of 2025. This increase included record exports out of both our Nederland and Marcus Hook terminals in the second quarter, in part driven by new chilling capacity placed into service last year at Nederland. In addition, we saw record throughput across our NGL pipelines related to higher Y-grade and NGL throughput, as well as higher throughput at our Mont Belvieu fractionators.

接著按部門說明第二季表現，先從 NGL 與成品油部門開始。調整後 EBITDA 約為 13 億美元，2025 年第二季約為 10 億美元。此增幅包含第二季我們 Nederland 與 Marcus Hook 兩座碼頭的出口量雙雙創新高，部分受惠於去年在 Nederland 投入營運的新增冷卻（chilling）產能。此外，受較高的 Y-grade 與 NGL 吞吐量帶動，以及我們 Mont Belvieu 分餾廠吞吐量提升，我們的 NGL 管線整體吞吐量也創下新高。

Results for the second quarter also included an increase of $212 million from higher premiums from the sale of NGLs for both export and domestic supply, as well as increased margins from our product optimization and blending operations. This also included gains related to our NGL refined products inventory hedges, $27 million of which we anticipate will be offset in the fourth quarter of this year.

第二季結果亦包含因出口與國內供應的 NGL 銷售溢價提高而增加 2.12 億美元，以及我們產品最佳化與調和（blending）作業的利差提升。其中也包含與我們 NGL 成品油庫存避險相關的收益；我們預期其中 2,700 萬美元將在今年第四季被抵銷。

For Midstream, adjusted EBITDA was approximately $884 million compared to approximately $768 million for the second quarter of 2025. This was due to record volumes in the Permian Basin, which increased 5% as a result of new processing placed into service and improved plant utilization. In addition, we saw an approximate $88 million increase due to higher NGL prices compared to last year.

中游（Midstream）部門調整後 EBITDA 約為 8.84 億美元，2025 年第二季約為 7.68 億美元。主要原因是二疊紀盆地的量創新高；由於新增處理設施投運及廠房利用率改善，相關量增加 5%。此外，與去年相比，因 NGL 價格較高，我們也增加約 8,800 萬美元。

For our Crude Oil segment, adjusted EBITDA was approximately $834 million, compared to approximately $732 million for the second quarter of 2025. During the quarter, we saw continued growth across several of our crude pipelines, terminals, and gathering systems. Results also included an increase of $106 million related to favorable market conditions, including pipeline and export arbitrage, higher crude oil prices, and Strategic Petroleum Reserve activity at our Nederland Terminal. As a reminder, in the first quarter of this year, we had a benefit of approximately $60 million related to our crude inventory value that was offset by hedge losses in the second quarter.

原油部門調整後 EBITDA 約為 8.34 億美元，2025 年第二季約為 7.32 億美元。本季我們在多條原油管線、碼頭與集輸系統持續成長。結果亦包含因有利市場環境而增加 1.06 億美元，包括管線與出口套利、較高的原油價格，以及在我們 Nederland 碼頭的戰略石油儲備（SPR）相關活動。提醒各位，今年第一季我們因原油庫存價值而受益約 6,000 萬美元，但在第二季被避險損失所抵銷。

In the Interstate Natural Gas Segment, adjusted EBITDA was approximately $481 million compared to approximately $470 million for the second quarter of 2025. This increase was primarily due to increased parking, storage, and liquids revenue, as well as higher contracted volumes and utilization on several of our pipelines, including Panhandle Eastern, Transwestern, and Florida Gas Transmission.

州際天然氣部門調整後 EBITDA 約為 4.81 億美元，2025 年第二季約為 4.70 億美元。此增幅主要來自停放（parking）、儲存與液體相關收入增加，以及我們多條管線（包括 Panhandle Eastern、Transwestern 與 Florida Gas Transmission）的合約量與利用率提升。

For our Intrastate Natural Gas Segment, adjusted EBITDA was approximately $377 million compared to approximately $284 million in the second quarter of 2025. This was primarily due to an increase of approximately $113 million from wider basis differentials, as well as an increase of approximately $17 million from early volumes during the commissioning of the Hugh Brinson Pipeline.

州內天然氣部門調整後 EBITDA 約為 3.77 億美元，2025 年第二季約為 2.84 億美元。主要原因是基差價差擴大帶來約 1.13 億美元的增加，以及 Hugh Brinson 管線試運轉（commissioning）期間提前進量帶來約 1,700 萬美元的增加。

This quarter's results once again demonstrate the quality of Energy Transfer's asset base and unique operating model and further strengthen our belief that the market fundamentally underappreciates the value of our business.

本季結果再次展現 Energy Transfer 資產基礎的品質與獨特的營運模式，並進一步強化我們的看法：市場在根本上低估了我們業務的價值。

Turning to an update on some of our major growth projects and starting with the natural gas side of our business. We are pleased to announce that our Hugh Brinson Pipeline is now in commercial service, with progress being made toward placing the full Phase I capacity of 1.5 Bcf per day in service. Hugh Brinson shipper contracts are coming online in stages based upon the contractually specified effective date in each agreement.

接著更新我們幾項主要成長專案的進度，先從天然氣業務面向開始。我們很高興宣布 Hugh Brinson 管線現已進入商轉（commercial service），並正推進將第一期（Phase I）全數 15 億立方英尺/日（1.5 Bcf/d）的產能投入服務。Hugh Brinson 的託運人合約將依各協議中契約所載的生效日分階段上線。

We anticipate that Hugh Brinson will be capable of flowing the full Phase I capacity by September 1st of 2026, assuming pipeline commissioning activities continue to progress as scheduled. We continue to expect Phase II, which includes additional downstream compression, to be in service in the first quarter of 2027 and to come in under budget. In addition, during the second quarter, we completed another 14-mi lateral off the Hugh Brinson Pipeline in Abilene, Texas, and is now ready for service.

在管線試運轉作業持續按計畫推進的前提下，我們預期 Hugh Brinson 可於 2026 年 9 月 1 日前具備輸送第一期全產能的能力。我們仍預期第二期（Phase II）（包含額外的下游壓縮設施）將於 2027 年第一季投入服務，且可望低於預算完成。此外，在第二季期間，我們在德州阿比林（Abilene）完成 Hugh Brinson 管線另一段 14 英里支線（lateral），目前已可投入服務。

During the quarter, we also entered into an agreement with Crusoe to construct the facilities required to provide natural gas to support previously announced 900-megawatt expansion at the AI Factory campus in Abilene, Texas. Separately, we expect to see additional growth opportunities materialize in the region.

本季期間，我們也與 Crusoe 達成協議，將興建所需設施以提供天然氣，支援先前宣布在德州阿比林 AI Factory 園區的 900 兆瓦擴建計畫。另外，我們預期該地區將出現更多成長機會。

Next, we're making good progress on our Desert Southwest Pipeline project. Burke recently completed six in-person and two virtual scoping meetings along the proposed pipeline route throughout Texas, New Mexico, and Arizona. In addition, as a continuation of our comprehensive stakeholder engagement program, our teams continue to actively engage with elected officials, county leadership, landowners, and associated communities along the route, with discussions remaining very positive.

接下來，我們在沙漠西南管線（Desert Southwest Pipeline）專案上取得了良好進展。Burke 最近已沿著擬議管線路線，在德州、新墨西哥州與亞利桑那州完成了六場實體與兩場線上範疇界定（scoping）會議。此外，作為我們全面利害關係人參與計畫的延續，我們的團隊持續積極與沿線的民選官員、郡縣領導、土地所有人及相關社區互動，目前討論仍然非常正面。

On our last call, we announced the Springerville Lateral, which is an approximately 120-mile extension of our existing Transwestern Pipeline and is expected to be in service in the fourth quarter of 2029. This 30-inch pipeline will have a capacity of approximately 625 million cubic feet per day and extend south to natural gas power generation that is expected to replace two coal-fired plants.

在上一次電話會議中，我們宣布了 Springerville 支線（Springerville Lateral），這是一條約 120 英里的延伸管線，將自我們既有的 Transwestern 管線延伸，預計於 2029 年第四季投入營運。這條 30 吋管線的輸送能力約為每日 6.25 億立方英尺，並向南延伸至天然氣發電設施，該設施預期將取代兩座燃煤電廠。

We have now locked in pipe and compression costs, and outreach is underway with tribal, state, and federal stakeholders. In Oklahoma, the first of our four connections to serve new power plant loads went into service earlier this year. The next two are ready for service, with the remaining expected to be in service in the fourth quarter of 2028. In total, these will provide approximately 300 million cubic feet per day of new demand growth. In addition, we are finalizing negotiations to serve approximately 250 million cubic feet per day of new power plant demand in Oklahoma.

我們目前已鎖定管材與壓縮（compression）成本，並已展開與部落、州政府及聯邦層級利害關係人的外聯。在奧克拉荷馬州，我們為服務新電廠負載而設的四個連接點中，第一個已於今年稍早投入營運。接下來兩個已具備投入服務條件，其餘一個預計於 2028 年第四季投入營運。合計而言，這些將帶來約每日 3 億立方英尺的新需求成長。此外，我們正完成談判，以在奧克拉荷馬州服務約每日 2.5 億立方英尺的新電廠需求。

Overall, we're now seeing interest from customers in increasing the commitments that they had previously made for our natural gas services to large data centers and power plants at or near these sites. This includes two customers in Texas who recently added a combined 100 million cubic foot per day to their contracts. We expect this trend to not only continue but grow in scale. We're highly confident in our ability to reach FID on many more of these types of opportunities and remain in advanced negotiations with customers to provide significant volumes associated with our natural gas business in Texas, Oklahoma, Arkansas, Louisiana, Ohio, Illinois, and many other states along our pipeline network.

整體而言，我們現在看到客戶有意提高其先前就我們天然氣服務（用於大型資料中心與位於或鄰近這些據點的電廠）所做出的承諾量。其中包括德州的兩位客戶，近期合計在其合約中新增每日 1 億立方英尺。我們預期此趨勢不僅會延續，且規模將進一步擴大。我們對於在更多此類機會上達成最終投資決定（FID）的能力高度有信心，並持續與客戶進行深入談判，以在德州、奧克拉荷馬州、阿肯色州、路易斯安那州、俄亥俄州、伊利諾州，以及我們管線網路沿線的許多其他州，提供與我們天然氣業務相關的可觀輸送量。

Now looking at the Permian processing expansions. Our Mustang Draw I plant was placed into service in June, and we are already running near capacity for our Midland Basin processing complex. We continue to expect our Mustang Draw II plant to be in service in the fourth quarter of this year.

接著看二疊紀（Permian）處理擴建。我們的 Mustang Draw I 工廠已於 6 月投入營運，而我們在米德蘭盆地（Midland Basin）的處理綜合設施目前已接近滿載運轉。我們仍預期 Mustang Draw II 工廠將於今年第四季投入營運。

Looking at our liquids business, in June, we announced approximately 240,000 barrel per day ethane export expansion at our Nederland Terminal to meet additional customer demand. The project will also provide an incremental 55,000 barrels per day of LPG capacity.

再看我們的液體業務，6 月我們宣布在 Nederland 終端進行約每日 24 萬桶的乙烷出口擴建，以滿足客戶新增需求。該專案也將額外提供每日 5.5 萬桶的液化石油氣（LPG）產能。

In addition, we'll be expanding our Mont Belvieu to Nederland pipeline system to service the increased refrigeration capacity and two additional NGL ship docks. The project is expected to be placed into service in stages beginning in 2028, with the docks expected to be in service in mid-2029.

此外，我們將擴建 Mont Belvieu 至 Nederland 的管線系統，以服務增加的冷凍（refrigeration）產能以及另外兩座 NGL 船舶碼頭。該專案預計自 2028 年起分階段投入營運，碼頭預計於 2029 年年中投入服務。

100% of the ethane export capacity has been committed under long-term agreements running into the 2040s, and 80% of these volumes are expected to be delivered to markets in Asia that are outside of China. Growth capital for the project is expected to be slightly over $1 billion, and this 2026 capital expenditure was previously included in our growth capital guidance.

乙烷出口產能已 100% 透過長期協議完成承諾，合約期限延伸至 2040 年代；且預期其中 80% 的量將交付至中國以外的亞洲市場。該專案的成長資本預計略高於 10 億美元，而這筆 2026 年資本支出先前已納入我們的成長資本指引。

In the second quarter, we completed upgrades to our Lone Star Express NGL pipeline, which provides more than 90,000 barrels per day of incremental Permian NGL takeaway capacity on the pipeline system and led to record Y-grade volumes out of the Permian for the second quarter. As a result of our total deliverability into Mont Belvieu, is now more than 1.3 million barrels per day, and our Permian NGL takeaway pipelines are currently approximately 95% utilized.

在第二季，我們完成了 Lone Star Express NGL 管線的升級，為該管線系統新增超過每日 9 萬桶的二疊紀 NGL 外運（takeaway）能力，並帶動第二季自二疊紀輸出的 Y-grade 量創下新高。由於我們對 Mont Belvieu 的總交付能力目前已超過每日 130 萬桶，而我們的二疊紀 NGL 外運管線目前約有 95% 的使用率。

Also, in the second quarter, we signed long-term transportation and/or fractionation agreements for upwards of approximately 300,000 barrels per day on our Y-grade assets that extend into the 2030s. And at Mont Belvieu, our fractionators remained fully utilized in the second quarter. We expect volumes on our new Frac IX to ramp up quickly upon its anticipated in-service late this year.

同樣在第二季，我們在 Y-grade 資產上簽署了長期運輸及／或分餾（fractionation）協議，合計量最高約達每日 30 萬桶，合約期限延伸至 2030 年代。在 Mont Belvieu，我們的分餾裝置於第二季仍維持滿載使用。我們預期新建的 Frac IX 在預計於今年稍晚投入營運後，處理量將快速爬升。

Results for the second quarter were better than expected, with market volatility contributing to significant upside, in addition to the record volumes and strong base business performance. As we have previously said, additional upside to our forecast is expected to be dependent upon the duration and impact of market disruptions. Our business is uniquely positioned to capture these benefits should they continue.

第二季業績優於預期；除創紀錄的量與穩健的基礎業務表現外，市場波動也帶來顯著上行貢獻。如同我們先前所述，我們預測的額外上行空間，預期將取決於市場擾動的持續時間與影響程度。若此情況延續，我們的業務具備獨特優勢可掌握這些效益。

We continue to expect the ramp-up of Mustang Draw, Hugh Brinson, and other projects to contribute to additional growth in 2026. With Hugh Brinson now capable of commercial service and the full Phase I expected to be ready ahead of schedule, we expect it to provide significant future upsides and further establish Energy Transfer's natural gas pipeline business as the premier option for customers seeking dependable natural gas supply. With a large slate of growth projects under construction, we are extremely focused on project execution, as evidenced by Hugh Brinson.

我們仍預期 Mustang Draw、Hugh Brinson 及其他專案的爬坡將在 2026 年帶來額外成長。隨著 Hugh Brinson 現已具備商業服務能力，且第一期（Phase I）完整工程預計可提前完工，我們預期其將帶來可觀的未來上行空間，並進一步確立 Energy Transfer 的天然氣管線業務，成為尋求可靠天然氣供應之客戶的首選方案。在多項成長專案同步施工之下，我們高度專注於專案執行，而 Hugh Brinson 即為明證。

Completing these projects safely, on time, and on budget remains among our top priorities. We also remain very focused on capital discipline, targeting a long-term annual distribution growth rate of 3% to 5%, and maintaining our leverage targets of 4 to 4.5 times EBITDA. Our unmatched connectivity allows us to move energy from every major supply basin to major trading hubs, power plants, data centers, city gates, industrial complexes, and other downstream markets throughout the U.S., as well as to international markets through our export terminals. This concludes our prepared remarks.

以安全、如期且在預算內完成這些專案，仍是我們的首要任務之一。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。我們無可匹敵的連通性，使我們能將能源自各主要供應盆地輸送至主要交易樞紐、電廠、資料中心、城市門站（city gates）、工業園區及美國各地其他下游市場，並透過我們的出口終端輸往國際市場。以上為我們預先準備的發言。

Operator, please open the line up for our first question.

接線員，請開放線路進行第一個提問。

(Operator Instructions) Theresa Chen, Barclays.

(接線員指示) Theresa Chen，巴克萊（Barclays）。

First, I'd like to congratulate Mackie on his retirement. Thank you, Mackie, for your many years of leadership.

首先，我想恭喜 Mackie 退休。謝謝你，Mackie，多年來的領導。

Looking at the fundamentals, if you wouldn't mind elaborating more on the drivers of the volumetric outperformance demonstrated across your segments in second quarter, and how this outperformance helps frame the expectations into 2027 or second half of 2026 as well as 2027 plus, taking into account recent commentary from producer customers. As we think about the remainder of this year, going back to Tom's comments about the factors that could drive the low to high end of guidance, can we get more color on the impact and duration of these market disruptions, and which key variables are you looking at as you determine the effect of these disruptions on the remainder of your year?

從基本面來看，若方便的話，請進一步說明第二季各事業部門所展現的輸送量（volumetric）優於預期的驅動因素，以及在考量近期生產商客戶的評論後，這樣的優於預期表現如何幫助我們建立對 2026 年下半年與 2027 年，以及 2027 年以後的預期框架。再就今年剩餘時間而言，回到 Tom 對可能推動指引區間低端到高端因素的評論，能否請你們提供更多細節，說明這些市場擾動的影響與持續時間，以及你們在判斷其對今年剩餘期間影響時，主要觀察哪些關鍵變數？

This is Dylan. Let me try to address all that by taking us back and looking at the full first half of the year. As most of you know, we increased guidance in the first quarter by $750 million, and that was really related to approximately $600 million in Q1 results and $150 million from just stronger performance that we saw continuing through the balance of the year on our business.

我是 Dylan。我嘗試把這些問題一起回到上半年整體情況來回答。如各位所知，我們在第一季將指引上調 7.5 億美元，主要是因為第一季業績約貢獻 6 億美元，以及我們看到業務在今年剩餘期間持續展現更強勁表現所帶來的約 1.5 億美元。

In this quarter, we're increasing another $550 million. Majority of this is strong beats across almost all segments this quarter. Midstream, Intrastate, Crude were all about $100 million, roughly beats, and NGL, over $200 million, as we really saw just strong activity across the board on the NGLs, everything from stronger export and domestic sales, higher fees across the docks, stronger blending margins. And so, this is all setting up for a stronger second half of the year.

本季我們再上調 5.5 億美元。其中大部分來自本季幾乎所有事業部門的強勁超預期表現。中游（Midstream）、州內管線（Intrastate）、原油（Crude）各約超預期 1 億美元，而 NGL 超過 2 億美元；我們確實看到 NGL 全面活動強勁，從更強的出口與國內銷售、碼頭費率提高，到更強的調和（blending）利差。因此，這一切都為今年下半年更強勁的表現奠定基礎。

When we look at the plan, we expect the base business to remain strong. We expect volumes to pick up and grow across all our segments as we go through the back half of the year. We have a number of projects obviously coming online here that are going to help drive this.

當我們檢視這項計畫時，我們預期基礎業務將維持強勁。我們預期隨著進入下半年，我們所有業務分部的運量都會回升並成長。顯然我們有多個專案即將在此上線，將有助於推動這一點。

The early start to Hugh Brinson is super important to us. Very pleased to get that coming online as we are and looking at that coming online early and under budget, which we think is really important because you need to remember, this is the same team, these are the same folks that are going to be working on Desert Southwest. We think this is a great precursor to what we're going to deliver on that project as well.

Hugh Brinson 的提前啟動對我們非常重要。我們非常高興它如期上線，並且看到它提前且低於預算上線；我們認為這點非常重要，因為你要記得，這是同一個團隊、同一批人，之後也將投入 Desert Southwest。我們認為這是我們也將在該專案上交付成果的一個很好的前兆。

Those contracts, those are going to step up here as we go through the balance of the year. We're really going to see the majority of that impact really starting January 1st as we get to all the Phase I contracts will be kicked in by then.

那些合約在今年剩餘期間會逐步放量。我們將在 1 月 1 日起真正看到大部分影響，因為到那時所有第一期（Phase I）合約都會生效。

Mustang Draw I and II. Mustang Draw I is on. We're hitting new records in the Permian almost daily there as we really push these assets to full. We'll see that impact through the balance of the year. That'll flow through also into our NGL volumes. Mustang Draw II will come on late in the year. We'll expect that to fill up very quickly, but pretty limited impact to 2026. That'll be a big 2027 push, same way as the Hugh Brinson Pipeline.

Mustang Draw I 與 II。Mustang Draw I 已經上線。隨著我們全力推動這些資產達到滿載，我們在二疊紀盆地幾乎每天都在刷新新紀錄。我們將在今年剩餘期間看到其影響。這也會反映到我們的 NGL 運量上。Mustang Draw II 將在今年稍晚上線。我們預期它會很快被填滿，但對 2026 年的影響相當有限。那將是 2027 年的一大推進，與 Hugh Brinson 管線相同。

Frac IX additionally, late this year. Once again, we expect that to start filling up pretty quickly when that comes online, but it's happening late in the year, so limited 2026 impact there. When you look at all these, the base business is strong. Expect that to continue through.

另外，Frac IX 也會在今年稍晚上線。同樣地，我們預期它一旦上線就會很快開始被填滿，但因為發生在年底，因此對 2026 年的影響有限。綜觀這些，基礎業務很強勁。我們預期這種態勢將持續。

Going over to the volatility we've seen, the wider spreads, the higher commodity prices that we all saw happen through Q1 and Q2. We don't really have much of that in our plan for the back half of the year. The more of this that continues to play out, I think, is setting us up to where with some of this volatility, we can very easily achieve that high end of the guidance range.

再談到我們看到的波動性、更寬的價差，以及我們在第一季與第二季都看到的大宗商品價格走高。我們在下半年的計畫中其實沒有納入太多這類因素。我認為這些情況若持續發展，將使我們在出現部分波動時，很容易達成指引區間的高端。

This is Mackie, Theresa.

Theresa，我是 Mackie。

Please.

請說。

I'm sorry to interrupt. This is Mackie. Thanks for your nice comments. Let me summarize a little bit what he just said. First half of this year shows the extreme benefit and value that our assets have in every condition. Our ability to move gas through our intra-interstate pipelines, west to east to west, from all major hubs. Our ability to chill less ethane, more ethane, more propane, more butane. I think what happened, of course, the war had a lot to do with it. There's always weather variables, whatever. I think it really showed the diversity of our assets and our ability to pivot and benefit from whatever's happening, either domestically or internationally, in a big way. I think our assets and our people proved that the first half of this year.

抱歉打斷一下。我是 Mackie。謝謝你的好評。我來簡單總結一下他剛才說的。今年上半年顯示出我們資產在各種情境下所具備的極大效益與價值。我們能透過州內與跨州管線把天然氣在西到東、東到西之間輸送，並連結所有主要樞紐。我們能選擇回收較少乙烷、較多乙烷、更多丙烷、更多丁烷。當然，戰爭對此有很大影響。也總會有天氣變數等等。我認為這確實展現了我們資產的多元性，以及我們能夠快速調整並從國內或國際發生的任何情況中大幅受益的能力。我認為今年上半年，我們的資產與我們的人員已經證明了這一點。

And just to clarify, Dylan, in relation to the commodity price environment, the volatility that we've seen over the past few months, is your -- is the takeaway that without a significant uptick in volatility, your revised guidance is very achievable? If we were to see this volatility persist or tick higher, that would be additive to the updated range?

再確認一下，Dylan，就大宗商品價格環境而言，過去幾個月我們看到的波動性，你的——你的結論是否是：在沒有顯著增加波動性的情況下，你們修訂後的指引是非常可達成的？如果我們看到這種波動性持續或再走高，這將會對更新後的區間帶來額外的上行貢獻？

Yes. Absolutely.

是的。完全正確。

Great. Turning to your dry gas assets. Great to see the progress on Hugh Brinson Phase I really coming in ahead of your own expectations, it sounds like. Can you provide some more color on how Desert Southwest is progressing, including permitting and overall project execution? How has that development process progressed relative to your own expectations? As you think about maximizing the value of that corridor in general, what opportunities exist to add incremental demand through laterals, power generation connections, data center load, and so on off of Desert Southwest and Transwestern over time?

很好。接著談你們的乾氣資產。很高興看到 Hugh Brinson 第一期的進展似乎確實超出你們原先的預期、提前完成。你能否再多分享一些 Desert Southwest 的進展，包括許可申請與整體專案執行？相較於你們自身的預期，這個開發流程的進度如何？當你們思考整體最大化該走廊的價值時，未來透過支線、發電連接、資料中心負載等方式，在 Desert Southwest 與 Transwestern 上增加增量需求有哪些機會？

It's Mackie again. We were excited about Hugh Brinson, and we're equally as excited about DSW. It's going to be a game changer, especially for that part of the world. It remains to be seen how much new markets developed. Even yesterday, we had a call from a utility in southern New Mexico wanting to tie to us, so we'll see kind of the upside through New Mexico. There's enormous growth in the Phoenix area and in Arizona.

又是 Mackie。我們對 Hugh Brinson 感到興奮，對 DSW 也同樣興奮。這將是改變遊戲規則的專案，特別是對那個地區而言。會有多少新市場被開發仍有待觀察。甚至就在昨天，我們接到新墨西哥州南部一家公用事業公司的電話，希望能接入我們的系統，所以我們會看看在新墨西哥州會有多少上行空間。鳳凰城地區以及亞利桑那州的成長非常可觀。

Grant and his team have done a great job on government relations, getting out in front of this to all stakeholders, all constituents, whether it's the indigenous folks, which are many different in that state, and then all the both local and state and federal agencies. We're on top of that on a day-to-day basis. As far as our expectations, we're probably a little ahead of our expectations on survey permission and on making progress on getting this pipeline built.

Grant 和他的團隊在政府關係方面做得非常好，主動與所有利害關係人、所有選民群體溝通，不論是原住民族群——該州有許多不同部族——以及地方、州與聯邦各級機關。我們每天都在密切掌握。就我們的預期而言，在測量許可（survey permission）以及推進管線建設進度方面，我們可能略微超前於原先預期。

Everything is going exceptionally well. As everybody knows, the steel was ordered a long time ago. The compression was ordered a long time ago. We've got the same team, as Dylan mentioned with Mike, and what his team has done on Hugh Brinson. We expect the same on DSW. It's going to be a great benefit for our assets, for our partnership, for the southwest portion of the United States, and we're very excited and expect to bring that on time in the latter part of 2029.

一切進展都非常順利。如大家所知，鋼材很久以前就已下單。壓縮設備也很久以前就已下單。我們擁有同一個團隊，正如 Dylan 提到的 Mike，以及他的團隊在 Hugh Brinson 上所做的成果。我們預期在 DSW 也會有同樣表現。這將為我們的資產、我們的合夥企業，以及美國西南部帶來巨大效益；我們非常興奮，並預期在 2029 年後半段按時投產。

Jean Ann Salisbury, Bank of America.

美國銀行的 Jean Ann Salisbury。

Are you surprised that Waha basis has narrowed so quickly? Do you believe that there's still stranded gas in the Permian waiting to come online? Again, congrats on getting Hugh Brinson online early.

你是否對 Waha 基差這麼快收斂感到意外？你是否認為二疊紀盆地仍有受困天然氣正等待上線？再次恭喜 Hugh Brinson 提前上線。

I think it goes without saying that Waha's been hurting and producers have been hurting. They've been hurting for quite a while, and everything's been bottled up there. Boy, Hugh Brinson has unleashed it. I know there's another pipeline also that's coming online, if not already.

我想不用多說，Waha 一直很痛苦，生產商也一直很痛苦。他們痛苦了相當長一段時間，所有東西都在那裡塞住了。哇，Hugh Brinson 把它釋放出來了。我知道還有另一條管線也將上線，如果不是已經上線的話。

Common sense, when you have all of a sudden, a Bcf growing to maybe 4.5 Bcf by the first quarter of next year, things are going to get better, and that's already proven itself. This is not unexpected. It probably has narrowed quicker than we thought, which goes to the second part of your question. There's a lot of pent-up volume, a lot of shut-in gas, a lot of ducts to bring online, and producers have been holding back. This is really going to unleash production in a big way.

常識告訴我們，當你突然從 1 Bcf 成長到明年第一季可能達到 4.5 Bcf，情況就會改善，而這也已經證明了。這並不令人意外。它收斂得可能比我們想的更快，這也回到你問題的第二部分。有大量被壓抑的運量、許多關井（shut-in）的天然氣、許多待投產的管道（ducts），而生產商一直在按兵不動。這將以很大的幅度釋放產量。

Oil for sure, on the gas front and the NGL front, volumes are going to grow exponentially. Who knows? If we can really fill up 4.5 Bcf in the next year, we'll see. We're very excited about bringing that on, and I know our customers are as well.

石油當然也是；在天然氣與 NGL 方面，運量將呈指數型成長。誰知道呢？如果我們真的能在明年把 4.5 Bcf 填滿，我們就拭目以待。我們非常期待讓它投產，我也知道我們的客戶同樣期待。

Congrats on the recent ethane export expansion. Can you talk about how you expect that capacity to ramp? I know you talked about when the docks are coming in, but are there other limiters like VLEC builds or just the time for the international ethane crackers to come online? I don't know if there's a new international ethane crackers, but any more you can give on how you expect that to ramp would be helpful.

恭喜你們近期擴增乙烷出口。能否談談你們預期該產能將如何爬坡提升？我知道你們提過碼頭何時到位，但是否還有其他限制因素，例如VLEC新船建造，或只是等待海外乙烷裂解裝置投產的時間？我不確定是否有新的海外乙烷裂解裝置，但若能再多分享一些你們預期如何爬坡，會很有幫助。

This is Adam. We've timed it to where we expect the unit to start up in mid-2028 and then continue to ramp through mid-2029. That coincides with what our expectation is from our customer, which these are new build crackers. There will be a ramp reflective of them bringing two units online.

我是Adam。我們把時程安排在預期該裝置於2028年年中啟動，並持續爬坡至2029年年中。這與我們從客戶端的預期一致，因為這些都是新建裂解裝置。隨著他們讓兩套裝置上線，爬坡將會反映其投產節奏。

Keith Stanley, Wolfe Research.

Keith Stanley，Wolfe Research。

First, I want to go -- there's a reference in the release to expecting new gas pipeline announcements later this year for power customers. Are you referring to larger backbone type projects you're making progress on or more laterals for data center demand?

首先，我想問——新聞稿中提到預期今年稍晚會針對電力客戶宣布新的天然氣管線。你們指的是正在推進的較大型骨幹型專案，還是更多為資料中心需求而建的支線（lateral）？

All the above. We've got numerous opportunities. Some of y'all are aware of, some you're not, on laterals that are less than 15 or 20 miles, some just a few miles. Yes, we are working on another at least one large intrastate pipeline, we're also working on another interstate pipeline. We're a little premature to talk about that. Very optimistic we'll get those to the finish line, hopefully we can talk more about those in November.

以上皆是。我們有許多機會。其中有些你們知道、有些你們不知道，包括一些不到15或20英里的支線，有些甚至只有幾英里。是的，我們至少正在推進另一條大型州內（intrastate）管線，也在推進另一條州際（interstate）管線。現在談這些還稍嫌過早。我們非常樂觀能把這些專案推到終點，希望11月能再多談一些。

Okay, great. Second question. The Green Chile project for Project Jupiter for Oracle, is the plan now to reroute around the New Mexico state lands? Looking forward for Desert Southwest, can you talk about regulatory strategy for New Mexico and how the process for Desert Southwest should be different than what we saw with Green Chile?

好的，很棒。第二個問題。針對Oracle的Project Jupiter之Green Chile專案，現在的計畫是要改道繞開新墨西哥州的州有土地嗎？展望Desert Southwest，你能談談在新墨西哥州的監管策略，以及Desert Southwest的流程應該會如何不同於我們在Green Chile看到的情況嗎？

This is Adam. I'll take the first half and let Mackie jump in on the second half. On Green Chile, without getting into specifics, we've been very focused on that project and won't go through exactly kind of what the process from here on is.

我是Adam。我先回答前半段，後半段讓Mackie補充。關於Green Chile，在不談具體細節的前提下，我們一直非常專注於該專案，也不會逐一說明從現在起的流程會如何進行。

We do and have been working with both the FERC and the BLM and all the stakeholders that are involved and are very confident that they understand the importance of these data center projects and the importance on the ability to execute through the regulatory process to be able to bring these projects, which are very important to our industry and the country online. We're in constant communication with them and are very confident that this pipeline will be put into service and will be ultimately successful.

我們正在且一直與FERC、BLM以及所有相關利害關係人合作，並且非常有信心他們理解這些資料中心專案的重要性，也理解要能透過監管流程順利執行、讓這些對我們產業與國家都非常重要的專案上線之重要性。我們與他們保持持續溝通，並非常有信心這條管線將投入營運並最終取得成功。

I'll answer the second part of that. The answer is no. We don't anticipate any similar type challenges on DSW. Primarily what the issue is, it's a data center. As we know in this country, for years and years, there's been all these false beliefs about climate change and the world's coming to an end. A lot of those same environmental activists are also shifting over, and now they're trying to stop data centers. It's kind of become a four-letter word.

我來回答第二部分。答案是否。我們不預期DSW會遇到任何類似的挑戰。主要的問題在於，這是一個資料中心。如我們所知，多年來在這個國家一直存在各種對氣候變遷的錯誤認知，認為世界末日將至。許多同樣的環保行動者也在轉向，現在他們試圖阻止資料中心。這某種程度上已變成一個「禁忌詞」。

We think Oracle has done a much better job of getting out the facts of how these are closed loop systems. They're not using near as much water as being advertised. In this particular case, they've actually gone to Bloom Energy, which is a lot less emissions. This, we believe, is much more of a data center focused kind of protest activity. As Adam just said, we're confident we're going to get there. Maybe delayed a little bit from where we first anticipated, we're going to get there. As I said, DSW's moving along very well.

我們認為Oracle在釐清事實方面做得更好，說明這些是封閉循環系統。它們使用的水量遠低於外界宣稱的數字。在這個案例中，他們實際上採用Bloom Energy，排放更低。我們相信這更像是針對資料中心的抗議活動。如Adam剛才所說，我們有信心會達成。也許比我們最初預期稍有延遲，但我們會達成。如我所說，DSW進展非常順利。

Jeremy Tonet, JPMorgan.

Jeremy Tonet，JPMorgan。

Mackie, wishing you the best of luck in retirement. Appreciate all your perspectives over the years. Just wanted to go back to the Permian a little bit more, if we could. As it relates to Hugh Brinson too, if you could just help us think through, I guess, the rate of ramp there. Just trying to think of when that's going to be fully capable.

Mackie，祝你退休一切順利。感謝你多年來分享的各種觀點。我想再回到二疊紀盆地多問一些。也關於Hugh Brinson，如果可以的話，請幫我們梳理一下那邊的爬坡速度。我只是想了解何時會達到完全能力。

We really haven't changed phase II. We still anticipate being on probably mid-first quarter. Maybe as late as March 1st, but it could go sooner. Like I said, Mike and his team have done such a great job. We don't put anything past them being early, but right now, kind of mid-second quarter. I mean, I'm sorry, mid-first quarter.

我們其實沒有改變第二期（phase II）。我們仍預期大概在第一季中段。可能最晚到3月1日，但也可能更早。如我所說，Mike和他的團隊做得非常出色。我們不排除他們提前完成，但目前大致仍是第一季中段。我是說，抱歉，是第一季中段。

This could take commissioning flows in the fourth quarter, early, like what we've seen with the Phase I?

那是否可能像第一期（Phase I）一樣，在第四季就開始有試車（commissioning）流量、甚至更早？

Well, the last phase is predominantly compression. As we get that in, we'll be starting the commissioning very likely sometime in the latter part of January, early part of February.

嗯，最後一個階段主要是壓縮（compression）。隨著設備到位，我們很可能會在1月下旬到2月上旬的某個時間開始試車。

Just one last one, if I could. With regards to incremental Permian egress needs, how do you see things unfolding at this point as far as when the basin would need more egress? Where do you think that gas wants to go, and how's ET's strategy there?

如果可以的話，最後再問一題。關於二疊紀盆地額外外運（egress）需求的增量，你們目前怎麼看後續發展——盆地何時會需要更多外運能力？你們認為這些天然氣想流向哪裡？ET在這方面的策略是什麼？

What a great question for us. Where does it want to go? You can't really ask a lot of companies that because they don't have the ability to get it to where people want it to go. A lot of the customers on Hugh Brinson Pipeline are actually Florida customers. We'll take volume to wherever our customers, our shippers want it to go, and we have such a vast capability to that, of taking it from the Permian Basin, moving it to Phoenix, as we just talked about, moving it to South Texas, moving it to the Dallas-Fort Worth area, to Carthage, East Texas, of course, to Katy Houston Ship Channel.

這對我們來說是個很棒的問題。它想去哪裡？你其實很難問很多公司這個問題，因為他們沒有能力把它送到市場想要的地方。Hugh Brinson管線的許多客戶其實是佛羅里達的客戶。我們會把量送到客戶、也就是我們的託運人（shippers）想要去的任何地方；而我們具備非常廣泛的能力，例如把二疊紀盆地的氣送到鳳凰城（Phoenix）（如我們剛才談到的）、送到南德州、送到達拉斯—沃斯堡地區、送到德州東部的Carthage，當然也能送到Katy與休士頓航道（Houston Ship Channel）。

We have enormous capabilities of moving it west to east, as we've alluded. We also have a great capacity to move from east to west, which some of our customers, especially power plants and data centers, are wanting to source theirs from Katy and Carthage, which we can do and nobody else really can. We're set up very well in Texas and likewise in Louisiana and going east. We have the enormous capability of taking an MMBtu from a field in southwestern Pennsylvania and delivering it to a customer on the coast of Louisiana or even to Florida. So the answer to that question is we will move volume and move MMBtus wherever the customers want it to go.

我們具備非常強的由西向東輸送能力，如我們先前提到的。我們也有很好的由東向西輸送能力；一些客戶，特別是電廠與資料中心，希望從Katy與Carthage取得供應，我們能做到，而其他人基本上做不到。我們在德州的布局非常到位，在路易斯安那以及往東也同樣如此。我們有很強的能力，把賓州西南部某個氣田的一個MMBtu，交付到路易斯安那沿岸的客戶，甚至交付到佛羅里達。所以這題的答案是：客戶想把量、把MMBtu送到哪裡，我們就會把它送到哪裡。

Jackie Torres, Goldman Sachs.

Jackie Torres，Goldman Sachs。

First, you pointed to some NGL recontracting into the 2030s. I was wondering if you could remind us what your recontracting exposure is for the remainder through the end of the decade. Are you seeing downward pressure on rates, or has the expected influx of gas and those associated NGL volumes impacted market pricing or created some type of more balance in the supply-demand dynamics?

首先，你提到一些NGL合約續簽延伸到2030年代。我想請你提醒我們，在本十年剩餘期間直到十年末，你們需要續約（recontracting）的曝險有多大？你們是否看到費率有下行壓力？或者，預期的天然氣流入及其伴隨的NGL量是否已影響市場定價，或在供需動態上形成某種更平衡的狀態？

This is Adam. We're extremely that we made year-to-date on recontracting our Y-grade business out of the Permian. We mentioned in our prepared remarks, in the last quarter, we signed 300,000 barrels a day of Y-grade deals, and this plus what we're expecting out of the growth in our midstream segment coming from our affiliates, we feel like puts us in a really great position through the balance of the decade on our Y-grade business, where we now can kind of turn our focus towards expansion at Mont Belvieu and looking at things like potential new fracs, additional new ethane exports, given that our Y-grade business really is what feeds the beast.

我是Adam。我們對於今年迄今在二次簽約（recontracting）方面，已將我們在二疊紀盆地外運的Y-grade業務完成續約，感到非常振奮。我們在事先準備的發言中提到，上季我們簽下了每日30萬桶的Y-grade合約；再加上我們預期中游事業部來自關聯企業的成長，我們認為這讓我們在本十年剩餘期間的Y-grade業務上處於非常有利的位置。現在我們也能把重心轉向蒙特貝爾維尤（Mont Belvieu）的擴張，並評估像是潛在的新分餾裝置（fracs）、新增乙烷出口等事項，因為我們的Y-grade業務確實是整個系統的「餵料來源」。

The second part of your question, or first part around rates. We are recontracting at market rates, and there has been more capacity brought online. We do believe that we've seen the bottom of those rates and that we expect going forward that all additional contracting will be at higher rates.

你問題的第二部分，或第一部分關於費率。我們是以市場費率進行續約，而且市場上也有更多產能上線。我們確實相信費率已經觸底，並且我們預期未來所有新增簽約都會以更高的費率進行。

Got it. Appreciate that color. I guess sticking on recontracting, Enbridge did note a rerouting of MLO2, which does require capacity elsewhere relative to DAPL. Do you see other opportunities to leverage this asset with other projects being contemplated in Canada? How does the 250 of open capacity kind of impact your conversations for recontracting on that pipeline from here?

了解。謝謝你提供的補充說明。我想延續續約的話題，Enbridge確實提到MLO2的改道（rerouting），相較於DAPL，這需要在其他地方配置產能。你們是否看到其他機會，能把這項資產與加拿大正在評估的其他專案結合、加以運用？而那250（的閒置/開放）產能，對你們接下來就該管線進行續約談判會有什麼影響？

This is Adam again. I'll start. We still are believers in MLO2. We still think that project, as envisioned and as presented to the market, is ultimately going to win the day. I think what maybe we underappreciated was the regulatory complexity that's going on within Canada right now. We're kind of looking towards the back half of the year to get some more clarity as those Canadian producers are in what feels like rather complex negotiations between them and the government, we've got USMCA coming up.

我是Adam，再回答一次。我先說。我們仍然看好MLO2。我們仍然認為，這個專案如同原先構想、並向市場呈現的那樣，最終會勝出。我想我們可能低估了目前加拿大境內的監管複雜度。我們大概會在今年下半年尋求更清楚的方向，因為加拿大的生產商似乎正與政府進行相當複雜的協商，而且USMCA也即將到期/進入檢討期。

At the end of the day, DAPL is steel in the ground. MLO2 is a very executable project. But as far as pivoting to what we're focused on DAPL, we're in conversations with all the Bakken producers, and we're encouraged by how those are going.

歸根結底，DAPL是已經鋪設在地底的鋼管資產。MLO2是一個非常可執行的專案。但就我們在DAPL上聚焦的方向而言，我們正與所有巴肯（Bakken）生產商洽談，而且我們對談判進展感到鼓舞。

We're really re-envisioning how the DAPL ecosystem is going to be used going forward. Like I said, ultimately, we think MLO2 comes back into that mix. Don't forget that we previously announced the Southern Illinois Connector project, which moves 100,000 barrels a day of Canadian heavy for 15 years on the ECHO line.

我們正在重新構想未來DAPL生態系將如何被使用。如我所說，我們最終仍認為MLO2會回到這個組合之中。也別忘了，我們先前宣布過Southern Illinois Connector專案，將在ECHO管線上以15年期運送每日10萬桶的加拿大重油。

The work that we're doing to expand the ECHO line and to be able to facilitate that product movement allows us a lot more flexibility out of Patoka to the Gulf Coast to enable us to move PADD 2 volumes to PADD 3 volumes. We expect to be able to optimize those flows and to capture incremental commercial opportunities through that Patoka South business.

我們正在進行ECHO管線的擴建工作，並提升促成該產品運輸的能力，這讓我們從帕托卡（Patoka）到墨西哥灣沿岸擁有更大的彈性，使我們能把PADD 2的量轉運到PADD 3。我們預期能優化這些流向，並透過Patoka South業務掌握額外的商業機會。

Manav Gupta, UBS.

Manav Gupta，瑞銀（UBS）。

Congrats on a good quarter and the guidance raise. I quickly wanted to ask you about the Haynesville Shale. There's a clear resurgence over there, some M&A activity also. You also have some very strong Haynesville assets in the form of Both Tiger and Gulf Run. Can you talk about ET's leverage to the resurgence in Haynesville Shale that we're seeing out there?

恭喜本季表現不錯，也上調了財測指引。我想快速請教海恩斯維爾頁岩（Haynesville Shale）。那邊明顯正在復甦，也有一些併購活動。你們也擁有很強的海恩斯維爾資產，包括Tiger和Gulf Run。能否談談ET如何受惠於我們看到的海恩斯維爾頁岩復甦？

In Haynesville -- this is Mackie again. Haynesville, as everybody knows, lives and dies on gas. Oil has nothing to do with it. When we saw it peak out at 17.5 or so Bcf a number of years ago and fall off to 14, that's why. It's coming back.

談到海恩斯維爾——我是Mackie，再補充。大家都知道，海恩斯維爾的興衰完全取決於天然氣。跟原油無關。幾年前我們看到它在約17.5 Bcf左右見頂、之後回落到14，就是這個原因。現在它正在回來。

I think we, and probably most of the industry, are very bullish on gas prices as you look out three or four years and beyond. Ton of reserves in the Haynesville. We're extremely well-situated with all of our pipes. We actually have four 42-inch pipes that run through Northern Louisiana. A lot of those cases, we're selling some of that capacity out at really good rates. It's a flexible system.

我想我們——可能也包括產業中大多數公司——在展望三、四年甚至更長時間後，對天然氣價格都非常看多。海恩斯維爾有大量儲量。我們的所有管線布局讓我們處於極佳位置。我們其實有四條42吋管線穿越路易斯安那州北部。在很多情況下，我們以非常好的費率把部分產能對外出售。這是一個很有彈性的系統。

We actually moved some gas from Perryville back into the marketplace and down Gulf Run to the south. We're very well-positioned with any kind of volume growth, and we think we're going to continue to see volume growth in the Haynesville for years to come.

我們也確實把部分天然氣從Perryville回送到市場，並沿著Gulf Run往南輸送。面對任何形式的量增，我們都處於非常有利的位置，而且我們認為未來多年海恩斯維爾的產量仍會持續成長。

My quick follow-up is a little bit of a more of a macro. You remain very confident of the incremental nat gas demand. There's a little bit of a bearish thesis out there that gas turbines are taking longer to get delivered, permits are getting delayed. From your initial comments, it appears that everything is actually intact, and the demand for nat gas for power remains incredibly strong. Can you just comment a little bit about that?

我快速追問一個比較偏宏觀的問題。你們仍然非常有信心天然氣需求會持續增加。但市場上有一個偏空的論點是：燃氣渦輪機交付時間變長、許可證核發延遲。從你們一開始的評論看起來，似乎一切其實都仍在軌道上，而且發電用天然氣需求依然非常強勁。能否就此再多評論一下？

This is Adam. We're just not seeing the slowdown. Yes, we hear kind of the same things about permit delays and about some of these data centers getting delayed in building out. We alluded to it in our prepared remarks.

我是Adam。我們就是沒有看到放緩。是的，我們也聽到類似的說法，像是許可延遲、以及部分資料中心的建置進度延後。我們在事先準備的發言中也提到過。

One of the trends that we're seeing, and we think is really great for us and for the industry, is that in areas that these data centers are being built, they're now expanding in those same areas. These are areas which are friendly, like Abilene and with the Stargate 1 project, and then the Stargate Project immediately adjacent in Shackelford County. We expect more growth to happen in areas like that.

我們看到的一個趨勢——我們認為對我們和整個產業都非常好——是：在這些資料中心已經落地建置的地區，它們現在也在同一地區擴建。這些地區相對友善，例如Abilene的Stargate 1專案，以及緊鄰其旁、位於Shackelford郡的Stargate專案。我們預期在這類地區會出現更多成長。

You've seen the Meta announcement in Louisiana, where they are increasing the capacity which they're building for their data center in an area that is obviously welcoming them. We don't really see the slowdown. We do see some of the companies pivoting and looking more to where they're already building, and they're already welcome versus new greenfield sites.

你也看到Meta在路易斯安那州的公告，他們正在一個明顯歡迎他們的地區，提高其資料中心建置的容量。我們並不真的看到放緩。我們確實看到一些公司在策略上轉向，更傾向於在既有建置、且已被歡迎的地點加碼，而不是去新的綠地（greenfield）選址。

This is Mackie. Let me add a little bit to that.

我是Mackie。我再補充一點。

Yes.

好的。

I'm going to add a little bit to that. If you look at some of the projections, we're now seeing in LNG demand growing to early 2030s, 2031 to 2036 Bcf. That's about a 16 Bcf growth. We know what's going on in our systems with power plant growth as well as industrial growth. We're chasing markets like steel companies, two steel companies in two different states. There's a lot of industry, even in Oklahoma that we're chasing.

我再補充一點。如果你看一些預測，我們現在看到LNG需求在2030年代初期成長，約在2031到2036年達到Bcf的水準。這大約是增加16 Bcf的成長。我們也知道我們系統內發電廠成長以及工業成長的情況。我們正在追逐市場機會，例如鋼鐵公司——兩家鋼鐵公司分別在兩個不同州。還有很多工業需求，甚至在奧克拉荷馬州，我們也在積極爭取。

It's not just demand for power plants, it's demand for LNG, it's demand for population growth in the south. It's demand for commercial business. I mean, it's everything, and it's hard not to be bullish on natural gas growth over the next 10 or 15 years.

不只是發電廠的需求，還有LNG的需求、南部人口成長帶來的需求。也有商業用戶的需求。我的意思是，幾乎是全方位的需求，因此很難不對未來10到15年的天然氣成長保持樂觀。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，Jefferies。

This is [Andrew] on for Julien. Maybe just two on my front. One, with the data center interest that we're seeing kind of in the Texas DFW corridor region, also with the potential grid interconnection delays that we're also seeing really as recent as last week with the legislative hearings. Can you maybe kind of speak to the opportunity set that you guys are seeing in that region, just given the connectivity that you have with Hugh Brinson? Maybe more specifically, can you speak to kind of how are you seeing the competitive dynamic in that state? Kind of what differentiate you guys versus competitors, and do you expect that competitive dynamic could potentially deteriorate your return profile for these projects?

我是[Andrew]，代替Julien發言。我這邊可能有兩個問題。第一，關於我們看到資料中心在德州DFW走廊地區的興趣，同時也看到電網併網可能出現延遲——就在上週的立法聽證會上也有提到。考量到你們與Hugh Brinson的連結性，你能否談談你們在該地區看到的機會集合？更具體地說，你能否談談你們如何看待該州的競爭態勢？你們相較於競爭對手的差異化是什麼？你是否預期這種競爭態勢可能惡化、進而影響這些專案的報酬輪廓？

This is Mackie. Adam may add some. We said it before, a couple of years ago, when data centers kind of started taking off, we looked at the maps, and then we looked at where a lot of the proposed data centers were going, and they were right on top of our pipelines. For one thing, we're just fortunate that we own so many big inch pipes that traverse through much of the US, especially the South.

我是Mackie。Adam可能會補充一些。我們之前就說過，幾年前當資料中心開始起飛時，我們看了地圖，也看了許多擬議中的資料中心要落在哪裡，結果它們幾乎都正好在我們的管線上方。一方面，我們很幸運擁有這麼多大口徑管線，橫跨美國大部分地區，尤其是南部。

We have a distinct advantage. For example, Abilene has really grown, and we think it'll grow into something very special from a market standpoint. We just happen to have a 42-inch pipeline being built right by Abilene as all that kicked off. Some of it, we're just fortunate with assets are, but also we have great teams that are able to go in and negotiate great deals for our partnership.

我們有明顯的優勢。例如，Abilene確實成長很快，我們認為從市場角度看，它會成長為非常特別的地方。而就在一切開始起來的同時，我們剛好有一條42吋管線正在Abilene旁邊興建。部分原因是我們的資產位置很幸運，但同時我們也有很強的團隊，能夠進去談判，為我們的合夥企業爭取到很好的交易。

We use it a lot, the unparalleled, unmatched capability of selling firm gas to these, because not only do we have big inch pipe coming from multiple areas and multiple basins, even within Texas, but we also have backed it up with storage. We have 237 Bcf of storage in six states in the US. Much of that is in the South. We have enormous capabilities in very tough volatile times to keep the gas flowing, which is critical to these data centers.

我們經常提到，我們向這些客戶銷售「確定供應（firm）」天然氣的能力是無與倫比、無可匹敵的；因為我們不僅有來自多個地區、多个盆地的大口徑管線——即便在德州境內也是如此——我們也以儲氣設施作為後盾。我們在美國六個州擁有237 Bcf的儲氣容量。其中很大一部分在南部。在非常艱難、波動劇烈的時期，我們仍具備讓天然氣持續輸送的巨大能力，而這對這些資料中心至關重要。

As regard to any legislation, all that stuff, one thing that we've done, and I'm not aware of, maybe correct me with Adam here, but if not all, the vast majority of the power plant data centers we do are behind the meter. It really doesn't have anything to do with all this noise about if there's these 2,000 requests for interconnection on ERCOT, for example, in Texas. Kind of irrelevant to our customers because they're not connecting to the grid. They're behind the meter. They're going to provide their own electricity. They're not going to bother anybody or any other customers, which is a lot of the noise that's out there.

至於任何立法、那些事情，我們做的一件事——我不確定，Adam你可以糾正我——但即便不是全部，至少我們做的絕大多數電廠型資料中心專案都是「表後」（behind the meter）。這其實與那些雜音無關，例如在德州，ERCOT上有2,000個併網申請之類的。對我們的客戶而言基本無關緊要，因為他們不會接入電網。他們是在表後。他們會自供電力。他們不會去打擾任何人或其他客戶——這也是外界很多雜音的來源。

Most, if not all, of what we're chasing are behind the meter power plants for the data centers that we're sending gas to, that's really not going to be an issue for a lot of the customers.

我們追逐的大多數（如果不是全部）都是資料中心的表後電廠，我們是把天然氣送到那裡；因此對很多客戶來說，這真的不會是個問題。

I guess as a follow-up, on your growth CapEx outlook, can you maybe speak to the level of visibility that you guys have in potentially sustaining the current, let's say, mid to higher $5 billion of run rate growth CapEx, but at the same time maintaining that same internal return threshold that you guys have? I think in extension, from a natural gas perspective, can you maybe speak to the geographic regions besides the more obvious ones in Texas, Arizona, and Florida that you're seeing more constructive commercial discussions in?

我想追問一下，關於你們的成長型資本支出（growth CapEx）展望，你能否談談你們在可見度方面的情況：是否有可能在維持目前、比如說每年約50億美元中段到高段的成長型CapEx運行水準（run rate）的同時，也維持你們既有的內部報酬門檻？另外，從天然氣的角度，除了較明顯的德州、亞利桑那州與佛羅里達州之外，你能否談談你們在哪些地理區域看到更具建設性的商業洽談？

Listen, I'll start off here, [Andrew]. It's a very good question. As you can see from all of our conversations today, as well as all the other ones we've been having with you, we have a lot of opportunities here. It's a great place to be where we are right now, to be able to see good high-returning projects as we look out.

聽著，我先來回答，[Andrew]。這是個非常好的問題。正如你今天從我們所有對話中看到的，以及我們之前與你進行的其他交流，我們這裡有很多機會。以我們目前所處的位置來看，能夠在往前看時看到高報酬的優質專案，這是一個很好的狀態。

If you take not only the ones that we've announced and we're talking about, but also what we call the shadow projects that are sitting out there, they're just right on the cusp of getting to FID, I think you can see the $5.6 billion to $5.9 billion that we have for this year. If you looked at all the way through 2029, we have enough visibility that we expect that number to stay in that $5 billion, $5 billion plus all the way out through 2029. I think you had a pretty broad question there, I think, as far as more on some of the geographic et cetera, I'll turn that over to look over toward Dylan a little bit here.

如果你不只看我們已宣布、正在談的那些，還包括我們所謂的「影子專案」（shadow projects）——那些就差臨門一腳、即將達到FID（最終投資決策）的專案——我想你就能理解我們今年的56億到59億美元。如果一路看到2029年，我們有足夠的可見度，預期這個數字會維持在50億美元、甚至50億美元以上，一直到2029年。你問的範圍很廣，尤其是地理區域等方面，我把這部分交給Dylan來補充一下。

Let me touch on the I think you're kind of touching on returns there. I think when we look at this opportunity set, we're not by any means lowering our return threshold. In fact, I think when we look at these projects, our return threshold's probably going up because the opportunity set is just so great. These are excellent projects. They're primarily demand-driven, we're building for customers to suit their needs. There's no forcing projects in.

我來補充一下，我想你是在觸及報酬率的問題。我認為當我們看這個機會集合時，我們絕對沒有降低我們的報酬門檻。事實上，我認為我們看這些專案時，報酬門檻可能還在提高，因為機會集合實在太好。這些都是非常優質的專案。它們主要是需求驅動的——我們是為客戶量身打造、以滿足其需求來建設。我們不會硬推專案上馬。

It's just such a great opportunity set. There's no deterioration in the returns here. I think as Tom just said, we see this $5 billion plus number going through the end of the decade here, at the same strong returns that we're seeing right now.

這真的是一個非常好的機會集合。報酬率沒有任何惡化。正如Tom剛才說的，我們看到這個50億美元以上的數字會一路延續到本十年末，同時維持我們目前看到的同樣強勁報酬。

This is Adam. I'll just touch on the geographies that we're seeing these opportunities in, which really is all of them, but that where our footprint is. Specifically, Texas, Oklahoma, Arkansas, Louisiana, Ohio, Illinois, as well as Florida, we're continuing to see opportunities on the natural gas side across all of these states. Specific to data centers, there are certain states that are more friendly than others, and we certainly see more activity there.

我是Adam。我簡單談一下我們看到這些機會的地理分布——基本上是我們足跡所及的所有地方。具體而言，在德州、奧克拉荷馬州、阿肯色州、路易斯安那州、俄亥俄州、伊利諾伊州，以及佛羅里達州，我們持續在這些州的天然氣業務上看到機會。就資料中心而言，有些州比其他州更友善，我們確實在那些地方看到更多活動。

Like Mackie mentioned in one of his previous answers, a lot of this is reindustrialization too, with factories onshoring here in the US. We are seeing a lot of that. We're seeing a lot of expansions, and all those things need natural gas, and need reliable, clean natural gas, and need the flexibility that our system can offer.

就像Mackie在先前的回答中提到的，這其中也有很大一部分是再工業化（reindustrialization），也就是工廠回流、在美國本土設廠。我們確實看到很多這樣的情況。我們看到許多擴建，而所有這些都需要天然氣，需要可靠、潔淨的天然氣，也需要我們系統所能提供的彈性。

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

謝謝。我們的問答環節到此結束。我想把會議交回給Tom Long，請他做結語。

Thank you once again for all of you joining us today. As you can see, we've had a great quarter, great year, and a very bright outlook as we look out. We really appreciate it. Thank you all. We look forward to the follow-up questions you have. Bye.

再次感謝各位今天加入我們。如各位所見，我們本季表現很好、全年表現也很好，展望未來也非常光明。我們非常感謝。謝謝各位。我們期待各位後續的提問。再見。

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

謝謝。本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。