Equitrans Midstream Corp (ETRN) 2022 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the Equitrans Midstream Year-end 2022 Earnings Conference Call. (Operator Instructions) It's now my pleasure to turn today's call over to Mr. Nate Tetlow. Sir, please begin.

女士們，先生們，謝謝你們的支持。此時，我想歡迎大家參加 Equitrans Midstream 2022 年年終收益電話會議。 （操作員說明）現在我很高興將今天的電話轉給 Nate Tetlow 先生。先生，請開始。

Good morning, and welcome to the year-end 2022 Earnings Call for Equitrans Midstream Corporation. A replay of this call will be available for 14 days beginning this evening. The phone number for the replay is (800) 770-2030 or (647) 362-9199. The conference ID is 6625542.

早上好，歡迎來到 Equitrans Midstream Corporation 的 2022 年底財報電話會議。從今天晚上開始，將重播此電話會議的 14 天。重播的電話號碼是 (800) 770-2030 或 (647) 362-9199。會議ID為6625542。

Today's call may contain forward-looking statements related to future events and expectations. Please refer to today's news release and risk factors in ETRN's Form 10-K for the year ended December 31, 2021, and as updated by our Form 10-Q for factors that could cause the actual results to differ materially from these forward-looking statements. Also, the Form 10-K for the year ended December 31, 2022, is expected to be filed with the SEC later today.

今天的電話會議可能包含與未來事件和預期相關的前瞻性陳述。請參閱今天的新聞稿和 ETRN 表格 10-K 中截至 2021 年 12 月 31 日止年度的風險因素，以及我們的表格 10-Q 更新的可能導致實際結果與這些前瞻性陳述存在重大差異的因素.此外，截至 2022 年 12 月 31 日止年度的 10-K 表格預計將於今天晚些時候提交給美國證券交易委員會。

Today's call may contain certain non-GAAP financial measures. Please refer to this morning's news release and our investor presentation for important disclosures regarding such measures, including reconciliations to the most comparable GAAP financial measure.

今天的電話會議可能包含某些非 GAAP 財務措施。請參閱今天上午的新聞稿和我們的投資者介紹，了解有關此類措施的重要披露，包括與最具可比性的 GAAP 財務措施的調節。

On the call today are Tom Karam, Chairman and CEO; Diana Charletta, President and Chief Operating Officer; Kirk Oliver, Senior Vice President and Chief Financial Officer; Justin Macken, Senior Vice President, Gas Systems Planning and Engineering; Brian Pietrandrea, Vice President and Chief Accounting Officer; and Janice Brenner, Vice President and Treasurer. After the prepared remarks, we will open the call to questions.

今天的電話會議是董事長兼首席執行官 Tom Karam； Diana Charletta，總裁兼首席運營官；柯克奧利弗，高級副總裁兼首席財務官；天然氣系統規劃和工程高級副總裁 Justin Macken； Brian Pietrandrea，副總裁兼首席會計官；和副總裁兼財務主管 Janice Brenner。在準備好發言後，我們將開始提問。

With that, I'll turn it over to Tom.

有了這個，我會把它交給湯姆。

Thanks, Nate, and good morning, everyone. Today, we reported full year 2022 results, including a net loss of $257 million, adjusted EBITDA of nearly $1.1 billion and deferred revenue of $345 million. Kirk will provide details on the financial results in a few minutes. I'll start today by addressing MVP and the pads being pursued.

謝謝，內特，大家早上好。今天，我們公佈了 2022 年全年業績，包括 2.57 億美元的淨虧損、近 11 億美元的調整後 EBITDA 和 3.45 億美元的遞延收入。柯克將在幾分鐘內提供財務結果的詳細信息。今天我將從解決 MVP 和正在追求的墊子開始。

First, on the permitting path, we are actively engaged with the relevant agencies as they work through yet another exhaustive round of analysis and review. Specifically for the biological opinion, based on the Fish and Wildlife Services' recent statements, we expect the biological opinion to be issued by February 28. And based on the permitting timeline announced by the other agencies, we expect to receive all of the required permits and approvals over the next few months. This timing will allow for mobilization of construction crews in the summer of 2023, which will position us to bring MVP into service in 2023. However, as we all know, we expect project components to yet again challenge these duly issued permits. As such, we believe the agencies are focused on issuing permits that will exceed all legal standards as well as address points previously raised by the Fourth Circuit.

首先，在許可路徑上，我們正積極與相關機構合作，因為他們正在開展另一輪詳盡的分析和審查。具體針對生物學意見，根據魚類和野生動物服務局最近的聲明，我們預計生物學意見將在 2 月 28 日之前發布。根據其他機構宣布的許可時間表，我們預計會收到所有必需的許可並在接下來的幾個月內獲得批准。這個時間點將允許在 2023 年夏季動員施工人員，這將使我們能夠在 2023 年將 MVP 投入使用。但是，眾所周知，我們預計項目組成部分將再次挑戰這些正式頒發的許可證。因此，我們認為這些機構的重點是頒發超過所有法律標準的許可證，並解決第四巡迴法院先前提出的問題。

Projects like MVP that comply with every process and receive every approval should prevail, which is why we remain committed to the regular way permitting path. That said, we also believe that our country desperately needs federal permitting reform. This view has gained traction with members of Congress and the White House, especially since the passage of the Inflation Reduction Act, which promotes a variety of new infrastructure, primarily renewable projects. Companies need to have some assurance that if permits our issue and construction is authorized, their investment won't be endlessly held hostage by legal challenge.

像 MVP 這樣符合每個流程並獲得每個批准的項目應該佔上風，這就是為什麼我們仍然致力於常規方式的許可路徑。也就是說，我們也相信我們的國家迫切需要聯邦許可改革。這種觀點得到了國會議員和白宮的支持，尤其是自《降低通脹法案》通過以來，該法案促進了各種新的基礎設施建設，主要是可再生能源項目。公司需要有一定的保證，如果我們的許可和建設得到批准，他們的投資將不會無休止地受到法律挑戰的威脅。

On the legislative path, we were disappointed that Congress couldn't pass a Permitting Reform Bill in December during the Lame-Duck Congressional Session. Although there are differences between and within the parties as to potential reform, we believe there remains support from both sides of the aisle to work on a bipartisan solution, and we think there continue to be prospects for legislation in the new Congress.

在立法路徑上，我們對國會未能在 12 月的跛腳鴨國會會議期間通過允許改革法案感到失望。儘管兩黨之間和黨內在潛在改革方面存在分歧，但我們認為兩黨仍然支持制定兩黨解決方案，我們認為新國會仍有立法的前景。

And now I'll turn it over to Diana for an operations update, and then Kirk will discuss the financial results. Diana?

現在我將把它交給戴安娜進行運營更新，然後柯克將討論財務結果。戴安娜？

Thanks, Tom. Good morning, everyone. First, I want to address the storage well incident that occurred on November 6 at our Rager Mountain storage field, which is located in a remote area of Cambria County, Pennsylvania. Shortly after notification, Equitrans technicians arrived on site and observed natural gas escaping from the vent on a single storage well, which was working at design to relieve pressure from the casing. We immediately notified the Pennsylvania DEP and FINSA, and engaged a leading specialty well control services company. The venting gas was successfully halted on November 19. So during and after the incident, we were approved to withdraw gas from several other wells in the field for customer needs.

謝謝，湯姆。大家，早安。首先，我想談談 11 月 6 日發生在我們位於賓夕法尼亞州坎布里亞縣偏遠地區的 Rager Mountain 儲油場的儲油井事件。收到通知後不久，Equitrans 的技術人員到達現場，觀察到天然氣從一口儲存井的通風口逸出，該儲存井正在按設計工作以釋放套管壓力。我們立即通知了賓夕法尼亞州 DEP 和 FINSA，並聘請了一家領先的專業井控服務公司。 11月19日，放空成功停氣，事發期間和事後，我們獲批從現場其他幾口井抽氣，滿足客戶需求。

We currently do not have permission to inject gas into the Rager Mountain field, but we are having active productive discussions with FINSA and are hopeful that they will authorize us to inject gas during the coming season. We've completed an inventory verification test on the Rager field and comparing to the previous inventory test. The results indicate the storage inventory was reduced by approximately 1.29 Bcf.

我們目前沒有向 Rager Mountain 氣田注入天然氣的許可，但我們正在與 FINSA 進行積極富有成效的討論，並希望他們會授權我們在即將到來的季節注入天然氣。我們已經完成了 Rager 油田的庫存驗證測試，並與之前的庫存測試進行了比較。結果表明存儲庫存減少了大約 1.29 Bcf。

We continue to evaluate whether and to what extent all of the inventory loss was due to venting or whether some was due to potential migration. The root cause investigation phase is now underway. We have engaged a leading firm with expertise in storage field incidents to conduct an independent investigation. And we also continue to closely coordinate our activities with the PA DEP and FINSA. In addition to the root cause analysis, we have initiated a comprehensive review of all of our storage wells and storage-filled integrity. We will continue to work diligently throughout the review and expect to provide more information as it becomes available. Including the cause of the incident, once the root cause analysis is complete. Our 2023 guidance, which Kirk will review in a moment, does include expense and capital estimates related to the Rager incident, based on what we know today. We are continuing to gather and evaluate information about the incident, including related financial impacts. So we will be very limited in what we can say today beyond what I've already provided in these prepared remarks.

我們繼續評估所有庫存損失是否以及在多大程度上是由於排放造成的，或者是否有一些是由於潛在的遷移造成的。目前正在進行根本原因調查階段。我們已經聘請了一家在存儲現場事故方面具有專業知識的領先公司進行獨立調查。我們還繼續與 PA DEP 和 FINSA 密切協調我們的活動。除了根本原因分析之外，我們還開始對我們所有的儲存井和儲存填充的完整性進行全面審查。我們將在整個審核過程中繼續努力工作，並期望在獲得更多信息時提供更多信息。包括事件的原因，一旦根本原因分析完成。我們的 2023 年指南（Kirk 稍後將審查）確實包括根據我們今天所知的與 Rager 事件相關的費用和資本估算。我們正在繼續收集和評估有關該事件的信息，包括相關的財務影響。因此，除了我在這些準備好的發言中已經提供的內容之外，我們今天能說的內容將非常有限。

Now moving on to the segments. I'll start with gathering. In 2022, we averaged about 7.7 Bcf per day of gathered volume. Our outlook continues to be that A-Basin volumes will remain roughly flat in 2023 as producers hold to maintenance-level development plans, largely driven by takeaway constraints in the basin. Today, we initiated 2023 gathering CapEx guidance of $235 million to $285 million. This includes approximately $40 million for the new booster compression expansion project that we announced in 2022, which is slated for in-service in 2024, and approximately $20 million for the other gathering growth projects.

現在繼續細分。我將從收集開始。 2022 年，我們平均每天收集的體積約為 7.7 Bcf。我們的展望仍然是，由於生產商堅持維護水平的開發計劃，A 流域的產量到 2023 年將大致持平，這主要是受流域外賣限制的推動。今天，我們啟動了 2023 年收集 2.35 億美元至 2.85 億美元的資本支出指導。這包括約 4000 萬美元用於我們在 2022 年宣布的新增壓壓縮擴展項目，該項目計劃於 2024 年投入使用，以及約 2000 萬美元用於其他收集增長項目。

Moving on to transmission. Last month, FERC issued a final environmental impact statement for the Ohio Valley Connector expansion, or the OVCX project. The expansion will add about 350 million cubic feet per day of deliverability on our Ohio Valley Connector pipeline, which provides access to the Mid-Continent and Gulf Coast markets through interconnects and Clarington, Ohio. We expect to receive all necessary approvals in the first half of 2023, and the project remains on track to be placed in service during the first half of 2024.

繼續傳輸。上個月，FERC 發布了俄亥俄河谷連接器擴建項目或 OVCX 項目的最終環境影響聲明。擴建將使我們的俄亥俄河谷連接管道每天增加約 3.5 億立方英尺的輸送能力，該管道通過互連和俄亥俄州克拉靈頓提供進入中大陸和墨西哥灣沿岸市場的通道。我們預計將在 2023 年上半年獲得所有必要的批准，該項目仍有望在 2024 年上半年投入使用。

Our 2023 transmission CapEx guidance is $90 million to $100 million, which includes approximately $65 million for the OVCX project.

我們 2023 年的傳輸資本支出指導為 9000 萬至 1 億美元，其中包括用於 OVCX 項目的約 6500 萬美元。

On the water segment, the mixed-use system build-out is going well. In 2022, we started operations at our first aboveground water storage facility, which has a capacity of approximately 150,000 barrels. We expect to bring the second aboveground water storage facility into service in the next few months. This will bring our total water storage capacity to about 350,000 barrels. In addition to storage, the water system will consist of approximately 70 miles of pipelines and 2 interconnects with the existing freshwater system. We're also discussing multiple opportunities with producers to potentially expand and enhance the system as they continue to see the benefits of reducing the number of trucks on the road and simplifying the logistics of water handling. In 2022, we reported water operating income of $15 million and water EBITDA of approximately $35 million.

在水務領域，混合用途系統建設進展順利。 2022 年，我們的第一個地上儲水設施開始運營，該設施的容量約為 150,000 桶。我們預計將在未來幾個月內將第二個地上蓄水設施投入使用。這將使我們的總儲水能力達到約 350,000 桶。除了儲存之外，供水系統將包括大約 70 英里的管道和 2 個與現有淡水系統的互連。我們還與生產商討論多種可能擴展和增強系統的機會，因為他們繼續看到減少道路上卡車數量和簡化水處理物流的好處。 2022 年，我們報告的水務運營收入為 1500 萬美元，水務 EBITDA 約為 3500 萬美元。

And for 2023, we expect water EBITDA of approximately $40 million to $45 million.

到 2023 年，我們預計水務 EBITDA 約為 4000 萬至 4500 萬美元。

Lastly, on our ESG program, we made many advancements during 2022. Some of the highlights include: submitting our first voluntary CDP water security questionnaire, for which we received a score of 'B', completing the TCFD readiness assessment, instituting a new environmental justice policy and converting 10 compressor sites from high-bleed pneumatics to low-bleed or air pneumatic, which is in addition to the 10 sites we converted in 2021.

最後，在我們的 ESG 計劃上，我們在 2022 年取得了許多進展。其中一些亮點包括：提交我們的第一份自願性 CDP 水安全問卷，我們為此獲得了“B”分，完成了 TCFD 準備情況評估，制定了新的環境司法政策並將 10 個壓縮機站點從高排氣氣動轉換為低排氣或空氣氣動，這是我們在 2021 年轉換的 10 個站點之外的。

In addition to our company-specific efforts, we also announced last month that Equitrans is joining other industry participants as a founding member of the Appalachian Methane Initiative. AMI is committed to further enhancing methane monitoring throughout the basin and facilitating additional methane emission reductions in the region. We are committed to the sustainability of our operations and look forward to continuing our efforts in 2023.

除了我們公司的具體努力外，我們上個月還宣布，Equitrans 將加入其他行業參與者的行列，成為阿巴拉契亞甲烷倡議的創始成員。 AMI 致力於進一步加強整個流域的甲烷監測，並促進該地區進一步減少甲烷排放。我們致力於實現運營的可持續性，並期待在 2023 年繼續努力。

I'll now turn the call over to Kirk.

我現在將電話轉給柯克。

Thanks, Diana, and good morning, everyone. This morning, we reported a full year net loss attributable to E-Train common shareholders of $328 million and a loss for diluted common share of $0.76. The net loss for the year was $257 million, adjusted EBITDA was $1.07 billion and deferred revenue was $345 million. We also reported full year net cash provided by operating activities of approximately $846 million and free cash flow of $380 million.

謝謝，戴安娜，大家早上好。今天上午，我們報告了 E-Train 普通股股東應佔的全年淨虧損 3.28 億美元，稀釋普通股虧損 0.76 美元。全年淨虧損為 2.57 億美元，調整後的 EBITDA 為 10.7 億美元，遞延收入為 3.45 億美元。我們還報告了經營活動提供的全年淨現金約為 8.46 億美元，自由現金流為 3.8 億美元。

For the quarter, we reported a net income attributable to E-Train common shareholders of $66 million and earnings per diluted E-Train common share of $0.15. Net income for the quarter was $82 million, adjusted EBITDA was $271 million and deferred revenue was $84 million.

本季度，我們報告歸屬於 E-Train 普通股股東的淨收入為 6600 萬美元，稀釋後的 E-Train 普通股每股收益為 0.15 美元。本季度淨收入為 8200 萬美元，調整後的 EBITDA 為 2.71 億美元，遞延收入為 8400 萬美元。

In the fourth quarter, we generated $99 million of net cash provided by operating activities and $136 million of free cash flow. Several items impacted both the full year and the fourth quarter results. Net income attributable to E-Train common shareholders for the fourth quarter was impacted by a $5.1 million unrealized gain on derivative instruments, which is related to the contractual provision entitling E-Train to receive cash payments from EQT. These cash payments are conditioned on specific NYMEX Henry Hub natural gas prices, exceeding certain thresholds, beginning with the quarter in which MVP is placed in service and running through 2024.

第四季度，我們產生了 9900 萬美元的經營活動淨現金和 1.36 億美元的自由現金流。有幾個項目影響了全年和第四季度的業績。第四季度歸屬於 E-Train 普通股股東的淨收入受到 510 萬美元衍生工具未實現收益的影響，這與 E-Train 有權從 EQT 收取現金付款的合同條款有關。這些現金支付以超過特定閾值的特定 NYMEX Henry Hub 天然氣價格為條件，從 MVP 投入使用的季度開始一直持續到 2024 年。

In addition, the quarter was impacted by $8.1 million of operating expenses related to the Rager Mountain storage incident that Diana described. After adjusting for these items, Q4 adjusted net income attributable to E-Train common shareholders was $58 million and adjusted earnings per diluted E-Train common share was $0.13. The full year 2022 results were impacted by a $583 million impairment of our investment in MVP and an associated $70 million decrease in income tax benefit, primarily due to a valuation allowance placed on deferred tax assets.

此外，該季度還受到與戴安娜描述的 Rager Mountain 存儲事件相關的 810 萬美元運營費用的影響。對這些項目進行調整後，第四季度調整後歸屬於 E-Train 普通股股東的淨收入為 5800 萬美元，調整後的每股稀釋 E-Train 普通股收益為 0.13 美元。 2022 年全年業績受到我們對 MVP 投資減值 5.83 億美元以及相關的所得稅收益減少 7000 萬美元的影響，這主要是由於對遞延稅項資產的估值備抵。

Other items impacting full year results include a $25 million loss on extinguishment of debt, primarily from the tender offers we executed in early 2022, a $10 million unrealized gain on derivative instruments, a $4 million gain on sale of noncore gathering assets, and the previously mentioned $8.1 million of expenses related to the Rager Mountain storage incident. After adjusting for these items, full year adjusted net income attributable to E-Train common shareholders was $200 million and adjusted earnings per diluted E-Train common share was $0.46. Operating revenue for the year increased by $41 million compared to last year, and for the quarter, operating revenue increased by $109 million compared to the same quarter last year. Both the year and quarter were higher primarily from deferred revenue and increased water services revenue, and partially offset by lower gathered volumes.

影響全年業績的其他項目包括 2500 萬美元的債務清償損失（主要來自我們在 2022 年初執行的要約收購）、1000 萬美元的衍生工具未實現收益、400 萬美元的非核心收集資產出售收益，以及之前的提到與 Rager Mountain 存儲事件相關的 810 萬美元費用。對這些項目進行調整後，歸屬於 E-Train 普通股股東的全年調整後淨收入為 2 億美元，調整後的每股稀釋 E-Train 普通股收益為 0.46 美元。全年營業收入比去年同期增加 4100 萬美元，本季度營業收入比去年同期增加 1.09 億美元。年度和季度的增長主要來自遞延收入和增加的供水服務收入，部分被較低的收集量所抵消。

Operating expenses for the year were lower by $62 million compared to last year, primarily from a $56 million impairment of long-lived assets in 2021 and lower SG&A expenses.

與去年相比，本年度的運營費用減少了 6200 萬美元，這主要是由於 2021 年長期資產減值 5600 萬美元以及 SG&A 費用減少所致。

For the fourth quarter, operating expenses increased by $18 million compared to last year, primarily from the $8.1 million of expenses related to the Rager Mountain storage incident and higher O&M, SG&A and depreciation.

第四季度，運營費用比去年增加了 1800 萬美元，主要是與 Rager Mountain 存儲事件相關的 810 萬美元費用以及更高的 O&M、SG&A 和折舊。

For the fourth quarter, E-Train paid a quarterly cash dividend of $0.15 per common share on February 14 to E-Train common shareholders of record at the close of business on February 6. And finally, the day we initiated guidance for 2023. With the ongoing uncertainty around the ultimate MVP path to completion, and timing of forward construction and in-service, we're providing guidance using 2 scenarios. The first assumes second half of 2023 in-service for MVP, and the second assumes the absence of MVP forward construction and completion in 2023.

對於第四季度，E-Train 於 2 月 14 日向 2 月 6 日營業結束時登記在冊的 E-Train 普通股股東支付了每股普通股 0.15 美元的季度現金股息。最後，我們啟動了 2023 年的指引。圍繞最終 MVP 完成路徑的持續不確定性，以及前瞻性建設和投入使用的時間，我們使用 2 個場景提供指導。第一個假設 MVP 在 2023 年下半年投入使用，第二個假設 MVP 的前向建設和完工在 2023 年不存在。

Also, based on initial estimates, we've included approximately $8 million to $10 million of operating expenses and approximately $5 million of CapEx related to the ongoing work following the Rager Mountain incident and our 2023 guidance. While we are able to estimate these expenses and capital associated with the Rager Mountain incident, based on what we know today, under Scenario 2, with the absence of MVP forward construction and completion in 2023, the full year forecast, our CapEx and capital contributions of $510 million to $630 million, free cash flow of $270 million to $350 million and retained free cash flow of $10 million to $90 million.

此外，根據初步估計，我們已包括約 800 萬至 1000 萬美元的運營費用和約 500 萬美元的資本支出，這些支出與 Rager Mountain 事件後正在進行的工作和我們的 2023 年指南有關。雖然我們能夠根據我們今天所知道的情況，在情景 2 下估算與 Rager Mountain 事件相關的這些費用和資本，但在 2023 年沒有 MVP 遠期建設和完工的情況下，全年預測、我們的資本支出和資本貢獻5.1 億美元至 6.3 億美元，自由現金流為 2.7 億美元至 3.5 億美元，保留自由現金流為 1000 萬至 9000 萬美元。

I'll now hand the call back to Tom.

我現在將電話轉回給湯姆。

Thanks, Kirk. Before moving to your questions, I want to acknowledge the outstanding work of our employees who continue to embrace our core values of safety, integrity, collaboration, transparency and excellent. Specifically, I want to acknowledge our employees who persevered while battling the extreme cold weather in December, and also those employees who have been directly managing the Rager Mountain incident with true professionalism and commitment.

謝謝，柯克。在回答您的問題之前，我想感謝我們員工的出色工作，他們繼續秉持我們的安全、誠信、協作、透明和卓越的核心價值觀。具體來說，我要感謝在 12 月與極端寒冷天氣作鬥爭時堅持不懈的員工，以及那些以真正的專業精神和承諾直接管理 Rager Mountain 事件的員工。

And lastly, for our stakeholders, as we look to the remainder of 2023, we are focused on operating a sound base business, keeping safety as a priority above all else and working as hard as we possibly can on all paths to get MVP to completion. With that, we're happy to take your questions.

最後，對於我們的利益相關者，展望 2023 年剩餘時間，我們專注於經營穩健的基礎業務，將安全放在首位，並儘我們所能在所有路徑上努力工作以完成 MVP .有了這個，我們很樂意回答您的問題。

(Operator Instructions) Your first question comes from the line of Olivia Halferty with Goldman Sachs.

（操作員說明）您的第一個問題來自高盛的奧利維亞·哈爾弗蒂（Olivia Halferty）。

If we could start on the permit still outstanding from the Forest Service and the Fish and Wildlife service, what data are you targeting to receive both of these permits in order to achieve a second half '23 in-service date? And on that front, do you have any concerns on the second extension of the Endangered Species Act consultation period?

如果我們可以從林務局和魚類與野生動物服務局尚未獲得的許可開始，您打算獲得哪些數據以獲得這兩個許可，以實現 23 年下半年的服務日期？在這方面，您對第二次延長《瀕危物種法》諮詢期有何顧慮？

Thank you, Olivia. This is Tom. No, we don't have any concern. We've been in consultation and in agreement with that additional extension. The Fish and Wildlife put on the FERC docket a statement that extended the consultation period for the biological opinion to be issued by February 28, which is next week. The permits to cross the Jefferson National Forest. The comment period from the forest service ends on February 21, 2023, and we expect the SEIS to be issued by April 15. Then there'll be a 30-day consult of environmental quality review period, which would end May 15. So we expect the Forest Service to issue immediately following that and the Bureau of Land Management within a day or 2 following that. We expect the Army Corps of Engineers to issue the individual permits to cross the water bodies in mid-April. And subsequent to that, we expect FERC to lift the stop-work-order and allow work in the forest. And we should have about 4 to 5 months, probably closer to 5 months of remaining construction, which will allow us then to bring MVP into service in 2023.

謝謝你，奧利維亞。這是湯姆。不，我們沒有任何顧慮。我們一直在協商並同意該額外延期。魚類和野生動物部在 FERC 備案表上發表聲明，延長了生物學意見的諮詢期，該意見將於下週 2 月 28 日發布。穿越杰斐遜國家森林的許可證。林務局的意見徵求期到 2023 年 2 月 21 日結束，我們預計 SEIS 將在 4 月 15 日之前發布。然後會有一個為期 30 天的環境質量審查期徵求意見，將於 5 月 15 日結束。所以我們預計林務局會在之後立即發布，土地管理局會在之後的一兩天內發布。我們預計陸軍工程兵團將在 4 月中旬頒發穿越水體的個人許可證。在此之後，我們希望 FERC 解除停工令並允許在森林中工作。我們應該有大約 4 到 5 個月，可能接近 5 個月的剩余建設時間，這將使我們能夠在 2023 年將 MVP 投入使用。

Okay. That's great. Thank you for the color there. And then staying on MVP, given the cost overruns and labor price inflation, we have seen with other large-scale North American natural gas projects, do you see any risk for further MVP spending needs above the guidance provided today?

好的。那太棒了。謝謝你那裡的顏色。然後繼續使用 MVP，考慮到成本超支和勞動力價格上漲，我們已經看到其他大型北美天然氣項目，您認為進一步 MVP 支出需求的風險是否超過今天提供的指導？

Well, Olivia, MVP is 94% complete so that the other projects that you're referencing, I think, maybe more vulnerable to large-scale inflationary pressures. That's not to say that there won't be inflationary pressures with respect to MVP, but not of order of magnitude of projects that are not as far along as MVP. So we'll just have to wait and see how that impacts, but I don't expect it to be a significant order of magnitude impact.

好吧，Olivia，MVP 已完成 94%，因此我認為你提到的其他項目可能更容易受到大規模通脹壓力的影響。這並不是說 MVP 不會有通貨膨脹壓力，但沒有 MVP 那麼遠的項目不會有數量級的壓力。因此，我們只能拭目以待，看看它會產生怎樣的影響，但我不認為它會產生重大的影響。

(Operator Instructions) There are no further questions at this time. I will now turn the call back over to Mr. Tom Karam.

（操作員說明）目前沒有其他問題。我現在將把電話轉回給 Tom Karam 先生。

Thank you, everybody, for joining the call today. I hope everyone has a good rest of your day and be safe out there. Thank you very much.

謝謝大家今天加入電話會議。我希望每個人都度過美好的一天，並在那里安全。非常感謝。

Ladies and gentlemen, thank you for participating. This concludes today's conference call. You may now disconnect.

女士們，先生們，感謝你們的參與。今天的電話會議到此結束。您現在可以斷開連接。