Equitrans Midstream Corp (ETRN) 2023 Q2 法說會逐字稿

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Equitrans Midstream Second Quarter 2023 Earnings Conference Call. (Operator Instructions) I would now like to turn the conference over to Nate Tetlow. Please go ahead.

您好，感謝您的支持。我叫雷吉娜，今天我將擔任你們的會議操作員。此時，我歡迎大家參加 Equitrans Midstream 2023 年第二季度收益電話會議。 （操作員指示）我現在想將會議轉交給 Nate Tetlow。請繼續。

Good morning, and welcome to the Second Quarter 2023 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，歡迎參加 Equitrans Midstream Corporation 2023 年第二季度收益電話會議。從今天晚上開始，該電話會議將在 14 天內提供重播。重播電話號碼為 (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, 2022, and as updated by Form 10-Qs for factors that could cause the actual results to differ materially from these forward-looking statements.

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 2022 年 12 月 31 日的年度的風險因素，以及表格 10-Q 中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。

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公認會計準則財務指標。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公認會計準則財務措施的調節。

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 & Engineering; and Janice Brenner, Vice President and Treasurer. After the prepared remarks, we will open the call to questions.

今天參加電話會議的是董事長兼首席執行官湯姆·卡拉姆 (Tom Karam)；戴安娜·查萊塔 (Diana Charletta)，總裁兼首席運營官； Kirk Oliver，高級副總裁兼首席財務官； Justin Macken，天然氣系統、規劃與工程高級副總裁；副總裁兼財務主管珍妮絲·布倫納 (Janice Brenner)。在準備好發言後，我們將開始提問。

And 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 second quarter 2023 results, including net income of $69 million, adjusted EBITDA of $235 million and deferred revenue of $82 million. Kirk will provide details on the financial results in a few minutes.

謝謝內特，大家早上好。今天，我們公佈了 2023 年第二季度業績，其中淨利潤為 6900 萬美元，調整後 EBITDA 為 2.35 億美元，遞延收入為 8200 萬美元。柯克將在幾分鐘內提供財務業績的詳細信息。

It has been a remarkable couple months for MVP. We saw congressional leadership from both sides of the aisle, together with the administration, work in a bipartisan way to enact the Fiscal Responsibility Act of 2023 on June 3. This legislation includes Section 324, which ratifies and approves all permits and authorizations necessary for the construction and initial operation of MVP.

對於 MVP 來說，這幾個月是非凡的。我們看到國會兩黨領導層與政府一道，以兩黨合作的方式於6 月3 日頒布了《2023 年財政責任法案》。該法案包括第324 條，該法案批准並批准了財政責任法案所需的所有許可和授權。 MVP 的構建和初始運行。

Importantly, the legislation also divests any court of jurisdiction to review agency actions on approvals necessary for MVP construction and initial operation and grants exclusive jurisdiction for claims against the legislation to the U.S. Court of Appeals for the District of Columbia. On June 28, after MVP received all required permits, FERC authorized all construction activities to resume.

重要的是，該立法還剝奪了任何法院對 MVP 建設和初始運營所需批准的機構行動進行審查的管轄權，並授予美國哥倫比亞特區上訴法院對針對該立法的索賠的專屬管轄權。 6 月 28 日，在 MVP 收到所有必需的許可證後，FERC 授權恢復所有施工活動。

After only days of active construction, the U.S. Court of Appeals for the Fourth Circuit issued stay orders on 2 of the project's federal authorizations, again halting forward construction. On July 14, we filed an emergency application with the United States Supreme Court seeking to vacate the stays and requesting a summary ruling on the extent of the Fourth Circuit's jurisdiction.

經過幾天的積極施工，美國第四巡迴上訴法院對該項目的兩項聯邦授權發出了中止令，再次停止了後續施工。 7 月 14 日，我們向美國最高法院提交了緊急申請，尋求撤銷中止訴訟，並要求就第四巡迴法院的管轄範圍作出簡易裁決。

On July 27, the Supreme Court vacated the stays, and our previously filed motions to dismiss the underlying cases are pending with the Fourth Circuit. We have now resumed forward construction and are still targeting completion by year-end at a total project cost of approximately $6.6 billion. Despite all the twists and turns, we are grateful for the timely ruling by the Supreme Court and to be, once again, focused on construction.

7 月 27 日，最高法院撤銷了暫緩執行，我們之前提出的駁回相關案件的動議正在等待第四巡迴法院的審理。我們現已恢復前期施工，並仍計劃在年底前完工，項目總成本約為 66 億美元。儘管一波三折，我們還是感謝最高法院的及時裁決，讓我們再次專注於建設。

And now I'll turn it to Diana for the operations update, and then Kirk will discuss the financial results, and I'll have some brief closing comments. Diana?

現在我將向戴安娜匯報運營情況的最新情況，然後柯克將討論財務業績，我將發表一些簡短的結束語。戴安娜？

Thanks, Tom. Good morning, everyone. In the second quarter, we gathered about 7.4 Bcf per day, and we continue to expect volumes to be roughly flat for the year. After MVP in-service, we are optimistic and expect that we will see volume growth behind our gathering and transmission system. The new takeaway capacity will serve to debottleneck the region and allows for overall basin volume growth.

謝謝，湯姆。大家，早安。第二季度，我們每天收集約 7.4 Bcf，我們仍然預計今年的產量將大致持平。在 MVP 投入使用後，我們很樂觀，預計我們的收集和傳輸系統後面的流量將會增長。新的外賣能力將有助於消除該地區的瓶頸，並促進整個流域容量的增長。

From an operations perspective, our systems provide the only direct upstream connectivity to MVP, making our assets well positioned to benefit. Our assets provide shippers with flexibility to direct their gas to MVP from Southwestern Pennsylvania, Northern West Virginia and Ohio. So given our connectivity to MVP, we expect to gain a disproportionate share of volumes even if overall basin volumes were to remain flat.

從運營角度來看，我們的系統提供了與 MVP 的唯一直接上游連接，使我們的資產處於有利位置，能夠受益。我們的資產為托運人提供了靈活性，可以將天然氣從賓夕法尼亞州西南部、弗吉尼亞州西北部和俄亥俄州運送到 MVP。因此，考慮到我們與 MVP 的連接，即使流域整體容量保持平穩，我們也預計將獲得不成比例的容量份額。

On the transmission segment, the Ohio Valley Connector Expansion project, or OVCX, received its FERC certificate on June 15 and received the final required federal authorization from the U.S. Army Corps of Engineers on July 27. And just yesterday, we received a Notice to Proceed from FERC and expect to commence construction in the coming days.

在輸電部分，俄亥俄河谷連接器擴建項目(OVCX) 於6 月15 日收到了FERC 證書，並於7 月27 日收到了美國陸軍工程兵團所需的最終聯邦授權。就在昨天，我們收到了一份繼續進行的通知來自 FERC 的批准，預計在未來幾天內開始施工。

OVCX is a $160 million capital project that 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 in Clarington, Ohio. The incremental capacity is targeted for in-service in the first half of 2024.

OVCX 是一個耗資1.6 億美元的資本項目，將為我們的俄亥俄谷連接管道每天增加約3.5 億立方英尺的輸送能力，該管道通過俄亥俄州克拉靈頓的互連管道提供進入中大陸和墨西哥灣沿岸市場的通道。增量產能的目標是在 2024 年上半年投入使用。

On the water segment, our second storage facility was placed into service in July, which brings total water storage capacity to 350,000 barrels. We expect the backbone of the mixed-use water system to be substantially complete in 2023.

在水務領域，我們的第二個儲水設施於7月投入使用，使總儲水能力達到35萬桶。我們預計混合用水系統的骨干將在 2023 年基本完成。

Additionally, we recently executed an agreement with a producer customer to provide both fresh and mixed-use water service, further extending the reach of the mixed-use system. We will invest approximately $30 million in this new project with most of the capital outlay in 2023 and 2024.

此外，我們最近與一家生產商客戶簽署了一項協議，提供淡水和混合用水服務，進一步擴大了混合用水系統的覆蓋範圍。我們將為這個新項目投資約 3000 萬美元，其中大部分資本支出將在 2023 年和 2024 年完成。

The agreement is for 10 years and is backed by a minimum volume commitment. This new agreement is evidence that the hub-and-spoke strategy for the mixed-use water system provides the connectivity and optionality that producers are looking for.

該協議為期 10 年，並有最低產量承諾。這項新協議證明，混合用途水系統的中心輻射戰略提供了生產商所尋求的連通性和選擇性。

Moving on to an update on the Rager Mountain storage well incident that occurred in the fourth quarter last year. We are progressing with the independent root cause investigation, which is expected to be completed this summer.

接下來介紹去年第四季度發生的 Rager Mountain 儲油井事件的最新情況。我們正在進行獨立的根本原因調查，預計將於今年夏天完成。

In the second quarter, we incurred approximately $2.7 million of operating expense related to post-incident activities. And based on what we know today, for the full year, we expect to incur approximately $10 million of expense and approximately $5 million to $10 million of CapEx related to this incident.

第二季度，我們產生了約 270 萬美元與事件後活動相關的運營費用。根據我們目前所知，全年預計將產生約 1000 萬美元的費用以及與此事件相關的約 500 萬至 1000 萬美元的資本支出。

We will continue to work diligently throughout the review and expect to provide more information once the root cause analysis is complete. So again, we will be very limited in what we say today beyond this brief update.

我們將在整個審查過程中繼續努力工作，並期望在根本原因分析完成後提供更多信息。因此，除了這次簡短的更新之外，我們今天所說的內容將非常有限。

Lastly, on the ESG front, we published our 2023 Corporate Sustainability Report last week, which is based on year-end 2022 data and information. I'll highlight a few items and encourage everyone to access the full report through our website at equitransmidstream.com.

最後，在 ESG 方面，我們上週發布了 2023 年企業可持續發展報告，該報告基於 2022 年年底的數據和信息。我將重點介紹幾個項目，並鼓勵大家通過我們的網站 equaltransmidstream.com 訪問完整的報告。

We converted 10 compressor sites from high-bleed pneumatics to low-bleed or air pneumatics for a total of 20 compressor conversion since 2021. We formally adopted our environmental justice policy to expand our project outreach efforts beyond regulatory requirements. We joined other industry participants as a founding member of the Appalachian Methane Initiative to further enhance methane monitoring through the basin and facilitate additional methane emission reductions in the region.

自2021 年以來，我們將10 個壓縮機站點從高排氣氣動裝置改造為低排氣裝置或空氣氣動裝置，總計進行了20 台壓縮機轉換。我們正式採用了環境正義政策，以將我們的項目外展工作擴大到監管要求之外。作為阿巴拉契亞甲烷倡議的創始成員，我們與其他行業參與者一起，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。

I'll now turn the call over to Kirk.

我現在將把電話轉給柯克。

Thanks, Diana, and good morning, everyone. Today, we reported second quarter net income attributable to E-Train common shareholders of $53 million and earnings per diluted common share of $0.12. Net income was $69 million, adjusted EBITDA was $235 million and deferred revenue was $82 million. We also reported net cash provided by operating activities of $299 million and free cash flow of $151 million.

謝謝戴安娜，大家早上好。今天，我們報告第二季度歸屬於 E-Train 普通股股東的淨利潤為 5300 萬美元，攤薄後普通股每股收益為 0.12 美元。淨利潤為 6900 萬美元，調整後 EBITDA 為 2.35 億美元，遞延收入為 8200 萬美元。我們還報告了經營活動提供的淨現金為 2.99 億美元，自由現金流為 1.51 億美元。

Net income attributable to E-Train common shareholders was impacted by several items. First, by a $19 million unrealized gain on derivative instruments, which is reported within other income. This relates to the contractual provision entitling E-Train to receive cash payments from EQT, conditioned on specific NYMEX, Henry Hub natural gas prices exceeding certain thresholds post MVP's in-service and running through 2024.

歸屬於 E-Train 普通股股東的淨利潤受到多項因素的影響。首先，衍生工具的未實現收益為 1,900 萬美元，該收益在其他收入中報告。這涉及到合同條款，該條款使 E-Train 有權從 EQT 接收現金付款，條件是特定的 NYMEX、亨利中心天然氣價格在 MVP 投入使用後並持續到 2024 年超過特定閾值。

Second, by the previously mentioned $2.7 million of operating expenses related to the Rager Mountain storage incident. After adjusting for these items, second quarter adjusted net income attributable to E-Train common shareholders was $40 million, and adjusted earnings per diluted common share was $0.09.

其次，之前提到的與 Rager Mountain 存儲事件相關的 270 萬美元運營費用。對這些項目進行調整後，第二季度調整後歸屬於 E-Train 普通股股東的淨利潤為 4000 萬美元，調整後每股攤薄普通股收益為 0.09 美元。

Additionally, we reported second quarter equity income of $24 million, which is primarily associated with AFUDC relating to the restart of the MVP forward construction in June of 2023. Operating revenue for the second quarter of 2023 was lower compared to the same quarter of last year by $10 million. The decrease was driven primarily from the impact of lower gathered volumes, was partially offset by increased water service revenue.

此外，我們報告第二季度股權收入為 2400 萬美元，主要與 2023 年 6 月重啟 MVP 遠期建設相關的 AFUDC 相關。2023 年第二季度的營業收入低於去年同期增加 1000 萬美元。減少的主要原因是收集量減少的影響，但部分被供水服務收入的增加所抵消。

Operating expenses for the second quarter of 2023 were $44 million higher than the second quarter of 2022. The increase was driven primarily by compensation expense related to the MVP performance award program of $17 million, which includes $14 million of cumulative catch-up since the inception of the award. The payout of the award was deemed probable, given the enactment of the Fiscal Responsibility Act. The remaining expense variance was primarily related to expenses associated with the Rager Mountain natural gas storage fuel incident, increased water operating expenses and increased other SG&A, O&M and depreciation expenses.

2023 年第二季度的運營支出比2022 年第二季度高出4400 萬美元。這一增長主要是由於與MVP 績效獎勵計劃相關的1700 萬美元的薪酬支出推動的，其中包括自啟動以來累計追趕的1400 萬美元的獎項。鑑於《財政責任法》的頒布，該獎項的支付被認為是可能的。其餘費用差異主要與 Rager Mountain 天然氣儲存燃料事件相關費用、水務運營費用增加以及其他 SG&A、O&M 和折舊費用增加有關。

For the second quarter, E-Train will pay a quarterly cash dividend of $0.15 per common share on August 14, 2023, to shareholders of record at the close of business on August 4, 2023. With MVP construction underway again, we wanted to remind everyone of the contributions expected and the contractual obligations in the gathering agreement with EQT that become effective following the completion of MVP.

對於第二季度，E-Train 將於2023 年8 月14 日向2023 年8 月4 日收盤時登記在冊的股東支付每股普通股0.15 美元的季度現金股息。隨著MVP 建設再次啟動，我們想提醒您與 EQT 達成的收集協議中的每個人的預期貢獻和合同義務在 MVP 完成後生效。

First, as detailed on Slide 20 of our investor presentation that was posted earlier today, we estimate MVP will contribute approximately $220 million of annual adjusted EBITDA. Hammerhead is estimated to contribute approximately $75 million of annual adjusted EBITDA, and the Equitrans expansion project is expected to contribute approximately $20 million of annual adjusted EBITDA.

首先，正如今天早些時候發布的投資者演示文稿第 20 張幻燈片中所詳述的，我們估計 MVP 將貢獻約 2.2 億美元的年度調整後 EBITDA。 Hammerhead 預計將貢獻約 7500 萬美元的年度調整後 EBITDA，而 Equitrans 擴建項目預計將貢獻約 2000 萬美元的年度調整後 EBITDA。

With regard to the gathering agreement with EQT, the minimum volume commitment steps up to 3.5 Bcf per day for 1 year then 3.75 Bcf per day for the following year and then 4 Bcf per day in the third year. The MVC stays at 4 Bcf per day through 2031 and then goes back to 3 Bcf per day through 2035. With MVP in-service, we would also be eligible to earn the Henry Hub bonus in 2024, which could be up to $60 million depending on gas prices.

關於與 EQT 的收集協議，最低數量承諾在一年內提高到每天 3.5 Bcf，然後在第二年提高到每天 3.75 Bcf，然後在第三年提高到每天 4 Bcf。到 2031 年，MVC 保持在每天 4 Bcf，然後到 2035 年回到每天 3 Bcf。有了 MVP，我們還有資格在 2024 年獲得亨利中心獎金，最高可達 6000 萬美元，具體取決於關於天然氣價格。

And lastly, there remains rate relief to EQT that is specifically contingent on MVP in-service. Assuming contractual obligations commencing on January 1, 2024, this could be up to approximately $125 million in 2024 and up to approximately $140 million in 2025. Additionally, the EQT Global GGA provides for a fee credit for the gathering rate for certain gathered volumes that also received separate transmission services under certain transmission contracts.

最後，EQT 的費率仍然有減免，具體取決於 MVP 的在職情況。假設合同義務從2024 年1 月1 日開始，到2024 年這可能高達約1.25 億美元，到2025 年高達約1.4 億美元。此外，殷拓全球GGA 為某些收集量的收集費率提供費用抵免，根據某些輸電合同獲得單獨的輸電服務。

On Slide 7 of our investor deck, we provided the estimated annual deferred revenue through the contract term. Again, this is based on year-end 2023 MVP completion and the contract obligations commencing on January 1, 2024. The actual deferred revenue was subject to the ultimate MVP in-service date.

在我們投資者的幻燈片 7 上，我們提供了合同期內預計的年度遞延收入。同樣，這是基於 2023 年年底 MVP 完成情況和 2024 年 1 月 1 日開始的合同義務。實際遞延收入以最終 MVP 服役日期為準。

In terms of financing and delevering plans, during the second quarter, we retired approximately $100 million of senior notes maturing in 2023. After MVP in-service, we plan to issue debt at the joint venture level and anticipate our portion to be approximately $800 million to $1 billion.

在融資和去槓桿計劃方面，第二季度，我們收回了約1億美元的2023年到期的優先票據。MVP投入使用後，我們計劃在合資企業層面發行債務，預計我們的份額約為8億美元至 10 億美元。

These proceeds are expected to be used to pay down EQM debt. From there, we expect to utilize our retained free cash flow for further debt reduction and delevering.

這些收益預計將用於償還 EQM 債務。從那時起，我們預計將利用保留的自由現金流進一步削減債務和去槓桿化。

And lastly, we refined our 2023 guidance, which is available in today's earnings release. Assuming MVP completion by year-end 2023, free cash flow and retained free cash flow are about $25 million higher than the previous guidance at the midpoint primarily based on year-to-date actual results and slight decreases in expected full year total CapEx. All other financial guidance was largely in line with our previous expectations.

最後，我們完善了 2023 年指引，該指引已在今天的財報中發布。假設 MVP 在 2023 年底完成，自由現金流和保留自由現金流將比之前的中點指導高出約 2500 萬美元，主要基於今年迄今為止的實際結果和預期全年資本支出總額的小幅下降。所有其他財務指引基本符合我們之前的預期。

I'll now hand the call back to Tom.

我現在將把電話轉回給湯姆。

Thanks, Kirk. Well, it's been a long and challenging journey for MVP. While we don't expect the opposition to give up, we have the highest degree of confidence that we will complete the project. Our focus and commitment are on the responsible completion of the remaining portion of construction, which includes the safety of everyone working on the right-of-way and stringent environmental protection measures in accordance with our issued permits.

謝謝，柯克。嗯，對於 MVP 來說這是一段漫長而充滿挑戰的旅程。雖然我們不希望反對派放棄，但我們對完成該項目充滿信心。我們的重點和承諾是負責任地完成剩餘的施工部分，其中包括根據我們頒發的許可證在通行權上工作的每個人的安全以及嚴格的環境保護措施。

We look forward to bringing the benefits of reliable and affordable natural gas to consumers while also enhancing natural energy security and helping to achieve state and national goals for lowering carbon emissions.

我們期待為消費者帶來可靠且負擔得起的天然氣的好處，同時增強自然能源安全並幫助實現州和國家降低碳排放的目標。

With that, we're happy to take your questions.

因此，我們很樂意回答您的問題。

(Operator Instructions) Our first question will come from the line of Brian Reynolds with UBS.

（操作員說明）我們的第一個問題將來自瑞銀集團 (UBS) 的布萊恩·雷諾茲 (Brian Reynolds)。

Maybe just to touch on the MVP timeline, just given year-end '23 versus your parent talking about first half '24, just kind of curious around the winter time frame specifically. Previously, there was always commentary around difficulty in building. But is there a point where construction could halt in the winter? Or are project developers and the EPC contractors perhaps aligned and incentivized to work through all seasons to complete MVP kind of by this year-end '23 or early '24 timeline?

也許只是為了觸及 MVP 時間表，剛剛考慮到 23 年年底，而你的父母正在談論 24 年上半年，只是對冬季時間框架感到好奇。此前，一直有關於建設難度的評論。但冬季施工是否會在某個時間點停止？或者，項目開發商和 EPC 承包商是否可能一致並受到激勵，在所有季節中工作，以在今年 23 年底或 24 年初的時間表上完成 MVP？

Brian, this is Tom Karam. So first of all, we are the parent. We are the partner in MVP along with NextEra, ConEd, Roanoke and Washington Gas Light. As we've repeatedly said, we expect 4 to 5 months' worth of construction. It's ordinary course construction where there could be some weather impact as with any project. But absent some of those extreme conditions, we're fairly confident that we're going to bring MVP into line around year-end.

布萊恩，這是湯姆·卡拉姆。所以首先，我們是父母。我們與 NextEra、ConEd、Roanoke 和 Washington Gas Light 一起成為 MVP 的合作夥伴。正如我們一再說過的，我們預計施工時間為 4 到 5 個月。這是普通的球場建設，與任何項目一樣，可能會受到一些天氣影響。但如果沒有這些極端情況，我們相當有信心在年底左右將 MVP 納入標準。

Great. And then just talking about migrating debt to the JV level once MVP is complete, can you just give us an update on perhaps the absolute amount, just given the $6.6 billion total project cost and perhaps the timing of that of whether that could happen with the in-service of MVP or perhaps before or after?

偉大的。然後，只是談論一旦 MVP 完成，將債務轉移到合資企業級別，您能否給我們更新一下絕對金額，考慮到 66 億美元的項目總成本，以及是否會發生這種情況的時間安排MVP 服役期間或者之前或之後？

Are you talking about project-level finance?

您是在談論項目級融資嗎？

Yes.

是的。

Okay. Janice Brenner, our Treasurer, will answer that question for you, Brian.

好的。布萊恩，我們的財務主管珍妮絲·布倫納（Janice Brenner）將為您回答這個問題。

Brian, yes, we do intend to pursue that project level debt once MVP is in service. The ultimate size will depend on a variety of factors, which include market conditions, the target credit rating as well as the underlying shipper quality.

Brian，是的，一旦 MVP 投入使用，我們確實打算追究項目級債務。最終規模將取決於多種因素，包括市場狀況、目標信用評級以及基本托運人質量。

But as Kirk mentioned in the prepared remarks, we anticipate roughly $800 million to $1 billion of cash back to E-Train from the JV-level debt issuance. So as we work towards completion by year-end, we will work with our partners and our banks to refine all of those details and the approach for that financing.

但正如柯克在準備好的講話中提到的那樣，我們預計通過合資企業級別的債務發行將大約 8 億至 10 億美元的現金返還給 E-Train。因此，當我們努力在年底前完成時，我們將與我們的合作夥伴和銀行合作，完善所有這些細節和融資方法。

(Operator Instructions) And we have no further questions at this time. I'll turn the call back over to Tom Karam for any closing remarks.

（操作員說明）目前我們沒有其他問題。我會將電話轉回給湯姆·卡拉姆（Tom Karam），讓他作結束語。

Well, thank you all for joining us today. We have a lot of work ahead of us, which is really what we do in the midstream business. So we're excited to continue that work and complete this project as well as the other projects we have underway. And we look forward to speaking to you all next quarter. Thank you.

好的，謝謝大家今天加入我們。我們還有很多工作要做，這正是我們在中游業務中所做的。因此，我們很高興繼續這項工作並完成這個項目以及我們正在進行的其他項目。我們期待下個季度與大家交談。謝謝。

Ladies and gentlemen, that will conclude today's meeting. We thank you all for joining, and you may now disconnect.

女士們、先生們，今天的會議到此結束。我們感謝大家的加入，現在您可以斷開連接。