(ETRN) 2023 Q4 法說會逐字稿

Good morning and welcome to Equitrans Midstream Corporation's Fourth Quarter 2023 earnings call.

早上好，歡迎參加 Equitrans Midstream Corporation 的 2023 年第四季財報電話會議。

All participants are in a listen only mode.

所有參與者都處於只聽模式。

After the speakers' presentation, we will conduct a question and answer session.

演講者演講結束後，我們將進行問答環節。

(Operator Instructions)

（操作員說明）

As a reminder, this conference call is being recorded.

謹此提醒，本次電話會議正在錄音中。

I would now like to turn the call over to Anthony DeFabio, Treasurer and Director, Investor Relations.

我現在想將電話轉給財務主管兼投資者關係總監安東尼·德法比奧 (Anthony DeFabio)。

Thank you.

謝謝。

Please go ahead.

請繼續。

Good morning, and welcome to the Fourth Quarter 2023 earnings call for Equitrans Midstream Corporation.

早上好，歡迎參加 Equitrans Midstream Corporation 的 2023 年第四季財報電話會議。

A replay of this call will be available for 14 days beginning this evening.

從今天晚上開始，該電話會議將在 14 天內提供重播。

Phone number for the replay is (800) 770-2030 or (647)362-9199, the conference ID 6625542.

重播電話號碼為 (800) 770-2030 或 (647)362-9199，會議 ID 6625542。

Today's call may contain forward-looking statements related to future events and expectations.

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。

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-Q factors that could cause the actual results to differ materially from these forward-looking statements.

請參閱今天的新聞稿和ETRN. 截至2022 年12 月31 日止年度的10-K 表格中的風險因素，以及由10-Q 表格更新的因素，這些因素可能導致實際結果與這些前瞻性結果存在重大差異聲明。

Also, the Form 10-K for the year ended December 31, 2023.

此外，還有截至 2023 年 12 月 31 日的年度 10-K 表格。

It is expected to be filed with the SEC later today.

預計將於今天晚些時候向 SEC 提交。

Today's call may contain certain non-GAAP financial measures.

今天的電話會議可能包含某些非公認會計準則財務指標。

Please refer to this morning's news release and our investor presentation for important disclosures regarding such measures, including reconciliations to most comparable GAAP financial measure.

請參閱今天早上的新聞稿和我們的投資者介紹，以了解有關此類措施的重要揭露，包括與大多數可比較 GAAP 財務措施的調整。

On the call today are Diana Charletta, President and CEO; Kirk Oliver, Executive Vice President and Chief Financial Officer; Justin Macken, Executive Vice President, pipeline operations and project execution; Nate Tetlow, Senior Vice President, Commercial Services; Janice Brenner, Vice President and Treasurer; and Brian Pietrandrea, Vice President and Chief Accounting Officer.

今天參加電話會議的是總裁兼執行長 Diana Charletta；柯克‧奧利佛，執行副總裁兼財務長； Justin Macken，管線營運與專案執行執行副總裁； Nate Tetlow，商業服務資深副總裁；珍妮絲‧布倫納 (Janice Brenner)，副總裁兼財務長；以及副總裁兼首席會計長 Brian Pietrandrea。

After the prepared remarks, we will open the call to questions.

在準備好發言後，我們將開始提問。

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

有了這個，我會把它交給戴安娜。

Thanks, Anthony, and good morning, everyone.

謝謝安東尼，大家早安。

As many of you know, effective January first, Home Care moved into the role of Executive Chairman pharmacy-led equal chance for the past five years since we started as a standalone company, we wanted to thank him for his unwavering efforts and continued support.

正如你們許多人所知，自1 月1 日起，Home Care 開始擔任執行主席，自我們作為一家獨立公司成立以來，過去五年來，我們一直在藥房領導平等機會，我們要感謝他堅定不移的努力和持續的支持。

Before we jump into the business discussion, I want to address the statement from this morning's news release.

在我們開始商業討論之前，我想先談談今天早上新聞稿中的聲明。

Our Board has been engaged in a process with third parties that have expressed interest in strategic transactions with us.

我們的董事會一直在與那些表示有興趣與我們進行策略交易的第三方合作。

We are not surprised by this interest.

我們對這種興趣並不感到驚訝。

Given the expected near-term completion of MVP and our view of the strength of our assets, our Board has engaged outside advisors and the process is ongoing.

鑑於 MVP 的預期近期完成以及我們對資產實力的看法，我們的董事會已聘請外部顧問，並且該過程正在進行中。

As you may expect, we will not be addressing questions on this matter.

正如您所料，我們不會回答有關此事的問題。

Moving on to the business update, our priority remains bringing MVP into service safely, which includes a steadfast focus on the project's environmental protocols and maintaining permitting compliance.

繼續進行業務更新，我們的首要任務仍然是使 MVP 安全地投入使用，其中包括堅定地關注專案的環境協議並保持許可合規性。

This morning, we updated our targeted completion to the second quarter of 2024 at a total estimated project cost ranging from approximately $7.57 billion, so approximately $7.63 billion following the passage of the Fiscal Responsibility Act of 2023, we have made substantial construction progress as we exited 2023.

今天早上，我們將目標完工時間更新為2024 年第二季度，預計項目總成本約為75.7 億美元，因此在2023 年財政責任法案通過後，我們已經取得了實質性的建設進展，約為76.3 億美元2023 年。

We continued to track to our prior guidance despite challenging construction conditions, which caused lower productivity than we forecasted.

儘管施工條件充滿挑戰，導致生產力低於我們的預測，但我們仍繼續遵循先前的指導方針。

In addition to unforeseen construction issues, throughout much of January, we encountered considerably adverse weather conditions, including precipitation wells of 20-year averages.

除了不可預見的施工問題外，整個 1 月的大部分時間，我們都遇到了相當惡劣的天氣條件，包括降水量達到 20 年平均水平。

While our construction plans took into account the potential impacts of winter weather.

我們的施工計劃考慮了冬季天氣的潛在影響。

These conditions were far worse and lasted much longer than anticipated, which had a significant impact on productivity, which in turn impacted our ability to reduce construction headcount.

這些情況比預期要糟糕得多，持續時間也長得多，這對生產力產生了重大影響，進而影響了我們減少施工人員的能力。

These factors resulted in our updated timing and total project cost target.

這些因素導致我們更新了時間安排和專案總成本目標。

More recently, the weather has been favorable and our productivity rates have shown improvement as of February 15, roughly 300 miles of pipe had been installed, leaving less than four miles remaining of the 428 water crossings that remained with construction resumed in 2023, we have 13 left to craft.

最近，天氣狀況良好，截至 2 月 15 日，我們的生產率有所提高，已安裝了大約 300 英里的管道，2023 年恢復施工後，剩下的 428 個水道僅剩下不到 4 英里，我們已經還剩13 個需要製作。

We are encouraged impact through the first 77 mount with the project and hydro tested just about 180 miles and progress continues every day.

我們對第一個 77 座山的影響感到鼓舞，該項目和水力測試僅約 180 英里，每天都在進步。

If the current weather conditions continue by the time we exit February, we expect to have further narrowed the list of overall construction tax and the remaining construction is expected to be limited to three of the projects signed working spreads fall in Virginia.

如果當前的天氣狀況持續到我們二月退出時，我們預計將進一步縮小整體建築稅的範圍，而剩餘的建築預計將僅限於弗吉尼亞州已簽約的三個項目。

The construction work in these areas will consist of finishing the remaining crossing of which fiberboard, including the Appalachian Trail crossing and installing pipe on some of the pieces slip along the route.

這些地區的施工工作將包括完成纖維板的剩餘交叉口，包括阿巴拉契亞小徑交叉口，以及在沿途滑動的一些部件上安裝管道。

Once construction is complete, only commissioning activities will remain before we place the pipe in service which are less impacted by weather and require far less labor.

施工完成後，管道投入使用前只剩下調試工作，受天氣影響較小，所需勞動力也少得多。

While the majority of MVP construction is complete, the remaining construction includes some of the most difficult path on the project and could present further challenges.

雖然大部分 MVP 建設已經完成，但剩餘的建設包括專案中一些最困難的路徑，可能會帶來進一步的挑戰。

We are narrowing the scope of remaining activities, and our focus remains to safely bring this critical pipeline into service.

我們正在縮小剩餘活動的範圍，我們的重點仍然是安全地將這條關鍵管道投入使用。

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

我現在將把它交給賈斯汀以獲取最新的營運情況，然後柯克將討論財務結果。

Yes, then Thank you, Diana.

是的，那麼謝謝你，戴安娜。

Good morning, everyone.

大家，早安。

Let's start with our gathering segment.

讓我們從我們的聚會部分開始。

In 2023, we averaged about 7.7 Bcf per day of gathered volumes, which was roughly flat year over year.

2023 年，我們平均每天收集的量約為 7.7 Bcf，與去年同期大致持平。

For 2024, we expect gathered volumes to again be flat on a year-over-year basis as we continue to see producers remain at maintenance levels.

2024 年，我們預計總產量將再次同比持平，因為我們繼續看到生產商維持在維持水準。

Our Hammerhead asset continued to provide interruptible service in the fourth quarter, and we will be ready to reverse flow and make deliveries to MDP. when Hammerhead achieves full commercial in-service alongside MVP in-service and firm commitments commence in 2023.

我們的 Hammerhead 資產在第四季度繼續提供可中斷的服務，我們將準備反轉流程並向 MDP 交貨。當 Hammerhead 實現全面商業服役以及 MVP 服役並於 2023 年開始做出堅定承諾時。

We also made progress on a compression project for a producer customer to install 32,000 horsepower of booster compression.

我們也在為生產商客戶安裝 32,000 匹馬力增壓壓縮的壓縮專案上取得了進展。

That is backed by a long-term firm commitment and is expected to be in service in the coming days.

這是由長期堅定承諾支持的，預計將在未來幾天內投入使用。

The majority of capital investment for this project was in 2023.

該項目的大部分資本投資於 2023 年完成。

Our gathering and transmission systems are highly integrated and currently provide the only direct upstream connectivity to MDP, MVP and the potential expansion project would add approximately 2.5 Bcf per day of takeaway capacity to an area of the basin that has been constrained for several years.

我們的收集和傳輸系統高度集成，目前提供與 MDP、MVP 的唯一直接上游連接，潛在的擴建項目將為多年來一直受到限制的流域區域每天增加約 2.5 Bcf 的外賣能力。

Given this dynamic combined with the growing demand in the Southeast and expected improvements to Tesco M2 pricing with MVP and service.

鑑於這種動態，加上東南部不斷增長的需求，以及預期透過 MVP 和服務來改善 Tesco M2 定價。

We believe that over the next several years, there is a path for volume growth within the basin following MVP in service.

我們相信，在接下來的幾年裡，在 MVP 投入使用後，流域內的數量將會成長。

Today, we initiated 2024 for gathering CapEx guidance of $210 million to $260 million.

今天，我們啟動了 2024 年資本支出指導，目標為 2.1 億至 2.6 億美元。

Moving on to transmission, we are nearing completion of the Ohio Valley Connector expansion project or OBCX., which we expect to place in service in the second quarter of 2024.

說到傳輸，我們即將完成俄亥俄河谷連接器擴建專案 (OBCX)，我們預計該專案將於 2024 年第二季投入使用。

For OBCX will add about 350 million cubic feet per day of incremental capacity.

OBCX 每天將增加約 3.5 億立方英尺的增量容量。

Once the expansion is complete, our OBC pipeline will have the ability to move over 1.2 billion cubic feet per day of gas to Clarington, Ohio and can also provide backhaul capacity to reach MVP with the same capacity enhancing base and liquidity and providing customers significant optionality.

擴建完成後，我們的OBC 管道將能夠每天將超過12 億立方英尺的天然氣輸送到俄亥俄州克拉靈頓，並且還可以提供回程容量以達到MVP，同時提高基礎和流動性，並為客戶提供重要的選擇。

Our 2024 transmission CapEx guidance is $75 million to $85 million, which includes approximately $40 million for the OBCX. projects.

我們的 2024 年傳輸資本支出指引為 7,500 萬至 8,500 萬美元，其中包括 OBCX 的約 4,000 萬美元。專案.

In December, the MVP joint venture executed 20-year binding precedent agreements with two Southeast utility customers for the amended Southgate project.

12 月，MVP 合資企業與兩家東南公用事業客戶就修改後的 Southgate 專案簽署了為期 20 年的具有約束力的先例協議。

In aggregate, the firm capacity commitments totaled 550 million cubic feet per day.

總體而言，該公司承諾的產能總計為每天 5.5 億立方英尺。

The joint venture recently completed an open season and expects to finalize this project scope in the coming months.

該合資企業最近完成了開放季節，預計在未來幾個月內最終確定該專案範圍。

Currently, the Southgate project is targeted to be completed in June 2028.

目前，Southgate工程預計於2028年6月完工。

On the Water segment in 2023, we completed the majority of our mixed use water system for 2024.

在水務領域，我們於 2023 年完成了大部分混合用水系統，並於 2024 年完成。

Our water CapEx is expected to be approximately $25 million to $35 million.

我們的水務資本支出預計約為 2500 萬至 3500 萬美元。

I'll now turn the call over to Kirk.

我現在將把電話轉給柯克。

Thanks, Justin, and good morning, everyone.

謝謝賈斯汀，大家早安。

This morning we reported full year net income attributable to E-Train common shareholders of approximately $387 million and earnings per diluted common share of $0.89.

今天早上，我們報告了歸屬於 E-Train 普通股股東的全年淨利潤約為 3.87 億美元，攤薄後普通股每股收益為 0.89 美元。

Net income for the year was $455 million.

該年度淨利潤為 4.55 億美元。

Adjusted EBITDA was $1,056 million and deferred revenue was $329 million.

調整後 EBITDA 為 10.56 億美元，遞延營收為 3.29 億美元。

We also reported full year net cash provided by operating activities of approximately $1 billion and free cash flow of negative $129 million.

我們還報告稱，全年經營活動提供的淨現金約為 10 億美元，自由現金流為負 1.29 億美元。

For the fourth quarter, we reported net income attributable to E-Train common shareholders of $134 million and earnings per diluted common share of $0.31. Net income was $150 million.

第四季度，我們報告歸屬於 E-Train 普通股股東的淨利潤為 1.34 億美元，攤薄後普通股每股收益為 0.31 美元。淨利潤為 1.5 億美元。

Adjusted EBITDA was $272 million and deferred revenue was $88 million.

調整後 EBITDA 為 2.72 億美元，遞延營收為 8,800 萬美元。

We also reported net cash provided by operating activities of $291 million and free cash flow of negative $241 million.

我們還報告稱，經營活動提供的淨現金為 2.91 億美元，自由現金流為負 2.41 億美元。

Net income attributable to E-Train common shareholders for the full year was impacted by several items first by $9.4 million of operating expense related to the Raider Mountain storage and Salton.

全年歸屬於 E-Train 普通股股東的淨利潤受到多個項目的影響，首先是與 Raider Mountain 存儲和索爾頓相關的 940 萬美元運營費用。

Second, a $7.8 million write-down of a contract asset in the water segment.

其次，水務部門的合約資產減記 780 萬美元。

And last and a $1.5 million unrealized gain on derivative instruments, which is reported within other income relates to the contractual provision, entitling E-Train to receive cash payments from EQT conditioned on specific Nimex Henry Hub natural gas prices exceeding certain thresholds post the MVPD.s in service and through 2024.

最後，衍生性工具的未實現收益為150 萬美元，該收益在與合約條款相關的其他收入中報告，使E-Train 有權從EQT 獲得現金付款，條件是特定Nimex Henry Hub 天然氣價格在MVPD 後超過特定閾值。已投入使用並持續到 2024 年。

After adjusting for these items, full year adjusted net income attributable to E-Train common shareholders was $398 million and adjusted earnings per diluted E-Train common share was $0.91. Fourth quarter was impacted primarily by a $5.9 million unrealized loss on derivative instruments related to the contractual provision with EQT mentioned earlier.

在這些項目進行調整後，全年調整後歸屬於 E-Train 普通股股東的淨利潤為 3.98 億美元，調整後每股攤薄 E-Train 普通股收益為 0.91 美元。第四季主要受到與前面提到的 EQT 合約條款相關的衍生工具 590 萬美元未實現損失的影響。

After adjusting for this Q4, adjusted net income attributable to E-Train common shareholders was $139 million and adjusted earnings per diluted share was $0.32. Additionally, we reported full year equity income of $175 million and fourth quarter equity income of $78 million, which was primarily associated with AFUDC relating to MBP construction.

經過第四季度的調整後，調整後歸屬於 E-Train 普通股股東的淨利潤為 1.39 億美元，調整後每股攤薄收益為 0.32 美元。此外，我們報告全年股本收入為 1.75 億美元，第四季度股本收入為 7,800 萬美元，這主要與 MBP 建設相關的 AFUDC 相關。

Operating revenue for the full year increased by $36 million compared to last year, which was primarily driven by increased transmission and water service revenue.

全年營業收入比去年增加了 3,600 萬美元，主要是由於輸電和供水服務收入增加所致。

It was partially offset by lower gathering revenue.

其部分被採集收入減少所抵銷。

Revenue for the fourth quarter of 2023 increased by $5.4 million compared to the fourth quarter of 2022, primarily as a result of increased gathered volumes, partially offset by lower water volumes.

與 2022 年第四季相比，2023 年第四季的收入增加了 540 萬美元，主要是由於收集量增加，但部分被水量減少所抵消。

Operating expenses for the full year increased by approximately $89 million compared to 2022 due to increased SG&A and O&M costs, primarily due to an increase in personnel costs related to the MDP. performance award and other incentive compensation as well as an increase in water expenses, including the $7.8 million contract asset write-down and increased depreciation expense.

與 2022 年相比，全年營運費用增加了約 8,900 萬美元，原因是 SG&A 和 O&M 成本增加，這主要是由於與 MDP 相關的人員成本增加。績效獎勵和其他激勵性補償以及水費的增加，包括 780 萬美元的合約資產減記和增加的折舊費用。

Operating expenses for the fourth quarter of 2023 were roughly flat compared to the same quarter for 2022.

2023 年第四季的營運支出與 2022 年同季大致持平。

For the fourth quarter of 2023, E-Train paid a cash dividend of $0.15 per common share on February 14, 2024, to shareholders of record at the close of business on February 6, 2024.

對於 2023 年第四季度，E-Train 於 2024 年 2 月 14 日向 2024 年 2 月 6 日收盤時登記在冊的股東支付了每股普通股 0.15 美元的現金股息。

For Finally, today, we initiated guidance for 2024.

最後，今天我們啟動了 2024 年指引。

For the full year, we're forecasting net income of $375 million to $455 million, adjusted EBITDA of [$1.235 billion, $1.315 billion] and deferred revenue of approximately $145 million.

我們預計全年淨利潤為 3.75 億美元至 4.55 億美元，調整後 EBITDA 為 [12.35 億美元，13.15 億美元]，遞延收入約為 1.45 億美元。

We're also forecasting full year CapEx and capital contributions of $850 million to$ 955 million, free cash flow of negative $65 million to negative $145 million and retained free cash flow of negative$ 325 million to negative $405 million.

我們也預測全年資本支出和資本貢獻為 8.5 億美元至 9.55 億美元，自由現金流為負 6,500 萬美元至負 1.45 億美元，保留自由現金流為負 3.25 億美元至負 4.05 億美元。

I'll now hand the call back to Diana.

我現在將把電話轉回給戴安娜。

Thanks, Kate.

謝謝，凱特。

Before we open the call to questions, I would like to take a minute to thank our employees who remain absolutely committed to E-Train success through their ongoing commitment to safety and environmental compliance.

在我們開始提問之前，我想花一點時間感謝我們的員工，他們透過對安全和環境合規性的持續承諾，始終致力於 E-Train 的成功。

Thank you.

謝謝。

And with that, we'll open the call to questions.

接下來，我們將開始提問。

(Operator Instructions) Spiro Dounis, Citi.

（操作員指示）Spiro Dounis，花旗銀行。

Please go ahead.

請繼續。

Your line is open.

您的線路已開通。

Thanks, Everett, if everybody would, of course, love to started with the strategic process, but it sounds like that's out of bounds today.

謝謝，埃弗雷特，當然，如果每個人都願意從戰略流程開始，但今天聽起來似乎這是不可行的。

So maybe start with the MVP expansion and the opportunity there and thinking about it incorporates in value.

因此，也許可以從 MVP 擴展和那裡的機會開始，並考慮它的價值。

I'm just curious if you could speak to maybe some of the returns you'd expect from a project like that.

我只是好奇你是否能談談你對這樣的專案所期望的一些回報。

I believe it's just compression and not to get too ahead of it, but is it expandable beyond it?

我相信這只是壓縮而不是太超前，但它是否可以超越它擴展？

Could be a day if you do looping and compression as well.

如果你也進行循環和壓縮，可能會是一天。

Hi, this is Justin. it does adjust.

嗨，這是賈斯汀。它確實會調整。

And so I guess starting with the scope, we expect the expansion will probably be in the range of a half a Bcf a day.

所以我想從範圍開始，我們預計擴展可能會在每天半 Bcf 的範圍內。

As we've talked about previously, it's based on where we have scoped out the fourth greenfield compressor station and what we are physically able to add at the other stations, that's probably the sweet spot for expansion.

正如我們之前討論過的，它基於我們對第四個新建壓縮機站的範圍以及我們在其他壓縮機站上實際能夠添加的內容，這可能是擴張的最佳點。

Technically, there are ways to go above that, but we'll have to weigh the economics of doing so in terms of build multiples, you're probably looking in the three to four range because this is a very strong project limited to just the compression investments.

從技術上講，有很多方法可以超越這個目標，但我們必須在建立倍數方面權衡這樣做的經濟性，您可能會在三到四個範圍內尋找，因為這是一個非常強大的項目，僅限於壓縮投資。

Got it.

知道了。

That's helpful color.

這是有用的顏色。

And maybe turn back to MDP construction.

也許會回到 MDP 建設。

Diana, appreciate all the color on the process from here.

戴安娜，從這裡開始欣賞整個過程中的所有色彩。

It sounds like some of the more challenging periods are still ahead, but I'll kind of anticipated I guess with that, Randy, you had mentioned just looking at some of the local news reports.

聽起來一些更具挑戰性的時期仍在前面，但我想我會有點預期，蘭迪，你剛才提到只是看一些當地的新聞報道。

It seems like there was some runoff issues and potentially some local complaints.

似乎存在一些徑流問題，並且可能存在一些當地投訴。

Just want to make sure.

只是想確定一下。

Can you just confirm all permits are still in good standing the weather issues have not triggered any sort of delays from an oversight perspective either?

您能否確認所有許可證仍然有效，從監督角度來看，天氣問題也沒有引發任何形式的延誤？

Yes.

是的。

So the permits are all still good working very closely with the Virginia DEQ and the other agencies and the inspectors are out there daily and on.

因此，許可證仍然很好，與弗吉尼亞 DEQ 和其他機構密切合作，檢查員每天都在現場。

We are actually I think that issue has cleared up a bit as far as the turbidity and working with the landowner there.

實際上，我認為就渾濁度以及與那裡的土地所有者的合作而言，這個問題已經得到了一些解決。

But everything's been good.

但一切都很好。

Great, I'll leave it there for today.

太好了，我今天就把它留在那裡。

Thanks for the time.

謝謝你的時間。

Thank you.

謝謝。

John Mackay, Goldman Sachs.

約翰麥凱，高盛。

Thanks for the time.

謝謝你的時間。

Maybe I'll just pick up on that last point.

也許我會繼續討論最後一點。

It's a kind of theme here.

這是這裡的一種主題。

Just in terms of the new time line, I think you're pointing to a June first in service, at least kind of baked into your guidance.

就新的時間線而言，我認為您指的是六月首次投入使用，至少有點融入您的指導中。

Curious just if you could frame that up, I mean, you know, it's a few months or two months kind of past your prior benchmark, you've probably seen a month of delays.

很好奇，如果您能將其框架化，我的意思是，您知道，這比您之前的基準晚了幾個月或兩個月，您可能已經看到了一個月的延遲。

So just trying to think of how conservative your feeling on that number right now and maybe anymore guide posts to watch from here.

所以，試著想想你現在對這個數字的看法有多保守，也許還有更多的指導文章可以從這裡觀看。

With every week of good weather, we're able to narrow the variability of that cost.

每週都有好天氣，我們就能縮小成本的波動。

And that timing challenges, obviously still remain, but they're decreasing with as we complete each task.

顯然，時間挑戰仍然存在，但隨著我們完成每項任務，這些挑戰正在減少。

February weather has been better.

二月的天氣比較好。

We did have some rain I think the weekend before last, but the next 10 days look pretty good and that will get us to the end of the month.

我認為前週末我們確實下了一些雨，但接下來的 10 天看起來相當不錯，這將使我們能夠到月底。

So productivity has improved since January, daily continues to increase, which lengthens our work day.

所以從一月開始生產力就提高了，每日產量持續增加，這延長了我們的工作日。

We have a handful of boards left to complete and some steep, but the work planned for April is substantially commissioning work and which will require significantly less people and will not be as sensitive to weather.

我們還有一些木板需要完成，有些木板很陡，但四月計劃的工作主要是調試工作，需要的人員要少得多，而且對天氣也不會那麼敏感。

So that's kind of that's kind of how I look at it.

所以這就是我的看法。

We will finish up construction through March and April will mostly be commissioning.

我們將在三月完成施工，四月大部分時間將進行調試。

Just to clarify that, I think in the past, you've talked about commissioning generally being about a month, et cetera.

只是為了澄清這一點，我想在過去，您談到調試通常大約需要一個月等等。

And that's that's our activities.

這就是我們的活動。

We've been commissioning on the paper line, you know, [77] now we already have gas in them and it's purged impact.

我們一直在對造紙生產線進行調試，你知道，[77] 現在我們已經在其中註入了氣體，並且已經清除了影響。

But we still have our third compressor station and we need to get gas to it, which will happen sometime in March.

但我們仍然有第三個壓縮機站，我們需要向其供應天然氣，這將在三月的某個時候發生。

And then after we complete these other couple of pieces, we'll have to test them and work as we go.

然後，在我們完成其他幾件作品之後，我們將必須測試它們並繼續工作。

So about a month ago.

那麼大約一個月前。

Thanks for that.

感謝那。

Maybe just second question here.

也許這只是第二個問題。

Thanks for that clarification.

感謝您的澄清。

You've got some incremental leverage relief, I think on the on your revolver, maybe some talk, I guess this is for you maybe just frame that up in the context of the increased CapEx cost and how you're feeling about your buffer versus these new ceilings?

你已經獲得了一些增量槓桿緩解，我想在你的左輪手槍上，也許可以談談，我想這可能是為你準備的，也許只是在資本支出成本增加的背景下，以及你對緩衝的感受與這些新的天花板？

Yes, feeling really good about the buffer.

是的，對緩衝區感覺非常好。

So what we did is on the banks have been really good to work with on this, but we got the leverage covenant raise to

因此，我們所做的是與銀行在這方面的合作非常好，但我們將槓桿契約提高到

[six times for Q1 6.25 for Q2, and then it comes back to 5.85 and then down to 5.5 on the following quarter].

[第一季為 6.25，第二季為 6.25，然後回到 5.85，然後在下個季度降至 5.5]。

Yes, I thank you.

是的，我謝謝你。

Appreciate the time.

珍惜時間。

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

Thanks.

謝謝。

Good morning, everyone, or maybe we'll stay on the balance sheet since that was the last question, I wanted to just kind of get your thoughts on the dividend at this point as a lever, given that you're clearly resolving the CapEx spending that that leverage is higher?

大家早安，或者也許我們會留在資產負債表上，因為這是最後一個問題，我想了解一下您此時對股息的想法，作為槓桿，因為您顯然正在解決資本支出支出那個槓桿越高？

Any thoughts to reduce the dividend to free up some cash flow accelerate the deleveraging process?

有沒有想過減少股利以釋放一些現金流來加速去槓桿化進程？

No, we haven't got any thoughts about doing doing anything with the dividend right now, we are focused on delevering and we have the MVP. project financing that we will be turning to as soon as MVP is in service and that will that will be a big chunk of that reduction right there.

不，我們現在還沒有任何關於用股息做任何事情的想法，我們專注於去槓桿化，我們有 MVP。一旦 MVP 投入使用，我們將立即轉向專案融資，這將是減少的很大一部分。

We've said, I think [$800 million to 1 billion] on that, and we are looking at possibly increasing that amount, if we can and the market's there at that time.

我們已經說過，我認為[8億到10億美元]，如果可以的話並且當時市場就在那裡，我們正在考慮增加這個數額。

Okay, got it.

好，知道了。

That's helpful.

這很有幫助。

Thank you.

謝謝。

And then just wanted to ask about kind of what's steady state sustaining CapEx will look like after entities and service.

然後只是想問一下在實體和服務之後維持穩定狀態的資本支出會是什麼樣子。

And if we just kind of ignore some of these discrete projects that you've already outlined, I noticed you have that metric at Slide 8, you talk about in our sustaining CapEx of

如果我們只是忽略您已經概述的一些離散項目，我注意到您在投影片 8 中有該指標，您在我們的維持資本支出中談到

[$200 million to $250 million].

[2億至2.5億美元]。

Is that what you would view as like the total amount of CapEx required to keep kind of the cash flows of the overall business flatters there because they're more costs we should be thinking about.

這就是您所認為的保持整體業務現金流平穩所需的資本支出總額，因為它們是我們應該考慮的更多成本。

So that number is specific to our gathering segments.

所以這個數字是特定於我們的收集部分的。

And I think as we look at this year, we've guided to the [$200 million to $250 million] for some time now in terms of gathering sustaining CapEx, we're probably on the low end of that range for '23 and now for '24, if you if you take some of the growth projects, compression related projects that we have in the works this year, we're probably closer to that $200 million for the gathering segment, if that answers your questions.

我認為，就今年而言，在收集維持資本支出方面，我們已經將[2 億至2.5 億美元] 引導至[2 億至2.5 億美元]一段時間了，我們可能處於23 年至今的該範圍的低端對於 24 世紀，如果你考慮我們今年正在進行的一些成長項目、壓縮相關項目，如果這回答了你的問題，我們可能會接近 2 億美元的收集部分。

Great.

偉大的。

Thank you so much.

太感謝了。

Our next question comes from Jeremy Tonet, JPMorgan.

我們的下一個問題來自摩根大通的 Jeremy Tonet。

Please go ahead.

請繼續。

Good morning.

早安.

Morning.

早晨。

Just wanted to start off with a question Hammerhead here.

只是想先問鎚頭魚一個問題。

It seems like the expected EBITDA ticked down a bit from the last disclosure.

預期 EBITDA 似乎比上次披露的有所下降。

If we have that correct?

如果我們說得對嗎？

Just wondering if you could talk about some of the drivers there.

只是想知道您是否可以談談那裡的一些司機。

Yes, Jeremy, this is Nate.

是的，傑里米，這是內特。

So that slide now reflects $65 million of EBITDA, which is really from the 1.2 Bcf a day of firm commitments, and those are directly tied to MVPs in service.

因此，這張投影片現在反映了 6500 萬美元的 EBITDA，這實際上來自每天 1.2 Bcf 的堅定承諾，而這些承諾與服務中的 MVP 直接相關。

I think previously on that side, we have included about 200 a day of uncontracted capacity.

我認為之前在這方面，我們已經包括了每天大約 200 個非合約產能。

And just I mentioned it in the opening remarks, but the Hammerhead pipeline, we've been moving volumes on that pipeline.

我在開場白中提到了這一點，但是 Hammerhead 管道，我們一直在該管道上進行運輸。

It is bidirectional.

它是雙向的。

So we have interconnects with other pipes beyond MVP.

因此，我們與 MVP 以外的其他管道進行互連。

And in '23, we earned about $5 million of revenue moving those volumes, and we do have another pad that's coming on here midyear.

23 年，我們透過這些銷量獲得了約 500 萬美元的收入，而且我們確實有另一個墊子將於年中推出。

And those volumes will flow north on Hammerhead.

這些體積將沿著鎚頭鯊向北流動。

So and that's additive to the $65 million.

這是 6500 萬美元的附加費。

So I think we've really just cleaned up that slide to make it of the EBITDA that's directly attributable to the timing of MVP in-service.

所以我認為我們實際上只是清理了這張投影片，使其 EBITDA 直接歸因於 MVP 的任職時間。

But certainly we're looking to earn above the $65 million.

但我們當然希望賺取超過 6500 萬美元的收入。

It started to do that in '23

23年就開始這麼做了

Got it.

知道了。

Thank you very much for that.

非常感謝你。

And at the risk of bringing too fine of a point of it on MVP and time line, I'm just wanted to see what when you put the May 30, June 1, dates out there, is that considered?

冒著在 MVP 和時間線上帶來太多細節的風險，我只是想看看當你把 5 月 30 日、6 月 1 日的日期放在那裡時，這是考慮過的嗎？

Is that just the most recent as of today, there was a bit of there's a lot of snow over the weekend.

這只是今天的最新情況嗎，週末下了很多雪。

Just wondering if that's all considered here.

只是想知道這裡是否考慮了所有這些。

I'm sorry if this is too fine of a point.

如果這個觀點太過分了，我很抱歉。

we didn't get snow over the weekend up on the right-of-way and we've no unfolding we did so and I don't think we had slowed down that.

週末我們的路權上沒有下雪，而且我們沒有展開，我們這樣做了，我不認為我們已經放慢了速度。

We're were good.

我們本來就很好

That is that second quarter is as of right now.

也就是說，截至目前為止第二季。

That's where we are.

這就是我們現在的情況。

Got it.

知道了。

That's very helpful.

這非常有幫助。

Thanks, and appreciate if you can't touch on that, you don't want to touch on this, but as far as discussing the strategic review, is there any reason to talk about that today versus any point in the past or why in general just bring it forward?

謝謝，如果你不能觸及這一點，你也不想觸及這一點，但就討論戰略審查而言，今天是否有任何理由談論這一點，而不是過去的任何一點，或者為什麼一般只是提出來嗎？

Yes, we're not going to comment on that today.

是的，我們今天不會對此發表評論。

Got it.

知道了。

Understood again.

又明白了。

Neel Mitra, Bank of America.

尼爾·米特拉，美國銀行。

Hi, good morning and thanks for taking my question.

你好，早安，感謝您提出我的問題。

I wanted to just understand where we are with two important crossings, the Appalachian Trail and learned forever and how long that would take to complete and if there's any challenges you see there.

我只想了解我們在阿巴拉契亞小徑這兩個重要的十字路口的位置，並永遠了解這需要多長時間才能完成，以及您在那裡是否遇到任何挑戰。

So far and on the trail, we have made good progress.

到目前為止，我們已經取得了良好的進展。

We're at about 60% complete and we have had some mechanical issues with equipment that has slowed us down a little bit.

我們已經完成了大約 60%，但我們的設備出現了一些機械問題，這讓我們的進度稍微慢了一點。

But when we are drilling, we are making good rates.

但當我們鑽探時，我們的利率很高。

So and I feel pretty good about the Roanoke we have about 20 feet and of that for four, I think it's like 330 feet.

所以我對 Roanoke 感覺很好，我們有大約 20 英尺，其中四個人的長度，我認為大約 330 英尺。

We have about 20 feet left.

我們還剩下大約 20 英尺。

It is slow going, but it is going and we're under the river.

它進展緩慢，但它正在進展，我們已經在河底了。

So I feel good.

所以我感覺很好。

We're under the we're under the water.

我們在水下 我們在水下。

It's just it's and flow.

這只是它的存在和流動。

Are there various requests being filed for any of these crossings?

是否針對這些過境點提出了各種請求？

Are you ready on that path to completely go forward?

您準備好在這條道路上徹底前進了嗎？

If so and I believe we already have approved variance requests for the trail Roanoke.

如果是這樣，我相信我們已經批准了羅阿諾克步道的變更請求。

There is one out there for Roanoke.

羅阿諾克有一個。

[It's a 247 so that we can operate 247 with two crews right now, we're just working with one. Our existing guidance has doesn't require us to get that approval, but it would help speed things up for us so if we can get it, that's what we're trying to do].

[這是一架 247，因此我們現在可以由兩名機組人員操作 247，我們只與一名機組人員合作。我們現有的指導並不要求我們獲得批准，但這將有助於加快我們的速度，因此如果我們能夠獲得批准，那就是我們正在努力做的]。

Okay, perfect.

好的，完美。

And if I could just follow up on one question on the balance sheet.

如果我能跟進資產負債表上的一個問題。

I know your your covenant leverage ratio has been revised upward.

我知道你的契約槓桿率已經向上修改。

And I'm just wondering where you see kind of the peak leverage on going to with the increase in costs.

我只是想知道隨著成本的增加，槓桿率峰值會在哪裡。

Yes.

是的。

We believe that the amended revolver covenant is more than adequate cushion.

我們相信，修訂後的左輪手槍契約足以提供足夠的緩衝。

We are probably in the high fives with this amended targeted MVP in-service, and then we would expect that that would come down very quickly and we did the MVP project level financing.

我們可能對這個修改後的目標 MVP 投入使用表示熱烈歡迎，然後我們預計這會很快下降，我們進行了 MVP 項目級別的融資。

Got it.

知道了。

Thank you very much.

非常感謝。

Brian Reynolds, UBS Financial.

布萊恩雷諾茲，瑞銀金融集團。

Hey, good morning, everyone.

嘿，大家早安。

And maybe a follow-up on the amended credit facility and seemed like you had still enough room to run based on your prior amendments.

也許是修改後的信貸安排的後續行動，根據先前的修改，您似乎仍然有足夠的空間來運作。

So just kind of curious of the reasoning to basically take it to 6 and impartially above 6.25 times.

所以只是有點好奇將其基本上設為 6 且公正地高於 6.25 倍的推理。

Just wondering the drivers behind that?

只是想知道背後的驅動因素？

Is that just some extra dose of conservatism or does maybe some of the NDP level debt and timing of that maybe influence the decision to amend the facility up periodically?

這是否只是一些額外的保守主義，或者可能是新民主黨水平的一些債務及其時機可能會影響定期修改該設施的決定？

Thanks.

謝謝。

Be far off from where it was primarily just to give ourselves adequate cushion and for some conservatism on so that we didn't have any concerns with the balance sheet going forward, but it should not signal any concerns with regards to the MDP. financing and our ability to execute on.

遠離它主要只是為了給我們自己足夠的緩衝和一些保守主義，這樣我們就不會對未來的資產負債表有任何擔憂，但它不應該表明對 MDP 有任何擔憂。融資和我們的執行能力。

Just to take it off the Brian.

只是為了把它從布萊恩身上拿下來。

Right.

正確的。

Okay.

好的。

Makes sense.

說得通。

And then as a follow-up, the Spiros Southgate question.

接下來是斯皮羅斯索斯蓋特的問題。

I know previously there were some issues around permitting on that part of the leg of the projects.

我知道以前在專案的這一部分的許可方面存在一些問題。

Can you just help me understand how maybe the new scope of the project maybe addresses some of these concerns around permitting there?

您能否幫助我了解該專案的新範圍可能如何解決有關許可的一些問題？

Or will should we expect some additional permits to be filed in those jurisdictions over the coming months to pursue that project things?

或者我們是否應該期望在未來幾個月內在這些司法管轄區申請一些額外的許可證來開展該計畫？

Yes, I'll start.

是的，我要開始了。

So the revised scope, certainly shortens the project considerably there.

因此，修改後的範圍肯定會大大縮短該項目。

There'll be less stream crossings and other things that could be permitting challenges down the road so I think the revised scope here goes a long way to derisking the project, and we're more comfortable with our ability to act because we're derisking it that way.

河流交叉口和其他可能會帶來挑戰的事情將會減少，所以我認為這裡修改後的範圍對於降低專案風險大有幫助，而且我們對我們的行動能力更加滿意，因為我們正在降低風險就這樣。

Because everything is the compression count.

因為一切都是壓縮數。

That's helpful and that we will need to file permits.

這很有幫助，我們需要申請許可。

It will the shorter route is great, but we'll still have to go through the permitting process that data is pretty far out there.

較短的路線固然很好，但我們仍然需要經過許可流程，因為數據還很遙遠。

So we haven't started that yet.

所以我們還沒開始。

But where we have all the legwork and have the route, we've been working on this route for quite a long time.

但是，我們已經完成了所有的跑腿工作和路線，我們已經在這條路線上工作了相當長的時間。

Okay.

好的。

Makes sense for the rest of the morning.

對於早上剩下的時間來說是有意義的。

We have no further questions in queue.

我們沒有其他問題了。

I'd like to turn the call back over to Diana Charletta for closing remarks.

我想將電話轉回戴安娜·查萊塔 (Diana Charletta) 進行結束語。

Thank you all very much for your time.

非常感謝大家抽出寶貴的時間。

We appreciate it.

我們很感激。

Have a great day.

祝你有美好的一天。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。