Genesis Energy LP (GEL) 2024 Q3 法說會逐字稿

Greetings and welcome to the Genesis Energy LP third quarter, 2024 earnings conference call at this time. (Operator instructions). It is now my pleasure to introduce Dwayne Morley, Vice President of Investor relations. Thank you, Dwayne. You may begin.

大家好，歡迎參加 Genesis Energy LP 2024 年第三季財報電話會議。（操作員指令）。現在我很高興介紹投資者關係副總裁 Dwayne Morley。謝謝你，德韋恩。你可以開始了。

Good morning. Welcome to the 2024 third quarter conference call for Genesis Energy.

早安.歡迎參加 Genesis Energy 2024 年第三季電話會議。

Genesis Energy has four business segments. The offshore pipeline transportation segment is engaged in providing the critical infrastructure to move oil produced from the long lived world class reservoirs from the Deepwater Gulf of Mexico to onshore refining centers.

Genesis Energy 有四個業務部門。海上管道運輸部門致力於提供關鍵基礎設施，將墨西哥灣深水區長期世界級油藏生產的石油運送到陸上煉油中心。

The soda and sulfur services segment includes Trona and trona based exploring mining processing, producing marketing and selling activities as well as the processing of sour gas streams to remove sulfur at refining operations.

蘇打和硫磺服務部門包括天然鹼和基於天然鹼的勘探、採礦、加工、生產、行銷和銷售活動，以及在煉油作業中處理酸性氣流以去除硫磺。

The onshore facilities and transportation segment is engaged in the transportation handling, blending storage and supply of energy products including crude oil and refined products.

陸上設施及運輸部門從事原油和精煉產品等能源產品的運輸、處理、混合儲存和供應。

The marine transportation segment is engaged in the maritime transportation of primarily refined petroleum products. Genesis' operations are primarily located in Wyoming, the Gulf coast states and the Gulf of Mexico.

海上運輸部門主要從事精煉石油產品的海上運輸。Genesis 的業務主要位於懷俄明州、墨西哥灣沿岸各州和墨西哥灣。

During this call management may be making forward-looking statements within the meanings of the Securities Act of 1,933 and the Securities Exchange Act of 1934. The law provides safe harbor protection to encourage companies to provide forward-looking information.

在本次電話會議中，管理階層可能會根據 1933 年《證券法》和 1934 年《證券交易法》做出前瞻性陳述。該法提供安全港保護，以鼓勵公司提供前瞻性資訊。

Genesis intends to avail itself of those Safe Harbor provisions and directs you to its most recently filed and future filings with the securities exchange commission.

Genesis 打算利用這些安全港條款，並指導您查看其最近向證券交易委員會提交的文件和未來的文件。

We also encourage you to visit our website at genesis energy dotcom where a copy of the press release we issued this morning is located.

我們也鼓勵您造訪我們的網站 genesis energy dotcom，那裡有我們今天早上發布的新聞稿副本。

The press release also presents a reconciliation of non-GAAP financial measures to the most comparable GAAP financial measures.

新聞稿也提供了非公認會計準則財務指標與最具可比性的公認會計準則財務指標的對帳表。

At this time, I'd like to introduce Grant Sims, CEO of Genesis Energy LP. Mr. Sims will be joined by Kristen Jesulaitis, Chief Financial Officer and Chief Legal Officer; Ryan Sims, President and Chief Commercial Officer; and Louie Nicol, Chief Accounting Officer.

現在，我想介紹 Genesis Energy LP 的執行長 Grant Sims。與 Sims 先生一同任職的還有財務長兼首席法律長 Kristen Jesulaitis；總裁兼首席商務官 Ryan Sims；以及首席會計官 Louie Nicol。

Thanks Jo and good morning to everyone and thank you for listening to the call as we mentioned in our earnings release this morning, we have always expected 2024 to be a transition year as we move closer and closer to the inflection point.

謝謝喬，大家早上好，感謝大家聆聽電話會議，正如我們在今天早上的收益報告中提到的，我們一直預計 2024 年將是一個過渡年，因為我們越來越接近轉折點。

When we will complete our current major capital spending program, be a short time away from a notable step change and realized segment margin and most importantly, be in position to generate cash from operations in excess of the cash cost of running and sustaining our businesses starting in the back half of 2025 and accelerating into 26. I'm here today to reiterate my confidence in this central thesis, having said that we certainly did not reasonably expect 2024 to be as challenging as it has turned out to be.

當我們完成目前的主要資本支出計劃時，我們很快就會實現顯著的步驟變化和分部利潤，最重要的是，從 2025 年下半年開始，我們將能夠從營運中產生超過營運和維持業務的現金成本的現金，並加速到 26 年。今天我在這裡重申我對這核心論點的信心，儘管我說過，我們當然沒有合理地預料到 2024 年會像現在這樣具有挑戰性。

While our financial performance in the first three quarters of the year has been well below our original expectations. We believe a majority of what has impacted genesis this year has been the result of one-time items and other factors outside of our control. Importantly, we expect most of these challenges will be remedied by your end. Hopefully leading to a more constructive operating environment moving forward.

雖然今年前三個季度的財務表現遠低於我們最初的預期。我們認為，今年對創世紀造成影響的大部分因素都是一次性事件以及其他我們無法控制的因素造成的。重要的是，我們期望大部分這些挑戰都能夠解決。希望這將帶來更建設性的營運環境。

We are in any event, evaluating a number of cost cutting and efficiency opportunities to help offset these near term challenges.

無論如何，我們都在評估一些削減成本和提高效率的機會，以幫助抵消這些短期挑戰。

We believe the actions we are taking and will continue to take in the coming months and quarters not only reflect our full alignment with our stakeholders but are also representative of our commitment to maximizing available cash flow in the years to come.

我們相信，我們正在採取的以及將在未來幾個月和幾個季度繼續採取的行動不僅反映了我們與利益相關者的完全一致，也代表了我們對未來幾年最大化可用現金流的承諾。

We believe 2025 will deliver meaningful growth over 2024 in the financial performance of certain of our segments driven by the midyear startup for our contracted offshore developments, as well as getting a number of the technical operational issues at certain existing offshore fields behind us.

我們相信，2025 年我們某些部門的財務業績將比 2024 年實現有意義的增長，這得益於我們承包的海上開發項目在年中啟動，以及某些現有海上油田的一些技術運營問題的解決。

A sequential improvement in our marine transportation segment resulting from fewer scheduled dry docks and steady to improving market fundamentals and steady to improving performance from our onshore facilities segment.

由於預定的乾船塢減少、市場基本面穩定改善以及陸上設施部門業績穩步改善，我們的海上運輸部門業績環比改善。

As we sit here today, we do see certain challenges in our soda and sulfur services businesses continuing into 2025 while we expect to achieve better and more consistently efficient operations at West Vaco and Granger. Next year, we are seeing macroeconomic headwinds which likely will pressure so prices at least in the early part of next year in our sulfur services business, we have continued to have challenges on the production side at our largest host refinery and are facing competitive pressures from Chinese flake in South America.

今天，我們確實看到我們的蘇打和硫磺服務業務面臨的某些挑戰將持續到 2025 年，同時我們預計 West Vaco 和 Granger 的營運將變得更好、更持續高效。明年，我們將看到宏觀經濟逆風，這可能會對價格造成壓力，至少在明年年初，在我們的硫磺服務業務中，我們最大的主煉油廠在生產方面繼續面臨挑戰，並且面臨來自南美中國薄片的競爭壓力。

We would expect to have a better idea on these items when we discuss our outlook for 2025 in more detail, next January or February. However, even with these challenges, we continue to expect growth in adjusted, even done 2025 over 2024. When combined with limited growth, capital spending, we would believe we will in fact turn the corner and become cash flow positive next year, giving us the flexibility to begin focusing on capital allocation in earnest.

我們希望在明年 1 月或 2 月更詳細地討論 2025 年的展望時對這些項目有更好的了解。然而，即使面臨這些挑戰，我們仍然預期調整後，甚至 2025 年仍將實現成長，超過 2024 年。結合有限的成長和資本支出，我們相信，我們實際上將扭轉局面，明年實現現金流為正，讓我們能夠靈活地開始認真關注資本配置。

If we look back beyond 2025 the combination of increasing volumes across our offshore infrastructure setting a marginal improvement from our marine transportation onshore facilities segments and a return towards a more normalized. So, dash price environment which we believe is only a matter of when not, if all will combine to drive increasing results.

如果我們回顧 2025 年以後的情況，我們海上基礎設施數量的增加將為我們的海上運輸陸上設施部門帶來邊際改善，並回歸到更正常化的狀態。因此，我們認為，破滅價格環境只是時間問題，是否所有因素都會結合起來推動業績成長。

Importantly, over the next few years, we have identified no growth capital projects and remain committed to not pursuing any meaningful growth projects in the near term. In essence, because we believe we have laid the foundation for meaningfully higher and sustainable adjusted EBITDA for the foreseeable future.

重要的是，在接下來的幾年裡，我們沒有確定任何成長資本項目，並且仍然致力於在短期內不追求任何有意義的成長項目。本質上，因為我們相信我們已經為可預見的未來實現更高且可持續的調整後 EBITDA 奠定了基礎。

We continue to believe the partnership has adequate financial flexibility and liquidity and we will be in a position to utilize our future excess cash flow to simplify and strengthen our capital structure by redeeming our high cost convertible preferred and paying down debt in absolute terms.

我們仍然相信合夥企業具有足夠的財務靈活性和流動性，我們將能夠利用未來的過剩現金流，透過贖回高成本的可轉換優先股並絕對償還債務來簡化和加強我們的資本結構。

These actions should in turn lower our cost of capital and ultimately reduce the long term annual cash costs of running our businesses affording us over time even more flexibility and levers we can pull to maximize unit holder value.

這些措施反過來會降低我們的資本成本，並最終降低我們經營業務的長期年度現金成本，從而隨著時間的推移為我們提供更多的靈活性和槓桿，以最大化單位持有人的價值。

In summary, absent unforeseen circumstances, we remain confident we have laid the foundation to be able to create long term value for everyone in the capital structure in the coming years.

總而言之，如果沒有不可預見的情況，我們仍然相信我們已經奠定了基礎，能夠在未來幾年為資本結構中的每個人創造長期價值。

Now touch briefly on our individual business segments.

現在簡單介紹一下我們各自的業務部門。

As mentioned in our earnings release. Our offshore segment continued to be negatively affected by lingering operational and technical issues in a couple of our large fields where we touch the molecules multiple times via both oil and gas gathering, as well as downstream transportation, which as you can infer our higher margin volumes versus the alternative where we might just handle the volume once.

正如我們的收益報告中所提到的。我們的海上部門繼續受到幾個大型油田的持續運營和技術問題的負面影響，在這些油田中，我們通過石油和天然氣收集以及下游運輸多次接觸分子，你可以推斷出我們的利潤率高於我們可能只處理一次的替代方案。

or downstream transportation in almost 40 years of focusing on the Deepwater Gulf of Mexico in its world class hydrocarbon bearing reservoirs.

近 40 年來，我們一直專注於墨西哥灣深水區的世界級含碳氫化合物儲層，提供下游運輸服務。

I have never seen a string of technical operating issues across multiple operators and multiple fields all occur right on top of one another, whether it involved dropping a joint of casing on the flowlines and a control umbilical and 50,800 ft of water.

我從未見過跨多個運營商、跨多個油田的一系列技術操作問題同時發生，無論是涉及在流線上掉落套管接頭、控制臍帶和 50,800 英尺深的水。

The failure of a sleeve not being able to be remotely activated to choke off water inflows in a multi zone completion, the separation failure of the production tubing string in a 17,000 ft well, with the string in a twin well, needing to be pre-emptively addressed or the failure of a completion screen allowing production tubing and flow lines to get sanded up.

在多層完井中，套管無法遠端啟動以阻止水流入，17,000 英尺井中的生產油管柱與雙井中的油管柱分離失敗，需要預先處理，或者完井篩管失敗導致生產油管和流線被砂子覆蓋。

Needless to say our producer, customers have recently experienced a number of unfortunate, unexpected and rare items which in turn obviously has negatively affected our financial performance this year while we had originally expected the operators to complete the necessary repairs during the third quarter.

不用說，我們的生產商、客戶最近經歷了一些不幸的、意外的和罕見的事情，這顯然對我們今年的財務業績產生了負面影響，而我們原本預計運營商將在第三季度完成必要的維修。

The various recent weather challenges in the Gulf of Mexico caused delays in getting the appropriate equipment and service providers on site to complete the necessary repairs on the original timeline.

墨西哥灣最近遭遇的各種天氣挑戰導致無法按照原定時間表將適當的設備和服務提供者運送到現場完成必要的維修。

That being said we have seen a small portion of the effective production restored to date but are now being told, complete mitigation and repairs are not expected to be completed until the end of the year as a result, these interruptions will also have a negative impact on our fourth quarter.

話雖如此，到目前為止，我們已經看到一小部分有效生產得到恢復，但現在被告知，預計要到年底才能完成全部緩解和修復工作，因此，這些中斷也將對我們的第四季度產生負面影響。

Results in our conversations with effective producer operators each have reiterated, they expect no long term negative impacts to the underlying reservoirs and expect to see these volumes return by the end of the year or certainly by early next year, we will ultimately benefit from these volumes moving through our offshore infrastructure.

我們與有效生產商運營商的對話結果均重申，他們預計不會對底層油藏產生長期負面影響，並預計這些產量將在今年年底或明年年初恢復，我們最終將受益於這些產量通過我們的海上基礎設施。

It will just be shifting the recognition of the economic benefit to us a little to the right. It doesn't go away.

這只會讓我們對經濟利益的認知稍微往右移動一點。它不會消失。

Given some of these recent challenges, I took the opportunity over the last four or five weeks to personally go meet with senior executives at most of our key producer shipper customers in the Gulf of Mexico.

鑑於最近面臨的一些挑戰，我藉此機會在過去四、五週內親自會見了墨西哥灣大多數主要生產商托運客戶的高階主管。

I can relay that those with the mechanical issues are working diligently to remedy the lost volumes as quickly as possible. But more importantly, all of them remain very excited and confident about the expectations for their newly sanctioned projects.

我可以轉達的是，那些遇到機械問題的人們正在努力工作，以盡快彌補損失。但更重要的是，他們對於新批准項目的期望仍然感到非常興奮和充滿信心。

The potential for additional future developments around their existing infrastructure, whether infield or subsidy opportunity as well as exploratory opportunities. They have already identified under their existing valid leases in the Gulf of Mexico.

圍繞現有基礎設施未來進一步發展的潛力，無論是內場或補貼機會或探索性機會。他們已經根據墨西哥灣現有的有效租約進行了確認。

Our offshore expansion project remains on schedule and we continue to expect to complete most of the construction work. By the end of the year, we expect to finalize the connection of the new Sinc pipeline to the Shenandoah Floating production System.

我們的海上擴建工程仍按計畫進行，我們預計大部分建設工作將繼續完成。到今年年底，我們預計將完成新 Sinc 管道與 Shenandoah 浮式生產系統的連接。

Once it arrives at its final location in the Gulf of Mexico, with such work expected to be completed in the first quarter, 2025 both the Shenandoah and Salamanca new developments and their combined almost 200,000 barrels of oil per day of incremental production handling capacity remain on schedule to be online and begin in the second quarter of 2025.

一旦它抵達墨西哥灣的最終位置，預計這項工作將在 2025 年第一季完成，謝南多厄和薩拉曼卡的新開發項目及其總計近 200,000 桶/天的增量生產處理能力仍將按計劃上線並於 2025 年第二季度開始。

Similarly to other recent new developments, we continue to expect each of these to ramp up very quickly and reach initial preproduction within 3 to 6 months of their respective dates of first production. If not sooner.

與其他近期新進展類似，我們繼續預計這些項目都能夠快速發展，並在首次生產後的 3 到 6 個月內達到初始預生產水準。如果不是更早的話。

In both cases, the operators anticipating anticipate producing at rates materially higher than our take or pay levels or perhaps even higher than their original internal expectations. When they sanction the project, these two new floating production facilities are also expected to serve as host platforms for additional future subsea developments or tieback opportunities which could sustain or increase these cash flows to us for years and years into the future.

在這兩種情況下，營運商都預期產量會大大高於我們的收取或支付水平，甚至可能高於他們最初的內部預期。當他們批准該項目時，這兩個新的浮式生產設施還有望作為未來更多海底開發或回接機會的主機平台，這可能會在未來幾年內維持或增加我們的現金流。

In addition to the monument field, which is a subsea tieback to Shenandoah that we announced last quarter. We remain in active discussions with other producers to utilize the incremental prebuilt capacity on the sync lateral and or on the chops pipeline.

除了紀念碑油田之外，這是我們上個季度宣布的與謝南多厄 (Shenandoah) 的海底回接。我們仍在與其他生產商進行積極討論，以利用同步橫向管道或 chops 管道上的增量預建容量。

Importantly, these ongoing discussions around the connection of additional infield subsea or secondary recovery development opportunities would not require any incremental capital on our part and could turn to production as early as next year. And certainly, over the next few years I also wanted to take a moment to comment on the recent judicial events surrounding the 2020 biological opinion or bi issued by the National Marine Fisheries Service in Mid-August.

重要的是，圍繞連接額外的內場海底或二次採油開發機會的這些正在進行的討論不需要我們投入任何增量資本，並且最早可以在明年投入生產。當然，在接下來的幾年裡，我還想花點時間對國家海洋漁業局 8 月中旬發布的 2020 年生物意見或 BI 相關的最近司法事件發表評論。

A Maryland district judge found the existing 2020 biop did not meet certain requirements stemming from the endangered Species Act and thus issued an order to vacate such biop as of December 20th, 2024.

馬裡蘭州一名地區法官發現，現有的 2020 年生物保護法不符合《瀕危物種法》的某些要求，因此下令自 2024 年 12 月 20 日起撤銷該生物保護法。

This ruling could have theoretically invalidated certain permits and put parties at risk of liability for activities that could harm protected species in the Gulf of Mexico.

從理論上講，這項裁決可能會使某些許可證無效，並使相關方因可能損害墨西哥灣受保護物種的活動而承擔責任。

Fast forward as we expected, the upstream community was the champion with dealing with this matter in court. And on October 21st, 2024 the same district judge in Maryland extended the date of theatre of the 2020 buyout to May 21st, 2025. Furthermore, the National Marine Fisheries Service has publicly committed to issue, issue a new and fully compliant buyout before this date.

正如我們所預料的那樣，上游社區在法庭上處理此事時佔了上風。2024 年 10 月 21 日，馬裡蘭州同一地區法官將 2020 年買斷的執行日期延長至 2025 年 5 月 21 日。此外，國家海洋漁業局已公開承諾將在此日期之前發布新的、完全合規的收購協議。

While we do not anticipate any future risks surrounding this matter, we will be constantly monitoring the situation.

雖然我們預計此事未來不會有任何風險，但我們將持續關注事態發展。

In the end. We remain confident that we and our producer, customers will continue to be fully compliant with the new buy up once issued and will continue to be stewards of the environment and the waters in which we operate in together turning now to our soda and sulfur services segment.

到底。我們堅信，我們以及我們的生產者和客戶將繼續完全遵守新購買規定，並將繼續共同保護我們經營所在地的環境和水域，現在轉向我們的蘇打和硫磺服務部門。

Our soda ash business significantly underperformed our expectations during the quarter as we continue to experience production challenges and higher maintenance spending at our Westvaco production facility as a result of our operating performance over the first nine months of the year.

由於今年前九個月的營運表現，我們繼續面臨生產挑戰，並且 Westvaco 生產設施的維護支出增加，因此本季我們的純鹼業務表現大大低於我們的預期。

Our alkali leadership team is keenly focused on identifying the root causes of the production challenges, implementing new initiatives and proactive measures to mitigate such in the future and reduce operating costs and maintenance spending to further streamline and lower the cost of our soda.

我們的鹼金屬領導團隊非常注重找出生產挑戰的根本原因，實施新的措施和主動措施，以減輕未來生產挑戰的影響，並降低營運成本和維護支出，從而進一步精簡和降低我們的蘇打成本。

So dash operations to allow us to maintain our position as America's largest and lowest cost producer. We'll never compromise on our commitment to safe and responsible operations in the near term. We must focus on cost just since last quarter. The export market for soda has for lack of a better description, gotten pretty sloppy.

如此快速的營運使我們能夠保持美國最大且成本最低的生產商地位。我們絕不會在短期內放棄對安全和負責任營運的承諾。從上個季度開始我們就必須專注於成本。很難用更好的詞來描述，蘇打水出口市場變得相當混亂。

Chinese domestic inventory levels and the availability of exports out of China have both recently increased.

中國國內庫存水準和出口供應量近期均增加。

In fact, exports from China in September were the highest since July of 2023.

事實上，中國9月的出口額是2023年7月以來的最高水準。

The increased supply of natural soda from the balloon development in Mongolia appears to have been consumed totally within China at least until recently.

至少直到最近，蒙古氣球開發所增加的天然蘇打水供應似乎已完全被中國國內消耗殆盡。

There are recent indications that Chinese domestic man must be softening as evidenced by such increase in inventory and availability of exports.

最近有跡象表明，中國國內勞動成本肯定正在下降，庫存和出口量的增加就是明證。

We are however encouraged by the recent changes in monetary policy and rumored additional fiscal policies designed to stimulate the Chinese economy. But these will take time to become effective.

然而，我們對近期貨幣政策的變化以及傳聞的旨在刺激中國經濟的額外財政政策感到鼓舞。但這些都需要時間才能見效。

In the meantime, the apparent increased availability of so dash out of China is leading our export customers to expect lower prices. In fact, we expect to see lower export prices in the fourth quarter.

同時，中國出口產品的供應量明顯增加，導致我們的出口客戶預期價格會下降。事實上，我們預計第四季出口價格將會下降。

Even though sequentially third quarter, prices were up over the second quarter and second quarter prices were up over the first quarter of this year.

儘管與去年同期相比，第三季的價格有所上漲，但第二季的價格又比今年第一季上漲。

We would expect that this current softness will last until 2025 at least early in the year until the global market comes closer into balance in that regard. I am reminded of Warren Buffett saying that in a commodity business, it is hard to look a lot smarter than your dumbest competitor at some of the prices we believe are being offered.

我們預計，目前的疲軟態勢將持續至少到 2025 年初，直到全球市場在這方面接近平衡。我記得巴菲特曾說過，在大宗商品產業，在我們認為的某些價格下，你很難顯得比最愚蠢的競爭對手聰明得多。

We know the sellers at best are seeing marginal revenue cover their marginal production cost with no contribution to their fixed cost.

我們知道，賣家最多只能看到邊際收入涵蓋其邊際生產成本，而對其固定成本沒有任何貢獻。

As we all learned in principles of economics, this behavior can occur in the short run but it is not sustainable in the long run.

正如我們在經濟學原理中學到的，這種行為可能在短期內發生，但從長遠來看是不可持續的。

As a result, we would expect certain producer suppliers to curtail production which will obviously help tighten the market and ultimately to ultimately lead to higher prices.

因此，我們預計某些生產商供應商將削減產量，這顯然將有助於收緊市場，並最終導致價格上漲。

As I said earlier, we are America's lowest cost producer and our brine based facilities, Eldm at West Vaco and our optimized Granger facility are among the lowest cost. So, dash production facilities in the world.

正如我之前所說，我們是美國成本最低的生產商，我們的鹽水設施、位於 West Vaco 的 Eldm 和我們優化的 Granger 設施都是成本最低的。因此，世界上的生產設施都相當完善。

Our higher cost competitors both domestically and abroad will have to carry the load of the supply response needed near term to bring the so market more into balance regardless of the ultimate timing of such pro production rationalizations, which would happen sooner rather than later.

無論此類生產合理化的最終時間如何，我們國內外成本較高的競爭對手都必須承擔短期內所需的供應響應負擔，以使市場更加平衡，而這種合理化遲早都會發生。

If high cost synthetic producers in Europe and China were to begin to act more rationally, we remain committed to the soda business.

如果歐洲和中國的高成本合成飲料生產商能夠開始採取更理性的行動，我們仍將致力於蘇打水業務。

We intend to work diligently to further optimize our cost structure and make any necessary adjustments to maintain and strengthen our competitive advantage.

我們打算努力進一步優化我們的成本結構並做出任何必要的調整以保持和加強我們的競爭優勢。

I am confident that the steps we are evaluating regarding our production costs will not only help us in the short term but will enhance our ability to benefit sooner from the inevitable balancing of the market and the higher and sustainable commodity prices that will undoubtedly follow our marine transportation segment continues to operate in line with our expectations as the broader market conditions remain very favorable.

我相信，我們正在評估的生產成本措施不僅會在短期內幫助我們，而且將增強我們從不可避免的市場平衡和更高且可持續的商品價格中更快地獲益的能力，我們的海運部門將繼續按照我們的預期運作，因為更廣泛的市場條件仍然非常有利。

We continue to operate with utilization rates at or near 100% of practical available capacity for all classes of our vessels and expect day rates to remain strong if not slightly increased sequentially as our existing term and spot charters renew over the remainder of the year and throughout 2025.

我們將繼續以所有級別船舶實際可用容量的 100％ 或接近 100％ 的利用率運營，並且隨著我們現有的定期和現貨租船合約在今年剩餘時間和整個 2025 年續簽，預計日租費將保持強勁，甚至環比略有上漲。

Importantly, we're also nearing the completion of our heaviest regulatory dry docking year on record for our offshore fleet.

重要的是，我們的近海船隊也即將完成有史以來最繁重的監管乾船塢年。

By year end, we expect to have completed such required work for six of our non-blue water vessels with two of our smaller offshore vessels scheduled to go in for work in the first quarter of 2025. Upon completion of these dry dockings early next year and absent any unforeseen events, we expect to have a clear runway to drive sequential improvement by simply operating our vessel, our vessels for more available days in 2025 relative to 2024 and almost certainly at higher realized day rates.

到年底，我們預計將為六艘非遠洋船舶完成此類必需工作，其中兩艘較小的近海船舶計劃於 2025 年第一季投入工作。在明年初完成這些乾船塢作業並且沒有任何不可預見的事件後，我們預計只需運營我們的船舶，就有一條清晰的跑道來推動連續的改進，我們的船舶在 2025 年的可用天數將比 2024 年更多，而且幾乎肯定會以更高的實際日費率運行。

As a result, we could reasonably see a scenario where next year's marine transportation segment could be up by more than 10% year over year. If not higher, these market fundamentals look like they'll be around for a number of years in the future with net retirements of older equipment, not ours. By the way, given the relatively young age of our assets and the need to see day rates increase another 30% or so and be expected to, to sustain their well into the future before anyone is likely to undertake a significant new build program.

因此，我們可以合理地看到，明年的海上運輸部門可能會比去年同期成長 10% 以上。如果不是更高的話，這些市場基本面看起來將在未來幾年內存在，伴隨的是舊設備的淨退役，而不是我們的。順便說一句，考慮到我們的資產相對較新，需要看到日費率再增加 30% 左右，並且預計在任何人可能開展重大新建項目之前，這些費率將在未來維持良好狀態。

In summary, with the unforeseen challenges to our adjusted law in 2024 we expect the full year to come in below the end of our previous guidance range.

總而言之，由於 2024 年調整後的法律面臨不可預見的挑戰，我們預計全年收入將低於先前指導範圍的末端。

Additionally, our bank calculated total debt to EBITDA ratio will increase to greater than five times in future periods at least for a while as we deal with the arithmetic challenge of such lower EBITDA in the denominator negatively affecting such calculated ratio.

此外，我們銀行計算出的總債務與 EBITDA 比率將在未來一段時間內增加到五倍以上，因為我們要應對分母中較低的 EBITDA 對這種計算比率產生負面影響的算術挑戰。

However, that will take care of itself over time as we realize growing adjusted EBITDA and begin to pay down debt in future periods, as I have mentioned in the past and will reiterate again, the value proposition to Genesis remains unchanged and intact.

然而，隨著我們實現調整後 EBITDA 的成長並開始在未來期間償還債務，隨著時間的推移，這個問題將得到解決，正如我過去提到過的並將再次重申的那樣，Genesis 的價值主張保持不變。

At least from our perspective, we remain keenly focused on getting to the back half of 2025 and the inflection point where we stop spending growth capital and start harvesting significant and growing cash flows in excess of the cash cost of running and sustaining our businesses.

至少從我們的角度來看，我們仍然熱切地關注 2025 年下半年和轉折點，屆時我們停止花費成長資本，並開始收穫超過營運和維持業務的現金成本的可觀且不斷增長的現金流。

This excess cash flow will allow us to simplify our capital structure lower our overall cost of capital, maintain prudent leverage and have the ability to opportunistically drive long term value for our unit holders for many years ahead.

這些額外的現金流將使我們能夠簡化資本結構，降低整體資本成本，保持審慎的槓桿率，並有能力在未來許多年內為我們的單位持有人抓住機會創造長期價值。

Finally, I would like to say to the management team that the management team and the board of directors remain steadfast in our commitment to building long term value for all our stakeholders, regardless of where you are in the capital structure, we believe the decisions we are making reflect this commitment and our confidence in genesis moving forward. I'd once again like to recognize our entire workforce for their individual efforts and unwavering commitment to safe and responsible operations.

最後，我想對管理團隊說，管理團隊和董事會始終堅定不移地致力於為所有利益相關者創造長期價值，無論您處於資本結構的哪個位置，我們相信我們所做的決定反映了這一承諾和我們對 Genesis 未來發展的信心。我再次讚揚我們全體員工的個人努力以及對安全負責任的營運的堅定承諾。

I am extremely proud to be associated with each and every one of you with that. I'll turn it back to the moderator for questions.

我非常自豪能與你們每一個人一起參與其中。我將把問題交還給主持人提問。

(Operator Instructions) Michael Blum, Wells Fargo.

（操作員指示）富國銀行的邁克爾布魯姆。

Thanks. Good morning, everyone. I wanted to ask about 2025. I appreciate that you're looking for an inflection point in the back half of the year, but in the first half of the year, it seems like things could be a little bit softer. You'll have elevated leverage. So should we assume that you'll that your, your point where you're going to begin to meaningfully raise the distribution could be delayed a bit here. Would you, do you expect that to happen in 2025 or is it now more likely a 2026 event.

謝謝。大家早安。我想問的是 2025 年的事。我知道你正在尋找下半年的轉折點，但在今年上半年，情況似乎可能會稍微緩和一些。您將擁有更高的槓桿作用。因此，我們是否應該假設，您開始有意義地提高分佈的時間可能會在這裡稍微延遲。您預計這會在 2025 年發生嗎？

Michael, good question. I think it's a little bit premature to, to answer specifically, I would say that we're at a point in this fall, we are putting together our 2025 plan and the fundamental building blocks of that are really getting the updated producer profiles or production profiles from our producer customers in the Gulf of Mexico which obviously drives things.

邁克爾，好問題。我認為現在具體回答這個問題還為時過早，我想說的是，今年秋天，我們正在製定 2025 年計劃，而該計劃的基本構建模組實際上是從墨西哥灣的生產商客戶那裡獲取更新的生產商概況或生產概況，這顯然會推動事情的發展。

And as I, as I mentioned in the prepared remarks, certainly the excitement around the new facilities and the overperformance relative to previous expectations is going to be part of that, but that's obviously, that's a big driver of 2025 as we sit here today, only about 50% of our anticipated. So sales of soda in 2025 are at a either a known price or a price that is subject to a known Capra collar.

正如我在準備好的發言中提到的那樣，新設施帶來的興奮以及相對於之前預期的超額表現無疑是其中的一部分，但這顯然是 2025 年的一大驅動力，因為我們今天坐在這裡，這僅占我們預期的 50% 左右。因此，2025 年蘇打水的銷售價格要么是已知價格，要么是已知 Capra 項圈影響的價格。

So we have a little bit of, we have some time and as you know, November and December is when we will in earnest set the prices for or with our customers for the early part of 2025. Obviously, we believe that prices should increase as we go through 2025.

因此，我們還有一些時間，而且如你所知，11 月和 12 月我們將認真為客戶確定 2025 年初的價格。顯然，我們相信到 2025 年價格應該會上漲。

And so it's our intent that we will go as short term as possible. But again, that's, that's something that we're currently working on. And as I made reference also to, we are keenly focused on ringing cost and operating expense again without compromising safe operations and other things. And so that's an ongoing process.

因此，我們的目的是盡可能縮短期限。但再說一遍，這是我們目前正在努力的事情。正如我所提到的，我們非常關注降低成本和營運費用，同時不影響安全營運和其他事項。這是一個持續的過程。

So a very longwinded answer to I can't sit here today and give you our view of what 25 is as we referenced it. We'll let you know that on the fourth quarter call and how all that plays into the capital allocation program I think is going to be driven by what the result of that is as we go through this this budgeting process and then have further discussions with the board in, in January.

因此，對於這個問題的回答，我今天無法坐在這裡向您提供我們對 25 的看法。我們將在第四季度電話會議上告知您這一點，而所有這些對資本配置計劃的影響，我認為這將取決於我們完成這一預算流程後的結果，然後在 1 月份與董事會進行進一步討論。

Wade Suki, Capital One.

韋德蘇基 (Wade Suki)，Capital One 的成員。

Good morning, everyone. Thank, thank you for taking my question. Just to expand maybe a little bit on. I think it was Michael's question before looking out to next year and, and beyond, I want to say it was last quarter. You sort of laid out a couple of maybe high level high level view on EBIT '25 and '26.

大家早安。謝謝，感謝您回答我的問題。只是為了稍微擴充一下。我認為這是邁克爾在展望明年及以後之前提出的問題，我想說這是上個季度的問題。您對 EBIT '25 和 '26 給出了一些高層的觀點。

Just thinking about it, really just taking a step back, any delta between your prior view and today would, would, would, would it be fair to say that's mostly a function of what your change in view is on soda ash and the environment there with, you know, maybe, I don't know, maybe a 5% impact from offshore next year delays, but mostly it's dependent on the soda ash environment. Is that a fair way to think about it?

想想看，實際上只是退一步考慮，您之前的觀點和今天的觀點之間的任何差異，是否可以公平地說，這主要取決於您對蘇打灰及其環境的看法的變化，也許，我不知道，也許明年海上延誤會造成 5% 的影響，但主要取決於蘇打灰環境。這是一種公平的思考方式嗎？

I would say that yes, the majority of the delta is going to be driven by, as I said in the prepared remarks that just literally within the last 90 days we've seen, I think I described it as being rather sloppy. Again. This is, we've, we've been here before.

我想說，是的，大部分的增量將由，正如我在準備好的評論中所說的那樣，在過去的 90 天裡，我們已經看到，我認為我將其描述為相當草率。再次。這是，我們以前來過這裡。

This is so market has been around since the 1860s and the natural producers have been including ourselves who started the natural production in Southwest Wyoming since, you know, around the early 1950s. We've been through this before and high-cost producers are going to have to shut in because they can't cover their cost. And ultimately prices will rise.

這種市場自 19 世紀 60 年代就已經存在，天然產物生產商也包括我們自己，我們從 1920 世紀 50 年代初就開始在懷俄明州西南部進行天然產物生產。我們以前經歷過這種情況，高成本的生產商將不得不關閉工廠，因為他們無法收回成本。最終價格將會上漲。

And those of us that have a cost advantage will benefit from that, but markets take time to work. But yeah, I think that and then also the interplay with the amount of cost that you know.

那些擁有成本優勢的人將從中受益，但市場需要時間來發揮作用。但是是的，我認為這也與您所知道的成本數量相互影響。

We are targeting or thinking about as we review our operations to maintain that cost, competitive advantage, how much we can get out in light of, you know, a slightly choppier or slightly more negative outlook, at least for the first quarter of 25. So again, I don't want to get out over my skis as we're rolling all of this up with the data points that I referred to in my response to Michael was.

我們在審查我們的營運時，正在考慮或瞄準如何保持成本和競爭優勢，考慮到略微波動或略微負面的前景，至少在 25 年第一季度，我們能獲得多少收益。所以再說一次，我不想超出我的範圍，因為我們正在根據我在回覆邁克爾時提到的數據點來匯總這一切。

But, you know, I think that, you know, we are to get back to the central theme and thesis is we're going to hit the inflection point. It's a matter of when not if and you know, depending upon the performance of the soda business relative to the recovery of over overcoming the technical and operational issues in the Gulf that we've been explicit about and then the performance and overperformance out of the new growth coming from the Gulf of Mexico. We need to kind of roll all of that up and be able to better answer the question in January.

但是，你知道，我認為，我們要回到中心主題，而論點是我們將迎來轉捩點。這是一個時間問題，而不是是否會發生的問題，你知道，這取決於蘇打水業務的表現，相對於克服我們已經明確指出的墨西哥灣的技術和運營問題的複蘇，以及來自墨西哥灣的新增長的表現和超額表現。我們需要把所有這些問題匯總起來，這樣才能在 1 月更好地回答這個問題。

Understood. Yeah. No, I appreciate that. And not the back end of the corner here or anything. But if I think about it, if you think there's a normalization in soda ash in, let's say the '26 timeframe really, the out year shouldn't be all that affected from your prior view. Is that, is that a, is that a fair statement or?

明白了。是的。不，我很感激。並不是這裡角落的後端或任何東西。但是如果我考慮一下，如果您認為純鹼的價格在 26 年左右已經恢復正常，那麼從您之前的觀點來看，未來一年的價格應該不會受到太大的影響。這是，這是，這是公平的說法嗎？

I think, that's an absolute fair statement. I mean, we, if we return to normalcy and keep our costs in line and on the so dash business in particular, yeah, we, we anticipate that everything should be in, you know, annualized in the back half of '25 and certainly in the '26 and beyond, everything is 100% in tax.

我認為這絕對是公正的說法。我的意思是，如果我們恢復正常並控製成本，特別是在 so dash 業務上，是的，我們預計一切都應該在 25 年下半年實現年化，當然在 26 年及以後，一切都將 100％ 納稅。

So, you know, again that as I described '24 is it has turned out to be even more challenging than what we could have reasonably anticipated. And you know, but especially in regards to the calculated leverage ratio that that sticks with this on an LTM basis. And so, having the denominator kind of low because of onetime or nonrecurring events is going to stick with us for a while. So, the headline number is at least on the total funded debt to adjusted EBITDA ratio.

所以，你知道，正如我所描述的，‘24’ 事實證明，它比我們合理預期的更具挑戰性。而且您知道，但特別是在計算槓桿率方面，該槓桿率是在 LTM 基礎上堅持的。因此，由於一次性或非經常性事件而導致分母偏低的情況將會持續一段時間。因此，總體數字至少是總融資債務與調整後 EBITDA 比率的比例。

Is a, you know, that's going to stick with us for a while. But I, I agree with your hypothesis or your statement that this has no effect on late '25 and '26 and beyond assuming a normalization of financial results out of the business.

你知道，這會伴隨我們一段時間。但我同意你的假設或陳述，假設業務的財務結果正常化，這對 25 年末和 26 年及以後沒有影響。

Thanks for that. Appreciate it. Just switch gears to offshore. You gave us some kind of good color on you know, some of the operational technical issues impacting your, your producer customers. I think I heard there were a couple of different producers or three producers. Would you mind kind of going through some of the technical issues? One more time, just better understand what's happening out there. And I totally appreciate it's all, it's all hitting at once, but just kind of curious.

謝謝。非常感謝。只需將齒輪切換到離岸即可。您為我們詳細介紹了影響您的生產商客戶的某些營運技術問題。我想我聽說有幾個不同的製作人或三個製作人。您介意討論一下一些技術問題嗎？再一次，更了解那裡發生的事情。我完全理解這一切，這一切一下子就打動了我，只是有點好奇。

Yes, and we've got to be very careful because obviously we're under NDAS with them. I tried to give you a flavor for a couple of the types of instances which occurred. I mean, in the, in the process of drilling a brand-new development. Well, the drilling rig lost a joint of casing which floated down 5,800 ft of water and landed on top of some existing flow lines and control umbilicals for some producing wells.

是的，我們必須非常小心，因為我們顯然與他們簽訂了 NDAS 協議。我嘗試讓您了解發生的幾種情況。我的意思是，在鑽探一個全新開發案的過程中。鑽井平台丟失了一個套管接頭，套管漂浮在 5,800 英尺深的水中，並落在一些生產井現有的流水線和控制臍帶纜的頂部。

So obviously one has to go through the process of a removing that and then b going in and testing and, and making sure that no damage was occurred. So, and you know, this is not like you back a truck up and you know, start pulling tubing and stuff. I mean, another instance was, you know, in a multi zone completion. Well, with that had a preinstalled mechanical sleeve to be able to shut off the purse in one of the zones that zone started producing water.

因此顯然必須經過以下過程：a 移除它，然後 b 進入並進行測試，並確保沒有發生損壞。所以，你知道，這不像你倒車然後開始拉管子之類的東西。我的意思是，另一個例子是，你知道，在多區域完成中。好吧，有了它，就有一個預先安裝好的機械套管，能夠關閉其中一個區域的錢包，該區域開始產水。

The sleeve couldn't be remotely moved to shut off that water. And as a result, they had to go in and do a workover. And when you're doing workovers and, 7,000 ft of water on 27,000 ft wells, it's not the easiest and quickest overnight solution to do things.

無法遠端移動套管來切斷水流。結果，他們不得不進去進行修井。當您進行修井作業並且要在 27,000 英尺深的井中吸入 7,000 英尺深的水時，這並不是最簡單、最快捷的夜間解決方案。

So, you know, it's again, if you go back and once, they published the prepared remarks, I gave a couple of other examples. But you know, so again, it's, it's things that are totally beyond our control and, and quite frankly, they're pretty rare and unexpected from the producing community. And as I, I said, I've never seen a quarter or two where you have this many kind of fall on top of each other. But so let's get it behind us and get all the stuff.

所以，你知道，如果你回去看看，他們曾經發表了準備好的發言，我給了其他幾個例子。但你知道，這些事情完全超出了我們的控制範圍，而且坦白說，對於製作界來說，這些事情相當罕見且出乎意料。正如我所說，我從未見過一兩個季度出現如此多的連續下滑。但讓我們把它拋在腦後並得到所有的東西。

And, you know, as you can tell, and if you look at the offshore performance in the first quarter, at $97 million versus $72 million in the third quarter, I can unequivocally sit here and pound the table that, that's not a decline in the production capability associated with the attached and known facilities that is, that is driven by something completely outside of our control and the operator's control.

而且，正如您所看到的，如果您看看第一季度的海上業績，第一季度的業績為 9700 萬美元，而第三季度為 7200 萬美元，我可以毫不含糊地坐在這裡強調，這並不是與附屬和已知設施相關的生產能力的下降，那是由完全超出我們和運營商控制範圍的因素造成的。

(Operator Instructions) Elvira Scotto, RBC Capital Markets.

（操作員指示）Elvira Scotto，RBC 資本市場。

Hey, good morning, everyone. And thanks for taking my question. I guess I just wanted to follow up there on, on Wade's question. You know, these, these onetime issues that, that we've seen and, and you know, granted they're rare, what gives you the confidence that as we go into 2025 you know, we're, we're not going to see issues or are there protections in place?

嘿，大家早安。感謝您回答我的問題。我想我只是想跟進一下韋德的問題。您知道，這些我們已經見過的一次性問題，而且您知道，儘管它們很罕見，但是是什麼讓您有信心，當我們進入 2025 年時，我們不會看到這些問題，或者是否有保護措施？

And, and I guess just from a broader perspective, when can we expect some, I guess less volatility in the, in the offshore segment, would that be like in the, you know, starting in the, in the second quarter of 2025? Any help there would be appreciated?

而且，我想從更廣泛的角度來看，什麼時候我們才能預期海上領域的波動會減少一些，是否從 2025 年第二季開始？任何幫助都會受到感激嗎？

Yeah. No, again, I would describe this as, you know, on the verge of being a calamitous coincidence of, of things that kind of individually can happen from time to time, but all of them happening at once, especially at some of the, what I would call the Highvale fields. From our perspective is very unusual.

是的。不，我再說一遍，我認為這是一場災難性的巧合，這些事情可能時不時地單獨發生，但所有事情卻同時發生，特別是在一些我稱之為「Highvale」的地區。從我們的角度來看，這是非常不尋常的。

Clearly, the, the producers and the operators have a greater economic incentive to not have these occur. And if they do occur to fix them as soon as they can safely and responsibly do it. I mean, they get $70 a barrel, we get a couple of dollars a barrel.

顯然，生產者和經營者有更大的經濟動機去避免這些情況的發生。如果確實發生這種情況，他們會盡快以安全且負責任的方式進行修復。我的意思是，他們每桶賺 70 美元，我們每桶賺幾美元。

So, you know, it's a, it's a bit unfortunate, but again, I kind of tie back a little bit to the, to the, the comparison I just made to the first quarter offshore margin being in the zip code of $97 million versus $72 million. That is not something that anybody anticipated. And even the second quarter was I think around $86 million or something, which was the beginning of the realization of some of these, some of these mechanical issues.

所以，你知道，這有點不幸，但同樣，我有點回到剛才對第一季離岸利潤率的比較，郵遞區號分別為 9,700 萬美元和 7,200 萬美元。這是任何人都沒有預料到的。甚至第二季的損失我認為也在 8,600 萬美元左右，這也是一些機械問題開始顯現的原因。

So again, and all I can say is that in my, in my 40 years of working in the Deepwater Gulf of Mexico from an infrastructure point of view, I've never seen this much occur. I don't think it's indicative of things. I think everybody is, is prudent in doing what they can to do a safe and responsible and economic operations.

所以，我再說一遍，從基礎設施的角度來看，我在墨西哥灣深水區工作了 40 年，從未見過如此重大的事情發生。我不認為這能說明什麼。我認為每個人都會謹慎地盡其所能，確保安全、負責且經濟地運作。

So hopefully, you know, we get it behind us and we get to a more normalized rate. So, you know, if the, if that kind of equates to, you know, $90 million to $95 million a quarter stabilized before you start seeing the ramp from Shenandoah Salamanca, that's kind of how we view the world.

所以希望我們能夠解決這個問題，並達到更正常化的速度。所以，你知道，如果這相當於在你開始看到 Shenandoah Salamanca 的增長之前每季度穩定在 9000 萬到 9500 萬美元之間，這就是我們看待世界的方式。

So.

所以。

Okay, great. No, that's helpful. And then just on switching gears here, can you talk a little bit about these issues at West Eco that affected production and then I don't know if you're able to at this point, but to provide any more detail into kind of some of these remediation efforts and, and cost cutting and streamlining efforts and, and you know, if you're able to quantify like your goals there.

好的，太好了。不，這很有幫助。然後轉換話題，您能否談談 West Eco 中影響生產的問題，然後我不知道您現在是否能夠提供更多細節，介紹一下這些補救措施、削減成本和精簡措施，以及您是否能夠量化您的目標。

Yeah, I mean, it's a number of things at West Vaco, including things as simple as conveyor belts, moving the ore to, from the subsurface mining operations to the, to the ore pile upstairs, having, you know, kind of an unusual several months from a performance behavior point of view.

是的，我的意思是，West Vaco 有很多事情要做，包括像傳送帶這樣簡單的事情，將礦石從地下採礦作業運送到樓上的礦石堆，從性能行為的角度來看，這幾個月有點不尋常。

And that's again, that's going back in perspective for 70 plus years of continuous mining to you know, discovery of some structural issues in a mine shaft that from a safety point of view has to, has to be immediately fixed because we're not going to take any risk on those types of important items.

再一次，這要回顧 70 多年的連續採礦，你知道，發現礦井中的一些結構問題，從安全角度來看，必須立即修復，因為我們不會對這些重要物品冒任何風險。

So again, we have our, our team focused. This is very unusual. I mean, if you look kind of on a historical basis that we have been consistently improving our total, our production statistics, you know, again, not at the expense of maintaining safe operations, but it's just again, it's kind of a 24 has been kind of a, a rough year from an operational point of view.

因此，我們再次強調，我們專注於我們的團隊。這非常不尋常。我的意思是，如果從歷史角度來看，我們一直在不斷提高我們的整體生產統計數據，你知道，我們並沒有以犧牲安全營運為代價，但從營運的角度來看，這 24 年是艱難的一年。

So again, we're, we're, we're stepping back, we've instructed and we have everybody sign off and from the management team to step back and evaluate processes what changes we need to make in order to address and reduce the number of incidences which affect our production capabilities.

因此，我們再次退後一步，我們已經發出指示，並讓每個人都簽字，從管理團隊退後一步並評估流程，我們需要做出哪些改變，以解決和減少影響我們生產能力的事件數量。

And at the same time, then take a hard look at our overall fixed cost both from, you know, across the board and make a determination. Can we, you know if we tighten our belt and can, can we hit our production numbers and maintain safe and responsible operations and do it cheaper in future periods to a deal with the near-term realities of softness and prices.

同時，我們從各個角度仔細審視我們的整體固定成本，並做出決定。如果我們勒緊褲腰帶，我們能否達到我們的生產目標，保持安全和負責任的運營，並在未來以更低的成本應對近期疲軟和價格的現實。

But as I also said by doing so, then we will benefit even more as soon as we see the, the tightening and the turnaround in prices. So that's, you know, that's what we can, those are things that we can control at this point and that's, that's what we're focused on dealing with what we can control and be in a position to benefit when the market allows us to, to do even better.

但正如我所說，透過這樣做，一旦我們看到價格收緊和回升，我們將受益更多。所以，你知道，這就是我們所能做的，這些都是我們目前可以控制的事情，這就是我們專注於處理我們能夠控制的事情，並在市場允許我們時從中受益，做得更好。

Great. That makes a lot of sense. And do you think this is something that like as you're going through this process is something that you can at least, you know, identify what needs, what changes you need to make? Is it something that you think you can do in the near term or is this going to be a year or multiyear type process?

偉大的。這很有道理。您是否認為，當您經歷這個過程時，您至少可以確定自己需要什麼、需要做哪些改變？您認為這是可以在短期內完成的事情嗎？

We are focused on you know, sprinting between now and the end of the year and having processes in place and steps identified and steps implemented to hit the ground running in 2025.

我們專注於從現在到年底的衝刺，並建立流程、確定步驟並實施步驟，以便在 2025 年開始行動。

Thank you. There are no further questions at this time. I'd like to hand the floor back over to Grant Sims for any closing comments.

謝謝。目前沒有其他問題。我想將發言權交還給格蘭特·西姆斯 (Grant Sims)，請他發表最後評論。

Well, thanks again everyone for dialing in and listening and we appreciate your interest in the, in the Genesis story and we'll talk soon. Thank you.

好吧，再次感謝大家撥通電話收聽，我們很感激你們對《創世紀》故事的興趣，我們很快就會聊的。謝謝。

This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。現在您可以斷開您的線路。感謝您的參與。