Genesis Energy LP (GEL) 2025 Q1 法說會逐字稿

Greetings, and welcome to Genesis Energy LP First Quarter 2025 Earnings Conference Call. (Operator Instructions). As a reminder, this conference is being recorded.

您好，歡迎參加 Genesis Energy LP 2025 年第一季財報電話會議。（操作員指令）。提醒一下，本次會議正在錄製中。

It is now my pleasure to introduce Dwayne Morley. Thank you, Dwayne. You may begin.

現在我很高興介紹德韋恩·莫利。謝謝你，德韋恩。你可以開始了。

Good morning, and welcome to the 2025 First Quarter Conference Call for Genesis Energy. Genesis Energy has three business segments. The offshore pipeline transportation segment is engaged in providing the critical infrastructure to move oil produced from a long-lived world-class reservoirs from the deepwater Gulf of America to onshore refining centers.

早安，歡迎參加 Genesis Energy 2025 年第一季電話會議。Genesis Energy 有三個業務部門。海上管道運輸部門致力於提供關鍵基礎設施，將美國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 marine transportation segment is engaged in the maritime transportation of primarily refined petroleum products. And the onshore transportation and services segment is engaged in the transportation, handling, blending and storage and supply of energy products, including crude oil and refined products primarily around refining centers.

海上運輸部門主要從事精煉石油產品的海上運輸。陸上運輸和服務部門主要從事煉油中心週邊能源產品的運輸、裝卸、混合、儲存和供應，包括原油和成品油。

As well as the processing of sour gas streams to remove sulfur at refining operations. Genesis' operations are primarily located in the Gulf Coast states and the Gulf of America. During this conference call, management may be making forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934.

以及在煉油作業中處理酸性氣流以去除硫。Genesis 的業務主要位於墨西哥灣沿岸各州和美國灣。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》做出前瞻性聲明。

The law provides safe harbor protection to encourage companies to provide forward-looking information. Genesis intends to avail itself of those safe harbor provisions and directs you to its most recently filed and future filings with the Securities and Exchange Commission. We also encourage you to visit our website at genesisenergy.com, where a copy of the press release, we issued this morning is located.

該法提供安全港保護，以鼓勵公司提供前瞻性資訊。Genesis 打算利用這些安全港條款，並指導您查看其最近向美國證券交易委員會提交的以及未來的文件。我們也鼓勵您造訪我們的網站 genesisenergy.com，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. 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.

該新聞稿還提供了非公認會計準則 (GAAP) 財務指標與最具可比性的 GAAP 財務指標的對帳表。現在，我想介紹 Genesis Energy, LP 的執行長 Grant Sims。財務長 Kristen Jesulaitis 將與 Sims 先生一同出席；兼首席法律官；總裁兼首席商務官 Ryan Sims；以及首席會計官 Louie Nicol。

Thanks, Dwayne. Good morning to everyone. Thanks for listening to the call. As we mentioned in our earnings release this morning, the first quarter was indeed a busy quarter. It was kind of a re-transformational quarter for Genesis, as we successfully exited our soda ash business and used the net proceeds to simplify our balance sheet and significantly reduce the future cash costs of running our remaining businesses.

謝謝，德韋恩。大家早安。感謝您收聽電話。正如我們今天早上在收益報告中提到的那樣，第一季確實是一個繁忙的季度。對於 Genesis 來說，這是一個重新轉型的季度，因為我們成功退出了純鹼業務，並利用淨收益簡化了資產負債表，並大幅降低了營運剩餘業務的未來現金成本。

Now that we have reached that targeted inflection point, where we will be in a position to generate excess cash -- excess of our cash expenses and when combined with our refocused efforts on the traditional midstream energy space, we believe we are now even better positioned to create long-term value for all of our stakeholders in future periods.

現在我們已經達到了目標拐點，我們將能夠產生超額現金 - 超額的現金支出，再加上我們重新集中精力於傳統中游能源領域，我們相信我們現在更有能力在未來為所有利益相關者創造長期價值。

As we look forward, I cannot be more excited about what lies ahead for Genesis. Our offshore expansion projects supported by contracts executed in August of 2021 and April of 2022, are very nearly complete and will soon be ready for first production from both Shenandoah and Salamanca over the coming months. As stated in our earnings release, the Shenandoah floating production unit was successfully moored to the sea floor in the Walker Ridge area, the Gulf of America in mid-April.

展望未來，我對 Genesis 的未來充滿期待。我們的海上擴建項目由 2021 年 8 月和 2022 年 4 月簽訂的合約支持，目前已接近完工，並將在未來幾個月內準備好在 Shenandoah 和 Salamanca 進行首次生產。正如我們的收益報告中所述，Shenandoah 浮式生產裝置於 4 月中旬成功繫泊在美國灣沃克嶺地區的海底。

And we remain on schedule to commission our new 100% owned SYNC pipeline towards the end of this month in advance of expected first oil sometime in June, with all such oil continuing to shore through our 64% owned and operated CHOPS pipeline. The Salamanca FPU recently completed its final safety and operational checks. It sell from Ingleside, Texas approximately two weeks ago and is anticipated to arrive at its final location in Keathley Canyon any day now.

我們仍將按計劃在本月底投入使用我們 100% 擁有的新 SYNC 管道，預計第一批石油將於 6 月份某個時候產出，所有這些石油將繼續通過我們 64% 擁有和運營的 CHOPS 管道運往岸上。薩拉曼卡FPU最近完成了最後的安全和運行檢查。它大約兩週前從德克薩斯州英格爾賽德開始銷售，預計將於近日抵達基思利峽谷的最終地點。

Upon its arrival, we will work closely with LLOG to finalize their connection to our 100% owned SEKCO pipeline in advance of expected first oil some four to six weeks after Salamanca starts. All oil from Salamanca will continue on to shore through our 64% owned and operated Poseidon oil pipeline. We continue to believe these two new stand-alone production facilities and are combined almost 200,000 barrels of oil per day of incremental production handling capacity will ramp very quickly and will likely reach their anticipated initial production levels by the end of the year, if not sooner.

抵達後，我們將與 LLOG 密切合作，提前完成與我們全資擁有的 SEKCO 管道的連接，預計在薩拉​​曼卡管道開通後四至六週內將產出第一批石油。薩拉曼卡的所有石油將透過我們擁有並營運 64% 股份的波塞冬石油管道繼續輸送到岸上。我們仍然相信，這兩座新的獨立生產設施以及總計每天近 20 萬桶石油的增量生產處理能力將迅速提升，並可能在今年年底甚至更早達到預期的初始生產水準。

This will represent a significant stepwise change in the financial contribution from our offshore pipeline transportation segment. There is no doubt in my mind that both the Shenandoah and Salamanca FPUs will be an integral part of the Genesis story over the coming decades.

這將代表我們海上管道運輸部門的財務貢獻發生重大的逐步變化。我毫不懷疑，未來幾十年 Shenandoah 和 Salamanca FPU 都將成為 Genesis 故事中不可或缺的一部分。

When combined with the steady performance from our other two segments, and the significant cash savings realized from the sale of our soda ash business, we believe this increasing free cash flow profile puts Genesis in a relatively unique and enviable position within the midstream space, especially for small to mid-cap midstream enterprises.

結合我們其他兩個部門的穩定表現，以及出售純鹼業務所實現的大量現金節省，我們相信，這種不斷增長的自由現金流狀況將使 Genesis 在中游領域，特別是對於中小型中游企業而言，處於相對獨特和令人羨慕的地位。

With that, I'll go into a little more detail for each of our business segments. As mentioned in our earnings release, several of our producer customers continue to experience mechanical issues that are affecting production from various wells at three of the major fields that are connected to our offshore infrastructure. The producers involved have all been increasingly transparent with their public disclosures.

接下來，我將更詳細地介紹我們的每個業務部門。正如我們在收益報告中提到的那樣，我們的一些生產商客戶繼續遇到機械問題，這些問題影響了與我們海上基礎設施相連的三個主要油田的各個油井的生產。所涉及的生產商在公開披露方面都變得越來越透明。

And we can confirm that all have deepwater drilling rigs on location that are actively working to restore production from these affected wells as well as drilling new infill development wells. We continue to see progress on these repairs as evidenced with the exit rate volumes in the first quarter being greater when compared to the exit rate volumes in the fourth quarter.

我們可以確認，所有現場的深水鑽井平台都在積極恢復受影響油井的產量，並鑽探新的加密開發井。我們繼續看到這些修復工作取得進展，證據是第一季的退出率比第四季的退出率更高。

Based on what we know today, we would reasonably expect to see this trend continue in the coming months with expected volume levels returning to or near normalized levels as we exit the second quarter, or at the absolute later sometime in the third quarter. While these extended mechanical issues have been unfortunate, our offshore team continues to focus on the things we can control.

根據我們今天所了解的情況，我們可以合理地預期這一趨勢將在未來幾個月持續下去，預計交易量將在第二季度結束時恢復到或接近正常水平，或者在第三季度晚些時候達到絕對水平。儘管這些延長的機械問題令人遺憾，但我們的離岸團隊仍繼續專注於我們能夠控制的事情。

We continue to have an active dialogue and robust commercial discussions with multiple producers regarding additional infield subsea and or secondary recovery development opportunities that could turn to additional volumes on both our pipeline laterals and pipelines to shore. Along these lines, we are finalizing agreements with an operator to provide downstream oil transportation for a new subsea development with first oil scheduled for late second quarter.

我們繼續與多家生產商進行積極的對話和強有力的商業討論，探討額外的內場海底和/或二次採油開發機會，這些機會可能會轉化為我們管道支線和岸上管道的額外產量。沿著這些思路，我們正在與一家營運商敲定協議，為新的海底開發項目提供下游石油運輸，第一批石油計劃於第二季末交付。

This single well is expected to produce in the range of 8,000 to 10,000 barrels of oil equivalent per day, and will be tied back to an existing floating production unit in approximately 1,500 feet of water. This is yet another example of the continued generation of smaller but meaningful and increasingly economic tieback opportunities in the Central Gulf of America that continue to leverage existing platform and pipeline infrastructure.

預計該單井日產量將達到 8,000 至 10,000 桶油當量，並將與水深約 1,500 英尺的現有浮式生產裝置連接。這是美國灣中部地區持續創造規模雖小但意義重大且經濟效益日益提升的回接機會的又一個例子，這些回接機會將繼續利用現有的平台和管道基礎設施。

We have been told by various operators to expect at least six more of these infill or tieback wells to come online before the end of the year, all with a capital requirement to us of zero. This type of activity typically offsets the decline from more mature wells infills, making new developments like Shenandoah, and Salamanca truly additive and incremental to our expected financial results.

各業者告訴我們，預計今年底前將至少有六口加密井或回接井投入使用，而且對我們的資本要求均為零。此類活動通常可以抵消更成熟的油井加密帶來的產量下降，從而使 Shenandoah 和 Salamanca 等新開發項目真正為我們預期的財務表現帶來附加價值和增量。

I want to add a little third-party color around some of the comments we made in the earnings release regarding the relatively low commodity price environment and near-term activity in the Gulf. Just last week, Chevron, one of the most active operators in the Gulf of America and which also happens to be one of the largest landowners and leaseholders in the Permian Basin, was asked on their quarterly earnings call to comment on the cost structure and breakeven analysis of the deepwater versus onshore shale.

我想為我們在收益報告中就相對較低的商品價格環境和海灣地區近期活動所做的一些評論添加一些第三方色彩。就在上週，雪佛龍公司（美國灣最活躍的營運商之一，也是二疊紀盆地最大的土地所有者和租賃持有者之一）在其季度收益電話會議上被要求對深水和陸上頁岩的成本結構和盈虧平衡分析發表評論。

Their response was basically that they have driven breakeven costs in the deepwater to a point where they intend to continue to allocate significant capital to grow their production from the deepwater. They had to because of their opportunity set in their onshore shale position. Just a couple of days ago, Talos highlighted on their earnings call that their break evens for their slate of projects this year, a couple of which we will see moving through our pipelines, had a breakeven of $30 to $40 per barrel that allows them to have robustness against this current price environment.

他們的回應基本上是，他們已經將深水區的損益平衡成本推高到他們打算繼續分配大量資本來增加深水區產量的地步。他們必須這麼做，因為他們的陸上頁岩氣蘊藏著巨大的機會。就在幾天前，Talos 在其收益電話會議上強調，他們今年一系列項目的盈虧平衡點為每桶 30 至 40 美元，其中幾個我們將看到通過我們的管道進行，這使得他們能夠在當前的價格環境下保持穩健。

All in all, I think it is safe to say that deepwater projects, while larger and longer cycle from a front capital perspective will prove to be substantially more resilient during times of lower or uncertain prices, given the 20, 30, 40-plus year design lab, producers consider when making these investment decisions. There is increasing evidence that the deepwater clearly stacks up very well and in some cases, might be superior to onshore shale plays, especially given technological advancements, where the industry has seen recoveries reached in excess of 50 million barrels per wellbore.

總而言之，我認為可以肯定地說，深水專案雖然從前期資本角度來看規模更大、週期更長，但在價格較低或不確定的時期，由於生產商在做出這些投資決策時要考慮 20、30、40 多年的設計實驗室，因此將被證明具有更強的彈性。越來越多的證據表明，深水油氣儲量非常豐富，在某些情況下甚至可能優於陸上頁岩油氣儲量，尤其是考慮到技術進步，目前深水油氣儲量已達到每井5000萬桶以上的水平。

As there have already been numerous onshore operators that have come out this earnings season and announced they were laying down rigs or slowing their current pace of development onshore due to the current pricing environment. No deepwater producers that we are aware of have announced any such actions.

由於目前的價格環境，已經有許多陸上業者在本財報季宣布他們正在放棄鑽井平台或放慢目前的陸上開發速度。據我們所知，目前還沒有任何深水生產商宣布採取此類行動。

As we look beyond the next two to three years, we are encouraged to see the Department of Interior announced the commencement of the 11th national Outer Continental Shelf Oil and Gas Leasing Program in mid-April. Additionally, the department of Interior recently announced they will be implementing new permitting procedures to accelerate the development of domestic energy resources and critical minerals.

展望未來兩到三年，我們很高興看到內政部在四月中旬宣布啟動第 11 個國家外大陸架石油和天然氣租賃計畫。此外，內政部最近宣布，他們將實施新的許可程序，以加速國內能源資源和關鍵礦產的開發。

These measures are designed to expedite the review and approval, if appropriate, of projects related to the leasing, siting, production, transportation, refining or generation of energy within the United States. According to our press release issued by the Department of Interior on April 23, the new permitting procedures are envisioned to take a heretofore multiyear process down to just 28 days.

這些措施旨在加快審查和批准與美國境內能源租賃、選址、生產、運輸、精煉或發電相關的項目（如適用）。根據我們4月23日內政部發布的新聞稿，新的許可程序預計將把迄今為止多年的流程縮短至僅 28 天。

While we do not reasonably expect to see any actionable new developments or tieback opportunities in the next few years from this new leasing program, the accelerated permitting schedule and reduced timelines could bring forward opportunities that might have been slated for the end of the decade or even later. Regardless, we believe we have decades of opportunities under existing valid leases.

雖然我們並不合理地預期在未來幾年內從這個新的租賃計劃中看到任何可行的新發展或回接機會，但加速的許可時間表和縮短的時間表可能會帶來原本計劃在本世紀末甚至更晚出現的機會。無論如何，我們相信，在現有的有效租約下，我們還有幾十年的機會。

I might point out that 10 of the 22 active deepwater drilling rigs currently working in the Gulf of America are working on leases already contractually dedicated to our pipeline infrastructure. And one is working on a lease that would logically come through us if it's commercially successful, not a bad place to be from our perspective. It says a lot about our strategically positioned and practically irreplaceable infrastructure in the Central Gulf of America.

我想指出的是，目前在美國灣作業的 22 座活躍深水鑽井平台中有 10 座是根據已簽訂合約專門用於我們的管道基礎設施的租賃協議進行的。其中一個正在討論租賃事宜，如果商業上成功的話，從邏輯上講，我們就會接手，從我們的角度來看，這是一個不錯的選擇。這充分說明了我們在美國灣中部的戰略地位和幾乎不可取代的基礎設施。

Our marine transportation segment performed in line with our expectations, and we are on pace to post record earnings from this segment in 2025. Market conditions for Jones Act tonnage remain constructive. With the consistent theme of little to no significant new construction and reasonably steady demand from our refinery and terminal customers.

我們的海上運輸部門表現符合我們的預期，我們預計在 2025 年實現該部門創紀錄的收益。瓊斯法案噸位的市場條件依然良好。始終如一的主題是，幾乎沒有重大新建築，而且煉油廠和終端客戶的需求相當穩定。

On the supply side, we believe this trend of flat to lower available capacity will continue across the market for the foreseeable future as more and more older barges are candidates for retirement and there are limited options for new construction. In addition to fewer and fewer shipyards available to build a new brown water tank barge, the combination of the increased cost of steel and a limited labor pool to build such equipment is not only making the cost of a new 30,000 barrel heated tank barge cost prohibited but new deliveries are being pushed out at least until late 2026 at the earliest, and that is if you ordered one today.

在供應方面，我們認為，由於越來越多的老舊駁船即將退役，而新船建造的選擇有限，這種可用運力持平甚至下降的趨勢將在可預見的未來持續下去。除了可供建造新型棕色水箱駁船的船廠越來越少之外，鋼材成本的增加和建造此類設備的勞動力資源的有限，不僅使得建造一艘新的 30,000 桶加熱油箱駁船的成本過高，而且新的駁船的交付時間也被推遲，最早也要到 2026 年底，而這還是在您今天訂購的情況下。

As you can imagine, the estimated costs and time line for delivery for any larger equipment in the same class as our offshore fleet and or the American Phoenix are even more challenging than in the inland world. On the demand side, we continue to monitor Gulf Coast and Mid-west refinery utilization as that is the primary driver of activity levels for our brown water fleet.

您可以想像，與我們的海上船隊和/或“美國鳳凰號”同級別的任何大型設備的預計成本和交付時間表都比內陸世界更具挑戰性。在需求方面，我們繼續監測墨西哥灣沿岸和中西部煉油廠的利用率，因為這是我們棕水船隊活動水平的主要驅動因素。

While we did see a little softness in the first part of the year, which is not atypical after year-end, we are now past that, and we have seen Gulf Coast refinery utilization recover over the last several months from approximately 80% in January to roughly 94% in late April. This additional activity will continue to support the need to move heavy and intermediate products within our heater barges from location to location.

雖然我們在今年上半年確實看到了一些疲軟，這在年底之後並不罕見，但我們現在已經度過了這一階段，並且我們已經看到墨西哥灣沿岸煉油廠的利用率在過去幾個月中從 1 月份的約 80% 回升至 4 月底的約 94%。這項額外活動將繼續支持將我們的加熱器駁船內的重型和中型產品從一個地方運送到另一個地方的需求。

Demand for moving petroleum products from the Gulf Coast to the East and Mid-Atlantic markets remain steady, and we would expect this trend to continue given the lack of adequate regional refining capacity in those markets. All of this is to say, we believe the structural tailwinds in the Jones Act world today, combined with our diversified fleet and layered term contract portfolio will continue to support steady, if not marginally increasing financial contributions from our marine transportation segment for the foreseeable future.

從墨西哥灣沿岸到東部和中大西洋市場運輸石油產品的需求保持穩定，鑑於這些市場缺乏足夠的區域煉油能力，我們預計這種趨勢將持續下去。所有這些都表明，我們相信，當今瓊斯法案世界的結構性順風，加上我們多樣化的船隊和分層定期合約組合，將在可預見的未來繼續支持我們的海運部門穩定（如果不是小幅增加）的財務貢獻。

Switching briefly to our onshore business. I wanted to make sure everyone saw that we recently consolidated our legacy refinery services business, which was not a part of the sale of our soda ash business with our legacy onshore facilities and transportation segment under one umbrella. We are now referring to it as our onshore transportation services segment or OTS segment.

簡要轉向我們的在岸業務。我想確保每個人都看到，我們最近整合了我們的傳統煉油服務業務，這不是我們出售純鹼業務的一部分，而是我們傳統的陸上設施和運輸部門合併在一起。我們現在將其稱為我們的陸上運輸服務部門或OTS部門。

Our OTS segment is very refinery-centric as we provide the critical last movements of crude oil and/or intermediate products into or out of major refining centers, along with critical sour gas processing services to help our host refiners lower their emissions and remove sulfur from their final refined products. During the quarter, we saw steady volumes across our systems.

我們的OTS部門以煉油廠為中心，因為我們提供原油和/或中間產品進出主要煉油中心的關鍵最後運輸，以及關鍵酸性氣體處理服務，以幫助我們的主煉油廠降低排放並去除最終精煉產品中的硫。在本季度，我們的系統交易量保持穩定。

And we continue to expect to see a marginal increase in volumes at both our Texas City and Raceland terminals. And our complementary pipeline interconnects as our two new offshore projects commence production in the next few months and flow downstream on our CHOPS and Poseidon pipelines to shore. In addition, our host refineries performed in line with our expectations and provided us with adequate sour gas volumes that allowed us to produce the necessary sodium hydrosulphide volumes demanded by our mining and pulp and paper customers.

我們預計德克薩斯城和雷斯蘭碼頭的貨運量仍將略有增加。隨著我們的兩個新的海上項目在未來幾個月內開始生產，我們的互補管道將相互連接，並通過我們的 CHOPS 和 Poseidon 管道順流流向岸上。此外，我們的主煉油廠的表現符合我們的預期，並為我們提供了足夠的酸性氣體量，使我們能夠生產出滿足採礦和紙漿造紙客戶需求的硫氫化鈉量。

In closing, the management team, and I could not be more excited with how Genesis is positioned for the remainder of 2025 and into 2026 and beyond. The anticipated increase in segment margin contribution from our two new offshore developments, combined with the cash cost of running and sustaining our businesses having already been reduced to approximately $425 million to $450 million per year should allow us to start harvesting significant and growing free cash flow in the quarters and years ahead.

最後，我和管理團隊對 Genesis 在 2025 年剩餘時間以及 2026 年及以後的定位感到非常興奮。預計我們的兩個新的海上開發項目將增加分部利潤貢獻，再加上營運和維持業務的現金成本已降至每年約 4.25 億至 4.5 億美元，這將使我們能夠在未來幾個季度和幾年內開始收穫大量且不斷增長的自由現金流。

We plan to implement a capital allocation strategy that deploys the anticipated excess cash flow across a three-pronged approach, including continue to redeem more of our high-cost 11.24% preferred units, paying down debt in absolute terms or buying back unsecured bonds in the open market, and ultimately returning capital to our unitholders in one form or another.

我們計劃實施一項資本配置策略，透過三管齊下的方式部署預期的超額現金流，包括繼續贖回更多高成本的 11.24% 優先單位、以絕對值償還債務或在公開市場上回購無擔保債券，並最終以某種形式將資本返還給我們的單位持有人。

As we are successful in harvesting more of our corporate preferred units and paying down debt, we will further reduce the ongoing cash cost of running and sustaining the business, which will only accelerate our financial flexibility and allow us to achieve our targeted bank-calculated leverage ratio and ultimately return more capital to our unitholders in the form of distribution growth, unit buybacks or both, all while maintaining the financial flexibility to capitalize on new commercial opportunities as they might ultimately arise.

隨著我們成功收穫更多公司優先股單位並償還債務，我們將進一步降低營運和維持業務的持續現金成本，這只會加速我們的財務靈活性，並使我們能夠實現銀行計算的目標槓桿率，並最終以分配增長、單位回購或兩者兼而有之的形式向我們的單位持有人返還更多資本，同時保持財務靈活性，以利用最終可能出現的新商業機會。

Finally, I would like to say 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.

最後，我想說，管理團隊和董事會堅定不移地致力於為所有利害關係人創造長期價值，無論您處於資本結構的哪個階段。我們相信，我們所做的決定反映了這項承諾以及我們對 Genesis 未來發展的信心。

I would once again like to recognize our entire workforce for their individual efforts and unwavering commitment to safe and responsible operations. I'm extremely proud to be associated with each and every one of you.

我再次讚揚我們全體員工的個人努力以及對安全和負責任的營運的堅定承諾。我非常自豪能與你們每一個人建立聯繫。

With that, I'll turn it back to the moderator for questions.

說完這些，我將把問題交還給主持人。

(Operator Instructions). Michael Blum, Wells Fargo.

（操作員指令）。麥可布魯姆，富國銀行。

So I wanted to ask about your thoughts on capital allocation. Given the uncertain backdrop, you have some moving pieces in the business with some of those repairs coming online, the timing of the two big offshore projects. I guess first question is, is there a thought to maybe hold the distribution flat this year? And if not, is it is the timing maybe shifting to Q4 from Q3? Or how should we think about that?

所以我想問一下您對資本配置的看法。鑑於不確定的背景，業務中存在一些變動，其中一些維修工作即將上線，兩個大型海上項目的時間表也即將確定。我想第一個問題是，是否有考慮今年保持分佈穩定？如果不是，時間是否會從第三季轉移到第四季？或者說我們該如何思考這個問題？

I don't know that we've changed any of our thoughts around things. I mean I know you're anxious to see Shen come on as well as Salamanca, both of which are scheduled, obviously, as we said in the second quarter, early or sometime in the third quarter. So I think we'll have a lot more visibility around that as well as the pace at which the mechanical issues are addressed and also the pace at which the six additional wells that are slated to come on between now and the end of the year.

我不知道我們是否改變了對事物的任何想法。我的意思是，我知道你很想看到沈和薩拉曼卡的上場，這兩場比賽顯然都安排在了第二節、第三節初或某個時候，就像我們說的那樣。因此，我認為我們將對此有更清晰的了解，以及解決機械問題的速度，以及從現在到年底計劃投產的另外六口油井的速度。

So I think that we will probably, in all likelihood, maintain a flat distribution for the second quarter, but certainly be in a position relative to the third quarter and beyond to consider movements in the quarterly distribution.

因此，我認為我們很可能將維持第二季的平穩分佈，但肯定會相對於第三季及以後考慮季度分佈的變動。

Okay. Great. And then, you mentioned the opportunity for additional infield and subsea and secondary tiebacks which could add additional volumes. Is there any way to quantify that in terms of what that opportunity looks like from either a volume or an EBITDA or a timing standpoint?

好的。偉大的。然後，您提到了增加內場、海底和二次回接的機會，這可能會增加額外的容量。有沒有辦法從數量、EBITDA 或時間角度來量化這個機會？

Yes. As we said, 10 of the 22 deepwater rigs that currently working in the Gulf of Mexico are working on fields and acreage that are already dedicated to us. Obviously, the three fields occupy that we've talked about that are either doing workovers and or drilling new development wells there. So there's another seven active rigs that are drilling to the right that could turn to production by the end of the year.

是的。正如我們所說，目前在墨西哥灣作業的 22 個深水鑽井平台中有 10 個正在我們指定的油田和土地上作業。顯然，我們談到的三個油田要么正在進行修井，要么正在鑽新的開發井。因此，還有另外七個活躍的鑽井平台正在右側進行鑽探，並可能在今年年底前投入生產。

So these wells typically, these are not HPHT wells. I mean, obviously, there's two other rigs working that are working on Salamanca and Shenandoah. So there's five others that are drilling infill or subsea tieback wells. And typically, these wells will be in the 7,000 to 10,000 barrel a day range. And so we anticipate getting a little bit of a cumulative increase of throughput from those wells as we go through the year.

所以這些井通常不是 HPHT 井。我的意思是，顯然還有另外兩座鑽井平台在薩拉曼卡和謝南多厄上工作。還有另外五個正在鑽加密井或海底回接井。通常這些油井的日產量在 7,000 至 10,000 桶之間。因此，我們預計，隨著時間的推移，這些油井的累積產量將會略有增加。

Wade Suki, Capital One.

韋德·蘇基 (Wade Suki)，Capital One 的代表。

I know you all don't give segment guidance, but I figured I'd ask anyway, if you all might be able to sort of bracket segment margin for the offshore segment this year. Maybe I'll push it and ask if you have a preliminary look into next year.

我知道你們都沒有給分部指導，但我想我還是會問一下，你們是否能夠對今年的離岸分部的分部利潤率進行排序。也許我會推動它並詢問您是否對明年進行了初步的了解。

We don't really. I mean, I think it's -- as we said, you can do some of the arithmetic that relative -- we would anticipate our OTS and marine as we go through the year to be reasonably consistent with the first quarter, maybe ticking up just a hair. And that the rest of the segment margin that we anticipate given our annual EBITDA guidance is going to come from the offshore.

我們確實不知道。我的意思是，我認為——正如我們所說的，你可以做一些相對的算術——我們預計我們的 OTS 和海洋在全年將與第一季保持相當一致，可能只是略有上升。根據我們的年度 EBITDA 指導，我們預計其餘的部門利潤將來自海外業務。

Okay. Great. I think we've kind of talked previously about these tieback tie-in opportunities sort of thinking about them in the context of offsetting declines. Do we need to actually start thinking about these as growth enhancements? And to what extent are some of these opportunities you talked about in your prepared remarks already embedded or not embedded in guidance?

好的。偉大的。我認為我們之前已經討論過這些回接搭配機會，並在抵消下滑的背景下考慮它們。我們是否真的需要開始將這些視為成長促進因素？您在準備好的發言中談到的這些機會在多大程度上已經嵌入或尚未嵌入指導中？

We've taken the ones that have higher visibility into account and formulating our guidance for the year, but there is potential for upside, if you will, to the extent that they come on -- additional ones come on that kind of aren't on the horizon. So as we -- it is typical that more it offsets, if not more than offsets the decline from more mature fields, given the position and the development and technological capabilities that basically everything within a 30-mile radius of one of these existing floating production units.

我們已經將那些具有更高可見度的事件納入考慮範圍並製定了年度指導方針，但如果你願意的話，它們仍有上升的潛力，只要它們出現——額外的事件出現，而這些事件還沒有出現在視野中。因此，考慮到這些現有浮動生產裝置 30 英里半徑範圍內的位置、開發和技術能力，它通常會抵消更多（如果不是超過）成熟油田的產量下降。

Which are exclusively tied to our pipeline infrastructure, are considered host platforms for subsea developments and break evens on those are in the teens, because they don't have to amortize, if you will, the upfront floating production units and other things. So we're pretty excited about it, and I'm pretty excited about where we stand. And hopefully, we can be net additive to more than offsetting the decline with this type of activity.

它們與我們的管道基礎設施完全相關，被視為海底開發的宿主平台，它們的盈虧平衡點在十幾歲，因為它們不必攤銷前期浮動生產裝置和其他東西。所以我們對此感到非常興奮，而且我對我們的現狀也感到非常興奮。我們希望透過此類活動，能夠增加淨增量，抵銷下降趨勢。

And if I could squeeze one in -- one more in, I'd be grateful. Just on the new projects you've kind of talked about things that are potentially on the horizon. I mean, are things kind of popping up on your radar already? Any sense kind of in terms of order of magnitude or a little too early for that?

如果我能再多擠進一個，我會很感激。就在新項目上，您談到了可能即將發生的事情。我的意思是，有些事情已經出現在你的雷達上了？從數量級來看，這有什麼意義嗎？或者說，這是否還為時過早？

No, I think it's -- again, we just wanted to emphasize that we have the financial flexibility in our view to take advantage of things, but nothing has popped up again over the next several years. We're really focused on harvesting from the ramp from the significant monies that we've spent in the past. But as we've also reiterated, we've prebuilt in the capacity on both the SYNC laterals and importantly, on CHOPS system to be able to move significant incremental volumes.

不，我認為——我們只是想強調，我們認為我們有財務彈性來利用這些優勢，但在接下來的幾年裡什麼都沒有出現。我們真正關注的是利用過去投入的大量資金來獲取回報。但正如我們重申的那樣，我們已經在 SYNC 橫向管道和重要的 CHOPS 系統上預先建立了容量，以便能夠移動大量增量。

And generate significant -- potentially significant incremental segment margin without having to spend any money. So that's a pretty comfortable place to be in, and that's what we're focused on.

並且無需花費任何資金就能產生顯著的——潛在的顯著的增量細分利潤。所以這是一個非常舒適的地方，這也是我們關注的重點。

(Operator Instructions) Elvira Scotto, RBC Capital Markets.

（操作員指示）Elvira Scotto，RBC 資本市場。

Going back to the offshore, can you provide just a little more detail? I know we've talked about this in the past, but on the producer issues and it seems like some of this remediation keeps getting pushed out a little bit. But what gives you confidence kind of in the resolution by the end of the second quarter or early 3Q?

回到離岸問題，您能否提供更多細節？我知道我們過去曾討論過這個問題，但就生產者問題而言，似乎有些補救措施一直被推遲。但是是什麼讓您對第二季末或第三季初的解決方案有信心呢？

And then also on the offshore, I do realize that for producers, these are large multiyear projects that are generally more immune to near-term crude oil price fluctuations. But is there a crude oil price point at which we could see some variation in producer activity or plans?

然後同樣在海上，我確實意識到對於生產商來說，這些都是大型多年期項目，通常更能抵禦短期原油價格波動。但是，是否存在一個原油價格點，讓我們能夠看到生產商活動或計劃發生一些變化？

On the first part of the question is what gives us a little bit of confidence, we were -- before our call started, we were listening to the Murphy call, and I think it's well documented at one of the fields that we've talked about in the past is Khaleesi, Mormont, King's Quay field. And they say basically to summarize a little bit, while the Mormont number two and Samurai number three wells are back on.

關於問題的第一部分，是什麼給了我們一點信心，我們在通話開始之前，一直在聽墨菲的通話，我認為這在我們過去談到的油田之一，即卡麗熙、莫爾蒙、國王碼頭油田，都有很好的記錄。他們說基本上只是稍微總結一下，而莫爾蒙二號井和武士三號井又回來了。

The weather impact in the first quarter caused them to come on later than expected. The Khaleesi two workover has been pushed to the right as a result because it's using the same rig. So these are -- but as I said, two of them are on and are now on the Khaleesi two well to on that workover as well as then anticipating drilling a new development well.

第一季的天氣影響導致他們比預期來得晚。由於使用相同的鑽孔機，Khaleesi 的兩次修井作業被推到了右側。所以這些是 — — 但正如我所說的，其中兩個已經在 Khaleesi 二號井上，現在正在進行修井，併計劃鑽一口新的開發井。

So that's what gives us confidence, and that's explicit and real-time data there. And I think on the other fields, that we -- I'm not sure that those have been identified in the public domain, but I think it's fair to say that the producers are incented to get it done as quickly as possible. And so we have a lot of confidence that they're on location and taking care of things.

這就是讓我們充滿信心的原因，而這些數據是明確的、即時的。我認為在其他領域，我們——我不確定這些領域是否已經在公共領域得到認可，但我認為可以公平地說，生產者有動力盡快完成它。因此，我們非常有信心他們會在現場處理好一切事宜。

Relative to your second question, I mean, really, the marginal lifting cost is extremely low in the Gulf, especially given the fixed cost economics, you've already spent several billions of dollars. So you're not going to shut in production. You're not going to unman a platform and shut in production and ultimately run the risk of reducing the overall recoveries from your existing wellbores and stuff.

關於你的第二個問題，我的意思是，墨西哥灣的邊際提升成本確實極低，特別是考慮到固定成本經濟，你已經花了數十億美元。所以你不會停止生產。您不會撤離平台並停止生產，最終冒著降低現有井筒等的整體採收率的風險。

So I think that we've not ever seen even when prices -- and I'm dating myself and prices went to $10 a barrel that we saw in significant, much less meaningful supply response of current production. So again, these are long-lived wells if you're producing -- if you're recovering 20 million or 30 million barrels, much less 50 million or 60 million barrels per wellbore. And yet you're seeing max initial production rates of 20,000 barrels a day, you can do the arithmetic.

因此，我認為，即使價格上漲到每桶 10 美元，我們也從未見過當前產量顯著的、更不具意義的供應反應。所以，再說一次，如果你正在生產，這些都是長壽命井——如果你每個井眼的採收率為 2000 萬或 3000 萬桶，更不用說 5000 萬或 6000 萬桶。然而，您看到的最大初始生產率為每天 20,000 桶，您可以進行算術計算。

The individual wells are 7, 10, 15 year lived well. So you're not going to see, in our opinion, and based on history, we've not seen response to a low-price environment and certainly. And while it's 50, 60 is not as good for the producers as 80 or 90 or whatever, it still will not affect any of their behavior in our opinion.

個別井的壽命為 7 年、10 年、15 年。因此，在我們看來，你不會看到，根據歷史經驗，我們還沒有看到對低價環境的反應。儘管對於生產者來說，50% 或 60% 不如 80% 或 90% 那麼好，但我們認為這仍然不會影響他們的任何行為。

Great. And then just going back to capital allocation, and I know you've provided some good detail here, but -- and you noted you're taking an all of the above approach. Can you just remind us, though, is there a target kind of leverage ratio and distribution coverage ratio that you target before increasing the distribution more meaningfully and ratably? Any help there?

偉大的。然後回到資本配置，我知道您在這裡提供了一些很好的細節，但是 - 您指出您正在採取上述所有方法。不過，您能否提醒我們，在更有意義、更適度地增加分配之前，您是否有目標槓桿率和分配覆蓋率？有什麼幫助嗎？

I think our long-term target leverage ratio is calculated by our banks has always been in the neighborhood of four times and that we anticipate being able to get there fairly rapidly. Again, the cost of increasing the distribution in terms of the cash cost, given that we only have $122.5 million units outstanding. It's not a great -- it's not an overly burdensome thing to be able to do it.

我認為，我們的銀行計算出的長期目標槓桿率一直在四倍左右，而且我們預計能夠相當快地達到這個目標。再一次，考慮到我們只有 1.225 億美元的未償還單位，增加分配的成本是以現金成本計算的。這並不是什麼了不起的事——能夠做到這一點並不是一件過於繁重的事情。

But again, there's a little bit of noise from a GAAP accounting point of view in our disclosures and our calculated coverage ratio this quarter, but all of that is going to the noise of exiting a significant business from a GAAP point of view and going forward as well as when we start seeing the significant ramp in the incremental segment margin.

但是，從 GAAP 會計角度來看，本季度我們的揭露和計算覆蓋率中存在一些噪音，但所有這些都是從 GAAP 角度退出重要業務的噪音，並且當我們開始看到增量部分利潤率的顯著上升時，也會隨之而來。

Which as we've publicly stated, if the producers actually hit their numbers that they provided us would generate an incremental $160 million a year segment margin to us, that's pretty meaningful in being able to rapidly approach that targeted leverage ratio as well as having the ability to consider meaningful movements in the distribution.

正如我們公開聲明的那樣，如果生產商確實達到了他們提供給我們的數字，那麼每年將為我們帶來 1.6 億美元的增量利潤，這對於能夠快速接近目標槓桿率以及有能力考慮分銷中的有意義的變動具有重要意義。

Great. That's helpful. And then just, I guess, my last question is just on the marine segment. That sounds like utilization rates have been holding steady. Where -- can you just remind us where did day rates need to go versus where they are today to kind of incentivize new construction?

偉大的。這很有幫助。那麼，我想我的最後一個問題是關於海洋領域的。聽起來利用率一直保持穩定。您能否提醒我們，與目前的日費率相比，日費率需要上漲多少才能激勵新建築的建設？

I think consistent with some other public company disclosures, which are certainly -- they're larger, significantly larger than we are, have publicly stated that in their opinion that rates need to go up 30% to 40% from here and be believed to be sustained in essence, for five plus years, because you have two years' worth of construction and then a three to five year payback period before they would entertain initiating a significant new build program.

我認為這與其他一些上市公司的披露一致，這些公司當然——他們的規模比我們大得多，他們公開表示，他們認為利率需要從現在開始上漲 30% 到 40%，並且相信這種上漲將持續五年以上，因為你有兩年的建設期，然後有三到五年的回收期，然後他們才會考慮啟動一個重大的新建項目。

So I think that what -- in today's world, what we -- inland heater barge that we built in 2017, 2018 for $3.5 million is probably order of magnitude $6 million to $6.5 million in today's world. And given that these have a 30, 35, 40-year useful life, and we have a relatively one of the youngest in the aggregate fleets on the water, we think that we're in a very good position given that kind of backdrop.

所以我認為，在當今世界，我們在 2017 年、2018 年花費 350 萬美元建造的內陸加熱器駁船，在當今世界可能價值 600 萬至 650 萬美元。考慮到這些船的使用壽命為 30、35 或 40 年，而且我們的船隊在水上總體船隊中相對較新，我們認為在這種背景下我們處於非常有利的地位。

There are no further questions at this time. I would like to turn the floor back to Grant Sims for closing remarks.

目前沒有其他問題。我想請格蘭特·西姆斯作最後發言。

Okay. Well, thanks, everyone, for participating, and we look forward to continuing the dialogue in 90 days, if not sooner. Thank you.

好的。好吧，感謝大家的參與，我們期待在 90 天內繼續對話，甚至更早。謝謝。

Thank you. And with that, this does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開線路。