金德摩根 (KMI) 2022 Q2 法說會逐字稿

Welcome to the quarterly earnings conference call. Today's call is being recorded. If you have any objections, you may disconnect at this time. (Operator Instructions)

歡迎參加季度財報電話會議。今天的電話會議正在錄音中。如有任何異議，請立即掛斷。 （操作員指示）

I would now like to turn the call over to Mr. Rich Kinder, Executive Chairman of Kinder Morgan.

現在我想將電話轉給金德摩根執行主席里奇金德先生。

Thank you, Jordan. And as I always do, before we begin, I'd like to remind you that KMI's earnings release today and this call include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934 as well as certain non-GAAP financial measures.

謝謝你，喬丹。和往常一樣，在我們開始之前，我想提醒大家，KMI 今天發布的收益報告和本次電話會議包含《1995 年私人證券訴訟改革法》和《1934 年證券交易法》所定義的前瞻性陳述，以及某些非公認會計準則 (non-GAAP) 財務指標。

Before making any investment decisions, we strongly encourage you to read our full disclosure on forward-looking statements and use of non-GAAP financial measures set forth at the end of our earnings release as well as review our latest filings with the SEC for important material assumptions, expectations and risk factors, which may cause actual results to differ materially from those anticipated and described in such forward-looking statements.

在做出任何投資決定之前，我們強烈建議您閱讀我們在收益報告末尾列出的關於前瞻性聲明和非公認會計準則財務指標的完整披露，並查看我們向美國證券交易委員會提交的最新文件，了解重要的重要假設、預期和風險因素，這些因素可能會導致實際結果與此類前瞻性聲明中預期和描述的結果存在重大差異。

Let me start by saying that in these turbulent and volatile times, it seems to me that every public company owes its investors a clear explanation of its strategy and its financial philosophy. In these days, platitudes and unsubstantiated hockey-stick growth projections don't play well. To my way of thinking, despite the pronouncements of celebrities, fortune may not favor the brave so much as it favors the cash. The ability to produce sizable amounts of cash from operations should be viewed as a real positive in picking investments. But I believe that generating cash is only part of the story. The rest is dependent on how that cash is utilized.

首先，我想說，在這個動盪不安的時代，我認為每家上市公司都應該向投資人清楚地解釋其策略和財務理念。如今，陳腔濫調和缺乏根據的「曲棍球棒式」成長預測並不奏效。在我看來，儘管名人如此宣稱，但財富或許不眷顧勇敢者，反而青睞現金。在選擇投資對象時，能夠從營運中產生大量現金應該被視為一項真正的優勢。但我認為，產生現金只是其中的一部分。剩下的取決於如何利用這些現金。

At Kinder Morgan, we consistently produce solid and growing cash flow, and we demonstrated that once again this quarter. At the Board and the management level, we spend a lot of time and effort deciding how to deploy that cash. As I've said ad nauseam, our goals are to maintain a strong investment-grade balance sheet, fund expansion and acquisition opportunities, pay a handsome and growing dividend and further reward our shareholders by repurchasing our shares on an opportunistic basis. As Steve and the team will explain in detail, we used our funds for all of those purposes in the second quarter.

在金德摩根，我們持續創造穩健且不斷增長的現金流，本季我們再次證明了這一點。董事會和管理層投入了大量時間和精力來決定如何配置這些現金。正如我反覆強調的那樣，我們的目標是保持強勁的投資級資產負債表，為擴張和收購機會提供資金，支付豐厚且不斷增長的股息，並透過適時回購股票來進一步回報股東。正如史蒂夫和團隊將詳細解釋的那樣，我們在第二季將資金用於了所有這些目的。

To further clarify our way of thinking, we approved new capital projects only when we are assured that these projects will yield a return well in excess of our weighted cost of capital. Obviously, in the case of new pipeline projects, most of the return is normally based on long-term throughput contracts, which we are able to negotiate prior to the start of construction.

為了進一步明確我們的思路，我們只有在確信新資本項目將產生遠超我們加權資本成本的回報時，才會批准這些項目。顯然，對於新管道項目，大部分回報通常基於長期吞吐量合同，而我們可以在開工前進行談判。

But we also look at the long-term horizon, and we're pretty conservative in assumptions on renewal contracts after expiration of the base term and on the terminal value of the investment. That said, we are finding good opportunities to grow our pipeline network as demonstrated by our recent announcement of the expansion of our Permian Highway Pipeline, which will enable additional natural gas to be transported out of the Permian Basin.

但我們也會著眼於長遠發展，對基準期限到期後的續約以及投資終值的假設相當保守。即便如此，我們仍在尋找擴大管道網路的良機，例如我們最近宣布的二疊紀公路管道擴建項目，這將使更多天然氣能夠從二疊紀盆地輸送出去。

So if we're generating lots of cash and using it in productive ways, why isn't that reflected at a higher price per KMI stock? Or to use that old phrase, "If you're so smart, why ain't you rich?" In my judgment, market pricing has disconnected from the fundamentals of the midstream energy business, resulting in a KMI yield -- dividend yield approaching 7%, which seems ludicrous for a company with the stable assets of Kinder Morgan and the robust coverage of our dividend.

那麼，如果我們創造了大量現金並將其用於生產，為什麼這沒有反映在KMI股票的更高價格上？或套用那句老話：「如果你這麼聰明，為什麼不致富？」在我看來，市場定價已經脫離了中游能源業務的基本面，導致KMI的股息收益率接近7%。對於一家擁有像金德摩根這樣穩定資產和強勁股息覆蓋率的公司來說，這似乎有些荒謬。

I don't have an answer for this disconnect. And it's easy to blame factors over which we have no control, like the mistaken belief that energy companies have no future or the volatility of crude prices, which, in fact, have a relatively small impact on our financial performance. Specific to KMI, some of you may prefer that we adopt a "swing for the fences" philosophy rather than our balanced approach, while others may think we should be even more conservative than we are.

我無法解釋這種脫節。人們很容易將責任歸咎於一些我們無法控制的因素，例如誤以為能源公司沒有未來，或原油價格波動，而事實上，這些因素對我們的財務表現影響相對較小。具體到KMI，你們中的一些人可能更傾向於我們採取「全力以赴」的理念，而不是平衡的策略，而另一些人可能認為我們應該比現在更加保守。

To paraphrase Abe Lincoln, I know we can't please all of you all the time, but I can assure you that this Board and management team are firmly committed to return value to our shareholders and that we will be as transparent as possible in explaining our story to you and all of our constituents. Steve?

套用亞伯拉罕·林肯的話來說，我知道我們不可能一直讓你們所有人滿意，但我可以向你們保證，董事會和管理團隊堅定地致力於為股東帶來價值，我們將盡可能透明地向你們和我們所有的選民解釋我們的故事。史蒂夫？

We're having a good year. We're projecting to be nicely above plan for the year and substantially better year-over-year Q2-to-Q2, as Kim and David will tell you. Some of the outperformance is commodity price tailwinds, but we're also up on commercial and operational performance. And here are some highlights.

我們今年的業績不錯。我們預計全年業績將遠超計劃，第二季業績年也將大幅提升，Kim 和 David 會告訴大家。業績優異的部分原因是大宗商品價格上漲，但我們的商業和營運表現也取得了進步。以下是一些亮點。

Our capacity sales and renewals in our gas business are strong. Gathering and processing is also strong, up versus planned and up year-over-year. Existing capacity is growing in value. I'll give you an example. After years of talking about the impact of contract roll-offs, we're now seeing value growth in many places across our network. One recent example on our Midcontinent Express Pipeline, we recently completed an open season where we awarded a substantial chunk of capacity at maximum rates. Those rates are above our original project rate.

我們天然氣業務的產能銷售和續約表現強勁。收集和加工業務也表現強勁，高於計劃，較去年同期成長。現有產能的價值正在成長。我舉個例子。多年來，我們一直在討論合約延期的影響，但現在我們看到我們網路的許多地方的價值都在增長。最近的一個例子是我們的中大陸快速管道，我們最近完成了一個開放季，以最高費率授予了相當一部分產能。這些費率高於我們最初的項目費率。

While not super material to our overall results, I think it's a stark and good illustration of the broader trend of rate and term improvements on many of our renewals in the Natural Gas business unit.

雖然這對我們的整體業績來說並不是特別重要，但我認為這清楚地表明了天然氣業務部門的許多續約利率和期限改善的更廣泛趨勢。

Second, at CO2, SACROC production is well above plan. And of course, we are benefiting from higher commodity prices in this segment. The product segment is ahead of plan and terminals is right on plan. We're facing some cost headwinds, mostly because of added work this year. While costs are up, we're actually doing very well in holding back the impacts of inflation. It's hard to measure precisely, but based on our analysis, we are well below the headline PPI numbers that you're seeing. And actually, we appear to be experiencing less than half of those increases. That's due to much good work by our procurement and operations teams, and much of this good performance is attributable to our culture. We are frugal with our investors' money.

其次，在二氧化碳方面，SACROC的產量遠遠超出計畫。當然，我們也受惠於該領域大宗商品價格的上漲。產品部門的產量超出計劃，終端的產量也完全符合計劃。我們面臨一些成本上的阻力，主要是因為今年的工作量增加了。雖然成本上升，但我們在控制通膨影響方面做得非常好。這很難準確衡量，但根據我們的分析，我們的成本遠低於您所看到的整體PPI數據。實際上，我們的增幅似乎還不到這些增幅的一半。這要歸功於我們的採購和營運團隊的出色工作，而這種良好表現很大程度上要歸功於我們的企業文化。我們非常珍惜投資者的資金。

A few comments on capital allocation. The order of operations remains the same as it has been for years. First, a strong balance sheet, we expect to end this year a bit better than our 4.5x debt-to-EBITDA target, giving us capacity to take advantage of opportunities and protect us from risk. As we noted at our Investor Day this year, having that capacity is valuable to our equity owners.

關於資本配置，我有一些看法。運營順序與多年來保持一致。首先，我們擁有強勁的資產負債表，預計今年年底的負債與息稅折舊攤銷前利潤 (EBITDA) 比率將略高於 4.5 倍的目標，這使我們能夠抓住機會並規避風險。正如我們在今年投資者日上所指出的，擁有這種能力對我們的股東來說至關重要。

Second, we invest in attractive opportunities to add to the value of the firm. We have found some incremental opportunities and expect to invest about $1.5 billion this year in expansion capital. And notably, we added an expansion of our Permian Highway Pipeline. We picked up Mas Energy, that's M-A-S, a renewable natural gas company. And we're close on a couple of more nice additions to our renewable Natural Gas business. We are finding these opportunities and others all at attractive returns well above our cost of capital.

其次，我們投資於有吸引力的投資機會，以提升公司價值。我們已經發現了一些增量投資機會，預計今年將投資約15億美元用於擴張資本。值得注意的是，我們擴建了二疊紀公路管道。我們收購了再生天然氣公司Mas Energy（簡稱M-A-S）。此外，我們的再生天然氣業務即將迎來更多優質補充。我們發現這些以及其他投資機會的回報都遠高於我們的資本成本，極具吸引力。

Finally, we return the excess cash to our investors in the form of a growing well-covered dividend and share repurchases. So far this year, we have purchased about 16.1 million shares while raising the dividend 3% year-over-year.

最後，我們將多餘的現金以持續成長且覆蓋面廣的股息和股票回購的形式回饋給投資者。今年迄今為止，我們已回購了約1,610萬股，股息較去年同期成長3%。

As we look ahead, we have a $2.1 billion backlog, 75% of which is in low-carbon energy services. That's natural gas, RNG as well as renewable diesel and associated feedstocks in our Products and Terminals segment. Again, all of these are attractive returns. And I want to emphasize, as we've said, I think many times now, our investments in the energy transition businesses we have done without sacrificing our return criteria, a nice accomplishment.

展望未來，我們擁有21億美元的未完成訂單，其中75%來自低碳能源服務領域。這些訂單涵蓋天然氣、再生天然氣（RNG）、再生柴油及相關原料，均來自我們產品和終端部門。所有這些項目都帶來了可觀的回報。我想強調的是，正如我們多次強調的那樣，我們在能源轉型業務上的投資並沒有犧牲回報標準，這是一項了不起的成就。

In Natural Gas, in particular, we are focused on continuing to be the provider of choice for the growing LNG market where we expect to maintain and even expand on potentially our 50% share. And in natural gas storage, which is highly cost-effective energy storage in a market that will continue to need more flexibility, again, we are having a very good year. We are further strengthening our balance sheet, finding excellent investment opportunities and returning value to shareholders, and we are setting ourselves up well for the future. Kim?

尤其是在天然氣領域，我們專注於繼續成為不斷成長的液化天然氣市場的首選供應商，我們預計該市場將保持甚至可能擴大我們50%的份額。天然氣儲存領域，對於一個持續需要更大彈性的市場來說，這是一種極具成本效益的能源儲存方式，我們今年的表現同樣非常出色。我們正在進一步增強資產負債表，尋找絕佳的投資機會，並為股東帶來價值回報，我們正在為未來做好充分的準備。 Kim？

Thanks, Steve. Starting with the Natural Gas business segment for the quarter. Transport volumes were down about 2%. That's approximately 0.6 million dekatherms per day versus the second quarter of 2021. That was driven primarily by reduced volumes to Mexico as a result of third-party pipeline capacity added to the market, a pipeline outage on EPNG and continued decline in the Rockies production. These declines were partially offset by higher LNG deliveries and higher power demand.

謝謝，史蒂夫。首先從本季的天然氣業務部門說起。運輸量下降了約2%，與2021年第二季相比，每天約減少了60萬億千卡熱量單位。這主要是由於第三方管道運力增加、EPNG管道中斷以及落基山脈產量持續下降導致運往墨西哥的運輸量減少。液化天然氣交付量的增加和電力需求的增加部分抵消了這些下降的影響。

Deliveries to LNG facilities off of our pipeline averaged approximately 5.8 million dekatherms per day, about 16% higher than the second quarter of '21 but lower than the first quarter of this year due to the Freeport LNG outage. Our current market share of deliveries to LNG facilities remains around 50%. We currently have about 7 Bcf a day of LNG feed gas contracted on our pipes. And we've got another 2.6 Bcf a day of highly likely contracts where projects have been FID-ed but not yet built or where we expect them to FID in the near term.

我們管線向液化天然氣設施的輸送量平均約為每天580萬千卡，比2021年第二季高出約16%，但由於自由港液化天然氣供應中斷，低於今年第一季。我們目前向液化天然氣設施輸送的市佔率仍維持在50%左右。目前，我們管線上每天約有70億立方英尺的液化天然氣原料氣合約。此外，我們每天還有26億立方英尺的極有可能合同，這些項目已獲得最終投資決定但尚未開工，或我們預計這些項目將在短期內獲得最終投資決定。

We're also working on a significant amount of other potential projects. And given the proximity of our assets to the planned LNG expansions, we expect to maintain or grow that market share as we pursue those opportunities. Deliveries to power plants in the quarter were robust, up about 7% versus the second quarter of '21.

我們也正在進行大量其他潛在項目。鑑於我們的資產與計劃中的液化天然氣擴建項目距離較近，我們預計在把握這些機會的同時，能夠保持或擴大市場份額。本季向發電廠的交付量強勁，較2021年第二季成長約7%。

The overall demand for natural gas is very strong. And as Steve said, that drives nice demand for our transport and storage services. For the future, we continue to anticipate growth in LNG exports, power, industrial and exports to Mexico. For LNG demand, our internal and WoodMac numbers project between 11 and 15 Bcf a day of LNG demand growth by 2028.

天然氣的整體需求非常強勁。正如史蒂夫所說，這推動了我們運輸和倉儲服務的需求。未來，我們預計液化天然氣出口、電力、工業以及對墨西哥的出口將持續成長。就液化天然氣需求而言，我們的內部數據和伍德麥肯茲（WoodMac）預測，到2028年，液化天然氣需求將每天增加110億立方英尺至150億立方英尺。

Our natural gas gathering volumes in the quarter were up 12% compared to the second quarter of '21. Sequentially, volumes were up 6% with a big increase in the Haynesville volumes up 15% and Eagle Ford volumes up 10%. These increases were somewhat offset by lower volumes in the Bakken. Overall, our gathering volumes in the Natural Gas segment were budgeted to increase by 10% for the full year, and we're currently on track to exceed that number.

本季度，我們的天然氣集輸量較2021年第二季成長了12%。季增6%，其中海恩斯維爾（Haynesville）集輸量大幅增加15%，鷹福特（Eagle Ford）集輸量增加10%。巴肯（Bakken）集輸量的下降在一定程度上抵消了這些增長。整體而言，我們天然氣部門的全年集輸量預計將成長10%，目前我們可望超過這個目標。

In our Products Pipeline segment, refined products volumes were down 2% for the quarter versus the second quarter of 2021. Gasoline and diesel were down 3% and 11%, respectively, but we do see a 19% increase in jet fuel demand. For July, we started the month down versus 2021 on refined products, but we have seen gasoline prices decrease nicely over the last month or so.

在我們的產品管道部門，本季成品油銷量較2021年第二季下降了2%。汽油和柴油分別下降了3%和11%，但我們看到航空燃油需求增加了19%。 7月份，成品油銷量較2021年同期下降，但過去一個月左右，汽油價格已大幅下降。

Crude and condensate volumes were down 6% in the quarter versus the first quarter of '21. Sequential volumes were down 2% with the reduction in the Bakken volumes more than offsetting an increase in the Eagle Ford. In our Terminals business segment, our liquids utilization percentage remains high at 91%. Excluding tanks out of service for required inspections, utilization is approximately 94%. And liquids throughput during the quarter was up 4% driven by gasoline, diesel and renewables.

本季原油和凝析油產量較2021年第一季下降6%。環比產量下降2%，其中巴肯油田產量的下降抵消了鷹福特油田產量的增幅。在我們的碼頭業務部門，液體燃料利用率保持在91%的高點。不包括因需要檢查而停駛的儲罐，利用率約94%。受汽油、柴油和再生能源的推動，本季液體燃料吞吐量成長了4%。

We have seen some rate weakness on renewals -- contract renewals in our hub terminal impacted by the backwardation in the market, just like we saw some marginal benefit when the curve was in a contango position a couple of years ago. Although we were hurt in the quarter by lower average rates on our marine tankers, all 16 vessels are currently sailing under firm contracts, and rates are now at pre-COVID levels.

我們發現續約費率有所下降——我們樞紐碼頭的合約續約受到了市場現貨溢價的影響，就像幾年前期貨處於正價差狀態時我們看到的一些邊際收益一樣。儘管本季我們受到海上油輪平均費率下降的影響，但目前所有16艘船舶均在固定合約下航行，費率已恢復到新冠疫情之前的水平。

On the bulk side, overall volumes increased by 1% driven by pet coke and coal, and that was somewhat offset by lower steel volume. In the CO2 segment, crude, NGL and CO2 volumes were down compared to Q2 of '21, but that was more than offset by higher commodity prices. Versus our budget, crude, NGL and CO2 volumes as well as price on all these commodities are all expected to exceed our expectations.

大宗商品方面，受石油焦和煤炭的推動，整體貿易量增加了1%，但鋼材貿易量的下降在一定程度上抵消了這一增長。在二氧化碳領域，原油、天然氣凝析液和二氧化碳的貿易量較2021年第二季有所下降，但大宗商品價格上漲抵消了下降。與我們的預算相比，原油、天然氣凝析液和二氧化碳的貿易量以及所有這些商品的價格預計都將超出我們的預期。

Overall, we had a very nice first half of the year. We currently project that we will exceed our full year 2020 plan DCF and EBITDA by 5%. And we've approved a number of nice new projects, including the PHP expansion and Evangeline Pass Phase 1.

整體而言，我們上半年的業績非常出色。我們目前預計，2020 年全年的現金流量折現 (DCF) 和息稅折舊攤提前利潤 (EBITDA) 將超出計畫 5%。此外，我們也批准了一些不錯的新項目，包括 PHP 擴建項目和 Evangeline Pass 第一階段。

With that, I'll turn it over to David Michels.

說完這些，我將把發言權交給大衛‧米歇爾斯 (David Michels)。

Thanks, Kim. For the second quarter of 2022, we're declaring a dividend of $0.2775 per share, which is $1.11 per share annualized, up 3% from our 2021 dividend. And one highlight before we begin the financial performance review. As Steve mentioned, we took advantage of a low stock price by tapping our Board-approved share repurchase program. Year-to-date, we've repurchased 16.1 million shares for $17.09 per share. We believe those repurchases will generate an attractive return for our shareholders. Our savings from the current dividends alone without regard to terminal value assumptions or dividend growth in the future is 6.5%, a nice return to our shareholders.

謝謝，Kim。 2022年第二季度，我們宣布每股股息為0.2775美元，年化股息為每股1.11美元，較2021年股息成長3%。在開始財務績效評估之前，我們還有一點需要強調。正如Steve所提到的，我們利用了董事會批准的股票回購計劃，充分利用了低股價。年初至今，我們已以每股17.09美元的價格回購了1,610萬股。我們相信，這些回購將為股東帶來豐厚的回報。僅從當前股息來看，不考慮終值假設或未來股息成長，我們就能節省6.5%的股息，這對我們的股東來說是一筆不錯的回報。

Moving on to the second quarter financial performance. We generated revenues of $5.15 billion, up $2 billion from the second quarter of 2021. Our associated cost of sales also increased by $1.7 billion. Combining those 2 items, our gross margin was $254 million higher this quarter versus a year ago. Our net income was $635 million, up from a net loss of $757 million in the second quarter of last year, but that includes a noncash impairment item for 2021. Our adjusted earnings, which excludes certain items, including that noncash impairment, was $621 million this quarter, up 20% from adjusted earnings in the second quarter of 2021.

接下來是第二季的財務表現。我們的營收為51.5億美元，較2021年第二季增加20億美元。相關銷售成本也增加了17億美元。合併這兩項數據後，本季我們的毛利率較去年同期高出2.54億美元。我們的淨利潤為6.35億美元，高於去年第二季7.57億美元的淨虧損，但其中包含了2021年的一項非現金減損項目。本季度，我們調整後的收益（不包括包括該非現金減損在內的某些項目）為6.21億美元，較2021年第二季的調整後收益成長20%。

As for our DCF performance, each of our business units generated higher EBITDA than the second quarter of last year. The Natural Gas segment was up $69 million with greater contributions from Stagecoach, which we acquired in July of last year; greater volumes through our KinderHawk system; favorable commodity price impacts on our Altamont and Copano South Texas systems. And those are partially offset by lower contributions from CIG.

至於我們的現金流量折現法 (DCF) 表現，我們各業務部門的息稅折舊攤提前利潤 (EBITDA) 都高於去年第二季。天然氣部門成長了 6,900 萬美元，這得益於我們去年 7 月收購的 Stagecoach 的貢獻增加；KinderHawk 系統的運量增加；以及大宗商品價格對我們 Altamont 和 Copano South Texas 系統產生的積極影響。但這些因素被 CIG 的貢獻減少部分抵消。

The Products segment was up $6 million driven by favorable price impacts, partially offset by lower crude volumes on Hiland and HH as well as higher integrity costs. Our Terminals segment was up $7 million with greater contributions from expansion projects placed in service, a gain on a sale of an idled facility and greater coal and pet coke volumes. Those are partially offset by lower contributions from our New York Harbor terminals and our Jones Act tanker business versus the second quarter of last year.

產品部門成長600萬美元，得益於有利的價格影響，但部分抵銷了Hiland和HH原油產量的下降以及完整性成本的上升。碼頭部門成長700萬美元，主要得益於擴建工程投入營運帶來的貢獻增加、閒置設施出售帶來的收益以及煤炭和石油焦產量的增加。這些成長被紐約港碼頭和瓊斯法案油輪業務的貢獻與去年同期相比有所下降所部分抵消。

Our CO2 segment was up $60 million driven by favorable commodity prices, more than offsetting lower year-over-year oil and CO2 volumes as well as some higher operating costs. Also adding to that segment were contributions from our Energy Transition Ventures renewable natural gas business, Kinetrex, which we acquired in August of last year.

受利好商品價格的推動，我們的二氧化碳業務成長了6000萬美元，足以抵消石油和二氧化碳排放量同比下降以及營運成本上升的影響。此外，我們去年8月收購的能源轉型創投公司（Energy Transition Ventures）的再生天然氣業務Kinetrex也為此業務貢獻了資金。

The DCF in total was $1.176 billion, 15% over the second quarter of 2021. And our DCF per share was $0.52, up 16% from last year. It's a very nice performance.

現金流折現率總計11.76億美元，較2021年第二季成長15%。每股現金流折現率達0.52美元，較去年同期成長16%。這表現非常出色。

On to our balance sheet. We ended the second quarter with $31 billion of net debt and a net debt to adjusted EBITDA ratio of 4.3x. That's up from year-end at 3.9x. Although that 3.9x includes the nonrecurring EBITDA contributions from the Winter Storm Uri event in February 2021. The ratio at year-end would have been 4.6x excluding the Uri EBITDA contributions. So we ended the quarter favorable to our year-end recurring metric.

再來看看我們的資產負債表。截至第二季度，我們的淨負債為310億美元，淨負債與調整後EBITDA比率為4.3倍，高於去年年底的3.9倍。不過，這3.9倍包含了2021年2月冬季風暴「烏裡」（Uri）帶來的非經常性EBITDA貢獻。如果不計入「烏裡」事件帶來的EBITDA貢獻，年底的比率應該是4.6倍。因此，我們本季的業績表現優於我們年底的經常性指標。

Our net debt has decreased $185 million year-to-date, and I will reconcile that change to the end of the second quarter. We've generated year-to-date DCF of $2.631 billion. We've paid out dividends of $1.2 billion. We've spent $500 million on growth capital and contributions to our joint ventures. We've posted about $300 million of margin related to hedging activity. Through the second quarter, we had $170 million of stock repurchases. And we've had approximately $300 million of working capital uses year-to-date, and that explains the majority of the year-to-date net debt change.

我們的淨債務年初至今已減少1.85億美元，我將在第二季末進行核對，以確認這項變更。年初至今，我們的現金流量折現率為26.31億美元。我們已支付12億美元的股利。我們已投入5億美元用於成長資本和對合資企業的注資。我們已計入約3億美元的對沖活動相關保證金。截至第二季度，我們回購了1.7億美元的股票。年初至今，我們已使用約3億美元的營運資金，這解釋了年初至今淨債務變動的大部分原因。

And with that, I'll turn it back to Steve.

說完這些，我就把話題轉回給史蒂夫。

All right. Thank you. So we'll open up to the Q&A part of the session. (Operator Instructions) And here in the room, we have a good portion of our management team. And as you ask your questions, I'll let you hear directly from them on your question -- about questions about their businesses. So Jordan, would you open up the Q&A?

好的。謝謝。現在開始問答環節。 （操作員指示）我們管理團隊的許多成員都在場。你們提問的時候，我會直接讓他們回答你們的問題──關於他們業務的問題。喬丹，請開始問答環節好嗎？

(Operator Instructions) Our first question comes from Jeremy Tonet from JPMorgan.

（操作員指示）我們的第一個問題來自摩根大通的 Jeremy Tonet。

So I guess Bitcoin shouldn't be on the -- high on the list for organic growth projects anytime soon, I'm taking it. But moving on to the Permian, I just want to see as far as takeaway is concerned, what's your latest look there as far as when tightness could materialize? And at the same time, with GCX, just wondering if -- what it takes to reach FID there if the basin is tight. Then could this be a near-term event?

所以我認為比特幣短期內不應該成為有機成長項目的首選。不過，說到二疊紀盆地，我想問一下，就目前的情況而言，您對那裡何時會出現供應緊張的情況有何最新看法？同時，關於GCX，我想知道如果盆地供應緊張，需要什麼條件才能在那裡達成最終投資決定（FID）。那麼，這會是近期發生的事件嗎？

Tom?

湯姆？

Yes. So I think with the projects, including ours that have been FID-ed and are proceeding in the construction mode, that there may be a near-term tightness. But once those projects go into service, we feel like the market is pretty well served until the latter part of the decade. So I think the next projects will likely come in. They'll need to be FID-ed sometime in '24, maybe '25.

是的。所以我認為，包括我們已完成最終投資決定（FID）並正在建設中的項目在內，短期內可能會出現資金緊張的情況。但一旦這些項目投入運營，我們認為市場在2020年後期之前都會得到很好的服務。所以我認為接下來的專案可能會陸續投入營運。它們可能需要在2024年或2025年左右完成最終投資決定（FID）。

And there still may be opportunities in the near term for GCX. We are in several discussions with a lot of additional customers there for pockets of capacity, especially to serve LNG markets. But I think -- for now, I think the markets, at least on a near term to intermediate term, are pretty well served.

短期內，GCX 可能仍有發展機會。我們正在與當地許多客戶洽談，爭取一些產能，尤其是服務液化天然氣市場。但我認為，就目前而言，至少在短期和中期內，這些市場已經相當成熟。

And GCX is fast to market as a compression expansion. The FIDs in the middle part of the decade are 27 to 30 months to complete roughly for us.

GCX 作為壓縮擴張產品，上市速度很快。對我們來說，2025 年左右的最終投資決定 (FID) 大約需要 27 到 30 個月才能完成。

Got it. So I just want to confirm there, back half a decade next pipe, you said there as far as beyond what's currently out there?

明白了。所以我想確認一下，回溯到五年前的下一根管道，您說的距離比現在的管道還要遠嗎？

That sounds right.

聽起來不錯。

Got it. And real quick, just on the renewable natural gas, just wanted to see if you could provide more details on the acquisition here from us KM. As far as the economics, what type of renewable credits were kind of baked in their expectations? And should we expect kind of more acquisitions of this nature going forward? Is this an area that's ripe for consolidation for Kinder to go after? Just wondering broader thoughts there.

明白了。關於再生天然氣，我想問KM，您能否提供更多關於此次收購的細節。就經濟效益而言，他們的預期中涵蓋了哪些類型的再生能源配額？未來我們是否應該期待更多類似的收購？對Kinder來說，這個領域是否已經成熟，可以整合？我只是想問您在這方面的更廣泛的想法。

Anthony?

安東尼？

Yes. So the acquisition, we're excited about it. That's 3 landfill gas assets, 1 RNG facility in Arlington, and that's the bulk of the value here, $355 million. We have 2 medium-BTU facility in [chief] entry port in Victoria as well. It is a little bit different from the Kinetrex deal. It's -- because there's an operating asset, it's largely derisked. Arlington has favorable royalty arrangements in place, long-term contract into the transportation market. So there's [win] exposed here. And the long-term EBITDA multiple here is around 8x.

是的。我們對這次收購感到非常興奮。這筆收購涉及3個垃圾掩埋氣資產和1個位於阿靈頓的再生天然氣（RNG）設施，價值佔了大部分，達到3.55億美元。我們在維多利亞的[主要]入境口岸還有2個中英熱單位（BTU）設施。這與Kinetrex的交易略有不同。因為這是一筆營運資產，所以風險基本上降低。阿靈頓擁有優惠的特許權使用費協議，並簽訂了運輸市場的長期合約。因此，這筆交易是有利的。長期EBITDA倍數約8倍。

Okay. And the prospects for additional?

好的。還有更多的可能性嗎？

Yes. And so I think, as Steve mentioned, we have line of sight for some additional growth. There are some opportunities on the M&A side, but I think largely, we'll be looking to grow organically in the future.

是的。所以我認為，正如史蒂夫所提到的，我們有望實現一些額外的成長。併購方面有一些機會，但我認為，未來我們主要會尋求有機成長。

Our next question comes from Jean Ann Salisbury with Bernstein.

我們的下一個問題來自伯恩斯坦的 Jean Ann Salisbury。

Have your operations had to adjust for the Freeport outage? Can you talk about if you're seeing more flows into Louisiana or Mexico are getting absorbed by Texas weather? Or are you just kind of not getting paid from some of it if they did force majeure?

你們的營運是否需要因自由港停駛而做出調整？能否談談，是否看到更多流入路易斯安那州或墨西哥的貨物被德克薩斯州的天氣吸收？或者，如果發生不可抗力事件，你們是否會因此無法獲得部分賠償？

Yes. So I would say fairly immaterial financial impact to us. But as far as an impact to the market, we're certainly seeing the basis market in the Katy Ship Channel area weaken with the additional volumes that are hitting the Texas market. I think it helps support storage, Gulf Coast storage more broadly. But certainly, has been at least partially offset by the extreme power demand that we've been seeing here in Texas and along the Gulf Coast. And I would say just with the connectivity with the interstate pipeline grid between intras and interstates that those volumes are getting pretty well dispersed.

是的。所以我認為這對我們的財務影響相當小。但就市場影響而言，我們確實看到凱蒂航道地區的基礎市場隨著更多石油湧入德州市場而走弱。我認為這有助於支持更廣泛的墨西哥灣沿岸地區的儲油能力。但可以肯定的是，這至少部分抵消了我們在德克薩斯州和墨西哥灣沿岸看到的極端電力需求。我想說，由於州內和州際管線網絡的連通性，這些儲油量正在得到相當好的分散。

Great. And then my second question is very long term. I'm getting asked about this from generalists, and I want to make sure I'm getting it right. Just kind of want to understand refined product types is the common concern that I'm hearing. If we play out an energy transition scenario, we're flowing them and 15 years is much lower than today, let's say. Can you talk about what would happen to the pipe revenue for refined product pipes? Is it mostly cost of service-based or negotiated or some of this?

好的。我的第二個問題非常長遠。很多通才都會問我這個問題，我想確保我的回答沒有問題。我聽到的普遍擔憂是，我想了解成品油的類型。如果我們推行一個能源轉型方案，假設我們輸送這些產品，那麼15年後的產量會比現在低很多。您能談談成品油管道的收入會發生什麼變化嗎？主要是基於服務成本，還是協商決定的，還是其中的一部分？

Yes, Dax?

是嗎，達克斯？

Yes. I guess I would say, first of all, it depends on where -- sort of where it happens. I mean, I think from an economic protection perspective, we have the ability to -- we've got ratemaking protection on the pipes to be able to take into account decreased volumes to increase rates to be able to protect us.

是的。我想說，首先，這取決於發生在哪裡。我的意思是，我認為從經濟保護的角度來看，我們有能力——我們對管道進行了費率制定保護，能夠考慮到運輸量的減少，從而提高費率，以保護我們自己。

And so I think the place that's probably been most progressive on this has been California with the conversation about potentially banning the internal combustion engine. But if you look at that, really what that gets you is road fuels consumed in the state of California, and we obviously transport a lot of products out of there to other states. And we did an analysis on that. And that came to about 11% of products EBDA on a 2019 basis.

所以我認為在這方面最進步的地方可能是加州，它正在討論可能禁止內燃機。但如果你仔細分析一下，你會發現這實際上影響的是加州的道路燃料消耗，而且我們顯然把很多產品從加州運往其他州。我們對此進行了分析。根據2019年的數據，EBDA產品約佔11%。

So if you look at the place, that's probably the most progressive on it. That's really kind of what you're looking at from our segment's perspective. And that's before you put in place tariff protection. So that's the way we'd look at it.

所以，如果你仔細觀察，你會發現這可能是最進步的。這其實就是我們這個部門正在考慮的事情。這還是在實施關稅保護之前。所以我們會這樣看待這個問題。

Yes. So Jean, there's a bit of a contrast here between how things work on the products pipeline and, for example, how things work on the natural gas pipelines. We do tend to do a lot of negotiated rate transactions on the natural gas pipeline grid. In the regulated interstate -- well, even intrastate, refined products pipelines, those are typically -- those are -- they are cost of service-regulated common carrier pipelines.

是的。 Jean，成品油管道的運作方式與天然氣管道的運作方式略有不同。我們傾向於在天然氣管道網中進行大量協商費率交易。在受監管的州際——甚至州內——成品油管道中，這些通常——它們是受服務成本監管的公共承運人管道。

We just recently settled a significant rate case, a long-running rate case on our SFPP system. We have an ongoing one on the interstate in the CPUC business. But if you think about these pipes economically, they really are the cheapest and best way to move the product from point A to point B. And so there is good strength in their market position.

我們最近剛解決了一起重要的費率案件，這起案件涉及我們的SFPP系統，而且是長期的費率案件。我們與加州公用事業委員會（CPUC）的州際公路業務也正在進行中。但如果從經濟角度考慮，這些管道確實是將產品從A點運送到B點最便宜、最好的方式。因此，它們的市場地位非常穩固。

And so yes, if there was a decrease in volume, you would go in and you'd say, "I have lower volume units. I'm spreading the same cost of service over a lower number of barrels, and I want a rate increase." Now that's not how we run the railroad, and that's not something that we've had to do with the one exception of the California intrastate market. And -- but it is a bit of a different dynamic between refined products pipelines and the natural gas pipelines.

所以，是的，如果運輸量減少，你會說：「我的單位運輸量減少了。我把同樣的服務成本分攤到更少的桶數上，我希望提高運費。」這不是我們運營鐵路的方式，除了加州州內市場之外，我們以前也不需要這樣做。而且——成品油管道和天然氣管道之間的動態略有不同。

The other thing, we can move renewable diesel through our pipes. To the extent that, that gets replaced, renewable diesel can go through. And also sustainable aviation fuel, that could be moved through our pipes as well. So those were replacement products.

另外，我們可以透過管道運輸再生柴油。如果再生柴油被替代，那麼再生柴油也可以透過管道運輸。此外，永續航空燃料也可以透過管道運輸。所以，這些都是替代產品。

Our next question comes from Colton Bean with Tudor, Pickering, Holt & Co.

下一個問題來自 Tudor, Pickering, Holt & Co. 的 Colton Bean。

On the guidance increase, it looks like an EBITDA step-up of $350 million or better. I guess, first, are there any offsets at the cash flow level that results in DCF also being 5%? Or is that just a function of rounding? And then second, I think you all flagged about $750 million of discretionary cash on the original budget. Should we assume the guidance increase is additive to that total, including the $100 million bump in CapEx last quarter?

關於指引上調，EBITDA 看起來應該會增加 3.5 億美元甚至更多。我想，首先，現金流量方面是否有抵銷因素，導致 DCF 也達到 5%？還是只是四捨五入的結果？其次，我記得你們在原始預算中標註了大約 7.5 億美元的可自由支配現金。我們是否應該假設指引上調是加上這個總額，包括上季 1 億美元的資本支出成長？

The offsets are the items that are unfavorable between EBITDA and DCF for us are interest expense and sustaining capital. Interest expense versus our budget is just up because short-term rates are meaningfully above what we had budgeted. And the longer-term rates are also up a little bit. And then the sustaining capital, we have some incremental class change costs that we had -- that we didn't budget for and a little bit of inflation costs increasing our sustaining capital.

EBITDA 和 DCF 之間對我們不利的項目是利息支出和維持資本，抵消了這些項目的影響。利息支出相對於預算的比率略有上升，因為短期利率明顯高於我們的預算。長期利率也略有上升。然後是維持資本，我們有一些增量的等級變更成本——這些成本我們沒有預算——以及一些通貨膨脹成本，這些成本增加了我們的維持資本。

In terms of the available capacity that we talked about at the beginning of the year, the $750 million was based on available capacity given our budgeted EBITDA and assumed spend for the year. Our EBITDA is up nicely. So that's increased the available balance sheet capacity that we have. But we've also spent -- we're also increasing our spend a little bit more than what we had budgeted given the Mas transaction.

就我們年初談到的可用產能而言，7.5億美元是基於我們預算的EBITDA和年度假設支出的可用產能計算得出的。我們的EBITDA成長良好。因此，這增加了我們現有的資產負債表產能。但我們的支出也增加了——考慮到馬斯交易，我們的支出也比預算略高。

We have a couple of additional projects in our discretionary spend that Steve talked about. And we've repurchased some shares that weren't in our budget. So overall, our available capacity is still higher than what we had budgeted, but we've also spent a fair amount more than what we had budgeted as well.

正如史蒂夫所提到的，我們的可自由支配支出中還有幾個額外的項目。我們也回購了一些不在預算內的股票。所以總的來說，我們的可用產能仍然高於預算，但我們的支出也比預算高出不少。

Great. And then, David, maybe just sticking on the financing side of things. I think you all noted that you had locked in roughly $5 billion of your floating rate exposure through the end of this year. Any updates or shifts in how you're thinking about managing that, heading into 2023?

太好了。然後，大衛，也許我只能談談融資方面的問題。我想大家都注意到，到今年年底，您已經鎖定了大約50億美元的浮動利率敞口。在2023年之前，您在管理這部分曝險方面有什麼更新或調整嗎？

Yes. We haven't had a similar opportunity to lock in favorable rates for 2023. So we're very pleased that we locked it in for this year. It's been almost a $70 million benefit to us this year. But -- and we'll continue to look at ways that we could potentially mitigate that going into 2023. But so far, we haven't found any favorable opportunities to do that because we just continue to see as we get through the year more pressure on short-term rates going into next year. With some of the recessionary pressures that we've seen in the market, I think that's starting to loosen up a little bit. So we'll continue to take a look at it, but nothing yet.

是的。我們之前沒有類似的機會鎖定2023年的優惠利率。所以我們很高興今年鎖定了利率。這給我們帶來了近7000萬美元的收益。但是——我們將繼續尋找方法，以便在2023年之前減輕這種影響。但到目前為止，我們還沒有找到任何有利的機會來做到這一點，因為我們看到，隨著今年的到來，明年短期利率將面臨更大的壓力。鑑於我們在市場上看到的一些衰退壓力，我認為這種壓力正在開始緩解。所以我們會繼續關注，但目前還沒有結果。

Our next question comes from Chase Mulvehill with Bank of America.

我們的下一個問題來自美國銀行的 Chase Mulvehill。

I guess I wanted to come back and kind of hit on guidance a little bit. I guess, just specifically on gathering volumes, I think you guided up originally 10%. And I think you noted you're going to be above that, and you kind of mentioned that in last quarter's conference call as well. And you've obviously given us the sensitivity here that we can use towards your guidance. So how much do you think that gathering volumes will be up now? And I guess, maybe what's included in the updated guidance?

我想回過頭來稍微談談指導意見。具體到採油量，您最初給出的指導是成長10%。我記得您之前提到過會高於這個數字，您在上個季度的電話會議上也提到過這一點。您顯然已經向我們提供了一些敏感度，我們可以參考您的指導意見。那麼您認為現在採油量會成長多少？更新後的指導意見可能包含了哪些內容？

So we think it's going to be up -- I think it's around 13% and -- versus the 10%, and it is included in our updated guidance.

因此，我們認為它會上升 - 我認為它會上升大約 13% - 而不是 10%，並且它包含在我們更新的指導中。

Okay. Great. And can I ask kind of -- maybe it's a little more technical question, but around kind of brownfield Permian egress expansions. How should we think about the timing in how this incremental capacity will pull through incremental volumes? Basically, what I'm asking is, will you be able to pull through more volumes gradually as you add each incremental compression station? Or will you ultimately all start the incremental production at once at the end when you have all the compression stations added?

好的。太好了。我可以問一個——也許這是一個技術性更強的問題，但關於棕地二疊紀出口擴建。我們該如何考慮增量產能如何拉動增量產量的時機？基本上，我想問的是，隨著每個增量壓縮站的增加，你們能否逐步拉動更多產量？還是最後在所有壓縮站都加完畢後，一次性開始增量生產？

No. I think it's more of a light-switch experience as we approach November, December '23. Now there'll be certainly test volumes, additional volumes that we do test along the way. But I think to get to the ultimate delivery point where the customers want to go, that will all happen November, December '23.

不。我覺得隨著2023年11月或12月的臨近，這更像是一種「燈光開關」的體驗。現在肯定會有一些測試量，我們會在測試過程中進行額外的測試。但我認為，為了達到客戶想要的最終交付點，這一切都將在2023年11月或12月完成。

Our next question comes from Michael Blum with Wells Fargo.

我們的下一個問題來自富國銀行的麥可布魯姆。

I wanted to maybe just start with the opening comments about the stock price. I'm just wondering if you could expand a little more there. And I guess, specifically, are there any specific actions that you're contemplating that to impact the stock price here?

我想先從關於股價的開場白開始。我想知道您能否再詳細闡述。具體來說，您是否正在考慮採取哪些具體行動來影響股價？

Well, I've learned a long time ago that the ability of management team to influence the stock price is pretty remote. But let me just say and the point of what I was trying to do is I think there -- it's not just Kinder Morgan. I think there's a tremendous disconnect between the way the market is valuing midstream energy companies.

嗯，我很久以前就知道，管理團隊影響股價的能力非常渺茫。但我只想說，我之所以這麼做，是因為我認為──不只是金德摩根。我認為市場對中游能源公司的估值方式有巨大的差異。

For instance, there's much more of a correlation with crude oil prices in our stock than there ought to be. As we tell everybody at the beginning of the year, exactly how much the impact is per dollar of change in crude and natural gas prices. And of course, that's a relatively small number of lessons as you get further into the year. That's just one example of, I think, kind of a knee-jerk reaction in the market.

例如，我們股票與原油價格的關聯性遠超預期。正如我們在年初告訴大家的那樣，原油和天然氣價格每變動一美元，影響究竟有多大。當然，隨著時間推移，這些教訓會逐漸減少。我認為這只是市場下意識反應的一個例子。

I think the best thing we can do as a management and Board is to stress again and again the strength of our cash flow and the fact that we're using it wisely. And I think we demonstrated that in this quarter in the way we've deployed our cash. So that's our game plan, pretty simple and not very imaginative really. But I think in the long run -- maybe we're the tortoise versus the hare. But in the long run, I think we get rewarded for the kind of performance we have produced now quarter after quarter after quarter.

我認為，作為管理層和董事會，我們能做的最好的事情就是反覆強調我們現金流的強勁，以及我們正在明智地使用它。我認為我們本季的現金配置方式就證明了這一點。這就是我們的策略，雖然很簡單，也沒什麼想像。但我認為從長遠來看——也許我們就像烏龜和兔子的較量。但從長遠來看，我認為我們會因我們第一季又一季的出色表現而獲得回報。

All right. Great. I guess my second question -- well, first of all, Anthony, congratulations on the expanded responsibilities. And maybe I'm reading into this, but my question is really with the promotion to run both energy transition and CO2. Can I read anything into that about maybe enhanced prospects for carbon capture, you're kind of bringing these 2 things onto the same roof?

好的。太好了。我的第二個問題是──首先，安東尼，恭喜你職責擴大。我可能有點過度解讀了，但我的問題實際上是關於同時推動能源轉型和二氧化碳排放的舉措。我能從中解讀出關於碳捕獲前景的提升嗎？您好像把這兩件事放在一起了？

Look, I think we feel like there are some synergies there, and I'll ask Anthony to expand on that. But I mean we'll use the same geologist for carbon capture and sequestration as we do for CO2. I mean we've been sequestering CO2 for decades, and we use it in connection with the enhanced oil recovery operations obviously. But it's the same technology, if you will. And so we think there is synergy there, and there are a few others. But I'll turn it over to Anthony to answer the rest.

嗯，我覺得我們之間有一些協同效應，我會請安東尼進一步闡述。我的意思是，我們會聘請與二氧化碳相同的地質學家來負責碳捕獲和封存。幾十年來，我們一直在封存二氧化碳，而且我們顯然將其用於提高石油採收率作業。但如果你願意的話，這其實是同一項技術。因此，我們認為這方面存在協同效應，還有其他一些協同效應。剩下的問題，我將交給安東尼回答。

Yes. I mean, obviously, Jesse had a great opportunity, and we wish him well. And it's a great opportunity for me. And I've inherited a really great team. So I appreciate that.

是的。我的意思是，傑西顯然擁有一個絕佳的機會，我們祝他一切順利。對我來說，這同樣是個絕佳的機會。而且我繼承了一支非常優秀的團隊。所以我對此心懷感激。

I don't think you're going to see anything materially different from the way we kind of run things moving forward. As Steve mentioned, I think as we have been moving forward with ETV, it's become more and more apparent there's a lot of overlap, especially with the CO2 group, a lot of technical experience there that we've been using. And we'll be further integrating those groups and taking advantage of that. And I think that will provide some nice commercial synergies down the road.

我認為，你不會看到我們未來運作方式有任何實質的變化。正如史蒂夫所提到的，我認為隨著我們推進ETV，越來越明顯的是，我們有很多業務重疊，尤其是與二氧化碳部門，我們一直在利用那裡的大量技術經驗。我們將進一步整合這些部門，並充分利用這些優勢。我認為這將在未來帶來良好的商業綜效。

But we don't have anything special to announce. And I don't think you're going to see the way we run the CO2 business or ETV to be materially different from the way Jesse was doing.

但我們沒有什麼特別的消息要宣布。而且我認為，我們經營二氧化碳業務或能源電視（ETV）的方式與傑西當時的方式不會有實質的不同。

Yes. And I think the further integration benefits, we have the same operations organization. So some of these where it was a small company we acquired, and we have other acquisitions that we're integrating. And so having a common operations platform, I think, will be very helpful.

是的。我認為進一步整合的好處是，我們擁有相同的營運組織。其中一些是我們收購的小公司，還有一些我們正在整合的收購公司。因此，我認為擁有一個通用的營運平台將非常有幫助。

We also have a common project management platform, which is also helpful. And of course, we've always had a centralized procurement organization. And bringing the power of that procurement organization to bear on these development opportunities, I think all that will pay dividends. But this is not leaning into the CCUS. That will -- we think there are opportunities there. We think they're coming but coming slowly. And there's some resolution of 45Q tax credit levels and things like that, that still needs to unfold. But anyway, this business fits together and so it stays together.

我們還有一個通用的專案管理平台，這也很有幫助。當然，我們一直有一個集中採購組織。我認為，將採購組織的力量運用到這些發展機會中，這一切都將帶來回報。但這並非傾向於CCUS。我們認為CCUS是存在的，機會正在到來，但進展緩慢。此外，關於45Q稅收抵免水準等問題的解決方案仍有待出台。但無論如何，這項業務彼此契合，因此能夠保持完整。

Our next question comes from Keith Stanley with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Keith Stanley。

First, wanted to ask just on the next wave of LNG projects. So you have this $600 million project you're announcing on TGP and SNG tied to Plaquemines. Can you talk to which specific LNG projects we should track more closely that you see more opportunity to potentially provide gas services to? And is there any way to frame the potential investment opportunity in dollars around new LNG projects in the next 5 years? So should we expect other $600 million-type investment opportunities tied to the next wave of projects?

首先，我想問一下下一波液化天然氣計畫的情況。您宣布了與普拉克明相關的6億美元TGP和SNG專案。您能否談談哪些具體的液化天然氣項目值得我們更密切地關注，您認為這些項目更有可能提供天然氣服務？未來5年，有沒有辦法圍繞新的液化天然氣計畫來規劃潛在的美元投資機會？那麼，我們是否應該期待與下一波項目相關的其他6億美元類型的投資機會？

Yes. I mean -- so I don't want to call winners and losers in here, but I mean I think the way you would think about this is those that have been successful to this point already, I think have a good chance of being more successful over time by virtue of expansions of their existing footprints. There's certainly some new entrants that we're very excited to be partnering with to grow along with Texas, Louisiana Gulf Coast.

是的。我的意思是——我不想在這裡說誰是贏家誰是輸家，但我認為你會這樣想：那些迄今為止已經取得成功的公司，憑藉其現有業務的擴張，很有可能隨著時間的推移取得更大的成功。當然，我們也非常高興能與一些新進業者合作，與德州、路易斯安那州墨西哥灣沿岸地區共同發展。

And again, I think given the proximity of our footprint, we're talking to all of these developers and working with all of them and looking for ways to expand our footprint and even build some greenfield projects to support their growth. So we feel very bullish about this opportunity. And we think there's significant investment opportunity here over the next 3 to 5 years.

而且，鑑於我們業務的鄰近性，我們正在與所有這些開發商洽談，與他們合作，尋找擴大業務範圍的方法，甚至建造一些綠地項目來支持他們的發展。因此，我們對這個機會非常樂觀。我們認為未來3到5年，這裡將有巨大的投資機會。

Yes. And so as a result, some of the opportunities, we'll be able to utilize capacity on our existing system or add compression and they'll be very, very efficient. And then some of the opportunities will require greenfield -- some level of greenfield development. And so it will be a combination of both.

是的。因此，在某些機會上，我們可以利用現有系統的容量，或增加壓縮功能，這樣效率就會非常高。而有些機會則需要綠地──某種程度的綠地開發。所以，這將是兩者的結合。

And I think the macro opportunity here is incredible. I'll come back to what Kim said, depending on which expert you listen to, the projections are between now over the next 5 years or so, you're going to have 11 to 13 or 14 Bcf a day in growth in LNG. We fully expect to be able to maintain our 50% share, which we have now. That's an incredible increase in throughput, a lot of which is attributable to the present system that we have in place along the Texas and Louisiana Gulf Coast. It's an incredible green shoot for Kinder Morgan.

我認為這裡的宏觀機會令人難以置信。我回到金所說的，取決於你聽哪位專家的說法，預測是，從現在到未來5年左右，液化天然氣日產量將增加110億立方英尺到130億立方英尺或140億立方英尺。我們完全有信心能夠維持我們目前50%的份額。這是一個令人難以置信的吞吐量成長，其中很大一部分歸功於我們在德克薩斯州和路易斯安那州墨西哥灣沿岸現有的系統。這對金德摩根來說是一個令人難以置信的復甦跡象。

And separate question, I guess, kind of revisiting Michael's question from earlier. So the company hasn't really done material stock buybacks since really kind of 2018. And it looks like you did $270 million. The average price implies that was kind of done over the past month for the most part. So I know you've talked to being bullish on the stock price, but just any other color on what changed in the market or just the decision process? Because it's a pretty material step-up in buybacks in a brief period. And how you're thinking about that, I guess, over the balance of the year since you still have available capacity?

我想，還有一個單獨的問題，有點像是重溫麥可之前的問題。所以，自2018年以來，公司幾乎沒有進行過實質的股票回購。看起來你們回購了2.7億美元。平均價格意味著這筆回購大部分是在過去一個月內完成的。我知道你之前說過看好股價，但除了市場變化之外，還有其他因素嗎？或者僅僅是決策過程？因為在短時間內回購量大幅增加。考慮到你們仍然有可用產能，你們打算在今年剩餘時間內如何安排回購？

Maybe I'll start and, David, you can fill in. But we kind of planned to look at how the year was unfolding over the first quarter and to get a lot of confidence around it. We live in uncertain times, right? So we were -- we have good, strong cash flows that are secured by contracts and all of that. We've got a lot of stability in our business. But kind of wanted to see how the year was unfolding. And so that was then -- things look good. We talked about it looking good in Q1.

也許我先開始，大衛，你可以補充。但我們計劃在第一季回顧今年的進展，並以此增強信心。我們生活在一個充滿不確定性的時代，對吧？所以我們——我們擁有良好、強勁的現金流，這些現金流是由合約等等所保障的。我們的業務非常穩定。但我們想看看今年的進展如何。所以當時——情況看起來不錯。我們談到了第一季的良好表現。

I thought we were going to be up on guidance but didn't quantify it for you. And so that was a good opportunity. We had to use some capacity. And we stuck to our opportunistic approach to share repurchases, and that's exactly what we expect to continue to do. And we would expect -- you can't call it for sure, but we'd expect to have opportunities to do more through the course of the year.

我以為我們會達到預期，但沒有量化。所以這是一個很好的機會。我們必須利用一些產能。我們堅持了股票回購的機會主義策略，這正是我們期望繼續做的事情。我們預計——雖然不能完全確定，但我們預計今年有機會做更多。

And one thing I -- I think Steve covered it. I just -- we would balance some of the additional spend that we've already incurred with the additional available capacity that we generated because of our EBITDA outperformance. So we'll look at a balance of those items along with the opportunistic share repurchases for the rest of the year.

我想史蒂夫已經提到了這一點。我們會將已經產生的部分額外支出與我們EBITDA（息稅折舊攤銷前利潤）優異表現帶來的額外可用產能平衡。因此，我們將在今年剩餘時間內，結合這些項目以及機會性股票回購，來平衡這些項目。

Our next question comes from Marc Solecitto with Barclays.

下一個問題來自巴克萊銀行的馬克‧索萊西托 (Marc Solecitto)。

With inflation tracking where it is, that should be a nice tailwind for your products business. Just wondering if you can maybe comment on how that interplays with the broader macro and any competitive dynamics across your footprint and your ability to fully pass that through.

鑑於通膨追蹤機制的存在，這對你們的產品業務來說應該是一個不錯的利好。我想知道，能否談談這與更廣泛的宏觀經濟狀況、你們業務範圍內的競爭動態以及你們如何充分傳導這些影響的能力。

Dax, why don't you start?

達克斯，你為什麼不開始呢？

Yes. No. Based on where PPI, we follow the FERC methodology on our -- or FERC policy at [92] pipes, which right now is PPI-FG minus 0.21%. And we implemented the rate increase on July 1 of 8.7% across our assets. And based on where it's tracking right now, I think the -- assuming we would -- PPI continues where it is and that we would implement the full thing, which is what we would expect, it's somewhere in the neighborhood of 15% next year.

是的，不是。根據PPI的走勢，我們遵循FERC的方法，或者說FERC對[92]條管道的政策，目前是PPI-FG-0.21%。我們已於7月1日將所有資產的費率上調了8.7%。根據目前的走勢，我認為——假設我們——PPI保持現狀，並且我們全面實施，也就是我們預期的，明年的費率將在15%左右。

Great. Appreciate the color there. And then on your CapEx budget, the $1.5 billion for this year, should we think the bulk of CapEx spend on PHP will come in '23? Or is that any context into what the CapEx cost component of these expansions could be? And then on Evangeline Pass, could we see CapEx move higher this year subject to definitive commercial agreements? Or that's been mostly come in later years?

太好了。我很欣賞你用色彩來描述。然後，關於你們今年15億美元的資本支出預算，我們是否應該認為PHP項目的大部分資本支出會在2023年到位？或者，這是否能說明這些擴張項目的資本支出組成部分可能是什麼？然後，關於Evangeline Pass項目，根據最終的商業協議，我們今年的資本支出會增加嗎？還是說，這筆支出大部分是在之後幾年就到位的？

They're going to be later, partly because we've got a regulatory process to go through. And -- but on PHP, it's going to be mostly in '23.

這些會晚點，部分原因是我們得走監管流程。至於 PHP，大概要等到 2023 年。

And the ['23] will be incorporated in the $1.5 billion.

而['23]將納入15億美元。

Our next question comes from Michael Lapides with Goldman Sachs.

我們的下一個問題來自高盛的邁克爾·拉皮德斯。

Congrats on a good quarter, and congrats to Tom and to Anthony for the movement around and the greater opportunities. One kind of near-term question. Refined products pipeline volume or throughput during the quarter, a little bit weak on gasoline, a little bit weak on diesel. Can you just kind of talk about whether that's geographic specific to you, whether that's more just general demand destruction due to price, especially on the diesel side?

恭喜本季業績良好，也恭喜湯姆和安東尼的進展和更大的機會。我有一個近期問題。本季成品油管運輸量或吞吐量方面，汽油略為疲軟，柴油略為疲軟。您能否談談這是否是特定於您所在地區的現象，還是僅僅是價格導致的普遍需求下降，尤其是在柴油方面？

Dax?

達克斯？

Yes. We are seeing a little bit of demand destruction a bit across the system, I would say, on road fuels. Jet fuel, as you would expect, as you see naturally a pretty strong increase. I mean, I think the EIA numbers on jet are about 18. As Kim said, we're about 19 on diesel. You saw a larger decrease on our assets. EIA was just right around 3%. We were closer to 11%.

是的。我想說，我們看到整個系統的需求都受到了一定程度的破壞，尤其是在道路燃料方面。正如你所預料的那樣，航空燃料的需求自然會大幅增加。我的意思是，我認為EIA航空燃料的產量數據大約是18噸。如Kim所說，柴油的產量數據大約是19噸。你看到我們資產的下降幅度更大。 EIA的產量下降幅度大約在3%左右。而我們則接近11%。

But I will remind you on diesel, we are still within 2% of where we were in 2019. We saw a big jump last year on diesel volume. So while we've seen come off compared to Q2 of last year, it's still pretty robust. But we have seen a little bit of demand destruction. But I think you've seen gasoline prices across the country come off for, I want to say, 35 days straight. So we've seen customer response. We've also seen price response.

但我要提醒大家，柴油方面，我們目前仍比2019年少了2%左右。去年柴油銷量大幅成長。因此，雖然與去年第二季相比有所下降，但仍相當強勁。不過，我們也看到了一些需求的下降。不過，我想大家已經看到，全國汽油價格已經連續35天下降了。所以我們看到了消費者的反應。我們也看到了價格的反應。

Got it. And then maybe a follow-up for Anthony. Just thinking about the landfill gas deal that you announced today. And I think you made a comment that kind of build multiple, call it, roughly 8x. Is that kind of a year 1 in that, therefore, as we think about it over time, that build multiple actually gets better over time as production there ramps? Or is that what you think kind of a steady state would be? And how do you compare that to the EBITDA and returns on capital that you get out of the natural gas -- kind of the core gas pipeline business?

明白了。接下來是安東尼的後續問題。我想到您今天宣布的垃圾掩埋氣交易。我記得您之前說過，建造倍數大概是8倍。那麼，從第一年來看，隨著產量的提升，建造倍數實際上會越來越好嗎？還是您認為穩定狀態應該是這樣的？您如何將其與您從天然氣——也就是核心天然氣管道業務——獲得的EBITDA（息稅折舊攤提前利潤）和資本回報率進行比較？

Yes. I mean it ramps up to A, then gets better from there. So there is growth at this landfill, which is really primarily driven by the Arlington asset. We have perpetual gas rights there, and there is a potential expansion that we have down the road on that asset. And so the EBITDA multiple gets better over time. I would say the 8x is more the -- an average over the medium term there.

是的。我的意思是，它會先上升到A，然後逐漸好轉。所以這個垃圾掩埋場的成長主要是由阿靈頓資產推動的。我們在那裡擁有永久的天然氣使用權，而且未來該資產將有擴張的潛力。所以，EBITDA倍數會隨著時間的推移而提高。我想說，8倍更像是中期平均值。

With regard to how we think about nat gas, I think we'd look at it on different types of opportunities. It's a very different type of investment. So I'm not sure it's necessarily comparing apples to apples. But I think in terms of the opportunity here as we think about our RNG portfolio, these are assets which are largely derisked. They are in operations today. There are, as I said, long-term gas rights here with Arlington as an expansion and growth opportunity. And so I think it's an attractive acquisition in terms of how we think about that in this space.

關於我們對天然氣的看法，我認為我們會從不同類型的機會角度來看待它。這是一種非常不同的投資類型。所以我不確定這是否一定是同類比較。但我認為，就我們再生天然氣 (RNG) 投資組合中的機會而言，這些資產基本上是去風險化的。它們目前仍在運作。正如我所說，阿靈頓擁有長期天然氣使用權，這是一個擴張和成長的機會。因此，就我們在這個領域的看法而言，我認為這是一項相當吸引人的收購。

And as a general comment, Michael, but as we said at the beginning, we have not had to sacrifice our return criteria and have not had to sacrifice the margin above our weighted average cost of capital to be able to invest in these things. We've been very selective about how we've entered this sector.

邁克爾，總的來說，正如我們一開始所說，我們無需犧牲回報標準，也無需犧牲高於加權平均資本成本的利潤率來投資這些項目。我們對進入這個領域的選擇非常謹慎。

Our next question comes from Brian Reynolds with UBS.

我們的下一個問題來自瑞銀的 Brian Reynolds。

Curious just on Ruby Pipeline, if there's any updates on the bankruptcy proceedings and if there are any initial thoughts on a near-term resolution as it relates to nat gas service and if there's any commentary on potential long-term CO2 transport given a regional peer looking to do the same.

我只是對 Ruby Pipeline 感到好奇，是否有關於破產程序的最新消息，是否有關於與天然氣服務相關的近期解決方案的初步想法，以及是否有關於潛在的長期二氧化碳運輸的評論，因為區域同行正在尋求做同樣的事情。

Yes. We'll ask Kevin Grahmann, our Head of Corporate Development.

是的。我們會問企業發展部主管 Kevin Grahmann。

Yes. In terms of the bankruptcy proceeding, Ruby has in place an independent set of managers who have been managing a lot of the day-to-day on the proceedings. There has been some recent court activity around a time line proceeding forward around a potential 3 63 sale and just getting to a resolution of the case along a certain time line. So that's where it stands.

是的。就破產程序而言，Ruby 已設立了一批獨立的管理人員，負責管理破產程序的日常事務。最近，法院圍繞潛在的 3 63 出售案的審理進度安排進行了一些討論，並希望在特定時間內解決此案。目前情況就是這樣。

I can't comment on any specific negotiations or discussions with parties involved. I will point to our prior comments on this, which is anything that KMI does around Ruby is going to be in the interest of KMI shareholders. I think as it relates to your question around potential conversion of CO2 service on the pipe, I think first, the pipe does continue to serve a need for the California market. And so it is a pipe that has a good service and natural gas service today. But across our network, we are looking at repurposing opportunities. But I think our general view at this point is those are longer-dated opportunities.

我無法評論與相關方的任何具體談判或討論。我想強調一下我們之前對此的評論，即KMI圍繞Ruby所做的一切都將符合KMI股東的利益。關於您關於管道二氧化碳服務轉換可能性的問題，我認為首先，這條管道確實繼續滿足加州市場的需求。因此，它目前擁有良好的服務和天然氣服務。但在我們的整個管道網絡中，我們正在尋找重新利用的機會。但我認為我們目前的整體觀點是，這些都是長期機會。

Great. Appreciate the color. And then a quick follow-up on the guidance raise just given some of the acquisitions during the year. Curious if you could just kind of break out organic raise versus the contribution from some of the acquisitions year-to-date.

太好了。感謝你用顏色標註。然後，我想快速跟進一下指導性增幅，考慮到今年的一些收購。請問您能否詳細列出有機增幅和今年迄今為止一些收購帶來的貢獻。

Yes. I mean I would say it's -- I mean we do have a little bit of benefit from commodity prices, but we also have the benefit from our underlying base business. And a lot of that has come from -- we're seeing some attractive renewals in the Natural Gas business, and that's really in multiple places. It's on our Texas Intrastate business, it's on NGPL, it's growth in our gathering business. It's -- so it's really -- I think a lot of that is organic strength in those contracts as we roll off.

是的。我的意思是，我想說的是——我們確實從大宗商品價格中獲得了一些好處，但我們也從基礎業務中受益。這很大程度上來自於——我們看到天然氣業務出現了一些有吸引力的續約，而這些續約涉及多個領域。這包括我們的德州內州內業務、天然氣運輸產品（NGPL）以及我們的集輸業務的成長。所以，我認為，這很大程度上是我們合約到期後自然成長的體現。

There's some contribution from expansion capital during the -- but a lot of that ends up getting budgeted for the year based on what we know going in. And a lot of what we do that we sanctioned in the year ends up benefiting subsequent years. So I think you can attribute it to commodity price tailwind and/or -- and just organic growth in the base existing footprint.

擴張資本在期間確實有一些貢獻——但其中很大一部分最終會根據我們已知的情況納入當年的預算。我們當年批准的許多項目最終都會惠及後續幾年。所以我認為你可以將其歸因於大宗商品價格的順風，以及/或——以及現有基礎業務的有機增長。

Because things like Stagecoach, we budgeted expansions that we knew about before the year started, we budgeted. And most expansions that we found that we're doing this year don't come on until 2023 or 2024 and beyond.

因為像 Stagecoach 這樣的項目，我們在年初之前就已經為已知的擴展項目做了預算。我們發現，今年進行的大部分擴展項目要到 2023 年、2024 年甚至更晚才會啟動。

Great. That's super helpful. And just for clarification, just for the original guide on the landfill acquisition, was that included before? Or is that included in this kind of 5% raise?

太好了。這太有幫助了。我想問一下，關於垃圾掩埋場收購的原始指南，之前包含這部分內容嗎？還是說這部分內容包含在這次5%的加薪中？

Kinetrex was included in the budget and [manner] would be incremental -- I mean Mas would be incremental to the budget.

Kinetrex 已包含在預算中，並且 [方式] 將是增量的——我的意思是 Mas 將是預算的增量。

Our next question comes from Michael Cusimano from Pickering Energy Partners.

我們的下一個問題來自 Pickering Energy Partners 的 Michael Cusimano。

Two questions for me. First, just is it fair to assume that the declines on Hiland and HH were weather-related? And can you talk through about like how that's recovered and maybe how the volume growth outlook has changed, if any, going forward?

我有兩個問題。首先，假設Hiland和HH的銷售下降與天氣有關，這合理嗎？您能否談談這些銷量是如何恢復的，以及未來銷售成長前景如何變化（如果有的話）？

Do you have an answer on the volumes, Dax?

達克斯，你對卷數有什麼答案嗎？

Yes, definitely. On Hiland, I would say the overwhelming majority of it is. I mean just to give you some of the numbers, and that was the unexpected storm that came through in April. We were doing roughly north of 200,000 barrels a day in -- prior to that, in April, we ended up doing 1 63, and then we averaged about 1 88 for the quarter, but we're back in June doing roughly 2 07. So it was a big chunk of it. For HH, less. That has a lot more to do with the spreads out of the Bakken, but it was absolutely the issue for Hiland Crude.

是的，絕對是。至於Hiland原油，我想說絕大多數都是這樣。我只是想給你一些數字，那就是4月突如其來的風暴。在那之前，我們的日產量大約在20萬桶以上——在那之前，4月份，我們的日產量最終達到了163萬桶，然後當季平均產量約為188萬桶，但到了6月份，我們的日產量又回到了207萬桶左右。所以，這佔了很大一部分。對於HH來說，產量要小一些。這和巴肯油田的價差有很大關係，但這絕對是Hiland原油的問題。

And the gas lines have recovered back to sort of pre-outage levels.

天然氣管道已恢復到停運前的水準。

Okay. That's helpful. And then looking at the Terminals business. So you mentioned utilization and rates are down a little bit because of the backwardation. And then Jones Act sounds like it's kind of troughed at this point. So am I wrong in thinking that we've reached like -- maybe like a new base level for that segment? Or are there other puts and takes that I need to think about?

好的。這很有幫助。然後我們來看看碼頭業務。您提到由於現貨溢價，利用率和費率略有下降。而《瓊斯法案》聽起來目前似乎已經觸底。那麼，我認為我們已經達到了該業務的新基準水平，這種想法錯了嗎？還是還有其他需要考慮的優缺點？

No, you're correct. I mean the rate degradation that we've seen is specifically just in the New York Harbor. We've seen rates actually return to the levels we saw last year in the Houston area, and we're back to 100% utilization there. As it relates to APT, we saw a trough last year, rates descending into the mid-50s per day. And they are back into the mid-60s now. We're 100% utilized. All of the vessels are moving, and we're actually seeing an increase in term. Where we were around 2-year term last year, we're now looking at 6.2 years with likely renewals. So the answer to your question, yes.

不，你說得對。我的意思是，我們看到的費率下降僅出現在紐約港。我們看到費率實際上已經回升到去年休士頓地區的水平，那裡的利用率也恢復到了100%。至於APT，去年我們經歷了一個低谷，費率跌到了每天50多美元。現在又回升到了60多美元。我們的利用率是100%。所有船隻都在航行，而且我們實際上看到租期在增加。去年我們的租期大約是2年，現在預計是6.2年，並且可能會續租。所以，你的問題的答案是肯定的。

Okay. And was the gain of sale that you mentioned, that was excluded from the EBITDA that you reported?

好的。您提到的銷售收益是否排除在您報告的EBITDA之外？

What was the gain on sale? Was gain on sale, was that excluded from EBITDA?

銷售收益是多少？銷售收益是否排除在EBITDA之外？

No, it's in EBITDA. So we have a level -- a certain level, 15-ish -- $15 million that -- anything that's below $15 million, that's like a gain on sale or something like that, it stays in the DCF. Anything that is above that would -- we take out. The nonrecurring in nature, we take out of DCF. We had a lower threshold for a long time. It created a lot of noise in our numbers and made things confusing for people. And so we've raised that threshold, which I think it makes it simpler for our investors and also is better at excluding really the onetime items. Because from time to time, we do have some land sales and that -- and so I think the higher threshold just makes a lot of sense.

不，它包含在息稅折舊攤銷前利潤（EBITDA）中。所以我們有一個水平——某個水平，大概在1500萬美元左右——低於1500萬美元的部分，就像銷售收益之類的，都會保留在直流現金流折現法（DCF）中。高於這個水準的部分，我們會扣除。非經常性項目，我們將從直流現金流折現法（DCF）中扣除。長期以來，我們的門檻一直很低。這給我們的數據帶來了許多幹擾，也讓人們感到困惑。所以我們提高了門檻，我認為這讓我們的投資人更容易理解，也更有利於排除一次性專案。因為我們偶爾會有一些土地出售，所以我認為提高門檻非常合理。

So smaller nonrecurring pluses and minuses now get reflected.

因此，較小的非經常性優點和缺點現在得到了反映。

Okay. Got you. And is that something that you will quantify in like your materials going forward?

好的。明白了。那麼，你們以後會在材料方面進行量化嗎？

Amount of smaller nonrecurring items that are impacting our EBITDA and DCF, no, we won't. We just let that grow. We'll explain it like we are today, like on this land sale, we'll explain the gains and losses, if they're large enough to explain.

影響我們EBITDA和DCF的小額非經常性項目，我們不會。我們只是讓它成長。我們會像今天這樣解釋，例如這次土地出售，如果收益和損失足夠大，我們會解釋。

We'll continue to explain the ones that are larger nonrecurring items. So it will continue to be carved out, but there'll be less noise with this. But again, the smaller positives and negatives will flow through.

我們將繼續解釋那些較大的非經常性項目。因此，這些項目將繼續被剔除，但這樣做的干擾會更少。但同樣，較小的利弊影響仍會保留下來。

Our final question comes from Harry Mateer with Barclays.

我們的最後一個問題來自巴克萊銀行的 Harry Mateer。

Just two for me. I think the first, now we're at the midway point of the year, would like to get an update on how you're navigating your refinancing plans. You've got some maturities coming due early next year. I think you could probably call them out late this year. So how are you thinking about navigating that? And then secondly, there was a line in the press release about expecting to meet or improve on the debt metric goal. And I just want to confirm that that's referring to the 4.3x budget rather than like a formal change to the approximately 4.5x goal you guys have had for a couple of years.

我只想問兩個問題。首先，現在正值年中，我想了解你們的再融資計畫進度如何。你們有一些債務將於明年年初到期。我想你們可能會在今年稍後公佈這些債務。那麼，你們打算如何處理這些債務呢？其次，新聞稿中提到了預計達到或改善債務指標目標。我想確認一下，這指的是4.3倍的預算，而不是對你們幾年來一直堅持的大約4.5倍目標的正式調整。

Yes. No, that is referring to our ending the year better than our budgeted level. That's what we currently expect. But with regard to kind of how we are navigating issuances and how we're going to handle some of the maturities coming due, as I'm sure you're aware, Harry, we're through our maturities for 2022. We do have about a little bit north of $900 million in CP currently. So -- but that's why we have a $4 billion credit facility to handle short-term needs like this from time to time.

是的。不，那是指我們今年的業績會比預算水準更好。這是我們目前的預期。至於我們如何發行債券，以及如何處理一些即將到期的債券，哈里，我相信你知道，我們已經完成了2022年的債券到期。我們目前的商業票據（CP）餘額大約在9億美元左右。所以，我們設立了40億美元的信貸額度，以便不時應付類似的短期需求。

And since we have $3 billion plus of capacity available, we don't have any rush to term that out. So we can be patient there. We'll look to potentially turn that out some time in the near term. But we'll be patient. We'll wait for favorable conditions. And then next year, it is a $3.2 billion maturity year. So it's relatively large, but we got the full year to do it. And we have the revolving -- revolver capacity to manage timing that out, waiting for favorable market condition.

由於我們擁有超過30億美元的可用產能，因此我們並不急於完成這一目標。因此，我們可以耐心等待。我們期待在短期內實現這一目標。但我們會耐心等待，等待有利的條件。明年是32億美元的到期年。因此，這筆貸款規模相對較大，但我們有整整一年的時間來償還。我們擁有循環信貸能力，可以管理好償還期限，等待有利的市場條件。

Okay. Got it. But the company's formal leverage target is still 4.5 turns. Is that right, David?

好的。明白了。但該公司的正式槓桿率目標仍是4.5倍。對嗎，大衛？

Approximately -- around 4.5x. That's right.

大約——4.5倍左右。沒錯。

We have no more callers in the queue.

隊列中已沒有其他呼叫者。

Okay. Well, thank you very much, Jordan, and thanks to everybody for listening in. Have a good day.

好的。非常感謝喬丹，也謝謝大家的收聽。祝大家有美好的一天。

Thank you for your participation in today's conference. You may disconnect at this time.

感謝您參加今天的會議。您可以暫時斷開連線。