金德摩根 (KMI) 2022 Q3 法說會逐字稿

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

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

I'll now turn the call over to Rich Kinder, Executive Chairman of Kinder Morgan.

現在我將電話轉給金德摩根執行主席里奇金德。

Thank you, Ted. And before we begin, as we always do, 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，泰德。在我們開始之前，和往常一樣，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 disclosures on forward-looking statements and use of non-GAAP financial measures that are 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 that may cause actual results to differ materially from those anticipated and described in such forward-looking statements.

在做出任何投資決策之前，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 GAAP 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，以了解可能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的重要假設、預期和風險因素。

An analyst recently described Kinder Morgan as a capital-efficient business model leveraged to natural gas infrastructure growth. I largely agree with that assessment, although it omits our significant steps in our energy transition efforts, including renewable natural gas, renewable diesel and potentially carbon capture and sequestration.

一位分析師最近將金德摩根描述為一種利用天然氣基礎設施成長的資本高效型商業模式。我基本上同意這項評估，儘管它忽略了我們在能源轉型方面的重要舉措，包括再生天然氣、再生柴油以及潛在的碳捕獲與封存。

I spent the last several quarters on this call, describing that capital-efficient business model. And today, I want to spend a bit of time discussing natural gas infrastructure and the value of our existing infrastructure in today's environment. As we all know, it's become increasingly difficult to build new greenfield pipeline projects, particularly in the Northeast and other areas outside the U.S. Gulf Coast. While this situation is, in my opinion, unfortunate and poor public policy, it does make existing infrastructure even more valuable. I don't think that value is fully recognized by the equity markets. The difficulty in building new pipeline and ancillary facilities widens the moat to use long bucket sprays around existing assets at a company like KMI.

過去幾個季度，我一直在召開電話會議，描述這種資本高效的商業模式。今天，我想花點時間討論一下天然氣基礎設施以及我們現有基礎設施在當今環境下的價值。眾所周知，新建綠地管線計畫變得越來越困難，尤其是在美國東北部和墨西哥灣沿岸以外的其他地區。雖然在我看來，這種情況令人遺憾，也是糟糕的公共政策，但它確實讓現有基礎設施的價值更加凸顯。我認為股市尚未充分認識到這些價值。建造新管道和輔助設施的難度，使得像KMI這樣的公司在現有資產周圍使用長桶噴灌的護城河更加寬廣。

That's an obvious source of additional value. But beyond that, having such an extensive network already in place affords great opportunity for a company like ours to extend and expand our assets on an incremental basis without the Herculean task of permitting and building a new greenfield project. Those step-out projects can provide great service to our customers and yield a very good return for our shareholders. We're fortunate at KMI that a large portion of our network is in Texas and Louisiana, states that understand and appreciate the need for new energy infrastructure and where so much of the demand for additional throughput, particularly natural gas, is located.

這顯然是附加價值的來源。除此之外，擁有如此廣泛的現有網絡，為我們這樣的公司提供了巨大的機會，可以逐步擴展和擴大我們的資產，而無需承擔審批和建設新綠地項目的艱鉅任務。這些跨步驟專案可以為我們的客戶提供優質服務，並為我們的股東帶來豐厚的回報。 KMI 很幸運，我們的網路很大一部分位於德州和路易斯安那州，這兩個州都理解並重視對新能源基礎設施的需求，而且對額外吞吐量（尤其是天然氣）的需求也很大。

Let me be more specific. The demand for natural gas in those states is projected to grow enormously over the rest of this decade. That growth is driven by a number of end users, but let me just focus on LNG export facilities. Year-to-date, in 2022, LNG is consuming over 11 Bcf a day and that number incorporates the absence of roughly 2 Bcf a day of demand from the Freeport facility, which has been shut down since June. According to the S&P Global LNG forecast, that number is predicted to grow to 22 Bcf a day by 2027 as new facilities come online. That's virtually doubling the current demand, which has already grown by 400% in the last 5 years.

讓我更具體一點。預計這些州的天然氣需求將在未來十年內大幅增加。這種成長是由眾多終端用戶推動的，但我只專注於液化天然氣出口設施。截至2022年，液化天然氣日消耗量超過110億立方英尺，這個數字包含了自6月以來關閉的自由港設施每天約20億立方英尺的需求缺口。根據標普全球液化天然氣指數的預測，隨著新設施的投入使用，到2027年，這一數字預計將增長到每天220億立方英尺。這幾乎是當前需求的兩倍，而過去5年，當前需求已經增加了400%。

We project that after '27, LNG demand will continue to grow and expected to be 28 Bcf a day by 2030. Given the situation in Europe today, which will result in more long-term contracts and the continuing usage in Asia, this hyper-growth scenario actually seems pretty reasonable to me. That's a huge increase, and most of it will occur in Texas and Louisiana, where so much of our asset base is located. That is what we, in the pipeline business call demand pool, which in many respects is more valuable than supply push.

我們預測，2027年後，液化天然氣需求將持續成長，預計到2030年將達到每天280億立方英尺。考慮到目前歐洲的情況（這將導致更多長期合約的簽訂）以及亞洲的持續使用，這種高速增長的情景在我看來實際上相當合理。這是一個巨大的成長，其中大部分將發生在德克薩斯州和路易斯安那州，我們大量的資產都位於這兩個州。這就是我們管道業務中所說的“需求池”，它在許多方面比“供應推動”更有價值。

As you know, we currently move about 50% of all the gas consumed by LNG facilities, and we expect to maintain or expand that share in the future. To serve our customers, both producers and end users, we are continuously expanding our system on an incremental basis to accommodate the growth we expect.

眾所周知，我們目前運輸的天然氣約佔液化天然氣設施總消耗量的50%，我們預計未來這一份額將保持或擴大。為了服務我們的客戶（包括生產商和最終用戶），我們正在持續逐步擴展我們的系統，以適應我們預期的成長。

Just a couple of examples of that effort include the expansion of our PHP system that connects the Permian basin, the Gulf Coast and the building of the Evangeline Pass system to serve the venture capital LNG facility in Plaquemine, Paris, Louisiana, and we expect to announce additional projects in the coming months. When you add the increasing need for natural gas for industrial uses, electric generation and exports to Mexico to that massive LNG demand, the result is an enormous opportunity to grow our system in a capital-efficient manner, which in turn will grow the value of our company.

這些努力的例子包括：擴建連接二疊紀盆地和墨西哥灣沿岸的PHP系統，以及建設Evangeline Pass系統，為位於路易斯安那州巴黎市普拉克明的風險投資液化天然氣設施提供服務。此外，我們預計將在未來幾個月內宣布更多項目。除了龐大的液化天然氣需求外，工業用途、發電和墨西哥出口對天然氣的需求也日益增長，這為我們以資本高效的方式發展系統提供了巨大的機會，這反過來又將提升我們公司的價值。

Steve?

史蒂夫？

Yes. Thanks, Rich. We are having a good year. We are projecting to be nicely above plan for the year and substantially better year-over-year Q3 to Q3, as Kim and David will show you. Some of the outperformance is commodity price tailwinds, but we're also up on commercial and operational performance.

是的。謝謝，Rich。我們今年表現不錯。我們預計全年業績將遠超計劃，第三季的業績年增將大幅提升，Kim 和 David 將向大家展示。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。

Just a couple of highlights. Our capacity sales and renewals in our gas business are strong. Gathering and processing is also up versus plan and up year-over-year. Existing capacity is growing in value on our natural gas network. And we're seeing it across our network on our major interstate systems and on our Texas intrastate system and we are seeing it in both storage and transportation service offerings, and we're even seeing it on a previously challenged system, the Midcontinent Express Pipeline.

僅舉幾個亮點。我們天然氣業務的產能銷售和更新表現強勁。收集和加工量也高於計劃，較去年同期成長。我們天然氣網路的現有產能價值正在成長。我們看到，在我們主要的州際系統和德克薩斯州州內系統，以及儲存和運輸服務領域，甚至在先前面臨挑戰的中大陸快速輸油管系統上，也看到了這種增長。

In CO2, SACROC production is well above plan. And of course, we are benefiting from higher commodity prices in this segment, though prices are not as elevated as they were when we talked after Q2. We are facing cost headwinds, mostly because of added work this year. But while costs are up, we're actually doing very well in holding back the impacts of inflation.

在二氧化碳方面，SACROC 的產量遠遠超出計劃。當然，我們也受惠於該領域大宗商品價格的上漲，儘管目前價格漲幅不如我們第二季後談到的那麼高。我們面臨成本方面的阻力，主要是因為今年的工作增加了。不過，儘管成本上漲，我們在抑制通膨影響方面實際上做得很好。

It's hard to measure precisely, but based on our analysis of what we can reliably track, we are well below the headline PPI numbers that you're seeing. Actually, we appear to be experiencing about half of that increase. 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.

這很難精確衡量，但根據我們對可靠追蹤數據的分析，我們的實際增幅遠低於您所看到的總體PPI數據。實際上，我們似乎只經歷了約一半的增幅。我們的採購和營運團隊工作出色，而這種良好表現很大程度上歸功於我們的企業文化。我們非常珍惜投資者的資金。

Looking ahead, we are seeing good opportunities across our network and in gas, in particular, Rich emphasized LNG, and that is clearly the biggest long-term opportunity and our network is especially well positioned. I'll give you an illustration of that. We currently have 5.7 Bcf a day under long-term contracts serving existing LNG facilities. The associated investment for that 5.7 Bcf was $1.3 billion. That is very capital-efficient expansion of our network.

展望未來，我們看到了整個網路和天然氣領域都存在著良好的機遇，尤其是Rich強調的液化天然氣（LNG），這顯然是最大的長期機遇，我們的網路定位尤其有利。我給你舉個例子。目前，我們每天有57億立方英尺的長期合約為現有的液化天然氣設施提供服務。這57億立方英尺的相關投資為13億美元。這是對我們網路資本效率極高的擴展。

There are other opportunities as well. We have identified and talked to customers on our Texas Intrastate system about over a Bcf a day each of power plant, industrial and utility expansions. Of course, not all that's going to happen, but it shows the level of economic activity in one of our biggest natural gas markets. We now have a backlog of $2.7 billion of projects, that's up $600 million on a net basis since last quarter, meaning taking into account the projects that rolled into service over the quarter and almost 80% of that backlog is in low-carbon investments, natural gas, energy transition ventures and renewable diesel and renewable feedstocks projects in our products and terminals businesses.

還有其他機會。我們已經確定並與德州州內輸油管系統的客戶進行了溝通，討論了每天超過10億立方英尺的發電廠、工業和公用事業擴建項目。當然，並非所有項目都會實現，但這展現了我們最大的天然氣市場之一的經濟活躍程度。我們目前有27億美元的項目積壓，自上個季度以來淨增6億美元，這包括本季投入營運的項目，其中近80%的積壓項目涉及低碳投資、天然氣、能源轉型項目以及我們產品和終端業務中的再生柴油和再生原料項目。

On Energy Transition Ventures, we expect with what we have already acquired and with the projects under construction or development right now to invest about $1.2 billion at an EBITDA multiple of a little over 5x when everything is up and running. I'll add that while we have experienced some delay and modest cost increases in this business, the returns are very good and the EBITDA multiple is strong.

關於能源轉型創投公司 (Energy Transition Ventures)，我們預計，結合已收購的資產以及目前正在建設或開發的項目，在一切順利啟動後，我們將投資約 12 億美元，EBITDA 倍數將略高於 5 倍。我想補充一點，雖然這項業務經歷了一些延誤和成本小幅上漲，但回報非常豐厚，EBITDA 倍數也很高。

We also closed on the sale of an interest in our Elba Liquefaction facility during the quarter. The implied enterprise value to EBITDA multiple of the sale was approximately 13x. And so to think about in terms of use of proceeds, that can pay us very favorably to our expansion project multiple of 5.5x in aggregate over the last 3 years as well as through our share price multiple. Again, we're having a very good year, and we are setting our business up well for the future.

本季度，我們也完成了厄爾巴液化工廠部分權益的出售。該出售的隱含企業價值與EBITDA的比率約為13倍。因此，從收益用途來看，這筆交易將為我們帶來非常豐厚的回報，過去三年累計增幅達5.5倍，透過股價倍數也顯著提升。再次強調，我們今年的業績表現非常出色，並且正在為未來業務發展奠定良好基礎。

Our balance sheet is strong. We are seeing good value, particularly in natural gas and renewables. We are finding and executing on projects with attractive returns, and we are returning value to shareholders.

我們的資產負債表強勁。我們看到了良好的價值，尤其是在天然氣和再生能源領域。我們正在尋找並執行具有豐厚回報的項目，並為股東帶來回報。

And I'll turn it over to Kim.

我現在將其交給 Kim。

Okay. Thanks, Steve. Starting with the Natural Gas business segment. Transport volumes were roughly flat for the quarter versus the second quarter '21, and we saw increased volumes from power demand, and that was offset by reduced volumes to Mexico as a result of third-party pipeline capacity added to the market.

好的。謝謝，史蒂夫。先從天然氣業務部門說起。本季的運輸量與2021年第二季度基本持平，電力需求帶來了運輸量的增加，但由於第三方管道運力增加，墨西哥的運輸量有所減少，抵消了這一增長。

The pipeline outage on EPNG, the Freeport LNG outage and continued decline in Rockies production. If you adjusted our volumes for the EPNG and Freeport outages, which are temporary in nature, we estimate volumes would have been up about 4%. Deliveries to LNG facilities off our pipe averaged about 5.2 million dekatherms per day. That's about 1% higher than the third quarter of '21, but it's lower than the second quarter of this year. Again, that's due to the Freeport LNG outage.

EPNG管線中斷、Freeport液化天然氣中斷以及落磯山脈產量持續下降。如果根據EPNG和Freeport的暫時性中斷調整我們的產量，我們估計產量將增加約4%。透過我們的管道向液化天然氣設施輸送的天然氣平均每天約為520萬千焦耳。這比2021年第三季高出約1%，但低於今年第二季。同樣，這是由於Freeport液化天然氣中斷造成的。

Deliveries to power plants were robust in the quarter, they were up about 11%, driven by record summer power demand, that's 880 million dekatherms per day of incremental gas moving to power plants. It's pretty incredible. Our natural gas gathering volumes were up about 13% in the quarter compared to the third quarter of '21 and that was driven by the Haynesville volumes, which were up about 70%.

本季度，發電廠的天然氣輸送量強勁增長，增長了約11%，這得益於夏季創紀錄的電力需求，這意味著每天有8.8億千焦耳的增量天然氣輸送到發電廠。這真是令人難以置信。與2021年第三季相比，我們本季的天然氣收集量增加了約13%，這主要得益於海恩斯維爾的天然氣收集量增加了約70%。

Sequentially, volumes are up 6% with big increases in the Bakken, up 14%; Haynesville, 8%; and Eagle Ford, up 7%. Overall, our natural gas gathering volumes were budgeted to increase about 10% for the full year and we're currently on track for about 13%. Overall demand for natural gas is very strong, as both Rich and Steve mentioned, driving the demand for our transport and storage services, and we expect that demand to continue to grow.

季增6%，其中巴肯（Bakken）成長14%，海恩斯維爾（Haynesville）成長8%，鷹福特（Eagle Ford）成長7%。整體而言，我們全年天然氣收集量預計將成長約10%，目前預計成長約13%。正如Rich和Steve所提到的，天然氣整體需求非常強勁，這推動了我們運輸和儲存服務的需求，我們預計這種需求將持續成長。

To add on to what Rich and Steve said, our fundamentals group estimates natural gas demand to grow from roughly 100 Bcf a day market currently to approaching 130 Bcf market by 2031. So the world needs a reliable supplier of natural gas and the United States is positioned to be that supplier. According to the EIA, we have 80-plus years of recoverable reserves. And from an environmental perspective, the U.S. is one of the lowest emission producers in the world.

除了Rich和Steve所說的，我們的基本面小組估計，到2031年，天然氣需求將從目前每天約1000億立方英尺增長到接近1300億立方英尺。因此，世界需要一個可靠的天然氣供應國，而美國正是這樣的供應國。根據美國能源資訊署的數據，我們擁有80多年的可採儲量。從環境角度來看，美國是世界上排放量最低的國家之一。

On the products segment, refined products volumes were down about 2% in the quarter versus the third quarter of '21, slightly outperforming EIA, which was down 3%. Gasoline and diesel were down 3% and 5%, respectively. But we did see an 11% increase in jet fuel demand. For October, we started the month a little bit stronger than the Q3 results.

在產品領域，本季成品油銷量較2021年第三季下降約2%，略高於美國能源資訊署（EIA）3%的降幅。汽油和柴油分別下降3%和5%。但我們確實看到航空燃油需求增加了11%。 10月份的開局略優於第三季的業績。

On Crude and condensate, volumes were down about 5% in the quarter. Sequentially, they were down 2% with a reduction in the Eagle Ford more than offsetting an increase in the Bakken.

本季原油和凝析油產量下降約5%。環比下降2%，鷹福特（Eagle Ford）產量的下降幅度超過了巴肯（Bakken）產量的增幅。

On the Terminals business segment, our liquids lease percentage remains high at 91%. If you exclude tanks out of service for required inspection, so that lease percentage is roughly 95%.

在碼頭業務方面，我們的液體燃料租賃比例仍高達91%。若扣除因需要檢查而停止使用的儲罐，租賃比例約為95%。

Liquids throughput, which does not drive current results, but it's an indicator of our ability to renew contracts in the future was up about 7%, driven by gasoline, diesel and renewable volumes, which comprise over 85% of our liquid volume. We continue to experience some weakness in the New York Harbor and our tankers business was hurt in the quarter by lower average rates, but that business has continued to improve. We currently have all 16 vessels sailing under firm contracts with average remaining terms of over 5 years.

液體燃料吞吐量雖然不影響當前業績，但它是我們未來續約能力的一個指標，增長了約7%，這主要得益於汽油、柴油和可再生能源的吞吐量，這些占我們液體燃料吞吐量的85%以上。紐約港的運輸業務持續疲軟，油輪業務在本季也因平均運費下降而受到影響，但該業務仍在持續改善。目前，我們所有16艘船舶均已簽訂固定合同，平均剩餘合約期限超過5年。

For '23, we have approximately 90% of the vessel days under firm charter. And if you look at the shipper contractual options likely to be exercised, it's 100% at average rates that are higher than 2022. We've also seen interest in chartering vessels several years out.

2023年，我們約有90%的船舶天數處於確定租賃狀態。如果看一下可能行使的托運人合約選擇權，就會發現100%的天數處於確定租賃狀態，平均費率高於2022年。我們也看到了幾年後租船的興趣。

On the bulk side, overall volumes were flat. Petcoke and steel were up nicely, but that was off -- I mean, petcoke and coal were up nicely, but that was offset by lower steel, but from a margin perspective, the higher petcoking coal substantially offset the lower steel. CO2 segment, metal production in the quarter was up 7% versus our budget. For the full year, we're expecting oil production to be about 4% above our budget, CO2 volumes to be about 8% of our budget and price to exceed our budget. These positives are partially offset by higher operating expenses, not due to a combination of higher activity level/production and inflation. For Q3 versus Q3 '21, crude production was down about 3%. CO2 sales volumes were down 11%, and that was driven by the expiration of a carried interest in a project.

散貨方面，整體銷售持平。石油焦和鋼材價格上漲，但漲幅不大——我的意思是，石油焦和煤炭價格上漲，但這被鋼材價格的下降所抵消。不過，從利潤率的角度來看，石油焦煤價格的上漲大大抵銷了鋼材價格的下降。二氧化碳板塊，本季金屬產量較預算增加了7%。全年來看，我們預期石油產量將比預算高出約4%，二氧化碳排放量將佔預算的約8%，價格也將超過預算。這些積極因素被更高的營運費用部分抵消，而不是由於更高的活動水平/產量和通貨膨脹的共同作用。與2021年第三季相比，第三季原油產量下降了約3%。二氧化碳銷售量下降了11%，這是由於一個項目的附帶權益到期。

NGL volumes were up 1% and prices were higher across the board. Overall, we had a very good quarter. DCF per share was up 7% versus our plan and up 8% year-to-date. We currently project that we will exceed our full year guidance on DCF per share and EBITDA by 4% to 5%. Timing on sustaining CapEx into the fourth quarter out of the second and third is the primary driver of the DCF difference between the year-to-date performance and the expected full year performance.

天然氣液體（NGL）產量增加了1%，價格也全面上漲。總體而言，我們本季表現非常出色。每股現金流折現率（DCF）較計畫上漲了7%，年初至今上漲了8%。我們目前預計，每股現金流折現率（DCF）和息稅折舊攤提前利潤（EBITDA）將超出全年預期4%至5%。將資本支出從第二季度和第三季度維持到第四季度，是導致年初至今業績與預期全年業績之間存在現金流折現率差異的主要原因。

As we progress through the year, we're seeing more high-return expansion opportunities, in the quarter, as Steve said, our backlog increased about $600 million. And as a result, going forward, we'd expect to be in the middle of our $1 billion to $2 billion range or maybe to the higher end.

隨著今年的推進，我們看到了更多高回報的擴張機會。正如史蒂夫所說，本季我們的待完成訂單增加了約6億美元。因此，我們預計未來待完成訂單金額將達到10億至20億美元的中端水平，甚至可能更高。

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

現在，我將把發言權交給大衛‧米歇爾斯 (David Michels)。

Thank you, Tim. So for the third quarter of 2022, we are declaring a dividend of $0.2775 per share, which is $1.11 annualized and 3% up from our 2021 dividend. One highlight before I start on the financial performance. We continue to take advantage of our low stock price by repurchasing shares this past quarter. We added over $90 million of repurchases to what we reported last quarter. And so year-to-date, we have now repurchased approximately 21.7 million shares at an average price of $16.94 per share. We believe those share repurchases are going to generate an attractive return for our shareholders.

謝謝，蒂姆。 2022年第三季度，我們宣布每股股息為0.2775美元，年化股息為1.11美元，比2021年的股息成長3%。在開始介紹財務表現之前，我想先強調一點。上個季度，我們繼續利用低股價的優勢進行股票回購。在上個季度報告的基礎上，我們又增加了超過9,000萬美元的回購金額。因此，年初至今，我們已回購了約2,170萬股，平均回購價格為每股16.94美元。我們相信，這些股票回購將為股東帶來豐厚的回報。

Our savings from the current dividend alone without regard to the terminal value or dividend growth is 6.6%. For the financial performance for the quarter, we generated revenue of $5.2 billion, up $1.35 billion from the third quarter of 2021. The associated cost of sales also increased by $1.16 billion. So combining those 2, our gross margin was $195 million higher.

不考慮終值或股利成長，光是當期股利一項，我們的節餘高達6.6%。就本季的財務表現而言，我們的營收為52億美元，較2021年第三季成長13.5億美元。相關銷售成本也增加了11.6億美元。因此，將這兩項成本加在一起，我們的毛利率增加了1.95億美元。

Our net income was $576 million up 16% from $495 million in the third quarter of last year. Our adjusted earnings, which excludes certain items was up 14% compared to the third quarter of last year. On a distributable cash flow basis, our performance was also very strong. Natural gas -- the Natural Gas segment was up $69 million with greater volumes on our KinderHawk system, Haynesville, higher recontracting rates on MEP, NGPL and SNG, greater contributions from our Texas Intrastate systems and favorable commodity prices impacting Altamont in (inaudible) and Copano, South Texas.

我們的淨利潤為5.76億美元，較去年第三季的4.95億美元成長16%。扣除某些項目後的調整後收益較去年第三季增加14%。以可分配現金流計算，我們的業績也非常強勁。天然氣－天然氣部門成長了6,900萬美元，這得益於我們位於海恩斯維爾的KinderHawk系統產量增加，MEP、NGPL和SNG的續約率提高，我們德州州內系統的貢獻增加，以及利好的商品價格影響了位於（聽不清楚）的阿爾塔蒙特和德州南部的科帕諾。

Our product segment was down $23 million, driven by a decline in commodity prices impacting our inventory values, lower crude volumes on our HH system as well as higher integrity costs partially offset by higher rate escalations year-over-year.

我們的產品部門下降了 2300 萬美元，因為商品價格下跌影響了我們的庫存價值、我們的 HH 系統原油產量下降以及完整性成本上升，但同比費率上漲部分抵消了這些影響。

Our Terminal segment was up $7 million with -- as Kim mentioned, greater coal and petcoke volumes partially offset by lower contributions from our New York Harbor and Houston Ship Channel liquids terminals versus the third quarter of last year.

我們的碼頭部門增加了 700 萬美元——正如 Kim 所提到的，煤炭和石油焦吞吐量的增加部分抵消了紐約港和休士頓航道液體碼頭與去年第三季相比貢獻的減少。

Our CO2 segment was up $41 million, driven mostly by favorable commodity prices. So our EBITDA of $1.773 billion was up 7% from last year, and our DCF was $1.122 billion, our DCF per share was $0.49, both 11% above last year. For the full year, as Kim mentioned, we expect to be 4% to 5% above our budget. And for the quarter, DCF was ahead of budget by 6.5%.

我們的二氧化碳部門成長了4,100萬美元，主要得益於有利的大宗商品價格。因此，我們的息稅折舊攤銷前利潤（EBITDA）為17.73億美元，較去年增長7%，我們的直流現金流折現（DCF）為11.22億美元，每股直流現金流折現（DCF）為0.49美元，均比去年增長11%。正如Kim所提到的，我們預計全年收入將比預算高出4%至5%。本季度，直流現金流折現（DCF）比預算高出6.5%。

Some of that is due to a shift of sustaining capital into the fourth quarter. And as a reminder, at our Investor Day presentation in January, we said about 22% of our DCF would come in the third quarter of this year. If you apply that 22% to our budgeted DCF increased by 5%, which is what we guided you to last quarter, you would see that we exceeded that expectation this quarter. So a helpful reminder that we provide useful information on quarterly shaping at our Investor Day.

部分原因是維持資本轉移到了第四季。需要提醒的是，在一月份的投資者日演示中，我們表示大約22%的直流現金流（DCF）將在今年第三季到達。如果將這22%應用於我們上季指導的直流現金流（DCF）預算（增加了5%），您會發現本季我們超出了預期。因此，值得一提的是，我們在投資者日會上提供了關於季度調整的有用資訊。

Moving on to the balance sheet. We ended the third quarter with $31.2 billion of net debt and a net debt to adjusted EBITDA ratio of 4.2x. That's up from 3.9x at the year-end as the nonrecurring EBITDA contribution from the Winter Storm Uri in February 2021, it was captured in that year-end ratio. The year-end ratio was 4.6x, excluding Uri EBITDA contribution. So we ended this quarter nicely favorable to the year-end metric excluding Uri. Our net debt decreased to $10 million or has decreased to $10 million year-to-date. So I'll go through a high-level reconciliation of that.

再來看看資產負債表。截至第三季度，我們的淨負債為312億美元，淨負債與調整後EBITDA比率為4.2倍。這一數字高於去年年底的3.9倍，因為2021年2月冬季風暴「烏裡」（Uri）帶來的非經常性EBITDA貢獻已計入年終比率。若不計入「烏裡」帶來的EBITDA貢獻，年終比率為4.6倍。因此，本季的業績遠好於不計入「烏裡」的年終指標。我們的淨債務已降至1000萬美元，或者說，年初至今已降至1000萬美元。我將對此進行一個高層次的對帳。

We've generated year-to-date DCF of $3.75 billion. We've paid dividends of $1.83 billion. We've contributed or repaid growth capital and contributed to joint ventures $700 million. We had $225 million of increased restricted deposits, which is mostly due to cash posted for margin related to our hedging activity. We've repurchased $331 million of stock through the third quarter end. We've had about $500 million of acquisitions, and that's sort of the 2 renewable natural gas companies. We received approximately $560 million from the sale of our interest in Elba Liquefaction company and we've had about $750 million of working capital use, which is primarily interest expense payments and some other legal and rate settlements. And that gets you close to the reconciliation for year-to-date change in net debt.

年初至今，我們已實現37.5億美元的現金流折現（DCF）。我們已支付18.3億美元的股利。我們已投入或償還成長資本，並向合資企業投入了7億美元。我們的限制性存款增加了2.25億美元，這主要是由於我們與對沖活動相關的保證金支付的現金。截至第三季末，我們已回購了3.31億美元的股票。我們進行了約5億美元的收購，這差不多是收購兩家再生天然氣公司。我們出售在厄爾巴液化公司（Elba Liquefaction）的權益獲得了約5.6億美元的收益，並且我們已使用了約7.5億美元的營運資金，主要用於支付利息費用以及其他一些法律和利率結算。這幾乎接近年初至今淨債務變動的對帳。

So that completes the financial overview, and I'll turn it back to Steve.

這樣，財務概覽就完成了，我將把它交還給史蒂夫。

All right. Ted, let's go ahead and open up the channel for questions here and I'll just remind everybody, limit yourself to 1 question and a follow-up. And then if you've got more, get back in the queue, and we will get to you and get your questions answered.

好的。 Ted，我們開始提問吧。我提醒一下大家，每次提問只能限一個問題，然後再跟進提問。如果你還有其他問題，請回到提問隊列，我們會聯絡你並解答你的問題。

And also, we have a good chunk of our management team sitting around the table here today, and I'll make sure that you hear from them on questions about their businesses. All right. Ted, with that, let's take the first question.

而且，今天我們管理團隊的許多成員都坐在這裡，我會確保你們聽到他們關於各自業務的問題。好的。泰德，好了，我們開始第一個問題吧。

(Operator Instructions)

（操作員指示）

First question in the queue is from Chase Mulvehill, Bank of America.

第一個問題來自美國銀行的 Chase Mulvehill。

I guess first thing I wanted to hit on is just kind of Permian residue gas egress. And you've got EPNG outage today. And I guess, maybe could you talk about the timing and how much incremental throughput you would see out of Line 2000 of basically EPNG system, which Line 2000 is back up and running.

我想先談談二疊紀殘餘氣的排放問題。今天EPNG停駛了。您能否談談EPNG系統2000號線恢復運作的具體時間以及預期的吞吐量增量？

Okay. Tom Martin?

好的。湯姆馬丁？

Yes. So given the nature of that outage, we can't say too much in detail. But just in general, we see somewhere between [500,000] and [700,000] a day of incremental volumes flowing west when that line is back in service.

是的。鑑於此次中斷的性質，我們無法透露太多細節。但總體而言，當該線路恢復服務後，我們預計每天向西的貨運量增量約為[50萬]至[70萬]輛。

Okay. Perfect. And unrelated follow-up. I know it's a little early to talk 2023. I know you're not going to give us exact numbers or anything, but maybe just some puts and takes as you see the overall business as we kind of look out to 2023?

好的。完美。接下來還有個無關的問題。我知道現在談論2023年還為時過早。我知道您不會給我們確切的數字，但您可以根據您對2023年整體業務的展望，提供一些參考意見嗎？

Yes. It is too early. We're just in the middle of our annual budget process. And so we'll -- as we always do, we'll give you an update when we've got that information complete. But I mean, I think it's the things that we've talked about here today. It's -- we've got some nice tailwinds. Who knows what commodity prices are going to look like next year. But we have some nice tailwinds in our Natural Gas business and a good backlog of projects and good project opportunities. And so those are the pluses. On the minuses. We don't know what's going to happen with interest rates, but we do have about $7.5 billion of floating rate debt, and we have some renewals on -- or some refinancings on about $3.2 billion, which is actually our highest year next year. We don't see another year above $2.1 billion after that. And so those are some of the big puts and takes.

是的，現在還為時過早。我們正處於年度預算流程的中期。所以，我們會——像往常一樣，在掌握了這些資訊後，再向大家更新。但我的意思是，我認為我們今天在這裡討論的事情是這樣的。我們有一些不錯的順風因素。誰知道明年大宗商品價格會如何？但我們的天然氣業務有一些不錯的順風因素，還有大量的專案儲備和良好的專案機會。這些都是優點。至於缺點，我們不知道利率會如何變化，但我們確實有大約75億美元的浮動利率債務，我們有一些續約——或者說一些約32億美元的再融資，這實際上是我們明年最高的一年。我們預計此後不會有超過21億美元的再融資。所以，這些都是一些重大的利弊。

Next question is from Jeremy Tonet with JPMorgan.

下一個問題來自摩根大通的 Jeremy Tonet。

Capital allocation is a big debate point in the market are focused, if you will. And just wondering if you could update us as how you see your capital allocation philosophy these days. On the one hand, there's a case to be made for repurchases, saw some in the quarter. But how do you weigh, I guess, maybe ramping up the pace of buybacks there relative to the other opportunities you have, especially with regards to RNG consolidation or other energy transition growth CapEx opportunities as you laid out there?

資本配置是市場關注的一大爭論點。能否請您介紹一下您目前的資本配置理念？一方面，回購是有理由的，本季也出現了一些回購。但您如何權衡加快回購步伐與其他機會，尤其是您之前提到的可再生天然氣（RNG）整合或其他能源轉型成長資本支出機會？

Yes. We look at all of those things. And of course, we're kind of a broken record on this, but the first in the order of operations, making sure we've got a strong balance sheet, we do. And our metrics are proving to be stronger than the long term approximately 4.5x. And so we're in good shape there. Having -- as David said, at the beginning of the year in the investor contract -- conference, having a little extra capacity is a good thing, including for equity investors because it positions you well against the -- for the pluses and also against the minuses. Then from there, we want to invest in attractive returning high NPV projects well above our cost of capital that we're confident we can execute on well. And so that goes to what you see has happened in our backlog and the opportunities that Kim alluded to.

是的。我們會考慮所有這些因素。當然，我們在這方面做得有點破紀錄，但首先，在營運方面，我們確保擁有強勁的資產負債表。事實證明，我們的各項指標比長期預期高出約4.5倍。所以我們在這方面表現良好。正如David在年初投資者合約會議上所說，擁有一些額外的投資能力是件好事，包括對股權投資者而言，因為這能讓你更好地應對有利和不利因素。然後，我們希望投資那些回報豐厚、淨現值高、遠高於資本成本的項目，我們有信心能夠出色地執行這些項目。所以，這與你看到的我們已完成的訂單以及Kim提到的機會有關。

And then from there, it's returning value to shareholders, and that's a combination of a growing but well-covered dividend. So we're up 3% of the dividend year-over-year, as David mentioned, and then opportunistic share repurchases, which we've done a significant amount of this year. And so that's kind of the order of operations for how we think about capital allocation and all of it, keeping in mind bringing value to our investors.

然後，我們開始為股東創造價值，這包括不斷增長且覆蓋範圍廣的股息。正如大衛所說，我們的股息年增了3%，然後是機會性股票回購，今年我們已經進行了大量回購。這就是我們思考資本配置等所有事項的運作順序，並始終牢記為投資者創造價值。

Got it. Very helpful. And just want to circle up with Elba real quick. Just wondering, could Elba be expanded? And might you look to monetize more of that or similar assets in the future?

明白了。非常有幫助。我只是想快速聊聊 Elba 的故事。我想知道，Elba 可以擴充嗎？未來你們會考慮將更多 Elba 或類似的資產貨幣化嗎？

So yes, it can be expanded, and we are going through the evaluation process now, very early days looking at potentially a little over 5 million MTPA -- 5 MTPA opportunity there. But again, very early days to know whether that will work, but we do have the space for it. And that would be synergistic with the existing tankage and dock usage there. And as far as selling incremental interest there, I mean, that would be on the existing cash flows, really, any expansion opportunity would be separate and apart from that.

是的，它可以擴建，我們現在正在進行評估，目前處於非常早期的階段，可能存在略高於500萬噸/年的產能機會。但同樣，現在還無法確定是否可行，但我們確實有空間。這將與那裡現有的儲油罐和碼頭使用產生協同效應。至於在那裡出售增量權益，我的意思是，這將基於現有的現金流，實際上，任何擴張機會都將與此分開。

Yes. And to be clear, I mean we like our position in Elba, where we got a very, very nice -- we made several very good deals at attractive multiples and actually have pulled in more proceeds than we've invested in the facility, and we still own 25% of it and the expansion opportunity that Tom is referring to is outside of the JV. And so if we are able to -- and we're not -- it's not in our backlog, we're not projecting that for you today, but we are examining the opportunity to do an expansion, which would be to our account.

是的。需要明確的是，我們看好我們在Elba的市場地位，我們在那裡取得了非常非常好的成績——我們以極具吸引力的倍數達成了幾筆非常好的交易，實際上獲得的收益超過了我們在該設施上的投資，而且我們仍然擁有該設施25%的股份，而Tom提到的擴張機會並不在我們的合資企業範圍內。所以，如果我們能夠——而我們目前沒有——這不在我們的待辦事項中，我們今天不會為您預測，但我們正在研究擴張的機會，這將由我們承擔。

The next question is 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)。

So maybe just to start on the guidance language, you referenced trending 4% to 5% above budget for EBITDA. You obviously announced the Elba transaction, strip has come down a bit. But I wonder if you could talk about any other drivers around the subtle change in the language from last quarter?

所以，先從指導性用語說起吧，您提到EBITDA（息稅折舊攤提前利潤）預計比預算高出4%到5%。您顯然宣布了Elba的交易，所以銷售收入略有下降。但我想您能否談談上個季度用語出現細微變化的其他驅動因素？

Yes. Since the last quarter, we've seen significant outperformance in the gas group. We've got lower sustaining CapEx. On the other hand, as you noted, commodity prices have decreased. We've seen lower volumes in the Bakken is -- primarily because it took longer for them to recover from an April storm than we anticipated, lower refined products volumes and higher interest.

是的。自上個季度以來，我們看到天然氣集團的表現顯著優於預期。我們的持續資本支出有所下降。另一方面，正如您所說，大宗商品價格有所下降。巴肯地區的產量有所下降——主要是因為他們從4月份的風暴中恢復的時間比我們預期的要長，成品油產量也有所下降，而且利息有所增加。

Got it. That's helpful. And then in the event of a potential product export ban, I wonder if you could just talk about how your assets would be positioned in that scenario, particularly thinking about storage, product pipes and the Jones Act tankers business?

明白了。這很有幫助。那麼，如果可能出現產品出口禁令，您能否談談在這種情況下您的資產將如何配置，特別是考慮到倉儲、產品管道和《瓊斯法案》油輪業務？

Yes. But we'll start with terminals and ask products (inaudible) to, John.

是的。但我們先從終端開始，然後問產品（聽不清楚），約翰。

From a terminaling standpoint, we think it will be neutral for us. And on the negative side, we'll see a decrease at our export docks. And we handle about 50 vessels a month there at about 43,000. So it's roughly $2 million each month we'll see degradation on. But on the positive side, you'll see an increase in Jones Act volumes. You'll see an increase in volumes of the Colonial and Explorer pipelines, which were the largest origin point. And you'll see a spike in my opinion, in the price of storage, both in there and in New York Harbor.

從終端的角度來看，我們認為這對我們沒什麼影響。負面方面，我們的出口碼頭吞吐量將會下降。我們每月在那裡處理大約50艘船，總吞吐量約為4.3萬艘。因此，每月大約會有200萬美元的損失。但正面的一面是，《瓊斯法案》的輸油量將會增加。殖民地和探索者輸油管的輸油量也將增加，它們是最大的輸油起點。我認為，無論是在殖民地還是在紐約港，存儲價格都會飆升。

And Dax from a products pipeline...

還有來自產品管道的 Dax…

Yes, for us, it's probably neutral to positive. I think the West Coast is probably reasonably neutral. But if you look at the Southeast and you've got products that back up in PADD 3 and you've got to clear that out of there. We certainly have capacity on product Southeast pipeline. And I would expect that the products would move on that, particularly if Colonial moves in or continues to stay in allocation. We clearly have storage position in the Southeast that I think to John's point would benefit as well. And then probably a little bit less important, but on CFPL I think that some of the imports that you're seeing coming into Port Canaveral that get trucked into Central Florida would probably get backed off, and we could see some benefit on CFPL as well.

是的，對我們來說，這可能是中性到積極的。我認為西海岸的情況可能相當中性。但如果你看看東南部，你會發現PADD 3 中積壓的產品，你必須把它們清理出去。我們在東南部的產品管道上肯定有產能。我預計產品會透過這條管道運輸，尤其是如果 Colonial 搬進來或繼續保持分配的話。我們在東南部顯然擁有倉儲位置，我認為正如 John 所說，這也會受益。然後，可能不那麼重要，但就 CFPL 而言，我認為你看到的一些從卡納維拉爾港進口，再用卡車運往佛羅裡達中部的進口量可能會減少，我們也可以看到 CFPL 的一些好處。

And Marc, just to comment on probability here. I mean, I think that -- and some of you have written about this, it won't have the desired effect, right? It's not going to improve things at the pump for U.S. consumers. This is a global and integrated market. And as a consequence, we think that as it's thought through more, it becomes less and less likely to happen.

馬克，我只想評論一下可能性。我的意思是，我認為——你們有些人已經寫過這方面的文章了——它不會達到預期的效果，對吧？它不會改善美國消費者的油價。這是一個全球化、一體化的市場。因此，我們認為，隨著我們對此的思考越來越深入，這種情況發生的可能性會越來越小。

Next question is from Neal Ding with Truist Securities.

下一個問題來自 Truist Securities 的 Neal Ding。

Could you talk -- you mentioned on CCS, and I'm just wondering maybe in broad stroke, can you talk about the type of opportunities you may be seeing near term or the magnitude of that? Obviously, I think you guys have a lot of things going on. I'm just wondering what you can talk about? Maybe any details.

您能談談嗎？您提到了CCS，我想大概說一下，您能否大致談談您近期可能看到的機會類型，或是這些機會的規模？顯然，我認為你們有很多事情要做。我想知道您能談談什麼？能否提供一些細節？

Yes. I'll start and ask Anthony to -- Anthony Ashley, who runs that group to (inaudible). But I think, look, the -- out of the IRA, the Inflation Reduction Act, there was an increase in the 45Q credit, which is a refundable credit and that increase in the credit has made more sources of CO2 economic for capture. So picking up things like ammonia plants. So we started with kind of processing plants and ethanol plants. Now it's picking up things like ammonia plants, cement, some coal plants and some natural gas plants. And so we had active discussions going on that kind of pause while we were seeing how that worked out. And then those discussions started picking up. Anthony?

是的。我先請安東尼​​——那個小組的負責人安東尼·阿什利（Anthony Ashley）發言（聽不清楚）。但我認為，根據《個人退休帳戶法案》（IRA），45Q抵免額增加，這是一種可退還的抵免額，而抵免額的增加使得更多的二氧化碳捕集來源更具經濟效益。比如說，比如氨廠。我們從加工廠和乙醇廠開始。現在，它正在覆蓋氨廠、水泥廠、一些燃煤電廠和一些天然氣廠。我們之前在停頓期間進行了積極的討論，觀察效果如何。然後，這些討論就開始活躍起來了。安東尼？

Yes. As Steve mentioned, definitely seen increased activity since the IRA passed, I would say. Our focus areas have been around our existing footprints in West Texas that seem to be off of gas processing plants, which are a little bit smaller opportunities. I would say those are probably the most likely near-term opportunities that happen in the space. But we are having much larger conversations around the U.S., especially around the bigger emissions areas, but those will take a little bit longer to develop and to be able to discuss with you guys.

是的。正如史蒂夫所提到的，自《愛爾蘭共和軍法案》（IRA）通過以來，我們的活動確實有所增加。我們的重點領域一直圍繞著我們在西德克薩斯州的現有業務，這些業務似乎與天然氣加工廠無關，而這些業務機會規模較小。我想說，這些可能是該領域近期最有可能出現的機會。但我們在美國各地，尤其是在排放較大的地區，正在進行更廣泛的對話，但這些對話需要更長的時間來發展，也需要一些時間才能與你們討論。

Got it, guys. Great details. And then just one follow-up. I don't know if you could say anything, just what do you say currently with -- you mentioned the downtime of the volumes associated around Freeport, and I just didn't know if there's any update you could say what's going on there?

明白了，夥計們。細節很到位。然後還有一個後續問題。我不知道您能否透露一下，目前您提到了與 Freeport 相關的捲的宕機，我不確定您能否透露一下那裡發生了什麼更新？

We don't have anything other than what you can find out in reading in public and from the company itself.

除了您在公共場合閱讀或從公司本身了解到的資訊之外，我們沒有任何其他資訊。

Next question is from Keith Stanley with Wolfe Research.

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

I wanted to start on RNG. Just curious if you have any takeaways from the BP, Archaea deal and I guess how you're thinking about the competitive landscape over the long run? And relatedly, are you open to a larger platform deal like this? Or is it pretty clear you're going to focus more on organic development there?

我想先從RNG說起。我很好奇你從BP和Archaea的交易中得到了什麼啟示？你對長期的競爭格局有什麼看法？另外，你願意接受這樣規模更大的平台交易嗎？或者說，你打算更專注於RNG的有機發展嗎？

BP is best to speak on the deal and the prices where they're getting synergies and other sources of value, but just on a bare kind of EBITDA multiple basis without taking into account those other things that they bring to the table. It's a very attractive valuation and well above that $1.2 billion that identified earlier that based on our investments, our acquisitions and the things that we're doing. I would say that the focus here is less on M&A at this point. We have a nice platform there, but we continue to have active discussions that are more organic growth.

BP最好談論的是這筆交易以及他們能獲得協同效應和其他價值來源的價格，但這僅僅是基於EBITDA的簡單倍數，沒有考慮到他們帶來的其他因素。這是一個非常有吸引力的估值，遠高於我們先前根據投資、收購和正在進行的業務確定的12億美元。我想說，目前的重點不是併購。我們有一個很好的平台，但我們仍在積極討論如何實現更有機的成長。

Second question just on interest rates. So the higher rates, if they're sustained over time, does that make you rethink the leverage target at all? Or is it more kind of what you alluded to on maybe keeping a little financial cushion. And then I guess related to that, just -- I believe in the past, you've hedged some of your variable rate exposure heading into the current year. Have you done any of that to date? I think you had done that for this year for a fair amount of it.

第二個問題是關於利率的。如果利率持續走高，您是否會重新考慮槓桿目標？或者更像您之前提到的，可能要保留一些財務緩衝。我想與此相關的是——我相信您過去已經對沖了部分浮動利率風險敞口，以應對今年的波動。到目前為止，您做過這些嗎？我認為您今年已經對沖了相當一部分浮動利率風險敞口。

So heading into this year, we hedged about $7.5 billion of the -- $5.1 billion -- of the $7 billion of the swaps. So that is going to roll off in '23. So we'll have $7.5 billion of floating in '23 and we have not hedged any going into next year. And right now, we don't think that's a good opportunity to be able to hedge that.

進入今年，我們已經對沖了約75億美元（約51億美元）的掉期合約，這筆掉期合約的金額是70億美元。這些掉期合約將在2023年結轉。因此，2023年我們將有75億美元的浮動資金，而我們還沒有對沖任何資金進入明年。目前，我們認為現在不是對沖這些資金的好時機。

In terms of our policy on floating, the reason that we have the policy on floating is because we've looked over long periods of time, and it looks like that the forward curve overpredicts where floating rate debt is going to trade. And so we want to take advantage of that. And so that means that some years, we're not going to -- we're going to pay more. In some years, we're going to pay less, and we're going to pay less for more dollars, right? So it ends up being a net present value positive trade for us. And so I don't think -- that's not -- our policy is not going to change because in one year, we have to pay higher interest rates.

就我們的浮動利率政策而言，我們之所以採用浮動利率政策，是因為我們進行了長期研究，發現遠期曲線似乎高估了浮動利率債務的交易價格。因此，我們想利用這一點。這意味著，有些年份，我們不會支付更多利息。有些年份，我們會支付更少的利息，用更少的錢換取更多的美元，對吧？所以，這最終對我們來說是一筆淨現值為正的交易。所以，我認為——這並不是說——我們的政策不會因為一年後我們必須支付更高的利率而改變。

And as you know, Keith, it's worked very well for us over the years. So over the long term, the approach has been proven value creative.

基思，你也知道，這些年來，這個方法對我們非常有效。所以，從長遠來看，這種方法已被證明具有價值和創造力。

Yes, it has. Just on the leverage target, too, like you're -- there's no -- I mean it seems like this is going to fluctuate and the leverage target, you're still very comfortable with the 4.5 where things are today.

是的，確實如此。就槓桿率目標而言，您也一樣——沒有——我的意思是，這似乎會波動，而槓桿率目標，您對目前的4.5水平仍然非常滿意。

Yes. Yes, we are. Now as we said and as David said at the beginning of the year, we're targeting to be better than that. And we do think that there is value in having that capacity to take advantage of share repurchases, potential for projects, potential for asset acquisitions, that sort of thing. So we have trended a little lower. We're lower right now, yes.

是的，是的。正如我們和David在年初所說的，我們的目標是做得更好。我們確實認為，擁有這種能力來利用股票回購、專案潛力、資產收購潛力等等是有價值的。所以我們的股價略為下跌。是的，我們現在確實下跌了。

Next question is from Jean Ann Salisbury with Bernstein.

下一個問題來自伯恩斯坦的 Jean Ann Salisbury。

Two more questions about Permian gas takeaway. So late 2023 is the target start date for the Permian Highway expansion. Given that there might be demand for that earlier than that, I was wondering if that's like the kind of project that could be brought on gradually, like you had a compressor that adds 100, for example, and you just sort of gradually do that earlier to late 2023?

關於二疊紀天然氣外輸，還有兩個問題。那麼，二疊紀高速公路擴建計畫的目標開工日期是2023年末嗎？考慮到可能早於此日期就有需求，我想知道這是否可以是那種可以逐步推進的項目，比如說，你有一個壓縮機，可以增加100個壓縮機，然後逐步推進到2023年末？

We will just have to see how we get into the year if that's possible to do. Certainly -- see the same need in the marketplace that you do, and we'll look to do that if we can, but nothing that we can really speak to with a certainty today.

如果可以的話，我們只能看看今年的情況如何。當然──我們在市場上看到了和你們一樣的需求，如果可以的話，我們會努力做到這一點，但目前我們還無法確定具體情況。

Okay. That's helpful. And then relatedly, I was just wondering if there's any update on the GCX expansion open season or if we should sort of consider that not -- maybe not in this upcoming round?

好的。這很有幫助。然後，順便問一下，我想知道 GCX 擴展開放季是否有任何更新，或者我們是否應該考慮在即將到來的這一輪中不這樣做？

Yes, nothing really new to report there, continuing to market it. As we've talked about in the past, the fuel is sort of the issue in the marketplace at these higher gas prices, but as prices come down, there could be some opportunities there, but nothing really new to speak to right now.

是的，沒有什麼新鮮事可報告，繼續推廣。正如我們過去討論過的，在油價高企的情況下，燃料確實是市場關注的焦點，但隨著油價下降，可能會出現一些機會，但目前沒有什麼新鮮事可談。

Next question is from Brian Reynolds with UBS.

下一個問題來自瑞銀的 Brian Reynolds。

Maybe just a quick follow-up on the capital allocation question. There are significant debt maturities coming due in '23. So I was just curious, as you think about the leverage target and just rising rates and the ability to perhaps refinance at lower rates in the future. Kind of curious if you can talk about how you're thinking about refinancing that debt and perhaps using some of the liquidity over the near term and some of the free cash flow to refinance that over the near term in the hope of better rates in the back of '23.

或許我只是想快速跟進一下資本配置的問題。 2023年有大量債務即將到期。所以，我很好奇，您考慮過槓桿目標、利率上升，以及未來可能以較低利率進行再融資的能力嗎？能否談談您是如何考慮為這些債務進行再融資的，或許可以利用短期內的部分流動性和自由現金流來進行再融資，以期在2023年後期獲得更好的利率。

Yes. Brian, we'll have a lot more information at the Investor Day. Having just -- having completed our budget yet, we've just really just begun our budgeting process. And so we don't have a lot of detail to provide to you. But I guess just generally speaking, interest rates are much higher now than they have been in the recent past and have been for many years. And so I think we're going to take a patient approach towards locking in rates at these levels. We have the $4 billion of revolver capacity right now that's available to us. We're sitting on a healthy amount of cash. In addition, so we have flexibility, and we'll be patient.

是的。布萊恩，我們會在投資者日上公佈更多資訊。我們剛完成了預算，預算流程才剛開始。所以我們沒有太多細節可以提供給大家。但總的來說，目前的利率比近期以及多年來的水平都要高得多。所以我認為我們會採取耐心的方式，將利率鎖定在目前的水平。我們目前擁有40億美元的循環信貸額度。我們擁有充足的現金。此外，我們擁有一定的彈性，我們會保持耐心。

Great. Appreciate that. And thanks for the color on the expected nat gas demand growth of both local and LNG exports in the prepared remarks. I was just curious if you could talk about Kinder's positioning to support that 16 Bs of nat gas demand growth over the next 7 years. That type of growth implies a lot of CapEx spend along the nat gas value chain. And just given your previous remarks around trying to maintain that 50% market share for LNG, was kind of curious if you could talk about areas of opportunity for future growth around the Permian, Haynesville and Northeast to supply -- Northeast to supply that 16 Bs of growth over the next, call it, 7 years?

太好了，非常感謝。也感謝您在準備好的演講稿中對本地和液化天然氣出口預期天然氣需求成長的闡述。我只是好奇，您能否談談金德能源公司如何支持未來7年160億的天然氣需求成長？這種成長意味著天然氣價值鏈上需要大量的資本支出。鑑於您之前關於努力保持50%的液化天然氣市場份額的言論，我有點好奇，您能否談談未來增長的機會領域，例如二疊紀盆地、海恩斯維爾和東北地區，這些地區未來增長的機會，以及東北地區在未來7年內如何供應160億的天然氣需求增長？

Tom?

湯姆？

Yes. So I mean, clearly, our -- as discussed in the earlier remarks, our proximity to the Texas Louisiana Gulf goes from many of our assets, whether it be the Texas Intrastate, Tennessee Gas Pipeline, NGPL and others, Kinder Morgan Louisiana. We're in a really great position to expand and extend our network in support of LNG growth and also grow with the Haynesville and the Permian as those volumes grow as well. And I mean the Eagle Ford is another nice -- lean Eagle Ford is a nice -- another nice opportunity for us to support Texas, Louisiana markets as well.

是的。所以我的意思是，顯然，正如之前所說，我們與德克薩斯-路易斯安那灣的距離得益於我們的許多資產，無論是德克薩斯州內天然氣管道、田納西天然氣管道、天然氣公共設施（NGPL）還是其他，以及金德摩根路易斯安那。我們處於非常有利的位置，可以擴展和延伸我們的網絡，以支持液化天然氣的增長，並且隨著海恩斯維爾和二疊紀盆地產量的增長，我們也能隨之發展。我的意思是，鷹福特（Eagle Ford）是另一個不錯的機會——精益的鷹福特（Eagle Ford）對我們來說也是一個不錯的機會，可以支持德克薩斯和路易斯安那市場。

You mentioned the Marcellus/Utica, a lot -- a great resource base, a lot harder to get incremental volumes to the Gulf Coast there. So I think what the market will see is Haynesville growing really concurrently with, if not sooner, than the incremental Permian and the Eagle Ford largely supplying the next wave of projects across Texas, Louisiana, and we think we're in a great position to maintaining our 50% or even exceed that as we go forward.

您多次提到馬塞勒斯/尤蒂卡——那裡擁有豐富的資源基礎，但要將增量供應到墨西哥灣沿岸卻困難得多。因此，我認為市場將看到海恩斯維爾計畫的成長與二疊紀盆地和鷹福特計畫的增量同步成長，甚至更早，而鷹福特計畫將主要為德州和路易斯安那州的下一波計畫提供能源。我們認為，我們處於有利地位，能夠在未來維持50%的產量，甚至超過這個水準。

And look, I think I tried to illustrate the proximity of our network to these outlets, right, to the liquefaction facilities and the capital-efficient nature of the expansions we can do of that network by talking about the 5.7 Bcf that's under a long-term contract, there's more than that, that's flowing on our systems, really more like 7 Bcf. But that 5.7 Bcf that's under contract. The capacity was created with about $1.3 billion of investment. And as we look ahead, look, there could absolutely be chunkier projects, right, bigger builds as you get to the 28 Bcf that Rich mentioned. There could be some bigger ones, but there's also a fair number of $150 million to $300 million projects, call it, roughly that are not ready for prime time. But as we look at people who have not yet FID-ed but may, and we look at where they are sitting on our network, we think we can reach them and with expanded quantities with relatively capital-efficient investments.

瞧，我試圖透過討論57億立方英尺的長期合約產能來說明我們的網路與這些出口，對吧，與液化設施的距離，以及我們能夠進行的該網路擴建的資本效率，但實際上，我們系統上的產能遠不止這些，實際上應該在70億立方英尺左右。但這57億立方英尺是合約產能。該產能的投資額約為13億美元。展望未來，我們會看到，絕對可能會有規模更大的項目，對吧，就像Rich提到的280億立方英尺產能。可能會有一些更大的項目，但也有一些大約1.5億到3億美元的項目尚未準備好進入黃金時段。但是，當我們關注那些尚未最終投資決定（FID）但可能獲得最終投資決定的項目，並觀察它們在我們網絡中的位置時，我們認為我們能夠涵蓋這些項目，並透過相對資本效率更高的投資來擴大產量。

Next question is from Michael Lapides with Goldman Sachs.

下一個問題來自高盛的邁克爾·拉皮德斯。

I actually had two up. First of all, given the volatility in Southern California gas prices, is there any future opportunity to expand EPNG once the outage is done. That's the first question.

我其實有兩個問題。首先，考慮到南加州油價波動，停駛結束後，EPNG 未來是否有機會擴張？這是第一個問題。

Second question is probably one for David. Working capital has been a negative cash drag this year, a little over $500 million. Should we assume that's just kind of temporary and it reverses? Or is this something left over from kind of the muddiness from the first quarter of 2021? Just curious the thoughts on the cash flow impact there.

第二個問題可能是問David的。營運資金今年一直是現金的負成長，略高於5億美元。我們是否應該假設這只是暫時的，並且會逆轉？還是這是2021年第一季混亂局面留下的後遺症？我只是好奇這對現金流的影響有何看法。

Tommy, start with PNG.

湯米，從 PNG 開始。

Yes. So EPNG, certainly, we continue to look at those opportunities. I think the challenge is getting the proper term on incremental projects that it would take to support capital out there. We have been looking at storage opportunities in Arizona continue to look at that. I think really, the volatility largely revolves around supporting power demand, which I think high deliverability storage is a better solution there. But we're looking at all of that. Again, I think it's about can we get contracts for the right term to support that kind of capital.

是的。 EPNG當然會繼續關注這些機會。我認為挑戰在於，如何為增量專案爭取合適的期限，以支持資本的投入。我們一直在亞利桑那州尋找儲能項目，並將繼續關注。我認為，市場波動主要圍繞著支持電力需求，而高交付能力的儲能係統是更好的解決方案。但我們正在考慮所有這些因素。同樣，我認為關鍵在於我們能否獲得合適的期限合約來支持這些資本。

David?

戴維？

And on the working capital use, we had had a high amount of working capital use of our cash year-to-date. Some of that is going to turn around. The interest expense payments are generally heavier in the first and the third quarters, the second and fourth, you see that turn around a little bit. So for the full year, I'd expect that piece to turn around a bit. We've also had a legal settlement and a rate settlement this year, which were unique to 2022. So I wouldn't see those as recurring items. Finally, we had some cash margin, which I called out in my reconciliation earlier on the call. Margin calls on our hedging activity, and that's driven by commodity price fluctuations. That's -- could turn around, but it depends on commodity prices.

關於營運資本使用情況，今年迄今，我們的現金營運資本使用量很高。這種情況會有所改善。利息支出通常在第一季和第三季較高，但在第二季和第四季度，情況會略有改善。因此，我預計全年這部分支出會略有改善。今年我們也進行了法律和解和利率和解，這是2022年獨有的。因此，我不會將這些視為經常性項目。最後，我們還有一些現金保證金，我在之前的電話會議中對帳時提到過。我們避險活動需要追加保證金，而這受大宗商品價格波動的影響。這種情況可能會好轉，但最終取決於大宗商品價格。

Next question is from Michael Cusimano with Pickering Energy Partners.

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

To quickly follow on to -- I think it was Keith's question earlier on RNG. Could you maybe speculate on the value attributed to KMI versus what the Archaea valuation was and how you feel about the options or -- curious how you feel about the option you mentioned earlier about maybe like a separate public vehicle down the road?

快速跟進——我記得這是Keith之前在RNG上提出的問題。您能否推測KMI的價值與Archaea的估值相比如何，以及您對這些選擇的看法？或者—您好奇您對先前提到的未來可能推出獨立巴士的選擇有何看法？

Yes. So I mean, look, as I try I'm not commenting on BP's economics, okay? They have a lot that they bring to the table across their portfolio, their user of RINs. There's a whole bunch of things going on there. So my comment earlier was about really just focusing on the EBITDA and what that multiple looks like in, call it, middle decade. And if you apply that multiple tars, it's a couple of times at least what we have invested in this business or expect to invest when all those facilities are up and running. And so -- and that's probably appropriate, right? It's a growing business and a growing opportunity. It's why we're in it. And we think we'll do well with it. Is there an opportunity to monetize at some point in the future when you reach critical mass? Yes, but we also like the business. And so we'd have to compare those alternatives when we get there.

是的。我的意思是，我盡量不去評論BP的經濟效益，對吧？他們有很多優勢，可以體現在他們的投資組合中，包括他們的RIN用戶。這裡面有很多事情要做。所以我之前的評論其實只是關注EBITDA，以及這個倍數在十年中期會是什麼樣子。如果套用這個倍數，它至少是我們在這項業務上投資的幾倍，或者說，當所有設施都投入運作時，預期的投資金額。所以——這大概很貼切，對吧？這是一個正在成長的業務，也是一個正在成長的機會。這就是我們參與其中的原因。我們相信我們會做得很好。未來達到臨界規模時，是否有機會獲利？是的，但我們也看好這項業務。所以，到時候我們必須比較一下其他選擇。

Got it. That's helpful. And then on the product segment, can you give a little extra detail on the lower crude volumes maybe where it stands today, if those have fully recovered from the weather outage? And then also, if you can talk a little bit about how like lower refined product prices affected margins. Trying to think of like what's structural and what's variable to this quarter?

明白了。這很有幫助。然後，關於產品部分，您能否詳細介紹一下原油產量下降的情況，以及目前的情況，看看這些產量是否已經從天氣中斷中完全恢復過來？另外，您能否談談成品油價格下跌對利潤率的影響。您能否思考一下，本季哪些因素是結構性的，哪些因素是可變的？

Yes. So the biggest driver in crude for the quarter was on HH volumes. So on HH, they were down roughly 26% year-over-year. And the biggest driver on that is some of the Canadian upgraders are down, which has had, I think, PADD 2 refiners paying a pretty good premium for Bakken barrels, which has decreased the decrease the basis differential to both Guernsey and Cushing, which has had an impact on that. And so hopefully, we'll see that as the upgraders come back, that we'll start to see a little bit of that basis come back and some additional barrels come on HH.

是的。本季原油價格上漲的最大驅動力是高密度原油（HH）產量。 HH產量較去年同期下降了約26%。其中最大的驅動力是一些加拿大升級煉油廠的產量下降，我認為這使得PADD 2煉油廠為巴肯原油支付了相當高的溢價，從而縮小了與根西島和庫欣原油的基差，這對巴肯原油產生了影響。因此，我們希望隨著升級煉油廠的回歸，基差能夠回升，HH原油產量也能增加。

Hiland Crude, to your point, has -- or to Steve's point, has come back from the winter storms in April. We're reasonably close to flat for the prior year, a little bit less than what we had hoped in our budget. We budgeted for 186 wells. Right now, we're forecasting about 154, but a good chunk of those are coming in, in the fourth quarter. And we're seeing some improvements on Hiland Crude in the fourth quarter, and we're looking at hopefully somewhere in the neighborhood of going from kind of, call it, flat to prior year to, call it, 7% above for Hiland Crude. So we're hoping to -- right now, we're seeing some improvements in the fourth quarter.

正如您所說，或者正如史蒂夫所說，Hiland Crude 的產量已經從四月份的冬季風暴中恢復過來。我們的產量與去年基本持平，略低於我們預算中的預期。我們預算了186口油井。目前，我們預測大約有154口，但其中很大一部分將在第四季開始產出。我們看到Hiland Crude在第四季有所回升，我們希望產量能夠從去年持平到上漲7%左右。所以，我們希望——目前，我們看到第四季有所回升。

Okay. Great. And then any comment on the refined product pricing maybe impacting margins and how to think about that going forward? I guess it's mostly on like the transmix business.

好的。太好了。那麼，您對成品油定價可能影響利潤率有何評論？您如何看待未來的發展？我想主要與變速箱混合業務有關。

Are you asking about retail prices impacting demand on refined products? Or you're asking about -- what did you ask? We don't understand.

您是在問零售價格對成品油需求的影響嗎？還是您問的是──您問了什麼？我們不明白。

Specifically about any variability in your margin that you receive from maybe transmix volumes that fluctuate with refined product commodity prices?

具體來說，您從可能隨著成品油商品價格波動的混合運輸量中獲得的利潤是否存在任何變化？

Yes. Well, what I'd say is we had -- to David's point, we had -- we took a low comp adjustment for closing price as of September, the way that works. Clearly, we can't -- with a low comp adjustment, we can't write it back up. But as we cycle inventory at higher prices, we can move it through and it works through margin. And right now, where prices are, they're higher than where we marked from a LOCOM perspective. So I don't have a specific number on that, but generally speaking, they're high, and you would expect as that inventory cycles through that, that would be a positive.

是的。嗯，我想說的是，正如David所說，我們根據9月份的收盤價進行了較低的補償調整，這是行之有效的方法。顯然，我們無法做到——如果補償調整較低，我們就無法將其衝回。但隨著庫存以更高的價格循環，我們可以將其轉移出去，這會影響利潤率。目前，價格高於我們從LOCOM角度標記的水平。所以我沒有具體的數字，但總體而言，價格較高，而且隨著庫存循環，您可以預期這將是一個積極的信號。

Next question is from Jeremy Tonet with JPMorgan.

下一個問題來自摩根大通的 Jeremy Tonet。

Real quick. Just want to see, after Matterhorn, what your thoughts are on [cadence] Permian gas production and the need for incremental infrastructure, what type -- what year do you think that might materialize at that point?

真的很快。我只是想問，在馬特洪峰事件之後，您對二疊紀天然氣生產以及增量基礎設施的需求有什麼看法？您認為到那時，什麼類型的基礎設施可能會在哪一年實現？

Is it again -- Permian, incremental Permian takeaway?

又是二疊紀，二疊紀增量外送？

Yes.

是的。

So it's very fluid. I mean I think the fundamentals would say later in the decade, but I think some of our customers based on their destination desires may say sooner than that. So I think sometime between '25, '26 at the earliest, but I think the fundamentals may say potentially even a little bit later.

所以這非常不確定。我的意思是，我認為基本面因素會決定未來十年內實現這一目標，但我認為我們的一些客戶根據他們對目的地的期望，可能會更早實現這一目標。所以我認為最早會在2025年或2026年之間，但我認為基本面因素可能會更晚。

So a range of like '25 to '28. Is that what you're thinking about kind of bookending it, just to make sure I understand it correct?

所以範圍大概是 25 到 28。你是不是想用這個來當結束語，確保我理解正確？

Yes. Yes. You got it.

是的，是的。你懂的。

That's for a big new long haul.

這是一段新的長遠目標。

Yes. I mean I think expansions can still be supported along the way but for a big greenfield project. I think that's kind of the time line.

是的。我的意思是，我認為擴充功能仍然可以在開發過程中得到支持，但對於大型新建專案來說除外。我想這就是時間軸。

Got it. And just last one real quick. Elba, great price tag there. Do you see other bids like that in the marketplace right now? Just wondering how you see the market interest rates moving up, I thought might depress some interest from private equity, but obviously, you've got quite a nice price tag there. So just trying to get a feeling on the market and your desire to transact.

明白了。最後再問一個問題。 Elba，你那邊的價格很棒。你現在在市場上看到其他類似的報價了嗎？我想知道你如何看待市場利率的上漲，我以為這可能會抑制一些私募股權投資者的興趣，但顯然，你的價格相當不錯。所以只是想了解市場狀況以及你的交易意願。

Yes. Look, I think we had a unique interesting opportunity around Elba that we were able to capitalize on and we are happy with the price, not just from the price for the base assets, but also the ability to maintain the upside there. But I think interest rates historically have helped drive some of the valuations around infrastructure investors in assets. And so those are rising and probably eating a little bit into the returns that we continue to see interest across the midstream space for our assets from infrastructure investors, particularly as people think about the terminal value opportunities longer term for the space.

是的。你看，我認為我們在Elba專案周圍有一個獨特而有趣的機會，我們能夠利用它，而且我們對價格很滿意，不僅是因為基礎資產的價格，還因為能夠維持上漲。但我認為，歷史上利率曾幫助推動基礎設施投資者的資產估值。因此，利率正在上升，可能會在一定程度上侵蝕我們持續看到的基礎設施投資者對我們中游資產的興趣，尤其是在人們考慮該領域長期的終端價值機會的情況下。

I'm showing no further questions at this time.

我目前沒有其他問題。

Okay. Well, thank you very much. And for you baseball fans, it's only a couple of hours to the American League Championship Series. For all of you people from New York. Good luck.

好的。非常感謝。各位棒球迷們，距離美聯冠軍賽還有幾個小時。祝各位紐約人好運。

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

今天的電話會議到此結束。感謝您的參與。您可以暫時掛斷電話了。