金德摩根 (KMI) 2022 Q4 法說會逐字稿

Welcome to the quarterly earnings conference call. (Operator Instructions) Today's call is being recorded. If you have objections, please disconnect at this time. I'll now turn the call over to Mr. Rich Kinder, Executive Chairman of Kinder Morgan. Sir, you may begin.

歡迎來到季度收益電話會議。 （接線員說明）今天的電話正在錄音中。如果您有異議，請此時斷開連接。我現在將電話轉給金德摩根執行主席 Rich Kinder 先生。先生，您可以開始了。

Thank you, Ted. And as usual, 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 and Exchange Act of 1934 as well as certain non-GAAP financial measures.

謝謝你，泰德。和往常一樣，在我們開始之前，我想提醒您，KMI 今天發布的收益和本次電話會議包括 1995 年《私人證券訴訟改革法》和 1934 年《證券交易法》含義內的前瞻性陳述作為某些非 GAAP 財務措施。

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 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.

在做出任何投資決定之前，我們強烈建議您閱讀我們在收益發布末尾對前瞻性陳述和使用非 GAAP 財務措施的完整披露，並查看我們向美國證券交易委員會提交的最新文件以獲取重要材料可能導致實際結果與此類前瞻性陳述中預期和描述的結果存在重大差異的假設、預期和風險因素。

As we begin 2023, it seems to be an appropriate time to look both backward and forward. Through the rearview mirror of today's earnings release, we see that 2022 was a very good year for Kinder Morgan. We again produced strong cash flow well in excess of our budget, and used that cash flow to pay our investors a healthy and growing dividend, fund our expansion CapEx, maintain a strong balance sheet and buy back shares on an opportunistic basis. In short, we are continuing to follow the financial philosophy that we have stressed for years.

2023 年伊始，現在似乎是回顧和展望未來的合適時機。透過今天財報發布的後視鏡，我們看到 2022 年對金德摩根來說是非常好的一年。我們再次產生了遠遠超過預算的強勁現金流，並利用這些現金流向我們的投資者支付健康且不斷增長的股息，為我們的資本支出擴張提供資金，維持強勁的資產負債表，並在機會主義的基礎上回購股票。簡而言之，我們將繼續遵循多年來一直強調的財務理念。

Looking forward, we released in December, our preliminary budget for 2023 and shows another year of living within our means, even in the light of increased interest costs and an expanded set of expansion CapEx opportunities which should drive nice growth in 2024 and beyond.

展望未來，我們在 12 月發布了 2023 年的初步預算，並顯示了我們力所能及的又一年，即使考慮到利息成本增加和擴大資本支出機會的擴大，這應該會在 2024 年及以後推動良好的增長。

We also announced today our plan for management succession. Our CEO, Steve Kean, will transition out of his role effective on August 1 of this year. Let me just say that Steve has been a superb CEO for the last 8 years, and we thank him for the dedication, the hard work, confidence and honesty he's brought to this job. On a personal note, he's been a real pleasure to work with during all his years at the company.

我們今天還宣布了我們的管理層繼任計劃。我們的首席執行官 Steve Kean 將於今年 8 月 1 日卸任。我只想說，史蒂夫在過去 8 年裡一直是一位出色的首席執行官，我們感謝他為這份工作帶來的奉獻、辛勤工作、自信和誠實。就個人而言，在公司工作的這些年裡，與他共事真的很愉快。

While we will be sorry to lose him as CEO, we are delighted that we have him in his present role until August and that thereafter, he will continue to be a director, and I know he will contribute in that role to the future success of the company.

雖然我們對失去他擔任首席執行官感到遺憾，但我們很高興他擔任目前的職務直到 8 月，此後他將繼續擔任董事，我知道他將在這個職位上為未來的成功做出貢獻公司。

The Board and I have great faith in Kim Dang, who will transition from her present role as President into the CEO slot, and then Tom Martin, who will succeed her as President. Both have been with Kinder Morgan for approximately 20 years, have made extraordinary contributions to our results and culture and we expect great things from them in the future.

董事會和我對 Kim Dang 充滿信心，她將從目前的總裁職位過渡到 CEO 職位，然後是將接替她擔任總裁的 Tom Martin。兩人都在金德摩根工作了大約 20 年，為我們的業績和文化做出了非凡的貢獻，我們期待他們在未來取得偉大成就。

To sum it up, we expect a smooth transition later this year. Steve?

總而言之，我們預計今年晚些時候會平穩過渡。史蒂夫？

Thank you, Rich. I'll give you a brief look back at what we did in 2022 and how well we have set ourselves up for the future. Kim and David will cover the substance and the details of our performance, and then we'll take your questions.

謝謝你，里奇。我將簡要回顧一下我們在 2022 年所做的工作以及我們為未來所做的準備。 Kim 和 David 將介紹我們表演的實質內容和細節，然後我們將回答您的問題。

Next week, we have our comprehensive annual investor conference. So as usually is the case on this call, we'll defer to next week the more detailed questions on the 2023 budget and the outlook and business unit performance.

下週，我們將舉行全面的年度投資者大會。因此，與本次電話會議的通常情況一樣，我們將推遲到下週討論有關 2023 年預算以及前景和業務部門績效的更詳細問題。

As Rich said, we had a very strong year in 2022 and wrapped it up with a great fourth quarter. Late in the fourth quarter, for example, we saw some volatility in the gas market and that creates opportunity for large transmission and storage operators like us and for our customers who procure transportation and storage services from us. We performed well operationally for our customers, financially for our company. Thanks, as always, to the tireless preparation and execution of our commercial, logistics and operations teams.

正如 Rich 所說，我們在 2022 年度過了非常強勁的一年，並以出色的第四季度結束了這一年。例如，在第四季度末，我們看到天然氣市場出現一些波動，這為像我們這樣的大型傳輸和存儲運營商以及向我們採購運輸和存儲服務的客戶創造了機會。我們為客戶在運營方面表現良好，為我們公司在財務方面表現出色。一如既往地感謝我們的商業、物流和運營團隊的不懈準備和執行。

We saw that come through, especially during the holiday weekend, when our teams worked seamlessly across organizational lines to prepare, respond and recover and deal with the upsets along the way. That requires a committed workforce and a strong culture, and we've got that at Kinder Morgan.

我們看到了這一點，尤其是在假期週末，當時我們的團隊跨組織部門無縫工作，以準備、響應和恢復並處理沿途的混亂情況。這需要敬業的員工隊伍和強大的文化，我們在金德摩根擁有這些。

Our work in 2022 also set us up well for the future. We added to the strength of our balance sheet, finishing the year at 4.1x debt to EBITDA better than our 4.3x budget for the year and well inside our long-term target of approximately 4.5x.

我們在 2022 年的工作也為我們的未來做好了準備。我們增強了資產負債表的實力，以 4.1 倍的債務與 EBITDA 結束了這一年，好於我們當年的 4.3 倍預算，並且完全符合我們約 4.5 倍的長期目標。

We originated new business, which has grown our backlog to $3.3 billion made up of high probability projects at an extremely attractive EBITDA multiple of about 3.4x. These investments are weighted toward our lower carbon future in natural gas, renewable liquid feedstocks and fuels in our products and terminals businesses and investments in our Energy Transition Ventures business. And these lower carbon investments are all expected to yield very attractive returns well above our cost of capital. That's how we told our investors we would approach these opportunities, and that's exactly what we are doing. There are no loss leaders here.

我們開展了新業務，使我們的積壓訂單增加到 33 億美元，這些項目由高概率項目組成，EBITDA 倍數約為 3.4 倍，極具吸引力。這些投資側重於我們在產品和終端業務中的天然氣、可再生液體原料和燃料的低碳未來，以及對我們的能源轉型風險投資業務的投資。這些低碳投資都有望產生非常有吸引力的回報，遠高於我們的資本成本。這就是我們告訴投資者我們將抓住這些機會的方式，而這正是我們正在做的。這裡沒有虧損領導者。

We also returned value to shareholders in the form of a well-covered modestly growing dividend and additional share repurchases. For 2022 alone, we returned nearly $2.9 billion to shareholders in declared dividends and share repurchases.

我們還以覆蓋面廣、適度增長的股息和額外的股票回購的形式向股東回報價值。僅在 2022 年，我們就通過已宣派的股息和股票回購向股東返還近 29 億美元。

On the share repurchases, we have used a little under $1 billion of the Board authorized amount, and the Board has now upsized the total authorization from $2 billion to $3 billion. As always, those will be opportunistic repurchases when we use that capacity.

在股票回購方面，我們使用了不到 10 億美元的董事會授權金額，董事會現在已將授權總額從 20 億美元增加到 30 億美元。與往常一樣，當我們使用該容量時，這些將是機會主義回購。

Also, as we talked about throughout the year, we're starting to see nice uplift on our base business, on renewals in our natural gas business and built-in escalators in some of our products and terminals, tariffs and contracts. We are putting behind us the contract roll-off headwinds in our gas group.

此外，正如我們全年所討論的那樣，我們開始看到我們的基礎業務、我們的天然氣業務的更新以及我們的一些產品和終端、關稅和合同中的內置自動扶梯的良好提升。我們正在將我們天然氣集團的合同滾降逆風拋在腦後。

Bottom line for investors, what we do today will be needed for decades to come. And as we are demonstrating in our products and terminals businesses, the assets we have today can accommodate the energy forms of the future. We are making the gradual pivot that the gradual energy evolution dictates, and we're doing it at attractive returns for our investors.

投資者的底線是，我們今天所做的將在未來幾十年內發揮作用。正如我們在產品和終端業務中展示的那樣，我們今天擁有的資產可以容納未來的能源形式。我們正在按照漸進的能源演變要求逐步轉向，我們正在為我們的投資者帶來有吸引力的回報。

With the cash our businesses generate, we're maintaining that strong balance sheet. We are investing in projects with good returns, which adds to the value of the company, and we are returning the excess to our shareholders in the form of dividends and opportunistic share repurchases.

憑藉我們的業務產生的現金，我們維持著強勁的資產負債表。我們正在投資回報良好的項目，這會增加公司的價值，我們將以股息和機會性股票回購的形式將超額部分返還給股東。

We all appreciate Richard's comments at the beginning, and I'm grateful to Rich and the Board for their support and confidence in us. I'm grateful to my 10,000 colleagues here who have been proud to come to work with every day. and I'm grateful to you on the call, who I have interacted with over the years, I learned from you and benefited from your questions and perhaps your occasional criticisms and your ideas. Thank you.

我們都很感謝 Richard 一開始的評論，我也感謝 Rich 和董事會對我們的支持和信任。我很感謝這裡的 10,000 名同事，他們每天都以與我一起工作為榮。我很感謝你在電話中，我多年來一直與你互動，我向你學習並從你的問題以及你偶爾的批評和你的想法中受益。謝謝你。

As you'll hear more about next week, we have our balance sheet in strong shape. We have a bright future with rich opportunities before us. And most importantly, we have a great experienced leadership team around this table who are always ready to step up and all of our investors benefit from that. We look forward to seeing you in person at the conference next week. Kim?

下週你會聽到更多消息，我們的資產負債表狀況良好。我們有一個光明的未來，有很多機會擺在我們面前。最重要的是，我們在這張桌子周圍擁有一支經驗豐富的領導團隊，他們隨時準備挺身而出，我們所有的投資者都從中受益。我們期待在下週的會議上與您見面。金？

Thanks, Steve. Okay. I'm going to start with our Natural Gas business unit. Transport volumes on our Natural Gas Pipelines increased by about 4% for the quarter versus the fourth quarter. We saw increased volumes from power demand and LDCs as a result of weather and coal retirements, and that was somewhat offset by reduced LNG volumes due to the Freeport outage and exports to Mexico as a result of third-party pipeline capacity added to the market.

謝謝，史蒂夫。好的。我將從我們的天然氣業務部門開始。與第四季度相比，本季度天然氣管道的運輸量增長了約 4%。由於天氣和煤炭退役，我們看到電力需求和最不發達國家的產量有所增加，但由於自由港停運和第三方管道容量增加到墨西哥而導致的液化天然氣出口量減少在一定程度上抵消了市場的影響。

Physical deliveries to LNG facilities off of our pipes averaged approximately 5.4 million dekatherms per day. That's down about 450,000 dekatherms per day versus Q4 of '21, and that's due to the Freeport outage and somewhat offset by increased deliveries to Sabine Pass. If we adjusted for the Freeport outage, LNG volumes would have increased approximately 5%.

從我們的管道向液化天然氣設施的物理輸送平均每天約為 540 萬十萬十熱量。與 21 年第四季度相比，每天減少了約 450,000 次脫熱，這是由於自由港停電，並在一定程度上被向 Sabine Pass 的交付量增加所抵消。如果我們針對自由港停運進行調整，液化天然氣產量將增加約 5%。

Deliveries to power plants and LDCs were robust in the quarter, up approximately 7% and 13%, respectively, driven by the weather. Our natural gas gathering volumes were up 6% in the quarter, driven by Haynesville volumes, which were up 44%. Sequentially, volumes were flat.

在天氣的推動下，本季度向發電廠和最不發達國家的交付量強勁，分別增長了約 7% 和 13%。在海恩斯維爾天然氣產量增長 44% 的推動下，本季度我們的天然氣採集量增長了 6%。隨後，交易量持平。

In our Products segment, refined products volumes were down a little under 1% for the quarter, slightly outperforming the EIA, which was down 2%. Road fuels were down 3%, but we saw a 10% increase in jet fuel demand.

在我們的產品部門，本季度精煉產品銷量下降略低於 1%，略高於 EIA 的下降 2%。道路燃料下降了 3%，但我們看到噴氣燃料需求增加了 10%。

Crude and condensate volumes were down 6% in the quarter due to lower Bakken volumes. Sequential volumes were down about 3%, and that was driven by lower HH volumes. That's a pipe coming out of the Bakken due to unattractive locational pricing differentials.

由於 Bakken 銷量下降，本季度原油和凝析油銷量下降了 6%。連續交易量下降了約 3%，這是由較低的 HH 交易量推動的。由於沒有吸引力的地區定價差異，這是從 Bakken 出來的管道。

In our Terminals business segment, our liquids utilization percentage, think about that as a percentage of our tank capacity contracted remains high at 93%. Excluding tanks out of service for required inspection, utilization is approximately 96%.

在我們的碼頭業務部門，我們的液體利用率，認為它占我們合同罐容量的百分比仍然很高，為 93%。不包括因需要檢查而停用的儲罐，利用率約為 96%。

Rates on liquids tanks renewals in Houston and New York Harbor were slightly lower in the quarter. Our tankers business was up nicely in the quarter as we benefited from both higher rates and higher utilization. On the bulk side, overall volumes were down 2%. We saw increases in Texas and coal volumes, but that was more than offset by lower steel volume.

本季度休斯頓和紐約港的液體儲罐更新費率略有下降。我們的油輪業務在本季度增長良好，因為我們受益於更高的費率和更高的利用率。在大宗商品方面，總銷量下降了 2%。我們看到得克薩斯州和煤炭銷量有所增加，但這被鋼鐵銷量下降所抵消。

In our CO2 segment, prices were up across the board. On the volume side, oil production was flat, but it's up 8% versus our budget. CO2 volumes were up 12%. NGL volumes, which are much less impactful to results were down 4%. Overall, both Steve and Rich have said, we had a fantastic quarter and year. For the quarter, DCF per share was up 13% and for the full year, it was up 14% when you exclude the impact of Winter Storm Uri.

在我們的二氧化碳領域，價格全面上漲。在數量方面，石油產量持平，但比我們的預算增加了 8%。二氧化碳排放量增加了 12%。對業績影響較小的 NGL 銷量下降了 4%。總的來說，史蒂夫和里奇都說過，我們有一個很棒的季度和年度。本季度，每股 DCF 上漲 13%，如果排除冬季風暴 Uri 的影響，全年上漲 14%。

We exceeded our full year planned DCF and EBITDA by 5% and DCF per share by 6% coming in at or slightly above the numbers we have given you in the interim quarters. This is an amazing year for a stable fee-based cash flow company like Kinder Morgan. For sure, we benefited from higher commodity prices but our underlying business of specialty natural gas performed incredibly and the fundamentals look strong for the future, which we will cover with you next week at the investor conference.

我們超出了全年計劃的 DCF 和 EBITDA 5%，每股 DCF 超過 6%，達到或略高於我們在中期季度提供給您的數字。對於像金德摩根這樣以穩定的收費為基礎的現金流公司來說，今年是了不起的一年。可以肯定的是，我們受益於較高的商品價格，但我們的特種天然氣基礎業務表現令人難以置信，未來的基本面看起來很強勁，我們將在下週的投資者會議上與您討論。

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

有了這個，我會把它交給大衛。

All right. Thanks, Kim. So for the fourth quarter of 2022, we're declaring a dividend of $0.2775 per share, which is $1.11 per share annualized and up 3% from our '21 dividend.

好的。謝謝，金。因此，對於 2022 年第四季度，我們宣布派發每股 0.2775 美元的股息，按年化計算為每股 1.11 美元，比我們 21 年的股息增長 3%。

I'll start with a few highlights on leverage, liquidity, growth and shareholder value. There's some repetition here with earlier comments, but it's worth it. On leverage, we ended 2022 with the lowest year-end net debt level since our 2014 consolidation transaction, and we have plenty of cushion under our leverage target of around 4.5x.

我將從槓桿率、流動性、增長和股東價值方面的一些要點開始。此處與之前的評論有一些重複，但這是值得的。在槓桿率方面，我們以自 2014 年合併交易以來最低的年終淨債務水平結束了 2022 年，並且在我們 4.5 倍左右的槓桿率目標下有足夠的緩衝。

For liquidity, we ended 2022 with $745 million of cash on our balance sheet in addition to our undrawn $4 billion worth of revolver capacity. Growth for full year 2022 versus '21 excluding the impacts from Winter Storm Uri, as Kim mentioned, we grew nicely. On a net income basis, we were up almost 3x 2021. That's partially due to an impairment taken in 2021. And on EBITDA, we're up 10%, and on DCF per share we're up 14% year-over-year, very nice growth.

就流動性而言，到 2022 年底，我們的資產負債表上有 7.45 億美元的現金，此外還有價值 40 億美元的未動用循環能力。 2022 年全年的增長與 21 年相比，不包括冬季風暴 Uri 的影響，正如 Kim 提到的那樣，我們增長良好。在淨收入的基礎上，我們在 2021 年增長了近 3 倍。部分原因是 2021 年發生了減值。在 EBITDA 方面，我們增長了 10%，在每股 DCF 方面，我們同比增長了 14% ，非常好的增長。

For shareholder value for full year 2022, we repurchased 21.7 million shares at an average price of $16.94 per share and our Board just authorized us to do more of that should the opportunity present itself. We're seeing healthy growth across our business. Our balance sheet and liquidity are strong as they ever have been and we're creating shareholder value across the company in multiple ways.

對於 2022 年全年的股東價值，我們以平均每股 16.94 美元的價格回購了 2170 萬股股票，我們的董事會剛剛授權我們在機會出現時做更多的事情。我們看到整個業務都在健康增長。我們的資產負債表和流動性一如既往地強勁，我們正在以多種方式在整個公司創造股東價值。

So moving on to our quarterly performance. In the fourth quarter, we generated revenue of $4.6 billion, up $154 million from the fourth quarter of 2021. Our net income was up -- was $670 million, up 5% from the fourth quarter of last year, and our adjusted earnings, which excludes certain items, was up 16% compared to the fourth quarter of '21.

因此，繼續我們的季度業績。第四季度，我們實現了 46 億美元的收入，比 2021 年第四季度增加了 1.54 億美元。我們的淨收入增加了——為 6.7 億美元，比去年第四季度增加了 5%，我們調整後的收益，不包括某些項目，與 2021 年第四季度相比增長了 16%。

Our distributable cash flow performance was also very strong. Our Natural Gas segment was up 11% or $138 million, with growth coming from multiple assets, higher contributions from our Texas Intrastate systems, MEP and EPNG, increased volumes on our KinderHawk system and favorable pricing on our Altamont system. Those were partially offset by lower contributions from our South Texas gathering assets.

我們的可分配現金流量表現也非常強勁。我們的天然氣部門增長了 11% 或 1.38 億美元，增長來自於多種資產，我們的德克薩斯州內系統、MEP 和 EPNG 的貢獻增加，我們的 KinderHawk 系統的數量增加以及我們的 Altamont 系統的優惠定價。這些部分被我們南德克薩斯收集資產的貢獻減少所抵消。

The Products segment was down $29 million, driven by higher operating expenses as well as lower contributions from our crude and condensate business, and those were partially offset by increased rates across multiple assets as well as strong volumes on our splitter system.

產品部門減少了 2900 萬美元，原因是運營費用增加以及我們的原油和凝析油業務的貢獻減少，而這些部分被多種資產的利率上漲以及我們的分離器系統的強勁銷量所抵消。

The Terminal segment was flat to the fourth quarter of '21 with slightly lower New York Harbor and Houston Ship Channel liquids refined product renewal rates, unfavorable impacts from the 2022 winter weather and unfavorable property taxes, offset by greater contributions from our Jones Act tanker business, nonrecurring impacts from Hurricane Ida in 2021 and contributions from expansion projects placed in service as well as other rate escalations that the segment experienced.

碼頭部分與 21 年第四季度持平，紐約港和休斯頓航道的液體精煉產品更新率略有下降，2022 年冬季天氣的不利影響和不利的財產稅被我們的瓊斯法案油輪業務的更大貢獻所抵消、2021 年艾達颶風的非經常性影響以及投入使用的擴建項目的貢獻以及該部門經歷的其他費率升級。

Our CO2 segment was up $36 million from the fourth quarter of '21 driven mostly by favorable commodity prices.

我們的 CO2 部門比 21 年第四季度增加了 3600 萬美元，這主要是受有利的商品價格推動。

Our EBITDA was $1.957 billion, up 8% from last year, and DCF was $1.217 billion, up 11% from last year. Our DCF per share of $0.54 was up 13% from last year.

我們的 EBITDA 為 19.57 億美元，比去年增長 8%，DCF 為 12.17 億美元，比去年增長 11%。我們每股 DCF 為 0.54 美元，比去年增長 13%。

Moving on to the balance sheet. We ended the fourth quarter with $30.9 billion of net debt and a net debt to adjusted EBITDA ratio of 4.1x. That's up from 3.9x from year-end '21, but that's due to the nonrecurring EBITDA contribution from Winter Storm Uri we experienced in 2021.

轉到資產負債表。第四季度結束時，我們的淨債務為 309 億美元，淨債務與調整後 EBITDA 之比為 4.1 倍。這高於 21 年底的 3.9 倍，但這是由於我們在 2021 年經歷的冬季風暴 Uri 的非經常性 EBITDA 貢獻所致。

Excluding that Winter Storm Uri, EBITDA contribution that year-end 2021 ratio was 4.6x. So we ended the quarter and the year nicely favorable to the metric excluding the Uri contribution. We're also nicely below our long-term leverage target of around 4.5x. Our net debt change for the full year of $278 million was driven by a number of things. So here's a high-level reconciliation of that.

不包括冬季風暴烏里，2021 年底的 EBITDA 貢獻率為 4.6 倍。因此，我們在本季度和本年度結束時對不包括 Uri 貢獻的指標非常有利。我們也遠低於 4.5 倍左右的長期槓桿目標。我們全年 2.78 億美元的淨債務變化是由多種因素推動的。因此，這是對此的高級協調。

Our DCF generated $4.97 billion. We paid out $2.46 billion in dividends. We spent $1.1 billion on growth capital and JV contributions. We repurchased stock in the amount of $368 million. We made two renewable natural gas acquisitions for around $500 million, and we received $560 million approximately from the sale of a partial interest in our Elba Liquefaction company.

我們的貼現現金流產生了 49.7 億美元。我們支付了 24.6 億美元的股息。我們在增長資本和合資企業出資方面花費了 11 億美元。我們回購了價值 3.68 億美元的股票。我們以大約 5 億美元的價格收購了兩筆可再生天然氣，並通過出售 Elba Liquefaction 公司的部分權益獲得了大約 5.6 億美元。

Finally, we had a working capital use of around $825 million from several items, and that gets you close to the $278 million reduction in net debt year-to-date.

最後，我們從幾個項目中使用了大約 8.25 億美元的營運資金，這使您接近年初至今淨債務減少 2.78 億美元。

Okay. Before we start the questions, I am very excited about the opportunity ahead. A large part of my job is going to be about continuity. This is a great company and a great business with a great future. As Steve said, our traditional business will be around for a long time to come.

好的。在我們開始提問之前，我對未來的機會感到非常興奮。我工作的很大一部分將與連續性有關。這是一家偉大的公司，偉大的事業，有著美好的未來。正如史蒂夫所說，我們的傳統業務將在未來很長一段時間內存在。

Energy is a $5 trillion global industry that is ingrained in every aspect of our lives. We will continue to invest wisely in it as we position the company to turn slowly over time with the transition in a profitable manner. I'm also excited to work more directly with Tom. We work well together and have complementary skills, which will help the company into the future.

能源是一個價值 5 萬億美元的全球產業，它根植於我們生活的方方面面。我們將繼續明智地投資它，因為我們將公司定位為隨著時間的推移以盈利的方式緩慢轉變。我也很高興能更直接地與 Tom 合作。我們合作得很好，技能互補，這將有助於公司走向未來。

We have an experienced cohesive senior management team with Dax and John and Anthony and Sital and David and Kevin and others sitting around this table, and we expect to make this a seamless transition.

我們擁有一支經驗豐富、凝聚力強的高級管理團隊，包括 Dax、John、Anthony、Sital、David 和 Kevin 以及其他坐在這張桌子周圍的人，我們希望實現無縫過渡。

All right. Okay. Ted, let's open it up for questions. And as usual, we have a good chunk of our senior management team around the table, we'll make sure that you get a chance to hear from them as you have questions about their businesses specifically.

好的。好的。泰德，讓我們打開它提問。和往常一樣，我們的高級管理團隊中有很多人圍坐在一起，我們將確保您有機會聽取他們的意見，因為您對他們的業務有具體的疑問。

So Ted, if you would open it up to questions.

那麼 Ted，如果你願意提出問題。

(Operator Instructions) The first question in the queue is from Jeremy Tonet with JPMorgan.

（操作員說明）隊列中的第一個問題來自 JPMorgan 的 Jeremy Tonet。

Just want to say congratulations to everyone and Steve, best of luck going forward. And maybe just starting off, I guess, with capital allocation, I'm wondering if you could touch on any updated thoughts there. It seems like the dividend uptick might have been a little bit less than expected. And then at the same time, the share authorization levels were increased when it wasn't fully utilized before. So just wondering, is it signaling any kind of shift in capital allocation or any other thoughts there on return on capital?

只想對所有人和史蒂夫表示祝賀，祝你好運。也許剛剛開始，我想，在資本配置方面，我想知道你是否可以談談那裡的任何最新想法。似乎股息上漲可能略低於預期。同時，在以前沒有充分利用的情況下，增加了共享授權級別。所以只是想知道，它是否預示著資本配置的任何轉變或關於資本回報率的任何其他想法？

Yes, I'll start. I mean, it doesn't imply any shift or change in approach at all. We look to maintain the strong balance sheet as all four of us have said, and we look to fund projects at attractive returns. And as mentioned, we have some very good ones, $3.3 billion at a 3.4x EBITDA multiple. Those add to the value of the firm. Those are attractive returns to us. But then we have -- we produced cash beyond that. And that cash takes the -- gets returned to shareholders in the form of a modestly growing and well-covered dividend and share repurchases.

是的，我會開始。我的意思是，這根本不意味著方法有任何轉變或改變。正如我們四個人所說的那樣，我們希望維持強勁的資產負債表，我們希望以有吸引力的回報為項目提供資金。如前所述，我們有一些非常好的，33 億美元，EBITDA 倍數為 3.4 倍。這些增加了公司的價值。這些對我們來說是有吸引力的回報。但後來我們 - 我們生產的現金超出了這一點。這些現金以適度增長且覆蓋面廣的股息和股票回購的形式返還給股東。

The capacity -- the reason for upsizing the capacity is not a change in terms of how we're thinking about it. Opportunistic, as we've all said, and we've been saying for a long time. But we've used about $900 million since the original authorization, a little over $900 million. And so we'll be ready to take advantage of opportunities we upsized the Board, upsized the authorization. And so we're in a position to take advantage of opportunities as they arise. But overall, bottom line, we haven't changed our capital allocation philosophy. It's worked. It's been the same for quite a while, and it adds value for our shareholders.

容量 - 擴大容量的原因並不是我們考慮它的方式發生變化。機會主義，正如我們所說的，而且我們已經說了很長時間。但自最初授權以來，我們已經使用了大約 9 億美元，略高於 9 億美元。因此，我們準備好利用機會擴大董事會規模，擴大授權範圍。因此，我們能夠在機會出現時加以利用。但總的來說，歸根結底，我們沒有改變我們的資本配置理念。成功了。很長一段時間以來都是一樣的，它為我們的股東增加了價值。

Yes. And on the dividend, what I would say is that it's important -- we believe it's important to increase the dividend when the company is growing. And -- but we do -- we are one of the top 10 dividend yields in the S&P 500. And so we already have an attractive yield on the stock. And so it's a small increase so that we continue to increase in terms of being a good dividend paying stock, but also recognizing where the yield on the stock is.

是的。關於股息，我想說的是這很重要——我們認為在公司增長時增加股息很重要。而且——但我們確實如此——我們是標準普爾 500 指數中股息收益率最高的 10 大公司之一。因此我們的股票收益率已經很吸引人了。因此，這是一個小幅增長，因此我們在成為良好的股息支付股票方面繼續增長，同時也認識到股票的收益率在哪裡。

Got it. Makes sense. That's helpful there. And then just wanted to shift to the weather impact during the quarter, if maybe you could unpack that a little bit more as far as pros and cons. Were there any marketing uplift during the quarter? Just trying to see, I guess, what was the impact from the storm in the quarter?

知道了。說得通。那在那裡很有幫助。然後只想轉移到本季度的天氣影響，如果你可以就利弊展開更多討論。本季度是否有任何營銷提升？我想，只是想看看本季度風暴的影響是什麼？

Yes. It's -- so look, we had uplift primarily in our Natural Gas assets. And that's attributable to what I said at the beginning, which is that when you have storage and transport capacity, particularly in this case, storage where -- Kim, I think the peak was 160 Bcf and we had some supply degradation. This is a nationwide look down to a little over 80 Bcf. The difference had to be made up with storage and people who had those assets and have the capability were able to do well in those.

是的。這是 - 所以看，我們主要在我們的天然氣資產中獲得提升。這歸因於我一開始所說的，即當你有存儲和運輸能力時，特別是在這種情況下，存儲——金，我認為峰值是 160 Bcf，我們的供應有所下降。這是全國范圍內低於 80 Bcf 的數據。差異必須由存儲來彌補，而擁有這些資產和能力的人能夠在這些方面做得很好。

The net, though, we did have some operational upsets and repairs we had to make, et cetera. And so we netted those out, and it's not -- the storm itself is not a huge incremental contributor. It's on the order of $20 million or so when you net everything. But I think just overall, experiencing the winter weather and the volatility that occurred in pricing both before and after that winter event, if you have storage and transport, you're able to take advantage of that, and we did.

不過，我們確實遇到了一些操作上的問題和必須進行的維修，等等。所以我們把它們排除在外，但事實並非如此——風暴本身並不是一個巨大的增量貢獻者。當你淨賺所有東西時，它大約是 2000 萬美元左右。但我認為總的來說，經歷了冬季天氣和冬季事件前後定價的波動，如果你有存儲和運輸，你就可以利用它，我們做到了。

Got it. That's helpful. And congrats, everyone, again.

知道了。這很有幫助。再次恭喜大家。

Next question in the queue is from John Mackay with Goldman Sachs.

隊列中的下一個問題來自高盛的 John Mackay。

I wanted to talk maybe just a little more on some of the regional gas movements on the gathering side. Can you just touch again on I think, Kim, you mentioned Haynesville volumes were flat quarter-over-quarter. Just wondering if you could comment on if that's producer-driven or takeaway issues? And then anything else you can share maybe on what you're seeing across the Rockies in terms of production.

我想多談談聚會方面的一些區域天然氣運動。你能不能再談談我想，金，你提到海恩斯維爾的銷量環比持平。只是想知道您是否可以評論這是生產者驅動的還是外賣問題？然後你可以分享你在生產方面在落基山脈看到的任何其他東西。

So yes, the KinderHawk volumes were basically flat from quarter-to-quarter, but we do expect a nice uplift as we move into 2023, and that is -- it is largely capacity constraints, both on our gathering system. We're spending some capital in 2023 to create some additional capability there and then also a downstream capacity comes online as well. So we see some really nice opportunities to continue to grow on KinderHawk and in the Haynesville play overall. And that's not limited to just our gathering and processing opportunities, but we also see some nice interstate rate increase and utilization opportunities as we go forward. So yes, a nice story. Haynesville is a nice growth story for us.

所以，是的，KinderHawk 的數量基本上與季度持平，但我們確實預計在進入 2023 年時會有很好的增長，也就是說——這在很大程度上是我們收集系統的容量限制。我們將在 2023 年投入一些資金在那裡創造一些額外的能力，然後下游能力也會上線。因此，我們看到了一些非常好的機會，可以繼續在 KinderHawk 和 Haynesville 的整體比賽中成長。這不僅限於我們的收集和加工機會，而且隨著我們的前進，我們也看到了一些不錯的州際利率增加和利用機會。所以，是的，一個不錯的故事。海恩斯維爾對我們來說是一個很好的成長故事。

And then as far as the Rockies, I mean, yes, there's -- we're not seeing a whole lot of growth there. There's a few a few pockets of green shoots in the DJ. But overall, we're not seeing a great deal of growth there, although on our ultimate gathering system. We certainly, the Uinta, we're seeing some nice growth there and expect that to grow as we go into 2023 as well.

然後就落基山脈而言，我的意思是，是的，我們在那裡沒有看到太多的增長。 DJ 中有一些新芽。但總的來說，儘管在我們的最終收集系統上，我們在那裡並沒有看到很大的增長。我們當然，Uinta，我們在那裡看到了一些不錯的增長，並預計隨著我們進入 2023 年，這種增長也會增長。

Great. Maybe just shifting gears to the Red Cedar announcement. Curious on how much else could be out there in terms of shifting away from, I guess, what we call natural CO2 sources to kind of recovered CO2. I mean how much of the mix of your overall CO2 kind of EOR business, either your own or selling to third parties could be the recoveries end up making up over time.

偉大的。也許只是轉向 Red Cedar 公告。我想知道在從我們所謂的天然 CO2 來源轉向某種回收的 CO2 方面還有多少其他東西。我的意思是，您自己的或出售給第三方的整體 CO2 類型 EOR 業務的組合中有多少可能會隨著時間的推移而最終彌補。

Anthony?

安東尼？

Yes. So the Red Cedar deal that we're talking about that up to 20 a day, put it into context, we're currently moving over 900 a day down our Cortez pipeline to West Texas. And so there's a way to go before effectively that those natural resources get replaced really, when you're talking about opportunities around kind of the Permian and the infrastructure there, that's largely gas processing assets, which are going to be lower. And so with regards to, I guess, replacement of our existing source capacity, it would be a very long time before that would be replaced.

是的。因此，我們正在談論的 Red Cedar 交易每天最多 20 個，放在上下文中，我們目前每天將超過 900 個沿著我們的 Cortez 管道移動到西德克薩斯州。因此，在真正有效地替代這些自然資源之前，還有一段路要走，當你談論圍繞二疊紀和那裡的基礎設施的機會時，這主要是天然氣加工資產，這些資產將會降低。因此，我想關於更換我們現有的資源容量，需要很長時間才能更換。

All right. We'll see if we go one for next week. And congrats, everyone, on the new roles.

好的。我們會看看我們下周是否去一次。恭喜大家擔任新角色。

Next question is from Jean Ann Salisbury with Bernstein.

下一個問題來自 Jean Ann Salisbury 和 Bernstein。

Can you remind us where Kinder Morgan is on rate case settlements, which ones have been settled and are incorporated into 2023 guidance? And which pipes, if any, could still see rate case this year or next?

您能否提醒我們 Kinder Morgan 在利率案件和解方面的進展情況，哪些已經解決並納入 2023 年指南？哪些管道（如果有的話）今年或明年仍會出現利率情況？

Really, we're past the big ones for now. I mean we've got the NGPL, EPNG, those are the big ones and all the Rockies pipes and I'm saying this over the context of the last year. Those are the big ones that have been addressed. And so we're pretty clear now for 2023. And that's all been baked into our budget for 2023.

真的，我們現在已經超越了大公司。我的意思是我們有 NGPL、EPNG，這些都是大的和所有的落基山脈管道，我是在去年的背景下說的。這些是已經解決的大問題。所以我們現在很清楚 2023 年的情況。這一切都已納入我們 2023 年的預算中。

Okay. And then what's the latest on El Paso restart? I think you had a release that noted some positive progress last week.

好的。然後埃爾帕索重啟的最新消息是什麼？我認為您上週發布了一份記錄了一些積極進展的新聞稿。

Yes. And so our information on this is going to be consistent with and stick closely with what we post on the EPNG electronic bulletin board. And so we did post an update there. And what it says is that we anticipate completing the physical work on Line 2000 before the end of January. And then we will submit a request to DFMS on behalf of EPNG to lift the pressure restriction and return to normal commercial service. So PIMS will need time to review the information that we provide, but our work we expect to be completed by month end.

是的。因此，我們關於此的信息將與我們在 EPNG 電子公告板上發布的內容保持一致並密切相關。所以我們確實在那裡發布了更新。它說的是我們預計在 1 月底之前完成 2000 號線的實際工作。屆時我們將代表EPNG向DFMS提交解除壓力限制並恢復正常商業服務的請求。因此 PIMS 將需要時間來審查我們提供的信息，但我們的工作預計將在月底完成。

Great. That's all for me, and congrats to you, Kim, and thank you, Steve, for all the time and thoughtful answers over the years. Best of luck.

偉大的。這就是我的全部，祝賀你，Kim，並感謝你，Steve，多年來一直以來的付出和深思熟慮的回答。祝你好運。

Next question is from Spiro Dounis with Citi.

下一個問題來自花旗的 Spiro Dounis。

Congrats all around. And Steve, I can't believe you're willing to walk away from the dollar a year salary. I met a couple of...

恭喜四方。還有史蒂夫，我不敢相信你願意放棄一美元的年薪。我遇到了一對...

It was a hard choice.

這是一個艱難的選擇。

You ask that. Two-part question on my first 1 here, just along the Permian pipeline. First part, just between GCX and Permian Pass. Curious if one of those is kind of in the front of the queue and if maybe it would make more sense to kind of bring Permian pass back up to the front. And second quarter, I believe last quarter -- or sorry, last quarter, you mentioned the possibility of maybe phasing the Permian Highway expansion in over time. I think you needed to do more engineering work to figure out if that was feasible. Just curious if there's an update you can share on that.

你問那個。我的第一個問題分為兩部分，就在二疊紀管道沿線。第一部分，就在 GCX 和 Permian Pass 之間。好奇其中一個是否排在隊列的前面，如果將二疊紀山口重新排到前面是否更有意義。第二季度，我相信上個季度——或者抱歉，上個季度，你提到了可能隨著時間的推移分階段擴建二疊紀公路的可能性。我認為你需要做更多的工程工作來弄清楚這是否可行。只是好奇您是否可以分享更新。

Yes. So I think you mean Permian Pass, right, not Permian Highway? So the Permian Highway expansion is under construction and expect that expansion to go into service in November. We're really working on two other opportunities, as you've noted. One is GCX expansion. That hasn't been very active, although with lower gas prices now, there may be some opportunities there. As you recall, fuel cost was a bit of a headwind for us on that expansion project. So again, as gas prices are lower, that may bring that one more into an actionable opportunity.

是的。所以我想你是說二疊紀山口，對吧，不是二疊紀公路？因此，二疊紀公路擴建工程正在建設中，預計該擴建工程將於 11 月投入使用。正如您所指出的，我們實際上正在研究另外兩個機會。一種是 GCX 擴展。這不是很活躍，儘管現在汽油價格較低，那裡可能有一些機會。您還記得，在那個擴建項目中，燃料成本對我們來說有點不利。因此，隨著天然氣價格的降低，這可能會再次成為一個可行的機會。

But as far as Permian Pass, really, I think what we are hearing from our customers is that the next need for incremental capacity out of the basin is sometime in late 2026, maybe early '27. And so as we work with our producer customers and also align them with their desired customer, which I think largely are going to be LNG related along the Gulf Coast. It helps -- we need to figure out exactly where and when those volumes need to be there.

但就二疊紀山口而言，真的，我認為我們從客戶那裡聽到的是，下一次需要從盆地中增加產能是在 2026 年末的某個時候，也許是 27 年初。因此，當我們與我們的生產商客戶合作，並使他們與他們想要的客戶保持一致時，我認為這在很大程度上將與墨西哥灣沿岸的液化天然氣相關。這很有幫助——我們需要準確地弄清楚這些卷需要放在什麼地方和什麼時候。

So I think that's still out there, the overall market still needs that capacity. But nothing really new to announce as far as anything that we're going to accelerate at this time.

所以我認為它仍然存在，整個市場仍然需要這種能力。但就我們目前要加速的任何事情而言，並沒有真正的新消息要宣布。

I think the PhD -- there was some discussion last time about when we put our compression in. Once we get pretty close to the end, is there any. A little bit of capacity that's available before the November in-service date. And so I assume that it's late in the going.

我認為博士 — 上次有一些關於我們何時進行壓縮的討論。一旦我們接近尾聲，是否有任何壓縮。在 11 月投入使用日期之前有一點可用容量。所以我認為現在已經晚了。

Still exploring that. And I think that is a potential opportunity as we move through 2023.

仍在探索。而且我認為這是我們邁向 2023 年的一個潛在機會。

Okay. Got it. Perfect. Second question, maybe for David. Just maybe an update on how you're thinking about maturities and the overall interest rate exposure for 2023 and beyond. Just kind of curious what options are available to you to perhaps maybe exceed the DCF budget by outperforming on interest expense?

好的。知道了。完美的。第二個問題，也許是給大衛的。也許只是關於您如何看待 2023 年及以後的期限和整體利率風險的最新信息。只是有點好奇您有哪些選擇可以通過在利息支出方面表現出色來超過 DCF 預算？

We'll continue to evaluate different alternatives. We'll talk more about this next week, but we've locked in some of our floating rate exposure for 2023 in order to reduce some of the downside risk for the year. But with regard to the overall maturities, we do expect to access the debt capital markets during the year 2023 in order to refinance the large amount of maturities that are coming due this year.

我們將繼續評估不同的替代方案。我們將在下周詳細討論這個問題，但我們已經鎖定了 2023 年的部分浮動利率敞口，以減少今年的部分下行風險。但就整體到期日而言，我們確實希望在 2023 年進入債務資本市場，以便為今年到期的大量到期日再融資。

The $745 million of cash on the balance sheet coming into the year certainly helps with that. And we've got our $4 billion worth of revolver capacity. So as I said last quarter, and this is still the case, we will await for favorable market conditions before we access the market, and we have the luxury of being patient.

今年資產負債表上的 7.45 億美元現金肯定有助於實現這一目標。我們擁有價值 40 億美元的左輪手槍能力。因此，正如我上個季度所說，現在仍然如此，我們將在進入市場之前等待有利的市場條件，我們有足夠的耐心。

Next question in the queue is from Michael Blum with Wells Fargo.

隊列中的下一個問題來自富國銀行的 Michael Blum。

Congratulations, everyone. Steve, we will miss you, and I'm glad you came to our conference here. Wanted to ask back on the Red Cedar CCS project. Just wanted to -- if you could talk about what type of return you expect to generate on a project like that? And just to confirm that this will be entirely fee-based from your perspective?

祝賀大家。史蒂夫，我們會想念你的，很高興你來這裡參加我們的會議。想反問 Red Cedar CCS 項目。只是想 - 如果你能談談你希望在這樣的項目中產生什麼樣的回報？從您的角度來看，只是為了確認這將完全基於費用？

Yes. I mean the -- we're not going to talk specifics on returns, but I would say they were very comparable with our traditional businesses. So we're doing the right things from a return standpoint. And I'm sorry...

是的。我的意思是——我們不會談論回報的具體細節，但我會說它們與我們的傳統業務非常相似。因此，從回報的角度來看，我們正在做正確的事情。對不起...

The commodity exposure.

商品曝光。

It is primarily on the ETV side of things, and maybe Tom wants to talk about the Red Ser JV part of it but ETV will have minimum volume commitments in place on that transaction.

它主要是在 ETV 方面，也許 Tom 想談談其中的 Red Ser JV 部分，但 ETV 將對該交易做出最低數量的承諾。

And on the recession, it's G&P volumes. So there is a variable component to that, but their volumes have been growing and expect them to continue to grow so.

在經濟衰退方面，它是 G&P 的數量。所以這其中有一個可變的部分，但它們的數量一直在增長，並預計它們會繼續增長。

This is a good opportunity for us. CCUS is going to have to be part of the solution over the long term, and we have the capability to transport it, put it in the ground and keep it in the ground. And so there's a good longer-term opportunity there, and this is a highlight that you can do these things and you can do them economically. And so we're happy about this transaction. It's the first we hope of many -- but there are a number of things that have to be worked out. I think the biggest is getting Title VI permitting for the sequestration through the EPA or having that authority delegated in Texas and Louisiana and other places so that we can speed up the permitting process.

這對我們來說是一個很好的機會。從長遠來看，CCUS 將成為解決方案的一部分，我們有能力將其運輸、放入地下並保存在地下。所以那裡有一個很好的長期機會，這是一個亮點，你可以做這些事情，你可以經濟地做。所以我們對這筆交易感到高興。這是我們對許多人的第一個希望——但還有許多事情需要解決。我認為最大的問題是通過 EPA 獲得 Title VI 許可進行封存，或者在德克薩斯州和路易斯安那州以及其他地方授權該權力，以便我們可以加快許可流程。

Anthony and the team have found a way to use a different kind of permit in a different kind of well situation to enable us to do this. And there may be more of those to do as well. But this is a sign of things to come, we hope and believe, but it is dependent upon an accelerated permitting process from the EPA.

Anthony 和他的團隊找到了一種方法，可以在不同類型的油井情況下使用不同類型的許可證，使我們能夠做到這一點。而且可能還有更多的事情要做。但這是未來的跡象，我們希望並相信，但這取決於 EPA 的加速許可程序。

Got it. I appreciate all that. Second question, I just wanted to ask was on the lower gasoline and diesel volumes year-over-year. Can you just maybe just talk to what you're seeing there? I know your overall volumes, I think, were a little better than overall industry averages. But just kind of what's driving that? And do you think this is sort of a recurring pattern that we're going to see throughout the year?

知道了。我很感激這一切。第二個問題，我只想問的是汽油和柴油銷量同比下降。你能談談你在那裡看到的東西嗎？我知道你們的整體銷量，我認為，比整體行業平均水平要好一些。但究竟是什麼推動了這一點？你認為這是我們將在全年看到的一種反復出現的模式嗎？

Yes, I'd say a couple of things. So first of all, we had one operational issue in December that. As Kim mentioned, we were down 0.7% compared to the prior year. We had one of our major lines in California, the one that serves San Diego down for 12 days. And if that hadn't been down, we would be back up to close to flat sort of quarter-over-quarter. And so looking at 2023 and where we stand right now and we'll get into the budget more next week, we're budgeting an increase of about 3.4% in aggregate.

是的，我要說幾件事。因此，首先，我們在 12 月遇到了一個運營問題。正如 Kim 提到的，我們比上一年下降了 0.7%。我們在加利福尼亞有一條主要線路，為聖地亞哥提供 12 天的服務。如果那沒有下降，我們將回到接近持平的季度環比。因此，看看 2023 年以及我們目前的情況，我們將在下週更多地制定預算，我們的預算總額將增加約 3.4%。

For gasoline, we're looking at something below that, but for jet fuel and diesel together, we're looking at something above that, close to 6.5%. But if you look at, starting with kind of jet fuel recall, we've been slower to recover in jet fuel in the EIA given our weighting towards international flights. EIA for the quarter was down about 14% to 2019, whereas -- I'm sorry, EIA was down 10% to 2019, whereas we were down 14%. So we still got a better recovery on the jet fuel front to close with the rest of the country as we see international, particularly Asian flights come back, we think that will help us.

對於汽油，我們正在尋找低於該值的值，但對於噴氣燃料和柴油，我們正在尋找高於該值的值，接近 6.5%。但如果你看一下，從某種航空燃料召回開始，考慮到我們對國際航班的重視，我們在 EIA 中恢復航空燃料的速度較慢。本季度的 EIA 到 2019 年下降了約 14%，而 - 對不起，EIA 到 2019 年下降了 10%，而我們下降了 14%。因此，我們仍然在噴氣燃料方面實現了更好的複蘇，以與該國其他地區關閉，因為我們看到國際航班，特別是亞洲航班回歸，我們認為這將對我們有所幫助。

And recall, we've got our renewable diesel projects coming online on the West Coast at the end of the first quarter. And those have take-or-pay contracts for north of 30,000 barrels a day. So we think that will help with the diesel picture. So -- and looking at what we're seeing right now midway through January, we seem to be from a refined products perspective on top of budget.

回想一下，我們的可再生柴油項目已於第一季度末在西海岸上線。這些公司每天有超過 30,000 桶的照付不議合同。所以我們認為這將有助於柴油圖片。所以——看看我們現在在 1 月中旬看到的情況，我們似乎是從預算之上的精緻產品的角度來看。

Next question is from Brian Reynolds with UBS.

下一個問題來自瑞銀集團的 Brian Reynolds。

Congrats to you, both Steve and Kim. Maybe to start off on the Kinder-based business, which performed pretty well in the quarter. And I just wanted to talk a little bit about future growth opportunities there. Over the past few years, we've just seen a lot of competitors come into the market looking to erode that Kinder market share on LNG supply from the Permian and Louisiana. I was just curious if you could talk broadly about how Kinder has a competitive advantage there and whether you guys see yourselves well-positioned for new LNG supply projects going forward? Or whether effectively, the competition has made returns not attractive at this point?

恭喜你們，Steve 和 Kim。也許是從本季度表現相當不錯的 Kinder 業務開始。我只想談談那裡未來的增長機會。在過去的幾年裡，我們剛剛看到許多競爭對手進入市場，希望侵蝕 Kinder 在二疊紀和路易斯安那州液化天然氣供應方面的市場份額。我只是想知道您是否可以廣泛地談談 Kinder 如何在那裡具有競爭優勢，以及你們是否認為自己在未來的新液化天然氣供應項目中處於有利地位？或者，競爭是否有效地使回報在這一點上沒有吸引力？

Yes. So I mean, I think as we said all along, the proximity of our network along Texas, Louisiana, including our storage capabilities there, I think gives us a great advantage, whether we're directly building into new LNG export facilities or serving other lines that are doing those connections. Just when you have access to as many basins as we do and as -- and the mix of both reservoir storage and salt stores that we have across our footprint, I think we're still in a great position to participate in that LP, LNG export story.

是的。所以我的意思是，我認為正如我們一直所說的那樣，我們的網絡靠近德克薩斯州和路易斯安那州，包括我們在那裡的存儲能力，我認為這給了我們很大的優勢，無論我們是直接建設新的液化天然氣出口設施還是為其他國家提供服務進行這些連接的線路。就在您可以訪問與我們一樣多的盆地以及我們在整個足跡中擁有的水庫儲存和鹽庫的組合時，我認為我們仍然處於參與 LP、LNG 的有利位置導出故事。

We've talked about 50% as being our market share. That's where we are today. We definitely believe our volumes are going to continue to grow, but it's hard to call balls traction whether we're going to meet or exceed 50% going forward, but I feel really good about our position to participate in that whole growth story.

我們已經談到 50% 是我們的市場份額。這就是我們今天的處境。我們絕對相信我們的銷量將繼續增長，但無論我們未來是否要達到或超過 50%，都很難稱之為牽引力，但我對我們參與整個增長故事的地位感到非常滿意。

Yes, you'll see a little bit more of this, Brian, but what you're seeing when we have a backlog that's $3.3 billion, and we're executing it at 3.4x EBITDA multiples is that our network is well-positioned, and we're able to make relatively modest capital efficient investments in our grid to expand, to serve the supply and demand growth that we're seeing across the network. And so that's -- in the past, we had big long-haul projects that might have been done at a slightly higher multiple, still attractive returns. But I think this shows you the fact that we have dozens of projects that we're doing and a relatively modest capital expenditures each but with really nice returns that we are finding that our network is extremely well-positioned for the growth along end.

是的，布賴恩，你會看到更多，但是當我們有 33 億美元的積壓訂單，並且我們以 3.4 倍的 EBITDA 倍數執行它時，你看到的是我們的網絡定位良好，我們能夠在我們的電網中進行相對適度的資本高效投資，以擴大我們在整個網絡中看到的供需增長。所以這就是——在過去，我們有一些大型的長期項目，這些項目可能會以略高的倍數完成，但回報仍然很有吸引力。但我認為這向你展示了一個事實，即我們正在進行的項目有幾十個，每個項目的資本支出都相對適中，但回報非常好，我們發現我們的網絡非常適合最終的增長。

Great. I appreciate the color. And one follow-up. I just wanted to get a little bit of an update on just the RNG projects and the CapEx that are progressing through 2023. How are those projects progressing? And just as the RNG market starts to mature in the middle of the decade or end of the decade, curious if you continue to see new opportunities within that Kinetrex business and if you see continued CapEx for the next few years.

偉大的。我很欣賞這種顏色。和一個後續行動。我只想了解一些關於 RNG 項目和到 2023 年正在進行的資本支出的最新情況。這些項目進展如何？就像 RNG 市場在本世紀中期或本世紀末開始成熟一樣，好奇你是否會繼續在 Kinetrex 業務中看到新的機會，以及你是否會看到未來幾年持續的資本支出。

Yes. So we have three of our original RNG projects that came through the Kinetrex acquisition, that will be in service this year. Two of them really in the first half of this year. There is a one on EPC contract. So that capital is fully baked into our 2023 budget.

是的。因此，我們擁有三個通過收購 Kinetrex 獲得的原始 RNG 項目，這些項目將在今年投入使用。其中兩個確實是在今年上半年。 EPC合同上有一個。因此，這筆資金將完全納入我們的 2023 年預算。

And then with regards to future opportunities. We've -- obviously, we've made three acquisitions to date. I think we are looking to grow fairly organically at this point in time. I think there are opportunities out there to grow, and we'll be looking at those on an individual basis.

然後是關於未來的機會。我們 - 顯然，迄今為止我們已經進行了三筆收購。我認為我們現在正在尋求相當有機的增長。我認為那裡有成長的機會，我們將根據個人情況考慮這些機會。

The EPA did come out with a new proposal recently, which opens up a new demand market for us. And so there may be some opportunities to convert some of these assets into electric service as well. So I think there's lots of different opportunities that we're looking at right now in that space. We're excited about the growth.

EPA最近確實出了一個新的提案，為我們開闢了一個新的需求市場。因此，也可能有一些機會將這些資產中的一些轉化為電力服務。所以我認為我們現在正在那個領域尋找很多不同的機會。我們對增長感到興奮。

The next question is from Keith Stanley with Wolfe Research.

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

Congrats to Kim and Steve as well. To start, Steve, you said the backlog is at $3.3 billion now. So that's up another $600 million or $700 million since last quarter, which presumably, that's why the growth CapEx of $2.1 billion for this year was higher than what you kind of pointed to initially. Can you talk to any of the specific projects you've added since last quarter because that is a decent amount.

也祝賀 Kim 和 Steve。首先，史蒂夫，你說積壓現在是 33 億美元。因此，自上個季度以來又增加了 6 億美元或 7 億美元，這大概就是為什麼今年 21 億美元的資本支出增長高於您最初指出的水平。您能否談談自上個季度以來添加的任何特定項目，因為這是一個不錯的數量。

Yes. So we have some -- most of it is going to be in gas and in RNG on a percentage basis. I think I can give you that. 64% is in gas and in RNG related a little bit more than that maybe. And so this is -- it's a mix of power demand, LDC demand, LNG transport and G&P and Well Connects. And as I said, it's a collection of a lot of smaller projects and mostly buildups of the existing network, which again makes them capital efficient. It reduces the execution risk on them and it tends to give us -- we get as best return as we can that's available for the market. We tend to end up with better returns on the capital we deploy when that's the composition of the project. So yes, $3.3 billion and again at 3.4x and kind of concentrated in our low carbon, including natural gas.

是的。所以我們有一些 - 大部分將以百分比為基礎在氣體和 RNG 中。我想我可以給你。 64% 在 gas 中，在 RNG 中可能比這多一點。所以這是——它是電力需求、最不發達國家需求、液化天然氣運輸以及 G&P 和 Well Connects 的混合體。正如我所說，它是許多較小項目的集合，主要是現有網絡的構建，這再次使它們具有資本效率。它降低了他們的執行風險，並且往往會給我們——我們獲得盡可能好的市場回報。當項目構成時，我們往往會在部署的資本上獲得更好的回報。所以是的，33 億美元，又是 3.4 倍，有點集中在我們的低碳領域，包括天然氣。

Yes. And a number of the projects that got added to the backlog are in the other news, like part of the financially in past projects, the TVA project, the terminals renewable diesel projects. So those are some of the projects that got added to the backlog in the quarter.

是的。一些被添加到積壓中的項目是在其他新聞中，比如過去項目的部分財務，TVA 項目，碼頭可再生柴油項目。因此，這些是本季度積壓的一些項目。

Got it. Separate question. Just on the buybacks and how you're thinking about it for this year. So it's a little bit more of a growth year in terms of spending in 2023. So your DCF is only a little bit above, I think, your CapEx and your dividends. So when you think about buybacks and obviously, you're opportunistic, but would you be willing to increase debt or issue debt, more short-term borrowings in order to buy back stock if the opportunity was there since you're well under your leverage target for this year?

知道了。單獨的問題。只是關於回購以及你對今年的看法。因此，就 2023 年的支出而言，這是增長的一年。所以我認為，您的 DCF 僅略高於您的資本支出和股息。因此，當你考慮回購時，顯然，你是機會主義者，但如果有機會，你是否願意增加債務或發行債務、更多的短期借款以回購股票，因為你的槓桿作用很好今年的目標？

Yes, we would. We think about our capacity for buybacks or other opportunistic opportunities as being our balance sheet capacity as well as the excess cash that we generate in the current year. And so we would be willing to increase our leverage a little bit. We'll be real cautious around it, we'll measure and make sure that we're being -- we're using that capacity in an appropriate manner, but that is the way that we think about our available capacity.

是的，我們會的。我們將回購或其他機會主義機會的能力視為我們的資產負債表能力以及我們在當年產生的過剩現金。因此，我們願意稍微增加我們的影響力。我們將對此非常謹慎，我們將衡量並確保我們正在 - 我們以適當的方式使用該容量，但這是我們考慮可用容量的方式。

The next question is from Neal Dingmann with Truist Securities.

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

You all hear it mostly just my question is around first on the renewable diesel specifically, just what future opportunities you see there beyond the Carson terminal of the committed projects, and you touched around this as well, maybe the second question, just hit this now as well, just the same thing on opportunities you see around the CCS.

你們都聽到了，主要是我的問題首先是關於可再生柴油的問題，除了承諾項目的卡森碼頭之外，你看到了哪些未來的機會，你也談到了這個問題，也許是第二個問題，現在就打這個同樣，您在 CCS 周圍看到的機會也是如此。

Yes. So Dax, if you'll comment on the R&D part of it, and John, if you'll talk about the upstream, the feedstock part of it as well.

是的。所以 Dax，如果你要評論它的研發部分，John，如果你要談論上游，它的原料部分也是如此。

Yes. So just to comment, I mean, as we've said before, right now, every drop of renewable diesel in the United States wants to go to California. I think we expect that as additional state governments later on a third level of the tax credit similar to the one that California has in other states have them; Oregon, Washington, British Columbia that there will be more enthusiasm for projects there. We've got terminals there. We are having conversations with people. And so I think that's probably other areas in the West Coast or probably next places to potentially develop. And then certainly, with the two hubs that we're developing in both Northern and Southern California, I think there are additional opportunities to potentially expand those. So that's the majority of it from the refined products perspective.

是的。所以只是評論一下，我的意思是，正如我們之前所說，現在，美國的每一滴可再生柴油都想流向加利福尼亞。我認為我們預計，隨著更多州政府稍後在第三級稅收抵免，類似於加利福尼亞州在其他州擁有的稅收抵免；俄勒岡州、華盛頓州、不列顛哥倫比亞省認為那裡對項目的熱情會更高。我們在那裡有終端。我們正在與人交談。所以我認為這可能是西海岸的其他地區，或者可能是下一個可能開發的地方。當然，隨著我們在北加州和南加州開發的兩個樞紐，我認為還有更多的機會可以擴展這些樞紐。從精煉產品的角度來看，這就是其中的大部分。

Okay. And Feedstocks.

好的。和原料。

Sure. I mean we said last year when we announced the NESTE deal that we felt that all boats would rise and there has created a number of opportunities to high-grade our assets, high-grade our customers at Harvey bring additional products in their raise rates, but it has also attracted other customers. And this is what we hope is the second of many projects we'll be looking at great opportunity to connect with a neighboring facility that's involved in an expansion project, where we'll be handling all the feedstocks into the facility under a long-term10-year take-or-pay.

當然。我的意思是我們去年在宣布與 NESTE 的交易時說過，我們認為所有的船都會上漲，並且已經創造了許多機會來提升我們的資產，我們在 Harvey 的高品質客戶帶來了額外的產品，提高了利率，但它也吸引了其他顧客。我們希望這是眾多項目中的第二個，我們將尋找與參與擴建項目的鄰近設施連接的絕佳機會，我們將在長期 10 下處理進入該設施的所有原料-年照付不議。

The other area to actually helped us too is on our Jones Act vessels. We've seen a lot of movement as it relates to renewable diesel from the Gulf Coast to the West Coast and interest in that, which we think will further tighten an already tight Jones Act market.

另一個真正幫助我們的領域是我們的《瓊斯法案》船隻。我們已經看到很多與從墨西哥灣沿岸到西海岸的可再生柴油相關的動向以及對此的興趣，我們認為這將進一步收緊本已緊張的瓊斯法案市場。

And I'm showing no further questions at this time.

我現在沒有進一步提問。

Okay. Thank you very much. Everybody, have a good evening. Thank you.

好的。非常感謝你。大家晚上好謝謝你。

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。此時您可以斷開連接。