金德摩根 (KMI) 2024 Q4 法說會逐字稿

Good afternoon and thank you for standing by and welcome to the quarterly earnings conference call. (Operator Instructions) Today's conference is being recorded.

下午好，感謝您的耐心等待，歡迎參加季度財報電話會議。（操作員指示）今天的會議正在錄音。

It is now my pleasure to turn the call over to Mr Rich Kinder, Executive Chairman of Kinder Morgan. Sir, you may begin.

現在我很高興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。

Hey, thank you Michelle. And before we begin, as we always do, I'd like to remind you that KMIs earnings release today and this call include forward-looking statements within the meeting 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.

嘿，謝謝你米歇爾。在我們開始之前，像往常一樣，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案》和 1934 年《證券交易法案》會議中的前瞻性陳述以及某有些非公認會計準則財務指標。

Before making any investment decisions, we strongly encourage you to read our full disclosure on forward-looking statements and use of Non-GAAP financial measures set forth at the end of our earnings release as well as review our latest filings with the SEC for important material assumptions, expectations and risk factors 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列出的關於前瞻性陳述和使用非公認會計準則財務指標的完整披露，並查看我們向 SEC 提交的最新文件以獲取重要資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有重大差異的假設、預期和風險因素。

I usually kick off these earnings calls with an overview of developments present and future in the midstream energy space with special emphasis on the various growth drivers for natural gas demand. These drivers are creating enormous opportunities for expansion of the natural gas pipeline and storage system across America and especially in the Gulf Coast and Southeast regions. At the beginning of this new calendar year, I thought it might be appropriate to be a little more specific about Kinder Morgan's response to those opportunities.

我通常會以概述中游能源領域當前和未來的發展來開始這些財報電話會議，特別強調天然氣需求的各種成長驅動因素。這些驅動因素為全美尤其是墨西哥灣沿岸和東南地區的天然氣管道和儲存系統的擴張創造了巨大的機會。在新的一年開始時，我認為更具體地說明金德摩根對這些機會的反應可能是合適的。

In the last few months, we have announced the FID of four new major projects, the expansion of our GCX system out of the Permian Basin; our SS4, expansion our Southern natural gas system; our Mississippi crossing line which will serve SS4 and other increased demand in the Southeast; and our Trident line, which we announced today, which will serve growing demand in the Southeast Texas region including the new Golden Pass LNG facility.

在過去的幾個月裡，我們宣布了四個新重大項目的最終投資決定：將我們的 GCX 系統擴展到二疊紀盆地之外；我們的 SS4，擴大我們的南方天然氣系統；我們的密西西比河穿越線將為 SS4 和東南部其他增加的需求提供服務；以及我們今天宣布的 Trident 生產線，該生產線將滿足德克薩斯州東南部地區不斷增長的需求，包括新的 Golden Pass 液化天然氣設施。

All together, these new projects will entail capital expenditures net to us in excess of $5 billion and we have the capacity to transport over five Bcf a day of natural gas. And all of these projects I would point out are supported by long term contracts with credit worthy customers, almost entirely on the demand side. While for obvious reasons, we're not disclosing specific IRR targets for these projects, I know you realize our board would not have approved without returns that are significantly above our cost of capital.

總的來說，這些新項目將為我們帶來超過 50 億美元的淨資本支出，而且我們有能力每天運輸超過 5 Bcf 的天然氣。我要指出的所有這些項目都得到了與信譽良好的客戶的長期合約的支持，幾乎完全來自需求方。雖然出於顯而易見的原因，我們沒有透露這些項目的具體 IRR 目標，但我知道您意識到，如果沒有遠高於我們資本成本的回報，我們的董事會就不會批准。

In addition to these projects, we're seeing other sizable opportunities to grow our business. As exemplified by our recently announced out rigorous transaction which will expand our position in the Bakken. In fact, this is the most exciting time to be in the midstream natural gas market that I've seen in my long decades in this business. We believe that our investments as they come online will drive growth in EBITDA and EPS for years to come.

除了這些項目之外，我們還看到了其他大量的業務發展機會。我們最近宣布的嚴格交易就是例證，這將擴大我們在巴肯的地位。事實上，這是我在這個行業幾十年來所見過的進入中游天然氣市場最令人興奮的時刻。我們相信，我們的投資上線後將推動未來幾年 EBITDA 和 EPS 的成長。

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

這樣，我就把它交給 Kim。

Okay. Thanks Rich. 2024 was a very good year in terms of our financial performance. We grew EBITDA and EPS and we improved our leverage metrics. And we set the company up for future success, securing commercial contracts to underpin $6.3 billion in new expansion projects that will add growth for the future.

好的。謝謝里奇。就我們的財務表現而言，2024 年是非常好的一年。我們實現了 EBITDA 和 EPS 的成長，並改善了槓桿指標。我們為公司未來的成功做好了準備，獲得了商業合同，為價值 63 億美元的新擴建項目提供支持，從而促進未來的成長。

Today, we announced we're proceeding with the $1.7 billion Trident project as Rich just said. And we also announced today that we successfully secured contracts to upsize our previously announced MSX project by 300 million cubic feet a day to 1.8 Bcf a day. For the quarter, we added $3.5 billion in expansion projects to the backlog which is primarily comprised of Trident and MSX. For the year, we have added $6.3 billion in projects to the backlog and placed $1.2 billion of projects in service, growing the backlog from $3 billion at the beginning at the end of last year to $8.1 billion today.

今天，我們宣布我們將繼續推進價值 17 億美元的三叉戟項目，正如 Rich 剛才所說的那樣。今天我們還宣布，我們成功獲得了合同，將先前宣布的 MSX 項目產能擴大 3 億立方英尺/天，達到 1.8 Bcf/天。本季度，我們在積壓項目中增加了 35 億美元的擴張項目，其中主要包括 Trident 和 MSX。今年，我們新增了 63 億美元的積壓項目，投入使用了 12 億美元的項目，積壓項目從去年底年初的 30 億美元增加到今天的 81 億美元。

These projects will pay benefits for many years to come. As a result of the projects added to the backlog, we now expect to spend approximately $2.5 billion per year in expansion CapEx for the next several years up from our prior estimate of approximately $2 billion per year. During the quarter, we also agreed to purchase a natural gas gathering and processing system in the Bakken which is complementary to our existing Bakken assets for $640 million.

這些項目將在未來許多年帶來效益。由於積壓項目的增加，我們現在預計未來幾年每年將花費約 25 億美元用於擴張資本支出，高於我們先前估計的每年約 20 億美元。本季度，我們也同意以 6.4 億美元的價格購買巴肯的天然氣收集和處理系統，以補充我們現有的巴肯資產。

The system is backed by long term contracts from credit worthy counterparties. On a GAAP basis, the purchase price translates into a 8 times multiple. But based on the cash we receive in 2025, the multiple is approximately 6 times. In addition, in the future, we expect the acquisition to reduce CapEx that we would have otherwise had to spend to expand for our customers.

該系統得到信譽良好的交易對手的長期合約的支持。以 GAAP 計算，購買價格相當於 8 倍。但根據我們在 2025 年收到的現金，該倍數約為 6 倍。此外，在未來，我們預計此次收購將減少資本支出，否則我們將不得不花費這筆資金來為客戶擴張。

As we look to the future, we continue to see additional growth opportunities in natural gas between LNG, exports to Mexico power and industrial growth. Our internal number for growth in the overall natural gas business is roughly 28 Bcf a day of growth between now and 2030.

展望未來，我們繼續看到液化天然氣、墨西哥電力出口和工業成長之間的天然氣成長機會。我們的內部數據顯示，從現在到 2030 年，整個天然氣業務的成長量約為每天 28 Bcf。

Our assets are well positioned to serve this growth. We currently serve approximately 45% of the export LNG demand, 50% of the exports to Mexico, and 45% of the power demand in the combined region of the desert Southwest Texas and the Southeast. 2024 was a successful year that brought numerous opportunities and nice growth. And we're looking forward to further growth and capitalizing on additional opportunities in 2025.

我們的資產處於有利位置來服務這種成長。目前，我們滿足德州西南部沙漠和東南部沙漠地區約 45% 的液化天然氣出口需求、50% 的墨西哥出口需求以及 45% 的電力需求。 2024 年是成功的一年，帶來了許多機會和良好成長。我們期待 2025 年進一步成長並利用更多機會。

And with that, I'll turn it over to Tom to give you more details on the business performance.

接下來，我會將其交給 Tom，向您提供有關業務績效的更多詳細資訊。

Thanks Kim. Starting with the natural gas business unit, transport volumes were essentially unchanged in the quarter versus the fourth quarter of 2023. Natural gas gathering volumes were down 7% in the quarter compared to the fourth quarter of '23 driven by lower Haynesville and Bakken volumes partially offset by higher Eagle Ford volumes.

謝謝金。從天然氣業務部門開始，本季的運輸量與 2023 年第四季相比基本上沒有變化。與 23 年第四季相比，本季天然氣收集量下降了 7%，原因是海恩斯維爾和巴肯天然氣收集量下降，部分被伊格爾福特天然氣收集量增加所抵消。

Sequentially, gathering volumes were flat quarter over quarter. For the year, our gathering volumes averaged 8% below our 2024 plan, 6% over 2023. We have budgeted for a 5% increase in gathering volumes in 2025 versus 2024 actuals. We view the slight pullback in gathering volumes to the lower prices as temporary given that higher production volumes will be necessary to meet the demand growth from LNG expected in the second half of 2025.

隨後，收集量環比持平。今年，我們的收集量平均比 2024 年計畫低 8%，比 2023 年計畫低 6%。我們預計 2025 年的收集量將比 2024 年的實際增加 5%。我們認為，鑑於需要提高產量才能滿足 2025 年下半年預計的液化天然氣需求成長，因此產量小幅回落至較低價格只是暫時的。

Looking forward, we continue to see significant incremental project opportunities across our natural gas pipeline network to expand our transportation and storage capabilities in support of the growing natural gas market. And our products pipeline segment, we find products volumes were up 2% including condensate volumes were down 5% in the quarter compared to the fourth quarter of 2023.

展望未來，我們繼續在天然氣管網中看到大量增量項目機會，以擴大我們的運輸和儲存能力，以支持不斷增長的天然氣市場。在我們的產品管道部分，我們發現本季產品銷量成長了 2%，其中凝析油銷量與 2023 年第四季相比下降了 5%。

For the full year, we find products volumes were down 3% below our plan, but 1% over 2023. We have budgeted for a 1% increase, and we find product volumes in '25 versus '24 actuals. In December 2024, BP North America exercises unilateral right to extend their contract for five years at existing rates for all of the petroleum condensate processing capacity at our facility on the Houston Ship Channel. The extension is recognition of the strategic value of Kinder Morgan's 100,000 barrels per day processing capability at our facility and the locational value of Kinder Morgan's footprint in the area.

我們發現全年產品銷售量比我們的計劃下降了 3%，但比 2023 年下降了 1%。我們的預算增加了 1%，我們發現 25 年的產品數量與 24 年的實際數量相比。2024 年 12 月，BP 北美公司單方面行使權利，按照現有費率將我們位於休士頓船舶航道設施的所有凝析油處理能力的合約延長五年。此次延期是對金德摩根工廠日處理能力 10 萬桶的戰略價值以及金德摩根在該地區足蹟的區位價值的認可。

In our Terminals business segment, our liquids lease capacity remains high at 95%. So refining cracks and blending margins have softened, they remain constructive and supportive of strong rates and utilization at our key hubs at the Houston Ship Channel and New York Harbor.

在我們的碼頭業務部門，我們的液體租賃能力仍保持在 95% 的高點。因此，煉油裂縫和混合利潤已經軟化，但它們仍然具有建設性，支持我們休士頓船舶航道和紐約港關鍵樞紐的強勁費率和利用率。

Our Jones Act tanker fleet is fully leased today. 97% lease through 2025, 94% lease through 2026 assuming likely options are exercised. We have opportunistically chartered a significant percentage of the fleet at higher market rates and extended the average length of firm contract commitments to four years.

我們的《瓊斯法》油輪船隊今天已全部出租。 97% 的租賃率到 2025 年，94% 的租賃率到 2026 年（假設可能的選擇權被行使）。我們機會主義地以較高的市場價格包租了很大比例的機隊，並將確定合約承諾的平均期限延長至四年。

The CO2 segment experience 3% lower oil production volumes, 4% lower NGL volumes and 3% lower CO2 volumes in the quarter versus the fourth quarter 2023. For the full year are volumes were down 6% versus 2023 but within 1% of our budget.

與 2023 年第四季相比，本季二氧化碳細分市場的石油產量下降了 3%，液化天然氣產量下降了 4%，二氧化碳排放量下降了 3%。全年銷量較 2023 年下降 6%，但與我們預算的差距不超過 1%。

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

有了這個，我會把它交給大衛米歇爾斯。

Alright, thanks Tom. So for the quarter, we're declaring a dividend of $0.2875 per share, which is a $1.15 per share annualized and up 2% from 2023. During the fourth quarter, we generated net income attributable to KMI of $667 million or up 12% from the fourth quarter of 2023.

好的，謝謝湯姆。因此，我們宣布本季股息為每股 0.2875 美元，年化股息為每股 1.15 美元，較 2023 年增長 2%。第四季度，我們歸屬於 KMI 的淨利潤為 6.67 億美元，較 2023 年第四季成長 12%。

We generated EPS of $0.30 up 11% from last year and on an adjusted net income basis which excludes our certain items, we generated $708 million of net income and adjusted EPS of $0.32. Those two items are 12% and 14% up from last year respectively. This year over year growth was driven by greater contributions from our natural gas products and Terminal's businesses with the main growth drivers being contributions from our acquired South Texas midstream assets which we acquired at the end of 2023.

我們的每股收益為 0.30 美元，比去年增長 11%，在調整後的淨利潤基礎上（不包括某些項目），我們的淨利潤為 7.08 億美元，調整後的每股收益為 0.32 美元。這兩項比去年分別成長了12%和14%。今年的同比成長是由我們的天然氣產品和碼頭業務的更大貢獻所推動的，主要成長動力是我們於 2023 年底收購的南德州中游資產的貢獻。

Greater contributions from our Texas Intrastate natural Gas System as well as from natural gas projects that were placed in service. For the full year, we generated EPS of $1.17 which was up 10% over last year and our adjusted EPS was up 7% from last year. As we've messaged for the last two quarters, we finished 2024 a little bit below our budget mainly driven by commodity prices lower than what we had budgeted and lower production from our RNG plants. But despite those headwinds, we still experience nice growth from 2023.

我們的德州天然氣系統以及已投入使用的天然氣項目做出了更大的貢獻。全年，我們的每股收益為 1.17 美元，比去年增長 10%，調整後的每股收益比去年增長 7%。正如我們在過去兩個季度所傳達的訊息，我們 2024 年的業績略低於預算，主要是由於大宗商品價格低於我們的預算以及我們的 RNG 工廠的產量下降。但儘管存在這些阻力，我們從 2023 年開始仍將實現良好成長。

Moving to our balance sheet, we ended the year with $31.7 billion of net debt and a 4.0 times net debt to adjusted EBIDTA ratio which is right in the middle of our leverage target range of 3.5 times to 4.5 times. Our net debt decreased $112 million from the beginning of 2024. And here's a high level reconciliation of that change, we generated $5.6 billion of cash flow from operations. We spent $2.6 billion in dividends. We spent $2.7 billion of capital and that's growth sustaining and our contributions to our joint ventures. And then we had about $200 million of other uses. And that gets you pretty close to the $112 million decrease in that debt for the year.

轉向我們的資產負債表，我們年底的淨債務為 317 億美元，淨債務與調整後 EBIDTA 比率為 4.0 倍，正好位於我們槓桿目標範圍 3.5 倍至 4.5 倍的中間。與 2024 年初相比，我們的淨債務減少了 1.12 億美元。這是這項變化的高水準調節表，我們從營運中產生了 56 億美元的現金流。我們花了 26 億美元的股息。我們花了 27 億美元的資本，這是維持成長的資金以及我們對合資企業的貢獻。然後我們還有大約 2 億美元的其他用途。這樣一來，今年的債務就將減少 1.12 億美元。

For 2025, as we previewed in December, we expect another good year of growth. We expect net income growth of 8% from 2024 EBITDA growth of 4% and adjusted EPS growth of 10%. We also expect to see our balance sheet improve further ending the year at 3.8 times. As we say in the press release, we'll be publishing our budget materials on February 5 and that'll provide more detail behind the summary budget that we provided in December.

對於 2025 年，正如我們在 12 月預測的那樣，我們預計又是一個好的成長年。我們預期 2024 年 EBITDA 將成長 4%，調整後每股盈餘成長 10%，淨利成長 8%。我們也預計到年底我們的資產負債表將進一步改善，達到 3.8 倍。正如我們在新聞稿中所說，我們將於 2 月 5 日發布預算資料，這將提供我們 12 月提供的預算摘要背後的更多細節。

Our budget does not include the recently announced Outrigger acquisition, which we expect to close in the first quarter, and we expect that acquisition to be immediately accretive and we expect our year end leverage will remain at 3.8 times even after taking into account that transaction.

我們的預算不包括最近宣布的 Outrigger 收購，我們預計該收購將在第一季完成，我們預計該收購將立即增值，即使考慮到該交易，我們預計年終槓桿率仍將保持在 3.8 倍。

With that, I'll turn it back to Kim.

有了這個，我會把它轉回給金。

Michelle, if you'll come on, I will take questions and if everyone can ask one question and one follow up and then if you have further questions, please get back in line.

米歇爾，如果你願意的話，我會回答問題，如果每個人都可以問一個問題並跟進一個問題，如果你還有其他問題，請回到隊列。

(Operator Instructions)

（操作員說明）

Theresa Chen, Barclay.

特蕾莎·陳，巴克萊。

Good afternoon, and thank you for taking my questions. When we look at the last update of the backlog including CO2 and GMP and comparing the backlog today. The implied multiple of 6.4 times it's pretty compelling. So for projects like Missispic Crossing and Trident and future natural gas infrastructure projects, can you talk about the economic moat that you have a competitive moat that you have the financial considerations and how you can maintain these types of multiples and returns for growth projects under development.

下午好，感謝您回答我的問題。當我們查看積壓訂單的最新更新（包括 CO2 和 GMP）並比較今天的積壓訂單。6.4 倍的隱含倍數相當引人注目。因此，對於像Missispic Crossing和Trident這樣的項目以及未來的天然氣基礎設施項目，您能否談談經濟護城河，您擁有競爭性護城河，您有財務考慮，以及如何保持正在開發的增長項目的這些類型的倍數和回報。

Sure. And let me just say there's been, no change in our return criteria and the way we think about and the way we look at these projects. As you know, required returns, our required return moves around a little bit depending on the risk inherent in the cash flows. And so we do have different returns for different risk projects that make up the overall multiple of the backlog that is less than 6 times. I think that these projects are competitive.

當然。我只想說，我們的回報標準以及我們思考和看待這些項目的方式沒有改變。如您所知，要求的回報，我們要求的回報會根據現金流固有的風險而略有變化。因此，對於不同的風險項目，我們確實有不同的回報，這些項目構成了未完成訂單的總體倍數，不到 6 倍。我認為這些項目是有競爭力的。

And as you know, we on MSX, we were competing for that project. We also competed on the Trident project with other people that were attempting to build I do think that having the infrastructure that we have, having the reputation that we have as an operator and our ability to bring these projects in a timely manner does help us to be successful as we go out and try to get new projects and new business. But this return is consistent with the returns that we have achieved over time on these projects.

如您所知，我們在 MSX 上競爭該專案。我們也與其他試圖建造的人競爭三叉戟項目，我確實認為擁有我們擁有的基礎設施、我們作為運營商的聲譽以及我們及時推出這些項目的能力確實有助於我們當我們走出去並嘗試獲得新專案和新業務時，我們會成功。但這個回報與我們隨著時間的推移在這些項目上所取得的回報是一致的。

Understood and related to the outbreak or acquisition, can you expand a bit on the strategic rationale behind this and outlook for downstream synergies if Y-grade eventually flows on to HH once converted to NGL service, for example.

在了解並與疫情或收購相關後，您能否詳細闡述其背後的戰略原理以及下游協同效應的前景，例如，如果 Y 級油一旦轉換為 NGL 服務，最終會流向 HH。

Yeah. Let me make a couple of comments on that. So there are -- these assets fit in well with our existing systems. So there are potential capital synergies and commercial synergies with our existing assets and this acquisition. At this point in time, we're not quantifying exactly what those are just because those can move around based on a number of different factors, including the producers drilling schedule.

是的。讓我對此發表幾點評論。所以，這些資產非常適合我們現有的系統。因此，我們現有資產和此次收購存在潛在的資本綜效和商業綜效。目前，我們還沒有準確量化這些內容，因為這些內容可能會根據許多不同的因素而變化，包括生產商的鑽井計劃。

But I think that we're in a good position to deliver at least some of those synergies. And hopefully, we will get significant synergies on that. In terms of downstream synergies, I think that there are some existing contracts in place, and we may have a potential for downstream synergies, but I think that will come later in time. There's nothing immediate with respect to downstream synergies.

但我認為我們處於有利位置，至少可以實現其中一些協同效應。希望我們能在此方面取得顯著的綜效。在下游協同效應方面，我認為現有的一些合約已經到位，我們可能有下游協同效應的潛力，但我認為這會在稍後出現。下游協同效應沒有什麼立竿見影的。

Got it. Thank you.

知道了。謝謝。

Manav Gupta, UBS.

馬納夫古普塔，瑞銀集團。

Good morning, a quick observation. I think, on December 9, when you announced your CapEx you were looking for an adjusted EPS growth of 8% and today, it's already 10%. And I'm hoping as the year progresses, this number just moves up. And can you help us understand some of the macro trends or favorable factors which could help you push even higher than 10% EPS growth in 2025?

早上好，快速觀察。我認為，12 月 9 日，當您宣布資本支出時，您希望調整後的每股收益將增長 8%，而今天，它已經是 10%。我希望隨著時間的推移，這個數字會繼續上升。您能否幫助我們了解一些宏觀趨勢或有利因素，這些趨勢或有利因素可以幫助您推動 2025 年每股收益成長超過 10%？

Sure. So I think one that we have some sensitivity to commodity prices. And currently, commodity prices are a little bit higher than what we budgeted. Now there's crude, there's natural gas, and then we have some rent sensitivity. And so we've got upside on the first two.

當然。所以我認為我們對大宗商品價格有一定的敏感度。目前，大宗商品價格略高於我們的預算。現在有原油，有天然氣，然後我們有一些租金敏感度。所以我們在前兩方面有優勢。

We've got a little bit of downside on the last one. But when you net all those together, today, there's some upside on the overall commodity picture. Now it's early in the year and commodity prices can move. And so I don't think you can take that to the bank at this point. The Outrigger acquisition, as David said in his comments, is not in the budget.

最後一個我們有一點缺點。但今天，當你把所有這些因素加在一起時，你會發現整體商品狀況有一些正面的一面。現在正值年初，大宗商品價格可能會有所變動。所以我認為你現在不能把它帶到銀行。正如 David 在評論中所說，收購 Outrigger 並不在預算之內。

And so there's -- that's going to be accretive and will be a positive versus our budget. There's a potential, I think, for some upside on the Jones Act tankers that we've got. Right now, I think interest expense, the rates that we budgeted are largely in line with where the current market is.

因此，這將是增值的，並且相對於我們的預算來說將是積極的。我認為，我們擁有的《瓊斯法案》油輪有一些潛在的優勢。目前，我認為利息支出、我們預算的利率基本上符合當前市場的情況。

So I think there if the prices stay high, I mean, you could see some upside on G&P volumes over time, and if we continue to deplete the inventory that's in storage as a result of winter weather. I think the winter weather we probably did a little bit better than what we budgeted with respect to winter weather. But again, it's early in the year.

因此，我認為，如果價格保持高位，隨著時間的推移，如果我們繼續耗盡因冬季天氣而儲存的庫存，您可能會看到 G&P 銷售出現一些上漲。我認為我們在冬季天氣方面的表現可能比我們在冬季天氣方面的預算要好一些。但話又說回來，現在還是年初。

There's a lot of different moving parts in our budget. And so I'd just say, at this point in time, we are not changing our guidance. We're sticking to our budget, but it is a nice start to the year.

我們的預算中有很多不同的活動部分。所以我只想說，在這個時候，我們不會改變我們的指導。我們堅持預算，但這是今年的一個好開始。

Perfect. My quick follow up is, it looks like we have a new administration which is really pushing the AI goals here with the $500 billion investment announced yesterday. And I'm trying to understand, in terms of this execution, are we still in very early stages of this positive macro trend where this trend could continue for like 5, 7, 8 to 9 years as these data centers come on and the demand for power just keeps rising and how Kinder fits into that? Thank you.

完美的。我的快速跟進是，看起來我們的新政府正在透過昨天宣布的 5000 億美元投資真正推動人工智慧目標。我試圖了解，就執行而言，我們是否仍處於這一積極宏觀趨勢的早期階段，隨著這些資料中心的啟動和需求，這種趨勢可能會持續 5 年、7 年、8 到 9 年。權力不斷增長，金德如何融入其中？謝謝。

Yeah, I think we are early in the data center trend and the power that's going to be needed there. And so I think that the encouragement that this administration has given on the data center development, the their desire to see American Energy do well. I think all plays into a nice long-term trend for natural gas demand as I said in my opening comments, we think the natural gas demand is going to grow by 28 bcf a day between now and 2030.

是的，我認為我們處於資料中心趨勢的早期，並且那裡需要電力。因此，我認為本屆政府對資料中心發展的鼓勵，以及他們希望看到美國能源公司表現出色的願望。我認為，正如我在開場白中所說，所有這些都對天然氣需求產生了良好的長期趨勢，我們認為從現在到 2030 年，天然氣需求將每天增長 28 bcf。

And part of that is power demand, in those numbers, though, we only have power demand up about 3 Bcf a day. And I think there are a lot of numbers that are much higher than that 3 Bcf a day in terms of power demand. I've seen numbers at 10 Bcf a day. And so I think there is the potential for upside above the 28 Bcf of growth that we are projecting.

其中一部分是電力需求，但從這些數字來看，我們每天的電力需求僅增加約 3 Bcf。我認為，就電力需求而言，有許多數字遠高於每天 3 Bcf。我見過每天 10 Bcf 的數字。因此，我認為存在高於我們預測的 28 Bcf 成長的潛力。

Thank you.

謝謝。

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

Thanks. Good afternoon, everyone. So maybe staying on President Trump's recent infrastructure announcement, it does one of the projects involved there? It seems like it's going to be a large data center campus in Abilene, Texas, which if I'm not.

謝謝。大家下午好。那麼，也許繼續關注川普總統最近的基礎設施公告，其中涉及的項目之一？看起來這將是德州阿比林市的一個大型資料中心園區，如果我不是的話。

I can hear you, hang on.

我聽到你的聲音，堅持住。

Okay. Great. Sorry about that. So you hear me okay?

好的。偉大的。對此感到抱歉。那你聽我說好嗎？

Yes. Soft in Texas.

是的。德克薩斯州軟。

Okay. Trump's AI data center announcement includes a large data center in Abilene, Texas. So which I think is pretty close to some of your pipelines. I'm wondering if you -- if there's an opportunity there for you? And do you have availability to address it?

好的。川普宣布的人工智慧資料中心包括位於德克薩斯州阿比林的一個大型資料中心。所以我認為這與你們的一些管道非常接近。我想知道你是否有機會？您有空來解決這個問題嗎？

So Michael, this is Sital. One, it's a good announcement. Our intrastate footprint, our NGPL footprint, it's all in around the area. I think it's an opportunity. But once again, there's a lot of folks that are going to be chasing the opportunity.

邁克爾，這是西塔爾。第一，這是一個很好的公告。我們的州內足跡、NGPL 足跡都在該地區周圍。我認為這是一個機會。但再一次，有很多人會追逐這個機會。

So I think we're well positioned to partake in some of that growth.

所以我認為我們有能力參與其中的一些成長。

Okay. Great. And then I also wanted to ask about the open season on Kinder Morgan Louisiana, like a Texas Header project. Can you just tell us how that's progressing and the potential scope of that project? Thanks.

好的。偉大的。然後我還想詢問路易斯安那州金德摩根的開放賽季，例如德克薩斯州頭球項目。您能告訴我們該專案的進度以及潛在範圍嗎？謝謝。

Absolutely. So part of one, I think the open season closed, and we do have binding commitments to build that segment part of the overall strategy here is there is a lot of interconnectivity needed with all the gas coming from multiple directions. And so I think this is a good platform for us to establish that kind of initial leg with the prospective possibility of extending that into the Louisiana corridor. And so I think that when you think about it, this first phase here is contracted and ready to go, and this will position us well for future growth.

絕對地。因此，我認為開放季節已經結束，我們確實有約束力的承諾來建立整體策略的這一部分，即來自多個方向的所有天然氣都需要大量的互連性。因此，我認為這是一個很好的平台，可以讓我們建立這種初始階段，並有可能將其延伸到路易斯安那走廊。因此，我認為，當您仔細考慮時，這裡的第一階段已經合約完成並準備就緒，這將為我們未來的成長做好準備。

And let me just further on that, existing header is in the Trident project in terms of the economics that we get from that. And then future it's there we have future expansion potential, but that would be another project that we would get approved at that time.

讓我進一步說明這一點，就我們從中獲得的經濟效益而言，現有的標頭屬於三叉戟專案。未來我們有未來的擴張潛力，但這將是我們當時獲得批准的另一個項目。

Yeah. So just to clarify, the KMLP expansion is one of the pipes that it will connect to is Trident. It's something from Tritan itself, and it can potentially be a leg into the Louisiana corridor down the line.

是的。需要澄清的是，KMLP 擴充功能是 Trident 連接的管道之一。這是來自 Tritan 本身的東西，它有可能成為路易斯安那走廊的一個分支。

Right. But in the future.

正確的。但在未來。

In the future. That's right. Michael, does that make sense?

將來。這是正確的。邁克爾，這有道理嗎？

Yeah. Thank you.

是的。謝謝。

Neal Dingmann latus Securities. .

尼爾·丁曼拉特斯證券。。

Hey, good afternoon. This is Jack Wilson on for Neal. Can you at least speak to your positioning in regards to LNG exports specifically?

嘿，下午好。這是尼爾的傑克威爾森。您至少能具體談談您在液化天然氣出口方面的定位嗎？

Yeah. Sure. We serve about 50% of that market. So it's just under that. It's 45%. I think our total contracts that we've got in place for LNG exports is about 10.7 Bcf a day. Not all of that is online today, but that's the position that we will grow into over time. I think it's a little less than 10 today. And then the opportunity set is in the range of 15 Bcf a day is the future capacity that is included in the 28 Bcf a day of growth that we see between now and 2030 and that's, so we'll be focused on trying to capture some of those opportunities. And then a lot of times, as we said before, there's the initial opportunities to connect to the header systems or directly to those facilities.

是的。當然。我們服務於該市場約 50% 的份額。所以它就在下面。是45%。我認為我們簽訂的液化天然氣出口合約總量約為每天 10.7 Bcf。今天，並非所有內容都在線，但這就是我們隨著時間的推移將發展到的位置。我想今天還不到 10 點。然後，機會集在每天 15 Bcf 的範圍內，這是未來的容量，包含在我們從現在到 2030 年之間看到的每天 28 Bcf 的增長中，所以我們將專注於嘗試捕捉一些這些機會。然後很多時候，正如我們之前所說，最初有機會連接到集管系統或直接連接到這些設施。

And then a lot of times, the LNG export facilities and customers are looking for to go back further back upstream to get more competitively priced supply. And in addition, sometimes some of them are looking for some insurance capacity and therefore, they contract for more than just the capacity of the facility to make sure that they can get molecules there. So a lot of times, those initial projects lead to future projects. So there's a lot of opportunity on the export LNG side.

很多時候，液化天然氣出口設施和客戶都希望進一步回到上游，以獲得價格更具競爭力的供應。此外，有時他們中的一些人正在尋求一些保險能力，因此，他們簽訂的合約不僅僅是設施的能力，以確保他們能夠在那裡獲得分子。所以很多時候，那些最初的專案會導致未來的專案。因此，液化天然氣出口方面存在著許多機會。

Thank you very much.

非常感謝。

Keith Stanley, Wolfe Research.

基思‧史丹利，沃爾夫研究公司。

Hi. Good afternoon. First question, just curious, you just did an acquisition a couple of weeks ago. How you're thinking about incremental acquisitions at this point. So on the one hand, you have greatly increased organic investment opportunities. So you probably want some excess financial capacity. But you also have a much improved currency and it's probably pretty easy to make deals accretive at this point. So just how are you balancing those factors and thinking about M&A?

你好。午安.第一個問題，只是好奇，你幾週前才剛進行了一次收購。您目前如何考慮增量收購。所以一方面，你大大增加了有機投資機會。所以你可能需要一些多餘的財務能力。但你的貨幣也有了很大的改善，此時可能很容易使交易增​​加價值。那麼您是如何平衡這些因素並考慮併購的呢？

Yeah. So we think about M&A on a very opportunistic basis. And so we can't predict that. and they're poor, it's hard to budget or skilled for it. Our criteria in terms of acquisitions hasn't changed.

是的。因此，我們在非常機會主義的基礎上考慮併購。所以我們無法預測這一點。而且他們很窮，很難制定預算或具備相應的技能。我們的收購標準沒有改變。

So it's still the same. So we're not modifying the criteria, and then we just evaluate each one as it comes to fruition. So right now, we are able to fully fund all of our contracts with internally generated cash. We have no need to issue equity. If we saw some big, huge acquisition, not opposed to issue equity, but it would have to make economic sense.

所以還是一樣。因此，我們不會修改標準，然後我們只是在每個標準成熟時對其進行評估。因此，現在我們能夠用內部產生的現金為所有合約提供充足的資金。我們沒有必要發行股權。如果我們看到一些大型收購，並不反對發行股權，但它必須具有經濟意義。

And so we would just have to view it in the context of the overall deal when that opportunity came before us.

因此，當機會出現在我們面前時，我們只需在整個交易的背景下看待它即可。

Thanks for the second one, just wanted to follow up on the quarter. So Q4 EBITDA is about $100 million below the initial quarterly budget and you talked about commodities, volumes and some of the R&G headwinds. Is there anything else you'd flag for the quarter in particular? Or are those the main factors?

感謝第二個，只是想跟進本季。因此，第四季度 EBITDA 比最初的季度預算低約 1 億美元，您談到了大宗商品、銷售以及一些 R&G 不利因素。本季您還有什麼特別要注意的事情嗎？或者說這些是主要因素？

The commodity headwind was part of it. We had some the RNG sales were down relative to what we had expected. And then we had some of the RINs that we produced in the quarter were pushed out of the year into the next year because there was a lack of liquidity in the market. So that also contributed to it. But you hit the main ones.

大宗商品的逆風是其中的一部分。我們發現 RNG 的銷量相對於我們的預期有所下降。然後，由於市場缺乏流動性，我們在本季度生產的一些 RIN 被推遲到了下一年。這也促成了這一點。但你擊中了主要的。

Thank you.

謝謝。

Jean Ann Salisbury, Bank of America.

讓安·索爾茲伯里，美國銀行。

Hi. Most of what Kinder Morgan has announced over the past year has been typical large diameter, big CapEx projects, so SNG, GCX, MSX, Trident. From here forward, do you see any shift in the type of the future projects to being mostly more like end-user projects like laterals to power plants or data centers. which might be lower absolute CapEx, but better multiples or you're not really ready to call that shift yet.

你好。金德摩根過去一年宣布的大部分項目都是典型的大直徑、大資本支出項目，例如 SNG、GCX、MSX、Trident。從現在開始，您是否看到未來專案類型有任何轉變，變得更像最終用戶項目，例如發電廠或資料中心的支線項目。這可能是較低的絕對資本支出，但更好的倍數，或者你還沒有真正準備好調用這種轉變。

That 's -- it's hard to call. I think we're going to have opportunities on both fronts. I think more of the opportunities probably come in what I call the singles and doubles, connecting the power plants, that types of things. And that's largely just because the larger projects to do those, you've got to put together a lot of customers. It's just a lot more complicated and a lot harder to do.

那是——很難稱呼。我認為我們在這兩方面都會有機會。我認為更多的機會可能來自我所說的單打和雙打，連接發電廠之類的事情。這很大程度上只是因為要做這些更大的項目，你必須聚集很多客戶。只是複雜得多，做起來也困難得多。

But that being said, we do have some large-scale opportunities that we're evaluating and looking at. that have the potential to come to fruition. It's just harder to call your shots on those, again, because you face competition and you've got to bring a lot of different factors have to come together to make those possible. So it could it's going to continue just to be a combination of things, Jean Ann. But I do think that the larger ones are going to be more infrequent than we'll just have a lot of smaller opportunities, singles and doubles. It's a part. We just -- we were very fortunate this year that we got a number of them in one year.

但話雖這麼說，我們確實有一些正在評估和尋找的大規模機會。那些有可能實現的潛力。再次強調，你很難對這些做出決定，因為你面臨競爭，你必須將許多不同的因素結合在一起才能讓這些成為可能。所以它可能會繼續只是多種事物的結合，Jean Ann。但我確實認為，較大的機會將比我們擁有的許多較小的機會（單打和雙打）更罕見。這是一部分。我們只是——今年我們非常幸運，我們在一年內得到了很多這樣的機會。

Yeah. That makes sense. Great. And then as a follow-up, can you kind of talk about how you're forecasting the cadence of Haynesville volumes coming back? I think rig count in that basin is falling more than most would have thought, and you've seen some producers saying that you need far higher prices and today's strip for them to come back.

是的。這是有道理的。偉大的。作為後續行動，您能談談您如何預測海恩斯維爾卷的回歸節奏嗎？我認為該盆地的鑽機數量下降幅度超出了大多數人的想像，而且您已經看到一些生產商表示，您需要更高的價格和今天的地帶才能讓他們回來。

Jean, this is Sital. Yes. So I think last year, we did see a little pullback in the Haynesville as a result of end of the price environment. in light of what we're seeing currently and the expectation of the LNG demand coming on, we are seeing activity pick back up in the Haynesville. And if any of this price is sustained, as kind of we hope it is, I think you'll see a lot more activity in the Haynesville.

吉恩，這是西塔爾。是的。所以我認為去年，由於價格環境的結束，我們確實看到海恩斯維爾略有回落。鑑於我們目前所看到的情況以及對液化天然氣需求的預期，我們看到海恩斯維爾的活動有所回升。如果這個價格能夠持續下去，就像我們希望的那樣，我想你會在海恩斯維爾看到更多的活動。

Okay. That's helpful. Thank you. That's all for me.

好的。這很有幫助。謝謝。這就是我的全部。

Spiro Dounis, Citi.

斯皮羅·杜尼斯，花旗銀行。

Hey afternoon team. I just want to go back to the project backlog again. Now at $8.1 billion, largest we've seen in a while here. And Kim, you mentioned the $2.5 billion a year annually. And I guess if we sort of track that through 2028, it gets you to about $10 billion all in. So just curious, is that the right way to think about maybe your visibility on the sort of unsanctioned backlog from here, at least through '28.

嘿下午團隊。我只想再次回到專案積壓工作。現在達到 81 億美元，這是我們一段時間以來所見過的最大金額。Kim，您提到了每年 25 億美元。我想如果我們追蹤到 2028 年，總投資額將達到約 100 億美元。所以只是好奇，這是考慮你對這裡未經批准的積壓的可見性的正確方法，至少到 28 年為止。

And in that context, kind of what Jan was getting that, you added over $5 billion of projects in this last year. It sounds hard to repeat. But at the same time, you also did mention being in the early stages of data center demand and potentially some new LNG FIDs coming this year. So when do you think we do see a year like that again, I know it's hard to predict, but just thinking about as you can.

在這種背景下，Jan 了解到，去年您增加了超過 50 億美元的專案。聽起來很難重複。但同時，您也確實提到了資料中心需求處於早期階段，今年可能會出現一些新的液化天然氣 FID。所以你認為我們什麼時候會再次看到這樣的一年，我知道這很難預測，但請盡可能地思考。

Well, I hope next year. But this has been a pretty spectacular year is what I would say in terms of backlog additions and four really big projects. So -- but again, we have outlined there's going to be a lot of growth in natural gas, 28 Bcf a day, again between now and 2030.

嗯，我希望明年。但就積壓訂單的增加和四個真正的大項目而言，我想說的是，今年是非常引人注目的一年。因此，我們再次指出，從現在到 2030 年，天然氣產量將大幅成長，每天 28 Bcf。

That's a large amount of demand growth and it's all happening across the Southern United States where we've just got a really good position of assets, whether that's in Texas or that's going across in the Southeast or that's going out to the desert Southwest. And so I think we've tried to give you $2.5 million per year that we filled in a few things there.

這是大量的需求成長，這一切都發生在美國南部，我們剛剛獲得了非常好的資產位置，無論是在德克薩斯州，還是在東南部，或者是在西南沙漠。因此，我認為我們已經嘗試每年為您提供 250 萬美元，我們在那裡填寫了一些內容。

But in terms of our expectations on what's going to happen. And -- but I think there is the opportunity for that to grow over time, I believe. And so I think that's what we would expect to happen is that we continue to add to this backlog. But we're also going to be placing projects in service. And so not sure how to tell you exactly how much we can add over time.

但就我們對將要發生的事情的期望而言。而且 - 但我認為隨著時間的推移，這種情況有機會增長，我相信。所以我認為我們期望發生的事情是我們繼續增加積壓的工作。但我們也將把專案投入使用。所以不確定如何告訴您隨著時間的推移我們可以增加多少。

Okay. Yes. Understood. That's helpful. Second question, quickly, just thinking about some weather events that have kind of occurred so far here in the first quarter.

好的。是的。明白了。這很有幫助。第二個問題，快速思考第一季迄今發生的一些天氣事件。

Obviously, we got the LA fires, and I know you guys have assets out in that region. We've also had some cold weather just along the US Gulf Coast. So just curious how much either of those events has kind of impacted operations so far in the first quarter?

顯然，我們發生了洛杉磯火災，我知道你們在該地區擁有資產。美國墨西哥灣沿岸也經歷了一些寒冷的天氣。那麼，我只是好奇，到目前為止，這些事件對第一季的營運有多大影響？

Yeah. In terms of California, no impact on our assets. I mean we were down for 2 days on some pipes, but I think those volumes will largely be able to make up. And then on the cold weather, I mean, our operations guys have done a fantastic job. We went out in mantations and we had something go off, but they would get it right back on. So really no impact in terms of being able to operate from fires or from the cold weather.

是的。就加州而言，對我們的資產沒有影響。我的意思是，我們的一些管道停產了兩天，但我認為這些產量基本上能夠彌補。我的意思是，在寒冷的天氣裡，我們的營運人員做得非常出色。我們按順序出去，有時出了點問題，但他們很快就會恢復正常。因此，對於能夠在火災或寒冷天氣下運行而言，實際上沒有任何影響。

Great. I'll leave it there. Thanks for the time.

偉大的。我會把它留在那裡。謝謝你的時間。

Zack Van Everen, TPH.

扎克·範·埃弗倫，TPH。

Hey, thanks for taking my question. Maybe first one on the Bakken acquisition. Can you maybe touch on a high level, what type of contracting that plant the pipeline have? Is the MVC, is it mostly contracted? Or just any more color there would be great.

嘿，謝謝你回答我的問題。也許是關於巴肯收購的第一個。您能否從高層次談一下，管道工廠的承包類型是什麼？是MVC嗎，大部分都是收縮的嗎？或者只要有更多的顏色就會很棒。

Yeah, sure. So this is Sital. One, I think the asset fits well in our kind of overall integrated strategy. Most of the contracts are kind of NBC backed with some firm obligations there. As we think about the footprint, one of the things that this asset does for us is it gives us processing north of the river.

是的，當然。這就是西塔爾。第一，我認為該資產非常適合我們的整體綜合策略。大多數的合約都是由 NBC 提供一些固定義務支持的。當我們考慮足跡時，該資產為我們所做的事情之一是它為我們提供了河以北的處理能力。

We've always been kind of south of the river you're familiar with that area. And so I think it opens up some potential flexibility that we can leverage as we move forward.

我們一直在你熟悉的河以南地區。因此，我認為它提供了一些潛在的靈活性，我們可以在前進時利用這些靈活性。

Got you. That makes sense. And then maybe just one on Trident. I know that shortly after announcing it, Golden Pass came out talking about them being one of the anchor shippers. I know in the press release today, you kind of know LNG and industrial demand.

明白你了。這是有道理的。然後也許只有三叉戟上的一個。我知道，在宣布這一消息後不久，Golden Pass 就出來談論他們是主力托運人之一。我知道在今天的新聞稿中，您對液化天然氣和工業需求有所了解。

Could you touch on maybe just the high-level makeup of the demand contracts? Is it mostly LNG? Or is there also some power and industrial demand seeing as well?

能否簡單談談需求合約的高層組成？主要是液化天然氣嗎？或者是否也存在一些電力和工業需求？

So I will tell you this. Since the last time we've spoken, I can't -- I won't say any names, but we've got some power behind power demand behind the contracts and we continue to work with industrials in the large -- some of the large end-use customers on the ability to potentially even expand the pipe from the 1.5 that we've guided at now all the way up to the 2.8 Bcf that we think we could get through some capital-efficient expansion.

所以我會告訴你這一點。自從我們上次交談以來，我不能 - 我不會說出任何名字，但我們在合約背後的電力需求背後有一些力量，我們繼續與大型工業企業合作 - 一些大型最終用途客戶甚至有可能將管道從我們目前指導的1.5 Bcf 一直擴大到我們認為可以透過一些資本效率擴張來實現的2.8 Bcf。

Got you super helpful. I appreciate the time today. Thanks.

對你超級有幫助。我很感激今天的時間。謝謝。

John Mackay, Goldman Sachs.

約翰麥凱，高盛。

Hey, thanks for the time. I think the first one I want to go back to. First one, I want to go back to, I think, Spiro's question just on touching on the $2.5 billion a year. Can you kind of frame up, is that a ceiling on how much you think you can spend a year can that number move higher? And I guess, generally speaking, how do you think about setting that? Is that a leverage question. Is that a free cash? Is that a dividend? Just from that up for us would be helpful.

嘿，謝謝你的時間。我想我想回到第一個。首先，我想回到斯皮羅剛剛提到的每年 25 億美元的問題。你能說一下，這是你認為一年可以花多少錢的上限嗎？我想，一般來說，您如何考慮設定它？這是一個槓桿問題嗎？這是免費現金嗎？這是股息嗎？僅此而已對我們來說就會有幫助。

Sure. So the $2.5 billion is generally what we think based looking at all the projects that we have in and other things that we think are probably very highly likely what we think we can spend. And I mean it's over the next several years, 3 to 4 years. That $2.5 billion is on average per year. I mean are you going to have years where it could be $3 billion and others where it could be $2 billion, yes.

當然。因此，25 億美元通常是我們根據我們擁有的所有項目以及我們認為很有可能支出的其他項目得出的。我的意思是在接下來的幾年裡，三到四年。平均每年 25 億美元。我的意思是，有幾年可能會達到 30 億美元，而其他幾年可能會達到 20 億美元，是的。

I mean it's not going to be perfectly it's not going to be perfectly allocated $2.5 billion each year. So it can be lumpy, and that depends on the project timing. But we're trying to give you a sense of what we see in terms of our opportunities to invest capital over time. We can fund $2.5 billion per year out of internally generated cash. So no concerns that we need external capital for that.

我的意思是，這不會是完美的，每年 25 億美元的分配不會是完美的。所以它可能會很不穩定，這取決於專案的時間表。但我們試圖讓您了解我們隨著時間的推移投資資本的機會。我們每年可以用內部產生的現金提供 25 億美元的資金。因此，無需擔心我們為此需要外部資本。

We can find in some a little bit more than that. if it's lumpy during that time frame, we've got our balance sheet is in good shape and in the year at 4 times and expect it at the end of '25 at 3.8 times. And so we can absorb that lumpiness on the balance sheet and once those projects come on, we'll grow out of that. So I think we will continue to look at that number and update it. And if we add significant new projects to the backlog then, I think you have -- we have the potential that, that number increases over time.

我們可以發現一些比這更多的東西。如果在這段時間內出現波動，我們的資產負債表狀況良好，今年是 4 倍，預計到 25 年底將是 3.8 倍。因此，我們可以吸收資產負債表上的不穩定性，一旦這些項目開始，我們就會擺脫這種困境。所以我認為我們將繼續關注這個數字並更新它。如果我們在待辦事項中添加重要的新項目，我認為我們有潛力，這個數字會隨著時間的推移而增加。

But we have made pointed out earlier, some estimate of some additional growth beyond what's in the backlog because as someone noted the backlog as up to $8.1 billion. And if you take 4 years of $2.5 billion, you get 10%. So there is a little bit of capital that we're assuming based on our opportunities that we'll be able to fill out.

但我們之前已經指出，有些人估計積壓訂單還會有額外成長，因為有人指出積壓訂單高達 81 億美元。如果你拿 4 年 25 億美元，你會得到 10%。因此，我們根據我們能夠填補的機會假設有一點資本。

I appreciate that. Thank you. Maybe just a second one for me. We've talked a lot about these big kind of marquee projects you've added. Is there anything you can share on kind of knock-on effects across the rest of the Kinder system now that you're going to be moving a lot more gas. Is there some kind of operating leverage on the rest of the footprint that you could think about adding to these returns?

我很欣賞這一點。謝謝。也許對我來說只是第二個。我們已經就您新增的這些大型專案進行了許多討論。既然您要輸送更多的天然氣，您是否可以分享一下對金德系統其他部分的連鎖反應？您是否可以考慮在其餘足跡中增加某種營運槓桿來增加這些回報？

Sure. This is Sital again. As we think about as you guys -- you put these arteries in across with the developments that are coming in and around data centers and just power in general, there's opportunities for us to kind of leverage our footprint to kind of establish capillaries to these facilities. One of the things that Jean Ann talked about was kind of the small capital-efficient projects. There's opportunities on top of these large expansions for those type of projects in strategic areas that we can further expand.

當然。這又是西塔爾。正如我們所思考的那樣，你們將這些動脈與資料中心及其周圍的發展以及一般電力相結合，我們有機會利用我們的足跡為這些設施建立毛細血管。Jean Ann 談到的其中一件事是小型資本效率項目。除了這些大型擴張之外，我們還可以進一步擴展策略領域的此類專案。

And that really applies across the footprint. We're also looking at some opportunities moving out west to the other Southwest, that might be an area where we can see some primary and secondary expansion opportunities.

這確實適用於整個足跡。我們還在尋找一些向西遷移到西南部其他地區的機會，這可能是我們可以看到一些主要和次要擴張機會的地區。

And the other thing I'd point out is like MSX. BillConnect are three legs of the Tennessee gas pipeline over time, that could -- that's going to give us some operating flexibility and potentially upside to help our customers. And then on Trident, it will come into the intrastate market and great well with our Texas and intrastate. And hopefully, over time, that will give us the ability to deliver more value to our customers and sharing some of that.

我要指出的另一件事是 MSX。隨著時間的推移，BillConnect 將成為田納西州天然氣管道的三個支柱，這可能會給我們帶來一定的營運靈活性，並為幫助我們的客戶提供潛在的優勢。然後在 Trident 上，它將進入州內市場，並且與我們的德克薩斯州和州內市場合作良好。希望隨著時間的推移，這將使我們有能力為客戶提供更多價值並分享其中的一些價值。

I think the message here that all of the team is trying to deliver is we have an unparalleled system that bridges the part of the country that needs the most new natural gas delivery system. We have that and all of what we're saying, I think, lends itself to lots of expansion opportunities coming off of this great footprint that we have. And that's really our whole strategy over the next several years is to move forward with the system we have expanded, extended and drive home real nice earnings growth and growth in EBITDA.

我認為所有團隊都試圖傳達的訊息是，我們擁有一個無與倫比的系統，可以連接該國需要最新天然氣輸送系統的部分。我認為，我們擁有這一點，而且我們所說的所有內容都有助於從我們擁有的巨大足跡中獲得大量擴張機會。這實際上是我們未來幾年的整體策略，就是繼續推動我們已經擴展、擴展的系統，並推動真正良好的獲利成長和 EBITDA 成長。

That's great. Thank you, Rich. Thank you, Tim. Appreciate the time.

那太棒了。謝謝你，里奇。謝謝你，提姆。珍惜時間。

Gabe Moreen, Mizuho.

加布·莫林，瑞穗。

Hey, good afternoon, everyone. I just want to start off by saying that I think Pete's based on how the share price has performed, Pete's is making a good case for serving themself, work and the holding Analyst Days in the future. So with that said, I want to ask a question on MSX project timeline being 4 years, plus or minus being almost 2 years marked in single sized intrastate project, is that a question of permitting right-of-way conservative. Is there any conservatism built into that? And fitting into the regime change in D.C. with the new administration, is there anything on the permitting wish list for discussions you've had that you maybe think can expedite something which I think is your first kind of greenfield interstate in some time?

嘿，大家下午好。首先我想說的是，我認為皮特的觀點是基於股價的表現，而皮特的觀點為自己、工作和未來的控股分析師日提供了很好的理由。話雖如此，我想問一個關於 MSX 項目時間表的問題，即 4 年，加上或減去在單一規模的州內項目中標記的近 2 年，這是一個允許通行權保守的問題。這裡面有保守主義嗎？為了適應新政府在華盛頓特區的政權更迭，您所進行的討論的允許願望清單上是否有任何您認為可以加快某些事情的事情，我認為這是您在一段時間內的第一種綠地州際公路？

Yeah. So I mean the difference just Horseshoes and Hand Grenades, we generally think about interstate pipes take us 4 years, 2 years in permitting and 2 years to build. And intrastate pipes where we don't have to go get a FERC certificate is usually 2-ish years. So that's sort of the time line that you see the difference in the time line that you see between Trident and MSX or South System 4. We came up with these schedules when we sanction these projects.

是的。所以我的意思是馬蹄鐵和手榴彈的區別，我們通常認為州際管道需要 4 年時間，2 年獲得許可，2 年建造。我們不需要去獲得 FERC 證書的州內管道通常有 2 年左右的時間。因此，這就是您在 Trident 和 MSX 或 South System 4 之間看到的時間軸差異的時間線。我們在批准這些項目時制定了這些時間表。

So late last year, I would say that they were done in line with what we thought we would get under the prior administration. And so to the extent that FERC speeds and it's really the FERC format that is going to be the primary item. Is to the extent that FERC speed their time line we could get it potentially in service earlier. But I think the flip side of that is we want to make sure that we get a good FERC permit that we can defend in court. And so we don't want them to skip or shortcut any of their processes.

所以去年年底，我想說，它們的完成符合我們認為在上屆政府領導下會得到的結果。因此，就 FERC 速度而言，FERC 格式實際上將成為主要項目。如果 FERC 加快了時間安排，我們就有可能更早投入使用。但我認為另一方面是我們希望確保我們獲得良好的 FERC 許可證，以便我們可以在法庭上進行辯護。因此，我們不希望他們跳過或縮短任何流程。

So we want to make sure that we get a good dependable FERC permit out, but hopefully, they can do that faster under this administration.

因此，我們希望確保獲得良好可靠的 FERC 許可證，但希望他們能夠在本屆政府的領導下更快地做到這一點。

Thanks, Kim. And I know there'll be some more details on '25 guidance in the not-too-distant future. But could I ask maybe just one on your nat gas sensitivity that you've got to the $0.10 change in gas prices. It's a bit higher this year than last, kind of want to know what's behind that? And I know it's not the big piece of things.

謝謝，金。我知道在不久的將來將會有關於 '25 指南的更多細節。但我可否問一下您對天然氣價格 0.10 美元變化的敏感度。今年比去年高一點，想知道背後是什麼？我知道這不是什麼大事。

Yeah, sure. That's the sensitivity that we've had in the past. So it's not anything new, Gabe. It's been hard to quantify because some of our producers on the gathering side, the contract can move the price they pay, the tariff that they pay can move up and down with some gas prices. And so that's what's -- this year. We are right in the middle of the range, and we've been trying to find a way to quantify it for investors. And this year, we were able to do it. So again, no difference from prior years.

是的，當然。這就是我們過去的敏感度。所以這不是什麼新鮮事，加布。這很難量化，因為我們的一些生產商在收集方面，合約可以改變他們支付的價格，他們支付的關稅可以隨著一些天然氣價格的變化而上下波動。這就是今年的情況。我們正處於這個範圍的中間，我們一直在努力尋找一種方法來為投資者量化它。今年，我們做到了。再說一次，與往年沒有什麼不同。

Thanks, Kim.

謝謝，金。

Jeremy Tonet, JPMorgan.

傑里米·託內特，摩根大通。

Hi, good afternoon.

嗨，下午好。

Good afternoon. Jeremy.

午安.傑里米.

Just wanted to circle back, I guess, new administration, new look out there. Just wondering, Kinder's looked at expansions in the Northeast before, but state-level permitting issues has impacted the calculus of moving forward with those type of projects. Just wondering if you're tracking anything. On the federal side that maybe would change, I guess, the permitting process or laws, otherwise that would kind of I guess, changed your outlook. I mean, clearly, the need for more gas logistics in the Northeast is there, but just do you see anything on the permitting side that might make you kind of look at things differently.

我想，只是想回到過去，新的政府，新的面貌。只是想知道，金德之前曾考慮過在東北部進行擴張，但州一級的許可問題影響了推進此類項目的計算。只是想知道你是否在追蹤任何東西。我想，在聯邦方面，可能會改變許可程序或法律，否則我想這會改變你的看法。我的意思是，顯然，東北地區需要更多的天然氣物流，但是您是否在許可方面看到了任何可能會讓您以不同的方式看待事物的事情。

Yeah. No, it's not the federal permit that the real problem in the Northeast. I mean, we can get the several permits it to stay permits, and I don't see anything changing there. The other thing I'd say about the Northeast is the commercial structure it's the commercial structure with the operator, RTO operator does not allow for pass-through of fixed demand charges if you're an IPP. And so it makes it harder for the IPPs to contract on a firm basis for that capacity. And so those are the two largest hurdles and we have not seen any change.

是的。不，東北部真正的問題不是聯邦許可。我的意思是，我們可以獲得幾份居留許可，而且我認為那裡沒有任何變化。關於東北地區，我要說的另一件事是商業結構，它是與運營商的商業結構，如果您是 IPP，RTO 運營商不允許傳遞固定需求費用。因此，這使得獨立發電廠更難在堅實的基礎上簽訂該產能合約。所以這是兩個最大的障礙，我們沒有看到任何改變。

Got it. Understood and might be dating myself a little bit here. But if I go back, I think, to around the 2009 time frame with Rockies Express, I think it was described as the pig and the boar constrictor at that point. And there was a big move in the industry as far as unconventional production, supply push out of basins and everyone is running on the same steel and construction at the same time and led to some cost inflation issues. At that point in time, we see inflationary environment in the background now.

知道了。了解並可能在這裡與自己約會一點。但如果我回到 2009 年左右的《Rockies Express》時間框架，我認為當時它被描述為豬和野豬蟒。就非常規生產而言，該行業出現了重大舉措，供應被擠出盆地，每個人都同時使用相同的鋼材和建築，導致了一些成本膨脹問題。那時，我們現在看到了通貨膨脹環境。

Just wondering how you think about, I guess, those risks going forward? And with E&Cs you see out there that you think can best protect you. Just wondering, I'm sure you guys are very thoughtful in all this, but wanted to see your latest thoughts.

我想知道您如何看待未來的這些風險？透過 E&C，您可以看到您認為最能保護您的東西。只是想知道，我相信你們對這一切都非常深思熟慮，但想看看你們的最新想法。

Yeah. We are already engaged in procurement on all three big pipes. I'm not going to go pipe by pipe, but on some of the pipes, we already have an agreement to purchase deal, purchased the compression and on others, I think we will do so in the not-too-distant future. So we are -- I think we're working hard to try to mitigate that risk.

是的。我們已經開始對所有三大管道進行採購。我不打算逐個管道，但在某些管道上，我們已經達成了購買協議，購買了壓縮設備，而在其他管道上，我認為我們將在不久的將來這樣做。所以我們——我認為我們正在努力降低這種風險。

Got it. Okay. Thank you.

知道了。好的。謝謝。

Thank you at this time. I am showing no further questions.

這次謝謝你了。我沒有提出任何進一步的問題。

Okay. Thank you all very much. Have a pleasant evening.

好的。非常感謝大家。祝您有個愉快的夜晚。

Thank you. This concludes today's conference call. You may go ahead and disconnect at this time.

謝謝。今天的電話會議到此結束。此時您可以繼續並斷開連線。