金德摩根 (KMI) 2025 Q1 法說會逐字稿

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

歡迎參加季度財報電話會議。（操作員指示）今天的通話正在錄音。如果您有異議，請立即斷開連接。現在我將電話轉給金德摩根執行主席里奇金德先生。謝謝。你可以開始了。

Thank you Chad. Before we begin, I'd like to remind you, as we always do, 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，乍得。在我們開始之前，我想像往常一樣提醒您，KMI 今天發布的收益報告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》所定義的前瞻性陳述以及某些非 GAAP 財務指標。

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

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

On several of these investor calls, I've expressed my view and that of other leaders and experts in our industry, about the potential for extraordinary growth in the demand for natural gas in America and abroad. This optimistic view of the market and its favorable impact on the growth and prosperity of midstream energy companies like Kinder Morgan was embraced during the last year sold by a significant number of investors and analysts that you seem to accelerate with the perceived opportunity for natural gas to fuel AI and data centers.

在幾次投資者電話會議上，我表達了我以及我們行業其他領導人和專家的觀點，即美國和國外對天然氣的需求有可能出現非凡的增長。去年，大量投資者和分析師對這種對市場的樂觀看法及其對金德摩根等中游能源公司的成長和繁榮的有利影響表示歡迎，他們似乎加速了天然氣為人工智慧和資料中心提供燃料的機會。

Recently, that optimistic view has been questioned by some on a couple of different grounds. First, in the aftermath of the deep steep -- [seek] announcement. It seemed that some critics that growth in gas demand for data centers and electric power in general, was too optimistic. Secondly, the announcement of expanded tariffs by the Trump administration inspired others to question whether this would result in less demand for US LNG thereby reducing the amount of feed gas required in this country. Let me try to put all of this in perspective by detailing how we view the drivers of natural gas demand growth over the rest of this decade.

最近，有些人基於不同的理由對這種樂觀觀點提出了質疑。一、深陡餘波－[尋求]公告。一些批評人士認為，資料中心和電力產業對天然氣的需求總體上成長過於樂觀。其次，川普政府宣布提高關稅引發了人們的質疑，這是否會導致對美國液化天然氣的需求減少，從而減少該國所需的原料氣數量。讓我嘗試透過詳細說明我們如何看待本世紀剩餘時間內天然氣需求成長的驅動因素來全面看待這一切。

Let's start with some history as prologue to the future. In 2005, US demand for natural gas was approximately 60 Bcf a day. In 2024, that demand was almost 109 Bcf a day, an increase of roughly 80%. That's pretty astounding growth over that 20-year span.

讓我們先從一些歷史作為未來的序言。2005年，美國天然氣需求量約為每天600億立方英尺。到 2024 年，這項需求將達到每天近 1,090 億立方英尺，成長約 80%。這 20 年間的成長相當驚人。

Now let's look at the future growth between now and the end of this decade with all due deference to Mark Twain's famous Quip that making predictions is very difficult, especially if they concern the future. Most estimates of growth between now and 2030 range between 20 and 28 Bcf a day, and our internal projections also fall in that range. The overwhelming driver of that growth is increased LNG export demand. We estimate that growth to be somewhere around 16 Bcf a day with the great bulk of that coming from facilities already under construction or that have been FID. To FID a project means it is supported by long-term contracts with creditworthy entities. Otherwise, these facilities simply could not be financed.

現在讓我們來看看從現在到本十年末的未來成長情況，同時充分尊重馬克吐溫的著名名言：做出預測非常困難，尤其是涉及未來的預測。大多數預測顯示，從現在到 2030 年，天然氣成長量將在每天 2 億至 280 億立方英尺之間，我們的內部預測也處於這一範圍內。這一成長的主要驅動力是液化天然氣出口需求的增加。我們估計，增長量約為每天 160 億立方英尺，其中大部分來自已在建或已做出最終投資決定的設施。對於 FID 來說，專案意味著它受到與信譽良好的實體簽訂的長期合約的支持。否則，這些設施根本無法獲得資金。

I might add parenthetically that our contracts with LNG export facilities are also supported by long-term contracts. But notwithstanding those facts, the naysayers argue that a trade war with China, will lead to a diminution in need for US LNG. In response, let me mention two countervailing factors.

我想補充一點，我們與液化天然氣出口設施簽訂的合約也得到了長期合約的支持。但儘管如此，反對者仍認為，與中國的貿易戰將導致對美國液化天然氣的需求減少。作為回應，我想提一下兩個相反的因素。

First, China has not imported any US LNG since February and yet feed gas demand is setting records, averaging 15.5 Bcf per day in the first quarter and approaching 17 Bcf a day on several recent days. Secondly, our view is that any loss of the Chinese market will be more than offset by the efforts of governments in the EU and Asia to increase the imports of US LNG to reduce trade imbalances and put themselves in a better negotiating position with regard to US tariffs.

首先，中國自2月以來就沒有進口過任何美國液化天然氣，但原料氣需求卻創下了紀錄，第一季平均每天155億立方英尺，最近幾天接近每天170億立方英尺。其次，我們認為，歐盟和亞洲各國政府將努力增加美國液化天然氣的進口量，以減少貿易不平衡，並在美國關稅談判中佔據更有利的地位，這將足以抵消中國市場的任何損失。

South Korea and Indonesia, for example, are already in specific discussions on that strategy. And regarding the EU, we believe Europe's apparent and off-stated reluxes to ever again allow Russia to be the dominant supplier of natural gas to Europe, will obviously increase its use of US LNG. Based on all these factors, we remain very bullish on growth in US LNG exports.

例如，韓國和印尼已就該策略展開具體討論。至於歐盟，我們認為，歐洲公開和暗中允許俄羅斯再次成為歐洲主要的天然氣供應國，這顯然會增加對美國液化天然氣的使用。基於所有這些因素，我們仍然非常看好美國液化天然氣出口的成長。

Now in addition to growth in LNG feed gas demand, we see nice upticks in exports to Mexico, power demand driven in part by the surge in AI and data centers and residential commercial use. Anecdotally, the new projects we have announced at Kinder Morgan over the last couple of quarters are supported in large part by long-term contracts with utilities in the Southeastern US, an indication of the need for more gas to feed electric generation.

現在，除了液化天然氣原料氣需求的成長之外，我們還看到對墨西哥的出口也出現了良好的成長，電力需求的成長部分得益於人工智慧和資料中心以及住宅商業用途的激增。有趣的是，過去幾個季度我們在金德摩根宣布的新項目很大程度上得到了與美國東南部公用事業公司簽訂的長期合約的支持，這表明需要更多的天然氣來滿足發電需求。

The point of all this detail is to put into perspective the drivers of demand for the product we transport so that any intelligent investor can make a reasoned assessment of the natural gas market for the rest of this decade and not be whipsawed by the perceived ups and downs of just one or two facets of the growth story. In truth, that growth is supported, we believe, by an array of factors that reflect the strength of natural gas as an important source of energy for years to come.

所有這些細節的目的在於讓我們正確認識我們所運輸產品的需求驅動因素，以便任何聰明的投資者都能對未來十年的天然氣市場做出合理的評估，而不會被增長故事中一兩個方面的起伏所左右。事實上，我們認為，這種成長受到一系列因素的支持，這些因素反映了天然氣在未來幾年作為重要能源的實力。

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

現在，我將把發言權交給 Kim。

Okay. Thanks, Rich. We had a good quarter. The financial results, which David will take you through are essentially in line with our expectations. For the year, we currently expect to exceed budget by at least the contribution from the Outrigger acquisition.

好的。謝謝，里奇。我們度過了一個美好的季度。David 將向您介紹的財務結果基本上符合我們的預期。對於今年，我們目前預計預算將至少超出 Outrigger 收購帶來的貢獻。

Our natural gas performance versus budget is very strong. In the first quarter, we saw record natural gas demand with demand in the market growing by 6.8 billion cubic feet a day, driven by a 10% increase in residential and commercial demand and a 15% increase in LNG demand. Future natural gas fundamentals continue to be strong with demand expected to grow between now and 2030, as Rich just took you through. And I would add that even if a portion of the roughly $7 trillion in new US investment, the administration has announced occurs, we believe that would drive demand that is not currently captured in projection.

我們的天然氣表現相對於預算來說非常強勁。第一季度，天然氣需求創歷史新高，市場需求每天增加 68 億立方英尺，其中住宅和商業需求增加 10%，液化天然氣需求增加 15%。正如 Rich 剛剛向您介紹的那樣，未來天然氣基本面將繼續保持強勁，預計從現在到 2030 年需求將會成長。我想補充一點，即使美國政府宣布的約 7 兆美元新投資中只有一部分到位，我們相信這也將推動目前預測中尚未涵蓋的需求。

During the quarter, we added approximately $900 million to our project backlog, taking the backlog to $8.8 billion after adjusting for the projects placed in service. Of the $900 million, over 70% is primarily focused on serving power demand. The largest project Bridge is a $430 million extension of our Elba Express pipeline, supported by a 30-year contract. It will deliver about 325 million cubic feet a day into South Carolina to primarily serve increased power demand and is easily expandable to over one Bcf a day.

本季度，我們的專案積壓訂單增加了約 9 億美元，根據已投入使用的項目進行調整後，積壓訂單總額達到 88 億美元。在這 9 億美元中，超過 70% 主要用於滿足電力需求。最大的項目 Bridge 是耗資 4.3 億美元的 Elba Express 輸油管延伸項目，合約期限為 30 年。該管道每天將向南卡羅來納州輸送約 3.25 億立方英尺的天然氣，主要用於滿足日益增長的電力需求，並且可以輕鬆擴展到每天 10 億立方英尺以上。

Of course, there's been a lot of attention paid to tariffs. At this point, we do not believe that the tariffs will have a significant impact on project economics. For our new large project, Mississippi Crossing, South System Expansion 4, Trident, GCX and Bridge that together comprise approximately two-third of our backlog, we currently estimate the impact of tariffs to be roughly 1% of project costs.

當然，關稅問題受到了廣泛關注。目前，我們認為關稅不會對專案經濟產生重大影響。對於我們的新大型專案密西西比河大橋、南系統擴建 4、三叉戟、GCX 和大橋，這些專案合計約占我們積壓專案的三分之二，我們目前估計關稅的影響約為專案成本的 1%。

We worked to mitigate the potential impact by preordering certain equipment negotiating caps on tariff impact and securing domestic steel and mill capacity. For these projects, we've locked in the cost of the finished steel pipe and less than 10% is exposed to tariffs. In addition, to the extent we get some permitting lease, there may be the opportunity to bring these projects or portions of the project in service earlier than planned, helping to offset any impact of tariffs.

我們努力透過預先訂購某些設備、協商關稅影響上限以及確保國內鋼鐵和軋機產能來減輕潛在影響。對於這些項目，我們鎖定了成品鋼管的成本，其中不到10%受到關稅影響。此外，如果我們獲得一些許可租賃，可能有機會比計劃更早投入這些項目或部分項目，從而有助於抵消關稅的影響。

From an operations perspective, we're still in the process of evaluating the impact of tariffs, but we don't expect it to be material to 2025, but the uncertainty of tariffs, along with commodity prices, did cause us to be a little bit more conservative in communicating our outlook for the year at this point.

從營運角度來看，我們仍在評估關稅的影響，但我們預計它不會對 2025 年產生重大影響，但關稅的不確定性以及大宗商品價格確實導致我們在此時傳達今年的前景時更加保守。

During the quarter, we closed on the previously announced $640 million acquisition of the Bakken Gathering and Processing system, which nicely complements our existing assets in that baseline. When you look at the results for the quarter, there isn't much impact from this acquisition, given that we only owned it for 45 days and all the transaction costs were expensed in the quarter. But it is performing in line with our expectations.

在本季度，我們完成了先前宣布的價值 6.4 億美元的巴肯收集和處理系統收購，這很好地補充了我們在該基準上的現有資產。從本季的業績來看，此次收購並沒有帶來太大影響，因為我們只擁有該公司 45 天，而且所有交易成本都已在本季支出。但它的表現符合我們的預期。

Despite the volatility in the market, we have a very resilient business, almost two-third of the EBITDA is generated from take-or-pay contracts. Roughly 30% is fee-based or hedged, with only 5% of our EBITDA exposed to commodity prices. We expect to continue to generate nice cash flow and fund our attractive backlog of projects which are substantially backed by long-term contracts from creditworthy entities, while maintaining a strong balance sheet.

儘管市場波動，但我們的業務非常有彈性，近三分之二的 EBITDA 來自照付不議合約。大約 30% 是基於費用或對沖的，只有 5% 的 EBITDA 受到商品價格的影響。我們預計將繼續產生良好的現金流並為我們有吸引力的積壓項目提供資金，這些項目主要由信譽良好的實體的長期合約支持，同時保持強勁的資產負債表。

Finally, on management succession, Palm Martin has announced his intention to retire in January 2026, at which time he will assume an advisory role to the Board of Directors and to the office of the Chairman. In that role, he will continue to help the company execute on our tremendous backlog of natural gas projects.

最後，關於管理層繼任，帕爾姆馬丁 (Palm Martin) 宣布他打算在 2026 年 1 月退休，屆時他將擔任董事會和董事長辦公室的顧問。在這個職位上，他將繼續幫助公司執行我們大量積壓的天然氣專案。

At that time, Dax Sanders, who many of you already know, will succeed Palm as President. Dax is currently President of Product -- of the Products business segment and has a thorough understanding of the company, having been here for approximately 23 years and served in a variety of different roles. Tom and Dax will start the transition process in August, at which time Mike Garthwat will become President of Products Pipeline. This is the plan we contemplated and prepared for in our succession planning.

屆時，你們許多人已經熟悉的 Dax Sanders 將接替 Palm 擔任總裁。達克斯目前擔任產品業務部門的產品總裁，對公司有著透徹的了解，他在這裡工作了大約 23 年，擔任過各種不同的職位。湯姆和戴克斯將於 8 月開始過渡過程，屆時邁克·加思瓦特 (Mike Garthwat) 將成為產品管道總裁。這是我們在繼任計畫中考慮和準備的計畫。

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

接下來，我將把時間交給湯姆，讓他向您提供有關本季業務表現的更多詳細資訊。

Thanks, Kim. Starting with the natural gas business unit. Transport volumes were up 3% in the quarter versus the first quarter of 2024 with new peak day volume records set on four of our five largest pipeline systems due to the confluence of all the major demand drivers, that is residential commercial, power and LNG during prolonged cold weather in our major market areas in Texas, Louisiana, the Midwest and the East. Natural gas gathering volumes were down 6% in the quarter compared to the first quarter of 2024, driven primarily by lower Haynesville production.

謝謝，金。從天然氣業務部門開始。本季運輸量與 2024 年第一季度相比增長了 3%，由於所有主要需求驅動因素（即住宅、商業、電力和液化天然氣）在我們主要市場區域（德克薩斯州、路易斯安那州、中西部和東部）的長期寒冷天氣中匯聚，我們五大管道系統中的四個創下了新的峰值日運輸量記錄。與 2024 年第一季相比，本季天然氣收集量下降了 6%，主要原因是海恩斯維爾產量下降。

Sequential total gathering volumes were down 2%. Our producer customers are still ramping back up after the lower gas prices in Q2 through Q4 of 2024. For the full year, we expect our gathering volumes to average 5% above 2024 but 2% below our 2025 budget. We anticipate gathering volumes will grow over the balance of 2025 given the higher price environment, producer conversations and plans and the need for increased production to meet storage refill demand and LNG demand growth that is ramping up throughout the year.

總採集量連續下降了 2%。在 2024 年第二季至第四季天然氣價格下跌之後，我們的生產商客戶仍在恢復生產。我們預計全年收集量平均比 2024 年高出 5%，但比 2025 年預算低 2%。考慮到更高的價格環境、生產商的對話和計劃以及增加產量以滿足儲存補充需求和全年不斷增長的液化天然氣需求增長，我們預計收集量將在 2025 年餘下時間裡增長。

Looking forward, we continue to see significant incremental project opportunities across our natural gas pipeline network to expand our transport and storage capabilities in support of the growing natural gas market.

展望未來，我們將繼續看到天然氣管道網路中大量增量項目機會，以擴大我們的運輸和儲存能力，並支持不斷增長的天然氣市場。

In our Products Pipeline segment, refined products volumes were up 2%, crude and condensate volumes were up 4% in the quarter compared to the first quarter of 2024. For the full year 2025, refined product volumes are forecasted to be up about 2% higher than 2024, but flat with budget.

在我們的產品管道部門，與 2024 年第一季相比，本季成品油產量增加了 2%，原油和凝析油產量增加了 4%。預計 2025 年全年成品油產量將比 2024 年成長約 2%，但與預算持平。

In March 2025, KMI placed its approximately $17 million Florida jet fuel expansion project into service to enhance jet fuel deliveries to the Orlando, Florida market. The expansion creates a continuous jet fuel system that increases pipeline transportation capacity into the Orlando International Airport, providing a faster return to service solution following hurricane-related power outages. The project is fully contracted with 10-year commitments from the Orlando Airline Consortium.

2025 年 3 月，KMI 投入約 1,700 萬美元的佛羅裡達航空燃料擴建項目，以增強對佛羅裡達州奧蘭多市場的航空燃料輸送。此次擴建將創造一個連續的噴射燃料系統，從而增加通往奧蘭多國際機場的管道運輸能力，為颶風導致的停電後更快地恢復服務提供解決方案。該項目已與奧蘭多航空聯盟簽訂了為期 10 年的全面合約承諾。

In our Terminals business segment, our liquids lease capacity remains high at 94%. The refining cracks and blending margins have softened, they remain supportive of strong rate and utilization at our key hubs at the Houston Ship Channel in New York Harbor. Our Jones Act tanker fleet is fully leased today, 97% leased through 2025 and 94% leased 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.

在我們的碼頭業務部門，我們的液體租賃容量仍然高達 94%。煉油裂解價差和混合利潤已經下降，但它們仍然支撐著我們位於紐約港休士頓航道的主要樞紐的強勁產量和利用率。假設行使可能的選擇權，我們的瓊斯法案油輪船隊目前已全部出租，其中 97% 將出租至 2025 年，94% 將出租至 2026 年。我們抓住機會，以更高的市場價格租賃了相當一部分船隊船舶，並將固定合約承諾的平均期限延長至四年。

The CO2 segment experienced slightly lower oil production volumes about 1%, 5% higher NGL volumes and 7% lower CO2 volumes in the quarter versus the first quarter of 2024. For the full year 2025 oil volumes are forecasted to be 1% below 2024, but 2% above budget. In March 2025, KMI placed its Autumn Hills RNG facility into service. The plant's capacity at 0.8 Bcf of RNG annually now brings KMI's total RNG capacity up to 6.9 Bcf per year.

與 2024 年第一季相比，本季二氧化碳部門的石油產量略有下降，下降約 1%，天然氣液體產量增加 5%，二氧化碳產量減少 7%。預計 2025 年全年石油產量將比 2024 年下降 1%，但比預算高出 2%。2025 年 3 月，KMI 將其 Autumn Hills RNG 設施投入使用。該工廠每年可生產 8 億立方英尺 RNG，這使得 KMI 的 RNG 總產能達到每年 69 億立方英尺。

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

說完這些，我將把發言權交給大衛‧米歇爾斯 (David Michels)。

All right. Thank you, Tom. For the quarter, we're declaring a dividend of $0.2925 per share, which is $1.17 per share annualized and 2% up from last year's dividend. During the first quarter, we generated net income attributable to KMI of $717 million, down 4% from the first quarter of last year. We generated EPS of $0.32, down $0.01 from last year. Much of that decline is attributable to unfavorable mark-to-market on hedges that have not yet settled, and we treat as certain items. On an adjusted net income basis, which excludes these certain items, we generated $766 million and adjusted EPS of $0.34, up 1% and flat from last year, respectively.

好的。謝謝你，湯姆。本季度，我們宣布每股股息為 0.2925 美元，年化股息為每股 1.17 美元，比去年的股息增加 2%。第一季度，我們實現歸屬於 KMI 的淨利潤 7.17 億美元，較去年第一季下降 4%。我們的每股收益為 0.32 美元，比去年下降 0.01 美元。大部分下降是由於尚未結算的對沖的不利的市價調整，我們將其視為某些項目。在不包括這些特定項目的調整後淨收入基礎上，我們創造了 7.66 億美元的收入，調整後每股收益為 0.34 美元，分別比去年增長 1% 和持平。

This quarter, growth was driven by greater contributions from our natural gas terminals and CO2 businesses. Our main growth drivers were contributions from our Texas intrastate natural gas system attractive capacity sales and park and loan services on our interstate natural gas assets, greater renewable natural gas production and higher contributions from our Jones Act tankers.

本季的成長得益於我們的天然氣終端和二氧化碳業務的更大貢獻。我們的主要成長動力來自德州天然氣系統的貢獻，包括有吸引力的容量銷售、州際天然氣資產的停車和貸款服務、再生天然氣產量的增加以及瓊斯法案油輪的更高貢獻。

I would note that some of the natural gas agreements we entered into during the first quarter extend beyond the first quarter and therefore, will add contributions during the remainder of the year. These were offset by lower gathering and processing volumes, as Tom mentioned, the impact from our planned splitter facility turnaround and lower RIN pricing in our renewable natural assets.

我想指出的是，我們在第一季達成的一些天然氣協議將延續到第一季之後，因此將在今年剩餘時間內增加貢獻。正如湯姆所提到的，這些影響被較低的收集和處理量、我們計劃的分離設施週轉的影響以及可再生自然資產中較低的 RIN 定價所抵消。

Moving on to our balance sheet. We ended the quarter with $32.8 billion of net debt and 4.1 times net debt to adjusted EBITDA, which is in the middle of our leverage target range of 3.5 to 4.5 times. The 4.1 times only includes 1.5 months of EBITDA from our Outrigger, but it includes all of the acquisition funding, so that metric will decline -- will improve as we add more quarters of the Outrigger contribution.

繼續我們的資產負債表。本季末，我們的淨負債為 328 億美元，淨債務與調整後 EBITDA 比率為 4.1 倍，處於我們的槓桿目標範圍 3.5 至 4.5 倍的中間。4.1 倍僅包括來自 Outrigger 的 1.5 個月的 EBITDA，但它包含了所有的收購資金，因此該指標將會下降 - 但隨著我們增加更多季度的 Outrigger 貢獻，該指標將會改善。

Our net debt increased by just over $1 billion from the beginning of the year, and here's a high-level reconciliation of that change. We had a working capital use of about -- a little bit more than $300 million, that working capital deficit is made up of interest expense payments and first -- typical first quarter payments of bonus and property tax. We generated cash flow from operations of $1.16 billion, we paid dividends of $650 million we expended $770 million of total CapEx. We closed on the Outrigger acquisition, which was approximately $650 million, and we posted collateral for some of our natural gas hedges of about $90 million, which gets you close to the $1 billion increase in net debt for the year.

我們的淨債務比年初增加了 10 多億美元，以下是這項變更的詳細情況。我們的營運資金使用量約為 3 億多美元，營運資金赤字由利息支出和第一季（典型的第一季）的獎金和財產稅支付組成。我們產生的經營現金流為 11.6 億美元，支付的股利為 6.5 億美元，總資本支出為 7.7 億美元。我們完成了對 Outrigger 的收購，價值約為 6.5 億美元，並為部分天然氣對沖提供了約 9,000 萬美元的抵押品，這使得今年的淨債務增加了近 10 億美元。

For the full year, as Kim mentioned, while it's still early in the year, we expect to exceed budget by at least the contribution from the Outrigger acquisition. And as disclosed in our full year budget, our budgeted adjusted EBITDA growth was 4%, just including the Outrigger acquisition, our EBITDA growth would increase to 5%. Our adjusted EPS growth would still remain at an attractive 10%, and we're also expecting to still end the year with net debt to adjusted EBITDA of 3.8 times.

正如 Kim 所提到的，就全年而言，雖然現在還處於年初階段，但我們預計至少會超出預算的數額，這部分是 Outrigger 收購帶來的貢獻。正如我們全年預算中所揭露的，我們的預算調整後 EBITDA 成長率為 4%，僅包括 Outrigger 收購，我們的 EBITDA 成長率將增至 5%。我們的調整後每股盈餘成長率仍將維持在頗具吸引力的 10%，我們預計今年年底淨債務與調整後 EBITDA 的比率仍將達到 3.8 倍。

Most of our 2025 budgeted growth comes from expansion projects. Now that we're more than a quarter into the year, we can say we're on target to place the vast majority of these expansion projects in service on time and on budget or with only minor variances. The largest expansion contributions come from our Evangeline pass expansion project, which is on track to come online this summer and multiple projects on our Texas Intrastate system, the largest of which include our South Texas and Houston project, which is near completion and a couple of additional projects that have already been placed into service, including our Web County and Central Texas expansion.

我們 2025 年預算的成長大部分來自擴建計畫。今年已經過去了四分之一多，我們可以說，我們的目標是按時、按預算或僅有微小差異地將絕大多數擴建項目投入使用。最大的擴建貢獻來自我們的伊万傑琳山口擴建項目，該項目預計將於今年夏天上線，以及我們德克薩斯州內鐵路系統的多個項目，其中最大的項目包括即將完工的南德克薩斯州和休斯頓項目，以及已經投入使用的幾個其他項目，包括我們的韋伯縣和德克薩斯州中部擴建項目。

So we're off to a good start to the year. We're on track to put our expansion projects in service. We're experiencing favorable performance across our businesses and have sanctioned additional projects that will drive growth well into the future.

因此，我們今年有一個好的開始。我們的擴建項目正按計劃投入使用。我們的各項業務都表現良好，並且已經批准了更多將推動未來成長的項目。

Finally, based on investor feedback, we do not plan to host a regular Investor Day presentation in person going forward. Like we did this year, we will continue to publish an annual company update, which will include our budget for the year but won't post the presentation in person. We will also maintain our objective to provide great transparency to an extensive engagement with our investors.

最後，根據投資者的回饋，我們不打算在未來親自舉辦定期的投資者日演講。與今年一樣，我們將繼續發布年度公司更新，其中將包括我們年度的預算，但不會親自發布簡報。我們也將堅持我們的目標，為與投資者的廣泛接觸提供高度透明度。

And with that, I'll turn it back to Kim for Q&A.

接下來，我將主題交還給 Kim 進行問答。

Okay. Chad, if you'll come back on, we will take questions.

好的。查德，如果你能回來的話，我們會回答你的問題。

(Operator Instructions)

（操作員指示）

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

Wanted to start talking about the potential additional gas pipeline investments that you are looking at with utilities and data centers. How would you characterize the pace of discussions with customers, I guess, since the last earnings call?

想要開始談論您正在考慮的與公用事業和資料中心相關的潛在的額外天然氣管道投資。我想，自從上次財報電話會議以來，您如何描述與客戶討論的節奏？

Michael, this is [Sital]. Yes. So one, I think it pertains to data centers. There's still -- as we try to determine kind of the sites specific locations that they're looking at where we -- it's still evolving as it pertains to the utilities that are supporting some of these data centers. As you can see, we're actively pursuing opportunities to provide supply to ultimately feed these upcoming data centers.

邁克爾，這是[西塔爾]。是的。首先，我認為這與資料中心有關。還有——當我們試圖確定他們正在查看的站點的具體位置時——它仍在不斷發展，因為它涉及支持這些數據中心的一些實用程式。正如您所看到的，我們正在積極尋求機會為這些即將建成的資料中心提供供應。

So I would say the activity level is pretty strong. There's a lot of competition out there across the network. We feel like we're positioned well. As we talk about Bridge into South Carolina, this is just kind of step 1. The platform for growth has been established, and we see some incremental opportunities around power and potentially data centers there as we've got the straw put in.

所以我想說活動量相當高。整個網路的競爭非常激烈。我們感覺我們處於有利地位。當我們談論通往南卡羅來納州的橋樑時，這只是第一步。成長平台已經建立，隨著吸管的投入，我們看到了電力和潛在資料中心周圍的一些增量機會。

And I'll just add a couple of things to that. One, if you look at the additions to the backlog this quarter as approximately 70% but those are related to power. So sometimes it's hard to differentiate between what data center related and what's power because the power could be going to a data center. I'd also say, if you look at our total backlog, like 50% of the projects in our overall backlog are related to power, where we have seen, I think, the most at concrete activity to date on data centers has been largely the regulated utilities so far. Now there is a -- there are lots of discussions going on as Stifel said, a lot of those discussions are happening across the Southern United States and that's an area where we are particularly well positioned.

我只想補充幾點。首先，如果你看一下本季積壓訂單的增加量，大約是 70%，但這些都與電力有關。因此，有時很難區分與資料中心相關的內容和電力，因為電力可能會流向資料中心。我還想說，如果你看一下我們的總積壓項目，你會發現我們總積壓項目中 50％ 都與電力有關，我認為，迄今為止，資料中心最具體的活動主要是受監管的公用事業。正如斯蒂費爾所說，現在有很多討論正在進行，其中許多討論都在美國南部進行，而我們在該地區的定位特別有利。

That was really helpful. Maybe if I could just drill down on one particular area or region. Can you provide an update on any progress in Arizona regarding either an expansion of PNG or a greenfield project or just how you see that area developing.

這真的很有幫助。也許如果我可以深入研究某個特定的區域或地區。您能否介紹一下亞利桑那州有關巴布亞紐幾內亞擴張或綠地計畫的進展情況，或者您如何看待該地區的發展。

Sure, Michael. So one, we see a need out or Southwest, Arizona included. We have been pursuing both brownfield and greenfield opportunities. We're trying to look at that. Obviously, we're in a competitive situation here as we get -- if we get any progress here from a customer standpoint, we'll make those announcements at the time. But I can tell you there is interest, and we do see a need out West, especially in the state of Arizona.

當然，邁克爾。因此，我們看到了對西南地區（包括亞利桑那州）的需求。我們一直在尋求棕地和綠地機會。我們正在嘗試研究這一點。顯然，我們正處於競爭之中——如果我們從客戶的角度取得任何進展，我們就會及時宣布。但我可以告訴你，人們對此很感興趣，而且我們確實看到西部有需求，特別是亞利桑那州。

Chad will take the next question.

查德將回答下一個問題。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Maybe pick it up in Arizona, if we could, and the potential for expansion for the West. Just wondering, the docket that was opened in February, the natural gas infrastructure and storage docket that place chair opened. Are you expecting anything specific out of there that will inform us of the Par timing and sizing of expansion further west and just as you will give you further out, I think that the ECA 2 could be on the horizon, and we'll need to source gas as well. It seems like PNG would be in play there. So just wondering, those two dynamics, any thoughts you could share?

如果可以的話，也許可以在亞利桑那州找到它，並且有向西部擴張的潛力。只是想知道，二月開啟的案卷，即地方主席開啟的天然氣基礎設施和儲存案卷。您是否期待從那裡得到任何具體信息，以告知我們 Par 向西擴張的時間和規模，正如您將進一步透露的那樣，我認為 ECA 2 可能即將出現，我們也需要採購天然氣。看起來 PNG 將會在那裡發揮作用。所以只是想知道，對於這兩種動態，您有什麼想法可以分享嗎？

Well, just once again, I'm going to keep it broad just because we are in a very competitive situation. But both the overall demand we see coming, right? And I think really, both the docket you're talking about and through our conversations with our customers point to the need for incremental capacity needs. And you mentioned ECA, that's a longer-term play possibly. But all of that bodes to the need for incremental capacity and how we get there. Ultimately, we decided by our customers and the contracts that they sign.

好吧，再說一次，我將保持廣泛的討論，因為我們處於非常競爭的情況。但我們看到的整體需求是這樣的，對嗎？我認為，您所談論的案卷以及我們與客戶的對話都表明需要增加容量。您提到了 ECA，這可能是長期策略。但這一切都預示著需要增加產能以及我們如何實現這一目標。最終，我們根據客戶及其簽署的合約來決定。

Yes. And let me just make a couple of points overall. I mean, look, there's the potential for data center development in Arizona. I think the Arizona utilities need more power especially with all the population migration from California and other places into Arizona. I think Mexico has a couple of power plants on the other side of the border that they're going to need natural gas for and you've got the LNG potential off the West Coast.

是的。總的來說，我只想談幾點。我的意思是，亞利桑那州有發展資料中心的潛力。我認為亞利桑那州的公用事業需要更多的電力，特別是隨著大量人口從加州和其他地方遷移到亞利桑那州。我認為墨西哥在邊境另一邊有幾座發電廠，他們需要天然氣，而且西海岸有液化天然氣的潛力。

So there's a lot of good demand factors. Our pipeline EPNG is full and so I think to do something out there, you would have to point it, but it is a nice opportunity. And the demand drivers that are present and that we're talking about here on the left are what we're seeing broadly across our whole network.

因此存在著許多良好的需求因素。我們的管道 EPNG 已經滿了，所以我認為要在那裡做點什麼，你必須指出它，但這是一個很好的機會。而目前存在的需求驅動因素以及我們在左邊討論的因素是我們在整個網路中廣泛看到的。

And one more thing to add, it's not necessarily just a greenfield opportunity, right? There are -- we are looking at brownfield opportunities, smaller expansions that may make sense to unlock incremental capacity into the basin.

還有一點要補充，這不一定只是一個綠地機會，對吧？我們正在尋找棕地機會，規模較小的擴張可能有助於釋放盆地的增量容量。

Got it. That's very helpful there. And then just a higher-level macro question, if it could. We've seen WTI dip towards 60 and briefly below 60 here and concerns with regard to potential economic weakness ahead, as Rich talked about in the opening comments there. Just wondering, as far as your conversations with your producer customers, any change in tone there such as if WTI does step down into the 50s and stays there for a while and Bakken that of liquids-driven economics if you think that there could be changes in producer activity there and how that could impact KMI, although it's a smaller part of the business?

知道了。這非常有幫助。如果可以的話，這只是一個更高層次的宏觀問題。我們已經看到 WTI 跌向 60 並短暫跌破 60，並且對未來潛在的經濟疲軟感到擔憂，正如 Rich 在開場評論中談到的那樣。只是想知道，就您與生產商客戶的對話而言，那裡的語氣是否有任何變化，例如，如果 WTI 確實降至 50 年代並在那裡停留一段時間，而巴肯的液體驅動型經濟是否會發生改變，您是否認為那裡的生產商活動可能會發生變化，以及這將如何影響 KMI，儘管它只是業務中較小的一部分？

Yes. I mean our gathering business, I think, is roughly 8% of our overall business. And if you look at it, to date, I think it's too early to make any calls. We haven't -- the conversations that we have had with our producers, they haven't made any changes. I'd say, if you look at our gathering assets, you've got the Bakken, which is oil based, but GORs are going up.

是的。我的意思是，我們的收集業務大約占我們整體業務的 8%。如果你看一下，我認為到目前為止做出任何判斷都為時過早。我們沒有——我們與製片人進行過對話，他們沒有做出任何改變。我想說，如果你看看我們的收集資產，你會看到巴肯，它是以石油為基礎的，但 GOR 正在上升。

And then obviously, one of our largest positions is also in the Haynesville. And there, that's a dry natural gas play, and I'd say that the conversations there with our customers, as Tom alluded to earlier, have been more bullish where what they're talking about is potentially adding rigs beyond what we expected previously. Now that will take time, and we won't see that benefit till later in the year. But I'd say there is -- the natural gas side has been, I think, stronger than the conversations have been stronger than what we were originally expecting.

顯然，我們最大的部位之一也在海恩斯維爾。那裡有一個乾燥的天然氣田，我想說，正如湯姆之前提到的，我們與客戶的對話更加樂觀，他們談論的是可能會增加超出我們之前預期的鑽機數量。這需要時間，而且我們要到今年晚些時候才能看到成效。但我想說的是——我認為，天然氣的表現比我們最初預期的還要強勁。

Yes. And I guess to add one more comment to that. When you think about our geographic basins that we're -- we have our gathering systems in most of our acreage is in kind of the connections that we're on with Tier 1 H. So if you go back to when we were in COVID, I think we would stood the storm pretty well from a price standpoint, even in our liquid plays. And the natural offset, as Kim was mentioning, is the dry gas plays when that happens.

是的。我想再補充一則評論。當您考慮我們的地理盆地時 - 我們在大部分土地上都有收集系統，這與 Tier 1 H 有某種聯繫。因此，如果您回到我們處於 COVID 時期，我認為從價格的角度來看，即使在我們的液體遊戲中，我們也能很好地經受住風暴。正如 Kim 所提到的那樣，當這種情況發生時，自然的補償就是乾氣作用。

What we do see is we do see gas demand increasing. And so if the associated -- if the associated gas kind of tapers off a little bit, even though we didn't see that, we actually saw GORs increase when crude fell off. we will see a pickup in the Haynesville and the dry gas Eagle Ford plays because the demand has to be met.

我們確實看到天然氣需求增加。因此，如果伴生氣——如果伴生氣有點逐漸減少，儘管我們沒有看到這種情況，但我們實際上看到原油產量下降時伴生氣油耗 (GOR) 有所增加。我們將看到 Haynesville 和 Eagle Ford 乾氣產量回升，因為需求必須滿足。

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

My question here is a little bit energy equities in general has started pricing in a little bit of a recession. You touch a lot of end markets, whether it's gas or refined products, even jet fuel in your system, are you seeing any early signs of recessionary demand or what we see in the market is the volatility, the underlying demand in your system is holding up pretty well.

我的問題是，能源股總體上已經開始反映出一點衰退的跡象。您接觸到了許多終端市場，無論是天然氣還是成品油，甚至是您系統中的航空燃料，您是否看到了衰退需求的任何早期跡象，或者我們在市場上看到的是波動，但您系統中的潛在需求保持得相當好。

Well, I mean, I'd say a couple of things on that. So far, I think we're holding up pretty well. But refined products volumes in the quarter were up 2%. We saw strong natural gas demand. I think we're going to continue to see strong natural gas demand because -- and growing natural gas demand over the course of the year, because a lot of what is driving that is going to be the export LNG and that -- those volumes are coming on and a lot of those have take-or-pay contracts associated with them.

嗯，我的意思是，我想就此說幾件事。到目前為止，我認為我們表現得相當不錯。但本季成品油銷量成長了2%。我們看到了強勁的天然氣需求。我認為我們將繼續看到強勁的天然氣需求，因為——並且在今年天然氣需求不斷增長，因為推動這一需求的很大一部分將是液化天然氣出口——這些出口量正在增加，其中許多都與照付不議合約有關。

So I think you're going to see the uptick in gas demand over the course of the year. And as Tom said, we've got to refill storage. So one, I think we're too early. And two, I think when you look at natural gas, which is 60% of our business, I think there are some different factors that you really have to consider there than just US or cautionary pressures that drive that demand.

因此我認為你將會看到今年天然氣需求的上升。正如湯姆所說，我們必須補充儲存空間。所以，我認為我們還太早。其次，我認為，當你看天然氣（占我們業務的 60%）時，除了美國或警戒壓力推動這種需求之外，你還必須考慮一些不同的因素。

My quick follow-up here is, can we get some more details about this new bridge project that you added to the backlog? And the reason I'm asking you is, last year, you announced the Mississippi Crossing project. And within one month, you ended up upsizing the project. what's the possibility of you upsizing this bridge project?

我的快速跟進問題是，我們能否獲得有關您添加到積壓工作中的這個新橋樑項目的更多詳細資訊？我問您的原因是，去年您宣布了密西西比河穿越計畫。一個月之內，您就擴大了專案規模。您擴大這個橋樑計畫的可能性有多大？

Well, look, the possibilities are great, but I'm not going to comment on the timing. Obviously, our customers are going to dictate when we expand. I will tell you, South Carolina is one of the fastest-growing states that we see out there. Demand is growing from a power side, from a residential need standpoint. And like I said, the opportunity set around potential data centers could be there.

嗯，看，可能性很大，但我不會對時間發表評論。顯然，我們的客戶將決定我們何時擴張。我會告訴你，南卡羅來納州是我們所看到的發展最快的州之一。從電力方面、從居民需求的角度來看，需求正在成長。正如我所說的，潛在資料中心周圍可能存在機會。

So I think overall, we feel like we're positioned well for future growth. The platform is there now. This helps us establish the platform once this project is completed, and we're excited about the opportunity in South Carolina.

因此我認為總體而言，我們感覺我們已經為未來的成長做好了準備。該平台現已存在。這有助於我們在項目完成後建立平台，我們對南卡羅來納州的機會感到非常興奮。

John Mackay, Goldman Sachs.

高盛的約翰·麥凱。

I wanted to pull a couple of these together. I think on the last call, you kind of made the comment of saying, hey, we've done a lot of very big project announcements. Maybe the pace of those will slow. I think you showed today that you're still able to add a ton of small- to medium-sized ones to keep adding to that backlog. Is this -- not to put on the spot, was this an outsized kind of win? Or is this the kind of more regular way kind of backlog additions we could expect to see from here?

我想將其中幾個放在一起。我想在上次通話中，您曾說過，嘿，我們已經發布了很多非常大的專案公告。也許這些步伐將會減慢。我認為您今天已經表明，您仍然能夠添加大量中小型項目來繼續增加積壓訂單。這難道不是——坦白說，這是一種巨大的勝利嗎？或者這是我們可以期望從這裡看到的更常規的積壓增加方式嗎？

Yes. I mean, it's hard to predict. I think what -- exactly what we're going to be adding to the backlog. But as we've been saying this whole call, I mean the demand drivers behind the natural gas industry, which is over 60% of our business are very strong whether you look at LNG and Rich pointed out there that if you look, the LNG demand is expected to double. And most of that is going to be driven by projects that are FID or under construction.

是的。我的意思是，這很難預測。我認為——我們究竟要將哪些內容添加到積壓工作中。但正如我們在整個電話會議中所說的那樣，我的意思是天然氣行業背後的需求驅動力非常強勁，無論你是否看液化天然氣，液化天然氣的需求預計都會翻倍。其中大部分將由 FID 或在建項目推動。

And then he also pointed out that some of these -- as we get through tariff negotiations with some of these countries, that them buying gas from the US may be a way that they solve the balance of payments with the US And so even if you're in a potential trade war with China, there's other demand that could make up for that or actually be greater than what the demand coming out of China would be because, as Rich pointed out, they haven't been taking very much a and the LNG demand has been over one setting records.

然後他還指出，隨著我們與一些國家進行關稅談判，他們從美國購買天然氣可能是解決與美國國際收支平衡的一種方式，因此，即使你可能與中國發生貿易戰，其他需求也可能彌補這一缺口，或者實際上比來自中國的需求更大，因為正如里奇指出的那樣，他們的進口量並不大，而液化天然氣需求已經創下了歷史新高。

I think from the perspective of power and AI, when you look at AI I think that is going to be in our national security interest to win the AI rate. And so I think you'll continue to see demand for AI. And I think also as the cost Rich talked a little bit about D.C. But I think what you're hearing and what we've heard from a lot of the technology players as the cost of that technology comes down, we would expect more people to lose that. And so that demand driver is firmly in place.

我認為從權力和人工智慧的角度來看，當你看待人工智慧時，我認為贏得人工智慧率符合我們的國家安全利益。因此我認為你會繼續看到對人工智慧的需求。而且我認為，由於成本問題，里奇談到了華盛頓特區的情況。但我認為，正如你所聽到的以及我們從許多技術人員那裡聽到的，隨著技術成本的下降，我們預計會有更多人失去它。因此，需求驅動因素已穩固到位。

And then if we get more American manufacturing investment, I think that will drive demand growth for natural gas. So I think when you look at that and you say, so what is your outlook for projects look like? And it continues to be a robust outlook. And I will tell you that we've added [$900 million] on a gross basis to the backlog today. There's another $400 million of projects that our Board approved today, roughly $400 million now that we're close to signing contracts, so they approved on a contingent basis, and we haven't added to the backlog because we don't add the backlog until those contracts are signed. So I think you can hear that I think we feel even in the current economic environment where there is a lot of volatility out there, we feel very good about our business and the opportunity set that we have in front of us.

如果我們獲得更多美國製造業投資，我認為這將推動天然氣需求的成長。所以我認為當你看到這一點時，你會說，那麼你對專案的前景是什麼樣的？且其前景依然強勁。我可以告訴你們，今天我們的積壓訂單總額增加了 [9 億美元]。我們的董事會今天批准了另外 4 億美元的項目，現在我們即將簽署合同，大約有 4 億美元，所以他們是在有條件的基礎上批准的，我們沒有增加積壓項目，因為在這些合同簽署之前我們不會增加積壓項目。所以我想您可以聽出來，即使在當前充滿波動的經濟環境下，我們仍然對我們的業務和擺在我們面前的機會感到非常滿意。

Yes, I would just add that we have 70,000 miles of gas pipelines, we move 40% of the gas in America. And beyond that, we're located in the right places. All this LNG feed gas demand, the great bulk of it is along the Gulf Coast. A great part of the electric generation growth is also in the Southeastern United States and along the Gulf Coast. So if you just look at where we operate and the size of our operations, I think there's every opportunity to expand our positions. And coming back to Stifel's answer a couple of questions ago, the ability to expand off of these expansions that we've already announced is going to be incredible over the next several quarters, we believe.

是的，我只想補充一點，我們有 70,000 英里的天然氣管道，輸送美國 40% 的天然氣。除此之外，我們還位於正確的位置。所有這些液化天然氣原料氣需求，絕大部分來自墨西哥灣沿岸。發電量成長的很大一部分也發生在美國東南部和墨西哥灣沿岸。因此，如果你只看我們的經營地點和經營規模，我認為我們有足夠的機會擴大我們的業務。回到 Stifel 幾個問題之前的回答，我們相信，基於我們已經宣布的這些擴張，未來幾季的擴張能力將會非常驚人。

Rich, I appreciate that. Maybe just one follow-up. Kim, you mentioned permitting really for reform earlier in the call. Just curious if you could give us kind of like latest state of play there? And then specifically, just on maybe related note, Bridge coming online in 2030, not outside the realm of normal kind of FERC time lines, but maybe if you can kind of tie that into your view on kind of how long it takes to get things permitted now and where that could maybe go if we get some relief.

里奇，我很感激。也許只需一次後續行動。金，你在之前的通話中提到了允許進行改革。我只是好奇您是否可以向我們介紹那裡的最新情況？然後具體來說，可能相關的一點是，Bridge 將於 2030 年上線，這並不超出 FERC 的正常時間表範圍，但也許您可以將其與您對於現在獲得許可需要多長時間以及如果我們得到一些緩解可能會走向何方的看法聯繫起來。

Yes. I think we've had some conversations with the administration and with the energy Dominant's council. And I think those have all been positive conversations with everybody focused on, how do we get these projects in service earlier. And so you will see that we made a filing with the FERC on Monday of this week and that could accelerate timing on permits by up to five months. We'll have to see what the part does with that, but I think the administration will be supportive of that.

是的。我想我們已經與政府和能源主導委員會進行了一些對話。我認為這些都是正面的對話，每個人都專注於如何讓這些項目更早投入使用。因此，您會看到，我們已於本週一向聯邦能源管理委員會提交了文件，這可能會將許可證發放時間縮短最多五個月。我們將拭目以待該部門將如何處理這個問題，但我認為政府將支持這一點。

I think you've seen the core come out and the St. Louis office announced put out some preliminary guidance and then one of the other core offices put out some final guidance, which reduces time frames. We've got very positive interactions with parks and with fish. And so I think everybody is working in the same direction to try to get these projects in service early.

我想你已經看到核心文件出爐，聖路易斯辦公室宣布發布了一些初步指導，然後另一個核心辦公室發布了一些最終指導，這縮短了時間框架。我們與公園和魚類有著非常積極的互動。因此我認為每個人都在朝著同一個方向努力，爭取儘早讓這些項目投入使用。

Now obviously, if we can get them permitted earlier, then we've got to move to the supply chain. I think that will be somewhat of a challenge, but we'll be looking at ways to get to reduce the time that it takes to get these materials on to the right of way. And then we'll be looking at whether if we can't get the whole project in service, can we get portions of the project in service early that bring good economic value.

現在顯然，如果我們能夠提前獲得許可，那麼我們就必須轉向供應鏈。我認為這將是一個挑戰，但我們會尋找方法來減少將這些材料運送到通行權所需的時間。然後，我們會研究，如果無法讓整個專案投入使用，我們能否讓部分專案儘早投入使用，從而帶來良好的經濟價值。

So I think we've seen very good -- we've seen a commitment from the administration to try to expedite the timing on these. I'd also say from a deregulation perspective, we've seen good progress I think the good neighbor rule as it was drafted is essentially debt. You've seen the greenhouse gas reporting from the SEC, they withdrawn their support for that. And then you've seen other actions out of EPA where they're proposing to get rid of certain regulations. So I think all in all, most of what the administration is doing is very positive for our industry.

所以我認為我們看到了非常好的——我們看到了政府承諾努力加快這些進程。我還想說，從放鬆管制的角度來看，我們已經看到了良好的進展，我認為睦鄰規則的起草本質上就是債務。你已經看到了美國證券交易委員會的溫室氣體報告，他們撤回了對此的支持。然後你會看到美國環保署採取的其他行動，他們提議廢除某些法規。所以我認為總的來說，政府所做的大部分事情對我們的行業來說都是非常積極的。

Theresa Chen, Barclays.

巴克萊銀行的 Theresa Chen。

First, congratulations to Tom for his retirement and also congratulations to Dax and Mike were stepping into their new roles. I'd like to start by asking for an update on your strategy in the Bakken on the heels of Outrigger acquisition, coupled with the upcoming AH conversion to NGL. What are the next steps here for Kinder to capture more economic value in that value chain?

首先，恭喜湯姆退休，也祝賀達克斯和麥克走上新的崗位。首先，我想請問一下您在收購 Outrigger 之後以及即將進行的 AH 向 NGL 轉換期間在巴肯地區的戰略更新情況。金德下一步將採取什麼措施來在該價值鏈中獲取更多經濟價值？

Theresa, this is Steve. So one, I think -- the integration of the Outrigger plant has gone very well. We've got it embedded into our operations. I think the next step is looking for operational synergies, like I said, strategically for us. We got a plant north of the river up in the Bakken, which complements their existing footprint.

特蕾莎，這是史蒂夫。所以，我認為－Outrigger 工廠的整合進展非常順利。我們已將其嵌入到我們的營運中。我認為下一步是尋求營運協同效應，就像我說的，對我們來說具有戰略意義。我們在巴肯河北部建造了一座工廠，以補充他們現有的足跡。

When you couple that with our residue takeaway and now our planned NGL takeaway, we're just looking strategically at further elements of the value chain. That's really what I would say to this -- at this point. Obviously, up there, we're in a very competitive situation on the NGL side. So I won't comment until we get incremental contracts signed. But needless to say, we are looking at ways to add incremental value and capture more of that full value chain.

當你將其與我們的殘渣外賣以及現在我們計劃的 NGL 外賣結合起來時，我們只是從戰略上考慮價值鏈的更多要素。這就是我現在真正想說的話。顯然，在 NGL 方面，我們的競爭非常激烈。因此，在我們簽署增量合約之前，我不會發表評論。但不用說，我們正在尋找增加增量價值和獲得更多完整價值鏈的方法。

Did I answer your question?

我回答你的問題了嗎？

Yes, or as much as you can at this point. On the liquid side of things, just looking towards the pending closures of refineries in California with another one announced this morning, how much volumetric exposure or EBITDA? Could this impact for your -- could this impact your California pipeline and terminal assets within the product segment?

是的，或者現在盡可能多地做。就流動性方面而言，僅就加州即將關閉的煉油廠以及今天早上宣布的另一家煉油廠而言，其體積敞口或 EBITDA 是多少？這會影響您的產品領域內的加州管道和終端資產嗎？

Yes. We don't think it will. I mean the announcement you saw today certainly is not the first announcement on a refinery closure. And it probably won't be the last one. But the key to the throughput on our pipelines is the demand at the end of our pipelines. And as long as the demand exists there as long as people in the interior California, Nevada and Arizona, are driving and flying, that demand will still be there. And we think that our pipelines are the safest and most economic way to get that product there.

是的。我們認為不會。我的意思是，您今天看到的公告肯定不是第一個關於關閉煉油廠的公告。這可能也不會是最後一次。但管道吞吐量的關鍵在於管道末端的需求。只要那裡有需求，只要加州、內華達州和亞利桑那州內陸的人們還在開車或搭飛機，這種需求就仍然存在。我們認為，我們的管道是將產品運送到那裡最安全、最經濟的方式。

So the sources of supply may change, it may not be coming from the same refineries other refineries may make up four. You may have a waterborne barrels coming in either from Washington State or Asia, but we still think that the product has to get to the end markets and we're the best choice for it.

因此供應來源可能會發生變化，可能不是來自同一家煉油廠，而是來自其他四家煉油廠。您可能有來自華盛頓州或亞洲的水運桶，但我們仍然認為產品必須進入終端市場，而我們是最佳選擇。

Neal Dingmann, Truist Securities.

Truist Securities 的 Neal Dingmann。

My first question, folks is just on M&A specifically. It seems like given you all continue to be focused more on the natural gas demand megatrends, I'm just wondering, would you all consider selling down some energy transition assets to fund these gas initiatives?

各位朋友，我的第一個問題是關於併購的具體問題。鑑於你們都繼續更加關注天然氣需求大趨勢，我只是想知道，你們是否會考慮出售一些能源轉型資產來資助這些天然氣計畫？

Well, I guess, look, we like the assets that we own. And I think right now, we are fully able to fund our CapEx out of existing cash flow. And so I don't think selling assets is the best way generally to grow. And so we like the assets. They fit our strategy and not the best way to fund growth. And so we're going to fund our growth out of cash flow we have capacity on our balance sheet should that -- should we exceed cash flow in the existing year with respect to expansion CapEx. And then I think also if we ever wanted partners on something we could bring in partners on new projects at a very attractive cost of capital. So I don't look at selling those assets as being the best choice.

嗯，我想，看，我們喜歡我們擁有的資產。我認為現在我們完全有能力利用現有現金流來支付我們的資本支出。因此我認為出售資產通常不是實現成長的最佳方式。所以我們喜歡這些資產。它們符合我們的策略，但不是資助成長的最佳方式。因此，我們將利用現金流為我們的成長提供資金，我們的資產負債表上應該有容量——就擴張資本支出而言，我們應該在現有年度的現金流中超過這一水平。然後我認為，如果我們想要在某項專案上尋找合作夥伴，我們可以以非常有吸引力的資本成本引入合作夥伴參與新專案。因此我認為出售這些資產並不是最好的選擇。

No, that makes sense. And then, Kim, just -- something that just -- you talked about earlier, just you all mentioned in the prepared remarks, just the turbulent times. Is that -- I mean does that give you more, do you think opportunities to I don't know necessarily buy distressed assets, but it seems like there's still a lot of smaller deals out there. Does turbulent times like this provide maybe even more opportunities?

不，這很有道理。然後，金，正如你之前談到的，正如你們在準備好的發言中提到的，就是動盪的時期。這是——我的意思是，這是否會給你更多機會，你認為我不一定要購買不良資產，但似乎仍有很多小額交易。像這樣的動盪時期是否會提供更多的機會？

It could. Here's what I would say. I would say early in turbulence, I would say that people tend to back away from the market a little bit to just let things settle out. Over the longer term, if the turbulence causes people to get in trouble, I think that would present opportunity for us over time.

有可能。我想說的是：我想說，在動盪初期，人們往往會稍微退出市場，讓事情平靜下來。從長遠來看，如果動盪導致人們陷入困境，我認為從長遠來看這將為我們帶來機會。

Keith Stanley, Wolfe Research.

基斯‧史丹利（Keith Stanley），沃爾夫研究公司。

Wanted to start the statement in the release on pursuing substantial amount of additional LNG feed gas opportunities. Are you mainly competing to serve new under construction facilities? Or is that redundancy projects for existing LNG? And then relatedly, any update on commercial progress on expansion of Trident at some point?

想要在新聞稿中開始聲明尋求大量額外的液化天然氣原料氣機會。你們主要競爭的是為新建的在建設施提供服務嗎？還是這是現有液化天然氣的冗餘項目？那麼，與此相關的是，三叉戟擴張的商業進展有任何更新嗎？

Sure. So to your first question, on the incremental LNG demand, I think it's a combination. We're looking at new -- to be able to supply new facilities that are looking to FID and some that are very close to FID. And we're also looking at folks that are optimizing their existing systems, looking for diversity of supply. It's an all of the above approach. And I think we're talking to both sides there. On your latter question, in terms of progress. And I just want to make sure, if you could just repeat the last question.

當然。因此，對於您的第一個問題，關於液化天然氣需求的增量，我認為這是一個綜合因素。我們正在尋找新的——能夠為正在等待 FID 和一些非常接近 FID 的新設施提供新設施。我們也在關注那些正在優化現有系統、尋求供應多樣化的人。這是上述所有方法的綜合。我認為我們正在與雙方進行對話。關於你的後一個問題，就進展而言。我只是想確認一下，您是否可以重複最後一個問題。

On Trident.

在三叉戟上。

Trident, right? Yes. So progress on Trident, we made some -- we've made significant strides here. We're close to possibly expanding the scale of the project. And hopefully, here in the next quarter or so, we'll have some positive news to announce. But making good progress. There's a lot of interest. When you think about the West to East movements that we've been talking about for some time, it's a continued theme there that we're seeing.

三叉戟，對吧？是的。因此，我們在三叉戟專案上取得了一些進展——我們在這方面取得了重大進展。我們即將擴大該項目的規模。希望在下個季度左右，我們能宣布一些積極的消息。但進展良好。有很多興趣。當你想到我們一段時間以來一直在談論的從西向東的運動時，你會發現這是一個持續的主題。

Great. Second one, I just want to try again on the Double H conversion because it's kind of sneaking up on us early next year. Are the contracts you have with customers today to bring NGLs to Guernsey or do they go further than that? And I think you referenced in the prior question, wanting to secure incremental contracts. Can you elaborate at all on the strategy there?

偉大的。第二個，我只是想再次嘗試 Double H 轉換，因為它會在明年年初悄悄地到來。您現在與客戶簽訂的合約是否旨在將 NGL 運往根西島，還是說合約內容不止於此？我認為您在上一個問題中提到過，希望獲得增量合約。您能詳細闡述那裡的策略嗎？

Well, so at the risk of informing the competition, I'm going to pause on the detailed strategy, but I will tell you, we are looking at getting molecules to both Conway and Mont Belvieu at a very high level. And in terms of trying to garner incremental volumes, I think there's opportunities for us to add to the portfolio in terms of volumes that we move down Double H. And that's probably all I'm going to tell you today. I know Theresa tried earlier, but that's it.

好吧，冒著洩露競爭對手的風險，我將暫停討論詳細的策略，但我會告訴你，我們正在考慮以非常高的水平將分子送到康威和蒙特貝爾維尤。在嘗試獲得增量交易量方面，我認為我們有機會透過 Double H 來增加投資組合的交易量。這可能就是我今天要告訴你們的全部。我知道 Theresa 之前嘗試過，但僅此而已。

Zach Van Everen, TPH.

範弗倫（Zach Van Everen），TPH。

Maybe going back to the Haynesville, you mentioned growth in the '25 and '26, and we tend to agree with that statement. Could you just remind us I know you guys had the projects in '25 for [340] a day for the Haynesville. Could you remind how much capacity is open once those projects are online for that system?

也許回到海恩斯維爾，您提到了 25 年和 26 年的成長，我們傾向於同意這一說法。你能提醒我們一下嗎？我知道你們在 25 年為 Haynesville 制定了每天 [340] 美元的項目。您能否提醒一下，一旦這些項目上線，該系統將開放多少容量？

Yes. So when we talk about hydraulic capacity in the Haynesville, if I recall, last January, we were talking and we were kind of approaching capacity. And then we were planning on executing some projects in the second and third quarters. Obviously, in the price environment last year, we kind of fell off from a volume standpoint. I can tell you today we are kind of approaching that same point we are.

是的。因此，當我們談論海恩斯維爾的水力容量時，如果我沒記錯的話，去年一月，我們正在談論並且已經接近容量。然後我們計劃在第二季和第三季執行一些專案。顯然，在去年的價格環境下，從銷售角度來看，我們的銷售量有所下降。我可以告訴你們，今天我們正在接近同樣的目標。

So we've got a little bit of flex in the system. But I can -- what we see here is that across the summer, I think we're going to be back at capacity in the Haynesville, and we are actually discussing how we get ahead of it once again. So I think there's opportunities there for us to put some -- once again, very capital efficient, capital in terms of unlocking incremental capacity, but we've got to stay close to our producers, and we're obviously going to be very cautious to make sure that we see those volumes coming and then we'll put in the capacity.

因此我們的系統具有一點靈活性。但我可以——我們在這裡看到的是，整個夏天，我認為海恩斯維爾的產能將恢復正常，我們實際上正在討論如何再次領先。因此，我認為我們有機會投入一些——再一次，非常高效的資本，在釋放增量產能方面的資本，但我們必須與生產商保持密切聯繫，我們顯然會非常謹慎，以確保我們看到這些產量的到來，然後我們才會投入產能。

Perfect. That makes sense. And then maybe moving over to Texas, your announcement on the [TAOS] pipeline pretty low capital spend there. Is there an opportunity to upscale that or have other opportunities on your intrastate system within Texas around whether it's power or data center demand?

完美的。這很有道理。然後也許轉到德克薩斯州，您宣布的 [TAOS] 管道在那裡的資本支出相當低。是否有機會提升這一水平，或者在德克薩斯州的州內系統上是否有其他機會滿足電力或數據中心的需求？

Yes, sure. So look, that -- the Houston POWER-GEN project is an example of kind of what we're trying to pursue but relatively, it may be small in scale compared to everything else we've been talking about, it's -- there is -- it's a pretty -- once again, a very capital-efficient project. We just put in our Central Texas pipeline, right, that David talked about. We put that into service. That's a 30-inch trunk that basically feeds off of PHP into the Austin area.

是的，當然。所以你看，休士頓 POWER-GEN 計畫就是我們正在努力追求的一個例子，但相對而言，與我們討論的其他項目相比，它的規模可能較小，但它是一個非常——再一次，一個資本效率非常高的項目。正如大衛所說，我們剛剛鋪設了德克薩斯州中部的輸油管。我們將其投入使用。這是一個 30 英寸的主幹線，基本上將 PHP 輸送到奧斯汀地區。

Obviously, there's a lot of activity in and around that area. We're exploring power opportunities. There's organic growth there. And then we're also exploring some data center opportunities in that area. So I think we are positioned well with the platform. And as Rich talked about, you got the strain there. And then there's ancillaries that we can do on top of that straw. So lots of activity on the intrastate systems. I think both the Houston POWER-GEN, the South Texas to Houston and Central Texas are all examples of very capital-efficient projects that can garner very good opportunities.

顯然，該地區及其周邊地區有很多活動。我們正在探索電力機會。那裡有有機增長。然後我們也在探索該地區的一些數據中心機會。所以我認為我們在這個平台上處於有利地位。正如里奇所說的那樣，你在那裡感受到了壓力。然後我們可以在吸管上添加一些輔助設備。因此州內系統上有很多活動。我認為休士頓發電項目、南德州至休士頓項目以及中德州計畫都是資本效率極高的項目，能夠帶來非常好的機會。

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

我現在沒有其他問題了。

Okay. Thank you very much. Have a good evening.

好的。非常感謝。祝您晚上愉快。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。