金德摩根 (KMI) 2025 Q4 法說會逐字稿

Good afternoon and thank you for standing by, and welcome to the fourth quarter 2025 earnings results conference call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

下午好，感謝各位的耐心等待，歡迎參加2025年第四季財報電話會議。（操作說明）今天的會議正在錄音。如果您有任何異議，可以立即斷開連接。

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

現在我很高興將電話轉交給金德摩根公司執行董事長里奇金德先生。

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

謝謝你，米歇爾。在開始之前，像往常一樣，我想提醒各位，KMI今天發布的收益報告和本次電話會議包含1995年《私人證券訴訟改革法案》和1934年《證券交易法案》所指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.

在做出任何投資決定之前，我們強烈建議您閱讀我們在盈利報告末尾列出的關於前瞻性陳述和非GAAP財務指標使用的完整披露信息，並查看我們向美國證券交易委員會提交的最新文件，了解可能導致實際結果與此類前瞻性陳述中預期和描述的結果存在重大差異的重要假設、預期和風險因素。

I have only two comments before turning the call over to our CEO, Kim Dang and the team. First, we believe our bullish outlook on natural gas demand remains grounded in reality, and we expect to see very strong growth over the rest of this decade and beyond.

在將電話轉交給我們的執行長金當和團隊之前，我只有兩點要補充。首先，我們認為我們對天然氣需求的樂觀預期仍然有現實依據，我們預計在本十年剩餘時間和未來幾年內，天然氣需求將保持強勁增長。

Now while there are several important drivers of that growth, the largest and most certain driver remains the need for additional LNG feed gas to service both expansions of existing export facilities and new greenfield projects coming online.

雖然目前有幾個重要的成長驅動因素，但最大、最確定的驅動因素仍然是需要更多的液化天然氣原料氣來滿足現有出口設施的擴建和新綠地計畫的上線需求。

We now estimate feed gas demand will average 19.8 Bcf per day in 2026, which is an all-time record an increase of 19% from the daily average of 16.6 Bcf per day in 2025. And we see that demand increasing to over 34 Bcf per day by 2030.

我們現在估計，2026 年原料氣需求平均將達到每天 198 億立方英尺，創歷史新高，比 2025 年的每日平均需求量 166 億立方英尺增加 19%。我們預計到 2030 年，這項需求將增加到每天 340 億立方英尺以上。

This astounding growth is enormously beneficial to the midstream sector and especially to companies like Kinder Morgan that have extensive pipeline networks along the Texas, Louisiana Gulf Coast, which is the location of most of the export terminals present and future.

這種驚人的成長對中游產業，尤其是像金德摩根這樣的公司來說，具有巨大的益處。這些公司在德州、路易斯安那州墨西哥灣沿岸擁有廣泛的管道網絡，而這些地區正是目前和未來大多數出口碼頭的所在地。

Our throughput agreements for delivery of the feed gas are essentially take-or-pay in nature which gives us great confidence in the resulting cash flow. My second comment is specific to Kinder Morgan. You will hear from Kim and the team that we finished 2025 very strong compared to 2024 and to our budget for 2025.

我們與供應商簽訂的原料氣輸送協議本質上是照付不議的，這讓我們對由此產生的現金流充滿信心。我的第二個評論是專門針對金德摩根公司的。你會從 Kim 和他的團隊那裡聽到，與 2024 年相比，我們 2025 年的業績非常強勁，也達到了 2025 年的預算目標。

And as you know from our earlier release of the budget for 2026, we expect more good performance this year. Once again, the chief driver of our success in both years is the extraordinary strength of our natural gas assets.

正如您從我們之前發布的 2026 年預算中了解到的那樣，我們預計今年會有更好的業績。再次強調，我們連續兩年成功的主要驅動力是我們天然氣資產的強大實力。

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

接下來，我將把麥克風交給金。

Okay. Thanks, Rich. As Rich said, we had a fantastic fourth quarter, producing record results for the quarter and the year, much stronger than we anticipated when we announced our Q3 results. For the quarter, adjusted EBITDA was up 10% compared to the fourth quarter of last year and adjusted EPS grew 22%.

好的。謝謝你，里奇。正如 Rich 所說，我們在第四季度表現出色，季度和全年業績均創歷史新高，遠超我們公佈第三季業績時的預期。本季調整後 EBITDA 比去年第四季成長 10%，調整後每股收益成長 22%。

Those are big numbers for a stable midstream business like ours. The biggest driver of the outperformance was natural gas. It had an outstanding quarter and year. Our project backlog has increased by approximately $650 million to $10 billion.

對於像我們這樣穩定的中游業務來說，這些都是很大的數字。天然氣是推動業績超預期的最大因素。它本季和全年的業績都非常出色。我們的專案積壓金額增加了約 6.5 億美元，達到 100 億美元。

We added a little over $900 million in new projects which was offset by $265 million of projects placed in service. The most two significant additions are Florida Gas Transmission projects, both supported by long term for contracts.

我們新增了 9 億美元多一點的項目，但同時投入使用的 2.65 億美元項目也抵銷了這一損失。其中最重要的兩個新增項目是佛羅裡達天然氣輸送項目，這兩個項目都有長期合約支持。

Our backlog multiple remains below 6 times, which will drive very nice growth over the next few years. In addition, we're working on greater than $10 billion in project opportunities beyond the backlog. While we won't be successful on all of those, it gives you a sense of the tremendous market opportunity.

我們的積壓訂單倍數仍低於 6 倍，這將推動未來幾年非常可觀的成長。此外，我們也正在推動超過 100 億美元的專案機會，這些機會不屬於我們目前的積壓專案。雖然我們不可能在各方面都取得成功，但這能讓你感受到巨大的市場機會。

We believe we will continue to find attractive opportunities for years to come. Wood Mac currently projects the US natural gas market will continue to grow over the longer term, with an incremental 20 Bcf a day of demand growth between 2030 and 2035.

我們相信在未來幾年裡，我們將繼續發現有吸引力的機會。伍德麥肯錫目前預測，美國天然氣市場將在長期內持續成長，2030 年至 2035 年間，每日需求量將增加 200 億立方英尺。

Now a quick update on our three largest projects, MSX, South System 4 and Trident. We started construction on Trident last week. And for MSX and South System 4, we received our FERC scheduling order.

現在快速報告我們三個最大的項目：MSX、South System 4 和 Trident。我們上週開始建造三叉戟號。對於 MSX 和 South System 4，我們已經收到了 FERC 的調度命令。

The FERC anticipates issuing our final certificate by July 31, which is a schedule we requested but ahead of our original expectation. There's still a lot of work ahead, but all three projects are on budget and on or ahead of schedule.

聯邦能源監管委員會預計將於 7​​ 月 31 日頒發我們的最終證書，這是我們要求的進度安排，但比我們最初的預期要早。雖然前面還有很多工作要做，但這三個項目都在預算之內，並且按時或提前完成。

Another positive last week, S&P upgraded KMI to BBB+. That shows our balance sheet is in great shape.

上週還有一個好消息，標普將KMI的評級上調至BBB+。這說明我們的資產負債表狀況良好。

On the management front, I want to take a moment to recognize Tom Martin, who will retire at the end of this month for his wise counsel and the value he has helped delivered to our shareholders over his 23 years with the company.

在管理方面，我想藉此機會表彰湯姆·馬丁，他將在本月底退休，感謝他23年來為公司提供的明智建議以及為股東創造的價值。

As we have previously announced, Tom will continue to serve as an adviser to the OTC and the Board, so we'll continue to benefit from his perspective. We're excited to have Dax, who many of you know from his long tenure at the company step into the President's role.

正如我們之前宣布的那樣，湯姆將繼續擔任OTC和董事會的顧問，因此我們將繼續受益於他的見解。我們很高興達克斯（Dax）能夠擔任總裁一職，相信很多人都認識他，因為他在公司工作多年。

I'm looking forward to working with them closely as we continue to execute on our strategy. To sum it up, we had a great quarter and year. We also strengthened our balance sheet and advanced key projects with a $10 billion backlog and tremendous potential beyond that were set up for a very exciting future.

我期待與他們密切合作，繼續執行我們的策略。總而言之，我們度過了一個非常棒的季度和一年。我們也加強了資產負債表，推進了關鍵項目，積壓訂單達 100 億美元，未來還有巨大的發展潛力，為了一個非常令人振奮的未來奠定了基礎。

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

那麼，接下來就交給湯姆了。

Thanks, Kim. I appreciate the kind words. Starting with the natural gas business unit, transport volumes were up 9% in the quarter versus the fourth quarter of 2024, primarily due to increased LNG feed guest deliveries on Tennessee Gas Pipeline.

謝謝你，金。感謝您的鼓勵。以天然氣業務部門為例，本季運輸量比 2024 年第四季成長了 9%，主要是由於田納西天然氣管道的液化天然氣原料客戶交付量增加。

But the full year transport volumes were up 5% over 2024. Natural gas gathering volumes were up 19% in the quarter from the fourth quarter 2024 across all of our G&P assets with the largest impact being from our Haynesville system.

但全年運輸量比 2024 年增加了 5%。本季天然氣收集量較 2024 年第四季成長 19%，涵蓋我們所有的 G&P 資產，其中海恩斯維爾系統受到的影響最大。

Sequentially, total gathering volumes were up 9% and the full year 2025 gathering volumes were up 4% versus 2024. We experienced a significant ramp-up from our producer customers during the quarter to meet the growing LNG demand.

2025 年全年總收集量較上季成長 9%，2025 年全年收集量比 2024 年成長 4%。本季度，為了滿足不斷增長的液化天然氣需求，我們的生產商客戶大幅提高了產量。

Our Haynesville gathering system, for example, set a daily throughput record of 1.97 Bcf a day on December 24. Looking forward, we continue to see significant incremental project opportunities across our natural gas pipeline network.

例如，我們的海恩斯維爾集氣系統在 12 月 24 日創下了每天 19.7 億立方英尺的吞吐量記錄。展望未來，我們將繼續看到天然氣管道網路中出現大量新增項目機會。

For example, we are in various stages of development to potentially serve more than 10 Bcf a day of natural gas demand in the power generation sector. In our products pipeline segment, refined products volumes were down 2% in the quarter compared to the fourth quarter 2024.

例如，我們正處於不同的開發階段，以期滿足發電業每天超過 100 億立方英尺的天然氣需求。在我們的產品管線業務板塊，本季成品油產量比 2024 年第四季下降了 2%。

For the full year 2025 refined products lines are about equal to '24. Crude and condensate volumes were down 8% in the quarter compared to the fourth quarter of 2024.

2025 年全年成品油產量與 2024 年大致相同。與 2024 年第四季相比，本季原油和凝析油產量下降了 8%。

More than all of that decline is driven by taking double age out of service for the NGL conversion project early in the third quarter of 2025. Excluding HH volumes in both periods, crude and condensate volumes were up 6% in the quarter compared to the fourth quarter of '24.

造成這種下降的主要原因是，在 2025 年第三季初，為了 NGL 轉換項目，雙齡機組停止運作。如果排除兩個時期內的 HH 產量，本季原油和凝析油產量比 2024 年第四季成長了 6%。

On January 16, 2026, KMI and Phillips 66 announced the start of the second open season on their proposed Western Gateway Pipeline system. Western Gateway Pipeline will connect Midwest and other refinery supply to Phoenix into California with connectivity to Las Vegas, Nevada via KMI's CALNEV Pipeline.

2026 年 1 月 16 日，KMI 和 Phillips 66 宣布啟動其擬建的西部門戶管道系統的第二次公開招標。西部門戶管道將把中西部和其他煉油廠的燃料供應輸送到加州的鳳凰城，並透過 KMI 的 CALNEV 管道連接到內華達州的拉斯維加斯。

The second open season, which concludes on March 31, 2026 is for the remaining pipeline capacity and adds new access to the Los Angeles market via a joint era supported by the planned reversal of one of KMI's existing SFPP lines between Watson and Colton, California.

第二次公開招標將於 2026 年 3 月 31 日結束，針對剩餘的管道產能，並透過共同開發，為洛杉磯市場增加新的通道。該聯合開發計劃支持 KMI 現有的一條 SFPP 管道在加利福尼亞州沃森和科爾頓之間的反向運行。

In addition to expanding the offer destinations, the second open season adds additional origin points to enable supply diversification and optionality for our customers. We believe this project provides an attractive supply alternative for markets in Arizona and California.

除了擴大供應目的地外，第二個開放季還增加了額外的原產地，以實現供應多樣化，並為我們的客戶提供更多選擇。我們相信該項目為亞利桑那州和加利福尼亞州的市場提供了一個有吸引力的供應替代方案。

In our Terminals business segment, our liquids lease capacity remained high at 93%. Market conditions remain supportive of strong rates and the utilization of tanks available for use is 99% at our key hubs on the Houston Ship Channel and at Carteret, New Jersey.

在我們的碼頭業務部門，我們的液體租賃能力保持在93%的高點。市場狀況仍然有利於保持強勁的運價，我們在休士頓航道和新澤西州卡特雷特的主要樞紐的可用儲罐利用率達到 99%。

Our Jones Act tanker fleet remains exceptionally well contracted, assuming likely options are exercised. Our fleet is 100% leased through 2026, 97% leased through 2027 and 80% leased through 2028.

假設所有可能的選項都得到執行，我們的瓊斯法案油輪船隊仍然擁有非常充足的合約。我們的車隊在 2026 年之前 100% 已租賃，在 2027 年之前 97% 已租賃，在 2028 年之前 80% 已租賃。

We have opportunistically chartered a significant percentage of our fleet at higher market rates and have an average length of firm contract commitments of more than three years.

我們抓住機會，以更高的市場價格租用了我們船隊的很大一部分船隻，並且平均簽訂的固定合約期限超過三年。

The CO2 segment experienced 1% lower oil production volumes lower NGL volumes and 2% lower CO2 volumes in the quarter versus the fourth quarter of 2024. For the full year 2025 all volumes are about 2% below '24 but finished strong in the quarter to be slightly above our plan for the year.

與 2024 年第四季相比，本季 CO2 業務的石油產量下降了 1%，NGL 產量下降了 2%，CO2 產量下降了 2%。2025 年全年所有銷量比 2024 年下降約 2%，但本季表現強勁，略高於我們全年的計劃。

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

接下來，我將把麥克風交給大衛。

Thank you, Tom. This quarter, we're declaring a quarterly dividend of $0.2925 per share, which is $1.17 per share annualized, up 2% from 2024. For the fourth quarter, we generated net income attributable to KMI of $996 million and EPS of $0.45, 49% and 50% above the fourth quarter of 2024.

謝謝你，湯姆。本季度，我們宣布派發每股 0.2925 美元的季度股息，年化股息為每股 1.17 美元，比 2024 年增長 2%。第四季度，歸屬於 KMI 的淨利潤為 9.96 億美元，每股收益為 0.45 美元，比 2024 年第四季成長 49% 和 50%。

This quarter's results included a gain on an asset sale which we treat as a certain item. Excluding certain items, our adjusted net income and adjusted EPS still grew very nicely, both 22% above the fourth quarter of 2024.

本季業績包含一項資產出售收益，我們將其視為確定性項目。在剔除某些項目後，我們的調整後淨收入和調整後每股收益仍然實現了非常不錯的增長，均比 2024 年第四季度增長了 22%。

Our growth was driven by newly placed in service natural gas expansion projects, contributions from our Out River acquisition and continued strong demand for natural gas transport, storage and related services. For the full year 2025, we beat our budget by more than the contributions from our Outrigger acquisition.

我們的成長得益於新投入使用的天然氣擴建項目、Out River 收購帶來的貢獻以及對天然氣運輸、儲存和相關服務的持續強勁需求。2025 年全年，我們的預算超支，超出部分超過了收購 Outrigger 帶來的收益。

Outperformance came from our natural gas business, driven by greater value on transport capacity and ancillary services. Our Terminals segment also generated better-than-budgeted contributions. We budgeted to grow adjusted EBITDA by 4% and adjusted EPS by 10% from 2024.

我們的天然氣業務業績表現優異，這主要得益於運輸能力和輔助服務方面更高的價值。我們的碼頭業務板塊也取得了超出預算的收益。我們預計從 2024 年起，調整後 EBITDA 將成長 4%，調整後 EPS 將成長 10%。

We actually grew adjusted EBITDA by 6% and adjusted EPS by 13%. Our 2025 EBITDA and net income were all-time record levels of Kinder Morgan. Moving on to the balance sheet. As we continue to grow our cash flows and take a disciplined approach to capital allocation, our balance sheet continues to strengthen.

我們實際實現了調整後 EBITDA 成長 6%，調整後每股盈餘成長 13%。我們2025年的EBITDA和淨收入都創下了金德摩根公司的歷史最高紀錄。接下來來看資產負債表。隨著現金流的持續成長和資本配置的嚴格把控，我們的資產負債表不斷增強。

Our net debt to adjusted EBITDA ratio improved to 3.8 times, down from 3.9 times last quarter and down from 4.1 times at the end of the first quarter, which was immediately following the acquisition of Outrigger.

我們的淨負債與調整後 EBITDA 比率改善至 3.8 倍，低於上季的 3.9 倍，也低於第一季末的 4.1 倍，而第一季末正是在收購 Outrigger 之後。

Since the end of 2024, our net debt has decreased $9 million despite nearly $3 billion of total investments in growth products and the acquisition. So we'll go through a high-level reconciliation. We generated cash flow from operations of $5.92 billion. We've spent $2.6 billion in dividends.

自 2024 年底以來，儘管我們在成長產品和收購方面總共投資了近 30 億美元，但我們的淨債務減少了 900 萬美元。因此，我們將進行一次高層次的核對。我們透過經營活動產生了59.2億美元的現金流。我們已支付了26億美元的股利。

We invested $3.15 billion in total CapEx, including growth sustaining and our contributions to joint ventures. We spent approximately $650 million on the Outrigger acquisition. We've received $380 million on divestitures, primarily the EagleHawk sale.

我們在資本支出方面總共投資了 31.5 億美元，其中包括維持成長所需的資金和對合資企業的投入。我們在收購 Outrigger 上花費了大約 6.5 億美元。我們透過資產剝離獲得了 3.8 億美元，主要來自 EagleHawk 的出售。

And then we had all other items a source of cash of about $100 million. That gets you close to the $9 million decrease in net debt for the year. The rating agencies have recognized our strengthened financial profile.

此外，我們還有其他項目，總共大約有 1 億美元的現金來源。這樣就接近了今年淨債務減少 900 萬美元的目標。評級機構認可了我們增強的財務狀況。

Last week, S&P upgraded us to BBB positive. Fitch upgraded us to BBB+ during the summer of 2025, and we're on positive outlook by Moody's. So as has already been mentioned, but I'll mention again, 2025 was an exceptionally strong year, a record same year, in fact.

上週，標普將我們的評級上調至 BBB 級（正面）。2025 年夏季，惠譽將我們的評級上調至 BBB+，穆迪也給予我們正面展望。正如之前已經提到的，但我還要再說一遍，2025 年是一個異常強勁的年份，事實上，它創下了紀錄。

We beat our budget and delivered double-digit earnings growth. We grew our backlog from $8.1 billion to $10.0 billion despite placing $1.8 billion of projects into service meaning we added $3.7 billion of projects to the backlog during the year.

我們超額完成了預算目標，並實現了兩位數的獲利成長。儘管我們投入營運的項目價值 18 億美元，但我們的積壓項目卻從 81 億美元增加到 100 億美元，這意味著我們在這一年中增加了 37 億美元的積壓項目。

We improved our balance sheet. We achieved credit rating upgrades and expect meaningful cash flow benefits from tax reform which will generate additional investment capacity. We have very positive momentum heading into 2026.

我們改善了資產負債表。我們獲得了信用評級提升，並預期稅制改革將帶來可觀的現金流收益，從而產生額外的投資能力。進入2026年，我們擁有非常積極的發展動能。

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

那麼，接下來我就把麥克風交還給金了。

Michelle, if you'll come back on, and we'll take questions.

米歇爾，如果你能再上來一下，我們來回答問題。

(Operator Instructions) Julien Dumoulin-Smith, Jefferies.

（操作說明）朱利安·杜穆蘭-史密斯，傑富瑞集團。

Look, if I can kick it off more on the data center front. You guys talk about the 70% number with respect to where you have exposure and aligned with data center opportunities. Can you talk a little bit about what you're seeing actively on that front?

聽著，如果我能在資料中心方面取得更多進展的話。你們談到70%這個數字，指的是你們在資料中心領域擁有的曝光度和機會。您能否談談您目前在這一領域觀察到的積極進展？

Obviously, we saw the announcement here, perhaps that seeks out a little bit. But how do you think about that regionally in terms of further data points we should be seeing through the course of the year? And I've got a quick follow-up.

顯然，我們在這裡看到了公告，也許這能稍微引起一些關注。但從區域角度來看，您認為我們應該在今年內看到哪些進一步的數據點？我還有一個後續問題。

Okay. I'm not exactly sure about the 70%. But if you look at our $10 billion backlog, about 60% of our backlog is associated with power projects. That's not just data center, that's anything associated with power.

好的。我不太確定70%這個數字。但如果你看一下我們100億美元的積壓訂單，你會發現其中約60%與電力項目有關。這不僅僅是指資料中心，而是指與電力相關的一切。

And if you think about the opportunities on the power side, I think a great example is if you look in the state of Georgia, where Georgia Power, recently, I think the end of November filed a revised IRP. And they're projecting 53 gigawatts of power demand between now and the early 2030s.

如果你考慮一下電力方面的機遇，我認為一個很好的例子就是佐治亞州，佐治亞電力公司最近，我認為是在 11 月底提交了一份修訂後的 IRP。他們預測，從現在到 2030 年代初，電力需求將達到 53 吉瓦。

And so from a gas perspective, if that was 100% gas, that would be like 10 Bcf a day, roughly, depending on the conversion metrics you use. And we expect that a significant portion of that will be gas, and that's just one utility in one state.

因此，從天然氣的角度來看，如果這完全是天然氣，那麼每天大約就是 100 億立方英尺，具體數值取決於你使用的轉換指標。我們預計其中很大一部分將是天然氣，而這只是一個州的一家公用事業公司的情況。

And so what we're seeing across our network, whether that's in Georgia or South Carolina or Louisiana or Arkansas or Texas or New Mexico, Colorado, mean we are seeing similar stories just across our network.

因此，無論是在喬治亞州、南卡羅來納州、路易斯安那州、阿肯色州、德克薩斯州、新墨西哥州或科羅拉多州，我們整個網路中都看到了類似的故事。

And the other thing is you look at power demand, we've got a higher power demand growth between 2025 and 2030. Wood Mac has and their most recent estimates increased theirs.

另一方面，看看電力需求，2025 年至 2030 年間，電力需求成長將更為顯著。伍德麥克公司已經提高了他們的估值。

And if you look at Wood Mac between 2030 and 2035, they think the power growth, at least in their projections, is greater between 2030 and 2035, than it is in their projections between '25 and '30.

如果你看看伍德麥肯錫對 2030 年至 2035 年的預測，他們認為，至少在他們的預測中，2030 年至 2035 年的電力成長幅度大於 2025 年至 2030 年的預測幅度。

So this is something that is driving significant amount of projects. It's also a significant driver of the potential opportunities that we have, and we think will last for a decade.

所以，這是推動大量專案進度的因素。這也是我們所擁有的潛在機會的重要驅動因素，我們認為這種機會將持續十年。

Excellent. If I can just firm up a little bit more on the SSC 5 setup in timing. What are you looking to move forward on that? How are you thinking about timing?

出色的。如果我能讓 SSC 5 的正時設定再完善一些就好了。你打算在這方面有哪些進展？你覺得時機安排如何？

And then even more specifically, if you could speak to, are you thinking about this as being a compression first or looping kind of project initially? And what level of signed utility load would unlock a more formal filing?

更具體地說，如果您能談談的話，您最初是打算先考慮壓縮還是循環類型的項目？達到怎樣的公用事業負載簽約量才能觸發更正式的備案程序？

Yes, Julien, this is Staples. So look, in terms of timing, we see strong interest in the Southeast, and we continue to work with the customer base in terms of what the final scope looks like, that all depends on final subscription.

是的，朱利安，這裡是史泰博公司。所以，就時間安排而言，我們看到東南地區對此表現出濃厚的興趣，我們將繼續與客戶群合作，確定最終的範圍，而這一切都取決於最終的訂閱情況。

I do see it more than just compression. I think there could be some more brownfield looping. But once again, it's early.

我認為這不僅僅是壓縮的問題。我認為還可以進行更多棕地循環利用。但現在還為時過早。

We're working through the demand dynamics with our customer base. We do see opportunity there, and it is competitive. So we will continue to report as we go along. But ultimately, the sign deals, what drives the announcement.

我們正在與客戶群共同探討需求動態。我們確實看到了那裡的機會，但競爭也很激烈。所以我們會繼續隨時報道。但歸根究底，是簽約協議，是推動公告發布的因素。

Jackie Caleres, Goldman Sachs.

傑基·卡萊雷斯，高盛。

First, I just wanted to start on the next steps on the Western Gateway following the second open season launch last week. How do you think about allocating capital towards this project versus natural gas opportunity set? And how do those returns compare?

首先，我只想在上週第二次開放季啟動後，開始著手西部門戶計畫的後續步驟。您如何看待將資金分配給這個專案和天然氣投資機會之間的關係？這些回報率如何比較？

Yeah. I mean on every project, we look at based on risk and return. And so I think we have a middle-of-the-road return that we expect and then we vary off that based on the stability, the duration and the creditworthiness of the cash flows.

是的。我的意思是，對於每個項目，我們都會根據風險和回報進行評估。因此，我認為我們預期的回報是中等水平的，然後我們會根據現金流的穩定性、持續時間和信用度對此進行調整。

And so it's you've got stronger creditworthy parties and longer cash flows and take-or-pay, then you come off that return down from that return a little bit. And if you have those things are less and you go above that return.

因此，如果交易雙方信用狀況良好，現金流週期更長，並且採用照付不議的模式，那麼回報率就會比之前下降。如果你擁有的那些東西較少，而你的收益卻高於這個水平。

All these returns are significantly above our cost of capital. And so I think if we proceed on Western Gateway, we will have long-term shipper contracts there. And I expect those shipper contracts will be largely from creditworthy counterparties.

所有這些回報都遠高於我們的資金成本。所以我認為，如果我們繼續推進西部門戶項目，我們將與那裡的貨運商簽訂長期合約。我預計這些托運人合約將主要來自信譽良好的交易對手。

And if not, we would have some credit support. So we don't, at this point, have limited capital. I think we can easily fund this project and do all the natural gas projects that we're talking about. Another point I'd point out on Western Gateway, which is we are contributing assets to that.

如果不行，我們也可以申請一些信貸支援。所以，目前我們並不面臨資金短缺的問題。我認為我們完全有能力為這個項目籌集資金，並完成我們正在討論的所有天然氣項目。關於西部門戶項目，我還想指出一點，那就是我們正在為該項目貢獻資產。

And so our cash contribution will be less than we're going to, we're setting up a 50-50 joint venture with P66. It would be less than half of the cost of the overall project because we're contributing value for contributing assets or part of our contribution.

因此，我們的現金出資將比我們預期的要少，我們將與 P66 成立一家 50-50 的合資企業。由於我們透過貢獻資產或部分貢獻來創造價值，因此總成本將不到專案總成本的一半。

Got it. That's helpful. And then just as a follow-up, leverage ended around 3.8 times in the quarter. How do you think about maintaining leverage levels towards the midpoint of your long-term guide of 3.5 times to 4.5 times range versus leveraging up towards that high end if there are multiple CapEx opportunities?

知道了。那很有幫助。然後，作為後續補充，該季度槓桿率約為 3.8 倍。您如何看待將槓桿水平維持在長期指導範圍 3.5 倍至 4.5 倍的中點附近，還是在有多個資本支出機會的情況下將槓桿水平提高到上限？

Well, I'd say right now, what we've said is we're going to spend about $3 billion per year in CapEx. Now that won't be a perfect ground, $3 billion because you just have timing of spend, but roughly $3 billion a year. And we have the ability to flip on that 100% out of cash flow.

嗯，我想說的是，目前我們已經宣布，我們將每年在資本支出方面投入約 30 億美元。當然，30億美元這個數字並不完全準確，因為這取決於支出的時間安排，但大致上每年30億美元。我們有能力完全利用現金流進行投資。

The other thing I'd point out is that as our $10 billion backlog of projects come online at our debt-to-EBITDA actually declines over time. And so that creates more balance sheet capacity.

我還要指出一點，隨著我們100億美元的積壓項目陸續上線，我們的債務與EBITDA之比實際上會隨著時間的推移而下降。這樣就能增加資產負債表的償付能力。

So for every 0.1 times of leverage, that $850 million of capacity. So I think we've got a ton of capacity even without leveraging up closer to the 4.5 times. And I don't think we have intention of getting close to that level. So I think we've got plenty of capacities to accommodate the opportunities that we see out there.

因此，每增加 0.1 倍槓桿，就能增加 8.5 億美元的產能。所以我認為，即使不將槓桿率提高到接近 4.5 倍，我們也擁有大量的產能。而且我認為我們並沒有打算達到那個水平。所以我認為我們有足夠的能力來抓住我們所看到的各種機會。

Theresa Chen, Barclays.

特蕾莎·陳，巴克萊銀行。

Kim, I hear you loud and clear on the less than 50% of capital contribution on Western Gateway because you're contributing SSPP. When we think about the net EBITDA impact to Kinder, I'm assuming this project moves forward, how should we quantify the displacement of existing SSPP EBITDA? How much is that contributing currently?

Kim，我完全明白你說的西部門戶計畫出資不足 50% 的原因，因為你投入的是 SSPP。當我們考慮該專案對 Kinder 的淨 EBITDA 影響時，假設該專案得以推進，我們應該如何量化現有 SSPP EBITDA 的替代量？目前這方面的貢獻有多大？

Well, I think two things. One, Theresa, I think we're really early. And so we've got to get through the open season, we've got negotiations to do with our partner on the specifics. And so I think we've got to finalize costs, et cetera. So I think it's too early to go through that at this point.

嗯，我想有兩件事。特蕾莎，我覺得我們現在還很早。所以我們必須度過這段開放期，我們需要與合作夥伴就具體細節進行談判。所以我覺得我們必須最終確定成本等等。所以我覺得現在討論這個問題還太早。

Understood. Maybe turning to a different portion of your liquids business. Could you provide an update on the progress of the HH conversion and in light of recent upstream developments in the Bakken and the increasingly challenged near-term outlook for the basin, how are you thinking about the expected NGL throughput and EBITDA contribution from this project?

明白了。或許可以轉向液體業務的其他部分。能否提供 HH 改造專案的最新進展？鑑於巴肯盆地近期上游發展以及該盆地近期前景日益嚴峻，您如何看待該專案預期的 NGL 產量和 EBITDA 貢獻？

Sure. I mean the project is going to come on probably late first quarter, early second quarter. and that's Phase 1. And then with respect to the future phases, that's something we continue to work on.

當然。我的意思是，這個專案大概會在第一季末或第二季初啟動，這是第一階段。至於未來的階段，這也是我們繼續努力的方向。

Yes. Theresa, Broadly, though, I mean, we still given the recent pullback, it's just a matter of time. I think our initial phase is well contracted. We see the volumes behind it. These are coming from our plants, and so we have visibility there.

是的。特蕾莎，總的來說，我的意思是，考慮到最近的回調，這只是時間問題。我認為我們的初始階段已經很好地完成了任務。我們看到了背後的數據量。這些產品都來自我們自己的工廠，所以我們對這方面的情況瞭如指掌。

So I don't think as far as Phase 1 is concerned, and that is probably on the earlier side of the time frame that Kim gave you in terms of where we come in I think as we look to look to the next phase, we continue to have discussions, positive discussions with our customers.

所以，就第一階段而言，我認為還不是這樣。這可能比金給出的時間框架要早一些，就我們目前所處的階段而言，我認為，當我們展望下一階段時，我們將繼續與客戶進行積極的討論。

We'll monitor the overall macro situation, and we'll make the investment decision accordingly. That being said, we still have that in front of us.

我們將密切關注宏觀經濟形勢，並據此做出投資決策。也就是說，我們面前仍然有這個挑戰。

And I think the other thing is GORs are growing in the Bakken.

我認為另一件事是，巴肯頁岩油氣田的油氣產量正在增加。

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

Yes, maybe if I could just ask maybe a different way at the same question to some degree, with Continental Resources effectively I think they're going to stop drilling in the Bakken.

是的，也許我可以換個方式問同一個問題，在某種程度上，我認為大陸資源公司實際上會停止在巴肯頁岩油田的鑽探。

I'm wondering if you can talk about, at least for now, can you talk about how meaningful a customer they are, either your current business? Or were they were contemplated to be for HH and if that has an impact on the further expansion?

我想知道您能否談談，至少目前來說，您能否談談他們對您目前的業務有多重要？或者它們是否曾被考慮用於 HH，這是否會對進一步的擴張產生影響？

So yeah, if you look at the EBITDA that we get from Bakken or EBDA, it's about 3% of Kinder Morgan or all. Obviously, Continental makes up a piece of that. We don't think that there's going to be any material impact from the Continental news.

所以，如果你看一下我們從巴肯油田獲得的 EBITDA 或 EBDA，它大約佔金德摩根全部利潤的 3%。顯然，大陸集團佔了其中的一部分。我們認為大陸航空的消息不會產生任何實質影響。

We think that the impact is very manageable, that's one because it's 3% of our EBITDA. But it's also because volumes came into the year a little stronger than we were expecting. And it's also because they're going to continue to complete wells through August and because they are just one of a number of customers we have out there.

我們認為影響是可以控制的，原因之一是它只占我們 EBITDA 的 3%。但這也是因為年初的交易量比我們預期的還要強。這也是因為他們將持續到八月完成油井作業，而且他們只是我們眾多客戶之一。

Okay. Great. That makes sense. And then I just wanted to ask, in light of the asset sale that you did here in late 2025. Are there more noncore assets that you're actively looking to sell?

好的。偉大的。這很有道理。然後，鑑於您在 2025 年底進行的資產出售，我想問一下。您還有其他非核心資產正在積極尋求出售嗎？

And strategically, are there segments or areas of the business that you're more inclined to reduce your exposure to?

從策略角度來看，您是否更傾向於減少對某些業務領域或板塊的投資？

Okay. Yeah. Let me talk about the EagleHawk sale first. First of all, on that, that's not an asset that we were looking or planning to sell. Our partner approached us because they were selling at least a portion of their interest and based on the price that we could achieve it made sense to sell.

好的。是的。我先來說說EagleHawk的出售事宜。首先，關於這一點，那並不是我們正在尋找或計劃出售的資產。我們的合作夥伴主動聯繫我們，因為他們要出售至少一部分股份，而且根據我們所能達到的價格來看，出售是合理的。

It's an 8.5 times multiple on a non-operated minority interest in the GMT asset. And when we looked at the reinvestment opportunity, meaning if we we're buying at the price that we propose to sell and we look at the cash flows, those were going to be below our cost of capital.

這是 GMT 資產中非營運少數股權的 8.5 倍估值。當我們考慮再投資機會時，也就是說，如果我們以我們計劃出售的價格買入，並且我們查看現金流，這些現金流將低於我們的資本成本。

So and that included taking in into account any tax impact from the sale. So we thought it made sense. It was a good economic decision to sell that asset and recycle that capital.

因此，這其中也包括考慮此次出售可能帶來的任何稅務影響。所以我們認為這樣做是合理的。出售該資產並回收資金是一個明智的經濟決策。

And so that's generally the way that we have been approaching sales of assets, which has been more opportunistic. As we say, our assets are for sale every day at the right price. And so we want to make good economic decisions about that.

因此，我們通常都是以這種方式進行資產出售，這種方式更注重機會主義。正如我們所說，我們的資產每天都會以合適的價格出售。所以我們希望在這方面做出合理的經濟決策。

We like the portfolio of assets that we have today, 60, it's 2/3 natural gas and 26% is product pipelines and terminals, very similar pipeline and storage business. So the 7% is CO2, which is a little bit different, but we get great returns on that business, and we have an expertise that a lot of people don't have.

我們喜歡我們目前擁有的資產組合，60%，其中 2/3 是天然氣，26% 是成品油管道和終端，管道和倉儲業務非常相似。所以，7%是二氧化碳，這有點不同，但我們從這項業務中獲得了豐厚的回報，而且我們擁有許多人不具備的專業知識。

So I think we're very comfortable with the suite of assets that we have, and this was just an opportunistic sale that made sense.

所以我覺得我們對現有的資產組合非常滿意，這次出售只是一個順理成章的機會。

Jeremy Tonet, JPMorgan.

傑里米·託內特，摩根大通。

I was just curious for your thoughts, I guess, industry at large and what opportunities it could present to you down the road just if we think about Waha egress.

我只是好奇您對整個行業以及未來可能為您帶來哪些機會的看法，就拿 Waha 出口來說吧。

One, we have some pretty cold weather coming up in during Yuri, that presented opportunities for Kinder last fall round. So just wondering if you could share any thoughts there.

第一，尤里期間我們將迎來相當寒冷的天氣，這為去年秋季的 Kinder 提供了機會。所以，我想問您是否有什麼想法。

Well, look, we as always here, when we look at the footprint, given our footprint, we're able to leverage basis dislocations that occurred. First and foremost, we want to serve our customers.

嗯，你看，我們一如既往地，當我們審視我們的足跡時，鑑於我們的足跡，我們能夠利用發生的基差錯位。首先，我們想為我們的客戶服務。

And then to the extent that these opportunities present themselves, we've been taking a little more of a proprietary view on certain things in certain areas, strategically, small amounts. And so to the extent that, that presents itself, we'll be able to leverage that.

然後，當這些機會出現時，我們會在某些領域採取一些更具專有性的觀點，進行一些策略性的、小規模的投資。因此，如果發生這種情況，我們將能夠加以利用。

Yes. But I don't think this storm is not a year.

是的。但我認為這場風暴並非一年之久。

It's not a year.

不是一年。

I mean it's much shorter in duration and it's not going to be as significant, so.

我的意思是，它的持續時間要短得多，而且影響也不會那麼大，所以。

Understood. It seems like there might be another one on a heals. So we'll see what happens this winter again.

明白了。似乎還有另一個跟在後面。所以，我們再看看今年冬天會發生什麼事吧。

Generally, what I would say is that the gas transportation market is very tight. And so whenever you see dislocations in supplier demand in and around our assets, that is going to present opportunities for us. And that's part of what you saw in the fourth quarter of this year.

總的來說，我認為天然氣運輸市場供應非常緊張。因此，每當我們資產所在區域及週邊地區的供應商需求出現錯位時，這都會為我們帶來機會。這就是你在今年第四季看到的部分情況。

Yeah. And the key component of that is storage for us, and we have a significant storage portfolio that will allow us to leverage some of that to the extent that it presents itself.

是的。而其中的關鍵組成部分是存儲，我們擁有大量的存儲資源，這將使我們能夠在條件允許的情況下充分利用這些資源。

Got it. And then just wanted to dial in on NGPL a little bit here, hearing more data center-driven opportunities in the Midwest, coal to gas switching as well, some of the other net gas pipeline operators are seeing a lot of activity there. I'm just wondering if you could talk about what that could mean for Kinder for NGPL?

知道了。然後我想稍微談談 NGPL，聽說中西部地區資料中心帶來的機會越來越多，煤改氣也是如此，其他一些天然氣管道營運商在那裡也看到了很多活動。我只是想問一下，這對 Kinder for NGPL 來說意味著什麼？

Yeah. So look, we're quite a bit of, there's significant discussions. You've been seeing some of the EBV postings we've been making out there. we've got interest along the pipeline in terms of not only just from power customers but also from organic markets that are trying to grow, still early on some of these projects.

是的。所以你看，我們有很多重要的討論。您已經看到了我們發布的一些 EBV 相關資訊。我們目前的項目不僅吸引了電力客戶的關注，也吸引了一些正在尋求發展的有機市場，不過其中一些項目仍處於早期階段。

We've got some binding commitments that we're looking to convert into full flood FID projects as these develop, we'll bring them. But I mean, when you think about the corridor itself, when we see a concentration up in the market area.

我們已經有一些具有約束力的承諾，隨著這些承諾的進展，我們將把它們轉化為全面的防洪最終投資決定項目。但我的意思是，當你想到這條走廊本身，當我們看到市場區域的集中度上升時。

We have some in the producing regions where folks are looking to site themselves. And so I think the opportunity set is there. It's just, once again, we're in this mode where folks are looking, it's a competitive landscape, and so we want to make sure we secure the returns that we need to progress the projects to FID.

我們在一些生產地區有房產，人們正在考慮在那裡選址。所以我認為機會是存在的。再一次，我們又一次處於這種大家都在關注的階段，這是一個競爭激烈的市場環境，所以我們想要確保獲得推進項目直至最終投資決定所需的收益。

Jean Ann Salisbury, Bank of America.

Jean Ann Salisbury，美國銀行。

You said in the prepared comments that MSX could be in service a couple of quarters early. I think is there any read across to a faster permitting process across the board? Or was that project specific?

您在準備好的評論中提到，MSX 可能會提前幾季投入使用。我認為這是否意味著所有審批流程都將加快？還是那是特定項目的情況？

No. I mean I think a couple of things on these projects. One is 871 is gone, and that happened, I don't know, six or nine months ago. and basically required us to wait five months between when we got our FERC certificates on when we could start construction. So that's gone.

不。我的意思是，我認為這些項目有幾個方面需要考慮。其中之一是871號地塊已經拆除，這件事發生在大概六個月或九個月前。基本上，這意味著我們從拿到聯邦能源管理委員會（FERC）的許可證到可以開工之間，需要等待五個月的時間。所以這件事就此結束了。

And then the FERC has acted within, is going to act within roughly one year on our filing. And so previously, we've been seeing that take a little bit longer than that on big projects.

然後，聯邦能源監管委員會（FERC）已經或將在大約一年內對我們的申請採取行動。因此，之前我們看到，大型專案所需的時間通常會比這更長。

And so the fact that the FERC process only took 12 months and we don't have 71 is speeding up our in-service on MSX from called the fourth quarter of '28 to the second quarter of '28.

因此，FERC 的審批流程只花了 12 個月，而且我們沒有 71 個月的時間，這使得 MSX 的投入使用時間從 2028 年第四季提前到了 2028 年第二季。

Great. That's a clear. And then one of your peers took an equity stake in a LNG terminal a few months ago. Is that something that KMI is actively looking at or would have interest in, especially, I guess, if you could back to back it with another counterparty to make it take or pay equivalent?

偉大的。那很清楚。然後，幾個月前，你的一位同行入股了一家液化天然氣接收站。KMI 是否正在積極關注或對此感興趣？特別是，如果能與其他交易對手進行背對背交易，使其獲得或支付等價物的話？

You make it. Well, I'll say a couple of things on that. Generally, what we've seen on the LNG front is the returns haven't been where we needed them to be to make those investments. And it's not something that we are accustomed to building. We do a small one, obviously, at Elba, but that was a relatively small facility.

你做到了。關於這一點，我想說幾點。總的來說，我們在液化天然氣領域看到的是，投資回報並沒有達到我們預期的水平。這不是我們習慣建造的東西。我們當然也在埃爾巴島建造了一個小型的，但那是一個相對較小的設施。

And so I think in general, what you should expect from us is that we are kind of sticking to our knitting, we're staying in our lane. We are serving those that LNG demand through our pipelines.

所以我覺得總的來說，你們應該期待我們能做的就是堅持做好自己的本職工作，堅守自己的領域。我們透過管道為有液化天然氣需求的用戶提供服務。

And right now, we serve 40% of that demand, as Rich said, that demand is expected to grow significantly, and we expect to get our fair share of that future demand, and that's driving very nice project opportunities for us.

正如 Rich 所說，目前我們滿足了其中 40% 的需求，預計這一需求將大幅增長，我們也希望能夠獲得未來需求中應有的份額，這將為我們帶來非常好的專案機會。

So I'm not saying we would never step out. It's just there hasn't been the opportunity where we thought the risk return profile was appropriate. And we haven't wanted to build these on our own.

所以我不是說我們永遠不會出門。只是我們還沒有遇到我們認為風險回報比合適的投資機會。而我們一直不想自己建造這些。

I think another thing we like on a risk-return basis is the fact that both on the LNG terminal side for feed gas and on the service to, for electric generation purposes, we have, in general, take-or-pay contracts with utility grade investment-grade utilities.

我認為，從風險回報的角度來看，我們喜歡的另一點是，無論是在液化天然氣終端的原料氣方面，還是在為發電提供服務方面，我們通常都與公用事業級別的投資級公用事業公司簽訂了照付不議合約。

And that, we think, is a very good way to look at the risk that we are taking. And we think that minimizes any risk that we have as opposed to contracting directly with AI developers, for example.

我們認為，這是看待我們所承擔風險的一個非常好的方式。我們認為，與直接與人工智慧開發商簽訂合約相比，這可以最大限度地降低我們所面臨的任何風險。

Keith Stanley, Wolfe Research.

Keith Stanley，Wolfe Research。

You updated the messaging on CapEx to at least $3 billion a year of growth CapEx for the next few years, up from $2.5 billion wanted to clarify, is that solely based on the sanctioned project backlog today?

您將資本支出的宣傳訊息更新為未來幾年每年至少 30 億美元的成長資本支出，高於先前的 25 億美元。我想澄清一下，這是否僅基於目前已批准的專案積壓？

So if you keep FID-ing new projects and the backlog grows, CapEx could be above $3 billion a year for the next few years? Or is that already reflecting your best estimate over the next few years?

因此，如果繼續對新項目做出最終投資決定，而積壓項目不斷增加，未來幾年資本支出可能會超過每年 30 億美元？或者，這已經反映了您對未來幾年的最佳預測？

I'd say it's largely based on the $10 billion approved project backlog, but there is some view there is a small portion that is based on getting some of the $10 billion in the opportunity set.

我認為這主要取決於已批准的 100 億美元項目積壓，但也有人認為，其中一小部分取決於能否獲得這 100 億美元中的一部分機會。

And look, I think that we updated it from $2.5 billion to $3 billion given the $10 billion given we continue to add to the backlog even after putting projects in service. So this year, when we were putting all those projects in service at the beginning of the year, we thought it might come down.

你看，考慮到即使在項目投入使用後，我們仍在不斷增加積壓項目，積壓項目數量已達 100 億美元，我認為我們已經將積壓項目數量從 25 億美元更新為 30 億美元。所以今年年初我們把所有這些項目投入使用時，我們以為它可能會倒閉。

It's continued to increase natural gas demand, we continue to see it grow between '25 and '30, but also beyond that. And so there may be the opportunity to extend that further, but we're not ready to do that or make it higher, but we're not ready to do that at this point in time.

天然氣需求持續成長，我們看到它在 2025 年至 2030 年間持續成長，此後也持續成長。因此，或許有機會進一步擴大規模，但我們目前還沒有準備好這樣做或提高規模。

Got it. Second question, just wanted to follow up on the earlier one on Mississippi Crossing. So if you're 6 months early on that project and on potentially on some of the other bigger ones given the regulatory environment.

知道了。第二個問題，想跟進一下之前關於密西西比河渡口的問題。因此，鑑於監管環境，如果你能提前 6 個月啟動該項目，並且有可能啟動其他一些更大的項目。

Would your contracts kick in and you'd have pretty close to a full financial contribution right away at that earlier date? Or is that not the case?

如果按照之前的日期計算，你的合約會立即生效，你也能馬上獲得接近全額的資金投入嗎？或者事實並非如此？

It's a project-by-project analysis. In this case, the answer is no, the customers don't have to take it at that point in time. Can, I mean, they can elect to take it, but they don't have to. And I would say that being early on the regulatory front does not directly translate into day for day on the in-service.

這是逐項進行的分析。在這種情況下，答案是否定的，顧客當時不必接受。我的意思是，他們可以選擇接受，但他們不必接受。而且我認為，在監管方面走在前列並不能直接轉化為日常營運中的實際效果。

It's going to depend on the projects because once you move back that regulatory, once you get sooner approval from a regulatory perspective, you have to think about when you're getting pipe and when you're getting compression.

這取決於具體項目，因為一旦監管審批提前，一旦從監管角度獲得更快的批准，你就必須考慮何時獲得管道，何時獲得壓縮設備。

And so for example, we haven't seen that translate into much of an earlier date on South system at this point in time. So it's project by project. But if our customers don't want that capacity, it will be available for us to use during that time.

因此，例如，目前我們還沒有看到這轉化為南方星系更早的探測日期。所以，要一個專案一個專案地來。但如果我們的客戶不需要這些容量，那麼在那段時間裡，我們可以使用這些容量。

And given the macro environment, Keith, I mean, you just think about the demand profiles that are coming our way, you look at that as an opportunity to sell in the secondary markets.

鑑於當前的宏觀環境，基思，我的意思是，你想想我們即將面臨的需求形勢，你會把這看作是在二級市場出售的機會。

Manav Gupta, UBS.

瑞銀集團的馬納夫·古普塔。

Firstly, congrats on all the upgrades from rating agencies reflects the strong quality of the management and execution. I wanted to ask you about the Florida gas transmission projects, both the projects. How did this come about?

首先，恭喜所有評級機構的評級提升，這反映了公司管理和執行的卓越品質。我想問您關於佛羅裡達州天然氣輸送項目的情況，這兩個項目都想問一下。這是怎麼發生的？

Can you give us more details? And then the last one year, what you have seen is you announced the project and then end up upsizing it. So if you could talk about the possibility of some upsizing here for these projects?

能提供更多細節嗎？然後在過去一年裡，你們看到的是，你們宣布了這個項目，然後最終擴大了項目規模。那麼，您能否談談這些項目是否有可能擴大規模？

So Manav, this is Staples. So just in terms of the project itself, as you know, we're not the operator. energy transfer as the operator. So let them talk about how it came about on the call. We've been working with them closely.

馬納夫，這裡是史泰博公司。所以就項目本身而言，正如您所知，我們不是運營商，能源傳輸公司不是運營商。那就讓他們在電話裡說說事情是怎麼發生的吧。我們一直與他們密切合作。

Thematically, it's the same things we've been talking about in the Southeast. We see that as a growth area, just broadly. And this is just another example of us getting incremental infrastructure to an area where there is significant growth.

從主題上看，這和我們一直在東南部地區討論的內容是一樣的。我們認為這是一個整體的成長領域。這只是我們在快速成長的地區逐步完善基礎設施的另一個例子。

There's also a resiliency component there with the two projects. We think it makes sense in terms of whether or not the project gets upsized, but we're in the process of having an open season right now.

這兩個項目也都體現了韌性要素。我們認為，就專案是否擴大規模而言，這是合理的，但我們現在正處於公開招標階段。

The open season closes here, I think Fed fit if I'm not mistaken. And based on the interest there, is it possible to upsize Yes, if there's a demand for it.

我認為，開放狩獵季到此結束了，如果我沒記錯的話，聯準會很合適。根據市場需求來看，是否有可能擴大規模？是的，如果有需求的話。

Yeah. I'd say both those projects are backed by long-term contracts with creditworthy counterparties. And so I mean, they are right down.

是的。我認為這兩個項目都有與信譽良好的交易對手簽訂的長期合約作為保障。所以我的意思是，他們已經跌到谷底了。

Perfect. And my quick follow-up here is, at the start of the call, you mentioned that the 4Q turned out to be stronger than what you thought when you announced your 3Q results.

完美的。我接下來要問的是，在電話會議開始時，您提到第四季度的業績比您公佈第三季業績時預想的要好。

So help us understand some of those tailwinds which help you drive the beat in 4Q? And are those still persistent out there? So should 1Q also turn out pretty strong, if you could talk about that.

那麼，請您幫我們了解一下，是什麼順風助您在第四季取得佳績？那些人現在還存在嗎？如果可以的話，我想談談第一季的情況。

Sure. So I mean, it was across the gas network. So it was our trust. It was our interstate pipes and our gathering assets. And so both as we said before, when you (technical difficulty).

當然。我的意思是，它影響了整個天然氣管網。所以，是信任作祟。那是我們的州際管道和集輸資產。所以，正如我們之前所說，當你（技術難題）

Portions of this transcript marked (technical difficulty) indicate audio problems. The missing text will be supplied if a replay becomes available.

本文字稿中標示（技術難題）的部分錶示有音訊問題。如果有重播視頻，我們會補充缺少的文本。