金德摩根 (KMI) 2026 Q1 法說會逐字稿

Good afternoon, and thank you for standing by, and welcome to the first quarter 2026 earnings results Conference Call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

各位下午好，感謝您稍候並加入，歡迎參加 2026 年第一季財報結果電話會議。（接線員指示）今天的會議將被錄音。如您有任何異議，您可於此時中斷連線。

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

現在我很榮幸將電話會議交給金德摩根（Kinder Morgan）執行董事長 Rich Kinder 先生。

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

謝謝你，Michelle。照例，在開始之前，我想提醒各位，KMI 今日的財報新聞稿以及本次電話會議包含《1995 年私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）與《1934 年證券交易法》（Securities and Exchange Act of 1934）所定義之範圍內的前瞻性陳述，以及若干非 GAAP 財務衡量指標。在做出任何投資決策之前，我們強烈建議您閱讀我們財報新聞稿末尾所載關於前瞻性陳述與非 GAAP 財務衡量指標使用的完整揭露，並查閱我們向 SEC 提交的最新文件，以了解可能導致實際結果與此等前瞻性陳述中所預期與描述者出現重大差異的重要重大假設、預期與風險因素。

Now I'm preparing for this investor call, I look back at the text of the introductory remarks I've made over the past several years. Most of what I've said concern the future of natural gas demand and the positive impact it has on midstream energy players like Kinder Morgan. In almost every case, the projections I may turn out to be understated. In other words, the demand for natural gas, driven primarily by growth in LNG feed gas demand and by increased utilization of natural gas for electric generation has simply grown faster than we expected.

現在在準備這場投資人電話會議時，我回顧了過去幾年我所做開場致詞的文字內容。我所說的大多與天然氣需求的未來，以及其對 Kinder Morgan 這類中游能源業者的正面影響有關。幾乎在每一種情況下，我的預測最後都可能偏保守。換言之，由 LNG 進料氣需求成長以及天然氣用於發電的使用率提升所驅動的天然氣需求，成長速度就是比我們預期更快。

Now I think events since the last call have made the outlook for growth even more positive. Regarding LNG demand, the recent events in the Middle East will clearly have substantial impact. While the ultimate outcome is certainly not clear at this point, the damage to Qatar liquefaction facilities and continued uncertainty regarding ship traffic through the Strait of Hormuz will lead to more preference for US-sourced LNG and the predictions for growth in gas-fired electric generation have also increased.

我認為自上次電話會議以來的事件，使得成長前景更加正面。就 LNG 需求而言，近期中東事件顯然將帶來重大影響。雖然最終結果目前仍不明朗，但卡達液化設施受損，以及霍爾木茲海峽（Strait of Hormuz）船舶通行持續存在不確定性，將使市場更偏好美國來源的 LNG；而對燃氣發電成長的預測也已上修。

In a piece that surfaced just this week, S&P Global Market Intelligence reports that utilities plan to add a staggering number of 153 gigawatts of gas fire generation capacity in the next several years primarily to serve data centers with the bulk of this coming online by 2030. Now this is twice the estimate by the same group of one year ago and reflects plans to build about 210 additional natural gas-fired facilities.

本週剛出現的一篇報導中，S&P Global Market Intelligence 指出，公用事業公司計畫在未來數年新增驚人的 153 吉瓦燃氣發電裝置容量，主要用於服務資料中心，其中大部分將於 2030 年前上線。這一數字是同一機構一年前估計的兩倍，並反映出興建約 210 座新增天然氣燃燒發電設施的計畫。

Our Kinder Morgan forecast for overall US gas demand now extends through 2031, and estimates demand in that year of 150 Bcf a day and growth of about 27% from this year. In short, the natural gas story has legs and Kinder Morgan's strong start to 2026 that Kim and the team will explain supports that view.

我們 Kinder Morgan 對美國整體天然氣需求的預測目前延伸至 2031 年，並估計該年需求為每日 150 Bcf，較今年成長約 27%。總之，天然氣的故事仍有延續性，而 Kim 與團隊將說明的 Kinder Morgan 在 2026 年的強勁開局也支持這個觀點。

While the old saying that rising tide lifts all boats has some applicability to this situation, there will clearly be some players who will benefit more than others from this positive story. I believe that the midstream sector as a whole will be one beneficiary, and it offers a low-risk way to invest in the growth story of natural gas, given the prevalence of long-term throughput agreements with investment-grade credits underpinning the bulk of midstream assets.

雖然「水漲船高」這句老話在此情境下有一定適用性，但顯然會有一些業者比其他業者更能從這個正面故事中受益。我相信中游產業整體將是受益者之一；鑑於多數中游資產由與投資級信用對手方簽訂的長期輸送量協議所支撐，中游也提供了一種低風險方式來投資天然氣成長故事。

The Inga Foundation in a study released in March estimates that North America needs 70 Bcf a day of new gas pipeline capacity by the 2050 time frame. And I believe Kinder Morgan will fare very well in this environment. Let me tell you why. We have a superb set of assets located in the areas where gas demand is growing dramatically. Our strategy is to concentrate on expanding and extending those assets in an aggressive but disciplined manner.

Inga Foundation 在 3 月發布的一項研究估計，到 2050 年左右，北美需要新增每日 70 Bcf 的天然氣管線輸送能力。我相信 Kinder Morgan 在這樣的環境下將表現非常出色。我來告訴各位原因。我們擁有一組卓越的資產，位於天然氣需求正大幅成長的地區。我們的策略是以積極但有紀律的方式，專注於擴建並延伸這些資產。

This means we will continue to identify and pursue the myriad of growth opportunities we are currently seeing and once undertaken to complete the resulting projects on time and on budget. Because our cash flow is very strong, we will be able to finance these projects primarily with internally generated cash flow, and I can promise you an intense and unrelenting focus on these unparalleled opportunities.

這意味著我們將持續辨識並追求目前所看到的各式各樣成長機會；一旦著手，便按時且在預算內完成相關專案。由於我們的現金流非常強勁，我們將能主要以內部產生的現金流為這些專案融資；我也可以向各位承諾，我們將以高度專注且毫不鬆懈的態度，把握這些無與倫比的機會。

This strategy will enable us to grow our EBITDA and EPS substantially over the coming years as these projects come online, while still maintaining a strong balance sheet and growing our dividend. To me, that's a pretty good recipe for success.

隨著這些專案陸續投產，這項策略將使我們在未來幾年大幅成長 EBITDA 與 EPS，同時仍維持強健的資產負債表並提高股利。對我而言，這是一個相當不錯的成功配方。

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

接下來，我把時間交給 Kim。

Okay. Thanks, Rich. We had a remarkable first quarter. The best I can remember with adjusted EPS up 41% and EBITDA growing by 18%. Importantly, every segment delivered growth versus the first quarter of '25 and every segment outperformed our budget.

好的，謝謝 Rich。我們第一季表現非常亮眼。就我記憶所及，這是最好的第一季之一：調整後 EPS 成長 41%，EBITDA 成長 18%。更重要的是，每個事業部門相較於 2025 年第一季都實現成長，而且每個部門都優於我們的預算。

Natural gas drove the most significant share of the outperformance, benefiting from winter storm burn and the extended cold in the Northeast.

天然氣貢獻了最顯著的超預期表現，受惠於冬季風暴期間的燃氣需求，以及美國東北部延長的寒冷天氣。

These results reflect the value of our critical infrastructure and the essential role it plays in serving our customers, especially in periods of high demand. During the quarter, we entered into an agreement to acquire the Monument pipeline system in Texas for approximately $500 million. These assets are a natural fit with our existing network, supported by long-term contracts and acquired at an attractive multiple. We received early termination of HSR yesterday and expect to close by the end of the month.

這些結果反映出我們關鍵基礎設施的價值，以及其在服務客戶方面所扮演的必要角色，特別是在需求高峰期間。本季我們達成協議，將以約 5 億美元收購德州的 Monument 管線系統。這些資產與我們既有網路自然契合，並由長期合約支撐，且以具吸引力的倍數收購。我們昨日已取得 HSR 的提前終止，並預期於本月底前完成交割。

On full year guidance, we now expect to exceed our EBITDA budget by more than 3%, excluding any contributions from the Monument acquisition. Most but not all of that outperformance is attributable to the first quarter. Given that we are still early in the year, we've taken a somewhat conservative approach to our expectations for the year. However, continued outperformance in our gas group and/or higher oil prices, which benefit our 10% unhedged oil in the CO2 segment could provide upside for the balance of the year.

就全年財測而言，在不包含 Monument 收購案任何貢獻的前提下，我們目前預期 EBITDA 將超出預算逾 3%。其中大部分（但非全部）的超預期表現可歸因於第一季。鑑於目前仍在年初，我們對全年展望採取了相對保守的作法。不過，若我們天然氣事業群持續超預期，及／或油價走高（這將使 CO2 事業部門中 10% 未避險的原油受益），都可能為今年剩餘期間帶來上行空間。

The growth in the overall natural gas market of over 36 Bcf since 2016 has driven utilization on our five largest gas pipelines to over 90%. That utilization, combined with the projected growth in the market to approximately 150 Bcf a day in 2031, highlight both the need and the opportunity for expansion. Our expansion project backlog increased to $10.1 billion this quarter, up $145 million from the last quarter. We put approximately $230 million of projects in service and added $375 million in new projects, including three data center deals.

自 2016 年以來，整體天然氣市場成長超過 36 Bcf，帶動我們五條最大天然氣管線的使用率提升至 90% 以上。這樣的使用率，加上市場預計在 2031 年成長至約每日 150 Bcf，凸顯了擴建的需求與機會。本季我們的擴建專案儲備（backlog）增加至 101 億美元，較上季增加 1.45 億美元。我們將約 2.3 億美元的專案投入營運，並新增 3.75 億美元的新專案，其中包括三筆資料中心交易。

The backlog multiple remains below 6x with an average in-service date of Q1 2028. With respect to our three largest projects, which make up over 50% of the project backlog, we continue to be on time and on budget. Beyond our reported backlog, we're actively advancing a number of identified opportunities. Much of this activity is being driven by power growth, and we expect a meaningful amount of these opportunities to convert into approved projects during 2026.

儲備專案倍數仍低於 6 倍，平均投產時間為 2028 年第一季。就我們三個最大專案而言，其合計占專案儲備超過 50%，我們仍持續按時且在預算內推進。除已揭露的儲備專案外，我們也正積極推進多項已辨識的機會。這些活動多由電力成長所驅動，我們預期其中相當一部分機會將在 2026 年轉化為核准專案。

Our performance this quarter demonstrates the strategic positioning of our 78,000 miles of pipeline and 136 terminals and the tightness of energy infrastructure. As we look ahead, we're confident in our ability to complete our $10.1 billion backlog of projects, add to that backlog and deliver tremendous value to our investors.

我們本季的表現展現了我們 78,000 英里管線與 136 座終端站的策略性布局，以及能源基礎設施的吃緊狀況。展望未來，我們對完成 101 億美元的專案儲備、進一步擴充儲備，並為投資人創造巨大的價值充滿信心。

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

接下來，我把時間交給 Dax。

Thanks, Kim. Starting with the natural gas business unit. Transport volumes were up 8% in the quarter versus the first quarter of 2025, primarily due to increased LNG feed gas deliveries on the Tennessee Gas Pipeline. Natural gas gathering volumes were up 15% in the quarter from the first quarter of 2025 and increased across most of our gathering and processing assets with the largest impact coming from our Haynesville system.

謝謝，Kim。先從天然氣事業單位開始。本季運輸量較 2025 年第一季增加 8%，主要是因田納西天然氣管線（Tennessee Gas Pipeline）的 LNG 供氣天然氣（feed gas）交付量增加。天然氣集輸量本季較 2025 年第一季增加 15%，並在我們多數集輸與處理資產上都有所成長，其中影響最大的是我們的海恩斯維爾（Haynesville）系統。

Winter Storm firm and the extended cold weather in the Northeast contributed to higher volumes as well. Looking forward, we continue to see incremental project opportunities across our natural gas pipeline network. For example, we're in various stages of development on projects to serve more than 10 Bcf a day of natural gas demand in the power generation sector and opened 3 Bcf a day in the LNG sector.

冬季風暴的保供（firm）需求以及東北部延長的寒冷天氣也促成了更高的輸送量。展望未來，我們持續在天然氣管線網路上看到增量專案機會。例如，我們正處於不同開發階段的專案，將服務發電部門每日超過 10 Bcf 的天然氣需求，並在 LNG 部門新增了每日 3 Bcf 的產能。

In our Products Pipeline segment, refined product volumes were down 2% in the quarter compared to the first quarter of 2025 and crude and condensate volumes were down 12% in the quarter compared to the first quarter of 2025, with more than all of the decline in crude volumes explained by the removal of the Double H pipeline in service for NGL conversion in the third quarter of 2025. Excluding Double H volumes in both periods, crude condensate volumes were up 2% in the quarter compared to the first quarter of 2025. With respect to Western Gateway, as noted in the joint release earlier in the week, KMI and Phillips 66 recently concluded a successful open season on the proposed Western Gateway Pipeline system. The next step is to finalize definitive transportation service agreements with the shippers and hopefully, acceptable joint venture agreements between KMI and P66. Assuming we can reach resolution on the noted definitive agreements, we would expect to FID the project sometime in the next few months.

在我們的成品管線（Products Pipeline）部門，本季精煉產品輸送量較 2025 年第一季下降 2%，原油與凝析油輸送量較 2025 年第一季下降 12%；其中原油輸送量的降幅甚至超過全部降幅，原因是 2025 年第三季將 Double H 管線自營運中移除以進行 NGL 轉換。若兩期皆排除 Double H 的量，原油/凝析油輸送量本季較 2025 年第一季增加 2%。至於 Western Gateway，如本週稍早的聯合新聞稿所述，KMI 與 Phillips 66 近期已就擬議的 Western Gateway 管線系統成功完成 open season。下一步是與託運人（shippers）敲定具約束力的運輸服務協議，並希望 KMI 與 P66 之間也能達成可接受的合資（JV）協議。假設我們能就上述最終協議達成共識，我們預期在未來幾個月內對該專案做出 FID（最終投資決定）。

In our Terminals Business segment, our liquids lease capacity remains high at almost 94%, market conditions continue to remain supportive of strong rates and the utilization of our tanks available for use is approximately 99% in our key hubs on the Houston Ship Channel and at Carteret. 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.

在我們的碼頭（Terminals）事業部門，液體租賃庫容維持高檔，接近 94%；市場狀況仍支持強勁的費率，而在休士頓航道（Houston Ship Channel）與 Carteret 等主要樞紐，我們可用儲槽的使用率約為 99%。我們的《瓊斯法案》（Jones Act）油輪船隊仍維持極佳的合約覆蓋。若假設可能的選擇權被行使，我們的船隊在 2026 年前為 100% 出租、2027 年前為 97% 出租、2028 年前為 80% 出租。

We have opportunistically chartered a significant percentage of the fleet at higher market rates and have an average length of firm contract commitments of three years and over three years when considering options that are likely exercised. The CO2 segment experienced 2% higher oil -- net oil production volumes compared to Q1 2025, led by a 5% increase in production at SACROC.

我們把握機會以較高的市場租金承租（charter）了船隊中相當比例的運力，且確定性合約承諾的平均年限為三年；若將可能被行使的選擇權納入考量，平均年限則超過三年。CO2 部門的淨原油產量較 2025 年第一季高出 2%，主要由 SACROC 產量增加 5% 所帶動。

NGL volumes were 5% higher and CO2 volumes were 1% higher. Notably, RNG volumes increased 63% due to greater uptime at our facilities and greater hydrocarbon recovery as the team running that business has made great progress in improving the overall operations of those assets. With that, I'll turn it over to David.

NGL 量增加 5%，CO2 量增加 1%。值得注意的是，RNG 量增加 63%，原因是我們設施的運轉時間（uptime）提升，以及碳氫回收率提高；負責該業務的團隊在改善這些資產的整體營運方面已取得很大進展。接下來我把時間交給 David。

Thank you, Dax. So for the quarter, we're declaring a dividend of $0.2975 per share, which is $1.19 annualized and an increase of 2% over 2025. As you've heard, we had an outstanding first quarter, generating net income attributable to KMI of $976 million, an EPS of $0.44.

謝謝你，Dax。本季我們宣告每股股利 0.2975 美元，年化為 1.19 美元，較 2025 年增加 2%。如各位所聽到的，我們第一季表現非常出色，歸屬於 KMI 的淨利為 9.76 億美元，每股盈餘（EPS）為 0.44 美元。

These are 36% and 38% above the first quarter of 2025, respectively. These very impressive results reflect strong demand fundamentals across the country, combined with strategically positioned assets and skilled execution by our colleagues to capture the associated opportunities, and we saw growth across the business segments. The natural gas segment grew the most with colder normal weather, driving additional demand across already highly utilized natural gas midstream systems, but the segment also grew from factors other than the cold weather with contributions from growth projects, greater capacity sales, gathering volumes and utilization across numerous assets.

這兩項分別較 2025 年第一季高出 36% 與 38%。這些非常亮眼的成果反映了全國強勁的需求基本面，結合策略性布局的資產，以及同仁們熟練的執行力以掌握相關機會；我們也看到各業務部門均有成長。天然氣部門成長最多，因氣溫較常年更冷，推升在已高度利用的天然氣中游系統上的額外需求；但該部門的成長也不僅來自寒冷天氣，成長專案、更高的容量銷售、集輸量以及多項資產的使用率提升亦有貢獻。

In products, we benefited from improved commodity pricing as well as the recovery of retroactive rate increases we booked following a favorable court decision. And in the Terminal segment, we had increased volumes and rates in our liquids business as well as the benefit of storage contract buyouts, and we also saw increased volumes in our bulk business. For the full year 2026, while it's still early in the year, we expect to be more than 3% favorable to our budgeted adjusted EBITDA. That's over $250 million of additional EBITDA contribution. We clearly outperformed in the first quarter, and we expect additional outperformance for the rest of the year, driven by continued strong demand for our natural gas midstream services and the contributions from our Monument acquisition will be additive as well.

在成品業務方面，我們受惠於商品價格改善，以及在法院有利判決後所入帳的追溯性調價回收。在碼頭部門方面，我們的液體業務量與費率提升，並受惠於儲存合約買斷（buyouts）；同時，我們也看到散裝（bulk）業務量增加。就 2026 全年而言，雖然現在仍是年初，我們預期調整後 EBITDA 將較預算有超過 3% 的正向差異，等同於超過 2.5 億美元的額外 EBITDA 貢獻。我們第一季明顯超越預期，且預期今年其餘時間仍將持續優於預期，主要由天然氣中游服務的持續強勁需求所帶動，而我們對 Monument 的收購貢獻也將帶來增量。

Moving on to the balance sheet. As we continue to grow our cash flow and remain committed to a disciplined approach to capital allocation, our balance sheet continues to strengthen. Our net debt to adjusted EBITDA ratio ended the quarter rounding down to 3.6x, which is down from the -- down from 3.8x from the beginning of the year. Leverage of 3.6x is the lowest for a Kinder Morgan entity since well before our 2014 consolidation transaction.

接著談資產負債表。隨著我們持續成長現金流，並堅持紀律性的資本配置方針，我們的資產負債表持續強化。本季期末淨負債對調整後 EBITDA 比率四捨五入後為 3.6 倍，較年初的 3.8 倍下降。3.6 倍的槓桿水準是自我們 2014 年整併交易之前很久以來，Kinder Morgan 旗下實體的最低水準。

That being said, we expect leverage to increase slightly by year-end 2026. We expect increased capital spend during the rest of the year, and we will only get a partial year EBITDA contribution from the Monument acquisition. Our budget had us finishing 2026 at 3.8x, and now we expect to end the year 2026 at 3.7x due to our expected EBITDA outperformance, and that keeps us comfortably below our midpoint of our leverage target range.

話雖如此，我們預期槓桿在 2026 年底會小幅上升。我們預期今年剩餘期間資本支出將增加，且 Monument 收購案的 EBITDA 貢獻僅會反映部分年度。我們的預算原本是 2026 年底達到 3.8 倍，而現在因預期 EBITDA 表現優於預算，我們預期 2026 年底為 3.7 倍，這也讓我們維持在槓桿目標區間中點之下的舒適水準。

During the quarter, net debt increased $82 million, and here's a high-level walk-through of that. We generated $1.49 billion of cash flow from operations. We spent $650 million on dividends, $800 million on total capital, capital expenditures, and we had about $120 million of other uses of cash, which gets close to the $82 million increase in net debt.

本季淨負債增加 8,200 萬美元，以下是高層次的說明。我們由營運活動產生 14.9 億美元現金流；股利支出 6.5 億美元；總資本支出（資本支出）為 8 億美元；另有約 1.2 億美元的其他現金用途，合計後大致對應淨負債增加 8,200 萬美元。

The rating agencies have now fully recognized our strengthened financial profile with Moody's upgrading us to Baa1, which means we are now the equivalent of BBB+ at each of the 3 rating agencies. Additionally, the treasury issued guidance in March that will allow us to more fully take advantage of bonus depreciation across all of our assets, and that creates nice near-term cash flow benefits, which will generate additional investment capacity.

信評機構如今已充分認可我們強化後的財務體質，穆迪（Moody's）將我們上調至 Baa1，這表示我們在三家信評機構的評等現在等同於 BBB+。此外，財政部在 3 月發布指引，將使我們能更充分地在所有資產上運用加速折舊（bonus depreciation），這會帶來不錯的短期現金流效益，並創造額外的投資能力。

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

接下來我把時間交回給 Kim。

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

Michelle，如果你方便加入，我們就開始提問。

(Operator Instructions) Julien Dumoulin-Smith, Jefferies.

（接線員指示）Julien Dumoulin-Smith，Jefferies。

Luke on for Julien. Nicely done on the quarter. Just wondering if you could help frame the expected Western Gateway scoping in more detail around like maybe initial capacity diameter, maybe even total project costs and how capital contributions are likely to be allocated between the partners just given the contribution of those assets you have?

我是代 Julien 的 Luke。本季表現很不錯。想請教能否更詳細說明 Western Gateway 的規劃範圍，例如初始運能、管徑，甚至總專案成本，以及考量你們所貢獻資產的情況下，資本出資可能如何在合作夥伴之間分配？

I'll say a couple of things, and then Mike Garthwaite, if you want to add anything. I mean, I think as Dax noted in his comments, we've still got to negotiate the JV terms, and that will obviously impact what our capital contributions are going to be. We expect that we will be making, one, an asset contribution, and two, we will be making cash contributions. But exactly how that's going to lay out and the total cost of this project and some of those details I think we'll just leave that for once we get the project FID to get through these discussions, assuming that we get through these discussions with our partner.

我先說幾點，然後 Mike Garthwaite，如果你想補充也可以。我想如 Dax 在評論中提到的，我們仍需要協商合資（JV）條款，而這顯然會影響我們的資本出資。我們預期會做兩件事：第一，進行資產出資；第二，進行現金出資。但具體會如何安排、此專案的總成本以及部分細節，我想我們會等到專案做出 FID（最終投資決定）並完成這些討論後再說，前提是我們能與合作夥伴順利完成這些討論。

Yes. And then I would say on the capacity side, I don't want to go into full detail as we work through and towards executing the final transportation service agreements. But you'll see the maps that we've consistently had out there, our line from El Paso to Phoenix is a 20-inch line that we focused on, and that gets the commitments that we've seen served plus some growth that comes along with that.

是的。然後我會說在產能方面，當我們推進並朝著簽署最終運輸服務協議執行的過程中，我不想把細節全部展開。但你們會看到我們一直對外展示的那些地圖：我們從埃爾帕索到鳳凰城的管線是一條我們重點聚焦的 20 吋管線，它能夠滿足我們目前看到的承諾需求，並且還能承接隨之而來的一些成長。

Awesome. And separately, you guys touched on this in your remarks, but maybe just looking to the Northeast and potential for maybe any expansion out there. There's this growing recognition that we may need to see more gas degressed into New England. Just curious for your thoughts on whether Tennessee could be a potential solution for that. And if you would need at the state and regional level to take another look at growth opportunities in that part of the state.

太棒了。另外，你們在發言中也提到過，但我想再從東北部的角度、以及那邊可能的任何擴張潛力來看一下。現在越來越多人認為，我們可能需要讓更多天然氣輸送進入新英格蘭。想請教你們對於田納西（Tennessee）是否可能成為解決方案的看法？以及在州與區域層級，你們是否需要再重新檢視該州那一部分的成長機會？

The need is clearly there. But I mean, I think we've said this a number of times, we would have to have certainty, certainty on state permits, and we would have to get the commercial support we need to underwrite a project. And last time, the commercial support was a problem. because the IPPs don't really have a way to get reimbursed when they take on long-term capacity agreements.

需求顯然存在。但我的意思是，我想我們已經說過很多次了：我們必須要有確定性——州層級許可的確定性——而且我們也必須取得足夠的商業支持，才能為一個專案提供承作（underwrite）的基礎。上一次，商業支持就是問題所在，因為獨立電力生產商（IPP）在承擔長期容量協議時，並沒有真正的方式可以獲得補償。

So you either need the utilities or there's not a lot of commercial support out there. So I think we have to have the commercial support and the permit. Somebody is going to have to roll out the red carpet. And then I think we would love to take advantage of the opportunity. But we've gone down that road once. We wrote off a fair amount of capital. And I think that's not something that we are interested in doing again.

所以你要嘛需要公用事業公司（utilities），不然市場上就沒有太多商業支持。我認為我們必須同時具備商業支持與許可。總得有人要鋪紅毯。然後我想我們會很樂意把握這個機會。但我們已經走過那條路一次了，我們沖銷（write off）了相當一部分資本。我認為那不是我們有興趣再做一次的事。

Theresa Chen, Barclays.

Theresa Chen，巴克萊（Barclays）。

Can you talk more about the rationale behind the Monument pipeline acquisition? What kind of synergies or growth opportunities does it provide for your broader system that you would not have otherwise been able to achieve with your existing assets in the area alone? And when thinking about the valuation, can you define more precisely what medium term means in terms of achieving that less than 8.0x multiple? And does it require incremental CapEx? And if 8.0 is indeed medium term, what would be the current or LTM multiple just to provide context as a marker for Texas intrastate gas assets in general?

你能否多談談收購 Monument 管線的理由？它為你們更廣泛的系統帶來了哪些協同效應或成長機會，是你們僅靠該區域現有資產本來無法達成的？另外在估值方面，你能否更精確地界定「中期」是指多長時間內能達到低於 8.0 倍的倍數？這是否需要額外的資本支出（CapEx）？如果 8.0 倍確實是中期目標，那目前或過去十二個月（LTM）的倍數是多少，以便作為德州州內天然氣資產整體的參考指標？

And that's quite specific. Okay. So let me just say a couple of things about that. $500 million, as we mentioned, we've got long-term contracts that are underpinning this weighted average contract life on this is about nine years. It's over 90% utilities and industrials with good credit ratings.

這問題相當具體。好。那我先說幾點。我們提到的 5 億美元，背後有長期合約支撐；這些合約的加權平均合約年限大約是 9 年。超過 90% 的客戶是公用事業與工業客戶，且信用評等良好。

It integrates well into our existing assets. It does allow us to access some storage on our system that we previously couldn't access.

它與我們現有資產的整合度很高。它也讓我們能夠使用我們系統上一些先前無法使用的儲存（storage）能力。

There is some ongoing expansion activity that will require some incremental capital after we close, and that expansion opportunity will come in over time. I think it comes in and it starts later this year. And so I think that's what will help bring what is high single-digit multiple down is coming from that, primarily from that expansion. There are some synergies with this associated with our storage and I'll let people talk about some of that.

在我們完成交割後，會有一些持續的擴建活動需要額外投入一些資本，而這些擴建機會會隨時間逐步貢獻。我認為它會在今年稍晚開始貢獻。因此，我認為這就是讓目前偏高的個位數倍數下降的主要來源——主要來自那個擴建。也有一些與我們儲存相關的協同效應，我會讓其他人談談其中一些內容。

So just taking a step back, a couple of things. One, the system really integrates well on a last mile basis, it goes through Houston all the way down into the corp's corridor. So we see the demand profile there is very strong. It does bring an element of incremental no nitrogen supply in addition to what we are already working on, which over time, we'll see the value of that low nitrogen.

所以退一步看，有幾點。第一，這個系統在「最後一哩」（last mile）層面整合得非常好，穿過休士頓一路延伸到 Corpus 走廊。因此我們看到那裡的需求輪廓非常強勁。第二，除了我們已經在推進的部分之外，它還帶來了額外的低氮（no nitrogen）供應元素；隨著時間推移，我們會看到這種低氮的價值。

And then as Kim alluded to, we -- these assets touch our storage -- our existing storage in ways that we can unlock certain value that an independent by itself cannot. So those are the three primary drivers. And once again, it just -- it makes good map is like what I'd like to say, and it fits real well.

然後如 Kim 所提到的，我們——這些資產以某些方式連結到我們的儲存——我們現有的儲存，使我們能夠解鎖某些價值，而單獨的獨立資產本身是做不到的。所以這是三個主要驅動因素。再說一次，它——我喜歡說——在版圖上很合理（makes good map），而且非常契合。

In terms of the early termination of the terminal service agreement at Pasadena in exchange for a series of some payments. Did you recognize a lump sum in the first quarter? And if so, how much? And what is the expected lost EBITDA?

關於帕薩迪納（Pasadena）碼頭服務協議提前終止、以換取一系列付款這件事：你們是否在第一季認列了一筆一次性（lump sum）收入？如果有，金額是多少？以及預期會損失多少 EBITDA？

So let me say a couple of things on that. Yes, the lump sum gets recognized in the first quarter. And I think this is just a great job by our terminals team so we have the termination, they have gone out and they have backfilled all these tanks. And all these tanks are backfilled on a long-term basis. Some people are taking them currently and then their rate steps up over time as we improve connectivity.

我先就這點說幾件事。是的，這筆一次性金額在第一季認列。我認為這也要歸功於我們碼頭團隊做得非常出色：我們終止合約後，他們已經出去把這些槽位（tanks）全部補回（backfilled）了。而且這些槽位都是以長期方式補回。有些客戶目前就開始使用，然後隨著我們改善連通性（connectivity），其費率會隨時間逐步上調。

And then one of the other customers is taking it in a year or so, 18 months. But in the interim, we are able to lease that capacity on a short-term basis. So we've been able to backfill all of this, the rates will step up over time and largely offset the lost earnings and with respect to that contract that was bought out, I think there is a little over a year remaining on that contract.

另外還有一位客戶會在大約一年左右、約 18 個月後開始承租。但在此期間，我們能夠以短期方式出租那段產能。因此我們已經把這些都補滿了，費率會隨時間上調，並在很大程度上抵消流失的獲利。至於被買斷的那份合約，我認為剩餘期限還有略多於一年。

Through first quarter of '28.

到 28 年第一季。

Brandon Bingham, Scotiabank.

Brandon Bingham，加拿大豐業銀行（Scotiabank）。

Just wanted to maybe talk a little more thematically about some of the dynamics you're seeing in the refined products market, thinking specifically around California and Western Gateway. How is demand evolving in light of the products pricing being seen on the screen and just the tightness in global markets? And just could that possibly create any expansion opportunity for the project?

我想從更宏觀的角度談談你們在成品油市場看到的一些動態，特別是加州與 Western Gateway。考量到螢幕上看到的產品價格以及全球市場的緊俏狀況，需求是如何演變的？而且這是否可能為該專案帶來任何擴張機會？

I wouldn't say that it drives expansion for the project because I don't think the overall demand necessarily is changing California significantly. What this -- what I think the global situation does here is it highlights the fact that California has to import some of its supply and that makes it subject to the variability in growth markets.

我不會說這會驅動該專案的擴張，因為我不認為整體需求在加州有顯著改變。我認為全球局勢在這裡凸顯的是：加州必須進口一部分供應，因此會受到成長型市場波動性的影響。

And so what this does is instead of bringing in a fair amount of product over the water, they'll now be bringing in supply from Texas and from the Eastern United States. The other thing it does is it serves the Phoenix market, which is also right now reliant on the California refining capacity. And as you know, that refining capacity has decreased as a number of refineries have shut. So I think it's a great solution, I think, for California and for Arizona to be able to access domestic supply as opposed to having to be reliant on the international market.

因此，這代表他們不再透過海運進口相當多的產品，而是會從德州以及美國東部引進供應。另一點是，它也服務鳳凰城市場；而鳳凰城目前也依賴加州的煉油產能。你也知道，隨著多家煉油廠關閉，那些煉油產能已經下降。所以我認為這是一個很好的解決方案，讓加州與亞利桑那能夠取得國內供應，而不是必須依賴國際市場。

Okay. Great. That's helpful. And then maybe just turning to -- you mentioned continued expectations for outperformance over the balance of the year. Is any of that tied to the dynamics created by the Iranian conflict? And how do those change, if at all, when this conflict comes to, I'll say, a firmer end or hopeful end?

好的，很好，這很有幫助。接著再轉到——你提到你們仍預期在今年剩餘期間表現超預期。這其中有任何部分是與伊朗衝突所造成的動態有關嗎？而當這場衝突走向——我會說——更明確的結束或希望的結束時，這些情況是否會有任何改變？

Yes. I'd say the Middle East conflict has limited impact on us. Obviously, in our CO2 segment on the unhedged barrels, which is about 10% of our barrels, we're getting a higher crude price. On products, where you might anticipate it impacting us is just higher product prices impacting demand, but we have not seen that to date.

是的。我會說中東衝突對我們的影響有限。顯然，在我們的 CO2 事業部中，對於未避險的桶數（unhedged barrels）——約占我們桶數的 10%——我們正在獲得更高的原油價格。至於成品油，你可能會預期它影響我們的地方是：更高的產品價格影響需求，但截至目前我們尚未看到。

In our Terminal segment, I think our docs have been really busy. Our export docs have been very busy. And so record volumes across that. And so we do get a small amount of ancillary revenue resulting from those movements. But our tanks are sold on long term, what we can monthly warehousing charges, which are takeway contracts.

在我們的碼頭（Terminal）事業部，我認為我們的碼頭泊位（docks）一直非常忙碌，我們的出口泊位也非常忙碌。因此整體量能創下紀錄。這些運輸流動確實會帶來少量的附帶收入（ancillary revenue）。但我們的儲槽是以長期方式售出，我們稱之為按月倉儲費（monthly warehousing charges），也就是 take-or-pay 合約。

And then on natural gas, not much in the short term. Obviously, we're moving a lot to LNG export facilities, but those are under long-term take-or-pay agreements. But as Rich said in his opening comments, longer term, it should drive incremental demand for US LNG.

接著談到天然氣，短期內沒有太多變化。顯然，我們正把大量氣量導向 LNG 出口設施，但那些都在長期 take-or-pay（照付不議）合約之下。不過如 Rich 在開場評論中所說，從較長期來看，這應該會帶動美國 LNG 的增量需求。

Manav Gupta, UBS.

Manav Gupta，瑞銀（UBS）。

I wanted to ask you a little bit about the GCS expansion and at the same time, the Trident pipe. And what I'm trying to understand is there's a lot of gas moving towards East Texas, including your GCS expansion. And then egress from there to Port Arthur and Henry Hub might take a little more time, including your pipe Trident.

我想請教一下 GCS 擴建，同時也想問 Trident 管線。我試著理解的是，有大量天然氣正往東德州移動，包括你們的 GCS 擴建。然後從那裡外運到 Port Arthur 和 Henry Hub 可能還需要一些時間，包括你們的 Trident 管線。

And I'm trying to understand if that might lead to some dislocation in pricing as we understand between Houston Ship Channel, Katy or Agua Duscher, how are you thinking about these localized gas markets as more gas from the Permian starts to pour in over there and the egress might take a little more time.

我想了解的是，這是否可能導致我們所理解的 Houston Ship Channel、Katy 或 Agua Duscher 之間出現一些價格錯位。隨著更多來自 Permian 的天然氣開始大量湧入那邊，而外運可能還需要一點時間，你們如何看待這些在地化的天然氣市場？

Okay, Manav. That was a -- I think, a two-part question. So first, both projects are on track. They're moving forward. I think in terms of basis dislocation, et cetera, I generally try and stay away from commenting on forward-looking pricing.

好的，Manav。這個——我想是個兩段式問題。首先，兩個專案都按計畫進行，正在推進。我想就基差錯位等等而言，我通常會避免評論前瞻性的價格。

But I can tell you, just at a fundamental level, there are always going to be dislocations, right, as you look forward, when you have demand coming on separately, then the supply getting across, and it goes in both directions. So what I would say there is -- is that a possibility?

但我可以告訴你，從基本面來看，當你往前看時，總是會出現錯位，對吧？當需求分別上線，而供給再逐步跨區輸送時，就會發生，而且兩個方向都可能發生。所以我會說——這有可能嗎？

Yes. I guess the reality is there's also a lot of demand from the power side that we're seeing coming up in Texas. We're talking about the power growth within Texas. So speed to market is very important there, and maybe there's a home for that supply. I'll leave you with that, and then you can kind of draw your own conclusions from that commentary.

是的。我想現實是，我們也看到德州電力端有大量需求正在浮現。我們談的是德州境內的電力成長。因此，快速導入市場（speed to market）非常重要，也許那部分供給在當地就有去處。我就先說到這裡，你可以根據這些評論自行推論。

And then the other thing I'd say just about our assets is we benefit a little bit on the margin from pricing dislocations in the short term. I mean, obviously, in the long term, those drive expansion projects. But most of our capacity on our pipes is sold under long-term take-or-pay contracts.

另外，談到我們的資產，我們在短期內會在邊際上稍微受益於價格錯位。當然，長期來看，這些會推動擴建專案。但我們管線的大部分運能都是以長期 take-or-pay（照付不議）合約售出。

So perfect. That power comment is very helpful. My quick follow-up here is KMI is somewhat unique. You have nat gas storage opportunities, which some of your competitors don't have. Can you talk a little bit about -- I think in December, FERC approved a 10 Bcf expansion at NGPL's existing storage.

很好。你提到電力的評論非常有幫助。我這邊快速追問：KMI 有點獨特，你們有天然氣儲存的機會，而你們的一些競爭對手沒有。你能談談——我記得在 12 月，FERC 核准了 NGPL 既有儲氣設施 10 Bcf 的擴建。

And then I think at Bear Creek storage also, you had an open season. So can you talk a little bit about the nat gas storage opportunities in your portfolio?

另外我想在 Bear Creek 儲氣也有進行 open season（公開徵求承諾）。你能談談你們投資組合中的天然氣儲存機會嗎？

Yes. Look, a very good question. And as we see this demand coming on and the scale of this demand, one of the big differentiators, and Rich alluded to, there's midstream opportunities, but there's some differentiator. Storage is going to be a key differentiator for us. We have those expansions on site that we're working on, especially the Bear Creek, not yet commercialized, but it's something we're working on.

可以。這是個很好的問題。隨著我們看到需求上線以及需求規模，其中一個重要的差異化因素——Rich 也提到——雖然有中游機會，但仍有一些差異化點。儲氣將會是我們的關鍵差異化。我們正在推進現場的擴建，尤其是 Bear Creek，尚未商業化，但這是我們正在努力的方向。

And we're looking at that across -- looking at storage across our footprint, not only to be able to leverage these short-term dislocations, but long term, as you think about operational balancing needs that these large demand centers are going to have, the ability to put in gas into storage and also pull out storage on a pretty quick basis is going to be critical for their operations.

我們也在整個版圖上評估儲氣——不僅是為了利用這些短期錯位，長期而言，當你想到這些大型需求中心將有的營運平衡需求，能夠把天然氣注入儲存、也能在相當快速的節奏下自儲存提取，對他們的營運將至關重要。

And that's somewhere where we think we differentiate ourselves quite nicely, having over 700 Bcf of storage in play and looking at much more to try and expand from an operating footprint standpoint.

而這正是我們認為自己能相當有效差異化的地方：我們有超過 700 Bcf 的儲氣在運作中，並且從營運版圖的角度，還在尋求更多擴張。

Michael Blum, Wells Fargo.

Michael Blum，富國銀行（Wells Fargo）。

I was going to ask all my questions at once, if that's okay. So first question really is on capital allocation, and it really encompasses both Momentum, this deal and Western Gateway. And the crux of it is you have significant gas pipeline investment opportunities at 6x investment multiples or better.

如果可以的話，我打算一次把問題都問完。第一個問題是資本配置，涵蓋 Momentum、這筆交易以及 Western Gateway。核心在於，你們有相當可觀的天然氣管線投資機會，投資倍數約 6 倍或更好。

So I think you addressed the strategic synergies at Momentum. But on Western Gateway, is it fair to assume that the return on this project will need to compete with your gas pipeline investments? And then the second question is on Western Gateway specifically, can you clarify that if you lose any EBITDA from taking an existing pipe out of service for this project, it will be captured in the overall project economics.

我想你已經談到 Momentum 的策略協同。但就 Western Gateway 而言，是否可以合理假設這個專案的報酬需要與你們的天然氣管線投資競爭？第二個問題也關於 Western Gateway：你能否釐清，如果為了這個專案而讓既有管線退役、導致任何 EBITDA 流失，這會被納入整體專案經濟性之中？

Okay. Sure. So I think your first question is, do we look at Western Gateway the same as we look at natural gas projects. And I would say no change in our capital allocation strategy. We continue to target risk-adjusted returns in the same range that we always have.

好的。當然。我想你的第一個問題是，我們是否用看待天然氣專案的方式來看 Western Gateway。我會說，我們的資本配置策略沒有改變。我們仍然以一貫的區間為目標，追求風險調整後的報酬。

And so yes, this competes with natural gas. And so no change there in our approach. You asked about if we -- let me just say this, we're going to invest additional capital and we're going to get incremental EBITDA, and it will be at a nice return in order to do this project.

所以是的，這會與天然氣專案競爭，因此我們的方法沒有改變。你問到如果我們——我先這樣說：我們會投入額外資本，並取得增量 EBITDA，而且為了做這個專案，報酬會相當不錯。

Mike, just to clarify one thing. We're buying the monument pipeline, not momentum.

Mike，我澄清一件事。我們買的是 monument 管線，不是 momentum。

Jean Ann Salisbury, Bank of America.

Jean Ann Salisbury，美國銀行（Bank of America）。

I had a similar question to Manav's about the Trident staggered start dates. As you mentioned, there's some concern that gas pipelines out of the Permian are going to come on well before gas pipelines to take them further east like Trident. So I guess my question is that if there's pull for more than the 30% of that gas on Trident in 2027, can you deliver that? Or is it really like that's the pace that you're bringing on Trident, if that makes sense?

我有個和 Manav 類似的問題，關於 Trident 分階段的啟用日期。如你提到的，市場有些擔憂：從 Permian 出來的天然氣管線會比把天然氣再往東送（像 Trident）更早投運。所以我的問題是，如果在 2027 年 Trident 上對天然氣的拉動需求超過你們所說的 30%，你們能交付嗎？還是說 Trident 的上線節奏就是你們導入的速度？希望我這樣問有表達清楚。

Yes. I mean Trident is going to come on first phase, first quarter of '27. That's the schedule. And so there's no advanced gas that can get across until we get that pipe up and running.

是的。Trident 第一階段會在 2027 年第一季投運。這就是時程。因此，在我們把那條管線建好並投入運轉之前，沒有提前的天然氣可以跨過去。

Sorry, I meant like over the course of 2027, if there's more demand than just the 30% that you referenced in the news release. demand for 100% of it, for example, is that something that you could deliver or it's more of a downstream constraint?

抱歉，我的意思是像在 2027 年整年期間，如果需求不只是你們在新聞稿中提到的 30%，例如對 100% 運能都有需求，這是你們可以交付的嗎？還是比較像是下游的限制？

Today, there is some incremental capacity versus what we would move in '27.

以目前來看，相較於我們在 2027 年會輸送的量，確實還有一些增量運能。

Okay. That makes sense. And then I guess my other question was about the NGPL 550 MMcfe expansion in the Panhandle. That seems like quite a lot of gas. And I was wondering if that's basically all demand pull for utility demand in that area or if it's partially people supply pushing out of the Permian and getting on to other pipelines after NGPL?

好的，這就合理了。那我另一個問題是關於 Panhandle 地區 NGPL 550 MMcfe 的擴建。那看起來是相當多的氣量。我想知道那基本上是否全部都是該區公用事業需求的拉動，還是部分是 Permian 的供給往外推，並在 NGPL 之後接到其他管線？

You're referring to the Amarillo expansion. Yes. Yes. So that is market pull driven by power.

你指的是 Amarillo 擴建。是的。是的。所以那是由電力帶動的市場拉動。

Keith Stanley, Wolfe Research.

Keith Stanley，Wolfe Research。

I wanted to follow up on Western Gateway and just, I guess, how you're thinking about the project. So first, just confirm you'd be contributing the whole SFPP pipeline to the JV. I think that's $350 million of EBITDA or so. And then on the returns, just how you're thinking about it, do you look at it as just a return on the cash contribution you would make to the JV? Or do you also factor in that you're effectively upgrading the value of the asset with new long-term contracts and a more competitive supply source?

我想追問 Western Gateway，主要是你們如何思考這個專案。首先，確認一下你們會把整條 SFPP 管線投入這個合資企業（JV）。我想那大約是 3.5 億美元左右的 EBITDA。然後關於報酬，你們怎麼看：你們是只看你們對 JV 的現金出資所帶來的報酬？還是也會把你們透過新的長期合約與更具競爭力的供應來源，等於是在提升資產價值這件事納入考量？

Okay. So it's not the whole SFPP system. It is what we call the East line, which goes from Amarillo to Phoenix and it's the West -- and the West line, which now moves product from California to Phoenix -- I mean, sorry, El Paso, I said Amarillo, El Paso to Phoenix on the East Line. And so those are the lines that are getting contributed to the JV. There are additional SFPP assets in California that will not be contributed.

好的。所以它不是整個 SFPP 系統。它是我們所稱的東線，從阿馬里洛到鳳凰城；以及西線，現在把產品從加州運到鳳凰城——我是說，抱歉，我剛才說阿馬里洛，其實是埃爾帕索到鳳凰城是在東線上。因此，這些就是要注入合資企業（JV）的管線。另外在加州還有其他 SFPP 資產不會注入。

And then with respect to your second question, say that again about the EBITDA?

然後關於你的第二個問題，關於 EBITDA 的部分，你再說一次？

Just the returns, like do you think of it just as cash-on-cash return on your contributions to the JV or you factor in the upgrading of the project?

就是回報方面，你們是把它單純視為對注入 JV 的資產所獲得的現金對現金回報，還是會把專案升級也納入考量？

Well, I mean the way we think about it is what cash are we contributing and what cash are we getting back versus anything we might be giving up. And so we look at it on an incremental return on our capital. And it's based on an IRR. So it's not just what is the year one cash on cash, and we look at a full project IRR.

嗯，我們的思考方式是：我們投入了多少現金、拿回多少現金，相對於我們可能放棄了什麼。因此我們看的是資本的增量回報，並以 IRR 為基礎。所以不只是看第一年的現金對現金回報，我們看的是整個專案的 IRR。

Got it. Second question on the strong quarter. Any color you can give on the impact that Permian gas spreads are having on the business? Is it single-digit millions, tens of millions, hundred million? And then any impact on winter storm fern specifically that you would call out?

了解。第二個問題關於這個強勁的季度：你能否談談二疊紀（Permian）天然氣價差對業務的影響？是數百萬美元的個位數、數千萬，還是上億？另外，冬季風暴 Fern 本身是否有任何你會特別點出的影響？

I mean, I'll say a couple of things. The Waha-Houston Ship Channel, it does have some modest benefit for us. But our preference and practice for that matter, has been to sell transportation capacity to our customers on a long-term basis. And so what I'd say generally about winter storms is what happens is you just have a peak in demand and therefore, the services that we provide for our customers increase in value.

我想我可以說幾點。Waha 到休士頓航道（Houston Ship Channel）的價差，確實對我們有一些溫和的好處。但我們的偏好與做法（就此而言）一直是把運輸容量以長期方式賣給客戶。一般來說，冬季風暴發生時，需求會出現尖峰，因此我們為客戶提供的服務價值會提高。

And whether that's storage services or that's transportation services, when you've got increases in bands, you've got high volatility and you have a system that's running at the high utilizations that we talked about, that just creates opportunity for us. And so I think that's what you're seeing in the first quarter results.

不論是儲存服務或運輸服務，當需求區間擴大、波動性很高，而且系統如我們所說在高利用率下運行時，就會為我們創造機會。我認為這就是你在第一季業績中看到的情況。

Olivia Foster, Goldman Sachs.

Olivia Foster，高盛。

I wanted to start on the gas transmission opportunity set going forward. When we think about the various projects under commercial discussion and the shadow backlog, I understand a bulk of the opportunities are related to growing power demand. Is there any way to frame up other details about the general size or scopes of these projects and potentially as well the geographies from which you're seeing the most demand? We saw several projects move forward today, but what are --

我想先從未來天然氣輸送的機會集合談起。當我們思考各種正在進行商業洽談的專案以及影子待辦（shadow backlog）時，我理解大部分機會與電力需求成長有關。是否有任何方式可以概括這些專案的一般規模或範疇，並且也談談你們看到需求最旺盛的地理區域？我們今天看到幾個專案往前推進，但有哪些——

I can describe it generically. I don't think it's really going to answer your question for me to describe this generically. And -- the reason that we don't give more detail around that is because most of these are competitive situations. And so we want to make sure that as we communicate before we -- before these projects are tied down that we don't say something that causes us competitive harm. But in general, I mean, what's in the project opportunity set beyond the backlog, there's a lot of power and there's also a little bit of LNG.

我可以用概括方式描述。不過我覺得用概括方式描述，可能無法真正回答你的問題。而且——我們之所以不提供更多細節，是因為這些多數屬於競爭情境。因此在這些專案尚未敲定之前，我們希望在溝通時不要說出任何可能對我們造成競爭傷害的內容。但總體而言，在待辦之外的專案機會集合中，有很多是電力相關，也有一小部分是 LNG。

There's some industrial, and it goes across the entire Southern United States. So there's opportunities going from Arizona all the way to Florida.

還有一些工業需求，且分布於美國南部各地。因此機會從亞利桑那一路延伸到佛羅里達。

I would add, it's critical to understand, as I'm sure you do, that our pipeline network relates very well geographically to where the big demand drivers are in this country. So I think we are enormously advantaged by the share size and location of our pipelines.

我補充一點：很重要的是要理解——我相信你也理解——我們的管線網路在地理位置上與本國主要需求驅動因素高度契合。所以我認為我們在管線的規模占比與位置上具有極大的優勢。

That's very helpful color. I appreciate the details. Maybe for my second question, I'd like to ask about the macro for a moment. Are you seeing any signs of volume changes on your system in response to higher commodity prices, either from a G&P or potentially refined product perspective?

這些補充非常有幫助，謝謝你提供細節。第二個問題我想談一下總體環境。你們是否看到因大宗商品價格上升而導致系統內輸送量變化的跡象，不論是從 G&P（集輸與處理）或可能從成品油角度？

Refined products in the quarter are down a little bit, but we don't think it is a function of higher prices. As I said earlier, we don't think that the higher prices are yet having a noticeable impact on the consumer, but that's something we'll continue to watch. And then with respect to G&P volumes, most of our stuff is gas on the G&P side. Those volumes were up nicely in the quarter. They were up 15% in the quarter.

本季成品油略有下滑，但我們不認為這是高價格所致。如我先前所說，我們認為高價格尚未對消費者造成明顯影響，但這是我們會持續觀察的。至於 G&P 的量，我們在 G&P 端大多是天然氣。這些量在本季成長不錯，本季成長了 15%。

And our KinderHawk volumes in the Haynesville were up 34%. So nice there. Our crude gathering position is primarily in the Bakken, and it's doing okay. Continental dropped rigs earlier this year, but prices are better. And so hopefully, at some point, some of our producers may increase rigs, but we have not seen that to date.

而我們在 Haynesville 的 KinderHawk 量成長了 34%，表現不錯。我們的原油集輸主要在巴肯（Bakken），目前還可以。Continental 今年稍早減少了鑽機數，但價格更好了。因此希望在某個時間點，我們的一些生產商可能會增加鑽機數，但到目前為止我們還沒有看到。

Jeremy Tonet, JPMorgan.

Jeremy Tonet，摩根大通。

Just wanted to come back, I guess, to the tracking more than 3% above budget. And just wanted to refine that and see how much of that is kind of like onetime in nature versus recurring? Like if we're thinking about for '27 go forward, should we think about how much of that 3% would kind of come back next year on a regular basis versus maybe being onetime in nature?

我想回到你們提到的「比預算高出超過 3%」的追蹤表現。我想更精確地了解，其中有多少屬於一次性因素、多少屬於可持續的經常性？例如我們看 2027 年及之後，這 3% 中有多少會在明年以常態方式回來，還是可能多半是一次性？

Well, I think with respect to the buyout on terminals, obviously, that's somewhat onetime in nature. And then with respect to the balance of it, I think that's just going to be a function of, to some extent, commodity prices because on the margin, we do get some benefit from commodity prices. and whether you have winters in the future.

嗯，我想就碼頭的買斷而言，顯然那在某種程度上屬於一次性。至於其餘部分，我認為在一定程度上會取決於大宗商品價格，因為在邊際上我們確實會從商品價格中獲得一些好處；以及未來是否還會有冬季。

So to the extent that you're getting some good winter weather, system is going to remain tight for a while, we will -- our asset -- the value that our assets provide our customers will continue to be strong in those situations.

所以如果未來冬季天氣不錯、系統在一段時間內仍然吃緊，我們——我們資產為客戶提供的價值在那種情況下會持續強勁。

Got it. So it's fair to think of that bucket kind of the contract onetime weather, how it shook out and commodity prices are kind of the main drivers there?

了解。所以可以把那一塊理解為：合約、一次性的天氣影響（結果如何），以及商品價格是主要驅動因素？

Yes. I mean, I think volumes in CO2, production volumes are up. That's nice. And RNG did better. I think we already went through that.

是的。我是說，CO2 的產量、產出量都有上升，這很好。RNG（再生天然氣）也表現更好。我想我們剛才已經談過了。

So products-based business is very stable and doing well. So I think the base business is performing very well. And then you have this increased demand and increased volatility and increased commodity prices that around the margin are just driving tremendous outperformance.

所以以產品為基礎的業務非常穩定、表現良好。我認為基本盤業務表現非常好。然後你又有需求增加、波動性增加、商品價格上升，這些在邊際上正推動非常顯著的超預期表現。

Got it. And actually, I just wanted to take a step back. We have not heard much conversation on carbon capture in some time now. And just wanted to see in the marketplace, do you see any demand for that? Or is that kind of completely gone away at this point?

了解。其實我想退一步問：我們有一段時間沒聽到太多關於碳捕捉的討論了。想請教在市場上，你們還看到對此有任何需求嗎？還是到目前為止基本上已經完全消失了？

I would say it's mostly gone away at this point. We're looking at a few things, but I'd say it's mostly gone away at this point. But I'd say we have the expertise here. And if the opportunity ever presents itself again, and we can do it on an economic basis, then it's something that we'll look at.

我會說到目前為止大多已經消失了。我們還在看少數幾件事，但我會說到目前為止大多已經消失了。不過我們在這方面有專業能力。如果未來機會再次出現，而且我們能在具經濟性的基礎上來做，那就是我們會再評估的事情。

Elvira Scotto, RBC Capital Markets.

Elvira Scotto，RBC 資本市場。

Given where commodity prices are now, can you maybe review your oil hedging strategy and just how you're planning to hedge out over the next year or so?

考量到目前大宗商品價格的位置，你能否回顧一下你們的原油避險策略，以及你們計畫在未來一年左右如何進行避險？

Yes. I mean we're 90% hedged for the balance of this year. And I think our $1 move in prices is a little less than $4 million. I think it's like $3.5 million. And then next year, we're like 70%, 75% hedged for 76% hedged for 2027.

是的。我的意思是，我們在今年剩餘期間已對沖了90%。而且我認為價格每變動1美元，對我們的影響略低於400萬美元。我想大概是350萬美元。然後明年，我們對2027年的對沖大概是70%、75%，或是76%。

So -- and I think that's roughly at $65-ish $60 a barrel. And so our hedging strategy is -- remains the same in terms of, I'd say, the near term, we try to hedge a large majority, I'd say, 80% plus of the current year.

所以——我認為那大致是在每桶約65美元、60美元左右。因此，我們的對沖策略——在我看來，就近期而言仍然相同：我們會嘗試對當年度的大多數量進行對沖，我會說是80%以上。

And we usually, by the time we get into the year, 90% hedged. And then with respect to year two, we hedge that -- more of that as we move closer to it. And so I think at this point in time, being 70% -- 76% hedged on 2027 is consistent with how we've done it historically.

而且通常等到進入該年度時，我們會做到90%已對沖。至於第二年，我們會在時間更接近時再逐步增加對沖。因此我認為，就目前而言，對2027年已對沖70%——76%，與我們過去一貫的做法一致。

Years three and out, we typically are waiting to lay on some more hedges because some of your cost structure is driven by commodity price. And so we want to make sure that we match those two things up. So very stable cash flow in the near term, not huge amounts of commodity -- not large amounts of commodity exposure, some exposure on the margin, I think, is where we want to be.

第三年及更往後，我們通常會先等一等再加做一些對沖，因為你們的部分成本結構會受到商品價格驅動。因此我們希望確保這兩者能夠匹配。所以短期現金流非常穩定，商品——不會有很大的商品曝險；我認為保留一些邊際曝險，是我們希望的位置。

And of course, to the extent that we outperform our plan, those percentages are based on planned volumes. And to the extent, as we said earlier, we are driving -- having a very nice year as far as volumes, and we'll sell those into the open market, obviously.

當然，在我們表現優於計畫的情況下，這些百分比是以計畫量為基礎。並且如我們先前所說，如果我們在量方面確實推動——今年表現非常好，那些超出部分我們顯然會在公開市場出售。

Jason Gabelman, TD Cowen.

Jason Gabelman，TD Cowen。

I wanted to first go back to Western Gateway. And I guess two clarifying questions there. One, is it in your project backlog? I know it hasn't been to this point, but I want to confirm, it's still not in there. And two, as you think about the steps that you need to complete to FID the project, would you say those are less difficult than completing the open season? Or do you still see a decent amount of risk of getting this project over the finish line?

我想先回到Western Gateway。我想有兩個釐清問題。第一，它是否在你們的專案積壓（backlog）中？我知道到目前為止還沒有，但我想確認，現在仍然不在其中。第二，當你們思考為了讓該專案達到FID所需完成的步驟時，你會說這些步驟比完成open season更不困難嗎？還是你仍然認為要讓這個專案順利過關、走到終點，仍有相當程度的風險？

Okay. With respect to the first question, no, it is not in our $10.1 billion backlog. We don't generally put any projects in there until they are approved/FID-ed, however you guys want to think about it. But -- and then I'll let Mike address whether -- what he thinks is the hardest.

好的。就第一個問題而言，沒有，它不在我們101億美元的backlog中。我們一般不會把任何專案放進去，直到它們獲得核准／完成FID——你們想怎麼理解都可以。不過——接著我讓Mike來回答，他認為——哪一部分最難。

Yes. I think entering into these -- as you go out with an open season, there's just a lot to understand in the market. And I think that was probably the harder piece. As we look forward to executing and getting to FID, there's, of course, the regulatory aspects that we've got to look at. But we've got experience through all the states that we're operating in. We have experience with those regulators and have confidence in moving that forward.

是的。我認為當你們進入——也就是進行open season時，市場上有很多事情需要了解。我認為那可能是比較困難的部分。展望未來要執行並推進到FID，當然也有我們必須處理的監管面向。但我們在所有營運州都有經驗。我們也與那些監管機構打過交道，並且有信心推動進展。

Got it. Great. And my follow-up is just on the commentary around future growth and kind of the more constructive outlook for gas demand in this country and you're talking about seeing kind of aggressive in your growth in your pursuit of additional growth.

了解。很好。我的追問是關於你們對未來成長的評論，以及對本國天然氣需求更具建設性的展望；你們提到在追求額外成長方面，成長動能看起來相當積極。

Thinking back to the Permian pipeline going west that you didn't win, were there any lessons learned in that process that you're going to apply in competing for future growth opportunities in this country, particularly as you think about the competitive position of your asset base?

回想你們沒有贏下的那條往西的二疊紀（Permian）管線案，在那個過程中是否有任何經驗教訓，會應用到未來在本國競逐成長機會上，特別是當你們思考你們資產基礎的競爭地位時？

I think we approach that project the way we do all of our others. And so I don't think there was any specific lessons learned there.

我認為我們以處理其他所有專案相同的方式來推進那個專案。所以我不認為那裡有任何特定的經驗教訓。

Zack Van Everen, TPH.

Zack Van Everen，TPH。

Maybe when thinking through natural gas demand in the Gulf Coast. So I'm curious how much open capacity you guys have on NGPL Southbound if you guys were able to source more gas to that pipe?

也許從墨西哥灣沿岸的天然氣需求來思考。我很好奇，如果你們能為那條管線取得更多氣源，你們在NGPL南向（Southbound）上還有多少可用的閒置容量？

So look, I mean, we are -- once again, you heard we're operating at very high load factors. I mean I think all the low-hanging fruit is pretty much off the table. We're looking at some expandability. You see some reservations that go out there. Clearly, we're working on an opportunity set that's pretty robust in both directions.

所以你看，我的意思是，我們——再一次，你也聽到了，我們正以非常高的負載率運行。我想所有唾手可得的機會基本上都已經不多了。我們正在看一些擴充的可能性。你也看到有一些預留（reservations）釋出。很明顯地，我們在兩個方向上都在推進一組相當強勁的機會集合。

As you think about the demand side, you think about power, you think about supply aggregation and you think about movement to get supply to kind of end-use markets, I think the opportunity set there is pretty strong. But as far as specific capacity, I mean, we've got -- there's so many pockets of capacity out there on the EBB. It's out there, if there is any, but I would be surprised if there's any significant capacity in the key areas that you need it.

從需求端來看，你會想到電力、你會想到供應整合（supply aggregation），以及為了把供應移動到終端使用市場所需的運輸，我認為那裡的機會集合相當強。但就具體容量而言，我是說，我們有——在EBB上有很多零散的容量區塊。如果有的話，它就在那裡；但如果在你真正需要的關鍵區域還有任何顯著容量，我會感到意外。

Got you. That makes sense. And then -- on KinderHawk, it seems like volumes continue to perform well there. Have you brought on a portion of that expansion project and maybe the cadence for the rest of the year, how you plan to bring that capacity on?

了解。這很合理。然後——關於KinderHawk，看起來那裡的量持續表現良好。你們是否已經啟用那個擴建專案的一部分？以及在今年剩餘時間的節奏上，你們計畫如何把那些容量逐步上線？

Yes. Look, so one, we're operating pretty much at our capabilities at capacity, and we're -- the volumes are there. We're still -- we still haven't brought on the expansion, but we plan on bringing it on as we layer it on through the balance of the year to add an incremental Bcf of processing capacity, and we're on track to do so.

是的。你看，第一，我們基本上已在能力上限、也就是滿載狀態下運行，而且——量是有的。我們仍然——仍然尚未把擴建上線，但我們計畫在今年剩餘期間逐步把它疊加上線，以新增額外10億立方英尺/日（Bcf）的處理能力，而且我們正按計畫推進。

And at the time, I am showing no further questions.

此時，我這邊顯示沒有進一步的問題。

Okay. Thank you all very much.

好的。非常感謝各位。

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

謝謝。今天的電話會議到此結束。您現在可以掛線。