Kinetik Holdings Inc (KNTK) 2024 Q2 法說會逐字稿

Good morning. Thank you for attending today's Kinetik second quarter 2024 results call. My name is Jennifer and I'll be your moderator today. (Operator Instructions).

早安.感謝您參加今天的 Kinetik 2024 年第二季業績電話會議。我叫詹妮弗，今天我將擔任你們的主持人。（操作員說明）。

I would now like to pass the conference over to Maddie Wagner, Director of Investor Relations. Maddie, please proceed.

我現在想將會議交給投資者關係總監麥迪·瓦格納 (Maddie Wagner)。麥迪，請繼續。

Thank you. Good morning and welcome to Kinetik's second quarter 2024 earnings conference call. Our speakers today are Jamie Welch, our President and Chief Executive Officer, and Trevor Howard, our Chief Financial Officer. Other members of our senior management team are also in attendance for this morning's call. The press release we issued yesterday, the slide presentation and access to the webcast for today's call are available at www.kinetik.com.

謝謝。早安，歡迎參加 Kinetik 2024 年第二季財報電話會議。今天的演講者是我們的總裁兼執行長傑米·韋爾奇 (Jamie Welch) 和財務長特雷弗·霍華德 (Trevor Howard)。我們高階管理團隊的其他成員也出席了今天早上的電話會議。我們昨天發布的新聞稿、幻燈片演示以及今天電話會議的網路廣播可在 www.kinetik.com 上取得。

Before we begin, I would like to remind all listeners that our remarks, including the question-and-answer section will provide forward-looking statements and actual results could differ from what is described in these statements. These statements are not guarantees of future performance and involve a number of risks and assumptions.

在開始之前，我想提醒所有聽眾，我們的言論，包括問答部分將提供前瞻性陳述，實際結果可能與這些陳述中描述的有所不同。這些陳述不是對未來業績的保證，並且涉及許多風險和假設。

We may also provide certain performance measures that do not conform to US GAAP. We provided schedules that reconcile these non-GAAP measures as part of our earnings press release. After our prepared remarks, we will open the call to Q&A.

我們也可能提供某些不符合美國公認會計原則的績效衡量標準。作為我們收益新聞稿的一部分，我們提供了協調這些非公認會計準則衡量標準的時間表。在我們準備好發言後，我們將開始問答環節。

With that, I will turn the call over to Jamie.

這樣，我會將電話轉給傑米。

Thank you, Maddie. Good morning, everyone, and thank you for joining our call today. I am pleased to share this past quarter's results with you this morning, as well as provide an update on integration activities following the Durango acquisition.

謝謝你，麥迪。大家早安，感謝您今天加入我們的電話會議。我很高興今天早上與您分享上個季度的業績，並提供杜蘭戈收購後整合活動的最新情況。

First, I would like to thank our team for their tremendous efforts over the past few months as we closed both the GCX divestiture and Durango acquisition, began integrating Durango personnel and assets, battled the summer heat in the Permian, and recovered from Hurricane Beryl in Houston. The team has done a fantastic job, so thank you.

First, I would like to thank our team for their tremendous efforts over the past few months as we closed both the GCX divestiture and Durango acquisition, began integrating Durango personnel and assets, battled the summer heat in the Permian, and recovered from Hurricane Beryl in休士頓.團隊做得非常出色，所以謝謝你們。

In May, we announced several highly strategic transactions, expanding our footprint into the Northern Delaware basin, diversifying our geographic footprint, and customer base strengthening our balance sheet, and ultimately advancing Kinetik's long-term strategic vision.

5 月，我們宣布了幾項高度策略性的交易，將我們的業務擴展到特拉華州北部盆地，實現我們的地理足跡多元化，並透過客戶群加強我們的資產負債表，並最終推進Kinetik的長期戰略願景。

At the beginning of June, we closed the GCX divestiture, and at the end of June, we closed the Durango acquisition, representing the two largest transactions since our merger in 2022. These announcements quickly followed the in-service of our organic gathering expansion into Lea County at the beginning of the first quarter.

6 月初，我們完成了對 GCX 的剝離，並於 6 月底完成了對 Durango 的收購，這是自 2022 年合併以來最大的兩筆交易。這些公告是在第一季初我們向利縣進行有機採集擴張後不久就發布的。

So for context, we had zero operations in New Mexico-Delaware Basin a year ago, and today nearly 20% of our volumes are sourced from New Mexico. As I've mentioned over the past few months since announcing these deals, producers are very excited that Kinetik has expanded north and is now investing the much-needed capital to keep up with producers' demand for treating and processing.

因此，就背景而言，一年前我們在新墨西哥-特拉華盆地的業務為零，而如今我們近 20% 的產量來自新墨西哥州。正如我在宣布這些交易以來的過去幾個月中提到的那樣，生產商對 Kinetik 向北擴張並目前正在投資急需的資金以滿足生產商對處理和加工的需求感到非常興奮。

The commercial team has been highly active with both current and prospective customers in New Mexico, and the growth opportunities we see are plentiful. As such, we have sanctioned pre-FID work scope and long lead critical path items for Kings Landing II, which would double the processing capacity at the Kings Landing Processing Complex.

商業團隊對新墨西哥州的現有和潛在客戶一直非常活躍，我們看到了充足的成長機會。因此，我們批准了 Kings Landing II 的 FID 前工作範圍和長期關鍵路徑項目，這將使 Kings Landing 加工中心的處理能力翻倍。

We have also advanced our subsurface and permitting workstreams for an acid gas injection well that enables an important treating solution for natural gas containing high levels of H2S and CO2 at Kings Landing. By undertaking these scopes of work today, we will accelerate the timeline from formal FID to in-service by nearly two quarters. This is a significant new development for our Northern Delaware business and the customers that we serve in the region.

我們也推進了酸性氣體注入井的地下和許可工作流程，為 Kings Landing 含有高濃度 H2S 和 CO2 的天然氣提供了重要的處理解決方案。透過今天進行這些工作範圍，我們將從正式最終投資決定到投入使用的時間表加快了近兩個季度。對於我們北特拉華州業務以及我們在該地區服務的客戶來說，這是一個重大的新發展。

Announced alongside Durango in May was our 15-year low-pressure and high-pressure gathering and processing agreement with a large existing customer with acreage in Eddy County that offset the Durango system.

5 月份，我們與杜蘭戈一起宣布了與一家大型現有客戶簽訂的為期 15 年的低壓和高壓收集和處理協議，該客戶在埃迪縣的面積抵消了杜蘭戈系統的影響。

More recently, Kinetik expanded gathering, treating, and processing services with one of our largest customers in Lea County. This amendment, which will go into effect in the fourth quarter of this year, increases the existing MVC and expands overall margin. The Durango acquisition, the new Lea County amendment, and the previously announced long-term gas gathering and processing agreement in Eddy County represents approximately a $1 billion of strategic investment at a low to mid-single-digit adjusted EBITDA multiple and significantly enhances our position across the entire Delaware basin.

最近，Kinetik 擴大了與利縣最大客戶之一的收集、處理和加工服務。這項修正案將於今年第四季生效，增加現有的 MVC 並擴大整體利潤率。杜蘭戈收購、新的利縣修正案以及先前宣布的埃迪縣長期天然氣收集和加工協議代表著約10 億美元的戰略投資，調整後的EBITDA 倍數為低至中個位數，顯著增強了我們的地位橫跨整個特拉華盆地。

In May, we developed a 100-day plan to close and integrate Durango's assets and personnel. I am very pleased to report that the transition has been seamless. We have already identified several process and system improvements that have begun generating value and we have developed a robust integration plan that includes preventative maintenance, facility upgrades, and capacity expansions to existing infrastructure at the Dagger Draw Process and Complex.

5月份，我們制定了一項100天計畫來關閉和整合杜蘭戈的資產和人員。我很高興地報告，過渡是無縫的。我們已經確定了幾項已開始產生價值的流程和系統改進，並製定了穩健的整合計劃，其中包括預防性維護、設施升級以及 Dagger Draw Process 和 Complex 現有基礎設施的容量擴展。

Following closing, we immediately took over project management responsibilities for all growth and maintenance capital projects. Construction is progressing well on the 200 million cubic feet per day Kings Landing I and that remains on schedule with an expected in-service date in April of next year. We are also mid-construction on a 20-inch pipeline running across the Durango system. That will provide connectivity to Kings Landing upon in-service and greatly improve system hydraulics.

交易結束後，我們立即接手了所有成長和維護資本項目的專案管理職責。Kings Landing I 日處理量達 2 億立方英尺的施工進展順利，仍按計劃進行，預計明年 4 月投入使用。我們也正在建造一條橫跨杜蘭戈系統的 20 吋管道。這將在投入運作時提供與君臨城的連接，並極大地改善系統液壓系統。

Additionally, we began deferred maintenance projects to elevate operations to Connecticut's safety and environmental standards. We have also welcomed over 70 talented employees to the Connecticut team. The feedback we have received from new employees has been positive and they are enjoying the function-based structure and management of our operations team.

此外，我們開始推遲維護項目，以將營運提升到康乃狄克州的安全和環境標準。我們也歡迎 70 多名才華橫溢的員工加入康乃狄克州團隊。我們從新員工收到的回饋是正面的，他們喜歡我們營運團隊基於職能的結構和管理。

Turning to our results, in the second quarter we processed gas volumes of 1.58 billion cubic feet per day representing 7% growth year-over-year. Despite wellhead volume curtailments in response to Waha Hub pricing which averaged approximately 140 million cubic feet per day.

談到我們的業績，第二季我們每天處理天然氣量 15.8 億立方英尺，年增 7%。儘管因瓦哈中心定價而削減井口量，平均每天約 1.4 億立方英尺。

Second quarter adjusted EBITDA was over $234 million, a 13% increase year-over-year, reflecting new volumes from the MVC-backed agreements in Lea County and improved commodity margins as well as contributions from the expansion of PHP and Delaware Link. This was partially offset by price-related gas volume curtailments and only two months of contribution from GCX.

第二季調整後 EBITDA 超過 2.34 億美元，年成長 13%，反映了 Lea 縣 MVC 支持的協議帶來的新銷售、商品利潤率的提高以及 PHP 和 Delaware Link 擴張的貢獻。這被與價格相關的天然氣產量削減以及 GCX 僅兩個月的貢獻所部分抵消。

So for context, if we closed Durango contemporaneously with the sale of GCX, Connecticut's second quarter adjusted EBITDA would have increased to almost $238 million. With the successful completion of the Durango and GCX transactions, we are revising upwards our prior 2024 guidance to reflect the underlying strength of our business as well as the impacts of the transactions. Trevor will discuss this in more detail momentarily.

因此，就背景而言，如果我們在出售 GCX 的同時關閉 Durango，康乃狄克州第二季調整後 EBITDA 將增至近 2.38 億美元。隨著 Durango 和 GCX 交易的成功完成，我們正在上調之前的 2024 年指引，以反映我們業務的潛在實力以及交易的影響。特雷弗稍後將更詳細地討論這一點。

I'm incredibly impressed by our team's focus and execution over the past few months. Their dedication and attention to detail allowed for both transactions to close on time and has resulted in a swift integration process.

我們團隊過去幾個月的專注和執行力給我留下了深刻的印象。他們的奉獻精神和對細節的關注使得兩項交易都按時完成，並導致了快速的整合過程。

And now with that, I'd like to hand the call over to Trevor.

現在，我想把電話轉給特雷弗。

Thanks, Jamie. In the second quarter, we reported adjusted EBITDA of $234 million. For the quarter, we generated distributable cash flow of $163 million and free cash flow was $105 million. Looking at our segment results, our midstream logistics segment generated an adjusted EBITDA of $148 million in the quarter, up 7% year-over-year. Largely driven by improved commodity margins, increased process gas volume, and continued marketing benefits on our PHP capacity despite the wellhead volume curtailment that persisted throughout the quarter.

謝謝，傑米。第二季度，我們報告調整後 EBITDA 為 2.34 億美元。本季度，我們產生了 1.63 億美元的可分配現金流，自由現金流為 1.05 億美元。從我們的部門表現來看，我們的中游物流部門本季調整後的 EBITDA 為 1.48 億美元，較去年同期成長 7%。這主要是由於商品利潤率的提高、製程氣體量的增加以及我們的 PHP 產能的持續行銷效益，儘管整個季度井口量持續減少。

Shifting to our pipeline transportation segment, we generated an adjusted EBITDA of $94 million up 25% year-over-year. This increase was driven by contributions from the PHP expansion and Delaware Link and with only two-months of contributions from GCX. Total capital expenditures for the quarter were $38 million. Our leverage ratio for our credit agreement stands at 3.4 times below our leverage target of 3.5 times.

轉向管道運輸領域，我們的調整後 EBITDA 為 9,400 萬美元，年增 25%。這一增長是由 PHP 擴展和 Delaware Link 的貢獻所推動的，而 GCX 僅兩個月的貢獻。該季度的資本支出總額為 3800 萬美元。我們的信貸協議槓桿率為 3.4 倍，低於 3.5 倍的槓桿目標。

As Jamie mentioned earlier, we are revising upwards both our 2024 adjusted EBITDA and capital expenditures guidance to reflect earnings outperformance throughout the first half of the year and the successful completion of the Durango acquisition and GCX divestiture.

正如 Jamie 之前提到的，我們正在上調 2024 年調整後 EBITDA 和資本支出指引，以反映上半年的盈利表現以及 Durango 收購和 GCX 剝離的成功完成。

We now estimate full year 2024 adjusted EBITDA in the range of $940 million to $980 million, a 3% increase at the midpoint versus the previous guidance range mid-point and implies over 14% growth year-over-year at the mid-point. Specifically within the midstream logistics segment, we now expect process gas volume growth in the high-teens.

我們現在估計 2024 年全年調整後 EBITDA 在 9.4 億美元至 9.8 億美元之間，與先前指導範圍的中點相比，中點增長 3%，意味著中點同比增長超過 14%。特別是在中游物流領域，我們現在預期製程氣體量將出現十幾歲的成長。

Our new growth expectations are inclusive of six-months of Durango's existing business, which includes approximately 200 million cubic feet per day of process gas volume from the Maljamar and Dagger Draw facilities. We expect the existing Durango volume to nearly double with the in service of the 200 million cubic feet per day Kings Landing Cryo in April of next year.

我們新的成長預期包括杜蘭戈現有業務的六個月，其中包括來自 Maljamar 和 Dagger Draw 設施的每天約 2 億立方英尺的工藝氣體量。我們預計，隨著明年 4 月 Kings Landing Cryo 每天 2 億立方英尺的投入使用，現有的 Durango 容量將增加近一倍。

Additionally, the Lea County MBC increase in margin expansion for gathering, treating, and processing will contractually begin in November. Our pipeline transportation segment will no longer reflect contributions from GCX following the divestiture. However, we expect the segment will continue to experience strong year-over-year growth throughout the remainder of the year with the full year benefits from Delaware Link and the PHP expansion.

此外，Lea 縣 MBC 將從 11 月開始增加收集、處理和加工的利潤率。剝離後，我們的管道運輸部門將不再反映 GCX 的貢獻。然而，我們預計該細分市場將在今年剩餘時間內繼續實現強勁的同比增長，全年受益於 Delaware Link 和 PHP 擴張。

We have modestly updated our commodity outlook for the remainder of the year. Our revised guidance assumes approximately $77 per barrel for WTI, $2 for [MMBtu] for natural gas at the Houston Ship Channel Hub, and $0.60 per gallon for natural gas liquids. Today, approximately 13% of our remaining 2024 expected gross profit is directly influenced by commodity prices, which is primarily associated with Kinetik's equity volumes. Currently, our direct commodity link exposure is sourced from the following components, approximately 30% natural gas or ethane, 30% propane and methane, and 40% crude.

我們適度更新了今年剩餘時間的大宗商品前景。我們修訂後的指導假設 WTI 約為每桶 77 美元，休士頓船舶航道樞紐的天然氣 [MMBtu] 為 2 美元，液體天然氣為每加侖 0.60 美元。如今，我們剩餘的 2024 年預期毛利中約有 13% 直接受到大宗商品價格的影響，這主要與 Kinetik 的股本數量相關。目前，我們的直接商品連結風險來自以下成分，約30％的天然氣或乙烷，30％的丙烷和甲烷，以及40％的原油。

As we mentioned during our Durango acquisition announcement call, with certain provisions of some of the Durango contracts, we retain ownership of the common state. Therefore, WTI will represent a greater contribution of our direct commodity link gross profit going forward.

正如我們在杜蘭戈收購公告電話會議中提到的，根據一些杜蘭戈合約的某些條款，我們保留了共同狀態的所有權。因此，WTI 將對我們未來的直接商品環節毛利做出更大的貢獻。

Turning to our capital expenditures guidance, we now expect capital expenditures to be between $260 million to $300 million for the full year. This increase reflects capital for the construction of Kings Landing I, pre-FID work for Kings Landing II, and an associated acid gas injection well, the new and amended long-term gathering and processing agreements in Eddy and Lea Counties, and capital for integration and growth and maintenance costs associated with the existing Durango business.

談到我們的資本支出指導，我們現在預計全年資本支出將在 2.6 億美元至 3 億美元之間。這一增長反映了 Kings Landing I 的建設資金、Kings Landing II 的 FID 前工作以及相關的酸性氣體注入井、埃迪縣和 Lea 縣新的和修訂的長期收集和加工協議以及整合資金與現有杜蘭戈業務相關的成長和維護成本。

For context, roughly $100 million of the guidance increase is capital associated with Durango. The remainder of the increase is driven by new projects in New Mexico that have been announced since issuing our full year 2024 CapEx guidance in February. In fact, the projects included in our initial 2024 CapEx guidance are trending approximately 5% below budgeted costs.

就背景而言，指導性成長中約 1 億美元是與 Durango 相關的資本。其餘成長是由自 2 月發布 2024 年全年資本支出指南以來宣布的新墨西哥州新項目推動的。事實上，我們最初的 2024 年資本支出指南中包含的項目趨勢比預算成本低約 5%。

Our operations and commercial teams have done a tremendous job so far by optimizing scope and reducing construction costs where possible. We remain highly focused on our disciplined capital allocation approach. Our priorities are aligned with our strategy, which enables us to allocate capital to the highest return opportunities to maximize shareholder value.

到目前為止，我們的營運和商業團隊在優化範圍和盡可能降低建造成本方面做得非常出色。我們仍然高度關注嚴格的資本配置方法。我們的優先事項與我們的策略一致，這使我們能夠將資本分配給最高回報的機會，以最大限度地提高股東價值。

And with that, I would like to open up the line for Q&A.

至此，我想開通問答專線。

(Operator Instructions).

（操作員說明）。

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

Thanks. Good morning, everyone. I wanted to talk about the change in CapEx, specifically the $100 million related to Durango. I wanted to just provide a little more color. Should we think of that as growth capital that's earning a return? Is that maintenance? What is in that $100 million?

謝謝。大家早安。我想談談資本支出的變化，特別是與杜蘭戈相關的 1 億美元。我只是想提供更多一點的顏色。我們是否應該將其視為獲得回報的成長資本？這就是保養嗎？那1億美元裡面有什麼？

Good question, Michael. So $100 million should be filled in this context. It is growth capital, so it includes Kings Landing I. It is growth capital as it relates to, we talk about the 20-inch backbone pipeline across the system, which will allow for, obviously, additional volumes to be connected that will then obviously be used to fill up Kings Landing I.

好問題，麥可。因此，在這方面應該要填補1億美元。它是成長資本，所以它包括 Kings Landing I。

And some of this pre-FID and long lead critical path items that we've got sanctioned for Kings Landing II. So that is the bucket. If I was going to think about sort of remedial maintenance, it's probably $5 million of that amount. And maintenance is probably an equivalent amount on top of that. So that's pretty small.

我們已經為 Kings Landing II 批准了一些 FID 前和長期關鍵路徑項目。這就是桶子。如果我要考慮某種補救性維護，可能需要 500 萬美元。除此之外，維護費用可能也相當。所以很小。

Okay. Got it.

好的。知道了。

And think of the increase, honestly, Michael. That's about -- relative to the [125, 165], and I'm sure everyone would like sort of the -- maybe the bridge. So [125, 165] is where we started live. We said as we've gone through the entire conference circuit over the course of the spring, we said, listen, with the Eddy County announcement, $200 million gross spend, think of it as $50 million, $100 million, $50 million.

老實說，邁克爾，想想增加的情況。這大約是 - 相對於 [125, 165]，我相信每個人都會喜歡 - 也許是這座橋。所以 [125, 165] 是我們開始直播的地方。我們說，當我們在整個春季進行了整個會議巡迴演出時，我們說，聽著，艾迪縣宣布，總支出為2 億美元，可以將其想像為5000 萬美元、1 億美元、5000 萬美元。

$50 million for this year, $100 million for next year, and $50 million into 2026. That's still, I think, I would put the Eddy County and the new Lea County amendment, which has got a little bit of capital, that's a good number.

今年5000萬美元，明年1億美元，2026年5000萬美元。我認為，我仍然會將埃迪縣和新的利縣修正案納入其中，該修正案有一點資本，這是一個不錯的數字。

So take your $145 million to being the midpoint of the original range and say, just add $50 million. And then for all the Durango stuff that we've talked about, Kings Landing 1, some growth capital, as well as now the pre-FID spend. Think of that as $9,800 million. And that should get you right on the number your guys are looking for.

因此，將 1.45 億美元作為原始範圍的中點，然後增加 5,000 萬美元。然後，對於我們討論過的杜蘭戈計畫、君臨 1 號、一些成長資本，以及現在的 FID 前支出。相當於 98 億美元。這應該能讓你正確地找到你的人正在尋找的號碼。

As we spend so much time agonizing over making sure we look at every invested dollar and making sure that 2it's earning a clear return for our overall business. And we were very mindful when we set up our guidance this year. We obviously have had the opportunity to grow the business, which is incredibly exciting. And we are very, very focused on making sure we are free cash flow positive.

因為我們花了很多時間來確保我們專注於每一筆投資並確保 2it 為我們的整體業務帶來明確的回報。今年制定指導意見時，我們非常謹慎。顯然，我們有機會發展業務，這非常令人興奮。我們非常非常注重確保我們的自由現金流為正。

Got it. Thanks for all that. And then maybe a related question, since you're spending on Kings Landing II, I know you're calling it pre-FID, but how should we think about timing for when that plan could be in-service?

知道了。感謝這一切。然後也許是一個相關的問題，既然你在君臨 II 上花錢，我知道你稱之為 FID 前，但我們應該如何考慮該計劃何時可以投入使用？

So there is a bunch of items. I would say any decision on a new processing plan, from inception to completion in-service, is probably a two-year undertaking. There are items, and it's not necessarily just ordering a Cryo box from UOP Honeywell, but there is switchgear, there are transformers, there's a lot of associated kit that have very long-leaved items. So what we wanted to do was get ahead of that. If we were going to think out into the future of an in-service date, you would be looking at the beginning of third quarter '26.

所以就有了一堆物品。我想說，關於新處理計劃的任何決定，從開始到投入使用，可能需要兩年的時間。有一些物品，不一定只是從 UOP Honeywell 訂購冷凍箱，但有開關設備、有變壓器，還有很多相關套件，其中有非常長的物品。所以我們想做的就是搶先一步。如果我們要考慮未來的服役日期，你會考慮 26 年第三季初。

Got it. Thank you so much.

知道了。太感謝了。

Jeremy Tonet, JP Morgan.

傑里米·託內特，摩根大通。

Hi, good morning.

嗨，早安。

Good morning, Jeremy.

早上好，傑里米。

Thanks for all the detail today. I just wanted to go to New Mexico a little bit more. Now that Durango has settled, I just wondered if you could provide a bit more color on what you see the landscape there. We've seen, I think, some private equity consolidation there. And just if you could update us, I guess, on the competitive landscape, the opportunities set there, that would be very helpful? Thanks.

感謝今天提供的所有詳細資訊。我只是想去新墨西哥州多一點。現在杜蘭戈已經安頓下來，我只是想知道你是否可以為你所看到的那裡的風景提供更多的色彩。我認為，我們已經看到了一些私募股權的整合。我想，如果您能給我們介紹競爭格局和那裡的機會的最新情況，那會很有幫助嗎？謝謝。

Sure. So as we've talked before and as we've talked with investors and your peers, we are incredibly excited by the opportunity set that we see in New Mexico. Ironically, it is not just the northern Delaware, as you would think about the northern Delaware basin, but it's also the shelf. And the shelf is, I think, probably somewhat of a forgotten area that over time just hasn't got any particular attention or focus. But there seems to be a lot of smaller producers that have positions that would like to see that the rock quality is very good and they just need a processing outlet.

當然。因此，正如我們之前討論過的以及與投資者和同行討論的那樣，我們對在新墨西哥州看到的機會感到非常興奮。諷刺的是，它不僅是特拉華州北部（如您所想像的特拉華州北部盆地），而且還是陸架。我認為，架子可能是一個被遺忘的區域，隨著時間的推移，它並沒有得到任何特別的關注或關注。但似乎有很多較小的生產商希望看到岩石質量非常好，他們只需要一個加工出口。

So set a different way. The opportunity set is more plentiful than we could have ever imagined. As such, that has accelerated our decision-making on wanting to do get -- do the pre-FID expenditures on Kings Landing II because we can now see in our forecast that Kings Landing I will be fully sold out sooner than we ever could have imagined. As you also know, Jeremy, we were very clear when we announced Durango. You have 200 million cubic feet a day of actual process -- inlet processing capacity. And that's how we run. It's pretty static. $70 million, $75 million bucks of EBITDA, as we said on our call back when we announced this in May same-store sales, if you will, relative to the 2023 numbers.

所以設定不同的方式。機會比我們想像的還要豐富。因此，這加速了我們關於君臨 II 的 FID 前支出的決策，因為我們現在可以在預測中看到君臨 I 將會比我們想像的更早全部售完。如你所知，傑里米，當我們宣布杜蘭戈時，我們的態度非常明確。您每天擁有 2 億立方英尺的實際處理量——入口處理能力。這就是我們跑步的方式。它非常靜態。 7000 萬美元、7500 萬美元的 EBITDA，正如我們在 5 月份宣布同店銷售額（如果你願意的話）的回電中所說，相對於 2023 年的數字。

We bring on Kings Landing, April 2025, and you see that increase from that $70 million, $75 million to almost $150 million of EBITDA run rate from that point forward. And as we've also talked to people, we are going to expand, Dagger Draw. We've got some expansion. We can expand a little bit, Kings Landing I, we will bring an idle [cryo] that we've got that we'll actually go and add. We've got to work through takeaway on the residue side. We'll obviously work out what we're doing on the NGL side, but I think we very quickly will get from a 200 baseline of inlet today to probably the latter part of next year, we'll have 500 million cubic feet a day of processing capacity. And then into 2026, and you think about that statement on the third quarter, you'd be at 700. And the overall margins we see are pretty consistent.

我們將在 2025 年 4 月推出 Kings Landing，您會看到從那時起，EBITDA 運行率從 7000 萬美元、7500 萬美元增加到近 1.5 億美元。正如我們也與人們交談過的那樣，我們將擴展 Dagger Draw。我們有一些擴展。我們可以擴大一點，Kings Landing I，我們將帶來一個閒置的[冷凍機]，我們實際上會去添加它。我們必須解決剩餘部分的外賣問題。顯然，我們會弄清楚我們在 NGL 方面正在做什麼，但我認為我們很快就會從今天的 200 入口基線到明年下半年，我們每天將有 5 億立方英尺的處理能力。然後到 2026 年，你想想第三季的聲明，你會達到 700。我們看到的整體利潤率非常一致。

Even today, just given the lack of infrastructure, there's a need for treating, there's a lot of components, there's a lot of low pressure connections for some of the smaller producers, less high pressure connects up there than what we typically see, I would say, on our base business. So I do think it's a pretty, I think we've just found a phenomenal opportunity that we just couldn't be more excited about.

即使在今天，由於缺乏基礎設施，需要進行處理，有很多組件，一些較小的生產商有很多低壓連接，那裡的高壓連接比我們通常看到的要少，我會比如說我們的基礎業務。所以我確實認為這是一個很好的機會，我認為我們剛剛發現了一個令人興奮的絕佳機會。

Got it. That's very helpful. Thank you. And I want to touch on one of the points you brought up there as relates to Permian egress in general. Just wondering updated thoughts on that given recent announcements. And also, I think having that capacity in Permian Highway was certainly a help in the quarter. And just wondering, I guess, how you think about that over the balance of the year? How much help would that provide having that capacity? And when do you think that kind of fades away?

知道了。這非常有幫助。謝謝。我想談談您在那裡提出的與二疊紀總體出口有關的觀點之一。只是想知道最近的公告對此的最新想法。而且，我認為二疊紀高速公路的這種能力無疑對本季有所幫助。我只是想知道，在這一年剩下的時間裡，你是如何看待這個問題的？擁有這種能力會提供多少幫助？你認為這種情況什麼時候會消失？

So I'll answer the last part first. Obviously, we saw, I think, one of the investors in Matterhorn talk about the potential in-service in September, if I recall, on yesterday's call, you guys would know better than I, because I'm sure you were on that call. And that obviously is going to be a big help. But I think it's not the panacea, but it's a step in the right direction. I think that will certainly help Waha. I cannot recall a period over the last nine years where we have seen consistently this level of weakness from Waha. I'm looking around the table here, but I don't think I've ever seen it.

所以我先回答最後一部分。顯然，我想，我們看到馬特宏峰的一位投資者談論了9 月份的潛在投入，如果我記得的話，在昨天的電話會議上，你們會比我更了解，因為我確信你們參加了那個電話會議。這顯然將是一個很大的幫助。但我認為這不是萬能藥，但它是朝著正確方向邁出的一步。我認為這肯定會對娃哈哈有所幫助。我不記得在過去的九年中，我們一直看到娃哈出現這種程度的弱點。我環顧四周的桌子，但我想我從來沒有見過它。

I mean, in September, we still have a negative $0.04. Is that where we are? Negative $0.04 -- Negative $0.04. That's crazy. The PHP from our vantage point and from our customers, I mean, Kris Kindrick can talk about this. I was going to call him [Cricket], which is his fan favorite.

我的意思是，在 9 月份，我們仍然有負 0.04 美元。那是我們現在的處境嗎？負 0.04 美元——負 0.04 美元。太瘋狂了。我的意思是，Kris Kindrick 可以從我們和客戶的角度來談論 PHP。我本來打算叫他“板球”，這是他的球迷最喜歡的名字。

But our customers could not be happier because they have been able to get Gulf Coast pricing. And even with the weakness in that Houston ship, and that's been a little bit, I think, followed a little bit of the volatility around the up and downs of Freeport, amongst other reasons. But I think they have been very, very happy. I think it has been, obviously, one of the differentiators for us.

但我們的客戶非常高興，因為他們能夠獲得墨西哥灣沿岸的定價。即使休士頓船的疲軟，我認為，也是由於自由港的起起落落以及其他原因造成的一些波動。但我認為他們非常非常幸福。我認為這顯然是我們的差異化因素之一。

It's the reason that we continue. The Durango customers, all want Gulf Coast pricing. And so we see an opportunity to give that benefit up there, up the northern end of the Delaware, where they've really been starved and very much focused on traditionally an EP Permian price.

這就是我們繼續下去的原因。杜蘭戈客戶都希望墨西哥灣沿岸的定價。因此，我們看到了在特拉華州北端提供這種好處的機會，那裡的人們確實處於飢餓狀態，並且非常關注傳統上的 EP 二疊紀價格。

So I think we think that probably the net benefit fades to some extent with, obviously, Matterhorn. But as evidenced, you had the comment yesterday in-service of Matterhorn, and we're still negative four. We were negative [23 or 24], and now we're negative $0.04, but we're still negative. So I would say it's certainly -- you continue to have a lot more gas, and we continue to need a lot more egress solutions for the Permian. And our customers will remain very happy, and so will we with all the space that we have.

因此，我認為我們認為，顯然，馬特宏峰的淨效益可能會在某種程度上減弱。但正如所證明的，你昨天在馬特宏峰服役時發表了評論，我們仍然是負面的四。我們是負數 [23 或 24]，現在我們是負數 0.04 美元，但我們仍然是負數。所以我想說，這是肯定的——你仍然有更多的天然氣，我們仍然需要更多的二疊紀出口解決方案。我們的客戶將會非常滿意，我們擁有的所有空間也將非常滿意。

Got it. That's helpful. Thank you.

知道了。這很有幫助。謝謝。

Tristan Richardson, Scotiabank.

特里斯坦·理查森，豐業銀行。

Hi. Good morning, guys. Jamie, you noted the high teens growth across your footprint, which includes Durango and the Lea County, MVCs. Can you talk about the better outlook you're seeing in the base business? Is this all just higher growth in New Mexico? Is this efficiencies, completion efficiencies, GORs? Just maybe kind of curious what you're seeing in the base business across Delaware?

你好。早安，夥計們。傑米（Jamie），您注意到您的足跡中的青少年人數呈高速增長，其中包括杜蘭戈和利縣 MVC。您能談談您在基礎業務中看到的更好的前景嗎？這只是新墨西哥州的更高成長嗎？這是效率、完成效率、GOR 嗎？也許只是有點好奇您在特拉華州的基礎業務中看到了什麼？

So think of it this way. I think it should be telling in my earlier commentary, 20% of our gas now comes from New Mexico. When did that start? January of 2025. Bingo, it was like the lights went on and we had a massive infusion coming out of New Mexico. And obviously Durango adds to that because it's an existing business. I think our base business, what's really the proudest thing about what I can see for this company is that for so long, we would engage with you and with investors and talk about the promise and prospect of something like Alpine High.

所以這樣想吧。我認為我之前的評論應該能說明問題，現在我們 20% 的天然氣來自新墨西哥州。那是從什麼時候開始的？2025 年 1 月。賓果，就好像燈亮了，我們從新墨西哥州輸入了大量的輸液。顯然杜蘭戈增加了這一點，因為它是一項現有業務。我認為我們的基礎業務，我所看到的這家公司真正最值得驕傲的事情是，長期以來，我們會與您和投資者接觸，並談論像 Alpine High 這樣的公司的承諾和前景。

Alpine High, we had 140 million cubic feet a day. And maybe some of the other questions that are going to follow. If you go and just take that on top of our 1.58 BCF a day of processing capacity, we're over 1.7, right? Over 1.7 inlet for our business. That's pretty staggering. And remember that is before you really take Durango, right?

Alpine High，我們每天有 1.4 億立方英尺。也許接下來還會出現一些其他問題。如果你把這個加上我們每天 1.58 BCF 的處理能力，我們就超過了 1.7，對吧？我們的業務入口超過 1.7。這真是令人震驚。請記住，那是在你真正佔領杜蘭戈之前，對吧？

Durango doesn't show up, if you will, until the second half of this year. And we have 2 BCF a day of total inlet capacity. So I would say our base business has been pretty -- it's kind of, there's some growth. It's not spectacular, but it's not -- it's nowhere near we think is game changing and landscape impacting as what we see with New Mexico.

如果你願意的話，杜蘭戈要到今年下半年才會出現。我們每天有 2 BCF 的總入口容量。所以我想說我們的基礎業務相當不錯——有一些成長。這並不引人注目，但事實並非如此——它遠遠沒有我們想像的那樣改變遊戲規則，影響景觀，就像我們在新墨西哥州看到的那樣。

That's helpful context. And then you noticed in this -- you noted in the first 100 days, seeing some of these small expansion upgrade opportunities that would be a Dagger Draw or the 20-inch line. Should we think of these opportunities as part of that 5.5 times 2025 you talked about when you announced the deal? Or could these opportunities be incremental to that? And maybe is it a way to think about these opportunities?

這是有用的背景。然後你注意到了——你在前 100 天注意到，看到了一些小型擴展升級機會，例如 Dagger Draw 或 20 英寸線。我們是否應該將這些機會視為您在宣布交易時談到的 5.5 次 2025 年的一部分？或者這些機會可以是增量的嗎？也許這是思考這些機會的一種方式？

So Tristan, I think you think about the magnitude, right? I do think on the basis of the stair step that I laid out as far as inlet expansion at Durango, if [$200 million represents a $70 million, $75 million] base and [400], which is the addition of Kings Landing I gives you a base that when sold out, looks like [150]. And then you're later the next year because we have it in our numbers and you have it as part of the Eddy County capital that we gave you, you go to [$500 million].

所以特里斯坦，我想你考慮過其規模，對嗎？我確實認為，根據我在杜蘭戈的入口擴建所製定的階梯，如果[2億美元代表7000萬美元，7500萬美元]基礎和[400]，這是我給你的君臨的增加售完後的底座看起來像[150]。然後你會在明年晚些時候，因為我們的數據中有它，並且你將它作為我們給你的埃迪縣首府的一部分，你去[5億美元]。

Then that's obviously going to add you another almost $40 million. And then you're thinking about a Kings Landing II. That would add you a potential another $70 million to $75 million on top. This is, I mean, 5 times is how we thought about on the basis of, yes, that $150 million, $160 million of EBITDA and you've got, you bought, you paid with stock and with cash and with capital deployed, you've got [eight plus $100 million] of total consideration. And that's how you do the simple math. We're talking about things that drive the returns significantly greater than that set up basis that I just that outlined.

那麼這顯然會為您增加近 4000 萬美元。然後你就會想到君臨二號。這可能會額外增加 7,000 萬至 7,500 萬美元。我的意思是，這就是我們的想法，是的，1.5 億美元、1.6 億美元的 EBITDA，你已經、你購買了、你用股票、現金和資本部署支付了，你已獲得[八加一億美元]的總考慮。這就是你做簡單數學的方法。我們正在談論那些推動回報顯著高於我剛才概述的設定基礎的事情。

That's super helpful. Appreciate it. Thank you guys.

這非常有幫助。欣賞它。謝謝你們。

Spiro Dounis, Citi.

斯皮羅·杜尼斯，花旗銀行。

Thanks, operator. Morning team. Maybe to start -- first question just on the asset mix going forward, following Durango and some of these opportunities that are coming out now, it sounds like it's going to swing you really more towards a GMP asset base. And so just curious, is the rapid set on your part to have that pipeline transport exposure, maybe keep pace so you can maintain that integrated profile?

謝謝，接線生。早上的隊伍。也許首先要開始的第一個問題是關於未來的資產組合，在杜蘭戈和現在出現的一些機會之後，聽起來它會讓你真正更多地轉向 GMP 資產基礎。因此，我很好奇，您是否快速設定了管道運輸暴露，也許跟上步伐，以便您可以保持整合的配置文件？

I think, Spiro, already is, but as we've mentioned, you have an interesting decision to make, right? We have more -- we have, as we look at our forecast, we could obviously join forces with a number of players that have projects for egress and think about taking an equity stake, much like obviously, [Targa] just did with obviously with Blackcomb. We could have played that role almost the same.

我想，斯皮羅，已經是了，但正如我們所提到的，你要做出一個有趣的決定，對吧？我們有更多 - 我們有，當我們看到我們的預測時，我們顯然可以與許多擁有出口項目的參與者聯手，並考慮持有股權，就像顯然一樣，[Targa] 顯然剛剛做了布萊克科姆。我們幾乎可以扮演同樣的角色。

I think what we've been consistently telling you is we're focused on shorter dated conversion cycles on deployment of capital. In other words, don't deploy capital and then 2.5 years or 30-months or 26-months or whatever the timeframe is before you start to see cash flow. Try to make it obviously the deployment and the cash flow receipt within a much shorter space of time.

我認為我們一直在告訴您的是，我們專注於縮短資本部署的轉換週期。換句話說，在開始看到現金流之前，不要部署資本，然後 2.5 年或 30 個月或 26 個月或任何時間範圍。盡量在更短的時間內完成部署和現金流接收。

That we could see on an intrabasin basis. So, Delaware Link continues to be something that we're really -- has been a really strong contributor to our overall business. We see it on our Kinetik NGL business. We're looking for other opportunities as to how we can do that. They are shorter builds from a -- they're smaller in scale, shorter duration and immediate cash flow and obviously they help the base business. So, we are mindful of keeping that mix. It is going forward with obviously the GMP uplift 65, 35, which is sort of, I think, where we first started life as a pro forma merge company with Kinetik back in 2022? Maybe -- and we'd like to build it up again. So, we're looking for opportunities that continue to allow us to keep that mix balanced.

我們可以在流域內看到這一點。因此，Delaware Link 仍然是我們的整體業務的真正強大貢獻者。我們在 Kinetik NGL 業務中看到了這一點。我們正在尋找其他機會來實現這一目標。它們的建造時間較短，規模更小，持續時間更短，現金流更即時，顯然它們對基礎業務有幫助。因此，我們注意保持這種混合。顯然，GMP 提升 65、35 正在向前推進，我想，這就是我們在 2022 年與 Kinetik 首次合併的地方？也許——我們想再次建立它。因此，我們正在尋找機會繼續讓我們保持這種組合的平衡。

Got it. Understood. Helpful color. Second question, just wanted to quickly go back to free cash flow and how to think about the outlook. Jamie, in response to an earlier question, I think you said you're highly focused on being free cash flow positive. I think for '24, we can get there. That seems like a pretty easy lift. I guess, as you think out of the '25, with all these projects coming, obviously a high class problem to have, but do you still think that's something sort of durable out over a multi-year basis from here?

知道了。明白了。有用的顏色。第二個問題，只是想快速回到自由現金流以及如何思考前景。傑米，在回答之前的問題時，我認為您說過您高度關注自由現金流為正。我認為 24 年，我們可以實現這一目標。這似乎是一個相當容易的提升。我想，正如你所想的，25 世紀以來，隨著所有這些項目的到來，這顯然是一個高級問題，但你仍然認為從這裡開始，這在多年的基礎上是持久的嗎？

Yeah, I think, look, when you think about what we've got going forward, right? I think, Spiro, you and I have talked about this with Trevor and Maddie and Alex from time-to-time. Our overall base business, when we think about '25, is our base business, meaning the legacy business, is probably $100 million of capital for '25. And then you've got, obviously, the Eddy County expansion, which I said, that $200 million split $50 million, $100 million, $50 million. And then, obviously, you've got the balance of Durango. And I really do think we're going to try that to manage from a capital deployment standpoint, how we think about managing it relative to, obviously, the EBITDA profile.

是的，我想，看看，當你想到我們未來會發生什麼時，對吧？我想，斯皮羅，你和我曾經不時與特雷弗、麥迪和亞歷克斯討論過這個問題。當我們考慮 25 年時，我們的整體基礎業務是我們的基礎業務，即遺留業務，可能是 25 年的 1 億美元資本。然後，顯然，還有埃迪縣的擴建，我說過，2 億美元分成 5,000 萬美元、1 億美元、5,000 萬美元。然後，顯然，你已經獲得了杜蘭戈的平衡。我確實認為我們將嘗試從資本部署的角度進行管理，我們如何考慮相對於 EBITDA 狀況進行管理。

We do see, obviously, really good top-line growth, 14% year-on-year to the midpoint, I think it is. I think you've heard me say before, I would challenge you to find another company where I can look out the next several years and think about an EBITDA growth. '25, '26 now, '27 at sort of a double-digit rate, that is hard to do. You can't do it forever. You can do it for a time.

顯然，我們確實看到了非常好的營收成長，年成長 14%，我認為是這樣。我想你以前聽過我說過，我會挑戰你找到另一家公司，在那裡我可以展望未來幾年並考慮 EBITDA 成長。 '25，'26 現在，'27 以兩位數的速度，這是很難做到的。你不可能永遠這樣做。你可以做一段時間。

But that's the strength that we see when you add in Durango and you look at our base business and some of the changes, such as the NGL contract changes that happened in '26, and obviously, partial benefit, '27 full benefit, there's lots of things going on.

但這就是當你添加杜蘭戈並查看我們的基礎業務和一些變化時我們看到的優勢，例如26年發生的NGL合約變化，顯然，部分受益，27年完全受益，有很多正在發生的事情。

And so, we will think about that top-line growth and how that allows us to, obviously, then think about our overall capital deployment. So I do think '25, you still see the positive free cash flow. As we mentioned, we put it in the press release, I think pro forma, the second half of '25, what, 10% increase in free cash flow per share as a result of the Durango transaction. So I do think it's very much the blueprint.

因此，我們將考慮營收成長，以及這如何使我們能夠，顯然，然後考慮我們的整體資本部署。所以我確實認為 25 年，你仍然會看到正的自由現金流。正如我們所提到的，我們在新聞稿中提到，我認為預計 25 年下半年，由於杜蘭戈交易，每股自由現金流增加了 10%。所以我確實認為這就是藍圖。

Great. That's helpful color. Jamie, I'll leave it there. Thanks.

偉大的。這是有用的顏色。傑米，我會把它留在那裡。謝謝。

Thanks.

謝謝。

Keith Stanley, Wolfe Research.

基思‧史丹利，沃爾夫研究公司。

Hi, good morning. Following up a little bit on the importance of positive free cash flow for you, how are you thinking about when you could restart dividend growth for the company since you're a capital leverage target, but obviously having a lot of growth opportunities accelerating?

嗨，早安。接下來談談正自由現金流對您的重要性，您如何考慮何時可以重新啟動公司的股息成長，因為您是資本槓桿目標，但顯然有很多加速成長的機會？

Keith, good morning. Nice to hear from you. You're very consistent on the dividend. You get the prize. I think we have talked to you at length on the dividend, and it is not lost on us that we have had a lot of support and patience in shareholders.

基思，早安。很高興收到你的來信。你對股息的看法非常一致。你得到獎品了。我想我們已經就股息問題與你們進行了詳細的交談，我們並沒有忘記我們得到了股東的大力支持和耐心。

Honestly, I look at the picture and believe that we can manage both from a growth standpoint within our capital growth so that everyone wins. So I think as we've always said, you need to be thoughtful as to exactly the increase you would think about, but I think it is manageable. And so, I would say nearer term, not longer term as to an action.

老實說，我看著這張圖，相信我們可以從資本成長的角度來管理這兩者，以便每個人都贏。因此，我認為正如我們一直所說的那樣，您需要仔細考慮您會考慮的具體增長，但我認為這是可以控制的。因此，我想說的是近期的行動，而不是長期的行動。

Great. That's helpful color. Second question, can you just maybe give an update on the importance of eventually connecting the legacy Kinetik and Durango footprints, what it would add for you and how you're thinking about doing that, whether it's building or potentially through transactions?

偉大的。這是有用的顏色。第二個問題，您能否介紹一下最終連接舊版 Kinetik 和 Durango 足跡的重要性、它將為您增加什麼以及您如何考慮這樣做，無論是構建還是可能通過交易？

Really good question. So we've said, every commercial opportunity has to stand on its own merit. And if we see opportunities, whether we're going to Eddy County and thinking into Lea County, that give us an opportunity either to connect to the existing Pegasus lateral, which is the one that goes up into Lea County.

真是個好問題。所以我們說過，每一個商業機會都必須有自己的優點。如果我們看到機會，無論我們是否要去埃迪縣並考慮進入利縣，這都會給我們一個機會連接到現有的飛馬座支線，也就是通往利縣的支線。

Ultimately how that connects ultimately to Durango, and then we think about how we then think about Eddy County. We will engage in conversations with producers. We're not going to build just for the sake of building. We will only build to the extent that there's a compelling commercial underwritten proposition that justifies and warrants the connection.

最終這最終如何與杜蘭戈聯繫起來，然後我們思考我們如何看待埃迪縣。我們將與製片人進行對話。我們不會只是為了建設而建設。我們只會在有令人信服的商業承保主張來證明和保證這種連結的情況下進行建設。

Thank you.

謝謝。

Theresa Chen, Barclays.

特蕾莎·陳，巴克萊銀行。

Good morning. Following the FID and eventual in-service of Kings Landing II, how much runway does that give you, given the growth outlook you have for the acreage? And can you talk about additional opportunities beyond that and how that ties into your view of runway CapEx on an annual basis going forward?

早安.在 Kings Landing II 完成最終投資決定並最終投入使用後，考慮到您對該區域的成長前景，這將為您提供多少跑道？您能否談談除此之外的其他機會，以及這與您對未來每年跑道資本支出的看法有何關聯？

Really good question, Theresa. I would say, we are seeing obviously a sight line for overall production growth up in the Northern Delaware and the shelf that would support a Kings Landing II development. As I mentioned at the outset, what's fascinating about that particular area is that the drill bit is handicapped by processing capacity. Can't flare. You really need a solution on the gas side, and so it makes for a very challenging, I think, proposition for producers. So our sight line certainly sees us through a KL2.

真是個好問題，特蕾莎。我想說，我們顯然看到了北特拉華州整體產量成長的前景，以及支持君臨二號開發的陸架。正如我在一開始提到的，該特定區域的迷人之處在於鑽頭受到處理能力的限制。不能發火。你確實需要在天然氣方面找到一個解決方案，因此我認為這對生產商來說是一個非常具有挑戰性的提議。所以我們的視線肯定會穿過 KL2。

Does it go on beyond that? I think it's too early to tell. We sit here now, and we are 40 days into owning Durango. Admittedly, we had six-plus weeks as we went through the FTC process, and we engaged in some conversations with customers, but really the engagement has started in earnest over the last sort of six-plus weeks. And it's not just processing capacity, right?

除此之外還會繼續下去嗎？我認為現在說還為時過早。我們現在坐在這裡，距離我們擁有 Durango 已經 40 天了。誠然，我們有六週多的時間來完成聯邦貿易委員會的流程，並與客戶進行了一些對話，但實際上，這種接觸是在過去六週多的時間裡認真開始的。這不僅僅是處理能力，對嗎？

Because as I mentioned, one of the things that we're really focused on is we can build processing, but we need egress. An Egress comes in the form of two flavors, residue and NGL. Anne Psencik would tell you up there, you've got telescopic pipelines that are pretty much all full. It's not really a great outcome. You've got some challenges. You really just have TW, you've got EPNG. You've got EE.

因為正如我所提到的，我們真正關注的事情之一是我們可以建立處理，但我們需要出口。出口有兩種形式：殘渣和 NGL。安妮普森西克（Anne Psencik）會告訴你，那裡的伸縮管道幾乎都滿了。這確實不是一個很好的結果。你面臨一些挑戰。你其實只有 TW，你有 EPNG。你有EE。

There are challenges on each of those because of how full they are and how full they run. So I think there's a lot of things that have gone into some of the early decisions and some of the, I would say, early analysis on Kings Landing II. So line of sight, TBD, sort of watch this space over time, and we can keep you apprised on how you're seeing. Now the interesting thing when we go down south is, I know everyone focuses on AI and gas growth and what this all means. The thing that I probably didn't complete in my statement is what makes me proudest about where we sit now is, I really feel like Alpine High isn't even in the vernacular of this company anymore.

由於它們的滿載程度和運行速度，每個方面都面臨挑戰。所以我認為在《君臨 II》的一些早期決策和一些早期分析中考慮了很多因素。因此，視線，待定，隨著時間的推移觀察這個空間，我們可以讓您隨時了解您所看到的情況。現在，當我們南下時，有趣的事情是，我知道每個人都專注於人工智慧和天然氣成長以及這一切意味著什麼。我在發言中可能沒有完成的事情是，讓我對我們現在所處的位置最自豪的是，我真的覺得 Alpine High 甚至不再是這家公司的白話了。

And all the growth that we see, there's nothing predicated on Alpine High. If Alpine High just stays as it is, it doesn't make a difference to us. If it grows significantly because there's a call on gas with gas prices, well, that's going to have an impact as well because as we know, it's in a highly gassy area. So I really do think that's a pretty interesting change, not subtle, pretty significant and profound for the company as a whole.

我們看到的所有成長，都不是以 Alpine High 為基礎的。如果 Alpine High 保持原樣，對我們來說沒有什麼區別。如果由於天然氣價格上漲而導致天然氣大幅成長，那麼這也會產生影響，因為據我們所知，它位於天然氣含量很高的地區。所以我確實認為這是一個非常有趣的變化，對整個公司來說不是微妙的，而是非常重要和深遠的。

Thank you so much.

太感謝了。

Neel Mitra, Bank of America

尼爾米特拉，美國銀行

Hi, good morning. I wanted to kind of understand the run rate CapEx or how we should be thinking about it now that the business has changed so much. Obviously, it's lifted with the Durango acquisition, but we have possible Kings Landing II, other additions. Just when you think about the GMP spending going forward, is there some number that we should try to put in there as a good run rate, understanding that things are constantly changing?

嗨，早安。我想了解營運率資本支出，或者既然業務發生瞭如此大的變化，我們應該如何考慮它。顯然，隨著杜蘭戈的收購，它得到了提升，但我們可能還有君臨 II 和其他補充。當您考慮未來的 GMP 支出時，我們是否應該嘗試將一些數字作為良好的運行率，並了解事情在不斷變化？

I'd love to tell you that it wasn't that easy, and obviously, it is more, I think, it has ebbs and flows, and obviously, you're not necessarily going to be, as it is, we're building a cryo now, so obviously, and we've started the pre-FID work on a second cryo. That's probably -- that's not necessarily the norm that a company of our size would be considering to look at building process and capacity on a sequential basis, and you might have more of a peak and then a trough.

我很想告訴你，這並不那麼容易，而且顯然，我認為，它有潮起潮落，而且顯然，你不一定會像現在這樣，我們正在很明顯，我們現在正在建造一個冷凍機，我們已經開始了第二個冷凍機的預FID 工作。這可能是——這不一定是我們規模的公司會考慮按順序考慮建立流程和能力的規範，並且您可能會遇到更多的高峰，然後是低谷。

As it relates to this year at [280] I think you've heard from us with Trevor that, look, I think if we were going to -- and you've got to be very careful as you think about our overall percentages and how you think about it, but you've got something that's probably [$200 million, $400 million] [kind of million dollars], I think is a good -- I know that's a really wide range, and I apologize, but it's hard to give you any real precision because you don't really know. But that's the sort of amount that I think you would be -- peak would be one thing, [200] would be another.

因為它與今年的[280]有關，我想你已經從我們和特雷弗那裡聽到了，看，我想如果我們打算——你必須非常小心，因為你考慮我們的總體百分比和你怎麼想的，但是你有一些東西，可能是[2億美元，4億美元][大約一百萬美元]，我認為這是一個很好的東西- 我知道這是一個非常廣泛的範圍，我很抱歉，但這很難給你任何真正的精確度，因為你真的不知道。但這就是我認為的數量——高峰是一回事，[200] 又是另一回事。

I really do think that's pretty good. As I said, our base business next year, we thought about $100 million. And yes, that's got well-connects and that's got maintenance capital in it, and that's got some looping, it's got some compression, so you've got growth in that number, and that base business is a pretty big business, but it's more mature, right? It's more mature and built out.

我確實認為這很好。正如我所說，我們明年的基礎業務預計為 1 億美元。是的，它有良好的連接，有維護資本，有一些循環，有一些壓縮，所以這個數字有所增長，而且基礎業務是一個相當大的業務，但它更成熟了吧？它更加成熟和完善。

My sense is with Durango, the 20-inch goes a long way. There's a lot more low pressure, which would be more, which would be, I'm looking at Kindrick, a higher capital burden, right, for smaller producers, so I think if base business is $100 million, maybe once you've got the processing capacity, maybe you're looking at $50 million to $100 million for like a Durango, just given well-connects, looping, other things.

我的感覺是 Durango，20 英寸有很長的路要走。對於較小的生產商來說，有更多的低壓，這會更大，這將是更高的資本負擔，對吧，所以我認為如果基礎業務是 1 億美元，也許一旦你有了處理能力，也許你會花5000 萬到1 億美元買一個像Durango 一樣的東西，只要有良好的連接、循環和其他東西。

Neel, this is Kris, its piggybacking on that too, I don't want to be lost in the group that -- we're seeing much higher margins up in Durango too, so a dollar capital invested up there is going to return a higher amount, so --

尼爾，這是克里斯，它也依賴於此，我不想迷失在這個群體中——我們也看到杜蘭戈的利潤率更高，所以在那裡投資的美元資本將會回報金額較高，因此--

Yes, if we have an average on a dollar, like a buck 10 MCF, you're looking at a 50% increase on that margin, right, up there in the north, and that's obviously because you're packaging everything, compression, treating, gathering, processing, and so that's obviously very, very attractive. And treating, I know we've spent a lot of time talking about treating. Treating is, I think, one of the real, real focuses for our producers just given the dispersion of gas quality that they find.

是的，如果我們有一美元的平均值，例如一美元 10 MCF，你會看到這個利潤增加了 50%，對吧，在北方，這顯然是因為你包裝了所有東西，壓縮，處理、收集、加工等等，這顯然非常非常有吸引力。至於治療，我知道我們花了很多時間討論治療。我認為，考慮到我們發現的天然氣品質的分散性，處理是我們生產商真正關注的焦點之一。

Okay, perfect, appreciate the color. My second question is around the base business in the Southern Delaware. Jamie, you were alluding to the fact that Waha is still negative and probably will be until Matterhorn comes online. Given that a lot of your producers have roughly 50-50 oil and gas splits in that basin, have you seen any curtailments, any wells that are delayed, being turned in line such that once Matterhorn comes in line that you see kind of a surge in growth for the last four months of the year?

好的，完美，欣賞顏色。我的第二個問題是關於特拉華州南部的基地業務。傑米，你提到瓦哈仍然是負面的，並且可能會持續到馬特宏峰上線為止。鑑於您的許多生產商在該盆地有大約50-50 個石油和天然氣分流，您是否看到任何削減、任何延遲的井、被轉向，這樣一旦馬特宏峰進入，您就會看到某種激增今年最後四個月的成長情況如何？

As far as broad-based curtailments, I think Apache is really the whole story, and that's really Alpine High, both rich and lean. I would say delayed completions, (technical difficulty) would probably be the ones as far as, but they weren't delayed because of gas prices, they were delayed because of an acquisition, and I think just, you know, the typical pause that you have after you close a transaction and you sort of want to assess everything. I don't sense that there's been any impact on us. We continue to see good turn-in-line activity, and I think, as we indicated in our materials, we'll have a full return to service in the fourth quarter of obviously the Apache Alpine High volume.

就廣泛的削減而言，我認為 Apache 確實是整個故事的全部，這確實是 Alpine High，既豐富又精簡。我想說的是，延遲完工（技術困難）可能是最嚴重的，但它們不是因為天然氣價格而延遲，而是因為收購而延遲，我認為，你知道，典型的停頓當你完成一筆交易後，你想要評估一切。我不覺得這對我們有任何影響。我們繼續看到良好的上線活動，而且我認為，正如我們在材料中指出的那樣，我們將在第四季度完全恢復服務，顯然 Apache Alpine High 容量。

So, I think that will obviously be a benefit because we weathered through that impact financially in the second quarter, and we -- I look at it and say, it was pretty amazing how good the business is running on the basis that we made consensus and we had a mismatch between our closing of Durango, which was the end of June, and the GCX deal, which was the beginning of June. So, yes, kind of only had, we had one month missing out of the pipeline transportation segment as well, and yet we still hit the consensus estimates.

所以，我認為這顯然是一個好處，因為我們在第二季度經受住了財務上的影響，而且我們- 我看著它並說，在我們達成共識的基礎上，業務運行得多麼好，真是令人驚訝我們在 6 月底完成的 Durango 交易與 6 月初的 GCX 交易之間存在不匹配。所以，是的，我們在管道運輸部分也錯過了一個月，但我們仍然達到了共識預期。

Neel, this is Kris. It's worth noting, too, a large percentage of our customers move their gas on PH and are exposed to different gas markets, so they aren't as exposed to Waha, which is another benefit that we provide our customers. So, another reason why we're not seeing the impact to a large majority of our customers.

尼爾，這是克里斯。另外值得注意的是，我們很大一部分客戶在 PH 上運輸天然氣，並接觸到不同的天然氣市場，因此他們不會接觸到 Waha，這是我們為客戶提供的另一個好處。因此，這是我們沒有看到對大多數客戶產生影響的另一個原因。

Right. Great. Appreciate all the color.

正確的。偉大的。欣賞所有的顏色。

Thanks, Neel.

謝謝，尼爾。

(Operator Instructions).

（操作員說明）。

Jackie Colitis, Goldman Sachs.

傑基·結腸炎，高盛。

Hi. Good morning. Thank you for taking my question. Just wanted to have another follow-up on New Mexico. So, you were able to realize an uplift on your system there prior to MVCs that started in April and May. Just more broadly, where do you see New Mexico trending from here? And do you expect to see upside from that new amendment in Lea County prior to the fourth quarter?

你好。早安.感謝您回答我的問題。只是想對新墨西哥州進行另一次後續行動。因此，在 4 月和 5 月開始的 MVC 之前，您能夠實現系統的提升。更廣泛地說，您認為新墨西哥州今後的趨勢如何？您預計第四季之前利縣的新修正案會帶來好處嗎？

So, Jackie, the new amendment on the Lea County MVC will start, I think it's kind of November of this year, so you won't see a benefit before November. Great customer relationship makes all the sense in the world. It's really a discussion driven around treating more so than just about anything else. And I think we've been probably a broken record on this point. Matt Wall and the operations team have done a phenomenal job, and we've taken elevated levels of CO2 and even we've seen nitrogen and obviously H2S. So, we've really, really had -- I think, a really strong out of the gate showing on what we've been able to do on the blending and treating side.

Jackie，Lea County MVC 的新修正案將在今年 11 月開始實施，因此在 11 月之前您不會看到任何好處。良好的客戶關係在世界上意義重大。這實際上是一個圍繞著治療而不是其他任何事情而展開的討論。我認為在這一點上我們可能已經打破了記錄。馬特沃爾 (Matt Wall) 和營運團隊的工作非常出色，我們檢測到了較高水平的二氧化碳，甚至發現了氮氣和明顯的硫化氫。所以，我認為，我們真的非常非常有實力，展示了我們在混合和處理方面所做的事情。

As far as New Mexico from here, honestly, I think it's the story. I think it's the story for this company, right? I mean, we've got a nice base, don't get me wrong, and that provides great blend stock, given its sweet. We've got some great customers.

老實說，從這裡到新墨西哥州，我認為這就是故事。我想這就是這家公司的故事，對吧？我的意思是，我們有一個很好的基礎，不要誤會我的意思，鑑於它的甜味，這提供了很棒的混合原料。我們有一些很棒的客戶。

2But if you're looking for significant stair-step changes in the context of the growth on our system with volumes and obviously financial margin that's created, New Mexico is the story. And so, what that looks like going forward, as I said, we will see another 200 million cubic feet a day. That will be our inlet capacity when we finish Kings Landing I and expect it in-service April of next year. We expect it to be full pretty quickly. We're already going to go from 400 to 500. We've talked about Dagger Draw, some additional recompression and moving 60-day Cryo that we have, that we're going to move up there. So, that's going to be, I think, another blessing for the producers up there.

2但是，如果您正在尋找在我們的系統成長的背景下發生的重大階梯變化，以及所創造的數量和明顯的財務利潤，那麼新墨西哥州就是這樣的故事。因此，正如我所說，未來的情況是，我們每天將看到另外 2 億立方英尺。當我們完成 Kings Landing I 並預計明年 4 月投入使用時，這將是我們的入口容量。我們預計它很快就會滿員。我們已經從 400 人增加到 500 人。我們已經討論了 Dagger Draw、一些額外的再壓縮和移動 60 天的冷凍，我們將把它們移到那裡。所以，我認為這對製作人來說是另一個祝福。

So, you can see, just look at it, if you just measure it nothing more than just the inlet capacity expansions, it's all about New Mexico right now. And that, obviously, is consistent with what we see with our producers and how they're deploying and allocating capital. And obviously, we will be right there with them to provide the needed services that they're looking for.

所以，你可以看到，只要看看它，如果你只衡量入口容量的擴張，那麼現在一切都與新墨西哥州有關。顯然，這與我們對生產商的看法以及他們如何部署和分配資本是一致的。顯然，我們將與他們一起提供他們正在尋找的所需服務。

Great. Appreciate it. And just as a follow-up. So, as you grow -- as your processing grows, do you get to a critical mass where you think you'll have enough NGLs where you'd want to build your own NGL assets over time?

偉大的。欣賞它。並且只是作為後續行動。那麼，隨著您的成長，隨著您的加工量的增長，您是否會達到臨界質量，您認為您將擁有足夠的 NGL，並希望隨著時間的推移建立自己的 NGL 資產？

The short answer is, look, we could all aspire to different things, but the reality is, when you're dealing with, relative to what I'll call the enterprises, targets, transfers, one-oaks of the world, the size of their asset base between Bellevue and, obviously, their long-haul pipelines into the basin are such that we could never compete and we would never contemplate thinking about competing.

簡短的回答是，看，我們都可以渴望不同的事情，但現實是，當你處理時，相對於我所說的企業、目標、轉移、世界上的一棵橡樹、規模他們在貝爾維尤之間的資產基礎，顯然還有他們進入盆地的長途管道，使我們永遠無法競爭，也永遠不會考慮競爭。

We don't have an export capacity. We think we can do things contractually, which we've done. As far as we have a diversification of NGL service providers, which is obviously a net benefit. We've got great relationships. We own a portion of Shin Oak.

我們沒有出口能力。我們認為我們可以按照合約做事，我們已經這麼做了。就我們擁有多元化的液化天然氣服務提供者而言，這顯然是一個淨收益。我們的關係很好。我們擁有 Shin Oak 的一部分。

So, we think that we can participate and give that vertically integrated value chain an optionality to our customers, but no, we're not going to get into the NGL business and that's just beyond, I think that's beyond our wallet.

因此，我們認為我們可以參與並為我們的客戶提供垂直整合的價值鏈的選擇權，但不，我們不會進入 NGL 業務，這超出了我們的錢包範圍。

Got it. Thank you so much. Appreciate the time.

知道了。太感謝了。珍惜時間。

No problem. Thank you Jackie.

沒問題。謝謝你，傑基。

Thank you. There are no questions registered at this time, so I will pass the call back to Jamie Welch for any closing remarks.

謝謝。目前還沒有登記任何問題，因此我會將電話轉回傑米·韋爾奇以徵求結束語。

Thank you, everyone. We're really excited, as you could probably tell a really solid quarter, really excited about the outlook for the business and enjoy the rest of your summer. I no doubt we'll see some of you next week and then we'll start it back up in the fall, straight after Labor Day. So, reach out if there are any questions and thank you for your time this morning.

謝謝大家。我們真的很興奮，因為你可能會看到一個非常穩定的季度，對業務前景感到非常興奮，並享受你剩下的夏天。我毫無疑問我們會在下週見到你們中的一些人，然後我們將在秋季勞動節之後重新開始。因此，如果有任何問題，請隨時聯繫我們，感謝您今天早上抽出時間。

That concludes today's call. Thank you for your participation. You may now disconnect your line.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路。