Kinetik Holdings Inc (KNTK) 2025 Q2 法說會逐字稿

Good morning all and thank you for joining us for the kinetic second quarter of 2025 results call. My name is Kylie, and I'll be coordinating the call today. (Operator Instructions) I'd like to hand over to our host Alex Durkey. The floor is yours.

大家早安，感謝您參加 2025 年第二季業績電話會議。我叫凱莉，今天我將負責協調這場電話會議。（操作員指示）我想把麥克風交給我們的主持人 Alex Durkey。現在輪到你了。

Thank you. Good morning and welcome to Kinetik's second quarter 2025 earnings conference call. Our speakers today are Jamie Welch, President and Chief Executive Officer, and Trevor Howard, senior Vice President and 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.kinetic.com.

謝謝。早安，歡迎參加 Kinetik 2025 年第二季財報電話會議。今天的演講者是總裁兼執行長 Jamie Welch 和高級副總裁兼財務長 Trevor Howard。我們高階管理團隊的其他成員也出席了今天上午的電話會議。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直播可在 www.kinetic.com 上找到。

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. We may also provide certain performance measures that do not conform to USAP. We've provided schedules that reconcile these non-gap measures as part of our earnings press release.

在我們開始之前，我想提醒所有聽眾，我們的評論（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不同。這些聲明並非對未來業績的保證，並且涉及許多風險和假設。我們也可能提供某些不符合 USAP 的績效衡量標準。作為收益新聞稿的一部分，我們提供了協調這些非差距措施的時間表。

After our prepared remarks, we will open the call to Q&A. With that, I will turn the call over to Jamie.

在我們準備好發言之後，我們將開始問答環節。說完這些，我會把電話轉給傑米。

Thank you, Alex. Good morning everyone and thanks for joining our call today. Kinetics second quarter results reflect our resilience and relentless focus on execution as we navigated through macroeconomic uncertainty and global geopolitical pressures.

謝謝你，亞歷克斯。大家早安，感謝大家今天參加我們的電話會議。Kinetics 第二季度的業績反映了我們在應對宏觀經濟不確定性和全球地緣政治壓力時所表現出的韌性和對執行力的不懈關注。

I am proud of what our team accomplished despite the noise that has continued to persist. During the quarter we made significant progress across our portfolio of capital growth projects.

儘管噪音持續存在，但我對我們團隊所取得的成就感到自豪。本季度，我們的資本成長項目組合取得了重大進展。

Starting with King's Landing, commissioning of the complex commenced in June and has continued. Through the next 6 weeks we will be fully testing and starting up the front end aiming plant, and we expect to have the necessary electric power to also fully load the facility. Taken together, we expect to ramp to full commercial in service by late September.

從君臨城開始，該綜合設施的調試於 6 月開始，並持續進行。在接下來的 6 週內，我們將全面測試並啟動前端瞄準工廠，並且我們期望擁有必要的電力來完全加載設施。總的來說，我們預計到九月底將全面投入商業營運。

In speaking with our producer customers in New Mexico, we continue to build conviction on just how highly economic the rock formation is in northern Eddy and Lee Counties. However, much of the associated gas carries substantially higher CO2 and H2S content.

在與新墨西哥州的生產商客戶交談時，我們繼續堅信埃迪縣和李縣北部的岩層具有多麼高的經濟價值。然而，大部分伴生氣中含有相當高含量的二氧化碳和硫化氫。

To support further development of the resource play, we have filed a permit for an acid gas injection well at King's Landing to sequester the growing levels of CO2 and H2S. Lead times for specialty equipment and materials can be upwards of a year, so our team has been prudent in identifying these items to jumpstart this process.

為了支持資源的進一步開發，我們已申請在君臨城開設酸性氣體注入井的許可證，以封存不斷增長的二氧化碳和硫化氫。專用設備和材料的交貨時間可能長達一年，因此我們的團隊謹慎地識別這些項目以啟動此過程。

We expect to receive approval to proceed by year end. Upon in service of the AGI well at King's Landing, Kinetic's total acid gas or tag capacity is expected to more than triple and further position us to be a best in class gas gatherer, treater and processor with a differentiated service offering in northern Eddy and Lee counties.

我們預計在年底前獲得批准。在 King's Landing 的 AGI 油井投入使用後，Kinetic 的總酸性氣體或標籤容量預計將增加兩倍以上，並進一步使我們成為一流的氣體收集、處理和加工商，並在 Eddy 縣和 Lee 縣北部提供差異化服務。

We look forward to sharing more as we progress this opportunity. To support the conversion of Delaware north to a primarily sour gas system. ECC pipeline is a critical component to move sweet rich gas from New Mexico to Texas and free up additional processing capacity in New Mexico. Construction has started and we expect in service in the first half of 2026.

我們期待在推進這一機會的過程中分享更多內容。支持特拉華州北部轉變為以酸性氣體為主的天然氣系統。ECC 管線是將富含甜氣的天然氣從新墨西哥州輸送到德州並釋放新墨西哥州額外處理能力的關鍵組成部分。建設已經開始，我們預計將於 2026 年上半年投入使用。

The proposed scope includes restarting our Sierra Grande processing facility and adding boost compression there. We have the ability to increase ECCC's throughput capacity to approximately 300 million cubic feet per day for sweet gas with system looping in Texas. Looking ahead, the investments we have made and continue to make across our system provide a multi-year earnings tailwind through the end of this decade.

提議的範圍包括重新啟動我們的 Sierra Grande 加工廠並在那裡增加增壓壓縮。我們有能力將 ECCC 的低硫天然氣吞吐量提高到每天約 3 億立方英尺，並在德州建立系統循環。展望未來，我們在整個系統中已經進行並將繼續進行的投資將為本世紀末的多年盈利帶來順風。

First, King's Landing is our beachhead position in the northern Delaware. Our conviction continues to grow regarding expanding our footprint and volumes around this complex. Our commercial team has been very active advancing some really exciting opportunities, and with much of the pre-FID work for a processing expansion of King's Landing behind us and permitting for acid gas injection in progress, commercialization of an expansion and sour gas conversion remains on track.

首先，君臨城是我們在德拉瓦州北部的灘頭堡。我們越來越堅信，我們能夠擴大該綜合體周圍的足跡和規模。我們的商業團隊一直非常積極地推進一些真正令人興奮的機會，並且隨著君臨城加工擴建的大部分最終投資決定前的工作已經完成，酸性氣體注入的許可正在進行中，擴建和酸性氣體轉化的商業化仍在按計劃進行。

Our low and high pressure build out in Eddy County continues to perform better than expected with well results exceeding expectations. Customers and other active producers continue to add inventory in the area, increasing the project earnings potential and duration. Acquired earlier this year, the Bearilla Draw gas and crude gathering systems are performing well and are expected to contribute to earnings growth throughout the decade.

我們在埃迪縣的低壓和高壓設施建設繼續表現優於預期，井效超出預期。客戶和其他活躍的生產商繼續在該地區增加庫存，增加了專案的盈利潛力和持續時間。今年稍早收購的 Bearilla Draw 天然氣和原油收集系統表現良好，預計未來十年將促進獲利成長。

Additionally, WellConnex in Lee County in the second half of this year will contribute additional volume increases.

此外，今年下半年位於李縣的 WellConnex 將帶來額外的銷售成長。

So based on the current estimates and with continued commercial success, we expect that additional processing capacity besides King's Landing 2 is likely to be needed inside the next 18 months as our Delaware South processing capacity is fully utilized with ECCC pipeline.

因此，根據目前的估計和持續的商業成功，我們預計，由於我們的特拉華南部處理能力已透過 ECCC 管道得到充分利用，因此在未來 18 個月內，除了 King's Landing 2 之外，可能還需要額外的處理能力。

We also remain focused on optimizing our cost structure. In the past few years we've experienced and managed meaningful cost inflation, especially with electricity and least compression.

我們也將繼續致力於優化我們的成本結構。在過去的幾年裡，我們經歷並控制了顯著的成本上漲，尤其是電力和最小壓縮成本。

And while we think the worst of it is behind us, it underpins our conviction to pursue the behind the meter power generation opportunity in Rees County and the owned compression solution over the next several years.

雖然我們認為最糟糕的時期已經過去，但它堅定了我們在未來幾年內尋求里斯縣電錶後發電機會和自有壓縮解決方案的信念。

Both projects would compete for capital and provide long-term structural solutions to offset these inflationary pressures.

這兩個項目將競爭資本並提供長期結構性解決方案來抵消這些通膨壓力。

So before I turn the call over to Trevor to discuss second quarter results, I want to reiterate the op opportunity set in front of us today.

因此，在我將電話轉給特雷弗討論第二季度業績之前，我想重申一下今天擺在我們面前的營運機會。

Our organic and inorganic growth pursuits over the past year and a half have positioned the company for accelerating growth as we head into 2026.

過去一年半以來，我們致力於有機和無機成長，為公司在邁向 2026 年時加速成長奠定了基礎。

We continue to expect fourth quarter 2025 annualized adjusted EBITA of approximately $1.2 billion which represents 24% growth year over year.

我們繼續預期 2025 年第四季年化調整後 EBITA 約為 12 億美元，年增 24%。

And this is just the beginning of a very bright multi-year earnings growth and free cash flow generation outlook that presents a compelling investment opportunity for existing and future shareholders.

這只是多年獲利成長和自由現金流產生前景非常光明的開始，為現有和未來的股東提供了極具吸引力的投資機會。

So with that, I'll now turn the call over to Trevor.

因此，我現在將電話轉給特雷弗。

Thanks Jamie. In the second quarter, we reported adjusted EBITA of $243 million. We generated distributable cash flow of $153 million and free cash flow was $8 million.

謝謝傑米。第二季度，我們報告的調整後 EBITA 為 2.43 億美元。我們產生了 1.53 億美元的可分配現金流，自由現金流為 800 萬美元。

Looking at our segment results, our midstream logistics segment generated an adjusted of $151 million in the quarter, up 3% year over year on increased processed gas volumes from our northern Delaware assets. This year over year increase was mostly offset by lower commodity pricing and higher OpEx, both of which I will cover in more detail shortly.

從我們的分部表現來看，由於北特拉華州資產的天然氣加工量增加，我們的中游物流部門本季的調整後收入為 1.51 億美元，年增 3%。這一同比增長主要被商品價格下降和營運支出上升所抵消，我將很快對這兩者進行更詳細的介紹。

Shifting to our pipeline transportation segment, we generated adjusted EBITDA of $97 million up 3% year over year, which benefited from an increased ownership in Epic and modest outperformance at PHP. The year over year increase was partially offset by no contributions from Gulf Coast Express following the sale of that stake in the second quarter of 2024.

轉向管道運輸部門，我們實現了 9700 萬美元的調整後 EBITDA，同比增長 3%，這得益於 Epic 所有權的增加以及 PHP 的適度優異表現。由於 2024 年第二季出售該股份後，Gulf Coast Express 沒有做出任何貢獻，因此部分抵消了同比增長。

Total capital expenditures for the quarter were $126 million . With the updated in service timing for King's Landing and the other impacts I just mentioned, we are revising our 2025 adjusted EBITDA guidance range to $1.03 billion to $1.09 billion. Now I will walk through each of the impacts in more detail and the implications to guidance. First, we revised our full year process gas volume growth assumption from 20% in February to mid-teens to reflect the shift in timing of the King's Landing startup and modest delays in producer development activity.

本季總資本支出為 1.26 億美元。隨著君臨城投入營運時間的更新以及我剛才提到的其他影響，我們將 2025 年調整後的 EBITDA 指導範圍修改為 10.3 億美元至 10.9 億美元。現在我將更詳細地介紹每種影響及其對指導的意義。首先，我們將全年製程氣產量成長假設從 2 月的 20% 修改為 15% 左右，以反映君臨專案啟動時間的變化以及生產商開發活動的適度延遲。

For the remainder of the year, we expect a meaningful ramp and processed gas volumes driven by the full commercial and service of King's Landing in late September and step up in contributions from the Berea Draw, Carlsbad, and Lee County volumes by year end.

在今年剩餘的時間裡，我們預計在 9 月底君臨城全面投入商業營運和服務的推動下，天然氣產量和加工量將大幅增加，到年底，伯里亞德羅、卡爾斯巴德和李縣的產量也將增加。

We anticipate exiting 2025 with processed gas volumes at approximately 2 billion cubic feet per day.

我們預計到 2025 年，天然氣加工量將達到每天約 20 億立方英尺。

Second, we have seen significant commodity price volatility since setting our initial guidance in February, creating a headwind in the second quarter and a change in our assumptions on market forward pricing. On a weighted average basis, our revised guidance assumes a 10% decline in commodity prices versus our original guidance in February.

其次，自從二月制定初步指引以來，我們看到大宗商品價格大幅波動，這給第二季帶來了阻力，也改變了我們對市場遠期定價的假設。以加權平均數計算，我們修訂後的指引假設大宗商品價格較 2 月的原始指引下降 10%。

Marking to market realized pricing and forward pricing, we estimate this decline to represent an approximately $20 million impact versus our original adjusted EBITA guidance.

根據市場實際定價和遠期定價，我們估計這一下降對我們最初調整後的 EBITA 指引的影響約為 2000 萬美元。

At current commodity prices, approximately 35% of our direct exposure is tied to the price of WTI, 20% to the price of natural gas. 25% to the price of LPGs and the remaining 20% to basis in commodity price spreads. We have significant hedges in place for the remainder of 2025 and a robust hedging program for 2026 and 2027.

以目前的商品價格，我們直接風險敞口的約 35% 與 WTI 價格掛鉤，20% 與天然氣價格掛鉤，25% 與液化石油氣價格掛鉤，其餘 20% 與商品價差基礎掛鉤。我們對 2025 年剩餘時間採取了大量對沖措施，並對 2026 年和 2027 年制定了強有力的對沖計劃。

Moving on, operating costs continue to persist in the premium. We have seen substantial cost inflation across lease compression and electricity, two of our largest operating expense line items year over year unit costs per MCF.

接下來，營運成本繼續維持在溢價水準。我們發現租賃壓縮和電力成本大幅上漲，這是我們最大的兩個營運支出項目，每 MCF 的單位成本較去年同期上漲。

Increased by approximately $0.10 in the quarter. With the commissioning and the startup of King's Landing, unit costs per MCF are expected to modestly step down as volumes come online. On a full year basis, we anticipate unit costs to be up approximately $0.06 year over year in 2025. While much of this increase was expected and included in our original guidance, we have experienced higher than budgeted operating costs, as well as the need to retain lea compression units for new areas of development that we originally planned to release.

本季增加了約 0.10 美元。隨著君臨核電廠的投入使用，預計每千立方英尺的單位成本將隨著產量的增加而適度下降。從全年來看，我們預計 2025 年單位成本將年增約 0.06 美元。雖然這一增長大部分是預料之中的，並包含在我們最初的指導中，但我們的營運成本高於預算，並且需要為我們最初計劃發布的新開發領域保留 lea 壓縮單元。

Taken together, these impacts led us to revise 2025 adjusted IBEDA guidance approximately 5% lower to $1.06 billion at the midpoint.

綜合起來，這些影響導致我們將 2025 年調整後的 IBEDA 指引下調約 5% 至中點的 10.6 億美元。

Importantly, as Jamie discussed earlier, we continue to expect a meaningful acceleration and adjusted EBITDA growth through the remainder of the year and to reach annualized adjusted EBITDA of approximately $1.2 billion in the fourth quarter.

重要的是，正如 Jamie 之前所討論的，我們繼續預計今年剩餘時間內調整後的 EBITDA 將出現有意義的加速增長，並在第四季度達到約 12 億美元的年化調整後 EBITDA。

Turning to capital guidance, we are tightening our range to be within $460 million to $530 million given our heightened visibility at this point in the year.

談到資本指導，鑑於我們今年此時的知名度提高，我們將範圍收窄至 4.6 億美元至 5.3 億美元之間。

We anticipate CapEx to be concentrated in the third quarter with the timing of King's Landing completion and construction of the ECCC pipeline.

我們預計資本支出將集中在第三季度，因為君臨城的竣工和 ECCC 管道的建設。

That said, we now expect nearly 60% of 2025 capital to be spent in the second half and nearly 45% in the third quarter alone. Before I open up the line for Q&A, I will touch briefly on our finance-related objectives.

話雖如此，我們現在預計 2025 年將有近 60% 的資本在下半年支出，光是第三季就將近 45%。在開始問答環節之前，我將簡要介紹我們與財務相關的目標。

At the end of May we completed a total refinancing of our bank debt, extending maturities on the term loan A and revolving credit facility. Our leverage ratio for our credit agreement stands at 3.6 times at the end of the second quarter.

五月底，我們完成了銀行債務的全面再融資，延長了定期貸款 A 和循環信貸額度的期限。截至第二季末，我們的信貸協議槓桿率為 3.6 倍。

We also repurchased $173 million of kinetic Class A common stock since May, representing nearly 2.5% of our outstanding shares at an average share price of approximately $43 million.

自 5 月以來，我們也回購了價值 1.73 億美元的動能 A 類普通股，占我們已發行股份的近 2.5%，平均股價約為 4,300 萬美元。

Our share repurchase program reflects our commitment to delivering value to shareholders, and I'm enthusiastic about utilizing it in light of the disconnect we see between the market price and intrinsic value of kinetic stock.

我們的股票回購計劃反映了我們致力於為股東創造價值的承諾，鑑於我們看到的市場價格和動能股票的內在價值之間的脫節，我熱衷於利用該計劃。

Our finance related objectives provide the framework to maximize shareholder value via our multi-year earnings growth and strong balance sheet, bolstered by strategic and accretive investment opportunities, annual dividend increases, and opportunistic share of purchases. I am excited with the progress that we have made in the quarter and look forward to delivering even more value to shareholders in 2025 and beyond.

我們的財務相關目標提供了一個框架，透過多年的獲利成長和強勁的資產負債表，並藉助策略性和增值性投資機會、年度股息成長和機會性購買份額，實現股東價值最大化。我對我們在本季度取得的進展感到非常興奮，並期待在 2025 年及以後為股東創造更多價值。

And with that we can open up the line for Q&A.

這樣我們就可以開通問答專線了。

Thank you very much.

非常感謝。

(Operator Instructions)

（操作員指示）

Jeremy Tunney from JP Morgan.

摩根大通的 Jeremy Tunney。

Good morning, Jeremy.

早上好，傑里米。

Just wanted to start off if we could hear, if we look at the exit rate for 2025, for 4Q there, just wondering if you could walk through the building blocks that gets you there in the confidence level of exiting the year in that 1.2 billion run rate.

首先，如果我們能聽到，如果我們看看 2025 年第四季的退出率，我只是想知道您是否可以逐步介紹一下讓您在 12 億的運行率退出年度的信心水平上達到的基石。

Sure, and look, a very valid and very good question. Look, when you break down 1.2, think about it 300 for the quarter. So we had 243 for the second quarter and as Trevor went through, we have already endured a lot of the operating cost impacts as it relates to higher electricity pricing, higher compression, leasing. So really the building blocks from here to get from a 243, you're going to have a little bit of APA non-catamin and maybe in the fourth quarter. That's what you should anticipate. Obviously we had it in the second quarter, as everyone knows.

當然，這是一個非常有效且非常好的問題。瞧，當你分解 1.2 時，想想這個季度是 300。因此，第二季我們的產量為 243 噸，隨著 Trevor 的出現，我們已經承受了許多營運成本的影響，因為它與更高的電價、更高的壓縮率和租賃有關。因此，從這裡開始的真正基礎是從 243 開始，您將獲得一點 APA 非 catamin，也許在第四季度。這是你應該預料到的。顯然，我們在第二季就做到了這一點，大家都知道。

I think the biggest one is going to be KO and Durango, obviously, and then you're going to have some incremental volumes. We've had some volume shift from third quarter turn in line to 4th quarter, which has, I think, tempered a little bit of the. The overall growth rate on the volumetric side, so our exit rate remains pretty strong. However, because it's now in the fourth quarter and not the third quarter, you don't get that flow through as far as duration of that volume for for this calendar year. So I think they are the four buckets.

我認為最大的一個顯然是 KO 和 Durango，然後你將會有一些增量。從第三季度到第四季度，我們的銷量有所轉變，我認為這在某種程度上緩和了這種局面。從體積方面來看，整體成長率較高，因此我們的退出率仍然相當強勁。然而，由於現在是第四季度而不是第三季度，因此您無法獲得今年全年該數量的流量。所以我認為它們是四個桶。

Everything else sort of stands pretty much as it is, and I think, our degree of confidence.

其他一切基本上都保持不變，我認為，我們的信心程度也是如此。

Look, King's Landing, I think we have really taken a measured approach as it relates to making sure that the plant is running and that we've got the plumbing. It's as much about the plumbing and separating out the sour gas from the sweet gas which to this point had all just been going whether it's to Dagara or to Maujama.

你看，君臨城，我認為我們確實採取了一種謹慎的做法，以確保工廠正常運轉，並且管道系統齊全。這同樣與管道有關，並將酸性氣體與甜味氣體分離，到目前為止，這些氣體一直流向達加拉 (Dagara) 或毛賈馬 (Maujama)。

And now we have to separate free up space on the sour gas side, which is the Maujamaindega draw facilities, and for the less so gas, send it to King's Landing, even though we have front end aiming, we still don't have an AGI so we can't handle really sour gas at that facility. So we have been very methodical. I would say it's probably taken us longer. We were probably a little over optimistic on how quickly we can get it done.

現在我們必須在酸性氣體側（即 Maujamaindega 抽取設施）分離出空閒空間，對於酸性氣體較少的氣體，將其送往君臨城，儘管我們有前端瞄準，但我們仍然沒有 AGI，因此我們無法在該設施處理真正的酸性氣體。所以我們一直都很有條理。我想說我們可能花了更長的時間。我們可能對於完成任務的速度有點過於樂觀了。

As far as the re-plumbing of the gas, but I think our confidence level now, Jeremy, is really high. It's really high. We know where the gas is. We've spent so much time, so maybe it's a little frustrating to get out of the blocks a little slower than many of us would have liked, including ourselves. But I think the follow through and, as we hit our stride. As we come out through the back end of this year, I think we will be the better for it.

至於重新鋪設煤氣管道，但我認為我們現在的信心水平，傑里米，真的很高。確實很高。我們知道毒氣在哪裡。我們已經花了這麼多時間，所以也許比我們許多人（包括我們自己）希望的要慢一點才能擺脫困境，這有點令人沮喪。但我認為，只要堅持下去，我們就能取得進步。隨著我們度過今年的尾聲，我認為我們會變得更好。

Got it. Thank you for that. Just wanted to pivot to buybacks, a good amount in the second quarter. Is this a rate that we can expect to continue here, or just wondering if you could provide more color on what that cadence could look like?

知道了。謝謝你。只是想轉向回購，第二季的回購數量相當可觀。我們可以預期這個速度會持續下去嗎？或者您只是想知道您是否可以提供更多關於這個節奏的細節？

I think it's a function of, Trevor can jump into this. It's really a function of where our stock price is. Yeah, we see the stock in the low 40s as being incredibly compelling. And so, he is driven with more of a lead foot this past this past quarter starting obviously in May, and I think, look, we will take cues from the market.

我認為這是一個功能，特雷弗可以參與其中。這實際上取決於我們的股票價格。是的，我們認為 40 出頭的股票非常有吸引力。因此，從五月開始的上個季度，他採取了更積極的行動，我認為，我們將從市場中得到啟示。

We understand, we look at our capital allocation framework. We work out and we see where fundamental value is and where we really like the stock. And so we will basically be attuned to how that to what we see on the screen.

我們理解，我們正在研究我們的資本配置框架。我們進行計算，了解基本價值在哪裡，以及我們真正喜歡的股票在哪裡。因此，我們基本上會適應我們在螢幕上看到的內容。

Got it. That's helpful. I'll leave it there. Thanks.

知道了。這很有幫助。我就把它留在那裡。謝謝。

Spiro Donnis from C. Spiro.

C. Spiro 的 Spiro Donnis。

Good morning everybody. I want to start with NGO re-contracting if we could. I think it's more of a 2026 tailwind, but curious if some of the NGO pipeline operators are eager to negotiate early, make sure some of those volumes stay on the system. In other words, could we see that re-contracting tailwind maybe even come in earlier than expected.

大家早安。如果可以的話，我想從非政府組織重新簽約開始。我認為這更像是 2026 年的順風，但好奇的是，一些非政府組織管道運營商是否渴望儘早進行談判，以確保其中一些數量留在系統中。換句話說，我們是否可以看到重新收縮的順風甚至可能比預期更早到來。

Spiro, good morning. Look, it's a really good question. Obviously we all know that I think Enterprise said that they expect by here to start up in the 4th quarter, so that occurs and obviously between the Enterprise, Tiger and Transfer, obviously Wao and DCP as well as MPLX now.

斯皮羅，早安。看，這是一個非常好的問題。顯然，我們都知道，我認為 Enterprise 表示他們預計將在第四季度啟動，因此現在顯然在 Enterprise、Tiger 和 Transfer 之間，顯然在 Wao 和 DCP 以及 MPLX 之間。

We have a much bigger grouping of NGO integrated players than probably ever before. And with, I would say tempered enthusiasm and expectation on growth in the basin with a lot of capacity to fill, we continue to see some pretty some pretty interesting.

我們擁有的非政府組織綜合參與者群體可能比以往任何時候都更大。我想說的是，隨著人們對盆地成長的熱情和期望逐漸降低，盆地還有很大的發展空間，我們將繼續看到一些相當有趣的事情。

Overall indications and rates coming from different NGL service providers. You're right in our context we have Two contracts that roll off next year. One is already you've got Tiger steps into the shoes on one of them and the other is the other is basically free to decide. And then in 207 we'll start off with King's Landing once we reach the two year in service mark.

來自不同 NGL 服務提供者的總體指示和費率。您說得對，在我們的背景下，我們有兩份合約將於明年到期。一個是你已經讓老虎接替其中一個職位，另一個是另一個職位基本上可以自由決定。然後，在 207 年，當我們服役滿兩年時，我們將從君臨城開始。

And then we follow from there. We've got literally almost serial explorations going on through almost the end of the decade and other contractual adjustments. So I really do think we're going to be able to capitalize on it. We've always said that, and we'll sort of see where that takes us. But I think it's it's a good time to be on our side where you've got a product and there's a lot of capacity in the marketplace and obviously a lot of people eager to fill that capacity.

然後我們從那裡開始。我們幾乎在整個十年末進行了一系列的探索和其他合約調整。所以我確實認為我們能夠利用它。我們一直都是這麼說的，我們會看看這會為我們帶來什麼結果。但我認為現在是站在我們這邊的好時機，因為你有產品，而且市場上有很多產能，顯然很多人渴望填補這些產能。

Got it. That's Jamie. Thank you. Second question, switching gears to King's Landing 2, and I apologize if I missed it in some of the prepared remarks, but can you describe me what inning you're in there as you think about progressing towards FID and how we should think about some of the gating items and sort of in that context, I think you talked about 18-months is when you need it. Any sense on whether or not you could use offloads to sort of bridge that and push that CapEx out a little further?

知道了。那是傑米。謝謝。第二個問題，轉到《君臨城 2》，如果我在一些準備好的發言中遺漏了這一點，我深感抱歉，但是您能否描述一下，當您考慮向 FID 邁進時，您處於哪個階段，以及我們應該如何考慮一些門控項目，在這種背景下，我認為您談到了 18 個月是您需要的時間。您是否可以使用卸載來解決這個問題並進一步延長資本支出？

So I think we're sort of mixing a little bit of metaphors. On the 18 months that was mentioned, it was actually in relation to processing capacity in Texas, over and above what we have and over and above anything we decide to do on King's Landing on King's Landing.

所以我認為我們混合使用了一些隱喻。上面提到的 18 個月，實際上與德克薩斯州的處理能力有關，超出了我們現有的能力，也超出了我們決定在君臨城做的任何事情。

The core building blocks of that particular project, one is clearly commercial. The other two is one acid gas injection, because it does need to be a sour plant, and that is a longer lead time item as it relates to both permitting as well as sourcing equipment.

該特定項目的核心組成部分顯然是商業性的。另外兩個是酸性氣體注入，因為它確實需要一個酸性工廠，而且這是一個較長的交付週期項目，因為它涉及許可和採購設備。

The other obviously is electricity, which is which can be a challenge, and it seems almost more of a challenge than in New Mexico than it does in Texas.

另一個顯然是電力，這可能是一個挑戰，而且它似乎比在新墨西哥州比德克薩斯州更具挑戰性。

And so when you ask us about what inning we're in, look, I would say if you're thinking that the inning concludes with an FIB announcement, right, if the games, if that's the end of the 9th inning.

因此，當您問我們處於哪一局時，看，我會說，如果您認為該局以 FIB 公告結束，對，如果比賽，如果那是第 9 局的結束。

I would say we are midway into our overall work stream. As far as we've already filed permit application for the acid gas injection. We're well advanced on the electricity.

我想說我們整個工作流程已經進行到一半了。據我們所知，我們已經提交了酸性氣體注入的許可申請。我們在電力方面已經取得了很大進展。

The commercial guys have been working this for a long time, we've got some pretty big customers sitting behind the Durango system that I think with the advent of King's Landing one and seeing for their own eyes that that capacity is there will give them the conviction which thus far they've sort of been hesitant about. To actually go spend money on the drill bit and accelerate a development program. So we have got everything moving together on various workstreams, and I think it will all come together, our hope and expectation certainly within the next, I would certainly before year end.

商業人士已經在這個領域工作了很長時間，我們有一些相當大的客戶使用 Durango 系統，我認為隨著 King's Landing 系統的出現，親眼看到這種容量的存在會讓他們更加確信，而迄今為止他們對此還有些猶豫。實際上花錢購買鑽頭並加速開發計劃。因此，我們已經在各個工作流程上同步推進了一切，我認為一切都會實現，我們的希望和期望肯定在明年，我肯定會在年底之前實現。

And Spiro, this is Jamie. Want to jump in quickly on the comment on offloads. We're always going to look at optimizing our portfolio with capital and offloads, and that's why ECC is so important. It allows us to get south where we have a number of more economic offload options. So we'll continue to look at all of those options to optimize the portfolio.

斯皮羅，這是傑米。想要快速進入關於卸載的評論。我們始終致力於透過資本和卸載來優化我們的投資組合，這就是 ECC 如此重要的原因。它使我們能夠向南發展，在那裡我們擁有更多經濟的卸載選擇。因此，我們將繼續研究所有這些選項以優化投資組合。

Got it. Helpful as always. I'll leave it there.

知道了。一如既往的有幫助。我就把它留在那裡。

Thank you very much. As a reminder to raise the question, we'll be star full of 01. Our next question comes from Michael Bom from Wells Fargo. Michael, your line is not open.

非常感謝。為了提醒大家提出這個問題，我們將充滿 01 的星星。我們的下一個問題來自富國銀行的麥可·博姆。邁克爾，您的線路未通。

Thanks. Good morning, everyone. Wanted to start with a macro question on the fundamentals. So I guess we're seeing some permanent midstream players maintain guidance and tell us that basically producer activities is unchanged, and then we have others that are, tweaking guidance slowly like yourself and pointing to a weaker fundamental macro. So I just want to get your take on what's going on from a macro perspective and then of course, what's going on in your neck of the woods specifically.

謝謝。大家早安。想從基本面的宏觀問題開始。因此，我想我們會看到一些永久的中游參與者維持指導並告訴我們基本上生產者活動沒有改變，然後我們還有其他人，像您一樣慢慢調整指導並指出基本宏觀較弱。所以我只是想從宏觀角度了解你對正在發生的事情的看法，當然，也要了解你當地具體發生了什麼。

Sure, good morning, Michael. I think we're seeing a few things. Obviously as a permian pure play, I think you know there's nowhere for us to literally run and hide, right? We don't have any other basins so we can't mask any declines in the permian against increases in the Hainesville or other basins that may be more gas focused.

當然，早上好，麥可。我認為我們看到了一些事情。顯然，作為二疊紀純粹玩家，我想你知道我們無處可逃，無處可躲，對吧？我們沒有其他盆地，因此我們無法用海恩斯維爾或其他可能更注重天然氣的盆地的產量增加來掩蓋二疊紀盆地產量的下降。

What we're seeing is, I mean we can knock down our big customers PR, EOG, Kara. I mean, we can pretty much go through them all since we have almost 90 customers.

我們看到的是，我們可以擊敗我們的大客戶 PR、EOG、Kara。我的意思是，我們幾乎可以處理所有客戶，因為我們有將近 90 個客戶。

But PR hasn't changed rig cadence. In fact, their overall performance on their wells has exceeded their own type curves and expectations, so they may move well pad from the third quarter of the fourth quarter to the following quarter or the beginning of 2026. That doesn't change their guidance. It doesn't change the fundamental view of the quality of the rock. If anything, what it does is show you that actually it's even better than they anticipated.

但 PR 並未改變鑽孔機節奏。事實上，他們的油井整體表現已經超出了他們自己的類型曲線和預期，因此他們可能會將油井平台從第三季或第四季移至下一季或2026年初。這不會改變他們的指導。它不會改變對岩石品質的根本看法。如果有的話，它所做的就是向你展示它實際上比他們預期的還要好。

But they're not, much like I think all of us right now, they look at their own probably stock price and say, look, should I keep capital in my pocket because I can save some dollars and I'm still going to hit my guide on on overall BOEs.

但他們不是，就像我認為我們現在所有人一樣，他們看著自己可能的股票價格，然後說，看，我是否應該把資本留在口袋裡，因為我可以節省一些錢，而且我仍然會按照我的整體 BOE 指南行事。

So I do think in Texas we've always maintained the Texas position is more today.

所以我確實認為在德克薩斯州我們一直堅持的德克薩斯州的地位今天更為重要。

We see some spots of activity. Billara drawer is one area, but the Billara drawer activity, honestly, Michael, Trevor, and I would tell you offsets some of the legacy centennial activity that we saw the year before.

我們看到了一些活動點。Billara 抽屜是一個區域，但 Billara 抽屜活動，老實說，Michael、Trevor 和我會告訴你，抵消了我們前一年看到的一些遺留百年活動。

Perin resources, so we do see some give and take. Texas remains, I think, more of a not the, it's not the prime, and the sort of ultra tier one acreage that we still see New Mexico. I think New Mexico holds for various reasons, a lot more attraction and appeal.

Perin 資源，所以我們確實看到了一些付出和收穫。我認為，德克薩斯州仍然不是最好的，它不是我們仍然在新墨西哥州看到的那種超一流的土地。我認為新墨西哥州由於各種原因而更具吸引力和吸引力。

From just a maybe it's a cost standpoint, maybe it's an administration standpoint that they think now is the time, basically get in while they're going is good, and Texas, you can pivot back to.

或許只是從成本角度，或許是從管理角度，他們認為現在是時候了，基本上趁著形勢好的時候加入，然後你就可以回到德州了。

You can always pivot back to Texas because it's very dynamic. It almost can be that it can very much be that production that just comes on comes on very quickly. So I wouldn't read too much into it that we're seeing a huge slowdown as it relates to the overall level of activity. I think what we're seeing is we've seen some shift in timing, but it's timing.

您可以隨時回到德克薩斯州，因為它非常有活力。幾乎可以肯定地說，剛開始的生產很快就會開始。因此，我不會過度解讀我們正經歷著與整體活動水平相關的巨大放緩。我認為我們看到的是時間上的一些轉變，但這只是時間問題。

We're seeing quality of results and quality of from a type curve standpoint at or above our expectations. Yeah, we said to you that Carl's bad, which is another PR position, which has been exceptional.

從類型曲線的角度來看，我們看到結果的品質和品質達到或超過了我們的預期。是的，我們告訴過你，卡爾很糟糕，這是另一個公關職位，非常出色。

Balara has been very solid, so we're really excited by what we have. And I think you know our viewpoint is look we will catch up and we'll end up with some tailwinds in the face of what has been thus far certainly for this year more headwinds on whether it's commodity pricing or whether it's in the context of just, OpEx costs.

Balara 的表現非常出色，因此我們對目前所取得的成績感到非常興奮。我想你知道我們的觀點是，我們會迎頭趕上，最終會遇到一些順風，而今年迄今為止肯定會面臨更多的逆風，無論是商品定價還是僅僅是營運成本。

Trevor, I don't know if you've got anything you'd add to that.

特雷弗，我不知道您是否還有什麼要補充的。

Yeah, the one thing that I'd add, thanks for the question, Michael, is from where we sit from the beginning of the year, prior to the $10 to $15 sell off and WTI. We're not seeing much of a change to the second half of 2026.

是的，我想補充一點，謝謝你的提問，邁克爾，從今年年初的情況來看，在 WTI 價格下跌 10 至 15 美元之前。我們認為 2026 年下半年不會有太大變化。

What I would say is that Jamie had mentioned there's been, some shifting of timing and some pads both north and south.

我想說的是，傑米提到過，時間上有一些變化，而且南北兩側都有一些墊子。

A lot of them what we're finding is actually not necessarily for non-economic reasons in terms of the primary driver. Sure WTI goes into it. But what we're we're actually seeing is is that what we need to do as a company is to get in front of our customers with infrastructure to facilitate the upcoming development plans that we're seeing up in Delaware North, and that's why getting ECCC completed is critical, as Chris had mentioned earlier.

我們發現，許多事件的主要驅動因素其實並不一定是非經濟原因。當然，WTI 也包含在內。但我們實際上看到的是，作為一家公司，我們需要做的是為客戶提供基礎設施，以促進我們在特拉華北部看到的即將到來的開發計劃，這就是為什麼完成 ECCC 至關重要，正如克里斯之前提到的那樣。

We pointed to a potential expansion of that pipeline FID sometime in 2026. We've talked about King's Landing too, and really I'd say that's what we're extremely focused on in terms of getting that across the finish line with an FID.

我們指出，該管道最終投資決定可能會在 2026 年某個時候進行擴建。我們也討論過君臨城，實際上我想說，我們非常專注於透過最終決定 (FID) 完成這一目標。

Because there is no real change to, I'd say, as we think about a broader portfolio of Delaware North plus Delaware South, what we're really seeing from where we were at the beginning of the year, if anything, we've actually seen a bit of an acceleration in certain areas that's offsetting some of the, I say timing shifts or delays that we're seeing elsewhere.

因為我認為，當我們考慮特拉華北部和特拉華南部的更廣泛的投資組合時，並沒有發生真正的變化，我們真正看到的是從年初的情況來看，如果有的話，我們實際上已經看到某些領域的加速，這抵消了我們在其他地方看到的一些時間變化或延遲。

Okay, got it. Thanks. That's a very helpful perspective. Appreciate it. The other question I wanted to ask in the prepared remarks, if I heard it correctly and understood it correctly, seems like you're seeing the gas is actually getting even, I guess, more sour, for lack of a better word, than than even what you were anticipating.

好的，明白了。謝謝。這是一個非常有用的觀點。非常感謝。如果我沒聽錯並且理解正確的話，我想在準備好的發言中提出的另一個問題是，似乎您看到的氣體實際上比您預期的還要酸，我想，更酸了，找不到更好的詞來形容。

So just trying to understand, is that a potential upside case for you guys, whether that means you can either raise. I don't know if that means you can increase the treating fee or just you're going to see higher volumes on those fee the existing fee, but I just want to just understand if there's anything there on the upside case. Thanks.

所以只是想了解一下，這對你們來說是一個潛在的好處嗎，這是否意味著你們可以進步。我不知道這是否意味著您可以增加治療費用，或者只是您會看到現有費用的增加，但我只是想了解是否有任何好處。謝謝。

So Michael, you're right, it is even more sour. I think the first and the second bone in particular.

所以邁克爾，你是對的，它甚至更酸。我認為特別是第一根骨頭和第二根骨頭。

Are very sour. And therefore, the only way to actually manage that gas is with acid gas injection. So by the addition of acid gas injection at King's Landing, we will, I think, triple the size of our tag capacity, treated acid gas.

很酸。因此，實際管理該氣體的唯一方法是注入酸性氣體。因此，透過在君臨城注入酸性氣體，我認為我們的酸性氣體處理能力將增加三倍。

And we will be amongst the biggest in New Mexico in the context of tag capacity. It will allow us, depending upon, from a tiering standpoint, it will allow us to obviously get an economically attractive return, but we are putting significant incremental investment and capital into infrastructure to allow us to be able to treat that gas and process that gas. So I think you will see, yes, it is more sour, yes, you will have there's probably more upside in the context of rates and fees, depending upon just how sour.

就標籤容量而言，我們將成為新墨西哥州最大的標籤供應商之一。從分層的角度來看，這將使我們能夠獲得具有經濟吸引力的回報，但我們正在向基礎設施投入大量增量投資和資本，以使我們能夠處理和加工這種氣體。所以我想你會看到，是的，情況更糟，是的，在利率和費用方面可能會有更多上漲空間，這取決於情況有多糟。

Brandon Bingham from Scotiabank.

來自豐業銀行的 Brandon Bingham。

Hi, thanks for taking the questions here. I wanted to go back to the building conviction in northern New Mexico that you guys have have discussed and just if you could provide any incremental detail around some of the commercial momentum or just anything you're seeing up there that's really helping you build that conviction in the area and how that might kind of translate into any potential KL2 FID timing.

你好，謝謝你在這裡回答問題。我想回到你們討論過的在新墨西哥州北部建立信心的問題，你是否可以提供一些關於一些商業勢頭的增量細節，或者你在那裡看到的任何真正幫助你在該地區建立信心的事情，以及這將如何轉化為任何潛在的 KL2 FID 時機。

Yeah, sure, Brand, it's Jamie, and I'll let Chris and Trevor jump in. Look, we have a number of customers up there, as that we inherited with Duranga, the larger ones of which are Spur and newborn. They are both very eager to put incremental capital to work on the drill bit.

是的，當然，布蘭德，我是傑米，我會讓克里斯和崔佛加入。你看，我們在那裡有很多客戶，就像我們繼承了 Duranga 一樣，其中較大的是 Spur 和 newlyrative。他們都非常渴望將增量資本投入鑽頭。

And need, as Trevor pointed out, infrastructure. Kings Landing one is just, you just knock it down and just move on through. They want us to do the AGI because they very much see the most, some of the most attractive rock, being that, as I mentioned, as I just referred to Michael Bloom's question, first bone, second bone really sour gas.

正如特雷弗所指出的那樣，我們需要基礎設施。君臨城就是這樣，你只要把它推倒然後繼續前進就可以了。他們希望我們做 AGI，因為他們非常清楚，一些最有吸引力的岩石，正如我提到的，正如我剛才提到的邁克爾布魯姆的問題，第一塊骨頭，第二塊骨頭真的是酸氣。

But it's really attractive and they really want to get after it. So right now I feel like we are sprinting to keep up with our customers and their desires. We can't, I think Chris Kendrick would tell us we we probably can't sprint fast enough to make these guys thrilled and happy yet because they want to spend the dollars tomorrow and and unfortunately it takes us longer than tomorrow to actually have the infrastructure up and online.

但它確實很有吸引力，他們也確實想得到它。所以現在我覺得我們全力以赴滿足客戶和他們的需求。我們不能，我想克里斯·肯德里克會告訴我們，我們可能無法快速衝刺，無法讓這些人感到興奮和高興，因為他們想明天就花掉這些錢，不幸的是，我們需要比明天更長的時間才能真正讓基礎設施投入使用。

Yeah Brandon, this is Chris kind of echoing on what Jamie said. There's a lot of activity in front of us, probably more so that we've seen in the last two years, and Jamie hit on New Mexico, but even in Texas, we're seeing opportunities and now with ECCC online next year we look at this as one combined system where we're introducing volumes across the system, so it's it's a huge growth opportunities across the majors, the independents, the private producers.

是的，布蘭登，這是克里斯對傑米所說的話的重複。我們面前有很多活動，可能比我們在過去兩年看到的還要多，傑米襲擊了新墨西哥州，但即使在德克薩斯州，我們也看到了機會，現在隨著明年 ECCC 上線，我們將其視為一個綜合系統，我們將在整個系統中引入數量，因此，對於主要企業、獨立企業和私人生產商來說，這是一個巨大的增長機會。

2026 is going to be an exciting year and not just for new packages of gas, but there's some big developments on our existing acreage in 206 that we'll need to accommodate. So it's an exciting time and the team's doing a good job of tackling these commercial prospects.

2026 年將是令人興奮的一年，不僅因為有新的天然氣供應，而且我們需要在 206 號現有土地上進行一些重大開發。這是一個令人興奮的時刻，團隊在解決這些商業前景方面做得很好。

Okay, great, thanks. And then maybe wanted to kind of touch on Epic a little bit if there's any updates there maybe around timing of distributions or just how you're thinking about it in general is, one of your partners in it has discussed that it's comfortably up for sale if they need to or or it's something that they're willing to sell so just kind of any updates on Epic and and anything you can share there.

好的，太好了，謝謝。然後，也許我想稍微談談 Epic，看看那裡是否有任何更新，例如分發時間，或者您總體上是如何考慮的，您的一位合作夥伴已經討論過，如果他們需要的話，它可以輕鬆地出售，或者這是他們願意出售的東西，所以請問 Epic 有什麼更新，以及您可以在那裡分享什麼。

Sure, so as far as on the distributions, I believe the first distribution is going to partners this month.

當然，就分配而言，我相信第一批分配將在本月發放給合作夥伴。

A So I believe that that's been authorized and approved, which is great, and the business is actually performing very well. As far as the desires of the various partners and certainly one of probably the largest customer on that pipeline and what they may want to do, look, I think from our vantage point, it's like any asset.

答：所以我相信這已經獲得授權和批准，這很好，而且業務實際上表現得很好。至於各個合作夥伴以及管道上最大的客戶之一的願望以及他們可能想要做的事情，我認為從我們的角度來看，它就像任何資產一樣。

It has an intrinsic and extrinsic value to us as a company. If in fact the value proposition of somebody else is at or above that value expectation from our end. Then I think we would be remiss in not capitalizing on it, right? We're looking to create value for our stakeholders.

它對我們公司來說具有內在和外在的價值。如果事實上其他人的價值主張等於或高於我們的價值期望。那麼我認為如果我們不利用它的話，那我們就太失職了，對嗎？我們希望為利害關係人創造價值。

So, if someone shows up with the right number, then I think we're not so wedded emotionally or otherwise to this asset to say that, oh, it's a must-have. It's a non-operated stake.

因此，如果有人給出了正確的數字，那麼我認為我們不會從情感上或其他方面對這一資產產生過分執著，以至於說，哦，這是必須擁有的。這是一個非經營性的股份。

So You know it's not as core as other elements of our business. Trev, you have anything to add to that?

所以你知道它不像我們業務的其他要素那樣核心。特雷夫，你還有什麼要補充的嗎？

Nothing out of that. I think you hit it. Great thanks.

沒什麼特別的。我認為你成功了。非常感謝。

Teresa Chen from Barclays.

巴克萊銀行的 Teresa Chen。

Good morning. On the topic of tag capacity and the tag market in general, with one of your midstream competitors announcing entry into Sargas treating recently via acquisition in what seems like a similar area of service as your footprint, how do you think about competition within this space evolving over time?

早安.關於標籤容量和標籤市場的整體情況，您的一個中游競爭對手最近宣布透過收購進入 Sargas 治療領域，該領域似乎與您的業務範圍類似，您如何看待這個領域的競爭會隨著時間的推移而發展？

Theresa, it's Jamie. Thanks for the question. Look, it's a good question. Obviously NPLs buying North obviously it brings them now into the equation. Yeah, thus far it has been more of the domain with enterprise buying in ourselves and obviously Tiger with Redhills, right, so it's part of the lucid complex. So look, there's certainly more than enough.

特蕾莎，我是傑米。謝謝你的提問。瞧，這是個好問題。顯然，不良貸款收購 North 顯然會將其納入考慮。是的，到目前為止，它更多的是企業收購的領域，顯然還有 Tiger 收購 Redhills，對吧，所以它是清醒綜合體的一部分。所以你看，肯定綽綽有餘。

Volume and development for many players. And I think you know it's not a case of we if anything we're going to see sour gas on the CO2H2S side. I think continue to dramatically increase versus dramatically decrease and therefore the overall size of the market is getting bigger and therefore I think there's room for everybody.

許多球員的音量和發展。我想你知道，我們不會在任何情況下看到 CO2H2S 側的酸性氣體。我認為會繼續大幅增加而不是大幅減少，因此整個市場的規模會越來越大，因此我認為每個人都有空間。

It still takes a long time to get into this business. Obviously, I think that was, if I'm not mistaken, was one of the One of the major principles for the enterprise acquisition opinion, which they looked at it, they said it was going to take them three years otherwise, and from our vantage point we said this all along. We said we like to see where the puck is going and we could see that sour gas was obviously really going to be on the front end. And so the acquisition Durango gave us gave us that entry point and we've obviously looked to capitalize on it. So I think there's plenty of room for everybody.

進入這個行業還需要很長時間。顯然，如果我沒記錯的話，我認為這是企業收購意見的主要原則之一，他們對此進行了研究，並表示否則將需要三年時間，從我們的角度來看，我們一直都是這麼說的。我們說我們喜歡看冰球要去哪裡，我們可以看到酸性氣體顯然真的會出現在前端。因此，收購 Durango 為我們提供了切入點，我們顯然希望利用它。所以我認為每個人都有足夠的空間。

Do I expect it to continue to increase? Look, I think others will start to see, for those that have the existing infrastructure are able to capitalize on it will be a very attractive business and for others, they may look for entry points.

我預計它會繼續增加嗎？看，我認為其他人會開始看到，對於那些擁有現有基礎設施的人來說，能夠利用它將是一個非常有吸引力的業務，而對於其他人來說，他們可能會尋找切入點。

Understood and within your own organization, given the commodity price volatility and the impact that it's had year-to-date, how has your hedging strategy evolved, if at all? How do you view the impact of either absolute prices or spreads as we go through the Next few months of 2025 and into 2026 and would you expect the net impact to be maybe more muted next year versus this year? How should we think about this?

了解並在您自己的組織內，考慮到大宗商品價格波動及其今年迄今為止的影響，您的對沖策略是如何演變的？當我們經歷 2025 年接下來的幾個月並進入 2026 年時，您如何看待絕對價格或價差的影響？您是否預計明年的淨影響可能會比今年更小？我們該如何看待這個問題？

Yeah, thank you for the question, Teresa. What I would say is that the year to year impact from '24 to '25 on pricing is approximately $20 million. So when we entered the year, we thought it was going to be, flat on a year to year basis and as we have as we have disclosed relative to our original guidance, it's about a $20 million dollar headwind.

是的，謝謝你的提問，特蕾莎。我想說的是，從 24 年到 25 年，每年的定價影響約為 2,000 萬美元。因此，當我們進入今年時，我們認為它將與去年持平，正如我們所披露的，相對於我們最初的指導，這是一個大約 2000 萬美元的逆風。

What I would say is is that I'd say we're more active and we're reaching further out. Relative to, I'd say historical norms to try to, I'd say levelize these year over year impacts on margins on the commodity side. So as we look forward in 20 as we look forward into 2026, I would expect it to be relatively flat in terms in terms of an impact on a year to year basis.

我想說的是，我們更積極，而且我們的影響力也更大。相對於歷史標準，我想嘗試平衡這些對商品方面利潤率的逐年影響。因此，當我們展望 2020 年，展望 2026 年時，我預計其逐年影響將相對穩定。

Keith Stanley from Wolf Research.

來自 Wolf Research 的 Keith Stanley。

Hi, good morning. Wondering if you could give any early thoughts on where you see CapEx kind of evolving over the next couple of years. There, there's a lot of growth you're talking about with KL2, maybe another plant in Texas, AGI capacity, power plant, just how do you see CapEx kind of evolving next year and and into 2027?

嗨，早安。想知道您是否可以就未來幾年資本支出的發展方向發表一些初步看法。您談到了 KL2 的大量成長，也許還有德州的另一家工廠、AGI 產能、發電廠，那麼您認為明年和 2027 年的資本支出將如何發展？

Brilliant question, Keith. It is the topic that I think That Trevor and I spend the most amount of time just thinking about because there's a realization and there's a reality to us and the size of our company that we can't do everything we want, right? We've said this on more than one occasion.

非常好的問題，基斯。我認為這是 Trevor 和我花費最多時間思考的話題，因為我們意識到並且考慮到我們和我們公司的規模，我們無法做我們想做的一切，對嗎？我們已不只一次說過這一點。

We're a company that wished we were a $5 billion and $0.05 billion EBITDA company and not a, just over $1 billion EBITDA company.

我們是一家希望成為 EBITDA 為 50 億美元和 0.05 億美元的公司，而不是 EBITDA 剛剛超過 10 億美元的公司。

So I think we are recognizing and really trying to rationalize where do we need to spend capital, what's that timing of capital.

所以我認為我們正在認識到並真正試圖合理化我們需要在哪裡花費資本，以及資本的時機是什麼。

To us what are the core elements I think if you ask us, I think Trevor and I would tell you that obviously. You get some really good bang for your buck on expansion of ECC. You can do that pretty cost effectively. King's Landing is pretty King's Landing 2 is very important, particularly if you're doing it in conjunction with the acid gas injection.

對我們來說，核心要素是什麼？如果你問我們，我想特雷弗和我都會清楚地告訴你。透過擴展 ECC，您可以獲得非常大的收益。您可以非常經濟高效地做到這一點。君臨城非常漂亮，君臨城 2 非常重要，特別是如果您將其與酸性氣體注入結合的話。

And that is higher margin gas. And then you've got to think about, okay, well, what are you going to do in Texas? Are you going to have offloads for some time, sort of a conversation we had with the commercial team.

這就是利潤更高的天然氣。然後你必須考慮，好吧，你打算在德克薩斯做什麼？您是否會在一段時間內卸下重擔，這是我們與商業團隊進行的對話。

Do we think about bridging that then and sort of managing our overall capital bucket? But I think, Trevor, we've said consistently 25%-30% of EBITA in the context of around 30% of EBITDA in the context of our overall capital allocation for reinvestment. I mean, realizing that it's not perfect with a percentage, but just to give a sense.

我們是否考慮彌合這一差距並管理我們的整體資本？但我認為，特雷弗，我們一直說，在我們的再投資整體資本配置中，EBITA 佔 25%-30%，EBITDA 佔 30% 左右。我的意思是，意識到百分比並不完美，但只是為了給出一種感覺。

Yeah, that's right, and a little bit more elevated in in which we're building plants. But what I would say is, as Jamie pointed out in the beginning in terms of just our financial profile with the opportunities set that we have, being top to bottom, east to west in the Delaware Basin is we've got a lot of opportunities that we look at, and it allows us to be a little bit more patient and diligent in picking the right lanes for us to allocate capital towards.

是的，沒錯，而且我們建造工廠的高度要高一些。但我想說的是，正如傑米一開始指出的那樣，就我們的財務狀況和我們所擁有的機會而言，從特拉華盆地的上到下、從東到西，我們都有很多機會可以關注，這讓我們能夠更加耐心和勤奮地選擇正確的途徑來分配資本。

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

這很有幫助。對我來說就這些了。謝謝。謝謝。

Jackie Coulters from Goldman Sachs.

高盛的傑基·庫爾特斯。

Hi, good morning, thank you so much for the time. Just a little bit on that point on, capital allocation, with higher operating cost inflation, how are you thinking about the cost reduction plan efforts, the compression deployment and the high the meter power, and the timing of potentially implementing those projects, especially, balancing out, potential spending on those growth opportunities that you mentioned.

嗨，早上好，非常感謝您抽出時間。關於資本配置這一點，隨著營運成本通膨的上升，您如何考慮成本削減計劃的努力、壓縮部署和高電錶功率，以及可能實施這些項目的時機，特別是平衡您提到的那些增長機會的潛在支出。

So Jackie, I think we look at it as follows. As it relates to compression you can leg in. You can do a little bit. It's more about, you're going to put an order in today and it might be 50, 60 weeks from now before you're going to see co compression units arrive. So it's more timing. If you need something just in time, meaning inside six months.

所以 Jackie，我認為我們可以這樣看待這個問題。由於它與壓縮有關，因此您可以介入。你可以做一點點。更重要的是，您今天下訂單，但可能要過 50 或 60 週後才能看到壓縮機組到達。所以這更多的是時機問題。如果您需要某樣東西，也就是在六個月內。

Because you get, you're about to do a low pressure connection, then unless you have some existing compression that you're able to go and move.

因為你得到了，你即將進行低壓連接，那麼除非你有一些現有的壓縮，否則你能夠去移動。

You're really in the domain of having to go and undertake a lease for some term with one of the compression service providers. I think what Matt, Trevor, and I have decided and what we've already started to do is we've put down.

您確實需要與其中一個壓縮服務提供者簽訂一份有期限的租賃合約。我認為馬特、特雷弗和我已經決定並且已經開始做的事情就是放下。

Some deposits for incremental compression that's going to come to us of '26 and '27. And that will continue. We think it's very cost effective, highly cost effective versus other options. We get better run times or better up times with it. I think we've just seen improved reliability and we've now got to a size as far as our compression skill.

一些用於增量壓縮的存款將在 26 年和 27 年到達我們手中。這種情況將會持續下去。我們認為它非常具有成本效益，與其他選擇相比具有極高的成本效益。有了它，我們可以獲得更好的運行時間或更好的正常運行時間。我認為我們剛剛看到了可靠性的提高，並且我們的壓縮技巧已經達到了一定的水平。

Within the company that look we can keep these units up and you know I think we've got the mechanics capability spares that literally means we can do this.

在公司內部，我們可以維持這些單位的運轉，而且您知道，我認為我們擁有機械能力備件，這意味著我們可以做到這一點。

So compression is a little different. It's different than a power plant because power plant, you can't really like into it. You just got to decide what's the size of the power plant you're going to go do. And I think, what we're doing is, we're also one of the things that certainly has come out of, our keen interest to try to, I would say minimize and just control our overall power cost.

所以壓縮有點不同。它與發電廠不同，因為發電廠，你無法真正喜歡它。你只需要決定要建造的發電廠的規模。我認為，我們正在做的事情之一就是，我們熱切希望盡量減少並控制我們的整體電力成本。

We have been approached by external parties. Some of you know obviously there's a large amount of generation that's to be built in Texas, so we're going to look at various options for now we have a fixed price fixed block. We went and sourced that out of a retail electric provider, so we've bought ourselves enough time to be able to manage and make sure that further cost inflation doesn't erode our bottom line.

外部各方已與我們聯繫。你們中的一些人顯然知道德克薩斯州要建造大量的發電設施，所以我們將研究各種選擇，目前我們有一個固定價格的固定區塊。我們從零售電力供應商購買了這些電能，因此我們有足夠的時間來管理並確保進一步的成本上漲不會侵蝕我們的底線。

So I think yeah we're trying to do is just manage it, right? Management as best we can, much like we have historically, I think the first you'll start to see some benefits, but not until probably I think 27 on the compression side.

所以我認為我們正在嘗試做的就是管理它，對嗎？我們會盡最大努力進行管理，就像我們過去所做的那樣，我認為首先你會開始看到一些好處，但可能要到壓縮方面 27 歲時才會看到。

But again, it's going to be going to be small steps.

但同樣，這只是小步而已。

Got it. I appreciate the color there, and then just as a follow up, wondering if you could provide us an update just on your appetite for Bolt on M&A, how you're seeing valuations trending today, and if there are any other, opportunities similar to Barilla.

知道了。我很欣賞這種色彩，然後作為後續問題，想知道您是否可以向我們提供有關您對 Bolt 在併購方面的興趣的最新信息，您如何看待當今的估值趨勢，以及是否還有其他與 Barilla 類似的機會。

We will look at everything. I think our viewpoint is that overall multiples have gone up. I think recent deals prove that. I think we look at that in conjunction with where our stock price is and we say, well, it's not really the right time to think about doing something aggressive on the M&A standpoint. And if we've got capital to deploy.

我們將審視一切。我認為我們的觀點是整體倍數已經上升。我認為最近的交易證明了這一點。我認為，結合我們的股價來看，我們會說，現在並不是從併購角度考慮採取激進行動的正確時機。如果我們有資本可以部署。

We'd much prefer to go deploy it in building a new King's Landing two plant or an acid gas injection well that would be a low single digit multiple, and we've got literally all the conviction to go and get it to basically get it commercialized and done. So I would say we are more focused on organic at this point. That is of course not to say that we will exclude looking at inorganic, but it would have to be incredibly compelling.

我們更願意將其部署到建造新的 King's Landing 雙工廠或酸性氣體注入井中，這將是一個較低的個位數倍數，我們確實有信心去實現它的商業化和完成。所以我想說我們現在更重視有機。當然，這並不是說我們會排除對無機的研究，但它必須具有令人難以置信的吸引力。

That's fair right thank you so much. I appreciate the time.

這很公平，非常感謝。我很感激你抽出時間。

No problem. Thank you.

沒問題。謝謝。

Samya Jane from UBS.

瑞銀的 Samya Jane。

Hi, good morning. So you've had a greater CapEx allocated towards Delaware North, especially Kings Landing versus Delaware South. But now with Billara contributions and ECCC pipeline under construction, do you see potential in further rowing out Delaware South more? I guess could you expand on the different opportunities you're seeing in the North versus South longer term and how you're considering the CapEx split in the future?

嗨，早安。因此，與特拉華南區相比，您在特拉華北區（尤其是國王登陸區）分配了更大的資本支出。但現在有了 Billara 的貢獻和 ECCC 管道的建設，您是否認為進一步劃出特拉華南部的潛力更大？我想您能否詳細說明您在長期內看到的北方和南方的不同機會，以及您如何考慮未來的資本支出分攤？

Look, I think it's a very good question. I think you know the fact that we've investing and invested thus far more in Delaware North is, I think just a reflection of how much activity is up there and the fact that it is so under penetrated from an infrastructure standpoint versus other areas.

瞧，我認為這是一個非常好的問題。我想你知道，我們在特拉華北部的投資已經很多了，我認為這只是反映了那裡的活動量，以及從基礎設施的角度來看，與其他地區相比，那裡的滲透率很低。

ECC really does unlock. It's a really new dimension. To a business because now you can move sweet rich gas from New Mexico down into Texas.

ECC 確實可以解鎖。這確實是一個全新的維度。對於企業來說，因為現在你可以將富含甜味的天然氣從新墨西哥州輸送到德州。

So as we, as you all probably will remember and know, we have more of a suite system. Yes, we have front end naming treaty, but our overall ability to handle really sour gas is is more limited in South Texas. I think as we continue to see New Mexico, be the hive of activity for for our producer customers, that's where you'll see the preponderance of our overall capital deployment.

因此，正如大家可能記得和知道的，我們有更多的套件系統。是的，我們有前端命名條約，但我們在南德克薩斯州處理真正酸性氣體的整體能力更為有限。我認為，隨著我們繼續看到新墨西哥州成為我們生產商客戶的活動中心，您將在那裡看到我們整體資本配置的優勢。

When at some point that will pivot and it will come back, EC is an example where we're actually capitalizing on New Mexico, but it's going into Texas, and we might need another processing facility getting built. So that would obviously create incremental capital spend in Texas. So I really do think we're just going to balance it based on what we see and what occurs as it relates to our producers. And where that opportunity set, presents itself.

當某個時候，它會轉變並回來，EC 就是一個例子，我們實際上利用了新墨西哥州，但它正在進入德克薩斯州，我們可能需要建造另一個加工廠。因此，這顯然會增加德州的資本支出。因此我確實認為我們只是根據我們所看到的以及與我們的生產商相關的情況來平衡它。而這個機會就出現在哪裡呢？

Got it, thank you. And then you noted how producer development plans were delayed into 2026. I guess could you provide more color on how we should expect to see producer activity in the back half of the year and the key drivers there and what and I guess that help us understand some of the sensitivity within your growth outlook to base and level growth specifically.

明白了，謝謝。然後您注意到生產商發展計劃被推遲到 2026 年。我想您能否提供更多關於我們應該如何預期下半年生產者活動以及主要驅動因素的詳細信息，我想這有助於我們了解您的成長前景對基礎和水平增長的一些敏感性。

Trev, you want to jump in on that?

特雷夫，你想加入嗎？

I'll point back to some comments that Jamie made at the beginning of the year as we think about from where we are in the second quarter to the exit rate of $1.2 billion.

當我們思考從第二季的情況到 12 億美元的退出率時，我會回顧傑米在年初發表的一些評論。

Obviously with King's Landing coming online, that's a significant contributor of both volume and earnings growth. And then we're seeing, I'd say part of the shift that we have seen is really just as producers looked at their TIL schedules and with some uncertainty in the timing of King's Landing that really had shifted things, a quarter or two and so.

顯然，隨著《君臨城》的上線，這對銷量和收益的成長都有著重要的貢獻。然後我們看到，我想說，我們看到的部分轉變實際上只是製片人查看了他們的 TIL 時間表，並且對君臨的時間有一些不確定性，這確實改變了事情，一兩個季度左右。

We start to see significant, I say well developments up in our Delaware North area both in Carlsbad and then up in where the King's Landing area is and up on the shelf, and then Jamie pointed to at the beginning of the call we start to see some real nice big packages of development in Delaware South and specifically in the Berea Dra area as we exit '25 and end of 2026.

我們開始看到特拉華州北部地區（包括卡爾斯巴德）以及君臨地區和大陸架上的重大發展，然後傑米在電話會議開始時指出，我們開始看到特拉華州南部，特別是伯里亞德拉地區的一些真正不錯的大型開發項目，因為我們將在 2025 年和 2026 年底退出。

With respect to basin level growth, we've been, we have a page in our monthly investor presentation where we index it back to 2021 and we've consistently, outperformed broader basin level growth and we continue that we continue to see that to, excuse me, we expect to see that continue, especially as King's Landing comes online.

關於流域水平的增長，我們在每月的投資者介紹中有一頁將其索引到 2021 年，並且我們的表現一直優於更廣泛的流域水平增長，並且我們繼續看到這種情況，對不起，我們預計這種情況會繼續下去，特別是在君臨上線之後。

That's a bit, I'd say unique relative to kinetic. And it's almost 10% of total processing capacity growth for us in a single quarter. And so I'd say that while it has been a little bit flatter relative to overall basing growth, still I'd say, either in line or modest outperformance, we expect that outperformance that we have seen in '21 through '24 to really pick back up again.

我認為，相對於動能而言，這是有點獨特的。這幾乎是我們一個季度內總處理能力成長的 10%。因此我想說，儘管相對於整體基礎成長而言，它略顯平緩，但我仍然認為，無論是符合預期還是略有超出，我們預計 2021 年至 2024 年期間看到的超出預期的表現將真正再次回升。

And this is Chris just hitting back on some Trevor hit on. Each customer is different on why they're delaying. Some of them are optimizing rig schedules. Some are testing reservoir properties, but the rock is still great rock, and we're excited about what's on the table in 2026. There's some large packages and there's going to be some good development there. So again, each customer is different and there's different reasons for the delays.

這是克里斯對特雷弗的一些攻擊的反擊。每個客戶拖延的原因都不同。其中一些正在優化鑽機時間表。有些人正在測試儲層特性，但岩石仍然是優質岩石，我們對 2026 年的成果感到興奮。那裡有一些大型包裹，而且將會有一些良好的發展。所以，每個客戶的狀況都不同，延誤的原因也不同。

Got it thank you so much.

明白了，非常感謝。

Thanks, thank you very much. We currently have no further questions, so I'd like to hand back to Jamie Welch for any further remarks.

謝謝，非常感謝。我們目前沒有其他問題，因此我想將發言權交還給 Jamie Welch，以便他可以發表進一步的評論。

Thank you everyone for your time this morning. We know it's a very busy time in the quarter and we look forward to catching up with you soon. Thanks very much.

感謝大家今天上午抽出時間。我們知道本季非常繁忙，我們期待很快與您聯繫。非常感謝。

As we conclude today's call, we'd like to thank everyone for joining. You may disconnect your lines.

在今天的電話會議結束時，我們要感謝大家的參與。您可以斷開線路。