MPLX LP (MPLX) 2023 Q3 法說會逐字稿

Welcome to the MPLX Third Quarter 2023 Earnings Call. My name is Sheila, and I will be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded. I will now turn the call over to Kristina Kazarian. Kristina, you may begin.

歡迎參加 MPLX 2023 年第三季財報電話會議。我叫希拉，我將擔任您今天通話的接線生。 （操作員說明）請注意，本次會議正在錄製中。我現在將把電話轉給克里斯蒂娜·卡扎里安。克里斯蒂娜，你可以開始了。

Thank you, Sheila. Good morning, and welcome to the MPLX Third Quarter 2023 Earnings Conference Call. The slides that accompany this call can be found on our website at mplx.com under the Investors tab. Joining me on the call today are Mike Hennigan, Chairman and CEO; John Quaid, CFO; and other members of the executive team.

謝謝你，希拉。早上好，歡迎參加 MPLX 2023 年第三季財報電話會議。本次電話會議附帶的幻燈片可以在我們的網站 mplx.com 的「投資者」標籤下找到。今天與我一起參加電話會議的是董事長兼執行長 Mike Hennigan；約翰‧奎德，財務長；以及執行團隊的其他成員。

We invite you to read the safe harbor statements and non-GAAP disclaimer on Slide 2. It's a reminder that we'll be making forward-looking statements during the call and during the question-and-answer session that follows. Actual results may differ materially from what we expect today. Factors that could cause actual results to differ are included there as well as in our filings with the SEC.

我們邀請您閱讀投影片 2 上的安全港聲明和非 GAAP 免責聲明。這提醒您，我們將在電話會議和隨後的問答環節中做出前瞻性聲明。實際結果可能與我們今天的預期有重大差異。可能導致實際結果不同的因素包含在此以及我們向 SEC 提交的文件中。

With that, I'll turn the call over to Mike.

這樣，我會將電話轉給麥克。

Thanks, Kristina. Good morning, everyone. Thank you for joining our call. Earlier today, we reported third quarter adjusted EBITDA of $1.6 billion and distributable cash flow of $1.4 billion, each set a new quarterly record for MPLX with both increasing over 8% year-over-year. Our L&S business set a new record for crude pipeline throughput and saw strong terminal throughputs, demonstrating the value of our relationship with MPC.

謝謝，克里斯蒂娜。大家，早安。感謝您加入我們的通話。今天早些時候，我們報告第三季調整後 EBITDA 為 16 億美元，可分配現金流為 14 億美元，均創下 MPLX 的新季紀錄，年成長超過 8%。我們的 L&S 業務創下了原油管道吞吐量的新紀錄，並實現了強勁的碼頭吞吐量，證明了我們與 MPC 關係的價值。

In our G&P business, we saw record throughput in our processing and fractionation operations, driven mainly by our assets in the Permian and Marcellus basins. Our long-term production outlook for our G&P producer customers in our key basins remains largely unchanged. In our largest basin, the Marcellus, the cost to develop remains at the low end of the cost curve and still below current commodity prices. We expect to see maintenance level drilling activity continue. While in the Permian, crude prices remained strong and prices for associated gas do not significantly impact producer activity.

在我們的 G&P 業務中，我們的加工和分餾業務吞吐量創歷史新高，這主要是由我們在二疊紀和馬塞勒斯盆地的資產推動的。我們對主要盆地的 G&P 生產商客戶的長期生產前景基本保持不變。在我們最大的盆地馬塞勒斯，開發成本仍然處於成本曲線的低端，並且仍然低於目前的商品價格。我們預計維持水準的鑽探活動將持續。而在二疊紀，原油價格依然堅挺，伴生氣價格並未對生產商活動產生重大影響。

Our integrated footprints in these basins position the partnership with a steady source of growth opportunities. For the second year in a row, based on the strength and continued growth of our cash flows, last week, we announced a 10% increase in the partnership's distribution, which now stands at $3.40 per unit on an annualized basis. We're committed to returning capital to unitholders and expect our distribution to be the primary return of capital tool, supplemented with opportunistic repurchases. We are well positioned to optimize return of capital given the strength of the business and our balance sheet.

我們在這些盆地的綜合足跡為合作夥伴關係提供了穩定的成長機會來源。基於我們現金流的強勁和持續成長，我們連續第二年宣布將合作夥伴的分配​​增加 10%，目前按年化計算為每單位 3.40 美元。我們致力於向單位持有人返還資本，並期望我們的分配成為主要的資本回報工具，並輔以機會性回購。鑑於業務實力和資產負債表，我們處於優化資本回報的有利位置。

Our position on MPLX and its structure is unchanged. MPLX is a strategic investment for MPC, which now expects to receive $2.2 billion in annual cash flows via the distribution. MPC believes that its current capital allocation priorities are optimal for its shareholders and MPC does not plan to roll up MPLX.

我們對 MPLX 及其結構的立場沒有改變。 MPLX 是 MPC 的一項策略性投資，目前預計將透過分配獲得 22 億美元的年度現金流。 MPC 認為，其目前的資本配置優先事項對其股東而言是最佳的，且 MPC 不打算整合 MPLX。

We remain confident in our ability to grow the partnership and our focus on executing the strategic priorities of strict capital discipline, fostering a low-cost culture and optimizing our asset portfolio, all of which are foundational to the continued growth of MPLX's cash flows.

我們對發展合作關係的能力仍然充滿信心，並專注於執行嚴格的資本紀律、培育低成本文化和優化我們的資產組合的戰略重點，所有這些都是 MPLX 現金流持續增長的基礎。

Now let me turn the call over to John to discuss our growth as well as our operational and financial results for the quarter.

現在讓我將電話轉給約翰，討論我們的成長以及本季的營運和財務表現。

Thanks, Mike. As you can see on Slide 5, MPLX has a strong history of growing its cash flows by executing the strategic priorities Mike just highlighted. Looking back over the last 3 years, you can see that our growth comes in stair steps as we develop and bring projects online. And through the first 9 months of this year, distributable cash flow has grown over 6% versus the prior year. We are progressing our 2023 capital program, which remains forecasted at $950 million, including $800 million of growth capital and $150 million of maintenance capital.

謝謝，麥克。正如您在幻燈片 5 中看到的那樣，MPLX 在透過執行麥克剛剛強調的策略重點來增加現金流方面有著悠久的歷史。回顧過去三年，您可以看到，隨著我們開發專案並將專案上線，我們的成長是階梯式的。今年前 9 個月，可分配現金流量比去年同期成長了 6% 以上。我們正在推動 2023 年資本計劃，預計該計劃仍為 9.5 億美元，其中包括 8 億美元的成長資本和 1.5 億美元的維護資本。

In the L&S segment, our joint venture natural gas, crude and NGL pipeline projects in the Permian are progressing. Whistler's expansion, the 2.5 billion cubic feet per day, was completed at the end of the third quarter and we're seeing strong demand for the natural gas pipeline. Construction is progressing on the associated Agua Dulce to Corpus Christi pipeline lateral, which is expected to be in service in the third quarter of 2024. On the Wink-to-Webster crude pipeline, we expect volumes to ramp over the next 2 years as the pipeline continues to play segments into service.

在L&S領域，我們在二疊紀的合資天然氣、原油和液化天然氣管道計畫正在取得進展。惠斯勒的擴建工程（每天 25 億立方英尺）已於第三季末完成，我們看到對天然氣管道的強勁需求。相關的阿瓜杜爾塞(Agua Dulce) 至科珀斯克里斯蒂(Corpus Christi) 管道支線的施工正在進行中，預計將於2024 年第三季度投入使用。對於Wink 至韋伯斯特(Webster) 原油管道，我們預計未來2 年內產量將大幅增加，因為管道繼續投入服務。

Turning to our participation in the NGL value chain. We are progressing the expansion of the BANGL pipeline to about 200,000 barrels per day, which is expected to be completed in the first half of 2025. The capital-efficient expansion of this long-haul pipeline is supported by existing and growing demand for NGL takeaway from the Permian's Delaware and Midland basins to the fractionation hub in Sweeny, Texas. All of these projects are largely financed at the JV level and, therefore, our portion of the JV finance capital spending is not reflected in our capital outlook.

談到我們對 NGL 價值鏈的參與。我們正在將 BANGL 管道擴建至每天約 200,000 桶，預計將於 2025 年上半年完成。這條長途管道的資本效率擴張得到了對 NGL 外運的現有和不斷增長的需求的支持從二疊紀的特拉華州和米德蘭盆地到德克薩斯州斯威尼的分餾中心。所有這些項目主要是在合資企業層級融資，因此，我們在合資企業融資資本支出中所佔的份額並未反映在我們的資本前景中。

In G&P segment, we remain focused on growth investments in the Permian and Marcellus basins in response to producer demand. We are bringing online new gas processing plants in the Permian Delaware Basin to meet increasing demand while targeting strong returns with strict capital discipline.

在 G&P 領域，我們仍然專注於二疊紀和馬塞勒斯盆地的成長投資，以滿足生產者的需求。我們正在二疊紀特拉華盆地新建天然氣加工廠，以滿足不斷增長的需求，同時透過嚴格的資本紀律實現豐厚的回報。

We're progressing construction of Preakness II, which we expect to be online in the first half of 2024. As announced last quarter, we would be building our seventh gas processing plant in the basin, Secretariat, which is expected to be online in the second half of 2025. Once operational, these plants will bring our total processing capacity in the Delaware Basin up to 1.4 Bcf per day.

我們正在推進 Preakness II 的建設，預計將於 2024 年上半年上線。正如上季度宣布的那樣，我們將在該盆地建設第七個天然氣加工廠——秘書處，預計將於 2024 年上線。2025 年下半年。一旦投入運營，這些工廠將使我們在特拉華盆地的總處理能力達到每天1.4 Bcf。

In the Marcellus Basin, we are also advancing construction of the Harmon Creek II gas processing plant, which we expect will be online in the first half of 2024.

在馬塞勒斯盆地，我們也正在推動 Harmon Creek II 天然氣加工廠的建設，預計該工廠將於 2024 年上半年上線。

Slide 6 outlines the third quarter operational and financial performance highlights for our Logistics and Storage segment. The L&S segment reported its third consecutive quarter with $1 billion of adjusted EBITDA. L&S segment adjusted EBITDA increased $122 million when compared to third quarter '22, primarily driven by higher rates and throughputs, including growth from equity affiliates.

投影片 6 概述了我們的物流和倉儲部門第三季的營運和財務業績亮點。 L&S 部門連續第三個季度公佈調整後 EBITDA 達 10 億美元。與 2022 年第三季相比，L&S 部門調整後的 EBITDA 增加了 1.22 億美元，這主要是由於費率和吞吐量的提高，包括股權附屬公司的成長。

Third quarter 2023 segment adjusted EBITDA excludes Garyville incident response cost of $63 million. Crude pipeline volumes were up 9% and represent a new quarterly record for the partnership as we grew crude oil throughputs through expansion and debottlenecking activities. Product pipeline volumes were down 9%, driven by less favorable market dynamics and effects from Marathon's refinery downtime.

2023 年第三季部門調整後 EBITDA 不包括加里維爾事件回應成本 6,300 萬美元。隨著我們透過擴張和消除瓶頸活動增加原油吞吐量，原油管道運輸量增加了 9%，創下了合作夥伴關係的新季度記錄。由於市場動態不佳以及馬拉松煉油廠停工的影響，產品管道銷量下降了 9%。

Terminal volumes were up 7% due to higher customer demand, including effects from Marathon's refinery turnarounds in both quarters. Looking ahead to the fourth quarter, we do expect some headwinds of approximately $30 million to $40 million to sequential L&S segment results from lower throughput volumes as a result of MPC's planned turnaround activity as well as higher operating expenses due to the timing of maintenance projects.

由於客戶需求增加，包括馬拉松煉油廠兩季檢修的影響，碼頭吞吐量增加了 7%。展望第四季度，我們確實預計 L&S 部門的連續業績將受到約 3,000 萬至 4,000 萬美元的不利影響，原因是 MPC 計劃的周轉活動導致吞吐量下降，以及維護專案時間安排導致營運費用增加。

Moving to our Gathering and Processing segment on Slide 7. G&P segment adjusted EBITDA increased $3 million compared to third quarter 2022, as the benefits of higher volumes and throughput fees were offset by lower NGL prices. While our G&P segment is largely a fee-based business, we do have some direct sensitivity to natural gas liquids prices. For the quarter, NGL prices averaged $0.68 per gallon as compared to $1.01 in the third quarter of 2022, resulting in a $32 million unfavorable effect.

轉到幻燈片7 上的收集和加工部門。與2022 年第三季相比，G&P 部門調整後的EBITDA 增加了300 萬美元，因為較高的產量和吞吐量費用的好處被較低的NGL 價格所抵消。雖然我們的 G&P 部門主要是收費業務，但我們確實對天然氣液體價格有一定的直接敏感度。本季 NGL 平均價格為每加侖 0.68 美元，而 2022 年第三季為 1.01 美元，造成 3,200 萬美元的不利影響。

Total gathered volumes were up 3% year-over-year due to increased production in the Permian and the Marcellus. Processing volumes were up 5% year-over-year, primarily from higher volumes in the Marcellus and Permian, driven by increased customer demand and our investment in Permian processing capacity. Focusing in on the Marcellus, by far, our largest basin of operations, we saw year-over-year volume increases of 4% for gathering and 5% for processing, driven by increased customer demand; and fractionation volumes grew 10%, primarily due to increases to our fractionation capacity to meet in-basin demand for ethane.

由於二疊紀盆地和馬塞勒斯盆地的產量增加，總採集量較去年同期增加 3%。加工量年增 5%，主要是由於客戶需求增加以及我們對二疊紀加工能力的投資推動了馬塞勒斯和二疊紀盆地的加工量增加。重點關注迄今為止我們最大的作業盆地馬塞勒斯，在客戶需求增加的推動下，我們的採集量同比增長 4%，加工量同比增長 5%；分餾量增加了 10%，主要是因為我們提高了分餾能力以滿足盆地內乙烷的需求。

Moving to our third quarter financial highlights on Slide 8. Total adjusted EBITDA of $1.6 billion and distributable cash flow of $1.4 billion increased 8.5% and 8.6%, respectively, from the prior year. As Mike discussed, based on our confidence in the continued growth of our cash flows, we increased the base distribution 10% to $0.85 per common unit while maintaining strong coverage of 1.6x.

轉向幻燈片 8 中的第三季財務亮點。調整後 EBITDA 總額為 16 億美元，可分配現金流為 14 億美元，分別比上一年增長 8.5% 和 8.6%。正如麥克所討論的，基於我們對現金流持續增長的信心，我們將基本分配增加了 10% 至每普通單位 0.85 美元，同時保持 1.6 倍的強勁覆蓋率。

We are committed to returning capital to unitholders and year-to-date, we have returned $2.4 billion through our distributions. Our capital allocation framework remains unchanged, and we continue to expect the distribution will be our primary tool to return capital. Opportunistic repurchases of units held by the public also remain a tool to supplement capital returns. The growth of our cash flows and our strong balance sheet, including a quarter end cash balance of $960 million and leverage of 3.4x, provides us with financial flexibility to optimize capital allocation.

我們致力於向單位持有人返還資本，今年迄今，我們已透過分配返還 24 億美元。我們的資本配置架構保持不變，我們仍然預期分配將是我們返還資本的主要工具。對公眾持有的單位進行機會性回購也仍然是補充資本回報的工具。我們現金流的成長和強大的資產負債表（包括 9.6 億美元的季度末現金餘額和 3.4 倍的槓桿率）為我們提供了優化資本配置的財務靈活性。

Now let me hand it back to Mike for some final thoughts.

現在讓我把它交還給麥克，讓他聽聽最後的想法。

Thanks, John. In closing, the growth of our cash flows continues to enable us to invest in and grow the business while supporting our commitment to return capital to unitholders. We continue to expect our distribution to be the primary return of capital tool. And with the recently announced 10% increase to the partnership's base distribution, MPC now receives $2.2 billion annually from MPLX's distributions, illustrating its strategic value as part of MPC's portfolio.

謝謝，約翰。最後，我們現金流的成長繼續使我們能夠投資和發展業務，同時支持我們向單位持有人返還資本的承諾。我們仍然預期我們的分配將成為主要的資本回報工具。隨著最近宣布將合作夥伴的基礎分配增加 10%，MPC 現在每年從 MPLX 的分配中獲得 22 億美元，這說明了其作為 MPC 投資組合一部分的戰略價值。

As MPLX pursues its growth opportunities, we believe the value of this strategic relationship will continue to be enhanced. We are confident in our growth opportunities and ability to generate strong cash flows. By advancing our high-return growth projects anchored in the Marcellus and Permian Basins, along with our focus on cost and portfolio optimization, we intend to grow our cash flows, allowing us to reinvest in the business and return capital to unitholders.

隨著 MPLX 尋求成長機會，我們相信這種策略關係的價值將持續增強。我們對我們的成長機會和產生強勁現金流的能力充滿信心。透過推進我們在馬塞勒斯和二疊紀盆地的高回報成長項目，以及我們對成本和投資組合優化的關注，我們打算增加我們的現金流，使我們能夠對業務進行再投資並將資本返還給單位持有人。

Now let me turn the call back over to Kristina.

現在讓我把電話轉回給克里斯蒂娜。

Thanks, Mike. (Operator Instructions) And with that, Sheila, we're ready for the questions today.

謝謝，麥克。 （操作員說明）希拉，我們今天就準備好回答問題了。

(Operator Instructions) Our first question comes from John Mackay with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的約翰·麥凱。

I wanted to start on maybe the distribution increase last week. Maybe if you could just frame up for us how you were thinking about the 10% level, what that kind of means for cadence going forward? And if you could kind of touch about -- touch on that in the context of leverage now being down at 3.4 versus the 4.0 ceiling.

我想從上週的分配增加開始。也許您可以為我們描述一下您對 10% 水平的看法，這對未來的節奏意味著什麼？如果你可以談談槓桿率現在降至 3.4 而不是 4.0 上限的情況。

Thanks for the question. Yes. I think it all gets down to we've got a significant amount of financial flexibility here. I think as you can see where we stand as we've been very focused around our capital allocation to growth, but also making sure we're returning capital to unitholders. As you know, we've talked in the past, we stay very focused on where our coverage is. And digging into that, very comfortable here with this increase staying at 1.6x. Certainly some capacity there.

謝謝你的提問。是的。我認為這一切都取決於我們在這裡擁有很大的財務靈活性。我認為，正如您所看到的，我們一直非常關注成長的資本配置，同時也確保我們將資本回饋給單位持有人。如您所知，我們過去曾談過，我們非常關注我們的報道範圍。深入研究後發現，增幅維持在 1.6 倍，非常滿意。當然有一些能力。

Again, very happy where the balance sheet is, but I think as I think about, I'm sure Michael have some comments as well, I mean, that's not just return of but also looking for opportunities to invest and drive return on capital as well. So I think we're in a very comfortable spot. Happy to do 10% for the second year in a row and continue to be focused on both growing the partnership and also driving returns to unitholders.

再次，我對資產負債表的情況感到非常高興，但我認為，正如我所想，我相信邁克爾也有一些評論，我的意思是，這不僅僅是回報，而且還尋找投資機會並推動資本回報出色地。所以我認為我們處於一個非常舒適的位置。我們很高興連續第二年達到 10%，並繼續專注於發展合作夥伴關係並提高單位持有人的回報。

John, it's Mike. I'll just add that the way we think about it from an investor perspective is, at the end of the day, we're trading around a 9% yield roughly, and we've been saying to the market and I think we've demonstrated in our results, we're going to continue to grow earnings somewhere around that mid-single digit. It will be a little stairstep-y, but if you look at our CAGR since 2019, it's been a little north of 6%.

約翰，是麥克。我只想補充一點，我們從投資者的角度思考這個問題的方式是，最終，我們的收益率大約在 9% 左右，我們一直在向市場說，我認為我們「我們的業績已經證明，我們的獲利將繼續在中個位數左右成長。這會有點階梯式的成長，但如果你看看我們自 2019 年以來的複合年增長率，你會發現它有點高於 6%。

So as I think about the investment opportunity for people, our yield plus growth should give a pretty strong opportunity for people to invest in the equity. And the way we think about it, as John just said is, we're thinking about this over the longer term. We have a lot of financial flexibility right now. We have cash on the balance sheet, which is both blue bar and red bar, so we have more distribution growth capable. We have opportunistic capabilities if we see more volatility come back into the equity, which we haven't seen for a little bit of time, but we'll see how that changes.

因此，當我考慮人們的投資機會時，我們的收益率加成長應該為人們投資股票提供相當大的機會。正如約翰剛才所說，我們思考這個問題的方式是，我們從長遠角度來考慮這個問題。我們現在有很大的財務靈活性。我們的資產負債表上有現金，既有藍色條，也有紅色條，因此我們有更多的分配成長能力。如果我們看到股市出現更多波動，我們就有機會主義的能力，我們已經有一段時間沒有看到這種情況了，但我們將看到情況如何變化。

But overall, we're trying to position ourselves as a good investment for people that are interested in the type of cash flows that we're generating. So hopefully, that gives you some perspective as the way to think about it from an investor angle.

但總的來說，我們正在努力將自己定位為對我們所產生的現金流類型感興趣的人們的良好投資。希望這能為您提供一些從投資人角度思考問題的觀點。

I appreciate that. And maybe picking up on the themes of continuing to invest in the business. Obviously, you reiterated growth CapEx guidance for the year. We've also seen, I think if we look at third quarter, growth CapEx came in a little lighter than we would have been than we expected. Maybe you can just talk about the cadence of growth spending from here, where opportunities might sit beyond the project backlog you've announced so far.

我很感激。也許也會關注繼續投資該業務的主題。顯然，您重申了今年的成長資本支出指引。我認為，如果我們看看第三季度，我們也看到，成長資本支出比我們預期的要少一些。也許您可以從這裡談論成長支出的節奏，機會可能超出您迄今為止宣布的項目積壓。

Yes. Thanks, John. I'll jump in on that one. I think as we've said before to it, our capital doesn't -- right, it tends to move quarter-to-quarter. So you're not going to see kind of ratable amounts again here this morning. We stated again, we're still looking around that $800 million of growth capital for this year. And again, in my remarks and on Slide 5, we've tried to summarize kind of the major projects we're working towards. We've got 2 processing plants, 1 in the Marcellus, 1 in the Permian coming online in the first half of next year. We announced last quarter another processing plant in the Permian, which will be out in 2025, right? So you'll probably start to see us spend some money on that. And then we've got a number of the different JV pipeline projects that we're progressing as well.

是的。謝謝，約翰。我會加入其中。我認為正如我們之前所說，我們的資本不會——對，它往往會按季度移動。所以今天早上你不會再在這裡看到可評稅金額了。我們再次聲明，我們仍在考慮今年的 8 億美元成長資本。在我的發言和投影片 5 中，我們再次嘗試總結我們正在進行的主要項目。我們有 2 個加工廠，其中 1 個位於馬塞勒斯，1 個位於二疊紀，將於明年上半年投入使用。我們上季宣佈在二疊紀建造另一個加工廠，該工廠將於 2025 年建成，對嗎？所以你可能會開始看到我們在這方面花了一些錢。然後我們還有許多不同的合資管道項目正在進展中。

So again, I think you've asked before and we've said, hey, that plus or minus $1 billion of kind of run rate CapEx is probably a comfortable zone for us. And I think the opportunities kind of remain in those main basins. And then also too, we also continue to look for opportunities around our large L&S footprint in support of MPC, where there are opportunities for us to find smaller bolt-on acquisitions where we can operate a midstream asset and MPC can commercially create value around that.

再說一次，我想您之前已經問過，我們已經說過，嘿，加減 10 億美元的資本支出運行率可能對我們來說是一個舒適的區域。我認為機會仍然存在於這些主要盆地。此外，我們也繼續圍繞我們龐大的 L&S 足跡尋找機會來支持 MPC，我們有機會找到規模較小的補強收購，我們可以在這些收購中運營中游資產，而 MPC 可以圍繞該資產創造商業價值。

Our next question will come from Theresa Chen with Barclays.

我們的下一個問題將來自巴克萊銀行的Theresa Chen。

John, maybe if I can touch on your last point about potential bolt-on acquisitions, especially at the asset level. We've received multiple announcements from some of your competitors and peers about wanting to disperse assets into the market. Are there particular areas along your infrastructure value chain that you find more attractive to invest in, given what's out in the market from companies today as well as potentially a piece of [TMX] later on?

約翰，也許我可以談談你關於潛在的補強收購的最後一點，特別是在資產層面。我們收到了您的一些競爭對手和同行發出的多份關於希望將資產分散到市場的公告。考慮到當今公司在市場上的產品以及以後可能獲得的 [TMX] 的一部分，您是否發現基礎設施價值鏈上的某些特定領域更有吸引力？

Theresa, I'll maybe ask Dave to chime in on that one.

特蕾莎，我也許會請戴夫插話。

Theresa, this is Dave. So yes, that's a great question. So as we look at opportunities to pursue, number one, we always look into high-quality assets that are aligned with our long-term strategies and also provide the ability to integrate and capture synergies along our value chains, mainly around crude, nat gas and NGLs. And also finally, of course, is a return of capital -- return on capital, I'm sorry. They always have to give us the appropriate acceptable risk-adjusted returns.

特蕾莎，這是戴夫。是的，這是一個很好的問題。因此，當我們尋找追求的機會時，第一，我們總是尋找符合我們長期策略的高品質資產，並提供整合和獲取沿著我們的價值鏈（主要圍繞原油、天然氣）的協同效應的能力。和NGL。當然，最後還有資本回報──抱歉，資本回報。他們總是必須給我們適當的可接受的風險調整回報。

So I think as you think through that, it's really -- there's a lot of M&A out there, as you stated. We'll continue to look at them, but we're looking through the lens of strict capital discipline on those key tenants, high-quality assets and synergies and integration value. So that's kind of how we're thinking through it.

所以我認為，正如你所言，正如你所言，確實有很多併購活動。我們將繼續關注它們，但我們正在透過嚴格的資本紀律來審視這些關鍵租戶、優質資產以及協同效應和整合價值。這就是我們的思考方式。

And Theresa, it's John again. Maybe just to add on to that with some examples. And again, these are what we like to call kind of singles, maybe they're even bunts. But earlier this year, we were able to acquire some boats and barges to expand our marine fleet to provide increased flexibility to MPC on moving product. Last year, we had a rail facility near our Dickinson MPCs, Dickinson refinery that MPLX was able to acquire to move product there too. So that's the piece -- that value of interacting with our sponsor or again, we can kind of find those. So I'd say it's across, as Dave said, that whole value chain, where do we -- those are assets we know how to run and operate, and we've got a customer that needs them too. So I'd say it's around those kind of examples as well. Mike, did you want to...

特蕾莎，又是約翰。也許只是補充一些例子。再說一次，這些就是我們所說的單打，也許他們甚至是短打。但今年早些時候，我們購買了一些船隻和駁船來擴大我們的海運船隊，為 MPC 運輸產品提供更大的靈活性。去年，我們在 Dickinson MPC、Dickinson 煉油廠附近有一個鐵路設施，MPLX 也能夠收購該設施，將產品運送到那裡。這就是與我們的贊助商互動的價值，或者我們可以找到這些價值。所以我想說，正如戴夫所說，它橫跨整個價值鏈，我們在哪裡——這些是我們知道如何運作和經營的資產，而且我們也有一個需要它們的客戶。所以我想說這也是圍繞著這些例子的。麥克，你想...

Yes. Theresa, I'm going to add on to John's comment there. So obviously, on the calls, people like to hear big sexy projects, and that's not been our forte. But we have been investing in smaller -- where we get a really good return for little to no capital. As an example, we had record crude throughputs. It's not sexy to come out and say we added a pump here or something along those lines, but where you can deploy small amounts of capital and get large returns, we think those are really great opportunities for us. And the magnitude of the size of our asset base enables Shawn's team and Greg's team to look throughout all of our assets and come back. And even though the total capital number seems to some people to say, "How are you getting this growth," well, part of it is because we're getting some really good returns out of that deployment.

是的。特蕾莎，我要補充約翰的評論。很明顯，在電話會議上，人們喜歡聽到性感的大項目，而這不是我們的強項。但我們一直在投資規模較小的項目——在這些項目中，我們只需很少甚至沒有資本就能獲得非常好的回報。例如，我們的原油吞吐量創歷史新高。出來說我們在這裡增加了一個泵或類似的東西並不性感，但如果你可以部署少量資本並獲得大量回報，我們認為這對我們來說確實是很好的機會。我們的資產基礎規模龐大，使肖恩的團隊和格雷格的團隊能夠檢查我們所有的資產並返回。儘管總資本數字對某些人來說似乎是在說，“你是如何實現這種增長的”，但部分原因是我們從該部署中獲得了一些非常好的回報。

And to me, that's part of the game that we're trying to do is, get the highest possible returns out of the lowest capital deployment. And at the end of the day, to me, it still comes down to are you generating cash flows. And we feel very confident that at the end of the day, our cash flow generation is showing a consistent pattern that we think investors should find appealing. Hopefully, that's answering your question in a little bit more detail.

對我來說，我們正在嘗試做的遊戲的一部分是，從最低的資本部署中獲得盡可能高的回報。歸根結底，對我來說，這仍然取決於你是否產生現金流。我們非常有信心，最終我們的現金流產生將呈現一致的模式，我們認為投資者應該會發現這種模式有吸引力。希望這能更詳細地回答您的問題。

It does. And within the context of capital allocation, you have a healthy balance sheet, ample coverage. JV finance projects and the cash on your balance sheet is building to nearly $1 billion. Can you just remind us how much cash you want to keep on the balance sheet on a ratable basis? Should we just assume that the cash continues to build? What's the best uses of that cash over the near and medium term?

確實如此。在資本配置的背景下，您擁有健康的資產負債表和足夠的覆蓋範圍。合資企業融資項目和資產負債表上的現金已接近 10 億美元。您能否提醒我們您希望在資產負債表上按比例保留多少現金？我們是否應該假設現金繼續增加？短期和中期這些現金的最佳用途是什麼？

Theresa, great question. I don't think we've really talked about kind of a targeted cash level for MPLX, right? As a kind of stable midstream entity, it's not something we've been focused on. I think for us, we've been focused on how do we optimize that capital allocation, how do we maintain that flexibility for both opportunities to invest in and grow the cash flows of the partnership and other opportunities to continue to grow our return of capital as well. So I think it's just been a spot of where we are, but we like that flexibility that it gives us for those 2 levers. Mike, did you want to...

特蕾莎，好問題。我認為我們並沒有真正討論過 MPLX 的目標現金水平，對嗎？作為一種穩定的中游實體，這不是我們一直在關注的事情。我認為對我們來說，我們一直專注於如何優化資本配置，如何保持投資和增加合夥企業現金流的機會以及繼續增加資本回報的其他機會的靈活性以及。所以我認為這只是我們所處的一個點，但我們喜歡它為我們提供這兩個槓桿的靈活性。麥克，你想...

Yes. Theresa, I'll add that it wasn't our desire. We didn't set out to say, let's end up with $1 billion of cash on the balance sheet. What has disappeared a little bit from the market is the volatility in the unit price. We have a decent amount of that cash that I call red bar that's targeted to repurchase units. Now we haven't done that for a little bit of time. It's not that we've given up on that. We just have been surprised at how much tighter the equity prices traded. But if they're ready to deploy, is it suboptimal? You could argue that sometimes, but we're getting a decent interest rate on it right at the moment as we sit here. So it's not hurting us real bad, and we're just looking for that opportunity.

是的。特蕾莎，我要補充一點，這不是我們的願望。我們並沒有打算說，讓我們最終在資產負債表上留下 10 億美元的現金。市場上稍微消失的是單價的波動性。我們有相當數量的現金，我稱之為紅條，專門用於回購單位。現在我們已經有一段時間沒有這樣做了。這並不是說我們已經放棄了。我們只是對股價交易的收緊程度感到驚訝。但如果他們準備好部署，是否不是最理想的？有時你可能會爭論這一點，但我們坐在這裡的那一刻就得到了不錯的利率。所以這並沒有對我們造成太大的傷害，我們只是在尋找這個機會。

So it's ready to be deployed if we see what we call that opportunistic. At the same time, there's a portion of that cash that's what I call blue bar, which is there for the long term. And back to the question that was asked earlier, could we have pushed the distribution more? Yes, we could. We have the financial flexibility to do that. But in our opinion, what we're trying to do is convince investors that it's a good longer-term play. We're not just going to come out and bang it really high and then kind of disappear. We want to show people that we're going to generate cash flows very consistently. That's why you've heard me say over the last couple of quarters, we're going to do midstream -- I mean, mid-single-digit growth. And it's not aspirational. We've been doing that since 2019.

因此，如果我們看到所謂的機會主義，就可以部署它。同時，其中一部分現金就是我所說的藍條，它是長期存在的。回到先前提出的問題，我們是否可以進一步推動分配？是的，我們可以。我們有足夠的財務靈活性來做到這一點。但我們認為，我們正在努力讓投資者相信這是一項不錯的長期投資。我們不會只是出來把它打得很高，然後就消失了。我們想向人們表明，我們將非常持續地產生現金流。這就是為什麼你在過去幾個季度聽到我說，我們將實現中游——我的意思是，中個位數成長。這不是一個願望。自 2019 年以來我們一直在這樣做。

So that's part of what we're trying to convince the market is we understand, if you invest in us, that you want to get a good return, you want to see a growing distribution. We think 10% a couple of years in a row is a good number. By your question, you know that we have more financial capability to do more, and we can just decide to try and manage that over the long term. And if we get a little volatility in the equity, we'll deploy some repurchasing power as well.

因此，我們試圖說服市場的一部分是，我們明白，如果您投資我們，您希望獲得良好的回報，您希望看到不斷增長的分配。我們認為連續幾年達到 10% 是一個不錯的數字。透過你的問題，你知道我們有更多的財務能力來做更多的事情，我們可以決定嘗試並進行長期管理。如果我們的股權出現一點波動，我們也會部署一些回購能力。

Our next question will come from Brian Reynolds with UBS.

我們的下一個問題將來自瑞銀集團的布萊恩雷諾茲。

Maybe to follow up on some of the growth expectations for MPLX, of which Permian is the large driver. While we've seen some of the activity in the Permian weaken as of late, the medium-term outlook for the Permian kind of remains intact with some forecast pointing to greater than 1 million barrels per day of growth from today through year-end '25. So kind of curious if maybe you can talk a little bit more macro. But it would be great if you could just talk Permian fundamentals from an MPLX perspective, and whether you're seeing some similar growth trends over a multiyear outlook at the MPLX level.

也許是為了跟進 MPLX 的一些成長預期，其中二疊紀是主要的推動力。雖然我們最近看到二疊紀盆地的一些活動減弱，但二疊紀盆地的中期前景仍然完好無損，一些預測表明從今天到年底產量將增加超過 100 萬桶/日。25.我很好奇你是否可以更宏觀地談談。但如果您能從 MPLX 的角度談論二疊紀基本面，以及您是否在 MPLX 層面的多年前景中看到一些類似的成長趨勢，那就太好了。

Brian, it's a good question. I'm going to let Shawn talk a little bit about what were going on in the pipes, whether it's Wink-to-Webster or BANGL, I'll let him in. And then I'll let Greg talk a little bit about what we got going in the processing area. As you know, it is an area of focus for us. It's no secret that there's a lot of growth in the Permian, and we're just trying to enable our own ability to get in there and invest prudently and generate cash flows along with all the other competitors are trying to do the same. So Shawn, why don't you give a little more color on what we got going there?

布萊恩，這是個好問題。我會讓 Shawn 談談管道中發生的事情，無論是 Wink-to-Webster 還是 BANGL，我都會讓他進來。然後我會讓 Greg 談談發生了什麼我們進入加工區。如您所知，這是我們關注的一個領域。眾所周知，二疊紀盆地有很大的成長，我們只是試圖讓自己有能力進入那裡，謹慎投資並產生現金流，所有其他競爭對手也在努力做同樣的事情。那麼肖恩，為什麼不為我們在那裡發生的事情提供更多的色彩呢？

Sure. Brian, this is Shawn. Really, I'll first touch on our NGL pipeline, BANGL. Last quarter, we talked about the expansion on that pipeline. And really, that's been a capital-efficient pipeline for us. And as volume has come available, we've said we would announce the expansion, and we did that last quarter. So we're really pleased with that, and that will take us to the Sweeny hub there in Sweeny, Texas. The other, Wink-to-Webster, if you look at that pipeline there, it continues to ramp up as per plan. And really, we're seeing those cash flows increase over the next couple of years as the commitments continue to ramp up. So again, really pleased with both those long-haul strategic pipelines. And again, they're measured, but they're steady and it's meeting the expectations we thought to return cash to the partnership.

當然。布萊恩，這是肖恩。真的，我首先要談談我們的 NGL 管道 BANGL。上個季度，我們討論了該管道的擴張。事實上，這對我們來說是一條資本效率高的管道。隨著數量的增加，我們已經說過我們將宣布擴張，我們在上個季度就這樣做了。我們對此感到非常滿意，這將帶我們前往德克薩斯州斯威尼的斯威尼中心。另一個，Wink-to-Webster，如果你看看那裡的管道，它會繼續按計劃增加。事實上，隨著承諾的不斷增加，我們看到未來幾年這些現金流量將會增加。再說一遍，我對這兩個長期戰略管道非常滿意。再說一次，它們是經過衡量的，但它們是穩定的，並且滿足我們認為向合作夥伴返還現金的期望。

Great. And maybe to touch on Permian natural gas takeaway. We continue to work through all available brownfield capacity here over the next, call it, 6 months to a year. But beyond that, more greenfield is needed. MPLX has some unique relationships there, but MPLX is in a much different position today than it was a few years ago, just given a much larger processing capacity position in its existing balance sheet. So kind of curious how MPLX's participation in future Permian natural gas takeaway or LNG supply made different a year or 2 from now versus how it participated in prior cycles.

偉大的。也許還可以談談二疊紀天然氣的外帶。我們將在接下來的 6 個月到一年的時間裡繼續利用這裡所有可用的棕地產能。但除此之外，還需要更多的綠地。 MPLX 在那裡有一些獨特的關係，但 MPLX 今天的處境與幾年前有很大不同，只是在其現有資產負債表中處理能力的地位要大得多。很好奇 MPLX 參與未來二疊紀天然氣外運或液化天然氣供應一兩年後與先前週期的參與方式有何不同。

Brian, it's John. I'll start and let some of the team jump in as well. As you know, really excited with our relationship there with the -- resulted in the Whistler project, right, building that line, expanding it, heading lines to the end to get from Agua Dulce to markets. We're a small player in the Matterhorn pipeline, right, coming online in third quarter '24. Again, would have loved to have been a bigger player. But I think as you know, the way those works, your participation is driven by the producer volume you bring to the project.

布萊恩，是約翰。我將開始並讓團隊中的一些人也加入。如您所知，我們對我們與惠斯勒計畫的關係感到非常興奮，對吧，建造這條線路，擴大它，將線路引導到終點，從阿瓜杜爾塞到市場。我們只是馬特洪峰管道中的一個小參與者，對吧，將於 24 年第三季上線。再說一遍，我很想成為更大的球員。但我認為正如你所知，這些工作的方式，你的參與是由你為專案帶來的製作量所驅動的。

So we'll continue to look for those opportunities where it makes sense. But I'd also say, look, we've got a platform there right now that we can continue to optimize as well off of that base, whether again, it's more [straws] on the front end or more pipe on the tail end to get to other end customer markets and other opportunities to expand there. So again, we remain really bullish the Permian.

因此，我們將繼續尋找那些有意義的機會。但我也想說，看，我們現在已經有了一個平台，我們可以在這個基礎上繼續優化，無論是前端有更多的[吸管]還是尾端有更多的管道進入其他終端客戶市場並獲得在那裡擴展的其他機會。因此，我們仍然非常看好二疊紀。

Our next question will come from Jeremy Tonet with JPMorgan.

我們的下一個問題將來自摩根大通的傑里米·託內特。

This is Vrathan Reddy on for Jeremy. I think in the past, you guys have discussed the potential for renewed Utica activity to improve processing plant utilization and flows on regional pipes such as Cornerstone. So just wondering if you could provide any updated thoughts here.

我是傑里米 (Jeremy) 的弗拉森·雷迪 (Vrathan Reddy)。我認為過去，你們已經討論過更新尤蒂卡活動的潛力，以提高加工廠的利用率和基石等區域管道的流量。所以只是想知道你是否可以在這裡提供任何更新的想法。

Yes. Utica is an area, and I'll let Greg comment in a second. Like we were talking about earlier, we do have already deployed capital there and we have excess capacity. So going back to the question Theresa asked earlier, we love when that opportunity starts to present itself. Greg, why don't you give a little update there?

是的。尤蒂卡是一個區域，我稍後會讓格雷格發表評論。就像我們之前談到的那樣，我們確實已經在那裡部署了資金，並且產能過剩。因此，回到特蕾莎之前提出的問題，我們很高興這個機會開始出現。格雷格，為什麼不提供一點更新呢？

Yes. This is Greg. The Utica is an area that had strong growth early on, along with the Marcellus. And then some of the rigs moved from there more to the Marcellus now with sustainable crude prices and good levels. That's driven better prices for condensate and for the light oil in the western portion of the Utica window.

是的。這是格雷格。尤蒂卡 (Utica) 和馬塞勒斯 (Marcellus) 是一個早期成長強勁的地區。然後一些鑽井平台從那裡更多地轉移到馬塞勒斯，現在原油價格可持續且水平良好。這推動尤蒂卡窗口西部的凝析油和輕油價格上漲。

So we are seeing more activity there, and even new producers moving into the area and leasing acreage and starting to make plans. So we're excited to start to see some growth again in the Utica and volumes pick up there. And as Mike said, we've got capacity now that we can grow into by connecting pads, and we essentially already have the gathering system and the processing capacity there to handle that.

因此，我們看到那裡有更多的活動，甚至有新的生產商進入該地區並租用土地並開始製定計劃。因此，我們很高興看到尤蒂卡再次出現成長，並且銷量有所增加。正如麥克所說，我們現在已經有了可以透過連接墊來擴展的能力，而且我們基本上已經擁有了收集系統和處理能力來處理這個問題。

Got it. That's helpful. And I think previously, you've discussed Capline as a potential midstream asset within the MPC portfolio that could kind of be dropped down. So just curious on updated thoughts on how MPC could drop down interest in remaining logistics assets.

知道了。這很有幫助。我認為之前，您已經討論過 Capline 作為 MPC 投資組合中的潛在中游資產，可能會被淘汰。因此，我只是想知道 MPC 如何降低對剩餘物流資產的興趣的最新想法。

Yes, it's John. I'll take that. We've kind of said, look, we've got some assets, whether it's Capline, Gray Oak or some other midstream-type assets that are up on the sponsor's balance sheet. I think right now, we're kind of -- we can save those for a rainy day, not something that's really on the front burner for us. But it certainly gives us some optionality looking out into the future.

是的，是約翰。我會接受的。我們說過，看，我們有一些資產，無論是 Capline、Grey Oak 還是其他一些在贊助商資產負債表上的中游類型資產。我認為現在，我們可以把這些保留下來以備不時之需，而不是那些對我們來說真正重要的事情。但它確實給了我們展望未來的一些選擇。

Our next question will come from Keith Stanley with Wolfe Research.

我們的下一個問題將來自沃爾夫研究公司的基斯‧史丹利。

Two follow-up questions. First, in the Permian, are you considering larger opportunities at all to expand the value chain further downstream? Or do you think your strategy will stay focused on processing plants and pipelines?

兩個後續問題。首先，在二疊紀盆地，您是否正在考慮更大的機會來進一步向下游擴展價值鏈？或者您認為您的策略將繼續專注於加工廠和管道？

Great question, Keith. I appreciate it. We've said, look, we'll continue to look at where we might be able to participate up and down that whole value chain. Certainly, to date, right, it's been on the processing side and then the takeaway capacity. But we like participating in that, and if there's more opportunities to touch the molecule along that chain, that's something we can certainly consider and take a look at.

好問題，基斯。我很感激。我們已經說過，我們將繼續尋找我們能夠參與整個價值鏈上下游的地方。當然，到目前為止，對吧，它是在加工方面，然後是外帶能力。但我們喜歡參與其中，如果有更多機會接觸這條鏈上的分子，當然可以考慮並看看。

Great. Second one, just on the distribution, just to clarify. Is there an ultimate level of kind of long-term cash flow coverage you would look at? Or any other metric that you think could help investors think about multiyear distribution growth relative to the growth you expect in the underlying business?

偉大的。第二個，只是關於分佈，只是為了澄清。您是否會考慮某種最終水準的長期現金流覆蓋範圍？或者您認為可以幫助投資者考慮相對於您預期的基礎業務成長的多年分配成長的任何其他指標？

No, it's a great question, Keith. I appreciate it. I mean it's one we haven't given a framework. We've talked more conceptually about it. You heard Mike talk a little bit about red bar and blue bar cash flows. So we really dig into our results to understand what's that year in and year out stable cash flow that we call blue bar when we think about where the distribution is and where we might want to head. I would just say, I think we've got ample capacity there as we look forward to manage that. And again, we want to continue to keep growing the cash flows at kind of that plus or minus mid-single digits as well, which should drive an opportunity around distribution growth.

不，這是一個很好的問題，基斯。我很感激。我的意思是我們還沒有給一個框架。我們已經從概念上討論過它。您聽到麥克談到了紅條和藍條現金流量。因此，當我們考慮分佈在哪裡以及我們可能想要走向哪裡時，我們真正深入研究我們的結果，以了解我們稱之為藍條的年復一年的穩定現金流量是多少。我只想說，我認為我們在那裡有足夠的能力，因為我們期待管理這一點。再說一遍，我們希望繼續以正負中個位數的速度成長現金流，這應該會帶來分銷成長的機會。

Keith, it's Mike. I'll repeat what I said earlier a little bit. As I think about it from an investor standpoint, what type of return is the investor getting if they invest in us? So I look at our -- where we're going to trade from a yield standpoint. Again, we personally think we should trade a little lower in yield, but the market has kept us around that around 9% or so, somewhere in that range. And then we look at the growth and try and put ourselves in a position that we offer the market a good total return opportunity. So that's the way I think about it long term.

基思，是麥克。我會稍微重複一下我之前說過的話。我從投資人的角度思考，投資人投資我們能得到什麼樣的回報？所以我從收益率的角度來看我們將在哪裡進行交易。同樣，我們個人認為我們應該以較低的收益率進行交易，但市場使我們保持在 9% 左右，在這個範圍內的某個地方。然後我們著眼於成長，並努力讓自己處於一個能為市場提供良好總回報機會的位置。這就是我長期思考的方式。

We kind of evaluate where the market is going to trade us. We think out in time as to where that distribution needs to be, to be one part of the equation. We think of how much cash flows need to grow to be part of that equation. And then we kind of manage it across time, if that makes sense to you. And kind of like people have asked earlier, we didn't set out to have $1 billion of cash on the balance sheet. That wasn't a stated goal. It's kind of the way the market has played out for us. We're not opposed to it.

我們評估市場將在哪裡交易我們。我們及時思考該分佈需要在哪裡，成為等式的一部分。我們考慮現金流量需要成長多少才能成為這個等式的一部分。然後我們會跨時間管理它，如果這對你有意義的話。就像人們之前問的那樣，我們並沒有打算在資產負債表上留有 10 億美元的現金。這不是一個既定目標。這就是市場對我們的影響。我們並不反對。

Financial flexibility is not a bad thing. It's just the way it's played out that we haven't gotten to deploy some of the repurchasing that we would have liked up until this point. And like I said, we have more capacity on the blue side, but we want to make sure investors see it as a better long-term investment.

財務彈性並不是壞事。這就是我們到目前為止還沒有部署一些我們希望的回購的方式。正如我所說，我們在藍色方面擁有更多產能，但我們希望確保投資者將其視為更好的長期投資。

(Operator Instructions) Our next question will come from Michael Blum with Wells Fargo.

（操作員說明）我們的下一個問題將來自富國銀行的 Michael Blum。

I just had two quick questions really. One, I'm sure you're aware there's been many NGL pipeline expansion announcements out of the Permian. So just can you remind us if your -- the BANGL expansion is contracted? And second question is in the L&S segment. You had a big increase in the average pipeline tariff year-over-year, 13%. How much of that was just driven by the inflation escalators? Or are there other factors contributing to that really big increase?

我真的只是有兩個簡單的問題。第一，我相信您知道二疊紀地區已經發布了許多液化天然氣管道擴建計劃。那麼您能否提醒我們您的 BANGL 擴充是否已收縮？第二個問題是 L&S 部分。平均管道關稅較去年同期大幅成長 13%。其中有多少是由通膨自動扶梯推動的？或者有其他因素導致瞭如此大的成長嗎？

Thanks for the questions. I'll maybe take the first one and then pass it over to Shawn. So when you think about BANGL, we certainly have dedications to that line, but right, you're not going to have commitments on a natural gas liquids line. But we do look and see, you can kind of imply those same producers do have commitments, for example, on natural gas takeaway lines. So we know they're committed there. It gives us some comfort on how the volume might flow through BANGL. But typical with NGL lines, right, it's dedications, not commitments. And I'll leave it -- turn it to Shawn for the FERC question.

感謝您的提問。我可能會拿第一個，然後將其傳遞給肖恩。因此，當您想到 BANGL 時，我們當然會致力於該生產線，但是，您不會對天然氣液體生產線做出承諾。但我們確實觀察並看到，你可以暗示這些生產商確實有承諾，例如天然氣外賣線路。所以我們知道他們致力於那裡。它讓我們對流量如何流經 BANGL 感到放心。但對於 NGL 生產線來說，這是典型的奉獻精神，而不是承諾。我將把它留給 Shawn，詢問 FERC 的問題。

Michael, this is Shawn. Thanks for the question. Really, if you look at our average tariff pipeline -- average pipeline tariff, it's around the 13%. It just so happens that, that's exactly the FERC rate that we announced -- that FERC announced July 1. But that just happens to be the same right there. It's really due to the tariff mix that it just happens on the pipelines that we use the most on our increased throughput that helped drive that.

邁克爾，這是肖恩。謝謝你的提問。真的，如果你看看我們的平均關稅管道——平均管道關稅，它大約在 13% 左右。碰巧的是，這正是我們宣布的 FERC 利率 - FERC 於 7 月 1 日宣布的利率。但這恰好是相同的。這實際上是由於關稅組合的原因，它恰好發生在我們使用最多的管道上，從而幫助推動了吞吐量的增加。

The other piece I would say that is something that we try to make sure that people are aware of, FERC directed -- directly FERC tied to our assets. It's only about 20% of our overall MPLX EBITDA is tied to the FERC index there. So hopefully, that gives you a little more color on your question there as far as the FERC rate there.

我要說的另一件事是，我們試圖確保人們了解 FERC 的指導——FERC 直接與我們的資產掛鉤。我們的總體 MPLX EBITDA 中只有大約 20% 與 FERC 指數掛鉤。希望這能讓您對 FERC 費率問題有更多的了解。

Michael, it's Mike. I'll just add that obviously, what FERC is trying to do is to look at all those impacts that are raising costs and they're hitting us as well. And what we do as a team is to say that we got to be better than that average. We've got to look for opportunities for us where we can run it at a lower cost compared to where the average of the industry is. And in that way, we'll create a little bit of value. But our costs definitely move up with those impacts, and we try and optimize around that.

邁克爾，是麥克。我只想補充一點，顯然，FERC 正在嘗試做的是專注於所有那些增加成本的影響，這些影響也對我們造成影響。作為一個團隊，我們所做的就是說我們必須比平均更好。我們必須尋找機會，以低於行業平均的成本運行它。這樣，我們就能創造一點價值。但我們的成本肯定會隨著這些影響而增加，我們會嘗試圍繞這一點進行最佳化。

Our next question comes from Doug Irwin with Citi.

我們的下一個問題來自花旗銀行的道格歐文。

Just another on the balance sheet. Looking at Slide 10 in the earnings presentation, it looks like you have almost $3 billion of debt maturing over the next couple of years. Just curious if you could talk about how you're thinking about these maturities here in a high rate environment, particularly in the context of all the cash you have on the balance sheet and already being below your leverage target.

只是資產負債表上的另一個。查看收益簡報中的投影片 10，看起來您有近 30 億美元的債務將在未來幾年到期。只是好奇您是否可以談談在高利率環境下您如何看待這些到期日，特別是在您資產負債表上擁有的所有現金並且已經低於槓桿目標的情況下。

Doug, it's John. Thanks for the question. Yes, we've got, what, about $1.150 billion due December next year and then the next several years at plus or minus $1 billion, $1.4 billion or so. I think as you've seen us in the recent past, we'll look to be thoughtful about how we do that. Certainly, you're spot on, given where rates are today versus the last refinancing we did. Again, we've got some financial flexibility there. And I'd say it's not only the cash on our balance sheet, but we've got revolver with our parent as well, which gives us some flexibility to be thoughtful about the right time to look to refinance.

道格，這是約翰。謝謝你的提問。是的，我們有大約 11.5 億美元將於明年 12 月到期，然後在接下來的幾年中正負 10 億美元、14 億美元左右。我認為正如您最近看到的那樣，我們會認真考慮如何做到這一點。當然，考慮到今天的利率與我們上次再融資時的利率，你是對的。同樣，我們在那裡有一定的財務靈活性。我想說，這不僅是我們資產負債表上的現金，而且我們的母公司也有左輪手槍，這讓我們有一定的靈活性，可以考慮尋求再融資的合適時機。

Got it. And then you talked about potential growth opportunities with MPC. And I think one that came up last quarter was hydrogen. And I think MPC is involved in at least one of the hydrogen hubs that was just selected for funding negotiations. Wondering if you could kind of talk about what you see MPLX's potential role being here, and maybe just help frame that opportunity there.

知道了。然後您談到了 MPC 的潛在成長機會。我認為上個季度出現的一個是氫氣。我認為 MPC 至少參與了剛剛選定進行融資談判的氫能中心之一。想知道您是否可以談談您認為 MPLX 在這裡的潛在角色，也許只是幫助框架那裡的機會。

Yes. Doug, this is Dave. So yes, you are correct. Actually, of the 7 hydrogen hubs that received DOE funding at $7 billion, MPC/MPLX is involved in 2 of those, 1 in Appalachia and 1 in the Heartland. And so specifically around MPLX involvement, it's going to be more around the storage and transportation of hydrogen and CO2 rather than constructing hydrogen production facilities. That would be more on the MPC side of the equation.

是的。道格，這是戴夫。所以是的，你是對的。實際上，在獲得能源部 70 億美元資金的 7 個氫中心中，MPC/MPLX 參與了其中 2 個，其中 1 個位於阿巴拉契亞，1 個位於中心地帶。因此，具體來說，MPLX 的參與將更多地圍繞氫氣和二氧化碳的儲存和運輸，而不是建造氫氣生產設施。這將更屬於貨幣政策委員會（MPC）方面。

The last piece I'll leave you with, while these projects have received DOE funding, that's just the first step. It's a big milestone, first of all. It's good to get narrowed down and secure the funds from the DOE. But that's the first step in a long journey to secure the agreements with DOE, design and construct the project. So we'll talk more about these into next year. But I appreciate you bringing that up. And like I say, we're excited on the first step of receiving funding on those 2 projects.

我將留給您的最後一篇文章，雖然這些項目已獲得能源部的資助，但這只是第一步。首先，這是一個重要的里程碑。縮小範圍並確保能源部提供資金是件好事。但這只是與能源部達成協議、設計和建設項目的漫長旅程的第一步。因此，我們將在明年更多地討論這些問題。但我很感謝你提出這個問題。就像我說的，我們對這兩個項目獲得資金的第一步感到很興奮。

And our final question will come from Neal Dingmann with Truist Securities.

我們的最後一個問題將來自 Truist Securities 的 Neal Dingmann。

You've talked around this and my first question, maybe just around general activity thoughts. I'm just wondering is the long-term production outlook for your G&P producer customers, would you all consider that as good today as you thought it would be at the beginning of the year? Or maybe even it sounds like it would be slightly better than you initially expected. Just wondering sort of general thoughts.

您已經討論了這個問題和我的第一個問題，也許只是圍繞著一般活動的想法。我只是想知道你們的 G&P 生產商客戶的長期生產前景，你們是否都認為今天的情況與年初時的預期一樣好？或者甚至聽起來會比你最初預期的要好一些。只是想知道一般的想法。

Neal, this is Greg. I would say that if you look at a year ago where prices were, they were about double on gas and NGLs, and a lot of the forecast was built around some expectation of that. As the prices came down, we did see some slowing of growth in terms of rig activity and bringing new pads on. So yes, I think that, that was expected based on the pricing changes, but we have been seeing growth maybe beyond even what you would expect. And I think that shows that people are still very -- producers are still bullish on where pricing is going with the LNG plants that are going to come online over the next couple of years.

尼爾，這是格雷格。我想說的是，如果你看看一年前的價格，你會發現天然氣和液化天然氣的價格大約是兩倍，而且很多預測都是圍繞著對此的預期而建立的。隨著價格下降，我們確實看到鑽機活動和新平台安裝的成長放緩。所以，是的，我認為，這是基於定價變化的預期，但我們看到的成長可能超出了您的預期。我認為這表明人們仍然非常——生產商仍然看好未來幾年將上線的液化天然氣工廠的定價走勢。

NGL prices have been supportive. And really, the production -- drilling and production costs have come down. As the producers are drilling longer laterals, that brings more volume in faster and it keeps the cost level below even where some of the lower prices are. So yes, we have seen growth single-digit, low to medium single-digit across most of the basins, and that's been really good to see.

NGL 價格一直具有支撐作用。事實上，生產、鑽井和生產成本已經下降。由於生產商正在鑽更長的支管，這會更快地帶來更多的產量，即使在一些價格較低的情況下，也能將成本水準保持在較低水準。所以，是的，我們看到大多數流域的成長都是個位數、中低個位數，這真是太好了。

That's great details. And then just my second, maybe just around your capital program specifically, given that it sounds like just continuous efficiencies you all see, would you expect maybe going forward that maintenance capital decline slightly from the current $150 million level?

這是很棒的細節。然後是我的第二個問題，也許只是圍繞您的資本計劃，鑑於這聽起來像是您都看到的持續效率，您是否預計未來維護資本可能會從目前的 1.5 億美元水平略有下降？

Neal, it's John. I don't know that I'd expect the change in maintenance capital, right? When we think about our capital allocation framework, that first kind of step is making sure we're investing to maintain the safety and reliability of our assets. So I don't know that I'd expect a change there.

尼爾，是約翰。我不知道我會期待維護資本的變化，對吧？當我們考慮我們的資本配置框架時，第一步是確保我們的投資是為了維持資產的安全性和可靠性。所以我不知道我會期待那裡的改變。

All right, Sheila. Well, if there's nobody else in the queue, thank you for joining us today, and thank you for your interest in MPLX. Should you have additional questions or would you like clarification on any of the topics discussed today, members of the Investor Relations team will be available to take your call. Thank you.

好吧，希拉。好吧，如果隊列中沒有其他人，感謝您今天加入我們，並感謝您對 MPLX 的興趣。如果您還有其他問題或希望對今天討論的任何主題進行澄清，投資者關係團隊的成員將接聽您的電話。謝謝。

Thank you. That does conclude today's conference. Thank you for participating. You may disconnect at this time.

謝謝。今天的會議到此結束。感謝您的參與。此時您可以斷開連線。