MPLX LP (MPLX) 2024 Q1 法說會逐字稿

Welcome to the MPLX First Quarter 2024 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.

歡迎參加 MPLX 2024 年第一季財報電話會議。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。

I will now turn the call over to Kristina Kazarian. Kristina, you may begin.

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。

Good morning, and welcome to the MPLX First Quarter 2024 Earnings Conference Call. The slides that accompany this call can be found on our website at mplx.com under the Investor tab.

早安，歡迎參加 MPLX 2024 年第一季財報電話會議。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。

Joining me on the call today are Mike Hennigan, Chairman and CEO; Kris Hagedorn, CFO; and other members of the executive team.

今天與我一起參加電話會議的是董事長兼執行長 Mike Hennigan；克里斯‧哈格多恩，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 will 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。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, and thank you for joining our call. Earlier today, we reported first quarter results. Our business continues to grow and delivered adjusted EBITDA of $1.6 billion and distributable cash flow of $1.4 billion, each an 8% increase year-over-year. In line with our commitment to return capital, the growth of MPLX's cash flow supported the return of $951 million to unitholders.

謝謝，克里斯蒂娜。早安，感謝您加入我們的通話。今天早些時候，我們報告了第一季業績。我們的業務持續成長，調整後 EBITDA 達到 16 億美元，可分配現金流達到 14 億美元，較去年同期成長 8%。根據我們返還資本的承諾，MPLX 現金流的成長支持向單位持有人返還 9.51 億美元。

Turning to the macro, the United States continues to be a low cost producer of energy fuels needed across the globe. Oil demand is at a record high globally. We expect oil demand to continue to set records into the foreseeable future. Forecasted outlooks for this year estimate 1.2 million to 2 million barrels per day of incremental demand over 2023, primarily driven by the growing need for transportation fuels.

就宏觀而言，美國仍然是全球所需能源燃料的低成本生產國。全球石油需求創歷史新高。我們預計石油需求在可預見的未來將繼續創下紀錄。今年的預測預計，到 2023 年，需求將每天增加 120 萬桶至 200 萬桶，這主要是由運輸燃料需求不斷增長所推動的。

Our expectations on the long-term production outlook in our key basins remains unchanged. In the Northeast, longer laterals are resulting in higher volumes, highlighting the strength and opportunities we see across our footprint. We continue to expect volume growth in the Marcellus as well as the Utica, where producers are targeting economically advantaged liquids-rich acreage.

我們對主要盆地長期生產前景的預期保持不變。在東北部，更長的支線導致了更高的產量，凸顯了我們在整個足跡中看到的實力和機會。我們繼續預期馬塞勒斯和尤蒂卡的產量將會成長，這些地區的生產商正在瞄準經濟上具有優勢的液體豐富的土地。

In the Permian basin, crude prices remain attractive and associated gas production continues to grow as producers execute drilling and completion activities. In the first quarter, MPLX announced two strategic transactions. First, in the Utica, we enhanced our footprint through the acquisition of additional ownership interest in an existing joint venture and a dry gas gathering system. We have already seen growth in the rich gas window of the Utica and we see new producers moving into the region.

在二疊紀盆地，隨著生產商進行鑽探和完井活動，原油價格仍具有吸引力，伴生氣產量持續成長。第一季度，MPLX宣布了兩項策略交易。首先，在尤蒂卡，我們透過收購現有合資企業和乾氣收集系統的額外所有權權益，擴大了我們的足跡。我們已經看到尤蒂卡豐富的天然氣窗口的增長，並且我們看到新的生產商進入該地區。

Second, MPLX entered into a definitive agreement to combine the Whistler Pipeline and the Rio Bravo Pipeline project into a newly formed joint venture. The transaction expands MPLX's natural gas value chain, connects Permian supply to additional Gulf Coast demand, and positions MPLX for future growth opportunities. The transaction, subject to required regulatory approvals and other customary closing conditions, is expected to close in the second quarter.

其次，MPLX 簽訂了一項最終協議，將惠斯勒管道和 Rio Bravo 管道項目合併為新成立的合資企業。該交易擴大了 MPLX 的天然氣價值鏈，將二疊紀供應與墨西哥灣沿岸的額外需求聯繫起來，並為 MPLX 未來的成長機會奠定了基礎。該交易需獲得所需的監管批准和其他慣例成交條件，預計將於第二季完成。

We remain committed to growing the partnership through our lens of strict capital discipline. In fact, over the last 3 years, MPLX holds a peer leading return on invested capital. The previously mentioned strategic transactions are a continuation of our approach as we seek to grow the cash flows of the partnership. We believe this is a return on and a return of capital business, and we'll continue to use our capital allocation framework to evaluate and optimize capital allocation decisions.

我們仍然致力於透過嚴格的資本紀律來發展合作關係。事實上，在過去 3 年裡，MPLX 的投資資本報酬率在同業中處於領先地位。前面提到的策略交易是我們尋求增加合作夥伴現金流的方法的延續。我們相信這是一個回報和資本業務的回報，我們將繼續使用我們的資本配置框架來評估和優化資本配置決策。

We're confident in our ability to grow the partnership and are focused 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 growth of MPLX's cash flows.

我們對發展合作關係的能力充滿信心，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等策略重點，所有這些都是 MPLX 現金流成長的基礎。

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

現在讓我把電話轉給克里斯，討論我們的成長以及本季的營運和財務表現。

Thanks, Mike. MPLX's 2024 capital expenditure outlook of $1.1 billion is unchanged and includes $950 million of growth capital and $150 million of maintenance capital. Our 2024 growth capital outlook is anchored in the Marcellus and Permian basins. Our integrated footprint in these basins have positioned the partnership with a steady source of opportunities to expand, particularly around our natural gas and NGL asset. We continue growing these operations through organic projects, investments in our Permian joint ventures and bolt-on opportunities.

謝謝，麥克。 MPLX 的 2024 年資本支出前景為 11 億美元不變，其中包括 9.5 億美元的成長資本和 1.5 億美元的維護資本。我們的 2024 年成長資本展望以馬塞勒斯盆地和二疊紀盆地為基礎。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擴展機會，特別是在我們的天然氣和液化天然氣資產方面。我們透過有機專案、對二疊紀合資企業的投資和補充機會繼續發展這些業務。

In the L&S segment, progress continues on the Agua Dulce to Corpus Christi natural gas pipeline joint venture, which is expected to be in service in the third quarter of 2024. We're also progressing the expansion of the BANGL NGL pipeline joint venture to 200,000 barrels per day, which is expected to be completed in the first half of 2025.

在L&S 領域，阿瓜杜爾塞(Agua Dulce) 至科珀斯克里斯蒂(Corpus Christi) 天然氣管道合資企業的進展仍在繼續，預計將於2024 年第三季度投入使用。合資企業的規模擴大到20萬每天桶，預計2025年上半年完成。

In the G&P segment, we're bringing new gas processing plants online to meet increasing customer demand. The Harmon Creek II gas processing plant was placed into service in late February, bringing our Marcellus processing capacity to 6.5 billion cubic feet per day. In the Permian basin, Preakness II is approaching startup and is expected to be online in May. Additionally, we are progressing the Secretariat processing plant, which is expected to be online in the second half of 2025. Once operational, our total processing capacity in the Delaware basin will be approximately 1.4 billion cubic feet per day.

在 G&P 領域，我們正在建造新的天然氣處理廠，以滿足不斷增長的客戶需求。 Harmon Creek II 天然氣加工廠於 2 月底投入使用，使我們的 Marcellus 處理能力達到每天 65 億立方英尺。在二疊紀盆地，Preakness II即將啟動，預計5月上線。此外，我們正在推進秘書處加工廠的建設，預計將於 2025 年下半年上線。

Outside of these strategic basins, the remainder of our capital plan is mostly comprised of smaller higher return investments, targeted expansion or start up of existing assets and projects related to planned increases and producer customer activity.

在這些策略盆地之外，我們資本計畫的其餘部分主要包括規模較小、回報較高的投資、有針對性的擴張或啟動現有資產以及與計畫增加和生產商客戶活動相關的項目。

Slide 6 outlines the first quarter operational and financial performance highlights for our logistics and storage segment. Adjusted EBITDA increased $72 million when compared to the first quarter of 2023, primarily driven by higher rates and growth from our equity affiliates. Crude and product pipelines and terminal volumes were down year-over-year, primarily due to start up planned turnaround activity in the first quarter of 2024. Due to the structure of our contracts with MPC, refinery volume changes had limited impact -- financial impact to MPLX.

投影片 6 概述了我們的物流和倉儲部門第一季的營運和財務業績亮點。與 2023 年第一季相比，調整後 EBITDA 增加了 7,200 萬美元，這主要是由於我們的股權附屬公司的利率上升和成長所致。原油和產品管道以及終端數量同比下降，主要是由於 2024 年第一季啟動計劃週轉活動。

Moving to our Gathering and Processing segment on Slide 7. The G&P segment adjusted EBITDA increased $44 million compared to the first quarter of 2023, primarily driven by higher volumes. Total gathered volumes were down 2% year-over-year, primarily due to decreased dry gas production in the Utica and scheduled maintenance activities in the Southwest. Processing volumes were up 9% year-over-year, primarily from higher volumes in the Marcellus and Utica, driven by increased customer production.

轉到幻燈片 7 上的收集和處理部門。總收集量年減 2%，主要是由於尤蒂卡乾氣產量減少以及西南部定期維護活動。加工量年增 9%，主要是因為客戶產量增加，馬塞勒斯和尤蒂卡的加工量增加。

Focusing in on the Marcellus, by far our largest basin of G&P operations, we saw year-over-year volume increases of 10% for gathering and 7% for processing, driven by increased drilling and production growth. Marcellus processing utilization was 92% in the first quarter, reflecting the need for our Harmon Creek II processing plant, which was placed in service in late February. Fractionation volumes grew 4% due to higher ethane recoveries and higher processed volumes.

重點關注迄今為止我們最大的 G&P 作業盆地 Marcellus，在鑽井和產量增長的推動下，我們的採集量同比增長 10%，加工量同比增長 7%。第一季 Marcellus 加工利用率為 92%，反映了對我們於 2 月底投入使用的 Harmon Creek II 加工廠的需求。由於乙烷回收率提高和加工量增加，分餾量增加了 4%。

Moving to our first quarter financial highlights on Slide 8. Total adjusted EBITDA of $1.6 billion and distributable cash flow of $1.4 billion, each increased 8% from prior year. During the quarter, MPLX acquired additional ownership interest in existing joint ventures and a dry gas gathering system located in Utica for $625 million and contributed $92 million for the repayment of our share of the Bakken pipeline JV debt due in April.

轉向投影片 8 中我們第一季的財務亮點。本季度，MPLX 以 6.25 億美元收購了現有合資企業和位於尤蒂卡的干氣收集系統的額外所有權權益，並出資 9,200 萬美元用於償還 4 月到期的巴肯管道合資企業債務。

MPLX also returned $951 million to unitholders through $876 million in distributions and $75 million in unit repurchases, ending the quarter with a cash balance of $385 million. As a reminder, the first quarter is typically our lowest quarter for project-related expenses. Like prior years, we anticipate these expenses will increase $30 million to $40 million sequentially in the second quarter, reflecting more favorable weather to undertake project-related work.

MPLX 也透過 8.76 億美元的分配和 7,500 萬美元的單位回購向單位持有人返還 9.51 億美元，本季末現金餘額為 3.85 億美元。提醒一下，第一季通常是我們專案相關費用最低的季度。與往年一樣，我們預計第二季這些費用將比上季增加 3,000 萬美元至 4,000 萬美元，反映出開展專案相關工作的氣候更加有利。

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, Kris. In closing, MPLX has a strong history of growing the partnership's cash flows by executing its strategic priorities, all while maintaining strict capital discipline. We continue to aim for mid-single-digit growth rate over multiple year periods. And as you can see in our results, we have a strong start again to this year with adjusted EBITDA and DCF up 8% versus the first quarter of 2023. By deploying capital wisely, controlling our costs, and optimizing operations to get the most out of our assets, we've grown DCF by nearly 8% on a 3-year compound annual basis.

謝謝，克里斯。最後，MPLX 在透過執行其策略優先事項來增加合作夥伴現金流方面有著悠久的歷史，同時保持嚴格的資本紀律。我們持續致力於在多年內實現中等個位數的成長率。正如您在我們的業績中所看到的，我們今年又迎來了一個強勁的開局，調整後的EBITDA 和DCF 比2023 年第一季成長了8%。營運來獲得最大收益就我們的資產而言，我們的折現現金流在 3 年複合年基礎上成長了近 8%。

MPLX is a strategic investment for MPC and as they each pursue growth opportunities, the value of this strategic relationship will be enhanced. 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 continue to return capital to unitholders. In each of the last 2 years, we've increased our quarterly distribution 10%. The business is expected to continue to generate significant annual free cash flow after distribution, placing us in a strong position to continue to consistently grow our distribution.

MPLX 是 MPC 的策略性投資，隨著雙方各自尋求成長機會，這種策略關係的價值將會提升。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，並繼續向單位持有人返還資本。過去 2 年，我們的季度分配額每年增加 10%。預計該業務在分配後將繼續產生大量的年度自由現金流，使我們處於繼續持續成長分配的有利地位。

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. As we open the call for questions, we ask that you limit yourself to one question plus a follow up. We may re-prompt for additional questions as time permits. With that, operator, we're ready.

謝謝，麥克。當我們開始提問時，我們要求您將自己限制在一個問題和一個後續問題上。如果時間允許，我們可能會重新提示您提出其他問題。這樣，操作員，我們就準備好了。

(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 the buyback. I think it was the first since '22. Maybe spend a minute or 2 just elaborating on whether or not this is a one-off or maybe a restart of a more normal cadence. And then also how you're thinking about balancing this with potential distribution increases in the future?

我想從回購開始。我認為這是自 22 年以來的第一次。也許花一兩分鐘來詳細說明這是否是一次性的，或者可能是更正常節奏的重新開始。然後，您如何考慮平衡這一點與未來潛在的分配增加？

John, thanks for that question. Let me start because we get that question often. I'll try and be as clear as I can. First off, it starts with generating cash. I mean, you've heard in our prepared remarks that our 3-year CAGR is about 8%, and our first quarter results on DCF and EBITDA were about 8%. So it starts with generating cash.

約翰，謝謝你提出這個問題。讓我開始吧，因為我們經常收到這個問題。我會盡力說得清楚。首先，它從產生現金開始。我的意思是，您在我們準備好的發言中聽說過，我們的 3 年複合年增長率約為 8%，我們第一季的 DCF 和 EBITDA 業績約為 8%。所以它從產生現金開始。

And then the uniqueness to that cash is we kind of color code the cash into 2 buckets. Those buckets that's continuing, we think is going to be there through all types of markets, and I've called that blue bar cash flows. The cash flows that are there, intermittent, that could be there sometimes, not sometimes, I call red bar cash flows. So, understanding the type of cash flows that we generated is really important to go into our capital allocation framework.

然後，該現金的獨特之處在於我們將現金用顏色編碼到 2 個桶中。我們認為這些持續存在的桶子將存在於所有類型的市場中，我將其稱為藍條現金流。那裡的現金流是間歇性的，有時可能存在，有時不存在，我稱之為紅條現金流。因此，了解我們產生的現金流量類型對於進入我們的資本配置架構非常重要。

And the way I think about the red bar, red bar may not be there all the time, but it is a source of equity. Blue bar, I think of it as an ongoing cash flow that's going to support our distribution growth. And we've said a bunch of times that our preferred method of returning capital is primarily distribution growth because we primarily drive blue bar cash flows in our system. But having the flexibility with red bar for buybacks is also important to us.

我對紅條的看法是，紅條可能不會一直存在，但它是股本的來源。藍色條，我認為它是持續的現金流，將支持我們的分銷成長。我們已經說過很多次了，我們首選的資本回饋方法主要是分配成長，因為我們主要推動系統中的藍條現金流。但擁有紅條回購的彈性對我們也很重要。

So when we put that all together, the way we think of our capital allocation framework is: number one, we're going to take care of our assets; number two is we're going to continue to grow our distribution, and that's driven by those blue bar cash flows; number three is we're going to look to invest and continue to grow earnings. And hopefully, you've seen our track record on capital discipline and what it's done to earnings. We're very proud of growing this size partnership at about 8% per year over the last 3 years, and it continued into the first quarter.

因此，當我們把所有這些放在一起時，我們對資本配置框架的看法是：第一，我們要照顧好我們的資產；第二是我們將繼續擴大我們的分銷，這是由那些藍條現金流推動的；第三，我們將尋求投資並繼續增加收益。希望您已經看到我們在資本紀律方面的記錄及其對收益的影響。我們感到非常自豪的是，這種規模的合作關係在過去 3 年中每年增長約 8%，並且一直持續到第一季。

And then the last piece is our buyback. And although it's fourth in the capital allocation framework, it's still a tool that we have at our disposal, and we continue to think about when that makes the most sense versus when it doesn't. So if you think -- if you step all the way back, we color code the cash flows, we prioritize blue, that's the way we run our business, stable, continuing cash flows that will be there all the time. Those are more targeted towards distributions. You've heard us say we've done 10% distribution increases the last two years, you've heard us say we believe we have strong financial capabilities to continue to grow our distributions, but we also have the tool of buybacks when we think it makes sense. I hope that was helpful.

最後一部分是我們的回購。儘管它在資本配置框架中排名第四，但它仍然是我們可以使用的工具，我們會繼續思考何時最有意義，何時最不有意義。所以如果你想——如果你退一步，我們對現金流進行顏色編碼，我們優先考慮藍色，這就是我們經營業務的方式，穩定、持續的現金流將一直存在。這些比較針對發行版。您聽說我們在過去兩年中增加了 10% 的分配，您也聽到我們說我們相信我們有強大的財務能力來繼續增加我們的分配，但當我們認為這說得通。我希望這有幫助。

Mike, I appreciate that. Maybe on just following up on the wanting to continue to invest to grow, we've obviously seeing you guys lean a little bit more towards the kind of bolt-on deals recently with the 3 announced so far this year. Can you maybe just spend a minute there on general strategy and then maybe how you think about those competing with organic opportunities? And maybe how much capital you're willing to allocate in that direction?

麥克，我很感激。也許只是為了繼續投資以實現成長，我們顯然看到你們更傾向於最近與今年迄今為止宣布的 3 款產品進行的那種附加交易。您能否花一點時間討論整體策略，然後您如何看待那些與有機機會競爭的人？也許您願意在這個方向上分配多少資金？

Yes. Thanks, John. It's another good question. Let me start off and then I'll let Greg talk about this recent activity. So, in general, over the last couple of years, you've seen us mainly driving organic growth. That's where we see good return projects. Again, I always say they're not sexy, they're not big headline projects, but they're good return projects. And we've been executing those well, and that's driven growth. But we're also constantly looking at M&A or organic -- inorganic activities. And during this quarter, we were able to make a strategic transaction in the Utica. And I'll let Greg talk a little bit about the details.

是的。謝謝，約翰。這是另一個好問題。讓我開始吧，然後我會讓格雷格談談最近的活動。因此，總的來說，在過去幾年中，您看到我們主要推動有機成長。這就是我們看到回報良好的項目的地方。再說一遍，我總是說它們並不性感，它們不是大標題項目，但它們是回報良好的項目。我們一直很好地執行這些措施，這推動了成長。但我們也不斷關注併購或有機-無機活動。在本季度，我們能夠在尤蒂卡進行策略交易。我會讓格雷格談談一些細節。

Thanks, Mike. The Utica is interesting. We're really excited about what's going on there right now. We've had -- we've seen a lot of success over the last few years in the dry/lean part of the basin near the Ohio River and build out a substantial dry gas gathering system. But the rich gas area has not got as much attention, and that now is -- it's got a lot of great tailwinds behind it. We're really excited about it.

謝謝，麥克。尤蒂卡很有趣。我們對那裡正在發生的事情感到非常興奮。過去幾年，我們在俄亥俄河附近盆地的乾燥/貧瘠部分取得了巨大的成功，並建立了一個重要的乾燥天然氣收集系統。但富含天然氣的地區並沒有得到那麼多的關注，而現在它背後有許多巨大的推動力。我們對此感到非常興奮。

The main things in the favor of the rich gas are the fact that there's a light oil window and a condensate window, the fact that right now we have a frac spread that favors liquids, whether in the crude oil producing regions or in the NGL heavy regions like we have in the Utica. We also have new drilling technology with long laterals, twice the length of laterals that we probably saw back in the day when the Utica was first developed. So you get essentially 2 or more wells in terms of lateral length for a proportionately less cost.

有利於富天然氣的主要因素是，存在輕質油窗口和凝析油窗口，事實上，現在我們的壓裂價差有利於液體，無論是在原油產區還是在 NGL 重質油區像我們尤蒂卡這樣的地區。我們還擁有長支管的新鑽井技術，其長度是尤蒂卡首次開發時可能看到的支管長度的兩倍。因此，就橫向長度而言，您基本上可以以相對較低的成本獲得 2 個或更多井。

We also have -- because of the early build out, we have existing infrastructure. It's fully integrated with our Marcellus system. It's connected to the same fractionation, all the same takeaway pipeline. So bottom line is, we're bullish about having a system with spare capacity in an area that now new producers are moving into and existing producers are moving their rigs to. So we're already seeing that growth. The Summit acquisition allowed us to further buy into this area where we're really bullish about. And we already -- we built the entire system and operated already, so we know it and we know the producers and the opportunities there.

由於早期建設，我們也擁有現有的基礎設施。它與我們的 Marcellus 系統完全整合。它連接到相同的分餾，所有相同的外帶管道。因此，底線是，我們看好在新生產商正在進入且現有生產商正在將其鑽機轉移到的地區擁有一個具有閒置產能的系統。所以我們已經看到了這種成長。收購 Summit 讓我們能夠進一步買入我們真正看好的這個領域。我們已經——我們建立了整個系統並已經開始運營，所以我們知道它，我們知道生產商和那裡的機會。

Next, we will hear from Manav Gupta with UBS.

接下來，我們將聽取瑞銀集團 (UBS) 的 Manav Gupta 的演講。

Mike, my only question here relates to that this Whistler Pipeline thing you just recently got involved with the JV looks very interesting, looks like a very good growth opportunity. Help us understand this project a little more in detail and why would this be a strategic fit for MPLX?

麥克，我唯一的問題是，您最近剛參與的合資企業惠斯勒管道專案看起來非常有趣，看起來是一個非常好的成長機會。幫助我們更詳細地了解這個項目以及為什麼它適合 MPLX？

Yes. Thanks, Manav. I appreciate that question. I'm going to let Dave give you a little more detail on it. I would tell you in general, though, as we've been saying, we're concentrating a lot of our activity in our key basins. And Greg just mentioned a lot of what's going up in the Northeast. And I'll let Dave talk a little bit about what's going on down in the Permian.

是的。謝謝，馬納夫。我很欣賞這個問題。我將讓戴夫為您提供更多詳細資訊。不過，我想說的是，正如我們一直所說的，我們的大部分活動都集中在我們的關鍵盆地。格雷格剛剛提到了東北部正在發生的很多事情。我會讓戴夫談談二疊紀地區正在發生的事情。

Manav, so let me dig a little deeper. So, as Mike stated, the Permian is, in addition to our other basins, one of our key focus basins. And this JV partnership, which is with MPLX along with WhiteWater and I Squared, as part of the existing Whistler JV, entered in that definitive agreement with Enbridge to strategically combine that JV with the Rio Bravo Pipeline project into this newly formed JV. So that's step #1.

馬納夫，讓我更深入地挖掘一下。因此，正如麥克所說，除了我們的其他盆地之外，二疊紀盆地也是我們重點關注的盆地之一。該合資企業是與MPLX 以及WhiteWater 和I Squared 建立的，作為現有惠斯勒合資企業的一部分，與Enbridge 簽訂了最終協議，將該合資企業與Rio Bravo 管道項目戰略性地合併到這個新成立的合資企業中。這就是第一步。

And the justification for that, while we monetize a small portion of our equity ownership in Whistler at a low double-digit multiple, the real key, it enabled us to build out -- continue to build out our wellhead-to-water growth strategy and enhancing our value chain from the Permian to the U.S. Gulf Coast. So think of it this way, that the Rio Bravo Pipeline project provides Whistler with that value chain connectivity to the Rio Grande LNG export of facility in Brownsville, Texas, which is not a lot different to the strategy around the ADCC Pipeline project that is under construction right now at the Cheniere's LNG facility in Corpus Christi. So it's that last mile connectivity to the LNG pull.

這樣做的理由是，雖然我們以兩位數的低倍數將惠斯勒的一小部分股權貨幣化，但真正的關鍵是，它使我們能夠繼續制定我們的從井口到水的增長戰略增強我們從二疊紀到美國墨西哥灣沿岸的價值鏈。因此，可以這樣想，Rio Bravo 管道項目為惠斯勒提供了與德克薩斯州布朗斯維爾 Rio Grande 液化天然氣出口設施的價值鏈連接，這與正在實施的 ADCC 管道項目策略沒有太大不同。 Cheniere 位於科珀斯克里斯蒂的液化天然氣工廠目前正在施工。這就是液化天然氣拉力的最後一哩連接。

So, as we look forward, both from our Permian supply that Mike touched on earlier and the U.S. Gulf Coast LNG demand, which we all anticipate to grow, this strategic partnership provides a strong platform and positions Whistler under the new JV to participate in this growth and the development of incremental pipeline projects which again, of course, will further enhance NPL's wellhead-to-water strategy.

因此，正如我們所展望的那樣，無論是麥克之前提到的二疊紀供應，還是我們都預計將增長的美國墨西哥灣沿岸液化天然氣需求，這種戰略合作夥伴關係提供了一個強大的平台，並使惠斯勒在新合資企業的領導下參與這項計畫。

Let me be clear with that, that any potential projects that we look at going forward must provide two things, acceptable financial returns and the right commercial terms through our lens of strict capital discipline as we look at all projects, whether it be bolt-on, organic or these growth projects. So, hopefully, that gives you a little more color.

讓我明確一點，我們未來考慮的任何潛在項目都必須提供兩件事，即可接受的財務回報和正確的商業條款，透過我們在審視所有項目時嚴格的資本紀律，無論是附加項目、有機或這些增長項目。所以，希望這能給你更多的色彩。

And Manav, since Dave gave you a little bit of detail on that project, why don't you talk a little bit about NGLs as well since we're talking about natural gas and what we're doing in the Permian.

馬納夫（Manav），既然戴夫（Dave）向您介紹了該項目的一些細節，那麼您為什麼不談談液化天然氣（NGL）呢？事情。

Sure thing, Mike. So very similar nat gas. We've been pretty public about our plans to expand our value chains in the NGL platform. And again, it's all about strengthening our competitive position through Ford integration. So think of it, from wellhead to the consumers. So back on the wellhead, Greg and his team with all our gas processing plants, we got our BANGL pipeline expansion project going. And so whether we extend these value chains independently or with partners, extended the water and have an export optionality as part of that strategy.

當然可以，麥克。非常相似的天然氣。我們已經非常公開地公開了我們在 NGL 平台上擴展價值鏈的計劃。再說一遍，這都是為了透過福特整合來加強我們的競爭地位。所以想一想，從井口到消費者。回到井口，Greg 和他的團隊以及我們所有的天然氣加工廠開始了 BANGL 管道擴建工程。因此，無論我們獨立或與合作夥伴一起擴展這些價值鏈，都可以擴展水資源並擁有出口選擇權，作為該策略的一部分。

At this time, we don't have any major updates to provide on the Texas City NGL frac and storage projects, but that is a project we continued to -- continue to evaluate. So if you recall on that project back in December of last year, we submitted our air permit application to the TCEQ for the NGL Frac and storage facility in Texas City, Texas. I want to be clear that filing these permits is one of the many steps we take in evaluation of the potential projects, and we'll continue to evaluate any commercial framework around those.

目前，我們沒有關於德克薩斯城 NGL 壓裂和儲存項目的任何重大更新，但這是我們繼續評估的項目。因此，如果您還記得去年 12 月的該項目，我們向 TCEQ 提交了位於德克薩斯州德克薩斯城的 NGL 壓裂和儲存設施的空氣許可證申請。我想澄清的是，提交這些許可證是我們評估潛在項目時採取的眾多步驟之一，我們將繼續評估圍繞這些項目的任何商業框架。

Again, very similar to our nat gas strategy, acceptable returns, the right commercial terms through the lens of strict capital test will help us determine if we go that alone or do with business partners going forward. So hopefully that gives you a little more color on our NGL strategy, which I would say very similar to our nat gas strategy is through -- for MPLX is wellhead-to-water, participate in the whole value chain, both from equity and from commercial optionality.

同樣，與我們的天然氣策略非常相似，可接受的回報，透過嚴格資本測試的正確商業條款將幫助我們確定是單獨行動還是與業務合作夥伴一起前進。因此，希望這能讓您對我們的NGL 策略有更多的了解，我想說，這與我們的天然氣策略非常相似——因為MPLX 是從井口到水的，參與整個價值鏈，無論是從股權還是從商業選擇性。

Our next question comes from Jeremy Tonet with J.P. Morgan.

我們的下一個問題來自摩根大通的傑里米·託內特。

I want to come back to the banks of the river, if I could, and just how MPLX seems to have achieved mid-single-digit EBITDA growth historically. And it seems like the prospects are there for continued growth. And if I think about the Summit acquisition kind of these bolt-on acquisitions, I think of it as kind of one of the components of staying in that range, and it would be larger acquisitions that would drive you above the range. And is that a fair way of thinking about things here? And how do you think about, I guess, other -- the potential acquisition environment out there?

如果可以的話，我想回到河岸，看看 MPLX 似乎如何實現了歷史上個位數的 EBITDA 成長。看來持續成長的前景是存在的。如果我考慮這些補強收購中的 Summit 收購，我認為它是保持在該範圍內的組成部分之一，而規模更大的收購將推動您超越該範圍。這是思考問題的公平方式嗎？我想，您如何看待其他潛在的收購環境？

Jeremy, that's a good question. First off, let me correct you. The M&A activity that we do, even if it's on the smaller side, is not included or would be additive to our goal of driving for mid-single-digit growth. So we think of the mid-single-digit growth as our organic program in general. And then when these other opportunities come up through inorganic opportunities like we just talked about, that would be additive. So our base is always things that we can control, trying to compete for growth, Harmon Creek II, Preakness II, Secretariat. You just heard Dave talk about our natural gas pipeline strategy down in the Permian and NGL growth. All those things come into our base feeling about growing the partnership, at least mid-single-digit cash flows. When we do something like the acquisition of the JV partner in Utica that Greg talked about, we think of that as additive to our goal.

傑里米，這是個好問題。首先，讓我糾正你。我們所做的併購活動，即使規模較小，也不包括在內，或將有助於我們推動中個位數成長的目標。因此，我們將中等個位數的成長視為我們整體的有機計劃。然後，當這些其他機會透過我們剛才談到的無機機會出現時，這將是附加的。因此，我們的基地始終是我們可以控制的東西，努力爭取成長，Harmon Creek II、Preakness II、秘書處。您剛剛聽到戴夫談論我們在二疊紀和液化天然氣成長領域的天然氣管道策略。所有這些都進入了我們對發展合作關係的基本感覺，至少是中個位數的現金流。當我們做格雷格談到的收購尤蒂卡合資夥伴之類的事情時，我們認為這是對我們目標的補充。

Got it. That's very helpful. And maybe just digging in on that acquisition, I think the seller put out certain numbers around there with -- that implied certain EBITDA for the asset. And I was just wondering if you could provide any thoughts with regards to how -- what type of economics you're seeing with this deal and how that could maybe improve over time?

知道了。這非常有幫助。也許只是深入研究那次收購，我認為賣方給了一些數字——這意味著該資產具有一定的 EBITDA。我只是想知道您是否可以提供任何關於您在這筆交易中看到的經濟類型以及隨著時間的推移如何改善的想法？

Jeremy, this is Greg. Yes, we really look at the Utica story as -- as I mentioned, we're very bullish about it. The rigs are there, the activity is coming up. We're already seeing growth. And we think this is a volume story, utilizing facilities that have existing capacity. So in an ideal situation, you would see new drilling off of -- even off of existing pads with no new investment. But even in the case of new pads, it's essentially well connects into our system and then we take advantage of existing truck pipelines compression in our processing and fractionation facilities that are already there with capacity. So we think there's upside in value related primarily to volume and not having to spend a lot of additional capital to capture that volume.

傑里米，這是格雷格。是的，我們確實看待尤蒂卡的故事——正如我所提到的，我們非常看好它。鑽孔機已經到位，活動即將開始。我們已經看到了成長。我們認為這是一個利用現有容量的設施的故事。因此，在理想情況下，您會看到新的鑽孔，甚至是在沒有新投資的情況下從現有的墊子上進行的鑽孔。但即使在新墊的情況下，它基本上也能很好地連接到我們的系統中，然後我們利用我們已經具備能力的加工和分餾設施中現有的卡車管道壓縮。因此，我們認為價值的上升主要與數量有關，並且不必花費大量額外資本來獲取該數量。

Jeremy, it's Mike. Just to add on to what Greg said, obviously we think the multiple is going to be better than what was put out there earlier. We're just cognizant of not putting our data out too soon. We just want to show it in the results and then we can talk about it later.

傑里米，是麥克。補充一下格雷格所說的，顯然我們認為這個倍數會比之前公佈的要好。我們只是意識到不要過早公佈我們的數據。我們只是想在結果中顯示出來，然後我們稍後再討論。

Got it. That's very helpful. And maybe just kind of circling back to the point at the top there. You talked about as it relates to capital allocation, red bar, blue bar. I think there might have been some purple bar points in the past. But just wondering, as you think about, I guess, the potential red bar there and further, I guess, bolt-ons, would you look to retain more further to improve the balance sheet if there are future opportunities have materialized or is leverage low enough at this point, or is buybacks really kind focused for that?

知道了。這非常有幫助。也許只是繞回頂部的那個點。您談到了與資本配置相關的紅條、藍條。我認為過去可能存在一些紫色的條點。但只是想知道，當你思考時，我猜，那裡潛在的紅條以及進一步的，我猜，如果未來的機會已經實現或者槓桿率較低，你是否會希望進一步保留更多以改善資產負債表在這一點上已經足夠了，或者回購真的是為了這個目的嗎？

Yes, Jeremy, we always say it's a good problem to have. We think we're in a great position on financial flexibility. Like you mentioned, the balance sheet is in good shape. We're generating excess cash beyond distributions and capital at this point. We also feel like we have different opportunities for us. And you're right. Thanks for that reference. Sometimes the cash flows are hard to debate and we sometimes call them purple.

是的，傑里米，我們總是說這是一個好問題。我們認為我們在財務靈活性方面處於有利地位。正如您所提到的，資產負債表狀況良好。目前，我們正在產生超出分配和資本的多餘現金。我們也覺得我們有不同的機會。你是對的。感謝您的參考。有時現金流很難爭論，我們有時稱它們為紫色。

But in general, I'm hoping the takeaway is we're going to generate enough cash to put ourselves in a good financial flexibility position. That's where it all starts. And then we debate the color of the cash flows and how we think we can get the most shareholder value. We've been leaning more towards distribution because it's blue. And as you know, the way we run the business is to generate cash flows that we think will be there long term. So that's why they're mostly blue.

但總的來說，我希望我們能夠產生足夠的現金，使自己處於良好的財務靈活性狀態。這就是一切開始的地方。然後我們討論現金流的顏色以及我們認為如何獲得最大的股東價值。我們更傾向於分發，因為它是藍色的。如您所知，我們經營業務的方式是產生我們認為會長期存在的現金流。這就是為什麼它們大多是藍色的。

I know people have been asking a little bit about our buyback strategy. And hopefully, when I answered John's question, I gave you a little bit more color around that. But -- so we'll have that flexibility. We have the financial flexibility for where we are. We're going to continue to look at our organic growth. We'll evaluate some organic as it comes along. And at the end of the day, all we're trying to do day in and day out is create more value for our unitholders.

我知道人們一直在詢問我們的回購策略。希望當我回答約翰的問題時，我給了你更多關於這個問題的資訊。但是——所以我們將擁有這種靈活性。我們的財務狀況具有靈活性。我們將繼續關注我們的有機成長。我們將評估一些有機產品的出現。歸根結底，我們日復一日地努力做的就是為我們的單位持有者創造更多價值。

Our next question comes from Theresa Chen with Barclays.

我們的下一個問題來自巴克萊銀行的Theresa Chen。

Going back to Dave's comments about the expansion in the Permian NGL platform, in relation to the Texas City frac and storage project, can you just help us think about how a long haul pipeline productivity solution could come about, and whether it would be independent or an extension of the, I believe, 42% UGI that BANGL has an EPIC NGL. And then also [downstream] from that, is there space in Texas City on MPC's Galveston Bay docks for LPG export opportunities if the Texas City frac and storage projects do come to fruition? And would it be the parent that would be marketing those volumes and taking the commodities risk? Just help think about how that value chain could play out.

回到戴夫關於二疊紀 NGL 平台擴張以及德克薩斯城壓裂和儲存項目的評論，您能否幫助我們思考如何實現長途管道生產力解決方案，以及它是否是獨立的或我相信，BANGL擁有EPIC NGL 的42% UGI 的延伸。然後[下游]，如果德克薩斯城的壓裂和儲存項目確實取得成果，德克薩斯城的 MPC 加爾維斯頓灣碼頭是否有空間提供液化石油氣出口機會？母公司是否會負責銷售這些產品並承擔商品風險？只是幫助思考該價值鏈如何發揮作用。

Yes, Theresa, thanks for the question. I'll let Dave give a little more detail there. But you kind of laid out a lot of optionality that we have and we're going to continue to evaluate all the different options. But let me let Dave give a little more color.

是的，特蕾莎，謝謝你的提問。我會讓戴夫提供更多細節。但你為我們提供了很多選擇，我們將繼續評估所有不同的選擇。但讓我讓戴夫再多一點色彩。

Yes, Theresa, I think Mike said it extremely well. There's a couple of key things to think about as we look at these large projects, multi-year value chain build out projects. One is how do we leverage the existing assets we have either in the ground or in the vicinity, number one. Number two, how do we leverage and incorporate existing partnerships and JVs we have such as BANGL. And then third is how do we leverage our parent company, MPC, back to Galveston Bay.

是的，特蕾莎，我認為麥克說得非常好。當我們審視這些大型專案、多年價值鏈建設專案時，有幾個關鍵問題需要考慮。一是我們如何利用我們在地下或附近擁有的現有資產，這是第一。第二，我們如何利用和整合現有的合作夥伴關係和合資企業，例如 BANGL。第三是我們如何利用我們的母公司 MPC 回到加爾維斯頓灣。

And so as we look at all those and that's -- and we think through the scenarios and the options of both near-term build out and commercialization, but long-term value creation. Right now we're going through multiple scenarios. And as you can imagine, we want to make sure we look through all those both from a financial return perspective, near term, a commerciality and flexibility, and then also a long-term growth platform. So I think as you stated, there's a lot of pieces to that puzzle and we're in all the work of doing that right now. But we feel good about our options and our flexibility and now we're just trying to determine how we bring it to realization. Hopefully that helps a little bit.

因此，當我們審視所有這些時，我們會思考短期建設和商業化以及長期價值創造的場景和選項。現在我們正在經歷多種場景。正如你可以想像的那樣，我們希望確保從財務回報、短期、商業性和靈活性以及長期成長平台的角度來審視所有這些。所以我認為正如你所說，這個難題有很多部分，我們現在正在做所有的工作。但我們對我們的選擇和靈活性感到滿意，現在我們只是想確定如何實現它。希望這能有所幫助。

And maybe turning to the residue side, can you give us an update on the in-service timeline for Matterhorn? And given your partnership with Enbridge and WhiteWater and combining Whistler ADCC with Rio Bravo, would you be evaluating participation in another bullet residue pipe that is evidently necessary out of the basin come a couple of years?

也許轉向殘餘物方面，您能給我們提供馬特洪峰服役時間表的最新資訊嗎？鑑於您與 Enbridge 和 WhiteWater 的合作關係，以及將惠斯勒 ADCC 與 Rio Bravo 相結合，您是否會評估參與幾年後顯然有必要從流域流出的另一根子彈渣管？

Yes. So I'll touch on Matterhorn and then I'll turn it over to Shawn. He can give a little more update. First of all, I think Matterhorn is planning to come on 3Q of this year. So I'll start with that. So as you think about clearing natural gas out of the Permian, you can think of Whistler, Whistler expansion, Matterhorn, you can think of ADCC, not that we're participating today, but you have Blackfin out there, and then you have Rio Bravo.

是的。所以我會談到馬特宏峰，然後我會把它交給肖恩。他可以提供更多更新資訊。首先，我認為馬特洪峰計劃在今年第三季到來。那我就從這個開始吧。因此，當您考慮從二疊紀地區清除天然氣時，您可以想到惠斯勒、惠斯勒擴張、馬特宏峰，您可以想到ADCC，不是我們今天參與的，而是那裡有Blackfin，然後還有Rio太棒了。

So as you go forward, this is -- our view is that you've got 2 sides of the equation. You've got the pull coming from these LNG facilities down to the Gulf Coast, which are majority of them backstopped by 20-year take or pays, which is a nice long-term pull. And then you've got the growth platform that Mike touched on earlier out of the Permian. And you really look at those by the 2030 time frame, there's substantial growth profile. So to answer your question, whether it be continued expansions that we've done very similar to Whistler and Matterhorn or is it new pipes, I think you can maybe read the tea leaves that there is incremental capacity needed clearly with barrels out of the Permian to the Gulf Coast.

因此，當你繼續前進時，我們的觀點是，你有等式的兩個面向。墨西哥灣沿岸的這些液化天然氣設施對您產生了拉力，其中大部分都受到 20 年照付不議的支持，這是一個不錯的長期拉力。然後你就得到了麥克之前提到的二疊紀的成長平台。到 2030 年，你真的會看到這些成長情況。因此，為了回答你的問題，無論是我們所做的與惠斯勒和馬特宏峰非常相似的持續擴張，還是新的管道，我想你也許可以讀到茶葉，二疊紀的桶顯然需要增量容量到墨西哥灣沿岸。

Teresa, it's Mike. I'll just add. The main drive between what Dave has mentioned as far as us doing these partnerships, et cetera, is to get to the very point that you just made. There's going to be more takeaway out of the basin. We want to participate in that, whether it's another residue pipe or not, and we're trying to position ourselves to be part of that.

特蕾莎，是麥克。我就補充一下。戴夫提到的我們開展這些合作夥伴關係等的主要動力是要達到您剛才提出的要點。盆地裡將會有更多的外帶。我們想參與其中，無論是否是另一個殘渣管道，我們正在努力讓自己成為其中的一部分。

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。

First, just wanted to ask, can you talk to the conversion of some of the preferreds? It looks like it was a lot in Q1. And I just want to make sure, did that factor at all into the decision to buyback stock in Q1 since you had new stock coming into the market? First, I just wanted to ask, can you talk to the conversion of some of the preferreds? It looks like there was a lot in Q1. And I just want to make sure, did that factor at all into the decision to buy back stock in Q1 since you had new stock coming into the market?

首先，只是想問一下，可以談談一些偏好的轉換嗎？看起來第一季的數量很多。我只是想確定，自從有新股票進入市場以來，這是否是第一季回購股票的決定的考慮因素？首先我想問一下，您能談談一些偏好的轉換嗎？看起來第一季有很多。我只是想確定，自從有新股票進入市場以來，這是否是第一季回購股票的決定的考慮因素？

You're correct. You did see some significant conversions happened during the quarter. I think with the investor base, in those units, they have that ability to do that, at their leisure quarterly. It did not have any impact on our unit buyback program. That -- kind of that capital allocation strategy is unchanged as Mike had hit on.

你是對的。您確實看到本季發生了一些重大轉變。我認為，憑藉這些單位的投資者基礎，他們有能力在每季閒暇時做到這一點。它對我們的單位回購計劃沒有任何影響。正如麥克所說，那種資本配置策略並沒有改變。

Okay. Great. And sorry if I missed this, but for the JV buy-ins bolt-ons that you've done, can you say, Summit, it sounds like you were pretty excited about. Can you say if you initiated these transactions with partners or partners are looking to sell and came to you? I'm more curious just looking forward, are you optimistic there could be other opportunities? The company has a lot of JVs that potentially you could look at buying other partners' interests. Just any thoughts there?

好的。偉大的。很抱歉，如果我錯過了這一點，但是對於您所做的合資企業收購，您能說，Summit，聽起來您對此感到非常興奮。您能否說一下，這些交易是您與合作夥伴發起的，還是合作夥伴正在尋求出售並來找您？我更好奇的是，你對未來還有其他機會持樂觀態度嗎？該公司有很多合資企業，您可能會考慮購買其他合作夥伴的權益。只是有什麼想法嗎？

Yes. Keith, I think you hit it on the head. We're excited about all of them. And we were able to kind of voice into the Summit, show some real numbers with first quarter activity. When it comes to the evaluation of additional opportunities, we're evaluating them all. The good thing with these types of acquisitions, we're very familiar with the assets and we're very familiar with the partners. With all of these opportunities though, we view them with the lens of strict capital discipline. So from our perspective, it has to be at the right value for us and our unitholders.

是的。基思，我認為你擊中了要害。我們對他們所有人都感到興奮。我們能夠在高峰會上發表意見，展示第一季活動的一些真實數據。在評估其他機會時，我們正在評估所有機會。這類收購的好處是，我們對資產非常熟悉，對合作夥伴也非常熟悉。不過，面對所有這些機會，我們會從嚴格的資本紀律角度來看它們。因此，從我們的角度來看，它必須為我們和我們的單位持有者提供正確的價值。

And our last 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。

My question a little bit on what you've been talking about on just the return of capital framework post to SMLP. I'm just wondering, were you all suggesting that sort of post this, you would continue -- you would consider substantially boosting that DPU materially again or even more buybacks or would you consider even a sizable acquisition? I'm just wondering how you're sort of thinking about things post this.

我的問題是關於您一直在談論的關於 SMLP 資本框架回報的問題。我只是想知道，你們是否都建議發表此類帖子，你們會繼續考慮再次大幅提高 DPU 甚至更多回購，還是會考慮進行大規模收購？我只是想知道你是如何看待這篇文章的。

Yes, it's all of the above. So, hopefully, we've been clear that we're going to continue to generate more cash, we're going to grow the cash flows. As a result of that, we're going to continue to increase the distribution as our primary return of capital. We're going to look at buybacks as part of our capital allocation framework. We're going to continue to invest organically and then we're going to look at the inorganic stuff that's available. I'm much more of a believer in the organic opportunities, because they get us to higher return, more efficient capital, et cetera, and that's what you've seen over the last couple of years in general.

是的，就是以上全部。因此，希望我們已經明確表示，我們將繼續產生更多現金，我們將增加現金流。因此，我們將繼續增加分配，作為我們的主要資本回報。我們將把回購視為我們資本配置架構的一部分。我們將繼續進行有機投資，然後我們將研究可用的無機材料。我更相信有機機會，因為它們能讓我們獲得更高的回報、更有效的資本等等，而這就是你在過去幾年所看到的整體情況。

But like I said at the start of this, it all starts with growing cash flows and whether it's doing it organically or through some of these bolt-ons that we've talked about. At the end of the day, grow the cash flows, invest wisely. That's why I always say it's a return on and a return of business. And then I'm a big believer in return capital to our unitholders. So hopefully, we're going to continue to show you that we're going to grow that distribution continually over time meaningfully as you've seen over the last couple of years and that's certainly our goal.

但就像我在本文開頭所說的那樣，這一切都始於現金流的成長，無論是有機地實現還是透過我們討論過的一些附加手段實現。最終，增加現金流，明智地投資。這就是為什麼我總是說這是一種回報，是一種商業回報。然後，我堅信向我們的單位持有人返還資本。因此，希望我們將繼續向您展示，我們將隨著時間的推移不斷有意義地擴大該發行版，正如您在過去幾年中所看到的那樣，這當然是我們的目標。

No, that's very clear. Just a quick follow-up on the Marcellus gathering. It's really nice to see another significant year-over-year increase there on your last quarter. I'm just wondering what -- make sure I understand what's sort of the capacity situation there as it appears that area continues to be positively trending. I'm just wondering is there still potentially more upside as you've been seeing?

不，這很清楚。只是馬塞勒斯聚會的快速跟進。很高興看到上一季的年增率再次顯著。我只是想知道——確保我了解那裡的容量情況，因為該地區似乎繼續呈現積極趨勢。我只是想知道是否還有像您所看到的那樣有更多潛在的好處？

Yes. We do have additional upside, but we run that system at very high utilization as you've seen. We're over -- we continue to be over 90% utilized on processing in the Marcellus and that really matches up with the -- with our Liberty Gathering System capacity. We don't -- we only gather for some customers in Marcellus. We process for a lot of customers. We don't necessarily gather for all of them. But -- so when you see gathering numbers, it's typically our Liberty System in Washington County and we do try to add capacity just in time, to match the processing growth

是的。我們確實有額外的優勢，但正如您所見，我們以非常高的利用率運行系統。我們已經結束了——我們的 Marcellus 處理利用率仍然超過 90%，這確實與我們的 Liberty Gathering 系統容量相符。我們沒有——我們只是為馬塞勒斯的一些客戶聚集。我們為許多客戶加工。我們不一定要為所有人聚集。但是 - 所以當你看到收集的數字時，通常是我們華盛頓縣的 Liberty 系統，我們確實嘗試及時增加容量，以匹配處理量的增長

The only other thing that I would add Neal is we've anticipated the market has for a long time of MDP coming online up in the Northeast. We think that will be a significant change to the activity up there, 2 DCF pipeline coming on to what has been a constrained area for some time. And then as Greg mentioned, we're pretty excited about the renewed interest in the Utica, particularly the rich area, as liquids compared to the dry price is certainly pushing people more into the liquids rich area.

Neal 唯一要補充的另一件事是，我們長期以來一直預計 MDP 市場將在東北地區上線。我們認為這將對那裡的活動產生重大變化，2 條 DCF 管道將進入一段時間以來一直受到限制的區域。正如格雷格所提到的，我們對尤蒂卡重新產生興趣感到非常興奮，特別是富裕地區，因為與乾貨價格相比，液體肯定會促使人們更多地進入液體豐富的地區。

So, it's one of our key growth areas, it has been, will continue to be. I think you've heard throughout the call today, Greg talked a lot about what's happening on the gas side of the business up in the Northeast. Dave talked a lot about what we're doing as far as natural gas expansion and NGL expansion down in the Permian. So we're pretty confident and optimistic that our plan is working, our strategy continues to be good and we're going to grow cash flows and return capital to unitholders. So that's how we feel at this point.

因此，它一直是我們的關鍵成長領域之一，將來也將繼續如此。我想您在今天的整個電話會議中都聽到了，格雷格談論了很多有關東北部天然氣業務方面正在發生的事情。戴夫（Dave）談到了我們在二疊紀天然氣擴張和液化天然氣擴張方面所做的很多事情。因此，我們非常有信心和樂觀地認為我們的計劃正在發揮作用，我們的策略仍然良好，我們將增加現金流並向單位持有人返還資本。這就是我們此時的感受。

All right. With that, thank you for joining us today, and thank you for your interest in MPLX. Should you have additional questions or would like clarification on any of the topics discussed today, members of our Investor Relations team will be available today to help you with your call. Thank you so much.

好的。在此，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，我們的投資者關係團隊的成員今天將隨時為您提供幫助。太感謝了。

Thank you. That does conclude today's conference. Thank you once again for your participation. You may disconnect at this time.

謝謝。今天的會議到此結束。再次感謝您的參與。此時您可以斷開連線。