MPLX LP (MPLX) 2024 Q3 法說會逐字稿

Welcome to the MPLX Third 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。

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 MPLX's Third Quarter 2024 Earnings Conference Call. The slides that accompany this call can be found on our website at mplx.com under the Investor tab. Joining me on the call today are Maryann Mannen, President and CEO; Kris Hagedorn, CFO; and other members of the executive team.

早上好，歡迎參加 MPLX 2024 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。今天和我一起參加電話會議的是總裁兼執行長 Maryann Mannen；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 are expected today. Factors that could cause actual results to differ are included there as well as in our filings with the SEC. And with that, I'll turn it over to Maryann.

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。這提醒我們，我們將在電話會議和隨後的問答環節中做出前瞻性陳述。實際結果可能與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其中以及我們向 SEC 提交的文件中。有了這個，我會把它交給瑪麗安。

Thanks, Kristina. Good morning, and thank you for joining our call. We have grown MPLX adjusted EBITDA by over 7% through the first nine months of the year when compared to last year, which supported the decision to increase the distribution 12.5% this quarter. While delivering on our commitment to safely operate our assets, protect the health and safety of our employees and support the communities in which we operate, in the third quarter, MPLX generated record adjusted EBITDA of $1.7 billion, a 7% increase compared to last year's third quarter. Distributable cash flow was $1.4 billion, which supported the return of nearly $950 million to unitholders.

謝謝，克里斯蒂娜。早安，感謝您加入我們的通話。與去年相比，今年前 9 個月，MPLX 調整後 EBITDA 成長了 7% 以上，這支持了本季將分配增加 12.5% 的決定。在履行我們安全營運資產、保護員工健康和安全以及支持我們營運所在社區的承諾的同時，MPLX 在第三季度創造了創紀錄的 17 億美元調整後 EBITDA，與去年相比增長了 7%第三季度。可分配現金流為 14 億美元，支持向單位持有人返還近 9.5 億美元。

We are committed to returning capital to unitholders primarily through a growing distribution, but also through unit buybacks. And our growing portfolio is expected to support this level of annual distribution increases in the future.

我們致力於主要透過增加分配以及單位回購的方式向單位持有人返還資本。我們不斷增長的投資組合預計將支持未來年度分配成長的水平。

Turning to the macro. The United States continues to be a low-cost producer of energy fuels needed across the globe, and the outlook for hydrocarbons remains robust. Grid electrification, onshoring, near-shoring and data center development are driving natural gas demand growth forecast through the end of the decade.

轉向宏觀。美國仍然是全球所需能源燃料的低成本生產國，碳氫化合物的前景仍然強勁。電網電氣化、在岸、近岸和資料中心的發展正在推動本世紀末天然氣需求成長的預測。

As demand increases for natural gas-powered electricity, we are well positioned to support the development plans of our producer customers. Globally, demand for transportation fuels is expected to grow, outpacing near-term capacity additions.

隨著天然氣電力需求的增加，我們有能力支持生產商客戶的發展計畫。在全球範圍內，運輸燃料的需求預計將成長，超過近期產能的成長。

The US refining industry is expected to remain structurally advantaged over the rest of the world, and we believe Marathon's refining assets are the most competitive in each region in which they operate. Our operations within these refining value chains will provide future growth opportunities.

預計美國煉油業相對於世界其他地區仍將保持結構性優勢，我們相信馬拉鬆的煉油資產在其營運的每個地區都最具競爭力。我們在這些煉油價值鏈中的業務將提供未來的成長機會。

MPLX advanced its strategic growth objectives with capital spending expected at over $1 billion for the year. Anchored in the Permian and Marcellus basins, our integrated footprint positions the partnership with opportunities to grow our natural gas and NGL assets.

MPLX 推進了其戰略成長目標，今年的資本支出預計將超過 10 億美元。我們的綜合足跡立足於二疊紀和馬塞勒斯盆地，為合作夥伴關係提供了發展天然氣和液化天然氣資產的機會。

Within our gathering and processing businesses, producer activity remains robust across the Marcellus, Utica and Permian Basins. We are bringing new gas processing plants online to meet increasing customer demand in the Permian and Marcellus basins. In the Northeast, drilling efficiencies and longer laterals are allowing producers to hold costs steady while growing production volumes.

在我們的採集和加工業務中，馬塞勒斯、尤蒂卡和二疊紀盆地的生產者活動仍然強勁。我們正在建造新的天然氣加工廠，以滿足二疊紀和馬塞勒斯盆地日益增長的客戶需求。在東北部，鑽井效率和更長的橫向鑽井使生產商能夠在增加產量的同時保持成本穩定。

In the Utica, producers are targeting economically advantaged liquids-rich acreage. Our year-to-date processing volumes have increased 50% versus the prior year. Producers' interest in working with MPLX remains strong. As new wells are placed online, we are positioned for throughput to increase in the Utica with minimal capital spending.

在尤蒂卡，生產商瞄準了具有經濟優勢、液體豐富的土地。我們今年迄今的處理量比前一年增加了 50%。製作人對與 MPLX 合作的興趣依然濃厚。隨著新井上線，我們能夠以最小的資本支出增加尤蒂卡的產量。

In the Marcellus, we are building the Harmon Creek III processing plant and adding fractionation capacity as we work with our customers to align capacity expansion with their drilling plans. This project further enhances MPLX's position as the largest processor of natural gas and fractionator of NGLs in the Northeast. Once online in the second half of 2026, MPLX is expected to have Northeast processing capacity of 8.1 billion cubic feet per day and fractionation capacity of 800,000 barrels a day.

在馬塞勒斯，我們正在建造 Harmon Creek III 加工廠並增加分餾產能，同時我們與客戶合作，使產能擴張與他們的鑽井計劃保持一致。該項目進一步增強了 MPLX 作為東北地區最大的天然氣加工商和液化天然氣分餾廠的地位。一旦於2026年下半年上線，MPLX預計將擁有東北部每天81億立方英尺的加工能力和每天80萬桶的分餾能力。

Demonstrating our commitment to operational excellence, our Bluestone plant recently became the first natural gas facility in the country to achieve the US EPA's ENERGY STAR. This requires reducing energy intensity by 10% within five years, and I am proud to share our team achieved an intensity reduction at Bluestone of approximately 12% in just 24-months. This accomplishment demonstrates our approach to continuous improvements and will reduce operating costs at the processing plant.

我們的 Bluestone 工廠最近成為美國第一家獲得美國 EPA 能源之星認證的天然氣工廠，體現了我們對卓越營運的承諾。這需要在五年內將能源強度降低 10%，我很自豪地分享我們的團隊在短短 24 個月內將 Bluestone 的能源強度降低了約 12%。這項成就展示了我們持續改進的方法，並將降低加工廠的營運成本。

Moving to the Permian, the Preakness II processing plant began operations in July and we are constructing the Secretariat processing plant. MPLX processing capacity in the Delaware Basin in the Permian is expected to be 1.4 Bcf per day once Secretariat is online in the second half of 2025. In the L&S segment, strong production in the Permian continues to create opportunities to execute on our wellhead-to-water strategy across crude, natural gas and NGLs.

轉到二疊紀，Preakness II 加工廠於 7 月開始運營，我們正在建造秘書處加工廠。一旦秘書處於 2025 年下半年上線，二疊紀特拉華盆地的 MPLX 處理能力預計將達到每天 1.4 Bcf。在 L&S 領域，二疊紀盆地的強勁產量持續為我們在原油、天然氣和液化天然氣領域執行井口到水戰略創造機會。

In the third quarter, we closed the acquisition of additional interest in the BANGL pipeline, bringing our ownership interest to 45%. The expansion of this pipeline to 250,000 barrels a day is expected to be completed in the first quarter of 2025 as we progress the development of this strategic asset in our NGL value chain and wellhead-to-water strategy.

第三季度，我們完成了 BANGL 管道額外權益的收購，使我們的所有權權益達到 45%。隨著我們在 NGL 價值鍊和井口到水戰略中推進這項戰略資產的開發，該管道預計將於 2025 年第一季完成至每天 25 萬桶的擴建。

Additionally, progress continues on the Blackcomb and Rio Bravo pipeline, which will connect Permian Basin supply to Gulf Coast domestic and export markets. Both pipelines are anticipated in service in the second half of 2026. The remainder of our capital plan is mostly comprised of smaller, higher-return investments targeted at expansion or debottlenecking of existing assets.

此外，Blackcomb 和 Rio Bravo 管道的進展仍在繼續，該管道將把二疊紀盆地的供應連接到墨西哥灣沿岸的國內和出口市場。兩條管道預計將於 2026 年下半年投入使用。我們資本計畫的其餘部分主要由規模較小、回報較高的投資組成，旨在擴大或消除現有資產的瓶頸。

For example, we have increased the size of our inland marine fleet to enhance product placement flexibility, expanded pipelines to serve regional demand growth and added storage to optimize crude blending for third parties.

例如，我們擴大了內陸海運船隊的規模，以提高產品佈局的靈活性，擴大管道以滿足區域需求成長，並增加儲存以優化第三方的原油混合。

We have been able to execute our growth strategy using cash from operations, funding organic opportunities like the Preakness II, Secretariat and Harmon Creek II and III processing plants and inorganic growth opportunities like the Summit Utica acquisition and our acquisition of additional interest in the BANGL pipeline. We are confident in the potential of these growth opportunities to generate durable cash flow for MPLX supporting our commitment to return capital to unitholders.

我們能夠利用營運現金執行我們的成長策略，資助 Preakness II、Secretariat 和 Harmon Creek II 和 III 加工廠等有機成長機會，以及收購 Summit Utica 和我們收購 BANGL 管道的額外權益等無機成長機會。我們對這些成長機會為 MPLX 產生持久現金流的潛力充滿信心，支持我們向單位持有人返還資本的承諾。

Now let me turn the call over to Kris to discuss our operational and financial results for the quarter.

現在讓我將電話轉給克里斯，討論我們本季的營運和財務表現。

Thanks, Maryann. slide 6 outlines the third quarter operational and financial performance highlights for the Logistics and Storage segment. L&S segment adjusted EBITDA set a new record, increasing $66 million when compared to third quarter 2023. This was driven by higher rates and throughputs, including growth from equity affiliates, offset by higher associated operating expenses.

謝謝，瑪麗安。幻燈片 6 概述了物流和倉儲部門第三季度的營運和財務業績亮點。L&S 部門調整後 EBITDA 創下新紀錄，與 2023 年第三季相比增加了 6,600 萬美元。這是由較高的費率和吞吐量推動的，包括股權附屬公司的成長，但被較高的相關營運費用所抵消。

Pipeline volumes were up year-over-year, primarily due to lower volume impact from refinery maintenance and higher throughputs on the West Coast. Terminal volumes were also up year-over-year, primarily due to higher throughputs on the West Coast.

管道運輸量較去年同期成長，主要是由於煉油廠維護對運輸量的影響較小以及西海岸的吞吐量較高。碼頭吞吐量也較去年同期成長，主要是因為西海岸的吞吐量增加。

Moving to our Gathering and Processing segment highlights on slide 7. The G&P segment also established a new record to adjusted EBITDA -- increase -- as adjusted EBITDA increased $52 million compared to the third quarter of 2023. This was driven by increased volumes, including contributions from recently acquired assets in the Utica and Permian Basins. Total gathered volumes were up 8% year-over-year, primarily due to increased production in the Marcellus and the addition of dry gas volumes from Utica assets acquired earlier this year.

前往投影片 7 上我們的收集和處理部分的重點內容。G&P 部門也創造了調整後 EBITDA 成長的新紀錄，調整後 EBITDA 與 2023 年第三季相比增加了 5,200 萬美元。這是由產量增加所推動的，包括最近收購的尤蒂卡盆地和二疊紀盆地資產的貢獻。總收集量年增 8%，主要是由於 Marcellus 產量增加以及今年稍早收購的 Utica 資產的乾燥氣體量增加。

Processing volumes were up 9% year-over-year, primarily from higher volumes in the Utica, Southwest and the Marcellus. Our recently placed in service processing plants, Harmon Creek II and Preakness II continue to see increased volumes and are expected to reach capacity within the next 12 months. In the Utica, volumes have increased 43% year-over-year, highlighting the value producers are seeing in the liquids-rich acreage. Total fractionation volumes grew 4% year-over-year, primarily due to higher volumes processed and ethane recoveries in the Marcellus and Utica.

加工量年增 9%，主要是由於尤蒂卡、西南和馬塞勒斯的加工量增加。我們最近投入的服務加工廠 Harmon Creek II 和 Preakness II 的產量持續增加，預計在未來 12 個月內達到產能。在尤蒂卡，產量年增了 43%，凸顯了生產商在液體豐富的地區看到的價值。總分餾量較去年同期成長 4%，主要是由於馬塞勒斯和尤蒂卡的加工量和乙烷回收量增加。

Focusing on the Marcellus, by far, our largest basin of G&P operations, we saw year-over-year volume increases of 11% for gathering and 4% for processing, driven by production growth. Marcellus processing utilization was 92% in the quarter, reflecting the continued ramp of our Harmon Creek II processing plant.

重點關注迄今為止我們最大的 G&P 作業盆地 Marcellus，在產量增長的推動下，我們的採集量同比增長 11%，加工量同比增長 4%。本季 Marcellus 加工使用率為 92%，反映了我們 Harmon Creek II 加工廠的持續成長。

Our Gathering and Processing business continues to grow, and today, MPLX handles over 10% of all natural gas produced in the United States, having recently processed a new daily record of over 10 Bcf per day.

我們的收集和加工業務持續成長，如今，MPLX 處理美國生產的所有天然氣的 10% 以上，最近創下了每天處理超過 10 Bcf 的新紀錄。

Moving to our third quarter financial highlights on slide 8. Total adjusted EBITDA of $1.7 billion and distributable cash flow of $1.4 billion increased 7% and 5%, respectively from the prior year. MPLX returned $873 million in distributions and $76 million in unit repurchases to its unitholders this quarter.

前往投影片 8 上的第三季財務摘要。調整後 EBITDA 總額為 17 億美元，可分配現金流量為 14 億美元，分別較上年增加 7% 及 5%。MPLX 本季向其單位持有人返還 8.73 億美元的分配和 7,600 萬美元的單位回購。

As Maryann discussed, based on our confidence in the growth of the business, we increased the distribution by 12.5% to approximately $3.83 per unit annualized, while maintaining strong distribution coverage of 1.5 times. MPLX ended the quarter with a cash balance of $2.4 billion. As a reminder, MPLX expects to retire $1.65 billion of senior notes maturing in December 2024 and February 2025. At the end of the quarter, our leverage was 3.4 times.

正如 Maryann 所討論的，基於我們對業務成長的信心，我們將分配增加了 12.5%，達到每單位年化約 3.83 美元，同時保持 1.5 倍的強大分配覆蓋範圍。MPLX 本季末現金餘額為 24 億美元。提醒一下，MPLX 預計將註銷 2024 年 12 月和 2025 年 2 月到期的 16.5 億美元優先票據。截至本季末，我們的槓桿率為3.4倍。

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

現在讓我把它交還給瑪麗安，讓她聽聽最後的想法。

Thanks, Kris. We have delivered over 6% adjusted EBITDA growth and just under 8% DCF growth on a three-year compound annual basis. We are executing our strategy and advancing growth opportunities across our value chain. In the Permian, we continue to see growth opportunities in our natural gas, NGL and crude value chains. In the Marcellus and Utica, producer activity remains robust, supporting growth of our gathering, processing and fractionation footprint. Advancing these high-return growth projects position us to grow our cash flow.

謝謝，克里斯。以三年複合年計算，我們的調整後 EBITDA 成長率超過 6%，DCF 成長率略低於 8%。我們正在執行我們的策略並推動整個價值鏈的成長機會。在二疊紀，我們繼續看到天然氣、液化天然氣和原油價值鏈的成長機會。在馬塞勒斯和尤蒂卡，生產商活動仍然強勁，支持了我們採集、加工和分餾足跡的成長。推進這些高回報成長項目使我們能夠增加現金流。

MPLX is a strategic investment for Marathon. And with the distribution increase, MPC now expects to receive nearly $2.5 billion annually from MPLX, illustrating the strategic value of MPLX within MPC's portfolio. And as both pursue growth opportunities, the value of this strategic relationship is further enhanced. The growth and durability of our cash flows combined with strong coverage and low leverage provides MPLX considerable financial flexibility, driving the decision to increase the distribution by 12.5% this quarter.

MPLX 是 Marathon 的策略投資。隨著分配的增加，MPC 現在預計每年將從 MPLX 獲得近 25 億美元，這說明了 MPLX 在 MPC 投資組合中的戰略價值。隨著雙方都尋求成長機會，這種策略關係的價值進一步提升。我們現金流的成長和持久性，加上強大的覆蓋範圍和低槓桿率，為 MPLX 提供了相當大的財務靈活性，推動了本季將分配增加 12.5% 的決定。

Our commitment to operational excellence, our growth opportunities and our financial flexibility position us to support this level of annual distribution increase in the future. Now let me turn the call back over to Kristina.

我們對卓越營運、成長機會和財務靈活性的承諾使我們能夠支持未來這一水準的年度分配成長。現在讓我把電話轉回給克里斯蒂娜。

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

謝謝，瑪麗安。當我們開始提問時，我們要求您只提出一個問題和一個後續問題。如果時間允許，我們可能會再提出其他問題。希拉，我們已經準備好回答問題了。

(Operator Instructions)

（操作員說明）

John Mackay with Goldman Sachs.

高盛的約翰·麥凱。

I appreciate all the comments around the distribution increase. Just curious if you could frame up a little more what drove the increase this year for 12.5% versus 10% prior? And how should we think about the forward pace of distribution growth from here?

我感謝所有有關分配增加的評論。只是好奇您能否詳細說明一下是什麼推動了今年 12.5% 的成長（與之前的 10% 相比）？我們該如何思考今後分銷成長的步伐？

John, thanks for the question. First, I'd say, look, the durability of our cash flows have really been the impetus for our decision to increase the distribution 12.5% versus the prior few years at 10%. We're executing our strategy. We're identifying and completing growth projects as we've talked about. We've announced a few of them here recently. I mentioned a few of them in my comments as well. We continue to reinvest in the business. And we're utilizing our portfolio of assets when you look at our capabilities in the Utica as an example.

約翰，謝謝你的提問。首先，我想說的是，我們現金流的持久性確實是我們決定將分配增加 12.5% 的推動力，而前幾年為 10%。我們正在執行我們的戰略。正如我們所討論的，我們正在確定並完成成長項目。我們最近在這裡宣布了其中一些。我在評論中也提到了其中一些。我們繼續對業務進行再投資。以我們在尤蒂卡的能力為例，我們正在利用我們的資產組合。

And then we think what we're trying to do here is really responsibly return capital to unitholders through this distribution and using share buyback appropriately as well. We think we've demonstrated over the last 3-year period distributable cash flows at just under 8%, EBITDA growth right in the range of 6%. We hope that you see our ability to continue to grow that.

然後我們認為我們在這裡試圖做的是透過這種分配並適當使用股票回購來真正負責任地向單位持有人返還資本。我們認為，過去 3 年期間的可分配現金流量略低於 8%，EBITDA 成長率在 6% 左右。我們希望您看到我們繼續發展這一點的能力。

We've talked about our opportunities in the short term. We talked about our wellhead-to-water strategy. We've announced over the last couple of quarters, our commitment to build out our NGL and nat gas strategies as well. And so as we look out to the future, the strength of that mid-single-digit growth opportunity gives us the confidence to share that 12% distribution increase and give you some visibility for that into the future.

我們已經討論了短期內的機會。我們討論了我們的井口到水戰略。我們在過去幾季宣布了製定液化天然氣和天然氣策略的承諾。因此，當我們展望未來時，中個位數成長機會的力量使我們有信心分享 12% 的分配成長，並讓您對未來有一定的了解。

Appreciate that. And maybe just turning to the Marcellus. Yes, this is one of the larger projects you've announced up there in a while. Maybe if you can kind of just frame up what you're seeing from the broader opportunity set there? Obviously, the Utica has recovered nicely. It looks like this would be some kind of incremental growth on the Marcellus side. Curious on just is Harmon III a one-off, let's say, or could there be more in the future?

很欣賞這一點。也許只是轉向馬塞勒斯。是的，這是您一段時間以來宣布的較大項目之一。也許您可以從更廣泛的機會中建立您所看到的內容？顯然，尤蒂卡已經恢復得很好。看起來這將是馬塞勒斯方面的某種增量成長。好奇 Harmon III 是一次性的嗎？

Sure, John. As you know, one of the things we've been trying to convey is the advancing of the strategy, Permian, Marcellus and Utica. As I mentioned, we'll be completing the Secretariat gas processing plant. That was our seventh in the late 2025. And then Harmon Creek III, I think is another example of working with our producer customers to provide just-in-time. I'm going to pass this to Greg because I think he'll share with you a bit more as how he sees the opportunities unfolding in the Marcellus.

當然，約翰。如你所知，我們一直試圖傳達的內容之一是二疊紀、馬塞勒斯和尤蒂卡策略的推進。正如我所提到的，我們將完成秘書處天然氣加工廠。這是我們在 2025 年末的第七次。然後是 Harmon Creek III，我認為這是與我們的生產商客戶合作提供準時服務的另一個例子。我將把這個轉告給格雷格，因為我認為他會與您分享更多關於他如何看待馬塞勒斯正在展現的機會。

John, we look at the Marcellus, it's 6 billion cubic feet a day of our 10 billion cubic feet total that we process every day. It's our largest area. You saw utilization up towards 95% before we brought Harmon Creek II online earlier this year. That plant continues to ramp, temporarily drop utilization down. But we're at high utilization there and a lot of it is just driven by longer laterals, flatter declines on the new wells. And it's the heart in terms of NGLs and rich gas productivity. We're in a sweet spot there.

約翰，我們看看 Marcellus，我們每天處理的總量為 100 億立方英尺，其中每天有 60 億立方英尺。這是我們最大的區域。在我們今年稍早將 Harmon Creek II 上線之前，您已經看到使用率高達 95%。該廠繼續產能擴張，利用率暫時下降。但我們在那裡的利用率很高，這很大程度上是由新井更長的支管、更平坦的下降所推動的。它是液化天然氣和豐富的天然氣生產力的核心。我們正處於一個有利的位置。

So we'll continue to work with our customers. We work with them regularly in terms of understanding their needs and their forecasts. And there may be opportunities incrementally to build out, but this is a big project for us and certainly will help drive that volume forward on our processing and gathering as well as liquid fractionation.

因此，我們將繼續與客戶合作。我們定期與他們合作，了解他們的需求和預測。可能會有逐步擴大的機會，但這對我們來說是一個大項目，肯定有助於推動我們的加工和收集以及液體分餾的產量。

Jeremy Tonet with JPMorgan.

傑里米·託內特 (Jeremy Tonet) 與摩根大通 (JPMorgan) 合作。

You listed a quite good list of organic growth initiatives. And so realize that's probably going to be front and center. But as it relates to future growth, I was just curious, I guess, on you've done some bolt-ons recently and how you see the opportunity set for this organic, as you said, or even some of these other bolt-ons out there. And at the same time, we've seen some of your peers make some larger M&A moves there. Just wondering how you think about balancing all of that right now?

您列出了一份非常好的有機成長計畫清單。所以要意識到這可能會成為首要和中心。但由於它與未來的成長有關，我想，我只是好奇你最近做了一些補充，以及你如何看待這種有機的機會，正如你所說，甚至是其他一些補充在那裡。同時，我們看到一些同行在那裡進行了一些更大規模的併購行動。只是想知道您現在如何考慮平衡所有這些？

Yes, Jeremy, thanks. So here's what I would say with respect to our opportunity set. We continue to see organic growth opportunities that will allow us really to deliver mid-single-digit growth. We've shared a couple of smaller bolt-on JV types.

是的，傑里米，謝謝。這就是我要說的關於我們的機會集的內容。我們繼續看到有機成長機會，這將使我們真正實現中個位數成長。我們分享了幾種較小的螺栓固定式合資企業類型。

As you know, those JVs are not part of our capital program. We've been spending about $1 billion a year, give or take, depending on how you look at that. Those opportunities to expand our JVs are not part of that capital program, and we'll continue to look for opportunities there.

如您所知，這些合資企業不屬於我們的資本計畫的一部分。我們每年花費約 10 億美元，無論給予或接受，取決於你如何看待這一點。這些擴大我們合資企業的機會並不屬於該資本計劃的一部分，我們將繼續在那裡尋找機會。

We did a recent one, as you know, first quarter of this year, Utica Summit bought out a JV partner, where we think provided us fairly quick EBITDA growth in a JV that we knew well. So we believe there are sufficient organic growth opportunities. We've been talking a bit about our wellhead-to-water strategy as well. That gives us some capabilities for the future. We've taken an incremental position in BANGL. You heard us talk about closing that as well. So our focus here is organic opportunities that will allow us to maintain that mid-single-digit growth that we are committing to.

如你所知，我們最近做了一次，今年第一季度，尤蒂卡峰會收購了一家合資夥伴，我們認為這為我們熟悉的合資企業提供了相當快的 EBITDA 增長。因此，我們相信有足夠的有機成長機會。我們也討論了一些關於我們的井口到水的策略。這給了我們一些面向未來的能力。我們在 BANGL 中佔據了增量位置。你也聽到我們談論關閉它。因此，我們的重點是有機機會，這將使我們能夠保持我們承諾的中個位數成長。

Got it. That's helpful there. And then just wanted to kind of pivot a little bit towards, I guess, the L&G side or really Rio Bravo pipeline project more specifically in that joint venture. And now that the DC Circuit Court vacated FERC authorization, I guess how do you think about progression on this project steps forward at this point, given the -- this setback?

知道了。這很有幫助。我想，然後只是想稍微轉向 L&G 方面，或者更具體地說，在該合資企業中，真正的 Rio Bravo 管道項目。既然 DC 巡迴法院撤銷了 FERC 的授權，我想您如何看待這個項目在這一點上的進展，考慮到這一挫折？

Yes. So first of all, the project is moving forward on schedule, while all of that DC activity is happening. There's been a request for a rehearing filed at the DC Circuit Court. This is not necessarily abnormal in terms of activities that happen. So as of right now, I would tell you, project moving forward. We'll continue to update as the results of that rehearing come to fruition, and we'll provide you incremental activity around that as well.

是的。首先，該專案正在按計劃推進，而所有 DC 活動都在進行。有人向華盛頓特區巡迴法院提出重審請求。就所發生的活動而言，這不一定是異常的。所以從現在開始，我可以告訴你，專案正在向前推進。隨著排練結果的實現，我們將繼續更新，我們還將為您提供圍繞此的增量活動。

Manav Gupta with UBS.

瑞銀集團的馬納夫·古普塔。

In your opening comments, you mentioned that you do expect incremental demand for electricity driven by data centers and natural gas -- the role natural gas will play in it. Some of your peers have been more vocal about it. Can you help us understand multiple ways in which MPLX can win if suddenly -- by 2030, you do need to 5 to 6 Bcf incremental natural gas to support electricity generation in the US?

在您的開場白中，您提到您確實預計資料中心和天然氣將推動電力需求的成長——天然氣將在其中發揮作用。你的一些同行對此更加直言不諱。您能否幫助我們了解 MPLX 可以透過多種方式獲勝，如果突然之間 - 到 2030 年，您確實需要 5 到 6 Bcf 增量天然氣來支援美國的發電？

Manav, thank you. I would say this, we stand ready to support our producer, customers as that demand comes to fruition. We think we're uniquely positioned to supply given you heard us speak about the level of capability that we have in the region. You see the amount of gas that we're processing, technically it's about 10%. We're ready to support the development plans of our producer customers, and we'll continue to monitor the activity around data centers, et cetera, we stand ready. I'll pass it to Greg and see if he's got any incremental thoughts for you on that.

馬納夫，謝謝你。我想說的是，隨著需求的實現，我們隨時準備好支持我們的生產者和客戶。鑑於您聽到我們談論我們在該地區的能力水平，我們認為我們在供應方面處於獨特的地位。您可以看到我們正在處理的天然氣量，從技術上講大約是 10%。我們已準備好支援生產商客戶的發展計劃，我們將繼續監控資料中心等方面的活動，我們已做好準備。我會將其傳遞給格雷格，看看他是否對此有任何補充想法。

I would say that I'd support what Maryann says, we're very well positioned in the Northeast. It's 70% of our total processing, and we also gather dry and lean gas there. So if you look at all of the molecules we touch, we're the largest player by far there, and I think we're very well positioned, whether initially, the data center demand is further downstream on the residue lines or whether eventually or could even be co-location of generation facilities and data centers closer to some of our facilities in the rich gas area. So we're excited about the opportunity. We'll be prepared to follow our customers there as required.

我想說我支持瑪麗安所說的，我們在東北部的位置非常好。它占我們總加工量的 70%，我們還在那裡收集乾燥和貧氣。因此，如果你看看我們接觸的所有分子，我們是迄今為止最大的參與者，而且我認為我們處於非常有利的位置，無論是最初，資料中心的需求位於殘留物生產線的下游，還是最終或甚至可以將發電設施和資料中心集中在靠近我們位於天然氣豐富地區的一些設施的地方。所以我們對這個機會感到很興奮。我們將準備好根據需要追蹤我們的客戶。

Quick follow-up here is, can we get an update on the Texas City frac and the storage project?

快速跟進是，我們可以獲得德克薩斯城壓裂和存儲項目的最新資訊嗎？

Manav, this is Dave. Yes, happy to give you an update there. And as we look at our NGL value chain, our wellhead water strategy, both from the G&P side through the long-haul pipes, the BANGL and all the way down to the Gulf Coast, we look at the Texas City frac and storage and terminal and dock as one of the options that we're evaluating to continue to build out that value chain.

馬納夫，這是戴夫。是的，很高興為您提供最新消息。當我們審視我們的 NGL 價值鏈、我們的井口水策略時，從 G&P 方面到長途管道、BANGL 一直到墨西哥灣沿岸，我們都會關注德克薩斯城的壓裂、儲存和終端並將停靠作為我們正在評估的選項之一，以繼續建立該價值鏈。

So that process is continuing. We want to make sure, as we do with any investments that is strict capital discipline, commercial flexibility and evaluating strategic alternatives. So as we continue that and have some more clarity, we'll update you when we can. So look forward to doing that in the future.

所以這個過程仍在繼續。正如我們對任何投資所做的那樣，我們希望確保嚴格的資本紀律、商業靈活性和評估策略替代方案。因此，當我們繼續這樣做並更加明確時，我們會盡可能向您通報最新情況。因此，期待將來這樣做。

Keith Stanley with Wolfe Research.

沃爾夫研究中心的基斯‧史丹利。

First, I just wanted to follow up on the commentary of continuing the 12.5% distribution growth in the future. Can you give any sense of what time period that comment would apply to or guidepost to look at for how long that's sustainable, whether it's coverage thresholds or leverage or anything else?

首先，我只是想跟進有關未來繼續保持 12.5% 分配成長的評論。您能否說明該評論將適用於哪個時間段，或提供指導以了解其可持續持續多久，無論是覆蓋範圍閾值、槓桿還是其他因素？

Yes, Keith, sure. So as you know, and we've been trying to convey, we think we've got quite a bit of financial flexibility. One, as we look at the strength of our balance sheet, we look at our commitment around debt-to-EBITDA ratios. We've said we're comfortable in and about 4 times, we're below that. But probably most importantly, as we think about the duration of that distribution increase, we're looking at the ability to continue those cash flow growth. So as I mentioned over the last three years, right, you've seen that distributable cash flow just under 8%.

是的，基思，當然。如您所知，我們一直在努力傳達，我們認為我們擁有相當大的財務靈活性。第一，當我們檢視資產負債表的實力時，我們會檢視我們對債務與 EBITDA 比率的承諾。我們說過四次左右我們很舒服，但我們低於這個數字。但也許最重要的是，當我們考慮分配增加的持續時間時，我們正在考慮持續現金流成長的能力。正如我在過去三年中提到的那樣，您已經看到可分配現金流略低於 8%。

As we look at the projects that we are putting to work, I mentioned to a few of them that will grow our EBITDA '25, '26, we see a period of time where 12.5% is very doable. It's tough to give you an extremely long horizon. You know that as well as I do. But we certainly are trying to convey to you that, that distribution at 12.5% has the potential, notwithstanding all of the things that we talked about to be durable for a period of time.

當我們審視我們正在實施的專案時，我向其中一些專案提到，這些專案將使我們的 EBITDA '25、'26 成長，我們認為在一段時間內 12.5% 是非常可行的。給你一個極其長遠的視野是很困難的。你和我一樣清楚這一點。但我們當然想向您傳達這一點：儘管我們談到的所有內容在一段時間內都可以持續，但 12.5% 的分配是有潛力的。

Second question is just wanted to revisit the drop-down concept. So that Marathon's cash balance, if you take out the MPLX cash has come down a lot over the past year because buybacks have been obviously very robust. Should we think of the time line to consider drop-downs of MPC assets into MPLX is more driven by cash needs at Marathon for their capital return targets or is it more tied to MPLX needing acquisitions to help meet its growth targets?

第二個問題只是想重新審視下拉概念。因此，如果去掉 MPLX 現金，馬拉鬆的現金餘額在過去一年中已經下降了很多，因為回購顯然非常強勁。我們是否應該考慮考慮將 MPC 資產納入 MPLX 的時間線更多地是由 Marathon 實現其資本回報目標的現金需求驅動的，還是與 MPLX 需要收購以幫助實現其增長目標更相關？

Yes, Keith, first of all, what I would say to you with respect to the way that we MPLX think about capital allocation, we maintain strict capital discipline. So when we are evaluating where to put capital to work, we do that through our lens of strict capital discipline. We need to be sure that when we're putting capital to work, that capital is generating the returns that you all expect.

是的，基思，首先，我要對您說的是，關於我們 MPLX 考慮資本配置的方式，我們保持嚴格的資本紀律。因此，當我們評估將資本投入到何處時，我們會透過嚴格的資本紀律來進行評估。我們需要確保當我們投入資本時，該資本能夠產生大家所期望的回報。

As it relates specifically to your question around drop-downs, one of the things that we've said is they are certainly not a priority. We'll continue to look at them. And when and if they make sense versus the other organic opportunities that we have to continue to grow the EBITDA of MPLX, we will employ them. You made a comment about MPC cash. And you're right.

由於它與您有關下拉式選單的問題特別相關，因此我們所說的一件事是它們肯定不是優先事項。我們將繼續關注它們。當它們與我們必須繼續增加 MPLX 的 EBITDA 的其他有機機會相比時，如果它們有意義，我們將使用它們。您對 MPC 現金發表了評論。你是對的。

Certainly, we have seen that cash balance over the last several quarters as we've continued to meet our commitment of returning all cash that is not otherwise required via share buyback. And we continue to be committed to do that. But the growth opportunities for MPLX will follow strict capital discipline and we'll evaluate whether or not a drop-down versus another alternative putting capital to work yields the returns that you all expect.

當然，我們在過去幾個季度已經看到了現金餘額，因為我們繼續履行透過股票回購返還所有不需要的現金的承諾。我們將繼續致力於做到這一點。但 MPLX 的成長機會將遵循嚴格的資本紀律，我們將評估下拉式投資與另一種投入資本的替代方案是否能產生大家所期望的回報。

Theresa Chen with Barclays.

特蕾莎·陳（Theresa Chen）與巴克萊銀行。

As a follow-up to the Permian NGL question, in terms of the Texas City frac, should we think about timing related to that project as that it should be in tandem of when your [TNF] contracts come up for renewal since your long gathering, processing have more long-haul transportation and clearly short frac right now and maybe it doesn't make sense for that facility to come up prior.

作為二疊紀NGL 問題的後續問題，就德克薩斯城壓裂而言，我們是否應該考慮與該項目相關的時間安排，因為它應該與您的[TNF] 合同自您的長期聚會以來更新的時間同步，加工現在有更多的長途運輸和明顯的短壓裂，也許該設施提前出現沒有意義。

And then in the same vein of thought, would you likely bring export up at the same time so as to keep that molecule along your own wellhead-to-water value chain or would it be more of a step process?

然後，以同樣的思路，您是否可能同時提高出口，以便將該分子保留在您自己的井口到水價值鏈中，或者這更像是一個逐步過程？

Theresa, thanks for your question. Let me try to start really with the wellhead-to-water strategy and try to give you some insight as to how we think about that. When we talk about our Texas City frac potential, we are really looking at a series of alternatives as we continue to progress around that strategy.

特蕾莎，謝謝你的提問。讓我嘗試真正從「井口到水」策略開始，並嘗試向您提供一些關於我們如何看待這個問題的見解。當我們談論德州城壓裂潛力時，我們實際上正在尋找一系列替代方案，因為我們繼續圍繞該策略取得進展。

Both the NGL and the nat gas wellhead-to-water approach really focuses on the integrated value chain strategies both for the -- in the Permian and they're a really important piece of what we are trying to accomplish in MPLX. So we are trying to maintain flexibility as we work through all of the opportunities that we see to complete that very important value chain and growth opportunity for MPLX. I'm going to ask Dave to give you a little more color as we're progressing through that strategy.

NGL 和天然氣井口到水方法都真正專注於二疊紀的綜合價值鏈策略，它們是我們在 MPLX 中努力實現的目標中非常重要的一部分。因此，我們在利用我們認為的所有機會來完成 MPLX 非常重要的價值鍊和成長機會時，努力保持靈活性。在我們推進該策略的過程中，我將請戴夫為您提供更多資訊。

Thanks, Maryann. So Theresa, we throw around the word wellhead-to-water integrated value chain strategies quite a bit. So maybe if I step back and talk about how we think about it at MPLX. And as you would expect, it all starts -- the value chains all starts back at the wellhead. So as you've heard, we've incrementally grown processing capacity over the last few years to serve some of the best producer customers in the Permian Basin.

謝謝，瑪麗安。因此，特蕾莎，我們經常使用「井口到水」一體化價值鏈策略這個詞。所以也許我可以退後一步，談談我們在 MPLX 的想法。正如您所期望的，這一切都開始了——價值鏈全部從井口開始。正如您所聽說的，我們在過去幾年中逐步提高了加工能力，為二疊紀盆地的一些最好的生產商客戶提供服務。

And with Secretariat plant coming online, which I touched on earlier in the second half of 2025, we expect to have a total of 1.4 Bcf a day of natural gas processing capacity. While this is the first step in serving our customers and process the gas, the also very integral part of that is the ability to clear the resid gas and the NGLs out of the basin.

隨著秘書處工廠的上線（我在 2025 年下半年早些時候提到過），我們預計每天的天然氣處理能力將達到 1.4 Bcf。雖然這是為我們的客戶提供服務和處理天然氣的第一步，但其中不可或缺的一部分是將渣油氣和液化天然氣從盆地中清除的能力。

That leads us into the second piece of that value chain, which is our investment in long-haul pipelines, which, of course, is the move of volumes out of the basin to the Gulf Coast markets. So for NGLs, as we touched on earlier, BANGL is the key strategic asset to do that. And in third quarter, we increased, as we touched on earlier, our stake in that.

這使我們進入了該價值鏈的第二部分，即我們對長途管道的投資，當然，這是將天然氣從盆地轉移到墨西哥灣沿岸市場。因此，對於 NGL 而言，正如我們之前提到的，BANGL 是實現這一目標的關鍵策略資產。正如我們之前提到的，在第三季度，我們增加了我們在這方面的股份。

So we increased it 45%. And progress continues on the expansion of 250,000 barrels a day, which you expect to be in service in first quarter 2025, so not too far down the road. So with that, we're seeing strong volumes, and we're confident in the growth profile of that asset.

所以我們增加了 45%。每天 25 萬桶的擴建工作仍在繼續，預計將於 2025 年第一季投入使用，所以距離不會太遠。因此，我們看到了強勁的交易量，我們對該資產的成長前景充滿信心。

So on the NGL side, we're feeling very well. And the nat gas side, our strategy is really anchored around our Whistler JV platform. So in addition to the Whistler main line, which has been in service for a while, last quarter, we announced the FID of Blackcomb, which is that additional 42-inch pipeline that will connect the Permian Basin to the Gulf Coast.

所以在 NGL 方面，我們感覺非常好。在天然氣方面，我們的策略其實是圍繞著我們的惠斯勒合資平台展開的。因此，除了已經投入使用一段時間的惠斯勒幹線之外，上個季度我們還宣布了 Blackcomb 的最終投資決定，這是一條額外的 42 英寸管道，將連接二疊紀盆地和墨西哥灣沿岸。

The final stage is what you touched on in your comments of the wellhead-to-water strategy is really down at the water. And that's focused on connecting the volumes to our customers while creating optionality for our shippers. So on the nat gas side, some examples of that strategy that we've already put in service are the ADCC pipeline, which came in service in July of last year -- I'm sorry, this year, I apologize. And the Rio Grande pipeline, which we expect to be in service second half of 2026, and Maryann touched on that a little bit. And as we touched on earlier on the NGL side, as we look at our Texas City fracs, docks and terminals. We continue to evaluate those options to bring that last link of that value chain of the NGL.

最後一個階段是您在評論中提到的「從井口到水」策略確實是在水下。我們的重點是將貨物與我們的客戶聯繫起來，同時為我們的托運人創造選擇。因此，在天然氣方面，我們已經投入使用的策略的一些例子是 ADCC 管道，該管道於去年 7 月投入使用 - 對不起，今年，我道歉。我們預計格蘭德河管道將於 2026 年下半年投入使用，瑪麗安也談到了這一點。正如我們之前談到的 NGL 方面，我們看看德克薩斯城的壓裂、碼頭和終端。我們將繼續評估這些選項，以實現 NGL 價值鏈的最後一環。

So hopefully, from both a nat gas and NGL perspective, you can see how over the recent past, we've been building out those strong value chains from the Permian Basin to the Gulf Coast and access to the water. So hopefully, that gives you additional color.

因此，希望從天然氣和液化天然氣的角度來看，您可以看到我們最近如何建立從二疊紀盆地到墨西哥灣沿岸以及水資源獲取的強大價值鏈。希望這能帶給你額外的色彩。

And turning to the West Coast, following Phillips' announced closure of its Southern California refinery later this year and into next year. I'm sure you will touch on the implications for MPC at your later call today. But for MPLX, does this change flows or utilization of your logistics assets either from a direct or indirect manner?

繼菲利普斯宣布今年稍晚和明年關閉其南加州煉油廠後，轉向西海岸。我相信您會在今天稍後的電話會議上談到對 MPC 的影響。但對於 MPLX 來說，這是否會直接或間接改變您的物流資產的流動或利用？

Theresa, this is Shawn. I'll touch on your question there. Really, we don't see any near-term change out of the gate here. It's really -- we've got an integrated value chain all the way from water to the refinery and the logistics to get -- move it around the basin down there. So we don't see any near term there. And if you look at the demand and supply out there, it's all pretty tight out there. So we consider as we make those decisions and work with the refinery out there to make sure that we meet the supply that's needed in a timely manner, but don't see any near-term effect.

特蕾莎，這是肖恩。我將在那裡談談你的問題。確實，我們短期內看不到任何變化。我們確實擁有一條完整的價值鏈，從水到煉油廠，再到物流，將其運送到那裡的盆地周圍。所以我們近期看不到任何情況。如果你看看那裡的需求和供應，你會發現那裡的情況都非常緊張。因此，我們在做出這些決定並與煉油廠合作時會考慮，以確保我們及時滿足所需的供應，但不會看到任何短期影響。

(Operator Instructions)

（操作員說明）

Michael Blum with Wells Fargo.

麥可布魯姆與富國銀行。

I wanted to ask about Harmon Creek III. I noticed on the slide, you point to a 20% return there. So I'm wondering is that -- would you say -- is that like a higher return than normal? Or would you say that now on incremental investments, this is kind of a new hurdle rate?

我想問一下哈蒙溪三號的情況。我注意到幻燈片上提到了 20% 的回報率。所以我想知道——你會說——這是否比正常情況下的回報更高？或者您會說，現在就增量投資而言，這是一種新的門檻利率？

Michael, this is Greg. I would say we target that type of return rate on any of our new projects. We have strong relationships with our customers, strong contractual support when we make these incremental organic project decisions. So we feel strongly about the project, and we're excited about it.

邁克爾，這是格雷格。我想說，我們的任何新項目都以這種回報率為目標。當我們做出這些漸進的有機專案決策時，我們與客戶擁有牢固的關係和強大的合約支援。所以我們對這個項目有強烈的感覺，我們對此感到興奮。

Great. And then I just wanted to ask about CapEx in 2025 and beyond. Obviously, you're laying out a lot of new high-return projects. Just wondering if that -- the cadence you've been on, which is roughly $1 billion to $1.1 billion of total CapEx. Is that still kind of the right kind of run rate? Or do you think that's going to trend higher over time?

偉大的。然後我只想問一下 2025 年及以後的資本支出。顯然，您正在佈局許多新的高回報項目。只是想知道您一直以來的節奏是否如此，總資本支出約為 10 億至 11 億美元。這仍然是正確的運行率嗎？或者您認為隨著時間的推移，這一數字會呈上升趨勢嗎？

Michael, thanks for the question. You're right. Over the last few years, on average, we've been putting about $1 billion to work to grow the enterprise. As you continue to think about the size of EBITDA and what it would take for mid-single-digit growth beyond that, it's possible that our capital spend would need to increase above $1 billion in order to maintain mid-single-digit growth on a growing EBITDA. But we're a little early for 2025 yet. We'll give you good color as we head into the next earnings call.

邁克爾，謝謝你的提問。你說得對。在過去的幾年裡，我們平均投入了約 10 億美元來發展企業。當您繼續思考 EBITDA 的規模以及如何才能實現中個位數成長時，我們的資本支出可能需要增加到 10 億美元以上，才能保持中個位數成長不斷成長的 EBITDA。但現在距離 2025 年還為時過早。當我們進入下一次財報電話會議時，我們將為您提供良好的資訊。

But certainly, when we see those organic opportunities, like the project you mentioned, Harmon Creek III. When you look at the return on that project, you look at the producer customer relationship, you look at our ability to have just in time and you look for that to continue to deliver the EBITDA growth that we're talking about, we think, again, maintaining strict capital discipline in putting that kind of capital to work will allow us to grow in mid-single-digit growth. But we'll give you greater insight into the amount of capital as we head into the '25 outlook. I hope that helps you, Michael.

但當然，當我們看到這些有機機會時，就像你提到的 Harmon Creek III 專案一樣。當你查看該專案的回報時，你會看到生產商客戶關係，你會看到我們及時實現的能力，你會尋找它來繼續實現我們正在談論的 EBITDA 增長，我們認為，同樣，在運用此類資本時維持嚴格的資本紀律將使我們能夠實現中等個位數的成長。但當我們進入 25 年展望時，我們將讓您更深入地了解資本金額。我希望這對你有幫助，邁克爾。

Neal Dingmann with Truist Securities.

Truist 證券公司的 Neal Dingmann。

I've got my first question just on your Marcellus organic activity. Specifically, there was a number of public Appalachian E&Ps last week that just mentioned no surprise that they're going to defer a few more DUCs until things improve. And I'm just wondering with these type of minor adjustments, does this impact either existing or sort of your near-term future plans?

我的第一個問題是關於你的馬塞勒斯有機活動。具體來說，上周有一些公開的阿巴拉契亞勘探與生產公司剛剛提到，他們將推遲更多的 DUC，直到情況有所改善，這並不奇怪。我只是想知道這些類型的細微調整是否會影響現有計劃或近期的未來計劃？

Neal, this is Greg again. We don't see any current impact -- material impact on our volumes. The producers -- various producers, depending on whether it's lean gas or rich gas have different plans around -- and economics around their wells. So we don't see an issue there.

尼爾，這又是格雷格。我們目前沒有看到任何影響——對我們的銷售產生重大影響。生產商——不同的生產商，根據是貧氣還是富氣有不同的計劃——以及他們的油井的經濟效益。所以我們認為那裡沒有問題。

Great. Great response. And then just a quick follow-up on your Marcellus as well. Just wondering specifically on the Marcellus processing, I'm just wondering, have you all seen from the continue -- it seems like there's been a continued ramp as MVP continues to go forward. I'm just wondering, have you seen this continuing to help boost your -- the Mobley processing plan of yours?

偉大的。反應很好。然後對你的馬塞勒斯進行快速跟進。只是特別想知道 Marcellus 的處理，我只是想知道，你們都從繼續中看到了嗎？我只是想知道，您是否看到這繼續幫助提升您的莫布里處理計劃？

Yes. I think that MPC -- excuse me, MVP is a boost for the entire region. Anything that provides more residue gas takeaway is a boost. I think the other thing that we see is that there's a higher proportion of rich gas well pads that come online versus the higher volume lean gas, which is a sweet spot of ours because processing and fractionation in the Northeast is our sweet spot. You actually see lower residue gas production versus lean. That opens up capacity as well out of the basin on existing lines other than MVP.

是的。我認為 MPC——對不起，MVP 是對整個地區的推動。任何能夠提供更多殘餘氣體外帶的東西都是一種推動力。我認為我們看到的另一件事是，與大量貧氣相比，上線的富氣井場比例更高，這是我們的最佳點，因為東北部的加工和分餾是我們的最佳點。實際上，與精益相比，您會發現殘餘氣體產量較低。這也開放了除 MVP 以外的現有線路的流域外運力。

Neel Mitra with Bank of America.

尼爾‧米特拉 (Neel Mitra)，美國銀行。

You've been very active in your downstream NGL operations, expanding and talking about the Texas City frac. Can you talk about how your producers use Sweeny as an alternative to Mont Belvieu and just how you see the logistics there and the opportunity to continue to grow with fractionation and possibly an export facility?

您一直非常積極地參與下游液化天然氣業務，擴大並談論德州城壓裂業務。您能否談談您的生產商如何使用 Sweeny 作為 Mont Belvieu 的替代品，以及您如何看待那裡的物流以及通過分餾和可能的出口設施繼續增長的機會？

This is Greg. In terms of our producer customers, we started on that end when we built our first plant Southwest with solid customers and they've continued to rely on us to find outlets for them for the residue gas and for their NGLs. And we've continued to do that. And incrementally, as we've grown that capacity, we've used various options.

這是格雷格。就我們的生產商客戶而言，我們從這一點開始，當時我們在西南地區建立了第一家工廠，擁有穩定的客戶，他們繼續依靠我們為他們尋找殘餘氣體和液化天然氣的出口。我們一直在做這件事。隨著容量的增加，我們逐漸使用了各種選項。

Obviously, we'd like to have as much optionality as possible. So to get into -- down into the Galveston, the Houston area and have access to Belvieu and some of the storage there is just is going to provide that much more optionality and opportunity for our customers. So we continue to focus on all of the above.

顯然，我們希望有盡可能多的選擇。因此，進入加爾維斯頓、休士頓地區並進入貝爾維尤和那裡的一些儲存空間將為我們的客戶提供更多的選擇和機會。因此，我們繼續關注上述所有內容。

Okay. Perfect. And you've been very active in a short period of time in building out NGL and gas infrastructure. I was curious how you viewed crude infrastructure whether that be a drop down longer term from MPC with Gray Oak or LOOP or possibly a JV just with crude pipelines in the Permian. I wanted to understand how you view that business now that you have natural gas and NGLs?

好的。完美的。你們在短時間內非常積極地建造液化天然氣和天然氣基礎設施。我很好奇您如何看待原油基礎設施，無論是 MPC 與 Grey Oak 或 LOOP 的長期合作，還是可能是僅在二疊紀擁有原油管道的合資企業。我想了解，既然您擁有天然氣和液化天然氣，您如何看待這項業務？

Yes, Neel, thanks. It's Maryann. Just first and foremost, when we think about drop-downs, I think you were asking sort of how we think about that. We continue to believe that our growth opportunities organically have the opportunity to support our mid-single-digit growth. So they remain largely a lower priority than the other projects that we've got and are evaluating. But I'll pass it to Dave and let him give you some of the specifics that you're asking for.

是的，尼爾，謝謝。這是瑪麗安。首先也是最重要的，當我們考慮下拉式選單時，我認為您是在問我們如何看待它。我們仍然相信，我們的成長機會有機地有機會支持我們的中位數成長。因此，與我們已經擁有和正在評估的其他項目相比，它們的優先順序在很大程度上仍然較低。但我會將其傳遞給戴夫，讓他向您提供您所要求的一些具體資訊。

Neel, yes, you touched on -- we spent a lot of time talking about our nat gas and NGL value chains, and we don't want to forget about our crude value chains. And we have a pretty sizable platform in the Permian for crude gathering and blending benefits up there. And so -- and as you've seen in the space, there's been a lot of activity in the recent past on the M&A side of the equation. So very similar, we touched on earlier, we continue to look at opportunities to grow out that platform very similar to how we've grown out the nat gas and NGL.

尼爾，是的，您提到過——我們花了很多時間談論我們的天然氣和液化天然氣價值鏈，我們不想忘記我們的原油價值鏈。我們在二疊紀有一個相當大的平台，可以在那裡進行原油收集和混合。因此，正如您在該領域所看到的，最近在併購方面出現了很多活動。我們之前提到過，非常相似，我們繼續尋找發展該平台的機會，這與我們發展天然氣和液化天然氣的方式非常相似。

Sometimes is buying out JV partners, very low risk, but because we know the assets very well. Sometimes it's maybe buying single bolt-on assets and sometimes it may be looking at maybe a little more sizable M&A opportunity. So a lot of activity in that space. We continue to look at them, and I appreciate you bringing that up because we don't want to forget about the third leg of our value chain is the crude side of the equation. So I appreciate that.

有時是收購合資夥伴的股份，風險非常低，但因為我們非常了解資產。有時它可能會購買單一的補充資產，有時它可能會尋找更大規模的併購機會。所以那個空間有很多活動。我們將繼續關注它們，我感謝您提出這一點，因為我們不想忘記價值鏈的第三條腿是等式的粗略部分。所以我很欣賞這一點。

We are showing no further questions at this time.

目前我們沒有提出任何進一步的問題。

Perfect. Well, thank you all for joining us today and for your interest in MPLX. Should you have any additional questions or like clarification on any of the topics discussed this morning, members of the IR team will be available today to help with your calls.

完美的。好的，感謝大家今天加入我們以及對 MPLX 的興趣。如果您對今天上午討論的任何主題有任何其他問題或需要澄清，IR 團隊成員今天將隨時為您提供協助。

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

今天的會議到此結束。感謝您的參與。此時您可以斷開連線。