MPLX LP (MPLX) 2025 Q2 法說會逐字稿

Welcome to the MPLX second-quarter 2025 earnings call. My name is Ted, and I'll be your operator for today's call. (Operator Instructions). Please note that this conference is being recorded.

歡迎參加 MPLX 2025 年第二季財報電話會議。我叫泰德，今天電話的接線生由我來接聽。（操作員指令）。請注意，本次會議正在錄製。

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

現在我將電話轉給克里斯蒂娜·卡扎里安。克里斯蒂娜，你可以開始。

Welcome to MPLX's second quarter 2025 earnings conference call. The slides that accompany this call can be found on our website at mplx.com under the Investors tab. Joining me on the call today are Maryann Mannen, President and CEO; Kris Hagedorn, CFO; and other members of the executive team.

歡迎參加 MPLX 2025 年第二季財報電話會議。本次電話會議附帶的幻燈片可以在我們網站 mplx.com 的「投資者」標籤下找到。今天與我一起參加電話會議的還有總裁兼執行長 Maryann Mannen、財務長 Kris Hagedorn 以及其他執行團隊成員。

We invite you to read the safe harbor statements on slide 2. We will be making forward-looking statements today. Actual results may differ. 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。我們今天將做出前瞻性陳述。實際結果可能有所不同。可能導致實際結果不同的因素都包含在其中以及我們向美國證券交易委員會提交的文件中。

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

說完這些，我將把電話轉給瑪麗安。

Thanks, Kristina. Good morning and thank you for joining our call. Last week, we announced the strategic acquisition of Northwind Midstream for just under $2.4 billion. Northwind provides sour gas gathering and treating services in Lea County, New Mexico.

謝謝，克里斯蒂娜。早安，感謝您參加我們的電話會議。上週，我們宣布以近 24 億美元的價格策略性收購 Northwind Midstream。Northwind 在新墨西哥州利亞縣提供酸性氣體收集和處理服務。

The system adds over 200,000 dedicated acres in the Delaware Basin, 200 miles-plus of gathering pipelines, two operating acid gas injection wells and third Permian. The system currently has 150 million cubic feet per day of sour gas treating capacity. We will be completing the expansion to 440 million cubic feet per day expected to be online in the second half of next year.

該系統在特拉華盆地增加了超過 20 萬英畝的專用土地、超過 200 英里的集輸管道、兩個正在運行的酸性氣體注入井和第三個二疊紀盆地。該系統目前每天的酸性氣體處理能力為1.5億立方英尺。我們將完成擴建至每天 4.4 億立方英尺，預計明年下半年投入使用。

The system is supported by minimum volume commitments by top regional producers. The transaction is expected to be immediately accretive to MPLX's distributable cash flow and represents a 7 times multiple on forecasted 2027 EBITDA after the treating system reaches full capacity.

該系統得到了頂級區域生產商的最低產量承諾的支持。預計該交易將立即增加 MPLX 的可分配現金流，且在處理系統達到滿載後，其利潤將是預測的 2027 年 EBITDA 的 7 倍。

The anticipated mid-teen unlevered return is inclusive of incremental capital spend associated within process expansion activity. Increased crude drilling activity in the eastern edge of the Northern Delaware Basin has been enabled by increased sour gas treating and AGI well capacity provided by these assets.

預期的中等無槓桿回報包括與流程擴展活動相關的增量資本支出。這些資產提供的酸性氣體處理能力和 AGI 井產能增加，促進了北特拉華盆地東部邊緣原油鑽探活動的增加。

The assets will provide prompt treatment solutions for existing and new producer customers. Our fee structure comprises gathering, compression, processing as well as more extensive CO2 and H2S treating. The higher levels of CO2 and H2S merits a higher fee structure compared to other regions.

這些資產將為現有和新的生產商客戶提供及時的處理解決方案。我們的收費結構包括收集、壓縮、加工以及更廣泛的二氧化碳和硫化氫處理。與其他地區相比，二氧化碳和硫化氫含量較高，因此收費結構較高。

On average, this gets to an aggregated rate significantly above other regions. These assets are complementary and adjacent to our existing Delaware Basin natural gas system and will expand MPLX's treating and blending operations.

平均而言，這項累計率明顯高於其他地區。這些資產與我們現有的特拉華盆地天然氣系統互補且相鄰，並將擴大 MPLX 的處理和混合業務。

The addition of 200,000 dedicated acres will increase MPLX's access to natural gas and NGL volumes, the optionality to direct these new volumes through our integrated system will accelerate our growth opportunities in the Permian.

增加 200,000 英畝專用土地將增加 MPLX 獲取天然氣和 NGL 產量的管道，而透過我們的整合系統引導這些新增產量的選擇權將加速我們在二疊紀盆地的成長機會。

MPLX has also completed two previously announced Permian-based acquisitions. In June, we closed on the acquisition of an incremental 5% stake in the Matterhorn Express pipeline, further enhancing our integrated natural gas value chain in the Permian Basin.

MPLX 也完成了先前宣布的兩項二疊紀盆地收購。6 月份，我們完成了對馬特洪峰快管線 5% 增量股份的收購，進一步增強了我們在二疊紀盆地的綜合天然氣價值鏈。

In July, we closed on the remaining 55% interest in the BANGL NGL pipeline system. Full ownership of BANGL's and its expansion opportunities enhance our Permian platform as we connect growing NGL production from the wellhead to our recently announced Gulf Coast fractionation facilities.

7 月份，我們完成了 BANGL NGL 管線系統剩餘 55% 權益的收購。完全擁有 BANGL 及其擴張機會增強了我們的二疊紀平台，因為我們將不斷增長的 NGL 產量從井口連接到我們最近宣布的墨西哥灣沿岸分餾設施。

The progress and execution of our strategic initiatives give us conviction in the sustainability of our mid-single-digit adjusted EBITDA growth outlook for 2025 and beyond.

我們的策略措施的進展和執行使我們對 2025 年及以後中等個位數調整後 EBITDA 成長前景的可持續性充滿信心。

In the second quarter, we reported adjusted EBITDA of $1.7 billion, a 2% increase year-over-year. For the first half of the year, we achieved 5% adjusted EBITDA growth versus the first half of 2024. In the Marcellus and Utica, rig counts remain steady, and volumes remain strong.

第二季度，我們報告的調整後 EBITDA 為 17 億美元，年增 2%。今年上半年，我們實現了調整後 EBITDA 與 2024 年上半年相比成長 5%。在馬塞勒斯和尤蒂卡，鑽井數量保持穩定，產量保持強勁。

Longer laterals are resulting in higher production volumes, and we expect volumes to grow in the second half of the year. Producer consolidation further illustrates the value seen in the liquids-rich acreage of the Utica where condensate development activity continues to increase.

更長的水平井帶來了更高的產量，我們預計今年下半年產量將會成長。生產商的整合進一步顯示了尤蒂卡地區富含液體的土地的價值，該地區的凝析油開發活動持續增加。

In the Permian, steady drilling activity, rising gas oil ratios and the progression of export projects will support growth opportunities for our business. More broadly, we expect natural gas demand will accelerate over the next few years to provide increased electricity generation required for data centers and overall electric grid demand.

在二疊紀，穩定的鑽井活動、不斷上升的氣油比率以及出口項目的進展將為我們的業務提供成長機會。更廣泛地說，我們預計未來幾年天然氣需求將會加速，以滿足資料中心和整體電網需求所需的更多發電量。

As demand for natural gas-powered electricity rises, MPLX is well positioned to support the development plans of its producer customers. MPLX is expanding its core business by constructing processing facilities on a just-in-time basis, maximizing the utilization of existing assets, optimizing value chains and strengthening its strategic partnership with MPC.

隨著對天然氣發電的需求不斷增長，MPLX 已做好準備，以支持其生產商客戶的發展計畫。MPLX 正在透過即時建造加工設施、最大限度地利用現有資產、優化價值鍊和加強與 MPC 的策略合作夥伴關係來擴展其核心業務。

MPLX is advancing its strategic growth objectives within the Permian. Our seventh processing plant, Secretariat, is expected to be online by the end of 2025. Secretariat's 200 million cubic feet per day of processing capacity will increase MPLX's total Permian processing capacity to 1.4 billion cubic feet per day.

MPLX 正在二疊紀地區推進其戰略成長目標。我們的第七家加工廠－秘書處 (Secretariat) 預計將於 2025 年底投入使用。秘書處每天 2 億立方英尺的處理能力將使 MPLX 的二疊紀總處理能力增加到每天 14 億立方英尺。

We are progressing the expansion of BANGL's mainline from 250,000 to 300,000 barrels per day, which we expect to enter service in the second half of next year. BANGL is an instrumental piece of MPLX's integrated Permian NGL value chain, and it will deliver volumes to MPLX's two Gulf Coast fractionation facilities, which are being constructed near the Galveston Bay refinery.

我們正在推動孟加拉石油公司主線的擴建工程，從每天 25 萬桶增加到 30 萬桶，預計明年下半年投入使用。BANGL 是 MPLX 綜合二疊紀 NGL 價值鏈的重要組成部分，它將向 MPLX 位於加爾維斯頓灣煉油廠附近的兩個墨西哥灣沿岸分餾設施輸送天然氣。

The first front as well as our joint venture export terminal is expected to enter service in 2028. And we anticipate the second frac will enter service in late 2029. Once complete, MPLX's fully integrated NGL value chain will stretch from the wellhead to water on the Gulf Coast and will supply LPGs to a growing global market.

第一個前線以及我們的合資出口碼頭預計將於 2028 年投入使用。我們預計第二次壓裂將於 2029 年底投入使用。一旦完成，MPLX 完全整合的 NGL 價值鏈將從井口延伸到墨西哥灣沿岸的水域，並將向不斷增長的全球市場供應 LPG。

Within natural gas, we are advancing our value chain strategy. MPLX and its partners recently upsized the Traverse Natural Gas pipeline from 1.75 to 2.5 BCF per day following strong customer demand. The additional capacity for bidirectional service between Agua Dulce and Houston area highlights the value shippers described to assess multiple premium markets on the Gulf Coast.

在天然氣領域，我們正在推進我們的價值鏈策略。為滿足客戶的強烈需求，MPLX 及其合作夥伴最近將 Traverse 天然氣管道的輸送量從每天 1.75 BCF 擴大到 2.5 BCF。阿瓜杜爾塞和休士頓地區之間雙向服務的額外容量凸顯了托運人所描述的評估墨西哥灣沿岸多個高端市場的價值。

The continued build-out of our Permian to Gulf Coast natural gas system enhances our ability to provide shippers with premium market access and superior flexibility while enhancing MPLX's natural gas value chain through additional growth opportunities.

我們從二疊紀盆地到墨西哥灣沿岸的天然氣系統的持續建設增強了我們為托運人提供優質市場准入和卓越靈活性的能力，同時透過額外的成長機會增強了 MPLX 的天然氣價值鏈。

MPLX has announced $3.5 billion of bolt-on transactions in 2025, and we remain on track to invest $1.7 billion on our organic growth plans in 2025, having already deployed 40% of this capital in the first half of the year. Over 90% of MPLX's total growth capital is being allocated to opportunities within our natural gas and NGL services segment.

MPLX 已宣佈在 2025 年進行 35 億美元的附加交易，並且我們仍有望在 2025 年為我們的有機增長計劃投資 17 億美元，並且已在今年上半年部署了其中 40% 的資本。MPLX 超過 90% 的總成長資本都分配給了天然氣和 NGL 服務領域的機會。

In the Marcellus, our largest operating region, construction of our Harmon Creek III processing plant and fractionation capacity aligned with producer drilling plans. This new complex will feature a 300 million cubic feet per day gas processing plant and a 40,000 barrel per day de-ethanizer supported by strong producer commitments.

在我們最大的營運區域馬塞勒斯，我們的 Harmon Creek III 加工廠和分餾能力的建設與生產商鑽井計劃相一致。該新綜合設施將配備一個日產 3 億立方英尺的天然氣處理廠和一個日產 4 萬桶的脫乙烷塔，並得到生產商的大力支持。

By the second half of next year, we anticipate MPLX's gas processing capacity in the Northeast will reach 8.1 billion cubic feet per day and fractionation capacity will reach 800,000 barrels per day. In our Crude Oil and Products Logistics segment, we are expanding crude gathering infrastructure in the Permian and Bakken basins, advancing butane blending initiatives at our product terminals developing new market outlets, driving organic volume growth through our integrated network and pursuing other high-return projects aimed at maximizing the utilization of our assets.

到明年下半年，我們預計 MPLX 在東北地區的天然氣處理能力將達到每天 81 億立方英尺，分餾能力將達到每天 80 萬桶。在原油和產品物流領域，我們正在擴大二疊紀和巴肯盆地的原油收集基礎設施，推進產品終端的丁烷混合計劃，開發新的市場渠道，透過我們的綜合網絡推動有機銷量增長，並開展其他旨在最大限度利用我們資產的高回報項目。

We are firmly committed to growing the partnership through our lens of strict capital discipline. We expect mid-teen returns on our investments and our confidence that successful execution of these projects will extend the durability of our mid single-digit growth trajectory. This positions us to continue reinvesting in the business while supporting consistent annual distribution increases.

我們堅定地致力於透過嚴格的資本紀律來發展合作關係。我們預計我們的投資回報率將達到中等水平，並且我們相信這些項目的成功實施將延長我們中等個位數成長軌蹟的持久性。這使我們能夠繼續對業務進行再投資，同時支持年度分銷的持續成長。

Our strong financial flexibility enables us to pursue strategic acquisitions that complement our organic growth plans. We stay disciplined in our approach and have ample capacity to pursue more opportunities while maintaining leverage below 4 times.

我們強大的財務靈活性使我們能夠進行補充我們有機成長計劃的策略性收購。我們堅持嚴謹的方法，並有足夠的能力尋求更多機會，同時將槓桿率保持在 4 倍以下。

With a pipeline of growth opportunities, we are well positioned to generate resilient cash flows that underpin our commitment to deliver long-term value and return capital to unitholders.

憑藉一系列成長機會，我們有能力產生有彈性的現金流，從而鞏固我們向基金份額持有者提供長期價值和回報資本的承諾。

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，討論本季的營運和財務表現。

Thanks, Maryann. Slide 10 outlines the second quarter operational and financial performance highlights for our Crude Oil and Products Logistics segment. Segment adjusted EBITDA increased $39 million when compared to the second quarter of 2024.

謝謝，瑪麗安。幻燈片 10 概述了我們的原油和產品物流部門第二季度的營運和財務業績亮點。與 2024 年第二季相比，分部調整後 EBITDA 增加了 3,900 萬美元。

The increase was driven by higher rates and throughputs across our systems, partially offset by higher variable operating expenses. Pipeline volumes were up year-over-year, primarily due to increased refinery demand and incremental gathering volumes in the Permian. Terminal volumes were flat year-over-year.

這一增長是由我們系統的更高的速率和吞吐量推動的，但部分被更高的可變運營費用所抵消。管道輸送量較去年同期成長，主要原因是煉油廠需求增加以及二疊紀盆地收集量增加。終端吞吐量與去年同期持平。

Moving to our Natural Gas and NGL Services segment on slide 11. And Segment adjusted EBITDA decreased by $2 million compared to the second quarter of 2024 as growth from equity affiliates was offset by higher operating expenses and project spending.

前往第 11 張投影片上的天然氣和 NGL 服務部分。與 2024 年第二季相比，分部調整後的 EBITDA 減少了 200 萬美元，因為股權關聯公司的成長被更高的營運費用和專案支出所抵消。

Higher project spending in the second quarter included significant planned maintenance at 13 plants in the Marcellus, Bakken and Rockies regions, all of which were safely and successfully executed by our operations teams.

第二季度專案支出增加包括對馬塞勒斯、巴肯和落基山脈地區 13 家工廠進行重大計劃維護，所有維護均由我們的營運團隊安全成功地執行。

Gathered volumes decreased 1% year-over-year as growth in the Southwest was primarily offset by less dry gas production in the Utica and declining production in the Rockies. Processing volumes increased 2% year-over-year, primarily from increased throughput in the Utica and Permian basins. Processing volumes in the Utica have increased 13% year-over-year, showing the value of the liquids-rich acreage.

由於西南地區的成長主要被尤蒂卡地區乾氣產量減少和落基山脈地區產量下降所抵消，因此收集量比去年同期下降了 1%。加工量較去年同期成長 2%，主要得益於尤蒂卡和二疊紀盆地的吞吐量增加。尤蒂卡的加工量比去年同期增長了 13%，顯示了這片富含液體的土地的價值。

Marcellus processing utilization was 92% for the quarter, reflecting strong producer activity in the region. Total fractionation volumes declined 5% year-over-year, primarily due to lower ethane recoveries in the Marcellus due to downstream third-party maintenance and outage time.

本季馬塞勒斯的加工利用率為 92%，反映出該地區的生產活動強勁。總分餾量較去年同期下降 5%，主要原因是下游第三方維護和停機時間導致 Marcellus 的乙烷回收率降低。

Moving to our second quarter financial highlights on slide 12. Adjusted EBITDA of $1.7 billion and distributable cash flow of $1.4 billion increased 2% and 1%, respectively, from the prior year. Project-related expense increased over $30 million in the quarter, and we anticipate an incremental $40 million increase from second quarter to third quarter, primarily due to some planned tank maintenance within refinery logistics.

前往第 12 張投影片，查看我們第二季的財務亮點。調整後的 EBITDA 為 17 億美元，可分配現金流量為 14 億美元，分別較上年增加 2% 和 1%。本季專案相關費用增加了 3,000 多萬美元，我們預計從第二季到第三季將增加 4,000 萬美元，這主要是由於煉油廠物流中的一些計劃中的油罐維護。

MPLX returned nearly $1 billion to unitholders and distributions and $100 million in unit repurchases. We retired $1.2 billion of senior notes scheduled to mature in June and ended the quarter with a cash balance of $1.4 billion.

MPLX 向單位持有人和分配人返還了近 10 億美元，並透過單位回購返還了 1 億美元。我們贖回了原定於 6 月到期的價值 12 億美元的優先票據，本季末的現金餘額為 14 億美元。

Looking forward, MPLX intensive to finance its recently completed acquisition of the remaining 55% of the BANGL pipeline system and its announced acquisition of Northwind Midstream with that. MPLX maintains a strong balance sheet and the ability to keep leverage below our comfort level of 4 times.

展望未來，MPLX 將集中融資其最近完成的 BANGL 管道系統剩餘 55% 的收購以及其宣布的對 Northwind Midstream 的收購。MPLX 保持著強勁的資產負債表，並且能夠將槓桿率保持在我們舒適的 4 倍以下。

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

現在讓我把主題交還給瑪麗安，請她發表一些總結性的想法。

Thanks, Kris. MPLX has demonstrated its ability to grow both cash flows and unitholder distributions by executing on its strategic priorities. Year-to-date, we have returned $2.2 billion to unitholders including of $200 million in unit repurchases as the value proposition for our units remain strong.

謝謝，克里斯。MPLX 已證明其透過執行策略重點來增加現金流量和單位持有人分配的能力。年初至今，我們已向單位持有人返還了 22 億美元，其中包括 2 億美元的單位回購，因為我們單位的價值主張仍然強勁。

Through prudent capital allocation, cost control and operational optimization, we've achieved a 7% compound annual growth rate in both adjusted EBITDA and distributable cash flows over the past four years.

透過審慎的資本配置、成本控制和營運優化，我們在過去四年中實現了調整後 EBITDA 和可分配現金流的 7% 複合年增長率。

Year-to-date, MPLX has announced $3.5 billion of bolt-on transactions. These assets create immediate value for unitholders and enhance MPLX's growth platform in a capital disciplined manner. We believe the integration of these assets will further strengthen MPLX's ability to deliver mid single-digit adjusted EBITDA growth.

今年迄今為止，MPLX 已宣布了 35 億美元的附加交易。這些資產為基金份額持有者創造了直接價值，並以資本約束的方式增強了 MPLX 的成長平台。我們相信這些資產的整合將進一步增強 MPLX 實現中位數個位數調整後 EBITDA 成長的能力。

Our strong and growing cash flow profile supported by a robust 1.5 times distribution coverage and low leverage has enabled us to support our quarterly distribution, which most recently increased by 12.5% in the third quarter of last year. Looking ahead, our growing portfolio is well positioned to sustain this pace of annual distribution growth.

我們強勁且不斷增長的現金流狀況，加上 1.5 倍的穩健分紅覆蓋率和低槓桿率，使我們能夠支持季度分紅，去年第三季度最近一次增長了 12.5%。展望未來，我們不斷成長的產品組合完全有能力維持這項年度分銷成長速度。

In summary, MPLX is well positioned to capitalize on opportunities that fit our strategic road map as we execute our strategy targeting mid single-digit adjusted EBITDA growth as a strategic asset for Marathon, MPLX provides $2.5 billion annually in cash to MPC through its growing distribution.

總而言之，當我們執行以中位數個位數調整後 EBITDA 成長為目標的策略時，MPLX 已做好準備，利用符合我們策略路線圖的機會，作為 Marathon 的戰略資產，MPLX 透過其不斷增長的分銷管道每年向 MPC 提供 25 億美元現金。

MPLX plays a vital role in advancing shared value creation initiatives, further reinforcing the strength of our partnership. Our unwavering focus on safety and operational excellence, strategic growth opportunities and strong financial flexibility enable us to generate resilient cash flows. This, in turn, supports our commitment to delivering peer leading capital returns to unitholders.

MPLX 在推動共享價值創造計畫方面發揮著至關重要的作用，進一步增強了我們合作夥伴關係的力量。我們始終專注於安全和卓越營運、策略性成長機會和強大的財務靈活性，這使我們能夠產生有彈性的現金流。這反過來又支持了我們向單位持有人提供同儕領先資本回報的承諾。

Now let me turn the call over to Kristina.

現在讓我把電話轉給克里斯蒂娜。

Thanks, Maryann. (Event Instructions) Operator, we're now ready for questions.

謝謝，瑪麗安。（活動指示）接線員，我們現在可以回答問題了。

(Operator Instructions) John Mackay, Goldman Sachs.

（操作員指示）高盛的約翰·麥凱。

Can you talk about the ramp on Northwind from here through the second half of 2016? And then after that, how to think about some of the downstream processing and NGL growth opportunities? And maybe as part of that, just clarify whether or not those downstream opportunities are reflected in the [7 times '27] multiple?

可以談談從現在到 2016 年下半年 Northwind 的進展嗎？那麼之後，如何看待一些下游加工和 NGL 成長機會？也許作為其中的一部分，只需澄清這些下游機會是否反映在 [7 乘以 27] 倍數中？

Good morning, John. Thanks for the question. So First of all, I just want to say we think the economics in this transaction are extremely compelling, as you can see. And any incremental capital, and I'll share with you how that should unfold here, any of the incremental capital that we have assumed is already embedded in those economics as well.

早安，約翰。謝謝你的提問。所以首先，我只想說，正如您所見，我們認為這筆交易的經濟效益非常引人注目。對於任何增量資本，我將與你們分享它應該如何在這裡展開，我們假設的任何增量資本也已經嵌入這些經濟學中。

But to answer your question, when we look at the completion by 2026, so by the end of next year, we should be at the run rate EBITDA that we are referencing that supports our roughly 7times EBITDA multiple, which means by 2027, we will have reached that EBITDA that will be ongoing.

但要回答你的問題，當我們預計 2026 年完成時，也就是到明年年底，我們的 EBITDA 運行率應該達到我們所參考的水平，這支持我們大約 7 倍的 EBITDA 倍數，這意味著到 2027 年，我們將達到持續的 EBITDA。

So throughout this time period, 2026, these projects to complete to get us to the [440] as well as the permitted third AGI well, all of those activities are well in hand. I'm going to ask Dave to address your second question, which is the opportunities on further beyond that.

因此，在 2026 年這個時間段內，這些專案要完成才能讓我們到達 [440] 以及獲準的第三個 AGI 井，所有這些活動都在順利進行中。我將請戴夫回答你的第二個問題，進一步發展的機會。

Thank you, Maryann. And so, John, just to touch on that, let me be first clear that those incremental growth opportunities are not in our base economics and our base assumptions of Northwind. With that being said, it does provide the platform for a lot of incremental growth opportunities that we are currently evaluating.

謝謝你，瑪麗安。所以，約翰，只是為了談談這一點，讓我先明確一點，這些增量成長機會不在我們的基本經濟學和 Northwind 的基本假設之中。話雖如此，它確實為我們目前正在評估的許多增量成長機會提供了平台。

And not only just growth, but also incremental optimization and commercial optionality as we go forward with the Northwind. So I think over the next year or so, as we continue to build out and ramp up the Northwind volume, we'll continue to evaluate those commercial and growth opportunities. And I think those will be all accretive to the base investment.

隨著 Northwind 的推進，我們不僅實現了成長，還實現了增量優化和商業可選性。因此我認為在接下來的一年左右的時間裡，隨著我們繼續擴大和提高 Northwind 的銷量，我們將繼續評估這些商業和成長機會。我認為這些都會增加基礎投資。

All right. That's great. I appreciate that. Maybe looking a little wider, you've announced a lot of bolt-ons and projects over the last year. It's given some longer-term visibility on EBITDA growth. Could you talk a little bit about the distribution, one, what you're thinking for this year? And then looking forward, how many years of 12.5% growth could we expect from here?

好的。那太棒了。我很感激。也許從更廣泛的角度來看，你們在過去一年中宣布了許多附加措施和項目。它為 EBITDA 成長提供了一些長期可見性。您能否稍微談談分佈情況，第一，您對今年的想法是什麼？那麼展望未來，我們可以預期未來多少年能達到 12.5% 的成長率？

Forks. Sure, John. Thank you. So look, we believe our 12.5% distribution increase is supported very durable by the growth that we are trying to deliver. I mentioned 7% growth. We've seen that over the last few years, both in EBITDA and in distributable cash flows.

叉子。當然，約翰。謝謝。所以，我們相信，我們努力實現的成長將非常持久地支持我們 12.5% 的分銷成長。我提到了7%的成長。過去幾年，我們在 EBITDA 和可分配現金流方面都看到了這一點。

So certainly, as we've been committing, we think that 12.5% 2026 and beyond, certainly for the next few years is very durable. So most definitely 12.5% well within our sights, and you can continue to see the opportunities. Dave mentioned a few of them here. You know the work that we're putting together, both on our capital plan.

因此，正如我們一直承諾的那樣，我們認為 2026 年及以後 12.5% 的成長率，尤其是未來幾年的成長率是非常持久的。因此，12.5% 肯定在我們的預期之內，您可以繼續看到機會。戴夫在這裡提到了其中的幾個。您知道我們正在共同開展的有關資本計劃的工作。

We've got assets in the Permian coming online. I mentioned Secretariat that will be completed by the end of this year. All of these commitments support our durable cash flows and therefore, the 12.5% distribution increase that we've been committing to.

我們在二疊紀盆地的資產已開始上線。我提到了秘書處，該機構將於今年年底建成。所有這些承諾都支持我們持久的現金流，因此，我們一直承諾增加 12.5% 的分配。

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

Congrats on the good deal. My first question is, Maryann, there were some recent comments made about LPG exports being in the bear market and why it is probably not good to invest in these. You are obviously building your fracs and then your partner is going to export some of the stuff.

恭喜您達成了這筆好交易。我的第一個問題是，瑪麗安，最近有一些評論說液化石油氣出口處於熊市，以及為什麼投資這些可能不是好事。顯然，您正在建立壓裂，然後您的合作夥伴將出口其中的一些東西。

So just trying to understand what gives you the confidence that you and your partner can make the economics work on the new fracs as well as exporting them given some of the bearish market sentiment on LPG exports.

因此，鑑於市場對液化石油氣出口持悲觀看法，我想了解是什麼讓您有信心您和您的合作夥伴能夠在新壓裂項目上取得經濟效益，並實現出口。

Yeah. Good morning, Manav. Thank you for the question. We are very confident in our ability to fill those fracs. As you know, we've committed to completing frac 1, 2028, Frac 2, 2029. One of the other elements that we've been sharing in addition to that, we've got third-party contracts that will also expire that will obviously come across our system.

是的。早安，馬納夫。謝謝你的提問。我們對填補這些裂縫的能力非常有信心。如您所知，我們已承諾在 2028 年完成第一次分餾，在 2029 年完成第二次分餾。除此之外，我們一直在分享的另一個要素是，我們還有即將到期的第三方合同，這些合約顯然會在我們的系統中出現。

We continue to believe the economics will be there. We recognize some of those comments as well. But we're highly confident in our ability both to fill those fracs and see the economics in that export model.

我們仍然相信經濟將會存在。我們也認可其中的一些評論。但我們對自己填補這些裂縫的能力以及看到該出口模式的經濟效益的能力非常有信心。

And then a quick follow-up. The overall Permian growth strategy, you're pursuing multiple ways to grow your Permian alone with JV partners. Can you just talk about how you're looking to beat this Permian growth strategy for over the next two or three years? .

然後進行快速跟進。總體而言，二疊紀盆地的成長策略是，您正在尋求多種方式與合資夥伴一起獨自發展您的二疊紀盆地。您能否談談您計劃在未來兩三年內如何實現二疊紀成長策略？。

You're welcome. Thank you. As you know, we've been working on our Permian growth strategy for the last few years. We think this acquisition that we've talked about Northwind, one, both adjacent and complementary to our current system. We have completed other acquisitions, the completion of BANGL as an example.

不客氣。謝謝。如您所知，過去幾年我們一直在致力於二疊紀成長策略。我們認為，我們談到的這次收購 Northwind 與我們目前的系統既相鄰又互補。我們已經完成了其他收購，例如完成BANGL。

We just closed that, giving us 100%. We've talked about moving that from [250 to 300]. That's well on its way. When you look at our capabilities in this region, obviously, this particular northern edge of the Delaware has some of the best rock we think in the Permian, lower gas to oil ratios.

我們剛剛關閉了它，給了我們100％。我們已經討論過將其從[250到300]一切進展順利。當你看到我們在這個地區的能力時，顯然，特拉華州的這個特定的北部邊緣擁有我們認為二疊紀最好的岩石，氣油比較低。

Obviously, it comes with some complexity given the H2S and CO2 content, but we can provide the processing and treating capabilities here and works extremely nicely with the rest of the commitments we've made in the Permian.

顯然，考慮到 H2S 和 CO2 的含量，它會帶來一些複雜性，但我們可以在這裡提供加工和處理能力，並且與我們在二疊紀做出的其他承諾配合得非常好。

So we think for the next few years, we can continue to look for other opportunities. And as we build out this comprehensive system, we should be able to demonstrate our commitment and our ability to deliver on this Permian strategy.

因此我們認為在接下來的幾年裡，我們可以繼續尋找其他機會。隨著我們建立這個綜合系統，我們應該能夠證明我們的承諾和實現二疊紀策略的能力。

Keith Stanley, Wolfe Research.

基斯‧史丹利（Keith Stanley），沃爾夫研究公司。

Hi. Good morning. Maryann, you said at the end of your prepared remarks that acquisitions will strengthen the ability to generate mid single-digit growth. As you get larger, should we think of acquisitions as a component of getting to the mid single-digit growth? Or should we think of that as incremental to the growth rate?

你好。早安.瑪麗安，您在準備好的發言結束時說過，收購將增強實現中等個位數成長的能力。隨著公司規模不斷擴大，我們是否應該將收購視為實現中等個位數成長的一個組成部分？或者我們應該將其視為成長率的增量？

Yeah. Good morning, Keith. When we think about our strategy, we've said we'll put capital to work organically. This year, it's in a range of about [1.7%]. As you know, we've got Secretariat. We've got the first phase of our frac. We've got Harmon Creek well on its way. So we clearly see opportunities for organic growth.

是的。早安，基斯。當我們考慮我們的策略時，我們說過我們會將資本有機地投入運作。今年，這一數字約為[1.7%]。如您所知，我們有秘書處。我們已經進入壓裂的第一階段。我們已經讓哈蒙溪 (Harmon Creek) 順利通行。因此，我們清楚地看到了有機成長的機會。

And then when we look at M&A, we also believe there are opportunities there. So it isn't like if we start out the year with an allocation of how much is M&A and how much of capital, we look at all of those opportunities. They must meet our strategic rationale.

當我們考慮併購時，我們也相信其中有機會。因此，我們不會從年初就分配多少併購資金和多少資本，而是會考慮所有這些機會。它們必須符合我們的策略原則。

Obviously, our commitment to mid single-digit growth is a critical component. And then ultimately, we want to be sure that they can generate mid-teens returns. All of those, I mean, the way we put capital to work should continue to support our ability to grow EBITDA and then, therefore, support our distribution. I hope that answers your question.

顯然，我們對中位數個位數成長的承諾是一個關鍵因素。最終，我們希望確保他們能夠產生中等程度的回報。我的意思是，我們投入資本的方式應該繼續支持我們增加 EBITDA 的能力，從而支持我們的分銷。我希望這能回答你的問題。

It does. Thank you. Second one, on Northwind, can you say any sense of how long the existing processing and transportation contracts are for those assets? And maybe walk through the mechanics of how you would eventually control the NGLs as the gatherer and treater, would you need to add processing to the footprint? Or any details you can provide.

確實如此。謝謝。第二個問題，關於 Northwind，您能否說明一下這些資產現有的加工和運輸合約期限是多久？也許可以介紹一下您作為收集者和處理者最終如何控制 NGL 的機制，您是否需要在足跡中添加處理功能？或者您可以提供任何詳細資訊。

Sure. So first, I think your first question was what is the contract duration on processing. And we're probably somewhere in those contracts today, somewhere in the range of two to three years on those processing contracts.

當然。所以首先，我認為您的第一個問題是處理的合約期限是多長。我們今天可能已經履行了這些合同，這些加工合同的期限大概在兩到三年之間。

Keep in mind, overall, and I think I mentioned this in the prepared remarks as well, these contracts that we have for these MVCs are average contract life of 13 years. So 80% of this revenue is MVC just to be sure that I was clear on that.

請記住，總體而言，我想我在準備好的評論中也提到了這一點，我們與這些 MVC 簽訂的合約的平均合約期限為 13 年。因此，80% 的收入來自 MVC，只是為了確保我清楚這一點。

And then some of the top producer customers that I mentioned there are actually customers that are operating today on our system. But let me look at you, Dave, and I'm going to ask him to give you a little more color on your question.

然後，我提到的一些頂級生產商客戶實際上就是今天在我們的系統上運營的客戶。但是，戴夫，讓我看看你，我要請他對你的問題做更多的解釋。

Thank you, Maryann. So Keith, I touched on it a little bit earlier. So as these contracts roll off and we have control and access to the NGLs, why we don't need that volume in our announced BANGL acquisition and our Gulf Coast fractionation and export project.

謝謝你，瑪麗安。基思，我剛才稍微談到了這一點。因此，隨著這些合約的到期，我們能夠控制和使用 NGL，為什麼我們在宣布的 BANGL 收購和墨西哥灣沿岸分餾和出口項目中不需要那麼多數量？

This incremental volume, as I tried to touch on a little bit earlier, gives us flexibility and optionality on how and where and when we want to move those volumes. And that's probably the most exciting part about this. So as we look forward, not only this opportunity, but as we think about some of the growth opportunities that Maryann touched on, it's not just grow to grow, but as growth increases the integration, the optionality and flexibility of our entire value chains. Hopefully, that helps a little bit.

正如我之前嘗試提到的那樣，這種增量卷為我們提供了靈活性和可選性，讓我們可以決定如何、在何處以及何時移動這些卷。這或許是這件事最令人興奮的部分。因此，當我們展望未來時，不僅要考慮這個機會，而且當我們思考 Maryann 提到的一些成長機會時，這不僅僅是為了成長，而且隨著成長，我們整個價值鏈的整合性、可選性和靈活性也會增加。希望這能有所幫助。

That helps. And I missed the 13 year commentary. So thanks for that as well.

這有幫助。我錯過了13年的評論。所以我也對此表示感謝。

Theresa Chen, Barclays.

巴克萊銀行的 Theresa Chen。

Following up on the commentary related to Northwind. Just a question of clarification on the CapEx. From here, the current to the full [440 MMCF] per day. How much incremental CapEx do you think will be necessary to achieve that?

跟進與 Northwind 相關的評論。只是想澄清一下資本支出的問題。從這裡開始，電流達到每天滿載 [440 MMCF]。您認為要實現這一目標需要多少增量資本支出？

Yeah. Good morning, Theresa. So we estimate in a range of about $500 million between now and the next 12 months that will complete the 440 million as well as the third already permitted AGI well. So two of them currently operating, third is permitted. So within the next 12 months, just under $500 million, and most of that's already been started.

是的。早安，特蕾莎。因此，我們估計從現在到未來 12 個月內大約需要 5 億美元，這將完成 4.4 億美元以及第三個已經允許的 AGI 井。目前其中兩個正在運行，第三個已獲準運行。因此，在未來 12 個月內，投資總額將接近 5 億美元，且大部分已開始投入。

And then turning to the residue gas side of things. In addition to your NGL infrastructure build-out, you've made significant progress in growing this asset base via your JV, looking at the long-term visible demand drivers for gas, Maryann, what do you think are the logical strategic mix to increase your exposure here.

然後轉向殘留氣體方面。除了 NGL 基礎設施建設之外，您還透過合資企業在擴大資產基礎方面取得了重大進展，從天然氣的長期可見需求驅動因素來看，Maryann，您認為增加在此方面的曝光度的合理戰略組合是什麼。

Is it a matter of more gas transmission? Is it something more direct on the gas to power side of things? Is it liquefaction? What are your thoughts here?

這是氣體傳輸較多的問題嗎？從天然氣到電力，這是否是一種更直接的方式？是液化嗎？您對此有何想法？

Yeah. Thanks, Theresa. I'm going to pass it to Dave, and he'll take your questions.

是的。謝謝，特蕾莎。我會把它轉交給戴夫，他會回答你的問題。

Hey, Theresa. I'll kick it off and maybe I can ask some of my peers if they want to add on to it when you think about data centers and some of the other growth. But yeah, you touched on it. And as we think about the Permian and specifically and as you know our strategy, a lot of long-haul pipelines out of there.

嘿，特蕾莎。我將啟動它，也許我可以問我的一些同事，當你考慮資料中心和其他一些成長時，他們是否想對其進行補充。但是是的，你確實提到了這一點。當我們考慮二疊紀盆地時，特別是如您所知，我們的策略是從那裡建造許多長途管道。

We do not think that there is an overbuild situation in long-haul pipe. Let me start with that. So whether it be Whistler, Blackcomb, Matterhorn and or increased equity ownership in that, you could see that we have a lot of confidence in the growth -- not only the growth profile of the Permian on the gas side, but also the demand side of it.

我們不認為長距離管道有過度建設的情況。讓我從那開始。因此，無論是惠斯勒、黑梳山、馬特洪峰或增加股權，您都可以看到我們對成長充滿信心——不僅是二疊紀在天然氣方面的成長概況，還有其需求。

So as you know, down in the Gulf Coast with a lot of the LNG activity, but also with the increased growing activity around data centers, we believe, not only from a supply, but also from a demand perspective, there's a lot of opportunity. And I think we've proven that with the project we've announced most recently.

因此，如您所知，墨西哥灣沿岸有大量的液化天然氣活動，而且隨著資料中心周圍活動的增加，我們相信，不僅從供應角度，而且從需求角度來看，都存在著許多機會。我認為我們已經透過最近宣布的項目證明了這一點。

So the one we haven't touched on is Traverse. So not only just the long-haul pipes out of the basin but getting our shipping customers, the maximum flexibility to get those premium markets in addition to getting out of the basin, we think, is a key part of our strategy.

我們還沒有涉及的是 Traverse。因此，我們認為，不僅是將長距離管道運出盆地，還要讓我們的航運客戶能夠最大限度地靈活地進入那些優質市場，這也是我們策略的關鍵部分。

So as we go forward, it's an increase growth, optionality, flexibility and access to those premium markets for the gas coming out of the Permian. So hopefully, that gives you a little bit of color how we're thinking about that strategy.

因此，隨著我們不斷前進，二疊紀天然氣的成長、可選性、靈活性以及進入優質市場的機會都會增加。所以希望這能讓您稍微了解我們對策略的看法。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Hi. Good morning. I was just wondering if you could expand a bit post the acquisition on your New Mexico strategy here. It's a bit more difficult to operate in the state given the regulatory framework and the handling that's needed with this production, but the growth is very strong as noted.

你好。早安.我只是想知道您是否可以稍微詳細說明一下收購後您在新墨西哥州的策略。考慮到監管框架和生產所需的處理，在該州運作有點困難，但正如所指出的，成長非常強勁。

And it seems like this toehold gives you even more opportunity there and there's not too many players right now. So just wondering if you could talk a bit more about your New Mexico strategy and competitive backdrop.

看起來這個立足點會為你帶來更多的機會，而且現在沒有太多的球員。所以我只是想問您是否可以多談談您的新墨西哥戰略和競爭背景。

Yeah, Jeremy. We'd be happy to because I think you characterized it well, and I think it's consistent really with the way that we think about growth. I'm going to ask Greg to give you some incremental thoughts here.

是的，傑瑞米。我們很樂意這樣做，因為我認為你對此進行了很好的描述，而且我認為這與我們對成長的看法一致。我將請格雷格在這裡給你一些漸進的想法。

Thanks, Maryann. Jeremy, this is a really exciting area for us. We have been growing this space organically in terms of our processing plants to produce customers, acreage dedication that starting on the Texas side of the line, but it's gradually expanded into [Leonetti County], New Mexico. And even though our plants are right on the Texas side of that line, a lot of our growth has continued to be on the Leonetti County, New Mexico side.

謝謝，瑪麗安。傑里米，這對我們來說是一個非常令人興奮的領域。我們一直在有機地擴大這一空間，從加工廠到生產客戶，從德克薩斯州一側開始，一直到新墨西哥州的[萊昂內蒂縣]。儘管我們的工廠就位於該線的德克薩斯州一側，但我們的大部分增長仍然位於新墨西哥州萊昂內蒂縣一側。

The growth is also in terms of crude oil production moved to the north and east towards that North-South New Mexico, Texas border. And that's because it's some of the best crude oil rock in the whole basin, particularly the Avalon formation, which is shallower. It's about 8,500 feet depth instead of 1,200 -- 12,000, excuse me.

原油產量的成長也向北部和東部轉移到南北新墨西哥州和德克薩斯州的邊界。這是因為它是整個盆地中最好的原油岩石之一，特別是較淺的阿瓦隆地層。深度大約是 8,500 英尺，而不是 1,200 至 12,000 英尺，對不起。

So it is more economically produced, it's higher IPs, it's lower gas oil ratio. So it's the most attractive economic crude production area. The issue is that that gas comes with more CO2 and H2S, it's much more sour. And that really is what the Northwind developers recognize when they built that system.

因此，它的生產更經濟，IP 更高，氣油比更低。因此它是最具吸引力的經濟原油生產區。問題是這種氣體含有更多的二氧化碳和硫化氫，而且酸性更強。這正是 Northwind 開發人員在建立該系統時所認識到的。

Some of our existing base customers have moved further to that side, and we've deployed treating throughout our system, particularly on the New Mexico side of our gathering system. This acquisition is really going to augment our ability to treat even more sour gas and also provide blending opportunities because of the proximity and potential connectivity here.

我們的一些現有基礎客戶已經進一步向那一側移動，並且我們已經在整個系統中部署了處理措施，特別是在我們的收集系統的新墨西哥州一側。此次收購確實增強了我們處理更多酸性氣體的能力，並且由於這裡地理位置接近且具有潛在的連通性，我們還將提供混合機會。

This system, if you look on a map, it wraps around the north and east side of our existing gathering system. So it really is adjacent complementary as Maryann has mentioned. So we think there'll be more organic opportunities that can take advantage of this expanded treating capability and gathering that we have in one of the most attractive areas to drill in the basin.

如果你看地圖，你會發現這個系統環繞著我們現有收集系統的北側和東側。因此，正如 Maryann 所提到的，它確實是相鄰互補的。因此，我們認為，我們將有更多的有機機會可以利用這種擴大的處理能力和收集能力，因為我們在盆地中最具吸引力的鑽探區域之一擁有這種能力。

Got it. That's helpful there. Maybe just continuing, do you see more bolt-on opportunities adjacent to your footprint that could offer the types of benefits that you see with Northwind?

知道了。這很有幫助。也許只是繼續，您是否看到與您的足跡相鄰的更多附加機會，可以提供您在 Northwind 中看到的那種好處？

I think if we were to build a system organically, the Northwind system would be one that we would have built. So in terms of looking for bolt-ons, I don't necessarily say that there's opportunities there. We'll always look for those if they are a strategic fit and makes sense.

我認為，如果我們要有機地建造一個系統，Northwind 系統就是我們要建造的系統。因此，在尋找附加功能方面，我並不一定說那裡有機會。如果它們具有策略契合性並且有意義，我們就會一直在尋找它們。

But this one would have made sense as an organic build-out just as much as a bolt-on. And it happens to be that it's right next to our system, and it's right in the area where we see a lot of growth. So this accelerates our plans that probably organically we would have looked at a anyway.

但這個既可以作為有機構建，也可以作為附加構建，都是有意義的。而它恰好就在我們系統的旁邊，而且就在我們看到大量成長的區域。因此，這加速了我們的計劃，無論如何，我們可能都會有機地考慮這個計劃。

Jeremy, it's Maryann. I would say Greg has already said it, but at the risk of repeating, I'll say, we've said it's adjacent and it's complementary. I'd like to say it's about as perfectly as one could expect. And then you have the economics that I think we've tried to share with you, we think they're pretty compelling, supported by the average contract life of 13 years over 200,000 dedicated acres in the Delaware.

傑瑞米，我是瑪麗安。我想說格雷格已經說過了，但冒著重複的風險，我想說，我們已經說過它是相鄰的，它是互補的。我想說它幾乎和人們期望的一樣完美。然後你會看到我認為我們試圖與你們分享的經濟效益，我們認為這些效益非常引人注目，這得益於特拉華州 200,000 英畝專用土地 13 年的平均合約期限。

And none of the economics when we talk about that roughly 7 times multiple reflect any upside from that. We're pretty pleased with this, and we think it will continue to give us opportunities to grow beyond what we've been sharing with you here.

當我們談論大約 7 倍的本益比時，沒有任何經濟學因素反映出任何好處。我們對此感到非常高興，並且我們認為它將繼續為我們提供超越我們在這裡與您分享的內容的成長機會。

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

Thanks. Good morning, everyone. Apologies, one more clarification question on the Northwind deal. I guess as it relates to the gas and liquids that you'll gain access to eventually, can you just clarify will you be able to accommodate those incremental volumes on your existing planned NGL pipe fracs, export docks, et cetera? Or would you need to add capacity? And if so, what type of investment will we be looking at?

謝謝。大家早安。抱歉，關於 Northwind 交易，我還有一個澄清問題。我想，由於這與您最終將獲得的天然氣和液體有關，您能否澄清一下，您是否能夠在現有計劃的 NGL 管道壓裂、出口碼頭等設施中容納這些增量？還是您需要增加容量？如果是的話，我們會考慮什麼類型的投資？

Good morning, Michael. And no problem. I'm going to ask Kris to share his thoughts to your questions.

早上好，麥可。沒有問題。我將請克里斯分享他對你們的問題的看法。

Yeah. Michael, what I would remind you is that when we announced the Gulf Coast fractionators and related NGL value chain, we actually had full line of sight to filling those fracs and BANGL. So as we sit today, that value chain is full.

是的。邁克爾，我想提醒你的是，當我們宣布墨西哥灣沿岸分餾塔和相關的 NGL 價值鏈時，我們實際上已經完全著眼於填補這些壓裂和 BANGL 的空缺。所以，就我們今天所討論的而言，這個價值鏈已經很滿了。

So when we think about the 70 of liquids that comes with this, and I will say the liquid side of this comes immediately. When I say this, the Northwind liquids. So call it between 50 and 70 a day of liquids. Those are incremental to the liquids that we already have access to.

因此，當我們考慮隨之而來的 70% 液體時，我會說它的液體方面會立即出現。我一說這話，北風就噴薄而出。因此，每天應攝取 50 至 70 克液體。這些是我們已經可以獲得的液體的增量。

So we'll be looking to explore other opportunities to drive economic value out of those. It does provide optionality, right, as we think about our existing NGL value chain as to how we do most economically utilize that value chain. So that's something I know the team has been looking at. And Shawn, I don't know if there was anything you might want to add.

因此，我們將尋求探索其他機會來從中創造經濟價值。當我們思考現有的 NGL 價值鏈時，它確實提供了可選性，我們如何最經濟地利用該價值鏈。我知道這是團隊一直在關注的事情。肖恩，我不知道您是否還有什麼要補充的。

Michael, this is Shawn. On top of what Kris just mentioned, as you know earlier this year, MaryAnn mentioned earlier that we're at 250,000 barrels per day on BANGL already this year with expansion in the second half of '26 to go to $300,000.

邁克爾，這是肖恩。除了克里斯剛才提到的，正如你今年早些時候所知，瑪麗安之前提到，今年孟加拉石油的日產量已經達到 25 萬桶，26 年下半年將擴大到 30 萬桶。

And as Kris mentioned that optionality that will give us tremendous flexibility to continue to execute on our strategy. So we feel really good at the spot we're in, and we'll continue looking to maximize the organic that now Northwind bring options to us.

正如克里斯所提到的，可選性將為我們提供極大的靈活性，以繼續執行我們的策略。因此，我們對目前的情況感到非常滿意，並且我們將繼續尋求最大化 Northwind 為我們帶來的選擇。

With no further questions, I'll turn the call back over to Kristina.

如果沒有其他問題，我將把電話轉回給克里斯蒂娜。

Thank you for your interest in MPLX. Should you have more questions or if you'd like clarification on topics discussed this morning, please contact us, and our team will be available to take your calls. Thank you for joining us today.

感謝您對 MPLX 的關注。如果您有更多問題或想要澄清今天上午討論的主題，請聯絡我們，我們的團隊將接聽您的電話。感謝您今天加入我們。

This concludes today's call. Thank you for your participation. You may disconnect at this time.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。