MPLX LP (MPLX) 2025 Q3 法說會逐字稿

Welcome to the MPLX third-quarter 2025 earnings call. My name is Shirley, and I'll be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded. I will now turn the call over to Kristina Kazarian. Kristina, you may begin.

歡迎參加 MPLX 2025 年第三季財報電話會議。我叫雪莉，今天由我來為您接聽電話。（操作員說明）請注意，本次會議正在錄音。現在我將把通話轉交給克里斯蒂娜·卡扎里安。克里斯蒂娜，你可以開始了。

Thank you, Shirley. Welcome to MPLX's third-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.

謝謝你，雪莉。歡迎參加 MPLX 2025 年第三季財報電話會議。本次電話會議的幻燈片可在我們網站 mplx.com 的「投資者」標籤下找到。今天與我一起參加電話會議的有總裁兼執行長瑪麗安曼寧、財務長克里斯哈格多恩以及其他高階主管團隊成員。

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 our filings with the SEC.

請閱讀第 2 頁投影片上的「安全港」聲明。我們今天將發表一些前瞻性聲明。實際結果可能有所不同。可能導致實際結果出現差異的因素以及我們向美國證券交易委員會提交的文件都包含在內。

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

接下來，我將把電話交給瑪莉安。

Thanks, Kristina. Good morning, and thank you for joining our call. I'd like to take a moment to recognize Mike Hennigan. At the end of the year, Mike will be stepping down as our Executive Chairman. Mike's guidance has been tremendously valuable to our Board, to me, and our entire leadership team. We thank him for his service as well as all of his contributions. He will be missed.

謝謝你，克里斯蒂娜。早安，感謝各位參加我們的電話會議。我想藉此機會表揚一下麥克·亨尼根。今年年底，麥克將卸任執行董事長一職。麥克的指導對我們的董事會、我本人以及我們整個領導團隊都非常有價值。我們感謝他所做出的貢獻和付出。我們會想念他的。

Delivering on our commitment to return capital, MPLX increased its quarterly distribution by 12.5% for the second consecutive year. The increase is supported by our multiyear track record of mid-single-digit growth and reflects conviction in our growth outlook from recent capital deployment. Our growing portfolio is expected to support this level of annual distribution increases over the next couple of years.

為了履行我們對資本回報的承諾，MPLX連續第二年將其季度分紅提高了12.5%。此次成長得益於我們多年來保持的中等個位數成長記錄，也反映了我們對近期資本部署所帶來的成長前景的信心。我們不斷成長的投資組合預計將在未來幾年內支撐這一水準的年度股利成長。

In the third quarter, MPLX generated adjusted EBITDA of $1.8 billion. Strong performance through the first nine months has contributed to year-to-date adjusted EBITDA of $5.2 billion, reflecting growth of 4% over the same time frame in the prior year. Distributable cash flows of $1.5 billion which supported the return of $1.1 billion to unitholders. We are committed to returning capital to unitholders, primarily through a secure and growing distribution, but also through unit repurchases as we believe our equity remains undervalued.

第三季度，MPLX 調整後 EBITDA 為 18 億美元。前九個月的強勁業績使今年迄今的調整後 EBITDA 達到 52 億美元，比上年同期成長 4%。可分配現金流為 15 億美元，其中 11 億美元返還給了單位持有人。我們致力於向單位持有人返還資本，主要透過安全且不斷增長的分紅，但也透過單位回購來實現，因為我們相信我們的股權仍然被低估。

MPLX is optimizing the competitive position of its portfolio as we pursue mid single-digit adjusted EBITDA growth anchored in the Marcellus and Permian Basins, advancing our strategic commitments. During the third quarter, MPLX closed on two strategic acquisitions.

MPLX 正在優化其投資組合的競爭地位，以馬塞勒斯盆地和二疊紀盆地為基礎，追求中等個位數的調整後 EBITDA 成長，推進我們的策略承諾。第三季度，MPLX完成了兩項策略性收購。

First, the remaining 55% interest in the BANGL NGL pipeline system. Full ownership of BANGL and its expansion opportunities enhance our Permian platform as we connect growing NGL production from the well head to MPLX's Gulf Coast fractionation facilities and export terminal joint venture currently under construction. We are progressing the expansion of BANGL from 250,000 to 300,000 barrels per day, which we expect to enter service in the second half of 2026.

首先，剩餘的 55% 的 BANGL NGL 管道系統權益。完全擁有 BANGL 及其擴張機會，將不斷增長的 NGL 產量從井口連接到 MPLX 的墨西哥灣沿岸分餾設施和目前正在建設中的出口碼頭合資企業，從而增強了我們的二疊紀平台。我們正在推動 BANGL 油田的擴建工程，使其日產能從 25 萬桶增加到 30 萬桶，預計將於 2026 年下半年投入使用。

Second, MPLX closed on the acquisition of a Delaware Basin sour gas treating business, integrating our newly acquired sour gas treating assets with MPLX operations is ongoing. Additionally, we are completing construction of the second amine treating plant at the Titan complex. This will increase sour gas treating capacity from 150 million to over 400 million cubic feet per day expected by the end of 2026, driving the returns we expect from the acquisition and expansion.

其次，MPLX 完成了對特拉華盆地酸性氣體處理業務的收購，目前正將我們新收購的酸性氣體處理資產與 MPLX 的營運進行整合。此外，我們正在完成泰坦綜合設施第二座胺處理廠的建設。這將使酸性氣體處理能力從每天 1.5 億立方英尺增加到每天 4 億立方英尺以上（預計到 2026 年底），推動我們預期從收購和擴建中獲得的回報。

The sour gas treating capabilities will allow us to capitalize on additional growth opportunities. These sour gas treating assets are adjacent and complementary to our existing natural gas system in the Delaware Basin. They expand MPLX's treating and blending operations, attractive to our current and new customers who are increasing crude drilling activity in the lower-cost sour gas window on the eastern edge of the Northern Delaware Basin. And the asset increase access to natural gas and NGL volumes.

酸性氣體處理能力將使我們能夠抓住更多成長機會。這些酸性天然氣處理設施與我們在特拉華盆地現有的天然氣系統相鄰且互補。它們擴大了 MPLX 的處理和混合業務，這對我們現有和新的客戶來說很有吸引力，他們正在北特拉華盆地東緣成本較低的酸性天然氣窗口增加原油鑽探活動。該資產增加了獲取天然氣和液化天然氣的機會。

We are advancing our strategic growth objectives in the Permian. Secretariat, our seventh processing plant, is expected to be online at the end of 2025, bringing total regional capacity to 1.4 billion cubic feet per day. And we fully own the BANGL Pipeline system integral to MPLX's Permian NGL chain which is expected to add incremental EBITDA in 2026.

我們正在推進在二疊紀盆地的戰略成長目標。我們的第七座加工廠－秘書處工廠預計將於 2025 年底投入運營，屆時該地區的總產能將達到每天 14 億立方英尺。我們完全擁有 BANGL 管道系統，該系統是 MPLX 二疊紀 NGL 產業鏈不可或缺的一部分，預計將在 2026 年增加 EBITDA。

Construction is progressing on schedule and on budget for the first Gulf Coast fractionation facility and LPG export terminal. The location of our LPG dock is advantaged as it will allow vessels to avoid congestion and reduce fuel consumption, lowering cost for shippers.

墨西哥灣沿岸首個分餾設施和液化石油氣出口碼頭的建設正在按計劃和預算進行。我們的液化石油氣碼頭位置優越，可以讓船舶避免擁堵，減少燃料消耗，進而降低托運人的成本。

MPLX will not have direct commodity price exposure as MPC will purchase the LPG production from the fracs and market globally through its marketing business across the new export terminal, demonstrating the strength of our strategic relationship with MPC. The first frac export terminal and purity pipeline are expected to enter service in 2028 with full run rate in late 2029.

MPLX 不會直接面臨商品​​價格風險，因為 MPC 將從壓裂作業中購買液化石油氣產品，並透過其在新出口碼頭的行銷業務在全球範圍內銷售，這體現了我們與 MPC 之間戰略關係的牢固性。第一個壓裂液出口終端和純度管線預計將於 2028 年投入使用，並於 2029 年底全面投產。

Within natural gas, MPLX and its partners announced they will construct the Iger Express pipeline having secured firm transportation agreements with investment-grade shippers. Upon completion, expected in mid-2028 the pipeline will transport natural gas from the Permian Basin to the Katy area of Texas. Iger will have connectivity to the traverse natural gas pipeline which connects supply between Agua Dulce and the Houston area and will provide shippers optionality and access to multiple premium markets on the Gulf Coast, driven by demand pool for LNG exports. The continued build-out of our Permian to Gulf Coast natural gas system enhances that value chain with additional growth opportunities.

在天然氣領域，MPLX及其合作夥伴宣布，他們將建造Iger Express管道，並已與投資級托運商簽訂了可靠的運輸協議。該管道預計將於 2028 年年中建成，建成後將把天然氣從二疊紀盆地輸送到德克薩斯州的凱蒂地區。Iger 將與橫貫天然氣管道相連，該管道連接阿瓜杜爾塞和休士頓地區之間的天然氣供應，並將為托運人提供更多選擇，並使其能夠進入墨西哥灣沿岸的多個優質市場，這些市場是由液化天然氣出口的需求池驅動的。從二疊紀盆地到墨西哥灣沿岸的天然氣系統的持續建設，增強了該價值鏈，並帶來了更多成長機會。

Favorable market outlook supports our operations in the Marcellus, Utica, and Permian basins, MPLX is positioned for long-term natural gas volume growth in these key operating regions, and we expand our integrated value chains and execute our well head-to-water strategy. This year, over 90% of MPLX's total investments are being allocated to opportunities within our natural gas and NGL Services segment. The progress and execution of our strategic commitments give us conviction in the sustainability of our mid single-digit adjusted EBITDA growth outlook for 2025 and beyond.

良好的市場前景支持我們在馬塞勒斯盆地、尤蒂卡盆地和二疊紀盆地的運營，MPLX 已做好準備，在這些關鍵運營區域實現天然氣產量的長期增長，我們將擴大我們的一體化價值鏈，並執行我們的從井口到水面的戰略。今年，MPLX 超過 90% 的總投資都分配給了天然氣和 NGL 服務領域的投資機會。我們策略承諾的進展和執行情況使我們有信心實現 2025 年及以後中等個位數的調整後 EBITDA 成長預期。

Our approach to growth is structured to deliver mid-teens returns on our investments and mid single-digit adjusted EBITDA growth. We do this by constructing processing facilities on a just-in-time basis, maximizing the utilization of existing assets, optimizing value chains, and strengthening our strategic partnership with MPC.

我們的成長策略旨在實現投資報酬率達到兩位數中段，調整後 EBITDA 成長率達到個位數中段。我們透過按需建設加工設施、最大限度地利用現有資產、優化價值鏈以及加強與MPC的戰略夥伴關係來實現這一目標。

In the Marcellus, our largest operating region, construction of our Harmon Creek processing plant and fractionation facility aligns 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 producer commitments. In the second half of 2026, we anticipate our 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, positioning MPLX to handle growing production from the Utica and Marcellus.

在馬塞勒斯頁岩氣田（我們最大的營運區域），哈蒙溪加工廠和分餾設施的建設與生產商的鑽井計劃一致。這個新綜合體將包括一座日處理量 3 億立方英尺的天然氣處理廠和一座日處理量 4 萬桶的脫乙烷裝置，並有生產商承諾提供支援。預計到 2026 年下半年，我們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，這將使 MPLX 能夠處理來自尤蒂卡頁岩氣和馬塞勒斯頁岩氣不斷增長的產量。

As demand for natural gas-powered electricity rises, MPLX is well-positioned to support the development plans of its producer customers. In our Crude Oil & Products Logistics segment, we are focused on expanding gathering infrastructure, enhancing butane blending at terminals, growing volumes organically, and pursuing high-return projects to maximize asset utilization. With a strong pipeline of organic opportunities, we are well-positioned to generate resilient cash flows that underpins our commitment to deliver long-term value and return to capital to unitholders.

隨著對天然氣發電的需求不斷增長，MPLX 已做好充分準備，以支援其生產商客戶的發展計畫。在原油及成品油物流業務板塊，我們專注於擴大集輸基礎設施，加強碼頭丁烷混合，實現有機成長，並追求高回報項目，以最大限度地提高資產利用率。憑藉強大的有機成長機會儲備，我們有能力產生穩定的現金流，這鞏固了我們為單位持有人創造長期價值和資本回報的承諾。

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

現在我把電話交給 Kris，讓他來討論我們本季的營運和財務表現。

Thanks, Maryann. Slide 12 outlines the third quarter operational and financial performance highlights for our Crude Oil & Products Logistics segment. Segment adjusted EBITDA increased $43 million when compared to the third quarter of 2024. The increase was driven by higher rates, partially offset by higher operating expenses. Pipeline volumes were flat, while terminal volumes were down 3% year-over-year.

謝謝你，瑪麗安。第 12 頁概述了我們原油及成品油物流部門第三季的營運和財務績效亮點。與 2024 年第三季相比，分部調整後的 EBITDA 增加了 4,300 萬美元。此次成長主要由利率上漲推動，但部分被營運成本上漲所抵銷。管道運輸量持平，而碼頭運輸量較去年同期下降 3%。

Moving to our Natural Gas and NGL Services segment on slide 13. Segment adjusted EBITDA increased $9 million compared to the third quarter of 2024 as contributions from recently acquired assets and higher volumes were partially offset by higher operating expenses.

接下來，請看第 13 頁的天然氣和液化天然氣服務部分。與 2024 年第三季相比，分部調整後的 EBITDA 增加了 900 萬美元，這主要得益於近期收購的資產和更高的銷量，但部分被更高的營運費用所抵消。

Gathered volumes increased 3% year-over-year, primarily due to production growth in the Utica. Processing volumes increased 3% year-over-year, primarily from increased production in the Utica and Marcellus. Permian processing volumes increased 9% compared to the second quarter of this year. Processing volumes in the Utica have increased 24% year-over-year, showing the value of the liquids-rich acreage. Marcellus processing utilization was 95% for the quarter, reflecting robust producer activity in the region. Total fractionation volumes increased 7% year-over-year, primarily due to higher ethane recoveries in the Marcellus and Utica.

收集量年增 3%，主要原因是尤蒂卡河的產量成長。加工量年增 3%，主要得益於尤蒂卡頁岩氣和馬塞勒斯頁岩氣產量的增加。二疊紀盆地原油加工量較今年第二季成長9%。尤蒂卡地區的油氣加工量年增了 24%，顯示富含液體的油氣田具有很高的價值。本季馬塞勒斯頁岩氣加工利用率為 95%，反映出該地區生產商的強勁活動。總分餾量較去年同期成長 7%，主要原因是馬塞勒斯頁岩和尤蒂卡頁岩的乙烷回收率提高。

Moving to our third quarter financial highlights on slide 14. Adjusted EBITDA of $1.8 billion increased 3% from the prior year, while distributable cash flow of $1.5 billion increased 2% over the same time frame. MPLX returned nearly $1 billion to unitholders and distributions and $100 million in unit repurchases.

接下來請看第14頁投影片，了解我們第三季的財務亮點。調整後的 EBITDA 為 18 億美元，較上年成長 3%；同期可分配現金流為 15 億美元，成長 2%。MPLX 向單位持有者返還了近 10 億美元，並進行了 1 億美元的單位回購。

During the quarter, MPLX issued $4.5 billion in senior notes, the proceeds of which were primarily used to fund our acquisition of the Delaware Basin sour gas treating business and to increase cash from the BANGL acquisition and associated debt repayment.

本季度，MPLX 發行了 45 億美元的高級票據，所得款項主要用於收購特拉華盆地酸性氣體處理業務，以及增加從 BANGL 收購和相關債務償還中獲得的現金。

MPLX ended the quarter with a cash balance of $1.8 billion and plans to utilize this cash in alignment with our capital allocation framework. MPLX maintains a solid balance sheet with leverage below our comfort level of 4 times.

MPLX 本季末現金餘額為 18 億美元，並計劃按照我們的資本配置框架使用這些現金。MPLX 的資產負債表穩健，槓桿比率低於我們 4 倍的舒適水準。

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

現在，我把麥克風交還給瑪麗安，讓她做一些總結性發言。

Thanks, Kris. Our distribution increase of 12.5% announced last week marked the fourth consecutive year of double-digit increases resulting in annualized base distribution growth of greater than 50% over the past four years. Through prudent capital allocation, cost control, and operational optimization, MPLX has achieved a 7% compound annual growth rate in both adjusted EBITDA and distributable cash flow over the past four years. Year-to-date, we've returned $3.2 billion to unitholders.

謝謝你，克里斯。我們上週宣布的 12.5% 的分紅成長標誌著連續第四年實現兩位數成長，使得過去四年的年化基本分紅成長率超過 50%。透過審慎的資本配置、成本控制和營運優化，MPLX 在過去四年中實現了調整後 EBITDA 和可分配現金流量 7% 的複合年增長率。今年迄今為止，我們已向基金持有者返還了 32 億美元。

As we've stated before, adjusted EBITDA growth at MPLX will not be linear. We anticipate growth in 2026 will exceed that of 2025, supported by throughput growth on existing assets and new assets being placed in service. Our growing portfolio is well-positioned to sustain this level of annual distribution increases over the next couple of years, and we do not expect MPLX's coverage ratio to fall below 1.3 times.

正如我們之前所說，MPLX 的調整後 EBITDA 成長不會是線性的。我們預計 2026 年的成長將超過 2025 年，這得益於現有資產吞吐量的成長以及新資產投入使用。我們不斷成長的投資組合完全有能力在未來幾年內維持這種水準的年度股利成長，我們預計 MPLX 的覆蓋率不會低於 1.3 倍。

In summary, MPLX is well-positioned to capitalize on opportunities that fit our strategic road map as we execute our plan, targeting mid single-digit adjusted EBITDA growth. As a strategic asset for Marathon and with the distribution increase, MPLX is expected to provide $2.8 billion annually to MPC through its growing distribution.

總而言之，MPLX 已做好充分準備，抓住符合我們策略路線圖的機會，執行我們的計劃，目標是實現中等個位數的調整後 EBITDA 成長。作為 Marathon 的戰略資產，隨著分銷管道的增加，MPLX 預計每年將透過其不斷增長的分銷管道為 MPC 提供 28 億美元。

Our unwavering focus on safety and operational excellence, strategic growth opportunities, and strong financial flexibility enable us to consistently drive cash flow growth. This, in turn, supports our commitment to delivering peer-leading capital returns to unitholders.

我們始終堅持安全至上、卓越營運、策略成長機會和強大的財務靈活性，這使我們能夠持續推動現金流成長。這反過來也支持我們致力於為單位持有人提供同業領先的資本回報。

Now let me turn the call over to Kristina.

現在我把電話交給克莉絲蒂娜。

Thanks, Maryann. As we open the call for your questions, as a courtesy to all participants, we ask that you limit yourself to a question and a follow-up. If time permits, we will reprompt for additional questions. Sheila, we're ready for questions, please.

謝謝你，瑪麗安。在我們開放提問環節之際，為了尊重所有參與者，我們要求您只提一個問題和一個後續問題。如果時間允許，我們會再次詢問您是否還有其他問題。希拉，我們準備好接受提問了，請問。

(Operator Instructions)

（操作說明）

John Mackay, Goldman Sachs.

約翰麥凱，高盛集團。

I wanted to start on the EBITDA growth outlook. You guys have done a bunch of projects, M&A this year. Maryann, I was wondering if you could kind of walk us through how you're thinking about the go-forward growth outlook now for EBITDA, both kind of level and duration relative to how you were framing up kind of the similar target of mid-single-digit EBITDA growth at the beginning of the year before we had some of these announcements.

我想先談談 EBITDA 成長前景。你們今年做了很多項目，包括併購。瑪麗安，我想請你詳細介紹一下你目前對 EBITDA 未來增長前景的看法，包括增長水平和持續時間，與年初你設定的中等個位數 EBITDA 增長目標相比有何不同，當時我們還沒有發布這些公告。

Yes. Thanks, John. And thanks for your question. So as I mentioned in my prepared remarks, when we look at our growth rate, '24 to '25, and then we look at it also from '25 to '26, we believe '25 to '26 will actually deliver stronger growth than we did '24 to '25. As you know, we've also been talking about our EBITDA growth over a three-year period. And when we look at that, it's been roughly 7% for the last few years, we see the ability to continue that as we look into 2026 for right now for those acquisitions and other projects that we put into place.

是的。謝謝你，約翰。感謝你的提問。正如我在準備好的演講稿中所提到的，當我們審視 2024 年至 2025 年的成長率，然後再審視 2025 年至 2026 年的成長率時，我們相信 2025 年至 2026 年的成長實際上會比 2024 年至 2025 年的成長更為強勁。如您所知，我們也一直在討論過去三年的 EBITDA 成長情況。當我們觀察這項數據時，會發現過去幾年這一比例約為 7%，展望 2026 年，我們認為，就目前而言，透過這些收購和其他項目，這一比例能夠繼續保持下去。

So maybe let me take a minute and talk about how we see that unfolding to address your question of how did we think about it in the beginning of the year, certainly versus how we're looking at it now. When we look at 2026, as an example, a couple of things really begin to come online and increase that growth that I was referring to. So as you know, we mentioned BANGL the incremental 55% ownership will now be additive to 2026 EBITDA targets.

所以，或許我可以花一分鐘時間談談我們是如何看待這件事的，以此來回答你提出的問題，即我們在年初是如何看待這件事的，與我們現在是如何看待這件事的。以 2026 年為例，有幾件事將真正開始上線，並促進我所提到的成長。如您所知，我們之前提到過，BANGL新增的55%股權將計入2026年的EBITDA目標。

As I mentioned, secretariat will come online at the end of this year, and that ramp up into 2026 will again deliver incremental EBITDA throughout 2026. We'll also have the full rate of Preakness 2 that come that came online in the third quarter of '24. And so we'll have full ramp up as we head into 2026. And then the sour gas investment that we made, as you know, will reach full run rate by the end of 2026 has tightened the next phase of the Titan treatment plant comes online. So we'll see that incremental EBITDA coming from Titan as well.

正如我之前提到的，秘書處將於今年年底上線，到 2026 年，其逐步發展將再次在 2026 年帶來增量 EBITDA。我們還將提供 2024 年第三季上線的 Preakness 2 的完整費率。因此，到 2026 年，我們將全面提升產能。如您所知，我們對酸性氣體的投資將在 2026 年底達到全面運作水平，這將進一步加快 Titan 處理廠下一階段的上線進程。因此，我們也將看到 Titan 帶來增量 EBITDA。

And then there's a few other projects, as you know. And then heading into '27. We obviously have full rate for Titan consistent with the way that we've shared with you as we talked about the EBITDA potential on that transaction. And then also Ag pipeline, as an example, another project that we just announced that will bring EBITDA into 2027. I'll take you actually to '28 and '29, just for a moment.

此外，如你所知，還有其他幾個項目。然後進入2027年。顯然，我們對 Titan 的定價是全額的，這與我們之前向您介紹的關於該交易 EBITDA 潛力的情況一致。還有農業管道項目，例如我們剛剛宣布的另一個項目，該項目將使 EBITDA 增長到 2027 年。我帶你回到 2028 年和 2029 年，就一會兒。

but in '28, we'll have the first track in the LPG export com online. -- and then obviously heading into full run rate as the second one comes online in '29 as well. So those projects either organic or those acquisitions, I think, supports our ability to continue to grow that mid single-digit growth. Let me pause there, John and see if I've answered your question.

但到 2028 年，我們將迎來液化石油氣出口運輸系統中的第一條軌道上線。 ——然後，隨著第二條軌道在 2029 年上線，顯然會進入全面運行狀態。因此，我認為，無論是內部成長還是收購，這些項目都支持我們繼續保持中等個位數的成長。約翰，我先停一下，看看我是否回答了你的問題。

No. That was great. I appreciate the color. Maybe just as a second question from my side. I would love to hear a little bit more about the power LOI, maybe just steps to converting that, how we think about the opportunity set for you, returns, et cetera?

不。那很棒。我喜歡這個顏色。我可能還有第二個問題。我很想多了解一些關於意向書（LOI）的信息，例如如何將其轉化為實際投資，我們如何看待您的機會、回報等等？

Yes. Thank you for that. As you saw, we issued that -- excuse me, a press release this morning and appreciated it is an LOI in this early stage. One, we think the opportunity with (inaudible) is is important -- critically important for us as we evaluate the opportunity set around data centers and AI. We think for MPC, this obviously creates in-basin demand.

是的。謝謝。正如你所看到的，我們今天早上發布了一份——抱歉，應該說是一份新聞稿，並且理解這只是一個早期階段的意向書。第一，我們認為（聽不清楚）帶來的機會非常重要——對於我們評估資料中心和人工智慧領域的機會而言，這一點至關重要。我們認為，對於MPC來說，這顯然會創造盆地內的需求。

And then ultimately, at what we would consider to be a very low cost or no cost transaction here in this early evaluation. -- we will we will provide gas. And then in return, we receive lower cost, reliable power, which, in fact, will get passed on to our producer customers. But time-wise, this is certainly not a 2026 project. It will be beyond 2026, John.

最終，在我們目前的初步評估中，我們將以極低的成本甚至零成本提供天然氣。作為回報，我們將獲得成本更低、更可靠的電力，而這些電力實際上會轉嫁給我們的生產客戶。但從時間上看，這肯定不是一個 2026 年就能完成的項目。約翰，那得等到2026年以後了。

Manav Gupta, UBS.

瑞銀集團的馬納夫·古普塔。

I would like to start by saying, I'm a big fan of Mike Hennigan, but he has left the company in very good hands. So -- congratulations Maryann. My first question to you is can you elaborate a little more on the Permian sour gas opportunity. And it's my understanding you do not need to permit more AGI wells to run this asset at full capacity because that's where the gating factor is? If you could talk a little bit about those things.

首先我想說，我是麥克亨尼根的忠實粉絲，但他把公司交給了非常可靠的人。所以——恭喜瑪麗安。我的第一個問題是，能否詳細介紹二疊紀酸性天然氣的開發機會？我的理解是，您不需要允許更多的AGI油井來使該資產滿負荷運轉，因為這就是限制因素所在？如果您能稍微談談這些事情就好了。

Thank you for your question, and we agree with you as it relates to Mike Hennigan. So on the Permian sour gas opportunity, as we shared, we've got about $0.5 billion of incremental capital that gets us to all of the investment economics that we shared. That includes getting the treatment -- the amine treating Titan facility as we call it, from 150 to 400 and the next AGI well. There is no other incremental asset gas injection well necessary to meet the economics on the project as we have outlined for you so far.

感謝您的提問，關於邁克·亨尼根的問題，我們同意您的觀點。所以，關於二疊紀酸性天然氣項目，正如我們之前所說，我們獲得了大約 5 億美元的新增資本，這使我們能夠實現我們之前分享的所有投資經濟效益。這包括對 Titan 設施（我們稱之為胺處理設施）進行處理，使其從 150 井增至 400 井，以及下一個 AGI 井。根據我們目前向您概述的情況，無需再增加其他注氣井即可達到該專案的經濟效益。

Perfect. My quick follow-up here is, as you evaluate all these data center opportunities, would there be more letter of intent or similar nature? And how you're seeing that pipeline? And then the bigger question is, some of your peers have said this opportunity set is so big that we are even open to generating and selling electricity using our natural gas. Is that something which MPLX could be open to if the right opportunity arises or you're more comfortable being the supplier of natural gas but not the generator of electricity, if you could talk about that?

完美的。我接下來要問的是，在您評估所有這些資料中心機會時，是否會有更多意向書或類似文件？您如何看待這條人才輸送管道？而更重要的問題是，你們的一些同行表示，這個機會如此之大，我們甚至願意利用天然氣來發電並出售電力。如果出現合適的機遇，MPLX 是否願意考慮這樣做？還是您寧願成為天然氣供應商而不是發電企業？您能否談談這方面的情況？

Yes, of course. Thanks for the question. As you know, when we look at the Northeast, we are handling, touching 10% of US natural gas consumption every day. So our ability to continue to evaluate where in this opportunity set that we can best support our producer customers is a place that we are spending time evaluating, et cetera.

是的當然。謝謝你的提問。如您所知，當我們審視美國東北部地區時，我們每天要處理美國10%的天然氣消耗量。因此，我們正在花時間評估我們能夠在哪些方面更好地支援我們的生產客戶，等等。

Again, this mirror is the first step for us as we continue to evaluate those opportunities. I'm going to pass it to Greg who's been spending quite a bit of time looking at how and where MPLX can continue to pursue opportunities.

再次強調，這面鏡子是我們評估這些機會的第一步。我將把這項工作交給格雷格，他花了不少時間研究 MPLX 如何以及在哪裡可以繼續尋求發展機會。

Manav, it's a great question. The first, obviously, as Maryann said, being a large player in the midstream business and touching a lot of gas, we aggregate gas at our processing plants. -- similar to interstate pipelines and some of the other projects you've seen. So we certainly have the ability to co-locate similar to the (inaudible) project where we have a co-located facility and we can sell gas and buy power and increase reliability.

馬納夫，這是一個很好的問題。首先，正如瑪麗安所說，作為中游業務的重要參與者，我們涉及大量的天然氣，因此我們在加工廠進行天然氣集輸——這類似於州際管道以及你看到的其他一些項目。因此，我們當然有能力像（聽不清楚）專案那樣進行共址，我們有一個共址設施，我們可以出售天然氣併購買電力，從而提高可靠性。

In terms of generating the power, the solar turbines and the Caterpillar reciprocating engines that that constitute most of the prime movers for generation behind the meter are assets that we deploy by the hundreds across our system. So we know how to install, operate and maintain these units running all of our gas compression. And so we have that capability. On the refining side of Marathon, we actually self-generate power at some of the refineries. So we have the capability, but it's a separate business case in terms of moving from providing gas and processing to move into the power generation business.

就發電而言，太陽能渦輪機和卡特彼勒往復式發動機是錶後發電的主要動力裝置，我們在整個系統中部署了數百台這樣的設備。因此，我們知道如何安裝、操作和維護這些用於我們所有氣體壓縮的設備。因此，我們具備這種能力。在馬拉松煉油廠的煉油廠的煉油廠環節，我們實際上在一些煉油廠實現了自發電。所以我們有這個能力，但從提供天然氣和加工到進入發電業務，這是一個獨立的商業案例。

So that's something that we'll keep all options open and continue to look at, talk to a lot of people and see where that goes, if anywhere.

所以我們會保持所有可能性，繼續研究，與很多人交談，看看事情會如何發展，如果有的話。

Theresa Chen, Barclays.

特蕾莎·陳，巴克萊銀行。

Going back to the Titan complex and the early days of integration after the recent close. As you continue your investment here in the build out, has there been any shift in commercial activity with your customers? Any incremental interest in your services now that you have the set of assets within your portfolio?

回到 Titan 綜合大樓以及最近交易完成後的早期整合階段。隨著您繼續加大投資進行建設，您的客戶的商業活動是否發生了任何變化？現在您的投資組合中已包含這些資產，是否有人對您的服務產生了更大的興趣？

Teresa, thanks for the question. I would tell you, integration with our sour gas acquisition, which we refer to as North Wind has gone very well as we exited the quarter at roughly processing at 150. You may have also heard and we'll echo some of the comments that those producer customers who we are working for in the region have commented on. I think they're pleased with the fact that MPLX now owns this asset. We're working diligently.

特蕾莎，謝謝你的提問。我可以告訴你們，我們收購的酸性天然氣（我們稱之為「北風」）的整合進展非常順利，本季末我們的處理量約為 150。您可能也聽說過，我們在此重申我們在該地區合作的生產商客戶的一些評論。我認為他們對MPLX現在擁有這項資產感到高興。我們正在努力工作。

They were customers of ours in that basin prior and this adds more opportunity for us to continue to work closely with those key customers.

他們之前就是我們在該盆地的客戶，這為我們繼續與這些重要客戶密切合作提供了更多機會。

One of the other things that we talked about when we were together the last time was the potential for processing. Some of our contracts are about two to three years, they're third party. And as we look at the ability to accelerate growth in that region, being able to take on incremental processing would be a place that we would look to grow beyond that integration.

我們上次見面時也談到了處理的可能性。我們有些合約的期限是兩到三年，都是第三方合約。當我們審視在該地區加速成長的能力時，能夠進行增量處理將是我們尋求超越這種整合而實現成長的領域。

The other thing that I would mention is we continue to look at the project, and as I shared with John earlier, passing the look at how EBITDA will grow, we expect to be complete so that by the end of 2026 since we head into EBITDA generation. Those projects will be completed and we'll be able to see the full benefit supporting our customers in the basin.

我還要提一下，我們會繼續關注這個項目，正如我之前和約翰分享的那樣，我們會關注 EBITDA 的增長情況，預計到 2026 年底，隨著我們進入 EBITDA 生成階段，項目就能完成。這些項目將會完成，屆時我們將能夠看到為流域客戶提供支援所帶來的全部益處。

I look to Greg to see if there's anything else that he wants to add because he's been overseeing the strength of that integration.

我向格雷格詢問他是否還有什麼要補充的，因為他一直在監督整合工作的進展。

Thanks, Maryann. We've been spending most of the time towards the last few weeks of the quarter and then in the early first quarter, integrating the assets and working with producers to ramp up volume. We've had we're integrating people into our existing team in West Texas, and that's going very well, and we're also integrating systems, accounting systems, operating systems and trying to integrate the systems together. And we've got great feedback from our customers.

謝謝你，瑪麗安。在過去幾週以及第一季初的大部分時間裡，我們都在整合資產，並與生產商合作以提高產量。我們正在將人員融入我們在西德克薩斯州的現有團隊中，進展非常順利，我們也在整合系統，包括會計系統、操作系統，並努力將這些系統整合在一起。我們收到了客戶的非常好的回饋。

We're meeting with our customers. I think they're excited about our ownership and operation of the system and moving to the next level as we continue to deploy the assets. Titan 1 train in the commissioning process late in the quarter and into the prior month and the third train of Titan 1 and then Titan 2 Civil and (inaudible) underway for that plant to come into service latter part of '26.

我們正在與客戶會面。我認為他們對我們擁有和經營該系統感到興奮，並且隨著我們繼續部署資產，他們將邁向下一個階段。Titan 1 列車在本季末和上個月處於調試過程中，Titan 1 的第三列列車以及 Titan 2 土建和（聽不清）正在進行中，該工廠將於 2026 年下半年投入使用。

And then related to the LOI with Mira, Maryann, going back to your comments about how low or no cost is going to be. Can you just frame that up in terms of what would be the nature of any potential CapEx related to this? And is there not so much of like a CapEx or economic moat what position you to win this agreement? And what would position MPLX in your regions of service given the competition out there to win incremental agreements. And with this transaction, specifically, what are the next steps?

然後，關於與 Mira 簽署的意向書，Maryann，回到你之前關於成本很低甚至沒有成本的評論。能否具體說明一下，與此相關的潛在資本支出會是什麼性質？難道你們在資本支出或經濟優勢方面沒有那麼大的優勢，從而贏得這項協議嗎？鑑於市場上的競爭，MPLX 在貴公司的服務區域中將如何定位才能贏得更多增量協議？那麼，就這筆交易而言，接下來的步驟是什麼？

Yes. Thanks, Theresa. Look, I think one of the benefits that we see from this transaction is the potential for in-basin demand, right? The growth on that in-basin demand. So essentially, the way that this LOI will continue to be structured is we will provide gas, I'd like to say, at the tail pipe of our plants.

是的。謝謝你，特蕾莎。我認為，這筆交易帶來的好處之一是盆地內需求的潛力，對吧？盆地內需求的成長。所以，這份意向書的結構本質上是，我們將提供天然氣，我想說，是在我們工廠的廢氣排放口。

And then in return, so to speak, right, we will have the ability to have lower cost, more reliable power to provide to our producer customers. So again, when I say low or no cost, there really isn't anything that we need to do in order to facilitate that transaction.

作為回報，我們將能夠以更低的成本、更可靠的電力向我們的生產型客戶提供服務。所以再次強調，當我說低成本或零成本時，實際上我們不需要做任何事情來促成這筆交易。

In terms of the opportunities there, we're continuing to evaluate how that might go forward. But as we stand right now, this LOI, we think, has the potential to increase in-basin demand.

至於這方面的機遇，我們正在持續評估其發展前景。但就目前而言，我們認為這份意向書有可能增加盆地內的需求。

(inaudible), Wolfe Research.

（聽不清楚），沃爾夫研究公司。

Just looking at slide 9. Can you please walk through some of your assumptions for in-basin demand growth and incremental takeaway capacity to underwrite the 10% Marcellus and Utica gas growth through 2030, mainly curious if you expect new greenfield pipelines to be built out of Appalachia.

只看第9張投影片。請您詳細說明您對盆地內需求成長和新增外輸能力的一些假設，以支撐到 2030 年馬塞勒斯和尤蒂卡天然氣產量增加 10% 的目標。我主要想知道您是否預計阿巴拉契亞地區會新建綠地管道。

This is Greg. I'll speak to that. We continue to grow in the Marcellus and the Utica, primarily the Marcellus through incremental plant construction. As you see our Harmon Creek 3 plant in Washington County, PA is in construction and supported by customer contracts. We also have seen growth over the last 12 to 18 months in the Utica as we fill existing capacity in that system that was built years ago and as rigs moved away capacity freed up, but we're filling that capacity.

這是格雷格。我會就此發表看法。我們在馬塞勒斯頁岩氣田和尤蒂卡頁岩氣田持續發展，主要透過逐步建造工廠在馬塞勒斯頁岩氣田發展。如您所見，我們在賓夕法尼亞州華盛頓縣的 Harmon Creek 3 工廠正在建設中，並得到了客戶合約的支持。在過去的 12 到 18 個月裡，我們也看到尤蒂卡地區的成長，因為我們正在利用多年前建造的現有產能，隨著鑽井平台的轉移，產能釋放出來，但我們正在充分利用這些產能。

We're at over 70% utilization in the Utica now at 95%, a new high in Marcellus. In spite of being our largest area in processing over 7 Bcf a day of gas of rich gas and liquids that come with that.

尤蒂卡頁岩氣田的利用率目前已超過 70%，馬塞勒斯頁岩氣田的使用率更是達到了 95%，創下新高。儘管這是我們每天處理超過 70 億立方英尺富氣及相關液體的最大區域。

So our producer customers who own the residue gas back of our plants have commitments and are finding the capacity to exit the basin. There's also in-basin demand growth, both for power generation, both coal to gas power plant, coal to gas switching at power existing plants and then new plants as well as behind the meter, whether data center or other power generation. So I think there's in-basin demand growth.

因此，擁有我們工廠殘餘氣回流的生產商客戶有相應的承諾，並且正在尋找離開盆地的能力。盆地內需求也有所成長，包括發電需求（煤改氣發電廠、現有發電廠煤改氣以及新建發電廠）以及表後需求（資料中心或其他發電設施）。所以我認為盆地內需求會成長。

Obviously, MVP coming online was a big adder to takeaway capacity, and we continue to see increases in capacity announced on that system, particularly as the downstream pipeline system is debottlenecked. So we feel that our producers with the positions they have, both in firm capacity and capacity that opens up that maybe other producers don't use have the ability to continue to grow even in the Marcellus where the volumes are high in utilization side.

顯然，MVP 的上線大大增加了外輸能力，而且我們不斷看到該系統宣布增加輸送能力，尤其是在下游管道系統瓶頸消除的情況下。因此我們認為，憑藉我們生產商所擁有的優勢，無論是固定產能還是其他生產商可能未使用的開放產能，他們都有能力繼續增長，即使在馬塞勒斯頁岩氣產量利用率很高的情況下也是如此。

Thank you. Just for my second one, as you continue to build out the Permian position, do you have this ability to filling the full 300,000 barrels per day on BANGL with NGLs from your own plants?

謝謝。第二個問題，隨著你們不斷擴大在二疊紀盆地的業務，你們是否有能力用自己工廠生產的天然氣凝析液（NGL）來滿足 BANGL 每天 30 萬桶的產能？

Yeah. We have visibility with the seventh plant, we'll have 66 plants, with the seventh plant with Secretariat coming online and other production from third parties connected to BANGL. We're confident in filling the capacity on that pipeline.

是的。隨著第七家工廠的投產，我們將擁有 66 家工廠，第七家工廠將由 Secretariat 公司投產，其他工廠的生產也將來自與 BANGL 相關的第三方。我們有信心充分利用該管道的輸送能力。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Jeremy Tonet, J.P. Morgan.

傑里米·託內特，摩根大通。

Just as I think about, I guess, the long-term growth, we're going to be in the mid single-digit growth on a multiyear basis. Would organic initiative (inaudible) to underpin that? Or would there need to be a certain amount of inorganic emissions as well to complement to single-digits are higher? Thank you.

就我目前對長期成長的預期來看，我們未來幾年將維持個位數的中等成長率。有機倡議（聽不清楚）能否為此提供支持？或者，是否還需要一定量的無機物排放才能讓個位數的排放量更高？謝謝。

Jeremy, you were cutting out a little bit. But I think your question was do we need M&A and organic growth opportunities to meet mid single-digit over the longer period of time? I think that's what your question was. So let me try to address that.

傑里米，你剛才有點缺席了。但我認為你的問題是，我們是否需要透過併購和內生成長機會，才能在較長時期內實現個位數中段的成長？我想這就是你的問題。那麼，讓我來試著解釋一下。

As you've seen over the next couple of years, we try to lay out how we see that coming to fruition. But certainly, when we look at organic opportunities, those that fit our strategic lens, et cetera, we're executing on those and gave you a few examples.

正如你在接下來的幾年所看到的，我們將努力闡明我們如何實現這一目標。當然，當我們審視有機成長機會，那些符合我們策略視角的機會時，等等，我們正在執行這些機會，並給你舉了一些例子。

But we also see the opportunity, again, assuming that those M&A opportunities would meet our strategic rationale, provide us that mid single-digit growth and give us the mid-teens returns. We do see opportunities for incremental M&A to continue to build out mid single-digit growth. I hope that was your question, Jeremy.

但我們也看到了機遇，前提是這些併購機會符合我們的策略邏輯，能夠為我們帶來中等個位數的成長，並帶來十幾個百分點的回報。我們看到併購活動帶來的增量機會，以繼續實現個位數中段的成長。傑里米，希望這就是你的問題。

So it sounds like organic alone wouldn't get to mid single-digit. There would need to be acquisitions to get there over a multiyear period.

所以聽起來單靠有機產品是達不到個位數百分比的。要實現這一目標，需要經過多年的收購。

Yes. I think that's fair. When you look at the size of our EBITDA, look at if I can rough math for you, just a $7 billion EBITDA, we're approaching $0.5 billion worth of growth. We've shared with you the opportunity set in nat gas and NGL and we'll continue to focus our resources in the Permian. We will also concentrate on the base business. We never lose focus on the base business and including JVs and opportunities there as well. But given the size of that EBITDA growth, likely that we will see inorganic opportunities as well.

是的。我覺得很公平。當你看到我們的 EBITDA 規模時，我粗略地給你算一下，僅僅是 70 億美元的 EBITDA，我們就接近 5 億美元的成長。我們已經向大家介紹了天然氣和液化天然氣領域的機遇，我們將繼續把資源集中投入到二疊紀盆地。我們還將重點關注基礎業務。我們始終不忘核心業務，包括合資企業和相關機會。但鑑於 EBITDA 成長的規模，我們很可能也會看到非內生性成長的機會。

Jeremy, this is Chris. I might just add to that as well, though. One thing I do want to note is you've heard about all of these acquisitions we've recently done -- this also provides additional growth opportunities of new organic projects for optimization and growth. So that backlog of what I would call capital projects is going to continue to grow. So we have backlog looking at '26, '27 as we sit today, '28. As Greg and Sean continue to see these assets come online, they're also going to identify more opportunities for more organic projects as we progress.

傑里米，這是克里斯。我可能還會補充一點。我想指出的一點是，你們都聽說了我們最近完成的這些收購——這也為新的有機項目提供了額外的成長機會，以實現優化和成長。因此，我稱之為資本項目的積壓工作將會繼續增加。所以，我們目前積壓的訂單包括 2026 年、2027 年以及 2028 年的訂單。隨著 Greg 和 Sean 繼續看到這些資產上線，隨著專案的推進，他們也將發現更多有機專案的機會。

That's helpful. And if I could get one last one in. Just as far as the distribution growth policy, how should we think about that over time post the 2%, 12.5% raises recently here?

那很有幫助。如果我能再加一個就好了。至於分配成長政策，在最近 2% 和 12.5% 的成長之後，我們該如何看待其長期發展趨勢？

Yes. Thanks, Jeremy. So as I mentioned, we look at a couple of years and see a path to 12.5% distribution growth for the next couple of years. That's how we're seeing it today. And beyond that, we'll continue to evaluate. But for the next couple of years, in addition to '24 and '25, that's how we see 12.5% distribution growth.

是的。謝謝你，傑瑞米。正如我之前提到的，我們展望未來幾年，預計未來幾年分銷成長率將達到 12.5%。這就是我們今天所看到的。除此之外，我們還會繼續評估。但在接下來的幾年裡，除了 2024 年和 2025 年之外，我們預計分銷成長率將達到 12.5%。

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

Just wanted to go back to a prior comment made about evaluating potentially bringing power to a data center project since you do operate a lot of -- you have a lot of experience operating those anyway. Is that something that you're actively evaluating and then going with potential customers or just more something that's sort of a longer-term potential item?

我只是想回到之前關於評估是否應該為數據中心項目供電的評論，因為你們運營了很多數據中心——無論如何，你們在運營這些數據中心方面有很多經驗。這是您正在積極評估並與潛在客戶洽談的項目，還是更像是長期的潛在項目？

Yes. We're not -- no intent to mention that we're actively evaluating it really is that we have capability and optionality if it made sense in the future.

是的。我們無意提及我們正在積極評估此事，實際上，如果將來合適，我們有能力也有選擇餘地。

Okay. Perfect. And then I just wanted to ask like high level, you could refresh us a little bit I think there's a view out there that crude oil prices are going to be lower for some period of time here. So can you just discuss how that could impact your Logistics segment either positively or negatively?

好的。完美的。然後我想問一下，從宏觀層面來說，您能否稍微給我們回顧一下，我認為目前有一種觀點認為原油價格將在一段時間內保持低位。那麼，您能否談談這可能會對您的物流部門產生怎樣的影響，無論是正面的還是負面的？

This is Shawn. Just on the crude oil and product logistics side of the business, if you look at our volumes continue to be strong. really in all areas. And really, that is anchored and really part of our partnership with Marathon Petroleum. And that's where the two together and that partnership continues to give us a really strong foundation. But I think as we look out, a strong -- we continue to see strong demand or strong throughput.

這是肖恩。單就原油和成品油物流業務而言，我們的業務量依然強勁，各個領域都是如此。實際上，這正是我們與馬拉松石油公司合作關係的基礎與組成部分。正是這兩者之間的結合，以及這種夥伴關係，為我們提供了非常堅實的基礎。但我認為，展望未來，我們將繼續看到強勁的需求或強勁的吞吐量。

Yes. Michael, this is Kris. You'll remember that on the crude oil and projects logistics side of the business, those contracts with Marathon have significant minimum volume commitments and they're also capacity type arrangements. So if you go back all the way to kind of the COVID year, you'll remember, they didn't really see that big of a dip in what would be probably the most extreme hopefully, we ever see when it comes to EBITDA from that segment. So that segment is very well protected.

是的。邁克爾，這位是克里斯。您應該記得，在原油和專案物流業務方面，與馬拉松石油公司簽訂的合約有相當大的最低數量承諾，而且它們也是產能類型的安排。所以，如果你回顧一下新冠疫情爆發的那一年，你會記得，他們並沒有看到該業務板塊的 EBITDA 大幅下滑，而這可能是我們有史以來看到的最極端的下滑。所以這部分區域得到了很好的保護。

This is Greg. I would add that from a producer standpoint, we're still seeing strong demand for -- whether it be gas, NGLs or crude oil, we're not seeing changes in plans in terms of producer activity.

這是格雷格。我想補充一點，從生產商的角度來看，我們仍然看到對天然氣、液化天然氣或原油的強勁需求，我們沒有看到生產商的活動計劃發生任何變化。

All right. Operator, do we have any other questions today?

好的。操作員，今天還有其他問題嗎？

At this time, I'm showing no further questions. Great. With that, should you have more questions or would you like clarification on the topics discussed this morning, please feel free to reach out. members of our Investor Relations team will be available to take your calls. Thank you so much for joining us today.

目前，我不再提出其他問題。偉大的。如果您還有任何疑問，或者想就今天上午討論的主題進行更詳細的說明，請隨時與我們聯繫。我們的投資者關係團隊成員將接聽您的電話。非常感謝您今天能來參加。

Thank you. That does conclude today's conference. We thank you for your participation. At this time, you may disconnect your lines.

謝謝。今天的會議到此結束。感謝您的參與。此時，您可以斷開線路。