歐尼克 (OKE) 2023 Q2 法說會逐字稿

Good morning, everyone, and welcome to the ONEOK Second Quarter 2023 Earnings Conference Call and Webcast. (Operator Instructions) Please note that this call being recorded today.

大家早上好，歡迎參加 ONEOK 2023 年第二季度收益電話會議和網絡廣播。 （操作員說明）請注意，今天此通話已錄音。

I would now like to turn the conference over to Andrew Ziola, Vice President of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係副總裁安德魯·齊奧拉 (Andrew Ziola)。請繼續。

Thank you, MJ, and welcome to ONEOK's Second Quarter 2023 Earnings Call.

謝謝 MJ，歡迎參加 ONEOK 的 2023 年第二季度財報電話會議。

We issued our earnings release and presentation after the markets closed yesterday, and those materials are on our website. After our prepared remarks, management will be available to take your questions.

我們在昨天市場收盤後發布了收益報告和演示文稿，這些材料位於我們的網站上。在我們準備好發言後，管理層將可以回答您的問題。

Statements made during this call that might include ONEOK's expectations or predictions should be considered forward-looking statements and are covered by the safe harbor provision of the Securities Acts of 1933 and 1934. Actual results could differ materially from those projected in forward-looking statements. For a discussion of factors that could cause actual results to differ please refer to our SEC filings. (Operator Instructions)

本次電話會議期間發表的可能包含ONEOK 預期或預測的聲明應被視為前瞻性聲明，並受1933 年和1934 年《證券法》安全港條款的約束。實際結果可能與前瞻性聲明中預測的結果存在重大差異。有關可能導致實際結果不同的因素的討論，請參閱我們向 SEC 提交的文件。 （操作員說明）

With that, I'll turn the call over to Pierce Norton, President and Chief Executive Officer. Pierce?

接下來，我會將電話轉給總裁兼首席執行官皮爾斯·諾頓 (Pierce Norton)。刺穿？

Thanks, Andrew. Good morning, everyone, and thank you for joining us.

謝謝，安德魯。大家早上好，感謝您加入我們。

On today's call is Walt Hulse, Chief Financial Officer; and Executive Vice President, Investor Relations and Corporate Development; and Kevin Burdick, the Executive Vice President and Chief Commercial Officer. Also available to answer your questions are Sheridan Swords, our Senior Vice President, Natural Gas Liquids and Natural Gas Gathering and Processing; and Chuck Kelley, Senior Vice President, Natural Gas Pipelines.

首席財務官沃爾特·赫爾斯 (Walt Hulse) 出席了今天的電話會議；投資者關係和企業發展執行副總裁；執行副總裁兼首席商務官 Kevin Burdick。我們的液化天然氣和天然氣收集與加工高級副總裁 Sheridan Swords 也可以回答您的問題；查克·凱利 (Chuck Kelley)，天然氣管道高級副總裁。

Yesterday, we announced second quarter 2023 earnings and increased our full year 2023 financial guidance. Strength in volumes across our operations, particularly in the Rocky Mountain region and Permian Basin, resulted in higher second quarter results and positive momentum entering the second half of 2023. We continue working toward a successful closing of our pending merger transaction with Magellan while remaining focused on the growth of our legacy assets. Initial activities have begun on two NGL pipeline expansion projects. The growth we are seeing across our existing operations is driving the need for these economically attractive projects.

昨天，我們公佈了 2023 年第二季度收益，並上調了 2023 年全年財務指引。我們業務的銷量強勁，特別是在落基山脈地區和二疊紀盆地，導致第二季度業績更高，並在進入2023 年下半年時呈現積極勢頭。我們將繼續努力成功完成與麥哲倫的待決合併交易，同時保持專注關於我們遺留資產的增長。兩個液化天然氣管道擴建項目的初步活動已經開始。我們現有業務的增長正在推動對這些具有經濟吸引力的項目的需求。

Walt and Kevin will talk more about the early work that we are doing on the Elk Creek and West Texas natural gas liquids toplines.

沃爾特和凱文將更多地談論我們在麋鹿溪和西德克薩斯天然氣液體頂線所做的早期工作。

Regarding our pending acquisition of Magellan Midstream. We've recently accomplished 2 critical milestones toward completing the transaction, including the expiration of the HSR waiting period in June and the filing of the definitive proxy materials with the SEC in July. Proxy mailings are already hitting investors' mailboxes. As we look ahead to the shareholder and unitholder votes on September 21, we're confident that the investors of both companies will see the compelling long-term value proposition this transaction brings with immediate financial benefits and incremental growth through the combination of these two companies.

關於我們即將收購麥哲倫中游。我們最近在完成交易方面實現了兩個關鍵里程碑，包括 6 月份 HSR 等待期到期以及 7 月份向 SEC 提交最終代理材料。代理郵件已經進入投資者的郵箱。當我們展望9 月21 日的股東和單位持有人投票時，我們相信兩家公司的投資者將看到此次交易帶來的令人信服的長期價值主張，以及通過兩家公司的合併帶來的直接財務利益和增量增長。

Today, we will walk you through both the macro and micro takeaways of our synergy assumptions. I will cover the macro and Kevin will go into more detail with the micro explanations. On Slide 6 in our earnings presentation, which was provided yesterday with our news release, you will see a summary of how we've organized the synergy opportunities we've identified to date and have targeted to realize as a combined company. You can see we have slotted these commercial opportunities into four categories and have provided a breakdown for both the assumed scenario in our proxy and for the incremental potential near-term commercial opportunities.

今天，我們將帶您了解我們的協同假設的宏觀和微觀要點。我將介紹宏觀方面，凱文將通過微觀解釋進行更詳細的介紹。在昨天隨新聞稿一起提供的收益演示文稿的第 6 張幻燈片中，您將看到我們如何組織迄今為止已確定的協同機會的摘要，並希望作為一家合併後的公司實現這一機會。您可以看到，我們已將這些商業機會分為四類，並提供了代理中假設場景和近期增量潛在商業機會的細分。

So now I'd like to cover the macro takeaways from Page 6 previously referenced.

現在我想介紹一下前面提到的第 6 頁的宏觀要點。

First, combined, these companies will have opportunities that were not possible as stand-alone companies. Second, batching and blending are done by both companies today. Therefore, these operational techniques are well understood by both companies. They are not new. But the difference is with these assets under one company's direction, batching and blending value can be realized on a larger scale.

首先，這些公司結合起來將擁有作為獨立公司不可能獲得的機會。其次，目前配料和混合都是由兩家公司完成的。因此，這些運營技術兩家公司都很了解。它們並不新鮮。但不同的是，這些資產在一家公司的指導下，可以更大規模地實現批量和混合價值。

Third, with the exception of bundling, the three remaining commercial categories are within 100% of our control. This means that we make the decision to pursue opportunities if they make commercial and economic sense instead of relying on factors outside of our control.

第三，除了捆綁銷售之外，剩下的三個商業類別都在我們100%的控制範圍內。這意味著，如果機會具有商業和經濟意義，我們就會決定去尋求機會，而不是依賴於我們無法控制的因素。

Fourth, as we integrate the two employee bases post close, we can focus on widespread collaboration and believe that we will find even more opportunities not identified to date.

第四，當我們緊密整合兩個員工基地時，我們可以專注於廣泛的合作，並相信我們會發現更多迄今為止尚未發現的機會。

And finally, there is significant potential value in the near term, the next 1 to 4 years, above our assumed case in the proxy. ONEOK has proven our commercial creativity over the course of our company's transformative history, and together with Magellan's team, we believe our companies have many opportunities to continue improving the services that we offer to our customers and returning value to our investors.

最後，在短期內（未來 1 到 4 年）存在巨大的潛在價值，高於我們在代理中假設的情況。 ONEOK 在公司的變革歷史中證明了我們的商業創造力，與麥哲倫的團隊一起，我們相信我們的公司有很多機會繼續改進我們為客戶提供的服務，並為我們的投資者回報價值。

With that, I'll turn the call over to Walt Hulse, for the discussion of our recent financial performance and guidance increase.

接下來，我將把電話轉給 Walt Hulse，討論我們最近的財務業績和指導增長。

Thank you, Pierce.

謝謝你，皮爾斯。

With yesterday's earnings announcement, we increased our 2023 financial guidance expectations. We now expect a 2023 net income midpoint of $2.49 billion and an adjusted EBITDA midpoint of $4.675 billion, a $100 million increase from our original adjusted EBITDA midpoint provided in February. These midpoints are ONEOK specific and exclude the impact of the pending merger with Magellan and any future merger-related costs in order to be an apples-to-apples comparison with our original guidance provided in February.

隨著昨天的財報公佈，我們提高了 2023 年的財務指導預期。我們現在預計 2023 年淨利潤中點為 24.9 億美元，調整後 EBITDA 中點為 46.75 億美元，比我們 2 月份提供的最初調整後 EBITDA 中點增加 1 億美元。這些中點是針對 ONEOK 的，排除了即將與 Magellan 合併的影響以及任何未來與合併相關的成本，以便與我們 2 月份提供的原始指導進行同類比較。

Higher guidance expectations were driven by volume growth, volume strength across our operations, higher average fee rates and lower-than-expected third-party NGL fractionation costs. In the second quarter, we recorded $31 million of third-party fractionation costs compared with $46 million in the first quarter. We expect approximately $30 million of third-party fractionation costs per quarter to be a good run rate for the remainder of the year as MB-5 is fully operational.

較高的指導預期是由於銷量增長、整個業務的銷量實力、較高的平均費率和低於預期的第三方液化天然氣分餾成本推動的。第二季度，我們記錄了 3100 萬美元的第三方分餾成本，而第一季度為 4600 萬美元。隨著 MB-5 全面投入運行，我們預計每季度約 3000 萬美元的第三方分餾成本在今年剩餘時間裡將是一個良好的運行率。

Strong producer activity and a constructive volume outlook also drove the increase in our capital expenditure guidance. We now expect total capital expenditures, including growth and maintenance capital, of approximately $1.575 billion in 2023. Initial activities, including the purchase of long lead time components related to the expansion of Elk Creek pipeline and the decision to complete the full looping of the West Texas NGL pipeline are included in our updated guidance. Kevin will provide more detail on these projects shortly.

強勁的生產商活動和建設性的產量前景也推動了我們資本支出指導的增加。我們現在預計 2023 年的總資本支出（包括增長和維護資本）約為 15.75 億美元。初始活動，包括購買與 Elk Creek 管道擴建相關的長交付週期組件以及完成西部全環線的決定德克薩斯州NGL 管道包含在我們的更新指南中。凱文將很快提供有關這些項目的更多細節。

Now a brief overview of our second quarter financial performance.

現在簡要概述我們第二季度的財務業績。

ONEOK's second quarter 2023 net income totaled $468 million or $1.04 per share. Second quarter adjusted EBITDA totaled $971 million, a 10% increase year-over-year. If you exclude merger-related and third-party fractionation costs, second quarter adjusted EBITDA increased nearly 15% and would exceed $1 billion. In June 2023, we redeemed $500 million of our 7.5% senior notes due September 2023 with cash on hand. Our net debt to EBITDA remains well below our long-term target of 3.5x, and we had more than $100 million of cash and equivalents as of June 30.

ONEOK 2023 年第二季度淨利潤總計 4.68 億美元，即每股 1.04 美元。第二季度調整後 EBITDA 總計 9.71 億美元，同比增長 10%。如果排除合併相關成本和第三方分拆成本，第二季度調整後 EBITDA 增長近 15%，將超過 10 億美元。 2023 年 6 月，我們用手頭現金贖回了 5 億美元於 2023 年 9 月到期的 7.5% 優先票據。我們的 EBITDA 淨負債仍遠低於 3.5 倍的長期目標，截至 6 月 30 日，我們擁有超過 1 億美元的現金和等價物。

Early in the second quarter, Moody's upgraded ONEOK's credit rating to Baa2 from Baa3. As it relates to our pending acquisition of Magellan, I'd note all 3 rating agencies, Moody's, S&P and Fitch, reaffirmed our investment-grade credit ratings pro forma for the acquisition showing a recognition of increased scale, earnings diversity and growth opportunities that this acquisition provides. As it relates to merger transaction financing, we expect to complete a notes offering prior to the close of the transaction. We are monitoring the markets and will be opportunistic in our timing of that offering.

第二季度初，穆迪將ONEOK的信用評級從Baa3上調至Baa2。由於這與我們即將收購的麥哲倫有關，我要指出的是，所有3 個評級機構（穆迪、標準普爾和惠譽）都重申了我們對此次收購的投資級信用評級，這表明我們認識到規模擴大、盈利多元化和增長機會，此次收購提供。由於它涉及合併交易融資，我們預計在交易結束之前完成票據發行。我們正在監控市場，並將在發行時機上抓住機會。

I now turn the call over to Kevin for a commercial update.

我現在將電話轉給凱文以獲取商業更新。

Thanks, Walt. Let's start with our Natural Gas Liquids segment.

謝謝，沃爾特。讓我們從天然氣液體部分開始。

Second quarter 2023 NGL volumes increased 11% year-over-year and compared with the first quarter 2023. Higher volumes were driven by increased producer activity, particularly in the Rocky Mountain region and Permian Basin. Both regions saw double-digit volume increases year-over-year and compared with the first quarter 2023. Permian Basin volumes saw the largest increase, up 26% year-over-year, driven by continued growth from existing plants and volume from a new plant connection in the first quarter of 2023.

與 2023 年第一季度相比，2023 年第二季度液化天然氣銷量同比增長 11%。產量增加是由於生產商活動增加，特別是在落基山脈地區和二疊紀盆地。與2023 年第一季度相比，這兩個地區的銷量均實現了兩位數的同比增長。二疊紀盆地的銷量增幅最大，同比增長26%，這得益於現有工廠和新工廠產量的持續增長。工廠將於 2023 年第一季度並網。

Volumes in the Rocky Mountain region increased 17% compared with the first quarter of 2023 and 14% compared with the same period last year driven by increased propane plus volume and slightly higher incentivized ethane. Mid-Continent region volumes increased 8% compared with the first quarter of 2023, partially driven by increased ethane recovery.

受丙烷加量增加和激勵乙烷略有增加的推動，落基山脈地區的銷量較 2023 年第一季度增長 17%，較去年同期增長 14%。與 2023 年第一季度相比，中部大陸地區的產量增加了 8%，部分原因是乙烷回收率增加。

While we've seen ethane prices decrease recently from July highs, they remain at a level driving recovery in most basins. We think the recent volatility in ethane pricing is the market responding to some short-term dynamics along with the general tightening in the overall supply and demand balance. Given these market conditions, we remain confident in our ethane recovery assumptions included in our updated guidance. The Permian in near full recovery, the Mid-Continent in partial recovery and opportunities to incent recovery in the Williston.

雖然我們最近看到乙烷價格從 7 月高點回落，但仍保持在推動大多數盆地複甦的水平。我們認為近期乙烷價格的波動是市場對一些短期動態以及整體供需平衡普遍收緊的反應。鑑於這些市場狀況，我們對更新指南中包含的乙烷回收假設仍然充滿信心。二疊紀盆地接近完全恢復，中大陸部分恢復，威利斯頓有機會刺激恢復。

As Walt mentioned, we've begun initial work, including purchasing long lead time components for two NGL pipeline expansion projects. Activities are underway to complete the looping of West Texas NGL pipeline, which will more than double ONEOK's NGL capacity out of the Permian Basin. The full loop is expected to be in service in the first quarter of 2025, which aligns with our customers' needs. We also are taking steps towards expanding the Elk Creek pipeline to 400,000 barrels per day to provide capacity for growing volumes in the Williston.

正如 Walt 提到的，我們已經開始了初步工作，包括為兩個 NGL 管道擴建項目採購長交貨期組件。完成西德克薩斯液化天然氣管道循環的活動正在進行中，這將使 ONEOK 在二疊紀盆地的液化天然氣產能增加一倍以上。全環路預計將於 2025 年第一季度投入使用，這符合我們客戶的需求。我們還正在採取措施，將 Elk Creek 管道的產能擴大到每天 40 萬桶，為威利斯頓不斷增長的產量提供產能。

In the natural gas gathering and processing segment, second quarter processed volumes averaged nearly 2.2 billion cubic feet per day, a 16% increase year-over-year. In the Rocky Mountain region, processed volumes averaged nearly 1.5 billion cubic feet per day during the second quarter and have averaged more than 1.5 bcf per day in the month of July. We've connected more than 280 wells in the region through the first half of the year compared with approximately 160 connections in the first half of 2022, a 75% increase. As we sit today, we're on pace to reach the high end of our 475 to 525 well-connect guidance range for the year. Currently, there are approximately 35 rigs and 20 completion crews operating in the basin with 19 rigs and approximately half of the completion crews on our dedicated acreage which remains more than enough activity to grow production on our acreage.

在天然氣收集和加工領域，第二季度平均加工量接近22億立方英尺/日，同比增長16%。在落基山脈地區，第二季度平均每天加工量近 15 億立方英尺，7 月份平均每天加工量超過 1.5 bcf。今年上半年，我們已在該地區連接了 280 多口油井，而 2022 年上半年的連接數量約為 160 口，增長了 75%。當我們今天坐下來時，我們正在努力達到今年 475 至 525 個良好連接指導範圍的高端。目前，大約有 35 個鑽機和 20 個完井人員在盆地作業，其中 19 個鑽機和大約一半的完井人員位於我們的專用區域，這仍然足以增加我們區域的產量。

In the Mid-Continent region, second quarter processed volumes increased 12% year-over-year and decreased slightly compared with the first quarter of 2023, primarily due to the timing of new pads coming online. We've seen some recent decreases in STACK and SCOOP activity in the past few months but continue to see increased activity in Western Oklahoma as producers are focusing on higher crude producing areas. We currently have 9 rigs on our dedicated acreage in the Mid-Continent and have connected 23 wells in the region through the first half of the year.

在中大陸地區，第二季度加工量同比增長 12%，與 2023 年第一季度相比略有下降，這主要是由於新墊片上線的時間安排所致。過去幾個月，我們看到 STACK 和 SCOOP 活動有所減少，但俄克拉荷馬州西部的活動繼續增加，因為生產商正在關注更高的原油產區。目前，我們在中大陸的專用區域擁有 9 個鑽井平台，並在今年上半年連接了該地區的 23 口油井。

In the natural gas pipeline segment, strong year-to-date results continue to benefit from demand for natural gas storage and transportation services, and we now expect the segment to exceed the high end of its original earnings guidance range. We recently completed an expansion of our natural gas storage capabilities in Oklahoma, allowing us to utilize and subscribe an additional 4 billion cubic feet of our existing capacity. We have subscribed 100% of this incremental capacity through 2027 and 90% through 2029.

在天然氣管道領域，年初至今的強勁業績繼續受益於天然氣儲存和運輸服務的需求，我們現在預計該領域將超過其最初盈利指導範圍的高端。我們最近完成了俄克拉荷馬州天然氣儲存能力的擴建，使我們能夠利用和認購額外 40 億立方英尺的現有容量。到 2027 年，我們已認購了 100% 的增量產能，到 2029 年認購了 90%。

We continue to evaluate the Saguaro connector pipeline, a potential intrastate pipeline project that would provide natural gas transportation to the U.S. and Mexico border for ultimate delivery to an export facility on the West Coast of Mexico. There continues to be positive developments related to the potential LNG export project with support from multiple large, well-known customers anchoring the project. We expect to make a final investment decision on the ONEOK pipeline later this year.

我們繼續評估仙人掌連接器管道，這是一個潛在的州內管道項目，將向美國和墨西哥邊境提供天然氣運輸，最終輸送到墨西哥西海岸的出口設施。在多個大型知名客戶的支持下，潛在液化天然氣出口項目繼續取得積極進展。我們預計將在今年晚些時候對 ONEOK 管道做出最終投資決定。

Now I want to end where Pierce left off with a micro look at the Magellan transaction synergies. I will discuss how we define each category, an example of the opportunity, the sensitivities and comments on the overall risk weighting. The dollar ranges between our assumed case and the near-term potential are shown on Page 6 of our investor presentation for all 4 categories.

現在，我想從皮爾斯停下來的地方開始，對麥哲倫交易的協同效應進行微觀觀察。我將討論我們如何定義每個類別、機會示例、敏感性以及對總體風險權重的評論。我們的假設情況和近期潛力之間的美元範圍顯示在我們所有 4 個類別的投資者演示文稿的第 6 頁上。

Liquids pipelines provide opportunities to move natural gas liquids and refined products through the same product pipelines. Both companies refer to this as batching. This operational technique utilizes available capacity and combined connectivity to ship a refined product or natural gas liquid to a demand center to capture a higher value. An annualized average of 100,000 barrels per day in any combination of refined products or NGLs at $0.07 per gallon would result in more than $100 million annually.

液體管道提供了通過同一產品管道輸送天然氣液體和精煉產品的機會。兩家公司都將此稱為批處理。這種運營技術利用可用容量和組合連接將精煉產品或天然氣液體運送到需求中心以獲取更高的價值。以每加侖 0.07 美元的價格計算，每天生產 100,000 桶精煉產品或 NGL 的任何組合，每年的收入將超過 1 億美元。

The ability to mix products to obtain a higher value is called blending. The combined assets will increase unleaded butane blending as well as other incremental blending opportunities, increasing an additional 25,000 barrels per day annually at a $0.20 per gallon uplift on any given slate of products or NGLs would result in approximately $75 million annually.

混合產品以獲得更高價值的能力稱為混合。合併後的資產將增加無鉛丁烷混合以及其他增量混合機會，以每加侖0.20 美元的價格上漲，每年額外增加25,000 桶/日，任何特定產品或NGL 每年將帶來約7500 萬美元的收益。

As volumes grow or contracts expire, a wider variety of services can be combined or bundled to offer greater value to customers. This focuses on optimizing system utilization and connectivity to and from key customers and market centers. This is the one category where time and decisions, primarily by customers, will jointly be needed to realize this synergy. Picking up an incremental 25,000 barrels per day at $0.10 per gallon would provide approximately $40 million a year.

隨著數量的增長或合同的到期，可以組合或捆綁更多種類的服務，為客戶提供更大的價值。重點是優化系統利用率以及關鍵客戶和市場中心之間的連接。在這一類別中，需要共同需要時間和決策（主要是客戶的決策）來實現這種協同作用。以每加侖 0.10 美元的價格每天增加 25,000 桶，每年可提供約 4,000 萬美元。

Additional opportunities that can be realized within the one-to-four-year time frame include incremental refined product, NGL, and crude oil storage and optimization activities. We also see value and opportunities to leverage Magellan's proven marine export expertise. We have consistently said that acquisitions of this size often result in a 25% reduction in G&A cost, which, in this case, would be $200 million. However, we have assumed only $100 million in both the assumed case and the near-term potential case.

可以在一到四年的時間內實現的其他機會包括增量精煉產品、液化天然氣以及原油儲存和優化活動。我們還看到了利用麥哲倫成熟的海洋出口專業知識的價值和機會。我們一直表示，這種規模的收購通常會導致 G&A 成本降低 25%，在本例中為 2 億美元。然而，我們在假設情況和近期潛在情況下都只假設了 1 億美元。

It's also important to point out when the transaction was announced, we significantly risk-weighted our financial assumptions to come up with our total assumed $200 million of synergies. This should highlight the level of conservatism we've applied to our expectations and also the potential upside to our assumptions, which we think could drive synergies to more than $400 million. As we've said previously, we have a high level of confidence in achieving the assumed $200 million of near-term synergies.

同樣重要的是要指出，當交易宣佈時，我們對財務假設進行了重大風險加權，以得出我們假設的總協同效應為 2 億美元。這應該凸顯出我們對預期的保守程度，以及我們假設的潛在上行空間，我們認為這可能會將協同效應推至超過 4 億美元。正如我們之前所說，我們對實現假設的 2 億美元的近期協同效應充滿信心。

For obvious commercial reasons, we're not going to provide specific project level details at this time. However, we have provided realistic potential outcomes by categories. We believe our ability to batch and blend products on our combined pipeline systems as well as bundled services to increase value for customers will provide significant synergy opportunities over the next one-to-four years.

出於明顯的商業原因，我們目前不打算提供具體的項目級別詳細信息。然而，我們按類別提供了現實的潛在結果。我們相信，我們在組合管道系統上批量和混合產品的能力以及為客戶增加價值的捆綁服務的能力，將在未來一到四年內提供重大的協同機會。

Pierce, that concludes my remarks.

皮爾斯，我的發言到此結束。

Thank you, Kevin, and thank you, Walt.

謝謝你，凱文，謝謝你，沃爾特。

We've had a strong first half of the year with a promising second half still ahead of us. We continue to focus on the fundamentals of our business that have gotten us where we are today. These fundamentals include customer service, reliability, innovation and, most importantly, a focus on operating safely and responsibly. We have a long and successful track record of growing and transforming our business while innovating for future opportunities but even through change and advancements over our more than 100-year history, ONEOK employees have been consistent in their dedication to doing things the right way.

今年上半年我們表現強勁，下半年前景光明。我們繼續專注於我們業務的基礎，正是這些基礎讓我們取得了今天的成就。這些基本原則包括客戶服務、可靠性、創新，以及最重要的是注重安全和負責任的運營。我們在業務發展和轉型方面擁有悠久而成功的記錄，同時為未來的機會進行創新，但即使在我們 100 多年的歷史中經歷了變革和進步，ONEOK 員工仍然始終致力於以正確的方式做事。

In the coming weeks, we'll be publishing our 15th Annual Sustainability Report. I'd encourage you to review the report and see our many updates related to our environmental, safety and health performance, related targets, employee initiatives and examples of how we're economically participating in the future of energy transformation. We're proud to share our efforts and accomplishments, but we also know we can't stop there. As our company continues on our journey of growth, change and progress, we remain committed to operating responsibly and sustainably.

在接下來的幾週內，我們將發布第 15 份年度可持續發展報告。我鼓勵您閱讀該報告，了解我們與環境、安全和健康績效、相關目標、員工舉措以及我們如何經濟地參與未來能源轉型的示例相關的許多更新。我們很自豪能夠分享我們的努力和成就，但我們也知道我們不能就此止步。隨著我們公司繼續成長、變革和進步，我們仍然致力於負責任和可持續地運營。

As we look forward to increasing our operations, workforce and expertise through the merger of Magellan. We're also excited to join two companies with proud histories with a more promising future combined. I want to thank all the employees from both companies that are working on integration plans while continuing to run daily operations. We look forward to building on all that both companies have accomplished, creating a larger, more diversified company with a shared commitment to safety and stakeholder value.

我們期待通過合併麥哲倫來增加我們的業務、員工隊伍和專業知識。我們也很高興能夠加入兩家擁有悠久歷史和更加光明未來的公司。我要感謝兩家公司在繼續日常運營的同時制定整合計劃的所有員工。我們期待在兩家公司所取得的成就的基礎上再接再厲，創建一家規模更大、更加多元化的公司，共同致力於安全和利益相關者價值。

With that, operator, we're now ready for questions.

接線員，我們現在準備好回答問題了。

(Operator Instructions) Today's first question comes from Brian Reynolds with UBS.

（操作員說明）今天的第一個問題來自瑞銀集團的布萊恩·雷諾茲（Brian Reynolds）。

I appreciate the prepared remarks and slide details around the commercial synergy opportunities. I was curious if we could just view -- if we could talk about if we should view the upside opportunity of synergies to be around $800 million versus the original $200 million that you talked about when the deal was announced? And then second, are there any assumptions around growth synergies on Slide 6, just given the larger integrated framework that you'll have? And if not, how should we think about the size and scope of those opportunities?

我很欣賞有關商業協同機會的準備好的評論和幻燈片細節。我很好奇我們是否可以討論一下我們是否應該將協同效應的上行機會視為 8 億美元左右，而您在宣布交易時談到的最初是 2 億美元？其次，考慮到您將擁有的更大的綜合框架，幻燈片 6 上是否有關於增長協同效應的任何假設？如果不是，我們應該如何考慮這些機會的規模和範圍？

So I'll -- this is Pierce. Brian. I'll start out with some comments, and I'll let Kevin fill in or share in either one. So the $800 million is a list of opportunities that we have that's fairly lengthy as far as what the potential could be based on certain volume assumptions, pricing assumptions, and time. And so you come up with your list first, and then you have to go back and risk weight those as to what you think can realistically be done.

所以我——這是皮爾斯。布萊恩.我將從一些評論開始，然後讓凱文填寫或分享其中之一。因此，8 億美元是我們擁有的一系列機會，就基於某些數量假設、定價假設和時間的潛力而言，該清單相當長。所以你首先要列出你的清單，然後你必須回去並冒險權衡你認為可以實際完成的事情。

I think in any of these transactions, you want to come up with the most comprehensive list possible realizing that you may not get them all. So we're very comfortable in that range of $200 million to $400 million. And so -- but we wanted to add the color to kind of show how we risk weighted both into that assumption.

我認為在任何這些交易中，您都希望列出盡可能全面的列表，但意識到您可能無法全部獲得。因此，我們對 2 億至 4 億美元的範圍感到非常滿意。所以 - 但我們想添加顏色來顯示我們如何在該假設中對兩者進行風險加權。

Great. Appreciate that. And I guess just a follow up, is there -- can you talk about the size and scope of those potential growth synergy opportunities, whether it's downstream, I guess?

偉大的。感謝。我想這只是一個後續行動，您能談談這些潛在增長協同機會的規模和範圍嗎？我想，是否是下游？

Brian, it's Kevin. No, I mean we've kind of provided as much as we're going to provide at this time. Again, just for competitive reasons, we're not going to -- we don't -- we prefer not to get into the details at this time of some of that. A lot of these will happen with not a lot of capital. Some may require a little bit, but we'll work those details as once we get closed and get into it.

布萊恩，是凱文。不，我的意思是我們目前已經提供了盡可能多的服務。再說一次，出於競爭的原因，我們不會——我們不會——我們寧願現在不透露其中的一些細節。其中很多都可以在沒有大量資本的情況下發生。有些可能需要一點點，但一旦我們結束並進入它，我們就會處理這些細節。

The only thing I'd add to that, Brian -- this is Pierce -- is there's not one large opportunity in any one of those buckets that's driving it. It's multiple opportunities.

布萊恩，我是皮爾斯，我唯一要補充的是，在推動這一目標的任何一個桶中都沒有一個巨大的機會。這是多種機會。

Fair enough. And if I may just -- I know it's a little bit too early to discuss what the final company will look like post-merger but kind of just curious if you could just talk about leverage for a larger integrated company. We've seen NGL peers take leverage to 3x. And we've seen some recent spin co announcements talk about 5x as being the right number. So just kind of curious as a combined entity, what do you think the right leverage target is for ONEOK and Magellan?

很公平。我知道現在討論合併後的最終公司會是什麼樣子還為時過早，但我很好奇你是否可以談論一家更大的綜合公司的槓桿作用。我們已經看到 NGL 同行將槓桿率提高到了 3 倍。我們最近看到一些分拆公司的公告稱 5 倍是正確的數字。那麼，作為一個合併實體，您認為 ONEOK 和 Magellan 的正確槓桿目標是多少？

Well, we definitely haven't changed our view on where we want to be from a long-term standpoint. We've heard out there that 3.5x, we thought was a good benchmark for us. We are going to trend that direction pretty quickly with this transaction. And as we said in the past, we have no issue if we trend a little bit lower than that 3.5x. But we think that puts us in a good position to take advantage of opportunities as they come down the road over time.

嗯，從長遠的角度來看，我們對於我們想要達到的目標的看法絕對沒有改變。我們聽說 3.5 倍，我們認為這對我們來說是一個很好的基準。通過這次交易，我們將很快朝這個方向發展。正如我們過去所說，如果我們的趨勢略低於 3.5 倍，我們沒有問題。但我們認為，隨著時間的推移，這使我們能夠充分利用機會。

The next question comes from Jeremy Tonet with JPMorgan.

下一個問題來自摩根大通的 Jeremy Tonet。

Just wanted to start with the underlying -- the fundamental business -- fundamentals of the underlying business here. With the results that you've had raising the guidance as far as we are into '23 just wondering if you could talk a bit more on operational momentum in the business right now. How you see that trending into '24 to the extent you're able to comment and specifically with regards to the numbers put forth in the prospectus and knowing that that is not guidance, but just wondering if there's any frame of reference you can provide there is how you see results potentially shaping up versus that number?

只是想從底層——基本業務——這裡的底層業務的基礎開始。根據結果​​，您已經提高了我們進入 23 年的指導，只是想知道您是否可以更多地談談目前業務的運營勢頭。您如何看待 24 世紀的趨勢，特別是關於招股說明書中提出的數字，並且知道這不是指導，但只是想知道您是否可以在那裡提供任何參考框架您如何看待與這個數字相比可能形成的結果？

Jeremy, it's Kevin. I think it's shaping up very well. The activity levels we're seeing across our footprint really in all 3 of the major areas. And even a little activity in the Powder, but primarily the Bakken and the Permian announcing or talking about these expansion projects that we're pushing forward to me signals that volume's coming and the activity levels we're seeing right now in the Williston and the Permian would absolutely dictate that we would be continuing to grow as we move through '24.

傑里米，是凱文。我認為它的發展非常好。我們在所有 3 個主要領域的足跡中看到的活動水平。甚至粉礦區也有一些活動，但主要是巴肯和二疊紀宣布或談論我們正在向我推進的這些擴建項目，這表明交易量即將到來，以及我們現在在威利斯頓和二疊紀看到的活動水平二疊紀絕對會決定我們在進入 24 年後將繼續增長。

Jeremy, the one thing I might do is give you a little bit of context on those numbers that were in the proxy. Those were numbers that were developed in September of '22 for our board meeting in November where we got the 2023 plan approved. The numbers for 2023 were the primary focus of those numbers. But as we've made -- as we stated in these conversations, and you'll remember, if you looked at the proxy that it goes back to September of 2022, we were using the same numbers for our board that we were using in our planning process. They were not a forward projection of our full view of what we would do in outer years. It was a pretty good view of 2023. So as we see these business opportunities grow, we will give guidance for '24 and beyond when we get to February and in future periods.

傑里米，我可能做的一件事就是為您提供一些有關代理中這些數字的背景信息。這些是 22 年 9 月為 11 月董事會會議制定的數字，會上我們批准了 2023 年計劃。 2023 年的數字是這些數字的主要焦點。但正如我們在這些對話中所說的那樣，您會記得，如果您查看可追溯到 2022 年 9 月的代理，我們在董事會中使用的數字與我們在 2022 年 9 月使用的數字相同。我們的規劃過程。它們並不是我們對未來幾年要做的事情的全面看法的前瞻性預測。這是對 2023 年的美好展望。因此，當我們看到這些商機不斷增長時，我們將在 2 月份和未來時期提供 24 週年及以後的指導。

Got it. Maybe just one more cut at this. Is there any way, I guess, to provide color on what inputs were for -- driven into the 2024 numbers, such as Bakken rig count or other? And how they trend now versus what you saw at that point in time?

知道了。也許只是再削減一次。我想，有什麼辦法可以為 2024 年的數字（例如巴肯鑽機數量或其他數字）提供輸入的顏色嗎？與您當時所看到的情況相比，它們現在的趨勢如何？

Like I said, I think that you should think about those numbers with the primary focus on 2023 to try to look forward 15 months and give a rig count is something that we don't typically try to do. We usually freshen that up and the team is actively thinking about that as we head into the fall for 2024.

就像我說的，我認為你應該考慮這些數字，主要關注 2023 年，嘗試展望 15 個月，並給出鑽機數量，這是我們通常不會嘗試做的事情。我們通常會對此進行更新，隨著 2024 年秋季的到來，團隊正在積極考慮這一點。

Got it. Just real quick last one, if I could. If you could provide updated thoughts on the West Texas LPG loop and Elk Creek, what type of project economics you see for those investments?

知道了。如果可以的話，就快點做最後一件事吧。如果您可以提供關於西德克薩斯液化石油氣環路和 Elk Creek 的最新想法，您認為這些投資的項目經濟效益是什麼類型？

Jeremy, this is Sheridan. I'll start with the West Texas completing that loop. So we're just finishing completing the loop that we started in 2018. It's a very low cost per barrel of capacity loop, and we'll be adding the pipeline capacity when it's done coming out of the Permian will be well over 700,000 barrels. We have contracts in place that give us a very nice return on that project with still a lot of capacity left to be contracted as we go forward. So we're very excited about that project. I think that's going to be a very, very low multiple projects when we're done, high return.

傑里米，這是謝里登。我將從西德克薩斯州開始完成該循環。因此，我們剛剛完成 2018 年開始的循環。這是每桶容量循環的成本非常低，我們將增加管道容量，當它完成時，從二疊紀出來的管道容量將遠遠超過 700,000 桶。我們已經簽訂了合同，這為我們在該項目上帶來了非常好的回報，隨著我們的進展，仍有大量產能需要簽訂合同。所以我們對這個項目感到非常興奮。我認為當我們完成後，這將是一個非常非常低的多個項目，回報很高。

On the -- coming out of the Elk Creek as we continue to see volume grow in the Elk Creek on obviously, out of our G&P presence up there, where we have a large majority, 60% of the market share up there and then off of what volumes we see from third parties that we've already contracted. We now see the opportunity that we need to grow this pipeline to make sure we don't get caught short. So with the margins we see on there and just putting in pumps on our pipeline and just the last bit of capacity, it's going to be another very high-return, low-multiple project on that.

從 Elk Creek 出來，我們繼續看到 Elk Creek 的銷量明顯增長，因為我們在那裡有 G&P 的存在，我們在那裡擁有絕大多數，60% 的市場份額。我們從第三方看到的已經簽訂合同的數量。我們現在看到了擴大這條管道的機會，以確保我們不會陷入困境。因此，考慮到我們在那裡看到的利潤，只需在我們的管道上安裝泵以及最後一點容量，這將是另一個非常高回報、低倍數的項目。

So obviously very excited as we continue to grow forward. Just another example, as we said, we will not get caught short of volume coming out of the Bakken.

隨著我們不斷向前發展，顯然非常興奮。另一個例子是，正如我們所說，我們不會因巴肯的交易量不足而陷入困境。

The next question comes from Theresa Chen with Barclays.

下一個問題來自巴克萊銀行的Theresa Chen。

First, I'd like to get a little bit more detail on the batching opportunities. Do you have examples of which types do you see the most upside for batching? And are you already seeing commercial interest in this? And just what underlies that $0.07 per gallon estimate.

首先，我想了解有關批處理機會的更多詳細信息。您是否有示例說明您認為哪種類型的批處理最具優勢？您是否已經看到了這方面的商業利益？這就是每加侖 0.07 美元的估價背後的原因。

I think we, this is Sheridan again. I'll give you 1 example of what we can do it as a batching opportunity is obviously with our Sterling pipeline that runs in between the Gulf Coast and the Mid-Continent region. We can put refined products on that to move refined products in between those 2 locations on the Sterling pipeline as we are moving NGLs on that pipeline as well.

我想我們，這又是謝里登。我將給您舉一個例子，說明我們可以做什麼，因為顯然，我們在墨西哥灣沿岸和中大陸地區之間運行的英鎊管道是一個批量機會。我們可以將精煉產品放在上面，以便在 Sterling 管道上的這兩個地點之間運輸精煉產品，因為我們也在該管道上運輸 NGL。

So that's an example of an area where we could be moving back and forth between 2 areas on refined products on the NGL pipeline. That's an example of batching.

這是我們可以在 NGL 管道上的精煉產品的兩個區域之間來回移動的一個示例。這是批處理的一個例子。

And what underlies the $0.07 estimate for the illustrative estimate?

說明性估算中 0.07 美元的估算的依據是什麼？

The reason we use $0.07 illustrated estimates, that's kind of what we see the overall tariff in between those 2 areas tend to be from more on the refined products pipeline as we see that, then obviously, there could be upside to that as we go forward, depending on where the markets are.

我們使用0.07 美元的說明性估計的原因是，這就是我們所看到的，這兩個領域之間的總體關稅往往更多地來自成品油管道，因為我們看到，那麼顯然，隨著我們的前進，這可能會有上行空間，取決於市場所在。

But that's -- we wanted to use a number that was out there in the market, and that's what we see today.

但這是——我們想使用市場上現有的數字，這就是我們今天看到的。

Got it. And on the blending piece, are you -- within this illustrative example, are you looking to blend 25,000 barrels per day of incremental butane into the gasoline pool? Or are you looking to expand margins by $0.20 for 25,000 barrels per day?

知道了。在混合方面，在這個說明性示例中，您是否希望每天將 25,000 桶增量丁烷混合到汽油池中？或者您希望將每天 25,000 桶的利潤增加 0.20 美元？

I think we see a lot of opportunities in both areas. We're trying to give you an idea of what the impact could be and give you more of a notionally where we're thinking about going on that. It could be both. We could be -- we think that there's opportunity for increased margin. We also think there's an opportunity for increased volume. But we're trying to give you an idea of what the impact could be and a little bit of sensitivities around that. That's how we came up with the numbers that we gave you.

我認為我們在這兩個領域都看到了很多機會。我們試圖讓您了解可能產生的影響，並讓您更多地了解我們正在考慮採取哪些措施。可能兩者皆有。我們可能——我們認為有機會增加利潤。我們還認為有機會增加銷量。但我們試圖讓您了解可能產生的影響以及與之相關的一些敏感性。這就是我們提供給您的數字的方式。

The next question comes from Michael Blum with Wells Fargo.

下一個問題來自富國銀行的邁克爾·布魯姆。

I want to go back to the proxy again for a minute specifically on the CapEx in the proxy for 2023, it's higher than your revised CapEx guidance here this morning. So I'm wondering if you could just explain the variance there? And then does that imply that '23 CapEx could go higher if you FID more projects for the balance of the year?

我想再次回到代理，特別是 2023 年代理中的資本支出，它高於您今天早上修訂後的資本支出指導。所以我想知道你是否可以解釋一下那裡的差異？那麼，這是否意味著，如果您在今年餘下時間裡確定了更多項目，23 年資本支出可能會更高？

Michael, if you -- again, think of the timing when we did it. This is back September of last year. At that point in time, we thought the Saguaro pipeline would be further along in its process. We've now said that we expect FID between now and the end of the year. So that just from a timing standpoint, that analysis assumed that the Saguaro pipeline was fully included. And with the timing moving on that and some other projects, we see some of that kind of shifting out, some of it won't be realized that we will actually do it, and there may be other projects. The capital, as we look at commercial opportunities is continually revisited and the number that we gave you today is our expectation for 2023.

邁克爾，如果你——再想想我們這樣做的時間。這是去年九月的事。當時，我們認為 Saguaro 管道將進一步推進。我們現在已經說過，我們預計從現在到今年年底都會有最終投資決定。因此，僅從時間角度來看，該分析假設 Saguaro 管道已完全包含在內。隨著該項目和其他一些項目的時間推移，我們看到其中一些項目正在轉移，其中一些項目不會意識到我們實際上會這樣做，並且可能還有其他項目。當我們尋找商業機會時，我們會不斷重新審視資本，我們今天給您的數字是我們對 2023 年的預期。

Okay. Perfect. And then I just wanted to ask on the Elk Creek expansion, I'm assuming that this will be brought on in phases. So is that correct? And anything you can provide in terms of a timeline for when you'll be adding capacity? And then what is the cost of the project?

好的。完美的。然後我只是想問一下麋鹿溪的擴建，我假設這將分階段進行。那麼這是正確的嗎？您能否提供有關何時增加容量的時間表？那麼該項目的成本是多少？

Michael, it's Kevin. On the timing, we're not -- we're just going to -- we're not going to get caught short. As we look at our customers, we're going to make sure we've got that capacity there. We're still working through. And on the cost, we're given consistent with the NGL expansion as well, we decided to give here's what the impact is going to be in '23 as we move forward and we get to '24, then we'll provide -- it will be included in those numbers there as well.

邁克爾，是凱文。在時間安排上，我們不會——我們只是會——我們不會被趕時間。當我們關注我們的客戶時，我們將確保我們擁有這樣的能力。我們仍在努力解決。在成本方面，我們也得到了與 NGL 擴張一致的信息，我們決定給出 23 年我們前進到 24 年時將會產生的影響，然後我們將提供——它也將包含在這些數字中。

The next question comes from Spiro Dounis with Citi.

下一個問題來自花旗銀行的 Spiro Dounis。

Maybe just to follow up on some of these questions and starting with CapEx. It sounds like these pipeline expansions are going to be pretty capital efficient. But maybe you could just give us a general sense of the trajectory on CapEx going into '24 on a stand-alone basis. Obviously, Mont Belvieu 5 dropping off you still have Mont Belvieu 6, you've added these pipeline expansions. And so directionally, without Saguaro, let's say, it doesn't seem like it's trending in any particular direction versus '23.

也許只是為了跟進其中一些問題並從資本支出開始。聽起來這些管道擴張將非常具有資本效率。但也許您可以讓我們對 24 年獨立資本支出的軌蹟有一個總體了解。顯然，Mont Belvieu 5 下車後，您仍然擁有 Mont Belvieu 6，您已經添加了這些管道擴展。因此，從方向上來說，如果沒有 Saguaro，那麼與《23》相比，它似乎沒有任何特定方向的趨勢。

I mean, this is Kevin. Again, we're not going to start guiding to '24 yet, but just notionally, you think about the projects, we've got our -- at the activity levels we're seeing, it'd be relatively consistent from just kind of that routine stuff. So to the extent we don't announce any other larger projects than it would be in the ballpark. But again, like Walt said, we're constantly looking at projects. We're evaluating projects and some pop and get to the point where we execute and others don't.

我是說，這是凱文。再說一次，我們還不會開始指導 24 小時，但只是從概念上來說，你想想這些項目，我們已經得到了——在我們看到的活動水平上，它會相對一致那些例行公事的事情。因此，就我們而言，我們不會宣布任何其他比預計規模更大的項目。但正如沃爾特所說，我們一直在尋找項目。我們正在評估項目，其中一些項目已達到我們執行的階段，而其他項目則沒有。

So it's kind of hard to say. But we don't -- there's nothing we're seeing other than Saguaro. It's more pipeline expansion type stuff.

所以這有點難說。但我們沒有——除了仙人掌之外我們什麼也沒看到。它更多的是管道擴展類型的東西。

Got it. And second question actually is on Saguaro. I know you're still working towards an FID there. But I guess I'm just curious if you've seen any incremental interest beyond the LNG project downstream of that pipeline? And if you're also sort of feeling any interest from potential JV partners yet?

知道了。第二個問題實際上是關於仙人掌的。我知道您仍在努力爭取最終投資決定。但我想我只是好奇除了該管道下游的液化天然氣項目之外，您是否還看到了任何增量興趣？如果您也感受到了潛在合資夥伴的興趣？

Our focus right now on Saguaro is -- I mean, like we said in the remarks, there have been some positive developments, that's great. But our focus is on continuing to drive out and ensure we get the presidential permit and the timelines we need and continuing to refine our estimates, and we're focused on that -- the U.S. side of that pipeline.

我們現在對 Saguaro 的關注是——我的意思是，就像我們在評論中所說的那樣，已經有了一些積極的進展，這很棒。但我們的重點是繼續驅逐並確保我們獲得總統許可和所需的時間表，並繼續完善我們的估計，我們的重點是管道的美國一側。

The next question comes from Tristan Richardson with Scotiabank.

下一個問題來自豐業銀行的特里斯坦·理查森。

Kevin, you talked a little bit about the volatility we saw in June and July around ethane. But can you talk about maybe the dynamic you're seeing in the north obviously, with a tighter market at Belvieu with relief on the way and then obviously, weather's impact there. Were we able to see some incentivized ethane come in, into June? And then just curious maybe what you're seeing in the third quarter?

凱文，您談到了我們在 6 月和 7 月看到的乙烷波動情況。但您能否談談您在北部看到的動態，貝爾維尤市場趨緊，並且正在緩解，然後顯然是天氣的影響。我們是否能夠看到一些乙烷進入六月？然後只是好奇你在第三季度會看到什麼？

Just -- I'll start. And just in general, at a high level, the environment does bounce around. That's why we talk about we'll have opportunities to incentivize ethane. Once again, you've got to look at what's going on with gas prices up north in Canada and what's going on with Belvieu ethane. So we've had those opportunities. It's moved around. We're not going to provide the specific volumes. But again, it continues to be an opportunity for us.

只是——我要開始了。總的來說，在高水平上，環境確實會反彈。這就是為什麼我們談論我們將有機會激勵乙烷。您必須再次關注加拿大北部的天然氣價格以及貝爾維尤乙烷的情況。所以我們有過這些機會。它已經移動了。我們不會提供具體的數量。但同樣，這對我們來說仍然是一個機會。

I mean Sheridan, anything to add?

我是說謝里登，有什麼要補充的嗎？

One thing I'd add with that is that with this -- we had a big run-up in ethane prices, and it came off and overall is still higher than it was in the first part of June, which has allowed the Mid-Continent for later part of June, July and into August to be in full ethane recovery.

我要補充的一件事是，乙烷價格大幅上漲，但總體仍高於 6 月上半月，這使得乙烷價格在 6 月中旬有所上升。六月下旬、七月和八月大陸將全面回收乙烷。

That's helpful. And then maybe, Walt, I understand we're not talking about '24 CapEx just yet or even identifying the cost of specific projects at this point. But maybe can you talk a little bit about long lead time procurement in '23 and maybe just generally what proportion of a project that might be?

這很有幫助。然後，沃爾特，我知道我們現在還沒有討論“24 資本支出”，甚至還沒有確定特定項目的成本。但也許您能談談 23 年的長交付週期採購，以及大概大概佔項目的比例嗎？

Well, I think that I would -- as you look forward, kind of think about it this way, that as Kevin mentioned, most of what we're looking at is build-outs from our existing system whether it's expansions or add-ons to that. So at the moment, we don't have any significant sized project that we have looming out there other than we've obviously talked about the potential of the Saguaro pipeline.

好吧，我想我會——正如你所期待的那樣，以這種方式思考，正如凱文提到的，我們所關注的大部分內容都是現有系統的擴展，無論是擴展還是附加組件對此。因此，目前，除了我們已經明確討論過 Saguaro 管道的潛力之外，我們還沒有任何迫在眉睫的大型項目。

And the long lead times. In this environment, you always have to be on that game. And so we are looking at that as it relates to all of our projects and how we can be there to meet the needs of our customers going forward. So that's just a reality in this day and age.

而且交貨時間長。在這種環境下，你必須始終參與到遊戲中。因此，我們正在關注這一點，因為它關係到我們所有的項目，以及我們如何能夠滿足客戶未來的需求。所以這就是當今時代的現實。

The next question comes from Jean Ann Salisbury with Bernstein.

下一個問題來自讓·安·索爾茲伯里和伯恩斯坦。

Kevin, can you give a little bit more detail on why the gas pipeline segment is doing so much better than guidance? It seems like a lot of it is from renegotiating storage up to higher rates. So if you can give any kind of direction on how much of your storage capacity has been renegotiated up to the current rates already? And how much might be yet to come, that would be helpful as well.

凱文（Kevin），您能否更詳細地說明為什麼天然氣管道部門的表現比指導要好得多？看來其中很大一部分是來自重新協商存儲以提高費率。那麼，您是否可以就已經將多少存儲容量重新協商到當前費率提供任何指導？還有多少可能還沒有到來，這也會有幫助。

Jean Ann, really, it's just segment hitting on all cylinders. There's a variety of things. I mean, absolutely, after Uri, the increase in storage, both from an amount of storage contracted up and the rates we were getting that was a benefit. The segment has seen an opportunity, again, through its retained fuel and some gas sales to be opportunistic there. That's been strong. And with some market dynamics and how they've handled here recently parking loans and so forth has been a little bit of a benefit to us.

吉恩·安，真的，這只是全力以赴的分段。有各種各樣的事情。我的意思是，絕對是，在 Uri 之後，存儲量的增加，無論是合同存儲量的增加還是我們獲得的費率都是有利的。該部門再次通過其保留的燃料和部分天然氣銷售看到了機會。那已經很強了。根據一些市場動態以及他們最近在這里處理停車貸款等的方式，對我們來說有點好處。

So really, the segments just performed outstanding, and we continue to find other projects as well. We're not done as it relates to looking at other storage opportunities, expansion opportunities, whether it be in Texas or Oklahoma. So again, segment is just doing a great job capturing the market opportunities that are provided.

事實上，這些細分市場表現出色，我們也在繼續尋找其他項目。我們還沒有完成，因為這涉及到尋找其他存儲機會、擴張機會，無論是在德克薩斯州還是俄克拉荷馬州。再說一遍，細分市場正在出色地捕捉所提供的市場機會。

Great. And one more for you, if I can. It seems like Bakken volumes are outpacing your expectations a bit. If you can just kind of say whether that's primarily been a function of more oil growth overall, higher GOR than you forecast or more ethane recovery than you forecast or just all 3, that would be helpful.

偉大的。如果可以的話，再給你一份。巴肯的銷量似乎有點超出了你的預期。如果你能簡單地說這主要是由於整體石油增長量增加、GOR 高於你的預測還是乙烷回收率高於你的預測，或者只是這三個因素的作用，那就會有所幫助。

Well, when we think about gas, the gas production, that wouldn't have as much ethane recovery, but it's definitely the activity levels we're seeing, the productivity, it's a combination of both of those. Producers just continue to get better and better when it -- as it relates to their drilling techniques, their completion techniques, some of the length of the laterals has expanded in certain areas. All those things really go into giving us, again, a lot of strength as we exit Q2, where we're at and where we think it's going to go. So you're right. We do see strength, and we think we're in a great position.

好吧，當我們考慮天然氣、天然氣生產時，不會有那麼多乙烷回收，但這絕對是我們看到的活動水平、生產力，它是兩者的結合。當生產商不斷變得越來越好時，因為這與他們的鑽井技術、完井技術有關，某些區域的支管長度已經擴大。當我們退出第二季度時，所有這些事情確實給了我們很大的力量，我們現在所處的位置以及我們認為它將去往的地方。所以你是對的。我們確實看到了力量，並且認為我們處於有利地位。

Next question comes from Neel Mitra with Bank of America.

下一個問題來自美國銀行的 Neel Mitra。

I noticed on the G&P side, you hit kind of the top end of your rate at $1.20 Mcf. I was wondering kind of the factors behind that, whether it was inflation, more wells driven towards the Bakken? And then how any commodity sensitivity would play into that and if that rate is sustainable going forward?

我注意到在 G&P 方面，您達到了 1.20 美元每小時的價格上限。我想知道這背後的因素，是否是通貨膨脹，更多的油井被推向巴肯？那麼大宗商品敏感性將如何發揮作用，以及該比率未來是否可持續？

Neel, this is Sheridan. A lot of that, obviously, the increase in rates is going to be -- we had inflationary factors in there. Depends on the contract mix where -- what contracts coming in there. We've renegotiated contracts. So it's overall, as we move through, we continue to improve those contracts, to go forward. But I think one of the biggest ones is probably more of the inflationary escalators having the biggest impact.

尼爾，這是謝里登。顯然，其中很大一部分是利率上升——我們那裡有通貨膨脹因素。取決於那裡的合同組合——那裡有什麼合同。我們已經重新談判了合同。所以總的來說，隨著我們的進展，我們會繼續改進這些合同，繼續前進。但我認為最大的影響之一可能是影響最大的通脹自動扶梯。

Okay. And then just a general question on the commercial synergies with batching, blending, bundling. How much of these synergies are kind of spread based and opportunistic versus finding new demand centers where kind of serving demand on a baseload basis.

好的。然後是關於配料、混合、捆綁的商業協同效應的一般性問題。這些協同效應中有多少是基於傳播和機會主義的，而不是尋找新的需求中心，在基本負載的基礎上滿足需求。

Neel, this is Kevin. I'll take it, and again, we're not going to get into project-specific details. But I think Sheridan mentioned earlier, it's going to be -- those opportunities are going to be a mix of both. It's going to be volumetric, and it's going to be rate. And to the extent we can find opportunities for the higher rates, great. If it's more volume, that's great, too. So that's kind of how we're thinking about it.

尼爾，這是凱文。我會接受它，再說一遍，我們不會討論特定於項目的細節。但我認為謝里登之前提到過，這些機會將是兩者的結合。它將是體積的，並且將是速率的。如果我們能找到提高利率的機會，那就太好了。如果音量更大，那就太好了。這就是我們的想法。

The next question comes from Keith Stanley with Wolfe Research.

下一個問題來自沃爾夫研究公司的基思·斯坦利。

First, just a quick follow-up on the blending synergies, the $70 million to $195 million. Is that predominantly butane blending? Or are there other types of product blending activities you see with the merger? I asked just because Magellan's business today is about $150 million a year on butane blending. So the synergy number is just pretty large.

首先，快速跟進混合協同效應，即 7000 萬至 1.95 億美元。主要是丁烷混合嗎？或者您在合併中看到了其他類型的產品混合活動？我問這個問題只是因為麥哲倫如今的丁烷混合業務每年約為 1.5 億美元。所以協同效應非常大。

Keith, this is Sheridan. We see some opportunities in butane blending, but we see opportunities in other blending as well, not just on butane, but other NGLs into different products. We see -- be able to expand that and be able to actually do the butane blending that is being done today also cheaper.

基思，這是謝里登。我們在丁烷混合中看到了一些機會，但我們也在其他混合中看到了機會，不僅是丁烷，還包括其他 NGL 進入不同產品的機會。我們看到——能夠擴大這一範圍，並能夠實際進行今天正在進行的丁烷混合，而且成本也更便宜。

Got it. And second question, just want to better understand the components of Saguaro. So it seems like Mexico Pacific's made really good progress with the trains being fully commercialized the first two anyway. Can you give an update on where you see things for the connecting pipeline in Mexico? I just have not heard as much about that. Is your understanding there's a lot that needs to be done on that to move forward? Or that's progressing well as well and consistent with your timeline?

知道了。第二個問題，只是想更好地了解 Saguaro 的組件。因此，墨西哥太平洋航空​​公司似乎取得了非常好的進展，無論如何，前兩趟列車已完全商業化。您能否介紹一下墨西哥連接管道的最新情況？我只是沒聽說過那麼多。您是否理解，要向前推進，還需要做很多工作？或者進展順利並且與您的時間表一致？

Well, again, this is Kevin. Keith, the remarks I made earlier, we're going to stick to those. We're working -- there have been some positive developments, like you said. But at the end of the day, we're focused on the U.S. side and making sure we are in line with the overall timing and needs of the projects. So that's our focus right now is really on the U.S. side.

好吧，再說一遍，這是凱文。基思，我之前說過的話，我們將堅持這些內容。我們正在努力——正如你所說，已經取得了一些積極的進展。但歸根結底，我們的重點是美國方面，並確保我們符合項目的總體時間安排和需求。所以我們現在的重點實際上是在美國方面。

The next question comes from Neal Dingmann with Truist.

下一個問題來自 Truist 的 Neal Dingmann。

This is Jake Nivasch on for Neal. Just one for me. Going back to the synergies, but just touching on the different segment, the bundling part knowing like you guys said this is not entirely in your control, but I just wanted to get a sense, should we assume the synergies or the potential synergy opportunity that you're seeing here, is that -- would that be like evenly spread throughout the, I guess, 1- to 4-year time -- just near term in general? Or is that going to be lumpy potentially? Just trying to get a sense of the dynamics there.

我是尼爾的傑克·尼瓦什。只給我一個。回到協同效應，但只是觸及不同的細分市場，捆綁部分就像你們所說的那樣，這並不完全由你們控制，但我只是想了解一下，我們是否應該假設協同效應或潛在的協同機會你在這裡看到的，是不是——我想，這會均勻地分佈在整個1到4年的時間裡——一般來說只是短期內嗎？或者這可能會變得不穩定？只是想了解一下那裡的動態。

Yes, Neal (sic) [Jacob], this is Sheridan. Yes, there's some -- I think there's some opportunities near term, but it is going to be a little bit lumpy. As we said in the remarks, it's a lot is going to be dependent on when contracts come up and as we continue to see how these 2 assets work together and multiple touch points with the same customer is going to create opportunities. So we're going to see some in the beginning and then as contract roll off, will be lumpy throughout the 4-year time period.

是的，尼爾（原文如此）[雅各布]，我是謝里登。是的，有一些——我認為近期有一些機會，但會有點不穩定。正如我們在評論中所說，這在很大程度上取決於合同何時簽訂，隨著我們繼續觀察這兩種資產如何協同工作，與同一客戶的多個接觸點將創造機會。因此，我們會在一開始看到一些情況，然後隨著合同的到期，在整個 4 年期間將會出現波動。

The next question comes from Craig Shere with Tuohy Brothers.

下一個問題來自 Tuohy Brothers 的 Craig Shere。

You add existing asset and commodity optimization synergies, I just want to dig in a little different manner, more into Brian's question on combined growth project opportunities. I understand you don't want to get into commercially sensitive areas maybe relating to crude transport, exports and all kinds of other things. But would it surprise you to see the combined business perhaps produce $2 billion to $3 billion more aggregate incremental growth project opportunities at your normal historical 4x to 6x build multiple by late decade.

你添加了現有的資產和商品優化協同效應，我只是想以一種不同的方式深入探討布萊恩關於聯合增長項目機會的問題。我知道您不想進入可能與原油運輸、出口和各種其他事項有關的商業敏感領域。但如果您看到合併後的業務可能會在十年後以正常的歷史 4 至 6 倍建設倍數創造 20 億至 30 億美元的增量增長項目機會，您會感到驚訝嗎？

Craig, I think I would leave you with the thought that a lot of these opportunities are incremental off of our existing assets or Magellan's assets. So in most cases, we're expecting very low return -- very high return, low multiple opportunities. So not an enormous amount of capital that is necessary to make those hit. We will continue to evaluate that and see if there are other growth opportunities that come up. But I think that we would expect to be at the lower end of that 4x to 6x, if not significantly better than that.

克雷格，我想我想留給您這樣一個想法，其中很多機會都是從我們現有的資產或麥哲倫的資產中增量而來的。因此，在大多數情況下，我們期望的回報非常低——回報非常高，但多重機會卻很低。因此，實現這些目標並不需要大量資金。我們將繼續評估這一點，看看是否還會出現其他增長機會。但我認為我們預計會處於 4 倍到 6 倍的低端，即使不是明顯好於這個水平。

Got you. And one other follow-up, maybe a little over the skis on this because you've got to finish the merger, but -- once we get past that, do you intend to break out commercial synergies on an ongoing basis?

明白你了。還有一個後續行動，可能有點過分了，因為你必須完成合併，但是——一旦我們完成了這一任務，你打算持續地發揮商業協同效應嗎？

This is Pierce. We are in the process of deciding exactly how we're going to report all these segments. And then when we make that decision, we're going to move forward. But we're reporting by segment the way that we report on our business. As far as -- we'll give you as much detail as we possibly can without compromising anything we have from a competitive advantage standpoint.

這是皮爾斯。我們正在決定如何報告所有這些部分。當我們做出決定時，我們就會繼續前進。但我們按照業務報告的方式按部門進行報告。就競爭優勢而言，我們將在不損害我們所擁有的任何內容的情況下，為您提供盡可能多的詳細信息。

The next question comes from Sunil Sibal with Seaport Global Securities.

下一個問題來自 Seaport Global Securities 的 Sunil Sibal。

Thanks for all the details on the MMD transactions synergies. I was just curious, so it seems like where things stand now with regard to this transaction, there are some aspects of the transaction, which are beyond OK use control. So I was kind of curious if this weren't to go per the plan, what are some of the other levers that OK could pull to accelerate growth in the forward years?

感謝您提供有關 MMD 交易協同效應的所有詳細信息。我只是很好奇，所以看起來這筆交易目前的情況是，交易的某些方面超出了 OK 使用的控制範圍。所以我有點好奇，如果這不按照計劃進行，OK 可以利用哪些其他槓桿來加速未來幾年的增長？

Well, I think the way I'd answer that question is that both companies right now, we're focused on the vote. Magellan is focused on their vote and ONEOK, we're focused on our vote. We believe that the Magellan unitholders and the ONEOK shareholders are going to see the value in this deal, the combined companies. And I think we're scratching the surface there because when we get these 2 companies combined, I think and get our employees collaborating together, I'm very confident in the innovation of both companies is going to turn out to be something that people are going to really be proud that they voted yes for this deal.

嗯，我認為我回答這個問題的方式是，兩家公司現在都專注於投票。麥哲倫專注於他們的投票，而 ONEOK，我們專注於我們的投票。我們相信，Magellan 單位持有人和 ONEOK 股東將看到這筆交易以及合併後的公司的價值。我認為我們正在觸及表面，因為當我們將這兩家公司合併時，我認為並讓我們的員工一起合作，我非常有信心兩家公司的創新將成為人們所關注的東西他們對這筆交易投了贊成票，我們真的會感到自豪。

And then one clarification question. It seems like ONEOK filed a shelf last week for additional equity. So I was just curious if you could provide some context around that?

然後是一個澄清問題。 ONEOK 似乎上週申請了額外股權的擱置。所以我只是好奇你能否提供一些相關的背景信息？

Sure. I'm actually glad you asked that question. That is just renewing the ATM plan that we have had in place for better part of 7 or 8 years. We've had -- we have not utilized that within the last 5 years and don't really have any expectation to utilize it going forward. But we do think it's a nice liquidity tool to have in our -- to have available to us, but there is no expectation that we would be using the ATM on a going-forward basis.

當然。我真的很高興你問了這個問題。這只是更新我們已經實施了七八年的 ATM 計劃。我們在過去 5 年內沒有使用過它，而且也沒有任何期望在未來使用它。但我們確實認為這是一個很好的流動性工具，可供我們使用，但我們預計不會在未來使用 ATM。

This concludes our question-and-answer session. I would now like to turn the call back over to Andrew Ziola for closing remarks.

我們的問答環節到此結束。現在我想將電話轉回給安德魯·齊奧拉 (Andrew Ziola)，讓他發表結束語。

Our quiet period for the third quarter starts when we close our books in October and extends until we release earnings in late October. We'll provide details for that conference call at a later date. Thank you all for joining us, and have a good day.

我們第三季度的平靜期從 10 月份結賬時開始，一直持續到 10 月底發布收益為止。我們將在稍後提供該電話會議的詳細信息。感謝大家加入我們，祝您有美好的一天。

The conference has now concluded. Thank you for your participation. You may now disconnect your lines.

會議現已結束。感謝您的參與。您現在可以斷開線路。