歐尼克 (OKE) 2024 Q3 法說會逐字稿

Good day, and welcome to the ONEOK third-quarter 2024 earnings conference call and webcast. (Operator Instructions). Please note, this event is being recorded.

美好的一天，歡迎參加 ONEOK 2024 年第三季財報電話會議和網路廣播。（操作員說明）。請注意，此事件正在被記錄。

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

我現在將會議交給投資者關係副總裁安德魯·齊奧拉 (Andrew Ziola) 先生主持。請繼續，先生。

Thank you, and welcome to ONEOK's third-quarter 2024 earnings call. 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.

謝謝，歡迎參加 ONEOK 的 2024 年第三季財報電話會議。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，管理階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.

本次電話會議期間發表的聲明可能包括 ONEOK 的預期或預測，應被視為前瞻性聲明，並受 1933 年和 1934 年《證券法》的安全港條款管轄。實際結果可能與前瞻性陳述中預測的結果有重大差異。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。

Just a reminder for Q&A, we ask that you limit yourself to one question and a follow-up in order to fit in as many of you as we can.

謹提醒您進行問答，我們要求您將自己限制在一個問題和一個後續問題上，以便盡可能回答您的問題。

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執行長皮爾斯·諾頓 (Pierce Norton)。刺穿？

Thanks, Andrew. Good morning, everyone, and thank you for joining us. On today's call is Walt Hulse, Chief Financial Officer, Treasurer and Executive Vice President, Investor Relations and Corporate Development; and Sheridan Swords, Executive Vice President, Commercial liquids and natural gas gathering and processing.

謝謝，安德魯。大家早安，感謝您加入我們。出席今天電話會議的是財務長、財務主管兼投資者關係和企業發展執行副總裁 Walt Hulse； Sheridan Swords，商業液體和天然氣收集和加工執行副總裁。

Yesterday, we announced the third quarter 2024 earnings and provided new consolidated guidance that includes contributions from EnLink and the pending Medallion acquisition. We also increased our full year 2024 financial guidance on the stand-alone basis, for the second time this year. Our higher guidance expectations highlight ONEOK's ability to continue to deliver on synergy opportunities while also maintaining a strong fee-based earnings across our systems.

昨天，我們公佈了 2024 年第三季收益，並提供了新的綜合指引，其中包括 EnLink 的貢獻和即將進行的 Medallion 收購。我們也單獨提高了 2024 年全年財務指引，這是今年第二次。我們較高的指導預期凸顯了 ONEOK 繼續提供協同機會的能力，同時在我們的系統中保持強勁的收費收入。

Our stand-alone 2024 adjusted EBITDA guidance, which excludes contributions from EnLink and Medallion is well over double ONEOK's adjusted EBITDA just five years ago. This extraordinary growth has been possible because of our employees' focus on excellence, service and innovation, our strategic assets and our intentional and disciplined approach to organic growth and acquisitions. It has been more than a year since we completed the acquisition of Magellan, and we continue to identify synergy opportunities related to the transaction exceeding our original expectations.

我們獨立的 2024 年調整後 EBITDA 指引（不包括 EnLink 和 Medallion 的貢獻）遠遠超過五年前 ONEOK 調整後 EBITDA 的兩倍。這種非凡的成長之所以成為可能，是因為我們的員工對卓越、服務和創新的關注，我們的策略資產以及我們對有機成長和收購有意而嚴格的方法。自從我們完成對麥哲倫的收購以來已經一年多了，我們不斷尋找與交易相關的協同機會，超出了我們最初的預期。

In mid-October, we completed our acquisition of the controlling [interest] (technical difficulty) in the Midstream. And today, I'm able to announce the expiration of the Hart-Scott-Rodino Act waiting period related to the Medallion acquisition.

10月中旬，我們完成了中游控股（技術難度）的收購。今天，我可以宣布與大獎章收購相關的《哈特-斯科特-羅迪諾法案》等待期到期。

We look forward to finalizing that acquisition in the coming days. The EnLink and Medallion acquisitions continued to build off the complementary assets of ONEOK providing significant growth potential by establishing a fully integrated Permian Basin platform at scale that will drive new service offerings for our customers.

我們期待在未來幾天內完成此次收購。EnLink 和 Medallion 收購繼續建立 ONEOK 的互補資產，透過大規模建立完全整合的二疊紀盆地平台來提供巨大的成長潛力，從而為我們的客戶提供新的服務產品。

Expanding and extending ONEOK's footprint in the Mid-Continent and North Texas, providing a new asset position in Louisiana connected with the key demand centers providing significant synergies through connections of complementary asset positions and finally, delivering immediate accretion in supporting our capital allocation strategy.

擴大和擴展ONEOK 在中大陸和德克薩斯州北部的足跡，在路易斯安那州提供與關鍵需求中心相連的新資產位置，透過互補資產位置的連接提供顯著的協同效應，最後，立即增加支持我們的資本配置策略。

These acquisitions mark another exciting milestone in our company's history, building on our proven track record of shareholder value creation. There is much to look forward to with these latest announcements, but there's a lot of momentum in ONEOK's current businesses.

這些收購標誌著我們公司歷史上又一個令人興奮的里程碑，建立在我們創造股東價值的良好記錄之上。這些最新公告令人期待，但 ONEOK 目前的業務勢頭強勁。

I'll turn it over to Walt and Sheridan to discuss our latest guidance, increases and give a commercial update. Walt?

我會將其交給沃爾特和謝裡登討論我們的最新指導、增加並提供商業更新。沃特？

Thank you, Pierce. I'll start with a brief overview of our third quarter financial performance. ONEOK's third-quarter 2024 net income totaled $693 million or $1.18 per share which included $0.04 per share of transaction expenses. Third quarter adjusted EBITDA totaled $1.55 billion. The year-over-year increase was driven by continued strength in the Rocky Mountain region, increased transportation services in the natural gas pipeline segment and a full quarter contribution from the refined products and crude segment.

謝謝你，皮爾斯。我將首先簡要概述我們第三季的財務表現。ONEOK 2024 年第三季淨利總計 6.93 億美元，即每股 1.18 美元，其中包括每股 0.04 美元的交易費用。第三季調整後 EBITDA 總計 15.5 億美元。年比成長的推動因素包括落基山脈地區的持續強勁、天然氣管道部門運輸服務的增加以及煉油產品和原油部門整個季度的貢獻。

Moving on to our updated guidance. In addition to increasing stand-alone guidance, we announced 2024 consolidated financial guidance, which does include contributions from EnLink and the pending Medallion acquisition but excludes transaction costs. We expect a consolidated net income midpoint of approximately $3 billion and an adjusted EBITDA midpoint of $6.625 billion.

繼續我們更新的指南。除了增加獨立指導之外，我們還宣布了 2024 年合併財務指導，其中確實包括 EnLink 和即將進行的 Medallion 收購的貢獻，但不包括交易成本。我們預計合併淨利潤中點約為​​ 30 億美元，調整後 EBITDA 中點為 66.25 億美元。

EnLink will be a consolidated subsidiary of ONEOK for GAAP financial reporting purposes, and we expect to report EnLink adjusted EBITDA within each of ONEOK's corresponding business segments beginning in the fourth quarter of 2024.

出於 GAAP 財務報告目的，EnLink 將成為 ONEOK 的合併子公司，我們預計從 2024 年第四季開始，在 ONEOK 的每個相應業務部門內報告 EnLink 調整後的 EBITDA。

On a stand-alone basis, we now expect a 2024 net income midpoint of $2.945 billion and adjusted EBITDA midpoint of $6.275 billion, which is $100 million higher than our guidance increase in April. These midpoints exclude contributions from EnLink and the pending Medallion acquisition as well as related transaction costs in order to provide an apples-to-apples comparison with our original 2024 guidance.

就單獨而言，我們現在預計 2024 年淨利潤中點為 29.45 億美元，調整後 EBITDA 中點為 62.75 億美元，比我們 4 月份的指導增幅高出 1 億美元。這些中點不包括 EnLink 和即將進行的 Medallion 收購的貢獻以及相關交易成本，以便與我們最初的 2024 年指導進行同類比較。

We continue to expect to meet or exceed our synergy expectations in 2024 and continue to identify additional related opportunities. Tailwinds from these synergies, sustained strength in our fee-based earnings, contributions from our acquired Easton assets and outperformance in our natural gas pipeline segment all contributed to our increased guidance.

我們繼續期望在 2024 年達到或超越我們的協同預期，並繼續尋找其他相關機會。這些協同效應帶來的順風車、我們收費收益的持續強勁、我們收購的伊斯頓資產的貢獻以及我們天然氣管道部門的出色表現，都有助於我們提高指導。

We continue to expect our total stand-alone capital expenditures including growth and maintenance capital to be in the range of $1.75 billion to $1.95 billion in 2024. This remains consistent with our initial guidance and does not account for EnLink or medallion depot expenditures.

我們仍預期 2024 年包括成長和維護資本在內的獨立資本支出總額將在 17.5 億美元至 19.5 億美元之間。這與我們最初的指導一致，並且不考慮 EnLink 或牌照倉庫支出。

As we look ahead, our financial outlook remains strong. And as noted, when we announced the EnLink and Medallion transactions, we expect ONEOK's total combined EBITDA for 2025 to be comfortably above $8 billion. which is double ONEOK's EBITDA run rate prior to the Magellan acquisition just two years ago.

展望未來，我們的財務前景依然強勁。如前所述，當我們宣布 EnLink 和 Medallion 交易時，我們預計 ONEOK 2025 年的合併 EBITDA 總額將輕鬆超過 80 億美元。這是兩年前收購麥哲倫之前 ONEOK EBITDA 運行率的兩倍。

Following the close of these transactions, ONEOK expects pro forma 2025 and year-end net debt-to-EBITDA of approximately 3.9 times and expect leverage to trend towards our previously announced target of 3.5 times in 2026 as systems are integrated and growth projects are placed in service.

這些交易完成後，ONEOK 預計2025 年預計和年底淨債務與EBITDA 的比率約為3.9 倍，並預計隨著系統的整合和增長項目的部署，槓桿率將在2026 年接近我們之前宣布的3.5 倍的目標在服務中。

I'll now turn the call over to Sheridan for a commercial update.

我現在將把電話轉給謝裡登以獲取商業更新。

Thank you, Walt. Beginning with the natural gas liquids segment. Rocky Mountain volumes increased 7% year-over-year, driven by higher propane plus volume from solid production in the region, partially offset by less ethane recovery year-over-year. The Mid-Continent region also saw lower levels of ethane recovery during the third quarter as natural gas and ethane prices presented fewer economic opportunities for recovery.

謝謝你，沃特。從天然氣液體部分開始。落基山產量年增 7%，原因是該地區丙烷加量增加，但乙烷回收量比去年同期減少部分抵消了這一影響。由於天然氣和乙烷價格帶來的經濟復甦機會較少，第三季中大陸地區的乙烷回收量也較低。

Permian Basin NGL volume benefited from increased short-term volume on our system in the third quarter of 2024. We expect short-term volume to be replaced with long-term committed volume as we near the completion of our West Texas NGL pipeline expansion.

二疊紀盆地液化天然氣產量受惠於我們系統 2024 年第三季短期產量的增加。隨著西德克薩斯液化天然氣管道擴建即將完成，我們預計短期產量將被長期承諾產量所取代。

In the Permian Basin, the completion of two third-party processing plants that we had expected to contribute to third quarter volumes were delayed. We expect these plants to be completed and flowing volume in the fourth quarter. We expect a step-up in Permian Basin NGL volumes in 2025 from the ramp-up of these two new plants, additional plants coming online, new contracts and new volume from EnLink plants to ramping up system.

在二疊紀盆地，我們原本預計將有助於第三季銷售的兩個第三方加工廠的竣工被推遲。我們預計這些工廠將於第四季竣工並投入使用。我們預計，由於這兩家新工廠的投產、更多工廠的上線、新合約以及 EnLink 工廠的新產量以及系統的投產，到 2025 年二疊紀盆地的 NGL 產量將增加。

The West Texas NGL pipeline expansion and MB-6 fractionator are on track to be in service by the end of this year. On the West Texas NGL expansion, the full pipeline looping providing capacity of 500,000 barrels per day is expected by year-end, with remaining pump stations to be completed in mid-2025.

西德克薩斯州 NGL 管道擴建和 MB-6 分餾塔預計將於今年年底投入使用。在西德克薩斯州 NGL 擴建項目中，預計到年底，完整的管道循環將提供 50 萬桶/日的產能，其餘泵站將於 2025 年中期竣工。

The Elk Creek pipeline expansion remains on track for our first quarter 2025 completion. In Phase 1 of our Medford fractionator rebuild is expected to be completed in the fourth quarter of 2026 adding 100,000 barrels per day of capacity, with Phase 2 expected in the first quarter of 2027, adding the final 110,000 barrels per day for a total capacity of 210,000 barrels per day.

Elk Creek 管道擴建工程仍按計畫於 2025 年第一季完工。我們的 Medford 分餾塔改造第一階段預計將於 2026 年第四季完成，每天增加 10 萬桶產能，第二階段預計於 2027 年第一季完成，每天增加最後 11 萬桶，總產能為每天 21 萬桶。

This was our first quarter since acquiring the Easton Energy NGL assets, and we are happy with how these pipelines are performing and integrating into our Gulf Coast and Houston area systems. The system's existing capacity from Mont Belvieu to the Houston Ship Channel is performing at a higher utilization rate with throughput increasing by nearly 30% since acquiring the assets.

這是我們收購 Easton Energy NGL 資產以來的第一個季度，我們對這些管道的表現以及如何融入我們的墨西哥灣沿岸和休士頓地區系統感到滿意。自收購資產以來，該系統從 Mont Belvieu 到休士頓船舶航道的現有運力利用率提高了近 30%，吞吐量增加了近 30%。

We continue to expect to complete connections from the legacy Eastern system to our Houston-based assets beginning in mid-2025 through year-end 2025 which will help us realize additional synergies by maximizing the available capacity.

我們繼續期望從 2025 年中期開始到 2025 年底完成從傳統東部系統到我們位於休士頓的資產的連接，這將有助於我們透過最大限度地利用可用容量來實現額外的協同效應。

Moving on to the refined products and crude segment. Gasoline and jet fuel demand benefited from a robust peak driving season and refinery maintenance across our system drove long-haul volumes during the third quarter. Total refined products volumes at nearly 1.6 million barrels per day was a new record for the system. In July, all of our tariff adjustments went into effect providing a mid-single-digit tariff increase across our refined product system.

轉向精煉產品和原油領域。汽油和航空燃油需求受益於強勁的駕駛旺季和整個系統的煉油廠維護，推動了第三季的長途運輸量。煉油產品總產量接近每天 160 萬桶，創下該系統的新紀錄。7 月份，我們所有的關稅調整生效，整個成品油系統的關稅上漲了中個位數。

With the start of blending season in September, we didn't see much of an impact in the third quarter but has seen an increase in blending activity since then. ONEOK continues to benefit from the ability to execute certain blending related commercial synergies between the natural gas liquids and refined product businesses.

隨著 9 月混合季節的開始，我們在第三季度沒有看到太大的影響，但自那時起混合活動有所增加。ONEOK 持續受益於在液化天然氣和煉油產品業務之間執行某些與混合相關的商業協同效應的能力。

We expect these types of synergies to continue to ramp up as low capital synergy projects come online in the coming quarters. As it relates to growth projects, we continue to expect the expansion of our refined products pipeline system from Kansas to the Greater Denver area and Denver International Airport to complete -- to be completed in mid-2026. In July, we provided a record volume of jet fuel to the Denver airport, further highlighting the need for additional capacity to this key market.

我們預計，隨著低資本協同項目在未來幾季上線，此類綜效將持續增強。由於涉及成長項目，我們繼續預計我們的成品油管道系統從堪薩斯州到大丹佛地區和丹佛國際機場的擴建將於 2026 年中期完成。7 月份，我們向丹佛機場提供了創紀錄數量的航空燃油，進一步凸顯了這個關鍵市場對額外運力的需求。

Crude oil volumes shipped on our wholly owned assets increased 10% year-over-year due to committed shipper volume ramps on Longhorn and increased volume from third-party connections to the Houston distribution system.

由於 Longhorn 上承諾的托運量增加以及第三方連接到休士頓分銷系統的量增加，我們全資擁有的資產的原油量同比增長了 10%。

Our current volumes are a good base going forward. We remain excited about the pending Medallion acquisition and what that will mean for our long-haul crude pipeline. Minimal volume from Medallion Gathering is flowing on Longhorn today and a modest amount of bridge deck volume originates from these assets.

我們目前的產量是未來的良好基礎。我們對即將進行的 Medallion 收購以及這對我們的長途原油管道意味著什麼仍然感到興奮。今天，Longhorn 上的 Medallion Gathering 交易量很少，橋面交易量也有少量來自這些資產。

So we believe there is a great deal of upside and synergy opportunity in bringing our systems together. Over time, we expect an opportunity to direct more medallion barrels through our long-haul pipelines as existing capacity on these medallion assets fill up.

因此，我們相信將我們的系統整合在一起會帶來巨大的優勢和協同機會。隨著時間的推移，隨著這些獎章資產的現有產能填滿，我們預計有機會透過我們的長途管道引導更多的獎章桶。

Moving on to the natural gas gathering and processing segment. Rocky Mountain region processing volumes had another record in the third quarter, averaging nearly 1.7 Bcf per day. Volumes would have likely been higher but we experienced planned and unplanned outages late in the quarter. These carried over into early fourth quarter, but are now back online.

轉向天然氣收集和加工領域。落磯山脈地區的加工量在第三季再創新高，平均每天接近 1.7 Bcf。銷量可能會更高，但我們在本季度末經歷了計劃內和計劃外的停電。這些延續到第四季初，但現在又重新上線。

Part of the unplanned outages resulted from North Dakota wildfires in early October, that caused volume disruptions for about one week due to producer shut-ins, power outages and high winds that also delayed completion crews. Our employees were quick to respond to these events and volumes have returned to levels seen before the fires.

部分計劃外停電是由十月初北達科他州的野火造成的，由於生產商停工、停電和強風，導致運量中斷約一周，也導致完工人員延遲。我們的員工對這些事件做出了迅速反應，數量已恢復到火災前的水平。

There are currently 40 rigs in the Williston Basin with 21 on our dedicated acreage. We continue to see benefits from the drilling of longer laterals and higher well performance on traditional laterals. We've updated our 2024 well connects expectations to a range of 500 to 530 well connects to reflect the higher volumes we're getting from fewer wells. -- Increasing gas to oil ratios in the basins continue to contribute to natural gas and NGL production strength. GORs in the basin are near all-time highs and combined with longer laterals support volume growth without requiring increase in drilling activity.

目前威利斯頓盆地有 40 個鑽井平台，其中 21 個位於我們的專用區域。我們繼續看到更長的支管鑽探和傳統支管的更高井性能帶來的好處。我們已將 2024 年油井連接預期更新為 500 至 530 個油井連接範圍，以反映我們從更少的油井獲得的更高產量。 ——盆地天然氣與石油的比例不斷提高，並持續增強天然氣和液化天然氣的生產實力。盆地中的 GOR 接近歷史最高水平，加上較長的支線，支援體積增長，而無需增加鑽井活動。

We're currently seeing 42 rigs in Oklahoma with 7 operating on our acreage and 4 on EnLink's acreage. We have seen additional wells drilled in oilier NGL-rich areas even as some wells in gassier areas of region have been delayed into 2025. We continue to expect approximately 65 well connects on ONEOK's acreage and expect approximately 90 well connects on EnLink's acreage in the Mid-Continent region this year.

目前，我們在俄克拉荷馬州有 42 座鑽井平台，其中 7 座在我們的區塊上運行，4 座在 EnLink 的區塊上運行。儘管該地區天然氣含量較高的地區的一些油井已被推遲到 2025 年，但我們仍看到在富含 NGL 的油井地區鑽探了更多油井。我們繼續預計今年中大陸地區 ONEOK 區域將有約 65 個油井連接，EnLink 區域將有約 90 個油井連接。

In the natural gas pipeline segment, we benefited from higher firm and interruptible transportation rates in the third quarter. Strong performance so far this year, driven by firm demand contracts and a continued high demand for natural gas storage has positioned the segment well to exceed expectations for 2024.

在天然氣管道領域，我們受益於第三季較高的穩定且可中斷的運輸率。在穩定的需求合約和對天然氣儲存的持續高需求的推動下，今年迄今為止的強勁表現使該領域將遠遠超出 2024 年的預期。

We continue to address increased natural gas storage needs of our customers. recently activating three Bcf of previously idled storage capacity in Texas, and we remain on track to complete our Oklahoma storage expansion project in the second quarter of 2025. Both projects have firm contracts extending beyond 2030. Additionally, we -- now have access to significant natural gas storage through the EnLink system and we'll look for opportunities to best utilize our assets together in the future.

我們持續滿足客戶日益增長的天然氣儲存需求。最近啟動了德州先前閒置的 3 Bcf 儲存容量，我們仍有望在 2025 年第二季完成俄克拉荷馬州的儲存擴充計畫。這兩個項目的確定合約都延續到 2030 年之後。此外，我們現在可以透過 EnLink 系統存取重要的天然氣存儲，並且我們將尋找機會在未來充分利用我們的資產。

Pierce, that concludes my remarks.

皮爾斯，我的發言到此結束。

Thank you, Sheridan and Walt. Before we wrap up, I want to take a moment to express my gratitude to our employees that have been affected by severe weather events across our operations over the past quarter. From the recent wildfires in North Dakota, to the preparations for hurricanes on the Gulf Coast. These challenges have not only tested our operations but have also disrupted the lives of our employees and their families.

謝謝你們，謝裡登和沃爾特。在結束之前，我想花點時間向我們的員工表示感謝，他們在過去一個季度的業務中受到惡劣天氣事件的影響。從最近北達科他州的野火，到墨西哥灣沿岸的颶風準備工作。這些挑戰不僅考驗著我們的運營，也擾亂了我們員工及其家人的生活。

I sincerely thank you for your dedication to keeping our assets running safely and resiliently. Beyond that, I deeply appreciate the commitment many of you have shown to your communities whether through volunteer fire departments, relief efforts are fundraising events. And your contributions go beyond our business. They make a meaningful difference in the lives of those around you. Thank you for embodying our values and for making such a significant impact both within our company and in the communities where we live and serve.

我衷心感謝您為維持我們的資產安全、有彈性地運作所做的貢獻。除此之外，我深深感謝你們中的許多人向社區表現出的承諾，無論是透過志願消防隊、救災工作還是籌款活動。您的貢獻超出了我們的業務範圍。它們對您周圍人們的生活產生了有意義的影響。感謝您體現了我們的價值觀，並在我們公司內部以及我們生活和服務的社區中產生瞭如此重大的影響。

As we close out 2024, we expect an exciting and busy end of the year as we close our pending acquisition of Medallion and work toward Phase 2 of the EnLink transaction. Our employees have proven their ability to successfully integrate assets, systems and teams and to achieve meaningful synergies. I'm confident that with the support of our new colleagues from EnLink and Medallion and our talent -- our teams will once again build on our strong track record of creating value for our stakeholders.

2024 年即將結束，我們預計今年將是一個令人興奮且忙碌的年底，因為我們將完成對 Medallion 的待定收購，並致力於 EnLink 交易的第二階段。我們的員工已經證明了他們成功整合資產、系統和團隊並實現有意義的協同效應的能力。我相信，在 EnLink 和 Medallion 的新同事以及我們的人才的支持下，我們的團隊將再次鞏固我們為利害關係人創造價值的良好記錄。

Operator. we're now ready for question.

操作員。我們現在準備好提問了。

We will now begin the question-and-answer session. (Operator Instructions).

我們現在開始問答環節。（操作員說明）。

Theresa Chen, Barclays.

特蕾莎·陳，巴克萊銀行。

Maybe going back to Sheridan's comments about your natural gas infrastructure business, many of your peers have expressed enthusiasm in related to the robust growth outlook for natural gas infrastructure given the backdrop of power demand for a variety of reasons, including incremental demand from data centers. As commercial discussions have progressed over the past months and quarters, can you talk about how you use your assets situated within this backdrop and how you can participate in this being?

也許回到謝裡登對你們天然氣基礎設施業務的評論，你們的許多同行都對天然氣基礎設施的強勁增長前景表示了熱情，因為電力需求的背景多種多樣，包括數據中心的增量需求。隨著過去幾個月和幾個季度商業討論的進展，您能否談談在這種背景下您如何使用您的資產以及您如何參與這一存在？

Theresa, this is Sheridan. Yes, I think our assets are very well positioned there. Right now, we are in discussions or have 23 different projects across our system based on demand for natural gas. And of those 23, 10 of them, we've had people specifically site demand centers that they're working after.

特蕾莎，這是謝裡登。是的，我認為我們的資產在那裡處於非常有利的位置。目前，我們正在討論或根據天然氣需求在我們的系統中有 23 個不同的項目。在這 23 個、其中 10 個中，我們有專人專門設立了他們正在工作的需求中心。

So we think we're in a very good position with our assets going forward. And then if you layer on EnLink's assets and what they're seeing on theirs, I think we are in a very good position to be able to capture a fair share amount of this growth in natural gas demand for data centers.

因此，我們認為我們的資產未來處於非常有利的位置。然後，如果您對 EnLink 的資產以及他們所看到的資產進行分層，我認為我們處於非常有利的位置，能夠從資料中心天然氣需求的成長中獲得公平的份額。

Okay. And then -- thank you, Sheridan earlier for giving us the data points on the medallion potential synergies to your long-haul pipeline. I'm curious, the current Medallion volumes, are they flowing primarily to Corpus or to Houston already, ie, if they can go on Longhorn incrementally in BridgeTex, would the assumption be that they would also be additive to your Houston distribution system especially in light of Lyondell, still planning to close that refinery in that area in 2025?

好的。然後，感謝謝裡登早些時候向我們提供了有關您的長途管道的潛在協同效應的數據點。我很好奇，目前的Medallion 數量，它們是否主要流向Corpus 或休斯頓，即，如果它們可以在BridgeTex 中增量地在Longhorn 上進行，是否會假設它們也會添加到您的休斯頓分銷系統中，特別是根據 Lyondell 的說法，仍計劃在 2025 年關閉該地區的煉油廠嗎？

Yes, Theresa, we -- some volume from Medallion obviously, as I said, is moving on BridgeTex is much smaller on Longhorn. Other volume for Medallion is moving on to the Houston area. Of course, some are still moving down to corp area. We think that, that's part of the big surgeries we see with Medallion is to bring that volume on to our long-haul pipes through our distribution system going forward.

是的，Theresa，我們 - 正如我所說，Medallion 的一些交易量顯然正在 BridgeTex 上進行，但在 Longhorn 上要小得多。Medallion 的其他銷售量正在轉移到休士頓地區。當然，有些人仍在搬到公司區域。我們認為，這是我們在 Medallion 上看到的大手術的一部分，就是透過我們的分銷系統將這一流量引入我們的長途管道。

In terms of the overall macro economics that we're seeing between Corpus and Houston, where as the Corpus pipes have filled up, we're seeing much more demand for people wanting to get into the Houston area even with the Lyondell going down. We're seeing more volume across our Seabrook terminal. We've seen other volume being exported out of the Houston area. So we think we're very well positioned at this time to be able to market volume coming off the medallions system into the Houston area.

就我們在 Corpus 和休士頓之間看到的整體宏觀經濟而言，隨著Corpus 管道已填滿，我們看到即使利昂德爾指數下降，對想要進入休士頓地區的人們的需求也會增加。我們看到西布魯克碼頭的吞吐量有所增加。我們已經看到休士頓地區有其他數量的出口。因此，我們認為我們目前處於非常有利的位置，能夠將獎章系統的銷售量推向休士頓地區。

Jean Ann Salisbury, Bank of America.

讓安·索爾茲伯里，美國銀行。

Ethane demand for the US looks pretty flat for the next few quarters until more export facilities come online. Can you talk about what you think drives the minimum possible recovery of ethane in the Bakken, whether it's a certain amount of the stream to flow on the NGL infrastructure or if it's like hitting residue gas BTU spec. And I guess, more importantly, like how far away we are from that floor?

在更多出口設施上線之前，未來幾季美國的乙烷需求看起來相當穩定。您能否談談您認為推動巴肯乙烷最小回收率的因素，無論是在 NGL 基礎設施上流動一定量的氣流，還是達到殘餘氣體 BTU 規格。我想，更重要的是，我們離那層樓有多遠？

Sure. We think about -- you're right, the overall ethane demand is kind of flat right now. A little bit will change as crackers the utilization rates on the crackers and on turnarounds and if they're all running. But overall, what we think really is going to start driving where ethane comes out, as we said before, is going to be the gas price in the region because really, you're looking at what can ethane be recovered in the region for sale into a Mont Belvieu price or sold as a natural gas price in that region.

當然。我們認為——你是對的，目前乙烷的整體需求有點持平。隨著裂解裝置的使用率、週轉率以及它們是否全部運行，都會發生一些變化。但總的來說，我們認為真正開始推動乙烷產出的地方，正如我們之前所說，將是該地區的天然氣價格，因為實際上，您正在考慮在該地區可以回收哪些乙烷進行銷售轉化為Mont Belvieu 價格或作為該地區的天然氣價格出售。

We continue to think there's going to be opportunities in the Bakken especially during the summertime where you see more depressed natural gas in that region, we will be able to incentivize that ethane to come out as we have in the past. We've also been able to do some of that in the Oklahoma at times when we see depressed prices in Oklahoma.

我們仍然認為巴肯地區將有機會，特別是在夏季，該地區的天然氣產量會減少，我們將能夠像過去一樣刺激乙烷的開採。有時，當我們看到俄克拉荷馬州的價格低迷時，我們也能夠在俄克拉荷馬州做一些這樣的事情。

We see that continue to continue -- we see that continuing into next year. One thing will help us a little bit with Matterhorn coming on in the Permian. We've seen -- we should see some increase in natural gas prices in the Permian area, which will make it easier to bring it out of the Bakken because you'll need higher prices ethane to bring it out of the Permian.

我們看到這種情況會繼續下去——我們看到這種情況會持續到明年。隨著馬特洪峰出現在二疊紀，有一件事會對我們有幫助。我們已經看到——我們應該看到二疊紀地區的天然氣價格有所上漲，這將使將其從巴肯地區運出變得更容易，因為你需要更高價格的乙烷才能將其運出二疊紀地區。

That makes sense. And then as a follow-up, a lot of the kind of plateauing of Bakken GOR for the past few years. has been caused by Bakken operators moving into higher oil cut areas from talking to your producers, do you feel that rate of change to the oil areas has kind of stabilized yet?

這是有道理的。接下來，Bakken GOR 在過去幾年中出現了許多停滯不前的情況。這是由於巴肯業者與生產商交談而進入石油產量較高的地區造成的，您是否認為石油地區的變化率已經穩定下來了？

Yes. I think overall, it's stabilized. I mean, I think with a lot of things going into the production, what's happening on production up there and GORs, we've cited that how longer laterals have an impact higher IP rates that are driven by producers having more efficient operations or more completions from different techniques. All -- a lot of things that go into the growth in volume, the growth in GORs and not only just the oil plays that they're going -- that they're into now. But we think where they are now is where they're going to stay for a period of time.

是的。我認為整體來說是穩定的。我的意思是，我認為隨著很多事情進入生產，那裡的生產和GOR 發生了什麼，我們已經提到，較長的支線如何影響更高的知識產權率，這是由生產商擁有更高效的營運或更多的完成率推動的來自不同的技術。所有——很多事情都與數量的增長、GOR 的增長有關，而不僅僅是他們正在參與的石油業務——他們現在正在參與。但我們認為他們現在所處的位置將是他們將停留一段時間的地方。

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

Maybe could you just stay on the volume discussion in the Bakken. I'm trying to square your comments that you made in the prepared remarks about volumes and GOR trends with some of the recent basin level data we're looking at, which seems to show crude volumes declining a bit the last few months, gas production kind of flattening out. So I wonder if you could just talk about what you're seeing across your footprint relative to the overall basin?

也許你可以繼續在巴肯進行體積討論。我正在嘗試將您在準備好的產量和GOR 趨勢的評論中所做的評論與我們正在查看的一些最近盆地水平數據進行比較，這些數據似乎表明原油產量在過去幾個月有所下降，天然氣產量有點扁平化。所以我想知道您是否可以談談您所看到的相對於整個盆地的足跡？

We could still see that our customers are drilling at a level that they have been for a period of time. Obviously, we've had -- the wildfires did have an impact in October for everybody as a lot of producers had to shut in wells to make sure we didn't have any issues with wells sketching on par.

我們仍然可以看到我們的客戶正在以他們一段時間以來的水平進行鑽探。顯然，十月的野火確實對每個人都產生了影響，因為許多生產商不得不關閉油井，以確保我們的油井草圖不會出現任何問題。

Also some of the unplanned outages on the natural gas processing side in the third quarter had a little impact on crude production. So I think there's a little bit of add normally on infrastructure up there at this time. But as we've got through that, we've seen volumes kind of move back to where we expect them to be at this time. So I think that's a little bit of noise you're seeing in some of the volume data that you're looking at.

此外，第三季天然氣加工方面的一些非計畫性停運對原油產量也產生了一些影響。所以我認為目前基礎設施上通常會有一些添加。但隨著我們經歷這一切，我們看到交易量回到了我們目前的預期水準。因此，我認為您在正在查看的一些體積數據中看到了一些噪音。

Okay. Sheridan. And then I wanted to ask about this over $8 billion guidance -- EBITDA guidance for '25. If I just simply annualize the Q4 results, pro forma for a full year -- a full quarter contribution for EnLink and Medallion, we're getting something around $8.3 billion EBITDA run rate. And that's before any full year contributions from West Texas, Elk Creek, et cetera. So I just want to see if we're missing something there or is that over $8 billion kind of a conservative estimate?

好的。謝裡登。然後我想問一下這個超過 80 億美元的指導方針——25 年的 EBITDA 指導。如果我只是簡單地對第四季度的業績進行年度化，預計全年——EnLink 和 Medallion 的整個季度貢獻，我們將獲得大約 83 億美元的 EBITDA 運行率。這還不包括西德克薩斯州、Elk Creek 等地區的全年捐款。所以我只是想看看我們是否遺漏了一些東西，或者說超過 80 億美元是保守估計嗎？

Well, Michael, I think we put the adder in there is that we were comfortably over $8 billion. So I can't argue with your math at all. Thank you.

好吧，邁克爾，我想我們加上了加法器，那就是我們輕鬆超過 80 億美元。所以我根本無法反駁你的數學。謝謝。

Brandon Reddy, JPMorgan.

布蘭登雷迪，摩根大通。

For the stand-alone adjusted EBITDA rate, I was wondering if you could maybe just parse through how much of that is attributable to the legacy asset sales that you guys had last quarter and the East NGL asset acquisition versus base business strength, which you guys talked a bit about in the prepared remarks.

對於獨立調整後的 EBITDA 率，我想知道您是否可以分析一下其中有多少可歸因於你們上個季度的遺留資產銷售以及 East NGL 資產收購與基礎業務實力的比較。了一些。

I'm sorry, could you repeat that, please?

抱歉，請您再說一次好嗎？

Just curious, if you could parse through how much of the stand-alone adjusted EBITDA guidance raise was the legacy asset sale that you guys had last quarter, East on NGL acquisition and base business strength.

只是好奇，如果你能分析一下，獨立調整後的 EBITDA 指導提高額中有多少是你們上個季度的遺留資產出售、東部 NGL 收購和基礎業務實力。

Well, the asset that was actually caught up in the first guidance upward. So as we moved into this $100 million increase, it's really against strength across all of our businesses, which we listed out in my remarks. So we're just seeing good momentum across all the businesses as we head into 2025.

嗯，實際上是受到第一個向上指引的資產。因此，當我們進行 1 億美元的成長時，這確實與我們所有業務的實力相悖，我們在我的演講中列出了這一點。因此，進入 2025 年，我們看到所有業務都呈現良好勢頭。

Got it. And on the Bakken, we've hit a couple of different times. But on the lateral length, it looks like that was lowered a bit for the 2024 guidance. Curious, if you could walk through any drivers there that we haven't hit already.

知道了。在巴肯，我們已經去過幾個不同的地方了。但在橫向長度方面，2024 年的指導似乎有所降低。很好奇，您是否可以瀏覽我們尚未遇到的任何驅動程式。

Yes. It just kind of depends on who's drilling the wells and what their acreage looks like and what they're trying to go forward. And so as we talk to them, there's been -- some of them have delayed some of that may push out a little bit into 2025. So we made a little bit more in 2025.

是的。這在某種程度上取決於誰在鑽井、他們的面積如何以及他們想要繼續做什麼。因此，當我們與他們交談時，他們中的一些人已經推遲了其中一些可能會推遲到 2025 年的時間。所以我們在 2025 年賺了一點。

I will say the other thing we're also seeing lateral lengths and this kind of gets a little bit shadowed by the lateral lengths, as we are seeing their completion techniques and the advancement in that and efficiencies of that really starting to shine through, and we're really starting to see really good volumes coming out of all the wells that are being completed.

我要說的另一件事是，我們也看到了橫向長度，這種情況有點被橫向長度所掩蓋，因為我們看到了他們的完成技術以及這方面的進步以及真正開始閃耀的效率，並且我們確實開始看到所有正在完成的油井都產出了非常好的產量。

Neal Dingmann, Truist.

尼爾‧丁曼，真理主義者。

I was hoping that maybe I could ask another question around the $8 billion 2025 EBITDA guide, specifically just curious to maybe some of the base assumptions around that, such as how you're thinking about for next year commodity prices or overall production along with your CapEx?

我希望也許我可以圍繞 2025 年 80 億美元 EBITDA 指南提出另一個問題，特別是對圍繞該指南的一些基本假設感到好奇，例如您如何考慮明年的大宗商品價格或總體產量以及您的收入。 ？

And also may be wondering, I guess, maybe you all are somewhat indifferent on these macro prices and volumes, given just the specific company upside you see post all your accretive deals.

我想，也許你們都對這些宏觀價格和交易量有些漠不關心，因為你們在所有增值交易中看到了具體的公司優勢。

Well, first of all, I want to just clarify that we didn't give 2025 guidance to kind of give you a directional outlook of where we see things going. And we will provide a whole lot more clarity around all of the different variables that you laid out there. In February when we give our full 2025 guidance. But until we get there, we're going to leave it at the remarks we've made today.

首先，我想澄清一下，我們提供 2025 年指導並不是為了讓您對我們所看到的事情的發展方向有一個方向性的展望。我們將為您在那裡列出的所有不同變數提供更清晰的資訊。2 月份，我們將給予完整的 2025 年指引。但在我們到達那裡之前，我們將保留今天發表的言論。

Okay. That's taken then just a quick follow-up. My question is on ethane. I'm just wondering, could you typically remind me guess the volatility that you all continue to see with the product, and I assume the weak natural gas prices will -- such as we've seen in Waha, will continue to be the driver behind the recovery decisions.

好的。這只是一個快速的後續行動。我的問題是關於乙烷的。我只是想知道，您能否提醒我猜測大家繼續看到該產品的波動性，我認為疲軟的天然氣價格將繼續成為推動因素，就像我們在瓦哈看到的那樣復甦決的背後。

Yes. That's very true. The price of natural gas is going to drive -- the main driver behind our recovery. But that price of natural gas, you got to look at it for the regions. You've got to go all the way what's going to be -- what's the price of natural gas in the Bakken, but the price of natural gas is in the Mid-Continent, what the price of natural gas is in the Permian.

是的。這是非常正確的。天然氣價格將會上漲——這是我們經濟復甦的主要動力。但天然氣的價格，你必須根據地區來考慮。你必須一路走下去──巴肯的天然氣價格是多少，中大陸的天然氣價格是多少，二疊紀的天然氣價格是多少。

Keith Stanley. Wolfe Research.

基思·史丹利.沃爾夫研究。

First, I wanted to check in and see if the EnLink Conflicts Committee has determined the boat requirement yet to approve a sale of the public interest? And then are there any other procedural steps that are needed prior to ONEOK being in a position to offer to buy the remaining stake.

首先，我想檢查 EnLink 衝突委員會是否已確定船隻要求，尚未批准出售公共利益？在 ONEOK 能夠提出購買剩餘股份之前，還需要採取任何其他程序步驟嗎？

We haven't disclosed our intention to pursue the acquisition of all the outstanding public units of EnLink in a tax retransaction that would provide a meaningful dividend increase to all of the unit holders. And when we have further information to disclose around that, we will, when it's appropriate. But I would say that we have cleared HSR review for both Phase 1 and Phase 2. So there are no more procedural types of things that we need to get through.

我們尚未透露我們打算透過稅務再交易收購 EnLink 的所有已發行公共單位，這將為所有單位持有人帶來有意義的股息增加。當我們有更多資訊需要披露時，我們會在適當的時候披露。但我想說的是，我們已經通過了第一階段和第二階段的高鐵審查。因此，我們不再需要處理任何程序類型的事情。

Got it. Second one, I'm just curious on the $2 billion buyback plan through 2027 and given where leverage is, how you're thinking about capacity for buybacks next year specifically?

知道了。第二個問題，我只是對 2027 年之前 20 億美元的回購計劃感到好奇，考慮到槓桿水平，您如何具體考慮明年的回購能力？

And then kind of thinking back just more big picture, how are you viewing buybacks in the context of you just acquired GIP stake and EnLink and Medallion in what was a very equity friendly way as it was fully debt financed. Just curious if that impacts how you think about buybacks?

然後回想一下更宏觀的情況，在您剛剛以非常股權友好的方式收購 GIP 股份、EnLink 和 Medallion 的背景下，您如何看待回購，因為它是完全債務融資的。只是好奇這是否會影響您對回購的看法？

Well, I'm glad you pointed out that because I would -- I could make the argument that we just did a $3.3 billion buyback by using that cash. But that said, we still have the same capital allocation strategy that we announced in January.

嗯，我很高興你指出這一點，因為我可以說我們剛剛用這筆現金進行了 33 億美元的回購。但話雖如此，我們仍然採用與一月份宣布的相同的資本配置策略。

The EnLink and Medallion transactions are roughly about 20% accretive from a free cash flow standpoint. So we will continue to have even more cash flow as we go forward to think about buybacks. We're going to let that leverage come down in line where we intended to before we change any of our predictions around buybacks, but we have not -- at this point, we don't believe there's any reason to change the target on the $2 billion buyback that we've already gone out there, even though we did do a pretty big buyback with GIP as well.

從自由現金流的角度來看，EnLink 和 Medallion 交易大約增加了 20% 左右。因此，當我們考慮回購時，我們將繼續擁有更多的現金流。在我們改變任何有關回購的預測之前，我們將讓槓桿率按照我們的預期下降，但我們沒有——在這一點上，我們認為沒有任何理由改變回購目標我們已經進行了20 億美元的回購，儘管我們也確實透過GIP 進行了相當大的回購。

Manav Gupta, UBS.

馬納夫古普塔，瑞銀集團。

My first question is, it's been almost a year now that you have been operating these Magellan assets. And generally, when the year has passed, there is always some upside, the assets performed better than expectations in certain areas. So if you could highlight that, which is allowing you to raise the synergy and also if there is any area where you probably had to do a little more work than you initially thought to capture those synergies.

我的第一個問題是，你們經營這些麥哲倫資產已經快一年了。一般來說，一年過去了，總是會有一些上漲空間，資產在某些領域的表現優於預期。因此，如果你能強調這一點，這可以讓你提高協同效應，而且如果有任何領域你可能需要做比你最初想像的更多的工作才能獲得這些協同效應。

Yes. This is Sheridan. Yes, as you said, we've been very pleased with how the synergies have come in and especially when we look into 2025, as I said in my remarks. We're going to start to see the small capital projects that we put in place in '24, completed and see the earnings start growing from that. And those are where I think we were probably the most surprised going into this is some of the small acquisitions. I mean small capital project that we could do and the returns that we could get on that. So we're coming into a time that we're pretty excited about how we're going to see the businesses put together.

是的。這是謝裡登。是的，正如您所說，我們對協同效應的產生感到非常滿意，尤其是當我們展望 2025 年時，正如我在發言中所說。我們將開始看到我們在 24 年實施的小型資本項目已經完成，並看到收入開始成長。我認為我們最驚訝的可能是一些小型收購。我的意思是我們可以做的小型資本項目以及我們可以從中獲得的回報。因此，我們正處於一個對如何將業務整合在一起感到非常興奮的時代。

I think the other area is just inefficiencies across any part of our system is we've got the two -- when we get the two business groups together and got the people down in the business that really know how things are working, and they are really became innovative in how we can reduce cost to get butane to the right locations, how we can use other assets to move volume better through our systems, how we can connect the two systems together to take trucks off the road, moving butane to move them onto pipelines, how we think about projects to upsize pipelines going into the Denver International Airport. So I think there's a lot of things that we've been very excited about.

我認為另一個領域是我們系統任何部分的效率低下，我們擁有這兩個部門——當我們將兩個業務團隊聚集在一起並讓真正了解事情如何運作的人員深入業務時，他們真正具有創新性的是我們如何降低成本將丁烷運送到正確的位置，我們如何使用其他資產通過我們的系統更好地運輸體積，我們如何將兩個系統連接在一起以使卡車離開道路，移動丁烷以移動我們如何考慮擴大進入丹佛國際機場的管道的項目。所以我認為有很多事情讓我們非常興奮。

I really haven't seen too much where we think that it was a lot harder than we thought it was going to be mainly I've been surprised that all the additional synergies that the two teams getting together have come up with and excited to see them really start to come together in 2025 and beyond.

我真的沒有看到太多我們認為這比我們想像的要困難得多的地方，主要是我很驚訝兩個團隊聚集在一起所產生的所有額外的協同作用，並且很高興看到到2025 年及以後，他們才會真正開始走在一起。

Perfect. My quick follow-up is exactly like you have seen over with Magellan. And you talked about some moving Medallion volumes on your systems. Have you also identified some growth projects stand-alone at the Medallion level which will allow you to grow the EBITDA from the assets which you're about to acquire?

完美的。我的快速跟進與您在麥哲倫看到的一模一樣。您談到了您系統上的一些移動獎章卷。您是否也確定了一些獎章等級的獨立成長項目，這些項目將使您能夠透過即將收購的資產來增加 EBITDA？

We haven't necessarily had the specific growth projects on Medallion that we put in there. We know there's going to be some. What I will tell you is we learned through Magellan as we have certain buckets that we're going to get synergies in there, but we know there's going to be even more than that once we start looking under the hood, and we start getting the teams together and really have them working together and figure out other ways to be creative that we'll find some of those low-hanging fruit, low capital projects that we hadn't thought of when we put it in the buckets when we went in through the acquisition.

我們不一定在大獎章上有具體的成長項目。我們知道會有一些。我要告訴你的是，我們透過麥哲倫學到了一些東西，因為我們有一些特定的領域，我們將在那裡獲得協同效應，但我們知道，一旦我們開始深入研究，我們就會獲得更多的協同效應。

AJ O'Donnell, TPH.

AJ 奧唐納，TPH。

Just wondering if I could go to the updated consolidated financial guidance. Curious if you guys would be able to provide some comments as to the breakdown of the contributions. The increase is about $350 million to the midpoint of the stand-alone guide I'm just curious how those parts come together and if there are any early synergies from the deal that are included in that number.

只是想知道我是否可以查看更新後的綜合財務指南。很好奇你們是否能夠對貢獻的細目提供一些評論。與獨立指南的中點相比，增幅約為 3.5 億美元，我只是好奇這些部分是如何組合在一起的，以及該數字中是否包含該交易的任何早期協同效應。

Yes. No, I think that you can just look at the public data that we've seen out there, we clearly gave you our stand-alone guidance. So I think if you use EnLink, the Medallion will fall out as the piece that is there. As hard as we try to grab synergies in the first two-months is that's a pretty aggressive challenge.

是的。不，我認為你可以看看我們看到的公開數據，我們清楚地給了你我們的獨立指導。所以我認為如果你使用 EnLink，獎章就會像原來一樣掉下來。儘管我們在前兩個月努力爭取協同效應，但這是一個相當艱鉅的挑戰。

So I think right now, it's pretty much just additive from the businesses as they come in, and we start to get the teams really ginned up to work together. So stay tuned on the synergies as we go into '25.

所以我認為現在，這幾乎只是企業進來時的補充，我們開始讓團隊真正做好合作的準備。因此，當我們進入 25 年時，請繼續關注協同效應。

Okay. Then one more quick one. I realize the EnLink assets are pretty fresh. But now that they're under your control, just curious if you guys plan to continue with EnLink's growth capital backlog, particularly any of their growth projects around the Louisiana area.

好的。然後再快一點。我意識到 EnLink 資產非常新鮮。但現在他們在你的控制之下，只是好奇你們是否計劃繼續 EnLink 的成長資本積壓，特別是他們在路易斯安那地區的任何成長項目。

Clearly, we're going to work with the team there to look at all of the projects and I think really look at what other opportunities we might be able to accelerate and look to really meet our customers' demand across all of their businesses. So we have not taken anything that was planned off the table, and we're going to spend time now to really look at those and prioritize where we see the growth opportunities.

顯然，我們將與那裡的團隊合作研究所有項目，我認為真正研究我們可能能夠加速的其他機會，並真正滿足客戶在所有業務中的需求。因此，我們還沒有取消任何計劃，我們現在將花時間真正審視這些計劃，並優先考慮我們看到的成長機會。

And this is Pierce. The only thing I would add to that is, we do believe that probably the majority of the growth will be related to the natural gas side of the business because the size of the pipes and because of the capacities. We've mentioned AI before, a lot of industrial corridors down there as things expand in those areas. So we feel very positive about the intrastate and the natural gas side of the business down there.

這是皮爾斯。我唯一要補充的是，我們確實相信，大部分成長可能與天然氣業務有關，因為管道的尺寸和容量。我們之前提到過人工智慧，隨著這些地區的發展，那裡出現了許多工業走廊。因此，我們對州內和天然氣方面的業務感到非常積極。

Sunil Sibal, Seaport Global Securities.

蘇尼爾西巴爾 (Sunil Sibal)，海港環球證券公司。

So first of all, just sticking to the consolidation theme. I was curious at the time of Magellan acquisition, I think the range for synergies was given was around 200 to 400 plus, one-year out, where do you think you are in that range as of now.

因此，首先，堅持整合主題。我在收購麥哲倫時很好奇，我認為一年後的協同效應範圍約為 200 至 400 多個，您認為目前您處於該範圍內的哪個位置。

I think you might have our Medallion and our Magellan -- if we're talking about one year out, you are really referring to the Magellan synergies at that point.

我想你可能有我們的大獎章和我們的麥哲倫——如果我們談論的是一年後，你實際上指的是麥哲倫當時的協同效應。

Yes. So definitely the Magellan synergies.

是的。所以絕對是麥哲倫的協同作用。

We do that all the time. We get the two of them mixed up as we talk about. I think we're right on track, if not ahead of schedule a little bit as it related to the synergies that we've outlined as part of our specific guidance.

我們一直這樣做。當我們談論時，我們把他們兩個搞混了。我認為我們正走在正軌上，即使不是提前了一點，因為這與我們在具體指導中概述的協同效應有關。

At the second quarter, we said that we were very comfortable that we would meet or exceed synergies. And I think we feel the same way today as we head into 2025 on the Magellan side. The teams, as Sheridan said, are working incredibly well together, and we're just finding more and more opportunities. And a lot of those were low-capital type of things that we've just been working on now and we'll start to see the benefits in '25 and '26. So we couldn't be more pleased with where we stand as it relates to the Magellan integration and how those synergies have come to the fold so far.

在第二季度，我們表示我們對達到或超過協同效應感到非常滿意。我認為，今天，當麥哲倫這邊邁入 2025 年時，我們也有同樣的感覺。正如謝裡登所說，這些團隊合作得非常好，我們正在尋找越來越多的機會。其中很多都是我們現在剛剛致力於的低資本類型的事情，我們將在 25 年和 26 年開始看到好處。因此，我們對自己的立場感到非常滿意，因為它與麥哲倫整合以及迄今為止這些協同效應如何發揮作用有關。

Okay. And then I realize you're pretty early in terms of EnLink and Medallion. But I was curious if you have any thoughts on further consolidation opportunities in this space?

好的。然後我意識到你們在 EnLink 和 Medallion 方面還很早。但我很好奇您對這個領域的進一步整合機會有什麼想法嗎？

Yes. I think when we think about what we see in front of us, I mean if you look at the maps and tell where we've been looking, we think that the Mid-Continent on the G&P side, there's a lot of opportunities there. EnLink gives us a little bit more coverage, especially on the western part of the state. We have some more -- using the two systems together, I think we're going to be more efficient, moving gas around.

是的。我認為，當我們思考我們面前所看到的情況時，我的意思是，如果你看一下地圖並告訴我們我們一直在尋找的地方，我們認為在 G&P 方面的中大陸，那裡有很多機會。EnLink 為我們提供了更多的覆蓋範圍，特別是在該州的西部地區。我們還有更多——結合使用這兩個系統，我認為我們將更有效率地運輸天然氣。

Obviously, we look down into the Permian. We've already talked about being able to feed and fill our assets with both EnLink and Medallion beating our long-haul pipes as we continue to go forward, we think being bringing an integrated value chain to the table that's going to make both EnLink and Medallion even more competitive on getting additional new volume in that area. And then as Pierce just mentioned, Louisiana, we think there's a lot of opportunities in Louisiana and as a big demand center, both industrial and for AI out there.

顯然，我們俯視二疊紀。我們已經討論過，隨著我們繼續前進，能夠通過EnLink 和Medallion 擊敗我們的長途管道來供給和填充我們的資產，我們認為將一個集成的價值鏈帶到桌面上，這將使EnLink 和Medallion 都成為可能獎章在該領域獲得更多新銷量時更具競爭力。正如皮爾斯剛才提到的，路易斯安那州，我們認為路易斯安那州有很多機會，作為一個巨大的需求中心，無論是工業還是人工智慧。

Craig Shere, Tuohy Brothers.

克雷格·謝爾，圖伊兄弟。

So just real quickly, things have shifted a little bit since you announced these latest deals a couple of months ago. Could you see any notable acquisition upside in terms of overall economics from a notable relaxation of drilling and/or LNG permitting regs. And through your latest acquisitions just enhance your long-term interest and ultimately getting into liquids exports.

自從幾個月前宣布這些最新交易以來，事情很快就發生了一些變化。您能否從鑽探和/或液化天然氣許可法規的顯著放鬆中看到整體經濟方面的任何顯著收購優勢？透過您最近的收購，只會增強您的長期利益，並最終進入液體出口領域。

Well, Craig, this is short. What I would say as we look at Louisiana, obviously, there's a lot of LNG exports out of there. And with our pipe infrastructure there, we think that we have the ability with the larger diameter pipes that Pierce talked about to be able to pull volume through our system to be able to feed that the existing ones and new ones there.

嗯，克雷格，這很短。當我們看看路易斯安那州時，我想說的是，顯然那裡有大量液化天然氣出口。有了我們在那裡的管道基礎設施，我們認為我們有能力使用皮爾斯談到的較大直徑的管道，能夠透過我們的系統拉動流量，從而能夠滿足現有管道和新管道的需求。

There's still ones that being talked about out there. And if there is a relaxation in the regs, I think you'll see even more come on to the Louisiana shore. So we like the position that EnLink puts us in there to be able to kind of be that last mile into some of these LNG facilities.

那裡仍然有人在談論。如果法規有所放鬆，我想您會看到更多的法規來到路易斯安那州海岸。因此，我們喜歡 EnLink 為我們提供的位置，讓我們能夠成為這些液化天然氣設施的最後一哩路。

Any other thoughts about exports?

關於出口還有其他想法嗎？

As we continue to think a new -- as energy continues to grow in the United States, it's going to be exported. And so we continue to look at where our position is there and evaluate where our needs are. And at the right time if we think we need to expand our abilities on exports, we will do it.

當我們繼續思考新的情況時——隨著美國能源的持續增長，它將被出口。因此，我們繼續關注我們的定位並評估我們的需求。在適當的時候，如果我們認為需要擴大出口能力，我們就會這麼做。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Andrew Ziola for any closing remarks. Please go ahead.

我們的問答環節到此結束。我想將會議轉回安德魯·齊奧拉先生發表閉幕詞。請繼續。

Well, thank you all for joining us. Our quiet period for the fourth quarter and year-end starts when we close our books early next year and extends until we release earnings in late February. We'll provide details for that conference call at a later date. Thank you all for joining us, and have a good day.

好的，謝謝大家加入我們。我們第四季和年底的平靜期從明年初結帳開始，一直持續到二月底發布收益。我們將在稍後提供該電話會議的詳細資訊。感謝大家加入我們，祝您有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。