歐尼克 (OKE) 2024 Q4 法說會逐字稿

Good day, and welcome to ONEOK's fourth-quarter 2024 earnings call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 ONEOK 2024 年第四季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

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

現在，我想將會議交給投資者關係副總裁 Andrew Ziola。請繼續。

Thank you, White, and good morning, and welcome to ONEOK's fourth quarter year-end 2024 earnings call.

謝謝你，懷特，早安，歡迎參加 ONEOK 2024 年第四季財報電話會議。

After the markets closed yesterday, we issued news releases announcing our 2024 results and our 2025 guidance and 2026 outlook. Those materials are on our website. After our prepared remarks, management will be available to take your questions.

昨天市場收盤後，我們發布了新聞稿，宣布了 2024 年的業績以及 2025 年的指引和 2026 年的展望。這些資料在我們的網站上。在我們準備好發言後，管理層將回答您的問題。

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.

本次電話會議中所作的可能包括 ONEOK 的預期或預測的陳述應被視為前瞻性陳述，並受 1933 年和 1934 年證券法安全港條款的保護。實際結果可能與前瞻性陳述中的預測有重大差異。

For a discussion of factors that could cause actual results to differ, please refer to our SEC filings. 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.

有關可能導致實際結果不同的因素的討論，請參閱我們的美國證券交易委員會 (SEC) 文件。只是提醒問答環節，我們要求您將自己限制在一個問題和一個後續問題上，以便盡可能容納您。

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

說完這些，我將把電話轉給總裁兼執行長皮爾斯諾頓。刺穿？

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

謝謝，安德魯。早安，感謝您加入我們。參加今天電話會議的有財務長、財務主管、投資者關係和企業發展執行副總裁 Walt Hulse；以及執行副總裁兼首席商務官 Sheridan Swords。

Also on the call today is Randy Lentz, Executive Vice President and Chief Operating Officer. Randy joined us from Medallion Midstream, and we welcome him to the ONEOK team.

參加今天電話會議的還有執行副總裁兼營運長蘭迪‧倫茨 (Randy Lentz)。蘭迪 (Randy) 來自 Medallion Midstream，我們歡迎他加入 ONEOK 團隊。

Yesterday, we announced higher fourth quarter and full year 2024 earnings driven by contributions from multiple strategic acquisitions, volume growth, and continued execution on the synergies identified in our refined products and crude oil businesses acquired in 2023. We also announced 2025 financial guidance, and provided a 2026 growth outlook.

昨天，我們宣布 2024 年第四季和全年收益將有所成長，這得益於多項策略性收購的貢獻、銷售成長以及 2023 年收購的成品油和原油業務中發現的協同效應的持續執行。我們也公佈了 2025 年財務指導，並提供了 2026 年成長展望。

For 2025, we expect strong earnings growth driven by our expanded operations, completed projects, and higher volumes. For our 2026 growth outlook, we expect greater than 15% earnings per share growth and adjusted EBITDA growth approaching 10% compared with our 2025 guidance midpoints. Walt and Sheridan will provide additional details on those guidance and the growth outlook shortly.

到 2025 年，我們預計獲利將實現強勁成長，這得益於我們擴大的業務、完成的專案和更高的產量。對於 2026 年的成長展望，我們預期每股盈餘成長率將超過 15%，調整後的 EBITDA 成長率將接近 10%，而我們的 2025 年指引中位數為 10%。沃爾特和謝裡丹將很快提供有關這些指導和增長前景的更多細節。

Over the past two years, ONEOK has executed on our intentional on disciplined growth strategy, creating unique opportunities with our more regionally diversified product and service offerings, and delivering value across our expanded footprint.

在過去的兩年裡，ONEOK 執行了我們有意而嚴謹的成長策略，透過我們更加區域多樣化的產品和服務創造了獨特的機會，並在我們擴大的業務範圍內創造了價值。

We've transformed our company in multiple ways, making it even stronger, more resilient, and better positioned to play a leading role in contributing to energy addition. I'll touch on a few of these key areas that we believe will drive our continued success and further enhance our strategic competitive advantage.

我們透過多種方式對公司進行了轉型，使其更加強大、更具彈性，並更好地在能源增值方面發揮主導作用。我將談到我們認為將推動我們持續成功並進一步增強我們的策略競爭優勢的幾個關鍵領域。

First, we've significantly grown our integrated operations, both in terms of our product mix, demand pull versus supply push drivers, and geographic diversity. We've added refined products in crude oil transportation and crude oil gathering to our integrated value chain, and we've significantly extended and expanded our presence in the Permian Basin and Louisiana.

首先，我們的綜合營運已顯著擴大，包括產品結構、需求拉動與供應推動驅動因素以及地理多樣性方面。我們在綜合價值鏈中增加了原油運輸和原油收集方面的精煉產品，並大幅延伸和擴大了我們在二疊紀盆地和路易斯安那州的業務。

Second, we've added significant operational scale through our now approximately 60,000-mile pipeline network, enhancing our connectivity with key producers, basins, and market centers. The scale and integrated connectivity further strengthen our resilience and position ONEOK for success across various market cycles.

其次，我們透過目前約 60,000 英里的管道網路顯著擴大了營運規模，增強了與主要生產商、盆地和市場中心的連通性。規模和整合連接進一步增強了我們的彈性，並使 ONEOK 在各種市場週期中取得成功。

Third, we continue to prioritize organic growth opportunities by expanding and extending our now even larger asset base. Key projects have included NGL pipeline expansions in the Bakken and Permian Basins, additional NGL fractionation capacity in Mont Belvieu and the Mid-Continent, refined products pipeline expansions into the Denver market, and natural gas storage expansions in Oklahoma and Texas.

第三，我們繼續優先考慮有機成長機會，擴大和擴展我們目前更大的資產基礎。主要項目包括巴肯盆地和二疊紀盆地的 NGL 管道擴建、蒙特貝爾維尤和中部大陸的額外 NGL 分餾能力、丹佛市場的成品油管道擴建以及俄克拉荷馬州和德克薩斯州的天然氣儲存擴建。

Most recently, we announced an LPG export project joint venture with MPLX. With LPG exports added to our service mix, we will provide an integrated NGL wellhead-to-water solution for our customers, enhancing our product offerings.

最近，我們宣布與 MPLX 建立 LPG 出口項目合資企業。隨著液化石油氣出口加入我們的服務組合，我們將為客戶提供一體化的天然氣凝析液（NGL）井口至水解決方案，增強我們的產品供應。

Fourth, we continue to prioritize innovation, commercial development, and customer service across our operations. Numerous additional project opportunities remain in various stages of development. These unannounced projects span across regions and products, and they include synergy projects and traditional growth opportunities.

第四，我們持續將創新、商業發展和客戶服務放在首位。許多其他專案機會仍處於不同的開發階段。這些未公佈的項目跨越地區和產品，其中包括協同項目和傳統成長機會。

Examples include projects to interconnect and optimize recently acquired assets, top-line and facility expansions in key basins, additional natural gas infrastructure driven by continued demand for the AI-driven data centers and LNG demand, and debottlenecking projects across our operations to accommodate growth are just to name a few.

例子包括互連和優化最近收購的資產的項目、主要盆地的頂線和設施擴建、受人工智慧驅動的數據中心和液化天然氣需求持續推動的額外天然氣基礎設施，以及為適應增長而在我們的運營中實施的去瓶頸項目，這些只是其中的幾個例子。

Finally, we remain committed to returning meaningful value to our investors. We've proven our ability to sustain and grow our long-standing dividend, invest in high-return growth projects, and maintain financial flexibility, including the ability to begin executing on our share repurchase authorization.

最後，我們仍然致力於為投資者帶來有意義的價值。我們已經證明我們有能力維持和增加長期股息、投資高回報成長項目並保持財務靈活性，包括開始執行股票回購授權的能力。

We've provided 11 consecutive years of adjusted EBITDA growth, and our 2025 adjusted EBITDA guidance is well over double what it was just three years ago.

我們已經連續 11 年實現調整後 EBITDA 成長，而我們對 2025 年調整後 EBITDA 的預期是三年前的兩倍多。

All of these successes and extraordinary growth and the scale of ONEOK's transformation doesn't happen overnight, and it doesn't happen without the dedication of our employees. Their continued focus on safety, service and innovation has enabled this level of change to occur and will continue to drive additional meaningful growth and value across our operations.

所有這些成功、非凡的成長以及 ONEOK 的轉型規模都不是一朝一夕就能實現的，而且離不開我們員工的奉獻精神。他們對安全、服務和創新的持續關注使得這種程度的變革得以實現，並將繼續推動我們整個營運的更有意義的成長和價值。

I'll now turn it over to Walt and Sheridan to provide their financial and commercial updates. Walt?

現在我將把時間交給沃爾特和謝裡丹，讓他們提供財務和商業更新。沃特？

Thank you, Pierce. I'll start with a brief overview of our fourth quarter and full year financial performance and then move on to our '25 guidance and 2026 outlook.

謝謝你，皮爾斯。我將首先簡要概述我們的第四季度和全年財務業績，然後介紹我們的 2025 年指引和 2026 年展望。

2024 results were in line with our guidance expectations that we increased in both the first and third quarters of 2024. Net income attributable to ONEOK totaled $923 million or $1.57 per share in the fourth quarter 2024 and totaled $3 billion or $5.17 per share for the full year.

2024 年的業績符合我們的指導預期，即 2024 年第一季和第三季的業績均有所成長。2024 年第四季歸屬於 ONEOK 的淨收入總計 9.23 億美元或每股 1.57 美元，全年總計 30 億美元或每股 5.17 美元。

Adjusted EBITDA totaled nearly $2.2 billion in the fourth quarter 2024 and more than $6.7 billion for the full year. These results include [$373 million] (corrected by company after the call) of adjusted EBITDA and $73 million of transaction costs related to the EnLink and Medallion acquisitions that we began consolidating in October.

2024 年第四季調整後 EBITDA 總額接近 22 億美元，全年調整後 EBITDA 總額超過 67 億美元。這些結果包括 [3.73 億美元]（電話會議後公司進行了更正）調整後的 EBITDA 和 7,300 萬美元與我們 10 月開始合併的 EnLink 和 Medallion 收購相關的交易成本。

As of December 31, we had more than $730 million in cash on hand, no commercial paper outstanding, and no borrowings outstanding under our credit agreement. Our fourth quarter 2024 annualized run rate net debt-to-EBITDA ratio was 3.6 times.

截至 12 月 31 日，我們手頭上有超過 7.3 億美元的現金，沒有未償還的商業票據，也沒有根據我們的信貸協議未償還的借款。我們 2024 年第四季的年化營運率淨負債與 EBITDA 比率為 3.6 倍。

We continue to demonstrate our ability to utilize various capital allocation levers in 2024 by returning nearly $2.5 billion of value to shareholders through dividends and share repurchases. We repurchased $172 million of stock in the fourth quarter. And in January 2025, we increased our quarterly dividend by 4%.

2024 年，我們將透過股利和股票回購向股東返還近 25 億美元的價值，繼續展示我們利用各種資本配置槓桿的能力。我們在第四季回購了價值 1.72 億美元的股票。2025 年 1 月，我們將季度股利提高了 4%。

Now moving on to our guidance. As Pierce mentioned, in addition to yesterday's earnings announcement, we provided a detailed 2025 financial and volume guidance and a 2026 growth outlook.

現在繼續我們的指導。正如皮爾斯所提到的，除了昨天的收益公告外，我們還提供了詳細的 2025 年財務和銷售指導以及 2026 年的成長展望。

For 2025, we expect an 8% increase in earnings per share to a midpoint of $5.37 compared with 2024 when excluding one-time items in 2024, such as transactional related costs and divestitures. This EPS guidance does not include an assumption for share repurchases, but we remain committed to executing on our Board approved $2 billion share repurchase program over the course of these next few years.

對於 2025 年，我們預計每股盈餘將比 2024 年成長 8%，達到中點 5.37 美元（不包括 2024 年的一次性項目，例如交易相關成本和資產剝離）。這項每股盈餘指引不包括股票回購的假設，但我們仍致力於在未來幾年內執行董事會批准的 20 億美元股票回購計畫。

From an adjusted EBITDA perspective, we expect a 21% increase in adjusted EBITDA in 2025 to $8.225 billion, excluding approximately $50 million of transaction costs compared with 2024. Key drivers of our 2025 guidance include higher earnings driven by a full year of earnings from recent acquisitions, volume growth from increases in production and completed growth projects, and fee-based earnings.

從調整後的 EBITDA 角度來看，我們預計 2025 年調整後的 EBITDA 將成長 21%，達到 82.25 億美元，與 2024 年相比，不包括約 5,000 萬美元的交易成本。我們 2025 年指引的主要驅動因素包括近期收購帶來的全年收益成長、產量增加和已完成的成長項目帶來的銷售成長以及基於費用的收益。

Our 2025 financial guidance also includes approximately $250 million of incremental commercial and cost synergies related to our acquisitions of Magellan, Medallion, and EnLink. This is additive to what we've already realized through the end of 2024.

我們的 2025 年財務指引還包括與收購 Magellan、Medallion 和 EnLink 相關的約 2.5 億美元的增量商業和成本綜效。這是對我們到 2024 年底已經實現的目標的補充。

As it relates to capital expenditures, our guidance assumes a range of $2.8 billion to $3.2 billion which includes growth and maintenance capital. This range reflects the investments necessary to accommodate expected increases in production and invest in attractive return growth projects such as our recently announced LPG export dock.

至於資本支出，我們的指導假設範圍為 28 億美元至 32 億美元，其中包括成長和維護資本。這個範圍反映了適應預期產量成長和投資有吸引力的回報成長項目（例如我們最近宣布的液化石油氣出口碼頭）所需的投資。

Our 2026 outlook of greater than 15% earnings per share growth and adjusted EBITDA growth approaching 10% compared with the 2025 guidance midpoint is driven by expected volumes from increased production and recently completed synergy and growth projects.

我們預計 2026 年每股收益將成長 15% 以上，調整後 EBITDA 成長率將接近 10%，而 2025 年指導中點則為 10%，這得益於產量增加以及最近完成的協同和成長項目帶來的預期產量。

Key contributors include a full year of earnings from the Elk Creek and West Texas NGL pipeline expansions and synergy projects completed in 2025 along with a partial year benefit from the completion of the Denver area refined products expansion and the connection of our Mont Belvieu assets to the Houston Ship Channel distribution assets. We also expect to realize additional synergies in 2026.

主要貢獻因素包括 2025 年完成的 Elk Creek 和西德克薩斯 NGL 管道擴建和協同項目的全年收益，以及丹佛地區精煉產品擴建的完成和我們的 Mont Belvieu 資產與休斯頓航道配送資產的連接帶來的部分年度收益。我們也預計在 2026 年實現更多協同效應。

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

我現在將電話轉給謝裡丹，詢問商業更新狀況。

Thank you, Walt. We saw a strong year-over-year performance in 2024. The refined products and crude segment contributed its first full year of earnings, benefiting from higher average refined product tariff rates, blending and marketing opportunities, as well as higher earnings on our long-haul crude oil pipelines.

謝謝你，沃特。我們看到 2024 年的年比表現強勁。煉油產品和原油部門首次貢獻了全年收益，受益於更高的平均煉油產品關稅稅​​率、混合和行銷機會，以及我們的長途原油管道收益增加。

Continued strength in Rocky Mountain volumes during the year continue to support earnings, with NGL raw feed throughput volumes up 8% and natural gas volumes processed up 6% in the region. The Natural Gas Pipeline segment exceeded the high end of its 2024 financial guidance even excluding divestitures and acquisitions. The segment's outperformance continues to be driven by strong demand for our intrastate pipeline and storage services.

落基山脈地區的產量在本年度持續強勁，繼續支撐著盈利，該地區的 NGL 原料吞吐量增長了 8%，天然氣加工量增長了 6%。即使不計資產剝離和收購，天然氣管道部門的業績也超過了其 2024 年財務指引的高端。該部門的優異表現繼續受到對我們州內管道和儲存服務的強勁需求的推動。

Turning to 2025 and starting with the natural gas liquids segment, we expect higher year-over-year adjusted EBITDA and raw feed throughput volumes to be driven primarily by growth out of the Permian and Rocky Mountain regions. We have assumed high levels of ethane recovery continue in the Permian Basin and partial recovery in the Mid-Continent.

展望 2025 年，從天然氣液體部門開始，我們預計將年比調整後的 EBITDA 和原料吞吐量將有所提高，主要得益於二疊紀和落基山地區的成長。我們假設二疊紀盆地的乙烷採收率將繼續保持高水平，而中部大陸的乙烷採收率也將下降。

We also expect to see continued opportunities to incentivize ethane recovery in the Rocky Mountain region. In the Permian Basin, we expect recently completed and connected third-party processing plants, new contracts, and increasing volume from legacy in-link plants to contribute to higher volumes feeding our West Texas NGL pipeline.

我們也希望看到繼續有機會激勵落基山地區乙烷的回收。在二疊紀盆地，我們預計最近建成並連接的第三方加工廠、新合約以及傳統連接工廠產量的增加將有助於增加我們西德克薩斯 NGL 管道的輸送量。

As legacy EnLink contracts roll off in future years, significant incremental volume is expected to move to our Permian NGL system. Recently completed NGL growth projects will contribute to higher volumes than earnings in 2025 and including MB-6 and expansions of our Elk Creek and West Texas NGL pipelines in the Williston and Permian Basin.

隨著未來幾年傳統 EnLink 合約的陸續到期，預計大量增量將轉移到我們的 Permian NGL 系統。最近完成的 NGL 成長計畫將對 2025 年的產量貢獻高於收益，其中包括 MB-6 以及威利斯頓和二疊紀盆地的 Elk Creek 和西德克薩斯 NGL 管道的擴建。

We also expect increasing contributions from the acquired Easton Energy assets as we complete connections to our Houston-based system in 2025, helping us to realize additional synergies. As Pierce mentioned earlier this month, we announced strategic joint venture projects to construct a 400,000 barrel per day LPG export terminal in Texas City, Texas, and a pipeline connecting ONEOK's Mont Belvieu storage facility to the new terminal.

我們也預計，隨著我們在 2025 年完成與休士頓系統的連接，收購的 Easton Energy 資產的貢獻將會增加，從而幫助我們實現更多的綜效。正如皮爾斯本月稍早提到的，我們宣布了戰略合資項目，在德克薩斯州德克薩斯城建造一個日產 40 萬桶的液化石油氣出口終端，並鋪設一條連接 ONEOK 的蒙特貝爾維尤儲存設施和新終端的管道。

Our collaboration with MPLX on this project enables us to provide a new wellhead-to-water solution to customers across our entire system. The world scale dock has multiple strategic benefits over other currently operating facilities, including a premier open water location, brownfield economics, timing and cost benefits driven by the proximity to the existing Marathon refinery and infrastructure, and strategic access to our NGL storage in Mont Belvieu. The project is expected to be completed in early 2028.

我們與 MPLX 在該專案上的合作使我們能夠為整個系統的客戶提供新的井口到水解決方案。與目前營運的其他設施相比，這個世界級的碼頭具有多種戰略優勢，包括優越的開放水域位置、棕地經濟效益、靠近現有馬拉松煉油廠和基礎設施所帶來的時間和成本優勢，以及對我們位於蒙特貝爾維尤的 NGL 儲存設施的戰略通道。該項目預計將於2028年初完工。

In the refined products and crude segment, we expect continued growth in refined products margins and a significant increase in crude oil volumes driven by our added crude oil gathering infrastructure from both the Medallion and EnLink acquisitions. We expect to fill existing gathering capacity over time, which will feed and fill our long-haul crude oil pipelines connecting key supply areas with critical refining and marketing center.

在成品油和原油領域，我們預期成品油利潤率將持續成長，原油產量也將大幅增加，這得益於我們透過收購 Medallion 和 EnLink 而增加的原油收集基礎設施。我們期望隨著時間的推移填補現有的收集能力，這將為連接主要供應區和關鍵煉油和行銷中心的長途原油管道提供原料並填充原油。

We also expect continued benefits from the ability to execute certain blending related commercial and cost synergies between the natural gas liquids and refined product businesses. We expect these types of synergies to ramp up as projects come online this year.

我們也期望能夠繼續受益於天然氣液體和精煉產品業務之間執行某些混合相關的商業和成本協同效應。我們預計，隨著今年專案的上線，這些類型的協同效應將會增強。

Moving to the natural gas gathering and processing segment. We expect volume growth in all of our regions across our footprint in 2025. We guided to Rocky Mountain region volume growth up 8.5% at the midpoint compared to 2024 and an average of more than 1.7 Bcf per day in 2025.

轉向天然氣收集和加工領域。我們預計，到 2025 年，我們業務範圍內所有地區的銷售都將實現成長。我們預計，與 2024 年相比，落磯山脈地區的天然氣產量中位數將增加 8.5%，到 2025 年，平均每天的天然氣產量將超過 17 億立方英尺。

Williston Basin volumes continue to benefit from increasing efficiencies that have been well documented by our producer customers. strong gas-to-oil ratios, and overall producer activity. Part of those efficiencies that we continue to benefit from is the drilling of longer laterals and higher well performance on traditional laterals without the need for as many well connects. In 2025, we expect 35% of our well connections to be with 3-mile laterals as opposed to traditional shorter lives.

威利斯頓盆地的產量持續受益於效率的提高，這一點已得到我們生產商客戶的充分證實。強勁的氣油比和整體生產活動。我們持續受益的效率之一是鑽探更長的水平井和在傳統水平井上實現更高的井性能，而無需那麼多的井連接。到 2025 年，我們預計 35% 的油井連接將採用 3 英里長的水平井，而不是傳統的較短壽命水平井。

Through recent acquisitions, we've extended our gathering and processing assets into the strategic and growing Permian Basin and added assets in the Mid-Continent. In the Mid-Continent, we expect volume growth in addition to the full year impact of the acquisition with average annual volume of nearly 2.5 Bcf per day in 2025. Projects are already underway to connect and optimize assets.

透過最近的收購，我們將我們的收集和加工資產擴展到具有戰略意義且不斷發展的二疊紀盆地，並在中部大陸增加了資產。在中部地區，我們預計除了收購對全年的影響之外，產量還將成長，到 2025 年，年平均產量將達到每天近 25 億立方英尺。連接和優化資產的項目已在進行中。

As Pierce mentioned, these synergies are captured in the 2026 outlook Walt provided. In the Permian Basin, we expect natural gas processing volumes to average approximately 1.6 Bcf per day at the midpoint. We are in the process of relocating a 150 million cubic feet per day legacy in-link natural gas processing plant to the region from North Texas, which we expect to be completed in the first quarter of 2026.

正如皮爾斯所提到的，這些協同效應體現在沃爾特所提供的 2026 年展望。在二疊紀盆地，我們預期天然氣加工量中位數平均約為每天16億立方英尺。我們正在將一座日產 1.5 億立方英尺的舊式天然氣處理廠從北德克薩斯州遷移到該地區，預計將於 2026 年第一季完工。

And we continue looking at expected infrastructure needs going forward. as existing customers and potential opportunities provide line of sight for strong growth in the coming years. In the Natural Gas Pipelines segment, our assets are well positioned to benefit from industrial demand growth driven by data centers, LNG exports, and ammonia facilities.

我們將繼續關注未來預期的基礎設施需求。因為現有客戶和潛在機會為未來幾年的強勁成長提供了前景。在天然氣管道領域，我們的資產處於有利地位，可以從資料中心、液化天然氣出口和氨設施推動的工業需求成長中受益。

Our newly acquired assets in Louisiana provide direct connectivity to major LNG exporters and industrial customers. There are also approximately 30 potential power plant expansion projects across our footprint that could provide more than 4 Bcf per day of incremental demand if they move forward. Natural gas storage expansions continue to be an opportunity for us as well with key projects ongoing in Oklahoma and in Louisiana.

我們在路易斯安那州新收購的資產為主要液化天然氣出口商和工業客戶提供了直接連接。在我們的業務範圍內，還有大約 30 個潛在的發電廠擴建項目，如果這些項目能夠順利推進，每天可提供超過 40 億立方英尺的增量需求。隨著俄克拉荷馬州和路易斯安那州正在進行的重點項目，天然氣儲存擴建對我們來說仍然是一個機會。

Pierce, that concludes my remarks.

皮爾斯，我的發言到此結束。

Thank you, Sheridan, and thank you, Walt. We are proud of our strong performance over the past year. Through strategic acquisitions and organic initiatives, we've extended our reach and built a platform for future growth that leaves us poised for continued success.

謝謝你，謝裡丹，謝謝你，華特。我們為過去一年的出色表現感到自豪。透過策略性收購和有機舉措，我們擴大了業務範圍，並為未來的成長建立了平台，為我們持續取得成功做好了準備。

The potential before us is significant, and we remain committed to delivering the value to our employees, shareholders, customers, and communities. Before we close, I want to recognize our employees' efforts related to the recent severe cold across our footprint.

我們面前的潛力巨大，我們將繼續致力於為我們的員工、股東、客戶和社區創造價值。在結束之前，我想對我們的員工在最近我們遇到的嚴寒天氣中所做的努力表示讚賞。

As always, our teams demonstrated incredible commitment and dedication to maintaining safety and delivering reliable service regardless of the challenging conditions. This unwavering focus on safety and customer service is a testament to the character and resilience of our people.

像往常一樣，無論條件多麼艱難，我們的團隊都表現出令人難以置信的承諾和奉獻精神，致力於維護安全並提供可靠的服務。這種對安全和客戶服務的堅定關注證明了我們員工的個性和韌性。

I want to thank all of our employees for their hard work and dedication throughout another year of significant change in growth. It is their commitment and passion that drive our success and make us stronger as an organization.

我要感謝我們所有的員工在另一年重大成長變化中的辛勤工作和奉獻精神。正是他們的承諾和熱情推動了我們的成功並使我們成為一個更強大的組織。

Thank you to our shareholders for your continued trust and support. We're excited about the journey ahead and look forward to sharing our progress with you in the future.

感謝股東們一直以來的信任與支持。我們對未來的旅程感到興奮，並期待將來與您分享我們的進展。

Operator, we're now ready for questions.

接線員，我們現在可以回答問題了。

(Operator Instructions) Theresa Chen, Barclays.

（操作員指示）巴克萊銀行的 Theresa Chen。

Would you be able to provide some additional details behind bridging the 2025 to 2026 guidance? Sounds like much of it is driven by project contribution. But are there other details and color around synergies or assumptions on volume and pricing can you share at this point?

您能否提供一些有關銜接 2025 年至 2026 年指導的更多細節？聽起來其中很大一部分是由專案貢獻所驅動的。但是，您現在能否分享有關協同效應的其他細節和細節，或有關數量和定價的假設？

Well, Theresa, the -- what we're really seeing is the benefit of the synergy capital that we've been spending primarily connecting the Easton assets, so that all of our assets down in Mont Belvieu and the Houston channel. Those should get completed here in 2025, and we'll get that full benefit into 2026.

好吧，特蕾莎，我們真正看到的是協同資本的好處，我們主要花在連接伊斯頓資產上，以便我們所有的資產都位於蒙特貝爾維尤和休斯頓海峽。這些工程應該會在 2025 年完成，到 2026 年我們將獲得全部效益。

We'll start to see some of these other projects wrap up in later 2025 or early 2026 and contributing benefit. So this last phase of capital investment is coming at a great time (technical difficulty)

我們將看到其中一些項目在 2025 年底或 2026 年初完成並帶來效益。因此，最後階段的資本投資來得正是時候（技術難度）

Pardon me, ladies and gentlemen. It appears we have lost connection to our speaker line. Please stand by while we reconnect. Thank you.

女士們、先生們，請原諒我。看來我們與揚聲器線路的連接已經遺失。請稍候，我們將重新連線。謝謝。

Ladies and gentlemen, the speakers are back. And Theresa, you may go ahead. I believe you were asking a question.

女士們、先生們，演講者回來了。特蕾莎，你可以繼續了。我相信你正在問一個問題。

Yeah. If we want to move on to the second question, I just wanted to unpack two components of your organic project backlog a little bit more. On the LPG side, can you speak more to the strategic benefits behind your export JV with MPLX and how exactly will ONEOK and MPLX be competitive versus the incumbent from export economics?

是的。如果我們想繼續討論第二個問題，我只想進一步解釋一下您的有機專案積壓的兩個組成部分。在液化石油氣方面，您能否詳細談談與 MPLX 建立出口合資企業的策略優勢，以及 ONEOK 和 MPLX 在出口經濟方面與現有企業相比究竟有何競爭力？

And then secondly, within your refined product portfolio, what other capacity additions are there like the Denver pipeline expansion? And beyond the initial 35,000 barrels per day, how much can you actually send up that 16-inch line given the pretty significant cost of the project?

其次，在您的精煉產品組合中，還有哪些產能增加，例如丹佛管道擴建？考慮到該項目相當高昂的成本，除了最初的每天 35,000 桶石油之外，實際上還能通過 16 英寸的管道輸送多少石油？

Yes, Teresa, this is Sheridan. I'll start with the LPG doc. We are excited to collaborate with a great partner like MPLX on this strategic projects for both companies. And our strategic rationale is really, you could say, location, location, location.

是的，特蕾莎，這是謝裡丹。我將從 LPG 文件開始。我們很高興能與像 MPLX 這樣的優秀合作夥伴合作完成這項對兩家公司都具有戰略意義的計畫。我們的策略原理其實就是，你可以說，位置、位置、位置。

The first location is, as I mentioned before, we have access to the open waters. We're within a open waters at this location, significantly better than the other docs in the area. This location, because we're next to Marathon's refinery.

第一個地點，正如我之前提到的，我們可以進入開闊水域。我們位於該位置的開闊水域內，比該地區的其他文件好得多。這個位置，因為我們緊鄰馬拉松煉油廠。

It is a brownfield construction site, where we have a lot of other their infrastructure there. That greatly reduces the cost of this venture. And then obviously, the location to our -- the NGL system and storage where we easily can be able to get our products into the dock as we go there.

這是一個棕地建築工地，我們在那裡有很多其他的基礎設施。這大大降低了這項投資的成本。然後顯然，我們的 NGL 系統和存儲的位置，我們可以輕鬆地將我們的產品運送到碼頭。

And we have been looking at this for a long time. We've been intentional and disciplined about going forward with this type of a project. I mean, we've been evaluated for over eight years. And at this time, we're really comfortable with where this project sits today and how we can compete into the marketplace, as well as it advances our -- as I mentioned, our wellhead-to-water strategy across our entire system.

我們已經研究這個問題很久了。我們一直有意並嚴格地推進此類專案。我的意思是，我們已經被評估了八年多。目前，我們對這個專案的現狀以及我們如何參與市場競爭感到非常滿意，同時它也推動了我們——正如我所提到的，我們整個系統的井源到水戰略。

And with a project that actually we can grow into, this dock and pipeline are both expandable beyond the 400,000 barrels a day. So that's really, as we think about, this dock and the strategic significance and how we can compete in the marketplace as we continue to go forward.

透過這個實際上可以發展的項目，這個碼頭和管道都可以擴展到每天 40 萬桶以上。所以，正如我們所想的，這個碼頭及其戰略意義以及我們如何在繼續前進的過程中在市場上競爭。

As we talk about the Denver expansion as we get going forward, the Denver expansion, we put a 16-inch pipeline. And we've said that we have commitments up to 35,000 barrels a day.

當我們談論丹佛擴建項目時，我們在丹佛擴建項目中鋪設了一條 16 英寸的管道。我們說過，我們承諾每天供應最多 35,000 桶。

Obviously, a 16-inch pipeline can move a lot more volume than that. But as that area grows in demand or a supply that area is disruptive in any way, from refinery closures. We can capitally efficiently increase the capacity of that pipeline by adding more pumps all the way up to as much as 250,000 barrels a day, if so needed, depending on the demand.

顯然，16 吋的管道可以輸送的量遠不止這些。但隨著該地區需求或供應的增長，煉油廠關閉等任何因素都會對該地區造成破壞。如果需要，我們可以透過增加更多的泵浦來有效地增加該管道的容量，最高可達每天 25 萬桶，具體取決於需求。

Jean Ann Salisbury, Bank of America.

美國銀行的 Jean Ann Salisbury。

I guess just a follow-up on Theresa's question about the LPG export dock. It seems like LPG ports are getting overbuilt and spot rates could fall significantly. Can you just speak about your assumptions for uncontracted rates, whether you share that view and whether in your numbers, the uncontracted capacity as a meaningful contributor to the economics that you're projecting?

我想這只是 Theresa 關於液化石油氣出口碼頭問題的後續回答。液化石油氣港口似乎正在過度建設，現貨價格可能會大幅下跌。您能否談談您對未簽約費率的假設，您是否認同這一觀點，以及在您的數據中，未簽約產能是否對您預測的經濟狀況做出了有意義的貢獻？

Jean Ann, what I would tell you is this is coming on in 2028 if we think about LPG dock. And as we continue to look at the growth across our entire system, especially coming out of the Permian, we see a significant amount of LPGs be able to come on the market.

Jean Ann，我想告訴你的是，如果我們考慮液化石油氣碼頭的話，這將在 2028 年實現。隨著我們繼續關注整個系統的成長，特別是二疊紀盆地的成長，我們看到大量的液化石油氣能夠進入市場。

And we already control a significant amount of that volume that is going across other docks today that we -- once the stock is up, we will be pointing to the stock. So we don't share the view that docs are going to be overbuilt when we get out into the 2028 time frame.

而且，我們已經控制了今天通過其他碼頭的大量貨物——一旦庫存增加，我們就會指向這些庫存。因此，我們並不認為到 2028 年，文件將會過度建造。

When this dock will be up, that we'll be able to compete very well with it. We have not assumed on our spot rate. We have assumed a typical market rate on any spot volume that we've included in our economics. So nothing that is what we are seeing in line with what we're seeing today.

當這個碼頭建成後，我們將能夠很好地與之競爭。我們沒有對現貨匯率做任何假設。我們已經假設了經濟學中包括的任何現貨量的典型市場價格。所以，我們所看到的與我們今天所看到的並不一致。

Okay. That's helpful. And then things are looking bullish for gas price over the next couple of years. Rig count in the Haynesville has been flattish, but maybe creeping up in the Mid-Con, from what you're hearing from customers, do you think that the gas strip is high enough that we could see material gas growth in the next year or two in the Mid-Con, which I don't think most are anticipating?

好的。這很有幫助。未來幾年天然氣價格前景看好。海恩斯維爾的鑽機數量一直持平，但中康涅狄格州的鑽機數量可能正在上升，從您從客戶那裡聽到的情況來看，您是否認為天然氣開採帶足夠高，以至於我們可以在未來一兩年內看到中康涅狄格州的天然氣產量增長，我認為大多數人都沒有預料到這一點？

Well, as we've been talking to our customers in the Mid-Continent and looking at rail drigs and everything else, we definitely are seeing increased activity in the Mid-Continent. And that's really one of the things that is driving our increasing volume outlook as we look forward is the increased drilling activity we are seeing in conversations with our producers. So I think you are seeing a little bit of an uptick from there seeing the gas -- from the gas price.

嗯，當我們與中部地區的客戶交談並查看鐵路運輸和其他一切時，我們確實看到中部地區的活動增加。這確實是推動我們產量前景不斷增長的因素之一，因為我們在與生產商的對話中看到鑽井活動的增加。因此，我認為從天然氣價格來看，你會看到天然氣價格略有上漲。

Theresa, this is Pierce. The only thing that I would add to that is the demand fell that we're seeing basically in the industry. I mean, we just recently we -- but the industry brought on 16 Bcf a day of export capabilities coming on LNG. That's expected to expand to somewhere around 30 Bcf different projections out there.

特蕾莎，這是皮爾斯。我唯一想補充的是，我們看到整個產業的需求都在下降。我的意思是，我們最近——但該行業每天透過液化天然氣實現了 160 億立方英尺的出口能力。預計這一數字將擴大到約 300 億立方英尺，有不同的預測。

But yes, AI could go from 3 to 6 Bcf a day. And then you still have coal plant conversions. So all of that is going to point to somewhere around plus 20%, maybe 25% growth in the demand for natural gas in the future. That comes with natural gas liquids. So I think that's going to help with the prices as well.

但是，是的，AI 每天可以從 30 億立方英尺增加到 60 億立方英尺。然後你仍然需要進行燃煤電廠改造。所以所有這些都表明未來天然氣需求將增加 20% 左右，甚至 25%。這與天然氣液體有關。所以我認為這也會對價格有幫助。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

This is Vrathan Reddy on for Jeremy. For the '25 CapEx guide, could you help us bridge spend on the three larger projects in your backlog versus those smaller capital opportunities such as well connects, well connections, and synergy-related opportunities.

這是 Vrathan Reddy 取代 Jeremy 上場的。對於 '25 年資本支出指南，您能否幫助我們彌補積壓的三個較大項目的支出與那些較小的資本機會（例如油井連接、油井連接和協同相關機會）的支出。

Trying to decide who was going to take that question. This is Walt. We have the three larger projects being the Medford frac, which is in its heavy build stage at the moment as we move forward; the Denver pipeline, also in that phase. The addition of the plant down in North Texas, which is a reasonably quick and concentrated spend during that period, and we're wrapping up the Easton acquisition.

試著決定誰來回答這個問題。這是沃特。我們有三個較大的項目，分別是梅德福壓裂項目，目前正處於大規模建設階段；丹佛輸油管也處於此階段。我們在北德克薩斯州增設了工廠，這是該時期相當快速且集中的支出，而且我們正在完成對 Easton 的收購。

So that's the focus there in the '26. Clearly, as some of those projects come on, some of that capital intensity will fall away. We'll have the dock project being ramping up in '26 and hit a stride as you get out in the next couple of years after that. But towards the back half of this year, we'll be a pretty good spend rate as well.

這就是 26 年的重點。顯然，隨著一些專案的啟動，部分資本密集度將會下降。我們的碼頭專案將在 1926 年加速推進，並在接下來的幾年內取得重大進展。但到今年下半年，我們的支出率也會相當不錯。

So that's really the gist of it. A lot of the other capital we're spending around synergies and the like, they are very small, extremely high return projects that we've been working on to connect the refined products and the NGL system to really enhance the ability to move product around the system to be more efficient in blending activities and the like.

這就是它的要點。我們在綜效等方面投入的大量其他資本，都是規模非常小、回報率極高的項目，我們一直致力於將精煉產品和 NGL 系統連接起來，真正增強產品在系統中的移動能力，從而提高混合活動等的效率。

So those are coming to completion, and those are going to be additive in singles and doubles across the way as we build out those synergies for '25 and '26.

所以這些都即將完成，而且隨著我們為 25 年和 26 年建立協同效應，這些都將在單打和雙打比賽中不斷增加。

Perfect. And then the materials highlighted roughly 30 potential power plant expansion projects across your footprint, including the data centers. Just curious if you can provide an update on commercial development and how that's progressed and just ONEOK's strategic positioning with EnLink in the portfolio now.

完美的。然後，這些材料重點介紹了您所在地區的大約 30 個潛在發電廠擴建項目，包括資料中心。我只是好奇您是否可以提供有關商業開發的最新資訊以及其進展情況，以及 ONEOK 目前在投資組合中使用 EnLink 的策略定位。

Yeah. This is Sheridan again. And what I would say, we -- obviously, all 30 are at different level stages that we're talking to, some are further along than others. We do think we have a very good competitive advantage when we look at a lot of these data centers and that is -- especially in our Oklahoma and Texas assets that we're sitting so close to supply that is really cuts down on the transportation costs as we go forward and with our integrated network to be able to the OWT system out of West Texas being able to draw from all different plants in that area at it's the same thing in Oklahoma.

是的。我又是謝裡丹。我想說的是，我們——顯然，我們正在討論的所有 30 個國家都處於不同的階段，其中一些國家比其他國家走得更遠。我們確實認為，當我們審視許多數據中心時，我們具有非常好的競爭優勢，尤其是我們在俄克拉荷馬州和德克薩斯州的資產，我們距離供應地非常近，這確實降低了運輸成本，而且隨著我們前進，通過我們的綜合網絡，西德克薩斯州的 OWT 系統能夠從該地區所有不同的工廠獲取數據，這與俄克拉荷馬州的情況相同。

So we're working on that. There are some -- as you would expect, some are progressing more than others are progressing, not all of them will get done. We're -- of that 30%, that is, as Pierce mentioned, about 4 Bcf of demand that we're looking at.

所以我們正在努力。有些事情——正如你所預料的，有些事情比其他事情進展得更快，但並非所有事情都能完成。正如皮爾斯所提到的，我們正在關注的 30% 的需求量約為 40 億立方英尺。

We look across the United States is roughly about 3, somewhere between 3 and 6 Bcf that we think will come into play. So we're going to have a look at a majority of that volume and we're very confident we're going to get our fair share of the demand from data centers.

我們觀察整個美國的情況，我們認為大約有 30 億立方英尺到 60 億立方英尺之間將會發揮作用。因此，我們將關注其中的大部分數量，我們非常有信心我們將從資料中心獲得公平的份額。

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

Well, I wanted to ask about 2026 CapEx. I realize you're not giving an estimate here. But just directionally, obviously, you have a big pickup in '25. Given the larger size and scale of the company now, is this a new run rate for the company?

嗯，我想問一下 2026 年的資本支出。我知道你這裡沒有給出估計。但從方向來看，顯然 25 年你會有很大的進步。考慮到目前公司規模較大，這是否是公司新的運作率？

Michael, this is Walt. I think we definitely are seeing a peak here in '25 as we wrap up Medford and the Denver project is in full swing. Will we, as a larger company, have a higher run rate, definitely. But I think that you will see it as some of those come off and some of the synergy capital that we've been spending completed that our baseline will come down over '26 and into '27.

邁克爾，這是沃爾特。我認為，隨著梅德福計畫的完工和丹佛計畫的全面展開，我們肯定會在 25 年看到一個高峰。作為一家較大的公司，我們的運作率肯定會更高嗎？但我認為，隨著其中一些舉措的實施以及我們一直在投入的部分協同資本的完成，我們的基礎收入將在 2026 年至 2027 年下降。

But clearly, it will be higher than it would have been prior to the EnLink and Medallion acquisitions. We definitely want to make sure that we continue to make sure that we have capacity available for our customers in the Permian and some of the new markets that we're entering.

但顯然，它將比收購 EnLink 和 Medallion 之前的水平更高。我們當然希望確保我們能夠繼續為二疊紀盆地和我們正在進入的一些新市場的客戶供應足夠的產能。

Okay. And then just wanted to ask a level set on synergies. Just wondering if you can just clarify for us where the synergies are tracking for, let's say, Magellan and EnLink and Medallion, versus your original targets that you laid out? And then specifically, the $250 million that you called out, is that incremental to what you had originally laid out? Or you're just saying this is the number for 2025.

好的。然後只是想問一下關於協同作用的水平設定。只是想知道您是否可以為我們澄清一下，例如 Magellan、EnLink 和 Medallion 的協同效應與您最初設定的目標相比如何？那麼具體來說，您所說的 2.5 億美元，是否比您最初計劃的金額有所增加？或者你只是說這是 2025 年的數字。

Yeah. So in 2024, we had said that originally, that we would have $175 million of synergies. Throughout the year, we signaled that we would exceed that amount, and we clearly have. You can look at the results in RPC for '24 versus what would have been a '23 range. And we've definitely seen a benefit from some of that to come home.

是的。因此，我們最初曾說過，到 2024 年，我們將實現 1.75 億美元的協同效應。全年我們都表示我們將超過這個金額，而且我們顯然已經超過了。您可以查看 RPC 中 '24 年的結果與 '23 年範圍的結果。我們確實看到了回家帶來的一些好處。

And so we did better than the $175 million as we headed into '25. We had said that there would be an additional $125 million is related to Magellan in 2025. And so we're layering in another $125 million on top of that, recognizing that we may have achieved some of those original planned out 2025 Magellan in 2024.

因此，當我們進入 25 年時，我們的業績超過了 1.75 億美元。我們曾說過，2025 年將有額外的 1.25 億美元用於麥哲倫計畫。因此，我們在此基礎上又投入了 1.25 億美元，因為我們意識到我們可能在 2024 年實現了 2025 年麥哲倫計畫中的部分目標。

So I think it speaks to the increased opportunities that we've continued to see as the teams have gotten together to do those singles and doubles and really optimize the NGL and refined product systems to open up a lot of new opportunities.

因此，我認為這說明，隨著各團隊齊心協力進行單打和雙打比賽，並真正優化 NGL 和完善產品系統以開闢許多新的機會，我們看到的機會越來越多。

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

On your 2025 guide, can you help us understand what drives you towards the top end of the guide, especially for the natural gas liquids and refined products and crude segments? Like what could get you to $3.1 billion and $2.3 billion, respectively, in 2025 for those two segments?

在您的 2025 年指南中，您能否幫助我們了解是什麼促使您走向指南的頂端，特別是對於天然氣液體和精煉產品和原油領域？那麼，到 2025 年，什麼能讓你這兩個領域的收入分別達到 31 億美元和 23 億美元呢？

I think that as you look at the business -- because some of it is the timing of when we bring in some of these synergies. As we are able to get certain assets connected, we are going to bring those earnings home quicker.

我認為，當你審視業務時——因為其中一部分是我們引入一些協同效應的時機。當我們能夠將某些資產連結起來時，我們將更快地獲得這些收益。

Clearly, there can be opportunities as our producers, if they see continued strength in commodity prices or gas prices here. They can help us out on that front. But I think that while we're not going to have to rely just on increased producer activity, I do think that we have the innovation of our team as they continue to look for opportunities to optimize those smaller synergies. They may only be a $10 million, $15 million add to EBITDA, but you do a bunch of them and they start to add up pretty quick.

顯然，如果我們的生產商看到大宗商品價格或天然氣價格持續走強，他們就有機會。他們可以在這方面幫助我們。但我認為，雖然我們不必只依靠增加生產者活動，但我確實認為我們團隊擁有創新能力，因為他們會繼續尋找機會來優化那些較小的協同效應。它們可能只會為 EBITDA 增加 1000 萬美元、1500 萬美元，但如果你做很多這樣的事情，它們很快就會開始累積起來。

Perfect. My quick follow-up here is now that you're operating with Medallion and EnLink, are there any opportunities operationally that you are seeing, which you did not see earlier when you actually did the deal? So those are like positive surprises. Can you talk a little bit about any positive surprises of these two deals?

完美的。我在這裡想問的問題是，既然您現在正在與 Medallion 和 EnLink 合作，您是否看到了一些運營機會，而這些機會您在實際進行交易時並沒有看到？所以這些都是正面的驚喜。您能談談這兩筆交易有什麼正面的驚喜嗎？

This is Sheridan. I would say as we continue, as we saw with Magellan -- when we start getting our people together and the people that really run these assets and they start talking to each other and working together, the synergy opportunities almost start just boiling out.

這是謝裡丹。我想說，隨著我們繼續前進，正如我們在麥哲倫身上看到的那樣——當我們開始把我們的員工和真正管理這些資產的人聚集在一起，他們開始互相交談、一起工作時，協同效應的機會幾乎就開始湧現出來。

When we went and bought and we looked at the money we think we can make before we bought it, we knew predominantly where they were going to come from. And we knew what we thought was there, but we didn't -- as with Magellan, we didn't know the scale of what that could be when you really get the people operating those assets to continue to go forward.

當我們去購買並查看我們認為在購買之前可以賺到的錢時，我們主要知道這些錢將從哪裡來。我們知道那裡有什麼，但實際上並沒有——就像麥哲倫的情況一樣，我們不知道當你真正讓經營這些資產的人繼續前進時，它的規模會有多大。

We're seeing a bunch of opportunities in the Mid-Continent for G&P for quick connects between our two systems up there where we can get gas to more efficient gas plants that produces more NGLs or our NGL system. We knew that was there, but how fast we can get there and how big that is has been a really good supply.

我們看到，G&P 在中部大陸有很多機會可以快速連接我們那裡的兩個系統，這樣我們就可以將天然氣輸送到生產更多 NGL 的更高效的天然氣工廠或我們的 NGL 系統。我們知道那裡有水，但我們能多快到達那裡以及那裡的水量有多大，這才是真正好的供應。

You get down into the Permian. You talked about, we've been able to very quickly -- we'll put ourselves into position to be able to market crude oil in that area, which helps us to put more crude oil right away on to our long-haul pipes. The speed that we were able to do that has been phenomenal. We've been really excited about that being able to go forward.

你進入了二疊紀。您談到，我們已經能夠非常迅速地——我們將使自己能夠有能力在該地區銷售原油，這有助於我們立即將更多的原油輸送到我們的長途管道上。我們做到這一點的速度是驚人的。我們真的很高興能夠繼續前進。

And then a couple of things that we didn't even really consider was synergies between our EnLink crude oil system and our Medallion crude oil system have really been a positive mover for us that they found different ways to be able to connect those systems as we continue to go forward. Or even just simple things is we've had opportunities.

然後，我們甚至沒有真正考慮到的幾件事是，我們的 EnLink 原油系統和 Medallion 原油系統之間的協同作用確實對我們產生了積極的推動作用，他們找到了不同的方法來連接這些系統，以便我們可以繼續前進。或者甚至只是簡單的事情，我們就有機會。

We have crew trucks that were driving -- an EnLink crew truck that was driven by a Medallion terminal that we've been able to lower our crude trucking cost just by bringing it to lower -- closer locations to the wellhead. So we continue to see that. And as Walt mentioned, as we think about how do we get to the higher end of the 2025 guidance, it's how fast can you put this together and how new ones continue to come on, which is what we saw.

我們擁有一輛由 Medallion 終端驅動的 EnLink 運輸卡車，我們只需將其運送到距離井口較近的位置，就能降低原油運輸成本。因此我們繼續看到這種情況。正如沃爾特所提到的，當我們思考如何達到 2025 年指導方針的更高目標時，關鍵在於你能多快地把這些目標整合在一起，以及新的目標如何繼續出現，這就是我們所看到的。

As I mentioned before, what we saw with the Medallion -- with the Magellan acquisition is to get the teams together to find this.

正如我之前提到的，我們在 Medallion 和 Magellan 收購中看到的目標是讓各個團隊齊心協力找到這個問題。

Keith Stanley, Wolfe Research.

基斯‧史丹利（Keith Stanley），沃爾夫研究公司。

Just a follow-up first on the '26 EBITDA outlook and synergies. So you said $250 million of incremental synergies this year. Is there a number you can provide for 2026? It sounds like a lot of the projects are coming on of incremental synergies versus this year.

首先對 26 年 EBITDA 前景和綜效進行追蹤。所以您說今年的增量綜效為 2.5 億美元。您能提供 2026 年的具體數字嗎？聽起來很多項目與今年相比都正在產生增量綜效。

Yeah. We're not going to guide to a specific number at his point in time. It's baked into our outlook at this point.

是的。我們不會在他那個時間點給一個具體的數字。它現在已經融入我們的視野中。

But what I would say is that further we get down the path with multiple acquisitions, some of supply chain type of synergies start to blend together. When we're buying for the four companies together as opposed to just legacy ONEOK, they're a little bit less easy to identify where we should point them to, whether they're Magellan synergies or Medallion synergies or EnLink.

但我想說的是，隨著我們進一步推進多次收購，一些供應鏈類型的協同效應開始融合在一起。當我們同時為這四家公司購買而不是只為傳統的 ONEOK 購買時，我們不太容易確定應該將它們指向哪裡，無論是 Magellan 協同效應、Medallion 協同效應還是 EnLink。

So some of those get grouped together, and we're just seeing a net benefit to the company. So at this point, in '26, we're going to just leave it at those synergies that we have identified today are baked into that number. And we'll continue to try to find more and refine that number as we get closer to when we provide actual guidance for '26. But that is our outlook today with what we know so far.

因此，將其中一些組合在一起，我們就會看見公司所獲得的淨收益。因此，在這一點上，在 26 年，我們將只保留我們今天確定的那些已融入該數字的協同效應。隨著我們越來越接近為 26 年提供實際指導，我們將繼續嘗試尋找更多並完善該數字。但根據我們目前所知，這就是我們今天的看法。

Great. And maybe on the export facility, can you give a sense of expected returns on the project or contracts that are in place today? And then separately on exports, just how it affects your strategy and how you're thinking about organic growth or M&A, particularly in the Permian, once you have this facility in place.

偉大的。關於出口設施，您能否介紹一下目前該項目或合約的預期回報？然後分別談談出口，它如何影響您的策略，以及一旦您有了這個設施，您如何考慮有機增長或併購，特別是在二疊紀地區。

We'll start with the one at the end is -- our strategy across our whole system, not just in the Permian is to touch a barrel as many times as we can. To be fully integrated that we can bring and that way, we feel we can bring the most value to our customers, to our producer customers.

我們從最後一個開始——我們整個系統的策略，不僅僅是在二疊紀，是盡可能接觸桶。透過實現我們所能實現的全面整合，我們覺得我們可以為我們的客戶、我們的生產商客戶帶來最大的價值。

And this is just one more stop or one more leg in this integration that we think it's critical to be able to continue to be competitive in all the areas that we are across. We continue to see a lot of demand for the dock as we continue to go forward.

這只是此次整合的另一個站點或階段，我們認為這對於我們在所有領域繼續保持競爭力至關重要。隨著我們不斷前進，我們繼續看到對碼頭的大量需求。

Our returns are going to be in the mid-teens to high teens on this project as we continue to go -- that's what our economics are looking like right now. But it is an integrated -- it's more of our integrated play that we're trying to do is touch the barrel as many times as we can so we can offer a full suite of offerings to our producer customers and to be able to touch the barrels as many times as possible.

隨著我們繼續推進，這個專案的回報率將達到十五六到十五六左右——這就是我們目前的經濟狀況。但它是一種綜合的——它更像是我們的綜合玩法，我們正在嘗試盡可能多地接觸桶，以便我們能夠為我們的生產商客戶提供全套產品，並能夠盡可能多地接觸桶。

This is Pierce. I think you had a question about M&A, in particular, in the Permian. The way I would answer that is that we continue to be focused on the integration of the companies that we've bought so far, and we're focused on realizing those synergies across that footprint.

這是皮爾斯。我認為您對併購有疑問，特別是關於二疊紀的併購。我的回答是，我們將繼續專注於迄今為止我們收購的公司的整合，並專注於在整個業務範圍內實現協同效應。

Having said that, there's a couple of ways that things come on the market. One is strategic, which is usually public to public. And then the other one is through the private equity chain. There probably is going to be some of those things coming on the market in the future.

話雖如此，產品進入市場的方式有幾種。一種是策略性的，通常是公開對公開的。另一個是透過私募股權鏈。未來可能會有一些這樣的產品進入市場。

We look at everything, but it will be best to be seen whether or not to transact or not. But we're going to be intentional and disciplined in the way that we approach all of our M&A future opportunities.

我們會仔細考慮一切，但最好先看看是否要進行交易。但我們將以有意識和有紀律的方式對待我們所有的未來併購機會。

Sunil Sibal, Seaport Global Securities.

Sunil Sibal，Seaport Global Securities。

I was going in and out, so I'm not sure if this was addressed. But I wanted to start off on the Permian side of things. I believe your processing capacity is around 1.7 Bcf per day there. Could you tell us what utilization that is running at? And then the downstream of the processing plants, approximately how much of the NGL volumes you control from the marketing point of view.

我進進出出，所以我不確定這個問題是否得到了解決。但我想從二疊紀方面開始。我相信你們那裡的處理能力大約是每天17億立方英尺。您能告訴我們它的運作利用率是多少嗎？然後是加工廠的下游，從行銷角度來看，您控制的 NGL 產量大約是多少。

What I would say on the 1.5 to 1.7 Bcf in the utilization of that. As we mentioned, we are moving a gas plant out of the North Texas down into the Permian Basin, and we wouldn't be doing that unless we were anticipating that the volume -- the capacity that we have in the Permian Basin today is going to be fully utilized as we continue to go forward. So that's how we think about volume going forward in 2025.

我想說的是，其利用量約為 15 至 17 億立方英尺。正如我們所提到的，我們正在將一座天然氣廠從北德克薩斯州遷至二疊紀盆地，我們不會這樣做，除非我們預計隨著我們繼續前進，我們目前在二疊紀盆地的產能將得到充分利用。這就是我們對 2025 年銷售量的展望。

As it relates to on the downstream side of that with utilization on NGL pipe, we talked about that we have plenty of capacity with the expansion of the West Texas NGL system, that that will be here in this year up to 740,000 barrels a day with a lot of capacity that wasn't spoken for. Because we didn't need that much to sanction that project as we continue to go forward on that.

就下游 NGL 管道的利用率而言，我們談到，隨著西德克薩斯州 NGL 系統的擴建，我們擁有充足的產能，今年的日產量將達到 740,000 桶，還有許多未提及的產能。因為我們不需要那麼多批准該項目，因為我們會繼續推進該項目。

And what we're seeing is all the new volume -- majority of the new volume that we are getting on the system and the majority of the volume that is on that system, we have the marketing rights we control it. There are some legacy contracts with Magellan that has a significant amount of volume that they have -- that we have the marketing rights to it, but we already had in place NGL contracts to other service providers. And when that volume rolls off contract, that will automatically come over to our system at that time.

我們看到的是所有新增量——我們在系統上獲得的大部分新增量以及該系統上的大部分量，我們都擁有控制它的營銷權。我們與麥哲倫簽訂了一些遺留合同，他們擁有大量的合約——我們擁有這些合約的營銷權，但我們已經與其他服務提供者簽訂了 NGL 合約。當合約到期時，該數量將自動轉移到我們的系統中。

Okay. Got it. And then on the stock buybacks, I think in your previous guidance -- sorry, can you hear me?

好的。知道了。然後關於股票回購，我想在您之前的指導中——抱歉，您能聽到我說話嗎？

Yes, we can.

是的，我們可以。

Yeah. So I think your previous guidance on leverage was exiting 2025 at 3.9 times. And obviously, with the new guidance, you're talking about 3.5 times leverage in 2026. So it seems like you're making good progress there. So I was curious, how should we think about the cadence of the stock buyback program that you have?

是的。因此我認為您之前對槓桿率的指導是到 2025 年達到 3.9 倍。顯然，根據新指南，到 2026 年槓桿率將達到 3.5 倍。看起來你在這方面取得了良好的進展。所以我很好奇，我們該如何看待你們的股票回購計畫的節奏？

Well, I mean, clearly, the -- we are mindful to make sure that we get our debt metrics in line with our goals, and we're looking at the business as we go forward. That said, we have the full intention of completing the $2 billion of buybacks over the course of the program that the Board set forward.

嗯，我的意思是，很明顯，我們會注意確保我們的債務指標與我們的目標一致，並且我們將在未來專注於業務。儘管如此，我們完全有意在董事會制定的計劃過程中完成 20 億美元的回購。

We saw a situation there at year-end where we had the proceeds from the sale of assets to DTM, where we were sitting on a very large amount of cash. As I mentioned before, we -- even with those, we closed out the year with $773 million in cash on the balance sheet.

我們在年底看到了這樣一種情況，我們將資產出售給 DTM，獲得了巨額現金。正如我之前提到的，即使如此，我們在年底的資產負債表上仍有 7.73 億美元現金。

So we were opportunistic there to get started on that program. and we'll look at things during 2025. But clearly, I think that the bulk of the $2 billion will be back weighted as we get in the final two years as our metrics have hit our goals from a debt metric side.

因此，我們抓住機會開始實施該計劃。我們將在 2025 年進行展望。但顯然，我認為，隨著我們的指標從債務指標達到我們的目標，這 20 億美元中的大部分將在最後兩年內得到加權。

Neil Dingmann, Truist Securities.

Truist Securities 的 Neil Dingmann。

I guess just -- you've had a lot of these, I guess, my question just on per lot of the overall producers just give their new plan for 2025. And to me, they all some quite good or at least the same. I'm just wondering, based on what you've heard now from plans and what you guys have had with conversations, do you still have the same expectations for production in some of your key areas as you did last year?

我想只是——您已經有很多這樣的問題了，我想，我的問題只是針對整體生產商的每個批次，給出他們 2025 年的新計劃。對我來說，它們都相當不錯，或者至少都一樣。我只是想知道，根據您現在從計劃中聽到的內容以及您的談話內容，您對某些關鍵領域的生產是否仍然抱有與去年相同的期望？

Yeah. Yeah, we've had a lot of conversations with our producers and what they're seeing going forward. And I would probably say we are at or above where we thought we would be last year, a lot with the -- let's take the Bakken, the consolidation that's up in the Bakken.

是的。是的，我們與製片人進行了很多對話，了解了他們對未來的看法。我可能會說，我們現在處於或超過了我們去年預期的水平，很多都是 — — 以巴肯為例，巴肯地區的整合。

We are bringing producers with different types of efficiency on the wellhead. They're consolidating acreage so they can drill longer laterals. That's going to bring more volume into our system.

我們在井口配備了不同效率的生產商。他們正在整合土地以便能夠鑽探更長的水平井。這將為我們的系統帶來更多的容量。

We're seeing that also in the Mid-Continent, where a little bit, as we mentioned earlier today, gas prices are up a little bit more. We're seeing people start to come in a little bit harder in the Mid-Continent, and all this is reflected into our guidance. But I would say we're at or above where we would thought we would be three, four months ago for sure.

我們也看到，在中部地區，正如我們今天早些時候提到的，那裡的汽油價格上漲得更多一些。我們看到人們開始更加努力地前往中部大陸，這一切都反映在我們的指導中。但我想說，我們肯定已經達到或超過了我們三、四個月前的預期。

No, that's great to hear. And then just maybe just a quick follow-up on EnLink which is now fully under your control. I'm just wondering, are you all seeing additional opportunities to accelerate and maybe just how customer demand is looking there also.

不，聽到這個消息真是太好了。然後也許只是對 EnLink 進行快速跟進，現在它完全在您的控制之下。我只是想知道，你們是否都看到了加速的額外機會，也許還看到了客戶需求如何。

Yeah. I mean, we are -- I think, especially in the Permian, we have a team out there that's highly focused on growing that Permian asset, and they're getting after it. We see a lot of opportunities. There's a lot of RFPs coming out right now that we are looking at, and we are excited about what we see out there -- bring this new plan on, look what else we can do with our integrated footprint out there.

是的。我的意思是，我們——我認為，特別是在二疊紀盆地，我們有一個團隊高度專注於擴大二疊紀資產，他們正在努力實現這一目標。我們看到了很多機會。目前正在審查許多 RFP，我們對所看到的成果感到很興奮——實施這個新計劃，看看我們還能利用我們的綜合影響力做些什麼。

So with EnLink and thinking about G&P, very much excited there. Then you get up into the Mid-Continent, we have a much wider expanse across that area, especially as you look out to the western side, where we see a lot of activity with the combination of the ONEOK EnLink assets and to be able to serve those producers out there. I think the team is pretty jazzed up to be able to continue to put these two things together and continue to grow this with all the activity we're seeing.

因此，有了 EnLink 並考慮 G&P，我感到非常興奮。然後你進入中部大陸，我們在該地區擁有更廣闊的擴張空間，特別是當你向西看時，我們看到 ONEOK EnLink 資產的結合有很多活動，並且能夠為那裡的生產商提供服務。我認為團隊非常高興能夠繼續將這兩件事結合起來，並隨著我們所看到的所有活動繼續發展。

This concludes our question-and-answer session. I would like to turn the conference back over to Pierce Norton, CEO, for any closing remarks.

我們的問答環節到此結束。我想將會議交還給執行長皮爾斯諾頓 (Pierce Norton) 來做最後發言。

Thank you. Before I wrap up today, I want to take a moment to recognize two individuals who have contributed significantly to ONEOK's success over the years.

謝謝。在今天結束之前，我想花點時間來認識一下多年來為 ONEOK 的成功做出重大貢獻的兩位人士。

Chuck Kelley is retiring after 25 years of service. Most recently, he was our Senior Vice President of Natural Gas Pipelines, but has also served in key leadership roles in energy services, corporate development, and natural gas gathering and processing over the years.

查克凱利 (Chuck Kelley) 在服務 25 年後即將退休。最近，他擔任我們的天然氣管道高級副總裁，但多年來也在能源服務、企業發展以及天然氣收集和加工方面擔任重要領導職務。

And Andrew Ziola, the Vice President of Investor Relations, who after 20 years of dedicated service, he's announced his retirement. Andrew has been an important part of the organization through significant change in progress. Many of you have known and worked with Andrew for years, and his presidents will be -- certainly be missed.

投資者關係副總裁安德魯·齊奧拉 (Andrew Ziola) 在為公司盡心盡力服務了 20 年後宣布退休。安德魯 (Andrew) 一直是組織在重大變革過程中的重要組成部分。你們中的許多人已經認識安德魯多年，並與他共事，我們一定會懷念他的歷任校長。

Both of these gentlemen have made contributions that will have a lasting impact on our company. Please join me in congratulating them on an outstanding career and in wishing them the very best in their next exciting chapter.

這兩位先生的貢獻將對我們公司產生持久的影響。請和我一起祝賀他們傑出的職業生涯，並祝福他們在下一個令人興奮的篇章中一切順利。

I'm also pleased to announce that Megan Patterson, who many of you know and who worked alongside Andrew for a number of years, we'll be stepping into Andrew's role. With that, I'll now turn the call over to Megan for closing remarks.

我還很高興地宣布，你們許多人都認識的梅根·帕特森 (Megan Patterson) 將接替安德魯的職位，她曾與安德魯共事多年。現在，我將把電話交給梅根，請她做最後發言。

Thank you, Pierce. Our quiet period for the fourth quarter starts when we close our books in early April and extends until we release earnings in late April. We'll provide details for that conference call at a later date. The IR team will be available throughout the day today for any follow-ups. Thank you for joining us, and have a great day.

謝謝你，皮爾斯。我們的第四季靜默期從四月初結帳開始，一直延續到四月下旬發布收益。我們將稍後提供該電話會議的詳細資訊。IR 團隊今天全天將隨時待命，處理任何後續事宜。感謝您加入我們，祝您有個愉快的一天。

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。