歐尼克 (OKE) 2025 Q2 法說會逐字稿

Good morning, everyone, and welcome to the ONEOK second-quarter 2025 earnings conference call. (Operator Instructions) Please also note today's event is being recorded.

大家早安，歡迎參加ONEOK 2025年第二季財報電話會議。（操作員指示）另請注意，今天的活動正在被記錄。

At this time, I'd like to turn the floor over to Megan Patterson, Vice President, Investor Relations. Ma'am, please go ahead.

現在，我想把發言權交給投資者關係副總裁梅根·帕特森 (Megan Patterson)。女士，請繼續。

Thank you, Jamie. Welcome to ONEOK's second-quarter 2025 earnings call.

謝謝你，傑米。歡迎參加 ONEOK 2025 年第二季財報電話會議。

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

我們在昨天市場收盤後發布了收益報告和演示文稿，這些資料可以在我們的網站上查閱。在我們準備好發言後，管理階層將回答您的問題。

Statements made during this call that might include one of expectations or predictions should be considered forward-looking statements and are covered under 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陳述可能包括預期或預測，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 one follow-up 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為一個問題和一個後續問題，以便盡可能多的人參與。

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, Megan. Good morning, and thank you for joining us.

謝謝，梅根。早安，感謝您加入我們。

On today's call is Walt Hulse, our Chief Financial Officer, Treasurer, and Executive Vice President, Investor Relations and Corporate Development; and Sheridan Swords, Executive Vice President and Chief Commercial Officer. Also on the call are Kevin Burdick, Executive Vice President and Chief Enterprise Service Officer; and Randy Lentz, our Executive Vice President and Chief Operating Officer.

參加今天電話會議的有我們的財務長、財務主管兼投資者關係和企業發展執行副總裁 Walt Hulse，以及執行副總裁兼首席商務官 Sheridan Swords。參加電話會議的還有執行副總裁兼首席企業服務長 Kevin Burdick 和執行副總裁兼營運長 Randy Lentz。

Yesterday, we announced higher second-quarter results and affirmed our 2025 financial guidance ranges, which were originally provided in late February. Our second-quarter adjusted EBITDA increased 12% compared with the first quarter, highlighting the continuation of incremental synergy capture, increasing supply, and demand strength.

昨天，我們宣布了更高的第二季業績，並確認了我們最初在 2 月底提供的 2025 年財務指導範圍。我們第二季的調整後 EBITDA 與第一季相比成長了 12%，突顯了增量協同效應的持續、供應的增加和需求的強勁。

As we exited the winter, we saw accelerated volume momentum through the seasonal improvements across our operations, driving sequential quarter growth in NGL, natural gas processing volumes across all regions, and increasing refined products demand.

隨著冬季的結束，我們看到透過營運的季節性改善，產量勢頭加速，推動了 NGL 的連續季度增長、所有地區的天然氣加工量以及成品油需求的增加。

The sequential EBITDA growth we experienced this quarter was consistent with our expectations at the beginning of the year and begins to demonstrate the potential earnings power of bringing these assets together.

本季我們經歷的連續 EBITDA 成長與我們年初的預期一致，並開始展現出整合這些資產的潛在獲利能力。

As we continue to navigate an evolving macroeconomic landscape and shifting market dynamics, we believe the energy sector remains resilient with domestic and global demand for US energy continuing to be well supported.

隨著我們繼續應對不斷變化的宏觀經濟格局和不斷變化的市場動態，我們相信能源產業仍將保持彈性，美國國內和全球對能源的需求將繼續得到良好支持。

Producers across our acreage continue to execute their 2025 drilling plans and drive efficiencies in their drilling and completion techniques. We're monitoring the 2026 market dynamics closely while continuing to execute on our growth strategy and support supply and demand market needs.

我們油田的生產商繼續執行其 2025 年鑽井計劃，並提高鑽井和完井技術的效率。我們正在密切關注 2026 年的市場動態，同時繼續執行我們的成長策略並支持供需市場需求。

Our focused investments on high-return organic [growth] (added by company after the call) projects, such as the Bakken's Elk Creek liquids pipeline, West Texas NGL pipeline, and Denver refined products pipeline expansions and the Medford fractionation facility, provides significant operating leverage and position us to capture incremental growth across our assets in the Williston Basin, the Powder River, Mid-Continent, and Permian basins.

我們專注於高回報有機[成長]（電話會議後由公司增加）項目的投資，例如巴肯的Elk Creek液體管道、西德克薩斯NGL管道、丹佛精煉產品管道擴建和梅德福分餾設施，這為我們提供了顯著的經營槓桿，使我們能夠在威利斯頓盆地、粉河、中部大陸和二疊紀盆地的資產中實現增量增長。

Today, we are announcing a final investment decision on a new natural gas processing plant in the Permian's Delaware Basin, further expanding and enhancing our presence in what is a key strategic area for ONEOK. Sheridan will provide more details on this project and our Permian growth strategy in his remarks.

今天，我們宣布對二疊紀特拉華盆地新天然氣處理廠做出最終投資決定，進一步擴大和增強我們在 ONEOK 關鍵戰略領域的影響力。謝裡丹將在演講中提供有關該項目和我們的二疊紀成長策略的更多細節。

Our acquisitions are delivering tangible benefits as we continue to make meaningful progress on acquisition-related synergies and organic growth. Our contiguously integrated assets, diversified business mix, and strong balance sheet provide flexibility, enable opportunities even during changing market dynamics. As always, we'll remain intentional and disciplined in our approach on capital allocation as we evaluate future opportunities.

隨著我們在收購相關的協同效應和有機成長方面繼續取得有意義的進展，我們的收購正在帶來實際的利益。我們連續整合的資產、多元化的業務組合和強大的資產負債表提供了靈活性，即使在不斷變化的市場動態中也能創造機會。像往常一樣，在評估未來機會時，我們將在資本配置方面保持謹慎和嚴謹的態度。

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. Second-quarter 2025 net income attributable to ONEOK totaled $841 million or $1.34 per share, more than 30% increase compared with the first quarter. Second-quarter adjusted EBITDA totaled $1.98 billion or $2 billion when excluding transaction costs of $21 million, which is consistent with the approach used in our guidance.

謝謝你，皮爾斯。2025 年第二季歸屬於 ONEOK 的淨收入總計 8.41 億美元，即每股 1.34 美元，與第一季相比成長 30% 以上。第二季調整後的 EBITDA 總計 19.8 億美元，扣除 2,100 萬美元的交易成本後為 20 億美元，這與我們的指引中採用的方法一致。

The acquired EnLink and Medallion assets delivered nearly $450 million in adjusted EBITDA during the second quarter, contributing to a strong year-over-year earnings growth. We ended the second quarter with $97 million in cash and no borrowings outstanding under our $3.5 billion credit facility.

收購的 EnLink 和 Medallion 資產在第二季度實現了近 4.5 億美元的調整後 EBITDA，推動了強勁的年獲利成長。截至第二季末，我們擁有 9,700 萬美元現金，且在 35 億美元信貸額度下沒有未償還借款。

During the quarter, we reduced our senior notes by nearly $600 million including more than $400 million of notes paid at maturity. Year to date, we've extinguished nearly $850 million in senior notes, underscoring our proactive approach to managing debt and clear progress towards achieving our long-term leverage target of 3.5 times, which we expect to reach in 2026.

本季度，我們減少了近 6 億美元的優先票據，其中包括 4 億多美元的到期支付票據。今年迄今為止，我們已經償還了近 8.5 億美元的優先票據，這突顯了我們積極主動的債務管理方式，以及在實現 3.5 倍的長期槓桿目標方面取得的明顯進展，我們預計將在 2026 年實現這一目標。

With yesterday's earnings announcement, we affirmed our 2025 financial guidance ranges, including net income attributable to ONEOK of $3.1 billion to $3.6 billion and adjusted EBITDA range of $8 billion to $8.45 billion. Our expectation to achieve results within our guidance ranges reflects current market conditions and is supported by producer performance, recently completed projects, increasing seasonal demand for refined products, and the timing of acquisition-related synergies.

在昨天的收益公告中，我們確認了 2025 年的財務指引範圍，包括歸屬於 ONEOK 的淨收入為 31 億美元至 36 億美元，調整後的 EBITDA 範圍為 80 億美元至 84.5 億美元。我們預計將在指導範圍內實現業績，這反映了當前的市場狀況，並受到生產商業績、最近完成的項目、精煉產品季節性需求的增加以及收購相關協同效應時機的支持。

While the market environment and commodity price outlook is different today than when we originally announced financial guidance in February, we continue to see resilience and producer activity across our operations and benefits from our integrated system. We also remain on track to realize approximately $250 million of synergies in 2025, consistent with our guidance, with significant additional contributions expected in 2026.

雖然今天的市場環境和商品價格前景與我們 2 月最初宣布財務指引時有所不同，但我們仍然看到整個營運過程的彈性和生產者活動以及我們整合系統帶來的好處。我們還有望在 2025 年實現約 2.5 億美元的協同效應，這與我們的指導方針一致，預計 2026 年還將帶來大量額外貢獻。

Our 2026 outlook also provided in February was based on commodity prices at the time. Given current market conditions, we believe our 2026 outlook for adjusted EBITDA should be adjusted downward by approximately 2% or $200 million to reflect current commodity prices and resulting spread differentials.

我們在二月提供的 2026 年展望也是基於當時的商品價格。鑑於當前的市場狀況，我們認為 2026 年調整後 EBITDA 前景應下調約 2% 或 2 億美元，以反映當前的商品價格和由此產生的價差。

We continue to expect year over year mid- to upper single-digit EBITDA growth in 2026. We are tempering our previous outlook based on a cautious macro environment.

我們繼續預計 2026 年 EBITDA 將年比實現中高個位數成長。基於謹慎的宏觀環境，我們正在調整先前的展望。

In addition to our future earnings growth, we also reviewed our tax position following the recent tax legislation and expected a benefit of more than $1.3 billion in lower cash taxes over the next five years due primarily to enhancements related to bonus depreciation and interest expense deductibility. With our commitment to investing in infrastructure that strengthens energy security and resilience, the enhanced tax provisions enable us to immediately expense the full cost of qualifying investments.

除了未來的獲利成長之外，我們還根據最近的稅收立法審查了我們的稅務狀況，並預計未來五年現金稅將減少 13 億美元以上，這主要得益於與獎金折舊和利息費用扣除相關的改進。由於我們致力於投資加強能源安全和復原力的基礎設施，增強的稅收規定使我們能夠立即承擔合格投資的全部成本。

We now don't expect to pay any meaningful cash taxes until 2028, which is a year later than our previous expectations. Additionally, we expect our cash tax rate in '28 and '29 to be less than the full 15% corporate alternative minimum tax rate, which is lower than our previous expectations. This increase in expected free cash flow will enhance our flexibility as it relates to capital allocation.

我們現在預計直到 2028 年才會繳納任何有意義的現金稅，這比我們之前的預期晚了一年。此外，我們預計 28 年和 29 年的現金稅率將低於 15% 的企業替代最低稅率，這低於我們先前的預期。預期自由現金流的增加將增強我們與資本配置相關的靈活性。

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. During the second quarter, we saw a significant rebound in volumes following normal and expected first quarter seasonality. We experienced strong sequential quarter growth coming out of the first quarter with higher natural gas processing volumes and double-digit NGL [volume] (added by company after the call) growth across all regions.

謝謝你，沃特。在第二季度，我們看到銷售量隨著第一季的正常和預期的季節性而大幅反彈。我們在第一季經歷了強勁的連續季度增長，天然氣加工量增加，所有地區的 NGL [產量] 均實現兩位數增長（公司在電話會議後添加）。

Taking a closer look at the natural gas liquids segment. Total NGL raw feed throughput volumes increased 18% compared with the first quarter. Rocky Mountain region volumes averaged nearly 470,000 barrels per day, a record for the region, driven by increased ethane recovery and higher propane-plus volume compared with the first quarter of 2025.

仔細觀察天然氣液體部分。NGL 原料總吞吐量與第一季相比增加了 18%。落基山地區的日均產量接近 47 萬桶，創下該地區的最高紀錄，這得益於乙烷回收率的提高以及與 2025 年第一季相比丙烷產量的增加。

Mid-Continent and Permian NGL volumes both increased 20% compared with the first quarter, supported by higher ethane recovery levels, improved seasonality, and newly contracted volumes beginning to ramp up in the Permian Basin.

受乙烷回收率提高、季節性改善以及二疊紀盆地新簽約量開始增加的推動，中部大陸和二疊紀盆地的 NGL 產量較第一季均增加了 20%。

During the quarter, we experienced lower fractionation utilization due to maintenance, which resulted in a $13 million impact in the second quarter from unfractionated NGLs and inventory. We expect to fractionate these NGLs and recognize their earnings over the next two quarters.

在本季度，由於維護，我們的分餾利用率較低，導致第二季未分餾 NGL 和庫存造成 1,300 萬美元的影響。我們預計將分割這些 NGL 並在未來兩季內確認其收益。

We saw minimal impacts from ethane export disruptions during the quarter. The importance of ethane to the global market was evident during this period, and it's clear there is a strong demand for US ethane in the global market. We continue to see opportunities for economic ethnic recovery across our system through the balance of the year.

本季乙烷出口中斷的影響微乎其微。乙烷對全球市場的重要性在此期間顯而易見，全球市場對美國乙烷的需求強勁。在今年餘下的時間裡，我們將繼續看到整個系統的經濟民族復甦的機會。

The buildout of connectivity between our Mont Belvieu and Conway NGL platforms, and our strategic Houston and Mid-Continent refined products assets remains on pace. All three critical Houston connections of Galena Park, East Houston, and our Pasadena/MVP joint venture are expected to come online in the third quarter of this year.

我們的 Mont Belvieu 和 Conway NGL 平台以及我們的戰略性休士頓和中部大陸精煉產品資產之間的連通性建設仍在按計劃進行。預計休士頓的三個關鍵連接點（加利納公園、東休士頓以及我們的帕薩迪納/MVP 合資企業）將於今年第三季上線。

We have a strong line of sight to these pipelines operating at high utilization and delivering earnings contributions in the fourth quarter of this year. With executed synergies related to our liquid blending business, we expect record blending volumes in [2025 and 2026] (corrected by company after the call). Our Texas City LPG export joint venture is also progressing as planned, and we continue to have a lot of interest from customers on this strategically positioned wellhead to water solution.

我們非常看好這些管道在今年第四季實現高利用率營運並帶來獲利貢獻。透過與我們的液體混合業務相關的協同效應，我們預計混合量將創歷史新高[2025 和 2026]（公司在通話後已更正）。我們在德州城的液化石油氣出口合資企業也正在按計劃推進，客戶對這項具有策略性定位的井口到水解決方案繼續表現出濃厚的興趣。

Moving on to the Refined Products and Crude segment. Second-quarter refined product volumes increased sequentially as seasonal demand picked up. We expect continued demand growth in the third quarter as we've entered peak summer travel season.

接下來是成品油和原油部分。隨著季節性需求回升，第二季成品油產量較上季增加。由於我們已經進入夏季旅遊旺季，我們預計第三季需求將持續成長。

Diesel and aviation fuel volumes have remained strong during the first half of the year, and we expect that to continue for the remainder of the year. Regional supply disruptions in the Mid-Continent tempered gasoline volumes during the quarter. However, volumes have recovered following the completion of refinery maintenance in late spring.

今年上半年柴油和航空燃料銷量保持強勁，我們預計今年剩餘時間這種勢頭將持續下去。中部地區供應中斷導致本季汽油產量下降。不過，隨著春末煉油廠維護工作的完成，產量已恢復。

Following the July tariff rate adjustments, we increased our refined products rates by mid-single digits as expected. Our refined products pipelines in the Denver area is on track for a mid-2026 completion, and we're currently seeing record jet fuel volumes into the Denver International Airport.

繼7月關稅稅率調整之後，我們依照預期將成品油稅率上調了中位數個位數。我們在丹佛地區的成品油管道預計將於 2026 年中期完工，目前我們看到丹佛國際機場的航空燃油輸送量創下了歷史新高。

Turning now to our Crude business. Our gathering and long-haul assets continue to perform with wellhead gathering volumes on our Medallion assets up approximately 20% year over year. The overall decrease in crude [oil] (added by company after the call) volumes compared with the first quarter of 2025 was due primarily to low margin exchange volumes. These volumes have significantly lower rates than wellhead gathering or long-haul shipments, so the earning impact was not material.

現在談談我們的原油業務。我們的收集和長途資產持續表現出色，我們的 Medallion 資產的井口收集量年增約 20%。與 2025 年第一季相比，原油（公司在電話會議後補充）交易量整體下降，主要是由於保證金交易量較低。這些量的費率明顯低於井口收集或長途運輸，因此對獲利的影響並不大。

Moving on to the Natural Gas Gathering and Processing segment. Volumes increased [across] (added by company after the call) all regions compared with the first quarter of 2025, with producers increasing activity coming out of winter.

繼續討論天然氣收集和加工部分。與 2025 年第一季相比，所有地區的產量都有所增加（電話會議後公司補充），因為生產商在冬季結束後增加了活動。

Looking first at the Permian Basin. Following 4% growth in volumes in the second quarter, we reached 1.6 billion cubic feet per day in July. Currently, we have 12 active rigs on our dedicated acreage, providing a line of sight to filling our existing processing capacity in the region and driving the need for additional capacity.

首先來看二疊紀盆地。繼第二季產量成長 4% 之後，7 月我們的產量達到了每天 16 億立方英尺。目前，我們在專用區域擁有 12 台活躍鑽機，這為我們填補該地區現有的加工能力並推動額外產能的需求提供了途徑。

In addition to our already announced 150 million cubic feet per day [plant] (added by company after the call) relocation to the Midland and approximately 75 million cubic feet per day of low-cost expansion at existing Delaware facilities, we've also reached FID on the construction of a new plant in the Delaware Basin.

除了我們已經宣布的將每天 1.5 億立方英尺的 [工廠]（公司在電話會議後添加）搬遷至米德蘭以及在現有的特拉華州設施中進行每天約 7500 萬立方英尺的低成本擴建之外，我們還就在特拉華盆地建造新工廠達成了最終投資決定。

The new Bighorn plant will have a capacity of 300 million cubic feet per day with the ability to treat high CO2 gas. The plant and treater are expected to cost approximately $365 million. Bighorn is supported by acreage dedication and is expected to be completed in mid-2027.

新的 Bighorn 工廠日產能為 3 億立方英尺，能夠處理高濃度二氧化碳氣體。該工廠和處理器預計耗資約 3.65 億美元。Bighorn 計畫由土地奉獻支持，預計將於 2027 年中期完工。

These growth opportunities will increase ONEOK's processing capacity in the Delaware Basin to 1.1 billion cubic feet per day with a little over 700 million cubic feet per day currently and will position ONEOK for additional growth opportunities is in the basin across our value chain.

這些成長機會將使 ONEOK 在特拉華盆地的處理能力從目前的每天略高於 7 億立方英尺增加到每天 11 億立方英尺，並將使 ONEOK 在整個價值鏈的盆地中獲得更多增長機會。

The Permian Basin continues to be a key area of strategic growth for us, and we will continue to be actively engaged and intentional in assessing opportunities to expand and enhance our integrated operations within the basin.

二疊紀盆地仍然是我們策略成長的關鍵領域，我們將繼續積極參與並有意評估擴大和加強盆地內綜合業務的機會。

In the Mid-Continent, there are 12 rigs running on our dedicated acreage in Oklahoma and a number of projects underway to connect and optimize assets in the region. Second-quarter natural gas processing volumes increased 9% compared with the first quarter, in line with our expectations, and continue to show resilience.

在中部大陸，我們在俄克拉荷馬州的專用土地上有 12 個鑽井平台在運行，並且正在進行一些項目以連接和優化該地區的資產。第二季天然氣加工量較第一季成長9%，符合我們的預期，並持續展現韌性。

Rocky Mountain region processing volumes averaged more than 1.6 Bcf per day in the second quarter of 2025, a 4% increase compared with the first quarter. We saw a ramp in well completions in the second quarter compared with the first quarter and expect the same level in the third quarter, reflecting the normal seasonality we see in this region. There are currently 15 rigs on our dedicated acreage. As Pierce and Walt noted, producers across our operations remain resilient, and the effectiveness they have gained in recent years are being highlighted in this environment.

2025 年第二季度，落磯山脈地區的加工量平均每天超過 16 億立方英尺，與第一季相比成長 4%。與第一季相比，第二季的油井完井數量增加，預計第三季也將維持相同的水平，這反映了該地區的正常季節性。目前我們的專用土地上有 15 台鑽孔機。正如皮爾斯和沃爾特所指出的，我們各業務部門的生產商仍保持著韌性，他們近年來所取得的成效在這種環境下得到了凸顯。

I'll close with our Natural Gas Pipeline segment, which continues to outperform compared with our guidance expectations. Approximately 75% of the outperformance is tied to legacy EnLink assets and our ability to optimize that system.

最後，我想談談我們的天然氣管道部門，該部門的表現繼續優於我們的指導預期。大約 75% 的優異表現與傳統的 EnLink 資產以及我們優化系統的能力有關。

As demand for natural gas continue to rise, particularly related to power generation and industrial demand, our footprint is uniquely positioned to meet that growth. And we're in active conversation with customers to support project developments through direct connections. We are also well positioned to benefit from increased demand tied to LNG exports in Louisiana.

隨著天然氣需求的持續增長，特別是與發電和工業需求相關的需求，我們的足跡具有獨特的優勢來滿足這一增長。我們正在積極與客戶溝通，透過直接聯繫支援專案開發。我們也將從路易斯安那州液化天然氣出口需求的成長中受益。

Pierce, that concludes my remarks.

皮爾斯，我的發言到此結束。

Thank you, Sheridan and Walt. I want to begin by thanking all of our employees. Their efforts and commitment to bringing together our assets, teams, and ideas is evident in the strength of our day-to-day operations and the solid results we continue to deliver.

謝謝你，謝裡丹和沃爾特。首先我要感謝我們所有的員工。他們為整合我們的資產、團隊和想法所做的努力和承諾，在我們日常營運的強勁表現和我們持續取得的堅實成果中得到了充分體現。

ONEOK remains well positioned in today's market environment to continue delivering long-term value to our stakeholders. With the strength of our balance sheet, stable and long-standing customer base, diversified earnings across our integrated value chain, and the dedication of our experience and innovation employees, we are focused on running our business efficiently and providing essential products and services that make a difference.

ONEOK 在當今的市場環境中仍佔據有利地位，能夠繼續為我們的利害關係人提供長期價值。憑藉我們強大的資產負債表、穩定而長期的客戶群、貫穿我們綜合價值鏈的多元化收益以及我們經驗豐富、富有創新精神的員工的奉獻精神，我們專注於高效運營業務並提供至關重要的產品和服務。

Just as important as what we do is how we do it with a steadfast commitment to safety, integrity, and responsibility. In that spirit, I'm pleased to share that our 17th annual corporate sustainability report will be published on our website this week. I encourage you to take a look and see the immeasurable progress we've made on our sustainability journey.

與我們所做的工作同樣重要的是我們如何堅定地致力於安全、誠信和責任。本著這種精神，我很高興地告訴大家，我們的第 17 份年度企業永續發展報告將於本週在我們的網站上發布。我鼓勵您看看我們在永續發展之路上的巨大進步。

Our workforce and operations have grown significantly in recent years. Our commitment to our core values never wavers. Together, we're delivering the energy that makes a difference in how we live, how we move, communicate, and learn across the US and around the world, a shared purpose that creates value for all of our stakeholders.

近年來，我們的員工隊伍和業務均顯著成長。我們對核心價值的承諾始終不動搖。我們共同提供能源，改變我們在美國和世界各地的生活、移動、溝通和學習方式，這是一個為所有利害關係人創造價值的共同目標。

Operator, we're now ready for questions.

接線員，我們現在可以回答問題了。

(Operator Instructions) Spiro Dounis, Citi.

（操作員指示）花旗銀行 Spiro Dounis。

First question, maybe to start with the 2026 outlook. I can certainly sympathize with the change in the environment since February. And Walt, I guess I'm curious how lean you described the revised outlook. I think you said mid- to high single digits.

第一個問題，也許從 2026 年的展望開始。我當然能夠體會到自二月以來環境的變化。沃爾特，我很好奇你對修訂後的前景的描述有多麼精簡。我認為您說的是中高個位數。

And if you could maybe just provide a little bit more color on how much of that growth is hardwired by either contractual volumes, synergies, cost savings -- in other words, things that don't necessarily rely on volume growth.

您是否可以更詳細地說明一下，這種成長有多少是由合約量、協同效應、成本節約等因素決定的——換句話說，這些因素並不一定依賴於產量成長。

This is Pierce. Let me take a shot at that first, and then I'll pass it to Walt to add some additional color. But I think you hit on it, which is when the volatility in the market spread differentials that have tightened in comparison to those that we used as assumptions that we use for that 2026 EBITDA outlook.

這是皮爾斯。讓我先嘗試一下，然後我會將它傳遞給 Walt 來添加一些額外的顏色。但我認為你已經理解了這一點，那就是當市場波動性利差與我們用於 2026 年 EBITDA 前景的假設相比有所收窄時。

As we said in the script, we continue to work with our producers and understand their '26 plans as well in a up and down commodity markets, especially related to oil prices. So given both of these factors, we did lower our '26 outlook by around 2% or that $200 million, as Walt said in his remarks.

正如我們在劇本中所說，我們將繼續與我們的製片人合作，了解他們在商品市場起伏不定（尤其是與油價相關的市場）中的「26」計劃。因此，考慮到這兩個因素，我們確實將 26 年的預期下調了約 2% 或 2 億美元，正如沃爾特在演講中所說的那樣。

I'll turn it over to him for a little bit more color on this as well.

我也會把它交給他，讓他對此做更詳細的說明。

Yeah, Spiro. The strength here in our 2026 outlook really comes from the fact that we have a number of projects that come on in 2026, including the refined products expansion. We'll start to see the ramp on West Texas LPG.

是的，斯皮羅。我們對 2026 年展望的優勢實際上來自於這樣一個事實：我們有許多項目將在 2026 年啟動，包括精煉產品擴建。我們將開始看到西德州液化石油氣產量的上升。

But more importantly, the connections of East and the -- some of the other connections between our refined products and NGL business. Those connections are expected to provide more of the incremental increase over 2025 than producer activity. So it's really a benefit from these ongoing synergies layering in and then producer activity on top of that.

但更重要的是，東部的聯繫以及我們的精煉產品和 NGL 業務之間的一些其他聯繫。預計到 2025 年，這些連接將比生產者活動帶來更多的增量。因此，這些持續的協同效應以及在此基礎上的生產者活動確實帶來了好處。

Great. That's helpful color. Second one, maybe just going to natural gas. Sheridan, like you said, seems to be a bright spot, especially now with these EnLink assets in there.

偉大的。這是很有幫助的顏色。第二個，也許只是使用天然氣。正如您所說，謝裡丹似乎是個亮點，尤其是現在有了 EnLink 資產。

And I guess I'm just curious, two-part question here. One, can you just give us a little bit more color on exactly what's driving that and if it becomes something ratable enough to maybe start including in the forward guidance?

我想我只是好奇，這裡有兩個問題。首先，您能否向我們詳細介紹推動此現象的具體因素，以及它是否具有足夠的可評估性，是否可以開始納入前瞻性指引？

And then you also mentioned data centers and AI power demand on the back of your comments there still in discussions. Just curious where you are maybe innings-wise in those discussions and when we should expect an announcement on that front.

然後您還提到了資料中心和人工智慧電力需求，您的評論仍在討論中。我只是好奇您在這些討論中處於什麼位置，以及我們什麼時候可以期待這方面的公告。

Well, I'll start with the AI on that and the data centers and the industrial man. Obviously, I think we're in discussions with over 30 different people. Obviously, not all of those are going to come to prove fruition. And we're at different levels.

好吧，我將從人工智慧、資料中心和工業人開始。顯然，我認為我們正在與 30 多位不同的人進行討論。顯然，並非所有這些都會實現。我們處於不同的層次。

But what we've learned through that is it's not done until it's done. But we are actively participating in some other we think are further along than others. But we've been in this business long enough that they can change on and on. So we're still very opportunistic about that.

但我們從中學到的是，事情不到最後都不算完成。但我們正在積極參與一些我們認為比其他項目更進一步的項目。但我們在這個行業已經待了很長時間，所以它們可以不斷改變。所以我們對此仍抱持著非常樂觀的態度。

On the industrial side, we have actually contract or some people over on the Mississippi River quarter, where we think we have a big advantage of having that last pipe in there. And that will start coming on over the next couple of years. And none of them are huge.

在工業方面，我們實際上已經與密西西比河地區的一些人簽訂了合同，我們認為在那裡擁有最後一條管道對我們具有很大的優勢。而這一趨勢將在未來幾年內開始顯現。而且它們都不是巨大的。

When you do enough of these little ones, they can make a pretty big difference. Then when we look at the EnLink assets, we just know as we continue to integrate and look at how by bringing a different mindset to their assets and looking at it differently and how we utilize those assets, we are starting to see some pretty big opportunities as you're seeing coming out.

當你做了足夠多這樣的小事時，它們就能帶來很大的改變。然後，當我們查看 EnLink 資產時，我們知道，隨著我們不斷整合，並研究如何透過以不同的思維方式看待他們的資產，以不同的方式看待它以及我們如何利用這些資產，我們開始看到一些相當大的機會，正如您所看到的那樣。

As we continue to grow, that -- some of that can be a little bit related to spread. Other ones are going to be volume, and we continue to -- the team continues to work on that and to bring more of it to a steady state that we can continue to project out over the next couple of years.

隨著我們的不斷發展，其中一些可能與傳播有一點關係。其他的將是數量，我們將繼續進行——團隊將繼續致力於此，並將其提升到穩定狀態，以便我們可以在未來幾年繼續進行預測。

So I think you'll see that in our guidance when we come out '26. But that's -- we've been very excited about the natural gas business. I think I said early on that we did put a whole lot of weight on the Louisiana side of the natural gas business. We bought EnLink. And as you can see from the numbers, it's really starting to perform.

所以我認為當我們推出 26 年指導時，您會在我們的指導中看到這一點。但那是——我們對天然氣業務感到非常興奮。我想我早就說過，我們確實非常重視路易斯安那州的天然氣業務。我們買了 EnLink。從數字中可以看出，它確實開始發揮作用。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

I know in the commentary, you described synergy capture picking up in the back half of '25. I was wondering if you could provide a bit more color on specific opportunities in how that, I guess, feeds into confidence in the guidance range. But any concrete examples there and what's coming together would be helpful.

我知道在評論中，您描述了協同效應在 25 年下半年的興起。我想知道您是否可以提供更多關於具體機會的詳細信息，我想這如何影響對指導範圍的信心。但任何具體的例子以及綜合起來的情況都會有所幫助。

Jeremy, it's Sheridan. So we bought the Easton assets in '24. We came out that we were going to be connecting our NGL assets at Mont Belvieu into the refining products assets that we bought from Magellan. And you're seeing that starting to come through. That's going to be done here at the end of this quarter, and that's going to do two things for us.

傑瑞米，我是謝裡丹。因此我們在 24 年收購了 Easton 資產。我們計劃將位於 Mont Belvieu 的 NGL 資產與我們從 Magellan 購買的煉油產品資產進行連接。而你會看到這一點開始顯現。這項工作將在本季末完成，這將為我們帶來兩件事。

That's going to create more volume for us. There'd be more NGL volumes to blend and also be able to reduce our cost to be able to blend, which even creates more value when you be able to plan if the spreads are there. So that's what you're seeing in the Easton assets.

這將為我們創造更多的銷售量。將會有更多的 NGL 量可供混合，同時也能夠降低我們的混合成本，當您能夠規劃價差時，這甚至可以創造更多價值。這就是您在 Easton 資產中看到的。

Also in the Easton assets, as you think about going into MVP and Galena Park, we'll be able to actually sell that product to some of our customers at that location, giving them a better product at that location, a better service offering. And obviously, they will move a lot more volume in there. So we're going to see some pickup in both blending and tariff as those assets come back on.

同樣在 Easton 資產中，當您考慮進入 MVP 和 Galena Park 時，我們將能夠將該產品實際銷售給該地點的一些客戶，為他們提供該地點更好的產品和更好的服務。顯然，他們會在那裡轉移更多的交易量。因此，隨著這些資產的回歸，我們將看到混合和關稅都有所回升。

Then as we look into 2026, we're also doing the same thing up in the Mid-Continent. We're connecting our Conway assets into our Mid-Continent refining assets. So once again, we can make sure we have the right amount of volume there when the blend opportunity is there.

展望 2026 年，我們也將在中部大陸做同樣的事情。我們正在將康威資產與中部大陸煉油資產連接起來。因此，我們可以再次確保在有混合機會時我們有適當的音量。

We can reduce the cost of getting that butane to that location, which allows us even to push it out further on our system. And these are the last big projects that we have of the blending aspect of the Magellan acquisition.

我們可以降低將丁烷運送到該地點的成本，這甚至可以讓我們在我們的系統中進一步推廣它。這些是我們在麥哲倫收購案融合方面最後的大型專案。

We've done other ones and put them in service. And if you remember in my comments, I said right now, in 2025, we're expecting record blend volume on our system. And 2026 will -- everything looks like we will beat that volume as well, the '25 volume in '26.

我們已經完成了其他工作並投入使用。如果您還記得我的評論，我現在說過，到 2025 年，我們預計我們的系統的混合量將創下紀錄。而 2026 年──一切看起來我們也會超過這個數量，也就是 2026 年的銷售量將超過 2025 年的銷售量。

Got it. That's helpful. And then I just want to pivot towards BridgeTex here. I was wondering if you could provide a bit more color on economics there and synergies as well? And will you be consolidating BridgeTex?

知道了。這很有幫助。然後我只想在這裡轉向 BridgeTex。我想知道您是否可以提供更多關於那裡的經濟和協同效應的資訊？您會合併 BridgeTex 嗎？

Well, Jeremy, we were opportunistic here. We had the opportunity to increase our holdings from 30% up to 60% at very attractive multiples compared to recent transactions in the marketplace.

好吧，傑里米，我們在這裡抓住了機會。與近期市場交易相比，我們有機會以非常有吸引力的倍數將持股比例從 30% 提高至 60%。

Given the connectivity to our Medallion assets, we really thought that that made a lot of sense to continue to get more of that business. No, we will not be consolidating it going forward because we still have a governance structure with our other partner there that keeps it more of a 50-50 type of governance.

考慮到與我們的 Medallion 資產的連結性，我們確實認為繼續獲得更多業務非常有意義。不，我們不會在未來對其進行合併，因為我們與那裡的另一個合作夥伴仍然保持著一種治理結構，這種治理結構更像是一種 50-50 類型的治理。

Theresa Chen, Barclays.

巴克萊銀行的 Theresa Chen。

Looking at the downstream side of things on NGLs, your largest competitor in Permian NGL infrastructure has publicly disparished the economics of new LPG export facilities. Do you care to respond to this? And how has the commercialization progress been for your JV Texas City terminal?

從 NGL 的下游方面來看，二疊紀 NGL 基礎設施的最大競爭對手已經公開貶低了新 LPG 出口設施的經濟性。您願意回應這個問題嗎？你們合資的德州城碼頭的商業化進展如何？

What I'd say is what we said earlier. We're not going to talk about infill contracts or whatever, but we have had a lot of interest in our dock going forward, and this is out in 2028. And the big reason for this interest is really our by far premium location outside of the Houston Ship Channel right next to -- an hour away, hour or two hours away from Buoy Zero. It's a much better logistic location.

我想說的就是我們之前說過的。我們不會談論填充合約或其他什麼，但我們對未來的碼頭非常感興趣，預計 2028 年將建成。引起人們這種興趣的主要原因是，我們地理位置優越，位於休士頓航道外，緊鄰零號浮標，距離航道僅一小時、一小時或兩小時車程。這是一個更好的物流地點。

So right now, we are seeing rates in line with what our estimated economics are. So we are still very excited about this project going forward.

因此，目前我們看到的利率與我們估計的經濟狀況一致。因此，我們仍然對這個專案的進展感到非常興奮。

Theresa, this is Pierce. The only thing I would add to that is if you look at the LNG exports, you look at the AI demand, that additional volume, whatever that number is going to be, whether or not that's 14 Bcf a day or higher, a significant amount of that is actually going to come with liquids.

特蕾莎，這是皮爾斯。我唯一想補充的是，如果你看看液化天然氣出口，看看人工智慧需求，額外的數量，無論這個數字是多少，不管是每天 140 億立方英尺還是更高，其中很大一部分實際上將以液體的形式出現。

And you can actually calculate how much liquids is going to come with that additional volume. And we do think there's going to be plenty of propane and butane out there to ship globally.

您實際上可以計算出該額外體積會帶來多少液體。我們確實認為將會有足夠的丙烷和丁烷可供全球運輸。

Very helpful. And looking at the volatility that we've seen year to date in commodity prices, would you expand a bit more on the activity and expectations you have on G&P volume by basin and what those conversations with your producers look like at this point?

非常有幫助。看看今年迄今大宗商品價格的波動，您能否進一步闡述您對盆地 G&P 產量的活動和預期，以及目前與生產商的對話情況？

Sure, Theresa. What I'd say is in the Bakken right now, our volumes are still looking to be in our guidance range. But overall, rig counts have stayed steady this past year and producers are continuing to drill the longer laterals, reducing -- which reduces the number of wells we need to connect to hold or grow our volumes.

當然，特蕾莎。我想說的是，目前在巴肯，我們的產量仍在我們的指導範圍內。但總體而言，去年鑽井數量保持穩定，生產商繼續鑽探更長的水平井，從而減少了我們需要連接的井的數量，以保持或增加我們的產量。

And year to date, we are in line with about 30% of well connects being 3-mile laterals. And we still continue to have very active discussions with producers of where they are and trying to wait and see where they come out, where they're going to be in 2026. But obviously, we've seen some pretty good ramp-up from first quarter to second quarter.

今年迄今為止，我們的井連接中約有 30% 是 3 英里長的水平井。我們仍在繼續與製片人進行非常積極的討論，了解他們的現狀，並等待觀察他們的成果以及 2026 年的走向。但顯然，我們看到從第一季到第二季出現了相當不錯的成長。

If we go down and look into Oklahoma, we're still seeing strong activity across our footprint, especially in the Cherokee formation. And you saw that we were up 9% from first quarter to second quarter. And we continue to benefit from bringing the EnLink and legacy ONEOK systems together and the synergies we're driving through there that helps us expand not only our footprint out there, but it will access some of our -- all of our capacity and our systems, especially (inaudible) our higher logistics capacity.

如果我們深入俄克拉荷馬州，我們仍然會看到我們足跡範圍內的強烈活動，特別是在切諾基地層。您會發現，從第一季到第二季度，我們的成長了 9%。我們繼續受益於將 EnLink 和傳統的 ONEOK 系統整合在一起，以及我們在那裡推動的協同效應，這不僅幫助我們擴大了在那裡的足跡，而且還將訪問我們的部分 - 所有容量和系統，特別是（聽不清楚）我們更高的物流容量。

And If you guys move to the Permian, we're seeing volume ramp to the second quarter. (inaudible) as we said last time, we're a little slow coming out of the gate, but we caught up pretty quickly. And that 1.6 Bcf, we're in line where we though we'd be at this time and continue to move forward.

如果你們轉向二疊紀，我們會看到產量在第二季上升。 （聽不清楚）正如我們上次所說的那樣，我們起步有點慢，但我們很快就趕上了。而這 16 億立方英尺的產量，我們目前處於預期的水平，並且將繼續向前發展。

There are a couple last rigs in the Midland right now, but the Delaware seems to really be ramping up. And honestly, we're moving in. That's we FIDed this new plant as well as some new expansion, low-cost expansion, out in the Delaware.

目前米德蘭只剩下最後幾座鑽井平台，但特拉華州的鑽井平台數量似乎正在增加。老實說，我們正在搬進來。這就是我們在德拉瓦州投資建造這個新工廠以及一些新的擴建計畫、低成本擴建計畫。

So out there, we see a very long runway for growth. So here, coming up pretty soon, we'll have the new expansions in the Midland, with that new plant coming down with (inaudible) dedication and borne from (inaudible) producers. And then here in 2027, we'll see the new Delaware plant coming online.

因此，我們看到了非常長的成長空間。因此，很快，我們將在米德蘭進行新的擴建，新工廠將在（聽不清楚）奉獻精神和（聽不清楚）生產商的支持下建成。到 2027 年，我們將看到新的特拉華工廠投入使用。

So even though we see lot of volatility in the market, the producers right now seem to be fairly steady.

因此，儘管我們看到市場波動很大，但目前的生產商似乎相當穩定。

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

Just wanted to ask another question on BridgeTex. Just wondering if you can discuss the performance of BridgeTex this quarter. And then obviously, you've increased your position there. So I wanted to get your view of the outlook for that pipeline over the next couple of years.

只是想問 BridgeTex 的另一個問題。只是想知道您是否可以討論 BridgeTex 本季的表現。顯然，你在那裡的地位已經提高了。所以我想了解一下您對未來幾年該管道前景的看法。

Michael, we continue to see the volume on that increase as we continue to go forward. Obviously, that it has -- that pipeline hit right into our East Houston facility. So it also feeds our downstream assets as well. We continue to see growth in crude oil volume out of the Permian, so we think they'll continue to lead to more volume on the system.

邁克爾，隨著我們不斷前進，我們看到這一數量不斷增加。顯然，那條管道直接通往我們位於休士頓東部的工廠。因此它也為我們的下游資產提供資金。我們持續看到二疊紀盆地原油產量的成長，因此我們認為這將繼續導致系統產量的增加。

And also, with us having a larger share, we also makes it more advantageous to us to direct our (inaudible) coming off of our field gathering to that system as well, where some of that volume was going down some other pipelines.

而且，由於我們擁有更大的份額，我們也更有利地將我們（聽不清楚）從現場收集出來的天然氣引導到該系統，其中一部分天然氣將流經其他管道。

So obviously, we wouldn't have increased our stake in there unless we were very excited about what we see going forward. And I think you're seeing the benefit of our integrated assets with the Magellan and EnLink crude systems together, being able to feed the pipeline of our choice and not just go into other third-party pipelines.

因此，顯然，除非我們對未來的發展感到非常興奮，否則我們不會增加在那裡的股份。我認為您已經看到了我們的整合資產與麥哲倫和 EnLink 原油系統相結合的優勢，能夠為我們選擇的管道供油，而不僅僅是進入其他第三方管道。

We capture more value, not only get it on our pipeline, as I said. But it also feeds that our East Houston and big crude oil distribution center where we get additional value downstream.

正如我所說，我們獲取了更多價值，而不僅僅是將其放在我們的管道上。但它也為我們的東休士頓和大型原油配送中心提供動力，讓我們在下游獲得額外的價值。

Got it. And then wondering if you can give us an update on West Texas LPG, where does volume utilization stand today? And how do you see the path filling that up? And is this latest processing front you announced part of that?

知道了。然後想知道您是否可以向我們提供有關西德克薩斯州液化石油氣的最新情況，目前的體積利用率如何？您認為這條路徑如何填補這一空缺？您宣布的最新處理前沿是其中的一部分嗎？

Michael, if you remember on that West Texas LPG, we contracted that with a base set of volumes that did not fill up the pipeline that gave us a nice rate of return. And we're continuing to hook up plants. It's coming online and delivering it as well.

邁克爾，如果你還記得西德克薩斯州的液化石油氣，我們簽訂了合同，規定了一定數量的基準量，這些量不會填滿管道，從而給我們帶來不錯的回報率。我們正在繼續連接植物。它即將上線並交付。

Obviously, as we bring on the shadow box plant that's moved out of (inaudible) into the Midland, that will add more long steel volume onto our NGL pipeline. The $70 million a day, $70 million, $75 million a day of low-cost expansions in the Delaware, we're adding more NGLs to the pipeline. And this new plant will also add more NGLs to the pipeline.

顯然，隨著我們將影子箱工廠從（聽不清楚）遷至米德蘭，這將為我們的 NGL 管道增加更多的長鋼產量。特拉華州的低成本擴建工程每天耗資 7,000 萬美元、7,000 萬美元、7,500 萬美元，我們正在向管道中添加更多的天然氣液體 (NGL)。這座新工廠也將向管道輸送更多的天然氣液體。

But we're also still in discussions with a lot of third-party plants to continue to contract them up as well. As we've said before, we think we have a pretty long runway with this very cheap capacity coming out of the Permian.

但我們仍在與許多第三方工廠進行討論，以繼續承包它們。正如我們之前所說，我們認為憑藉二疊紀盆地這種非常廉價的產能，我們的跑道相當長。

And then you add on that when we get the metro fractionator up, which is very low-cost ingofractionation capacity expansion. We continue to be able to not only maintain our market share out there, but grow not only on the G&P side, but on the NGL side.

然後，當我們啟動地鐵分餾塔時，您就可以將其添加到其中，這是非常低成本的分餾能力擴張。我們不僅能夠繼續保持我們的市場份額，而且不僅在 G&P 方面實現成長，而且在 NGL 方面也實現成長。

Jean Ann Salisbury, Bank of America.

美國銀行的 Jean Ann Salisbury。

Rigs have come down a bit in the Bakken. I was just wondering if you have a sense of whether producers are high grading to oilier acreage in the current environment or if you would actually expect gas to oil ratio to increase over the next year and offset perhaps some of the lower growth.

巴肯地區的鑽井數量減少。我只是想知道，您是否知道在當前環境下，生產商是否會將產量提高到油田產量較高，或者您是否真的預計明年天然氣與石油的比率會增加，並可能抵消部分較低的增長。

I think -- as we said, I think we always continue to see gas oil ratios continue to tick up as just naturally about the basins that will continue to happen.

我認為——正如我們所說的，我認為我們總是會看到油氣比率繼續上升，這是盆地的自然現象，這種情況將繼續發生。

We are with some consolidations up there. We are seeing some people making sure where they're going to drill and what they're going to go forward and where they're looking at it. And obviously, we're in conversations with that, but what really they drill and now takes more of a bigger impact into next year.

我們正在進行一些整合。我們看到一些人正在確定他們要在哪裡鑽探、要如何前進以及他們要去哪裡觀察。顯然，我們正在討論這個問題，但他們現在真正進行的鑽探將對明年產生更大的影響。

We're in the conversation with those. We continue to look forward; but some go down, some go up as we continue to go forward. But that's still very much a basin that a lot of the producers up there. It's a very key basin for them, and they're going to continue to want to play an active part in that area.

我們正在與這些人進行對話。我們繼續向前看；但隨著我們繼續前進，有些人走下坡路，有些人走上坡路。但那裡仍然是一個有很多生產商的盆地。對他們來說，這是一個非常重要的盆地，他們將繼續在該地區發揮積極作用。

That makes sense. And then obviously, one of the major synergies from the Magellan acquisition has been butane blending. I know this comes up on every call, but could you just give a little bit more detail on broadly how much of it is just recurring almost midstream revenue that wasn't there before and how much of it is a more volatile marketing spread that's based on the spread of pricing?

這很有道理。顯然，收購麥哲倫的一大綜效就是丁烷混合。我知道每次通話中都會出現這個問題，但您能否更詳細地說明一下，其中有多少是以前沒有的經常性中游收入，有多少是基於定價差價的更不穩定的營銷差價？

Well, what I would tell you is in 2025, we're -- you can see that we're not seeing the same level of spread that we saw in 2024. So that's having an impact. But what we have done is we've been able to make up quite a bit of that by blending a lot more volume.

好吧，我想告訴你的是，到 2025 年，你會發現，我們所看到的蔓延程度將不會像 2024 年那樣。所以這會產生影響。但我們所做的是，透過混合更多的量，我們已經能夠彌補相當多的損失。

And that's because the synergy projects are coming online. As we've talked before, we can we can ship product up our pipelines. We can -- instead of trucking it, we can move it on pipeline. That's what you're seeing or going to see with the NGL connectivity between Conway and the RPC Mid-Continent assets.

這是因為協同項目正在上線。正如我們之前所討論的，我們可以透過管道運送產品。我們可以用管道運輸，而不是用卡車運輸。這就是您在康威 (Conway) 和 RPC 中部大陸 (RPC Mid-Continent) 資產之間的 NGL 連接中所看到或將要看到的。

The Easton assets, all that's bringing that in. Some of that already started earlier, some started today. So I would say most of the spread compression we've seen, we're going to make up volume, which gives you a great option. As long far as spreads continue to widen, you'll see an upside in earnings when those spreads are more at a wider level.

伊斯頓的資產，所有這些都帶來了這一點。有些活動早些時候就已經開始，有些活動今天就開始了。所以我想說，我們所看到的大多數價差壓縮，我們都會彌補交易量，這給你一個很好的選擇。只要利差繼續擴大，當利差處於更大水平時，你就會看到收益上升。

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

I just wanted to go back and check on the Delwaare basin JV. I think you close out the remaining 49.9% for $940 million. Can you talk about the benefits of this transaction at this point of time?

我只是想回去檢查一下德爾瓦盆地合資企業的狀況。我認為你以 9.4 億美元的價格賣出剩餘的 49.9%。能談談目前這筆交易的好處嗎？

Sure. Well, we clearly have a strong interest in growing our Delaware position. We made a move there announced on this call, so adding another plant in the Delaware. So it made a lot of sense to go ahead and buy in that joint venture partners piece.

當然。嗯，我們顯然對擴大我們在特拉華州的地位有著濃厚的興趣。我們在這次電話會議上宣布了這項舉措，即在特拉華州增加另一家工廠。因此，繼續購買合資夥伴的股份是非常有意義的。

I think clearly, we didn't expect to do it quite as quickly as we did, but the joint venture partner was ready to move on, be private equity. They've been in it for quite some time. So we went ahead and did that bond at an attractive multiple.

我認為，顯然我們並沒有期望這麼快就做到這一點，但合資夥伴已準備好繼續前進，成為私募股權。他們已經在這裡面待了相當長一段時間了。因此，我們繼續以有吸引力的倍數發行了該債券。

And it now gives us the flexibility to grow that business, making our own decisions, allocating capital where we want to, when we want to, how we want to. So it's really enhanced our flexibility, built the business, and set the platform for growth going forward.

現在，它使我們能夠靈活地發展業務，做出自己的決定，在我們想要的時間、地點和方式分配資本。因此，它確實增強了我們的靈活性，建立了業務，並為未來的成長奠定了平台。

And I'm sorry for asking this. There's a minute of silence on my phone for some reason. I'm having technical difficulties, if somebody has already asked this. Can you talk about the Elk Creek pipeline expansion? Is it still scheduled? And when should we expect that to help for full capacity?

我很抱歉問這個問題。不知為何，我的手機沉默了一分鐘。如果有人已經問過這個問題，那麼我遇到了技術困難。您能談談 Elk Creek 輸油管擴建的情況嗎？還安排好嗎？我們什麼時候應該期望它能夠幫助實現全部產能？

The Elk Creek pipeline expansion is fully -- it's done. It's completed. And we are at over 400,000 barrels a day -- I think 435,000 barrels a day is the capacity on the Elk Creek pipeline. And if you combine that with the Bakken pipeline, we're at 575,000 barrels a day. So that project is completed. We're completely done.

Elk Creek 輸油管擴建工程已全面完成。完成了。我們的日產量超過 40 萬桶——我認為 Elk Creek 輸油管的日產量為 43.5 萬桶。如果加上巴肯管道，我們的日產量將達到 575,000 桶。這樣那個專案就完成了。我們已經徹底完成了。

Keith Stanley, Wolfe Research.

基斯‧史丹利（Keith Stanley），沃爾夫研究公司。

I want to start with a clarification question. So Walt, you said Q2 sequential growth was in line with your expectations. I think you said Q1 was in line as well. So would you say the midpoint of 2025 EBITDA guidance range is still the base case? And what needs to happen to get there?

我想先澄清一個問題。所以沃爾特，你說第二季的連續成長符合你的預期。我認為您說 Q1 也符合要求。那麼您是否認為 2025 年 EBITDA 指導範圍的中點仍然是基準情況？為了達到這個目的需要做些什麼呢？

This is Pierce. We still see the path to our midpoint. There's two keys to that. We've talked a lot today about spreads. So one of those keys for us to get to that midpoint, maybe even exceed it, is to have some widening of those spreads, especially in our refined products business.

這是皮爾斯。我們仍然看到通往中點的道路。有兩個關鍵點。今天我們討論了很多有關價差的問題。因此，對我們來說，達到甚至超過這個中間點的關鍵之一就是擴大這些利差，特別是在我們的成品油業務中。

And as you know, I mean, when crude oil is down, it also affects the RBOB pricing. So it squeezes that spread between the butane and RBOB. And then also, just making sure that our producers continue to execute on their 2025 drilling plants. We think that's in line. We think that's going to continue to happen.

如你所知，當原油價格下跌時，它也會影響 RBOB 定價。因此它會擠壓丁烷和 RBOB 之間的空間。然後，也要確保我們的生產商繼續執行他們的 2025 年鑽井工廠計畫。我們認為這是符合的。我們認為這種情況將會繼續發生。

Walt, do you have add anything to add to that?

沃特，你還有什麼要補充的嗎？

No, I think that's absolutely right. We see a clear path that we could get there, but there's also obviously some volatility in the marketplace with crude prices bouncing around. So we need a couple of things to fall in the right direction, but we're cautiously optimistic.

不，我認為這是絕對正確的。我們看到了實現這一目標的清晰途徑，但隨著原油價格的波動，市場顯然也存在一些波動。因此，我們需要一些事情來朝著正確的方向發展，但我們持謹慎樂觀的態度。

Okay. My second question, I wanted to ask on the LPG export facility. Can you give a sense of how contracted that capacity is at this point and what you're seeing as far as market pricing for LPG exports right now? One of your competitors had a somewhat bearish tone the other day.

好的。我的第二個問題是關於液化石油氣出口設施的問題。您能否介紹一下目前液化石油氣出口產能的收縮情況以及目前看到的液化石油氣出口市場價格？前幾天，你的一個競爭對手的語氣有些悲觀。

As I said earlier today, we haven't and won't talk about contracts or what we're doing on that side of it for those competitive reasons. What I would say is due to our premier location and everything else, we're still seeing rates in line with our economics of when we have FIDed this project. So I know there's a lot of retro ground there, but we definitely think our locations, why we went down there, has really given us an advantage.

正如我今天早些時候所說的那樣，出於競爭原因，我們沒有、也不會談論合約或我們在這方面所做的事情。我想說的是，由於我們優越的地理位置和其他所有因素，我們看到的利率仍然符合我們最終確定該項目時的經濟狀況。所以我知道那裡有很多復古的地方，但我們確實認為我們的位置，以及我們去那裡的原因，確實給了我們優勢。

Brandon Bingham, Scotiabank.

布蘭登‧賓厄姆，加拿大豐業銀行。

I just wanted to ask on CapEx -- on the CapEx front in light of the FID of the processing plant. How much of that, if any, is going to be hitting 2025? And then just how we should think about '26 versus '25 growth spend?

我只是想問一下資本支出——就加工廠的最終投資決定 (FID) 而言的資本支出方面的問題。如果有的話，其中有多少會達到 2025 年？那我們該如何看待 26 年與 25 年的成長支出呢？

Yeah, very little of it is going to really be hitting '25. I don't know when we'll start construction. But given where we are in the year, you'll definitely see a bigger spend in '26 than you would in '25. The CapEx, we'll give our guidance as we come out in February.

是的，其中只有極少數能夠真正達到 25 的水平。我不知道我們什麼時候開始施工。但考慮到我們今年的狀況，你肯定會看到26年的支出比25年更大。對於資本支出，我們將在二月公佈指導。

But I think consistent with what we've said in the past, we've got a bunch of larger projects rolling off here in '26, Medford project. Spend will start winding down. Our Colorado refined products project will come to completion. So we'll see CapEx starting to trail downward a little bit in that '26 period and forward.

但我認為，與我們過去所說的一致，我們在 26 年有很多大型計畫正在啟動，例如梅德福計畫。支出將開始減少。我們的科羅拉多州精煉產品計畫即將完工。因此，我們會看到資本支出在 26 年期間及以後開始略有下降。

Okay. That's helpful. And then maybe a roundabout way of looking at synergies. You've discussed some of the bigger things as far as the Easton system and the integration plays there. But just curious if there's any maybe more single/doubles things that aren't being highlighted that you're seeing could stack up and really drive some of that significant capture that you're discussing year over year?

好的。這很有幫助。然後也許可以以一種迂迴的方式看待綜效。您已經討論了有關 Easton 系統及其整合功能的一些較大的問題。但我只是好奇，是否還有更多沒有被強調的單打/雙打的事情，您認為這些事情可能會累積起來並真正推動您逐年討論的一些重要捕獲？

Absolutely. We're seeing a lot of that. We -- from all three of the acquisitions. We've talked about some of those publicly about how even with Magellan, we were willing to spend a little more capital on some smaller projects that had high return but not guaranteed returns on that. They're very high.

絕對地。我們看到了很多這樣的情況。我們——從所有三次收購中獲得。我們曾公開談論其中一些問題，即使有了麥哲倫，我們也願意在一些回報較高但無法保證回報的小型專案上投入更多資金。它們非常高。

Those have been in place and are doing quite well. But ones you get to Magellan and EnLink, we've had synergies between the two, EnLink and Magellan, by disconnecting those two systems out in the Midland, where we now have trucks -- crude trucks that were driving past an EnLink station to get to a Medallion station or driving past the Medallion station get to an EnLink station.

這些措施已經到位，並且運作良好。但當您使用 Magellan 和 EnLink 時，我們透過在米德蘭斷開這兩個系統，實現了 EnLink 和 Magellan 之間的協同作用，現在我們的卡車——簡陋的卡車可以駛過 EnLink 站到達 Medallion 站，也可以駛過 Medallion 站到達 EnLink 站。

So we've reduced those costs being able to come down. We've been -- some of the things we do, just a different mindset. We're buying more of the product on the Medallion system to be able to feed and build our other pipelines. Our long-haul pipelines were part of the Magellan acquisition to get out into our East Houston terminal where we have a big distribution system going out and also have an export dock down that area, continue to grow that in the EnLink legacy and the G&P.

因此，我們降低了這些成本。我們一直在做某些事情，只是心態不同。我們正在透過 Medallion 系統購買更多產品，以便能夠供應和建造我們的其他管道。我們的長途管道是麥哲倫收購項目的一部分，該項目將延伸至我們的東休士頓終端，我們在那裡擁有一個大型配送系統，並且在該地區還有一個出口碼頭，並將繼續在 EnLink 遺產和 G&P 中發展這一管道。

We're up in the mid-comp -- those assets are sitting a lot on top of each other. We've already had a lot of success where EnLink may have a contract that a well comes up that's a long ways away from them. That would take a lot of extra capital to get there.

我們處於中期競爭中——這些資產彼此重疊。我們已經取得了許多成功，EnLink 可能簽訂了一份合同，而該合約中出現的油井距離他們很遠。要實現這一目標需要大量額外資本。

If it even could be economical and the legacy ONEOK system was close by that they could hook that system in there and get very attractive rates. We've been able to hide the systems together to open up more capacity that we don't have to spend any additional capital, and that makes you more competitive in the marketplace to be able to access more of it going forward.

如果它甚至可以經濟實惠，並且傳統的 ONEOK 系統就在附近，那麼他們就可以將該系統連接到那裡並獲得非常有吸引力的價格。我們能夠將系統隱藏在一起以釋放更多容量，而無需花費任何額外的資本，這使您在市場上更具競爭力，從而能夠在未來獲得更多的資源。

So yeah, there's a long list. There's actually probably more little singles and doubles than the big ones. It's just that they're the same thing, and they're down to the minutia. But I think you can see by our -- what we've been able to do with these assets in our results that we are getting a large share of the synergies.

是的，名單很長。實際上，小單打和雙打的數量可能比大單打和雙打的數量還多。只不過，它們都是同一件事，而且都細緻到細節。但我想您可以從我們的業績中看到，我們利用這些資產所取得的成果，為我們帶來了巨大的綜效。

Sunil Sibal, Seaport Global Securities.

Sunil Sibal，Seaport Global Securities。

Couple of clarifications. Starting off on the blending side of things, I know you talked about good visibility to the volumes in Q4 and 2026. Could you talk a little bit about your hedging strategy or how much of those margins in those blending operations are hedged as of now? And how does that compare to previous years?

幾點澄清。從混合方面開始，我知道您談到了第四季度和 2026 年銷售的良好可見性。您能否稍微談談您的對沖策略，或者到目前為止這些混合操作中的利潤有多少被對沖了？與前幾年相比如何？

Typically, we don't talk about, for competitive reasons, how much we have hedged. I would say we're in line where we were last year at this time on the hedging activity. We're very opportunistic on that.

通常，出於競爭原因，我們不會談論我們已經對沖了多少。我想說，我們的對沖活動與去年同期的水平一致。我們對此抱持著很大的機會。

One of the -- from the last question, one of the synergies that we have with Magellan is that because of our access to normal butane, we don't have to lock it in when we buy the normal butane to lock the spread. And we can be more opportunistic and see when the normal RBOB spreads at a level that we like, then we can lock it in.

從上一個問題開始，我們與麥哲倫的協同效應之一是，由於我們可以獲得正丁烷，因此我們在購買正丁烷時不必將其鎖定以鎖定價差。我們可以更抓住機會，看看正常的 RBOB 何時會傳播到我們喜歡的水平，然後我們就可以將其鎖定。

Because with our NGL assets, we got to have butane on demand. So whenever our lenders see the time to build, they can just call our NGL. They'll get the butane from there so the RBOB against to continue to go forward.

因為有了我們的 NGL 資產，我們就可以按需獲得丁烷。因此，每當我們的貸款人看到建造時機時，他們只需致電我們的 NGL。他們會從那裡獲取丁烷，以便 RBOB 能夠繼續前進。

So we can be very opportunistic on that. Just overall, the spreads have been a lot narrower where they were last year. We still have the opportunity this year to be able to store product, go from -- so we don't have to sell it right when we blend it.

因此我們可以抓住機會。整體而言，利差比去年縮小了許多。今年我們仍然有機會儲存產品，這樣我們就不必在混合時出售。

Right when we actually make the blend, we can look out forward and see if there's another time to sell at that time to continue to go forward. So we still have all those opportunities as we can go forward that we've had last year. And like I said, we're in line with where we were last year on hedging that.

當我們真正進行混合時，我們可以展望未來，看看是否還有另一個時間可以出售以繼續前進。因此，我們仍然擁有去年所擁有的所有機會，可以繼續前進。正如我所說的，我們在對沖方面與去年的水平一致。

One thing I would add is that we've spent a lot of time talking about spreads here on this call. I think it's important to put them in context. I mean we're talking about maybe $100 million or $200 million on $8 billion-plus. So we're talking about 2% variability.

我想補充一點，我們在這次電話會議上花了很多時間討論利差問題。我認為把它們放在上下文中很重要。我的意思是，我們談論的可能是 80 多億美元中的 1 億美元或 2 億美元。所以我們討論的是 2% 的變化。

It's just when you get to a midpoint, that's putting a pin in a number, a very large number. So variability on our overall earnings of any of these spread relationships is really immaterial. It's just the noise at the end of the spear.

當你到達一個中點時，就會得到一個數字，一個非常大的數字。因此，任何這些利差關係對我們的整體收益的影響實際上並不重要。這只是長矛末端的聲音。

Okay. And then on the new processing plant that you've sanctioned in Permian, I think you mentioned $365 million or so of related to that. So that's on building the plant and the related infrastructure, also to fill up that plant. And then how should we be thinking about economics on that?

好的。然後關於您批准在二疊紀建造的新加工廠，我想您提到了與此相關的約 3.65 億美元。因此，這是為了建造工廠和相關基礎設施，也是為了填滿工廠。那我們該如何從經濟學角度來思考這個問題呢？

Obviously, with your integrated footprint, the economics improve. But if you think about on a standalone basis, how should we be thinking about economics on that investment?

顯然，隨著您的綜合足跡的出現，經濟效益將會提高。但如果從獨立的角度來考慮，我們該如何看待這項投資的經濟效益？

The $365 million is for the cryo plant which includes residue compression and things at the plant as well as a large CO2 treater. Because in that area, we're seeing more and more CO2 in the Delaware coming out that needs to be treated. That's an important part.

這 3.65 億美元用於低溫工廠，其中包括殘留物壓縮和工廠內的設備以及大型二氧化碳處理器。因為在那個地區，我們看到特拉華州排放的二氧化碳越來越多，需要處理。這是一個重要的部分。

So we're putting in not just the cryo and the compression there at the plant, but also the also CO2 as well. treat. There will be obviously -- there will be additional capital that will be spent in routine growth for hooking up wells and stuff like that, but we have that throughout our system. That's our continual process we go through (inaudible)

因此，我們在工廠中不僅引進了低溫和壓縮技術，還引進了二氧化碳處理技術。顯然，我們會有額外的資金用於常規成長，例如連接油井等，但我們的整個系統都有這些資金。這是我們不斷經歷的過程（聽不清楚）

Okay. And then returns-wise, anything to highlight there?

好的。那麼從回報方面來說，有什麼需要強調的嗎？

Could you repeat that, sorry?

抱歉，您能再說一次嗎？

Yeah. So I was wondering, when you think about return on that investment in that processing plant, obviously, you've got integrated economics. But I was curious just on the processing side, how are returns on these investments stack up?

是的。所以我想知道，當你考慮到該加工廠的投資回報時，顯然你已經獲得了綜合經濟學。但我很好奇，僅從處理方面來看，這些投資的報酬率如何？

We don't ever get into the specific returns on a particular asset. But I think you touched on the key point there is that the benefit of having the unlinked business as part of the ONEOK overall business is that we get the integrated value all the way from the field throughout our value chain. So incrementally is quite profit.

我們從未深入探討某項特定資產的具體回報。但我認為您觸及了關鍵點，將非關聯業務作為 ONEOK 整體業務的一部分的好處是，我們可以從整個價值鏈的現場獲得綜合價值。所以增量是相當可觀的利潤。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Just a quick one, if I could. As it relates to the 2026 outlook, would you be able to share any color on commodity price expectations to underpin that backdrop there? And is it on the strip in current spreads or any other color you could provide?

如果可以的話，我只想快速說一句。就 2026 年展望而言，您能否分享一些有關大宗商品價格預期的信息，以支撐這一背景？它是以當前跨頁形式出現在條帶上，還是您能提供其他顏色？

Yeah. Sure, Jeremy. We don't want to set a precedent be double dipping here, but we'll miss thing. Basically, the update we gave you adjusting that down 2% of the $200 million was bringing it to current market. So it's -- as we look through that in that $65, $66 crude range.

是的。當然，傑里米。我們不想在這裡開創雙重浸染的先例，但我們會錯過一些事情。基本上，我們向您提供的更新是將 2 億美元下調 2%，使其達到當前市場水平。因此 — — 當我們觀察原油價格在 65 美元至 66 美元範圍內。

And with that, ladies and gentlemen, we'll be concluding today's question-and-answer session. I'd like to turn the floor back over to Megan Patterson for closing remarks.

女士們、先生們，今天的問答環節就到此結束。我想把發言權交還給梅根·帕特森 (Megan Patterson) 來做最後發言。

Thank you, Jamie. Our quiet period for the third quarter starts when we close our books in October and extends until we release earnings in late October. We'll provide details for that conference call at a later date. As always, our IR team will be available throughout the day for any follow-ups.

謝謝你，傑米。我們的第三季靜默期從十月份結帳時開始，一直延續到十月下旬發布收益。我們將稍後提供該電話會議的詳細資訊。與往常一樣，我們的 IR 團隊將全天提供後續服務。

Thank you, everyone, for joining, and have a good day.

謝謝大家的參與，祝大家有個愉快的一天。

And ladies and gentlemen, with that, we'll conclude today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.

女士們、先生們，今天的電話會議和演講就到此結束。我們非常感謝您的加入。現在您可以斷開線路了。