歐尼克 (OKE) 2025 Q3 法說會逐字稿

Good morning, everyone, and welcome to ONEOK's third-quarter 2025 earnings conference call. (Operator Instructions)

各位早安，歡迎參加 ONEOK 2025 年第三季財報電話會議。（操作說明）

With that, it is my pleasure to turn the program over to Ms. Megan Patterson, Vice President, Investor Relations. Please go ahead, ma'am.

接下來，我很高興將節目交給投資者關係副總裁梅根·帕特森女士。請便，女士。

Thank you, Bo. 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.

謝謝你，博。我們在昨天市場收盤後發布了盈利報告和演示文稿，這些材料可以在我們的網站上找到。在我們發言結束後，管理階層將回答各位的問題。

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

本次電話會議中所做的可能包含 ONEOK 的預期或預測的聲明應被視為前瞻性聲明，並受 1933 年和 1934 年證券法安全港條款的保護。實際結果可能與前瞻性聲明中預測的結果有重大差異。有關可能導致實際結果出現差異的因素的討論，請參閱我們向美國證券交易委員會提交的文件。

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

接下來，我將把電話交給總裁兼執行長皮爾斯·諾頓。

Thanks, Megan. Good morning, everyone, and thank you for joining us today. On today's call is Walt Hulse, the Chief Financial Officer, Treasurer and Executive Vice President, Investor Relations and Corporate Development; and Sheridan Swords, the Executive Vice President and Chief Commercial Officer. Also on the call are Kevin Burdick, Executive Vice President, Chief Enterprise Service Officer; and Randy Lentz, the Executive Vice President and Chief Operating Officer.

謝謝你，梅根。各位早安，感謝大家今天收看我們的節目。今天參加電話會議的有：財務長、財務主管兼投資者關係和企業發展執行副總裁沃爾特·赫爾斯；以及執行副總裁兼首席商務官謝裡丹·斯沃茲。參與電話會議的還有執行副總裁兼首席企業服務長凱文·伯迪克，以及執行副總裁兼營運長蘭迪·倫茨。

Yesterday, we announced higher third-quarter results and affirmed our 2025 net income and adjusted EBITDA guidance ranges. We also reaffirmed our expectation to recognize approximately $250 million of synergy-related adjusted EBITDA in 2025. Our third-quarter adjusted EBITDA increased 7% compared to the second quarter, once again highlighting the sequential progression of earnings we anticipated this year. Compared with the first quarter of 2025, adjusted EBITDA has increased approximately 20%, driven by volume growth across our operations, steady demand for our services, and the consistent execution of acquisition-related integration strategies by our employees.

昨天，我們公佈了第三季業績成長，並確認了 2025 年淨收入和調整後 EBITDA 的預期範圍。我們也重申了我們預計在 2025 年確認約 2.5 億美元的綜效相關調整 EBITDA。與第二季相比，我們第三季調整後的 EBITDA 成長了 7%，再次凸顯了我們今年預期的獲利連續成長。與 2025 年第一季相比，調整後的 EBITDA 成長了約 20%，這得益於我們各項業務的銷售成長、對我們服務的穩定需求，以及我們員工持續執行與收購相關的整合策略。

We believe that ONEOK's long-term market value will be driven by our strong fundamentals, contiguously integrated assets, and consistent results from our diversification efforts. Key among these catalysts are ONEOK's significant operating leverage, contiguously integrated assets, synergy earnings with the majority being within our control, and our financial strength and flexibility. So let's start with the operating leverage.

我們相信，ONEOK 的長期市場價值將由我們強大的基本面、連續整合的資產以及多元化努力帶來的持續成果所驅動。這些關鍵催化劑包括 ONEOK 的顯著營運槓桿、連續整合的資產、大部分由我們控制的綜效收益，以及我們的財務實力和靈活性。那麼，我們先從經營槓桿說起。

We've either recently completed, or are nearing completion on projects that will add nearly 600,000 barrels per day of NGL pipeline, more than 200,000 barrels a day of fractionation capacity, more than 550 million cubic feet per day of Permian Basin natural gas processing capacity, and an expandable refined products capacity to the growing Denver market. All of these projects are either complete or are expected to be completed within the next year and a half. This operating leverage is a key differentiator for ONEOK, providing the ability to capture significant earnings uplift with limited incremental investments. Our contiguously integrated assets, including our extensive NGL product system provides strategic connectivity and growth opportunities.

我們最近已經完成或即將完成的項目將為不斷增長的丹佛市場增加近 60 萬桶/天的 NGL 管道輸送能力、超過 20 萬桶/天的分餾能力、超過 5.5 億立方英尺/天的二疊紀盆地天然氣加工能力以及可擴展的成品油產能。所有這些項目要么已經完成，要么預計將在未來一年半內完成。這種營運槓桿是 ONEOK 的關鍵差異化優勢，使公司能夠在有限的增量投資下獲得顯著的收益提升。我們連貫整合的資產，包括我們廣泛的天然氣凝液產品系統，提供了策略連結和成長機會。

Regarding acquisition-related synergies, we remain on track to realize approximately $250 million of incremental synergies in 2025. By the end of this year, we will have realized nearly $500 million of synergies since closing the Magellan acquisition in September 2023, far exceeding our original expectation. We continue to see meaningful synergy opportunities ahead across all of our acquisitions with the majority of these completely within our control and not dependent on commodity prices. Finally, our financial flexibility, strengthens our position and is the cornerstone of ONEOK's business. A strong balance sheet and an intentional and disciplined approach to capital allocation, and cash flow generation continue to support our ability to generate long-term value for shareholders.

關於收購相關的綜效，我們仍有望在 2025 年實現約 2.5 億美元的增量綜效。到今年年底，自 2023 年 9 月完成對 Magellan 的收購以來，我們將實現近 5 億美元的協同效應，遠遠超出我們最初的預期。我們持續看到所有收購案都蘊藏著有意義的綜效機會，其中大部分完全在我們掌控之中，不受大宗商品價格的影響。最後，我們的財務靈活性增強了我們的地位，也是 ONEOK 業務的基石。穩健的資產負債表以及有意識、有紀律的資本配置和現金流創造方式，持續支撐著我們為股東創造長期價值的能力。

Our established and stable customer base includes some of the largest and most well-capitalized producers, refiners and downstream customers. Our combination of demand pull and supply push earnings, and our longstanding customer relationships provide resilience through different cycles. ONEOK's strong fundamentals and integrated assets position us well to navigate near-term challenges and continue delivering results for investors and customers.

我們擁有穩定且成熟的客戶群，其中包括一些規模最大、資金最雄厚的生產商、煉油商和下游客戶。我們憑藉著需求拉動和供應推動相結合的獲利模式，以及與客戶建立的長期合作關係，在不同的經濟週期中保持了韌性。ONEOK 強大的基本面和綜合資產使我們能夠很好地應對近期挑戰，並繼續為投資者和客戶創造業績。

I'll now turn over the call to Walt and Sheridan to provide the financial and commercial updates.

現在我將把電話交給沃爾特和謝裡丹，讓他們提供財務和商業方面的最新情況。

Thank you, Pierce. Third-quarter 2025 net income totaled $940 million or $1.49 per share, a 10% increase compared with the second quarter. Third-quarter adjusted EBITDA totaled $2.12 billion, which included $7 million of one-time transaction costs. The acquired EnLink and Medallion assets delivered nearly $470 million in adjusted EBITDA during the third quarter, continuing their meaningful contribution to year-over-year earnings growth. Additionally, we benefited from higher volumes in our natural gas liquids and natural gas gathering and processing segments.

謝謝你，皮爾斯。2025 年第三季淨利總計 9.4 億美元，即每股 1.49 美元，較第二季成長 10%。第三季調整後 EBITDA 總計 21.2 億美元，其中包括 700 萬美元的一次性交易成本。收購的 EnLink 和 Medallion 資產在第三季帶來了近 4.7 億美元的調整後 EBITDA，繼續為年比獲利成長做出重大貢獻。此外，我們的天然氣液化產品和天然氣收集加工業務的銷售也大幅成長，從中受益。

During the quarter, we repurchased more than 600,000 shares of common stock and retired more than $500 million in senior notes through a combination of scheduled maturities and repurchases. Year to date, we've extinguished over $1.3 billion in senior notes through maturity repayments and repurchases. This combination of share repurchases and debt management reflect our commitment to a balanced capital allocation approach that utilizes multiple available channels to create shareholder value. Our long-term leverage target remains at 3.5 times, which we expect to approach in the fourth quarter of 2026 on a run rate basis. With yesterday's earnings announcement, we affirmed our 2025 net income guidance range of $3.17 billion to $3.65 billion and adjusted EBITDA guidance range of $8 billion to $8.45 billion, which as a reminder, excludes the impact of one-time transaction costs.

本季度，我們透過到期和回購相結合的方式，回購了超過 60 萬股普通股，並註銷了超過 5 億美元的高級票據。今年迄今為止，我們已透過到期償付和回購方式清償了超過 13 億美元的優先票據。股票回購和債務管理相結合，體現了我們對平衡資本配置方法的承諾，即利用多種可用管道創造股東價值。我們的長期槓桿目標仍為 3.5 倍，我們預計按運行率計算，該目標將在 2026 年第四季接近。在昨天的獲利公告中，我們確認了 2025 年淨利潤預期範圍為 31.7 億美元至 36.5 億美元，調整後 EBITDA 預期範圍為 80 億美元至 84.5 億美元，需要提醒的是，該預期不包括一次性交易成本的影響。

Year to date, transaction costs included in adjusted EBITDA have totaled $59 million. We continue to expect our total capital expenditures, including growth and maintenance capital to be in the range of $2.8 billion to $3.2 billion in 2025. As we finish out the year, we remain focused on capturing additional synergies and operational efficiencies with approximately $250 million in synergy contributions expected for 2025. As discussed last quarter, we don't expect to pay meaningful cash taxes until 2029, which is a year later than we previously anticipated. Additionally, we expect our cash tax rate in 2029 to be below the full 15% corporate alternative minimum tax rate, which is also less than our historical expectations.

今年迄今為止，計入調整後 EBITDA 的交易成本總計為 5,900 萬美元。我們預計到 2025 年，包括成長和維護資本在內的總資本支出將在 28 億美元至 32 億美元之間。在這一年即將結束之際，我們將繼續專注於獲取更多綜效和營運效率，預計到 2025 年將實現約 2.5 億美元的綜效貢獻。正如上個季度所討論的，我們預計到 2029 年才會繳納實質的現金稅款，比我們之前預期的晚了一年。此外，我們預計 2029 年的現金稅率將低於 15% 的企業替代最低稅率，這也低於我們以往的預期。

Since The One Big Beautiful Bill, we now expect to pay more than $1.5 billion less in cash taxes over the next five years, and the corresponding increase in expected free cash flow supports our continued flexibility for capital allocation in the years ahead.

自從《一項偉大的法案》出台以來，我們預計未來五年將少繳納超過 15 億美元的現金稅款，而預期自由現金流的相應增加也支持我們在未來幾年繼續靈活地進行資本配置。

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

現在我將把電話交給謝裡丹，請他帶來最新的商業動態。

Thank you, Walt. Starting with the natural gas liquids segment. Total NGL raw feed throughput volumes increased compared with the second quarter, driven by higher volumes in the Permian Basin and Rocky Mountain region. Rocky Mountain region volumes averaged more than 490,000 barrels per day, another record for the region and a 5% increase compared with the second quarter, driven by higher propane plus volume and continued strength in ethane recovery. Gulf Coast Permian NGL volumes averaged nearly 570,000 barrels per day during the third quarter, and 8% increase compared with the second quarter driven by the continued ramp-up of newly contracted volumes.

謝謝你，沃特。首先從天然氣液化領域開始。與第二季相比，NGL 原料總進料量增加，主要原因是二疊紀盆地和洛磯山脈地區的進料量增加。落基山脈地區的日均產量超過 49 萬桶，再次刷新該地區的紀錄，比第二季度增長了 5%，這主要得益於丙烷加產量的增加和乙烷回收率的持續強勁增長。第三季度，墨西哥灣沿岸二疊紀盆地天然氣凝液產量平均接近每天 57 萬桶，比第二季度增加 8%，這主要得益於新簽約的產量持續增加。

In the Mid-Continent, less ethane recovery led to slightly lower volumes compared with the second quarter, but we continue to see consistent C3+ volumes from the region. Regarding our fractionation operations. Our Mont Belvieu fractionation complex, including our MB-4 fractionator is back to capacity following the incident in early October. After initial safety reviews, we resumed operations at the majority of the complex within 72 hours. Repairs were made and operations at MB-4 resumed within 10 days following the incident.

在中大陸地區，乙烷回收率降低導致產量與第二季相比略有下降，但我們繼續看到該地區 C3+ 產量保持穩定。關於我們的分餾操作。10月初發生的事故後，我們的蒙特貝爾維尤分餾裝置（包括MB-4分餾裝​​置）已恢復產能。經過初步安全審查後，我們在 72 小時內恢復了大部分設施的運作。事故發生後 10 天內，MB-4 設施進行了維修並恢復運作。

During the downtime, we were able to optimize our fractionation positions in Mont Belvieu and the Mid-Continent as well as utilize storage. We anticipate working down any inventory build related to this incident in addition to the inventory being held over from the second quarter over the next several months. As we fractionate and sell the inventory, we will be able to recognize the associated earnings. We continue to see opportunities for ethane recovery across our system during the third quarter. Weaker natural gas prices in the Rocky Mountain region have led to greater recovery opportunities, and we expect to continue to see high levels of recovery through the first half of the fourth quarter across our entire system.

在停機期間，我們得以優化我們在蒙特貝爾維尤和中大陸的分餾位置，並利用儲存設施。我們預計在接下來的幾個月裡，除了第二季積壓的庫存外，還將減少與此事件相關的任何庫存積壓。隨著我們對庫存進行拆分和出售，我們將能夠確認相關的收益。第三季度，我們繼續看到整個系統中存在乙烷回收的機會。落基山脈地區天然氣價格走弱，帶來了更大的復甦機會，我們預計在第四季度上半段，我們整個系統將繼續保持較高的復甦水平。

Related to synergy products, we have now completed the primary Easton asset connections, including Galena Park, East Houston, and our Pasadena joint venture, providing key connectivity between our Mont Belvieu NGL assets and key Houston area refined product terminals. Additional downstream connections will be completed through early 2026. Additionally, the buildout of connectivity between our Conway NGL and Mid-Con refined product asset is on track for completion by year-end of 2025. Both of these projects are expected to provide benefits through increased transportation feeds in our natural gas liquids segment, which we have already begun to realize, and also blending uplift in our refined product and crude segment. It's also important to note that these projects provide transportation and blending opportunities with third parties, expanding the optionality of these assets further than ONEOK's own blending business.

在綜效產品方面，我們現在已經完成了伊士頓主要資產的連接，包括加利納公園、休士頓東部和我們的帕薩迪納合資企業，從而在我們的蒙特貝爾維尤天然氣液資產和休士頓地區主要成品油碼頭之間建立了關鍵的連接。下游其他連接工程將於 2026 年初完成。此外，我們康威天然氣凝液資產與米德康精煉產品資產之間的連接建設正按計劃進行，預計將於 2025 年底完成。這兩個項目預計將透過增加天然氣液化產品的運輸原料（我們已經開始實現這一點）以及提高成品油和原油產品的混合效率來帶來效益。值得注意的是，這些項目為與第三方進行運輸和混合提供了機會，進一步擴展了這些資產的選擇範圍，使其超越了 ONEOK 自身的混合業務。

Moving on to the refined products and crude segment. Third-quarter refined product volumes increased sequentially, reflecting increased seasonal demand. When looking year over year, we continue to experience some regional supply disruptions along the system related to refinery maintenance, primarily impacting short-haul lower tariff movements. On average, refined products tariff rate benefited from the July adjustments, where we increased rates by mid-single digits as expected. As of mid-September, we've entered the fall blending season.

接下來是成品油和原油部分。第三季成品油產量較上季成長，反映出季節性需求增加。從年比來看，由於煉油廠維護，我們仍會遇到一些區域性供應中斷的情況，主要影響短程低收費運輸。平均而言，成品油關稅稅率受益於 7 月的調整，我們如預期將稅率提高了個位數中段。從九月中旬開始，我們就進入了秋季調配季節。

Liquid blending volumes in the third quarter and year to date have been higher than expected due to successful synergy execution. Physical blending volumes have increased approximately 15% year to date compared to the same period in 2024. Despite tighter margins from lower gasoline prices, increased blending capacity positions for a strong upside in a rising price environment. Our crude oil gathering and long-haul pipelines continue to perform well. Third-quarter crude oil volumes increased sequentially demonstrating resiliency of our Midland gathering business.

由於協同效應的成功實施，第三季和今年迄今的液體混合量均高於預期。今年迄今的實體混合量比 2024 年同期成長了約 15%。儘管汽油價格下跌導致利潤空間收窄，但不斷增加的混合產能為價格上漲環境下的強勁上漲空間奠定了基礎。我們的原油集輸和長途輸油管繼續運作良好。第三季原油產量較上季成長，顯示我們米德蘭集輸業務的韌性。

Moving on to the natural gas gathering and processing segment. Volumes increased across all regions compared with the second quarter of 2025 as producers continue to execute the 2025 plans. Looking first at the Permian Basin. Volumes increased 5% compared with the second quarter, averaging 1.55 billion cubic feet per day in the third quarter. Currently, we have 20 active rigs on our dedicated acreage, driving the need for recently announced capacity expansions, totaling more than 550 million cubic feet per day across the Midland and Delaware basins.

接下來是天然氣收集和加工環節。與 2025 年第二季相比，所有地區的產量均有所增加，因為生產商繼續執行 2025 年計畫。首先來看二疊紀盆地。第三季銷量比第二季成長了 5%，平均每天達到 15.5 億立方英尺。目前，我們在專屬油田上擁有 20 個活躍鑽井平台，這促使我們最近宣布擴大產能，在米德蘭盆地和特拉華盆地每天的總產能將超過 5.5 億立方英尺。

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. In the Mid-Continent, natural gas processing volumes increased 6% compared with the second quarter, highlighting producer resiliency in the basin and strong production results out of the [Cherokee] formation in Western Oklahoma. There are 11 rigs on our dedicated acreage in Oklahoma. Rocky Mountain region processing volumes averaged 1.7 Bcf per day in the third quarter of 2025, a 4% increase compared with the second quarter, and a record for ONEOK in the region. Strong well completions during the second quarter drove third-quarter volumes and will continue to benefit throughout the remainder of the year. There are currently 16 rigs on our dedicated acreage.

二疊紀盆地仍然是我們戰略成長的關鍵區域，我們將繼續積極參與並有意識地評估機會，以擴大和加強我們在該盆地的全面運作。中大陸地區的天然氣加工量比第二季度增長了 6%，凸顯了該盆地生產商的韌性以及俄克拉荷馬州西部切諾基地層的強勁生產成果。我們在俄克拉荷馬州的專屬土地上有 11 台鑽孔機。2025 年第三季度，落磯地區的天然氣處理量平均每天達到 17 億立方英尺，比第二季度增加了 4%，創下了 ONEOK 在該地區的紀錄。第二季強勁的油井完工推動了第三季的產量，並將持續受益於今年剩餘時間的產量成長。目前我們專用的土地上有 16 台鑽孔機。

Looking forward, the current commodity price environment will likely drive more moderation and increased optimization of drilling and completion activities across the basins where we operate. However, even in a flat crude oil production environment, strong gas to oil ratios and continued production efficiencies point to modest growth in our natural gas and the NGLs across our systems. I'll close with our Natural Gas Pipeline segment, which we reported another strong quarter and continues to exceed our original expectations for this point in the year. We continue to optimize the legacy EnLink asset and be opportunistic regarding natural gas pricing dynamics across our strategic assets in the Permian and Gulf Coast areas.

展望未來，目前的商品價格環境可能會促使我們在營運的各個盆地中更加謹慎地進行鑽井和完井活動，並提高其優化程度。然而，即使在原油產量平穩的環境下，強勁的天然氣與石油比率以及持續的生產效率表明，我們整個系統中的天然氣和天然氣凝液將實現適度增長。最後，我想談談我們的天然氣管道業務板塊。該板塊又迎來了一個強勁的季度，並繼續超越我們對今年同期業績的預期。我們將繼續優化 EnLink 的傳統資產，並抓住二疊紀盆地和墨西哥灣沿岸地區戰略資產的天然氣價格動態變化的機會。

We remain well positioned to help meet the growing demand for natural gas, both domestically and for LNG exports, with extensive pipeline networks in key asset locations such as Oklahoma, Texas, and Louisiana. We are directly connected to major LNG and industrial customers, and continue to work on additional opportunities with them. Additionally, we are in active discussions related to numerous potential AI-driven data center projects. The key to these projects remain speed to market, and our intrastate assets are located in premier natural gas supply and demand centers, close to many of these proposed projects, and are well positioned to meet the timing needs of the market.

我們擁有完善的管道網絡，遍布俄克拉荷馬州、德克薩斯州和路易斯安那州等主要資產所在地，能夠更好地滿足國內和液化天然氣出口不斷增長的天然氣需求。我們與主要的液化天然氣和工業客戶直接聯繫，並繼續與他們探討更多合作機會。此外，我們正在積極探討眾多潛在的人工智慧驅動型資料中心計畫。這些項目的關鍵仍然是快速進入市場，而我們的州內資產位於一流的天然氣供需中心，靠近許多擬建項目，完全能夠滿足市場的時間需求。

Pierce, that concludes my remarks.

皮爾斯，我的發言到此結束。

Thank you, Sheridan and Walt. Before we move to Q&A, I want to close by emphasizing that we continue to see opportunities ahead. Importantly, we're executing on our strategy to combine our strategic acquisitions into an even stronger and more resilient business. Our integrated assets are performing well, expanding our reach in key basins and demand markets, and creating an even stronger commercial connectivity across our system. Our integrated assets continue to provide stable, fee-based earnings and position us to capture opportunities across market cycles.

謝謝謝裡丹和沃爾特。在進入問答環節之前，我想強調一點，我們仍然看到未來有很多機會。重要的是，我們正在執行我們的策略，將我們的策略收購整合為一個更強大、更具韌性的企業。我們的綜合資產表現良好，擴大了我們在關鍵盆地和需求市場的覆蓋範圍，並在整個系統中創造了更強大的商業聯繫。我們的綜合資產持續提供穩定的費用收入，使我們能夠抓住各個市場週期中的機會。

We're able to execute our strategy because of the employees across our company. I want to recognize their commitment and contributions to our business, and our vision for ONEOK. Their focus on safety, operational excellence, and innovation is a key to our success. As we look ahead, we remain confident in our strategy, our strong fundamentals and the catalysts that we expect will continue to deliver growth and long-term value for our investors.

我們之所以能夠執行我們的策略，是因為公司全體員工的努力。我想表彰他們對我們業務的投入和貢獻，以及我們對 ONEOK 的願景。他們對安全、卓越營運和創新的重視是我們成功的關鍵。展望未來，我們對我們的策略、強勁的基本面以及我們預期將繼續為投資者帶來成長和長期價值的催化劑充滿信心。

Operator, we're now ready for questions.

接線員，我們現在可以開始接受提問了。

(Operator Instructions) Jeremy Tonet, JPMorgan.

（操作說明）傑里米·托內特，摩根大通。

This is Vrathan Reddy on for Jeremy. I appreciate you guys don't want to provide 2026 specifics at this point. Curious if you guys could frame up tailwinds versus headwinds as you think about earnings growth into next year. Should we -- specifically, should we think about that mid- to high single-digit growth still appropriate?

這裡是Vrathan Reddy替Jeremy報道。我很理解你們目前不想提供 2026 年的具體細節。想請教各位，在展望明年獲利成長時，能否分析一下順風和逆風的影響？我們是否應該——具體來說，我們是否應該認為個位數中高成長仍然合適？

This is Sheridan. When we see our tailwinds, which push us into next year is obviously versus the synergies. We've put a lot of synergies in place this year, and we've got a partial yield into that, the Easton being one of the big ones. We'll see a full year next year of that one also with the Conway NGL to Mid-Continent refined products, among others.

這是謝裡丹。當我們看到推動我們邁向明年的順風時，很明顯是與協同效應之間的對比。今年我們實施了許多協同效應，並從中獲得了一些利益，伊士頓就是其中一個重要的項目。明年我們將看到該項目持續一整年，其中包括康威天然氣凝液輸送至中大陸精煉產品等。

We also have our growth projects coming online with the Denver expansion coming on midway through the year. As we mentioned in our remarks, we have over 500 million a day of processing capacity coming on throughout '26 into early '27. So the stuff coming on '26 is going to be a tailwind we continue to go forward.

我們的成長項目也即將上線，其中丹佛擴建計畫將於年中啟動。正如我們在演講中所提到的，從 2026 年到 2027 年初，我們將每天新增超過 5 億的處理能力。所以，26 年即將推出的這些舉措將成為我們繼續前進的順風。

And then also, we think there's just a growth in market share that we'll see in the Permian, and some of our other areas will continue to fuel our growth moving forward. So those are really as we see going forward what's going to drive our growth into 2026.

此外，我們認為我們在二疊紀盆地的市佔率將會成長，而我們在其他一些地區的業務也將繼續推動我們未來的成長。所以，這些就是我們展望未來，並計劃在 2026 年推動我們成長的真正動力。

Got it. And then on capital allocation, $45 million of buybacks in the quarter. Could you walk through, I guess, how you think about executing on the buyback versus debt pay down or other capital allocation priorities at this point?

知道了。在資本配置方面，本季將進行 4,500 萬美元的股票回購。能否請您簡要說明一下，您目前是如何考慮股票回購、償還債務或其他資本配置優先事項的？

Sure. Well, as we've said in the past, as we get closer to a clear path to our debt-to-EBITDA target of 3.5 times, it's going to free up our flexibility to add some stock buybacks to the equation. We continue to be on track with where we think we need to get to from a debt-to-EBITDA standpoint. And with that visibility, we're starting to feel a little bit more flexible in our asset allocation, saw the opportunity to buy back some stock there in the third quarter, and did a modest amount. We also saw a pretty nice opportunity on the bond side and executed on that as well.

當然。正如我們過去所說，隨著我們越來越接近實現 3.5 倍債務與 EBITDA 目標的明確路徑，我們將有更大的靈活性將一些股票回購納入考量。從債務與 EBITDA 比率的角度來看，我們仍然朝著我們認為需要達到的目標穩步前進。有了這種可見性，我們開始感覺在資產配置方面更加靈活一些，看到了在第三季回購一些股票的機會，並進行了適度的回購。我們也看到了債券方面的一個相當不錯的機會，也把握住了這個機會。

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

Maybe we just go back to the '26 guidance. The slide in the deck, you removed the mid-single digit to high single-digit growth language. So I just wanted to make sure I understand the change there and just how you're thinking about '26.

或許我們應該恢復到 2026 年的指導方針。在簡報中，你刪除了關於個位數中段到個位數高段成長率的陳述。所以我想確保我理解了那裡的變化，以及你對 26 年的看法。

Michael, this is Pierce. What I would say is our focus is on finishing 2025 strong and carrying that momentum into 2026 year. They just went over several of those projects and the different things that are going to impact 2026. We're continuing to have discussions with the drilling plans, our producers. We're going to be finalizing our 2026 guidance in early part of first quarter of 2026.

邁克爾，這位是皮爾斯。我想說的是，我們的重點是強勢收官 2025 年，並​​將這種勢頭延續到 2026 年。他們剛剛回顧了其中幾個項目以及將對 2026 年產生影響的各種因素。我們正在繼續與鑽井計劃和我們的生產商進行討論。我們將於 2026 年第一季初最終確定 2026 年的業績指引。

But in this way, we are very confident in our positive trajectory. So as far as guidance for 2026, I'll just ask you to stay tuned.

但這樣一來，我們對自身的正向發展軌跡非常有信心。至於2026年的指導意見，請大家繼續關注。

Okay. Fair enough. Appreciate that. And then just wanted to ask if you could quantify the potential impact of Waha spreads widening, either can you capture that from your EnLink assets, or do you have more open capacity on WesTex to capture those spreads than you have historically?

好的。很公平。謝謝。然後我想問一下，您能否量化 Waha 價差擴大可能帶來的影響？您能否從您的 EnLink 資產中捕捉到這些影響？或者，您在 WesTex 上是否有比以往更多的可用容量來捕捉這些價差？

Michael, this is Sheridan. Obviously, the Waha to Houston Ship Channel spread has had a positive impact especially when you bring together our ONEOK West Texas assets, the West Texas system, and the EnLink system and capacity we have on other pipelines, we've been able to leverage that to grow that. We've been able to do that not only on the EnLink side, but also on our legacy ONEOK gathering system. So it has been a positive impact going forward.

邁克爾，我是謝裡丹。顯然，瓦哈到休士頓航道的延伸產生了積極的影響，特別是當我們把我們的 ONEOK 西德克薩斯資產、西德克薩斯系統、EnLink 系統以及我們在其他管道上的產能結合起來時，我們能夠利用這些優勢來實現成長。我們不僅在 EnLink 方面實現了這一點，而且在我們原有的 ONEOK 擷取系統中也實現了這一點。因此，這對未來的發展產生了正面影響。

We will continue to see us use that capacity as we grow our gathering and processing for our customers as we go on as well, but we have seen the ability to move gas on our capacity and also do a lot of park and loans on our system as well.

隨著我們不斷發展壯大，為客戶收集和處理天然氣，我們將繼續利用這種產能。但我們已經看到，我們有能力利用我們的產能輸送天然氣，我們的系統還可以進行大量的停車和貸款業務。

Spiro Dounis, Citi.

Spiro Dounis，花旗銀行。

First question, maybe to start out with capital allocation. Curious that you guys are thinking about maybe where that next marginal dollar CapEx goes. And really, if you just dig into some of the basins or the asset types between NGLs, gas and liquids, what's most attractive to you right here?

第一個問題，或許可以從資本配置著手。很好奇你們是不是在考慮下一美元資本支出該投向哪裡。實際上，如果你深入研究液化天然氣、天然氣和液體等盆地或資產類型，你覺得哪種最有吸引力？

Well, Spiro, I think we look at every project on a standalone basis. We've historically been able to use our strategy of building off our existing asset base that expand and extend approach, which has given us the opportunity to do some very attractive capital projects. That same strategy exists today with more assets. So given the acquisitions we've made, we've got more opportunities to expand and extend. So we look at each and every one of those on a standalone basis.

嗯，斯皮羅，我認為我們應該把每個項目都當作一個獨立的例子來看待。從歷史上看，我們一直能夠利用現有資產基礎進行擴張和延伸的策略，這使我們有機會進行一些非常有吸引力的資本項目。如今，同樣的策略也適用於規模更大的資產。鑑於我們已經進行的收購，我們有了更多擴張和延伸的機會。因此，我們將每一項都單獨進行考察。

That said, I think that our expectation is that the CapEx will trend down here over the next several years. As Pierce had mentioned in his remarks, we have a lot of operating leverage in our existing business, whether it be NGL capacity, fractionation capacity that's coming on. So we don't need to continue to expand that. So we do see CapEx starting to trend down.

也就是說，我認為我們預期未來幾年這裡的資本支出將呈現下降趨勢。正如皮爾斯在演講中提到的那樣，我們在現有業務中擁有很大的營運槓桿，無論是 NGL 產能，還是即將投產的分餾產能。所以我們不需要繼續擴大規模。因此，我們看到資本支出開始呈現下降趨勢。

Second one, maybe just going to the Sunbelt connector. I was curious just to get your thoughts on the competing open season that's out there, how you think your project stacks up? And if there's enough demand in Arizona for maybe everyone to win some business here?

第二個方案，或許直接去Sunbelt連接器。我很好奇你對目前市場上其他競爭項目有什麼看法，你覺得你的專案與其他專案相比如何？如果亞利桑那州的需求夠大，也許每個人都能在這裡贏得一些生意？

Yeah, this is Sheridan. I mean, I would say that we feel the Sunbelt Connector is a very competitive project as we look at the other opportunity out there. Obviously, right now, we're still in the open season. We're still talking to a lot of the customers. We've seen a significant amount of interest as we end there. And we think a lot of that is driven by the competitive advantage of this pipeline has is that we are already connected not only to all the mid-cut refiners in the upper Midwest that we can pull that volume and source to this pipeline, but we also have extensive connectivity into the refining center on the Gulf Coast where we can actually do some very efficient expansions.

是的，這裡是謝裡丹。我的意思是，考慮到其他專案的機會，我們認為 Sunbelt Connector 是一個非常有競爭力的專案。顯然，現在我們仍然處於狩獵季。我們仍在與許多客戶溝通。最後，我們看到大家對此表現出了濃厚的興趣。我們認為這很大程度上是由於這條管道的競爭優勢，我們不僅與美國中西部上游所有中型煉油廠建立了連接，可以將這些煉油量輸送到這條管道，而且我們還與墨西哥灣沿岸的煉油廠建立了廣泛的連接，在那裡我們可以進行一些非常高效的擴建。

We already have capacity between the Gulf Coast in El Paso, and we have some very efficient capacity expansion that we can leverage and continue to go forward. So we think we're going to compete very, very nicely going in there. We'll just have to see how the customers come out and where we get them signed up, and how much we're going to see how -- which one of these projects will continue to be built.

我們在墨西哥灣沿岸埃爾帕索已經擁有運力，而且我們還有一些非常高效的運力擴張計劃可以利用，並繼續向前推進。所以我們認為我們會在那裡取得非常好的成績。我們只能看看客戶的反應如何，以及我們在哪裡讓他們簽約，以及最終哪些項目會繼續建造。

Theresa Chen, Barclays.

特蕾莎·陳，巴克萊銀行。

Following a notable uptick in volumes across your regions, I wanted to go back to the forward outlook a bit. Given the heightened market concerns around how producer budgets may be evolving in light of recent crude price volatility and understanding that the process is still underway. But can you just give us any sense of any early indications on how you expect volumes across your supply push assets to trend through the next year?

鑑於你們各地區的業務量顯著成長，我想稍微回顧一下未來的展望。鑑於近期原油價格波動加劇了市場對生產商預算可能如何變化的擔憂，並且人們也了解到這一過程仍在進行中。您能否初步透露一下，您預計明年供應鏈推動資產的銷售走勢會如何？

Theresa, I'll take a shot at this. It's Pierce, but Sheridan can definitely add here. But I think the way we look at all of our different basins are what is the drilling activity currently, and we know what the [prepress] is today in gas prices. And then we also look at how much -- how many rigs would it take in each of the different basins to basically keep the volume flat. And so we feel very comfortable that right now, the drilling is there to keep this volume flat. And if that happens, then we also have our GORs that are rising in particular, up in the Bakken, the GOR is 3.1 and every 10th means something up there.

特蕾莎，我來試試。是皮爾斯，但謝裡丹肯定也能在這裡有所貢獻。但我認為，我們看待所有不同盆地的方式是，要看目前的鑽井活動情況，並且我們知道今天的天然氣價格的[預估價格]是多少。然後我們也要看看，在每個不同的盆地需要多少鑽井平台才能基本上保持產量穩定。因此我們非常有信心，目前的鑽井活動足以維持產量穩定。如果這種情況發生，那麼我們的原油油氣比（GOR）也在上升，尤其是在巴肯地區，GOR 為 3.1，在那裡，每增加 10 個百分點就意味著很大的變化。

So by our calculations, there's enough rigs out there running to hold the crude flat and flat crude volume. We believe our gas volumes are going to continue to grow.

因此，根據我們的計算，目前運作的鑽井平台數量足以維持原油產量的穩定。我們相信天然氣產量將會持續成長。

Sheridan, you have anything to add?

謝裡丹，你還有什麼要補充的嗎？

We talked about the Bakken, and we get into the Permian. We have enough forward visibility into volumes that are coming on our system today and people are completing here in the last quarter of 2025 that we will still see growth coming out of the Permian into 2026 and beyond. And we -- as we said before, we are very excited about the Cherokee formation. It seems to have a lot of resiliency even with a little downturn in price up in the Mid-Continent. So we still look -- we're still very positive about our volumes going forward.

我們聊了巴肯頁岩油氣田，然後又聊到了二疊紀盆地。我們對目前進入我們系統的油氣量有足夠的預見性，而且人們正在這裡完成 2025 年最後一個季度的油氣開採，因此我們仍然可以看到二疊紀盆地的油氣產量在 2026 年及以後繼續增長。正如我們之前所說，我們對切諾基地層感到非常興奮。即使中西部地區價格略有下跌，它似乎也表現出強烈的韌性。所以我們仍然看好——我們仍然對未來的銷售非常樂觀。

And Theresa, the only thing I'd add to that is, Sheridan mentioned this, but I want to make sure that this gets across. He mentioned competing for other volumes. That's the one thing. We all focus on, what's the drilling, what's the acreage dedications. But just as importantly, there's gas that's flowing out there right now that may be going to somebody else. And as those contracts roll off, we feel confident we're going to be able to compete with those volumes as well.

特蕾莎，我唯一要補充的是，謝裡丹也提到了這一點，但我希望確保這一點能被理解。他也提到要與其他出版社競爭。就這一件事。我們都關注的是，鑽井作業在哪裡進行，劃撥的土地面積是多少。但同樣重要的是，現在流出的天然氣可能正流向其他人。隨著這些合約到期，我們有信心與這些銷量競爭。

And most of them are going into CDPs, so not a lot of capital to really connect to our operating leverage. So just a point I want to make sure that it's made.

而且它們中的大多數都流入了 CDP，因此沒有太多資本真正與我們的經營槓桿聯繫起來。所以，我只是想確保這一點被明確指出。

And would you be able to provide an update on your LPG export commercialization efforts? How are those conversations going with potential customers? And what kind of interest are you seeing in the market?

能否介紹一下您在液化石油氣出口商業化方面的最新進展？與潛在客戶的溝通進度如何？您認為市場上有哪些需求？

Theresa, what I -- this is Sheridan. What I would say is that first thing is, as we've always said all along, we have supply to be able to fill the stock and that supply for a long time has drawn a lot of people to us, and they continue to do that, that we have a lot of interest in our docks going forward. And what I would say on the contracting side of that, we are very pleased where we are right now with our contracting strategy and where we sit today. We still don't want to give a whole lot of details on that because as you all know, it's a very competitive market, but we're pleased where we are.

特蕾莎，我——這是謝裡丹。我想說的是，正如我們一直以來所說的那樣，我們有足夠的供應來滿足庫存需求，而且長期以來，這種供應吸引了很多人來我們這裡，他們也繼續這樣做，因此我們未來的碼頭業務受到了很多人的關注。至於合約方面，我想說的是，我們對目前的合約策略和現狀非常滿意。我們仍然不想透露太多細節，因為大家都知道，這是一個競爭非常激烈的市場，但我們對目前的狀況感到滿意。

Jean Ann Salisbury, Bank of America.

Jean Ann Salisbury，美國銀行。

There's been some rumblings that there may be a call on the MidCon gas complex over the next year or two to meet all the LNG that's ramping. Is that something that you're hearing from your customers? And I guess, Sheridan, do you have a sense of if gas egress could become a limitation there for gas in (inaudible) of the Mid-Con?

有傳言稱，未來一兩年內，MidCon天然氣綜合設施可能會啟用，以滿足不斷增長的液化天然氣需求。你從客戶那裡也聽過類似的回饋嗎？謝裡丹，我想問你，氣體逸出是否會成為中型展區（聽不清楚）氣體排放的限制因素？

What I would say right now, Jean Ann, is we are seeing here some people maybe move to a little bit of a gassier portion of the Mid-Continent and moved through from that, which we've always said our Mid-Continent has a little bit of a gas option to it. As gas becomes more favorable, you will see some more drilling go to the gas side, which is good for our G&P and NGL area. I still think we have quite a bit of room to go of growth in the Mid-Continent before we really run out of egress out of the Mid-Continent. And I think we'll be ahead of that as well. We see it getting closed. We'll be able to put (inaudible) in place to be able to get more gas out of the region.

Jean Ann，我現在想說的是，我們看到有些人可能搬到了中大陸汽油消費量稍高的地區，然後從那裡過來，我們一直都說，我們中大陸的汽油消費量稍微高一些。隨著天然氣越來越有利可圖，你會看到更多的鑽井活動轉向天然氣領域，這對我們的天然氣和天然氣凝析油（G&P）以及天然氣凝析油（NGL）領域來說是件好事。我仍然認為，在中大陸地區真正失去所有出路之前，我們還有很大的發展空間。而且我認為我們也會領先他們。我們看到它要關閉了。我們將能夠採取（聽不清楚）措施，以便從該地區開採更多天然氣。

So we're -- that's one of the reasons we have some conviction in growth in the Mid-Continent on our volumes as we're also seeing that move to a more gassier play.

所以，這也是我們對中大陸地區產量成長抱持信心的原因之一，因為我們也看到該地區正在轉向天然氣開採。

That makes sense. And it seems like year-to-date in your processing and NGL volumes Bakken is trending a bit above the guide and Permian is trending a bit lower than the guide. Can you just talk about the dynamics of that and how much has to do with ONEOK's market share in those basins versus basin growth overall versus your expectation?

這很有道理。從你們的加工量和天然氣液產量來看，今年迄今為止，巴肯頁岩油的趨勢略高於指引值，而二疊紀盆地的趨勢略低於指引值。您能否談談其中的動態，以及 ONEOK 在這些盆地的市佔率與盆地整體成長以及您的預期之間有多大關係？

Well, I think it really starts with the Permian and the Permian -- we kind of -- because of some larger paths were delayed in the first part of the year, we kind of came out a little bit slower than we had expected. But as those pads come on have come -- have come on, and our [ goal in ] now, we are now out of volume across our system where we expected to be at this time when we set our plan together. So we're pleased where we are right now with our volumes in the Permian Basin.

嗯，我認為這確實始於二疊紀，而二疊紀——我們有點——因為今年上半年一些較大的路徑被延誤了，所以我們出來得比預期的要慢一些。但是隨著這些護具的出現，我們的目標現在已經無法實現，我們整個系統的容量已經低於我們制定計劃時預期的水平。因此，我們對目前在二疊紀盆地的產量感到滿意。

Up in the Bakken, we have on the NGL side, we have seen some record volumes in there, and a lot of that -- kind of that high end of that has been due to ethane recovery. We talked about our discretionary ethane that we can bring on, and we've seen some pretty wide spreads between -- with the low cost of gas, or low price of gas up in the Bakken over the summer, we were able to take advantage of that and put ethane on our system and delivered into the -- that will be (inaudible)

在巴肯地區，我們看到了天然氣凝液（NGL）產量創紀錄的成長，其中很大一部分——尤其是高產量部分——都是由於乙烷回收造成的。我們討論了我們可以額外補充的乙烷，而且我們看到價差相當大——由於夏季巴肯地區天然氣價格低廉，我們得以利用這一點，將乙烷引入我們的系統並輸送到——這將是（聽不清楚）

So we've been very pleased how that's going, and that will continue into the fourth quarter.

我們對目前的進展非常滿意，這種情況將持續到第四季。

Manav Gupta, UBS.

瑞銀集團的馬納夫·古普塔。

We are in the middle of this AI revolution. I think NVIDIA's market cap went and hit $5 trillion this morning. And I'm just trying to understand, in your comments, you did mention all the ways -- some of the ways you can benefit from this revolution. Can you elaborate on it? Where could ONEOK see the opportunities as we get into this data center build frenzy in the US?

我們正處於人工智慧革命的浪潮之中。我覺得英偉達的市值今天早上突破了5兆美元大關。我只是想弄清楚，在你的評論中，你確實提到了你可以從這場革命中受益的所有方式——其中一些方式。能詳細說明一下嗎？隨著美國資料中心建設熱潮的到來，ONEOK 能在哪些方面看到機會？

Yeah. This is Sheridan again. What we're seeing is we have been contacted by, I mean, well over 30 different projects on -- for data centers. And they were putting those projects in close to natural gas pipes to be able to be the electric generation they need for those data centers. And so we've had our fair share of look at those, and we have some where they are very close to our pipeline that we feel we have the competitive advantage to be able to supply those.

是的。我是謝裡丹。我們看到，我們已經接到了超過 30 個不同的資料中心專案的聯繫。他們把這些項目建在天然氣管道附近，以便能夠為這些資料中心提供所需的電力。因此，我們已經對這些項目進行了相當多的考察，其中一些項目距離我們的管道非常近，我們認為我們有競爭優勢來供應這些項目。

These are not going to be high capital type projects. They're going to be very nice low capital, nice return type projects. But we are seeing -- a good number of them that we think that we have the competitive advantage of either speed to market and how close we are to the data centers that we're going to win our fair share.

這些都不是什麼高投資項目。它們將會是非常不錯的低成本、高回報項目。但我們看到——我們認為，在很多方面，我們在上市速度和與資料中心的距離方面都具有競爭優勢，我們將贏得我們應得的份額。

Perfect. My quick follow-up here is you and your partners recently announced the Eiger Express Pipeline. Help us understand the importance of this project? And why do you see the need for this project to go ahead?

完美的。我接下來要問的是，您和您的合作夥伴最近宣布了艾格快管線計畫。請幫助我們理解這個項目的重要性？你認為這個計畫為什麼有必要推進？

Yeah. On the Eiger Express product, we're really excited about that as we continue to see the demand from LNG and a lot of that demand is needed to be supplied out of the Permian Basin. We still see growth in that area. The Eiger was a nice complement to the Matterhorn. And because of the ownership we had in Matterhorn, we were able to see inside of that.

是的。對於 Eiger Express 產品，我們感到非常興奮，因為我們持續看到液化天然氣的需求，而其中許多需求需要從二疊紀盆地供應。我們仍然看到該領域的成長。艾格峰與馬特洪峰相得益彰。正因為我們擁有馬特洪峰的股份，我們才能看到它的內部運作。

And that project was FID when they had enough firm commitments from customers to be able to make an acceptable return. They've been continuing to be able to get more contracts on that. So we're very pleased where the Eiger project is going, and it allows us to complete our integration, be able to put gas out of our gas plants onto a pipeline that we get some equity back in and be able to grow with it. So we're very excited about the Eiger project.

當客戶給予了足夠多的確定承諾，足以獲得可接受的回報時，該專案就正式投產了。他們一直在不斷獲得更多這方面的合約。因此，我們對艾格計畫的發展方向非常滿意，它使我們能夠完成整合，將天然氣從我們的天然氣廠輸送到管道上，我們還能從中獲得一些股權，並能夠與管道共同發展。所以我們對艾格峰計畫感到非常興奮。

Well, the only thing I'd add to that, Manav, is that you've got the capacity that's currently out of there. One of the reasons that you see some of the widening of the spreads is because of the tightness of that capacity. So there is extra capacity that's needed in the 10 Bcf of LNG that's been basically built down in Louisiana and Texas, primarily in Texas. It's going to need this gas. And so it's not like we're building the pipe for 10 Bcf. It's just only (inaudible). So the demand side of this thing is very positive to fill it up.

馬納夫，我唯一要補充的是，你現在擁有的容量是目前所缺乏的。導致價差擴大的原因之一是產能緊張。因此，路易斯安那州和德克薩斯州（主要是德克薩斯州）基本上已經建成了 100 億立方英尺的液化天然氣，還需要額外的產能。它需要這些汽油。所以，我們並不是建造輸送 100 億立方英尺氣體的管道。只是（聽不清楚）因此，該產品的需求方面非常樂觀，預計很快就會售罄。

Keith Stanley, Wolfe Research.

Keith Stanley，Wolfe Research。

I wanted to follow up on Sunbelt first. So in the past, you've talked to potentially working with partners. Could that include refiners or other strategics? And are there any discussions going on, on that front that could help commercialize the project?

我想先跟進一下Sunbelt的情況。所以過去你曾與潛在的合作夥伴進行過洽談。這是否包括煉油廠或其他戰略性企業？在這方面，是否有任何討論正在進行，以幫助該專案實現商業化？

We've commented that we would deal with partners. And what I would say, they need to be a strategic partner. They need to bring something to it. And we're continuing to open to that. Obviously, if we would not comment on any conversations that are going on at this time, but we are open to a partnership as we've said before.

我們曾表示會與合作夥伴進行交易。我想說的是，他們需要成為策略夥伴。他們需要為此做出貢獻。我們對此持開放態度。顯然，我們目前不會對任何正在進行的對話發表評論，但正如我們之前所說，我們對合作持開放態度。

Okay. Great. Second one, I think in the prepared remarks, you alluded to the Permian as kind of a core strategic focus for the company. Given it's a very competitive market, especially these days, do you feel like you could benefit from more scale in the Permian overall? And then separately, can you remind us where you are in the process of some of the EnLink volumes transitioning over to ONEOK pipelines in your system?

好的。偉大的。第二點，我認為在事先準備好的演講稿中，您提到了二疊紀盆地是公司的核心策略重點。鑑於這是一個競爭非常激烈的市場，尤其是在如今這個時期，您是否覺得在二疊紀盆地擴大規模對您整體有利？另外，您能否提醒我們一下，您系統中一些 EnLink 磁碟區過渡到 ONEOK 管道的過程進展到什麼階段了？

I'll start with the last one first. I mean, on the EnLink volumes, I think you're talking about the NGL volumes coming off of the legacy EnLink plants that are not going to the ONEOK NGL system. We will see those start to come over. They're roughly around 50,000 barrels a day. We'll start seeing them come over from '26 through '28 in the timeframe when those contracts come up and they will -- once those contracts are finished, they'll come right over to our system as well.

我先從最後一個開始。我的意思是，關於 EnLink 的液量，我想你指的是來自舊 EnLink 工廠的 NGL 液量，這些液量不會輸送到 ONEOK NGL 系統。我們會看到這些人開始過來。它們的日產量大約在 5 萬桶左右。從 2026 年到 2028 年，隨著這些合約的到期，我們將開始看到他們加入我們的系統。一旦這些合約完成，他們也會立即加入我們的系統。

Obviously, we like scale in the Permian because we're growing in the Permian. We're already talked about adding another 500 million a day of processing capacity in the Permian. So we like that. We like to grow it there. We like to grow organically first because that is the most economical way to growth.

顯然，我們喜歡在二疊紀盆地進行規模化生產，因為我們在二疊紀盆地發展壯大。我們已經討論過在二疊紀盆地每天增加 5 億噸的處理能力。我們很喜歡這一點。我們喜歡在那裡種植它。我們喜歡先從有機成長開始，因為這是最經濟的成長方式。

As we look at M&A, we look at everything out there, and we're going to be very intentional and disciplined to -- if we're going to do anything more on the M&A side.

在考慮併購時，我們會關注所有相關信息，如果我們要在併購方面做更多的事情，我們將非常謹慎和自律。

John Mackay, Goldman Sachs.

約翰麥凱，高盛集團。

You talked about I think in response to Jean Ann's question, just the ramp on kind of Permian G&P relative to the guide. Can you also just spend a minute or two on the crude side? I think also the year to date is looking a little softer versus the full year. Maybe just bridge us to the volume guidance. And then again, if you're talking about a rig environment that gets you to flat next year, how we think about that piece of the growing -- the business growing into '26?

我認為你談到的是在回答 Jean Ann 的問題時，只是二疊紀 G&P 相對於指南的斜坡。您能否也花一兩分鐘時間了解一下粗略的一面？我認為今年迄今的表現也比全年表現略顯疲軟。或許可以先給我們提供一下成交量指引。再說，如果你指的是明年能讓你達到平穩期的鑽井環境，我們該如何看待成長的這一部分——業務成長到 2026 年的情況？

So when we look at our crude volumes that we think about, we are down just a little bit on that piece, but you really got to break that apart into its components. Really, the area that we are down on is mostly in our low volume -- I mean, our high-volume, low-margin business that we're down on. The main business up gathering crude out there, we were within the range there, and we are excited about the continued growth there. So you got to look at our crude volume and tear it apart between long-haul, the HDS system in Belvieu. We have some short-haul volume out in the Midland that all are down a little bit.

所以，當我們審視我們所關注的原油產量時，我們發現這部分產量略有下降，但你必須將其分解成各個組成部分。實際上，我們業績下滑的主要是銷量低的領域——我的意思是，我們銷量高、利潤低的業務領域業績下滑。我們的主要業務是收集原油，我們在這方面做得很好，我們對這方面的持續成長感到興奮。所以你必須查看我們的原油產量，並將其細分為長途運輸和貝爾維尤的HDS系統。我們在米德蘭地區的一些短途貨運量都略有下降。

But the core -- what I call our core business, the core business have taken it off of leases, or batteries and move it through our system is where we expect it to be, and that's really the driver behind that business.

但是核心業務——我稱之為我們的核心業務，核心業務已經擺脫了租賃或電池的束縛，並透過我們的系統進行轉移，這正是我們期望它達到的目標，也是這項業務背後的真正驅動力。

All right. That's helpful. I appreciate that. And maybe staying in the segment. Now it's the Easton kind of integration pretty well done.

好的。那很有幫助。我很感激。或許還會繼續留在這個領域。現在伊士頓式的整合做得相當不錯。

You're going to get more on the Conway side tied in next year. Are you able to frame up in kind of, let's say, like a mid-cycle environment, or what have you, this overall size of the blending business on an annual run rate basis at this point?

明年康威方面會有更多進展。您能否以某種方式，比如說，在中期週期環境下，或者其他什麼情況，來分析一下目前混合業務的年度運行率總體規模？

I think when you look at the blending business, you've got to be very -- there's a spread component in there. So it fluctuates from year to year. What I would say is that through our synergies and everything else, they had in my remarks, we've been able to increase the volume by 15%, which really sets you up for when prices go back to more normal, spreads go back to more normal, we'll really be able to take advantage of that opportunity continue to go forward.

我認為，當你審視混合業務時，你必須非常清楚——其中包含著擴散成分。所以它每年都會波動。我想說的是，透過我們的協同效應以及我在演講中提到的其他一切，我們已經能夠將銷量提高 15%，這確實為價格恢復正常、價差恢復正常做好了準備，我們將能夠真正抓住這個機會繼續前進。

And as we put more of these synergy projects in place, we're going to be able to increase that money, that blending uplift that we have, being able to make sure we have volume there when we can blend and be able to get to places where before we're uneconomical to get to. So it is -- as I remind everybody is that 90% of our business is volume times fee and that last spread and commodities is only 10%.

隨著我們實施更多此類協同項目，我們將能夠增加資金，提高我們現有的混合提升能力，確保在可以混合時有足夠的產量，並能夠到達以前我們無法經濟到達的地方。事實就是如此——我要提醒大家的是，我們90%的業務是交易量乘以手續費，而最後的價差和商品交易只佔10%。

So even our blending business that we like very much so, and we're growing still a small portion of our business.

所以即使是我們非常喜歡的混合業務，我們也在不斷發展壯大，儘管它只占我們業務的一小部分。

Sunil Sibal, Seaport Global Securities.

Sunil Sibal，Seaport Global Securities。

So I just wanted to go back to your comments on the guidance. I realize that your focused on ending 2025 strong. So in that context, realizing that we had [them] before incident also, is the midpoint of the full year guidance that (inaudible), still a good kind of an anchor point for -- as far as fourth quarter goals are concerned?

所以我想再談談您對指導意見的評論。我知道你們的目標是在2025年底取得強勁的成績。因此，在這種情況下，考慮到我們在事件發生之前也擁有[它們]，全年指導的中點（聽不清楚）是否仍然是第四季度目標的一個良好錨點？

Well, I think what we said is that we are confident to be within the range. We've affirmed that range. And we're going to see how the fourth quarter continues to play out. But at this point, we're going to keep it in the range, and we're very confident of achieving there.

嗯，我想我們表達的是，我們有信心達到預期目標。我們已經確認了該範圍。接下來，我們將拭​​目以待第四節比賽的進展。但目前，我們會將目標保持在目前的範圍內，我們非常有信心能夠實現這個目標。

Okay. And then one clarification on Bakken. From Sheridan's comments, it seems like you mentioned that you have 16 rigs running on your system. I believe last quarter that was 15. So is there a pickup in rigs?

好的。然後，關於巴肯湖還有一點需要澄清。從 Sheridan 的評論來看，你似乎提到你的系統上運行著 16 台機器。我記得上個季度是15。那麼，皮卡車上有皮卡嗎？

So first of all, I want you to clarify that? And then how should we think about that number trending, especially as you go into discussions with your customers?

首先，我想請你澄清一下？那麼，我們該如何看待這個數字的趨勢呢？尤其是在與客戶討論時？

Yeah, it is up one. I mean, there's a lot of flexibility in those rigs moving on and off, but we are up (inaudible) we like. As we think about trending into 2026, the producers are still in their budget process right now. As they continue to come out that, we hear more from them. We'll be able to reassess what 2026 looks like in terms of rig count and volumes and everything else like that.

是的，領先一分。我的意思是，這些設備的安裝和拆卸有很多靈活性，但我們已經（聽不清楚）我們喜歡。當我們展望 2026 年的發展趨勢時，製片方目前仍在進行預算編制工作。隨著他們不斷公開表態，我們聽到了更多他們的消息。我們將能夠重新評估 2026 年的鑽井平台數量、產量以及其他類似情況。

But we have good momentum into 2026, so we like, so we're optimistic.

但我們2026年的發展勢頭良好，所以我們很看好，也很樂觀。

Jason Gabelman, TD Cowen.

Jason Gabelman，TD Cowen。

I wanted to ask one just on the quarterly results. In your disclosure, you talked about the NGL segment benefiting from -- it seemed like selling product out of inventory and refined products from timing of operational gains and losses. I was hoping you can elaborate on those comments a bit more as I'm trying to understand the underlying earnings in the quarter. And I have a follow-up.

我只想問一個關於季度業績的問題。在您的揭露中，您提到 NGL 業務受益於——似乎是透過銷售庫存產品和精煉產品來獲得營運損益的時間優勢。我希望您能對這些評論做更詳細的解釋，因為我正在努力理解本季的潛在收益情況。我還有一個後續問題。

Well, this is Sheridan. On the NGL side, we talked about selling purity products out of that. This is in our marketing business, there's different times that we have -- we may be holding product for storage and selling at a different time of the year. And so because of that, we'll maybe moving earnings across quarters a little bit. So we saw an uplift by being able to sell some product in the second quarter -- I mean in the third quarter.

這位是謝裡丹。在 NGL 方面，我們討論瞭如何銷售其中的純淨產品。這是我們行銷業務的一部分，我們會遇到不同的銷售時期——我們可能會將產品儲存起來，然後在一年中的其他時間銷售。因此，我們可能會稍微調整一下各季度的收益公佈時間。因此，我們在第二季（我是說第三季）透過銷售一些產品看到了業績提升。

So it's really kind of a timing of sales as we -- on our marketing business. And on the refined products on our over and shorts. If we look out over the year, we tend to be just slightly a little bit long on volume, but we take opportunistic time throughout the year to sell our open (inaudible) into the area, and this is the time that we sold in the second -- in the third quarter.

所以，這其實是我們行銷業務中銷售時機的一個問題。以及我們精緻的上衣和短褲產品。如果我們回顧全年，就會發現我們的交易量往往略微偏多，但我們會在全年尋找機會，將我們未售出的股票（聽不清楚）賣到該地區，而這正是我們在第二季度——第三季度進行銷售的時候。

Okay. Got it. And my follow-up is a bit more strategic in nature. It seems like your growth rate -- your EBITDA growth rate is obviously going to slow here from very attractive rates the past few years, you've previously said mid- to high single digits. We'll see where it comes out next year.

好的。知道了。我的後續行動則更具策略性。看來你的成長率——你的 EBITDA 成長率顯然會從過去幾年非常誘人的成長率放緩，你之前說過是中高個位數。我們拭目以待明年的發布情況。

But as you think about attracting capital to your equity, how important is it to maintain our competitive growth rate? Or do you think that your EBITDA growth rate is not necessarily a main determinant of equity capital you could attract to the stock and there are other avenues to do that?

但是，在考慮如何吸引資本投資到您的股權投資時，保持我們具有競爭力的成長率有多重要？或者您認為 EBITDA 成長率不一定是吸引股權資本的主要決定因素，還有其他途徑可以做到這一點？

Well, I mean I think, clearly, having a growth rate -- a positive growth rate is going to be something that attracts people to the stock. I would just kind of point you to our history. We've gone through cycles before where commodity prices have been up and down. And year-over-year since 2014, we've had positive EBITDA growth every year. We continue to see that trend.

嗯，我的意思是，很明顯，擁有成長率——尤其是正成長率——將會吸引人們購買這支股票。我只想簡單地向你介紹一下我們的歷史。我們以前也經歷過大宗商品價格的周期性波動。自 2014 年以來，我們的 EBITDA 每年都實現了正成長。我們持續看到這種趨勢。

Clearly, at the moment, we need to get a little better fine point on where the producers are going to participate in the coming year before we provide a very specific number, which we'll do in the first -- beginning of the first quarter. But the business is incredibly resilient. And we are very confident that we will continue to grow into 2026. We clearly are going to be focused on our capital allocation, taking the opportunity to bring on real high-quality projects. But if you look at our cash flow profile, we should have the opportunity in the coming years to be in there buying some stock as well.

顯然，目前我們需要更清楚地了解生產商在來年將參與哪些活動，然後再提供一個非常具體的數字，我們將在第一季初完成這項工作。但這個行業的韌性非常強。我們非常有信心，到 2026 年我們將繼續成長。我們將專注於資本配置，抓住機會引進真正的高品質專案。但如果你看一下我們的現金流狀況，未來幾年我們應該也有機會買一些股票。

So that could have a positive impact. But at the end of the day, we continue to achieve that earnings growth going forward.

所以這可能會產生正面影響。但歸根結底，我們將繼續實現獲利成長。

The only thing I'd add to that is I'd encourage you to go back and look at the data for, like, crude oil prices between 2008, 2009, 2015 to 2016, 2020. It really paints the story of what Walt just said, about how we've been able to grow our EBITDA through these different down cycles. And one thing I would say because most of us have been in this business over 40 years, with every down cycle there's usually an up cycle. You don't get into another down cycle, so you have an up cycle. So it will come back, and we're confident to manage through the down cycle.

我唯一要補充的是，我建議你回顧一下 2008 年、2009 年、2015 年至 2016 年、2020 年的原油價格數據。它確實描繪了沃爾特剛才所說的故事，即我們如何在不同的經濟下行週期中實現 EBITDA 的成長。還有一點我想說，因為我們大多數人從事這個行業已經超過 40 年了，每一次下行週期通常都會伴隨著一次上行週期。你不會再陷入另一個下行週期，所以你會進入一個上行週期。所以它終會復甦，我們有信心度過下行週期。

Ladies and gentlemen, that will conclude our question-and-answer session. I would now like to turn the call back over to Megan Patterson for any closing remarks.

女士們、先生們，我們的問答環節到此結束。現在我想把電話轉回梅根·帕特森，請她作總結發言。

Thanks, Bo. Our quiet period for the fourth quarter starts when we close our books early next year and extends until we release earnings in late February. We'll provide details for that conference call at a later date. As a reminder, our IR team will be available throughout the day for any follow-ups. Thanks, everyone, and have a good day.

謝謝你，博。我們的第四季靜默期從明年年初我們完成帳目結算開始，一直持續到二月底我們發布財報為止。我們將在稍後提供該次電話會議的詳細資訊。再次提醒，我們的投資者關係團隊將在全天為您提供後續服務。謝謝大家，祝大家今天過得愉快。

Thank you, Ms. Patterson. Again, ladies and gentlemen, that will conclude today's ONEOK third-quarter 2025 earnings conference call. Again, thanks so much for joining us, everyone, and we wish you all a great afternoon. Goodbye.

謝謝您，帕特森女士。女士們、先生們，今天的 ONEOK 2025 年第三季財報電話會議到此結束。再次感謝各位的參與，祝大家下午愉快。再見。