Plains All American Pipeline LP (PAA) 2024 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the 2024 second-quarter Plains All American Pipeline earnings call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Plains All American Pipeline 2024 年第二季財報電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節。（操作員指示）請注意，今天的會議正在錄製中。

I would like to hand the conference over to your first speaker today, Blake Fernandez, VP of Investor Relations. Please go ahead.

我想將會議交給今天的第一位發言人，投資者關係副總裁布萊克·費爾南德斯 (Blake Fernandez)。請繼續。

Thank you, Marvin. Good morning and welcome to Plains All American second-quarter 2024 earnings call. Today’s slide presentation is posted on the Investor Relations website under the News and Events section at plains.com. An audio replay will also be available following today’s call.

謝謝你，馬文。早安，歡迎參加 Plains All American 2024 年第二季財報電話會議。今天的幻燈片簡報發佈在 plains.com 投資者關係網站的新聞和活動部分下。今天的電話會議後還將提供音訊重播。

Important disclosures regarding forward-looking statements and non-GAAP financial measures are provided on slide 2. An overview of today’s call is provided on slide 3. Condensed consolidating balance sheet for PAGP and other reference materials are in the appendix.

前瞻性陳述和非 GAAP 財務指標的重要揭露請參閱投影片 2。幻燈片 3 概述了今天的電話會議。PAGP 簡明合併資產負債表及其他參考資料請見附錄。

Today’s call will be hosted by our Chairman and CEO, Willie Chiang; Executive Vice President and CFO, Al Swanson; and other members of our management team.

今天的電話會議將由我們的董事長兼執行長 Willie Jiang 主持；執行副總裁兼財務長 Al Swanson；以及我們管理團隊的其他成員。

With that, I will now turn the call over to Willie.

這樣，我現在將把電話轉給威利。

Thank you, Blake. Good morning everyone, and thank you for joining us.

謝謝你，布萊克。大家早安，感謝您加入我們。

Today we reported second-quarter adjusted EBITDA attributable to PAA of $674 million. This exceeded our expectation, and it highlights our focus on execution and the ability of our team and asset base to respond to the ever-changing market dynamics. As a result of our year-to-date performance, bolt-on M&A contributions, and momentum as we enter the second half of the year, we're raising the midpoint of our full-year 2024 adjusted EBITDA guidance by $75 million to a new range of $2.725 billion to $2.775 billion.

今天，我們公佈第二季調整後的 PAA EBITDA 為 6.74 億美元。這超出了我們的預期，突顯了我們對執行力的關注以及我們的團隊和資產基礎應對不斷變化的市場動態的能力。由於我們今年迄今的業績、補強的併購貢獻以及進入下半年的勢頭，我們將 2024 年全年調整後 EBITDA 指導的中點提高了 7500 萬美元，達到新範圍為 27.25 億美元至 27.75 億美元。

Our 2024 production outlook remains unchanged at an increase of 200,000 to 300,000 barrels a day with an exit with the back half weighting. I would also note that while rigs are trending slightly below our initial expectations, efficiencies have largely offset the impact of a lower overall rig count. A high-level overview of our second quarter results and updated 2024 guidance is shown on slide 3 and slide 4.

我們對 2024 年產量展望保持不變，仍為每天增加 20 萬至 30 萬桶，並在未來半權重退出。我還想指出，雖然鑽孔機的趨勢略低於我們最初的預期，但效率在很大程度上抵消了整體鑽機數量減少的影響。幻燈片 3 和幻燈片 4 顯示了我們第二季度業績和更新的 2024 年指導的高級概述。

Consistent with our efficient growth strategy, Plains facilitated and acquired an additional 0.7% interest in the Wink to Webster Pipeline Company from Rattler Midstream for an aggregate cash consideration of approximately $20 million. Now while this transaction is small, it's a great example of how our numerous joint ventures, partnerships, and joint ownership agreements provide us with a robust opportunity set as far as potential bolt-on transactions.

根據我們的高效成長策略，Plains 促成並從 Rattler Midstream 手中收購了 Wink to Webster Pipeline Company 額外 0.7% 的權益，總現金對價約為 2,000 萬美元。雖然這筆交易規模很小，但它是一個很好的例子，說明我們眾多的合資企業、合作夥伴關係和共同所有權協議如何為我們提供潛在的補充交易的強大機會。

Slide 5 provides an overview of our bolt-on activity since the second half of 2022. During this time, we've completed eight bolt-on acquisitions for an aggregate investment of approximately $535 million net to Plains. These transactions all complement our existing asset base, include strong returns that meet our thresholds, create incremental efficient growth opportunities, and enhance our financial profile.

投影片 5 概述了我們自 2022 年下半年以來的補強活動。在此期間，我們完成了八項補充收購，對 Plains 的淨投資總額約為 5.35 億美元。這些交易都補充了我們現有的資產基礎，包括滿足我們門檻的強勁回報，創造增量高效成長機會，並增強我們的財務狀況。

With that, I'll turn the call over to Al.

說完，我會把電話轉給阿爾。

Thanks, Willie. We reported second-quarter adjusted EBITDA net to PAA of $674 million. This reflects the benefit of higher tariff volumes and several market based opportunities in our crude oil segment. The NGL segment experienced favorable ISO to normal butane spreads along with higher frac spreads on our un-hedged C3+ spec product sales. Across both of our crude oil and NGL segments, we benefited from lower than expected operating expenses. Some of this will reverse in the second half of the year, but we remain diligent in managing costs and running efficient operations.

謝謝，威利。我們報告第二季調整後的 PAA EBITDA 淨額為 6.74 億美元。這反映了我們原油領域更高的關稅量和一些基於市場的機會的好處。NGL 部門經歷了有利的 ISO 與普通丁烷價差，以及我們未對沖的 C3+ 規格產品銷售的更高的壓裂價差。在我們的原油和液化天然氣領域，我們受益於低於預期的營運費用。其中一些情況將在今年下半年扭轉，但我們仍然努力管理成本和高效營運。

Slides 9 and 10 in today's appendix contain walks that provide details on our second-quarter performance. A summary of our updated 2024 guidance is on slide 11. Shifting to capital allocation as illustrated on slide 6, for 2024, we expect to generate approximately $1.55 billion of adjusted free cash flow, excluding changes in assets and liabilities, and including $130 million of bolt-on acquisitions with approximately $1.15 billion to be allocated to common and preferred distributions. We will also continue to self-fund our capital program with $375 million of growth capital and $250 million of maintenance capital net to PAA.

今天附錄中的投影片 9 和 10 包含提供有關我們第二季業績詳細資訊的簡報。我們更新的 2024 年指南摘要請參閱投影片 11。如投影片6 所示，轉向資本配置，我們預計2024 年將產生約15.5 億美元的調整後自由現金流，不包括資產和負債的變化，包括1.3 億美元的補強收購，其中約11.5 億美元將分配給常見分佈和首選分佈。我們也將繼續為我們的資本計畫自籌資金，向 PAA 提供 3.75 億美元的成長資本和 2.5 億美元的維護淨資本。

Finally, in June, we issued $650 million of senior and secured notes due in 2034 at a rate of 5.7%. We'll use the note proceeds and cash to repay the $750 million note maturing in November.

最後，我們在 6 月發行了 6.5 億美元的 2034 年到期的優先擔保票據，利率為 5.7%。我們將使用票據收益和現金償還 11 月到期的 7.5 億美元票據。

With that, I'll turn the call back to Willie.

說完，我會把電話轉回給威利。

Thanks, Al. Today's results reflect another quarter of strong execution, and we remain confident in our ability to continue delivering on our goals and initiatives. We're progressing our disciplined bolt-on strategy, and our efficiency efforts are resulting in cost containment throughout the company. Over the coming years, we expect a more durable and resilient cash flow profile, underpinned by contract extensions in the Permian long-haul business and a shift towards more stable fee-based cash flow in our NGL segment.

謝謝，艾爾。今天的業績反映了另一個季度的強勁執行力，我們對繼續實現目標和舉措的能力充滿信心。我們正在推進嚴格的補充策略，我們的效率努力正在實現整個公司的成本控制。未來幾年，我們預計現金流狀況將更加持久和有彈性，這得益於二疊紀長途業務的合約延期以及 NGL 業務向更穩定的收費現金流的轉變。

Plains remains well positioned as North American energy supply will continue to be critical to energy reliability, affordability, and security for the foreseeable future. Our strong operational and equity performance continues to reaffirm our strategy of cash flow discipline, generating meaningful free cash flow and increasing return of capital to the unitholders while maintaining financial flexibility. We appreciate your continued interest and support of Plains and we look forward to providing further updates in our earnings conference in November.

平原地區仍然處於有利地位，因為在可預見的未來，北美能源供應將繼續對能源可靠性、可負擔性和安全性至關重要。我們強勁的營運和股本業績持續重申我們的現金流紀律策略，產生有意義的自由現金流並增加單位持有人的資本回報，同時保持財務靈活性。我們感謝您對 Plains 的持續關注和支持，我們期待在 11 月的收益會議上提供進一步的更新。

With that, I'll turn the call over to Blake who will lead us into Q&A.

接下來，我會將電話轉給布萊克，他將帶領我們進入問答環節。

Thank you, Willie. As we enter the Q&A session, please limit yourself to one question and one follow-up. For those with additional questions, please feel free to return to the queue. This will allow us to address questions from as many participants as possible in our available time this morning. The IR team will also be available after the call to address any additional questions you may have.

謝謝你，威利。當我們進入問答環節時，請將自己限制在一個問題和一個後續行動上。對於還有其他問題的人，請隨時返回隊列。這將使我們能夠在今天早上的空閒時間內回答盡可能多的參與者提出的問題。IR 團隊也會在通話結束後為您解答任何其他問題。

Marvin, please open the call for questions.

馬文，請打開提問電話。

Thank you. (Operator Instructions) Tristan Richardson, Scotiabank.

謝謝。（操作員指示）Tristan Richardson，豐業銀行。

Maybe just a question, Willie on the crude segment, seeing the guide come up there and you noted you're seeing, your producer customers are seeing greater efficiencies. Curious if, I mean, is that efficiencies better than expected kind of the key source of the change in the outlook for the crude segment?

也許只是一個問題，威利在原油領域，看到指南出現在那裡，你注意到你看到，你的生產商客戶正在看到更高的效率。我好奇的是，效率好於預期是否是原油產業前景變化的關鍵來源？

And then I guess, we've heard from producers this earnings season that these efficiency gains appear pretty sustainable as you look into 2025. I'd be kind of curious sort of the driver of the 2024 move A, and then B, sort of how you see efficiency gains trending as you exit into and look to the beginning of 2025?

然後我想，我們從本財報季的生產商那裡得知，展望 2025 年，這些效率提升似乎相當可持續。我有點好奇 ​​2024 年行動 A 和 B 的驅動因素，當您退出並展望 2025 年初時，您如何看待效率提升趨勢？

Hey, Tristan, this is Jeremy. The overall guidance change was part NGL, part crude within the crude segment. There are some opportunistic captures in Canada and the US. As far as production growth has been in line with expectations, but the producer has been able to do less with more.

嘿，特里斯坦，這是傑里米。整體指引的變化部分是液化天然氣，部分是原油領域的原油。加拿大和美國存在一些機會主義捕獲。就產量成長而言，符合預期，但生產商已經能夠事半功倍。

We've maintained the 200,000 to 300,000 barrels a day production growth guidance, a little bit of outperformance in the Midland, a little underperformance in the Delaware, driven by infrastructure constraints and lower natural gas prices. But we see those deferral of completions into the beginning of next year.

我們維持了每天 20 萬至 30 萬桶的產量增長指導，受基礎設施限制和天然氣價格下跌的推動，米德蘭地區表現稍好，特拉華州表現稍遜。但我們看到這些完工工作將延後到明年初。

So we think a healthier, efficient producer is good for our business long-term. Increasing recoveries, lower cycle times, us chasing less connections, more efficient capital on their side and ours, so I'd say it's directionally positive. It's not the sole source for the increase in guidance, but it's a positive trend for us.

因此，我們認為更健康、高效的生產商對我們的業務長期有利。復甦的增加、週期時間的縮短、我們追求更少的聯繫、他們和我們雙方更有效率的資本，所以我認為這在方向上是正面的。這不是指導增加的唯一來源，但對我們來說這是一個積極的趨勢。

I appreciate it, Jeremy. And then maybe just the followu-p on the NGL segment, presumably as the business becomes more fee based in mix, especially next year, kind of curious how we should think about less variability in the NGL business longer term, and then maybe sort of at a high level where a base level of earnings for the NGL segment is once we have become more fee based?

我很感激，傑瑞米。然後也許只是 NGL 領域的後續，大概是隨著業務變得更加基於混合費用，特別是明年，我們有點好奇我們應該如何考慮 NGL 業務長期的較小變化，然後可能是一旦我們變得更加以費用為基礎，NGL 部門的獲利基本水準是在一個高水準上嗎？

Yes Tristan, this is Jeremy again. What I would say is, we're not going to give forward guidance on the NGL segment, but we've entered into 15-plus year contract, which has replaced roughly a third of our frac spread exposure. We're investing $150 million to $200 million to replace that business with gathering, fractionation, storage, transportation. So it's going to look just like an integrated NGL value chain, which we already have.

是的，特里斯坦，這又是傑瑞米。我想說的是，我們不會對 NGL 領域提供前瞻性指引，但我們已經簽訂了 15 年以上的合同，該合約已經取代了我們大約三分之一的壓裂價差敞口。我們將投資 1.5 億至 2 億美元，以收集、分餾、儲存和運輸取代該業務。因此，它看起來就像我們已經擁有的整合式液化天然氣價值鏈。

This is bolting on and bolstering that piece. So we'll move from roughly 60/40 frac spread exposure to less than 50/50. So I'd say longer term, this is definitely a more predictable chain, but we do like the straddle business, and we'll continue to lean into that business as well.

這是那件作品的固定與支撐。因此，我們將從大約 60/40 的壓裂價差敞口調整至低於 50/50。所以我想說，從長遠來看，這絕對是一個更可預測的鏈條，但我們確實喜歡跨式業務，並且我們也將繼續傾向於該業務。

And, Tristan, this is Willie, just to reinforce that point. Also, it's historically, the market has been very seasonal. It will always be seasonal, but what you see us doing by going to more fee based starts to flatten that saddle out a little bit. I think there will always be seasonal opportunities, but everything we're doing, as Jeremy pointed out, going to more fee based, trying to flatten the saddle out, expanding our facilities over at Fort Saskatchewan, all play into that.

特里斯坦，這是威利，我只是為了強調這一點。此外，從歷史上看，市場具有很強的季節性。它總是季節性的，但你看到我們透過更多的收費方式開始讓這個鞍座變得更加平坦。我認為總會有季節性的機會，但正如傑里米指出的那樣，我們所做的一切，更多地以收費為基礎，試圖壓平馬鞍，擴大我們在薩斯喀徹溫堡的設施，所有這些都發揮了作用。

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

I want to ask on your, I believe in your last call, you said that you expected the crude segment EBITDA in 2026 to be roughly flat with 24 EBITDA. Just wondering if that's still a good, true statement, given the increase in 2024 EBITDA guidance here.

我想問一下您，我相信您在上次通話中表示，您預計 2026 年原油部門的 EBITDA 將與 24 的 EBITDA 大致持平。只是想知道，考慮到此處 2024 年 EBITDA 指導的增加，這是否仍然是一個好的、真實的陳述。

Yes Michael, this is Willie. I'll take that one. Our perspective hasn't changed. So as you think about our performance this year versus 2026, same perspective. I just want to highlight, last time on the call the reason we talked about that and gave not formal guidance, but a framework of kind of what we're thinking was to make sure people understood that with these renegotiations of contracts we don't expect the cliff falling off in 2026.

是的，邁克爾，這是威利。我會接受那個。我們的觀點沒有改變。因此，當您考慮我們今年與 2026 年的表現時，您將有相同的觀點。我只是想強調，上次在電話會議上我們討論這個問題並沒有提供正式指導的原因，但我們正在考慮的某種框架是為了確保人們理解，透過這些合約的重新談判，我們不會預計2026 年懸崖會掉下來。

So no, short answer again is no change in the perspective on the crude segment. We're always working on a lot of things there to try to bolster our crude business and more guidance will come as we outline 2025, 2026 as far as formal guidance coming out later.

所以，不，簡短的回答是，對原油領域的看法並沒有改變。我們一直在做很多事情，試圖支持我們的原油業務，當我們概述 2025 年、2026 年時，我們將提供更多指導，直到稍後發布正式指導。

Okay, got it. Thanks for that. And then just continue the discussion on Permian production growth. Just want to get your perspective just how you see things playing out over the balance of this year and next? And do you think over the next few years you could see a scenario where Permian crude takeaway could get tight again? Thanks.

好的，明白了。謝謝你。然後繼續討論二疊紀產量成長。只是想了解您如何看待今年和明年的情況？您認為未來幾年您是否會看到二疊紀原油外送再次緊張的情況？謝謝。

Michael, this is Jeremy. In the near-term, like we said, there's some infrastructure constraints mostly in New Mexico, that being water, gas and lower gas prices just lend more completions in the Midland basin. But we see that as the pipelines come on, there was another one announced yesterday, but as we get quarter-to-quarter relief you're going to see the ability to add more production growth.

邁克爾，這是傑里米。正如我們所說，短期內，主要在新墨西哥州存在一些基礎設施限制，即水、天然氣和較低的天然氣價格只會為米德蘭盆地提供更多竣工項目。但我們看到，隨著管道的開通，昨天還宣布了另一項計劃，但隨著我們逐季度的緩解，您將看到增加更多產量成長的能力。

So it will be a little lumpy as we hit infrastructure constraints, but we see it directionally continuing to increase to the 200,000 to 300,000 barrels a day a year that we've stayed with and naturally the basin will get tighter. Forward differentials don't reflect that for next year. But contracting discussions are as we've just had and others are having reflect that the industry is looking to sell more away from Midland as time progresses. So I'd say that's directionally positive for our business and everything is happening in line with the discussions we had with our shippers and the contract that we just completed.

因此，當我們遇到基礎設施限制時，它會有點不穩定，但我們看到它會定向繼續增加到我們一直保持的每年 200,000 至 300,000 桶，自然盆地會變得更緊。遠期差異並不反映明年的情況。但合約討論正如我們剛剛進行的那樣，其他人也反映出，隨著時間的推移，該行業正尋求從米德蘭出售更多產品。所以我想說，這對我們的業務來說是積極的，一切都按照我們與托運人的討論以及我們剛剛完成的合約進行。

Jeremy Tonet, JPMorgan Securities.

傑里米·託內特，摩根大通證券。

Hey. Just wanted to pick up, I guess, on M&A opportunity set, more and more kind of little bolt-ons there. How much depth do you see to that opportunity set going forward here? Just trying to get a feeling for what you see there.

嘿。我想，我只是想在併購機會集上抓住越來越多的小補充。您認為這裡的機會集有多大深度？只是想感受一下你在那裡看到的東西。

Hi, Jeremy. Yes, thanks for the question, Jeremy. You've heard us talk about efficient growth and bolt-ons, and quite frankly, it's been a niche for us. And the reason we showed the slide in the deck is to show just the number that we've done. And if you think about our asset base, where it sits and the integrated nature of it, we're really, I think, uniquely positioned to be able to capture synergies.

嗨，傑里米。是的，謝謝你的提問，傑里米。您已經聽過我們談論高效成長和補充，坦白說，這對我們來說是一個利基市場。我們在幻燈片中展示幻燈片的原因是為了展示我們已經完成的數字。如果你考慮我們的資產基礎、它的位置及其綜合性質，我認為我們確實處於獨特的地位，能夠獲得協同效應。

So a lot of these bolt-ons, they aren't processes that are the formally that come out, but it's more in discussions with our partners to see how do we get to win-win solutions. And we've demonstrated that we can do that. And these are bite sized, but they certainly, when you add them up, they make a meaningful difference and the returns are great on them. And we think it's a great use of our free cash flow.

因此，許多這些附加項目並不是正式推出的流程，而是更多地與我們的合作夥伴進行討論，看看我們如何獲得雙贏的解決方案。我們已經證明我們可以做到這一點。這些都是很小的，但是當你把它們加起來時，它們肯定會產生有意義的變化，而且回報也很大。我們認為這是對我們自由現金流的充分利用。

So we'll continue to try to advance and develop those. I think if you think about the environment and where capital is tight, different partners have different constraints and desires. It's kind of a target rich environment to be able to have discussions and the question is how many of them can you bring to fruition? And we'll just continue to plug away on that. And then maybe just to take it one step further.

因此，我們將繼續努力推進和發展這些。我認為如果你考慮一下環境和資金緊張的地方，不同的合作夥伴有不同的限制和願望。這是一個能夠進行討論的目標豐富的環境，問題是你能實現其中多少個？我們將繼續努力。然後也許只是更進一步。

If you were asking about broader M&A and opportunity sets, we've been pretty open on the views that we think there is going to be more consolidation across the industry, whether it be in upstream, midstream, downstream, just because capital is more expensive and you start growing a little bit more through efficiencies and synergies. And as we look at those, we're just going to stay very disciplined and if it makes sense to the unitholders to consider something like that, we would certainly be open. But in the meantime, I think the sufficient growth with bolt-ons, we have a deep opportunity set there and we'll see what we can bring across the line.

如果你問的是更廣泛的併購和機會集，我們一直持相當開放的觀點，我們認為整個行業將會有更多的整合，無論是在上游、中游還是下游，只是因為資本更加昂貴通過效率和協同作用，你開始獲得更多的成長。當我們審視這些問題時，我們將保持非常自律，如果單位持有者考慮類似的事情有意義，我們肯定會持開放態度。但同時，我認為補強的充分成長，我們在那裡有一個深刻的機會，我們將看看我們能帶來什麼。

Got it. That's very helpful there. And then just maybe going a little bit further with Permian egress, supply demand, just wondering if you could provide a bit more color on customer conversations at this point? Do they see tightening and that kind of brings a different tone to the conversation or just kind of wondering how you think that stands right now?

知道了。這非常有幫助。然後可能會進一步討論二疊紀出口、供應需求，只是想知道此時您是否可以為客戶對話提供更多資訊？他們是否看到了收緊，這為談話帶來了不同的基調，或者只是想知道你認為現在的情況如何？

I would say that we've had constructive dialogue. Obviously last quarter we gave a significant update on our pipes. Those are large shippers that re-contracted with us and we're certainly seeing where there's available capacity. We're having constructive dialogues. I don't want to speak to specific pipes or interests. There's a certain amount of exposure we want to retain because we see value and we need to clear the barrels our marketing affiliate buys, but with our third party customers, we're having very constructive dialogue, but we're going to be patient.

我想說，我們進行了建設性對話。顯然，上個季度我們對管道進行了重大更新。這些都是與我們重新簽訂合約的大型托運人，我們當然會看到哪裡有可用的運力。我們正在進行建設性對話。我不想談論特定的管道或興趣。我們希望保留一定程度的曝光度，因為我們看到了價值，我們需要清理我們的行銷附屬公司購買的桶，但與我們的第三方客戶，我們正在進行非常有建設性的對話，但我們會保持耐心。

Jeremy, this is Willie. A couple of other things on that. The last time we talked about the extension of our long haul contracts and I think this really and our strategy there is really playing into what we think is going to happen. If you think about the last time the market was constrained, it was back in the 2014, 2015 range, 2016. And then there was a lot of capacity built and there were some -- markets were tight, spreads were wide.

傑里米，這是威利。關於這一點還有其他一些事情。上次我們談到延長長途合約時，我認為這和我們的策略確實發揮了我們認為將要發生的事情。如果你回想一下市場上次受到限制的時間，那是在 2014 年、2015 年、2016 年。然後建立了大量的產能，並且有一些——市場緊張，利差很大。

And we always expected at this point you would start tightening the spare capacity. And I think the strategy on the long haul extensions to 2028, 2029, and 2030 fit well, as well as retaining some open space on the ability to capture margins between Midland and the Gulf Coast is a strategy that we've laid out and I think it will pan out pretty well.

我們一直預計此時會開始收緊閒置產能。我認為將長途航線延長至 2028 年、2029 年和 2030 年的策略非常適合，並且保留一些開放空間，以獲取米德蘭和墨西哥灣沿岸之間的利潤率，這是我們制定的策略，我認為結果會很好。

Manav Gupta, UBS.

馬納夫古普塔，瑞銀集團。

Congrats, guys. I just wanted to focus a little bit on the lower operating expenses, lower cost. You did mention it was part of the beat. So trying to understand what part of it is sticky, what can actually go on and benefit you in the second half of 2024 and 2025 as it relates to lowering overall expenses and cost?

恭喜，夥計們。我只是想稍微關心一下較低的營運費用和較低的成本。你確實提到這是節拍的一部分。因此，試著了解其中哪些部分是黏性的，哪些內容實際上可以繼續進行並在 2024 年下半年和 2025 年使您受益，因為它與降低總體費用和成本有關？

I will note that some of the lower costs in the first half were our ability to successfully defer some spend into the second half, so that won't necessarily be sticky. But we're, of course, always looking to optimize our operating cost. It certainly varies as volumes vary and utility prices vary, and we'll look to optimize that going forward. But some of that were first half to second half deferrals.

我要指出的是，上半年的一些較低成本是我們成功地將一些支出推遲到下半年的能力，因此這不一定是黏性的。但當然，我們一直在尋求優化我們的營運成本。它肯定會隨著數量的變化和公用事業價格的變化而變化，我們將尋求未來的最佳化。但其中一些是上半場到下半場的延遲。

Okay and any quick commentary on possibility of redeeming the preferreds, like in the future that could lower your cost of capital?

好的，關於贖回優先股的可能性有什麼快速評論嗎？

This is Al. No change in our thinking at this time, but as we have articulated, we do recognize that there may be a point in the future where we'll reconsider that. So near-term now medium to longer term we will reevaluate that.

這是艾爾。目前我們的想法沒有改變，但正如我們所闡明的，我們確實認識到，在未來的某個時刻，我們可能會重新考慮這一點。因此，從近期到中長期來看，我們將重新評估這一點。

Keith Stanley, Wolfe Research.

基思‧史丹利，沃爾夫研究公司。

I think I clocked your prepared remarks at six minutes. That's a new record for you guys, so congrats on that. I wanted to ask first on capital allocation. You're having another really good year above expectations. In the past, when that's happened, I think you've been open about raising the distribution sooner or in larger size. Is that something that would be potentially on the table again or should we still assume $0.15 per unit Q4 as the target?

我想我把你準備好的發言記錄在六分鐘內。這對你們來說是一個新紀錄，所以恭喜你們。我想先問一下資本配置。你又度過了超乎預期的美好一年。在過去，當這種情況發生時，我認為您一直對儘早提高分配或擴大分配規模持開放態度。這是有可能再次出現的問題，還是我們仍然應該假設第四季每單位 0.15 美元作為目標？

I think we've been pretty steadfast in laying out our capital allocation strategies. And to answer your question directly, we've demonstrated and we will continue to focus on returns of capital to our unitholders. If we are able to have sustainable EBITDA going forward, we absolutely will consider that as we do our annual reviews on distribution.

我認為我們在製定資本配置策略方面一直非常堅定。為了直接回答您的問題，我們已經並將繼續關注單位持有人的資本回報。如果我們未來能夠實現可持續的 EBITDA，我們絕對會在對分銷進行年度審查時考慮這一點。

We've done $2.20 increases. We've stated that $0.15 and it's an annual increase that we look at really every year. But to answer your question again, it's absolutely part of our discussions. We want to get back more cash to the unitholders if we can.

我們增加了 2.20 美元。我們已經說過 0.15 美元，這是我們每年都會關注的年度成長。但再次回答你的問題，這絕對是我們討論的一部分。如果可以的話，我們希望向單位持有人返還更多現金。

Great, thanks. Thanks for that. Second, just tying back to the Permian, any early thoughts you would give on 2025 and the trajectory for volumes there? Just given what you're seeing with efficiencies, producer consolidation. I think Jeremy alluded to relief when Matterhorn comes on. Just any thoughts just directionally for next year?

太好了，謝謝。謝謝你。其次，回到二疊紀，您對 2025 年以及那裡的產量軌跡有何早期想法？就你所看到的效率和生產商整合而言。我認為傑里米暗示馬特洪峰出現時鬆了一口氣。對明年有什麼方向性的想法嗎？

Keith, this is Willie again. We're not -- we haven't given long-term guidance, but I'll give you some general thoughts. We play for the long-term and our belief is that the Permian will be a key basin for the world. Our growth of 200 to 300, I think we've directionally said we expect that kind of to be more closer to that than some of the incredible growth numbers that we've had in the past.

基思，這又是威利。我們沒有——我們沒有提供長期指導，但我會給你一些一般性的想法。我們著眼長遠，我們相信二疊紀將成為世界的重要盆地。我們的成長從 200 到 300，我想我們已經明確表示，我們預計這一數字比我們過去的一些令人難以置信的成長數字更接近。

There will be constraints. There will be lumpiness in the growth profile. But we are pretty bullish in the Permian and technology and some of the synergies that the E&P’s book side is with the consolidations on being able to develop it more responsibly, so or more efficiently and yes more efficiently, not responsibly.

會有限制。生長曲線中將會出現塊狀現象。但我們非常看好二疊紀盆地和技術，以及 E&P 帳面方面的一些協同效應，即能夠更負責任地、更有效地、更有效地、不負責任地開發它。

Spiro Dounis, Citi.

斯皮羅·杜尼斯，花旗銀行。

I wanted to go back to Permian Egress just quickly. So certainly respect that you can't say much for commercial reasons. But maybe if you could just give us a sense on maybe what's open to contract here and help us sensitize how to think about the impact. And as we think kind of out to 2026 plus more pipeline capacity coming, what is your appetite to have kind of a more than 10% contract book open at that point?

我想盡快回到二疊紀出口。所以當然尊重你因為商業原因不能說太多。但也許您能讓我們了解這裡可以簽訂哪些合同，並幫助我們敏感地考慮如何考慮影響。我們認為到 2026 年，管道產能將會增加，屆時您對 10% 以上的合約有什麼興趣？

Spiro, this is Jeremy. We haven't provided that and don't intend to. But I would say that there's a small amount on Cactus I and Cactus II and then Basin has some uncontracted capacity. BridgeTex does have some as well, but we're a 20% non-operating interest, so you might want to talk to one of them there. But Cactus I and Cactus II are largely contracted. We've retained some space to fill our dock and do some other things that we do and then there's some space available to Cushing as well.

斯皮羅，這是傑瑞米。我們還沒有提供，也不打算這樣做。但我想說的是，Cactus I 和 Cactus II 上有少量容量，然後 Basin 有一些未簽約容量。BridgeTex 也有一些，但我們擁有 20% 的非經營性權益，因此您可能想與其中一個交談。但仙人掌一號和仙人掌二號大部分都已收縮。我們保留了一些空間來填充我們的碼頭並做一些我們所做的其他事情，然後還有一些空間可供庫欣使用。

Got it. Okay, thanks, Jeremy. Second one, maybe just quickly on the volume guidance. I noticed that the Permian intra-basin looks like that stepped up a bit, but gathering stepped down a bit. And so sorry if I missed you, maybe if you could just walk us through the dynamic there what's going on?

知道了。好的，謝謝，傑里米。第二個，也許只是快速地進行音量指導。我注意到二疊紀盆地內看起來有點上升，但聚集卻下降了一點。如果我想念你的話，我很抱歉，也許你能帶我們了解那裡發生了什麼？

Sure. This is Jeremy again. It's largely associated with transportation to Colorado City to hit other connecting carriers to have space. The pipelines towards Corpus are all full, so this is just getting additional barrels production growth from the basin out to Colorado City and hitting either the Houston or Mid Continent markets. And some of that's a reflective TMX. You see the -- if the heavy barrels leave the Mid Continent, there are some other barrels that have to take it to play. So we've seen some impact on basin and some on, since Wink-to-Webster extended into Beaumont, you're seeing more flows into Houston that can come across BridgeTex. So it's just as new pipeline dynamics added, as production goes, it finds new markets.

當然。這又是傑里米。這主要與前往科羅拉多城的運輸有關，以便與其他轉機航空公司獲得空間。通往 Corpus 的管道已全部滿載，因此這只是從該盆地到科羅拉多城的額外桶產量增長，並衝擊休斯頓或中部大陸市場。其中一些是反射 TMX。你看，如果重型木桶離開中部大陸，還有其他一些木桶必須帶著它去玩。因此，我們看到了對流域的一些影響，以及一些影響，自從 Wink-to-Webster 延伸到博蒙特以來，您會看到更多的流量流入休斯頓，這些流量可能會經過 BridgeTex。因此，隨著新的管道動態的增加，隨著生產的進行，它會發現新的市場。

Neel Mitra, Bank of America.

尼爾·米特拉，美國銀行。

It looks like the '25 frac spread in Canada has in 2025 peaked up to close to $0.70 a gallon. Have you started looking at hedging that out and adding more stability on top of your fixed fee contracts that you talked about last quarter?

加拿大 25 號壓裂價差似乎已於 2025 年達到峰值，接近每加侖 0.70 美元。您是否開始考慮對沖這一點，並在上個季度談到的固定費用合約的基礎上增加更多的穩定性？

Hey, Neel, this is Jeremy. We have a continuous program of looking at hedging on a forward basis and current year and prop gear. Absolutely we're looking forward and we try to have a rolling program. So we're not going to provide guidance at this point, but we see market signals and we're opportunistic around trading around those positions and putting hedges on as well.

嘿，尼爾，這是傑瑞米。我們有一個持續的計劃來研究遠期、當年和道具裝備的對沖。我們絕對期待並嘗試制定一個滾動計劃。因此，我們目前不打算提供指導，但我們看到了市場訊號，我們會在這些頭寸周圍進行機會主義交易並進行對沖。

So we continue to look at it. It's not something we're going to provide an update now, but we absolutely pay attention to the forward frac spread. It's steeply backward dated and so opportunities are fewer and liquidity is fewer on the forward basis, but it's definitely something we monitor and are active in.

所以我們繼續觀察。我們現在不打算提供更新，但我們絕對關注遠期壓裂價差。它的日期嚴重落後，因此遠期的機會更少，流動性也更少，但這絕對是我們監控並積極參與的事情。

And Neel, we typically give guidance closer to the beginning of the year. And as you probably know, the liquidity for the ability to hedge, as you move further out it's more difficult, so more to come on that.

尼爾，我們通常在接近年初時提供指導。正如您可能知道的那樣，對沖能力的流動性隨著您的進一步發展而變得更加困難，因此還會有更多的事情發生。

Okay, perfect. And then maybe back to Jeremy on this. We've talked about the Permian being back half weighted with growth. Could you maybe talk about what you've seen in the second quarter with some of the negative Waha prices and some of the heavier gas cut wells have been shut in or we've seen delayed turn in line wells and now that Matterhorn is delayed into early Q4, do you have any different expectations on if Q4 is heavier on growth versus Q3 or if your initial projections are unchanged?

好的，完美。然後也許回到傑里米的問題。我們已經討論過二疊紀的成長速度已恢復一半。您能否談談您在第二季度所看到的情況，瓦哈的一些負價格和一些天然氣減產量較大的井已被關閉，或者我們看到管線井的交付延遲，現在馬特宏峰的交付被延遲第四季度初，您對於第四季度的成長是否比第三季的成長更為重要或您的最初預測是否不變有何不同的預期？

Neel, I think we're still in the range of 200,000 to 300,000 barrels a day and move within that range. But we have seen growth today so it's not like we didn't see anything. Q4 was very strong last year, which flattened out for a period, but we continue to see growth. Weather has not been as hot this year as it had been. So you've seen even growth during the summer where maybe you didn't last year. Last year actually saw declines in this time, this period of time. So directionally it's been positive and consistent.

Neel，我認為我們仍處於每天 200,000 至 300,000 桶的範圍內，並在該範圍內移動。但今天我們已經看到了成長，所以我們並不是沒有看到任何東西。去年第四季非常強勁，在一段時間內趨於平緩，但我們繼續看到成長。今年的天氣沒有往年那麼熱。所以你在夏天甚至看到了去年可能沒有的成長。去年這個時候，這個時期，其實是有下降的。所以從方向上來說，這是積極且一致的。

Maybe it's delayed some completions in New Mexico and places that are more impacted, but that's really just a quarter. So that could be into the first quarter of next year. But Midland, like I said earlier has outperformed. So I would say still in line with expectations. Timing of some completions has moved, but I think our forward guidance captures what our expectations are.

也許它推遲了新墨西哥州和受影響更嚴重的地方的一些竣工時間，但這實際上只是四分之一。所以這可能會持續到明年第一季。但正如我之前所說，米德蘭的表現優於大盤。所以我想說還是符合預期的。一些完成的時間已經改變，但我認為我們的前瞻性指引反映了我們的期望。

AJ O'Donnell, TPH.

AJ 奧唐納，TPH。

I just wanted to go back to some of the comments around the forward curves. You mentioned next year that those curves might not accurately be pricing in some of the conversations that you're having. I'm just curious if you see gross differentials between Midland and Houston winding out beyond the average transport rate and is that like a more of a '25 thing or is that later on in '26?

我只是想回到有關遠期曲線的一些評論。您提到明年這些曲線可能無法準確反映您正在進行的某些對話。我只是好奇你是否看到米德蘭和休斯頓之間的總差異超出了平均運輸率，這更像是 25 年的事情還是 26 年晚些時候的事情？

Certainly not something we give forward guidance on, but if you look, any ages is something that doesn't reflect on the water number. So the prices to the water and the realized prices to the coast are $0.30 to $0.50 higher than that. So you have to start from there, there's the disconnect and then from there, when you get into long-term contracting, you're looking over a five-year period, so the prompt doesn't impact the total rate. It's just a blended rate over time.

當然，這不是我們提供前瞻性指導的內容，但如果你仔細觀察，你會發現任何年齡都不會反映在水的數量上。因此，水域價格和海岸實際價格比此高出 0.30 至 0.50 美元。因此，您必須從那裡開始，存在脫節，然後從那裡開始，當您簽訂長期合約時，您會考慮五年期限，因此提示不會影響總費率。這只是一段時間內的混合利率。

So I guess what I would say is 2025 does show a lower number, but you have to get to the water, and that premium is higher both in Corpus and in Houston. And then it's market driven, Corpus versus Houston versus Midland. So it's more nuanced than that. But near-term, the pipes are filling and in 2026 plus, I think those are constructive dialogues between us and the customers.

所以我想我想說的是，2025 年的數字確實較低，但你必須下水，而且在 Corpus 和休士頓，溢價都更高。然後是市場驅動的，Corpus 與休斯頓與米德蘭。所以它比這更微妙。但從短期來看，管道正在充滿，到 2026 年以後，我認為這些都是我們和客戶之間的建設性對話。

AJ, I think we've all experienced how forward curves are usually not good predictors of future prices. It's just a methodology to be able to hedge and protect the future price. But as Jeremy said, when you start running out of spare capacity, the pricing signals change different behaviors. So I would expect that as spare capacity tightens, we'll start to see wider opportunities.

AJ，我想我們都經歷過遠期曲線通常不能很好地預測未來價格。這只是一種能夠對沖和保護未來價格的方法。但正如傑里米所說，當你開始耗盡閒置產能時，定價訊號會改變不同的行為。因此，我預計，隨著閒置產能收緊，我們將開始看到更廣泛的機會。

Okay, thanks for that. Maybe just one last one on the NGL business, just going back to some comments about wider spreads between iso and normal butane just curious about the opportunity there. Has that facility always been up and running? And if it hasn't, I mean, you know, going forward, will that be a quarter-to-quarter decision or how are you treating that?

好的，謝謝。也許只是關於 NGL 業務的最後一個，只是回到一些關於異丁烷和正丁烷之間更大價差的評論，只是對那裡的機會感到好奇。該設施一直在運作嗎？如果沒有，我的意思是，你知道，展望未來，這將是一個季度的決定，或者你如何對待這個決定？

Sure. AJ, we have multiple facilities. One runs all the time. One is more opportunistic. The spreads blew out in Q2 wider than historical norms. We've got our outlook for the remainder of the year in it, but I'd say the biggest impact was in Q2, modest impact in Q3. And while we don't forecast it in future periods, if it does, we'll turn it on and we'll operate. So it's just I would view that as more as opportunistic and when it's there, we're capturing it.

當然。AJ，我們有多個設施。一個人一直在奔跑。一種是比較機會主義的。第二季利差大幅超出歷史正常水準。我們對今年剩餘時間進行了展望，但我想說最大的影響是在第二季度，第三季度的影響不大。雖然我們不會預測未來的情況，但如果確實如此，我們將啟動它並進行營運。所以我只是認為這更像是機會主義，當它出現時，我們就會抓住它。

Sunil Sibal, Seaport Global.

蘇尼爾·西巴爾，海港全球公司。

Yes. Hi, good morning, everybody, and thanks for all the color. So it seems like the kind of base operating assumptions for forward years are 200,000 to 300,000 barrels per day of production growth in Permian, say 3% to 4%. How should we think about that in the context of Plains' Permian systems? So should we expect a similar kind of trajectory in volumes and cash flows from that system or there should be some expected changes?

是的。大家早安，感謝所有的顏色。因此，未來幾年的基本營運假設似乎是二疊紀盆地的產量每天增加 20 萬至 30 萬桶，即 3% 至 4%。在平原二疊紀系統的背景下我們該如何思考這一點？那麼，我們是否應該預期該系統的交易量和現金流量會出現類似的軌跡，或者應該會出現一些預期的變化？

It seems like there has been a little bit of realignment in terms of your competitors in the basin. So I just wanted to understand that a little bit.

盆地內的競爭對手似乎已經做了一些調整。所以我只是想稍微了解一下。

I'd say that we're a good proxy for the basin's overall growth. I think that's a fair assessment.

我想說，我們是該盆地整體成長的一個很好的代表。我認為這是一個公平的評估。

Okay, fair enough. And then one housekeeping from me, it seems like your cash taxes are tracking fairly higher versus last year. Is there any timing issues there or how should we think about that for the remainder of 2024?

好吧，很公平。然後是我的一個家事工作，看來你們的現金稅比去年高很多。是否存在任何時間安排問題？

Yes, they have been part of its income based higher, like this increase in guidance. Part of that is coming from our Canadian business, the taxes follow it. Also in 2024, we repatriated a significant amount of money back and had a small withholding tax on that. And as well as just some refinements in our estimates as to depreciation in that we would expect in 2025 to see taxes come back off of this higher level in 2025.

是的，它們已經成為其收入基礎較高的一部分，就像指導的增加一樣。其中一部分來自我們的加拿大業務，稅收隨之而來。同樣在 2024 年，我們匯回了大量資金，並繳納了少量預扣稅。我們對折舊的估計進行了一些改進，預計 2025 年稅收將從 2025 年的較高水準回落。

Thank you. (Operator Instructions) Neal Dingmann, Truist Securities.

謝謝。（操作員指示）Neal Dingmann，Truist 證券公司。

Good morning. Thanks for the time, guys. My first question is on M&A. Specifically, I'm just wondering, are there any packages currently in the market that would make strategic sense for you all and given your available capacity out there, I'm just wondering, are you more inclined to continue to grow organically?

早安.謝謝你們抽出時間。我的第一個問題是關於併購。具體來說，我只是想知道，目前市場上是否有任何套餐對你們所有人都具有戰略意義，並且考慮到你們的可用容量，我只是想知道，你們是否更傾向於繼續有機增長？

Neal, thank you for the question. Unfortunately, we can't really talk about active processes or M&A. It's something we talk about after it's over. But I don't think it changes our approach to be disciplined. And it's got to be something where we can add significant value and compress multiple through synergies and our ability to operate. So regardless of size, it's got to be something that's additive to our broader business and we can extract synergies and be more competitive than others and if we can't, we just won't buy it.

尼爾，謝謝你的提問。不幸的是，我們無法真正談論活躍的流程或併購。這是我們結束後談論的事情。但我不認為這會改變我們遵守紀律的方式。它必須是我們可以透過協同效應和我們的營運能力來增加顯著價值並壓縮倍數的東西。因此，無論規模大小，它都必須是我們更廣泛的業務的補充，我們可以發揮協同效應，比其他人更具競爭力，如果我們不能，我們就不會購買它。

Very helpful. And then just secondly, on hedging, typically, given the strip that you're seeing out there, do you plan to continue having the majority to see three plus sales hedge going forward, or is there a scenario where you cause you to take a bit more exposure?

非常有幫助。其次，在對沖方面，通常，考慮到您所看到的情況，您是否計劃繼續讓大多數人看到未來三項以上的銷售對沖，或者是否存在一種情況，您會導致您採取一種多一點曝光？

Neal, this is Jeremy. We do not leave a lot of -- but there's a certain time of year when you sell NGLs and we're towards the end of that. So we've got the vast majority of our barrels placed on firm contracts through this season. And the next year, when it comes up, beginning of the year, you're selling for the next year.

尼爾，這是傑瑞米。我們不會留下很多——但一年中的某個時間你會出售液化天然氣，而我們已經接近尾聲了。因此，本產季我們的絕大多數桶子都簽訂了固定合約。明年，當它出現時，年初，你就在賣下一年的東西。

So I think what I would tell you is incremental production. We have to sell, but we're very rigorous in making sure that when it's produced. And when there's the time to sell, we lock in our storage spreads. We lock in the downstream economics associated with it. We're not sitting with safe basis exposure.

所以我想我要告訴你的是增量生產。我們必須出售，但我們在生產時非常嚴格地確保這一點。當有時間出售時，我們會鎖定庫存價差。我們鎖定與之相關的下游經濟。我們並沒有處於安全基礎的暴露狀態。

John Mackay, Goldman.

約翰麥凱，高盛。

I just wanted to look at the kind of second quarter crude outperformance versus the implied guide for the back of the year. Just curious if you kind of unpack a little more in terms of maybe what you caught in the marketing this quarter or maybe from pipeline and loss allowances or the movement in OpEx versus kind of getting the benefit from some of these Permian efficiencies because we look at the back half of the year guidance it kind of implies flat on second quarter versus we're talking about the fourth quarter step up here potentially, so just trying to unpack kind of that cadence. Thanks.

我只是想看看第二季原油的表現與今年下半年的隱含指引相比。只是好奇，您是否能從本季度的營銷中獲得的信息或可能從管道和損失津貼或運營支出的變動中了解更多，而不是從這些二疊紀效率中獲得收益，因為我們著眼於下半年的指導意味著第二季度持平，而我們正在談論第四季度可能會有所上升，所以只是試圖解開這種節奏。謝謝。

Sure. Sure. I think Al spoke and Chris spoke to some of the operating expenses, lower utilities in the second quarter for movements on pipes where we have T&Ds that doesn't repeat in the second half, so that's part of it. I'd say the other part of it is there's some storage economics in the second quarter that we won't see going forward. We had locked those in earlier in the year and taken those positions off in second quarter. So I'd say it's part trading and part operating expense for the pieces that not repeat the rest of the outperformance should repeat.

當然。當然。我認為阿爾和克里斯談到了一些營運費用，第二季公用事業費用下降，因為管道的變動，我們的 T&D 不會在下半年重複，所以這是其中的一部分。我想說的另一部分是，第二季有一些儲存經濟效益，我們未來不會看到這種情況。我們在今年早些時候鎖定了這些職位，並在第二季度取消了這些職位。所以我想說，對於那些沒有重複表現的部分來說，部分是交易，部分是營運費用，其餘的表現應該重複。

I appreciate that. Just one last one from me. We see the volumes elsewhere in crude outside the Permian kind of move around quarter-to-quarter. Know a lot of that is just kind of accounting of volumes and sums on the marketing side. But maybe if you could just give us a quick update on maybe just the run rate EBITDA generation off of that footprint and maybe how that should trend over the next couple of years given we've, you've laid out a pretty clear story on the Permian side. Thanks.

我很欣賞這一點。我只剩下最後一張了我們看到二疊紀盆地以外其他地區的原油產量每季都會改變。知道其中很多只是行銷方面的數量和金額的核算。但也許如果你能給我們一個快速的更新，也許只是從這個足跡中產生的運行率 EBITDA 以及未來幾年的趨勢，因為你已經闡述了一個非常清晰的故事二疊紀一側。謝謝。

Sure. What I would say is we see outperformance in the Rockies, both rails from the [indiscernible] that production growth continues and that goes into a couple of our facilities today and we expect that to continue. So that's been a good surprise. And then our Rockies pipes remain to be full. Our customers are happy along those pipes and we continue to see opportunities.

當然。我想說的是，我們看到落基山脈表現出色，這兩個因素都源於[音頻不清晰]產量持續增長，並且今天進入了我們的幾個工廠，我們預計這種情況將繼續下去。所以這是一個很好的驚喜。然後我們的落基山脈管道仍然充滿。我們的客戶對這些管道感到滿意，我們繼續看到機會。

So I'd say in Canada gathering assets like Rainbow, the cross border pipes and the Rockies integrated system that we have into Cushing, that's been a source of outperformance plus the rails from the [indiscernible]. The rest is performed in line with expectations.

因此，我想說，在加拿大，我們將 Rainbow、跨境管道和落基山脈綜合系統等資產聚集到庫欣，這是一個表現優異的源泉，再加上來自[音頻不清晰]。其餘的如預期進行。

Theresa Chen, Barclays.

特蕾莎·陳，巴克萊銀行。

Hi, would you be able to quantify the iso to normal butane uplift in your results this quarter? And just thinking about the repeatability of this uplift, are you selling the iso domestically for inland or just inland alkylation feedstock in general or is this more related to getting your iso across the water for export i.e., is a seasonal from driving demand or can you take advantage of the global shortage of octane agnostic of seasonality?

您好，您能在本季的結果中量化異丁烷與正常丁烷的上升嗎？只要考慮一下這種提升的可重複性，您是在國內銷售異丙苯用於內陸還是只是內陸烷基化原料，或者這與將您的異丙烷跨水出口更相關，即，是驅動需求的季節性還是您可以利用與季節性無關的全球辛烷短缺？

Sure, Theresa. I put it in the Q2 roughly $15 million range, and then Q3 probably in the $5 million range, roughly and we find domestic shorts. We have a pretty big rail footprint in Canada and we're able to hit any specific market. So we actually have unique access to specific markets that are short and so when it blows up, we optimize that. The same thing we do with our C3 sales and C4 sales from our straddles. We're able to do the same thing with iso.

當然，特蕾莎。我把它放在第二季度大約 1500 萬美元的範圍內，然後第三季度可能在 500 萬美元的範圍內，大致上我們發現國內空頭。我們在加拿大擁有相當大的鐵路足跡，並且能夠進入任何特定市場。因此，我們實際上擁有進入短缺的特定市場的獨特管道，因此當市場爆發時，我們會對其進行最佳化。我們對跨式交易的 C3 銷售和 C4 銷售也做了同樣的事情。我們可以用 iso 做同樣的事情。

Theresa, this is Willie. As you think about the iso normal example that we just talked about, I wouldn't characterize that as a structural change. You look at the large system we have, there's always going to be opportunities, market opportunities that we can capture. And I think what we're seeing now is as infrastructure becomes a little tighter, some more of those are coming to fruition.

特蕾莎，這是威利。當您考慮我們剛才討論的 iso 正規範例時，我不會將其描述為結構性變化。你看看我們擁有的龐大系統，總會有機會，我們可以把握的市場機會。我認為我們現在看到的是，隨著基礎設施變得更加緊張，其中一些正在取得成果。

We went through a period where it was very difficult to capture those markets because there's lots of spare capacity and lots of infrastructure. So I understand your question, but I would also wanted to reinforce that our system is big. It's got a lot of optionality, and if there are opportunities out there, we're able to capture them.

我們經歷了一段很難佔領這些市場的時期，因為有大量的閒置產能和大量的基礎設施。所以我理解你的問題，但我也想強調我們的系統很大。它有很多選擇，如果有機會，我們就能抓住它們。

Understood. I meant more the structural demand for octane and iso as the feedstock for alkylation for that demand. So turning to the cost commentary of cost deferred into third quarter and maybe fourth quarter, any quantification or endpoints we should think about of how much that moved over?

明白了。我的意思更多的是對辛烷和異作為烷基化原料的結構性需求。因此，轉向推遲到第三季甚至第四季度的成本評論，我們應該考慮移動多少的任何量化或終點？

Hi, Theresa, it's Chris Chandler. No, is the short answer as in we won't quantify the amount that is deferred versus sustainable cost savings. I would just reinforce our continued commitment to cost discipline and cost efficiency and we'll continue to look for opportunities to defer costs from the second half into following years. And there's a number of factors we take a look at, including expectations from customers, volumes on systems, weather, supplier availability, all the things you might imagine around optimizing our cost footprint, we'll continue to do that.

嗨，特蕾莎，我是克里斯錢德勒。不，這是一個簡短的答案，因為我們不會量化延遲的金額與可持續的成本節約。我只想加強我們對成本紀律和成本效率的持續承諾，我們將繼續尋找機會將成本從下半年推遲到接下來的幾年。我們會考慮許多因素，包括客戶的期望、系統容量、天氣、供應商可用性，以及您可能想像的有關優化我們成本足跡的所有因素，我們將繼續這樣做。

Theresa, this is Blake. I would just add, obviously, we've contemplated that into our forward guidance so…

特蕾莎，這是布萊克。我想補充一點，顯然，我們已經在我們的前瞻性指引中考慮到了這一點，所以…

Thank you. I'm showing no further questions at this time. I'll now like to turn it back to Plains for closing remarks.

謝謝。我目前沒有提出任何進一步的問題。現在我想請普萊恩斯做結束語。

Well, listen, thanks for all of your questions. We look forward to seeing you soon on the road. Have a great day.

好吧，聽著，謝謝你提出的所有問題。我們期待很快在路上見到您。祝你有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。