Plains GP Holdings LP (PAGP) 2025 Q2 法說會逐字稿

Thank you for standing by, and welcome to PAA and PAGP's second quarter 2025 earnings conference call. (Operator Instructions)

感謝您的支持，歡迎參加 PAA 和 PAGP 2025 年第二季財報電話會議。（操作員指示）

I would now like to hand the call over to Blake Fernandez, Vice President of Investor Relations. Please go ahead.

現在我想把電話交給投資人關係副總裁布萊克‧費南德斯。請繼續。

Thank you, Latif. Good morning, and welcome to Plains All American's second quarter 2025 earnings call. Today's slide presentation is posted on the Investor Relations website under the News and Events section at ir.plains.com. An audio replay will also be available following today's call.

謝謝你，拉蒂夫。早安，歡迎參加 Plains All American 2025 年第二季財報電話會議。今天的幻燈片簡報已發佈在投資者關係網站 ir.plains.com 的「新聞與活動」板塊。今天的電話會議結束後，還將提供音訊回放。

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, consolidated -- condensed consolidating balance sheet for PAGP and other reference materials are in the appendix.

第 2 張投影片提供了有關前瞻性陳述和非 GAAP 財務指標的重要揭露。投影片 3 提供了今天電話會議的概述，PAGP 的合併 - 簡明合併資產負債表和其他參考資料在附錄中。

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

今天的電話會議將由董事長兼執行長兼總裁 Willie Chiang、執行副總裁兼財務長 Al Swanson 以及我們管理團隊的其他成員主持。

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

說完這些，我會把電話轉給威利。

Thank you, Blake. Good morning, everyone, and thank you for joining us today. Earlier this morning, we reported solid second quarter adjusted EBITDA attributable to Plains of $672 million, which I will cover in more detail.

謝謝你，布萊克。大家早安，感謝大家今天加入我們。今天早些時候，我們報告了第二季歸屬於 Plains 的調整後 EBITDA 穩健，為 6.72 億美元，我將對此進行更詳細的介紹。

In June, we announced the execution of definitive agreements to sell substantially all of our NGL business to Keyera for approximately USD3.75 billion with an expected close in the first quarter of 2026. Initial investor feedback has been positive, and we view this as a win-win transaction for both parties.

6 月，我們宣布簽署最終協議，將我們幾乎所有的 NGL 業務以約 37.5 億美元的價格出售給 Keyera，預計交易將於 2026 年第一季完成。初步投資者的回饋是正面的，我們認為這是雙方共贏的交易。

Plains will exit the Canadian NGL market at an attractive valuation while Keyera will receive highly complementary and critical infrastructure in a strategic market.

Plains 將以具有吸引力的估值退出加拿大 NGL 市場，而 Keyera 將獲得戰略市場中高度互補且至關重要的基礎設施。

From a Plains perspective and as highlighted on slide 4, this transaction will result in a streamlined crude oil midstream entity, with less commodity exposure, a more durable and steady cash flow stream and substantial financial flexibility to further execute on our capital allocation framework.

從 Plains 的角度來看，正如幻燈片 4 所強調的那樣，此次交易將帶來一個精簡的原油中游實體，其商品風險敞口更小，現金流更持久、更穩定，並且具有相當大的財務靈活性，可以進一步執行我們的資本配置框架。

With approximately $3 billion of net proceeds from the sale, we expect to continue focusing on disciplined bolt-on M&A to extend and expand our crude oil focused portfolio as well as opportunities to optimize our capital structure, including potential repurchases, Series A and B preferred units along with opportunistic common unit repurchases.

憑藉此次出售約 30 億美元的淨收益，我們預計將繼續專注於嚴謹的補強型併購，以擴展和擴大我們以原油為重點的投資組合，並優化我們的資本結構，包括潛在回購、A 系列和 B 系列優先股以及機會性普通股回購。

Building upon the foundation of our disciplined capital allocation framework, we announced a bolt-on acquisition of an additional 20% interest in BridgeTex Pipeline Company LLC, for an aggregate cash consideration of $100 million net to Plains.

在我們嚴謹的資本配置框架的基礎上，我們宣布對 BridgeTex Pipeline Company LLC 額外 20% 的權益進行附加收購，Plains 的總現金對價為 1 億美元。

This brings our overall interest in the joint venture to 40%. Both Plains and ONEOK have extensive upstream gathering systems, and both companies are committed to optimizing the operating capacity on the pipeline. In addition, this transaction is expected to provide risk-adjusted returns in line with Plains bolt-on framework.

這使得我們在合資企業中的總權益達到 40%。Plains 和 ONEOK 均擁有廣泛的上游收集系統，並且兩家公司都致力於優化管道的營運能力。此外，預計此交易將提供符合 Plains 附加框架的風險調整回報。

Year-to-date, we've completed five bolt-on transactions, totaling approximately $800 million and we've consistently maintained the view that there is a runway of opportunities for Plains to advance is bolt-on strategy.

年初至今，我們已經完成了五項附加交易，總額約為 8 億美元，我們始終認為 Plains 有大量機會可以推進其附加戰略。

As illustrated on slide 5 and has proven over the last few years, we continue to execute on that backlog of opportunities. Additionally, the financial flexibility that will be created by our recent NGL announcement further enhances our commitment and capacity to pursue these and other opportunities provided they offer the attractive returns.

正如幻燈片 5 所示，並且在過去幾年已經證明，我們將繼續抓住這些積壓的機會。此外，我們最近宣布的 NGL 所帶來的財務靈活性將進一步增強我們追求這些和其他機會的承諾和能力，前提是它們能夠提供誘人的回報。

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

說完這些，我將把電話轉給 Al。

Thank you, Willie. Prior to discussing further details of our second quarter results, I would like to reiterate that following our NGL announcement, the majority of the NGL segment has been reclassified as discontinued operations.

謝謝你，威利。在進一步討論我們第二季業績的細節之前，我想重申，在我們的 NGL 公告之後，NGL 部門的大部分業務已被重新歸類為停止營運。

To ensure consistent financial disclosure to the market, we have also included pertinent information reconciling these changes with our original 2025 guidance for the NGL segment.

為了確保向市場提供一致的財務披露，我們還提供了相關信息，以協調這些變化與我們最初針對 NGL 部門的 2025 年指導。

Turning to the second quarter. We reported Crude Oil segment adjusted EBITDA of $580 million, which benefited sequentially from Permian volume growth, contributions from recent bolt-on acquisitions and higher throughput associated with our refining customers returning from downtime in the first quarter of 2025.

轉向第二季。我們報告稱，原油部門調整後的 EBITDA 為 5.8 億美元，這得益於二疊紀產量的成長、近期附加收購的貢獻，以及 2025 年第一季煉油客戶停工復產帶來的更高產量。

Moving to the NGL segment. We reported adjusted EBITDA of $87 million, which stepped down sequentially due to normal seasonality and lower quarter-on-quarter frac spreads.

轉到 NGL 部分。我們報告的調整後 EBITDA 為 8700 萬美元，由於正常的季節性因素和季度環比壓裂利差下降，該數字環比下降。

Slide 6 and 7 in today's presentation contain adjusted EBITDA walks that provide additional details on our performance. Regarding guidance, our full year 2025 EBITDA range of $2.8 billion to $2.95 billion remains intact, consistent with our communication last quarter, in the prevailing environment, both our EBITDA guidance and the Permian growth outlook of 200,000 to 300,000 barrels per day would likely be in the lower half of their respective ranges.

今天簡報中的第 6 張和第 7 張投影片包含調整後的 EBITDA 數據，提供了有關我們業績的更多詳細資訊。關於指引，我們 2025 年全年 EBITDA 範圍保持不變，為 28 億美元至 29.5 億美元，與我們上個季度的溝通一致，在當前環境下，我們的 EBITDA 指引和二疊紀增長前景（每天 20 萬至 30 萬桶）可能處於各自範圍的下半部分。

A summary of our 2025 guidance metrics are located on slide 8. As for capital allocation, which is illustrated on slide 9, for 2025, we expect to generate approximately $870 million of adjusted free cash flow, excluding changes in assets and liabilities. Our adjusted free cash flow guidance reflects the impact of bolt-on acquisitions including the acquisition of the interest in BridgeTex Pipeline as well as our revised 2025 growth capital guidance, which has increased $75 million to $475 million.

我們的 2025 年指導指標摘要位於投影片 8 上。至於第 9 張投影片所示的資本配置，我們預計到 2025 年將產生約 8.7 億美元的調整後自由現金流，不包括資產和負債的變動。我們調整後的自由現金流指引反映了附加收購的影響，包括收購 BridgeTex Pipeline 的權益以及我們修訂後的 2025 年成長資本指引，後者增加了 7,500 萬美元，達到 4.75 億美元。

The capital investment increase is primarily associated with new projects, including Permian and South Texas lease connects and Permian terminal expansions in addition to weather delays and scope changes on other projects. While 2025 growth capital was above our initial guidance, maintenance capital is trending closer to $230 million, which is $10 million below our initial forecast.

資本投資的增加主要與新項目有關，包括二疊紀和南德克薩斯租賃連接和二疊紀碼頭擴建，此外還有其他項目的天氣延誤和範圍變化。雖然 2025 年的成長資本高於我們最初的預期，但維護資本趨於接近 2.3 億美元，比我們最初的預測低 1,000 萬美元。

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

說完這些，我就把電話轉回給威利。

Thanks, Al. As illustrated on slide 10, we've made significant progress on our strategy over the last several years. This begins with a portfolio of world-class assets where value has been unlocked for the capabilities of our Plains team along with collaboration with our customers.

謝謝，艾爾。如投影片 10 所示，過去幾年我們的策略取得了重大進展。這始於一個世界級資產組合，其中的價值已被釋放，以充分發揮我們 Plains 團隊的能力以及與客戶的合作。

Our strategy is grounded in our established financial priorities with a focus on generating substantial free cash flow, maintaining financial flexibility and increasing return of capital to our unitholders through disciplined execution in each of these areas.

我們的策略以既定的財務重點為基礎，重點是透過在每個領域嚴格執行，產生大量自由現金流、保持財務靈活性並增加對單位持有人的資本回報。

The divestiture of our NGL business marks a significant step in the strategic direction of Plains, by reallocating resources and capital towards our legacy crude oil operations where we have significant size and scale, we will be better positioned to enhance our focused portfolio, this move not only increases our financial flexibility, but it also underscores our resolve to streamline operations and drive growth while generating strong returns for our unitholders.

剝離我們的 NGL 業務標誌著 Plains 在戰略方向上邁出了重要一步，透過重新分配資源和資本到我們規模龐大的傳統原油業務，我們將能夠更好地增強我們的重點投資組合，這一舉措不僅增加了我們的財務靈活性，也凸顯了我們精簡運營、推動增長、同時為我們的單位持有人創造豐厚回報的決心。

Our strategy centers on the view that crude oil will remain essential to global energy and society for decades. Despite near-term volatility, we're confident in our ability to navigate current market dynamics, and we expect fundamentals to improve longer term due to continued population and economic growth driving demand.

我們的戰略核心是這樣的：原油在未來幾十年仍將是全球能源和社會不可或缺的一部分。儘管近期存在波動，但我們對駕馭當前市場動態的能力充滿信心，並且我們預計，由於人口和經濟持續增長推動需求，基本面將在長期內改善。

We anticipate that new OPEC+ supply will be absorbed reducing spare capacity and limited long lead project and resource additions will increase the reliance on North American onshore production. Plains will continue to be a vital infrastructure provider to meeting the growing need for reliable energy across global markets.

我們預計，新的 OPEC+ 供應將被吸收，從而減少閒置產能，而有限的長期項目和資源增加將增加對北美陸上生產的依賴。Plains 將繼續成為重要的基礎設施供應商，滿足全球市場對可靠能源日益增長的需求。

In closing, our efficient growth strategy financial flexibility and commitment to execution have positioned us well to capitalize on opportunities, manage challenges with resilience. I'm confident in our position and at this point, we'll look forward to your questions. Blake, would you lead us into Q&A.

最後，我們高效的成長策略、財務靈活性和執行承諾使我們能夠充分利用機遇，以韌性應對挑戰。我對我們的立場充滿信心，現在，我們期待您的提問。布萊克，您能帶領我們進入問答環節嗎？

Thanks, Willie. (Operator Instructions)

謝謝，威利。（操作員指示）

Latif, would you please open the call for questions?

拉蒂夫，請您開始提問吧？

(Operator Instructions)

（操作員指示）

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

This is Shneur on for Manav. When you think about assets in the Mid-Con, there may be more onetime step-ups in synergy versus the Permian that could have more organic growth on top of that. So when we look at more bolt-on strategies and M&A, how do you factor in the sensitivity to basin level growth. And in general, what basins are you seeing more growth in over time?

這是 Shneur 代替 Manav 上場。當您考慮 Mid-Con 中的資產時，與 Permian 相比，協同效應可能會有更多一次性提升，並且在此基礎上可能實現更多有機成長。因此，當我們考慮更多的附加策略和併購時，您如何考慮盆地層級成長的敏感度。整體而言，您認為哪些盆地隨著時間的推移會出現更大的成長？

Shneur, this is Jeremy. Here's what I would say, is we take all that into consideration. And candidly, as we've said before, we're a DCF shop, and we're looking for discounted cash flow over time and contributions. You have to look at the integrated network. So take the Mid-Continent, for instance, with your example, we have a lot of assets that touch a lot of other areas.

施納爾，這是傑瑞米。我想說的是，我們會把所有這些都考慮進去。坦白說，正如我們之前所說，我們是一家 DCF 商店，我們正在尋找隨時間和捐款而變化的折現現金流。你必須看看綜合網路。以中部大陸為例，根據你的例子，我們有許多資產涉及許多其他地區。

So things that could impact Cushing or other downstream pipelines may have multiple touch points. So while the Permian has different resource. We look at them independently and use market fundamentals to driving out low look of cash flows, and we use a discounted cash flow, and we have to beat our return thresholds.

因此，可能影響庫欣或其他下游管道的事件可能有多個接觸點。因此，二疊紀擁有不同的資源。我們獨立地審視它們，並利用市場基本面來驅除低現金流，我們使用折現現金流，我們必須超越我們的回報門檻。

Our cost of capital by 300 basis points to 500 basis points as we've said. So we take all that into consideration. We're not necessarily going to say where our target area is right now, but we do look at everything, and we've got to hit our return thresholds, and we certainly take a look at fundamentals and multiple touch points have in each area.

正如我們所說，我們的資本成本上升了 300 個基點到 500 個基點。所以我們會把所有這些都考慮進去。我們現在不一定會說出我們的目標區域在哪裡，但我們會考慮一切，我們必須達到我們的回報門檻，我們當然會考慮每個區域的基本面和多個接觸點。

Got it. And then -- on the macro side more, could you provide some color on, I guess, real-time demand signals any sign of slowdown or anything you're seeing on the refining on the export side?

知道了。然後 - 從宏觀角度來看，您能否提供一些細節，我想，實時需求信號是否顯示出任何放緩的跡象，或者您在出口方面看到的煉油情況？

Yeah, this is Jeremy again. Here's what I would say. I would follow the refiners. They've all talked about improving diesel demand and feel like it's strong. The last six months has helped a lot better than the prior six months from a demand perspective.

是的，我又是傑瑞米。我想說的是：我會跟著煉油商。他們都談到了柴油需求的改善，並且感覺需求強勁。從需求角度來看，過去六個月比前六個月有了很大的幫助。

We haven't seen the slowdown in demand most we're expecting. And we expect that to continue. Willie mentioned that in his notes. So I'd say continue to follow the refiners in their demand, we're not seeing the issues -- any issues from the downstream refining signals on crack spreads internationally and domestically, differentials do move in that some indication. But over the last 6-month period, we've seen strengthening demand, and we look forward to that continuing.

我們並沒有看到我們預期的需求放緩。我們預計這種情況將會持續下去。威利在他的筆記中提到了這一點。因此，我想說，繼續關注煉油廠的需求，我們沒有看到任何問題——下游煉油廠發出的任何問題都會影響國際和國內裂解價差，價差確實會有所變動。但在過去的六個月裡，我們看到需求不斷增強，我們期待這種趨勢能持續下去。

Yeah. Shneur, this is Willie. One comment I would add to that is we're all watching a lot of uncertainty certainly over the last number of months and even years. Our view is continued short-term volatility, longer term, more constructive. And what I would tell you, our view is despite a lot of the uncertainties, I have more confidence in the world and its ability to continue to grow than I did probably over the past year. So our views are pretty constructive, but still think there's going to be a lot of volatility short term.

是的。施納爾，這是威利。我想補充的一點是，在過去的幾個月甚至幾年裡，我們都看到了許多不確定性。我們的觀點是短期波動將持續，但長期來看將更具建設性。我想告訴你們的是，我們的觀點是，儘管存在著許多不確定性，但我對世界及其繼續增長的能力比過去一年更有信心。因此，我們的觀點非常有建設性，但仍認為短期內會出現很大的波動。

Great. Thank you.

偉大的。謝謝。

Thank you.

謝謝。

Gabriel Moreen, Mizuho.

加布里埃爾·莫林，瑞穗。

Hey, good morning, everyone. Can I just ask on the BridgeTex? And maybe just talk about how that pipe is situated currently contractually maybe how it would fit with the rest of your business? The value also seemed to be a little bit a change from what may have transacted out in the past. So if you can speak to that as well?

嘿，大家早安。我可以直接在 BridgeTex 上詢問嗎？也許只是談論一下該管道目前的合約位置以及它如何與您的其他業務相適應？該價值似乎與過去的交易價值略有不同。那您也可以談談這個嗎？

Gabe, this is Jeremy. We're excited about the outcome, consolidating that interest was one off. I think from a contracting perspective, it's best to speak with them. But one thing is, as part of this transaction, we work with one to optimize the cost structure going forward as well as consider commercial ways to fill the pipeline from a -- to United Plains and one of its gathering systems to help keep the pipeline full. So I think us working together will strengthen the positioning of the pipeline longer term.

加布，這是傑瑞米。我們對結果感到非常興奮，鞏固這種興趣是一次性的。我認為從簽約的角度來看，最好與他們交談。但有一件事是，作為此次交易的一部分，我們與其中一家公司合作，優化未來的成本結構，並考慮以商業方式填充從聯合平原到其收集系統之一的管道，以幫助保持管道滿載。因此我認為我們的共同努力將會長期加強管道的定位。

And then maybe if I can ask in terms of some of the CapEx ins and outs on the growth CapEx raise here. But the lease connects in South Texas and the Permian, does that imply some degree of greater activity than you had been seeing? Or is it just some degree of noise in terms of just things going on during the course of the year?

然後，也許我可以問這裡關於成長資本支出增加的一些資本支出細節。但是，該租約連接南德克薩斯州和二疊紀盆地，這是否意味著活動程度比您所看到的更大？或者這只是一年中發生的事情的某種程度的噪音？

Hey, good morning, Gabe, it's Chris Chandler. I'll take this one. So yeah, we have increased our 2025 investment CapEx guide to $475 million net to Plains. We've developed some new opportunities related to the Permian and Eagle Ford gathering, as you mentioned, in additional storage opportunities in the Permian. Some of this is basin growth related, but some of it is, frankly, capturing business that we did not have before.

嘿，早安，加布，我是克里斯錢德勒。我要這個。是的，我們已將 2025 年投資資本支出指南提高至 4.75 億美元淨額，用於平原地區。正如您所提到的，我們已經開發了一些與二疊紀和鷹福特聚集相關的新機會，在二疊紀增加了儲存機會。其中一些與盆地增長有關，但坦率地說，其中一些是為我們帶來了以前沒有的業務。

They're good investments. They exceed our return thresholds, and they weren't in our original guidance, hence being a new opportunity. So I hope that helps.

它們是很好的投資。它們超出了我們的回報門檻，而且不在我們最初的指導範圍內，因此是一個新的機會。我希望這會有所幫助。

Appreciate it. Thanks, Chris.

非常感謝。謝謝，克里斯。

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

Thanks, good morning, everyone. Willie, I wanted to ask kind of a big picture question. You addressed some of this at the end of your remarks, but you've made a big step here. You've exited the NGL business in Canada. You're now more or less solely focused on crude. So my question is, is the plan to simply execute the growth and capital return strategy is as you've been doing?

謝謝，大家早安。威利，我想問一個宏觀問題。您在發言結束時提到了其中的一些內容，但在這裡您已經邁出了一大步。您已退出加拿大的 NGL 業務。您現在或多或少只關注原油。所以我的問題是，該計劃是否只是像您一直在做的那樣執行成長和資本回報策略？

Or could you see the company pivoting or diversifying into another area, whether that be expanding the crude footprint more expansively or getting into a whole different line of business. Just want to get your sort of high-level thoughts there.

或者您是否看到該公司轉向或多元化進入另一個領域，無論是更廣泛地擴大原油足跡還是進入一個完全不同的業務領域。我只是想了解你的高層次想法。

Sure, Michael. Going to a pure play was not the objective, right? Our objective is to create value for the unitholders however we possibly can. And so for us, I've articulated the sufficient growth strategy and we've been executing on being able to unlock that. Now practically speaking, our business was roughly 80%, 85% 15%, 20% NGL by being able to do this, the transaction, it really catalyzes a lot of opportunities for us within Plains, which is why I spend a little more time in my prepared comments talking about that.

當然，邁克爾。去看一場純粹的戲劇並不是目的，對吧？我們的目標是盡我們所能為單位持有者創造價值。因此，對我們來說，我已經闡明了充分的成長策略，並且我們一直在努力實現這一目標。現在實際上來說，我們的業務大約有 80%、85%、15%、20% 是 NGL，透過進行這筆交易，它確實為我們在 Plains 內部催化了很多機會，這就是為什麼我在準備好的評論中花了更多時間談論這一點。

One, we're going to be able to redeploy approximately $3 billion. I can't say exactly how it's going to be redeployed, but there's a number of opportunities that we've articulated on the bolt-on acquisitions capital structure, opportunistic unit buybacks.

首先，我們將能夠重新部署約 30 億美元。我無法確切地說它將如何被重新部署，但我們已經闡明了在附加收購資本結構、機會性單位回購方面的許多機會。

And if you think about the cash flow that we've sold at a great valuation, we think we can do better, redeploying it in the liquids business. So when you think about how do you create value, it's all around synergies, and it's difficult to capture synergies if you don't have a strong position somewhere. So this is kind of a long-winded answer of saying, we're going to stick to what we know.

如果你考慮我們以很高的估值出售的現金流，我們認為我們可以做得更好，將其重新部署到液體業務中。因此，當您思考如何創造價值時，一切都圍繞著協同效應，如果您在某個地方沒有強勢地位，就很難實現協同效應。所以這是一個冗長的回答，意思是說，我們會堅持我們所知道的。

We've got size and scale really premier competitor in the industry, providing a lot of services for our customers. And we're going to parlay on that and try to build even a stronger system kind of anchored on the platform of our constructive view of oil markets going forward. So if there are other opportunities that we can -- whether it's in different basins, or other commodities, we absolutely look at all those.

我們的規模確實是業界的首要競爭對手，可以為我們的客戶提供大量服務。我們將充分利用這一點，並嘗試建立一個更強大的體系，以我們對未來石油市場的建設性看法為基礎。因此，如果我們還有其他機會——無論是在不同的盆地，還是其他商品，我們絕對會考慮所有這些機會。

We've got a very robust BD team. But practically speaking, I think you're going to see more of it around the crude assets. And we've got -- we feel we have a good runway of opportunities to look at.

我們擁有一支非常強大的 BD 團隊。但實際上，我認為你會在原油資產方面看到更多這樣的情況。而且我們覺得我們擁有大量值得關注的機會。

So hopefully, that's helpful.

希望這會有所幫助。

It is. So thank you for that. It is. And then second, I wanted to ask, and I might be in the picking here, so apologies upfront, but -- on slide 9, the language on distribution growth changed a little bit. It used to say targeting multiyear sustainable distribution growth and this later slide deck is targeting sustainable distribution growth. So I just want to see if there's a shift in messaging there that we should be aware of?

這是。謝謝你。這是。其次，我想問一下，我可能在這裡有點挑剔，所以提前道歉，但——在第 9 張投影片上，關於分銷成長的語言有一點變化。它過去的目標是多年可持續分銷增長，而後來的幻燈片的目標是可持續分銷增長。所以我只是想看看那裡是否有我們應該注意的訊息轉變？

Hey Michael, this is Al. No intended shift in messaging at all. We intend to grow our distribution over a multiyear period. So no intent there. Clearly, in the very interim time, as Willie mentioned, we need to redeploy these proceeds, we fully expect to redeploy them in a way that's accretive to DCF, which would further enhance our ability to grow the dividend.

嘿，邁克爾，我是艾爾。根本沒有任何有意為之訊息的轉變。我們打算在未來多年擴大我們的分銷範圍。所以沒有意圖。顯然，正如威利所提到的那樣，在過渡期內，我們需要重新部署這些收益，我們完全希望以一種能夠增加 DCF 的方式重新部署它們，這將進一步增強我們增加股息的能力。

Thank you.

謝謝。

Thanks Michael.

謝謝邁克爾。

Spiro Dounis, Citi.

花旗銀行的 Spiro Dounis。

Thanks, operator. Gentlemen, I want to first ask about the second half of '25. The guidance seems to suggest maybe a similar second half to the first half, if not maybe even a little bit lower. And so I'm curious, is that consistent with how you're doing in the back half of the year? And I guess why would that be the case? It seems like volumes are trending up kind of nicely this quarter, really, I know you mentioned some volatility out there.

謝謝，接線生。先生們，我首先想問一下 25 年下半年的情況。該指導意見似乎表明，下半年的業績可能與上半年類似，甚至可能略低。所以我很好奇，這與您今年下半年的表現一致嗎？我想問為什麼會這樣呢？看起來本季的交易量確實呈上升趨勢，我知道您提到了一些波動。

So maybe it's just that. But you've also got the contribution from some bolt-ons. So just going to get some color there in the back half.

所以也許只是這樣。但你也得到了一些附加功能的貢獻。所以只需在後半部分添加一些顏色即可。

Good morning, Spiro, it's Jeremy. Just remember, we have the contract roll-offs of Cactus II and Cactus I and Sunrise in the second half of the year, all consistent with guidance. So those roll off of the contract rates, all those volumes have been recontracted. It's a function of rates being lower. So you had those contributions in the first half, you're going to have the growing production the FERC escalator and other pieces contributing to backfill that. So while it may look flat, you backfilled some of the roll off of the contracts with growth.

早安，斯皮羅，我是傑瑞米。請記住，我們在今年下半年將完成 Cactus II、Cactus I 和 Sunrise 的合約簽訂，所有這些都與指導方針一致。因此，這些合約費率的降低，所有這些量都已重新簽訂合約。這是利率降低的結果。因此，您在上半年做出了這些貢獻，您將獲得不斷增長的產量、FERC 自動扶梯和其他部分的貢獻來填補這一空缺。因此，儘管它可能看起來持平，但您通過增長填補了部分合約的空缺。

Got it. Super. Second question, just maybe going to the bolt-on strategy again. I guess, how should we think about your ability to keep doing these bolt-ons for the rest of the year pending that NGL sale. I don't imagine you want to prespend that $3 billion.

知道了。極好的。第二個問題，也許只是再次採用附加策略。我想，在等待 NGL 出售期間，我們應該如何看待你在今年剩餘時間內繼續進行這些附加工作的能力。我想你不會想預先花掉那 30 億美元。

But as you do think about getting those proceeds, you could obviously do a lot more than a bolt-on with that $3 billion. So I guess I'm just curious how you're weighing the ability or maybe the potential to do something larger?

但是，當你考慮獲得這些收益時，你顯然可以用這 30 億美元做更多的事情。所以我只是好奇你如何衡量做更大事情的能力或潛力？

Well, Spiro, it's very difficult to time all these things, as you well know, which is why I mentioned our robust BD team looking at a lot of things. What I would tell you is that's the other reason of our financial flexibility, creating a lot of capacity on our balance sheet to be able to absorb some of that. So where I think we're positioned where we are positioned at is we look at a lot of opportunities. And as they come up, we're trying to put ourselves in the best position to be able to execute on them, whether they're small, medium or even large. So I'll leave it at that.

嗯，Spiro，正如你所知，安排好所有這些事情的時間非常困難，這就是為什麼我提到我們強大的 BD 團隊正在研究很多事情。我想告訴你的是，這是我們財務靈活性的另一個原因，在我們的資產負債表上創造了很大的容量來吸收其中的一些。所以我認為，我們所處的位置是，我們看到了很多機會。當它們出現時，我們會盡力使自己處於最佳位置，以便能夠執行它們，無論它們是小型、中型還是大型。所以我不再談論這個了。

Thank you, gentlemen. Have a good weekend.

謝謝各位。有一個美好的周末。

Thank you.

謝謝。

Sunil Sibal, Seaport Global.

Sunil Sibal，Seaport Global。

Yeah, hi, good morning, and most of my bigger questions have been hit, but I just wanted to clarify a couple of things. On the BridgeTex, so you're buying that as part of the Oryx JV? Correct?

是的，嗨，早上好，我的大部分大問題都已經得到解答了，但我只想澄清幾件事。關於 BridgeTex，您是作為 Oryx JV 的一部分來購買它的嗎？正確的？

Sunil, this is Jeremy. No, that's independent. That is Plains purchasing that we're an existing owner in the JV. And for one open Plains or buying in proportionate to their interest in the pipeline.

蘇尼爾，這是傑瑞米。不，那是獨立的。這就是 Plains 購買，我們是合資企業的現有所有者。並針對一個開放的平原或購買與其對管道的興趣成比例的資源。

Okay. Understood. And then in terms of the overall positioning, it seems like you're still retaining some US NGL business. If that's correct, is there a bigger strategy there? How should we think about that piece of the business going forward?

好的。明白了。然後就整體定位而言，似乎你們仍保留一些美國 NGL 業務。如果這是正確的，那麼那裡是否有更大的戰略？我們該如何看待這部分業務的未來發展？

Sunil, that's very minor relative to the entire asset base. Those were smaller contributors. And from a tax perspective and operations perspective, it made sense for us to retain, and we'll look to monetize those at a later date. But I would say that's not part of the larger sets more likely to divest those and retain them.

蘇尼爾，相對於整個資產基礎來說，這只是很小的一部分。這些都是較小的貢獻者。從稅收和營運的角度來看，我們保留它是有意義的，並且我們將在以後尋求將其貨幣化。但我想說的是，這不是更有可能剝離並保留這些資產的較大集合的一部分。

Got it. Thank you.

知道了。謝謝。

Thanks, Sunil.

謝謝，蘇尼爾。

John Mackay, Goldman Sachs.

高盛的約翰·麥凱。

Hey guys, thank you for the time. Maybe just wanted to touch on the CapEx piece again this year. I mean how much of that increase do you think is maybe actually a pickup in producer activity overall relative to what you're expecting? Or maybe that's more of just a you guys had some commercial success, but it's not necessarily pointing to kind of a broader macro theme?

嘿夥計們，感謝你們抽出時間。也許只是想今年再談一下資本支出部分。我的意思是，相對於您的預期，您認為這種增長有多少實際上是由於生產者活動總體回升所致？或者這可能只是你們取得了一些商業上的成功，但不一定指向更廣泛的宏觀主題？

And then maybe just taking that looking forward, why -- why shouldn't we think of the kind of run rate CapEx number moving up a little bit if you guys were able to get these wins?

然後也許只是展望未來，為什麼 - 如果你們能夠獲得這些勝利，為什麼我們不應該考慮將運行率資本支出數字稍微提高一點呢？

John, it's Chris Chandler. I'll take that. It's really a combination of all the above. The factors that you mentioned. There are certainly new opportunities that we didn't anticipate coming into the year and those played are all.

約翰，我是克里斯錢德勒。我會接受的。它實際上是上述所有因素的結合。您提到的因素。今年確實會出現一些我們沒有預料到的新機遇，而這些機會都是我們抓住的。

I'd also point out our continued bolt-on acquisition strategy brings new opportunities for synergy capture and expansion around those assets where we didn't have operations before. So it's really kind of all of the above. When you think into 2026 on investment capital spend, we're obviously not giving guidance at this point in time. We'll do that in early 2026.

我還要指出的是，我們持續的補強收購策略為我們以前沒有經營過的資產的協同效應取得和擴張帶來了新的機會。所以它實際上是上述所有情況的綜合體。當您考慮 2026 年的投資資本支出時，我們顯然目前不會提供指導。我們將在 2026 年初實現這一目標。

You can look at how much we're spending on NGL this year, which is above average compared to prior years. So we would expect that to step down when the NGL sale the Keyera closes. But we continue to be successful in identifying new opportunities.

您可以看看我們今年在 NGL 上的花費，與往年相比，這筆支出高於平均水平。因此，我們預計，當 NGL 銷售 Keyera 結束時，這一比例將會下降。但我們繼續成功地發現新的機會。

So in respect of identifying and capturing those projects that meet our investment thresholds. We'd love to grow CapEx modestly because of the good opportunities that we're able to capture.

因此，我們要辨識並抓住那些符合我們投資門檻的項目。由於我們能夠抓住良好的機會，我們很樂意適度增加資本支出。

Hey John, it's Blake. If you don't mind real quick, I would add, just as a reminder, the '25 CapEx program includes about $30 million or $40 million of deferrals from last year. So that might help you think about the progression into '26.

嘿，約翰，我是布萊克。如果您不介意的話，我想補充一下，提醒一下，25 年資本支出計劃包括去年約 3000 萬美元或 4000 萬美元的延期款項。這可能有助於您思考 26 年的進展。

That makes sense. That's helpful. And then maybe just going back to your comments on the retained NGL assets. I think you perform made sense, I understand they're small. But are you guys able just to quantify for us, again, what that looks like right now?

這很有道理。這很有幫助。然後也許只是回到您對保留的 NGL 資產的評論。我認為你表現得很有道理，我知道它們很小。但是你們能否再次為我們量化一下目前的情況？

And then maybe is that -- is any of that reflecting kind of a '25 spread environment? Or is that a pretty good -- whatever you shared, is that a pretty good number going forward for now at least?

那麼也許這就是──這是否反映了某種『25』傳播環境？或者這是一個相當不錯的數字——無論您分享什麼，至少就目前而言，這是一個相當不錯的數字嗎？

I'd put that in the $10 million to $15 million of the EBITDA category and just from a valuation standpoint, think of the $100 million to $200 million range.

我會把它放在 EBITDA 類別的 1000 萬美元到 1500 萬美元之間，僅從估值的角度來看，可以考慮 1 億美元到 2 億美元的範圍。

That's helpful. I appreciate that. Thank you guys for the time.

這很有幫助。我很感激。謝謝你們抽出時間。

Thanks John.

謝謝約翰。

Brandon Bingham, Scotiabank.

布蘭登‧賓厄姆，加拿大豐業銀行。

Good morning. Thanks for taking the questions here. Just one quick one for me. I know it says in the slides that you still expect to come in towards the lower end of the EBITDA guide, but things have improved even just slightly versus all the 1Q chaos. So just kind of curious where you see that as we move forward throughout the year and whether or not there's a higher likelihood now that we could be back towards the midpoint?

早安.感謝您在這裡回答問題。對我來說只有一個快速答案。我知道幻燈片上說您仍然希望進入 EBITDA 指南的低端，但與第一季的所有混亂相比，情況已經略有改善。所以我只是有點好奇，隨著我們全年的發展，您如何看待這一點，以及現在我們是否更有可能回到中點？

This is Al. I'll take a shot at it. I think the wording should have been lower half. So we weren't trying to point at the low end by any means, if that's what the question was. And we believe the lower half would be how we're trying to guide it.

這是艾爾。我會嘗試一下。我認為措辭應該是下半部。因此，如果問題在於此的話，我們絕對不會試圖指出低端。我們相信下半部分將是我們如何引導它。

We're not trying to guide you to the midpoint or the bottom end, but just the lower half. Clearly, there's a period of time here, prices have been fairly volatile. I think crude oil today is roughly where we articulated the range to be a quarter ago in the 60 to 65 range. I think we're kind of at the high end of that now. So more time to come with regard to that. but we would kind of point you to the lower half, not the lower end.

我們並不是想引導您到達中間點或底端，而只是引導您到達下半部。顯然，有一段時間，價格相當不穩定。我認為今天的原油價格大致處於我們一個季度前所預測的 60 至 65 的範圍內。我認為我們現在處於這個水平的高端。因此，關於這一點還需要更多的時間。但我們會指出下半部分，而不是下端。

Okay, apologies. I might have mis read, but thank you.

好的，抱歉。我可能讀錯了，但還是謝謝你。

Thank you. I would now like to turn the conference back to management for closing remarks.

謝謝。現在，我想請管理階層代表作閉幕發言。

Latif, thanks, and thanks to everyone for joining us today. We'll look forward to giving you more updates and we'll see you on the road. Have a great day and a great weekend.

拉蒂夫，謝謝，也謝謝大家今天加入我們。我們期待為您提供更多更新，我們期待與您在路上相見。祝您有個愉快的一天和週末。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。