Pembina Pipeline Corp (PBA) 2024 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Pembina Pipeline Corporation First Quarter 2024 Results Conference Call. (Operator Instructions) This call is being recorded on Friday, May 10, 2024.

早安，女士們、先生們，歡迎參加彭比納管道公司 2024 年第一季業績電話會議。 （操作員說明）此通話錄音時間為 2024 年 5 月 10 日星期五。

I would now like to turn the conference over to Dan Tucunel, Vice President of Capital Markets. Please go ahead.

現在我想將會議交給資本市場副總裁 Dan Tucunel。請繼續。

Thank you, Alan. Good morning, everyone. Welcome to Pembina's conference call and webcast to review highlights for the first quarter of 2024. On the call today, we have Scott Burrows, President and Chief Executive Officer; and Cameron Goldade, Senior Vice President and Chief Financial Officer, along with other members of Pembina's leadership team, including Jaret Sprott, Janet Loduca, Stu Taylor, and Chris Scherman.

謝謝你，艾倫。大家，早安。歡迎參加 Pembina 的電話會議和網路廣播，回顧 2024 年第一季的亮點。高級副總裁兼財務長 Cameron Goldade 以及 Pembina 領導團隊的其他成員，包括 Jaret Sprott、Janet Loduca、Stu Taylor 和 Chris Scherman。

I would like to remind you that some of the comments made today may be forward looking in nature and are based on Pembina's current expectations, estimates, judgments, and projections. Forward-looking statements we may express or imply today are subject to risks and uncertainties which could cause actual results to differ materially from expectations. Further, some of the information provided refers to non-GAAP measures. To learn more about these forward-looking statements and non-GAAP measures, please see the company's Management's Discussion and Analysis dated May 9, 2024, for the period ended March 31, 2024, as well as the press release Pembina issued yesterday, which are all available online at pembina.com and on both SEDAR and EDGAR.

我想提醒您，今天發表的一些評論本質上可能具有前瞻性，並且基於 Pembina 當前的期望、估計、判斷和預測。我們今天可能表達或暗示的前瞻性陳述存在風險和不確定性，可能導致實際結果與預期有重大差異。此外，所提供的一些資訊涉及非公認會計原則措施。要了解有關這些前瞻性陳述和非公認會計原則措施的更多信息，請參閱公司管理層於2024 年5 月9 日針對截至2024 年3 月31 日止期間的討論和分析，以及Pembina 昨天發布的新聞稿，其中所有這些均可在 pembina.com 以及 SEDAR 和 EDGAR 上在線獲取。

I will now turn things over to Scott to make some opening remarks.

現在我將把事情交給斯科特做一些開場白。

Thanks, Dan. A strong first quarter was highlighted by a record adjusted EBITDA of CAD 1.044 billion, which provided a great start to 2024 and built upon our great momentum from the second half of 2023. In addition, recent industry developments and company successes have further bolstered our enthusiasm for the future of Pembina. On April 1, 2024, we announced the completion of the Alliance and Aux Sable acquisition. We are excited to further enhance our business by increasing our ownership in these unique and world-class assets. The Alliance and Aux Sable acquisition aligns with Pembina's strategy of growing and strengthening our existing franchise and providing greater exposure to resilient end use markets and lighter hydrocarbons. We executed this transaction with discipline and accretively to our financial guardrails.

謝謝，丹。第一季的強勁表現是調整後EBITDA 達到創紀錄的10.44 億加元，這為2024 年提供了一個良好的開端，並建立在我們2023 年下半年以來的強勁勢頭之上。發展和公司的成功進一步增強了我們的熱情為了彭比納的未來。 2024 年 4 月 1 日，我們宣布完成對 Alliance 和 Aux Sable 的收購。我們很高興能夠透過增加對這些獨特的世界級資產的所有權來進一步增強我們的業務。 Alliance 和 Aux Sable 的收購符合 Pembina 的策略，即發展和加強我們現有的特許經營權，並為彈性最終用途市場和輕質碳氫化合物提供更多的機會。我們按照紀律執行了這項交易，並不斷提高我們的財務護欄。

In conjunction with the acquisition closing, Pembina updated its 2024 adjusted EBITDA guidance range to CAD 4.05 billion to CAD 4.30 billion, which at the midpoint represents a CAD 300 million increase over the previous range. The revised outlook for 2024 primarily reflects the incremental contribution from increased ownership of Alliance and Aux Sable, as well as stronger outlook in the marketing business due to wider frac spreads.

在收購完成的同時，Pembina 將其 2024 年調整後 EBITDA 指引範圍更新為 40.5 億加元至 43 億加元，中間值比之前的範圍增加了 3 億加元。修訂後的 2024 年展望主要反映了 Alliance 和 Aux Sable 所有權增加帶來的增量貢獻，以及由於壓裂價差擴大而帶來的行銷業務前​​景更加強勁。

As previously announced during the first quarter, Pembina entered into a long-term agreement with Dow Chemical to supply and transport up to 50,000 barrels per day of ethane to support the recently announced construction of a new integrated ethylene cracker and derivatives facility in Fort Saskatchewan. Dow's Path2Zero project is an important development for the industry, representing a significant increase to the current ethane demand in Alberta. Given Pembina's existing leading ethane supply and transportation business and extensive integrated value chain, there are multiple opportunities for the company to benefit from this new development through both existing asset base and new investment opportunities.

正如先前在第一季宣布的那樣，Pembina 與陶氏化學公司簽訂了一項長期協議，每天供應和運輸多達50,000 桶乙烷，以支持最近宣佈在薩斯喀徹溫堡建設一座新的綜合乙烯裂解裝置及衍生性商品設施。陶氏化學的 Path2Zero 計畫是該產業的重要發展，代表著艾伯塔省目前乙烷需求的顯著增加。鑑於 Pembina 現有領先的乙烷供應和運輸業務以及廣泛的綜合價值鏈，該公司有多種機會透過現有資產基礎和新的投資機會從這一新發展中受益。

Finally, Pembina recently announced significant achievements in the development of the proposed Cedar LNG project, including securing long term commercial agreements and issuing a notice to proceed to its engineering, procurement, and construction contractors. Following these critical milestones, Cedar LNG and Pembina's partner, the Haisla Nation, have commenced their respective financing processes in advance of a final investment decision, which is expected by June 2024. On the major project front, the Phase VIII Peace Pipeline expansion has entered the commissioning stage and startup is expected this month, as well the RFS IV expansion at the Redwater complex and the Northeast B.C. mid-point pump station expansion are proceeding as planned, and during the first quarter, Pembina Gas Infrastructure approved an expansion at the Wapiti Gas Plant that will increase natural gas processing capacity by 115 million cubic feet per day.

最後，Pembina 最近宣布了擬議的 Cedar 液化天然氣項目的開發取得了重大成就，包括獲得長期商業協議並向其工程、採購和施工承包商發出了繼續進行的通知。繼這些重要的里程碑之後，Cedar LNG 和 Pembina 的合作夥伴 Haisla Nation 已開始各自的融資流程，預計將於 2024 年 6 月做出最終投資決定。本月將進行調試和啟動，以及紅水綜合體和不列顛哥倫比亞省東北部的RFS IV 擴建。中點泵站擴建正在按計劃進行，第一季度，彭比納天然氣基礎設施公司批准了馬鹿天然氣廠的擴建，這將使天然氣處理能力每天增加 1.15 億立方英尺。

Additionally, Pembina continues to evaluate further expansions to support volume growth in Northeast B.C., including new pipelines and terminal upgrades on the Northeast B.C. pipeline and downstream systems between Taylor, British Columbia and Gordondale, Alberta. On April 23, 2024, Pembina filed its project application with the Canadian Energy Regulator. And finally, we are pleased to have raised our quarterly common share dividend by CAD 0.0225 per share, or 3.4%, beginning with the dividend to be paid in June. The increase reflects the continued growth of Pembina's fee-based business, which is benefiting from rising volumes and increasing utilization across many of its assets. We recognize the importance of our sustainable, reliable, and growing dividend to our shareholders, and we are proud of our long track record in this regard. It has been a very strong start to 2024, and we look forward to continuing the momentum.

此外，Pembina 繼續評估進一步的擴張，以支持不列顛哥倫比亞省東北部的銷售成長，包括不列顛哥倫比亞省東北部的新管道和終端升級。不列顛哥倫比亞省泰勒和艾伯塔省戈登代爾之間的管道和下游系統。 2024年4月23日，Pembina向加拿大能源監管機構提交了專案申請。最後，我們很高興從 6 月支付的股息開始，將季度普通股股息提高了每股 0.0225 加元，即 3.4%。這一成長反映了 Pembina 收費業務的持續成長，該業務受益於其許多資產的交易量增加和利用率提高。我們認識到可持續、可靠和不斷增長的股息對股東的重要性，我們為我們在這方面的長期記錄感到自豪。 2024 年是一個非常強勁的開局，我們期待繼續保持這一勢頭。

I will now turn things over to Cam to discuss in more detail the financial highlights for the first quarter.

我現在將把事情交給 Cam，更詳細地討論第一季的財務亮點。

Thanks, Scott. As Scott noted, Pembina recorded record first quarter adjusted EBITDA of CAD 1.044 billion. This represents a 10% increase over the same period in the prior year. In Pipelines, factors impacting the first quarter primarily included higher revenues and volumes on the Peace Pipeline system, the Northern Pipeline system outage in the first quarter of 2023, which had an impact of CAD 40 million with no similar impacts for the first quarter of 2024. The reactivation of the Nipisi Pipeline and higher contribution from Alliance Pipeline related to higher tolls on seasonal contracts.

謝謝，斯科特。正如 Scott 指出的那樣，Pembina 在第一季調整後 EBITDA 創歷史新高，達到 10.44 億加元。這比去年同期增長了 10%。在管道方面，影響第一季的因素主要包括和平管道系統收入和產量增加、2023 年第一季北方管道系統停運，影響達 4,000 萬加元，而 2024 年第一季沒有類似影響尼皮西管道的重新啟動和聯盟管道的貢獻增加與季節性合約的通行費增加有關。

In Facilities, factors impacting the first quarter included higher volumes at the Redwater Complex and Younger compared to the first quarter of 2023 as the prior period was impacted by CAD 14 million due to the Northern Pipeline system outage and higher operating expenses. In Marketing & New Ventures, first quarter results reflected the net impact of higher contribution from Aux Sable due to wider frac spreads and the new third-party marketing arrangement, change in the provision related to financial assurances for Cedar LNG, and realized losses on NGL-based derivatives in the first quarter of 2024 compared to realized gains in the first quarter of 2023. Finally, the Corporate segment was impacted by higher general and administrative costs, net of lower long-term incentive costs.

在設施方面，影響第一季的因素包括 Redwater Complex 和 Younger 的交易量較 2023 年第一季增加，因為北方管道系統中斷和營運費用增加導致上一季受到 1,400 萬加元的影響。在行銷和新創企業中，第一季業績反映了Aux Sable 貢獻增加的淨影響，這是由於壓裂價差擴大和新的第三方行銷安排、與Cedar LNG 財務保證相關的撥備變化以及NGL 實現虧損所致與 2023 年第一季實現的收益相比，2024 年第一季基於衍生性商品的收益。

Earnings in the fourth quarter were CAD 438 million. This represents a 19% increase over the same period in the prior year. In addition to the factors impacting adjusted EBITDA, earnings in the first quarter were impacted by unrealized losses on renewable power purchase agreements and on crude oil-based derivatives, compared to unrealized gains in the first quarter of 2023 and lower income tax expense. Pipeline volumes of 2.6 million barrels per day in the first quarter represent a 5% increase compared to the same period in the prior year. The increase was primarily due to higher volumes on the Peace Pipeline system resulting from earlier recognition of take-or-pay deferred revenue and the impact of the Northern Pipeline system outage in the first quarter of 2023, combined with the reactivation of the Nipisi Pipeline.

第四季獲利4.38億加元。這比去年同期增長了 19%。除了影響調整後EBITDA 的因素外，與2023 年第一季的未實現收益和較低的所得稅費用相比，第一季的收益還受到再生能源電力購買協議和原油衍生品的未實現損失的影響。第一季的管道輸送量為每天 260 萬桶，比去年同期成長 5%。成長的主要原因是和平管道系統的流量增加，這是由於較早確認照付不議遞延收入以及北方管道系統在 2023 年第一季停運的影響，以及尼皮西管道的重新啟動。

Facilities volumes of 0.8 million barrels per day in the first quarter of 2024 represent a 12% increase compared to the same period in the prior year. The increase was primarily due to higher volumes at the Redwater Complex and Younger as the first quarter of 2023 was impacted by the Northern Pipeline system outage, combined with higher interruptible volumes on certain PGI assets. Pembina continues to generate significant cash flow after dividends and maintain its strong balance sheet. At March 31, 2024, based on the trailing 12 months, the ratio of proportionally consolidated debt to adjusted EBITDA was 3.4x, below the low end of its target range.

2024 年第一季設施產量為 80 萬桶/日，較上年同期成長 12%。這一成長主要是由於 2023 年第一季受到北方管道系統中斷的影響，Redwater Complex 和 Younger 的產量增加，加上某些 PGI 資產的可中斷產量增加。派息後，Pembina 繼續產生大量現金流，並保持強勁的資產負債表。截至 2024 年 3 月 31 日，基於過去 12 個月，按比例合併的債務與調整後 EBITDA 的比率為 3.4 倍，低於目標範圍的下限。

I'll now turn things back to Scott.

我現在把事情轉回給斯科特。

Thanks, Cam. For a few years now, Pembina has been highlighting key developments within the western Canadian energy industry that we believe will catalyze a wave of growth that will benefit Pembina, its customers, and all Canadians. These developments include LNG projects on Canada's west coast, the growth of Alberta's petrochemical industry, and the Trans Mountain pipeline expansion. All of us at Pembina wish to join the rest of industry and many others across Canada in celebrating the first of these to reach the finish line. The recent completion and shipment of first oil on the Trans Mountain pipeline expansion. This project brings much-needed new egress capacity for oil producers, providing greater access to global markets, and full value for Canada's energy resources, while helping to ensure responsibly produced energy is available to meet growing global demand.

謝謝，卡姆。幾年來，Pembina 一直強調加拿大西部能源產業的關鍵發展，我們相信這些發展將促進一波成長，使 Pembina、其客戶和所有加拿大人受益。這些發展包括加拿大西海岸的液化天然氣項目、阿爾伯塔省石化工業的成長以及跨山管道擴建。 Pembina 的所有人都希望與其他行業和加拿大各地的其他許多人一起慶祝第一個到達終點線的人。跨山管道擴建工程最近完成並運送了第一批石油。該計畫為石油生產商帶來了急需的新出口能力，提供了更多進入全球市場的機會，並為加拿大能源資源帶來了全部價值，同時有助於確保負責任地生產能源，以滿足不斷成長的全球需求。

In closing, I want to remind you that Pembina will hold its annual meeting of common shareholders today at 2:00 p.m. Mountain time, 4:00 p.m. Eastern. It will be a virtual-only meeting conducted via live audio webcast. Participants are recommended to register for the virtual webcast at least 10 minutes before the presentation start time. Further, Pembina will hold our 2024 Investor Day in Toronto on May 16, beginning at 8:30 Eastern time. Our team is excited to provide an overview of the business and discuss in greater detail our strategy and the outlook for the company amidst truly transformational changes underway in the western Canadian energy industry. A live webcast event will be available on Pembina's website, and participants are encouraged to register well in advance. For further information on both the Annual Meeting and Investor Day, please visit the Investor tab at www.pembina.com. We would once again like to thank all our stakeholders for their support.

最後，我想提醒您，Pembina 將於今天下午 2 點召開普通股股東年度大會。山區時間，下午 4:00東。這將是一次透過現場音訊網路直播進行的虛擬會議。建議參與者在演示開始時間前至少 10 分鐘註冊虛擬網路廣播。此外，Pembina 將於 5 月 16 日東部時間 8:30 在多倫多舉辦 2024 年投資者日。我們的團隊很高興能夠提供業務概述，並更詳細地討論我們的策略和公司在加拿大西部能源產業正在進行的真正轉型變革中的前景。 Pembina 網站上將提供網路直播活動，鼓勵參與者提前註冊。有關年會和投資者日的更多信息，請訪問 www.pembina.com 上的“投資者”選項卡。我們再次感謝所有利害關係人的支持。

Operator, please go ahead and open up the line for questions.

接線員，請繼續撥打電話詢問問題。

(Operator Instructions) Your first question comes from Jeremy Tonet of JPMorgan.

（操作員指示）您的第一個問題來自摩根大通的 Jeremy Tonet。

I just want to dive in a little bit more on the fundamentals as you see them before you. And just if you could walk through, I guess, producer customer conversations at this point and how you see activity unfolding over the balance of this year, the cadence of growth and how you see, I guess, that trajectory at this point.

我只是想更深入地了解您所看到的基本原理。我想，如果你能回顧一下生產者客戶此時的對話，以及你如何看待今年剩餘時間的活動展開、成長的節奏以及你如何看待此時的軌跡。

Yes, I'll start, Jeremy, and I'll invite any of my colleagues to jump in. I think what we're seeing is continued strong results across the board. Just previewing some of the results this week and last week, we're seeing many of our producers come in above expectations especially driven by strong condensate pricing, strong oil pricing, and again, in anticipation of some of these transformational events that we've been talking about for a while now. So, the conversations with producers have been great. The results are showing through, and we're seeing a lot of momentum in the business.

是的，我會開始，傑里米，我會邀請我的任何同事加入進來。只是預覽本周和上週的一些結果，我們看到許多生產商的表現超出了預期，特別是在強勁的凝析油定價、強勁的石油定價以及我們對其中一些轉型事件的預期的推動下已經談論了一段時間了。因此，與製片人的對話非常順利。結果正在顯現，我們看到業務發展勢頭強勁。

Jeremy, it's Cam here. Maybe I'll just add that I think one of the things that we think makes Pembina unique is obviously our exposure to all the commodities in the industry here in the hydrocarbon value chain. And I think as you've seen results come out that Scott referenced, some folks who have the optionality to allocate capital between drier gas and more liquids rich gas are indeed shifting towards the liquids rich gas. And obviously both of those work for Pembina given the exposure in our portfolio. So, we see that as a real unique element for us and continue to see good runway in 2024.

傑瑞米，我是卡姆。也許我會補充一點，我認為我們認為使 Pembina 獨一無二的原因之一顯然是我們在碳氫化合物價值鏈中接觸到該行業的所有商品。我認為正如你所看到的斯科特提到的結果一樣，一些可以選擇在乾燥天然氣和更多液體豐富的天然氣之間分配資本的人確實正在轉向富含液體的天然氣。顯然，考慮到我們投資組合中的風險，這兩者都適用於 Pembina。因此，我們認為這對我們來說是一個真正獨特的元素，並將在 2024 年繼續看到良好的前景。

And a little bit more time having passed since the Dow announcement. Just wondering if there's any incremental details or thoughts you could provide as far as the scope of the opportunity set and what it could mean for Pembina, particularly operating leverage versus brownfield versus greenfield opportunities.

自從道瓊斯指數公佈以來，已經過了一些時間。只是想知道您是否可以提供任何關於機會集範圍的增量細節或想法，以及這對 Pembina 意味著什麼，特別是運營槓桿與棕地與綠地機會的比較。

Jeremy, I think we'll dive into that a little bit more next week at our Investor Day. So we'll answer your question, but we'll do it next week.

傑里米，我想我們將在下週的投資者日進一步深入探討這一點。所以我們會回答你的問題，但我們會在下週進行。

Fair enough. And I think I might get the same answer for this one, but I'll try nonetheless. With leverage having fallen below, I guess, your targeted range, just any updated thoughts on capital allocation between growth CapEx, bolt-ons, dividend growth, buybacks, what have you?

很公平。我想我可能會得到同樣的答案，但我仍然會嘗試。我想，隨著槓桿率跌破你的目標範圍，關於成長資本支出、補充、股息成長、回購之間的資本配置的最新想法，你有什麼？

Yes, it's a fair comment, Jeremy. And I think as we look out at 2024 and 2025, potentially even the year after that, 2026, if we look at where we are today with some of the capital, the investment in Cedar through to the middle of this year, we're depending on where you choose your point in the range, we're relatively on point with funding all that capital with cash flow after dividends. And if you take forward that proxy and assume that we make a positive FID on Cedar later this year, 2025, probably not that different. And so, we continue to think that the most accretive and best use of that capital right now, obviously, are those opportunities which are in strategy and provide long-term annuities with strong counterparties and downside protection. That said, if something changes there, we'll do the same thing as we've always done and look at the opportunity set between repayment of debt. Obviously, we are at the low end of the range right now. Incremental buybacks, if they make sense from a capital allocation perspective, or other opportunities. Obviously, we continue to have a backlog beyond the things we're talking about and continue to advance those. So, probably not much different from what you heard from us in the past.

是的，這是一個公平的評論，傑里米。我認為，當我們展望 2024 年和 2025 年，甚至可能是後年 2026 年時，如果我們看看我們今天的情況，以及一些資本，即對 Cedar 的投資，一直到今年年中，我們根據您在範圍內所選的點，我們相對而言會用股利後的現金流為所有資本提供資金。如果你提出該委託書並假設我們在今年稍後（即 2025 年）對 Cedar 做出積極的 FID，可能不會有什麼不同。因此，我們仍然認為，目前最能增值和最好地利用這些資本的顯然是那些戰略上的機會，並提供長期年金、強大的交易對手和下行保護。也就是說，如果情況發生變化，我們將像往常一樣做同樣的事情，看看償還債務之間的機會。顯然，我們現在處於該範圍的低端。增量回購（如果從資本配置的角度來看有意義的話）或其他機會。顯然，除了我們正在討論的事情之外，我們仍然有積壓的工作，並繼續推進這些工作。所以，可能與您過去從我們那裡聽到的沒有太大不同。

Your next question comes from Rob Hope of Scotiabank.

您的下一個問題來自豐業銀行的羅布·霍普。

I want to just ask on Alliance and Aux Sable. So, it's been in your hands for a little while now. Obviously, an asset you know well, but how are you progressing on thinking about commercial synergies there? And what is the timeline that we could potentially look to?

我只想問一下 Alliance 和 Aux Sable 的情況。所以，它已經在你手中有一段時間了。顯然，這是您熟悉的資產，但是您在考慮那裡的商業協同效應方面進展如何？我們可能關注的時間表是什麼？

Rob, Jaret here. So, yeah, April 2, we brought over 161 employees over to Pembina. So, step one is obviously business continuity, just working with Enbridge through the transition service agreement. And everything is going extremely well. We're just over a month into that. Commercial opportunities, I think it's a little bit early there right now, but the short term synergies that we had talked about when we announced the deal, those are going extremely well. And then that midterm- to longer-term synergies, expansions, different commercial opportunities just continuing to be worked on. Like you said, we know the asset well. We were the commercial operator of Alliance previously, and just continuing to work that and hopefully provide more color in the near future.

羅布，傑瑞特在這裡。所以，是的，4 月 2 日，我們將超過 161 名員工帶到了 Pembina。因此，第一步顯然是業務連續性，只需透過過渡服務協議與 Enbridge 合作即可。一切都進展順利。我們才剛開始一個多月。商業機會，我認為現在還為時過早，但我們在宣布交易時談到的短期協同效應進展非常順利。然後，中長期協同效應、擴張和不同的商業機會仍在繼續努力。正如您所說，我們非常了解該資產。我們之前是 Alliance 的商業營運商，並且正在繼續努力，並希望在不久的將來提供更多的色彩。

And, Rob, maybe I'll just jump in. It's Cam. I think maybe to say it a different way, so far, nothing we've seen is deviating us from what we saw at the time of the announcement. We're tracking with the near term synergies that were immediately executable and continue to progress the ones that would obviously take a little bit more time. But we're not seeing anything at the moment that is necessarily derailing us from what we saw. Everything seems to be on track.

羅布，也許我會插話。我想也許換句話說，到目前為止，我們所看到的一切都沒有偏離我們在宣布這一消息時所看到的情況。我們正在追蹤可立即執行的近期協同效應，並繼續推進那些顯然需要更多時間的協同效應。但目前我們還沒有看到任何必然會偏離我們所看到的情況的東西。一切似乎都步入正軌。

And I'll just pile on in terms of operations, not a synergy, but certainly with what's going on with Chicago gas price being a little bit lower than historical, we've seen a short-term tailwind at Aux Sable just with where frac spreads are. So, currently for 2024, Aux Sable was tracking above our acquisition model.

我只會在營運方面進行補充，而不是協同作用，但肯定的是，隨著芝加哥汽油價格比歷史水平略低一點，我們在奧克斯塞布爾看到了短期的順風車，就在壓裂的地方價差是。因此，目前到 2024 年，Aux Sable 的追蹤速度高於我們的收購模式。

And then actually maybe sticking with Marketing, a nice tailwind for the quarter. How are the spreads looking moving forward? And then can you add a little bit of color on the new marketing arrangement that was highlighted in the MD&A as a driver to your performance?

然後實際上可能會堅持行銷，這對本季來說是一個很好的推動力。利差前景如何？然後，您能否為 MD&A 中強調的新行銷安排添加一點色彩，以推動您的績效？

Rob, Chris Scherman. I think we definitely saw in Q1, as others referenced, really positive frac spreads. Gas in particular ended up being a tailwind there, as well as obviously some positive momentum on the crude side, which pulled up NGLs. We're still seeing some of that same tailwind, although a little bit muted here over the last couple weeks, as I think U.S. gas prices have come up a little bit, but in particular, NGL prices are seeing a little bit of pressure with some bigger inventory numbers. That said, we remain fairly positive on frac spreads for the remainder of the year and optimistic on that.

羅布，克里斯‧謝爾曼。我認為我們在第一季確實看到了，正如其他人提到的那樣，壓裂價差非常積極。尤其是天然氣最終成為那裡的順風車，而且原油方面顯然也出現了一些積極的勢頭，從而拉升了液化天然氣。我們仍然看到一些相同的順風，儘管過去幾週有點減弱，因為我認為美國天然氣價格有所上漲，但特別是，NGL​​ 價格正面臨一些壓力。也就是說，我們對今年剩餘時間的壓裂價差仍然相當樂觀，並且對此持樂觀態度。

And Rob, just on your second question, so the reference to the new marketing agreement is the same reference that we made at the time that we announced the acquisition of Alliance and Aux Sable. This would obviously be the first quarter where it's been in place. We'll go into specific details on it, as is customary for us with commercial agreements. But what I would say is that this agreement is simpler than the former one and obviously does create some opportunities for us in certain environments and down the line. So, a simplification and obviously some different participation at different pricing thresholds.

Rob，關於你的第二個問題，新行銷協議的參考內容與我們宣布收購 Alliance 和 Aux Sable 時的參考內容相同。這顯然是它實施的第一季。我們將按照商業協議的慣例，詳細介紹它。但我想說的是，這項協議比前一項協議更簡單，而且顯然確實為我們在某些​​環境和未來創造了一些機會。因此，這是一種簡化，並且顯然在不同的定價閾值上有一些不同的參與。

Your next question comes from Linda Ezergailis of TD Cowen.

您的下一個問題來自 TD Cowen 的 Linda Ezergailis。

I'll try to high-grade my high level questions, knowing that you're going to be sharing a lot with us at Investor Day. So, maybe more in the near term. We're hearing of low water levels in western Canada. We're hearing it's dry. There's concerns about wildfire risk. How are you preparing for that maybe in your marketing business and your operations? What is embedded into your guidance already versus maybe an emerging headwind for that? And can you talk us through what you're seeing on the ground and what your expectations are in terms of bookends of what the impact might be even on volumes on your systems as facilities might even be preemptively shut down in advance of certain wildfires in the areas you operate, etc.?

我會嘗試對我的高水平問題進行高級評價，因為我知道您將在投資者日與我們分享很多內容。所以，短期內可能會更多。我們聽說加拿大西部水位較低。我們聽說它很乾燥。人們擔心野火風險。您在行銷業務和營運方面準備如何應對？您的指導中已經包含了哪些內容，而這可能會造成哪些阻力？您能否告訴我們您在實地看到的情況以及您對書擋的期望是什麼，甚至可能對您的系統容量產生什麼影響，因為設施甚至可能在某些野火發生之前先發製人地關閉您經營的地區等？

Linda, Jaret here. With respect to the first question, water levels and it being dry, that is 100% accurate. The conversations we have with our customers to date is the majority of our customers have retained the water that's required in their pits and/or their storage facilities. A lot of our customers have recycling operations, etc. So, that's what we're hearing from them to date is that their ability to stimulate the wells go forward, they don't have a lot of concerns with that. Now, your second portion of the question was around wildfires. So, I would say, we're in a significantly better place as an industry, but definitely as an organization here at Pembina, we monitor wildfire activity on a 24/7 basis, and then there's nothing active to date near our assets that would give us any concern. There was no anticipation right now to be preemptively shutting in assets. And just to note, last year, any assets that we did shut in, they were primarily due to our ability to get our employees safely out of harm's way. So, the actual assets themselves were never in physical danger. It was the egress component is why we would have had to shut down last year. But I would say we're well-prepared, monitoring it, and hopefully we proceed through the summer. We just did get some pretty good rain here last few days, but definitely hoping for wetter weather.

琳達，傑瑞特在這裡。關於第一個問題，水位和乾燥情況，這是100%準確的。到目前為止，我們與客戶的對話顯示，我們的大多數客戶都保留了他們的坑和/或儲存設施中所需的水。我們的許多客戶都有回收業務等。現在，問題的第二部分是關於野火的。所以，我想說，作為一個行業，我們處於一個明顯更好的位置，但絕對作為 Pembina 的一個組織，我們每天 24/7 監控野火活動，而且迄今為止，我們的資產附近沒有任何活動可以給我們任何關心。目前並沒有預期會先發制人地關閉資產。需要注意的是，去年我們關閉的任何資產，主要是因為我們有能力讓我們的員工安全地擺脫傷害。因此，實際資產本身從未處於實際危險之中。正是出口組件導致我們去年不得不關閉。但我想說我們已經做好了充分的準備，正在監控它，希望我們能繼續度過整個夏天。過去幾天我們確實下了一場大雨，但肯定希望天氣會更潮濕。

And maybe just a follow-on question. Again, in discussions with your customers, how are they evolving commercially in terms of full-path solutions versus discrete services? And what is the tilt in terms of the offerings that you are leading with in those discussions?

也許只是一個後續問題。同樣，在與客戶討論時，他們在全路徑解決方案與離散服務方面的商業發展如何？您在這些討論中主導的產品有什麼傾向？

Linda, I would say no real change. Most of the discussions that we're continuing to have are integrated services, mainly pipe frac or gas plant pipe frac. I think the nice thing about having sanctioned RFS IV when we did was that we have that capacity coming online in 2026 in what is a relatively tight frac market. So, we think we're well positioned to continue our integrated value chain service offering.

琳達，我想說沒有真正的改變。我們繼續進行的大多數討論都是綜合服務，主要是管道壓裂或天然氣廠管道壓裂。我認為批准 RFS IV 的好處是，在相對緊張的壓裂市場中，我們可以在 2026 年上線該產能。因此，我們認為我們有能力繼續提供綜合價值鏈服務。

Your next question comes from Robert Catellier of CIBC Capital Markets.

您的下一個問題來自 CIBC 資本市場的 Robert Catellier。

As you're aware, there were some media reports over the last couple of weeks about a potential off-take agreement and alluding to a potential sale of an equity stake in Cedar LNG. I don't expect you to comment on any specific transaction, but can you maybe describe in more detail your appetite to sell an equity stake in Cedar LNG at all? It sounded like from Cam's comments on the funding plan that Pembina doesn't need any external equity or an equity partner for that project.

如您所知，過去幾週有一些媒體報告有關潛在的承購協議，並暗示可能出售雪松液化天然氣的股權。我不希望您對任何具體交易發表評論，但您能否更詳細地描述一下您出售 Cedar LNG 股權的意願？從 Cam 對融資計劃的評論來看，Pembina 不需要任何外部股權或股權合作夥伴來支持該專案。

Rob, it's Stu Taylor. We're continuing to progress our commercial conversations with a number of parties just on our intention to assign the Pembina capacity to an off-taker. With respect to the equity, there's no plans at this point in time for any equity structure change on the Cedar project. And at this point in time, all of those conversations would require approval from our partner as well. So, there is no equity change at this point in time.

羅布，我是斯圖泰勒。我們正在繼續與多方進行商業對話，只是因為我們打算將 Pembina 產能分配給承購商。在股權方面，Cedar 專案目前尚無任何股權結構變更計畫。此時，所有這些對話都需要我們合作夥伴的批准。因此，目前沒有股權變動。

Okay. And just on assigning that capacity to a third party, I'm just curious if you see any benefit in waiting too closer to the commercial operating date in an effort to maximize value once the project is derisked?

好的。就將這種能力分配給第三方而言，我只是好奇您是否認為等待太接近商業運營日期以在專案消除風險後實現價值最大化有什麼好處？

We're looking at that, Rob. It's one of those things that we're looking at the timing. Nothing will take place until post-FID. We've been in conversations with a number of parties for a fair period of time. We continue to have ongoing conversations. And at the end of the day, we'll look at that timing. We think we have the opportunity to do the right deal for us, and so we'll evaluate that timing. And if the right deal comes in for us to execute, we will move on it. And if it means taking a bit more time, we'll do that as well. But we're actively engaged in conversations with people and making good progress on that.

我們正在研究這個，羅布。這是我們正在考慮時機的事情之一。在 FID 後之前不會發生任何事情。我們已經與多方進行了相當長一段時間的對話。我們仍在繼續進行對話。歸根究底，我們會考慮這個時機。我們認為我們有機會為我們達成正確的交易，因此我們將評估這個時機。如果有合適的交易需要我們執行，我們就會繼續執行。如果這意味著需要更多時間，我們也會這樣做。但我們正在積極與人們進行對話，並在這方面取得了良好進展。

Okay. And finally, it sounds like this might have to wait until next week, but I'm curious if there's any update on how you plan to source the supply of that thing for the transportation agreement with Dow.

好的。最後，聽起來這可能要等到下週，但我很好奇你們計劃如何為與陶氏化學公司的運輸協議採購該東西的供應是否有任何更新。

Yes. I think that's right, Rob. I think we'll probably punt that till next week and give everyone the benefit of rolling that out.

是的。我認為這是對的，羅布。我想我們可能會把它推遲到下週，讓每個人都受益於推出它。

Your next question comes from Ben Pham of BMO.

您的下一個問題來自 BMO 的 Ben Pham。

You mentioned the NEBC project. You have Cedar LNG and sounds like there's something on ethane Dow as well in terms of CapEx. And when you think about all those projects and maybe other projects ahead, where do you see annual CapEx spending the next 3 or 4 or 5 years, and at what point do you have to start to consider other sources of funding beyond the debt markets?

您提到了 NEBC 專案。你有 Cedar LNG，聽起來乙烷陶氏在資本支出方面也有一些東西。當您考慮所有這些項目以及未來的其他項目時，您認為未來 3、4 或 5 年的年度資本支出將在哪裡？

Ben, it's Cam. I think picking up on my earlier comments, I would say that if we look forward right now, and let's play out a couple of scenarios, if we proceed and make a positive final investment decision on Cedar, we're probably running right around cash flow after dividends in terms of capital levels for the next couple of years, and then the heavy piece of the Cedar spend starts to trail off then.

本，我是卡姆。我認為，根據我先前的評論，我想說，如果我們現在展望未來，讓我們設想幾種情況，如果我們繼續對雪松做出積極的最終投資決定，我們可能會圍繞現金運行就未來幾年的資本水準而言，資金將在股息之後流動，然後雪鬆的大部分支出開始減少。

If we think about longer term, obviously, that's a little bit harder to gauge, but obviously, we continue to advance the backlog. But what I would say is, we're very conscious of not only the nature of the projects, but how they fit together as a program in terms of our strategy and also the funding piece. So, it is certainly an important input to the capital allocation process.

如果我們考慮更長期的情況，顯然，這有點難以衡量，但顯然，我們會繼續推進積壓工作。但我想說的是，我們不僅非常清楚這些項目的性質，而且還非常清楚它們如何根據我們的策略和資金部分作為一個計劃結合在一起。因此，它無疑是資本配置過程的重要輸入。

If we look at a scenario where we didn't, in fact, proceed with Cedar, just to play that out for a moment, obviously, we would have substantially more free cash flow to work with. And obviously, per my earlier comments, we'd look at the same alternatives that we've discussed already. But ultimately, we've got some pretty attractive opportunities in front of us. And I think provided those continue on the path they're on, we'll be running probably pretty close to free cash flow at those levels for the next couple of years, at least.

如果我們考慮一個場景，實際上我們沒有繼續使用 Cedar，只是為了暫時解決這個問題，顯然，我們將擁有更多的自由現金流。顯然，根據我之前的評論，我們會考慮我們已經討論過的相同替代方案。但最終，我們面前有一些非常有吸引力的機會。我認為，如果這些繼續沿著目前的道路發展，至少在接下來的幾年裡，我們可能會非常接近這些水準的自由現金流。

And apologies if I missed this. On your Facilities segment, you referenced operating expense pressure. I think that's the verbiage. Could you unpack that a bit? And can you also comment, is there anything you're seeing on maybe some of your producers curtailing production because of low ECHO prices?

如果我錯過了這一點，我深表歉意。在您的設施部門，您提到了營運費用壓力。我想這就是俗話吧。能稍微解開一下嗎？您是否也能評論一下，您是否看到一些生產商因 ECHO 價格低廉而削減產量？

Like we've said before, I'll take the second part of your question. The majority of our assets, if not all of our assets, are pretty much in the liquids-rich window. So, we haven't seen any curtailment. And if we have, it's been so immaterial that we haven't noticed it. Our customers have great condensate yields and great NGL yields, which ultimately, even in a low ECHO natural gas price, we're still seeing strong volumes through PGI, et cetera No, we're not seeing anything.

就像我們之前說過的，我將回答你問題的第二部分。我們的大部分資產（如果不是全部資產）幾乎都位於流動性豐富的窗口中。所以，我們沒有看到任何削減。即使有，也是如此無關緊要，以至於我們沒有註意到。我們的客戶擁有很高的凝析油產量和 NGL 產量，最終，即使 ECHO 天然氣價格較低，我們仍然透過 PGI 等看到強勁的產量。

And with respect to cost pressures, not seeing anything out of the ordinary. It's just a little bit more work in certain areas that wasn't totally contemplated at the time. But no, just your normal supply chain and inflation pressures, but nothing out of the ordinary that is keeping us up, that's for sure.

至於成本壓力，則沒有看到任何異常情況。只是在某些領域還需要做一些當時沒有完全考慮到的工作。但不，只是正常的供應鏈和通膨壓力，但沒有任何異常情況讓我們保持活力，這是肯定的。

And, Ben, just to tag onto that, the one thing that we saw and did inform part of that variance this quarter was just you'll remember that the union agreement that was renegotiated in the port of Vancouver last year, that's showing up in the variance quarter over quarter in Q1. It's just a few million dollars, but that's part of the variance.

而且，本，只是為了標記這一點，我們在本季度看到並確實告知部分差異的一件事是，您會記得去年在溫哥華港重新談判的工會協議，它出現在第一季度季度與季度之間的變異數。雖然只有幾百萬美元，但這也是差異的一部分。

Your next question comes from Zack Van Everen of TPH & Company.

您的下一個問題來自 TPH & Company 的 Zack Van Everen。

Just a question on the new pipeline you mentioned between Taylor and Gordondale. Would there be any additional infrastructure downstream needed to support that if you guys sanctioned that project? And then is there enough space on Peace and the fracs to accommodate the incremental liquids there?

只是關於你提到的泰勒和戈登代爾之間的新管道的問題。如果你們批准該項目，下游是否需要任何額外的基礎設施來支援該項目？那麼，Peace 和壓裂層上是否有足夠的空間來容納那裡增量的液體？

Yes, so once we cross the border from Taylor to Gordondale, there's no material incremental like pipelining work that's required from Gordondale into the Edmonton and/or the Fort Saskatchewan market. We will require some pump stations on certain segments of the line, and that's primarily from Fox Creek into the market, Edmonton and Fort Saskatchewan. That has always been contemplated way back from the time of the Phase 3 expansion to grow those volumes. So we're extremely well positioned to capture those volumes without having to deploy a whole bunch of mainline capital.

是的，所以一旦我們從泰勒跨越邊境到戈登代爾，就不需要從戈登代爾到埃德蒙頓和/或薩斯喀徹溫堡市場進行管道工程等實質增量工作。我們將需要在線路的某些路段上安裝一些泵站，這些路段主要是從福克斯溪到市場、埃德蒙頓和薩斯喀徹溫堡。早在第三階段擴建時就一直在考慮增加這些數量。因此，我們處於非常有利的位置，無需部署大量主線資本即可捕獲這些數量。

And then maybe one on LPG exports. It's been very topical here in the States. And I was just curious if you had any updates around Prince Rupert expanding, and do you need any additional facilities there if that would be sanctioned?

然後可能是液化石油氣出口。這在美國非常熱門。我只是好奇你們是否有關於魯珀特王子港擴張的任何最新消息，如果會受到批准，你們是否需要在那裡增加任何設施？

Zack, it's Chris Scherman. We continue to see obviously this ramp up in western Canadian production, increased propane length in western Canada, as well we see the ramp up in the Lower 48. And that dynamic really pushes you towards the West Coast. We continue to look at our options there. We think we've got some really effective optimization options at our Prince Rupert facility, and we're looking to get more exposure to that market. So we continue to look at it and remain interested.

札克，​​我是克里斯‧謝爾曼。我們繼續明顯地看到加拿大西部產量的增加，加拿大西部丙烷長度的增加，以及 48 州南部地區產量的增加。我們將繼續考慮我們的選擇。我們認為我們在魯珀特王子港工廠擁有一些真正有效的優化選項，並且我們希望更多地接觸該市場。所以我們繼續關注它並保持興趣。

Your next question comes from Cole Pereira of Stifel.

您的下一個問題來自 Stifel 的 Cole Pereira。

Acknowledging you just completed an acquisition and you have a number of other large projects and opportunities in front of you. With TMX now in service, there's obviously still some uncertainty on tolls and other factors, but can you just refresh us on your thinking about how you see that asset fitting with your asset base and your strategy?

承認您剛剛完成了一項收購，並且您面前還有許多其他大型項目和機會。隨著 TMX 現已投入使用，通行費和其他因素顯然仍然存在一些不確定性，但您能否向我們介紹一下您如何看待該資產與您的資產基礎和策略的契合度？

Cole, it's Cam here. What I would say is, I think, obviously, we've been quite clear that global exports are a critical pillar in our strategy. Obviously, you can see just from the last question what a focus it is for us on the NGL side, obviously on LNG as well with Cedar. That said, I think we've been pretty consistent for some time. There exists a great deal of uncertainty still on TMX. Obviously, one very important milestone has passed with the pipeline coming into service, but I understand that the toll resolution process is ongoing and is likely to take some time to see resolution. And from our perspective, there still exists a tremendous amount of uncertainty around that asset. And so, frankly, nothing has changed from our prior messaging in terms of that as an investment opportunity. It's not something we're spending a great deal of time on right now, but obviously global exports are always important in our strategy.

科爾，我是卡姆。我想說的是，我認為，顯然，我們已經非常清楚，全球出口是我們策略的關鍵支柱。顯然，從最後一個問題就可以看出我們對 ​​NGL 方面的關注重點，顯然是 LNG 以及 Cedar。也就是說，我認為一段時間以來我們的表現相當一致。 TMX 仍存在很大的不確定性。顯然，隨著管道的投入使用，一個非常重要的里程碑已經過去，但我知道收費解決過程正在進行中，並且可能需要一些時間才能看到解決方案。從我們的角度來看，該資產仍然存在巨大的不確定性。因此，坦白說，就投資機會而言，我們先前的訊息沒有任何變化。我們目前並沒有在這方面花費大量時間，但顯然全球出口在我們的策略中始終很重要。

Your next question comes from Robert Kwan of RBC Capital Markets.

您的下一個問題來自加拿大皇家銀行資本市場的羅伯特·關。

You've got a bunch of large projects, as you noted, [LNG Canada], TMX, and then your own Cedar. Just wondering, since you're talking with customers, what's the nature of the discussions at this point with respect to new projects following on those developments upstream infrastructure? Do you see a lot of potential there?

正如您所指出的，您有很多大型項目，[LNG Canada]、TMX，然後是您自己的 Cedar。只是想知道，既然您正在與客戶交談，那麼目前關於上游基礎設施開發的新項目的討論的性質是什麼？您認為那裡有很大的潛力嗎？

I think for us, a lot of that was captured over the last call it 12 to 24 months with some of our Northeast B.C. arrangements that we entered into. We're starting to see those projects come to fruition in the next 12 to 24 months, which should provide some incremental volume growth in '25 and into '26. I think a lot of people are continuing to, as Jaret said, drill in the rich areas, especially in the condensate-rich areas. With the outlook for increased oil demand and ergo incremental condensate need, we're seeing a lot of activity in the condensate window. So we are starting to see it, Rob, show up, but not just short-term, but as people are sanctioning some of these projects into '25 and '26.

我認為對我們來說，其中很多是在過去 12 到 24 個月內與我們 BC 省東北部的一些人捕獲的。我們達成的安排。我們開始看到這些項目在未來 12 至 24 個月內取得成果，這應該會在 25 年和 26 年期間帶來一些增量成長。我認為，正如 Jaret 所說，許多人正在繼續在富集地區進行鑽探，尤其是在凝析油富集地區。鑑於石油需求增加和凝析油需求增加的前景，我們看到凝析油窗口出現了大量活動。因此，羅布，我們開始看到它出現，但不僅僅是短期的，而是隨著人們在 25 和 26 年批准其中一些項目。

Just so I'm clear, you're talking about the 12 to 24 months, you're talking about projects that you've already announced or that you expect that we will see additional projects sanctioned over that next 12 to 24 months to drive the volumes?

我想明確的是，您談論的是 12 至 24 個月，您談論的是您已經宣布的項目，或者您預計我們將看到在未來 12 至 24 個月內批准更多項目來推動卷？

I'm saying both. We're seeing some of the volumes that we locked up, call it, a year ago, we're going to start to see those volumes materialize on the system in the next 12 to 24 months. And then we're also seeing and talking to producers about some of their developments that they could potentially sanction over the next 12 to 24 months, which would then drive volume further on in the plan. And that's always been what's given us confidence from talking about volume growth in that 5% range, we almost talked about it annually because that's the line of sight we had. But now, for the last 12 months, we've been saying that we have a view that could continue on for a couple of years here at least because we have much more visibility into that.

我說的是兩個。我們看到一些我們鎖定的捲，稱之為一年前，我們將開始看到這些卷在未來 12 到 24 個月內在系統上實現。然後我們也會與生產商討論他們可能在未來 12 到 24 個月內批准的一些開發項目，這將進一步推動計劃中的產量。這一直是我們談論 5% 範圍內銷售成長的信心所在，我們幾乎每年都會談論它，因為這是我們的視線。但現在，在過去的 12 個月裡，我們一直在說，我們的觀點至少可以持續幾年，因為我們對此有了更多的了解。

If you just look at the lower take-or-pay deferrals in the quarter, is that a function of a more bullish outlook or is that more so that you're just so deep into the fee-based components of the contracts that deferring is just overly conservative and unnecessary?

如果您只看本季度較低的照付不議延期，這是否是更樂觀的前景的結果，或者是否更重要的是您對合同的基於費用的部分過於深入，以至於延期是只是過於保守和不必要？

Rob, what it really comes down to is us having a number of years under our belt now in terms of observing history, how producers trend throughout the year, their history in terms of accessing those make-up rights. And now we have a statistical body of information which we can look at to create a higher degree of certainty where we can be comfortable recognizing those volumes early in the year than we have previously.

羅布，歸根結底，我們現在已經有很多年的時間來觀察歷史、生產商全年的趨勢以及他們獲得這些化妝權的歷史。現在我們有了一個統計資訊體，我們可以透過查看這些資訊來創造更高程度的確定性，這樣我們就可以比以前更輕鬆地在今年年初識別出這些數量。

And if I can just finish with a clarification. There's been a lot of talk around especially Cedar specifically but just CapEx and whether you would be free cash flow positive or neutral. When you're looking at Cedar, are you specifically looking at that as the equity contribution or are you looking at it as your proportional CapEx?

最後我可以澄清一下嗎？有很多討論，尤其是雪松，但只是資本支出以及自由現金流是正數還是中性。當您考慮 Cedar 時，您是專門將其視為股權貢獻還是將其視為比例資本支出？

We're looking at it as our equity contribution.

我們將其視為我們的股權貢獻。

Your next question comes from Patrick Kenny of National Bank.

您的下一個問題來自國家銀行的帕特里克·肯尼。

Wondering if you had any thoughts on how the destination of TMX volumes plays out here, Asia versus California, and how this dynamic might create opportunities for your tankage footprint or perhaps blending operations whether at North 40, Base Line, [Duvernay], you name it. Just your general thoughts on opportunities across your system.

想知道您是否對TMX 產量的目的地在這裡（亞洲與加利福尼亞）有何想法，以及這種動態如何為您的儲罐足跡或混合操作創造機會，無論是在North 40、Base Line、[Duvernay] ，您的名字它。只是您對整個系統中機會的整體想法。

It's Chris. I think it's very difficult at this point for us to opine on where those volumes are going to end up, so we'll probably stay away from that one. But undoubtedly, there's some positive flow back into our business from that commerce going west, and I think it shows up to some degree in tanks as customers are trying to optimize flows east and west as well as they're trying to manage quality. So we definitely see a bit of a tailwind there and are optimistic about what it means for the basin more broadly, but certainly for our tankage in our business.

是克里斯。我認為目前我們很難就這些卷的最終結局發表意見，所以我們可能會遠離這一卷。但毫無疑問，向西的貿易有一些積極的流量回流到我們的業務中，我認為這在一定程度上體現在儲罐中，因為客戶試圖優化東西向的流量以及他們試圖管理質量。因此，我們肯定會看到一些順風，並且對這對盆地更廣泛的意義持樂觀態度，但對我們業務中的儲罐量也是如此。

Obviously, Pat, the #1 significant impact to Pembina long-term, and I'm going to talk about this a little bit more next week, is increased egress, it'll raise the price of the heavier oils here in western Canada. That should spur on incremental supply that will require condensate. Obviously, Pembina has a fairly large condensate business with respect to Peace and Cochin, so higher utilization and incremental expansions to get more condensate into the Edmonton market, which ultimately will head up into the new supply that's coming on. So that's really where Pembina significantly benefits.

顯然，帕特（Pat）對彭比納（Pembina）長期的第一大重大影響是出口增加，這將提高加拿大西部重質油的價格，我將在下週詳細討論這一點。這應該會刺激需要凝析油的增量供應。顯然，彭比納在和平和科欽方面擁有相當大的凝析油業務，因此更高的利用率和增量擴張將使更多的凝析油進入埃德蒙頓市場，最終將進入即將到來的新供應。這確實是 Pembina 受益匪淺的地方。

Maybe just on your hydrogen ammonia opportunity at Redwater, if I recall, I believe the FEED study was expected to be completed by now. So maybe just a status update there. And then curious too if you believe the sequestration economics for your customers can be underwritten solely by the proposed ITCs or if perhaps these economics are also contingent on mitigating the price of carbon through CFDs or otherwise.

如果我沒記錯的話，也許就在 Redwater 的氫氨機會上，我相信 FEED 研究預計現在已經完成。所以也許只是狀態更新。然後，如果您認為您的客戶的封存經濟效益可以僅由擬議的 ITC 承擔，或者這些經濟效益是否也取決於透過差價合約或其他方式降低碳價格，那麼我們也很好奇。

Pat, it's Stu. I'll start. As you mentioned, we progressed our ammonia project. We're wrapping up the [pre-FEED] work. [Mayor Ben] he's been a great partner to work with. We've progressed that study. It's a large amount of work. We have to look at the partnership, the capital structure, the capital for that project, look at the markets, the market timing, the Canadian government timing as well on things. And so we're continuing to progress that study and looking at the integration of all the pieces there. We're going to go and have further conversation with our partner in the coming weeks and see where we go with this project. It still is early days, and we're learning a lot as we go, and we're anticipating further information coming out from Asian governments as well as Canadian governments in the near future that will shed some light on the feasibility of the project itself.

帕特，是斯圖。我開始吧。正如您所提到的，我們推進了氨計畫。我們即將完成 [pre-FEED] 工作。 [本市長]他是個很好的合作夥伴。我們已經推進了這項研究。這是一個很大的工作量。我們必須審視合作關係、資本結構、該專案的資本，審視市場、市場時機、加拿大政府時機以及其他事情。因此，我們將繼續推進這項研究，並研究其中所有部分的整合。我們將在接下來的幾週內與我們的合作夥伴進行進一步的對話，看看我們這個專案的進展。現在還處於早期階段，我們正在學習很多東西，我們預計亞洲政府以及加拿大政府在不久的將來會提供更多信息，這些信息將闡明該項目本身的可行性。

With respect to carbon pricing, we've done a lot of work on our ACG project. We're pretty pleased where we're sitting. We've completed our appraisal well. There's still some work, some downhole subsurface work that's going to be completed. We've got an infrastructure plan and a preliminary capital cost estimate for that. But there's no question on the carbon sequestration side. It comes down to we have a cost for the sequestration, our customers have a capture cost as well, and trying to find that balance of what can be afforded and what are the government policies on a go-forward basis from a pricing perspective and what's needed to support that project. And it's challenging at this point in time for, I think, many customers as the costs are not getting cheaper for carbon sequestration capture in particular. And so we're working through that with, again, our partner, TC Energy, and our various customers that we're having conversations with.

在碳定價方面，我們在ACG專案上做了很多工作。我們對我們坐的地方感到非常滿意。我們很好地完成了評估。還有一些工作，一些井下地下工作即將完成。我們已經制定了基礎設施計劃和初步的資本成本估算。但碳封存方面是沒有問題的。歸根結底，我們有封存成本，我們的客戶也有捕獲成本，並試圖從定價角度和未來的政府政策之間找到平衡。我認為，目前對許多客戶來說這是一個挑戰，因為特別是碳封存捕獲的成本並沒有變得更便宜。因此，我們正在與我們的合作夥伴 TC Energy 以及我們正在交談的各種客戶一起解決這個問題。

There are no further questions at this time. I would hand over the call to Scott Burrows, President and CEO, for closing comments. Please go ahead.

目前沒有其他問題。我會將電話轉交給總裁兼執行長 Scott Burrows，以徵求結束意見。請繼續。

Thanks, everyone. And thanks for taking the time to listen to us today. Again, just a friendly reminder of our AGM this afternoon and our Investor Day next week. And we look forward to seeing many of you there. Have a great weekend.

感謝大家。感謝您今天抽空聽我們的演講。再次友善提醒我們今天下午的年度股東大會和下週的投資者日。我們期待在那裡見到你們中的許多人。週末愉快。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。