Pembina Pipeline Corp (PBA) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Pembina Pipeline Corporation Q3 2024 results conference call. (Operator Instructions)

早安，女士們、先生們，歡迎參加彭比納管道公司 2024 年第三季業績電話會議。（操作員說明）

This call is being recorded on Wednesday, November 6, 2024. I would now like to turn the conference over to Dan Tucunel, VP of Capital Markets. Please go ahead.

此電話錄音於 2024 年 11 月 6 日星期三進行。我現在想將會議交給資本市場副總裁 Dan Tucunel。請繼續。

Thank you, Joanna. Good morning, everyone. Welcome to Pembina's conference call and webcast to review highlights from the third 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 Senior Officer leadership team, including Jaret Sprott, Janet Loduca, Stu Taylor, Chris Scherman and Evo Bishop.

謝謝你，喬安娜。大家早安。歡迎參加 Pembina 的電話會議和網路廣播，回顧 2024 年第三季的亮點。今天的電話會議由總裁兼執行長 Scott Burrows 主持。以及高級副總裁兼財務長 Cameron Goldade；以及 Pembina 高級官員領導團隊的其他成員，包括 Jaret Sprott、Janet Loduca、Stu Taylor、Chris Scherman 和 Evo Bishop。

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. Some of the information provided refers to non-GAAP measures.

我想提醒您，今天發表的一些評論可能具有前瞻性，並且基於 Pembina 目前的預期、估計、判斷和預測。我們今天可能表達或暗示的前瞻性陳述受到風險和不確定性的影響，這可能導致實際結果與預期有重大差異。所提供的一些資訊涉及非公認會計原則措施。

To learn more about these forward-looking statements and non-GAAP measures, please see the company's MD&A dated November 5, 2024, for the period ended September 30, 2024, as well as the press release Pembina issued yesterday. All of these materials are available online at pembina.com and on both SEDAR plus and EDGAR.

要了解有關這些前瞻性陳述和非公認會計準則措施的更多信息，請參閱該公司截至 2024 年 9 月 30 日止期間的 2024 年 11 月 5 日的 MD&A，以及昨天發布的 Pembina 新聞稿。所有這些資料均可在 pembina.com 以及 SEDAR plus 和 EDGAR 上線上取得。

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. We were pleased yesterday to report our third quarter results, highlighted by adjusted EBITDA of $1.019 billion and adjusted cash flow from operating activities of $724 million or $1.25 per share.

謝謝，丹。昨天我們很高興地報告了第三季業績，其中調整後的 EBITDA 為 10.19 億美元，調整後的營運活動現金流為 7.24 億美元或每股 1.25 美元。

Pembina is poised to deliver a record financial year, reflecting the positive impact of recent acquisitions, growing volumes in the Western Canadian Sedimentary Basin and a strong contribution from the marketing business. As Cam will discuss further in a moment, we have narrowed our 2024 adjusted EBITDA guidance range by $25 million on either end to $4.225 billion to $4.325 billion.

Pembina 預計將實現創紀錄的財政年度，反映出最近收購的正面影響、加拿大西部沉積盆地不斷增長的產量以及行銷業務的強勁貢獻。正如 Cam 稍後將進一步討論的那樣，我們已將 2024 年調整後 EBITDA 指導範圍縮小了 2500 萬美元，至 42.25 億美元至 43.25 億美元。

In addition to solid financial results, the third quarter was highlighted by 3 notable transactions. The first was the acquisition of the remaining 14.6% interest in Aux Sable's US operations, resulting in fully consolidated ownership of all the Aux Sable assets. This transaction allows further simplification of our corporate reporting and enhances our long-term service offering from the Aux Sable assets.

除了穩健的財務表現外，第三季還有 3 項值得注意的交易。第一個是收購 Aux Sable 美國業務剩餘 14.6% 的權益，從而完全合併了 Aux Sable 所有資產的所有權。此交易進一步簡化了我們的企業報告，並增強了 Aux Sable 資產提供的長期服務。

In addition, PGI, jointly owned by Pembina and KKR, entered into two exciting transaction with growth focused companies operating in the Montney and Duvernay. The first transaction with White Cap included the acquisition of a 50% interest in White Cap's Kaybob complex and an obligation to fund future Lator area infrastructure development.

此外，Pembina 和 KKR 共同擁有的 PGI 與在 Montney 和 Duvernay 運營的專注於成長的公司達成了兩項令人興奮的交易。與 White Cap 的第一筆交易包括收購 White Cap 的 Kaybob 綜合體 50% 的權益以及為未來 Lator 地區基礎設施開發提供資金的義務。

Further, the second transaction, PGI entered into agreements with Veren that included the acquisition of Veren's Gold Creek in car area oil batteries and support for future infrastructure development. We are pleased to have closed this transaction effective October 9, 2024, and look forward to growing alongside Veren in the years to come.

此外，在第二筆交易中，PGI 與 Veren 達成了協議，其中包括收購 Veren 的 Gold Creek 汽車領域油電池以及對未來基礎設施開發的支援。我們很高興於 2024 年 10 月 9 日完成這項交易，並期待在未來幾年與 Veren 一起成長。

Under the agreement with Veren, PGI is committed to fund up to $300 million of future infrastructure and we are pleased to be progressing in new battery and associated pipelines, representing more than half of the funding commitment. More details will be provided upon completion of upcoming engineering to -- through these two transactions, we are realizing the vision set for with the creation of PGI in 2022.

根據與 Veren 的協議，PGI 承諾為未來基礎設施提供高達 3 億美元的資金，我們很高興在新電池和相關管道方面取得進展，佔資金承諾的一半以上。更多細節將在即將完成的工程完成後提供——透過這兩項交易，我們將實現 2022 年創建 PGI 時設定的願景。

We were successful with White Cap and Veren because we have a unique ability to provide tailored and value-added solutions to support the specific needs of our customers. The opportunities arising from the creation of PGI have attractive economics and are expected to enhance asset utilization, enable future volume capture and benefit the full value chain.

White Cap 和 Veren 的成功是因為我們擁有獨特的能力，可以提供客製化的增值解決方案來支援客戶的特定需求。PGI 的創建所帶來的機會具有有吸引力的經濟效益，預計將提高資產利用率，實現未來的產量捕獲並使整個價值鏈受益。

We also continue to progress our various major projects. portions of the Northeast BC midpoint pump station expansion have been completed. We are on track to be fully complete by year-end. Notably, that project is trending under its $90 million budget. And while a smaller project, it is another example of Pembina's strong project execution.

我們也持續推進各項重大項目。 BC省東北部中點泵站擴建的部分工程已經完成。我們預計在年底前全面完成。值得注意的是，該項目的預算低於 9,000 萬美元。雖然是一個較小的項目，但它是 Pembina 強大的專案執行力的另一個例子。

As well, we continue to advance further expansions to support volume growth in the Northeast BC and are pleased that CR has turned their application for the Taylor to Gordondale expansion is complete and we can proceed to the assessment phase. At our RFS IV expansion, site clearing activities have been completed, while engineering and procurement activity and site construction continue.

此外，我們將繼續推進進一步擴建，以支持不列顛哥倫比亞省東北部的銷售增長，並且很高興 CR 已完成泰勒至戈登代爾擴建的申請，我們可以進入評估階段。在我們的 RFS IV 擴建中，場地清理活動已經完成，而工程和採購活動以及場地建設仍在繼續。

Finally, the Cedar LNG project, we reached an exciting early milestone with the start of onshore construction activities, including site clearing and other civil works. Detailed engineering is underway on the floating LNG facility, and we are looking forward to the start of construction in mid-2025.

最後，在雪松液化天然氣專案中，我們實現了一個令人興奮的早期里程碑，開始陸上施工活動，包括場地清理和其他土木工程。浮動液化天然氣設施的詳細工程正在進行中，我們期待在 2025 年中期開始施工。

I'll now turn things to Cam discuss in more detail the financial highlights for the third quarter.

現在我將向 Cam 詳細討論第三季的財務亮點。

Thanks, Scott. As Scott noted, Pembina reported record third quarter adjusted EBITDA of $1.019 billion, consistent with the same period in the prior year. While results were essentially flat period-over-period, we saw strong performance across most of Pembina's business primarily from the positive impacts of increased ownership of Alliance and Aux Sable, combined with growing volumes on certain systems and higher NGL margins.

謝謝，斯科特。正如斯科特指出的那樣，Pembina 公佈的第三季調整後 EBITDA 創歷史新高，達到 10.19 億美元，與去年同期一致。雖然業績與同期相比基本持平，但我們看到 Pembina 大部分業務的強勁表現主要來自 Alliance 和 Aux Sable 所有權增加的積極影響，加上某些系統銷量的增長和 NGL 利潤率的提高。

However, these results were offset the headwinds we faced on one specific asset Cochin pipeline and the combined impacts of various onetime and transitory events that impacted either the current quarter or the prior period.

然而，這些結果抵消了我們在科欽一項特定資產管道上面臨的不利因素以及影響本季度或上一時期的各種一次性和暫時性事件的綜合影響。

In pipelines, factors impacting the third quarter variance primarily included a higher contribution from Alliance due to increased ownership following the Alliance Aux Sable acquisition, higher contribution from Alliance due to higher demand on seasonal contracts and the reactivation of the Nipisi pipeline in late '23.

在管道方面，影響第三季差異的因素主要包括，由於收購 Alliance Aux Sable 後所有權增加，Alliance 的貢獻增加；由於季節性合約需求增加，以及 Nipisi 管道在 23 年末重新啟動，Alliance 的貢獻增加。

These positive impacts were offset by a lower contribution from Cochin pipeline, primarily due to lower tolls on new long-term contracts lower volumes resulting from a contracting gap from mid-July to August 1 associated with the return of line filter certain customers, lower interruptible demand resulting from narrower condensate price differential between Western Canada and the US Gulf Coast, or integrity spending and lower net revenue on the Peace Pipeline system due to the earlier recognition of take-or-pay deferred revenue in the first half of 2024 compared to 2023, which more than offset higher contract volumes.

這些正面影響被科欽管道的貢獻降低所抵消，這主要是由於新長期合約的通行費降低、7月中旬至8月1日與某些客戶的線路過濾器回歸相關的合約缺口導致產量減少、可中斷性降低加拿大西部和美國墨西哥灣沿岸之間的凝析油價差縮小導致需求增加，或者由於與2023 年相比，2024 年上半年較早確認照付不議遞延收入，導致和平管道系統的誠信支出和淨收入減少，這足以抵消合約量的增加。

In facilities, factors impacting the third quarter variance included the inclusion within facilities of adjusted EBITDA from Aux Sable following the Alliance Aux Sable acquisition partially offset by a gain on the recognition of a finance lease in the third quarter of the prior year.

在設施方面，影響第三季差異的因素包括在收購 Alliance Aux Sable 後將 Aux Sable 調整後的 EBITDA 納入設施內，該部分被上一年第三季確認融資租賃的收益所抵銷。

In Marketing and new ventures, the third quarter variance reflected the net impact of higher net revenue from contracts with customers due to increased interest in Aux Sable following the Alliance Aux Sable acquisition and higher NGL margins. These positive impacts were offset by the impact of a 90-day unplanned outage at Aux Sable and lower realized gains on commodity-related derivatives.

在行銷和新企業方面，第三季的差異反映了客戶合約淨收入增加的淨影響，這是由於收購 Alliance Aux Sable 後對 Aux Sable 的興趣增加以及 NGL 利潤率上升所致。這些正面影響被 Aux Sable 90 天計畫外停電和商品相關衍生性商品已實現收益降低的影響所抵消。

Finally, the third quarter corporate segment results reflect higher long-term incentive costs driven by Pembina's share price performance, partially offset by lower consulting costs. Earnings in the third quarter were $385 million. This represents an 11% increase over the same period in the prior year.

最後，第三季企業部門業績反映出 Pembina 股價表現所推動的長期激勵成本上升，但諮詢成本下降部分抵銷了這一影響。第三季獲利為3.85億美元。這比去年同期增長了 11%。

In addition to the factors impacting adjusted EBITDA, earnings in the third quarter were impacted by unrealized losses recognized by PGI on interest rate derivative financial instruments due to falling interest rates compared to gains in the third quarter of the prior year, unrealized losses recognized by Cedar LNG on interest rate derivative financial instruments, unrealized gains on NGL-based derivatives and crude oil-based derivatives compared to unrealized losses in the third quarter of the prior year, larger unrealized losses on renewable power purchase agreements, a cost recovery related to a storage insurance settlement and higher depreciation and amortization expense and net finance costs.

除了影響調整後EBITDA 的因素外，第三季收益還受到PGI 在利率衍生金融工具上確認的未實現損失的影響，這是由於與上一年第三季度收益相比利率下降，Cedar 確認的未實現損失利率衍生金融工具中的液化天然氣、基於液化天然氣的衍生品和基於原油的衍生品與上一年第三季度未實現損失相比的未實現收益、可再生能源電力購買協議的未實現損失較大、與儲存相關的成本回收保險結算以及更高的折舊和攤提費用以及淨財務成本。

Pipeline volumes of 2.7 million barrels per day in the third quarter represent a 6% increase compared to the same period in the prior year. The increase was primarily due to the increased ownership interest in Alliance and the reactivation of the pipeline. These factors were partially offset by lower volumes on Cochin Pipeline, the Drayton Valley Pipeline and the Peace Pipeline system.

第三季的管線輸送量為每天 270 萬桶，比去年同期成長 6%。這一增長主要是由於聯盟所有權權益的增加以及管道的重新啟動。這些因素被科欽管道、德雷頓谷管道和和平管道系統的產量下降部分抵消。

Lower volumes on the Peace Pipeline system were a result of earlier recognition of take-or-pay deferred revenue in the first half of 2024 compared to the first half of 2023, which more than offset higher contracted volumes. If you normalize conventional pipeline volumes for the earlier take-or-pay recognition and outages, volumes were up approximately 2% over the prior year.

和平管道系統的運輸量下降是由於與 2023 年上半年相比，2024 年上半年提前確認了照付不議遞延收入，這足以抵消合約運輸量的增加。如果將早期照付不議確認和停運的傳統管道流量標準化，則流量比上一年增長約 2%。

Facilities volumes of approximately 800 million barrels per day in the third quarter represent a 1% increase compared to the same period in the prior year. The increase was primarily due to the Alliance on Aux Sable acquisition lower volumes at the Redwater complex and -- younger and lower volumes on certain PGI assets due to the earlier erection of take-or-pay deferred revenue in the first half of 2024 compared to the prior year, which more than offset higher PGI interruptible volumes.

第三季的設施量約為每天8億桶，比去年同期成長1%。這一增長主要是由於 Alliance on Aux Sable 在 Redwater 綜合體的收購量減少，以及由於 2024 年上半年較早建立照付不議遞延收入，某些 PGI 資產的收購量較新且較低。一年，遠遠抵銷了PGI 可中斷量的增加。

Turning to our outlook for the full year. Pembina has narrowed its 2024 adjusted EBITDA guidance range to $4.225 billion to $4.325 billion. Further, we are currently trending towards the midpoint of the guidance range based on prevailing forward commodity prices and the outlook for fourth quarter volumes.

轉向我們對全年的展望。Pembina 將 2024 年調整後 EBITDA 指引縮小至 42.25 億美元至 43.25 億美元。此外，根據現行遠期大宗商品價格及第四季銷售前景，我們目前正趨向指引範圍的中點。

Through the first three quarters of the year, conventional pipeline volumes have been modestly impacted by various Pembina and third-party outages and lower-than-expected interruptible volumes on certain systems, leading to a slightly more moderated volume growth in 2024 than originally expected.

今年前三個季度，傳統管道運輸量受到各種 Pembina 和第三方停運以及某些系統的可中斷運輸量低於預期的輕微影響，導致 2024 年運輸量增長略低於最初預期。

However, the broader outlook for growth in the WCSB and Pembina's business remains strong, and the revised guidance is based on an expectation for the fourth quarter of higher interruptible volumes on certain systems and the impact of new contracts.

然而，WCSB 和 Pembina 業務的更廣泛成長前景仍然強勁，修訂後的指導是基於對第四季度某些系統可中斷量增加以及新合約影響的預期。

At September 30, based on the trailing 12 months, the ratio of proportionally consolidated debt to adjusted EBITDA was 3.6 times, which is at the low end of the target range. It's important to note, however, that given the April 1 closing date of the Alliance, Aux Sable acquisition, the ratio includes all of the debt associated with the transaction that is currently only capturing two quarters of EBITDA contribution. On a normalized basis, this ratio would be approximately 3.4 times.

截至 9 月 30 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 3.6 倍，處於目標範圍的低端。然而，值得注意的是，考慮到 Alliance 收購 Aux Sable 的截止日期為 4 月 1 日，該比率包括與該交易相關的所有債務，而該交易目前僅佔 EBITDA 貢獻的兩個季度。在標準化的基礎上，這個比率約為 3.4 倍。

I'll now turn things back to Scott.

我現在把事情轉回給斯科特。

Thanks, Cam. The first three quarters of 2024 has been tremendously exciting, highlighted by acquisitions and major project announcements as well as the continued momentum from industry-wide growth catalysts including the Trans Mountain pipeline expansion, the near start-up of LNG Canada, new petrochemical facilities and new or expanded LPG export capacity.

謝謝，卡姆。2024 年前三個季度非常令人興奮，突出表現在收購和重大項目公告，以及全行業增長催化劑的持續勢頭，包括跨山管道擴建、加拿大液化天然氣公司即將啟動、新石化設施和新建或擴大液化石油氣出口能力。

As we work hard to close out the year strongly, our attention is also turned to 2025 and beyond and how Pembina can continue to capitalize on the opportunities arising from this growth and deliver long-term and sustainable value for our shareholders.

在我們努力以強勁的業績結束這一年的同時，我們的注意力也轉向2025 年及以後，以及Pembina 如何繼續利用這一增長帶來的機遇，並為我們的股東帶來長期和可持續的價值。

Thank you for joining us this morning. Operator, please go ahead and open up the line for questions.

感謝您今天早上加入我們。接線員，請繼續撥打電話詢問問題。

(Operator Instructions) Jeremy Tonet, JPMorgan.

（操作員指示）Jeremy Tonet，摩根大通。

I just want to start off with the conventional segment, if I could. I think you had mentioned 2% period-over-period growth there. I think in some of the market maybe we're expecting a little bit higher growth there. Just wondering if you could touch on a bit more dynamics as you see it there and the outlook into '25 and the potential for mid-single-digit growth, I guess, based on your producer customer conversations.

如果可以的話，我只想從傳統部分開始。我想您曾經提到過 2% 的同期成長率。我認為在某些市場，我們可能會預期會有更高的成長。只是想知道您是否可以根據您與生產商客戶的對話，談談您所看到的更多動態以及 25 年的前景以及中個位數成長的潛力。

Yes, I'll let Cam clarify the 2% comment. When we look out towards the end of the year, we're still looking at kind of a 4% exit-to-exit growth rate on the conventional system. Again, the second -- or the third quarter was impacted by Pembina and third-party turnarounds. But as we look forward to Q4, we're also seeing third-party facilities come online. So that 4% within that has some embedded growth from third-party facilities coming online, Jeremy.

是的，我會讓 Cam 澄清 2% 的評論。當我們展望今年年底時，我們仍然預期傳統系統的退出成長率為 4%。第二季或第三季再次受到 Pembina 和第三方轉虧為盈的影響。但當我們期待第四季時，我們也看到第三方設施上線。Jeremy，這 4% 的成長來自於第三方設施的上線。

And then as we look out towards 2025, we're still finalizing our 2025 budget and we'll have to stay in December, but we're still feeling confident in that 4% to 6% physical volume growth rate in 2025. And we're seeing that today in October. Volumes in October were quite strong compared to September. Now some of that is new growth. Some of that is just normalized operations and those volumes returning to the system.

然後，當我們展望 2025 年時，我們仍在最終確定 2025 年預算，我們將不得不留在 12 月，但我們仍然對 2025 年 4% 至 6% 的實物量增長率充滿信心。我們在十月的今天看到了這一點。與 9 月相比，10 月的成交量相當強勁。現在其中一些是新的增長。其中一些只是標準化操作以及返回系統的磁碟區。

So that's kind of more of the bigger picture. Cam, do you want to just clarify your 2% comment?

所以這是更大的圖景。Cam，你想澄清一下你的 2% 評論嗎？

Yes, sure. Jeremy. Just to clarify the 2% comment in my prepared remarks. If you sort of look at Q3 over Q3, the take-or-pay recognition and the outages collectively were worth a little under 60,000 barrels a day of impact there. So that gets you to the 2% when you normalize for that. Obviously, looking forward, Scott explained that well how we see that in excess of 2%.

是的，當然。傑里米.只是為了澄清我準備好的發言中 2% 的評論。如果你比較一下第三季度，你會發現照付不議的認可和停電造成的影響每天略低於 60,000 桶。所以當你對此進行標準化時，你就可以達到 2%。顯然，展望未來，斯科特很好地解釋了我們如何看待超過 2% 的情況。

Got it. Okay. So maybe some kind of turnaround noise in the quarter, but I guess, your longer-term outlook unchanged for mid-single-digit growth, if I got that correctly.

知道了。好的。因此，本季可能會出現某種扭虧為盈的噪音，但我想，如果我沒猜錯的話，你的長期前景不會改變，即中個位數成長。

Correct.

正確的。

And then maybe just pivoting over to Line now, having full ownership of the asset. If you could talk a bit more, I guess, as far as your outlook for what you can do there, how you can better optimize over time as legacy contracts roll? And could there be growth in the Bakken or otherwise? Just wondering what's possible at this point.

然後也許現在就轉向 Line，擁有該資產的完全所有權。我想，如果您能多談談，就您對在那裡可以做的事情的展望而言，隨著遺留合約的滾動，您如何隨著時間的推移更好地優化？巴肯或其他地區會出現成長嗎？只是想知道此時可能發生什麼事。

Jeremy, it's Jaret here. Yes. So integration continues to go extremely well, not only with the Alliance asset, but on the [Apave] asset as well. And then when we -- looking at the synergies, those also were going as planned, kind of the shorter-term synergies. Longer term, what we're hearing from our shippers and potential shippers is they continue to value the service offering.

傑瑞米，我是賈雷特。是的。因此，整合繼續進展得非常順利，不僅是聯盟資產，還有 [Apave] 資產。然後，當我們考慮協同效應時，這些協同效應也在按計畫進行，這是一種短期協同效應。從長遠來看，我們從托運人和潛在托運人那裡聽到的是，他們繼續重視所提供的服務。

They very much like the high reliabilities at the asset, provides to the shippers here in Western Canada and the Bakken. And demand for the asset remains extremely high.

他們非常喜歡該資產為加拿大西部和巴肯的托運人提供的高可靠性。資產的需求仍然非常高。

We are engaged, obviously, with our shippers, talking to them about how we can meet incremental demands either full path or other opportunities, either out of the Bakken into the Chicago land area or maybe some interprovincial opportunities into Fort Saskatchewan or rather demand for gas is required.

顯然，我們正在與托運人接觸，與他們討論如何滿足增量需求，無論是全程還是其他機會，無論是從巴肯到芝加哥陸地地區，還是進入薩斯喀徹溫堡的一些跨省機會，或者更確切地說是天然氣需求是必須的。

So just kind of working through those right now, but very encouraged with the conversations and just really trying to understand where the shippers other gas to go and how we can unlock that before them.

因此，現在只是在解決這些問題，但我們對這些對話感到非常鼓舞，並且真的試圖了解托運人其他天然氣的去向以及我們如何在他們面前解鎖這些天然氣。

Praneeth Satish, Wells Fargo.

普拉尼思‧薩蒂什，富國銀行。

Maybe turning to Cedar. Given the agreement with the existing contract that you have with ARC there was secured prior to the start of construction and with construction at least partly underway now. I assume that the risk profile for Cedar has decreased. So should we think about future offtake contracts that you signed on Cedar carrying a higher rate to reflect that there's lower risk on the project now?

也許轉向雪松。鑑於您與 ARC 簽訂的現有合約已在施工開始之前就已簽訂，並且目前至少部分施工正在進行中。我認為雪鬆的風險狀況已經下降。那麼，我們是否應該考慮您在 Cedar 上簽署的未來承購合約的利率較高，以反映該專案現在的風險較低？

I think the interesting point is of an FID of Cedar, the interest in the project has increased, just given that it's real in people's eyes now versus prior to FID, I think people were waiting to see that decision. So I think between the FID decision as well as continued progress on the CGL expansion.

我認為有趣的一點是 Cedar 的 FID，人們對該項目的興趣有所增加，只是考慮到與 FID 之前相比，它現在在人們眼中是真實的，我認為人們正在等待看到這個決定。因此，我認為 FID 決定以及 CGL 擴張的持續進展之間。

People have more confidence in the project in the in-service date, the profile of that. And what that's led to is increased interest. And with that increased interest, we do believe that, coupled with the fact that this will be a scarce resource in terms of some of the only uncontracted LNG capacity off the West Coast of Canada that it should garner a premium.

人們對專案的投入使用日期和概況更有信心。這導致了興趣的增加。隨著人們興趣的增加，我們確實相信，再加上加拿大西海岸附近一些僅有的未簽約液化天然氣產能將成為稀缺資源，因此它應該獲得溢價。

So that's certainly something that we're thinking about. We have term sheets out in front of potential off-takers, and we are in discussions. As we noted in the press release, we expect to continue into early 2025, but we are having good discussions.

所以這肯定是我們正在考慮的事情。我們已向潛在承購商提供了條款清單，並且正在討論中。正如我們在新聞稿中指出的那樣，我們預計會持續到 2025 年初，但我們正在進行良好的討論。

Got it. And then on M&A, you've been active on the M&A front in recent quarters, especially at PGI but we've seen midstream valuations move higher over the past few months. Can you maybe help us understand how the bid-ask spread has evolved? Are you seeing actionable opportunities. Is that reasonable multiples that meet your return thresholds? Or is it getting harder to find accretive deals?

知道了。然後在併購方面，最近幾個季度，尤其是 PGI，您在併購方面一直很活躍，但我們看到過去幾個月中游估值走高。您能否幫助我們了解買賣價差是如何演變的？您是否看到了可行的機會？這個倍數是否符合您的報酬門檻？還是尋找增值交易變得越來越困難？

I think given the transactions we did in 2024, we're focused right now on closing and integrating the acquisitions. We're not out actively pursuing M&A opportunities. We'll always look at something if it comes for sale, we don't control the timing. So I'd say we're in a reactive mode, not proactive mode. Just because we have enough on our plate to integrate and capture the value from the previous acquisitions.

我認為考慮到我們在 2024 年進行的交易，我們現在的重點是完成和整合收購。我們並沒有積極尋求併購機會。如果有東西要出售，我們總是會關注，但我們無法控制時間。所以我想說我們處於被動模式，而不是主動模式。只是因為我們有足夠的資源來整合並獲取先前收購的價值。

Rob Hope, Scotiabank.

羅布‧霍普，豐業銀行。

Just one question for me. Can you give us an update on the ethane opportunities as you move through the year? Are you increasingly clear and -- could get -- definition of the next phase of opportunities.

只是問我一個問題。您能否向我們介紹今年乙烷機會的最新情況？您是否越來越清楚並且能夠得到下一階段機會的定義？

Jaret here. You were trying to break it up, but I just want to repeat, you were talking about the outdate opportunities, I think, with respect to probably our Dow supply agreement. Unfortunately, it's a little bit more of the same story. We continue just to evaluate the entire portfolio of our ethane supply. We have kicked off what we call internally at Gate 0 and Gate 1 funding to progress engineering pre-feed work and those types of things on various opportunities.

傑瑞特在這裡。你試圖打破它，但我只想重複一遍，我認為你正在談論過時的機會，可能與我們的道指供應協議有關。不幸的是，這更多是同一個故事。我們將繼續評估我們的乙烷供應的整個組合。我們已經啟動了內部所謂的「Gate 0」和「Gate 1」資金，以推進工程預饋工作以及利用各種機會進行此類工作。

And 2025 in the first half of 2025 is where we'll sit down as a management team and really go for those opportunities and start to progress, which ones will go through Gate 2 and Gate 3. So you'll see a little bit more, probably in the latter half of '25.

2025 年上半年，我們將作為管理團隊坐下來，真正抓住這些機會並開始取得進展，哪些機會將通過 2 號門和 3 號門。所以你會看到更多，可能是在 25 年下半年。

And then the majority of that capital, obviously, in 2025 will be spent in the engineering and pre-fee base. '26, '27 when those assets constream is where you'll see the majority of that capital being deployed remain assets out of the ground.

顯然，到 2025 年，大部分資本將用於工程和預付費基礎。 '26、'27 當這些資產匯合時，您會看到部署的大部分資本仍然是地下資產。

Maurice Choy, RBC Capital Banks.

Maurice Choy，加拿大皇家銀行資本銀行。

If I could just come back to CLNG, I think you mentioned that there has been increased interest from the offtaker perspective and an update might come instead in early 2025. Obviously, these are complex discussions and duty -- but could you elaborate a little bit on how the discussions have generally evolved over recent months, be that in terms of the terms, the conditions, the volumes sort of in the competitive tension amongst the potential counterparties?

如果我能回到 CLNG，我想您提到從承購商的角度來看，人們的興趣有所增加，並且可能會在 2025 年初進行更新。顯然，這些都是複雜的討論和責任——但是您能否詳細說明一下最近幾個月討論的總體進展情況，無論是在條款、條件、數量方面，還是在潛力之間的競爭緊張中交易對手？

It's Stu. So our conversations continue have been ongoing for the past year. We've regrouped and looked at, as Scott described, the opportunity, the derisking of the opportunity and have picked up conversations with NOCs and IOCs who we were talking to previously. We've added additional counterparts in those conversations. Term sheets are out to those parties.

是斯圖。因此，我們的對話在過去的一年裡一直在持續。正如史考特所描述的那樣，我們重新組織起來，研究了機會、消除機會的風險，並與我們之前交談過的國家奧委會和國際奧委會進行了對話。我們在這些對話中加入了其他對應方。條款清單已向這些各方發出。

At the same time, we've been conversation -- we're in conversant with Canadian producers and the opportunity of Cedar perhaps being an outlet for natural gas on a go-forward basis. So we've been pushing those conversations looking to get these term sheets out to people, both parties now have -- all the parties have term sheets and those term sheets are reflective of similar terms that were in the ARC arrangement, but with some minor changes that have been warranted.

同時，我們一直在與加拿大生產商進行對話，並了解雪松可能成為未來天然氣出口的機會。因此，我們一直在推動這些對話，希望將這些條款清單提供給人們，雙方現在都有——所有各方都有條款清單，這些條款清單反映了ARC 安排中的類似條款，但有一些小的條款。

And it's an iterative process and we'll be other conversations in 2024, as described, we'll be looking to close on those conversations in '25.

這是一個迭代過程，我們將在 2024 年進行其他對話，正如所描述的，我們將尋求在 25 年結束這些對話。

Got it. And if I could just switch over to a comment earlier about interruptible volumes on certain systems. I think the guidance includes some recovery of these volumes in Q4 and could you just elaborate a little bit more about these volumes and how sustainable these are beyond the quarter.

知道了。如果我可以提早切換到有關某些系統上可中斷卷的評論。我認為該指導包括第四季度這些銷量的一些恢復，您能否詳細說明這些銷量以及這些銷量在本季度之後的可持續性。

Exactly like what Scott was saying, seeing stronger physical volumes and revenue volumes into the fourth quarter. The IT barrel, we do outlook components of that. And it's really around depending on which customer is really ramping up and how quickly they're ramping up that brings an IT barrel, but we are anticipating, obviously, a bit of a rebound into the quarter in Q4 with respect to that segment.

正如斯科特所說，第四季的實物量和收入量將更加強勁。IT 桶，我們對其進行展望。這實際上取決於哪個客戶真正在增加，以及他們增加的速度有多快，這會帶來 IT 桶，但顯然，我們預計該細分市場在第四季度會出現一些反彈。

Robert Catellier, CIBC.

羅伯特·卡泰利爾，CIBC。

Maybe I can start with higher level issue here. I'm curious what you think the PC election resultant changes at the Blueberry River First Nation mean for your growth plans [BC]?

也許我可以在這裡從更高層次的問題開始。我很好奇您認為保守黨選舉導致的藍莓河原住民變化對您的發展計劃意味著什麼[公元前]？

This is Janet. With the NDP continuing to lead the government, and we actually see a smooth transition. We've been working closely with the folks in the BC government with the Blueberry River First Nation and others. And we think this will be, again, just a smooth transition and the continued effort to continue to implement the agreement between the two parties.

這是珍妮特。隨著新民主黨繼續領導政府，我們實際上看到了平穩的過渡。我們一直與 BC 政府、藍莓河原住民和其他人密切合作。我們認為，這將是平穩過渡，也是繼續履行雙方協議的持續努力。

Okay. And maybe a question for Cam. I'm curious what you see as the sensitivity in your guidance to the work stoppage at the West Coast ports, how significant is that to your Q4 results?

好的。也許還有一個問題要問卡姆。我很好奇您認為對西海岸港口停工的指導的敏感性是什麼，這對您第四季度的業績有多大影響？

Rob, it's fairly minimal. Right now, we had the work stoppage previously. I can't remember exactly when that was maybe last year. But it is somewhat immaterial to our Q4 outlook.

羅布，這是相當小的。現在，我們之前已經停工了。我記不清具體是什麼時候了，大概是去年吧。但這對我們第四季的前景並不重要。

Okay. And then lastly, how are you seeing development change in the Duvernay given that there's been some recent turnover in some of the key lands there?

好的。最後，考慮到杜韋爾內的一些關鍵土地最近出現了一些變化，您如何看待杜韋爾內的發展變化？

Once again, Jaret here. We see that recent transaction upon closing as being extremely positive. Obviously, the potential acquirer is a very prudent and technical savvy producer. The previous owner, we had a wonderful relationship with Chevron and continue to have so. But they were typically only allocating 1, 1.5 rigs on a calendar year basis.

傑瑞特又來了。我們認為最近的交易在成交時非常積極。顯然，潛在的收購方是一家非常謹慎、技術精湛的生產商。我們的前任所有者與雪佛龍有著良好的關係，並將繼續保持這種關係。但他們通常每年只分配 1、1.5 個鑽孔機。

And we've had some early conversations with Canadian National Resources just kind of outlining at high level how the contract works. And we're really excited about their understanding of the reason for us and kind of get up and go to get after it and probably allocate more drilling rates to the space. So we're expecting to see some higher utilizations in the future. That's for sure. We're excited.

我們與加拿大國家資源公司進行了一些早期對話，只是在高層概述了合約的運作方式。我們對他們理解我們的原因感到非常興奮，並開始努力追求它，並可能為該空間分配更多的鑽探率。因此，我們預計未來會看到更高的利用率。這是肯定的。我們很興奮。

Ben Pham, BMO.

本‧範 (Ben Pham)，BMO。

Just a couple of queries on the Cochin new contract. Can you comment on how the new toll compares to your original underwriting assumptions? And can you also talk about just maybe top-down key factors that were driving the renegotiations?

關於科欽新合約的幾個疑問。您能否評論一下新的收費與您最初的核保假設相比如何？您能否談談推動重新談判的自上而下的關鍵因素？

Yes. Sure. Ben, it's Jan here. I'll take the first part. So I think, obviously, when you look at the variance that we saw in Q3, sort of period-over-period, I mean there's a handful of things as we outlined in the disclosure that contributed to that.

是的。當然。本，我是簡。我將採取第一部分。因此，我認為，顯然，當你看到我們在第三季度看到的差異時，我的意思是，正如我們在披露中概述的那樣，有一些因素導致了這種情況。

Obviously, the new toll framework, the revised firm holes, that is about a $20 million a quarter impact and obviously, the biggest single piece of the variance quarter-over-quarter.

顯然，新的收費框架、修訂後的固定漏洞對每季的影響約為 2000 萬美元，而且顯然是季度環比差異中最大的一個部分。

We talked about, obviously, this nuance in the contract where with the foundational shippers on the initial term having provided line fill, we were required to return the line fill to them and effectively, they shipped under that for that period in July. That was that along with the incremental integrity work for the quarter was about another sort of $12 million to $14 million impact. And we'd obviously characterize those as unusual or onetime events.

顯然，我們談到了合約中的這種細微差別，即基礎托運人在初始條款中提供了線路填充，我們被要求將線路填充退還給他們，實際上，他們在 7 月期間按照該規定發貨。也就是說，隨著本季增量誠信工作的開展，還會產生約 1,200 萬至 1,400 萬美元的另一種影響。我們顯然會將這些描述為不尋常或一次性事件。

And then lastly, the IT revenue portion in the quarter, was affected by both the combination of the spreads, which are a consistent driver but also we had a temporary outage of [110] associated with that asset, which put a natural limit on the ability to move in triple volumes. That really took up the balance of the variance. And so as we look forward to that asset, I think we're obviously happy to have it recontracted.

最後，本季的 IT 收入部分受到價差組合的影響，這是一個一致的驅動因素，但我們也遇到了與該資產相關的 [110] 的臨時中斷，這對能夠移動三倍體積。這確實佔據了方差的平衡。因此，當我們期待該資產時，我認為我們顯然很高興將其重新承包。

I'll let Jaret speak dynamics of that exercise. But obviously, we see something that would exclude those onetime or extraneous events as we look forward.

我會讓 Jaret 談談該練習的動態。但顯然，當我們展望未來時，我們看到的一些東西將排除那些一次性或無關的事件。

Yes. Just on the contract, obviously, our master view of condensate demand in Western Canada is very strong, be it from the land area, the Gulf Coast, through Cochin Southern Lights and obviously, the domestic supply here from Western Canada.

是的。就合約而言，顯然，我們對加拿大西部凝析油需求的總體看法非常強勁，無論是陸地地區、墨西哥灣沿岸、科欽南極光，還是加拿大西部的國內供應。

So looking at those dynamics, and then recall when we took over this asset the asset, I'm going to use some round numbers here, could do roughly 90,000 barrels a day of throughput. Since then, we've taken that over and -- our technical services teams have applied their expertise. And we can ratably do significantly more than 100,000 barrels a day.

因此，看看這些動態，然後回想一下，當我們接管該資產時，我將在這裡使用一些整數，該資產每天可以實現大約 90,000 桶的吞吐量。從那時起，我們接手了這項工作，而我們的技術服務團隊也應用了他們的專業知識。我們每天的產量基本上可以超過 10 萬桶。

So taking that into consideration that we have more white space to offer for IT when spreads are strong, the overall macro view that demand is strong for the asset, looking at our customers on the oil sands side and the buyers in Edmonton.

因此，考慮到當利差強勁時，我們有更多的空白空間可以為 IT 提供，整體宏觀觀點認為，油砂方面的客戶和埃德蒙頓的買家對該資產的需求強勁。

And just working through, we haven't talked about the tenure of the contracts and obviously, longer-term contracts with specific counterparties we can offer a little bit of a total discount in exchange longer-term contracts.

剛完成工作時，我們還沒有討論合同的期限，顯然，與特定交易對手的長期合同，我們可以在交換長期合同時提供一點總折扣。

So when you take all of those into consideration, we're pleased with the contracts that we executed and the counterparties in which we executed them with. And we have that incremental white space today with us expanding capacity that we can go out to the market and sell on a little bit of a shorter-term basis. And we believe overall long-term the spreads will support us having the asset full on a physical basis every day.

因此，當您考慮所有這些因素時，我們對我們執行的合約以及與我們執行合約的交易對手感到滿意。今天，隨著我們產能的擴大，我們有了增量空白空間，我們可以進入市場並在短期內進行少量銷售。我們相信，從長遠來看，利差將支持我們每天擁有完整的實體資產。

And yes, overall, happy with our acquisition and where we've recontracted at that.

是的，總的來說，我們對我們的收購以及我們重新簽訂的合約感到滿意。

And sorry, just for a moment. I think on Cochin, one thing I should close out by saying is it's important to remember that when we acquired that asset originally, it was flowing about 85,000 to 90,000 BOE a day and through the work that we've done great work by the operations team.

抱歉，暫時。我認為在科欽，我應該最後說的一件事是，重要的是要記住，當我們最初收購該資產時，它每天的流動量約為85,000 至90,000 桶油當量，並且透過我們在營運方面所做的出色工作團隊。

We've obviously increased the capacity of that asset, provide more egress and more access to condensate for our customers obviously, more opportunities for Pembina. So we've grown that capacity meaningfully in terms of that size. Capacity is obviously well north of 100,000 barrels a day today.

我們顯然增加了該資產的容量，為我們的客戶提供了更多的出口和更多的凝結水通道，這為 Pembina 提供了更多的機會。因此，就規模而言，我們已經有意義地增加了容量。如今的產能顯然遠遠超過每天 10 萬桶。

Someday closer to 110,000 or 115,000. So that's obviously helped to support the underwriting thesis from the original acquisition.

有一天會接近 110,000 或 115,000。因此，這顯然有助於支持最初收購的承銷論點。

Okay. I got it. So we should really look at not just obviously looking at quarter-over-quarter, but also look at the initial volumes. That's good. And then I will not comment on tenor, but once it's up for renewal again. And Cochin technically be converted to oil pipeline reverse or that's not even in the cards at all longer term?

好的。我得到了它。因此，我們不僅應該關注季度環比，還應該關注初始數量。那挺好的。然後我不會評論男高音，但一旦它再次更新。從技術上講，科欽可以轉換為石油管道反向，或者從長遠來看根本不可能實現？

No, I think the demand for condensate imports and the supply for the oil sands will continue to be strong enough. But maybe one day, but it's not something we're looking at today.

不，我認為凝析油進口的需求和油砂的供應將繼續足夠強勁。但也許有一天，但這不是我們今天要考慮的事情。

Okay. I got you. And maybe just one cleanup, one in a piece, and there's reference to $15 million deferred revenues booked in the earlier period. Are you suggesting that under your prior accounting policies, the piece would have been up $15 million, more than in the third quarter results? Or is there something else that was driven?

好的。我接到你了。也許只是一次清理，一次清理，並且提到了前期登記的 1500 萬美元的遞延收入。您是否表示，根據您先前的會計政策，該部分將比第三季業績增加 1500 萬美元？還是還有其他什麼東西在驅動？

What I'm suggesting then is that in the past years, with less track record on the data, we would have deferred like, for example, last year, we would have deferred recognition of those volumes later in the year in 2024. We recognized them earlier. So the net difference in terms of -- if we were apples-to-apples you would have seen a $17 million tailwind in Q3 of '24. Had it not been for that sort of timing change.

我的建議是，在過去幾年中，由於數據記錄較少，我們會像去年一樣推遲對這些數量的認可，即 2024 年晚些時候。我們很早就認出他們了。因此，淨差異是——如果我們是同類的話，你會在 24 年第三季看到 1700 萬美元的順風車。如果沒有這種時間變化的話。

I got you. So there wasn't anything else notable outside of that impacting the piece?

我接到你了。那麼除了影響這件作品之外沒有其他值得注意的事情嗎？

Not more than what we said originally. So obviously, there was that piece. There were some outages that also affected this quarter. Those were the 2 biggest effects.

不比我們原來說的多。很明顯，有那件作品。一些停電也影響了本季。這是兩個最大的影響。

A. J. O'Donnell, TPH.

A.J.奧唐納，TPH。

Just wondering if I could go to the marketing business for a second. I think results were pretty strong despite seeing an unplanned outage at the Aux Sable facility. I was just wondering if you could comment about your outlook for frac spreads going forward given where AECO prices are headed into the winter?

只是想知道我是否可以進入行銷業務。我認為儘管 Aux Sable 設施發生了計劃外停電，但結果還是相當強勁的。我只是想知道考慮到 AECO 價格將進入冬季，您是否可以評論一下您對未來壓裂價差的展望？

It's Chris Scherman. I think we expect a little bit more of the same here through the rest of the year on frac spread. Gas price remains Obviously, the challenge is we're still waiting on winter in most markets. And I think as we look through to '25. There's definitely some things we're watching, LNG Canada is coming on or watching Ecogas.

我是克里斯·謝爾曼。我認為我們預計今年剩餘時間壓裂價差會出現更多類似情況。天然氣價格仍然存在 顯然，挑戰是我們仍在等待大多數市場的冬季。我認為當我們展望 25 世紀時。我們肯定正在關註一些事情，加拿大液化天然氣公司即將上線，或正在關注 Ecogas。

In that sense, we've got some incremental Gulf Coast frac capacity coming on with a lot of incremental egress. So we're watching that as well but remain fairly constructive in particular because of gas price.

從這個意義上說，我們已經有了一些增量的墨西哥灣沿岸壓裂產能，同時也有大量增量出口。因此，我們也在關注這一點，但仍然相當有建設性，特別是因為天然氣價格。

Okay. Just one maybe on the Taylor to Gordondale project. Just curious if you could just give us a little bit more explanation on kind of what's going on there and what's needed during the assessment phase to kind of get that project moving along.

好的。也許只有泰勒到戈登代爾計畫的一個。只是好奇您能否給我們更多的解釋，說明那裡正在發生什麼，以及在評估階段需要什麼來推動該專案的進展。

It's Janet. So in September, the CER issued its completeness determination. So essentially, what that does is it kicks off a 430 day review process. So we'll be in the midst of that, responding to information request. We expect hearings to happen this summer and the decision from the CER later next year.

是珍妮特。因此，9 月份，CER 發布了其完整性決定。因此，本質上，它的作用是啟動 430 天的審核流程。因此，我們將參與其中，響應資訊請求。我們預計聽證會將於今年夏天舉行，CER 將於明年晚些時候做出決定。

And then I'll kick it over to the governor and counsel who will have 90 days to make a decision from there. So the process is underway, and we look forward to working with the CER and -- intervenors to answer their questions. There's obviously a high demand for this project. And so we expect the process to move forward.

然後我會將其交給州長和律師，他們將有 90 天的時間做出決定。所以這個過程正在進行中，我們期待與 CER 和乾預者合作來回答他們的問題。顯然這個專案的需求很高。因此，我們期望這一進程能夠向前推進。

And then just talking on the execution side. We continue to meet with land owners due to the engineering archeology digs, all of our regulatory work, indigenous community capacity agreements, working with our customers. So we continue to spend real dollars on the asset as well and starting to order some long lead equipment in anticipation for the approval to meet our customers on stream on green dates. So things are going really well.

然後只是談論執行方面。由於工程考古挖掘、我們所有的監管工作、原住民社區容量協議以及與客戶的合作，我們繼續與土地所有者會面。因此，我們也繼續在資產上投入實際資金，並開始訂購一些長週期設備，以期獲得批准，以便在綠色日期上與客戶見面。所以事情進展得很順利。

Anthony Linton, Jefferies.

安東尼林頓，傑弗里斯。

If you look at the two infrastructure deals you did already this year, I think those were relatively well telegraphed by the respective producers. Just wondering if you're able to give us a sense on how your conversations with customers are progressing today and the potential opportunity set that you might see there moving forward.

如果你看看今年已經完成的兩筆基礎設施交易，我認為各自的生產商相對較好地傳達了這些交易。只是想知道您是否能夠讓我們了解您今天與客戶的對話進展如何，以及您未來可能會看到的潛在機會集。

Are you asking in relation to future M&A opportunities?

您是在問有關未來併購機會的問題嗎？

Yes, yes. yes.

是的，是的。是的。

I mean I would say our conversations with producers in general are positive in terms of volume growth, again, based on some of the macro changes that we see from an egress perspective, I think people are relatively bullish, especially when you look at where the Canadian dollar is and the value of condensate, which drives a lot of value across our system, I think overall, just in general, the discussions are generally positive.

我的意思是，我想說的是，我們與生產商的對話總體上在銷售增長方面是積極的，再次基於我們從出口角度看到的一些宏觀變化，我認為人們相對樂觀，特別是當你看看加元和凝析油的價值，這在我們的系統中推動了很多價值，我認為總的來說，總的來說，討論總體上是積極的。

Again, as it relates to M&A, we're very focused on integrating the assets that we've acquired in 2024. And aren't in kind of active discussions on similar transactions, not to say that we won't be if opportunities arise, but that's not part of the conversation today. Most of the conversation today is generally around future volume growth and how we can meet those needs through gas plant, pipe and frac.

同樣，由於涉及併購，我們非常注重整合我們在 2024 年收購的資產。我們並沒有就類似的交易進行積極的討論，並不是說如果有機​​會的話我們不會這樣做，但這不是今天討論的一部分。今天的大部分討論通常圍繞著未來產量成長以及我們如何透過天然氣廠、管道和壓裂來滿足這些需求。

Got it. Okay. No, that's helpful. And then maybe just one follow-on question. Just with those two transactions with Pembina taking more of, call it, a financial partner role than an operating role. Does it change how you think about the strategy on the facility side of the business? And I assume that's more driven by the producers than from Pembina. Is that the right way to think about it?

知道了。好的。不，這很有幫助。然後也許只是一個後續問題。就與 Pembina 的這兩筆交易而言，更多的是金融合作夥伴的角色，而不是營運角色。它是否會改變您對設施方面業務策略的看法？我認為這更多是由製片人推動的，而不是彭比納推動的。這是正確的思考方式嗎？

Jaret here. Yes, if you think about these two specific acquisitions that we just did with Baron & White Cap closed and on waiting on closing. The operators, the upstream customers are going to really focus on they're well add to their oil batteries. And we'll really focus on what we do well, processing natural gas, natural gas liquids, transporting those and then obviously getting through the frac and getting their condensate into markets.

傑瑞特在這裡。是的，如果你考慮我們剛完成的這兩項具體收購，Baron & White Cap 已完成並等待完成。營運商、上游客戶將真正專注於他們的油電池。我們將真正專注於我們擅長的事情，處理天然氣、天然氣液體，運輸這些，然後顯然透過壓裂並將其凝析油進入市場。

So it's not really a change at all. All of their liquids are going to flow on to a Pembina operated system and through the value chain. And all other gas is going to go through Pembina operated gas plants and gas facilities. So it doesn't really change our philosophy at all. They're really good at those types of things. So they should do that, and we'll stick to what we heard really good at.

所以這根本不是真正的改變。他們所有的液體都將流向 Pembina 操作系統並穿過價值鏈。所有其他天然氣將透過彭比納營運的天然氣工廠和天然氣設施。所以它根本沒有真正改變我們的理念。他們真的很擅長這些類型的事情。所以他們應該這樣做，而我們將堅持我們所聽到的真正擅長的事情。

Manav Gupta, UBS.

馬納夫古普塔，瑞銀集團。

Quick question. Any update that you have on the progress you're making at Redwater complex expansion and [Red Bay] expansion?

快問。您對紅水綜合體擴建和[紅灣]擴建的進展有什麼更新嗎？

Yes. So the Redwater IV expansion physically continues to go extremely well. I was just up there a couple of weeks ago. Things are really coming out of the ground. So I'm excited to see that on a project execution side.

是的。因此，Redwater IV 擴張的物理進展仍然非常順利。幾週前我才去過那裡。東西真的是從地裡冒出來的。所以我很高興在專案執行方面看到這一點。

With respect to the white space we have with respect to recontracting, recall that RFS IV was essentially kicked off due to obviously high demand from our upstream customers. But it's primarily due to three of the really big Montney dedications that we have in North D.C. That's allowed us to get that project off the ground and then we have x percent of white space.

關於我們在重新簽約方面的空白，請回想一下，RFS IV 基本上是由於我們上游客戶的明顯高需求而啟動的。但這主要歸功於我們在北特區所做的三項真正重大的蒙特尼奉獻活動。

That expert sent to white space, we are -- there is significant demand for it. So we're just being very strategic. For example, the two acquisitions that we just talked about. White Cap and Veren, we were able to provide them incremental C3+ fractionation services due to the fact that we're actively building a new C3+ facility. We have other contracts that we just haven't been public about that we've executed.

那位專家被派往空白領域，我們對它有很大的需求。所以我們只是非常具有戰略意義。比如我們剛才講的兩次收購。White Cap 和 Veren，由於我們正在積極建造新的 C3+ 設施，因此我們能夠為他們提供增量 C3+ 分餾服務。我們還有其他合約尚未公開，但我們已經執行了這些合約。

So it's going extremely well. Demand is high. Obviously, Chris has talked about ACO is low. So our customers are trying to extract every barrel of NGL out of the that they can due to the strong frac spreads here in Western Canada. So all know, we're extremely happy with the project.

所以一切進展得非常順利。需求量很大。顯然，Chris 談到了 ACO 較低。因此，由於加拿大西部地區壓裂價差強勁，我們的客戶正試圖盡可能開採每一桶液化天然氣。眾所周知，我們對這個項目非常滿意。

It's going extremely well in execution and on the commercial side.

它在執行和商業方面都進展得非常順利。

Patrick Kenny, National Bank Financial.

派崔克肯尼，國家銀行金融部門。

Just back to Cedar LNG, and apologies if I missed it, but any thoughts or comments around this litigation challenging the patent infringement or if you see any risk to the construction schedule as this legal process plays out?

回到雪松液化天然氣公司，如果我錯過了，我深表歉意，但是圍繞這起挑戰專利侵權的訴訟有什麼想法或評論，或者您是否認為隨著這一法律程序的實施，施工進度有任何風險？

It's Janet again. So as we've said before, the steelhead patent is not something that we are uncertain about, we don't believe that the Cedar prior project infringes on the patent or that the patent is valid, there's currently a challenge that has been ruled invalid in Canada -- feel had has challenged that and that appeal is going to be heard shortly. So no, we don't anticipate any impacts to construction or in-service date for the project.

又是珍妮特。因此，正如我們之前所說，steelhead 專利並不是我們不確定的東西，我們不認為 Cedar 之前的項目侵犯了該專利，也不認為該專利有效，目前存在一項已被裁定無效的挑戰在加拿大— —感覺已經對此提出了質疑，並且很快就會聽到這一上訴。因此，我們預計不會對該專案的施工或投入使用日期產生任何影響。

Okay. And then just maybe on the NGL marketing front. I was just curious how your team is managing this relatively warm start to Q4 across North America. I guess, with respect to sales volumes and how protected you might be on the hedging front relative to prior winters?

好的。然後也許是在 NGL 行銷方面。我只是好奇你們的團隊如何應對北美第四季相對溫暖的開局。我想，就銷售量而言，以及相對於之前的冬季，您在對沖方面可能受到的保護程度如何？

Yes. It's Chris. A good portion of our NGL, proprietary NGL comes out of our frac spread business. And we're about 50% hedged for the rest of the year on that and about 25% through the next year about 25% through 2025.

是的。是克里斯。我們的 NGL（專有 NGL）很大一部分來自我們的壓裂價差業務。我們將在今年剩餘時間內對沖約 50% 的資金，在明年對沖約 25% 的資金，在 2025 年之前對沖約 25% 的資金。

As far as strategy goes, we've got a fairly robust portfolio, but a good portion of it is pointed at the West Coast. And so we're benefiting right now from that Far East pricing advantage, and we try to structure it such that we're taking advantage of that wherever possible, especially in the kind of market we're looking at right now. So NGL season and recontracting season sort of upon us, but as we're working through it, we're definitely paying a lot of attention to list.

就策略而言，我們擁有相當強大的投資組合，但其中很大一部分針對西海岸。因此，我們現在正從遠東的定價優勢中受益，我們嘗試對其進行構建，以便我們盡可能地利用這一優勢，特別是在我們現在正在關注的市場中。NGL 賽季和續約賽季即將到來，但當我們正在努力解決這個問題時，我們肯定會非常關註名單。

We have no further questions. I will turn the call back over to Scott Burrows for closing comments.

我們沒有其他問題了。我會將電話轉回 Scott Burrows 以徵求結束意見。

Well, thanks, everybody. We look forward to finishing the year strong. Thanks for your time. Thanks to our employees for all their efforts. Thanks to our shareholders for your continued support. Thanks, everyone.

嗯，謝謝大家。我們期待著強勁地結束這一年。感謝您抽出時間。感謝我們的員工所做的一切努力。感謝我們的股東一直以來的支持。謝謝大家。

Ladies and gentlemen, this concludes your conference for today. We thank you for participating, and we ask that you please disconnect your lines.

女士們、先生們，今天的會議到此結束。我們感謝您的參與，並請您斷開線路。