Pembina Pipeline Corp (PBA) 2025 Q2 法說會逐字稿

Good morning ladies and gentlemen, and welcome to the Pembina Pipeline Corporation Q2 2025 results conference call. (Operator Instructions) This call is being recorded on Friday, August 8, 2025.

女士們、先生們，早安，歡迎參加 Pembina Pipeline Corporation 2025 年第二季業績電話會議。（操作員指示）此通話於 2025 年 8 月 8 日星期五錄製。

And I would not like to turn a conference over to the Dan Tucunel, VP, Capital Markets. Thank you. Please go ahead.

我不想將會議交給資本市場副總裁 Dan Tucunel。謝謝。請繼續。

Thank you, Ena. Good morning, everyone. Welcome to Pembina's conference call and webcast to review highlights from the second quarter of 2025. 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 leadership team.

謝謝你，Ena。大家早安。歡迎參加 Pembina 的電話會議和網路廣播，回顧 2025 年第二季的亮點。參加今天電話會議的有總裁兼執行長 Scott Burrows、資深副總裁兼財務長 Cameron Goldade，以及 Pembina 高階領導團隊的其他成員。

I would like to remind you that comments made today may be forward-looking in nature and are based on Pembina's current expectations, estimates, and judgments. 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.

我想提醒您，今天的評論可能是前瞻性的，並且基於 Pembina 當前的預期、估計和判斷。我們今天可能表達或暗示的前瞻性陳述受風險和不確定性的影響，可能導致實際結果與預期有重大差異。

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 discussion and analysis dated August 7, 2025 for the period ended June 30, 2025, as well as the press release Pembina issued yesterday. All of these materials are available online at pembina.com and on both SEDAR+ and EDGAR.

此外，所提供的一些資訊涉及非公認會計準則衡量標準。要了解有關這些前瞻性陳述和非公認會計準則指標的更多信息，請參閱公司 2025 年 8 月 7 日針對截至 2025 年 6 月 30 日期間做出的管理層討論與分析，以及 Pembina 昨天發布的新聞稿。所有這些資料均可在 pembina.com 以及 SEDAR+ 和 EDGAR 上線上取得。

I will now turn things over to Scott.

現在我將把事情交給史考特。

Thanks Dan. Yesterday we reported our second quarter results which were highlighted by quarterly adjusted EBITDA at $1.013 billion. We remain on track to deliver full year results within our original 2025 adjusted EBITDA guidance range, but as Cameron discussed in more detail, as we are through the halfway point of the year, we have updated the range to $4.225 billion to $4.425 billion.

謝謝丹。昨天，我們報告了第二季度業績，其中季度調整後的 EBITDA 為 10.13 億美元。我們仍有望在最初 2025 年調整後 EBITDA 指導範圍內實現全年業績，但正如卡梅倫更詳細地討論的那樣，由於我們已度過今年的中點，我們已將範圍更新為 42.25 億美元至 44.25 億美元。

On the project front, Pembina continues to demonstrate its ability to deliver capital projects that provide strong returns and a competitive service operate. The Cedar LNG project continues to progress according to plan and remains on budget and on time with an expected in service date of late 2028. We recently celebrated the achievement of a major milestone for the project as construction of the floating LNG vessel began with steel cutting on both the topside facilities and the vessel hull.

在專案方面，Pembina 繼續展示其提供可帶來豐厚回報和具有競爭力的服務營運的資本項目的能力。Cedar LNG 專案繼續按計劃推進，並按預算和時間進行，預計於 2028 年底投入使用。我們最近慶祝了該項目的一個重要里程碑，浮動液化天然氣船的建造已開始，頂部設施和船體的鋼材切割已開始。

Onshore activities are continuing, and marine terminal clearing, drainage, erosion, and sediment control, pipeline right away clearing and road upgrades have been completed. The market for LNG supply on the West Coast of North America remains strong, and Pembina continues to progress remarketing of its 1.5 million tons per annum of Cedar LNG project capacity to third parties and expects to finalize these efforts by the end of 2025.

陸上活動仍在繼續，海運碼頭清理、排水、侵蝕和沈積物控制、管道直接清理和道路升級工作已經完成。北美西海岸的液化天然氣供應市場仍然強勁，Pembina 繼續推進其每年 150 萬噸的 Cedar 液化天然氣項目產能向第三方的再營銷，並預計在 2025 年底前完成這些工作。

The RFS 4 project continues to progress towards an in-service date in the first half of 2026. Pembina is pleased that the project is trending approximately 5% under the previous cost estimate with a revised expected total cost of approximately $500 million. On a cost per barrel of capacity basis, Pembina is on track to deliver its expansion 15% to 20% lower than competing projects currently underway, highlighting Pembina's advantage service offering.

RFS 4 計畫正在持續推進，預計於 2026 年上半年投入使用。Pembina 很高興看到，該專案的成本比先前的成本估算低了約 5%，修訂後的預計總成本約為 5 億美元。以每桶產能成本計算，Pembina 的擴建項目預計將比目前正在進行的競爭項目低 15% 至 20%，凸顯了 Pembina 的優勢服務。

Looking beyond 2025, strong business fundamentals continue to reinforce our outlook for low to mid single digit annual volume growth through the end of the decade across all WCSB products. The outlook is supported by the strong economics and long inventory lives of the Montney formation and oil sands operations. The resilience of our producer customers, despite the volatility in commodity prices in the broader economy.

展望 2025 年以後，強勁的業務基本面將繼續鞏固我們對所有 WCSB 產品到本世紀末年均銷量將保持低至中等個位數增長的前景。蒙特尼地層和油砂業務的強勁經濟效益和較長的庫存壽命為這一前景提供了支持。儘管整體經濟中大宗商品價格波動，但我們的生產客戶仍具有韌性。

New egress projects, including LNG and NGL export facilities and potential oil pipeline expansions combined with new demand from potential data centers and petrochemical facilities and a more supportive policy environment and momentum towards reshaping Canada's energy strategy in a way that could unlock Canada's abundant and diverse energy resources.

新的出口項目，包括液化天然氣和天然氣凝析液出口設施和潛在的石油管道擴建，加上潛在數據中心和石化設施的新需求，以及更具支持性的政策環境和重塑加拿大能源戰略的勢頭，從而可以釋放加拿大豐富多樣的能源資源。

Against the backdrop of growing WCSB, Pembina has differentiated itself as the only Canadian energy infrastructure company with an integrated value chain that provides a full suite of midstream and transportation services across all commodities natural gas, NGL, condensate, and crude oil. Our scope, scale, and access to premium North American and global markets uniquely positions us to capture incremental new volumes while unlocking new avenues for growth.

在 WCSB 不斷發展的背景下，Pembina 已成為唯一一家擁有綜合價值鏈的加拿大能源基礎設施公司，為所有商品（天然氣、NGL、凝析油和原油）提供全套中游和運輸服務。我們的業務範圍、規模以及進入北美和全球優質市場的通路使我們能夠獲得增量新產量，同時開闢新的成長途徑。

Pembina's ability to maintain and grow its position in the rapidly developing WCSB is supported by the recent developments and projects we highlighted in our release yesterday. Pembina continues to strengthen its propane export capabilities and will soon have access to 50,000 barrels per day of highly competitive export capacity for its own and customers' propane through our own Prince Rupert terminal and a new commercial agreement with AltaGas for 30,000 barrels per day of LPG export capacity and the current Rupert and future REIT facilities.

我們在昨天的發布會上重點介紹的最新進展和項目支持了 Pembina 能夠在快速發展的 WCSB 中保持並提升其地位。Pembina 繼續加強其丙烷出口能力，很快就會透過我們自己的魯珀特王子港終端獲得每天 50,000 桶極具競爭力的丙烷出口能力，以滿足自己和客戶的丙烷需求，並與 AltaGas 簽訂了一項新的商業協議，獲得每天 30,000 桶的液化石油氣出口能力，以及利用房地產信託基金和未來的現有房地產設施。

In addition, Pembina has approved an optimization of the Prince Rupert terminal that through increased storage capacity will allow the use of medium gas carrier vessels. The optimization is expected to expand access to additional global markets with higher realized propane prices while significantly reducing shipping costs per unit, thereby improving net backs for Pembina and its customers.

此外，Pembina 已批准對魯珀特王子港進行最佳化，透過增加儲存容量，可以允許使用中型氣體運輸船。預計此次優化將擴大進入更多具有更高實際丙烷價格的全球市場的管道，同時大幅降低每單位運輸成本，從而提高 Pembina 及其客戶的淨回報。

We also highlighted how Pembina PGI continue to strengthen their relationship with leading WCSB producers and develop mutually beneficial solutions that support growing production, while providing PGI with take your pay commitments and ensure the long-term utilization of its assets.

我們還強調了 Pembina PGI 如何繼續加強與領先的 WCSB 生產商的關係，並開發支持不斷增長的互惠互利的解決方案，同時為 PGI 提供「承擔您的付款」承諾並確保其資產的長期利用。

PGI recently acquired from Whitecap the remaining 8.3% interest in three gas plants and a sales gas pipeline from PGI's DuVernay complex. Concurrently, Whitecap entered into a long-term taker pay commitment for firm service at the DuVernay Complex and extended long-term taker pay agreements previously in place at PGI's KA plant.

PGI 最近從 Whitecap 公司手中收購了 PGI 旗下 DuVernay 綜合設施中三家天然氣廠和一條銷售天然氣管道剩餘的 8.3% 的權益。同時，Whitecap 也與 DuVernay 綜合設施簽訂了長期受助者付費承諾，並延長了先前在 PGI KA 工廠實施的長期受助者付費協議。

PGI has also entered into an agreement with the Montney producer to fund and acquire an under construction battery and additional infrastructure in the Wapiti North Gold Creek Montney area. The project enhances PGI's footprint in the Wapiti region, connecting directly into PGI's existing Wapiti gas plant.

PGI 也與 Montney 生產商達成協議，為 Wapiti North Gold Creek Montney 地區正在建造的電池和其他基礎設施提供資金和收購。該計畫擴大了 PGI 在 Wapiti 地區的影響力，直接連接到 PGI 現有的 Wapiti 天然氣廠。

The North Gold Creek battery will be operated by the producer and highly contracted under a long-term take or pay agreement. Additionally, Pembina continues to advance more than $1 billion of conventional NGL and condensate pipeline expansions to reliably and cost effectively meet rising transportation demand for growing production. These expansions include the Taylor-to-Gordondale project, which will be a new pipeline connecting mostly condensate volumes from Taylor, British Columbia to the Gordondale area.

North Gold Creek 電池將由生產商經營，並根據長期的照付不議協議簽訂合約。此外，Pembina 繼續推動超過 10 億美元的常規 NGL 和凝析油管道擴建工程，以可靠且經濟高效地滿足不斷增長的產量帶來的不斷增長的運輸需求。這些擴建項目包括泰勒至戈登代爾項目，該項目將是一條新管道，主要連接不列顛哥倫比亞省泰勒和戈登代爾地區的凝析油。

The Fox Creek-to-Namao expansion, which is a proposed expansion of the Peace pipeline system that through the addition of new pump stations would add approximately 70,000 barrels per day of propane plus capacity to the market delivery points from Fox Creek, Alberta to Namao, Alberta, and other expansions to support volume growth in Northeast BC, including new pipelines and terminal upgrades.

Fox Creek 至 Namao 擴建項目是 Peace 管道系統的一項擬議擴建項目，透過增加新的泵站，將每天增加約 70,000 桶丙烷，並增加從艾伯塔省 Fox Creek 到艾伯塔省 Namao 的市場交付點的產能，以及其他擴建項目，以支持不列顛哥倫比亞省東北部管道的產量增長，包括新終端和升級。

The growth is secured by long-term contracts underpinned by take or pay agreements, areas of dedication across the Montney and DuVernay formations, and other long-term agreements that ensure a strong base of committed volumes. Final investment decisions on the Fox Creek-to-Namao expansion and the Taylor to Gordondale project are now expected by the end of 2025 and the first quarter of 2026 respectfully.

成長的保障來自於以照付不議協議為基礎的長期合約、遍布蒙特尼和杜維奈地層的專用區域以及其他確保了堅實承諾產量基礎的長期協議。預計 Fox Creek 至 Namao 擴建項目和 Taylor 至 Gordondale 項目的最終投資決定分別將於 2025 年底和 2026 年第一季做出。

These fully supported demand-driven pipeline expansion opportunities along with the success we continue to have in recontracting legacy volumes are taking place against the backdrop of increased competition. We remain confident in our ability to continue to grow volumes across our conventional pipeline system.

這些完全由需求驅動的管道擴張機會以及我們在重新簽訂遺留合約方面繼續取得的成功都是在競爭加劇的背景下發生的。我們仍然對我們透過傳統管道系統繼續增加產量的能力充滿信心。

Our Northeast BC and Northern pipelines provide a full product integration across all commodities and connectivity both upstream and downstream. Combined with our marketing and export capabilities, we believe we offer customers the most competitive midstream service offered. As a reference point, the weighted average contract life on approximately 1 million barrels of firm contracted volumes on Peace in Northern is approximately 7.5 years.

我們的不列顛哥倫比亞省東北部和北部管道提供涵蓋所有商品的全面產品整合以及上游和下游的連接。結合我們的行銷和出口能力，我們相信我們可以為客戶提供最具競爭力的中游服務。作為參考點，北部 Peace 油田約 100 萬桶確定合約量的加權平均合約期限約為 7.5 年。

Despite the passage of time, this figure has remained relatively consistent over time and has in fact increased slightly over the past two years, reflecting our successful efforts to blend and extend existing contracts and sign incremental new long-term contracts.

儘管隨著時間的推移，這一數字一直保持相對穩定，事實上在過去兩年中略有增加，這反映了我們成功地融合和延長現有合同，並簽署了增量新長期合約。

Building upon its position as the leading supplier of ethane to a growing Alberta petrochemical industry, Pembina continues to work closely with Dow Chemical Canada. We are evaluating the various options available to meet our commitment under the mutually binding 50,000 barrels per day ethane supply agreement.

作為阿爾伯塔省不斷發展的石化產業的主要乙烷供應商，Pembina 將繼續與陶氏化學加拿大公司密切合作。我們正在評估各種可用選項，以履行我們在相互約束的每天 50,000 桶乙烷供應協議下的承諾。

Most notably, engineering and commercial discussions are ongoing related to the addition of a diphthongization tower at RFS 3 within the Redwater complex, and a final investment decision is now anticipated by the end of 2025.

最值得注意的是，有關在 Redwater 綜合設施內的 RFS 3 增加雙元音化塔的工程和商業討論正在進行中，預計最終投資決定將於 2025 年底做出。

Finally, Pembina continues to advance opportunities to provide integrated solutions to support an emerging Alberta-based data center. Green Light Electricity Center, a partnership between Pembina and Kineticor, is developing an up to 1800 megawatt gas-fired combined cycle power generation facility and is in active discussions with a data center customer to commercially underpin the project.

最後，Pembina 繼續提供綜合解決方案，以支援新興的阿爾伯塔省資料中心。綠光電力中心 (Green Light Electricity Center) 是 Pembina 和 Kineticor 合作成立的一家公司，正在開發一個高達 1800 兆瓦的燃氣聯合循環發電設施，並正在與一家數據中心客戶積極討論，為該項目提供商業支持。

Greenlight successfully advanced through Phase 1 of the Alberta Electric System Operator allocation process and through subsequent commercial efforts had secured a sufficient megawatt allocation to achieve a viable scale for this project.

Greenlight 成功推進了阿爾伯塔電力系統營運商分配流程的第一階段，並透過後續的商業努力確保了足夠的兆瓦分配，從而實現了該專案的可行規模。

In addition to the opportunity to invest in long-term contracted power infrastructure with an investment grade counterparty, Pembina is well positioned to leverage its existing and future value chain to further support this project. For example, the proximity of the Alliance pipeline offers a potentially a creative expansion opportunity to provide significant natural gas supply to the Green Light Electricity Center.

除了有機會與投資等級交易對手投資長期合約電力基礎設施之外，Pembina 還可以利用其現有和未來的價值鏈來進一步支持該項目。例如，聯盟管道的鄰近為綠光電力中心提供了潛在的創造性擴張機會，可以供應大量天然氣。

In summary, the financial results continue to largely track our initial expectations for the year, and we continue to execute our in-flight construction projects and pursue expansions and new initiatives to respond to growth in the WCSB.

總而言之，財務表現繼續基本追蹤我們對今年的初步預期，我們將繼續執行正在進行的建設項目，並尋求擴張和新舉措，以應對 WCSB 的成長。

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

現在我將把話題交給 Cam，讓他更詳細地討論第二季的財務亮點。

Thanks, Scott. As Scott noticed, Pembina reported the second quarter of adjusted EBITDA of $1.013 billion. This represents a 7% decrease over the same period in the prior year. In pipelines, factors impacting the quarter primarily included lower firm tolls on the coach and pipeline due to recontracting in July of 2024, lower revenue at the Edmonton terminals, largely related to the decommissioning of the Edmonton South rail terminal in the second quarter of 2024, lower interruptible volumes and lower tolls on the Vantage pipeline.

謝謝，斯科特。史考特注意到，Pembina 報告第二季調整後 EBITDA 為 10.13 億美元。這比去年同期下降了 7%。在管道方面，影響本季的因素主要包括由於 2024 年 7 月重新簽約導致客車和管道固定通行費降低、埃德蒙頓終點站收入降低（這主要與 2024 年第二季度埃德蒙頓南鐵路終點站退役有關）、可中斷運輸量降低以及 Vantage 管道通行費降低。

Higher volumes on the Peace pipeline system due to higher contracted volumes and fewer outages compared to the prior period which was impacted by the planned outages related to the Phase 8 piece pipeline expansion.

由於合約運輸量增加且中斷次數減少，Peace 管道系統的運輸量較上一時期有所增加，而上一時期則受到與第 8 階段管道擴建相關的計劃中斷的影響。

Higher revenue on the Peace pipeline system due to increased tolls mainly related to contractual inflation adjustments, higher demand on seasonal contracts on Alliance, and higher contracted volumes on the Nipisi pipeline.

和平管道系統的收入增加是由於通行費增加（主要與合約通膨調整有關）、聯盟季節性合約需求增加以及尼皮西管道合約量增加。

In facilities, factors impacting the quarter included lower volumes due to planned outages at certain PGI assets and ongoing third party egress restrictions impacting the Dawson assets, higher contribution from PGI primarily related to recent transactions with Whitecap.

在設施方面，影響本季度的因素包括由於某些 PGI 資產的計劃停機導致的產量下降以及影響道森資產的持續第三方出口限制，PGI 的貢獻增加主要與最近與 Whitecap 的交易有關。

In marketing and new ventures, second quarter results reflected the net impact of lower net revenue due to a decrease in NGL margins as a result of lower butane and propane prices coupled with lower volumes resulting from third party restrictions at the Shanahan facility and planned outages at both the Shanahan facility and the Redwater complex, as well as higher input natural gas prices at Aux Sable.

在行銷和新業務方面，第二季業績反映了淨收入降低的淨影響，原因是丁烷和丙烷價格下跌導致 NGL 利潤率下降，加上 Shanahan 設施的第三方限制、Shanahan 設施和 Redwater 綜合設施的計劃停產導致產量下降，以及 Aux Sable 的輸入天然氣價格上漲。

And finally, lower realized gains on crude oil-based derivatives partially offset by lower realized losses on NGL-based derivatives. Finally, in the corporate segment, second quarter results were higher than the prior period due to lower incentive costs driven by a change in Pembina share price in the period compared to the second quarter of 2024.

最後，原油衍生性商品實現收益的降低部分被天然氣液體衍生性商品實現損失的降低所抵消。最後，在企業部門，第二季業績高於上一季度，原因是與 2024 年第二季相比，本季 Pembina 股價變動導致激勵成本降低。

Earnings in the second quarter were $417 million. This represents a 13% decrease over the same period in the prior year. In addition to factors impacting adjusted EBITDA, the decrease in earnings in the 2nd quarter was primarily due to the net impact of costs associated with an asset retirement at the Redwater complex, lower share of profit from PGI as a result of higher depreciation expense due to a larger asset base following the recent transactions of Whitecap.

第二季獲利為4.17億美元。這比去年同期下降了 13%。除了影響調整後 EBITDA 的因素外，第二季收益的下降主要由於與 Redwater 綜合設施資產退役相關的成本的淨影響，以及由於 Whitecap 最近交易後資產基礎擴大導致折舊費用增加，導致 PGI 的利潤份額降低。

Lower other income due to no similar gain to that recognized in the second quarter of 2024 related to Pembina's financial assurances assumed by CLNG upon positive FID. Lower acquisition and integration costs, and finally no similar net gain on acquisition to that recognized in the second quarter of 2024.

其他收入較低，因為在 FID 為正數時，CLNG 為 Pembina 提供財務擔保，因此沒有確認與 2024 年第二季類似的收益。降低收購和整合成本，最終不會實現與 2024 年第二季類似的收購淨收益。

Total volumes in the pipeline and facility divisions were 3.6 million barrels of oil equivalent per day in the second quarter. This represents an increase of 1% over the same period in the prior year, reflecting the net impact of higher contracted volumes on the Nipisi pipeline and Peace pipeline system and lower volumes of PGI, Redwater and Aus Sable due to planned outages.

第二季管道和設施部門的總產量為每天 360 萬桶油當量。這比去年同期增加了 1%，反映了 Nipisi 管道和 Peace 管道系統合約增加以及計劃停運導致 PGI、Redwater 和 Aus Sable 產量減少的淨影響。

Turning to the full year, as Scott mentioned, we updated our 2025 adjusted EBITDA guidance range to $4.225 billion to $4.425 billion. Within our full year outlook, due to seasonal and asset specific factors, Pembina expects third quarter results to be largely consistent with second quarter results, with stronger results expected in the fourth quarter.

談到全年，正如史考特所提到的，我們將 2025 年調整後的 EBITDA 指引範圍更新為 42.25 億美元至 44.25 億美元。在我們的全年展望中，由於季節性和資產特定因素，Pembina 預計第三季業績將與第二季業績基本一致，預計第四季業績將更加強勁。

First, while Pembina continues to benefit from rising utilization throughout its conventional pipeline and gas processing assets that aligns with volume growth across the Western Canadian sedimentary basin, revenue volume growth of these assets is expected to be slightly lower than physical volume growth on a percentage basis as customers expand into their contractual take or pay commitments.

首先，雖然 Pembina 繼續受益於其傳統管道和天然氣處理資產利用率的上升，這與整個西加拿大沉積盆地的產量增長相一致，但隨著客戶擴大其合約的照付不議承諾，這些資產的收入量增長預計將略低於實物量增長的百分比。

Second, we anticipate the typical seasonality positively impacting alliance in the fourth quarter due to the ability to transport higher volumes during colder periods. This is expected to be offset by the impact of the previously announced settlement agreement with shippers.

其次，我們預計典型的季節性因素將在第四季度對聯盟產生積極影響，因為在寒冷時期能夠運輸更多的貨物。預計這一影響將被先前宣布的與托運人達成的和解協議所抵消。

Third, as usual, we expect a significant portion of our integrity and geotechnical costs on pipeline assets in the third and fourth quarters compared to the first half of the year.

第三，與往常一樣，我們預計第三季和第四季管道資產的完整性和岩土成本將比上半年大幅增加。

Fourth, we are forecasting a higher contribution from PGI in the second half of 2025 compared to the first half of the year, including at the Dawson assets due to third party restrictions impacting the first half of the year and the startup of LNG Canada benefiting the second half of the year, as well as at the DuVernay complex due to higher second half volumes.

第四，我們預測 2025 年下半年 PGI 的貢獻將高於上半年，包括 Dawson 資產，因為第三方限制對上半年產生了影響，而 LNG Canada 的啟動對下半年有利，此外，DuVernay 綜合設施的貢獻也因下半年產量增加而有所提高。

And finally, we are forecasting a stronger fourth quarter contribution from the NGL marketing business relative to the second and third quarters due to typical seasonality of the of the WCSB Fox Creek business.

最後，由於 WCSB Fox Creek 業務的典型季節性，我們預測第四季度 NGL 行銷業務的貢獻將比第二季和第三季更強。

We have also revised our outlook for the company's 2025 capital investment program, including capital expenditures and contributions to equity accounted investees to $1.3 billion which is a $200 million increase compared to the prior outlook. This update reflects continued progress on previously identified core business initiatives, as well as two tuck in acquisitions at PGI offset by certain projects being under budget.

我們也修改了對公司 2025 年資本投資計畫的展望，包括資本支出和對權益法核算的被投資方的貢獻，將其調整為 13 億美元，比先前的展望增加了 2 億美元。此次更新反映了先前確定的核心業務計劃的持續進展，以及 PGI 的兩項小規模收購，但某些項目在預算之內。

I'll now turn things back to Scott.

現在我將話題轉回給史考特。

Thanks, Cam. In closing, we remain focused on delivering value to our investors by best serving our customers, employees, and communities. We are looking forward to delivering second half results in line with our full year 2025 guidance, progressing key proposed projects towards final investment decision over the coming few quarters. Finalizing our Cedar LNG capacity assignment by year end, and continuing to progress new initiatives like the Green Light Electricity Center and related expansion projects within Pembina's value chain.

謝謝，卡姆。最後，我們將繼續致力於透過為客戶、員工和社區提供最好的服務來為投資者創造價值。我們期待下半年業績能夠符合 2025 年全年預期，並在未來幾季內推進關鍵擬議項目，做出最終投資決定。在年底前完成我們的 Cedar LNG 產能分配，並繼續推進綠燈電力中心等新舉措以及 Pembina 價值鏈內的相關擴建項目。

Thank you for joining us this morning. Enjoy the rest of summer, and we look forward to meeting with you in person or speaking to you soon. Please go ahead and open up the line for questions.

感謝您今天上午加入我們。享受剩下的夏天，我們期待與您親自見面或很快與您交談。請繼續打開熱線來回答問題。

(Operator Instructions)

（操作員指示）

Aaron MacNeil, TD Cowen.

亞倫·麥克尼爾（Aaron MacNeil），TD Cowen。

Hey, morning all. Thanks for taking my questions. I'm hoping that you can just take a moment to address some investor feedback that we're receiving. There's sort of this, I don't know, I guess I would call it a death by 1,000 cuts narrative out there. And if I were to sum it up as a theme, it's really just about different ways where Pembina's incumbency in the Canadian NGL value chain is being challenged.

嘿，大家早安。感謝您回答我的問題。我希望您能花一點時間回覆我們收到的一些投資人回饋。有這樣一種情況，我不知道，我想我會稱它為「千刀萬剮的死亡故事」。如果我要將其概括為一個主題，那麼這實際上只是關於 Pembina 在加拿大 NGL 價值鏈中的地位受到不同挑戰的方式。

The theme covers a lot of ground and several specific points, so I can appreciate that it's difficult to touch on everyone, but how do you respond to that criticism? What do you think it misses, if anything, and what do you see as the sort of unique value proposition for investors going forward?

這個主題涵蓋了很多方面和幾個具體的觀點，所以我理解很難觸及所有人，但您如何回應這種批評？您認為它缺少什麼？您認為它對未來投資者來說具有什麼樣的獨特價值主張？

Thanks, Aaron. It's Scott here. There are a few things I think that we need to, I guess, level set or unpack on that question. I'll try to address it at a high level versus kind of going through every specific point, but to me there's a difference between fundamentals and temporary noise. And when you have kind of the extensive franchise that we have in Canadian midstream space, I'd say the bar is very high and there's always going to be something to pick at.

謝謝，亞倫。我是史考特。我認為我們需要對這個問題進行一些闡述或分析。我會嘗試從高層次來解決這個問題，而不是逐一討論具體問題，但對我來說，基本問題和暫時噪音之間是有區別的。當你擁有我們在加拿大中游領域的廣泛特許經營權時，我想說標準非常高，而且總是會有一些東西可供選擇。

When I step back and get out of the noise and kind of look across the horizon at the fundamentals, I firmly believe that our business is rock solid and is driven today as it always has been by cuts to demand for our services. When you think about the resource in the Montney , it's unbelievable. The basin is growing and it's full of visible catalyst. Whether it's gas egress through LNG, new LNG exports, tidewater egress for oil, and new avenues to create value for customers, hydrocarbons, whether that's incremental petrochemical demand or incremental gas to power, there's a lot of visible catalysts that we see coming out at the basin.

當我退一步，擺脫噪音，放眼根本面，我堅信我們的業務堅如磐石，並且一如既往地受到我們服務需求削減的推動。當你想到蒙特尼的資源時，你會覺得難以置信。盆地不斷擴大，充滿可見的催化劑。無論是透過液化天然氣出口，或是新的液化天然氣出口，或是潮水石油出口，或是為客戶、碳氫化合物創造價值的新途徑，無論是增量的石化需求或增量的天然氣發電，我們都看到盆地中出現了許多明顯的催化劑。

And when I think about Pembina's specifically -- I think we're the only franchise that directly benefits and is involved in all of these catalysts. If you think about them one by one, there's direct LNG export ownership with the first of its kind partnership in Canada. We have significant LPG export capacity, proprietary and partnership with our midstream peers, as we talked about. There's local Alberta demand, East Coast Sarnia access, and cost effective unit trains across the US. So we really have an unparalleled marketing basis when it comes to LPG. We hit all markets.

當我具體想到 Pembina 時——我認為我們是唯一直接受益並參與所有這些催化劑的特許經營商。如果你逐一考慮，你會發現這是加拿大第一個與液化天然氣公司建立直接出口合作關係的公司。正如我們所說，我們擁有強大的液化石油氣出口能力、專有技術和與中游同行的合作關係。這裡有阿爾伯塔省的本地需求、東海岸薩尼亞的通道，以及遍布美國的具有成本效益的單元列車。因此，在液化石油氣方面，我們確實擁有無與倫比的行銷基礎。我們進軍所有市場。

We have a significant and growing condensate franchise supporting the oil sands growth, which we continue to see growing with the bottlenecks across the system. We're currently providing gas egress in a constrained environment with access to high value markets in the mid-continent in alignment with long term shippers.

我們擁有龐大且不斷增長的凝析油特許經營權，支持油砂的增長，隨著整個系統的瓶頸不斷突破，我們看到凝析油特許經營權仍在不斷增長。我們目前正在受限的環境中提供天然氣出口，並與長期托運人合作進入中部大陸的高價值市場。

We're supporting the stand up of a world scale cracker both through feedstock supply and ancillary midstream services, and we're continuing to look to extend our value chain and lead the way for our stakeholders and customers. We evolved the midstream sector in the early part of the last decade, building the integrated value chain, which is the core of our franchise today. And now we're continuing to lead the sector through value chain extension initiatives and provide optionality for our customers.

我們透過原料供應和輔助中游服務來支持世界規模裂解裝置的建立，並且我們將繼續尋求擴展我們的價值鏈並為我們的利害關係人和客戶引領道路。我們在上個十年的初期發展了中游產業，建立了綜合價值鏈，這是我們今天特許經營的核心。現在，我們將繼續透過價值鏈延伸措施引領該行業，並為我們的客戶提供可選性。

Our competitors are looking to build the Pembina from 8 to 10 years ago, where we're trying to go to where the balls are going, not where it's been. What's undeniable is that the WCSB is growing, and Pembina will capture its share of this growth for the reasons I just mentioned, while continuing to execute on our disciplined customer supported growth projects in the core business.

我們的競爭對手希望將 Pembina 打造成 8 至 10 年前的樣子，而我們則試圖追隨潮流，而不是追隨曾經的軌跡。不可否認的是，WCSB 正在發展，而 Pembina 將因為我剛才提到的原因而獲得這一增長的份額，同時繼續在核心業務中執行我們嚴謹的客戶支援成長項目。

I think a real-life proof point of that is the billion dollars of visible capital deployment that we talked about for Peace capacity today. In a growing base and we and others are competing to provide value added services to our producer clients, and on that basis we are confident in the resilience of our performance. We're not going to win every barrel that, we know that. But we do believe we're going to win our fair share.

我認為一個現實的證明就是我們今天談到的為和平能力而投入的數十億美元的可見資本。在不斷成長的基礎上，我們和其他公司正在競爭為我們的生產商客戶提供增值服務，在此基礎上，我們對我們業績的彈性充滿信心。我們知道，我們不可能贏得每一桶石油。但我們確實相信我們將贏得公平的份額。

So the noise, as you mentioned, or death by 1,000 cuts, it can be a distraction from what's important, but in my mind, long term excellence and execution is what's important, and I believe that we have an unparalleled track record in the NGL midstream space. So hopefully that answers your question. Happy to take any follow on.

因此，正如您所提到的，噪音或裁員可能會分散人們對重要事情的注意力，但在我看來，長期的卓越和執行才是最重要的，我相信我們在 NGL 中游領域擁有無與倫比的業績記錄。希望這能回答你的問題。很高興接受任何後續報導。

yeah. I guess just as a follow up you mentioned growth across the basin. We saw you bump the capital spend for the year and you outlined all the growth opportunities. Last quarter, I think Cam mentioned, the potential for a buyback. It seems as though maybe the narrative is shifting more to a growth orientation, so maybe you can sort of just give us a sense of your latest thinking around capital allocation.

是的。我想您剛才提到了整個盆地的成長。我們看到您增加了今年的資本支出，並概述了所有的成長機會。上個季度，我認為 Cam 提到了回購的可能性。看起來好像敘事正在更多地轉向成長導向，所以也許您可以向我們介紹您對資本配置的最新想法。

Sure. Maybe just to address part of the question, when I think about the capital program, what I think is important is the majority of that capital was due to the bolt on acquisitions that we made in the quarter as well as the advancement of some of our projects. Recall when we put out the capital release, we talked about potential increment. We had a baseline capital and then we had a bucket of incremental capital, should we some of our projects and that's really what this is tied to. We're advancing projects.

當然。也許只是為了回答部分問題，當我考慮資本計劃時，我認為重要的是大部分資本來自於我們在本季度進行的附加收購以及一些項目的進展。回想一下，當我們推出資本釋放時，我們談到了潛在的增量。我們有基準資本，然後我們有一桶增量資本，我們應該對我們的一些項目進行投資，而這才是真正與之相關的。我們正在推進專案。

I think what's lost in that in that mix, and I just want to point out is that is offset by capital savings across our projects as we continue to execute our projects. So I just don't want to leave the listeners with an impression that, that increase has anything to do with cost overruns. That's all incremental new growth and is actually offset by cost savings across many of our projects.

我認為，在這種組合中損失的是，我只想指出的是，隨著我們繼續執行項目，這些損失將被我們項目的資本節省所抵消。所以我只是不想讓聽眾留下這樣的印象：這種成長與成本超支有關。這些都是增量的新增長，實際上被我們許多項目的成本節約所抵消。

Hey Aaron, it's Jaret here too, and just kind of getting back to your original question, you were talking about, some of the noise and maybe misconceptions. I think last week one of Western Canada's largest producers came out and talked about some substantial growth termly and talking about growing their overall production by 200,000 BOE a day in the next kind of six years. We view that as extremely positive, and I think all mid streamers should view that as extremely positive, the investment that organization's making in Western Canada and the quality of their reserves.

嘿 Aaron，我也是 Jaret，回到你最初的問題，你談到了一些噪音和誤解。我認為上週加拿大西部最大的生產商之一談到了定期的大幅增長，並談到在未來六年內將其總產量每天提高 200,000 桶油當量。我們認為這是非常積極的，我認為所有中游企業都應該認為這是非常積極的，該組織在加拿大西部的投資及其儲備的品質。

There was some -- we obviously got some inbounds with respect to, margin erosion, et cetera. With respect to some of their announcements and, that's where I think that clarity is required is they talked about $1 per BOE that could be captured, but it required them to get to 850,000 BOE a day. And they also talked about how that value creation is split between operating costs, which I have to think is in their camp. They're doing something different to save OpEx, and then they talked about 50% of that being transportation value creation.

有一些——我們顯然得到了一些與利潤率侵蝕等相關的資訊。關於他們的一些聲明，我認為需要澄清的是，他們談到可以獲得每桶石油當量 1 美元的收入，但這需要他們達到每天 85 萬桶石油當量。他們也討論瞭如何在營運成本之間分配價值創造，我認為這是他們的觀點。他們正在採取不同的方式來節省營運支出，然後他們談到其中 50% 是運輸價值創造。

That transportation was represented in a BOE basis, so barrels of oil equivalent, not just straight up liquids. So we only moved tourmaline’s liquids today. So that could be gas egress value creation, that could be rail value creation, that could be trucking, that could be liquids pipelines, et cetera. So just what I kind of wanted to chat about that. And overall, I would say as customers in Western Canada grow physical barrels, they're typically their dollar per unit does go down. That's not uncommon and specifically our Northeast BC pipeline, which they are a customer on. That's a cost of service pipeline. And as volumes go up, tolls go down just like any other cost of service pipeline in North America.

該運輸以桶當量為基礎，即石油當量桶，而不僅僅是液體。所以我們今天只移動電氣石的液體。因此，這可能是天然氣出口價值創造，可能是鐵路價值創造，可能是卡車運輸，可能是液體管道等等。所以我只是想聊聊這個。總的來說，我想說，隨著加拿大西部客戶實體石油桶數量的增加，他們每單位石油的價格通常會下降。這並不罕見，特別是我們的東北 BC 管道，他們是該管道的客戶。這是服務管道的成本。隨著運輸量的增加，通行費會下降，就像北美任何其他服務管道的成本一樣。

And lastly, just what I think that a lot of our listeners probably don't know, in 2022 we announced a fairly large commitment with Tourmaline for a chunk of their Northeast BC development and that long-term deal for pipe and frac, those tolls don't change. Those are fixed tolls that we offer the cost. And we take pride in giving fixed tools and providing highly reliable service.

最後，我想很多聽眾可能不知道，2022 年我們宣布與 Tourmaline 達成一項相當大的承諾，將參與其在 BC 省東北部的部分開發項目，並簽訂了管道和水力壓裂的長期協議，這些通行費不會改變。這些是我們提供成本的固定通行費。我們為提供固定工具和高度可靠的服務而感到自豪。

So yeah, I just kind of wanted -- that's some of the noise that that I think requires a little bit of clarity, but overall we're extremely excited about one of Western Canada's customers growing by 200,000 BOE a day in the next couple of years. So, just to provide some color.

是的，我只是想——我認為有些噪音需要澄清一下，但總的來說，我們對加拿大西部的一位客戶在未來幾年每天增長 200,000 桶油當量感到非常興奮。因此，只是為了提供一些顏色。

And maybe I'll just close it out on your question on capital allocation, Aaron. I mean, listen, I think you know we've been pretty consistent for some time in terms of our approach to buybacks, looking at the relative risk adjusted economics. Obviously we've been continuing to do that. We've talked about our free cash flow profile over the next couple of years, likely staring at a modest amount of free cash flow in 2025 and likely, flattish to perhaps offsetting that in 2026 based on the period of the Cedar spend and ultimately looking at it over a multi-year time period, I think obviously we continue to take data points and continue to look at the relative economics and we'll do that and sort of without signaling our intention, either way or either way here today, obviously it's something that we talk about sort of every week.

也許我只是想結束你關於資本配置的問題，亞倫。我的意思是，聽著，我想你知道，我們在回購方面的做法在一段時間內一直相當一致，著眼於相對風險調整後的經濟學。顯然我們一直在繼續這樣做。我們已經討論了未來幾年的自由現金流狀況，可能在 2025 年實現適度的自由現金流，並且根據 Cedar 支出的期限，可能在 2026 年持平甚至抵消這一水平，並最終在多年時間段內進行觀察，我認為我們顯然會繼續獲取數據點並繼續研究相對經濟狀況，我們會這樣做，但無論如何我們不會表明我們的意圖，今天我們都會在這裡討論這個問題。

All right. Thanks everyone. Turn it over.

好的。謝謝大家。把它翻過來。

Maurice Choy, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的莫里斯‧蔡 (Maurice Choy)。

Thank you and good morning, everyone. Just wanted to follow up on some of the comments you've made, Scott. Given how you've mentioned that you are seeing strong WCSB fundamentals and also your confidence in winning your fair share, how do I translate all that to a long-term EBITDA growth rate? Is it about starting with the low to mid single digit volume growth through the end of decade and then there you add on incremental CapEx driven growth, so just your thoughts on that.

謝謝大家，早安。只是想跟進一下你所做的一些評論，斯科特。鑑於您提到您看到 WCSB 基本面強勁，並且有信心贏得公平的份額，我如何將所有這些轉化為長期 EBITDA 成長率？是從十年末的低到中等個位數的銷售成長開始，然後再增加增量資本支出驅動的成長，所以您對此有何看法？

Yeah. Thanks for the question, Maurice. I think, from a guidance perspective at our last investor day we provided our guidance out towards 2026 and that's the extent of our guidance at this stage, as we move to the end of '25 and into '26, we will look to refresh that guidance going forward. So I'm not prepared to give you a multi-year EBITDA guidance outside of what we've already publicly disclosed, but from a volumetric perspective, as we mentioned in our prepared remarks and what you've heard from us before is, we continue to see somewhere in the neighborhood of mid to high single digit growth in volumes across the basin mainly driven by the catalyst that we talked about previously. So no real change from what we've talked about previously.

是的。謝謝你的提問，莫里斯。我認為，從我們上次投資者日的指導角度來看，我們提供了到 2026 年的指導，這就是我們現階段指導的範圍，隨著我們進入 25 年底和 26 年，我們將尋求更新未來的指導。因此，除了我們已經公開披露的內容之外，我還沒有準備好給您提供多年的 EBITDA 指導，但從產量角度來看，正如我們在準備好的評論中提到的以及您之前聽到的，我們繼續看到整個盆地的產量在中高個位數增長附近，這主要是由我們之前談到的催化劑推動的。因此，與我們之前討論的相比，沒有什麼真正的變化。

Maurice, it's Cam here. I guess I would just supplement and appreciate history is not always a perfect example of the future, but if you look at history just as one proxy, and you look at -- you can look across our business, but just focusing on the conventional for a moment because that's what we often talk about as a proxy, go back five years and actually our growth in that business and the growth in our business overall was always through a combination of volume growth but also margin, and margin comes from a number of pieces obviously, we have some contractual elements to that. We do that through operational excellence and reducing our own cost structure, but you know as much or more of the growth came from that piece.

莫里斯，我是卡姆。我想我只是想補充一下，歷史並不總是未來的完美例證，但如果你把歷史看作一個代理，你就可以縱觀我們的業務，但暫時只關注傳統，因為那是我們經常談論的代理，回顧五年前，實際上我們在該業務上的增長以及我們整體業務的增長始終是通過銷量增長和利潤率的結合實現的，而利潤率顯然來自一些部分，我們對此部分。我們透過卓越營運和降低自身成本結構來實現這一目標，但您知道，大部分或更多的成長都來自於這一部分。

And so I think, as we think about the future, I think we actually see really constructive volume growth as we look over the next five years, perhaps even stronger than we've seen in the last five, depending on product and obviously egress restrictions and obviously, we're continuing to do the hard work internally to continue to make our service offering more competitive, more creative, and obviously continue to be able to generate value through margin as well. So I would say that partly underpins our view on the long term outlook.

因此，我認為，當我們思考未來時，我認為我們實際上會看到未來五年真正具有建設性的銷售成長，甚至可能比過去五年更強勁，這取決於產品和明顯的出口限制，顯然，我們將繼續在內部努力工作，繼續使我們的服務更具競爭力，更具創造力，並且顯然也能夠繼續透過利潤創造價值。所以我想說這在某種程度上支撐了我們對長期前景的看法。

So just to quickly follow up on that you said, the volume growth is really constructive and stronger than you've seen in the last five years. You said generate value through margin. Are you seeing margin as being one way you can maintain margins, or do you think that margin growth can also potentially come given the competitive landscape?

因此，為了快速跟進您所說的內容，銷售成長確實具有建設性，並且比過去五年中看到的更強勁。您說過透過利潤創造價值。您是否認為利潤率是維持利潤率的一種方式，或者您認為考慮到競爭格局，利潤率也有可能成長？

Yeah. I think there's two areas to answer that question. One is obviously, in the past couple of years we've had a couple sort of meaningful toll resets on some cross-border assets, namely Caution and Alliance, and obviously that has been a headwind on the margin side, tough to get away from that. But I think, in the rest of the business, conventional business, our gas processing business, our frac business, we've done a lot of really solid things and continue to do things, for example, our Prince Rupert announcement yesterday in terms of media and gas carriers, that's a margin enhancement activity right there.

是的。我認為可以從兩個方面來回答這個問題。顯然，在過去幾年中，我們對一些跨境資產（即 Caution 和 Alliance）進行了幾次有意義的收費重置，這顯然對保證金方面造成了不利影響，很難擺脫這種不利影響。但我認為，在其餘業務中，傳統業務、天然氣加工業務、壓裂業務，我們已經做了很多非常紮實的事情，並且會繼續做下去，例如，我們昨天在媒體和天然氣運輸方面宣布的魯珀特王子港，這就是一項提高利潤率的活動。

And so we're looking for ways, our team is really focused on doing that, and I think obviously that the business is evolving, obviously competition is greater than it's ever been, but I think as Scott said in his introductory comments, we continue to believe that we have the very best franchise across the board, and so that gives us an advantage in terms of maintaining and frankly growing that margin.

因此，我們正在尋找方法，我們的團隊非常專注於這樣做，我認為顯然業務正在發展，競爭顯然比以往任何時候都更加激烈，但我認為，正如斯科特在他的開場白中所說的那樣，我們仍然相信我們擁有最好的特許經營權，因此，這讓我們在維持和坦率地增加利潤方面具有優勢。

Understood. I could just finish off with a comment you made on press release about evaluating further expansions to support volume growth in Northeast BC. I know you have the Taylor's Gordondale project out there right now, but just curious on your thoughts about the long-term competitiveness of Fort Corp, facilities versus the existing new ones in Northeast BC, particularly given how some of the propane retained incrementally setting out west for export.

明白了。最後，我想引用您在新聞稿中關於評估進一步擴張以支持不列顛哥倫比亞省東北部產量增長的評論。我知道您現在有 Taylor's Gordondale 項目，但我只是好奇您對 Fort Corp 設施與不列顛哥倫比亞省東北部現有新設施的長期競爭力的看法，特別是考慮到部分丙烷逐步保留到西部出口。

Hi, Maurice. Jaret here. You have, great question. First off, the competitiveness of Fort Saskatchewan in totality, not just Pembina's frac I say, is still very attractive. I just -- and the reason why I say that is that the majority of the NGLs that come into Fort Saskatchewan today, regardless if it's Dow, Pembina, Kierra Plains, et cetera. They're all coming from downstream of North Pine, right? So there's kind of like a maybe a an imaginary line where products want to come into Fort Saskatchewan, and a significant amount of those are coming from Alberta, a very large amount of the NGLs coming from Alberta.

你好，莫里斯。這裡是 Jaret。你問得真好。首先，我認為，薩斯喀徹溫堡的整體競爭力（不僅僅是彭比納的壓裂能力）仍然非常有吸引力。我只是 — — 我這樣說的原因是，今天進入薩斯喀徹溫堡的大多數天然氣液體，無論是陶氏、彭比納、基拉平原等等。它們都是從北松下游來的，對嗎？因此，這就像一條假想線，產品從這條線進入薩斯喀徹溫堡，其中很大一部分來自阿爾伯塔省，大量的天然氣液體來自阿爾伯塔省。

So -- also, then you need to look at the diversity and the rail connectivity. So there's obviously going to be opportunities at a significantly smaller scale. If you look at all the C3 plus capacity in Fort Saskatchewan compared to North Pine one, two or three even, they don't even compare in size and scale, rail connectivity, inlet storage caverns, et cetera, et cetera, like there's a lot of efficiencies coming into Fort Saskatchewan.

所以——此外，你還需要考慮多樣性和鐵路連通性。因此，顯然在較小規模上也存在著機會。如果您將薩斯喀徹溫堡的所有 C3 及以上容量與北鬆一、二或三級容量進行比較，它們在大小、規模、鐵路連接、入口儲水洞穴等方面都無法相比，薩斯喀徹溫堡的效率更高。

Further to that, the Northeast BC frac, you're going to be dedicated solely to the West Coast. Now, short term pace arbitrages, they look extremely good and we believe long term they're going to be good, but there is, we believe and I think even some of our competitors have talked to this. There's optionality in having the ability to go to Sarnia into Conway into Mount Bellevue and meeting kind of that diversified North American market while having access to the West Coast market.

除此之外，BC 東北部分部將專注於西海岸。現在，短期步調套利看起來非常好，我們相信從長期來看它們也會很好，但我們相信，甚至我們的一些競爭對手也談到了這一點。可以選擇從薩尼亞到康威再到貝爾維尤山，在進入西海岸市場的同時滿足多樣化的北美市場的需求。

So are there going to be opportunities to build smaller scale fracs in certain areas? Absolutely there is. If you're close to rail and those types of things, if you want to do it at a massive scale and provide that redundancy and that optionality for diversity, I think customers are going to continue to come to the fort like they have been for a really long time, but I'm not -- it's not -- I'm not saying that there's not small -- niche opportunities.

那麼，在某些地區是否有機會建造小規模的壓裂井呢？絕對有。如果你靠近鐵路和諸如此類的東西，如果你想大規模地做這件事，並提供冗餘和多樣性的可選性，我認為客戶會像很長一段時間以來一樣繼續來到堡壘，但我不是——不是——我並不是說沒有小的——利基機會。

Maurice, it's Cameron. I'll just pile on one last thing. I think to complement what Jared said, the analogy would be other products. So whether it's the natural gas value chain, whether it's the oil value chain, I mean, obviously there's been export market opportunities in both of those, and customers have long chosen to diversify their market egress options for a number of reasons, and one of those is obviously market arbs premium markets do ebb and flow. There's operational redundancy reasons for that.

莫里斯，我是卡梅倫。我只想說最後一件事。我認為，為了補充賈里德所說的話，可以用其他產品來類比。因此，無論是天然氣價值鏈還是石油價值鏈，我的意思是，顯然這兩者都存在出口市場機會，並且客戶長期以來出於多種原因選擇多樣化其市場退出選擇，其中之一顯然是市場套利溢價市場確實會起伏不定。這是有營運冗餘的原因的。

So I think that's what we really like about our offering and obviously the export piece, complemented by the announcements that we made yesterday and obviously the week before absolutely enhanced that. But we also really like sort of the other pieces of our portfolio and think it's an incredibly competitive offering and frankly one that no one else has.

所以我認為這就是我們真正喜歡我們提供的產品和出口產品的原因，加上我們昨天和前一周發布的公告，這無疑增強了這一點。但我們也非常喜歡我們投資組合中的其他產品，並認為它們具有極強的競爭力，坦白說，是其他任何人都無法比擬的。

Thank you very much for that.

非常感謝。

Robert Catellier, CIBC Capital Markets.

加拿大帝國商業銀行資本市場 (CIBC Capital Markets) 的 Robert Catellier。

Hey, good morning, and thanks for the wholesome discussion so far. I want to touch on that last point that you made, Cam, about other products. Exports have been a part of your philosophy for a while now. I'm just curious what your long term plans are for ethane. Any thought given to eventual waterborne exports of ethane?

嘿，早上好，感謝您迄今為止的有益討論。卡姆，我想談談你提出的最後一點，關於其他產品。出口現在已經成為您經營理念的一部分了。我只是好奇你對乙烷的長期計劃是什麼。有沒有考慮過最終透過水路出口乙烷？

Hey Rob, I think for us -- I mean, if we back up and again look at the fundamentals and the macro, there is a significant amount of ethane, not just Pembina but across the basin being produced and quite frankly reinjected in the WCSB. So the amount of ethane available here could lead to various options whether it's further petrochemical investments within the province or other opportunities.

嘿，羅布，我認為對我們來說——我的意思是，如果我們回過頭來再次看看基本面和宏觀面，就會發現有大量的乙烷，不僅僅是在彭比納，而是在整個盆地中都被生產出來，坦率地說，重新註入了 WCSB。因此，這裡可用的乙烷數量可以帶來各種選擇，無論是在該省進一步進行石化投資還是其他機會。

At a specific relates to ethane, the challenge right now is the location of the ethane, where it's produced and where it needs to get to, and we do not believe as of right now, there's a scalable amount of ethane, call it in Northeast BC to support a pipeline because this would need to be pipelined to the west coast and the economics just aren't there yet. So we do believe that it's an opportunity in the future, but right now the economics of it look challenged.

具體來說，與乙烷有關的是，現在的挑戰是乙烷的位置、它的產地和需要運往何處，而我們目前並不認為，在不列顛哥倫比亞省東北部有足夠的乙烷來支持管道建設，因為這需要通過管道輸送到西海岸，而目前還不具備經濟效益。因此，我們確實相信這是未來的一個機遇，但目前它的經濟效益看起來面臨挑戰。

Okay. And then, what are your thoughts on how the competitive landscape changes if Kiera completes the plants NGL acquisition as envisioned.

好的。那麼，如果 Kiera 按設想完成工廠 NGL 收購，您認為競爭格局將如何改變？

Yeah. From our perspective, those assets exist today. They exist in planes in a very competent and very fierce competitor. So from our perspective not a lot changes in terms of assets that exist today, capacity exists today. So they were owned by a formidable competitor and they're going into a formidable competitor's hands, so not -- it's kind of business as usual for us.

是的。從我們的角度來看，這些資產目前就已經存在。他們是航空業中一個非常有能力、非常激烈的競爭對手。因此，從我們的角度來看，現有的資產和產能並沒有太大變化。因此，它們被一個強大的競爭對手所擁有，並且它們將落入一個強大的競爭對手的手中，所以——這對我們來說只是正常的業務。

Yeah. And last one for me, I'm just wondering if you could comment on how the marketing conditions have evolved since your last update, and maybe if you can provide any update to the frac spread hedge book for 2026.

是的。對我來說最後一個問題是，我只是想知道您是否可以評論一下自上次更新以來行銷條件是如何演變的，也許您可以提供 2026 年壓裂價差對沖帳簿的任何更新。

Hey Rob, it's Cam here. I'll take that. So I guess what I would say is that the frac spread hedge book is substantially on -- excuse me, the marketing plan is substantially on plan. If you look at where we are on the NGL side, it's tracking very close to budget. If you look at propane prices and gas prices, they kind of bounced around and frankly that's in spite of a ton of variability and a ton of volatility.

嘿，羅布，我是卡姆。我會接受的。所以我想我要說的是，壓裂價差對沖帳簿基本上是按計劃進行的——對不起，行銷計劃基本上是按計劃進行的。如果你看一下我們在 NGL 方面的情況，你會發現它與預算非常接近。如果你看一下丙烷價格和天然氣價格，你會發現它們有點波動，坦白說，儘管存在大量變化和波動性。

In Chicago, obviously that gap has been a little bit stronger, which has obviously been net positive for Alliance and obviously a bit of a headwind for Aus Sable, but sort of net. And I think what we have observed is that the crude oil complex has clearly been highly variable. We're likely seeing, somewhat more modest storage opportunities, albeit recognizing that's, a relatively small piece of the marketing book. But I think if you take my comments and the guidance update, together, we're sort of talking at the margin.

在芝加哥，顯然這種差距更大了一點，這對 Alliance 來說顯然是淨利，而對 Aus Sable 來說顯然是一點逆風，但還算是淨利。我認為，我們所觀察到的是，原油綜合體顯然變化很大。我們可能會看到一些更適度的儲存機會，儘管我們認識到這只是行銷書籍中相對較小的一部分。但我認為，如果你把我的評論和指導更新放在一起，我們就是在進行邊際討論。

Differentials have obviously been a little bit narrower than they were in the fall, so all those pieces together, I'd say we're very close to where we were, maybe just slightly lower than budget time, but clearly I think what we do see as tailwinds is -- I think if you went back three, six months, we were looking at a stronger eco strip as we got into the fourth quarter of this year and obviously we've observed that as months have ticked by here even following the startup of LNG Canada, obviously there's still quite a bit of storage to work through on the Canadian gas side, and so that strength has been pushed out, that is obviously in the near term support of our NGL business.

差異顯然比秋季要小一些，所以所有這些因素加在一起，我想說我們非常接近原來的水平，可能只是略低於預算時間，但顯然我認為我們所看到的順風是 - 我認為如果你回顧三個月或六個月，我們進入今年第四季度時看到了一個更強勁的生態地帶，顯然我們已經觀察到，即使在 LNG Canada啟動之後，隨著時間的推移，加拿大天然氣方面顯然還有相當多的儲存空間需要利用，因此這種優勢被推了出來，這顯然會在短期內支持我們的 NGL 業務。

As far as the 2026 outlook for hedges, you'll remember that about two or three years ago, we went to a more dynamic hedging strategy which effectively involved, sort of looking at our own market knowledge, looking at the probabilistic outlook of where the business was and sort of right setting our hedge levels based on that.

就 2026 年對沖前景而言，您會記得，大約兩三年前，我們採用了一種更具活力的對沖策略，該策略實際上涉及到查看我們自己的市場知識，查看業務所處的概率前景，並根據此正確設置我們的對沖水平。

As we sit looking at 2026 at the moment, we're relatively modestly edged because, we see that the P levels sort of at or slightly below a P 50 level and so from that perspective we do see some constructiveness coming, I think particularly as I mentioned in the natural gas space and so we've really opted to defer our hedging probably a bit later than we have in the past because we do believe that there's some constructiveness to the market.

當我們現在展望 2026 年時，我們的優勢相對溫和，因為我們看到 P 水平處於或略低於 P 50 水平，因此從這個角度來看，我們確實看到了一些建設性因素即將出現，我想特別是正如我在天然氣領域提到的那樣，因此我們確實選擇推遲對沖，可能比過去晚一點，因為我們確實相信市場存在一些建設性因素。

Okay. Thanks for that update.

好的。感謝您的更新。

Ben Pham, BMO.

Ben Pham，BMO。

Hi, thanks. Good morning. First question on CRLNG, could you talk about your progress on the remarketing? It sounded like there was a qualitative positive tone on it early this year in terms of solidifying something you share progress going forward? Is it more over subscription versus the capacity and as a more narrow in terms of the conversations there?

你好，謝謝。早安.關於CRLNG的第一個問題，您能談談再行銷的進展嗎？聽起來今年年初在鞏固你們所分享的某些進展方面出現了一種積極的定性基調？就對話而言，它的認購量是否超過了容量，範圍是否更窄？

Hey, Ben it's Stu. The remarketing of our capacity, we're very pleased with the progress that we've made to date. We've engaged in multiple counterparties and through that process in time, we have continued to refine our discussions. We are exchanging agreements with counterparties at this point in time and looking to, as Scott already described, finalize definitive agreements in 2025.

嘿，本，我是斯圖。對於我們產能的重新行銷，我們對迄今為止的進展感到非常滿意。我們已經與多個交易對手進行了接觸，並透過這個過程不斷完善我們的討論。我們目前正在與交易對手交換協議，並希望如斯科特所描述的那樣，在 2025 年達成最終協議。

As far as the capacity, we've always had the intention of selling the capacity portion of it and are open to in considering selling the entire 1.5 NTBA and those conversations have began and again are part of what we expect to close at this point in time. Again, there remains tremendous interest in the capacity, and it's just the effort and details to get through some very large and complex discussions and agreements as we go forward. So we remain optimistic that we're going to arrive at something that works for us and for our customer.

就容量而言，我們一直有意出售其中的部分容量，並願意考慮出售整個 1.5 NTBA，這些對話已經開始，並且再次成為我們預計此時完成的一部分。再次強調，人們對這項能力仍然非常感興趣，我們只需要付出努力並完成一些非常龐大和複雜的討論和達成協議。因此，我們仍然樂觀地認為，我們將會找到對我們和我們的客戶都有益的方法。

Okay. Got it. May I switch over to the piece you reference, a seven year average contract length, and I just wanted to clarify those thinking you go back, your expansions 10 years ago you put in with 10 year ticket pay contracts. Can you clarify those contracts are probably expiring this year and next, you effectively have extended those contracts that there's no expiration that you're dealing with or renegotiating.

好的。知道了。我可以轉到您提到的部分，即七年的平均合約期限，我只是想澄清那些認為您回到過去的想法，您十年前就進行了擴張，並簽訂了十年的票務支付合約。您能否澄清一下，這些合約可能在今年和明年到期，您實際上已經延長了這些合同，而您正在處理或重新談判的合約並沒有到期。

Hi, Ben. Jaret here. You absolutely nailed it. So Scott mentioned we had about a million barrels on the total Peace Northern system -- on the conventional system at about 7.5 years. So yeah, a lot of those contract roll-offs have been extended with incremental barrels with our customers.

你好，本。這裡是 Jaret。你絕對成功了。史考特提到，和平北方系統總共擁有約 100 萬桶石油——傳統系統的使用期限約為 7.5 年。是的，很多合約的延期都透過與客戶的增量合約得到了延長。

And then just as a reminder, I mean that -- I say that's been a multi-year thing going all the way back, frankly to 2019, 2020 when we started talking about areas of dedication and extensions through that, some of the extensions we've done over the past three or four years. It's been an ongoing and regular process each year.

然後提醒一下，我的意思是——我說這是一個多年的事情，坦白說，可以追溯到 2019 年、2020 年，當時我們開始討論奉獻領域和擴展，其中一些擴展是我們在過去三四年裡做的。這是一個每年持續且有規律的過程。

Yeah, I understand. I'm just looking back what you've done, it's all pulling together now for me. It may may one last thing, some earlier questions around, some of the commentary on your stock and sentiment and stock down $10 bucks or so over a short period of time and then at what point do you actually start to maybe just push down growth CapEx and buy that stock instead.

是的，我明白。我只是回顧你所做的一切，現在對我來說一切都變得有意義了。可能還有最後一件事，一些先前的問題，一些關於你的股票和情緒的評論，以及股票在短時間內下跌 10 美元左右，那麼在什麼時候你實際上開始可能只是降低增長資本支出併購買該股票。

Well, Ben, I think as we think about this year's capital program and next year's capital program, they're largely committed in terms of advancing, FID projects like Cedar. A vast majority of next year's capital is Cedar Capital as well as pipeline capital signed agreements that require us to build and expand the pipeline.

嗯，本，我認為當我們考慮今年的資本計劃和明年的資本計劃時，他們在很大程度上致力於推進 Cedar 等 FID 項目。明年的資本絕大部分是雪松資本以及管道資本簽署的協議，要求我們建造和擴大管道。

So the majority of the capital is committed towards FID projects, but buying back stock versus growth capital is always, a constant debate amongst our team here and with our Board, but right now, as we've talked about capital dedicated to projects and the projects we are considering generally enhance our franchise, buying back stock is a nice economic outcome, but it doesn't necessarily enhance your franchise and enhance the service offerings that you can provide to your customers.

因此，大部分資金都用於 FID 項目，但回購股票還是成長資本始終是我們團隊和董事會之間不斷爭論的問題，但現在，正如我們討論過的用於項目的資本以及我們正在考慮的項目通常會增強我們的特許經營權，回購股票是一個很好的經濟結果，但它並不一定能增強您的特許經營權，也不一定會增強您可以為客戶提供的服務。

So it's always a balance and of course as stock prices go down, it increases the discussion as it relates to buybacks. But right now for this year and next year the capital program is essentially locked down for existing projects.

因此，這始終是一個平衡問題，當然，隨著股價下跌，有關回購的討論也會增加。但目前，今年和明年的資本計畫基本上已經鎖定在現有項目上。

Okay, got it. Thank you.

好的，明白了。謝謝。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Hi, good morning.

嗨，早安。

Hey Jeremy.

嘿，傑里米。

I just wanted to pick up with the AltaGas agreement there. I was wondering if you might be able to expand a bit more on the go forward I guess LPG export strategy and do you see kind of, more partnerships going forward versus growth projects to expand your capabilities. I just wondering if you could talk a little bit more there on the thought process and what we could expect going forward.

我只是想了解那裡的 AltaGas 協議。我想知道您是否可以在未來的液化石油氣出口策略上進一步擴大規模，您是否認為未來會有更多的合作夥伴關係而不是成長項目來擴大您的能力。我只是想知道您是否可以再多談談您的思考過程以及我們對未來的期望。

Well, I think for now we're happy with the two announcements that we made today, obviously the AltaGas 30,000 barrels a day incremental contract and the investment in our own facility to optimize. For us right now, I think getting the MGCs up and running and advancing that project is a big focus. Like any asset, we will continue to look to optimize that facility. As Cam pointed out earlier, the MGCs are an optimization of that facility and as we get closer to in service of that, we will again look to optimize that whether it's lowering -- continuing to lower the cost of that or potentially optimizing shipping and rail which could increase capacity.

嗯，我認為目前我們對今天宣布的兩項消息感到滿意，顯然是 AltaGas 每天 30,000 桶的增量合約和對我們自己設施的優化投資。對我們來說，目前，我認為啟動和運行 MGC 並推進該專案是一個重點。與任何資產一樣，我們將繼續尋求優化該設施。正如 Cam 之前指出的那樣，MGC 是對該設施的優化，隨著我們越來越接近為其提供服務，我們將再次尋求優化，無論是降低 - 繼續降低成本還是潛在地優化航運和鐵路，從而可以提高運力。

So optimizations remain key and then augmented with our AltaGas agreement, we're pretty satisfied. Now that being said, if you listen to our comments around volume growth and pipeline growth, we continue to the growth in the NGL space and as those NGL volumes grow towards the end of the decade, we will continue to assess where the optimal market is for those barrels.

因此優化仍然是關鍵，再加上我們的 AltaGas 協議，我們非常滿意。話雖如此，如果您聽聽我們關於產量成長和管道成長的評論，我們會繼續在 NGL 領域成長，並且隨著 NGL 產量在本世紀末增長，我們將繼續評估這些原油的最佳市場在哪裡。

And as Jaret pointed out, it's always good to have optionality in any product in any marketing because while arbs are open right now, we know that arbs aren't always open and so we will, look to continue to build out our assets in Fort Saskatchewan. And as we secure more barrels, we will look to where the optimal markets are, and that could be further barrels off the West Coast or it could be to other markets depending on the time and where the markets are open at that time.

正如 Jaret 指出的那樣，在任何行銷中，任何產品都應具有選擇性，因為雖然套利現在是開放的，但我們知道套利並不總是開放的，因此我們將繼續在薩斯喀徹溫堡擴大我們的資產。隨著我們獲得更多的石油，我們將尋找最佳市場，這可能是西海岸的更多石油，也可能是其他市場，這取決於當時市場開放的時間和地點。

Got it. That's helpful. Thank you. And just want to pivot towards Project Greenlight if I could, and sound like there's good, I guess commercial progress there. I was wondering if you could provide maybe a little bit more color on how that's coming together, I guess, when you could see more signings or getting closer to visibility and one FID could be possible.

知道了。這很有幫助。謝謝。如果可以的話，我只想轉向 Project Greenlight，聽起來那裡有不錯的商業進展。我想知道您是否可以提供更多關於這一切進展的詳細信息，我想，當您看到更多簽約或越來越接近可見性並且一個 FID 成為可能時。

Thanks. It's due again. As you stated, I think we've made tremendous progress on the green light project with our partner Kineticor. We worked hard as a team and a group to successfully advance through Phase 1 of the ASO allocation process and with subsequent commercial efforts, the project was able to sufficiently secure a mega wide allocation that will allow you a viable scale that the project can move forward.

謝謝。又到了該到期的時候了。正如您所說，我認為我們與合作夥伴 Kineticor 在綠燈專案上取得了巨大進展。我們作為一個團隊和一個小組努力工作，成功推進了 ASO 分配過程的第一階段，並透過後續的商業努力，該專案能夠充分確保超大範圍的分配，這將為您提供可行的規模，使專案能夠向前推進。

That was very exciting for us. That allocation of megawatt off the grid is a stopgap measure until we can get, our facility built the power generation facility. We're taking all the steps necessary to progress in all of the elements such that our project could be in service in 2029, and so we're very excited about that and, we're working with -- commercially working with the offtake of that power. They would be in service. The data center itself would be in service in '27, consuming that grid power that I just talked about and then switching over to the generated power from our site.

這對我們來說非常令人興奮。在我們能夠建造發電設施之前，從電網分配兆瓦電力只是權宜之計。我們正在採取一切必要措施，推動各項工作取得進展，使我們的專案能夠在 2029 年投入使用，我們對此感到非常興奮，並且我們正在進行商業合作，利用這種能源。他們將服役。資料中心本身將在 27 年投入使用，消耗我剛才提到的電網電力，然後切換到我們站點產生的電力。

We're having very good conversations with commercially and are expecting to further those through the remaining part of 2025 and are excited about the progress that's been made.

我們正在進行非常良好的商業對話，並期望在 2025 年剩餘時間內進一步推進這些對話，並對已經取得的進展感到興奮。

And Jeremy, I'll just maybe add that with our Alliance press release kind of there late in July with the settlement, we also talked about the expression of interest to expand Alliance kind of that interprovincial short haul and the interest there that would obviously, feed a lot of the gas that would go into Project Greenlight. So the interest there is extremely high. So yeah, it's all coming together.

傑里米，我可能還會補充一點，我們在 7 月下旬的 Alliance 新聞稿中談到了達成和解，我們還談到了擴大 Alliance 跨省短途運輸的興趣，這顯然會為“綠燈計劃”提供大量天然氣。因此那裡的興趣非常高。是的，一切都整合在一起了。

Got it, thanks for that. And just the last one if I could with regards to Cedar, if you could provide maybe a little bit more color with regards to commercial discussions there as we approach in service how I guess that impacts the tone of those conversations.

明白了，謝謝。關於 Cedar，最後一個問題，如果您可以提供更多關於商業討論的細節，那麼我們在提供服務時會如何進行，我猜這會對這些對話的基調產生影響。

Yeah. I think from where we were a year ago, we are FID, which is obviously a key milestone. We're a year closer to in service and the project's real. I mean, if we were -- as I talked about with the steel cutting has happened, we were up in Kitimat last week and the progress along the terminal. The right of way is tremendous, so that's garnered real interest from multiple counterparties, which has led to a broader process and, as Stu mentioned, we've seen significant interest and we're very optimistic about getting these deals done here in the next quarter or two.

是的。我認為從一年前的情況來看，我們已經完成了最終決定，這顯然是一個重要的里程碑。我們距離投入使用還有一年的時間，而且該計畫已經正式啟動。我的意思是，如果我們——正如我所說的鋼材切割已經發生，我們上週在基蒂馬特，並且沿著碼頭取得了進展。通行權非常重要，因此引起了多個交易對手的真正興趣，從而導致了更廣泛的流程，正如斯圖提到的，我們看到了濃厚的興趣，我們對在未來一兩個季度內完成這些交易非常樂觀。

Got it. Sounds great. Thank you.

知道了。聽起來很棒。謝謝。

Patrick Kenny, National Bank Financial.

派崔克肯尼，國家銀行金融。

Thank you. Good morning. Just on PGI, on the back of these most recent tuck-ins. I was just wondering if perhaps you could provide a bit more color on what the opportunity set looks like, what else you're seeing out there in terms of low-hanging fruit consolidation or investment opportunities that you can add to the portfolio, what type of assets or resource plays across the basin look most interesting?

謝謝。早安.就在 PGI 上，在這些最新的美食背後。我只是想知道您是否可以提供更多關於機會集的細節，您還看到了哪些可以添加到投資組合中的唾手可得的整合或投資機會，盆地中哪些類型的資產或資源遊戲看起來最有趣？

And also on the back of that, if you had an update on what the remaining internal funding capacity of the JV looks like going forward, that would be great. Thanks.

此外，如果您能透露合資公司未來剩餘內部融資能力的最新情況，那就太好了。謝謝。

Morning, Pat. Yeah. So obviously, when we created PGI, there was obviously some like having CAGR as a partner and they've been a great partner. It's been a tremendous outcome. That business is growing tremendously and it continues. It seems like quarter-over-quarter Chris and his team are pumping out new integrated deals feeding Pembina's value chain.

早上好，帕特。是的。因此，顯然，當我們創建 PGI 時，顯然有人喜歡將 CAGR 作為合作夥伴，而且他們一直是我們很棒的合作夥伴。這是一個巨大的成果。該業務正在迅速發展，並且將繼續成長。看起來，克里斯和他的團隊每季都在推出新的綜合交易，為 Pembina 的價值鏈提供動力。

Their strategy really is to focus on, number one, high-quality resource focus on liquid-rich resource that's going to feed the Peace Pipeline and into the fractionation complex, et cetera. focused obviously on customers who typically don't build their own processing infrastructure and batteries and those types of things.

他們的策略實際上是首先關注高品質的資源，關注將為和平管道和分餾綜合設施等提供原料的富含液體的資源。顯然，他們的戰略重點是那些通常不會自行建造處理基礎設施和電池等設備的客戶。

So there's a lot of opportunities out there. Some recent acquisitions, some lands have changed hands and those types of things. there's opportunities out there to build new greenfield. But there's a lot of opportunities for us to expand our existing footprint like we're doing work at K3 right now, Wapiti expansion. We did a small expansion at our high complex.

所以還有很多機會。最近有一些收購，一些土地已經易手，諸如此類的事情。那裡有機會建造新的綠地。但是我們有很多機會擴大現有的足跡，就像我們現在在 K3 所做的工作，Wapiti 擴張。我們對我們的高層建築進行了小規模的擴建。

Like so there's a lot of brownfield opportunities, specifically in the sour gas space. That's obviously where Western Canada is ultimately constrained is our guest processing, and we have a lot of it, a big portfolio of it and extensive pipelines that interconnect a lot of that. So those are kind of the brownfield, greenfield short opportunities.

因此，有許多棕地機會，特別是在酸性氣體領域。顯然，加拿大西部最終受到限制的是我們的客戶處理，我們擁有大量的客戶處理業務、龐大的客戶組合以及將其中許多業務相互連接的廣泛管道。所以這些都是棕地、綠地的短期機會。

With respect to targets or acquisitions, I can't really speak to that. Obviously, I'd have to have CAGR backing to speak to anything like that. But -- we're always looking like we are here at Pembina. And if it's the right opportunity presents itself, we'll be on it. And maybe I'll let Cam talk to financing.

至於目標或收購，我實在無法談。顯然，我必須有 CAGR 支援才能談論這樣的事情。但是——我們看起來總是像在彭比納 (Pembina) 一樣。如果有合適的機會，我們就會抓住。也許我會讓 Cam 談談融資問題。

Pat, just with respect to funding capacity, I think, obviously, what we've seen is that, that JV has been funded with a very supportive credit -- bank credit market to date, and obviously, consistent contributions from both of the partners I would say that we've got some existing liquidity under the existing arrangements to the tune of a few hundred million dollars on the kind of the existing credit stack. We've also got an accordion facility there, which could provide another few hundred million dollars on top of that.

帕特，就融資能力而言，我認為，顯然，我們看到的是，合資企業迄今為止一直得到非常有利的信貸——銀行信貸市場，而且顯然，雙方合作夥伴都做出了持續的貢獻，我想說，在現有安排下，我們在現有信貸堆棧上擁有一些現有的流動資金，金額達幾億美元。我們在那裡還有一個手風琴設施，可以再提供幾億美元的資金。

And obviously, there's always other opportunities to look at various markets. So I don't see funding capacity being constrained for PGI in the near term. Clearly, I think that JV has done exactly what it was intended to do and performance from it has been very solid across the board, and so continue to have strong access to capital to execute the strategy.

顯然，總有其他機會可以觀察不同的市場。因此我認為短期內 PGI 的融資能力不會受到限制。顯然，我認為 JV 已經完全完成了它的預期目標，並且其整體表現非常穩健，因此可以繼續獲得強大的資本來執行該策略。

And then I guess, zooming out on a consolidated basis, just looking at the upsized capital budget for the year might be a bit early here. I appreciate you give us a sense as to how you're thinking about 2026. But just wondering, given all the potential projects that are still in the queue, Cam, if you had a sense as to what your internal funding capacity might look like coming out of 2025 based on -- now that you've firmed up your financial guidance for the year, where do you see the balance sheet exiting the year and based on run rate free cash flow.

然後我想，從合併的角度來看，光是查看今年增加的資本預算可能有點早。我很感激您讓我們了解您對 2026 年的看法。但我只是想知道，考慮到所有仍在排隊的潛在項目，Cam，您是否知道到 2025 年，您的內部融資能力會是什麼樣子——現在您已經確定了今年的財務指導，您認為今年的資產負債表將如何，以及基於運行率自由現金流。

Yeah, sure. It's a great question. So first of all, I mean, I guess, a reminder that we've been pretty clear and be consistent over time around our target leverage and our -- I guess, our financial theory or our financial orientation, which has always been around strong BBB rating. And ultimately, looking at targeted proportionally consolidated debt to EBITDA kind of in that 3.5 times to 4 times. Obviously, we've had the official range kind of up to 4.25%.

是的，當然。這是一個很好的問題。所以首先，我想提醒一下，我們已經非常清楚並且一致地圍繞著我們的目標槓桿率和我們的財務理論或財務方向，而我們的財務理論或財務方向一直圍繞著強大的 BBB 評級。最終，目標比例合併債務與 EBITDA 比率約為 3.5 倍至 4 倍。顯然，我們的官方範圍已經達到 4.25%。

And that's really meant to capture frankly, situations that we're in right now. And I think what I speak to when I say that is, obviously, we're in the middle of a four year build project with Cedar LNG and something that is accruing debt each year but with no positive EBITDA contribution until late 2028. And so obviously, that shows up in the leverage metrics. It'd be wrong to disregard that entirely. And so as you'd see our leverage metrics sort of notch up a little bit into 2026.

坦白說，這確實是為了捕捉我們現在所處的情況。我認為我這樣說的意思是，顯然，我們正處於與 Cedar LNG 合作的四年建設項目中，而且該項目每年都在累積債務，但直到 2028 年底才會產生正的 EBITDA 貢獻。顯然，這體現在槓桿指標中。完全忽視這一點是錯誤的。因此，如您所見，我們的槓桿指標到 2026 年會略有上升。

It's really as a function of that. If you start to back that out, we're really comfortable in the leverage range of where we are and really square within that target range. As for what the funding looks like, I would say, obviously, I mentioned earlier that we've got a bit of free cash flow this year, a modest amount based on our current forecast. Next year, we probably are slightly the other way. We're probably modestly in a deficit position.

它確實是一個功能。如果你開始退出，我們對目前的槓桿範圍感到非常滿意，並且確實在目標範圍內。至於資金狀況如何，我想說，顯然，我之前提到過，今年我們有一點自由現金流，根據我們目前的預測，這個金額不算大。明年，我們可能會稍微改變一下方向。我們可能處於輕微的赤字狀態。

But on a multiyear basis, I think we are free cash flow neutral to slightly positive based on a three year range that we disclosed back at Investor Day last year. And so that continues to afford us a strong position, I think, as we've talked about and the ability to sort of still seize opportunities if and when they come about because of our strong financial position.

但從多年期來看，根據我們去年投資者日披露的三年範圍，我認為我們的自由現金流是中性到略微正值的。因此，我認為，正如我們所討論的，這將繼續為我們帶來強大的地位，並且由於我們強大的財務狀況，我們仍然有能力抓住機會。

Okay. That's great, Cam and Jaret. Appreciate the color on PGI. Thanks.

好的。太棒了，Cam 和 Jaret。欣賞 PGI 上的色彩。謝謝。

Theresa Chen , Barclays.

巴克萊銀行的 Theresa Chen。

Thank you. As a follow-up to the discussion, the competitive dynamics earlier, given that it does seem to be intensifying whether that be from traditional midstream players or your customers taking some of these midstream activities in-house. In addition to the level of contracting that you have across your portfolio and the 7.5 year -- comment, how do you compared to alternative options whether that be the competing pipeline system across your refund or different mode of transportation to the BC West Coast for export. Can you help us think about the composition of the relative economic alternatives from a customers' perspective and how your assets stack up?

謝謝。作為討論的後續，鑑於競爭動態似乎確實在加劇，無論是來自傳統的中游參與者還是來自將部分中游活動轉移到內部的客戶。除了您在投資組合中所簽訂的合約水準和 7.5 年期限之外，您如何與其他選擇進行比較，無論是跨退款的競爭管道系統還是到 BC 西海岸出口的不同運輸方式。您能否幫助我們從客戶的角度思考相對經濟替代方案的組成以及您的資產如何累積？

Yeah, Theresa, it's Cam here. I'll maybe start out. I think a couple of points. One point that we continue to reinforce is capital execution.

是的，特蕾莎，我是卡姆。我可能要開始了。我認為有幾點。我們不斷強調的一點是資本執行。

And really why that's relevant is we think that capital execution from Pembina's perspective is a strategic advantage. We see ourselves on a dollar per unit basis of capacity, whether it's in the pipeline or the frac sector being more additive than our direct center. We obviously gave a stat on the frac space. That's really observable. We've looked at other stats for comparable pipeline projects and believe the same sort of directional magnitude is also true. And so we sit there and look out and say, over the long term, we're in a very strong position to be able to compete and continue to offer competitive fees.

這之所以重要，是因為我們認為從 Pembina 的角度來看，資本執行是一種策略優勢。我們認為，以每單位產能計算，無論是在管道還是壓裂領域，其附加價值都比我們的直接中心更高。我們顯然給出了分數空間的統計數據。這確實值得觀察。我們研究了其他類似管道項目的統計數據，並相信同樣的方向性幅度也是正確的。因此，我們坐在那裡向外看，並說從長遠來看，我們處於非常有利的競爭地位，能夠繼續提供有競爭力的費用。

I think the advantage or the dynamic is that all of our tools are posted on our website for our customers and our competitors see. We don't have the same specific visibility there. with our competitors. I think, obviously, we get into conversations with our customers and are looking to provide the most efficient tools. But from our experience contracting over the past three years, we have a sense that we are as equally competitive and obviously, have the advantage of being an incumbent and all the connectivity and capital that exists today to serve our customers. And ultimately, we think that gives us an advantage.

我認為優勢或動態在於，我們所有的工具都發佈在我們的網站上，供我們的客戶和競爭對手查看。我們與競爭對手在那裡沒有同樣具體的知名度。我認為，顯然，我們會與客戶進行對話，並希望提供最有效的工具。但從過去三年的承包經驗來看，我們感覺我們具有同等的競爭力，而且顯然，我們擁有作為現有企業的優勢，以及現有所有連接和資本來服務我們的客戶。最終，我們認為這會為我們帶來優勢。

And just further to that, good morning, it's Jarrett. I think we talked about -- Cam talked a lot about capital tools. When you're moving a very large number of physical barrels, our customers are very focused on operating costs. So our operating costs amortized over a large denominator, obviously is a bit of a competitive advantage for Pembina. Also the upstream connectivity when you're moving roughly -- when we got roughly 1 million barrels under contract, you have a lot of existing assets that are already connected to Pembina's infrastructure and to, obviously, some assets are duly connected today and everyone knows that.

另外，早安，我是賈瑞特。我想我們談過——卡姆談論了很多關於資本工具的事情。當您運送大量實體桶時，我們的客戶非常關注營運成本。因此，我們的營運成本攤銷在一個很大的分母上，這顯然對 Pembina 來說是一個競爭優勢。此外，當您大致移動時，上游連接也是如此 - 當我們簽訂了大約 100 萬桶的合約時，您擁有許多現有資產，這些資產已經連接到 Pembina 的基礎設施，並且顯然，一些資產今天已經正確連接，每個人都知道這一點。

And then some assets are the proximity to alternatives are extremely close. Some of them aren't. So the capital that's required, that's obviously, incremental capital from the customers to connect into those pipes. And then when you think about downstream connectivity, we've been fairly public about this, that our pipelines connect into multiple condensate delivery points, multiple fractionators, et cetera, et cetera. And the alternatives don't necessarily do that.

有些資產與替代品的接近程度非常接近。有些則不然。因此，所需的資本顯然是來自客戶連接這些管道的增量資本。然後，當您考慮下游連接時，我們已經相當公開地表示，我們的管道連接到多個冷凝物輸送點、多個分餾塔等等。而替代方案並不一定能做到這一點。

So it doesn't provide the customer's redundancy. And as you think about LNG growing and that gas needing to flow every day to LNG, you need your liquids to be able to flow. So the redundancy of having a full suite of diversified pipelines like Pembina has and then the redundancy that all of our pipelines connect into multiple receipt points in the Edmonton of Fort Saskatchewan market. It provides those customers that redundancy to make sure that, that gas can flow every day. And to keep obviously their cash flow streams going.

因此它不為客戶提供冗餘。當您考慮到液化天然氣的增長以及氣體每天需要流向液化天然氣時，您就需要液體能夠流動。因此，擁有像 Pembina 這樣的全套多樣化管道存在冗餘，而我們所有的管道都連接到埃德蒙頓和薩斯喀徹溫堡市場的多個接收點，也存在冗餘。它為這些客戶提供冗餘以確保天然氣能夠每天流動。顯然，這是為了保持他們的現金流暢。

And then just the torque we have on the size and scale of our infrastructure, the optimization we can do with respect to adding a pump station and/or just optimization through technology on pushing the limits of our assets can provide some pretty high-margin and needed space for our customers

然後，僅憑我們在基礎設施規模和規模上所擁有的扭矩，我們在增加泵站方面可以做的優化，以及/或者僅僅通過技術來優化我們的資產極限，就可以為我們的客戶提供相當高的利潤和所需的空間

Thank you for that detailed answer. Turning to the regulatory front. As Canada sits at an inflection point of reshaping its energy strategy, maybe for decades to come, and given that Pembina has a front row seat here. Can you tell us about the progress you're observing either at the federal or provincial level?

感謝您的詳細回答。轉向監管方面。加拿大正處於重塑能源戰略的轉折點，或許在未來幾十年內，Pembina 在這方面佔據先機。您能告訴我們您在聯邦或省級層級觀察到的進展嗎？

Obviously, the words coming out of Ottawa and the provinces are generally optimistic around future energy growth. To me, one of the challenges that as an industry we face is due to the regulatory and political environment for the last decade. There hasn't necessarily been a significant amount of say, Greenfield Projects being engineered to go to the West Coast.

顯然，渥太華和各省對未來能源成長普遍持樂觀態度。對我來說，我們行業面臨的挑戰之一是過去十年的監管和政治環境。對於計劃在西海岸建設的綠地項目，人們並沒有給予太多的關注。

So we're kind of starting from scratch. But I think what we're hearing from the government is relative support for industry to start to assess some of those situations. We continue to believe incremental LNG is going to be needed off the West Coast and that, that is a very logical outcome. As it relates to the discussion around crude oil pipeline, it's interesting to talk about a pipeline, but if you still have an emissions cap at a tanker ban that obviously is a huge impediment to a new oil pipeline.

所以我們是從零開始。但我認為，我們從政府那裡聽到的是，政府對產業開始評估其中一些情況給予了相對支持。我們仍然相信西海岸將需要增加液化天然氣，這是一個非常合乎邏輯的結果。就原油管道的討論而言，談論管道很有趣，但如果在油輪禁令中仍然設有排放上限，那麼這顯然會對新石油管道造成巨大阻礙。

So there's certainly lots of things that need to be worked through but we are positive in terms of what we're hearing and what we're seeing in the reach out the industry. I just think it's complicated and it's going to take some time to work through the system.

因此，肯定有很多事情需要解決，但就我們所聽到的和我們所看到的行業情況而言，我們持積極態度。我只是認為它很複雜，需要花一些時間才能完成整個系統。

Thank you.

謝謝。

Rob Hope, Scotiabank.

羅伯霍普（Rob Hope），加拿大豐業銀行。

Morning, everyone. Just one for me. The MD&A specifically referenced the supply agreement for Dow is mutually binding. How have the discussions on the supply agreement changed just given the recent commentary from Dow and the delay there? And is it the expectation that the agreement will come into effect regardless of when the crack rector service?

大家早安。對我來說只有一個。MD&A 特別提到，陶氏的供應協議具有相互約束力。鑑於陶氏最近的評論和延遲，有關供應協議的討論有何變化？無論破解校長服務何時開始，是否都期望協議生效？

Sorry, Robert, did you say B discussions?

抱歉，羅伯特，您說的是 B 討論嗎？

The discussions.

討論。

The discussion, sorry. I think, obviously, we've been working very closely with Dow on that. And obviously, there analyzing the project and ultimately sort of rightsizing the spend profile. What I would say is that we had a tour of our Redwater asset in July. And I think the group there sort of wet past the work site.

討論，抱歉。我認為，顯然我們一直在與陶氏就此進行密切合作。顯然，他們會對專案進行分析，並最終調整支出結構。我想說的是，我們在七月參觀了我們的 Redwater 資產。我認為那裡的團隊已經通過了工作現場。

And I think speaking for most of those people, they were very pleasantly surprised to see the amount of activity that was still ongoing at that site. Not speaking for Dow, but it was clear that there was a ton of activity still ongoing. I think you're correct in the words chosen, there's a mutually binding supply agreement there that with an agreement on our part to sell and on their part to buy 50,000 barrels a day of ethane. It's pretty clear.

我想，對於大多數人來說，看到該地點仍在進行的活動量，他們感到非常驚訝。我並不代表陶氏發言，但顯然仍有大量活動正在進行中。我認為您所選的措辭是正確的，那裡有一個相互約束的供應協議，其中我們同意每天向他們出售 50,000 桶乙烷，他們同意每天購買 50,000 桶乙烷。非常清楚。

Thank you.

謝謝。

Sumantra Banerjee, UBS.

瑞銀的 Sumantra Banerjee。

Hi, thank you for taking my question. Just one from me. So another one related to organization in Greenlight. If you're looking at any other opportunities, would you like to do them more similar to a partnership as you would with Greenlight, just more detail on potential future opportunities?

你好，謝謝你回答我的問題。我只有一個。另一個與 Greenlight 中的組織有關。如果您正在尋找其他機會，您是否希望將它們做得更類似於與 Greenlight 的合作關係，並更詳細地說明未來的潛在機會？

I'm sorry, could you repeat the question? We had a hard time hearing.

抱歉，您能重複這個問題嗎？我們聽不清楚。

Actually, we just didn't hear the first part of the question. Apologies.

實際上，我們只是沒有聽到問題的第一部分。抱歉。

Okay, all good. Yeah. So I just wanted to ask about potential future power generation opportunities. And if you'd follow a similar strategy with partnerships such as Greenlight or any other details that you could provide?

好的，一切都很好。是的。所以我只是想詢問未來潛在的發電機會。您是否會與 Greenlight 等合作夥伴採取類似的策略，或者您能提供其他詳細資訊嗎？

Yeah. I think for now, we're not focused on future power opportunities. We're really happy with our JV with Connecticor and really focused on getting this potential data center opportunity up and build if we are successful in the FID, we've talked about this being multiple phases and a significant amount of capital and therefore, solely focused on this as it stands today.

是的。我認為目前我們還沒有把重點放在未來的電力機會。我們對與 Connecticor 的合資企業感到非常滿意，並且真正專注於獲得這個潛在的數據中心機會，如果我們在 FID 中取得成功，我們將進行建設，我們已經討論過這將分為多個階段並需要大量資金，因此，我們目前只專注於此。

And just as a reminder, I mean, the rationale for this specific project was obviously the integration with all of the other elements of our business, the location of it, the fact that it's based around our Fort Saskatchewan land position, the opportunity to enable a CO2 solution, the opportunity to enable gas egress on both our processing business and hopefully, Alliance. So this was a really sort of hand and glove kind of opportunity for Pembina, which is why we thought it was interesting to pursue.

提醒一下，我的意思是，這個特定項目的理由顯然是與我們業務的所有其他要素相整合，它的位置，它基於我們的薩斯喀徹溫堡土地位置的事實，實現二氧化碳解決方案的機會，實現我們的加工業務和聯盟的氣體出口的機會。所以這對 Pembina 來說確實是一種親密無間的機會，這也是我們認為值得追求的原因。

Got it. Thank you so much. I'll turn it over.

知道了。太感謝了。我把它翻過來。

Praneeth Satish, Wells Fargo.

富國銀行的 Praneeth Satish。

Thanks. Good morning. I guess you kind of touched on this, but I just want to put a pin on it, I guess. So as we bridge from 2025 to 2026 EBITDA, maybe if you can just frame the moving pieces. So I guess on the -- you did give the guidance at the Analyst Day, but we now have the alliance rate case, maybe something on the U.S. side. maybe being a tad weaker, but then on the tailwinds, you've got a bunch of new projects, mid-single-digit volume growth.

謝謝。早安.我猜你已經觸及了這一點，但我只是想對此做一個說明。因此，當我們從 2025 年過渡到 2026 年 EBITDA 時，也許您可以建立移動的部分。所以我想，您確實在分析師日給出了指導，但我們現在有了聯盟利率的情況，也許是美國方面的一些情況。可能稍微弱一點，但在順風方面，您有一堆新項目，中等個位數的銷量成長。

So I guess just kind of net-net, putting that together, should we expect positive EBITDA growth in 2026? Or is '26 more flattish and then the growth kind of resumes in '27?

因此，我想，綜合考慮這些因素，我們是否應該預期 2026 年 EBITDA 會達到正成長？還是 26 年會比較平穩，然後在 27 年恢復成長？

Yeah. Hey, Praneeth, it's Cam here. I guess what I'll sort of speak to is the guidance that we got out there today, which is obviously a fee-based guidance obviously, we would continue to see positive fee-based guidance -- or excuse me, positive fee-based growth into 2026. I think we would have -- we were trending very, very strongly on that. Obviously, the Alliance settlement is an unavoidable setback to that for 2026. And so we can't ignore that.

是的。嘿，Praneeth，我是 Cam。我想我要說的是我們今天得到的指導，這顯然是基於費用的指導，顯然，我們將繼續看到積極的基於費用的指導 - 或者對不起，到 2026 年將出現積極的基於費用的增長。我想我們會的——我們在這方面的趨勢非常非常強勁。顯然，聯盟的協議對於2026年的目標來說是一個不可避免的挫折。所以我們不能忽視這一點。

Outside of that, I think we're doing a tremendous amount of work, and we do see visible growth opportunities in the rest of the fee-based business. And the team, I can tell you, the focus of our team really started a few months ago until now has been on opportunities for 2026 and adding value and new opportunities. So we feel constructive about 2026 the marketing business will be what the marketing business will be. And I think I would point that despite the fact that it is commodity exposed or commodity-related business. The history of that business has been confined to a relatively narrow range over time.

除此之外，我認為我們正在做大量的工作，我們確實看到了其他收費業務中明顯的成長機會。我可以告訴你們，我們團隊的重點從幾個月前就開始了，直到現在一直放在 2026 年的機會以及增加價值和新的機會上。因此，我們對 2026 年的行銷業務充滿信心，行銷業務將會是如此。我認為我要指出的是，儘管這是商品相關的或與商品相關的業務。長期以來，該業務的歷史一直局限於相對狹窄的範圍內。

I mean, if you looked at the last few years, on an apples-to-apples basis, there's probably a couple of hundred million dollar range there in most years. So it will be what it will be, and we can probably get more pointed on that we get closer to setting our guidance towards the end of this year. But would point to the fact that we continue to reiterate our 4% to 6% fee-based EBITDA per share guidance through 2026 and are obviously working hard on that.

我的意思是，如果你回顧過去幾年的情況，從同類比較來看，大多數年份的損失可能都在幾億美元的範圍內。所以事情將會是這樣，我們可能會更明確地知道，我們將在今年年底前更接近制定指導方針。但需要指出的是，我們將繼續重申到 2026 年每股 4% 至 6% 的基於費用的 EBITDA 指導，並且顯然正在為此努力。

Got it. That's helpful. And then I know you kind of touched on this with the prior question on the Peace Phase 3 and Phase 4 contracts that expire soon. But can you give any more clarity, I guess, on how much of that capacity has been blended and extended. You gave the seven year average duration.

知道了。這很有幫助。然後我知道您在之前關於即將到期的和平階段 3 和階段 4 合約的問題中提到了這一點。但您能否更清楚地說明一下其中有多少產能被混合和擴展了？您給出了七年的平均持續時間。

And I think you said that a lot of it has. But maybe just can you get a little more granular? Have you recontracted over 50% at this point? Just trying to get a sense there. I know it's a competitive process. And then tied to that, I guess, on the Fox Creek-to-Namao expansion, are you looking to kind of blend and extend some more of those legacy contracts with that expansion?

我想您已經說過很多了。但也許您能更詳細地了解一下嗎？目前您重新簽訂的合約是否已超過 50%？只是想了解一下。我知道這是一個競爭的過程。然後與此相關，我想，在 Fox Creek 至 Namao 的擴建項目中，您是否希望將一些遺留合約與該擴建項目進行整合和延長？

Yeah, I'd say, first of all, Puneet, I mean you can obviously appreciate that is a -- it's a competitive market out there. I think, obviously, we've been pretty transparent for a lot of years on our disclosure. And so the fact that the weighted average life has extended from -- really from seven years a couple of years ago to 7.5 year today kind of just purely mathematically has to tell you that a meaningful portion of that has been recontracted.

是的，我想說，首先，Puneet，我的意思是你顯然可以意識到這是一個競爭激烈的市場。我認為，顯然，多年來我們的資訊揭露一直相當透明。因此，加權平均壽命實際上已經從幾年前的 7 年延長到今天的 7.5 年，從純粹的數學角度來看，這說明其中很大一部分已經重新縮短。

I would also remind you that contracts do not equal capacity that -- those two are independent, capacity came over time and obviously a big -- there was a swath of contracts that came with Phase 3. Subsequent to that, there have been debottlenecks, and we've been adding contracts over time. So to the earlier points, we continue to push that recontracting out over time based on our service offering.

我還要提醒你，合約並不等於產能——這兩者是獨立的，產能是隨著時間的推移而形成的，而且顯然很大——第三階段帶來了大量合約。此後，我們遇到了一些瓶頸，並且隨著時間的推移，我們一直在增加合約。因此，對於先前提到的幾點，我們會根據我們提供的服務，繼續逐步推進重新簽約。

And just to follow up on your last question on Fox and Namao specifically. Like if you take a look back and you look and you break down the entire suite of products that Pembina has, we obviously -- Scott referenced 1 million barrels, but that's broken out between crude, C2 plus, C3 plus, and C5 and as you probably are well aware, Pembina has a segregated system of bringing those products into the Edmonton and Fort Saskatchewan market.

我只是想跟進一下您關於 Fox 和 Namao 的最後一個問題。如果你回顧一下，看看並分解 Pembina 擁有的整個產品系列，我們顯然 - 斯科特提到了 100 萬桶，但它分為原油、C2 以上、C3 以上和 C5，你可能很清楚，Pembina 有一個獨立的系統將這些產品引入埃德蒙頓和薩斯喀徹溫堡市場。

So with the increased demand and with obviously increased coming at the system as part of that single-digit growth, mid-single-digit growth that we're seeing here in Western Canada, we're really seeing an uptick on the C3 plus volumes. And so the specific Fox and Namao like just if I just look into Northeast BC alone, we've seen material recontracting. We've seen -- we've been public about 3 large Montney producers.

因此，隨著需求的增加，以及系統顯著增加（我們在加拿大西部看到的個位數成長、中個位數成長），我們確實看到 C3 加量有所上升。因此，如果我只研究不列顛哥倫比亞省東北部，就會看到具體的 Fox 和 Namao 材料正在重新收縮。我們已經看到——我們已經公開了 3 家大型 Montney 生產商的資訊。

And I think one of the things you need to look at is the producers that we have under contract that we've been public about of those three , we've talked about Conoco and terminalling. But if you look into kind of go Edmonton West, we've been public about our previous Chevron -- CNRL [Kufek] 20-year area of dedication. I think through PGI, we've talked extensively about these long-term in fully integrated deals, and we've essentially captured a significant amount of the volatile oil Montney window and the very liquids-rich Montney oil, Montney windows.

我認為您需要關注的事情之一是我們已與三家公司簽訂合約的生產商，我們已經公開談論過康菲和終端業務。但如果你研究一下埃德蒙頓西部，我們已經公開了我們之前在雪佛龍——CNRL [Kufek] 20 年的奉獻精神。我認為透過 PGI，我們已經廣泛討論了這些長期的完全整合交易，並且我們基本上已經佔領了大量揮發性油蒙特尼窗口和富含液體的蒙特尼油、蒙特尼窗口。

So there's a lot of NGLs coming at us. And the reason I'm pointing that out is that when we see a constraint on a certain aspect of our system, that's where we need to deploy the capital. So that capital, there wouldn't be a blend and extend. These are -- these are new contracts that our customers are taking to get their C3 plus into Fort Saskatchewan. And so it wouldn't be like kind of a stand-alone project. It's in the need and necessity of customers' demand.

因此，有大量的 NGL 向我們湧來。我指出這一點的原因是，當我們看到系統某個方面受到限制時，我們需要在那裡部署資本。這樣資本就不會混合延伸。這些是我們的客戶為將他們的 C3 plus 運送到薩斯喀徹溫堡而簽訂的新合約。因此它不像是一個獨立的專案。這是客戶需求的需要和必要性。

That's helpful. Thank you.

這很有幫助。謝謝。

Thank you. There are no further questions at this time. I will now hand the call back to Scott Burrows for any closing remarks.

謝謝。目前沒有其他問題。現在我將把電話轉回給斯科特·伯羅斯 (Scott Burrows)，請他做最後發言。

Thank you for your time today. And as I said previously, I hope everybody has a great summer. Thanks, everyone.

感謝您今天抽出時間。正如我之前所說，我希望每個人都度過一個愉快的夏天。謝謝大家。

This concludes today's call.

今天的電話會議到此結束。