Pembina Pipeline Corp (PBA) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Pembina Pipeline Corporation Q3 2025 results conference call. (Operator Instructions) This call is being recorded on Friday, November 7, 2025. I would now like to turn the conference over to Dan Tucunel, VP of Capital Markets. Please go ahead.

女士們、先生們，早安，歡迎參加Pembina Pipeline Corporation 2025年第三季業績電話會議。（操作員指示）本次通話於2025年11月7日星期五進行錄音。現在我將把會議交給資本市場副總裁 Dan Tucunel 主持。請繼續。

Thank you, Danny. Good morning, everyone. Welcome to Pembina's conference call and webcast to review highlights from the third quarter of 2025. On the call today, we have Scott Burrows, President and CEO; and Cameron Goldade, Senior Vice President and Chief Financial Officer, along with other members of Pembina's leadership team.

謝謝你，丹尼。各位早安。歡迎參加 Pembina 的電話會議和網路直播，回顧 2025 年第三季的亮點。今天參加電話會議的有：總裁兼執行長 Scott Burrows，資深副總裁兼財務長 Cameron Goldade，以及 Pembina 領導團隊的其他成員。

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.

我想提醒各位，今天發表的一些評論可能具有前瞻性，並且是基於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存在風險和不確定性，這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's discussion and analysis dated November 6, 2025, for the period ended September 30, 2020, and as well as the press release Pembina issued yesterday. All 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GAAP指標。要了解有關這些前瞻性聲明和非 GAAP 指標的更多信息，請參閱公司管理層於 2025 年 11 月 6 日發布的截至 2020 年 9 月 30 日的討論和分析，以及 Pembina 昨天發布的新聞稿。所有資料均可在 pembina.com 網站以及 SEDAR+ 和 EDGAR 資料庫中取得。

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 third-quarter results, which were highlighted by quarterly adjusted EBITDA of $1.034 billion. We remain on track to deliver full-year results within our original 2025 adjusted EBITDA guidance range, and as Cameron will discuss in more detail, and as we are three quarters of the way through 2025, we have updated and narrowed our guidance range to $4.25 billion to $4.35 billion.

謝謝你，丹。昨天，我們公佈了第三季業績，其中季度調整後 EBITDA 為 10.34 億美元。我們仍有望實現全年業績，達到我們最初設定的 2025 年調整後 EBITDA 指導範圍。正如 Cameron 將要詳細討論的那樣，而且由於 2025 年已經過去了四分之三，我們已將指導範圍更新並縮小至 42.5 億美元至 43.5 億美元。

As we highlighted in the release yesterday, Pembina continues to execute its strategy through which we strive to do two things: one, ensure the long-term resilience of our business; and two, provide investors with visibility to attractive growth through the end of the decade and beyond. The execution of Pembina's strategy is highlighted by a number of recent developments.

正如我們在昨天發布的新聞稿中所強調的，Pembina 將繼續執行其策略，力求做到兩件事：一是確保我們業務的長期韌性；二是讓投資者看到到本十年末及以後的可觀增長。近期的一系列發展凸顯了Pembina策略的執行情況。

First, earlier this week, we were pleased to sign a 20-year agreement with Petronas for 1 million tons per annum of Pembina's liquefaction capacity at the Cedar LNG facility. Petronas is a global LNG industry leader and one of the largest gas producers in Canada. We are very excited to expand our relationship with them and see this as an important development in Pembina's ongoing expansion of its export business.

首先，在本週早些時候，我們很高興與馬來西亞國家石油公司 (Petronas) 簽署了一項為期 20 年的協議，Pembina 公司在 Cedar LNG 工廠每年可提供 100 萬噸液化天然氣產能。馬來西亞國家石油公司（Petronas）是全球液化天然氣產業的領導者，也是加拿大最大的天然氣生產商之一。我們非常高興能夠擴大與他們的關係，並認為這是Pembina不斷擴大出口業務的重要進展。

Pembina previously signed a 20-year take-or-pay liquefaction polling service agreement for 1.5 million tons per annum of LNG to support the final investment decision on cedar in June of 2024. And ultimately, maintain key project timing and economic parameters within the expectation of remarketing the capacity at a later stage.

Pembina 先前簽署了一項為期 20 年的照付不議液化核算服務協議，每年提供 150 萬噸液化天然氣，以支持 2024 年 6 月對雪鬆的最終投資決定。最終，要維持關鍵專案進度和經濟參數，以便日後重新出售產能。

By remarketing our cedar capacity, we are fulfilling Pembina's commitment to its financial guardrails and ensuring that the company's expansion into the LNG business is done within the risk profile of its existing business characterized by its predominantly long-term, highly contracted, fee-based cash flow stream. We expect to reach definitive agreements for the remaining 0.5 million tons of our capacity by the end of 2025.

透過重新銷售我們的雪松產能，我們正在履行 Pembina 對其財務保障措施的承諾，並確保公司向液化天然氣業務的擴張在其現有業務的風險狀況範圍內進行，其現有業務的特點是主要為長期、高度合約化、以費用為基礎的現金流。我們預計到 2025 年底，將就剩餘的 50 萬噸產能達成最終協議。

Meanwhile, the project itself remains on time and on budget. Construction of the floating LNG vessel, including the hull and topside facilities, remain on schedule and Cedar LNG has significantly advanced the onshore construction work. Pipeline construction is ahead of schedule, including the completion of all horizontal directional drill processing. This is a major achievement and derisk that portion of the project.

同時，該項目本身仍按時按預算完成。包括船體和上部設施在內的浮式液化天然氣船的建造工作仍在按計劃進行，Cedar LNG 已顯著推進了陸上建設工作。管道建​​造進度超前，包括所有水平定向鑽井加工的完成。這是一項重大成就，降低了專案該部分的風險。

Second, during the quarter, Pembina and its partner, Kineticor, had an exciting announcement on the advancement of the Greenlight Electricity Center, a proposed up to 1.8-gigawatt natural gas-fired power generation project designed to advance Alberta's innovation economy. Recent achievements include securing a 907-megawatt power grid allocation, which was subsequently assigned to a potential customer of Greenlight to enable development of the customers' innovation infrastructure development as early as 2027 prior to the startup of Greenlight in 2030.

其次，在本季度，Pembina 及其合作夥伴 Kineticor 就 Greenlight 電力中心的進展發布了一項令人興奮的公告。 Greenlight 電力中心是一個擬建的裝置容量高達 1.8 吉瓦的天然氣發電項目，旨在促進阿爾伯塔省的創新經濟發展。近期的成就包括獲得 907 兆瓦的電網配額，隨後將其分配給 Greenlight 的潛在客戶，以便在 Greenlight 於 2030 年啟動之前，最早於 2027 年實現客戶的創新基礎設施發展。

In addition, a recently signed agreement with a reputable equipment manufacturer provides certainty of availability and delivery timing of two turbines to support the approximately 900-megawatt first phase of Greenlight. Pembina and Kineticor continue to progress towards a final investment decision in the first half of 2026.

此外，最近與一家信譽良好的設備製造商簽署的協議，確保了兩台渦輪機的可用性和交付時間，以支援 Greenlight 專案約 900 兆瓦的第一階段。Pembina 和 Kineticor 繼續推進，預計 2026 年上半年做出最終投資決定。

We see Greenlight as an on-strategy extension of Pembina's existing value chain and an opportunity to enhance growth by investing in long-term contracted infrastructure with investment-grade counterparties while diversifying our customer base. Greenlight would create incremental demand for natural gas and associated liquids production within Western Canada, and we believe Pembina is well positioned to leverage the assets and capabilities of our current core business to further support the project and serve customer demand for gas egress and liquid handling and transportation. Most notably, the proximity of Pembina's Alliance Pipeline offers a potential accretive expansion opportunity to supply natural gas to green light.

我們認為 Greenlight 是 Pembina 現有價值鏈的策略性延伸，也是透過與投資等級交易對手投資長期合約基礎設施，同時實現客戶群多元化，從而促進成長的機會。Greenlight 項目將為加拿大西部地區的天然氣及相關液體生產創造增量需求，我們相信 Pembina 已做好充分準備，利用我們當前核心業務的資產和能力，進一步支持該項目，並滿足客戶對天然氣排放、液體處理和運輸的需求。最值得注意的是，Pembina 的 Alliance Pipeline 管道的鄰近性為天然氣供應提供了潛在的增值擴張機會，有望實現綠色許可。

Third, we continue to realize contracting successes that are strengthening the core business. In our Conventional Pipeline business, we now have re-contracted substantially all volumes available for renewal under contracts with expiry dates in 2025 and 2026. In addition to the previous updates, we have provided around various re-contracting successes.

第三，我們不斷取得承包方面的成功，這正在加強我們的核心業務。在我們的常規管道業務中，我們現在已經續簽了大部分在 2025 年和 2026 年到期的合約項下可續約的輸氣量。除了先前的更新之外，我們還提供了各種重新簽約的成功案例。

We recently signed new transportation agreements on the Peace Pipeline system for the renewal and addition of volumes totaling approximately 50,000 barrels per day with a weighted average term of approximately 10 years. Approximately 80% of the volumes are currently being serviced today and 20% of our new volumes take effect in 2026. Within our transmission business unit, recent shipper elections on Alliance Pipeline has significantly strengthened its long-term contractual profile with shippers taking an average of a 10-year toll option on approximately 96% of the 1.325 Bcf per day of firm capacity available.

我們最近簽署了和平管道系統的新運輸協議，以更新和增加總輸送量，每天約 50,000 桶，加權平均期限約為 10 年。目前約 80% 的業務量正在服務，20% 的新增業務量將於 2026 年生效。在我們輸氣業務部門，最近托運人對 Alliance Pipeline 的選擇顯著加強了其長期合約狀況，托運人平均對每天 13.25 億立方英尺的固定容量中的約 96% 選擇了 10 年的收費選擇權。

Fourth, we continue to deliver on our capital projects on time and on or under budget. In total, Pembina and Pembina Gas infrastructure are nearing completion on approximately $850 million of projects that are expected to enter service throughout the first half of 2026. RFS IV, the new frac made within our Redwater complex has progressed to approximately 75% complete. It continues to trend under budget and we have narrowed the expected in-service date to the second quarter of 2026.

第四，我們繼續按時、按預算或低於預算完成我們的資本項目。Pembina 和 Pembina Gas 的基礎設施總投資約 8.5 億美元，預計將於 2026 年上半年投入使用。我們 Redwater 綜合設施內新建的 RFS IV 壓裂作業已完成約 75%。此專案持續低於預算，我們已將預計投入使用日期提前至 2026 年第二季。

PGI's Wapiti Expansion, which will increase natural gas processing capacity at the Wapiti plant is trending on budget, and we have narrowed its in-service date to the first quarter of 2026. And PGI's K3 co-generation facility is now trending under budget and we have narrowed its in-service date to the first quarter of 2026.

PGI 的 Wapiti 擴建項目將提高 Wapiti 工廠的天然氣處理能力，目前該項目按預算進行，我們已將其投入使用日期確定為 2026 年第一季。PGI 的 K3 熱電聯產設施目前進展順利，低於預算，我們已將其投入使用日期提前至 2026 年第一季。

Finally, we are progressing numerous accretive investment opportunities to meet growing demand for pipeline and transportation services. Pembina is well advanced on the development of approximately $1 billion of conventional pipeline projects to enable WCSB growth and position Pembina to win new liquid transportation opportunities. These investments would be supported by a combination of long-term take-or-pay agreements, a cost-of-service structure, and the land and facility dedications.

最後，我們正在推動多項增值投資機會，以滿足日益增長的管道和運輸服務需求。Pembina 在開發價值約 10 億美元的常規管道項目方面取得了顯著進展，這將促進 WCSB 的發展，並使 Pembina 能夠贏得新的液體運輸機會。這些投資將透過長期照付不議協議、成本服務結構以及土地和設施捐贈等方式獲得支持。

Engineering activities are ongoing and subject to regulatory and board approval. Pembina expects to move forward with the Fox Creek-to-Namao Expansion of the Peace Pipeline system, a tailored Gordondale project, and a Birch-to-Taylor Northeast BC system expansion. As well, we continue to observe continued growth from the Clearwater area and strong customer demand for incremental services on the Nipisi pipeline. Following successfully re-contracting Nipisi over the last few years, Pembina expects it to be highly utilized in 2026 and is currently evaluating opportunities to increase egress capacity.

工程活動正在進行中，並須經監管機構和董事會批准。Pembina 預計將推進和平管道系統的 Fox Creek 至 Namao 擴建項目、量身定制的 Gordondale 項目以及 Birch 至 Taylor 的卑詩省東北部系統擴建項目。此外，我們持續觀察到克利爾沃特地區的持續成長，以及客戶對尼皮西管道增量服務的強勁需求。過去幾年，Pembina 成功續簽了 Nipisi 的合同，預計該管道在 2026 年將得到充分利用，目前正在評估增加疏散能力的機會。

Alliance Pipeline previously solicited nonbinding expressions of interest for a new short-haul point-to-point transportation service on the Canadian segment of its system in Northwest Alberta. The proposed expansion would provide natural gas delivery to a new meter station of Fort Saskatchewan for up to 35 million standard cubic feet per day of incremental capacity with an anticipated in-service date in the fourth quarter of 2029. Based on the results, Alliance Pipeline is planning to launch a binding open season in the first quarter of 2026 for all interested parties.

Alliance Pipeline 先前曾就其位於加拿大阿爾伯塔省西北部的管道系統加拿大段的新型短途點對點運輸服務徵集不具約束力的意向書。擬議的擴建計畫將為薩斯喀徹溫堡新建的計量站提供天然氣輸送，每天可增加高達 3,500 萬標準立方英尺的輸送能力，預計將於 2029 年第四季投入使用。根據結果，Alliance Pipeline計劃於2026年第一季針對所有有興趣的各方啟動具有約束力的公開招標。

Pembina continues to differentiate 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.

Pembina 繼續保持其獨特性，成為加拿大唯一一家擁有完整價值鏈的能源基礎設施公司，可為所有商品（天然氣、液化天然氣、凝析油和原油）提供全套中游和運輸服務。我們在北美和全球高端市場的業務範圍、規模和管道，使我們能夠獨樹一幟地獲取新增銷量，同時開闢新的成長途徑。

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

現在我將把發言權交給卡姆，讓他更詳細地討論第三季的財務亮點。

Thanks, Scott. As Scott noted, Pembina reported third-quarter adjusted EBITDA of $1.034 billion. This represents a 1% increase over the same period in the prior year. In Pipelines, major factors impacting the quarter included higher demand on seasonal contracts on Alliance Pipeline, higher revenue on the Peace Pipeline system due to increased tolls mainly related to contractual inflation adjustments, higher interruptible volumes on the Peace Pipeline system, higher contracted volumes on the Nipisi pipeline, and lower firm tolls on the Cochin pipeline due to re-contracting in July 2024, and lower interruptible volumes due to narrower condensate price differentials offset by higher contracted volumes.

謝謝你，斯科特。正如斯科特指出的那樣，Pembina公佈的第三季調整後EBITDA為10.34億美元。這比上年同期成長了1%。管道方面，影響本季的主要因素包括：Alliance Pipeline 季節性合約需求增加；Peace Pipeline 系統收入增加，主要由於合約通膨調整導致通行費上漲；Peace Pipeline 系統可中斷輸送量增加；Nipisi 管道合約輸送量增加；Cochin 管道因 2024 年 7 月重新輸送量增加；Nipisi 管道合約輸送量增加；Cochin 管道因 2024 年 7 月重新輸送量

In Facilities, factors impacting the quarter included higher contribution from PGI, primarily related to transactions with White Cap, resources, higher capital recoveries, and higher volumes at the Duvernay complex.

在設施方面，影響本季的因素包括 PGI 貢獻增加（主要與 White Cap 的交易有關）、資源增加、資本回收率提高以及 Duvernay 綜合設施產量增加。

In Marketing and New Ventures, third-quarter results reflect the net impact of lower net revenue due to a decrease in NGL margins as a result of lower NGL prices, coupled with higher input natural gas prices at Aux Sable; higher NGL marketed volumes, including no similar impact of the nine-day outage at Aux Sable in 2024; and lower realized gains on crude oil-based derivatives, partially offset by lower realized losses on NGL-based derivatives.

在市場營銷和新業務方面，第三季度業績反映了以下淨影響：由於 NGL 價格下降導致 NGL 利潤率下降，淨收入減少；Aux Sable 的天然氣投入價格上漲；NGL 銷售量增加，但 2024 年 Aux Sable 九天停產沒有造成類似影響；以及原油衍生品的已實現收益減少，部分被 NGL 衍生品的已實現損失減少所抵消。

Finally, in the Corporate segment, third-quarter results were higher than the prior period due to lower incentive costs driven by the change in Pembina's share price in the period compared to the third quarter of 2024.

最後，在企業部門，由於Pembina股價在本季較2024年第三季有所下降，激勵成本降低，因此第三季業績高於上一季。

Earnings in the third quarter were $286 million. This represents a 26% decrease over the same period in the prior year. In addition to the factors impacting adjusted EBITDA, the decrease in earnings in the third quarter was primarily due to the net impact of the recognition of a gain on sale of the north segment of the Western pipeline; higher depreciation and amortization due to a decrease in the estimated useful life of an intangible asset; a share of loss in PGI due to an impairment on certain PGI assets; and higher depreciation expense, partially offset by the recognition of a gain in net finance costs and lower losses on the interest rate derivative, financial instruments, and commodity-related derivatives, and finally, lower share of loss from Cedar LNG, primarily due to the impact of hedging activities on the credit facility.

第三季獲利為 2.86 億美元。比上年同期下降了26%。除了影響調整後 EBITDA 的因素外，第三季度盈利下降的主要原因是：確認出售西部管道北段的收益；由於無形資產預計使用壽命縮短而導致的折舊和攤銷增加；由於某些 PGI 資產減值而導致的 PGI 損失份額；以及更高的折舊費用，部分被確認的淨融資成本收益以及利率對收益的損失份額減少。

Total volumes in the Pipelines and Facilities divisions were 3.6 million barrels of oil equivalent per day in the third quarter. This represents an increase of 2% over the same period in the prior year, primarily driven by higher contracted volumes on the Nipisi pipeline and the Peace Pipeline system; higher volumes at Redwater and Aux Sable due to no similar outages which occurred in the third quarter last year.

第三季度，管道和設施部門的總產量為每天 360 萬桶油當量。這比去年同期成長了 2%，主要原因是 Nipisi 管道和 Peace 管道系統的合約增加；Redwater 和 Aux Sable 的輸送量增加，因為去年第三季沒有類似的停駛。

Now, turning back to the full year. As Scott mentioned, we tightened our 2025 adjusted EBITDA guidance range to $4.25 billion to $4.35 billion, which reflects year-to-date results as well as the current commodity price outlook for the remainder of the year.

現在，讓我們回到全年的情況。正如 Scott 所提到的，我們將 2025 年調整後 EBITDA 預期範圍收窄至 42.5 億美元至 43.5 億美元，這反映了年初至今的業績以及今年剩餘時間的當前大宗商品價格前景。

I'll now turn things back to Scott.

現在我把話題交還給史考特。

Thanks, Cam. As we have summarized today, we have delivered solid quarterly and year-to-date results, both operationally and financially. We remain on track to deliver full-year 2025 adjusted EBITDA within our original guidance range and look forward to providing our outlook for 2026 with the release of our guidance and capital budget update in mid-December.

謝謝你，卡姆。正如我們今天總結的那樣，無論從營運還是財務方面來看，我們都取得了穩健的季度和年初至今的業績。我們仍有望實現 2025 年全年調整後 EBITDA 達到原定預期範圍，並期待在 12 月中旬發布業績指引和資本預算更新時，提供我們對 2026 年的展望。

As we work successfully to close out 2025 and plan for 2026, we cannot be more excited of what is ahead for Pembina and its stakeholders. Developments within the WCSB are providing tremendous opportunities to strengthen and grow our business.

在我們成功完成 2025 年的工作並開始規劃 2026 年之際，我們對 Pembina 及其利害關係人的未來充滿期待。WCSB 內部的發展為我們加強和發展業務提供了巨大的機會。

Thank you for joining us this morning. Please open up the line for questions.

感謝您今天早上收看我們的節目。請開通提問專線。

(Operator Instructions) Theresa Chen, Barclays.

（操作說明）Theresa Chen，巴克萊銀行。

Given your updated guidance range and the mention of the current commodity outlook, can you share what you're seeing or hearing from your producer customers as far as the read-through to your pricing outlook as well as your volumetric expectations, not just for the remainder of this year, but also 2026?

鑑於您更新了指導範圍並提到了當前的商品前景，您能否分享一下您從生產商客戶那裡看到或聽到的關於價格前景和銷售預期（不僅是今年剩餘時間，還包括 2026 年）的解讀？

Good morning, Theresa. Jared here. Yeah, right now, obviously, commodity prices are a little lower, hovering around that $60 WTI. So what we're really doing right now is just meeting with all of our customers, really listening to what their short term, the latter half of the end of '25, and what they need for transportation services going into '26.

早安，特蕾莎。我是賈里德。是的，目前大宗商品價格顯然略低，徘徊在每桶 60 美元左右的 WTI 原油價格區間。所以，我們現在真正做的就是與所有客戶會面，認真傾聽他們2025年下半年的短期需求，以及他們2026年對運輸服務的需求。

So we'll have a much more refined outlook with respect to 2026 when we do our guidance and capital press release in December. But right now, we're just really in listening mode and going to really try to meet our customers' needs.

因此，我們將在 12 月發布業績指引和資本新聞稿時，對 2026 年的展望將更加清晰明確。但現在，我們正全力傾聽客戶的需求，並努力滿足他們的需求。

And then maybe just adding on to that from a direct Pembina exposure. Obviously, as we look forward, we're seeing propane prices lower than we saw last year. There is some weakness in propane, if you look at where inventory levels are, coupled with a strengthening eco price, which is obviously, the opposite of that is good for our customers, but a high price does put pressure on our frac spread. So we are seeing a little weakness compared to, say, last year in our outlook for frac spreads for Q4, just given those dynamics.

然後，或許還可以加上直接接觸彭比納的情況。顯然，展望未來，我們看到丙烷價格比去年有所下降。從庫存水準來看，丙烷市場存在一些疲軟跡象，再加上環保價格走強，這顯然對我們的客戶有利，但高價確實給我們的壓裂利潤帶來了壓力。鑑於這些動態因素，我們對第四季壓裂價格的預期與去年相比略顯疲軟。

And in relation to Greenlight and your partnership with Kineticor, what are the next steps from here? And if Alliance were to be a source of supply for gas, what kind of uplift would you expect?

關於 Greenlight 以及您與 Kineticor 的合作，下一步計劃是什麼？如果Alliance成為天然氣供應來源，你預期會出現什麼樣的成長？

Hey, Theresa. Chris Sherman. Thanks for the question. As we shared in October, we're continuing towards the first half 2026 FID schedule. We're really continuing our commercial discussions with our customer continuing our feed work to get our engineering in line in hopes of that first half next year, FID.

嗨，特蕾莎。克里斯·謝爾曼。謝謝你的提問。正如我們在 10 月分享的那樣，我們將繼續朝著 2026 年上半年的 FID 計劃邁進。我們正在繼續與客戶進行商業洽談，繼續推進前期準備工作，以使我們的工程設計步入正軌，希望明年上半年能夠做出最終投資決定 (FID)。

As far as uplift associated with the pipe, I mean, there really are two separate projects. But we think each can stand alone on its own two feet and really support solid economics.

至於與管道相關的提升，我的意思是，這實際上是兩個獨立的項目。但我們認為它們各自都能獨立發展，並真正支撐起穩健的經濟。

Jeremy Tonet, JPMorgan.

Jeremy Tonet，摩根大通。

I want to go to project Greenlight a little bit more. I believe last quarter, there was talk about potential for 2029 entering service. And just wanted to see, I guess, latest thoughts on how you see this unfolding with all the unfolding of the interconnection queue? Seems like there might be some concern in the market. So just wondering if you could provide a little bit more color there.

我想再多了解一下 Greenlight 專案。我相信上個季度曾討論過 2029 年投入使用的可能性。我想了解一下，您對互聯佇列的整個發展進程有何最新看法？市場似乎有些擔憂。所以，我想問您能否再補充一些細節。

Sure. Again, it's Chris. So I think there has been maybe a little bit of confusion that the center of the market, right? And I think it's worth taking a second to maybe separate the two projects and clarify what's happening there. Our customer is progressing their innovation center, and that's really where the grid connections rest and the associated DTS arrangements.

當然。又是克里斯。所以我覺得大家可能對市場中心的概念有點困惑，對吧？我認為有必要花點時間將這兩個項目分開，並澄清它們各自的情況。我們的客戶正在推進他們的創新中心建設，而電網連接和相關的DTS安排正是在這裡進行的。

I know there have been some disclosure that referenced 2030. Our understanding is that's really an outside date, and they're still pushing towards as early as 2027 for that first phase. The innovation center and the associated grid connections are really our customers' projects. And since we assigned or sold our land and secured those -- allocated those megawatts to our customer, that's really between them and the ASO.

我知道有一些披露資訊提到了 2030 年。據我們了解，這只是一個大概的日期，他們仍在努力爭取最早在 2027 年啟動第一階段。創新中心和相關的電網連接實際上是我們客戶的專案。既然我們已經轉讓或出售了我們的土地並確保了這些——將這些兆瓦分配給了我們的客戶，那麼這實際上是他們和ASO之間的事情。

But as far as our project, the related project, we're progressing our 1,800-megawatt gas-fired power generation facility. The first phase of 900 megawatts is, as you referenced, planned for 2030 and all of that remains on track.

但就我們的項目而言，也就是相關項目，我們正在推進我們的1800兆瓦燃氣發電廠項目。正如您所提到的，第一階段的900兆瓦計畫於2030年啟動，目前一切都在按計畫進行。

Got it. That's very helpful. Thank you for that. And just wanted to touch on the guidance tightening a little bit. It seems like the midpoint moved down just a little bit there. I was wondering if you could dive in a little bit more on the drivers there and just what trends you see coming out of '25 into '26 and how we should think about that?

知道了。那很有幫助。謝謝。我只想稍微提一下指導方針收緊的情況。看起來中點似乎略微下移了一點。我想請您更深入地探討這些驅動因素，以及您認為從 2025 年到 2026 年會出現哪些趨勢，我們應該如何看待這些趨勢？

Hey, Jeremy. It's Cam here. No problem. The first thing I'll mention and obviously to step back for a second, I think one of the things we anchor on is a very stable and resilient business. And I would say notwithstanding a ton of variability in the market over the course of 2025, we remain squarely in the heart of our original guidance range from a year ago and continue to be anchored on that in a material sense for the year.

嘿，傑里米。我是Cam。沒問題。首先我要提一點，當然，先退一步想想，我認為我們賴以生存的基石之一就是一個非常穩定且具有韌性的業務。儘管 2025 年市場波動較大，但我認為我們仍然堅定地處於一年前製定的指導範圍之內，並且今年將繼續以該範圍為基準。

When we looked at our outlook back in August for the balance of the year, I would say that based on where we were at that point, we likely expected some option value to come in the second half of the year, and particularly the fourth quarter through the Marketing business. We probably expected a little bit more than we've now expected we see. So on the margin, we've tightened that guidance range a little bit, obviously, to just to give the market a bit of direction in terms of what we're seeing.

8 月我們展望今年剩餘時間時，根據當時的情況，我們預計下半年，特別是第四季度，行銷業務將獲得一些選擇權價值。我們原本可能期望看到比現在看到的更多。因此，我們略微收緊了預期範圍，顯然是為了給市場一些方向，讓他們了解我們所看到的情況。

At the same time, what I would say is that while it's early, the results in the core business outside of Marketing are continuing to trend strong. I would say that from what we're seeing in terms of early results from our October volumes, they continue to be at or exceeding plan. So we're seeing a lot of constructive signs outside of the Marketing business.

同時，我想說的是，雖然現在下結論還為時過早，但行銷以外的核心業務的業績繼續保持強勁成長勢頭。從我們目前看到的10月銷售量初步結果來看，我認為銷售量持續達到或超過計畫目標。因此，我們在行銷行業之外也看到了許多積極的跡象。

At the end of the day, we saw a little less optionality in that commodity business, so we tightened it up a bit. But materially, we don't see a lot changing in our business.

最終，我們發現大宗商品業務的選擇餘地略有減少，所以我們對其進行了收緊。但就實質而言，我們認為我們的業務不會發生太大變化。

Saumya Jain, UBS.

Saumya Jain，瑞銀集團。

Could you provide more color on the brownfield opportunities you're looking at in the sour gas space? How is our gas infrastructure currently positioned in the basin? And how would Pembina benefit from it?

您能否詳細介紹一下您正在關注的酸性天然氣領域的棕地開發機會？目前我們的天然氣基礎設施在盆地中處於什麼位置？Pembina公司將從中獲得什麼好處？

Good morning, Saumya. Jaret. Great question. So yeah, as the demand for condensate, as oil sands production grows, as oil egress pipelines get debottlenecked out of Western Canada, more and more condensate is going to be required. And a lot of that condensate is coming from the Montney, which does have associated sour gas with it.

早安，Saumya。賈雷特。問得好。所以，隨著凝析油需求的成長、油砂產量的增加以及加拿大西部石油出口管道瓶頸的解除，對凝析油的需求將會越來越大。許多凝析油都來自蒙特尼地區，而蒙特尼地區也伴生有酸性天然氣。

PGI through our Heights facility, our K3 facility, [Capital] River, I'm probably leaving a couple off the list. But we have an extensive network of sour gas processing, sulfur recovery and also acid gas injection. But Pembina has successfully -- we're the only entity who's actually built a sulfur recovery unit here in the last -- about 25 years, and we did that on time and on budget.

PGI 透過我們的 Heights 工廠、K3 工廠、[Capital] River 工廠提供服務，我可能漏掉了幾個。但我們擁有廣泛的酸性氣體處理、硫磺回收以及酸性氣體注入網絡。但Pembina公司已經成功——在過去的大約25年裡，我們是唯一一家在這裡實際建造硫磺回收裝置的公司——而且我們按時按預算完成了這項工作。

So I think our project execution, our understanding of operations in that space, and the platform and the footprint that PGI offers. I think we're in a really good spot to enhance the customers' needs and continue to allow them to grow that sour gas production in face of condensate demand.

所以我認為，我們的專案執行、我們對該領域運作的理解，以及 PGI 提供的平台和佈局都是關鍵因素。我認為我們處於非常有利的位置，可以更好地滿足客戶的需求，並繼續幫助他們在凝析油需求成長的情況下提高酸性天然氣的產量。

Okay. Great. Thank you. And then on the regulatory side, what progress are you seeing at the Federal or provincial level? And are there any policy or changes that will especially impact Pembina in the near term?

好的。偉大的。謝謝。那麼在監管方面，您在聯邦或省級層級看到了哪些進展？近期內，是否有任何政策或變更會對Pembina產生特別影響？

Yeah. I think overall, we're definitely seeing a constructive tone from the Federal government. We like what we're seeing. We're seeing it, I think, on the ground in terms of our interactions as well. I think it's a little too early to comment on what new projects may or may not come out of that, but certainly, a constructive and supportive tone from the Federal government.

是的。我認為總體而言，我們確實看到了聯邦政府展現出的建設性態度。我們很喜歡我們所看到的。我認為，從我們的實際互動中，我們也看到了這一點。我認為現在評論可能會或不會由此產生哪些新項目還為時過早，但可以肯定的是，聯邦政府的態度是建設性的和支持的。

Aaron MacNeil, TD Cowen.

Aaron MacNeil，TD Cowen。

It's great to see Pembina continue to announce contract renewals on conventional pipe. The question we always get is on pricing. I can appreciate that you're not going to get into specifics here, but given the emergence of a competitive alternative, how should we think about renewal pricing and your ability to maintain current margins on a per barrel basis?

很高興看到Pembina公司繼續宣布續約傳統管道合約。我們常被問到的問題就是定價。我知道您不會在這裡深入討論具體細節，但考慮到出現了具有競爭力的替代方案，我們應該如何考慮續約定價以及您維持當前每桶利潤率的能力？

Good morning, Aaron. Yeah. Thanks for the question. So our most recent announcement of the 50,000 barrels of re-contracting is a tremendous outcome for Pembina. And why I want to say that is 100% of those volumes are within the competitive alternative transport area. 20% of those volumes flow to the alternative today. And upon reconnection, they will be -- once that project is complete, they'll be flowing on the P system.

早上好，亞倫。是的。謝謝你的提問。因此，我們最近宣布的5萬桶重新簽訂合約對Pembina來說是一個巨大的成果。我想說的是，這些貨運量100%都屬於可競爭的替代運輸方式範疇。目前，其中20%的貨運量已經流向了替代運輸方式。一旦專案完成，重新連接後，它們就會在 P 系統上運作。

And essentially, all of the volumes, I can tell you, maintained current contracted toll. There's obviously a lot of things that go into a transportation agreement. A lot of different things are important to our customers. Toll's obviously one of them. but there are other factors that go into that negotiation. And in this particular instance, we were able to maintain that.

我可以告訴你，基本上所有交易量都維持了目前的合約價格。運輸協議顯然涉及很多方面。對我們的客戶來說，很多事情都很重要。托爾顯然是其中之一，但談判中還涉及其他因素。而在這個特殊情況下，我們成功地做到了這一點。

Obviously, in some areas, at certain receipt points, we will discount our tolls if it's prudent to do so. But those are very calculated decisions that we make. I would point out that -- I know we don't externally show this information, but since the inception of the alternative pipeline, the EBITDA per barrel of our conventional business actually has been increasing.

顯然，在某些地區，在某些收費點，如果這樣做是明智的，我們會對通行費進行折扣。但這些都是我們經過深思熟慮後才做出的決定。我想指出的是——我知道我們沒有對外公佈這一信息，但自從替代管道投入使用以來，我們傳統業務的每桶 EBITDA 實際上一直在增長。

And the factors that go into that, there's a few of them that I want to outline for you. The first one is, we've been extremely focused on lowering our cost structure, providing safe, reliable, cost-efficient operations through our supply chain strategies and through our continuous improvement in our operational excellence journey that we've been on here internally at Pembina. Additionally, as we move west, further away from Edmonton market. Obviously, that garners a higher toll just due to the proximity and the distance into the market.

影響這結果的因素很多，我想為大家概述其中的一些因素。首先，我們一直非常注重降低成本結構，透過供應鏈策略和在Pembina內部不斷改進卓越運營，提供安全、可靠、經濟高效的營運。此外，隨著我們向西移動，離埃德蒙頓市場越來越遠。顯然，由於距離市場較近且距離較遠，因此收費較高。

And then thirdly, the majority of all of our contracts on the pipe side have CPI inflators built into them. So -- and then finally, what I would leave you with on how we maintain margin is our industry-leading project execution and our ability -- and I said it earlier, safe, reliable, cost-efficient operations continue to be a competitive advantage.

第三，我們管道方面的絕大多數合約都包含了 CPI 通膨因素。最後，關於我們如何維持利潤率，我想和大家分享的是我們行業領先的專案執行能力，以及我們——正如我之前所說，安全、可靠、經濟高效的營運仍然是我們的競爭優勢。

We basically can allow our commercial teams to go out there, maintain the internal expectations of Pembina. Teams are bringing our projects on time and under budget. And that really allows them to have some flexibility with the customers to meet their needs but also maintain our margin and our internal financial expectations. Hopefully, that answers your question.

我們基本上可以允許我們的商業團隊出去銷售，同時滿足Pembina的內部期望。團隊正在按時按預算完成專案。這樣一來，他們就能在滿足客戶需求的同時，保持一定的彈性，並達到我們的利潤率和內部財務預期。希望這能解答你的疑問。

Yeah. The -- more detailed than I expected so thank you for that. For my follow-up, I got to ask on PGI. You've previously talked about the benefits and the capital efficiency of owning 60%. But 100% would also likely have benefits, such as perfect alignment on incremental capital, just given that you had like -- KKR doesn't have the downstream benefits that you do. So again, to get you on the record one way or another, can you speak to your potential appetite to want to consolidate that remaining 40%?

是的。比我預想的要詳細得多，非常感謝。為了跟進這個問題，我向 PGI 提問了。您之前談到擁有 60% 股份的好處和資本效率。但 100% 的股權也可能帶來一些好處，例如在增量資本方面實現完美契合，因為你擁有像 KKR 這樣的股權——KKR 並沒有你所擁有的下游收益。所以，為了明確你的立場，你能否談談你是否有興趣整合剩餘的 40% 股份？

Yeah. I think as a general concept, we generally don't comment on specific M&A situations. What I can -- what I will say in this specific situation is the fact that we still like the partnership. We like how it was set up, and we believe it's delivering what it was originally intended to do. So we're happy with it.

是的。我認為，一般來說，我們一般不會對具體的併購案發表評論。在目前這種情況下，我能說的是，我們仍然喜歡這種合作關係。我們喜歡它的設置方式，並相信它正在實現其最初預期的目標。所以我們對結果很滿意。

Spiro Dounis, Citigroup.

Spiro Dounis，花旗集團。

Wanted to go back to the outlook quickly. So you've got the Alliance CER process out of the way. You've now got some P3 contracting done. So I addressed a lot of maybe the larger unknowns headed into 2026. At the same time, you've got some tailwinds coming from M&A, headwinds from commodity. So just curious in the context of that original fee-based EBITDA you provided back in 2024 or 2026, how do you think a lot of these moving items and factors play into that original range?

想盡快回到展望模式。這樣，您就完成了聯盟 CER 流程。你現在已經完成了一些公私合營（P3）合約的簽訂。所以我探討了2026年可能存在的許多更大的未知因素。同時，併購活動帶來了一些利多因素，而大宗商品價格則帶來了一些不利因素。所以，我很好奇，在您最初於 2024 年或 2026 年提供的基於費用的 EBITDA 的背景下，您認為這些變動項目和因素是如何影響最初的範圍的？

Hey, Spiro. Thanks for the question, and it's a really good one because I think that's one of the things we're most proud about. As we set out about 1.5 years ago and put that guidance range out at our 2024 Investor Day, we obviously had a lot of confidence in that range and, frankly, a lot of confidence in being in the upper end of that range; continue to execute along the same ways that Jared just talked about through the core base business, through the commercialization, as well as some really, really accretive and attractive bolt-on M&A opportunities across our business.

嘿，斯皮羅。謝謝你的提問，這是一個很好的問題，因為我認為這是我們最引以為傲的事情之一。大約一年半前，我們在 2024 年投資者日上公佈了業績指引範圍，當時我們顯然對這個範圍充滿信心，坦白說，我們對達到這個範圍的上限也充滿信心；我們將繼續按照 Jared 剛才提到的方式，透過核心業務、商業化以及一些真正具有增值性和吸引力的併購機會，在我們的業務中繼續推進。

And obviously, what we've seen is, on one hand, a couple of headwinds, primarily related to the revised Alliance CER settlement. But what we've also done, as Jared mentioned, is really taking a keen eye to our business and looked for opportunities to operate differently, to operate more efficiently, to focus on work that is higher value-add versus lower value-add.

顯然，我們看到一方面存在一些不利因素，主要與修訂後的聯盟 CER 協議有關。但正如 Jared 所提到的，我們也一直在密切關注我們的業務，尋找以不同方式運作、更有效率地運作、專注於高附加價值而非低附加價值工作的機會。

And I would say that without getting ahead of our 2026 guidance outlook, which will come in about a month's time, I would say, we maintain a lot of confidence in obviously achieving that range. And achieving a range or a spot in that range, which would reflect something consistent with our own expectations and the market's expectations.

而且，在不提前透露我們 2026 年業績指引（大約一個月後發布）的情況下，我想說，我們對實現這一目標仍然非常有信心。並達到一個區間或該區間內的位置，這將反映出與我們自身預期和市場預期一致的結果。

So we feel really good about that. We're working really hard on that. And I think, again, we continue to tout the resilience of our business in many ways and the benefits of the diversity of it, the exposure to multiple commodities, the place that we play in the Western Canadian Sedimentary Basin. And we think that performance, even in light of headwinds, which they come in business, demonstrates that.

所以我們對這一點感到非常滿意。我們正在為此付出巨大的努力。而且我認為，我們繼續在許多方面大力宣傳我們業務的韌性，以及業務多元化帶來的好處，包括接觸多種商品，以及我們在加拿大西部沉積盆地所扮演的角色。我們認為，即使考慮到商業中總會遇到的逆境，這樣的業績也證明了這一點。

Got it. Good color, Cam. Second one, going back to Greenlight as well. Could you maybe put a finer point on when we can expect to start to see cash flows from this project to Pembina?

知道了。顏色不錯，Cam。第二個問題，也是要回到 Greenlight。您能否更具體地說明一下，我們何時才能開始看到Pembina從該專案中獲得現金流？

And when it comes to the phases, I think this initial phase is about half that total capacity and vision. But I know I think you guys had mentioned four potential phases in total. Just maybe remind us again how you're thinking about the remaining phase scope and then the timeline?

就各個階段而言，我認為這個初始階段大約佔總能力和願景的一半。但我知道你們之前好像提到總共有四個潛在階段。請您再提醒我們一下，您對剩餘階段的範圍和時間安排有什麼想法？

So the original phasing was four phases of [$450 million]. We are now talking about two phases of roughly [$900 million]. So again, we've gone from a first phase of [$450 million] to a first phase of [$900 million] if that makes sense. We would expect, based on our current timeline and current estimations that cash flow would occur in 2030.

所以最初的分階段方案是四個階段[4.5億美元]我們現在討論的是大約兩個階段。[9億美元]所以，我們已經從第一階段的[4.5億美元]增加到第一階段的[9億美元]，如果這樣說你能理解的話。根據我們目前的計劃時間表和目前的估計，我們預計現金流將在 2030 年實現。

AJ O'Donnell, TPH.

AJ O'Donnell，TPH。

Maybe if I could just sneak one more in about Greenlight. As the data center or innovation center conversations continue to pick up momentum, I'm curious, is there a way to bridge the gap further? Have you guys explored potential like mobile or module power solutions? Is that something that you guys have looked at before?

或許我可以再偷偷加一條關於Greenlight的內容。隨著關於資料中心或創新中心的討論不斷升溫，我很好奇，有沒有辦法進一步彌合兩者之間的差距？你們有沒有探索過行動電源或模組化電源解決方案之類的可能性？你們之前有研究過這個問題嗎？

Hey, AJ. Thanks for the question. I mean we've looked at a variety of different modes and means to facilitate this business. I think from our perspective, what we have in place, the type of facilities and structure we have in place today is scalable and really, really effective for what our customers are looking for. And so that's really what we stay focused on.

嘿，AJ。謝謝你的提問。我的意思是，我們已經研究了各種不同的模式和方法來促進這項業務。我認為從我們的角度來看，我們目前所擁有的設施和結構是可擴展的，並且對於我們的客戶來說非常有效。所以，這才是我們真正關注的重點。

AJ, it's Cam here. I would just add on top of that. I think our experience has been when we've looked at other developments as this occurs, once you get the base, the core assets in place, they do tend to cluster. And obviously, as we think about the advantages (technical difficulty) utilities, access to water, all of the embedded advantages, we do see benefits and we do see that being an advantage in our offering for the future. So we think there's opportunity beyond this.

AJ，我是Cam。我只想在此基礎上補充一點。我認為我們的經驗是，當我們觀察其他類似開發項目時，一旦基礎和核心資產到位，它們往往會聚集在一起。顯然，當我們考慮（技術難度）公用設施、用水便利性以及所有內在優勢時，我們確實看到了好處，我們認為這將是我們未來產品的優勢。所以我們認為除此之外還有機會。

Okay. Great. Appreciate the detail there. And then maybe if I could just go to Cedar real quick. There was an amendment filed for the increase of feed gas capacity from 400 to 500 MMcf. Curious what the read throughs are there? If you could speak to some of the details and potentially, does that equate to more volumes or more marketing upside for Pembina?

好的。偉大的。很欣賞你提供的細節。然後，如果我能馬上去趟雪松鎮就好了。已提交修正案，要求將原料氣產能從 400 百萬立方英尺增加到 500 百萬立方英尺。很好奇有哪些閱讀材料？如果您能詳細說明一下，這是否意味著Pembina能獲得更大的銷售或更大的行銷收益？

AJ, it's Stuart Taylor. I'll maybe try to provide some clarity. So when we originally were scoping out the project and looking at the size, we did permit the project for 3 MTPA, 400 million cubic feet per day. As we were going through engineering design, we've seen an opportunity to, for very minor dollars, increase that capacity from 3 MTPA to 3.3 and so we undertook that spend.

AJ，我是史都華泰勒。我或許可以試著解釋得更清楚一些。因此，當我們最初規劃項目規模時，我們確實批准了該項目，其產能為 3 MTPA，即每天 4 億立方英尺。在進行工程設計時，我們發現了一個機會，可以用很少的錢將產能從 3 百萬噸/年提高到 330 萬噸/年，所以我們進行了這筆投資。

And our current -- we are currently designing and building to the 3.3 and our announced capital actually incorporates that size. We knew we would have to go back from an amendment to the permits, and so we did that. And again, there's no change to the scope of the project or any of the capital cost estimates.

而我們目前的——我們目前正在設計和建造3.3米的規模，我們宣布的資本實際上包含了這一規模。我們知道必須修改許可證，所以我們就這麼做了。再次強調，專案範圍和任何資本成本估算均未變更。

Again, as you go through these projects and you continue to work with engineering, we've seen, again, engineers don't design rate to the exact capacity. They do add [fat] in their facilities and infrastructure. And so we've looked at, since we were going for the amendment, we believe the facility has the opportunity for -- on days, particularly, cold weather days, there will be an opportunity for incremental throughput through the facility. And so as we were looking to do the amendment, we did increase that size of the amendment and increase it from $400 million to $500 million.

再次強調，在進行這些專案並繼續與工程部門合作的過程中，我們發現，工程師並沒有按照確切的產能來設計生產力。他們在設施和基礎設施中確實增加了[脂肪]。因此，自從我們提出修改方案以來，我們認為該設施有機會在某些日子，特別是寒冷天氣，透過該設施實現增量吞吐量。因此，在考慮進行修正時，我們確實增加了修正的規模，將其從 4 億美元增加到 5 億美元。

Obviously, we need incremental gas supply. These are potential volumes as we go forward. We will be working on that on a go-forward basis. These will be incremental cargoes beyond what we have contracted. We have only contracted the facility to the 3 MTPA side. So any incremental gas or incremental cargoes are upside for us.

顯然，我們需要逐步增加天然氣供應。這些是我們未來可能達到的交易量。我們將持續推進這項工作。這些將是超出我們合約約定數量的額外貨物。我們只與年產能 3 百萬噸的一方簽訂了設施建設合約。因此，任何新增的天然氣或貨物對我們來說都是好消息。

Maurice Choy, RBC Capital Markets.

Maurice Choy，加拿大皇家銀行資本市場。

If I could just start with a question about project execution. When I think about how, globally, resources are being directed towards supporting the AI sector, and this could obviously lead to inflationary pressures globally in the coming years.

我可以先問一個關於專案執行的問題嗎？當我想到全球範圍內都在投入資源支援人工智慧領域時，這顯然可能會在未來幾年給全球帶來通膨壓力。

I know that you've highlighted your project execution track record and capability. So just wondering what you tend to do in these early years before those pressures arrive? What actions you tend to take to get ahead of the curve?

我知道您已經重點強調了您的專案執行記錄和能力。所以我想知道，在那些壓力到來之前的最初幾年裡，你通常會做些什麼？為了搶佔先機，你通常會採取哪些行動？

Yeah, so I think the question was really about future pressures in certain areas. And one of the things that we're really focused on and are -- and we're really aligned with our Board and they ask us about is creating long-lasting partnerships with Tier 1 contractors and, obviously, indigenous communities.

是的，所以我認為這個問題實際上是關於某些領域未來的壓力。我們真正關注的一件事，也是我們與董事會真正一致關注並詢問我們的一件事，就是與一級承包商以及（顯然）原住民社區建立長期的合作夥伴關係。

So I think that's part of our overall strategy is not always going for lowest dollar but committing ourselves to the safest, making sure that we have the A teams, were aligned from the top with respect to our safety messaging and our project execution and the services that we'll be providing. So I think we've made material ground with respect to that.

所以我認為這是我們整體策略的一部分，我們並非總是追求最低成本，而是致力於最安全，確保我們擁有最優秀的團隊，從上到下在安全資訊傳遞、專案執行以及我們將提供的服務方面保持一致。所以我覺得我們在這方面已經取得了實質進展。

I think internally here, I've talked about it before. I think we just have a culture of one team, one Pembina when we're approaching these projects. And I think it's something that we've been cultivating. And we're really good at.

我覺得我們內部之前也討論過這個問題。我認為我們在處理這些專案時，秉持著一個團隊、一個Pembina的文化。我認為這是我們一直在努力培養的。我們非常擅長。

And if I could finish off with a question on the balance sheet in general. Again, just philosophically, what is the comfortable or optimized cushion for you versus the [4.25 times] maximum debt to EBITDA and where do you see that being by year-end and peaking next year due to Cedar LNG CapEx?

最後，我想問一個關於資產負債表的問題。再說一遍，從哲學角度來說，對於您而言，相對於[4.25 倍]最高債務與 EBITDA 比率，舒適或最佳的緩衝是多少？您認為到年底這個比率會是多少，並且由於 Cedar LNG 資本支出，明年會達到高峰嗎？

Hey, Maurice. It's Cam here. Yeah, I think good question because we've talked about that. And obviously, first thing worth reminding everyone is that is a proportionately consolidated number. So that reflects not only the debt that we carry at the Pembina level, but debt that is included in the PGI credit stack, notwithstanding the fact that it's recourse as well as at the moment, construction debt associated with Cedar LNG, which is obviously, again, nonrecourse but carried at that level.

嘿，莫里斯。我是Cam。是的，我覺得這是個好問題，因為我們之前討論過這個問題。顯然，首先需要提醒大家的是，這是一個比例合併後的數字。因此，這不僅反映了我們在 Pembina 層級所承擔的債務，也反映了 PGI 信貸結構中所包含的債務，儘管它是追索權債務，以及目前與 Cedar LNG 相關的建設債務，這顯然又是無追索權債務，但也是在該層級承擔的。

So as we see exiting 2025, obviously, we see that in the mid-3s range because of the timing and, really, remember that 20 is the peak investment year for Cedar LNG, obviously, without any of the commensurate earnings along with it. So if we go back and remind ourselves of our message from our 2024 Investor Day, we obviously talked about that three-year outlook for capital being largely free cash flow neutral with some shape to it throughout those individuals three years and this would be consistent.

因此，到 2025 年底，顯然，由於時間因素，我們看到價格在 3% 左右，而且，請記住，2020 年是 Cedar LNG 的投資高峰年，顯然，當時還沒有任何相應的收益。因此，如果我們回顧我們在 2024 年投資者日上傳達的信息，我們顯然談到了未來三年資本前景基本上保持自由現金流中性，並在這三年中有所變化，而這將與此保持一致。

We, obviously, are expecting free cash flow positivity in 2025. We saw free cash flow positivity in 2024, and we would expect to see some free cash flow negativity in 2026. However, on the long term, we feel, obviously, that we set our balance sheet up to be able to handle that.

顯然，我們預期 2025 年自由現金流將為正值。我們預計 2024 年自由現金流為正，但預計 2026 年自由現金流將出現負成長。但是從長遠來看，我們顯然認為，我們的資產負債表已經做好了應對這種情況的準備。

And obviously, as we move through 2026, we would expect that to moderate back down to the type of range that we've been comfortable with longer term. Ultimately, that comfort zone is largely 3.5 times to 4 times. Could we go above that? It's not where we would intend to go in the near term. So that's the way we think about the balance sheet at the moment.

顯然，隨著我們進入 2026 年，我們預計這種情況會緩和下來，回到我們長期以來一直感到舒適的範圍。最終，這個舒適區大致在 3.5 倍到 4 倍之間。我們能否超越這個目標？這不是我們近期打算去的方向。這就是我們目前對資產負債表的看法。

Robert Catellier, CIBC Capital Markets.

Robert Catellier，CIBC Capital Markets。

Rob Catellier from CIBC. I want to talk about, given all your contracting this quarter, maybe, I can start with the mechanics on the synthetic liquefaction agreement with Petronas. Maybe you can walk us through that and the circumstances you need to see to generate that incremental value enhancement?

來自加拿大帝國商業銀行的羅伯卡特利爾。鑑於你們本季簽訂的所有合同，我想談談，或許我可以先從與馬來西亞國家石油公司（Petronas）的合成液化協議的機制談起。或許您可以詳細解釋一下，為了實現這種增量價值提升，您需要看到哪些情況？

Yeah. I'll talk about the contract in general, and then I'll turn it over to Chris to provide some further details. I think as you can appreciate, we're still finalizing the other 0.5 million tons. And so given the status of that, we're going to stay away from specific details. But what I can tell you is that we were very pleased with the outcome of that negotiation.

是的。我先概括地談談合同，然後把細節交給克里斯來補充。我想您應該能理解，我們仍在敲定另外 50 萬噸的訂單。鑑於目前的情況，我們將避免談及具體細節。但我可以告訴你的是，我們對那次談判的結果非常滿意。

And maybe, Chris, I'll turn it over to you to talk about the contract.

克里斯，或許我可以把機會交給你來談談合約的事。

And then as far as contract structure, it's effectively synthetic tolling. I mean we are taking the obligations we have with Cedar and almost entirely passing those on to our customer. And then in addition to passing the terms on, we've been able to capture some participation in the upside of the market. So to the extent the arb is open and attractive between Canadian EcoGas and the parties, we'll have an opportunity to capture some of that upside and participate in that.

至於合約結構，其實就是合成收費。我的意思是，我們將對 Cedar 承擔的義務幾乎全部轉嫁給了我們的客戶。而且，除了傳遞這些條款之外，我們還能夠從市場上漲中獲利。因此，如果加拿大 EcoGas 與各方之間的套利交易公開且具有吸引力，我們將有機會獲得一些收益並參與其中。

Okay. Just generally speaking, in terms of contract and the capacity at Cedar, have you been able to leverage that to other business with Petronas or otherwise? And I'm thinking downstream gathering liquids, fractionation, et cetera?

好的。總的來說，就 Cedar 的合約和產能而言，您是否能夠利用這些優勢與 Petronas 或其他方面開展其他業務？我指的是下游液體的收集、分餾等等？

Yeah. I mean I don't think we can get into that right now. But what we will say is we think we have a very strong relationship with Petronas that we're building on with this arrangement and our hope is to continue to build on that and do much more together.

是的。我的意思是，我覺得我們現在還不能討論這個問題。但我們可以肯定的是，我們認為我們與馬來西亞國家石油公司（Petronas）建立了非常牢固的關係，我們正在透過這項協議鞏固這種關係，我們希望繼續在此基礎上發展，並進行更多合作。

Hey, Robert. It's Cam here. I guess I would just add on top of that, that I think, obviously, achieving a partnership with an entity of the prominence in the LNG space like Petronas is, I think, really important for us and, essentially, really validates Cedar LNG in the global scale from an LNG project in terms of both the competitiveness of it and the reality of it.

嘿，羅伯特。我是Cam。我想補充一點，我認為，很顯然，與像馬來西亞國家石油公司（Petronas）這樣在液化天然氣領域舉足輕重的企業建立合作關係，對我們來說非常重要，而且從本質上來說，這確實從液化天然氣項目的競爭力和實際可行性方面，在全球範圍內驗證了 Cedar LNG 項目的價值。

I think what we would see is we already had a relationship with Petronas on the upstream side, dating back to the middle of the last decade in terms of servicing them on the Northeast BC side. But we would certainly love and see this as a beachhead to continue to try and expand that. We have a ton of respect for them as an organization.

我認為我們會看到，我們與 Petronas 在上游方面已經建立了合作關係，可以追溯到上個十年中期，當時我們為他們在卑詩省東北部提供服務。但我們當然樂見其成，並將其視為繼續拓展這一領域的橋頭堡。我們非常尊敬他們這個組織。

I would say, likewise, that as we think about the remaining balance of Cedar and future LNG ambitions, obviously, we've had lots of interest from customers in our core business. We're looking to achieve diversity of market access for their volumes. And would say that there is a view that Cedar is a scarce resource and can continue to drive value, both for them but for Pembina in win-win type solutions. So I would say, to answer your question, pointedly, yes, we are seeing that type of value accretion through the rest of the core business.

同樣地，我想說，當我們考慮 Cedar 的剩餘資產和未來的液化天然氣目標時，顯然，我們的核心業務已經引起了客戶的極大興趣。我們希望實現其產品銷售的多元化市場准入。有人認為雪松是一種稀缺資源，可以繼續為他們和Pembina創造價值，實現雙贏。所以，為了回答你的問題，我可以明確地說，是的，我們正在核心業務的其他部分看到這種價值增長。

Okay. That's good detail. And then just a couple of quick ones here. Just given the RFS IV revised timeline, it looks like a second quarter in service data. I'm wondering how that interplays with the upcoming NGL contract here. In other words, do you have any available capacity to market there? And will you be able to market it into the upcoming contract here given the service state seems to be tight with the start of the year?

好的。這個細節很到位。然後這裡就簡單介紹幾個問題。根據 RFS IV 修訂後的時間表來看，這似乎是服務資料的第二季。我想知道這會對即將簽訂的天然氣液化合約產生什麼影響。換句話說，你們是否有能力在那裡進行市場推廣？鑑於年初服務狀況似乎比較緊張，您能否將其納入即將簽訂的合約中？

Rob, Jaret here. Yeah, you nailed it like we're working really closely with our execution team to bring that on as close as we can to the NGL season. Frac capacity is very tight in the Ford right now. And so it does give our commercial teams a lot of flexibility to work with customers and bringing them in the closer we can get to April 1. But yeah, you nailed it.

羅伯，我是賈雷特。是的，你說得太對了，我們正在與執行團隊緊密合作，力求在 NGL 賽季開始前盡可能快地完成這項工作。目前福特頁岩油田的壓裂能力非常緊張。因此，這確實給了我們的銷售團隊很大的靈活性，可以與客戶合作，並在 4 月 1 日臨近時盡快讓他們參與其中。沒錯，你說得太對了。

Okay. And finally, I'm just curious on the Alliance re-contracting and the onetime option for term extension. I think 96% of your firm capacity is contracted. I wondered if there was any contracts there with the marketing affiliates?

好的。最後，我對聯盟的續約以及一次性延期選項感到好奇。我認為貴公司96%的產能都已簽約。我想知道那裡是否與行銷聯盟夥伴簽訂了任何合約？

No.

不。

Ben Pham, BMO.

Ben Pham，BMO。

I had a couple of questions on Peace and the conventional business segment. And I'm wondering if you can characterize your comments on the volume trends in convention this year? It looks to be more in that 2%, 3% contract versus the 6% to 7%-plus before any of the phase pick up in the volumes. But could you comment on updates on that? And what was the thought process into 2026 with new contracts in the broader business environment?

我有一些關於和平與傳統商業領域的問題。我想請您談談對今年會議數量趨勢的看法？看起來更像是 2%、3% 的合約，而不是在銷量開始回升之前 6% 到 7% 以上的合約。能否透露一下這方面的最新進展？那麼，在更廣泛的商業環境下，展望2026年的新合同，你們的思路是什麼？

Yeah. Hey, Ben. It's Cam. I'll start and then maybe pass it over to Jaret. I think one thing I would mention is that, obviously, if you stand back for a moment and look at our volumes that we reported in our conventionals, those are, obviously, as we said before, always the revenue volumes, which reflect our physical volumes plus take-or-pay contracts that we have in excess of that.

是的。嘿，本。是卡姆。我先開始，然後也許會交給賈雷特。我想提一點，很明顯，如果你退後一步，看看我們在常規交易中報告的交易量，很明顯，正如我們之前所說，這些始終是收入交易量，反映了我們的實際交易量加上超出實際交易量的照付不議合約。

And as you go through and try and look at the quarterly trend, it is a bit -- it can be a bit misleading if you are trying to make meaning out of that on a really narrow time frame, meaning quarter-to-quarter. If I stand back for a second and look at what our conventional volumes did in Q3 versus Q2 sequentially, those physical volumes would have been up about 4% quarter-over-quarter. So we think if you look at that relative to the industry, if you look at that relative to other basins, that reflects very competitive and consistent growth.

當你查看季度趨勢時，如果你試圖在非常狹窄的時間範圍內（即季度之間）從中得出意義，這可能會有點誤導。如果我退後一步，看看我們第三季度與第二季度相比的傳統銷量環比增長了約 4%，那麼這些實物銷量環比增長了約 4%。所以我們認為，如果從產業角度來看，如果從其他盆地角度來看，這反映了非常有競爭力和持續的成長。

I think as we sit and look at 2026, it's the, I'll say, the heart of that budgeting season right now for everybody. And I think what we expect to see longer term is continued growth in that single-digit range, and that's all supported by, obviously, continuing demand growth from the oil sands. I think we continue to see other infrastructural debottlenecks by our peers.

我認為，當我們坐下來展望 2026 年時，現在正是每個人制定預算的關鍵時期。我認為，從長遠來看，我們預計經濟成長將繼續保持在個位數水平，而這一切顯然都得益於油砂需求的持續成長。我認為我們將繼續看到同行在基礎設施建設方面取得進展，消除瓶頸。

We continue to see the large operators talking about incremental debottlenecks on their projects to drive incremental supply. And we also see incremental gas demand outlet and incremental supply opportunities in the natural gas side, which, of course, drives the condensate and the NGL volumes. So longer term, we are very, very confident in the continued growth in that, at least, in that single-digit level.

我們持續看到大型營運商談論在其專案中逐步消除瓶頸，以推動逐步增加供應。我們也看到天然氣方面有增量天然氣需求出口和增量供應機會，當然會推動凝析油和天然氣凝液的產量。因此，從長遠來看，我們非常有信心，至少能夠維持個位數的成長水準。

I think in the near term, we have to be mindful that in the new business environment that our producers operate in where returns and value are paramount over simply volume growth, they are making decisions to optimize their longer-term profiles and taking a longer-term perspective. So in any given year, the growth may be more producer-specific versus broad-based or it may be simply timing related.

我認為在短期內，我們必須意識到，在生產商所處的新商業環境中，回報和價值比單純的銷售成長更為重要，他們正在做出決策以優化其長期發展前景，並採取更長遠的視角。因此，在任何特定年份，成長可能更多地取決於生產者而非整體，或者可能只是與時機有關。

But longer term, we continue to see that. And I think if you look around our major producers, many are demonstrating growth in that same level. Some are choosing to defer some. But longer term, we continue to see growth in that single-digit level.

但從長遠來看，我們仍然會看到這種情況。我認為，如果你看看我們主要的生產商，你會發現很多都實現了同樣的成長。有些人選擇推遲一些事情。但從長遠來看，我們預計仍將維持個位數成長。

Yeah. And just to add to that, Ben, I think some of the recent announcements you would have seen the Ovintiv, NuVista transaction, the CNRL Chevron transaction, although we talk about some customer consolidation sometimes puts some compression on our business, it also results in an acceleration of product being produced.

是的。補充一點，Ben，我認為你最近應該已經看到了一些公告，例如 Ovintiv 收購 NuVista，以及 CNRL 收購 Chevron。雖然我們談到一些客戶整合有時會對我們的業務造成一些壓力，但它也加速了產品的生產。

So when Cam talks about specific producers accelerating or staying flat, we have a great relationship with Ovintiv and with NuVista. They're both very large and dedicated customers to Pembina. And so that transaction, Ovintiv have talked about accelerating production and drilling, and those types of things on those lands because they have available capacity. That stuff gets us excited.

所以當 Cam 談到特定生產商加速成長或保持穩定時，我們與 Ovintiv 和 NuVista 都有良好的關係。他們都是Pembina公司的大客戶和忠實客戶。因此，Ovintiv 曾談到要加快在這些土地上的生產和鑽探等活動，因為他們有可用的產能。那東西讓我們很興奮。

Seeing those consolidations, it's sad to see one of our great customers go, but it's also exciting to see them talk about filling the gas plants faster with 600 million a day of incremental gas processing -- or sorry, a 600 million day of contracted processing. PGI, for example, has approximately services about 80% of that. So super excited to see those types of things.

看到這些合併，失去一位重要的客戶固然令人難過，但看到他們談論如何透過每天增加 6 億噸天然氣處理量來更快地填滿天然氣廠——或者抱歉，是每天 6 億噸的合約處理量——也令人興奮。例如，PGI 大約服務了其中的 80%。非常期待看到這類東西。

And really, we've got to listen to our customers and go through this. But overall, the macro trend is oil sands is growing, condensate demand is growing, import pipelines are essentially getting really full. So that condensate has to come domestically, and we're in a great position to support our customers to get it to Edmonton and up to the oil sands.

確實，我們必須聽取客戶的意見，認真看待這件事。但整體而言，宏觀趨勢是油砂產量成長，凝析油需求成長，進口管基本上已經飽和。因此，凝析油必須來自國內，而我們處於非常有利的地位，可以支持我們的客戶將其運送到埃德蒙頓，並最終到達油砂礦區。

There are no further questions at this time. I will now turn the call back over to Scott Burrows, President and CEO. Please continue.

目前沒有其他問題了。現在我將把電話轉回給總裁兼執行長斯科特·伯羅斯。請繼續。

Great. Thank you, everyone, for your time, and we look forward to updating you in the middle of December with our 2026 outlook.

偉大的。感謝各位抽出時間，我們期待在 12 月中旬向大家報告 2026 年的展望。

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

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。