Pembina Pipeline Corporation (PBA) 2025 Q4 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Pembina Pipeline Corporation Q4 2025 results digital conference call. (Operator Instructions) I will now hand the call over to Dan Tucunel, Vice President of Capital Markets. Please go ahead.

大家好。感謝您的參與，歡迎參加Pembina Pipeline Corporation 2025年第四季業績數位電話會議。（操作員指示）我現在將把電話交給資本市場副總裁丹·圖庫內爾。請繼續。

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

謝謝你，傑德。各位早安。歡迎參加 Pembina 的電話會議和網路直播，回顧 2025 年第四季的亮點。今天參加電話會議的有總裁兼執行長 Scott Burrows、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 discussion and analysis dated February 26, 2026, for the period ended December 31, 2025, as well as the press release Pembina issued yesterday, which are all 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，請參閱公司於 2026 年 2 月 26 日發布的截至 2025 年 12 月 31 日的管理層討論與分析，以及 Pembina 昨天發布的新聞稿，所有這些文件都可以在 pembina.com 以及 SEDAR+ 和 EDGAR 上在線獲取。

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 fourth quarter results, which included earnings of $489 million, adjusted EBITDA of approximately $1.075 billion and adjusted cash flow from operating activities of $731 million or $1.26 per share. For the full year, we delivered earnings of $1.694 billion and adjusted EBITDA of $4.289 billion. We achieved record annual volumes across our Pipelines and Facilities divisions, which represented a 3% increase over 2024. Full year results also included adjusted cash flow from operating activities of $2.854 billion or $4.91 per share.

謝謝你，丹。昨天，我們公佈了第四季度業績，其中包括盈利 4.89 億美元，調整後 EBITDA 約為 10.75 億美元，調整後經營活動現金流為 7.31 億美元，即每股 1.26 美元。全年獲利16.94億美元，調整後EBITDA為42.89億美元。我們在管道和設施部門實現了創紀錄的年度產量，比 2024 年增加了 3%。全年業績還包括經調整的經營活動現金流為 28.54 億美元，即每股 4.91 美元。

Each year, I'm always proud to look back and reflect on our team's many accomplishments. 2025 was no exception. In addition to solid financial and operating results, we also advanced strategic projects and strengthened our long-term competitive positioning. I'm particularly proud that Pembina continues to deliver on its promises, including providing safe and reliable operations, meeting its financial targets, constructing major projects on time and on budget and continuing to execute its strategy with an improved risk profile. Several notable achievements in 2025 and early 2026 stand out.

每年，我都會為我們團隊所取得的許多成就感到自豪。 2025年也不例外。除了穩健的財務和營運績效外，我們還推進了策略項目，並加強了我們的長期競爭地位。我特別感到自豪的是，Pembina 繼續履行其承諾，包括提供安全可靠的營運、實現財務目標、按時按預算建立重大項目，並以改進的風險狀況繼續執行其策略。2025 年和 2026 年初的幾項顯著成就尤為突出。

Safety is a core value and the foundation of Pembina's operations and culture. While the journey never ends, I am pleased with our strong safety and environmental performance that exceeded our internal 2025 targets, highlighted by improved performance across key indicators relative to our three-year averages. We advanced construction of several growth projects, including the RFS IV propane-plus fractionator at the Redwater Complex, the Wapiti natural gas processing expansion and the K3 cogeneration facility. All three projects are trending on time and on or under budget. The Wapiti expansion and K3 cogen are currently in the commissioning phase and are expected to be in service in the next few weeks, and we look forward to the RFS IV expansion coming online during the second quarter.

安全是Pembina的核心價值觀，也是其營運和文化的基礎。雖然旅程永無止境，但我對我們強勁的安全和環境表現感到滿意，這些表現超過了我們內部設定的 2025 年目標，尤其值得一提的是，與三年平均水平相比，各項關鍵指標均有所改善。我們推進了幾個成長項目的建設，包括紅水綜合設施的 RFS IV 丙烷加分餾裝置、瓦皮蒂天然氣加工擴建項目和 K3 熱電聯產設施。這三個項目目前都按計劃進行，並且都在預算之內或低於預算。Wapiti 擴建項目和 K3 熱電聯產項目目前處於調試階段，預計將在未來幾週內投入使用，我們期待 RFS IV 擴建項目在第二季度上線。

Additionally, under previously announced funding agreements, PGI in collaboration with certain producer customers expects to place approximately $725 million of new infrastructure into service throughout 2026, all supported by long-term take-or-pay agreements. approximately $725 million of new infrastructure into service throughout 2026, all supported by long-term take-or-pay agreements. We supported our long-term resilience through extensive recontracting across the business. These contracting successes support continued utilization of our assets, help ensure our stable cash flow stream and create the foundation for future opportunities.

此外，根據先前公佈的融資協議，PGI 與部分生產商客戶合作，預計將在 2026 年全年投入使用價值約 7.25 億美元的新基礎設施，所有項目均由長期照付不議協議提供支持。我們透過在整個業務範圍內進行廣泛的重新合約簽訂，增強了公司的長期韌性。這些合約的成功簽訂，有助於我們繼續利用資產，確保穩定的現金流，並為未來的機會奠定基礎。

In 2025, we renewed existing contracts and executed incremental new contracts totaling over 200,000 barrels per day of conventional pipeline transportation capacity. This includes successfully recontracting substantially all available for renewal on the Peace Pipeline system under contracts expiring in 2025 and 2026. We look forward to providing further contracting updates throughout 2026.

2025年，我們續簽了現有合同，並簽訂了新增合同，常規管道運輸能力總計超過每天20萬桶。這包括成功地將和平輸油管系統上大部分可續約的合約（這些合約將於 2025 年和 2026 年到期）重新簽訂。我們期待在 2026 年全年提供更多合約的最新資訊。

As part of the toll review at Alliance Pipeline, we significantly extended Alliance's long-term contractual profile as shippers elected a new 10-year toll option on approximately 96% of available capacity. And we contracted the remaining capacity available on the 100,000 barrels per day Nipisi pipeline, which was reactivated in 2023 to serve the growing Clearwater heavy oil play. Having fully contracted Nipisi, we are now focused on opportunities to increase egress capacity to respond to strong customer demand for incremental services.

作為 Alliance Pipeline 收費審查的一部分，我們大幅延長了 Alliance 的長期合約期限，因為托運人選擇了一項新的 10 年收費選擇權，該選擇權適用於約 96% 的可用容量。我們還承包了日輸油量 10 萬桶的尼皮西輸油管的剩餘產能，該管道於 2023 年重新啟用，以服務於不斷增長的克利爾沃特重油產區。在與 Nipisi 簽訂合約後，我們現在專注於尋找機會，增加出口容量，以響應客戶對增量服務的強勁需求。

In response to growing demand for condensate and NGL transportation, we progressed development of conventional pipeline expansions to reliably and cost effectively meet rising transportation demands from growing production in the Western Canadian Sedimentary Basin. In late 2025, Pembina announced that it is proceeding with its Fox Creek-to-Namao Expansion of the Peace Pipeline system, which will add approximately 70,000 barrels per day of market delivery capacity to the Peace Pipeline system. And yesterday, we announced two additional expansions of our Northeast BC pipelines, the Birch-to-Taylor Expansion and the Taylor-to-Gordondale Expansion. In total, these three expansions represent $625 million of investment to ensure Pembina's continued ability to service growing volumes in Northeast British Columbia and Alberta.

為了因應凝析油和天然氣液運輸日益增長的需求，我們推動了常規管道擴建的開發，以可靠且經濟高效地滿足加拿大西部沉積盆地不斷增長的產量所帶來的運輸需求。2025 年末，Pembina 宣布將推進和平管道系統的 Fox Creek 至 Namao 擴建工程，這將為和平管道系統增加每天約 70,000 桶的市場輸送能力。昨天，我們宣布了東北BC省管道的兩項額外擴建計劃，分別是伯奇至泰勒擴建工程和泰勒至戈登代爾擴建工程。這三項擴建工程總計投資 6.25 億美元，旨在確保 Pembina 能夠繼續為不列顛哥倫比亞省東北部和阿爾伯塔省不斷增長的業務量提供服務。

We took steps to significantly enhance our propane export capabilities through a new 30,000 barrel per day LPG export agreement with AltaGas at its West Coast terminals and the sanctioning of the Prince Rupert terminal optimization project. Through these two initiatives, Pembina ensured access to 50,000 barrels per day of highly competitive propane export capacity to premium priced markets, including Asia for Pembina and our customers' propane.

我們採取了多項措施，透過與 AltaGas 在其西海岸碼頭簽訂新的每天 30,000 桶液化石油氣出口協議，以及批准魯珀特王子港碼頭優化項目，顯著提高了我們的丙烷出口能力。透過這兩項舉措，Pembina 確保了每天 5 萬桶極具競爭力的丙烷出口能力，能夠向包括亞洲在內的高價市場供應 Pembina 及其客戶的丙烷。

On the Cedar LNG project, we advanced construction of a floating LNG vessel to over 35% complete and significantly progressed the onshore construction activities. Further, Pembina met its commitment to investors by completing the remarketing of our 1.5 million tons of annual Cedar LNG capacity by signing long-term agreements with PETRONAS, a global LNG industry leader and Ovintiv, one of the largest liquids-rich natural gas producers in Canada. In addition to increasing Pembina's expected financial contribution from the project, these agreements further validate the Cedar LNG project and highlight the strong demand for global export capacity given the clear advantages of Canadian West Coast LNG, including competitively priced feedstock and advantaged shipping distance to Asian markets.

在 Cedar LNG 專案中，我們推進了浮式 LNG 船的建造，完成度超過 35%，並顯著推進了陸上建設活動。此外，Pembina 履行了對投資者的承諾，完成了其 150 萬噸 Cedar LNG 年產能的再行銷，與全球液化天然氣行業領導者 PETRONAS 和加拿大最大的富含液體的天然氣生產商之一 Ovintiv 簽署了長期協議。除了增加 Pembina 從該項目中獲得的預期財務貢獻外，這些協議還進一步驗證了 Cedar LNG 項目，並凸顯了全球對出口能力的強勁需求，因為加拿大西海岸液化天然氣具有明顯的優勢，包括價格具有競爭力的原料和到亞洲市場有利的運輸距離。

Finally, Pembina and its partner, Kineticor made significant progress on the development of the Greenlight Electricity Center, securing the required power grid allocation for the proposed third-party innovation center, which was subsequently assigned to a potential customer of Greenlight and completed a land sale agreement with the customer. We also ensured the availability and delivery timing of two turbines to support the approximately 700 -- 900-megawatt first phase of Greenlight.

最後，Pembina 及其合作夥伴 Kineticor 在 Greenlight 電力中心的開發方面取得了重大進展，為擬建的第三方創新中心獲得了所需的電網配額，隨後該配額被分配給了 Greenlight 的一位潛在客戶，並與該客戶完成了土地銷售協議。我們還確保了兩台渦輪機的可用性和交付時間，以支援 Greenlight 專案第一階段約 700 至 900 兆瓦的裝置容量。

Greenlight represents an extension of Pembina's existing value chain and an opportunity to enhance growth by investing in long-term contracted infrastructure with an investment-grade counterparty while diversifying its customer base and would create incremental demand for natural gas and associated liquids production within Western Canada. Pembina and Kineticor continue to progress various work streams, including finalizing a commercial agreement with the customer, engineering, procurement and regulatory activities and expect to make a final investment decision in the first half of 2026.

Greenlight 代表 Pembina 現有價值鏈的延伸，並透過與投資級交易對手投資長期合約基礎設施來增強成長的機會，同時實現客戶群多元化，並將為加拿大西部的天然氣及相關液體生產創造增量需求。Pembina 和 Kineticor 繼續推動各項工作，包括最終與客戶敲定商業協議、工程、採購和監管活動，預計將於 2026 年上半年做出最終投資決定。

It was a busy and productive year for the Pembina team, and I look forward to building upon our momentum from 2025 as we strive for even greater success in 2026. We are planning to hold a webcast and conference call on April 7, where Pembina's officer team will provide a general business update and long-term outlook. Additional details will be communicated in the coming weeks.

對於 Pembina 團隊來說，這是忙碌而富有成效的一年，我期待在 2025 年的基礎上再接再厲，在 2026 年取得更大的成功。我們計劃於 4 月 7 日舉行網路直播和電話會議，屆時 Pembina 的管理團隊將提供一般業務更新和長期展望。更多詳情將在未來幾週內公佈。

I will now turn things over to Cam to discuss in more detail the financial highlights for the fourth quarter and full year.

現在我將把發言權交給卡姆，讓他更詳細地討論第四季和全年的財務亮點。

Thanks, Scott. As Scott noted, Pembina reported fourth quarter adjusted EBITDA of $1.075 billion. This was a $179 million or 14% decrease over the same period in the prior year, which primarily reflects a $118 million lower contribution from marketing and new ventures, the impact of a new toll structure and revenue sharing mechanism on the Alliance Pipeline and a $37 million period-specific capital recovery that impacted 2024 with no similar impact in 2025. These factors were partially offset by volume growth and solid performance across the Pipelines and Facilities divisions.

謝謝你，斯科特。正如斯科特指出的那樣，Pembina公佈的第四季度調整後EBITDA為10.75億美元。與去年同期相比，減少了 1.79 億美元，降幅達 14%。這主要反映了行銷和新業務貢獻減少了 1.18 億美元，新的收費結構和收入分成機制對 Alliance Pipeline 的影響，以及 3,700 萬美元的特定時期資本回收，該回收影響了 2024 年，但在 2025 年沒有類似影響。這些不利因素被管道和設施部門的銷售成長和穩健表現部分抵消。

Looking at quarter-over-quarter results by division, the major factors impacting the quarter in Pipelines included higher volumes on the Peace Pipeline system, lower operating expense on the Cochin pipeline, lower revenue on the Canadian portion of the Alliance Pipeline as a result of reduced long-term firm tolls and impacts from the new revenue sharing mechanism under previously announced settlement, offset by higher demand on seasonal contracts, lower revenue on certain pipeline assets due to period-specific impacts of capital recoveries recognized in the fourth quarter of 2024 and lower interruptible volumes on the Cochin pipeline due to narrower condensate price differentials.

從各部門的季度業績來看，影響管道業務季度業績的主要因素包括：和平管道系統輸送量增加；科欽管道運營費用降低；由於長期固定通行費減少以及先前宣布的結算方案下新的收入分成機制的影響，聯盟管道加拿大段的收入下降，但季節性合同需求增加抵消了這些影響；由於2024年管道凝結

In Facilities, factors impacting the fourth quarter included lower revenue related to period-specific impacts of capital recoveries recognized in the fourth quarter of 2024 on certain PGI assets and higher operating expenses as well as higher contribution for PGI assets, primarily due to higher volumes and the impact of the acquisition of a 50% working interest in Whitecap's Kaybob Complex during the fourth quarter of 2024.

在設施方面，影響第四季度的因素包括：由於 2024 年第四季度確認的某些 PGI 資產的資本回收的期間特定影響導致收入下降；以及由於 PGI 資產的產量增加和貢獻增加（主要是由於產量增加以及在 2024 年第四季度收購 Whitecap 的 Kaybob Complex 50% 工作權益的影響），營運費用增加。

In Marketing and New Ventures, fourth quarter results reflected the net impact of narrower NGL frac spreads, partially offset by realized gains on NGL-based derivatives and lower realized gains on crude oil-based derivatives due to lower volumes and narrower price spreads.

在行銷和新業務方面，第四季度業績反映了 NGL 壓裂價差收窄的淨影響，部分被 NGL 衍生品的已實現收益以及由於銷量下降和價差收窄而導致的原油衍生品已實現收益降低所抵消。

Finally, in the Corporate segment, fourth quarter results were lower than prior period due to higher long-term incentive costs, partially offset by lower noncompensation-related expenses. Earnings in the fourth quarter were $489 million. This represents a 15% decrease over the same period in the prior year.

最後，在企業部門，由於長期激勵成本較高，第四季業績低於上一季度，但部分被非薪酬相關支出減少所抵銷。第四季獲利為 4.89 億美元。比上年同期下降了15%。

In addition to the factors impacting adjusted EBITDA, the decrease in earnings in the fourth quarter was primarily due to the net impact of higher depreciation and amortization expense in pipelines, lower other expenses recognized in the share of profit from PGI as 2024 included costs related to asset disposals, higher share of profit from Greenlight due to a gain on sale of land to a third-party potential customer and various unrealized gains and losses on derivatives, a gain recognized by Pembina on a sale of land to a third-party potential customer of Greenlight, combined with lower net finance costs and lower acquisition and integration costs, offset by higher restructuring costs, and finally, lower income tax expense.

除了影響調整後 EBITDA 的因素外，第四季度利潤下降的主要原因是：管道折舊和攤銷費用增加的淨影響；PGI 利潤份額中確認的其他費用減少（因為 2024 年包括與資產處置相關的成本）；Greenlight 利潤份額增加（因為向潛在客戶出售土地獲得收益以及衍生品的未實現損益）；Pembina 向第三方客戶出售土地獲得收益以及衍生品的未實現損益）；的第三方潛在客戶出售土地確認的收益；淨融資成本和收購及整合成本降低；但被更高的重組成本所抵銷；最後，所得稅費用降低。

Total volumes in the Pipelines and Facilities divisions were 3.7 million barrels of oil equivalent per day in the fourth quarter. This represents an increase of 1% over the same period in the prior year. Higher fourth quarter Pipelines volumes were driven primarily by higher interruptible and contracted volumes on the Peace Pipeline system, an increase in volumes on AEGS as the fourth quarter in 2024 was impacted by third-party outages, an increase in contracted volumes on the Nipisi pipeline, lower interruptible volumes on the Cochin pipeline due to narrower condensate price differentials and the sale of the North segment of the Western Pipeline in the third quarter of 2025.

第四季度，管道和設施部門的總產量為每天 370 萬桶油當量。這比上年同期成長了1%。第四季管道輸送量增加主要得益於和平管道系統可中斷輸送量和合約輸送量增加、AEGS輸送量增加（因為2024年第四季受到第三方停運的影響）、尼皮西管道合約輸送量增加、科欽管道可中斷輸送量減少（因為凝析油價格差異縮小）以及2025年第三季西部北段的管道出售。

Higher fourth quarter Facilities volumes were driven primarily by the acquisition of Whitecap's Kaybob complex in the fourth quarter of 2024, higher volumes at the Dawson assets due to higher natural gas prices, higher volumes at the Duvernay Complex and a decrease in Aux Sable volumes due to lower ethane extraction.

第四季設施產量增加主要得益於 2024 年第四季收購 Whitecap 的 Kaybob 綜合設施、Dawson 資產產量因天然氣價格上漲而增加、Duvernay 綜合設施產量增加以及 Aux Sable 產量因乙烷提取量下降而減少。

The fourth quarter contributed to solid full year results that included earnings of $1.694 billion, adjusted EBITDA of $4.289 billion, cash flow from operating activities of $3.301 billion or $5.68 per share and adjusted cash flow from operating activities of $2.854 billion or $4.91 per share.

第四季業績為全年穩健的業績做出了貢獻，其中包括盈利 16.94 億美元，調整後 EBITDA 為 42.89 億美元，經營活動產生的現金流為 33.01 億美元（即每股 5.68 美元），調整後經營活動產生的現金流為 28.54 億美元（即每股 4.91）。

During the fourth quarter, Pembina announced a 2026 adjusted EBITDA guidance range of $4.125 billion to $4.425 billion. The midpoint of the 2026 guidance range represents 2023 to 2026 fee-based adjusted EBITDA per share compound annual growth of approximately 5%, positioning Pembina to deliver on the target we originally provided at our 2024 Investor Day. Based on Pembina's existing strong financial position, the 2026 year-end proportionately consolidated debt to adjusted EBITDA ratio is expected to be approximately 3.7 to 4.0 times. Excluding debt related to the construction of the Cedar LNG facility, which is expected to enter service in late 2028, this ratio would be approximately 3.4 to 3.7 times.

第四季度，Pembina 公佈了 2026 年調整後 EBITDA 預期範圍為 41.25 億美元至 44.25 億美元。2026 年業績指引範圍的中點代表 2023 年至 2026 年基於費用的調整後每股 EBITDA 複合年增長率約為 5%，這使得 Pembina 能夠實現我們在 2024 年投資者日上最初提出的目標。根據 Pembina 目前強勁的財務狀況，預計 2026 年末按比例合併的債務與調整後 EBITDA 比率約為 3.7 至 4.0 倍。如果不包括與 Cedar LNG 設施建設相關的債務（該設施預計將於 2028 年底投入使用），則該比率約為 3.4 至 3.7 倍。

With 2026 serving as the peak investment year for Cedar LNG, 2026 is also expected to represent the peak year for Pembina's proportionally consolidated debt to adjusted EBITDA ratio. With incremental cash flow from projects entering service and a significant ramp down in Cedar LNG spending post 2026, Pembina's leverage is expected to return to the lower end of its target range of 3.5 to 4.25 times.

2026 年是 Cedar LNG 的投資高峰年，預計 2026 年也將是 Pembina 比例合併的債務與調整後 EBITDA 比率的高峰年。隨著專案投入營運帶來的現金流增加，以及 2026 年後 Cedar LNG 支出的大幅減少，Pembina 的槓桿率預計將回到其 3.5 至 4.25 倍目標範圍的下限。

I'll now turn things back to Scott.

現在我把話題交還給史考特。

Thanks, Cam. Doing what we said we would do is core to Pembina's leadership team, and I believe our 2025 accomplishments and our longer track record as a company speak to that. We continue to focus on providing safe, reliable, responsible and cost-effective energy infrastructure solutions. I believe we are uniquely positioned to capture incremental new volumes in the growing Western Canadian Sedimentary Basin and connect our customers to high-value global markets while unlocking new opportunities beyond our strong legacy business. Our entire organization is focused on ensuring the long-term resilience of our business and providing investors with visibility to attractive growth throughout the end of the decade and beyond.

謝謝你，卡姆。言出必行是Pembina領導團隊的核心價值觀，我相信我們2025年取得的成就以及公司更長遠的發展歷程都證明了這一點。我們將持續致力於提供安全、可靠、負責且經濟高效的能源基礎設施解決方案。我相信我們擁有獨特的優勢，能夠在不斷增長的加拿大西部沉積盆地中獲取新增產量，並將我們的客戶與高價值的全球市場聯繫起來，同時在我們強大的傳統業務之外開拓新的機遇。我們整個組織致力於確保業務的長期韌性，並為投資者提供在本世紀末及以後具有吸引力的成長前景。

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

感謝您今天早上收看我們的節目。請開始接受提問。

(Operator Instructions)

（操作說明）

Aaron MacNeil, TD Cowen.

Aaron MacNeil，TD Cowen。

I'm hoping you can sort of give a bit more detail on the decision not to pursue the full Taylor-to-Gordondale Expansion. And I realize this could very well be my own misinterpretation, but my impression was that this would likely go ahead once the permits were in place. So either way, I guess I'm just wondering, has anything in terms of your outlook changed?

我希望您能更詳細地說明為什麼決定不全面推進泰勒到戈登代爾的擴建計劃。我知道這很可能是我自己理解有誤，但我的印像是，一旦許可證到位，這件事很可能會繼續進行。所以無論如何，我只是想知道，你的看法是否有改變？

Are you opting for maybe a lower risk approach? Has ARC's decision to remove the second phase of Attachie sort of caused you to pause this a bit? Or is it the commodity outlook? Or maybe I'm just overthinking it, and this was always the strategy. So just any insights there would be helpful.

您是否選擇風險較低的方法？ARC 決定移除 Attachie 的第二階段，這是否讓你對這個專案稍作了暫停？還是大宗商品前景的問題？或許是我多慮了，這本來就是既定策略。所以，任何見解都將不勝感激。

Aaron, it's Jaret. Thanks for the question, and I think it's a really good one. So like we said in our press release, we've got three projects on the go on the pipeline -- conventional pipeline side, our Fox Creek-to-Namao, which we talked about there a few quarters ago, our Birch-to-Taylor and then our Taylor-to-Gordondale kind of like, we'll call it Phase 1. All of this capital, 100% is being driven by really Canada unlocking our egress constraints. We have our oil constraints being alleviated, which is driving more demand for condensate. Our condensate import pipelines are fairly tapped, ours and third party. So that's going to drive a lot of condensate domestic growth.

亞倫，我是傑瑞特。謝謝你的提問，我覺得這個問題問得很好。正如我們在新聞稿中所說，我們目前有三個項目正在進行中——常規管道項目，包括我們幾個季度前談到的 Fox Creek 到 Namao 項目、Birch 到 Taylor 項目，以及 Taylor 到 Gordondale 項目，我們稱之為第一階段。所有這些資金，百分之百都是由加拿大解除出境限制這一根本原因所驅動的。我們的石油供應限制正在緩解，這推動了對凝析油的更多需求。我們的凝析油進口管道已經基本被利用，包括我們自己的和第三方的。因此，這將極大地推動國內凝析油市場的成長。

And then obviously, with that condensate comes natural gas and that egress constraint is also being lifted with LNG Canada being ramped up, Cedar coming online, other projects, et cetera. So that's really driving the need for condensate and NGLs. And I know you know that, but I think it's important to ground ourselves that a lot of that growth is coming from, obviously, the Montney, but specifically up in that neighborhood of, I'll call it, north of Taylor BC up into that north of Fort St. John, Fort Nelson geographic area, a lot of it is coming from there. That really drives to the Birch-to-Taylor project, if you think about it that way.

顯然，隨著凝析油的產出，天然氣也隨之而來，隨著加拿大液化天然氣計畫（LNG Canada）的投產、Cedar計畫的上線以及其他計畫的推進，天然氣出口的限制也得到了解除。所以這確實推動了對凝析油和天然氣凝液的需求。我知道你也知道這一點，但我認為重要的是要認識到，很多增長顯然來自蒙特尼山脈，但具體來說，是從卑詩省泰勒以北到聖約翰堡、納爾遜堡以北的那個地區，很多增長都來自那裡。如果你這樣想的話，這確實推動了 Birch-to-Taylor 計畫的發展。

So first off, I want to say that, that project, the collaboration and the consolidation of the industry, the indigenous communities and our partners, the BC government and the BC regulator, that was a tremendous outcome for us getting all of our hurdles in place and behind us collectively. That project really is allowing us, number one, it's going to grow our condensate and natural gas liquids, specifically C3+ capacity. It's really to meet their needs, the growth demand that I talked about for all those other reasons.

首先，我想說，這個項目，即產業、原住民社區和我們的合作夥伴、BC省政府和BC省監管機構之間的合作與整合，對我們來說是一個巨大的成果，它讓我們共同克服了所有障礙。這個計畫確實讓我們能夠做到，首先，它將擴大我們的凝析油和天然氣液體的產能，特別是 C3+ 產能。這其實是為了滿足他們的需求，也就是我之前提到的那些成長需求。

I think also, Aaron, sanctioning that project now and bringing that online kind of the end of '27 into '28, it really -- it shows the -- we've been really good at project execution. We pride ourselves on our safety record. We pride ourselves on working with local communities and subcontractors, et cetera. And I think really getting focused on making this project a cost focus and a safety-focused project versus a schedule-driven project because we all know our customers can drill significantly faster than we can build long linear assets. So that's kind of Birch-to-Taylor.

我認為，Aaron，現在批准這個項目，並在 2027 年底到 2028 年初將其上線，這確實表明——我們在項目執行方面做得非常出色。我們為自身的安全記錄感到自豪。我們以與當地社區和分包商等合作而自豪。我認為，真正應該關注的是將這個項目變成一個以成本和安全為重點的項目，而不是一個以進度為導向的項目，因為我們都知道，我們的客戶鑽井的速度比我們建造長線性資產的速度快得多。所以這有點像是從伯奇到泰勒的轉變。

Now I'll get into actually your question. So like you said, February 10, we did receive our federal permit for Taylor-to-Gordondale. And I really think about Taylor-to-Gordondale as growth in the Montney in two other specific regions geographically. I'm going to call it the Dawson Creek area. So southeast of Taylor, we're seeing a lot of growth in the Montney in that neighborhood.

現在我來回答你的問題。正如你所說，2月10日，我們確實收到了泰勒至戈登代爾的聯邦許可證。我真的認為泰勒到戈登代爾的成長是蒙特尼地區另外兩個特定地理區域的成長。我打算把它叫做道森克里克地區。所以在泰勒東南方向，我們看到蒙特尼地區那區域發展迅速。

And you're seeing -- it's the condensate and the C3+ once again. And then on the Alberta side of the border, you're seeing a lot of growth in the Montney in what some refer to as the Peace River Arch in and around that Gordondale and up to the western side of the Alberta border. Ultimately, that -- getting that permit was also a tremendous amount of work. We did have some, I would say, objectives, commercial objectives, but I think our team persevered and got that. We will need that project full stop one day. The condensate, and it's in the near future due to all the exact same demand. The condensate is growing in that area, the C3+ is growing in that area.

你看到的——又是冷凝物和 C3+。然後，在阿爾伯塔省一側的邊境，蒙特尼地區，也就是一些人所說的和平河拱門附近，以及戈登代爾及其周邊地區，一直延伸到阿爾伯塔省邊境的西側，都出現了很大的發展。最終，獲得那個許可證也是一項非常繁重的工作。我們確實有一些目標，可以說是商業目標，但我認為我們的團隊堅持不懈，最終實現了這些目標。總有一天，我們會需要徹底完成這個專案。冷凝水，而且由於同樣的需求，在不久的將來就會出現。該區域的冷凝物正在增加，該區域的 C3+ 也在增加。

But what I will say is one of the things about Pembina is not only our ability to build projects on time and on budget. We also our flexibility of our infrastructure and our people. Our people really took a step back and work collaboratively with operations, our engineering hydraulics teams, and they came up with a little bit more of a capital-light solution. All of this capital we required for the full build-out, but a capital-light solution, which really is a prudent deployment of capital, which Cam gives me a high five for all the time. And it still allows us to meet our customer needs and meet their egress demand, almost like as they grow, it's almost on demand, we can go out and build this.

但我要說的是，Pembina 的優勢之一不僅在於我們能夠按時按預算完成專案。我們也具備基礎設施和人員的靈活性。我們的人員真正退後一步，與營運部門、工程液壓團隊合作，提出了資本投入相對較少的解決方案。我們需要所有這些資金來進行全面建設，但我們採取了輕資本解決方案，這確實是一種審慎的資本部署，Cam 總是為此和我擊掌慶祝。而且它仍然能夠滿足客戶的需求和出口需求，幾乎就像隨著他們的發展，幾乎是按需建造一樣，我們可以出去建造它。

So hopefully, that provides you a little bit of color. We don't see this due to overall certain customers talking about production profiles and condensate is growing, natural gas is going to come with it. Pembina's ability to grow with our customers is, I think, better than anyone else in the basin.

希望這能帶給你一些色彩。我們沒有看到這種情況，因為總體而言，某些客戶正在談論生產概況，凝析油正在成長，天然氣也將隨之成長。我認為，Pembina 與客戶共同成長的能力比流域內任何其他公司都強。

That's a lot more detail than I was expecting. I can -- maybe second question. I can appreciate that marketing fundamentals have been challenging year-to-date, but we've seen Canadian gas prices decrease in the last few weeks. Liquids pricing is on balance up since you released the guidance, which should sort of improve the frac spread and other marketing strategies. So I guess I'm just wondering if you'd characterize your previously disclosed marketing outlook is maybe a bit better on the margin now than you previously thought as we get sort of closer to that annual recontracting window?

這比我預想的要詳細得多。我可以──或許可以問第二個問題。我理解今年以來行銷的基本面一直面臨挑戰，但我們看到加拿大汽油價格在過去幾週有所下降。自從您發布指導意見以來，液體價格總體呈上漲趨勢，這應該會在一定程度上改善壓裂價差和其他行銷策略。所以我想知道，隨著年度續約窗口的臨近，您之前披露的市場前景現在是否比您之前預想的要好一些？

Yes. Aaron, thanks. It's Chris Scherman. I think we've all seen significant volatility to start the year. Obviously, we're only 60 days in. And you just referenced it, we're happy to see the price outlook for the remainder of the year improve, especially sort of over the last week. And I think all in all, things are actually looking positive for us for the remainder of the year. I'd highlight the first 45 days of the year.

是的。亞倫，謝謝你。他是克里斯·舍曼。我認為我們都看到了年初以來市場的劇烈波動。顯然，我們才過了60天。正如您剛才提到的，我們很高興看到今年剩餘時間的價格前景有所改善，尤其是在過去一周。總的來說，我認為今年剩下的時間裡，我們的情況實際上看起來是正面的。我會重點介紹一年中的前45天。

We definitely saw some headwinds on US frac spread, primarily as a result of US weather, which drove up Chicago gas prices. But given those US frac spread headwinds to start the year, combined with the improved outlook for the remainder of the year, right now, we're still looking to be slightly ahead of the midpoint on our marketing guidance for the full year.

我們確實看到美國水力壓裂技術的發展遇到了一些阻力，這主要是由於美國天氣推高了芝加哥的汽油價格。但考慮到年初美國壓裂價格的不利因素，以及今年剩餘時間的前景改善，目前我們仍預期全年行銷業績將略高於預期中位數。

I'd highlight there's still a lot of year left to go. I'd also highlight that given those headwinds earlier in the year, we can probably expect a little bit of a reshaping of the profile through the full year, but we're optimistic and sort of remain on plan for the full year.

我想強調的是，距離年底還有很長一段時間。我還想強調的是，鑑於今年早些時候遇到的這些不利因素，我們可能會預期全年的發展趨勢會有一些調整，但我們保持樂觀，並且全年基本仍將按計劃進行。

Aaron, I'll just -- maybe -- it's Jaret here. Just on the flip side of that, obviously, with really high Chicago gas prices, that puts pressure on our frac spread business. But it also -- the AECO to Chicago spread drives fee-based business to offset some of that noise. And then obviously, I think Cam might talk to it, but we're seeing some fairly strong fluctuations in FX just over the last 60 days, et cetera.

亞倫，我猜——或許——是傑瑞特。另一方面，很顯然，芝加哥天然氣價格居高不下，給我們的壓裂業務帶來了壓力。但同時，AECO 與芝加哥之間的價差也推動了收費業務的發展，以抵銷部分波動。然後很顯然，我認為 Cam 可能會談到這一點，但我們看到過去 60 天外匯市場出現了相當劇烈的波動等等。

Jeremy Tonet, JPMorgan Securities.

Jeremy Tonet，摩根大通證券。

Just wanted to go to the Tourmaline contract extension, if I could. And just wondering how that looks -- how that shakes out economics versus prior. Just wondering with the market right now, how it's developing, does it look similar on a same-store basis there? Or how are things evolving?

如果可以的話，我只想去看看碧璽的續約合約。我只是想知道結果會如何——與之前相比，經濟狀況會如何變化。想了解目前的市場狀況，它的發展趨勢如何，同店銷售情況是否相似？或者說，事物是如何演變的？

Jeremy, it's Jaret. So first off, really pleased to extend our partnership with Tourmaline. They're obviously one of our largest customers and one of the largest producers in Western Canada. And it always kind of -- it warms my heart to see that the Cutbank Complex, which is Pembina's original acquisition in the gas processing back in '09 that we're continuing to see flat production, growing production in and around that area.

傑瑞米，我是賈雷特。首先，我們非常高興能夠擴大與 Tourmaline 的合作關係。他們顯然是我們最大的客戶之一，也是加拿大西部最大的生產商之一。每次看到卡特班克綜合大樓（Pembina 於 2009 年收購的天然氣加工企業）的產量持續穩定成長，以及週邊地區的產量不斷增長，我都會感到非常欣慰。

So with respect to tolls, we won't get into the details on that. But obviously, I'll break it down into a couple. Pipe and frac tolls, you'll see those consistent with the rest of our business. It wouldn't be specific to this customer in this area. And then on the PGI side of our business, the gas economics and the overall netbacks in and around this area, they are strong because of the liquids production that comes out of it that supports the overall netback for our customers. So in this area, you don't have to see a lot of toll erosion in order to meet the customers' needs on the processing side.

所以關於通行費，我們就不詳細討論了。但很顯然，我會把它分成幾個部分來講解。管道和壓裂費用，你會發現這些費用與我們業務的其他部分一致。這並非針對該地區的這位客戶。然後，就我們業務的 PGI 部分而言，該地區及週邊地區的天然氣經濟效益和整體淨收益都很強勁，因為由此產生的液體產量支撐了我們客戶的整體淨收益。因此，在這個領域，為了滿足客戶在加工方面的需求，無需看到大量的收費侵蝕。

With that said, although we're extremely excited to extend this partnership, you recall in Q3, we recorded a small write-down with respect to one of our processing contracts that didn't get extended in a different geographical area of the Deep Basin.

儘管如此，雖然我們非常高興能夠延長此次合作，但您可能還記得，在第三季度，我們針對深盆地另一個地理區域的一項加工合約進行了小幅減值，該合約未能續簽。

So -- but with that said, since that date of that press release and talking about that expiry, our teams who are focused on filling our assets every day have essentially recovered 60% of that value, and we'll continue to backfill that portion of the business. Also, Jeremy, that has been fully baked into our -- the recontracting and the Q3 announcement that has fully been baked into our 2026 guidance and our overall long-range plan.

所以——但話說回來，自從那份新聞稿發布並談到到期日以來，我們每天專注於填補資產空缺的團隊基本上已經收回了其中 60% 的價值，我們將繼續填補這部分業務。另外，傑里米，這一點已經完全融入我們的——重新簽訂合約和第三季公告已經完全融入我們的 2026 年業績指引和整體長期計劃中。

Okay. Great. Great to hear on that recovery there. I was just wondering if we could step back a little bit, take a higher view of the basin, kind of picking up with the current commodity price outlook and how that, I guess, impacts the driller activity expectations for your customers. We've seen volatility out there. Just wondering what's the latest conversations you're having with customers, ARC and others and how you expect, I guess, activity to change over time?

好的。偉大的。很高興聽到你康復的消息。我只是想問，我們能否稍微退後一步，從更高的角度看待這個盆地，談談當前的商品價格前景，以及這會對貴公司客戶的鑽井活動預期產生怎樣的影響。我們已經看到市場波動。我想知道您最近與客戶、ARC 和其他方面進行了哪些對話，以及您預計隨著時間的推移，業務活動會發生怎樣的變化？

Yes, Jeremy, it's Scott here. I would just caution that, like Chris said, it's the increase in commodity price has happened pretty rapidly here. And let's break that down. I mean it's really been on the crude oil price. I mean, we still have seen a ton of volatility in AECO and AECO and Station 2 today are kind of where we started the year, if not slightly below. Propane has kind of remained flattish. So it's very commodity specific, and the crude oil run-up here has just happened very shortly.

是的，傑瑞米，我是史考特。我只想提醒大家，就像克里斯說的那樣，這裡的商品價格上漲得非常快。讓我們來詳細分析一下。我的意思是，這真的跟原油價格有關。我的意思是，我們仍然看到 AECO 和 Station 2 的波動非常劇烈，而 Station 2 目前的水平與年初時差不多，甚至略低於年初的水平。丙烷價格一直保持穩定。所以這與具體商品密切相關，而原油價格的上漲只是在很短的時間內發生的。

So I would say this short-term run-up, I don't know that it's been sustained enough to say that producers have changed their activity from the start of the year. There's also been a fair bit of M&A to end last year. And I think as people work through closing those transactions, hopefully, over the next couple of weeks or months here, we'll see kind of revised drilling plans. This comment is not specific to the recent M&A because, obviously, you can't talk about that.

所以我覺得，這種短期上漲動能還不足以持續到足以說明生產商的活動已經從年初開始改變了。去年年底也發生了不少併購事件。我認為，隨著人們逐步完成這些交易，希望在接下來的幾週或幾個月內，我們能看到一些修訂後的鑽井計畫。這則評論並非專門針對最近的併購活動，因為很顯然，你不能談論這個話題。

But historically, what I would say over the last two years, as we've seen some of the consolidation happen, we've actually seen an acceleration of volumes most people don't buy another company to keep production flat or decline it. Typically, we've seen growth. So we're excited to see what could come out of some of the consolidation, but I can't speak specifically to that just yet.

但從歷史角度來看，過去兩年，隨著一些整合的發生，我們實際上看到了產量的加速成長，大多數人收購另一家公司並不是為了保持產量不變或下降產量。通常情況下，我們都看到了成長。所以，我們很期待看到一些整合會帶來什麼結果，但我現在還不能具體談論這一點。

Maybe just further to that, when I break it down into the different geological formations, I'll start with like in the old school Drayton Valley area, we're also seeing these prices even at $60, we're seeing a tremendous amount of drilling. And even as you talk about the South Duvernay, et cetera, our system out in that area, obviously, is seeing strong volumes. If you move up into kind of that Peace River Arch area again that I talked about, you are seeing a lot of companies talk about Charlie Lake oil. That's continuing to grow and Pembina has oil assets in the area to capture those volumes into the Edmonton market.

或許可以進一步說明，當我將其細分為不同的地質構造時，我會從老牌的德雷頓谷地區開始，即使價格只有 60 美元，我們也看到大量的鑽探活動。即使你談到南杜韋爾奈等地，顯然，我們在該地區的系統也看到了強勁的流量。如果你再往上走到我之前提到的和平河拱形區域，你會看到很多公司都在談論查理湖石油。這種趨勢還在持續成長，Pembina 在該地區擁有石油資產，可以將這些石油產量輸送到埃德蒙頓市場。

If you go kind of north, back up our Clearwater area, the Nipisi pipeline, based on all of the connections we have today and the pumps we have in place, you're seeing the upstream customers really talk about the recovery factors increasing the drilling results, how economic they are. You can continue to see Nipisi capture more and more of those volumes, and we're working on -- I talked about the optimization we did at Taylor-to-Gordondale. Our teams are driving some really cool cheap expansions on the Clearwater -- for the Clearwater customers on the Nipisi pipeline.

如果你往北走，回到我們的克利爾沃特地區，沿著尼皮西管道，根據我們目前的所有連接和我們已安裝的泵，你會看到上游客戶確實在談論採收率提高鑽井結果，以及它們的經濟效益。您可以繼續看到 Nipisi 佔據越來越多的市場份額，我們正在努力——我談到了我們在 Taylor-to-Gordondale 所做的優化。我們的團隊正在為尼皮西輸油管上的克利爾沃特客戶推廣一些非常酷炫且成本低廉的擴建項目。

And then when you think about the Montney, I think I touched on it, but our customers, they have so much land across so many geographical areas and Pembina's system obviously expands a significant geographical area. Our customers, if they're having some challenges or they're maxed out on capacity in one area or constrained by natural gas egress in an area, they can always redeploy capital. Like I said, the oil sands needs condensate. The import pipelines are fairly full. It has to come from somewhere and our customers, the Alberta innovation or the Western Canadian Energy innovation, it will unlock this condensate. And I think our system is pretty primed to capture it. So things are in good shape.

然後，當你想到蒙特尼時，我想我已經提到過了，我們的客戶在許多地理區域擁有大片土地，而Pembina的系統顯然擴大了相當大的地理區域。如果我們的客戶遇到一些挑戰，或者某個地區的產能達到極限，或者某個地區的天然氣出口受到限制，他們總是可以重新部署資金。正如我所說，油砂開採需要凝析油。進口渠道幾乎已滿載運轉。它必須來自某個地方，而我們的客戶，無論是阿爾伯塔的創新還是加拿大西部能源公司的創新，都將釋放這種凝析油的潛力。我認為我們的系統已經做好充分準備來捕捉它。所以一切進展順利。

Theresa Chen, Barclays.

特蕾莎·陳，巴克萊銀行。

Now that Dow has provided a revised time line for Path2Zero with Phase 1 expected by year-end '29 and Phase 2 by year-end '30. Could you provide an update on the different options you're evaluating at this point and infrastructure investment necessary to supply the 50,000 barrels per day of ethane for your commitment?

現在陶氏化學已經提供了 Path2Zero 的修訂時間表，第一階段預計將於 2029 年底完成，第二階段預計將於 2030 年底完成。能否提供您目前正在評估的不同方案的最新情況，以及為履行您承諾的每天供應 5 萬桶乙烷所需的基礎設施投資？

Thanks for the question. It's Chris. So obviously, we're very pleased to see the project moving ahead in line with really our expectations. As we've touched on Dow before and you're referencing, the minor delay in the project has allowed us to reevaluate how best to serve the customer here, what the most efficient capital-efficient infrastructure options are to serve the customers' needs. We will be out this year clarifying that. That work continues. We keep pointing down that path.

謝謝你的提問。是克里斯。顯然，我們很高興看到該專案按照我們的預期順利推進。正如我們之前提到的陶氏化學項目以及您所提到的，該項目的輕微延誤使我們能夠重新評估如何最好地服務於客戶，以及哪些是最有效率、最節約資本的基礎設施方案來滿足客戶的需求。今年我們將對此進行澄清。這項工作仍在繼續。我們一直沿著這條路走下去。

So we look forward to making FID on these additional infrastructure this year, but we can't provide any more detail today on the call. Obviously, Dow, a valued partner to us, congratulate them on the progress they made on the project, and we look forward to getting more details out to the market and progressing.

因此，我們期待今年就這些額外的基礎設施做出最終投資決定，但今天在電話會議上我們無法提供更多細節。顯然，陶氏化學作為我們重要的合作夥伴，對他們在專案上的進展表示祝賀，我們期待向市場公佈更多細節並繼續推進專案。

Understood. And turning to Greenlight, given the progress there, the grid allocation, land sale and turbine availability, what are the key next steps and decision points from here? What is the expected time line for contracting FID and in-service thereafter?

明白了。再來看 Greenlight 項目，鑑於該項目的進展、電網分配、土地出售和渦輪機可用性，接下來的關鍵步驟和決策點是什麼？預計從簽訂最終投資協議到投入使用需要多長時間？

You bet. So Chris again. Obviously, we've made significant progress since forming that JV. You referenced it, right, in 2025. We secured the 907 megawatts of AESO allocation, which we subsequently assigned to our potential customer, entered into agreements on turbines, locked those up, got where we needed to be in the queue for those, closed our land sale to set our customer up for success both on the base project as well as a bunch of growth. So as we're looking forward now, we're targeting an FID in Q2. We're positive on that time line and really focused on three work streams between now and then.

當然。又是克里斯。顯然，自從成立合資企業以來，我們已經取得了重大進展。你之前提到過，是在2025年。我們獲得了 AESO 的 907 兆瓦配額，隨後將其分配給了我們的潛在客戶，簽訂了渦輪機協議，鎖定了這些渦輪機，在這些渦輪機的排隊中達到了我們需要的位置，完成了土地出售，為我們的客戶在基礎項目和一系列增長方面取得成功奠定了基礎。所以展望未來，我們的目標是在第二季做出最終投資決定。我們對這個時間表充滿信心，並且在此期間真正專注於三個工作流程。

Number one, commercial. So we continue to work through negotiations with our potential customer. We're in the middle of those negotiations. So obviously, limited details on that at this point. But I'd say they're going as expected. Time lines are going as expected, and we have confidence we're going to reach a midstream-like long-term contract to underpin this commercially.

第一，商業。因此，我們將繼續與潛在客戶進行談判。我們正在進行談判。所以很顯然，目前這方面的細節還很有限。但我認為他們的情況符合預期。時間安排一切按預期進行，我們有信心達成一項類似中游項目的長期合同，以在商業上支撐該項目。

Secondly, regulatory, we're making great progress. We don't view this as a high-risk work stream for the project, and we're not part of the discussions between the customer and the government, but we understand those are going really well. There's more information that's come out on the levy and the rest of it, which is, I think, positive and in line with expectations.

其次，在監管方面，我們取得了巨大進展。我們不認為這是該專案的高風險工作流程，我們也沒有參與客戶和政府之間的討論，但我們了解到這些討論進展得非常順利。關於徵稅和其他相關事宜，現在已經公佈了更多信息，我認為這是積極的，符合預期。

And then finally, third work stream engineering. So we're working through our FEED. We've got top-tier global engineering partners in that. That's progressing well, all pointed towards Q2 FID targets. So Scott spoke about it in his opening remarks, but I think things are going as we hoped on this. We think the project remains a tremendous on-strategy extension of our business, and we're excited to get it across the line here in Q2.

最後，是第三個工作流程工程。所以我們正在處理我們的 FEED。我們在這方面擁有全球頂尖的工程夥伴。進展順利，一切跡像都顯示將實現第二季最終投資目標。斯科特在開幕致詞中談到了這一點，但我認為事情正按我們所希望的那樣發展。我們認為該專案仍然是我們業務策略的巨大延伸，我們很高興能在第二季完成專案。

Sam Burwell, Jefferies.

Sam Burwell，傑富瑞集團。

I wanted to see if you could give an update on the Alliance short-haul expansion project. I think back in 3Q, you talked about running an open season during the first quarter of this year. So curious if there's any update on the progress you're making there?

我想請您介紹一下聯盟短程航線擴建工程的最新進展。我記得在第三季度，你曾說過要在今年第一季舉辦公開選秀活動。很想知道你那邊進展如何？

Jaret here. So we continue to see strong demand in the Alberta Industrial Heartland area for natural gas to progress other industries. There's still a few days left in the quarter, and you should expect to see an announcement fairly shortly.

我是 Jaret。因此，我們繼續看到艾伯塔工業中心地帶對天然氣的強勁需求，以推動其他產業的發展。本季還有幾天時間，預計很快就會有公告發布。

Okay. Great. And I guess just like one quick clarification on the Tourmaline deal. Was all of that renewals of existing business effectively? Or is there anything incremental on the transport side or the frac side?

好的。偉大的。我想就碧璽交易做一點簡單的澄清。所有這些續約是否都有效？或在運輸方面或壓裂方面有什麼改進嗎？

No, it was all -- essentially all of it was renewal, same volumes.

不，基本上全部都是更新，數量不變。

Robert Hope, Scotiabank.

羅伯特‧霍普，加拿大豐業銀行。

Just want to maybe dive a little bit deeper into the timing of the April 7 presentation. Is there anything specific driving that? Do you think you'll have some incremental clarity on some of the projects that you're progressing? Or is it April 7 just to kind of make it a stand-alone event rather than giving we'll call it, longer-term guidance today?

我想更深入探討4月7日演講的時間。有什麼具體原因導致這種情況嗎？你認為你正在推進的一些專案會逐漸明朗一些嗎？或者說，選擇 4 月 7 日只是為了將其作為一個獨立事件，而不是在今天給出我們所謂的長期指導？

Robert, it's Cam here. Yes, really, I mean, honestly, a couple of factors. One, we recognize there's a window here for market participants that works better or worse. And so as we get into March, we start to interfere with potentially other commitments. But I think probably more presently, things are moving fast, obviously, with certain of our key growth opportunities. And so our objective when we release the long-term guidance is to give you and our investors as much granularity and as much concreteness to that buildup as possible.

羅伯特，我是卡姆。是的，真的，我的意思是，老實說，有幾個因素。第一，我們意識到，對於市場參與者來說，這裡有一個窗口期，其效果可能更好也可能更差。因此，到了三月份，我們可能會幹擾到其他方面的安排。但我認為目前的情況可能更確切地說，一些關鍵的成長機會正在快速發展。因此，我們在發布長期業績指引時的目標是，盡可能為貴公司和投資者提供更細緻、更具體的業績展望。

And so I think our objective this time around, whereas in 2024, we generally gave a growth outlook and some pieces, which would support that. we're really trying to provide the market with a really robust buildup to that. And so we'd love to be in a position to have obviously the most certainty possible around that buildup. And that's the biggest factor that aligns with the sort of post Q1 timing.

所以我認為我們這次的目標，雖然在2024年我們總體上給出了成長展望和一些支持該展望的指標，但我們這次的目標是真正為市場提供一個非常強勁的鋪墊。因此，我們當然希望能夠盡可能確保這項進程的順利進行。而這正是與第一季後的時間安排相符的最大因素。

I appreciate that. And then you've touched on most of the kind of, we'll call it, the $4 billion bucket of potential projects, but PGI infrastructure was one that was highlighted as an opportunity set that you're advancing. Can you maybe expand a little bit further what opportunities you could see as the next phase of growth for PGI?

我很感激。然後，您已經談到了大部分我們稱之為價值 40 億美元的潛在項目，但 PGI 基礎設施是被重點提及的您正在推進的一個機會。您能否再詳細談談您認為PGI的下一個發展階段有哪些機會？

Rob, Jaret here. Yes, you know what, PGI is going to continue to grow their business. We obviously step one with respect to that business is filling white space. So some of the announcements we made with the infrastructure build-out we're doing with Whitecap in and around the Lator area, that's really all designed to, one is fill existing white space at some plants in and around that area, but also then to grow the liquids volumes on to Pembina's Peace Pipeline system and the NGLs into Fort Saskatchewan and Pembina's Redwater facilities. After that, we're looking at continuing to build out organically. There are opportunities out there that we're evaluating. So probably more to come on that.

羅伯，我是賈雷特。是的，你知道嗎，PGI將會繼續發展壯大他們的業務。顯然，我們開展這項業務的第一步是填補空白市場。因此，我們與 Whitecap 在 Lator 地區及其周邊地區進行基礎設施建設的一些公告，實際上都是為了：一是填補該地區及其周邊一些工廠的現有空白空間，二是增加輸送到 Pembina 的 Peace Pipeline 系統的液體量，以及輸送到 Fort Saskatchewan 和 Pembina 的 Redwater 設施的 NGL。之後，我們將考慮繼續以有機成長的方式發展壯大。我們正在評估一些潛在的機會。所以，這方面可能還會有更多消息。

And then lastly, there's always the inorganic stuff. I think PGI out of any one of the gas processing businesses in Western Canada has been ahead of its time with respect to creativity. And being on the board with KKR, we continue to encourage and press the team on to come back to us with more and more of those creative ideas. So that's kind of how we see the business there.

最後，還有無機物。我認為，在加拿大西部所有天然氣加工企業中，PGI 在創新方面一直走在時代前緣。作為 KKR 的董事會成員，我們不斷鼓勵和敦促團隊向我們提出更多更具創意的想法。所以，我們大概就是這樣看待那裡的業務的。

Spiro Dounis, Citi.

Spiro Dounis，花旗銀行。

First, let me congratulate you all on your silver medal in hockey, hard fought. Sorry if that's too soon. Going to the questions, I'll keep them above the belt here. Maybe just going to contract renewals. Scott, you mentioned over 200,000 barrels a day contracted last year and more to come in 2026. So maybe could you provide a broader commercial update on what you're expecting this year? Is it similar to 2025? And any reason we can expect different outcomes, either positive or negative?

首先，我要祝賀你們在曲棍球比賽中獲得銀牌，這是一場艱苦的戰鬥。如果時間太早，請見諒。接下來是問題，我會盡量避免問一些不恰當的問題。或許只是合約續約的問題。史考特，你提到去年簽訂了每天超過 20 萬桶的合同，而且 2026 年還會有更多。那麼，您能否提供更廣泛的商業更新，談談您今年的預期？它和 2025 年的情況類似嗎？我們有什麼理由可以預期會有不同的結果，無論是正面的還是負面的？

Yes. Thanks for the question, and I'll ignore the comment. Maybe next quarter, we can talk about it. But yes, I think we did try to highlight it, obviously, a very, very successful 2025. We feel like we started off the year strong, as Jaret mentioned, both with the Tourmaline recontracting, but as well as the success on Alliance and Nipisi.

是的。感謝你的提問，我會忽略那則評論。或許下個季度我們可以討論一下。是的，我認為我們確實努力強調了這一點，顯然，2025 年將會非常非常成功。正如 Jaret 所提到的，我們感覺今年開局強勁，不僅 Tourmaline 項目續約，而且 Alliance 和 Nipisi 項目也取得了成功。

And so in terms of specifically to 2026, again, we're not going to get into specific contract profiles. It's obviously a competitive dynamic. But what I will say is that we would expect to have a little more granularity on this on our April 7 update and talk a little bit about more where we're at year-to-date and what our expectations are. So good question, but I don't want to front run our April 7 update.

因此，就具體到 2026 年而言，我們還是不會深入探討具體的合約條款。這顯然是一種競爭關係。但我想說的是，我們希望在 4 月 7 日的更新中對此進行更詳細的說明，並更多地談論我們今年迄今為止的進展以及我們的預期。問得好，但我不想提前透露我們4月7日的更新內容。

Yes. I totally respect that. Second question, maybe just going back to Taylor-to-Gordondale. Just curious how you're thinking about the cadence and the timing for the remaining expansion phases, how you think you're going to break it up? And I ask because it looks like the CapEx guidance is unchanged here.

是的。我完全尊重這一點。第二個問題，或許就回到泰勒到戈登代爾的路線吧。我很好奇您是如何考慮剩餘擴張階段的節奏和時間安排的，您打算如何劃分這些階段？我這麼問是因為看起來這裡的資本支出指引沒有改變。

And so do the remaining phases FID in '26? It sounds like it could be after that.

那麼，剩餘階段的最終投資決定（FID）也將在 2026 年完成嗎？聽起來像是在那之後。

Yes, great question. I also put your comments behind me while I answer your question. Yes, so the short haul or the Phase 1, pardon me, the short-hauls Alliance Phase 1, that's fully baked into our 2026 capital guidance right now. And with respect to FID timing, obviously, it will be shortly in the future. You'll probably hear a little bit more on April 7 with respect to that. But it's really -- we have some flexibility now to go and be very focused on project execution on this Phase 1 and Phase 2 will be coming really as we start to fill up these next phases.

是的，問得好。在回答你的問題時，我會把你的評論放在一邊。是的，所以短程航線或第一階段，抱歉，是短程航線聯盟第一階段，目前已完全納入我們 2026 年的資本指導方針中。至於最終投資決定（FID）的時間，顯然，不久的將來就會到來。4月7日你可能會聽到更多相關消息。但實際上——我們現在有一定的靈活性，可以專注於第一階段的專案執行，第二階段將在我們開始填補接下來的階段空缺時到來。

And like I said earlier to my question to Aaron -- or answer to Aaron was really, it's almost like an on-demand ability for us to grow with our customers. And then also, we'll be we have ordered our pipe, and we have ordered obviously, some of the aboveground equipment like pumps and all that stuff. So that's all part of the process and for the full build-out. So we will just deploy that capital as required.

就像我之前對 Aaron 的問題所說——或者說，我對 Aaron 的回答是，這幾乎就像一種按需能力，讓我們能夠與客戶一起成長。此外，我們已經訂購了管道，顯然也訂購了一些地上設備，例如水泵等等。所以這都是整個流程和全面建設的一部分。所以我們會根據需要部署這筆資金。

Praneeth Satish, Wells Fargo.

Praneeth Satish，富國銀行。

Maybe just turning to Greenlight. So I understand the commercial details, they're still being finalized. But can you provide any high-level guardrails on maybe the minimum IRR that you'd look to achieve here? And also whether this would be a take-or-pay or cost of service like contract? And then as a follow-up, I guess, if you were to FID greenlight, considering it's got an in-service date pushing into the next decade, would this influence your long-term EBITDA CAGR guidance that you plan to give in April? And I guess, how far out do you think you could reasonably guide if you get this project?

或許可以考慮轉投 Greenlight。所以我了解商業細節，目前還在敲定中。但是，您能否提供一些關於您希望達到的最低內部報酬率 (IRR) 的高層次指導原則？此外，這份合約是按照付不議還是按服務成本計費？那麼，作為後續問題，如果您最終批准該項目，考慮到其投入使用日期將推遲到下一個十年，這是否會影響您計劃在 4 月發布的長期 EBITDA CAGR 指導？那麼，如果你接手這個項目，你覺得你能合理地指導多久呢？

It's Chris. I'll take the first part on greenlight and then maybe turn it over to Cam to talk about guidance. As I mentioned, we're in the middle of negotiations. So unfortunately, Cam provide limited guidance. But what I can say is it's a long-term contract. It's a long-term contract with midstream-like attributes. It looks a lot like our core business, and we're really pleased with the fact that we've been able to do that.

是克里斯。我先就綠燈方案做第一部分，然後可能會交給 Cam 來討論指導方面的問題。正如我之前提到的，我們正在進行談判。所以很遺憾，Cam 能提供的指導有限。但我可以透露的是，這是一份長期合約。這是一份具有中游業務特徵的長期合約。這看起來很像我們的核心業務，我們非常高興能夠做到這一點。

I think when it comes down to it, if you think about it on a build multiple basis, it's going to look a lot like other Pembina greenfield projects that we've been doing under long-term contracts with ancillary benefits down the road as we think about integrating gas supply and the other components into it, looking to drive that down over time, consistent with how we've pursued other projects in our core business.

我認為歸根結底，如果你從建設倍數的角度來看，它看起來很像我們一直在根據長期合約開展的其他 Pembina 綠地項目，隨著我們考慮將天然氣供應和其他組件整合到其中，未來還將獲得附帶利益，我們希望隨著時間的推移降低成本，這與我們開展核心業務其他項目的方式一致。

Yes. I'd just add a little bit of color. Obviously, we have a partner on the file and therefore, a private equity partner and therefore, would need to project finance the project, which when you stack those two things up, you can assume that there would be a low-risk EBITDA profile in order to support a project finance.

是的。我只想加點顏色。顯然，我們在這個專案上有合作夥伴，因此，有私募股權合作夥伴，因此，需要為該專案提供專案融資。把這兩件事放在一起考慮，可以推斷，為了支持專案融資，該專案的 EBITDA 風險較低。

And Praneeth, it's Cam. I'll just pick up on one thing that Chris said around the structure. And that is want to reiterate and make sure everyone understands that while the project in its own right is a really interesting project. One of the things that really sells it for us or really gets us excited about it is the integration with the rest of our business. And so you've heard us talk about it, and I think we'll be in a position to talk more about it or more succinctly about it as we get to our April 7 presentation.

還有普拉尼思，我是卡姆。我只想談談克里斯關於這個建築結構所說的一件事。我想再次強調，並確保每個人都明白，雖然該項目本身是一個非常有趣的項目。真正打動我們或讓我們感到興奮的一點是它與我們業務其他部分的整合。所以你們已經聽我們談論過這件事了，我想到了4月7日的演講時，我們將能夠更詳細或更簡潔地談論這件事。

But in summary, I mean, there's a ton of integration potential around the Alberta Industrial Heartland. And I think the so what of that is it really starts to take a greenfield-like return profile and really turn it into a brownfield-like return profile ultimately for Pembina. And so that's what gets us really excited about that, and you couple that with a low-risk contract structure.

但總而言之，我的意思是，艾伯塔工業中心地帶週邊地區蘊藏著巨大的整合潛力。我認為這最終會使 Pembina 的回報模式從類似綠地投資的模式轉變為類似棕地投資的模式。這就是讓我們真正感到興奮的地方，再加上低風險的合約結構。

Growth outlook, obviously, as we've said before, once these types of opportunities get built and certainly has been the precedent on the southern side of the border, they tend to cluster. And I think as we walked our Board through yesterday, we have a ton of advantage in terms of our Alberta industrial Heartland position, everything that comes along with that. And so getting the first one in the ground gives us a huge advantage in terms of building a business out of this.

成長前景顯而易見，正如我們之前所說，一旦這類機會出現，而且在邊境南側也確實有先例，它們往往會聚集在一起。我認為，正如我們昨天向董事會介紹的那樣，我們在阿爾伯塔省工業中心地帶的地位以及隨之而來的一切方面都擁有巨大的優勢。因此，率先開工建設讓我們在以此為基礎發展業務方面擁有了巨大的優勢。

Got you. That's very helpful. And then you kind of touched on this, but I guess with the Nipisi pipeline, running full. Can you walk us through, I guess, some of the next phases of potential expansion, what that might look like? Is that -- it sounds like you're adding incremental capacity through additional pump stations, if I heard correctly, so at a low CapEx cost.

抓到你了。那很有幫助。然後你剛才也稍微提到了這一點，我想尼皮西輸油管已經滿載運作了。您能否為我們介紹一下，接下來可能的發展階段，以及它可能呈現的形式？如果我沒聽錯的話，你們似乎是透過增加泵站來增加產能，因此資本支出成本較低。

But I guess how much more of that can you do? And yes, and how should we think about the likely commercial structure here? Is this kind of fee-based or cost of service, some of the expansions that you're looking at?

但我想，你還能做多少這樣的事呢？那麼，我們該如何看待這裡可能的商業結構呢？您正在考慮的一些擴充方案是按收費還是按服務成本計費？

Thanks. So as Jaret touched on, and he can provide a little bit more color, we are going through some debottlenecks, which can add, as you pointed out, some very reasonable both from a return and from a time-to-market debottlenecks. I think the bigger picture here longer term is we have an opportunity to expand portions of that pipe to add significant capacity.

謝謝。正如 Jaret 所提到的，他可以提供更多細節，我們正在進行一些消除瓶頸的工作，正如你所指出的，這可以帶來一些非常合理的回報，並縮短上市時間。我認為從長遠來看，更大的意義在於我們有機會擴大部分管道，從而大幅增加輸送能力。

And so we're right now doing the engineering and continuing to advance the engineering on what that might look like and are having commercial discussions. So we kind of have a two-phased approach. We have the early debottlenecks and then we have a larger potential winning of the pipe. Jaret or Chris, anything there you guys want to add?

因此，我們目前正在進行工程設計，並不斷推進工程設計，探索其可能的外觀，同時也進行商業洽談。所以我們採取的是一種分兩階段進行的方法。我們已經解決了早期瓶頸問題，然後我們有可能贏得更大的管道。Jaret 或 Chris，你們還有什麼要補充的嗎？

I would just add that when we say right now that -- so commercially, we're contractually full for the base asset, but we do have a third party that's going to be making connection in the next few months that will get us to physically being full on a physical basis. And then the debottleneck projects I talked about will give us about 20% to 30% incremental torque on that asset. And that truly is through drag-reducing agent that we use every day on our Cochin pipeline. We're very familiar with how that works, and we'll try to work in installing that and then just some minor horsepower upgrades to get that capacity.

我還要補充一點，目前我們說——從商業角度來看，我們的基礎資產已經按合約全部售罄，但我們確實有第三方將在未來幾個月內進行連接，這將使我們在物理層面上達到滿負荷運轉。然後，我提到的消除瓶頸項目將使我們在該資產上獲得大約 20% 到 30% 的額外扭矩。而這的確是透過我們在科欽管線上每天使用的減阻劑來實現的。我們非常熟悉它的工作原理，我們會嘗試安裝它，然後再進行一些小的馬力升級，以達到所需的容量。

Cameron?

卡梅倫？

It's Cam. I just want to -- yes. I just want to chime in one more piece here. And I think it's worth noting that the history on this asset is something that we're quite proud of and I think speaks to our business and our commercial attitude overall, which is, obviously, this asset was in a different form of service with a different customer pre-2021, and it was underpinned by a long-term contract at this point. We obviously took out a service because we thought that was the right thing to do in light of the options.

是卡姆。我只是想——是的。我只想再補充一點。值得一提的是，我們對這項資產的歷史感到非常自豪，我認為這體現了我們的業務和整體商業態度，顯然，這項資產在 2021 年之前以不同的形式為不同的客戶提供服務，並且當時它有一份長期合約作為保障。我們顯然選擇了這項服務，因為考慮到各種選擇，我們認為這是正確的做法。

And as we sit here today, the EBITDA that this pipe will generate in 2026 is materially above what it did in the former service under the foundational contracts like to the tune of 50%. So -- and we see significant growth opportunity on top of that. So we're really pleased with our approach to that. And I think it speaks to both the diversity and the optionality in our business.

而就目前來看，這條管道在 2026 年產生的 EBITDA 將比先前根據基礎合約提供的服務高出 50% 左右。所以——而且我們也看到了巨大的成長機會。所以我們對我們處理這個問題的方式非常滿意。我認為這不僅體現了我們行業的多元化，也體現了其選擇的靈活性。

Maurice Choy, RBC Capital Markets.

Maurice Choy，加拿大皇家銀行資本市場。

Just wanted to start with your capacity to do these projects. You sanctioned a few more projects today. It sounds like you've got at least to Dow and Greenlight projects to come later this year. How would you characterize your remaining investment capacity for the remainder of, say, this decade that you can actually self-fund before your debt-to-EBITDA perhaps moves meaningfully closer to your [$4.25 billion] limit?

首先我想了解您是否有能力完成這些項目。今天你又批准了幾個項目。聽起來你今年晚些時候至少還有陶氏化學和綠光投資的項目要做。在接下來的十年裡，您如何描述您剩餘的投資能力？在債務與 EBITDA 比率可能顯著接近您的 [42.5 億美元] 上限之前，您實際上可以自籌資金的投資能力是多少？

Yes. Great question, Maurice. It's Cam here. So I'd say I'd go back to some things we said in the past, which is our track record and our intention has been that we obviously seek to fund capital with cash flow after dividends. And at our level that we're at today, we can think about that as roughly plus or minus about $1.5 billion a year in any given year for round numbers.

是的。問得好，莫里斯。我是Cam。所以我想說，我會回顧一下我們過去說過的一些話，那就是我們的過往業績和我們的意圖，我們顯然是尋求在分紅後用現金流來籌集資金。以我們目前的水平來看，我們可以大致認為，在任何一年中，這個數字上下浮動大約為 15 億美元（取整數）。

And I would say, obviously, this year, we've talked about how it's the peak year for Cedar. We are running a slight free cash flow deficit in 2026. But as we look forward to 2027 and beyond, we begin to generate meaningful free cash flow, again based on our currently sanctioned project opportunity profile.

而且，很顯然，今年我們已經討論過，這是雪松產量最高的一年。我們預計2026年將出現輕微的自由現金流缺口。但展望 2027 年及以後，我們將開始產生有意義的自由現金流，這同樣是基於我們目前已獲批准的專案機會概況。

As we think about larger opportunities and if you want to think about what might come on top of it, like let's dream for a moment around Greenlight and that becoming a reality and multiple opportunities on top of that. I think that's where we start to like the structure that we have today, which is obviously a partner, and we have that in other parts of our business. We like the opportunities within our business and honestly, look at various financing opportunities, which will enable us. But when you do the really simple math around deploying $1.5 billion at historical return multiples that Pembina has done, you can pretty clearly get to a mid-single-digit growth number for Pembina into a very long term.

當我們思考更大的機遇，以及在此基礎上可能出現的其他機會時，例如讓我們暢想一下 Greenlight 成為現實，以及在此基礎上可能出現的眾多機會。我認為，這就是我們開始喜歡上我們今天這種組織結構的原因，它顯然是一種合作夥伴關係，我們在業務的其他方面也採用了這種模式。我們看好公司內部的發展機遇，並且坦誠地尋求各種融資機會，這將使我們能夠成長壯大。但是，如果你按照 Pembina 過去投資 15 億美元的回報倍數進行簡單的計算，你就可以很清楚地得出 Pembina 在很長一段時間內能夠實現個位數中等增長的結論。

And so we like that. We have that investment capacity. And not only just the financial capacity, I think we have the execution capacity. Clearly, we have a really solid track record of executing projects on time and on budget, and we're applying that to projects in our core business as well as some of these ones which are on the face of it new for us maybe, but realistically very similar to what we've done in the past in many other ways and taking a similar strategy. So we're managing the risk from that perspective.

所以我們喜歡這樣。我們具備這樣的投資能力。我認為我們不僅有財力，還有執行力。顯然，我們在按時按預算完成專案方面有著非常可靠的記錄，我們將這種記錄應用到我們核心業務的專案中，以及一些表面上對我們來說可能是新的專案上。但實際上，這些項目在許多方面都與我們過去所做的非常相似，並且採取了類似的策略。所以我們從這個角度來管控風險。

Understood. And if I could just finish up by following up on the three streams you discussed on the Greenlight project. I accept that these things are complex, does involve a lot of work. But is there anything material here that is out of your control or your counterparty's control that you see may derail this FID or even the timing of it?

明白了。最後，我希望能跟進您在 Greenlight 專案中討論的三個方向。我承認這些事情很複雜，確實需要付出很多努力。但是，是否存在任何超出您或您的交易對手控制範圍的實質因素，您認為這些因素可能會導致最終決定或最終決定時間的延誤？

Okay. I'll chime in, and Chris, feel free to add anything. But I think to answer that question, I mean, we are obviously in control of our project and the negotiations with our customer, but we don't control our customers' ultimate decision to FID their innovation center. So there's two pieces to this to the puzzle. And I think that's potentially what you're getting at. So there's obviously our piece and then there's the innovation center piece, and that's not obviously within our control.

好的。我來補充幾句，克里斯，你也隨意補充。但我認為要回答這個問題，我的意思是，我們顯然可以控制我們的專案以及與客戶的談判，但我們無法控制客戶最終是否對其創新中心做出最終投資決定。所以，這個問題包含兩個面向。我想這可能就是你想表達的意思。所以很明顯，我們負責一部分，然後還有創新中心那部分，而那部分顯然不在我們的控制範圍內。

Robert Catellier, CIBC Capital Markets.

Robert Catellier，CIBC Capital Markets。

Just a quick one here on the new pipeline. I'm just curious on the commercial impetus to use a cost of service agreement on the Birch-to-Taylor Expansion.

關於新管道，這裡簡單介紹一下。我只是好奇在 Birch 到 Taylor 的擴建工程中使用成本服務協議的商業動機是什麼。

That's just the legacy of that pipeline. That's how that pipeline has been underpinned for 10 years as soon as since we put it into service. So that's just been the initial contracting, and that's how that pipeline is structured.

那隻是那條輸油管遺留下來的問題。自從這條管道投入使用以來，10年來它一直都是這樣得到支撐的。以上只是初步的合約簽訂，這就是該生產流程的結構。

Okay. And then I just wanted to turn to LNG and some maybe longer-dated questions here. As you're aware, there's been some media reports about the owners of LNG Canada potentially monetizing their stakes in Phase 1 to -- or partially monetizing in order to fund a Phase 2. And given Pembina had a history of developing export options, I'm just curious on your view or interest in participating in an existing operating LNG facility other than the one you're building.

好的。然後，我想談談液化天然氣以及一些可能具有更長遠意義的問題。如您所知，媒體報道稱，LNG Canada 的所有者可能會將其在第一階段的股份變現，或部分變現，以資助第二階段。鑑於 Pembina 有開發出口選項的歷史，我只是好奇您對參與您正在建造的液化天然氣設施之外的現有營運液化天然氣設施的看法或興趣。

The second part of that is, if you look ahead and the possibility of a Cedar LNG Phase 2, I'm wondering if there's enough pipeline capacity for Coastal GasLink as is or if it expands to be able to support a Cedar LNG Phase 2 down the road?

第二部分是，展望未來，如果考慮 Cedar LNG 二期項目，我想知道 Coastal GasLink 目前的管道輸送能力是否足夠，或者它是否會擴建以支持未來的 Cedar LNG 二期項目？

Yes. I think on your first question, our understanding from media reports is that it's simply a financing to help fund Phase 2. So that's not something that we're currently participating in. We don't want to be a passive investor in something. So nothing to see from a Pembina perspective on the rumors of a sell-down.

是的。關於你的第一個問題，根據媒體報導，我們了解到這只是為了資助第二階段而進行的融資。所以，我們目前沒有參與其中。我們不想做任何專案的被動投資者。所以從Pembina的角度來看，關於出售股份的傳聞並沒有什麼值得關注的地方。

And then on the second part of the question, I mean, we have positioned Cedar to potentially take incremental gas, whether it's the Cedar Link pipeline or a few of the other onshore facilities. And so we would love to do a Cedar 2. But as you pointed out, it's solely dependent on gas supply. And what I would say is right now, our partners at LNG Canada, I think, are pretty focused on getting Phase 1 up and running and engineering Phase 2. So I think until they're through some of those decisions, we won't have a line of sight to that. But we stand ready, willing and able if that's a possibility.

至於問題的第二部分，我的意思是，我們已經讓 Cedar 做好接收增量天然氣的準備，無論是透過 Cedar Link 管道還是其他一些陸上設施。所以，我們非常希望推出 Cedar 2。但正如你所指出的，這完全取決於天然氣供應。我想說的是，目前我們的合作夥伴加拿大液化天然氣公司正集中精力推進第一階段的建設和第二階段的工程設計。所以我覺得，在他們做出一些決定之前，我們無法看到結果。但如果有可能，我們隨時準備就緒，並且有能力這樣做。

Benjamin Pham, BMO.

Benjamin Pham，BMO。

Just on the topic of the value chain extensions and opportunities. I mean Pembina has been pretty good at that part of it. You added gas and LNG and then now power. My question specifically on the power side, is that from your advantage now, is that more getting your feet wet through the DC Greenlight opportunity to do a couple of cogens? Or is there a much more broader potentially per scaled growth allocation that Pembina is looking at?

僅就價值鏈延伸和機會這個主題而言。我的意思是，Pembina 在這方面做得相當不錯。你們增加了天然氣和液化天然氣，現在又增加了電力。我的問題具體是關於電力方面的，從你們的角度來看，現在的優勢是否在於，透過 DC Greenlight 專案來試水，做幾個熱電聯產專案？或者，Pembina 是否正在考慮更廣泛的、潛在的規模成長分配方案？

It's Chris. Well, here's what I'd say. I'd say we definitely see the potential for significant growth in the gas-to-power space, in particular, to power data centers. We think that the Alberta market and the Alberta is ripe for growth in that space, and we think we're really well positioned with our current project with our partners. And so for us, it is one of the growth pathways that we're pursuing, frankly, and see an opportunity to grow into.

是克里斯。嗯，我的看法是這樣的。我認為我們絕對看到了天然氣發電領域的巨大成長潛力，尤其是在為資料中心供電方面。我們認為阿爾伯塔省市場和阿爾伯塔省在該領域具有巨大的成長潛力，我們認為我們與合作夥伴目前的專案也讓我們處於非常有利的地位。因此，坦白說，這是我們正在追求的成長途徑之一，也是我們看到發展機會的地方。

We're not looking to grow into the merchant power space. That's not a space we're going to go to. You mentioned cogens, I mean, cogens, integrated cogens associated with existing infrastructure and deals are certainly in play. But as far as the meaningful growth pathway, it's really that behind the meter gas to power to support innovation center growth, which we see a lot of potential.

我們並不打算進軍商家電力領域。我們不會去那個地方。你提到了熱電聯產，我的意思是，與現有基礎設施相關的整合式熱電聯產和交易肯定正在發生。但就有意義的成長路徑而言，真正的關鍵在於從燃氣表層到電力系統的轉變，以支持創新中心的發展，我們看到了這方面的巨大潛力。

And I'll just add to that, Ben. If you think about -- I mentioned earlier in the call that gas egress is obviously one of the biggest constraints for Canadians to produce condensate and get it up to the oil sands. A full build-out of Cedar is roughly -- pardon me, a full build-out of Greenlight is roughly 75% of the same gas consumption that Cedar would be. So obviously, driving that for our customers, allowing them to fill our value chain in other areas is pretty key for Pembina.

我還要補充一點，本。如果你仔細想想——我之前在電話會議中提到過，天然氣逸出顯然是加拿大生產凝析油並將其輸送到油砂的最大限制因素之一。Cedar 全面建成後，其天然氣消耗量約為——抱歉，Greenlight 全面建成後，其天然氣消耗量約為 Cedar 的 75%。顯然，對 Pembina 而言，推動客戶實現這一目標，讓他們在其他領域完善我們的價值鏈，是非常關鍵的。

Okay. Got it. And then the value chain side of things, what's Pembina's current view on the oil side of things, whether it's organic or inorganic?

好的。知道了。那麼，從價值鏈的角度來看，Pembina 目前對石油方面（無論是有機石油還是無機石油）的看法是什麼？

Well, I think from our perspective, we remain bullish on oil growth. As Jaret mentioned a few times in his comments, we're excited about all the potential debottlenecks on the Enbridge system and on TMX for a couple of reasons. That's obviously going to drive growth in the oil sands, which should have a pull on condensate, which should be good for our overall system.

嗯，我認為從我們的角度來看，我們仍然看好石油成長。正如 Jaret 在他的評論中多次提到的那樣，我們對 Enbridge 系統和 TMX 上所有潛在的瓶頸消除感到興奮，原因有二。這顯然會推動油砂產業的發展，進而帶動凝析油的產量，這對我們的整個體系來說應該是件好事。

In terms of Pembina's specific investments as it relates to oil, right now, our -- I'd say our two main focuses would be on the Nipisi pipeline, which we've talked to at length today. And then as Jaret also mentioned earlier, the Charlie Lake oil play on our conventional system. So that's really where we're focused from a direct oil exposure, but we are excited and bullish on oil growth in the oil sands and therefore, condensate.

就Pembina在石油領域的具體投資而言，目前，我們的兩個主要關注點是Nipisi輸油管道，我們今天已經就此進行了深入討論。正如 Jaret 之前提到的，我們常規系統中的 Charlie Lake 油田。所以，從直接石油投資的角度來看，我們確實把重點放在這裡，但我們對油砂石油的成長以及凝析油的成長感到興奮和樂觀。

Sumantra Banerjee, UBS.

Sumantra Banerjee，瑞銀集團。

Just a quick general one on capital allocation. I know you discussed your comments on leverage and the previous question on investment capacity before. But I just wanted to ask if you had any more color you could add on 2026 capital allocation priorities.

關於資本配置，這裡簡單介紹一下。我知道你之前已經討論過關於槓桿和投資能力的問題。但我只是想問，您對 2026 年的資本配置優先事項還有什麼補充說明嗎？

Yes, it's Cam here. I guess I'll just reiterate that for 2026, we're really focused on project execution. And so obviously, we are sustaining a free cash flow deficit in 2026. So barring a material change in our business performance, free cash flow is going to be directed towards capital execution in 2026. Outside of that, we expect to continue.

是的，我是卡姆。我想再次重申一下，2026 年，我們真正關注的是專案執行。因此很明顯，我們在 2026 年將持續出現自由現金流缺口。因此，除非我們的業務表現有重大變化，否則2026年的自由現金流將用於資本執行。除此之外，我們預計一切照舊。

We've had a long track record of a growing dividend, and so anticipate to continue to deliver that in line with our historical trend in 2026 and beyond that. And outside of that, it continues to be just execution all around. Obviously, we continue to reassess things should market fundamentals change drastically. But as we see the world right now, it's sort of steady as she goes in the way we've laid it out in our guidance.

我們一直以來都有派發不斷增長的股息的記錄，因此預計在 2026 年及以後將繼續按照我們以往的趨勢派發股息。除此之外，其他方面依然都是執行力不足的問題。顯然，如果市場基本面發生劇烈變化，我們將繼續重新評估情況。但就我們目前所看到的世界而言，一切都在穩步進行，正如我們在指導方針中所闡述的那樣。

Patrick Kenny, NBCM.

Patrick Kenny，NBCM。

I was just wondering if we can get an update on the Yellowhead extraction opportunity, assuming that the pipeline starts construction here in a few months. Curious what the timing could look like for your extraction opportunity. And then you talked about how tight the condensate market is, but I guess with Redwater 4 coming online so I just wanted to get an update on how you're thinking about a Redwater 5 based on C3+ fundamentals.

我只是想了解關於 Yellowhead 油氣開採項目的最新進展，假設這條輸油管在幾個月後開始在這裡建造。很好奇你的提款機會何時可能出現。然後您談到了凝析油市場的緊張程度，但我想隨著 Redwater 4 的投產，我只是想了解一下您基於 C3+ 基本面如何考慮 Redwater 5 的最新情況。

Pat, it's Chris. I'll take the Yellowhead question and then turn over to Jaret. So continue to progress Yellowhead, remain excited about that project. expect something this year, frankly, as far as an announcement if we can keep everything on track and get to where we want to get it.

派特，我是克里斯。我先回答 Yellowhead 的問題，然後把問題交給 Jaret。所以，Yellowhead專案要繼續推進，大家對這個專案仍然充滿熱情。坦白說，如果一切進展順利，我們今年應該會有一些消息公佈。

And Pat, with respect to RFS V, I'll just point out, RFS IV is not on yet, but I'm just kidding. It really will come down to incremental frac capacity, either be it regional or in the Fort Saskatchewan area. Pembina, obviously, we believe we have a great product for our customers today. We have unit train capacity. We have ample storage. We have high reliability and availability. And we do -- RFS IV is being executed at a -- on a dollar per barrel basis, significantly better than any other frac expansions in Western Canada right now.

帕特，關於 RFS V，我只想指出，RFS IV 還沒有發布，但我只是開玩笑。最終還是要看壓裂產能的逐步提升，無論是區域性的還是薩斯喀徹溫堡地區的。Pembina，很顯然，我們相信我們今天為客戶提供了一個很棒的產品。我們擁有整列火車運力。我們有充足的儲存空間。我們擁有很高的可靠性和可用性。而且我們確實——RFS IV 的執行——以每桶一美元計算，比目前加拿大西部任何其他壓裂擴建項目都要好得多。

With all that said, NGL frac capacity is really going to grow with new gas egress. So as we get more and more light and see that LNG Canada Phase 2 or other projects becoming real and in service, that's really -- because that gas demand has to find a home, then the NGLs will get extracted. So I kind of always think of it as frac capacity will continue to grow with gas stress constraints getting unlocked. But we are in a tremendous position to be building V.

綜上所述，隨著新的天然氣排放，NGL壓裂產能必將大幅成長。隨著我們越來越清楚地看到加拿大液化天然氣二期或其他項目成為現實並投入使用，這確實是——因為天然氣需求必須找到出路，然後天然氣凝液才能被開採出來。所以我一直認為，隨著天然氣壓力限制的解除，壓裂產能將會持續成長。但我們處於建造 V 的絕佳位置。

Okay. Great. And then maybe for Scott, just high level here as it relates to the grand bargain MOU. Obviously, we're waiting for clarity on carbon policy this spring. I was just curious your thoughts on what industry would need to see in order to support projects like Pathways or even your Alberta carbon grid. Just overall, what needs to happen to support that next major wave of oil sands growth?

好的。偉大的。然後，對斯科特來說，這可能只是與這項重大協議諒解備忘錄相關的高層意見。顯然，我們都在等待今年春季碳政策的明朗化。我只是好奇您認為該行業需要看到哪些方面才能支持像 Pathways 這樣的項目，甚至是您的阿爾伯塔碳網項目。總的來說，需要哪些條件才能支持下一波油砂產業的大規模成長？

Well, I think when we just highlighted a couple of times today, we have what I'll say is some very economic and fast-to-market expansions up to 700,000 barrels. I mean those numbers have been floating around slightly higher, slightly lower on TMX and Enbridge. And to me, that feels like the first wave that's going to be unlocked, and we're pretty excited about that. It's great to see the governments coming together and working in a more constructive manner. I think we're pretty optimistic about what could come out of that.

嗯，我認為正如我們今天幾次強調的那樣，我們有一些非常經濟且能快速推向市場的擴建項目，產能最高可達 70 萬桶。我的意思是，TMX 和 Enbridge 的這些數字一直在略高或略低之間波動。對我來說，這感覺像是即將解鎖的第一波浪潮，我們對此感到非常興奮。很高興看到各國政府走到一起，以更具建設性的方式合作。我認為我們對最終結果相當樂觀。

Specifically as it relates to carbon price, I think just as we've highlighted over the last several years, certainty and regulatory certainty will be a huge impact on whether some of these carbon activities go ahead or not. One of the things that we've talked a lot about -- we haven't talked about our ACG project for a while, but that's not because we haven't been working on it in the background and we continue to progress it. But it's hard to contract it when you don't know what the carbon price is.

具體到碳價格方面，我認為正如我們在過去幾年中所強調的那樣，確定性和監管確定性將對某些碳活動能否進行產生巨大影響。我們經常談到的一件事——我們有一段時間沒有談論我們的 ACG 專案了，但這並不是因為我們沒有在幕後進行開發，我們一直在推進它。但是，如果你不知道碳價格是多少，就很難簽約。

And I think as we get more clarity on long-term carbon price, that will allow companies to make the decisions that they are going to make around capturing carbon or not. So I'm pleased to see that we're making some progress and optimistic as we move towards April that the governments are going to come together and come up with a plan that works for everybody.

我認為，隨著我們對長期碳價格有了更清晰的了解，這將使企業能夠做出是否捕獲碳的決定。所以我很高興看到我們取得了一些進展，並且樂觀地認為，隨著四月份的臨近，各國政府將會團結起來，制定一個對所有人都有利的計劃。

At this time, there are no further questions. I will now turn the call back to Scott Burrows, CEO, for closing remarks.

目前沒有其他問題了。現在我將把電話轉回給執行長斯科特·伯羅斯，請他作總結發言。

Thank you for all the questions today and the interest in Pembina. I'd be remiss after talking about all the accomplishments in 2025, if I didn't thank all of our hard-working staff and contractors and communities that we work with. So thank you, everyone. And I think you heard on the call today, we're pretty excited and optimistic about 2026 and beyond. Have a good rest of your day.

感謝大家今天提出的所有問題以及對Pembina的關注。在談到 2025 年取得的所有成就之後，如果我不感謝我們所有辛勤工作的員工、承包商以及與我們合作的社區，那將是我的失職。所以，謝謝大家。我想你們在今天的電話會議上也聽到了，我們對 2026 年及以後的發展感到非常興奮和樂觀。祝您今天餘下的時間過得愉快。

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

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。