Pembina Pipeline Corporation (PBA) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to Pembina Pipeline Corporation Q1 2026 results. (Operator Instructions)

各位女士、先生，感謝各位加入我們，歡迎參加 Pembina Pipeline Corporation 2026 年第一季業績發布會。（接線員指示）

I will now hand the conference over to Dan Tucunel, Vice President, Capital Markets. Dan, please go ahead.

我現在把電話會議交給資本市場副總裁 Dan Tucunel。Dan，請開始。

Thank you, Jen. Good morning, everyone. Welcome to Pembina's conference call and webcast to review highlights from the first quarter of 2026. On the call today, we have Scott Burrows, President and Chief Executive Officer; and Cameron Goldade, Chief Financial Officer, along with other members of Pembina's leadership team.

謝謝你，Jen。各位早安。歡迎參加 Pembina 的電話會議與網路直播，我們將回顧 2026 年第一季的重點。今天與會者包括總裁兼執行長 Scott Burrows；以及財務長 Cameron Goldade，並有 Pembina 領導團隊的其他成員一同參與。

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，今天所發表的部分評論可能屬於前瞻性陳述，係基於 Pembina 目前的預期、估計、判斷與預測。我們今天明示或暗示的前瞻性陳述均受風險與不確定性影響，可能導致實際結果與預期存在重大差異。

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 Pembina Management's Discussion and Analysis dated May 7, 2026, for the period ended March 31, 2026, as well as the press release we issued yesterday, all of which are available online at pembina.com and on both SEDAR+ and EDGAR.

此外，部分提供的資訊涉及非 GAAP 衡量指標。若要進一步了解這些前瞻性陳述與非 GAAP 衡量指標，請參閱 Pembina 管理層於 2026 年 5 月 7 日出具、截至 2026 年 3 月 31 日期間的《管理層討論與分析》，以及我們昨日發布的新聞稿；上述文件均可於 pembina.com 以及 SEDAR+ 與 EDGAR 線上取得。

I will now turn things over to Scott.

我現在把時間交給 Scott。

Thanks, Dan. Yesterday, we reported first-quarter results, which were highlighted by adjusted EBITDA of $1.131 billion. It was a strong start to 2026, operationally, commercially and financially. The fee-based business is tracking to plan and overall results are outperforming budget given the spike in key commodity markets that began in March. Operationally, we saw volume strength across key systems, including Alliance Pipeline, Cochin Pipeline, and the Conventional Pipeline Systems.

謝謝，Dan。昨天我們公布了第一季業績，重點包括調整後 EBITDA 為 11.31 億美元。2026 年開局強勁，無論在營運、商業或財務面皆表現出色。以費率為基礎的業務進度符合計畫，且由於 3 月開始主要大宗商品市場價格飆升，整體表現優於預算。在營運方面，我們看到多個關鍵系統的輸送量表現強勁，包括 Alliance Pipeline、Cochin Pipeline，以及傳統管線系統。

First quarter results have kept us on track to realize our 2023 to 2026 fee-based adjusted EBITDA per share compound annual growth of approximately 5% and within the target range provided at our 2024 Investor Day. As Cam will discuss in more detail, due primarily to the stronger marketing outlook, we have updated our 2026 adjusted EBITDA guidance range to $4.35 billion to $4.55 billion. At the midpoint, which is where we are currently tracking to, this is an increase of $175 million or 4.1%.

第一季的成果使我們持續按計畫實現 2023 至 2026 年每股以費率為基礎的調整後 EBITDA 約 5% 的複合年成長率，並落在我們於 2024 年投資人日所提供的目標區間內。如 Cam 將更詳細說明，主要由於行銷業務展望轉強，我們已將 2026 年調整後 EBITDA 指引區間更新為 43.5 億至 45.5 億美元。以中位數計（也是我們目前追蹤的水準），較先前提高 1.75 億美元或 4.1%。

Supported by continued growth in our low-risk fee-based business, we were pleased yesterday to announce a $0.025 per share or 3.5% increase to the quarterly common share dividend beginning with the dividend to be paid in June. In addition to strong financial results, Pembina continues to reliably execute its portfolio of projects under construction, realize continued commercial success, and advance projects under development in service of its growth strategy.

在低風險、以費率為基礎的業務持續成長支持下，我們很高興於昨日宣布，自 6 月支付的股利起，季度普通股股利每股上調 0.025 美元（或 3.5%）。除強勁的財務表現外，Pembina 亦持續可靠地推進在建專案組合、實現持續的商業成果，並推動開發中專案，以支持其成長策略。

Highlights of 2026 to date include placing the Wapiti expansion and K3 cogeneration facility into service on time and on budget. In addition, construction of RFS IV, a 55,000 barrel per day propane-plus fractionator at the existing Redwater complex is nearing completion. The rail facility was placed into service in February and commissioning of the fractionator is underway. The project is trending under budget and the fractionator is expected to be placed into service by the end of May. And Cedar LNG continues to progress on time and on budget.

截至目前，2026 年的重點包括 Wapiti 擴建與 K3 熱電共生設施如期、按預算投入營運。此外，RFS IV（位於既有 Redwater 綜合園區、日處理量 55,000 桶的丙烷加（propane-plus）分餾裝置）之建設已接近完工。鐵路設施已於 2 月投入使用，分餾裝置的試車（commissioning）正在進行中。該專案目前趨勢低於預算，且預期分餾裝置將於 5 月底前投入營運。Cedar LNG 亦持續如期、按預算推進。

The construction of the floating LNG vessel is now more than 50% complete, and with winter now behind us, the onshore construction teams have resumed activities with the focus of executing on an eventful 2026 construction season. With many of the onshore teams having only recently returned to site, it's already exciting to witness the progress being made. Commercially, in 2026 to date, Pembina has renewed existing contracts and executed incremental new contracts totaling approximately 110,000 barrels per day of transportation capacity on the Peace Pipeline, demonstrating the value customers place on a reliable and value-enhancing service provided by our leading transportation network and integrated value chain.

浮式 LNG 船舶的建造目前已完成逾 50%；隨著冬季已過，陸上施工團隊已恢復作業，重點在於執行 2026 年這個重要的施工季。由於許多陸上團隊近期才剛回到工地，能看到目前的進展已令人振奮。在商業方面，截至目前 2026 年，Pembina 已續簽既有合約並簽訂新增合約，合計約 110,000 桶/日的 Peace Pipeline 運輸能力，展現客戶對我們領先的運輸網路與整合價值鏈所提供之可靠且能提升價值的服務的重視。

And we recently closed an open season for the proposed short-haul point-to-point transportation service of the Canadian segment of the Alliance Pipeline System. The proposed expansion would provide natural gas delivery to a new meter station in Fort Saskatchewan with an anticipated in-service date in the fourth quarter of 2029. The successful proponents have been awarded capacity conditional on the project being sanctioned. The project continues to progress towards a final investment decision with ongoing work streams focused on regulatory and engineering activities.

我們近期也就 Alliance 管線系統加拿大段擬議的短程點對點運輸服務完成了公開徵求（open season）。該擬議擴建將把天然氣輸送至 Fort Saskatchewan 的一座新計量站，預計投運時間為 2029 年第四季。成功提案者已獲配容量，但以專案獲核准（sanctioned）為前提。該專案持續朝最終投資決策推進，相關工作流正聚焦於法規與工程活動。

On the project development front, Pembina and Kineticor are progressing the Greenlight Electricity Center, a proposed multiphase natural gas-fired combined cycle power generation facility. We are advancing various work streams related to the approximately 900 megawatts first phase. Ongoing activities include finalizing a lump sum EPC agreement, finalizing a commercial agreement with the customer and project financing. A final investment decision is expected by the end of the second quarter of 2026. Finally, before turning the call over to Cam, I want to quickly recap our recent business update call held on April 7.

在專案開發方面，Pembina 與 Kineticor 正推進 Greenlight Electricity Center，該專案為擬議的多期天然氣燃燒複循環發電設施。我們正推動約 900 兆瓦第一期的各項工作流。持續進行的活動包括敲定總價 EPC 協議、敲定與客戶的商業協議，以及專案融資。預期最終投資決策將於 2026 年第二季末前作出。最後，在把電話交給 Cam 之前，我想快速回顧我們於 4 月 7 日舉行的近期業務更新電話會議。

Amidst the backdrop of expanding market access and growing demand for Canadian energy, we were very excited to provide our thoughts where Pembina is positioned, why its business is advantaged and how the company's strategy can create value through 2030 and beyond. Our update focused on three key themes. The first was reaffirming the company's longstanding commitment to disciplined execution, including strong performance against financial targets, placing billions of dollars of capital projects into service on time and on or under budget, adhering to its financial guardrails and delivering a reliable growing dividend without interruption. The second was outlining the company's 3C strategy: capture, connect and catalyze, which is underpinned by energy fundamentals and the advantages of its differentiated platform. Pembina is poised to benefit from growing global energy demand, increasing strategic relevance of Canadian energy and emerging demand drivers such as LNG, petrochemical and data center power demand.

在市場可及性擴大、加拿大能源需求成長的背景下，我們非常高興分享我們對 Pembina 所處位置、其業務為何具備優勢，以及公司策略如何在 2030 年及更長遠創造價值的看法。我們的更新聚焦三大主題。第一，重申公司長期以來對紀律化執行的承諾，包括在財務目標上維持強勁表現、讓數十億美元資本專案如期且按或低於預算投入營運、遵守財務護欄（financial guardrails），並不中斷地提供可靠且成長的股利。第二，闡述公司的 3C 策略：capture、connect 與 catalyze，其基礎為能源基本面以及其差異化平台的優勢。Pembina 已蓄勢待發，可受惠於全球能源需求成長、加拿大能源的策略重要性提升，以及 LNG、石化與資料中心用電需求等新興需求驅動因素。

The advantages of Pembina's integration, scale, superior market access and entrepreneurial approach and track record of execution uniquely position it to further strengthen and extend its unmatched industry-leading value chain. The third was providing a financial outlook to the end of the decade, including 5% to 7% compound annual fee-based adjusted EBITDA per share growth through 2030. This outlook is underpinned by higher utilization across existing assets, contributions from sanctioned projects entering service and a portfolio of development opportunities designed to extend the franchise. The recent announcement of Shell's proposed acquisition of ARC Resources is a compelling proof point that further validates our outlook for the WCSB and the transaction benefits Shell has highlighted mirrors some of the same themes we covered in our business update. Shell has identified the Montney Basin as a key growth platform within their global portfolio given its long duration and advantaged cost structure.

Pembina 的整合能力、規模、優越的市場可及性，以及創業家精神的作風與執行紀錄，使其具備獨特優勢，得以進一步強化並延伸其無可匹敵、業界領先的價值鏈。第三，提供至本十年末的財務展望，包括至 2030 年每股以費率為基礎的調整後 EBITDA 複合年成長率 5% 至 7%。此展望由既有資產更高的使用率、已核准專案投運後的貢獻，以及旨在延伸特許經營版圖的開發機會組合所支撐。近期 Shell 宣布擬收購 ARC Resources，是一個具說服力的佐證，進一步驗證我們對 WCSB 的展望；且 Shell 所強調的交易效益，也呼應了我們在業務更新中所談及的部分主題。Shell 已將 Montney 盆地視為其全球投資組合中的關鍵成長平台，原因在於其長期可開發性與具優勢的成本結構。

Similarly, our market update highlighted the importance of capturing volumes from premier high-growth areas and connecting them to the best global markets. There's also focused on the interrelationship between growing oil sands demand for condensate and growing demand for natural gas as being two ends of the energy flywheel.

同樣地，我們的市場更新也強調，掌握來自頂級高成長區域的輸送量並將其連結至最佳全球市場的重要性。同時也聚焦於油砂對凝析油需求成長與天然氣需求成長之間的相互關聯，這兩者可視為能源飛輪的兩端。

Shell's stated rationale for the ARC acquisition, driven by liquids first and supported by natural gas is a proof point of this concept. As a global energy leader and the number one LNG operator in Canada, we see in Shell a customer whose model and outlook aligns well with ours, and we look forward to their growing presence in our basin. We encourage those that have not already done so to visit our website at pembina.com to access a replay of our business update call and the related presentation. It was a strong and eventful first quarter that sets us up very well for the remainder of the year and beyond.

Shell 對收購 ARC 的既定理由——以液體為先、並由天然氣支撐——正是此概念的佐證。作為全球能源領導者以及加拿大第一大 LNG 營運商，我們將 Shell 視為其商業模式與展望與我們高度契合的客戶，並期待其在我們盆地的布局持續擴大。我們也鼓勵尚未造訪的各位前往 pembina.com，取得我們業務更新電話會議的重播與相關簡報。第一季表現強勁且事件豐富，為我們今年餘下時間及更長遠的發展奠定了非常良好的基礎。

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

我現在把時間交給 Cam，請他更詳細說明本季的財務重點。

Thanks, Scott. As Scott noted, Pembina reported first quarter adjusted EBITDA of $1.131 billion. Relative to the first quarter of 2025, strong operational performance and volume growth across the Pipelines and Facilities divisions was offset by the impact of the new toll structure and revenue sharing mechanism on the Alliance Pipeline as well as lower contribution from the marketing business due to narrower NGL frac spreads. The net result of the first quarter was a $36 million or a 3% decrease over the same period in the prior year. Looking at quarter-over-quarter results by division.

謝謝，Scott。如 Scott 所提，Pembina 第一季調整後 EBITDA 為 11.31 億美元。相較 2025 年第一季，管線與設施事業部門的強勁營運表現與輸送量成長，被 Alliance 管線新費率結構與收益分成機制的影響，以及因 NGL 分餾價差（frac spreads）收窄而導致行銷業務貢獻下降所抵銷。第一季的淨結果為較去年同期減少 3,600 萬美元或 3%。接下來我們按事業部門來看本季相較上季的表現。

The major factors impacting the quarter in Pipelines included lower net revenue on the Alliance Pipeline of $26 million due to the net effect of the negotiated settlement between Alliance and its shippers, which became effective on November 1, 2025, partially offset by an increase in interruptible and seasonal revenue on the Alliance Pipeline driven by higher demand for natural gas in the US Midwest during the first quarter of 2026 as well as higher revenue on the Cochin Pipeline due to wider condensate price differentials. In Facilities, factors impacting the first quarter included a higher contribution from certain PGI assets, primarily due to higher volumes. In Marketing and New Ventures, first quarter results reflect the net impact of narrower WCSB and U.S. NGL frac spreads resulting from lower NGL prices combined with higher US natural gas prices partially offset by the benefits from exposure to premium propane prices in Asian markets through West Coast exports.

本季在管線業務方面的主要影響因素包括：由於 Alliance 與其託運人之間協商和解的淨影響（自 2025 年 11 月 1 日起生效），Alliance 管線的淨收入減少 2,600 萬美元；但部分被 Alliance 管線可中斷及季節性收入增加所抵銷，該增加係由 2026 年第一季美國中西部天然氣需求上升所帶動；此外，Cochin 管線亦因凝析油價差擴大而帶來較高收入。在設施業務方面，第一季的影響因素包括部分 PGI 資產貢獻提高，主要由於處理量增加。在行銷與新事業方面，第一季結果反映 WCSB 與美國 NGL 分餾價差（frac spreads）收窄的淨影響，原因是 NGL 價格下跌且美國天然氣價格上升；但部分被透過西岸出口、曝險於亞洲市場優質丙烷價格所帶來的效益所抵銷。

Finally, in the Corporate segment, first quarter results were lower than prior period due to higher long-term incentive costs, partially offset by lower noncompensation-related expenses. Earnings in the first quarter were $498 million. This represents a 1% decrease over the same period in the prior year. In addition to the factors impacting adjusted EBITDA, the decrease in earnings in the first quarter was primarily due to a lower share of loss from Cedar LNG compared to the same period in the prior year.

最後，在公司（Corporate）部門，第一季結果較前期為低，原因是長期激勵成本較高，但部分被非薪酬相關費用下降所抵銷。第一季盈餘為 4.98 億美元，較前一年同期下降 1%。除影響調整後 EBITDA 的因素外，第一季盈餘下降主要是因 Cedar LNG 的虧損分攤較前一年同期為低。

Adjusted earnings were $505 million or a 6% increase over the same period in the prior year. Compared to the factors noted previously related to earnings, the change in adjusted earnings excludes the lower share of loss from Cedar LNG, driven primarily by unrealized gains on derivative instruments, partially offset by higher unrealized foreign exchange losses. Total volumes in the Pipelines and Facilities divisions were 3.7 million barrels of oil equivalent per day in the first quarter. This represents an increase of 1% over the same period in the prior year. Higher first quarter pipelines volumes were driven primarily by higher interruptible and contracted volumes on certain pipelines, primarily driven by favorable condensate pricing and higher demand from colder weather in the US.

調整後盈餘為 5.05 億美元，較前一年同期增加 6%。相較於前述影響盈餘的因素，調整後盈餘的變動排除了 Cedar LNG 虧損分攤較低的影響；該項變動主要由衍生工具未實現收益所驅動，但部分被較高的未實現外匯損失所抵銷。第一季管線與設施事業部的總處理量為每日 370 萬桶油當量，較前一年同期增加 1%。第一季管線輸送量增加主要由部分管線可中斷及合約量提高所帶動，主要受惠於有利的凝析油定價以及美國寒冷天氣帶動的較高需求。

Higher first quarter facilities volumes were driven primarily by higher volumes from certain PGI assets, primarily at the Dawson assets and at the Duvernay complex, largely offset by lower volumes at the Cutbank complex as well as a decrease in Aux Sable volumes due to lower ethane extraction. Yesterday, Pembina announced a revised 2026 adjusted EBITDA guidance range of $4.35 billion to $4.55 billion. The revised midpoint of the 2026 guidance range, which is where we are currently trending, is an increase of $175 million versus the original guidance, primarily due to the outlook for the marketing business for the remainder of the year. The revised 2026 outlook for the Marketing business includes a stronger contribution from the crude oil marketing business and wider Canadian and US frac spreads.

第一季設施處理量增加主要由部分 PGI 資產處理量提高所帶動，主要在 Dawson 資產及 Duvernay 綜合設施；但大致被 Cutbank 綜合設施處理量下降，以及 Aux Sable 因乙烷抽提量降低而導致的處理量下降所抵銷。昨日，Pembina 公布修訂後的 2026 年調整後 EBITDA 指引區間為 43.5 億至 45.5 億美元。修訂後指引區間的中位數（亦為我們目前的趨勢）較原先指引增加 1.75 億美元，主要反映對今年剩餘期間行銷業務展望的改善。修訂後的 2026 年行銷業務展望包括原油行銷業務更強的貢獻，以及加拿大與美國分餾價差（frac spreads）擴大。

In particular, Pembina and its customers are benefiting from exposure to premium propane prices in Asian markets through Pembina's 20,000 barrel per day Prince Rupert Terminal and 20,000 barrels per day of long-term contracted capacity at third-party facilities that became effective April 1, 2026. Further, as previously disclosed, approximately 65% of Pembina's 2026 frac spread exposure has been hedged.

特別是，Pembina 及其客戶正受惠於透過 Pembina 每日 20,000 桶的 Prince Rupert 終端，以及自 2026 年 4 月 1 日起生效、在第三方設施每日 20,000 桶的長期合約容量，從而曝險於亞洲市場的優質丙烷價格。此外，如先前揭露，Pembina 約 65% 的 2026 年分餾價差（frac spread）曝險已進行避險。

On a quarterly basis, for the remainder of the year, Pembina has hedged approximately 90% in the second and third quarters and 40% in the fourth quarter. The lower and upper end of the 2026 guidance range are framed primarily as a function of commodity prices and the resulting contribution from the marketing business, interruptible volumes on key systems, the US-Canadian dollar exchange rate and Pembina's share price performance and its impact on incentive compensation costs.

以季度來看，在今年剩餘期間，Pembina 在第二與第三季約避險 90%，在第四季約避險 40%。2026 年指引區間的上下限主要取決於商品價格及其對行銷業務貢獻的影響、關鍵系統的可中斷輸送量、美加匯率，以及 Pembina 股價表現及其對激勵薪酬成本的影響。

As a result of the updated outlook for 2026, Pembina now expects the 2026 year-end proportionally consolidated debt to adjusted EBITDA ratio to be approximately 3.5 to 3.7 times. Excluding debt related to construction of the Cedar LNG facility, which is expected to enter service in late 2028, this ratio would be approximately 3.3 to 3.5 times.

基於 2026 年更新後的展望，Pembina 現預期 2026 年年底按比例合併之債務對調整後 EBITDA 比率約為 3.5 至 3.7 倍。若排除與 Cedar LNG 設施建造相關、且預計於 2028 年底投入營運的債務，該比率約為 3.3 至 3.5 倍。

I'll now turn things back to Scott.

我現在把時間交回給 Scott。

Thanks, Cam. In closing, I want to remind you that Pembina will host its Annual Meeting of Shareholders today at 2:00 PM Mountain Time, 4:00 PM Eastern Time. It will be a virtual-only meeting conducted via live audio webcast.

謝謝，Cam。最後提醒各位，Pembina 將於今日山區時間下午 2:00（東部時間下午 4:00）舉行年度股東大會。該會議將僅以線上形式進行，並透過即時音訊網路直播舉辦。

Participants are recommended to register for the virtual webcast at least 10 minutes before the presentation start time. For further information on the annual meeting, please visit the Investors tab at www.pembina.com. Thank you for joining us this morning.

建議參與者至少在簡報開始前 10 分鐘完成虛擬網路直播註冊。關於年度股東大會的更多資訊，請造訪 www.pembina.com 的 Investors 分頁。感謝各位今早加入。

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

接線員，請開放提問。

(Operator Instructions) Aaron MacNeil, TD Cowen.

（接線員指示）TD Cowen 的 Aaron MacNeil。

I've been thinking more about the business update. We're starting to see early signs of some pretty meaningful incremental basin egress coming together. And as projects move toward FID, when would you expect Pembina to begin to see the second order impact from that? And which parts of your existing asset footprint are likely to see those expansion opportunities first?

我一直在更深入思考這次的業務更新。我們開始看到一些相當顯著的新增盆地外運能力（basin egress）正在成形的早期跡象。隨著專案朝最終投資決策（FID）推進，您預期 Pembina 何時會開始看到由此帶來的第二階影響？以及在您現有資產版圖中，哪些部分最可能最先看到這些擴張機會？

And then maybe just to give you some specifics in terms of what I'm thinking about, like how would you position to bring more condensate to Fort McMurray, either via Cochin or Peace as well as how should we be thinking about sort of the alignment with your new partner at PGI when it comes to deploying incremental capital?

另外，或許提供一些我所想的具體例子：例如，您會如何布局把更多凝析油運到 Fort McMurray，無論是透過 Cochin 或 Peace；以及在部署新增資本方面，面對 PGI 的新合作夥伴，您認為我們應如何看待彼此的協同與一致性？

Aaron, Jaret here. I'll take the first part with respect to the liquids and the condensate. So if you think about our current expansions that we have ongoing that we announced just recently, we have the Creek-to-Namao pump station increase. That's going to increase our C3+ by roughly 70,000 barrels. That asset today is essentially full.

Aaron，我是 Jaret。我先回答液體與凝析油的部分。若你看我們目前正在進行、且不久前剛宣布的擴建，我們有 Creek-to-Namao 泵站增量，將使我們的 C3+ 產能增加約 70,000 桶。該資產目前基本上已滿載。

So let's kind of think of that as your first debottleneck from Edmonton going west. Then our Taylor-to-Gordondale asset. So from Gordondale down into Fox Creek, we have a lot of runway for -- currently for -- it's fully built out for our condensate platform and our crude platform. It's where we get constrained is starting to cross the border into Northeast BC where we anticipate a lot of those liquids to be coming from. So Taylor-to-Gordondale is kind of your first segment and then Birch-to-Taylor is your next segment, and that gives us a tremendous amount of runway as new LNG facilities come on for that gas egress that will allow the condensate and the NGLs to get into the Edmonton market.

因此可以把它視為從 Edmonton 往西的第一個去瓶頸（debottleneck）。接著是我們的 Taylor-to-Gordondale 資產。從 Gordondale 往下到 Fox Creek，我們在凝析油平台與原油平台方面目前都有很大的延伸空間——目前已完全建置。真正受限之處是在跨越邊界進入卑詩省東北部（Northeast BC）時，我們預期許多液體將從那裡來。Taylor-to-Gordondale 算是第一段，接著 Birch-to-Taylor 是下一段；隨著新的 LNG 設施上線、帶動天然氣外運，將使凝析油與 NGL 得以進入 Edmonton 市場，這也為我們提供非常大的成長空間。

With respect to Cochin, fortunately, for us, we've been very successful at expanding the capacity of Cochin. Previous owner ran that asset around 90,000 barrels a day. We currently routinely and reliably and safely operate that at about 120,000 barrels a day. Now we're just looking for smaller type optimizations because we really have fully optimized that segment. With respect to PGI assets, it was recently announced that we have a new owner, Apollo.

至於 Cochin，對我們而言很幸運的是，我們在擴充 Cochin 產能方面非常成功。前任業主將該資產運行在每日約 90,000 桶；我們目前日常可穩定、可靠且安全地運行在每日約 120,000 桶。現在我們只是在尋找較小型的最佳化，因為這一段基本上已完全最佳化。至於 PGI 資產，近期已宣布我們有一位新股東 Apollo。

We've met with them. We're very encouraged with -- we think the relationship is going to be very similar to our previous partnership, very much aligned on growing the business. And one of the areas that PGI, I believe, has advantage not only from their position of where the assets are, but it's also the capabilities. Pembina has an extensive capability with respect to sour gas processing is one of the largest sulfur recovery facilities in Alberta. K3 is extremely large sulfur recovery.

我們已與他們會面。我們非常受到鼓舞——我們認為這段關係將與先前的合作夥伴關係非常相似，雙方在推動業務成長上高度一致。我認為 PGI 具備優勢的領域，不僅在於資產所在位置，也在於能力面。Pembina 在酸性氣體處理方面具備深厚能力，並擁有阿爾伯塔省最大的硫回收設施之一。K3 是規模極大的硫回收設施。

And then we have other various sour processing facilities. Recently, the Wapiti expansion, we just brought that on. I'm very proud of the team. We kind of gloss over it. Scott mentioned that it came into service.

此外我們還有其他各式酸性處理設施。近期 Wapiti 擴建案我們剛投運。我對團隊非常自豪。我們有點輕描淡寫地帶過；Scott 提到它已投入服務。

That came into service and was up and running and accepting about 60% of nameplate in just a couple of days. I don't think a lot of operators can say that they can provide their customers with that backstopping. So long story short, we'll be fully built out in our Peace pipeline being able to accept all the NGLs in the Edmonton market, and then we'll continue to grow our processing footprint. And you'll see probably a lot of expansion in that sour area.

該設施投入服務後，在短短幾天內就已上線運轉並接收約 60% 的名目產能。我不認為很多營運商能夠向客戶提供那樣的支撐能力。簡而言之，我們的 Peace 管線將全面建置完成，能夠接收 Edmonton 市場的所有 NGL；同時我們也會持續擴大處理資產版圖。你可能會看到在酸性氣體領域有相當多的擴張。

I might embarrass myself with the next question. I'm not an expert on this by any means, but there seems to be, I guess, a range of views in terms of solvent-assisted SAGD among the oil sands producers. What sort of technical or commercial proof points do you need to see in order to wrap your head around this butane enhancement opportunity? And what stage are you at in that process today?

接下來這個問題我可能會出糗。我對這方面並非專家，但在油砂生產商之間，對於溶劑輔助 SAGD 似乎存在一系列不同看法。為了讓你們能夠評估這個丁烷增效機會，你們需要看到哪些技術或商業上的驗證要點（proof points）？以及你們目前在這個流程中處於什麼階段？

It's not an embarrassing question, Aaron, because I think a lot of the SAGD producers have been talking about the solvent opportunities, but they haven't been giving a lot of details. We do believe that butane is a contributing solvent that is being used. Obviously, Alberta is long butane. And so the opportunity is there. So we're honestly just waiting to see how we can provide our customers in a different segment, different types of -- like we produce primarily field-grade butane.

這不是個令人尷尬的問題，Aaron，因為我認為很多 SAGD 生產商一直在談論溶劑方面的機會，但他們並沒有提供太多細節。我們確實相信丁烷是一種正在被使用、且具有貢獻的溶劑。顯然，阿爾伯塔的丁烷供應充裕。因此機會是存在的。所以我們坦白說就是在等待，看看我們如何能以不同的方式、在不同的客戶區隔提供服務——例如我們主要生產的是油田級丁烷。

Is there opportunities to upgrade that to ISO and normal. But we're just honestly in the early stages of seeing how these pilots are going to work out and how we can supply those customers the product that they need to enhance their oil recovery, which ultimately will require more condensate and you get back into Scott's flywheel comment earlier.

是否有機會把它升級成 ISO 丁烷和正丁烷。但我們坦白說仍處於非常早期的階段，正在觀察這些試點將如何發展，以及我們如何向這些客戶供應他們所需要的產品，以提升其採油率；而這最終將需要更多凝析油，這也回到 Scott 先前提到的飛輪效應評論。

Saumya Jain, UBS.

UBS 的 Saumya Jain。

I was just wondering, it was reported this week that PM Carney planning changes to the process for natural resource projects, including the pipelines. Could you provide any color on how you have seen the permitting process change since you've come in office and the sorts of discussions you are seeing in regards to project time lines and if that impacts the way you guys are looking into projects down the line?

我只是想請教一下，本週有報導指出 Carney 總理正計劃調整天然資源專案（包括管線）的審批流程。你們能否分享一些看法：自你們上任以來，你們看到許可流程有哪些變化？在專案時程方面你們看到哪些討論？以及這是否會影響你們對未來專案的評估方式？

Yes. Scott here. To date, I can't say that we've seen any material change. A recent example of that was our Taylor-to-Gordondale that took the full time line to get permitted. So we haven't seen it necessarily in action yet, but we are optimistic changes are coming.

是的，我是 Scott。到目前為止，我不能說我們看到任何實質性的變化。最近的一個例子是我們的 Taylor-to-Gordondale 專案，它仍然花了完整的時程才取得許可。所以我們還沒有真正看到它在實務上發揮作用，但我們對即將到來的變革抱持樂觀。

When we think about our strategy and where our focus is long term, it's really on LNG on the West Coast. And so any incremental LNG that can be built out would be positive as well as some of the proposed pipelines for crude oil will also have a knock-on second order effect on our base business. So we would like to see those projects go. Like I said, we haven't seen changes yet, but if there are changes, I think we would welcome those and view them very positively.

當我們思考我們的策略以及長期的重點時，核心其實是在西岸的 LNG。因此，任何可以額外擴建的 LNG 產能都會是正面因素；同時，一些擬議中的原油管線也會對我們的基礎業務產生連鎖的第二階效應。所以我們希望那些專案能夠推進。就像我說的，我們尚未看到變化，但如果真的有變化，我想我們會歡迎，並且會非常正面地看待。

Okay. Great. And then I just wanted to ask on the LPG market with global tensions right now. Could you provide some color on the sorts of discussions you're having with customers and how shipping time lines, costs have changed for vessels? And how are you seeing demand for propane specifically at Prince Rupert?

好的。然後我想就目前全球緊張局勢下的 LPG 市場再問一下。你們能否分享一下你們與客戶之間正在進行哪些討論？船舶的航運時程與成本有哪些變化？以及你們如何看待 Prince Rupert 對丙烷的需求？

It's Chris. Yes, obviously, a topical question with everything that's going on in the market. Scott -- sorry, pardon me, Cam mentioned it earlier, we've got export capacity through our own facility, obviously, at Prince Rupert as well as third-party facilities. And both of those opportunities are doing very well in this environment. Far East pricing has been very strong, especially relative to Edmonton and North America.

我是 Chris。是的，考量到市場上正在發生的一切，這顯然是個很切題的問題。Scott——抱歉，Cam 先前提到過，我們透過自有設施（顯然是在 Prince Rupert）以及第三方設施都有出口能力。而在這樣的環境下，這兩種機會都表現得非常好。遠東價格一直非常強勁，尤其是相對於愛德蒙頓與北美市場。

So those positions have served us really well. We've got freight certainty for some time. So we don't have any exposure to some of the price increases and sort of compression that's coming into certain areas as a result of that freight increase. And so we're in good shape on that front for some time and really taking advantage of the opportunity. Just a quick reminder, like our Prince Rupert facility has vessels dedicated to a handy size.

因此，這些部位對我們非常有利。我們在一段時間內已鎖定運費的確定性，所以不會暴露在因運費上升而導致某些區域出現的價格上漲與利差壓縮之中。因此在這方面我們在一段時間內都處於良好狀態，並真正把握這個機會。快速提醒一下，我們的 Prince Rupert 設施有專用船舶，屬於 handy size。

At the moment, we'll be upgrading those to midsized carriers. And in both cases, we've got long-term certainty on that pricing and then our third-party facilities have similar arrangements.

目前，我們將把這些升級為中型運輸船（midsized carriers）。在這兩種情況下，我們都對該定價擁有長期的確定性，而我們的第三方設施也有類似的安排。

Robert Catellier, CIBC Capital Markets.

CIBC Capital Markets 的 Robert Catellier。

Congratulations on the quarter and the dividend increase. That came in a touch higher than we expected. But looking forward, the 3.5% increase is below what you're expected to generate in terms of your fee-based CAGR. And obviously, you'd want to keep it that way to some extent just for margin of safety. But I'm just -- once you get beyond the sort of the inflection in spending in '26 and '27, how should we be looking at that sort of medium or long-term dividend growth rate?

恭喜本季表現以及股利上調。這次上調幅度略高於我們的預期。但往前看，3.5% 的增幅低於你們在費基業務 CAGR 方面預期能產生的水準。當然，為了安全邊際，你們在某種程度上也希望維持這樣的差距。不過我想問的是——當你們度過 2026 與 2027 年支出拐點之後，我們應該如何看待中期或長期的股利成長率？

Because it seems to me there's enough momentum at Pembina specifically and in the industry in general to increase the capital project roster.

因為在我看來，Pembina 本身以及整個產業似乎都有足夠的動能去增加資本專案的名單。

Robert, it's Cam here. Really good question. And as you pointed out, the dividend increase for 2026 at 3.5% is slightly below the 5% to 7% that we talked about from 2026 to '30, although I would say that it aligns well with the sort of more near-term profile. And as a reminder, going back to what we said in our April 7 business update, we did signal that growth throughout that period would be slightly shallower in the next couple of years and then obviously, slightly above that range for the '28 to '30 period and obviously sort of working out to the 5% to 7% over the period. And so we would see this increase for 2026 is aligning very closely with the growth in our fee-based business.

Robert，我是 Cam。這是個很好的問題。正如你指出的，2026 年股利上調 3.5% 略低於我們談到的 2026 到 2030 年 5% 到 7% 的區間，不過我會說它與較近端的成長輪廓相當一致。提醒一下，回到我們在 4 月 7 日的業務更新中所說的，我們確實提示在接下來幾年該期間的成長會稍微平緩一些，然後在 2028 到 2030 年期間會略高於該區間，並且整體在整個期間平均下來仍落在 5% 到 7%。因此，我們認為 2026 年這次上調與我們費基業務的成長非常貼近。

And I think as we look forward to the future, that continues to be a major anchor for our dividend policy and our capital allocation policy. I think we're always mindful of, one, the value that our investors are placing on the dividend. And so that has, in the past, caused us to add some color around that. If we think that's not being rewarded, obviously, we want to be thoughtful about it. And secondly, also the extent to which our capital program is relative to our free cash flow profile.

而且我認為，當我們展望未來時，這仍將是我們股利政策與資本配置政策的一個主要錨點。我們一向留意：第一，投資人對股利所賦予的價值。因此，過去這也促使我們對此提供更多說明。如果我們認為市場沒有因此給予回報，我們當然會審慎思考。第二，也要看我們的資本計畫相對於自由現金流輪廓的程度。

And I think you make the comment that the outlook is clearly improving and the backlog across the industry is growing. I think we're thoughtful about that as we think about what cash flow we need to retain to continue to fund those projects accretively but ultimately, the primary anchor continues to be that fee-based cash flow growth with adjustments as I described. So I would tend to think about it and orient it that way as we get towards the latter half of this decade, recognizing we're also trying to create stability as well and sort of not big erratic changes year-to-year. Consistency and predictability is big as well.

我想你也提到，前景顯然正在改善，整個產業的待建案量（backlog）也在增加。我們在思考這點時會很審慎，評估我們需要保留多少現金流，才能持續以增值的方式為這些專案提供資金；但最終，主要錨點仍是費基現金流的成長，並依我所描述的方式做調整。因此，當我們走向本十年後半段時，我會傾向以這個角度來思考與定位，同時也要認知到我們也在努力創造穩定性，避免年度之間出現大幅且不規則的變動。一致性與可預測性同樣非常重要。

Yes, that's a prudent perspective. And then just as my follow-up, the flip side of the coin is to your fee-based growth is, of course, risk management. And so you have a long history of bringing your projects on time and under budget. I'm just curious how you're thinking about construction and cost inflation risk today versus where we were 12 to 18 months ago? And how that's impacted how you approach risk management on those major projects?

是的，這是個審慎的觀點。接著作為追問，硬幣的另一面——與你們的費基成長相對的，當然是風險管理。你們長期以來都有準時、且低於預算完成專案的紀錄。我想了解的是，相較於 12 到 18 個月前，你們現在如何看待施工與成本通膨風險？這又如何影響你們在大型專案上的風險管理方式？

Rob. Jaret. Yes, when you think of kind of the short term, we're obviously seeing pressures on consumables like diesel, et cetera. A large portion of our contracts, that's recoverable, but we're always trying to focus on offsetting inflation for our customers on all of our operating assets regardless of the contract. When I think about where I start to get asking a little bit more questions is kind of on your critical spares, your long lead items, electrical equipment and materials that you need for future construction, steel for pipelines and those types of things.

Rob，我是 Jaret。是的，從短期來看，我們顯然看到像柴油等耗材的壓力。我們合約中有很大一部分是可回收的，但無論合約型態如何，我們始終專注於在所有營運資產上，為客戶抵銷通膨影響。至於我開始會多問一些問題的地方，主要是在關鍵備品、長交期項目、電氣設備與未來施工所需的材料、管線用鋼材以及這類項目上。

I'll break it into two buckets, the way we're thinking about it. If I think about our Lator pipeline, our Birch-to-Taylor, our Taylor-to-Gordondale, the majority of those materials have been procured and the construction services have also been negotiated. Feeder obviously is well in flight. That was 70% lump sum. But now when I'm starting to think about the new backlog, that's really where our teams -- we set up a couple of years ago kind of inventory management and a forward-looking amount of capital that we put aside to start really getting ahead of some of these long lead items and procure costs prior to inflation that our supply chain teams were forecasting.

我把我們的思考分成兩個面向。如果看我們的 Lator 管線、Birch-to-Taylor、Taylor-to-Gordondale，這些專案的大部分材料都已採購完成，施工服務也已談妥。Feeder 顯然也已在進行中，其中 70% 是總價合約（lump sum）。但當我開始思考新的待建案量時，那才是真正需要我們團隊著力之處——我們在幾年前就建立了庫存管理與前瞻性的資本預留，目的是在供應鏈團隊預測通膨之前，提前取得部分長交期項目並鎖定採購成本。

So it's an area that is hyper focused, and it is going to take some innovation from our execution teams to be able to maintain margins not going to lie. We're going to see continued cost in that area, but we're confident that we will be able to maintain our margins by different partnerships, different contracting strategies, and it's going to take some work from the owners of Pembina.

所以這是一個高度聚焦的領域，而且坦白說，為了維持利潤率，我們的執行團隊需要一些創新。我們會在那個領域看到成本持續上升，但我們有信心能透過不同的合作夥伴關係、不同的承攬策略來維持利潤率——這也將需要 Pembina 專案負責團隊投入一些努力。

Robert Hope, Scotiabank.

Scotiabank 的 Robert Hope。

Two questions on some project outlooks. Yellowhead wasn't in the initial release. Can you maybe provide an update on how you're thinking about the Dow project, the Yellow project or as well or other ethane opportunities?

有兩個關於部分專案展望的問題。Yellowhead 沒有出現在最初的新聞稿中。你們能否更新一下你們如何看待 Dow 專案、Yellow 專案，以及其他乙烷相關機會？

Rob, it's Chris. Yes, I mean, that project continues to progress along. I mean, I think in general, I'd say we're really pleased with the entirety of the BD backlog, but those projects we've talked about, the deal we're doing with Dow, how -- yet fits into that as well as Greenlight are all really trending where we want them and on pace to progress here nicely through this quarter. Not in a position yet to announce anything there, obviously, or we wouldn't, but we're really close and excited about what's coming here shortly.

Rob，我是 Chris。是的，我的意思是，那個專案持續在推進。我想整體而言，我會說我們對整個 BD 待辦案量（backlog）都非常滿意；但我們談過的那些專案、我們與 Dow 正在進行的交易——以及它如何融入其中——再加上 Greenlight，都正朝著我們希望的方向發展，並且按進度在本季內順利推進。目前當然還不到能宣布任何事情的時候，否則我們早就宣布了；但我們真的非常接近，也對接下來很快會出現的進展感到興奮。

I appreciate that. And then maybe a similar question. The Alliance expansion, looks like the open season was sufficient to move it forward to the next gating item. Can you maybe update us on the timing of when you think this could be sanctioned as well as potential capital cost?

感謝說明。接著也許問一個類似的問題。Alliance 擴建案看起來 open season 已足以推動它進入下一個關卡。你能否更新一下你認為何時可能獲得核准（sanctioned）的時程，以及潛在的資本成本？

Rob. Yes, like Scott said in his opening, we did have a successful open season that closed on the 20th. I can't speak to the commercial specifics, obviously, at this time, but we are continuing to advance engineering and regulatory. Obviously, this is a CER regulated project. So we'll have to go through that.

Rob。是的，正如 Scott 在開場時提到的，我們確實完成了一次成功的 open season，並於 20 日結束。我目前當然無法談商業細節，但我們正持續推進工程設計與法規程序。顯然，這是一個受 CER 監管的專案，所以我們必須走完相關流程。

And then once we get a little bit more clarity on the time lines there, we'll be able to give a little bit more color on when we FID. But I will say we're highly confident of the process. The demand is required. It's being extremely supported by everyone. All new natural gas consumption in order to generate liquids is obviously well supported by governments and municipalities and our customers, et cetera.

等我們對時程有更清楚的掌握後，我們就能就何時做出 FID（最終投資決策）提供更多說明。不過我可以說，我們對整個流程非常有信心。需求是存在且必要的，而且獲得各方高度支持。所有為了產出液體（liquids）而新增的天然氣消耗，顯然也得到政府、地方市政單位以及我們客戶等的充分支持。

So we're confident that expansion will go forward, actually with or without Greenlight. We see a lot of industrial demand in the Alberta Industrial Heartland, and we believe that this is going to be required.

因此我們有信心擴建會推進，實際上不論是否有 Greenlight 都會進行。我們在 Alberta Industrial Heartland 看到大量工業需求，也相信這項擴建是必要的。

Maurice Choy, RBC Capital Markets.

Maurice Choy，RBC Capital Markets。

Since you mentioned Greenlight, I'll start there. You highlighted that there is a potential FID at the end of this quarter. I guess just taking a step back, as this journey towards an FID approaches an end and you start looking back at the journey thus far, what has been the part of the process that's taken most time, it's been the most complex? And if there's anything you could have done differently?

既然你提到 Greenlight，我就從那裡開始。你提到本季末可能做出 FID。我想退一步問，當這段邁向 FID 的旅程接近尾聲、你回頭看至今的過程時，哪一部分最耗時、最複雜？以及是否有任何你覺得可以做得不同的地方？

Maurice, it's Chris. Yes, we mentioned it in the intro and you touched on it, things are progressing nicely there, looking to get more out this quarter for sure. When we look back, we think there's some things that have gone exceptionally well on the project. We positioned ourselves really strategically in the market with how we position ourselves vis-a-vis land, interconnects, acquiring existing capacity on the system to facilitate the project. When you think about projects of this size in this nature, honestly, when it comes to the engineering and the project development side and it comes to the commercial, they're not off the shelf.

Maurice，我是 Chris。是的，我們在開場提過，你也提到了，那邊進展良好，確實希望在本季有更多進展。回頭看，我們認為專案有些部分做得非常出色。我們在市場上的布局非常具策略性，包括土地、互聯（interconnects）的配置，以及取得系統上既有容量以促成專案。像這種規模與性質的專案，坦白說，不論是工程與專案開發面，或是商業面，都不是現成的標準品。

They're not vanilla, and they just simply take time. We're all in all, pretty -- or I should say, very positive on the progress we've made. We'll, of course, take learnings and apply that to the next one. We don't control the data center build-out. We don't control the fiber build-out.

它們不是制式（vanilla）的，因此就是需要時間。整體而言，我們對已取得的進展相當——或者說非常——正面。我們當然會把學到的經驗帶到下一個專案。我們無法控制資料中心的建置進度，也無法控制光纖的建置進度。

I remind everyone that those aren't the businesses we're in. We're the power generation piece. And so we don't have control over the entirety of the time line. Our customer needs to progress those work streams as well. And that's all coming together nicely here in Q2, and we're on pace.

我也提醒大家，那些並不是我們的業務。我們負責的是發電這一塊，因此我們無法掌控整體時程的所有部分。我們的客戶也需要推進那些工作流，而這些在第二季都正順利整合，我們也按進度推進。

And maybe just a quick follow-up on that thought. Like I guess you mentioned the future phases, is it then fair that the additional learnings that you get should lead to better returns in the future phases?

那我就針對這個想法快速追問一下。你提到未來階段，我想問這樣是否可以理解為：你們獲得的額外經驗，應該會在未來階段帶來更好的報酬？

Yes. So what I'll say is I think we're positioned well for future phases. I think that leadership position we've developed in this space is really in service of having success here on the first phase and positioning us to have that opportunity to do future phases. There'll undoubtedly be synergies between them and advantages as you continue to layer that on. That's been consistent across our business, and I don't think this is any different, in particular, when you start to think about some of the integrated components.

是的。我會說我們在未來階段的布局很到位。我們在這個領域建立的領先地位，確實是為了讓第一階段成功，並讓我們具備推進未來階段的機會。未來各階段之間無疑會有綜效，隨著你把它一層層疊加上去，也會有更多優勢。這在我們的業務中一直如此，我不認為這次會有不同，尤其當你開始思考一些整合式的組成要素時。

I'd certainly expect that as we move into the next phase, we'll see continued improvement in the economics and the advantage of the integrated business.

我確實預期，當我們進入下一階段時，會看到經濟性持續改善，以及整合型業務所帶來的優勢。

And maybe, Maurice, it's Cam. I'll just add one thing to that. I think one of the things that we see as we really gain a foothold in this type of opportunity and hopefully do more of it is like we've done in other situations, when we step into a new market or a new business, we're looking to mitigate risk in a bunch of different ways. And just like we did with Cedar and we're looking at here, part of that is the capital cost risk through a lump sum EPC. In the future, if you think about no additional phases, one opportunity for margin and return improvement is obviously as we get comfortable with the construction, doing something which obviously has a little more risk in it and not pursuing a lump sum.

另外，Maurice，我是 Cam。我再補充一點。我認為當我們在這類機會上真正站穩腳步、並希望做更多時，就像我們在其他情境中一樣：當我們進入新市場或新業務時，會用多種方式來降低風險。就像我們在 Cedar 所做的、以及我們在這裡所看的，其中一部分就是透過總價（lump sum）EPC 來降低資本成本風險。未來如果你想的是後續階段，其中一個提升利潤率與報酬的機會，顯然是在我們對施工更有把握後，採取一種風險稍高、但不追求總價合約的做法。

But obviously, the trade-off is not paying that lump sum premium. And so potential there for us to improve margins by doing that.

但顯然取捨在於：你就不需要支付那個總價合約的溢價。因此我們有機會透過這樣做來改善利潤率。

Makes sense and good to know. If I could just finish off with a comment you made earlier about the recent upstream M&A within the basin. I wonder if you could expand that a little bit more and talk about direct or indirect impacts to Pembina given your commercial relationships with those parties, if any at all?

了解，這很合理，也很有幫助。最後我想接著你先前提到的、近期盆地內上游併購（M&A）。我想請你再多談一點：考量你們與那些公司的商業關係，這些交易對 Pembina 是否有任何直接或間接影響？

Yes. Maurice, I don't have the exact numbers. But if you look back at some of the recent upstream deals, whether it was CNRL going into the Duvernay, some of the comments we've seen out of Ovintiv with their recent acquisitions, and there's probably a few examples that I'm forgetting about. We've generally seen production increase quite quickly after acquisitions close. Most people aren't making acquisitions to just hold production flat.

是的。Maurice，我手上沒有精確數字。但如果你回頭看近期一些上游交易，不論是 CNRL 進入 Duvernay，或是我們看到 Ovintiv 對其近期收購所做的一些評論，還有可能有幾個例子我一時想不起來。一般而言，我們看到在收購完成後，產量往往會相當快地增加。大多數人進行收購並不是為了讓產量持平。

So we're pretty optimistic that history will prove itself out here going forward. And as people enter the basin and merge or buy new companies, we've seen that volume growth increase. So we're pretty optimistic about that.

因此我們相當樂觀，認為歷史經驗在未來也會再次驗證。當人們進入該盆地並進行合併或收購新公司時，我們看到產量成長會增加。所以我們對此相當樂觀。

Ben Pham, BMO.

Ben Pham，BMO。

I'm just wondering with the Western Canadian gas production rising at the LPG and the NGLs as well. And part of that is also the ethane side of things, which doesn't seem to have a big home right now other than the Dow side of things. Is there opportunity then for Pembina to maybe capitalize on that opportunity? Or do you think it's more going to be reinjection into the gas stream part of it?

我想請教，隨著西加拿大天然氣產量上升，LPG 與 NGL 也在增加。其中一部分也來自乙烷（ethane），但目前看起來除了 Dow 相關之外，乙烷似乎沒有很大的去處。那麼 Pembina 是否有機會把握這個機會？還是你認為更多會是回注到天然氣氣流中的做法？

It's Chris. I think there's undoubtedly opportunity in that. When you look at how our business has built up over time and you look at the wave of gas production that's coming, condensate production and associated gas and NGL, I think there's a huge opportunity to continue to extract and capture that -- those liquids in the province and continue to grow our core business on the back of that. So our expectation and certainly, the efforts we're putting in, in and around the core business are in service of capturing that growth on the liquids side along with the gas growth.

我是 Chris。我認為那裡毫無疑問存在機會。回顧我們業務隨時間的發展，以及即將到來的天然氣產量浪潮、凝析油產量與伴生氣及 NGL，我認為在本省持續提取並捕捉那些液體，並以此推動我們核心業務成長，有非常大的機會。因此我們的預期——以及我們在核心業務周邊投入的努力——都是為了在天然氣成長的同時，也把液體端的成長抓住。

Okay. Got it. And I know it's early days with your new partnership with the PGI, but anything you can share qualitatively in terms of the business there, your expansion plan, just where you're plan to allocate capital in that partnership?

好的，了解。我也知道你們與 PGI 的新合作夥伴關係還在早期階段，但你能否在質性層面分享一下那邊的業務、擴張計畫，以及你們打算在該合作中把資本配置到哪些方向？

No. I think as the deal -- so first of all, the deal hasn't closed. But based on our conversations and getting to know our new partners, we're really optimistic, and we know they want to grow the business, and we want to grow the business as well. So we're pretty excited to work together with them.

不行。我想就這筆交易而言——首先，交易尚未完成交割。但基於我們的對話以及對新夥伴的了解，我們非常樂觀；我們也知道他們想要成長這項業務，而我們也同樣想要成長。因此我們很期待與他們合作。

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

目前沒有其他問題。我現在把電話交回給 Scott Burrows 作結語。

Well, thank you, everyone, for taking the time to listen to our call, and thank you to our employees, customers, contractors, and communities for a strong start to the year. Like I said, the AGM is this afternoon, so please feel free to dial into that, and we'll chat soon. Thanks.

好的，感謝各位撥冗收聽我們的電話會議，也感謝我們的員工、客戶、承包商與社區，讓我們在今年有一個強勁的開局。如我所說，股東週年大會（AGM）在今天下午舉行，歡迎大家撥入參與，我們很快再聊。謝謝。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。