Summit Midstream Corp (SMC) 2025 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Summit Midstream Corporation fourth-quarter 2025 earnings conference call. (Operator Instructions)

各位早安，感謝您撥冗等候。歡迎參加 Summit Midstream Corporation 2025 年第四季財報電話會議。(接線員指示)

Please be advised that today's conference is being recorded.

敬請留意，今天的會議將進行錄音。

I would now like to hand the conference over to your speaker today, Randall Burton, Vice President of Finance and Treasurer. Please go ahead.

現在我想將會議交給今天的講者，財務副總裁兼財務主管 Randall Burton。請開始。

Thanks, operator, and good morning, everyone. If you don't already have a copy of our earnings release and presentation, please visit our website at www.summitmidstream.com, where you'll find it on the homepage, Events and Presentations section or Quarterly Results section.

謝謝接線員，各位早安。若您尚未取得我們的財報新聞稿與簡報，請造訪我們的網站 www.summitmidstream.com，您可在首頁的「活動與簡報」區或「季度業績」區找到。

With me today to discuss our fourth quarter and full year 2025 financial and operating results is Heath Deneke, our President, Chief Executive Officer and Chairman; Bill Mault, our Chief Financial Officer; and Chris Tennant, our Chief Commercial Officer, along with other members of our senior management team.

今天與我一同討論 2025 年第四季及全年財務與營運成果的有：我們的總裁、執行長兼董事長 Heath Deneke；財務長 Bill Mault；以及商務長 Chris Tennant，並有其他資深管理團隊成員一同參與。

Before we start, I'd like to remind you that our discussion today may contain forward-looking statements. These statements may include, but are not limited to, our estimates of future volumes, operating expenses and capital expenditures. They may also include statements concerning anticipated cash flow, liquidity, business strategy and other plans and objectives for future operations. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can provide no assurance that such expectations will prove to be correct.

在開始之前，我想提醒各位，我們今天的討論可能包含前瞻性陳述。這些陳述可能包括但不限於我們對未來輸送量、營運費用與資本支出的估計。也可能包括關於預期現金流、流動性、商業策略，以及未來營運的其他計畫與目標之陳述。儘管我們相信此等前瞻性陳述所反映的預期屬合理，但我們無法保證該等預期將被證實為正確。

Please see SMC's annual report on Form 10-K for the fiscal year ended December 31, 2025, which the company filed with the SEC on March 16, 2026, as well as our other SEC filings for a listing of factors that could cause actual results to differ materially from expected results.

請參閱 SMC 截至 2025 年 12 月 31 日止會計年度的 Form 10-K 年報（公司已於 2026 年 3 月 16 日向美國證券交易委員會 SEC 提交），以及我們其他的 SEC 申報文件，其中列示可能導致實際結果與預期結果出現重大差異的因素。

Please also note that on this call, we use the terms EBITDA, segment adjusted EBITDA, adjusted EBITDA, distributable cash flow and free cash flow. These are non-GAAP financial measures, and we have provided reconciliations to the most directly comparable GAAP measures in our most recent earnings release.

另請注意，在本次電話會議中，我們使用 EBITDA、分部調整後 EBITDA、調整後 EBITDA、可分配現金流與自由現金流等用語。這些均為非 GAAP 財務衡量指標，我們已在最新的財報新聞稿中提供與最直接可比 GAAP 指標的調節表。

And with that, I'll turn the call over to Heath.

接下來，我把電話交給 Heath。

Great. All right. Well, thanks, Randall, and good morning, everyone. I wanted to start this morning by introducing you to a new voice you'll hear on the call today. Chris Tennant, who joined Summit in February as our Chief Commercial Officer, is joining us.

很好。好。謝謝你，Randall，各位早安。今天早上我想先向各位介紹一位今天會在電話會議中聽到的新聲音。Chris Tennant 於 2 月加入 Summit，擔任我們的商務長，今天也與我們一同參與。

Chris brings more than three decades of experience across the oil, natural gas and NGL value chain, and he'll be leading our commercial organization going forward. Chris has hit the ground running since joining the team, and is already making a strong impact across the organization. I'm excited to have him here, and look forward to the contributions he'll make as we continue executing on Summit's growth strategy.

Chris 在石油、天然氣與 NGL（天然氣液）價值鏈各環節擁有超過三十年的經驗，未來將領導我們的商務組織。Chris 加入團隊後迅速上手，並已在整個組織中產生強勁影響。我很高興他加入，也期待他在我們持續推進 Summit 成長策略的過程中帶來更多貢獻。

Turning now to slide 3. We're very pleased with the progress Summit made during the quarter and in the first couple of months of 2026. From a financial perspective, Summit generated approximately $58.6 million of adjusted EBITDA in the fourth quarter, along with $33.7 million of distributable cash flow and $17 million of free cash flow.

接著請看第 3 張投影片。我們對 Summit 在本季以及 2026 年前幾個月所取得的進展感到非常滿意。從財務角度來看，Summit 第四季產生約 5,860 萬美元的調整後 EBITDA，並同時產生 3,370 萬美元的可分配現金流與 1,700 萬美元的自由現金流。

Operationally, and despite the weakening of oil prices in the second half of 2025, we continue to see solid development activity across our systems, with 7 rigs currently running behind our footprint and approximately 90 drilled but uncompleted wells. At this point, we have visibility to between 116 and 126 well connections in 2026, which is relatively modest compared to prior years. However, we could see more activity accelerate in the second half of the year as producers look to take advantage of the recent run-up in oil prices.

在營運方面，儘管 2025 年下半年油價走弱，我們仍持續看到我們系統範圍內穩健的開發活動，目前在我們資產覆蓋區域後方有 7 座鑽機在運轉，且約有 90 口已鑽探但尚未完井的井（DUC）。就目前而言，我們可見度顯示 2026 年將有約 116 至 126 口井接入，與過往年度相比相對溫和。不過，隨著生產商希望把握近期油價上漲，我們可能會在下半年看到更多活動加速。

On the commercial front, we made a tremendous amount of progress since our last update. Starting with the Double E Pipeline, we recently signed two 11-plus year transportation agreements totaling $440 million per day of firm capacity. In addition, we received an affirmative FID notice on the previously announced producers Midstream 2, $100 million a day agreement that we announced last year. In the aggregate, this represents more than 0.5 Bcf a day of new long-term take-or-pay agreements that we've executed over the past 6 months.

在商務方面，自上次更新以來我們取得了非常大的進展。以 Double E 管線為例，我們近期簽署了兩份為期 11 年以上的運輸協議，合計 4.40 億立方英尺/日的固定（firm）運能。此外，我們也收到先前公告之生產商 Midstream 2、1 億立方英尺/日協議的肯定最終投資決定（FID）通知，該協議於去年對外宣布。合計而言，這代表我們在過去 6 個月內已簽署超過每日 0.5 Bcf 的新增長期 take-or-pay（照付不議）協議。

With these new agreements and the corresponding step-up in committed take-or-pay volumes over the next several years, our Permian segment adjusted EBITDA is expected to grow from $34 million in 2025 to roughly $60 million by 2029. With these new contracts, Double E's existing mainline capacity is now generally fully subscribed. However, as Chris will get into further on the call, we have launched a binding open season to solicit additional customer commitments to support a mainline compression project that would expand the pipeline's capacity by approximately 50% or roughly 800 million a day.

隨著這些新協議，以及未來數年承諾之 take-or-pay 輸送量相應上調，我們的二疊紀（Permian）分部調整後 EBITDA 預期將由 2025 年的 3,400 萬美元成長至 2029 年約 6,000 萬美元。在這些新合約之下，Double E 現有主幹線運能目前整體而言已大致全數認購。不過，正如 Chris 稍後在電話會議中將進一步說明，我們已啟動具約束力的 open season，以徵求額外客戶承諾，支持一項主幹線增壓（compression）專案，該專案可將管線運能提升約 50%，亦即約每日 8 億立方英尺。

Additionally, we successfully refinanced Double E cap structure with a new $440 million term loan facility, which enables an $85 million distribution back to Summit which we intend to use to repay $45 million of accrued and unpaid dividends and reduced borrowings under the ABL.

此外，我們也成功以新的 4.40 億美元定期貸款融資安排，為 Double E 的資本結構完成再融資，使 Summit 得以回收 8,500 萬美元的分配款；我們擬將其用於償還 4,500 萬美元已累積但尚未支付的股利，並降低 ABL 項下的借款。

Bill will walk through the details of the transaction later in the call, but this transaction is a major win for the company as it increases our financial flexibility while allowing us to continue to execute on these high-return growth projects at Double E, including the Mainline Compression Project without straining Summit's corporate balance sheet.

Bill 將在稍後的電話會議中說明該交易細節，但此交易對公司而言是一項重大勝利，因其提升了我們的財務彈性，同時讓我們能持續在 Double E 執行這些高報酬的成長專案（包括主幹線增壓專案），而不致使 Summit 的公司層級資產負債表承受壓力。

In addition, the repayment of the accrued and unpaid dividends on the Series A preferred stock further simplifies Summit's balance sheet, and is also an important step towards enabling a sustainable return of capital program for our shareholders in the future.

此外，償還 A 系列優先股已累積但尚未支付的股利，將進一步簡化 Summit 的資產負債表，並且也是朝向未來為股東建立可持續的資本回饋計畫的重要一步。

We're also very excited about the growth outlook in the Rockies segment as we continue to see development activity up in the [Bakken] shift towards our pipeline footprint in Williams and Divide counties. As Chris will cover later in the call, our Polar & Divide system is uniquely positioned to benefit from that shift as evidenced by a new long-term crude gathering agreement that we executed in the fourth quarter in Dubai County. There's also a lot of positive momentum building up around our G&P system in the DJ Basin that we're excited about as well. I'm sure we'll be updating everyone on as we move throughout the rest of 2026.

我們也對落磯山（Rockies）分部的成長前景感到非常振奮，因為我們持續看到 [Bakken] 的開發活動正轉向我們在 Williams 與 Divide 兩郡的管線覆蓋範圍。正如 Chris 稍後將說明，我們的 Polar & Divide 系統具備獨特優勢，可受惠於此一轉移；第四季我們在 Dubai County 簽署的一份新的長期原油集輸協議即為明證。此外，我們在 DJ 盆地的 G&P（集輸與處理）系統周邊也正累積許多正向動能，我們同樣感到振奮。我相信在 2026 年剩餘期間推進的過程中，我們會持續向各位更新。

And finally, at the end of the call, I wanted to walk investors through a snapshot of Summit's strong and highly visible organic growth outlook that will be led by our Permian and Rockies segment. We're very excited about the commercial momentum we have around the business and the growing backlog of very attractive, high returning organic growth projects that we believe positions the company to achieve over $100 million of adjusted EBITDA growth by 2030.

最後，在本次電話會議結束前，我想帶投資人快速了解 Summit 強勁且高度可見的內生成長前景，該成長將由我們的二疊紀與落磯山分部所帶動。我們對業務的商務動能以及日益增加、極具吸引力且高報酬的內生成長專案儲備感到非常興奮；我們相信這使公司有望在 2030 年前實現超過 1 億美元的調整後 EBITDA 成長。

We believe we'll generate a tremendous amount of shareholder value in the coming years as we execute on these growth plans, while we maintain our financial discipline and continued focus on improving the balance sheet.

我們相信，未來幾年在執行這些成長計畫的同時，維持財務紀律並持續專注於改善資產負債表，將可為股東創造可觀的價值。

And with that, I'll turn the call over to Bill to walk through our financial results and guidance on slide 4.

接下來，我把電話交給 Bill，請他在第 4 張投影片說明我們的財務結果與指引。

Thanks, Heath, and good morning, everyone. And before jumping to slide 4, why don't we stay on page 3. Summit reported fourth-quarter adjusted EBITDA of $58.6 million, resulting in full year 2025 adjusted EBITDA of approximately $243 million. Capital expenditures totaled $19 million for the quarter and $89 million for the full year.

謝謝你，Heath，各位早安。在進入第 4 張投影片之前，我們先停留在第 3 頁。Summit 公布第四季調整後 EBITDA 為 5,860 萬美元，使 2025 年全年調整後 EBITDA 約為 2.43 億美元。本季資本支出合計 1,900 萬美元，全年合計 8,900 萬美元。

With respect to Summit's balance sheet, we ended the year with net debt of approximately $930 million and approximately $890 million pro forma for the $40 million repayment of the ABL associated with the $85 million onetime distribution from the new Summit Permian transmission term loan. This brings pro forma leverage to approximately 3.9x. Our available borrowing capacity at the end of the fourth quarter totaled approximately $387 million, which included roughly $1 million of undrawn [letters] of credit.

就 Summit 的資產負債表而言，我們在年底的淨負債約為 9.30 億美元；若將與 Summit Permian 傳輸定期貸款新增的一次性 8,500 萬美元分配所對應之 ABL 4,000 萬美元償還納入考量，則備考淨負債約為 8.90 億美元。這使備考槓桿倍數約為 3.9 倍。第四季末我們可用的借款額度合計約 3.87 億美元，其中包含約 100 萬美元未動用的[信用狀]。

Now on to the segments. The Rockies segment, which includes our DJ and Williston Basin systems, generated adjusted EBITDA of $27.8 million, a decrease of $1.2 million relative to third quarter, primarily driven by a decline in liquids volume due to natural production declines, partially offset by modest growth in natural gas volumes.

接下來談各事業部門。Rockies 事業部（包含我們的 DJ 與 Williston 盆地系統）產生調整後 EBITDA 2,780 萬美元，較第三季減少 120 萬美元，主要係因液體量因自然產量遞減而下滑，部分被天然氣量的小幅成長所抵銷。

Liquids volumes averaged approximately 66,000 barrels per day during the quarter, a decrease of roughly 6,000 barrels a day relative to the third quarter, primarily due to natural production declines and no new well connections. Natural gas volumes averaged approximately 160 million cubic feet per day, an increase of roughly 2 million cubic feet per day relative to third quarter as well as connected early in the year continued to ramp towards peak production.

本季液體量平均約 66,000 桶/日，較第三季減少約 6,000 桶/日，主要由於自然產量遞減且沒有新的井口接入。天然氣量平均約 1.60 億立方英尺/日，較第三季增加約 200 萬立方英尺/日；此外，年初接入的井持續爬坡至峰值產量。

During the quarter, we connected 33 new wells in the DJ Basin, which we expect to reach peak production in the second quarter of 2026. We currently have 6 rigs running on the system, including 4 in the Williston and 2 in the DJ, and approximately 65 DUCs, which provides good visibility into expected development activity in 2026.

本季我們在 DJ 盆地接入 33 口新井，預期將於 2026 年第二季達到峰值產量。目前系統上有 6 座鑽機運轉，其中 Williston 4 座、DJ 2 座，且約有 65 口 DUC（已鑽未完井），使我們對 2026 年預期的開發活動具有良好能見度。

The Permian Basin segment, which includes our 70% interest in the Double E pipeline, reported adjusted EBITDA of $8.7 million, an increase of $0.1 million relative to the third quarter, primarily due to higher volume throughput on the pipeline. Following throughput on Double E averaged 861 million cubic feet per day during the quarter.

Permian 盆地事業部（包含我們在 Double E 管線 70% 的權益）回報調整後 EBITDA 870 萬美元，較第三季增加 10 萬美元，主要由於管線輸送量提高。本季 Double E 的平均輸送量為 8.61 億立方英尺/日。

The Piceance segment reported adjusted EBITDA of $10 million, a decrease of $2.5 million relative to third quarter, primarily due to a modest decline in volume throughput and certain deferred revenues recognized in the prior quarter.

Piceance 事業部回報調整後 EBITDA 1,000 萬美元，較第三季減少 250 萬美元，主要由於輸送量小幅下滑，以及前一季認列的部分遞延收入。

Finally, the Mid-Con segment reported adjusted EBITDA of $21.5 million, a decrease of approximately $2.1 million, primarily due to lower volume throughput from natural production declines across the Arkoma and Barnett systems. During the quarter, we connected six wells in the Arkoma and no new wells in the Barnett. Subsequent to quarter end, we connected an additional six wells in the Arkoma, and there is currently one rig running behind the Arkoma system in approximately 20 DUCs.

最後，Mid-Con 事業部回報調整後 EBITDA 2,150 萬美元，減少約 210 萬美元，主要由於 Arkoma 與 Barnett 系統因自然產量遞減而導致輸送量降低。本季我們在 Arkoma 接入 6 口井，而 Barnett 沒有新井接入。季末之後，我們在 Arkoma 另外接入 6 口井；目前 Arkoma 系統後方有 1 座鑽機運轉，且約有 20 口 DUC。

Let me now turn to Page 4 and discuss our outlook for 2026. We are establishing 2026 adjusted EBITDA guidance of $225 million to $265 million and total capital expenditures of approximately $85 million to $105 million, which includes $35 million to $50 million in base business growth capital, approximately $15 million to $20 million of maintenance capital and approximately $35 million of contributions to the Double E joint venture.

接下來請看第 4 頁，我將說明我們對 2026 年的展望。我們建立 2026 年調整後 EBITDA 指引為 2.25 億至 2.65 億美元，資本支出總額約 8,500 萬至 1.05 億美元，其中包含 3,500 萬至 5,000 萬美元的基礎業務成長資本、約 1,500 萬至 2,000 萬美元的維護性資本，以及約 3,500 萬美元對 Double E 合資企業的出資。

The $35 million of contributions to the Double E JV are expected to be fully funded through the new term loan facility we closed yesterday. The majority of the base business growth capital will be directed toward pad connections in the Rockies and Mid-Con regions, where we continue to see steady development activity behind our systems.

對 Double E 合資企業的 3,500 萬美元出資，預期將由我們昨天完成簽署的新定期貸款融資全額支應。基礎業務成長資本的大部分將投入 Rockies 與 Mid-Con 地區的井場（pad）接入工程；在這些地區，我們持續看到系統後方穩定的開發活動。

Similar to previous years, our guidance range incorporates real-time feedback we are receiving from our customers regarding their development plans, and we actively track rigs and completion crews across our systems to ensure well connects remain on schedule.

與往年類似，我們的指引區間納入了我們從客戶端就其開發計畫所收到的即時回饋；同時我們也主動追蹤各系統的鑽機與完井隊伍，以確保井口接入按計畫進行。

Just as a reminder for our risking methodology. If our producers hit their current turn-in-line dates and production targets, we would expect to be near the high end of our adjusted EBITDA guidance range. The midpoint of the range reflects modest risking applied to current drilling schedules, while the low end assumes additional delays in well connects expected later in the year, which could push some of that activity into 2027.

提醒一下我們的風險調整（risking）方法。若生產商能達成目前的投產（turn-in-line）日期與產量目標，我們預期將接近調整後 EBITDA 指引區間的高端。區間中點反映對現行鑽井時程施加的溫和風險調整；而低端則假設年內稍晚預期的井口接入出現更多延遲，可能使部分活動延後至 2027 年。

Across our footprint today, we currently have seven rigs running and approximately 90 DUCs behind our system, which provides line of sight to the 116 to 126 well connections expected in 2026. Approximately 80% of those expected well connections are crude oil-oriented wells, with the remaining 20% natural gas-oriented. Commodity price assumptions for this range assumes average crude oil prices in the mid-60s and natural gas price of approximately $3.40 per MMBtu. There's obviously been a lot of upside movement in crude oil prices over the past few weeks, which if sustained throughout the year, could lead to acceleration of activity from our customers and improvement in product margin associated with certain percentage of proceeds contracts in the DJ Basin.

就我們目前的整體布局而言，系統上現有 7 座鑽機運轉，且系統後方約有 90 口 DUC，讓我們能清楚掌握 2026 年預期 116 至 126 口井接入的進度。在這些預期接入的井中，約 80% 為原油導向井，其餘 20% 為天然氣導向井。此區間的商品價格假設為：原油均價約在 60 多美元中段，天然氣價格約為每 MMBtu 3.40 美元。過去幾週原油價格顯著上行；若全年得以維持，可能促使客戶加速活動，並改善 DJ 盆地部分按收益分成（percentage of proceeds）合約所對應的產品毛利。

In the Rockies, we are currently expecting 90 to 100 well connects in 2026, with a fairly even split between the DJ and the Williston. This level of activity, along with the 33 wells connected in the fourth quarter, will drive volume throughput growth in natural gas and liquids. Additionally, of the roughly 45 to 50 wells expected in the Williston, we will be gathering both crude and produced water for 9 of those wells, which we expect around a 3:1 produced water to crude oil ratio.

在 Rockies，我們目前預期 2026 年將有 90 至 100 口井接入，DJ 與 Williston 的占比相當平均。此活動水準，加上第四季已接入的 33 口井，將帶動天然氣與液體的輸送量成長。此外，在 Williston 預期約 45 至 50 口井中，我們將為其中 9 口井同時集輸原油與產出水（produced water）；我們預期產出水對原油的比例約為 3:1。

Expected well connections in the DJ are a little bit lower in 2026 than historical average. This is primarily due to the recently announced acquisition of Verdad Resources, a key customer behind the system by Peoria Resources, a subsidiary of [JPAX] Corp. Long term, we're excited about the acquisition and expect it to be a net positive to development. But as with all upstream consolidation, it has created some near-term delays in development.

DJ 在 2026 年的預期接井數略低於歷史平均。主要原因是 Peoria Resources（[JPAX] Corp. 的子公司）近期宣布收購 Verdad Resources；Verdad Resources 是該系統後方的重要客戶。長期而言，我們對此收購感到振奮，並預期將對開發活動帶來淨正面影響。但如同所有上游產業整併，短期內確實造成了一些開發延遲。

In the Mid-Con, we are expecting 26 wells to be connected to the system, including 9 in Arkoma and 17 in the Barnett. In the Arkoma, all but 3 of those wells are already connected and flowing. And in the Barnett, all 17 wells are currently in documentory. Our key customer in the Arkoma is evaluating additional development at late 2026 and early 2027, but we have not included that potential activity in our financial guidance until we get confirmation that they intend to drill and complete those wells. With the level of activity included in our financial guidance, we would expect volumes in the Mid-Con to be relatively flat year-over-year.

在 Mid-Con，我們預期將有 26 口井接入系統，其中 Arkoma 9 口、Barnett 17 口。在 Arkoma，除 3 口外，其餘井都已接入並開始產流。而在 Barnett，17 口井目前都在 documentory。我們在 Arkoma 的主要客戶正在評估於 2026 年底與 2027 年初進一步開發，但在確認其確實有意鑽井並完成這些井的完井作業之前，我們尚未將該潛在活動納入財務指引。以我們財務指引所包含的活動水準來看，我們預期 Mid-Con 的輸送量年對年將大致持平。

In the Piceance, we are expecting no new well connects in 2026, which will result in a continued decline in volume and EBITDA relative to 2025. Additionally, shortfall payments are expected to decline by approximately $4 million, from $17 million in 2025 to approximately $13 million in 2026. As a reminder, [MVCs] and shortfall payments completely roll off in the third quarter of 2026. So 2027 will not have MVC shortfall payments in the Piceance.

在 Piceance，我們預期 2026 年不會有新的井口接入，這將使輸送量與 EBITDA 相較 2025 年持續下滑。此外，短缺補償款（shortfall payments）預期將減少約 400 萬美元，從 2025 年的 1,700 萬美元降至 2026 年約 1,300 萬美元。提醒一下，[MVCs] 與短缺補償款將在 2026 年第三季完全到期（roll off）。因此 2027 年 Piceance 將不再有 MVC 短缺補償款。

Shifting to the Permian. Year-over-year EBITDA growth is primarily driven by contractual step-ups in long-term take-or-pay transportation agreements that fully ramped in November of 2025. Additionally, we expect 2 of the recently signed firm transportation agreements on Double E to begin service in the fourth quarter of 2026, which will provide some incremental EBITDA.

接著談 Permian。年對年 EBITDA 成長主要由長期 take-or-pay 運輸協議中的合約階梯式調升（step-ups）所驅動，該等調升已於 2025 年 11 月完全爬坡到位。此外，我們預期 Double E 上近期簽署的 2 份確定運輸（firm transportation）協議將於 2026 年第四季開始提供服務，將帶來部分增量 EBITDA。

I'll now turn the call over to Chris to discuss the commercial momentum we're seeing on Double E and expected growth in EBITDA associated with recently executed commercial contracts on Slide 5.

我現在把電話交給 Chris，請他說明我們在 Double E 看到的商業動能，以及與近期已簽署商業合約相關、預期的 EBITDA 成長（見投影片第 5 頁）。

Thanks, Bill, and good morning, everyone. Over the past several months, we've made significant progress commercializing the remaining free flow capacity on the pipeline. With the recently executed transportation agreements, including the previously announced producers midstream contract, Double E has secured over 500 million cubic feet per day of new long-term take-or-pay commitments over the past 6 months.

謝謝你，Bill，各位早安。過去幾個月，我們在將管線剩餘的可用自由流量容量商業化方面取得了顯著進展。隨著近期簽署的運輸協議（包含先前公告的生產商—中游合約），Double E 在過去 6 個月已新增超過每日 5 億立方英尺的長期 take-or-pay 承諾。

Upon full ramp of those agreements, Double E will have approximately 1.6 Bcf per day of firm take-or-pay contracts with a group of prominent primarily investment grade shippers. These agreements also expand Double E's downstream connectivity with new and highly valued delivery points into the [Transwestern] central pool, the [Brinson] pipeline and a planned future connection with [Desert Southwest] pipeline. These connections significantly increased the end market optionality available to our shippers and improves access to several important demand centers.

待這些協議全面爬坡到位後，Double E 將擁有約每日 16 億立方英尺的固定 take-or-pay 合約，客戶群為一批知名、且以投資級為主的託運人。這些協議也透過新增且極具價值的交付點，擴大 Double E 的下游連通性，包含通往 [Transwestern] central pool、[Brinson] 管線，以及規劃中未來與 [Desert Southwest] 管線的連接。這些連接大幅提升託運人可選擇的終端市場彈性，並改善對數個重要需求中心的可達性。

Given the strong commercial momentum we've seen, the remaining free flow capacity on the pipeline is now effectively full, which has accelerated our efforts to pursue a mainline compression expansion. As Heath mentioned earlier, we recently launched a binding open season to solicit additional shipper commitments to support that project, which could expand Double E's capacity by approximately 50%, from 1.6 Bcf per day to roughly 2.4 Bcf per day.

鑑於我們看到的強勁商業動能，管線剩餘的自由流量容量目前已實質滿載，這也加速我們推進主幹線壓縮擴建的工作。如 Heath 先前提到，我們近期啟動具約束力的 open season，以徵求更多託運人承諾來支持該專案；該專案可使 Double E 容量約增加 50%，由每日 16 億立方英尺提升至約每日 24 億立方英尺。

Based on our currently contracted volumes, we expect the Permian segment adjusted EBITDA to reach approximately $60 million by 2029. Importantly, if we're successful in fully commercializing the planned expansion capacity, that EBITDA contribution could increase to approximately $90 million or more by 2030.

基於目前已簽約的運量，我們預期二疊紀（Permian）事業部調整後 EBITDA 將於 2029 年達到約 6,000 萬美元。重要的是，若我們成功將規劃中的擴建容量全面商業化，該 EBITDA 貢獻到 2030 年可能提升至約 9,000 萬美元或更高。

Stepping back for a moment, we continue to see strong underlying fundamentals across the Delaware Basin. Producers are continuing to improve drilling efficiencies and extend lateral lengths, while processing capacity across West Texas and New Mexico continues to expand. As a result, demand for reliable residue gas takeaway remains strong, and we believe Double E is very well positioned as a critical transportation corridor connecting the Delaware Basin to multiple downstream markets.

退一步來看，我們仍持續看到德拉瓦盆地（Delaware Basin）具備強勁的基本面。生產商持續提升鑽井效率並延長水平井段（lateral）長度，同時西德州與新墨西哥州的處理產能也持續擴張。因此，對可靠的殘餘氣（residue gas）外運能力需求依然強勁；我們相信 Double E 作為連接德拉瓦盆地與多個下游市場的關鍵運輸走廊，具備非常有利的定位。

With that commercial update, I'll turn it back to Bill to walk through the recent Double E refinancing on Slide 6.

以上是商業面更新，我把電話交回 Bill，請他說明投影片第 6 頁的 Double E 近期再融資。

Thanks, Chris. Yesterday, Summit Permian Transmission entered into a new $440 million senior secured term loan facility maturing in March 2031, including $340 million funded at closing, a $50 million committed delayed draw facility to support expansion projects and a $50 million accordion feature for future growth opportunities. Proceeds from this facility were used to repay the existing Permian transmission credit facility and the subsidiary preferred equity at Summit Permian Transmission Holdco, simplifying the capital structure and extending the maturity profile of the asset.

謝謝你，Chris。昨天，Summit Permian Transmission 簽訂一筆新的 4.40 億美元優先擔保定期貸款融資，將於 2031 年 3 月到期；其中 3.40 億美元於交割時撥款，另有 5,000 萬美元已承諾的延遲動用額度以支援擴建專案，以及 5,000 萬美元的增額（accordion）機制以因應未來成長機會。該融資所得用於償還既有的 Permian transmission 信貸融資，以及 Summit Permian Transmission Holdco 旗下子公司的優先股權，從而簡化資本結構並延長該資產的到期結構。

The transaction also enabled an $85 million distribution back to Summit. And as Heath mentioned earlier, Summit intends to use those proceeds to repay approximately $45 million of accrued preferred dividends and reduced borrowings on the ABL by approximately $40 million. Beyond improving our leverage profile and strengthening the balance sheet, the new facility also provides the capital needed to fund the expected growth projects on Double E, including the recently announced plant connections and the potential mainline compression expansion project Chris mentioned.

此交易也使 Summit 得以回收 8,500 萬美元的分配。如 Heath 先前提到，Summit 擬將該筆款項用於償還約 4,500 萬美元累積的優先股股利，並將 ABL 借款降低約 4,000 萬美元。除了改善槓桿狀況並強化資產負債表外，新融資也提供資金以支應 Double E 預期的成長專案，包含近期公告的處理廠連接，以及 Chris 提到的潛在主幹線壓縮擴建專案。

Overall, this transaction simplifies the capital structure, funds, high-growth projects and position Summit with greater financial flexibility moving forward. With the planned repayment of the Series A preferred stock accrued and unpaid dividends, Summit will have satisfied all conditions to allow it for a return of capital program to its common shareholders.

整體而言，這筆交易簡化資本結構、為高成長專案提供資金，並使 Summit 未來具備更高的財務彈性。隨著規劃償還 A 系列優先股已累積但未支付的股利，Summit 將滿足所有條件，得以對普通股股東啟動資本回饋計畫。

And with that, I'll turn the call back to Chris to discuss our recent commercial success in the Williston Basin on Slide 7.

接下來，我把電話交回 Chris，請他說明我們在威利斯頓盆地（Williston Basin）近期的商業成果（見投影片第 7 頁）。

Thanks, Bill. In the fourth quarter, we executed a new 10-year crude oil gathering agreement with a producer in Divide County, North Dakota. The agreement includes a large area of dedication, spanning more than 200,000 acres along our existing Polar and Divide systems, and represents a meaningful expansion of dedicated acreage supporting our infrastructure in the region. This new customer is currently running one rig and executing on their development program. The first pad associated with this agreement, consisting of 4 3-mile laterals, is expected to be turned in line in early 2026.

謝謝你，Bill。在第四季，我們與北達科他州 Divide County 的一位生產商簽署新的 10 年期原油集輸協議。該協議包含大範圍的專屬承諾區（dedication），沿著我們既有的 Polar 與 Divide 系統，涵蓋超過 20 萬英畝，代表支持我們在該區域基礎設施的專屬面積有顯著擴張。這位新客戶目前運行一座鑽機並執行其開發計畫。與該協議相關的第一個井場（pad），由 4 條 3 英里水平井段組成，預計於 2026 年初投產並接入系統。

More broadly, we continue to be encouraged by the innovation we're seeing from Williston Basin operators, particularly as they extend lateral lengths and improved drilling and completion efficiencies. These improvements are helping drive development activity in areas such as Northern Williams County and Southern Divide County where Summit systems are well positioned.

更廣泛而言，我們持續對威利斯頓盆地營運商所展現的創新感到鼓舞，特別是在延長水平井段長度，以及提升鑽井與完井效率方面。這些改善正推動北威廉斯郡（Northern Williams County）與南 Divide County 等區域的開發活動，而 Summit 的系統在這些區域具備良好布局。

This agreement expands both our dedicated acreage position and long-term development inventory, and we believe it positions us well to capture additional development across our footprint. Importantly, we are actively pursuing several additional commercial opportunities in the region and remain very encouraged by the level of engagement we're seeing from the operators.

此協議同時擴大我們的專屬面積布局與長期開發庫存；我們相信這使我們能更有效掌握在既有版圖上的額外開發機會。重要的是，我們正積極追求該區域數個額外的商業機會，並對營運商的參與程度持續感到非常振奮。

With that overview of the Williston activity, I'll turn the call back to Heath for some closing remarks.

以上為威利斯頓活動概述，我把電話交回 Heath，請他做一些結語。

Thanks, Chris. Let's turn to page 8. So here, we've attempted on this slide to give investors a better sense of Summit's long-term growth trajectory and some key assumptions that support it.

謝謝你，Chris。我們來看第 8 頁。在這張投影片上，我們嘗試讓投資人更清楚了解 Summit 的長期成長軌跡，以及支撐該軌跡的一些關鍵假設。

Starting with activity across our G&P segments. We are currently projecting total system well connects in 2026 to come in below the historical averages we've experienced in recent years. We believe this is primarily due to timing impacts brought on by some significant upstream consolidation that involve key customers in our Rockies segment, and a recap that is underway in the Mid-Con segment.

先從我們 G&P（集輸與處理）各事業部的活動量談起。我們目前預估 2026 年全系統的新井接入（well connects）總數將低於近年我們所經歷的歷史平均水準。我們認為主要原因是時點影響：洛磯（Rockies）事業部的部分關鍵客戶正進行顯著的上游整併，以及 Mid-Con 事業部正在進行的資本重整（recap）。

We also believe that the oil price dip below the $60 mark towards the end of last year and first part of 2026 also caused a temporary pause in second half activity, which is still reflected in our current guidance for the year. However, as we look forward with input from our customers, we expect activity levels to climb back up to at least the historical average levels we've experienced over the past three years, if not greater, in a low $60 oil and low to mid $3 gas price environment.

我們也認為，去年底到 2026 年初油價跌破 60 美元關卡，亦導致下半年活動短暫暫停，而這點仍反映在我們目前對今年的指引之中。不過，隨著我們結合客戶回饋向前看，我們預期在油價約 60 美元出頭、天然氣價格約 3 美元出頭至 3 美元中段的環境下，活動水準將回升至至少過去三年所見的歷史平均水準，甚至更高。

Given growing demand for natural gas and a tighter outlook on oil supply, we think this is a conservative but reasonable baseline assumption that has a lot of further upside potential, particularly in the 2028 to 2030 time frame. We should also point out that the outlook includes roughly an $18 million -- or 18 million of MVC-related shortfall payments in the Piceance segment that roll off from 2025 to the second half 2026, and conservatively also assumes no new well connects through 2030.

考量天然氣需求成長以及原油供給前景趨緊，我們認為這是一個保守但合理的基準假設，且仍具備相當大的上行空間，特別是在 2028 至 2030 年期間。我們也要指出，該展望包含 Piceance 事業部約 1,800 萬美元（或 1,800 萬美元）的 MVC 相關缺口補償款，該款項將自 2025 年起逐步到期並於 2026 年下半年結束；同時也保守假設至 2030 年不再有新的新井接入。

Moving over to the top right section of the slide. As we've discussed, we expect Permian segment adjusted EBITDA to reach approximately $60 million by 2029 based on the new contracts we've already secured on Double E.

接著看投影片右上角區塊。如我們先前討論，基於我們已在 Double E 取得的新合約，我們預期二疊紀（Permian）事業部調整後 EBITDA 將於 2029 年達到約 6,000 萬美元。

If Chris and team were able to fully commercialize the capacity associated with the Double E mainline compression expansion, the Permian segment adjusted EBITDA contribution could grow up to over $90 million by 2030. Combining the Double E growth outlook, along with the Rockies and Mid-Con expected segment growth, we believe Summit's existing portfolio is very well positioned to add more than $100 million of organic EBITDA growth by 2030.

若 Chris 與團隊能將 Double E 主幹線壓縮擴建所對應的容量全面商業化，二疊紀事業部調整後 EBITDA 的貢獻到 2030 年可成長至超過 9,000 萬美元。綜合 Double E 的成長展望，以及洛磯與 Mid-Con 事業部預期的成長，我們相信 Summit 既有投資組合具備非常有利的定位，可在 2030 年前帶來超過 1 億美元的有機 EBITDA 成長。

Touching on the capital slide on the lower left-hand section of Page 8, we're forecasting total capital expenditures to trend above our normal $50 million to $70 million range as we execute on these high returning capital investments in the Permian and Rockies segments in 2026 through '28. But we expect capital spending to normalize and transition back to primarily maintenance and well connect capital in the out years.

談到第 8 頁左下角的資本投影片，我們預期在 2026 至 '28 年於二疊紀（Permian）與落磯山（Rockies）業務區塊執行這些高報酬的資本投資時，總資本支出將高於我們正常的 5,000 萬至 7,000 萬美元區間。但我們預期在更長期的後續年度，資本支出將回歸常態，並轉回以維護性資本與井口連接（well connect）資本為主。

Taken together, these drivers provide visibility towards very meaningful earnings growth and significant value creation for our shareholders. As I've stated earlier, we're really excited about the growth outlook for the business. But I want to stress that we're also not taking our eyes off the ball by maintaining our financial discipline, continuing our focus on further strengthening the balance sheet, achieving our long-term 3.5x leverage target at SMC and enhancing shareholder returns with a return of capital program. They are all key components that we believe will maximize shareholder value as we execute the business plan.

綜合而言，這些驅動因素讓我們對非常可觀的獲利成長與為股東創造顯著價值具備能見度。如我先前所述，我們對公司成長前景感到非常振奮。但我也要強調，我們同時不會分心，將持續維持財務紀律、持續聚焦進一步強化資產負債表、在 SMC 達成長期 3.5 倍槓桿目標，並透過資本回饋計畫提升股東報酬。我們相信，這些都是在執行營運計畫時能使股東價值最大化的關鍵組成。

And so with that, operator, I think we're ready to open the call for questions.

因此，接線生，我想我們已準備好開放提問。

(Operator Instructions) Mark Reichman, NOBLE Capital Markets.

(接線生指示) Mark Reichman，NOBLE Capital Markets。

With new take-or-pay agreements announced, what level of additional commercial commitments is needed to move forward with the mainline compression expansion to 2.4 Bcf per day? And when would a final investment decision to occur?

在宣布新的 take-or-pay（保量付費）協議後，若要推進主幹線壓縮擴建至每日 24 億立方英尺（2.4 Bcf/d），還需要達到何種程度的額外商業承諾？最終投資決策（FID）會在何時作出？

Yes. Thanks, Mark. And I'm going to let Chris Tennant, our new Chief Commercial Officer, take this one.

是的。謝謝你，Mark。我會請我們新任首席商務長 Chris Tennant 來回答這題。

Mark, thank you for the question. This is a very attractive project for Double E pipeline with an estimated sub-3x build multiple. We're very hopeful to close half this open capacity early in the open season. CapEx rate depending. If we follow that cadence, we could see an FID decision as early as this summer.

Mark，謝謝你的提問。這對 Double E 管線而言是一個非常具吸引力的專案，估計建置倍數低於 3 倍。我們非常希望在 open season（公開招標期）初期就能完成這部分未售容量的一半。視資本支出（CapEx）費率而定。若依照這個節奏推進，我們最早可在今年夏天作出 FID 決策。

And then would you discuss the capital needs between, say 2026 and 2029 to achieve the $100 million of EBITDA growth by 2030?

另外，你能否談談在 2026 到 2029 年之間，為了在 2030 年前達成 1 億美元 EBITDA 成長所需的資本需求？

Yes, Mark, this is Heath. So look, if you kind of -- set Double E aside, right? If you look at our historical capital, we kind of came out in the range between $50 million and $70 million between growth and maintenance. And we think that that's likely to be kind of what we would spend on the G&P segment businesses throughout the five-year forecast period.

是的，Mark，我是 Heath。你看，如果先把 Double E 放一邊，對吧？若看我們歷史資本支出，成長與維護合計大致落在 5,000 萬到 7,000 萬美元區間。我們認為在五年預測期間內，G&P（集輸與處理）業務區塊大致也會維持這樣的支出水準。

So really, the kind of the step-up is going to be oriented around Double E. And as Bill pointed out in the call earlier, that capital is largely going to be financed through the new term loan that we put in place at Double E. So just think of it, $50 million to $70 million for our general G&P segment per year. And for the next few years, we'll probably see a similar amount of capital for Double E, roughly in that $35 million a year, Mark, for the next two to three years.

因此，真正的增量主要會圍繞在 Double E。正如 Bill 先前在電話會議中提到的，那部分資本大多將透過我們在 Double E 設立的新定期貸款來融資。所以你可以這樣理解：一般 G&P 區塊每年約 5,000 萬到 7,000 萬美元。而在接下來幾年，Double E 可能也會有類似規模的資本支出，約每年 3,500 萬美元，Mark，為期大約兩到三年。

Yes, Mark, and you can kind of read into the -- we size the delayed draw in the accordion. There's about $100 million of incremental potential borrowings under that new term loan. So that should give you kind of a general sense if we're $30 million to $35 million a year for the next, call it, two, three years, kind of utilizing that $100 million.

是的，Mark，你也可以從我們在增額條款（accordion）中設定的延遲提用額度看出端倪。在那筆新定期貸款下，約有 1 億美元的額外潛在借款空間。因此，若未來兩到三年每年約 3,000 萬到 3,500 萬美元，大致就是在運用那 1 億美元的額度。

I see. That's very helpful. And then with respect to the 2026 guidance of 116 to 126 well connections, which basins and their factors are most likely to drive upside or downside to that outlook? And how sensitive is it to changes in commodity prices?

了解。這非常有幫助。另外，關於 2026 年指引的 116 到 126 口井連接數，哪些盆地及其因素最可能推動該展望的上行或下行？它對大宗商品價格變動的敏感度如何？

Yes. No, great question, Mark. And -- so I'll start with a couple of stats, and then I'll give you some color on kind of upside, downside volatility. So to date, we've got 90 DUCs. So that represents a lion's share of that range of well connects already that are drilled but not completed.

是的。Mark，這問題問得很好。我先提供幾個數據，接著再補充一些關於上行、下行波動的說明。截至目前，我們有 90 口 DUC（已鑽未完井）。這已涵蓋井連接區間中的很大一部分，因為這些井已鑽好但尚未完井。

We also have seven rigs running, six in the Rockies, one in the Mid-Con. So those rigs right now, think about them as basically drilling up -- starting to drill up for activity that I'd characterize more as like late second quarter, third quarter type well connects. So between the DUCs and the rigs, we've got a lot of confidence in that range.

我們也有 7 座鑽機在運作，其中 6 座在落磯山、1 座在 Mid-Con。就目前而言，這些鑽機基本上是在為我所稱的較偏向第二季末、第三季的井連接活動進行鑽井準備。因此，結合 DUC 與鑽機狀況，我們對該區間非常有信心。

In the Mid-Con, as an example, we're only expecting 9 wells in the Arkoma as we sit here today. We only need 3 more to round out that 9. We've already had 6 that came online in the first quarter. And then the Barnett, as an example, all 17 wells are DUCs. Those are slated to kind of come online in the June, July time frame and really just require completion crew to get out there to finish them up. So we spend a lot of time looking at that data when we established our guidance range so that we have confidence in kind of what we're putting out there.

以 Mid-Con 為例，依我們目前掌握的情況，Arkoma 預期只有 9 口井。我們只需要再 3 口就能湊滿 9 口。第一季已經有 6 口上線。再以 Barnett 為例，17 口井全部都是 DUC。這些預計在 6、7 月左右上線，實際上只需要完井團隊到現場把它們完成即可。因此，在建立指引區間時，我們花了很多時間檢視這些資料，以確保對我們對外提供的數字有信心。

Now as it relates to kind of your upside, downside to the outlook, I'd tell you that -- this plan is based on a $65 kind of strip WTI and about [3 40] on [Henry Hub]. Strip today is $85 on crude and [3 70] on Henry Hub. In markets like this, historically, we have seen that this price indicator really incentivizes our customers to either accelerate development or try to bring on new well connects. So from an activity perspective, I kind of view -- we're in a period where more upside than downside from a commodity price perspective.

至於你提到的展望上行、下行，我會說——這個計畫是以 WTI 約 65 美元的期貨曲線（strip）以及[Henry Hub] 約 [3 40] 為基礎。而今天的期貨曲線是原油 85 美元、Henry Hub [3 70]。在這樣的市場環境下，歷史上我們看到這種價格訊號會強烈激勵客戶加速開發，或嘗試帶來新的井連接。因此就活動量而言，從商品價格角度看，我認為目前處於上行多於下行的階段。

And then lastly, as it relates to commodity price, as you know, in the DJ, we've got percentage of proceeds contracts. If you just run through current strips, so that 85 and [3 70], that's, call it another -- anywhere from $5 million to $10 million of increased product margin that isn't reflected in our guidance range today. Obviously, there's a lot of uncertainty around what's going on in the Middle East.

最後，關於商品價格，如你所知，在 DJ 盆地我們有按收益分成（percentage of proceeds）的合約。若以目前的期貨曲線來看，也就是 85 與 [3 70]，大約會帶來額外——約 500 萬到 1,000 萬美元的產品毛利增加，而這尚未反映在我們目前的指引區間中。當然，中東局勢仍存在很大的不確定性。

We thought it was prudent just to kind of keep our conservative assumption around strip. But I think that represents some pretty material upside for us this year based on what we're seeing right now.

我們認為維持對期貨曲線較保守的假設是審慎之舉。但我認為，依照我們目前看到的情況，這代表今年對我們而言有相當實質的上行空間。

Yes. Mark, just to add a little bit to that, too. I think when you think of the range itself, if you kind of accept the producer-driven forecast, which we've had like -- in 2025, we saw some slippage to the right on that, which is why we kind of came in lower. But when you think about 2026, I think just given the commodity price signals that -- and most of the customers we talk to are trying to accelerate that activity. So more likely that they'll hit their timing. They hit their timing, that's generally going to push us to the higher end of the range.

是的。Mark，我也再補充一點。我認為當你看這個區間本身時，如果你接受由生產商驅動的預測——我們在 2025 年曾看到一些時程往後延，這也是我們當時給得較低的原因。但談到 2026 年，我認為基於商品價格訊號——以及我們多數客戶都在嘗試加速活動——因此他們更可能按時達成。若他們按時達成，通常就會把我們推向區間的高端。

And then the other component -- it's not like you can snap your fingers overnight and get new rigs and new completion crews under contract. But we do know that several folks that were planning wells already for the 2027 time frame are looking to see if they can bring those wells into the fourth quarter. That won't have as big of an impact for the year because you'll be talking probably just two to three months maybe of contribution, but it will be a good sign as you kind of get some momentum going into 2027 at a minimum.

然後另一個面向——不是說你一夜之間彈指就能拿到新的鑽機並把新的完井團隊簽約到位。但我們確實知道，有幾位原本已經在規劃 2027 年時間框架內的井，正在評估是否能把這些井提前到第四季。這對全年影響不會那麼大，因為你談的可能只是兩到三個月左右的貢獻，但至少在邁向 2027 年的過程中，會是一個不錯的訊號，代表動能開始起來。

And then just lastly, following the Double E refinancing and preferred dividend repayment, how are you thinking about the path and time line to reach the 3.5 times leverage target? When could the company realistically consider reinstating common shareholder dividends? And would asset sales or joint ventures be part of the deleveraging strategy?

最後一點，在 Double E 再融資以及優先股股利償付之後，你們如何看待達到 3.5 倍槓桿目標的路徑與時間表？公司在什麼時點才可能務實地考慮恢復普通股股東股利？而資產出售或合資是否會是去槓桿策略的一部分？

Yes. Look, Mark, what I would say is, I mean, if you just look at the -- for example, the high end of the range, right? If we hit the $265 million mark, we think our leverage will be roughly 3.6 times. So I don't think it's out of the question for us to consider a dividend policy over the next 12 months, right? It's highly going to depend on this year and kind of where we end up from an overall leverage perspective.

是的。Mark，我想說的是，如果你看——例如，看區間的高端，對吧？如果我們達到 2.65 億美元，我們認為槓桿大約會是 3.6 倍。所以我不認為在未來 12 個月內考慮股利政策是完全不可能的，對吧？這將高度取決於今年的表現，以及從整體槓桿角度我們最後落在什麼位置。

But as you pointed out, the arrears are paid off. So I mean there's -- that's a major step to kind of get out of the way. And I think as soon as we feel comfortable that we're getting to our target and are able to sustain that leverage target, that's when you're going to see us want to turn on a dividend.

但如你所指出的，積欠款已經付清了。所以我的意思是——那是一個很重要的步驟，等於把一個重大障礙先移開。而我認為，一旦我們覺得有把握正在接近目標，並且能夠維持該槓桿目標，那時你就會看到我們想要啟動股利。

Your question around asset sales or JV part of the deleveraging strategy, I would say -- I don't think that those things are going to drive our deleveraging strategy. I think we're going to see that leverage kind of come down as we kind of execute our base plan. But we're very opportunistic. I mean we've -- obviously, we've done quite a bit of M&A both on the sell side and the buy side to optimize the portfolio. So I think when we think about JVs and growth, I think that's where -- those more are likely going to be the triggers to -- on the M&A front.

你問到資產出售或合資是否會是去槓桿策略的一部分，我會說——我不認為這些會主導我們的去槓桿策略。我認為隨著我們執行基本計畫，槓桿就會逐步下降。但我們非常把握機會。我的意思是——很明顯地，我們在買方與賣方都做了不少併購，以優化投資組合。所以我認為，當我們談到合資與成長時，那才是——在併購面向上，這些更可能成為觸發因素。

Gregg Brody, Bank of America.

Gregg Brody，美國銀行。

Just thinking -- congrats on the Permian contract (inaudible) the opportunity that's exciting there. I was just thinking about longer term, I know in the past, you've talked about folding the Permian asset into the company. Obviously, this opportunity allows you to delay that. And just curious if you think about, in terms of allocating capital, do you think about contributing capital into the JV to potentially reduce leverage and maybe collapse the unrestricted sub and restricted group? Or how are you thinking about that?

我在想——恭喜拿下二疊紀的合約（聽不清），那裡的機會很令人振奮。我只是想從更長期來看，我知道過去你們談過把二疊紀資產併入公司。顯然，這個機會讓你們可以延後那件事。想請教你們在資本配置上怎麼想：你們會考慮向合資投入資本，以可能降低槓桿，並且也許把不受限制的子公司與受限制的集團合併嗎？或者你們是怎麼思考的？

Yes, Gregg, great question. And look, we've talked a lot about that over the years. A couple of things. One, our high-yield bonds, they mature in '29. So I think it's reasonable to expect that sometime in '28, a year or so in advance of that maturity, we would look to refinance that bond.

是的，Gregg，問得好。你看，我們這些年談了很多。有幾點。第一，我們的高收益債券在 2029 年到期。所以我認為合理的預期是，在 2028 年、也就是到期前大約一年左右，我們會考慮為那筆債券進行再融資。

One thing that we were successful in getting under this new term loan is really a supportive kind of call protection structure. So it's non-call one then it steps down to [102] in year two, [101] in year three and par thereafter. So if we're executing a refi and you get some of this EBITDA growth on these commercial contracts, we can really kind of clean up that term loan and refinance it alongside our bonds in '28 without a bunch of leakage. So that was an important deal point for us when we were negotiating this transaction.

我們在這筆新定期貸款下成功爭取到的一件事，是相當有利的提前贖回保護（call protection）結構。也就是第一年不可提前贖回（non-call one），第二年降到 [102]，第三年降到 [101]，之後按面值（par）。因此，如果我們在做再融資，而你又在這些商業合約上看到一些 EBITDA 成長，我們就能在不產生大量成本外流的情況下，把這筆定期貸款整理乾淨，並在 2028 年與我們的債券一起再融資。所以在協商這筆交易時，這對我們而言是一個重要的條件點。

And then, Gregg, as you know, like when you're in a high-growth -- a decent amount of capital spend that really takes 12 to 24 months for that EBITDA to show up, this type of financing is actually a pretty attractive solution just to maintain a delevering profile up at Summit corporate while we're executing on this growth.

然後，Gregg，如你所知，當你處在高成長——需要相當程度的資本支出，而這些支出通常要 12 到 24 個月後 EBITDA 才會顯現時，這類融資其實是相當有吸引力的解決方案，能讓我們在推動這些成長的同時，仍在 Summit 母公司層級維持去槓桿的走勢。

Yes, that makes sense. Maybe just you touched -- the question on M&A. It was asked, but I just -- maybe just a little bit more color around the opportunity set today and the activity level we could see over the next year?

是的，這很合理。也許再追問——你剛剛提到併購的問題。剛才有人問過，但我想——能否再多補充一些目前的機會集合，以及未來一年我們可能看到的活動程度？

Yes. Yes. So Gregg, I would say this. I mean we focused on today's call about the $100 million of organic growth, really to just kind of set the baseline for what's in the plan today, right, where we think this company will go with the existing portfolio, and we're not dependent on M&A to achieve that.

是的。是的。所以 Gregg，我會這麼說。我們今天這通電話把重點放在 1 億美元的內生成長，主要是為了建立目前計畫中的基準線，對吧？也就是我們認為在既有投資組合下，公司會走到哪裡，而且我們不需要依賴併購就能達成。

I think -- but one of the key things that we think is important for Summit and our investors is that the business needs to continue to scale up. I think if we can scale up and kind of keep the balance sheet in good shape, we think that's going to dramatically improve the investability of the company. There will be more institutional type investors that would come into the stock and just kind of creates more room, if you will, for investors to come in and invest in Summit.

我認為——但我們覺得對 Summit 和投資人而言很重要的一點是，這個業務需要持續擴大規模。我認為如果我們能擴大規模，同時讓資產負債表維持良好狀態，我們認為這將大幅提升公司的可投資性。會有更多機構型投資人進入這檔股票，也就是說，會為投資人進入並投資 Summit 創造更大的空間。

So I think -- we do think, and we are actively working on opportunities around our portfolio that we can either bolt on synergistic assets and continue to do kind of like what we've done in the past, which is look for assets that are high free cash flow generating that we can buy in at a really attractive valuation and fold it into the portfolio.

所以我認為——我們確實這麼想，而且也正在積極推進圍繞我們投資組合的機會：我們可以併入具協同效益的資產，並持續做一些類似過去做過的事情，也就是尋找自由現金流產生能力很強的資產，以非常有吸引力的估值買進，然後把它納入投資組合。

Yes. And Gregg, I'd tell you that -- as you know, we spent a lot of time getting this balance sheet to where it is today. As we evaluate M&A, we've been very disciplined looking for things that are at a minimum leverage neutral and value accretive and also focused on high free cash flowing businesses, as Heath mentioned, I don't think you're going to see us really veer off that kind of methodology as we evaluate potential acquisitions.

是的。而且 Gregg，我也想告訴你——如你所知，我們花了很多時間把資產負債表調整到今天這個狀態。在評估併購時，我們一直非常自律，尋找至少在槓桿上中性、且能增厚價值的標的，同時也聚焦在高自由現金流的業務；正如 Heath 提到的，我不認為你會看到我們在評估潛在收購時偏離這套方法論。

That concludes the question-and-answer session. Thank you all for your participation on today's call. This does conclude the conference. You may now disconnect.

問答環節到此結束。感謝各位參與今天的電話會議。本次會議到此結束。您現在可以掛線。