Summit Midstream Partners LP (SMLP) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by, and welcome to the Q1 Summit Midstream Partners LP earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Randall Burton, Director of Investor Relations. Please go ahead.

美好的一天，感謝您的支持，歡迎參加第一季高峰會中游合作夥伴 LP 收益電話會議。 （操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給今天的第一位發言人，投資者關係總監 Randall Burton。請繼續。

Thanks, operator, and good morning, everyone. If you don't already have a copy of our earnings release, please visit our website at (technical difficulty) discuss our first quarter 2024 financial and operating results as Heath Deneke, our President, Chief Executive Officer and Chairman; Bill Mault, our Chief Financial Officer, along with other members of our senior management team.

謝謝接線員，大家早安。如果您還沒有我們的收益發布副本，請訪問我們的網站（技術難度），以我們的總裁、首席執行官兼董事長 Heath Deneke 的身份討論我們 2024 年第一季的財務和運營業績；我們的財務長 Bill Mault 以及我們高階管理團隊的其他成員。

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. That 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，我想提醒您，我們今天的討論可能包含前瞻性陳述。這些報表可能包括但不限於我們對未來銷售、營運費用和資本支出的估計。這還可能包括有關預期現金流、流動性、業務策略以及未來營運的其他計劃和目標的聲明。儘管我們認為此類前瞻性聲明中反映的預期是合理的，但我們不能保證此類預期將被證明是正確的。

Please see our 2023 Annual Report on Form 10-K, which was filed with the SEC on March 15, 2024, as well as our other SEC filings for a listing of factors that could cause actual results to differ materially from expected results please also note that on this call, we use the terms 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.

請參閱我們於 2024 年 3 月 15 日向 SEC 提交的 2023 年 10-K 表格年度報告，以及我們向 SEC 提交的其他文件，以了解可能導致實際結果與預期結果存在重大差異的因素列表，另請注意在在本次電話會議上，我們使用EBITDA、調整後EBITDA、可分配現金流量和自由現金流量等用語。這些是非公認會計原則財務指標，我們在最近的收益發布中提供了與最直接可比較的公認會計原則指標的調節表。

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

然後，我會將電話轉給 Heath。

Thanks, Randall, and good morning, everyone, and thank you for joining us today to discuss our first quarter 2024 results. We had a very busy first quarter, really on really on all fronts. Starting on the strategic perspective, we successfully wrapped up our strategic alternatives review announced the divesture of our Utica position. And as we announced this morning, we've also closed on the sale of our Mountaineer gathering system in West Virginia.

謝謝蘭德爾，大家早安，謝謝您今天加入我們討論我們的 2024 年第一季業績。我們的第一季非常忙碌，各方面都很忙碌。從戰略角度出發，我們成功完成了戰略替代方案審查，宣布剝離尤蒂卡職位。正如我們今天早上宣布的那樣，我們也結束了西維吉尼亞州登山者收集系統的銷售。

In the aggregate, we sold our Northeast segment for approximately $700 million, and we're now shifting our focus on several organic and bolt-on acquisition opportunities in and around our Rockies and Permian segments, with our pro forma leverage of around 3.9 times, a completely undrawn $400 million revolver and a little over $350 million of pro forma unrestricted cash.

總的來說，我們以大約7 億美元的價格出售了東北部門，現在我們將重點轉向落基山脈和二疊紀部門及其周邊的幾個有機和補強收購機會，我們的預期槓桿約為3.9 倍，一筆完全未提取的 4 億美元左輪手槍和略高於 3.5 億美元的預計不受限制的現金。

We are very well positioned to pursue those opportunities while we further de-lever the balance sheet and continue to progress our entire to make progress towards achieving our long-term leverage target of sub 3.5 times commercial discussions on W. continue to remain extremely productive. And earlier this week, we concluded a successful open season that resulted in the award of $75 million a day of incremental 10-year take-or-pay commitments with a subsidiary of Matador Resources.

我們處於非常有利的位置，可以抓住這些機會，同時進一步去槓桿化資產負債表，並繼續全面推進，以實現我們低於 3.5 倍的長期槓桿目標。本週早些時候，我們成功結束了一個開放賽季，並與 Matador Resources 的子公司獲得了每天 7500 萬美元的增量 10 年照付不議承諾。

This commitment was really there to support their $200 million a day expansion of the Marlin processing plant in New Mexico at the Marlin plant complex is already connected to the W. pipeline and their plant expansion is scheduled to come online in the first half of 2025. In addition to the new volume commitment, the amended and restated Matador firm service agreement provided for an approximate 2.5 year extension of their existing agreements and now are extended to a 10-year term effective May 1 of 2024.

這項承諾確實是為了支持他們每天 2 億美元的新墨西哥州馬林加工廠擴建，馬林工廠綜合體已經連接到 W. 管道，他們的工廠擴建計劃於 2025 年上半年上線。外，修訂和重述的Matador 公司服務協議還規定將現有協議延長約2.5 年，現在延長至10 年，自2024 年5 月1 日起生效。

Additionally, as part of the open season, we received $150 million a day of non-binding 10-year take-or-pay bids from other third parties that are looking for new plant connections in 2025. We've also had a dialogue with multiple parties that have recently announced plant expansions in along the W. Corridor. And furthermore, we are finding a new max rate interruptible agreement in Mexico for up to $150 million a day of incremental volumes.

此外，作為開放季節的一部分，我們每天從其他正在尋找 2025 年新工廠連接的第三方那裡收到了 1.5 億美元的非約束性 10 年照付不議投標。擴建工廠。此外，我們還在墨西哥找到了一項新的最高費率可中斷協議，每天的增量增量高達 1.5 億美元。

So look, both of these contracts for Matador contract and this IP contract for processing plants are already connected to our system. So therefore, it really truly value accretive to definitely if there's really not much or any capital associated with these connections, we're very excited to see the increasing level of demand for residue gas takeaway capacity out of the Delaware Basin materialize, and we continue to believe that WD is uniquely positioned to meet both the near term and long term needs of market.

所以看，Matador 合約和加工廠的 IP 合約都已連接到我們的系統。因此，如果確實沒有太多或任何與這些連接相關的資本，那麼它確實確實具有增值價值，我們非常高興看到特拉華盆地對殘餘氣體外運能力的需求不斷增加，我們將繼續相信WD 具有獨特的優勢，可以滿足市場的近期和長期需求。

Operationally, we had a great start to the year despite some severe weather primarily in the DJ Basin. We turned-in-line 71 wells during the first quarter, which pro forma for the Utica Marcellus transaction represents nearly half of the wells that were expected to be turned on turned in line for the full year 2024. This level of activity exceeded our expectations for the quarter and should put us in a good position to continue to execute operationally and achieve our revised pro forma adjusted EBITDA guidance range of $170 million to $200 million.

在營運方面，儘管主要在 DJ 盆地出現了一些惡劣天氣，但我們今年還是取得了良好的開局。我們在第一季度上線了 71 口井，按 Utica Marcellus 交易預計，佔 2024 年全年預計上線井的近一半。預計調整後EBITDA 指引範圍1.7 億美元至2 億美元。

So in summary, we're off to a great start for the year about strategically operationally and financially, and we look forward to maintaining that momentum through the rest of the year. So that I'll hand the call over to Bill to provide some additional details on our financial results.

總而言之，我們今年在策略營運和財務方面都有一個良好的開端，我們期待在今年剩餘時間內保持這一勢頭。因此，我會將電話轉交給比爾，以提供有關我們財務表現的更多詳細資訊。

Thanks, Heath, and good morning, everyone. Site reported first quarter net income of $132.9 million, adjusted EBITDA of $70.1 million and capital expenditures of $16.4 million, with the majority of the CapEx spent in the Rockies associated with pad connections.

謝謝希斯，大家早安。 Site 公佈的第一季淨利潤為 1.329 億美元，調整後 EBITDA 為 7,010 萬美元，資本支出為 1,640 萬美元，其中大部分資本支出用於落基山脈與焊盤連接相關的支出。

With respect to SMLP's balance sheet, we had net debt of approximately $700 million with an undrawn $400 million ABL credit facility. Our available borrowing capacity at the end of the first quarter totaled $384 million, which includes $4.3 million of letters of credit and $12 million of commitment reserve for the upcoming 2025 unsecured notes maturity.

就 SMLP 的資產負債表而言，我們的淨債務約為 7 億美元，其中未動用的 ABL 信貸額度為 4 億美元。截至第一季末，我們的可用借款能力總計 3.84 億美元，其中包括 430 萬美元的信用證和 2025 年即將到期的無擔保票據的 1,200 萬美元的承諾準備金。

Now turning to the segments in the Rocky segment, which is inclusive of our DJ and Williston Basin systems, we generated adjusted EBITDA of $22.9 million, an increase of $0.5 million from the fourth quarter, largely due to increased project margin from our percentage of proceeds contracts from higher commodity prices, which was partially offset by lower liquids and natural gas volumes.

現在轉向 Rocky 部分，其中包括我們的 DJ 和 Williston Basin 系統，我們的調整後 EBITDA 為 2290 萬美元，比第四季度增加了 50 萬美元，這主要是由於我們的收益百分比增加了項目利潤大宗商品價格上漲導致合約增加，但液體和天然氣產量減少部分抵消了這種影響。

Liquid volumes averaged 74,000 barrels a day, a decrease of 7,000 barrels a day relative to the fourth quarter due primarily to natural production declines. Natural gas volumes averaged 124 million a day, a decrease of 2 million a day relative to the fourth quarter, primarily due to extreme weather and operational downtime we experienced in the DJ Basin that negatively impacted volumes by approximately nearly 9 million cubic feet per day during the quarter.

液體產量平均每天 74,000 桶，較第四季每天減少 7,000 桶，這主要是由於自然產量下降。天然氣產量平均每天 1.24 億份，較第四季每天減少 200 萬份，主要是由於 DJ 盆地的極端天氣和營運停機對天然氣產量產生了負面影響，導致 2019 年期間每天產量約近 900 萬立方英尺。該季度。

We connected 39 wells in the DJ and 18 wells in the Williston during the quarter, which we expect will drive liquids and natural gas volume growth in the second quarter. The Rockies segment currently has two rigs running on the systems and more than 50 dots. Permian Basin segment, which includes our 70% interest in the Dubberly pipeline, reported adjusted EBITDA of $7.3 million, a decrease of $0.7 million relative to the fourth quarter, due primarily to $1 million of other revenue recognized in the fourth quarter.

本季我們連接了 DJ 的 39 口井和威利斯頓的 18 口井，我們預計這將推動第二季度液體和天然氣產量的成長。落基山脈部分目前有兩個鑽機在該系統上運行，並且有 50 多個點。二疊紀盆地部門（包括我們在 Dubberly 管道中 70% 的權益）報告調整後 EBITDA 為 730 萬美元，較第四季度減少 70 萬美元，主要是由於第四季度確認了 100 萬美元的其他收入。

Volume throughput on double the average 467 million cubic feet per day, representing an increase of 21% relative to the fourth quarter. As Heath already mentioned, with the significant momentum in contracting the remaining capacity, we remain extremely excited about the long-term prospects for WD piano segment reported adjusted EBITDA of $15.2 million down $0.9 million relative to Q4, due primarily to natural production declines and no new well connections to the system.

吞吐量為平均每日 4.67 億立方英尺的兩倍，較第四季成長 21%。正如Heath 已經提到的，隨著剩餘產能收縮的勢頭強勁，我們對WD 鋼琴業務的長期前景仍然感到非常興奮，報告調整後EBITDA 為1,520 萬美元，較第四季度下降90 萬美元，這主要是由於自然產量下降和沒有與系統的新井連接。

During the quarter, volume throughput averaged 312 million cubic feet a day during the quarter, a 5 million cubic feet a day decline. Relative to the fourth quarter, Barnett segment reported adjusted EBITDA of $5.9 million a decrease of 0.7 million relative to fourth quarter, primarily due to lower volume throughput, partially offset by four new wells connected to the system.

本季度，吞吐量平均每天 3.12 億立方英尺，減少 500 萬立方英尺。與第四季度相比，Barnett 部門報告調整後 EBITDA 為 590 萬美元，比第四季度減少 70 萬美元，主要是由於吞吐量下降，但被連接到系統的四口新井部分抵消。

There is currently one rig running and 24 docks behind the system and a customer continues to keep approximately $30 million a day of production shut-in due to low natural gas prices. We estimate that the 30 million cubic feet a day of shut-ins negatively impacted adjusted EBITDA by $2 million during the quarter.

目前，該系統後面有一台鑽孔機正在運行，有 24 個碼頭，由於天然氣價格低廉，客戶每天仍需維持約 3,000 萬美元的停產費用。我們估計，每天 3000 萬立方英尺的停產對本季調整後 EBITDA 產生了 200 萬美元的負面影響。

Briefly on the Northeast, the segment average 1.56 bcf per day during the quarter, inclusive of a 149 million cubic feet a day of (technical difficulty) . So do you see volumes and segment adjusted EBITDA totaled $29 million an increase of $0.6 million relative to Q4. During the quarter, we connected three wells beyond the SMU system and seven wells and ODC.

簡單來說，東北地區，本季該部分平均每天 1.56 bcf，其中包括每天 1.49 億立方英尺（技術難度）。那麼，您是否看到銷售量和部門調整後 EBITDA 總計 2,900 萬美元，比第四季度增加了 60 萬美元。本季度，我們連接了 SMU 系統之外的 3 口井以及 ODC 和 7 口井。

And as we announced today, as of May 1, with the sale of the Mountaineer system to Antero Midstream, we have successfully exited the Northeast segment with $700 million in aggregate asset sale proceeds. And with that, I'll turn the call back over to Heath for closing remarks.

正如我們今天宣布的，截至 5 月 1 日，隨著將 Mountaineer 系統出售給 Antero Midstream，我們已成功退出東北部業務，資產出售總收益達 7 億美元。在此之後，我會將電話轉回 Heath 進行結束語。

Yes, thanks, Bill. So look, as I said earlier, I'm very pleased with the first quarter performance. The activity levels on our system and certainly the progress great progress that we've made on the balance sheet. We believe we're in an opportunity-rich environment, and we look forward to continue to build on our progress and momentum throughout the year.

是的，謝謝，比爾。所以，正如我之前所說，我對第一季的表現非常滿意。我們系統上的活動水平，當然還有我們在資產負債表上取得的巨大進步。我們相信我們處於一個充滿機會的環境中，我們期待著全年繼續取得進步和勢頭。

Before opening up the call for questions, I wanted to remind everyone of the upcoming annual meeting of limited partners, which will be held virtually on May 9, 2024 at 2 PM. Central Time. All unitholders should have received proxy materials associated with meeting certainly are a number of important items on the agenda they're important to the partnership, and we certainly encourage everyone to vote. Additionally, we are making good progress in preparing for the previously announced C-Corp conversion by including a subsequent proxy and special meeting where we will intend to seek approval from Summit's unit holders to convert the partnership to a C-Corp.

在開始提問之前，我想提醒大家即將舉行的有限合夥人年會，該會議將於 2024 年 5 月 9 日下午 2 點以虛擬方式舉行。中部時間。所有單位持有人都應該收到與會議相關的代理材料，這當然是議程上的許多重要項目，它們對合作夥伴關係很重要，我們當然鼓勵每個人投票。此外，我們在準備先前宣布的C 型企業轉換方面取得了良好進展，包括隨後召開的代理會議和特別會議，我們將在會上尋求Summit 單位持有人的批准，將合夥企業轉換為C 型企業。

While the exact timing is depends on a number of factors, we are on track to file the C-Corp proxy statement and provide unitholders with the additional information about the rationale and the benefits of the conversion as early as the second quarter and currently expect to hold a special meeting sometime during the third quarter of the year. We continue to strongly believe that converting to a C-Corp positioned the Company to maximize value for our unit holders and will certainly provide significant long-term tax savings for current and future shareholders going forward.

雖然確切的時間取決於許多因素，但我們預計最早在第二季度提交 C 型公司委託書，並向單位持有人提供有關轉換理由和好處的更多信息，目前預計在今年第三季度的某個時候召開一次特別會議。我們仍然堅信，轉型為 C 型企業將使公司能夠為我們的單位持有人實現價值最大化，並且肯定會為當前和未來的股東提供大量的長期稅收節省。

With that, I would like to thank you for your time and continued support and operator, please open the call for questions.

在此，我要感謝您的時間和持續的支持以及運營商，請打開電話提問。

(Operator Instructions) Gregg Brody, Bank of America.

（操作員指示）Gregg Brody，美國銀行。

Good morning, guys, and congrats on all the transactions.

早上好，夥計們，恭喜所有交易。

Thanks, Greg.

謝謝，格雷格。

Just to just prospective strategic review. You concluded if you've sold the Northeast through your it sounds like you're focused on M&A in the Permian and in the Rockies. Could talk about what the opportunity is there and is the conclusion of the strategic review mean that the company is is done drilling assets now and it's all about adding assets? Maybe talk a little bit about that?

只是為了進行前瞻性的策略審查。您得出的結論是，如果您透過您的公司出售了東北地區，那麼聽起來您似乎專注於二疊紀和落基山脈的併購。能否談談那裡有什麼機會，策略審查的結論是否意味著公司現在已經完成了鑽探資產，一切都是為了增加資產？也許可以談談這個？

Yes, good questions. And yes, I think the long and short of it is we think we are kind of done in terms of pruning assets. I mean, obviously, that's at the right value, I think would continue to consider it, but that's not kind of in the base plan. It was a as you see on the balance sheet, we've got to kind of [3.9 times] levered.

是的，好問題。是的，我認為總而言之，我們認為我們在資產削減方面已經完成了。我的意思是，顯然，這是正確的價值，我認為會繼續考慮它，但這不是基本計劃中的內容。正如您在資產負債表上看到的那樣，我們必須使用 [3.9 倍] 槓桿。

Now we think we've got ample amount of liquidity with an undrawn revolver and now close to what, [350] plus of cash on the balance sheet. So that's that's more than enough liquidity to really support your M&A strategy around our Rockies and Permian segments.

現在我們認為我們已經擁有充足的流動性和未提取的左輪手槍，現在接近資產負債表上的[350]加上現金。因此，這有足夠的流動性來真正支持您圍繞我們的落基山脈和二疊紀板塊的併購策略。

Look, I think where you'll target goal number one is to kind of maintain leverage in trying to achieve our long-term target of [3.5]. And but we do see quite a bit of opportunity set in and around both the Rockies and the Permian segment to to do potentially taking advantage of what we think is a good market for buyers. Right?

看，我認為您的第一個目標是在努力實現我們的長期目標 [3.5] 方面保持槓桿作用。但我們確實看到落基山脈和二疊紀地區及其周邊地區存在著許多機會，可以利用我們認為對買家來說是一個良好的市場。正確的？

Yes, Greg, I'll just add to that. As you think about double the we mentioned we got the $150 million a day of kind of non-binding proposals for additional planned connections. I think there's a really good organic growth strategy out it doubly as well. I think we can finance a lot of that with asset level debt, but there may be some investment opportunities there.

是的，格雷格，我補充一下。你想想我們提到的兩倍，我們每天收到 1.5 億美元的非約束性提案，用於額外計劃的連接。我認為還有一個非常好的有機成長策略。我認為我們可以透過資產級債務來融資，但那裡可能存在一些投資機會。

And then as you think about, you know, we keep a pretty a pretty exhaustive list of kind of a high-priority targets from a bolt-on acquisition perspective. And I'd tell you they're all primarily highly synergistic to our existing footprint and we see, you know, a number of opportunities in the Williston and to a greater extent in the DJ.

然後，正如您所想，您知道，我們從補強收購的角度保留了一份相當詳盡的高優先級目標清單。我想告訴你，它們基本上都與我們現有的足跡高度協同，你知道，我們在 Williston 以及更大程度上在 DJ 中看到了許多機會。

Could you give us a sense of how how big that opportunity set is?

您能否讓我們了解一下這個機會有多大？

Yes, Greg, if we could get them all done, I feel like we could we could double the size of some. And obviously, that's that's a pretty ambitious half strategy, but I would think about them rate ranging from as low as $15 million of EBITDA that was higher, you know, $50 million to $60 million.

是的，格雷格，如果我們能把它們全部完成，我覺得我們可以將其中一些的規模擴大一倍。顯然，這是一個相當雄心勃勃的一半策略，但我認為他們的 EBITDA 利率低至 1500 萬美元，更高的是 5000 萬美元到 6000 萬美元。

And is that there's how many type of opportunities are there out there?

那裡有多少種機會？

I'd say there's you now call it, Ken or so that we keep a close eye on, Greg.

我想說的是，你現在可以稱它為“肯”或“格雷格”，以便我們密切關注。

Got it. And then just the asset sale that the last one that you announced yesterday, I think you saw that for about 3.5 times is based on what I see and tariffs got out there? And is there some other value creation there that we're not thinking about?

知道了。然後就是你昨天宣布的最後一項資產出售，我想你看到的大約是 3.5 倍，是基於我所看到的和關稅的公佈嗎？還有其他我們沒有考慮到的價值創造嗎？

Yes. So Greg, on that one, if you do the math on our revised guidance at that point you're right at [17.5] at the midpoint reduction in EBITDA. You have to remember though, Greg, there's about almost $7 million of shortfall payments that expire some, you know, in '25 and '26 bond that system. So if you think about it more as like $10 million to $11 million of EBITDA flowing EBITDA, I think that will help bridge kind of the perception on the value gap.

是的。因此，格雷格，在這一點上，如果您根據我們修訂後的指導進行數學計算，那麼您的 EBITDA 中點減少的結果就是 [17.5]。但你必須記住，格雷格，大約有 700 萬美元的短缺付款，你知道，在 25 年和 26 年債券系統中，有些會到期。因此，如果您將其視為 1000 萬至 1100 萬美元的 EBITDA 流動 EBITDA，我認為這將有助於彌合對價值差距的看法。

Got it. And then as I as I think about the use of cash, you've obviously pointed out M&A. And how do you think about refinancing the capital structure, if you remind us, are there any I'm in mandatory payments associated with the asset sales that we should be thinking about? Yes, go into bondholders.

知道了。然後，當我考慮現金的使用時，您顯然指出了併購。您如何看待資本結構再融資，如果您提醒我們，是否有與我們應該考慮的資產出售相關的強制付款？是的，進入債券持有人。

So from the second lien, Greg does have a 365 day reinvestment period provision does have some extensions in certain circumstances. So that would kind of be your back-end, Greg on on when you would be required to make an asset sale offer. And obviously we pay down the revolver, a big chunk of the revolver, and you may have noticed in the release and some of his commentary.

所以從第二留置權來看，格雷格確實有365天的再投資期規定，在某些情況下確實有一些延長。所以這就是你的後端，格雷格，關於何時需要你提出資產出售要約。顯然，我們支付了左輪手槍的費用，左輪手槍的很大一部分，您可能已經在新聞稿和他的一些評論中註意到了。

As you know, we've got a tremendous amount of liquidity. I think this is a balancing act, Greg. So you know, having some additional debt paydown. I wouldn't be shocked if you saw us come out and maybe tried trying tried to do some additional debt paydown and balance kind of the liquidity profile with continued debt repayments?

如您所知，我們擁有大量流動資金。我認為這是一種平衡行為，格雷格。所以你知道，有一些額外的債務償還。如果您看到我們出來並嘗試嘗試進行一些額外的債務償還並平衡流動性狀況與持續的債務償還，我不會感到震驚？

And what about just how you think about potentially refinancing the capital structure?

您如何看待資本結構再融資的可能性？

Yes. Yes. Look, it's a great question, Tom. We've always kind of said, you know, Q1 '25 is kind of the back, Andy. Obviously, the market is seems to be very open right now, and we're seeing a lot of constructive prints. The harvest deal that got done was in interest income for us from the Greg, as you know, we need to kind of sort out an extension of our bank deal.

是的。是的。聽著，這是一個很好的問題，湯姆。我們總是說，你知道，25 年第一季是一種落後，安迪。顯然，市場現在似乎非常開放，我們看到了許多建設性的印刷品。完成的收穫交易是我們從格雷格那裡得到的利息收入，正如你所知，我們需要解決我們銀行交易的延期問題。

So I view it more along the lines of that takes a little bit more time to get everything ironed out. But it's safe to say that we're working on that real time. And when we're in a position to get that extension done, evaluate the market at the time. I think I think we're kind of in the window here between now and the end of the year of trying to get some done on the refi.

所以我更傾向於認為需要更多的時間來解決所有問題。但可以肯定地說，我們正在實時進行這項工作。當我們能夠完成擴展時，評估當時的市場。我認為從現在到年底我們正處於嘗試完成一些改裝工作的窗口期。

And as you think about through the revolver, essentially, are you anticipating any just obviously saying that assuming you don't find anything else, so you have a revolver stays the same size?

當你思考左輪手槍時，本質上，你是否期待任何明顯的說法，假設你沒有找到其他任何東西，那麼你的左輪手槍保持相同的尺寸？

You know, I think we're certainly trying to upsize it a bit here, Greg, I think, and you know, I don't think you're going to see anything crazy, maybe $50 million, $100 million here or there. I do think and as we've discussed, there really is a sizable opportunity here to continue to kind of regain scale within our footprint. And it's a balancing act between pre-payable debt, no bullet bond as well as having liquidity to continue to Kona, expand the business and take advantage of this opportunities that we see in front of us.

你知道，我認為我們肯定會在這裡嘗試擴大規模，格雷格，我想，而且你知道，我認為你不會看到任何瘋狂的事情，也許到處都是 5000 萬美元、1 億美元。我確實認為，正如我們所討論的，這裡確實有很大的機會繼續恢復我們的足跡規模。這是預付債務、無子彈債券以及擁有流動性以繼續科納、擴大業務並利用我們面前的機會之間的平衡行為。

And so those are the things we're balancing. That's what we're chatting with our banks about and potential new banks to join the bank group and will be kind of all part of the decision-making as it relates to the size of any sort of bond deal and the like as we go out to the market here later this year.

這些就是我們正在平衡的事情。這就是我們正在與銀行討論的問題以及潛在的新銀行加入銀行集團的問題，這將成為決策的一部分，因為它與我們走出去時任何類型的債券交易的規模等相關。向這裡的市場。

And then just just turning to operations. Obviously, you've had some contract wins in the Permian and how should we think about the incremental EBITDA associated with those?

然後就轉向營運。顯然，您在二疊紀盆地贏得了一些合同，我們應該如何考慮與這些相關的增量 EBITDA？

Yes, the the ones that we announced, both the interruptible agreement could start contributing this year. The the Matador contract would kind of step up next year. I think it's just call it kind of somewhere late in the second quarter, mid mid to late second quarter is when the incremental, I think the take-or-pay capacity will kind of step up.

是的，我們宣布的兩項可中斷協議都可以在今年開始做出貢獻。鬥牛士的合約明年會有所增加。我認為這只是在第二季末的某個地方，第二季中後期是增量的時候，我認為照付不議的能力將會有所提高。

And then again, as we kind of highlighted, we do see quite a few announced publicly announced expansions that are up and down the corridor. Many of those are kind of late '25, early 2026 and service dates. So kind of we think we'll see that sizable step-up in '25 and lots of opportunity that we think could materially drive our '26 and beyond EBITDA?

話又說回來，正如我們所強調的那樣，我們確實看到了相當多的公開宣布的擴建項目，這些擴建項目都在走廊的上下。其中許多是 25 年底、2026 年初和服務日期。那麼，我們是否認為我們會在 25 年看到大幅提升，以及我們認為可以實質推動我們 26 年甚至超越 EBITDA 的大量機會？

Yes, Greg, as you think about between EOG, our contract that that ramps up to $40 million a day, you got the new Matador, $75 million a day. And then if you kind of exclude all the other opportunities that we're working right now, that will be another $6 million, $7 million bucks of revenue growth once they're fully, you know, fully ramped and then I would just point you to our investor presentation, we kind of show you where we think Summit gone up EBITDA that there's some that will be, you know, if you kind of fill up the free float, actually the pipes. So that will get you somewhere in the mid-40s from EBITDA relative to $30 million today.

是的，格雷格，正如你所想，我們的 EOG 合約每天價值 4000 萬美元，你得到了新的鬥牛士，每天價值 7500 萬美元。然後，如果你排除我們現在正在努力的所有其他機會，一旦它們完全，你知道，完全提升，那將是另外 600 萬美元、700 萬美元的收入增長，然後我只想指出你在我們的投資者演講中，我們向您展示了我們認為Summit 的EBITDA 成長情況，如果您填滿自由流通量，實際上是管道，那麼會有一些成長。因此，相對於今天的 3000 萬美元，這將使你的 EBITDA 達到 40 多歲。

And then just the last one I had I know you've talked about potentially bringing in and yes, the JV component here for W. of one to leverage is sort of it's sort of it's a neutral transaction based on where things are you're out of today.

然後我知道你已經談到了可能引入的最後一項，是的，W. 的合資企業可以利用，這是一種中立的交易，基於你所處的位置從今天開始。

One, why do you think we can possibly see that happen yet on how we model it out? Greg, I'd tell you, it's probably [26] type timeframe, right? A lot of these contracts are ramping over the next 18 to 24 months. So it's, you know, you kind of need some of that in the rearview mirror, would we be willing to maybe see some marginal uplift in leverage if it was truly just no contractual ramp issue and you knew that LTM EBITDA was going to kind of roll in.

第一，你認為為什麼我們可以透過建模來看到這種情況的發生？ Greg，我告訴你，這可能是 [26] 類型的時間範圍，對吧？其中許多合約將在未來 18 至 24 個月內陸續簽訂。所以，你知道，你需要在後視鏡中看到一些，如果這真的只是沒有合約斜坡問題，並且你知道 LTM EBITDA 將會有所提高，那麼我們是否願意看到槓桿率出現一些邊際提升？滾進來。

So I'd think about it, you know, 26-ish timeframe that may be another opportunity drag to kind of go pop off a Capital Markets deal as well. But I think that's probably about right as it relates to the contract ramp and the LTM EBITDA profile of doubly, how we see it today.

所以我會考慮一下，你知道，26 左右的時間框架可能是另一個阻礙資本市場交易的機會。但我認為這可能是正確的，因為它與我們今天所看到的雙倍合約成長和 LTM EBITDA 概況有關。

Got it. And just one clarification here. I believe your coupon and the processes that up by another 30 basis points as of April and May there were at unfortunately these asset sale proceeds care can't circumvent that, Greg.

知道了。這裡僅作一澄清。我相信你的優惠券和截至 4 月和 5 月又上漲了 30 個基點的流程，不幸的是這些資產出售收益無法規避這一點，格雷格。

But I mean, your second lien holders got a nice win here with the major delevering and a step-up in coupon.

但我的意思是，你們的第二留置權持有者在這裡取得了不錯的勝利，主要是去槓桿化和優惠券的增加。

And there's no way that's a permanent step up until you refinance next year.

在你明年再融資之前，這不可能是永久性的進步。

If we catch up on ACF next year, theoretically it could go down, Greg, but as I mentioned, I would suspect that you know, we've kind of clean all this up with the refi before we get to that point anyway, thanks for the time, guys.

如果我們明年趕上 ACF，理論上它可能會下降，格雷格，但正如我提到的，我懷疑你知道，無論如何，在我們達到這一點之前，我們已經通過 refi 清理了所有這些，謝謝暫時，夥計們。

Appreciate. Yes.

欣賞。是的。

Thanks for the questions, Greg.

謝謝你的提問，格雷格。

Thanks.

謝謝。

Thank you. This concludes the question and answer session. Thank you for your participation in today's conference call. Conclude the program and you may now disconnect.

謝謝。問答環節到此結束。感謝您參加今天的電話會議。結束程序，您現在可以斷開連線。