Sunoco LP (SUN) 2023 Q4 法說會逐字稿

Greetings and welcome to Sunoco LP's fourth-quarter and full-year 2023 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎參加 Sunoco LP 第四季和 2023 年全年收益電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Scott Grischow. Thank you. You may begin.

現在我想將會議交給主持人 Scott Grischow。謝謝。你可以開始了。

Thank you, and good morning, everyone. On the call with me this morning are Joe Kim, Sunoco LP's President and Chief Executive Officer; Karl Fails, Chief Operations Officer; Dylan Bramhall, Chief Financial Officer; Austin Harkness, Chief Commercial Officer; and other members of the management team.

謝謝大家，大家早安。今天早上與我通話的是 Sunoco LP 總裁兼執行長 Joe Kim； Karl Fails，營運長；迪倫‧布拉姆霍爾 (Dylan Bramhall)，財務長；奧斯汀·哈克尼斯，首席商務官；以及管理團隊的其他成員。

Today's call will contain forward-looking statements that include expectations and assumptions regarding the partnership's future operations and financial performance. Actual results could differ materially, and the partnership undertakes no obligation to update these statements based on subsequent events. Please refer to our earnings release as well as our filings with the SEC for a list of these factors.

今天的電話會議將包含前瞻性聲明，其中包括有關合作夥伴未來營運和財務表現的預期和假設。實際結果可能存在重大差異，合作夥伴不承擔根據後續事件更新這些聲明的義務。請參閱我們的收益發布以及我們向 SEC 提交的文件，以了解這些因素的清單。

During today's call, we will also discuss certain non-GAAP financial measures, including adjusted EBITDA and distributable cash flow as adjusted. Please refer to the Sunoco LP website for a reconciliation of each financial measure.

在今天的電話會議中，我們還將討論某些非公認會計原則財務指標，包括調整後的 EBITDA 和調整後的可分配現金流量。請參閱 Sunoco LP 網站以了解每項財務指標的調節表。

2023 was a record year for the partnership. The combination of a strong and stable base business, coupled with a proven history of financial discipline, has allowed us to yet again deliver on the expectations we lay out each year. I would like to start by looking at some of our fourth-quarter and full-year 2023 highlights.

2023 年是雙方合作創紀錄的一年。強大而穩定的基礎業務，加上經過驗證的財務紀律歷史，使我們能夠再次實現我們每年設定的期望。首先，我想回顧一下我們第四季和 2023 年全年的一些亮點。

Adjusted EBITDA for the fourth quarter was $236 million compared to $238 million a year ago. The partnership sold over 2.2 billion gallons in the fourth quarter, up 11% from the fourth quarter last year. Fuel margin for all gallons sold was $0.123 per gallon compared to $0.128 per gallon a year ago.

第四季調整後 EBITDA 為 2.36 億美元，去年同期為 2.38 億美元。該合作夥伴在第四季度的銷量超過 22 億加侖，比去年第四季成長 11%。所有銷售加侖的燃油利潤為每加侖 0.123 美元，而一年前為每加侖 0.128 美元。

Total fourth-quarter operating expenses were $145 million, an increase of $7 million from the same period last year. During the fourth quarter, we spent $50 million of growth capital and $33 million in maintenance capital.

第四季營運支出總額為 1.45 億美元，比去年同期增加 700 萬美元。第四季度，我們花了 5,000 萬美元的成長資本和 3,300 萬美元的維護資本。

Fourth-quarter distributable cash flow as adjusted was $148 million compared to $153 million in the fourth quarter of 2022, yielding a current quarter coverage ratio of 1.6 times. On January 25, we declared an $0.842 per unit distribution, consistent with last quarter. The stability of our business and history of delivering results continues to support a secure and growing distribution for our unitholders.

調整後的第四季可分配現金流量為 1.48 億美元，而 2022 年第四季為 1.53 億美元，當季覆蓋率為 1.6 倍。1 月 25 日，我們宣布每單位分配 0.842 美元，與上季一致。我們業務的穩定性和交付成果的歷史繼續支持我們的單位持有人的安全和不斷增長的分配。

Turning to the balance sheet. At the end of the fourth quarter, we had approximately $400 million outstanding on our revolving credit facility leaving approximately $1.1 billion of liquidity. Leverage at the end of the quarter was 3.7 times, below our long-term target of 4 times.

轉向資產負債表。截至第四季末，我們的循環信貸額度中約有 4 億美元未償還，剩餘流動資金約為 11 億美元。本季末的槓桿率為 3.7 倍，低於我們 4 倍的長期目標。

As I mentioned earlier, 2023 was a record year for the partnership. We met or exceeded expectations in our guidance metrics, further reinforcing our record of delivering on expectations.

正如我之前提到的，2023 年是雙方合作創紀錄的一年。我們達到或超越了指導指標的預期，進一步鞏固了我們實現預期的記錄。

Full-year 2023 adjusted EBITDA was $964 million, a 5% increase versus the prior year. Deal volume was over 8.3 billion gallons, up 8% versus 2022's volume and the largest reported in the partnership's history. Fuel margins continued to remain strong at $0.127 per gallon, flat to 2022 levels.

2023 年全年調整後 EBITDA 為 9.64 億美元，較上年成長 5%。交易量超過 83 億加侖，比 2022 年增長 8%，是該合作夥伴關係歷史上報告的最大交易量。燃油利潤持續保持強勁，為每加侖 0.127 美元，與 2022 年水準持平。

Total operating expenses were $550 million, in line with our revised guidance range. Finally, our full-year coverage ratio of 1.8 times and leverage ratio of 3.7 times support key elements of our capital allocation strategy to maintain a secure distribution and protect our balance sheet.

總營運費用為 5.5 億美元，符合我們修訂後的指引範圍。最後，我們1.8倍的全年覆蓋率和3.7倍的槓桿率支持我們資本配置策略的關鍵要素，以維持安全分配並保護我們的資產負債表。

I'd like to wrap up my comments by briefly reviewing the series of strategic transactions we announced in January. First, the acquisition of two European product terminals from Zenith Energy for EUR170 million, including working capital. We plan to close this transaction by the end of the first quarter and fund it with availability on our revolving credit facility. We expect the acquisition to be accretive to our unitholders in the first year.

我想透過簡要回顧我們一月份宣布的一系列策略交易來結束我的評論。首先，以1.7億歐元（含營運資金）從Zenith Energy收購兩個歐洲產品終端。我們計劃在第一季末完成這項交易，並利用我們的循環信貸額度為其提供資金。我們預計此次收購將在第一年為我們的單位持有人帶來增值。

Next, the divestiture of our West Texas marketing assets to 7-Eleven for approximately $1 billion. This transaction is expected to close in the second quarter of 2024, and will allow Sunoco to materially reduce leverage, positioning us favorably for future growth. And finally, the acquisition of NuStar Energy in an all-equity transaction valued at $7.3 billion. We expect this acquisition will close in mid-2024.

接下來，以約 10 億美元的價格將我們西德克薩斯州的營銷資產剝離給 7-11。該交易預計將於 2024 年第二季完成，將使 Sunoco 能夠大幅降低槓桿率，為我們未來的成長奠定有利的基礎。最後，以價值 73 億美元的全股權交易收購 NuStar Energy。我們預計此次收購將於 2024 年中期完成。

With that, I will turn the call over to Karl to walk through some additional thoughts on our fourth-quarter performance and commentary on our recent announcements.

接下來，我將把電話轉給卡爾，讓他對我們第四季的業績進行一些額外的思考，並對我們最近的公告進行評論。

Thanks, Scott. Good morning, everyone. We delivered another strong quarter, capping off another record year. When you look at both the quarter and the full year, our results were supported by continued margin strength, volume growth, consistent expense discipline, and efficient operations.

謝謝，斯科特。大家，早安。我們又交付了一個強勁的季度，為另一個創紀錄的年份畫下句點。當您查看季度和全年時，我們的業績得到了持續的利潤成長、銷售成長、一致的費用紀律和高效的營運的支持。

Starting with margins. This quarter continued many of the same themes of the past few years, mainly higher breakeven margins, continued volatility in fuel prices, and efficient execution of our gross profit optimization strategies. These have all contributed to expanded margins in the past few years, and we don't see any of those factors changing as we look forward.

從邊距開始。本季度延續了過去幾年的許多相同主題，主要是更高的盈虧平衡利潤、燃油價格的持續波動以及我們毛利優化策略的有效執行。這些因素在過去幾年中都促進了利潤率的擴大，而且我們預計這些因素不會有任何變化。

With respect to volumes, we were up 11% in the fourth quarter versus the fourth quarter of last year and up about 4% from the third quarter of this year. The continued growth in volume relative to prior years comes primarily from good execution on capital deployed. This quarter marks the highest volume quarter in our history and the third consecutive quarter above 2 billion gallons. As I pointed out on our last call, when compared to overall US gasoline and diesel demand, it is clear we continue to outpace the sector, another sign that our growth is delivering tangible results.

就銷量而言，第四季比去年第四季成長了 11%，比今年第三季成長了約 4%。與前幾年相比，數量的持續成長主要歸功於資本部署的良好執行。本季是我們史上產量最高的季度，也是連續第三季超過 20 億加侖。正如我在上次電話會議中指出的那樣，與美國汽油和柴油的整體需求相比，我們顯然繼續領先於該行業，這是我們的成長正在帶來實際成果的另一個跡象。

Turning to expenses. Consistent discipline in managing our expenses remains one of our core strengths, and our fourth-quarter results firmly demonstrate that as they were only slightly up from the third quarter and remain within our guidance for the full year even as we continue to grow. For 2024, we're off to a good start. Our base business remains strong. 2023 was evidence of this, and we expect 2024 to be a continuation of the same as we expect the same factors that contributed to our overall performance last year to remain in place for this year and beyond.

轉向開支。管理支出的一致紀律仍然是我們的核心優勢之一，我們第四季度的業績堅定地證明了這一點，因為它們僅比第三季度略有上升，並且即使我們繼續增長，仍保持在我們全年的指導範圍內。2024 年，我們有了一個好的開始。我們的基礎業務依然強勁。 2023 年就是這一點的證明，我們預計 2024 年將是這一情況的延續，因為我們預計去年對我們整體業績做出貢獻的相同因素將在今年及以後繼續存在。

Let me give you some added perspective on a couple of our recent announcements, starting with the acquisition of the Zenith terminals in Europe. These are great assets. They have high-quality, long-term customers and their strategic position in Europe guarantees a long useful life. Additionally, they provide us with increased supply optionality when it comes to our East Coast and Caribbean operations. When you think about our vast network of East Coast locations, roughly 50% of these are supplied by water.

讓我為我們最近發布的幾項公告向您提供一些補充觀點，首先是收購歐洲的 Zenith 終端。這些都是巨大的資產。他們擁有高品質的長期客戶，其在歐洲的戰略地位保證了較長的使用壽命。此外，它們還為我們在東海岸和加勒比地區的業務提供了更多的供應選擇。當您想到我們東海岸地區的龐大網路時，您會發現其中約 50% 是由水供應的。

Adding the European terminals gives us additional opportunities to optimize our supply cost and deliver increased value to our customers. Our overall thoughts around this deal were similar to the deal we announced over a year ago in Puerto Rico: the opportunity to create value with the combination of a fuel distribution business with strong midstream assets that also provide a platform for growth.

增加歐洲碼頭為我們提供了更多機會來優化供應成本並為客戶提供更高的價值。我們對這筆交易的整體想法與我們一年多前在波多黎各宣布的交易類似：透過將燃料分銷業務與強大的中游資產相結合來創造價值的機會，同時也提供了成長平台。

Next, the acquisition of NuStar. NuStar has a high-quality asset portfolio that strengthens and diversifies our company. We laid out our strategic rationale for this acquisition in our investor presentation weeks ago. Sitting here a month later, we cannot be more excited about the opportunity to bring these two companies together. We have a very detailed integration planning process and have begun working with NuStar on getting that in motion. As we laid out a few weeks ago, this acquisition will open up new opportunities for the company in terms of geography, business lines, and operations. And we are looking forward to our expected closing in the second quarter.

接下來，收購NuStar。NuStar 擁有高品質的資產組合，可以增強我們公司的實力並使其多元化。幾週前，我們在投資者介紹中闡述了此次收購的策略理由。一個月後坐在這裡，我們對有機會將這兩家公司合併在一起感到無比興奮。我們有一個非常詳細的整合規劃流程，並已開始與 NuStar 合作以推動該流程的實施。正如我們幾週前所闡述的那樣，此次收購將為公司在地理位置、業務線和營運方面帶來新的機會。我們期待第二季的預期交割。

While these transactions provide a boost to our growth, they are really a continuation of our strategy of the past few years. This is who we are. We complete and integrate acquisitions that deliver attractive returns. We successfully deployed capital in projects that deliver EBITDA growth, and we remain focused on optimizing our gross profit and remain disciplined on expenses.

雖然這些交易促進了我們的成長，但它們實際上是我們過去幾年策略的延續。這就是我們。我們完成並整合可帶來可觀回報的收購。我們成功地將資本部署到可實現 EBITDA 成長的專案中，並且我們仍然專注於優化毛利並嚴格控制支出。

With that, I will turn it over to Joe for closing thoughts.

有了這個，我將把它交給喬來結束思考。

Thanks, Karl. Good morning, everyone. We're 1.5 months into 2024, and it's already been a very busy year for SUN. Given our recent announcements, let me take the opportunity to bring it all together and put it into perspective.

謝謝，卡爾。大家，早安。距離 2024 年還有 1.5 個月，對 SUN 來說這已經是非常忙碌的一年。鑑於我們最近發布的公告，讓我藉此機會將所有內容整合在一起並進行全面分析。

First and foremost, our current business is strong. We had an outstanding fourth quarter, and overall 2023 was another record year for both EBITDA and DCF. Looking forward, we expect this year to be another record year. The 2024 EBITDA guidance that we provided in December remains very appropriate, even after factoring in the announced sale of our West Texas marketing assets and the Zenith Europe acquisition. Bottom line, we're confident in our base business and our financial foundation remains solid. Thus, we're positioned to announce another distribution increase in April.

首先也是最重要的是，我們目前的業務很強勁。我們第四季的表現非常出色，總體而言，2023 年 EBITDA 和 DCF 都創下了新紀錄。展望未來，我們預計今年將再創歷史新高。即使考慮到已宣布的西德克薩斯州行銷資產出售和 Zenith Europe 收購，我們在 12 月提供的 2024 年 EBITDA 指引仍然非常合適。最重要的是，我們對我們的基礎業務充滿信心，我們的財務基礎仍然穩固。因此，我們準備在四月宣布再次增加分配。

Moving on to our recent announcement. SUN's strategic focus remains the same: improving stability, enhancing growth, and maintaining a strong balance sheet, resulting in a larger and, more importantly, a more compelling investment going forward. Our actions speak for themselves. The upcoming addition of the two terminals in Europe is a good example of a tuck-in acquisition at a mid-single-digit synergized multiple. It will provide supply optimization, increased stable income, and future growth opportunities.

繼續我們最近的公告。SUN 的策略重點保持不變：提高穩定性、促進成長並維持強勁的資產負債表，從而帶來更大規模、更重要的是更具吸引力的未來投資。我們的行動不言而喻。即將在歐洲增加的兩個碼頭是以中個位數協同倍數進行收購的一個很好的例子。它將提供供應優化、增加穩定收入和未來成長機會。

The announced sale of our West Texas marketing assets demonstrates our ability to optimize our portfolio of income streams, position the balance sheet for material growth, and provide an accretive transaction for unitholders on a standalone basis.

宣佈出售我們的西德州行銷資產表明我們有能力優化我們的收入流組合、調整資產負債表以實現實質成長，並為單位持有人提供獨立的增值交易。

And finally, the NuStar acquisition will be another big step forward. It diversifies our cash flows, boosts our credit profile, improves our trading liquidity, and enhances our growth opportunities. Financially, it is highly attractive. We expect a greater than 10% accretion in year three, and our balance sheet is expected to be back to our target leverage of four times within 12 to 18 months.

最後，收購 NuStar 將是向前邁出的又一大步。它使我們的現金流多樣化，提高我們的信用狀況，改善我們的交易流動性，並增加我們的成長機會。從財務上來說，它極具吸引力。我們預計第三年的成長率將超過 10%，我們的資產負債表預計將在 12 至 18 個月內恢復到四倍的目標槓桿水準。

With all these strategic moves set in motion, it's now time for us to execute. We have a proven history of creating value for our stakeholders. And we have positioned ourselves to build on our record of delivering results.

隨著所有這些策略措施的啟動，現在是我們執行的時候了。我們在為利害關係人創造價值方面有著悠久的歷史。我們已將自己定位為在交付成果的基礎上再接再厲。

Operator, that concludes our prepared remarks. You may open the line for questions.

接線員，我們準備好的發言到此結束。您可以開啟提問熱線。

(Operator Instructions) Spiro Dounis, Citi.

（操作員指示）Spiro Dounis，花旗銀行。

Hi, this is Chad on for Spiro. Just starting off, I just wanted to touch on the synergies with the NuStar deal. Just curious, could you give us a sense of what opportunities could push you above that $150 million target currently? Are those opportunities more about, like, a timeline or a feasibility question there?

大家好，我是斯皮羅的查德。首先，我只想談談與 NuStar 交易的綜效。只是好奇，您能否讓我們了解哪些機會可以推動您超越當前 1.5 億美元的目標？這些機會更多的是關於時間表或可行性問題嗎？

Yeah, Chad, this is Karl. And I think you caught in our -- when we talked about this three weeks ago, that, really, we said at least $150 million of synergies. So $150 million is a solid number and will definitely take some work, and we laid out a timeline on that. But our goal will be to figure out how to surpass that. And really, I think it's probably too early to be able to categorize whether it's more a timeline issue. I think there's going to be a combination of expense optimization that we can find as well as commercial ideas.

是的，查德，這是卡爾。我想你已經明白了——當我們三週前談論這個問題時，我們確實說過至少 1.5 億美元的協同效應。因此，1.5 億美元是一個可靠的數字，肯定需要做一些工作，我們為此制定了時間表。但我們的目標是找出如何超越這個目標。事實上，我認為現在判斷這是否更多是一個時間問題可能還為時過早。我認為我們可以找到費用優化和商業想法的組合。

And then I think the area that we probably need to do more work on and probably will have upside is on the growth side of us being able to understand where we can put some capital to bed at a really good return, maybe projects that NuStar already has in the pipe that they've just not move forward on. And I think that's the area where, once we get later in the process and we're able to dig in, that there's probably some upside that we're excited about.

然後我認為我們可能需要做更多工作並且可能會有好處的領域是我們的成長方面，能夠了解我們可以在哪裡投入一些資本以獲得非常好的回報，也許 NuStar 已經項目他們只是沒有繼續前進。我認為，一旦我們進入這個過程的後期並且我們能夠深入研究，這可能是我們感到興奮的一些好處。

Okay, understood. That makes sense. And I guess just kind of looking at -- post the transaction, this will obviously be a larger company, and it sounds like M&A remains a part of the growth strategy. So just kind of curious on how that plays into the appetite for larger M&A going forward? Or do you expect that kind of M&A component of growth to resemble the tuck-in transactions that we've seen in the past?

好的，明白了。這就說得通了。我想，交易完成後，這顯然會成為一家規模更大的公司，而且聽起來併購仍然是成長策略的一部分。那麼只是好奇這如何影響未來更大規模併購的興趣？或者您認為這種成長的併購組成部分類似於我們過去看到的交易？

Chad, this is Joe. I think the answer is all of the above. The Europe acquisition, it's a lot smaller than NuStar, but we're really excited about all the possibilities. And there's going to be opportunities for us, both on the midstream side and the field distribution side, at various different geographies. To do tuck-in acquisitions, I think historically, we've done in at mid-single-digit synergized multiple. Those have been highly successful for us, so we're going to continue to do that.

查德，這是喬。我想答案就是以上全部。歐洲的收購規模比 NuStar 小得多，但我們對所有的可能性感到非常興奮。無論是在中游方面還是在現場分銷方面，在各個不同的地區，我們都會有機會。我認為，從歷史上看，為了進行大規模收購，我們已經完成了中位數的協同倍數。這些對我們來說非常成功，所以我們將繼續這樣做。

More on the organic side, the one thing I want to make sure that The Street understands is that priority one is getting NuStar integrated and getting all the synergies out of it. So we have maybe some short-term resources that we have to properly deploy. But at the same time, on the organic capital, those are separate resources. And the plan that we outlined in December, we're continuing to move forward with our organic plans.

在有機方面，我想確保《華爾街日報》明白的一件事是，首要任務是整合 NuStar 並從中發揮所有協同效應。因此，我們可能有一些必須正確部署的短期資源。但同時，在有機資本上，這些是單獨的資源。對於我們在 12 月概述的計劃，我們將繼續推進我們的有機計劃。

As far as other M&A, it's a short-term resource question. And we think we can get this done rapidly, and we'll be in a position to continue to do that, as far as large acquisitions. If there are double-digit accretion opportunities for us where we improve our credit profile, we're going to jump all over that.

就其他併購而言，這是一個短期資源問題。我們認為我們可以迅速完成這件事，並且就大型收購而言，我們將有能力繼續這樣做。如果我們有兩位數的增值機會來改善我們的信用狀況，我們就會全力以赴。

Okay. Yeah, that makes sense. That’s helpful. Thanks for the time today.

好的。是的，這是有道理的。這很有幫助。謝謝你今天的時間。

(Operator Instructions) Robert Mosca, Mizuho Securities.

（操作員指示）羅伯特·莫斯卡，瑞穗證券。

Looking at NuStar's Midwest footprint, I think you've alluded to its potential to springboard for greater involvement on the fuel distribution side in that geography. I'm wondering whether there are specific opportunities or areas you could be interested in from a growth perspective. And then whether you view organic or any kind of investment as the most appropriate method by which to establish a presence.

看看 NuStar 在中西部的足跡，我認為您已經提到了它作為跳板的潛力，以進一步參與該地區的燃料分銷方面。我想知道從成長的角度來看是否有您可能感興趣的特定機會或領域。然後，您是否認為有機投資或任何類型的投資是建立業務的最合適方法。

Yeah, Rob, this is Karl. It's probably a little too early for us to outline specific parts of that system. And the other interesting thing about that system, it's an open stock system. So that provides a little more flexibility even than maybe some transit time pipeline systems.

是的，羅布，這是卡爾。我們現在概述該系統的具體部分可能還為時過早。該系統的另一個有趣之處是它是一個開放的庫存系統。因此，這甚至比某些運輸時間管道系統提供了更多的彈性。

So I think there's probably going to be opportunities in multiple fashions, whether it's on the branded business where we're investing capital and either distributing our own brand or other brands that we're partnering with or even just deploying working capital to build an unbranded business in those areas.

因此，我認為可能會有多種方式的機會，無論是在我們投資資本的品牌業務上，還是分銷我們自己的品牌或我們合作的其他品牌，甚至只是部署營運資金來建立一個非品牌業務。這些領域的業務。

I think, kind of similar to Joe's question on the M&A front, I think it's all of the above. That's really the key to our strategy that we've done for the last five or six years, and we're looking at with NuStar, is we have these things that we do well, and as we grow, we just have a bigger platform that we can continue to do those. So I think we're going to look at all those different kind of pieces of our portfolio as potential growth options.

我認為，有點類似喬在併購方面的問題，我認為都是以上所述。這確實是我們在過去五、六年所做的策略的關鍵，我們正在與 NuStar 合作，我們擁有我們做得很好的事情，隨著我們的成長，我們只是擁有了一個更大的平台我們可以繼續這樣做。因此，我認為我們將把投資組合中所有不同類型的部分視為潛在的成長選擇。

Appreciate that, Karl. Could you remind us of the contract profile on the European terminal assets, and when you could use that capacity with greater scale for supply optimization on the East Coast?

很欣賞這一點，卡爾。您能否提醒我們歐洲碼頭資產的合約概況，以及您何時可以更大規模地利用該產能來優化東海岸的供應？

The East Coast contract profile?

東海岸合約簡介？

Sorry, the European terminal contract profile.

抱歉，歐洲碼頭合約簡介。

Yeah. Really, those terminals are pretty well contracted now. So there is going to be some time component. Our general strategy with terminals that we've acquired is we don't necessarily favor ourselves; we want all third parties to come into those assets. And so we really have the option to fill any empty space. So I think there are some contracts that will roll off in the near future that we're going to look at probably filling in, but both assets are pretty well contracted today.

是的。確實，這些航站樓現在已經非常緊湊了。所以會有一些時間成分。我們對收購的終端的整體策略是，我們不一定偏袒自己；我們一定會偏袒自己。我們希望所有第三方都能參與這些資產。所以我們確實可以選擇填補任何空白。因此，我認為一些合約將在不久的將來到期，我們可能會考慮填補這些合同，但這兩種資產今天都簽訂了相當好的合約。

Selman Akyol, Stifel.

塞爾曼·阿克奧爾，史蒂菲爾。

This is Tyler on for Selman. I was wondering if, in light of the NuStar acquisition news, if there was any color on how you are viewing the IDRs now?

這是塞爾曼的泰勒。我想知道，鑑於 NuStar 收購的消息，您現在如何看待 IDR 是否有任何色彩？

Hey, Tyler, this is Joe. The simple answer is nothing's changed. Our goal is to create value for all our stakeholders, and ET is definitely one of them. I think our history shows that we've created value for all our stakeholders, and this NuStar transaction, I think, is a prime example where this is good for our general partners, good for SUN unitholders, it's good for NuStar unitholders, it's good for the people that hold our credits. So our path is exactly the same.

嘿，泰勒，這是喬。簡單的答案是沒有任何改變。我們的目標是為所有利害關係人創造價值，ET 絕對是其中之一。我認為我們的歷史表明我們為所​​有利益相關者創造了價值，我認為這次NuStar 交易是一個很好的例子，這對我們的普通合夥人有利，對SUN 單位持有人有利，對NuStar 單位持有人有利，這很好對於擁有我們信用的人。所以我們的路徑是完全一樣的。

Appreciate that, Joe. Also wanted to know: was there anything driving the recent volume strength, or if it would be good to look at sort of that $2 billion as a good run-rate going forward?

很欣賞這一點，喬。也想知道：是否有什麼因素推動了最近成交量的成長，或者將 20 億美元視為未來良好的運行率是否會很好？

Yeah. I think as you've seen over the last couple of years, we've been successful at growing our volume. I talked about that a little bit in my prepared remarks. And like I pointed out, we've been successful at deploying capital.

是的。我認為正如您在過去幾年中看到的那樣，我們在增加銷量方面取得了成功。我在準備好的發言中談到了這一點。正如我所指出的，我們在資本部署方面取得了成功。

So when we updated our guidance for the Europe and the West Texas asset announcements in January, we reaffirmed our EBITDA guidance. And then I think with this earnings release, we also reaffirmed that EBITDA guidance of $975 million to $1 billion, obviously, pre any NuStar impacts. And I do think the components of that, whether it's the volume or the margin or the capital, also need to be updated a little. And I think we're going to wait until we get closer to the NuStar close, and we'll update all those components of guidance at the same time.

因此，當我們在一月份更新歐洲和西德克薩斯州資產公告的指導時，我們重申了 EBITDA 指導。然後我認為，在本次財報發布中，我們也重申了 EBITDA 指引值為 9.75 億美元至 10 億美元，顯然是在 NuStar 受到任何影響之前。我確實認為其中的組成部分，無論是數量、利潤或資本，也需要進行一些更新。我認為我們將等到接近 NuStar 的時候，我們將同時更新所有這些指導元件。

Specifically, on volume, I think our goal is to continue to grow our volume. I think the team has done a good job at finding opportunities, in deploying capital, again, both in those areas of branded and unbranded. And I think that should continue. And if anything, we should be able to accelerate some of that post NuStar. And we'll fold that into our guidance that we give later in the year when we close on NuStar, and clearly, we'll [fold] that in at the end of the year. We'll give guidance for 2025.

具體來說，在數量上，我認為我們的目標是繼續增加我們的數量。我認為該團隊在尋找機會和部署資本方面做得很好，無論是在品牌還是非品牌領域。我認為這種情況應該繼續下去。如果有什麼不同的話，那就是我們應該能夠加速 NuStar 之後的一些工作。我們將把這一點納入我們在今年稍後關閉 NuStar 時給予的指導，顯然，我們將在今年年底將其納入其中。我們將給予 2025 年的指導。

Great color. Thanks for the time.

顏色很棒。謝謝你的時間。

We have reached the end of the question-and-answer session. I would now like to turn the call back over to Scott Grischow for closing comments.

我們的問答環節已經結束。我現在想將電話轉回斯科特·格里肖（Scott Grischow）以徵求結束意見。

Well, thanks, everyone, for joining us on the call today. As always, we're available for follow-up questions. So please feel free to reach out at any time. Thanks, everyone. Have a good day.

好的，謝謝大家今天加入我們的電話會議。像往常一樣，我們可以回答後續問題。因此，請隨時與我們聯繫。感謝大家。祝你有美好的一天。

This concludes today's conference. You may disconnect your lines at this time. And we thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。我們感謝您的參與。