Targa Resources Corp (TRGP) 2022 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Targa Resources Corp. Third Quarter 2022 Earnings Webcast and Presentation. (Operator Instructions)

您好，感謝您的支持。歡迎收聽 Targa Resources Corp. 2022 年第三季財報網路廣播與展示。 （操作員指令）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Sanjay Lad, VP of Funds and Investor Relations. Please go ahead.

請注意，今天的會議正在錄音。現在，我想將會議交給今天的發言人、基金和投資者關係副總裁桑傑·拉德 (Sanjay Lad)。請繼續。

Thanks, Gigi. Good morning, and welcome to the third quarter 2022 Earnings Call for Targa Resources Corp. The third quarter earnings release, along with the third quarter earnings supplement presentation for Targa Resources that accompany our call are available on our website at targaresources.com in the Investors section. In addition, an updated investor presentation has also been posted to our website.

謝謝，吉吉。早安，歡迎參加 Targa Resources Corp. 2022 年第三季財報電話會議。此外，更新後的投資者介紹也已發佈至我們的網站。

Statements made during this call that might include Targa Resources' expectations or predictions should be considered forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in forward-looking statements. For a discussion of factors that could cause actual results to differ, please refer to our most recent annual report on Form 10-K and latest SEC filings. Our speakers for the call today will be Matt Meloy, Chief Executive Officer; Pat McDonie, President, Gathering and Processing; Scott Pryor, President, Logistics and Transportation; Robert Muraro, Chief Commercial Officer; and Jen Kneale, Chief Financial Officer. I will now turn the call over to Matt, who is recovering from laryngitis, for his comments and Q&A participation today will be limited.

本次電話會議中所作的可能包括 Targa Resources 的期望或預測的陳述應被視為《1934 年證券交易法》第 21E 條所定義的前瞻性陳述。有關可能導致實際結果不同的因素的討論，請參閱我們最新的 10-K 表年度報告和最新的 SEC 文件。今天電話會議的發言人是執行長 Matt Meloy；收集和加工部門總裁 Pat McDonie；普賴爾 (Scott Pryor)，物流與運輸總裁；羅伯特‧穆拉羅 (Robert Muraro)，首席商務官；以及財務長 Jen Kneale。現在，我將把電話轉給正在從喉炎中恢復的馬特，因為他今天的評論和問答參與度將受到限制。

Thanks, Sanjay, and good morning. And apologies for my hoarse voice. Our overall business is continuing to perform well, and our strong execution continued across the third quarter, including record high quarterly EBITDA, and record volumes in the Permian, record NGL transportation and fractionation volumes, integration of our Delaware Basin acquisition, successfully bringing on 2 plants in the Permian Basin safely, ahead of schedule and on budget, $73 million of opportunistic common share repurchases and we were also recently added to the S&P 500.

謝謝，桑傑，早安。請原諒我的聲音沙啞。我們的整體業務繼續表現良好，我們的強勁執行力延續到了第三季度，包括創紀錄的季度 EBITDA、二疊紀盆地創紀錄的產量、創紀錄的 NGL 運輸和分餾量、特拉華盆地收購的整合、成功安全、提前並在預算內建成二疊紀盆地的 2 家工廠、7,300 萬美元的機會性指數還納入二疊紀盆地的標準普爾 50 標準普爾 50 普。

Our record third quarter EBITDA was attributable to higher base business volumes, particularly in the Permian plus a partial quarter contribution from our Delaware Basin acquisition. While commodity prices are significantly lower than the assumptions underlying, the updated full year 2022 financial expectations that we provided in early August. There is no change to our expectation to generate full year adjusted EBITDA between $2.85 billion and $2.95 billion. Given the significant growth in volumes that we expect looking forward and to catch up on some of our Delaware Basin infrastructure, we announced this morning that we are moving forward with a new 275 million cubic feet per day gas processing plant in the Permian Delaware, which we are calling the Wildcat II plant.

我們創紀錄的第三季 EBITDA 歸功於更高的基礎業務量，尤其是二疊紀盆地的業務量，以及特拉華盆地收購的部分季度貢獻。雖然大宗商品價格遠低於基本假設，但我們在 8 月初提供的最新 2022 年全年財務預期。我們預計全年調整後 EBITDA 將在 28.5 億美元至 29.5 億美元之間，這一預期沒有變化。鑑於我們預計未來產量將大幅增長，為了趕上特拉華盆地的一些基礎設施，我們今天上午宣布，我們將在特拉華州二疊紀盆地建設一個新的日產 2.75 億立方英尺的天然氣處理廠，我們稱之為 Wildcat II 工廠。

The growth in volumes across our G&P business also necessitated the announcement this morning that we are kicking off construction of the Daytona NGL pipeline, which will transport volumes from the Permian Basin and connect to our existing segment of Grand Prix and North Texas to move volumes down to Mont Belvieu. The acceleration of these additional projects shift some spending into 2022, but there is no change to our year-end 2022 leverage ratio expectation of about 3.5x, meaning we continue to have significant financial flexibility looking forward.

由於我們的天然氣和石油業務量不斷增長，我們今天上午還宣布啟動代托納天然氣液體管道的建設，該管道將從二疊紀盆地運輸天然氣，並連接到我們現有的大獎賽和北德克薩斯路段，以將天然氣輸送至蒙特貝爾維尤。這些額外項目的加速推進將使部分支出轉移到 2022 年，但我們對 2022 年底約 3.5 倍的槓桿率預期沒有變化，這意味著我們在未來仍將擁有相當大的財務靈活性。

Before I turn the call over to Pat, I would like to extend a thank you to our employees for their continued focus on safety while executing on our strategic priorities and continuing to provide best-in-class services to our customers. I will now turn it over to Pat to discuss our G&P operations in more detail. Pat?

在將電話轉給帕特之前，我想向我們的員工表示感謝，感謝他們在執行我們的戰略重點的同時持續關注安全，並繼續為我們的客戶提供一流的服務。現在我將把話題交給派特，讓他更詳細地討論我們的 G&P 營運。拍？

Thanks, Matt, and good morning, everyone. Starting in the Permian, our systems across the Midland and Delaware Basins averaged a record 4.1 billion cubic feet per day of inlet volumes during the third quarter, including 2 months of contribution from our recently completed Delaware Basin acquisition. Given our performance year-to-date, we expect our full year average 2022 Permian volume not including our Delaware Basin acquisition to increase at the high end of our initial 12% to 15% year-over-year volume guidance. In Permian Midland, our inlet volumes increased 8% sequentially as our system essentially ran at capacity until our new legacy plant came online late in the third quarter. We have an incremental 550 million cubic feet per day of processing expansions underway in Permian Midland. Our Legacy 2 plant remains on track to begin operations during the second quarter of 2023. And our Greenwood plant remains on track to begin operations late in the fourth quarter of 2023.

謝謝，馬特，大家早安。從二疊紀開始，我們遍布米德蘭和特拉華盆地的系統在第三季度平均每天的入口流量達到創紀錄的 41 億立方英尺，其中包括我們最近完成的特拉華盆地收購的兩個月的貢獻。鑑於我們今年迄今的表現，我們預計 2022 年全年二疊紀平均產量（不包括特拉華盆地收購）將達到我們最初 12% 至 15% 的同比增長預期的高位。在 Permian Midland，我們的入口量環比增長了 8%，因為我們的系統基本上滿載運轉，直到第三季末我們的新傳統工廠上線。我們在 Permian Midland 正在進行擴建，每天的加工能力將增加 5.5 億立方英尺。我們的 Legacy 2 工廠仍有望於 2023 年第二季開始營運。

Similarly, we expect both plants to be highly utilized when they come online next year. In Permian Delaware, inlet volumes across our system, not including contribution from our Delaware Basin acquisition, increased 7% sequentially. We have successfully integrated our Delaware Basin assets and employees and appreciate the efforts of the collective Targa team that supported the integration. We commenced operations on our new 230 million cubic feet per day Red Hills VI plant in late September, which was full at start-up. Our overall Delaware system is also running highly -- very highly utilized and volumes continue to ramp. And we remain on track to bring our new 275 million cubic per day Midway plant online during the second quarter of 2023.

同樣，我們預計這兩家工廠明年投產時都將獲得高度利用。在特拉華州二疊紀盆地，我們整個系統的入口量（不包括特拉華盆地收購的貢獻）環比增加了 7%。我們已成功整合特拉華盆地的資產和員工，並感謝支持整合的 Targa 團隊的共同努力。我們新的日產 2.3 億立方英尺的 Red Hills VI 工廠於 9 月底投入運營，開機時產量已滿。我們整個特拉華州的系統也運作良好——利用率非常高，而且數量持續增加。我們仍有望在 2023 年第二季將日產 2.75 億立方公尺的全新 Midway 工廠投入營運。

In response to strong producer activity levels and to meet the infrastructure needs of our customers across the Delaware and as Matt previously mentioned, we are moving forward with the construction of a new $275 million per day plant in Permian Delaware, which we are calling the Wildcat II plant. Wildcat II is expected to begin operations in the first quarter of 2024. We are playing some catch-up on our newly acquired Delaware Basin assets as evidenced by Red Hills VI being full at startup. The expectation that Midway will be highly utilized on start-up and now moving forward with construction of the Wildcat II facility. All a positive reflection of how quickly current volumes are increasing and future volumes are expected to increase. We are also adding incremental treating infrastructure in the Delaware to increase our sour gas handling capabilities, which enhances our ability to capture and handle increasing sour gas production and drive attractive returns from treating fees.

為了響應強勁的生產活動水平並滿足特拉華州客戶的基礎設施需求，正如馬特之前提到的，我們正在特拉華州二疊紀盆地建設一個日產 2.75 億美元的新工廠，我們稱之為 Wildcat II 工廠。 Wildcat II 預計將於 2024 年第一季開始營運。人們期望 Midway 在啟動時得到充分利用，並且目前正推進 Wildcat II 設施的建設。所有這些都積極地反映了當前交易量成長速度以及未來交易量預計增加的速度。我們還在特拉華州增加了增量處理基礎設施，以提高我們的酸性氣體處理能力，這增強了我們捕獲和處理不斷增加的酸性氣體產量的能力，並從處理費中獲得可觀的回報。

This will also give us the ability to capture CO2 from the treating process and sequester the emissions in our acid gas injection storage wells. We have already obtained Class II permits and are working on MRV plans and additional Class II and Class VI permits to further enhance our carbon capture abilities. We expect to begin receiving 45Q tax credits as early as the fourth quarter of 2023. Shifting to the bad [ones]. Our natural gas and crude gathered volumes rebounded in the third quarter following the reduced reported volumes impacted by late weather storms in the prior quarter. In our Central region, a full quarter contribution from the acquired assets in South Texas and solid activity levels in Oklahoma and North Texas drove a sequential increase in aggregate volumes during the third quarter, partially offset via contract expiration in South. Scott will now discuss our logistics and transportation business in more detail. Scott?

這也將使我們能夠從處理過程中捕獲二氧化碳，並將其排放到酸性氣體注入儲存井中。我們已經獲得了二級許可證，並正在製定 MRV 計劃和額外的二級和六級許可證，以進一步增強我們的碳捕獲能力。我們預計最早將於 2023 年第四季開始獲得 45Q 稅收抵免。繼上一季後期天氣風暴影響天然氣和原油收集量下降之後，我們的天然氣和原油收集量在第三季反彈。在我們的中部地區，南德克薩斯州收購資產的整個季度貢獻以及俄克拉荷馬州和北德克薩斯州的穩健活動水平推動了第三季度總量的連續增長，部分被南部的合約到期所抵消。斯科特現在將更詳細地討論我們的物流和運輸業務。史考特？

Thanks, Pat. Targa's NGL transportation volumes were a record 500,000 barrels per day. Fractionation volumes were a record 742,000 barrels per day during the third quarter. Our volumes would have been higher had it not been for some ethane rejection across our system and third-party systems during the third quarter plus some maintenance at our Mont Belvieu facility. Given the anticipated growth from our volume growth from our Permian G&P expansions, growth of third-party volumes and volumes we can transport after the expirations of obligations on third-party pipelines, our outlook for continued NGL transportation volume growth is strong. Today, we announced plans to construct the Daytona NGL pipeline to transport NGLs from the Permian Basin and connect to the 30-inch diameter segment of the Grand Prix NGL pipeline in North Texas.

謝謝，帕特。 Targa 的 NGL 運輸量達到創紀錄的每天 50 萬桶。第三季的分餾量達到了創紀錄的742,000桶/天。如果不是第三季我們的系統和第三方系統產生一些乙烷排放，以及我們在 Mont Belvieu 工廠進行一些維護，我們的產量會更高。考慮到我們二疊紀 G&P 擴張帶來的運輸量預期增長、第三方運輸量的增長以及第三方管道義務到期後我們可以運輸的運輸量，我們對 NGL 運輸量持續增長的前景看好。今天，我們宣布了建造代托納 NGL 管道的計劃，該管道將運輸二疊紀盆地的 NGL，並連接到北德克薩斯州大獎賽 NGL 管道直徑 30 英寸的部分。

Daytona is expected to be in service by the end of 2024. Targa will own 75% of Daytona and Blackstone Energy Partners will own 25% and with each member funding the respective share of the pipeline's cost based on their ownership percentage. With an estimated project cost of about $650 million, Targa's net growth CapEx share is estimated to be approximately $488 million. In Mont Belvieu, construction continues on our Train 9 fractionator, which is expected to begin operations during the second quarter of 2024 with an estimated cost of around $450 million.

預計 Daytona 將於 2024 年底投入使用。該項目預計成本約為 6.5 億美元，Targa 的淨成長資本支出份額估計約為 4.88 億美元。在蒙特貝爾維尤，我們的 9 號分餾塔正在繼續建設中，預計將於 2024 年第二季開始運營，預計成本約為 4.5 億美元。

Turning to our LPG exports. We loaded an average of 8.5 million barrels per month during the third quarter as we were impacted by reduced spot cargo opportunities and some cancellations due to weaker global market conditions. We currently expect fourth quarter volumes to improve, but will be impacted by similar global dynamics and some required maintenance at the terminal. Our low-cost LPG export expansion project to increase our propane loading capabilities with an incremental 1 million barrels per month of capacity remains on track for mid-2023.

談談我們的液化石油氣出口。由於全球市場狀況較弱導致現貨貨物機會減少及一些訂單取消，我們第三季平均每月裝載量為 850 萬桶。我們目前預計第四季度的貨運量將會有所改善，但將受到類似的全球動態和一些碼頭所需維護的影響。我們的低成本液化石油氣出口擴張項目旨在提高我們的丙烷裝載能力，每月產能將增加 100 萬桶，該項目計劃於 2023 年中期完成。

I'll now turn the call over to Jen.

現在我將把電話轉給 Jen。

Thanks, Scott. Good morning, everyone. Our record quarterly adjusted EBITDA and operational stats reflect that our business is performing really well. Our balance sheet is strong. We are continuing to invest in our business. We are returning an increasing amount of capital to our shareholders, and we are very excited about Targa's outlook.

謝謝，斯科特。大家早安。我們創紀錄的季度調整後 EBITDA 和營運統計數據反映出我們的業務表現非常良好。我們的資產負債表強勁。我們將繼續對我們的業務進行投資。我們正在向股東返還越來越多的資本，我們對 Targa 的前景感到非常興奮。

Let's now go over some additional financial information. Targa's reported quarterly adjusted EBITDA for the third quarter was $769 million, increasing 15% sequentially as we benefited from a partial quarter contribution from our Delaware Basin acquisition, higher volumes across our gathering and processing and logistics and transportation systems and higher fees, partially offset by lower NGL prices and higher operating expenses. Higher operating expenses were primarily attributable to our recent Delaware Basin acquisition, increasing activity levels across our G&P systems, including 2 plants placed in service in the quarter and inflation. While costs were higher, just a reminder that for Targa, inflation is a net tailwind across our businesses as we benefit from inflation-linked fee escalators across our commercial contracts.

現在讓我們來了解一些額外的財務資訊。 Targa 報告的第三季調整後息稅折舊攤銷前利潤為 7.69 億美元，比上一季度增長 15%，這得益於我們收購特拉華盆地帶來的部分季度貢獻、我們的收集和加工以及物流和運輸系統產量的增加以及費用的提高，但被 NGL 價格的下降和運營費用的提高部分抵消。營運費用增加主要歸因於我們最近收購特拉華盆地，這增加了我們 G&P 系統的活動水平，包括本季投入使用的 2 家工廠，以及通貨膨脹。雖然成本較高，但需要提醒的是，對於 Targa 來說，通貨膨脹對我們的業務來說是淨順風，因為我們受益於商業合約中與通貨膨脹掛鉤的費用升級。

Targa generated adjusted free cash flow of $291 million in the third quarter. We repurchased about $73 million of common shares in the quarter, and year-to-date through September 30 have repurchased about $197 million of common shares at a weighted average price of $65.23. Since program inception, we have repurchased about $328 million of shares at a weighted average price of $35.45. As of quarter end, we had approximately $172 million remaining under our $500 million equity repurchase program. For the third quarter, we declared a cash dividend of $0.35 per common share or $1.40 per share on an annualized basis and consistent with previous messaging, expect to maintain the same dividend for the fourth quarter.

Targa 第三季產生了 2.91 億美元的調整後自由現金流。我們在本季回購了約 7,300 萬美元的普通股，截至 9 月 30 日的年初至今已回購了約 1.97 億美元的普通股，加權平均價格為 65.23 美元。自計劃啟動以來，我們已以 35.45 美元的加權平均價格回購了約 3.28 億美元的股票。截至季末，我們的 5 億美元股權回購計畫剩餘約 1.72 億美元。對於第三季度，我們宣布每股普通股派發 0.35 美元的現金股息或年度每股 1.40 美元，與先前的消息一致，預計第四季度的股息將維持相同的水平。

Looking ahead, we currently plan to provide our full year 2023 operational and financial outlook in February in conjunction with our fourth quarter earnings call, and will also then provide color on our expected annualized dividend and share repurchase strategy for 2023. We are well hedged for the fourth quarter. Looking forward, we are currently about 80% hedged in 2023 across all commodities related to our exposure from our percent of proceeds contracts and are hedged at higher prices in 2023 than 2022 hedge prices. As Matt mentioned, our performance this year has been strong, and we continue to estimate our leverage ratio will be around 3.5x at year-end.

展望未來，我們目前計劃在 2 月份第四季度財報電話會議上提供 2023 年全年營運和財務展望，並將對 2023 年預期年度股息和股票回購策略進行說明。展望未來，我們目前對 2023 年與我們的收益百分比合約風險敞口相關的所有商品的對沖比例約為 80%，而且 2023 年的對沖價格高於 2022 年的對沖價格。正如馬特所說，我們今年的表現非常強勁，我們繼續估計我們的槓桿率在年底將在 3.5 倍左右。

During the third quarter, we upsized our accounts receivable securitization facility to $800 million and extended the facility to September 1, 2023. We spent about $625 million of net growth capital through the first 3 quarters of 2022. With some additional spending accelerating into 2022 for the Wildcat II plant and the Daytona NGL pipeline announced today, we now estimate 2022 net growth CapEx to be between $1.1 billion and $1.2 billion. Our estimate for 2022 net maintenance CapEx remains unchanged at approximately $150 million. We have strong momentum heading into 2023, backed by continued volume growth across our integrated businesses, and we expect to benefit from full year contributions from our Delaware Basin and South Texas acquisitions, higher fees and higher hedge prices.

在第三季度，我們將應收帳款證券化工具的規模增加到 8 億美元，並將該工具的期限延長至 2023 年 9 月 1 日。我們在 2022 年前三個季度花費了約 6.25 億美元的淨增長資本。美元之間。我們對 2022 年淨維護資本支出的估計保持不變，約為 1.5 億美元。在我們綜合業務量持續成長的支持下，我們擁有強勁的勢頭邁向 2023 年，我們預計將受益於特拉華盆地和南德克薩斯州收購的全年貢獻、更高的費用和更高的對沖價格。

We are focused on continuing to manage our leverage ratio within our 3 to 4x long-term target range with a preference to be in the lower half of the range, and believe that the strength of our underlying business puts us in excellent position over the long-term to continue to invest in attractive organic growth opportunities and return an increasing amount of capital to our shareholders.

我們專注於繼續將我們的槓桿率管理在3至4倍的長期目標範圍內，並傾向於處於該範圍的下半部分，並相信我們基礎業務的實力使我們在長期內處於有利地位，繼續投資於有吸引力的有機增長機會並向我們的股東返還越來越多的資本。

We published our 2021 sustainability report in early October and kicked off an initiative that is very important to us, where we engage with our largest shareholders each fall, specifically around ESG to get feedback on our latest report and ESG-related efforts. We take our responsibility seriously and are committed to practices that create value for our shareholders and benefit the communities we serve, and our latest report is hopefully reflective of that commitment.

我們在 10 月初發布了 2021 年永續發展報告，並啟動了一項對我們非常重要的計劃，即每年秋天我們都會與最大的股東進行接觸，特別是圍繞 ESG 進行接觸，以獲得對我們最新報告和 ESG 相關工作的反饋。我們嚴肅看待自己的責任，致力於為股東創造價值、造福我們服務的社區，希望我們的最新報告能反映出這項承諾。

Lastly, I'd like to echo Matt and thank our employees for their dedication and for continuing to prioritize safety. With that, I will turn the call back over to Sanjay.

最後，我想與馬特一起感謝我們的員工的奉獻精神和持續將安全放在首位。說完這些，我會把電話轉回給桑傑。

Thanks, Jen. For the Q&A session, we kindly ask that you limit to 1 question and 1 follow-up and reenter the line up if you have additional questions. Gigi, would you please open the line for Q&A?

謝謝， Jen。對於問答環節，我們懇請您將問題限制為 1 個，後續問題為 1 個，如果您還有其他問題，請重新進入隊列。 Gigi，你能開立問答專線嗎？

(Operator Instructions) Our first question comes from the line of Colton Bean from Tudor Pickering Holt & Co.

（操作員指示）我們的第一個問題來自 Tudor Pickering Holt & Co. 的 Colton Bean。

So just starting off on Grand Prix. Is there a general capacity buffer that you all were targeting when deciding when to bring Daytona into service? I guess asked differently, is there any risk of constraint on target NGL egress of Daytona timing were to slip a quarter or two.

大獎賽才剛開始。在決定何時讓 Daytona 投入使用時，你們是否都瞄準了總體容量緩衝？我想換個問法，如果延後一兩個季度，Daytona 的目標 NGL 出口時間是否會受到限制。

Colton, this is Scott. We've obviously been watching our volumes as it relates to Grand Prix, both on the West leg and the North lag that feeds into Mont Belvieu for some time now, and clearly watching the cadence of the plants that we've been adding on the G&P side of our business and along with the Delaware acquisition that we made. So we are keenly aware of the volumes that are moving and the timing of announcing Daytona fits with our expectations. We feel very comfortable with the fourth quarter operating that start-up in fourth quarter of 2024. And again, with Daytona, when you look at the volume growth that we've got from our G&P business, third-party volumes, expirations, the third-party pipe volumes over time. It's a very good project for us. And especially, it leverages the capacity that we've got available on our 30-inch pipeline that feeds into Mont Belvieu.

科爾頓，這是史考特。顯然，我們一直在關注與大獎賽相關的銷量，包括西段和通往蒙特貝爾維尤的北段，並且清楚地關注著我們在 G&P 業務方面增加的工廠的節奏以及我們在特拉華州的收購。因此，我們敏銳地意識到了交易量的變動，並且宣布 Daytona 的時機符合我們的預期。我們對 2024 年第四季度經營該新創公司感到非常有信心。對我們來說這是一個非常好的項目。尤其是，它充分利用了我們通往蒙特貝爾維尤的 30 英寸管道的容量。

So that gives us plenty of room over a period of time. I'd also like to state that when we start up Daytona and how it complements our Grand Prix West leg, we'll also get some efficiency on the fuel side of things as we operate. It allows us to better operate pumps that are along the existing West leg in addition to how we would operate the pumps on the Daytona side.

因此，這在一段時間內為我們提供了充足的空間。我還想說的是，當我們啟動代托納賽道並了解它如何與我們的大獎賽西部站相輔相成時，我們在運營過程中也會在燃料方面提高一些效率。除了操作代托納一側的泵浦之外，它還使我們能夠更好地操作現有西段的泵浦。

Great. And Jen, maybe pivoting over to hedges. I think you mentioned being above the normal course, 75% for 2023. Can you expand on where you sit for next year and just the broader thought process on doing above your programmatic level?

偉大的。而 Jen 或許會轉向對沖。我記得您提到高於正常水平，即 2023 年的 75%。

I think based on the view that we had that there was likely to be Waha tightness and potential impacts on prices on the Waha side. We've added additional hedges, particularly around natural gas, Colton. So are hedged above the 75% level on natural gas, actually significantly higher hedged than that right now for 2023. Then on the NGL side, we're a little bit higher hedged than the 75% level. Just continuing to watch backwardation of NGL price markets. And to the extent that we get strength, we have tried to hedge into some of that strength. And then we've got a little bit of condensate exposure in our well hedged, they're well north of that 75% level to. And those hedges are all related to our percent of proceeds contracts. So we do have commodity exposure elsewhere in our business, but have tried to do a very good job of hedging in advance of 2023 to help underpin continued cash flow stability across our businesses.

我認為，根據我們的觀點，Waha 可能會出現緊張局面，並且對 Waha 方面的價格可能會產生影響。我們增加了額外的對沖，特別是在天然氣領域，科爾頓。因此，天然氣的對沖水平高於 75%，實際上，到 2023 年，對沖水平將顯著提高。只是繼續關注 NGL 價格市場的現貨溢價。並且，在我們獲得實力的範圍內，我們已經嘗試對沖部分實力。然後，我們在對沖良好的凝析油風險中獲得了少量敞口，它們遠遠超過了 75% 的水平。這些對沖都與我們的收益百分比合約有關。因此，我們在其他業務中確實存在大宗商品風險，但我們已努力在 2023 年之前做好對沖工作，以幫助鞏固我們各業務的持續現金流穩定。

Great. And it sounds like a natural gas, the hedges also include an attempt to reduce basis risk.

偉大的。這聽起來像是天然氣，對沖也包括試圖降低基差風險。

Yes. We hedge directly to our basis points and certainly have tried to be far in advance of any price risk around Waha in 2023. Our gas marketing team has done a really good job of trying to manage not only takeaway transport but also our hedge exposure there.

是的。我們直接對沖基點，並試圖在 2023 年遠遠領先 Waha 的任何價格風險。

Our next question comes from the line of Jeremy Tonet from JPMorgan.

我們的下一個問題來自摩根大通的傑里米·託內特 (Jeremy Tonet)。

I just want to kind of walk through, I guess, the results quarter because if you look at the last guide and we overlay kind of the commodity prices, how they changed and what your sensitivities were, it seemed to put some pressure on EBITDA expectations for the year, possibly below the bottom end, yet you were able to reaffirm the guidance range. So it seems like some positives materialize versus, I guess, prior expectations there. Just wondering if you could provide a bit more detail on what those were and if you see them continuing into '23.

我只是想大概介紹一下本季的業績，因為如果你看一下上一份指南，並且我們疊加了商品價格、它們如何變化以及你的敏感度，它似乎對今年的 EBITDA 預期施加了一些壓力，可能低於底端，但你能夠重申指導範圍。因此，與先前的預期相比，似乎出現了一些積極跡象。只是想知道您是否可以提供更多細節，說明這些是什麼，以及您是否認為它們會持續到'23年。

I think that we have a pretty good track record of forecasting guidance conservatively, Jeremy, which is part of it. But also, the underlying business is just performing really, really well. So when we think about the volume increases that we're seeing across our systems, it feels like every quarter, we're reporting record Permian volumes, even ignoring the acquisition of the Delaware Basin assets, which will bring significantly more volumes to our system, and then on the transportation and fractionation side as well. So while prices were weaker in the quarter, we're comfortable with where our guidance is set right now for the rest of the year. We've got only 2 months to go. And again, I think that the business is performing so well that we're really setting up nicely heading into 2023 as well.

傑里米，我認為我們在保守預測指引方面有著相當良好的記錄，這是其中的一部分。但同時，基礎業務的表現也非常非常好。因此，當我們考慮到我們在整個系統中看到的產量增加時，感覺每個季度我們都在報告創紀錄的二疊紀產量，即使忽略了特拉華盆地資產的收購，這將為我們的系統帶來更多的產量，然後在運輸和分餾方面也是如此。因此，儘管本季價格較低，但我們對目前為今年剩餘時間設定的指導水準感到滿意。只剩兩個月的時間了。而且，我認為我們的業務表現非常好，我們為 2023 年做好了良好的準備。

Got it. That's helpful there. And then looking at '23 and recognizing the guide is not coming until February, but just wondering if you could provide any high-level thoughts as far as capital allocation is concerned, where CapEx could shake out and how you think about the best way to return capital.

知道了。這很有幫助。然後看看'23年，並認識到指南要到2月份才會發布，但只是想知道您是否可以就資本配置提供任何高層想法，資本支出可能會在哪裡發生變化，以及您如何看待最佳的資本回報方式。

I think 2022 provides a little bit of a road map for how we're thinking about returning capital to shareholders. we entered 2022 focused on managing our leverage to levels that we are comfortable with and then also simplifying and also continuing to invest in the business and returning capital to shareholders. And I think that we've been able to execute across all dimensions in 2022. So for 2023, thankfully, we've got the simplifications behind us. No more DevCos, no more (inaudible). And so it really allows us to focus on maintaining that balance sheet strength that we've spent so much time over the last several years talking about and then continuing to invest in our business additional organic growth capital opportunities that are very attractive for us like Wildcat II and like Daytona and like all the other projects that we have in progress.

我認為 2022 年為我們如何考慮向股東返還資本提供了一點路線圖。進入 2022 年，我們專注於將槓桿率管理到我們可以接受的水平，然後簡化流程並繼續投資於業務並向股東返還資本。我認為我們已經能夠在 2022 年全面執行。不再有 DevCos，不再有（聽不清楚）。因此，它確實使我們能夠專注於維持我們在過去幾年中花費大量時間討論的資產負債表實力，然後繼續投資於我們的業務額外的有機增長資本機會，這些機會對我們來說非常有吸引力的，例如 Wildcat II、Daytona 以及我們正在進行的所有其他項目。

And then continuing to return an increasing amount of capital to our shareholders through higher dividend and additional share repurchases. So I think it will be a similar road map in 2023, and we look forward to describing that in February.

然後透過更高的股息和額外的股票回購繼續向股東返還越來越多的資本。所以我認為 2023 年將會有類似的路線圖，我們期待在二月對其進行描述。

On the growth capital side, there's some lumpiness just related to the types of projects that we spend capital on. So when you think about Daytona and Wildcat II, a little bit of capital accelerating into this year, but a lot of capital on both of those projects will be spent in 2023. And then there's still lumpiness around Train 9 spending. So there's significant Train 9 spending in 2023 as well, along with just the natural cadence of plant ads, compression ads and gathering line ads. So 2023 capital will be higher, and we'll give more visibility to that in February as well. But certainly, we're very comfortable and believe that similar to our spending this year, underpinning EBITDA growth '23 million over 2022, the spending that we'll be doing next year is what will set us up for continued EBITDA growth going forward as well.

在成長資本方面，存在一些與我們投入資本的項目類型相關的波動。因此，當您考慮 Daytona 和 Wildcat II 時，今年將有少量資本加速投入，但這兩個項目的大量資本將在 2023 年投入。因此，2023 年在 Train 9 上的支出也很大，同時還有工廠廣告、壓縮廣告和收集線廣告的自然節奏。因此，2023 年的資本將會更高，我們也將在 2 月對此給予更多的關注。但可以肯定的是，我們非常放心，並且相信與今年的支出類似，支撐 2022 年 EBITDA 增長 2300 萬美元，我們明年的支出也將為我們未來持續的 EBITDA 增長奠定基礎。

Our next question comes from the line of Brian Reynolds from UBS.

我們的下一個問題來自瑞銀的布萊恩雷諾茲。

Maybe just to circle back on Lucid. Could you just talk a little bit about the synergies seen so far to capture some of those offloaded volumes. Curious if you can just talk about how the transaction multiple is being worked out, perhaps before all of those Lucid volumes fully work its way through the target integrated system in a few years?

也許只是回到 Lucid。您能否簡單談談目前所見的為捕獲部分卸載量而產生的協同效應。好奇的是，您是否可以談談交易倍數是如何計算的，也許是在所有這些 Lucid 卷在幾年內完全通過目標整合系統之前？

Red Hills VI came on in September. It's full. Frankly, volumes were greater than the capacity of the system, including Red Hills VI. So immediately, what we were able to do is offload some of the gas on the Lucid system into our Western Delaware plants, which had spare capacity. Pretty significant volumes, frankly. Lucid was in the process prior to acquiring them, seeking out offloads. We had some in place with them already in certain upon completion of the acquisition, we stepped that up considerably and are building additional infrastructure that allows better communication between the -- what we call Target North Delaware system, the old Lucid assets in our existing Delaware footprint.

《紅山 VI》於九月上映。已經滿了。坦白說，包括 Red Hills VI 在內的流量都超出了系統的容量。因此，我們立即可以做的就是將 Lucid 系統上的部分天然氣卸載到我們擁有閒置產能的西特拉華州工廠。坦白說，數量相當可觀。在收購它們之前，Lucid 就一直在尋找減產機會。在完成收購後，我們已經與他們達成了一些協議，我們大大加強了這項協議，並正在建造額外的基礎設施，以便更好地進行溝通——我們稱之為 Target North Delaware 系統，即我們現有特拉華州足跡內的舊 Lucid 資產。

So the integration has gone pretty seamlessly. The volume growth is substantial. So we can get it done, the better. But we're definitely seeing benefits of the integration, and we'll see additional benefits via some of the projects that we've announced this morning.

因此整合進行得相當順利。銷量成長十分可觀。這樣我們就能更好地完成它。但我們確實看到了整合的好處，而且我們還將透過今天早上宣布的一些項目看到額外的好處。

Great. I appreciate that. My 1 follow-up some (inaudible) entering 2023, just given some operational issues from some peers. There's various projects that are coming online in 2023, but curious if you could talk about the GCF frac (inaudible) or if there's any desire to simplify that JV over the next year or 2?

偉大的。我很感激。我的 1 個後續問題（聽不清楚）進入 2023 年，只是考慮到一些同行提出的一些營運問題。有各種項目將於 2023 年上線，但我想知道您是否可以談談 GCF frac（聽不清楚）或是否有希望在未來一兩年內簡化該合資企業？

Brian, this is Scott again. We are evaluating with our partners at GCF recognizing that is in a partnership as to what the timing would be of moving that from an idled asset to an operating asset. So we don't have a definitive date at this point, but the discussions are happening and just trying to understand what the volumes look like for not only Targa, but respectively, also for our partners in that. With that said, obviously, we are moving forward with our Train 9. That would be operational in second quarter of 2024.

布萊恩，我是史考特。我們正在與 GCF 的合作夥伴一起評估將其從閒置資產轉變為營運資產的時機。因此，我們目前還沒有確定的日期，但討論正在進行中，只是想了解不僅是 Targa，而且還有我們合作夥伴的銷售情況。話雖如此，我們顯然正在推進我們的 Train 9 專案。

And in addition to that, we also have a permit in hand for our Train 10. So as we continue to evaluate the build-out of our GMP footprint, how that feeds into our Grand Prix system, the expansion with Daytona, those deliveries into Mont Belvieu, the termination of when we would start a Train 10 or restart a GCF asset, we'll be certainly taking all those volumes into consideration.

除此之外，我們還擁有 Train 10 的授權。

Our next question comes from the line of Keith Stanley from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Keith Stanley。

I wanted to start a couple of quick follow-ups on Daytona. Should we assume a pretty even split on the CapEx between 2023 and 2024? And did you say the capacity of the expansion, I think previously, you talked to maybe 550,000 a day.

我想要對 Daytona 進行一些快速的跟進。我們是否應該假設 2023 年和 2024 年之間的資本支出分配相當均等？您有沒有提到擴建後的產能？

Keith, this is Jen. In terms of spending, we've got a little bit that's coming into 2022. And then we'll have spending, of course, in '23 and actually more in '24 than in 2023 is what we currently have forecasted, but we're trying to get Daytona online as quickly as possible. So that may shift between '23 and 2024, but that's what the spending currently looks like right now.

基思，這是 Jen。在支出方面，我們在 2022 年會有一點支出。因此，這可能會在 2023 年至 2024 年之間發生變化，但目前的支出情況就是如此。

And then as it relates, Keith, to the volume expectations, when we start up Daytona, it will have an initial capacity of about 400,000 barrels a day. And just as a reminder, our current West Grand Prix leg has a capacity of roughly 550,000 barrels a day. So they will complement each other very well. And again, as I stated earlier in our comments, we would operate those 2 lines together in order to get fuel efficiencies across both lines.

然後，基思，就產量預期而言，當我們啟動代托納時，它的初始產能將達到每天約 40 萬桶。提醒一下，我們目前的西部大獎賽賽段的日產能約為 55 萬桶。所以它們可以很好地互補。正如我之前在評論中提到的，我們將同時運行這兩條線路，以提高兩條線路的燃油效率。

My second question is on Permian gas. I guess, first, I'm just curious how -- if you have a view on how much of the weakness we've seen this fall has been due to maintenance versus a tighter-than-expected market. And any updated thoughts on the potential to support a new takeaway project either through contracting or ownership and when we might hear more on that.

我的第二個問題是關於二疊紀天然氣的問題。我想，首先，我只是好奇——您是否認為今年秋天我們看到的疲軟在多大程度上是由於維護而不是比預期更緊張的市場造成的。您對透過承包或所有權來支持新的外賣項目的可能性有什麼最新想法，以及我們何時可以聽到更多有關這方面的信息。

This is Bobby. I'll tell you, I think it's a combination of a lot of things at the end of the day. You have, I think, better production than some people have forecasted and then more maintenance than everyone had planned for along with some pipelines still being out relative to El Paso going west out of the basin. So I think from that perspective, it's all kind of intersected at a point where you saw some extreme weakness when multiple pipes went down. At the end of the day, I think a [big up] would be El Paso coming back online. And then as the PHP and Matterhorn expansions come online, the PHP and Whistler expansion come online, sorry, and then Matterhorn comes online in 2024, I think we'll see the basin get a lot better. I think we have spent a lot of time preparing for that. Our group has been through this before.

這是鮑比。我告訴你，我認為歸根結底這是很多因素的綜合作用。我認為，產量比一些人預測的要好，維護工作也比大家計劃的要多，而且相對於埃爾帕索而言，一些管道仍然在盆地西部以外的地方。因此，我認為從這個角度來看，當多根管道斷掉時，你會看到一些極其脆弱的地方，這一切都在某一點上交叉了。最終，我認為埃爾帕索的重新上線將會是一個重大利好。然後隨著 PHP 和 Matterhorn 擴展項目的上線，PHP 和 Whistler 擴展項目的上線，抱歉，然後 Matterhorn 將於 2024 年上線，我認為我們會看到盆地變得更好。我想我們已經花了很多時間為此做準備。我們小組以前也經歷過這種情況。

And I think we see a line of sight to Targa being able to operate all our assets at the capacity we will need through that period of time. As for Targa and long-haul gas pipelines, we want to see them build. We'll keep saying that. We'll always say that. If it takes us participating, we're always wanting to participate. If other people get them done and gas gets out of the basin and [buttons] out basis, we're excited to see that too. So I think we always stand by and stand ready for what's needed because what we want to see is the gas flows so that our plans keep operating our NGLs go through our system.

我認為，我們看到 Targa 能夠在那段時間內以我們所需的容量運作我們的所有資產。至於 Targa 和長途天然氣管道，我們希望看到它們的建設。我們會繼續這麼說。我們會一直這麼說。如果需要我們參與，我們總是願意參與。如果其他人也完成了這些工作，並且氣體從盆地和基礎中排出，我們也會很高興看到這一點。因此，我認為我們始終保持待命，為需要的一切做好準備，因為我們希望看到的是天然氣流動，這樣我們的計劃才能繼續運行，我們的天然氣液體才能通過我們的系統。

Our next question comes from the line of Theresa Chen from Barclays.

我們的下一個問題來自巴克萊銀行的 Theresa Chen。

I wanted to ask on the comments related to the carbon capture opportunities and your anticipation of receiving 45Q credit soon. Can you provide some more detail on the nature of the economics with these projects in general and your outlook from here?

我想詢問與碳捕獲機會相關的評論以及您對很快獲得 45Q 信用的預期。您能否詳細介紹一下這些項目的經濟性質以及您的展望？

So I think -- this is Bobby -- sorry. We look at them like we do our kind of traditional economics around the rest of our system. So it's not that we have specific hurdles, but we have thresholds of which the team here wants to invest capital in projects. And what I'd tell you is in looking at our carbon capture projects prior to the updated 45Q, they were economic. And as we get to the new and better 45Q credit that we will get and make them that much better. So we don't comment on specific projects and specific returns, but these projects went from economic in our view, under traditional ways we run economics to just that much better when the new 45Q came out. And so it's got to -- I won't say it's accelerated our thinking, but it makes us more intention about making sure we get all these done.

所以我認為 — — 這是 Bobby — — 抱歉。我們看待它們就如同我們看待整個體系中傳統經濟學一樣。因此，並不是我們有特定的障礙，而是我們有團隊願意在專案中投資的門檻。我想告訴你們的是，回顧我們更新後的 45Q 之前的碳捕獲項目，它們是經濟的。當我們獲得新的、更好的 45Q 信用時，我們將會使其變得更好。因此，我們不對具體項目和具體回報發表評論，但從我們的觀點來看，這些項目在傳統方式下運行，經濟效益在新 45Q 推出後得到了明顯改善。所以它必須——我不會說它加速了我們的思考，但它使我們更有決心確保完成所有這些事情。

And then related to timing, Theresa, we said in our script accounts that we thought that we could start getting credits as early as Q4 of 2023.

然後談到時間，特蕾莎，我們在劇本帳戶中說過，我們認為最早可以在 2023 年第四季開始獲得信貸。

Got it. And in relation to your LPG exports, just curious as to why you have confidence that it will rebound and get better in the fourth quarter. Just given the pervasive downstream headwinds at your customers, both Asia and Europe, I imagine. And then also, can you remind us around what percentage of volumes you have currently contracted at this point?

知道了。關於貴公司的液化石油氣出口，我很好奇您為什麼有信心第四季度出口情況會反彈並改善。我想，鑑於您的亞洲和歐洲客戶普遍面臨下游阻力。另外，您能否提醒我們一下您目前簽約的交易量佔比是多少？

Theresa, this is Scott. First off, just to reiterate, our volumes were 8.5 million barrels per month during the quarter. That was down, obviously, from what we saw in the second quarter. But it was comparative to what really the industry saw as a whole, roughly down about 15% quarter-over-quarter when you look at the exports out of the U.S. to various markets across the globe. A lot of that was driven by just as you stated, weaker global markets. Some of that related to Asian ethylene producers where they were faced with really some unattractive economics relative to the co-products and products they produce on that side of the business. And thus, they cut some of their LPG usage as a result of that.

特蕾莎，這是史考特。首先，我重申一下，本季我們的產量為每月 850 萬桶。顯然，這比第二季度的情況有所下降。但與整個產業的實際情況相比，如果從美國對全球各市場的出口來看，大約比上一季下降了 15%。正如您所說的，很大程度上是由於全球市場疲軟造成的。其中一些與亞洲乙烯生產商有關，他們面臨的經濟狀況與他們在該業務領域生產的副產品和產品相比確實不太有吸引力。因此，他們減少了部分液化石油氣的使用量。

We also saw some slowdowns in China due to some areas that may have been impacted by COVID shutdowns and things of that nature, which slowed up some of the PDH plant activity. But in general, I would say the reason why we feel as though the volumes would look better in the fourth quarter is because where we sit today, what has been lifted thus far, what is on our schedule for the balance of the fourth quarter. That's why we feel comfortable stating that our volumes will be up in the fourth quarter. With that said, we're still going to facing some global market issues that are weaker at this point, shipping issues and things of that nature as well as conducting some scheduled maintenance that we have -- that we need to do in the fourth quarter. But again, overall, we would believe at this point that our volumes will be up in the fourth quarter.

我們也看到中國的一些地區可能受到了 COVID 停工等因素的影響，導致部分 PDH 工廠的活動放緩。但總的來說，我認為我們之所以覺得第四季度的交易量會更好，是因為我們目前的狀況、迄今為止已經完成的任務以及我們對第四季度剩餘時間的安排。這就是為什麼我們可以放心地說我們的銷售在第四季度將會上升。話雖如此，我們仍將面臨一些目前較為疲軟的全球市場問題、運輸問題和諸如此類的問題，以及我們需要在第四季度進行的一些預定的維護。但總體而言，我們現在相信我們的銷量將在第四季度上升。

Our next question comes from the line of Sunil Sibal from Seaport Global.

我們的下一個問題來自 Seaport Global 的 Sunil Sibal。

So when I look at the base G&P business, obviously, it seems like you have some impact of the inflation on your fees as well as on your OpEx. So I was just curious from here on, should we consider that most of those inflation adjust has kicked in and that are incorporated in the 3Q results? Or should we expect any significant movements in that?

因此，當我查看基礎的 G&P 業務時，顯然，通貨膨脹似乎對您的費用以及營運支出產生了一定的影響。所以我很好奇，從現在開始，我們是否應該認為大部分通膨調整已經生效，並已納入第三季的結果？或者我們是否應該期待其中有任何重大的變動？

Sunil, this is Jen. I'd say that across our entire portfolio of contracts, most of the escalators have kicked in for this year. We've talked previously about the fact that we have a number of contracts that essentially kick in January 1, then a number of contracts that kick in midyear, and then there are some others that I'd say is more the minority that kick in on the annual renewal date of the contract or based on some other date during the calendar year. So yes, I think it's fair to say that we have benefited from the escalators that we would expect this year. And then heading into 2023, of course, will be a net beneficiary of escalators as we move forward through into next year.

蘇尼爾，這是 Jen。我想說，在我們整個合約組合中，大多數自動扶梯措施今年都已開始生效。我們之前談到過，我們有許多合約基本上從 1 月 1 日開始生效，然後有許多合約在年中開始生效，然後還有一些合同，我認為更多的是少數合約在合約的年度續約日期或基於日曆年中的其他日期開始生效。所以是的，我認為可以公平地說，我們從今年預期的自動扶梯中受益。然後，進入 2023 年，隨著我們進入明年，我們當然將成為自動扶梯政策的淨受益者。

Got it. and then could you give us a sense of ethane rejection across your Permian footprint? And what trends do you expect to play out in the near-term on that?

知道了。然後能否向我們介紹一下二疊紀足跡中乙烷排斥的情況？您預計近期會出現哪些趨勢？

I'm not sure I fully heard the question.

我不確定我是否完全聽清了這個問題。

Ethane rejection in the Permian and trends.

二疊紀乙烷排斥及趨勢。

The natural gas takeaway situation is going to play into that pretty heavily, right. If you can't move residue gas, then probably more barrels are going to be pulled more is going to be recovered than rejected, adding incremental MMBTUs into a tight gas market is going to be problematic. So I think, one, first, it's always an economic decision, and it will continue to be an economic decision. And then some of those other dynamics relative to the ability to move residue gas. And obviously, if that price gets really low, which we've seen recently relative to ethane price, I think you'll see recoveries and ethane being transported to Belvieu.

天然氣外送情況將對此產生很大影響，對吧。如果無法移動殘餘氣體，那麼可能會抽出更多的桶，回收的氣體會比丟棄的氣體多，在緊張的天然氣市場中增加增量的MMBTU將會很成問題。因此我認為，首先，這始終是經濟決定，而且它將繼續是經濟決定。然後還有一些與移動殘留氣體的能力相關的其他動力。顯然，如果價格真的很低，就像我們最近看到的乙烷價格一樣，我認為你會看到乙烷回收和運輸到貝爾維尤。

Our next question comes from the line of Neel Mitra from Bank of America.

我們的下一個問題來自美國銀行的尼爾‧米特拉 (Neel Mitra)。

I just had a few follow-ups on Daytona. First, is it going to twin Grand Prix or are you going to maybe have it go a different direction in some places, so it can access new processing facilities. And then the second part of that is, is it limited to 400,000 cubic feet a day because of the limitation on the 30-inch pipe from North Texas to Mont Belvieu?

我剛剛對 Daytona 進行了一些跟進。首先，它是否會成為雙大獎賽，或者你是否打算讓它在某些地方沿著不同的方向行駛，以便能夠使用新的處理設施。然後第二部分是，由於從北德克薩斯州到蒙特貝爾維尤的 30 英寸管道的限制，每天的流量是否被限制在 400,000 立方英尺？

Neel, this is Scott Pryor. First off, the way you need to view Daytona is basically a loop of the existing Grand Prix West leg, albeit we will be taking advantage of the lines that move further west, both in Texas as well as into New Mexico, that Grand Prix system today will help feed both the Grand Prix West as well as the Daytona system. So it will run virtually parallel of the Grand Prix West system tying into our 30-inch leg in North Texas what we refer to as our junction point, which is just south of Dallas, Texas. It allows us to leverage capacity that we have on the 30-inch pipeline.

尼爾，這是史考特普賴爾。首先，您需要觀看代托納的方式基本上是現有大獎賽西部賽段的循環，儘管我們將利用進一步向西移動的線路，包括德克薩斯州以及新墨西哥州，但今天的大獎賽系統將有助於滿足大獎賽西部和代托納系統的需求。因此，它將幾乎與 Grand Prix West 系統平行運行，與我們在北德克薩斯州的 30 英寸路段相連，我們稱之為連接點，位於德克薩斯州達拉斯南部。它使我們能夠利用 30 英寸管道的容量。

And when we say that it has an initial capacity of 400,000 barrels a day, it's similar to how we said Grand Prix West had initial capacity of roughly 400,000 barrels a day when it first started up, but we have put pumps on to amp that up to call it, 550,000 barrels a day. We would have the same ability to do that with Daytona. So we're taking advantage of where all of our plant activity is in the Permian. So it will have the ability to, again, feed both Grand Prix West as well as Daytona and again take advantage of that line out of North Texas feeding into Mont Belvieu. So it lines up very well with where our concentration of plant activity is.

當我們說它的初始產能為每天 40 萬桶時，這與我們說 Grand Prix West 在剛開始啟動時初始產能約為每天 40 萬桶類似，但我們已經安裝了泵來將產能提高到每天 55 萬桶。我們有同樣的能力對 Daytona 做到這一點。因此，我們正在利用二疊紀的所有植物活動。因此，它將有能力再次為大獎賽西部和代托納提供動力，並再次利用從北德克薩斯州輸送到蒙特貝爾維尤的那條線路。所以它與我們植物活動集中的地方非常吻合。

And if I could just follow up on that. It seemed like [950], is that the limitation from North Texas to Mont Belvieu? Or could you get more capacity with pumps?

如果我可以繼續跟進的話。好像是 [950]，這是從北德州到蒙特貝爾維尤的限制嗎？或者你能用幫浦獲得更大的容量嗎？

Yes. I would -- we have had a cadence of where we've been putting on pumps, both on the West lag as well as the South Lake to complement the volumes that are coming from West as well as in North Texas and up into Oklahoma. I would call it nominally 1 million barrels per day of capacity on the 30-inch leg going into Mont Belvieu.

是的。我們會 — — 我們已經在西湖和南湖安裝了水泵，以補充來自西部、北德克薩斯州和俄克拉荷馬州的水量。我認為，通往蒙特貝爾維尤的 30 英寸長的管線的日產量名義上應該是 100 萬桶。

Okay. Great. And then just the second question, it seems like you've had some commercial success Wildcat II and Winkler to second. Wildcat plant, you brought on in the last 4 years in the legacy Delaware. Could you just comment on the customer mix or private public and activity you're seeing in that area to cause you to go forward with that project?

好的。偉大的。然後是第二個問題，看來你們在 Wildcat II 和 Winkler 方面取得了一些商業成功。野貓工廠是你們在過去四年裡在德拉瓦州建立的。您能否評論一下您在該地區看到的客戶組合或私人公眾和活動，以促使您繼續推進該專案？

Sure. It is a mix, as you described. We have a big chunk of the majors dedication on both of those systems. And certainly, -- if you think about the Delaware Basin, there's been acquisitions recently by majors that have gobbled up some of the smaller guys. So that has added to their portfolio, which is dedicated up under us. And then we have a ton of mid- to smaller guys that are extremely active that some of which we've done business with a long time and some of which, as you described, we've had commercial success with and added to our portfolio.

當然。正如您所描述的，它是一種混合物。我們對這兩個系統都投入了大量精力。當然，如果你想想特拉華盆地，最近一些大公司已經吞併了一些小公司。這樣就擴大了他們的投資組合，而這些投資組合正是我們專門為它們設立的。然後，我們有大量非常活躍的中型和小型企業，其中一些我們已經與他們開展了長期的業務，而有些，正如您所描述的，我們已經取得了商業上的成功，並將其添加到我們的投資組合中。

Our next question comes from the line of John MacKay from Goldman Sachs.

我們的下一個問題來自高盛的約翰·麥凱。

I wanted to pick up on that last piece. You guys are showing really a much better volume outlook than a lot of your peers in the midstream side are talking about. And we've seen a couple of the producers starting to slow down. I was just wondering if you could spend another minute maybe just talking about kind of what's differentiating your footprint, what kind of giving you guys a confidence on the growth outlook and whether or not you have seen a little bit of slowdown from your producer customers?

我想繼續討論最後一部分。你們展現的銷售前景確實比許多中游同行談論的要好得多。我們看到一些生產商開始放慢腳步。我只是想知道您是否可以再花一分鐘時間談談您的足跡有何不同，什麼讓您對成長前景充滿信心，以及您是否看到生產商客戶的成長有所放緩？

I'll address the last part first. This is Pat McDonie. We really haven't seen an appreciable slowdown. The people that have employed rigs, continue to employ them and just move them across their acreage and continue to drill. Certainly, we've been fortunate that a lot of those rigs are running on our acreage. But I would tell you that our infrastructure underpins a lot of the best acreage in the Delaware Basin and also obviously in the Midland Basin, as seen by many years of history. You've seen the Exxons, the Chevrons, the big guys come out and announce what their plans are for next year. And there's no appreciable slowdown from them, just their public information is available, and Chevron is actually adding rigs. Our smaller guys, the economics are very good, and they continue to stay active.

我先講最後一部分。這是 Pat McDonie。我們確實沒有看到明顯的放緩。那些已經使用鑽孔機的人繼續使用它們，只是將它們移動到他們的油田範圍內並繼續鑽探。當然，我們很幸運，很多鑽孔機都在我們的土地上運作。但我想說的是，從多年的歷史經驗來看，我們的基礎設施支撐著特拉華盆地和米德蘭盆地大量最優質的油田。您已經看到埃克森美孚、雪佛龍等大公司出來宣布他們明年的計劃。而且他們的速度沒有明顯放緩，只是有公開資訊可供查閱，而雪佛龍實際上正在增​​加鑽孔機數量。我們的小型企業經濟狀況非常好，並且繼續保持活躍。

So we have not seen a slowdown. There certainly has been some logistical constraints that have a time made [DUC] ponds a little bit lumpy. In other words, waiting on completion crews, et cetera, but the wells are still getting drilled, eventually getting completed. So I can't speak to our competitors or our peers. But certainly, we're seeing a continued level of high activity.

因此，我們並未看到經濟放緩。確實存在一些後勤方面的限制，導致 [DUC] 池塘有點不平整。換句話說，等待完井隊等等，但井仍在鑽探，最終完成。所以我不能與我們的競爭對手或同行交談。但可以肯定的是，我們看到活動水準持續處於高位。

I appreciate that. Maybe picking up on that 1 comment from earlier, too, I think, Theresa's question. Just back to the exports, have you guys commented on what your contracted levels are?

我很感激。我認為，也許可以回顧一下之前的那條評論，即 Theresa 的問題。回到出口問題，你們有沒有評論過你們的合約水準？

John, I'm sorry, we could not hear a word of that.

約翰，很抱歉，我們什麼也沒聽到。

I'll try again. Just circling back to Theresa's question on the exports. Have you guys commented where your current contracted level set?

我會再試一次。回到 Theresa 關於出口的問題。你們有沒有評論過你們目前的合約水準是多少？

I'm sorry, John. We couldn't hear a word of that either from a different line. Sorry about that.

對不起，約翰。我們從另一條線路上也沒有聽到任何有關這方面的內容。很抱歉。

Our next question comes from the line of Michael Cusimano from Pickering Energy Partners.

我們的下一個問題來自 Pickering Energy Partners 的 Michael Cusimano。

I just have a few follow-ups from some of the questions that have been asked. First, Jen, I appreciate the help on the hedge exposure. Specifically, in regards to a Waha though should we think about any weighting throughout the year for how those hedges are on? I guess I'm thinking are the first 3 quarters more heavily weighted for that basis than the back fourth quarter. And is that 80% an annual average.

我只是對一些被問到的問題做一點後續回答。首先，Jen，我很感謝你在對沖風險方面提供的幫助。具體來說，關於 Waha，我們是否應該考慮全年對這些對沖的權重？我想，前三個季度比後第四個季度的權重更大。這是年平均值嗎？

The percent that I gave would be annual averages for next year, Michael. And then the way that we generally hedge is there can be some shaping where there's more hedged earlier in the year than later in the year. But I'd say that for next year, it's actually all pretty ratable at this point in time on the gas side.

我給的百分比是明年的年平均值，麥可。然後，我們通常進行對沖的方式是進行一些調整，即年初的對沖比年末的對沖更多。但我想說，就明年而言，就天然氣方面而言，目前的情況實際上是相當合理的。

Okay. That's helpful. And then on the ethane rejection that you experienced, is it fair to assume that, that was in the Mid-Con with the volumes a little bit lower quarter-to-quarter? And then a follow-on for that. Can we assume that the West leg of the Grand Prix line grew similar to what volumes did? Just how do we think about that?

好的。這很有幫助。那麼，關於您所經歷的乙烷拒絕，是否可以合理地假設，這是在 Mid-Con 地區，其產量較上季略低？然後對此進行跟進。我們是否可以假設大獎賽線西段的客流量成長與西段類似？我們該如何看待這個問題呢？

This is Jen. Related to the Mid-Con, we actually had a contract expiration that we called out in South Oak, and so that's part of what resulted in the volumes there being lower quarter-over-quarter. It was really in the Permian and a little bit elsewhere that we are making decisions around rejection recovery based on what we were seeing related to some of the maintenance issues on certain pipes and pricing around natural gas and ethane.

這是 Jen。與 Mid-Con 相關，我們實際上在 South Oak 宣布了合約到期，所以這也是導致那裡的銷量環比下降的原因之一。事實上，正是在二疊紀盆地和其他一些地區，我們根據所觀察到的某些管道維護問題以及天然氣和乙烷定價情況，做出了有關廢棄物回收的決策。

Okay. Got it. And then lastly, can you remind us the typical cadence spend for just your standard processing plant if it's a fourth quarter lead time, how that typically looks and if there's any nuance to the ongoing processing plants that you're working on?

好的。知道了。最後，您能否提醒我們，如果是第四季度的交貨時間，您的標準加工廠的典型節奏支出通常是什麼樣子，以及您正在進行的加工廠是否有任何細微差別？

It depends. Each plant is a little bit different based on whether there's additional treating infrastructure or what else is required if it's plumbed close to the structure or not. So again, each plant is a little bit different. I'd say that generally, the spend is across the life of the project prior to it coming online. So there isn't significant lumpiness for Wildcat II, for example, that would be hitting this quarter. But then as we move into 2023, you wouldn't see continued spending. So I'd say that for modeling purposes, it's easiest and probably most accurate just to assume ratable spending from now until a project comes online.

這取決於。每個工廠都略有不同，這取決於是否有額外的處理基礎設施，或是否在建築物附近鋪設管道。再說一遍，每種植物都有點不同。我想說的是，一般來說，支出是貫穿專案上線之前的整個生命週期的。因此，對於本季而言，Wildcat II 不會造成顯著的波動。但隨著我們進入 2023 年，你將不會看到持續的支出。因此，我認為，出於建模目的，最簡單且可能最準確的做法是假設從現在到專案上線為止的比例支出。

I would now like to turn the conference back over to Sanjay Lad for closing remarks.

現在，我想將會議交還給桑傑·拉德 (Sanjay Lad) 並請他致結束語。

Thanks to everyone that was on the call this morning, and we appreciate your interest in Targa Resources. The IR team will be available for any follow-up questions you may have. Have a great day.

感謝今天早上參加電話會議的每個人，我們感謝您對 Targa Resources 的關注。 IR 團隊將隨時解答您的任何後續問題。祝你有美好的一天。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。