Targa Resources Corp (TRGP) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Targa Resources Corp. First Quarter 2023 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Targa Resources Corp. 2023 年第一季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Sanjay Lad, Vice President of Finance and Investor Relations. Please go ahead.

現在我想將會議交給今天的發言人、財務和投資者關係副總裁桑傑·拉德 (Sanjay Lad)。請繼續。

Thanks, Bella. Good morning, and welcome to the First Quarter 2023 Earnings Call for Targa Resources Corp.

謝謝，貝拉。早安，歡迎參加 Targa Resources Corp. 2023 年第一季財報電話會議。

The first quarter earnings release, along with the first 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 presentation has also been posted to our website.

第一季財報發布以及與我們電話會議相伴的 Targa Resources 第一季財報補充介紹可在我們網站 targaresources.com 的投資人部分取得。此外，更新的簡報也已發佈到我們的網站上。

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 latest SEC filings.

本次電話會議期間發表的可能包含Targa Resources 預期或預測的聲明應被視為1934 年《證券交易法》第21E 條含義內的前瞻性聲明。 。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 SEC 文件。

Our speakers for the call today will be Matt Meloy, Chief Executive Officer; and Jen Kneale, Chief Financial Officer. Additionally, the following senior management team members will be available for Q&A: Pat McDonie, President, Gathering and Processing; Scott Pryor, President, Logistics and Transportation; and Bobby Muraro, Chief Commercial Officer.

今天電話會議的發言人是執行長馬特梅洛伊 (Matt Meloy)；和財務長 Jen Kneale。此外，以下高階管理團隊成員將參加問答：Pat McDonie，收集和處理總裁； Scott Pryor，物流與運輸總裁；和首席商務官鮑比·穆拉羅 (Bobby Muraro)。

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

現在，我將把電話轉給馬特。

Thanks, Sanjay, and good morning to everyone. This year is off to a strong start at Targa, and we are very proud of our execution across the company in the first quarter. In Q1, we had quarterly EBITDA that was up 50% over prior year with a lower common share count.

謝謝桑傑，祝大家早安。 Targa 今年迎來了一個好的開局，我們對整個公司第一季的執行感到非常自豪。第一季度，我們的季度 EBITDA 比去年同期成長了 50%，但普通股數量有所減少。

Record volumes in the Permian, record NGL transportation and fractionation volumes and strong LPG export volumes. We also finished construction and are in the process of bringing our legacy II plant fully online. And we are also returning an increasing amount of capital to our shareholders.

二疊紀盆地的產量創歷史新高，液化天然氣運輸和分餾量創歷史新高，液化石油氣出口量強勁。我們還完成了建設，並正在使我們的舊二號工廠全面上線。我們也向股東返還越來越多的資本。

We increased our quarterly cash dividend by 43% and executed on $52 million of common share repurchases during the first quarter. With a strong first quarter complete and given the strength of the business fundamentals underpinning our assets, we remain comfortable with our full year 2023 adjusted EBITDA estimate despite natural gas and NGL prices being about 30% and 10% lower than the price assumptions underpinning our 2023 EBITDA guidance range.

我們將季度現金股利增加了 43%，並在第一季執行了 5,200 萬美元的普通股回購。儘管天然氣和液化天然氣價格比支撐我們2023 年的價格假設低約30% 和10%，但由於第一季業績強勁，並且考慮到支撐我們資產的業務基本面強勁，我們對2023 年全年調整後EBITDA 預期仍感到滿意。

Natural gas volumes across our Permian systems are growing. Our current aggregate volumes are over 5 billion cubic feet per day of reported inlet and are expected to ramp as we move through the year, driving incremental volumes through our integrated downstream assets.

我們二疊紀系統的天然氣量正在成長。根據報告，我們目前的總吞吐量每天超過 50 億立方英尺，預計隨著今年的推進，產量將不斷增加，從而透過我們的綜合下游資產推動增量吞吐量。

We have 4 plants under construction in the Permian and are ordering long lead times for an additional 2 plants. Given our increasing Permian volumes and resulting NGL supply growth, we announced this morning that we are moving forward with a new 120,000 barrel per day fractionator Train 10 and at our Mont Belvieu complex, which is expected to be online in the first quarter of 2025.

我們在二疊紀有 4 座工廠正在建設中，並且正在為另外 2 座工廠訂購較長的交貨期。鑑於二疊紀產量不斷增加以及由此產生的NGL 供應增長，我們今天早上宣布，我們將在Mont Belvieu 綜合設施中推進一座日產量為120,000 桶的新分餾塔Train 10，預計將於2025 年第一季度投入使用。

With the addition of Train 10 and additional spending on long lead items for our next Permian plants, we now estimate full year 2023 growth CapEx spending to be between $2 billion and $2.2 billion. Investing in organic growth projects across our integrated footprint provides Targa with attractive returns and puts us in a strong position to continue to return incremental capital to our shareholders.

隨著Train 10的增加以及我們下一個二疊紀工廠的長週期項目的額外支出，我們現在估計2023年全年資本支出增長支出將在20億至22億美元之間。在我們的綜合業務範圍內投資有機成長項目為 Targa 提供了有吸引力的回報，並使我們處於有利地位，可以繼續向股東返還增量資本。

Let's now discuss our operations in more detail. Starting in the Permian, high activity levels continue across our dedicated acreage. Our systems across the Midland and Delaware Basins averaged a record 4.8 billion cubic feet per day of reported inlet volumes during the quarter.

現在讓我們更詳細地討論我們的操作。從二疊紀開始，我們的專用區域繼續保持高活動水平。本季度，我們橫跨米德蘭和特拉華盆地的系統平均每天報告的進水量達到創紀錄的 48 億立方英尺。

In Permian Midland, our system has essentially been running above nameplate capacity, absent the impact of first quarter winter weather and is currently operating up over 100 million cubic feet per day versus Q1 average inlet.

在二疊紀米德蘭，我們的系統基本上一直在超出銘牌容量的情況下運行，不受第一季冬季天氣的影響，與第一季平均入口相比，目前每天的運行量超過1 億立方英尺。

Our new Legacy II plant partially came online in late March, limited by electricity capacity to the site and is expected to be able to be fully available later this quarter. And kudos to our engineering and operations team for safely bringing the plant online ahead of schedule and on budget.

我們的新 Legacy II 工廠已於 3 月下旬部分上線，但受現場電力容量限制，預計將在本季稍後全面投入使用。感謝我們的工程和營運團隊在預算範圍內提前安全地使工廠上線。

Our next Midland plant, Greenwood remains on track to begin operations in late fourth quarter of 2023 and is expected to be highly utilized when it comes online.

我們的下一個米德蘭工廠 Greenwood 仍有望在 2023 年第四季末開始運營，預計上線後將得到高度利用率。

In Permian Delaware, inlet volumes across our system increased 5% sequentially. Activity in volumes across our Northern Delaware footprint are running strong, and we have bolstered our connectivity across our Delaware assets to handle the near-term growth.

在德拉瓦州二疊紀，我們系統的入口量連續增加了 5%。我們在特拉華州北部的業務量活動強勁，我們加強了特拉華州資產的連接性，以應對近期的成長。

Our Midway plan is close to completion and is expected to begin operations later in the second quarter. Our Wildcat II and Roadrunner II plants remain on track to begin operations in the first and second quarters of 2024, respectively. We continue to expect volume growth across both our Permian Midland and Delaware positions for the remainder of the year and well beyond.

我們的中途島計劃已接近完成，預計將在第二季稍後開始營運。我們的 Wildcat II 和 Roadrunner II 工廠仍有望分別於 2024 年第一季和第二季開始運作。我們繼續預計，今年剩餘時間及以後的時間裡，二疊紀米德蘭和德拉瓦州的銷售將出現成長。

Beyond those projects already announced and in progress, we are evaluating when we will need additional gas processing capacity in the Permian, and we are ordering long lead items for our next Midland and Delaware plant. To that end, some of you may have seen a filing with the Texas Railroad Commission around the proposed gas pipeline we call Apex.

除了已經宣布和正在進行的項目之外，我們正在評估二疊紀何時需要額外的天然氣處理能力，並且我們正在為我們的下一個米德蘭和特拉華州工廠訂購長週期項目。為此，你們中的一些人可能已經看到了向德克薩斯州鐵路委員會提交的有關我們稱為 Apex 的擬議天然氣管道的文件。

This filing allows for preliminary survey work to be completed on proposed routes. Given how rapid we are growing with over 1 billion cubic feet of incremental residue gas from just the plants we currently have under construction, we continue to work to ensure sufficient residue takeaway from the basin.

該備案允許在擬議路線上完成初步調查工作。鑑於我們的發展速度如此之快，光是我們目前正在建造的工廠就增加了超過 10 億立方英尺的殘餘氣體，我們將繼續努力確保從盆地中獲得足夠的殘餘氣體。

As we have said previously, we remain in position to support as needed residue pipes to get Permian gas to market, whether we are leading those efforts or participating with third parties. The next pipe is needed in both our producers and markets on the Gulf Coast are keenly aware of that need.

正如我們之前所說，我們仍然能夠根據需要支援殘渣管道，將二疊紀天然氣推向市場，無論我們是領導這些努力還是與第三方一起參與。我們的生產商和墨西哥灣沿岸的市場都需要下一個管道，他們敏銳地意識到這一需求。

We are also continuing to add intra-basin connectivity and redundancy in both the Midland and Delaware to move residue gas from Targa plants to enhance flow assurance to get volumes from Targa assets to market. In our Central region and the Badlands volumes were sequentially flat during the quarter. Overall volumes remained steady as we are currently not seeing any material change in activity despite lower commodity prices.

我們也繼續在米德蘭和特拉華州增加盆地內的連通性和冗餘，以將殘餘氣體從 Targa 工廠轉移出來，以增強流量保證，從而將 Targa 資產的產量輸送到市場。本季中部地區和荒地的銷量連續持平。整體交易量保持穩定，因為儘管大宗商品價格較低，但我們目前沒有看到活動發生任何重大變化。

Shifting to our Logistics and Transportation segment, Targa's NGL transportation volumes were a record 537,000 barrels per day and fractionation volumes were a record 759,000 barrels per day during the first quarter.

轉向我們的物流和運輸部門，第一季 Targa 的 NGL 運輸量達到創紀錄的 537,000 桶/日，分餾量達到創紀錄的 759,000 桶/日。

With the ramp in supply volumes from our Permian systems and third parties, our Grand Prix deliveries into Mont Belvieu are currently averaging around 600,000 barrels per day with fractionation volumes currently running near capacity of around 800,000 barrels per day.

隨著我們的二疊紀系統和第三方供應量的增加，我們向 Mont Belvieu 的 Grand Prix 交付量目前平均每天約為 600,000 桶，分餾量目前接近每天約 800,000 桶的產能。

GCF will provide some much needed help when it is fully restarted in the first quarter of 2024 and we expect our Train 9 fractionator to open up highly utilized when it commences operations during the second quarter of 2024.

GCF 將在 2024 年第一季全面重啟時提供一些急需的幫助，我們預計我們的 Train 9 分餾塔在 2024 年第二季開始運作時將得到高度利用。

Our newly announced Train 10 with an in-service date of the first quarter of 2025 is expected to be much needed given the expected continued growth in our G&P business.

鑑於我們 G&P 業務的預期持續成長，我們新宣布的 10 號列車預計將於 2025 年第一季投入使用，預計將非常需要。

Turning to our LPG export business at our Galena Park facilities, we loaded an average of 11.2 million barrels per month during the first quarter as we benefited from increased demand from stronger global market conditions.

談到我們方鉛礦公園設施的液化石油氣出口業務，我們受惠於全球市場狀況走強帶來的需求增加，第一季平均每月裝載 1,120 萬桶。

Our low-cost expansion project to increase our propane loading capabilities with an incremental 1 million barrels per month of capacity remains on track for mid-2023. We are well contracted across our export facility and continue to expect that 2023 will be a record year for LPG export volumes.

我們的低成本擴建項目旨在提高丙烷裝載能力，每月增加 100 萬桶產能，預計到 2023 年中期仍將按計畫進行。我們的出口設施簽訂了良好的合同，並繼續預計 2023 年將是液化石油氣出口量創紀錄的一年。

We remain excited about the long-term outlook at Targa. Looking ahead, we continue to execute on our strategic priorities will drive increasing EBITDA, a higher common dividend and reduced common share count while maintaining leverage within our target range. We announced this morning that our Board has approved a new $1 billion common share repurchase program, which provides us with flexibility going forward to continue to be opportunistic on repurchases.

我們對 Targa 的長期前景仍然感到興奮。展望未來，我們繼續執行我們的策略重點，將推動增加 EBITDA、提高普通股股息並減少普通股數量，同時將槓桿率保持在我們的目標範圍內。今天早上我們宣布，董事會已批准一項新的 10 億美元普通股回購計劃，該計劃為我們提供了繼續在回購方面保持機會主義的靈活性。

Before I turn the call over to Jen to discuss our first quarter results in more detail, I would like to extend a thank you to the Targa team for their continued focus on safety and execution while continuing to provide best-in-class services to our customers.

在我打電話給 Jen 更詳細地討論我們第一季的業績之前，我想感謝 Targa 團隊持續專注於安全和執行，同時繼續為我們的客戶提供一流的服務。

Thanks, Matt. Good morning, everyone. Targa's reported quarterly adjusted EBITDA for the first quarter was $941 million, increasing 12% sequentially as we benefited from increased optimization opportunities in our marketing and LPG export businesses, contribution from our recent acquisition of the remaining 25% interest in our Grand Prix NGL pipeline earlier this year and higher overall system volumes despite lower commodity prices.

謝謝，馬特。大家早安。 Targa 報告的第一季季度調整後EBITDA 為9.41 億美元，環比增長12%，因為我們受益於營銷和液化石油氣出口業務優化機會的增加，以及我們最近收購了Grand Prix NGL 管道剩餘25% 權益的貢獻儘管大宗商品價格較低，但今年整體系統容量仍有所增加。

As we think about the shape of quarterly adjusted EBITDA across 2023, given the benefits of optimization opportunities in Q1 and seasonality in some of our businesses, we currently expect second quarter adjusted EBITDA to be the lowest of the year, ramping from there as our system volumes continue to grow.

當我們考慮2023 年季度調整後EBITDA 的形狀時，考慮到第一季優化機會的好處和我們某些業務的季節性，我們目前預計第二季調整後EBITDA 將是全年最低，並隨著我們的系統的成長而逐漸增加數量持續成長。

As Matt mentioned, for the first quarter, we declared a cash dividend of $0.50 per common share or $2 per share on an annualized basis, representing a 43% increase over the first quarter of 2022. Consistent with previous messaging, we expect to maintain the same quarterly dividend for the remainder of the year.

正如Matt 所提到的，我們宣布第一季現金股息為每股普通股0.50 美元，或按年化計算每股2 美元，較2022 年第一季增長43%。維持當年剩餘時間內的季度股利相同。

We also repurchased $52 million of common shares in the first quarter at a weighted average price of $71.82. As of quarter end, we had approximately $92 million remaining under our $500 million program and now also have a new $1 billion share repurchase program authorized and in place.

我們還在第一季以 71.82 美元的加權平均價格回購了 5,200 萬美元的普通股。截至季末，我們的 5 億美元計畫剩餘約 9,200 萬美元，現在也授權並實施了一項新的 10 億美元股票回購計畫。

Our full year 2023 adjusted EBITDA estimate continues to be between $3.5 billion to $3.7 billion, and we expect year-end leverage around the midpoint of our long-term target leverage ratio range of 3x to 4x.

我們對 2023 年全年調整後 EBITDA 的估計仍然在 35 億美元至 37 億美元之間，我們預計年終槓桿率約為 3 倍至 4 倍長期目標槓桿率範圍的中點。

At the end of the first quarter, our pro forma leverage ratio was approximately 3.5x. We are well hedged across all commodities for the balance of 2023 and continue to add hedges for 2024 and beyond.

第一季末，我們的預期槓桿率約為 3.5 倍。我們在 2023 年剩餘時間內對所有商品進行了良好的對沖，並在 2024 年及以後繼續增加對沖。

Coupled with our fee floor contracts, we have significantly derisked our earnings and cash flow outlook while preserving the upside when commodity prices increase. With our plans to move forward with the construction of frac Train 10 in Mont Belvieu, and acquiring long lead items for our next Permian gas plant, we now estimate 2023 growth capital spending between $2 billion and $2.2 billion. There is no change to our current year estimate for net maintenance capital spending of $175 million.

加上我們的費用底限合同，我們大大降低了盈利和現金流前景的風險，同時在大宗商品價格上漲時保持了上漲空間。隨著我們計劃推進 Mont Belvieu 壓裂列車 10 的建設，並為我們的下一個二疊紀天然氣工廠採購長期項目，我們現在估計 2023 年資本支出增長在 20 億至 22 億美元之間。我們今年對淨維護資本支出 1.75 億美元的估計沒有變化。

At quarter end, we had about $2.6 billion of available liquidity, which provides us with a lot of flexibility looking forward. Maintaining a strong investment-grade balance sheet across cycles continues to be a priority at Targa. We believe that a strong balance sheet and continued investment in high-return projects positions us to continue to prudently return an increasing amount of capital to our shareholders across cycles.

截至季末，我們擁有約 26 億美元的可用流動資金，這為我們的未來提供了巨大的靈活性。跨週期保持強勁的投資等級資產負債表仍然是 Targa 的首要任務。我們相信，強勁的資產負債表和對高回報項目的持續投資使我們能夠在各個週期中繼續審慎地向股東返還越來越多的資本。

Lastly, I'd like to echo Matt and extend a thank you to our employees for their continued focus on safety while executing on our strategic priorities. And with that, I will turn the call back over to Sanjay.

最後，我想呼應馬特，並向我們的員工表示感謝，感謝他們在執行我們的策略重點時持續關注安全。然後，我會將電話轉回桑傑。

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

謝謝，珍。對於問答環節，我們最後要求您限制為 1 個問題和 1 個後續問題，如果您還有其他問題，請重新進入佇列。貝拉，請您打開問答線好嗎？

(Operator Instructions) Our first question comes from the line of Michael Blum with Wells Fargo.

（操作員說明）我們的第一個問題來自富國銀行的麥可布魯姆（Michael Blum）。

I wanted to ask about frac Train 10. Maybe just walk us through the thought process there. It seems like there's a lot of frac capacity being added to the market right now. And at least some people are starting to talk about pressure on rates. So how much of Train 9 is contracting and how much of Train 10 would be contracted or would you need to be contracted to move forward?

我想問 frac Train 10 的情況。目前市場上似乎有大量的壓裂產能正在增加。至少有些人開始談論利率壓力。那麼 9 號列車有多少是承包的，10 號列車有多少是承包的，或者您是否需要承包才能繼續前進？

Michael, this is Scott. Our frac Train 10 will have a similar cost to our Train 9 facility. And as we stated in our remarks, Train 9 is expected to come online in the second quarter of 2024. Given the number of current plants that we have under construction in the Permian and our commence around ordering a long lead items for additional plants, we will obviously need to with fractionation capacity for the expected production stemming from our own plants.

邁克爾，這是斯科特。我們的壓裂列車 10 的成本與我們的列車 9 設施類似。正如我們在評論中所述，Train 9 預計將於 2024 年第二季度上線。能力來實現我們自己工廠的預期生產。

There have been times over the course of the last few quarters that in order to manage our inventories, the influx of volumes that are coming on to our system. There are times that we have been offloading volumes both on transportation as well as fractionation. So our belief is, is that we have a strong need for frac Train 9 as it comes online. And again, frac Train 10 is trying to stay ahead of the cadence of the number of plants that we are building on the upstream side, along with the overall growth that we're seeing from the industry.

在過去幾個季度中，為了管理我們的庫存，有時會出現大量湧入我們系統的情況。有時我們會透過運輸和分餾來卸載貨物。因此，我們相信，當 frac Train 9 上線時，我們對它有強烈的需求。同樣，壓裂列車 10 正努力保持領先於我們在上游建設的工廠數量以及我們看到的行業整體增長的節奏。

And just to add to that, Michael, this is Matt here. we see the underlying growth in our G&P business, and we're pointing that to frac Train 9, 10 and the restart of GCF. So I would suspect others as they're bringing additional fractionation on, they have volumes that they see from their customers and their contracts. We need to make sure we have sufficient fractionation capacity for our underlying G&P business so we can provide an integrated NGL service to our G&P customers.

補充一下，邁克爾，我是馬特。我們看到了 G&P 業務的潛在成長，我們將其指向壓裂系列 9、10 和 GCF 的重啟。因此，我懷疑其他人在進行額外的分餾時，他們從客戶和合約中看到了數量。我們需要確保我們有足夠的分餾能力來支持我們的 G&P 業務，以便我們能夠為 G&P 客戶提供全面的 NGL 服務。

Got it. And then I just wanted to ask about the increase in growth CapEx. It seems like you're kind of moving towards that $2 billion a year, plus or minus level. Is that a fair way to think about the run rate going forward? And if not, where do you think that does kind of long-term shake out?

知道了。然後我只想問一下成長資本支出的增加。看起來你正朝著每年 20 億美元（上下浮動）的水平邁進。這是考慮未來運行率的公平方法嗎？如果不是，您認為長期來看會產生什麼影響？

Yes. Michael, it is a little bit tough to do run rate as it does get lumpy during certain years when you have large long-haul NGL pipes, for example, that can be in and give you more runway.

是的。邁克爾，確定運行率有點困難，因為在某些年份，當您擁有大型長途 NGL 管道時，運行率確實會變得不穩定，例如，可以進入並為您提供更多跑道。

I'd also say when we made the acquisition of the North Delaware assets in the summer of last year, there was not sufficient processing capacity. So we do have a little bit of catch-up here with 5 plants being kind of brought online and ordering long lead time for 2, that's likely a little bit heavy, if you were to do a multiyear model.

我還想說，去年夏天我們收購北特拉華州資產時，處理能力不足。因此，我們確實有一點追趕，有 5 家工廠上線，並為 2 家訂購了較長的交貨時間，如果你要做一個多年模型，這可能有點重。

That said, I think we're going to continue to have strong G&P growth. We're going to be needing to continue to add plants. So it really comes down a little bit to the lumpiness of some of the larger projects and the timing of our processing plants. But with our underlying acreage position and strong producer contracts we have in the Permian as long as they keep growing, which we see for years to come, we're going to continue to invest in gathering and processing plants, expanding NGL transportation, fractionation and export. But there could be some lumpiness from year-to-year.

也就是說，我認為我們的毛利率將繼續強勁成長。我們將需要繼續添加植物。因此，這實際上在一定程度上取決於一些較大項目的混亂程度和我們加工廠的時間安排。但是，憑藉我們在二疊紀盆地的基礎面積地位和強大的生產商合同，只要它們持續增長（我們預計在未來幾年內），我們將繼續投資於收集和加工廠，擴大液化天然氣運輸、分餾和出口。但每年可能會出現一些波動。

And your next question comes from the line of Brian Reynolds with UBS.

您的下一個問題來自瑞銀集團的布萊恩雷諾茲 (Brian Reynolds)。

Maybe just touch on the return of capital outlook just given the lumpiness in CapEx over the next 2 years. We saw some buyback in the quarter with likely some dividend increases for the next few years.

考慮到未來兩年資本支出的波動性，也許只是談談資本回報前景。我們在本季看到了一些回購，未來幾年可能會增加一些股利。

So just given the rising CapEx and EBITDA outlook for the next few years from these growth projects, was kind of curious if you could discuss how Targa's balance sheet capacity moves over the next few years given that free cash flow after dividends is pretty flattish until '25.

因此，考慮到這些成長項目未來幾年資本支出和EBITDA 前景的不斷上升，我很好奇您是否可以討論Targa 的資產負債表能力在未來幾年如何變化，因為股息後的自由現金流相當平淡，直到' 25.

This is Jen, Brian. I think we have a very strong balance sheet right now sitting at the end of the quarter around the midpoint of our long-term leverage ratio target range despite making a $1 billion acquisition in the first quarter.

這是珍，布萊恩。我認為，儘管我們在第一季進行了 10 億美元的收購，但目前我們的資產負債表非常強勁，處於我們長期槓桿率目標範圍的中點附近。

And we think that our capital spending really helps to create significant long-term shareholder value and position us to be able to return an increasing amount of capital to our shareholders. As Matt described in his answer to Michael, there is some lumpiness associated with our growth capital spending, particularly around our large projects like Daytona and that means that there are some periods where we may have less free cash flow than other periods.

我們認為，我們的資本支出確實有助於創造顯著的長期股東價值，並使我們能夠向股東返還越來越多的資本。正如馬特在對邁克爾的回答中所描述的那樣，我們的成長資本支出存在一些波動，特別是像代托納這樣的大型項目，這意味著在某些時期我們的自由現金流可能比其他時期更少。

But we believe that this sets us up to continue to execute on really where we already are, which is a road map that says we will continue to maintain a really strong balance sheet. We've got increasing year-over-year EBITDA growth really as far as we can see under a variety of scenarios and then also are able to return increasing amounts of capital to our shareholders through a significantly increasing dividend and also opportunistic share repurchases. I think that's the road map that we've shown over the last couple of years, and I think that's the road map that will continue to follow going forward.

但我們相信，這使我們能夠繼續在我們已經所處的位置上執行，這是一個路線圖，表明我們將繼續保持一個非常強勁的資產負債表。據我們所知，在各種情況下，我們的 EBITDA 逐年成長，也能夠透過大幅增加股利和機會性股票回購，向股東返還越來越多的資本。我認為這就是我們在過去幾年中展示的路線圖，我認為這也是未來將繼續遵循的路線圖。

Great. Appreciate that. And as a follow-up, it just seems like Targa is using -- or going after a little bit more third-party contracts historically, it just seems like Targa was very much historically focused on its internal equity volumes for both the G&P and L&T side.

偉大的。很欣賞這一點。作為後續行動，Targa 似乎正在使用——或者歷史上尋求更多的第三方合同，Targa 似乎歷史上非常關注 G&P 和 L&T 的內部股本數量邊。

Curious if you could just opine further on some of these new third-party opportunities that you're seeing? Is it specifically on the long-haul side or G&P as well. and whether this is a business strategy shift to win new business? Or is there perhaps just more industry cooperation to maximize asset utilization.

是否想知道您是否可以對您所看到的一些新的第三方機會進一步發表看法？是專門針對長途運輸還是 G&P？這是否是為了贏得新業務而進行的商業策略轉變？或者是否可能有更多的行業合作來最大限度地提高資產利用率。

I'm not sure exactly which piece on the third party you're referring to, but let me just kind of answer it generally. Here at Targa, we try and really service our existing customers and our gathering and processing business, but we have been for years to get more acreage positions, more underlying volumes in our G&P business to continue to grow that business and then move those NGLs downstream.

我不確定您具體指的是第三方的哪一部分，但讓我籠統地回答。在Tar​​ga，我們努力真正為我們現有的客戶以及我們的收集和加工業務提供服務，但多年來我們一直在G&P 業務中獲得更多的種植面積和更多的基礎銷量，以繼續發展該業務，然後將這些NGL 轉移到下游。

So we've been very active in managing our existing contracts and going after new customers, new areas in our G&P business. And I'd say the same goes for transportation, fractionation and export and we have a lot of those volumes from G&P moving into our system. Most of those volumes have been moving more towards G&P based on our downstream side versus just third parties that are unaffiliated with G&P. That's been a trend that's been continuing.

因此，我們一直非常積極地管理現有合約並爭取新客戶和 G&P 業務的新領域。我想說，運輸、分餾和出口也是如此，我們有許多來自 G&P 的產品進入了我們的系統。其中大部分銷量更多地轉向基於我們下游的 G&P，而不是僅與不隸屬於 G&P 的第三方。這是一個一直持續的趨勢。

I don't know that that's really been changing. But that said, our downstream commercial team is still focused on trying to get new business, whether it's for Grand Prix or for our fractionators to provide that level of service for customers, whether they're our G&P customers or just downstream customers. So we're continuing that effort. I don't think that's really changed for us.

我不知道情況真的改變了。但話雖如此，我們的下游商業團隊仍然專注於嘗試獲得新業務，無論是大獎賽還是我們的分餾廠，為客戶提供這種水平的服務，無論他們是我們的 G&P 客戶還是下游客戶。因此，我們正在繼續這項努力。我認為這對我們來說並沒有真正改變。

Your next question comes from the line of Jeremy Tonet with JPMorgan.

您的下一個問題來自摩根大通的 Jeremy Tonet。

Just wanted to come back to, I guess, CapEx and how you guys think about hurdle rates and accretion. Clearly, in this market, there's greater scrutiny on all CapEx. And just wondering, even with the lower commodity prices, that I guess, if you could give us a feeling for what type of accretion you see here, where your hurdle rates stand right now? That would be very helpful.

我想只是想回到資本支出以及你們如何看待最低資本回報率和增值。顯然，在這個市場上，所有資本支出都受到更嚴格的審查。我只是想知道，即使大宗商品價格較低，您能否讓我們了解一下您在這裡看到的增長類型以及您目前的最低門檻水平？這將非常有幫助。

Jeremy, this is Jen. We put an ROIC slide in our February materials, partially just to very explicitly highlight just how well, we believe we've been able to invest over the last several years, particularly in projects and opportunities that we consider core. And the spending that we've announced this morning with our frac Train 10 and also additional spending around another Permian gas plant is core.

傑里米，這是珍。我們在二月的材料中放置了投資回報率幻燈片，部分原因是為了非常明確地強調我們相信我們在過去幾年中能夠進行投資，特別是在我們認為核心的項目和機會上。我們今天早上宣布的 10 號壓裂列車支出以及圍繞另一個二疊紀天然氣工廠的額外支出是核心。

Just like the spending that we're already doing for additional gas plants, fractionation and NGL transportation is core to us. So I wouldn't say that our hurdle rate has really shifted. Continues to be, call it, 5x to 7x. I think that we have been able to execute better than that, partially because our assets are so well utilized when they come online. It feels like we're almost behind every time a new asset comes online. So it's base loaded very quickly, which creates incremental more incremental returns that accrue to us more quickly than maybe before when we grew into our capacity, maybe a little bit more slowly.

就像我們已經為額外的天然氣工廠支出一樣，分餾和液化天然氣運輸是我們的核心。所以我不會說我們的門檻率真的改變了。繼續是，稱之為，5 倍到 7 倍。我認為我們能夠執行得更好，部分原因是我們的資產上線後得到了很好的利用。每次新資產上線時，我們都覺得自己幾乎落後了。因此，它的基礎加載速度非常快，這會創造更多的增量回報，當我們成長到我們的能力時，這些回報可能比以前更快，也許會更慢一些。

So I'd say that we continue to look at each and every opportunity and try to really scrub our capital spend plan are in a cycle right now where we are spending a little bit more and partially, that is a result of the lumpiness of some of our bigger projects. But ultimately, it's really across our core value chain, and we believe it's going to generate significant incremental returns for Targa and for our shareholders.

因此，我想說，我們將繼續關注每一個機會，並嘗試真正清理我們的資本支出計劃，目前我們正處於一個循環中，我們的支出更多且部分，這是由於某些方面的混亂造成的。但最終，它確實貫穿了我們的核心價值鏈，我們相信它將為 Targa 和我們的股東帶來顯著的增量回報。

To the extent that we get into an environment where we see producer activities slow down, I think we've demonstrated a track record where we've rationalized spending before. When you think about our 2020 spending of $600 million, 2021 spending of just a little bit over $400 million. We clearly have executed previously, where if activity levels are lower, we rationalize our spend.

在我們進入生產者活動放緩的環境中，我認為我們已經展示了我們之前合理化支出的記錄。想想我們 2020 年的支出為 6 億美元，2021 年的支出略高於 4 億美元。我們之前顯然已經執行過，如果活動量較低，我們就會合理化我們的支出。

Currently, we just have a lot of expectations given the strength of the producers underlying our G&P systems for significant incremental volume growth. And that's going to necessitate a digital volumes across both our G&P and logistics and transportation footprints.

目前，鑑於我們 G&P 系統背後的生產商的實力，我們對銷售的顯著增量成長抱有很大的期望。這將需要我們的 G&P 以及物流和運輸足跡都數位化。

Got it. That's very helpful there. And then just wanted to dive in a little bit more on reaffirming the guidance here even with the big move in commodity prices. Just wondering if you could provide a little bit more color on some of the offset there.

知道了。這非常有幫助。然後，即使大宗商品價格大幅波動，我也想進一步重申此處的指導。只是想知道你是否可以在一些偏移上提供更多的顏色。

Just wondering how you're tracking versus the 10% Permian growth is, you outlined there are better than that? And then also just LPG export trends seem pretty robust as well. So wondering if you could just help us think through some of those tailwinds.

只是想知道您如何追蹤二疊紀 10% 的成長率，您概述了還有比這更好的嗎？此外，液化石油氣出口趨勢似乎也相當強勁。所以想知道您是否可以幫助我們思考其中的一些順風因素。

We now have 1 quarter under our belt, so it's always easier to affirm guidance when part of it is already accounted for. And I think Q1 was a really strong quarter for us across the board. Record volumes in a number of different areas, and our employees also did an excellent job of optimizing our assets and generating additional opportunities from our footprint.

我們現在已經掌握了 1 個季度的數據，因此當已經考慮到其中的一部分時，確認指導總是更容易。我認為第一季對我們來說是一個非常強勁的季度。在許多不同領域都創下了記錄，我們的員工在優化我們的資產和從我們的足跡中創造更多機會方面也做得非常出色。

So as we look out at the rest of the year, prices are lower, but I think we continue to see and expect excellent volume growth, again, really across all of our assets. And that's really what is underpinning our reaffirmation of our guidance despite lower prices.

因此，當我們展望今年剩餘時間時，價格會下降，但我認為我們將繼續看到並預計我們所有資產的銷售都會出現出色的成長。儘管價格較低，這確實是我們重申指導方針的基礎。

Your next question comes from the line of Tristan Richardson with Scotia Bank.

您的下一個問題來自豐業銀行的 Tristan Richardson。

Appreciate it, Matt. Maybe just a question on the residue side. You talked a little bit about Apex. Obviously, this is very early days here and really just emphasize the longer-term need for residue at a high level, but maybe kind of curious what this could look like in terms of potential end market destinations.

欣賞它，馬特。也許只是殘留物方面的問題。您談到了一點 Apex。顯然，現在還處於早期階段，實際上只是強調對高水平殘留物的長期需求，但也許有點好奇這在潛在的終端市場目的地方面會是什麼樣子。

Maybe just a little bit more detail on what the preliminary plans for this look like, maybe timing, capital, et cetera? And just thinking about is this a project that you guys are full speed ahead on or really just exploring potential options?

也許只是關於初步計劃的更多細節，也許是時間、資本等等？想一想，這是一個你們正在全速推進的項目，還是只是在探索潛在的選擇？

Yes. Thanks, Tristan. Good question. What really underlines or underlies our overall strategy for residue is to make sure that there's takeaway. And so we want to support whether it's this Apex pipeline or others, we want to make sure that there's takeaway. We have a lot of volumes in the Permian, a lot of plants coming online.

是的。謝謝，特里斯坦。好問題。真正強調或支撐我們的殘留物整體策略的是確保有外帶。因此，無論是 Apex 管道還是其他管道，我們都希望提供支持，我們希望確保有收穫。我們在二疊紀有很多產量，很多工廠都在上線。

So for us to be able to charge a processing feeing as a liquids down Grand Prix and into our frac, we need to make sure we're processing those volumes. We need to make sure that there's residue takeaway. So we are working -- we're doing some preliminary work on Apex. We're also talking to other customers. But I'm going to turn it over to Bobby just to talk a little bit more about that project and what we're thinking there.

因此，為了使我們能夠在大獎賽中以液體形式收取加工費並進入我們的壓裂，我們需要確保我們正在處理這些量。我們需要確保有殘留外帶。所以我們正在努力——我們正在為 Apex 做一些初步工作。我們也在與其他客戶交談。但我將把它交給鮑比，只是為了更多地談論這個項目以及我們在那裡的想法。

Yes. So this is Bobby. At the end of day, what we want to see is we want to see all the residue move out of the Permian Basin. So whether it's on a pipeline like Apex or a third-party pipeline or 1 that we're a part of. We'll just be excited to see pipelines go. And then as we think about what Apex could look like if it did go, we ultimately have no shortage of residue supply to put to a pipe between us and our customers.

是的。這就是鮑比。歸根究底，我們希望看到的是所有殘留物都被移出二疊紀盆地。因此，無論是在 Apex 等管道上，還是在第三方管道上，或是我們參與的 1 管道上。我們會很高興看到管道開通。然後，當我們思考 Apex 如果真的運行時會是什麼樣子時，我們最終不會缺少殘留物供應，可以將其添加到我們和客戶之間的管道中。

And I think everybody knows what's going on with the market down there in that general vicinity of the state with LNG and other demand coming off. So as we think about that, the potential for that project to come together at some point in the future, kind of goes to what happens with other pipes what we end up doing on other pipes versus Apex and then what the market does down there and how it develops. Taking these things all up is a fairly complicated process.

我想每個人都知道該州附近的市場正在發生什麼，液化天然氣和其他需求正在下降。因此，當我們思考這一點時，該項目在未來某個時候整合的潛力，有點取決於其他管道會發生什麼，我們最終在其他管道上與 Apex 相比會做什麼，然後市場在那裡做什麼，它是如何發展的。把這些事情全部考慮進去是一個相當複雜的過程。

And we just want to make sure that there are options out there that we can execute on to make sure the residue flows, whether it's the pipe in '26 that will be needed or a pipe that's needed in '28 as all those facilities down there in the Sabine River corridor come online and have a very strong demand for gas.

我們只是想確保我們可以執行一些選項來確保殘留物的流動，無論是 26 年需要的管道還是 28 年需要的管道，因為那裡的所有設施薩賓河走廊上線後，對天然氣的需求非常旺盛。

Appreciate it, Bobby. And then maybe just a follow-up. I think we all know the scale and the quality of your customers, both in the Midland and the Delaware. But maybe curious to the extent you're seeing any discussion of change in development plans or responding to price signals in the market, even if it's at the margin and on very small customers, but just any comments on maybe the long tail there.

很欣賞它，鮑比。然後也許只是後續行動。我想我們都知道米德蘭和特拉華州客戶的規模和品質。但也許你會好奇，你會看到任何有關開發計劃變化或對市場價格信號做出反應的討論，即使是在邊際和非常小的客戶身上，但只是對可能存在的長尾的任何評論。

Yes. This is Pat. Really, we haven't had any change in activity. Activity levels remain high, rigs are running on acreage all around our system, on our system. We haven't -- the big guys obviously are disciplined. They tell you guys what they're going to do, and they continue to execute on their plans.

是的。這是帕特。確實，我們的活動沒有任何改變。活動水平仍然很高，鑽孔機在我們系統周圍的區域運行。我們沒有——大公司顯然是有紀律的。他們告訴你們他們要做什麼，然後他們繼續執行他們的計劃。

Some of them are a little more backloaded this year than in previous years. But the rigs are running, the wells are getting drilled. The little guys, frankly, we haven't seen any change in activity there yet either. They continue to be very active, and we're bringing on a lot of incremental volumes for the median and smaller guys.

其中一些今年的積壓量比往年要多一些。但鑽機正在運行，油井正在鑽探。小傢伙們，坦白說，我們還沒有看到那裡的活動有任何變化。他們仍然非常活躍，我們正在為中型和小型企業帶來大量增量。

So to date, we have not seen a change in activity levels are high.

所以到目前為止，我們還沒有看到活動水準發生高變化。

Your next question comes from the line of Theresa Chen with Barclays.

你的下一個問題來自巴克萊銀行的Theresa Chen。

On frac 10, in terms of the time line, that seems to match with when you may be able to move over some of the Y-grade volumes coming off with the legacy (inaudible) processing plants onto your own system. Now that you've had these assets under your belt for some time, can you give us a sense of when do you expect that to ramp up higher in the cadence.

在壓裂 10 上，就時間軸而言，這似乎與您能夠將遺留（聽不清楚）加工廠產生的一些 Y 級卷轉移到您自己的系統上的時間相匹配。既然您已經擁有這些資產一段時間了，您能否告訴我們您預計什麼時候會加快節奏。

Yes. Sure. Theresa, it's Matt. For frac train, whether it's 9, 10 or GCF, we really see that our underlying G&P business and continued volume growth and just execution from our producer customers. We do have some contracts that roll-off from time to time. Those are -- most of those are T&F where it'd be more transportation and fractionation. So between now and 2025, we do have some of those. But the lion's share of the need for frac Train 10 is just from underlying continued activity from our producers in our G&P business.

是的。當然。特蕾莎，是馬特。對於壓裂系列，無論是 9、10 還是 GCF，我們確實看到了我們的基礎 G&P 業務和持續的銷售成長以及我們生產商客戶的執行力。我們確實有一些不時延期的合約。其中大部分是 T&F，其中需要更多的運輸和分餾。因此，從現在到 2025 年，我們確實擁有其中一些。但壓裂系列 10 的大部分需求僅來自我們 G&P 業務生產商的持續活動。

Got it. And then in terms of capital allocation and on the buybacks specifically, I understand that you don't have a programmatic approach to this, and it's more on an opportunistic basis.

知道了。然後在資本配置和具體的回購方面，我知道你們沒有一個程序化的方法，而且更多的是基於機會主義。

But just given the volatility in the dislocation in the market we saw during the first quarter, was there a reason why you didn't want to utilize this tool kit -- this tool in your toolkit more?

但考慮到我們在第一季看到的市場混亂的波動性，您是否有理由不想更多地利用這個工具包——您工具包中的這個工具？

Theresa, this is Jen. You saw us partially utilize the tool by buying a little bit more than $50 million in the first quarter. We also made a $1 billion acquisition of our remaining interest in Grand Prix during the quarter. So part of what we're just trying to balance each and every quarter and then annually is just our spending requirements, whether that be a result of acquisition activity, like in the case of Q1 with the Grand Prix acquisition or other capital spending with the opportunities that we see in the market.

特蕾莎，這是珍。您看到我們在第一季購買了略多於 5000 萬美元的資金，部分地利用了該工具。本季我們也斥資 10 億美元收購了 Grand Prix 的剩餘權益。因此，我們只是試圖平衡每個季度和每年的支出需求，無論這是收購活動的結果，例如第一季度收購大獎賽的情況，還是收購其他資本支出的情況。

And we were able to step in, we believe, when given the opportunity in Q1 in a manner that we are very comfortable with.

我們相信，當第一季有機會時，我們能夠以一種我們非常滿意的方式介入。

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

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

I wanted to start on the NGL and gas marketing for the quarter. I mean it looks just based on the percentage of margin like a record quarter for the company. So can you talk a little more to the types of activities? I guess did you fully anticipate the strength you saw this quarter as of the last call? Or did you see more opportunities in March? And then just overall expectations for the rest of the year, should we assume you kind of go back to normal on marketing? Or are you continuing to see opportunities to do better?

我想開始本季的液化天然氣和天然氣行銷。我的意思是，它看起來只是基於利潤百分比，就像公司創紀錄的季度一樣。那麼您能多談談活動的類型嗎？我想您是否完全預料到了上次通話時本季的強勁表現？還是你在三月看到了更多的機會？然後是對今年剩餘時間的整體預期，我們是否應該假設您的行銷工作恢復正常？還是您繼續看到做得更好的機會？

Yes. Sure. Keith, I'd say when we gave our guidance, part of that was already factored in. The guidance was given in February, we already had some of those seasonal opportunities, I'd say, and saw the strong LPG export market. We really had good performance across traditional kind of NGL marketing, gas marketing and LPG exports, part of which was known when we gave the guidance. So that was factored in to some extent.

是的。當然。基思，我想說，當我們給出指導時，其中一部分已經考慮在內。氣出口市場。我們在傳統的液化天然氣行銷、天然氣行銷和液化石油氣出口方面確實取得了良好的業績，其中一部分在我們提供指導時就已經知道了。所以這在某種程度上是被考慮的。

As we go forward, I'd say we do see kind of a more normalized level as we go throughout the year. That's why Jen kind of pointed to a weaker Q2. So I think Q2 is going to be a little bit weaker. We don't see those kind of outsized opportunities that we saw in Q1, but kind of more normalized as we move throughout the year.

隨著我們的前進，我想說，隨著全年的發展，我們確實會看到一種更正常化的水平。這就是為什麼 Jen 指出第二季較弱。所以我認為第二季會有點弱。我們沒有看到第一季看到的那種巨大的機會，但隨著我們全年的發展，這種機會變得更加正常化。

Great. And then I guess just on the frac capacity. So I think you said in your prepared remarks, you were already at 800,000 a day recently, which I think is your capacity and then you reactivate GCF early next year.

偉大的。然後我猜只是壓裂能力。所以我想你在準備好的發言中說過，你最近已經達到了每天80萬，我認為這是你的能力，然後你在明年初重新啟動GCF。

So can you still grow frac volumes within your system over the balance of the year? Or are you at a point where you need to start offloading a little more already into the second half of the year?

那麼，在今年剩下的時間裡，您的系統內的壓裂量還能增加嗎？或者你已經到了下半年就需要開始減少一些負擔了？

Yes. We do have the ability to grow more. So we said we're around 800. We can do low 800s of Y-grade at Bellevue. We also have our Lake Charles frac, which we can push some more volumes over there. And we do have ability to push volumes to other fracs. And in any given month, we're unloading and offloading back and forth between different players in Bellevue for different reasons.

是的。我們確實有能力實現更多成長。所以我們說我們在 800 左右。我們還有查爾斯湖壓裂，我們可以在那裡增加更多產量。我們確實有能力將產量推向其他壓裂。在任何給定的月份，我們都會因為不同的原因在貝爾維尤的不同玩家之間來回卸載。

So we feel good about being able to handle all of our volumes between now and when GCF comes on the first part of next year, and then we'll get even more relief when Train 9 comes on. But that gives us comfort that we're going to have volumes for our GCF startup and when it comes on.

因此，我們對從現在到明年上半年 GCF 上線時能夠處理所有的流量感到很高興，然後當 Train 9 上線時我們會得到更多的緩解。但這讓我們感到欣慰的是，我們的 GCF 新創公司以及當它啟動時將會有大量的產品。

Your next question comes from the line of Colton Bean with TPH & Co.

您的下一個問題來自 Colton Bean 與 TPH & Co 的產品線。

Matt, I thought I heard you reference securing long lead items on 2 additional plants. So first, I wanted to verify the plural versus singular there. And then any comments on the planning horizon and how you see potential constraints shaping up across your Midland and Delaware footprint?

馬特，我想我聽到你提到在另外兩個工廠上保護長鉛計畫。所以首先，我想驗證那裡的複數與單數。然後對規劃範圍有何評論，以及您如何看待米德蘭和特拉華州足跡中潛在的限制？

Sure. Yes, you did hear that correctly. Last call, we talked about long lead items for 1 plant. Now we're securing long lead items for 2 plants. So I'd expect us to be greenlighting 1 or both of those plants relatively shortly. So we're kind of signaling that. In terms of constraints, we have had really strong performance. We kind of gave those updates here where we are currently running.

當然。是的，你沒聽錯。上次通話，我們討論了一家工廠的長交貨期項目。現在我們正在為兩家工廠爭取長交貨期的產品。因此，我預計我們會在相對較短的時間內批准其中一個或兩個工廠。所以我們正在發出這樣的訊號。就限製而言，我們的表現非常強勁。我們在目前正在運行的地方提供了這些更新。

We have enough capacity to handle our volumes from processing and transport and frac, but that is why we're adding more capacity along kind of that whole value chain as we see continued growth through the rest of this year, we think it really sets us up for a strong 2024 as our volumes really ramp through the back half of the year, and we'll have more capacity coming on in 2024.

我們有足夠的能力來處理來自加工、運輸和壓裂的產量，但這就是為什麼我們在整個價值鏈上增加更多的能力，因為我們看到今年剩餘時間的持續增長，我們認為這確實讓我們為2024 年的強勁表現做好準備，因為我們的銷量在今年下半年確實有所增加，並且我們將在2024 年投入更多產能。

For gathering and processing, I'd say it's getting pretty tight on the processing side in both the Delaware and the Midland. The good thing about our plants and just the way our engineering teams have designed these is we have stretched above nameplate. So we're putting in 275 million a day plants. So even when we're at capacity, we can stretch up on these plants and go to, call it, 300 or so on most of these plants. So that gives us good flexibility and we've got gross capacity of almost 6 Bcf a day out there.

對於收集和處理，我想說特拉華州和米德蘭的處理方面都變得非常緊張。我們的工廠以及我們的工程團隊設計這些工廠的方式的好處是我們已經超越了銘牌。所以我們每天要種植 2.75 億株植物。因此，即使我們的產能已滿，我們也可以在這些工廠上擴展，並將其稱為 300 家左右，其中大多數工廠都是如此。因此，這為我們提供了良好的靈活性，我們每天的總產能接近 6 Bcf。

So if you can move that 10% it gives you a pretty good flex on the processing side. Then on the NGL side, we've been adding pumps on Grand Prix. That's giving us some running room, but that's why we're adding Daytona as we see pretty good line of sight to needing that when that comes on, and then we've talked about the frac expansions. I'd say the other piece that we're looking at. We have an expansion coming on in the export business this summer, 1 million barrels a month of propane loading. That is our next one.

因此，如果你能移動這 10%，它就會在處理方面為你帶來相當好的靈活性。然後在 NGL 方面，我們在大獎賽上添加了泵。這給了我們一些運行空間，但這就是我們添加代托納的原因，因為我們看到在出現代托納時需要它的視線非常好，然後我們討論了壓裂擴展。我想說的是我們正在看的另一件作品。今年夏天我們將擴大出口業務，每月裝載 100 萬桶丙烷。那是我們的下一個。

We're taking a hard look at and trying to determine for us what the right next project is for us. So we're still kind of working through that with engineering operations and just timing of our overall volumes when we may need further export expansion.

我們正在仔細研究並嘗試確定下一個項目適合我們。因此，我們仍在透過工程營運來解決這個問題，並在我們可能需要進一步擴大出口時調整我們的總量。

Great. And just in terms of planning horizon, I think the latest dated plant we've got right now is Roadrunner 2 and kind of mid-'24. So should we think about these as being biased to the back half of '24, maybe early '25?

偉大的。就規劃期限而言，我認為我們現在擁有的最新植物是走鵑 2，大概是 24 年中期的植物。那麼我們是否應該認為這些數據偏向 24 世紀後半葉，也許是 25 年初？

Yes, that's probably reasonable. Yes.

是的，這可能是合理的。是的。

Great. And then just back on the power supply issues you saw at Legacy II. I guess, one, can you expand on that? And then two, do you see any additional timing risk to ERCOT interconnects as you move toward completion on your other plants?

偉大的。然後回到您在 Legacy II 中看到的電源問題。我想，第一，你能擴充一下嗎？第二個問題是，當您的其他工廠即將完工時，您是否認為 ERCOT 互連有任何額外的時序風險？

Yes. So we have Legacy I there already. So we're able to -- using the existing infrastructure. We had some extra capacity, which is why we're running Legacy I is kind of in that, it has the ability to be about 100 million a day. If you load up legacy I, we can load Legacy II to about $100 million or so a day. that should be -- we should have all the electricity work done, the infrastructure done later this quarter.

是的。所以我們已經有了 Legacy I。所以我們能夠——使用現有的基礎設施。我們有一些額外的容量，這就是我們運行 Legacy I 的原因，它每天的容量約為 1 億。如果你加載 Legacy I，我們每天可以加載 Legacy II 大約 1 億美元左右。那應該是——我們應該在本季稍後完成所有電力工作和基礎設施建設。

So we'll have full access to the full $275 million. That is 1 of our timing constraints as we're putting in future plants. That tends to be 1 of the longer lead items to get put in place is the infrastructure. These plants that we're putting in I mean the last 12 or so plants we put in have all been electric. And it just takes time to get all that situated as it's a very large electric load.

因此，我們將完全獲得 2.75 億美元的資金。這是我們建造未來工廠的時間限制之一。基礎設施往往是需要到位的較長週期專案之一。我們投入的這些工廠是指我們投入的最後 12 座左右的工廠都是電動的。由於電力負載非常大，因此需要時間來完成所有工作。

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

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

So when I look at processing ads in Permian, it seems like 1 to 1.2 Bcf per day of total processing adds you're going through end of 2024. I was curious if you know out of that, how much visibility you have on the residue gas take away just as a ballpark page?

因此，當我查看二疊紀的處理廣告時，到 2024 年底，每天的總處理量似乎會增加 1 到 1.2 Bcf。頁面？

Yes. So for the plants that we're putting in, we are connecting to various residue outlets to make sure we have transport intra-basin to Waha that we can then get to market from there. So we'll have connectivity within the Permian Basin for those plants. And then it really just goes to the broader basin is their takeaway out of the basin and what does that look like?

是的。因此，對於我們正在建造的工廠，我們正在連接到各個殘渣出口，以確保我們可以將流域內的貨物運送到瓦哈，然後我們可以從那裡進入市場。因此，我們將為這些工廠在二疊紀盆地內建立連結。然後它真的只是進入更廣闊的盆地，這是他們從盆地中取出的東西，那是什麼樣子的？

We have some compression expansions coming on. We have a long-haul pipes coming on mid next year, which should provide some relief. So it feels like when the long-haul pipe comes on next year, we'll have some runway. But that's why, as Bobby talked about, we're beginning -- we've begun work and discussions on Apex and what this next pipeline is after Matterhorn.

我們正在進行一些壓縮擴展。我們將於明年中期鋪設一條長途管道，這應該會帶來一些緩解。所以感覺當明年長途管道開通時，我們就會有一些跑道。但這就是為什麼，正如鮑比所說，我們正在開始——我們已經開始對 Apex 以及馬特洪峰之後的下一條管道進行工作和討論。

Got it. And my second question was a bit more longer term. Where do you see the balance sheet in terms of credit ratings over the medium to long term. I think some of your competitors kind of looked at shoring up ratings to mid BBB. Is that the thought process with your team also.

知道了。我的第二個問題是一個更長遠的問題。您如何看待資產負債表的中長期信用評等？我認為你們的一些競爭對手正在考慮將收視率提高到中等 BBB。您的團隊也是這樣的思考過程嗎？

Sunil, this is Jen. I think that ideally we'd like to be at least a mid BBB company. And right now, we're sitting 1 notch lower than that. I think that we have a very strong balance sheet right now. So we're really comfortable with where our leverage ratio is today and the trajectory of that leverage ratio.

蘇尼爾，這是珍。我認為理想情況下我們至少希望成為一家中等 BBB 的公司。而現在，我們的排名比這個低了 1 個檔次。我認為我們現在的資產負債表非常強勁。因此，我們對目前的槓桿率及其軌跡感到非常滿意。

So ultimately, we believe that we'll continue to execute as we have historically, which is execute across all dimensions of our business plan and then the ratings will be a result of that execution. But I would expect as we continue to manage through this year and into next year and our leverage ratio continues to improve, we'll be looking to inquire about a potential upgrade with the agencies.

因此，最終，我們相信我們將繼續像歷史上那樣執行，即在我們業務計劃的所有方面執行，然後評級將是執行的結果。但我預計，隨著我們今年和明年的繼續管理，以及我們的槓桿率不斷提高，我們將尋求向各機構詢問潛在的升級。

And your last question comes from the line of Neal Dingmann with Truist securities.

你的最後一個問題來自 Neal Dingmann 與 Truist 證券的關係。

This is Jake Nivasch for Neal. Thank you for the question, to squeeze me in here. I know we've touched on this a couple of times, but I just want to go back to the EBITDA guide for the year. I know you end-to-end marketing specifically. So I know you guys said marketing was, I guess, a little bit stronger than expected to some extent and that is going to be normalized for the rest of the year. And so given the fact that you also said that volume growth is looking strong for the remainder of the year as well.

我是尼爾的傑克·尼瓦什。謝謝你的提問，把我擠到這裡來。我知道我們已經多次談到這個問題，但我只想回到今年的 EBITDA 指南。我特別了解你們的端到端行銷。所以我知道你們說行銷在某種程度上比預期要強一些，這將在今年剩餘時間正常化。鑑於您也表示，今年剩餘時間銷售成長看起來也很強勁。

Just trying to figure out, is there -- does this mean there's upside to the maintained EBITDA guide, given that 1Q strength in marketing? And I said that because I see a bullet in the slide deck that cites higher marketing and optimization, which I don't think was there prior. So just trying to get a sense of, I guess, what implications are there?

只是想弄清楚，考慮到第一季的行銷實力，這是否意味著維持的 EBITDA 指南有上升空間？我這麼說是因為我在幻燈片中看到了一個項目符號，其中引用了更高的行銷和優化，而我認為之前沒有。所以我想只是想了解一下這其中有什麼影響？

I think as we think about balance of the year, there's always the potential for additional upside in terms of higher commodity prices, if volumes exceed our expectation. If we see more optimization opportunities or if we've got commercial success beyond what we've already got baked into our forecast and that materializes this year. So we'll have to see how the rest of the year plays out. But certainly, you're hopefully hearing our excitement, not only that we have a really strong Q1 under our belt, but also that our outlook is as strong as it is. But we'll have to see what happens with prices and ultimately when volumes materialize. And if we see more volumes than we expect our volumes ramp a little bit more slowly than we expect.

我認為，當我們考慮今年的餘額時，如果交易量超出我們的預期，大宗商品價格上漲總是有可能帶來額外的上漲空間。如果我們看到更多的優化機會，或者我們取得的商業成功超出了我們已經納入預測的範圍，並且今年會實現。因此，我們必須看看今年剩餘時間的情況如何。但當然，您希望聽到我們的興奮，不僅因為我們擁有非常強勁的第一季度，而且我們的前景也同樣強勁。但我們必須看看價格會發生什麼變化，以及最終銷售何時實現。如果我們看到的銷售量比我們預期的要多，那麼我們的銷售成長速度就會比我們預期的慢一些。

And I see no further questions at this time. I will now turn the call back over to Sanjay Lad.

目前我沒有看到更多問題。我現在將把電話轉回給 Sanjay Lad。

Thanks, 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. Thanks, and have a great day.

謝謝今天早上參加電話會議的所有人，我們感謝您對 Targa Resources 的興趣。 IR 團隊將隨時解答您可能遇到的任何後續問題。謝謝，祝你有美好的一天。

This concludes today's conference call. Thank you for your participation. You may now disconnect. Have a good day.

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。祝你有美好的一天。