Targa Resources Corp (TRGP) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Targa Resources Corp.'s third-quarter 2024 earnings webcast and presentation. (Operator Instructions)

女士們、先生們，感謝你們的支持。歡迎收聽 Targa Resources Corp. 2024 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 like now to turn the conference over to Tristan Richardson, Vice President, Investor Relations and Fundamentals. Please go ahead, sir.

請注意，今天的會議正在錄音。現在，我想將會議交給投資者關係和基本面副總裁特里斯坦·理查森 (Tristan Richardson)。先生，請繼續。

Thank you, Michelle. Good morning, and welcome to the third-quarter 2024 earnings call for Targa Resources Corp.

謝謝你，米歇爾。早安，歡迎參加 Targa Resources Corp 2024 年第三季財報電話會議。

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.

隨我們電話會議發布的 Targa Resources 第三季財報及第三季收益補充報告可在我們網站 targaresources.com 的「投資者」部分查閱。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's 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.

本次電話會議中所作的可能包括 Targa 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。實際結果可能與前瞻性陳述中的預測有重大差異。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; Jen Kneale, President, Finance and Administration; and Will Byers, 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 Matt Meloy； Jen Kneale，財務與行政總裁；以及財務長威爾·拜爾斯（Will Byers）。此外，以下高階管理團隊成員將參與問答：收集和處理總裁 Pat McDonie；普賴爾 (Scott Pryor)，物流與運輸總裁；以及首席商務官Bobby Muraro。

I'll now turn the call over to Matt.

我現在將電話轉給馬特。

Thanks, Tristan, and good morning to everyone. Before we get started, I want to welcome Tristan Richardson to Targa. Tristan will be leading our Investor Relations and Fundamentals functions after previously working in energy sell-side research for the last 13 years. With Tristan and Sanjay, we are in excellent position to continue to support our investors, analysts, and potential investors with our best-in-class team.

謝謝，特里斯坦，大家早安。在我們開始之前，我想歡迎 Tristan Richardson 來到 Targa。特里斯坦 (Tristan) 從事能源賣方研究工作已有 13 年，他將領導我們的投資者關係和基本面職能。有了 Tristan 和 Sanjay，我們就能以我們最優秀的團隊繼續為我們的投資者、分析師和潛在投資者提供支援。

The third quarter was very strong on a number of fronts, record volumes, record adjusted EBITDA, and continued execution across our footprint, which sets us up well for the balance of this year and provides a lot of momentum as we turn to 2025.

第三季在多個方面都表現強勁，創下了銷售記錄，調整後EBITDA 創下了歷史新高，並且在我們的整個業務範圍內持續執行，這為我們今年的平衡做好了準備，並為我們邁向2025 年提供了巨大的動力。

Given our outperformance through the first nine months of the year, we expect to beat the high end of our previously provided adjusted EBITDA range, which means more than $500 million of year-over-year growth, exceeding the midpoint of our initially provided guidance range for 2024 by more than $250 million.

鑑於我們今年前九個月的出色表現，我們預計將超過我們之前提供的調整後 EBITDA 範圍的高端，這意味著同比增長超過 5 億美元，超過我們最初提供的指導範圍的中點到2024 年將增加2.5 億美元以上。

Over the past several years, we have deliberately taken steps to successfully position Targa across volatile markets, and we are benefiting from those steps.

在過去幾年中，我們已採取一系列措施，確保 Targa 在動盪的市場中佔據有利地位，並且我們從這些措施中獲益匪淺。

We have largely removed exposure to downside commodity prices, with 90% of our margin now fee-based or supported by fee floor contracts. We have continued to invest in growth capital and attractive opportunities with best-in-class customers with a focus on deals that allow us to move volumes all the way through our integrated system. We have significantly strengthened our balance sheet and are now a strong investment-grade credit across all three agencies.

我們已基本消除了大宗商品價格下跌帶來的風險，目前 90% 的保證金都是基於費用或由費用下限合約支持的。我們持續投資於成長資本和與一流客戶合作的誘人機會，專注於那些允許我們在整個整合系統中轉移交易的交易。我們的資產負債表已顯著增強，目前已在所有三個機構中獲得了強勁的投資等級信用評級。

We have returned an increasing amount of capital to our shareholders while maintaining financial flexibility. We believe that these important steps enhance our abilities to generate attractive returns for our shareholders across commodity price cycles. Our excitement around Targa's short, medium, and long-term outlook begins with our Permian position, and there are a lot of good things going on there.

我們在保持財務彈性的同時，向股東返還了越來越多的資本。我們相信，這些重要措施增強了我們在整個商品價格週期中為股東創造可觀回報的能力。我們對 Targa 的短期、中期和長期前景的興奮始於我們的二疊紀立場，那裡發生了很多好事。

Our new plants have continued to come online, essentially full and given our expectation that our plans in progress will do the same. Today, we announced that we are moving forward with our next two new Permian plants in response to higher anticipated growth we are seeing and to ensure we keep pace with our producers. We are continuing to enhance our sour gas treating position in the Delaware Basin with additional investments in front-end treating and AGI infrastructure.

我們的新工廠持續投產，基本上處於滿載狀態，我們預期正在進行的計劃也將保持相同的產量。今天，我們宣布，我們將推進接下來的兩家新的二疊紀工廠的建設，以應對我們所看到的更高的預期成長，並確保與生產商保持同步。我們將透過對前端處理和 AGI 基礎設施的額外投資，繼續增強我們在特拉華盆地的酸性氣體處理地位。

Our new 800 million cubic feet per day sour gas treater and injection well comes online in early 2025 at our Bull Moose complex, which, along with our current six active acid gas injection wells, will increase our treating capacity to over 2.3 billion cubic feet per day in the Delaware.

我們新的8 億立方英尺/天酸性氣體處理裝置和注入井將於2025 年初在Bull Moose 綜合設施上線，加上我們目前的6 口酸性氣體注入井，我們的處理能力將提高到超過23 億立方英尺/天。

Additionally, we are utilizing and enhancing existing infrastructure to capture and sequester CO2 in the Permian, and we'll be accruing some 45Q tax credits in the fourth quarter of this year and increasing over time.

此外，我們正在利用和加強現有的基礎設施來捕獲和封存二疊紀盆地的二氧化碳，並且我們將在今年第四季度累積約45Q 的稅收抵免，並且這一數額將隨著時間的推移而增加。

Our Permian growth drives increasing volumes through our downstream assets. Daytona was much needed when it came online. Train 9 has been full since it came online. And Train 10 and GCF are much needed and will be highly utilized. Our premier Permian supply aggregation position, coupled with our integrated NGL system, positions us nicely to continue to generate strong returns on our invested capital and be able to continue to return increasing capital to our shareholders over time.

我們的二疊紀成長透過下游資產推動了產量的增加。當 Daytona 上線時，它非常受歡迎。9號列車自投入營運以來一直滿載。並且 Train 10 和 GCF 非常需要並且將充分利用。我們首屈一指的二疊紀供應聚集地位，加上我們一體化的NGL 系統，使我們能夠繼續為所投資的資本產生強勁的回報，並能夠隨著時間的推移繼續為我們的股東帶來越來越多的資本回報。

Before I turn the call over to Jen to discuss operations and capital allocation 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 service and reliability to our customers. The growth we are experiencing requires a lot of coordination across our organization, and we are proud of our employees.

在我將電話轉給 Jen 詳細討論營運和資本配置之前，我想感謝 Targa 團隊持續專注於安全和執行，同時繼續提供一流的服務和可靠性對我們的客戶。我們正在經歷的成長需要整個組織的大量協調，我們為我們的員工感到自豪。

Thanks, Matt. Good morning, everyone. Let's talk about the strength of our operational results in more detail. Starting in the Permian, our natural gas inlet volumes averaged a record 6 billion cubic feet per day during the third quarter, a 5% increase when compared to the second quarter.

謝謝，馬特。大家早安。讓我們更詳細地談談我們的營運績效的優勢。從二疊紀開始，我們的天然氣入口量在第三季平均達到創紀錄的每天 60 億立方英尺，比第二季增加了 5%。

Versus last year, our Permian volumes were up 18%, over 900 million cubic feet per day or more than three full plants, driving record NGL transportation and fractionation volumes. Our G&P volume growth has led to an acceleration of timing of our processing plants, including the two that we announced today.

與去年相比，我們的二疊紀產量增加了 18%，每天超過 9 億立方英尺，超過三個完整的工廠，推動了 NGL 運輸和分餾量創下歷史新高。我們的 G&P 產量成長導致了我們加工廠建設時間的加快，包括我們今天宣布的兩家加工廠。

In Permian Midland, our new Greenwood 2 plant commenced operations in early October, essentially full. Our next Midland plant, Pembrook 2 and East Pembrook, will be much needed and remain on track to begin operations in the fourth quarter of 2025 and second quarter of 2026. The new Midland plant that we announced this morning, East Driver, is expected to begin operations in the third quarter of 2026.

在 Permian Midland，我們的新 Greenwood 2 工廠於 10 月初開始運營，基本上滿載運作。我們的下一個米德蘭工廠 Pembrook 2 和 East Pembrook 將會非常搶手，並將於 2025 年第四季和 2026 年第二季開始營運。我們今天上午宣布的米德蘭新工廠 East Driver 預計將於 2026 年第三季開始營運。

In Permian Delaware, we are continuing to benefit from increasing volumes. Our next Delaware plant, Bull Moose and Bull Moose 2, will be much needed and remain on track to begin operations in the first quarter of 2025 and the first quarter of 2026. Our next new Delaware plant, Falcon 2, is expected to begin operations in the second quarter of 2026.

在特拉華州二疊紀盆地，我們繼續受益於產量的增加。我們的下一個特拉華州工廠 Bull Moose 和 Bull Moose 2 將會非常搶手，並將於 2025 年第一季和 2026 年第一季開始營運。我們的下一個新特拉華工廠 Falcon 2 預計將於 2026 年第二季開始營運。

Shifting to our logistics and transportation segment. Targa's NGL pipeline transportation volumes averaged a record 829,000 barrels per day, and fractionation volumes averaged a record 954,000 barrels per day during the third quarter. Our NGL transportation and fractionation volumes increased 6% sequentially as we benefited from increased supply from our Permian G&P systems.

轉向我們的物流和運輸部門。第三季度，Targa 的 NGL 管線運輸量平均每天達到創紀錄的 829,000 桶，分餾量平均每天達到創紀錄的 954,000 桶。受益於 Permian G&P 系統供應增加，我們的 NGL 運輸和分餾量較上季增加了 6%。

Given the anticipated growth in our Permian G&P business and corresponding plant additions, our outlook for NGL supply growth is robust, and our downstream system expansions are very much needed to handle growth from our systems. Our next fractionator in Mont Belvieu, Train 11, remains on track for the third quarter of 2026.

鑑於我們二疊紀 G&P 業務的預期成長和相應工廠的增加，我們對 NGL 供應成長的前景十分強勁，而且我們非常需要下游系統擴展來應對系統的成長。我們位於蒙特貝爾維尤的下一座分餾塔，即第 11 號生產線，預計將於 2026 年第三季投入使用。

In our LPG export business at Galena Park, our loadings averaged 12.4 million barrels per month during the third quarter despite our volumes being impacted by a required 10-year inspection that reduced our loading capability from mid-June through late July.

在我們位於加利納公園的液化石油氣出口業務中，儘管我們的產量受到了10 年一次的強制性檢查的影響，導致我們的裝載能力在6 月中旬至7 月下旬有所降低，但在第三季度，我們的平均每月裝載量仍達到1,240 萬桶。

We see continued strength in global demand for US-sourced LPGs, and we remain on track to complete our next expansion, which will increase our loading capacity an incremental 650,000 barrels per month in the second half of 2025.

我們看到全球對美國液化石油氣的需求持續強勁，我們仍有望完成下一次擴建，這將使我們的裝載能力在 2025 年下半年每月增加 65 萬桶。

Turning to capital allocation. Our priorities remain the same, which are to maintain a strong investment-grade balance sheet, to continue to invest in high-returning integrated projects, and to return an increasing amount of capital to our shareholders across cycles, and we are delivering on those priorities.

轉向資本配置。我們的優先事項保持不變，即保持強勁的投資等級資產負債表，繼續投資高回報的綜合項目，並在各個週期內向股東返還越來越多的資本，我們正在實現這些優先事項。

We are returning meaningful increases in capital year over year to our investors. We opportunistically repurchased $168 million of common shares during the third quarter. Through three quarters, we have repurchased nearly $650 million of common shares at a weighted average price of $121.50, a substantial increase over $347 million of share repurchases for full year 2023.

我們給投資者的資本回報逐年顯著增加。我們在第三季趁機回購了價值 1.68 億美元的普通股。前三個季度，我們以 121.50 美元的加權平均價格回購了近 6.5 億美元的普通股，較 2023 年全年 3.47 億美元的股票回購量大幅增加。

Our year-to-date repurchase activity means we are in a position to return 40% to 50% of our adjusted cash flow from operations to shareholders this year. This is an acceleration versus previous expectations, driven by the outperformance of the business and our strengthening outlook.

我們今年迄今的回購活動意味著我們今年能夠將 40% 至 50% 的調整後經營現金流返還給股東。與先前的預期相比，這是一個加速成長，這得益於業務的優異表現和我們不斷增強的前景。

We are pleased to announce this morning that we expect to recommend to our Board an increase to the 2025 annual common dividend to $4 per share, a 33% increase over the 2024 dividend level. This provides our shareholders with a meaningful year-over-year increase while continuing to maintain our flexibility.

我們今天早上很高興地宣布，我們希望向董事會建議將 2025 年年度普通股股息增加至每股 4 美元，比 2024 年股息水準增加 33%。這為我們的股東帶來了有意義的同比增長，同時繼續保持了我們的靈活性。

Beyond 2025, we expect to be in a position to continue to provide meaningful annual increases to our common dividend per share. We believe that we offer a compelling value proposition for our shareholders and potential shareholders. Growing EBITDA, a growing common dividend per share, reducing share count, and excellent short, medium, and long-term outlooks.

2025 年以後，我們預計能夠繼續實現每股普通股股息的年度有意義的成長。我們相信，我們為股東和潛在股東提供了引人注目的價值主張。EBITDA 不斷成長，每股普通股股息不斷成長，股票數量不斷減少，短期、中期和長期前景極佳。

We also recently published our 2023 sustainability report. Our report reflects that we take our responsibilities of being an operator of critical natural gas and NGL infrastructure seriously and celebrates the continued hard work of our employees. We look forward to your feedback.

我們最近也發布了 2023 年永續發展報告。我們的報告反映出我們認真履行作為關鍵天然氣和天然氣液體基礎設施營運商的責任，並讚揚員工的持續努力。我們期待您的回饋。

I will now turn the call over to Will to discuss our third quarter financial results. Will?

現在我將把電話轉給威爾，討論我們的第三季財務表現。將要？

Thanks, Jen. Targa's reported adjusted EBITDA for the third quarter was a record $1.07 billion, a 9% increase over the second quarter. The sequential increase was attributable to higher Permian volumes, which resulted in higher system volumes across our integrated NGL business and to continued natural gas and NGL optimization opportunities in our marketing business.

謝謝， Jen。Targa 報告第三季調整後 EBITDA 達到創紀錄的 10.7 億美元，較第二季成長 9%。環比成長歸因於二疊紀產量的增加，這導致我們綜合 NGL 業務的系統產量增加，以及我們行銷業務中持續的天然氣和 NGL 優化機會。

The adjusted operating margin for our gathering and processing segment set another quarterly record of $788 million as a result of the strength of volume growth supported by our fee and fee floor contracts. Our Logistics and Transportation segment also set another quarterly record with adjusted operating margin of $717 million, backed by record NGL transportation and fractionation throughput.

由於我們的費用和費用下限合約支持了銷售的強勁增長，我們收集和加工部門的調整後營業利潤率創下了 7.88 億美元的季度新高。我們的物流和運輸部門也創下了另一個季度紀錄，調整後的營業利潤率為 7.17 億美元，這得益於創紀錄的 NGL 運輸和分餾吞吐量。

As Matt mentioned, we now estimate full year 2024 adjusted EBITDA to be above the top end of our previously disclosed $3.95 billion to $4.05 billion range. We anticipate a strong finish to 2024 as our recently completed expansions and capacity additions across Permian G&P and NGL transportation and fractionation support continued volume growth.

正如馬特所提到的，我們現在估計 2024 年全年調整後 EBITDA 將高於我們先前揭露的 39.5 億美元至 40.5 億美元的最高範圍。我們預計 2024 年將取得強勁收官，因為我們最近完成的 Permian G&P 和 NGL 運輸和分餾的擴建和產能增加將支持產量持續成長。

For the third quarter, our net maintenance capital spending was approximately $60 million. Our current year estimate for net maintenance capital spending remains $225 million. Our net growth capital spending was approximately $700 million for the quarter. Our net growth capital spending for 2024 will depend on our ability to order certain long lead time items before year-end. Among other factors, we currently expect spending to modestly exceed $2.7 billion.

第三季度，我們的淨維護資本支出約為 6,000 萬美元。我們本年度的淨維護資本支出預計仍為 2.25 億美元。本季我們的淨成長資本支出約為 7 億美元。我們 2024 年的淨成長資本支出將取決於我們在年底前訂購某些長交貨期產品的能力。除其他因素外，我們目前預計支出將略微超過 27 億美元。

The acceleration of spending on infrastructure to handle additional volume growth is expected to increase our net growth capital spending for 2025 and contribute to higher adjusted EBITDA when the incremental plants we announced today are in service in 2026.

為了應對額外的產量增長，我們加快了基礎設施支出，預計將增加我們 2025 年的淨增長資本支出，並在我們今天宣布的增量工廠於 2026 年投入使用時促進更高的調整後 EBITDA。

We continue to expect a meaningful inflection in 2025 free cash flow generation relative to 2024, and we'll provide additional details on 2025 growth capital spending in February once we are fully through our planning process.

我們繼續預期 2025 年自由現金流產生將相對於 2024 年出現有意義的變化，並且我們將在 2 月完成規劃流程後提供有關 2025 年成長資本支出的更多詳細資訊。

In August, we extended the maturity of our $600 million accounts receivable securitization facility to August 2025. And we successfully completed a $1 billion note offering of 5.5% coupon senior notes due 2035. The notes offering allowed us to enhance our liquidity position by reducing borrowings under our commercial paper note program, a portion of which was incurred to repay the remaining $500 million outstanding under our prior $1.5 billion unsecured term loan facility which was terminated in May 2024.

8 月份，我們將 6 億美元應收帳款證券化工具的到期日延長至 2025 年 8 月。我們成功完成了價值 10 億美元、到期日為 2035 年、票面利率為 5.5% 的優先債券的發行。透過此次票據發行，我們減少了商業票據計劃下的借款，從而增強了我們的流動性狀況，其中一部分用於償還我們之前15 億美元無擔保定期貸款計劃下剩餘的5 億美元未償還金額，該計劃已於2024 年5 月終止。

At the end of the third quarter, we had approximately $1.9 billion of available liquidity. And our net consolidated leverage ratio was approximately 3.6 times, well within our long-term leverage ratio target range of 3 times to 4 times.

截至第三季末，我們擁有約 19 億美元的可用流動資金。我們的淨合併槓桿率約為3.6倍，遠低於我們3倍至4倍的長期槓桿率目標範圍。

Moody's upgraded target to Baa2 in early October, reflective of the progress we have made to date and our outlook for the future. We have now achieved upgrades from all three agencies in 2024 and have mid BBB ratings and a stable outlook at each of the three rating agencies. Maintaining a strong investment-grade balance sheet remains a priority at Targa.

穆迪在十月初將目標評級上調至 Baa2，這反映了我們迄今取得的進展以及對未來的展望。我們目前已獲得 2024 年所有三家機構的評級升級，並且在三家評級機構中均獲得了中等 BBB 評級和穩定展望。維持強勁的投資等級資產負債表仍是 Targa 的首要任務。

Having been at Targa for a little over three months now, I am humbled every day by the dedication and tremendous work ethic of the employees of Targa. I'm grateful for the opportunity to be a part of this exceptional team.

我在 Targa 工作了三個多月，每天，Targa 員工的奉獻精神和優秀的工作精神都讓我感到謙卑。我很感激有機會成為這個傑出團隊的一員。

And with that, I will turn the call back over to Tristan.

說完這些，我將把電話轉回給特里斯坦。

Thank you, Will. (Event Instructions)

謝謝你，威爾。(活動須知)

Michelle, please open the line for Q&A.

米歇爾，請開通問答專線。

(Operator Instructions) Theresa Chen, Barclays.

(操作員指示) 巴克萊銀行的 Theresa Chen。

Congratulations on the fundamental growth and the accelerated pace of growth over the near term. I was curious, as we look to 2025 CapEx and general capital allocation plans, can you provide more color on how long do you expect this accelerated growth to endure? And B, how high could CapEx go to in 2025?

恭喜基本面的成長和近期成長步伐的加快。我很好奇，當我們展望 2025 年資本支出和一般資本配置計劃時，您能否提供更多有關您預計這種加速增長將持續多久的信息？B，2025 年資本支出會達到多少？

Yes. No, we're excited about the results today. We're really excited just about the overall performance we've seen so far this year and it's just translating into higher EBITDA growth, higher volumes across our G&P footprint in the downstream. We think that really sets us up well as we look into 2025.

是的。不，我們對今天的結果感到非常興奮。我們對今年迄今的整體表現感到非常興奮，這意味著更高的 EBITDA 成長，以及下游 G&P 業務的銷售增加。我們認為，這對我們展望 2025 年確實起到了很好的作用。

In terms of capital spending, as we look to 2025, we've certainly seen an acceleration on the gathering and processing side of things. It's resulted in more field level capital for this year, and it's likely to continue into next year, additional pipelines, additional compression, but it's also resulted in acceleration of our plant timing.

在資本支出方面，展望 2025 年，我們確實看到了收集和處理的加速。這導致今年現場級資本增加，並可能持續到明年，增加管道，增加壓縮，但這也導致我們工廠時間的加速。

Earlier in this year, we had a estimate of when we're going to be putting plants on for the next 12, 24, 36 months, and that has accelerated just as our volumes have moved significantly higher. Third quarter was up $900 million a day versus third quarter of last year. We were expecting growth this year, but not that level of growth.

今年早些時候，我們對未來 12、24、36 個月的工廠投產時間進行了估算，隨著我們產量大幅增加，這項估算也隨之加速。與去年同期相比，第三季每天增加 9 億美元。我們預計今年會成長，但成長幅度不是那麼大。

So we think that really just puts us in a good position as we go forward. So accelerating Falcon 2 plant and East Driver plant, that's going to drive more capital in 2025. We don't have a number we're going to give you yet.

因此我們認為這確實使我們在前進的道路上處於有利地位。因此，加速 Falcon 2 工廠和 East Driver 工廠的建設，將在 2025 年帶來更多資本。我們尚未能提供給您具體號碼。

We're still going through our planning process. We plan to give you more details of what our G&P spending is, cadence of any additional plants and our plant timing in February. And on the downstream side, what ultimately that means when those plants come on, generate more NGLs, what that's going to mean for our downstream business.

我們仍在進行規劃過程。我們計劃在二月份向您提供有關我們的 G&P 支出、任何額外工廠的節奏以及工廠時間安排的更多詳細資訊。從下游方面來看，當這些工廠投入運作並生產出更多的天然氣凝析油（NGL）時，這最終意味著我們的下游業務將面臨怎樣的挑戰。

So that's kind of the planning we're going through now, and we plan to give you more color on that in February.

這就是我們現在正在進行的規劃，我們計劃在二月為您提供更多詳細資訊。

Got it. And looking at the downstream throughput across your dock, clearly seeing an uptick following a partial downtime in third quarter and fourth quarter looks extremely robust. Can you just provide a forward outlook on how you expect this to trend? How much of it at this point do you think it's going to be seasonal versus just the relentless supply push of molecules across your docks through the integrated NGL value chain?

知道了。查看碼頭的下游吞吐量，可以明顯看到在第三季和第四季部分停機之後出現的上升趨勢非常強勁。您能否就這一趨勢提供前瞻性的展望？您認為目前有多少是季節性的，有多少是透過綜合的 NGL 價值鏈在碼頭上不斷地推送分子供應？

Theresa, this is Scott. First off, yes, we had a nice quarter during the third quarter. It was a nice rebound from what we had in the second quarter of this year. So a lot. Even though it was impacted, the second quarter was impacted by the vessel inspection that we had and that lingered into the month of July.

特蕾莎，這是史考特。首先，是的，我們第三季的表現不錯。與今年第二季相比，這是一個良好的反彈。很多。儘管受到了影響，但第二季度還是受到了我們進行的船舶檢查的影響，並且這種影響持續到了 7 月。

So when we look at the back half of third quarter, we certainly had significant increase over the months. And we would see that continuing as we move into the fourth quarter now that we've got the full complement of all of our refrigeration capacity. So I would anticipate during the fourth quarter that the volumes would be very complementary, if not exceed what we saw in the third quarter.

因此，當我們回顧第三季後半段時，我們確實在過去幾個月中實現了顯著的成長。隨著我們進入第四季度，我們會看到這種情況繼續下去，因為我們現在已經擁有全部的冷卻能力。因此，我預計第四季的銷量將會非常互補，甚至會超過第三季的銷量。

We continue to benefit from a variety of sources of demand, both of it on the propane side as well as on the butane side. And we're utilizing really not only our VLGC docs, but we're using some of our smaller docs that complement MGCs LGCs and moving to markets that are closer than, say, the Far East. So a lot of that benefited as we looked across the third quarter then into the fourth quarter.

我們持續受惠於各種需求來源，包括丙烷方面以及丁烷方面。我們實際上不僅利用了我們的 VLGC 文件，而且還利用了一些較小的文件來補充 MGC 的 LGC，並轉向比遠東更近的市場。當我們回顧第三季和第四季時，我們發現許多方面都受益匪淺。

Moving into 2025, I think it's going to be very much the same story. We benefited as an industry with a number of vessels that have come online, both in '24 and now in '25. We'll continue to see more vessels delivered to the marketplace on both the VLGC side as well as the MGC side.

進入 2025 年，我認為情況還會大致相同。無論是在2024年還是現在的2025年，都有大量船舶投入使用，這使我們整個產業受益匪淺。我們將繼續看到更多 VLGC 和 MGC 類型的船舶交付到市場。

So I think it's just setting itself up to where right now, freight is relatively low, and it puts us in a position to where it's easy to fund supply from the US into the markets across the world.

所以我認為這只是為目前的運費相對較低而設定，這使我們能夠輕鬆地為從美國向全球市場供應提供資金。

Jeremy Tonet, JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

So out of the producer activity, I think the producers in the basin, I think we've heard some mixed messages with regards to, I think, the integrated versus large independents versus smaller. And just wondering if you could share a bit more on your conversations with producer customers here and particularly how your New Mexico position, I guess, differentiates you from others in the basin?

因此，從生產商活動來看，我認為對於盆地內的生產商，我們聽到了一些混合的訊息，涉及綜合生產商、大型獨立生產商和小型企業。我只是想知道您是否可以多分享一些您與這裡的生產商客戶的對話，特別是您在新墨西哥州的立場，我想這如何使您與盆地中的其他人有所不同？

Yeah. Jeremy, this is Matt. I'll start, and then Pat, if you want to add on.

是的。傑里米，這是馬特。我先開始，然後是 Pat，如果你想補充的話。

The discussions we're having with producers, it is a mix. The small, mid, large cap, that's -- we have a portfolio of customers, and it's not all the same. But what we are seeing generally is more growth on the gas side relative to their expectations.

我們與製片人進行的討論是混合的。我們擁有一系列客戶，包括小型、中型和大型股，但它們並不完全相同。但我們總體上看到的是，天然氣方面的成長高於他們的預期。

So we haven't necessarily seen more activity, but we have just seen the wells be more productive. And whether that's lower declines, increasing GORs, higher IPs, we're just seeing more volumes. We continue to be surprised this year to the upside on gas volumes.

因此，我們不一定看到更多的活動，但我們只是看到油井的產量更高了。無論是下降幅度降低、GOR 增加或 IP 增加，我們都看到了產量的增加。今年天然氣產量的上升繼續令我們感到驚訝。

And as we look out, we're sorting through our producer forecast right now, what that's going to mean for '25, '26 growth. We think there's going to be significant growth. Kind of where exactly that falls out is kind of what we're working through right now. But I think we remain bullish on the outlook for natural gas growth across our footprint.

我們正在整理生產商的預測，看看這對 25 年和 26 年的成長意味著什麼。我們認為將會出現顯著的成長。我們現在正在努力解決的正是這個問題的結果。但我認為，我們仍然看好我們業務範圍內天然氣的成長前景。

As you look to New Mexico, we've had a really good footprint in the Delaware for some time. But I would say when we acquired the Lucid assets in 2022, to us, they had the best Delaware footprint. And so that fit nicely into our systems that we had. We were able to integrate those systems.

當你看向新墨西哥州時，我們在德拉瓦州已經擁有非常好的足跡。但我想說，當我們在 2022 年收購 Lucid 資產時，對我們來說，它們擁有最好的特拉華州足跡。這使得它與我們現有的系統完美契合。我們能夠整合這些系統。

And I think when you look at just the rigs, where the activity is, we're kind of have a best-in-class system across the Delaware with a complement of Lucid. So I think we're in a good position to capture the strong activity in the New Mexico area.

我認為，當您只看鑽孔機和活動所在位置時，我們在特拉華州擁有一流的系統，並輔以 Lucid。因此我認為我們處於有利位置，可以捕捉新墨西哥地區的強勁活動。

No, I was going to say, the only thing I'd add is, Matt's right. With the Lucid acquisition, it was definitely a step-up for us in the Delaware. And the steps we've taken to integrate that system into our other Delaware systems and the sour gas infrastructure that we've built out have led to a lot of commercial success. The Delaware Basin is growing rapidly. There's a lot of gas over there, and we're positioned very well to take advantage of that.

不，我要說的是，我唯一想補充的是，馬特是對的。收購 Lucid 對我們在特拉華州來說無疑是一個進步。我們將該系統整合到我們其他特拉華州系統和我們已經建成的酸性氣體基礎設施中，並取得了巨大的商業成功。特拉華盆地正在迅速發展。那裡有大量的天然氣，我們處於非常有利的位置來利用這一點。

Got it. That's very helpful. And then kind of continuing here as it relates to the gas picture and gas egress from the basin. We have a couple of projects in motion at this point, you're part of one of them. How do you think about, I guess, the picture for future gas egress needs in the basin, when do you think that could materialize next? And what do you think Targa's involvement could be here?

知道了。這非常有幫助。然後繼續討論盆地中的氣體情況和氣體流出。目前我們正在進行幾個項目，您是其中一個項目的一部分。我想，您如何看待盆地未來天然氣出口需求的前景？您認為 Targa 會參與其中嗎？

This is Bobby. I think we announced our partnership with Blackcomb a little bit ago, we're excited about that project moving forward and it's going well. I think we said before and we'll continue to say, we want to see as much egress out of the basin happen as possible. We know there are a lot of other pipes that are in the works right now. We were thinking about '28 when we were working on the '26 pipe with Blackcomb. So we continue to work on what is needed going forward.

這是鮑比。我記得我們不久前宣布了與 Blackcomb 的合作關係，我們對該專案的進展感到非常興奮，一切進展順利。我想我們之前就說過，而且我們會繼續說，我們希望看到盡可能多的人離開盆地。我們知道目前還有很多其他管道正在建設中。當我們與 Blackcomb 合作研究 1926 年的管道時，我們就想到了 1928 年。因此，我們將繼續致力於下一步的工作。

With what we're seeing in gas production coming out of the wells, we expect there to be on the margin faster cadence for the need on gas pipe. So if someone else gets another gas pipe done today, we think that's great for the basin, and we would be excited to see it happen.

根據我們看到的從井中產出的天然氣的情況，我們預計天然氣管道的需求將會以更快的速度成長。因此，如果今天其他人能完成另一條煤氣管道的鋪設，我們認為這對盆地來說是一件大事，我們也很高興看到它的發生。

Got it. And if I could just round that out a little bit more. In basin consumption growth, industrial demand growth or even maybe data centers down the road, do you see that, I guess, impacting the picture there?

知道了。如果我可以再進一步完善一下的話。在盆地消費成長、工業需求成長，甚至未來的資料中心方面，您是否認為這會對那裡的情況產生影響？

This is Bobby again. I think we know there are a lot of people talking about it right now. We are in conversations with customers that are in conversations with all of those consumption points. So what gets built, when it gets built, what actually gets permitted and put under construction, I think it's yet to be seen. But there is a lot of action and a lot of conversation going on right now across the basin around those topics.

我又是 Bobby。我想我們知道現在有很多人在談論這件事。我們正在與與所有這些消費點進行對話的客戶進行對話。所以，什麼會建成、什麼時候建成、什麼會真正獲得許可並投入建設，我認為這還有待觀察。但目前整個流域正在圍繞這些話題採取許多行動並進行大量討論。

Michael Blum, Wells Fargo.

富國銀行的麥可布魯姆。

Wanted to add more about the growth -- good morning. I wanted to ask about the sort of the long-term trend here in growth CapEx. Obviously, you're trending higher here in the near term. I noticed you still have that same slide, which shows like a typical year at $1.7 billion. So is that still kind of normal year normalized run rate? Or is that number moving higher as producers, these numbers sort of exceed your expectations?

想補充更多有關成長的資訊——早安。我想問一下這裡資本支出成長的長期趨勢。顯然，短期內你的趨勢會更高。我注意到您仍然有同一張投影片，上面顯示的是典型的 17 億美元。那麼這仍然是正常年份的標準化運作率嗎？或者隨著生產商的增加，這個數字是否會上升，這些數字是否超出了您的預期？

Michael, this is Jen. I think that when we put out that illustrative framework, we said that a good multiyear average for growth capital spending in a high single-digit Permian Basin growth environment would be about $1.7 billion. And we even caveated on the slide that if we were going to see growth substantially higher from there, we would expect CapEx to move higher as well.

邁克爾，這是 Jen。我認為，當我們提出這個說明性框架時，我們說過，在二疊紀盆地高個位數成長環境中，良好的多年平均成長資本支出約為 17 億美元。我們甚至在幻燈片中警告說，如果我們要看到大幅更高的成長，我們預計資本支出也會走高。

All very much core growth capital spending, the need for more gathering lines, more compression, potentially requiring the acceleration of major growth capital projects like plants and then downstream infrastructure.

所有核心成長資本支出、對更多收集管線、更多壓縮的需求，都可能需要加速工廠和下游基礎設施等主要成長資本項目。

So the framework still holds for an environment where you're seeing high single-digit growth. As Matt said, so far, we've experienced 18% growth Permian this quarter relative to the third quarter of last year. For the nine months of this year, we're up 14% relative to the nine months of last year.

因此，該框架仍然適用於高個位數成長的環境。正如馬特所說，到目前為止，本季二疊紀盆地的產量與去年第三季相比增加了 18%。今年前九個月，我們的業績較去年同期成長了 14%。

So clearly, we are in a more robust environment, and that's resulting in us needing to accelerate some spending for that core infrastructure, additional gathering line compression, plant capital to make sure that we're in a position to handle the increasing growth for our producers.

顯然，我們處於一個更強勁的環境中，這導致我們需要加快一些核心基礎設施的支出，額外的收集線壓縮，工廠資本，以確保我們能夠應對我們業務的不斷增長生產者。

I think Pat also mentioned that we've enjoyed a lot of commercial success this year, and that's resulting in us needing to accelerate infrastructure spend on the G&P side for 2026, when we expect growth to continue to increase versus previous expectations when we provided that in February.

我記得帕特還提到，我們今年取得了許多商業上的成功，這導致我們需要在 2026 年加快 G&P 方面的基礎設施支出，我們預計屆時增長將繼續高於我們之前的預期。

So I think absolutely, it still holds together. It ultimately just depends what your view is of Permian growth. And, in particular, Permian growth on Targa's systems, where we are seeing more growth than others. And we very consistently have said that that's the case since we put out that framework in February.

因此我認為它絕對仍然成立。這最終取決於您對二疊紀成長的看法。特別是在 Targa 系統上的 Permian 成長，我們看到的成長速度比其他成長更快。自從我們在二月提出這個框架以來，我們一直堅持認為情況就是這樣。

Okay. Makes sense. I then wanted to just ask about buybacks. Would you say that you're now more of an almost ratable type of buyback approach? Or is it still very much opportunistic and price-sensitive? And if it's the latter, how do you think about the pace of buybacks as the stock price just continues to move higher?

好的。有道理。然後我想問一下有關回購的問題。您是否認為您現在更傾向於採用幾乎可評級的回購方式？或者它仍然極具機會主義且對價格敏感？如果是後者，那麼在股價持續走高的情況下，您如何看待回購的步伐？

I would say that we are very much continuing to be opportunistic around share repurchases. And that's how we expect to continue to think about it going forward. Our priorities around capital allocation are unchanged. I think that what we've seen this year is a very strong 2024 is resulting in a lot more momentum when we think about '25, '26, '27, '28 and beyond that.

我想說的是，我們在股票回購方面將繼續保持機會主義的心態。這就是我們期望在未來繼續思考這個問題。我們在資本配置方面的優先事項並沒有改變。我認為，我們今年看到的是 2024 年非常強勁，當我們考慮 2025、2026、2027、2028 年及以後時，這將帶來更大的發展勢頭。

We have a lot of conviction in what we have going on here at Targa for the short, medium and long term. And what you're seeing is us opportunistically execute around repurchases based on that conviction. And so I think you should continue to expect repurchases going forward, but they will continue to be opportunistic. We consider a number of different factors in terms of what our daily and quarterly activity looks like.

我們對 Targa 的短期、中期和長期發展目標充滿信心。而您所看到的是我們基於此信念而伺機執行回購。因此，我認為你應該繼續期待未來的回購，但它們仍將是機會主義的。在考慮我們的每日和每季活動時，我們會考慮許多不同的因素。

So you should certainly expect some continued variability moving forward, but we do believe it's a very important tool for us to be able to use to return more capital to our shareholders as we move forward through time.

因此，你當然應該預料到未來會繼續出現一些變化，但我們確實相信，隨著時間的推移，這是一個非常重要的工具，使我們能夠用它向股東返還更多資本。

Keith Stanley, Wolfe Research.

基斯‧史丹利（Keith Stanley），沃爾夫研究公司。

It seems like a pretty meaningful change in your volume outlook, even versus three months ago. I mean, you just updated the 2024 and '25 EBITDA and CapEx. So with that in mind, I wanted to just check back in on plans for NGL pipeline spending. Do you envision that potentially now being accelerated into 2025 at this point?

與三個月前相比，您的交易量前景似乎發生了相當大的變化。我的意思是，您剛剛更新了 2024 年和 25 年的 EBITDA 和 CapEx。考慮到這一點，我想重新檢查 NGL 管道支出計劃。您是否預見到現在這個速度可能會加速到 2025 年？

Keith -- oh, sorry.

基斯--哦，對不起。

No, sorry, I'll just say -- Scott, go ahead.

不，對不起，我只想說——斯科特，請說。

Okay. Keith, this is Scott. So certainly, when we look at our transportation legs, we looked at the third quarter, we averaged to 784,000 -- excuse me, 829,000 barrels a day of transportation. We got a partial benefit of Daytona coming online in the third quarter.

好的。基思，這是斯科特。因此，當我們查看我們的運輸情況時，我們查看了第三季度，平均每天的運輸量為 784,000 桶——對不起，是 829,000 桶。第三季 Daytona 上線後，我們獲得了部分收益。

Obviously, in the fourth quarter, we'll have the full complement of our West leg of Grand Prix and then Daytona, and then that marries up with our 30-inch pipe that moves into Belvieu that gets contributions from the North Texas area as well as Oklahoma. So we've got some operating leverage today, certainly on the West leg when you think about those two 24-inch pipes, and then we've got some operating leverage on the 30-inch pipe.

顯然，在第四季度，我們將完成西站大獎賽和代托納站的全部比賽，然後與我們進入貝爾維尤的 30 英寸管道相結合，同時獲得來自北德克薩斯地區的貢獻就像俄克拉荷馬州一樣。因此，當您考慮那兩條 24 英寸的管道時，我們今天肯定在西段擁有一些經營槓桿，然後我們在 30 英寸的管道上也擁有一些經營槓桿。

The other thing that we've done in order to really take care of what our growing capacities are relative to what's going on the upstream side is we've entered into some third-party agreements that allows us the opportunity to really push out some capital benefit from the timing of when we would need to basically loop our 30-inch line.

為了真正關注我們相對於上游情況的成長能力，我們做的另一件事是，我們簽訂了一些第三方協議，這讓我們有機會真正推出一些資本受益於我們需要基本上循環30 英寸線路的時機。

So those agreements, along with the operating leverage we have today, really gives us the benefit of time to evaluate what the volume rents look like over time. Those agreements that we've done really are in cadence. They ramp up in volume capacities that match up very well with kind of our near-term plant growth.

因此，這些協議加上我們今天擁有的營運槓桿，確實讓我們有時間評估一段時間內的批量租金情況。我們達成的這些協議確實是有節奏的。它們的產量不斷增加，與我們近期的工廠成長非常匹配。

But obviously, as we continue to add plants on the upstream side, eventually, we'll be in a position where we'll have to loop that 30-inch pipe. We will continue to evaluate that as we move into '25 with our budget process, and we're looking at CapEx. So I think we've got the benefit of time on our side right now with those agreements and the current leverage that we have.

但顯然，隨著我們繼續在上游添加工廠，最終，我們將必須將那根 30 英吋的管道繞成環狀。隨著我們進入25年預算流程，我們將繼續評估這一點，並且我們正在考慮資本支出。因此我認為，憑藉這些協議以及我們目前擁有的影響力，我們現在擁有時間上的優勢。

Okay. The second question, the marketing was really strong in Q3. Would you attribute that more to spot LPG exports? Or is it optimization around weak Permian gas again? And on exports, it seems like you're constructive on pricing, but any sense of volumes you can share that might be able to take advantage of the strong [ARBs]?

好的。第二個問題，第三季的行銷非常強勁。您是否認為這更歸功於現貨液化石油氣出口？還是再次圍繞弱二疊紀天然氣進行優化？關於出口，你似乎對定價持建設性態度，但你能分享一下出口量情況嗎？[ARB 類藥物]？

Keith, this is Jen. I'll start. I'd say that it's been a strong year of marketing for us across all of NGL, natural gas and export marketing. We generally don't factor that into our guidance. So when you think about some of the factors that have contributed to our outperformance this year, certainly having a strong marketing year has been one of those variables.

基思，這是 Jen。我先開始。我想說，對於我們整個 NGL、天然氣和出口行銷來說，這是行銷業績強勁的一年。我們通常不會將其考慮在我們的指導中。因此，當您思考一些促成我們今年優異表現的因素時，強勁的行銷年無疑是其中一個變數。

I think that as we think -- as we look forward, we expect that given the vastness of our footprint, we would be able to continue to identify strong marketing opportunities. But ultimately, it's really a combination of a lot of factors. And it's driven by the fact that we are moving so much volume across both our gas and NGL systems. That's really affording us some unique marketing opportunities as we move forward through time.

我認為，正如我們所想——正如我們展望未來，我們預計，鑑於我們的足跡廣泛，我們將能夠繼續發現強大的行銷機會。但歸根結底，這實際上是多種因素的綜合作用。這是因為我們的天然氣和天然氣凝析液 (NGL) 系統需要運送大量的天然氣。隨著時間的推移，這確實為我們提供了一些獨特的行銷機會。

And Keith, this is Scott. Just as a follow-up to what we said earlier. The volumes in the third quarter were impacted a little bit due to our vessel inspection. But as we move into the fourth quarter, we would expect that to improve.

基思，這是斯科特。正如我們之前所說的。由於我們的船舶檢查，第三季的銷量受到了一點影響。但隨著進入第四季度，我們預計情況會有所改善。

Again, we benefited on the export side by being able to squeeze other cargoes in, again, the smaller size type vessels because we were playing a little bit of catch-up with the downtime that we had with the vessel inspection in the third quarter. So we'll see if the ARBs continue to be strong, and we'll look for opportunities to optimize around the system.

再次，我們在出口方面受益，因為我們能夠將其他貨物擠進較小尺寸的船隻中，因為我們在第三季度的船隻檢查中遇到了一些停工時間。因此，我們將觀察 ARB 是否繼續保持強勁，並尋找優化系統的機會。

Jean Salisbury, Bank of America.

美國銀行的 Jean Salisbury。

I believe that you've said before that most of your producer base has gas egress and hasn't been backed up the last two quarters, which I think has really showed in your volume results today. Does that mean that as Matterhorn ramps through the end of the year, you wouldn't really expect an outsized quarter-on-quarter step-up in volumes kind of over the next quarter or two as gas gets unlocked from the basin?

我相信您之前曾說過，您的大多數生產商基地都有天然氣出口，並且在過去兩個季度沒有得到支持，我認為這在您今天的數量結果中確實有所體現。這是否意味著，隨著馬特洪峰天然氣產量在年底前逐漸增加，您不會真的預期未來一兩個季度隨著盆地中天然氣的開採，產量會大幅的環比增長？

Yes, I'll start. We have not seen, I would say, across our producers, really Midland and Delaware, any negative volume impact from not having gas takeaway. We try and work with our customers to make sure that Targa's handling and moving those volumes on behalf of our producers. We have enough firm transport, intra and out of the basin to be able to move those volumes.

是的，我先開始了。我想說，在我們的生產商中，特別是米德蘭和特拉華州，我們並沒有看到由於沒有天然氣外送而對產量產生任何負面影響。我們盡力與客戶合作，確保 Targa 能夠代表生產商處理和運輸這些貨物。我們擁有足夠穩定的盆地內外運輸能力來運輸這些貨物。

And then producers on our system that have their own taking kind positions typically have enough transport to get those out. And so we work with them to make sure we can move those volumes. So I wouldn't say that will be a factor in kind of quarter-to-quarter growth.

然後，我們系統上擁有自己的承接位置的生產商通常擁有足夠的運輸能力來將它們運出。因此我們與他們合作以確保能夠移動這些卷。因此，我不會說這會成為影響季度成長的因素。

But as you look at just our volume growth across this year, in the last two quarters, we've been about 300 million a day, give or take, of volume growth in the second and third quarter. That's higher than normal. I don't know that I'd plug that in for -- plug in another 300 million for Q4. I think we're going to have some growth, but it's likely not going to be in a straight line as you kind of move forward. I think we see strong growth going forward, but Q4 is likely to be a bit muted compared to the strength we saw in the second and third quarter.

但如果你只看今年過去兩季的銷售成長，第二季和第三季的銷售成長每天大約為 3 億。這比正常水平要高。我不知道我是否會為第四季再投入 3 億美元。我認為我們會有一些成長，但隨著你不斷前進，這種成長可能不會是直線的。我認為未來我們將看到強勁的成長，但與第二季和第三季相比，第四季的成長可能會略顯疲軟。

Just to provide a little bit more visibility in the fourth quarter, we do also have a lower margin contract that's rolling over on the G&P side. So that will also reduce volumes quarter-over-quarter. So again, I think that speaks to us not being able to sustain the 300 million a day of growth that we've seen in the last couple of quarters, although we are still performing exceptionally well and are still seeing a lot of volumes come to us. That contractor all over will impact the fourth quarter.

只是為了在第四季度提供更多的可見性，我們在 G&P 方面也有一個較低利潤的合約正在滾動。因此，這也會使得銷量較上月減少。所以，我認為這再次表明我們無法維持過去幾季每天 3 億的成長，儘管我們的表現仍然非常好，而且仍然看到大量的交易量我們。各地承包商都會對第四季產生影響。

That makes sense. Very clear. And then it seems like you should have the volume to fill your LPG expansion basically like immediately after it comes online next year. But there's obviously a lot of LPG export capacity coming online at the same time. Beyond that existing expansion, would you consider deploying the strategy that you've discussed of signing up for third-party LPG capacity kind of like what you do for pipelines to defer your own spend from here?

這很有道理。非常清楚。然後看起來你應該有足夠的容量來填補你的 LPG 擴建項目，就像明年 LPG 擴建項目上線後立即填補上去一樣。但顯然有大量的液化石油氣出口能力同時上線。除了現有的擴張之外，您是否會考慮部署您討論過的策略，即簽約第三方 LPG 產能，就像您對管道所做的那樣，以推遲您自己的支出？

Or do you see it as more strategic and value to have your own export capacity?

或者您認為擁有自己的出口能力更具戰略意義和價值？

Yes. I think what we're trying to do the easy debottlenecks, which are really economic for us to just handle kind of the incremental volume growth we see across our footprint. But as this next one we have coming on mid next year, we are right now looking at kind of a larger step up in our LPG exports and bringing on capacity. Others are adding some as well. We're just seeing a lot of NGL volume growth and so are others.

是的。我認為，我們正在嘗試輕鬆消除瓶頸，這對我們來說非常經濟，因為我們只需處理我們在整個足跡中看到的增量成長。但隨著下一輪降價潮將於明年年中到來，我們現在正在考慮更大幅度地增加液化石油氣出口量並提高產能。其他人也添加了一些。我們看到 NGL 產量大幅成長，其他產量也是如此。

So I think it's all going to be needed. So we're currently evaluating right now, the timing and the size of our next LPG export expansion. It's likely going to include pipeline and additional refrigeration. Yes, both of those together is probably around $350 million or so for those 2 pieces. And so that's part of our planning process.

所以我認為這一切都是必要的。因此，我們目前正在評估下一次擴大液化石油氣出口的時間和規模。它可能包括管道和額外的製冷設備。是的，這兩件作品的總價值大概在 3.5 億美元左右。這是我們規劃過程的一部分。

And as we think about capital for '25 and '26, when we're going to need that, some of that capital end up in the back half of '25? Or is that a '26, '27, '28 kind of spending? That's what we're sorting through right now. But I do think it's needed. I don't see us in any real meaningful or term way contracting with others to bridge for us.

當我們考慮 25 年和 26 年的資本時，當我們需要這些資本時，其中一些資本會在 25 年下半年出現嗎？還是這是 26、27、28 年那種支出？這就是我們現在正在整理的事情。但我確實認為這是必要的。我看不到我們以任何真正有意義或長期的方式與他人簽訂合約來為我們架起橋樑。

I think we'll handle our own export across our dock. Our own volumes.

我想我們會透過自己的碼頭處理出口事務。我們自己的捲。

Yes. And just to complement that a little bit, Jean, this is Scott. I would say that the primary pieces that Matt talked about on the -- excuse me, on the refrigeration side and on the pipeline side, as you said, kind of in that $350 million range. We -- and then before that. And even after that, we'll look for ways to kind of debottleneck even around that system by just an improved piping, both at our Belvieu facility as well as at our Galena Park facility.

是的。稍微補充一下，Jean，這是 Scott。我想說的是，馬特談到的主要部分——對不起，在製冷方面和管道方面，正如你所說，大約在 3.5 億美元的範圍內。我們——然後在此之前。即使在那之後，我們仍會尋找方法，透過改進管道來解決系統瓶頸問題，無論是在 Belvieu 工廠還是在 Galena Park 工廠。

We're an aggregator of supply in Belvieu. So as our volumes start ramping up at that is coming off of our system, puts us in a position to prioritize that volume as opposed to volumes that we could aggregate in and around the Belvieu marketplace. So future expansions, we would look to take care of our volumes, but we would also put ourselves in a position to where we might have some capacity that we could optimize around that as well.

我們是貝爾維尤的一家供應聚合商。因此，隨著我們的系統處理量開始增加，我們可以優先處理這些處理量，而不是那些我們可以在 Belvieu 市場內外聚集的處理量。因此，在未來的擴張中，我們會考慮照顧好我們的數量，但我們也會將自己置於可能擁有一些產能的位置，以便我們也可以圍繞這一點進行優化。

John Mackay, Goldman Sachs.

高盛的約翰‧麥凱 (John Mackay)。

You guys have had this sour gas footprint for a while now, but you spend a little more time talking about it on this call. So I'd just be curious to hear kind of how much of that pocket of the business could grow from here? What CapEx associated with that could look like? Because it's a little different than a typical kind of G&P build-out. And maybe just next milestones to watch there?

你們已經擁有這種酸性氣體足跡有一段時間了，但你們在這次電話會議上花了更多時間談論它。所以我只是好奇想知道這部分業務從現在起能成長多少？與此相關的資本支出是什麼樣的呢？因為它與典型的 G＆P 擴建略有不同。也許只是下一個值得關注的里程碑？

Yes, sure. We have been operating sour gas infrastructure kind of through Targa's history and even going back to the Dynegy days. So we have decades of experience of handling sour gas out there. We've seen the Delaware side continue to get more and more sour. So years ago, we really ramped up our spending to be able to handle more sour volumes out there.

是的，當然。我們在 Targa 歷史上就一直在運作酸性氣體基礎設施，甚至可以追溯到 Dynegy 時代。我們在處理酸性氣體方面有幾十年的經驗。我們看到特拉華州方面的情況變得越來越糟。因此，幾年前，我們確實增加了支出，以便能夠處理更多的酸性石油產量。

And that's really both H2S and CO2. So we mentioned in the call today, we have an [800 million] a day treater coming online at our Bull Moose complex. We have additional wells being drilled in the permitting phase to continue to hand more and more volumes as the Delaware gets more and more sour over time.

這實際上是 H2S 和 CO2。我們在今天的電話會議中提到，我們的 Bull Moose 綜合設施將每天上線一台 [8 億] 處理器。隨著特拉華州的石油含酸量逐漸升高，我們在許可階段正在鑽探更多的油井，以繼續輸送越來越多的石油。

So we think that really does give us an advantage as we look out for growth over the short, medium and longer term. It's a little bit more tricky to handle the sour volumes. It's a little more difficult than just having handling sweet volumes.

因此，我們認為，當我們尋求短期、中期和長期成長時，這確實為我們帶來了優勢。處理酸性物質的量稍微有點棘手。這比僅僅處理甜蜜的捲要困難一些。

And so when it's harder, it gives us just better opportunity to work with our producers to handle those volumes. So we see that trend continuing. And I think that leads to some of our optimism about our longer-term growth rate out in the Delaware.

因此，當情況變得更加困難時，我們就有更好的機會與生產商合作來處理這些數量。因此，我們看到這一趨勢將會持續下去。我認為這讓我們對特拉華州的長期成長率感到樂觀。

And this is Bobby. If you think about all the plants we've announced over the last several years on the eastern side of the Delaware Basin, even though we don't talk about it, all those plants are sour plans. So we don't talk about that.

這是鮑比。如果您想想過去幾年我們宣佈在特拉華盆地東側建造的所有工廠，儘管我們沒有談論它，但所有這些工廠都是糟糕的計劃。所以我們不談論這個。

But if you think about Midway or if you think about Wildcat or if you think about Bull Moose or any of those plants, all those are sour plants. We just don't label in that way or we haven't historically as brightly as we do now just because that has obviously become front and center of one of the talking points in the industry.

但是如果你想想中途島，或者如果你想想野貓，或者如果你想想公牛駝鹿或任何這些植物，所有這些都是酸性植物。我們只是不以那種方式貼標籤，或者我們歷史上沒有像現在這樣明智地貼標籤，因為這顯然已成為業內討論的焦點之一。

I appreciate that's clear. Maybe just actually a quick follow-up to that then. You talked about getting some 45Q credits in this quarter. We're getting close -- you guys are getting closer to kind of a broader cash tax payment requirement over the next couple of years.

我很欣賞這一點。那麼也許實際上只是對此進行快速的跟進。您談到了本季度獲得一些 45Q 學分。我們已經很接近了——你們將在未來幾年內越來越接近更廣泛的現金納稅要求。

Could the 45Qs get to a meaningful size where we're talking about some real offsets there? Or is this kind of nice to have, but a little more on the margin in the grand scheme?

45Q 能否達到我們所討論的有意義的尺寸，從而實現一些真正的偏移？或者這是好事，但從整體來看，這種事還只是邊緣問題？

This is Bobby. So I think when you talk about grand scheme, I think it's on the margin, but it is also a nice to have. So when you think about all of that -- all of those assets I just talked about on the eastern side of the Delaware Basin where we are putting in our infrastructure that gathers that sour gas, strips out the CO2 and H2S and injects it. We modified those systems a little bit and then we are able to get 45Q. So it is a very nice complement to that business and very efficient capital to spend in order to get that 45Q.

這是鮑比。因此我認為當你談論宏偉計劃時，我認為它處於邊緣狀態，但也有好處。所以當你考慮所有這些——我剛才談到的所有這些資產，都在特拉華盆地的東側，我們在那裡建造基礎設施，收集酸性氣體，去除二氧化碳和硫化氫，然後注入天然氣。我們對這些系統進行了一些修改，然後我們就得到了 45Q。所以，這是對該業務的非常好的補充，為了獲得 45Q，它是非常有效的資本投入。

So it turns into something that we don't have to do a whole lot more and be able to capture the 45Q. We continue to develop the CCUS business where it's not required to inject and that's in our forecast over time. But at the end of the day, when you talk about grand scheme of Targa, it is not huge relative to everything else we have going on.

因此，我們不需要做很多事情就能捕捉到 45Q。我們將繼續發展不需要注入的 CCUS 業務，這是我們長期的預測。但最終，當你談論 Targa 的宏偉計劃時，它與我們正在進行的其他一切相比並不算龐大。

And so just to finish that out, John, that means that from our perspective, it doesn't meaningfully change our outlook for cash taxes. As Bobby said, it's a nice to have, but there's really no change to our current expectation that will be subject to the ATM in 2026 and then a full cash taxpayer in 2027 when we've worked our way through our NOL. And that's all inclusive of our full business operations, including the opportunity set around CCUS.

最後，約翰，這意味著從我們的角度來看，它不會從根本上改變我們對現金稅的看法。正如 Bobby 所說，這很好，但這實際上並沒有改變我們目前的預期，即在 2026 年我們將接受 ATM 的約束，然後在 2027 年當我們完成 NOL 後，成為全額現金納稅人。這包括我們的全部業務運營，以及圍繞 CCUS 創造的機會。

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

First of all, big congratulations to Tristan. Every time a sell-side analyst is able to do a jailbreak, it feels very nice for the rest of us. There is hope for us.

首先，向特里斯坦表示熱烈祝賀。每當賣方分析師能夠實現越獄時，我們其他人都會感到非常高興。我們還有希望。

Well, thank you for that.

好吧，謝謝你。

My quick question, just one of them, is can you provide us more details around Falcon 2 or East Driver plants, why decision to move ahead with them? Anything you can give us on the economics or the build multiple?

我的問題是，這只是其中之一，您能否向我們提供有關 Falcon 2 或 East Driver 工廠的更多詳細信息，為什麼決定繼續推進這些工廠？您能給我們一些關於經濟或建築倍數的資訊嗎？

Sure. I'd say the economics and build multiple is really the same that we've articulated previously. We've kind of pointed to around 5.5 times as our organic build multiple. I don't see these being materially different from that.

當然。我想說，經濟學和建設多元化其實與我們之前所闡述的是一樣的。我們已經指出，我們的有機構建倍數約為 5.5 倍。我認為這些與此並無實質差異。

So I think it just puts us in position to continue to invest either for our producers and execute on our core business, gathering and processing, and then moving the NGLs through our downstream infrastructure.

因此，我認為這只是讓我們能夠繼續為生產商進行投資並執行我們的核心業務，即收集和加工，然後透過下游基礎設施運輸 NGL。

And the timing of those, as I mentioned earlier, we're just seeing more volumes across both the Delaware and the Midland side of the Permian. And so that's led us to announce those kind of sooner than we were expecting.

正如我之前提到的，就時間而言，我們看到特拉華州和米德蘭地區的二疊紀盆地的產量都有所增加。因此我們比預期更早宣布了這些消息。

If you kind of go back to the beginning of the year, we were not anticipating announcing these plants right now and starting this work as soon as we are. But the volume upside has allowed us to accelerate these plants. And then we evaluate the timing of the next plants.

如果回顧今年年初，我們並沒有預料到現在就會宣布這些工廠的建設，也不會這麼快就開始這項工作。但產量的上升使我們能夠加速這些工廠的生產。然後我們評估下一批植物的栽培時間。

And this is Bobby. As Jen mentioned earlier in the call, Greenwood 2 coming up, highly utilized. At the end of the day, we keep trying to get a plant ahead. We keep trying to create space to be able to overhauls and maintenance and everything else. And this is a continued effort to try to get ahead so we can do all the things we need to do within our system and service our producers at the same time.

這是鮑比。正如 Jen 在早些時候的通話中提到的那樣，Greenwood 2 即將推出，使用率很高。最終，我們都會繼續努力讓工廠取得進展。我們不斷努力創造空間，以便進行大修、維護和其它一切工作。這是我們持續不斷的努力，力求進步，以便我們可以在系統內完成所有需要做的事情，同時為我們的生產商提供服務。

Neal Dingmann, Truist.

Neal Dingmann，Truist。

Another nice quarter. Welcome, Tristan. My first question is just on your Permian Basin activity outlook. Specifically, I see on slide 8, you mentioned your associated gas forecast that looks very favorable. I'm just wondering, I'd love to hear sort of what type of rig activity do you are and maybe not the oil price you're assuming around that associated gas forecast?

又一個美好的季度。歡迎光臨，特里斯坦。我的第一個問題是關於你們對二疊紀盆地活動的展望。具體來說，我看到第 8 張投影片上您提到的相關氣體預測看起來非常有利。我只是想知道，我很想聽聽你們的鑽井活動類型，以及你們對相關天然氣預測的油價？

Yes. This is Pat. When you look across the Permian right now, one out of every three rigs is running on Targa acreage. So activity level on our acreage footprint is very robust. And obviously, that acreage position that we have tied up is pretty significant.

是的。這是帕特。如果你現在放眼二疊紀盆地，你會發現每三座鑽井平台中就有一座在 Targa 油田上運作。因此，我們的土地覆蓋範圍內的活動水準非常強勁。顯然，我們所佔據的土地面積相當重要。

Matt alluded to it earlier on one of the other questions is -- it's producer-specific, right? We are seeing a lot of activity from different sized producers and new formations being explored and developed, some of those very gassy, which leads to gas growth across both Midland and Delaware sides of the basin.

馬特早些時候在另一個問題上提到過這一點——它是特定於生產者的，對嗎？我們看到不同規模的生產商都在進行大量活動，新地層也在進行勘探和開發，其中一些地層含氣量很高，這導致盆地米德蘭和特拉華州兩側的天然氣儲量都出現增長。

Unfortunately, we've had commercial success, additional new commercial success to tie up those plays. So it's the historical stuff we've always seen with the large acreage dedications and the activity and the commitment of very high-grade producers. And then some new stuff that's getting developed that we've been successful in.

不幸的是，我們已經取得了商業上的成功，並且又獲得了新的商業成功來彌補這些不足。因此，我們始終看到歷史性的現象，包括大面積的種植以及高等級生產商的活動和承諾。然後是一些我們正在開發並已取得成功的新產品。

So when we look across the next five years, especially in the next 24 to 36 months, we see a lot of gas growth on our systems and a lot of activity on our systems.

因此，當我們展望未來五年，特別是未來 24 到 36 個月時，我們將看到我們的系統上的天然氣需求將大幅成長，並且系統上的活動也會增加。

Yes, that makes a little sense. And then my second question, just on your future capital spend. Specifically, just wondering, would you all suggest there's any possible or potential incredible assets out there that could delay your meaningful 2025 free cash inflection? Or does that novel upside or upcoming inflection appear to be relatively certain?

是的，這有一點道理。我的第二個問題是關於您未來的資本支出。具體來說，只是想知道，你們是否都認為存在任何可能或潛在的令人難以置信的資產，可能會延遲你們有意義的 2025 年自由現金拐點？或者說，這種新的上升趨勢或即將到來的轉折點是否看起來相對確定？

I think when you just look at just our overall EBITDA growth we're going to have in '25 and with -- haven't given a firm number for capital yet for '25, but I think we're comfortable saying we're going to have a significant amount of free cash flow in 2025. Where exactly that shakes out is kind of what we're working through in our planning process, as we've talked about.

我認為，當你只看我們在 25 年的整體 EBITDA 成長時，我們將會實現——雖然我們還沒有給出 25 年資本的確切數字，但我認為我們可以放心地說，我們2025年將擁有大量自由現金流。正如我們已經討論過的，這問題的具體解決方式正是我們在規劃過程中所要解決的問題。

Delaying or deferring that, I guess you're implying kind of M&A. We continue to look at assets, bolt-ons in and around our systems. We've continued to look really since the loose of acquisition at assets. But I think just for us, the bar continues to be very high for us. So we'll continue to evaluate.

推遲或延遲這一點，我猜你暗示的是某種併購。我們將繼續關注系統內外的資產和附加裝置。自從資產收購失敗以來，我們一直在密切關注。但我認為對我們來說，標準仍然很高。因此我們將繼續評估。

If there's something we can tuck in that looks really nice and has good value for Targa shareholders, we'll look at it. it's just the bar is going to be pretty high. We have a lot of growth on our G&P footprint and our downstream footprint.

如果我們能加入一些看起來非常好並且能為 Targa 股東帶來良好價值的東西，我們就會考慮。只是標準會相當高。我們的 G&P 足跡和下游足跡都取得了巨大的成長。

Our first priority is to make sure we execute on what we have organically in front of us. That's just going to continue to be our priority.

我們的首要任務是確保執行我們面前已有的計劃。這將繼續是我們的首要任務。

Yes. The growth is notable.

是的。增長十分顯著。

AJ O'Donnell, TPH.

AJ O'Donnell，TPH。

Just 1 for me, and I kind of just wanted to go on a clarifying question to something that Jean brought up. Looking at Q4 volumes and our potential for volume growth and now that Matterhorn is in line. I'm curious if you guys have seen a jump in production from your customers with the new pipe being online? Or if some of the flows that we're seeing online or with that pipe right now is just gas moving around the basin?

對我來說只有 1 個，我只是想就 Jean 提出的問題進行澄清。回顧第四季的銷售量和我們的銷售成長潛力，現在 Matterhorn 已經符合預期。我很好奇，隨著新管道上線，你們是否看到客戶的產量出現了飛躍？或者我們現在在網路上或透過管道看到的一些流動只是盆地周圍流動的氣體？

Yes, sure. No, from our customers, we -- I would say I have heard of some customers that were not producing because they didn't have -- they either didn't like the Waha price or didn't have takeaway. But customers on our system, they were flowing and producing. So I think basin-wide, perhaps there is some of that. But for our customers, for -- I think the most part, they were producing and had takeaway.

是的，當然。不，從我們的客戶那裡，我想說我聽說過一些客戶沒有生產，因為他們沒有——他們要么不喜歡 Waha 的價格，要么沒有外賣。但是我們系統上的客戶卻在流動和生產。所以我認為，就整個流域而言，也許存在一些這樣的情況。但對於我們的顧客來說，我認為大多數情況下，他們都在生產並外帶。

Absolutely. Yes.

絕對地。是的。

So I think what's happening now is volumes kind of coming off, others moving on Matterhorn and it's just trying to find its way out of the basin. But with Matterhorn up and other pipelines online, there should be sufficient capacity at least for a while to handle those volumes. What you're seeing now is some maintenance on some pipes and some other disruptions on existing pipes, which is why our Waha has been kind of flat to negative here recently.

所以我認為現在發生的情況是一些山體開始下沉，其他一些山體正在向馬特洪峰方向移動，試圖找到離開盆地的路。但隨著馬特洪峰管道及其他管道的投入使用，至少在一段時間內應該有足夠的容量來處理這些流量。現在您看到的是一些管道的維護和現有管道的一些其他中斷，這就是為什麼我們的 Waha 最近一直處於持平到負值的狀態。

Great. Thank you very much.

偉大的。非常感謝。

Sunil Sibal, Seaport Global.

蘇尼爾·西巴爾 (Sunil Sibal)，Seaport Global。

So I wanted to start off on the NGL pipeline segment. Seems like ethane prices have been weak lately. So I was curious what kind of ethane recovery trends you are seeing on your systems? And then the Daytona kind of contributing partly for the third quarter, how should we think about volumes on the Daytona system, especially any switchovers from third-party processing plants also?

所以我想從 NGL 管道部分開始。看來最近乙烷價格一直疲軟。所以我很好奇您在系統中看到了什麼樣的乙烷回收趨勢？然後 Daytona 在第三季做出了部分貢獻，我們應該如何看待 Daytona 系統的產量，尤其是來自第三方加工廠的轉換？

This is Scott. First off, Daytona coming online gives us the ability to obviously flow on both our Grand Prix West system as well as Daytona.

這是斯科特。首先，代托納上線讓我們能夠同時在西部大獎賽系統和代托納賽事上順利進行。

So it gives us some operating efficiency around just being able to split volumes between those two pipes and gives us a lot of operating leverage, as I said earlier, moving into our 30-inch pipe. When it comes to ethane, certainly, ethane prices sitting around $0.18. There may be some outlying areas that would be looking at rejection type economics.

因此，它為我們提供了一定的營運效率，只需能夠在這兩個管道之間分配容量，並為我們提供了很大的營運槓桿，正如我之前所說的那樣，轉向我們的30 英寸管道。說到乙烷，當然，乙烷價格在 0.18 美元左右。一些偏遠地區可能會研究拒絕型經濟學。

But when you look at the Waha area where gas prices are, I think pretty much most of the industry is in full recovery wherever they can, predominantly in the Permian Basin. And for us, we stay pretty much in recovery mode all the time just so that we can feed our system on all of our integrated platform.

但當你看看瓦哈地區的天然氣價格時，我認為大多數產業都在全面復甦，主要是在二疊紀盆地。對我們來說，我們幾乎一直處於恢復模式，這樣我們就可以在所有整合平台上為我們的系統提供支援。

So again, I think some of the outlying areas outside of the Permian will probably be in rejection mode just based upon where prices are. But for us, it's pretty much full tilt for us.

所以，我認為，僅根據價格情況來看，二疊紀盆地以外的一些偏遠地區可能就會處於拒絕模式。但對我們來說，這幾乎是全力以赴。

Okay. And then in the Badlands system, it seems like you had a pretty sizable uptick on the crude volumes. I was curious, is that something we can expect to continue or any onetime items there?

好的。然後在 Badlands 系統中，似乎原油產量出現了相當大的上升。我很好奇，這是我們可以期待繼續下去的事情嗎，或是任何一次性的物品？

Yes. This is Pat. We had an uptick in our activity level. We had some producers that have been waiting on permits and another producer, frankly, that hasn't been real active over the past let's say, three or four years that, one, the activity level from that producer upticked.

是的。這是帕特。我們的活動水準有所提升。我們有一些生產商一直在等待許可證，而另一個生產商，坦率地說，在過去的三四年裡並沒有真正活躍起來，首先，該生產商的活動水平有所上升。

And secondly, the permits were granted and the wells were drilled. So we got a really nice uptick in our crude oil volumes. And our base level continues. So we expect good activity. I wouldn't say continued robust growth, but good activity level going forward on the system.

其次，許可證已經發放，油井也已經鑽探。因此我們的原油產量獲得了非常好的上升。我們的基礎水準仍在繼續。因此我們期待有良好的活動。我不會說會持續強勁成長，但係統未來的活動水準會很好。

I show no further questions at this time. I would now like to turn the call back over to Tristan Richardson for closing remarks.

我目前沒有其他問題。現在我想將電話轉回給特里斯坦·理查森，請他作最後發言。

Great. Thanks, Michelle. Thank you to everyone for joining the call this morning, and we appreciate your interest in Targa Resources.

偉大的。謝謝，米歇爾。感謝大家參加今天早上的電話會議，我們感謝您對 Targa Resources 的關注。

This does conclude 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。