Targa Resources Corp (TRGP) 2024 Q4 法說會逐字稿

Thank you for standing by, and welcome to Targa Resource Corp's fourth quarter 2024 Earnings Conference Call. (Operator Instructions).

感謝您的支持，歡迎參加 Targa Resource Corp 2024 年第四季財報電話會議。（操作員指令）。

I would now like to hand the call over to Tristan Richardson, Vice President, Investor Relations and fundamentals. Please go ahead.

現在，我想將電話交給負責投資者關係和基本面的副總裁特里斯坦·理查森 (Tristan Richardson)。請繼續。

Thanks, Latif. Good morning, and welcome to the Fourth Quarter 2024 Earnings Call for Targa Resources Corp. The fourth quarter earnings release, along with the fourth quarter earnings supplement presentation for Targa Resources that accompany our call are available on our website at targaresources.com in the Investors section.

謝謝，拉蒂夫。早安，歡迎參加 Targa Resources Corp. 2024 年第四季財報電話會議。

In addition, an updated investor presentation has also been posted to our website. 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.

此外，更新後的投資者介紹也已發佈至我們的網站。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; 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，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.

現在我將電話轉給馬特。

Thanks, Tristan, and good morning, everyone. 2024 was a great year, and we are continuing to build on our momentum. Our 2024 results demonstrate our differentiated positioning with record volumes from the Permian significantly outperforming initial expectations driving record NGL transportation, fractionation and export volumes that also exceeded expectations.

謝謝，特里斯坦，大家早安。 2024 年是偉大的一年，我們將繼續保持強勁勢頭。我們的 2024 年業績證明了我們差異化的定位，二疊紀盆地的創紀錄產量大大超出了最初的預期，推動了創紀錄的 NGL 運輸、分餾和出口量也超出了預期。

As we look forward to 2025 and beyond, we believe that we are uniquely positioned to continue to deliver significant growth for our shareholders. We have a demonstrated track record of adding infrastructure that is highly utilized and 2024 was no different.

展望 2025 年及以後，我們相信我們擁有獨特的優勢，可以繼續為股東帶來顯著的成長。我們在增加高利用率基礎設施方面有著良好的記錄，2024 年也不例外。

With our additional 2 Permian processing plants, 2 additional NGL fractionators and our Daytona NGL pipeline all much needed at start-up. And we announced 3 new projects this morning. Our Delaware Express project, a 100-mile 30-inch diameter intra Delaware Basin pipeline expansion of Grand Prix that will provide us with additional NGL capacity in the Delaware.

我們的另外 2 個 Permian 加工廠、2 個額外的 NGL 分餾塔以及 Daytona NGL 管道都是啟動時急需的。今天早上我們宣布了 3 個新項目。我們的特拉華快線項目是一條長 100 英里、直徑 30 英寸的特拉華盆地內管道的擴建項目，它將為我們提供特拉華州額外的 NGL 產能。

Train 12, our next 150,000 barrels per day NGL fractionator in Mont Belvieu and our new LPG export expansion at Galena Park, which will increase our effective export capacity to 19 million barrels per month. Our newly announced projects are needed to accommodate incremental NGL volumes from our 5 Permian processing plants currently under construction.

Train 12、我們位於 Mont Belvieu 的下一個日產 15 萬桶的 ​​NGL 分餾塔以及位於 Galena Park 的新的 LPG 出口擴建項目，將使我們的有效出口能力提高到每月 1900 萬桶。我們新宣布的項目需要滿足目前正在建造的 5 個二疊紀加工廠增加的 NGL 產量。

These critical projects are core to target strengths positioning us to continue to demonstrate attractive returns on invested capital. We have recently accelerated projects and growth spending relative to our thoughts on when we would need additional downstream infrastructure at this time last year. This was driven by more organic growth than previously estimated plus the execution of multiple new commercial deals.

這些關鍵項目是目標優勢的核心，使我們能夠繼續展示可觀的投資回報。最近，我們加快了專案和成長支出，相對於去年此時我們認為何時需要額外的下游基礎設施。這是由於超出先前預期的有機成長以及多項新的商業交易的執行。

In 2024, our Permian G&P volumes grew by 14% year-over-year with an incremental 709 million cubic feet per day moving through our system. We expected meaningful volume increases, but we were surprised to the upside as our growth far exceeded the high single-digit growth we were talking about last February.

2024 年，我們的二疊紀 G&P 產量年增 14%，每天透過我們系統的增量為 7.09 億立方英尺。我們原本預期銷售量會大幅增加，但結果卻出乎意料，因為我們的成長遠遠超過了去年二月所說的高個位數成長。

Our volume outperformance was really driven by a combination of the advantages of our Permian systems and dedicated acreage being on the best rock in the Midland and Delaware Basins, lower declines on existing volumes, increased producer activity and performance in certain areas relative to initial expectations.

我們產量優異的表現實際上是得益於二疊紀系統的優勢和位於米德蘭和特拉華盆地最佳岩層的專用土地的優勢、現有產量下降幅度較小、以及某些地區生產商活動和業績相對於最初預期有所增加。

Higher gas to oil ratios and commercial success, bringing new volumes onto our systems. While we expect to continue to benefit from similar trends in 2025, we currently estimate that our Permian G&P volume growth will be more second half weighted. This growth, along with several large commercial wins that began adding volumes late in 2025 and into 2026, positions us to drive even stronger volume growth in 2026.

更高的氣油比和商業成功為我們的系統帶來了新的產量。雖然我們預計 2025 年將繼續受益於類似的趨勢，但我們目前估計，二疊紀 G&P 產量成長將更受下半年的影響。這一成長，加上 2025 年末至 2026 年開始增加產量的幾項大型商業勝利，使我們能夠在 2026 年實現更強勁的產量成長。

These trends and the volume growth, we expect to see on our system will drive further increases in year-over-year adjusted EBITDA and the generation of meaningful adjusted free cash flow. In 2024, our record adjusted EBITDA of $4.1 billion was 17% higher than 2023. We estimate another year of record financial and operational results in 2025 with over $600 million in EBITDA growth expected this year.

我們預計，這些趨勢和系統銷售的成長將推動調整後 EBITDA 年比進一步成長，並產生有意義的調整後自由現金流。2024 年，我們的調整後 EBITDA 達到創紀錄的 41 億美元，比 2023 年高出 17%。我們預計，2025 年的財務和營運業績將再創紀錄，預計今年的 EBITDA 將成長將超過 6 億美元。

We are also in a position to deliver significant growth in 2026 and beyond with 4 new Permian G&P plants coming online in 2026, driving significant NGL volume growth through our downstream assets. The strength of our results positions us to continue to return an increasing amount of capital to our shareholders over time with a 50% increase to our common dividend for 2024 versus 2023, and the record $755 million of common share repurchases during the year.

隨著 2026 年 4 家新的 Permian G&P 工廠投入使用，我們也將在 2026 年及以後實現顯著成長，透過我們的下游資產推動 NGL 產量的顯著成長。我們強勁的業績使我們能夠隨著時間的推移繼續向股東返還越來越多的資本，2024 年的普通股股息將比 2023 年增加 50%，並且年內普通股回購金額將達到創紀錄的 7.55 億美元。

Looking forward, we announced in November, we expect to recommend a 33% year-over-year increase to our annualized 2025 common dividend per share. Our focus isn't changing. Our balance sheet is strong, providing us with flexibility to continue to invest in attractive organic growth and to continue to return capital to our shareholders, including opportunistic common share repurchases.

展望未來，我們在 11 月宣布，我們預計將 2025 年每股普通股年度股息年增 33%。我們的重點沒有改變。我們的資產負債表強勁，為我們提供了靈活性，可以繼續投資於有吸引力的有機成長，並繼續向股東返還資本，包括機會性的普通股回購。

Before I turn the call over to Jen, I would like to recognize and thank our employees for their continued focus on safety and execution while providing best-in-class service and reliability to our customers. Every group within Targa played a huge role in our execution across the year, and we are proud of their efforts.

在將電話轉給 Jen 之前，我想表揚並感謝我們的員工，感謝他們持續關注安全和執行，同時為我們的客戶提供一流的服務和可靠性。Targa 中的每個團隊都在我們全年的執行中發揮了巨大作用，我們為他們的努力感到自豪。

We provided our shareholders with the ninth highest total return in the S&P 500, which is a tremendous accomplishment that we want to build on. Lastly, I am pleased to announce that Jen Kneale is moving into the President role, effective March 1, 2025. After leading our finance and administrative functions for the last 7 years and has, as part of Jen's continuing development, she is going to shift her focus to now lead our commercial engineering and operations functions across Targa.

我們為股東提供了標準普爾 500 指數中第九高的總回報，這是一項巨大的成就，我們希望繼續努力。最後，我很高興地宣布，Jen Kneale 將於 2025 年 3 月 1 日起擔任總裁一職。在領導我們的財務和行政職能部門七年之後，作為 Jen 持續發展的一部分，她將把重點轉移到領導 Targa 的商業工程和營運職能。

Over to you, Jen.

交給你了， Jen。

Thanks, Matt. Good morning, everyone. Building on Matt's remarks, there is a lot of activity on our acreage in the Permian. Starting in the Delaware, our new bolus plant is now online and highly utilized. We also completed the addition of our 800 million cubic feet per day of front-end sour gas treating and the 30-inch gas pipeline that connects Targa 2 largest treating and processing facilities in the Delaware Basin.

謝謝，馬特。大家早安。根據馬特的評論，我們在二疊紀盆地的土地上有很多活動。從特拉華州開始，我們的新藥丸工廠現已投入使用並且利用率很高。我們還完成了每天 8 億立方英尺前端酸性氣體處理和連接特拉華盆地 Targa 2 最大處理和加工設施的 30 英寸天然氣管道的建設。

These projects bring Targa's Delaware treating capacity to approximately 2.3 billion cubic feet per day and create significant system fungibility. We are continuing to make progress on our next two plants that are under construction in the Delaware with our Bull Moose II plant expected online in the first quarter of 2026, and our Falcon II plant online in the second quarter of 2026, with 2 plants coming online within a quarter in 2026, we expect to be in great position to handle customer volume growth in the Delaware.

這些項目將使 Targa 在特拉華州的處理能力達到每天約 23 億立方英尺，並創造顯著的系統可互換性。我們將繼續推進位於特拉華州的另外兩家在建工廠，其中 Bull Moose II 工廠預計將於 2026 年第一季度投產，Falcon II 工廠預計將於 2026 年第二季度投產，兩家工廠將於 2026 年一個季度內投產，我們預計將能夠很好地應對特拉華州的客戶數量增長。

Moving to the Midland Basin. Our Greenwood I plant came online in late October and was fully utilized at startup. We currently have 3 additional plants under construction with our Pembrook 2 plant expected online in the fourth quarter of 2025, our East Pembrook plant online in the second quarter of 2026, and our East driver plant online in the third quarter of 2026. Across both the Midland and the Delaware, we are evaluating when we will need to move forward with our next Permian plants to accommodate continued growth on our systems.

遷往米德蘭盆地。我們的 Greenwood I 工廠於 10 月下旬投入運營，並在啟動時達到了充分利用。我們目前有另外 3 家工廠正在建設中，其中 Pembrook 2 工廠預計將於 2025 年第四季投產，East Pembrook 工廠預計將於 2026 年第二季投產，East 驅動工廠預計將於 2026 年第三季投產。我們正在米德蘭和特拉華州評估何時需要推進下一個二疊紀工廠的建設，以適應系統的持續成長。

Turning to our Logistics and Transportation segment. Targa's NGL pipeline transportation volumes averaged a record 872,000 barrels per day and fractionation volumes averaged a record 1.1 million barrels per day during the fourth quarter as we benefited from our Daytona NGL pipeline coming into service in late August and our Train 10 fractionator coming into service in late October.

轉向我們的物流和運輸部門。第四季度，Targa 的 NGL 管道運輸量平均達到創紀錄的 872,000 桶/天，分餾量平均達到創紀錄的 110 萬桶/天，這得益於我們於 8 月底投入使用的 Daytona NGL 管道以及於 10 月底投入使用的 Train 10 分餾塔。

Our 30-inch 100-mile intra Delaware Basin expansion of Grand Prix that we announced this morning is needed to accommodate growing Delaware Basin volumes. By moving forward with a 30-inch diameter pipeline, we have the flexibility to consider repurposing part of our existing Grand Prix NGL lines to large diameter gathering lines or residue service. providing the opportunity to further enhance flow assurance and takeaway options for our producers.

我們今天上午宣布的將大獎賽管道擴建至特拉華盆地內 30 英寸、100 英里，是為了適應不斷增長的特拉華盆地水量。透過推進 30 英吋直徑的管道，我們可以靈活地考慮將部分現有 Grand Prix NGL 管線重新用於大直徑收集管線或殘渣服務。為我們的生產商提供進一步加強流量保證和外帶選擇的機會。

Our outlook of increasing long-haul NGL transportation volumes has continued to strengthen, and Daytona coming online plus the third-party medium-term transportation deals that we mentioned previously provide us with flexibility looking forward. Given the anticipated growth in our Permian G&P business, our outlook for NGL supply growth remains robust and our downstream system expansions will be much needed to handle growth from our systems.

我們對增加長途NGL運輸量的前景持續增強，而Daytona的上線以及我們之前提到的第三方中期運輸交易為我們提供了未來的靈活性。鑑於我們二疊紀 G&P 業務的預期成長，我們對 NGL 供應成長的前景依然強勁，並且我們非常需要下游系統擴展來應對我們系統的成長。

Our next fractionator in Mont Belvieu, Train 11, remains on track for the third quarter of 2026 and is expected to be much needed at startup. Our newly announced Train 12 is also expected to be much needed with start-up estimated in the first quarter of 2027. In our LPG export business at Galena Park our loadings averaged a record 14 million barrels per month during the fourth quarter, and we remain on track to complete our 650,000 barrel per month expansion in the fourth quarter of 2025.

我們位於蒙特貝爾維尤的下一個分餾塔 Train 11 仍按計劃於 2026 年第三季投入使用，預計在啟動時將非常需要。我們新宣布的第 12 號列車預計也將非常需要，預計將於 2027 年第一季啟動。在我們位於加利納公園的液化石油氣出口業務中，我們的第四季平均裝載量達到了創紀錄的 1,400 萬桶/月，我們仍有望在 2025 年第四季完成每月 65 萬桶的擴張目標。

Given our fractionation expansions that will result in incremental propane and butanes in the Targa system plus the continued strength in global demand for US-sourced LPG's. We expect our LPG export expansion project announced this morning to be much needed when it comes online in the third quarter of 2027. The addition of a new pipeline between Mont Belvieu and Galena Park and another refrigeration unit, will significantly increase our loading rates and enhance our facility flexibility.

鑑於我們的分餾擴張，這將導致 Targa 系統中丙烷和丁烷的增加以及全球對美國液化石油氣的需求持續強勁。我們預計，今天上午宣布的液化石油氣出口擴建項目在 2027 年第三季投入使用時將會非常必要。在蒙特貝爾維尤和加利納公園之間增加一條新管道和另一個製冷裝置，將顯著提高我們的裝載率並增強我們設施的靈活性。

During the fourth quarter, we purchased BP's 12% interest in Cedar Bayou fractionators for net cash consideration of approximately $111 million and we now own 100% of CBF. This transaction allows us to provide our partner with liquidity while simplifying our operational structure at an attractive return. We also announced this morning a definitive agreement to repurchase all of the outstanding preferred equity in Targa Badlands LLC, which holds our North Dakota assets for approximately $1.8 billion.

第四季度，我們以約 1.11 億美元的淨現金對價收購了 BP 在 Cedar Bayou 分餾塔的 12% 的權益，現在我們擁有 CBF 的 100% 的股權。此次交易使我們能夠為合作夥伴提供流動性，同時以有吸引力的回報簡化我們的營運結構。我們今天早上還宣布了一項最終協議，將回購 Targa Badlands LLC 的所有未償還優先股，該公司持有我們在北達科他州的資產，價值約 18 億美元。

When we executed the Badlands transaction in February 2019, we were in the midst of building our largest project ever, Grand Prix and multiple plants and fracs to help commercialize Grand Prix. We maximize proceeds without any TRGP dilution with the structure, which was critical to us at the time, given our large capital lift and strength of conviction in our outlook. We have now taken out the last piece of creative financing that we utilized back then to keep investing without dilution.

當我們在 2019 年 2 月執行 Badlands 交易時，我們正在建造有史以來最大的項目 Grand Prix，以及多個工廠和壓裂設施，以幫助實現 Grand Prix 的商業化。利用這個結構，我們可以實現收益最大化，而不會稀釋 TRGP，這對我們當時來說至關重要，因為我們擁有巨大的資本增量，並且對前景充滿信心。我們現在已經取出當時利用的最後一筆創意融資，以繼續進行投資而不稀釋股權。

The rationale for taking out Blackstone now is simple. The preferred had a low double-digit cost essentially $180 million of fixed annual charges. With the strength of our balance sheet, we can refinance it with much lower cost debt, providing more than $80 million of annual cash savings and have minimal impact to our leverage ratio.

現在收購黑石的理由很簡單。優先股的成本為兩位數的低水平，基本上是每年 1.8 億美元的固定費用。憑藉我們強勁的資產負債表，我們可以用成本低得多的債務進行再融資，每年節省超過 8,000 萬美元的現金，並且對我們的槓桿率的影響極小。

We will now own 100% of the Badlands again, which is a strong fee-based free cash flow asset, characteristics that made it attractive for joint venture investment in 2019 and make it attractive for us to fully own now. With an effective date of January 1, we will benefit from owning 100% of Badlands for all of 2025, resulting in approximately $180 million of incremental EBITDA. As Matt mentioned, we have accelerated significant spending into 2025, that we were not forecasting at this time last year because of the outperformance of volume growth in 2024 and our expectations for continued growth looking forward.

我們現在將再次擁有 Badlands 的 100% 股權，這是一項強大的基於費用的自由現金流資產，這些特點使其在 2019 年對合資投資具有吸引力，也使其現在對我們完全具有吸引力。該協議自 1 月 1 日起生效，屆時我們將受益於在 2025 年全年擁有 Badlands 100% 的股權，從而帶來約 1.8 億美元的增量 EBITDA。正如馬特所提到的，我們已將大量支出加速到 2025 年，這是我們去年此時沒有預測到的，因為 2024 年的銷量增長表現出色，並且我們預計未來將繼續增長。

Through the end of 2024, our ROIC over the past 5 years was 21% and which is strong, given we had the second largest project in Targa's history, Daytona and several other major projects come online and only partially contribute to 2024.

截至 2024 年底，我們過去 5 年的 ROIC 為 21%，這是很強勁的，因為我們擁有 Targa 歷史上第二大項目，Daytona 和其他幾個主要項目上線，並且僅對 2024 年做出部分貢獻。

We provided an illustrative framework last February that detailed a multiyear growth capital spend of approximately $1.7 billion to support high single-digit growth in Permian volumes. While this framework holds, we clearly benefited from a lot more volume growth than that in 2024. And given our additional commercial success are likely to see more volume growth going forward. This growth accelerated several downstream projects which added capital to 2025.

去年二月，我們提供了一個說明性框架，詳細說明了約 17 億美元的多年成長資本支出，以支持二疊紀產量的高個位數成長。雖然這個框架成立，但我們顯然受益於比 2024 年多得多的銷售成長。鑑於我們取得的額外商業成功，未來銷售量可能會進一步成長。這一增長加速了幾個下游項目，為 2025 年增加了資本。

The framework should continue to be helpful in a lower growth environment, but our capital spend over the next few years is likely to be higher. 4 plants come online in 2026 and we will need additional processing in 2027 and beyond, and that volume growth has accelerated downstream spend. Importantly, these projects are all core to Targa and leverage our existing footprint and we believe will continue to result in attractive rates of return, driving increasing EBITDA and free cash flow over time.

這個框架在低成長環境下應該會繼續發揮作用，但未來幾年我們的資本支出可能會更高。 2026 年將有 4 家工廠投入使用，2027 年及以後我們將需要進行額外的加工，而產量的成長加速了下游支出。重要的是，這些項目都是 Targa 的核心，利用我們現有的足跡，我們相信將繼續帶來可觀的回報率，推動 EBITDA 和自由現金流隨著時間的推移而增加。

As a result of our strong returns and attractive growth we continue to return meaningful increases in capital to our investors. We opportunistically repurchased $755 million of common shares at a weighted average price of $127.20 during 2024. A substantial increase over the $347 million of share repurchases for full year 2023.

由於我們強勁的回報和有吸引力的成長，我們繼續為投資者帶來有意義的資本成長。我們在 2024 年期間伺機以 127.20 美元的加權平均價格回購了價值 7.55 億美元的普通股。較 2023 年全年 3.47 億美元的股票回購額大幅增加。

In 2024, we returned 42% of our adjusted cash flow from operations to shareholders. This was higher than we expected at the beginning of last year, with the strength of our results positioned us to return capital to shareholders more quickly. Consistent with the multiyear framework we've previously discussed, we continue to model returning more than 40% of cash flow from operations to shareholders on a multiyear basis looking forward. We will continue to focus on an all-of-the-above approach to creating value for our shareholders.

2024年，我們向股東返還了42%的調整後經營現金流。這高於我們去年年初的預期，強勁的業績使我們能夠更快地向股東返還資本。與我們之前討論過的多年期框架一致，我們將繼續模擬未來多年期經營活動向股東返還 40% 以上的現金流。我們將繼續致力於採取上述所有方法為股東創造價值。

Maintaining our strong balance sheet positions us to both continue to invest in attractive organic growth opportunities while increasing our return of capital to shareholders. Our compelling value proposition continues to be supported by growing EBITDA, meaningful increases to common dividends per share, a reducing share count and an excellent outlook.

保持強勁的資產負債表使我們能夠繼續投資於有吸引力的有機成長機會，同時增加對股東的資本回報。我們引人注目的價值主張繼續得到不斷增長的 EBITDA、每股普通股股息的大幅增加、股份數量的減少和良好的前景的支持。

2024 was a big year for our company, and I'm so appreciative of the efforts of our employees. We have a lot of momentum and are excited about the future.

2024 年對我們公司來說是重要的一年，我非常感謝員工的努力。我們勢頭強勁，對未來充滿期待。

I'll now turn the call over to Will to discuss our fourth quarter results and our 2025 outlook. Will?

現在我將把電話轉給威爾，討論我們的第四季業績和 2025 年展望。將要？

Thanks, Jen. Targa's reported quarterly adjusted EBITDA for the fourth quarter was $1.122 billion, a 5% increase over the third quarter. The sequential increase was attributable to higher Permian volumes, which resulted in higher system volumes through our integrated NGL business.

謝謝， Jen。Targa 報告第四季調整後的 EBITDA 為 11.22 億美元，較第三季成長 5%。連續的成長歸因於二疊紀產量的增加，這導致我們綜合的 NGL 業務的系統產量增加。

Full year 2024 adjusted EBITDA was a record $4.1 billion, a 17% increase over 2023 and was supported by record financial and operational metrics across the company despite weak natural gas and NGL prices. We also benefited from stronger-than-expected natural gas and NGL marketing opportunities across 2024 with approximately $100 million of optimization opportunities that were not included in our original guidance.

2024 年全年調整後 EBITDA 達到創紀錄的 41 億美元，比 2023 年增長 17%，儘管天然氣和 NGL 價格疲軟，但整個公司的財務和營運指標均創下了歷史新高。我們也受惠於 2024 年強於預期的天然氣和 NGL 行銷機會，其中約 1 億美元的優化機會未納入我們最初的指引中。

During 2024, we spent approximately $3 billion on growth capital projects. Growth capital spending came in ahead of our previous estimates as a result of the acceleration of spending attributable to our Permian commercial success and various growth projects that shifted spending into 2024.

2024 年，我們在成長資本項目上花費了約 30 億美元。成長資本支出超過了我們先前的預期，原因是二疊紀商業成功和各種成長項目將支出轉移到 2024 年導致支出加速。

Our net maintenance capital was $232 million. At the end of the year, our net consolidated leverage ratio was was approximately 3.4x below the midpoint of our long-term leverage ratio target range of 3 to 4x. With our strong balance sheet, we have stable mid-BBB investment-grade rating.

我們的淨維護資本為 2.32 億美元。截至年底，我們的淨合併槓桿率比長期槓桿率目標範圍 3 至 4 倍的中點低約 3.4 倍。憑藉我們強勁的資產負債表，我們擁有穩定的中期 BBB 投資級評級。

Turning to 2025 we are very excited about our outlook and expectations. We estimate full year 2025 adjusted EBITDA to be between $4.65 billion and $4.85 billion, a 15% increase over 2024 based on the midpoint of our range. We expect continued volume growth in the Permian Basin will drive operating margin across our businesses.

展望 2025 年，我們對我們的前景和期望感到非常興奮。我們預計 2025 年全年調整後 EBITDA 在 46.5 億美元至 48.5 億美元之間，根據我們範圍的中點，比 2024 年增長 15%。我們預期二疊紀盆地產量的持續成長將推動我們各項業務的營業利益率。

The Logistics & Transportation segment is well positioned to benefit from full year contributions of our Daytona NGL pipeline and Train 9 and 10. Our outlook assumes commodity prices of $1.55 per MMBtu for Waha natural gas, $0.65 per gallon for our weighted average NGL barrel and $70 a barrel for WTI crude. Our cash flows are greater than 90% fee-based, and we have hedged about 90% of the remaining 10% nonfee margin through 2026.

物流和運輸部門預計將從我們的 Daytona NGL 管道以及 9 號和 10 號列車的全年貢獻中受益。我們的展望假設瓦哈天然氣的商品價格為每百萬英熱單位 1.55 美元、我們的加權平均 NGL 桶為每加侖 0.65 美元、WTI 原油的商品價格為每桶 70 美元。我們的現金流中超過 90% 是基於費用的，而且到 2026 年，我們已經對剩餘 10% 非費用利潤的約 90% 進行了對沖。

The increasing fee-based margin across our businesses will continue to provide us with cash flow stability and the fee floors and our G&P business support our ability to invest across lower commodity price environments while positioning us to benefit from higher commodity prices. Relative to our full year 2025 financial guidance, a 30% move higher in commodity prices would increase full year adjusted EBITDA by around $130 million, while a 30% decrease would reduce adjusted EBITDA by around $80 million. This momentum will position us well going into 2026.

我們各項業務的費用利潤率不斷提高，將繼續為我們提供現金流穩定性，費用下限和 G&P 業務支持我們在較低商品價格環境中進行投資的能力，同時使我們能夠從較高的商品價格中獲益。相對於我們 2025 年全年財務指引，大宗商品價格上漲 30% 將導致全年調整後 EBITDA 增加約 1.3 億美元，而大宗商品價格下降 30% 將導致調整後 EBITDA 減少約 8,000 萬美元。這一勢頭將使我們在 2026 年佔據有利地位。

We estimate $2.6 billion to $2.8 billion of growth capital spending for 2025 and our capital budget includes spending on the 3 new downstream projects announced today, in addition to the 5 Permian plants and Train 11 currently underway, spending associated with the recent commercial success that Matt highlighted, modest spending associated with long lead time items for our next potential Permian system expansions, and we are continuing to evaluate when we will need to move forward with spending on incremental long-haul NGL transportation.

我們預計 2025 年的成長資本支出將達到 26 億至 28 億美元，我們的資本預算包括今天宣布的 3 個新的下游項目的支出，以及目前正在進行的 5 個 Permian 工廠和 Train 11 的支出，與 Matt 強調的最近商業成功相關的支出，與我們下一個潛在的 Permian 的長途支出，與 Matt 強調的最近商業成功相關的支出，與我們下一個潛在的 Permian 支出，何時增加。

As Jen mentioned, our third-party medium-term NGL transportation agreements provide us with flexibility and baseload volumes for our next NGL pipeline expansion when needed. Our estimate for net maintenance capital spending is $250 million. Similar to year-end 2024, we expect to end 2025 with our leverage ratio comfortably within our long-term target range of 3 to 4x providing continued flexibility going forward. In February, we closed on a new 5-year, $3.5 billion revolving credit facility maturing February 2030. The upsized revolver enhances our liquidity position and flexibility to continue to execute on our strategic priorities. Our available liquidity at the end of the fourth quarter, pro forma for the new revolver was approximately $2.8 billion.

正如 Jen 所提到的，我們的第三方中期 NGL 運輸協議為我們下一次 NGL 管道擴建提供了靈活性和基本負載量。我們估計淨維護資本支出為 2.5 億美元。與 2024 年底類似，我們預計 2025 年底我們的槓桿率將輕鬆達到 3 至 4 倍的長期目標範圍內，從而為未來提供持續的靈活性。今年 2 月，我們簽署了一項新的 5 年期、35 億美元循環信貸協議，該協議將於 2030 年 2 月到期。擴大後的循環信貸規模增強了我們的流動性狀況和靈活性，使我們能繼續執行策略重點。截至第四季末，我們的可用流動資金（新循環信貸的預計金額）約為 28 億美元。

There is no change to our assumption that we may be subject to the federal minimum tax in 2026 and a full cash taxpayer in 2027. Any favorable tax policy changes by the new administration such as reinstating bonus depreciation or eliminating AMT would reduce our cash taxes relative to our expectations. I would like to join Matt and Jen in thanking our 3,400 employees who have made our success possible. the team effort every day as we continue to execute on our growth program.

我們的假設沒有改變，即我們可能在 2026 年繳納聯邦最低稅，並在 2027 年成為全額現金納稅人。新政府的任何有利的稅收政策變化，例如恢復獎金折舊或取消替代性最低稅，都將降低我們的現金稅，使其低於我們的預期。我想與馬特和 Jen 一起感謝我們的 3,400 名員工，是他們讓我們成功了。我們將繼續執行成長計劃，團隊每天都在努力。

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。

Thanks, Will. (Operator Instructions) Latif, please open the line for Q&A.

謝謝，威爾。(操作員指示)拉蒂夫，請開通問答專線。

(Operator Instructions)

（操作員指令）

Jeremy Tonet of JPMorgan.

摩根大通的傑里米·托內特 (Jeremy Tonet)。

Jen, congratulations there, first off. And just wanted to go, I guess, into, I guess, the forward outlook at this point with the guidance you provided, I believe those commentary that activity would accelerate over the back half of the year. And if I think about the CapEx pull forward here, it seems like things are going better than previously expected growing faster. I'm just wondering any high-level thoughts you could share, I guess, on how the trajectory of EBITDA could grow across the year, the back half higher? And really, how we should think about 2026 at this point given the trajectory later in the year as well as some of these growth projects being pulled forward here?

Jen，首先恭喜你。我想說的是，根據您提供的指導，目前我們的前瞻性展望是，我相信這些評論中的活動將在下半年加速。如果我考慮這裡的資本支出提前拉動，似乎事情進展得比之前預期的要好，成長速度也更快。我只是想知道您能否分享一些高層的想法，關於 EBITDA 的軌跡如何在全年增長，以及下半年如何走高？那麼，考慮到今年稍後的發展軌跡以及一些成長項目的推進，我們現在應該如何看待 2026 年？

Yes. Sure, Jeremy. I'll start. The growth outlook, I'd say, for us, is really strong relative to where we were sitting last year at this time. I'd say the multiyear growth outlook has improved really for every year. As we look at this year specifically, we're pointing to more back half growth. Last year, we saw really strong volumes in the first part of the year and that continued through the rest of the year.

是的。當然，傑里米。我先開始。我想說，與去年同期相比，我們的成長前景確實強勁。我想說，多年的成長前景確實每年都在改善。當我們具體看今年時，我們預計下半年將有更多成長。去年上半年我們的銷售量非常強勁，而且這種勢頭持續到了下半年。

This year, as we look at our producer forecast, it is more back-half weighted and the commercial success on the deals we talked about in 2024 really start contributing kind of second part of '25 and into '26, this year is also for Q1 is impacted by weather. We've had just round after round of freezing weather that's impacted our Permian volumes and then impacted our NGL volumes downstream. So we have had some weather headwinds here in the first quarter.

今年，當我們查看生產商預測時，它更多是後半部分加權，而我們在 2024 年談到的交易的商業成功確實開始對 2025 年下半年和 2026 年產生貢獻，今年第一季也受到天氣的影響。我們經歷了一輪又一輪的寒冷天氣，這影響了我們的二疊紀產量，進而影響了下游的 NGL 產量。因此，我們在第一季遇到了一些天氣不利因素。

But our outlook for this year is really strong. And we just kind of look through the bottoms-up build of our producer forecast 2026 looks like it's potentially even a stronger year than 2025.

但我們對今年的前景非常樂觀。透過由下而上的生產商預測，我們可以看出 2026 年甚至可能比 2025 年更強勁。

And Jeremy, I'd just add, when you think about 4 plants coming online in 2026, we're not trying to look too far beyond this year. We're really excited about this year. But 4 plants coming online next year as well. We've just got a tremendously strong outlook of multiyears of growth here that we're really excited about.

傑里米，我想補充一點，當你想到 2026 年將有 4 家工廠上線時，我們並不會把眼光放在今年之後太遠的地方。我們對今年感到非常興奮。但明年也將有 4 家工廠投入營運。我們看到了未來多年極其強勁的成長前景，對此我們感到非常興奮。

Got it. So 2026 looking better than 2025 at this point and long-term growth outlook today looking better than it did in the past. So got it there. And then I believe there was some comments on optimization that occurred in '24 and is not, I guess, in the EBITDA guide for '25. And obviously, you're not baking the business around this, but is there any reason to think that some optimization does not materialize again in '25? Just wondering how we should think about that?

知道了。因此，從目前來看，2026 年的表現優於 2025 年，而且目前的長期成長前景也比過去好。所以就把它拿到那裡了。然後我相信對 24 年發生的優化有一些評論，但我猜，這些評論並不在 25 年的 EBITDA 指南中。顯然，你不會圍繞這一點來開展業務，但是有沒有理由認為某些優化不會在 25 年再次實現？只是想知道我們應該如何看待這個問題？

I would say that we're already -- we're always pretty conservative when we guide to full year EBITDA. And when we think about marketing opportunities and our footprint across both the natural gas and the natural gas liquids side, each year opportunities present themselves, but it's not part of what we forecast in a meaningful way. We let those present.

我想說的是，我們在預測全年 EBITDA 時總是相當保守。當我們考慮行銷機會以及我們在天然氣和天然氣液體方面的足跡時，每年都會有機會出現，但這並不是我們有意義地預測的一部分。我們讓那些在場的人。

That's one of the reasons that in 2024, you saw us increase our guidance range in August, then you saw us in November, so we thought we'd be at the high end of the range. And then you've, of course, seen us today beat all of that with where we ended up for 2024. So similarly, as we think about this year, I'd expect opportunities to present themselves, but it's not something that we bake into our overall planning process until they're accounted for essentially.

這就是為什麼我們在 2024 年 8 月提高了指導範圍，然後在 11 月又提高了指導範圍，所以我們認為我們將處於該範圍的高端。當然，您今天已經看到我們超越了所有這些，並在 2024 年取得了最終的成績。因此，同樣地，當我們思考今年時，我預計機會會出現，但在它們得到實質考慮之前，我們不會將其納入我們的整體規劃過程。

Got it. So optimization is still very much possible upside to the plan. I think that's it for me.

知道了。因此，優化對於該計劃來說仍然有很大的提升空間。我想對我來說就這樣了。

Keith Stanley of Wolfe Research.

沃爾夫研究公司的基斯‧史丹利（Keith Stanley）。

I wanted to start on the Badlands buy-in and just clarity, did Blackstone have an option to put the preferred interest back to you at a certain point -- or is the timing just you have excess balance sheet capacity. And I think, Jen, you noted $80 million a year of cash savings from doing this, and so you're just opportunistic on it?

我想從 Badlands 的買入開始，然後澄清一下，黑石集團是否有選擇在某個時間點將優先權返還給你——或者只是你的資產負債表容量過剩。而且我認為，Jen，你指出這樣做每年可以節省 8000 萬美元的現金，所以你只是趁機撈取利益？

I'd say that what we announced today was us being opportunistic in saying that from our perspective, with the strength of our balance sheet, with the cash savings from refinancing a higher cost, low double-digit preferred, being able to put it on our balance sheet at a much lower cost of debt, made all the sense in the world to us and we quantified for the savings for you of around $80 million on the call.

我想說，我們今天宣布的決定是投機取巧的，從我們的角度來看，憑藉我們資產負債表的強勁，以及通過再融資更高成本、低兩位數優先股而節省的現金，能夠以低得多的債務成本將其納入我們的資產負債表，這對我們來說是完全合理的，我們在電話會議上為您量化了約 8,000 萬美元的節省。

As with any structure like that, yes, there are eventual options for a partner like Blackstone to get out, but by no means were we anywhere where we had to make a decision. For us, it just was really on the backs of a really strong 2024 year-end leverage ratio of 3.4 times. We're taking on a tiny bit of leverage here and generating $80 million of cash savings and now go back to owning 100% of a stable fee-based asset that's throwing off a lot of free cash flow.

正如任何類似的結構一樣，黑石這樣的合作夥伴最終確實有退出的選擇，但我們絕對不會被迫做出決定。對我們來說，這實際上得益於 2024 年底 3.4 倍的強勁槓桿率。我們在這裡承擔了一點點槓桿，產生了 8,000 萬美元的現金節約，現在又重新擁有 100% 的穩定收費資產，這會產生大量的自由現金流。

Great. Second, I just wanted to ask on buybacks given some of the growth commentary, including '26 potentially even being stronger than '25. So, when you think about buybacks and just capital allocation generally, the stock has rerated a lot. You're getting great returns on organic growth. You could probably get pretty good returns on M&A as well. So, how are you thinking about prioritizing capital allocation at this point, including buybacks, just given kind of the overwhelming growth potential that you're seeing?

偉大的。其次，我只是想問關於回購的問題，考慮到一些成長評論，包括'26 年甚至可能比'25 年更強勁。因此，當您考慮回購和一般資本配置時，股票已被重新評級很多。您將從有機成長中獲得豐厚的回報。您或許也能從併購中獲得相當不錯的回報。那麼，考慮到您所看到的巨大成長潛力，您現在如何考慮優先考慮資本配置，包括回購？

For us, it continues to be in all of the above approach. I think that we clearly have a lot of really attractive organic growth capital investment opportunities that we can invest in, and you're seeing us do that and support our producers and customers.

對我們來說，它仍然是上述所有方法。我認為，我們顯然有很多真正有吸引力的有機成長資本投資機會可供投資，而且您看到我們這樣做並支持我們的生產商和客戶。

And that will, of course, be a core area of focus for us moving forward. While we're doing that, you also saw us execute on record repurchases in 2024. Meaningfully increase the dividend in 2024. And now of course, we have the (technical difficulty) of a 33% increase to the common dividend in 2025. What we really like about our repurchase program is it's opportunistic.

當然，這將是我們未來關注的核心領域。在我們這樣做的同時，您也看到我們在 2024 年執行了創紀錄的回購。2024 年大幅增加股利。當然，現在我們面臨著 2025 年普通股股息增加 33% 的（技術難題）。我們真正喜歡我們的回購計劃是因為它具有機會性。

So to the extent we see a disconnect between our belief of the value of Targa and what the market is presenting itself or is presenting to us, we've got the financial flexibility with the strength of our balance sheet to step in. So you saw us in 2024 execute a lot of repurchases in the second quarter. We knew how strong our 2024 was going to be.

因此，如果我們發現 Targa 的價值與市場本身或向我們呈現的價值之間存在脫節，我們可以透過強大的資產負債表和財務靈活性來介入。因此，您會看到我們在 2024 年第二季執行了大量回購。我們知道我們的 2024 年將會多麼強大。

We were relying on volume growth showing up. It was showing up in spades even more than we expected. So you saw us step in because that was supporting a strengthening short, medium and long-term outlook of growth. Similarly, we executed on a lot of great commercial opportunities. That's supporting an outlook of significant growth in 2026 and beyond.

我們依賴銷量成長的出現。它的出現比我們預期的還要多。所以你看到我們介入，因為這支持了加強的短期、中期和長期成長前景。同樣，我們也抓住了許多絕佳的商業機會。這支持了 2026 年及以後顯著成長的前景。

We've got a ton of conviction in what we have going on here and are really proud of our employee execution across engineering, operations, commercial, accounting, everybody in the organization is moving in the right direction. And that means that as we look out over the short, medium and long term, our forecast is strengthening, and that's on the backs of really strong organic opportunities. And we've got the flexibility financially to execute opportunistically on repurchases when we think that it makes sense.

我們對目前所做的事情充滿信心，並且為我們工程、營運、商業、會計等部門的員工表現感到自豪，組織中的每個人都在朝著正確的方向前進。這意味著，從短期、中期和長期來看，我們的預測正在加強，而且這是基於真正強勁的有機機會。當我們認為有必要時，我們可以在財務上靈活地適時執行回購。

Jackie Gillettes of Goldman Sachs. Jackie.

高盛的 Jackie Gillettes。傑基。

First, just wanted to start, you pointed to commercial success really driving some of the capital spending higher. Where are you seeing the success across your footprint is mostly on the sour gas opportunities? Or is this more across the entire GMP segment as a whole?

首先，您指出商業上的成功確實推動了部分資本支出的成長。您認為貴公司在業務範圍內的成功主要是在酸性氣體領域嗎？或者這涉及整個 GMP 領域嗎？

Yes. Sure, Jackie. I'll touch on that. And then, Pat, if you want to jump in. I mean, I'd say we've really seen good commercial success in both the Midland and the Delaware. We actually included in our investor presentation slide, which highlighted we characterize as 3 larger deals. All 3 of those were in the Delaware side of the basin. It just shows that there's still a lot of activity and a lot of acreage positions available. And we have millions of acres already dedicated. That's going to provide us nice growth. But we continue to execute and have some wins with our producer customers on, I call it, kind of step-out acreage developments. And we've seen that on both suite and sour.

是的。當然，傑基。我將會談及這一點。然後，帕特，如果你想加入的話。我的意思是，我想說我們確實看到了米德蘭和特拉華州都取得了良好的商業成功。我們實際上在投資者簡報幻燈片中強調了我們將其描述為 3 筆較大的交易。這 3 個地點均位於盆地的特拉華州一側。這只是顯示仍有大量的活動和大量的土地可供利用。我們已經劃定了數百萬英畝的土地。這將為我們提供良好的成長。但我們仍在繼續執行，並與我們的生產商客戶一起取得了一些成果，我稱之為逐步擴大的土地開發。我們在 suite 和 sour 上都看到過這種情況。

So I think the fungibility of our system being able to have a significant amount of treating for both CO2 and H2S and the fund's ability to continue to operate when plants are in maintenance, just provides an overall very good level of service for our customers, and it's really paying off for us.

因此，我認為，我們的系統能夠對二氧化碳和硫化氫進行大量的處理，而且基金在工廠維護時能夠繼續運營，這為我們的客戶提供了總體上非常好的服務水平，這確實給我們帶來了回報。

Yes. I think the only thing I would add is, as Matt alluded to in the investor presentation, really the example we gave there was just illustrative. I mean, there is a long list of new transactions that we did in '24 and have already completed in 2025 that is adding to the overall acreage position that we have under contract and our growth going forward.

是的。我想我唯一要補充的是，正如馬特在投資者演示中提到的那樣，我們在那裡給出的例子實際上只是說明性的。我的意思是，我們在 2024 年進行了大量新交易，並且已經在 2025 年完成，這將增加我們合約下的總種植面積並促進我們未來的成長。

And, that's why when you listen to our prepared comments, et cetera, we say back half loaded '25 and '26. We've got a lot of line of sight on -- the stuff we've had under contract plus this new added acreage and drilling commitments that our producers are bringing to us. So we really are excited about the short- and long-term outlook for our growth in the Permian Basin.

這就是為什麼當您聽到我們準備好的評論等等時，我們會說退回半載的'25 和'26。我們有很多關注點——我們已經簽訂了合同，加上新增的土地面積和生產商給我們帶來的鑽探承諾。因此，我們對二疊紀盆地的短期和長期成長前景感到非常興奮。

Got it. Appreciate that. And then just moving on to what the faster-than-expected Permian growth kind of implies looking at those long lead items for potential Permian expansions and evaluating incremental additional long haul. What does the cadence kind of flows additional plans beyond '26 might look like? And at what point would you kind of expect to move forward with its additional infrastructure from here?

知道了。非常感謝。然後我們再來談談二疊紀盆地比預期更快的增長意味著什麼，看看二疊紀盆地潛在的擴張的長期項目，並評估增量式的額外長期項目。'26 年以後的流程附加計劃的節奏類型是什麼樣的？您預計什麼時候會推進其額外的基礎建設？

Sure. Yes. Good question. And frankly, internally, we're trying to estimate and do the best we can for having the right amount of capacity and not too much and not too little. What you see is 4 plants coming on in 2026. That's higher than normal. If you look in '25. We have 2 plants coming on. So you're kind of a 3-plant average for those 2. We're currently evaluating '27 and '28. We have multiple sites already picked out for new processing plants in the Delaware and Midland, and we're determining best location and best timing for those.

當然。是的。好問題。坦白說，在內部，我們正在盡力估算並保持適當的容量，不會太多，也不會太少。您所看到的是 2026 年將建成 4 座工廠。這比正常水平要高。如果你看一下‘25’。我們有兩家工廠正在興建中。因此，對於這 2 個植物來說，您相當於 3 個植物的平均值。我們目前正在評估'27 和 '28。我們已經在特拉華州和米德蘭選定了多個新加工廠的場地，正在確定最佳位置和最佳時機。

So I think as Jen mentioned, we gave a framework which pointed to $1.7 billion of CapEx for, call it, 2 plants a year. I think what we're seeing is here in the short, medium term, it feels like we're higher than that. And that's why you've seen CapEx move higher and it's accelerated some downstream spending, all of which is core to us, it's kind of right down our fairway of what we do, gather and process and then handle the NGL volumes downstream.

所以我認為，正如 Jen 所提到的，我們給出了一個框架，該框架指出每年 2 家工廠的資本支出為 17 億美元。我認為，我們看到的是，在短期和中期內，感覺我們會高於這個水平。這就是為什麼您會看到資本支出增加，並且它加速了一些下游支出，所有這些對我們來說都是核心，這在某種程度上與我們所做的工作密切相關，即收集和加工，然後處理下游的 NGL 量。

So we'll continue to kind of figure out what the right cadence for plant is -- it's 2 for '25, we have 4 for '26 and I'd say we're evaluating '27 and '28, but we see significant growth really in all of those years.

因此，我們將繼續找出工廠的正確節奏——2025年是2個，2026年是4個，我想說我們正在評估2027年和2028年，但我們確實看到這些年份都實現了顯著的增長。

Manav Gupta of UBS.

瑞銀的 Manav Gupta。

My question here relates to -- you are obviously involved with the Permian gas egress pipeline. I'm just trying to understand the scope over there. Obviously, it looks like a very strong demand outlook driven by LNG, coal to gas switching and data center. So just trying to understand this entire conversation that you're having with the people about possibly investing more with Permian gas egress out there?

我的問題是關於——您顯然參與了二疊紀天然氣出口管道的建設。我只是想了解那邊的範圍。顯然，在液化天然氣、煤炭轉氣和資料中心的推動下，需求前景看起來非常強勁。所以，您只是想了解一下您與人們就可能在二疊紀天然氣出口方面進行更多投資的整個對話嗎？

This is Bobby. Yes, as we announced our partnership with Whitewater and Blackcomb, we're excited to get that done, excited to get that pipe online in '26. We continue to talk to anyone and everyone about egress. Obviously, there's another pipe that got announced coming out of the Permian that will help with egress of natural gas as well as supplying new demand from LNG and data centers.

這是鮑比。是的，當我們宣布與 Whitewater 和 Blackcomb 合作時，我們很高興能夠完成這項工作，很高興能夠在 26 年將這條管道投入使用。我們繼續與大家討論出口問題。顯然，已宣布將從二疊紀盆地輸送另一根管道，這將有助於天然氣的外運，並滿足液化天然氣和資料中心的新需求。

That team is out there figuring out what the next pipe is, where the next demand is, data centers, LNG, those conversations are ongoing constantly. And we're in that mix every day. So, we're figuring out when that next pipe is needed, where that next demand center is.

這個團隊正在研究下一個管道是什麼，下一個需求在哪裡，資料中心、液化天然氣，這些討論一直在進行。我們每天都處於這樣的狀態。因此，我們正在確定何時需要下一個管道，下一個需求中心在哪裡。

And as we evaluate some of that intra Permian Basin pipe we've got where we can deliver gas that can get burned at data centers or power plants in the Permian. So, we're working on those things every day and all day and figuring that out. But we're excited to see Blackcomb come online in '26 because it will be much needed when it does.

當我們評估二疊紀盆地內部的一些管道時，我們發現可以將天然氣輸送到二疊紀的資料中心或發電廠進行燃燒。所以，我們每天都在致力於解決這些事情並解決問題。但我們很高興看到 Blackcomb 在 26 年上線，因為到那時它將會非常需要。

Perfect. Obviously, you have a very strong organic growth pipeline. I was just trying to understand the appetite for some bolt-on deals also. And the reason I'm asking is one of your midstream/refining peers, you're seeing some activist pressure to start divesting some of their midstream assets. And I'm just trying to understand if there is -- what would be the appetite for small bolt-on deals that you could do?

完美的。顯然，你們擁有非常強大的有機成長管道。我只是想要了解對於一些附加交易的興趣。我之所以問這個問題，是因為你們的一家中游/煉油同行看到一些激進分子施加壓力，要求他們開始剝離部分中游資產。我只是想知道如果有的話——您對小型附加交易的興趣有多大？

Yes, sure. In terms of gas takeaway, we invested 17.5% in Blackcomb. And as we look at being part of the solution for additional takeaway in the Permian, I think there will be other opportunities afforded to us to invest in other pipes. And as Bobby mentioned, we're looking at multiple opportunities. When is the next one going to be needed and what would be an opportunity for us to make a commitment to a pipe and then have some investment opportunities.

是的，當然。在天然氣外送方面，我們在 Blackcomb 投資了 17.5%。當我們考慮成為二疊紀盆地額外開採解決方案的一部分時，我認為我們還將有機會投資其他管道。正如 Bobby 所說，我們正在尋找多種機會。什麼時候需要下一個，什麼機會讓我們對管道做出承諾，然後獲得一些投資機會。

So yes, I'd say we'll continue to look to invest and long-haul takeaway. We're also evaluating, we mentioned, as we're putting in the Delaware Express 30-inch NGL line. We have some Grand Prix pipeline in the Delaware, and we're evaluating whether we want to make those large diameter gathering lines or potentially making that residue lines as well to continue to aggregate natural gas residue from our plants to aggregate for additional long-haul pipe takeaway.

所以是的，我想說我們將繼續尋求投資和長期發展。正如我們所提到的那樣，我們也在進行評估，因為我們正在鋪設特拉華快運 30 英寸 NGL 管道。我們在特拉華州有一些大獎賽管道，我們正在評估是否要製造那些大直徑收集管線或可能製造那些殘渣管線，以繼續聚集來自我們工廠的天然氣殘渣，以聚集在一起用於額外的長距離管道輸送。

So, we do have additional opportunities on the residue gas side. And as we continue to grow, we'll continue to look to see if additional investments there makes sense. And on the broader topic of M&A, I don't really think our posture has changed a whole lot. I mean we have a lot of organic growth opportunities that we see.

因此，我們在殘餘氣體方面確實有額外的機會。隨著我們的不斷發展，我們將繼續尋找額外投資是否合理。至於更廣泛的併購話題，我並不認為我們的態度有了很大變化。我的意思是我們看到了很多有機成長機會。

That is our primary focus. That is what we're going to be spending most of our time on. We've looked at some of these bolt-on transactions. We -- I'd say we have a high bar and nothing has either transacted with other parties or they've held. So we've continued to focus on organic growth. I think the bar for us continues to be high, and we'll just kind of continue on that path.

這是我們關注的重點。我們將要花大部分時間去做的事情就是這個。我們已經研究過其中一些附加交易。我們 — — 我想說我們的標準很高，而且我們沒有與其他方進行過任何交易，也沒有他們持有過任何物品。因此，我們繼續關注有機成長。我認為我們的標準仍然很高，我們將繼續沿著這條道路前進。

AJ O'Donnell of TPH.

TPH 的 AJ O’Donnell。

Maybe the first question is just on the outlook. I was wondering if you could spend a bit of time just talking about the expected returns on the projects that have been announced. Should we still be thinking about these around that 5.5 times build multiple that you've guided before? Or have the returns in any way changed?

也許第一個問題只是關於前景。我想知道您是否可以花一點時間談談已宣布的項目的預期回報。我們是否還應該圍繞您之前指導的 5.5 倍構建倍數來考慮這些？或者回報有改變嗎？

AJ, this is Jen. I'd say that everything that we provided in the framework before really holds, which is we've got a demonstrated track record of being able to do better than that 5.5x multiple. And our expectation is that we ought to be able to continue that track record going forward. You saw in 2024, the strength of our results with really weak commodity prices.

AJ，這是 Jen。我想說的是，我們之前在框架中提供的所有內容確實有效，也就是說，我們已經有成功超越 5.5 倍的記錄。我們的期望是，我們能夠在未來繼續保持這樣的良好記錄。您可以在 2024 年看到，儘管大宗商品價格非常疲軟，但我們的業績仍然強勁。

To the extent we do ever see commodity prices move higher on the natural gas and NGL side. We've got that asymmetric skewed to the upside, which would provide incremental returns that you really haven't seen play out here recently despite us putting up really attractive rates of return on what we've invested in.

就我們目前所見，天然氣和天然氣液體產品（NGL）大宗商品的價格確實有上漲。我們的不對稱傾向上行，這將提供增量回報，儘管我們對所投資的項目給出了非常有吸引力的回報率，但最近你確實沒有看到這種回報。

So I think continuing to use the 5.5% or a little bit better is a reasonable starting point as you're modeling out our business. And of course, we're working every day to figure out how to utilize those assets to drive those returns higher. I think what's been great for us is everything that we brought online has essentially been full at start-up. Other than Daytona, which is an asset that we expect to ramp over time.

因此，我認為在模擬我們的業務時，繼續使用 5.5% 或略高一點的比率是一個合理的起點。當然，我們每天都在努力研究如何利用這些資產來提高回報。我認為對我們來說最棒的是，我們在網路上推出的所有產品在啟動時基本上都已滿員。除了 Daytona 以外，我們預計這項資產會隨著時間的推移而增加。

But even the ramp there has been faster than expected, and that's why we had to do some of those medium-term NGL transportation agreements. So part of how we get better returns is that when assets come online, we've been able to commercialize the volume growth more quickly than when we made the FID decision and the strength of our commercial team is certainly helping us to do that, and we'd expect that to continue going forward as well.

但那裡的成長速度甚至比預期的要快，這就是為什麼我們必須簽署一些中期 NGL 運輸協議。因此，我們獲得更好回報的部分原因是，當資產上線時，我們能夠比做出 FID 決策時更快地實現產量成長商業化，而我們商業團隊的實力無疑有助於我們做到這一點，我們希望這種情況也能繼續下去。

Okay. Great. Maybe just one more then on Q4 results and kind of talking about how these assets ramp in the service pretty quickly. But just noticing that there was a pretty big step up in frac volumes versus NGL production. Just wondering if you could provide some comments on there. Was there any third-party step-up involved in that increase?

好的。偉大的。也許再多說一句關於第四季業績的話，大概就是談論這些資產如何在服務中快速提升。但注意到壓裂量與 NGL 產量相比有了很大的提升。只是想知道您是否可以對此提供一些評論。此次漲價是否涉及第三方的推動？

AJ, this is Scott. Yes, we saw a really nice quarter in the fourth quarter. When you look at our volumes overall, when you look at fourth quarter of '23 to fourth quarter '24, our volume grew by 29% over that time frame. A lot of that was because we brought on frac Train 9 during the third quarter and then, of course, frac train 10 that came online in the fourth quarter.

AJ，這是史考特。是的，我們看到了第四季的一個非常好的表現。從我們的整體銷售來看，從 23 年第四季到 24 年第四季度，我們的銷量在這段時間內成長了 29%。這在很大程度上是因為我們在第三季啟用了 9 號壓裂生產線，然後，當然，10 號壓裂生產線也在第四季投入使用。

So that allowed us basically to utilize frac volumes that we had been offloading at times to other third parties as well as our volume growth that we saw from all of our processing plants and then being able to work off inventory that we had stored.

因此，這基本上使我們能夠利用我們有時卸載給其他第三方的壓裂量以及我們從所有加工廠看到的數量增長，然後能夠處理我們儲存的庫存。

So -- all of that is really part of the benefit that we saw of the 1.1 million barrels that we saw during the fourth quarter. Needless to say, when you think about the number of plants that we've announced on the Delaware side on the plans that we've announced on the Midland side, in each of those plants contributes 35,000 to 40,000 barrels a day of volume, much of which will be directed to our pipelines and much of which will be coming to our fractionators.

所以 —— 所有這些實際上都是我們在第四季度看到的 110 萬桶石油帶來的好處的一部分。不用說，當你想到我們在特拉華州宣布的工廠數量和我們在米德蘭宣布的計劃時，每個工廠每天的產量為 35,000 到 40,000 桶，其中大部分將直接進入我們的管道，大部分將進入我們的分餾塔。

That gives us line of sight in the reasons why Train 11 was announced previously and today Train 12. So when you think about when those are coming online in the third quarter of '26 and then, of course, frac Train 12 now in the first quarter of 2027 all that lines up very well with the plant cadence that we've already announced today.

這讓我們了解了先前宣布第 11 號列車和今天宣布第 12 號列車的原因。因此，當您想到這些產品將於 26 年第三季上線，然後當然還有 2027 年第一季的第 12 條壓裂生產線時，這一切都與我們今天已經宣布的工廠節奏非常吻合。

Michael Blum of Wells Fargo.

富國銀行的麥可布魯姆。

I have two questions on volumes. I'll just stack together. The first is on the fourth quarter. Your premium volume sequentially, we're up only a little bit, only modest Q3 to Q4 and that'sby the fact that you brought on plants in the second half of the year. So just wanted to -- maybe you can just talk a little bit about any dynamics going on there. We should be aware of that. I thought maybe the volumes will be a bit higher. And then for the full year, you said you grew volumes overall 14% in 2024, what does guidance assume in '25 for volume growth?

我有兩個關於卷的問題。我會把它們堆在一起。第一個是關於第四季。您的保費收入環比僅增長了一點，從第三季度到第四季度僅小幅增長，這是因為您在下半年開設了工廠。所以只是想——也許你可以稍微談談那裡發生的任何動態。我們應該意識到這一點。我認為音量可能會更大一些。然後就全年而言，您說 2024 年整體銷量成長了 14%，那麼指導意見對 25 年銷售成長有何假設？

Related to the fourth quarter Permian volumes, I mean the trajectory of growth that we've been on was pretty staggering when you think about moving across the year and volumes moving up 277 million cubic feet a day, Q2 to Q1, 311 million cubic feet a day, Q3 to Q2. And then the 83 million cubic feet a day of growth, Q4 relative to Q3.

就第四季度二疊紀盆地的產量而言，如果考慮到全年的成長軌跡，我們會發現它相當驚人，第一季至第二季度，產量每天增加 2.77 億立方英尺，而第二季度至第三季度，產量每天增加 3.11 億立方英尺。第四季相對於第三季度，每天的成長量為 8,300 萬立方英尺。

We tried to call it out in our press release quarter-over-quarter commentary that we did have a low margin contract that rolled over at the very beginning of the fourth quarter. So that's what was going to create some of that noise quarter-to-quarter.

我們試圖在季度新聞發布會評論中指出，我們確實有一份低利潤合約在第四季度初展期。所以這就是每季都會產生一些噪音的原因。

That we certainly wanted to make sure that we highlighted it for you. I'd say that when we think about our growth, '25 relative to '26, we had the Bull Moose plant just come online. We've got another plant that comes online, later this year. We've talked about a back half ramp. We're certainly above that low -- that sort of high single-digit framework that we said underpinned the growth in the $1.7 billion case that we published last February.

我們當然希望確保向您強調這一點。我想說，當我們考慮我們的成長時，25 年相對於 26 年，我們的 Bull Moose 工廠剛剛上線。今年晚些時候，我們將有另一家工廠投入營運。我們已經討論過後半坡道。我們的數字肯定高於那個低點——我們說的那種高個位數框架支撐了我們去年 2 月發布的 17 億美元案例中的增長。

So I'd say higher growth than that. 2024 was a really strong year. We're really pointing to 2026 and the 4 plants as our next strong year, but we're going to continue to have really attractive Permian growth across 2024 -- or sorry, excuse me, 2025 as well. But again, just trying to remind everybody, we're going to see a lot of that growth materialize back half because as Matt said, that's when a lot of those commercial arrangements really start to ramp up in the back half '25 and then provide significant incremental growth in 2026, which is what is underpinning the 4 plants in 2026.

因此我認為成長率會更高。 2024 年確實是強勁的一年。我們真正希望的是 2026 年和這 4 家工廠能夠成為我們的下一個強勁增長年，但我們將在 2024 年繼續實現二疊紀盆地真正有吸引力的增長——或者抱歉，2025 年也是如此。但是，我再次提醒大家，我們將看到很多增長在下半年實現，因為正如馬特所說，很多商業安排在2025年下半年真正開始增加，然後在2026年提供顯著的增量增長，這正是2026年4家工廠的基礎。

Neal Dingmann of Truist Securities.

Truist Securities 的 Neal Dingmann。

First question, just going to ask before I just want to ask maybe a different way on the Badlands deal. I understand the lower cost of capital and financial ability there. I'm just wondering maybe how this fits into the overall integrated NGL strategy. And again, of course, for the right price, would you all consider selling this asset?

第一個問題，我只是想問一下，關於 Badlands 交易的另一種方式。我知道那裡的資本成本和財務能力較低。我只是想知道這與整體綜合 NGL 策略有何關聯。當然，如果價格合適，你們會考慮出售這項資產嗎？

Yes. What thinking about the Badlands is our strategy is obviously invest in gathering and processing and move the NGLs into our downstream footprint. We actually get those NGLs into our fraction, we don't have transport all the up to the Badlands, but it is tied into our fractionation and those volumes are available for export. So we do get some synergies from the NGL downstream business on the Badlands.

是的。對於荒地，我們的策略顯然是投資收集和加工，並將 NGL 轉移到我們的下游足跡。我們實際上將這些 NGL 納入我們的分餾中，我們沒有將其全部運送到 Badlands，但它與我們的分餾有關，並且這些體積可供出口。因此，我們確實從 Badlands 的 NGL 下游業務中獲得了一些協同效應。

With us refinancing at lower cost debt, any options that we would have to do anything out there, whether it's with a partner or something strategic, those are, frankly, a little bit easier with us owning 100% of it. So it doesn't change any of the dynamics about what's the best way for Targa to look at all of its assets, right? No, if anything, it kind of improves that position.

隨著我們以較低成本進行債務再融資，我們必須採取的任何選擇，無論是與合作夥伴還是策略性措施，坦白說，由於我們擁有 100％ 的股權，所以這些選擇都會容易一些。所以，這不會改變 Targa 看待其所有資產的最佳方式的任何動態，對嗎？不，如果有的話，它在某種程度上改善了這種狀況。

Sure, love the the flexibility. And then second question, maybe just on your North Texas to Mont Belvieu NGL pipeline. I'm just really wondering, what's the timing and when would you all need new capital there maybe along with how you are using offloads to bridge that need?

當然，喜歡這種靈活性。第二個問題可能只是關於北德克薩斯至蒙特貝爾維尤的 NGL 管道。我只是真的想知道，時間是什麼時候，什麼時候你們可能需要新資本，以及你們如何使用卸載來滿足這種需求？

Scott, you want to.

史考特，你想要嗎？

Yes. Well, first off, obviously, we announced the Delaware Express line. That is just to give a little bit more description on that. That line is a 30-inch line that will basically allow us to move the incremental growth that we're seeing on the Delaware Basin side. In the fourth quarter, we had about 390,000 barrels of NGL production on the Delaware, and much of that was moving on Grand Prix.

是的。首先，顯然，我們宣布了特拉華快線。這只是對此做出更深入的描述。這條線是一條 30 英寸的線，基本上可以讓我們移動特拉華盆地一側看到的增量增長。第四季度，特拉華州的 NGL 產量約為 39 萬桶，其中大部分運往大獎賽。

But when you think about the number of plants that we're adding on the Delaware side with Bull Moose I, Bull Moose II and then, of course, Falcon 2, all of which will be online in the second quarter of 2026. That volume will find its way and be necessary to move on our Delaware Express, which ties into Daytona and Grand Prix. Our capacity all the way into Bellevue with our South leg is about 1.1 million barrels per day. We moved 872,000 barrels a day on Grand Prix during the fourth quarter.

但是當您考慮到我們在特拉華州增加的工廠數量時，其中包括 Bull Moose I、Bull Moose II，當然還有 Falcon 2，所有這些工廠都將在 2026 年第二季上線。該卷將找到出路，並有必要在我們的特拉華快車上行駛，該快車與代托納和大獎賽相連。我們從南邊到貝爾維尤的運輸能力大約是每天 110 萬桶。第四季度，我們在 Grand Prix 上每天運輸 872,000 桶石油。

So we still have some operating leverage there. And then certainly, the third-party offload deals that we've done allows us to ramp into our cadence of plants and gives us a lot of flexibility on when we would need to announce a further long-haul pipe. It's certainly something that we're looking at, trying to stay in front of. And again, with our success that we're seeing on our upstream plan adds is something that, obviously, we've alluded to in our notes that we're studying that hard.

因此我們仍然擁有一些經營槓桿。當然，我們達成的第三方卸載交易使我們能夠加快工廠的建設節奏，並在我們何時需要宣布進一步的長途管道時為我們提供了很大的靈活性。這確實是我們正在關注並努力保持領先地位的事情。而且，我們看到上游計劃的成功增加了，顯然，我們在筆記中提到了我們正在努力研究這一點。

I'm sure you all stay right in front of everything.

我確信你們都處於一切的最前線。

Theresa Chen of Barclays.

巴克萊銀行的 Theresa Chen。

Looking more to the medium term, as you see visibly the strong back half acceleration in 2025, tying into the 4 plants coming up next year. I'm curious if you can quantify in any way how strong is strong growth in 2026 from a volume metric perspective as you look at your inlet volumes. And then beyond that, clearly, you're curious of accelerated and above-average growth and CapEx and including the downstream infrastructure that needs to come online. But based on what you see today, when do we kind of revert back to normal, if ever, I would love to get your thoughts there?

放眼中期，您可以明顯看到 2025 年下半年將出現強勁增長，與明年即將建成的 4 家工廠緊密相關。我很好奇，當您查看入口量時，您是否可以從體積指標的角度量化 2026 年的強勁增長程度。除此之外，顯然，您會對加速和高於平均水平的成長和資本支出以及需要上線的下游基礎設施感到好奇。但是根據您今天看到的情況，我們什麼時候才能恢復正常，如果有的話，我很想聽聽您的想法？

Yes, sure. Part of giving multiyear volume guidance is difficult. I mean, as you saw in 2024, we thought we had a good estimate, and we far exceeded that ended up being more active, wells came on better, GORs increased, they didn't decline as much. So we saw a good outperformance in '24. A part of what goes into '26 is also just how strong things do ramp in the back half of '25 and what our exit is for '25. So -- that's why we're not giving '26, when you just look at it on an annual basis, we see a higher year-over-year in '26.

是的，當然。提供多年銷售指導的部分內容很困難。我的意思是，正如您在 2024 年看到的那樣，我們認為我們有一個很好的估計，而且我們遠遠超出了這個估計，最終變得更加活躍，油井的狀況更好，GOR 增加了，並沒有下降那麼多。因此，我們看到 24 年的表現十分出色。26 年的情況部分取決於 25 年下半年事態發展有多強勁，以及 25 年的退出方式。所以 - 這就是為什麼我們沒有給出 26 年的數據，如果僅從年度角度來看，我們會看到 26 年的數據同比有所提高。

We still see strong growth in '25. I'd say not as strong as we saw in '24. It's definitely south of that. But we still see pretty strong growth in '25. But just the indicators we're getting is from the commercial success we've had and just the drilling plans we currently have from producers. It's looking like that back half of '25 is setting up very nicely for 2026.

我們仍預計25年將強勁成長。我想說，它並不像 24 年那麼強勁。它肯定位於那的南邊。但我們仍然看到25年的成長相當強勁。但我們獲得的指標僅來自於我們所取得的商業成功以及我們目前從生產商那裡獲得的鑽探計劃。看起來 2025 年下半年為 2026 年做好了很好的準備。

And then, yes when you get into kind of more normal capital cadence, we have some, again, some chunkier downstream projects that we've announced here this morning with the export terminal, an additional frac. We have Train 9 and 10 just came on.

然後，是的，當你進入更正常的資本節奏時，我們再次有一些更大的下游項目，我們今天早上在這裡宣布了出口終端，額外的壓裂。我們有9號和10號列車剛剛進站。

We have 11 and 12. We have a looping out in the -- for the Delaware Express. Once a lot of those get in service you could expect to see, again, after this next build cycle on the downstream side, perhaps lower CapEx cadence at that point. But we're still sorting through what that looks like and what it's all going to be dependent on what the volume growth is on the G&P side.

我們有 11 和 12。我們正在為《特拉華快報》做循環播報。一旦其中許多投入使用，您就可以再次看到，在下游的下一個構建週期之後，資本支出節奏可能會降低。但我們仍在研究其前景如何，以及這一切將如何取決於 G&P 方面銷量的成長。

Understood. And turning to the export component of your infrastructure value chain completely understanding that these supply push purity products need to move, and you will collect the fees on the growing volumes. But also curious to hear your view on the ebbs and flows of demand from your international customers?

明白了。轉向基礎設施價值鏈的出口部分，完全理解這些供應推動的純度產品需要移動，您將收取不斷增長的數量的費用。但同時您也好奇想聽聽您對國際客戶需求起伏的看法？

Theresa, this is Scott. First off, when you look at just the tremendous growth that we've seen with LPG volumes coming out of the U.S. just less than 10 years, the LPG market has grown 2.5 to 3x in that time frame. And then when you look at the market share that the U.S. has today, if it's grown from 29% to 46% just in that time frame as well, and that's again on a growing volume.

特蕾莎，這是史考特。首先，如果只看近 10 年來美國液化石油氣產量的驚人成長，就會發現液化石油氣市場在這段時間內已經成長了 2.5 到 3 倍。然後當您查看美國今天的市場份額時，如果它在這段時間內從 29％ 增長到 46％，那麼這又是一個增長的趨勢。

We would expect that trend to continue. There is still a vast majority of volumes that can find their way predominantly to the Asian marketplace and to growing market centers that are out there for LPG. That's both on the propane and on the butane side. There's a number of countries, obviously, that are still in need of mobile fuel, fuel that is clean burning and efficient, and that's something that the LPG molecule provides in a very effective manner.

我們預計這一趨勢將會持續下去。絕大多數液化石油氣仍主要銷往亞洲市場和不斷成長的液化石油氣市場中心。這既包括丙烷，也包括丁烷。顯然，許多國家仍然需要移動燃料，也就是燃燒清潔、效率高的燃料，而液化石油氣分子可以非常有效地滿足這些需求。

So, we would just see that trend continue. And so for us, when we look at our export expansion project, it's an expansion that includes a pipeline. It includes a refrigeration unit, and all of that is adding a cost of just less than $400 million. So that is a very attractive project for us. It provides the ability for us to continue to compete and make sure that the volumes stay on our system and can be exported to the marketplace.

因此，我們會看到這種趨勢持續下去。因此對我們來說，當我們審視我們的出口擴張項目時，它是一個包括管道在內的擴張項目。它包括一個製冷裝置，所有這些加起來的成本將近 4 億美元。所以這對我們來說是一個非常有吸引力的項目。它使我們能夠繼續競爭，並確保產品數量保留在我們的系統中並且可以出口到市場。

Brandon Bingham of Scotiabank.

加拿大豐業銀行的布蘭登‧賓厄姆。

I just wanted to quickly go back on the strong Permian activity for this year and then sort of the near and medium-term outlook I wanted to just more specifically focus in and ask if there's been any discussions with customers or if there's any contemplation within the development schedules that you're getting for delineation efforts on deeper benches in the basin? And if that's something that could potentially be tailwinds to your outlook this year or outer years?

我只是想快速回顧一下今年二疊紀盆地的強勁活動，然後更具體地關注近期和中期展望，並詢問是否與客戶進行過任何討論，或者在開發計劃中是否有任何考慮在盆地更深的台地上進行劃定工作？這是否可能成為您今年或未來幾年前景的順風？

Yes. This is Pat. It's kind of a loaded question, just to be frank. But, certainly, when you think about the Permian, the primary benches have been Wolfcamp related, et cetera, right? And we are definitely seeing some parties in both the Delaware and Midland side, now look at the Woodford, Barnett, which is a little bit deeper horizon.

是的。這是帕特。坦白說，這是一個引導性的問題。但是，當然，當您想到二疊紀時，主要的台架與沃爾夫坎普有關，等等，對嗎？我們確實看到特拉華州和米德蘭地區都有一些政黨，現在看看伍德福德、巴內特，這裡的視野更深。

And I would say that we're in the initial stages of that getting tested and drilled up probably a little bit ahead in the Delaware relative to the Delaware versus the Midland. And then certainly, in both sides of the basin, there's multiple horizons for different reasons, either the quality of the rock relative to the other benches or a sour component in the Delaware that have waited to be developed.

我想說的是，我們正處於測試和鑽探的初始階段，特拉華州相對於米德蘭州可能略有領先。當然，由於不同的原因，盆地兩側都有多個地層，要么是相對於其他台地的岩石質量，要么是特拉華州的酸性成分，等待開發。

And frankly, there's good economics with all of us. And the expectation is they will get developed over time. But I guess the short answer is, yes, we are seeing a little bit of interest in the deeper horizons, and we'll see how that plays out.

坦白說，我們所有人的經濟發展狀況都很好。我們期望它們會隨著時間的推移而發展。但我想簡短的回答是，是的，我們看到了對更深層的一點興趣，我們將看看其如何發展。

Got it. And then if we could just quickly go back to shareholder returns. I know it was previously asked about buybacks, but just kind of thinking through that and how you see it shaping up this year with the stock above where you executed the buybacks in 4Q? Just how all that fits in with the 40% to 50% payout target? And if you might consider any other alternative levers like a special dividend or something understanding you don't want to get the base dividend too high taking a through the cycle sort of approach there. But just how you guys are thinking through that with where the stock currently sits today?

知道了。然後我們是否可以快速回到股東回報。我知道之前有人問過關於回購的問題，但只是想一下，您認為今年的股價會如何發展，以及第四季的股票回購情況如何？這一切如何與 40% 至 50% 的支出目標相符呢？如果你可以考慮任何其他替代手段，例如特別股息或其他類似的措施，那麼你就不會想讓基本股利過高，而採取一種週期性的方法。但你們是如何看待股票目前的狀況的呢？

Brandon, this is Jen. I'd say that it's really consistent with how we've been thinking about it going all the way back to when we put our share repurchase program in place in the third quarter of 2020. With a strong balance sheet, we've got a lot of flexibility. Really since then, we have been buying each quarter at higher prices than the previous quarter irrespective of a couple of quarters where maybe we saw a little bit of dislocation, and that's where you really saw a step in.

布蘭登，這是 Jen。我想說的是，這與我們自 2020 年第三季實施股票回購計畫以來的想法非常一致。憑藉著強勁的資產負債表，我們擁有很大的靈活性。實際上，從那時起，我們每個季度的購買價格都高於前一季度，儘管有幾個季度我們可能看到了一點錯位，但這就是我們真正看到的進步。

We've got a really strong short, medium and long-term outlook. And we continue to have conviction that we can provide our shareholders with an increasing return on capital from utilizing that opportunistic share repurchase program. But we really like the fact that we get to report it after we've executed on it. And so I don't think you're going to hear us come out and say, this is how you should think about it quarter-to-quarter or this is what we're forecasting for this year or next year.

我們對短期、中期和長期前景都有著非常強勁的信心。我們始終堅信，透過利用這一機會性股票回購計劃，我們可以為股東提供越來越高的資本回報。但我們真的很喜歡在執行後再進行報告這一事實。因此，我認為你不會聽到我們說，這是你應該如何考慮每個季度的情況，或者這是我們對今年或明年的預測。

I think that the 40% to 50% framework holds, and that's a combination of dividends and thoughts on opportunistic repurchases that we have running through our models. And that, of course, is a multiyear framework. We got above 40% in 2024. And I think we've got expectations that we'll continue to return a meaningful increase in capital to shareholders as we move forward through time. And it will be a combination of dividends and repurchases.

我認為 40% 到 50% 的框架是成立的，這是我們在模型中運行的股息和機會性回購想法的結合。當然，這是一個多年的框架。到 2024 年，這一比例將超過 40%。我認為，我們期望隨著時間的推移，我們將繼續為股東帶來有意義的資本成長。這將是股利和回購的結合。

But what you're definitely hearing us say is we value flexibility and we value balance sheet strength. And we value the ability to continue to invest in high returning organic growth capital projects. And then we value the fact that we can return capital to our shareholders as well. And I think that all of the above approach has really worked well for us. And so we really don't see a need to change it as we look forward.

但您肯定聽到我們說，我們重視靈活性，我們重視資產負債表的實力。我們看重繼續投資高回報有機成長資本項目的能力。然後我們重視這樣一個事實，即我們也能向股東返還資本。我認為上述所有方法對我們都非常有效。因此，我們確實不認為有必要進行改變。

Harry Mateer of Barclays.

巴克萊銀行的 Harry Mateer。

I want to talk about the balance sheet a little bit. So the -- I mean, the narrative even leverage has been very consistent from you for the past few years at 3.0 to 4.0, but you also previously messaged a preference to be in the lower half of that range. So with CapEx now expected to be higher in the next few years. I'm just wondering how we should think about the prospects for Targa being in the lower half of that range on leverage in the near to medium term?

我想要稍微談談資產負債表。所以 — — 我的意思是，過去幾年來，您的敘述均衡槓桿率一直非常穩定地保持在 3.0 到 4.0 之間，但您之前也表示過傾向於處於該範圍的下半部分。因此，預計未來幾年的資本支出將會更高。我只是想知道我們應該如何看待 Targa 在中短期內槓桿率處於該範圍下半部分的前景？

Harry, this is Jen. I think that's still definitely our preference. But I think that consistent with what we've also said before, we don't see a need to force our way there. We ended 2024 at 3.4 times. The Badlands repurchase takes us a little bit higher. But then as we look out over the next several years, what we really like is the trajectory of our leverage fairly quickly coming down into that lower end of the 3 times to 3.5 times.

哈利，這是 Jen。我認為這仍然是我們的偏好。但我認為，正如我們以前所說的，我們認為沒有必要強行實現這一目標。到 2024 年，這一數字已達到 3.4 倍。Badlands 的回購讓我們的業績更上一層樓。但展望未來幾年，我們真正喜歡的是槓桿率的軌跡，相當快速地下降到 3 倍到 3.5 倍的低端。

But at the end of the day, we're very comfortable managing this business where we currently are from a leverage ratio perspective. But I do think that just as a natural movement through the current growth capital cycle. As these projects come online, we benefit from meaningful increases in year-over-year EBITDA contributions our leverage ratio will just naturally move down towards that lower end of the 3 to 3.5x.

但最終，從槓桿率的角度來看，我們對目前的業務管理感到非常滿意。但我確實認為這只是當前成長資本週期的自然運動。隨著這些項目的上線，我們將受益於 EBITDA 貢獻的同比大幅增長，我們的槓桿率將自然下降至 3 至 3.5 倍的低端。

Okay. And then with you consolidating Badlands and optimizing cost of capital, just wondering, generally, any thoughts on more comprehensively addressing some of your higher cost debt, given you do have some callable notes with coupons that are still off market versus where your bonds trade today?

好的。然後，隨著您整合 Badlands 並優化資本成本，我只是想知道，總體而言，考慮到您確實有一些可贖回票據，這些票據的票面利率仍在市場化，而您的債券目前交易價格則在市場外，您是否有想法更全面地解決一些高成本債務？

I think we're always looking at how best we can essentially save money across our entire organization and the finance team has held to that same level of accountability, which says, if there are opportunities to take out higher cost debt, then certainly, and we'll evaluate it. Right now, we've got more than $1 billion drawn on our revolver. We've got, of course, the Badlands repurchase. So probably more focused short term on helping to manage that liquidity position, but we're always looking at those higher coupon callable notes and trying to assess what the right time maybe to bring them in and refinance either utilizing our new revolver or potentially terming out. That will continue to be a consistent evaluation by our finance team. .

我認為，我們一直在尋找如何才能最好地在整個組織內節省資金，財務團隊也保持同樣的責任感，也就是說，如果有機會承擔更高成本的債務，那麼當然，我們會對其進行評估。目前，我們的循環信貸額度已超過 10 億美元。當然，我們已經回購了 Badlands。因此，短期內可能更專注於幫助管理流動性狀況，但我們始終關注那些票面利率較高的可贖回票據，並試圖評估何時是將它們引入並利用我們的新循環信貸進行再融資或可能到期的正確時機。我們的財務團隊將繼續對此進行一致的評估。。

Sunil Sibal of Seaport Global.

海港全球的 Sunil Sibal。

Yes. Hi. Good morning, everybody, and thanks for the time. So I wanted to start off on the capital program. It seems like inflation in the US continues to be sticky. And if tariffs come into play, cost to build anything in the US is probably going up. I was curious, you know how that environment you manage your returns on new investments? Are you able to pass on all these potential costs to customers or any risk management aspects of your capital program?

是的。你好。大家早安，感謝您的時間。所以我想開始資本計畫。看起來美國的通貨膨脹仍將持續。如果徵收關稅，在美國建造任何東西的成本都可能會上升。我很好奇，您知道在那種環境下您是如何管理新投資的回報的嗎？您能否將所有這些潛在成本轉嫁給客戶或資本計劃的任何風險管理方面？

Yes, sure. Sunil. Yes, we've actually seen steel prices move up here. Just kind of the talk of tariffs. We have seen that happen -- no, it impacts our capital costs, whether it's a processing plant or NGL pipes we're putting in place, as steel prices move up, it does impact our overall CapEx budget. But as you look at the steel cost as a percent of an overall processing plant or an NGL pipe, it's -- I'd say it's a modest contribution.

是的，當然。蘇尼爾。是的，我們確實看到鋼鐵價格上漲。只是談論關稅。我們已經看到這種情況發生了——不，它會影響我們的資本成本，無論是加工廠還是我們正在安裝的NGL管道，隨著鋼鐵價格上漲，它確實會影響我們的整體資本支出預算。但是，當你將鋼鐵成本視為整個加工廠或 NGL 管道的百分比時，我會說它的貢獻很小。

So then you have a percent increase on a modest contribution of the overall CapEx. I'd say it's a manageable a manageable headwind on any of these projects. We'll still get good returns. We've actually worked with some of the -- some of our projects working in supplying U.S. steel. So we aren't subject to the tariffs. So our procurement group is managing it. It will be a bit of a headwind, but I think it's a manageable one.

這樣，您對整體資本支出的貢獻就會有一個百分比的增加。我想說，對於這些項目中的任何一個來說，這都是一個可控的阻力。我們仍然會獲得豐厚的回報。我們實際上已經與一些項目合作，供應美國鋼鐵。因此我們不受關稅影響。因此我們的採購小組正在管理它。這會帶來一些阻力，但我認為是可以控制的。

And then on the NGL export side of things, it seems like the competitive landscape is heating up a bit. You obviously announced this significant expansion today. I was curious if you could talk about the competitive landscape there. And if I remember correctly, I believe you were mostly targeting the Latin American market. Has that changed recently?

就NGL出口方面而言，競爭格局似乎逐漸升溫。您今天顯然宣布了這一重大擴張。我很好奇您是否可以談談那裡的競爭格局。如果我沒記錯的話，我相信你們主要針對的是拉丁美洲市場。最近有變化嗎？

Yes, sure. I'll start, and then Scott, you can add on. The NGL -- or the LPG export market is competitive. So there's multiple players. So with another facility being built, it's competitive now. It will be competitive when another one gets built. So we've been able to manage and do quite well with our -- we have a really good team. We move our volumes from our system across our dock, and we expect to continue to do that. Scott, anything to add?

是的，當然。我先開始，然後史考特，你可以補充。NGL——或者說 LPG 出口市場競爭激烈。因此有多個玩家。因此，隨著另一個設施的建設，現在具有競爭力。當另一個建成時，它將具有競爭力。因此，我們能夠管理並做得很好——我們擁有一支非常優秀的團隊。我們將我們的捲從我們的系統移動到我們的碼頭，並且我們希望繼續這樣做。史考特，還有什麼要補充嗎？

Yes. I would just add that, again, from our comments earlier, this is a very attractive brownfield project. us. Again, it's less than $400 million to add a pipeline from now Mont Belvieu down to Galena Park, along with a new refrigeration unit gives us a lot of operating leverage going forward, complements our overall business all the way back to the well ahead.

是的。我只想補充一點，從我們之前的評論來看，這是一個非常有吸引力的棕地計畫。我們。再說一遍，現在從蒙特貝爾維尤到加利納公園增加一條管道的成本不到 4 億美元，再加上一個新的製冷裝置，這將為我們未來的經營帶來很大的槓桿作用，並一路補充我們的整體業務。

When we look at contracting for this, we always stay very well contracted. We do a tremendous job with our export team of renewing existing contracts, adding new contracts, both long term and short term in certain situations. And as it relates to this project coming online in the third quarter of 2027, it's needed because it fits very well with the cadence of plants, pipelines and fractionation that we need to move the LPGs across our docks.

當我們考慮簽訂此類合約時，我們始終保持著非常好的合約。我們的出口團隊做了大量工作，續簽現有合同，在某些情況下增加新的合約（包括長期合約和短期合約）。由於它與 2027 年第三季上線的該專案有關，因此它是必要的，因為它非常契合我們將液化石油氣運過碼頭所需的工廠、管道和分餾的節奏。

So, we'll continue to contract heavily and take advantage of that marketplace. I also like the fact that we've got a number of contracts, the volume actually ramps up over time to fit this new expansion project. So, we feel very comfortable with our project and the market share that we have today. And again, the U.S. is continuing to dominate the overall export market in general, and it will continue to grow.

因此，我們將繼續大量簽訂合約並利用該市場。我還喜歡這樣一個事實：我們已經獲得了許多合同，隨著時間的推移，合約數量實際上不斷增加，以適應這個新的擴建項目。因此，我們對我們的項目和目前的市場份額感到非常滿意。總體而言，美國將繼續主導整個出口市場，並且也將繼續成長。

Thank you. I would now like to turn the conference back to Tristan Richardson for closing remarks. Sir?

謝謝。現在我想請特里斯坦·理查森致閉幕詞。先生？

Thanks, operator. Thanks, everyone, for joining the call this morning. We appreciate your interest in Targa Resources.

謝謝，接線生。感謝大家參加今天早上的電話會議。感謝您對 Targa Resources 的關注。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。