Targa Resources Corp (TRGP) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Targa Resources Corporation Second Quarter 2025 Earnings Webcast and Presentation. (Operator Instructions)

女士們、先生們，大家好，感謝你們的支持。歡迎收聽 Targa Resources Corporation 2025 年第二季財報網路廣播與簡報。（操作員指示）

I would like to turn the conference over to Mr. Tristan Richardson, Vice President of Investor Relations. Sir, please begin.

我想將會議交給投資者關係副總裁特里斯坦·理查森先生。先生，請開始。

Thank you, Howard. Good morning, and welcome to the second Quarter 2025 Earnings Call for Targa Resources Corp. The second quarter earnings release along with a supplement presentation that accompanying our call are available on our website at targaresources.com. Additionally, 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.

謝謝你，霍華德。早安，歡迎參加 Targa Resources Corp. 2025 年第二季財報電話會議。第二季財報以及會議隨附的補充簡報可在我們的網站 targaresources.com 上取得。此外，更新後的投資者簡報也已發佈到我們的網站上。本次電話會議中所作的可能包括 Targa 的預期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。

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.

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, members of Targa's senior management will be available for Q&A, including Pat McDonie, President, Gathering and Processing; Scott Pryor, President, Logistics and Transportation; Bobby Muraro, Chief Commercial Officer; and Ben Branstetter, Senior Vice President, Downstream. I'll now turn the call over to Matt.

今天電話會議的發言人是執行長 Matt Meloy、總裁 Jen Kneale 和財務長 Will Byers。此外，Targa 高階管理層成員也將參與問答環節，包括收集和加工總裁 Pat McDonie、物流和運輸總裁 Scott Pryor、首席商務官 Bobby Muraro 和下游高級副總裁 Ben Branstetter。我現在將電話轉給馬特。

Thanks, Tristan, and good morning. I would like to begin by announcing that after 35 years with Targa and its predecessor company, Scott Pryor, our President of Logistics and Transportation; has shared with us his intent to retire effective March 1, 2026.

謝謝，特里斯坦，早安。首先，我想宣布，在 Targa 及其前身公司工作了 35 年後，我們的物流和運輸總裁 Scott Pryor 已告知我們他將於 2026 年 3 月 1 日退休的意圖。

Scott has been a critical part of the Targa team and his leadership, work ethic, dedication, integrity and focus on serving our customers has made it a pleasure to work alongside Scott. On behalf of our Board, the leadership team, all of Targa's employees and our customers, I'd like to thank you, Scott. Following Scott's retirement, Ben Branstetter will succeed Scott as President of Logistics and Transportation. Ben has been with Targa for the past eight years in various leadership roles across corporate development and our downstream group.

史考特一直是 Targa 團隊的重要成員，他的領導能力、職業道德、奉獻精神、正直以及專注於服務客戶的精神使與史考特一起工作成為一種樂趣。我謹代表董事會、領導團隊、Targa 全體員工和客戶向您表示感謝，斯科特。斯科特退休後，本·布蘭斯特特 (Ben Branstetter) 將接替斯科特擔任物流和運輸總裁。過去八年，Ben 一直在 Targa 工作，擔任企業發展和下游集團的各種領導職務。

Scott and Ben have worked closely together for years and will work together over the next many months in transition, and we look forward to Ben's continued contribution to Targa in his new role.

斯科特和本多年來一直密切合作，並將在接下來的幾個月裡共同努力，我們期待本在新的職位上繼續為塔爾加做出貢獻。

Turning to the second quarter. We reported strong results with record Permian volumes, record NGL transportation volumes and continued execution across our footprint, setting us up well for the balance of the year and providing a lot of momentum looking ahead. We saw a strong ramp in volumes in the second quarter as gas on our Permian system increased by about a processing plant worth of volumes during the quarter, up about 270 million cubic feet per day and we are seeing that strength continue.

轉向第二季。我們報告了強勁的業績，二疊紀產量和 NGL 運輸量均創歷史新高，並且我們的業務範圍持續得到執行，為我們今年的平衡做好了準備，並為未來提供了巨大的動力。由於我們二疊紀系統的天然氣在本季度增加了大約一個加工廠的產量，每天增加了約 2.7 億立方英尺，因此我們在第二季度的產量出現了強勁增長，而且我們看到這種強勁勢頭仍在持續。

In July, our volumes were up another 250 million cubic feet per day, meaning we added a plant worth of gas in the second quarter and another plant worth of gas in July and we are seeing that strength continue so far in August. There has been movement in the broader Permian rig count this year, which has been a focus for investors.

7 月份，我們的日產量又增加了 2.5 億立方英尺，這意味著我們在第二季度增加了相當於一個工廠的天然氣產量，在 7 月份又增加了相當於另一個工廠的天然氣產量，而且我們看到這種強勁勢頭一直持續到 8 月份。今年二疊紀盆地鑽井數量有所變化，成為投資人關注的焦點。

Over the last four months, while the Permian rig count has softened, the number of rigs on our system is largely unchanged. While there is a lot of noise and volatility in the macro environment, Ongoing discussions with our producers point to continued strong growth on our system for the remainder of 2025 and into 2026 and beyond.

在過去的四個月中，雖然二疊紀鑽井數量有所減少，但我們系統上的鑽井數量基本上沒有變化。儘管宏觀環境中存在許多噪音和波動，但我們與生產商的持續討論表明，我們的系統在 2025 年剩餘時間以及 2026 年及以後將繼續保持強勁增長。

Given the strong ramp in volumes we're seeing in our expectations for the remainder of the year, our outlook for 2026 volume growth is as strong now as it was at the beginning of the year with the potential for it to be stronger by the time we exit this year. We have also added some new material to our investor presentation, which lends support for our continued growth outlook. We have highlighted some factors that demonstrate Targa's differentiated growth profile.

鑑於我們對今年剩餘時間銷量的強勁增長的預期，我們對 2026 年銷量增長的表現與年初一樣強勁，並且到今年年底銷量增長有可能更加強勁。我們還在投資者介紹中添加了一些新材料，這為我們持續的成長前景提供了支持。我們重點介紹了一些體現 Targa 差異化成長特徵的因素。

Over the past five years, Permian gas production has grown at a higher rate than crude production due to the general increase in gas to oil ratios across the basin over time. While year-over-year growth in crude production from the Permian has averaged 8% per year over the past five years, associated gas growth has averaged 13% per year and Targa's volume growth has outperformed crude and gas production over that time frame.

過去五年來，由於整個盆地的氣油比普遍增加，二疊紀天然氣產量的成長率高於原油產量。過去五年來，二疊紀盆地原油產量年均增長率平均為 8%，而伴生氣產量年均增長率則為 13%，並且 Targa 油田產量的增長速度超過了同期原油和天然氣產量的增長速度。

Our year-over-year volume growth has averaged 17%, 4% higher than associated gas and 9% higher than crude per year. Looking forward, third-party forecasts call for 7% growth in Permian associated gas over the next five years. With this strong outlook, coupled with Targa's footprint across the best rock in the basin and world-class producers, we are well positioned for meaningful growth over the long term.

我們的年產量成長率平均為 17%，比伴生氣高 4%，比原油高 9%。展望未來，第三方預測未來五年二疊紀伴生氣將成長 7%。憑藉這一強勁的前景，再加上 Targa 在盆地最佳岩石和世界一流生產商的足跡，我們已準備好實現長期有意義的成長。

There are a lot of tailwinds for Targa. We move a lot of natural gas to end markets, and the demand for natural gas is expected to continue to increase. We transport and fractionate a lot of natural gas liquids to domestic and international end markets, and the demand for NGLs is expected to continue to increase.

Targa 面臨著許多有利因素。我們將大量天然氣運往終端市場，預計天然氣需求將持續增加。我們將大量天然氣液體運輸和分餾到國內和國際終端市場，預計對天然氣液體的需求將持續增加。

Our customers across our value chain are very good at what they do, and we think will continue to create meaningful growth opportunities for our company. Our conviction is demonstrated by $324 million of common share repurchases during the second quarter across a volatile quarter. Our focus continues to be on increasing adjusted EBITDA and increasing common dividend per share and declining share count while maintaining our strong investment-grade balance sheet.

我們整個價值鏈上的客戶都非常擅長他們所做的事情，我們認為這將繼續為我們的公司創造有意義的成長機會。我們在第二季的動盪季度中回購了 3.24 億美元的普通股，證明了我們的信心。我們的重點仍然是增加調整後的 EBITDA、增加每股普通股股息和減少股票數量，同時維持強勁的投資等級資產負債表。

We believe that our premier Permian asset footprint, integrated wellhead to water system and strong financial position, will allow us to continue to invest in integrated growth opportunities, generate attractive returns and return increasing capital to our shareholders over the long term.

我們相信，我們一流的二疊紀資產佈局、一體化的井口至供水系統以及強大的財務狀況，將使我們能夠繼續投資於綜合增長機會，產生可觀的回報，並在長期內為股東帶來越來越多的資本回報。

Before I turn the call over to Jen to discuss operations in more detail, I would like to thank the Target team for their continued focus on safety and execution while continuing to provide best-in-class service and reliability to our customers.

在我將電話轉給 Jen 更詳細地討論營運之前，我想感謝 Target 團隊持續專注於安全和執行，同時繼續為我們的客戶提供一流的服務和可靠性。

Thanks, Matt. Good morning, everyone. Let's talk about our operational results in more detail. Starting in the Permian, our natural gas inlet volumes averaged a record 6.3 billion cubic feet per day in the second quarter, an increase of 11% versus a year ago and a strong rebound from the first quarter, which was impacted by severe weather events.

謝謝，馬特。大家早安。我們來更詳細地談談我們的營運成果。從二疊紀開始，我們第二季的天然氣進口量平均達到創紀錄的 63 億立方英尺/天，比去年同期成長 11%，較受惡劣天氣事件影響的第一季強勁反彈。

In the Permian Midland, our new Pembrook 2 plant is currently in start-up ahead of schedule and much needed as our Midland system continues to run at very high utilization. Our East Pembrook and East driver plants remain on track to begin operations in the second quarter and third quarter of 2026. In Permian Delaware, our Bullrun 2 plant is ahead of schedule and is now expected to begin operations in the fourth quarter of 2025.

在二疊紀米德蘭，我們的新彭布魯克 2 號工廠目前正在提前啟動，由於我們的米德蘭系統繼續以非常高的利用率運行，因此非常有必要。我們的東彭布魯克和東驅動工廠仍有望在 2026 年第二季和第三季開始營運。在特拉華州二疊紀盆地，我們的 Bullrun 2 工廠提前完工，預計將於 2025 年第四季開始營運。

Our Falcon II plant remains on track to begin operations in the second quarter of 2026. The -- we expect our processing infrastructure currently under construction will be much needed at startup. Lastly, in the Delaware, we recently completed our seventh AGI well further increasing our leading gas treating capabilities across the basin.

我們的 Falcon II 工廠預計將於 2026 年第二季開始營運。我們預計，我們目前正在建造的處理基礎設施在啟動時將會非常需要。最後，在特拉華州，我們最近完成了第七口 AGI 井，進一步提高了我們在整個盆地領先的天然氣處理能力。

Looking out further, we are ordering long lead items for additional Permian plants as we prepare for growth in 2027 and beyond. As production continues to grow, Target is increasingly moving more and more natural gas for our customers across the Midland and Delaware basins.

放眼未來，我們正在為更多的二疊紀工廠訂購長週期產品，為 2027 年及以後的成長做準備。隨著產量不斷增長，Target 正在為米德蘭和特拉華盆地的客戶輸送越來越多的天然氣。

To further enhance connectivity and reliability, we are announcing an extension of our bull run natural gas pipeline system in the Delaware Basin. The 43-mile, 42-inch intrastate natural gas pipeline extension of Bull Run will enhance gas takeaway by increasing connectivity and between our Permian Delaware system and the Waha Hub. The extension will add further flow assurance for our customers across the Delaware and increase access to important residue markets. It is scheduled to be in service in the first quarter of 2027.

為了進一步增強連結性和可靠性，我們宣布延長特拉華盆地的牛流天然氣管道系統。43 英里、42 英吋的 Bull Run 州內天然氣管道延伸段將透過增強我們的 Permian Delaware 系統與 Waha Hub 之間的連通性來增強天然氣輸送量。此次延期將為我們在特拉華州的客戶增加進一步的流量保證，並增加進入重要殘留物市場的機會。預計於2027年第一季投入使用。

On the Blackcomb and Traverse natural gas pipelines, where we have a 17.5% equity interest, Blackcomb remains on track and is fully subscribed. And the planned capacity of Traverse was recently upsized to 2.5 billion cubic feet per day from 1.75 billion cubic feet per day based on strong customer demand. Shifting to our Logistics and Transportation segment, Targa's NGL pipeline transportation volumes averaged a record 961,000 barrels per day and fractionation volumes averaged 969,000 barrels per day during the second quarter.

在 Blackcomb 和 Traverse 天然氣管道上，我們擁有 17.5% 的股權，Blackcomb 的進展順利，並已全部認購。由於客戶需求強勁，Traverse 的計畫輸送能力最近從每天 17.5 億立方英尺提高到了每天 25 億立方英尺。轉向我們的物流和運輸部門，Targa 的 NGL 管道運輸量在第二季度平均達到創紀錄的 961,000 桶/天，分餾量平均達到創紀錄的 969,000 桶/天。

Our fractionation volumes were meaningfully impacted by our planned turnaround at our fractionation complex in Mont Belvieu, which reduced our capacity for 2/3 of the second quarter. With the turnaround complete in early June and increasing G&P supply, our fractionation volumes are now more than 1 million barrels per day. Given the anticipated growth in our Permian G&P business and corresponding announced plan additions, our outlook for NGL supply growth on our system remains strong.

我們的分餾量受到蒙特貝爾維尤分餾綜合設施計畫檢修的嚴重影響，導致第二季 2/3 的產能減少。隨著 6 月初轉產的完成和 G&P 供應的增加，我們的分餾量現已超過每天 100 萬桶。鑑於我們二疊紀 G&P 業務的預期成長以及相應宣布的計劃增加，我們對系統中 NGL 供應成長的前景依然強勁。

Looking at our downstream projects currently underway, Delaware Express, our intrabasin NGL pipeline expansion is ahead of schedule and is now expected to be complete in the second quarter of 2026. Our next fractionator in Mont Belvieu, Train 11 is also ahead of schedule and is expected to be complete in the second quarter of 2026, and Train 12 remains on track for the first quarter of 2027.

縱觀我們目前正在進行的下游項目，特拉華快線，我們的流域內 NGL 管道擴建工程提前完成，預計將於 2026 年第二季度完工。我們位於蒙特貝爾維尤的下一個分餾塔 11 號生產線也提前完工，預計將於 2026 年第二季度完工，而 12 號生產線仍將按計劃於 2027 年第一季完工。

Turning to our LPG export business at Galena Park, our loadings averaged 12.8 million barrels per month during the second quarter. Despite shifting trade policy and a lot of macro headlines, our docks remained effectively full, and we are seeing continued strength in cargo loadings. Our LPG export debottleneck expansion is expected to be in service in the fourth quarter and we remain on track with our larger LPG export expansion, which will increase our loading capacity to approximately 19 million barrels per month and is scheduled to be online in the third quarter of 2027.

談到我們在加利納公園的液化石油氣出口業務，我們在第二季的平均每月裝載量為 1,280 萬桶。儘管貿易政策不斷變化，宏觀新聞也層出不窮，但我們的碼頭仍保持滿載狀態，貨物裝載量持續強勁。我們的液化石油氣出口瓶頸擴張項目預計將於第四季度投入使用，我們將繼續推進更大規模的液化石油氣出口擴張項目，這將使我們的裝載能力增加到每月約 1,900 萬桶，並計劃於 2027 年第三季上線。

To build on Matt's earlier comments, even with commodity price volatility and headlines around global trade, our results highlight our resilient business model. We are well positioned operationally and believe that our leading customer service-driven wellhead-to-water strategy puts us in excellent position to continue to execute for our shareholders.

基於馬特先前的評論，即使大宗商品價格波動且全球貿易形勢嚴峻，我們的業績仍然凸顯了我們具有韌性的商業模式。我們的營運狀況良好，並相信我們領先的以客戶服務為導向的井口到水策略使我們處於有利地位，可以繼續為股東服務。

I will now turn the call over to Will to discuss our second quarter results outlook and capital allocation. Will?

現在我將把電話轉給威爾，討論我們第二季的業績展望和資本配置。將要？

Thanks, Jen. Targa has reported adjusted EBITDA for the second quarter was $1.163 billion, an 18% increase from a year ago. The increase was attributable primarily to higher Permian volumes generating higher margin across our G&P and L&T segments and contribution from 100% ownership of our Badlands assets.

謝謝，Jen。Targa 報告稱，第二季調整後的 EBITDA 為 11.63 億美元，比去年同期成長 18%。成長主要歸因於二疊紀產量增加，為我們的 G&P 和 L&T 部門帶來了更高的利潤，以及我們對 Badlands 資產 100% 所有權的貢獻。

Adjusted EBITDA was roughly flat for the first quarter. Record Permian and NGL transportation volumes were offset by lower marketing margin, sequentially weaker commodity prices and the impact of our planned turnaround at our fractionation complex in Mont Belvieu. 2025 is progressing on track with a strong first half and our continued expectation of increasing Permian volumes for the remainder of the year. We continue to estimate full year 2025 adjusted EBITDA to be in a range of $4.65 billion to $4.85 billion.

第一季調整後的 EBITDA 基本持平。創紀錄的二疊紀和 NGL 運輸量被較低的營銷利潤、連續走弱的大宗商品價格以及我們計劃在蒙特貝爾維尤分餾綜合設施進行檢修的影響所抵消。 2025 年進展順利，上半年表現強勁，我們預計今年剩餘時間二疊紀的運輸量將持續增加。我們繼續估計 2025 年全年調整後的 EBITDA 將在 46.5 億美元至 48.5 億美元之間。

In June, we successfully completed a $1.5 billion debt offering comprised of $750 million of 4.9% notes due 2030 and $750 million of 5.65% notes due 2036. We used the net proceeds from the debt issuance to reduce borrowings on our commercial paper program and in July to retire $705 million of 6.5% notes due 2027.

6 月份，我們成功完成了 15 億美元的債務發行，其中包括 7.5 億美元 2030 年到期的 4.9% 票據和 7.5 億美元 2036 年到期的 5.65% 票據。我們利用發行債券的淨收益來減少商業票據計畫的借款，並於 7 月償還了 2027 年到期的 7.05 億美元 6.5% 票據。

In July, we also extended the maturity of our accounts receivable securitization facility to August 31, 2026. At the end of the second quarter, we had $3.5 billion of available liquidity and our pro forma consolidated leverage ratio was 3.6 times, comfortably within our long-term leverage ratio target range of 3 to 4 times.

7 月份，我們也將應收帳款證券化工具的到期日延長至 2026 年 8 月 31 日。截至第二季末，我們擁有 35 億美元的可用流動資金，我們的預測合併槓桿率為 3.6 倍，完全符合我們 3 至 4 倍的長期槓桿率目標範圍。

With projects tracking ahead of schedule, our announced full run extension in the Permian Delaware and spending on long lead items for additional Permian gas processing expansions, we now expect net growth capital spending for 2025 to be approximately $3 billion, and we continue to estimate 2025 net maintenance capital spending of $250 million.

隨著專案提前進行，我們宣佈在特拉華州二疊紀盆地全面延長運行，並為二疊紀盆地天然氣加工擴建項目投入長期資金，我們現在預計 2025 年淨增長資本支出約為 30 億美元，我們繼續估計 2025 年淨維護資本支出為 2.5 億美元。

With the recently enacted tax legislation and its return of 100% bonus depreciation, we expect we will no longer be subject to the corporate alternative minimum tax, or CAMT in 2026 and will defer becoming a material cash taxpayer beyond 2027. As we continue to assess the benefit to Targa, we could see deferral of cash taxes further out depending on a variety of factors in the out years.

隨著最近頒布的稅收立法及其 100% 獎金折舊回報，我們預計到 2026 年我們將不再受企業替代最低稅 (CAMT) 的約束，並將推遲到 2027 年以後成為重大現金納稅人。隨著我們繼續評估 Targa 的收益，我們可能會看到現金稅的延期，具體取決於未來幾年的各種因素。

Shifting to capital allocation. Our focus is more of the same from Targa, maintain our strong investment-grade balance sheet, continue to invest in high-returning integrated projects and return an increasing amount of capital to our shareholders.

轉向資本配置。我們的重點與 Targa 相同，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，並向我們的股東返還越來越多的資本。

During the second quarter, we repurchased $324 million in common shares at an average price of $165.86 per share. Continuing our track record of executing opportunistic share repurchases as part of our all-of-the-above capital allocation strategy. This week, our Board of Directors also authorized a new $1 billion common share repurchase program. This brings total available share repurchase capacity to approximately $1.6 billion as of June 30, 2025. This authorization adds to our flexibility and is purely a continuation of our existing program.

第二季度，我們以每股 165.86 美元的平均價格回購了價值 3.24 億美元的普通股。繼續執行機會性股票回購的記錄，作為我們上述所有資本配置策略的一部分。本週，我們的董事會也批准了一項新的 10 億美元普通股回購計畫。截至 2025 年 6 月 30 日，可用的股票回購總額達到約 16 億美元。此授權增加了我們的靈活性，並且純粹是我們現有計劃的延續。

To remain steadfast in our strategy of continuing to target returning 40% to 50% of adjusted cash flow from operations to equity holders over time through a growing combination of dividends and opportunistic share repurchases. We are in excellent financial shape with a strong and flexible balance sheet, and we are well positioned to continue to create value for our shareholders.

堅定不移地執行我們的策略，即透過不斷增加的股利和機會性股票回購組合，繼續將 40% 至 50% 的調整後經營現金流返還給股東。我們的財務狀況良好，資產負債表強勁而靈活，我們有能力繼續為股東創造價值。

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

說完這些，我就把電話轉回給特里斯坦。

Thanks, Will. For Q&A, we ask that you limit to one question and one follow-up and reenter the queue if you have additional questions. Operator?

謝謝，威爾。對於問答，我們要求您限制一個問題和一個後續問題，如果您有其他問題，請重新進入隊列。操作員？

Our first question comes from the line of Spiro Dounis from Citi.

我們的第一個問題來自花旗銀行的 Spiro Dounis。

First question, Matt, wanted to go back to your comments in the prepared remarks just around your ability to historically outperform the basin. The tone of this call is seemingly starkly different than a lot of your peers this season, and so I just want to get maybe your latest thoughts on your ability to keep outperforming here, why you think you've been able to consistently do that. And if you're willing to maybe put a number on what you think that outperformance might look like going forward?

第一個問題，馬特，我想回到您在準備好的評論中關於您在歷史上超越盆地的能力的評論。這次電話的語氣似乎與本賽季許多同行的語氣截然不同，所以我只是想了解一下你對自己繼續在這裡表現優異的能力的最新想法，以及你認為自己為什麼能夠一直做到這一點。您是否願意用一個數字來表示未來可能取得的優異表現？

We have really seen over the years, the volumes on our Permian system continue to grow. It feels like we have not only the largest footprint, but footprint, that's really over some of the best rock in both the Midland and the Delaware Basin. So I think it's a combination of having the largest footprint where we can offer redundancy and reliability to our customers, which is highly attractive to them. And just being over some of the best rock in the area. So I think it's a combination of all those things.

多年來，我們確實看到二疊紀系統的產量持續成長。感覺我們不僅擁有最大的足跡，而且足跡確實覆蓋了米德蘭和特拉華盆地的一些最好的岩石。因此，我認為，我們擁有最大的覆蓋範圍，可以為客戶提供冗餘和可靠性，這對他們來說非常有吸引力。並且位於該地區最好的岩石之上。所以我認為這是所有這些因素的綜合作用。

And we have, I would say, our producer set are some of the largest, most active producers that haven't really varied their drilling plans as maybe much as some others have. So I think it's a combination of all of those things, it just gives us continued confidence not only in the back half of this year, but as we look out in '26 and beyond, the same factors that have allowed us to outperform the basin over the last several years. Those attributes are still in place as we look forward.

我想說的是，我們的生產商是規模最大、最活躍的生產商之一，但他們的鑽井計劃並沒有像其他生產商那樣發生太大的改變。所以我認為這是所有這些因素的綜合作用，它不僅讓我們對今年下半年充滿信心，而且展望 26 年及以後，同樣的因素也讓我們在過去幾年中表現優於盆地。展望未來，這些屬性依然存在。

Great. That's great to hear. Second question is just maybe moving to NGL margins. It's another common theme this quarter that seems to be focused again. I think there's a lot of concern about overbuild. Maybe narrow export arbs and so there seems to be kind of a pointing down of the margin environment going forward. Just curious if you could just update us maybe over the medium term, how you see the outlook? And if there's any risk to margins skew from here?

偉大的。聽到這個消息真是太好了。第二個問題也許只是轉向 NGL 利潤。這是本季似乎再次受到關注的另一個共同主題。我認為人們對過度建設有很多擔憂。也許會縮小出口套利，因此未來的保證金環境似乎會下降。我只是好奇，您是否可以向我們介紹中期前景？您如何看待這項前景？那麼從現在起，利潤率是否有偏差的風險呢？

See, this is Scott. As it relates to the export side of the business, first, we would point to the fact that we have growing supply originating from our gas processing footprint with long-term customers and great producers behind our plants. As a result of that, obviously, we've added a tremendous amount of infrastructure on our midstream platform with pipelines, expanding fractionation footprint. And of course, we've got expansions going on in the fourth quarter of this year at our export dock with our debottleneck and then our larger expansion project in the third quarter of 2027.

看，這是斯科特。就業務的出口方面而言，首先，我們要指出的是，我們的天然氣加工足跡帶來了不斷增長的供應，我們的工廠背後有長期客戶和優秀的生產商。因此，顯然，我們在中游平台上增加了大量管道基礎設施，擴大了分餾足跡。當然，今年第四季度，我們將在出口碼頭進行擴建，消除瓶頸，然後在 2027 年第三季進行更大規模的擴建項目。

I would also say that we all agree, I think, that we have a growing global demand for LPGs, whether it be on petrochemicals, PDHs, domestic and industrial supply needs across the globe, which is indicative of the fact that we -- again, the market is going to continue to grow. We have always been highly contracted at our dock.

我還想說，我們都同意，全球對液化石油氣的需求正在不斷增長，無論是石化產品、丙烷脫氫裝置，還是全球國內和工業供應需求，這都表明我們——再次，市場將繼續增長。我們的碼頭一直承包程度很高。

And with us being highly contracted, we have not always participated heavily in the spot market. So when people talk about things like the market is maturing, we have really had long-term contracts that have matured for a number of years now. We don't see anything -- any change in that.

由於我們的合約很重，我們並不總是積極參與現貨市場。因此，當人們談論市場正在成熟之類的事情時，我們實際上已經簽訂了多年的長期合約。我們沒有看到任何變化。

There are currently today, four exporters along the Texas Gulf Coast. Three of those are supplying product for Mont Belvieu, one further south, and when we talk about further expansions or when we talk about a new additive to the marketplace, I don't see the competitive dynamics really changing because the competitive dynamics have already been there.

目前，德州墨西哥灣沿岸有四家出口商。其中三家為蒙特貝爾維尤供應產品，另一家則位於更南邊。當我們談到進一步擴張或市場新增產品時，我認為競爭態勢不會真正改變，因為競爭態勢已經存在。

So with that said, I think it really boils down to who has the source of supply. And I really, really feel strongly about Targa's position as it relates to that. Again, going back to our GMP footprint, the long-term contracts that we have and of course, we put the infrastructure in place to ensure that we can move it across our docks.

所以，我認為，問題實際上在於誰擁有供應來源。我真的非常認同 Targa 與此相關的立場。再次回到我們的 GMP 足跡，我們擁有的長期合同，當然，我們還建立了基礎設施以確保我們可以將其運送到我們的碼頭。

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

我們的下一個問題或評論來自 Wolfe Research 的 Keith Stanley。

Curious how you're thinking about competition in the Northern Delaware. You were kind of a first mover through Lucid and gas treating and AGI wells, but it seems like it's becoming a bigger and bigger focus for a lot of your peers.

好奇您如何看待特拉華州北部的競爭。您是 Lucid、天然氣處理和 AGI 井領域的先行者，但似乎許多同行越來越關注該領域。

Yes, I don't disagree. Obviously, you've seen enterprise and now MPLX come in and buy treating companies to address the sour gas situation in the Delaware Basin. As we've said before, obviously, we're the largest treater of sour gas in the Delaware Basin.

是的，我不反對。顯然，您已經看到企業和現在的 MPLX 進來併購買處理公司來解決特拉華盆地的酸性氣體問題。正如我們之前所說，顯然，我們是特拉華盆地最大的酸性氣體處理商。

We have the best capability. We have 2.3 Bcf a day of treating capacity. AGI wells with eyes on expanding that as our sour gas volumes grow. Frankly, Targa has been treating our gas almost since its inception, right, with one of the first acquisitions that was done as Targa. And certainly, a lot of our employees have been dealing with our gas years. It is a core competency. And I think when we started looking at the Delaware Basin back in the 2016, '17, '18 time frame, we pretty quickly recognized that there were really economic benches that had sour gas production that producers were reluctant to develop because there wasn't solutions to handle that gas.

我們擁有最好的能力。我們每天的處理能力為23億立方英尺。隨著酸性氣體產量的成長，AGI 開始著眼於擴大產量。坦白說，Targa 自成立以來幾乎一直在處理我們的天然氣，最早的收購之一就是 Targa。當然，我們的許多員工多年來一直在與天然氣打交道。這是一項核心競爭力。我認為，當我們在 2016、2017、2018 年期間開始研究特拉華盆地時，我們很快意識到，那裡確實存在具有酸性氣體生產的經濟層，但生產商不願意開發，因為沒有解決方案來處理這種氣體。

So I would say as much as eight, nine years ago, we put a strategy in place one, we bought out rigor right, and they had some sour gas infrastructure. We leveraged off of that as we looked at Lucid, that was part of the overall equation. I mean it's really a recognition of how much sour gas capability over the long, long term is out there. And what I would say is that the competition is fine. We compete on all basis in the midstream business, obviously. We've got a ton of acreage under contract that continues to get developed.

所以我想說，早在八、九年前，我們就制定了一項策略，我們收購了 Rigoright，他們擁有一些酸性氣體基礎設施。當我們研究 Lucid 時，我們利用了這一點，這是整體方程式的一部分。我的意思是，這實際上是對長期酸性氣體產能的認可。我想說的是，競爭很激烈。顯然，我們在中游業務中展開了全方位的競爭。我們已簽訂了大面積土地的開發合同，目前正在繼續開發。

We continue to add, as we said, in our commercial success, acreage that covers sour gas production and as the Avalon, Bone Spring gets developed in the future, we're very, very well positioned. And certainly, the Wolfcamp in certain regions of the basin that we have under contract, also has CO2 or H2S or the other or both, and Targa is very, very well positioned to handle additional growth. Like I said, we've got a ton of it under contract already.

正如我們所說，我們在商業上的成功中繼續增加覆蓋酸性氣體生產的土地，隨著 Avalon 和 Bone Spring 在未來開發，我們處於非常非常有利的地位。當然，我們簽約的盆地某些地區的 Wolfcamp 也含有二氧化碳或硫化氫或其他物質，或者兩者兼而有之，而 Targa 則非常適合處理額外的增長。就像我說的，我們已經簽訂了大量合約。

Yes. And just to add to that, we've been competing in that business for years. And one of the things that gives us, I would say, competitive advantage is our Red Hills complex over a Bcf a day can handle sour, it's connected to our bull moves wildcat complex, which can also handle sour. So we have the scale and redundancy to offer better run times for our customers. And it's running sour, there's more operational issues you're going to have then running suite. And so we offer, I think, a unique set of services to our customers.

是的。除此之外，我們已經在這個行業競爭多年了。我想說，為我們帶來競爭優勢的因素之一是，我們的 Red Hills 綜合設施每天可以處理超過 10 億立方英尺的酸性原油，它與我們的 Bull Moves Wildcat 綜合設施相連，後者也可以處理酸性原油。因此，我們擁有規模和冗餘度，可以為客戶提供更好的運行時間。如果運作不順利，那麼運行套件時就會出現更多的操作問題。因此我認為我們為客戶提供了一套獨特的服務。

Thanks for that detailed response. Second question, so once again, a very growthy tone in your business. As you accelerated some CapEx into 2025 -- should we think 2026 CapEx is going to be even lower year-over-year or maybe not given the growth you're seeing? And it seems like NGL pipeline capacity is filling up pretty quick as well.

感謝您的詳細回覆。第二個問題，再次強調，您的業務呈現出非常成長的基調。由於您將部分資本支出加速到 2025 年——考慮到您所看到的成長，我們是否應該認為 2026 年的資本支出比去年同期會更低，或者可能不會？而且看起來 NGL 管道容量也正在快速填滿。

Keith, this is Jen. I'd say that from where we sit today, the assets that we have in progress right now, we expect them to come online and be highly utilized and hats off to our engineering and operations teams for figuring out if there are certain projects that they could get on a week, a month or, in some cases, a quarter sooner because, again, they will be very much needed.

基思，這是 Jen。我想說，從我們目前的情況來看，我們目前正在進行的資產，我們預計它們將上線並得到高度利用，並向我們的工程和營運團隊致敬，他們弄清楚是否有某些項目可以在一周、一個月或在某些情況下提前一個季度完成，因為他們將非常需要。

Look, it's August right now. I think that from our perspective, doesn't make sense to front-run producer budgeting cycles this fall. We'll get a lot more information from producers around 2026 that will inform our 2026 capital budget that will come out with in February. But certainly, we believe that where we are spending capital is very much along our core competencies, very much consistent with the rates of return and track record that we've been able to demonstrate previously.

瞧，現在已經是八月了。我認為從我們的角度來看，今年秋天搶先制定生產者預算週期是沒有意義的。我們將在 2026 年左右從生產商那裡獲得更多信息，這些信息將為我們將於 2 月份公佈的 2026 年資本預算提供信息。但可以肯定的是，我們相信，我們所投入的資金與我們的核心競爭力高度一致，與我們先前能夠證明的回報率和業績記錄高度一致。

And I think you're trying to see us continue to be capital efficient where it makes sense such that when projects come online, there are volumes essentially available to baseload them such that the returns are better than we made an investment decision. So I think all of that means that we'll continue to work through our growth capital plan for 2026.

我認為您希望我們繼續保持資本效率，這樣當專案上線時，就有足夠的容量來為它們提供基本負載，從而使回報比我們所做的投資決策更好。所以我認為所有這些都意味著我們將繼續努力實現 2026 年的成長資本計畫。

We believe there's a lot of growth on our system, and we believe that we can execute on that growth and continue to generate attractive returns, which at the end of the day, is what will create shareholder value.

我們相信我們的系統有很大的成長空間，我們相信我們可以實現這種成長並繼續產生可觀的回報，最終這將創造股東價值。

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

我們的下一個問題或評論來自摩根大通證券的 Jeremy Tonet。

Matt, I think you talked about going into the end of the year into '25 headed into '26, potentially even in a stronger position. Just wondering if you could share more data points you're seeing that provide the confidence there?

馬特，我想你談到了進入 25 年年底並邁入 26 年時可能處於更有利的地位。只是想知道您是否可以分享更多您所看到的可以提供信心的數據點？

Yes, sure. We really saw, I'd say, volumes for the first half of this year. We're more or less kind of in line with our expectations at the beginning of the year. Maybe first quarter was a little bit softer with some operational issues. And what we really saw, I would say, Hello?

是的，當然。我想說，我們確實看到了今年上半年的銷售量。我們或多或少符合年初的預期。也許第一季會稍微疲軟一些，因為存在一些營運問題。而我們真正看到的是，我想說，你好？

Yes, I'm here.

是的，我在這裡。

We just heard a beep, okay. And then what we saw, I'd say, later in the second quarter, we really saw volumes start to ramp. And then I gave the color on the call, we've seen in July volumes up another processing plant worth of gas just in the month of July relative to the second quarter. And I didn't give a number, August is up a fair amount from even the July numbers.

我們剛剛聽到嗶的一聲，好的。然後，我想說，我們在第二季後期確實看到銷量開始上升。然後我在電話中給出了具體情況，我們發現 7 月的天然氣產量與第二季度相比增加了一個加工廠的產量。我沒有給出具體數字，但八月的數據比七月的數據高出了不少。

So that's giving us confidence that the well connects that we have on our schedule, the volumes coming on are starting to really flow through our system. And then with Pembrook II coming on, that should provide some relief as well. Midland is pretty much full right now. So we really need that Pembrook 2 plant to come on and that should give us further volumes over the back half of the year. So we're only just in early August, but we would expect that for the momentum we have kind of early in the first part of the second half of this year, if that continues, it just puts us in a really strong position as we exit. And that's what we're trying to articulate.

因此，這讓我們有信心，按照我們的計劃，井連接和即將到來的產量將開始真正流經我們的系統。隨著 Pembrook II 的到來，這也應該會帶來一些緩解。米德蘭現在幾乎已經滿了。因此，我們確實需要 Pembrook 2 工廠的投產，這將使我們在今年下半年獲得更大的產量。所以現在才剛進入 8 月初，但我們預計，鑑於我們在今年下半年上半年的勢頭，如果這種勢頭持續下去，那麼我們在退出時將處於非常有利的地位。這就是我們想要表達的。

Our next question or comment comes from the line of Jackie Koletas from Goldman Sachs.

我們的下一個問題或評論來自高盛的 Jackie Koletas。

I was wondering if you could just provide a little bit more detail on the associated expectations or potential returns on the bull run extension and what the commercial structure, if any, looks like there?

我想知道您是否可以提供一些有關牛市延長的相關預期或潛在回報的更多細節，以及那裡的商業結構（如果有的話）是什麼樣的？

Jack, this is Jen. I'd say that from our perspective, Bull Run and the extension is just a natural extension of capabilities that we are already very good at in terms of putting pipe in the ground and moving molecules and trying to provide our producers with better solutions. So from our perspective, this extension is taking essentially gas from our Bull Moose and Wildcat complex up in the Delaware, bringing volumes down to Waha on a 42-inch pipeline.

傑克，這是 Jen。我想說，從我們的角度來看，Bull Run 和擴建只是我們在地下鋪設管道和移動分子以及嘗試為我們的生產商提供更好的解決方案方面已經非常擅長的能力的自然延伸。因此，從我們的角度來看，這條延伸管道基本上是從特拉華州的 Bull Moose 和 Wildcat 綜合設施輸送天然氣，然後透過一條 42 英吋的管道將天然氣輸送到 Waha。

So it's really supported by the volumes that we already have flowing in our existing assets there and then the expected growth that we would expect from the Delaware going forward. So not that dissimilar to other parts of our business where we're able to aggregate volumes on the gathering and processing side and then enhance our capabilities for our producers provide better redundancy, better outlets to our producers by essentially enhancing our capabilities as we move through time. So this is just a natural extension of that.

因此，這確實得到了我們現有資產流入量以及我們預期特拉華州未來成長的支持。因此，這與我們業務的其他部分並沒有什麼不同，我們能夠在收集和處理方面匯總數量，然後增強我們為生產商提供的能力，透過隨著時間的推移從本質上增強我們的能力，為我們的生產商提供更好的冗餘和更好的銷售管道。所以這只是一個自然的延伸。

Got it. That makes sense. And then just second, buybacks in the quarter were fairly strong when you authorize a new repurchase program as well. How do you anticipate to balance future buybacks with other uses of capital over time? And just talking about like the cadence of potential buybacks going forward?

知道了。這很有道理。其次，當您授權新的回購計畫時，本季的回購也相當強勁。您預計如何平衡未來的回購與長期的其他資本用途？只是談未來潛在回購的節奏嗎？

This is Jen again. I think we very consistently try to demonstrate that our share repurchase program is opportunistic, and that is the standard that our Board of Directors holds us to as we allocate capital to that repurchase program. You clearly saw us to be very active in the second quarter. We thought that there was an opportunity where global macro concerns, we're disconnecting a little bit from what we perceive to be the fundamentals of the Targa business and the intrinsic value of Targa.

我又是 Jen。我認為我們一直在努力證明我們的股票回購計劃是機會主義的，這也是我們董事會在為該回購計劃分配資金時要求我們遵守的標準。您清楚地看到我們在第二季度非常活躍。我們認為，在全球宏觀關注方面存在一個機會，我們與 Targa 業務的基本面和 Targa 的內在價值有些脫節。

And as we look at our short, medium and long-term outlooks, really weren't seeing anything change that was reflected by some of the downward activity that we are seeing in our share price, and that's why you saw this step in. I think we'll continue to be the all of the above approach that we've demonstrated so far, which means that your ability to predict our activity quarter-by-quarter is going to continue to be very difficult.

當我們審視短期、中期和長期前景時，我們確實沒有看到任何變化，這些變化反映在我們股價的下跌趨勢中，這就是為什麼你會看到這一舉措。我認為我們將繼續採取迄今為止所展示的上述所有方法，這意味著您逐季度預測我們活動的能力將繼續非常困難。

We're continuing to allocate capital to very attractive organic growth capital projects, but we have a very strong balance sheet and that provides us with a lot of flexibility as well to continue to execute in returning more capital to our shareholders. So it just puts us in a really good position to be able to pull different levers as we believe we see the opportunities present themselves.

我們將繼續向非常有吸引力的有機成長資本項目分配資本，但我們擁有非常強勁的資產負債表，這也為我們提供了很大的靈活性，可以繼續向股東返還更多資本。因此，當我們相信機會出現時，我們就處於非常有利的位置，能夠利用不同的槓桿。

Our next question or comment comes from the line of Manav Gupta from UBS.

我們的下一個問題或評論來自瑞銀的 Manav Gupta。

I just wanted to go back. Earlier in the year, you did take 100% ownership of Badlands. I just wanted to understand, has that transaction met your expectations and your goals and have those assets been performing in line with your expectations? And how does only 100% change your view of the asset versus not owning the same percentage as it did before. So if you could talk about that?

我只是想回去。今年早些時候，您確實獲得了 Badlands 100% 的所有權。我只是想了解，該交易是否符合您的期望和目標，並且這些資產的表現是否符合您的預期？與不擁有之前相同的百分比相比，僅 100% 如何改變您對資產的看法。那你能談談這個嗎？

Yes, sure. Yes. So the Badlands transaction that we announced earlier this year was really taking out Blackstone, which we really view, they had a preferred interest that it was refinancing their preferred interest and had some cash flow savings because we could just put it on balance sheet. So it's been performing, yes, as expected.

是的，當然。是的。因此，我們今年稍早宣布的 Badlands 交易實際上是收購了黑石集團，我們確實認為，他們擁有優先權益，這是對其優先權益的再融資，並且有一些現金流節省，因為我們可以將其放在資產負債表上。是的，它的表現正如預期的那樣。

Overall, volumes up there have continued to be relatively flat. There's some signs that production could be increasing here over the next one to two years or so, but it's been relatively flat, and it's been performing, I'd say, in line with our expectations. I'd say with the enhanced competition, as you look out going forward for NGLs, I'd say, yes, those assets do pose more strategic value and there's some more opportunities there to do something on the NGL side of the business. And so we're just evaluating all those opportunities, and we'll think thoughtfully about what makes the best sense for Targa.

總體而言，那裡的交易量繼續保持相對穩定。有跡象表明，未來一到兩年左右這裡的產量可能會增加，但目前產量相對平穩，而且我認為其表現符合我們的預期。我想說，隨著競爭的加劇，當你展望 NGL 的未來時，我會說，是的，這些資產確實具有更多的戰略價值，並且在 NGL 業務方面有更多機會可以做一些事情。因此，我們正在評估所有這些機會，並認真思考什麼對 Targa 最有意義。

Perfect. And you obviously have a very strong line of organic growth projects, but we are also seeing multiple transactions getting executed in the Permian. I think two were announced last one day or so. And in terms of you have the balance sheet, trying to understand what could be a good criteria for any bolt-on M&A that you could undertake just to further increase your presence and that could add to your existing footprint?

完美的。顯然，你們擁有一系列非常強大的有機成長項目，但我們也看到二疊紀盆地正在執行多項交易。我認為前一天左右已經宣布了兩項消息。就您的資產負債表而言，您是否試圖了解進行任何附加併購的良好標準是什麼，以便進一步提高您的影響力並擴大您現有的影響力？

Yes. And we continue to look at acquisitions. We haven't had anything of really significant size and kind of the asset market for a while, kind of going back to Lucid in 2022. But we continue to look. I'd say we have really strong footprint on the G&P side of the business. We have a really strong NGL presence. So we have all the strategic needs of our core business med.

是的。我們將持續關注收購。我們已經有一段時間沒有出現真正規模龐大的資產市場了，有點像 2022 年 Lucid 的情況。但我們仍在繼續觀察。我想說我們在 G&P 業務方面擁有非常強大的影響力。我們的 NGL 影響力確實非常強大。因此，我們滿足了核心業務醫學的所有策略需求。

And so now what we're really looking for, are there nice bolt-ons that could supplement our base strategy. So -- our focus has been on organic growth. We have a lot of growth opportunities, just executing the number of plants that we have and our downstream business. So that continues to be our focus. But if there's something that bolts on really nicely to our G&P footprint, we'll continue to look at it. As I said before, the bar continues to be high for us because we have all the strategic needs met. But if there's some nice synergies or opportunities, we'll continue to be thoughtful and look at those.

所以現在我們真正在尋找的是，是否有好的附加功能可以補充我們的基本策略。所以——我們的重點一直放在有機成長上。我們有很多成長機會，只需執行我們擁有的工廠數量和下游業務。因此這仍然是我們的重點。但如果有什麼東西能夠很好地融入我們的 G&P 足跡，我們就會繼續研究它。正如我之前所說，我們的標準仍然很高，因為我們已經滿足了所有的策略需求。但如果存在一些良好的協同效應或機會，我們會繼續深思熟慮並加以研究。

Our next question or comment comes from the line of Michael Blum from Wells Fargo.

我們的下一個問題或評論來自富國銀行的邁克爾布魯姆。

I wanted to ask on the LPG export DAC. You mentioned that it was effectively full for the quarter. But as I look at the chart, I mean, the volumes were down sequentially the last two quarters. I think you're below your total existing capacity. So just wondering if you can just kind of square that and especially in the fact that I think you're very -- you're highly contracted. And then -- maybe I'll just throw in my second question here at the same time.

我想問有關 LPG 出口 DAC 的問題。您提到本季它實際上已經滿了。但當我看圖表時，我的意思是，過去兩個季度的交易量連續下降。我認為你的現有能力還不夠。所以我只是想知道你是否可以解決這個問題，特別是我認為你非常 - 你簽訂了高度合約。然後——也許我會同時在這裡提出我的第二個問題。

I appreciate your competitive position, but as I'm sure you know, there's new entrants coming to the market. Just wondering how you're thinking about that as you -- there's growing competition from the Permian pipe all the way to the export dock. So I just wanted to get your thoughts on how you're going to approach that.

我欣賞你們的競爭地位，但我相信你們知道，市場上正在出現新的進入者。只是想知道您是如何看待這個問題的——從二疊紀管道一直到出口碼頭的競爭越來越激烈。所以我只是想了解你對如何處理這個問題的想法。

Michael, this is Scott again. I'll start on the export side and then perhaps given the fact that we've got Ben here with us today and who he's been working the transportation fractionation side of our business. He can talk a little bit about NGL pipes out of the basin as well. But I'd really refer back to my earlier comments and that is our strategy around the export dock really starts with our availability of supply that is originating from our gas processing plants.

邁克爾，我又是史考特。我先從出口方面開始，然後也許考慮到今天 Ben 也和我們在一起，而且他一直負責我們業務的運輸分餾方面。他還可以講講盆地外的 NGL 管道。但我確實要回顧我先前的評論，那就是我們圍繞出口碼頭的策略實際上始於我們天然氣加工廠的供應可用性。

Again, long-term contracts that will feed into our overall system whether it be pipe, frac, et cetera, all the way down to our export dock. Again, adding another potential entrant or participant in the export business along the Texas Gulf Coast really does not change our overall strategy. We will be competitive. But I think, again, given the fact that we have been highly contracted for term business, and business, quite frankly, with a lot of those contracts has volumes that ramp up over time that will complement our expansion on the back half of this year and then the expansion we've got in the third quarter of 2027 at those what I would call mature rates.

再次，長期合約將融入我們的整個系統，無論是管道、壓裂等等，一直到我們的出口碼頭。再次強調，在德州墨西哥灣沿岸的出口業務中增加另一個潛在的進入者或參與者並不會改變我們的整體策略。我們將具有競爭力。但我認為，鑑於我們已經簽訂了大量定期業務合同，而且坦率地說，很多此類合同的業務量都會隨著時間的推移而增加，這將補充我們今年下半年的擴張，然後是我們在 2027 年第三季度的擴張，我稱之為成熟利率。

I feel very comfortable with our overall position as it relates to that. When we -- when you look out there, the market again has been competitive for a while, and we've done very, very well in that sector on the export side of our business. And we -- again, I think it goes back to the availability of supply that will stay on our system and move across our overall docks and feeding a growing global demand.

我對我們的整體立場感到非常滿意。當我們——當你放眼望去，市場已經再次競爭了一段時間，而我們在該領域的出口業務做得非常非常好。而且我們——我再次認為，這又回到了供應的可用性問題，這些供應將保留在我們的系統中，並在我們的整個碼頭之間移動，滿足日益增長的全球需求。

And then I'll turn it over to Ben just to talk a little bit about NGL pipes out of the basin.

然後我將把時間交給 Ben，讓他簡單談談盆地外的 NGL 管道。

Thanks, Scott. I just -- I think you said it well across our entire downstream footprint. -- we are really expanding it on the back of millions of dedicated acres across various basins. So we have line of sight to volumes on. And on top of that, we continue to have commercial success as our customers the great offering we have across our integrated system and wide footprint with a lot of redundancy. So that's really how we're looking at all the expansions on the downstream side as being underpinned with.

謝謝，斯科特。我只是——我認為你說得很好，涵蓋了我們整個下游的足跡。 ——我們確實在各個流域數百萬英畝的專用土地上擴大了它。因此，我們對卷的視線已經清晰起來。除此之外，我們繼續取得商業成功，因為我們為客戶提供了整合系統、廣泛的覆蓋範圍和大量冗餘的優質產品。因此，我們確實認為下游的所有擴張都是以此為基礎的。

Our next question comment comes from the line of Jean Ann Salisbury from Bank of America.

我們的下一個問題來自美國銀行的 Jean Ann Salisbury。

The Permian gas egress has been tight year-to-date, which you can see in the depressed Waha pricing. But there's a lot of pipeline capacity coming on next year that most people including us think will unlock the basin for the rest of the decade. Is that how you see it as well? And when those pipelines come on next year, would you expect to see a sustained move for you off your fee floors?

今年迄今為止，二疊紀天然氣出口一直很緊張，從瓦哈天然氣價格的低迷就可以看出這一點。但明年將有大量管道投入使用，包括我們在內的大多數人認為這將在本世紀剩餘的時間釋放盆地的潛力。您也是這麼認為的嗎？當這些管道明年投入使用時，您是否預期費用下限會持續下降？

This is Bobby. Yes. No, we've been excited to see all the egress pipes get announced. It's a little bit of a bull run bolt-on because we get to get that gas to the hub where our producers can think about which direction do they want to go in, what pipe do they want to go on and have a lot optionality as opposed to like a pipe or two pipe side of our plant.

這是鮑比。是的。不，我們很高興看到所有出口管道都已公佈。這有點像牛市附加措施，因為我們要把天然氣送到中心，我們的生產商可以在那裡考慮他們想要往哪個方向走，他們想要走哪條管道，並且有很多選擇，而不是像我們工廠的一條或兩條管道那樣。

As we think about egress and how it relates to the basin. Again, kind of the same comment we're excited to see it happen. Our recipe strategy hasn't changed. If we can put guests on a pipe to make it happen, if we can build a pipe if we can participate in the pipe we want to see egress happen. And with a happy at the rate it's going, I think it's -- we're going to be well supplied with egress for a little bit here when all these pipes come online.

當我們思考出口以及它與盆地的關係。再次，同樣的評論，我們很高興看到它發生。我們的食譜策略沒有改變。如果我們可以將客人放在管道上來實現這一點，如果我們可以建造管道，如果我們可以參與管道建設，我們希望看到出口的出現。按照目前的速度，我認為——當所有這些管道都投入使用時，我們將能夠獲得充足的出口供應。

Relative to fee floors, I'm not going to speculate on where price is going to go, but stronger Waha pricing ultimately is good for those fee floors. I would love to be above those three floors because we've essentially been below them for most of recent history. And that would be just an incremental tailwind to our business out there.

相對於費用底線，我不會猜測價格會走向何方，但更強的 Waha 定價最終對這些費用底線有利。我很想住在這三層樓的上面，因為在近代歷史上，我們基本上一直住在這三層樓的底下。這對我們的業務來說只是一個漸進的順風。

Great. And now that Grand Prix is filling up, can you talk about the pros and cons of using more third-party NGL transport from here? I mean I guess the pro is like obviously you don't have to spend a lot of CapEx. But -- should we expect a $0 or $2 per gallon of extra cost on your incremental downstream volumes from here if you're using third-party transport?

偉大的。現在大獎賽已經人滿為患，您能談談使用更多第三方 NGL 傳輸的利弊嗎？我的意思是，我猜優點是顯然你不必花費大量的資本支出。但是——如果您使用第三方運輸，我們是否應該預期從現在開始您的增量下游量每加侖會產生 0 美元或 2 美元的額外成本？

This is Jen. I'll start and then I'll throw it to Ben. I think that from our perspective, what utilizing third-party transport allows us to do is one, provide a little bit of diversification in just ensuring that not all of our volumes are flowing on our pipe. But two, it's really to be capital efficient. And I think that's an indication really of how well we're all working across the space. I think that an overbuild situation doesn't really benefit anybody.

這是 Jen。我先開始，然後把它丟給本。我認為，從我們的角度來看，利用第三方運輸可以讓我們實現一點多樣化，確保並非所有運輸量都在我們的管道上流動。其次，這確實是為了提高資本效率。我認為這確實表明了我們在整個領域的工作進展如何。我認為過度建設的情況實際上對任何人都沒有好處。

So you're seeing us work very well with our peers to figure out how to continue to move our molecules and a lot of the growth that we have, but do it in a manner that's efficient across the space. I think that the way that we evaluate it is, one, just making sure that volumes will continue to move. We're adding a lot of processing plants and a lot of incremental processing plants are going to drive a lot of additional NGL volumes into our system and ensuring that we are continuing to provide our customers with the best possible service is what is paramount to us. So that's really evaluating what are the alternatives out there, what are those alternatives cost. And therefore, with all of that put together what makes the most sense for Targa over both the short, medium and really the long term. Ben?

因此，您會看到我們與同行進行了很好的合作，以找出如何繼續移動我們的分子和我們擁有的大量增長，但以一種在整個空間中有效的方式進行。我認為我們評估它的方式是，首先，只是確保交易量會繼續變動。我們正在增加許多加工廠，許多增量加工廠將為我們的系統帶來大量額外的 NGL 量，確保我們繼續為客戶提供最好的服務對我們來說至關重要。所以這實際上是在評估有哪些替代方案，這些替代方案的成本是多少。因此，綜合考慮所有這些因素，對於 Targa 來說，短期、中期和長期而言都是最有意義的。本？

I think that is all right, Jen. I'd just remind everyone, we have multiple flexible medium-term offloads that as our volumes are growing, we can move into those and time any future expansion in the most optimized way for bringing it online and for the capital spend. And then when that expansion comes online, we'll have volumes to put out at driving good returns.

我認為這樣就沒問題了，Jen。我只是想提醒大家，我們有多個靈活的中期卸載計劃，隨著我們業務量的不斷增長，我們可以進入這些計劃，並以最優化的方式安排未來的擴張時間，以實現上線和資本支出。然後，當擴張上線時，我們將有足夠的產量來獲得良好的回報。

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

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

First of all, calculations to Scott on his retirement and also to Ben, on his new role. So it seems like from your comments that you probably are getting ready for the next set of processing capacity additions. I was curious how should we think about capital costs for those processing brands? Are you seeing any many meaningful change considering the inflation of the environment, especially on the material side? And how does it does impact any of your returns?

首先，我們要對史考特的退休和班的新角色做出考慮。因此，從您的評論來看，您可能正在為下一組處理能力的增加做準備。我很好奇我們該如何看待這些加工品牌的資本成本？考慮到環境通貨膨脹，特別是在物質方面，您是否看到了許多有意義的變化？它對您的回報有何影響？

Sunil, this is Jen. First of all, I'd say that our engineering team does a phenomenal job of assessing all of the options really available to us both in terms of utilizing the Targa standard plant design and then figuring out whether a system is suite or sour, what additional information we'll need and then identifying the right third parties for us to work with that can really keep our costs as low as possible. So definitely, a big congratulations to our engineering team for the success on the plants that they are bringing online, the plants in progress. And then, of course, they're already thinking about the plants in the future.

蘇尼爾，這是 Jen。首先，我想說，我們的工程團隊在評估所有可供我們使用的選項方面做得非常出色，既包括利用 Targa 標準工廠設計，也包括確定係統是否合適、我們需要哪些額外信息，然後確定與我們合作的合適的第三方，這樣才能真正將我們的成本保持在盡可能低的水平。因此，我們當然要熱烈祝賀我們的工程團隊成功上線了正在興建中的工廠。當然，他們已經在考慮未來的植物了。

I think you're right that from our perspective, costs have risen, but we've also done a really good job of managing those rising costs. You're seeing us co-locate plants, so instead of just having one plant at a site, you're seeing a lot of sort of vintage two plants at sites like the Bull moose 2 plant, Pembrook 2 plants. That allows us to benefit from some of the share services across facilities, which helps us manage our costs. And again, I think that's part of the benefit of having such a large and flexible system in place like we have. But we have seen costs rise.

我認為您說得對，從我們的角度來看，成本確實上升了，但我們在管理這些上升的成本方面也做得很好。您會看到我們將工廠安置在同一地點，因此，您不會在一個地點只建造一座工廠，而是在 Bull moose 2 工廠、Pembrook 2 工廠等地點看到很多老式的兩座工廠。這使我們能夠從跨設施的一些共享服務中受益，從而幫助我們管理成本。再次強調，我認為這也是我們擁有如此龐大且靈活的系統所帶來的好處之一。但我們看到成本上升。

So depending on whether a plant is suite or sour, costs are probably averaging more between, call it, $225 million to $275 million. But again, our team is doing a really good job of managing plant design, supply chain, making sure that we are ahead of any potential constraints and issues that could create rising costs to just make sure that we are continuing to build best-in-class facilities at best-in-class costs.

因此，根據工廠是否適合生產，平均成本可能在 2.25 億美元到 2.75 億美元之間。但我們的團隊在管理工廠設計和供應鏈方面做得非常出色，確保我們能夠領先於任何可能導致成本上升的潛在限制和問題，以確保我們能夠繼續以一流的成本建造一流的設施。

Our next question comment comes from the line of Jason Gabelman from Cowen.

我們的下一個問題來自 Cowen 的 Jason Gabelman。

I wanted to try asking again about something that's already been asked, which is the direction of kind of fixed fees within the Permian Basin. And it sounds like there's a lot of cross currents you noted a pretty full system in the Midland Basin, but also costs rising and more competition in the Delaware AGI side. So just wondering when you put that all together, what the direction of travel is on the fees that you're able to secure from competitor -- or from customers? Is it up, down, flat? Any color would help?

我想嘗試再次詢問一個已經被問過的問題，即二疊紀盆地內固定費用的方向。聽起來有很多交叉潮流，您注意到米德蘭盆地的系統相當完整，但特拉華州 AGI 方面的成本也在上升，競爭也更加激烈。所以我只是想知道，當你把所有這些放在一起時，你能從競爭對手或客戶那裡獲得的費用的走向是什麼？是上、下、平嗎？任何顏色都有幫助嗎？

Yes. Sure, Jason. I'll start and Jen or Pat want to jump in. As Pat mentioned earlier, we've faced competition all along. It's changed. It used to be you go back years, there was a lot of private equity coming into the space and there was a lot of competition on the G&P side. We've been competing with the recent acquisitions, go back over the years, we were competing with the predecessor and now we're competing with the acquirer. So there's been a lot of competition on G&P.

是的。當然，傑森。我先開始，然後 Jen 或 Pat 也想加入。正如帕特之前提到的，我們一直面臨競爭。它已經改變了。幾年前，有許多私募股權進入該領域，G&P 方面的競爭非常激烈。我們一直在與最近的收購競爭，回顧過去幾年，我們一直在與前任競爭，現在我們正在與收購方競爭。因此，G&P 領域的競爭非常激烈。

Our base business, we have long-term contracts. Typically, GMP contracts are 10 years, we have a lot of 15-year contracts. So we have long-term contract protection. And we have multiple plants, reliability, redundancy, the largest system, which affords us a really good opportunity to compete with others as they're comparing the Targa offering versus the next best competition. So there's always been competition. I think we compete pretty well all the way from GMP and all the way through downstream.

我們的基礎業務是長期合約。通常，GMP 合約期限為 10 年，我們有很多 15 年的合約。所以我們有長期合約保護。我們擁有多個工廠、可靠性、冗餘度和最大的系統，這為我們提供了一個與其他公司競爭的絕佳機會，因為他們正在將 Targa 產品與下一個最佳競爭對手進行比較。所以競爭一直存在。我認為我們從 GMP 到下游的整個過程都具有相當好的競爭力。

This is Jen. I'd just add that I think from our perspective, we've got the best commercial team in the business, which means that we are creative and entrepreneurial and willing to work with our customers. And so to the extent that there's an opportunity, for example, to think more about the longer-term game than the shorter-term game, if there's a chance to go and acquire more acreage, but it means that we blend down into a lower fee.

這是 Jen。我想補充一點，從我們的角度來看，我們擁有業內最好的商業團隊，這意味著我們富有創造力和創業精神，並願意與客戶合作。因此，如果有機會的話，例如，更多地考慮長期遊戲而不是短期遊戲，如果有機會去獲得更多的土地，但這意味著我們會降低費用。

We'll, of course, play whatever gain best supports our producers and creates the most value over the long term for our shareholders as well. So I think we just do a really good job of working well with our producers and broader customers to figure out what are their needs, how are those needs changing and evolving? And then how can we best structure our contracts to meet those needs.

當然，我們會盡一切努力來最大程度地支持我們的生產商，並為我們的股東創造長期最大的價值。所以我認為我們只是與生產商和更廣泛的客戶進行了很好的合作，以了解他們的需求是什麼，這些需求是如何變化和發展的？那麼我們如何才能最好地建立合約來滿足這些需求呢？

Yes, that's great. And my follow-up is just on the EBITDA guide. And the $200 million range is unchanged, but there's only a few months left in the year here. So wondering as you look at the balance of the year, the risks to kind of coming in at the high end or the low end of that range.

是的，太好了。我的後續關注點只是 EBITDA 指南。2 億美元的範圍沒有變化，但今年只剩下幾個月了。因此，當您查看今年的餘額時，您會想知道風險是處於該範圍的高端還是低端。

I'd say that it still feels like there's a lot of the year left to go. It feels more like we're halfway through the year here with a bunch left to go. But I think from our perspective, as Matt's comments indicated, we feel really, really good about where we are for 2025. A big part of what we came out in February and said was that our guide and the range was really predicated on us continuing to see volume growth, particularly in the back half on the G&P systems and bringing that incremental volumes through the rest of our integrated system. And clearly, with all the data points that we've provided today, volumes are materializing.

我想說，感覺今年還剩下很多時間。感覺今年已經過去一半了，還有很多事情要做。但我認為從我們的角度來看，正如馬特的評論所表明的那樣，我們對 2025 年的現狀感到非常非常滿意。我們在二月發布的很大一部分內容是，我們的指南和範圍實際上是基於我們繼續看到銷售成長，特別是 G&P 系統後半部分，並將增量銷售帶入我們其餘的整合系統。顯然，根據我們今天提供的所有數據點，數量正在實現。

And I think we've got a lot of conviction based on where we know producers are with well completions and continued activity back half of this year. Starting to feel really good about the volume outlook for Targa, not only back half of this year, but then the implications for 2026. I think there are some potential tailwinds that ultimately, we'll have to see how those present rest of the year, related to commodity prices.

我認為，根據我們對生產商完井情況和今年上半年持續活動的了解，我們對此很有信心。開始對 Targa 的銷售前景感到非常樂觀，不僅是今年上半年，而且還有對 2026 年的影響。我認為存在一些潛在的順風因素，最終我們將不得不看看今年剩餘時間內這些因素與大宗商品價格的關係如何。

We saw weaker commodity prices in the second quarter. We've seen lower gas prices on the Waha side thus far here in the third quarter. So commodity prices, we don't have a ton of exposure, but in the first quarter, we benefited from about $10 million of margin above fee for levels.

我們看到第二季大宗商品價格走弱。截至目前，我們已經看到第三季瓦哈地區的天然氣價格下降。因此，對於商品價格，我們並沒有太多的風險敞口，但在第一季度，我們獲得了高於費用水平約 1000 萬美元的保證金。

In the second quarter, we really had no margin above fee floor levels. So to the extent we get any tailwinds there, certainly, that would be additive in the back half of this year. And then we also don't tend to forecast our marketing business on both the natural gas and the NGL side. So to the extent we see some tailwinds there, that would be additive back half of the year as well, and fourth quarter is where we typically see more strength in marketing opportunities than the second and third quarter.

在第二季度，我們確實沒有超出費用最低水準的利潤。因此，如果我們在那裡獲得任何順風，那肯定會在今年下半年產生附加作用。而且我們也不會預測天然氣和 NGL 的行銷業務。因此，如果我們看到一些順風，那麼這也將在今年下半年產生附加作用，而且我們通常會在第四季度看到比第二季度和第三季度更具優勢的營銷機會。

I show no additional questions in the queue at this time. I'd like to turn the conference back over to management for any closing remarks.

目前隊列中沒有其他問題。我想將會議交還給管理階層，請他們發表結束語。

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

感謝大家今天上午參加電話會議，我們感謝您對 Targa Resources 的關注。

Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now disconnect. Everyone, have a wonderful day.

女士們、先生們，感謝大家參加今天的會議。本節目到此結束。您現在可以斷開連線。祝大家有美好的一天。