Targa Resources Corp (TRGP) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Targa Resources Corporation third quarter 2025 earnings webcast and presentation. (Operator Instructions)

感謝您的耐心等待。我叫蒂娜，今天我將擔任你們的會議接線生。在此，我謹代表 Targa Resources Corporation 向大家歡迎參加 2025 年第三季財報網路直播與展示。（操作說明）

It is now my pleasure to turn the call over to Tristan Richardson, Investor Relations and Fundamentals. Please go ahead.

現在我很高興將電話轉交給投資者關係和基本面分析師 Tristan Richardson。請繼續。

Thanks, Tina. Good morning, and welcome to the third quarter 2025 earnings call for Targa Resources Corp. The third quarter earnings release and a supplement presentation that accompany our call are available on our website at targaresources.com. Additionally, an updated investor presentation has also been posted to our website.

謝謝你，蒂娜。早安，歡迎參加Targa Resources Corp. 2025年第三季財報電話會議。第三季財報及本次電話會議的補充簡報已發佈在公司網站targaresources.com。此外，更新後的投資人簡報也已上傳至公司網站。

Statements made during this call that might include Targa's expectations or predictions should be considered forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from the those projected in forward-looking statements. For a discussion of factors that could cause actual results to differ, please refer to our latest SEC filings.

本次電話會議中所做的可能包含 Targa 的預期或預測的聲明，應被視為 1934 年證券交易法第 21E 條意義上的前瞻性聲明。實際結果可能與前瞻性聲明中預測的結果有重大差異。有關可能導致實際結果出現差異的因素的討論，請參閱我們最新的美國證券交易委員會文件。

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 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.

今天電話會議的發言人有：執行長 Matt Meloy；總裁 Jen Kneale；以及財務長 Will Byers。此外，Targa 的高階管理層成員將出席問答環節，包括：集輸與加工總裁 Pat McDonie；物流與運輸總裁 Scott Pryor；首席商務官 Bobby Muraro；以及下游業務高級副總裁 Ben Branstetter。

I'll now turn the call over to Matt.

現在我將把電話交給馬特。

Thanks, Tristan, and good morning. We had another outstanding quarter with record adjusted EBITDA, driven by record volumes across our footprint. With three quarters completed, we now expect our full year 2025 adjusted EBITDA will be around the top end of our previously provided guidance range. .

謝謝你，特里斯坦，早安。我們又迎來了一個出色的季度，調整後 EBITDA 創歷史新高，這得益於我們業務範圍內銷售的創紀錄增長。三個季度過後，我們現在預計 2025 年全年調整後 EBITDA 將達到我們先前提供的指導範圍的上限左右。。

Our Permian volumes grew more than 340 million cubic feet per day and nearly 700 million cubic feet per day compared to this time last year. Our Permian growth is driving additional NGL volumes through our integrated system as NGL volumes increased about 180,000 barrels per day compared to this time last year. Incrementally, the customer success we achieved in 2024 has started to show up in our volumes, some this year, but really adding to our longer-term confidence of continued Permian volume growth.

與去年同期相比，我們的二疊紀盆地原油日產量增加了 3.4 億立方英尺以上，每日產量增加了近 7 億立方英尺。由於二疊紀盆地的成長，我們的一體化系統正在推動更多的天然氣凝液產量，與去年同期相比，天然氣凝液產量每天增加了約 18 萬桶。2024 年我們取得的客戶成功已逐步體現在我們的交易量中，今年就有一些交易量有所增長，但這確實增強了我們對二疊紀盆地交易量持續增長的長期信心。

Our customers' success has continued as our commercial team has added to our leading Permian G&P position with acreage dedications from new and existing customers in and around our footprint, further bolstering our long-term growth outlook. To accommodate this continued volume growth from our customers, in September, we announced several new growth projects, including our Speedway NGL transportation expansion, the Yeti gas processing plant in Texas in the Permian Delaware and Buffalo Run, an expansion of our Permian natural gas pipeline system. And today, we announced our next gas processing plant Copperhead in New Mexico in the Permian Delaware.

隨著我們商業團隊不斷擴大我們在二疊紀盆地天然氣和石油領域的領先地位，並從我們業務範圍內外的新舊客戶那裡獲得了土地專屬權，我們的客戶也取得了持續的成功，這進一步鞏固了我們的長期成長前景。為了滿足客戶不斷增長的需求，我們在 9 月宣布了幾個新的成長項目，包括 Speedway NGL 運輸擴建項目、位於德克薩斯州二疊紀盆地的 Yeti 天然氣處理廠、Delaware 和 Buffalo Run 項目（二疊紀盆地天然氣管道系統的擴建項目）。今天，我們宣布了位於新墨西哥州二疊紀特拉華盆地的下一個天然氣處理廠—銅頭蛇廠。

Also, our previously announced Forza natural gas pipeline in the Delaware had a successful open season, and we are moving ahead with that project. We continue to expect meaningful long-term growth in Permian gas and NGL volumes across our footprint.

此外，我們先前宣布的位於特拉華州的 Forza 天然氣管道項目已成功完成公開招標，我們將繼續推進該項目。我們繼續預期，在我們業務覆蓋範圍內，二疊紀盆地的天然氣和天然氣凝液產量將實現有意義的長期成長。

Our conviction is supported by multiple factors, including the bottom-up forecast from our existing producer customers, our continued commercial success and the continued industry trend of rising gas to oil ratios. We have a lot of projects in progress, which means growth capital is elevated in 2025 and 2026, and these attractive investments will drive significant increases in adjusted EBITDA.

我們的信念得到了多方面因素的支持，包括我們現有生產商客戶的自下而上的預測、我們持續的商業成功以及天然氣與石油比例不斷上升的行業趨勢。我們有許多專案正在進行中，這意味著 2025 年和 2026 年的成長資本將會增加，這些有吸引力的投資將推動調整後 EBITDA 的大幅成長。

Our chunkier downstream projects are set to come online in 2027. Both the Speedway NGL line and our larger LPG export expansion have sufficient capacity to handle our growing volumes for many years. Once these projects are online, we expect our downstream capital spending will be significantly lower for years to come, driving a substantial increase in free cash flow.

我們規模較大的下游計畫預計將於 2027 年上線。Speedway NGL 生產線和我們規模更大的 LPG 出口擴建項目都擁有足夠的產能，可以滿足我們未來多年不斷增長的銷售需求。一旦這些項目上線，我們預計未來幾年我們的下游資本支出將大幅降低，大幅增加自由現金流。

And this expected increase in free cash flow will be durable, meaning even if we are in a stronger growth environment driving elevated spending on the G&P side, our downstream spending should still be modest.

預計自由現金流的增加將是持久的，這意味著即使我們處於更強勁的成長環境，推動了 G&P 方面的支出增加，我們的下游支出仍然應該保持適度。

So in late 2027, our downstream NGL capital is expected to be significantly lower than today's and our adjusted EBITDA is expected to be much higher than today's. This results in a strong and growing free cash flow profile for years.

因此，預計到 2027 年底，我們的下游 NGL 資本將比現在低得多，而我們的調整後 EBITDA 將比現在高得多。這將帶來多年強勁且不斷成長的自由現金流。

This is what our team is working towards every day, execute our large capital projects in the near term while continuing to invest in high-return projects, leading to Targa's next transformation. A large investment-grade integrated NGL infrastructure company that provides industry-leading growth and generate significant free cash flow year after year. This is a value proposition we are excited to be a part of. This is our focus.

這就是我們團隊每天努力的目標：在近期執行大型資本項目的同時，繼續投資高回報項目，從而引領 Targa 實現下一次轉型。一家大型投資級綜合性天然氣液基礎設施公司，提供業界領先的成長，並年復一年地產生可觀的自由現金流。我們很高興能參與這項價值主張。這是我們的重點。

And as we look out over the medium and long term, we expect to be in a unique position to grow adjusted EBITDA, grow common dividends per share, reduce share count generate significant and growing free cash flow and do this all with a strong investment-grade balance sheet.

展望中長期，我們預計自身將處於獨特的地位，能夠提高調整後 EBITDA，提高每股普通股股息，減少股份數量，產生可觀且不斷增長的自由現金流，並且所有這一切都將依託於強勁的投資級資產負債表。

Before I turn the call over to Jen to go over our operations in more detail, I would like to thank the Targa team for their continued commitment to safety and execution and for consistently delivering reliable, high-quality service to our customers.

在我將電話轉交給 Jen 更詳細地介紹我們的營運情況之前，我想感謝 Targa 團隊一直以來對安全和執行的承諾，以及他們始終如一地為我們的客戶提供可靠、高品質的服務。

Thanks, Matt. Let's talk about our operational results in more detail. Starting in the Permian, our natural gas inlet volumes averaged a record 6.6 billion cubic feet per day in the third quarter, representing an increase of 11% versus a year ago and strong sequential growth. In October, our Permian volumes were impacted by some producer shut-ins from low commodity prices and storms, but these volumes are now largely back online which we have taken into account and the updated color that we expect to be around the top end of our guidance range for adjusted EBITDA.

謝謝你，馬特。讓我們更詳細地談談我們的營運結果。從二疊紀盆地開始，我們第三季的天然氣進口量平均達到創紀錄的每天 66 億立方英尺，比去年同期成長 11%，較上季成長強勁。10 月份，由於大宗商品價格低迷和風暴導致一些生產商停產，我們的二疊紀盆地產量受到了影響，但這些產量現在基本上恢復了，我們已經考慮到了這一點，並更新了我們預計調整後 EBITDA 將達到我們指導範圍上限附近的預測。

The second half ramp that we are forecasting at the beginning of the year has materialized and we see at least 10% growth in our Permian volumes for 2025. And based on the visibility that we have today, we see 2026 as another year of strong low double-digit growth.

我們在年初預測的下半年產量成長已經實現，我們預計到 2025 年，二疊紀盆地的產量將增加至少 10%。根據我們目前所掌握的信息，我們認為 2026 年將是另一個強勁的低兩位數增長年。

In the Permian Midland, our Pembrook II plant came online during the third quarter and is running at high utilization. And in Permian Delaware, our Bull Moose II plant commenced operations recently in October. We expect our processing infrastructure currently under construction will be much needed at startup and our projects are on track with previously provided time lines.

在二疊紀中部地區，我們的 Pembrook II 工廠於第三季投產，目前正以高利用率運作。位於特拉華州二疊紀盆地的 Bull Moose II 工廠最近於 10 月開始運作。我們預計目前正在建設中的處理基礎設施在啟動時將非常有用，我們的專案正按先前提供的時間表按計劃進行。

Largely driven by requests from our customers, we are continuing to build out our intra-basin residue capabilities in the Permian, which will help us manage tightness in natural gas egress from the basin until the next wave of takeaway comes online in 2026.

主要是在客戶的要求下，我們正在繼續在二疊紀盆地建造盆內殘餘物處理能力，這將有助於我們控制該盆地天然氣出口的緊縮程度，直到下一波外輸氣項目在 2026 年上線。

The Bull Run Extension in the Delaware is expected to begin operations in the first quarter of 2027 and Buffalo Run, our Midland residue expansion is expected to be completed in stages and fully complete in early 2028. Our newly announced Forza pipeline, a 36-mile interstate natural gas pipeline to serve growing natural gas production in the Delaware Basin in New Mexico is expected to be in service in mid-2028 subject to receipt of necessary regulatory approvals.

位於特拉華州的 Bull Run 擴建項目預計將於 2027 年第一季度開始運營，而位於米德蘭的 Buffalo Run 廢料擴建項目預計將分階段完成，並於 2028 年初全面竣工。我們新宣布的 Forza 管道是一條 36 英里長的州際天然氣管道，旨在服務於新墨西哥州特拉華盆地不斷增長的天然氣產量，預計將於 2028 年年中投入使用，前提是獲得必要的監管批准。

As demonstrated over the last number of years, we've taken a deliberate approach to enhance flow assurance and do an excellent job of managing takeaway for our customers, ensuring we have access to a wide portfolio of markets. The Blackcomb and Traverse pipeline where we have a 17.5% equity interest are currently under construction, and Blackcomb remains on track for the third quarter of 2026 and traversed for 2027.

正如過去幾年所證明的那樣，我們採取了審慎的措施來增強流動保障，並在管理客戶的提貨方面做得非常出色，確保我們能夠進入廣泛的市場組合。我們擁有 17.5% 股權的 Blackcomb 和 Traverse 管道目前正在建設中，Blackcomb 管道預計將於 2026 年第三季完工，Traverse 管道預計將於 2027 年完工。

Shifting to our Logistics and Transportation segment, Targa's NGL pipeline transportation volumes averaged a record 1.02 million barrels per day. Our fractionation volumes ramped sharply in the third quarter, averaging a record 1.13 million barrels per day following the completion of planned maintenance at a portion of our fractionation facilities during part of the first and second quarters of the year. Our LPG export loadings averaged 12.5 million barrels per month during the third quarter.

再來看我們的物流和運輸部門，Targa 的 NGL 管線運輸量平均達到創紀錄的每天 102 萬桶。在完成今年第一季和第二季部分分餾設施的計畫維護後，我們的分餾產量在今年第三季大幅成長，平均每天達到創紀錄的 113 萬桶。第三季度，我們的液化石油氣出口裝載量平均每月為 1,250 萬桶。

Given the anticipated growth in our Permian G&P business and corresponding announced plant additions, the outlook for NGL supply growth in our system remains strong, and we have a number of key projects currently underway. In the Permian, our Delaware Express NGL Pipeline expansion remains on track to be complete in the second quarter of 2026.

鑑於我們二疊紀盆地天然氣和石油業務的預期增長以及相應宣布的工廠擴建，我們系統中的天然氣凝液供應增長前景依然強勁，我們目前有許多關鍵項目正在進行中。在二疊紀盆地，我們的特拉華快線天然氣凝液管道擴建工程仍按計畫進行，預計將於 2026 年第二季完工。

Our next fractionator in Mont Belvieu, Train 11 is expected to be complete in the second quarter of 2026 and Train 12 remains on track for the first quarter of 2027. Our LPG export expansion, which will increase our loading capacity to approximately 19 million barrels per month remains on track for the third quarter of 2027.

我們在蒙特貝爾維尤的下一台分餾裝置（11 號機組）預計將於 2026 年第二季完工，12 號機組仍按計劃於 2027 年第一季完工。我們的液化石油氣出口擴張計畫將使我們的裝載能力提高到每月約 1,900 萬桶，該計畫仍按計劃於 2027 年第三季實施。

Speedway, which will transport NGLs from the Permian to Mont Belvieu with an initial capacity of 500,000 barrels per day is expected to begin operations in the third quarter of 2027. Our existing NGL transportation system is running full. And with five Permian plants under construction, we will be leveraging third-party transportation ahead of Speedway coming online. This positions us to aggregate significant baseload volumes that we can transition to our NGL transportation system when Speedway begins operations, meaningfully derisking the project.

Speedway 管道將把二疊紀盆地的天然氣凝液輸送到蒙特貝爾維尤，初始輸送能力為每天 50 萬桶，預計將於 2027 年第三季開始營運。我們現有的液化天然氣運輸系統已滿載運轉。由於二疊紀盆地有五座工廠正在建設中，我們將在 Speedway 工廠投產前利用第三方運輸。這使我們能夠累積大量的基荷運輸量，並在 Speedway 開始運作時將其轉移到我們的 NGL 運輸系統，從而大大降低專案的風險。

Our existing contracts with our best-in-class customer base that allowed us to fill Grand Prix in six years will continue to drive the volume growth that will fill Speedway. We are well positioned operationally for the near, medium and long term and believe that our leading customer service-driven wellhead to water strategy puts us in excellent position to continue to execute for our customers and for our shareholders. Our strategy is unchanged as we execute the same core projects with strong returns along our integrated value chain in the same core areas where we have been building Targa for years.

我們與一流客戶群簽訂的現有合同，使我們能夠在六年內填滿 Grand Prix 賽道，並將繼續推動賽道銷量成長，從而填滿 Speedway 賽道。我們在營運方面已做好充分準備，迎接近期、中期和長期挑戰。我們相信，我們以客戶服務為導向的領先井口到水策略，將使我們處於非常有利的地位，能夠繼續為我們的客戶和股東創造價值。我們的策略保持不變，我們將繼續在我們多年來一直在建立 Targa 的核心領域，沿著我們的一體化價值鏈執行同樣具有強勁回報的核心專案。

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

現在我將把電話交給威爾，讓他來討論我們第三季的業績、展望和資本配置。將要？

Thanks, Jen. Targa's reported adjusted EBITDA for the third quarter was $1.275 billion, a 19% increase from a year ago and a 10% increase sequentially. The sequential increase in adjusted EBITDA was attributable primarily to record Permian NGL transportation and fractionation volumes generating higher margin across our G&P and L&T segments. Given the strength of our 2025 performance, we now estimate full year 2025 adjusted EBITDA to be around the top end of our $4.65 billion to $4.85 billion range.

謝謝你，珍。Targa公佈的第三季調整後EBITDA為12.75億美元，比去年同期成長19%，季增10%。調整後 EBITDA 的環比成長主要歸功於二疊紀盆地 NGL 運輸和分餾量創歷史新高，從而在我們的 G&P 和 L&T 業務部門實現了更高的利潤率。鑑於我們 2025 年的強勁業績，我們現在預計 2025 年全年調整後 EBITDA 將達到 46.5 億美元至 48.5 億美元區間的上限左右。

At the end of the third quarter, we had $2.3 billion of available liquidity and our pro forma consolidated leverage ratio was approximately 3.6 times, comfortably within our long-term leverage ratio target range of 3 to 4 times. As we provided in September, we estimate net growth capital spending for 2025 to be approximately $3.3 billion and we continue to estimate 2025 net maintenance capital spending of $250 million.

第三季末，我們有 23 億美元的可用流動資金，我們的備考合併槓桿率約為 3.6 倍，完全在我們 3 至 4 倍的長期槓桿率目標範圍內。正如我們在 9 月提供的，我們預計 2025 年淨成長資本支出約為 33 億美元，我們繼續預期 2025 年淨維護資本支出為 2.5 億美元。

We announced today, we intend to recommend to Targa's directors to increase our annual common dividend to $5 per common share. This incremental $1 per share equates to a 25% increase to the 2025 level. If approved, it would be effective for the first quarter of 2026 and payable in May 2026. We remain active in our opportunistic share repurchase program as part of our all-of-the-above capital allocation strategy.

我們今天宣布，我們打算建議 Targa 的董事會將我們的年度普通股股息提高到每股 5 美元。每股增加 1 美元，相當於到 2025 年成長 25%。如果獲得批准，該協議將於 2026 年第一季生效，並於 2026 年 5 月支付。作為我們全方位資本配置策略的一部分，我們將繼續積極開展機會性股票回購計畫。

During the third quarter, we repurchased $156 million in common shares, bringing year-to-date repurchases to $642 million, including purchases made subsequent to the end of the third quarter. 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.

第三季度，我們回購了價值 1.56 億美元的普通股，使今年迄今的回購總額達到 6.42 億美元，其中包括第三季結束後進行的回購。我們財務狀況良好，資產負債表穩健靈活，我們完全有能力繼續為股東創造價值。

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

接下來，我將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. Tina?

謝謝你，威爾。問答環節，請您盡量只提出一個問題，並可提出一個後續問題。如果您還有其他問題，請重新排隊。蒂娜？

Jeremy Tonet, JPMorgan.

Jeremy Tonet，摩根大通。

Hi, good morning.

您好，早安。

Hey, good morning. Jeremy.

嘿，早安。傑里米。

Hey, thanks for the updates here. I was just curious with you guys trending towards the top end of the guide here. Just wondering how things have unfolded versus original expectations. Is this more wells coming on to the system? Or is this better productivity per well? Or what factors would you say are driving this upside versus original expectations?

嘿，謝謝你提供的最新消息。我只是好奇你們為什麼都傾向於達到指南中的頂尖水平。只是好奇事情的發展與最初的預期相比如何。是不是會有更多油井接入該系統？或者說，這是否意味著單井產量更高？或者說，您認為是什麼因素導致了這超出預期的上漲？

Good morning. Good morning, Jeremy, this is Jen. For 2025, when we gave our guidance back in February, our biggest caution was that it was predicated on a big back half volume ramp based on the best available information that we had from our producers at the time. I think those volumes have largely materialized consistent to better than our expectations than we initially forecasted, and that's what's driving record Permian NGL transportation and fractionation volumes and providing us with meaningful tailwinds.

早安.早安，傑瑞米，我是珍。對於 2025 年，我們在今年 2 月給出的指導意見中，我們最大的顧慮是，這是基於我們當時從生產商那裡獲得的最佳信息，對下半年產量大幅增長的預期。我認為這些產量在很大程度上已經實現，甚至超過了我們最初的預測，這正是推動二疊紀盆地天然氣凝液運輸和分餾產量創歷史新高，並為我們帶來顯著利好因素的原因。

And we've also seen a fair bit of volatility across the year, which has provided us with some incremental natural gas and NGL marketing opportunities. We don't typically forecast those when we give guidance.

而且，我們今年也看到了相當大的波動性，這為我們提供了額外的天然氣和液化天然氣銷售機會。我們在給予業績指引時通常不會預測這些情況。

So the fact that we're outperforming a little bit relative to the fact that we really didn't have anything material in our guidance is also a little bit of a tailwind this year. But I'd say the producer is largely performing on track to a little bit better than expectations.

所以，考慮到我們之前的業績預期並沒有什麼實質的內容，我們目前的業績略有超出預期，這也算是今年的一個利多因素。但我認為，這位製作人的表現總體上符合預期，甚至略好於預期。

We have not seen a material change or shift in activity levels on our systems. And I think that's really supporting the strength of performance that we've seen really across this year. But in particular, you saw a big ramp Q3 relative to Q2. You saw a big ramp Q2 relative to Q1. And then as we look forward to 2026, it just really puts us in a good position ending this year as well.

我們的系統活動水準沒有出現實質變化或轉移。我認為這確實支撐了我們今年以來所看到的強勁表現。但尤其值得注意的是，第三季相對於第二季出現了大幅成長。你可以看到第二季相對於第一季有很大的成長。展望 2026 年，今年年底的良好情況也讓我們處於非常有利的位置。

Got it. That's helpful. And I appreciate the commentary with regards to 2026 with a low double-digit growth there. Not to get too far ahead of ourselves here, but some of your key producers have put out kind of long-dated looks into what the growth would look like in the Permian. And so just wondering what sense that provides for you as far as kind of more a medium-term look as far as how you think things could unfold for growth.

知道了。那很有幫助。我很欣賞您對 2026 年兩位數低成長的預測。現在談論這個問題還為時過早，但你們的一些主要生產商已經發布了一些關於二疊紀盆地成長前景的長期展望。所以我想知道，從中長期來看，你認為這對成長的發展有何意義？

Yeah, hey Jeremy, this is Matt. I think we have the best-in-class footprint in the Permian across both the Midland and the Delaware with really active, high-quality producers. And so when we look out, not only in 2026, but in 2027 and beyond, we get bottoms-up forecast from our producers.

嗨，傑里米，我是馬特。我認為我們在二疊紀盆地擁有最好的佈局，橫跨米德蘭盆地和特拉華盆地，擁有非常活躍、高品質的生產商。因此，當我們展望未來時，不僅是 2026 年，還有 2027 年及以後，我們都能從生產者那裡獲得自下而上的預測。

And I think that really underpins the confidence we have about continuing to grow even with kind of a flat to even modestly declining rig count, our producers are giving us -- they're well scheduled, and it gives us a lot of confidence as we get into '26 and looking at our locations and longer-term growth plans, it really kind of underpins our multiyear outlook. .

我認為這真正鞏固了我們對繼續增長的信心，即使鑽井數量持平甚至略有下降，我們的生產商也給予了我們很好的安排，這讓我們對2026年充滿信心，並審視我們的選址和長期增長計劃，這真正鞏固了我們多年的展望。。

Got it. That's very helpful. I'll leave it there thank you.

知道了。那很有幫助。我就說到這兒吧，謝謝。

Okay, thanks, Jeremy.

好的，謝謝你，傑瑞米。

Spiro Dounis, Citi.

Spiro Dounis，花旗銀行。

Thanks. Good morning team first question, I want to start with operational leverage, and maybe Matt go back to your comments just around that free cash flow inflection that's coming. I guess on my math, I think I've got another one to two more processing plant announcements before you need another frac. Speedway, of course, has plenty of headroom here, we think. But in terms of the rest of the system, any other expansions to kind of have on our radar, as you keep adding these processing plants? Or does it feel like we're finally heading to that period where you could benefit from some of the white space on the system? .

謝謝。各位早安，第一個問題，我想先談談營運槓桿，Matt，也許可以回顧一下你之前關於即將到來的自由現金流拐點的評論。根據我的計算，我認為在需要再次分餾之前，我還需要收到一到兩個加工廠的公告。當然，我們認為，Speedway 在這方面還有很大的提升空間。但就係統的其他部分而言，隨著你們不斷增加這些加工廠，還有其他需要我們關注的擴展計劃嗎？或者，你感覺我們終於要進入這樣一個時期：你可以利用系統中的一些空白空間？。

Yeah, Good question. And that is, as we kind of look out over the next couple of years, we do see that we're calling really a transformation as we get into the back half of '27. Once Speedway comes on once our larger scale LPG export comes on, the downstream spending should be relatively modest. And really, at that point, only include ratable fracs and that led to be dependent upon how our G&P is growing between now and '27 and as we're looking out into '28, '29.

嗯，問得好。也就是說，當我們展望未來幾年時，我們確實看到，到了 2027 年下半年，我們將迎來真正的改變。一旦 Speedway 投入運營，隨著我們更大規模的液化石油氣出口投入運營，下游支出應該會相對適中。而實際上，到那時，只包括可計提的壓裂費用，這將取決於我們的 G&P 從現在到 2027 年的成長情況，以及我們展望 2028 年和 2029 年的情況。

So as you're thinking about multiyear model, we've announced Trains 11 and 12. Those are progressing well. We're evaluating Train 13 and when we'll need to announce that and when that one is going to come on. But for the downstream spending, I think on Speedway and our export comes on, it's really going to be ratable fracs through our system. And so when you look out in the back half of '27 with significantly higher EBITDA, even if we're in a strong growth environment rent on the G&P side, just the fact that we have significantly higher EBITDA and lower downstream spending is going to put us in a really good position to have a free cash flow profile for years to come.

所以，既然你們在考慮多年期模式，我們已經宣布了第 11 列和第 12 列火車。這些進展都很順利。我們正在評估第 13 號列車，以及何時需要宣布該列車何時投入使用。但就下游支出而言，我認為隨著 Speedway 和我們出口業務的開展，我們的系統中的壓裂作業將真正實現可評級。因此，展望 2027 年下半年，即使我們處於強勁的成長環境，EBITDA 顯著提高，G&P 方面的租金也大幅上漲，但僅僅是 EBITDA 顯著提高和下游支出降低這一事實，就將使我們在未來幾年擁有良好的自由現金流狀況。

Great. That's helpful. Second question, maybe just going to intra-basin residue gas, seeing you lean into that part of the market a little bit more. So just wondering, can you walk us through maybe what that opportunity set looks like and how big that could be? And if we should expect the same kind of 5x to 6x return profile that we see across the rest of the business?

偉大的。那很有幫助。第二個問題，或許可以考慮盆地內殘餘氣，因為看到你們更傾向這部分市場。所以我想問一下，您能否為我們詳細介紹這些機會具體有哪些，以及它們可能有多大？我們是否可以預期獲得與公司其他業務相同的 5 倍至 6 倍回報？

Spiro, this is Bobby. The way we work on these things is in coordination with our producers on everything. And when you look at what drives that asset -- that infrastructure investment for us, it's coordinated with our producers on where we can add reliability where we can add redundancy to our plants and then where we can make a really good fee and pushing gas through those pipes.

斯皮羅，這是鮑比。我們處理這些事情的方式是與我們的製片人協調一切。當你審視驅動這項資產的因素——對我們來說，這項基礎設施投資——是與我們的生產商協調的，目的是在哪些方面提高可靠性，在哪些方面增加工廠的冗餘度，以及在哪些方面獲得真正可觀的費用，並通過這些管道輸送天然氣。

At the end of the day, is that basin has grown and you've seen gas takeaway be more problematic from an individual pipe that is under -- that it's getting worked on at some point in time, and it affects a plant, we end up being able to move gas around the basin and put it into other available capacity, which both our producers and the producers we market for, the producers that market their own gas and the ones we market gas for, look for that optionality in the portfolio.

歸根結底，隨著盆地面積的擴大，你會發現從單一管道（例如正在施工的管道）輸送天然氣變得越來越困難，這會影響到工廠。最終，我們能夠將天然氣輸送到盆地內的其他可用產能，而我們的生產商和我們為其銷售天然氣的生產商，無論是自己銷售天然氣的生產商還是我們為其銷售天然氣的生產商，都在投資組合中尋求這種選擇權。

And so ultimately, we've been building these little steps for a little while, we just announced the kind of complete picture recently, and it's all been underwritten by volumes that are flowing on our system that both we market and our big customers that market their own gas market.

因此，歸根結底，我們已經邁出了這些小步伐一段時間了，最近才公佈了完整的藍圖，而這一切都得益於我們系統內的天然氣流量，包括我們自己銷售的天然氣以及我們的大客戶銷售他們自己的天然氣。

So -- and when I think about what the investment multiple is, it's really a high-quality return relative to everything we do. So it smells a lot like all of our other reports that we put out on ROIC. So I think it fits in really well with just to point capital in spots where we have on volumes and customers that want it and at similar returns to the rest of our business.

所以——當我思考投資倍數時，相對於我們所做的一切，這確實是一個高品質的回報。所以它聞起來很像我們之前發布的關於 ROIC 的所有其他報告。所以我認為它非常適合在我們有一定交易量和客戶需求的領域進行點對點投資，並且能獲得與我們其他業務類似的回報。

Great color, Bobby. Thanks for that. I'll leave it there. Thanks everyone.

顏色真棒，鮑比。謝謝。我就說到這兒吧。謝謝大家。

Theresa Chen, Barclays.

特蕾莎·陳，巴克萊銀行。

Good morning. Thank you for taking my questions we have experienced a challenging environment for some time at this point, marked by bearish sentiment on liquids prices and broader macro uncertainty, you've delivered strong results and even guided towards the upper end of your annual guidance range, which underscores the solid momentum that you're seeing.

早安.感謝您回答我的問題。目前，我們正經歷一段充滿挑戰的時期，液體價格悲觀，宏觀經濟情勢不明朗。但您取得了強勁的業績，甚至達到了年度業績指引範圍的上限，這凸顯了您所看到的穩健發展勢頭。

But at the same time, your recent project announcements have drawn scrutiny with some questioning why you didn't leverage or even choose to lever third-party NGL infrastructure for longer versus investing now to increase capacity across your own system. Could you explain the rationale behind this decision and provide additional context supporting your strategy? .

但同時，您最近宣布的項目也引起了人們的關注，有人質疑您為什麼不利用或選擇利用第三方 NGL 基礎設施更長時間，而是現在投資來增加您自己系統的容量。能否解釋一下做出這項決定的理由，並提供支持您策略的更多背景資訊？。

Good morning, Theresa, this is Jen. I think that we really do try to be very much capital efficient across the portfolio. And what we've tried to do is essentially drop breadcrumbs as we've gone through the last couple of years. And as we've added processing additions continue to have commercial success that's been in addition to the foundational millions of acres already dedicated to us that was going to drive a lot of incremental growth on our system, drop breadcrumbs that Grand Prix was selling quickly, and we are trying very much to be capital efficient around it. We've talked about the fact that we've done third-party offload deals. And that's part of what you'll see in 2026, we'll have some more offload fees than we've had before.

早安，特蕾莎，我是珍。我認為我們確實努力在整個投資組合中實現非常高的資本效率。而我們所做的，基本上就是在過去幾年裡，一點一點地埋下伏筆。隨著我們不斷增加加工設施，這些設施持續取得商業成功，這得益於我們已經擁有的數百萬英畝基礎土地，這將推動我們系統實現大量增量增長，就像 Grand Prix 迅速售罄的麵包屑一樣，我們正在努力提高其資本效率。我們已經討論過我們進行第三方轉讓交易的事實。這就是 2026 年您將會看到的情況之一，我們將收取比以往更多的卸載費用。

But part of what we're doing there is not that dissimilar to what we did with Grand Prix, which was we derisked the investment by -- at the time that the project will come online with Speedway, we will have already flowing volumes that we can move on to our pipeline. At the end of the day, we are in the business of providing the best-in-class operational support for our producer customers. And we think we do that really well from the wellhead all the way to the water.

但我們在那裡所做的部分工作與我們在 Grand Prix 專案上所做的工作並沒有太大區別，那就是透過以下方式降低投資風險——當 Speedway 專案上線時，我們已經有流動的流量可以轉移到我們的管道中。歸根結底，我們的業務是為我們的生產商客戶提供一流的營運支援。我們認為，從井口到水源，我們在這方面都做得非常好。

And an important part of that is being able to operate our assets, being able to leverage our integrated footprint, being able to provide our producers with flexibility and fungibility and redundancy. And at the end of the day, be able to completely derisk our enterprise and best position Targa to create value for our shareholders. And that's part of what we believe we're doing here.

其中重要的一部分是能夠經營我們的資產，能夠利用我們的一體化佈局，能夠為我們的生產商提供靈活性、可替代性和冗餘性。最終目標是徹底消除企業風險，使 Targa 能夠為股東創造價值。而這正是我們認為我們在這裡所做的事情的一部分。

We've got five plants that are in progress. That's going to be a lot of incremental NGLs that we will need to move on our system. And what we will do is we will utilize third-party transportation for a period of time that we're comfortable with. And then again, we will baseload our next investment with those already flowing volumes and then we'll have operating leverage to accommodate the growth from there. And we just believe that, that combination puts us in the best position again, to both deliver for our customers and also to deliver for our shareholders.

我們有五家工廠正在興建中。這意味著我們需要在系統中輸送大量的增量天然氣液。我們將利用第三方交通工具，在一段我們覺得合適的時間內完成運輸。然後，我們將以這些現有的流量為基礎進行下一筆投資，然後我們將利用營運槓桿來適應由此帶來的成長。我們堅信，這種組合將使我們再次處於最佳位置，既能為我們的客戶創造價值，也能為我們的股東創造價值。

Excellent. And a follow-up question on the intra-basin residue strategy. This clearly has become a key area of investment. Where do you anticipate the next bottlenecks to be within the Permian? .

出色的。還有一個關於流域內殘餘物處理策略的後續問題。這顯然已成為一個重要的投資領域。您預計二疊紀盆地下一個瓶頸會在哪裡出現？。

This is Bobby. When I think about the bottlenecks in the Permian, it kind of goes to plant specific, which is what that header system is for at times of interruptions on long-haul pipes. But when I think about takeaway on residue in particular, and you may be asking about more than residue, but it's obviously extremely tight right now with where basis has gone every time there's bottle and a long-haul pipe. But we're excited about the end of '26 with two pipes coming online and material capacity. But we've been growing fast, and I think those pipes will be not only needed but well utilized when they come online. Thank you.

這是鮑比。當我思考二疊紀盆地的瓶頸問題時，我發現這往往與具體的工廠有關，而這正是集管系統在長途管道中斷時發揮作用的地方。但當我想到關於殘留物的具體問題時，你可能問的不僅僅是殘留物，但很明顯，現在的情況非常緊張，因為每次有瓶子和長途運輸管道時，基數都會下降。但我們對 2026 年底充滿期待，屆時將有兩條管道投入使用，材料產能也將提升。但我們發展迅速，我認為這些管道投入使用後不僅會被需要，而且會得到充分利用。謝謝。

Okay, thank you.

好的，謝謝。

Keith Stanley, Wolfe Research.

Keith Stanley，Wolfe Research。

Hi, good morning. So you're pointing to around the top end of the guidance range for the year, which at the exact top end would imply EBITDA is down in Q4 versus Q3? Or are there any headwinds to be aware of? You cite some of the October shut-ins, just how to think about Q4 growth relative to Q3?

您好，早安。所以你的意思是接近全年業績指引範圍的上限，如果正好達到上限，那就意味著第四季的 EBITDA 將比第三季下降？或者說，是否存在需要注意的不利因素？你提到了十月份的一些居家隔離情況，那麼你應該如何看待第四季相對於第三季的成長呢？

Good morning, Keith, this is Jen. I'd say that I think we tend to be a conservative bunch. So I'll start with that. And I'd say that we feel really good about setting another year of record EBITDA in 2025. I think a little bit of the conservatism is borne out of the fact that we've got two months to go in the year.

早安，基思，我是珍。我認為我們這群人比較保守。那我就從這裡開始吧。而且我認為，我們對2025年再次創下EBITDA新紀錄感到非常有信心。我認為這種保守情緒部分源自於這樣一個事實：今年只剩下兩個月了。

We did see some shut-ins from lower commodity prices in October, which we haven't really seen before, there's continued maintenance on a number of natural gas pipes out of the Permian expected for November. And so a little bit, it's going to be what are the implications of that. Now what's great is we've got a little bit of a natural offset where, to the extent we've got weakness in Waha pricing, we're able to leverage our extensive footprint to benefit on the marketing side. .

10 月由於大宗商品價格走低，我們確實看到了一些停產，這種情況以前從未發生過。預計 11 月份，二疊紀盆地的一些天然氣管道將繼續進行維護。所以，在某種程度上，這將帶來哪些影響。現在最棒的是，我們有一定程度的自然抵消作用，即如果 Waha 的定價存在弱點，我們可以利用我們廣泛的業務覆蓋範圍在行銷方面獲益。。

But it's a little bit of just some conservatism as we go through the next couple of months, which may be choppy. But I think the key point is we are really well positioned. And it's probably likelier that we're above the top end of the range than below the top end of the range. But with that conservatism, just felt comfortable saying that we felt we'd be around the top end.

但在接下來的幾個月裡，我們仍將保持一定的保守態度，這段時間可能會比較動盪。但我認為關鍵在於我們確實處於非常有利的地位。而且我們更有可能處於該範圍的上限以上，而不是低於該範圍的上限。但出於這種保守態度，我們覺得可以坦然地說，我們認為自己會處於業界領先水準。

Got it. Other question just on the frac volumes. So Q3 was obviously up, I think it was 17% quarter-over-quarter. Should we think of that as a good run rate from here? Or did you have a lot of unfracked inventory from the maintenance work earlier in the year that boosted Q3. .

知道了。關於分餾體積的另一個問題。所以第三季顯然有所成長，我認為季增了17%。我們是否可以認為這是一個不錯的運行速度？或者，是因為年初的維護工作累積了大量未壓裂的庫存，才推高了第三季的業績？。

Sure, yes. This is Ben. You're right, we did have a turnaround in the first and second quarters that really impacted us to essentially a frac down in terms of available frac capacity. And with the fracs fully back online in the third quarter and the turnaround going well, we were essentially full. And I'd just say, we're very much looking forward to Train 11 and Train 12 coming online, and those will come on highly utilized.

當然可以。這是本。你說得對，我們在第一季和第二季確實經歷了一次轉變，這確實對我們的可用壓裂能力造成了很大的影響，基本上減少了一次壓裂作業。第三季壓裂設備全面恢復生產，業務轉型進展順利，我們基本上已經滿載運轉。我只想說，我們非常期待 11 號和 12 號列車投入使用，它們投入使用後將會充分利用。

Thank you.

謝謝。

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

Thanks. Good morning, everyone can you discuss the decision to increase the dividend 25% next year versus leaning more heavily into buybacks? I imagine you haven't been too thrilled with the recent stock price performance given the strong underlying performance of the business. So I just wanted to get your thoughts how you're weighing between dividends and buybacks.

謝謝。各位早安，能否討論一下明年將股利提高25%與加大股回購力道之間的差異？考慮到公司強勁的基本面表現，我想你對近期的股價表現應該不太滿意。所以我想了解一下您是如何權衡分紅和股票回購的。

Yeah, Michael, we've kind of talked about doing all of the above approach. And when we just look out at our forecast over multiple years, we have a lot of room to meaningfully increase the dividend. So it is a little bit more heart than science. We talk to our Board and say, what is a good balanced approach to increasing the dividend and also being able to have a strong balance sheet to be opportunistic with share repurchases.

是的，邁克爾，我們已經討論過採用以上所有方法。當我們展望未來多年時，會發現我們有很大的空間大幅提高股利。所以，這更多的是一種情感上的寄託，而非科學。我們會與董事會討論，如何才能在提高股息的同時，保持強勁的資產負債表，以便抓住機會進行股票回購，從而找到一個平衡的良好方法。

You've seen us pretty active so far this year on share repurchases. I think that's going to continue to be the framework going forward as we plan to be opportunistic with our share repurchases. It will bounce around from quarter-to-quarter and year to year, but I think that will be part of our return of capital.

今年以來，大家已經看到我們在股票回購方面相當活躍。我認為這將繼續作為我們未來進行股票回購的框架，我們將抓住機會進行回購。它會逐季度和逐年波動，但我認為這將是我們資本回報的一部分。

So I really think we can do both. I think the dividend growth that we're providing is still something we can look out over multiple years and continue to grow it even from here. And I think that's just supported by our underlying fundamentals in our business of growing EBITDA and free cash flow generation going forward.

所以我真的覺得我們可以兩者兼顧。我認為我們提供的股息成長在未來幾年內仍然可以持續，而且我們甚至可以從現在開始繼續成長。我認為這得益於我們業務的基本面，即未來 EBITDA 和自由現金流的成長。

Okay. Makes sense. And then I just wanted to ask on LPG exports. Would you say volumes for this quarter were basically seasonally in line with your expectations? And can you give us an update on end market demand and specifically where you might be seeing areas of strength or weakness across different regions?

好的。有道理。然後我還想問一下液化石油氣出口的問題。您認為本季銷售量基本上符合季節性預期嗎？您能否介紹一下終端市場需求的最新情況，並具體說明您認為不同地區哪些方面有優點或缺點？

Hey Michael, this is Scott. I would say that typically, throughout the year, at times, the second and third quarter volumes dip a little bit relative to what we see in the fourth quarter and the first quarter of each year. Fundamentally, nothing has changed on the export front. We continue to be highly contracted. The demand is growing really across the globe.

嗨，邁克爾，我是史考特。我認為，通常情況下，一年中第二季和第三季的銷售有時會比每年第一季和第四季的銷售量略有下降。從根本上講，出口方面沒有任何變化。我們目前仍處於高度合約狀態。全球範圍內的需求確實在成長。

There is also some seasonality as it relates to the kind of the product mix relative to propane and butane. But we continue to add contracts and we got some we will get some benefit in the fourth quarter with the small balancing project that is now online that gives us a lot of flexibility and provide some reliability to our export facility.

丙烷和丁烷的產品組合也存在一定的季節性差異。但我們仍在不斷增加合同，並且我們已經獲得了一些合約。第四季度，隨著小型平衡項目的上線，我們將獲得一些收益，該項目為我們提供了巨大的靈活性，並為我們的出口設施提供了一定的可靠性。

But really, when you look our export project that we've got coming online in the third quarter of 2027, that's related to expected global demand that is going to continue to grow across various regions. We're going to see increased production from our upstream with the number of plants that we've got coming online. Obviously, Grand Prix and Speedway Pipeline, providing products to our fractionation footprint, which is growing. And then the product itself will just be priced to move across our export dock can provide a lot of operating leverage that we will have going forward. So again, the fundamentals have not changed. The demand is continuing to grow and we'll be a broad participant across various regions across the globe.

但實際上，當你看到我們計劃在 2027 年第三季上線的出口項目時，你會發現這與預期中的全球需求有關，而這種需求將在各個地區持續成長。隨著我們越來越多的工廠投入運營，上游產量將會提高。顯然，Grand Prix 和 Speedway Pipeline 為我們不斷擴大的分餾業務提供了產品。然後，產品本身的價格將足以透過我們的出口碼頭銷售，這將為我們未來的營運帶來很大的優勢。所以，基本面並沒有改變。市場需求持續成長，我們將廣泛參與全球各地區的市場活動。

Thank you.

謝謝。

Manav Gupta, UBS.

瑞銀集團的馬納夫·古普塔。

Good morning. I wanted to ask you about the Permian sour gas opportunity. You guys were the first mover. You are the biggest processor of Permian sour gas. But as your returns have been very good. Some others are trying to now chase. And I'm just trying to understand the competitive advantage over there. And the growth and opportunity that you see in the that region of Eddy and Lea in terms of Permian sour gas, what are you seeing out there? If you could talk a little bit about that. .

早安.我想問您關於二疊紀酸性天然氣的開發機會。你們是先行者。你們是二疊紀酸性天然氣的最大加工者。但是您的收益一直都非常好。現在還有一些人正試圖追趕。我只是想了解那邊的競爭優勢在哪裡。您在埃迪和利地區看到的二疊紀酸性天然氣的成長和機會是什麼？您在那裡看到了什麼？如果您能稍微談談這方面的話。。

Yeah, I think what we said on the last call is that we implemented our sour gas strategy many years ago. We saw the need, we saw the economic benefit of few of the benches in the Delaware specifically that had sour gas, mainly H2S and CO2, that again, were economic benches that weren't getting developed because of the lack of sour gas infrastructure. So Again, a long time ago, we started investing in the sour gas treating facilities.

是的，我想我們在上次電話會議上說過，我們多年前就實施了酸性天然氣策略。我們看到了需求，我們看到了特拉華州一些頁岩層的經濟效益，這些頁岩層含有酸性氣體，主要是硫化氫和二氧化碳，這些經濟頁岩層由於缺乏酸性氣體基礎設施而沒有開發。所以，很久以前，我們就開始投資酸性氣體處理設施。

We began tying up acreage as sour gas began to get developed. So we were really a front runner in front of a lot of other people and were able to get a lot of acreage tied up. We continue to see the development now of those ventures. So our sour gas production continues to grow. Certainly, other people have stepped in to that realm because they've been, frankly, unable to participate in the growth in those benches without that capability. So I'd say we were a first mover. We're well positioned. We've tied up a lot of acreage, and we're seeing the benefit of that strategy unfold and continue to unfold over coming years.

隨著酸性天然氣的開發，我們開始鎖定土地。因此，我們真的領先於許多其他人，並成功拿下了許多土地。我們現在仍然看到這些項目不斷發展。因此，我們的酸性天然氣產量持續成長。當然，其他人也進入了這個領域，因為坦白說，如果沒有這種能力，他們就無法參與這些人才培養的過程。所以我覺得我們是先行者。我們處於有利地位。我們已經鎖定了大量土地，我們正在看到這項策略的好處在未來幾年內逐步顯現並繼續顯現。

Yeah, and I'd just add on to that, too. I mean we have a system that has fungibility and redundancy really unlike any systems around. I mean our Red Hill system can handle sour gas. Our Bull Moose Wildcat complex can handle sour gas, and we have a 30-inch wet gas line between those that can move volumes in between, and we have multiple AGI wells at several different facilities across Targa. So we offer a service to our producer customers that's really unmatched.

是的，我還要補充一點。我的意思是，我們的系統具有可替代性和冗餘性，這在周圍其他系統中是絕對獨一無二的。我的意思是，我們的紅山系統可以處理酸性氣體。我們的 Bull Moose Wildcat 綜合設施可以處理酸性天然氣，我們在這些設施之間有一條 30 英寸的濕氣管道，可以輸送天然氣，我們在 Targa 的幾個不同設施中擁有多口 AGI 井。因此，我們為生產商客戶提供的服務是真正無與倫比的。

Thank you so much for that. I just my quick follow-up is on the Forza project. I think you mentioned you had a successful open season. Our understanding is it's a lower CapEx project, so the returns would be very attractive. Could you talk a little bit about this particular project?

非常感謝。我只想快速跟進一下關於 Forza 專案的情況。我想你之前提到過你們的開放季很成功。據我們了解，這是一個資本支出較低的項目，因此回報將非常可觀。能簡單談談這個項目嗎？

Morning Manav. I mean Forza is a 36-mile pipeline interstate. So it will allow us to move volumes from New Mexico down into Texas to more liquid markets. I'd say that it's a project that we're excited about, really driven by producer interest. It's in addition to the other projects that we have underway that are really just focused on how can we continue to provide the best services to our customers that allows us to aggregate volumes in different places and then move them to the best markets on behalf of our producers. .

早安，馬納夫。我的意思是，《極限競速》就像一條長達 36 英里的管道州際公路。這樣一來，我們就可以將新墨西哥州的貨物轉移到德州流動性更強的市場。我想說，我們非常期待這個項目，這主要是因為製片人的興趣。除了我們正在進行的其他項目之外，這些項目實際上只是專注於如何繼續為我們的客戶提供最好的服務，使我們能夠將不同地方的貨物集中起來，然後代表我們的生產商將它們運送到最好的市場。。

So I think returns, as Bobby articulated earlier around our broad residue strategy are very much commensurate with how we invest across the rest of our portfolio. But what we like about this strategy is it's already taking existing volumes plus some of the growth we have from some of our new plants that are in progress and underway and really leverage all of that additional volume to, again, provide more flexibility to our producer customers. And at the end of the day, it's really that best-in-class service that we think is what differentiates us relative to others.

所以我認為，正如鮑比之前闡述的那樣，我們廣泛的剩餘資產策略的回報與我們在其他投資組合中的投資方式非常相稱。但我們喜歡這個策略的原因在於，它已經利用了現有的產量，再加上我們正在建造和進行中的一些新工廠帶來的成長，真正利用了所有這些額外的產量，從而再次為我們的生產商客戶提供更大的靈活性。歸根結底，我們認為真正讓我們區別於其他公司的，是這種一流的服務。

Thank you so much.

太感謝了。

AJ O'Donnell, TPH.

AJ O'Donnell，TPH。

Hey, morning, everyone.I wanted to go back to maybe a follow on to something that Spiro asked earlier in the call, just about lumpier downstream projects and just overall CapEx. Looking at the Speedway project, just curious on -- given your volumes have been trending above estimates and continue to perform pretty well, at what point in time do you think you would anticipate needing to expand the pipe to the full 1 million per day design capacity? And if it was sanctioned, is that something that you would pursue the capacity all at once? Or could it be a phased approach?

大家早安。我想就 Spiro 在電話會議早些時候提出的一個問題做個後續討論，那就是關於下游項目規模較大以及整體資本支出的問題。鑑於 Speedway 項目，我很好奇——鑑於你們的產量一直高於預期，並且持續表現良好，你們預計在什麼時候需要將管道擴建到每天 100 萬的設計產能？如果獲得批准，你會立即追求全部產能嗎？或可以採取分階段實施的方法？

Yeah, No, good question. That would be a good CapEx project for us to undertake for sure, a great CapEx project because most of the capital goes into getting that initial capacity to move from 500,000 barrels up to 1 million is really just putting on pump stations.

嗯，問得好。這肯定是一個值得我們投入的資本支出項目，一個非常棒的資本支出項目，因為大部分資金都用於將初始產能從 50 萬桶提高到 100 萬桶，而這實際上只是建造泵站而已。

And so as we see volume growth it would be a fraction of the capital compared to the initial capacity. So we'd be able to highly economically just layer on some pump stations to go from 500,000 to 1 million. And I think we'll just do that ratably over time as opposed to announce, we're going to go from 500,000 to 1 million. It's likely we'll stage them in over time as volumes ramp.

因此，隨著產量的成長，所需的資本將只是初始產能的一小部分。因此，我們可以非常經濟地增加一些泵站，將產能從 50 萬提升到 100 萬。我認為我們會隨著時間的推移逐步實現這一點，而不是宣布我們將從 50 萬增加到 100 萬。隨著銷售成長，我們可能會分階段實施這些措施。

Very much like we did with Grand Prix.

就像我們之前舉辦大獎賽時那樣。

Yes, very much like Grand Prix. Right.

是的，很像一級方程式大獎賽。正確的。

Okay. I appreciate that. And then maybe if I could just shift to the Mid-Con. I think we've seen some commentary from producers and one of your peers specifically talk about activity moving to gassier areas of the basin. Just curious what you guys are seeing on your system and how, if at all, that's impacted your thoughts on your central region platform.

好的。我很感激。然後，如果我能轉戰中期大會就好了。我認為我們已經看到一些生產商的評論，其中一位同行也特別談到了活動正在向盆地中天然氣含量較高的地區轉移。我只是好奇你們的系統上看到了什麼，以及這是否對你們對中心區域平台的看法產生了影響。

This is Pat. What I would say is that we have seen some levels of activity that we haven't seen over the last two to three years. I wouldn't say there's a huge surge in activity. Certainly, some of our key producers are starting to poke around and do a little bit more. Our Arkoma assets, our South Oak assets is what we call them. We're seeing increased activity and opportunity. Do we see it as a huge growth opportunity in the short term? No.

這是帕特。我想說的是，我們已經看到了過去兩三年來從未見過的活動水平。我不會說活動量出現了大幅激增。當然，我們的一些主要生產商已經開始四處考察，並做更多的事情了。我們稱之為阿科馬資產或南奧克資產的那些資產。我們看到業務活動和機會都在增加。我們是否認為這是短期內巨大的成長機會？不。

Over time, if gas prices get a little stronger, certainly, I think that becomes an opportunity. Obviously, we have plant capacity. So our capital investment and our ability to get returns on that is very favorable. So I would say there is an increase in activity. It's not huge. Hopefully, it grows over the coming years, and we're well situated to take advantage of that.

隨著時間的推移，如果汽油價格略有上漲，我認為這當然會成為一個機會。顯然，我們有足夠的產能。因此，我們的資本投資以及從中獲得回報的能力都非常有利。所以我認為活動有增加。它並不大。希望它在未來幾年能夠發展壯大，而我們已做好充分準備從中受益。

Okay thank you everyone.

好的，謝謝大家。

All right, thank you.

好的，謝謝。

John Mackay, Goldman Sachs.

約翰麥凱，高盛集團。

Hey, thanks for your time just one quick one for me. Kind of sticking on Permian activity levels and the macro. Earlier this year, kind of had a couple of conversations about how you'd expect the Midland versus the Delaware to ramp. Just curious kind of where that sits now? What you're hearing from your customer sets on either side, and whether or not that view, I guess, before that kind of Midland plans would ramp quickly, Delaware could take some time, whether that's shifted at all? thanks.

嘿，謝謝你抽出時間，我只想問你一個問題。有點兒糾結於二疊紀的活動水準和宏觀層面。今年早些時候，我曾就米德蘭河和特拉華河的河水增長情況進行過幾次討論。只是好奇它現在的情況如何？你從雙方客戶那裡聽到了什麼？我猜想，在米德蘭的計劃迅速推進之前，特拉華州可能需要一些時間，這種情況是否有所改變？謝謝。

Yeah,I mean we've seen, as Jen said, we've seen really good growth across our footprint this year, more or less in line with our expectations. And I think even as we look out into 2016, it's kind of progressing as we had thought. I think what you're seeing now is a little bit and you saw it this quarter, a little bit stronger growth rate in the Delaware. So as we're kind of moving out, I think we're going to see good strong growth in really both sides of the basin, both Midland and the Delaware, but you're seeing a little bit more strength in the Delaware.

是的，我的意思是，正如Jen所說，我們今年在各個業務領域都看到了非常好的成長，基本上符合我們的預期。我認為，即使展望 2016 年，情況基本上也按照我們預想的發展。我認為你現在看到的，也是你在本季看到的，是德拉瓦州略微強勁的成長率。所以隨著我們逐漸向外擴張，我認為盆地兩邊，米德蘭盆地和特拉華盆地，都會出現強勁的增長，但特拉華盆地的增長勢頭似乎更強勁一些。

So I think both of them are going to be needed at startup. We have had the benefit of just with our expansive system on the Midland side, when you bring up a plant at depressures and you end up getting some flush production that fills it up. I think we're starting to see, as we're building out our Delaware, it's starting to look more like that. So I think we're really optimistic on all the plants going in to be highly utilized.

所以我認為創業初期他們兩個都不可或缺。由於我們在米德蘭地區的龐大系統，當工廠在減壓狀態下啟動時，最終會產生一些沖洗產量，從而將其填滿。我認為隨著我們在特拉華州的建設，我們開始看到它越來越像那樣了。所以我認為我們對所有即將投入使用的工廠都非常樂觀，相信它們都會被充分利用。

Is clear. And I'll actually ask a second one. Just a look across the basin, certain pockets are getting more mature than others.

很清楚。我還會問第二個問題。只要環顧整個盆地，就能發現某些區域的發育程度比其他區域更高。

Are you starting to see kind of big swings in GORs kind of from one region to another? And maybe just a broader comment on kind of how you'd expect that to progress from here?

你是否開始注意到不同地區的 GOR 值出現了較大的波動？或許還可以就接下來的發展方向發表更廣泛的評論？

I wouldn't say that we're seeing broad swings or big swings in GORs across the footprint. I mean, a little bit is producer-by-producer and area-by-area dependent. But I'd say that what we continue to see is a broad theme of increasing GORs, which were certainly a beneficiary of. And we're not really seeing any changes to that, if anything, it's just continuing to strengthen.

我不會說我們看到整個區域的 GOR 出現了大幅度的波動或劇烈的波動。我的意思是，這在一定程度上取決於具體的生產者和不同的地區。但我認為，我們持續看到的是 GOR 不斷增長的大趨勢，而 GOR 無疑是這一趨勢的受益者。而且我們並沒有看到任何變化，如果有什麼變化的話，那就是這種情況還在持續加強。

All right thank you very much. Alright.

好的，非常感謝。好吧。

Jean Ann Salisbury, Bank of America.

Jean Ann Salisbury，美國銀行。

Hi, good morning just one for me. You all mentioned on the last call that processing plant costs had risen. I think you gave a new range of $225 million to $275 million. I think you saw at the time, it was partly for more sour gas and the mix as well as tariffs. But I guess my question is if the cost escalation is causing any change to your margin expectations or if you can pass most of that through.

您好，早安，我只需要一件事。你們在上次電話會議上都提到加工廠成本上漲了。我認為你給出的新範圍是 2.25 億美元到 2.75 億美元。我認為你當時也看到了，部分原因是酸性天然氣的增加、混合比例的調整以及關稅問題。但我的問題是，成本上漲是否會影響你們的利潤預期，或者你們是否可以將大部分成本轉嫁出去。

Yeah, so, no, I think that range that we gave is still pretty good range. I think the sour end, you're probably in the $250 million, maybe a little bit more first our plants and you're probably in the low end of that range if you're putting in a sweet plan, depending on how much treating you want to put in, but it's somewhere around that range. .

是的，所以，我認為我們給出的範圍仍然相當不錯。我認為，如果採用酸味方案，大概需要 2.5 億美元，或許會稍微多一點，如果你先建好工廠，如果採用甜味方案，可能就在這個範圍的低端，這取決於你想投入多少資金，但大概就在這個範圍附近。。

Capital costs aren't a direct pass back to the producers. There are some fuel and operating costs that do get passed back. But the capital costs, those are borne by Targa, and it just goes into our overall rates that we're charging and how competitive we are for new volumes in the Permian. So still had a lot of commercial success. We're still earning good returns through our integrated systems. So I still see us being highly competitive at those capital costs.

資本成本並不會直接轉嫁給生產者。確實有一些燃料和營運成本會轉嫁給消費者。但資本成本由 Targa 承擔，這直接影響到我們整體的收費標準，以及我們在二疊紀盆地新業務量方面的競爭力。所以仍然取得了很大的商業成功。我們仍然透過整合系統獲得良好的回報。所以我認為我們在資本成本方面仍然具有很強的競爭力。

Great, I'll leave it there. Thanks.

好的，我就說到這裡。謝謝。

Jason Gabelman, TD Cowen.

Jason Gabelman，TD Cowen。

Yeah, hey, morning, thanks for taking my question. I want to about the competitive dynamics in the Permian Basin. You mentioned you secured additional acreage dedications over the past quarter. And I'm wondering, given kind of less producers growing other basins, obviously, other oil basins not growing. How is the competitive landscape for going after that Permian acreage? Is it becoming more competitive there? And are you seeing some of, kind of, the fees that you're able to extract shrinking? Or are you able to leverage some of your competitive advantages to maintain kind of a premium on the fees? .

好的，早安，謝謝你回答我的問題。我想了解二疊紀盆地的競爭動態。您提到在過去一個季度裡，您獲得了額外的土地使用權。我很好奇，考慮到其他盆地的產量相對較少，顯然，其他油田盆地並沒有發展壯大。爭奪二疊紀盆地油田的競爭格局如何？那裡的競爭是否越來越激烈了？您是否注意到，您能夠收取的費用正在減少？或者，您能否利用自身的一些競爭優勢來維持一定的費用溢價？。

Jason, this is Jen. I'd say that it's always competitive. It's always been competitive. It's likely to continue to always be competitive. I think that our business model is to execute the difficult elements of the gathering and processing business and do that really, really well and create a lot of fungibility, redundancy, reliability for our producer customers.

傑森，這位是珍。我認為競爭一直都很激烈。競爭一直都很激烈。競爭很可能會一直持續下去。我認為我們的商業模式是把收集和加工業務中困難的環節做好，並且做得非常出色，從而為我們的生產客戶創造很多可替代性、冗餘性和可靠性。

And I think that, that's part of what separates us. We've talked a little bit about our sour gas strategy and how we've been sort of a big first mover in that over many, many years. So now we've got more than a 2.5 Bcf a day capacity on the sour side, 7 AGI wells, really well positioned to not only service our existing customers, but to the extent that there are any customers that aren't getting the service that they otherwise need, we can sometimes step in and help as well.

我認為，這正是我們之間的部分差異。我們已經稍微談到了我們的酸性天然氣策略，以及多年來我們如何在這一領域一直處於領先地位。所以現在我們在含硫天然氣方面擁有超過 25 億立方英尺/天的產能，7 口 AGI 井，不僅能夠很好地服務於我們現有的客戶，而且如果有些客戶沒有得到他們需要的服務，我們有時也可以介入並提供幫助。

So I think that from our perspective, it really starts with the assets and the systems that we've built out. And then that wellhead to water, value proposition that we're able to provide, I do think we just do it very well. We've been doing this for a long time. We take it very seriously. We invest on behalf of our producers across cycles. We try to make sure that we are exceptional partners to our producers really work well alongside of them. Again, I think that's part of the flexibility that we offer.

所以我覺得，從我們的角度來看，這真的要從我們已經建立的資產和系統開始。然後，從井口到水，我們能夠提供的價值主張，我認為我們做得非常好。我們從事這項工作已經很久了。我們非常重視此事。我們代表生產商進行跨週期投資。我們努力確保成為生產商的優秀合作夥伴，並與他們真正良好地合作。再次強調，我認為這是我們提供彈性的一部分。

And then we've just got some inherent advantages because of the size of our system and the vastness of our system that we're able to step out into areas to the extent it makes sense, more easily sometimes than others or we're able to utilize the fact that we've got more than 40 plants interconnected, many of them interconnected to, again, help our producers where they may need it.

此外，由於我們系統的規模和廣闊性，我們還擁有一些固有的優勢，使我們能夠在合理範圍內涉足某些領域，有時比其他領域更容易，或者我們可以利用我們擁有 40 多個相互連接的工廠這一事實，其中許多工廠相互連接，從而再次幫助我們的生產者在他們需要的地方提供幫助。

So I really think it's what we already have in place and then just a continued strong commercial effort by what I think is the best commercial team in the business to go and continue to identify ways to both work with our existing customers and do more business with them and then, of course, continue to chase new opportunities too.

所以我真的認為，關鍵在於我們已經擁有的資源，然後由我認為業內最優秀的商業團隊繼續大力開展商業活動，不斷尋找與現有客戶合作並拓展業務的方法，當然，還要繼續尋找新的機會。

And that's part of what you're seeing. We're not resting on our laurels that we already have millions of acres dedicated to target in the Permian or in other areas. We're continuing to chase new business because we think we can do a really good job of helping our producer customers, and we believe we offer a differentiated service. And so we'll continue to chase that. And again, are having good commercial success that at the end of the day, ends up being additive to that really strong foundation of dedicated contracts that we already have in place.

而這正是你所看到的一部分。我們不會因為已經在二疊紀盆地或其他地區擁有數百萬英畝的勘探用地而沾沾自喜。我們不斷拓展新業務，因為我們認為我們能夠很好地幫助我們的生產客戶，並且我們相信我們能夠提供差異化的服務。所以我們會繼續追逐這個目標。而且，這些業務也取得了良好的商業成功，最終，這鞏固了我們已經擁有的非常強大的專屬合約基礎。

Great. That's really helpful color. And then my other question, just kind of following on to what Jean An just asked. Impact from tariffs and kind of more broadly, how you feel about that $1.6 billion cost for the Speedway pipe. Is that kind of fully baked? Or do you have perhaps some contingency baked in there? Or is there a potential for tariffs to further increase that cost?

偉大的。這個顏色真的很有幫助。然後我的另一個問題，其實就是接著 Jean An 剛才的問題問的。關稅的影響，以及更廣泛意義上，你對 Speedway 輸油管 16 億美元的成本有何感想。那算是完全烤熟了嗎？或者，你們是否已經預先考慮了一些應急方案？或者說，關稅是否有可能進一步增加這項成本？

Jason, this is Jen again. I think we feel really good about it. Our engineering team, our supply team did an exceptional job of procuring pipe long before we made the announcement that we were moving forward fully with the project publicly. And so I think that, that means that we are in a really good position to deliver, hopefully, under budget to any of our folks that are listening.

傑森，我是珍。我覺得我們對此感覺非常好。早在我們公開宣布全面推進該專案之前，我們的工程團隊和供應團隊就已經出色地完成了管道採購工作。所以我認為，這意味著我們處於非常有利的位置，並有望在預算範圍內為所有關注此事的人提供服務。

But at the end of the day, I feel good about the budget that we put out there. We always do have some contingency in all of the projects that we move forward with. And then I think our team does a really good job of trying to ultimately beat that and not use that contingency. So similar to all of our projects, we just have a really strong team that's working day in and day out to try to outperform relative to the expectations that they've provided us with. And we feel really good about the Speedway project.

但總的來說，我對我們最終制定的預算感到滿意。我們所有推進的專案都會預留一些緊急應變計畫。我認為我們的團隊在最終克服這個問題、避免使用這種應急方案方面做得非常出色。與我們所有的專案類似，我們擁有一支非常強大的團隊，他們日復一日地努力工作，力求超越客戶對我們的期望。我們對賽道項目感到非常滿意。

All right, I'll leave it there. Thanks.

好了，我就說到這裡吧。謝謝。

Sunil Sibal, Seaport Global Securities.

Sunil Sibal，Seaport Global Securities。

Hi, good morning so I think last year, your team had given a kind of a longer-term steady-state CapEx number of $1.7 billion. I was curious, where does that number stand today with the growth in the portfolio that we're seeing.

您好，早安。我想去年您的團隊曾經給過一個長期穩定的資本支出數字，即 17 億美元。我很好奇，隨著我們目前看到的投資組合成長，這個數字現在處於什麼位置。

Sunil, this is Jen. I think the frameworks that we provided back in February 2024 are very much still helpful. And I think that if you tried to mark-to-market, which, of course, we haven't done publicly, but if you just look at some of the pieces, one, we've seen some costs a little bit higher. We've just been received a couple of questions around tariffs. And so you've got costs that are a little bit higher. We, of course, have a much bigger footprint today than we did when we published that back in February of 2024. But we're not talking about meaningfully higher, you call it modestly higher.

蘇尼爾，這位是珍。我認為我們在 2024 年 2 月提供的框架仍然非常有用。我認為，如果你嘗試按市值計價（當然，我們還沒有公開這樣做），但如果你看看一些項目，你會發現有些成本略高。我們剛剛收到幾個關於關稅的問題。所以成本會稍微高一些。當然，我們今天的業務規模比 2024 年 2 月發布該報告時要大得多。但我們說的不是顯著提高，你稱之為略微提高。

And then the other additives are when we came out with that framework, we didn't have residue spending, and we didn't have CCS--CCUS spending included in that. And again, we've got some modest projects underway on both fronts there. So I'd say that it's very much still helpful.

然後，當我們提出該框架時，其他添加劑還沒有被納入其中，也沒有將 CCS（碳捕獲、封存、利用與封存）支出包含在內。而且，我們在這兩方面都進行了一些規模不大的計畫。所以我覺得它仍然很有幫助。

I think that particularly when you think about what Matt talked about, which is a much higher EBITDA base now, even if the capital is a little bit higher than what we put out back in February 2024, it just highlights that across environments, we have a very robust, very strong and strengthening free cash flow profile.

我認為，特別是考慮到 Matt 所談到的，即現在更高的 EBITDA 基數，即使資本比我們在 2024 年 2 月公佈的要高一些，這也突顯了無論在何種環境下，我們都擁有非常穩健、非常強勁且不斷增強的自由現金流狀況。

Yeah, and just to add on to that, too, the framework we've put out was a multiyear average. So kind of baked into that $1.7 billion capital number was an average spending for downstream. We're going to be above average here kind of through Speedway coming on. And then once Speedway comes on, we'll be less than that average. So it will be a little bit higher in the short term and in the medium term will be below. And then it really just be dependent on the G&P side of things.

是的，另外補充一點，我們發布的框架是基於多年平均值的。所以，17億美元的資本支出其實包含了下游產業的平均支出。接下來，我們在 Speedway 的表現會高於平均值。等到 Speedway 比賽開始後，我們的收視率就會低於平均值。所以短期內價格會略高一些，中期則會低於這個水準。然後，這真的就取決於G&P方面的狀況了。

Okay. And then it seems like there has been some growing interest among the data center community to tap on to the Permian gas. I was curious, is that something that has kind of crossed your interest? And if you have any thoughts on that?

好的。而且，資料中心界似乎對利用二疊紀盆地的天然氣越來越感興趣。我很好奇，你對這方面有興趣嗎？你對此有什麼想法嗎？

This is Jen, Sunil. I'd just say that we're having a ton of conversations with a lot of people. From our perspective, given our position in the Permian and the amount of natural gas that we aggregate and transport every day, we're well positioned to help supply the increasing demand for natural gas and the tailwinds of incremental demand for power generation, for data centers, alongside the doubling of LNG capacity in the U.S., those are all really good for Targa. And we've got a lot of conversations underway about how we can help customers all the way along the value chain.

這是珍，蘇尼爾。我只想說，我們正在和很多人進行大量的對話。從我們的角度來看，鑑於我們在二疊紀盆地的地位以及我們每天收集和運輸的天然氣數量，我們完全有能力滿足不斷增長的天然氣需求，並受益於發電、數據中心等需求的增長，以及美國液化天然氣產能翻番，這些都對 Targa 非常有利。我們正在就如何幫助價值鏈上的客戶進行大量的討論。

Got it thanks.

明白了，謝謝。

Brandon Bingham, Scotiabank.

Brandon Bingham，加拿大豐業銀行。

Hey, good morning. Thanks for taking the questions here just wanted to maybe go to the NGLs outlook. You announced a plant for 2027 today, not long after announcing the prior one. So is it just possible that maybe some of those illustrative plans outlined in the slides starting in 2028 could be pulled forward into earlier years? Or is maybe they're a way to, instead of a one to two a year cadence that might shift to two to three for a little bit? Just trying to figure out some of the potential upside to that, call it, medium, longer-term outlook.

嘿，早安。感謝您回答這些問題，我只是想談談天然氣液化（NGL）的前景。您今天宣布了2027年的工廠計劃，而就在不久前，您才宣布了上一個工廠計劃。那麼，投影片中概述的那些從 2028 年開始的示範性計劃，是否有可能提前到更早的年份實施？或者，這或許是一種方法，可以取代每年一到兩次的節奏，而這種節奏可能會暫時調整為每年兩到三次？我只是想弄清楚這其中可能有哪些好處，姑且稱之為中長期前景吧。

Brandon, this is Jen. Ultimately, the medium- and longer-term outlook will be supported by activity from our producers, both on all the contracts that we already have in place and then our commercial execution going forward. I think what you saw us talk about last fall was that we were needing to accelerate some plants because of that incremental commercial success that we've had.

布蘭登，這位是珍。最終，中長期前景將取決於我們生產商的積極性，包括我們已簽訂的所有合約的履行情況以及我們未來的商業執行情況。我認為你們去年秋天看到我們討論的內容是，由於我們取得的逐步商業成功，我們需要加快一些工廠的建設。

I think you've heard us talk today about continued commercial success, but ultimately, over the medium and long term, are we continuing to talk about low double-digit growth? Are we talking about high single-digit growth? Ultimately, that's what will drive the gathering and processing spending, both for gathering lines, compression as well as plants and dictate the cadence of plant adds that we need to think about going forward.

我想你們今天都聽到了我們談論持續的商業成功，但最終，從中長期來看，我們是否還會繼續談論兩位數的低增長率？我們說的是接近兩位數的成長嗎？最終，這將驅動收集和加工支出，包括收集線、壓縮以及工廠的支出，並決定我們未來需要考慮的工廠新增節奏。

Okay. That makes sense. And then just maybe shifting over to the free cash flow inflection, call it, late '27 into '28. And just how we can maybe think about the payout target of 40% to 50% and how that might shape up through that point? And then if maybe we're understanding it's a multiyear outlook and it's an average, just if there might be some catch-up that could happen once that free cash flow inflection hits, if the payout ratio might be a little bit below over the next couple of years in light of the anticipated spending profile?

好的。這很有道理。然後或許會過渡到自由現金流拐點，比如說，2027 年底到 2028 年。那麼，我們該如何看待 40% 到 50% 的股利目標，以及這個目標最終會如何實現呢？如果我們認為這是一個多年展望，而且是一個平均值，那麼一旦自由現金流拐點到來，是否可能會出現一些追趕，考慮到預期的支出情況，未來幾年的派息率是否會略低於預期？

Yeah, as we outlined 40% to 50% return of capital through a combination of growing dividend and opportunistic share repurchases. You're right, it's over multiple years. So there could be some years we're on the low end or even lower than it. And some years, we're on the high end and above it. I think once we get into that back half of '27 when Speedway and our export projects are completed, we're going to be in a really good position to be deciding what to do with all the free cash flow.

是的，正如我們之前所概述的，透過不斷提高股息和抓住機會回購股票，實現 40% 到 50% 的資本回報。你說得對，這跨越了好幾年。所以可能會有幾年我們的產量低於預期，甚至低於預期。有些年份，我們的業績會達到甚至超過預期。我認為，一旦到了 2027 年下半年，Speedway 和我們的出口項目都完成之後，我們將處於非常有利的位置，可以決定如何處理所有的自由現金流。

I think you'll see continued dividend increases. I think you'll see continued share -- opportunistic share repurchases. And we've kind of talked about it was years ago. We talked about being at the lower end of our leverage ratio range and then giving ourselves a little more flexibility and perhaps lowering our leverage ratio a bit is also something -- our primary focus will be continuing to invest in the business. So organic growth, returning capital to shareholders and reducing leverage. I think we'll be in a good position to do all of those things.

我認為你會看到股息持續成長。我認為你會看到持續的股票回購——機會主義的股票回購。我們幾年前就討論過這個問題了。我們討論過將槓桿率控制在較低水平，這樣可以給自己更大的靈活性，或許還可以進一步降低槓桿率——我們的主要重點仍然是繼續投資業務。因此，要實現有機成長，向股東返還資本，並降低槓桿率。我認為我們有能力做到所有這些事情。

Great thank you very much.

非常感謝。

With no further questions in queue. I will now hand the call back to Tristan Richardson for closing remarks.

隊列中沒有其他問題了。現在我將把電話交還給特里斯坦·理查森，請他作總結發言。

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

偉大的。感謝各位今天上午參加電話會議，我們非常感謝大家對 Targa Resources 的關注。

Thank you again for joining us today. This does conclude today's conference call. You may now disconnect.

再次感謝您今天蒞臨。今天的電話會議到此結束。您現在可以斷開連線了。