Targa Resources Corp. (TRGP) 2026 Q2 法說會逐字稿

Good day. Thank you for standing by. Welcome to the Targa Resources Corp.'s second-quarter 2026 earnings webcast and presentation. (Operator Instructions)

大家好。感謝您稍候等候。歡迎收看 Targa Resources Corp. 2026 年第二季財報網路直播與簡報。(接線員指示)

Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your speaker today, Tristan Richardson, Vice President, Investor Relations and Fundamentals. Please go ahead.

請注意，今天的會議正在錄音。現在我想把會議交給今天的講者——投資人關係與基本面副總裁 Tristan Richardson。請開始。

Thanks, operator. Good morning. Welcome to the second-quarter 2026 earnings call for Targa Resources Corp.

謝謝，接線員。各位早安。歡迎參加 Targa Resources Corp. 2026 年第二季財報電話會議。

The second-quarter earnings release, a supplement presentation, and our latest investor presentation are available in the investor section of our website at targaresources.com. Statements made during this call that may 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.

第二季財報新聞稿、補充簡報，以及我們最新的投資人簡報，皆可於 targaresources.com 網站的投資人專區取得。本次電話會議中所作之陳述，如包含 Targa 的預期或預測，應視為《1934 年證券交易法》第 21E 條所定義之「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. Our speakers for the call today will be Matt Meloy, Chief Executive Officer, Jen Kneale, President, and Will Byers, Chief Financial Officer.

實際結果可能與前瞻性陳述中所預測者有重大差異。關於可能導致實際結果不同的因素討論，請參閱我們最新的 SEC 申報文件。今天的講者包括：執行長 Matt Meloy、總裁 Jen Kneale，以及財務長 Will Byers。

Additionally, members of Targa’s senior management will be available for Q&A, including Pat McDonie, President, Gathering and Processing, Ben Branstetter, President, Logistics and Transportation, and Bobby Morraro, Chief Commercial Officer. I’ll now turn the call over to Matt.

此外，Targa 的高階管理團隊成員也將出席問答，包括：集輸與處理事業總裁 Pat McDonie、物流與運輸事業總裁 Ben Branstetter，以及商務長 Bobby Morraro。現在我把電話交給 Matt。

Thanks, Tristan. Good morning. We had another great quarter where we reported numerous financial and operational records. Adjusted EBITDA increased 38% year over year. We reported record volumes again in the Permian, up more than 900 million cubic feet per day from a year ago, up 450 million cubic feet per day compared to Q1. That’s almost two plants worth of gas in one quarter.

謝謝，Tristan。各位早安。我們又度過了一個非常出色的季度，創下多項財務與營運紀錄。調整後 EBITDA 年增 38%。我們在二疊紀（Permian）再次回報創紀錄的處理量，較去年同期增加超過每日 9 億立方英尺，較第一季增加每日 4.5 億立方英尺。這相當於一個季度內增加了接近兩座處理廠的天然氣量。

This strong Permian growth drove record volumes across our downstream systems, including NGL, transportation, fractionation, and LPG export. Our customers remain active in the commercial service offering we’ve built the past many years continues to gain traction with our customers. We continue to benefit from the activity of our producer customers with millions of acres dedicated across the Permian. That number continues to grow.

二疊紀的強勁成長帶動我們下游系統各環節創下紀錄，包括 NGL、運輸、分餾與 LPG 出口。我們的客戶仍然活躍，而我們過去多年打造的商業服務方案也持續獲得客戶採用並擴大成效。我們持續受惠於生產商客戶在二疊紀擁有數百萬英畝的專屬（dedicated）面積所帶來的活動量。該數字仍在持續成長。

With the largest G&P footprint in the Permian, we believe we are positioned very well for continued growth over the long term. Given the strength we have seen so far this year, we now expect to be towards the top end of our previously provided adjusted EBITDA guidance range, suggesting that our 2026 adjusted EBITDA growth over 2025 may be close to $1 billion, all while reducing our share count and increasing our dividend.

憑藉二疊紀最大規模的集輸與處理（G&P）佈局，我們相信公司在長期持續成長方面具備非常有利的定位。鑑於今年迄今所見的強勁表現，我們目前預期調整後 EBITDA 將落在先前提供之指引區間的上緣，這意味著 2026 年相較 2025 年的調整後 EBITDA 成長可能接近 10 億美元，同時我們也在降低流通股數並提高股利。

This strong performance underscores the value of the organic growth projects that we continue to invest in and positions Targa for success across a range of market conditions. In the first half of 2026, against a backdrop of weather-related challenges in the first quarter, natural gas takeaway constraints, negative Permian gas pricing, and broader market volatility, we were still able to deliver record results.

這樣的強勁表現凸顯我們持續投資之有機成長專案的價值，並使 Targa 能在各種市場情境下取得成功。2026 年上半年，在第一季天候相關挑戰、天然氣外運（takeaway）受限、二疊紀天然氣價格為負，以及更廣泛市場波動的背景下，我們仍能交出創紀錄的成果。

Beyond 2026, we believe we are in an excellent position with our multiple projects underway expected to provide our producer customers with the critical infrastructure needed to grow production. The global environment is recognizing the value and importance of US energy now more than ever.

展望 2026 年之後，我們認為公司處於極佳位置；目前多項進行中的專案預期將為生產商客戶提供擴產所需的關鍵基礎設施。全球環境正以前所未有的程度認知到美國能源的價值與重要性。

We expect to benefit from critical long lead demand catalysts, including expanding LNG export capacity, growing power generation needs, increasing global demand for hydrocarbons, and increasing recognition of the strategic role US energy plays in supporting economic growth and energy security worldwide. Against this backdrop, we believe Targa is uniquely positioned to benefit from sustained producer activity and increasing demand for the critical infrastructure services we provide.

我們預期將受惠於多項關鍵且具長期帶動效應的需求催化因素，包括：LNG 出口產能擴張、發電需求成長、全球對碳氫化合物需求增加，以及對美國能源在支持全球經濟成長與能源安全方面之戰略角色的認同提升。在此背景下，我們相信 Targa 具備獨特優勢，可受惠於生產商活動的持續，以及市場對我們所提供之關鍵基礎設施服務需求的增加。

Our focus at Targa remains unchanged: to deliver the very best operating performance for our customers, to utilize that track record to continue to add contracts with existing and new customers, and to deliver on our major projects currently underway.

Targa 的重點維持不變：為客戶提供最佳的營運表現，運用這項實績持續與既有及新客戶簽訂合約，並如期推進目前進行中的重大專案。

We believe our premier Permian asset footprint, integrated wellhead-to-water system, and strong financial position provide a durable competitive advantage. These strengths allow us to continue investing in high return integrated growth opportunities that maximize the value of our existing network while supporting our customers’ development plans.

我們相信，我們在二疊紀的頂級資產佈局、從井口到水運端的一體化系統，以及強健的財務狀況，構成持久的競爭優勢。這些優勢使我們能持續投資於高報酬的一體化成長機會，在支持客戶開發計畫的同時，最大化既有網路的價值。

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

在我把電話交給 Jen 更詳細說明營運之前，我想感謝 Targa 團隊持續專注於安全與執行，同時持續為客戶提供同級最佳的服務與可靠性。

Thanks, Matt. Good morning, everyone. Second quarter Permian volumes were a record 7.2 billion cubic feet per day, up approximately 7% from the first quarter and 14% from a year ago. We mentioned in early May that we had about 200 million to 400 million cubic feet per day of gas shut in behind our Permian systems on any given day with weak Waha prices. Our volume growth of 450 million cubic feet a day quarter-over-quarter, despite a second quarter with shut-ins, demonstrates the robust activity that we are seeing on our assets.

謝謝，Matt。各位早安。第二季二疊紀處理量創下每日 72 億立方英尺的紀錄，較第一季約增加 7%，較去年同期增加 14%。我們在 5 月初曾提到，在 Waha 價格疲弱時，我們二疊紀系統後端（behind our systems）在任何一天約有每日 2 億至 4 億立方英尺的天然氣被關井（shut in）。儘管第二季存在關井情況，我們仍實現季增每日 4.5 億立方英尺的量增，顯示我們資產所見的活動度相當強勁。

With Hugh Rinson Phase One and the GCX expansion now online, we have seen most of the price-driven producer shut-ins return to our system in July, and we continue to see a lot of activity behind our systems, positioning us really well for strong growth in Permian volumes across 2026 that are tracking higher than what we were expecting in February. This will position us well with continued momentum heading into 2027.

隨著 Hugh Rinson 第一期與 GCX 擴建案現已投運，我們在 7 月看到多數因價格因素而關井的生產商產量回流至我們系統；同時我們仍看到系統後端活動量很高，使我們在 2026 年二疊紀處理量強勁成長方面具備非常良好的定位，且目前追蹤結果高於我們 2 月時的預期。這也將使我們在邁入 2027 年時保持持續的動能。

The constrained gas egress environment across the past several quarters has created increased marketing opportunities for Targa, with our marketing businesses outperforming our expectations by approximately $250 million in the first half of the year, much of which occurred in the second quarter. Waha gas prices have improved, narrowing basis spreads and curtailed volumes are returning to our system, highlighting some of the built-in offsets in our business.

過去數季天然氣外運受限的環境，為 Targa 創造了更多行銷機會；我們的行銷業務在上半年表現較預期高出約 2.5 億美元，其中多數發生在第二季。Waha 天然氣價格已改善，基差擴幅收斂，受抑制的量正回流至我們系統，凸顯我們業務中部分內建的抵銷機制。

In addition to the strong growth we are seeing from our customers, 2026 is a year of significant execution for Targa as we continue to progress the major projects along our integrated system. In the Permian Delaware, our five gas processing plants, Copperhead One and Two, Yeti I and II, and Roadrunner III, are on track to begin operations as previously announced. In the Permian Midland, our East Driver plant began service late in the second quarter, ahead of schedule.

除了客戶帶來的強勁成長外，2026 年對 Targa 也是執行力高度關鍵的一年，因為我們持續推進一體化系統上的重大專案。在二疊紀 Delaware 區，我們的五座天然氣處理廠——Copperhead One 與 Two、Yeti I 與 II，以及 Roadrunner III——均按先前公告進度，預計如期開始營運。在二疊紀 Midland 區，我們的 East Driver 處理廠於第二季末開始投運，且早於原定時程。

We continue to see growth behind our Midland system and are currently evaluating the timing of our next Midland processing plant. We also continue to execute on our residue natural gas strategy, adding intrabasin connectivity across our Permian footprint with our key natural gas projects on track, which will enhance our producer customers’ access to multiple premium markets.

我們持續看到 Midland 系統後端的成長，目前正評估下一座 Midland 處理廠的時程安排。我們也持續執行殘餘天然氣（residue natural gas）策略，透過關鍵天然氣專案在二疊紀佈局內增加盆地內連通性（intrabasin connectivity），以提升生產商客戶進入多個高價市場的能力。

Blackcomb and Traverse, two natural gas pipelines in which we have an equity interest, remain on track for the fourth quarter of 2026 and mid-2027, contributing to continued improving natural gas egress in the Permian for the near to medium term. Shifting to Logistics and Transportation, the growth we are experiencing in the Permian is flowing through our integrated footprint, contributing to record NGL transportation volumes of 1.1 million barrels per day and record fractionation volumes of 1.2 million barrels per day.

Blackcomb 與 Traverse 兩條我們持有股權的天然氣管線，仍按計畫分別於 2026 年第四季與 2027 年年中投運，將在短中期持續改善二疊紀的天然氣外運能力。轉到物流與運輸業務，我們在二疊紀所經歷的成長正透過我們的一體化佈局向下游傳導，帶動 NGL 運輸量創下每日 110 萬桶的紀錄，以及分餾量創下每日 120 萬桶的紀錄。

With conflict in the Middle East increasing global demand for U.S. hydrocarbons, our LPG export loadings averaged a record 14.8 million barrels per month during the second quarter. The Targa team was able to respond quickly and serve our customers. Our commercial teams have been active, adding to our long-term contract portfolio. With our strong outlook for continued growth on our Permian G&P footprint, which we expect will create meaningful incremental supply of NGLs, we have several key downstream projects underway. Our Train 11 and fractionator came online early in the second quarter and was quickly highly utilized. Our Train 12 and Train 13 fractionators remain on track.

隨著中東衝突推升全球對美國碳氫化合物的需求，我們第二季的LPG出口裝船量平均每月達到創紀錄的1,480萬桶。Targa團隊得以及時回應並服務我們的客戶。我們的商務團隊一直相當積極，持續擴充我們的長期合約組合。基於我們對二疊紀G&P版圖持續成長的強勁展望（我們預期這將帶來具意義的NGL增量供給），我們目前正推進數個關鍵的下游專案。我們的第11列車與分餾設備於第二季初投產，並迅速達到高利用率。我們的第12與第13座分餾設備仍按計畫推進。

Targa’s Delaware Express Pipeline, an expansion of our NGL pipeline transportation system within the Permian, came online during the second quarter and will give us much needed capacity for the growing supply of NGLs we are seeing across the Delaware Basin. Speedway, the large expansion of our NGL transportation system connecting our Permian G&P position to our leading fractionation footprint in Mont Belvieu, remains on track for the third quarter of 2027.

Targa的Delaware Express管線（我們在二疊紀NGL管線運輸系統的擴建）於第二季投產，將為我們在德拉瓦盆地所見日益增加的NGL供給提供亟需的運能。Speedway為我們NGL運輸系統的大型擴建工程，將我們在二疊紀的G&P佈局連接至我們在蒙特貝爾維尤（Mont Belvieu）領先的分餾版圖，仍按計畫於2027年第三季完成。

Our NGL transportation system has effectively been running full since we announced Speedway, transportation volumes reflect our proactive and capital-efficient efforts to secure medium-term transportation agreements on third-party pipelines until Speedway comes into service. We have completed 5 processing plants in the Permian since we announced Speedway and have 5 plants currently underway.

自我們宣布Speedway以來，我們的NGL運輸系統基本上一直滿載運行；運輸量反映出我們在Speedway投入服務前，透過第三方管線主動且資本效率高地取得中期運輸協議的努力。自宣布Speedway以來，我們已在二疊紀完成5座處理廠，另有5座處理廠正在建置中。

The growth we expect from our G&P footprint positions us well for a base load of supply for Speedway’s initial capacity of 500,000 barrels per day. Lastly, we expect our large LPG export expansion that will increase our capacity to around 19 million barrels per month will be much needed and remains on track for the third quarter of 2027.

我們預期G&P版圖帶來的成長，使我們能為Speedway初始每日50萬桶的運能提供良好的基礎供給量。最後，我們預期大型LPG出口擴建將把產能提升至每月約1,900萬桶，這項擴建將非常必要，且仍按計畫於2027年第三季完成。

We believe that we are exceptionally well-positioned operationally, our wellhead-to-water strategy, driven by activity in the Permian Basin, will continue to put us in excellent position to execute for our shareholders and customers. I would also like to thank our employees that have worked tirelessly to continue to perform safely and at an exceptional level for our customers and our shareholders.

我們相信在營運面我們具備極佳的有利位置；由二疊紀盆地活動所驅動的「井口到水路」（wellhead-to-water）策略，將持續讓我們處於優勢地位，以為股東與客戶交付成果。我也要感謝我們的員工不懈努力，持續以安全且卓越的水準為客戶與股東提供服務。

I will now turn the call over to Will to discuss our financial results and outlook in more detail. Will?

接下來我將把電話交給Will，請他更詳細說明我們的財務結果與展望。Will？

Thanks, Jen. Targa’s reported adjusted EBITDA for the second quarter was $1.603 billion, 14% higher than the first quarter. The increase was primarily a result of contributions from higher optimization opportunities in our marketing businesses and record volumes across our operations, including Permian G&P, NGL transportation, fractionation, and LPG export.

謝謝，Jen。Targa第二季申報的調整後EBITDA為16.03億美元，較第一季高出14%。增幅主要來自我們行銷業務中較高的最佳化機會所帶來的貢獻，以及我們各項營運（包括二疊紀G&P、NGL運輸、分餾與LPG出口）創紀錄的量。

Given the strength of our performance so far this year, we now expect full year 2026 adjusted EBITDA to be towards the top end of our guidance range of $5.7 billion to $5.9 billion. As has long been our practice, we do not forecast material marketing optimization margin when we provide our financial expectations. The first half of 2026 benefited from marketing opportunities that were not included in our guidance provided in February, our approach remains unchanged as we look to the balance of the year. Importantly, the fundamentals supporting our business are very constructive.

鑑於我們今年迄今的強勁表現，我們目前預期2026全年調整後EBITDA將接近我們指引區間57億至59億美元的上緣。如同我們長期以來的做法，在提供財務預期時，我們不會預測具重大影響的行銷最佳化利潤。2026年上半年受惠於2月提供指引時未納入的行銷機會；展望今年剩餘期間，我們的做法維持不變。重要的是，支撐我們業務的基本面非常正向。

Improved Permian takeaway capacity and stronger Waha pricing are benefiting our customers and supporting continued growth in liquids-rich natural gas volumes across our integrated system. Combined with the ongoing execution of our growth projects and the strength of our asset footprint, these factors continue to support our confidence in the outlook for the second half of 2026 and beyond.

二疊紀外運能力（takeaway capacity）的改善以及更強的Waha價格，正讓我們的客戶受益，並支持我們整合系統中富液天然氣量的持續成長。再加上我們成長專案的持續執行以及資產版圖的優勢，這些因素持續支撐我們對2026年下半年及更長期展望的信心。

We continue to estimate net growth capital for 2026 of approximately $4.5 billion. We also continue to estimate 2026 net maintenance capital spending of $250 million. At the end of the second quarter, we had $3.2 billion of available liquidity, our pro forma consolidated leverage ratio was approximately 3.4 times, well within our long-term leverage ratio target range of 3 to 4 times.

我們仍估計2026年淨成長資本約為45億美元。我們也仍估計2026年淨維護資本支出為2.5億美元。截至第二季末，我們可用流動性為32億美元；我們的備考合併槓桿比率約為3.4倍，明顯落在我們長期槓桿比率目標區間3至4倍之內。

In July, we also extended the maturity of our accounts receivable securitization facility to July 30th, 2027, and expanded the total capacity by $200 million. 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.

7月，我們也將應收帳款證券化融資工具的到期日延長至2027年7月30日，並將總額度增加2億美元。轉向資本配置，我們的重點與Targa一貫作法相同：維持強健的投資等級資產負債表，持續投資於高報酬的整合型專案，並向股東回饋逐步增加的資本。

We declared a second quarter common dividend of $1.25 per share, which is a 25% increase relative to the second quarter common dividend for 2025. We also opportunistically repurchased approximately $80 million in common stock at an average price of $259.93 per share during the second quarter. We are on track for another record year at Targa across multiple dimensions and remain well positioned to create value for our shareholders over the long term.

我們宣告第二季普通股股利為每股1.25美元，較2025年第二季普通股股利增加25%。我們也在第二季以每股平均259.93美元的價格，伺機回購約8,000萬美元的普通股。我們正朝向Targa在多個面向再創紀錄的一年邁進，並仍具備良好條件在長期為股東創造價值。

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

接下來我把電話交回給Tristan。

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

謝謝，Will。進入問答環節，我們請各位每次限制一個問題與一個追問；若還有其他問題，請重新排隊。接線員？

(Operator Instructions) Jeremy Tonet, JPMorgan Securities.

(接線員指示) Jeremy Tonet，摩根大通證券（JPMorgan Securities）。

Just wanted to touch on how you see the volume trajectory at this point. If you could drill in on what type of curtailments you see on the system and what could come back over, I guess, the balance of the year. Just thinking, I guess, some of your competitors say that they’re seeing activity picking up quicker than they expected. I’m wondering how you see activity in your system and the trajectory into 2027.

我想簡單談一下你們目前如何看待量的走勢。如果可以更深入說明你們在系統中看到哪些類型的限產（curtailments），以及我想在今年剩餘期間可能會回復多少。我在想，你們的一些競爭對手表示他們看到活動回升速度比預期更快。我想了解你們如何看待自家系統的活動情況，以及到2027年的走勢。

Morning, Jeremy. This is Jen. I think as I tried to describe in my scripted remarks, volume growth is going really well across the Targa system. We had a really good start to the first half of the year, which is pretty remarkable when you think about the weather impacts in the first quarter.

早安，Jeremy。我是Jen。我想如同我在事先準備的發言中所描述的，Targa系統各處的量成長進展非常順利。今年上半年我們有一個非常好的開局，考量第一季的天候影響，這其實相當不容易。

As we described on our May earnings call, about $200 million to $400 million a day of shut-ins on any given day during the second quarter. To have 450 million cubic feet a day of growth quarter-over-quarter, I think is really reflective of the producers and the activity in and around our systems. As we look forward, July was another really strong month of volume growth.

如同我們在5月的財報電話會議所提到的，第二季任何一天大約都有2億到4億立方英尺/日的停產量（shut-ins）。在此情況下，單季環比仍能成長4.5億立方英尺/日，我認為這非常反映出我們系統內外的生產商與活動狀況。展望未來，7月又是量成長非常強勁的一個月。

As I said, for the year now, I’d say that we are tracking ahead of expectations with a view of continued volume growth across the back half of the year. I think largely the growth that we’re seeing is consistent with what we expected.

如我所說，就今年而言，我會說我們目前的進度超出預期，並且預期在下半年仍將持續出現量成長。我認為我們看到的成長大致上與原先預期一致。

Again, maybe a little bit ahead, but we’ve got really active producers across the system that I think are feeling supported by a macro backdrop now with both higher crude oil prices and now with the egress situation in the Permian, at least temporarily resolved, benefiting from higher gas prices. It’s just a really supportive environment of both an expectation for continued activity back half of 2026. That, of course, I think means we’re well supported for the continued growth into 2027 and beyond.

同樣地，或許略為超前，但我們系統內有非常活躍的生產商；我認為在目前的總體環境下，他們感受到支撐：一方面原油價格較高，另一方面二疊紀的外運（egress）問題至少暫時獲得解決，也受惠於較高的天然氣價格。整體而言，這是一個非常有利的環境，市場也預期2026年下半年活動將持續。當然，我認為這也意味著我們在2027年及更長期的持續成長方面，將獲得良好支撐。

Got it. Thank you for that. Just wanted to go back, I guess, to any thoughts you could share on the cadence of gas processing plant additions, how you see that going forward each year. Is it three a year? Would you expect three for 2028? Or how should we think about that at this point?

了解。謝謝你。我想回到一個問題：關於天然氣處理廠新增的節奏，你能分享一下你們對未來每年的看法嗎？是一年三座嗎？你會預期 2028 年也是三座嗎？或是我們現階段應該怎麼看待這件事？

I think you’ve seen a quick cadence of plant adds for us over the last several years. Here already this year, getting two plants online in the Midland Basin. That’s a little bit lumpier for us, having two plants come online as quickly back to back as they did. Part of that was an exceptional job by our engineering and operations team to get East Pembrook online earlier than expected.

我想過去幾年你已經看到我們新增處理廠的節奏相當快。光是今年，我們就在米德蘭盆地讓兩座處理廠投產上線。對我們來說這稍微更「集中」一些，因為兩座廠幾乎前後緊接著上線。其中一部分要歸功於我們工程與營運團隊表現非常出色，讓 East Pembrook 比預期更早上線。

We’ve now got five plants that are under construction, indicated on the call this morning that we’re evaluating the next appropriate time to move forward with our next Midland plant. As we look forward, we put out an illustrative framework now a couple of quarters ago that demonstrated continued cadence of, call it, three plants a year if we assume high single-digit, low double-digit Permian growth.

我們目前有五座處理廠正在興建中；今天早上的電話會議也提到，我們正在評估推進下一座米德蘭處理廠的合適時點。往前看，我們在幾個季度前提出一個示意性的框架：如果假設二疊紀（Permian）產量成長為高個位數到低雙位數，那麼新增節奏大致可維持在一年約三座處理廠。

I think where we are today with the commercial success that we’ve had over the last couple of years is accelerated from there. Ultimately, whether that cadence continues to be accelerated going forward will be a function both of the existing contracts that we’ve already got in place, as well as continued commercial success.

我認為以我們過去幾年的商業拓展成果來看，目前的進度其實比那個框架更快。至於未來這樣加速的節奏是否能持續，最終將取決於我們既有合約的狀況，以及後續能否持續取得商業上的成功。

I’m biased, but I think we’ve got by far the best commercial team in the business, and I can assure you that they are not resting on their laurels and are continuing to go out and identify new opportunities to add to the contracts that we already have in place with existing and new producers. We’ll be continuing to work that angle as well. I think we just feel really good, Jeremy, but ultimately the pace of growth we’ll drive, is it three plants? Is it more plants? Feel really well positioned for just continued growth going forward.

我可能有偏見，但我認為我們的商務團隊絕對是業界最強；我也可以向你保證，他們並沒有躺在既有成果上，而是持續外出尋找新機會，無論是與既有或新的生產商，都在為我們已簽訂的合約再增加更多量。我們也會持續從這個角度努力。我覺得我們狀態很好，Jeremy，但最終我們會帶動多快的成長——是一年三座？還是更多座？我們確實覺得自己在未來持續成長方面具備非常好的條件。

Spiro Dounis, Citi.

Spiro Dounis，花旗。

Thank you, operator. Morning, team. Jen, I want to go back to your comments around the integrated footprint. If I include East Driver, that’s about six announced plants adding about 240,000 barrels a day of NGL to the system. Sounds like you’re covered on the egress side. Frac arguably starting to look outside again if you announce another plant.

謝謝，主持人。各位早安。Jen，我想回到你對整合式佈局（integrated footprint）的評論。如果把 East Driver 也算進去，等於已宣布約六座處理廠，將為系統新增約 24 萬桶/日的 NGL。聽起來在外運（egress）端你們已經有覆蓋。如果你們再宣布另一座處理廠，分餾（frac）看起來可能又要開始往外擴了。

On export, I think that’s probably where we could see the need for another expansion sooner rather than later. Curious how you’re thinking about downstream infrastructure needs and what a seventh or eighth plant coming online in 2028 might do to the need to expand downstream again.

在出口方面，我認為那可能是我們較快看到需要再擴建的地方。想請教你們如何看待下游基礎設施需求，以及如果 2028 年有第七或第八座處理廠上線，會如何影響再次擴建下游的需求。

Morning, Spiro. I think we’ve got really good operating leverage when we think about Speedway coming online in the third quarter of 2027, and our ability to expand Speedway from, call it 500,000 barrels a day to 1 million barrels a day by just adding incremental pumps as our volume growth continues to ramp. Very cost-efficient way to add a lot of capacity.

早安，Spiro。我認為當 Speedway 在 2027 年第三季上線時，我們在營運槓桿方面會非常有利；而且隨著我們的量持續爬升，只要增加額外的泵浦，就能把 Speedway 從約 50 萬桶/日擴到 100 萬桶/日。這是一種非常具成本效率、能一次增加大量產能的方式。

I think we’ve got good operating leverage there, but are in a really good spot to base load Speedway with a lot of volumes, given everything that we’ve announced since that came into service. As you pointed out on the LPG export side, a lot of operating leverage there when that expansion comes online in the third quarter of 2027 as well. I think you really hit all the key points, which is we need to evaluate the timing of our next fractionator.

我認為那裡的營運槓桿很不錯；同時，考量到自其投運以來我們已宣布的所有項目，我們也處在很好的位置，可以用大量的量來作為 Speedway 的基載（base load）。如你在 LPG 出口端所提到的，當那項擴建也在 2027 年第三季上線時，同樣會帶來很大的營運槓桿。我想你已經點出所有關鍵：我們需要評估下一座分餾裝置（fractionator）的時點。

Feel like we’re in good position right now with Train 11 online, highly utilized from startup. Feel like Trains 12 and 13 will be as well, but we’ll evaluate the right timing of that next frack. Otherwise, on the residue side, feel like we’re in a good spot with all the intrabasin activity that we’ve got underway to really build out our residue capabilities.

我們覺得目前狀況不錯，因為第 11 列（Train 11）上線後從啟動起就高度利用。我們也認為第 12 與第 13 列會是如此，但我們會評估下一座分餾（frack）的合適時點。另外在殘餘氣（residue）端，我們覺得也處在不錯的位置；我們正在推進許多盆地內（intrabasin）的活動，以真正擴建我們的殘餘氣能力。

Ultimately, I think it’ll continue to be more of the same, which is with the additional plant adds, when do we need another frack? We do have, I think, material operating leverage across both NGL and transportation and exports once we get those two big projects online in the third quarter of 2027.

最終我認為會持續是類似的邏輯：隨著新增處理廠，何時需要再增加一座分餾？一旦 2027 年第三季那兩個大型專案上線，我們在 NGL、運輸與出口兩端都會有我認為相當可觀的營運槓桿。

Got it. It’s great to hear. Maybe just go back to the guidance quickly, and you talked about this a little bit with Jeremy, but it does seem to imply a decline in the second half of the year to hit the high end, which does scream conservative to us.

了解。很高興聽到這些。也許快速回到指引（guidance）：你剛才和 Jeremy 也稍微談到，但看起來若要達到區間上緣，隱含下半年會下滑，這讓我們覺得相當保守。

Certainly appreciate the point that Waha marketing gains are probably moderating here, but you had a lot of positive commentary about producer activity and curtailments really coming back and would have thought that’d been enough to offset. Maybe just walk through some of the assumptions and maybe put a finer point on what you’re not counting on that could lead to a positive surprise.

我們當然理解 Waha 行銷收益可能正在趨於溫和，但你們對生產商活動與限產（curtailments）回歸有很多正面評論，本來以為這些足以抵消。能否說明一下你們的一些假設，並更明確指出有哪些你們目前沒有納入、但可能帶來正向驚喜的因素？

Yeah. Hey, Spiro. Matt here. No, good question. Look, the first half of the year was really strong underlying volume performance, which Jen talked about, but we also pointed to $250 million of optimization margin that we weren’t counting on. With the basis narrowing, part of that margin comes from our transport position. We forecast that pretty conservative in the back half of the year.

是的。嗨，Spiro。我是 Matt。這問題很好。你看，上半年基礎量的表現非常強勁，Jen 也提到了；但我們也指出有 2.5 億美元的最佳化利潤（optimization margin）是我們原本沒有預期的。隨著基差（basis）收斂，其中一部分利潤來自我們的運輸部位。我們對下半年的這部分預測相當保守。

We don’t have a very significant assumption for continued marketing gains as we go forward from here. That’s why you’re seeing perhaps a conservative view of the second half of this year. With the volumes that we’ve seen across our system, Jen talked about the strength that we’ve had so far this year. Most of the shut-ins have returned. July was a really good month. We’ve had really good August so far.

我們並沒有對未來持續出現顯著的行銷增益（marketing gains）做很大的假設。這也是為什麼你會看到我們對今年下半年可能採取較保守的看法。就我們系統的量而言，Jen 談到今年迄今的強勁表現。大多數停產（shut-ins）已經回來了。7 月是非常好的月份。8 月到目前為止也非常好。

We actually still have some volume shut-in on our system that are going to come back and add even more volumes in the back half of the year. I think we feel really good about the underlying volume trajectory. It’s just going to be moderated and offset by perhaps lower marketing opportunities in the back half of the year.

其實我們系統上仍有一些量處於停產狀態，接下來會回來，並在下半年帶來更多量。我想我們對基礎量的走勢感覺非常好。只是下半年可能因行銷機會較少而被抑制並部分抵消。

Jacky Koletas, Goldman Sachs.

Jacky Koletas，高盛。

Hi. Good morning. Thank you so much for the time. First, just wanted to touch again on kind of the NGL business and extending your platform. Peers are actively expanding the ethane export capacity on the Gulf Coast. Where would you say are the economics currently for expanding into ethane capacity at Galena Park? Are you comfortable continuing to rely on the LPG business, or is there a scale that you can see on ethane export solution?

嗨。早安。非常感謝撥冗。首先想再談一下 NGL 業務以及你們平台的延伸。同業正在墨西哥灣沿岸積極擴充乙烷出口產能。你會怎麼看目前在 Galena Park 擴建乙烷產能的經濟性？你們是否仍然滿意持續依賴 LPG 業務，或是你們能看到乙烷出口解決方案可達到某種規模？

Good morning, Jacky. This is Jen. I think it was probably, gosh, eight or nine years ago that we first mentioned publicly that we were evaluating ethane export opportunities. Given the vast amount of ethane in our system, I think it puts us in a really good position with a lot of supply.

早安，Jacky。我是 Jen。我想我們大概是在，天啊，八、九年前第一次公開提到，我們正在評估乙烷出口的機會。鑑於我們系統中乙烷的龐大供給量，我認為這讓我們在供應面上處於非常有利的位置。

We’ve managed that supply position thus far by selling into the domestic markets and have really strong relationships with our domestic customers and also with some of our peers that are exporting some of those volumes to the rest of the world. I think that’s worked really well for us thus far. Of course, we’re always evaluating opportunities across the entire value chain, and ethane exports is no different.

到目前為止，我們透過銷售到國內市場來管理這個供應優勢，並且與國內客戶，以及一些正在把部分量出口到全球其他地區的同業，都維持非常強的合作關係。我認為這一路走來對我們非常有效。當然，我們一直都在整個價值鏈上評估各種機會，乙烷出口也不例外。

We’ve got a growing supply portfolio as a result of all of our Gathering and Processing plant adds and the incremental fracs bringing more ethane into our system. I think our team’s done a great job of increasing our domestic connectivity to make sure that we’re very comfortable with where those volumes ultimately will find a home.

由於我們新增了多座集輸與處理（Gathering and Processing）工廠，以及新增的分餾（frac）產能把更多乙烷帶入我們的系統，我們的供應組合正在成長。我認為我們團隊在提升國內連通性方面做得非常好，確保我們對這些量最終能找到去處感到非常安心。

Certainly, that’s something that we continue to evaluate, and we’ll continue to evaluate it going forward. I don’t think we feel like it’s something that we have to do. I think if it’s complementary to what we do and if it makes sense and if it can provide returns that are commiserate with where we can invest across the rest of our portfolio, we’ll certainly continue to consider expanding.

當然，這是我們持續在評估的事情，未來也會繼續評估。我不認為我們覺得這是非做不可。我認為如果它能與我們現有業務互補、合乎邏輯，並且能提供與我們在投資組合其他部分可投資機會相當的報酬，我們當然會持續考慮擴張。

That’s very clear. Just as a follow-up, you mentioned very strong volume recovery. As we see volume growth continue and prices begin to rebound, how do you contemplate the ability to move off of fee floors into 2027 and how that may frame up your long-term outlook from here?

非常清楚。追問一下，你提到非常強勁的量回收。隨著量持續成長、價格開始回升，你們如何看待到 2027 年從費率下限（fee floors）之下回到之上（move off of fee floors）的能力？以及這可能如何形塑你們從現在起的長期展望？

I think moving off of fee floors would be very much welcome across the Targa system. We’ve been below fee floors for a long time, really only having maybe less than a handful of months over the last couple of years where we have benefited from margin above fee floor levels. I think certainly with the incremental egress on the natural gas side, you’re seeing gas prices move higher.

對整個 Targa 系統而言，能夠脫離費率下限的狀態將會非常受歡迎。我們在費率下限之下已經很長一段時間了，過去幾年真正受惠於高於費率下限水準的利潤，可能只有不到幾個月。我認為，隨著天然氣端新增外運能力（egress），你會看到氣價走高。

Our fee floors are a combination of both gas and NGL prices, so ultimately, it’ll depend where sort of the entire barrel moves. I think that from our perspective, we do believe with all of the tailwinds around the incremental demand for natural gas and NGLs in the US and globally, we’re likely to see some price tailwinds as we move forward. Ultimately, that would be certainly additive to our performance as we move through the next several years.

我們的費率下限是天然氣與 NGL 價格的組合，因此最終將取決於整個「一桶」的價格如何變動。從我們的角度來看，考量到美國及全球對天然氣與 NGL 的新增需求所帶來的各種順風因素，我們相信未來價格很可能會有一些上行順風。最終，這在未來幾年將會對我們的表現帶來額外助益。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，Jefferies。

Hey, good morning, team. Thank you guys so much for the time. Appreciate it. Maybe following up on what’s been discussed here a little bit. Can you follow up on the plant cadence? Can you speak to what are the variables that can surprise the upside to this three plant per year model, right? Is it more the Permian macro versus specific commercial wins?

嗨，早安，各位。非常感謝你們撥冗。很感激。我想稍微延續一下剛才的討論。能否再補充一下工廠投產節奏（plant cadence）？你們能談談有哪些變數可能讓「每年三座工廠」這個模型出現上行驚喜嗎？是更多來自二疊紀（Permian）的總體環境，還是特定的商務勝利（commercial wins）？

Specifically, given the commercial discussion that you’ve had here in 2025, and obviously year to date 2026, are you tracking ahead of that expectation of three plants per year, or that framework for 2028 and onwards here? Again, kind of going on your improving backdrop commentary.

具體來說，考量你們在 2025 年的商務討論，以及 2026 年截至目前的進展，你們是否正走在「每年三座工廠」這個預期之前，或是對 2028 年及之後的這個框架而言？同樣也是呼應你們提到的景氣背景改善。

Yeah. No, good question. We’re always challenging ourselves for how to kind of think about that. I think it’s a combination of what you talked about. I think overall, just trends in the Permian basin with just strong activity, increasing GORs, is going to put us in good position to continue to add multiple plants a year for years to come.

是的。不錯的問題。我們一直在挑戰自己，思考該如何看待這件事。我認為是你提到的兩者結合。整體而言，二疊紀盆地的趨勢——強勁的活動度、GOR（氣油比）上升——將讓我們處於有利位置，未來多年持續每年新增多座工廠。

On top of that, which is a bit more episodic, is our larger commercial wins and other opportunities. As Jen said, we think we have the best commercial team in the business. As we continue to have commercial wins, you’ve seen us talk about that in 2024 and 2025. We’re having a good year so far in 2026 and would expect to continue to add more acreage dedications, more volumes from our commercial success.

除此之外，較具事件性的因素是我們較大的商務勝利與其他機會。如 Jen 所說，我們認為我們擁有業界最強的商務團隊。隨著我們持續取得商務勝利，你也看到我們在 2024 與 2025 年談到這些。截至目前 2026 年我們表現不錯，並預期會持續新增更多區塊奉獻（acreage dedications），以及因商務成功而帶來的更多量。

I think in any environment, we’re going to be adding multiple plants a year. I think that is already outlined, and we have five plants coming on and already announced, and we’re evaluating the timing of the next plant in the Midland, and we’re evaluating more plants in the Delaware for future timing. We feel really good about adding significant volumes. I think it’s a combination of all of those factors.

我認為在任何環境下，我們都會每年新增多座工廠。這點已經有說明：我們有五座工廠即將投產且已公告；我們也在評估 Midland 下一座工廠的時程，並在評估 Delaware 未來時點的更多工廠。我們對新增大量的能力感到非常有信心。我認為這是上述所有因素的綜合。

Maybe a related point here. With the Permian Basin continuing to consolidate, can you speak to how you’re structuring your commercial strategy going forward, right? Are you pursuing a more volumetric centric strategy on the G&P front to attract more volume on your system and improve more of a system wide ROIC with your downstream assets, if you will? How are you thinking about that, especially given the improving volume writ large we just alluded to?

再問一個相關點。隨著二疊紀盆地持續整併，你能談談你們未來的商務策略如何布局嗎？也就是說，在集輸與處理（G&P）端，你們是否會採取更以量為核心（volumetric centric）的策略，以吸引更多量進入你們的系統，並且如果可以這麼說，透過下游資產提升整體系統的 ROIC？你們如何看待這點，特別是在我們剛提到的整體量改善背景下？

I think that we have exceptional relationships with our producers and are always trying to add to our portfolio of producers that we have on our systems, Julien. Part of what we pride ourselves is a willingness to be creative and work with each individual producer to meet their needs, whether that’s a result of the needs that they have from consolidation or for any other reason.

Julien，我認為我們與生產商維持非常卓越的關係，也一直努力把更多生產商納入我們系統的客戶組合。我們引以為傲的一部分，是願意發揮創意，並與每一家生產商合作以滿足其需求，不論這些需求是因整併所致或任何其他原因。

For us, it’s a portfolio approach. We work with each individual producer to try to figure out what their needs are and then best meet those needs. That all comes together in thinking through what therefore that we need from an infrastructure perspective to support that outlook of growth that that portfolio of producer customers will provide for us. I think it’s really much each producer is different.

對我們而言，這是一種投資組合式的方法。我們與每一家生產商合作，試著釐清他們的需求，並以最佳方式滿足。接著，這些會整合起來，讓我們思考從基礎設施角度需要什麼，才能支撐那個由生產商客戶組合所帶來的成長展望。我認為每一家生產商確實都不一樣。

We work very well with each of the producer customers that we have, are always trying to figure out how to best position our producer customers for success as well as Targa. That’s really, I think, put us in a really good position to both continue to service existing customers and add contracts with existing customers, and then go out and win new business as well.

我們與每一位生產商客戶合作得非常好，也一直在思考如何讓我們的生產商客戶以及 Targa 都能處於最有利的成功位置。我認為這確實讓我們處於非常好的位置：一方面持續服務既有客戶、與既有客戶新增合約；另一方面也能出去贏得新業務。

Gabriel Moreen, Mizuho.

Gabriel Moreen，Mizuho。

Hey, good morning team. Had a quick question on LPG exports. With all the volume you were able to squeeze out during the quarter, and I think some of the co-loading you mentioned with butane allowing you additional capacity. Has any of that excess capacity become underwriteable under long-term contracts? Maybe you can speak a little bit to some of the new contracts you’re signing and/or pricing, just directionally speaking. Thank you.

嗨，早安，各位。我有個關於 LPG 出口的簡短問題。就你們本季能夠擠出的所有量來看，以及我記得你們提到與丁烷共同裝載（co-loading）讓你們有額外產能。這些多出來的產能，有任何部分已經可以在長期合約下被承作／支撐（underwriteable）嗎？也許你們可以稍微談談你們正在簽的新合約和／或定價（方向性即可）。謝謝。

Hey, Gabriel. This is Ben. You hit on it. We had a great second quarter on the export side. I’d like to say thanks to our internal team who really worked hand in hand with our customers to utilize every minute of dock space that we could and get product out to the world.

嗨，Gabriel。我是 Ben。你說得沒錯。我們在出口端第二季表現非常出色。我想感謝我們的內部團隊，他們確實與客戶緊密合作，盡可能利用每一分鐘的碼頭空間，把產品運往全球。

You also hit on part of the record was us being able to load more butane, given the global demand for butane. That did help us move some additional volume across the dock in the second quarter. As we’ve looked forward, we came into the second quarter highly contracted. We remain highly contracted. We’re contracted through LEP 4 startup and for years thereafter. Part of that has been the current environment that’s been very strong. We came into this year with a lot of really good discussions underway.

你也提到，創紀錄的一部分原因是，鑑於全球對丁烷的需求，我們能夠裝載更多丁烷。這確實幫助我們在第二季透過碼頭多移動了一些額外的量。展望未來，我們在進入第二季時就已經有很高比例的合約覆蓋。我們目前仍維持高度合約覆蓋。我們的合約已覆蓋到 LEP 4 投產，且之後多年亦有合約保障。其中一部分原因是目前的環境非常強勁。我們在今年一開始就有許多非常好的洽談在進行中。

Those have only improved with the conflict. We’re seeing people that weren’t necessarily targeting US supply now targeting US supply. We have been able to underwrite some of this current environment into our long-term outlook for our exports.

這些洽談在衝突發生後只變得更好。我們看到一些原本不一定鎖定美國供應的買家，現在開始鎖定美國供應。我們也得以把目前這種環境的一部分因素納入我們對出口業務的長期展望中進行承作評估。

Just to add onto that too, with the increased demand for butane across our dock, we are working into more of our longer-term contracts, more butane loadings contracted as opposed to having that open capacity. It’s been nice on that front as well.

再補充一點，隨著透過我們碼頭的丁烷需求增加，我們正在把更多丁烷裝載量納入較長期的合約中，也就是以合約鎖定更多丁烷裝載，而不是保留那部分的開放產能。在這方面的進展也很不錯。

Manav Gupta, UBS.

Manav Gupta，瑞銀（UBS）。

Good morning. Congrats on a great quarter. I just wanted to understand, can you help us with the post Speedway material inflection free cash flow? How should we think about usage of those incremental free cash flows once Speedway does come online?

早安。恭喜繳出很棒的一季。我想了解的是，Speedway 上線後，自由現金流在出現重大拐點之後的情況，你們能否協助我們理解？當 Speedway 開始投運後，我們應該如何看待這些新增自由現金流的運用？

Good morning, Manav. This is Jen. I think that for us, it’s going to continue to be really the approach that we’ve taken over the last several years, which is we’ll continue to invest in the business, we’ll materially increase our common dividends per share, we’ll opportunistically repurchase stock, and we’ll have a really strong to strengthening balance sheet.

早安，Manav。我是 Jen。我認為對我們而言，會延續過去幾年採取的做法：我們會持續投資於業務、實質提高每股普通股股息、機會性回購股票，並維持非常強健且持續強化的資產負債表。

I think we’re really excited about that inflection when you think about Speedway and our LPG export facility coming online in the third quarter of 2027, which will finally sort of put us in a position to offer our shareholders and prospective shareholders a value proposition that has a really attractive growing EBITDA business and sort of underlying fundamental operational position, combined with also an increasing free cash flow position too.

當你想到 Speedway 與我們的 LPG 出口設施將於 2027 年第三季上線時，我們對那個拐點感到非常興奮；這將最終讓我們能夠向現有股東與潛在股東提供一個價值主張：一方面是 EBITDA 具吸引力且成長中的業務與其底層基本面的營運基礎，另一方面也結合了自由現金流持續增加的態勢。

I think that’s a spot that we’re really excited about getting to. It’s really a function of our continued investment in our business has created opportunities for us to grow our EBITDA to the point where we will be able to both invest in our business and have free cash flow. That inflection is really what is going to occur when we get Speedway and our LPG export facility online.

我們非常期待能走到那個階段。這其實是我們持續投資於業務所帶來的結果，創造了機會讓 EBITDA 成長到一個程度，使我們既能投資於業務，也能同時產生自由現金流。而這個拐點，正是當 Speedway 與我們的 LPG 出口設施上線時將會發生的事情。

Perfect. My quick follow-up here is a little bit. On the last earnings call, ExxonMobil talked about 40 different technologies that they’re deploying in Permian. They’re basically saying those are stackable. What they say is it will materially improve recovery within the Permian.

很好。我這邊快速追問一下。在上一通財報電話會議中，ExxonMobil 談到他們在二疊紀部署了 40 種不同的技術。他們基本上表示這些技術可以疊加使用。他們說這將在二疊紀顯著提升採收率。

Chevron, through its advanced chemicals, is saying they’re seeing material decline in terms of rates when they have deployed these chemicals. I’m trying to understand, besides the price and other things, do you see technology driving significantly higher Permian volumes? Because once ExxonMobil and Chevron catch on to it, others would also. Trying to understand, are you seeing anything out there in technological perspective which could drive higher Permian recovery, which would benefit you guys? Thank you.

Chevron 透過其先進化學品表示，當他們部署這些化學品時，看到產量遞減率在幅度上有明顯下降。我想了解的是，除了價格與其他因素之外，你們是否看到技術正在推動二疊紀產量顯著提高？因為一旦 ExxonMobil 和 Chevron 採用並證實有效，其他業者也會跟進。想請教你們是否從技術角度看到任何可能推動二疊紀更高採收率、進而讓你們受益的趨勢？謝謝。

Manav, I think that the producers are the best sources of information around the technologies that they’re using and the results that they are driving through those technological improvements. I think we certainly have a view that, as we’ve seen over the last couple of decades, technology will continue to drive improving results and efficiencies for our producer customers and we’ll be a big beneficiary of that.

Manav，我認為生產商才是關於他們所使用技術以及這些技術改進所帶來成果的最佳資訊來源。我們當然也有一個觀點：正如過去幾十年所見，技術將持續推動我們生產商客戶的成果與效率提升，而我們也會是其中很大的受益者。

There’s a lot of talk about helpful technologies now and expected into the future, that will provide an incremental tailwind for us. I think there’s a lot of reasons that we feel very convicted about our opportunities to grow our volumes as we look out over the next short, medium, and long term. Technology is probably a smaller part of that. It’ll certainly be a nice to have as our producers continue to make technological improvements.

目前以及未來都有很多關於有助益技術的討論，這些都將為我們帶來額外的順風。我們之所以對未來在短期、中期與長期的量能成長機會非常有信心，原因有很多。技術可能只是其中較小的一部分。但當我們的生產商持續進行技術改進時，這肯定會是錦上添花。

Burke Sansiviero, Wolfe Research.

Burke Sansiviero，Wolfe Research。

Hi, good morning. Just one quick one for me today. G&P volumes were up 7% quarter-over-quarter, gross margins were up 4%, per unit margins went down. Any color on what pushed that per unit margin lower, and where should we see it trend from here? Thank you.

嗨，早安。我今天只有一個簡短問題。G&P 量季對季成長 7%，毛利成長 4%，但單位毛利下降。能否說明是什麼因素把單位毛利拉低？從這裡開始你們預期它會如何走勢？謝謝。

Yeah, I can start. We have done a really good job at moving our G&P contracts to fee-based contracts. That said, we still have some part of our G&P contracts that are commodity sensitive, that was a slight headwind. There are gains, fuel gains, fixed recovery gains, some other gains, which can affect results as well. Overall, really strong quarter for our G&P, I’d say it’s largely commodity price, which was a slight offset to our G&P business in the quarter.

好的，我先回答。我們在把 G&P 合約轉為費率型合約方面做得非常好。不過，我們的 G&P 合約中仍有一部分對商品價格敏感，這帶來了些微逆風。另外還有一些收益項目，例如收益（gains）、燃料收益、固定回收收益，以及其他一些收益，也都可能影響結果。整體而言，我們的 G&P 本季表現非常強勁；我會說主要是商品價格因素，對本季 G&P 業務造成了些微抵銷。

Jason Gabelman, TD Cowen.

Jason Gabelman，TD Cowen。

Yeah. Hey, thanks for taking my questions. I was hoping you could elaborate on a couple points that have already been touched on. First, on the processing plant growth, it seems like the lead time from sanctioning to starting up is somewhere between 20 to 24 months. Is that still what you’re seeing? How are you managing some of the pressure points in the supply chain?

是的。嗨，謝謝回答我的問題。我希望你們能再延伸說明幾點，這些剛剛已經稍微提到。首先，關於處理廠的成長，看起來從核准投資到啟動投運的前置時間大約在 20 到 24 個月之間。你們目前看到的仍是如此嗎？你們如何管理供應鏈中的一些壓力點？

This is Pat. Yeah. Lead times definitely have gotten extended. A lot of it is around the electrical infrastructure for plant. It’s some of the vessels that are needed for the plant build. Frankly, we’ve adapted to that. We have good line of sight on our volume growth. I’d say it’s more like 18 to 24 months is kind of the timeframe that we look at.

我是 Pat。是的。前置時間確實拉長了。很大一部分與工廠的電力基礎設施有關。也包括建廠所需的一些壓力容器等設備。坦白說，我們已經適應了。我們對自身的量能成長有很清晰的可視性。我會說我們看的時間框架更像是 18 到 24 個月。

Construction part of that is really 10 to 12 months, depending upon is it sweet, sour? What is required, AGRU well, et cetera. Frankly, lead times on compression, lead times on certain components of plants certainly are extended. It hasn’t affected our ability to perform in any way.

其中施工部分實際上大約是 10 到 12 個月，取決於是甜氣、酸氣？需要哪些配置，例如 AGRU 等等。坦白說，壓縮設備的交期、以及工廠某些組件的交期確實延長了。但這並未以任何方式影響我們的執行能力。

Great. That’s helpful. My follow-up is just I want to understand a bit more the kind of trade-off between the lower marketing margins and the improvement on Waha prices as it feeds through your fee floors. I know you’ve been hesitant to kind of provide any guidance on what commodity price levels result in an increase of fee floors.

很好。這很有幫助。我的追問是，我想更了解一下較低的行銷利差與 Waha 價格改善（透過你們的費率下限機制傳導）之間的取捨。我知道你們一直不太願意提供任何指引，說明在什麼商品價格水準下會導致費率下限上調。

Just as we sit here where prices are right now, would you expect the net impact from lower marketing margins in 3Q to be offset by an uplift in fee floors? Is that a net tailwind or headwind based on where commodity prices sit right now versus 2Q? Thanks.

就以我們現在所處、價格就在目前水準來看，你是否預期第三季較低的行銷利差帶來的淨影響，會被費率下限上調所帶來的增益所抵消？以目前商品價格相較於第二季的位置來看，這在淨效應上是順風還是逆風？謝謝。

Good morning, Jason. I’d say that that’ll be a headwind for us third quarter versus second quarter in terms of just the strength of marketing benefits that we had in the second quarter. It wasn’t just on the natural gas side with Waha. As Ben talked about, we also had very strong LPG export marketing benefits in the second quarter, which helped us too.

早安，Jason。我會說，第三季相較第二季，這對我們而言會是逆風，主要是因為第二季我們享有的行銷效益非常強。不只是天然氣端的 Waha。如 Ben 所提到的，我們第二季也有非常強勁的 LPG 出口行銷效益，這也對我們有幫助。

As we think about the third quarter, I think the biggest beneficiary of higher Waha prices will be our producers, which ultimately puts us in the best possible position. We like when our producers are incentivized to continue to be active. I think with higher crude prices, along with higher gas prices, there’s a really supportive macro backdrop for our producer customers.

當我們看第三季時，我認為 Waha 價格走高最大的受益者會是我們的生產商，這最終會讓我們處於最佳位置。我們樂見生產商有誘因持續保持活躍。我認為在原油價格較高、加上天然氣價格較高的情況下，對我們的生產商客戶而言，宏觀環境非常有利。

For us, I think we will continue to likely be below fee floors levels, sort of in the aggregate across the portfolio in the third quarter. We do have an expectation that gas prices will continue to potentially increase with the demand pull that we are seeing for volumes out of the Permian. That’ll be a tailwind over time for us.

就我們而言，我認為第三季整體來看，我們在投資組合層面很可能仍會低於費率下限水準。我們預期，隨著我們看到二疊紀外運量的需求拉動，天然氣價格可能會持續上升。這將隨時間推移成為我們的順風。

Sunil Sibal, Seaport Global.

Sunil Sibal，Seaport Global。

Hi, good morning, thanks for all the color on the call. First, a clarification. I think you suggested that you’re still seeing some shut-ins in volumes in Permian. I just wanted to clarify, is that primarily price related or are there any other issues which might be causing that?

嗨，早安，感謝你們在電話會議上提供的所有細節。首先想釐清一下。我想你提到你們仍看到二疊紀的部分產量有關井（shut-ins）。我想確認一下，這主要是價格因素所致，還是有其他可能造成的問題？

Good morning, Sunil. I’d say that we generally have shut-ins across our assets when producers are shutting in volumes for frac protection and things like that. I’d say that where we are right now in early August, the vast majority of what I’d call price related shut-ins are back on our system. We’ve got a little bit that’s still coming back on that’ll provide a little bit more of a tailwind for us here in the third quarter. I’d say the vast majority are back online now.

早安，Sunil。我會說，我們的資產範圍內一般都會有一些關井情況，當生產商為了壓裂保護（frac protection）之類的原因而暫停產量。以我們目前在八月初的狀況來看，我所稱的「價格相關」關井，絕大多數都已回到我們的系統上。還有一小部分仍在回流，這會在第三季為我們帶來一些額外順風。我會說現在絕大多數都已恢復上線。

Thanks. Then on the gas egress side, I think you touched upon a couple of projects, in which you are a participant kicking in, late in 2026 and 2027. I was curious, when you think about the base earnings, which you talked about from your gas marketing business, should we expect that base earnings also to move up as those projects come online? Or is that all capacity that will essentially help you move on the G&P side of things and is all talked about there or taken care of there, I mean?

謝謝。接著在天然氣外運（egress）方面，我想你提到幾個你們參與的專案，會在 2026 年底及 2027 年陸續投運。我想問的是，當你談到天然氣行銷業務的基礎獲利（base earnings）時，這些專案上線後，我們是否也應預期該基礎獲利會上升？還是說那基本上都是容量，主要是幫助你們在 G&P（集輸與處理）端的業務推進，並且都已在那邊討論或反映了？

We will benefit in terms of our equity earnings as a result of the 17.5% interest that we have in those projects, benefiting from higher equity earnings when those projects come online. In terms of the gas marketing business, that’s really where the margin that’s reported there is related to our ability to utilize our vast network of infrastructure in place to move volumes to different markets on behalf of our producers and Targa.

由於我們在那些專案中持有 17.5% 的權益，當專案上線後，我們將因權益法收益提高而受益。至於天然氣行銷業務，那裡所報告的利差，主要與我們運用既有龐大基礎設施網路的能力有關，能代表我們的生產商與 Targa 將氣量輸送到不同市場。

A little bit apples to oranges. I think in terms of the projects coming online that I talked about with Blackcomb and Traverse, there we’ve got a 17.5% equity interest and certainly we’ll be a beneficiary when those projects are online and have ramped fully. On the gas marketing side, ultimately the forward performance will depend on what we see as opportunities in the market.

這有點像是拿蘋果比橘子。就我提到的 Blackcomb 與 Traverse 這些專案上線而言，我們持有 17.5% 的股權，當這些專案上線並完全爬坡後，我們當然會是受益者。而在天然氣行銷端，未來表現最終將取決於我們在市場上看到的機會。

I think we’ve had a really strong last several years related to gas marketing. I think we’ve hopefully demonstrated that we’ve done a good job of managing the risks across our enterprise, such that if Waha gas prices are low, our infrastructure allows us to potentially be a beneficiary of that type of environment. We have an expectation that gas may get tight again in the future, so we would have those assets in place to be a beneficiary there.

我認為過去幾年我們在天然氣行銷方面表現非常強勁。我希望我們已經證明，我們在整個企業層面做了良好的風險管理，因此當 Waha 天然氣價格偏低時，我們的基礎設施讓我們有機會在那樣的環境中成為受益者。我們預期未來天然氣可能會再次趨緊，因此我們會有這些資產在位，從而在那種情況下受益。

Otherwise, we’re always trying to figure out how to move gas to higher priced markets and utilize our assets to do so. Our gas marketing team does a really good job of that quarter in and quarter out. I think what we are just trying to highlight is that the last several quarters, and second quarter in particular, there was material outperformance as a result of the dynamics that we were seeing in the market.

除此之外，我們一直在思考如何把天然氣輸送到價格更高的市場，並利用我們的資產來做到這點。我們的天然氣行銷團隊每一季都做得非常好。我們想強調的是，過去幾季、尤其是第二季，因為我們在市場上看到的動態因素，帶來了顯著的超預期表現。

Yeah. Thanks for that. If I can ask a clarification. Seems like one of your customers recently announced a big behind the meter power generation project in Permian to support the data center demand. Is that something that you’re seeing more widespread in your operations? How does that impact your strategy on the gas marketing side?

了解。謝謝你的說明。我再釐清一點。看起來你們的一位客戶最近宣布在二疊紀有一個大型的表後（behind the meter）自備發電專案，以支援資料中心需求。這是否是你們在營運中看到更普遍的趨勢？這會如何影響你們在天然氣行銷端的策略？

Yeah, sure. No, there’s multiple projects out there to support data centers and other needs for gas for power generation. We’re actually in our gas marketing team having conversations about potentially being a supply for some projects in and around the Permian. We continue to have discussions, and I’d say that is somewhat of an opportunity for us. We think multiple projects, like the one you referenced and others, are likely to get done and be some additional demand for gas in the region.

是的，當然。不，市場上確實有多個專案在推動，以支援資料中心以及其他發電用氣需求。我們的天然氣行銷團隊其實正在洽談，可能為二疊紀周邊的一些專案提供供氣。我們持續進行討論，我會說這對我們而言算是一個機會。我們認為像你提到的那個專案以及其他多個專案，很可能會落地，並成為該地區額外的天然氣需求。

Thank you. This concludes the question-and-answer session. I would now like to turn it back to Tristan Richardson for closing remarks.

謝謝。問答環節到此結束。我現在想把時間交回給 Tristan Richardson 作結語。

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

很好。感謝各位今天早上參加本次電話會議，也感謝大家對 Targa Resources 的關注。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。