Western Midstream Partners LP (WES) 2025 Q4 法說會逐字稿

(audio in progress) At this time, I would like to welcome everyone to the Western Midstream Partners fourth-quarter 2025 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Daniel Jenkins, Director of Investor Relations. Please go ahead.

（音訊進行中）此時，我謹代表 Western Midstream Partners 向大家歡迎參加 2025 年第四季財報電話會議。（操作員指示）現在我將會議交給投資者關係總監丹尼爾·詹金斯。請繼續。

Thank you. I'm glad you could join us today for Western Midstream's fourth-quarter 2025 conference call. I'd like to remind you that today's call, the accompanying slide deck and last night's earnings release contain important disclosures regarding forward-looking statements and non-GAAP reconciliations. Please reference Western Midstream's most recent Form 10-K and other public filings for a description of risk factors that could cause actual results to differ materially from what we discuss today. Relevant reference materials are posted on our website.

謝謝。很高興您今天能參加 Western Midstream 2025 年第四季電話會議。我想提醒各位，今天的電話會議、隨附的幻燈片以及昨晚發布的收益報告包含有關前瞻性陳述和非GAAP調整的重要披露資訊。請參考 Western Midstream 最新的 10-K 表格和其他公開文件，以了解可能導致實際結果與我們今天討論的結果有重大差異的風險因素。相關參考資料已發佈在我們的網站上。

I'm pleased to inform you that the Western Midstream Partners K1 will be available via our website beginning Wednesday, March 11, Hard copies will be mailed out the following week.

我很高興地通知您，Western Midstream Partners K1 表格將於 3 月 11 日星期三起透過我們的網站提供，紙本版將於下週郵寄。

With me today are Oscar Brown, our Chief Executive Officer; Danny Holderman, our Chief Operating Officer; and Kristen Shults, our Chief Financial Officer. I will now turn the call over to Oscar.

今天陪同我的有：執行長奧斯卡·布朗；營運長丹尼·霍爾德曼；以及財務長克里斯汀·舒茲。現在我會把通話轉給奧斯卡。

Thank you, Daniel, and good morning, everyone. 2025 was another incredibly successful and strategically meaningful year for Western Midstream that can be defined by record adjusted EBITDA and free cash flow generation primarily driven by throughput growth across all products and from the Delaware and DJ Basins while focusing on cost competitiveness to support our long-term growth plans.

謝謝丹尼爾，大家早安。 2025年對於西部中游公司而言又是極其成功且具有戰略意義的一年，其特點是調整後EBITDA和自由現金流均創歷史新高，這主要得益於所有產品以及特拉華盆地和丹佛盆地吞吐量的增長，同時我們也注重成本競爭力，以支持我們的長期增長計劃。

Throughout the year, the Delaware and DJ Basin set multiple quarterly throughput records, enabling West to meet or exceed our annual throughput expectations and full year financial guidance ranges. Additionally, the Aris acquisition in late 2025 further enhanced our asset base by expanding our produced water solutions capabilities and establishing a more substantial presence in New Mexico.

在這一年中，特拉華盆地和丹佛盆地多次創下季度吞吐量記錄，使 West 公司能夠達到或超過我們年度吞吐量預期和全年財務指導範圍。此外，2025 年底對 Aris 的收購進一步增強了我們的資產基礎，擴大了我們的採出水解決方案能力，並在新墨西哥州建立了更強大的業務。

Taken together, our 2025 achievements, including successful organic growth projects, accretive M&A, efficiency gains and cost reduction successes as well as contract renegotiations, all strength in operating leverage and position us for sustainable growth while maintaining a strong balance sheet and low leverage profile as we progress later into 2025 and now into 2026 macroeconomic and commodity price-driven volatility have increased.

綜合來看，我們在 2025 年取得的成就，包括成功的內生成長項目、增值併購、效率提升和成本削減以及合約重新談判，所有這些都增強了我們的營運槓桿，使我們能夠在保持強勁的資產負債表和低槓桿水平的同時實現可持續增長。然而，隨著 2025 年下半年和現在進入 2026 年，宏觀經濟和商品價格波動加劇，我們面臨更大的挑戰。

Kris to provide more details on our 2026 guidance metrics shortly, but based on recent discussions with our producing customers and taking into account their updated forecast, it has become clear that many of our producers will reduce previously expected activity levels on acreage that we service, including portions of the Delaware Basin. This, in combination with lower adjusted gross margin per unit for our natural gas assets, driven by changes in contract mix and lower commodity prices are expected to result in more moderate rates of growth for overall throughput and adjusted EBITDA in 2026 relative to our initial expectations.

Kris 很快就會提供有關我們 2026 年指導指標的更多詳細信息，但根據最近與我們生產客戶的討論，並考慮到他們更新的預測，很明顯，我們的許多生產商將減少我們服務的土地上先前預期的活動水平，包括特拉華盆地的部分地區。鑑於合約組合變化和商品價格走低，我們天然氣資產的每單位調整後毛利率預計會下降，這將導致 2026 年整體吞吐量和調整後 EBITDA 的增長速度相對於我們最初的預期更為溫和。

While we had already anticipated and communicated lower activity levels and declining production in the DJ and Powder River Basins, Oxy has recently reallocated a portion of their activity from acreage that we service in the Delaware Basin.

雖然我們之前已經預料到 DJ 盆地和 Powder River 盆地的活動水平會降低，產量會下降，但 Oxy 最近已將其在特拉華盆地我們服務的區塊的一部分活動重新分配。

Based on Oxy's most recent forecast, we expect a portion of that activity to begin returning to our acreage starting in 2027, although scenarios are still being evaluated and will continue to maintain flexibility. This activity shift moderates our expected 2026 throughput growth in the Delaware Basin relative to earlier expectations, and we now expect partnership-wide natural gas throughput to be flat in crude-oil and NGL throughput to decline by low to mid-single digits on average year-over-year.

根據西方石油公司最新的預測，我們預計從 2027 年開始，部分石油開採活動將開始恢復到我們的開採面積上，儘管各種情況仍在評估中，並將繼續保持靈活性。這項活動轉變降低了我們對特拉華盆地 2026 年吞吐量成長的預期，與先前的預期相比，我們現在預計整個合作項目的天然氣吞吐量將與原油吞吐量持平，而 NGL 吞吐量將同比平均下降個位數百分比。

With that said, our long-term outlook of mid- to low single-digit adjusted EBITDA growth remains intact as evident by our 6% adjusted EBITDA growth reported in 2025 and our expectation of 5% adjusted EBITDA growth in 2026 at the midpoint of our guidance range.

儘管如此，我們對中低個位數調整後 EBITDA 成長的長期展望依然不變，正如我們 2025 年報告的 6% 調整後 EBITDA 成長以及我們預期 2026 年 5% 調整後 EBITDA 成長（在我們指導範圍的中點）所表明的那樣。

We remain confident in our producers' long-term development plans, especially when you consider the fact that the majority of undrilled inventory within Oxy's Delaware Basin portfolio remains located on acreage that we service. While 2026 is proving to be more of a transition year than we initially anticipated, our business remains underpinned by stable long-term contract structures, many of which include minimum volume commitments that support financial stability and a lower activity environment.

我們對生產商的長期發展計劃仍然充滿信心，尤其考慮到 Oxy 在特拉華盆地投資組合中的大部分未鑽探庫存仍然位於我們服務的區塊內。雖然 2026 年比我們最初預期的更具過渡性，但我們的業務仍然以穩定的長期合約結構為基礎，其中許多合約都包含最低銷售承諾，從而支持財務穩定和較低的業務活動環境。

As you can see from the reduction in our 2026 capital expenditure program from at least $1.1 billion in prior communications, to $925 million at the midpoint of our updated guidance range, we are able to modify our capital program to align our spending with revised producer activity levels. In short, our long-term growth strategy is unchanged.

正如您從我們 2026 年資本支出計劃的減少中位數所看到的，該計劃從先前溝通中至少 11 億美元減少到我們更新後的指導範圍中點的 9.25 億美元，我們能夠調整我們的資本計劃，使我們的支出與修訂後的生產者活動水平保持一致。簡而言之，我們的長期成長策略保持不變。

The Aris acquisition will contribute meaningfully to adjusted EBITDA in 2026 and by issuing equity for a portion of the Aris consideration, we preserve the financial flexibility necessary to continue pursuing value-accretive opportunities and commercially creative solutions such as the restructuring of our Oxy Delaware Basin natural gas gathering contract in exchange for WES units.

收購 Aris 將對 2026 年的調整後 EBITDA 做出重大貢獻，透過發行股票作為 Aris 收購對價的一部分，我們保留了必要的財務靈活性，以繼續尋求增值機會和商業創新解決方案，例如重組我們的 Oxy Delaware Basin 天然氣收集合約以換取 WES 單位。

Additionally, our cost reduction initiatives are making less a leaner, more efficient organization positioning us to better compete for new business and to benefit from operational leverage when activity levels recover, especially considering extremely bullish, power-driven natural gas demand fundamentals expected in the coming years.

此外，我們的成本削減措施正在使組織更加精簡、高效，這使我們能夠更好地競爭新業務，並在業務活動水平恢復時受益於營運槓桿，尤其考慮到未來幾年電力驅動的天然氣需求基本面將非常強勁。

Returning to our recent accomplishments and focusing specifically on the fourth quarter, we generated record adjusted EBITDA of $636 million, even after $29.5 million of negative noncash cumulative revenue recognition instruments. Excluding these adjustments, we would have recorded adjusted EBITDA of $665 million, representing an approximate 5% sequential quarter increase.

回顧我們最近的成就，特別是第四季度，我們實現了創紀錄的調整後 EBITDA 6.36 億美元，即使在計入 2950 萬美元的負非現金累積收入確認工具之後也是如此。剔除這些調整，我們本應錄得調整後 EBITDA 為 6.65 億美元，較上一季成長約 5%。

Our fourth quarter performance was primarily driven by increased crude-oil and NGL throughput in the Delaware Basin, the contribution of (inaudible) produced water volumes from the Aris acquisition and reduced operation and maintenance expense from legacy WES assets, which excludes the impact of Aris.

我們第四季的業績主要得益於特拉華盆地原油和天然氣凝液產量的增加、Aris 收購帶來的（聽不清楚）產出水量的貢獻以及 WES 遺留資產運營和維護費用的減少（不包括 Aris 的影響）。

The Delaware Basin remained our primary growth engine during the quarter, with crude oil and NGL was rebounding as more wells came online and produced water volumes increased driven by the Aris acquisition. However, this was mostly offset by lower natural gas volumes in the Delaware Basin, largely due to third-party curtailments tied to low Waha hub pricing throughout the quarter as well as expected volume declines in the Powder River Basin and lower crude oil and NGL volumes in the DJ Basin.

本季度，特拉華盆地仍然是我們的主要成長引擎，隨著更多油井投入運營，原油和天然氣凝液價格反彈，而 Aris 收購也帶動了產水量的增加。然而，由於特拉華盆地天然氣產量下降，這在很大程度上抵消了上述影響。特拉華盆地天然氣產量下降主要是由於本季度瓦哈樞紐價格低迷導致第三方減產，以及粉河盆地產量預期下降和丹佛-朱爾斯堡盆地原油和天然氣凝液產量下降。

Waha Hub pricing remains a persistent industry-wide challenge, affecting producers and midstream providers. While WES' direct commodity price exposure to Waha is limited, some of our third-party producers are more directly tied to Waha (inaudible), which led to throughput curtailments throughout the fourth quarter. These curtailments have continued intermittently in the first quarter of this year and near-term Waha pricing remains volatile.

Waha Hub 定價仍然是整個產業面臨的持續性挑戰，影響著生產商和中游供應商。雖然 WES 對 Waha 的直接商品價格敞口有限，但我們的一些第三方生產商與 Waha 的聯繫更為直接（聽不清楚），這導致第四季度產量下降。今年第一季度，這些減產措施斷斷續續地持續進行，近期瓦哈價格仍波動不定。

We expect continued pricing pressure through at least the first half of 2026, which will likely impact Delaware Basin natural gas throughput over the next two quarters. However, we expect new egress coming into service in the second half of the year to begin alleviating some of this pricing pressure. With that said, our marketing team is actively working with our producing customers to identify more diversified near-term pricing exposure to maintain economic production as well as to secure longer-term solutions, including long-haul capacity to the Gulf Coast.

我們預計價格壓力至少會持續到 2026 年上半年，這可能會在未來兩個季度影響特拉華盆地的天然氣輸送量。不過，我們預計今年下半年投入使用的新出口將開始緩解部分價格壓力。儘管如此，我們的行銷團隊正積極與生產客戶合作，尋找更多樣化的近期定價機會，以維持經濟效益，並確保長期解決方案，包括通往墨西哥灣沿岸的長途運輸能力。

For full-year 2025, throughput increased across all three products and was driven by throughput records in both Delaware and DJ Basins which resulted in some of the highest levels of adjusted EBITDA and free cash flow in our partnership's history.

2025 年全年，所有三種產品的產量均有所增長，這主要得益於特拉華盆地和 DJ 盆地的產量記錄，從而實現了我們合作歷史上最高的調整後 EBITDA 和自由現金流水平。

Other key operational and financial milestones include the sanctioning of the Pathfinder pipeline and the execution of long to produce water gathering and disposal agreements. The completion of North Loving Train 1, which brought online ahead of schedule and under budget in the first quarter and expanded our West Texas complex processing capacity by 250 million cubic per day to approximately 2.2 billion cubic feet per day.

其他重要的營運和財務里程碑包括 Pathfinder 管道的批准以及長期生產用水收集和處置協議的執行。North Loving Train 1 的竣工，提前於計劃並低於預算，於第一季度投入使用，使我們西德克薩斯州綜合處理能力每天增加 2.5 億立方英尺，達到每天約 22 億立方英尺。

The sanctioning of North Loving Train 2, which is still expected to commence operations early in the second quarter of 2027, the acquisition of Aris Water Solutions, which materially increased our produced water solutions capabilities established a more substantial presence in New Mexico and provided a much stronger foothold in the produced water gathering and disposal, recycling and treating for beneficial use businesses, a 4% year-over-year increase in the distribution, which allowed West to maintain a strong capital return profile and leading total capital return yield and maintaining our strong balance sheet with net leverage around 3x throughout 2025, and including the financing of the Aris acquisition.

North Loving Train 2 專案獲得批准，預計仍將於 2027 年第二季度初開始運營；收購 Aris Water Solutions，顯著提升了我們的採出水解決方案能力，在新墨西哥州建立了更強大的業務，並在採出水收集和處置、回收和處理以供有益用途的業務中獲得了更穩固的地位；年維持強勁的資產負債表，淨槓桿率約 3 倍；此外，還包括 Aris 收購的融資。

Focusing specifically on the Aris acquisition, integration has progressed exceptionally well and is ahead of schedule and mostly complete. The acquisition has strengthened our commercial organization expanded our capabilities and increased direct engagement from our producing customers now that the platform has been fully brought a WES umbrella.

具體來看，Aris 的收購整合進展非常順利，提前完成且基本完成。此次收購增強了我們的商業組織實力，擴大了我們的能力，並增加了與生產客戶的直接互動，因為該平台現在已完全納入 WES 旗下。

WES now is one of the largest and most integrated water firms in the Delaware Basin with the ability to provide all of today's water solutions, including freshwater recycling, gathering, long-haul expectation and disposal as well leading position in the emerging beneficial reuse treatment technology business.

WES 現在是特拉華盆地規模最大、一體化程度最高的水務公司之一，能夠提供當今所有的水務解決方案，包括淡水回收、收集、長途運輸和處置，並在新興的有益再利用處理技術業務中佔據領先地位。

We have also achieved $40 million of targeted cost synergies and approximately 85% of those savings should be realized by the end of the first quarter, with the remainder by year-end 2026 as legacy contract and license terms expire.

我們還實現了 4000 萬美元的目標成本協同效應，其中約 85% 的節省額應在第一季末實現，其餘部分將在 2026 年底前隨著遺留合約和許可條款的到期而實現。

To date, we have completed several major integration milestones, including the full consolidation of EE and purchasing systems, the consolidation of operations and project management systems, vendor contract harmonization, and the complete integration of IT and HR systems, which includes the migration to WES' payroll and benefit plans.

到目前為止，我們已經完成了幾個重要的整合里程碑，包括全面整合員工和採購系統、整合營運和專案管理系統、協調供應商合約以及全面整合 IT 和人力資源系統，其中包括遷移到 WES 的工資和福利計劃。

I would like to extend my sincere appreciation to all teams across both West and Aris. This was an extremely complex undertaking and our teams rose to the challenge with tremendous professionalism and dedication. In addition to the successful integration of Aris and the associated cost savings, we made substantial process in acting process efficiency improvements across the organization under our multiyear cost reduction initiatives.

我謹向West和Aris的所有團隊表示衷心的感謝。這是一項極其複雜的任務，我們的團隊以極高的專業和敬業精神迎接了挑戰。除了成功整合 Aris 並節省相關成本外，我們還根據多年的成本削減計劃，在整個組織內大幅提高了流程效率。

Kristen will provide more details later, but when excluding the Aris acquisition impact, we achieved three consecutive quarters of declining operations and maintenance expense in 2025. In fact, when excluding mostly reimbursable utility costs and the Aris acquisition impact, operations and maintenance expense decreased by more than $100 million when annualizing the first quarter of 2025 relative to the fourth quarter of 2025.

Kristen 稍後會提供更多細節，但排除 Aris 收購的影響，我們在 2025 年實現了營運和維護費用連續三個季度下降。事實上，如果排除大部分可報銷的公用事業成本和 Aris 收購的影響，2025 年第一季的營運和維護費用與 2025 年第四季相比，按年計算減少了 1 億美元以上。

Additionally, excluding acquisition-related expenses and noncash equity-based compensation, 2025 general and administrative expense would have been flat year-over-year even after strategically retaining select personnel and functions from Aris like beneficial use in commercial operations and taking routine annual compensation growth into account.

此外，即使從 Aris 策略性地保留了部分人員和職能（如在商業運營中的有效利用），並考慮到常規的年度薪酬增長，但不包括收購相關費用和非現金股權激勵，2025 年的一般及行政費用也將與上年持平。

Our engineering and construction team has also reevaluated certain facility designs, which will lower a portion of our expansion capital outlay in 2026 and beyond. This demonstrates the continued commitment from all teams to lower costs while pursuing our growth mandate and maintaining operational excellence. You will continue to see the benefits of our cost reduction efforts throughout this year as our teams fully execute on already identified initiatives and is the next set of opportunities.

我們的工程和建設團隊也重新評估了一些設施設計，這將降低我們在 2026 年及以後的部分擴建資本支出。這反映了所有團隊在追求成長目標和維持卓越營運的同時，持續致力於降低成本的承諾。今年，隨著我們的團隊全面執行已確定的各項舉措，您將繼續看到我們降低成本工作帶來的益處，而下一批機會也將隨之而來。

As the legacy WES and Aris operations, engineering and construction teams continue to integrate, we expect to unlock additional efficiencies beyond the previously communicated $40 million of targeted synergies. The teams have already identified several incremental opportunities across both produced water systems, and we will continue evaluating and prioritizing these throughout the first half of 2026.

隨著 WES 和 Aris 原有營運、工程和施工團隊的不斷整合，我們預計除了先前公佈的 4,000 萬美元目標協同效應之外，還將釋放更多效率。團隊已經確定了兩個採出水系統中的幾個增量機會，我們將在 2026 年上半年繼續評估和優先考慮這些機會。

With that, I'll turn the call over to our Chief Operating Officer, Danny Holderman, to discuss our operational performance in the fourth quarter.

接下來，我將把電話交給我們的營運長丹尼·霍爾德曼，讓他來討論我們第四季的營運表現。

Thank you, Oscar, and good morning, everyone. Our fourth quarter natural gas throughput decreased by 4% on a sequential quarter basis as a result of lower volumes from the Delaware Basin due to certain customers curtailing volumes in response to low Waha Hub pricing and lower volumes from the Powder Basin. These decreases were partially offset by record throughput from the DJ Basin.

謝謝你，奧斯卡，大家早安。由於部分客戶因 Waha Hub 價格低迷而減少用量，導致特拉華盆地天然氣吞吐量下降，以及 Powder 盆地天然氣吞吐量下降，我們第四季天然氣吞吐量環比下降 4%。DJ盆地創紀錄的吞吐量部分抵消了這些下降。

Our fourth quarter crude oil and NGLs throughput decreased slightly on a sequential quarter basis, primarily due to decreased throughput from the DJ Basin, which was mostly offset by increased through from the Delaware Basin as the expected wells came online in the fourth quarter. Fourth quarter produced water throughput increased 121% on a sequential quarter basis as a result of 2.5 months contribution from the Aris acquisition.

第四季原油和天然氣凝液的產量環比略有下降，主要是由於DJ盆地的產量下降，但隨著預期油井在第四季度上線，特拉華盆地的產量增加，這在很大程度上抵消了產量下降的影響。由於 Aris 收購帶來的 2.5 個月的貢獻，第四季產水吞吐量季增 121%。

Our fourth quarter per MCF adjusted gross margin for our natural gas assets decreased by $0.01 compared to the prior quarter, mostly due to contract mix associated with Delaware Basin volumes and lower overall throughput from the basin. Going forward, we expect our first quarter per Mcf adjusted gross margin to decline modestly, and we now expect our average natural gas adjusted gross margin to be approximately $1.22 per Mcf in 2026 driven mostly by a change in contract mix in the Delaware Basin and lower overall commodity pricing.

我們第四季每千立方英尺天然氣資產的調整後毛利率較上一季下降了 0.01 美元，這主要是由於與特拉華盆地產量相關的合約組合以及該盆地整體吞吐量的下降。展望未來，我們預計第一季每千立方英尺調整後毛利率將略有下降，目前預計到 2026 年，天然氣平均調整後毛利率約為每千立方英尺 1.22 美元，這主要是由於特拉華盆地合約組合的變化和整體商品價格的下降。

Our fourth quarter per barrel adjusted gross margin for our crude oil and NGL assets decreased by $0.33 compared to the prior quarter mostly due to an unfavorable revenue recognition, cumulative adjustment recorded in the fourth quarter associated with lower cost of service rates at our DJ Basin oil system and South Texas system.

與上一季相比，我們在第四季度原油和天然氣凝液資產的每桶調整後毛利率下降了 0.33 美元，這主要是由於第四季度確認了不利的收入，累計調整與我們在 DJ 盆地石油系統和南德克薩斯系統的服務成本率降低有關。

Going forward, we expect our quarter per barrel adjusted gross margin to range between $3.05 and $3.10. And and our average crude oil and NGLs addressed gross margin to range between $3.10 and $3.15 per barrel in 2026. Our fourth quarter per barrel adjusted gross margin for our produced water assets decreased $0.11 compared to the prior quarter, driven by 2.5 months contribution from the Aris acquisition.

展望未來，我們預計每桶季調整後毛利率將在 3.05 美元至 3.10 美元之間。到 2026 年，我們原油和天然氣凝析液的平均毛利率將在每桶 3.10 美元至 3.15 美元之間。受 Aris 收購帶來的 2.5 個月貢獻的影響，我們第四季度每桶採出水資產的調整後毛利率較上一季下降了 0.11 美元。

We expect our first quarter per barrel adjusted gross margin to increase slightly and our average produced water adjusted gross margin to be approximately $0.85 per barrel in 2026 due to increased throughput expectations and associated contract mix.

我們預計，由於產量預期增加和相關的合約組合，2026 年第一季每桶調整後毛利率將略有上升，平均每桶採出水調整後毛利率約為 0.85 美元。

Turning to our full year results. For the second consecutive year, average throughput across all three products increased year-over-year, adjusting for the sale of several non-assets that closed in the first half of 2024. For full year 2025, natural throughput averaged 5.2 billion cubic feet per day, representing a 4% year-over-year increase, in line with our expectations of mid-single-digit growth. For full year 2025, crude oil and NGL throughput averaged 514,000 barrels per day, representing a 1% year-over-year increase in line with our expectations of low single digits growth.

接下來來看看我們的全年業績。連續第二年，所有三種產品的平均產量同比增長，已扣除 2024 年上半年完成的幾項非資產出售的影響。2025 年全年，自然吞吐量平均為每天 52 億立方英尺，年增 4%，符合我們對中等個位數成長的預期。2025 年全年，原油和 NGL 的日均加工量為 514,000 桶，較去年同期成長 1%，符合我們對個位數低成長的預期。

Full year 2025 produced water throughput averaged 1.6 million barrels per day, an increase of 40% compared to full year 2024, driven by 2.5 months contribution from the Aris acquisition. Produced water throughput from WES's legacy assets averaged 1.2 million barrels per day, representing a 7% year-over-year increase and in line with our original expectations of mid-single digits growth.

2025 年全年，產出水日均吞吐量為 160 萬桶，比 2024 年全年增長 40%，這主要得益於 Aris 收購帶來的 2.5 個月的貢獻。WES 原有資產的採出水日均吞吐量為 120 萬桶，年增 7%，與我們最初預期的中等個位數成長相符。

Turning our attention to 2026. We expect that most of our throughput growth will occur in the Delaware Basin and will be driven by the Aris acquisition. As Oscar discussed, due to lower overall customer activity levels across our asset base, we now expect our growth rates for crude oil and NGLs and natural gas in the Delaware Basin to moderate to low to mid-single-digit average year-over-year growth in 2026.

讓我們把目光轉向2026年。我們預計大部分產能成長將發生在特拉華盆地，並將由收購 Aris 推動。正如 Oscar 所討論的，由於我們資產基礎的整體客戶活躍度下降，我們現在預計 2026 年特拉華盆地原油、凝析油和天然氣的增長率將溫和至低至中等個位數年均增長率。

Overall throughput decreases in the DJ and Powder River basins are now expected to result in portfolio-wide average crude oil and NGLs throughput to decline by low to mid-single digits and tnat gas throughput to remain relatively flat year-over-year.

DJ盆地和粉紅河盆地的整體吞吐量下降預計將導致整個投資組合的平均原油和NGL吞吐量下降個位數低至中，而天然氣吞吐量將與去年同期保持相對平穩。

For produced water, we estimate that the throughput will increase by over 80% year-over-year, driven by the Aris acquisition. More specifically in the Delaware Basin, even though we expect the number of rigs to decline year-over-year and the resulting number of wells that we expect to come to market to decrease by a little more than one-third. We still anticipate throughput growth, mostly due to drilling efficiencies that continue to be achieved by reducing customers.

對於採出水，我們估計其吞吐量將年增 80% 以上，這主要得益於 Aris 的收購。更具體地說，在特拉華盆地，儘管我們預計鑽井平台數量將逐年下降，預計由此產生的上市油井數量將減少三分之一多一點。我們仍然預計產量會成長，這主要是由於透過減少客戶數量而不斷提高的鑽井效率。

As we mentioned on our third quarter call, we expect a more challenging environment in the DJ Basin that should result in average year-over-year throughput declining for both natural gas and crude oil and NGLs in the mid- to high single digits range as we expect the overall number of wells that come to market to decline.

正如我們在第三季電話會議上所提到的，我們預計DJ盆地將面臨更具挑戰性的環境，這將導致天然氣、原油和NGL的平均同比產量下降，降幅在個位數中高段，因為我們預計進入市場的油井總數將會下降。

With that said, we expect natural gas throughput to be supported by steady onload activity from Phillips 66. We also expect Oxy's broncho cap development to offset basin-wide crude oil and NGLs throughput declines with volumes that are expected to come to market in the second quarter of 2026. Once we begin to see results from the initial reduction of the Bronco cap, we will be in a better position to provide a clearer view of year-over-year trends in the basin in 2026 relative to 2025.

也就是說，我們預計 Phillips 66 的穩定裝貨活動將支撐天然氣輸送量。我們也預計，Oxy 的 Broncho 頂開發將抵消整個盆地原油和 NGL 產量的下降，預計 2026 年第二季推出市場。一旦我們開始看到降低 Bronco 上限的初步結果，我們將能夠更好地提供 2026 年流域相對於 2025 年的年度趨勢的清晰視野。

Also, as previously discussed, we expect average year-over-year throughput for natural gas in the Powder River Basin to decline in the range end of 15% based on the most recent producer forecast. The Powder River Basin tends to be more commodity price sensitive with several of our producing customers have indicated the return of rigs to the basin in 2027. We will remain in close contact with our producing customers and continue to monitoring the commodity price environment before making any decisions to allocate additional growth capital back into the Powder River Basin.

此外，正如先前討論過的，根據生產商的最新預測，我們預計粉河盆地天然氣年均吞吐量將下降 15% 左右。粉紅河盆地對大宗商品價格較為敏感，我們的幾家生產客戶已表示將於 2027 年將鑽井平台重新投入該盆地。我們將繼續與生產客戶保持密切聯繫，並持續關注大宗商品價格環境，然後再決定是否將額外的成長資金重新投入粉紅河流域。

Finally, we expect average natural gas throughput for our other assets to increase in the mid-single digits range year-over-year. This is mostly due to a full year's contribution from Williams Mountain West Pipeline expansion, the tie-in of Kinder Morgan's Altamont pipeline into our Chipeta processing plant in Utah in early 2025 and steady through levels at our Brasada plant in South Texas.

最後，我們預計我們其他資產的平均天然氣吞吐量將年增，增幅在個位數中段。這主要歸功於威廉斯山西部管道擴建工程一整年的貢獻，金德摩根的阿爾塔蒙特管道於 2025 年初與我們在猶他州的奇佩塔加工廠連接，以及我們在德克薩斯州南部布拉薩達工廠的穩定產量。

With that, I will turn the call over to Kristen to discuss our financial performance during the quarter.

接下來，我將把電話交給克莉絲汀，讓她來討論我們本季的財務表現。

Thank you, Danny, and good morning, everyone. During the fourth quarter, we generated net income attributable to limited partners of $187 million and adjusted EBITDA of $636 million. Our net income was negatively impacted by $120 million of transaction costs to the Aris acquisition that were added back to adjusted EBITDA for comparability purposes and due to the onetime nature of those costs.

謝謝你，丹尼，大家早安。第四季度，我們實現了歸屬於有限合夥人的淨利潤 1.87 億美元，調整後 EBITDA 為 6.36 億美元。由於收購 Aris 產生的 1.2 億美元交易成本，我們的淨收入受到了負面影響。為了便於比較，並且由於這些成本是一次性的，我們已將這些成本加回調整後的 EBITDA 中。

Relative to the third quarter, our adjusted gross margin increased by $60 million. This was primarily driven by the incremental gross margin contributed from the Aris acquisition, which was partially offset by the recording of approximately $30 million of unfavorable noncash revenue recognition cumulative adjustments associated with redetermined cost of service rates on certain contracts associated with our assets in South Texas and at our DJ Basin oil system. In fact, without these fourth quarter adjustments, we would have recorded adjusted EBITDA of $665 million, a 5% increase relative to the prior quarter.

與第三季相比，我們的調整後毛利增加了 6,000 萬美元。這主要得益於收購 Aris 帶來的毛利率增長，但部分被約 3000 萬美元的不利非現金收入確認累計調整所抵消，這些調整與我們在德克薩斯州南部和 DJ 盆地石油系統的資產相關的某些合同的服務成本費率重新確定有關。事實上，如果沒有這些第四季的調整，我們本應錄得調整後的 EBITDA 為 6.65 億美元，比上一季成長 5%。

Our operation and maintenance expense increased by $40 million or 19% sequentially, which was primarily driven by the inclusion of 2.5 months of Aris. When excluding Aris, our fourth quarter operation and maintenance expense decreased by 12% compared to the fourth quarter of the prior year, and our full year operation and maintenance expense decreased by 2% on average year-over-year demonstrating the success of our cost reduction plan that we commenced in the second quarter of 2025, in fact, excluding Aris and utility costs, the majority of which are reimbursed through producer contracts. Operating and maintenance expense decreased by more than $100 million from the first quarter to the fourth quarter of 2025 based on the difference between the first and fourth quarter annualized run rates.

我們的營運和維護費用較上季增加了 4,000 萬美元，增幅達 19%，這主要是由於計入了 Aris 2.5 個月的費用。在剔除 Aris 的費用後，我們第四季的營運和維護費用比去年同期下降了 12%，全年營運和維護費用平均年減了 2%，這表明我們從 2025 年第二季開始實施的成本削減計劃取得了成功。事實上，剔除 Aris 和公用事業費用後，大部分費用都透過生產商合約得到補償。根據第一季和第四季年化運作率之間的差異，2025 年第一季至第四季的營運和維護費用減少了 1 億美元以上。

As we transition into 2026, we estimate further year-over-year reductions in operation and maintenance expense related to our legacy asset base, acknowledging the normal seasonality we typically see in quarterly spend. Going forward and including the full year's contribution from Aris, we expect our operation maintenance expense to increase by approximately 10% to 15% on average year-over-year. This is significantly below the combined company's pro forma operation and maintenance expense, reflecting the realization of identified cost reductions and additional efficiencies we continue to capture.

隨著我們邁入 2026 年，我們預計與傳統資產基礎相關的營運和維護費用將逐年進一步減少，同時我們也意識到季度支出中通常存在的正常季節性波動。展望未來，加上 Aris 全年的貢獻，我們預計營運維護費用將比上年平均成長約 10% 至 15%。這遠低於合併後公司的預期營運和維護費用，反映了已確定的成本削減措施的實現以及我們持續獲得的額外效率提升。

On a reported basis, our general and administrative expense increased quarter-over-quarter, primarily due to transaction costs associated with the Aris acquisition. When excluding those costs, the modest quarterly increase mostly pertain to higher personnel costs. Excluding acquisition-related costs, 2025 cash G&A expense would have been approximately $235 million, essentially flat compared to 2024 even after taking into account the increased size of the business and strategically retaining select personnel and functions from Aris like beneficial reuse and commercial operations.

據報告，我們的一般及行政費用較上月增加，主要原因是與收購 Aris 相關的交易成本。撇開這些成本不談，季度小幅成長主要與人員成本增加有關。不計收購相關成本，2025 年現金一般及行政費用約為 2.35 億美元，與 2024 年基本持平，即使考慮到業務規模的擴大以及從 Aris 戰略性地保留部分人員和職能（如有益再利用和商業運營）。

Going forward, we expect our 2026 cash, general and administrative expense to again remain flat year-over-year due to continued cost reduction initiatives, even after accounting for a full year of the retained functions from Aris and accounting for routine compensation increases.

展望未來，由於持續的成本削減措施，我們預計 2026 年的現金、一般及行政費用將再次與上年持平，即使在計入從 Aris 保留的一整年的職能以及計入例行薪酬增長之後也是如此。

Turning to cash flow. Our fourth quarter cash flow from operating activities totaled $558 million, generating free cash flow of $341 million. Free flow after our third quarter 2025 distribution payment in November was a use of cash of approximately $39 million. Distributable cash flow in the fourth quarter was approximately $527 million compared to $547 million in the prior quarter. In January, we declared a distribution of $0.91 per unit, which is consistent with our prior quarter distribution that was paid on February 14 to unitholders of record as of February 3.

接下來談談現金流。我們第四季經營活動產生的現金流總計 5.58 億美元，其中自由現金流為 3.41 億美元。在 2025 年第三季 11 月的分配付款之後，自由流動資金使用了約 3,900 萬美元的現金。第四季可分配現金流約 5.27 億美元，上一季為 5.47 億美元。1 月份，我們宣布每單位派發 0.91 美元的股息，這與我們上一季的派息一致，該派息已於 2 月 14 日支付給截至 2 月 3 日登記在冊的單位持有人。

Turning to our full-year results. We recorded $1.15 billion of net income attributable to limited partners generating record adjusted EBITDA of $2.48 billion, exceeding the midpoint of our 2025 adjusted EBITDA guidance range of $2.35 billion to $2.55 billion. Our record adjusted EBITDA performance was primarily driven by increased throughput across all three products, several quarters of record throughput from the Delaware and DJ Basins, successful cost reduction initiatives, and 2.5 months of contribution from the ARRIS acquisition in the fourth quarter. This growth positioned WES to deliver record cash flow from operations of approximately $2.22 billion in 2025.

接下來來看看我們的全年業績。我們錄得歸屬於有限合夥人的淨收入 11.5 億美元，調整後 EBITDA 創歷史新高，達到 24.8 億美元，超過了我們 2025 年調整後 EBITDA 指導範圍 23.5 億美元至 25.5 億美元的中點。我們創紀錄的調整後 EBITDA 業績主要得益於所有三種產品的產量增加、特拉華盆地和 DJ 盆地連續幾個季度創紀錄的產量、成功的成本削減措施，以及第四季度 ARRIS 收購帶來的 2.5 個月的貢獻。這一成長使 WES 預計在 2025 年實現創紀錄的營運現金流，約 22.2 億美元。

Our capital expenditures totaled $722 million, within our 2025 guidance range of $625 million to $775 million and consisted of capital largely associated with the construction of both North Loving Train 1 and 2 and a pathfinder produced water pipeline and associated systems and other expansion projects to support the growing needs of our customers, primarily in the Delaware Basin and in our other core operating basins, but to a lesser extent.

我們的資本支出總額為 7.22 億美元，在我們 2025 年 6.25 億美元至 7.75 億美元的指導範圍內，其中包括與 North Loving Train 1 和 2 的建設以及探路者生產水管道和相關係統以及其他擴建項目相關的資本，以滿足我們客戶日益輕增長的需求，主要是在特拉華州和相關係統以及其他擴建項目相關的資本，以滿足我們客戶日益輕鬆增長的需求，我們主要在盆地，但我們主要在營運核心。

We also generated free cash flow that totaled $1.53 billion in 2025, exceeding the high end of our guidance range of $1.275 billion to $1.475 billion. This was primarily driven by our strong adjusted EBITDA performance, diligent working capital management and capital expenditures coming closer to the midpoint of the guidance range, less than our most recent expectations from the third quarter.

2025 年，我們也產生了總計 15.3 億美元的自由現金流，超過了我們先前預測的 12.75 億美元至 14.75 億美元的上限。這主要得益於我們強勁的調整後 EBITDA 表現、勤勉的營運資本管理以及接近指導範圍中點的資本支出，低於我們第三季度的最新預期。

Finally, WES declared distributions that totaled $3.64 per unit for 2025, including our recent fourth quarter distribution of $0.91 per unit. Distributions paid within calendar year 2025 were in line with our full year distribution guidance of $3.61 per unit.

最後，WES 宣布 2025 年每單位分紅總額為 3.64 美元，其中包括我們最近第四季每單位 0.91 美元的分紅。2025 年日曆年內支付的股息符合我們全年每單位 3.61 美元的股息指引。

Turning to our 2026 financial guidance and taking producer forecast into account, we expect our adjusted EBITDA to range between $2.5 billion to $2.7 billion for the year, implying a midpoint of $2.6 billion, which represents growth of approximately 5% year-on-year at the midpoint. We expect that the Delaware Basin will remain the primary driver of throughput growth, especially considering a full year's contribution from the Aris acquisition and will help offset expected throughput declines in the DJ and Powder Basin.

展望 2026 年財務預期，並考慮到生產商的預測，我們預計當年的調整後 EBITDA 將在 25 億美元至 27 億美元之間，這意味著中位數為 26 億美元，按中位數計算，年成長約 5%。我們預計特拉華盆地仍將是吞吐量成長的主要驅動力，特別是考慮到 Aris 收購帶來的全年貢獻，並將有助於抵消 DJ 盆地和 Powder 盆地預計的吞吐量下降。

Our range also includes continued cost reduction initiatives and first quarter winter storm impacts of approximately $10 million to $20 million. We now expect our 2026 capital expenditures to range between $850 million and $1 billion, implying a midpoint of $925 million, which is significantly less than our previous estimate from the third quarter of at least billion.

我們的產品範圍還包括持續的成本削減措施，以及第一季冬季風暴造成的約 1,000 萬至 2,000 萬美元的影響。我們現在預計 2026 年的資本支出將在 8.5 億美元至 10 億美元之間，這意味著中位數為 9.25 億美元，遠低於我們第三季至少 10 億美元的估計。

Due to the shift in commodity price environment and recent changes in producers' forecasts, we have remained disciplined and reduced our expansion-oriented capital expectations for the year. Approximately half of our expected 2026 capital program is directed towards the construction of the Pathfinder produced water pipeline and associated systems and North Loving 2, both of which are still expected to come online in the first and second quarters of 2027, respectively. Our actions also demonstrate our ability to materially reduce the remainder of our expansion-oriented capital expenditure program when needed, thereby limiting the impact on free cash flow.

由於大宗商品價格環境的變化以及生產商預測的近期變化，我們保持了審慎的態度，並降低了今年以擴張為導向的資本預期。我們預計 2026 年資本計畫的大約一半將用於建造 Pathfinder 生產水管道及相關係統和 North Loving 2，這兩個項目預計仍將分別於 2027 年第一季和第二季投入營運。我們的行動也表明，我們有能力在必要時大幅削減剩餘的擴張性資本支出計劃，從而限制對自由現金流的影響。

As we enter a year with elevated expansion capital spending, we are also providing distributable cash flow or DCF guidance, which we expect will range between $1.85 billion to $2.05 billion in 2026, implying a midpoint of $1.95 billion. On a per unit base, we expect DCF to range between $4.59 and $5.08 per unit.

隨著我們進入一個擴張資本支出增加的年份，我們也提供了可分配現金流量或 DCF 指引，我們預計 2026 年的 DCF 將在 18.5 億美元至 20.5 億美元之間，這意味著中間值為 19.5 億美元。以單位計算，我們預計 DCF 價格將在每單位 4.59 美元至 5.08 美元之間。

While we continue to believe that free cash flow is a meaningful indicator of the partnership's financial strength, DCF also provides investors with an additional measure of our capacity to fund the distribution and a substantial portion of our expansion capital program. such, we will continue to provide both metrics going forward, and we estimate that our 2026 free cash flow will range between $900 million and $1.1 billion, implying a midpoint of $1 billion.

我們仍然認為自由現金流是衡量合夥企業財務實力的重要指標，但現金流折現法（DCF）也為投資者提供了衡量我們為分紅和大部分擴張資本計劃提供資金能力的額外指標。因此，我們將繼續提供這兩個指標，並預計2026年自由現金流將在9億美元至11億美元之間，中位數為10億美元。

Turning to the distribution. We intend to recommend a distribution increase $0.02 per unit starting with our first quarter distribution to be paid in May. And as such, we are guiding to a full year distribution of at least $3.70 per unit which includes distributions to be paid within calendar year 2026. This represents an approximate 3% increase compared to our prior year annual distribution of at least $3.61 per unit and the distribution increase will equate to approximately $3.72 on an annualized basis.

接下來討論分佈情形。我們計劃建議從 5 月支付的第一季分紅開始，每單位分紅增加 0.02 美元。因此，我們預計全年每單位分紅至少為 3.70 美元，其中包括 2026 年日曆年內支付的分紅。這比我們上一年每單位至少 3.61 美元的年度分紅增加了約 3%，按年計算，分紅增加額將達到約 3.72 美元。

Going forward, we will continue to target mid- to low single-digit annual percentage adjusted EBITDA growth but will most likely pursue a rate of growth slightly less for the distribution in order to increase distribution coverage naturally over time.

展望未來，我們將繼續以中低個位數百分比的年度調整後 EBITDA 成長為目標，但很可能會降低分紅的成長率，以便隨著時間的推移自然地提高分紅覆蓋率。

With that, I will now turn the call over to Oscar for closing comments.

接下來，我會把電話交給奧斯卡，請他做總結發言。

Thanks, Kristen. In closing, our 2025 achievements, which included organic growth, accretive M&A, meaningful efficiency gains and cost reductions and constructive contract renegotiations, all strengthened our operating leverage and reinforce the durability of our business.

謝謝你，克里斯汀。最後，我們2025年的成就，包括有機成長、增值併購、顯著的效率提升和成本降低以及建設性的合約重新談判，都增強了我們的經營槓桿，並鞏固了我們業務的持久性。

Our performance reflects the strength and resilience of our diversified asset base, the dedication of our teams the execution of our strategic growth plan and our commitment to disciplined capital allocation and operational excellence. Despite near-term activity shifts, our long-term strategy of mid- to low single-digit growth remains firmly intact supported by producers' development plans and the depth of undrilled inventory acreage that we service.

我們的績效反映了我們多元化資產基礎的實力和韌性、我們團隊的奉獻精神、我們策略成長計畫的執行以及我們對嚴格的資本配置和卓越營運的承諾。儘管短期內市場活動有所變化，但我們長期維持中低個位數成長的策略仍然穩固，這得益於生產商的發展計劃以及我們所服務的未鑽探庫存面積的深度。

In short, our strategy hasn't changed. The Aris acquisition will meaningfully contribute to 2026 results. Oyou're reduced cost structure will inure to our benefit. Our balance sheet remains a source of strength and issuing equity for a portion of the Aris consideration preserve the flexibility needed to continue pursuing accretive opportunities and creative commercial solutions.

簡而言之，我們的策略沒有改變。收購 Aris 將對 2026 年的業績做出重大貢獻。你們降低成本結構將使我們受益。我們的資產負債表仍然是實力的源泉，發行股票作為收購 Aris 的一部分對價，可以保持必要的靈活性，繼續尋求增值機會和創造性的商業解決方案。

With an expanded footprint in New Mexico, we now service some of the most economically attractive acreage in the Delaware Basin, and we will continue to see this base and grow within our portfolio while the DJ Basin continues to generate strong free cash flow.

隨著我們在新墨西哥州的業務範圍擴大，我們現在服務於特拉華盆地一些最具經濟吸引力的土地，隨著DJ盆地繼續產生強勁的自由現金流，我們將繼續鞏固這一基礎並在我們的投資組合中發展壯大。

Additionally, as natural gas demand rises, particularly to meet growing power generation and LNG demand, we expect to call on natural gas production from basins beyond the Permian and Haynesville which should result in increased capital allocation and throughput growth in the Powder River Basin in the years ahead, WES's leading position as the number one gathering processor in the basin in combination with a large (inaudible) of undrilled locations all provide a strong foundation for future throughput growth and success. Combined with the progress we have made on cost reductions, WES is a leaner, more resilient organization and is well positioned to capture operational leverage as activity recovers.

此外，隨著天然氣需求的成長，特別是為了滿足不斷增長的發電和液化天然氣需求，我們預計將從二疊紀盆地和海恩斯維爾盆地以外的盆地開採天然氣，這將導致未來幾年粉河盆地資本配置增加和吞吐量成長。 WES 作為該盆地最大的天然氣收集處理商的領先地位，加上大量（聽不清楚）未鑽探的地點，所有這些都為未來的吞吐量成長和成功奠定了堅實的基礎。結合我們在降低成本方面取得的進展，WES 已成為一個更精簡、更有韌性的組織，並已做好充分準備，在業務活動恢復時抓住營運優勢。

With that said, I am confident in our ability to deliver sustainable value for our stakeholders over time, and I look forward to another year of growth and operational success. I would also like to thank the entire WES workforce for all their continued hard work and dedication to our partnership, which enabled us to achieve landmark accomplishments in 2025. I look forward to seeing what we can achieve in 2026 and updating our stakeholders on our progress toward our goals on our first quarter call in May.

儘管如此，我對我們有能力長期為利害關係人創造永續價值充滿信心，並期待新的一年能夠繼續成長並取得營運成功。我還要感謝 WES 全體員工的持續努力和對我們合作關係的奉獻，正是他們的努力和奉獻，才使我們能夠在 2025 年取得里程碑式的成就。我期待看到我們在 2026 年能夠取得的成就，並將在 5 月的第一季電話會議上向利害關係人匯報我們實現目標的進展。

With that, we will open the line for questions.

接下來，我們將開放提問通道。

(Operator Instructions)

（操作說明）

Gabe Moreen, Mizuho.

加布·莫林，瑞穗。

Just had a quick question, I guess, in terms of in light of the cost of service restructurings before into water, your balance sheet and where it stands right now, just how you're thinking about M&A and inorganic growth as it stands currently?

我有個小問題，考慮到之前進行水務業務重組的成本，以及貴公司目前的資產負債表狀況，您目前是如何看待併購和非內生成長的？

Thanks, Gabe. That's a stocking question but I appreciate the query. So I guess, number one, nothing's changed. As I said in the prepared remarks, our strategy is unchanged and that goes for the way we think about M&A. So again, our capital deployment strategy is clear and it's tight.

謝謝你，蓋布。這是一個關於庫存管理的問題，但我很感謝你的提問。所以我覺得，第一，一切都沒有改變。正如我在準備好的演講稿中所說，我們的策略沒有改變，我們對併購的看法也是如此。所以，我們的資本部署策略很明確，而且非常嚴謹。

We only deploy capital, whether it's organic or inorganic to sustain or grow the distribution. We have demonstrated that discipline clearly last year. It is unchanged going forward. So I'm a little annoyed that people seem to be questioning that a little bit by virtue of what's happening in the marketplace.

我們只將資金（無論是有機成長或無機成長）投入維持或擴大分銷管道的用途。去年我們已經充分展現了這種紀律。未來不會有任何改變。所以，鑑於目前市場上的情況，人們似乎對此有所質疑，這讓我有點惱火。

But second, the way we think about M&A again is really our preference is bolt-on M&A where we have opportunities for synergies. So fits with our assets, our geographies. We have some way a reason and competency for owning the asset. So that's unchanged. We -- and especially as a relatively new CEO, I guess, some kind of popular.

但其次，我們對併購的看法是，我們更傾向於進行附加型併購，這樣我們就有機會實現協同效應。所以這與我們的資產和地理位置非常契合。我們有理由也有能力擁有這項資產。所以這一點沒有改變。我們——尤其是作為一位相對較新的首席執行官，我想，這在某種程度上很受歡迎。

I've met every CEO, private and public in this space. I'm pretty sure I haven't missed anybody. Somebody wants to buy me coffee and tell their story. They're welcome to do it. We'll listen, so we have an obvious strategy in terms of how we intend to grow the business.

我見過這個領域所有公司的首席執行官，包括私人企業和上市公司的。我幾乎可以肯定我沒有漏掉任何人。有人想請我喝咖啡，然後跟我講他們的故事。歡迎他們這樣做。我們會認真聽取意見，這樣我們才能製定出明確的業務成長策略。

I hope you'll agree with the Aris acquisition, we did it in a very disciplined fashion. We took a little brief for issuing equity in that transaction given it was a bolt-on. But if you look at the big picture of the last 16 months, I hope you can see it all came together. We were able to claw back 15.3 million units of the 26.6 million we issued. Based on the ARRIS transaction relative to the contract renegotiations, it gave us that flexibility. And so we'll continue to execute.

我希望您能同意我們對 Aris 的收購，我們是以非常嚴謹的方式完成的。鑑於這是一筆附加交易，我們只做了少量股權發行的準備。但如果你縱觀過去16個月的大局，我希望你能看到一切都朝著好的方向發展了。我們收回了已發行的 2,660 萬股中的 1,530 萬股。根據 ARRIS 交易中關於合約重新談判的內容，這給了我們這種靈活性。因此，我們將繼續執行。

If you step back a year, I'd also say we were super clear on updating and clarifying our strategy and providing for the first time long-term guidance on our growth. We were not NVIDIA. So we're not growing at great rates. We're just trying to post up 5% every year plus or minus over the long term. And I think, hopefully, you can see from how we're setting up 2026, despite a few headwinds from some customers in terms of their drilling outlets this year and so forth. But the model holds we'll be able to deliver something like that again this year. And then with our organic projects in terms of Pathfinder and North Loving 2, we're setting up for a very strong 2027.

如果回顧一年前，我也會說，我們當時非常明確地更新和澄清了我們的策略，並首次提供了關於我們成長的長期指導。我們不是英偉達。所以我們的成長速度並不快。我們只是想在長期內每年實現 5% 左右的成長。我希望，從我們對 2026 年的規劃中，大家能夠看出，儘管今年一些客戶在鑽井出口等方面遇到了一些不利因素。但根據這種模式，我們今年能夠再次交付類似的產品。此外，憑藉我們的 Pathfinder 和 North Loving 2 等有機項目，我們正在為 2027 年的強勁發展奠定基礎。

The final comment I'll make on all of this is when you look at how we were setting up for sort of giving you the visibility of sort of that consistent growth rate over time, the two big organic projects sets up '27 pretty nicely. Aris really gave us at least a two, three-year pretty clear visibility runway of supporting that growth as we believe the water part of the business is going to grow faster than gas. Gas will probably go faster than oil, et cetera. So we've got a pretty good runway. So there's nothing that we need to do to change our strategy in terms of how we deploy capital, and we're going to consistently continue to be disciplined about it.

最後我想說的是，當我們審視我們是如何為實現這種持續的成長率而進行的準備時，就會發現這兩個大型有機計畫為 2027 年奠定了良好的基礎。Aris 確實為我們提供了至少兩到三年的相當清晰的成長前景，因為我們相信水務業務的成長速度將超過天然氣業務。天然氣價格可能會比石油價格上漲得更快，等等。所以我們目前的狀況相當不錯。因此，我們在資本部署策略方面無需做出任何改變，我們將繼續保持嚴謹的態度。

And my final comment is we're not going to take this call to be the opportunity to start participating in the selling us of the rumor mill. So I hope that helps. But happy to answer any questions in terms of anything specific about a shift in how we look at the world on the M&A market in general.

最後我想說的是，我們不會利用這次通話的機會，參與謠言的傳播。希望這能有所幫助。但我很樂意回答任何關於我們看待併購市場整體方式轉變的具體問題。

Very comprehensive. And maybe if I can just pivot to two follow-ups around, one is Waha. I think you mentioned sort of trying to ameliorate some of the negative pricing impacts. Can you maybe just elaborate a little bit more? And would that also imply down the line that maybe you feel WES needs to participate in some of the egress solutions coming out of the basins for commercial reasons.

非常全面。或許我可以稍微調整一下，談談接下來的兩件事，其中一件是 Waha。我想你有提到要盡量減輕一些負面的價格影響。能再詳細解釋一下嗎？那是否也意味著，從長遠來看，您認為 WES 需要出於商業原因參與一些盆地出口解決方案？

And then just wondering if I can get an update in terms of further commercialization on Pathfinder with additional third-party interest.

另外，我想了解Pathfinder在進一步商業化以及是否有更多第三方對此感興趣方面的最新進展。

Yes. No, that's (inaudible). Thanks, Gabe. Yes. On the Waha situation, again, I think we're aligned with the market and believing that the egress is coming in the second half and then beyond, should help immensely with sort of at least dampen down some of the volatility of Waha pricing.

是的。不，那是（聽不清楚）謝謝你，蓋布。是的。關於 Waha 的情況，我認為我們與市場觀點一致，相信出口將在下半年及以後逐步恢復，這應該會極大地幫助緩解 Waha 價格的波動。

Again, the majority of our customers, we tend to serve very large and often public integrated oil types and large independents. Most of those folks have found solutions along the way in either bypassing or getting exposure to other pricing hubs, et cetera. So we do have some other companies that do have a direct Waha exposure, and that's where you've seen some of the production sort of the shut-ins and the volatility. We do think -- the Waha solution, if this is it, in the second half is going to be great for everybody in the basin. I think you just tap on uncertainty whether you have exposure there or not.

再次強調，我們的客戶大多是規模龐大的上市綜合石油公司和大型獨立石油公司。大多數人都透過各種途徑找到了解決方案，例如繞過其他定價中心或接觸其他定價中心等等。所以，我們還有一些其他公司直接投資了 Waha 油田，因此你們也看到了一些生產中斷和波動的情況。我們認為——如果這是瓦哈盆地的解決方案，那麼在下半年，這對盆地裡的每個人都會有好處。我認為你只需利用不確定性來判斷你是否在那裡有投資機會。

And then in terms of what we're doing, we've been working with those customers that still have significant exposure coming up with sort of commercial solutions where we can help them commit to downstream solutions where they might not be comforting it themselves if we can aggregate their situation or bundle of services or the right number of customers that WES is willing to sort of support them in commitments in aggregate that maybe they can't do on the road. So we're working on those kind of solutions to help our customers in a near term and ensure whether the egress is enough over the next five years, that there's backup plans related to that for our customers.

至於我們正在做的事情，我們一直在與那些仍然面臨重大風險的客戶合作，提出一些商業解決方案，幫助他們承諾下游解決方案，如果他們自己無法安心的話。如果我們能夠整合他們的情況或服務組合，或者足夠多的客戶，WES 就願意以某種方式支持他們做出他們可能無法單獨完成的承諾。因此，我們正在研究這類解決方案，以便在短期內幫助我們的客戶，並確保在未來五年內出口是否足夠，並為我們的客戶制定相關的備用計劃。

With respect to Pathfinder. Yes, it's been interesting, right? I think we had a little bit of post Aris, our customers and the conversations we've been having kind of changed a little bit because we just have a much larger footprint and now the complete full array of solutions to what you want to do with your water, whether it's recycling or long-haul transport disposal, whatever. And then in the longer run, right, we're a leader in solving the sort of water treatment and desalinization beneficial use opportunity, which is going to be massive, we think, in the coming years. So that all kind of that dynamic kind of changed the conversation.

關於探路者。是啊，挺有意思的，對吧？我認為在收購 Aris 之後，我們的客戶以及我們進行的對話發生了一些變化，因為我們的業務範圍更大了，現在我們可以提供全方位的解決方案，滿足您對水的各種需求，無論是回收還是長途運輸處理等等。從長遠來看，我們處於領先地位，致力於解決水處理和海水淡化帶來的有益利用機遇，我們認為，未來幾年這一機遇將非常巨大。所以，這種動態變化改變了談話的走向。

And then when you add in Pathfinder, which is the first long haul to beat, which will be the first one to be completed, the dynamic changed. I think what we're seeing here recently is significant take-up in interest in both more integrated solutions, depending on where you are in sort of New Mexico and Texas that may or may not include a long-haul piece of the solution where producers want sort of the water to go is becoming specific, where they want it to dispose of, and we can sort of provide that visibility.

然後，當「探路者」加入進來時，情況就改變了。 「探路者」是第一個需要征服的長途跋涉，也是第一個需要完成的長途跋涉。我認為我們最近看到的是，人們對更全面的解決方案表現出了濃厚的興趣，這取決於你所在的地區，例如新墨西哥州和德克薩斯州，這些解決方案可能包含也可能不包含長途運輸部分，生產者希望水流向何處變得越來越具體，他們希望在哪裡處置水，而我們可以提供這種可視性。

And then ultimately just straight of commitments to the pipe whether its customers or even some of our peers (inaudible) from a capital perspective with the sort of commercial-related transaction that we did late last year, which gave us better access to some of the land opportunities and (inaudible) the opportunities. It allowed us to sort of adjust sort of the path of Pathfinder and optimize some of our well costs related to that. So the cost of Pathfinder is coming down meaningfully. So even with the MVCs we already have in place, we see the returns on that project going up. But indeed, we're seeing a lot more interest in that pipe than that even the last couple of months.

然後最終，無論是對管道的承諾，還是對客戶的承諾，甚至是從資本角度來看的一些同行（聽不清楚），就像我們去年底進行的商業相關交易一樣，這讓我們更好地獲得了一些土地機會和（聽不清楚）機會。這使我們能夠調整探路者的路徑，並優化與此相關的一些油井成本。因此，Pathfinder 的成本正在顯著下降。所以即使我們已經有了 MVC，我們也看到該專案的回報正在上升。但事實上，在過去的幾個月裡，我們看到人們對那條管道的興趣比以前高得多。

Jeremy Tonet, J.P. Morgan.

傑里米·託內特，摩根大通。

Just wanted to dive into the water side, maybe a little bit more, but I was wondering, you talked about for the business low to mid-single-digit EBITDA growth. But if you parse out the water side, what would that look like?

我只是想深入了解水務方面，也許可以更深入一些，但我很好奇，您之前提到過該業務的 EBITDA 增長率為個位數中低水平。但如果把水的部分單獨分析出來，那會是什麼樣子呢？

Probably the lower end, right? So in terms of the -- like that part of the business, long-term growth, I mean, we're going to closely follow just general basin growth given our size and our footprint and we're kind of in the core areas. So barring any sort of producer-specific movement, I would think the long-term growth we sort of combined gas and oil assets as a couple (inaudible) sort of on average over time. We're going to have cyclicality and all that related to it.

可能是低階產品吧？所以就業務的這一部分，也就是長期成長而言，我的意思是，鑑於我們的規模和業務範圍，我們將密切關注整個盆地的成長，而且我們正處於核心區域。因此，除非出現任何生產商特定的變動，否則我認為，從長遠來看，我們將天然氣和石油資產合併為一對（聽不清楚）平均而言，隨著時間的推移，成長會比較緩慢。我們將面臨週期性變化以及與之相關的一切。

Again, gas will be higher than oil. But we do believe water for at least the next several years, it's going to have a higher growth rate than both those businesses. The wildcard, of course, I think what you're seeing in the general (inaudible) of the market for infrastructure in the last few weeks is sort of the realization that the gas sold demand is going to be real. And so that may change the dynamic, especially as we have sort of solutions for Waha and things like that. So if gas demand really does pick up meaningfully, there would be a producer of response so you might see gas do a little better than even we think in that sort of blended hydrocarbon throughput growth rate.

天然氣價格將再次高於石油價格。但我們相信，至少在未來幾年內，水務業的成長率將高於這兩個產業。當然，最大的變數在於，我認為在過去幾周里，基礎設施市場整體（聽不清楚）的某種程度上意識到，天然氣銷售需求將是真實存在的。因此，這可能會改變局勢，尤其是我們有了 Waha 等問題的解決方案。因此，如果天然氣需求真的大幅成長，生產商就會做出反應，所以你可能會看到天然氣在混合烴類吞吐量成長率方面表現得比我們預想的還要好一些。

But water will follow that along as well because you're going to get lots of water with that production too. I don't know if that's your question, but I hope it helps.

但水也會隨之而來，因為生產過程中也會產生大量的水。我不知道這是否是你想要的問題，但我希望這能有所幫助。

That is helpful. And just pivoting here looking at the industry as a whole, we've seen a lot of midstream consolidation over the years here. And I was just wondering, how do you feel WES Sackstop given a lot of competitors have significant scale at this point? Would would it make sense for WES to scale up more to be -- to compete more effectively with larger players? Or do you feel like you're at a good size.

那很有幫助。換個角度來看整個產業，這些年來我們看到了許多中游產業的整合。我只是想知道，鑑於目前許多競爭對手都擁有相當大的規模，您對 WES Sackstop 有什麼看法？WES是否應該擴大規模，以便更有效地與規模更大的公司競爭？或是你覺得自己身材很適合嗎？

No, I think look, I think we're at excited we can always grow. Given the consolidations on our customers, right? And then the consolidation in the midstream space, scale is going to continue to matter. I mean one reason we're going to continue to be the leader, for example, in the water businesses where in order of magnitude 10x the size of our next meaningful competitor as an enterprise in the business, and it allows us to go after projects that would strain their systems in terms of size that they can't compete with. So there's an analogy across the streams that we compete in, in that. So scale matters for sure.

不，我覺得，我們很興奮，因為我們總是能不斷成長。考慮到我們客戶的整合情況，對吧？然後，在中游領域，規模將繼續發揮重要作用，產業整合也將隨之而來。我的意思是，我們之所以能夠繼續保持領先地位，例如在水務行業，我們的企業規模是下一個真正意義上的競爭對手的十倍，這使我們能夠承接那些規模龐大、令他們的系統不堪重負、他們無法與之競爭的項目。所以，在我們競爭的各個領域之間存在著某種相似之處。所以規模肯定很重要。

And I think in price value, it's not we're not going to get bigger just to get bigger. We're going to continue to execute sort of the strategy that we've laid out in terms of our growth. I think where we're constrained, we don't compete. We're a G&P company, so we're not competing in long-haul pipe and the like. So if you think about the kinds of projects that fall naturally in our wheelhouse in terms of gathering systems, new compression gas processing plants.

我認為就價格價值而言，我們不會為了擴大規模而擴大規模。我們將繼續執行我們所製定的成長策略。我認為，在受到限制的情況下，我們不應該競爭。我們是天然氣和石油公司，所以我們不參與長途管道等業務的競爭。因此，想想看，在集氣系統、新建壓縮氣體處理廠這類專案中，哪些專案自然而然地屬於我們的強項。

Hopefully, we expand more to the business of CO2, a lot of solution on power at some point, et cetera, beneficial reuse. Even all those projects that will sort of drive our growth just in what is in our competency today are all absolutely manageable at our current size North Loving 2 is a great example, right?

希望我們能進一步拓展二氧化碳業務，在某個時候提供許多電力解決方案等等，以及有益的再利用。即使是那些能夠推動我們發展的項目，只要在我們目前的能力範圍內，都是我們完全可以管理的。 North Loving 2 就是一個很好的例子，對吧？

We told everybody last summer that we were leaning in a little bit on that plant. We weren't doing our usual way to build up a portfolio plant size portfolio of offloads then sanction a plant and take 18 months to build it, et cetera, that we had enough view of our customers and sort of our processing stack that we could go ahead and start building that plant. And if we were on-time grade if we're a little early, find a $200 million or $300 million project, which is what most of our projects are in the launch. Even on the water side, the $25 billion enterprise can probably handle if we're a quarter or two early on some of those.

去年夏天我們就告訴大家，我們會稍微加強對那家工廠的投資。我們沒有像往常一樣，先建立一個規模龐大的卸貨設施組合，然後批准建廠，再花 18 個月的時間去建設等等，這樣我們就對我們的客戶和我們的加工流程有了足夠的了解，可以著手建設那個工廠了。如果我們按時完成，或者稍微提前一點，那就尋找一個價值 2 億美元或 3 億美元的項目，這正是我們大多數啟動項目的價值。即使在水利工程方面，這項耗資 250 億美元的工程也應該能夠應對，即便我們提前一兩個季度完成某些項目。

Keith Stanley, Wolfe Research.

Keith Stanley，Wolfe Research。

First question, now that you've modified the Permian G&P cost of service contract with Oxy. Are there other contracts that you're interested in amending at all in the near term? Or is that not a priority at this point?

第一個問題，既然您已經修改了與西方石油公司簽訂的二疊紀 G&P 服務成本合約。近期內您是否還有其他合約需要修改？或者說，這在目前階段並不是優先事項？

Yes. In terms of -- well, one, we don't have any left. As you recall, something like 8% or 9% of our revenues post that restructuring, our cost of service contracts. So it's pretty small. Ironically, right, the cost of service revenue recognition, noncash adjustment we had this year, $225 million to $29.5 million.

是的。就——嗯，第一，我們已經沒有剩餘的了。您應該還記得，在那次重組之後，我們收入的 8% 或 9% 左右都用於支付服務合約成本。所以它很小。諷刺的是，今年服務收入確認成本的非現金調整從 2.25 億美元降至 2,950 萬美元。

When you compare that to $3.8 billion of revenues, it's about proportional sadly. So I think it would be nice that if those were simplified if we could stand in an economic way. But given it's pretty small now and there was a lot of effort, as you can imagine, for all parties involved. It's not necessarily something that is high on the priority list. Then again, everybody likes to do forecast the last dollar, but these things are pretty small in the grand scheme, and they certainly don't impact sort of the important stuff. So a little bit low on the list.

與 38 億美元的營收相比，令人遺憾的是，兩者比例大致相符。所以我覺得，如果這些能夠簡化，我們就能以經濟的方式站穩腳步，那就太好了。但考慮到它現在規模很小，而且正如你所能想像的那樣，所有相關方都付出了很多努力。這並非當務之急。話雖如此，每個人都喜歡預測最後一美元，但這些事情從宏觀角度來看微不足道，而且它們肯定不會對重要的事情產生影響。所以排名稍微靠後一些。

Got it. And then I wanted to follow up on distribution coverage. So strategic recontracting with Oxy cleaned up contracts and dealt with an overhang but came with an upfront cash flow headwind. And now you're in a bit of a down cycle this year. So how are you thinking about distribution coverage right now? And how would you kind of characterize some of the levers you can use to improve upon your distribution coverage over time?

知道了。然後我想跟進一下分銷情況。因此，與西方石油公司進行策略性重新簽約清理了合約並解決了懸而未決的問題，但卻帶來了前期現金流方面的阻力。而今年你正處於一段略微下行的時期。那麼，您目前對分銷覆蓋率有何看法？那麼，您認為有哪些方法可以隨著時間的推移來提高分銷覆蓋率呢？

Yes. No, it's a good point. So I mean we've talked about distribution coverage now for more than a year in terms of our plan to sort of grow our distribution a bit behind our EBITDA growth in particular. So I think the outlook that we're going to recommend to the Board the go-forward outlook with the $0.08 increase, kind of nailed it in a way, right? So we're expecting 5% EBITDA growth this year.

是的。沒錯，你說得對。我的意思是，一年多來，我們一直在討論分紅覆蓋率的問題，尤其是在我們的計劃中，我們希望分紅增長速度能夠略微落後於 EBITDA 的增長速度。所以我認為，我們將向董事會建議的未來展望，加上每股 0.08 美元的成長，在某種程度上算是恰到好處，對吧？因此，我們預計今年的 EBITDA 將成長 5%。

On a go-forward basis, sort of run rate to a run rate, it's a bit over a 2% increase. So we got 300 basis points of spread. Normally, we probably wouldn't have that much spread necessarily, but as you say, it's a bit of an uncertain market.

從未來來看，以運行率計算，成長幅度略高於 2%。因此，我們得到了 300 個基點的價差。通常情況下，我們可能不會有這麼大的價差，但正如你所說，現在的市場有點不確定。

But I think that all of this sort of kind of proves the model works, taken holistically, right? So growth was a little bit lighter than we thought. So our distribution growth, we pulled that back a little bit. We have low leverage. We're in good shape and a lot of confidence for the future so we can continue that forward.

但我認為，從整體上看，所有這些都證明了該模型是有效的，對吧？所以成長速度比我們預想的要慢一些。因此，我們稍微放緩了分銷成長速度。我們的槓桿率很低。我們目前狀況良好，對未來充滿信心，所以我們可以繼續保持這種勢頭。

But we also, as you noted in your note, we pulled back in response to sort of the activity we pulled back a bit on our capital where we're originally guiding for in excess or at least $1.1 billion. We're now at the midpoint of $925 million. And so it just underscores the flexibility of the model. So again, we're -- the levers you have, of course, are how you're deploying capital, CapEx, et cetera, our success or not on the commercial side in terms of organic growth?

但正如你在報告中提到的，我們也做出了相應的調整，以應對當前的活動，我們稍微縮減了資本規模，而我們最初的預期是超過或至少 11 億美元。我們現在處於9.25億美元的中間值。因此，這恰恰凸顯了此模型的彈性。所以，我們再次強調──當然，我們所擁有的槓桿就是你如何部署資本、資本支出等等，以及我們在商業方面（就有機成長而言）的成功與否？

And then if you can supplement that with other kind of growth in organic or otherwise that again, can build up the distribution coverage, which is sustaining the distribution or even better grow the distribution, then we'll do that. So everything we did in 2025 set us up for a resilient model kind of going forward and really sort of was an attempt to give you the visibility that while we might hit a speed bump here and there, that we should be able to deliver this on average sort of kind of mid-single-digit growth rate.

然後，如果你能透過有機成長或其他方式來補充成長，從而擴大分銷覆蓋範圍，維持分銷，甚至擴大分銷，那麼我們就會這樣做。因此，我們在 2025 年所做的一切都是為了建立一個具有韌性的未來發展模式，實際上也是為了讓您看到，儘管我們可能會遇到一些小挫折，但我們應該能夠實現平均個位數的中等增長率。

(Operator Instructions)

（操作說明）

Wade Suki, Capital One.

Wade Suki，Capital One。

Just wondering if you might be able to comment on sort of the (inaudible) price backdrop here, obviously, but it's set in a lower price environment than where they are today. So maybe if you could help walk us through how that dynamic might play out this year? Do you want to parse it out by basin or operator type, that would be great.

我只是想知道您是否可以就這裡（聽不清楚）的價格背景發表一些看法，顯然，它的價格環境比他們現在的價格環境要低。所以，您能否幫我們分析一下今年這種動態可能會如何發展？你想按流域或操作員類型進行解析嗎？那就太好了。

Maybe I'll let Kristen just sort of reemphasize some of the base outlook in general, but I'd say I agree, right? The budget we've built in responding to are based on customer forecasts that we've got over the last many weeks, it does feel strange because it does feel like at least sentiment at the moment, we're bullish on that. So there could be upside. But if you want to walk through sort of the base in terms of.

也許我會讓克莉絲汀再強調一些基本觀點，但我同意她的看法，對吧？我們根據過去幾週收到的客戶預測所製定的預算來應對市場變化，這感覺很奇怪，因為至少目前市場情緒看起來是樂觀的。所以也可能有上漲空間。但如果你想從某種意義上了解一下基地的情況。

Yes. So when you kind of go basin by basin, PRB is obviously your most commodity price-sensitive basin. We talked in the script about thinking about a natural gas decline there from 10% to 15%. I think some of that just depends on if you see a little bit of a tick up in commodity is, maybe you get a little bit more activity on that acreage, but you'd really see throughput coming in, in the back half or the back even quarter of the year, if that's the case. So DJ Basin, we talked about in the scripts, the decrease there.

是的。所以，當你逐個盆地來看時，PRB 顯然是對商品價格最敏感的盆地。我們在劇本中討論過，考慮那裡的天然氣產量下降 10% 到 15%。我認為這部分取決於商品價格是否略有上漲，如果上漲的話，也許那片土地上的活動會稍微多一些，但如果真是那樣的話，你才會真正看到產量增加，可能要等到下半年或者下半年才會出現。所以 DJ Basin，我們在劇本裡談到了那裡的下降。

I think the wildcard in the DJ is as we've discussed previously, Oxy moving into their Bronco cap area. That's a new area for them. And so whether or not actuals look like their expectation, that's what we're using in our forecasting is their expectations of that area. And so we'll just have to see how that plays out. .

我認為 DJ 陣容中的變數正如我們之前討論過的，Oxy 進入了 Bronco 的薪資空間區域。對他們來說，這是一個全新的領域。因此，無論實際情況是否符合他們的預期，我們在預測時所使用的都是他們對該領域的預期。所以，我們只能拭目以待了。。

In the Delaware Basin, specifically, as we mentioned in the prepared remarks, we've got some producers that are just more Waha price sensitive. And so even if you see an uptick in oil it will really depend on what's going on at Waha and whether or not they curtail volumes not if they push activity more and the privates are really the more wildcard in the Delaware Basin just because they can accelerate or pull back on capital more quickly. So I hope that helps.

具體來說，正如我們在準備好的演講稿中所提到的，特拉華盆地的一些生產商對瓦哈油田的價格更加敏感。因此，即使石油價格上漲，也取決於瓦哈油田的情況，以及他們是否減少產量，而不是增加生產力。私人企業在特拉華盆地才是真正的變數，因為他們可以更快地增加或減少資本投入。希望這能有所幫助。

No, that's great. Thanks so much, Kristen. Oscar, you made a couple of comments, I think you tagged a couple of questions ago, maybe in Jeremy's question. But I heard you say something about expanding more into CO2. And I think I heard you also say you will have a solution for Power at some point. I'm wondering if you could maybe elaborate on those two comments, if you don't mind.

不，那太好了。非常感謝你，克里斯汀。奧斯卡，你發表了一些評論，我想你之前在幾個問題中提到過，可能是在傑里米的問題中。但我聽你說過要進一步拓展二氧化碳業務。而且我好像還聽到您說過，您遲早會找到解決電力問題的方案。如果您不介意的話，能否詳細解釋一下這兩則評論？

So a year ago, we set up a new ventures group to make sure we were thinking very long term. So we're trying to make sure, as we talk about addressing the near term, the next several years, in terms of visibility on the growth rate, but recognize the oil and gas business is pretty dynamic. And so we think water is a core piece of that for obvious reasons. We want to make sure we weren't missing other opportunities. So we've definitely been exploring, trying to understand the opportunity set around unconventional EOR if that is something that turns into the kind of the next big thing for shale, so to speak, over the next however many years, are we well positioned to help support and build out that infrastructure.

所以一年前，我們成立了一個新的創投小組，以確保我們著眼於長遠發展。因此，我們在討論近期和未來幾年的成長率時，力求確保成長速度的可見性，但同時也要認識到石油和天然氣產業瞬息萬變。因此，我們認為水是其中的核心組成部分，原因顯而易見。我們想確保沒有錯過其他機會。因此，我們一直在探索，試圖了解非常規提高採收率技術所帶來的機遇，如果這項技術在未來幾年內成為頁岩油氣領域的下一個重大發展方向，我們是否能夠為支持和建設相關基礎設施做好充分準備。

We often go with our obvious relationship with Oxy, who's a leader in CO2, we've always been very interested in figuring out how we could support them or others in terms of anything related to enhanced oil recovery. So it's something that we know how to handle molecules, internals and dealer pressure and all that stuff. So CO2 would be a clear core competency for us. So we're definitely encouraged by what we're seeing by Oxy and others in the unconventional EOR space and very hopeful that that's something that the big thing in the Permian in coming years and other basins for that matter, so that's that.

我們經常提到我們與西方石油公司（Oxy）的密切關係，該公司是二氧化碳領域的領導者，我們一直非常有興趣弄清楚我們如何在與提高石油採收率相關的任何方面為他們或其他公司提供支持。所以，我們知道如何處理分子、內部結構、經銷商壓力以及所有這些事情。因此，二氧化碳控制將是我們的核心競爭力之一。因此，我們對西方石油公司和其他公司在非常規提高採收率領域的進展感到非常鼓舞，並非常希望這能成為未來幾年二疊紀盆地乃至其他盆地的一大發展方向，就是這樣。

On the power side, of course, with all the -- I guess, a couple of things, right, sort of the Permian greatest notoriously unstable. You add in the dynamic around potential for data centers and other polls on Power. We certainly use a lot of power. We share wires with Oxy. We have competency in building transformers and a compressor or the turbine, they're all very similar.

當然，在電力方面，還有所有——我想，有幾件事，對吧，有點像二疊紀最偉大的，出了名的不穩定。再加上資料中心的潛在發展趨勢以及其他與電力相關的民意調查。我們的確消耗了大量能源。我們與Oxy共用線路。我們有能力製造變壓器、壓縮機或渦輪機，它們都非常相似。

So again, we feel like the power sort of build, operate generate business is something that we could certainly participate in. But with all these opportunities, we're going to -- just like with water, we waited for a long time on that to go from our legacy system to building up something new. The commercial models need to move in the direction that makes sense for us in the midstream space and as an MLP.

所以，我們再次覺得，電力建設、營運和創造業務是我們絕對可以參與的領域。但是，有了這些機會，我們將——就像對待水一樣，我們等待了很長時間，才從舊系統過渡到建立新系統。商業模式需要朝著對我們中游領域和作為 MLP 而言有意義的方向發展。

So to the extent we get commercial contracts that support, again, sustained growth in distribution, the sort of support terms requirements and our business model, we look to participate in things like CO2 power, et cetera and other ventures where, again, it will be clear to you all that it's right down the fairway of our competencies and we know how to build and operate. But again, that last piece is really important. That commercial aspect that needs to make sense for us before we kind of go chase unicorns in general.

因此，只要我們能獲得支持分銷持續增長的商業合同，滿足相應的支持條款要求和我們的商業模式，我們就會考慮參與二氧化碳發電等項目以及其他投資項目。對大家來說，很明顯，這些項目完全符合我們的能力範圍，我們知道如何建造和運作。但再次強調，最後一點非常重要。在我們去追逐那些所謂的「獨角獸」之前，我們需要先考慮一下商業層面是否對我們有意義。

The one place we are leaning in on is that it's a scaling challenge, not a technology scale and a challenge to speak, but scaling as hard as people in the tech business now is a beneficial reuse business, and that's one where given our size, we can certainly have a real impact there and accelerate what Aris was trying to do.

我們重點關注的一點是，這是一個規模的挑戰，而不是技術規模的挑戰。這是一個挑戰，但要像現在科技業的人那樣努力地擴大規模，對重複利用業務是有益的。鑑於我們的規模，我們肯定可以在這方面產生真正的影響，並加速 Aris 正在努力做的事情。

There are no further questions at this time. Mr. Oscar Brown, I turn the call back over to you.

目前沒有其他問題了。奧斯卡布朗先生，我把電話交還給您。

I want to thank everybody for their interest. I thank our teams for really a great year in 2025, and we're really looking forward to continuing to deliver consistent results for our investors. So we look forward to seeing folks on our next call and on the Investor in Service. Thanks again.

感謝大家的關注。我感謝我們的團隊在 2025 年取得的巨大成功，我們非常期待繼續為我們的投資者帶來持續穩定的回報。所以我們期待在下次電話會議和「投資者服務」活動中見到大家。再次感謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。