Western Midstream Partners LP (WES) 2026 Q1 法說會逐字稿

Ladies and gentlemen, good morning. My name is Abby and I will be your conference operator today. At this time, I would like to welcome everyone to the Western Midstream Partners first-quarter 2026 earnings conference call. (Operator Instructions)

各位女士、先生，早安。我是 Abby，今天將擔任本次會議的接線員。此刻，我謹代表公司歡迎各位參加 Western Midstream Partners 2026 年第一季財報電話會議。(接線員指示)

And I would now like to turn the conference over to Daniel Jenkins, Director of Investor Relations. Please go ahead.

接下來我將把會議交給投資人關係總監 Daniel Jenkins。請開始。

Thank you for joining us today for Western Midstream's first-quarter 2026 conference call. I'd like to remind you that today's call, the accompanying slide deck and last night's press releases contain important disclosures regarding forward-looking statements and non-GAAP reconciliations. Please reference Western Midstream's most recent Form 10-K and 10-Q and other public filings for a description of risk factors that could cause actual results to differ materially from any forward-looking statements we discuss today.

感謝各位今天參加 Western Midstream 2026 年第一季電話會議。提醒各位，今天的電話會議、隨附的簡報，以及昨晚發布的新聞稿，均包含有關前瞻性陳述與非 GAAP 調節（reconciliations）的重要揭露。請參閱 Western Midstream 最新的 Form 10-K 與 10-Q 以及其他公開申報文件，其中說明了可能導致實際結果與我們今天討論的任何前瞻性陳述出現重大差異的風險因素。

Relevant reference materials are posted on our website. With me today are Oscar Brown, our Chief Executive Officer; Danny Holderman, our Chief Operating Officer; and Kristen Shults, our Chief Financial Officer.

相關參考資料已張貼於我們的網站。今天與我一同出席的有：執行長 Oscar Brown、營運長 Danny Holderman，以及財務長 Kristen Shults。

I'll now turn the call over to Oscar.

接下來我把電話交給 Oscar。

Thank you, Daniel, and good morning, everyone. Yesterday, we reported record adjusted EBITDA of $683 million, increasing 7% sequentially and 15% compared to the prior year period. Our first-quarter outperformance reflects the full quarter contribution from the Aris acquisition, per-day throughput growth across all three product lines, and successful cost reduction efforts. Additionally, as crude oil prices rose in March, we captured incremental benefits from skim oil recoveries on our produced water system and from our fixed recovery natural gas processing contracts.

謝謝你，Daniel，各位早安。昨天，我們公布調整後 EBITDA 創下 6.83 億美元的歷史新高，較上一季成長 7%，較去年同期成長 15%。第一季的優於預期表現，反映 Aris 收購案整季貢獻、三大產品線的日均處理量成長，以及成功的成本降低措施。此外，隨著 3 月原油價格上漲，我們在產出水系統的撇油（skim oil）回收，以及固定回收（fixed recovery）的天然氣處理合約上，取得了額外效益。

Yesterday, we also announced the $1.6 billion acquisition of Brazos Delaware II. This strategic bolt-on exemplifies our programmatic M&A philosophy, transactions that enhance the value of our existing assets, diversify and enhance our high-quality customer base, and generate incremental adjusted EBITDA and strong free cash flow for our unitholders, which is completely aligned with our philosophy of only deploying capital if it sustains or grows the distribution.

昨天，我們也宣布以 16 億美元收購 Brazos Delaware II。這項策略性的加碼併購（bolt-on）體現我們系統性併購（programmatic M&A）的理念：透過交易提升既有資產價值、分散並強化我們高品質的客戶基礎，並為單位持有人創造額外的調整後 EBITDA 與強勁自由現金流；這也完全符合我們的資本配置哲學——只有在能維持或提高配息的前提下才投入資本。

While we are not currently updating our annual guidance ranges as we have not yet received formal changes to our producers' drilling plans for this year. We do expect to be towards the high end of both the adjusted EBITDA and distributable cash flow ranges without taking into account the impact of the Brazos transaction.

由於我們尚未收到生產商今年鑽井計畫的正式變更，因此目前不更新年度指引區間。不過，在不考慮 Brazos 交易影響的情況下，我們預期調整後 EBITDA 與可分配現金流（distributable cash flow）都將落在指引區間的高端。

This improved outlook is due to increased commercial discussions, the very favorable commodity price environment, and our improving operating leverage due to our successful and ongoing cost competitiveness efforts. With that said, we intend to reevaluate our 2026 guidance ranges in conjunction with our second-quarter results after the scheduled close of the Brazos transaction.

這項更佳的展望，主要來自更多的商務洽談、非常有利的大宗商品價格環境，以及我們成功且持續推動成本競爭力所帶來的營運槓桿改善。話雖如此，我們計畫在 Brazos 交易按期完成交割後，配合第二季財報結果重新評估 2026 年指引區間。

Additionally, one of our largest producers in the Powder River Basin recently informed us they would accelerate activity levels in the back half of 2026 in order to increase volumes earlier in 2027. This, in combination with our expectation of improved Waha natural gas pricing in the second half of this year, gives us growing confidence in 2027 potential, certainly if the current elevated commodity price environment holds.

此外，粉河盆地（Powder River Basin）我們最大的生產商之一近期通知我們，為了在 2027 年更早提升產量，他們將在 2026 年下半年加速活動水準。再加上我們預期今年下半年 Waha 天然氣價格將改善，讓我們對 2027 年的潛力更具信心——當然，前提是目前偏高的大宗商品價格環境能夠維持。

Taking a closer look at the Brazos acquisition, the assets include natural gas and crude oil gathering systems that are highly complementary to our existing Texas Delaware Basin footprint. Integration creates a larger, more scalable midstream system in the core of the premier basin in North America.

更深入來看 Brazos 收購案，其資產包含天然氣與原油集輸系統，與我們在德州 Delaware 盆地既有的布局高度互補。整合後將在北美頂級盆地的核心地帶，打造更大且更具可擴展性的中游系統。

These assets fit well within our portfolio for several reasons. First, this acquisition materially strengthens and expands our Delaware Basin asset base. The Brazos system is contiguous to our existing West Texas complex with over 470,000 dedicated acres to more than 900 miles of pipeline and approximately 460 million cubic feet per day of processing capacity, immediately increasing our West Texas dedicated acreage by 49% and our gas processing capacity by 20%. The Brazos Comanche processing complex has approximately 125 million cubic feet per day of unused capacity, which is crucial as our WES Texas volumes continue to grow and will enable us to optimize the performance of our overall processing complex.

這些資產之所以非常契合我們的投資組合，原因有幾點。第一，這項收購將實質強化並擴大我們在 Delaware 盆地的資產基礎。Brazos 系統與我們既有的西德州綜合設施相連，擁有超過 470,000 英畝的專屬（dedicated）面積、超過 900 英里的管線，以及約每日 4.6 億立方英尺的處理能力，將立即使我們西德州的專屬面積增加 49%，天然氣處理能力增加 20%。Brazos Comanche 處理綜合設施約有每日 1.25 億立方英尺的閒置產能；在 WES Texas 量能持續成長之際，這點至關重要，並將使我們得以最佳化整體處理綜合設施的表現。

Additionally, there are approximately 3,500 drilling locations at $65 per barrel, nearly all drilling locations on the dedicated acreage are within 2 miles of the low-pressure gathering system, which limits ongoing capital requirements and support strong free cash flow conversion. The systems also provide exposure to additional geologic formations, including the growing Woodford Shale play.

此外，以每桶 65 美元計算，約有 3,500 個鑽井位置；幾乎所有專屬面積內的鑽井位置都在低壓集輸系統 2 英里範圍內，這可限制後續資本需求並支持強勁的自由現金流轉換。這些系統也讓我們得以布局更多地質層系，包括成長中的 Woodford Shale（伍德福德頁岩）區塊。

Second, the transaction adds long-term stable contract structures that are foundational to WES' strategy. Brazos Delaware's recently extended contracts have a weighted average remaining contract life of approximately 9.2 years and align with the fee-based framework that underpins WES' cash flow durability.

第二，該交易新增了長期且穩定的合約結構，這是 WES 策略的基石。Brazos Delaware 近期延長的合約，其加權平均剩餘合約年限約為 9.2 年，並與支撐 WES 現金流韌性的費率型（fee-based）架構一致。

Third, this acquisition meaningfully diversifies our customer base. Brazos had several new high-quality third-party customers to the WES portfolio. It also deepens our relationships with certain existing third-party customers and further diversifies WES' revenue stream and reduces producer concentration risk.

第三，這項收購顯著分散我們的客戶基礎。Brazos 為 WES 投資組合帶來數家新的高品質第三方客戶。同時也加深我們與部分既有第三方客戶的合作關係，進一步分散 WES 的營收來源並降低生產商集中度風險。

Fourth, the transaction is financially attractive and accretive at a $1.6 billion purchase price composed of approximately $800 million of cash and approximately $800 million of less common units, the transaction is valued at approximately 8 times 2027 estimated EBITDA declining to approximately 7.5 times with the commercialization of available processing capacity and other identified synergies. We expect the transaction to close at the end of the second quarter and it contributed approximately $100 million of incremental adjusted EBITDA in 2026. Further, the transaction is immediately accretive to 2026 distributable cash flow per unit.

第四，該交易在財務上具吸引力且具增益性（accretive）。以 16 億美元收購價計算，其中約 8 億美元為現金、約 8 億美元為較少見的單位（less common units）；該交易估值約為 2027 年預估 EBITDA 的 8 倍，隨著可用處理產能的商業化以及其他已辨識的綜效實現，倍數將下降至約 7.5 倍。我們預期交易將於第二季末完成交割，並在 2026 年貢獻約 1 億美元的額外調整後 EBITDA。此外，該交易將立即提升 2026 年每單位可分配現金流。

Finally, our strong balance sheet made this possible. By financing transaction with a combination of cash and equity, we expect to maintain net leverage of approximately 3 times on a pro forma basis throughout 2026, consistent with our conservative leverage philosophy and preserving the flexibility to continue funding our organic growth program and capital return framework.

最後，我們強健的資產負債表使這一切成為可能。透過現金與股權的組合為交易融資，我們預期在 2026 年全年度以備考（pro forma）基礎計算的淨槓桿約可維持在 3 倍左右，符合我們保守的槓桿理念，並保留彈性以持續支持內生成長計畫與資本回饋架構。

In summary, Brazos expands our Delaware Basin footprint, add durable fee-based earnings from a diversified set of top-tier customers and is accretive to distributable cash flow on a per unit basis. We look forward to integrating Brazos' assets and team into the WES portfolio and updating you on our progress over the coming quarters.

總結而言，Brazos 擴大我們在 Delaware 盆地的布局，從多元且一流的客戶群新增具持久性的費率型收益，並在每單位基礎上提升可分配現金流。我們期待將 Brazos 的資產與團隊整合至 WES 投資組合，並在未來幾季向各位更新進展。

Turning to our record quarterly results, the Delaware Basin continues to perform exceptionally well. Natural gas throughput in the basin increased 3% sequentially to slightly over 2 million cubic feet per day and we achieved record crude oil and NGL throughput of 272,000 barrels per day, which increased 4% sequentially and 6% year over year. Our produced water business achieved record throughput as well, increasing 4% sequentially to approximately 2.8 million barrels per day, primarily driven by the full quarter contribution from the Aris acquisition. This occurred despite higher Waha driven curtailments in the basin, which we expect will persist through the second quarter.

回到我們創紀錄的季度表現，Delaware 盆地持續展現極佳的營運成果。該盆地的天然氣處理量較上一季增加 3%，至略高於每日 200 萬立方英尺；原油與 NGL（天然氣液）處理量亦創下紀錄，達每日 272,000 桶，較上一季增加 4%，較去年同期增加 6%。我們的產出水業務處理量同樣創新高，較上一季增加 4% 至約每日 280 萬桶，主要受惠於 Aris 收購案的整季貢獻。即便盆地內因 Waha 因素導致的限產（curtailments）增加，仍達成上述成果；我們預期此情況將持續至第二季。

Additionally, relative to our throughput expectations, both the DJ and the Powder River Basin outperformed this quarter. In addition to our throughput performance, we benefited from elevated commodity prices in March, which drove adjusted gross margin outperformance, particularly on excess natural gas liquids volumes and increased skim oil volumes driven by the Aris acquisition. WES' long-term contracts, share the fee-based foundation that defines WES's broader portfolio PAUSE but also provide for meaningful value creation and favorable commodity pricing environments due to the retention of skim oil volumes. This, combined with our efficiency and successful cost reduction actions has materially improved our operating leverage and the earnings power of WES as reflected in our first quarter results.

此外，相較於我們對處理量（throughput）的預期，DJ 盆地與粉河盆地（Powder River Basin）本季皆表現優於預期。除處理量表現外，我們亦受惠於 3 月商品價格走高，帶動調整後毛利優於預期，尤其是在固定回收合約下的超額天然氣液（NGL）量，以及受 Aris 收購案帶動而增加的撇油（skim oil）量。WES 的長期合約與 WES 更廣泛投資組合所定義的以費用為基礎（fee-based）的根基一致 PAUSE，但也因保留撇油量而能在有利的商品定價環境下創造可觀價值。再加上我們的效率提升與成功的成本削減措施，已實質改善我們的營運槓桿與 WES 的獲利能力，並反映在第一季的業績結果中。

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

接下來，我將把電話會議交給我們的營運長 Danny Holderman，請他說明第一季的營運表現。Danny。

Thank you, Oscar, and good morning, everyone. Our first-quarter natural gas throughput increased by 1% on a sequential quarter basis, primarily driven by increased throughput from the Delaware Basin despite curtailments. During the quarter, equity investment volumes declined mostly due to lower throughput at the Mi Vida plant in West Texas. Our crude oil and NGL throughput increased by 3% on a sequential quarter basis, mostly due to increased throughput from the Delaware Basin due to the timing of wells that came to market during the quarter. Additionally, our produced water throughput increased by 4% on a sequential quarter basis, driven by the full quarterly impact from the Aris acquisition and continued growth in the legacy WES Water business.

謝謝你，Oscar，各位早安。我們第一季天然氣處理量較前一季增加 1%，主要由德拉瓦盆地（Delaware Basin）在限產（curtailments）情況下仍帶動處理量提升所致。本季權益投資量（equity investment volumes）下滑，主要因西德州 Mi Vida 廠處理量降低。我們的原油與天然氣液（NGL）處理量較前一季增加 3%，多數來自德拉瓦盆地，原因是本季投產井（wells that came to market）的時點所致。此外，我們的產出水（produced water）處理量較前一季增加 4%，主要受 Aris 收購案帶來的完整季度影響，以及既有 WES Water 業務持續成長所帶動。

Our first quarter per MCF adjusted gross margin for our natural gas assets increased by $0.06 on a sequential quarter basis. This was due to higher overall commodity pricing on excess natural gas liquids volumes under our fixed recovery contracts, specifically in the month of March and decreased revenues in the fourth quarter of 2025 associated with the annual cumulative catch-up adjustment in South Texas. Going forward, we expect our second quarter for Mcf adjusted gross margin to be in line with the first quarter due to elevated commodity pricing. Additionally, we now expect our average adjusted gross margin to be approximately $1.28 per Mcf in 2026, which implies moderation in the second half relative to the first as our forecast reflects a more normalized commodity pricing environment for the full-year average.

第一季我們天然氣資產每千立方英尺（MCF）的調整後毛利較前一季增加 0.06 美元。原因包括：在固定回收合約下，超額天然氣液（NGL）量於 3 月受整體商品價格走高帶動；以及 2025 年第四季因南德州年度累計追溯調整（annual cumulative catch-up adjustment）而導致收入下降。展望未來，我們預期第二季每 Mcf 的調整後毛利將因商品價格維持高檔而與第一季大致持平。此外，我們目前預期 2026 年平均調整後毛利約為每 Mcf 1.28 美元，這意味著在我們的預測反映全年平均較為常態化的商品定價環境下，下半年相較上半年將有所降溫。

Our first quarter per barrel adjusted gross margin for our crude oil and NGLs assets increased by $0.30 compared to the prior quarter, mostly due to the unfavorable revenue recognition cumulative adjustments that recorded in the fourth quarter of 2025 for the DJ Basin in South Texas that did not reoccur in the first quarter. Our first-quarter performance was in line with our previous expectations of between [$3.05 and $3.10] per unit that we communicated in our prior earnings call. We expect our second quarter per barrel adjusted gross margin to be slightly higher than the first quarter and for our average adjusted gross margin to still range between $3.10 and $3.15 per barrel for 2026.

第一季我們原油與天然氣液（NGL）資產每桶調整後毛利較前一季增加 0.30 美元，主要因 2025 年第四季在南德州 DJ 盆地記錄的不利收入認列累計調整（cumulative adjustments）於第一季未再發生。第一季表現符合我們先前在上一季法說會所溝通的每單位介於 [$3.05 和 $3.10] 的預期。我們預期第二季每桶調整後毛利將略高於第一季，且 2026 年平均調整後毛利仍將落在每桶 3.10 至 3.15 美元區間。

Our first quarter per barrel adjusted gross margin for our produced water assets increased by $0.07 due to the full-quarter impact from the Aris acquisition and increased skim oil recoveries at higher commodity pricing. Going forward, we now expect our second quarter per barrel adjusted gross margin to average approximately $0.93 and for our adjusted gross margin to average approximately $0.91 for the year, especially at the current crude oil strip for 2026 is realized.

第一季我們產出水（produced water）資產每桶調整後毛利增加 0.07 美元，原因是 Aris 收購案帶來的完整季度影響，以及在較高商品價格下撇油（skim oil）回收量增加。展望未來，我們目前預期第二季每桶調整後毛利平均約為 0.93 美元，且全年調整後毛利平均約為 0.91 美元，特別是在 2026 年目前原油遠期曲線（strip）得以實現的情況下。

Turning our attention to the remainder of the year, we continue to expect our portfolio-wide average year-over-year throughput to remain relatively flat for natural gas, declined low to mid-single digits for crude oil and NGLs and increase by approximately 80% per produced water. We still expect average year-over-year throughput in the Delaware Basin to increase by low to mid-single digits for natural gas. But with the first quarter crude oil outperformance, we now expect crude oil to remain relatively flat in 2026 compared to 2025. Despite higher crude oil prices since mid-March, we are still witnessing certain customers curtail throughput in the Delaware Basin due to stubbornly low and sometimes negative Waha natural gas pricing.

把焦點轉向今年剩餘期間，我們仍預期整體投資組合的平均年對年處理量：天然氣大致持平、原油與天然氣液（NGL）下滑低至中個位數百分比，而產出水（produced water）則增加約 80%。我們仍預期德拉瓦盆地（Delaware Basin）天然氣年對年平均處理量將增加低至中個位數百分比。但由於第一季原油表現優於預期，我們目前預期 2026 年原油相較 2025 年將大致持平。儘管自 3 月中旬以來原油價格走高，我們仍觀察到部分客戶因 Waha 天然氣價格持續偏低、甚至有時為負，而在德拉瓦盆地限縮處理量。

We expect Waha pricing to remain volatile throughout the second quarter as maintenances performed downstream of our operations and the basin waits for the next tranche of basin takeaway capacity to come into service in the third and fourth quarters of this year.

我們預期 Waha 價格在第二季將持續波動，因為我們營運下游正在進行維修作業，且盆地正等待今年第三與第四季下一批外運能力（takeaway capacity）投入服務。

In the DJ Basin throughput outperformed in the first quarter due to the timing of wells that came to market. This outperformance slightly improves our full year expectations for both natural gas and crude oil and NGL throughput and while we still expect the overall number of wells that come to market to decline this year, we now expect mid-single-digit declines on average year-over-year versus mid to high single-digit declines we expected initially. Additionally, the first pad in Occidental's broncho cap development began flowing in late April. And by our next quarterly call, we should have further clarity regarding 2026 throughput expectations.

DJ 盆地第一季處理量因投產井時點而優於預期。此一優於預期的表現小幅改善我們對全年天然氣以及原油與天然氣液（NGL）處理量的預期；雖然我們仍預期今年投產井總數將下降，但目前預期年對年平均降幅為中個位數百分比，而非我們最初預期的中至高個位數百分比降幅。此外，Occidental 的 broncho cap 開發案第一個井場（pad）已於 4 月下旬開始產流。在我們下一次季度電話會議前，我們應能對 2026 年處理量預期有更進一步的明確性。

In the Powder River Basin, we continue to expect throughput to decline on average by approximately 10% to 15% year over year. We continue to have discussions with our producing customers in the basin and we still expect higher activity levels in 2027 as more rigs return to the basin. Additionally, one of our largest producers in the Powder River Basin recently informed us they would accelerate activity levels in the back half of 2026 in order to increase volumes earlier in 2027.

在粉河盆地（Powder River Basin），我們仍預期處理量年對年平均將下滑約 10% 至 15%。我們持續與盆地內的生產客戶討論，並仍預期 2027 年隨著更多鑽機回到盆地，活動水準將提高。此外，粉河盆地我們最大的生產商之一近期告知，將在 2026 年下半年加速活動水準，以便在 2027 年更早提升產量。

Finally, softness in Rocky Mountain natural gas pricing over the past several months has driven some curtailments in deferred completions. That said, we still expect throughput growth of mid-single digits from our other natural gas assets driven by full year's contribution from Williams Mountain West Pipeline expansion, the tie-in of Kinder Morgan's Ultima pipeline into our Chipita processing plant in Utah in 2025 and steady throughput levels at our [Persada] plant in South Texas.

最後，過去數月落磯山地區天然氣價格走弱，導致部分延後完井（deferred completions）出現限縮。即便如此，我們仍預期其他天然氣資產的處理量將呈中個位數百分比成長，主要由 Williams Mountain West 管線擴建的全年貢獻、Kinder Morgan 的 Ultima 管線於 2025 年接入我們位於猶他州的 Chipita 處理廠，以及南德州 [Persada] 廠處理量維持穩定所帶動。

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

接下來，我將把電話會議交給 Kristen，請她說明本季的財務表現。

Thank you, Danny, and good morning, everyone. During the first quarter, we generated net income attributable to limited partners of $342 million, record adjusted EBITDA of $683 million and distributable cash flow of $509 million. Relative to the fourth quarter of 2025, our adjusted gross margin increased by $56 million, which was primarily driven by a full quarter's contribution from the Aris acquisition, higher commodity pricing on excess natural gas liquids and increased skim oil volumes and $30 million of unfavorable noncash revenue recognition cumulative adjustments recorded in the fourth quarter associated with redetermined cost of service rates on certain contracts of South Texas and in the DJ Basin, which did not reoccur in the first quarter.

謝謝你，Danny，各位早安。第一季，我們產生歸屬於有限合夥人（limited partners）的淨利 3.42 億美元、創紀錄的調整後 EBITDA 6.83 億美元，以及可分配現金流（distributable cash flow）5.09 億美元。相較 2025 年第四季，我們的調整後毛利增加 5,600 萬美元，主要由 Aris 收購案的完整季度貢獻、超額天然氣液（NGL）量的較高商品定價、撇油（skim oil）量增加所帶動；此外，2025 年第四季因南德州及 DJ 盆地部分合約的服務成本費率（cost of service rates）重新釐定而記錄的 3,000 萬美元不利非現金收入認列累計調整，於第一季未再發生。

Our operation and maintenance expense increased approximately 5% quarter-over-quarter, mostly driven by the full quarter contribution from the Aris acquisition. Inclusive of the legacy Aris assets, we still expect our operation and maintenance expense to increase by only approximately 10% to 15%, which represents a meaningful reduction on a combined company basis as we continue to see success in our cost reduction efforts.

我們的營運與維護費用較上一季增加約5%，主要是由於Aris收購案帶來的整季貢獻。包含既有的Aris資產在內，我們仍預期營運與維護費用僅會增加約10%至15%；隨著我們持續在降本努力上取得成效，這在合併後公司層面代表一項具意義的降幅。

As is typical with our business, we expect operation and maintenance expense to increase slightly in the second and third quarters, primarily due to increased asset maintenance and repair work and higher utility costs. As a reminder, we are reimbursed for approximately 65% of our utility costs portfolio-wide from our producing customers.

如同我們業務的一般情況，我們預期第二與第三季的營運與維護費用將小幅上升，主要因資產維護與修繕工作增加以及公用事業成本上升所致。提醒一下，我們在全投資組合範圍內，約有65%的公用事業成本可向我們的生產客戶取得補償。

Turning to cash flow, our first-quarter cash flow from operating activities totaled $470 million, a decrease of $88 million relative to the fourth quarter of 2025. Primarily driven by the Delaware Basin natural gas gathering contract renegotiation with Occidental that became effective on January 1 and included the redemption of $610 million of WES units held by Oxy. Our operating cash flow resulted in $242 million of free cash flow generation and free cash flow after our fourth quarter 2025 distribution that was paid on February 16 was a use of cash of $137 million.

談到現金流，我們第一季來自營運活動的現金流合計為4.70億美元，較2025年第四季減少8,800萬美元。主要原因是與Occidental就德拉瓦盆地天然氣集輸合約進行重新協商，該協議自1月1日起生效，並包含贖回Oxy持有的6.10億美元WES單位。我們的營運現金流帶來2.42億美元的自由現金流；而在支付於2月16日發放的2025年第四季分配後，自由現金流為淨現金流出1.37億美元。

Turning to the balance sheet, we ended the quarter with more than $2.5 billion in total liquidity and a trailing 12-month net leverage ratio of approximately 3.1x. In early April, we retired $441 million of 4.65% senior notes due in 2026 with proceeds from the senior notes issued in the fourth quarter of 2025. On April 20, we declared a quarterly distribution of $0.93 per unit, which was in line with our prior commentary of 2.2% increase over the prior quarter's distribution. Our first-quarter distribution will be paid on May 15 to unitholders of record as of May 1.

談到資產負債表，我們在季末擁有超過25億美元的總流動性，過去12個月的淨槓桿比率約為3.1倍。4月初，我們以2025年第四季發行之優先票據所得款項，償還了2026年到期、票面利率4.65%的4.41億美元優先票據。4月20日，我們宣告每單位0.93美元的季度分配，符合我們先前所述較前一季分配增加2.2%的說法。第一季分配將於5月15日支付給截至5月1日登記在冊的單位持有人。

Turning to guidance, WES is well positioned with strong fee-based contract structures that provide protective cash flows throughout the commodity pricing cycles. As Oscar previously mentioned, we now expect our results to be towards the high end of our previously announced adjusted EBITDA guidance range of $2.5 billion to $2.7 billion and distributable cash flow guidance range of $1.85 billion to $2.05 billion before taking the Brazos transaction into account. This is due to new commercial discussions, the favorable commodity price environment and our improving operating leverage related to our continued cost competitiveness efforts.

談到指引，WES憑藉強健的以費率為基礎的合約架構，能在商品價格循環中提供具保護性的現金流，因此處於有利位置。如Oscar先前提到，在未將Brazos交易納入考量之前，我們目前預期業績將落在先前公布的調整後EBITDA指引區間25億至27億美元的高端，以及可分配現金流指引區間18.5億至20.5億美元的高端。這主要是由於新的商業洽談、有利的商品價格環境，以及我們持續提升成本競爭力所帶來、營運槓桿的改善。

Additionally, we continue to expect our free cash flow to range between $900 million and $1.1 billion. We still expect our 2026 capital expenditures to range between $850 million to $1 billion. Approximately half of the 2026 capital spending is directed towards the construction of the Pathfinder produced water pipeline and associated systems and the North Loving 2, both of which are still expected to come online in the first and second quarters of 2027, respectively.

此外，我們仍預期自由現金流將介於9億至11億美元之間。我們仍預期2026年資本支出將介於8.5億至10億美元之間。約一半的2026年資本支出將用於建造Pathfinder產出水管線及其相關系統，以及North Loving 2；兩者仍預期分別於2027年第一季與第二季投產。

Turning to the distribution, the first quarter distribution of $0.93 per unit or $3.72 annualized keeps us on track towards our full year guidance of at least $3.70 per unit, which includes distributions paid within calendar year 2026. We remain focused on growing adjusted EBITDA mid- to low single digits and growing the distribution at a rate slightly less than that in order to increase distribution coverage over time.

談到分配，第一季每單位0.93美元（年化3.72美元）的分配，使我們仍按計畫朝全年至少每單位3.70美元的指引邁進，其中包含於2026曆年內支付的分配。我們仍專注於推動調整後EBITDA以中至低個位數成長，並以略低於該成長率的速度提高分配，以便隨時間提升分配覆蓋率。

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

接下來，我把電話交回Oscar作結語。

Thanks, Kristen. Before we open it up for Q&A, I wanted to leave you with a few key takeaways. First, we have a growth strategy that provides WES several ways to win. We have a consistent track record of throughput and adjusted EBITDA growth, coupled with strong cash flow generation. Our combination of strategic bolt-on acquisitions and high returning organic growth projects, including the Pathfinder pipeline and North Loving 2 provides multiple pathways to grow.

謝謝你，Kristen。在我們開放問答之前，我想先留下幾個重點。第一，我們的成長策略為WES提供多種致勝途徑。我們在處理量與調整後EBITDA成長方面有一貫的良好紀錄，同時具備強勁的現金流創造能力。我們結合策略性的補強型收購與高報酬的有機成長專案（包括Pathfinder管線與North Loving 2），提供多條成長路徑。

Focusing on 2026, we are well on our way towards achieving our targeted 5% to 9% adjusted EBITDA growth rate before taking into account any benefit from the Brazos acquisition. Looking further ahead, produced water beneficial reuse, behind-the-meter power generation and CO2-related services represent meaningful optionality that our team continues to develop.

聚焦2026年，在尚未計入Brazos收購帶來的任何效益之前，我們正穩步朝達成目標的調整後EBITDA成長率5%至9%邁進。再往後看，產出水的有益再利用、表後（behind-the-meter）發電，以及與CO2相關的服務，代表我們團隊持續開發的重要選擇權。

Second, we operate in the best basins in the country. We are a leading 3-stream provider in the Delaware Basin, the most prolific basin in North America with a differentiated and growing position in New Mexico following the Aris acquisition. Additionally, favorable gas oil ratios and rising produced water rates in the Delaware Basin will support throughput growth for years to come.

第二，我們在全國最優質的盆地營運。我們是德拉瓦盆地領先的三流（3-stream）服務供應商；該盆地是北美最具生產力的盆地，而在收購Aris後，我們在新墨西哥州也建立了具差異化且持續成長的布局。此外，德拉瓦盆地有利的氣油比以及產出水比率上升，將在未來多年支撐處理量成長。

Our DJ Basin assets continue to generate substantial free cash flow and our expanded Powder River Basin position provides additional upside, all of which is underpinned by our long-term fixed fee contracts supported by minimum volume commitments and substantial acreage dedications that deliver durable cycle resilient cash flows. Third, the Brazos acquisition is a natural extension of our strategy to sequence our Delaware Basin footprint and a longtime Pathfinder in North Loving 2 further solidifies WES as one of the largest gatherers and processors in the basin.

我們在DJ盆地的資產持續產生可觀的自由現金流，而我們擴大的粉河盆地（Powder River Basin）布局也提供額外上行空間；這一切皆由我們的長期固定費率合約所支撐，合約包含最低量承諾與大量的礦區（acreage）專屬承諾，帶來耐久、具抗景氣循環的現金流。第三，Brazos收購是我們策略的自然延伸，有助於我們在德拉瓦盆地的版圖依序銜接；而長期以來的Pathfinder與North Loving 2進一步鞏固WES作為該盆地最大集輸與處理業者之一的地位。

Finally, WES offers one of the most compelling return profiles in the midstream sector. 12% to 14% potential annual equity return is underpinned by an almost 9% current cash yield and a 4% to 5% long-term adjusted EBITDA annual growth that drives further upside. Additionally, our investment-grade balance sheet continues to provide support for our capital allocation decisions, and we remain committed to maintaining net leverage of approximately 3 times. growing the distribution over time while increasing our distribution coverage and preserving our peer-leading total capital return.

最後，WES在中游產業中提供最具吸引力的報酬輪廓之一。12%至14%的潛在年度股權報酬，建立在接近9%的目前現金殖利率，以及4%至5%的長期調整後EBITDA年成長之上，並帶來進一步上行空間。此外，我們的投資等級資產負債表持續為資本配置決策提供支撐；我們也仍致力於將淨槓桿維持在約3倍，並隨時間提高分配，同時提升分配覆蓋率並維持同業領先的總資本回報。

In closing, WES is operating from a position of strength. Aris is fully integrated. We expect the Brazos acquisition to close in the second quarter and two large organic growth projects are well underway. Our successful track record from the Meritage and Aris integrations to the successful construction of Mentone III and North Loving I gives me great confidence in our team's ability to execute and create incremental value for our unitholders in the quarters ahead.

總結來說，WES正以強勢姿態營運。Aris已完全整合。我們預期Brazos收購將於第二季完成交割，兩項大型有機成長專案也正順利推進。從Meritage與Aris的整合，到Mentone III與North Loving I的成功建置，我們的成功紀錄讓我對團隊在未來幾季的執行能力充滿信心，並能為單位持有人創造額外價值。

We've had a very strong start to 2026, and I look forward to updating you in the second quarter on our progress on our organic growth projects and our initiatives to continue to enhance our cost competitiveness and returns.

我們在2026年有一個非常強勁的開局，我期待在第二季向各位更新我們在有機成長專案上的進展，以及我們持續提升成本競爭力與報酬的各項措施。

Finally, I want to thank the entire Western Midstream workforce for their hard work and dedication to our partnership. With that, we'll open the call for questions.

最後，我要感謝Western Midstream全體員工的辛勤付出，以及對我們合夥關係的投入。接下來，我們開放提問。

(Operator Instructions) Keith Stanley, Wolfe Research.

（接線員指示）Keith Stanley，Wolfe Research。

Congrats on the deal. I wanted to look forward a little bit. So the company acquired Aris in October, you're acquiring Brazos in June. As you look forward, how do you think about the organizational capability to continue to pursue incremental deals over the next year as you digest these 2? And relatedly, you've talked in the past about interest in scaling up in New Mexico to integrate with Aris. Is that something that's still of interest?

恭喜這筆交易。我想把視角稍微往前看一些。公司在10月收購了Aris，並將在6月收購Brazos。展望未來，當你們消化這兩筆交易之際，你們如何看待組織能力在未來一年持續推進增量交易的可能性？另外，你們過去曾談到有興趣在新墨西哥州擴大規模以與Aris整合。這是否仍是你們感興趣的方向？

Yes. Thanks a lot, Keith. This is Oscar. Yes. So in terms of our capacity, we've completed the integration of Aris, so we're confident we can shift our focus now once we close Brazos Delaware to the integration of that asset. That one will be much similar as opposed to 250-plus people, a corporate entity, public company acquisition that Aris was, which we executed really, really well on. Brazos is more of an asset deal, we'll only have sort of 60 to 70 (inaudible) come over, most of them field based and so it should be a pretty straightforward integration that we can execute quite quickly.

是的。非常感謝你，Keith。我是 Oscar。是的。就我們的整合能力而言，我們已完成 Aris 的整合，因此一旦完成 Brazos Delaware 的交割，我們有信心可以把重心轉向該資產的整合。那會更類似於資產整合，而不是像 Aris 那樣涉及 250 多人、公司主體、上市公司收購；而我們在 Aris 上的執行確實非常、非常到位。Brazos 更偏向資產交易，只有大約 60 到 70 人（聽不清）會轉入，多數在現場端，因此應該會是相當直接、我們也能很快完成的整合。

We have a lot of confidence in the team. That said, I think there's a fairness to comment that we need to sort of face sort of our acquisition sort of opportunities. As you know, a lot of this we can't control timing of often. We like the programmatic M&A strategy. We like sort of base transactions that we can sort of handle efficiently. And so we'll continue to look for those, but we'll be cautious on (inaudible) we talked about it a lot as a leadership team about what our broader organization can handle and what pace we can move.

我們對團隊非常有信心。話雖如此，我認為也公平地說，我們需要正視我們的收購機會。如你所知，很多時候時點我們往往無法掌控。我們喜歡程式化的併購（M&A）策略。我們喜歡那種我們能有效率處理的基礎型交易。因此我們會持續尋找這類機會，但在（聽不清）方面會保持謹慎；我們領導團隊也多次討論過，我們更廣泛的組織能承受什麼，以及我們能以什麼節奏推進。

As you know, we're also executing a couple of major growth projects for that on our mind as well. So again, I think we'll be measured we'll fit to our strategy on M&A and our discipline. And we'll just be cautious with what the team can hand up. But so far, really excellent execution on Aris and I think we're going to do a great job. And we like our counterparty here the Brazos teams, a great team. I think will be super helpful in that transition as well.

如你所知，我們也正在執行幾個重大成長專案，這也在我們的考量之中。所以再次強調，我們在併購上會保持克制，符合我們的策略與紀律。我們也會對團隊能承接的量保持謹慎。但到目前為止，Aris 的執行非常出色，我認為我們會做得很好。而且我們很喜歡這次的交易對手方，Brazos 團隊是一支很棒的團隊。我認為他們在過渡期也會非常有幫助。

Thanks for that. Second question, I wanted to pick up, I think you mentioned in the concluding remarks and the slides referenced potential growth in behind-the-meter power generation and CO2 services as part of the growth strategy. Can you elaborate a little on what you're looking at there and how near term these opportunities could be?

謝謝你的說明。第二個問題，我想接續一下：我記得你在結語以及投影片中提到，作為成長策略的一部分，可能會在表後（behind-the-meter）發電與 CO2 服務方面成長。你能否多談一點你們在看哪些方向，以及這些機會在近期可能有多快落地？

Thanks. On -- we established a new ventures business group about a year ago to really focus on longer-term adjacencies to our core competencies in our footprint where we could add value and ensure we find a way to participate in sort of megatrends going on today. So we made a lot of progress there. Certainly, the near-term opportunities exist on the produced water and beneficial reuse side. So we'll be talking more next quarter about where we are. We've commissioned a tenfold upsizing to our pilot plant with the (inaudible) plants right on the Texas, New Mexico border. And that's happening kind of literally as we speak. And we're confident we'll get to commercial plant operations very soon.

謝謝。關於——我們大約一年前成立了新事業（new ventures）事業群，主要是聚焦於在我們營運版圖內、與核心能力相鄰的長期機會，在那裡我們可以創造價值，並確保我們能參與當前正在發生的各種大趨勢。因此我們在那方面取得了很大進展。當然，近期機會主要存在於產出水（produced water）與有益再利用（beneficial reuse）這一端。所以下一季我們會更詳細說明目前進展。我們已將試點工廠進行十倍擴容，與（聽不清）工廠一起，位置就在德州與新墨西哥州邊界。而且這件事幾乎就是在我們講話的同時正在發生。我們有信心很快就能進入商業化工廠營運。

So that one we're very excited about. We think we can supply water to all sorts of industrial offsets to freshwater sources that should be preserved for humans. And that's everything from power bank cooling, data centers, (inaudible), you name it. So it's a big opportunity. It will take years to build out. But that's the 1 we're on the (inaudible) to the commerciality.

所以這一塊我們非常興奮。我們認為我們可以向各種工業用途供水，以替代淡水來源，而淡水應該保留給人類使用。這涵蓋從電廠冷卻、資料中心、（聽不清）等等，你想得到的都有。所以這是一個很大的機會。它需要多年時間來逐步建置。但這是我們在（聽不清）通往商業化道路上最接近的一項。

On the CO2 side, I think there's a lot of options there certainly right down the fairway of what we can manage in terms of planned pressures, pipelines, compression, et cetera. I think that it's longer term, I believe. We're particularly excited about the potential for CO2 shale enhanced oil recovery. We talked before about a number of our big customers who've been working on those projects. We always think there's potential to support CO2 sequestration and other assets because, again, that just comes down to pipelines in pressure compression. And so those are things we do really well.

在 CO2 方面，我認為有很多選項，且確實非常符合我們能管理的範疇，例如規劃壓力、管線、壓縮等等。我認為那會是較長期的機會。我們特別看好 CO2 用於頁岩油的提高採收率（EOR）的潛力。我們之前談過，我們一些大型客戶一直在推動這些專案。我們也一直認為有機會支援 CO2 封存與其他資產，因為歸根究柢就是管線與壓力/壓縮。而這些正是我們非常擅長的事。

Behind Union Power, what we found as we move to the market is while we have the skill set, handle electricity all the time and you have people that have built power facilities (inaudible) itself hasn't built a major power plant project, and we'd like to do that where we can find the economic returns that could come in a number of forms in ways that people talked about across the industry already supporting all the build-out in terms of power needs that everybody is talking about. But also given the state of the grid in West Texas, I think there's an opportunity there for sort of (inaudible) our own power generation for our own baseload and some of our key partners as well.

至於 Union Power 的表後發電，我們在走向市場時發現，雖然我們具備相關技能組、也一直在處理電力，而且我們也有人曾建造電力設施，（聽不清）本身並沒有建造大型電廠專案的經驗；我們希望在能找到具經濟回報的情況下去做，而回報可能以多種形式呈現，業界也已經在討論如何支援大家都在談的電力需求擴建。但同時，考量西德州電網的狀況，我認為也存在一個機會：為我們自身的基載，以及我們一些關鍵合作夥伴，建立某種（聽不清）的自有發電。

So that's probably a little bit behind more data on beneficial reuse, but not too far. So that's -- those are major sort of initiatives. There's other things we're looking at, but those are the key ones. Again, the idea there is we've got a pretty good line of sight to growth over the next couple of years, and we're just building the foundation for that longer-term growth sort of outlook. So we can keep delivering kind of on average over time through cycle, that 4% to 5% enterprise growth that we're looking for.

所以這可能比有益再利用那一塊稍微落後一些，但也不會差太遠。因此——這些都是主要的重點計畫。我們也在看其他事情，但這些是關鍵項目。再次強調，我們對未來幾年的成長有相當清晰的能見度，而我們正在為更長期的成長前景打下基礎。如此一來，我們就能在景氣循環中長期平均持續交付我們所追求的 4% 到 5% 的企業成長。

Jeremy Tonet, JPMorgan.

JPMorgan 的 Jeremy Tonet。

Good morning. This is [Francina] on for Jeremy. Just wanted to kind of build on the insight that you've given for the recent acquisition of Brazos and whether you can provide any more clarity on kind of those contributions, the cadence of when they will be realized given the quick turnaround and integration here? And then also just the underlying drivers for that $100 million estimate as well?

早安。我是代 Jeremy 出席的 [Francina]。我想延伸你剛才對近期收購 Brazos 的分享，看看你是否能更清楚說明這些貢獻大概會如何體現、在這次快速交割與整合的情況下，實現的節奏會是怎樣？另外，也想請教支撐那個 1 億美元估算的基本驅動因素是什麼？

Sure. So the numbers that we put in the press release, really just base Brazos Delaware business. So we think we'll get to that kind of forward 7.5 times-ish multiple once we're able to fully commercialize and utilize the (inaudible) gas processing complex, which you think you can in pretty short order. We do have -- we are utilizing offloads today. And so once we get a hold of the system and sort of connect it up, I think we can utilize that space in a reasonably short order.

當然。我們在新聞稿裡提供的數字，基本上就是 Brazos Delaware 業務本身。因此我們認為，一旦我們能把（聽不清）的天然氣處理綜合設施完全商業化並充分利用，我們就能達到大約前瞻 7.5 倍左右的倍數；而我們認為這可以在相當短的時間內做到。我們目前確實——正在使用外送/分流（offloads）。因此一旦我們接手系統並把它連接整合起來，我認為我們可以在合理的短期內把那部分空間利用起來。

There's other opportunities, I think, with the systems integrated around how you all have some field level cost savings and synergies. Those will take a little bit longer. And then in terms of other upside, those are more on the commercial front, again and some operationally, but that will be a little bit sort of further down the road. So I think -- the $100 million is just sort of taking on the asset and taking ownership in sort of the back half of this year. And we expect the upside so that we identify around the synergies over the next kind of 12 months, something like that.

我認為，系統整合後還有其他機會，例如在現場層級帶來一些成本節省與協同效益。那些會需要更長一點時間。至於其他上行空間，更多是在商務端，另外也有一些在營運端，但那會是更往後的事情。所以我想——這 1 億美元主要就是指在今年下半年接手該資產並取得所有權所帶來的貢獻。而我們預期，接下來大約 12 個月左右，我們會逐步辨識並實現協同效益所帶來的上行空間，大概是這樣。

In terms of the speed of integration, it's really due commentary on sort of the continuing nature of the assets just that it's the simple asset transaction. So from a people and systems integration, we should be able to move on that pretty quickly.

就整合速度而言，這其實主要是因為資產本身具有持續性的特質；本質上這是一筆單純的資產交易。因此在人員與系統整合方面，我們應該能夠相當快速地推進。

That's very helpful. And then not to get too ahead of ourselves, but it looks like you guys have a pretty constructive growth runway here through 2027 with North Loving 2 and Pathfinder coming online then. And PRB producer commentary kind of sounding like it leans into '27 as well and Waha volatility kind of easing by then also. With all of those drivers, would you say that a fair characterization or any other big things here that we're missing?

這非常有幫助。接著，不想太早下結論，但看起來你們透過 North Loving 2 與 Pathfinder 於 2027 年前後上線，確實有一條相當具建設性的成長跑道。而 PRB 生產商的評論聽起來也像是把重心放在 2027 年左右，Waha 的波動性到那時也可能趨緩。在這些驅動因素之下，你會說這樣的描述算合理嗎？或是還有其他我們漏掉的重要因素？

I think that's fair. I think we just got to keep in mind, but we've got a lot of confidence in the Permian. We keep an eye on the DJ in terms of [disability] to grow or decline. And so we've been -- we've gone pretty cautious sort of producer feedback for the next year or so. That said, all that was provided sort of in the January, February time frame, before all the recent events and the changes and shifts in the global commodity markets. So we'll keep an eye on that, in particular, in terms of how that impacts the sort of aggregate portfolio.

我認為這樣說是合理的。我想我們只需要記住，我們對二疊紀（Permian）非常有信心。我們也會關注 DJ 盆地在成長或下滑方面的[disability]。因此，根據生產商對未來一年左右的回饋，我們一直採取相當審慎的態度。不過，這些資訊大多是在 1 月、2 月期間提供的，發生在近期事件以及全球大宗商品市場的變化與轉向之前。所以我們會持續觀察，特別是它對整體投資組合彙總表現的影響。

In post Brazos, we should be about 65% of our EBITDA, something like that, Delaware Basin. So we've got a lot of confidence there, and it's the biggest contributor to our sort of earnings and cash flow. And then again, with the Aris position in New Mexico and the optionality around both organic and inorganic in that part of the world. Angie, we feel pretty good about the longer-term outlook for growth, particularly, again, for an environment that's anything better than we had originally budgeted around the $57 WTI back in the last quarter time frame.

在完成 Brazos 之後，我們大約有 65% 的 EBITDA（大概是這個比例）來自德拉瓦盆地（Delaware Basin）。因此我們對那裡非常有信心，它也是我們獲利與現金流最大的貢獻來源。另外，憑藉 Aris 在新墨西哥州的布局，以及在該區域同時具備有機與無機成長的選擇權。Angie，我們對長期成長展望感覺相當不錯，尤其是在環境條件只要比我們原先在上一季以 WTI 每桶 57 美元所編列的預算更好一些的情況下。

Spiro Dounis, Citi.

Spiro Dounis，花旗（Citi）。

Thank you, operator. Morning, everybody. I want to start with the outlook for 2026. And really just trying to understand a little bit more what's underwriting the current guidance to you that you're going to be towards the high end and acknowledge this is all likely going to change with deal close. But you sort of referenced the current commodity environment. And so just curious, does that current strip just sort of get you to that high end. You also referenced producers leaning in here. And so just curious, if you do get an acceleration in activity midway through the year, apples-to-apples deal notwithstanding, does that sort of maybe put you above?

謝謝，接線員。各位早安。我想先從 2026 年的展望談起。我主要是想更了解一下，目前你們的指引是如何支撐你們會落在區間高端；我也理解這在交易完成後很可能都會改變。但你們提到了目前的大宗商品環境。所以我想請教，是否目前的期貨曲線（strip）本身就足以讓你們達到高端？你們也提到生產商正在加大投入。因此我也想問，如果年中活動加速，在不考慮交易、以可比口徑來看，是否可能讓你們高於目前的高端？

Yes, I think that's right, Spiro. So when we took a look at Q1 results and just the increase that we saw in the commodity prices for our -- you can really see it come through in the gross margin for MCS and the gross margin per barrel on the gas and the water side, respectively. And so to your point, we're just running up straight out through the remainder of the year, and that's what's really compelling us to be near the high end of guidance for 2026.

是的，Spiro，我認為你說得沒錯。當我們檢視第一季的結果，以及我們看到的大宗商品價格上升時——你其實可以很清楚地在 MCS 的毛利，以及天然氣與水務兩端各自的每桶毛利中看到反映。因此如你所說，我們就是把這個趨勢直接延伸到今年剩餘期間，這也是促使我們對 2026 年指引更接近高端的主要原因。

There's certainly been just a lot more commercial conversations right now, but nothing that we've gotten from a price that makes us increase our volume through put, our volume expectations yet for 2026. If we do get something we might see in the very last part of 2026, but it will really be more of an impact into 2027 on the volume side. And then obviously, just depending on what happens with dollar pricing as in the year, does that may impact our throughput expectations from a gas perspective as well.

目前確實有更多的商務對話在進行，但就價格而言，我們還沒有得到任何會讓我們上調 2026 年處理量（throughput）/量能預期的訊號。如果真的出現，我們可能會在 2026 年最後一段時間看到一些變化，但在量的層面，影響更可能會反映在 2027 年。另外，當然也要看年內美元計價的價格走勢如何，這也可能會影響我們在天然氣端的處理量預期。

Got it. That's helpful, Kristen. And second question, maybe just going to Pathfinder. I was just hoping for maybe an update where you are in commercializing the remaining open space on that pipeline. Your comments and comments some of your peers are really pointing to an acceleration in activity? And I have to think that water is coming along with that. So just curious, should we expecting -- should we be expecting more activity on the commercial side become months related to Pathfinder?

了解。這很有幫助，Kristen。第二個問題，想談談 Pathfinder。我想請你更新一下，你們在將該管線剩餘的可用空間商業化方面，目前進展到哪裡。你們的評論以及一些同業的評論，都指向活動正在加速。我想水務也會隨之增加。所以我想確認，我們是否應該預期接下來幾個月在 Pathfinder 相關的商務面會更活躍？

Yes. Thanks for that. Oscar again. Indeed, I think part of what Kristen was talking about in the increase of our commercial conversations and activity. A big portion of that is around water. The shift in the conversation has been significant over the last even 6 months in terms of particularly the larger independent oil and gas companies and the majors and starting to look at water in the Permian and in particularly the Delaware Basin as a basin-wide sort of challenge to manage, which plays right into our fully integrated New Mexico, Texas system was basically a header system right at the middle in terms of pathfinder pipeline.

是的。謝謝你的提問。我是 Oscar。確實，如 Kristen 所提到，我們的商務對話與活動增加，其中很大一部分是圍繞水務。過去甚至 6 個月內，對話的轉變非常明顯，特別是較大型的獨立油氣公司與大型綜合油公司（majors），開始把二疊紀、尤其是德拉瓦盆地的水務，視為需要以整個盆地尺度來管理的挑戰；這正好契合我們在新墨西哥州、德州的全整合系統——基本上在 Pathfinder 管線的中段位置是一個匯集幹線（header system）。

So I think from our original vision, which was more asset specific to putting volumes directly, contracting that on the Pathfinder, I think we've got a couple of additional ways the Pathfinder can add value which is more, as we've extended our gathering system, the disposal system with the combination. Now we've got the ability to bid on an integrated water paybasis. So we can -- I believe the only ones that kind of today can provide all the current solutions from produced water to recycling, gathering, disposal, long-haul transport, we've got whatever you need, and we can integrate those sort of services as you need.

因此我認為，從我們最初的願景——也就是較偏向特定資產、把量直接導入並在 Pathfinder 上簽約——到現在，我們看到 Pathfinder 還有幾種額外的增值方式；也就是隨著我們延伸集輸系統、以及結合後的處置系統，我們現在有能力去競標整合式的水務 paybasis。因此我們可以——我相信目前大概只有我們能提供所有現行解決方案：從產出水（produced water）到回收再利用、集輸、處置、長距離運輸；你需要什麼我們就能提供什麼，並且可依需求把這些服務整合起來。

Again, some of our customers are even becoming very specific and want to understand exactly where we're moving the water and where it will be disposed over some great distances. And again, that plays right into our strength. And we're also the only ones I think that are on the precipice of being able to build commercial future solutions around beneficial use.

再者，我們的一些客戶甚至變得非常具體，想要清楚了解我們究竟把水移往哪裡、以及在相當遠的距離後會在哪裡處置。同樣地，這正是我們的強項。而且我認為，我們也是唯一一家正站在門檻上、能夠圍繞「有益利用（beneficial use）」建立商業化未來解決方案的業者。

So a lot of more conversation, there is still certainly a tendency among producers and it's just true (inaudible) average service that many of our producers like from all service to midstream, sort of waiting for the last minute and sort of taking advantage of whatever localized disposal options, they still have left. And we'll be here when they're ready to solve their problems. And I think Pathfinder will be a key part of it. So we're really confident in the returns of that asset. We've managed the capital extremely well. It's still on the time line that we've talked about. And we think the returns frankly, are going nowhere with us on that asset.

所以目前有更多的對話；但生產商之間仍然確實存在一種傾向——這也很常見（inaudible）平均服務——我們許多生產商不論是全方位服務或中游服務，都傾向等到最後一刻，並盡可能利用他們手上仍剩下的任何在地化處置選項。等他們準備好要解決問題時，我們會在這裡。而我認為 Pathfinder 會是其中的關鍵一環。因此我們對該資產的報酬率非常有信心。我們把資本管理得非常好。進度仍在我們先前談到的時間軸上。坦白說，我們認為該資產的報酬率不會因為我們而有任何下滑。

Ivan Scotto, UBS Financial.

Ivan Scotto，瑞銀金融。

Hi, team. Congrats on the quarter. Just turning to cost saving optimization efforts, what parts of the business are you seeing these most in? And then what parts of the business do you think there's still more to be done?

嗨，各位。恭喜本季表現。想請教成本節省與最佳化的工作，你們主要在哪些業務環節看到成效最明顯？另外，你們認為哪些業務環節仍有更多可以改善的空間？

Yes. We've seen a lot of great efforts and I might have to any comment to this, too, but on the operations side and our operation and maintenance expense (inaudible) potentially, it's in every category, whether really taking a deep diveinto our maintenance and repairs program, looking at spans and layers on the people side, the salaries and wages side, contractor spend quite a bit and so bringing the contractors into the business as well. But it's across the board, G&A as well.

是的。我們看到很多很好的努力；我想（某位）也可能會補充，但在營運端，尤其是營運與維護費用（聽不清）方面，基本上幾乎涵蓋每一個類別：不論是深入檢視我們的維護與修繕計畫、在人員端檢視管理幅度與層級（spans and layers）、薪資與工資端，以及承包商支出也相當可觀，因此也把承包商納入這些改善工作。此外也涵蓋全面性的項目，包括一般與行政（G&A）。

I don't have anything to add. Labor intensity and M&R processes have been the primary driver so far and then we'll be looking at our price book going forward.

我沒有要補充的。到目前為止，主要驅動因素是勞動密集度以及維護與修繕（M&R）流程，接下來我們會再檢視我們的價格手冊（price book）。

Yes. We've seen a lot of efficiencies on the supply chain side and some of our other operating processes where we've been able to revisit zero-base and just sort of optimize those. We're getting more experience and a little bit better in terms of understanding all of our equipment across the plants as well as compression and everything else in terms of, again, that maintenance and repair, timing and where we can stretch without additional risk and that sort of things. And as Kristen said, we'll continue to focus on both those kind of opportunities.

是的。我們在供應鏈端，以及其他一些營運流程上看到很多效率提升；我們得以重新以零基礎（zero-base）檢視，並加以最佳化。我們也累積更多經驗、做得更好，能更了解各廠的所有設備，以及壓縮與其他各項設備；同樣回到維護與修繕的時點安排，以及在不增加額外風險的前提下，哪些地方可以延後或拉長週期等。如Kristen所說，我們會持續聚焦於這兩類機會。

But also on the G&A side, we're looking at a lot of different tools to improve the sort of efficiency, the sort of the corporate side of the house and having people spend more time on some more complex problems, some sort of the day-to-day simple management of (inaudible) and things over the long term like AI and everything else, but the impacts will be more marginal in our business as we're an asset-heavy intensive business with physical product as opposed to this data, et cetera.

另外在一般與行政（G&A）端，我們也在看許多不同工具來提升效率，也就是提升總部端的效率，讓同仁把更多時間投入在更複雜的問題上，而不是日常較簡單的（聽不清）管理等；長期來看也會關注AI等各種工具，但由於我們是資產密集型、以實體產品為主的業務，而非資料型業務等，因此對我們業務的影響會比較偏邊際。

Got it. Super helpful. And then just in terms of growth CapEx, how are you thinking about that number more on a long-term run rate basis?

了解。非常有幫助。另外就成長型資本支出（growth CapEx）而言，你們長期、以常態化年化水準（run rate）來看，會如何思考這個數字？

I think our -- I think I'll answer it this way, are sort of kind of volume when kind of cash flow sustainable capital is still pretty much as we've talked about before in the sort of $400 million to $600 million range, and it's sort of a range because it just depends on the nature of the wells that are brought online for their production and decline initial production and decline curves. So that's the purpose there. So when you think about sort of sustaining capital that's in that zone.

我想——我用這樣的方式回答：就維持產量、且在現金流可持續的維持性資本（sustaining capital）而言，基本上仍如我們先前談過的，大約在4億到6億美元區間；之所以是區間，是因為取決於投產井的性質、其初期產量與遞減，以及遞減曲線。所以這就是原因。因此當你思考維持性資本時，大致就在那個範圍。

In terms of growth capital from here, I think it will be more like what we're seeing with Pathfinder or North Loving 2 in terms of (inaudible) good capital range of $4 million to $6 million in sort of a normalized year. If we can find high return organic growth projects, we'll have those chunky pieces and again, as we talked about, we've committed to help industry sort of track those chunky projects away from the more typical (inaudible) compression and I think that just sort of sustain the cash flow throughput of the business.

至於從現在起的成長型資本，我認為會更像我們在Pathfinder或North Loving 2所看到的那樣，在一個常態化年度中，（聽不清）大概是400萬到600萬美元這樣的合理資本區間。如果我們能找到高報酬的內生成長專案，就會有那些較大筆、較「塊狀」（chunky）的投入；而且如我們所談，我們承諾協助產業把這些較大筆的專案，與較典型的（聽不清）壓縮等區隔開來；我認為後者主要是用來維持公司現金流的處理量（throughput）。

In terms of sort of achieving that 4% to 5% sort of consistent growth rate through time, that probably is a higher number of probably approaching $1 billion. But again, that will come in a mix, right, where some of these projects and/or some of these programmatic M&A opportunity. And that's why how we capitalize those. It's really, really important, and we sort of aim for that sort of trifecta of per-unit accretion, keeping the leverage under control, and sort of a natural fit with our business.

若要隨時間達成約4%到5%的穩定成長率，那所需的數字可能更高，可能接近10億美元。但同樣地，這會是混合組合，對吧？其中一部分來自這些專案，和/或一些計畫性的併購（M&A）機會。這也就是為什麼我們如何為這些資本化（capitalize）非常、非常重要；我們的目標是達成「三重奏」：單位貢獻增厚（per-unit accretion）、將槓桿控制在合理範圍內，以及與我們業務的自然契合度。

This acquisition of Brazos Delaware provides a pretty significant sort of free cash flow post financing costs sort of adder to our distribution coverage, which is something that we're pretty excited about. So we'll continue to -- whether that's organic or inorganic, look to deploy capital that way. So again, it won't be straight line year-over-year as we're seeing, we kind of grew 6% last year. We're now looking at more like 5% to 9% this year. Next year will be something different, potentially higher with all the other with Brazos combined with sort of the environment and the other activity we talked about. So I hope that helps. It's a little bit of a -- it's hard to say just because there's a lot of different projects that we could pursue. And some of that just depends on the timing and how those sort of are able to be commercialized.

這次收購Brazos Delaware，在扣除融資成本後，將為我們的配息覆蓋率（distribution coverage）帶來相當可觀的自由現金流增量，這點讓我們非常振奮。因此我們會持續——不論是內生或外生成長——以這樣的方式部署資本。所以再說一次，它不會像直線般逐年一致；我們去年大約成長6%。今年我們目前看起來更像是5%到9%。明年可能又會不同，且在Brazos併入後，結合我們談到的環境與其他活動，可能會更高。希望這有幫助。這有點——很難說得很精準，因為我們可以追求的專案很多。其中一部分也取決於時點，以及這些專案能以何種速度商業化。

Ned Baramov, Wells Fargo.

Ned Baramov，富國銀行。

Two-part one on the cash flow conversion potential from the Brazos deal. So first, what is a good annual maintenance CapEx run rate for these assets? And second, how are you thinking about feeling of the $125 million of available capacity? Will this require additional capital to connect to your current system and redirect some of these current outloads? Or are you looking for producers to gradually grow into this capacity as they ramp up there production?

兩個問題，第一個關於Brazos交易帶來的現金流轉換潛力。首先，這些資產合理的年度維護性資本支出（maintenance CapEx）常態水準是多少？第二，你們如何看待這1.25億美元的可用產能（available capacity）的消化？這是否需要額外資本把它接到你們現有系統，並重新導引目前部分外運量（outloads）？還是你們預期生產商會隨著其產量提升，逐步把這些產能填滿？

Yes. So on the first part, on your EBITDA cash conversion, for Brazos, Delaware has been pretty high the last few years, sort of in that 90-plus percent range. We hope to maintain that. The incremental capital to connect the systems is pretty minimal. If you look at the map, again, it's especially the part that connects the (inaudible) gas processing complex, it's all right there. So that part is pretty minimal. We also believe, again, that we hold the Brazos Midstream team in high regard and believe they've done a great job with this asset. And so we don't believe there's sort of as much of a typical private equity to public corporate capital catch-up that you often see and we certainly saw in the Meritage transaction. So we're more confident on that front.

是的。先回答第一部分，關於Brazos的EBITDA現金轉換率，Brazos Delaware過去幾年一直相當高，大約在90%以上。我們希望能維持這個水準。至於把系統連接起來所需的增量資本其實很少。如果你看地圖——再說一次，尤其是連到（聽不清）天然氣處理綜合設施的那一段——都在同一區域。所以那部分投入相當有限。我們也相信——同樣地——我們非常敬重Brazos Midstream團隊，並認為他們把這項資產經營得很好。因此我們不認為會出現你常見、也確實在Meritage交易中看到的那種「私募股權到上市公司」的資本追趕（capital catch-up）。所以在這方面我們更有信心。

So it seems like this one is probably -- again, this just we'll refine this by the second quarter, but probably in something like $20 million on average kind of maintenance capital kind of range. And again, there's capacity both on the system. And as you point out, in the processing plant, which means there shouldn't be a lot of big chunky capital going forward in the next couple of years for that asset.

因此看起來這筆交易可能——同樣地，我們會在第二季前把它再精煉——但大概是平均每年約2,000萬美元左右的維護性資本支出區間。而且如你所指出，系統本身以及處理廠都有產能。這表示在未來幾年，這項資產應該不需要太多大型、一次性的大筆資本投入。

As I mentioned before, we're currently utilizing offloads, a number of offloads with third-party gas processing companies to support our existing gas volumes and our maintenance turnarounds, et cetera. So in terms of where that volume can come from, we can do a lot of work just by utilizing and taking those volumes that we've been off flowing onto the system. But we also anticipate the gas throughput rate in the Brazos assets themselves. So pretty soon, we're going to fill that. It doesn't (inaudible) better for worse, does it really move our mindset of position (inaudible) in terms of (inaudible) comes online. We're going to have that plan pretty full reasonably quickly as well by kind of middle of next year. And again, given the geographies, I think there's some logic to that as well.

如我先前提到的，我們目前正在使用外送（offloads），也就是與第三方天然氣處理公司合作的多項外送安排，以支援我們現有的天然氣量以及我們的檢修停工（maintenance turnarounds）等。因此，就這些量可以從哪裡來看，我們只要把先前外送出去的那些量拿回並導回系統，就能做很多工作。但我們也預期 Brazos 資產本身的天然氣處理量（throughput）會提升。所以很快地，我們就會把那部分填滿。這並不會（聽不清）不論好壞，是否真的改變我們在（聽不清）上線時對於部位心態的調整（聽不清）。我們也會在相當短的時間內把那座廠（plant）合理地填得很滿，大概到明年年中左右。而且再次強調，考量到地理位置，我認為這樣做也有其合理性。

I like the 90-plus conversion rate there. And then I guess, part of your solid performance in the first quarter was driven by strong commodity prices in March, resulting in higher contributions from excess NGLs and also skim oil from your water operations. I guess, with commodity prices remaining elevated here into the second quarter. Could you talk about volume trends for these excess NGLs and skim oil. I presume weather could impact excess NGL volumes while skim oil volumes could vary based on how producers handle the water volumes before handing off to WES?

我喜歡那個 90% 以上的轉換率。然後我想，你們第一季的穩健表現有一部分是由 3 月強勁的商品價格所帶動，因而使超額 NGL 以及你們水務作業中的撇油（skim oil）貢獻提高。我想，在商品價格於第二季仍維持高檔的情況下，能否談談這些超額 NGL 與撇油的量的趨勢？我推測天氣可能會影響超額 NGL 的量，而撇油的量則可能會因生產商在交付給 WES 之前如何處理水量而有所變動？

Yes, I think you're right about that. I mean, we are expecting our water volumes to take up just a little bit in second quarter relative to first quarter. So to your point, what coming with that will be a little bit of increased skim oil. And it does vary (inaudible). It does vary how much skim oil we're getting in that flow. So -- but I do expect and it's part of what we were mentioning on the call around our Q2 expectations for gross margin per barrel and the gross margin for McF and that to be incorporated in our second quarter results.

是的，我認為你說得沒錯。我的意思是，我們預期第二季的水量相較第一季會小幅上升。所以如你所說，隨之而來的會是撇油略為增加。而且確實會因情況而異。(聽不清)撇油在那股流量中能取得多少，確實會有所不同。所以——但我確實預期，這也是我們在電話會議中提到的、關於第二季每桶毛利以及每 McF 毛利的展望，並會反映在我們第二季的結果中。

On the recovery side, yes, NGL expect the same there, too. It will just flow along with the expectations there. We do have some turnarounds that we've been working specifically in the second quarter. So we've been utilizing some of our offloads a little bit more. So all that kind of just plays into where we think we'll fall from a gross margin for NCS for second quarter 2. But definitely, as we're seeing increased commodity prices for April, May, June, that will be dialed into those equity (inaudible).

在回收（recovery）方面，是的，NGL 也預期大致相同。它會隨著那邊的預期一路推進。我們在第二季確實有一些檢修停工（turnarounds）正在進行。因此我們更頻繁地使用了一些外送（offloads）。所以這些因素都會反映在我們對第二季 NCS 的 NGL 毛利落點的判斷上。但可以確定的是，隨著我們看到 4、5、6 月商品價格上升，這些也會納入那些權益（equity）(聽不清)。

Elvira Scotto, RBC Capital Markets.

Elvira Scotto，RBC 資本市場。

So as you see sort of the Delaware Basin growing as a percent of EBITDA. You talked about the DJ Basin as a cash generator and the PRB, you could see some growth there. But can you talk about some of the other natural gas assets that you have and the strategic importance of those assets? Or could those be assets that could be monetized at some point?

隨著你們看到特拉華盆地（Delaware Basin）在 EBITDA 中的占比成長，你們談到 DJ 盆地是現金產生器，而 PRB 也可能看到一些成長。但你能否談談你們其他的天然氣資產，以及這些資產的策略重要性？或者，這些是否可能是在某個時間點可以變現（monetized）的資產？

(inaudible) Danny mentioned in his script, we've got a lot of capacity in (inaudible) processing plants, and you see with the (inaudible) Billing Connections upside there. And there's certainly been a lot more activity among the customers and the broader Uinta basin. So we like that asset. South Texas has been great to us and been an important part of our history, and we're working very hard with our customer there to improve what we have for the JV and the JV kind of structure there. So we're continuing to try to improve that asset as well.

(聽不清) Danny 在他的講稿中提到，我們在（聽不清）處理廠有很大的產能，而你也看到（聽不清）Billing Connections 那邊的上行空間。而且客戶端以及更廣泛的 Uinta 盆地的活動確實增加了很多。所以我們喜歡那項資產。南德州一直對我們很有利，也是我們歷史上很重要的一部分；我們正與那邊的客戶非常努力合作，改善我們在合資（JV）以及合資架構方面的現況。因此我們也會持續嘗試改善那項資產。

And again, we've had a long history going all the way back to the Anadarko days in Southwest Wyoming. So we have -- we do have still a couple of other minority interests in long-haul pipes that are -- we monetize sort of the lines where we thought we were misaligned with our partners there, and we've kept the ones where we see continued sort of good performance and good partnership.

另外，我們在懷俄明州西南部的歷史可以一路追溯到 Anadarko 時期。所以我們——我們目前仍在一些長途管線（long-haul pipes）中持有少數股權；我們已將那些我們認為與合作夥伴利益不一致的管線做了變現，而保留了我們認為能持續有良好表現、且合作關係良好的那些。

So we're pretty happy with what we have now. And I think the way to think about any potential divestitures for us is as hard as an MLP to the best assets as I think has been around for a long time. But we certainly would need a place to redeploy the capital at higher returns and that sort of thing almost immediately to sort of make that work. So it's something that we look at. We always review sort of our portfolio and how everything fits, but it's not something that we spend a terrible amount of time on in terms of reviewing. We don't need the capital today, our balance sheet is in really, really good shape and as we do sort of these chunky organic projects or some of the programmatic M&A, we'll continue to stay disciplined on the balance sheet there, too. So not an urgent priority.

所以我們對目前的資產組合相當滿意。我認為，對我們而言思考任何可能的資產剝離（divestitures）的方式是：作為一家 MLP，要賣掉最好的資產一直以來都很難，這點我想大家都知道。但我們當然需要能把資本重新部署到更高報酬的地方，而且幾乎要能立即做到，才能讓這件事成立。所以這是我們會看的事情。我們總是會檢視我們的投資組合以及各項資產如何契合，但在檢討上並不會花非常多時間。我們目前不需要資本，我們的資產負債表狀況非常、非常好；而當我們進行這些較大型的有機專案或一些計畫性（programmatic）的併購時，我們也會持續在資產負債表上保持紀律。所以這不是迫切的優先事項。

Okay. And then just a little bit on capital allocation. Can you talk about some of the programmatic M&A versus organic growth opportunities. And then with M&A, what are some of these areas you'd like to fill? I think you've talked about New Mexico. You're seeing some opportunities there? And then also related to capital allocation, it looks like once we purchased 15 -- a little over 15 million units from Oxy in the quarter. Can you talk a little bit about that? And do you expect to continue some of these opportunistic buybacks?

好的。接著想再問一點資本配置。你能否談談一些計畫性併購（programmatic M&A）相較於有機成長機會？另外在併購方面，你們希望補齊哪些領域？我想你們談過新墨西哥州。你們在那邊看到一些機會嗎？此外也與資本配置相關，看起來你們在本季向 Oxy 買回了 1,500 萬單位以上（units）。你能否稍微談談這件事？以及你們是否預期會持續進行這類機會型回購？

Yes, certainly. So on capital allocation front, our sort of methodology is unchanged for a number of years and in a sort of go-forward case, it's very similar. In terms of where we see potential on the organic side, we'll continue to build out processing over time in the Permian Basin for sure, given where GORs are going and (inaudible) basin and a lot of, I think, in-basin gas use. So we need to see the gas side of the business is very positive in the Permian.

是的，當然。在資本配置方面，我們的方法論多年來一直沒有改變，而在未來的情境下也非常類似。就我們看到的有機面潛力而言，考量到 GOR 的走勢以及（聽不清）盆地、以及我認為盆地內天然氣使用量的增加，我們肯定會隨時間在二疊紀盆地（Permian Basin）持續擴建處理能力。因此我們認為二疊紀的天然氣業務面非常正向。

We do hope to build out additional gas assets, one way or another in New Mexico for sure to complement our Aris footprint that they may not require us getting into (inaudible) gas, which is again something our operating team has experience in. Probably, you'll see over the next couple of years, some capital allocated to some of these new venture projects in particular, on water beneficial reuse and potentially on the power side. But again, those will have to sort of adhere to our sort of target returns that are the same for gas oil, water or anything else. So those would be sort of returns and project specific.

我們也確實希望以某種方式在新墨西哥州擴建更多天然氣資產，以補強我們的 Aris 版圖；而這可能不需要我們進入（聽不清）天然氣，這同樣是我們營運團隊具備經驗的領域。大概在未來幾年，你會看到部分資本配置到一些新創投專案，特別是在水的有益再利用（beneficial reuse），以及可能在電力端。但同樣地，這些都必須符合我們的目標報酬要求，且該要求對天然氣、原油、水務或其他任何項目都是一致的。因此這些會是依報酬與專案而定。

So really, not too much change. We -- there's potential, I think, to deploy incremental capital for sure and the powder. And I think in terms of the DJ, honestly, it really depends on how sort of the regulatory and political environment evolves there. It's a fabulous basin with a lot of oil still in place. We think the state is moderating some, but given their power needs and their 30% of their base load is coal, but it's hard to predict. So that is truly a human outcome in the DJ in terms of whether we would deploy material additional capital in that part of the world. And I'm sorry, I've lost the last part of the question. (inaudible)

所以其實變化不大。我們——我認為，確實有潛力部署額外資本，手上也有「乾火藥」。至於DJ，我坦白說，這真的取決於那裡的監管與政治環境如何演變。那是一個極佳的盆地，地下仍有大量原油。我們認為州政府的態度在某種程度上有所緩和，但考量到他們的電力需求，以及其基載電力有30%來自燃煤，不過這很難預測。因此，就我們是否會在世界那一端的DJ部署實質性的額外資本而言，這確實取決於人為因素的結果。抱歉，我漏掉了問題的最後一部分。(聽不清)

That was actually an integral part of the contract renegotiation of our Delaware (inaudible) legacy gas contract with Oxy. So as part of sort of all the adjustments around that contract, the economic trade-off with that to rebalance that contract was they contributed those units to WES so that we retire those units as part of the economics of the overall trade.

那其實是我們與Oxy就德拉瓦（聽不清）既有天然氣合約進行重新談判時，合約重談的一個重要組成部分。因此，作為該合約周邊各項調整的一部分，為了重新平衡該合約所做的經濟取捨是：他們向WES出資（交付）了那些單位，讓我們在整體交易經濟性的一部分中將那些單位予以註銷。

Okay. Great. Just if I can sneak one more in. I know you have North Loving 2 coming on and there's some incremental capacity from Brazos. But if you think about processing expansions going forward, how are you managing the supply chain? And I'm specifically thinking about compression where lead times have stretched to over 150 weeks (inaudible)?

好的。很好。如果可以的話，我再補問一個。我知道你們的North Loving 2即將上線，且Brazos也會帶來一些增量產能。但若從未來的處理（processing）擴建來看，你們如何管理供應鏈？我特別想到的是壓縮設備（compression），其交期已拉長到超過150週(聽不清)？

I mean, I can talk about it briefly, but when it comes to compressing deliverability relative to cryo units or other processing capacity, it seems to be the electrical equipment and the cryo units in (inaudible) not compression to drive it. And so it's just being on top of forecasting for those 2 long-lead components to be able to have it. And then we maintaining kind of relationships and orders, our supply chain group is a good job making sure that we have spots in line that we have options for so that we can be nimble when it comes to needing compression.

我的意思是，我可以簡要談一下；但就相對於低溫（cryo）機組或其他處理產能而言，要壓縮可交付能力（deliverability），看起來瓶頸是在電氣設備與（聽不清）中的低溫機組，而不是用來驅動它的壓縮設備。因此，關鍵就是要掌握那兩項長交期組件的預測，才能確保供應到位。然後我們也維持各種關係與下單安排；我們的供應鏈團隊做得很好，確保我們在產線排程中有位置、也保留選項，讓我們在需要壓縮設備時能夠更靈活。

Yes. We -- I mean, we constantly review our processing stack and monitor the outlook of our producing customers and where we think (inaudible) are going in particular and that sort of thing. So, yes, that's why in looking at having North Loving 2 underway, but also sort of the benefit of the Brazos processing capacity, we have a lot of confidence in that and visibility. You'll recall, we slightly modified our approach to thinking about our stack and how we build out compression gas processing capacity in terms of where we really believe we kind have understood our customers and sort of their habits as well as their geology and what they're looking at going forward. We leaned in a little bit on North Loving 2 versus what we had done in the past, which was more of build up an entire gas processing plant, so to speak, of offloads, customer-driven away from turnaround, (inaudible) build it. And by that time, you were sort of a couple of years behind the market.

是的。我們——我的意思是，我們會持續檢視我們的處理產能配置（processing stack），並監測我們生產端客戶的展望，以及我們認為（聽不清）特別會走向何處之類的情況。所以，是的，這也是為什麼在推進North Loving 2的同時，再加上Brazos處理產能的效益，我們對此有很高的信心與能見度。你會記得，我們稍微調整了我們對產能配置的思考方式，以及我們如何擴建壓縮與天然氣處理產能——重點在於我們確實相信自己已更理解客戶、他們的作業習慣、地質條件，以及他們未來的規劃。相較於過去，我們在North Loving 2上更積極一些；以前的做法更像是把整座天然氣處理廠一次建起來——也就是說，依據卸載量、客戶需求、避開檢修期（turnaround）等（聽不清）來建置。而等到那時，你往往已經落後市場大概兩年。

So again, we have incredible confidence in the Permian for the very long term. And so we just want to make sure we're not overspending, but we're managing sort of the multiyear outlook for process side. That does tie into the (inaudible) supply chain in terms of when we want to sanction or maybe order long lead time item equipment. But to Danny's point, where we had more trouble more specific equipment around electrical and not really the core of the plant itself.

所以再說一次，我們對二疊紀盆地（Permian）的超長期前景有極高的信心。因此，我們只是想確保不會過度支出，但同時也在管理處理端（process side）的多年期展望。這確實會與（聽不清）供應鏈連動，關係到我們何時要核准投資（sanction），或許也包括何時要訂購長交期設備項目。但呼應Danny的觀點，我們遇到較多困難的是電氣相關的特定設備，而不是工廠本體的核心部分。

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

目前沒有其他問題。Oscar Brown先生，我把電話交回給您。

Thank you, and thank you to everyone for your interest in Western Midstream and participation on this call. Our unique portfolio, investment-grade balance sheet and our scale gives us multiple ways to win in the near term as a midstream leader in natural gas, crude oil and produce water across some of the best basins in the United States. Add to that over the long term, our emerging Water beneficiaries business and strong potential new ventures in the high-titer power generation of CO2 related services and additional other business lines closing to our core natural gas business. So stay tuned, I really think we're going to have a lot to talk about, and we look forward to speaking with you again on our next earnings call in August, and we'll see many of you at the investor and industry conferences in between. With that, we'll close the call. Thanks again, everyone.

謝謝，也感謝各位對Western Midstream的關注並參與本次電話會議。我們獨特的資產組合、投資級資產負債表以及規模優勢，讓我們在短期內有多種致勝方式，成為美國一些最佳盆地中，天然氣、原油與採出水（produced water）領域的中游領導者。此外，從長期來看，我們新興的水務受益業務，以及在高濃度（high-titer）發電、與CO2相關服務，以及其他更多貼近我們核心天然氣業務的新業務線方面，也有很強的新合資/新事業潛力。所以敬請期待，我真的認為我們將有很多內容可以分享；也期待在8月下一次財報電話會議再與各位交流，期間也會在投資人與產業會議上見到許多各位。那麼，我們就結束本次電話會議。再次謝謝各位。

Ladies and gentlemen, this concludes today's call. We thank you for your participation. You may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。