Western Midstream Partners LP (WES) 2026 Q2 法說會逐字稿

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

早安。我叫 Tina，今天將擔任各位的電話會議接線員。此刻，我謹代表公司歡迎各位參加 Western Midstream Partners 2026 年第二季財報電話會議。(接線員指示)

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

現在我想將會議交給投資人關係總監 Daniel Jenkins。請開始。

Thank you. Good morning, and welcome to Western Midstream's second-quarter 2026 conference call.

謝謝。早安，歡迎各位參加 Western Midstream 2026 年第二季電話會議。

Today's call, the accompanying slide deck, and last night's press release 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. Relevant reference materials are posted on our website.

今天的電話會議、隨附的簡報投影片，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，以了解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說明。相關參考資料已張貼於我們的網站。

With me today are Oscar Brown, our Chief Executive Officer; Danny Holderman, our Chief Operating Officer; and Kristen Shults, our Chief Financial Officer.

今天與我一同出席的有：我們的執行長 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.

謝謝你，Daniel，也向各位道早安。

Yesterday we reported record adjusted EBITDA of $737 million, an increase of 8% sequentially and 19% compared to the prior year period. Our strong second quarter results reflect record throughput from our natural gas and produced water businesses in the Delaware Basin, approximately two and a half weeks of contribution from the Brazos acquisition, and the benefit of our fixed-recovery natural gas processing contracts in conjunction with higher overall commodity pricing. In mid-June, we closed the $1.6 billion acquisition of Brazos Delaware II, funded with approximately $800 million in cash and $800 million of WES common units, based on the volume-weighted average unit price at the time the acquisition agreement was signed.

昨天我們公布創紀錄的調整後 EBITDA 為 7.37 億美元，較上一季成長 8%，較去年同期成長 19%。我們強勁的第二季表現，反映出德拉瓦盆地（Delaware Basin）天然氣與採出水（produced water）業務的處理量創新高、Brazos 收購案約兩週半的貢獻，以及在整體商品價格走高的環境下，我們固定回收（fixed-recovery）的天然氣處理合約所帶來的效益。6 月中旬，我們完成以 16 億美元收購 Brazos Delaware II，資金來源約為 8 億美元現金與 8 億美元的 WES 普通單位（common units），係以簽署收購協議時的成交量加權平均單位價格為基礎。

The Brazos acquisition expands our gathering and processing footprint in the Delaware Basin and reflects our discipline of only deploying capital that sustains or grows the distribution over time. It is accretive to per-unit metrics, protects the partnership's balance sheet and investment-grade credit ratings, and diversifies our customer base and ownership. The integration is off to a strong start. Our teams are focused on optimizing the legacy Brazos system and connecting it to the legacy WES system, which we expect to be completed by year-end.

Brazos 收購案擴大了我們在德拉瓦盆地的集輸與處理版圖，也體現我們的紀律：只投入能隨時間維持或提升配息的資本。該交易可提升每單位指標、維護合夥企業的資產負債表與投資等級信用評等，並使我們的客戶基礎與持有結構更加多元。整合工作已取得良好開端。我們的團隊正專注於優化既有 Brazos 系統並將其與既有 WES 系統連接，預期將於年底前完成。

This will enable us to direct more volumes to Brazos' processing plants that have spare capacity, enabling us to process more volumes internally and offload fewer volumes, thus creating more value for WES unit holders. We also expect to capture approximately $15 to $20 million of cost synergies over the coming quarters in connection with the Brazos acquisition, primarily through general and administrative cost elimination and reduced operation and maintenance expense from supply chain efficiencies. Additionally, we have recently seen a number of wells previously planned for 2027 move into the second half of 2026 from several customers on the Brazos acreage. We will continue to remain in close contact with these new customers regarding their near-term plans, but we would expect these developments to result in increased throughput relative to our initial underwriting assumptions when we consummated the deal.

這將使我們能將更多處理量導向仍有閒置產能的 Brazos 處理廠，讓我們能在內部處理更多量、減少外送處理量，進而為 WES 單位持有人創造更多價值。我們也預期在未來幾季，與 Brazos 收購案相關可取得約 1,500 萬至 2,000 萬美元的成本綜效，主要來自一般與行政費用的刪減，以及透過供應鏈效率提升而降低的營運與維護費用。此外，我們近期也看到在 Brazos 租地（acreage）上，數位客戶原本規劃於 2027 年投產的多口井，已提前至 2026 年下半年。我們將持續與這些新客戶就其短期計畫保持密切聯繫，但我們預期這些進展將使處理量高於我們完成交易時、在初始承作假設（underwriting assumptions）中的預估。

For the remainder of the year, higher commodity prices continue to incentivize our customers to increase activity, particularly in the Delaware and Powder River basins, positioning us for incremental throughput growth in 2027. In the Delaware basin, multiple customers have communicated that they intend to accelerate activity into the second half of the year, which should drive throughput growth as we exit 2026 and into 2027. We also recently entered into new gathering and processing agreements with two of the most active producers in the Powder River basin. These long-term agreements increase dedications to WES by approximately 270,000 acres, which contain over 1,000 remaining drilling locations and are backed by substantial minimum volume commitments.

在今年剩餘期間，較高的商品價格持續激勵客戶提高活動量，尤其是在德拉瓦盆地與粉河盆地（Powder River Basin），使我們在 2027 年具備額外處理量成長的有利位置。在德拉瓦盆地，多位客戶已表示打算在下半年加速活動，這應可推動我們在 2026 年底以及 2027 年的處理量成長。我們近期也與粉河盆地兩家最活躍的生產商簽訂新的集輸與處理協議。這些長期協議使對 WES 的專屬承諾（dedications）增加約 27 萬英畝，涵蓋超過 1,000 個剩餘鑽井位置，並由可觀的最低量承諾（minimum volume commitments）支持。

These agreements, plus the associated volume commitments, demonstrate producers' increasing focus on the Powder River Basin as they begin to more fully develop their vast acreage positions in the basin. Based on the strength of our first half results, continued elevated commodity prices, and the Brazos acquisition, we are raising the midpoints of our full-year 2026 adjusted EBITDA, distributable cash flow, and free cash flow guidance ranges by 10%, 10%, and 20%, respectively. We now expect 2026 adjusted EBITDA to be between $2.75 billion and $2.95 billion. Implying a midpoint of $2.85 billion, an increase of $250 million compared to our original guidance range.

這些協議及其相關的量承諾，顯示生產商在開始更全面開發其於該盆地龐大租地部位之際，對粉河盆地的重視程度正在提高。基於上半年業績強勁、商品價格持續維持高檔，以及 Brazos 收購案，我們將 2026 全年調整後 EBITDA、可分配現金流（distributable cash flow）與自由現金流（free cash flow）指引區間的中位數分別上調 10%、10% 與 20%。我們目前預期 2026 年調整後 EBITDA 將介於 27.5 億至 29.5 億美元。其中位數為 28.5 億美元，較原先指引區間的中位數增加 2.5 億美元。

Additionally, we now expect 2026 distributable cash flow to be between $2.05 billion and $2.25 billion, and 2026 free cash flow between $1.1 billion and $1.3 billion, which represents increases of $200 million at the midpoints. Kristen will provide more detail on our updated guidance ranges shortly. Finally, as we announced in mid-June, JIP-2, our second produced water treatment demonstration facility near Red Bluff Reservoir in Reeves County, Texas, was placed in service during the second quarter. It is now delivering approximately 1,000 barrels per day of reclaimed freshwater, roughly 10 times the volume of JIP-1.

此外，我們目前預期 2026 年可分配現金流將介於 20.5 億至 22.5 億美元，而 2026 年自由現金流將介於 11 億至 13 億美元；兩者的中位數均增加 2 億美元。Kristen 稍後將就我們更新後的指引區間提供更多細節。最後，如同我們在 6 月中旬所宣布，JIP-2——我們位於德州里夫斯郡（Reeves County）Red Bluff 水庫附近的第二座採出水處理示範設施——已於第二季投入服務。目前每日可供應約 1,000 桶回收淡水（reclaimed freshwater），約為 JIP-1 的 10 倍。

The facility is designed to refine operating costs, evaluate reliability, and demonstrate consistent reclaimed freshwater recovery for fit-for-purpose applications. Including industrial cooling, surface discharge, and non-consumptive agriculture irrigation, while protecting existing water sources for surrounding communities. We view JIP-2 as a critical step towards sanctioning our first commercial-scale facility. In the Permian, crude oil and natural gas flow assurance does not happen without a solution for produced water, and each step forward on beneficial reuse deepens what we can offer producers across all three streams.

該設施旨在精進營運成本、評估可靠性，並展示可穩定回收、可用於特定用途（fit-for-purpose）的回收淡水。用途包括工業冷卻、地表排放，以及非耗水型農業灌溉，同時保護周邊社區既有水源。我們視 JIP-2 為邁向核准（sanctioning）首座商業規模設施的關鍵一步。在二疊紀盆地（Permian），若沒有採出水解決方案，就無法確保原油與天然氣的流動保障（flow assurance）；而在有益再利用（beneficial reuse）方面每向前一步，都能加深我們在三大業務流（three streams）上可為生產商提供的價值。

Over the past few quarters, produced water handling has been our fastest growing product line, and we believe that beneficial reuse provides another path for growth as water to oil ratios continue to increase and as produced water continues to outpace natural gas, crude oil, and NGL throughput growth. With that, I'll turn the call over to our Chief Operating Officer, Danny Holderman, to discuss our operational performance in the second quarter. Danny.

過去幾季，採出水處理一直是我們成長最快的產品線；我們相信，隨著水油比持續上升，以及採出水處理量的成長持續超越天然氣、原油與 NGL 的處理量成長，有益再利用將提供另一條成長路徑。接下來我把電話交給我們的營運長 Danny Holderman，請他說明第二季的營運表現。Danny。

Thank you, Oscar, and good morning, everyone. Second quarter natural gas throughput increased 3% sequentially, driven by two and a half weeks of contribution from the Brazos acquisition and another quarter of record natural gas throughput from the DJ Basin. Additionally, our crude oil and NGLs throughput increased slightly and our produced water throughput increased by approximately 5% on a sequential quarter basis. Our second quarter per MCF adjusted gross margin for natural gas assets increased by $0.03 compared to the prior quarter.

謝謝你，Oscar，也向各位道早安。第二季天然氣處理量較上一季增加 3%，主要受 Brazos 收購案約兩週半的貢獻，以及 DJ 盆地（DJ Basin）天然氣處理量再度創下單季新高所帶動。此外，我們的原油與 NGL 處理量小幅增加，而採出水處理量以季比計約增加 5%。第二季天然氣資產每千立方英尺（MCF）的調整後毛利較上一季增加 0.03 美元。

Primarily driven by higher overall commodity pricing on excess natural gas liquids volumes under our fixed recovery contracts and by 2.5 weeks of contribution from the Brazos acquisition. We expect third quarter per MCF adjusted gross margin to be slightly lower than the second quarter as commodity prices have moderated, but we now expect our full-year 2026 adjusted gross margin to average approximately $1.30 per MCF. Our second quarter per barrel adjusted gross margin for crude oil and NGLs assets increased by $0.14 compared to the prior quarter, primarily driven by higher deficiency fees in the Delaware Basin. We expect our third quarter per barrel adjusted gross margin to be slightly lower than the second quarter.

主要受固定回收合約下超額天然氣液體（NGL）量的整體商品價格走高所帶動，以及 Brazos 收購案 2.5 週的貢獻。我們預期第三季每 MCF 調整後毛利將略低於第二季，因商品價格已趨於溫和；但我們目前預期 2026 全年調整後毛利平均約為每 MCF 1.30 美元。第二季原油與 NGL 資產每桶調整後毛利較上一季增加 0.14 美元，主要受德拉瓦盆地較高的不足費（deficiency fees）所帶動。我們預期第三季每桶調整後毛利將略低於第二季。

We still expect our full-year 2026 to range between $3.10 and $3.15 per barrel for 2026. Our second quarter per barrel adjusted gross margin for produced water assets increased by $0.06 compared to the prior quarter, primarily driven by higher throughput. We expect our third quarter per barrel adjusted gross margin to be slightly lower than the second quarter, but we still expect our full-year 2026 to average approximately $0.91, especially if the crude oil strip for 2026 remains elevated. For the remainder of the year, we now expect portfolio-wide average year-over-year throughput to increase by mid-single-digits for natural gas and to decline by low single-digits for crude oil and NGLs.

我們仍預期2026全年每桶將介於3.10美元至3.15美元之間（以2026年計）。我們第二季已產出水資產的每桶調整後毛利較前一季增加0.06美元，主要受惠於處理量提升。我們預期第三季每桶調整後毛利將略低於第二季，但我們仍預期2026全年平均約為0.91美元，尤其是在2026年原油期貨曲線（strip）維持高檔的情況下。就今年剩餘期間而言，我們目前預期全投資組合的平均年對年處理量：天然氣將以中個位數成長，而原油與NGLs將以低個位數下滑。

Reflecting 6.5 months of Brazos contribution and higher customer activity in the back half of the year. Additionally, we now expect average produced water throughput to increase by approximately 85% year-over-year, driven by the ARIS acquisition and strong performance from our legacy water business, which is slightly higher than our original expectation of approximately 80% growth coming into the year. In the Delaware Basin, we now expect average year-over-year throughput to increase by low to mid-teens percentage growth for natural gas. And for crude oil and NGLs to increase by low single-digit percentage growth in 2026, with the Brazos acquisition being the primary driver of the improved forecast.

此反映Brazos貢獻6.5個月，以及下半年客戶活動增加。此外，我們目前預期已產出水平均處理量年對年將增加約85%，主要由ARIS收購案帶動，以及我們既有水務業務的強勁表現所驅動；此略高於我們年初原先預期約80%的成長。在Delaware盆地，我們目前預期天然氣平均年對年處理量將以低至中十位數百分比成長。而原油與NGLs在2026年將以低個位數百分比成長，其中Brazos收購案為改善預測的主要驅動因素。

During the second quarter, we again saw certain customers curtail Delaware Basin throughput due to negative Waha natural gas pricing, but we exited the quarter with no curtailments as certain long-haul pipes returned from maintenance and the GCX expansion and the Huberenson pipeline entered service. We expect Waha pricing to be less volatile through the remainder of the year, particularly as the Blackcomb pipeline comes online later this year. In the DJ Basin, throughput outperformed in the first half of the year, primarily driven by strong well performance and higher onloads from other midstream. This outperformance improves our full-year outlook for both natural gas and crude oil and NGLs throughput, and we now expect a low single-digit decline for natural gas and a mid-single-digit decline for crude oil and NGLs on average year-over-year.

第二季期間，我們再次看到部分客戶因Waha天然氣價格為負而縮減Delaware盆地處理量；但隨著部分長途管線完成維修復運，以及GCX擴建與Huberenson管線投入服務，我們在季末已無任何縮減情形。我們預期Waha價格在今年剩餘期間波動將降低，尤其是Blackcomb管線於今年稍晚上線後。在DJ盆地，上半年處理量表現優於預期，主要受惠於井況表現強勁以及來自其他中游業者的上載量增加。此優於預期的表現改善了我們對天然氣以及原油與NGLs處理量的全年展望；我們目前預期天然氣平均年對年將小幅下滑（低個位數），原油與NGLs平均年對年將下滑中個位數。

In the Powder River Basin, we now expect throughput to decline by mid- to high-single-digits on average year-over-year. As Oscar previously mentioned, we recently signed long-term gathering and processing agreements with two large producers in the basin. That add approximately 270,000 dedicated acres to WES' footprint, support years of development drilling and are backed by multi-year minimum volume commitments. These customers plan to increase activity in the back half of this year, driving volume growth as we exit 2026 and again in 2027.

在Powder River盆地，我們目前預期處理量平均年對年將下滑中至高個位數。如Oscar先前提到，我們近期與該盆地兩家大型生產商簽署了長期集輸與處理協議。該等協議為WES的版圖新增約270,000英畝的專屬面積，支持多年開發鑽井，並由多年期最低量承諾作為保障。這些客戶計畫在今年下半年提高活動，推動我們在2026年末退出時的量能成長，並在2027年再次成長。

Finally, regional natural gas pricing has improved in the Rocky Mountains, and we continue to expect mid-single-digits percentage throughput growth from our other natural gas assets. Driven by a full year's contribution from Williams Mountain WES pipeline expansion, the tie-in of Kinder Morgan's Ultimont Pipeline and Darchepita processing plant in Utah in 2025, and steady throughput at our Brasada plant in South Texas. With that, I'll turn the call over to Kristen to discuss our financial performance.

最後，落磯山地區的區域天然氣價格已改善，我們仍預期其他天然氣資產的處理量將以中個位數百分比成長。此由Williams Mountain WES管線擴建的全年貢獻、2025年在猶他州接入Kinder Morgan的Ultimont管線與Darchepita處理廠，以及我們位於南德州Brasada廠的穩定處理量所帶動。接下來我將把電話會議交給Kristen，請她說明我們的財務表現。

Thank you, Danny, and good morning, everyone. During the second quarter, we generated net income attributable to limited partners of $395 million. Record adjusted EBITDA of $737 million, and distributable cash flow of $537 million. Relative to the first quarter of 2026, adjusted gross margin increased by $84 million, driven primarily by strong throughput growth from our produced water business, approximately two and a half weeks of throughput from the Brazos Delaware acquisition, and higher commodity prices on excess natural gas liquids volumes.

謝謝你，Danny，各位早安。第二季我們產生歸屬於有限合夥人的淨利3.95億美元。調整後EBITDA創新高達7.37億美元，可分配現金流為5.37億美元。相較於2026年第一季，調整後毛利增加8,400萬美元，主要由已產出水業務處理量強勁成長、Brazos Delaware收購案約兩週半的處理量貢獻，以及超額天然氣液體（NGL）銷量在較高商品價格下所帶動。

Operation and maintenance expense increased approximately 8% quarter-over-quarter, mostly driven by higher disposal and land fees associated with the increased produced water throughput and higher chemicals and treating expense. Inclusive of both the legacy ARIS and Brazos assets, we now expect our full-year 2026 operation and maintenance expense to increase by approximately 20 to 25% year-over-year, which is still a meaningful reduction on a combined company basis as we execute on synergy capture and operational cost reduction efforts. For the third quarter specifically, we expect operation and maintenance expense to increase in the high-single-digit percentage range, driven by the full quarterly run rate from Brazos. The increased asset maintenance and repair work that's typical during the third quarter, and higher expected utility costs.

營運與維護費用較前一季增加約8%，主要由已產出水處理量增加所帶來的較高處置費與土地費用，以及較高的化學品與處理費用所致。包含既有ARIS與Brazos資產在內，我們目前預期2026全年營運與維護費用年對年將增加約20%至25%；但在我們推動協同效益落地與營運成本降低的同時，這在合併公司基礎上仍屬顯著的降幅。就第三季而言，我們預期營運與維護費用將以高個位數百分比增加，主要由Brazos帶來的完整季度運行率所驅動。以及第三季典型較多的資產維護與修繕工作，與預期較高的公用事業成本。

Pro forma, the Brazos acquisition, we now estimate reimbursements of approximately 60% of our portfolio-wide utility costs from our customers. Turning to cash flow, our second quarter cash flow from operating activities totaled $535 million, an increase of $65 million over the first quarter of 2026. Our operating cash flow resulted in $264 million of free cash flow generation and free cash flow after our first quarter 2026 distribution that was paid on May 15th was a use of cash of $111 million. Turning to the balance sheet, we ended the quarter with more than $1.8 billion of total liquidity and a trailing 12 months net leverage ratio pro forma for a full year of Brazos contribution of approximately 3.15 times.

以Brazos收購案的備考（pro forma）基礎計算，我們目前估計客戶將補償我們全投資組合約60%的公用事業成本。談到現金流，第二季營運活動現金流合計5.35億美元，較2026年第一季增加6,500萬美元。我們的營運現金流帶來2.64億美元的自由現金流；而在支付於5月15日發放的2026年第一季分配後，自由現金流為現金流出1.11億美元。再看資產負債表，我們在季末擁有超過18億美元的總流動性；以Brazos全年貢獻的備考基礎計算，過去12個月淨槓桿比率約為3.15倍。

In June, we issued $700 million of 10-year senior notes to refinance the commercial paper and revolver borrowings used to fund the Brazos acquisition. The 123-basis-point spread to U.S. Treasuries was the tightest 10-year spread for any WES 10-year senior note issuance in the partnership's history. On July 20, we declared a quarterly distribution of $0.93 per unit, unchanged from the prior quarter, and it will be paid on August 14 to unit holders of record as of July 31.

6月，我們發行7億美元的10年期優先票據，用以再融資為Brazos收購案提供資金所使用的商業本票與循環信貸借款。相對美國公債的123個基點利差，為WES在合夥企業歷史上任何10年期優先票據發行中最窄的10年期利差。7月20日，我們宣告每單位0.93美元的季度分配，與前一季持平，將於8月14日支付給截至7月31日登記在冊的單位持有人。

Turning to guidance, as Oscar mentioned, we are raising our 2026 adjusted EBITDA range to be between $2.75 billion and $2.95 billion, implying a new midpoint of $2.85 billion, an increase of $250 million at the midpoint relative to our initial guidance announced in late February. This reflects the contribution from the Brazos acquisition, the strong commodity price environment in the first half of 2026. And a higher commodity price forecast for the second-half as well as increased customer activity levels in the second half of the year in both the Delaware and Powder River basins as both Oscar and Danny previously mentioned. While second-half 2026 commodity prices remain above what we modeled coming into the year, they have recently moderated, causing us to use an average oil price of $71 per barrel for the second half of the year and resulting in a full-year average price of approximately $77 per barrel.

談到財測指引，如Oscar所提到，我們將2026年調整後EBITDA區間上調至27.5億美元至29.5億美元，意味新的中位數為28.5億美元，較我們2月下旬公布的初始指引中位數上調2.5億美元。此反映Brazos收購案的貢獻、2026年上半年強勁的商品價格環境。以及對下半年較高的商品價格預測，並且如Oscar與Danny先前所述，Delaware與Powder River兩個盆地下半年客戶活動水準提升。雖然2026年下半年商品價格仍高於我們年初建模假設，但近期已有所回落，因此我們採用下半年平均油價每桶71美元，並使全年平均價格約為每桶77美元。

On capital, we are maintaining our 2026 capital expenditure range of $850 million to $1 billion, though we now expect to be toward the high end of the guidance range. This is primarily driven by new expansion opportunities in the Delaware and Powder River basins that were not contemplated in our prior forecast. In particular, the new long-term gathering and processing agreements in the Powder River Basin will require incremental growth capital for expanded gathering facilities and additional compression, a portion of which will be spent in 2026. Over half of our 2026 capital program remains directed toward the construction of the Pathfinder pipeline and the North Loving 2 natural gas processing train.

在資本支出方面，我們維持2026年資本支出區間為8.5億美元至10億美元，但我們目前預期將偏向指引區間的高端。這主要由Delaware與Powder River盆地新的擴張機會所驅動，而這些在我們先前的預測中並未納入。特別是Powder River盆地新的長期集輸與處理協議，將需要額外的成長資本，用於擴建集輸設施與增加壓縮設備，其中一部分將於2026年支出。我們2026年資本計畫仍有超過一半用於Pathfinder管線與North Loving 2天然氣處理列車的建設。

We continue to expect capital spending to remain elevated through the third quarter before moderating in the fourth as we approach Pathfinder's and North Loving 2's expected in-service dates in the first and second quarters of 2027, respectively. We are increasing our distributable cash flow, or DCF guidance, to a range of $2.05 billion and $2.25 billion, implying a midpoint of $2.15 billion, an increase of $200 million at the midpoint. This again mostly reflects the Brazos acquisition and higher commodity price environment through 2026. We are also raising our free cash flow guidance to a range of $1.1 billion to $1.3 billion, implying a midpoint of $1.2 billion.

我們仍預期資本支出將在第三季維持高檔，並在第四季隨著我們接近 Pathfinder 與 North Loving 2 分別預計於 2027 年第一季與第二季投運的日期而趨於緩和。我們將可分配現金流（Distributable Cash Flow，DCF）指引上調至 20.5 億美元至 22.5 億美元區間，意味著中點為 21.5 億美元，中點上調 2 億美元。這主要再次反映 Brazos 收購案，以及至 2026 年的較高商品價格環境。我們也將自由現金流指引上調至 11 億美元至 13 億美元區間，意味著中點為 12 億美元。

Also an increase of $200 million at the midpoint. We continue to view free cash flow as a key indicator of the partnership's financial strength, while DCF provides investors an additional measure of our capacity to fund the distribution and a substantial portion of our expansion capital program. Finally, turning to the distribution, our target of at least $3.70 per unit paid in 2026 remains unchanged. Our annualized run rate of $3.72 reflects the increased distribution rate of $0.93 per unit that commenced with the first quarter 2026 distribution, and that will be paid again on August 14th for the second quarter distribution.

中點同樣上調 2 億美元。我們仍將自由現金流視為衡量合夥企業財務實力的關鍵指標，而 DCF 則為投資人提供另一項衡量我們支付配息並為擴張資本計畫提供相當部分資金能力的指標。最後，談到配息，我們 2026 年每單位至少支付 3.70 美元的目標維持不變。我們年化運行水準 3.72 美元反映了每單位 0.93 美元的提高後配息率，該配息率自 2026 年第一季配息起開始適用，並將於 8 月 14 日就第二季配息再次支付。

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

接下來，我把電話交給 Oscar 作結語。

Thanks, Kristen. Before we open the call for questions, I want to leave you with a few closing thoughts. First, WES has multiple ways to win and grow across the portfolio and across all three product lines. Natural gas, crude oil and NGLs, and produced water. Higher customer activity in the Delaware Basin combined with new commercial agreements and increasing rig count in the Powder River Basin positions WES for increasing natural gas throughput as we exit this year and again in 2027.

謝謝，Kristen。在我們開放提問之前，我想以幾點作結。第一，WES 在整體資產組合以及三大產品線上都有多種取勝與成長的方式。天然氣、原油與 NGL（天然氣液），以及產出水。Delaware 盆地客戶活動提升，結合新的商業協議與 Powder River 盆地鑽機數增加，使 WES 在今年結束時以及 2027 年再次具備提升天然氣處理量的有利條件。

The Brazos acquisition adds further momentum, and we continue to expect it to generate approximately $100 million of adjusted EBITDA in the second half of 2026. The Pathfinder produced water pipeline and the North Loving 2 natural gas processing train will provide growth and financial uplift when both of those projects come online early in the first and second quarters of 2027, respectively. Second, beneficial reuse remains an important, longer-term extension of our produced water. Strategy.

Brazos 收購案帶來進一步動能，我們仍預期其在 2026 年下半年可貢獻約 1 億美元的調整後 EBITDA。Pathfinder 產出水管線與 North Loving 2 天然氣處理列車將在兩項專案分別於 2027 年第一季與第二季初上線時，帶來成長與財務增益。第二，有益再利用仍是我們產出水業務重要的長期延伸。策略。

With JIP-2 now in service and producing roughly 10 times the reclaimed freshwater of JIP-1, we continue to progress our goal of sanctioning our first commercial-scale facility, adding another path for future growth. Third, our growth is supported by our strong balance sheet and ample liquidity. We ended the quarter with more than $1.8 billion of total liquidity and a trailing 12-month net leverage ratio pro forma for a full year's contribution from Brazos of approximately 3.15 times. This financial strength gives us the flexibility to fund organic expansion while returning capital to unitholders and pursuing additional strategic M&A as we did with Brazos and ARIS.

隨著 JIP-2 現已投運，且其回收淡水產量約為 JIP-1 的 10 倍，我們持續推進核准（sanction）首座商業規模設施的目標，為未來成長再增添一條路徑。第三，我們的成長由強健的資產負債表與充裕流動性所支撐。本季結束時，我們總流動性超過 18 億美元；以 Brazos 全年貢獻進行備考（pro forma）計算的過去 12 個月淨槓桿比約為 3.15 倍。這樣的財務實力讓我們能在回饋資金給單位持有人之際，仍具備資金彈性以支持內生成長擴張，並如同收購 Brazos 與 ARIS 一樣，追求更多策略性併購。

Finally, WES continues to offer one of the most compelling equity return profiles in the midstream sector. Our 12% to 14% potential total annual equity return is underpinned by a 7% to 9% current cash yield and a 4% to 5% long-term adjusted EBITDA growth rate, driving further upside over time. We exceeded that long-term growth rate in both '24 and '25, and we expect continued outperformance in 2026, generating expected total returns well above 14%. Combined with our strong balance sheet, investment-grade credit ratings, and ample liquidity, our compelling returns continue to differentiate WES within the midstream sector.

最後，WES 仍提供中游產業中最具吸引力的股權報酬輪廓之一。我們 12% 至 14% 的潛在年度總股權報酬，係由 7% 至 9% 的目前現金殖利率與 4% 至 5% 的長期調整後 EBITDA 成長率所支撐，並隨時間推進帶動進一步上行空間。我們在 2024 年與 2025 年皆超越該長期成長率，且預期 2026 年仍將持續優於預期，帶來明顯高於 14% 的預期總報酬。結合我們強健的資產負債表、投資等級信用評等與充裕流動性，我們具吸引力的報酬持續使 WES 在中游產業中脫穎而出。

In closing, WES enters the second half of 2026 from a position of strength. We delivered record-adjusted EBITDA this quarter, raised full-year guidance, and made significant progress integrating the Brazos acquisition. Looking ahead, we have multiple paths to continued growth. Pathfinder and North Loving 2 are progressing on schedule, rising activity across most of our core basins, and several recent commercial successes that will strengthen our growth profile for years to come.

總結而言，WES 以強勢姿態進入 2026 年下半年。本季我們交出創紀錄的調整後 EBITDA、上調全年指引，並在整合 Brazos 收購案方面取得重大進展。展望未來，我們有多條路徑可持續成長。Pathfinder 與 North Loving 2 依進度推進，我們多數核心盆地的活動提升，以及近期多項商業成果，將在未來多年強化我們的成長輪廓。

I am confident in our team's ability to execute and continue creating value for our unitholders. I also want to say thank you to our entire Western Midstream workforce for their continued hard work, engagement, and dedication to our partnership. We lead with our core values of partnership, customer focus, resourcefulness, and performance to deliver on our mission of improving lives through safe, sustainable, and efficient energy delivery. With that, we'll open the call for questions.

我對團隊的執行能力充滿信心，並將持續為我們的單位持有人創造價值。我也要感謝 Western Midstream 全體員工持續的辛勤付出、投入與對合夥企業的奉獻。我們以合夥精神、以客為尊、足智多謀與績效導向等核心價值為引領，履行我們透過安全、永續且高效率的能源輸送來改善生活的使命。接下來我們開放提問。

(Operator Instructions) Gabriel Moreen, Mizuho Securities USA LLC.

（接線員指示）Mizuho Securities USA LLC 的 Gabriel Moreen。

Hey, good morning, team. I just had a quick question, I guess, on the acceleration of activity from some of your customers into the back half of this year. Can you just talk about any revised expectations for filling up the spare processing capacity you've got for Brazos, and then also at North Loving and expansion there, and what it may mean for future processing expansions?

各位早安，團隊好。我想快速問一個問題，關於你們部分客戶在今年下半年加速活動。你們能否談談對於填補 Brazos 既有閒置處理產能的任何修正後預期，以及 North Loving 與其擴建的情況，還有這可能對未來處理擴建意味著什麼？

Sure. Thanks, Gabe. It's Oscar. Yeah, I think we are increasingly bullish on the outlook for gas, probably no surprise. We do have excess capacity. It'll probably take us towards the end of the year to connect the systems. So we won't really be taking advantage of that significantly until that time. And we expect to move a lot of volumes, especially volumes we've been offloading onto the plant. That said, the customer base there is much more active than we expected when we underwrote in the transaction.

當然。謝謝你，Gabe。我是 Oscar。是的，我想我們對天然氣前景愈來愈樂觀，這大概不令人意外。我們確實有多餘產能。把系統連接起來可能要到年底左右。因此在那之前，我們不會真正大幅利用到那部分產能。我們預期會帶動大量輸送量，尤其是我們先前轉移到工廠處理的那些量。話雖如此，那裡的客戶群活動度比我們在交易承作（underwrite）時預期的更為活躍。

So we're probably going to see that plant head towards being full pretty quickly, never mind us shifting over offloaded volumes. And then I guess with respect to additional capacity, we continue to review our processing stack. I think we are definitely in the mode of trying to understand the outlook. We'll know more as we progress through the year. We're probably at capacity in terms of space at North Loving. So our next plan would maybe be somewhere else, but we're certainly in that mode now considering where to move capacity next.

因此我們可能會看到那座工廠很快就接近滿載，更不用說我們把先前轉移的量再切回來。至於額外產能，我們持續檢視我們的處理產能配置。我想我們確實正處於試圖理解前景的階段。隨著今年推進，我們會掌握更多資訊。在 North Loving 就場地空間而言，我們大概已到上限。所以我們下一步的計畫可能會在其他地方，但我們現在確實正在考慮下一個要把產能移往哪裡。

So it's a pretty good outlook.

所以整體前景相當不錯。

Great. Thanks, Oscar. Maybe I can ask again on a follow-up on Pathfinder. You mentioned. The project is progressing according to plan. Can you talk about contracting strategy there? There's been a lot of discussion on your call here in the remarks about water and how that's your fastest-growing area. Just how that may translate to Pathfinder beyond kind of your anchor customer with Oxy.

很好。謝謝，Oscar。我想再追問一個關於 Pathfinder 的問題。你提到。該專案正按計畫推進。你能談談那邊的簽約策略嗎？你在發言中談了很多水務，以及那是你們成長最快的領域。這將如何在 Pathfinder 上體現，除了你們與 Oxy 的核心（anchor）客戶之外？

Sure, the contract with Oxy. Yeah. No, thanks. Thanks, Gabe. Pathfinder is going extremely well. I would say it's going better than planned. We've done a lot of work to bring down the total capital costs from the original sort of budget, and so that's gone well. We've also done, you'll remember, we announced some land work where we've gained some excess core space capacity and sort of did a little reroute in part of the system. So that helped the capital costs.

當然，與 Oxy 的合約。是的。不，謝謝。謝謝你，Gabe。Pathfinder 進展非常順利。我會說它的表現比原先計畫還要好。我們做了很多工作，把總資本成本從最初那種預算水準降下來，所以這方面進展得很不錯。我們也做了——你會記得——我們宣布過一些土地相關的作業，我們因此取得了一些額外的核心空間容量，並在系統的部分區段做了些小幅改線。所以這也有助於降低資本成本。

And returns as well. So with the base Oxy contract that takes a little less than a third of the capacity of the pipe and with some of the work we've done around the commercial side, that team has been successful in winning sort of incremental gathering and disposal opportunities that will ultimately over the long-term need to utilize Pathfinder. We price that in accordingly. So we're seeing that sort of. Way of the excess capacity. So right now we're looking at returns have moved up about our expected returns by about 500 basis points from high single-digits, 10% on this asset to closer to 15%, which you'd expect with all the work we've done.

以及報酬也是。所以以基礎的 Oxy 合約來看，它占用管線容量不到三分之一；再加上我們在商業端所做的一些工作，該團隊成功爭取到一些增量的集輸與處置機會，長期而言最終都需要利用 Pathfinder。我們也相應地把這些納入定價。所以我們正在看到那樣的情況。也就是利用那部分的剩餘容量。因此目前我們看到的報酬率，較原先預期提高了約 500 個基點，從原本高個位數、約 10% 的資產報酬，提升到更接近 15%，這也符合我們所做的所有工作所帶來的結果。

And then as we continue to fill that pipe into the next year or so, once it comes online. Would expect returns to get into the 20% range. So everything fundamentally about the water business, quite honestly, from our perspective, is much better than we thought and has improved more quickly than we anticipated when we sanctioned this project. So I think Pathfinder becomes. Kind of like a header system or a loop, in terms of our entire integrated water system in New Mexico and Texas.

接著，當我們在未來一年左右、等它上線後持續把那條管線填滿。我們預期報酬率會進入 20% 的區間。所以老實說，從我們的角度來看，水務業務的基本面各方面都比我們原先想的好很多，而且在我們核准這個專案時，改善速度也比預期更快。所以我認為 Pathfinder 會變成。有點像一個匯流系統或環狀迴路，就我們在新墨西哥州與德州的整體整合式水務系統而言。

So we probably will see another big contractor too. But I think as well we're going to see the utilization of that pipe in more integrated expansion of our of our overall gathering disposal system. So it's evolving. No change in our bullishness on filling the pipe and that timeline, perhaps the change in the mix of what the contracts look like as a result of the changing environment here. And the final point on that one, too, is we're responding to sort of changing customer outlooks on how they want to handle their water and what they want, the water service providers.

所以我們可能也會再看到另一個大型承包商。但我也認為，我們會看到那條管線在更整合式的擴張中被使用，擴展我們整體的集輸與處置系統。所以它正在演進。我們對於填滿管線以及該時程的看多態度沒有改變；可能改變的是合約組合的樣貌，因為這裡的環境正在變化。另外最後一點是，我們也在因應客戶對於他們想如何處理用水、以及他們對水務服務供應商想要什麼的觀點變化。

So our largest customers are. Getting very specific on where they want the water disposed, where they want to move to, how they want to sort of manage it and track it, which I think creates sense in particular as sort of a signal that this is a growing challenge for our customers that's critical to overall oil and gas flow assurance and they want to deal with counterparties that are investment grade. And can move water all over the system and we could find ourselves sometimes moving water north and east and sometimes, moving it, to the south. So a lot of flexibility in that pipe and sort of the integrated footprint we now have.

所以我們最大的客戶。在他們希望把水處置到哪裡、希望移往哪裡、以及希望如何管理與追蹤方面，都變得非常具體；我認為這特別有意義，因為這某種程度上是一個訊號，顯示這對我們客戶而言是一項日益嚴峻、且對整體油氣流動保障（flow assurance）至關重要的挑戰，他們希望與具投資等級的交易對手合作。而且能在整個系統中把水輸送到各處；我們有時可能把水往北、往東移動，有時則把它往南移動。因此那條管線以及我們現在擁有的整合式版圖，具備很大的彈性。

Appreciate the colors. Thanks, Oscar.

感謝提供這些補充說明。謝謝你，Oscar。

Thank you.

謝謝。

Jeremy Tonet, JPMorgan.

Jeremy Tonet，摩根大通（JPMorgan）。

Good morning. Thank you for taking questions. This is Francina on for Jeremy. And just wanted to touch a bit on kind of the guide update here with the $200 million range provided between that and a couple of levers that we've identified on our end being the Q2 beat, Brazos giving us $100 million in the second-half, commodity prices, and then throughput outlook being improved. Is that a fair characterization of kind of the main factors that we're looking.

早安。謝謝讓我們提問。我是 Francina，代 Jeremy 發言。我想稍微談一下這次指引更新，這裡提供了約 2 億美元的區間；我們這邊辨識到幾個可能的槓桿，包括第二季優於預期、Brazos 在下半年帶來 1 億美元、商品價格，以及處理量（throughput）展望改善。這樣是否算是對我們在下半年主要關注因素的合理描述。

To in the second-half to kind of drive us toward the higher end of the range versus the lower end. Can you talk a little bit about that? And then maybe just thinking about shaping results through the end of the year. Can we kind of expect a linear step-up into 4Q, or how will that O&M increase really by the end of the year? That would be helpful. Thank you.

也就是哪些因素會推動我們更接近區間上緣、而不是下緣。你能稍微談談這點嗎？另外，從現在到年底的結果走勢來看。我們是否可以預期會線性地一路走高到第四季，或者到年底時 O&M 的增加會是怎樣的節奏？如果能說明會很有幫助。謝謝。

Yeah, so I think you are thinking about it correctly. When we revised guidance, the thought processes that came in for establishing the new midpoint had to do with Brazos, 100 million you reference. And then if you're using our commodity price sensitivity that we've got within our deck, we've had about a $20 change in WTI from when we first set budget. So that's about $80 million of incremental commodities that we're seeing through all of 2026. And then the remainder, as you mentioned, we have increased throughput on the system, and we've also are doing just a great job on the asset side and the recovery side at our plant.

是的，我想你的理解方向是正確的。當我們修正指引時，用來建立新中位數的思考，包含你提到的 Brazos 那 1 億美元。另外，如果你使用我們簡報中提供的商品價格敏感度，我們從最初設定預算時到現在，WTI 大約變動了 20 美元。因此在整個 2026 年，我們看到約 8,000 萬美元的商品相關增量。其餘部分，如你所提到的，我們提高了系統的處理量，同時在資產端以及我們工廠的回收端也做得非常出色。

So that's all contributed to the 250 move and adjusted EBITDA up to that new midpoint. As we go through the rest of the year, we do expect OpEx to increase slightly. Obviously, we've got Brazos in the mix now. And so you only had about a half a month of Brazos in second quarter. And so as we get that all mixed in, we'd expect that to raise a little bit more. And then we're obviously seeing the increased throughput just on this system as we talked about some of the rigs coming from '27 and pushing it to 2026.

所以這些都促成了調整後 EBITDA 上調 2.5 億美元、到新的中位數。接下來今年剩餘時間，我們確實預期營運費用（OpEx）會小幅增加。顯然，現在 Brazos 已經納入組合。而第二季你只有大約半個月納入 Brazos。因此當我們把它完整納入後，預期會再提高一些。另外，我們也如先前所談，因為部分鑽機從 2027 年提前到 2026 年，系統處理量也明顯增加。

We do still expect to see the DJ declining in the back half of this year. And so that's going to play into the adjusted EBITDA and the curve that we see there.

我們仍然預期 DJ 盆地在今年下半年會下滑。因此這會影響調整後 EBITDA，以及我們看到的那條曲線走勢。

Thank you. That's very helpful. And then wanted to dig a bit deeper just on the inorganic growth opportunity set at hand. Brazos seemed to be kind of a nice adder to the overall portfolio. And I'm sure that there are many other opportunities here. So if you could maybe just describe that opportunity set and then maybe the strategy that you're taking with these opportunities, or is it going to be kind of a higher mix of bolt-ons is what you're looking for, or a kind of larger acquisition to. Invent the strategy.

謝謝。這非常有幫助。另外我想更深入了解目前手上的非有機成長機會組合。Brazos 看起來像是對整體投資組合很不錯的加分項。我也相信還有很多其他機會。所以如果你能描述一下這些機會組合，以及你們面對這些機會所採取的策略；或者你們會尋求較高比例的補強型併購（bolt-ons），還是規模更大的收購來。形塑策略。

Sure. So our M&A strategy is sort of unchanged. We like to talk about programmatic M&A. And all that really means is just staying vigilant in the market and looking for opportunities that fit some of our ideal parameters. And for us, that's sustaining or growing the distribution, it's protecting the balance sheet and our investment grade ratings. And diversifying our customer and ownership profile. We don't always get all those, but the key ones that are critical, we measure in terms of per unit metrics, so accretive on per unit metrics.

當然。所以我們的併購（M&A）策略基本上沒有改變。我們喜歡談所謂的「程式化併購」（programmatic M&A）。而這真正的意思就是持續在市場上保持警覺，尋找符合我們一些理想參數的機會。對我們而言，這些包括維持或成長配息（distribution）、保護資產負債表以及我們的投資等級評等。並使我們的客戶與股權結構更加多元化。我們不一定每次都能全部達成，但關鍵且重要的部分，我們會以每單位指標來衡量，也就是在每單位指標上具增益（accretive）。

So with that discipline, there's still opportunities certainly out there. Our strong preference is always to grow organically where we can deploy capital generally at higher returns with less risk in terms of execution, and we're certainly seeing that in our two big projects. That we've been executing well on here recently. So all that's pretty unchanged and we'll try to continue to be opportunistic and look for ways to improve our footprint, improve the diversity of assets that we have and how we optimize those going forward.

因此，在那樣的紀律之下，外面當然仍然有機會。我們一向最偏好在可行之處以有機方式成長，因為通常能以較少的執行風險部署資本並取得較高的報酬，而我們在兩個大型專案上確實也看到了這一點。我們最近在這些專案的執行表現良好。所以整體而言這些都沒有太大改變；我們會持續把握機會，尋找改善我們版圖的方法、提升我們資產組合的多元性，以及未來如何最佳化這些資產。

I'll leave it there. Thank you so much, team.

我就先說到這裡。非常感謝，團隊。

Thank you.

謝謝。

(Operator Instructions) Burke Sansiviero, Wolfe Research.

(接線員指示) Burke Sansiviero，Wolfe Research。

Hi. Good morning. Just piggybacking off the last M&A question there. Just how focused are you on the Permian Basin for bolt-on M&A relative to other basins, and would you say going outside the Permian is a higher bar?

嗨。早安。延續剛才上一個併購（M&A）問題。你們在二疊紀盆地（Permian Basin）進行補強型併購相較於其他盆地的聚焦程度如何？你們會說走出二疊紀的門檻更高嗎？

Yeah, I guess what we've seen is, we certainly love the Permian and all the data says it continues to be sort of the best long-term basin in the United States. And so we're. We continue to be super fans there and like transactions there. There are opportunities in other basins for sure. And again, if an opportunity sort of checks all the boxes I just mentioned, we'll certainly consider it. And importantly, our evangelize and our ability to leverage the footprints that we have.

是的，我想我們看到的是：我們當然很喜歡二疊紀，而且所有數據都顯示它仍然是美國長期而言最好的盆地之一。所以我們……我們仍然是那裡的超級粉絲，也喜歡在那裡做交易。其他盆地當然也有機會。同樣地，如果某個機會符合我剛提到的所有條件，我們一定會考慮。而且很重要的是，我們的宣導能力以及運用既有版圖槓桿的能力。

So if there's something out there that sort of fits our parameters, we'll certainly look at it. We also tend to see outside the Permian. valuations are just more reasonable in terms of, like, short-term metrics. And so we think about that as well. So, again, the Permian sort of our key basin, but we like the other footprints we have and we'll continue to look for opportunities there.

所以如果外面有某個標的符合我們的參數，我們一定會去看。我們也常看到二疊紀以外的估值，就短期指標而言更為合理。因此我們也會把這點納入考量。所以，再次強調，二疊紀是我們的核心盆地，但我們也喜歡我們在其他地區的既有版圖，並會持續在那裡尋找機會。

Thanks for that. And can you just speak more on the water treating plans and how soon you can sanction a standalone WES project and then. How much capital do you think the company could deploy to this opportunity set over time?

謝謝你的說明。另外，你能否再多談談水處理計畫，以及你們多快能核准一個獨立的 WES 專案，然後……你們認為公司隨時間推進，能在這一組機會上部署多少資本？

And you're asking about the water reuse is that right?

你問的是水回用，對嗎？

Yes, the beneficial reuse.

是的，有益回用（beneficial reuse）。

Yeah, definitely. So really that's such a key. So again, all the things we discussed so far in the call have been in sort of real time growth opportunities that we have at this very moment. Beneficial reuse, water treatment and the like are sort of a key component of sort of the next stage of our growth and driving that as well. And hopefully, frankly adding on to sort of our base growth rate that we've been talking about. So it's a key strategy for us.

好的，當然。所以這確實是非常關鍵的一塊。再說一次，我們在這通電話中到目前為止討論的，都是我們此時此刻正在進行的即時成長機會。有益回用、水處理等，則是我們下一階段成長的關鍵組成，也會推動那一階段的成長。而且坦白說，希望能在我們一直談到的基礎成長率之上再加碼。所以這是我們的關鍵策略。

Our entire water business sort of sets up well for that. One is really large footprint across two states. The Pathfinder pipe itself gives us a lot of optionality for scale projects at its terminus. Given today, it'll have an 800,000 barrel a day capacity on the pipe and easily expandable to over a million barrels a day. So we've got all the pieces in place. With our ARIS acquisition, we inherited a great team that is giving us a great, frankly, technical advantage.

我們整個水務業務在這方面的條件都很到位。第一，我們在兩個州擁有非常大的版圖。Pathfinder 管線本身在終點端為我們提供了許多可擴大型專案的選擇性。以目前來看，該管線將具備每日 80 萬桶的輸送能力，且可輕易擴充到每日超過 100 萬桶。所以我們已把所有拼圖都就位。透過我們收購 ARIS，我們也承接了一支很棒的團隊，坦白說，這讓我們擁有很大的技術優勢。

In terms of beneficial reuse. So while we're technology agnostic, we think we've got an edge in that case. And so we're working hard to sanction a commercial-scale plant. I know you're responding to our disclosure about a joint industry project, JIP-2, where we've got a second demonstration plant at 10 times the capacity of the first, really to continue to work out the kinks through R&D. and look for the scaling opportunities to bring costs down for beneficial reuse.

就有益回用而言。因此，雖然我們對技術路線保持中立，但我們認為在這個案例中我們具備優勢。所以我們正努力推動核准一座商業規模的工廠。我知道你是在回應我們揭露的聯合產業專案 JIP-2；我們有第二座示範工廠，其產能是第一座的 10 倍，主要是為了透過研發持續排除問題，並尋找擴大規模的機會，以降低有益回用的成本。

So plays into everything happening right now in the Permian from an excess of produced water and the challenges there to the needs of the region, including just generally. Setting aquifer and other water use that should be used for humans and using instead treated produced water ideally for industrial processes, non-consumptive irrigation, all those things. So we're super excited about it. We've got great partners and we're moving that technology along.

因此，這與目前二疊紀正在發生的一切息息相關：從產出水（produced water）過剩及其帶來的挑戰，到該地區的用水需求，包括更廣泛地……保護含水層以及其他應該供人類使用的水源，並改以理想狀況下將處理過的產出水用於工業流程、非消耗性灌溉等各種用途。所以我們對此非常興奮。我們有很棒的合作夥伴，也正在推進這項技術。

So we hope to be announcing something in the not too distant future in terms of commercializing that piece of the puzzle. Thank you. Thank you.

因此，我們希望在不久的將來，就這個拼圖的商業化部分發布一些消息。謝謝。謝謝。

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。Oscar Brown 先生，我把電話交回給您。

Great. Well, thanks again for everyone's interest and participation on the call and really to all our stakeholders for their support of us and our mission. We're especially grateful for our customers who've entrusted us with their energy flow assurance. And our employees and teammates whose engagement and daily demonstration of our core values allows us to safely deliver on our mission, which is so critical to America's quality of life. We look forward to seeing everybody, including the investment committee, upcoming investor and industry conferences, really as soon as next week.

很好。再次感謝各位對本次電話會議的關注與參與，也感謝所有利害關係人對我們及我們使命的支持。我們特別感謝將其能源流量保障（energy flow assurance）託付給我們的客戶。也感謝我們的員工與夥伴；他們的投入，以及每天展現我們核心價值，讓我們能安全地履行使命，而這對美國的生活品質至關重要。我們期待很快與大家見面，包括投資委員會，以及即將到來的投資人與產業會議，甚至最快下週就會見到。

So we'll see everybody soon. And with that, we'll conclude the call.

那我們很快再見。以上，我們將結束本次電話會議。

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

今天的電話會議到此結束。您現在可以掛線。