Western Midstream Partners LP (WES) 2026 Q3 法說會逐字稿

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

早安。我叫 Morgan，今天將擔任各位的電話會議接線員。此刻，我謹代表西部中游合夥企業（Western Midstream Partners）歡迎各位參加 2026 年第三季財報電話會議。（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 third-quarter 2026 conference call. 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.

謝謝。早安，歡迎參加 Western Midstream 2026 年第三季電話會議。今天的電話會議、隨附的簡報投影片以及昨晚的新聞稿，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。

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.

我現在把電話交給 Oscar。

Thank you, Daniel, and good morning, everyone. Before focusing on our third quarter results, I want to take a minute to review some of our greatest achievements over the past several quarters. First, in October of last year, we closed the $2 billion acquisition of Aris Water Solutions, which created one of the largest produced water handlers in the Delaware Basin, more than doubled our produced water throughput, increased our recycling capabilities and added beneficial reuse to our suite of service offerings within our produced water business.

謝謝你，Daniel，各位早安。在聚焦第三季業績之前，我想先花一點時間回顧過去幾季我們最重要的一些成就。首先，去年 10 月我們完成了對 Aris Water Solutions 的 20 億美元收購，打造出德拉瓦盆地（Delaware Basin）規模最大的採出水處理商之一，使我們的採出水處理量增加逾一倍、提升回收再利用能力，並在採出水業務的服務組合中新增「有益再利用」（beneficial reuse）服務。

When you analyze our performance over the past several quarters, it is clear that the Aris acquisition has been a home run by completely transforming our produced water business and creating tremendous value for West unitholders. We also closed the acquisition of Brazos Delaware in June, adding several new producing customers, numerous gathering facilities and 460 million cubic feet per day of additional processing capacity in the Delaware Basin.

當你分析我們過去幾季的表現時，很明顯 Aris 的收購是一記全壘打，徹底改造了我們的採出水業務，並為 West 的單位持有人創造了巨大的價值。我們也在 6 月完成對 Brazos Delaware 的收購，新增多家新的生產客戶、眾多集輸設施，並在德拉瓦盆地增加每日 4.6 億立方英尺的額外處理產能。

Once these assets are tied into our West Texas complex by mid-December, we will be able to utilize excess processing capacity at the Comanche processing plant, reduced third-party offloads and create incremental value for West unitholders. The asset is performing very well with customers increasing activity above our underwriting case, which was put together early this year.

一旦這些資產在 12 月中旬前接入我們的西德州綜合系統，我們將能夠利用 Comanche 處理廠的閒置處理產能、降低對第三方外送（offloads）的依賴，並為 West 的單位持有人創造增量價值。該資產目前運作表現非常良好，客戶活動量高於我們在今年初建立的承作假設（underwriting case）。

Since early 2025, we have been keenly focused on reducing both operational and administrative costs to improve our competitiveness in the midstream marketplace. We have now achieved just over $125 million of permanent O&M and G&A cost savings from the legacy business when excluding Aris, Brazos and utility costs, which are mostly reimbursable.

自 2025 年初以來，我們一直高度聚焦於降低營運與行政成本，以提升我們在中游市場的競爭力。目前，在排除 Aris、Brazos 以及多數可獲償付的公用事業成本後，我們已在既有業務中達成略高於 1.25 億美元的永久性 O&M 與 G&A 成本節省。

These cost reductions when combined with our efforts to also improve capital efficiency have made West a more nimble midstream enterprise and have increased our partnership's ability to better compete for new business.

這些成本削減，再加上我們提升資本效率的努力，使 West 成為更靈活的中游企業，並提升本合夥企業爭取新業務的競爭能力。

We have also achieved tremendous success on the commercial front. On our second quarter earnings call, we announced two new gathering and processing agreements with some of the most active producers in the Powder River Basin, adding approximately 270,000 dedicated acres to our asset base, backed by substantial minimum volume commitments.

我們在商務面也取得了巨大的成功。在第二季財報電話會議上，我們宣布與粉河盆地（Powder River Basin）中最活躍的一些生產商簽訂兩項新的集輸與處理協議，為我們的資產基礎新增約 27 萬英畝的專屬（dedicated）面積，並由可觀的最低量承諾（minimum volume commitments）作為支撐。

These agreements are expected to drive year-over-year throughput growth in the Powder River Basin in 2027 and are just a sample of the acceleration of our commercial team's success across all our basins. When you take these accomplishments and pair them with a strong commodity price backdrop we've experienced year-to-date, we were able to increase our 2026 financial guidance ranges by 10%, 10% and 20% at the midpoint for adjusted EBITDA, distributable cash flow and free cash flow, respectively.

預期這些協議將帶動粉河盆地在 2027 年的處理量年增成長，這也只是我們商務團隊在各盆地加速成功的一個縮影。綜合這些成果，再搭配我們今年迄今所處的強勁商品價格環境，我們得以將 2026 年財務指引區間的中點分別上調：調整後 EBITDA 10%、可分配現金流 10%、自由現金流 20%。

The bottom line is that our teams from the field to the front office have executed extremely well guided by our mission and core values and following our refreshed growth-oriented strategy, which we rolled out only 18 short months ago. Over this time, we have demonstrated that our multiple ways to win strategy delivers industry-leading total returns. We have consummated strategic accretive M&A, achieved organic throughput growth, especially for natural gas and produced water.

總而言之，從現場到前台辦公室，我們的團隊在使命與核心價值的引導下，並依循我們僅在 18 個月前推出、以成長為導向的更新策略，展現了極佳的執行力。在這段期間，我們證明了「多種致勝方式」策略能帶來業界領先的總報酬。我們完成了具策略性且具增益（accretive）的併購，並實現了有機處理量成長，尤其是在天然氣與採出水方面。

We expect these trends to continue as both gas-to-oil and water-to-oil ratios continue to increase and move in the midstream providers favor. As we look to the future, the North Loving II natural gas processing train, the Pathfinder produced water pipeline and the Solitude Pipeline System all provide avenues for growth in 2027 and beyond. We also recently placed orders for long lead time items for our next natural gas processing plant that we plan to sanction sometime in early 2027.

我們預期這些趨勢將持續，因為氣油比（gas-to-oil）與水油比（water-to-oil）持續上升，並朝有利於中游服務商的方向發展。展望未來，North Loving II 天然氣處理列車（processing train）、Pathfinder 採出水管線，以及 Solitude 管線系統，都將在 2027 年及之後提供成長途徑。我們近期也已為下一座天然氣處理廠下單採購長交期設備，並計畫於 2027 年初某個時間點核准投資（sanction）。

Additionally, we have other catalysts for future growth from beneficial reuse as we make progress towards our first commercial plant and from longer-term opportunities such as behind-the-meter power generation and CO2 enhanced oil recovery opportunities for shale.

此外，隨著我們朝第一座商業化工廠推進，「有益再利用」也將成為未來成長的催化劑；而更長期的機會還包括表後（behind-the-meter）發電，以及頁岩油氣的二氧化碳提高採收率（CO2 enhanced oil recovery）機會。

Finally, by pairing our approximate 8% annual cash yield with our long-term adjusted EBITDA growth target of mid- to low single-digit percentage growth, West offers a potential 12% to 14% annual total equity return which is a very compelling investment opportunity, especially when you compare those potential investment returns to the expected total returns of our midstream peers as well as the S&P 500.

最後，結合我們約 8% 的年度現金殖利率，以及長期調整後 EBITDA 介於中至低個位數百分比的成長目標，West 可望提供每年 12% 至 14% 的股權總報酬潛力；這是一個非常具吸引力的投資機會，尤其是當你將這些潛在投資報酬與同業中游公司以及標普 500 的預期總報酬相比時。

Now turning to our third quarter results. Yesterday, we reported third quarter adjusted EBITDA of $708 million, a 12% increase compared to the prior year period, along with record produced water and natural gas throughput partnership-wide and in the Delaware Basin. For the first nine months of the year, our business has outperformed on nearly every front, and we now expect full year 2026 adjusted EBITDA to exceed the midpoint of our recently revised guidance range that we announced with second quarter earnings.

接著談我們第三季的業績。昨天我們公布第三季調整後 EBITDA 為 7.08 億美元，較去年同期成長 12%，同時在全合夥企業範圍以及德拉瓦盆地，採出水與天然氣處理量皆創下新高。今年前九個月，我們的業務幾乎在各方面都優於預期；我們現在預期 2026 全年調整後 EBITDA 將高於我們在第二季財報時宣布、近期上修之指引區間的中點。

Third quarter throughput growth was led by our Delaware Basin natural gas business, where throughput increased 20% sequentially. Roughly one-third of that growth came from our legacy Delaware Basin assets and roughly two-third from a full quarter contribution from Brazos. As noted in yesterday's release, adjusted EBITDA declined modestly on a sequential quarter basis, primarily due to contract mix and pricing dynamics in West Texas, decreased throughput from the DJ Basin, lower excess natural gas liquids and skim oil volumes in conjunction with lower NGL and skim oil prices and seasonally higher operation and maintenance expense that is typical of the third quarter, all of which was partially offset by a full quarter of contribution from the Brazos assets.

第三季處理量成長主要由我們德拉瓦盆地的天然氣業務帶動，處理量較前一季成長 20%。其中約三分之一的成長來自我們既有的德拉瓦盆地資產，約三分之二則來自 Brazos 全季的貢獻。如同昨日新聞稿所述，調整後 EBITDA 以季比來看小幅下滑，主要原因包括：西德州的合約組合與定價動態、DJ 盆地處理量下降、在 NGL 與凝析油（skim oil）價格較低的情況下超額天然氣液體與凝析油量減少，以及第三季通常較高的季節性營運與維護費用；上述影響部分被 Brazos 資產全季貢獻所抵銷。

With that said, none of these third quarter items change our view of the year. With a greater number of wells expected to come online in the fourth quarter relative to the third quarter, we expect strong fourth quarter results and a strong finish to what has been an outstanding year for West. The Brazos acquisition is progressing as planned, and we expect the legacy Brazos system to be fully tied into the West system by mid-December.

即便如此，這些第三季因素都不會改變我們對全年表現的看法。由於預期第四季上線的井數將多於第三季，我們預期第四季業績強勁，並為 West 這個表現出色的一年畫下強勁句點。Brazos 的收購整合正按計畫推進，我們預期在 12 月中旬前，既有 Brazos 系統將可完全接入 West 系統。

Once connected, we will direct additional volumes to the Comanche natural gas processing plant, which has more than 100 million cubic feet per day of available capacity, reducing offloads and creating additional value for West unitholders.

一旦完成連接，我們將把額外的處理量導向 Comanche 天然氣處理廠；該廠每日可用產能超過 1 億立方英尺，將可降低外運卸載並為 West 單位持有人創造額外價值。

In August, we announced our participation in the Solitude pipeline system, a joint venture operated by Whitewater that will construct 2 48-inch natural gas pipelines from the Permian Basin to Katy, Texas. We hold a 7.5% equity interest in the joint venture and have secured firm transportation capacity on the system, which is expected to provide initial capacity of approximately 2.25 billion cubic feet per day in late 2029 and an additional 2.25 billion cubic feet per day by the end of 2030.

8 月，我們宣布參與 Solitude 管線系統，這是一項由 Whitewater 營運的合資企業，將建造兩條 48 吋天然氣管線，從二疊紀盆地通往德州 Katy。我們持有該合資企業 7.5% 的股權，並已在該系統上取得具約束力的運輸容量；該系統預計於 2029 年底提供約每日 22.5 億立方英尺的初始運能，並於 2030 年底前再增加每日 22.5 億立方英尺。

Solitude will provide incremental residue takeaway, enhance flow assurance and improve netbacks for many of our Delaware Basin customers while supporting continued Permian Basin natural gas growth, expanding Gulf Coast demand for LNG exports.

Solitude 將提供額外的殘餘氣外運能力，強化流量保障並改善我們許多德拉瓦盆地客戶的淨回收，同時支持二疊紀盆地天然氣持續成長，擴大墨西哥灣沿岸對 LNG 出口的需求。

Looking ahead to the fourth quarter, we expect strong results. Customer activity levels in the Delaware and Powder River Basin should drive throughput growth as we exit the year. We expect this volume growth to deliver higher fourth quarter adjusted EBITDA, particularly if the current commodity price environment holds and have positioned WES for additional throughput growth across all three product lines in 2027.

展望第四季，我們預期將有強勁表現。德拉瓦盆地與粉河盆地的客戶活動水準，應可在年底前帶動處理量成長。我們預期此一量的成長將帶來第四季更高的調整後 EBITDA，尤其是在目前商品價格環境得以維持的情況下；同時我們也已讓 WES 在 2027 年於三大產品線皆具備進一步的處理量成長動能。

Turning to guidance in conjunction with our second quarter earnings release, we raised the midpoint of our full year 2026 adjusted EBITDA, distributable cash flow and free cash flow guidance ranges by 10%, 10% and 20%, respectively.

配合第二季財報發布的同時，我們將 2026 全年調整後 EBITDA、可分配現金流與自由現金流指引區間的中點，分別上調 10%、10% 與 20%。

We now expect to be above the midpoint of our full year 2026 adjusted EBITDA range of $2.75 billion to $2.95 billion, driven by a greater number of wells expected to come online in the fourth quarter and increased commodity pricing. This outlook represents an increase of more than $250 million relative to the $2.6 billion midpoint of the original guidance range we announced in February or more than $150 million, excluding the Brazos acquisition.

在第四季預計將有更多井口投產以及商品價格上升的帶動下，我們目前預期 2026 全年調整後 EBITDA 將高於 27.5 億至 29.5 億美元區間的中點。相較於我們 2 月公布之原始指引區間 26 億美元的中點，此展望增加超過 2.5 億美元；若排除 Brazos 收購案，增幅亦超過 1.5 億美元。

That is a meaningful step-up within a single year and it reflects the quality of our core operating basins, contracts and the execution of our teams. On capital, we now expect to be slightly above the high end of our full year 2026 capital expenditure guidance range of $850 million to $1 billion, reflecting our investment in Solitude and accelerating producer activity, both of which are investments in future growth.

這是在單一年內相當顯著的提升，反映出我們核心營運盆地、合約品質以及團隊執行力。在資本支出方面，我們目前預期 2026 全年資本支出將略高於 8.5 億至 10 億美元指引區間的上緣，主要反映我們對 Solitude 的投資以及生產商活動加速；兩者皆屬於對未來成長的投資。

Looking to 2027, we are still working through the budgeting process with our producing customers. However, given the current elevated commodity price environment, increasing customer activity levels in the Delaware and Powder River Basins and the portfolio of sizable organic growth projects, including Solitude and the recent Powder River Basin acreage dedications, we now anticipate 2027 capital expenditure to be relatively in line with 2026.

展望 2027 年，我們仍在與生產客戶進行預算編列流程。然而，考量目前偏高的商品價格環境、德拉瓦與粉河盆地客戶活動水準提升，以及包含 Solitude 與近期粉河盆地區塊奉獻在內的一系列大型有機成長專案，我們目前預期 2027 年資本支出將大致與 2026 年相當。

With incremental customer activity, a full year of contribution from Brazos, the start-up of the Pathfinder pipeline North Loving II coming online and our new gathering and processing agreements in the Powder River, we are positioned for throughput growth across all three product lines again next year. Relative to our expectations entering the year, it's clear that 2027 will be another growth year for WES. Christian will provide additional detail on our 2027 outlook shortly.

隨著客戶活動增加、Brazos 全年貢獻、Pathfinder 管線 North Loving II 投產，以及我們在粉河的新集輸與處理協議，我們已為明年三大產品線再次實現處理量成長做好準備。相較於年初的預期，很明顯 2027 年將是 WES 的另一個成長年度。Christian 稍後將就我們 2027 年展望提供更多細節。

With that, I will turn the call over to our Chief Operating Officer, Danny Holderman, to discuss our third quarter operational performance. Danny?

接下來，我將把電話會議交給我們的營運長 Danny Holderman，請他說明第三季的營運表現。Danny？

Thank you, Oscar, and good morning, everyone. Third quarter natural gas throughput increased 8% sequentially to a partnership-wide record of 5.9 billion cubic feet per day, driven by growth from our legacy Delaware Basin assets and a full quarter of contribution from the Brazos acquisition.

謝謝你，Oscar，各位早安。第三季天然氣處理量較前一季增加 8%，達到全合夥企業創紀錄的每日 59 億立方英尺，主要由我們既有德拉瓦盆地資產的成長，以及 Brazos 收購案貢獻完整一季所帶動。

Together, these resulted in another quarter of record natural gas throughput in the Delaware Basin, up 20% sequentially. Additionally, our crude oil and NGL throughput increased slightly and produced water throughput increased approximately 2% on a sequential quarter basis to another Delaware Basin record.

綜合上述因素，德拉瓦盆地天然氣處理量再創單季新高，較前一季增加 20%。此外，我們的原油與 NGL 處理量小幅增加，而採出水處理量較前一季約增加 2%，同樣在德拉瓦盆地再創新高。

Third quarter per Mcf adjusted gross margin for natural gas assets decreased $0.10 compared to the prior quarter, primarily due to contract mix and product pricing dynamics at our West Texas complex, lower excess natural gas liquids volumes in conjunction with lower crude oil and NGLs pricing and lower throughput in the DJ Basin.

第三季天然氣資產每千立方英尺（Mcf）調整後毛利較前一季下降 0.10 美元，主要原因為西德州綜合設施的合約組合與產品定價動態、在原油與 NGL 價格較低下導致的超額天然氣液體量減少，以及 DJ 盆地處理量下降。

We expect fourth quarter per Mcf adjusted gross margin to be flat relative to the third quarter due to continued contract mix changes, offset by higher commodity price assumptions. But we continue to expect our full year 2026 adjusted gross margin to average approximately $1.30 per Mcf. As we look into 2027, we expect our per Mcf adjusted gross margin to be slightly lower and most likely average between $1.25 and $1.30 per Mcf due to shifting contract mix.

我們預期第四季每 Mcf 調整後毛利將與第三季持平，原因是合約組合變化持續，但將由較高的商品價格假設所抵銷。不過，我們仍預期 2026 全年調整後毛利平均約為每 Mcf 1.30 美元。展望 2027 年，我們預期每 Mcf 調整後毛利將略低，最可能平均介於每 Mcf 1.25 至 1.30 美元，原因在於合約組合轉變。

Third quarter per barrel adjusted gross margin for crude oil and NGLs assets decreased $0.28 compared to the prior quarter, primarily driven by NGL pipeline imbalance activity that we expect to normalize in the fourth quarter. We expect fourth quarter per barrel adjusted gross margin to be relatively the same as first quarter 2026, and we now expect our full year 2026 adjusted gross margin to range between $3.05 and $3.10 per barrel.

第三季原油與 NGL 資產每桶調整後毛利較前一季下降 0.28 美元，主要由 NGL 管線失衡活動所致；我們預期該情況將於第四季回歸正常。我們預期第四季每桶調整後毛利將大致與 2026 年第一季相同，並且我們目前預期 2026 全年調整後毛利將介於每桶 3.05 至 3.10 美元。

As we look into 2027, we expect our per barrel adjusted gross margin to be slightly lower and most likely average between $3 and $3.05 per barrel, again, due to shifting contract mix. Third quarter per barrel adjusted gross margin for produced water assets decreased $0.07 compared to the prior quarter, primarily driven by lower skim oil recoveries and lower crude oil pricing. We expect fourth quarter per barrel adjusted gross margin to be in line relative to the third quarter and we continue to expect our full year 2026 adjusted gross margin to average approximately $0.91 per barrel.

展望 2027 年，我們預期每桶調整後毛利將略低，最可能平均介於每桶 3.00 至 3.05 美元，同樣是因合約組合轉變所致。第三季採出水資產每桶調整後毛利較前一季下降 0.07 美元，主要由撇油回收量較低及原油價格較低所致。我們預期第四季每桶調整後毛利將與第三季大致一致，且我們仍預期 2026 全年調整後毛利平均約為每桶 0.91 美元。

As we look into 2027, we expect our per barrel adjusted gross margin to be slightly higher and most likely average between $0.95 and $1 per barrel, driven by the startup of the Pathfinder-produced water pipeline. For the remainder of the year, we continue to expect portfolio-wide average year-over-year throughput to increase by mid-single digits for natural gas and by 85% to 90% for produced water driven by the Aris acquisition and strong performance from our legacy water business.

展望 2027 年，我們預期每桶調整後毛利將略為提高，最可能平均介於每桶 0.95 至 1.00 美元，主要由 Pathfinder 採出水管線投產所帶動。在今年剩餘期間，我們仍預期全投資組合平均年對年處理量：天然氣將以中個位數成長；採出水將在 Aris 收購案帶動及既有水務業務強勁表現下，增加 85% 至 90%。

Additionally, we now expect crude oil and NGL throughput to increase by low single digits, reflecting outperformance through the first nine months of the year. In the Delaware Basin, we now expect average year-over-year throughput growth in the mid-teens for natural gas and in the mid-single digits for crude oil and NGLs, driven by the Brazos acquisition and increased customer activity.

此外，我們目前預期原油與 NGL 處理量將以低個位數成長，反映今年前九個月表現優於預期。在德拉瓦盆地，我們目前預期天然氣平均年對年處理量成長為十幾個百分點中段，而原油與 NGL 則為中個位數成長，主要由 Brazos 收購案及客戶活動增加所帶動。

In the DJ Basin, despite the expected quarter-over-quarter declines in both natural gas and crude oil and NGLs, throughput has outperformed year-to-date, driven by strong well performance and higher onloads from other midstream companies. This outperformance has improved our full year outlook for both products, and we now expect a low single-digit increase for natural gas and a mid-single digit decline for crude oil and NGLs on an average year-over-year basis.

在 DJ 盆地，儘管天然氣以及原油與 NGL 皆預期將出現季對季下滑，但在強勁的井口表現以及來自其他中游公司的較高上載量帶動下，年初至今的處理量表現優於預期。此一優於預期的表現改善了我們對兩項產品的全年展望；我們目前預期天然氣平均年對年將小幅（低個位數）增加，而原油與 NGL 平均年對年將中個位數下降。

In the Powder River Basin, we continue to expect natural gas throughput to decline by mid- to high single digits on an average year-over-year basis, with throughput increasing as we exit 2026 and again in 2027 as customer activity ramps associated with the new acreage dedications we announced last quarter.

在粉河盆地（Powder River Basin），我們仍預期天然氣輸送量在平均年對年基礎上將下滑中至高個位數百分比；隨著我們在 2026 年末逐步走出低點，以及 2027 年客戶活動因我們上季宣布的新面積承諾（acreage dedications）而升溫，輸送量將回升。

Finally, we continue to expect mid-single-digit percentage throughput growth in 2026 from our other natural gas assets. Notwithstanding the agreement we signed subsequent to quarter end to sell our remaining assets in Southwest Wyoming. The transaction is expected to close by the end of the fourth quarter and will remove approximately 250 million cubic feet per day of annual natural gas throughput, most likely beginning in the first quarter of 2027.

最後，我們仍預期 2026 年來自其他天然氣資產的輸送量將有中個位數百分比成長。儘管我們在季後簽署協議，出售我們在懷俄明州西南部的剩餘資產。該交易預計於第四季末前完成，並將移除約每日 2.5 億立方英尺的年度天然氣輸送量，最可能自 2027 年第一季開始反映。

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

接下來我把電話交給 Kristen，請她說明我們的財務表現。

Thank you, Danny, and good morning, everyone. During the third quarter, we generated net income attributable to limited partners of $325 million, adjusted EBITDA of $708 million and distributable cash flow of $512 million.

謝謝你，Danny，各位早安。第三季，我們產生歸屬於有限合夥人的淨利 3.25 億美元、調整後 EBITDA 為 7.08 億美元，以及可分配現金流為 5.12 億美元。

Relative to the second quarter of 2026, adjusted gross margin decreased by $35 million, driven primarily by contract mix and commodity pricing dynamics at our West Texas complex, lower excess natural gas (inaudible) volumes in conjunction with lower crude oil and NGL pricing and decreased throughput in the DJ Basin, all of which was partially offset by a full quarter contribution from the Brazos assets.

相較於 2026 年第二季，調整後毛利減少 3,500 萬美元，主要受西德州綜合設施的合約組合與商品定價動態影響、在原油與 NGL 價格較低的情況下超額天然氣（聽不清）量下降，以及 DJ 盆地輸送量下滑所致；上述影響部分被 Brazos 資產貢獻完整一季所抵銷。

Operation and maintenance expense increased approximately 2% quarter-over-quarter, primarily driven by a full quarter of the Brazos acquisition and increased personnel costs associated with field-level personnel, all of which was partially offset by lower land fees associated with our produced water business.

營運與維護費用較前一季增加約 2%，主要由於 Brazos 併購案貢獻完整一季，以及與現場層級人員相關的人事成本上升；上述影響部分被我們產出水（produced water）業務相關的土地費用下降所抵銷。

Inclusive of the legacy Aris and Brazos assets, we continue to expect full year 2026 operation and maintenance expense to increase approximately 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.

包含既有 Aris 與 Brazos 資產在內，我們仍預期 2026 全年營運與維護費用將年對年增加約 25%；隨著我們推動協同效益落地與營運成本降低措施，這在合併後公司層面仍屬顯著的降幅。

Pro forma for the Brazos acquisition, we still estimate that approximately 60% of our portfolio-wide utility costs are reimbursed by our customers. On a reported basis, general and administrative expense increased 2% sequentially, primarily due to higher incentive compensation expense, reflecting year-to-date adjusted EBITDA outperformance, partially offset by lower Brazos transaction costs relative to the second quarter.

以 Brazos 併購案的備考（pro forma）口徑，我們仍估計全投資組合約 60% 的公用事業成本可由客戶償付。以申報口徑，一般及行政費用（G&A）較前一季增加 2%，主要因激勵性薪酬費用較高，反映年初至今調整後 EBITDA 表現優於預期；部分被相較第二季較低的 Brazos 交易成本所抵銷。

Excluding acquisition-related costs and equity-based compensation expense, we now expect 2026 cash G&A expense to increase at a low to mid-teens percentage rate compared to 2025. This outlook fully incorporates higher year-to-date incentive compensation expense, a full year of the retained functions from Aris and the integration of the Brazos assets, net of cost synergies.

排除併購相關成本與股權基礎薪酬費用後，我們目前預期 2026 年現金 G&A 費用相較 2025 年將以低至中十位數百分比的增幅成長。此展望已完整納入年初至今較高的激勵性薪酬費用、Aris 保留職能的全年影響，以及 Brazos 資產整合（扣除成本協同效益）之淨影響。

As Danny mentioned, subsequent to quarter end, we signed an agreement to sell our remaining assets in Southwest Wyoming for approximately $75 million with closing expected by the end of the fourth quarter, subject to customary regulatory approvals.

如 Danny 所提，季後我們簽署協議，以約 7,500 萬美元出售我們在懷俄明州西南部的剩餘資產，預計於第四季末前完成交割，惟仍須取得慣常的監管核准。

Upon close, we expect to recognize a noncash gain in excess of $100 million from the sale. However, the divestiture will have a minimal impact on adjusted EBITDA post close, as these were high-cost, noncore assets that did not compete for capital within our portfolio.

交割完成後，我們預期將因出售認列超過 1 億美元的非現金收益。然而，該項處分在交割後對調整後 EBITDA 的影響極小，因為這些屬於高成本、非核心資產，在我們的投資組合中並不與其他項目競爭資本配置。

Separately, in the fourth quarter, we acquired a small, privately held Delaware Basin produced water gathering and disposal company for approximately $98 million. This system was already interconnected with ours at two locations and will create a fully continuous network in Eddy County, while providing additional disposal capacity to support growing customer demand.

另外，在第四季，我們以約 9,800 萬美元收購一家小型、私人持有的德拉瓦盆地產出水集輸與處置公司。該系統先前已在兩處與我們的系統互聯，將在 Eddy County 形成完全連續的網路，同時提供額外處置能力以支援客戶需求成長。

Turning to cash flow. Third quarter cash flow from operating activities totaled $568 million, an increase of $33 million over the second quarter of 2026. Free cash flow totaled $244 million and free cash flow after the second quarter 2026 distribution paid on August 14 was a use of cash of approximately $149 million.

接著談現金流。第三季營業活動現金流合計 5.68 億美元，較 2026 年第二季增加 3,300 萬美元。自由現金流合計 2.44 億美元；而在 8 月 14 日支付 2026 年第二季配息後，自由現金流為現金流出約 1.49 億美元。

Turning to the balance sheet. We ended the quarter with approximately $1.8 billion of total liquidity and a trailing 12-month net leverage ratio pro forma for a full year Brazos contribution of approximately 3.2 times. On October 19, we declared quarterly distribution of $0.93 per unit, unchanged from the prior quarter, payable on November 13 to unitholders of record as of November 2.

接著談資產負債表。本季末我們的總流動性約 18 億美元；以 Brazos 全年貢獻的備考口徑計算，過去 12 個月淨槓桿比率約為 3.2 倍。10 月 19 日，我們宣告每單位 0.93 美元的季度配息，與前一季持平，將於 11 月 13 日支付給 11 月 2 日登記在冊的單位持有人。

Turning to guidance. And as Oscar mentioned, we now expect to exceed the midpoint of our full year 2026 adjusted EBITDA guidance range of $2.75 billion to $2.95 billion, a range we already raised in conjunction with our second quarter earnings release. This outlook reflects the contribution from the Brazos acquisition, the strong commodity price environment, year-to-date outperformance in the DJ Basin and increased customer activity levels throughout the second half of the year in the Delaware and PRB.

接著談財測指引。如 Oscar 所提，我們目前預期 2026 全年調整後 EBITDA 指引區間 27.5 億至 29.5 億美元的結果將高於中點；該區間我們已在第二季財報發布時上調。此展望反映 Brazos 併購案的貢獻、強勁的商品價格環境、DJ 盆地年初至今表現優於預期，以及下半年德拉瓦盆地與 PRB 客戶活動水準提升。

Following a softer third quarter, commodity prices have recently strengthened and our revised outlook assumes an average oil price of approximately $85 per barrel for the second half of the year. On capital, we now expect to be slightly above the high end of our 2026 capital expenditure guidance range of $850 million to $1 billion, primarily driven by increased customer activity and associated expansion opportunities in the Delaware and Powder River Basin and together with our investment in the Solitude Pipeline System.

在第三季較疲弱之後，商品價格近期轉強；我們修訂後的展望假設下半年平均油價約為每桶 85 美元。在資本支出方面，我們目前預期將略高於 2026 年資本支出指引區間 8.5 億至 10 億美元的上緣，主要由於德拉瓦盆地與粉河盆地客戶活動增加及相關擴建機會，並加上我們對 Solitude 管線系統的投資。

More than half of our 2026 capital program remains structured toward the construction of the Pathfinder-produced water pipeline and the North Loving II natural gas processing train, which we now expect to commence start up late in the fourth quarter of 2026, and late in the first quarter of 2027, respectively.

我們 2026 年資本計畫中超過一半仍配置於 Pathfinder 產出水管線的建置，以及 North Loving II 天然氣處理列車（processing train）；我們目前分別預期其於 2026 年第四季末與 2027 年第一季末啟動投產。

As Oscar mentioned, we currently expect 2027 capital expenditures to be aligned with 2026, with approximately 80% directed towards the Delaware Basin, our largest growth driver, including our investment in Solitude and completion of North Loving II. The vast majority of the remaining capital will be directed towards the Powder River Basin to support the two new gathering and processing agreements with significant acreage dedications and minimum volume commitments that we announced last quarter.

如 Oscar 所提，我們目前預期 2027 年資本支出將與 2026 年大致一致，其中約 80% 將投向德拉瓦盆地（我們最大的成長驅動來源），包含對 Solitude 的投資以及 North Loving II 的完工。其餘資本中的絕大部分將投向粉河盆地，以支援我們上季宣布的兩項新的集輸與處理協議，該等協議包含顯著的面積承諾與最低量承諾（minimum volume commitments）。

Finally, our guidance ranges for distributable cash flow of $2.05 billion to $2.25 billion and free cash flow of $1.1 billion to $1.3 billion, both remain unchanged. With the third quarter distribution, we will have achieved our distribution guidance of at least $3.70 per unit paid in calendar year 2026. 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.

最後，我們對可分配現金流 20.5 億至 22.5 億美元，以及自由現金流 11 億至 13 億美元的指引區間均維持不變。隨著第三季配息，我們將達成 2026 曆年每單位至少支付 3.70 美元的配息指引。我們年化運行水準（run rate）為 3.72 美元，反映自 2026 年第一季配息起每單位 0.93 美元的提高後配息率。

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

接下來，我把電話交回 Oscar 作結語。

Thanks, Kristen. Before we open the call up for questions, I'll leave you with a few closing thoughts. Continued producer investment in the country's most active basins has us on track for just over 15% adjusted EBITDA growth in 2026 with Brazos, Pathfinder, North Loving II and recent commercial successes supporting further growth in 2027.

謝謝，Kristen。在我們開放提問之前，我先做幾點結語。生產商持續在全國最活躍的盆地加大投資，使我們在 2026 年有望達成略高於 15% 的調整後 EBITDA 成長；Brazos、Pathfinder、North Loving II 以及近期的商業成果也將支撐 2027 年的進一步成長。

Natural gas and produced water now drive our profitability and position us for rising gas to oil and water-to-oil ratios emerging power and data center demand, while our investment-grade balance sheet funds growth, capital returns and per unit accretive acquisitions like Aris, Brazos and Meritage.

天然氣與產出水如今推動我們的獲利能力，並使我們在天然氣對原油比與水對原油比上升、以及新興電力與資料中心需求的趨勢下占得先機；同時，我們投資等級的資產負債表為成長、資本回饋與每單位具增益的併購（如 Aris、Brazos 與 Meritage）提供資金。

Together, that delivers one of the most compelling total return profiles in midstream, a 12% to 14% potential annual equity return derived from a 7% to 9% cash yield and a 4% to 5% long-term growth rate with opportunities for upside where we have taken proactive steps to capture the benefits of environments like the current one.

綜合而言，這帶來中游產業中最具吸引力的總報酬輪廓之一：潛在年化股權報酬率約 12% 至 14%，由 7% 至 9% 的現金殖利率與 4% 至 5% 的長期成長率所構成；此外，在我們已採取前瞻性措施以掌握如當前環境之效益的領域，仍有上行機會。

I also want to thank 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.

我也要感謝 Western Midstream 全體同仁持續的辛勤付出、投入與對我們合夥關係的奉獻。我們以合夥、以客戶為中心、足智多謀與績效等核心價值為指引，落實我們「透過安全、永續且高效率的能源輸送改善生活」的使命。

With that, we'll open the call up for questions.

接下來，我們開放提問。

(Operator Instructions)

(接線員指示)

Keith Stanley, Wolfe Research.

Wolfe Research 的 Keith Stanley。

Hi, good morning. I wanted to start on Solitude. Can you talk a little more about your strategic rationale for investing in gas pipelines? And then any color you can give on how contracted the pipeline is on the initial 4.5 Bcf a day?

嗨，早安。我想先從 Solitude 談起。能否再多談一些你們投資天然氣管線的策略性理由？另外，初期每日 4.5 Bcf 的管線運量中，有多少是以合約鎖定的？能否提供一些說明？

Yes. Thanks, Keith. It's Oscar. Our strategic rationale for Solitude, like everything we do is flow assurance and getting really the best opportunity for pricing, for our customers. So this just gives us another option. We had customers with capacity. We didn't have exposure to the Gulf Coast. And we can certainly stand in and manage a portfolio of customers for a long-term commitment on the pipeline.

好的，謝謝你，Keith。我是 Oscar。我們投資 Solitude 的策略性理由，和我們做的所有事情一樣，都是為了確保流量（flow assurance），並為客戶爭取最佳的定價機會。因此，這讓我們多了一個選項。我們有客戶有運能需求。我們過去沒有接觸到墨西哥灣沿岸。而且我們當然可以介入並管理一組客戶組合，對該管線做出長期承諾。

The ownership piece is important because if you can combine the commitment to that customer service with ownership, you just get a really great return on the project. White Water is the operator. I don't believe they've released any information on the level of commitments. I really can't comment there.

持股結構也很重要，因為若能把對客戶服務的承諾與持股結合起來，專案報酬就會非常好。White Water 是營運商。我不認為他們已公布任何關於承諾量水準的資訊。我在這方面確實無法評論。

Okay. Thanks. Second one, you referenced in the remarks some contract mix changes in gas and oil in 2027, you said margins would be down a little bit year-over-year. Can you talk a little more about what's driving that overall in those businesses?

了解，謝謝。第二個問題，你在談話中提到 2027 年天然氣與原油的合約組合會有一些變化，並表示利潤率會較去年同期略降。能否再多談一些，這些業務整體上是什麼因素在驅動？

Yes. I think that relates to different customer activity. Obviously, we have a range of portfolio of contracts at different pricing and different terms. And so depending on the activity of different customers, that mix changes. So that's a chunk of it. I don't know, Kristen, anything else?

是的。我認為那與不同客戶的活動量有關。很明顯地，我們有一系列合約組合，涵蓋不同的定價與不同的條款。因此，隨著不同客戶活動量的變化，組合就會改變。這是其中一大部分。我不確定，Kristen，還有其他補充嗎？

No. I think that's totally fair. We now moved 5.5 Bcf a day of gas. And so that's going into that equation on gross margin per unit on the gas side. I think on the oil side, the commentary is more around fourth quarter, we'll be closer to what you saw in Q1. Q2 was a little higher from a gross margin per barrel standpoint on oil because of some imbalances and then Q3 was a little bit lower. So there really was just noise between Q2 and Q3 from a gross margin per unit. But as oscar mentioning, like Q4 and then going into 2027, closer to what you saw in Q1 of 2026.

沒有，我覺得這樣說很合理。我們現在每日輸送 5.5 Bcf 的天然氣。因此在天然氣端，這會納入每單位毛利的計算。至於原油端，評論主要是指第四季會更接近你在第一季看到的水準。第二季在原油每桶毛利角度略高，原因是一些不平衡因素；第三季則略低一些。所以從每單位毛利來看，第二季與第三季之間其實只是雜訊。但如 Oscar 所提到的，第四季以及進入 2027 年，會更接近你在 2026 年第一季看到的水準。

Thank you.

謝謝。

Vrathan Reddy, JPMorgan.

JPMorgan 的 Vrathan Reddy。

Hey, good morning, guys. I wanted to pick up on the commentary around Southwest Wyoming asset sale and the Delaware acquisition. As you think about the portfolio today, how do you view both sides of that, the opportunities for additional portfolio pruning or M&A whether that be the small scale or large scale?

嘿，各位早安。我想接續你們對西南懷俄明資產出售與德拉瓦（Delaware）收購的評論。就目前的投資組合來看，你們如何看待這兩件事的意涵：是否還有進一步精簡投資組合或進行併購的機會，不論是小規模或大規模？

Yes. I mean the coming in and going out of both these transactions was under $100 million each. So that's pretty low, obviously. And we, I think, had a great multiple on the sell side and different multiple on the buying side, it was all good. So accretive but very small. But really, that's just normal sort of portfolio review on the sell side there.

是的。我的意思是，這兩筆交易不論是買進或賣出，金額都各自低於 1 億美元。所以顯然規模很小。而且我認為我們在出售端拿到很好的倍數，在買進端則是不同的倍數，整體都不錯。因此是具增益（accretive）的，但規模非常小。不過，這其實就是出售端正常的投資組合檢視。

That asset was very small number of folks sort of relative to our system and just we didn't really have a way to grow it very well. And so it will do great, people will do great there in somebody else's hands. And then similarly on the buy side, again, very small, but a nice puzzle piece addition to our water business. Again, it was already connected. So it was a pretty straightforward sort of transaction, so put that in the category of just expanding the system and really simple.

那項資產相對於我們的系統而言規模很小，相關人員也不多，而且我們確實沒有很好的方式去把它做大。因此交到別人手上，它會做得很好，相關人員也會在那裡發展得很好。同樣地，在買進端也是一樣，規模很小，但對我們的水務業務而言是一塊不錯的拼圖。而且它本來就已經連接在系統上。所以這是一筆相當直接的交易，我們把它歸類為擴展系統、而且非常簡單的一類。

It could have been a commercial deal for that matter. So as it relates to the broader portfolio, I wouldn't read too much into it, I think to all of our major assets contribute in different ways with the Permian being our highest growth to Powder, also long-term growth play, the DJ, very high cash margins and great cash producer. So everything contributes well and we're pretty happy where we are. So I wouldn't overdo it. It's just some nice cleanup and opportunity that we took advantage of.

就此而言，它甚至也可以是一筆商業合作案。因此，回到更廣泛的投資組合，我不會從中解讀太多；我認為我們所有主要資產都以不同方式做出貢獻：二疊紀（Permian）是我們成長最高的區域；Powder 也是長期成長布局；DJ 則有非常高的現金利潤率，是很好的現金產生器。所以各項資產都貢獻良好，我們對目前的位置相當滿意。因此我不會過度解讀。這只是一些不錯的整理與我們把握到的機會。

That's clear. And then the remarks kind of highlighted an acceleration in some of the producer growth. Curious if the views around the pace of processing additions has changed from maybe points in the past and how you frame that today?

了解。另外，你們的談話似乎強調部分生產商成長有所加速。我想了解，你們對處理（processing）新增產能的節奏看法，是否相較過去某些時點有所改變？以及你們今天如何看待？

Yes. No, I think the -- our customer mix, of course, has been changing with Aris and Brazos. So we've added a lot of kind of midsized and smaller and private producers to the mix. And they've tended to be in this environment a little more aggressive in ramping up and leaning a bit forward a bit more relative to some of the very large and very large public or integrated producer. So I think that's some of the dynamic we're seeing. Right now, I think people -- sort of the general press has been there's restraint.

是的。沒有，我認為——當然，隨著 Aris 與 Brazos 的加入，我們的客戶組合一直在改變。因此，我們在組合中新增了許多中型、較小型以及私人業者。在這樣的環境下，相較於一些非常大型、非常大型的上市公司或整合型生產商，他們往往更積極地加速爬坡、也更願意提前布局。所以我認為這是我們看到的一些動態。目前我想外界——一般媒體的說法是大家都在克制。

I think that does apply to the very large public companies or some of the smaller ones that are more specifically Permian-focused. Again, I think we're just seeing a real acceleration of activity, particularly in our Brazos footprint, we've seen -- that was one where I don't think we build that as a high-growth asset, a very good asset, with sort of modest growth, but it looks like in this environment, it's going to be a pretty strong grower. So that's a pleasant surprise relative to our underwriting case and so what we were referring to.

我認為這確實適用於非常大型的上市公司，或某些更專注於二疊紀的小型業者。但我們確實看到活動量明顯加速，尤其是在我們 Brazos 的版圖內；那原本是我們不會把它視為高成長資產的一個區塊——它是一個非常好的資產，成長偏溫和——但在這樣的環境下，看起來它會是相當強勁的成長者。因此，相較於我們原先的承作假設（underwriting case），這是個令人驚喜的結果，也就是我們所指的內容。

Spiro Dounis, Citi.

Spiro Dounis，花旗。

Good morning, team. I want to start with the Pathfinder. Great to see that coming online soon. I was curious if you could provide more color on how you see those volumes ramping once it does come online? And then when it comes to achieving that higher sort of targeted return on that asset, are you thinking about the pathway to layer in more volumes there?

各位早安，團隊。我想先從 Pathfinder 談起。很高興看到它很快就要上線。我想請教你們能否更詳細說明，一旦上線後，你們預期那些處理量會如何爬升？另外，在達成該資產較高的目標報酬率方面，你們是否在思考透過什麼路徑在那裡疊加更多量？

Yes. Thanks, Spiro. So we're very excited about this asset coming online. I mean, I don't think in terms of our sort of shift to increasing and frankly, generating an integrated water business over the last couple of years. I don't think we could have been more pleased and sort of the kind of events, both in public policy to the environment and all the opportunities have really played to the water handlers sort of benefit. So we are really well positioned to sort of the best and largest footprint in the Delaware Basin around that.

是的。謝謝你，Spiro。我們對這項資產即將上線感到非常興奮。我的意思是，就我們過去幾年轉向擴大、坦白說是打造一個整合式水務業務而言，我不覺得我們還能更滿意；而且各種事件，無論是公共政策、環境面，所有機會都確實對水務處理商相當有利。因此，我們在德拉瓦盆地周邊擁有最佳且最大的佈局，定位非常好。

We touched the water molecule sort of 6 times -- six opportunities to earn sort of a return there. With Pathfinder, it's a critical piece of infrastructure, down really right down the center of the combined New Mexico and Texas system. So our original vision was more like a very long-haul, big gas pipeline where we have two or three or four large contracts on the line.

我們在水分子上大概會接觸 6 次——也就是有六個機會可以在那裡賺取報酬。對於 Pathfinder 而言，它是一項關鍵基礎設施，位置就在新墨西哥與德州整合系統的正中央。所以我們最初的構想更像是一條超長距離的大型天然氣管線，在線上有兩到三個或四個大型合約。

We have, obviously, the large NBC-related commitment from Oxy that's in that traditional format. But what we think today is what it looks like is it's allowing us to bring additional business and more business than we could have otherwise, all across our system where we would have been potentially constrained by local disposal issues.

很明顯地，我們有來自 Oxy 與 NBC 相關的大型承諾，採用的就是那種傳統形式。但我們現在認為，它的樣貌是讓我們能在整個系統中帶進額外業務、而且比原本能做到的更多；否則我們可能會受限於在地處置問題。

And so we're really -- we will be able to use this pie to provide like full solutions across the chain. And really also, we have a handful of customers now and we're growing every day. But I want to know specifically where the barrels are going, where they're being disposed and ask us to put them in separate places.

因此我們真的——能夠利用這條管線，提供從頭到尾的完整解決方案。而且我們目前也有少數客戶，且每天都在成長。但我想更具體了解的是，這些桶量要送到哪裡、在哪裡處置，並且客戶會要求我們把它們分流到不同地點。

And we're happy to do that, and we'll use Pathfinder to do it. So I think the key thing to watch on Pathfinder is just the overall volumes on the pipe as it relates to sort of the return on the asset as opposed to watching for chunky incremental contracts.

我們很樂意這麼做，也會用 Pathfinder 來完成。所以我認為觀察 Pathfinder 的重點，是管線上的整體輸送量與該資產報酬率之間的關係，而不是去等某些大塊、跳躍式新增合約。

We do charge piece by piece for all six services in the water business. So that volume will be a great indicator on how that's going. So right now, with the anchor commitment, it's around a 10% return asset. As you know, we've supersized it. We have four more times the capacity of that on it. And so as you see that volume creep up over the next year and two, we'll creep our way towards hopefully a 20%-plus return on that asset. So simplest way probably from here on that is sort of watching the volumes on it.

我們在水務業務的六項服務上，都是逐項收費。因此，該輸送量會是衡量進展的很好指標。目前在錨定承諾之下，它大約是一個 10% 報酬率的資產。如你所知，我們已把它加大規模。它的容量是那個承諾的四倍。因此，當你看到未來一到兩年輸送量逐步上升時，我們也會逐步朝著希望能達到 20% 以上的資產報酬率前進。所以從現在起最簡單的方式，大概就是看它的輸送量。

Got it. That's great color. Maybe sticking with water, but pivoting a little bit to beneficial reuse. Really just looking for an update on that front, how much capital is being spent there in '27, if any. And just how to think about when that business could really start to contribute to EBITDA, I suspect probably still a few years out, but just curious what's new there.

了解。這些補充很有幫助。也許繼續談水務，但稍微轉到「有益再利用」（beneficial reuse）。主要想請你們更新一下那邊的進度，2027 年在那方面會投入多少資本（如果有的話）。以及該業務何時可能真正開始對 EBITDA 有貢獻；我猜可能還要幾年，但想了解目前有什麼新進展。

Yes, I think you're right, Spiro. I think you're still a little bit of from a contribution to EBITDA perspective. Team has been working really hard talking to a few producers, in particular, about first commercial plan and hoping to sanction that, I'd say, within the next six months, maybe a year, but six months is the goal there.

是的，我想你說得對，Spiro。就對 EBITDA 的貢獻而言，我想還需要一點時間。團隊一直非常努力，特別是與幾家生產商溝通第一座商業化工廠的方案，並希望能核准（sanction）它；我會說在未來六個月、也許一年內，但目標是六個月內。

From a capital perspective, we haven't included anything in our 2027 capital budget related to that first commercial plant, but it will be smaller, so it will be something that's a meaningful large trucking capital projects. It will be a smaller plant as we kind of build up scale-wise into something much larger one day.

就資本面而言，我們在 2027 年資本預算中尚未納入與第一座商業化工廠相關的任何支出，但它會比較小，因此會是一個具意義、但規模較大的卡車運輸型資本專案。它會是一座較小的工廠，因為我們會先逐步建立規模，未來某一天再擴大到更大型的設施。

Got it. Great to hear. I'll leave it there.

了解。很高興聽到。我就先到這裡。

Zack Van Everen, TPH & Company.

Zack Van Everen，TPH & Company。

Hi, all. Thanks for taking my question. Maybe on the 2027 capital front, I understand it's White Waters project, but just trying to parse out the spend with most of it in the Delaware and North Loving wrapping up, we're getting to a $300 million to $400 million contribution on Solitude. Is that the right way to think about it? Or am I missing some additional CapEx on the Delaware G&P side?

各位好。謝謝回答我的問題。關於 2027 年資本支出，我理解主要是 White Waters 專案，但我想拆解一下支出：隨著德拉瓦與 North Loving 大多數工程收尾，我們會在 Solitude 上看到 3 億到 4 億美元的投入，這樣理解對嗎？這是正確的思考方式嗎？還是我漏掉了德拉瓦 G&P（集輸與處理）端的額外資本支出？

No, you're missing some additional CapEx that we would be spending in the Delaware. So seeing the Delaware business growing in 2027, yes, so we will have to spend capital on water side, on the oil and on the gas side there. So there's incremental growth CapEx outside of Solitude when we were talking about spending 80% of the capital budget in the Delaware basin next year.

不，你確實漏掉了一些我們會在德拉瓦投入的額外資本支出。所以看到德拉瓦業務在 2027 年成長，是的，我們在那邊的水務、原油以及天然氣端都需要投入資本。因此，除了 Solitude 之外還有增量的成長型資本支出；這也是我們在談到明年把 80% 的資本預算投在德拉瓦盆地時所指的內容。

Okay. Got it. That makes sense. And then maybe moving to the powder. You mentioned MVCs on those one new agreements. Do those ramp up over time or they come on once the contract starts?

好的，了解。這樣就說得通了。那再轉到 Powder。你提到那些新協議上有 MVC（最低量承諾）。那些會隨時間逐步爬升，還是合約一開始就直接生效？

Yes. No, you'll see a ramp both in capital and volumes during the course of next year. So it's a pretty -- actually pretty even ramp. You'll see some good production come online early, but otherwise a pretty steady ramp for the year.

是的。不，你會在明年整個年度看到資本與量的爬升。所以這是一個相當——其實相當平均的爬升。你會看到一些不錯的產量在早期上線，但除此之外，全年會是相當穩定的爬升。

Perfect. Appreciate the time.

完美。感謝撥冗。

(Operator Instructions)

（接線員指示）

Ned Baramov, Wells Fargo.

Ned Baramov，富國銀行。

Hi, good m orning. Thanks for taking the question. It's one on capital allocation. And given your elevated spending expected next year, could you maybe touch on any preliminary discussions you may have had on distribution growth.

嗨，早安。謝謝讓我提問。我想問的是資本配置。鑑於你們預期明年支出偏高，能否談談你們對配息成長（distribution growth）是否已有任何初步討論？

Sorry, it hard to hear you. Got it. On the distribution growth. No, it's too preliminary. Obviously, it's a decision for the Board, and typically, we typically do that in sort of February time frame. But now we're -- again, the strategy and the mission has been to deliver the strong yield that we have, continue to build distribution coverage and then sort of grow the distribution a bit behind EBITDA growth while we're building up that coverage. We're at roughly 1.4 or something like that right now, which is pretty good, but I think there's some room there to continue to grow that.

抱歉，我聽不太清楚你說的。了解。關於配息成長。目前還太早。很明顯這是董事會的決策，而且通常我們會在大約二月的時間點處理。但目前我們——再次強調，我們的策略與使命是提供我們目前的高殖利率、持續提升配息覆蓋率，然後在建立覆蓋率的同時，讓配息成長略落後於 EBITDA 成長。我們目前大約在 1.4 左右，這已經相當不錯，但我認為仍有空間可以持續提升。

We'll also, frankly, just keep an eye on the stock. Our yield today is something like 8.75%, which seems a little peppy given sort of the strong outlook in the business. So we'll watch that as well. But again, this is -- these kind of things are really, typically, dealt with once producer forecast in and have set the budget and then work with the Board to figure out kind of where we go from here.

我們也會，坦白說，持續關注股價。我們目前的殖利率大約是 8.75%，以業務強勁的展望來看，似乎有點偏高。所以我們也會留意這點。但再說一次，這類事情通常是在生產商提出預測並設定預算之後，再與董事會一起討論接下來的方向。

Understood. And then with activity in the Delaware ramping up, it seems that you've already placed an order for some of the long lead time items in your next processing plant. Could you maybe provide a little bit more details on the capacity, the cost, the location of this next project?

了解。另外，隨著德拉瓦（Delaware）地區的活動升溫，看起來你們已經為下一座處理廠下單了一些交期較長的設備項目。能否請你提供更多關於這個下一個專案的產能、成本與地點的細節？

Yes. Again, we look at these things on a very long-term basis. And so relative to our overall gas thesis in the basin and the customers that we worked with for a long time and really thinking about how to continue to build our processing stack. So it did seem like the right time, particularly given all the activity to put in some long lead time items.

是的。我們同樣是以非常長期的角度來看這些事情。因此，基於我們在該盆地的整體天然氣策略，以及我們長期合作的客戶，並思考如何持續擴建我們的處理設施組合。所以看起來確實是合適的時點，特別是在活動如此熱絡的情況下，先採購一些交期較長的設備。

So we're still working towards the potential FID and where it would go exactly and all that. But when we look at our stock long term, we feel pretty good about making that move. Typically or historically, we've built trains around the 300 million a day kind of size. And so that's likely where we'll be heading with this one.

我們仍在推進潛在的最終投資決策（FID），以及確切會設在哪裡等相關事項。但從長期來看我們的股價表現，我們對做出這個動作感覺相當不錯。一般而言或從歷史經驗來看，我們建置的處理列車（train）規模大約是每日 3 億立方英尺左右。因此這一座很可能也會朝這個規模前進。

Thank you. That's all I had.

謝謝。我這邊就這些問題。

Gabriel Moreen, Mizuho.

Gabriel Moreen，瑞穗（Mizuho）。

Morning, everyobe. Just had two quick ones. One, can you just talk about hedging commodity sensitivity for next year given the rise in the forward curve, I guess, up until really recently. And then second would just be prospects for continuing to flatten the curve, I think, in terms of DJ declines in terms of what you're just seeing out there from producers of late? Thank you.

早安，各位。我只有兩個簡短問題。第一，鑑於遠期曲線上升（我想直到最近才回落），能否談談你們對明年商品價格敏感度的避險作法？第二，關於持續讓曲線趨於平坦的前景——我想是指 DJ 產量遞減（declines）方面——就你們最近從生產商那邊看到的情況如何？謝謝。

Thanks, Dave. Yes. On hedging, just remember, we don't have that much exposure, right? So we did adjust our oil price sensitivity to $50 million for every $10 of WTI change. That's still very nominal for natural gas. So to the extent we would look at hedging activity, it's really around some of our equity barrels and then skim oil, which is again new to us from about 1.5 years ago. So we look at that all the time. It's not been material. So it's sort of -- it's something we would watch. I'm sorry, I forget the second question.

謝謝，Dave。是的，關於避險，請記得我們的曝險其實不大，對吧？所以我們把油價敏感度調整為：WTI 每變動 10 美元，影響約 5,000 萬美元。就天然氣而言，這仍然是非常小的曝險。因此若要看避險活動，主要是圍繞我們的一些權益油量（equity barrels）以及凝析油（skim oil）；這對我們來說是大約 1.5 年前才開始的新項目。所以我們一直都有在看。但目前並不重大。所以這算是——我們會持續關注的事情。抱歉，我忘了第二個問題。

Second question is just on DJ.

第二個問題是關於 DJ。

Yes, yes, the -- so again, it's -- we have hedging programs, we look at that. But again, it just hasn't been material. So on the DJ, yes, I mean, I think right now, we're expecting sort of the trend that started here probably around in July, which was a little later than we thought. So some volume declines coming to DJ to continue.

是的，是的——所以再說一次，我們有避險計畫，也會檢視。但同樣地，它一直都不算重大。至於 DJ，是的，我的意思是，我們目前預期大概會延續這個趨勢，應該是從 7 月左右開始的，只是比我們原先想的晚一些。因此，DJ 的一些產量下滑預期會持續。

I would say, in terms of the political environment, in Colorado, there's really no change (inaudible) few places, but there's nothing expected in Colorado. So kind of business as usual there, which is to mean a lot of regulatory both at a local and state level sort of challenges.

我會說，就科羅拉多州的政治環境而言，基本上沒有變化，（聽不清）少數地方，但科羅拉多州沒有任何預期中的變動。所以那邊算是照常運作；也就是說，在地方與州層級都有不少監管方面的挑戰。

But so far, we haven't seen anything from our customers. I would say, there's a shift from that sort of decline continuing. We do mitigate that the best we can. We've been -- had great success with processing unloads. So you might see volumes sort of hang in there, but the mix will sort of shift as that becomes more of a processing as opposed to gathering and processing very slowly over time. That's about it. I wish I could say there was something exciting that was going to pivot the DJ. We just haven't seen what that is yet.

但到目前為止，我們沒有從客戶那邊看到任何變化。我會說，仍是朝著那種下滑持續的方向。我們會盡可能去降低影響。我們在處理量卸載（processing unloads）方面一直非常成功。所以你可能會看到量大致能撐住，但組合會逐步轉變，隨著時間推移，會更偏向處理（processing），而不是集輸與處理（gathering and processing）。大概就是這樣。我希望我能說有什麼令人振奮、會讓 DJ 出現轉折的事情，但我們目前還沒看到。

Got it. Thank you.

了解。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. Thanks again. Thanks, everybody, for your interest and participation and to really all the stakeholders for the support of Western Midstream and our mission. I really do want to say we're grateful for our customers who trust us with their energy flow assurance and for employees and teammates whose engagement and daily demonstration of our core values allow us to safely deliver our mission, which is so critical to America's quality of life. We look forward to seeing everybody in the investment community and up in conferences, hopefully, very soon. With that, we'll complete the call.

很好。再次感謝。謝謝各位對 Western Midstream 以及我們使命的關注與參與，也謝謝所有利害關係人對我們的支持。我也真的想說，我們非常感謝信任我們、把其能源流量保障（flow assurance）交給我們的客戶；也感謝員工與團隊夥伴，他們的投入以及每天展現我們的核心價值，讓我們能安全地完成使命，而這對美國的生活品質至關重要。我們期待很快能在投資社群以及各項會議上與大家見面，希望很快就能成行。那麼，我們就結束本次電話會議。

This concludes today's call. Thank you for your participation. You may now disconnect, and have a wonderful rest of your day.

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，祝您今天剩下的時間愉快。