威廉斯 (WMB) 2024 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Williams fourth quarter 2024 earnings call.

您好，感謝您的支持。歡迎參加威廉斯 2024 年第四季財報電話會議。

(Operator Instructions)

（操作員指令）

Please advised that today's conference is being recorded. I like to hand the conference over to the first speaker today, the Danilo Juvane, Vice President of Investor Relations, ESG, and investment analysis. Please go ahead.

請注意，今天的會議正在錄音。我想將會議交給今天的第一位發言者，即投資者關係、ESG 和投資分析副總裁 Danilo Juvane。請繼續。

Thanks, Marvin. Good morning, everyone. Thank you for joining us and for your interest in the Williams Companies. Yesterday afternoon, we released our earnings press release and the presentation that our President and CEO, Alan Armstrong, and our Chief Financial Officer, John Porter, will speak to you this morning. Also joining us on the call today are Michael Dunn, our Chief Operating Officer; Lane Wilson, our General Counsel; and Chad Zamarin, our Executive Vice President of Corporate Strategic Development.

謝謝，馬文。大家早安。感謝您加入我們並關注威廉斯公司。昨天下午，我們發布了收益新聞稿，以及總裁兼首席執行官艾倫·阿姆斯特朗和首席財務官約翰·波特將於今天上午向大家發表的演講。今天參加電話會議的還有我們的營運長 Michael Dunn；我們的總法律顧問 Lane Wilson；以及我們的企業策略發展執行副總裁 Chad Zamarin。

In our presentation materials, you'll find a disclaimer related to forward-looking statements. This disclaimer is important and integral to our remarks and you should review it. Also included in the presentation materials are non-GAAP measures that we reconcile to generally accepted accounting principles. And these reconciliation schedules appear at the back of today's presentation materials.

在我們的簡報資料中，您會發現與前瞻性陳述相關的免責聲明。此免責聲明對於我們的評論至關重要且不可或缺，您應該查看它。演示資料中也包括我們與公認會計原則相協調的非 GAAP 指標。這些對帳時間表出現在今天的演示材料的後面。

So with that, I'll turn it over to Alan Armstrong.

因此，我將把話題交給艾倫·阿姆斯特朗。

Great. Well, thanks, Danilo, and thank you all for joining us today. We have a very positive story to share with you today on our fourth quarter performance, but even more so on how '24 has really driven positive momentum for growth in '25 and beyond.

偉大的。好吧，謝謝你，達尼洛，也謝謝大家今天加入我們。今天，我們要與大家分享我們第四季度業績的非常積極的故事，但更重要的是，2024 年如何真正推動了2025 年及以後的積極成長勢頭。

So beginning here on slide 2 with a look back at some highlights from 2024. I'll start by noting that this winter, Transco has experienced unprecedented demand for both natural gas and importantly, for feed capacity on our system. In fact, last month, we set an all-time record moving 522 million decatherms or about 10% more than the previous monthly record that occurred during January of 2022.

因此，從第 2 張幻燈片開始，回顧一下 2024 年的一些亮點。首先要指出的是，今年冬天，Transco 對天然氣的需求以及我們系統的進料能力都出現了前所未有的需求。事實上，上個月，我們創下了輸送量達 5.22 億十熱量單位的歷史最高紀錄，比 2022 年 1 月創下的月度紀錄高出約 10%。

And despite the milder weather for this time around, we had back-to-back all-time peak days with each one surpassing the previous due to consistent widespread demand across the Northeast, Carolinas, and the Southeast. And in fact, 17 of the 20 highest volume base that we've ever recorded on Transco happened just this winter. And it wasn't just due to cold weather, it was from a combination of heating, power generation loads, and LNG exports along the Transco corridor.

儘管這次天氣較為溫和，但由於東北部、卡羅來納州和東南部地區持續的廣泛需求，我們連續兩天迎來了歷史最高峰值，而且每天的峰值都超過前一天。事實上，我們在 Transco 上記錄到的 20 個最高流量基地中有 17 個都發生在今年冬天。這不僅是由於寒冷的天氣造成的，還與 Transco 走廊沿線的供暖、發電負載和液化天然氣出口等因素有關。

So we are really rewriting the history book on peak days, and we remain convinced that our strategy of staying intensely focused on natural gas infrastructure is in the very early innings of paying off for our shareholders. But a good strategy also has to be married up with crisp execution, and our team continue to deliver in a big way on executing large-scale expansion projects in a very reliable manner for our customers.

因此，我們確實在高峰期改寫了歷史，我們仍然堅信，我們高度關注天然氣基礎設施的策略即將為我們的股東帶來回報。但是好的策略也必須與清晰的執行相結合，我們的團隊繼續以非常可靠的方式為客戶執行大型擴張專案。

And these aren't the run of the mill projects. They include expanding in some of the toughest areas like 8,800 foot of water depth on our [well] project that came in well under the original budget. Or even more hospital places like New Jersey for our Regional Energy Access project. And then in December, we brought on the Southside Reliability Enhancement project in Virginia. And for the sake of our customers and the consumers in these areas, it's a good thing that we did as both REA and the Southside Reliability Enhancement project are running at full contracted capacity.

這些並不是普通的項目。其中包括在一些最艱難的領域進行擴建，例如我們的[井]項目 8,800 英尺的水深，而這遠低於最初的預算。或者甚至有更多的像新澤西州這樣的醫院參與我們的區域能源接入計畫。然後在 12 月，我們在維吉尼亞州啟動了南區可靠性增強計畫。為了我們的客戶和這些地區的消費者的利益，我們做的是一件好事，因為 REA 和 Southside 可靠性增強項目都正在以滿載運作。

Despite the opposition claiming they weren't necessary, the irony is that even though the opposition has been motivated by greenhouse gas emission concerns, these expansions have been key in reducing emissions in the areas by avoiding fuel switching to open coal.

儘管反對派聲稱這些擴張沒有必要，但諷刺的是，儘管反對派是出於對溫室氣體排放的擔憂，但這些擴張對於避免燃料轉換為露天煤炭而言，卻是減少這些地區排放的關鍵。

Not only do we clear line of sight from a full roster projects and execution, but we continue to commercialize vital, high-return projects across our footprint. To that point, we announced six new transmission projects and continuous steady beat of actualizing these new projects. We also further optimize our asset portfolio by consolidating our interest in the deepwater discovery system and the Wamsutter upstream joint venture. And we also divested our interest in Aux Sable last year.

我們不僅從完整的專案名單和執行中清楚地看到前景，而且我們還將繼續在我們的業務範圍內將重要的高回報專案商業化。至此，我們已宣布了六個新的輸電項目，並持續穩定地實施這些新項目。我們也透過鞏固我們在深水發現系統和 Wamsutter 上游合資企業中的權益，進一步優化我們的資產組合。去年我們也剝離了對 Aux Sable 的股權。

Moving across the slide, I'll call out our emission reduction project. We've long stated that our natural gas strategy remains synonymous with sustainability. And last year, we continued efforts to drive out emissions from our system by replacing 92 compressor units, most of which were over 50 years old. And these older units were certainly not designed to (inaudible) methane emissions. So a tremendous job by our team of getting this important work done in time to be included in the latest Transco rate case, and again, very crisp execution on some very complex projects across the system.

在投影片中，我將介紹我們的減排項目。我們早就聲明，我們的天然氣策略始終與永續性同在。去年，我們繼續努力消除系統的排放，並更換了 92 台壓縮機組，其中大部分壓縮機組已超過 50 年。這些老舊的裝置顯然不是針對（聽不清楚）甲烷排放而設計的。因此，我們的團隊做了大量工作，及時完成了這項重要工作，以納入最新的 Transco 費率案例，並且再次非常出色地執行了整個系統中一些非常複雜的項目。

Looking at earnings growth, we reported another year of record adjusted EBITDA, which marks the 12th consecutive year that we've grown our earnings. Important to note that 2024's earnings record was achieved in the backdrop of natural gas prices that averaged about $2.20 per MMBtu. And this was nearly as low as the average price of nearly $2 that we saw during the pandemic in 2020, just to put that in context.

從獲利成長來看，我們報告調整後 EBITDA 再創歷史新高，這標誌著我們的獲利連續第 12 年成長。值得注意的是，2024 年的獲利記錄是在天然氣價格平均約為每百萬英熱單位 2.20 美元的背景下實現的。並且，這幾乎與我們在 2020 年大流行期間看到的近 2 美元的平均價格一樣低，這只是一個參考。

So this really does continue to underscore the resiliency of our business through a number of price cycles. So I'm very pleased with our 2024 performance and the long track record of growth. But the fundamentals ahead of us present an even more fruitful environment on a per share growth basis in '25 and beyond, which I'll dive into here in the next slide.

因此，這確實繼續凸顯了我們的業務在一系列價格週期中的彈性。因此，我對我們 2024 年的表現和長期成長記錄感到非常滿意。但我們面臨的基本面表明，25年及以後每股成長環境將更加富有成效，我將在下一張投影片中深入探討這一點。

Our key focus here on slide 3. Our key focus on industry-leading returns remains -- a key driver of earnings growth in '25 and beyond. And I'll highlight a few notable drivers here. First, we are placing into service interstate transmission projects totaling 1.25 [Bcf] per day over the course of the year. In addition, we will also benefit from a full year's earnings contribution from recently completed projects, such as Regional Energy Access, the Southside Reliability Enhancement, the Carolina Market Link, and the Uinta Basin expansion on the MountainWest Transmission system.

我們的重點放在投影片 3 上。我們重點關注的仍然是行業領先的回報——這是25年及以後獲利成長的關鍵驅動力。我將在這裡重點介紹幾個值得注意的驅動因素。首先，我們將在全年投入使用總計每天12.5億立方英尺的州際輸氣計畫。此外，我們還將受益於最近完成的專案的全年收益貢獻，例如區域能源接入、南區可靠性增強、卡羅來納市場連結以及 MountainWest 輸電系統的 Uinta Basin 擴建。

Also of note, our guidance includes conservative earnings expectations from the Transco rate case, especially considering the large amount of capital we have invested over the last few years in things like our emission reduction project and other large maintenance projects on the Transco system.

另外值得注意的是，我們的指引包括來自 Transco 費率案例的保守盈利預期，特別是考慮到我們在過去幾年中在減排項目和 Transco 系統的其他大型維護項目等方面投入了大量資金。

In the deepwater, we will have four projects to commence service during 2025, including the well expansion which Shell began producing into here in January. And these additions will lead to a significant earnings increase from our Gulf of America assets in '25 and '26.

在深水區，我們將有四個項目於 2025 年開始投入使用，其中包括殼牌於 1 月在這裡開始生產的油井擴建項目。這些新增資產將使我們25年和26年美國灣資產的獲利大幅增加。

In our gathering and processing business, we will place two large Haynesville projects in service this year, including the Louisiana Energy Gateway project. That will come on in the second half of the year and also drive earnings in '25 and '26. And we should see a stronger environment for gathering volumes with the current 12-month strip averaging around $4 per MMBtu versus the [220] that drove price-related shut in the last year.

在我們的收集和加工業務中，我們今年將投入兩個大型海恩斯維爾項目，包括路易斯安那能源門戶項目。這將在今年下半年實現，並推動2025年和2026年的獲利。我們應該會看到一個更強勁的集氣環境，目前 12 個月的平均集氣價格約為每百萬英熱單位 4 美元，而去年導致價格相關關閉的集氣價格為 [220] 美元。

To be clear, our guidance does not anticipate a big ramp-up in drilling activity just a lower level of price-related curtailment that we saw last year. And as I mentioned earlier, we're continuing to invest in our business through strategic bolt-on acquisitions. In the lump setter, we purchased the remaining 25% interest in our upstream JV.

需要明確的是，我們的指引並不預期鑽井活動會大幅增加，只是預期與去年相比，價格相關的削減幅度會有所降低。正如我之前提到的，我們將繼續透過策略性附加收購來投資我們的業務。在塊煤加工中，我們購買了上游合資企業剩餘的25%的權益。

By controlling these upstream operations and development, it will ensure that Williams can maximize the long-term value of the total asset by better leveraging our existing midstream and downstream assets and in doing so, capture significant margin with each molecule through gathering, processing, NGL, transportation and fractionation. So lots of incremental value for us coming off this asset as we focus on developing this large play and really driving the free cash flow to our midstream systems.

透過控制這些上游營運和開發，它將確保威廉斯能夠更好地利用我們現有的中游和下游資產，從而最大化總資產的長期價值，並透過收集、加工、NGL、運輸和分餾從每個分子中獲得可觀的利潤。因此，當我們專注於開發這項大型專案並真正為我們的中游系統帶來自由現金流時，這項資產為我們帶來了許多增量價值。

In the DJ Basin, we acquired Rimrock adding another gas gathering and processing system to integrate into our footprint and add value to the downstream NGL assets. Given the strong fundamentals around our strategic asset footprint, we remain positioned to continue growing our business beyond '25. I'm pleased to announce two additional projects on the Northwest Pipeline system in addition to the three that we announced last quarter. These are a clear indication of the incremental needs for natural gas consumption in the Northwest that seems to be gaining momentum.

在 DJ 盆地，我們收購了 Rimrock，增加了另一個天然氣收集和處理系統，將其整合到我們的業務範圍內，並為下游 NGL 資產增加價值。鑑於我們策略性資產佈局的強勁基本面，我們仍有望在25年後繼續發展我們的業務。我很高興地宣布，除了上個季度宣布的三個項目之外，西北管道系統還將新增兩個項目。這清楚地表明西北地區天然氣消費需求的增量似乎正在增強。

Within our Gulf Coast storage facility, I'm pleased to announce that we are advancing a 10 Bcf capacity expansion that will support industrial, power generation, and LNG demand for natural gas in these as these sectors ramp up and the usage of clean and total natural gas supply. So really excited to see the support out there for expanding our storage facilities that we acquired just last year.

在我們的墨西哥灣沿岸儲存設施內，我很高興地宣布，我們正在推進 100 億立方英尺的產能擴張，這將支持工業、發電和液化天然氣對天然氣的需求，因為這些行業正在加速發展，並且需要使用清潔和全面的天然氣供應。我很高興看到大家對我們擴大去年剛獲得的儲存設施的支持。

We continue to close on agreements that support our backlog of 30 interstate transmission projects, and we are moving attractive projects such as the Dalton Lateral expansion on Transco and the five recently announced projects on Northwest Pipeline from our backlog into execution and have continued to successfully refill the sales funnel supporting growth beyond '25.

我們繼續達成支持積壓的 30 個州際輸電項目的協議，並且我們正在將有吸引力的項目（例如 Transco 的 Dalton Lateral 擴建和最近宣布的西北管道上的五個項目）從積壓項目中轉移到執行中，並繼續成功地重新填充支持 25 年以後增長的銷售渠道。

Important to note, this interstate transmission backlog does not include direct investment in data center projects that are currently in development. These projects are moving at a very fast pace and the most mature of these has gone far enough to fully support us ordering all of the major equipment and long lead items for the search project. And we will be announcing more details on this project in the near future, once we have a fully binding agreement with this large creditworthy customer.

值得注意的是，該州際輸電積壓量不包括對目前正在開發的資料中心專案的直接投資。這些項目進展非常快，其中最成熟的項目已經取得足夠多的進展，完全支持我們為搜尋項目訂購所有主要設備和長交貨期物品。一旦我們與這位信譽良好的大客戶達成了具有完全約束力的協議，我們將在不久的將來公佈有關該項目的更多細節。

This deal will contain terms similar to the high-value transmission projects that we have been executing along our system. So really excited about that project. And I would tell you that a lot of things to handle on the PR and government relations side for we get out in front of ourselves with an announcement on that, but we're really excited about the way that project is going very quickly for us.

該協議將包含與我們一直在系統內執行的高價值傳輸項目類似的條款。我真的很興奮這個計畫。我想告訴你，我們在公關和政府關係方面有很多事情要處理，因為我們要提前宣布這一消息，但我們對該專案進展非常迅速感到非常興奮。

So here on slide 4, our natural gas-focused strategy has differentiated us from our peers, and it continues to drive profitable growth year after year. Not only have we delivered record EBITDA in '24, but we have done so with the same share count and without stretching the balance sheet.

因此，在幻燈片 4 中，我們以天然氣為重點的策略使我們有別於同行，並且它繼續推動年復一年的獲利成長。我們不僅在 24 年實現了創紀錄的 EBITDA，而且是在股票數量保持不變且資產負債表未擴大的情況下實現的。

As evidenced by our EPS growing at an impressive 14% compound annual growth rate over the past five years. This growth has been driven by our sharp project execution, where in the past four years, we have placed 17 large-scale projects in service with an additional 14 projects in execution today. What stands out the most here, again, distinct from many of our peers is the quality of the returns that we are seeing from these projects.

正如我們過去五年來每股收益以驚人的 14% 的複合年增長率增長所證明的那樣。這一增長得益於我們出色的項目執行力，在過去四年中，我們已經實施了 17 個大型項目，目前還有 14 個項目正在執行中。與我們的許多同行相比，最突出的是我們從這些項目中看到的回報品質。

Equally impressive is the commercial activity behind our attractive asset footprint, which continues to give us confidence in delivering on at least our long-term 5% to 7% earnings growth objective without issuing equity or stretching our balance sheet.

同樣令人印象深刻的是我們富有吸引力的資產足跡背後的商業活動，這繼續讓我們有信心在不發行股票或擴大資產負債表的情況下實現至少 5% 至 7% 的長期盈利增長目標。

To go further, the strong natural gas fundamentals have us positioned to particularly exceed our long-term earnings growth objectives over the next five years as we gain clear line of sight to the impacts of LNG exports, coal to gas switching, particularly out west as we're seeing that rapidly change in industrial [reshore] and using our skill sets to help solve demand for a whole new customer segment that is looking for highly reliable, fast market and fast following power generation. So we are really excited at how attractive current macro environment is in supporting the long-term growth of our business.

更進一步說，強勁的天然氣基本面使我們有能力在未來五年內超越我們的長期盈利增長目標，因為我們清楚地看到了液化天然氣出口和煤轉氣的影響，特別是在西部，因為我們看到工業[回岸]的快速變化，並且利用我們的技能來幫助解決尋求高度可靠、快速上市和快速跟進發電的全新客戶群的需求。因此，我們對當前宏觀環境對支持我們業務長期成長的吸引力感到非常興奮。

And with that, I'll turn it over to John to walk through our financial metrics. John?

接下來，我將把主題交給約翰來介紹我們的財務指標。約翰？

All right. Thank you, Alan. Starting here on slide 6. Let's begin by looking at the longer trend of our financial performance for the company. Starting with adjusted EBITDA in the upper left corner, which grew about $300 million in 2024 or about 4% over 2023. At $7.08 billion, our 2024 results exceeded our original adjusted EBITDA guidance of $6.95 billion by $130 million in a year where [Henry] Hub natural gas prices averaged about $2.20, which was almost 18% lower than our original business plan assumptions for 2024.

好的。謝謝你，艾倫。從投影片 6 開始。我們先來看看公司財務表現的長期趨勢。從左上角的調整後 EBITDA 開始，到 2024 年將成長約 3 億美元，比 2023 年成長約 4%。我們的 2024 年業績為 70.8 億美元，比我們最初調整後的 EBITDA 指引 69.5 億美元高出 1.3 億美元，而這一年的 [亨利] 港天然氣平均價格約為 2.20 美元，比我們最初對 2024 年的業務計劃假設低了近 18%。

On the following slides, we'll talk about our revised 2025 guidance which features a 3% increase in our adjusted EBITDA midpoint. And as you can see here, delivering on that $7.65 billion midpoint would drive an 8% five-year CAGR, a growth rate that continues to exceed the high end of our long-term growth rate of 5% to 7%.

在接下來的投影片中，我們將討論修訂後的 2025 年指引，其中調整後的 EBITDA 中點將增加 3%。正如您所看到的，實現 76.5 億美元的中點將推動 8% 的五年複合年增長率，這一增長率將繼續超過我們 5% 至 7% 的長期增長率的高端。

Our adjusted EPS for 2024 finished above the high end of our original guidance range and at midpoint for 2025, our adjusted EPS will see an impressive 30% five-year CAGR. Our available funds from operations per share for 2024 also exceeded the high end of our original guidance. At midpoint for 2025, it will grow at a 9% five-year CAGR. And our dividend will grow at about a 5% five-year CAGR, while maintaining strong dividend coverage.

我們 2024 年的調整後每股收益超過了我們最初指導範圍的高位，到 2025 年中期，我們的調整後每股收益將實現令人印象深刻的 30% 的五年複合年增長率。我們 2024 年每股營運資金可用額也超過了我們最初指引的高端。到 2025 年中期，其五年複合年增長率將達到 9%。我們的股息將以約 5% 的五年複合年增長率成長，同時保持強勁的股息覆蓋率。

Some of that dividend coverage has been based on what are increasingly looking like conservative cash tax assumptions, which I'll discuss further on the next slide. And then finally, you see the improvement we've made to our balance sheet strength over the last five years with an 18% improvement in our key leverage metric, finishing favorably to our 2024 original guidance for leverage and with 2025 leverage that's forecasted to move us close to the low end of our leverage target range of 3.5 to 4 times.

部分股利覆蓋是基於越來越保守的現金稅假設，我將在下一張投影片中進一步討論。最後，您會看到我們在過去五年中資產負債表實力有所改善，關鍵槓桿率指標提高了 18%，良好地達到了我們最初對 2024 年槓桿率的指導目標，預計 2025 年槓桿率將使我們接近槓桿率目標範圍的低端 3.5 到 4 倍。

We've got a lot more information about 2024 performance in the appendix. As Alan mentioned, we were impressed with the outperformance of the business up against a tough natural gas price environment where we saw substantial volume curtailments throughout the year. The trends on this slide demonstrates the consistently strong performance of our business through various commodity cycles with a business that is primarily levered to the growth of natural gas volumes and reserved pipeline capacity.

我們在附錄中找到了更多有關 2024 年表現的資訊。正如艾倫所提到的，在嚴峻的天然氣價格環境下，我們對業務的出色表現印象深刻，全年天然氣產量大幅減少。本投影片中的趨勢表明，我們的業務在各種商品週期中始終表現強勁，業務主要得益於天然氣產量和儲備管道容量的成長。

Our natural gas-focused portfolio has consistently driven strong earnings growth through high-returning capital projects, and our balance sheet strength has allowed for additional growth contributions through immediately accretive bolt-on acquisitions without the use of any equity issuance during this time frame.

我們以天然氣為重點的投資組合一直透過高回報的資本項目推動強勁的獲利成長，而我們的資產負債表實力使我們能夠透過立即增值的附加收購實現額外的成長貢獻，而無需在此期間發行任何股票。

So having covered the longer trend of our strong financial performance for the company, let's turn our attention once again to the year ahead with a refresh of the 2025 guidance that we originally issued in February of 2024. So here, you can see on the left side, a few key elements of our original 2025 guidance and on the right, you can see the updates that we have for you today.

因此，在介紹了公司強勁財務業績的長期趨勢之後，讓我們再次將注意力轉向未來一年，更新我們於 2024 年 2 月最初發布的 2025 年指引。因此，您可以在左側看到我們最初的 2025 年指導方針的一些關鍵要素，而在右側，您可以看到我們今天為您提供的更新。

Starting with adjusted EBITDA, you see our original midpoint of guidance was $7.4 billion, and now we're moving that midpoint to $7.65 billion, so an increase of $250 million. $7.65 billion would drive an impressive 8% growth in this metric over 2024 as well as a five-year CAGR of 8%. That $250 million increase in guidance is split between incremental growth from the business since last year and the effects of the Crowheart JV consolidation and the Rimrock acquisition. In the Northeast, we've generally shifted expectations a bit lower in certain dry gas areas, but those reductions have been more than offset by improvements in the Northeast liquids-rich areas.

從調整後的 EBITDA 開始，您會看到我們最初的指導中點是 74 億美元，現在我們將該中點移至 76.5 億美元，因此增加了 2.5 億美元。 76.5 億美元將推動這項指標在 2024 年實現驚人的 8% 成長以及 8% 的五年複合年增長率。2.5 億美元的預期增幅分為自去年以來的業務增量以及 Crowheart JV 合併和 Rimrock 收購的影響。在東北地區，我們總體上將某些乾氣地區的預期下調了一點，但這些下調幅度已經被東北部富含液體地區的改善所抵消。

In the deepwater, we have seen some producer customer delays that have unfavorably impacted the expected ramp in our growth projects, Shenandoah and [Wale]. And finally, in the West, we've seen some overall modest net improved expectations and additionally, our marketing business is off to a good start with the cold weather that we saw in January of 2025. So we are encouraged by this increase in our adjusted EBITDA guidance that would drive 8% growth over '24 and that 8% five-year CAGR as well.

在深水區，我們看到一些生產商客戶的延遲，這對我們成長項目 Shenandoah 和[威爾]。最後，在西方，我們看到整體上適度的淨改善預期，此外，隨著 2025 年 1 月的寒冷天氣，我們的行銷業務開局良好。因此，我們對調整後 EBITDA 指引的增加感到鼓舞，這將推動 24 年成長 8%，並且五年複合年增長率也將達到 8%。

Shifting now to AFFO per share, where we're moving last year's $4.25 to $4.50, basically just tracking with the expected increases that we just discussed in adjusted EBITDA. I will point out that we continue to not assume any benefit from restoration of 100% bonus depreciation or any other favorable changes in the corporate alternative minimum tax both of which are being discussed as elements of possible tax legislation for 2025.

現在轉向每股 AFFO，我們將去年的 4.25 美元調整為 4.50 美元，基本上只是跟踪我們剛剛討論的調整後 EBITDA 的預期增長。我要指出的是，我們仍然不認為恢復 100% 獎金折舊或企業替代最低稅的任何其他有利變化會帶來任何好處，這兩項政策都正在作為 2025 年可能的稅收立法的內容進行討論。

Our current guidance of AFFO assumes around $300 million of cash taxes and restoration of 100% bonus depreciation for 2025 could kept that amount roughly in half, adding approximately another $0.12 in AFFO per share. And most of the cash tax that would remain would be related to the corporate alternative minimum tax, which, of course, can be applied against future regular cash tax amounts owed.

我們目前對 AFFO 的指導假設約為 3 億美元的現金稅和 2025 年 100% 獎金折舊恢復可以使該金額保持約一半，每股 AFFO 增加約 0.12 美元。剩餘的大部分現金稅將與企業替代最低稅有關，當然，這些稅可以用於抵消未來所欠的常規現金稅額。

However, even without any tax benefits, the $4.50 of AFFO per share in our revised guidance covers our expected $2 per share dividend about 2.25 times after growing that dividend 5.3%. Favorable developments on the cash tax front would further increase our AFFO per share growth rate and potentially serve as a catalyst for additional dividend growth.

然而，即使沒有任何稅收優惠，我們修訂後的指引中每股 4.50 美元的 AFFO 在股息增長 5.3% 後也大約覆蓋了我們預期每股 2 美元的股息的 2.25 倍。現金稅方面的有利發展將進一步提高我們的每股 AFFO 成長率，並可能成為額外股息成長的催化劑。

Finishing this slide up, you'll see improved leverage guidance of 3.55x even after further fueling our 2025 growth with the acquisitions that we've discussed. And also, you'll see no change to our growth CapEx guidance for 2025 at $1.8 billion, excluding acquisitions. So that covers the major pieces of our 2025 guidance update.

完成這張投影片後，您將看到槓桿率指引提高到 3.55 倍，即使透過我們討論過的收購進一步推動我們 2025 年的成長。此外，您會看到我們 2025 年的成長資本支出指引保持不變，為 18 億美元（不包括收購）。這涵蓋了我們 2025 年指導更新的主要部分。

As Alan highlighted, 2025 is an exciting year for our company with full-year contributions from last year's completed projects as well as eight additional transmission expansion projects and four deepwater projects coming online 2025. We've got a major Transco rate case with the initiation of cash returns on our ERP investments over the last few years. We've got expectations for an improved G&P gathering and processing environment versus 2024 for the Northeast and for the West, including our Louisiana Entry Gateway project. And then finally, we'll see continued growth from our strategic bolt-on acquisitions.

正如艾倫所強調的，2025 年對我們公司來說是令人興奮的一年，去年完成的項目以及 8 個額外的輸電擴建項目和 4 個深水項目將於 2025 年上線，為全年做出貢獻。過去幾年來，隨著 ERP 投資開始獲得現金回報，我們與 Transco 的利率情況密切相關。我們預計到 2024 年東北部和西部的 G&P 收集和處理環境將有所改善，包括我們的路易斯安那州入口門戶計畫。最後，我們將看到策略性附加收購帶來的持續成長。

Finally, before I turn it back over to Alan, I'd like to cover one more financial performance topic here on Slide 8. For many years, we've highlighted the strong cash returns we've generated from our capital investments. And we've talked about the proof of those cash returns shown up in balance sheet improvement and per share growth driven by a lack of issuing any equity to fuel our growth.

最後，在我將演講交還給艾倫之前，我想在第 8 張投影片上再介紹一個財務績效主題。多年來，我們一直強調從資本投資中獲得的強勁現金回報。我們已經討論過這些現金回報的證據，這些回報體現在資產負債表的改善和每股成長中，而這正是由於缺乏發行任何股票來推動我們的成長而實現的。

Last fall, we were pleased to see sell-side research that highlighted the strength of our cash returns on invested capital, which placed us first among seven of our closest peers for the 2018 to 2023 time frame. On this slide, we've mapped out those cash return on invested capital values along the horizontal axis. And then we've also charted leverage reduction over this period on the vertical axis.

去年秋天，我們很高興看到賣方研究強調了我們投資資本現金回報率的強勁，這使我們在 2018 年至 2023 年期間在七家最接近的同行中名列第一。在這張投影片上，我們沿著橫軸繪製了投資資本價值的現金報酬率。然後我們也在縱軸上繪製了這段期間的槓桿率降低。

The result really shows the strength of the nearly 23% cash return on investment we've achieved during this time frame, which drove a 26% reduction in leverage. And additionally, we saw a 19% CAGR on our adjusted EPS during the same time frame with no equity issuances since the buy-in of Williams Partners in 2018. We are certainly pleased with the financial performance we saw during this period of 2018 through 2023. However, we are even more excited about the next five years based on the accelerating growth drivers for natural gas volumes and pipeline capacity.

結果確實顯示了我們在此期間實現的近 23% 的投資現金回報率，這推動槓桿率降低了 26%。此外，自 2018 年收購 Williams Partners 以來，在沒有發行股票的情況下，我們的調整後每股收益在同一時間段內實現了 19% 的複合年增長率。我們對 2018 年至 2023 年期間的財務表現感到非常滿意。然而，由於天然氣產量和管道容量的成長動力不斷加速，我們對未來五年更加充滿期待。

So with that, I'll turn it back over to Alan

現在我將把話題轉回給艾倫

Okay. Well, thanks, John. Just a few closing remarks before we turn it over to your questions. We've been implementing our long-term strategy to bring Williams to where we are today with a healthy balance sheet and a clear line of sight to the full portfolio of high-return projects. During these early years of what is shaping up to be the golden age of natural gas, our natural gas-focused strategy is taking hold in a powerful way that is delivering robust growth and compounding returns for our shareholders. Simply put, no one is better positioned than Williams to benefit from the natural gas demand fundamentals.

好的。好吧，謝謝，約翰。在我們開始回答你們的問題之前，我只想說幾句結束語。我們一直在實施我們的長期策略，使威廉斯擁有如今的資產負債表和對高回報項目的全部投資組合的清晰視線。在天然氣黃金時代的初期，我們以天然氣為重點的策略正在強勢紮根，為股東帶來強勁成長和複合回報。簡而言之，沒有人比威廉斯更有能力從天然氣需求基本面中獲益。

Now under the Trump administration and the Republican Congress, the US is seeing changes in energy policy that are aimed at bolstering energy independence and economic growth. This policy shift underscores the importance of our country's strategic initiatives and positions the US to take full advantage of the evolving energy landscape.

如今，在川普政府和共和黨國會的領導下，美國能源政策正在發生變化，旨在增強能源獨立和經濟成長。這項政策轉變凸顯了我國戰略舉措的重要性，並使美國能夠充分利用不斷變化的能源格局。

However, to fully realize our potential and maintain our leadership position as a country, we have to be able to unlock some of the nation's largest natural gas resources in places like the Marcellus and the Utica. With the support of the administration and potential permitting reform, Williams stands ready both to help solve this problem and to be a major beneficiary of it.

然而，為了充分發揮我們的潛力並保持我們作為一個國家的領導地位，我們必須能夠在馬塞勒斯和尤蒂卡等地開採一些全國最大的天然氣資源。在政府支持和潛在的許可改革下，威廉斯隨時準備幫助解決這個問題並成為其主要受益者。

Pipeline's Power America and our country and its citizens have reaped the benefits of this large-scale infrastructure for years. We should not take this historical benefit for granted and let competing countries rapidly build out their own infrastructure to capture tomorrow's opportunities. This is an important moment for our country and Williams has the right strategy, team and experience to deliver on the opportunities that we see ahead.

管道動力美國和我們的國家及其公民多年來一直享受著這一大規模基礎設施帶來的利益。我們不應將這項歷史利益視為理所當然，而讓競爭國家迅速建立自己的基礎設施以抓住未來的機會。這對我們國家來說是一個重要的時刻，威廉斯擁有正確的策略、團隊和經驗來實現我們所看到的未來​​的機會。

And with that, I'll open it up for your questions.

現在我將開始回答你們的問題。

(Operator Instructions)

（操作員指令）

Theresa Chen, Barclays Bank

巴克萊銀行 Theresa Chen

Morning. On the gas to power side of things, specifically related to data centers in relation to the opportunity to, that you alluded to earlier, Alan, what is it going to take to get something like this across the finish line and beyond this opportunity, can you help us lay out, the addressable market ahead of you, within this theme? How have other commercial discussions progressed and, how can Williams participate and capture economic value here?

早晨。關於天然氣發電方面，特別是與資料中心相關的機會，正如您之前提到的，艾倫，要實現這樣的目標需要什麼？ 除了這個機會之外，您能否幫助我們在這個主題內規劃出您面前的潛在市場？其他商業討論進度如何？

Yeah, Theresa, thank you. I'm going to take the first part of that and then the last Chad to fill in on that. First, as to what it takes in terms of getting things completed. I would just say, as I mentioned, we are very far along in the process and have full support from the counterparty for going ahead and acquiring the major equipment and and long lead items. However, if you think about the complexity of land siding, air permits, a lot of the regulatory issues that need to be dealt with, a lot of that needs to make sure that has cleared and you've gone and checked with all the bases and the key stakeholders before you put those announcements out there.

是的，特蕾莎，謝謝你。我將先講第一部分，然後再講最後一部分。首先，關於完成任務需要什麼。我只想說，正如我所提到的，我們在這個過程中已經取得了很大進展，並得到了對方的全力支持，可以繼續採購主要設備和長週期產品。然而，如果你考慮到土地審批、空氣許可等諸多需要處理的監管問題的複雜性，那麼在發布這些公告之前，你需要確保其中許多問題已經解決，並且已經與所有基地和主要利益相關者進行了核實。

So things are moving very fast. I can tell you kind of faster than for the scale of projects that we're talking about, a lot faster than we would normally see. But in doing so, we need to make sure that we've laid the groundwork adequately at the government affairs and public relations side to be able to make those announcements. And I think, we're more focused on making the project successful than we are being somebody to the punch on making an announcement. And so I think that's, what's driving us today.

事情進展得非常快。我可以告訴你，就我們談論的專案規模而言，這個速度比我們通常看到的要快得多。但在這樣做時，我們需要確保在政府事務和公共關係方面打下充分的基礎，以便能夠發布這些公告。我認為，我們更注重使專案成功，而不是主動宣布一個訊息。所以我認為這就是我們今天的動力。

In terms of other alternatives, other projects, a lot is happening on that front, but, a lot of those areas require, gas pipeline infrastructure expansions, and a lot of work that goes into that. I will tell you the thing that I think has impressed us the most though is the desire for speed on these projects and that, that's probably the one thing that is moving the fastest. But again, our counterparties, particularly the big folks. They're not really in a race to get an announcement out there and they're the customer and we're going to honor that as as we move through these projects. So, Chad, I'll turn it to you.

就其他替代方案和其他項目而言，這方面已經有很多工作要做，但其中許多地區需要擴大天然氣管道基礎設施，還需要投入大量工作。不過，我想說的是，我認為給我們留下最深刻印象的是這些專案對速度的渴望，這可能是進展最快的事情。但同樣，我們的交易對手，特別是大公司。他們實際上並不是在爭相發佈公告，他們是客戶，我們會在推進這些專案的過程中尊重他們的這項權利。那麼，查德，我會把它交給你。

Yeah, I would just add that I don't think -- I think we are really well positioned, we've been very intentional in creating a full suite of capabilities within the natural gas value chain. And so we are focused on project development, and I think as Alan said, not just announcing, opportunities, but developing projects the same way that we develop a Transco expansion project.

是的，我只想補充一點，我認為——我認為我們的位置確實很有利，我們一直致力於在天然氣價值鏈中創造一整套能力。因此，我們專注於專案開發，我認為正如艾倫所說，不僅僅是宣布機會，而是以與開發 Transco 擴建專案相同的方式開發專案。

And so what it would take for us to get to announcement is you'll expect to see us have fully contracted commitments from high quality customers and you know we are developing projects to the point where when you see announcements that will be, effectively shovel ready to start to start those those projects. And what I would say is we are, we have developed the capabilities to provide across the full value chain.

因此，我們需要做的就是發佈公告，以便您能夠看到我們已與優質客戶簽訂了充分的合約承諾，而且我們正在開發項目，當您看到公告時，我們就已經做好了準備，可以開始啟動這些項目了。我想說的是，我們已經發展了提供覆蓋整個價值鏈的服務能力。

There are projects that we're pursuing that will be pipeline interconnects and laterals and gas. Apply services to to customers. But also as Alan mentioned, we have the capability to go all the way to delivering power generation on the footstep of a data center project. And that's what we've been working on and once we're, fully contracted for a project, you'll see an announcement it'll look a lot like any other large scale transmission project that we would pursue.

我們正在進行的項目包括管道互連、支管和天然氣。向客戶提供服務。但正如艾倫所提到的，我們有能力在資料中心專案的腳步中一路提供發電。這就是我們一直致力於的事情，一旦我們完全簽訂了一個專案合同，你就會看到一個公告，它看起來很像我們將要進行的任何其他大型輸電項目。

Thank you. And related to your gas storage project, clearly this is a part of the overall value chain that is seeing significant need for investment. Can you remind us how much expansion capability do you have remaining across your footprint and what do the economics look like for something like this?

謝謝。就您的天然氣儲存項目而言，顯然這是整個價值鏈的一部分，需要大量投資。您能否提醒我們，您的整個業務範圍內還剩餘多少擴展能力，以及這樣的經濟效益是什麼樣的？

Hey, Theresa, this is Michael. Yeah, I think we've got a lot of opportunities within our Gulf Coast storage op opportunity that where we acquired those last year -- sorry, earlier this year. And this is just the first one of those at 10 [bcf] expansion, is about a 20% increase at that location. But we've got opportunities out in the west as well. The Clay Basin storage facility is something that we're keen on getting expansions done there.

嘿，特蕾莎，我是麥可。是的，我認為我們在墨西哥灣沿岸儲存營運機會中有很多機會，這些機會是我們去年——抱歉，是今年早些時候——獲得的。這只是首次 100 億立方英尺的擴建，該地點的增幅約為 20%。但我們在西部也有機會。我們熱衷於擴建粘土盆地儲存設施。

The interruptible expansion that we've done is already in place. And hopefully, we can convert that to firm storage at some point in the future with some pretty nominal investment on our part. So we're certainly exploring those opportunities. And it looks to us now that prices have come up, especially in the Gulf Coast area that where we can accomplish these brownfield storage expansions and get nice returns on those. And that is certainly comparable to what we're seeing on our negotiated projects across the transmission footprint.

我們所做的可中斷擴充已經到位。並且希望，我們可以在未來的某個時候透過一些相當小的投資將其轉換為固定儲存。所以我們確實在探索這些機會。現在我們看來價格已經上漲，特別是在墨西哥灣沿岸地區，我們可以在那裡完成這些棕地儲存擴建並獲得豐厚的回報。這肯定與我們在整個傳輸足跡談判的項目中看到的情況相當。

Thank you.

謝謝。

Praneeth Satish, Wells Fargo.

富國銀行的 Praneeth Satish。

Thanks, good morning. So maybe just staying on this, behind the meter opportunity, the first one that you're close to the finish line on, can you help frame how large of a project it is? Is it kind of in the billion dollar range just trying to figure out the scale? And then secondly, can you help us understand how scalable this opportunity is given supply chain constraints around turbines? I know speed to market is the main selling point here, but I guess how fast can you get both this solution up and running and future solutions up and running?

謝謝，早安。因此也許只是停留在這一點上，在儀表機會之後，這是您接近終點線的第一個機會，您能否幫助描述這個專案有多大？只是想了解一下其規模，它是不是在十億美元的範圍內？其次，您能否幫助我們了解，考慮到渦輪機周圍的供應鏈限制，此機會的可擴展性如何？我知道上市速度是這裡的主要賣點，但我猜測您能多快讓這個解決方案和未來的解決方案啟動並運行？

I would just say that this is -- this will be a meaningful project in terms of impact on our capital budget and this is not in our current capital plan. So just in terms of the size of the capital that this will be a very meaningful capital project, and it'll come pretty fast, more -- a lot faster than the typical, transmission project would come. In terms of the scalability, you're spot on that there's like -- we think there's likely to be a constraint hit on. Power generation equipment, we've been very pleased with what we've been able to pull together in that regard, but I do think that these opportunities, that's a likely point of constraint is power generation equipment.

我只想說，從對我們的資本預算的影響來看，這將是一個有意義的項目，而且這不在我們目前的資本計劃中。因此，僅從資本規模來看，這將是一個非常有意義的資本項目，而且它的完成速度會相當快，比典型的傳輸項目快得多。在可擴展性方面，您說得很對，我們認為可能會遇到一些限制。發電設備，我們對我們在這方面能夠齊心協力感到非常高興，但我確實認為這些機會的一個可能的限制點是發電設備。

So far, we, we've got capacity. It helps that we're such a large buyer of equipment already in that regard and have, key relationships that have certainly helped us in on this transaction. But I do think that that is a limitation that will hit this market, it is the power generation equipment.

到目前為止，我們已經有能力了。在這方面，我們已經是設備的一個大買家，並且擁有關鍵的關係，這對我們完成這筆交易有很大幫助。但我確實認為這是影響這個市場的一個限制因素，那就是發電設備。

Yeah, now I would just add, I do think though -- we do see line of sight. I don't want to get too far ahead of this first, the first project that we might announce. But I do think we see line of sight to be able to layer projects in over time, that, supply chain will lead to us layering in projects maybe further out, but you know there is a speed to market opportunity ahead of us.

是的，現在我只想補充一點，我確實認為——我們確實看到了視線。我不想先談論這個我們可能宣布的第一個項目。但我確實認為，我們看到了能夠隨著時間的推移分層項目發展的前景，供應鏈將引導我們進一步分層項目，但你知道，我們面前有一個快速進入市場的機會。

I think there's also a likely ongoing need for a combination of grid expansion and behind the meter solutions to support the need of data center development, at least through the end of the decade. And so our strategy would be to continue to layer on projects in a more predictable ongoing basis with obviously the the earliest projects being the nearest to be in service.

我認為，至少到本世紀末，可能仍需要結合電網擴展和電錶後解決方案來支援資料中心的發展需求。因此，我們的策略是繼續以更可預測的持續方式分層開展項目，顯然最早的項目是最接近投入使用的項目。

Got it. That's helpful. And then, one thing that surprised us is the 2025 CapEx guidance 1.8 billion that was maintained. Despite the opportunities that, and it looks like, you've got a good amount of white space for more investments, I think around $400 million to $500 million of excess free cash flow in 2025. So maybe you could just help us think through two things.

知道了。這很有幫助。然後，令我們感到驚訝的一件事是，2025 年資本支出指引值仍維持在 18 億美元。儘管有許多機會，而且看起來你還有很大的投資空間，但我認為 2025 年的超額自由現金流將達到約 4 億至 5 億美元。所以也許您可以幫助我們思考兩件事。

First, what is your willingness to flex CapEx higher in 2025 if you did this BTM behind the meter project goes through or some of those 30 potential frontometer projects? And then secondly, what's your philosophical approach to pushing closer to free cash flow break even levels or even exceeding it in 2025 or '26, if you've got the right projects?

首先，如果您完成了這個電錶後 BTM 項目或其中 30 個潛在的邊界電錶項目，您願意在 2025 年提高資本支出嗎？其次，如果您有合適的項目，您採取什麼哲學方法來實現自由現金流的盈虧平衡水平，甚至在 2025 年或 2026 年超越這一水平？

Yeah, well, first of all, as I mentioned, that a project despite the fact that we've made equipment orders that are fully supported by the counter party, that is not included yet in our capital and won't be until we fully consummate the final agreements on that.

是的，首先，正如我所提到的那樣，儘管我們已經訂購了設備，並且得到了對方的全力支持，但該項目尚未包含在我們的資本中，而且在我們完全達成最終協議之前也不會包含在我們的資本中。

But in terms of our capacity, yes, I think we have plenty of capacity. And I think we'll remain very disciplined because the kind of returns that we're seeing are very attractive returns and well above multiples on our cost of capital. So we certainly have the capacity to go after that and we really will continue to look at things from a risk adjusted return up against our set of opportunities. So I actually see the, certainly we're not going to stretch the balance sheet.

但就我們的能力而言，是的，我認為我們有足夠的能力。我認為我們會保持非常自律的狀態，因為我們看到的回報非常有吸引力，遠高於我們的資本成本的倍數。因此，我們當然有能力去追求這一點，而且我們確實會繼續從風險調整後的回報角度來審視我們面臨的機會。所以我實際上看到，我們肯定不會擴大資產負債表。

And so that's a limitation we're not going to go there. And we certainly are proud of the fact that we've gotten to where we are today without issuing equity and we think that distinguishes us in space. So I think those are kind of limitations on the upper end against the projects that we have out there in front of us. And therefore, it becomes just a survival of the fittest within our capital allocation plan on a risk adjusted return basis and that's really how we'll continue to look at this.

所以這是一個限制，我們不會去那裡。我們確實為我們在沒有發行股票的情況下達到今天的水平而感到自豪，我們認為這使我們在該領域脫穎而出。所以我認為，對於我們面前的項目來說，這些都是上限的限制。因此，這只不過是在我們的資本配置計畫中根據風險調整報酬優勝劣汰的結果，而這正是我們將繼續看待這個問題的方式。

Got it Thank you.

明白了，謝謝。

Indraneel Mitra, Bank of America.

美國銀行的 Indraneel Mitra。

Hi, good morning. I was wondering if you could give your outlook for gathering volumes in the northeast in the Hainesville. I think you mentioned that you didn't expect a big uptick in activity, but some of the shut-ins and turned in lines that were delayed to come on. Just wondering what your producers are indicating now that we're in a much higher gas price environment in '25 than in '24.

嗨，早安。我想知道您是否可以對海恩斯維爾東北部的儲量進行展望。我記得你提到過，你沒想到活動會大幅增加，但有些閉門不出和上交的線路被延遲了。我只是想知道，現在你們的生產商表明了什麼，25 年的汽油價格環境比 24 年高得多。

Hey Neil, it's Michael. Yeah, I think, we still got the ducks and the tills, the deferred tills that our producer customers are still holding back on. And we'll see those come on as prices continue to firm up and they bring those volumes on. But we still think we've got close to 3 BCF a day of ID that's out there that could come on throughout the year at some point between the ducts and the different tills.

嘿尼爾，我是麥可。是的，我認為，我們仍然有鴨子和收銀機，還有我們的生產商客戶仍在保留的延期收銀機。隨著價格持續走高且產量不斷增加，我們會看到這些情況的發生。但我們仍然認為，每天有近 30BCF 的 ID 存在，這些 ID 可能會在全年的某個時間點在管道和不同的收銀機之間產生。

The producers are talking about a lot of capital discipline as well, and they're talking about pricing needing to be sustained and much higher than even where it is today, possibly for reactivity to increase. And so we're taking a pretty optimistic approach, but pragmatic as well in regard to what our guidance is admitted in it.

生產商也在談論很多資本紀律，他們談論的是定價需要維持，甚至比現在高得多，可能是為了提高反應能力。因此，我們採取了非常樂觀的態度，但對於我們所承認的指導意見，我們也很務實。

And certainly, think pricing will help producers ultimately make the decision to start drilling at a higher activity rate than they were last year. But right now, we're pretty optimistic about the ability to bring on gas very quickly. Should the prices, justify that for the producers, but where the ducts are, you've got those connections virtually already paid so. They can get to the market pretty quickly if they're ready to do so.

當然，定價最終將幫助生產商做出以比去年更高的活動率開始鑽探的決定。但目前，我們對快速輸送天然氣的能力非常樂觀。價格是否應該為生產商證明這一點，但在有管道的地方，這些連接實際上已經付費了。如果他們做好準備的話，他們可以很快進入市場。

Okay, great. And not to be a dead horse on the the power generation opportunities, but wanted to ask what gives you a competitive advantage in kind of being ahead in the supply chain for turbines, given that's the main supply chain constraint? Is it because you have ordered so many high horsepower compressors to the the Transco rate case and upgraded that system and essentially, those can be used as as power generation turbines? I'm just trying to understand how you're able to kind of scale that versus some of your competitors.

好的，太好了。我們不想在發電機會方面做無用功，但我想問一下，鑑於主要的供應鏈限制，是什麼讓您在渦輪機供應鏈中佔據領先地位？是因為您向 Transco 機組訂購瞭如此多的高馬力壓縮機併升級了該系統，並且從本質上講，它們可以用作發電渦輪機？我只是想了解你們如何能夠與一些競爭對手相比實現這一規模。

You got it right on it there, the same drivers that are used for our large compressor systems are the same drivers that are used for power generation on simple cycle turbines. And so when you're talking speed market, the simple cycle turbines are going to be the ones that they're going to be getting utilized and it is the same equipment on the power side or on the driver side of the project. So yeah, that puts us in a very advanced position given the amount of purchasing power that we have on that.

你說的很對，我們的大型壓縮機系統使用的驅動器與簡單循環渦輪機發電使用的驅動器相同。因此，當您談論速度市場時，簡單循環渦輪機將成為他們要利用的設備，並且它是專案動力側或驅動側的相同設備。是的，考慮到我們擁有的購買力，這使我們處於非常先進的地位。

Perfect. Thank you.

完美的。謝謝。

Jeremy Tonette, JPMorgan Securities.

摩根大通證券的傑里米·託內特 (Jeremy Tonette)。

Hi, good morning.

嗨，早安。

Hey, good morning.

嘿，早安。

Just wanted to come back to the servicing data center opportunities that, and I was just curious, I guess how you think about the opportunities across your footprint be it in Pennsylvania or Texas or Wyoming, do those solutions, possible solutions look different in any state?

只是想回到服務資料中心的機會，我很好奇，我想您如何看待您在賓夕法尼亞州、德克薩斯州或懷俄明州的業務範圍內的機會，這些解決方案，可能的解決方案在任何州看起來是否不同？

It seems like in Wyoming with these recent acquisitions, you now have gas supply, GMP pipes, marketing, land that could really be a compelling offering there. So just wondering how you think about what the opportunities look like from location to location.?

似乎懷俄明州透過最近的這些收購，現在擁有了天然氣供應、GMP 管道、行銷和土地，這些都可能成為當地頗具吸引力的產品。所以只是想知道您如何看待從一個地方到另一個地方的機會？

Yeah, Jeremy, you are right. We do have some, very attractive features, and attributes that we bring to the table, and some of those areas for the particularly for hyper scalers that are looking to set up, new opportunities. And so I do think -- as Chad mentioned, we do think that we'll see a series of those kind of opportunities continue to build out over time. And so you are right, i think we're extremely well positioned in a lot of those areas and we are seeing a lot of activity. But it does -- it takes a lot of time to, bring to fruition, setting up a whole new, campus area, if you will.

是的，傑里米，你是對的。我們確實有一些非常有吸引力的功能和屬性，特別是對於那些正在尋求建立新機會的超大規模企業。因此我確實認為——正如查德所提到的，我們確實認為我們會看到一系列此類機會隨著時間的推移而不斷湧現。所以你說得對，我認為我們在很多領域都處於非常有利的地位，而且我們看到了很多活動。但確實——如果你願意的話，建立一個全新的校園區域需要花費大量的時間才能實現。

So but places like the Salt Lake Market is a great area for us, and we're extremely well positioned out there. We're really excited about some of the development. We're seeing out there as well as a state that has been working hard to provide a friendly environment for development out there as well. So I tell you the grids as well as the state politics are going to be pretty critical at trying to be able to keep up with the pace that's out there, and that is going to drive some of the winners and losers on this.

所以，像鹽湖城市場這樣的地方對我們來說是個好地方，我們在那裡的定位非常好。我們對一些進展感到非常興奮。我們看到，各州也一直在努力為當地發展提供友善的環境。因此，我告訴你們，電網和州政治在試圖跟上當前的步伐方面將發揮至關重要的作用，這將決定其中的贏家和輸家。

And you certainly are seeing, particularly for the big hyperscale projects, you're certainly seeing people start to look back to the areas where the energy resources are. Like Wyoming, where you have both the wind and the gas resources in the area and are not constrained. So but I think that's kind of a at least chapter two in this process and because those are, big long-term projects to develop. So I think in some of those areas that'll be kind of chapter two on this spread.

你肯定會看到，特別是對於大型超大規模項目，你肯定會看到人們開始重新關注能源資源所在的地區。例如懷俄明州，這裡既有風能資源，又有天然氣資源，而且不受限制。所以，但我認為這至少是這個過程的第二章，因為這些都是需要開發的長期大專案。因此，我認為在其中一些領域，這將是該傳播的第二章。

Got it. That's helpful. Thanks. And just want to dive into Pennsylvania a little bit more if we could. As far as we can see in this state, if we look at constraints, electric transmission relative to natural gas transmission, it seems like on the electric transmission side there's not the same constraints as we see on the gas side, just given that it's hard to get new interstate pipes built.

知道了。這很有幫助。謝謝。如果可以的話，我們想更深入地了解賓州。據我們所知，在這個州，如果我們看看限制因素，電力傳輸相對於天然氣傳輸，似乎在電力傳輸方面沒有像我們在天然氣方面看到的相同的限制，只是因為很難建造新的州際管道。

And so if there is ample supply and it's tough to get the gas out of the state, potentially, lower gas prices could feed a higher electricity prices, a wider spark spread, and given your position there, it seems like Williams could possibly take advantage of the wider economic rent there. Just wondering if there's any thoughts you could share.

因此，如果供應充足，而且很難將天然氣運出該州，那麼較低的天然氣價格可能會導致更高的電價，更大的火花價差，考慮到你在那裡的地位，威廉斯似乎可以利用那裡更廣泛的經濟租金。只是想知道您是否有任何想法可以分享。

Yeah, I think what I'd share -- and maybe just also related Alan's prior comments around the activity we're seeing for increased power demand data centers, Virginia, Pennsylvania, Ohio, and kind of the most mature markets to date. I do think -- the way we will think about it is we can offer a natural gas solution that is even potentially more competitive than grid power for projects along our footprint. And we are seeing that opportunity I think it's. Yeah, there's a desire for speed to market.

是的，我想我會分享——也許只是與艾倫之前的評論有關，關於我們所看到的弗吉尼亞州、賓夕法尼亞州、俄亥俄州和迄今為止最成熟的市場對電力需求增加的數據中心的活動。我確實認為——我們的想法是，我們可以為我們沿線的項目提供比電網電力更具競爭力的天然氣解決方案。我認為我們看到了這個機會。是的，我們希望加快產品上市速度。

There's obviously challenges with, not just the speed of expansion of the grid, but also the cost and even some of the social, public, I think, concerns around reliability and cost to the consumer. And so I think it presents a great opportunity not just in Pennsylvania, but certainly in those core areas of our footprints provide a solution directly to these new loads that is both very cost effective, low emissions, and in many cases, a better solution than than grid capacity. So that's certainly part of the theme that we're pursuing, not just for data centers but across the whole footprint.

顯然，挑戰不僅是電網擴張的速度，還有成本，甚至一些社會和公眾對可靠性和消費者成本的擔憂。因此，我認為這不僅在賓夕法尼亞州，而且在我們足蹟的核心區域都提供了絕佳的機會，可以直接為這些新負載提供解決方案，這種解決方案既非常經濟高效，又具有低排放，而且在許多情況下，比電網容量更好。所以這當然是我們所追求的主題的一部分，不只是針對資料中心，而是針對整個足跡。

Got it. Makes sense. Thank you.

知道了。有道理。謝謝。

Manav Gupta, UPS.

Manav Gupta，UPS。

Good morning. You raised the guidance by 3%, which was very positive. Help us understand what could push you towards the top end of that guidance for 2025.

早安.你們將預期提高了 3%，這是非常積極的。幫助我們了解哪些因素能夠推動您在 2025 年實現該指導目標的最高目標。

Yeah, good morning Manav. Thanks for the question. Yeah, we've got a pretty wide range there and I think a lot of that would have to do with, what exactly we do see in some of the gathering and processing areas, for example. We've discussed this morning that we are remaining fairly conservative about overall growth levels and in some of our gathering processing areas we actually pulled back pretty significantly in some of the dry gas areas versus our original guidance. And so you know there's always definitely room that you know we could see outperformance around the the producer customers and some of these gathering and processing areas.

是的，早上好，Manav。謝謝你的提問。是的，我們在那裡有相當廣泛的範圍，我認為其中許多與我們在某些​​收集和加工區域所看到的情況有關。我們今天早上已經討論過，我們對整體增長水平保持相當保守的態度，在我們的一些收集處理區域中，與我們最初的指導相比，我們實際上在一些乾氣區域中進行了相當大的回撤。所以，您知道，我們肯定可以看到生產商客戶以及一些收集和加工領域的出色表現。

Sequent as we all know is a little bit of a hard one to predict. Maybe to just touch on that, we still have a pretty wide range of potential outcomes for sequence, but we did get a strong start to the year here with January, so we're pretty confident we'll beat $100 million or so for sequence this year, but still really unclear whether we would get back to a level like we saw in '24, which was $215 million so. Some range of potential outcomes that you could see around sequent.

我們都知道，序列有點難以預測。也許只是觸及這一點，我們仍然有相當廣泛的潛在序列結果，但我們在 1 月份確實取得了今年的良好開端，因此我們非常有信心今年的序列收入將超過 1 億美元左右，但仍然不清楚我們是否會回到 24 年的水平，即 2.15 億美元左右。您可以連續看到一系列潛在結果。

Continuing on, I mean we talked about the number of projects that we have coming in service this year. Early in service date for a project always represents a potential upside to our base case and, as I mentioned earlier, we do have a number of projects coming online. We also have the Transco rate case which we hope to settle this year if we can.

接下來，我的意思是我們談論了今年投入營運的專案數量。專案的早期服務日期始終代表著我們基本情況的潛在優勢，正如我之前提到的，我們確實有許多專案上線。我們還有 Transco 費率案，如果可以的話我們希望今年能解決。

And we've got a, I would say, a fairly conservative assumption embedded in our guidance. We did not change that assumption relative to the original guidance that we put out in February of last year too. So really a number of different things that could come together, each one of them or a combination of those factors that could drive us more towards the high end of guidance.

我想說，我們的指導有一個相當保守的假設。與去年 2 月發布的原始指引相比，我們也沒有改變這個假設。因此，實際上有很多不同的因素可能結合在一起，每個因素或這些因素的組合都可能推動我們更接近指導的高端。

Perfect. I'll just quickly follow up, slide 35. Can you talk a little bit more about the cold to gas switching opportunities and how they are progressing as you see out there?

完美的。我將快速跟進第 35 張投影片。您能否進一步談談冷氣轉換成天然氣的機會以及您所看到的進展？

Slide 35, was that?

那是第 35 張投影片嗎？

Sir. Ample coal to gas switching opportunities potentially for 8.4 BCF gas growth.

先生。煤炭轉天然氣機會充足，可望實現 8.4 億立方英尺天然氣成長。

Sure, this is just showing within our footprint. What we're seeing out there from, coal to gas switching. I'll tell you the area that we've really kind of has taken off in that regard has been out in the mountain west region, where we've seen a lot of big conversions on some very large plants like the Jim Bridger plant and the Knotton coal plant, which are in the Wyoming area there. So we are really starting to see a lot of the big plant operators out there make those kind of commitments.

當然，這只是展示我們的足跡。我們所看到的，是從煤炭到天然氣的轉換。我要說的是，我們在這方面真正取得進展的地區是西部山區，在那裡，我們看到一些非常大的工廠進行了大規模的改造，例如位於懷俄明州地區的吉姆布里傑工廠和諾頓煤電廠。因此，我們確實開始看到許多大型工廠營運商做出此類承諾。

Obviously, we've been seeing that in the Southeast and the Mid-Atlantic. For some time, our -- we have a project in Alabama that is specifically focused on repowering a Alabama power plant to coal. So we are capturing a lot of those projects, as we speak. And it's not really a big stretch for us to capture a lot of these projects, particularly out west, as you can see, those are right on proximity to our systems out there and we're seeing some strong interest from the big power player out there in converting those plants.

顯然，我們已經在東南部和大西洋中部看到了這種情況。一段時間以來，我們在阿拉巴馬州有一個項目，專門致力於將阿拉巴馬州的一座發電廠改造為燃煤發電廠。我們正在捕捉很多這樣的項目。對我們來說，獲得許多這樣的項目其實並不困難，特別是在西部，正如你所看到的，這些項目與我們的系統非常接近，而且我們看到一些大國對改造這些工廠有著濃厚的興趣。

So this continues to be kind of a drumbeat for us in a lot of these markets, the Dalton lateral. Expansion project that we announced last quarter there in northern Georgia is partially a conversion of coal as well as an expansion of power generation opportunity in that area as well. So, we are seeing a pretty steady drumbeat on this opportunity.

所以這對我們在許多道爾頓橫向市場來說仍然是一種鼓點。我們上個季度在喬治亞州北部宣布的擴建計畫部分是煤炭的轉化，也是該地區發電機會的擴張。因此，我們看到這個機會正受到相當穩定的關注。

Thank you so much. I'll.

太感謝了。患病的。

Neil Dingman, True Securities.

True Securities 的 Neil Dingman。

Yeah, hey, good morning. This is Jack Wilson on for Neil. Could maybe just double click on the momentum you're seeing in the Northwest? Looks like you've got about 580, additional capacity coming on by 2028. Did you see additional headroom beyond that, or is that kind of reaching saturation in that market?

是的，嘿，早安。傑克威爾森 (Jack Wilson) 代替尼爾 (Neil)。也許您可以雙擊西北地區所看到的動量？看起來你已經擁有了大約 580 個，到 2028 年將增加容量。您是否看到了額外的發展空間，或者該市場是否已經達到飽和？

Yeah, no, Jack, I would say in the last, six to nine months, this has been the area where I think we've all been kind of surprised every week, in our monthly commercial review meetings, we've just been really surprised with the amount of continued demand for capacity expansions out there and and it's actually gone. Faster than than we've expected it to. But I would tell you that, based on some requests for service that we've seen recently, this is going to, I would expect this to grow even faster than than what we've seen here recently. So lots going on out here and pretty exciting.

是的，傑克，我想說，在過去的六到九個月裡，這是我們每週都感到驚訝的領域，在我們的每月商業審查會議上，我們對持續擴大產能的需求感到非常驚訝，而它實際上已經消失了。比我們預期的還要快。但我要告訴你，根據我們最近看到的一些服務請求，我預計這個數字的成長速度甚至會比我們最近看到的還要快。這裡發生了很多事，非常令人興奮。

It sounds like continued opportunity up there, and then is this -- there going to be any sort of cross border impacting it the the hunting gun connector up there or is that kind of a non factor?

這聽起來像是那裡的持續機會，然後這是——是否會有任何跨境影響那裡的獵槍連接器，或者這是一種非因素？

Yeah. Jack, that's a nonfactor.

是的。傑克，那不是什麼重要的事。

Okay, perfect. Thank you.

好的，完美。謝謝。

John McKay, Goldman Sachs.

高盛的約翰·麥凱。

Hey all, good morning. Thanks for the time. Last year you guys were pointing to potentially, revising the long term growth target of five to seven up, or at least kind of talking about potential upside to that. Can you just frame up where that conversation stands now? Is that dependent on maybe formal FID some of these data center projects? Maybe just walk us through that.

大家早安。感謝您的時間。去年你們指出，有可能將長期成長目標從 5% 上調至 7%，或至少談論了其潛在的上升空間。能簡單描述一下現在的談話內容嗎？這是否取決於一些資料中心專案的正式 FID？也許只是向我們介紹一下這一點。

Yeah, I would say that and as I just mentioned, a lot of growth in the Northwest. One of the things that I think the market misses on this growth opportunity is that because we serve so many of the big utilities that in turn serve a lot of the data centers either on the gas side or on the power side, we're seeing a lot of these expansions and while everybody wants to just isolate it to what the actual, project -- direct project is and certainly those will drive growth beyond 5% to 7%. I feel pretty confident at this point if we're able to consummate projects that we're finalizing.

是的，我想說的是，正如我剛才提到的，西北地區取得了巨大的發展。我認為市場錯過這一成長機會的一件事是，由於我們為許多大型公用事業公司提供服務，而這些公用事業公司又為許多數據中心提供服務，無論是在天然氣方面還是在電力方面，我們看到了很多這樣的擴張，雖然每個人都想將其與實際的項目、直接項目隔離開來，但這些肯定會推動增長超過 5% 到 7%。如果我們能夠完成正在完成的項目，我現在感到非常有信心。

So the answer to that part of the question is yeah, but I will just tell you that a lot of the growth like we're seeing in the Northwest, ultimately that's going to go to serve power generation demand which will indirectly is being driven by a lot of the data center load. So while everybody's kind of hyperfocused on the individual project announcements, we're seeing that kind of the impact of that growth show up in the way of IRPs in our from our utilities, which is in turn driving gas transformation demand on our system.

所以這個問題的答案是肯定的，但我只想告訴你，我們在西北地區看到的大量成長，最終將用於滿足發電需求，而這將間接受到大量資料中心負載的推動。因此，儘管每個人都高度關注個別專案公告，但我們看到這種成長的影響以我們公用事業的 IRP 方式體現出來，這反過來又推動了我們系統對天然氣轉型的需求。

So I actually -- I know people are super excited about the data center projects. If I were an analyst paying attention to this, I'd be more excited about seeing the kind of peak day demands that we saw on Transco this year and the 10% growth in in January that was not driven by weather over the previous cold snap to me that is more the fundamental drivers of growth for our business. And I'd be paying attention to seeing these peak days continuing to be hit that are not being driven by heating degree days more so than these individual projects.

所以實際上我知道人們對資料中心專案非常興奮。如果我是關注此事的分析師，我會更興奮地看到今年 Transco 的高峰日需求和 1 月份 10% 的增長，而這種增長並不是由之前的寒流天氣所驅動的，在我看來，這才是我們業務增長的根本驅動力。我會關注這些高峰日的持續影響，這些高峰日並不是由供暖度日數造成的，而是由這些單獨的項目造成的。

No thanks, yeah, absolutely that makes sense. Just second one from me, just remind us what the general strategy on the ENP side is just following the JV buy in? What's kind of the long-term plan there?

不用了，是的，絕對有道理。我第二個問題想問一下，請提醒我們 ENP 方面的整體策略是否只是遵循合資企業的購買？那裡有什麼樣的長期計畫？

Yeah, thanks Chad. Well, look, I think Alan said it on Wamsutter and we've talked about how powerful that basin is, with respect to driving value through our midstream infrastructure. We gather, we process, we, move the NGLs through our NGL infrastructure, we fractionate the NGLs, the market the gas, the NGLs from that basin. And so a very high margin from a production perspective. And we had a great partner with Gearhart, and really, thankful for what they did to help us consolidate that basin and position it for for optimization.

是的，謝謝查德。嗯，看，我認為艾倫在 Wamsutter 上說過，我們已經討論過該盆地有多強大，以及它如何透過我們的中游基礎設施來推動價值。我們透過我們的 NGL 基礎設施來收集、處理和運輸 NGL，我們將 NGL 分餾，然後將來自該盆地的天然氣和 NGL 推向市場。從生產角度來看，利潤率非常高。我們與 Gearhart 有非常好的合作夥伴，我們真的很感謝他們幫助我們鞏固了盆地並為優化做好了準備。

But if you look at that basin from a, from an upstream only perspective, you might not develop it the same way as you would when you think about maximizing the value of the downstream infrastructure and that's what our strategy is from an upstream perspective. It's all about driving value to our core business. And so the consolidation was all about making sure that we can drive the very best decisions from an upstream development perspective to maximize the value of our downstream infrastructure.

但是如果你從上游的角度來看這個盆地，你可能不會以與最大化下游基礎設施價值相同的方式來開發它，而這正是我們從上游角度製定的策略。這一切都是為了為我們的核心業務創造價值。因此，整合的關鍵在於確保我們能夠從上游開發的角度做出最佳決策，從而最大限度地提高下游基礎設施的價值。

And so we've consolidated the economics now of that basin with our midstream infrastructure, and we'll now work on making sure we've got that optimal development program that takes into account the full value chain. And it'll take a bit of time to I think dial that in and at that point we'll determine whether or not we need to be a long-term owner or we can, then reposition the upstream asset with an upstream counterpart/ But clearly, the focus is on making sure that that basin gets optimal development to drive value to our downstream assets.

所以，我們現在已經將流域的經濟與我們的中游基礎設施結合起來，現在我們將致力於確保我們擁有考慮到整個價值鏈的最佳發展計劃。我認為這需要一些時間，到那時我們才能確定是否需要成為長期所有者，或者我們可以將上游資產與上游對應方重新定位/但顯然，重點是確保該盆地得到最佳開發，以推動我們下游資產的價值。

And then, still in the Haynesville, we, we've pretty much achieved that. We've said before we've kind of stepped down the ownership there as was designed by the original partnership and GeoS Southern's been a great partner for us in the Haynesville. That's helped drive expansions of our gathering system and helped support our leg expansion project. And we have one more expansion project that we're working on for our midstream infrastructure that will add additional value for our Haynesville core business. And so, that's something we're actively working on now and we would expect to accomplish hopefully this year and at that point I think we're in a good position to move further towards disposition of the Haynesville asset.

然後，仍然在海恩斯維爾，我們基本上實現了這一目標。我們之前說過，我們已經放棄了那裡的所有權，這是最初的合作夥伴關係所設計的，而 GeoS Southern 是我們在海恩斯維爾的重要合作夥伴。這有助於推動我們的收集系統的擴張，並有助於支持我們的腿部擴張項目。我們正在進行中游基礎設施的擴建項目，這將為我們的海恩斯維爾核心業務增加額外的價值。所以，這是我們現在正在積極努力的事情，我們希望今年能夠實現這一目標，到那時，我認為我們將處於有利位置，可以進一步處置海恩斯維爾資產。

Alright, that's clear. Thanks.

好的，清楚了。謝謝。

Keith Stanley, Wolf Research.

基斯‧史丹利（Keith Stanley），沃爾夫研究公司。

Hi, good morning. Wanted to follow up on the 5% to 7% long term even growth target. Do you expect that to be pretty linear over time or or lumpy? And I ask because there's not a lot of major new projects starting up in 2026 and 207, but you do have a lot of balance sheet capacity if you wanted to do more M&A. So just how you're thinking about that.

嗨，早安。希望跟進5%至7%的長期均勻成長目標。您是否認為它會隨著時間的推移而呈現線性變化，還是會出現波動？我之所以問這個問題，是因為 2026 年和 2027 年沒有很多重大新項目啟動，但如果您想進行更多併購，您的資產負債表容量確實很大。那你是如何考慮這個問題的呢？

Yeah. What I would say is we certainly don't include all of our projects that would be driving 27% growth. Obviously you've seen the CEI project, which is a powerful growth driver. But we have a lot of other drivers of growth going on within the system, including what we -- I think we have to be a big pool on gas ultimately to keep up with the demand, which will drive some pretty substantial increases in ETA on our gathering systems without capital.

是的。我想說的是，我們當然沒有把所有能推動 27% 成長的項目都納入。顯然您已經看到了 CEI 項目，這是一個強大的成長動力。但是我們系統內還有許多其他成長動力，包括——我認為我們必須成為一個大型天然氣池才能滿足需求，這將在沒有資本的情況下推動我們的收集系統的預計到達時間 (ETA) 大幅增加。

So the growth we're going to see is going to be pretty powerful and there's really not a way to balance the market and the demand side without pulling on some of these big gathering systems, and we are extremely well positioned. See the free cash flows generate off those assets. So actually, I would tell you we're always most excited about growth that comes without capital, and I think we're positioned to see a lot of that.

因此，我們將看到的成長將會非常強勁，如果不利用一些大型收集系統，就無法平衡市場和需求方，而我們處於非常有利的位置。查看這些資產產生的自由現金流。因此實際上，我想告訴你，我們總是對沒有資本帶來的成長感到最興奮，我認為我們有能力看到很多這樣的成長。

Thanks. So one other follow up just on the cash taxes. So $300 million you're baking in for this year, I think you said with bonus depreciation extension that would be pretty much eliminated. Just can you give an update on path to being a full cash taxpayer both with and without bonus depreciation legislation?

謝謝。因此，還有一個跟進問題只針對現金稅。所以，您今年的預算為 3 億美元，我想您說過，如果延長獎金折舊期限，這筆錢幾乎可以全部省掉。您能否介紹一下在有或沒有獎金折舊立法的情況下，成為全額現金納稅人的途徑？

Yeah, actually, just to clarify, so it's $300 million in the current AFFO guidance for 2025 restoration of 100% bonus depreciation would cut that in half. And so that would be about $0.12 of AFFO per share. So pretty significant effect. What would be left would be corporate alternative minimum tax, which is also sort of under review, and there's been some proposals that especially for energy related firms that maybe we take another look at whether we should be doing that.

是的，實際上，只是為了澄清一下，當前 AFFO 指導中為 2025 年恢復 100% 獎金折舊撥備為 3 億美元，這將使這一數字減少一半。因此每股 AFFO 約為 0.12 美元。所以效果相當顯著。剩下的就是企業替代最低稅，這也正在審查之中，並且已經有一些提案，特別是針對能源相關公司，也許我們應該重新考慮是否應該這樣做。

All of that is it would be speculative to be, to assume that that any of that makes it through, but it definitely are these things that are being discussed right now. So a lot kind of to take in this year in terms of The future. What we've assumed in our long range plan, which I do believe is pretty conservative, is just a gradual ramp in our cash tax rate until we get to the latter years of the decade where we start to become more of a full cash tax payer. I think there's a lot of things that would be affecting that trajectory.

所有這些都只是推測，假設其中任何一個都能實現，但這些確實是目前正在討論的事情。就未來而言，今年有很多事情需要考慮。我們的長期計劃是逐步提高現金稅率，直到本世紀後幾年我們才開始成為全額現金納稅人，但我認為這是相當保守的。我認為有很多因素會影響這一軌跡。

If you get a 100% bonus appreciation, it could be really impactful in this cycle of capital investment that we're looking at when you think about things like some of the behind the meter solutions, non-regulated CapEx projects that would fall under the bonus depreciation. So the ability to defer taxes, I think could be really accelerated with we had a change in bonus appreciation. And then we also see a cycle of strong capital investments, both of which seem like pretty good assumptions. But again, we're being conservative. We're not assuming that the the bonus appreciation changes, but being conservative with our long range plans and maintaining strong dividend coverage, accounting for that plan.

如果您獲得 100% 的獎金增值，當您考慮一些屬於獎金折舊範圍的電錶後解決方案、非監管的資本支出項目時，它可能會對我們正在研究的這個資本投資週期產生真正的影響。因此，我認為，隨著獎金增值的變化，延期納稅的能力可能會真正加速。然後我們也看到強勁的資本投資週期，這兩個似乎都是非常好的假設。但是我們還是比較保守。我們不假設獎金增值會發生變化，而是對我們的長期計劃採取保守態度，並保持強勁的股息覆蓋率，以應對該計劃。

Brandon Bingham, Scotiabank.

加拿大豐業銀行的布蘭登‧賓厄姆。

Hi, thanks for taking the questions here just a couple of quick ones. I was wondering if you could maybe provide some incremental detail about the 30 or so projects in the backlog just thinking things like composition, and that 30 of project sizes and service dates at a high level and and then if you have any thoughts on the likelihood of. Some of those projects coming into fruition just if you maybe have like a risk outlook or a probability weighted outlook.

嗨，感謝您回答我的問題，這裡我只想問幾個簡短的問題。我想知道您是否可以提供一些關於積壓項目中 30 個左右項目的增量細節，只是考慮諸如組成之類的事情，以及 30 個項目的規模和服務日期的概要，然後您是否對可能性有任何想法。如果您有風險展望或機率加權展望，那麼其中一些專案就會取得成果。

John, you could speak to. Do you want to take them.

約翰，你可以跟他談談。你想帶走它們嗎？

Yeah, the 30 transcode projects I think cover, we've been providing this kind of a back look at our backlog now for many years. And what we've seen over that time frame is just a steady progress and moving projects, through the backlog and into our guidance. So I think it's pretty consistent with what you've seen in terms of the performance that we've had over the last.

是的，我認為涵蓋了 30 個轉碼項目，多年來我們一直在對我們的積壓工作進行這種回顧。在這段時間內，我們看到的是穩定進展和推進的項目，透過積壓工作進入我們的指導範圍。所以我認為這與我們過去所看到的表現非常一致。

Many years, we do say here that they do cover a broad range of potential customer bases, industrial power and LNG facilities. Importantly, this 30 does not include the direct behind the meter type solutions. But you know we're going to win some of these. We're going to lose some of these, but what you've seen in our track record is a very consistent progress toward moving a substantial number of these from the sales funnel and then into our actual guidance. I don't know, Michael, anything that.

多年來，我們確實在這裡說過，它們確實涵蓋了廣泛的潛在客戶群、工業電力和液化天然氣設施。重要的是，這 30 不包括直接位於儀表後面的類型的解決方案。但你知道我們會贏得其中一些。我們將會失去其中一些，但您從我們的業績記錄中看到的是，我們在將大量客戶從銷售管道轉移到實際指導方面取得了非常持續的進展。邁克爾，我不知道任何事。

I think you've got it right. Every one of these has a probability waiting on them as well. So these are all specific discrete projects that we've identified. And then, we're working to commercialize with customers and every one of them have a separate and same probability waiting for them.

我認為你說得對。每一個都有一定的可能性在等著他們。這些都是我們確定的具體獨立項目。然後，我們正在努力與客戶商業化，每個客戶都有一個單獨的、相同的可能性在等待他們。

Awesome, thanks. And then just real quick if we could go back to the Haynesville more looking towards the broader outlook here in the slides you show kind of. Expected production growth through I think 2033, and I was just wondering if you could provide some detail around some of the drivers behind it activity schedules or just what whatever you're seeing baked into that outlook to get that growth and maybe how it compares to what you saw exiting 2024?

太棒了，謝謝。然後，如果我們可以快速回到海恩斯維爾，並進一步了解您在幻燈片中展示的更廣闊的前景。我認為到 2033 年產量將有望增長，我只是想知道您是否可以提供一些細節，說明其活動計劃背後的一些驅動因素，或者您認為該前景中哪些因素實現了這種增長，以及與您看到的 2024 年底的產量增長相比如何？

Yeah, I'd say first of all, when you think about long term supply growth, I mean fundamentally we've got a, we've got to match demand and so when you look at the amount of growth we're going to see, we're already seeing from LNG ramp, through the end of the decade and even through the mid 2030s, more than doubling over the next decade, adding 10 BCF-plus by the end of the decade. You've got the increase in power load and demand. You've got the increase in industrial demand across, the industry just solving for balancing supply and demand. You're going to need to see significant growth out of the Hainesville. And You know that's really where these forecasts, the longer term forecasts are derived from.

是的，首先，當你考慮長期供應增長時，我的意思是從根本上說，我們必須滿足需求，因此，當你看到我們將看到的增長量時，我們已經看到從液化天然氣的增長，到本世紀末，甚至到 2030 年代中期，未來十年將增長一倍以上，到本世紀末將增加 100 億立方英尺以上。電力負荷和需求都有所增加。整個工業需求都在增加，整個產業只需解決供需平衡問題。你將需要看到海恩斯維爾的顯著成長。您知道這些預測和長期預測實際上是從這裡得出的。

Certainly in the near term, I think we've spoken to what we've seen as far as curtailments and a return of activity, and Michael talked about, the price signals we might need to see to see a ramp up in growth. But if you just run the expectations for supply to meet the demand, you're going to have to have a pretty significant call on the Hainesville.

當然，在短期內，我認為我們已經談論了我們所看到的削減和活動恢復的情況，邁克爾也談到了我們可能需要看到的價格訊號，以看到成長的加速。但如果您只是運行預期供應來滿足需求，那麼您將必須對海恩斯維爾做出相當大的判斷。

And I think generally, we're showing here, not necessarily our our own forecast, but I think it's a generally consistent forecast that the Haynesville's going to have to have to bring, around 10 BCF up a day of growth over the next, call it eight years. And even then, you're going to need ongoing growth out of the Permian, a little bit of growth coming out of the Northeast, in order to meet that demand. So that, that's really where that supply forecast comes from.

我認為總體而言，我們在這裡展示的不一定是我們自己的預測，但我認為這是總體一致的預測，即海恩斯維爾在未來八年內每天的輸水量將必須增加約 100 億立方英尺。即便如此，為了滿足需求，你仍然需要二疊紀盆地的持續成長以及東北地區的少量成長。所以，這其實就是供應預測的來源。

Got it. Helpful, thanks.

知道了。很有幫助，謝謝。

[Craig Shear, Tulip partners]

[克雷格·謝爾，鬱金香合夥人]

Morning. Thanks for fitting me in. First question, thoughts, about, I mean, obviously the data center opportunity is huge, but thoughts about, still looking at LNG offtake and partnership opportunities like you, had a couple of years back with an MOU with Central.

早晨。謝謝你給我安排。第一個問題，我的想法是，顯然資料中心的機會是巨大的，但我的想法是，仍然在考慮液化天然氣的承購和合作機會，就像您幾年前與中央銀行簽署了諒解備忘錄一樣。

Yeah, this is Chad, we continue to look at those opportunities. Hopefully, what you're seeing here is that we do, and Alan mentioned that we've got a great inventory of investment opportunities that really attractive returns. And so we've been very focused on making sure. Anything we do in the LNG space will compete with the attractive returns we're seeing across our core business. Clearly, we're focused on supplying LNG opportunities, our leg gathering system will deliver gas to Gillis, and. We continue to look at additional projects to expand deliveries into both the existing.

是的，這是乍得，我們將繼續尋找這些機會。希望您在這裡看到的是我們確實做到了，艾倫提到，我們擁有大量投資機會，回報非常誘人。因此我們一直非常注重確保這一點。我們在液化天然氣領域所做的任何事情都將與我們在核心業務中看到的豐厚回報競爭。顯然，我們專注於提供液化天然氣的機會，我們的腿部收集系統將向吉利斯輸送天然氣，並且。我們將繼續尋找其他項目，以擴大現有的交付範圍。

LNG terminals that we serve and also the ones that are coming online, but we continue to look at whether or not it makes sense for us to take a further downstream position on a project or from an off-take perspective. But we remain very disciplined and ensuring that whatever we might do would fit within the profile of how we want to grow the business but also compete with, the attractive opportunities we're seeing, across the footprint. So it's still well within, the fair way of our strategy, but has to compete with the attractive opportunities we're seeing across the footprint.

我們服務的液化天然氣終端以及即將上線的終端，但我們仍在考慮在專案中或從承購角度採取進一步下游立場是否合理。但我們仍然非常自律，並確保無論我們做什麼，都符合我們想要發展業務的規劃，同時也能與我們在整個業務範圍內看到的誘人機會競爭。因此，它仍然符合我們的策略，但必須與我們在整個足跡中看到的誘人機會競爭。

Understood, that attractive opportunity or return point to segues into my second question. We've all talked for a long time about the challenges of avoiding long-term access to leveraging if you're constantly investing at 4 to 6 times you could do better, maybe half levered. And as I think about the behind the meter data center opportunity, I'm thinking about, kind of a core kind of directly contracted infrastructure that maybe in the 8 times, investment, to Ibida area, but when I kind of envisioned the pool that has. And all of your other spare capacity for relayed gas services and fuel supply, the all-in returns across the entire enterprise may still be in the mid-single digits or better. Am I thinking about that right?

明白，那個誘人的機會或回報點引出了我的第二個問題。我們長期以來一直在談論避免長期使用槓桿所面臨的挑戰，如果你不斷以 4 到 6 倍的比率進行投資，你可能會做得更好，也許是半槓桿。當我思考電錶背後的資料中心機會時，我在想，這是一種核心的直接承包基礎設施，可能在伊比達地區的投資是 8 倍，但我設想了一下這個池子。加上所有其他用於中繼天然氣服務和燃料供應的閒置產能，整個企業的全部回報可能仍能達到中等個位數甚至更高。我這樣想對嗎？

Yeah, Craig, I would just say, that obviously that's very dependent on where the opportunity is if we have available capacity that we can utilize. The one thing that's going to be different about the data center load from a typical merchant power facility is the very high degree of reliability that's expected on these facilities. And so capacity availability is going to be key in serving the behind the meter. And so to your point, in areas where we have lower cost expansions we'll see very low multiple projects complementing those projects and in those cases, certainly would drive it lower. In other areas, where it's constrained, we wouldn't see those kind of opportunities.

是的，克雷格，我只想說，這顯然非常取決於機會在哪裡，我們是否有可以利用的產能。資料中心負載與典型的商用電力設施的一個不同之處在於，這些設施需要具有極高的可靠性。因此，容量可用性將成為服務電錶背後的關鍵。正如您所說，在成本擴張較低的地區，我們會看到多個項目對這些項目的補充非常少，在這種情況下，肯定會降低成本。在其他受到限制的領域，我們不會看到那種機會。

So your point is spot on, but it's going to be highly dependent on where exactly the location is. And on these kind of what I would call the chapter one of these projects, they're moving at such a pace that the location to to getting it near where there's existing pipeline capacity to probably see less coordination. I think chapter two, we're seeing another level of attention on where available resources. So anyway, your point is spot on, but it is going to be highly dependent on where the project is.

所以你的觀點是正確的，但這在很大程度上取決於具體位置。對於這些我稱之為第一章的項目，它們的進展速度如此之快，以至於將其選址在現有管道容量附近可能會看到較少的協調。我認為在第二章中，我們看到了對可用資源的另一個層次的關注。所以無論如何，你的觀點是正確的，但這將高度依賴專案的所在地。

Great, thank you.

太好了，謝謝。

Thank you. This concludes the Q&A portion of the call. I'll now turn it back over to Alan Armstrong for closing remarks.

謝謝。本次通話的問答部分到此結束。現在我將把發言權交還給艾倫·阿姆斯特朗，請他作最後發言。

Okay, well, thank you all very much. Excited about the performance that the team delivered in 24, particularly given the backdrop of super low gas prices and very excited about the continued great execution on projects that we've been enjoying. And we're continuing to see improvements on that are driving very high returns for us and even in a lot of cases better than what our initial expectations have been.

好的，非常感謝大家。我們對團隊在 24 小時內取得的成績感到非常興奮，特別是在超低油價的背景下，我們也對我們一直享受的項目的持續出色執行感到非常興奮。我們繼續看到這方面的改進為我們帶來了非常高的回報，甚至在許多情況下比我們最初的預期還要好。

So, great execution by the teams and our strategy has us in a very enviable position that we're excited to deliver the benefits of that to our shareholders. So thank you for joining us.

因此，團隊的出色執行和我們的策略使我們處於非常令人羨慕的地位，我們很高興能為股東帶來利益。感謝您加入我們。

Thank you for participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實結束了。您現在可以斷開連線。