威廉斯 (WMB) 2025 Q3 法說會逐字稿

Good day, everyone, and welcome to The Williams Third Quarter 2025 Earnings Conference Call. Today's conference is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Mr. Danilo Juvane, Vice President of Investor Relations and ESG. Please go ahead.

大家好，歡迎參加威廉斯公司2025年第三季財報電話會議。今天的會議正在錄影。此時，我謹將電話轉交給投資人關係和 ESG 副總裁 Danilo Juvane 先生，由他來致開幕詞和介紹。請繼續。

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, Chad Zamarin; and our Chief Financial Officer, John Porter, will speak to this morning. Also joining us on the call today are Larry Larsen, our Chief Operating Officer; Lane Wilson, our General Counsel; and Rob Wingo, our Executive Vice President of Corporate Strategic Development. In our presentation materials, you'll find a disclaimer related to forward-looking statements.

各位早安。感謝您的參與以及對威廉斯公司的關注。昨天下午，我們發布了盈利新聞稿，我們的總裁兼首席執行官查德·紮馬林和首席財務官約翰·波特將於今天上午就此發表講話。今天與我們一起參加電話會議的還有我們的營運長 Larry Larsen；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 Rob Wingo。在我們的簡報資料中，您會找到有關前瞻性陳述的免責聲明。

This disclaimer is important and integral to our remarks, as 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. So with that, I'll turn it over to Chad.

此免責聲明非常重要，是我們發言的重要組成部分，請您仔細閱讀。演示資料中也包括非GAAP指標，我們會將其與公認會計原則進行核對。這些對帳明細表列於今天演示資料的背面。那麼，接下來就交給查德了。

Thanks, Danilo, and thank you for joining us today. We're excited to share the strong progress we've made and the tremendous opportunities ahead for Williams. So let's begin on slide 2. We're strengthening our core business with deliberate expansion projects while extending our backlog of highly attractive new opportunities that will drive ongoing growth. Starting with completed transmission projects, we recently placed Northwest Pipeline Stanfield South project in service and completed Transco's Alabama, Georgia Connector and Commonwealth Energy Connector expansion projects.

謝謝達尼洛，也謝謝你今天加入我們。我們很高興與大家分享我們所取得的巨大進展，以及威廉斯車隊未來面臨的巨大機會。那麼，讓我們從第二張投影片開始。我們正在透過精心策劃的擴張項目來加強核心業務，同時不斷拓展極具吸引力的新機遇，這將推動持續成長。從已完成的輸電項目開始，我們最近將西北管道斯坦菲爾德南線項目投入使用，並完成了 Transco 的阿拉巴馬州、喬治亞州連接線和聯邦能源連接線擴建項目。

Importantly, on Transco, we are increasing pipeline capacity by nearly 200,000 decatherms per day, which will provide access to additional natural gas supplies to increase reliability and affordability during the upcoming heating season. We've also recently completed Shenandoah and Salamanca, two important deepwater expansion projects. And in the Haynesville, our most recent expansion was brought online, which increases basin gathering and takeaway capacity as we prepare for the rapid growth in LNG exports alongside power demand growth within the Gulf Coast and Southeast regions. We recently announced two transmission projects, the Wharton West expansion on Transco in South Texas and the Green River West expansion on Mountain West and Southwest Wyoming.

重要的是，在 Transco 管道方面，我們將每天增加近 20 萬十卡瑟姆的輸氣能力，這將提供額外的天然氣供應，從而在即將到來的供暖季節提高可靠性和可負擔性。我們最近也完成了 Shenandoah 和 Salamanca 這兩個重要的深水擴建計畫。在海恩斯維爾，我們最新的擴建工程已經投入使用，這提高了盆地的收集和輸送能力，為應對墨西哥灣沿岸和東南部地區液化天然氣出口的快速增長以及電力需求的增長做好準備。我們最近宣布了兩個輸電項目，分別是德克薩斯州南部 Transco 的 Wharton West 擴建項目和懷俄明州西部山區和西南部的 Green River West 擴建項目。

Additionally, we signed customer agreements for our 10 Bcf expansion at our Pine Prairie storage facility in Louisiana. These milestones demonstrate our ongoing ability to advance projects across our nationwide transmission and storage footprint. With respect to strategic investments, we're advancing our wellhead water strategy through a strategic LNG partnership and a complementary asset divestiture. We recently announced that we have signed agreements to sell our interest in our Haynesville upstream asset to JERA for $398 million plus deferred payments through 2029.

此外，我們還與客戶簽署了協議，將在路易斯安那州松樹草原的儲存設施擴大 100 億立方英尺的容量。這些里程碑顯示我們有能力持續推動遍布全國的輸電和儲能計畫。在策略性投資方面，我們正在透過策略性液化天然氣合作夥伴關係和配套資產剝離來推進我們的井口水策略。我們最近宣布，我們已簽署協議，將我們在海恩斯維爾上游資產中的權益出售給 JERA，價格為 3.98 億美元，外加到 2029 年的延期付款。

Under JERA's ownership, Williams will continue to gather production and deliver volumes through our leg system into Transco and downstream LNG markets. And as part of the transaction, we will further expand our Haynesville gathering system to accommodate production growth, and this transaction also increases the volume commitment to Lake. Alongside the sale of the upstream assets, we announced a strategic partnership with Woodside Energy, whereby Williams will build and operate Line 200, a 3.1 Bcf a day pipeline that is fully permitted and fully supported with take-or-pay 20-year customer contracts. Line 200 will connect Woodside's Louisiana LNG terminal to multiple systems, including Transco and LEG.

在 JERA 的所有權下，威廉斯將繼續收集產量，並透過我們的管道系統向 Transco 和下游液化天然氣市場輸送天然氣。作為交易的一部分，我們將進一步擴大海恩斯維爾集輸系統以適應產量成長，而這筆交易也增加了對萊克湖的輸水量承諾。在出售上游資產的同時，我們宣布與伍德賽德能源公司建立戰略合作夥伴關係，根據該合作夥伴關係，威廉姆斯公司將建設和運營 200 號線，這是一條日輸氣量為 31 億立方英尺的管道，已獲得所有許可，並有為期 20 年的照付不議客戶合同提供全面支持。200 號管線將伍德賽德路易斯安那液化天然氣終端與多個系統連接起來，包括 Transco 和 LEG。

We'll also be taking a 10% interest in the Louisiana LNG terminal, which is a fully contracted take-or-pay LNG facility. As part of the ownership in Louisiana LNG, Williams will commit to a 1.5 million tonne per year LNG offtake, which is designed to provide international market access for Williams producer customers. Together, Williams and Woodside will leverage our sequence energy management platform to manage natural gas supply for the LNG facility. And we expect to invest approximately $1.9 billion in capital into the combined pipeline and LNG terminal projects, which will position our core business to further grow as global LNG demand continues to ramp and pull volumes through our integrated value chain.

我們還將持有路易斯安那液化天然氣終端 10% 的股份，該終端是一個完全簽訂了照付不議合約的液化天然氣設施。作為路易斯安那液化天然氣公司 (Louisiana LNG) 的股東之一，威廉斯公司將承諾每年承購 150 萬噸液化天然氣，旨在為威廉斯公司的生產商客戶提供國際市場准入。威廉斯和伍德賽德將共同利用我們的順序能源管理平台來管理液化天然氣設施的天然氣供應。我們預計將向管道和液化天然氣終端項目投資約 19 億美元，這將使我們的核心業務能夠隨著全球液化天然氣需求的持續增長而進一步發展，並透過我們的一體化價值鏈帶動產量增長。

It's important to note that these investments provide an integrated return that is on par with our targeted capital investments and those returns are driven primarily by fixed fee, fully contracted cash flows with 20-year contract tenders. So in summary, these transactions allow us to high grade from upstream cash flows into high-quality pipeline and LNG terminal cash flows supported by 20-year take-or-pay contracts. And while there's been much focus on the LNG portion of this transaction, I do want to make one thing clear. This is an integrated platform consistent with our disciplined capital allocation approach. And like everything we do, we are focused on enhancing the value of and the opportunity to grow our core infrastructure business, and this is not a speculative entry into the LNG space.

值得注意的是，這些投資提供的綜合回報與我們的目標資本投資相當，而這些回報主要來自固定費用、完全合約現金流量以及 20 年的合約招標。總而言之，這些交易使我們能夠將上游現金流轉化為高品質的管道和液化天然氣終端現金流，並有 20 年的照付不議合約作為支撐。雖然大家對這筆交易中的液化天然氣部分有很多關注，但我確實想澄清一點。這是一個與我們嚴謹的資本配置方法一致的綜合平台。就像我們所做的一切一樣，我們專注於提升核心基礎設施業務的價值和發展機會，而這並非投機性地進入液化天然氣領域。

Finally, I'll close by highlighting our power innovation business that continues to grow and enhance the reach and value of our core natural gas infrastructure. In late September, we announced our planned investment of approximately $3.1 billion into two additional projects to continue to deliver speed to market solutions in great constrained markets. These power innovation projects are anticipated to be completed in the first half of 2027 and are backed by 10-year agreements with an option for our customer to extent. And with these agreements, total Power Innovation and committed capital now stands at approximately $5.1 billion at a targeted 5x EBITDA build multiple.

最後，我想重點介紹我們的電力創新業務，該業務不斷發展壯大，並提升了我們核心天然氣基礎設施的覆蓋範圍和價值。9 月下旬，我們宣布計劃投資約 31 億美元用於另外兩個項目，以繼續在高度受限的市場中提供快速上市的解決方案。這些電力創新項目預計將於 2027 年上半年完成，並有 10 年的協議支持，我們的客戶可以選擇延長協議期限。憑藉這些協議，Power Innovation 的總投資和承諾資本目前約為 51 億美元，目標 EBITDA 倍數為 5 倍。

Overall, these recent accomplishments continue to underscore our commitment to deliver infrastructure solutions that meet the nation's growing need for clean, reliable and affordable energy, all while keeping a laser focus on investing in a manner that will create industry-leading shareholder value. And with that, I'll now turn it over to John for a deeper dive into the financials.

總的來說，這些近期取得的成就繼續凸顯了我們致力於提供基礎設施解決方案，以滿足國家日益增長的清潔、可靠和經濟實惠的能源需求，同時始終專注於以創造行業領先的股東價值的方式進行投資。接下來，我會把主題交給約翰，讓他更深入分析財務狀況。

Thanks, Chad. Starting here on slide 3 with a closer look at our adjusted EBITDA performance, which was up 13% over the third quarter of '24. Walking now from last year's $1.7 billion to this year's $1.92 billion, we start with our transmission, power and golf business, which improved $117 million or 14%, setting another all-time record due to higher revenues from expansion projects.

謝謝你，查德。從幻燈片 3 開始，我們仔細看看我們調整後的 EBITDA 業績，該業績比 2024 年第三季增長了 13%。現在，我們從去年的 17 億美元成長到今年的 19.2 億美元，首先來看輸電、電力和高爾夫業務，該業務增長了 1.17 億美元，增幅達 14%，由於擴張項目帶來的更高收入，再次創下歷史新高。

At Transco, we had increases from regional energy access, Southside reliability enhancement, Texas to Louisiana Energy Pathway and the Southeast Energy Connector projects. Also at Transco, we have the benefit of the higher rates coming from the conclusion of the rate case. We also continue to see growth from our storage businesses on higher renewal rates. In the Gulf, we saw contributions from the Whale project, our Discovery business, including the Shenandoah project, which started up in July and the Ballymore project as well.

Transco 的業務成長來自區域能源接入、南部可靠性提升、德克薩斯州到路易斯安那州能源通道以及東南能源連接器專案。此外，Transco 也受益於費率案判決後更高的費率。由於續約率上升，我們的倉儲業務也持續成長。在海灣地區，我們看到了鯨魚計畫、我們的探索業務（包括 7 月啟動的 Shenandoah 計畫和 Ballymore 計畫）的貢獻。

Third-quarter golf gathering volumes were up over 36% versus prior year, and NGL production was up about 78%. Next, our Northeast G&P business improved $21 million primarily on higher revenues, including higher gathering and processing rates, but also with higher volumes primarily in Northeast Pennsylvania. Overall volumes ticked up about 6% over the third quarter of '24. In the West, we were $37 million or 11% higher driven by initial contributions from the Louisiana Energy Gateway project that came online in August, but also from higher Haynesville volumes and growth in the DJ Basin, including the Rimrock acquisition.

第三季高爾夫球集輸量比上年同期成長超過 36%，NGL 產量成長約 78%。其次，我們東北地區的 G&P 業務成長了 2,100 萬美元，主要得益於更高的收入，包括更高的收集和處理率，以及主要來自賓州東北部的更高銷售。2024 年第三季整體銷售成長約 6%。在西部，我們成長了 3,700 萬美元，增幅達 11%，這主要得益於路易斯安那能源門戶計畫於 8 月上線後的初步貢獻，以及海恩斯維爾產量增加和 DJ 盆地的成長，包括對 Rimrock 的收購。

The West was negatively impacted by a step down in our minimum volume commitments at Eagle Ford. On the volume front, overall volumes grew about 14%, driven by growth in the Haynesville, including volumes from the Sabre acquisition acquired in late June 2025. Our secret marketing business was up $7 million, where contributions from the Cogentrix acquisition offset weaker realizations in the gas marketing business. And then finally, our other segment, which includes our Upstream business, was up about $35 million, including higher upstream volumes, partially offset by unfavorable price impacts from significantly lower oil prices versus prior year.

由於我們在 Eagle Ford 油田的最低產量承諾有所降低，西部地區受到了負面影響。在銷售方面，整體銷售量成長了約 14%，這主要得益於 Haynesville 的成長，其中包括 2025 年 6 月下旬收購 Sabre 帶來的銷售量。我們的秘密行銷業務成長了 700 萬美元，其中 Cogentrix 收購帶來的收益抵消了天然氣行銷業務收益的下滑。最後，我們的另一個業務板塊，包括上游業務，增長了約 3500 萬美元，其中包括上游業務量的增長，但部分被油價較上年大幅下跌帶來的不利價格影響所抵消。

So that gets you to the $1.92 billion of EBITDA for third quarter '25 or 13% growth. Before I hand it back to Chad, I'll speak briefly to our current 2025 financial guidance. No change to our adjusted EBITDA guidance with the midpoint of $7.75 billion or any of our other earnings-related metrics, so still expecting 9% growth in adjusted EBITDA over '24 as well as a 9% five-year CAGR going back to 2020. Additionally, achieving our midpoint EPS guidance of $2.10, will also produce 9% growth over '24 and cap an impressive 14% five-year CAGR. Regarding full-year 2025 growth CapEx, we have shifted the range upward to $3.95 billion to $4.25 billion.

這樣一來，2025 年第三季的 EBITDA 就達到了 19.2 億美元，成長了 13%。在將演講稿交還給查德之前，我將簡要介紹我們目前的 2025 年財務指導。我們對調整後的 EBITDA 預期（中位數為 77.5 億美元）以及其他任何與盈利相關的指標均未作任何調整，因此我們仍然預計 2024 年調整後的 EBITDA 將增長 9%，並且自 2020 年以來的五年複合年增長率也將達到 9%。此外，若能達到我們預期的每股盈餘中位數 2.10 美元，則到 2024 年將成長 9%，五年複合年增長率將達到令人矚目的 14%。關於 2025 年全年成長資本支出，我們已將範圍上調至 39.5 億美元至 42.5 億美元。

This range now encompasses the two additional power innovation projects and the wellhead to water LNG investments that we announced during October. Leverage guidance remains at approximately 3.7 times. So again, '25 continues to trend toward meeting or beating our adjusted EBITDA guidance even after raising it a cumulative $350 million. Our backlog of fully contracted projects gives us confidence in continued industry-leading growth, and we are excited to present more information at our Analyst Day next February. And with that, I'll turn it back over to Chad.

目前，該範圍涵蓋了我們在 10 月宣布的另外兩個電力創新項目和從井口到水面的液化天然氣投資。槓桿率預期仍維持在約 3.7 倍。因此，即便累計上調 3.5 億美元，2025 年的調整後 EBITDA 目標仍有望達到或超過預期。我們已完成大量合約專案的積壓，使我們有信心繼續保持業界領先的成長，我們很高興能在明年二月的分析師日上公佈更多資訊。那麼，接下來我就把麥克風交還給查德了。

Thanks, John. Before we move to Q&A, I want to take a moment to recognize every one of our Williams employees and also our investors that have and continue to support the company. When we deliver our numbers for 2025, we will cap an incredible period of growth, performance and shareholder value creation. As John noted, we expect to deliver a five-year EBITDA compound annual growth rate of approximately 9% and five-year EPS compound annual growth rate of approximately 14%. The team has delivered industry-leading earnings growth over the past five years, and we see an even more exciting chapter ahead. We are thoughtfully steering into the next five years with a rock solid balance sheet, a strong foundation of core assets, a focused and motivated team and an even stronger visibility into earnings growth and cash flow generation than we had during the past five years.

謝謝你，約翰。在進入問答環節之前，我想藉此機會感謝威廉斯公司的每一位員工，以及一直以來支持公司的投資者。當我們公佈 2025 年的業績數據時，我們將為一段令人難以置信的成長、業績和股東價值創造時期畫上句號。正如約翰所指出的，我們預計五年 EBITDA 複合年增長率約為 9%，五年 EPS 複合年增長率約為 14%。過去五年，團隊實現了領先業界的獲利成長，我們看到未來將迎來更令人興奮的篇章。我們正穩步邁向下一個五年，擁有堅實的資產負債表、強大的核心資產基礎、專注且積極進取的團隊，並且對盈利增長和現金流產生擁有比過去五年更強的可見性。

You can expect us to continue to focus on a disciplined approach to capital allocation, which during an exciting time of company strength and market opportunity gives us confidence in delivering even more compelling returns for shareholders. We plan to provide more details on this exciting next chapter during our Clean Energy and Technology Expo and Analyst Day events in February of 2026, both of which will be held in Washington, DC So please stay tuned as those details come out. And with that, we will open up the call for questions.

您可以期待我們繼續專注於嚴謹的資本配置方法，在公司實力雄厚、市場機會無限的激動人心時期，這使我們有信心為股東帶來更具吸引力的回報。我們計劃在 2026 年 2 月於華盛頓特區舉行的清潔能源與技術博覽會暨分析師日活動上，提供有關這一令人興奮的新篇章的更多細節。請關注後續詳情。接下來，我們將開始接受提問。

(Operator Instructions) Jeremy Tonet, JPMorgan Securities.

（操作員說明）傑里米·托內特，摩根大通證券。

I just want to dive in a little bit more, if you could, to the power innovation side. And I was just wondering if you could provide us a refresh with regards to how you see the opportunity set at this point across your footprint? And what would -- how would you describe, I guess, the pace of conversations? Is it still an urgency and speed to market? Or just any other color would be great.

如果可以的話，我想更深入地探討電力創新方面的問題。我想請您簡要介紹一下，您目前如何看待貴公司業務範圍內的機會？那麼，你會如何描述對話的節奏呢？現在是否仍迫切需要盡快推向市場？或其他任何顏色都可以。

Yes. Thanks, Jeremy. Look, I'd say we continue to see very, very robust engagement and interest in both speed to market, but also just long-term need for power for data centers. And as we mentioned during the prepared remarks, we've upsized our backlog of commercialized projects to over $5 billion of investment.

是的。謝謝你，傑瑞米。我認為，我們持續看到市場對產品上市速度以及資料中心長期電力需求都表現出非常強勁的參與度和濃厚興趣。正如我們在事先準備好的演講稿中所提到的，我們已將商業化專案的積壓投資額增加到超過 50 億美元。

We've talked about the 6 gigawatts of backlog that we're pursuing, some of which we've turned now into actual projects, but we continue to see that backlog strengthen. And as we've discussed, our goal is to continue to layer in projects in a thoughtful way that manages the balance sheet and capacity that we have to invest alongside the very highest quality counterparties and project opportunities. And I think I'd just say we continue to see a very robust pipeline of opportunities that we think extends throughout the end of the decade and beyond.

我們已經討論過我們正在推進的 6 吉瓦積壓項目，其中一些項目現在已經轉化為實際項目，但我們看到積壓項目還在增加。正如我們所討論的，我們的目標是繼續以深思熟慮的方式逐步引入項目，從而管理好我們的資產負債表和投資能力，並與最優質的交易對手和項目機會進行合作。我認為，我們可以說，我們持續看到大量強勁的發展機遇，我們認為這些機會將持續到本世紀末甚至更久。

And so teams continuing to have very robust discussions, and we do expect additional projects to come together along the way. And to your question about footprint, we also do see that the geography that we operate across is diverse and broad and allows us to offer solutions in a lot of different areas, and we are seeing conversations across the entire kind of footprint.

因此，各團隊仍在進行非常深入的討論，我們預計在過程中會有更多專案陸續推出。至於您提出的關於業務範圍的問題，我們也看到我們業務的地域範圍廣泛且多元化，這使我們能夠在許多不同的領域提供解決方案，我們也看到各種類型的業務範圍都在進行討論。

I will say this that there's a reason why a lot of the projects are built in the states that are being developed. We'll probably talk at some point on the call, but we think about places like New England and the Northeast where we're trying to develop NESE and Constitution. I think those projects are really critical to open up the economic opportunity of those regions, you'll see the primary power innovation projects, not just for us, but I'd say across the country targeted in those states where you can get affordable, reliable energy, and you can build infrastructure. And so we continue to be very focused on trying to open up additional markets where, unfortunately, it's been difficult to build, but we're seeing hopeful signs that get back to building.

我想說的是，很多項目都建在正在發展的州是有原因的。我們可能會在電話會議的某個時候談到這一點，但我們會考慮像新英格蘭和東北部這樣的地方，我們正在努力發展 NESE 和 Constitution。我認為這些項目對於開拓這些地區的經濟機會至關重要，你會看到主要的電力創新項目，不僅對我們而言，而且我認為在全國範圍內，這些項目都將瞄準那些能夠獲得價格合理、可靠的能源並能夠建設基礎設施的州。因此，我們將繼續專注於開拓更多市場，不幸的是，在這些市場建立業務一直很困難，但我們看到了一些令人鼓舞的跡象，表明業務正在恢復。

Got it. That's helpful. And just want to turn, if I could, to the recent LNG deal announcement there. I was wondering if you might be able to expand a bit more, I guess, on the strategy -- industrial logic to this deal with the full wellhead to water connectivity here. And I was curious, I guess, as far as the offtake capacity is concerned, at the LNG facility, if that's something you intend to keep for yourself or contract out to customers or just walking through kind of where that strategy stands post this deal would be helpful.

知道了。那很有幫助。如果可以的話，我想談談最近宣布的液化天然氣交易。我想請您再詳細闡述這個策略──從工業邏輯角度來看，如何將整個井口與水連接起來。我很好奇，就液化天然氣設施的承購能力而言，您是打算自己保留，還是外包給客戶，或者只是想了解這筆交易完成後該策略的現狀，這將很有幫助。

Sure. Yes, I'll start with the strategy and Rob is here as well. And if we get into kind of project specifics, he can help add color. But I think importantly, there's a lot of focus on power innovation on transmission projects, but LNG demand growth continues to be the largest demand growth vector for our industry and energy demand growth continues to be an international story. It's been a while since we talked about it, but there are still billions of people living in energy poverty and US LNG, we think, is an incredibly important tool to help serve the world's need for reliable, affordable clean energy.

當然。是的，我先從策略講起，羅布也在這裡。如果深入到專案的具體細節，他可以幫助增添色彩。但我認為重要的是，雖然人們非常關注輸電項目的電力創新，但液化天然氣需求成長仍然是我們行業最大的需求成長動力，而能源需求成長仍然是國際性議題。雖然我們已經有一段時間沒有討論這個問題了，但目前仍有數十億人生活在能源貧困之中，我們認為，美國液化天然氣是幫助滿足世界對可靠、價格合理的清潔能源需求的極其重要的工具。

And so we've been focused on making sure that we can supply into those markets. And we talk about it a lot, our strategy is very demand-driven and demand focused, and we're always seeking to connect our customers to the very best end-use markets. And so you think about the power generation, the utilities, the industrial loads that we serve, connecting to LNG markets is important to enable that ultimate destination for our customers to reach. And so it's opening up a window with a very small investment into an LNG facility. We get the benefit of building a strategically important pipeline and we'll operate Line 200, which connects to Transco, LEG and several other pipelines at Gillis.

因此，我們一直致力於確保能夠向這些市場供貨。我們經常談到這一點，我們的策略非常注重需求驅動和需求導向，我們始終致力於將我們的客戶與最好的終端用戶市場聯繫起來。因此，想想我們服務的發電、公用事業和工業負荷，連接到液化天然氣市場對於幫助我們的客戶實現最終目標至關重要。因此，只需少量投資即可為液化天然氣設施打開一扇窗。我們得以建造一條具有重要戰略意義的管道，並將營運 200 號管線，該管線在吉利斯與 Transco、LEG 和其他幾條管道相連。

We will also -- as you saw in our announcement, we're transitioning our upstream ownership to an international LNG buyer, and JERA is one of the largest producers of energy in Japan and a large buyer of LNG. And so we're putting together a value chain through which we expect to continue to be able to attract both customers that want to reach international markets. And in doing so, continue to grow our gathering system, our Transco footprint, Line 200 will be an important extension into an LNG terminal, but also our Gulf Coast storage assets that will connect to the LNG complex. And so a long way of saying this is a strategic transaction that just enhances our ability to pull more business through our core infrastructure.

正如您在我們公告中看到的那樣，我們將把上游所有權轉移給國際液化天然氣買家，而 JERA 是日本最大的能源生產商之一，也是液化天然氣的大買家。因此，我們正在建立一條價值鏈，我們希望透過這條價值鏈繼續吸引那些想要開拓國際市場的客戶。如此一來，我們將繼續擴大我們的集輸系統、Transco 的業務範圍，200 號線將成為液化天然氣接收站的重要延伸，同時也將擴大我們位於墨西哥灣沿岸的儲氣資產，這些資產將連接到液化天然氣綜合設施。綜上所述，這是一筆策略性交易，它增強了我們透過核心基礎設施吸引更多業務的能力。

Your question about the offtake. It's a very small percentage of our overall business, less than 1% of our earnings. And we do expect to offer that as a window into international markets to our producer customers. Nothing that we've kind of prewired at this stage, but you can think of us as taking that position to offer access to international markets for those producer customers that can't access it on their own, either due to scale or balance sheet capacity. But that's the strategy. And so don't take -- I mentioned it in the prepared remarks, don't take this as a sign that we're trying to take international price exposure. That's not the strategy here. We are opening up a window in the international markets so that we can offer additional services to our customers.

你問的是關於出料口的問題。這在我們整體業務中所佔比例非常小，不到我們收入的 1%。我們希望能夠為我們的生產商客戶提供了解國際市場的窗口。目前我們還沒有預先安排好任何事情，但你可以把我們看作是採取這種立場，為那些由於規模或資產負債表能力等原因而無法自行進入國際市場的生產商客戶提供進入國際市場的管道。但這就是策略。所以，不要——我在準備好的演講稿中提到過——不要把這當作我們正在嘗試承擔國際價格風險的信號。這不是我們應該採取的策略。我們正在打開國際市場的一扇窗，以便能夠為客戶提供更多服務。

Praneeth Satish, Wells Fargo.

Praneeth Satish，富國銀行。

Maybe on the power side, can you give us a sense of where you are in the procurement cycle for turbines, so you have FID power projects now, the $5 billion you mentioned that come into service through mid-2027. Have you started placing orders or put yourself in the queue for long lead time items for the second half of 2027 or into 2028. I guess kind of how far does that go? And then at this point, could we see more projects gets slotted in for second half '27 deliveries? Or are the conversations kind of shifting towards 2028 now for new power projects?

或許在電力方面，您能否讓我們了解一下您目前在渦輪機採購週期中處於什麼階段？您現在有最終投資決定 (FID) 的電力項目，您提到的 50 億美元項目將在 2027 年年中投入使用。您是否已經開始訂購或排隊等待 2027 年下半年或 2028 年交貨週期較長的產品？我想問的是，這種做法究竟能走多遠？那麼，在這一點上，我們是否可以看到更多項目被安排在 2027 年下半年交付？或者，關於新的電力項目的討論是否已經轉向2028年了？

Yes. Thanks, Praneeth. On the latter question, I'd say starting to layer in a little bit later now into the plan. And so likely later '27 and now into '28 for additional projects that we see on the dashboard. And then with respect to equipment, we'll have more to share at our February event, but we feel very confident that we positioned ourselves with our strategic partners really across multiple different equipment and service providers to be able to be ahead of kind of the needs that we see, frankly, now almost through the end of the decade. And so we feel really good about where we stand. Again, we'll share more in February, but we continue to stay ahead of the project need. And so I feel really good about where we sit today.

是的。謝謝你，普拉尼特。關於後一個問題，我的建議是，現在開始稍微晚一些地將某些內容融入計劃中。因此，我們在儀表板上看到的其他項目可能會在 2027 年稍後甚至 2028 年陸續啟動。至於設備方面，我們將在二月份的活動中分享更多信息，但我們非常有信心，我們已經與戰略合作夥伴在多個不同的設備和服務提供商方面進行了佈局，從而能夠領先於我們所看到的需求，坦率地說，這種需求將持續到本十年末。因此，我們對目前的處境感到非常滿意。二月份我們會分享更多信息，但我們會繼續保持領先，以滿足專案需求。所以，我對我們目前的處境感到非常滿意。

Got it. And then just on the project side. So Power Express looks like the scope was revised down again a little bit to 785 million cubic feet per day from 689 million cubic feet per day. I think that's the second time now. So can you just walk through what's driving that change? Is it tied to permitting commitments or just broader dynamics? And do you think -- and how should we think about the return and the in-service date of that project with this new scope?

知道了。然後就是專案方面。所以 Power Express 的規模似乎又略微下調了一點，從每天 6.89 億立方英尺縮減到每天 7.85 億立方英尺。我想這應該是第二次了。那麼，您能否具體解釋一下是什麼因素導致了這種變化？這是否與審批承諾有關，還是僅與更廣泛的動態因素有關？那麼，您認為——以及我們應該如何考慮在新範圍內該專案的回報和投入使用日期？

Yes. Praneeth, this is Larry Larsen. I'll take that question. And yes, we've been -- when we announced the project early on, we kind of highlighted how scalable this project was from a scope standpoint. We had an anchor customer that kicked off the project. We thought there's potential for it to be up to 950. But as we go through this and work with our customers, they're working through their power generation needs and the scope of their facilities. And so really just kind of making sure that we're optimizing our design and really aligning with the customer needs. And so we've got contracts in place now for the full 689 and from a return standpoint just because of the ability for us to adjust looping and compression, the returns are still in the same range as we had in the previous scopes, no real big change on that front from a scoping standpoint.

是的。Praneeth，我是 Larry Larsen。我來回答這個問題。是的，我們一直在這樣做——當我們早期宣布該項目時，我們就重點強調了該項目從範圍角度來看的可擴展性。我們有一位核心客戶，正是他啟動了這個專案。我們認為它有可能達到 950。但是，在我們與客戶共同推動這項工作的過程中，他們也逐漸了解自身的發電需求和設施規模。所以，我們真正要做的就是確保我們優化設計，並真正滿足客戶的需求。因此，我們現在已經簽訂了全部 689 個項目的合同，從收益的角度來看，由於我們可以調整循環和壓縮，收益仍然與我們之前的範圍相同，從範圍的角度來看，這方面沒有真正的重大變化。

So right now, we don't see any major shifts in the scope that we have right now. We'll be planning to move forward, probably start the kind of the FERC process next year. As we mentioned, there's opportunity to go bigger on the project if demand materializes, but right now, it's really has been working with the customers as they finalize their scope and demand needs.

所以目前來看，我們還沒有看到我們目前的規模有任何重大變化。我們將計劃繼續推進，並可能在明年啟動聯邦能源監管委員會（FERC）的相關程序。正如我們之前提到的，如果需求實現，專案規模還有擴大的空間，但目前，我們主要還是與客戶合作，幫助他們最終確定專案範圍和需求。

Yes. And maybe I'd just add. With these projects, we have to fine-tune both timing and kind of customer readiness. Larry, Rob and I were on the road last week, and we went to the Pacific Northwest saw the utilities in the Pac Northwest, and we also saw the utility customers -- several of our utility customers along the Southeast and Eastern Seaboard. And every one of the customers highlighted that they need more gas and they need more pipeline capacity. So we see a very robust need across really the entire footprint that we operate. We talked about it many times, natural gas demand has far outpaced pipeline capacity development over the last 10 years, and we see that problem just exacerbating over the next decade as we continue to grow demand and lag in keeping up with infrastructure.

是的。或許我還要補充一點。對於這些項目，我們必須對時間安排和客戶的準備進行微調。上週，拉里、羅布和我一起出差，我們去了太平洋西北地區，考察了那裡的公用事業公司，也拜訪了當地的公用事業客戶——其中幾位是我們在東南部和東海岸的客戶。所有客戶都強調他們需要更多的天然氣，也需要更大的管線輸送能力。因此，我們看到在我們營運的整個區域內，確實存在非常強勁的需求。我們已經多次討論過這個問題，過去 10 年天然氣需求遠遠超過了管道輸送能力的發展，而且我們預計，隨著需求的持續增長和基礎設施建設的滯後，未來十年這個問題只會愈演愈烈。

Spiro Dounis, from Citi.

來自花旗銀行的 Spiro Dounis。

I wanted to go back to the growth outlook and capital spending. It sounds like the pace of commercialization has increased here in the back half. And from what we can sell, you're active in maybe at least 6 states on the power innovation side. So just curious, based on what we see coming down the project pipeline, is this sort of $4 billion of CapEx per year on the growth side, the right target for the next few years? And maybe John, how do you think about the balance sheet's ability to sustain those levels and maybe even higher?

我想回到成長前景和資本支出。聽起來，後半段的商業化步伐加快。就我們目前銷售的產品來看，你們在電力創新領域至少活躍於 6 個州。所以，我很好奇，根據我們目前看到的專案規劃，未來幾年每年在成長方面投入 40 億美元的資本支出是否是合適的目標？約翰，你覺得資產負債表能否維持目前的水平，甚至更高？

Yes. Thanks, Spiro. This is John Porter. As we've talked about in the past, in our long-range forecasting process, we've seen now for a number of years, a real inflection point coming after 2025, where the balance sheet deleveraging was going to slip below our targeted leverage range of 3.5 to 4 times. And that long-range forecasting, what we would typically be looking for were high returning organic investment opportunities that could fill that balance sheet capacity. But I would say prior to the last year or so, there was probably a little bit more uncertainty about where those opportunities -- or the magnitude of those opportunities and whether they were going to actually be able to fill what was emerging to be a very significant amount of balance sheet capacity that we saw coming in '26 and beyond.

是的。謝謝你，斯皮羅。這是約翰·波特。正如我們過去在長期預測過程中所討論的那樣，我們已經看到，在 2025 年之後將出現一個真正的轉折點，屆時資產負債表去槓桿化將低於我們設定的 3.5 至 4 倍的目標槓桿範圍。而對於長期預測，我們通常會尋找能夠填補資產負債表空缺的高回報有機投資機會。但我想說，在過去一年左右的時間裡，對於這些機會在哪裡，或者這些機會的規模，以及它們是否真的能夠填補我們在 2026 年及以後看到的非常大的資產負債表容量，可能存在更多的不確定性。

And so what I would say is what we've seen really, as we went through the long-range forecasting process this summer was something, I think, very interesting. We saw that instead of sort of hypothesizing about the level of projects that we would have to go find with strong organic investment opportunities to build that capacity, we started to really see line of sight into a really nice layering of high-returning organic investment opportunities that were coming to fruition with what we've announced this year.

所以我想說的是，我們在今年夏天進行長期預測的過程中，真正看到了一些非常有趣的事情。我們發現，與其假設我們需要尋找多少具有強大有機投資機會的項目來建立這種能力，不如真正看到一系列高回報的有機投資機會正在逐步實現，而這些機會正是我們今年宣布的成果。

As we look into the future, I think we have a lot of confidence that we're going to continue to see those high return and strategic organic investments that are filling up that balance sheet capacity, staying in that 3.5 to 4 times leverage target range. And so -- and a nice side benefit of course, has been the effect that these nonregulated power innovation projects are going to have on our cash tax profile as well, which we -- as we look out into the model now, we see very significant cash tax deferrals through the -- kind of through the next many years. And so I would say, overall, we're seeing a really nice dynamic here where the projects that are coming to us, the layering in of those look like they're going to fit very nicely with what's happening on the balance sheet. And a big reason for that is how quick these projects will -- these power innovation projects will come online.

展望未來，我們非常有信心，我們將繼續看到那些高回報的策略性有機投資，這些投資正在填滿資產負債表的容量，並將槓桿率保持在 3.5 到 4 倍的目標範圍內。因此——當然，一個不錯的附帶好處是，這些不受監管的電力創新項目也將對我們的現金稅收狀況產生影響，我們現在審視該模型時，可以看到未來很多年將出現非常顯著的現金稅收遞延。因此，總的來說，我認為我們在這裡看到了一個非常好的動態，即我們即將開展的項目，以及這些項目的逐步推進，看起來都將與資產負債表上的情況非常契合。其中一個重要原因是這些項目——這些電力創新項目——上線的速度非常快。

Of course, we talk a lot about the power innovation projects, but of course, we're also having to make sure that we have ample capital room for all of the transmission projects that we see coming over the next several years, which we expect that to be a steady flow of transmission projects alongside these power innovation projects. But overall, just a lot of excitement about the investment opportunities that we have in these high-returning projects and feeling like the balance sheet is well situated for this very unique opportunity set.

當然，我們經常談論電力創新項目，但我們也必須確保有足夠的資金空間來支持未來幾年即將開展的所有輸電項目，我們預計輸電項目將與這些電力創新項目一起穩步推進。但總的來說，我們對這些高回報項目的投資機會感到非常興奮，並且感覺資產負債表已經為這些非常獨特的機會做好了充分準備。

Great. That's helpful color, John. Second question, maybe switching gears here a little bit to the utility and power landscape. Election day today. And I know high utility bills are a big topic in a lot of states, especially here in the Northeast. At the same time, you're also seeing some growing opposition to data centers and the impact on consumer electric bills. So curious how you guys are thinking about the impact for Williams from both of those factors. And if I could get you to maybe tie in a status update on NESE in Constitution and how much do you think getting past the election day could maybe open up some progress there?

偉大的。約翰，這顏色真有用。第二個問題，或許我們可以稍微轉換主題，談談公用事業和電力領域。今天是選舉日。我知道高額水電費是很多州，尤其是東北部地區的一大問題。同時，人們也越來越反對資料中心及其對消費者電費的影響。很好奇你們如何看待這兩個因素對威廉斯車隊的影響。如果您能就憲法中的NESE的最新進展做個說明，以及您認為選舉日過後，該領域能取得多大進展，那就太好了。

Yes. Thanks, Spiro. Those are, I think, really important topics. And the first thing I'd say, how it impacts us is we really do need to shine a spotlight on the fact that natural gas is our company -- is our country's affordability super power. When we produce natural gas in the US, on an energy equivalent basis, it's like $0.25 to $0.50 per gallon of gasoline on an energy equivalent basis. Like that's how affordable we can produce natural gas in the United States. And we know that any market in the US that has been able to manage energy affordability, which ultimately translates to overall affordability has done that by leveraging low-cost, abundant, reliable natural gas. And so I think that we continue to see -- we mentioned the trip we took last week to see many of our utility customers.

是的。謝謝你，斯皮羅。我認為這些都是非常重要的議題。首先我想說的是，它對我們的影響是，我們真的需要強調天然氣是我們國家的支柱——是我們國家物價低廉的超級大國。在美國，我們生產天然氣的成本，以能量當量計算，大約相當於每加侖汽油0.25美元到0.50美元。看來在美國生產天然氣的成本就是這麼低。我們知道，美國任何能夠控制能源可負擔性的市場（最終轉化為整體可負擔性）都是透過利用低成本、豐富、可靠的天然氣來實現的。所以我認為我們繼續看到——我們提到了上週我們去拜訪了許多公用事業客戶。

They all recognize that natural gas is our superpower with respect to trying to manage affordability across really the entire footprint. And so I'm hopeful that as this is a topic that's becoming much more relevant to elections and to the -- just the narrative across the country that we continue to see more and more support for natural gas infrastructure. We get through today, and I'll let Lane maybe speak to it. I'm hopeful that we see progress on NESE. It's moving faster than Constitution. But Lane, maybe any thoughts you have on kind of the landscape as you see it.

他們都意識到，天然氣是我們在控制整個能源消耗規模的超級大國。因此，我希望隨著這個主題與選舉以及全國範圍內的輿論越來越相關，我們能夠繼續看到越來越多的人支持天然氣基礎設施建設。我們先度過今天，之後我會讓萊恩談談這件事。我希望我們能在NESE專案上看到進展。它的進展速度比憲法制定的速度還要快。但是萊恩，你對你所看到的這種景觀有什麼想法嗎？

Yes. I'm fairly confident that the elections today won't impact necessary constitution. And I think we're in good shape on NESE and constitution we're continuing to work on. We haven't really put much capital in the either projects, but we're trying to put them in a position to order when we get our permits, we'll be ready to go. And as Chad mentioned, NESE is so on a quicker time frame we think than Constitution.

是的。我相當確信今天的選舉不會對必要的憲法產生影響。我認為我們在國家經濟和社會事務方面進展順利，憲法方面我們正在繼續努力。我們並沒有在這兩個項目上投入太多資金，但我們正在努力讓它們做好開工準備，一旦拿到許可證，我們就可以立即開工。正如查德提到的那樣，我們認為NESE的製定速度比憲法制定速度要快。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，傑富瑞集團。

Maybe to pick up on the higher level point here, there's no mention of the 5% to 7% long-term growth outlook in the deck here, and maybe that's for a reason here. How should we interpret that removal. And then specifically, it's notable you're targeting a 20-plus percent ROIC. How do you think about, a, what this says about the long-term growth for outlook, again, not to preempt too much the Analyst Day forthcoming. And then separately, how would you think about returns here beyond just the power innovation sector here. Any comments implicitly what you're saying here, just the highest levels about the build multiples?

也許應該從更高的層面來說，這份簡報中沒有提到 5% 到 7% 的長期成長前景，也許這是有原因的。我們該如何解讀這項移除？尤其值得注意的是，你們的目標是獲得 20% 以上的投資報酬率。您認為這對長期成長前景意味著什麼？再次強調，不要過早對即將舉行的分析師日妄下斷言。此外，除了電力創新領域之外，您如何看待其他領域的回報？您在這裡所說的，是否還有其他隱含的評論，特別是關於構建倍數方面最高級別的評論？

Sure. Yes. Maybe I'll give you a teaser trailer for our upcoming Analyst Day. But, John and I have been kind of highlighting this over the last year and really even ahead of that. But if you look at our ability to invest in high-return projects, within the balance sheet capacity that we have, and you think about the last five years in our ability to deliver a 9% growth CAGR over that five-year period. I mean that's phenomenal growth. But if you think about the next five years and you look at the model of our balance sheet capacity, the project opportunities that we have that we think can continue to achieve very high returns on invested capital, I think you can see that we've got a really exciting chapter ahead.

當然。是的。或許我可以為你們放一段我們即將舉行的分析師日活動的預告片。但是，在過去一年裡，甚至在更早之前，約翰和我一直在強調這一點。但是，如果你看看我們利用現有資產負債表能力投資高回報項目的能力，再想想過去五年我們實現 9% 的複合年增長率的能力。我的意思是，這成長速度驚人。但如果你展望未來五年，看看我們的資產負債表能力模型，以及我們認為可以繼續實現非常高投資回報率的專案機會，我想你會發現，我們即將迎來一個非常令人興奮的新篇章。

Now you've got to balance that up against the law of large numbers. The company has gotten much larger, faster over the last five years, but the balance sheet is in even better shape than it was in the last five years and the opportunity set is arguably even better than over the last five years. So not going to put a number on that yet, but we're going to try to provide a bit more clarity when we come together in February on what we think that runway looks like, at least for the next couple of years and then give some overall, I think, directional guidance. But if you just take the balance sheet capacity, the math around our ability to invest in high-return projects, you can see pretty clearly that we've got an incredible opportunity to grow what I think will be industry-leading results over the next five years and beyond.

現在你必須將它與大數定律進行權衡。過去五年，公司規模成長更快，但資產負債表狀況比過去五年更好，可以說，機會也比過去五年更好。所以現在還不能給出具體數字，但我們會在二月聚在一起的時候，盡量更清楚地說明我們認為未來幾年的發展前景，並給出一些總體方向性的指導。但如果你只看資產負債表的容量，以及我們投資高回報項目的能力，你就能很清楚地看到，我們擁有一個絕佳的機會，在未來五年及以後實現我認為將是行業領先的業績。

Great. Yes. So guidance over a couple of years and then maybe directional for a longer-term view, that's excellent. And then if I can just nitpick a little bit more on power innovation, as you might expect from me. If you can -- can you talk a little bit about where you see this going? Are we thinking more about like upsizing Socrates and then upsizing these others, Apollo and Aquila at this point? Or how are you thinking about in terms of next steps? I know you elaborated with Jeremy earlier here a little bit, but is it about expanding existing sites, adding more total duration and ramp? Or do you think this is more about just finding new geographies and new opportunities outright here, greenfield?

偉大的。是的。所以，先給未來幾年的指導，然後再給予更長期的方向性建議，這非常好。然後，正如你可能預料到的那樣，我還要再就電力創新吹毛求疵一下。如果可以的話，您能否談談您對這項技術未來發展方向的看法？我們現在是不是多考慮把蘇格拉底的形象放大，然後再把阿波羅和阿奎拉的形象放大？或者，您在考慮下一步措施方面有什麼想法？我知道你之前和 Jeremy 詳細討論過一些，但這是關於擴展現有站點、增加總持續時間和坡度嗎？或者你認為這更多的是關於在這裡，從零開始，尋找新的地域和新的機會？

Yes. I think the simple answer is it's a combination of both. We're -- a lot of the projects that we're developing are in locations where if we can continue to add additional capacity, it makes a lot of sense to do that. And so you will see, I think, investments made where we want to scale over time. These are very large facilities with very large investments being made. And so scaling over time will be, I think, a clear part of the strategy. We've already done that with Socrates. We started at $1.6 billion of capital that's been upsized to $2 billion. That's an expansion of scope and scale. And we expect to see that at other sites where we can kind of get speed to market as the ability to get a project up and running, but then see scaling over time. These are intended by our customers to be multi-decade investments that will grow over time. And so we -- I think we'll continue to see scaling of these facilities, but also we also continue to see the expansion into other parts of our geography. So it's going to be a combination of both.

是的。我認為簡單的答案是兩者的結合。我們正在開發的許多項目都位於一些地區，如果能夠繼續增加產能，這樣做就很有意義。因此，我認為你會看到，我們會在希望隨著時間推移而擴大規模的領域進行投資。這些都是規模非常大的設施，投入了龐大資金。因此，我認為，隨著時間的推移而擴大規模將是該策略的一個明確組成部分。我們已經對蘇格拉底做過這件事了。我們最初的資本為16億美元，現在增加到20億美元。這是範圍和規模的擴大。我們預計在其他網站上也能看到這種情況，在那裡我們可以快速將專案推向市場，使其能夠啟動並運行，然後隨著時間的推移看到規模化發展。我們的客戶希望這些投資能持續數十年，並隨著時間的推移而增值。因此，我認為我們將繼續看到這些設施的規模擴大，同時也將繼續看到它們擴展到我們地理區域的其他地區。所以最終會是兩者的結合。

Jean Ann Salisbury, BofA.

Jean Ann Salisbury，美國銀行。

Another one on the wellhead to water announcement. Is it possible for you to disclose even directionally, I guess, what share of the EBITDA that you're projecting for the project is contracted take-or-pay either as today or kind of in your eventual vision?

關於井口到水的公告又來了。您能否透露一下，您預計該專案 EBITDA 中有多少比例是按合約約定的照付不議款項，無論是目前的情況還是您最終的設想？

Yes. And I think this is something I want to make sure everyone picks up really clearly. I mean it is a fully contracted take-or-pay pipeline project. So we're 80% of the investment on the pipeline project, and that is 100% take-or-pay fully contracted. And the way the LNG terminal is structured, it is fully contracted 100% take-or-pay. So our relatively small investment, 10% investment, but it's a large project that is into a project that has 100% of the capacity subscribed by -- with take-or-pay contracts.

是的。我認為這一點我想確保每個人都能非常清楚地理解。我的意思是，這是一個完全簽訂了照付不議合約的輸油管項目。因此，我們承擔了該管道項目 80% 的投資，並且 100% 採用照付不議的方式完全簽訂了合約。而且，液化天然氣接收站的結構方式是完全採用照付不議的合約模式。因此，我們的投資相對較小，只有 10% 的投資，但這卻是一個大型項目，該項目 100% 的產能都已被認購——採用的是照付不議合約。

And so the only portion of the investment that is not take-or-pay is the LNG offtake, which is a very small -- I mentioned it, if you think about our sale of the upstream, that was more than 1% of our earnings. The offtake represents less than 1% of our earnings, and we expect to be able to use that as a tool to attract additional customers through our core infrastructure and likely lay that off over time. And so the intent of this strategy is to invest into fully contracted projects with super high-quality investment-grade counterparties and use this platform to both bring the very best gas supply to these facilities, but also support our upstream infrastructure that's going to be importantly called upon to deliver natural gas for this growing ramp of LNG.

因此，投資中唯一不屬於照付不議的部分是液化天然氣承購，這部分非常小——我之前提到過，如果你想想我們上游業務的銷售，那占我們收益的 1% 以上。此次承購業務占我們收益的不到 1%，我們希望能夠利用其作為工具，透過我們的核心基礎設施吸引更多客戶，並可能隨著時間的推移逐步減少這部分業務。因此，該策略的目的是投資於與超高質量投資級交易對手簽訂的完全合約項目，並利用該平台，既為這些設施帶來最好的天然氣供應，又支持我們的上游基礎設施，這些基礎設施將在液化天然氣 (LNG) 產能不斷增長的過程中發揮重要作用，為天然氣供應提供保障。

I might also mention that we also do have some capital protection on the construction side of the LNG facility as well. I can't go into a lot of the details there, but we did protect ourselves on the overrun side of the liquefaction facility build out.

我還要提一下，我們在液化天然氣設施的建設方面也有一些資金保障。我不能透露太多細節，但我們確實在液化設施建設的超負荷方面做好了防範措施。

That makes sense. That's super helpful. And then I guess just kind of a follow-up on that same theme. The Gillis LNG pipeline, I think it's 3.1 Bcf which you said is take-or-pay. That's obviously quite a bit bigger than LEG. Do you envision that Williams will kind of source all of the 3.1 from your own GMP? Or -- and will you have to use kind of third-party pipes could like the expanded more?

這很有道理。這太有幫助了。然後，我想就這個主題做一些後續探討。吉利斯液化天然氣管道，我認為是 31 億立方英尺，你說過它是照付不議的。這顯然比 LEG 大得多。您是否設想威廉斯會從您自己的GMP工廠購買全部3.1升汽油？或者—您是否需要使用類似擴充的第三方管道？

Yes. No, this is Rob Wingo. It's really going to be a combination of gas coming off of our LEG system, off of our transit system and really other parts of the market. The way that it works is we're going to handle the short-term kind of one-year type arrangements. And Woodside has handled the long-term setups for the supply. So between the two of us, we're really going to be sourcing gas off the main pipelines that come into that area.

是的。不，這是羅布溫戈。這實際上是我們 LEG 系統、公共交通系統以及市場其他部分天然氣供應的綜合結果。我們的做法是處理短期的、為期一年的安排。伍德賽德公司負責了長期供應安排。所以，我們倆將主要透過進入該地區的主要管道來獲取天然氣。

Keith Stanley, Wolfe Research.

Keith Stanley，Wolfe Research。

I had two follow-ups, similar topics. On the power strategy, so Chad, when you say you've gotten ahead of the equipment needs and turbine needs almost through the end of the decade, I want to confirm the message is you think you can keep going at this type of cadence of power projects from a supply chain perspective through 2030 at this point?

我還有兩篇後續文章，主題類似。關於電力策略，查德，你說你們已經提前滿足了本十年末的設備需求和渦輪機需求，我想確認一下，你的意思是指從供應鏈的角度來看，你認為目前可以保持這種電力項目建設的節奏到 2030 年嗎？

Yes, that's right, Keith. I mean we are continuing to work with customers to make sure that we can layer in projects through the end of the decade, and that includes working with them and our equipment suppliers to have confidence in our ability to deliver capacity.

是的，沒錯，基斯。我的意思是，我們正在繼續與客戶合作，確保我們能夠將專案推進到本十年末，這包括與客戶和我們的設備供應商合作，以確保他們對我們的產能交付能力充滿信心。

Okay. Great. And then a second one, not to beat a dead horse, but on the Louisiana LNG interest, when you say it's a take-or-pay contract on the facility itself fully pulled out, is that subscribed with Woodside directly just because I think the market perception is that LNG terminal is largely uncontracted. So can you just talk to how you're fully contracted on your interest?

好的。偉大的。第二個問題，我不想老生常談，但關於路易斯安那液化天然氣項目，你說該項目本身是完全撤出的照付不議合同，這是直接與伍德賽德公司簽訂的嗎？因為我認為市場普遍認為液化天然氣接收站基本上沒有簽約。所以你能談談你是如何完全履行合約義務的嗎？

Yes. Yes. It is a fully contracted LNG terminal. I mean you think about Stonepeak coming in for a 40% investment alongside us. I mean that's because the facility is fully supported by take-or-pay contracts. The majority of those are Woodside. We obviously are a portion of that. We'll be paying a toll for our offtake, but we'll be paying the owners of the facility. So a good portion of that toll comes back to us as tolling revenues. That's one of the nice things about the equity ownership model. And whether or not Woodside decide, I think they talked about further effectively selling down their interest, but they are the off-taker for the take-or-pay. And so yes, there are investment-grade contracts, take-or-pay for 100% of the capacity of the facility.

是的。是的。這是一個已全面簽訂合約的液化天然氣接收站。我的意思是，想想看，Stonepeak 和我們一起投資了 40% 的股份。我的意思是，那是因為該設施完全由照付不議合約提供支援。其中大部分是伍德賽德的。我們顯然也是其中的一部分。我們需要為我們的用電支付通行費，但我們會把錢付給設施的所有者。因此，這筆通行費中的很大一部分會以通行費收入的形式回饋給我們。這就是股權所有權模式的優點之一。不管伍德賽德公司是否做出決定，我認為他們討論過進一步有效地出售他們的股份，但他們是「照付不議」交易的承購方。所以，是的，有投資等級的合同，即「照付不議」合同，涵蓋該設施 100% 的產能。

Elvira Scotto, RBC Capital Markets.

Elvira Scotto，加拿大皇家銀行資本市場。

I just wanted to follow up on the power innovation, specifically around that number, the 6 gigawatts that you have in your presentations. Can you talk a little bit about that? If that -- is that your total addressable market? Or can you do more than the 6 gigawatts? Like what are the gating factors to doing more than that?

我只是想就電力創新方面的問題進行後續探討，特別是關於您在簡報中提到的 6 吉瓦這個數字。能稍微談談這方面嗎？如果是這樣——這就是你的全部潛在市場嗎？或者你能做到超過 6 吉瓦嗎？那麼，要實現更多目標，有哪些限制呢？

Yes. Thanks, Elvira. I'd say there is definitely more market than that. We get to that number when we look at managing what we think is the right pace of investment up alongside the quality of the counterparts, the quality of the projects where we have strategic advantage across our footprint. And so we talk a lot about our capital allocation philosophy and we're going to stay very disciplined. So we're only going to be targeting very high-quality counterparties and take-or-pay contracts and geographies where, frankly, not only do we see these as attractive projects, but we have the ability to further grow our business behind connecting to these demand opportunities.

是的。謝謝你，艾薇拉。我認為市場潛力肯定不止於此。我們之所以能得出這個數字，是因為我們既要考慮投資的合理速度，又要考慮競爭對手的質量，以及我們在業務範圍內擁有戰略優勢的項目的質量。因此，我們經常談論我們的資本配置理念，我們將保持高度的自律。因此，我們只會瞄準非常高品質的交易對手和照付不議合同，以及我們認為不僅具有吸引力的項目，而且我們有能力透過與這些需求機會的對接來進一步發展業務的地區。

And so that feels like when we kind of run all of that through the analysis that feels like a very manageable level of investment. I would say also, and the team has done an amazing job. We also want to make sure that we can deliver. And so we're not going to take on more projects than we feel confident that we can deliver. And so we are staffing up, and we're making sure that we can take good care of these customers because these are very, very important facilities, and we expect to be a critical solution service provider for these new hyperscalers for decades to come. And so it's all kind of a balance between those various factors that get us to that number.

所以，當我們把所有這些因素納入分析之後，就覺得這筆投資的規模非常可控。我也想說，團隊做得非常好。我們還想確保能夠交付。因此，我們不會承接超出我們能力範圍的項目。因此，我們正在增加人手，確保能夠妥善照顧這些客戶，因為這些都是非常非常重要的設施，我們預計在未來幾十年裡，我們將成為這些新型超大規模資料中心的關鍵解決方案服務提供者。所以，最後得出這個數字，是各種因素之間取得平衡的結果。

Great. And then just my follow-up question is on the transmission side. What's the ability to continue to expand Transco. And of that $14 billion of project opportunities, what portion represents Transco? And how competitive are those projects? How much do you think Williams can reasonably win?

偉大的。那麼，我的後續問題是關於變速箱方面的。Transco 繼續擴張的能力如何？在這140億美元的專案機會中，Transco公司佔了多大份額？這些項目的競爭力如何？你認為威廉斯合理能贏多少分？

Yes. This is Larry. Thanks for the question. Yes, as far as the expandability of Transco at this point, I think it's fairly unlimited. As we continue to prove, we find more and more capacity expansion options as we have new supply coming in different parts of the system that creates new opportunities. And so as you think about the project backlog, it continues to grow as we see demand from our customers across the footprint where you see it now, it's also up in the Pacific Northwest in the Rockies.

是的。這是拉里。謝謝你的提問。是的，就Transco目前的擴充能力而言，我認為它幾乎是無限的。隨著我們不斷進行驗證，我們發現越來越多的產能擴張選擇，因為系統不同部分的新供應創造了新的機會。因此，當你考慮專案積壓情況時，你會發現隨著我們客戶在業務覆蓋範圍內（包括你現在看到的區域）的需求不斷增長，專案積壓情況也在持續增加，太平洋西北地區和落基山脈地區的專案積壓情況也在增加。

But I would say the majority of the backlog that you see that we've highlighted is along the Transco quarter where we've just seen really robust demand across the Southeast and the Gulf regions. And so I'd say you'll continue to see a lot of the project focused in that space, but it's nice to be able to start layering on opportunities out West as we're starting to see that focus on affordability and reliability as well as just kind of the power generation demand growth that's happening across our footprint. And so it's split, but I would say majority is on Transco.

但我認為，我們重點提到的大部分積壓訂單都集中在 Transco 區域，我們在東南部和墨西哥灣沿岸地區看到了非常強勁的需求。因此，我認為你將繼續看到很多項目都集中在這個領域，但很高興能夠開始在西部地區拓展機會，因為我們開始看到人們關注經濟性和可靠性，以及我們業務範圍內正在發生的發電需求增長。所以意見不一，但我認為大多數人支持Transco。

Yes. And I think you can think about Transco is like the largest highway system in our country with respect to natural gas, and it's got the highest speed limit and some of the lowest tolls. And so for customers, we can create a lot of flexibility and a lot of solutions. It's a lot easier to add lanes to a large existing highway system than it is to turn small roads into larger highways or build greenfield where they don't exist. And so Transco remains -- we're blessed to have it as an asset, remains incredibly competitive. And so we do expect to win more than our fair share of opportunities along that corridor.

是的。你可以把 Transco 看作是我們國家最大的天然氣高速公路系統，它擁有最高的限速和最低的通行費。因此，我們可以為客戶創造很大的靈活性和許多解決方案。為現有的大型高速公路系統增加車道比把小路變成更大的高速公路或在原本沒有道路的地方建造新道路要容易得多。因此，Transco 仍然——我們很幸運擁有它作為一項資產——仍然具有極強的競爭力。因此，我們期望能夠贏得該走廊沿線遠超過我們應得份額的機會。

Ameet Thakkar, BMO Capital Markets.

阿米特·塔卡爾，BMO資本市場。

Hopefully, this is not redundant. I just wanted to clarify something Chad said earlier. But -- so what our understanding is that Woodside is taking 8 million tonnes from the LNG offtake. And then Uniper is taking 1 in addition to your 1.5. I think it leaves about 6 million tonnes per annum that hasn't been, I guess, at least in the public domain kind of disclosed. Are you saying that, that 6 million tonnes per annum has now been fully contracted and is take-or-pay? Or is Woodside, I guess, kind of going to be on the hook for that? And I've got 1 more follow-up.

希望這並非多餘。我只是想澄清一下查德之前說過的話。但是——據我們了解，伍德賽德公司正在從液化天然氣承購業務中購買 800 萬噸。然後，Uniper 還要在你 1.5 噸的基礎上再加 1 噸。我認為這樣一來，每年大約還有 600 萬噸的產量沒有被公開披露。你是說，每年600萬噸的訂單現在已經全部簽訂了合同，而且是照付不議的合同嗎？或者說，伍德賽德公司可能要為此負責？我還有一個後續問題。

Yes. I don't want to speak entirely for Woodside, but I would say that Woodside today holds the equity and the offtake for the 14 tonnes. And I think they have expressed a willingness or an interest in selling down additional equity, which would also mean selling with that the offtake obligation. But today, when you look at the stand-alone LNG terminal, it is 100% contracted, and that is primarily Woodside as the offtaker, which is a very credible investment-grade, international LNG company, and we feel really good about -- you think about having JERA on the production side of our Haynesville footprint. You think about all the infrastructure we have in between the Haynesville and what will be this terminal and you've got a super high-quality investment-grade counterparty in Woodside as the LNG terminal operator and off-taker. And if they do reduce their interest and offtake, we would expect that to again be with high-quality counterparts. But today, 100% contracted with Woodside and us.

是的。我不想完全代表伍德賽德發言，但我想說，伍德賽德目前擁有這 14 噸原油的股權和承購權。我認為他們已經表達了出售更多股權的意願或興趣，這也意味著將連同承購義務一起出售。但如今，當你看到獨立的液化天然氣接收站時，你會發現它已經 100% 簽訂了合同，而且主要承購方是伍德賽德公司，這是一家信譽卓著的投資級國際液化天然氣公司，我們對此感到非常滿意——想想看，JERA 在我們海恩斯維爾的生產端為我們提供了支持。想想我們在海恩斯維爾和即將建成的這個終端之間擁有的所有基礎設施，而且伍德賽德是一家超高質量的投資級交易對手，作為液化天然氣終端運營商和承購商。即使他們真的減少了購買意願和採購量，我們預計他們仍然會選擇高品質的替代品。但如今，我們和伍德賽德公司已100%簽約。

Great. And then just turning back to the power innovation. You kind of -- it seems like you have a pretty good line of sight in terms of kind of your equipment supply partners. Are you availing yourself of any other sorts of things kind of beyond the equipment that you did with [Socrate] such as fuel cells or anything kind of maybe a little bit more nontraditional?

偉大的。然後我們再回到電力創新上來。看來你對你的設備供應夥伴似乎有相當清楚的了解。除了你和蘇格拉底一起做的那些設備之外，你有沒有利用其他類型的設備，例如燃料電池或其他一些比較非傳統的設備？

I'd say that generally, we're sticking to our knitting and to where we have strength and expertise. I think we have mentioned that we've added some batteries to our scope of work. But for the most part, we're staying focused on generating power with natural gas turbines. And so that will continue to be the vast majority. We are exploring different technologies in partnership with our customers, but it is a very small amount of the overall investment and projects.

總的來說，我認為我們會堅持做我們擅長的事情，做我們擁有優勢和專長的領域。我想我們已經提到過，我們的工作範圍增加了一些電池。但總的來說，我們仍然專注於利用天然氣渦輪機發電。因此，這仍將佔絕大多數。我們正在與客戶合作探索不同的技術，但這只佔整體投資和專案的一小部分。

Manav Gupta, UBS.

瑞銀集團的馬納夫·古普塔。

I just wanted to go back a little bit to Green River West expansion. Can you help us remind the strategic rationale behind it? And how does it add to your footprint in Mountain West, if you could talk about that?

我只是想稍微回顧一下格林河西部的擴張情況。您能幫我們回顧背後的戰略邏輯嗎？如果可以的話，請談談它如何擴大您在西部山區的影響力？

Yes. Manav, this is Larry. I'll answer that question. So yes, it's just another expansion on our Mountain West (inaudible) pipeline system serving industrial load growth that we're seeing in Southwest Wyoming, kind of around industrial and mining. And so just another, I think, strong tie to supply in the Rockies and continued growth we're seeing in that Mountain West region, both from the power generation and industrial load.

是的。馬納夫，我是拉里。我會回答這個問題。所以，是的，這只是我們山地西部（聽不清楚）管道系統的另一個擴建，旨在服務我們在懷俄明州西南部，特別是工業和採礦業附近看到的工業負載增長。因此，我認為這又是一個與落基山脈的供應以及我們在西部山區看到的持續成長（無論是發電還是工業負載）緊密相關的因素。

And a quick follow-up. Can you even go back to [Cogentrix] and talk a little bit about how that investment is faring. Any synergy surprises from that investment?

還有一個後續問題。能否回到[Cogentrix]談談這項投資的進展？這項投資是否帶來了任何意想不到的綜效？

Yes, I'd say on track and still early days. I mean, that team have gotten to spend a little bit of time with them. I think Rob is going to be joining an upcoming Board meeting. So still early days, but definitely getting to see a lot with respect to our footprint. And just as a reminder, they operate power plants along the Transco footprint in both PJM, New England ISO and in ERCOT. And so nothing to speak to beyond the investment is on track, delivering the numbers that we expected this year and early signs are that we think it's going to be a great relationship and certainly benefiting from having that insight into that market.

是的，我認為一切進展順利，現在還處於早期階段。我的意思是，那個團隊有機會和他們相處一段時間。我認為羅布將會參加即將召開的董事會會議。雖然現在還處於早期階段，但我們確實看到了自身影響力的顯著提升。再次提醒大家，他們在 Transco 的營運範圍內，包括 PJM、新英格蘭獨立系統營運商 (New England ISO) 和 ERCOT，都經營發電廠。因此，除了投資進展順利，實現了我們今年預期的數字之外，沒有什麼可說的了。早期跡象表明，我們認為這將是一段良好的關係，並且肯定會從對該市場的深入了解中受益。

Theresa Chen, Barclays.

特蕾莎·陳，巴克萊銀行。

Maybe putting a finer point on the ability to source and supply gas into the (inaudible) facility and what it means for your base infrastructure assets. Can you quantify at this part? What is the potential? Or what is your target as far as an uplift in utilization or underwriting additional expansion in your pipeline assets into Gillis and Transco, LEG and so on, on the [heels] of this deal?

或許應該更詳細地說明向（聽不清楚）設施供應天然氣的能力，以及這對你的基礎基礎設施資產意味著什麼。這部分你能量化一下嗎？潛力有多大？或者，在完成這筆交易之後，你們的目標是什麼？是提高利用率，還是進一步擴大 Gillis、Transco、LEG 等管線資產的承保？

Yes, I'll start and let Rob add any color. I think important just to note that the first and foremost need for the project is to make sure there's a reliable supply of gas. And with Sequent, one of the largest natural gas platforms -- marketing platforms in the country, it gives us a lot of confidence that we can make sure that the pipeline is going to be full and ultimately that the LNG terminal is going to have reliable natural gas supply.

好的，我先開始，剩下的就交給羅布來添加顏色。我認為需要特別指出的是，該項目的首要任務是確保天然氣的可靠供應。有了 Sequent 這個全國最大的天然氣平台（行銷平台之一）的合作，我們更有信心確保管道能夠滿載運轉，最終確保液化天然氣終端能夠獲得可靠的天然氣供應。

And so the benefit of that is we are going to be going out across our footprint and across other pipelines where sequence markets, and we're going to be making sure that we can find the very best, lowest cost supply and most reliable volumes that we can bring to Gillis and bring through the LNG terminal. I absolutely expect that, that will lead to us identifying solutions where we can grow our gathering footprint and make sure that gathering volumes can move through LEG and other systems to get to Gillis and get through the system, Transco and the connection.

因此，這樣做的好處是，我們將遍及我們的業務範圍以及其他管道，包括順序市場，我們將確保找到最佳、成本最低的供應和最可靠的數量，輸送到吉利斯並通過液化天然氣終端。我完全相信，這將促使我們找到解決方案，擴大我們的集輸範圍，並確保集輸的水量能夠通過 LEG 和其他系統到達 Gillis，並通過該系統、Transco 和連接點。

We talked about the Pine Prairie expansion. There are additional storage projects that we're exploring to make sure that we can connect LNG terminals, including the Woodside terminal to large, flexible transmission capacity and storage capacity. And so again, we expect that it will be a collaborative process. We'll leverage the Sequel platform. The fact that we've got a lot of market intelligence and presence sourcing and moving natural gas across the country. But that will be the role that we will play with Sequent and Woodside. And Rob anything to add?

我們討論了松樹草原的擴建工程。我們正在探索其他儲存項目，以確保能夠將液化天然氣接收站（包括伍德賽德接收站）與大型、靈活的輸送能力和儲存能力連接起來。因此，我們再次預期這將是一個協作過程。我們將利用 Sequel 平台。事實上，我們在天然氣的採購和運輸方面擁有大量的市場情報和業務網絡，業務遍及全國。但我們將與 Sequent 和 Woodside 一起扮演這樣的角色。羅布，還有什麼要補充的嗎？

No. I mean there's no doubt that being the face to the market with Sequent is going to be a huge benefit to our core business, our midstream business. The other thing I'll mention is that we're -- one of the changes that we made from the original project scope is the 3.1 Bcf a day pipeline is not going to be bidirectional, and that will create optimization opportunities and additional marketing opportunities that we did not include in our base case. So I think that, combined with being the front face to the market, we're going to see some synergies there that we did not include in our base case economics.

不。我的意思是，毫無疑問，與 Sequent 合作成為市場代表，將對我們的核心業務——中游業務——帶來巨大的好處。我還要提一下，我們對最初的專案範圍所做的更改之一是，每天 31 億立方英尺的管道將不是雙向的，這將創造優化機會和額外的行銷機會，而這些機會和機會在我們的基本方案中沒有包括。所以我認為，再加上我們是面向市場的門面，我們將會看到一些協同效應，而這些協同效應在我們基本的經濟預測中並沒有考慮到。

That is interesting. And would you provide an update on the production activity levels in Haynesville and the Northeast? And what is your outlook on volumes across your assets into 2026?

這很有意思。能否提供一下海恩斯維爾和東北地區的生產活動水準的最新情況？您對2026年各資產的交易量有何展望？

Yes, this is Larry. I'll take that one. So yes, we've seen activity levels pick up in the Haynesville as we expected. I mean, the demand is materializing and our producers are responding to that. And so we've seen activity in the Haynesville pick up over the course of this year. We don't necessarily see that slowing down as we go into 2026. It's still a little early. A lot of our producers, as you know, working through kind of their plans for 2026. But with the amount of demand that's coming online, we don't see activity slowing down. The Northeast, we've seen pockets where we've had some growth and pick up over the course of this year in some areas where it's been a little bit more flat.

是的，這是拉里。我選那個。是的，正如我們預期的那樣，海恩斯維爾的活動水平有所上升。我的意思是，需求正在變成現實，我們的生產商也正在對此做出回應。因此，我們看到今年海恩斯維爾地區的活動增加。我們並不認為這種趨勢會在2026年放緩。現在還為時過早。如你所知，我們許多製片人都在製定 2026 年的計畫。但隨著線上需求的不斷增長，我們預期市場活動不會放緩。在東北地區，我們看到一些地區在今年出現了成長和回升，而其他一些地區則相對穩定。

That's a little bit more of a pricing challenge during some of the [shoulder] months and summer months up in the Northeast that slowed down some of the activity, but we're starting to see that picked up again as prices are starting to rebound. And although it's still early for kind of 2026 forecast, we do see and expect to see an uptick in volumes in the Northeast as well. But it will be mixed across customers as well as some of the different gathering and processing facilities we have where we may see some that are growing and some that might be a little bit more flat depending on the position where kind of gas prices and outlook lands for next year.

在東北地區的一些淡季月份和夏季月份，定價方面面臨更大的挑戰，導致一些交易活動放緩，但隨著價格開始反彈，我們開始看到交易活動再次活躍起來。雖然現在對 2026 年做出預測還為時過早，但我們確實看到並預計東北地區的銷量也會有所增長。但不同客戶以及我們不同的收集和加工設施的情況會有所不同，有些可能會成長，有些可能會比較平穩，這取決於明年天然氣價格和前景的走向。

Robert Catellier, CIBC Capital Markets.

Robert Catellier，CIBC Capital Markets。

I just wanted to follow up on the LNG opportunity, which sounds like it might be a good opportunity for both yourself and your producer customers. Specifically, I wanted to address the fees and what you see as a contract tenor there. So just on the fee side, do you see this as a more straightforward fee-for-service type contract structure? Or is there an opportunity maybe to have some linkage to some of the LNG pricing benchmarks? And then on the contract tenor, given the -- how you split the sourcing for your capacity versus the Woodside, how do you see the contract tenor working out there?

我只是想跟進一下液化天然氣的機會，聽起來這對您和您的生產商客戶來說可能都是個好機會。具體來說，我想談談費用以及您所說的合約條款。那麼就費用方面而言，您是否認為這是一種更直接的按服務收費的合約結構？或者，有沒有可能與一些液化天然氣定價基準掛鉤？那麼，關於合約期限，考慮到你們如何分配產能資源（包括你們與伍德賽德的產能），你們認為合約期限在這種情況下會如何運作？

Yes. On the fee structure, I guess what I'd say is, generally, we have seen from producer customers an interest in accessing international markets where we would just like we do with Sequent, basically provide the connectivity for a fixed margin. And so initially, that is open capacity that we have where we've got 1.5 million tonnes of offtake. It's only around 225 million cubic feet a day of gas. And so it's not a very large gas position from an LNG offtake perspective. But we will look to monetize that primarily through fixed margin transactions, which is what we do on our Sequent platform each and every day. So that's how I think about kind of the offtake there. And with respect to tenure, I'm not sure I totally understand the question. I mean, these are 20-year contracts on the pipeline and on the LNG facility and 20-year offtake for the LNG. Am I getting your question right there?

是的。關於收費結構，我想說的是，總的來說，我們看到生產商客戶對進入國際市場很感興趣，就像我們與 Sequent 合作一樣，我們基本上會以固定利潤率提供連接服務。因此，最初我們有150萬噸的開放產能，可以滿足市場需求。每天的天然氣產量只有大約 2.25 億立方英尺。因此，從液化天然氣承購的角度來看，這並不是一個很大的天然氣部位。但我們將主要透過固定保證金交易來實現盈利，這也是我們在 Sequent 平台上每天所做的。這就是我對那裡的出口的看法。至於終身教職的問題，我不太確定我是否完全理解這個問題。我的意思是，這些是管道和液化天然氣設施的 20 年期合同，以及液化天然氣的 20 年期承購合約。我理解你的問題對嗎？

Yes. Actually, with respect to these smaller customers, as you mentioned, it's not a huge gas position. So it just seems like you're probably accumulating volumes from a number of smaller players, which seems to suggest maybe no longer long-term contract portfolio for (inaudible) responsibility?

是的。實際上，就這些小客戶而言，正如您所提到的，這並不是一個巨大的天然氣供應點。所以看起來你可能正在從許多小玩家那裡累積訂單量，這似乎表明你可能不再承擔（聽不清楚）長期合約組合的責任了？

Got it. No, we have looked at -- as we've thought about this strategy now for many years, and we've talked to producer customers, we do think that it's likely that you supply an LNG terminal and an LNG optic position with various different contract tenors. Now you tend to get compensated for those different tenors. So said another way, you get a higher margin for a shorter tenor, and a smaller margin for a longer tenure. And so I do think that those are going to be the kinds of opportunities that we're going to explore. But generally speaking, we'll be looking to build both a portfolio of gas supply for the terminal and also a portfolio of supply for our update.

知道了。不，我們已經考慮過——多年來我們一直在思考這個策略，並且與生產商客戶進行了交談，我們認為您很可能需要提供液化天然氣接收站和液化天然氣光學位置，並簽訂各種不同的合約期限。現在，你往往會因為這些不同的音調而獲得相應的報酬。換句話說，期限越短，利潤越高；期限越長，利潤越低。所以我認為，這些將會是我們將要探索的機會類型。但總的來說，我們將尋求為終端建立天然氣供應組合，同時也將為我們的升級改造建立供應組合。

Sunil Sibal, Seaport Partners.

Sunil Sibal，Seaport Partners。

So a lot of clarifications on the LNG. I was curious if you see this as a one-off opportunity with Woodside or should be expect this as a kind of an opening into a bigger kind of a business for Williams?

所以，關於液化天然氣有很多需要澄清的地方。我很好奇，您認為這是與伍德賽德的一次性合作機會，還是應該將其視為威廉斯進軍更大業務領域的機會？

Yes. Thanks, Sunil. I would not view this as necessarily a bigger opening for Williams. But what I would say is when we have the ability to take a very small LNG position, but parlay that into an integrated opportunity like this to build pipeline infrastructure to expand our gathering and delivery systems through Transco and align our storage assets. Those are unique, I think, opportunities to bring a lot of different future growth to the platform. And so I wouldn't say that we would never do another deal. But I made it clear in our -- in the remarks, our goal is not to grow our position as an international LNG marketer that is not our business. But where we have the ability -- we're a big company.

是的。謝謝你，蘇尼爾。我並不認為這對威廉斯來說是一個更大的機會。但我想說的是，當我們有能力持有非常小的液化天然氣頭寸，並將其轉化為像這樣的綜合機會，透過 Transco 建造管道基礎設施來擴展我們的收集和輸送系統，並調整我們的儲存資產。我認為這些都是獨特的機遇，可以為平台帶來許多不同的未來成長。所以我不會說我們永遠不會再做其他交易。但我已經在我們的演講中明確表示，我們的目標不是要發展成為國際液化天然氣行銷商，那不是我們的業務。但我們有能力做到——我們是一家大公司。

So to be able to take a very position that we think we can mitigate risk over time to be able to take a very small position, but align that with a much more strategic, fully integrated opportunity like Woodside, those opportunities aren't everywhere, but if those come along, we'll continue to be open to exploring them, but don't read this to mean that we're trying to become a larger international LNG marketer and that's not our intent.

因此，我們希望能夠採取一種我們認為可以隨著時間的推移降低風險的策略，從而能夠持有非常小的倉位，但同時又能與像伍德賽德這樣更具戰略意義、完全一體化的機會相契合。這樣的機會並非隨處可見，但如果出現，我們將繼續持開放態度去探索。但請不要誤解，這並不意味著我們試圖成為一家更大的國際液化天然氣行銷商，這並非我們的意圖。

Understood. And then on the power innovation side, I was curious what kind of cost inflation you're seeing in your supply chains. And also, how do you think about counterparty concentration as you grow that business?

明白了。在電力創新方面，我很好奇你們的供應鏈中出現了什麼樣的成本上漲。另外，隨著業務的成長，您如何看待交易對手集中問題？

Yes, I'd say on the first note, I mean we have seen -- I think everyone is seeing cost inflation. We're managing that with our customers. And so I think that's just a reality of the market right now as the demand for generation. I mean I've been saying this, we haven't grown power generation in the United States, electricity generation in the United States in effectively 25 years. And so there's a lot of demand coming into a market where we haven't had the capacity to really grow electricity production. So we have seen cost increases, but it's across the board. And so it hasn't made us any less competitive than anyone else. It's just a reality that customers are having to deal with as cost for equipment has increased over the last, call it, 12 months. So that's certainly an issue we're dealing with.

是的，首先，我的意思是，我們已經看到——我認為每個人都看到了成本上漲。我們正在與客戶共同解決這個問題。所以我認為這就是目前市場對發電需求的現實。我的意思是，我一直都這麼說，美國的發電量，美國的電力生產，實際上已經25年沒有成長了。因此，市場對電力的需求很大，而我們卻沒有能力真正提高電力產量。所以我們看到成本上漲了，而且是全面上漲。所以，這並沒有讓我們比其他人遜色多少。這是客戶不得不面對的現實，因為在過去的12個月裡，設備成本一直在上漲。所以這確實是我們正在處理的問題。

Yes, I can pick up the second point on customer concentration. I mean, I think we're really excited about what we're seeing on the credit profile and the power innovation. Again, as Chad mentioned, we were only focused on the best of the best opportunities here. We're not stretching into a lot of the projects that are going to happen in this space. We're focused on deals with the hyperscalers, AA credits and such. And so we like the credit profiles to begin with. But that's -- but that's kind of Step 1. Step 2 is we're getting some very attractive credit protection as part of these agreements as well. I can't go into the details of that. But we're really happy with the amount of credit protection we're getting above and beyond the fact that these are some of the best companies in the world to be working with.

是的，我明白關於客戶集中度的第二點。我的意思是，我們對目前在信用狀況和電力創新方面所看到的景象感到非常興奮。正如查德提到的那樣，我們只專注於這裡最好的機會。我們並沒有涉足這個領域即將開展的許多項目。我們專注於與超大規模資料中心營運商達成交易、獲得AA級信用額度等等。所以我們先就對信用狀況比較滿意。但這只是第一步。第二步，作為這些協議的一部分，我們還能獲得一些非常有吸引力的信用保護。我無法透露詳情。但除了這些公司是世界上最好的公司之一之外，我們還對所獲得的信用保障感到非常滿意。

John Mackay, Goldman Sachs.

約翰麥凱，高盛集團。

I'll just ask one quick one. You got the upstream sale announced recently. Can you just remind us on what your plan is for the remaining upstream portfolio from here?

我就問一個簡單的問題。你們最近宣布了上游出售計劃。您能否提醒我們一下，您接下來對剩餘的上游投資組合有什麼計畫？

Yes. And Rob can certainly add anything to this. But (inaudible) is our remaining current upstream interest. And as I've said, I think, many times, it's a much larger, much more complex asset. It's also an asset that has very high margins for us because it's a rich gas in liquids basin. And so when we produce an incremental molecule in Wamsutter, we gather, we process, we move the NGLs to our infrastructure, we can fractionate, we market NGLs, we market the gas. And so a lot of margin that we capture through our midstream infrastructure from Wamsutter. And so the strategy there is importantly to make sure that when we move that asset into an upstream producers hands, we know that the asset has been fully delineated and will be developed at its full potential.

是的。羅布當然也可以對此補充任何內容。但（聽不清楚）是我們目前剩餘的上游投資。正如我多次說過的那樣，我認為，它是一個規模更大、更複雜的資產。它也是一項利潤率非常高的資產，因為它是一個富含天然氣和液體的盆地。因此，當我們在 Wamsutter 生產增量分子時，我們會收集、加工、將 NGL 運送到我們的基礎設施，進行分餾，銷售 NGL，銷售天然氣。因此，我們透過從 Wamsutter 獲得的中游基礎設施獲得了大量的利潤。因此，該策略的關鍵在於確保當我們把該資產移交給上游生產商時，我們知道該資產已經得到充分的界定，並將得到充分的開發。

And we have the benefit of proving up that asset with all of the value chain economics that we get through our midstream infrastructure. And if we were just to move that asset into an upstream only operator hands, they may not develop it to its full potential. And so we are working to prove up Wamsutter, but as I've said, that will take some time, and we will continue to kind of do that work, but we've got a great team working on it and feel really good about where we are. But that's the remaining interest. But again, now represents only a couple of percentage points of our total overall earnings. But the power that it drives into our midstream is really most important.

而且，我們還能透過我們的中游基礎設施獲得所有價值鏈經濟效益，從而證明該資產的價值。如果我們只是將資產轉移到僅從事上游業務的營運商手中，他們可能無法充分開發其潛力。所以我們正在努力驗證 Wamsutter，但正如我所說，這需要一些時間，我們會繼續做這項工作，但我們有一個很棒的團隊在做這件事，我們對目前的進展感到非常滿意。但這就是剩餘的利息了。但再次強調，這僅占我們總收入的幾個百分點。但它為我們中游注入的力量才是最重要的。

That concludes the Q&A portion of our call. I will now turn it over to President and CEO, Chad Zamarin for closing remarks.

本次電話會議的問答環節到此結束。現在我將把發言權交給總裁兼執行長查德·札馬林，請他致閉幕詞。

All right. Well, thanks for the robust Q&A session, and thank you for your interest in Williams. We look forward to seeing you in February. And in the meantime, we wish you well. Thanks.

好的。非常感謝大家踴躍參與問答環節，也感謝大家對威廉斯的關注。我們期待二月與您見面。同時，我們祝福您一切順利。謝謝。

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

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。