Management remarks
Call period: 2026 Q2 · 2026-08-05
Guidance: Kevin Mitchell: We expect to achieve our debt target, while also returning greater than 50% of net operating cash flow to shareholders through dividends and share repurchases.Demand and orders: Mark Lashier: During the quarter, we also achieved record LPG export volumes.Analyst Q&A
Analyst Manav Gupta asked: If you take out the tax and interest expenses, it's about $3.3 billion in free cash that, that business generates. Now that number strikes us because that's exactly your dividend burden plus your sustaining CapEx. So what I'm trying to understand is, once you are at this $4.5 billion run rate EBITDA, can your Midstream fully support your sustaining CapEx for the full company and the dividend burden? Management Mark Lashier answered: You're absolutely right. That's why we like the Midstream business. We think of the Midstream business as the foundation under our fortress of the rest of our portfolio that Midstream along with Marketing and Specialties provides that consistent cash generation to cover the sustaining capital and the dividends. And today, a significant portion of our interest expense, and we see that only getting better. And absolutely, as you look forward, that will contribute to our ability to drive that competitive growing and sustainable dividend.管理层陈述
电话会期间：2026 Q2 · 2026-08-05
指引：凯文·米切尔表示：我们有望达成债务目标，同时将通过股息和股票回购的方式向股东返还超过50%的净运营现金流。需求与订单：马克·拉希尔表示：本季度我们还实现了液化石油气出口量的纪录新高。分析师问答
分析师马纳夫·古普塔提问：若扣除税费和利息支出，该业务自由现金流约33亿美元，该数字恰好等于公司股息负担加维持性资本支出，请问当公司达到45亿美元EBITDA运行率时，中游业务能否完全支撑全公司的维持性资本支出与股息负担？管理人马克·拉希尔回应：您说得完全正确，这正是我们看好中游业务的原因，将其视为整个投资组合的坚实基础，中游与营销及特种业务可实现稳定现金流，覆盖维持性资本支出与股息。目前公司利息支出占比较大，但情况只会改善，未来这将助力我们提升具有竞争力且可持续增长的股息能力。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
