Management remarks
Call period: 2026 Q2 · 2026-08-06
Guidance: William Byers: Given the strength of our performance so far this year, we now expect full year 2026 adjusted EBITDA to be towards the top end of our guidance range of $5.7 billion to $5.9 billion.Demand and orders: Jennifer Kneale: With Hugh Brinson Phase 1 and the GCX expansion now online, we have seen most of the price-driven producer shut-ins return to our system in July, and we continue to see a lot of activity behind our systems, positioning us really well for strong growth in Permian volumes across 2026 that are tracking higher than what we were expecting in February.Analyst Q&A
Analyst Burke Sansiviero asked: Just one quick one for me today. So G&P volumes were up 7% quarter-over-quarter and then gross margins were up 4%. So per unit margins went down. Any color on what pushed that per unit margin lower? Management Matt Meloy answered: I mean we have done a really good job at moving our G&P contracts to fee-based contracts. That said, we still have some part of our G&P contracts that are commodity sensitive. And so that was a slight headwind. And then there are gains, fuel gains, fixed recovery gains, some other gains, which can affect results as well. But overall, a really strong quarter for our G&P, but I'd say it's largely commodity price, which was a slight offset to our G&P business in the quarter.管理层陈述
电话会期间：2026 Q2 · 2026-08-06
指引：威廉·拜尔斯：鉴于我们今年迄今的表现强劲，我们现在预计2026年全年调整后EBITDA将接近我们此前给出的57亿至59亿美元指引区间的上限。需求与订单：詹妮弗·尼尔：随着休·布林森第一阶段和GCX扩建项目现已上线，我们看到多数受价格驱动的生产商停产情况在7月恢复至我们的系统中，且我们持续看到系统背后有大量活动，这助力我们实现2026年二叠纪产量的强劲增长，当前增速高于我们2月份的预期。分析师问答
分析师伯克·桑西维耶罗询问：G&P业务季度环比销量增长7%，总毛利率增长4%，但单位边际利润却下滑，请问原因是什么？管理人马特·梅洛伊回应称，公司已将多数G&P合同转为收费模式，但仍有部分合同对商品价格敏感，带来小幅逆风；燃油收益、固定回收收益及其他收益也会影响业绩，整体来看G&P业务本季度表现强劲，但商品价格对业务构成了小幅抵消。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。
