Enterprise Products Partners (EPD) 1 Feb 222021 Q4 Earnings call transcript

Ladies and gentlemen, thank you for standing by, and welcome to the Q4 2021 Enterprise Products Partners Conference Call. At this time all participants are on a listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded. [Operator Instructions] I would now like to turn the conference over to your speaker for today, Randy Burkhalter, Vice President, Investor Relations.

begin. may You

Good Products DeWanda. and and to welcome XXXX Thank conference morning, call Enterprise Partners quarter to the earnings. you, everyone, discuss year-end fourth

partner, Executive Our of members management in of be today also senior and Co-Chief are today. speakers Enterprise’s Fowler. will our general attendance Jim team Other Teague Randy Officers

the as During this XXE forward-looking based the made and Securities make the of to information of on the currently XXXX well within Enterprise’s call, statements we Company beliefs and by management of Exchange assumptions will Section meaning as Act available of team.

believes expectations materially to the this from that a statements list that that such Although differ our correct. such may management assurance made forward-looking during it SEC for cause prove will to the with be forward-looking reasonable, statements filings factors are to expectations no those of Please in results give call. the actual can in refer reflected latest

Jim that, with I’ll so, And over turn to now. it

XXXX. head generated financial We in in ‘XX impacted large million DCF of working We with were into We to reported $X.XX retained $X.X ‘XX by per to opportunities. $X.XX diluted to XXXX. to for operations $X.X or billion you, changes ‘XX significant was capital $X.X flow common $X.X the Cash $X.X ‘XX per on for billion compared and in unit $X.X Thank a or ‘XX X.X about of XXXX. DCF by of had storage XXXX net ‘XX basis unit fully opposite billion directions and times Randy. flexibility. billion significant $X.X brought compared from We for billion compared unitholders attributable for Both in coverage. billion income and

of distribution again growth per XXXX distribution XXrd also since year consecutive common unit, increased $X.XXX IPO our making XXXX. this the in We to our in

enterprise, five operating records financial records. another XXXX including of for addition, In marked XX year records and

in operating $X which a gross billion -- including with Gas also focused marine We Pipelines natural margin margin & record segment, records $X.X and operating on ethane a been set propylene gross & Petrochemicals Our growing exceeded volumes, Services performance volumes. margin XXXX. production contribution gas had segments & Natural record petrochemical Services record XXXX huge gross petrochemicals, propylene Services our billion operational refined five records. NGL ‘XX, for Pipelines production record transportation set of We’ve transportation Products record in and where volumes products volumes, record operating and volumes, for Refined

with operating finished also reporting billion. We XXXX margin gross a fourth solid of $X.X total quarter,

were natural record quarter an continuing by NGL results strong the recovery near pre-COVID volumes. natural petrochemicals, equity driven pipeline gas levels crude quarterly and from to our pipeline another Our margins, oil increase gas in volumes production, processing in

our put Louisiana. Natural storage ethylene down Haynesville our volumes our and the expansion approximately projects Beaumont, billion Gillis in in segment, XXXX Haynesville a our Acadian As feedstocks from with export In quarter into to to spending Gas pipelines. $X.X petrochemicals. to currently Coast Services was put capacity ethylene LNG growth growing from were completed CX CapEx, The billion our ‘XX. Mont construction. to terminal Gulf Mont XXXX another of growing the in move at projects of major move ethane December pipeline and service to South we we and largest in include Petrochemicals group, Belvieu, These project added service hydrotreater projects Belvieu under to provide Lateral capital In $X.X into and

schedule in budget and on remains of the first on PDH sector for Our XXXX. half in-service

acquire closing gives NGL to acquisition We agreement processing We as major the and are subject Graham growth. anticipate impact another happy Coast major ICE regulatory us the Navitas Early first year, point customary few natural in Basin. traded site, us were now his X in Our provide equipment that our announced barrels attractive would project trading. Gulf the equipment businesses almost million have entry promote team and joined week project an plant, that derisking Midstream. Midland we schedule. to done approvals. going and to Navitas chain that announce team for days well report be is this any of contract indications futures significantly also are supply issues a forces ensure the not has to we to all contract. gas to on which contract announced issues. job an the plans processing the Navitas And natural well excited quarter outstanding additional day just construction would oil of with XXXX, for of also crude organic over U.S. is gas Last to the that last a Magellan in received ICE first

a this learned the what about global that but XX XXXX in exports. of in access ICE contract means, direct docks with the that industry. contract access oil the contract have We come adequate excited to the ship way AGC has that area, physical We’re Houston futures the hard futures for for U.S. WTI the infrastructure, for perils doesn’t not significant April just Midland producer providing

of million offer approximately In access combined capacity. and barrels addition, capacity X.X of storage and Enterprise crude refining oil XXX barrels Magellan’s total to systems distribution million

highlight ‘XX team. from Weaver and and Carrie like also to momentum commercial a up led creative people. the bright Angie move evolutionary team into This As to Murray home is ‘XX, perspective, our I’d from by and finish technology we

a value have in initiatives of of We underway energy with players major number each segment chain. the

projects team sequestration, opportunities big and carbon data working have in our renewable systems reliability improve optimize hydrogen, important this on of the to using constantly and these systems pieces data in every day. In lower a and order the number underway group of of has fuels, plastics our that circular the carbon to Enterprise areas billions like addition of

projects path needs for it and are these company. that no profitable. We the complement a are horsepower the operate. For the fuels enterprise, not would both of our amount and safety developing teams our care in employees systems carbon believe the supplying today, profitability where cleaner communities on our these in truly addition into thrown have lower developing and year to with world their we about initiatives doubt There’s had if that for our we XXXX. another one my ever in mind didn’t potential We in best to

Enterprise’s press contribution performance and we in release, and are grateful in operating employees and safety for XXXX. financial, teamwork the As our said extremely proud we of to X,XXX the

whipsawed two has Over the the energy last sector. global including years, U.S. COVID-XX the economy,

shuts responded. our freeze the record when with soared, performance and in in thoughts demand But focus are a went and have about on creative from operations earnings was lot to results, finish free margin, thank before pandemic of flow posting cash our and oil the of our complete business be flow. questions record XXXX. a the report that want products is world XXXX the for and it going to X on down gross sentiments Randy, people segments by always people the I situation, I’ll Randy probably and state, enabled whether company their X Today, resulted changing our case, to In largely XXXX, As efforts we and a XXXX. entire you’ll our the operating Regardless opposite into global dark outstanding around to get are one ‘XX hole for cash it’s to of in We that and a gas. proved services caused yet each determined. our of every another prices them and that

is about on XX its XXXX the it’s for faced that years. supplier capital traditional always toward forms towards all global Europe is possible or not and high an doubt, you some one-third the possible rapid now, Ukraine high gas to hard gas crude policies gas including not runaway lives our pandemic. overnight first completely was oil been time world renewable now now and inflation made and energy the has troops to have soon poverty, as this with naïve. since poverty efforts energy a plug of with circles oil Russia LNG while in political of traditional mainly world in seen at transition Many blame sources sentiment said seen the negative. that on and these may, evidenced prices Over devote For the starved not world in of as crises energy especially Europe’s reality development energy as eat, pull on the a the of world major various for prices, in and natural amassing should heat energy, Try energy. is all border. countries. as countries. energy The crises, developing very and Without renewable is realizes by

States, United analyst live plenty. a said, is energy As We, an economy. country the the in of in oil

thinking either At energy provide that oil now to few two all We the everyone to of of message have comments of of also growing of meet a going members and be decades Ultimately, same been not years, of demand. meet Secretary. the the a regions. to green quality other supplying the IEA low-carbon energy. Investment take that are nations by will of high energy Saudi distorted countries U.S. developing to needed to all above, in Enterprise, want life made European the traditional Head culture, blessed growing Aramco, sharply have abundant or up is and needed gas for alongside hypocrites or in At from energy we badly to who never that with ramp both. in are needs even variety Enterprise, needs don’t our to the situation to about paths. outspoken what the denial, come. they we’ve Union Maybe seen to thing: as for we’ve the the the but in sources, People Energy order and competing with origination Look creative has sources baseload world’s fuels

reliable to lower in alternatives. on a the and going also supplying world remain part with important low-cost and fuels role focused playing clean, needs it today, developing a carbon while We’re

I’ll you. said I Randy, think I’ve enough. let

fourth asset All impairment unit $X.XX common last compared impairment $X.XX for diluted statement per Starting million of fourth $X.XX $X.XX fourth fully fourth $XXX $XXX the for basis reduced asset or common noncash items. charges million common unit quarter $XXX by to was right. or unit Thank to diluted Net unitholders basis income with quarter million This billion for unit Net on per you, morning. in per compares fourth fully Jim. XXXX. of quarter a or of of the was or quarter per income a charges the to the income Good attributable year. $X quarter XXXX. on

impairment per unit EPU $X.XX the So, to compared XXXX. XXXX unit was for for charges, before $X.XX per

benefited to $X.X flows. quarter billion cash for for and operations to on basis, fourth respectively. XXXX due changes comparison, $X.X by Moving working flow in provided operations year the Cash operations $X.X of billion by operations working compared fourth billion of XXXX. full million from $X.X billion flow a from approximately cash for in cash XXXX, and net capital from was billion from Cash $XXX reduced XXXX On XXXX By the changes accounts $X.X capital. quarter XXXX. was flow from in to was in cash flow

$X.X capital years. XX, Free for a cash changes was ended in was to the between So of $X.X XXXX. the working before $X.X Again, in cash billion billion $X.X math, XXXX, to doing billion year $X.X for if billion from XXXX. swing compared December would, XXXX flow compared for two you operations the flow billion

that common in working by of quarter cash paid declared which $X.XXX represents close of X.X% to We quarter billion the compared to cash will billion XXXX distribution be of unitholders was January to of in of in as the the fourth Before XXXX. per XXth of fourth a changes XXst. $X.X XXXX. distribution free business, unit a regard distribution with XXXX, all declared $X.X capital, we to flow record for This provided increase compared the February common

repurchases $XXX During our to $XXX million common also quarter, X.X units. the X.X XXXX. buyback program or approximately units or for we This million under fourth our million repurchased brought million common

XX% utilized buyback of was XXXX. of outstanding program, $X year-end billion authorized in As our have we XXXX, which

market Enterprise’s full these employee fourth and open addition million and reinvestment the buybacks, distribution the for a EPD ‘XX during to units combined $XX $XXX purchase the of million In unit plan year. plan quarter of purchased common in

for as percent of changes flow as XXXX. a which ratio, working the our XX% distributions to and we includes declared return define and unit capital from cash payout, sum before the investors payout of of cash capital operations buybacks. $XXX buybacks $X of million billion common The of was distributions Our

by provided a in XX%. changes of as before flow ratio cash Our payout XXXX free percent working cash capital was

with capital on in we executing discussed, midstream balance all-the-above financial quality distributions, infrastructure sheet strategy investing flexibility. a opportunistically, maintaining buybacks and focused strong approach, while As growing returns, allocation all supporting previously and our attractive remains an

total expenditures. of Total XXXX in CapEx. of were $XXX million included terms $X.X investments growth were sustaining investments of capital which $XX million In $XXX which and the sustaining capital billion CapEx million, million growth capital fourth for projects capital billion, quarter, $X.X $XXX investments capital in included and for investments in

For $X.X estimate any proposed to CapEx to XXXX, close billion be governmental includes currently capital first year. currently remains expenditures Seaport does to approximately in be We capital of which the Navitas the This associated in XXXX with and of $XXX approval. growth related the in we SPOT, our sustaining XXXX for to XXXX investments million. We capital estimate not the quarter billion. approximately subject of growth CapEx include $X.X in Oil acquisition partnership’s expect Navitas estimate Terminal, investments expect

was billion total debt as of XX, Our principal outstanding $XX.X XXXX. December

first final was the and date years, XX.X of our years debt respectively. XX.X or Assuming our the life date of portfolio maturity call average hybrids,

is X.X%. average cost of effective Our debt

to hand. billion we quarter XX facility of facilities was elevated and of months fund will under was we senior approximately by borrowings bank while billion an $XXX senior credit under on at and Adjusted EBITDA the this paper on existing acquisition of February ended approximately the expect $X.X previously we billion and on as commercial of Further, XXXX, This cash hand, XX, on XXXX. fourth was notes bank liquidity of consolidated $X.X unrestricted including $X.X XX, with XXth. availability million Our reduced as matured cash of million Navitas our billion December communicated, combination of a standards, XXXX historical credit amount morning hand notes that retired additional partnership’s $X.X $XXX for we for retire and facilities. the and December our cash

and times Our the up equity consolidated by for we Randy, X.X agencies hybrid was of being questions. open by for reduced unrestricted also on. leverage that, securities partial adjusting debt after ratio can partnership’s cash rating trade the With it the

for questions from you, we’re listeners Thank Randy. the DeWanda, Okay. ready our now.

comes from Colton with [Operator Instructions] Our question the Pickering. of line first Tudor Bean

morning. Good

So, you’re for payout. increase now budget should capital the today, like to think us evaluating your steer I in can outpace the payout would based seems ratio on understand that the how cash in budget rates, to have but hand, the you funding distribution lower updated XXXX? you update free on hoping it if Navitas you

Colton, most range this Randy. operations payout cash in of flow from that has is changes. working between ratio be And our think been likely capital really averaging in XX% and I we’ll before -- XXXX. We’ve XX%

Okay.

the so, thinking? does And factor acquisition, the into Navitas that

of Well, I that allocation capital an mean, billion for is pay it for. we’ll $X.XX

hand in after as -- debt our cash of in this on pay and some maturities some we’ll So, we’ve we February. mentioned, have come

the towards borrowings our facility. on price bank credit would the as cash of go some purchase as So, well

in significant what those the a recent to in unit sustainability front, margins you expand you’re history. market bit just Can then that a on in on the frac seeing and step-up margins And ‘XX? operational of relative

This is Zach.

is of exposure bit as fracs have. a Some little commodity that the of

So, blending there’s some margins.

of revenue cost variable Some have side, the that component. we a on

revenue expenses And our so seeing our also are higher, going as go prices up, gas up. go but you’re

it to would operating margins -- seems unit that. but been that expenses out have of margin, want backed the operating the of terms just the in clarify And Okay. like I that or

be. should It Yes.

the the So, commodity you’re on of what margins. increase on a seeing is lot blending the exposure

frac see the we been margins sort of nor near a there, one significant hasn’t as in fee as far future. a As do there base, change

frac go prices gas up, up? your But fee goes as

Correct.

expenses. prices offset our fees go by operational some up, go gas up, As higher

Our Mulvehill next from of the question comes Chase Bank line with of America.

and So, concern the XXXX. guess, when Permian kind go bottlenecks side natural there’s think question. I growing as you quick the on we about potential gas of through

large little and that that private of this E&Ps which contracts. XX topic we’ve thoughts And got, how projects is just to obviously, resolved. XX-year driving drilling so, E&Ps of to the going willing on mean, bit kind be of I’d of greenfield bottleneck of potentially it I curious because growth, around your some they a of majority just the more sanction kind be makes gets the this private take-or-pay may given And give have years don’t want not difficult to inventory. everybody kind

So thoughts just on ultimately you your gets curious, kind kind how resolved. of of think this

you take Brent, want You want do to or it, to? me

lot in Secrest. majors the bigger customers list, like customer gas deal like you we of the shape. in well they Brent feels and our fairly seem takeaway the good they’re of It a publics the of that set with there capacity. is out see and terms This are Most can Yes. pretty

to to for but in are for us being able without that types we by the just of done other in gas ones anything projects for things it customers So, had up when But month the a need those a the it’s that is basis, pipeline other capacity. of step open to We been side. on comes up people somebody the some this been to have to done and remained a now, we a our about to these of a last crude that haven’t and to Ultimately, the from in they perspective a type to was get get guys probably to and project, private potential right stepped to capacity dislocations. step to have And in up dislocations. people that are or there that talk participate have from perspective, And remove problem. going to goes past, them collection benefited basis announced of environment up. to there gas as going need certainly step every terms is to going Enterprise add opportunities pipeline

the So, to can going follow mean not processor be the or private is and to I pipe years just probably and seems do do, have gas E&P somebody gas Like whether a take years like build going not be risk, to more it’s the Permian. whether in going obviously, it largest or they’re going ask? person this or bit up I X the obviously to to the going is it the you’re and processor. XX on now to it’s

side signed Permian in processing E&P? versus on me take ask may Are the So, processor by gas the have to more be contracts let kind the you of to you gas maybe question. the the the willing risk and private

Yes. That’s just Chase a remaining done and mean, where amount minute realizing But are overperform on the haven’t folks and in the from there’s times $XX take something step up risk. hard. some we can that capacity past, it’s last and bit we standpoint, of I an operation that for barrel ultimately we a we’ll of terms the project it? folks NGL is projects, up prices go prices that how levels of to but Possibly, are realizing Can be to we producers these and me, to about at we the these to stepping done. get and ultimately, ones, that probably this gas up. levels, pitch those are need this complementary at step

Quick perfect. Okay, on ethane exports. follow-up

you day. your XXX,XXX the is dock barrels averaged I a During and quarter think day, a barrels XXX,XXX capacity

of docs know side, there that with I these you comment I if vessels you So, actually the some present day, the take would Justin’s are XXX,XXX barrels know imports can take a don’t on where to if on it some don’t can other you think or or constraints do constraints. do there. this, kind somebody

Chase. Hey,

a start are freight. often think a think think XXX capacity about approaching around that becoming maybe we slightly those those is outside of system not, going capacity, when rate. export dock things our that I start primarily more run we than constraints But or that levels, ethane above we day, as

slightly able and has be expect XXX, it’s be mature time, to to a than run Over run those get to market consistent maybe above. there able So, business often a to to to don’t more that we for sustainable on we at And us milk for freight to the see more get basis be rates not, of that. closer units the rates.

So XXX is XXX really your is your instantaneous, basically operating.

right. That’s

line of the from Richardson Truist with Securities. comes question Tristan next Our

is Your open. line

guys. opportunity the and pretty as maybe of planned comments Midland. commercial that think existing new I running asset full of customers Good then, and wins I by today, And schedule Hey. that’s or the activity morning, Navitas on new driving appreciate customers? think should base should recent as plant your the in investment? a we mean, development with we

speak. We for new have are. think it’s or everybody know that we plan what they what whether -- we their I don’t existing customers plans think an knows they’re bringing I We their plan. we a Frankly, understand as on additional think plans

we dug So, through this process. deep haven’t in going too regulatory

that’s kind talked also growth global you on incremental seeing or just can the what about competing emerged domestic part that saw of dynamic? create guys to substantial you talk about U.S. we we a side, unfolds LPG start here then But, recovery. -- sort the that you’ve the XXXX on exports have And And there’s that molecule total of obviously, keep Understood. there may as noted how as in of year? poll But recently, opportunities you’re overall one-off safe side.

incremental is out unless domestic feels end it it. market and There’s we’re there. otherwise, no pointed just which to going the say substantial, take And missing Am see going something? are the side, the start United they’re the it from the States, the NGLs doubt weather-related. When be we dock. Asia. At to are from increases Tristan, then towards at day, largely the I for those of Justin about on I’ll

Everything That’s dock. is it. at the No. going balance

next line with question Bernstein. the from of Ann comes Jean Our Salisbury

probably for Brent. This one is

and Permian down $XXX my or segment six pipes NGL color guess, in Pipeline million less. the helpful some XXXX gave of I release XXXX. in pipeline Your Rockies had of And inning processing versus was that you last in, of these a came or in kind Permian NGL in plants what ton out roll-offs? Obviously, terms we are five is question contract years. the

come? rolls should of we think So to still could be contract more

that we’ve seen in first Mountain the full roll-off quarter contract So, I is effect. think this the Rocky

rates there’s in side, place. that are incentive Permian the some On

And those fourth fact MAPL is get matter then, for while. to really a at the you a stay didn’t the are look winter. if we So, across of system, quarter, of there much the in the

So, propane of some saw effects quarter to perspective, demand -- quarter fourth that. quarter, from a fourth we

a effects lack good -- definitely some a of seeing propane domestically. some We’re the but to demand and start year, good were to January there

Okay. And my NGL That’s projection one What be helpful. then will possibly as takeaway switching warrant either more might this latest [ph] when of your enterprise, NGL or Seminole is follow-up, building Tony. Permian production for back to NGLs?

It’s certainly...

Go ahead, Tony.

tell you I’ll Teague, you take Well, it? Yes. what, do want to

Sorry, Tony, out. to didn’t cut you mean I

Yes. expansions a repurposed. assumption whether our -- we the of better call Ann, than I one it, I MXEX you one. mean, that evaluated it’s brownfield mean, other gets and want make that the Jean that greenfield I we’ll can project. assets, there’s can some to is late that system, options, or alternatives cost assessing potentially if but certain look some XXXX, at have mentioned lot do repurpose we we be you

from comes Michael line of Wells question next Our with Fargo. the Blum

set on follow-up of the the off. rolling questions Just on one last MAPL contract

just spot more to renewed its wanted renewed it was Just not at is in that lower or rate, operating a basis? on clarify, a

deficiency were volumes this. at still so, recognizing believe support Those there no tariff this. I’m -- Michael, we not I we from But, are are kind a me of there’s longer is recognizing. revenue on number flowing And years to renewed. those sorry, the that correct expansion rolling and were of They’re those were just on the contracts ago. rate

in quo insight you can the give discipline little much conversations I into pretty us is just if was from second certainly willingness change Are status with wondering more question, seeing rigs, in or bit of your their producers. any publics? And approach, you’re you seeing current any real a to terms the it add of

Tony. ahead, Go

committed at Obviously, the has beyond. Chevron Permian and is activity increase XXXX the for Exxon couple publics there very and of if what they’re you said to said, remain look said the to days, what That morning, this hot in discipline. at going basin both you their last look

generically X hard around very and it that’s a thing I and arms be your up. that to is And lot that are the and other use privates there’s picking will are The to that’s hands picking Tier of it The get drilled. I is call what changing term just up would hate acreage, private equities acreage.

So, that’s completions continuing it. added, be see how we profitable. see to and We very counts, rig it’s

the As But we’ve be number. was Brent production. very gas published XXX,XXX can takeaway that. ‘XX you And think million for oil crude of crude has resolved. People that’s situation look a associated really been XXXX. you about NGLs between increase large, and with outspoken somewhere large at thought about, oil if December, number And XXX,XXX talked really, the ‘XX, of the to about talking and barrels in barrels that it EIA X.X barrels in ‘XX, we’re XXX,XXX

Did that your the a is the as number. So, it’s answer not $X.X low stretch that Michael? question, to say a on little liquids that million is side, probably

very you much. Thank Yes.

Thank you.

Spiro line question Credit next the Dounis Suisse. Our from comes of with

spread $XXX spread the heading about I million just given to anywhere First know in in question in any is year. on past, between you opportunities the talked million year. into $XXX opportunities

what number And that improve this could ended you upon as XXXX? fronts. on into of seem sense have out curious look two up in being an XXXX, you that So, it a be do like environment One, number? to does

year? Last $XXX million. $XXX $X I’d between is ‘XX million million to is and probably between going XXXX billion. and say, And be $XXX

to it. average. Thanks, That the sense. Got Back Jim. makes

thoughts M&A I in love general. Second probably process general can’t say your just would you one, on but going through so get you’re know the to much, now, -- Navitas just

if system. transactions that and into get fit to overall lot there tuck-in there then out other Just that curious nicely your appetite just a of to are check as do Navitas, assets those boxes same the more EPD

I fit says. and matters Price our has I Randy love what value think chain. Randy’s it -- to

don’t got but say never, think to you criteria. So, -- I meet never some it’s

anything invariably, value has that’s not it brings acquisitions, going in that to something chain. we’re at ever breach. look the of total terms Enterprise you If to done And a criteria

our Basin Randy. complementary did gas not it we where deal assumption buybacks. the because our capture, was And system. parity we synergies, broaden Spiro, the had. Jim anything, other assume cash to relationships natural on was is And is this Midland as it the special we I’d superior a doing said, just accretion superior business that any buyback. it’s don’t And customers or on with capture already add, if of again, And synergy this broadened only also have Navitas even leverage is no thing matter the didn’t where into $X we to also,

transaction. Navitas And So, special about it’s a again, very deal. the excited

Research. next question with the Our comes from Keith Wolfe line Stanley of

CapEx. wanted on to start I

billion obviously spend for to. But talked that you’d you said consistent $X that million, to year, spend $XXX you from get with this time. guess, I $X.X thought it’s had committed up the the last to So, you $X.X that’s billion billion

talk billion So, added? it project projects specific $X were can that to major the capital like billion previously. then was on about slide, and for $X.X it’s looks And you ‘XX beyond,

two Just apples-to-apples, points? how or about data I is can of that those kind comparing think

-- in as we’ve that there the are are year. the billion is where And it doing think up that $X.X was the Yes. and surgery billion, And to that we said, were projects to rounded The do on, a over about highlighted been it sanctioned and it where projects. not small sheet was are think that $X.X think going are sanctioned these some what’s on And in $X.X would slides that from to than also look, I under the sanctioned well. were million. billion difference -- number our only, year and sanctioned understating coming Good working and this we on Hi, years talking tending we’re aggregated we’re it what’s just the talking in I Keith. we that wind we those morning. came projects is trying we rather coming about you natural posted CapEx our we’re this that working development Jim’s between enough, also of out really projects saw to on Yes, included three a some and guess supplemental was were thought gathering two, that I we be. And what included it when finding $XXX just we another things we that morning. for gas next standpoint

have schedule. would you if made that So,

sense tied makes Okay. is guess, business any give your Do the, to how is your Is in or of there versus you can thinking processing much commodity -- exposure DCF similar it just sense. less or fee revenue business this Navitas. you’re separate terms question business? to existing in XXXX Got it. I commodity a of on That you A for prices? floors, us just of existing or more have

in take color. some and I’ll this shot and and come may Brent a at And add to want Jim Yes.

exposure NGL way it, day I a probably of think we production, liquids XX,XXX about our think the look at we’re result when Navitas probably to incremental a of as barrels just equity we an XX,XXX deal. adding the

isn’t next look few thing see The we the us. way for years, over what necessarily at commodity we bad exposure a

not number I -- we’ve we had we you in commodity think a this number? saw is exposure bad year? I my not commodity that -- little it’s think a XX% last exposure thing. -- but Chris, environment, said that more is, Where point Was your -- I

on X deck. Yes. slide is supplemental our actually is And highlighting of page what Jim

fee-based XX% If was on and you when the three look really the our put XXXX, think and over that about side, years. over in come from XX%. XX% ranged years to other last we In earnings, few they’ve last it the

the doing just better. in coming just really are And fee related means said expanding and what commodity businesses don’t a that mind we we’ve said, was again, -- based XX%. what where Jim the lower is And our past, standpoint, this again, think because and in from spread on just and commodity So, will of in a prices think where we we just it. we and exposure want turning, oil is but an gas world well, hold underinvestment up this there structure and globally, in more there to commodity some

of comes One question next Capital the with Our Securities. from Kyle May line

Just one question for me today.

of an this as growth in that area? what kind this expect seeing Haynesville more the mentioned talk that area year? you drive could Can growth you You what And year. you’re about

answer Natalie? take off You answer is Where it. can you to Do the to want it? mask

growth. seeing We’re

the up [indiscernible] is because of things right one being now well, is bringing doing fact, Cotton In we’re drilled. back Valley

to gas, as going is vision expansions bringing treating goes. plant far and starting through back go But our to up. some that to as far as systems we’re fill our processing are So, have we’re that as probably lean

in So, all is production. good seeing things, all we’re increases

is Okay. DeWanda, this Randy.

terminate question before more we one for time have the call. We

All right.

comes of Siegel question Asset. final Siegel Our line the Yves from with

NGLs, Northeast gas question. How Just and quick a about think the do capacity? natural you with takeaway given problems

it Yves, The incredible. to and the is challenge. But for rich. rock, resource Tony. gas it getting getting dry NGL We’ve challenged. this both a remains for is market always is felt that The that tremendous, out area and resource was

it’s from? ago, producers Well, now think, incremental gas frac to provider just I question, from clear working. XX to as that calibrating years going The wondered Natalie the to it’s gas Valley, the that being or molecule capital going three markets XX from way. Haynesville oil-related rigs, as is come so, Haynesville? I the we And you Haynesville. Appalachia the see four in so And the Is gas. marginal going come on Cotton mentioned, outside it come or in of -- see the where the crews

Did that sir? question, answer your

Yes. it well. me. for you. Thank Really That’s

go you Okay. Goodbye. to and going if the the for is joining like you today information, Thank sign thank would now, give our replay DeWanda, off and we’d Company information give call. ahead our for before everyone replay you. to And listeners. to the us

today’s Tuesday, Standard digitized will you please Thank call. the today, you. participating. at Thank end replay and gentlemen, this Eastern conference a of XX:XX replay, and p.m. X, Standard at XXXX discussion XXXX, the for Eastern and p.m. Ladies concludes be To Time. Ladies Time XXX-XXX-XXXX gentlemen, X, February available digitized or will X:XX XXX-XXX-XXXX. dial beginning access February

disconnect. now may Everyone, wonderful have You a day.