长期以来，加拿大在液化石油气(LPG)基础设施建设上，尤其是对亚洲的出口设施建设上落后于美国。 如今，随着不列颠哥伦比亚省太平洋沿岸多个出口项目推进，这一格局正被快速扭转。业内人士指出， 当前美国LPG市场已趋饱和，扩大对亚洲出口成为加拿大实现LPG产品价值最大化的关键。这些出口设 施的建设将助力加拿大跻身北美长期LPG供应国行列，凭借核心优势大力开拓亚洲市场。 依托上述优势，加拿大加速推进西海岸出口设施建设。2024年5月，阿尔塔斯天然气公司与沃帕克公司 合作推进里德利岛能源出口设施(REEF)项目，一期投资9.7亿美元，设计日处理能力5.5万桶，核心目标 为扩大对亚洲市场增量出口，该项目预计2026年年底投产。2025年10月，阿尔塔斯再推"优化一期"计 划，预计2027年年中将码头日处理能力提升2.5万桶；同步推进的"优化二期"项目正开展设计与审批， 有望日处理能力再增6万桶。此外，三角太平洋码头公司正与鲁珀特王子港港务局合作，推进年处理能 力250万吨的太平洋沿岸LPG出口码头项目，进一步扩充西海岸出口能力。 作为加拿大太平洋西海岸主要LPG出口商，阿尔塔斯2025年三季度通过23艘超大型液化气运输船 ...

依托上述优势，加拿大加速推进西海岸出口设施建设。2024年5月，阿尔塔斯天然气公司与沃帕克公司 合作推进里德利岛能源出口设施(REEF)项目，一期投资9.7亿美元，设计日处理能力5.5万桶，核心目标 为扩大对亚洲市场增量出口，该项目预计2026年年底投产。2025年10月，阿尔塔斯再推"优化一期"计 划，预计2027年年中将码头日处理能力提升2.5万桶；同步推进的"优化二期"项目正开展设计与审批， 有望日处理能力再增6万桶。此外，三角太平洋码头公司正与鲁珀特王子港港务局合作，推进年处理能 力250万吨的太平洋沿岸LPG出口码头项目，进一步扩充西海岸出口能力。 作为加拿大太平洋西海岸主要LPG出口商，阿尔塔斯2025年三季度通过23艘超大型液化气运输船 (VLGC)实现日均出口13.3万桶，目的地以日韩为主。受中国丙烷脱氢(PDH)装置原料需求激增驱动，其 出口重心正逐步转向中国。CERA咨询总监指出，美国对华加征关税重塑贸易流向，为加拿大创造市场 机遇，预测2026年加拿大丙烷日出口量将从2025年的23万桶增至24.4万桶，丁烷日出口量从7.8万桶升至 8.3万桶。与此同时，加拿大天然气凝析液(NGLs)核 ...

Financial Data and Key Metrics Changes - The company generated net income attributable to limited partners of $332 million and adjusted EBITDA of $634 million in Q3 2025, with adjusted gross margin remaining relatively flat compared to the previous quarter [17][20] - Operating and maintenance expenses decreased by 5%, or $12 million quarter-over-quarter, due to reduced asset maintenance and repair expenses [17][18] - Cash flow from operating activities totaled $570 million, generating free cash flow of $397 million [19] Business Line Data and Key Metrics Changes - Natural gas throughput increased by 2% sequentially, driven by higher throughput from the Chipeta plant in Utah and increased volumes in South Texas [7] - Crude oil and NGLs throughput decreased by 4% sequentially, primarily due to decreased throughput from the Delaware Basin [8] - Produced water throughput remained flat sequentially, with expectations for a 40% year-over-year increase in Q4 2025 due to the Aris acquisition [10][19] Market Data and Key Metrics Changes - The Delaware Basin throughput was in line with expectations, with low double-digit year-over-year growth anticipated for natural gas and low to mid-single digits for crude oil and NGLs [10][12] - The DJ Basin is expected to see flat year-over-year throughput growth for natural gas and low to mid-single digits for crude oil and NGLs [12] - The Powder River Basin is projected to have flat throughput growth for both natural gas and crude oil and NGLs [12] Company Strategy and Development Direction - The acquisition of Aris Water Solutions positions the company as a leader in produced water midstream solutions in the Delaware Basin, enhancing its commercial capabilities [4][24] - The company aims to capture $40 million in annual run rate synergies from the Aris acquisition and is focused on organic growth alongside potential inorganic opportunities [4][15][67] - The company is maintaining a disciplined capital allocation framework while planning for significant capital expenditures in 2026 [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to address produced water challenges in the Delaware Basin and highlighted the importance of regulatory engagement [4][24] - The company anticipates continued throughput growth in the Delaware Basin, driven by the Aris acquisition and ongoing projects [10][15] - Management acknowledged potential commodity price weakness impacting certain basins but remains optimistic about overall growth prospects [12][58] Other Important Information - The company expects to be at the high end of its previously announced 2025 adjusted EBITDA guidance range of $2.35 billion to $2.55 billion, including contributions from Aris [20] - The company declared a quarterly distribution of $0.91 per unit, consistent with the prior quarter [19] Q&A Session Summary Question: Discussion on O&M expense sustainability - Management confirmed that the reduction in O&M expenses is sustainable and ongoing cost management initiatives are expected to yield further improvements [30][34] Question: Potential for distribution step-ups with major projects - Management indicated that distribution step-ups are possible with major projects or acquisitions, but will be balanced against market conditions and yield considerations [35][37] Question: Update on the Pathfinder project and pore space agreement - Management noted that the pore space agreement enhances project efficiency and flexibility, with positive implications for returns [40][41] Question: Plans for expanding gas and oil infrastructure in New Mexico - Management plans to pursue both organic and inorganic growth opportunities in New Mexico, leveraging the Aris footprint [45][46] Question: Outlook for 2026 and potential portfolio gaps - Management expects overall product growth across all three product lines in 2026, with a focus on the Delaware Basin and cost-cutting initiatives [56][58] Question: Synergies from the Aris acquisition - Management is confident in achieving the $40 million in synergies and anticipates additional operational synergies to emerge in the near term [64][67]

Financial Data and Key Metrics Changes - The company reported an average production of 81,000 BOE per day, with a revenue of $253 million, where oil contributed 49%, gas 33%, and NGLs 18% [27][28] - The net debt to EBITDA ratio improved from 1.0 times at the end of 2024 to 0.7 times at the end of Q1 2025 [7][25] - The company generated over $94 million in cash available for distribution, resulting in a distribution of $0.79 per unit, yielding 20% [18][29] Business Line Data and Key Metrics Changes - The production mix for the quarter was 24% oil, 53% natural gas, and 23% NGLs, with lease operating expenses at $6.69 per BOE [27][22] - The company plans to shift its drilling focus from oil to natural gas, particularly in the Deep Anadarko Basin, which is expected to grow natural gas production significantly in 2026 [9][10] Market Data and Key Metrics Changes - The current market environment is challenging, with oil prices dipping into the $50s, while the company is well-positioned with a production mix of 54% natural gas, 23% NGLs, and 23% oil projected for 2025 [9][19] - The company has hedged volumes at an average price of $69.31 for oil and $3.77 for gas over the next twelve months [18] Company Strategy and Development Direction - The company focuses on four strategic pillars: maintaining financial strength, disciplined execution, disciplined reinvestment rate, and maximizing cash distributions [4][5] - The company aims to keep its reinvestment rate below 50% of operating cash flow to optimize distributions to unitholders [5][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to weather market volatility and emphasized the importance of maintaining a strong balance sheet [25][26] - The company anticipates a significant increase in natural gas production in 2026, driven by additional drilling in the Deep Anadarko Basin [9][10] Other Important Information - The company completed a $60 million acquisition that doubled its acreage position, primarily in the Greater Anadarko Basin, which is expected to enhance production and lower operating costs [19][38] - The company has made 21 acquisitions since early 2018, totaling over $2 billion, focusing on cash-flowing properties at discounted prices [20][21] Q&A Session Summary Question: Can you elaborate on the recent acquisition and its impact? - Management confirmed the acquisition added significant acreage in the Greater Anadarko Basin, with potential for increased production and lower lease operating expenses [38][39] Question: What is the strategy regarding the reinvestment rate and rig deployment? - Management clarified that they will adjust rig deployment based on maintaining a reinvestment rate below 50%, with plans to add rigs as cash flow allows [41][43] Question: How does the company view the oil to gas ratio moving forward? - Management indicated that the shift in development activity is driven by the current oil to gas price ratio, favoring natural gas drilling due to higher returns [50][51] Question: What are the expectations for natural gas prices and production in the coming year? - Management expressed a balanced outlook for natural gas prices, with expectations for significant growth in gas production in 2026 [84][85]