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研究快訊:EPD:二疊紀盆地成長依然強勁,但第一季略低於預期

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-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點摘要如下:Enterprise Products Partners (EPD) 2026年第一季每股收益為0.68美元,略低於市場預期0.05美元,但調整後EBITDA為27億美元,較去年同期成長10%,反映出強勁的基本面表現。各主要業務板塊的銷售成長依然強勁,天然氣加工進料量創歷史新高,達到83億立方英尺/日,年增7%;液化天然氣管道輸送量達到490萬桶/日,較去年同期成長10%。天然氣加工業務的成長前景良好,計畫於2027年新增兩座加工廠,使總產能提高12%,以滿足不斷成長的二疊紀盆地天然氣產量需求。管理階層指出,預計天然氣和液化天然氣的產量成長將是原油產量成長的1.6倍。該公司預計2026年成長資本支出為23億至26億美元,低於原計畫的25億至29億美元。隨著近期專案的投產,我們認為EPD將進入“收割模式”,未來自由現金流將顯著成長。我們認為,資料中心擴張對天然氣管道輸送能力的需求不斷增長,這將進一步推動中游服務的需求。

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