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Analyst
AJ O'Donnell
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q1 (6 quarters; questions recorded in 5).
- Questions
- 18on tracked calls
- Challenge rate
- 6%1 of 18 questions
- Companies
- 3questioned at least once
- Reporting periods
- 5with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 18 of 18 questions from 3 companies
EPDEnterprise Products Partners L.P.8 questions · 4 reporting periods · 1 of 8 challenging
Calendar 2026 Q1
specific drivers behind the lower sales margin and lower transport revenues
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Jay identified Eagle Ford JV fee renegotiation and mark-to-market noise as Q1 headwinds; expects Q2 improvement as spreads have increased.
spot loading rates in the US Gulf Coast have been as high as 55¢
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Tyler confirmed elevated but volatile rates without quoting current levels; emphasized system flexibility across ethylene, propylene, LPG, and ethane.
Calendar 2025 Q4
I wanted to know, if you could talk about your intentions on how to manage that marketing space going forward
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Tug explained strategy to either contract capacity long-term bundled with GMP deals or monetize short-term volatility. Natalie added Midland contracts are POP with floors.
Curious if you could just provide some more detail behind the project, like anything about the size
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Natalie confirmed gathering system expansion with increased treating reach, serving a mix of private and public Haynesville producers.
Calendar 2025 Q3
We're starting to see propane inventories notch new records here. Curious what your view is on the latest for the domestic propane market
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Tug and Justin highlighted contango opportunities given EPD's position as the world's largest NGL storage operator. Lower LPG prices could open arbitrage.
It seems like for the third consecutive quarter, we saw lower implied volumes on the LPG side
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Tug attributed lower volumes to minor maintenance and month-to-month cargo roll timing. Demand remains strong and robust.
Calendar 2024 Q4
I was just wondering if you could expand a little bit on the prospects for 2025, in light of commodity price movements
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Randy noted higher Q4 FOB values on LPG side. Gave a general answer about monetizing volatility without specific 2025 marketing outlook.
Is there any capacity on your Texas intrastate system to be able to feed that project
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Angie Murray detailed 20 datacenter projects in queue at 2+ Bcf/day and 15 power plant projects at 1.2 Bcf/day across Dallas to San Antonio.
TRGPTarga Resources8 questions · 4 reporting periods · 0 of 8 challenging
Calendar 2025 Q4
if we see overall Permian oil production flat in 2026, can you give us your latest updates on how you think overall rich gas production could trend in an environment like that
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Meloy noted a ~4% GOR spread (gas growing 4% faster than crude), possibly higher recently. Targa has historically outperformed the basin. Even flat to modest crude growth implies strong gas growth from higher GORs and gassier zone targeting.
curious if you could provide some detail on how much is being driven by the new plants and frac 13 versus additional field capital compression for the legacy system and your recent acquisitions?
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Kneale bridged the increase: Yeti II plant, frac 13, long lead items for 2 additional Delaware plants, incremental field gathering and compression spending for both core contracts and commercial success. Also noted longer lead times for pipe, compression, and power generation assets requiring accelerated procurement.
Calendar 2025 Q3
at what point in time do you think you would anticipate needing to expand the pipe to the full 1 million per day design capacity? And if it was sanctioned, is that something that you would pursue t...
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Meloy noted expansion from 500K to 1M bpd requires only pump stations at a fraction of initial capital. Plan to stage additions ratably over time, similar to Grand Prix approach.
I think we've seen some commentary from producers and one of your peers specifically talk about activity moving to gassier areas of the basin. Just curious what you guys are seeing on your system
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McDonie noted increased activity in Arkoma/South Oak assets, though not a huge surge. Existing plant capacity makes returns favorable. Stronger gas prices could further unlock the opportunity over time.
Calendar 2025 Q1
in a flat oil environment, what do you think Permian gas production would do on an annual basis
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McDonie estimated 2-3% gas growth even with flat crude, translating to 800M-1.2B cubic feet/day growth. Targa expects to capture a larger share due to footprint advantages.
was that pull-forward more customer driven? Or would you say it was more on your end with construction just finishing ahead of schedule
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Kneale attributed the acceleration to engineering execution rather than customer-driven demand changes. Consistent track record of moving projects forward a month or quarter.
Calendar 2024 Q4
noticing that there was a pretty big step up in frac volumes versus NGL production. Just wondering if you could provide some comments
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Pryor attributed the Q4 frac volume surge to Train 9 and 10 coming online, allowing volumes to shift from third-party offloads and work off stored inventory.
Should we still be thinking about these around that five and a half times build multiple that you've guided before
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Kneale confirmed 5.5x or better as a reasonable starting point, noting assets have been full at startup and commercialized more quickly than FID assumptions.
OKEONEOK2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2025 Q1
I was hoping that maybe you could explain the Q1 results. And maybe if we're getting ourselves into a situation like we did in 2024
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Sheridan confirmed same strategy as spring 2024, storing blended product for forward sale into Q2 and beyond to capture better pricing.
how you envision that volume kind of the cadence stepping up the rest of the year. How much of the volume growth do you think there could be from inefficiencies
Show response
Sheridan attributed Permian volume growth primarily to new well connections, with expansion opportunities in the Delaware coming online and activity filling existing assets.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| EPD Enterprise Products Partners L.P. | 8 | 13%1 of 8 questions |
| TRGP Targa Resources | 8 | 0%none of 8 questions |
| OKE ONEOK | 2 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 4 | 0%none of 4 questions | 2 |
| 2025 Q1 | 4 | 0%none of 4 questions | 2 |
| 2025 Q2 | No questions recorded | — | — |
| 2025 Q3 | 4 | 25%1 of 4 questions | 2 |
| 2025 Q4 | 4 | 0%none of 4 questions | 2 |
| 2026 Q1 | 2 | 0%none of 2 questions | 1 |
- 2024 Q44 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2025 Q14 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2025 Q2No questions recorded
- 2025 Q34 questions · challenge rate 25% (1 of 4 questions) · 2 companies
- 2025 Q44 questions · challenge rate 0% (none of 4 questions) · 2 companies
- 2026 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Demand10
- Margin6
- Revenue Growth4
- Capex Investment4
- Macroeconomic3
- Supply Chain3
- Geographic Expansion2
- Competitive Dynamics1
- M&A1
- Pricing1
Show all 11 topics
- Cloud & AI1