Brandon Bingham

Jay quantified crude export volume growth of 70K bbl/d in Q4 and another 70K in Q1, with potential to exceed 1 million barrels a day including SPR flows.

Natalie confirmed EPD trending to two Permian processing plants per year, driven by increasing gas-to-oil ratios.

Jim characterized the M&A landscape as less target-rich than before, implying fewer attractive gathering system acquisitions available.

Natalie said 4.5 Bcf/day coming online but won't fully feel it until late 2026. Tony reiterated additional takeaway is healthy for the basin.

Jim cited $2.2B committed for 2026 and highlighted ethylene distribution/export as exciting growth area with per-pound rather than per-gallon fees.

Randy's terse response made clear EPD will not make passive equity investments in LNG or other non-core areas.

Jim emphasized fit with existing system is paramount. Everything acquired or built extends what they already have.

Chris confirmed PDH margins are formulaic cost-plus toll-based. The $200M target is incremental EBITDA from higher utilization in 2025 vs 2024.

Jim explained volumes are sticky as they reflect wellhead growth flowing through the integrated value chain from processing to fractionation to export.

Jen explained conservative initial dates allow for pull-forwards, with teams constantly challenged to accelerate while maintaining quality.

Jen highlighted multiple plant adds through 2027 and the largest system positioning Targa to handle growth above expectations. Very bullish on 2027.

Kneale noted well-hedged equity volumes. More direct exposure to NGL prices than gas. Below fee floors for the vast majority of last 2 years, higher prices would be upside. Gas marketing has been strongest contributor to outsized gains in 2024-2025. NGL contango could unlock storage optionality at Mont Belvieu.

Kneale identified two biggest upside variables: stronger-than-expected volume growth (faster wells, more gas per well) and marketing gains across NGL, gas, and exports beyond the conservative assumptions in guidance.

Meloy noted the 40-50% target is a multi-year average, with some years above and below. Post-2027, priorities include continued dividend increases, opportunistic buybacks, and potential leverage reduction, with strong positioning to pursue all simultaneously.

Kneale tied the cadence to producer activity and commercial execution. Incremental commercial success already caused some accelerations. Whether growth is low double-digit or high single-digit will dictate medium-term plant additions.

McDonie confirmed early-stage deeper zone interest (Woodford Barnett) in both basins, with good economics expected though still in initial testing phase.

Kneale reiterated the all-of-the-above framework: growing dividend, opportunistic buybacks, strong balance sheet. No indication of special dividends.

Walt said the guidance increase was balanced across segments. Stronger Q1 volumes projected forward, with potential for additional upside from higher commodity-driven producer activity.

Sheridan detailed the Shaderfax relocation, 110M/day Delaware expansion, and 300M/day Bighorn plant. In active RFP discussions for additional Delaware capacity, with more expansions likely in 2027+.

Sheridan noted spreads widen with higher crude, commodity exposure mainly in G&P with systematic hedging leaving only ~25% open. Higher crude prices from the $55-$60 base would provide upside on spread business.

Sheridan confirmed construction on track, strong commercial momentum with substantial customer interest, and excellent collaboration with MPLX at multiple organizational levels.

Sheridan detailed numerous small optimizations: redirecting trucks between EnLink/Medallion terminals, buying more product on Medallion system, connecting Mid-Con G&P systems.

Walt confirmed minimal 2025 Big Horn spend, with larger projects rolling off in 2026 and CapEx trending downward.

Dang explained Western Gateway as a solution for California and Arizona to access domestic supply instead of relying on international markets as California refining capacity decreases.

Dang characterized impact as limited: modest crude price benefit on 10% unhedged barrels in CO2 segment. No demand impact seen yet. Long-term LNG demand boost possible.

Sital declined to speculate on California refining market but noted the West line reversal creates capacity that can grow with changes in California refining. Also provides access to Las Vegas via Calnev line.

Sital listed lean Eagle Ford (low nitrogen benefits for LNG efficiency), Permian, and potential Utica/Marcellus volumes via Tennessee network. Emphasized all-of-the-above basin approach since LNG, power, and organic LDC demand all compete for molecules. Bakken egress on residue side also comes into play as demand matures.

David cited natural gas capacity sales, Outrigger contribution, parking/loan services, and Jones Act tankers as H2 outperformance drivers, consistent with H1 trends. Some timing between Q1 and Q2 affected H1 appearance.

Porter redirected focus to PI partnerships rather than pipeline asset sales. Said PI projects are highly attractive to potential partners.

Larsen said producers are cautious near-term but recognize huge demand pull coming. Zamarin added Haynesville rig counts are up and DUCs are building.

Armstrong said supply must match LNG export doubling and power/industrial demand growth. Haynesville needs approximately 10 Bcf/day of growth over next 8 years to balance the market.

Porter said projects cover industrial, power, and LNG customers with consistent track record of converting backlog to guidance. Each project has individual probability weighting.