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Analyst
Gabriel Moreen
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters; questions recorded in 6).
- Questions
- 10on tracked calls
- Challenge rate
- 0%none of 10 questions
- Companies
- 5questioned at least once
- Reporting periods
- 6with 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 10 of 10 questions from 5 companies
WMBWilliams Companies3 questions · 2 reporting periods · 0 of 3 challenging
Calendar 2025 Q4
I wanted to just move over to Sequent for a little bit.
Show response
Moreen asked about Sequent's performance during recent winter volatility. Porter said they got off to a good start in Q1 2026, benefiting from winter storm conditions though not as strongly as the prior year's MLK storm setup. Zamarin added the 2026 EBITDA guidance was set with good visibility on Sequent's Q1 contribution already locked in.
Calendar 2025 Q1
on gas storage, just broadly what you're seeing right now, where some of the maybe potential expansions in your backlog may lie
Show response
Armstrong highlighted Pine Prairie 10 BCF expansion underway with significant market interest driven by new LNG wave. Expects additional Gulf Coast expansions and strong recontracting across storage portfolio.
Can you talk about risk management overall for these projects, given long-term fixed price contracts on the power side
Show response
Zamarin confirmed gas cost is pass-through with no commodity exposure. Sequent sources gas on behalf of customer. Very high degree of contractual protection with best-credit counterparties.
ATOAtmos Energy2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2025 Q3
it looks like you raised your long-term gas price assumption in the 5-year outlook. Can you just talk about drivers behind that, if there's anything beyond the forward curve?
Show response
CEO confirmed gas price assumption is simply the forward curve. Emphasized residential natural gas bills remain the lowest utility bill in the household and 2-5x more affordable than electric counterparts.
Waha gas prices have been on a bit of a wild ride the last couple of weeks. I'm just wondering to what extent you've incorporated some of the deeply negative prices here that we've seen over the la...
Show response
CEO confirmed FY2026 guidance assumes normal market conditions with no attempt to forecast Waha spreads. CFO added that 75% of any APT through-system upside flows back to customers.
KMIKinder Morgan2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2024 Q4
Is that a question of permitting, right-of-way, conservatives? Is there any conservatism built into that
Show response
Kim explained Interstate vs Intrastate timeline difference (4 years vs 2 years). Schedules assumed prior administration pace. New admin could speed FERC but KMI prioritizes a defensible permit over speed.
your nat gas sensitivity that you've got to the $0.10 change in gas prices? It's a bit higher this year than last
Show response
Kim clarified the sensitivity has always existed but this year they were able to quantify it for investors. Some gathering tariffs float with gas prices, creating the sensitivity.
OKEONEOK2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2026 Q1
The PRB new plant there sounds like it's still pretty quickly any visibility to more capacity there. And then I think there was also a call out for Northern Border performance
Show response
Sheridan said the 60M/day Incenter plant will fill quickly with JV partner wells. More capacity is possible. Northern Border outperformance is a recurring pattern, slightly higher than predicted each year.
are you seeing any change in behavior on ethane extraction as it relates to either the Bakken or cadence going into Louisiana?
Show response
Sheridan confirmed strong ethane economics driving discretionary recovery in the Bakken and Oklahoma, with petrochemical customers at high utilization. Expects tailwinds through the rest of the year.
TRGPTarga Resources1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q2
Does that mean that excess capacity becomes underwritable under long-term contracts?
Show response
Ben said Targa is highly contracted through LEP 4 startup and beyond; global demand, aided by the Middle East conflict, let it underwrite more of the strong current environment into long-term export contracts.
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 |
|---|---|---|
| WMB Williams Companies | 3 | 0%none of 3 questions |
| ATO Atmos Energy | 2 | —Rate withheld: fewer than 3 questions |
| KMI Kinder Morgan | 2 | —Rate withheld: fewer than 3 questions |
| OKE ONEOK | 2 | —Rate withheld: fewer than 3 questions |
| TRGP Targa Resources | 1 | —Rate withheld: fewer than 3 questions |
- WMBWilliams Companies · 3 questions0%none of 3 questions
- ATOAtmos Energy · 2 questions—rate withheld: under 3 questions
- KMIKinder Morgan · 2 questions—rate withheld: under 3 questions
- OKEONEOK · 2 questions—rate withheld: under 3 questions
- TRGPTarga Resources · 1 question—rate withheld: under 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 | 2 | 0%none of 2 questions | 1 |
| 2025 Q1 | 2 | 0%none of 2 questions | 1 |
| 2025 Q2 | No questions recorded | — | — |
| 2025 Q3 | 2 | 0%none of 2 questions | 1 |
| 2025 Q4 | 1 | 0%none of 1 question | 1 |
| 2026 Q1 | 2 | 0%none of 2 questions | 1 |
| 2026 Q2 | 1 | 0%none of 1 question | 1 |
- 2024 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q2No questions recorded
- 2025 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q41 question · challenge rate 0% (none of 1 question) · 1 company
- 2026 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q21 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Demand5
- Pricing4
- Capex Investment3
- Margin3
- Revenue Growth2
- Competitive Dynamics1
- Regulation Policy1