Start 30 days free, no card. Full Pro access for a month, then decide. Start free
Analyst
Jackie Koletas
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q1 (6 quarters; questions recorded in 4).
- Questions
- 8on tracked calls
- Challenge rate
- 0%none of 8 questionsLimited sample
- Companies
- 2questioned at least once
- Reporting periods
- 4with 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 8 of 8 questions from 2 companies
TRGPTarga Resources6 questions · 3 reporting periods · 0 of 6 challenging
Calendar 2026 Q1
what is your appetite to increase shareholder returns from here
Show response
Will reiterated consistent capital return strategy: strong balance sheet, invest at attractive returns, and grow shareholder returns.
You noted the new guide continues to be somewhat modest on optimization. Where could you expect the most outperformance
Show response
Matt pointed to conservative back-half marketing assumptions plus potential volume upside and LPG export upside as sources of further outperformance.
Calendar 2025 Q2
provide a little bit more detail on the associated expectations or potential returns on the bull run extension and what the commercial structure
Show response
Kneale described Bull Run extension as a natural extension supported by existing flowing volumes from Bull Moose/Wildcat complex, enhancing connectivity to Waha Hub.
How do you anticipate to balance future buybacks with other uses of capital over time
Show response
Kneale noted Q2 repurchases reflected a disconnect between macro concerns and Targa fundamentals. All-of-the-above approach makes activity difficult to predict quarter-by-quarter.
Calendar 2024 Q4
where are you seeing the success across your footprint? Just mostly on the sour gas opportunities, or is this, you know, more across, like, the entire GMP segment
Show response
Meloy detailed success in both basins with three large deals highlighted in the Delaware. McDonie added a long list of new transactions in 2024 and early 2025.
what is the cadence kind of of those additional beyond 2026 might look like? And, you know, at what point do you kind of expect to move forward
Show response
Meloy outlined three-plant average for 2025-2026, evaluating 2027-2028 with multiple sites already picked, significant growth expected in all years.
KMIKinder Morgan2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2025 Q4
How do you think about allocating capital towards this project versus natural gas opportunity set
Show response
Kim explained risk-return framework with middle-of-road base return adjusted by cash flow stability, duration, and credit. Western Gateway expected to have long-term shipper contracts from creditworthy counterparties. No capital constraints, can fund Western Gateway and all natural gas projects. KMI contributing assets so cash contribution will be less than half of total.
How do you think about maintaining leverage levels towards the midpoint of your long-term guide
Show response
Kim said $3B/year fully fundable from cash flow. As $10B backlog comes online, debt/EBITDA declines creating more capacity. Each 0.1x equals $850M. No intention of approaching 4.5x ceiling. Plenty of capacity for all opportunities without leveraging up.
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 |
|---|---|---|
| TRGP Targa Resources | 6 | 0%none of 6 questions |
| KMI Kinder Morgan | 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 | 2 | 0%none of 2 questions | 1 |
| 2025 Q1 | No questions recorded | — | — |
| 2025 Q2 | 2 | 0%none of 2 questions | 1 |
| 2025 Q3 | No questions recorded | — | — |
| 2025 Q4 | 2 | 0%none of 2 questions | 1 |
| 2026 Q1 | 2 | 0%none of 2 questions | 1 |
- 2024 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q1No questions recorded
- 2025 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q3No questions recorded
- 2025 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Capital Allocation4
- Capex Investment4
- Guidance Reliability1
- Pricing1
- Margin1
- Demand1
- Geographic Expansion1
- Revenue Growth1