Jason Gabelman

You have guided to your equity affiliate distributions being at about 70% of the full-year guide by the end of 2Q

how do you view using cash to fund acquisitions, you know, not of the Hess size, but of some of a smaller size

I think every quarter, it beats guide this year by about $700 million. Wondering what's driving that beat?

Should we expect a step-up from the current rate by that $2.5 billion that you guided to when the Hess deal was announced?

if you could provide any additional color on how to think of the pace of buybacks through the balance of the year

I wanted to ask about the TCO distribution, and I appreciate the detail between first half and second half of this year

How are those spreads looking right now? Do you see that repeating this year

does that kind of support you filling up your y grade pipelines out of the Permian Basin, to get over the 60% utilization on Avaya pipeline

Can you just talk about what you're seeing in that system moving, propane up the product pipelines

Have your upstream customers kind of told you that you need to more or less have that egress to compete for additional volumes from them

Thinking back to the Permian pipeline going west that you didn't win, were there any lessons learned in that process

is it in your project backlog? I know it hasn't been to this point, but I want to confirm, it's still not in there

just wondering what drove the earnings upside on the natural gas segment in 4Q

how much of that project backlog, if any, is tied to servicing incremental projects

I wonder if there's opportunities out there or holds in the portfolio that you'd be interested in filling

Should we assume the large projects in the backlog are kind of similar in markets they serve

hearing anything around a potential slowdown in contracting or need for additional piping into future plants

what the strategy is on gaining volumes there and kind of securing potentially higher rates

we've seen a bit of inverse performance there in land was, I'd say, weaker than normal seasonality in 1Q

Should we expect those contracts to get renewed at kind of similar terms as what they're currently at

was there some work that needed to be done there, or was it around inflation and and workforce costs

if the team could talk about maybe elaborate a bit on some of the comments you made in your opening remarks about how her background

can you just talk about your ability the past couple of quarters to capture the strength in the Pacific Northwest and the Rockies

One of them being targeting moving more barrels from kind of Eastern PAD to further East. One on interest in petchem bolt-ons

can you talk about if your targets for net debt have changed? Or if there are one-offs in the quarter that impacted net debt

how willing are you, if at all, to go above the $7 billion debt target either to absorb working capital volatility and/or support buybacks

would you be open to a larger deal if the right one came across?

I think you're going to be refinancing $750 million of debt at the parent. So should we think about that being available for use towards buybacks?

Did I hear you right that the -- some of the data center-related projects you're pursuing you thought they were going to be in the $50 million range and they're coming in more like $400 million to ...

would you expect to kind of get back to capturing that upside next year based on where the commodity curves are right now?

Is there a desire to further grow the refined products and crude business inorganically

I was hoping you could elaborate on those comments a bit more as I'm trying to understand the underlying earnings in the quarter

how important is it to maintain our competitive growth rate? Or do you think that your EBITDA growth rate is not necessarily a main determinant

Can you just help us, I guess, bridge quarter-over-quarter decline and remind us how you get to that $4.5 billion

I neglected to ask about the LPG export ARB opportunity in the current environment

wondering if you're seeing any headwinds in the first half from recontracting on the NGL pipes and if that's something that'll be a feature in future years

do you still view those as core? I mean, there are some good assets there. But obviously not as well integrated

wondering if you could just elaborate on what drove the increase quarter over quarter, how much of that is kind of underlying versus some timing impacts?

just want to know if your outlook for when we reach mid-cycle in that industry has changed at all?

I'm wondering if the company is thinking about doing a deep dive on that segment and the structure that makes sense

There was a pretty large decline quarter-over-quarter, larger than what would seasonally be expected

do you see further potential to rationalize some of your refining assets? Or do you feel like after the L.A. refining shutdown, you're in a pretty competitive position

it does look like, I guess, you'll be a bit short on Y-grade pipeline capacity. So how do you plan on managing those molecules as new fracs come online later this decade?

can you remind us how much of that is concentrated in '26 versus how much spend will be less than '27?

how you feel about that $1.6 billion cost for the Speedway pipe. Is that kind of fully baked? Or do you have perhaps some contingency baked in there?

How is the competitive landscape for going after that Permian acreage? Is it becoming more competitive there? And are you seeing some of, kind of, the fees that you're able to extract shrinking?

the risks to kind of coming in at the high end or the low end of that range

what the direction of travel is on the fees that you're able to secure from competitor -- or from customers? Is it up, down, flat

Do you think we see a similar dynamic as during the Russian war where cracks kind of in the back-end trend higher

pretty massive dislocations in the market change your way you think about investment opportunities

you think that the levels we're at today are sustainable? Are there reasons why the differential should be wider now than they were prior to COVID

sustaining CapEx is down a couple of $100,000,000 versus what you've you've done the past couple years. So is that an indication that mechanical availability should be higher

if you could provide some numbers around the amount of disruption that you're seeing on Russian product exports

are you going to have to kind of import products from Asia in order to meet your contractual obligations

how much of these Middle East barrels do you think will flow to North America

it seems like some of the output from other regions is a bit lower

In The US, you see natural gas prices move higher in impacting your operating expense

do you think you would be able to, if the tariffs are implemented in a very direct way, you’d be able to sidestep those tariffs

I’m wondering if that is an indicator of above average turnaround activity in your system for 2025

I wanted to ask about the growth capital.

how do those steel tariffs impact the CapEx to EBITDA multiples and how do you manage that risk moving forward

how does that kind of impact your outlook for additional projects that you could build in the U.S. Gulf Coast

the opportunity that is potentially available in the UAE if they were to ramp up production

what do you think is driving this industry trend

when we should start to see that production plateau start to come off

the overall potential earnings number from all the projects combined