Jean Salisbury

Tyler Cott acknowledged near-term LPG export overcapacity and lower terminal fees for the next 12 to 18 months, but noted EPD is about 90% contracted, limiting exposure.

Jim estimated approximately two years for a cracker to convert to ethane and for related infrastructure to be built.

Tug confirmed strong ethane and LPG demand existed before the conflict and remains strong; fundamentals support long-term conversion interest.

Jay confirmed about 20% rolls in 2028 but proactive blend-and-extend strategy plus new contracts already addressing the gap.

Jim expressed confidence that EPD's team can do win-win deals regardless of counterparty size, whether large majors or independents.

Tony emphasized Permian remains oil-first. More gas takeaway capacity is healthy for the basin but won't change producers' oil-first drilling strategy.

Tug confirmed both rezcom and petchem demand growing. Jim emphasized his fundamental belief that price creates supply and demand.

Tug emphasized strong term contracting and brownfield capital efficiency. Jim noted export facilities serve as magnets for pipeline and frac volumes.

Tony explained oil declines faster than gas, PDP base growing, and easiest oiliest locations already drilled. Permian will continue getting gassier for years.

Tug confirmed no disruption and limited direct China exposure. Highlighted $400M brownfield expansion for 300K bbl/day as most capital-efficient in market.

Natalie outlined an expanding sour gas platform: third AGI well, train 4 and 5, plus expanded upstream integrated value chain capability.

Tug detailed full ethane contraction at 540K bbl/day, 85% LPG contracted, with Neches River transitioning to ethane while Ship Channel handles LPG expansion.

Swords said Bakken NGL rates are locked well into the next decade, addressing cost-cut concerns.

Sheridan noted blending volumes have grown each year, driven by higher gasoline throughput and synergy projects. Potential upside if jet fuel tightness shifts travel demand to road.

Sheridan confirmed wider-than-expected Waha-Katy spreads continuing through Q2 into Q3, normalizing when new pipeline egress comes online in H2.

Sheridan walked through basin by basin: Bakken losing 18,000 bpd contract to Kinder Morgan, Mid-Con expecting more ethane rejection, Permian growing with full ethane recovery. Also assumed lower discretionary Bakken ethane than 2025's strong year.

Sheridan explained current excess Eiger capacity used for spread capture will transition to serving growing G&P volumes by 2027, naturally replacing the spread income with fee-based G&P earnings.

Sheridan attributed Permian underperformance to pad timing delays now resolved, with volumes at expected levels. Bakken NGL outperformance driven by discretionary ethane recovery.

Sheridan saw ample Mid-Con egress headroom, with some producers shifting to gassier acreage as gas prices improve, benefiting G&P and NGL systems.

Sheridan acknowledged tighter 2025 spreads but highlighted compensating volume growth from synergy projects, positioning for upside when spreads normalize.

Sheridan noted natural GOR increases across basins, some consolidation-driven drilling shifts, with current drilling having bigger impact on next year's volumes.

Sheridan confirmed Q1 ethane rejection was in line with expectations since they had January-February data when setting guidance, with recovery increasing entering summer.

Sheridan confirmed increased Mid-Con drilling activity driven by higher gas prices, with Pierce adding 20-25% nat gas demand growth from LNG exports and coal conversions.

Sheridan pushed back on overbuild thesis, noting 2028 completion timing, ONEOK's existing volume control, and typical market rate assumptions on spot volume.

Sital said Double H has capacity to expand further but declined specifics, citing the competitive market and the need for another contract.

Michels confirmed Q1 2027 schedule for first phase. Dang added there is some incremental capacity versus planned 2027 volumes.

Michels confirmed the Amarillo expansion is entirely market-pull driven by power demand, not supply-push from the Permian.

Kim said LNG terminal returns haven't met thresholds and it's not KMI's core construction competency. Strategy is serving LNG demand through pipelines (40% market share). Rich added take-or-pay contracts with investment-grade utilities provide better risk-return than contracting directly with AI developers.

Kim said two factors: elimination of 871 five-month waiting period and FERC acting within roughly 12 months on the filing versus historically longer. Combined effect moves MSX from Q4 2028 to Q2 2028 in-service. Not necessarily day-for-day on all projects since pipe and compression procurement timelines also matter.

Kim highlighted Eagle Ford as well-positioned Tier 2 basin with potential to exceed current projections and relatively easy infrastructure to build. KMI has strong Eagle Ford position. Sital said contracting will evolve as markets discover sourcing options, driven primarily by demand pull from consuming markets with some producer participation.

Kim explained two-phase pattern: initial pipeline from facility to nearest liquid point gets contracted at FID for financing purposes. Post-FID as in-service approaches, LNG developers seek cheaper supply and diversification, generating additional pipeline projects. Rich emphasized KMI's extensive Gulf Coast infrastructure advantage.

Kim noted GCX and PHP 10-year contracts expire in 2029-2030 but have rates below current new-build pricing, making them competitive. Sital added the pipelines feed into KMI's Intrastate system with in-use demand in the Austin market, reducing recontracting risk. KMI assumes rate step-downs at contract roll to protect returns.

Kim said singles and doubles will be more frequent than large marquee projects. Large projects require more customers and competition. Expects a mix but called 2024's large project count fortunate.

Sital confirmed activity picking back up in the Haynesville driven by improved pricing and upcoming LNG demand. Sustained prices would accelerate the recovery.

Bonner framed the partnership as accelerating scaling of advanced chemicals; Wirth noted recovery uplift dwarfs licensing revenue. Direct.

Wirth said Bakken running well at 3 rigs with longer laterals. Testing advanced chemicals to improve recovery. Not in a hurry to sell, wants to fully appreciate value before any portfolio decision.

Bonner detailed Permian treatments scaling from 40% to 85% of new wells, targeting 100% by 2027. Testing proprietary and commercial chemical cocktails. Existing well treatments reducing decline 5-8%. Bakken treatments began Q4; DJ pilots underway. Results to be shared in due course.

Wirth comfortable with 85/15 upstream/downstream split. Views upstream as more self-correcting on returns vs downstream capacity creep. Only petrochemicals targeted for growth.

Wirth noted limited oil flows resuming to U.S. consistent with sanctions policy. No material Q3 impact expected but will help recover owed debt at the margin. Compliance with all laws emphasized.

Wirth was blunt about California policy making investment impossible. Noted no announcements on Chevron's own refineries. Strong critique of state central planning on operational matters.

Wirth confirmed stable early operations, strong well deliverability, but noted it's too early for debottlenecking discussion. Methodical ramp-up with significant exclusion zones still in place.

Larsen clarified gathering expansion is not directly tied to power projects but positions them well as demand grows. Zamarin and Wingo highlighted Sequent virtual footprint touching every major pipe.

Salisbury noted $3.5B of EBITDA add from the 8% base plan seemed rich vs CapEx in execution and asked about operating leverage or rate uplift. Porter said it's primarily the big transmission and power projects coming online in 2027-2028, particularly Southeast Supply Enhancement (Williams' biggest project ever by incremental earnings impact) plus $1.5B from power innovation.

Zamarin confirmed 80% of capital in pipeline is 100% take-or-pay. LNG terminal also 100% contracted primarily by Woodside. Only non-take-or-pay is the small 1.5M ton offtake representing less than 1% of earnings.

Wingo said gas sourced from LEG, Transco and broader market. Williams handles short-term arrangements via Sequent while Woodside handles long-term supply. Pipeline will be bidirectional for optimization.

Zamarin said SSE scope is frozen to maintain 2027 schedule. Significant additional demand exists along the corridor. Team working on next round of expansion projects. Won't be the last project along this Transco footprint.

Larson confirmed Power Express sources from Station 165 going north and is not dependent on Mountain Valley expansion. Project is scalable through the Transco system.

Armstrong said Constitution requires combination of pipeline solutions. Also working NESE project which is less complex. Constitution progress depends on New York state decisions on energy needs.

Woods said the economic incentive still favors more oil and less gas per well, with unconstrained takeaway mainly enabling higher oil output.

Darren confirmed cold box is critical path item. Range reflects ongoing damage assessment with conflict limiting full access. Has not accepted any schedule yet. Confident ExxonMobil-QatarEnergy capability is unmatched for this repair.

Woods said after initial hype people realize that in near to medium term the only viable option at scale for low-carbon data centers is gas-fired power generation with carbon capture. ExxonMobil uniquely positioned with Denbury investment providing only scale end-to-end CCS system with integrated capabilities from capture through pipe to subsurface. Engaged in very serious substantive conversations with number of hyperscalers. Commitment exists to finding competitive way to decarbonize. Have site and location offer. Hope and expectation to see project announcement hopefully by year-end.

Woods said proppant success is function of rock properties and ability to flow material for deeper frac penetration. Continuing to optimize and fine-tune with more learning ahead. Just one of a number of technologies being pursued to improve recoveries and lower capital. Pipeline promising with more perspective at December plan update. Challenged technology organization to double recovery starting with no line of sight. Now has pipeline and line of sight to how they might do it with number of things needing to prove themselves. Feel pretty good about patent protection and supply of raw materials. Everything being pursued is very focused on being proprietary to ExxonMobil.

Woods said unless tariff agreements result in step change in economic activity the demand around the world will be driven by fundamental base economy. Expects trade flows may change but world is round and demand still needs to be met from available supply sources. Does not think it changes rate or pace of new supply. ExxonMobil contracts up sales for capacity being brought on. Papua and Mozambique developments being matched with secured sales linked to crude. Short-term dynamics do not impact long-term fundamental thinking on these investments.

Woods said progressing deployment of low-weight proppant and setting up supply chain and logistics systems. As enthusiastic if not more about the value opportunity with ongoing well results. Expects like many technical advances the company generally surprises itself with improvements over time as deployment experience grows. The 15% AUR improvement remains a good solid base number.

Woods said LNG demand strong well into 2050 as economies grow and countries decarbonize backing out coal. Continuing to find ways to bring on advantage supply of LNG is critical to strategy. Market underpinned by long-term sales contracts linked to crude pricing reflecting customer demand. Majority of production looking to bring online will be underpinned by long-term contracts. Leaving a portion uncontracted to support trading organization work as market grows and becomes more liquid. Opportunities to optimize and extract additional value through trading.