John Mackay

disconnect between the, let's say, paper market and the physical market

were you thinking of '27 being a kind of what had, at the time, thought to be a kinda softer 2026 macro environment

Can you share a little bit more color for us on what you're hearing in terms of demand trends

any incremental tailwind sorry, headwinds you're expecting for '26 versus '25 that might offset some of that some of that ramp

I'd love just to hear a little kind of mark-to-market on what you're thinking now and what you're hearing from your Permian producer customers

When would you expect those all generally all else equal to be fully ramped

where do you stand in that process for repricing down those LPG exports? Is that kind of in there now

Is there a risk to the upside or downside to that $2 billion to $2.5 billion of CapEx you're framing up for next year

are you seeing any sort of slowdown though in terms of a broader macro impact meaning we could see kind of lower demand in Asia

I'd just be curious to hear your takes overall on any of these energy tariffs, how you think about that in the context of your export footprint

how much of this is, look, it's a competitive environment. We'll see what we win

Can you talk about the rest of the business

how you'd expect that 50% to kind of trend from here

you come on the new tax rules should open up some incremental cash flow for you guys

Is this -- not to put you in the spot, was this a outsized kind of win or is this the kind of more regular way

kind of like latest state of play there. And then specifically just on maybe related note, Bridge coming online

Is there anything you can share on kind of knock-on effects across the rest of the Kinder system

Can you kind of frame up, is that a ceiling on how much you think you can spend a year

you kind of pointed to potential inorganic opportunities in the Permian. Can you talk about that a little bit more for us

Could you tell us a little bit more of a breakdown of where those dollars are going in terms of kind of the bigger projects coming on maybe over the next two years

are you able to frame up in kind of, let's say, like a mid-cycle environment, or what have you? This overall size of the blending business

Are you guys still seeing the same level of margins you've seen historically? Or maybe more broadly, you can kind of talk about that margin per M trajectory you've been seeing?

Maybe to share your kind of medium- and longer-term view on Waha at this point?

Are you starting to see kind of big swings in GORs kind of from one region to another?

Earlier this year, kind of had a couple of conversations about how you'd expect the Midland versus the Delaware to ramp. Just curious kind of where that sits now?

when would you be able to get to kind of down to $300 million, let's say, if the macro does start to soften

is there anything you can frame up for us on how to think about these ramping as they come online

are you saying you're effectively working with the customer to swap out their diesel backup at a data center for gas

spend a minute or 2 kind of talking about your view of your relative competitive advantage

Staying on the kind of broader gas macro, the theme of today has been the demand pull. But can you talk a little bit about the supply side.

I want to move back to the transmission backlog a little bit.

Can you just remind us on what your plan is for the remaining upstream portfolio from here

Can you just kind of walk us through what you're thinking there and kind of what you're looking for to get a better sense of maybe earlier timing

It does look like Power Express, the size was kind of refined down a little bit. Maybe just walk us through the thinking there

Are your customers thinking about that as a effectively permanent power solution

Just curious what your view is on momentum in Washington, whether we could think about some of the project timelines improving

can you just remind us what the general strategy on the E&P side is just following the JV buy in

Can you just frame up where that conversation stands now? Is that dependent on maybe formal FID of some of these data center projects