Keith Stanley

Kim explained the guide embeds conservatism plus some baked-in H2 outperformance, but less than H1 given Q1 winter-storm and one-time items.

Dang corrected that only the East and West lines are contributed, not the whole SFPP system. California assets remain outside the JV. Returns evaluated on full project IRR basis.

Characterized Waha-Houston Ship Channel spread benefit as modest. Preference is long-term take-or-pay contracts. Winter storms increase demand and service value across highly utilized systems.

Kim said MSX customers can but don't have to take early capacity. Regulatory acceleration doesn't translate day-for-day to earlier in-service due to pipe and compression procurement. SS4 hasn't seen much acceleration yet. Sital noted given tight demand environment, any surplus capacity can be sold in secondary markets.

Kim said $3B is largely from approved $10B backlog with small shadow backlog portion. Updated from $2.5B given continued backlog growth even while placing projects in service. May extend further or increase but not ready to commit to that yet.

Kim confirmed approximately 50-50 JV with Phillips 66. KMI's capital outlay is smaller since it contributes existing SFPP assets while P66 builds the new pipeline.

Sital said working diligently on incremental egress from Appalachia to serve growing consuming markets. Targeting north of 0.5 Bcf capacity addition but still early in diligence.

Kim said 871 waiver is currently 1-year with notice and comment pending; if made permanent, some projects could move up ~5 months depending on procurement schedules. Prior notice limit increase to $61M helps smaller projects. KMI has proactively filed individual waivers for SS4 and MSX rather than waiting on rulemaking, and views likely outcome favorably.

Sital said all facilities targeted for end of Q4 2026 with volumes ramping along the way. Adding treating capacity and pipe loops to unlock hydraulics. Exploring downstream Gillis opportunities to connect growing supply to LNG demand centers, potentially tying in KinderHawk production on additional takeaway projects.

Tom confirmed looking at both Conway and Mont Belvieu destinations but declined further detail to avoid informing competition. Opportunities to add incremental NGL volumes on HH.

Rich confirmed an all-of-the-above approach: competing for new pre-FID facilities and serving existing facilities looking for supply diversity. Trident expansion making significant progress with possible scaling announcement next quarter.

Kim confirmed acquisition criteria unchanged. Can fully fund CapEx from internal cash with no need for equity. Would consider equity for a sufficiently large deal that made economic sense.

David cited commodity prices, lower RNG plant production, and RINs pushed to 2025 due to lack of market liquidity as main factors for the Q4 shortfall.

Hulse tied the outlook to future CapEx and operating leverage, hinting at a possible Q3 guidance update.

Sheridan sees both longer-haul tariff benefits (Gulf Coast to Mid-Continent and Gulf Coast to El Paso) and potential for system expansion as demand shifts more product through OKE infrastructure.

Sheridan confirmed Bakken volumes were modestly better than expected outside of Winter Storm Firm, driven by favorable winter timing dynamics.

Sheridan confirmed Q4 rate decline was ethane dilution effect. Normalized rate remains ~$0.30 range, varying with ethane recovery levels and contract mix.

Walt noted 3.5x is self-imposed (agencies allow higher), providing capital allocation flexibility. EBITDA denominator weaker than expected slowed progress. Strong CapEx backlog in 2026; incremental free cash flow will kick up materially in 2027.

Sheridan confirmed openness to strategic partners but declined to comment on ongoing conversations.

Sheridan confirmed ~50,000 bpd of EnLink NGL volumes rolling off legacy contracts to ONEOK system between 2026-2028.

Sheridan declined to disclose contract details but noted rates in line with economics and premium location advantage.

Pierce identified two keys to midpoint: widening commodity spreads in refined products and producers continuing 2025 drilling plans.

Walt confirmed the stair-step build of synergies and growth projects, noting 2026-to-2027 uplift driven by lumpier project completions.

Walt confirmed affirming guidance exactly as given in February, tracking in line with expectations.

Sheridan disclosed mid-teens to high-teens returns for the LPG dock, framing it as part of a broader wellhead-to-water integration strategy.

Walt declined to give a specific 2026 synergy number, noting synergies from multiple acquisitions are increasingly difficult to attribute individually.

Jen explained plants are FID'd with contracts in hand, then commercial teams add more by online date, creating white space for producers.

Jen acknowledged significant marketing contribution but emphasized repeatable volume growth through the integrated system and strong 2027 outlook.

Meloy said it's hard to distinguish basin growth from share gains in real-time. Multiple producers gave upward revisions of 40-150M/d each over 6 months. Kneale added that Targa acreage showed resiliency as rig counts dropped, suggesting implicit share gain.

Kneale confirmed conservative marketing assumptions in guidance, consistent with past practice. Waha volatility in 2026 from planned/unplanned pipe maintenance could create incremental marketing opportunities not materially factored into guidance.

Branstetter confirmed fracs were essentially full in Q3 after turnaround completion, and emphasized looking forward to Trains 11 and 12 coming on highly utilized.

Kneale acknowledged conservatism given October producer shut-ins and expected November gas pipe maintenance, but said it's more likely above than below the top end. Marketing provides a natural offset to weak Waha pricing.

Kneale deferred specific 2026 CapEx guidance to February, noting continued capital efficiency while ensuring volume availability to baseload new assets.

McDonie detailed 8-9 year head start in sour gas strategy, 2.3 Bcf/d capacity, tons of acreage under contract. Competition acknowledged but core competency and scale provide durable advantage.

Kneale confirmed commercial agreements from Q4 2024 are additive to base growth, providing incremental support beyond what existing contracts already deliver for 2025-2026.

Byers attributed stronger margins to contract mix and customer activity, with higher margin contracts contributing disproportionately during weather-related outages.

Kneale confirmed it was opportunistic, not forced, generating $80M annual cash savings by refinancing low double-digit preferred with much lower-cost debt.

Kneale reiterated the all-of-the-above framework: organic growth investment, opportunistic buybacks, growing dividend, strong balance sheet flexibility.

Natalie Gayden said go-forward Permian plant cadence trends closer to two per year; the current five plants over three years averages about 1.7 per year, a temporarily elevated pace.

Randy Fowler said the two moving pieces of discretionary free cash flow are EBITDA and growth CapEx (working capital excluded); higher EBITDA nearly offset the $700M-plus CapEx increase.

Tyler confirmed propane contracts ramping at NRT; ethane commitments driven by VLEC arrival schedule, largely later this year and into next year.

Jim highlighted ethane demand surprise and 3M barrels of ethylene exports in the month; emphasized broadening of dock offerings beyond just LPG or crude.

Tug cited storage opportunities and high ethane export utilization as Q4 marketing drivers. A mixed bag of standard opportunities they always capture.

Randy detailed broad-based 2027 EBITDA drivers: full-year processing plants, OxyRock volumes, Frac 14/15, acid gas expansion, downstream flow-through, and higher Acadian fees.

Graham confirmed PDH-1 very high run rate with minor fixable issues. PDH-2 new operating procedures and licensor support. Team optimistic about 2026 improvement.

Justin showed own-plant sourced volumes grew from 45% in 2020 to two-thirds in 2025, with trajectory expected to continue toward more integrated supply.

Tug confirmed ~$1B for Phase 1. Phase 2 would be less than that amount.

Tug directly confirmed that the more meaningful LPG export recontracting margin headwinds are now over, with 85-90% contracted through end of decade.

Jim definitively stated it's very unlikely. Randy contextualized current elevated CapEx as peak cycle similar to 2018-2019, with low-cost brownfield expansions ahead.

Zamarin confirmed discussions extending to 15 to 20 years and said there is growing recognition that longer-term solutions are required.

Zamarin said Constitution challenge is coalescing enough customer commitments in a fragmented market. FERC process is moving forward but customer commitments are the last gating item.

Stanley pressed on how much of the 10%+ growth comes from midstream vs power. Porter clarified the base book supports ~8% CAGR through 2030, with G&P contributing modestly (especially Northeast/Haynesville). The gap from 8% to 10%+ comes from additional project backlog being converted. Zamarin confirmed the split is roughly half pipe, half power over the next five years.

Zamarin confirmed ability to sustain power innovation project cadence through 2030, working with equipment suppliers and customers to ensure delivery capacity.

Zamarin clarified Woodside is primary offtaker with investment-grade take-or-pay for 100% capacity. Stonepeak's 40% investment validates contracted nature. Woodside may sell down interest but offtake obligation transfers.

Zamarin said one gigawatt online by end of 2027 is achievable, with supply chain tempering pace somewhat. Also working with companies that have existing turbine slots. Goal is to layer projects through end of decade.

Armstrong said project has passed rigorous internal screening. Multiple parties to contract with for providing Idaho power generation benefiting Oregon and Washington. Northwest demand growth has been a major surprise.

Porter said current plan assumes gradual cash tax ramp to full payer by late decade. 100% bonus depreciation restoration could cut $300M cash taxes roughly in half. CAMT reform also under discussion.

Armstrong noted undisclosed projects driving 2027 growth beyond what's publicly visible. Emphasized gathering volume recovery will drive EBITDA without additional capital as market balances demand.