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Analyst
Manav Gupta
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 137on tracked calls
- Challenge rate
- 1%2 of 137 questions
- Companies
- 14questioned at least once
- Reporting periods
- 7with 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 137 of 137 questions from 14 companies
BGBunge Global13 questions · 7 reporting periods · 1 of 13 challenging
Calendar 2026 Q2
you had identified cost synergies, and network and commercial synergies, but there was a bar on top
Show response
Neppl confirmed the raised cost target; Heckman described the upside qualitatively as footprint optimization and customer growth without sizing it.
Can you also give us an update on the remaining 3 projects, which you have indicated could add about $1.30 to 2030 EPS?
Show response
Neppl walked project by project with dates for Destrehan, Morristown, Avondale and Westhaven, though without restating the $1.30 EPS contribution.
Calendar 2026 Q1
can you talk a little bit about the dynamics out there, what you're seeing out there from renewable diesel, biodiesel producers.
Show response
Heckman confirmed macro shift toward fuel security globally, highlighted higher crude/diesel prices making discretionary blending work, and noted forward curves are heavily inverted showing market uncertainty on speed of rollout.
Calendar 2025 Q4
the buyback was pretty strong in 3Q and sorry, 3Q and it dropped off a cliff in 4Q. Like you went from $5.45 to 6,000,000.
Show response
Neppl explained simply chose to front-load buyback, committed to completing remaining program soon. Signaled share buyback will be bigger part of capital allocation going forward with more details at Investor Day.
where do you think the street is getting it so wrong versus what you are guiding?
Show response
Heckman suggested street may have assumed RVO benefits flowing into Q1 which hasn't happened. Noted Q1 largely locked with more than a month complete. Emphasized more positive than negative catalysts for the balance of the year.
Calendar 2025 Q3
As the 2 companies come together and you are going to generate a lot of cash, help us understand a little bit what would be the uses of that cash going forward?
Show response
Neppl confirmed CapEx decline expected post-2026 as mega projects wrap up, and share buyback will be a meaningful part of capital allocation going forward.
help us understand where are the positive surprises and where you think probably a little more work is needed than when you initially decided to buy Viterra.
Show response
Heckman gave thorough answer: heaviest lift is converting private/IFRS company to public/GAAP (systems, processes), which is on track. Positive surprise was how quickly commercial teams embraced collaboration and risk management culture.
Calendar 2025 Q2
How much is remaining under the buybacks? Could you accelerate the buybacks to offset the dilution from the Viterra deal?
Show response
CFO confirmed $800M remaining from $2B commitment. Expects to execute fairly soon, timing opportunistic. Share buyback will be important ongoing capital allocation strategy for the combined company.
would that lead to a situation where you would actually see your domestic soybean oil actually competing against low CI feedstocks and the premium that those low CI feedstocks get
Show response
CFO said domestic SBO premium over imported feedstocks not out of the realm of possibility. RVO rules designed to incentivize domestic production. SBO's scale and ease of processing give it an advantage.
Calendar 2025 Q1
in the event, you do get a higher RVO, which is significantly better, how is Bunge going to benefit from it probably in the second half or in 2026
Show response
CEO said higher RVO would strengthen crush oil leg in NA and globally. CFO noted limited lock-in for Q3/Q4, positioning BG well if margin environment improves.
Help us understand the benefits and why does it make strategic sense to move ahead with Repsol o n this kind of a JV
Show response
CEO highlighted Repsol JV provides origination of lower CI feedstocks including novel crops for European renewable diesel and SAF. BG aims to be partner of choice for fuel industry.
Calendar 2024 Q4
I'm trying to understand what kind of conservatism is built into the guidance
Show response
Management provided detailed puts and takes including favorable global oilseed S&D, South America improvement, but lower North America margins.
how are you accounting for the fact that there is policy uncertainty of 45Z?
Show response
CFO confirmed assumptions include lower US crush margins and more challenged refining premiums for 2025 until policy clarity emerges.
MPCMarathon Petroleum13 questions · 7 reporting periods · 0 of 13 challenging
Calendar 2026 Q2
is there a possibility here that for the next 10 years or so, even the mid-cycle is higher
Show response
Management detailed the scale and persistence of global refining outages supporting the constructive view into 2027.
Calendar 2026 Q1
I'm actually trying to get a little bit of handle on elevated earnings for the near term or medium term
Show response
Rick Hessling gave exceptionally detailed answer covering crude sourcing advantages, doubled Canadian volumes, SPR purchases, jet and diesel optimization, and export creativity.
So if you could talk a little bit about those additional disclosures you provided
Show response
CEO confirmed 20% of executive annual cash bonus tied to regional EBITDA/bbl competitiveness, providing accountability link to new disclosure.
Calendar 2025 Q4
how much more incremental Venezuelan barrels you could absorb in your system
Show response
Rick noted MPC purchased only 2 Venezuelan cargoes out of many offers, better options exist. CEO quantified: $1 sour differential move = $500M annual benefit to MPC. WCS widened $1-2/bbl post-announcement.
should we think about the returns in in a similar way, mid teen unlevered IRR
Show response
Mike detailed: feedstock optimization adds 30K bpd crude ($110M in 2026, $185M in 2027); export gasoline adds 10K bpd ($50M in 2026, $100M in 2027). CEO confirmed 25%+ returns, better than midstream mid-teens.
Calendar 2025 Q3
would it be fair to say that at this point, if refining cracks hold even mid-cycle or maybe slightly below mid-cycle, MPC is in a very good position to raise its dividend
Show response
CEO confirmed yes, 50%+ share count reduction, 10% dividend growth for 3 consecutive years, 12.5% MPLX distribution growth for next couple of years all support continued increases.
could we see you generate above mid-cycle margins on the West Coast for next maybe 8 or even 12 quarters?
Show response
Rick highlighted $40 West Coast crack, pipeline proposals at earliest 2029, MPC buying 2x more local California crude, and Pacific Northwest system optionality as structural advantages.
Calendar 2025 Q2
I'm just trying to understand your outlook for the quality discounts as OPEC comes forward with August and September hikes
Show response
Rick detailed OPEC adding 547K bpd by September with 1-2 month lag to impact spreads; Canadian differentials widening $3-4/bbl by Q4 with maintenance behind and diluent blending.
I don't remember seeing over 100% in the second quarter. So could you talk about that 105% capture that you achieved in the second quarter?
Show response
Rick emphasized structural (not one-time) improvements: specialty products, asphalt, product margins across all three regions, plus leaning into strong diesel and jet cracks.
Calendar 2025 Q1
help us understand your near to medium-term outlook for crude quality discounts, and how MPC can benefit from it?
Show response
Rick highlighted MPC as the largest U.S. heavy refiner, benefiting from OPEC+ acceleration across all three regions; Canadian differentials expected to widen by Q4.
can we think about that 12.5% growth product distribution could be sustainable for the next, like, three to four years
Show response
CEO confirmed multi-year durability of 12.5% distribution growth, citing 7% CAGR over 4 years, mid-teens return projects, and MPLX already covering MPC dividend plus CapEx.
Calendar 2024 Q4
starting 2026, is it possible that MPLX distribution is not only funding the CapEx, the dividend, but also possible buybacks at MPC?
Show response
CEO confirmed growing MPLX distributions will increase MPC's share repurchase capacity in the future, calling it a peer differentiator.
just trying to understand from your perspective the dynamics on the West Coast, understanding that the regulatory environment may not be the best
Show response
CEO referenced LA refinery investments for NOx compliance and efficiency, and emphasized the asset's integrated value chain and crude flexibility as competitive advantages.
PSXPhillips 6613 questions · 7 reporting periods · 0 of 13 challenging
Calendar 2026 Q2
can your Midstream fully support your sustaining CapEx for the full company and the dividend burden?
Show response
Mark affirmed Midstream plus Marketing & Specialties generate consistent cash to cover sustaining capital and dividends, supporting a growing, sustainable dividend.
Calendar 2026 Q1
you could see a material free cash flow inflection in your renewable diesel business, given where we are right now
Show response
Brian confirmed substantial improvement, RIN credit value more than doubled vs 2025, and the RODEO facility is running above nameplate capacity.
does that mean somebody like a Philips or even any U.S. refiner in this environment is structurally better off
Show response
Brian confirmed bullish view on U.S. refining, insulated on supply with strong runs, healthy consumer demand, and pipeline-connected domestic crude. PSX only purchased about 1% of crude from Middle East.
Calendar 2025 Q4
how should we think about the midstream portfolio going away? We assume, like, the organic 5% or something like mid-single-digit organic growth
Show response
Don expects ~$1B quarterly run rate with step changes from organic projects in late 2026 and into 2027 driving to $4.5B target. Deal pipeline filling for post-2027 including potential Corpus Christi frac expansion and Western Gateway. Mid-single-digit growth sustainable beyond 2027.
I'm just trying to understand what's your refining macro outlook and do you believe that we could have another good year in 2026?
Show response
Brian cited demand growth exceeding net refinery additions, new builds weighted to year-end likely slipping to 2027, low unplanned outages in 2025 hard to repeat, and widening heavy differentials benefiting PSX system.
Calendar 2025 Q3
The indicator, and I understand it's an industry indicator, seemed relatively flat. The earnings jumped materially
Show response
Mark cited three drivers: heavier ethane weighting than IHS, absence of Q2 planned/unplanned downtime, and capturing tightness when competitors had outages. Year-to-date $700M EBITDA at cycle bottom.
where is the epic acquired assets EBITDA at this point on a quarterly basis and then what would it become once the full expansion happens?
Show response
Don confirmed performance meeting or exceeding acquisition plan. First expansion running full. Next 125K bpd expansion in late 2026, volume already on ground or coming from G&P expansions.
Calendar 2025 Q2
now that you have sold these assets, what would be a good run rate of EBITDA normalized for this business?
Show response
Kevin guided Q3 M&S at $450-500M normalized, down from Q2's $660M which included ~$100M timing benefit. Germany/Austria disposition to reduce EBITDA ~$50M/quarter.
can you help us understand what helped you drive close to $1.3 billion in quarter-over-quarter improvement in refining?
Show response
Rich gave deep dive: 98% mechanical availability, 87% annual clean product yield, 9/10 quarters above industry utilization. $1+/barrel cost removed. Sweeny sour crude Flex project increases light crude by 3x.
Calendar 2025 Q1
how some of these LPG exports will have to reset to accommodate around tariffs because I think you were sending like 48% of our ethane to China
Show response
Brian explained trade flow rerouting: China sources from AG/Asia, US backfills. Freeport mostly termed up with no FOB cancellations. Strong trading team manages delivered cargoes.
Your medium-term outlook for the polyethylene chain margin here
Show response
Mark acknowledged tariff pressure on purchasing decisions. CPChem has minimized China exposure and can source from Middle East. Rebalancing expected but uncertainty persists.
Calendar 2024 Q4
Help us understand quarter-over-quarter some of the dynamics that went your way which allowed you to almost raise earnings in renewables
Show response
Brian explained strong operations, lower cost profile, higher-CI feedstock processing ahead of BTC credit implementation. No SAF produced in Q4.
when can we start moving towards closer to the mid cycle margins as it relates to the ethylene chain margins in chemicals?
Show response
Mark noted continued margin improvement expected through 2026; North American producers had record PE exports, and CPChem megaprojects will enter healthy margins by late 2026.
TRGPTarga Resources13 questions · 7 reporting periods · 0 of 13 challenging
Calendar 2026 Q2
can you help us with the post-Speedway material inflection in free cash flow
Show response
Jen said capital allocation stays consistent: continued investment, materially higher dividends per share, opportunistic buybacks and a strengthening balance sheet as Speedway and LPG export drive an FCF inflection in Q3 2027.
Calendar 2026 Q1
Your press release says your inlet volumes in 2Q are trending significantly above your 1Q
Show response
Jen quantified volumes 250 MMcf/d above Q1 average but noted 200-400 MMcf/d shut-ins make Q2 precision difficult. Strong underlying growth.
I was wondering if you're also seeing higher rig count in that part of Delaware and Lea County
Show response
Management confirmed increasing sour gas activity as larger producers step into Bone Spring and Avalon development, with Targa's infrastructure unmatched.
Calendar 2025 Q4
Can you help us understand those two a little better how they came about and why they fit perfectly into Targa?
Show response
Muraro described both acquisitions as relationship-driven, with producers where Targa has long-standing relationships. Owning the assets enables system buildout and provides footprint to pursue additional acreage dedications over time.
are you also seeing that as more of these newer technologies are going into Permian, the well recovery is improving, which is obviously very positive for Targa?
Show response
Kneale confirmed it's a combination of technological developments improving well economics, GOR improvements, and more gas coming out of wells than previously forecasted. All contribute to upward volume revisions.
Calendar 2025 Q3
I'm just trying to understand the competitive advantage over there. And the growth and opportunity that you see in the that region of Eddy and Lea in terms of Permian sour gas
Show response
McDonie emphasized first-mover advantage in sour gas, with acreage locked up ahead of competition. Meloy added system fungibility and redundancy across Red Hill, Bull Moose Wildcat complex, and multiple AGI wells as unmatched capabilities.
I think you mentioned you had a successful open season. Our understanding is it's a lower CapEx project, so the returns would be very attractive. Could you talk a little bit about this particular p...
Show response
Kneale described Forza as a 36-mile interstate pipeline driven by producer interest, with returns commensurate with the rest of the portfolio. Leverages existing flowing volumes plus growth from new plants in progress.
Calendar 2025 Q2
what could be a good criteria for any bolt-on M&A that you could undertake just to further increase your presence
Show response
Meloy noted all strategic needs are met organically. Looking for nice bolt-ons to supplement base strategy with high bar maintained. Organic growth remains primary focus.
has that transaction met your expectations and your goals and have those assets been performing in line with your expectations
Show response
Meloy confirmed Badlands performing as expected with relatively flat volumes. Noted increased strategic value from NGL competition and potential opportunities on the NGL side.
Calendar 2025 Q1
help us understand the demand here? And also, how do you see this partnership with MPLX and Enbridge evolving
Show response
Muraro described strong demand driving Traverse FID, connecting supply to LNG demand centers in South Texas. Commercialization has gone really well.
with the macro uncertainty, the valuations have come in. If Targa sees the right opportunity, would you be open to a small-scale bolt-on deals
Show response
Meloy reiterated high bar for M&A with primary focus on organic growth. Will continue to evaluate bolt-ons if they make sense.
Calendar 2024 Q4
you are obviously involved with the Permian gas egress pipeline. I'm just trying to understand the scope over there
Show response
Muraro described excitement about Blackcomb coming online in 2026, ongoing conversations about next pipes, data centers, LNG demand, and intra-Permian opportunities.
I'm just trying to understand if there is what would be the appetite for small bolt-on deals that you could do
Show response
Meloy confirmed organic growth is the primary focus with a high bar for M&A. Nothing has transacted recently that meets their threshold.
VLOValero Energy13 questions · 7 reporting periods · 0 of 13 challenging
Calendar 2026 Q2
how long do you think it would actually take to replenish some of this global product inventory
Show response
Direct and quantified, and management went further than the consultant data by saying recovery likely takes longer.
what is driving the relative strength in gasoline, and are the gasoline markets really that tight?
Show response
Direct: closed transatlantic import arb plus Latin American export demand, quantified in barrels a day.
Calendar 2026 Q1
are you seeing any early signs of demand disruption in your system
Show response
Gary Simmons provided comprehensive demand breakdown by product. Domestic demand resilient. Export demand up 470,000 bpd YoY. Inventory at 5-year lows.
are you able to source any crude that you're looking for and run all out if you want to
Show response
Randy Hawkins confirmed no crude sourcing issues. U.S. is major crude exporter. Increased SPR volume purchases and cut back waterborne crews in favor of pipeline.
Calendar 2025 Q4
do you expect generally a renewable diesel to deliver better earnings in 2026 versus '25, primarily a function of more maybe policy clarity
Show response
Eric noted full PTC capture and SAF commercialization achieved in H2 2025, capacity rationalization lowering fat prices, policy expected to be a tailwind, though tariffs remain a headwind. Expects 2026 to start more like the back half of 2025.
You're producing more cash even if the margin was the same four or five years ago. Can you help us understand the dynamics over there
Show response
Homer attributed improvement to cost management, reliability gains (record throughput and mechanical availability), disciplined growth CapEx with mid-teens+ ROE/ROIC, lower sustaining CapEx trends, and lower debt/higher cash balance reducing net interest.
Calendar 2025 Q3
A big jump in the buybacks. And should we assume if margins remain well above mid-cycle
Show response
Homer confirmed the continuation of all excess free cash flow directed to buybacks, with the $931M Q3 buyback demonstrating the commitment.
We are seeing a massive spike in global outages, Russia, Dangote, Dos Bocas
Show response
Gary highlighted strong export demand to Latin America and South America, with volatile freight rates opening and closing the Europe diesel arb.
Calendar 2025 Q2
Are you still seeing major capacity additions globally? Or do you think those things are slowing down
Show response
Gary cited ~400K bpd new capacity for 2026 vs initial 800K bpd demand growth forecasts (now reduced to ~400K due to tariff uncertainty), with economy as the swing factor.
the capture actually was over 92%. And I'm trying to understand a few dynamics
Show response
Greg explained heavy-light differentials are embedded in the indicator, and the capture improvement was driven by record throughput and strong commercial/wholesale performance.
Calendar 2025 Q1
what are you seeing in terms of, you know, the market dynamics, supply demand out there, for refined products
Show response
Gary provided extensive data showing demand up globally ~1M bpd, inventories below 5-year average, and open arbs from Gulf Coast, calling margins undervalued relative to fundamentals.
Calendar 2024 Q4
Looks like it jumped from 102% last quarter to about 118% and similarly the Gulf Coast capture jumped from about 76% to 86%
Show response
Greg cited seasonal butane blending, strong wholesale contributions, and discounted Maya crude relative to Canadian benchmarks as capture drivers.
are you already operating in max diesel mode or how much more can you swing the yield
Show response
Greg confirmed max diesel mode with yield optimization driven by crack spread differentials, to be reassessed as gasoline season approaches.
EPDEnterprise Products Partners L.P.12 questions · 7 reporting periods · 0 of 12 challenging
Calendar 2026 Q2
Can you talk a little bit about what you're seeing out there in terms of VLEs availability, that ramp
Show response
Tyler Cott confirmed a large uptick in VLECs entering the market this year and more next year, with EPD ethane export volumes expected to correlate strongly as customers take delivery of vessels.
Calendar 2026 Q1
I just wanted to quickly focus on slide 17. It looks like PDH units are operating much better based on that slide
Show response
Graham gave detailed update: PDH 2 running better since turnaround, PDH 1 reliability improved from multi-year investments, teams resolving prior barriers.
because of this depletion, storage levels could probably take a year or so to get fully replenished here
Show response
Tug quantified roughly 720 million barrels of lost supply through Strait over 60 days; recovery could take years even after normal flows resume.
Calendar 2025 Q4
are there more opportunities to collaborate with Exxon? They're obviously looking to get big into power generation
Show response
Jim expressed strong appetite for more Exxon partnerships but ruled out carbon capture. Relationship spans many touchpoints.
Calendar 2025 Q3
How is that opportunity developing along? And are you seeing more producers willing to go in that part of Eddy and Lea County
Show response
Natalie noted temporary pacing gap from producer development hurdles with high H2S but trajectory intact. Train 4 next summer, trains 5-6 behind it. Setup extremely bullish.
how is the integration of those assets going? And the best acquisitions are one which always come with some organic growth opportunity
Show response
Natalie described rare 75K-acre dedication with 1,000+ drillable locations unlocking 200 million/day by 2027. Already seeing synergies with pull-through to NGL pipes and fracs.
Calendar 2025 Q2
can you talk about the criteria you could possibly look at for possible bolt-on opportunities as a company
Show response
Randy said $2-$2.5B range includes organic growth like processing plants in the Permian and distribution-side expansion downstream.
Can you talk about your leverage to the Haynesville Shale, maybe talk about the Acadian Gas system a little
Show response
Natalie confirmed Acadian Gas System recontracting at 2-3x historical rates from well-timed open season as Haynesville activity grows.
Calendar 2025 Q1
can you give an update on the progress you are making at the Mentone West and Mentone West 2 get those projects online
Show response
Graham confirmed Mentone West projects in early commissioning, potentially ahead of schedule.
how are the talks going to replenish their backlog. So once these projects do come online, how can you grow the backlog from here
Show response
Randy noted 2026 unidentified CapEx is only $600-$700M for ~2 gas processing plants. Pace dictated by producer activity and 1.5 Bcf/day gas growth.
Calendar 2024 Q4
any update on the Morgan Point Flex expansion that you can provide
Show response
Chris D'Anna confirmed construction complete and in service; currently serving ethane due to cracker outages limiting ethylene arb.
Do you still see that as a growth basin? And are you looking at growth opportunities coming out of the Haynesville basin
Show response
Angie said Haynesville has growth potential driven by gas prices but hasn't truly grown in the past year. Will update forecast in Q2.
Show 8 more companies
OKEONEOK12 questions · 7 reporting periods · 1 of 12 challenging
Calendar 2026 Q2
what could drive further guidance revisions that you kind of hinted to and what could put you towards the top end
Show response
Hulse pointed to producer activity, refined-product spreads and rising rigs as drivers toward the top end.
Calendar 2026 Q1
possibility you could see somewhat of a gas not over there. And I'm trying to understand if that does happen in that South Texas part
Show response
Sheridan dismissed the gas glut concern, citing LNG export capacity coming online and AI power demand absorbing incremental volumes in the Katy area.
Calendar 2025 Q4
which are the areas geographically where you are seeing most of these opportunities? And also, are these opportunities tied to data centers, or is it a combination of data centers and LNG export pr...
Show response
Sheridan detailed two regions: Texas/Oklahoma utility-driven storage (fully contracted, expansion opportunities), and Louisiana EnLink storage (GIST expanding from 2 to 10 Bcf by 2028, plus Bull and Mill expansion potential for industrial/LNG customers).
in your system, how are you seeing the refined product demand year-to-date
Show response
Sheridan reported strong Q1 2026 demand on West Texas system to El Paso, with central Mid-Continent system at or above expectations. Cautioned demand can be cyclical and influenced by refinery turnarounds.
Calendar 2025 Q3
Help us understand the importance of this project? And why do you see the need for this project to go ahead?
Show response
Sheridan highlighted Eiger as complement to Matterhorn, serving LNG demand growth from Permian supply, with firm customer commitments and integrated gas-plant-to-pipeline connectivity.
Where could ONEOK see the opportunities as we get into this data center build frenzy in the U.S?
Show response
Sheridan described low-capital, nice-return projects from proximity to natural gas pipelines, with competitive advantage on speed to market.
Calendar 2025 Q2
I just wanted to go back and check on the Delaware Basin JV. I think you closed -- bought the remaining 49.9% for $940 million
Show response
Walt noted attractive multiples, PE partner ready to exit, full operational flexibility gained, and platform set for Delaware Basin growth.
Can you talk about the Elk Creek pipeline expansion? Is it still scheduled? And when should we expect that to hit full capacity?
Show response
Sheridan confirmed Elk Creek completed at 435,000 bpd capacity, combined with Bakken pipeline at 575,000 bpd total.
Calendar 2025 Q1
I'm just trying to understand the opportunity cost of the lost revenue or EBITDA if the weather was not a major headwind
Show response
Walt acknowledged weather opportunity cost but declined to quantify, noting Q1 weather impact is expected and planned for every year.
Are you trying to imply that by combining these four companies, there is about additional $1.3 billion of incremental EBITDA realizable by 2027
Show response
Walt confirmed $1.3B incremental EBITDA by 2027, combining synergies and growth projects like the Denver refined products expansion.
Calendar 2024 Q4
are there any opportunities operationally that you are seeing, which you did not see earlier when you actually did the deal
Show response
Sheridan highlighted unexpected synergies between EnLink and Medallion crude systems, plus simple logistics savings like redirecting crew trucks to closer terminals.
can you help us understand what drives you towards the top end of the guide, especially for the natural gas liquids and refined products
Show response
Walt cited timing of synergy completion, potential commodity price strength helping producers, and innovation team finding $10-15M optimization opportunities that add up.
KMIKinder Morgan11 questions · 6 reporting periods · 0 of 11 challenging
Calendar 2026 Q2
where are we with this project FID process? And how confident are you that you will get to FID
Show response
Dax reaffirmed Western Gateway FID is expected in the next month or two as partnership documents with Phillips 66 near completion.
Calendar 2026 Q1
Can you talk a little bit about -- I think in December, FERC approved a 10 Bcf expansion at NGPL's existing storage
Show response
Michels emphasized storage as a key differentiator with over 700 Bcf in play, looking to expand further for operational balancing needs of large demand centers.
I'm trying to understand if that might lead to some dislocation in pricing as we understand between Houston Ship Channel
Show response
Michels acknowledged potential for basis dislocations but declined to give forward-looking pricing specifics, noting Texas power demand could absorb interim supply.
Calendar 2025 Q4
help us understand some of those tailwinds which help you drive the beat in 4Q
Show response
Kim said outperformance was broad-based across intrastate, interstate, and gathering. Tight pipeline and storage network creates upside from supply/demand dislocations including weather and LNG variability. Potential for similar dynamics in 2026.
I wanted to ask you about the Florida Gas Transmission projects, both the projects. How did these come about
Show response
Sital said Energy Transfer operates FGT. Projects reflect same Southeast growth theme with both growth and resiliency components. Open season closes around February 5. Upsizing possible if demand supports it. Kim confirmed both projects backed by long-term contracts with creditworthy counterparties.
Calendar 2025 Q2
you have increased the size of Trident from 1.5 to 2 Bcf
Show response
Kim said Trident upsizing driven by LNG demand, achieved by adding compression. Phase 2 would require looping and more contracted volume. Pipeline's location enables Texas-to-Louisiana gas movement that has been sought for a long time. Combination of Trident and KMLA accomplishes this.
a little more about these projects? It looks like the power plant-related projects
Show response
Kim confirmed both are power-serving projects, one in Arkansas and one in Wisconsin. Sital indicated no further detail could be shared at this time.
Calendar 2025 Q1
can we get some more details about this new Bridge project that you added to the backlog
Show response
Tom said upsizing possibilities are great but timing depends on customer contracts. South Carolina growing from power, residential, and potential data center demand. Bridge establishes a platform for future growth.
are you seeing any early signs of recessionary demand or what we see in the market is just volatility
Show response
Kim said too early to call recession. Refined products up 2%, natural gas strong. LNG take-or-pay volumes coming on will drive gas demand regardless of US economic conditions. 60% of business is natural gas.
Calendar 2024 Q4
can you help us understand some of the macro trends or favorable factors which could help you push even higher than 10% EPS growth in 2025
Show response
Kim listed commodity upside, Outrigger accretion not in budget, Jones Act tanker upside, and potential G&P volume outperformance. Cautioned it's early in the year and not changing guidance.
are we still in very early stages of this positive macro trend where this trend could continue for like five, seven, eight, or nine years
Show response
Kim confirmed early stages. Internal 28 Bcf/day forecast includes only 3 Bcf/day for power vs industry estimates of 10 Bcf/day. New administration encouraging data center development.
ADMArcher Daniels Midland10 questions · 7 reporting periods · 0 of 10 challenging
Calendar 2026 Q2
can you talk a little bit about the Broadwing project? We see it as something which is a milestone
Show response
Luciano described Broadwing as part of ADM's multi-year decarbonization path, noting 337,000 tons of carbon sequestered this quarter.
the reason you are moving ahead with some of these debottlenecking facilities at existing plants
Show response
Luciano directly explained brownfield crush expansions cost about 1/4 of greenfield, with 4 of 10 identified U.S. plants in phase 1 for roughly $100 million.
Calendar 2026 Q1
producers with ideal plants who are not running that hard in 2025 already looking to run much harder in 2026? And how does that benefit ADM
Show response
Luciano confirmed the expected RVO sequence played out: RINs up $1, biodiesel plants restarting, soybean oil demand pulling crush margins higher. March crush rates ran 10% above prior year.
revenue up 3%, but profit up 39% in human nutrition. Can you talk a little bit about that positive trend
Show response
Management credited flavors pipeline conversion, product mix optimization, cost management, and full recovery of Decatur East plant volumes after over a year of disruption.
Calendar 2025 Q4
when the RVO finally arrives, do you expect a material jump in the operating rates and processing rates of both biodiesel and renewable diesel facilities because then they would know exactly how mu...
Show response
Management confirmed the direction is positive but emphasized timing uncertainty; ADM books 60-70% of the next quarter's business in advance, so if RVO finalizes in Q1, meaningful P&L impact would be July onward.
Calendar 2025 Q3
My first question is on your September announcement of forming a JV with Alltech. Help us understand how this came together and help us understand the benefits of this JV
Show response
Management explained the JV combines compound feed operations while ADM retains higher-margin premix/specialty, following the Human Nutrition playbook for faster growth.
the pieces which are on the table and not fully solved are a much higher RVO, a scenario in which there is no production tax credit for imported renewable diesel only 50% RINs for imported feedstocks
Show response
Management outlined the sequence: RINs move first to enable RD plant margins, then soybean oil demand increases, then crush margins improve as assets run harder. Noted meal growth globally at 8.5% with U.S. very competitive.
Calendar 2025 Q2
I know you had been working very closely with SEC responding to all these queries. And now basically, you're putting out a statement that the material weakness is no longer
Show response
CFO detailed the 18-month remediation process including enhanced controls, improved training, upgraded talent, and multi-period testing with auditor consultation.
Calendar 2025 Q1
I just wanted to confirm, Decatur would be fully restarted by the second quarter. So should we assume some contribution for the second quarter
Show response
Management confirmed Decatur East P&L impact will be in the second half, with approximately $25 million per quarter benefit once at full capacity.
Calendar 2024 Q4
your key priorities when you took over, your focus was one on operational rigor and second, ensuring there are no material weakness in financial reporting
Show response
CFO detailed remediation progress on material weakness including enhanced controls, new CAO hire, and outlined the three pillars of the cost-out plan.
BEBloom Energy Corporation10 questions · 7 reporting periods · 0 of 10 challenging
Calendar 2026 Q2
Where do you see this product moving in the next three to four years?
Show response
Laid out a DC on-site power vision spanning data centers, fleet charging and residential microgrids, plus carbon capture and combined heat efficiency.
Calendar 2026 Q1
Your solution with ultracapacitor and high reliability needs minimal battery backup. In some cases, no battery
Show response
Sridhar confirmed both premises and argued copper and transformer scarcity will force the 800 volt DC transition rather than customer preference.
Calendar 2025 Q4
can absorption chillers actually go at a faster pace than vapor chillers?
Show response
Sridhar quantified the CHP benefit, described systems already cooling Bloom's own factory, and cited hydrofluorocarbon avoidance as an added draw.
Calendar 2025 Q3
I'm just trying to understand, if that does happen, would it make your fuel cell even more efficient?
Show response
Sridhar called the omission a miss in his script and gave an extended technical answer on why Bloom's native DC output is a structural advantage.
limit the regulatory review period for data center connections to power grid to just 60 days, expediting a process
Show response
Sridhar laid out four specific benefits, including reactive power and ancillary grid services, and argued curtailment risk still forces on-site generation.
Calendar 2025 Q2
when we look at 2026 or '27, would the target be to get to double-digit operating margin levels also?
Show response
Sridhar credited fiscal discipline, commercial pricing and level loading, but did not commit to a double-digit operating margin target or date.
do you continue to see more AEP, BE collaboration and more deployment of your product through AEP?
Show response
Sridhar answered directly on the gigawatt agreement and characterized the AEP pipeline as robust with more to be announced.
Calendar 2025 Q1
can you help us understand which will be the bigger driver of your product deployment in '25 and '26?
Show response
Sridhar described both channels and stated a preference for utility partnership on large loads, but did not rank the two by expected volume.
Calendar 2024 Q4
I'm just trying to understand how, are the conversations going with midstream companies
Show response
Sridhar confirmed conversations are happening at all levels but said he could not handicap them.
did anything actually change for you on the ground, from these announcements?
Show response
Sridhar answered head-on and quantified the NVIDIA shipment-to-gigawatt math to argue the demand math is unchanged.
WMBWilliams Companies10 questions · 6 reporting periods · 0 of 10 challenging
Calendar 2026 Q2
What could drive you towards the top end of that $8.5 billion guidance versus the midpoint or the lower end
Show response
John cited hurricane season, weak gas prices, rig activity and Sequent as swing factors kept conservative; direct.
Calendar 2026 Q1
if you could elaborate a little bit how those decisions are moving ahead, how customers are looking at nat gas storage
Show response
Larsen said Pine Prairie is progressing through permitting with additional Gulf facility expansions in progress. Power Express upsized with new customer and existing commitment increase.
Calendar 2025 Q3
Can you help us remind the strategic rationale behind it? And how does it add to your footprint in Mountain West
Show response
Larsen said expansion serves industrial and mining load growth in Southwest Wyoming. Strong tie to Rockies supply with continued growth from power generation and industrial demand across Mountain West.
Can you even go back to Cogentrix and talk a little bit about how that investment is faring? Any synergy surprises
Show response
Zamarin said Cogentrix delivering expected 2025 numbers. Operates power plants along Transco footprint in PJM, New England ISO and ERCOT. Early signs of being a great relationship with market insight benefits.
Calendar 2025 Q2
are people from this government reaching out to you, do you now have a seat at the table
Show response
Zamarin emphasized strategy is not designed for any one administration. Wilson said permitting reform was struck from the One Big Beautiful Bill but the table is set for a standalone package later this year.
Can you get more details about it? It looks very interesting project. Talk about some benefits and what would be the path forward here
Show response
Larsen said open season closing with great interest driven by power generation and reliability needs. Markets that previously didn't anticipate gas growth now embracing infrastructure need.
Calendar 2025 Q1
for 26 and 27, what could push this more towards like 7% versus 5% or even higher
Show response
Armstrong said Williams has been outperforming 5-7% target consistently. Acknowledged law of big numbers but said current project pipeline supports higher end despite growing base.
what will be the demand pull on the Haynesville Basin, and how can Williams benefit from all these projects
Show response
Larson said LEG project coming online Q3 2025 adds delivery capacity. Expects several BCF of Haynesville growth needed over next few years. Working with customers on additional projects to materialize.
Calendar 2024 Q4
You raised the guidance by 3%, which was very positive. Help us understand what could push you towards the top end of that guidance
Show response
Armstrong cited G&P volume upside from dry gas areas pulled back in guidance, Sequent trading (confident above $100M but range to $215M), early project in-service dates, and conservative Transco rate case assumptions.
Can you talk a little bit more about the coal to gas switching opportunities and how they are progressing
Show response
Armstrong highlighted Jim Bridger and Naughton plant conversions in Wyoming plus Alabama Power repowering. Dalton Lateral expansion in Georgia partially for coal conversion. Described as steady drumbeat.
CVXChevron Corporation3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2026 Q2
if you could talk about the leverage that CPChem has in this environment of elevated polyethylene margins.
Show response
Wirth tied CPChem's advantage to constrained Middle East naphtha lifting ethane-cracker economics. Answered directly.
Calendar 2026 Q1
We are hearing pushes for a $0.20 per pound polyethylene price hike. We ended fourth quarter at record low historic margins
Show response
Wirth said strong olefins price moves predominantly in Q2. Chain margins improved from very low to likely better-than mid-cycle. Ethane-based cracking in North America positioned for good margin capture.
Calendar 2025 Q4
Can you talk a little bit about those two possible tailwinds to your refining margins
Show response
Wirth detailed ~50K bbl/d Venezuelan crude into Pascagoula with capacity for more including El Segundo coking. California position strong with scale, conversion capacity, flexible crude sourcing. Refinery closures tightening an already isolated market.
TSNTyson Foods2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2025 Q1
You continue to generate significant amount of free cash flow. So what could be the policy for better shareholder returns given the amount of free cash flow you're generating
Show response
Curt noted full-year FCF guidance of $1-1.6B with ~$700M in dividends; leverage still needs to reach 2x target. On M&A, stance remains selective with focus on value-added parts of the portfolio.
Calendar 2024 Q4
just trying to understand where we go from here
Show response
Curt reaffirmed three priorities (financial strength, business investment, shareholder returns) and noted 13 consecutive years of dividend increases; company may operate below 2x target.
XOMExxonMobil2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2026 Q2
What's the margin environment looking like? Lubes are extremely tight right now. Lubes margin are uniquely high
Show response
Woods cited tight base stock markets and integration advantages driving record specialty products earnings; Proxxima capacity is expanding into a large market.
Calendar 2026 Q1
can move that proprietary technology at a faster pace and bring back Aspen or future phases of Canada
Show response
Darren confirmed Kearl now attractively positioned on global supply curve through technology and operational improvements. Cold Lake in-situ also presents attractive low cost of supply opportunity. Technology anchors Venezuela positioning.
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 |
|---|---|---|
| BG Bunge Global | 13 | 8%1 of 13 questions |
| MPC Marathon Petroleum | 13 | 0%none of 13 questions |
| PSX Phillips 66 | 13 | 0%none of 13 questions |
| TRGP Targa Resources | 13 | 0%none of 13 questions |
| VLO Valero Energy | 13 | 0%none of 13 questions |
| EPD Enterprise Products Partners L.P. | 12 | 0%none of 12 questions |
| OKE ONEOK | 12 | 8%1 of 12 questions |
| KMI Kinder Morgan | 11 | 0%none of 11 questions |
| ADM Archer Daniels Midland | 10 | 0%none of 10 questions |
| BE Bloom Energy Corporation | 10 | 0%none of 10 questions |
- BGBunge Global · 13 questions8%1 of 13 questions
- MPCMarathon Petroleum · 13 questions0%none of 13 questions
- PSXPhillips 66 · 13 questions0%none of 13 questions
- TRGPTarga Resources · 13 questions0%none of 13 questions
- VLOValero Energy · 13 questions0%none of 13 questions
- EPDEnterprise Products Partners L.P. · 12 questions0%none of 12 questions
- OKEONEOK · 12 questions8%1 of 12 questions
- KMIKinder Morgan · 11 questions0%none of 11 questions
- ADMArcher Daniels Midland · 10 questions0%none of 10 questions
- BEBloom Energy Corporation · 10 questions0%none of 10 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 | 22 | 0%none of 22 questions | 12 |
| 2025 Q1 | 20 | 0%none of 20 questions | 12 |
| 2025 Q2 | 21 | 0%none of 21 questions | 11 |
| 2025 Q3 | 20 | 0%none of 20 questions | 10 |
| 2025 Q4 | 18 | 6%1 of 18 questions | 11 |
| 2026 Q1 | 20 | 5%1 of 20 questions | 13 |
| 2026 Q2 | 16 | 0%none of 16 questions | 13 |
- 2024 Q422 questions · challenge rate 0% (none of 22 questions) · 12 companies
- 2025 Q120 questions · challenge rate 0% (none of 20 questions) · 12 companies
- 2025 Q221 questions · challenge rate 0% (none of 21 questions) · 11 companies
- 2025 Q320 questions · challenge rate 0% (none of 20 questions) · 10 companies
- 2025 Q418 questions · challenge rate 6% (1 of 18 questions) · 11 companies
- 2026 Q120 questions · challenge rate 5% (1 of 20 questions) · 13 companies
- 2026 Q216 questions · challenge rate 0% (none of 16 questions) · 13 companies
Topics
Topics tagged on this analyst’s questions.
- Demand48
- Competitive Dynamics27
- Capex Investment24
- Margin23
- Revenue Growth22
- Capital Allocation17
- M&A16
- Supply Chain14
- Regulation Policy14
- Pricing12
Show all 18 topics
- Macroeconomic11
- Geographic Expansion9
- Innovation & R&D8
- Guidance Reliability8
- Product Launch4
- Cloud & AI4
- Cost Pressure2
- Trade Tariffs2