Manav Gupta

revenue up 3%, but profit up 39% in human nutrition. Can you talk a little bit about that positive trend

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

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...

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

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

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

I just wanted to confirm, Decatur would be fully restarted by the second quarter. So should we assume some contribution for the second quarter

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

can you talk a little bit about the dynamics out there, what you're seeing out there from renewable diesel, biodiesel producers.

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.

where do you think the street is getting it so wrong versus what you are guiding?

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?

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.

How much is remaining under the buybacks? Could you accelerate the buybacks to offset the dilution from the Viterra deal?

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

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

Help us understand the benefits and why does it make strategic sense to move ahead with Repsol o n this kind of a JV

how are you accounting for the fact that there is policy uncertainty of 45Z?

I'm trying to understand what kind of conservatism is built into the guidance

We are hearing pushes for a $0.20 per pound polyethylene price hike. We ended fourth quarter at record low historic margins

Can you talk a little bit about those two possible tailwinds to your refining margins

I just wanted to quickly focus on slide 17. It looks like PDH units are operating much better based on that slide

because of this depletion, storage levels could probably take a year or so to get fully replenished here

are there more opportunities to collaborate with Exxon? They're obviously looking to get big into power generation

How is that opportunity developing along? And are you seeing more producers willing to go in that part of Eddy and Lea County

how is the integration of those assets going? And the best acquisitions are one which always come with some organic growth opportunity

Can you talk about your leverage to the Haynesville Shale, maybe talk about the Acadian Gas system a little

can you talk about the criteria you could possibly look at for possible bolt-on opportunities as a company

can you give an update on the progress you are making at the Mentone West and Mentone West 2 get those projects online

how are the talks going to replenish their backlog. So once these projects do come online, how can you grow the backlog from here

any update on the Morgan Point Flex expansion that you can provide

Do you still see that as a growth basin? And are you looking at growth opportunities coming out of the Haynesville basin

I'm trying to understand if that might lead to some dislocation in pricing as we understand between Houston Ship Channel

Can you talk a little bit about -- I think in December, FERC approved a 10 Bcf expansion at NGPL's existing storage

I wanted to ask you about the Florida Gas Transmission projects, both the projects. How did these come about

help us understand some of those tailwinds which help you drive the beat in 4Q

a little more about these projects? It looks like the power plant-related projects

you have increased the size of Trident from 1.5 to 2 Bcf

are you seeing any early signs of recessionary demand or what we see in the market is just volatility

can we get some more details about this new Bridge project that you added to the backlog

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

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

So if you could talk a little bit about those additional disclosures you provided

I'm actually trying to get a little bit of handle on elevated earnings for the near term or medium term

should we think about the returns in in a similar way, mid teen unlevered IRR

how much more incremental Venezuelan barrels you could absorb in your system

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

could we see you generate above mid-cycle margins on the West Coast for next maybe 8 or even 12 quarters?

I'm just trying to understand your outlook for the quality discounts as OPEC comes forward with August and September hikes

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?

help us understand your near to medium-term outlook for crude quality discounts, and how MPC can benefit from it?

can we think about that 12.5% growth product distribution could be sustainable for the next, like, three to four years

starting 2026, is it possible that MPLX distribution is not only funding the CapEx, the dividend, but also possible buybacks at MPC?

just trying to understand from your perspective the dynamics on the West Coast, understanding that the regulatory environment may not be the best

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

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...

in your system, how are you seeing the refined product demand year-to-date

Where could ONEOK see the opportunities as we get into this data center build frenzy in the U.S?

Help us understand the importance of this project? And why do you see the need for this project to go ahead?

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

Can you talk about the Elk Creek pipeline expansion? Is it still scheduled? And when should we expect that to hit full capacity?

I'm just trying to understand the opportunity cost of the lost revenue or EBITDA if the weather was not a major headwind

Are you trying to imply that by combining these four companies, there is about additional $1.3 billion of incremental EBITDA realizable by 2027

can you help us understand what drives you towards the top end of the guide, especially for the natural gas liquids and refined products

are there any opportunities operationally that you are seeing, which you did not see earlier when you actually did the deal

you could see a material free cash flow inflection in your renewable diesel business, given where we are right now

does that mean somebody like a Philips or even any U.S. refiner in this environment is structurally better off

how should we think about the midstream portfolio going away? We assume, like, the organic 5% or something like mid-single-digit organic growth

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?

The indicator, and I understand it's an industry indicator, seemed relatively flat. The earnings jumped materially

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?

can you help us understand what helped you drive close to $1.3 billion in quarter-over-quarter improvement in refining?

now that you have sold these assets, what would be a good run rate of EBITDA normalized for this business?

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

Your medium-term outlook for the polyethylene chain margin here

when can we start moving towards closer to the mid cycle margins as it relates to the ethylene chain margins in chemicals?

Help us understand quarter-over-quarter some of the dynamics that went your way which allowed you to almost raise earnings in renewables

I was wondering if you're also seeing higher rig count in that part of Delaware and Lea County

Your press release says your inlet volumes in 2Q are trending significantly above your 1Q

Can you help us understand those two a little better how they came about and why they fit perfectly into Targa?

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?

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...

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

what could be a good criteria for any bolt-on M&A that you could undertake just to further increase your presence

has that transaction met your expectations and your goals and have those assets been performing in line with your expectations

help us understand the demand here? And also, how do you see this partnership with MPLX and Enbridge evolving

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

I'm just trying to understand if there is what would be the appetite for small bolt-on deals that you could do

you are obviously involved with the Permian gas egress pipeline. I'm just trying to understand the scope over there

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

just trying to understand where we go from here

are you able to source any crude that you're looking for and run all out if you want to

are you seeing any early signs of demand disruption in your system

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

do you expect generally a renewable diesel to deliver better earnings in 2026 versus '25, primarily a function of more maybe policy clarity

We are seeing a massive spike in global outages, Russia, Dangote, Dos Bocas

A big jump in the buybacks. And should we assume if margins remain well above mid-cycle

the capture actually was over 92%. And I'm trying to understand a few dynamics

Are you still seeing major capacity additions globally? Or do you think those things are slowing down

what are you seeing in terms of, you know, the market dynamics, supply demand out there, for refined products

Looks like it jumped from 102% last quarter to about 118% and similarly the Gulf Coast capture jumped from about 76% to 86%

are you already operating in max diesel mode or how much more can you swing the yield

if you could elaborate a little bit how those decisions are moving ahead, how customers are looking at nat gas storage

Can you even go back to Cogentrix and talk a little bit about how that investment is faring? Any synergy surprises

Can you help us remind the strategic rationale behind it? And how does it add to your footprint in Mountain West

Can you get more details about it? It looks very interesting project. Talk about some benefits and what would be the path forward here

are people from this government reaching out to you, do you now have a seat at the table

what will be the demand pull on the Haynesville Basin, and how can Williams benefit from all these projects

for 26 and 27, what could push this more towards like 7% versus 5% or even higher

You raised the guidance by 3%, which was very positive. Help us understand what could push you towards the top end of that guidance

Can you talk a little bit more about the coal to gas switching opportunities and how they are progressing

can move that proprietary technology at a faster pace and bring back Aspen or future phases of Canada