Michael Blum

Sheridan confirmed strong Q1 hedging on butane-RBOB, with Q4 hedges added at higher prices post-Middle East conflict. Increased gasoline volumes and synergy projects provide further blending tailwinds.

Sheridan sees room for only one project and believes either one benefits OKE through longer-haul Gulf Coast to Mid-Continent volumes plus Gulf Coast to El Paso tariffs.

Sheridan declined to specify open capacity but confirmed excess Eiger capacity, current spreads above forecast, with upside if spreads hold through Q3 before new pipelines come online.

Sheridan explained wide ranges reflect pad timing variability and commodity sensitivity, higher crude prices would drive additional rigs and volumes toward upper end.

Sheridan confirmed positive impact from Waha-Katy spread via combined ONEOK/EnLink capacity, with parking loans and additional gas marketing opportunities.

Pierce declined to restate specific growth rates for 2026, noting 2026 guidance will be finalized in early Q1 2026 but expressed confidence in positive trajectory.

Sheridan highlighted growing crude volumes, connectivity to East Houston, and strategic advantage of directing Medallion/EnLink gathering volumes to owned pipelines.

Sheridan noted base contracted volumes provide good returns with additional volume coming from Shadowfax plant, Delaware expansions, new Big Horn plant, and third-party discussions.

Sheridan confirmed only low single-digit Bakken growth needed for guidance, with strong momentum coming out of winter and confidence building.

Sheridan explained ethane recovery is price-driven with flexibility to pull volumes off-system if needed, with some pre-locked positions and continued strong China demand.

Walt characterized 2025 as peak CapEx with baseline expected to decline in 2026-2027, though higher than pre-acquisition levels.

Walt confirmed 2024 synergies exceeded $175M target with another $125M layered on top for 2025, reflecting increased opportunities from team integration.

Dang confirmed Western Gateway competes on same risk-adjusted return basis as natural gas projects. No change in capital allocation strategy or return targets.

Kim explained EagleHawk sale was opportunistic, partner approached to sell, price achieved (8.5x multiple) made reinvestment below cost of capital. Not part of a planned asset sale program. Portfolio well-suited with 2/3 natural gas, 26% products/terminals, 7% CO2. Comfortable with current asset suite.

Kim said Bakken is only 3% of total EBITDA. Continental is just one of many customers. Impact very manageable because volumes came in stronger than expected year-to-date and Continental will continue completing wells through August.

Kim stated clearly that KMI is unlikely to invest behind the meter in power generation. Growth is focused on high-quality infrastructure backed by take-or-pay contracts. Sital clarified KMI would still supply gas to consortiums providing reliable power but would not invest in power assets directly.

Sital said Hiland Express conversion on track for Q1 2026 initial commitment. Facing aggressive competition from incumbent. Repurposing assets to position for incremental barrels. Declined further detail pending announcements expected soon.

Kim explained risk-reward framework: longer take-or-pay contracts with creditworthy counterparties earn returns at lower end of target range, while commodity/volume-exposed investments like gathering require higher-end returns.

Kim said most concrete activity from regulated utilities putting capacity in rate base. IPPs have not announced many projects yet but are in discussions. Sital described partnership model: KMI brings gas supply and storage, partners handle power generation, hyperscalers build data centers. Exploring key sites for behind-the-meter projects.

Sital confirmed need and pursuit of both brownfield and greenfield but declined specifics due to competitive situation. Will announce when customer commitments secured.

Sital said data center site selection still evolving but utility discussions active. Kim noted 70% of Q1 backlog additions are power-related and 50% of total backlog is power. Most concrete activity from regulated utilities.

Sital confirmed KMI pipeline footprint is well-positioned near Abilene but noted many competitors will also pursue the opportunity.

Sital confirmed binding commitments secured. First phase contracted and positioned for future expansion into the Louisiana corridor. Separate from but connected to the Trident project.

Natalie confirmed producers staying disciplined; Jim noted India showing interest but geographic challenges for LPG remain post-conflict.

Randy confirmed 50-60% buyback split for 2026 holds even with upside; noted 2027 could be different.

Todd explained EPD benefits in both directions, low Waha via west-to-east transport spreads, high Waha via storage assets monetizing volatility.

Natalie reported record well connects of 590 in Midland and 500 estimated in Delaware this year. Delaware growth curve steepening.

Randy emphasized this is a natural cycle, elevated CapEx for large projects followed by return to mid-cycle, similar to 2015-2016. Not a macro call.

Randy clarified tax impact is only on selling unitholders, not remaining holders, removing a potential concern about the buyback program expansion.

Natalie said Enterprise's San Juan position is pretty stable, flat to slight small growth. Not seeing meaningful changes in their footprint.

Jim and Randy confirmed projects are well-contracted and won't slow down. Even if crude production goes flat, 1.5 Bcf/day of gas growth yields 200K bbl/day NGL growth.

Randy noted 2024 was active; they see more asset packages later in 2025. Prefers asset purchases over public M&A for driving cash flow per unit growth.

Randy outlined path to ~$1B+ excess DCF after growth CapEx by 2026, providing significantly more flexibility for buybacks and debt retirement.

Matt noted no dramatic changes yet but expects tailwinds as prices stay elevated. Volumes on track despite 200-400 MMcf/d shut-ins.

Ben highlighted record inbound interest for multiyear LPG contracts and potential for additional chiller expansion at Galena Park.

Meloy noted significant transport positions to multiple locations, creating basis position opportunities. Declined to quantify exactly as it's always changing. Higher Waha would benefit fee floor economics, while weak Waha provides marketing offset. Upside in either direction vs current guidance assumptions.

Meloy noted early activity in Barnett/Woodford deeper zones with positive well results. Viewed as upside over the next several years. Some modest contribution in 2026, potentially more going forward as more producers get active.

Pryor noted normal seasonal Q2/Q3 dip, with fundamentals unchanged. Continued global demand growth. Small balancing project now online provides flexibility and reliability. 2027 export expansion tied to expected global demand growth.

Meloy described the dividend increase as part of a balanced all-of-the-above approach, with multi-year room to grow dividends further while maintaining opportunistic buyback capacity. Year-to-date repurchases already at $642M.

Pryor reaffirmed integrated supply advantage from wellhead to dock. Long-term contracts with ramping volumes complement the expansion timeline. Ben Branstetter reinforced the integrated volume story.

Pryor noted some cargo switching from China to Japan/Korea with backfill from Saudi, but overall demand unchanged. Ethane excluded from China tariffs; LPG exclusion discussions ongoing.

Meloy emphasized opportunistic approach unchanged, stepping into April dislocation. Balance sheet at 3.6x provides ample capacity for continued repurchases.

Kneale explained a low-margin contract rollover created noise. Actual growth trajectory across 2024 was strong at 277, 311, then 83 Mcf/d sequentially.

Sridhar declined the mix disclosure but conceded international will lag the US on LNG availability, and pivoted to 135% C&I backlog growth.

Sridhar disavowed the supplier's projection directly and argued the visible horizon in AI infrastructure is at best six months.

Sridhar declined to size Oracle, pointing only to Oracle's own press release language that the first project was the first of many.

Sridhar redirected to AEP's own public comments and gave nothing on the remaining 900 megawatts.

Berenbaum conceded the analyst had framed the dynamics correctly and cited third-party gear content, but gave no margin bridge.

Strazik explained SRAs grow faster because equipment is secured first while customers work EPC, gas pipelines, and permits in parallel. GEV's conservative classification requires those milestones before moving to backlog. Both SRAs and orders carry nonrefundable cash deposits. Low volatility seen in both categories.