Spiro Dounis

how much of that $3 billion is sanctioned versus potential, and to the extent there's still more or less to fill there

do you think you see a return to that 500 million, and what parts of the market do you see that from

sort of 3% growth you guys were talking about for '26 and the 10% growth you were talking about for 2027

Just wonder if you guys maybe walk us through some of the puts and takes off this fourth quarter exit rate as you think about 2026 growth

how should we think about the ramp-up of those assets? Are there a lot of volumes behind the systems

do you start ratcheting up the buyback in anticipation of 2026 being a lean year

you've got $6 billion of projects, and that's about $800 million of EBITDA, if you put a pretty standard multiple on it

how you're thinking about some of the assumptions that went into that initial forecast, if anything sort of changed in the last month

any reason that that's not a good baseline to sort of run rate as we think about 2025? And then if you could, maybe just outline some of the bigger drivers of growth

Does it seem less likely or unlikely at this point that a 2025 FID is possible?

are all these projects you sort of talked about or could we be surprised by what you end up announcing later this year?

any reason 2026 growth wouldn't at least sort of match up the 2025 growth rate

is there an opportunity here to see investment per year CapEx go up above $3 billion

is that the right way to think about maybe your visibility on the sort of unsanctioned backlog from here

how much either of those events has kind of impacted operations so far in the first quarter

how much of that growth can be underwritten by filling up the white space that you mentioned on the current system

how much of that $150 million move is maybe early realized here in the first quarter? I guess, what level of visibility you have on the remaining forward component

Could you just level set us I know you're thinking about the timing to sort of reach your leverage targets here. And when you do free up that cash flow, just where your head on buybacks

I was curious if you could talk about maybe where you have built in some conservatism around the guide

Curious when we can expect some of these deals to start to get announced and what they look like

Curious how you guys are thinking about maybe where that next marginal dollar CapEx goes

I was curious to get your thoughts on the competing open season that's out there, how you think your project stacks up?

how lean you describe this revised outlook. I think you said mid- to high single digits. And if you could maybe just provide a little bit more color

can you just give us a little bit more color on exactly what's driving that? And if it's become something ratable enough

I think I've got another 1 to 2 more processing plant announcements before you need another frac. Speedway, of course, has plenty of headroom here, we think. But in terms of the rest of the system,...

can you walk us through maybe what that opportunity set looks like and how big that could be? And if we should expect the same kind of 5x to 6x return profile that we see across the rest of the bus...

how you see the outlook? And if there's any risk to margins skew from here

your ability to keep outperforming here, why you think you've been able to consistently do that. And if you're willing to maybe put a number on what you think

remind us where you are relative to your fee floors and how you're thinking about the hedging strategy from here

curious if you start to see that manifest itself anywhere and if that's something that probably could offset some of the commodity impact

if you can walk us through maybe what those -- what might look the same or different from the first wave

how you're assessing that shifting landscape on how data centers are powered, your ability to maybe even pivot

Just curious where that stands now. Do incremental projects from here take you beyond 10%

is this sort of $4 billion of CapEx per year on the growth side, the right target for the next few years

how you guys are thinking about the impact for Williams from both of those factors

with respect to Sabre, curious kind of downstream opportunities there are now with leg

as we think about the mix of long cycle or short cycle in that time frame. You leaning in any one particular direction

Curious why now is the right time? And Chad, it sounds like not a lot will change going forward

curious how you're thinking about elevated CapEx going forward. Is this going to be a feature over the next few years