Sunil Sibal

Hulse said EPS growth should exceed EBITDA growth as free cash flow builds and buybacks become possible.

Walt explained projects fit within the ~$500-600M unallocated portion of the $2B+ run-rate CapEx framework. Projects at $400-700M each with strong returns, funded from existing capital budget.

Walt declined to give specific 2027 hedge percentages but confirmed opportunistic hedging. Pierce added OKE uses programmatic hedging that methodically builds positions without trying to time the market.

Sheridan confirmed one rig added to 16 total on dedicated acreage, with 2026 outlook dependent on producers finalizing budget processes.

Walt affirmed confidence within the range but stopped short of reconfirming midpoint specifically, citing need to see Q4 unfold.

Sheridan confirmed $365M covers cryo plant, compression, and CO2 treater. Walt declined specific returns but noted integrated value chain makes incremental volumes quite profitable.

Sheridan declined specifics but confirmed hedging in line with prior year, noting synergy advantage of butane-on-demand from NGL assets enables opportunistic locking.

Sheridan confirmed ONEOK already produces enough propane to fill the dock, currently selling into the open market but will redirect to own dock upon completion.

Sheridan confirmed strong nat gas pipeline performance with 4 Bcf storage coming online, 80% subscribed, and active discussions for industrial demand in Louisiana.

Sheridan noted Permian processing nearing full utilization (hence plant relocation), West Texas NGL pipeline expanded to 740,000 bpd with ample capacity.

Walt explained buybacks will be back-weighted to later years as leverage approaches 3.5x target, with 2024 activity driven by opportunistic use of divestiture proceeds.

Jen said that as of early August the vast majority of price-related shut-ins are back online, with a little more still returning to add a tailwind in the third quarter.

Kneale emphasized decades of drilling inventory on already-dedicated acreage. No need for additional commercial execution, though the commercial team continues to add. Existing contracts and AMIs necessitate the infrastructure currently being put in place.

Kneale attributed operating cost trends to volume throughput and asset timing, with lumpiness from turnaround schedules rather than one-time factors.

Kneale noted the Feb 2024 framework is still helpful but mark-to-market would show modestly higher costs, a bigger footprint, and incremental residue and CCUS spending not in the original estimate. Even so, higher EBITDA base means an even stronger free cash flow profile.

Kneale confirmed active conversations about supplying natural gas for data centers and power generation, alongside LNG capacity doubling. Targa's Permian gas aggregation and transport position makes it well positioned for incremental demand.

Kneale acknowledged costs have risen to $225-275M per plant depending on sour vs sweet but noted co-located plants share services to manage costs. Engineering team executing well.

Kneale declined to specify a price threshold, noting mixed bag so far: one smaller producer added a rig, one pushed completions. Larger producers unchanged with multi-year programs.

Kneale confirmed disciplined hedging approach with continuous additions. More apt to add hedges than reduce exposure, with fee floors providing additional downside protection.

Meloy acknowledged steel cost increases but called it a manageable headwind as steel is a modest portion of overall project cost. Working to use US steel to avoid tariffs.

Meloy acknowledged competition but noted Targa's team execution and volume flow from integrated system positions them well. Pryor highlighted the brownfield expansion at under $400M.

Zamarin confirmed Woodside on track for 2029 first cargo. WMB has 1.5 MTPA with option to hold. Wingo said they are looking to use it to attract more Haynesville volume.

Zamarin said focus is optimizing power for customer solutions, not building a speculative trading business. Capability growth aimed at flexibility for customers.

Zamarin acknowledged cost inflation from 25 years of underinvestment in electricity generation. Porter said focused on AA credits with hyperscalers plus attractive credit protections in contracts.

Zamarin said goal is not to become international LNG marketer. Would consider similar integrated deals where small LNG position unlocks strategic pipeline and gathering growth. Not a change in strategy.

Kim said the largest Haynesville customers have hedged, so most of the expected incremental volumes should be price insensitive.