Theresa Chen

can you talk about the incremental earnings uplift or cash uplift from spot cargoes in the interim

how much capacity is tied to contracts with near-term expirations that could be recontracted at higher rates

Can you expand on the cadence and ramp up of earnings contribution from these expansions

could this lead to better utilization and/or marketing opportunities on your Texas Western product system

On the upsized buyback authorization, would you all talk about or just provide more details on the capital allocation outlook for the next couple of years

what's your forward outlook for PDH as well as what is your view for whether it be the second half or into 2026 about the spread-based businesses

With the return to utilization or full utilization for PDH, what is your outlook for the segment for the remainder of the year

can you help us think about, the path to recovery for the petchem segment? What are the puts and takes there

how do you think about the potential change to export economics to competitive economics within the region

Can you talk more about the rationale behind the Monument pipeline acquisition?

In terms of the early termination of the terminal service agreement at Pasadena in exchange for a series of some payments

Could you provide an update on the progress of the HH conversion

how should we quantify the displacement of existing SFPP EBITDA

What has driven the seemingly improved outlook over the past few months

can you talk about your project positioning relative to 1 Oak's competing Sunbelt project

what do you think has allowed Kinder to win many of these projects

what is the progress on building additional natural gas infrastructure on that front

how much volumetric exposure or EBITDA could this impact for your

asking for an update on your strategy in the Bakken on the heels of the Outrigger acquisition

can you expand a bit on the strategic rationale behind this and outlook for downstream synergies

can you talk about the economic moat that you have, competitive moat that you have, the financial considerations

is the strategy or plan that you will farm that out to an off-taker to like a consumer on the other end

I would love to get an update on your demand observations and outlook across the products within your footprint

To what extent can you augment your jet yield further over time to capture this benefit?

what underlies your view that demand supply for the year ahead and maybe beyond is indeed going to be positive for refining economics

What are your expectations on how those differentials evolve from here?

Is the same true for PADD 4 if [ Dyno ] project -- the [ Dyno ] project goes through considering that you do also have a Salt Lake facility

how do you view the net capacity outlook for the global refining kit between the near to medium term

What do you think is the next frontier growth for MPC?

What is your view on pursuing infrastructure growth opportunities in dry gas production areas

is MPC also marketing ONEOK's portion of the terminal facility, the volumes coming out of the terminal facility, or is it just MPLX's 50% interest?

Can you talk about how much LPG export currently exists within your system just off of your refining assets in the Gulf Coast

Can you elaborate further on recent conversations with your producer customers? What are your near- and medium-term expectations for upstream activity in your areas of service?

what kind of upside -- could you potentially furbish whether it be optimization on utilization or spot cargoes or even additional brownfield investment in Pasadena?

Your funding say, splitter in the Gulf Coast, what utilization is that seeing currently? And what's your recontracting time line for that?

what is your outlook for the subsequent phases of this project? And have the expectations related to the Denver refined product system changed at all

can you speak specifically on how much visibility you have in capturing these opportunities at this point

would you be able to provide an update on your LPG export commercialization efforts? How are those conversations going with potential customers?

can you just give us any sense of any early indications on how you expect volumes across your supply push assets to trend through the next year?

would you expand a bit more on the activity and expectations you have on G&P volume by basin and what those conversations with your producers look like

how much would you say is already underway now that we're through April? Or is there still a significant component that is still subject to execution

Would your CapEx plans in place for the near to medium term, how much can you flex down if things get worse?

can you speak more to the strategic benefits behind your export JV with MPLX and how exactly will ONEOK and MPLX be competitive

Would you be able to provide some additional details behind bridging the 2025 to 2026 guidance?

what range of total CapEx and expected to build multiple on a 100% basis, can you share at this point

can you talk about utilization and the ability to expand your path for NGL assets that are now or soon will be connected

how do you view the likelihood of increased ethane projection in the Permian following the start-up of multiple residue gas pipelines in 2026 and beyond?

what kind of CapEx should we anticipate for Western Gateway given the substantial greenfield component?

Can you talk about the rationale behind this project and why it's important for Phillips 66? How does it stack up versus one of competing pipeline projects?

There are some material circulating about a carve-out for NGLs within the Chinese reciprocal tariffs. Do you have an early view on this

Would you be able to quantify the cost? And is this plant the first of maybe several plants to increase the Y-Grade under your control

can you help us think about the path forward to achieve the below 30% net debt to capital? What time frame would you expect to get to that?

Is FTC also a major concern here? Do you think that would preclude some of the more obvious opportunities along your Midstream footprint?

how should we think about the durability of your commercial success and your ability to replicate it over time?

How much of this growth is a result of growing with your producers for their plans? Are there key commodity price assumptions here that underlie this range? Is it contingent upon additional commerc...

Where do you anticipate the next bottlenecks to be within the Permian?

if there's not a carve-out for LPG amid the ongoing trade war. Can you talk about how this impacts the competitive landscape

What percent is public versus private, majors or large independents versus smaller players

I'm curious if you can quantify in any way how strong is strong growth in 2026 from a volumetric perspective as you look at your inlet volumes

curious to hear your view on the ebbs and flows of demand from your international customers

how should we think about the trajectory of DGD profitability going forward

from your perspective, I'm curious as to what you think has enabled that

how much of this can be absorbed within your footprint over time

how do you view the evolution of and demand dynamics for light products and crack spreads going forward

I'd love to get your take on what you're seeing across your domestic distribution channels

2 major product pipeline binding open seasons that have been announced over the recent weeks to move more volumes from these regions into PADD V

how is refined product demand trending across your footprint? Maybe just unpack some of Lane's opening remarks about sales across your system

what is your near to medium-term outlook for light-heavy differentials, taking into account the tailwind from incremental OPEC+ barrels

would you be able to provide an update on your suspension from the registry of importers

do you see some of that supply creeping back over time, or how does this settle out

how are you thinking about light heavy differentials as we move through the year

would you be able to provide a little bit more color on this, what the optimization means in terms of incremental improvement

How has the scope, criteria or strategic priorities of the BTM projects evolved since you announced the first one.

based on your comments, would you say that permitting reform is the critical bridge to affordability in this country? And in addition to championing those efforts, what else is Williams along with ...

would you provide an update on the production activity levels in Haynesville and the Northeast

what is the potential or what is your target as far as an uplift in utilization or underwriting additional expansion in your pipeline assets

can you provide us an update about how you're using AI within your own organization at this point

Was this the result of cash tax savings expected post OBB B? Or were there other drivers of this delta

what are you assuming at this point for annual contribution for this group of projects within guidance relative to the $300 million exit

How much more capacity is there to bring on projects like Power Express? And what are the next areas of growth and development on Transco

how much expansion capability do you have remaining across your footprint and what do the economics look like for something like this

what is it going to take to get something like this across the finish line and beyond this opportunity, can you help us lay out the addressable market