Sign in

    Andrew John O'Donnell • Tudor, Pickering, Holt & Co.

    Andrew John O'Donnell's questions to Plains GP Holdings LP (PAGP) leadership

    Andrew John O'Donnell's questions to Plains GP Holdings LP (PAGP) leadership • Q1 2025

    Question

    Andrew John O'Donnell of Tudor, Pickering, Holt & Co. requested details on the volume recovery seen in April and May and asked for an updated long-term outlook on Permian long-haul pipeline utilization.

    Answer

    Executive Jeremy Goebel attributed the volume recovery to a seasonal rebound after winter weather and refinery downtime, expecting long-haul throughput to increase with summer demand. On utilization, Goebel and Chairman & CEO Wilfred Chiang stated that while near-term volatility may affect timing, the fundamental long-term growth outlook for the Permian remains unchanged.

    Ask Fintool Equity Research AI

    Andrew John O'Donnell's questions to Targa Resources Corp (TRGP) leadership

    Andrew John O'Donnell's questions to Targa Resources Corp (TRGP) leadership • Q1 2025

    Question

    Andrew John O'Donnell asked if the pull-forward of the Pembrook II plant changes the volume outlook and what drove the schedule change. He also asked how Permian gas production might trend in a sustained low oil price environment.

    Answer

    President Jennifer Kneale stated the Pembrook II pull-forward was due to construction finishing ahead of schedule rather than a change in customer demand. Pat McDonie, President of Gathering and Processing, addressed the production outlook, suggesting that even in a flat crude oil environment, Permian gas production could still grow 2-3% annually due to increasing gas-to-oil ratios (GORs). He added that Targa feels well-positioned to capture a large percentage of any drilling that does occur.

    Ask Fintool Equity Research AI

    Andrew John O'Donnell's questions to Targa Resources Corp (TRGP) leadership • Q4 2024

    Question

    Andrew John O'Donnell asked about the expected returns on newly announced projects, questioning if the 5.5x build multiple still holds. He also sought clarification on the significant Q4 step-up in fractionation volumes relative to NGL production.

    Answer

    President Jen Kneale confirmed the 5.5x build multiple framework remains a reasonable baseline, though Targa has a track record of exceeding it, partly by ensuring new assets are highly utilized at startup. President, Logistics and Transportation, Scott Pryor explained the Q4 frac volume increase was driven by new trains coming online, which allowed Targa to process its own volume growth, handle volumes previously offloaded to third parties, and work down inventory.

    Ask Fintool Equity Research AI

    Andrew John O'Donnell's questions to Targa Resources Corp (TRGP) leadership • Q3 2024

    Question

    Andrew John O'Donnell sought clarification on Q4 volumes, asking if Targa has seen a production jump from its customers since the Matterhorn pipeline came online or if new flows are just gas moving within the basin.

    Answer

    Executive Matt Meloy reiterated that Targa's customers were already producing and had takeaway capacity, so they have not seen a notable jump tied to Matterhorn's start-up. He suggested that recent Waha price volatility was more likely due to maintenance on other existing pipelines rather than a fundamental shift in basin capacity.

    Ask Fintool Equity Research AI

    Andrew John O'Donnell's questions to ONEOK Inc (OKE) leadership

    Andrew John O'Donnell's questions to ONEOK Inc (OKE) leadership • Q1 2025

    Question

    Andrew John O'Donnell inquired about the cadence of Permian volume growth and its drivers, and also asked about the refined products blending business, noting the potential for a repeat of 2024's strong Q2 performance.

    Answer

    Chief Commercial Officer Sheridan Swords attributed upcoming Permian volume growth primarily to new well connections on the recently acquired assets. Regarding blending, President and CEO Pierce Norton confirmed the company is employing the same strategy as in 2024, using storage to forward-sell blended product into Q2 and Q3, and expects to see added benefit from this strategy.

    Ask Fintool Equity Research AI

    Andrew John O'Donnell's questions to Plains All American Pipeline LP (PAA) leadership

    Andrew John O'Donnell's questions to Plains All American Pipeline LP (PAA) leadership • Q4 2024

    Question

    Andrew John O'Donnell asked if low Cushing inventories could front-weight Permian growth, and also inquired about current NGL market rates and the ability to hedge remaining exposed volumes.

    Answer

    Jeremy Goebel, an executive, explained that Basin pipeline volumes typically follow refinery utilization, which is lower in Q1 due to maintenance, making a front-weighting unlikely. For NGLs, he noted the market is in steep backwardation, with prompt prices near $0.80/gallon versus 2026 prices in the mid-$0.60s, explaining the strategy of hedging more heavily in the near term.

    Ask Fintool Equity Research AI

    Andrew John O'Donnell's questions to Plains All American Pipeline LP (PAA) leadership • Q3 2024

    Question

    Andrew John O'Donnell requested details on the drivers behind the lowered 2024 CapEx budget and asked for an update on the magnitude of Permian oil growth observed year-to-date and expected for the fourth quarter.

    Answer

    EVP & COO Chris Chandler explained that the 2024 net CapEx guidance was lowered to $360 million from $375 million, primarily due to deferred spending on projects in the development phase, which does not impact the timeline for the Fort Saskatchewan expansion. EVP & CCO Jeremy Goebel confirmed that year-to-date Permian growth is on track to fall within the 200,000 to 300,000 barrel-a-day exit-to-exit forecast for 2024.

    Ask Fintool Equity Research AI

    Andrew John O'Donnell's questions to Plains All American Pipeline LP (PAA) leadership • Q2 2024

    Question

    AJ O'Donnell asked if management sees Midland-to-Houston crude differentials widening beyond transport costs and inquired about the opportunistic nature of capturing wider spreads between iso and normal butane.

    Answer

    CEO Willie Chiang and Executive Jeremy Goebel suggested that as spare pipeline capacity tightens, wider differential opportunities are expected. On the NGL question, Goebel explained that they have an opportunistic facility that runs when spreads are favorable, as they were in Q2, but this is not a constant contributor to earnings.

    Ask Fintool Equity Research AI

    Andrew John O'Donnell's questions to Enterprise Products Partners LP (EPD) leadership

    Andrew John O'Donnell's questions to Enterprise Products Partners LP (EPD) leadership • Q4 2024

    Question

    Andrew John O'Donnell asked about the outlook for the NGL marketing business in 2025 and inquired about the company's capacity to serve growing power demand from data centers in Texas.

    Answer

    Executive Brent Secrest attributed recent NGL marketing strength to higher FOB values and noted the company will continue to monetize market volatility. Regarding data centers, an executive stated that while existing Texas intrastate pipelines are largely sold out, the company has a significant queue of potential data center projects and will pursue opportunities where it makes sense.

    Ask Fintool Equity Research AI

    Andrew John O'Donnell's questions to Enterprise Products Partners LP (EPD) leadership • Q3 2024

    Question

    A.J. O'Donnell asked if the startup of the Matterhorn pipeline had caused a noticeable increase in production flowing into Enterprise's system. He also sought color on the types of projects driving the 2025 capital budget increase related to the Piñon acquisition.

    Answer

    Co-CEO A. Teague and Executive Natalie Gayden stated they have not yet seen a 'flush' of production from Matterhorn. They also confirmed that the Piñon acquisition will lead to additional projects being announced for the 2025 budget.

    Ask Fintool Equity Research AI