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    Ben Pham • BMO Capital Markets

    Ben Pham's questions to Pembina Pipeline Corp (PBA) leadership

    Ben Pham's questions to Pembina Pipeline Corp (PBA) leadership • Q2 2025

    Question

    Ben Pham from BMO Capital Markets requested an update on the remarketing progress for Cedar LNG capacity, clarification on the extension of Peace Pipeline contracts, and asked at what point the company would prioritize share buybacks over growth capex given the stock's performance.

    Answer

    SVP & Corporate Development Officer Stuart Taylor confirmed strong progress on Cedar LNG remarketing, with definitive agreements expected by year-end 2025. SVP & COO Jaret Sprott affirmed that expiring Peace Pipeline contracts have been successfully extended as part of an ongoing, multi-year strategy. President & CEO Scott Burrows addressed capital allocation, stating that near-term capital is largely committed to FID'd projects like Cedar, and while buybacks are debated, growth projects that enhance the franchise are currently prioritized.

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    Ben Pham's questions to Enbridge Inc (ENB) leadership

    Ben Pham's questions to Enbridge Inc (ENB) leadership • Q2 2025

    Question

    Ben Pham of BMO Capital Markets asked about the trend in project returns, noting recent projects appear to have higher returns, and inquired about expansion potential for both Canadian and U.S. gas storage assets.

    Answer

    President & CEO Gregory Ebel confirmed a strategic focus on higher-return, lower-multiple projects, leveraging the company's ability to be selective. EVP of Gas Transmission Cynthia Hansen detailed accessible expansion at Aiken Creek and strong interest in Gulf Coast storage expansions at facilities like Trace, Egan, and Moss to serve growing LNG and industrial demand.

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    Ben Pham's questions to Fortis Inc (FTS) leadership

    Ben Pham's questions to Fortis Inc (FTS) leadership • Q2 2025

    Question

    Ben Pham of BMO Capital Markets questioned the recent materialization of the second data center site in Arizona, the broader pace of discussions with data center companies, and the potential impacts of recent federal legislation on Fortis's business.

    Answer

    UNS Energy President & CEO Susan Gray clarified the second site is part of the same project previously discussed, with details now becoming public. President & CEO David Hutchens added that discussions with other potential customers are on hold pending capacity development. Regarding legislation, he stated there is very limited near-term impact, as corporate taxes were unchanged and ITC's projects are already allocated. Longer-term, it may change the economics of future renewable projects.

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    Ben Pham's questions to TC Energy Corp (TRP) leadership

    Ben Pham's questions to TC Energy Corp (TRP) leadership • Q2 2025

    Question

    Ben Pham of BMO Capital Markets asked for an update on the progress of filling the $6-7 billion annual capital plan through 2030 and questioned if the company would remain within that range given the increased cadence of project opportunities.

    Answer

    EVP & CFO Sean O’Donnell noted that about a third of the capital 'white space' has been filled since Investor Day. President & CEO François Poirier affirmed their commitment to the $6-7 billion range, explaining that long regulatory lead times and a focus on execution capacity make it challenging to meaningfully increase spending before 2028.

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