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    Brandon Bingham • Scotiabank

    Brandon Bingham's questions to Plains All American Pipeline LP (PAA) leadership

    Brandon Bingham's questions to Plains All American Pipeline LP (PAA) leadership • Q2 2025

    Question

    Brandon Bingham asked about the full-year EBITDA guidance, noting that while the company still expects to be in the lower half of the range, recent market improvements might suggest a potential to move toward the midpoint.

    Answer

    EVP & CFO Al Swanson clarified that the guidance is for the 'lower half' of the range, not necessarily the 'low end'. He acknowledged that crude prices are at the higher end of their assumed range but stated that the company is maintaining its 'lower half' guidance for now, given market volatility.

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    Brandon Bingham's questions to Plains All American Pipeline LP (PAA) leadership • Q4 2024

    Question

    Brandon Bingham asked about the well connection assumptions in the EBITDA guide and customer sentiment. He also inquired about the drivers of the 2025 CapEx guide, including impacts from recent deals or deferrals from 2024.

    Answer

    Jeremy Goebel, an executive, described producer activity as very consistent with the previous year, supporting the forecast. Chris Chandler, an executive, explained the 2025 CapEx guide includes capital deferred from 2024, spending for new Permian acreage, the Fort Sask expansion, and a new Mid-Con platform, while remaining within their long-term target range.

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    Brandon Bingham's questions to Kinetik Holdings Inc (KNTK) leadership

    Brandon Bingham's questions to Kinetik Holdings Inc (KNTK) leadership • Q2 2025

    Question

    Brandon Bingham of Scotiabank asked for more detail on the commercial momentum in Northern New Mexico and its impact on a potential Kings Landing 2 FID. He also requested an update on the EPIC pipeline, including distributions and partner intentions.

    Answer

    CEO Jamie Welch stated that Kinetik is "sprinting to keep up" with customer demand in New Mexico, where producers are eager to develop sour gas reserves once infrastructure is ready. SVP of Commercial, Kris Kindrick, noted significant growth opportunities across all producer types in 2026. Regarding EPIC, Welch confirmed the first distribution to partners is occurring this month and that while the asset is performing well, Kinetik would consider selling its non-operated stake for the right price.

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    Brandon Bingham's questions to Kinetik Holdings Inc (KNTK) leadership • Q1 2025

    Question

    Brandon Bingham of Scotiabank asked for the sensitivity of Kinetik's multiyear growth outlook to overall Permian Basin volume growth and requested an update on the EPIC Crude pipeline, including potential expansions.

    Answer

    CFO Trevor Howard clarified the 10% EBITDA CAGR is not highly sensitive, as it only assumes one new cryo plant and a modest processing increase to 2.6 Bcf/d by 2029. Regarding EPIC Crude, Howard and CEO Jamie Welch stated an expansion remains compelling and is a matter of 'when and not if,' but the timing is not ideal right now. They also noted EPIC will begin paying distributions in May.

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    Brandon Bingham's questions to ONEOK Inc (OKE) leadership

    Brandon Bingham's questions to ONEOK Inc (OKE) leadership • Q2 2025

    Question

    Brandon Bingham of Scotiabank asked about the CapEx impact of the new processing plant FID on 2025 and the outlook for 2026 growth spending. He also inquired about smaller, less-publicized synergies from recent acquisitions.

    Answer

    President and CEO Pierce Norton stated that minimal CapEx for the new plant will occur in 2025, with the majority in 2026, and anticipates overall CapEx will decline after 2026. EVP & CCO Sheridan Swords detailed numerous smaller synergies, such as optimizing crude trucking routes, connecting systems to avoid new capital spending, and leveraging purchasing power on the Medallion system to feed ONEOK's long-haul pipelines.

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    Brandon Bingham's questions to Enterprise Products Partners LP (EPD) leadership

    Brandon Bingham's questions to Enterprise Products Partners LP (EPD) leadership • Q2 2025

    Question

    Brandon Bingham of Scotiabank asked if Enterprise would consider inorganic equity investments in new areas like LNG, and also inquired about the committed portion of the 2026 growth budget and the greatest opportunities for capital deployment.

    Answer

    Co-CEOs Randall Fowler and A.J. Teague firmly stated they would not pursue passive, non-operated equity investments. Fowler confirmed that about $2.2 billion of the 2026 capital budget is committed, and Teague highlighted the ethylene value chain as a key area of opportunity with attractive fee structures.

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    Brandon Bingham's questions to Enterprise Products Partners LP (EPD) leadership • Q2 2025

    Question

    Brandon Bingham of Scotiabank asked if Enterprise would consider deploying capital into inorganic equity investments in areas where it doesn't operate, like LNG. He also inquired about the amount of committed growth spend for 2026 and the greatest opportunities for capital deployment.

    Answer

    Co-CEO A.J. Teague and Co-CEO Randall Fowler gave a definitive 'No' to making passive, non-operated equity investments. Fowler noted that approximately $2.2 billion of the 2026 capital budget is committed. Teague highlighted the ethylene business as a key area of successful expansion and future opportunity, given its robust fees.

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    Brandon Bingham's questions to Enterprise Products Partners LP (EPD) leadership • Q1 2025

    Question

    Brandon Bingham inquired about the potential for inorganic growth (M&A) given market valuations and asked for details on the marketing-related drivers of quarter-over-quarter changes in segment margin.

    Answer

    Co-CEO A. Teague stated that any acquisition must fit their existing system and that 'price matters.' Executive Brent Secrest explained that NGL marketing margins were lower due to new term contracts stepping up at rates below prior spot levels. Conversely, he noted the natural gas marketing segment performed well due to winter volatility and favorable Waha basis spreads.

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    Brandon Bingham's questions to Enterprise Products Partners LP (EPD) leadership • Q4 2024

    Question

    Brandon Bingham questioned the sustainability of the strong Q4 volumes into 2025 and asked for clarification on the margins assumed in the previously guided $200 million annual EBITDA contribution from the PDH plants.

    Answer

    Co-CEO Randy Fowler explained that the strong volumes are systemic, reflecting wellhead growth across the entire integrated value chain. Regarding the PDH plants, executives clarified that the contracts are toll-based, making utilization the key driver, not margin. Fowler specified the $200 million figure represents the potential incremental EBITDA in 2025 compared to 2024's performance.

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    Brandon Bingham's questions to Kinder Morgan Inc (KMI) leadership

    Brandon Bingham's questions to Kinder Morgan Inc (KMI) leadership • Q2 2025

    Question

    Brandon Bingham from Scotiabank inquired about incremental gas supply opportunities for LNG outside of the Haynesville and which basins would be next to meet demand. He also asked which business areas are expected to outperform in the second half of the year to help KMI exceed its budget.

    Answer

    Sital Mody, President of Natural Gas Pipelines, identified the Lean Eagle Ford, Permian, and potentially the Utica/Marcellus as key future supply basins, emphasizing an 'all of the above' approach is needed. CFO David Michels stated that outperformance in the second half would be driven by natural gas capacity sales, Outrigger contributions, and strong performance from Jones Act tankers, consistent with the first half.

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    Brandon Bingham's questions to Venture Global Inc (VG) leadership

    Brandon Bingham's questions to Venture Global Inc (VG) leadership • Q1 2025

    Question

    Brandon Bingham asked about potential bottlenecks or opportunities related to Lower 48 natural gas production and pipeline projects, and to what extent the accelerated timing of Plaquemines' first LNG could be extrapolated to the CP2 project timeline.

    Answer

    CEO Mike Sabel discussed the company's gas supply strategy, highlighting the CPX pipeline for CP2 and the engineering of nitrogen rejection units (NRUs) to handle Permian gas as a key advantage. For the CP2 timeline, Sabel stated that lessons learned from Plaquemines are directly applicable, and with CP2 being further along in engineering and procurement pre-FID, the target is to execute even faster than Plaquemines, subject to weather.

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    Brandon Bingham's questions to Cheniere Energy Inc (LNG) leadership

    Brandon Bingham's questions to Cheniere Energy Inc (LNG) leadership • Q1 2025

    Question

    Brandon Bingham asked about the potential impact of a resumption of Russian gas flows to Europe and inquired about Cheniere's contracting strategy for its uncontracted capacity next year.

    Answer

    EVP and CCO Anatol Feygin stated that while Brussels may move to ban Russian gas, a resumption of some pipeline flows is possible eventually as part of a 'grand bargain,' but the market could absorb it. On future capacity, he noted that while long-term contracts will increase, new Stage 3 production will still leave a healthy amount of open capacity, which the company will opportunistically hedge throughout the year.

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    Brandon Bingham's questions to Targa Resources Corp (TRGP) leadership

    Brandon Bingham's questions to Targa Resources Corp (TRGP) leadership • Q4 2024

    Question

    Brandon Bingham asked if Targa is seeing producer activity in deeper benches of the Permian basin, such as the Woodford or Barnett. He also inquired about the shareholder return strategy, particularly the approach to buybacks at higher stock prices and the potential for alternative returns like special dividends.

    Answer

    President, Gathering and Processing, Pat McDonie confirmed there is initial producer interest and testing in deeper horizons, which could provide a future tailwind. President Jen Kneale reiterated that the buyback program is opportunistic and driven by their conviction in Targa's long-term value, and that the company's flexible 'all of the above' approach to capital returns will continue.

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    Brandon Bingham's questions to Williams Companies Inc (WMB) leadership

    Brandon Bingham's questions to Williams Companies Inc (WMB) leadership • Q4 2024

    Question

    Brandon Bingham of Scotiabank requested more detail on the composition and probability of the 30 projects in the company's backlog and asked about the drivers for the long-term Haynesville production growth forecast.

    Answer

    CFO John Porter and COO Michael Dunn explained that the 30-project backlog is a constantly evolving sales funnel with specific, discrete projects that are individually probability-weighted, covering industrial, power, and LNG customers. EVP Chad Zamarin stated that the long-term Haynesville growth forecast is fundamentally driven by the need to balance supply with rising demand from LNG exports, power load, and industrial use, which will require a significant call on the basin.

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