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    Burke Sansiviero

    Research Analyst at Wolfe Research, LLC

    Burke Sansiviero is an Equity Research Senior Associate at Wolfe Research, LLC, specializing in utilities, midstream, and renewables equity research. He covers leading companies such as Williams, participating in Q2 2025 earnings calls with in-depth sector insights, and supports a research team frequently ranked among the top on Wall Street. Sansiviero joined Wolfe Research after prior analytical experience and has built his financial expertise through rigorous research roles and internships in both private equity and equity research. He maintains professional credentials required for research analysts, leveraging comprehensive sector knowledge to support best-in-class investment analysis.

    Burke Sansiviero's questions to Cheniere Energy (LNG) leadership

    Burke Sansiviero's questions to Cheniere Energy (LNG) leadership • Q2 2025

    Question

    Burke Sansiviero of Wolfe Research, LLC asked about the expected capital cost per ton for the next round of expansions at Sabine Pass and Corpus Christi, noting the cost of recent projects and peer comparisons.

    Answer

    EVP & CFO Zach Davis responded that it is too early to provide a specific cost for projects that would reach FID in late 2026 or 2027. He stressed that the primary focus is achieving a 6-7x CapEx-to-EBITDA multiple, and expressed confidence that Cheniere's brownfield advantages will result in highly competitive costs compared to greenfield projects.

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    Burke Sansiviero's questions to South Bow (SOBO) leadership

    Burke Sansiviero's questions to South Bow (SOBO) leadership • Q2 2025

    Question

    Burke Sansiviero from Wolfe Research, LLC inquired about the perceived delay in the third-party root cause analysis for the Milepost 171 incident and asked for any early takeaways on how the process might proceed.

    Answer

    SVP & COO Richard Prior clarified that any delay was minimal and primarily occurred at the start of the process. He confirmed the full analysis is expected in September and that, in parallel, the company is already executing remedial actions like in-line inspections and integrity digs. A more detailed remedial plan will be developed with PHMSA once the final root cause analysis is complete.

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    Burke Sansiviero's questions to WILLIAMS COMPANIES (WMB) leadership

    Burke Sansiviero's questions to WILLIAMS COMPANIES (WMB) leadership • Q2 2025

    Question

    Burke Sansiviero of Wolfe Research asked for the next steps and approval timeline for the NESE project to meet a Q4 2027 in-service date. He also requested an update on the Transco rate case and the potential for an emissions reduction tracker.

    Answer

    President & CEO Chad Zamarin outlined the NESE path: filing with FERC, awaiting certificate reinstatement, and securing the New York water permit, which would allow for a 2027 in-service. EVP & COO Larry Larsen reported that Transco rate case settlement discussions are getting 'really close' but he is not optimistic that a modernization tracker will be included in the final agreement at this time.

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    Burke Sansiviero's questions to WILLIAMS COMPANIES (WMB) leadership • Q2 2025

    Question

    Burke Sansiviero of Wolfe Research asked for the next steps and timeline for the NESE project and for an update on the Transco rate case settlement discussions, including the potential for an emissions reduction tracker.

    Answer

    President & CEO Chad Zamarin outlined that the next steps for NESE are filing with FERC and securing the New York water permit, targeting a 2027 in-service date. EVP & COO Larry Larsen reported that Transco rate case settlement discussions are getting 'really close' but he is not optimistic that a modernization tracker for emissions spending will be included in the final settlement this time.

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    Burke Sansiviero's questions to TC ENERGY (TRP) leadership

    Burke Sansiviero's questions to TC ENERGY (TRP) leadership • Q2 2025

    Question

    Burke Sansiviero of Wolfe Research, LLC asked for an update on discussions with S&P Global Ratings regarding the company's long-standing negative outlook, especially after the Southeast Gateway pipeline came into service.

    Answer

    EVP & CFO Sean O’Donnell confirmed they are in constant contact with all rating agencies. He noted that S&P had previously highlighted the importance of bringing Southeast Gateway online and maintaining capital discipline, both of which TC Energy has achieved. While he could not comment on the specific timing, he indicated agency review cycles typically occur in the fall.

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    Burke Sansiviero's questions to Kinetik Holdings (KNTK) leadership

    Burke Sansiviero's questions to Kinetik Holdings (KNTK) leadership • Q3 2024

    Question

    Burke Sansiviero asked for Kinetik's perspective on potential New Mexico setback rules and their impact on Durango assets, as well as the outlook for future dividend growth given higher 2025 CapEx.

    Answer

    President and CEO Jamie Welch dismissed concerns about New Mexico regulations, clarifying it is an 'economic study,' not proposed legislation, and is unlikely to pass due to the oil and gas industry's economic importance to the state. Regarding the dividend, Welch reaffirmed a commitment to 'annual ratable dividend growth,' balancing shareholder returns with a larger capital budget next year.

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