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    Elvira Scotto • RBC Capital Markets

    Elvira Scotto's questions to Venture Global Inc (VG) leadership

    Elvira Scotto's questions to Venture Global Inc (VG) leadership • Q2 2025

    Question

    Elvira Scotto from RBC Capital Markets asked about LNG demand trends, particularly from Europe, following recent trade discussions. She also inquired about the key factors that could potentially accelerate the construction timeline for the CP2 project to achieve first LNG faster than its predecessors.

    Answer

    CEO Michael Sabel described current LNG demand as 'fantastic' and the best in a decade, which supports the company's expansion plans. He attributed the potential for an accelerated CP2 schedule to several key advantages: being 98% engineered at FID, extensive pre-FID procurement of long-lead items like liquefaction trains, and the immense experience of the construction and commissioning teams, who are now working on their 55th and 56th trains.

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    Elvira Scotto's questions to Venture Global Inc (VG) leadership • Q1 2025

    Question

    Elvira Scotto questioned the potential for cost escalations at CP2, particularly labor costs, and inquired about current offtake rates and fees in the competitive environment for new contracts.

    Answer

    CEO Mike Sabel acknowledged the challenging construction environment but highlighted Venture Global's strong position due to its factory-based manufacturing model, which reduces on-site labor needs and provides a cost advantage. On offtake rates, Sabel noted that while the ability to raise prices is currently limited, the market allows for execution at very profitable levels, and Venture Global's schedule and cost advantages provide pricing power.

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    Elvira Scotto's questions to Western Midstream Partners LP (WES) leadership

    Elvira Scotto's questions to Western Midstream Partners LP (WES) leadership • Q2 2025

    Question

    Elvira Scotto from RBC Capital Markets asked for details on the expected ramp-up of the North Loving II plant, given the strategic shift away from pre-securing full offload capacity. She also inquired about capital allocation priorities between organic growth and bolt-on acquisitions, particularly for future growth in New Mexico.

    Answer

    SVP of Commercial, Jonathon VandenBrand, stated that with North Loving I at full capacity and strong underlying contracts, WES expects significant volumes for North Loving II on day one. President and CEO Oscar Brown added that M&A must compete with high-return organic projects, making the company selective. He sees significant organic opportunity in New Mexico but remains open to bolt-ons that meet their strict criteria.

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    Elvira Scotto's questions to Genesis Energy LP (GEL) leadership

    Elvira Scotto's questions to Genesis Energy LP (GEL) leadership • Q2 2025

    Question

    Elvira Scotto of RBC Capital Markets requested elaboration on recent trends in the Marine Transportation segment, the timeline for achieving leverage targets, the balance between shareholder returns and deleveraging, and confidence in hitting the low end of 2025 EBITDA guidance.

    Answer

    CEO Grant Sims explained that while the inland marine market was 'sloppy' in Q2, it has improved, with utilization over 98%. The bluewater market has seen some temporary softness due to equipment relocation to the Gulf Coast, but fundamentals remain strong with 97% utilization. On leverage, he reiterated a focus on debt reduction but suggested a modest distribution increase could be considered for Q4 2025. Regarding guidance, Sims expressed confidence in hitting the low end but noted it's still early in the ramp-up of the new offshore fields.

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    Elvira Scotto's questions to Genesis Energy LP (GEL) leadership • Q1 2025

    Question

    Elvira Scotto of RBC Capital Markets requested more detail on the confidence in resolving offshore producer issues, the crude price point that might impact producer activity, the target leverage ratio for distribution growth, and the day rates needed to spur new marine vessel construction.

    Answer

    CEO Grant Sims expressed confidence in the Q2/Q3 resolution timeline, citing public statements from operators like Murphy who have rigs on location performing workovers. He stated that producer activity is unlikely to be affected by lower prices due to high fixed costs. Sims reiterated a long-term target leverage ratio of around 4x before more meaningful distribution growth and noted that marine day rates would likely need to rise 30-40% to incentivize new builds.

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    Elvira Scotto's questions to Genesis Energy LP (GEL) leadership • Q3 2024

    Question

    Elvira Scotto of RBC Capital Markets questioned the confidence in avoiding future offshore operational issues and asked when to expect less volatility. She also requested details on the production challenges at the Westvaco soda ash facility and the timeline for remediation efforts.

    Answer

    CEO Grant Sims characterized the offshore problems as a highly unusual 'calamitous coincident of things,' suggesting a normalized quarterly margin of $90M-$95M before new projects come online. At the Westvaco facility, he cited issues like conveyor belt failures and mine shaft structural problems. Sims emphasized that the company is 'sprinting' to implement process changes and cost reductions by year-end to 'hit the ground running in 2025'.

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