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EVP & CCO Jeremy Goebel stated that Plains is working with its partner ONEOK to optimize the BridgeTex pipeline's cost structure and commercial strategy to maximize throughput. EVP & COO Chris Chandler explained the higher CapEx guidance is driven by new, high-return opportunities for lease connections and terminal expansions in the Permian and South Texas, reflecting both basin growth and new business capture.

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President and CEO Oscar Brown responded that ARRIS was their primary target and largely completes their Delaware system, reducing the need for further inorganic water acquisitions. He affirmed WES's comfort with the New Mexico regulatory landscape. Regarding North Loving II, he confirmed it is a more proactive strategy based on strong producer forecasts and increasing GORs, rather than waiting to fill an offload portfolio.

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President and CEO Bob Flexon explained that AmeriGas is focused on safety, customer service metrics, and delivery efficiency after exiting the low-margin wholesale business. He also highlighted the improvement in AmeriGas's leverage ratio. CFO Sean O’Brien addressed the midstream question, stating no significant contract expirations are expected in the next 12-18 months. Flexon added that the pro-investment climate in Pennsylvania is creating substantial opportunities for the midstream business.

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President and CEO Robert Flexon detailed plans to improve AmeriGas's business processes, including routing, propane purchasing, and customer segmentation, expressing confidence in strengthening the business before the next winter. CFO Sean O'Brien confirmed that the goal to refinance the 2026 maturities remains, highlighting AmeriGas's strong cash generation and improved leverage metrics. On Appalachian gas, Robert Flexon affirmed that UGI's Midstream and Utility assets are well-positioned to serve growth from new generators and data centers.

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CFO Sean O’Brien confirmed that the loan repayment plan does not preclude asset sales at AmeriGas or UGI International. President and CEO Robert Flexon added that any divestiture proceeds would accelerate the loan paydown and that the company is analyzing its portfolio for underperforming assets. Regarding operations, Flexon noted that while AmeriGas benefited from the cold weather, the system was strained, underscoring the need for process improvements. He praised the natural gas utility's seamless execution. O'Brien attributed the lower Midstream margin to a renewed contract and the Hunlock asset sale, both of which were anticipated in guidance. Flexon stated the company remains opportunistic about synergistic Midstream acquisitions.

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Interim President and CEO Filho Longhi clarified that while insurance covers the capital cost for the dock repair, there will be an operational EPS impact as logistics are adjusted. He affirmed that the AmeriGas stabilization strategy is unchanged and that removing the covenant allows for better focus. Longhi also confirmed that portfolio analysis is an ongoing process to optimize value, with more updates to come.

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Co-CEO Marshall "Mackie" McCrea confirmed the ethane export issue had no financial impact but acknowledged it could make future contracting with Chinese entities more difficult, prompting a focus on other countries. For the Hugh Brinson pipeline, he explained that the bidirectional capability adds supply optionality for Texas markets, boosting the project's revenue potential and returns, particularly for serving data center demand.

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Executive Mackie McCrea described the upstream pipeline opportunity for Lake Charles LNG as 'huge,' with the intention of moving all gas on Energy Transfer's pipelines. He stated that while system expansions will be necessary, their extensive network provides a unique ability to source gas from diverse, low-cost basins including the Permian, Haynesville, and Katy, with final plans to be determined alongside the project's FID.

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Executive Dylan Bramhall explained that 2025 guidance is based on forward curves, acknowledging that compressed Waha basis spreads are a headwind but also present potential upside. Executive Marshall "Mackie" McCrea added that the South Mississippi project had a successful open season and remains a bullish long-term prospect, though it has not yet secured sufficient commitments to reach FID.

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Executive Mackie McCrea detailed a pipeline of near-term Permian processing projects (Badger, Red Lake 3 & 4, Mustang Draw) and stated ET focuses on its own contracted growth rather than competitor announcements. Regarding gas prices, executives highlighted the company's diversified asset base, where volume increases on pipelines like Panhandle and Trunkline offset declines on dry gas-exposed systems like Tiger and Rover. They remain confident in the long-term outlook for the Haynesville assets.

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President, CEO & Director Avigal Soreq stated that any M&A must be accretive to free cash flow, leverage, and coverage, emphasizing that the company is focused on value creation and could be a buyer or a seller. Regarding guidance, Soreq reaffirmed the $480-$520 million range, expressing strong confidence due to the quality of their assets in the Permian, mature customer base, and low breakevens. He also noted a positive trend with an uptick in Q3 crude gathering volumes, contrasting with guidance reductions seen elsewhere in the sector.

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President and CEO Avigal Soreq stated that while the company has strong liquidity, any M&A activity must be accretive to free cash flow, leverage, and coverage ratios, and fit their strategy. He emphasized that DKL is focused on value creation and would consider being a seller as well. Soreq reaffirmed the full-year EBITDA guidance of $480 million to $520 million, citing a strong start to Q3 crude volumes and the low breakeven costs for producers in their operating areas, which provides resilience against price fluctuations.

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President & CEO Avigal Soreq stated that any M&A must be accretive to free cash flow, leverage, and coverage, emphasizing that the company could be a seller as well as a buyer to create value. Regarding guidance, Soreq expressed high confidence, noting DKL is one of the few in the sector to reiterate its forecast. He pointed to a strong start to Q3 with rising crude volumes and low producer breakeven costs in their operating areas as reasons for this confidence.

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President & CEO Avigal Soreq explained that their M&A approach is disciplined, focusing on opportunities that are accretive to free cash flow, leverage, and coverage, and that they are open to both buying and selling assets to maximize unitholder value. He reaffirmed the full-year EBITDA guidance of $480 million to $520 million, citing strong producer relationships, low breakeven costs in their operating areas, and a noticeable uptick in Q3 crude gathering volumes.

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EVP & CFO Al Swanson confirmed that distribution growth remains the primary method for returning cash to shareholders, with unit repurchases serving as an opportunistic tool for market dislocations. He noted a small buyback of $7.5 million occurred in April but reiterated there is no fundamental change in their capital allocation thinking.

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President and CEO D. Childers highlighted that in a downturn, Archrock has significant visibility and flexibility due to its highly variable OpEx and CapEx structure. CFO Douglas Aron added that the pricing strategy remains unchanged despite moderating increases, and the NGCS newbuild backlog was absorbed into the existing CapEx plan, underscoring the transaction's accretive nature without requiring additional capital investment.

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President and CEO D. Childers noted that while most dry gas plays are flat, the Haynesville saw measurable growth. He confirmed power availability is a gating item in the Permian but said the order book remains strong as customers typically secure power before contracting. He clarified that acquiring manufacturing slots was not a driver for the TOPS deal, as Archrock has no supply constraints, though they value the high-quality supply chain they inherited.

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EVP Chad Zamarin clarified that the power contracts provide a fixed return on capital with a pass-through for fuel costs, mitigating commodity exposure, and are backed by high-credit counterparties. On storage, he highlighted the Pine Prairie expansion is underway to meet strong Gulf Coast LNG demand, with expectations for continued strong recontracting and additional future expansion projects.

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CEO Scott Doyle explained that while the company is focused on the current rate case, the new legislation (SB4) allows for filing a future test year case starting in July 2026. Regarding the weather mechanism, Doyle described the process as a negotiation where both parties bring issues to the table to find a constructive solution for both the company and its customers.

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EVP and CFO Adam Woodard acknowledged that much of the winter season remains, suggesting a potential for reversal. He also affirmed confidence in the Gas Marketing segment achieving its annual guidance, noting a constructive market backdrop to start Q2 and that performance is not expected to be linear quarter-to-quarter.

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CEO Jamie Welch responded that downstream expansions and lower rates create re-contracting opportunities as their own commitments roll off, but they feel no pressure to act hastily. He confirmed that EPIC Crude is expected to make distributions this year due to its improved financial stability. Welch estimated the impact of potential steel tariffs on 2025 CapEx to be between $15 million and $20 million, primarily affecting the ECCC pipeline and other development projects.

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CFO Chris Paulsen clarified that Q4 results included a one-time $3 million sales tax credit and that 2025 guidance reflects current pricing, modest CPI-linked increases, and back-end loaded new horsepower delivery, creating potential upside. He also noted a better handle on 2025 CapEx costs to avoid repeated guidance raises. President and CEO Micah Green explained that "adjacent business opportunities" refers to growing their third-party service division for customer-owned equipment.

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CFO Chris Paulsen clarified that Q4 results benefited from a one-time $3 million sales tax credit and that 2025 guidance reflects back-end loaded new horsepower delivery, creating potential upside. He also noted a better handle on 2025 CapEx costs to avoid repeated guidance raises. President and CEO Micah Green specified that 'adjacent opportunities' refers to the expansion of their third-party services division for customer-owned equipment.

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President and CEO Clint Green responded that the shared services initiative is in its early stages but is seen as a way for Energy Transfer to provide support while USAC operates separately, with more details to be provided with Q1 guidance. On M&A, he declined to comment on specific deals but affirmed that the company continuously evaluates opportunities.

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CFO Roberto Bel confirmed that the company expects to meet its full-year CEV CapEx guidance, which represents an acceleration over the prior year. Executive Patrick Migliaccio noted that the current IIP runs through fiscal 2025 and that the company will evaluate a potential follow-on program, highlighting the recent approval of a record $386 million SAVEGREEN energy efficiency program.

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Kimberly Dang (Executive) explained the timeline reflects a typical four-year process for interstate pipes (two for permitting, two for construction) and that while a faster, dependable FERC permit would be welcome, they are not changing the schedule. She clarified that the natural gas price sensitivity is not new but that the company was able to better quantify it for investors this year.

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President and CEO Michael A. Stivala explained that the New Mexico acquisition fills a strategic gap in a growing market and represents their largest single acquisition since 2012. He affirmed the company's continued focus on propane M&A. Stivala also noted that cost infrastructure has stabilized, praising the field team's performance. Regarding the new administration, he expressed cautious optimism for a more 'all-of-the-above' energy approach and believes key provisions of the Inflation Reduction Act, like production tax credits, are likely to remain due to broad support.

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CEO Mickey McKee confirmed that Kodiak is continuously evaluating its fleet and has a few more small divestitures planned but does not intend to exit any basins. He emphasized that the capital allocation strategy remains unchanged, focusing on a growing dividend and reinvesting within cash flows. CFO John Griggs added that new horsepower additions in 2025 are expected to be at or slightly below 2024 levels.

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Chief Operations Officer Karl Fails stated that California refinery closures could present an upside for Sunoco's storage assets and that the company's infrastructure is well-positioned against new competition. Regarding the Corpus Christi contract, he declined to discuss specific customer negotiations but expressed confidence in the terminal's long-term value. President and CEO Joseph Kim added that despite various commercial factors, the company is very bullish on all three business segments for 2025.

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EVP and CFO Shawn Anderson described the gas CapEx increase as a 'glide' into system hardening requirements like bare steel and plastic pipe replacement, rather than a sudden step-change. He explained that their financial forecast already incorporates a significant rise in gas prices based on the NYMEX curve, providing headroom against current market prices and supporting the sub-5% bill increase target.

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The company was not impacted by extreme weather. The next plant expansion is expected beyond 2024. Nearly all of the 2024 natural gas exposure has been hedged to de-risk the first three quarters of the year.

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