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    Harry Mateer • Barclays

    Harry Mateer's questions to Targa Resources Corp (TRGP) leadership

    Harry Mateer's questions to Targa Resources Corp (TRGP) leadership • Q4 2024

    Question

    Harry Mateer questioned Targa's balance sheet strategy, asking about the prospects for achieving the lower half of the 3.0-4.0x leverage target given higher CapEx. He also asked about plans to address higher-cost callable debt.

    Answer

    President Jen Kneale stated that while the preference is for the lower half of the leverage range, the company will not force its way there. She expects leverage to naturally decline as new projects contribute EBITDA. She also confirmed that while they constantly evaluate refinancing high-cost debt, the near-term focus is on managing liquidity following recent transactions.

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    Harry Mateer's questions to Cenovus Energy Inc (CVE) leadership

    Harry Mateer's questions to Cenovus Energy Inc (CVE) leadership • Q2 2024

    Question

    Harry Mateer of Barclays inquired if achieving the net debt target alters strategic priorities like M&A or JV simplifications, and asked about the long-term balance sheet strategy regarding debt maturities.

    Answer

    Executive Jonathan McKenzie stated that the strategy remains unchanged, with the focus being on executing existing growth projects, improving refining operations, and delivering 100% shareholder returns. Executive Kam Sandhar noted the company is in a comfortable position with no significant debt maturities until 2027 and plans to maintain its current gross debt and cash balance structure, seeing no immediate need to refinance.

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