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    Indraneel Mitra • Bank of America

    Indraneel Mitra's questions to Kinetik Holdings Inc (KNTK) leadership

    Indraneel Mitra's questions to Kinetik Holdings Inc (KNTK) leadership • Q4 2024

    Question

    Indraneel Mitra of Bank of America inquired about Kinetik's ability to manage volatility from Permian gas pipeline maintenance and asked about near-term growth drivers in the Southern Delaware versus New Mexico.

    Answer

    CEO Jamie Welch acknowledged that pipeline maintenance is a factor and stated the key lesson from November's volatility was to secure incremental Gulf Coast transport capacity as a hedge. On regional growth, Welch and CFO Trevor Howard explained that while the Barilla Draw acquisition provides a strong boost, growth in the Southern Delaware has been more tepid compared to New Mexico. They highlighted that the ECCC pipeline will create a unified 'Delaware Basin proxy' system, allowing them to optimize assets by flowing gas from the growing north to southern processing plants.

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    Indraneel Mitra's questions to Williams Companies Inc (WMB) leadership

    Indraneel Mitra's questions to Williams Companies Inc (WMB) leadership • Q4 2024

    Question

    Indraneel Mitra of BofA Securities inquired about the outlook for gathering volumes in the Northeast and Haynesville in a higher gas price environment and sought to understand Williams' competitive advantage in securing power generation turbines.

    Answer

    COO Michael Dunn explained that while producers are holding back on DUCs and deferred TILs (totaling ~3 Bcf/d of potential IP), they are showing capital discipline and waiting for sustained higher prices before increasing rig activity. CEO Alan Armstrong confirmed that Williams' competitive advantage in the turbine supply chain stems from its significant purchasing power and relationships established through ordering similar drivers for its large compressor systems.

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    Indraneel Mitra's questions to Williams Companies Inc (WMB) leadership • Q3 2024

    Question

    Indraneel Mitra requested an update on the volume of production shut-ins, noting a previous figure of 2 Bcf/day, and asked how Transco plans to compete for Southeast U.S. demand against new competing projects targeting Georgia.

    Answer

    CEO Alan Armstrong clarified that shut-in and deferred volumes have increased to about 4 Bcf/day across the Marcellus and Haynesville. Regarding competition, he differentiated Transco's strategy, which leverages Appalachian supply to serve large-scale power generation in northern Georgia, from competing projects that appear more focused on distributing Haynesville supply to southern and central Georgia. An executive added that more gas flowing into the region from any source ultimately creates new expansion opportunities for Transco.

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    Indraneel Mitra's questions to Plains All American Pipeline LP (PAA) leadership

    Indraneel Mitra's questions to Plains All American Pipeline LP (PAA) leadership • Q3 2024

    Question

    Indraneel Mitra asked how crude oil flows across Plains' system are being impacted by reduced heavy crude supply to the Gulf Coast and questioned the commercial dynamics of directing volumes from acquired gathering systems onto Plains' long-haul pipelines.

    Answer

    EVP & CCO Jeremy Goebel explained that while heavy crude exports from the Gulf Coast have decreased, this has been offset by record throughputs at Cushing and improved light crude flows, benefiting the basin. He emphasized that for gathering systems, Plains provides customers with flexibility and access to multiple markets rather than forcing volumes onto specific pipelines, a strategy that enhances customer relationships and keeps their integrated system full.

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    Indraneel Mitra's questions to Plains All American Pipeline LP (PAA) leadership • Q2 2024

    Question

    Neel Mitra asked about the company's strategy for hedging the 2025 Canadian frac spread and inquired about the impact of negative Waha gas prices on Q2 Permian production and Q4 growth expectations.

    Answer

    Executive Jeremy Goebel confirmed Plains has a continuous hedging program but noted the forward frac spread market is backwardated and less liquid. CEO Willie Chiang added that formal guidance comes closer to year-end. On Permian production, Goebel stated that while some completions in gassier areas were delayed, outperformance in the Midland basin kept overall growth in line with their 200k-300k bbl/d annual forecast.

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    Indraneel Mitra's questions to MPLX LP (MPLX) leadership

    Indraneel Mitra's questions to MPLX LP (MPLX) leadership • Q3 2024

    Question

    Neel Mitra asked about the strategic use of the Sweeny hub as an alternative to Mont Belvieu for producers and the growth opportunity there. He also inquired about MPLX's view on expanding its crude infrastructure, potentially through drop-downs or JVs.

    Answer

    Executive Gregory Floerke explained that providing access to multiple hubs like Sweeny and Mont Belvieu increases optionality for their producer customers. Regarding crude, President and CEO Maryann Mannen reiterated that drop-downs are a low priority, while executive David Heppner added that they continue to evaluate opportunities to grow their Permian crude platform through bolt-ons, JV buyouts, or other M&A.

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