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    Jackie Koletas • Goldman Sachs

    Jackie Koletas's questions to Targa Resources Corp (TRGP) leadership

    Jackie Koletas's questions to Targa Resources Corp (TRGP) leadership • Q2 2025

    Question

    Jackie Koletas asked for details on the capital spending and commercial structure of the Bull Run pipeline extension and inquired about the future cadence of share buybacks following a strong quarter.

    Answer

    President Jennifer Kneale described the Bull Run extension as a natural, low-risk project supported by existing and growing system volumes, designed to enhance producer takeaway options to the Waha hub. On buybacks, she reiterated the 'opportunistic' and 'all of the above' capital allocation strategy, making quarter-to-quarter activity difficult to predict but underscoring the flexibility provided by a strong balance sheet.

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    Jackie Koletas's questions to Targa Resources Corp (TRGP) leadership • Q2 2025

    Question

    Jackie Koletas asked for details on the CapEx and returns for the Bull Run pipeline extension and questioned how Targa will balance future share buybacks with other capital uses.

    Answer

    President Jennifer Kneale described the Bull Run extension as a natural, producer-focused enhancement to provide better market access, supported by existing and future volumes. On capital allocation, she reiterated their 'opportunistic' and 'all of the above' approach, noting the strong Q2 buybacks were a response to a perceived disconnect between share price and company fundamentals.

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    Jackie Koletas's questions to Kinetik Holdings Inc (KNTK) leadership

    Jackie Koletas's questions to Kinetik Holdings Inc (KNTK) leadership • Q2 2025

    Question

    Jackie Koletas of Goldman Sachs asked how Kinetik is thinking about the timing of cost-reduction projects, such as owned compression and behind-the-meter power, and also inquired about the current appetite for bolt-on M&A.

    Answer

    CEO Jamie Welch explained that owned compression is being added gradually, with orders placed for 2026-2027 delivery, but meaningful benefits won't materialize until 2027. For power, they have secured a fixed-price block to manage costs while evaluating long-term options. On M&A, Welch stated the current focus is on high-return organic growth projects, as acquisition multiples have risen, making inorganic deals less attractive unless they are "incredibly compelling."

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    Jackie Koletas's questions to LandBridge Co LLC (LB) leadership

    Jackie Koletas's questions to LandBridge Co LLC (LB) leadership • Q1 2025

    Question

    Jackie Koletas asked about the potential impact of changing Permian activity levels on produced water handling growth and requested details on the Speedway Pipeline's demand and growth contribution.

    Answer

    CFO Scott McNeely explained that LandBridge is insulated from commodity volatility, as 92% of its Q1 revenue was from non-oil and gas sources. He noted that major operators have not signaled changes to development plans and demand remains strong. For the Speedway Pipeline, McNeely stated that it could add up to 500,000 barrels/day of water handling capacity, generating over $30 million in annual cash flow when fully operational. The first phase is expected online in Q4 2025, with initial payments in H2 2025 and volume royalties ramping up into 2026.

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    Jackie Koletas's questions to Aris Water Solutions Inc (ARIS) leadership

    Jackie Koletas's questions to Aris Water Solutions Inc (ARIS) leadership • Q1 2025

    Question

    Jackie Koletas from Goldman Sachs asked about the drivers behind the strong Q1 volume performance, specifically the role of spot volumes, and inquired about the company's capital allocation priorities, such as dividend growth versus debt reduction, in a potential downside scenario.

    Answer

    President and CEO Amanda Brock confirmed strong volumes were partly due to better-than-expected well performance and more interruptible volumes. CFO Stephan Tompsett elaborated that large-scale recycling opens system capacity for these hard-to-forecast interruptible volumes. Regarding capital allocation, Tompsett stated there is no change to their framework, emphasizing balance sheet strength and the ability to flex capital down by 20-30% if needed. He affirmed the company's long-term commitment to annual dividend growth.

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