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Jean Ann

Jean Ann

Managing Director and Senior Research Analyst at Bank of America

Pompano Beach, FL, US

Jean Ann Salisbury is a Managing Director and Senior Research Analyst at Bank of America, specializing in the energy sector with a focus on integrated oil, refining, and midstream industries. She covers companies such as Cheniere Energy and actively follows other energy firms, consistently delivering investment recommendations with a 72% success rate and an average return per transaction of 15.1%, including a top buy call that returned 103.7% on LNG. Salisbury's career began at McKinsey & Co. as an Engagement Manager, followed by a decade as Senior Analyst at Sanford C. Bernstein before she joined Bank of America in 2024. She holds an undergraduate degree from Harvard University, an MBA from Harvard Business School, and is registered with FINRA as part of BofA Securities, Inc.

Jean Ann's questions to Energy Transfer (ET) leadership

Question · Q3 2025

Jean Ann asked why Energy Transfer primarily focuses on gas supply for hyperscalers rather than expanding into power generation itself. She also inquired about the current gas storage rates and the potential for further brownfield storage expansions in the U.S., especially with future LNG startups, and whether Bethel is a unique case.

Answer

Mackie McCrea (Co-CEO) stated that power generation projects typically offer low double-digit or high single-digit returns, which do not meet Energy Transfer's desired rate of return criteria. He expressed bullishness on gas storage value due to LNG and data center reliability needs, highlighting their 233 Bcf capacity and Bethel expansion, but emphasized disciplined, project-backed expansions rather than speculative builds.

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