Jean Ann Salisbury

Answer

CEO Michael Sabel expressed confidence in the Plaquemines ramp-up plan for the remainder of the year, acknowledging the power plant is a key focus but remains on schedule. For the Plaquemines expansion, he outlined a strategy of securing large-scale, 20-year contracts to support large project financings, similar to CP2, noting that the immediate focus is on contracting for CP2's next phases first.

Ask Fintool Equity Research AI

Answer

CEO Michael Sabel expressed confidence in the Plaquemines ramp-up plan for the rest of the year, acknowledging the challenges of commissioning but highlighting the team's experience. He stated the power plant is a focus but remains on plan. For the Plaquemines expansion, Sabel indicated the plan is for large-scale, long-term (20-year) contracts to support large project financings, similar to CP2, citing strong market demand. He clarified that contracting for CP2 Phase 2 and 3 would come first.

Ask Fintool Equity Research AI

Answer

CEO Mike Sabel identified the ramp-up of power as the main constraint for Plaquemines' production increase, noting that temporary power solutions have enabled a rapid start. He stated that the FERC permit for CP2 was an expected milestone and not a constraint on customer negotiations, as the company already feels unconstrained in its active contract discussions.

Ask Fintool Equity Research AI

Answer

CEO Mike Sabel and CFO Jonathan Thayer explained the Plaquemines fee reflects a blend of historically sold forward contracts at lower prices and the challenges of contracting during the initial ramp-up phase. Sabel asserted that even in a lower-price environment, their projects generate highly attractive returns due to their cost advantages, allowing them to modulate growth while opportunistically gaining market share.

Ask Fintool Equity Research AI

Answer

Chief Commercial Officer Robert Muraro stated that new egress is welcome and that stronger Waha pricing would be an incremental tailwind above their fee floors. President Jennifer Kneale explained that using third-party NGL transport is a capital-efficient way to ensure service and avoid an overbuild, while SVP Benjamin Branstetter noted they have flexible offloads to optimize the timing of future expansions.

Ask Fintool Equity Research AI

Answer

Chief Commercial Officer Bobby Muraro expressed excitement for new gas egress, noting it provides producer optionality and that stronger Waha pricing would be a tailwind for fee floors. President Jennifer Kneale and SVP Ben Branstetter explained that using third-party NGL transport is a capital-efficient way to manage growth, provide diversification, and optimally time future proprietary expansions.

Ask Fintool Equity Research AI

Answer

Executive Matt Meloy stated that Targa's producers were not constrained before Matterhorn, so no outsized impact is expected, and he cautioned against extrapolating recent high growth rates into Q4. Regarding exports, Meloy confirmed Targa plans to build its own future capacity to handle its volumes and is not looking to contract with third parties in a meaningful way. Executive D. Pryor added they will also pursue smaller debottlenecking projects.

Ask Fintool Equity Research AI

Answer

Group CFO Dylan Bramhall explained the weakness was a mix of year-to-date underperformance and a continued trend in the second half. Co-CEO Marshall "Mackie" McCrea added that temporary issues impacted Bakken volumes but expressed long-term bullishness. On NGLs, McCrea stated the new Delaware looping project is designed to handle incremental growth and that the company is aggressively working to keep its pipelines full.

Ask Fintool Equity Research AI

Answer

Executive Mackie McCrea confirmed the Nederland Flexport expansion will begin ethane service by early June, with propane ramping up in July or August. He expressed high confidence in marketing the volumes, noting a recent spot cargo sale to China and minimal concern over tariffs. He added that the new flexible expansion capacity is over 90% sold out under 3- to 5-year agreements starting January 1, 2026.

Ask Fintool Equity Research AI

Answer

Executive Marshall "Mackie" McCrea responded that ET focuses on its own customers and returns, not competitors, and is confident in its ability to fill assets and secure long-term contracts. Executive Thomas Long added that consolidation in the NGL space, and across all commodities, is a logical step and remains a focus for ET's M&A strategy.

Ask Fintool Equity Research AI

Answer

Executive Mackie McCrea conveyed strong optimism for the Lake Charles LNG project, stating that following recent election results, he is bullish on reaching an FID. He confirmed an EPC contract is executed and new market agreements may be announced by year-end. On the Transwestern pipeline, McCrea acknowledged a potential future need for westward expansion but noted the system is currently "pretty maxed out," and a significant looping project, rather than just compression, would be required to substantially increase capacity.

Ask Fintool Equity Research AI

Answer

EVP Mohit Bhardwaj detailed the 'net crack' calculation, which adjusts the Gulf Coast 5-3-2 crack for RVO costs, backwardation, and the Midland-Cushing differential to better reflect Delek's inland refining business. Regarding the Northwind sale, President and CEO Avigal Soreq agreed it was a positive indicator of the potential value of Delek's assets. Bhardwaj added that while Northwind is a good benchmark, DKL's business is more comprehensive, including gathering and processing, making it a 'better business.'

Ask Fintool Equity Research AI

Answer

Mohit Bhardwaj, EVP of Strategy, Business Development & IR, explained that the 'net crack' metric is calculated by taking the Gulf Coast 5-3-2 crack and adjusting for RVOs, backwardation, and the Midland-Cushing differential to better reflect Delek's inland refining operations. Regarding the Northwind sale, President and CEO Avigal Soreq viewed it as a positive valuation indicator. Bhardwaj added that DKL's gas business is more comprehensive, suggesting it is a strong but potentially conservative benchmark.

Ask Fintool Equity Research AI

Answer

EVP Mohit Bhardwaj detailed that the net crack metric adjusts the Gulf Coast 5-3-2 crack by removing RVO costs, backwardation impacts, and the Midland-Cushing differential to better reflect Delek's inland refining business. President and CEO Avigal Soreq confirmed the Northwind sale is a positive indicator of value. Mr. Bhardwaj added that DKL's operations are more comprehensive than Northwind's, suggesting DKL's assets represent a superior business.

Ask Fintool Equity Research AI

Answer

EVP Mohit Bhardwaj detailed the net crack metric, explaining it adjusts the Gulf Coast 5-3-2 crack for RVOs, backwardation, and the Midland-Cushing differential to better reflect Delek's inland refining business. Regarding asset valuation, President and CEO Avigal Soreq agreed the Northwind sale is a positive indicator. Bhardwaj added that Delek's DKL gas business is more comprehensive, offering gathering, treating, and processing, suggesting it is a superior asset.

Ask Fintool Equity Research AI

Answer

EVP Mohit Bhardwaj explained that the net crack metric starts with the Gulf Coast 5-3-2 crack and adjusts for RVOs, backwardation, and the Midland-Cushing differential to better reflect their inland refining business. Regarding DKL, President and CEO Avigal Soreq stated that the Northwind sale is a positive indicator of DKL's asset value. Bhardwaj added that DKL's operations are more comprehensive, including gathering, treating, and processing, suggesting it is a better business.

Ask Fintool Equity Research AI

Answer

President & CEO Chad Zamarin explained that the current 1.6 BCFD size for CECI was optimized for efficiency and to maintain the 2027 in-service timeline. While the scope of the current CECI project will not change, he confirmed that the team is actively developing additional, separate expansion projects along that same corridor to meet further demand.

Ask Fintool Equity Research AI

Answer

President & CEO Chad Zamarin explained that the current scope of CECI was finalized to maintain the project's schedule for a 2027 in-service. While the CECI project itself will not be changed, he confirmed that significant demand exists along the corridor and the team is actively working on additional, separate expansion projects to meet that demand.

Ask Fintool Equity Research AI

Answer

COO Larry Larson explained that the Power Express project is a 950 MMcf/d expansion sourcing gas from Station 165 and moving it north, and it is not dependent on the Mountain Valley Pipeline. CEO Alan Armstrong stated that while the Constitution project is still being worked on, it faces significant hurdles, and mentioned the Nessy project as a less complex alternative.

Ask Fintool Equity Research AI

Answer

EVP & CCO Sheridan Swords responded that gas-to-oil ratios are expected to continue rising naturally and that the Bakken remains a key basin for producers. On butane blending, Swords explained that while spreads were narrower than in 2024, the company compensated by increasing blend volumes through synergy projects that lower costs, creating upside potential if spreads widen.

Ask Fintool Equity Research AI

Answer

Chief Commercial Officer Sheridan Swords clarified that Q1 performance, including ethane rejection levels, was in line with the company's internal forecast used to set the full-year guidance in late February. He reiterated the typical recovery patterns: full recovery in the Permian, variable recovery in the Mid-Continent, and opportunistic recovery in the Rockies, with an expectation for more system-wide recovery in the summer months.

Ask Fintool Equity Research AI

Answer

CCO Sheridan Swords stated that ONEOK does not foresee an overbuilt LPG export market by the 2028 in-service date, given projected NGL growth and the volume ONEOK already controls. He confirmed economics assume typical market rates for spot volumes. Swords also noted increased drilling activity in the Mid-Continent is already driving a higher volume outlook. CEO Pierce Norton added that significant demand tailwinds from LNG and power generation support long-term gas growth.

Ask Fintool Equity Research AI

Answer

Sheridan Swords, Executive Vice President, explained that regional natural gas prices are the primary driver for ethane recovery decisions, with opportunities expected in the Bakken during periods of low local gas prices. He also confirmed that the shift by producers into different oil-cut areas has largely stabilized, with volume and GOR growth now also being driven by longer laterals and improved completion techniques.

Ask Fintool Equity Research AI

Answer

Chairman & CEO Michael Wirth stated that since the license change in May, Chevron has worked closely with the U.S. government. He confirmed that a limited amount of oil flow to the U.S. is expected to begin this month, consistent with sanctions policy. He noted the crude is valuable to Gulf Coast refiners but does not expect a material impact on Q3 results, though it will help recover debt owed to Chevron.

Ask Fintool Equity Research AI

Answer

CEO Mike Wirth affirmed Chevron's strong position with two scaled refineries and an integrated value chain. He criticized California's policies for making investment difficult and increasing consumer costs, leading to tighter fuel supply. However, he stated that Chevron has no announcements regarding its refineries at this time.

Ask Fintool Equity Research AI

Answer

CEO Mike Wirth reported that while it is 'very early days,' the FGP start-up has been very stable, with well performance meeting or exceeding expectations. He emphasized a methodical ramp-up to ensure reliability and stated that debottlenecking is a question for the future, after the plant reaches full, stable capacity.

Ask Fintool Equity Research AI

Answer

CEO Mike Wirth stated that while significant complex commissioning work remains, the project is being progressively derisked with each passing quarter and they are being methodical to ensure a safe and reliable start-up. CFO Eimear Bonner added details from her recent site visit, highlighting the successful transition to low-pressure production and rigorous testing of injection and processing facilities, which reinforces confidence in a Q1 2025 start-up.

Ask Fintool Equity Research AI

Answer

Chairman and CEO Darren Woods stated that he does not view this as a structural shift in fundamental demand. He believes it will likely alter trade flows but not the overall pace of new supply needed globally. He emphasized that ExxonMobil's major international LNG projects, like those in Papua New Guinea and Mozambique, are advanced based on securing long-term, crude-linked contracts, making them resilient to short-term market dynamics.

Ask Fintool Equity Research AI

Answer

Chairman and CEO Darren Woods confirmed that the company is 'as enthusiastic, if not more' about the value opportunity from the low-weight proppant technology. He stated that the initial estimate of a 15% improvement in ultimate recovery (AUR) remains a 'good solid base,' and he expects performance to improve further as the company gains more deployment experience.

Ask Fintool Equity Research AI

Answer

CEO Darren Woods affirmed a continued belief in healthy long-term LNG demand, driven by economic growth and coal-to-gas switching. He stated the strategy is to bring on advantaged supply, with the majority of new production to be underpinned by long-term, crude-linked contracts. A portion will remain uncontracted to support and grow the company's trading business.

Ask Fintool Equity Research AI

Answer

CEO Darren Woods affirmed a continued belief in strong long-term LNG demand driven by economic growth and decarbonization efforts. He stated the strategy is to underpin the majority of new production with long-term, crude-linked contracts while leaving a portion available for their growing trading business to capture value from market liquidity.

Ask Fintool Equity Research AI

Answer

President & CEO David Slater confirmed that the company is reaffirming its 2026 early outlook and that project development is proceeding within that framework, indicating confidence in delivering on the guidance. For the specific capacity figures, Director of Investor Relations Todd Lohrmann was tasked to follow up with the analyst directly as the CEO did not have the numbers on hand.

Ask Fintool Equity Research AI

Answer

President and CEO David Slater explained that DTM could benefit from the Borealis project on the pipeline side, as its Midwestern asset connects to Texas Gas and could offer a lower-cost expansion path. He also noted it would likely trigger the need for new upstream gathering investments, where DTM could participate. Regarding tariffs, Slater stated DTM has very little exposure as its Appalachian footprint is predominantly in the dry gas and oil windows, not the NGL window. He added that lower NGL prices could lead to ethane rejection, which would be a net positive for DTM's gas pipelines like NEXUS.

Ask Fintool Equity Research AI

Answer

SVP of Pipelines & Marketing Tug Hanley emphasized that Enterprise is 85-90% contracted through the decade and uses competitive brownfield economics. Co-CEO A.J. Teague added that export facilities act as a 'magnet' for their integrated system. EVP Anthony C. Chovanec and SVP Natalie Reagan provided a detailed outlook, stating the Permian will continue to get gassier and that producer economics remain strong, supporting their growth forecasts.

Ask Fintool Equity Research AI

Answer

SVP Tug Hanley and Co-CEO A.J. Teague stated that with 85-90% of LPG capacity contracted long-term and competitive brownfield economics, they can defend their position. EVP Anthony C. Chovanec and SVP Natalie Reagan asserted that the Permian will continue to get gassier regardless of oil growth due to geology and decline curves, and they remain confident in producer activity.

Ask Fintool Equity Research AI

Answer

An executive, Tug Hanley, explained that while trade flows are rebalancing, Enterprise has not seen a disruption in its ethane or LPG exports. He noted the company has limited direct contractual exposure to China, though its customers do export there. Hanley emphasized that Enterprise's brownfield expansion is the most capital-efficient project, which should translate into the most competitive terminal fees for customers.

Ask Fintool Equity Research AI

Answer

Executive Natalie Reagan explained that the company is expanding its sour gas capabilities with new and expanded AGI wells and processing trains to grow its integrated value chain. Executive Tug Hanley detailed the NGL export ramp, stating that base ethane capacity is fully contracted and will ramp at the Natus River terminal, while the new LPG expansion is already 85% contracted.

Ask Fintool Equity Research AI

Answer

Executive Tug Hanley stated that the ethane market will balance through regional rejection and that Enterprise sees an opportunity in collecting contango from storage. Executive Justin Kleiderer clarified that the TW products system is not at its final state and that the company is actively adding more truck loading capacity to meet rising demand.

Ask Fintool Equity Research AI

Answer

EVP of Midstream & Chemicals Don Baldridge stated that the company remains confident in its Permian volume outlook, supported by higher NGL content in new wells and a robust portfolio of G&P processing and third-party contracts. He explained that the company's integration synergies are generally steady and throughput-driven, with some seasonality, and that they continue to see opportunities to extract more value.

Ask Fintool Equity Research AI

Answer

Mark Lashier, Chairman and CEO, acknowledged the point, suggesting that as the stable earnings from the growing Midstream business become a larger part of the portfolio, investors will take greater notice. Kevin Mitchell, CFO, added that the company will continue to evaluate enhancing its Midstream disclosures. He framed the value proposition as a combination of the stable, growing Midstream business and the significant cash generation upside from the Refining and Marketing segments.

Ask Fintool Equity Research AI

Answer

Don Baldridge (Midstream and Chemicals) explained that the EPIC acquisition provides needed Permian pipeline capacity to support their growing supply portfolio, which currently exceeds their own pipeline capacity. He detailed upcoming organic processing plant expansions that will fill this new capacity, stating that EPIC's timing and size are a perfect fit for their growth strategy, allowing them to move volumes onto their own system.

Ask Fintool Equity Research AI

Answer

Brian Mandell of Marketing and Commercial stated they have not yet seen an impact from the new pipeline. Don Baldridge of Midstream and Chemicals confirmed PSX is benefiting from strong LPG demand at its Freeport terminal, using a portfolio of contracts to capitalize on favorable spreads, and expects a healthy outlook to continue.

Ask Fintool Equity Research AI

Answer

CEO Kimberly Dang explained that LNG projects typically secure an initial pipeline contract to obtain financing for FID, then seek more diversified and competitive supply later. Regarding the Permian, she noted their existing pipes have attractive rates compared to new builds and that their financial models conservatively assume a rate step-down at recontracting. Sital Mody, President of Natural Gas Pipelines, added that their network provides strategic advantages for those assets.

Ask Fintool Equity Research AI

Answer

Kimberly Dang (Executive) explained that while smaller 'singles and doubles' projects will be more frequent, KMI is still evaluating large-scale opportunities, so the future will be a combination of both. Sital Mody (Executive) added that activity is picking back up in the Haynesville in anticipation of future LNG demand, and sustained prices should drive more activity.

Ask Fintool Equity Research AI

Answer

Executive David Conover acknowledged potential for pricing exposure from LNG delays but highlighted that KMI's network offers downstream optionality for customers. President Kimberly Dang added that KMI has long-term contracts, and price volatility could create profitable opportunities for its Texas Intrastate business. She also confirmed that market-rate storage remains a tailwind, with about 25% of storage subject to market rates and recent deals hitting high watermarks, though contracts roll over a roughly 3-year period.

Ask Fintool Equity Research AI

Answer

CFO Sunil Mathew confirmed that the components of the free cash flow inflection, such as the midstream contracts and Battleground project benefits, had been previously disclosed and this was a reframing of the overall picture. Richard Jackson, President, U.S. Onshore, explained that the EOR cost savings were efficiency-driven, expanding margins without changing the production mix, thereby improving the competitiveness of EOR within the portfolio.

Ask Fintool Equity Research AI

Answer

President and CEO Jack Fusco attributed the activity to the administration's continued push for U.S. 'energy dominance.' EVP and CCO Anatol Feygin reaffirmed Cheniere's discipline, stating they will not change their model of requiring 90%+ contract coverage for FIDs and will continue to plan their business on a mid-$2 margin, regardless of competitor actions.

Ask Fintool Equity Research AI

Answer

President and CEO Jack Fusco reported excellent progress on Stage 3, noting Train 1 is ahead of schedule and subsequent trains are expected to come online even faster. Regarding contracting, EVP and CFO Zach Davis reiterated that Cheniere is a contracted infrastructure company. He stated they target being approximately 90% contracted on a portfolio basis to ensure appropriate risk-adjusted returns, always comparing growth projects to the alternative of share repurchases.

Ask Fintool Equity Research AI

Answer

President and CEO Jack Fusco stated that while it is speculative, he believes Cheniere is in 'very, very good shape' for future permits, as brownfield expansions are likely to be viewed more favorably. EVP and CCO Anatol Feygin confirmed that appetite from E&Ps for IPM contracts remains 'very robust,' noting that industry consolidation has improved counterparty credit quality and that overall demand for such deals is multiples of what Cheniere executes.

Ask Fintool Equity Research AI

Answer

Jeremy Goebel, an executive, attributed the strong projected volume capture to several factors: a step-up in contracts, recovery of physical flows on Cactus I and II after prior-year connecting carrier downtime, and unique demand pull on the Basin pipeline system. He described it as a function of specific timing and unique circumstances.

Ask Fintool Equity Research AI

Answer

EVP and COO Gary Simmons detailed several positive drivers for heavy sour crude supply. He cited upcoming OPEC production increases, a seasonal ramp-up in Canadian output, continued growth from Venezuela, and reduced fuel oil burning in the Middle East. He also noted that the potential shutdown of the Lyondell refinery would remove a source of demand, likely further widening favorable quality discounts for Valero.

Ask Fintool Equity Research AI

Answer

EVP and CCO Anatol Feygin stated he does not foresee an overbuild scenario due to enormous latent demand in Europe and growth in Asia, which will keep the market tight. President and CEO Jack Fusco added that the permitting process is increasingly difficult, noting they prefiled for Trains 8 and 9 and expect to file formally early next year, aiming for contiguous construction after Train 7.

Ask Fintool Equity Research AI

Answer

President and CEO Jack Fusco addressed the NESHAP rule, expressing confidence that the situation is manageable and will not have a material financial or production impact. EVP and CCO Anatol Feygin discussed LNG capacity, noting that while the potential is high, the key constraints have shifted from commercial contracting to EPC economics, financing challenges, and securing gas supply solutions.

Ask Fintool Equity Research AI