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CEO Michael Sabel explained that for new projects like CP2, they are building longer pipelines to connect deeper into the US gas grid, including Permian supply, and will layer in term gas deals. For EBITDA upside, he pointed to the uncontracted cargo capacity for Q4, which provides optionality to capture strong demand from Europe and Asia, positioning Plaquemines' incremental supply to meet pent-up winter buying.

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CEO Michael Sabel explained that for CP2 and future expansions, they are building longer pipelines to connect deeper into the gas grid, including access to Permian gas, and will layer in term gas supply deals. Regarding guidance, Sabel pointed to the upside optionality from uncontracted capacity, particularly in Q4, citing strong demand from Europe and Asia and the potential for a hot summer to drive winter buying.

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Steven France, President of Packaged Meats, explained that while uncooked sausage is a focus, the company prioritizes higher-profitability categories. He also reiterated that Q4 is typically stronger than Q3 in both volume and profitability due to seasonal holiday ham shipments.

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Steven France, President of Packaged Meats, explained that while uncooked sausage is a focus, the company prioritizes its efforts on higher-profitability categories. He and CFO Mark Hall confirmed that Q4 is typically stronger than Q3 due to higher volumes of seasonal hams sold during the holiday season.

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CFO Mark Hall stated that the company's dividend policy targets a payout of 50% of net income. He added that Smithfield expects this to be a stable and growing amount over time, supported by the business's significant cash flow generation and subject to Board of Directors approval.

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EVP & CCO Jeremy Goebel explained that the company uses a discounted cash flow (DCF) model for all potential acquisitions, focusing on integrated network contributions and return thresholds rather than just basin growth. He also noted that refining demand signals have been strengthening over the past six months. Chairman, CEO & President Willie Chiang added that despite short-term volatility, he is constructive on long-term global growth.

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Willie Chiang, Chairman and CEO, identified stronger volume growth and higher oil prices as key potential drivers, noting positive momentum from producer activity could push Permian growth higher. Jeremy Goebel, an executive, added that the Ironwood acquisition's western assets create synergies with the existing system, while its eastern assets offer a new area for integration and future growth, with the goal of compressing the acquisition multiple over time.

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EVP & CFO Al Swanson attributed the strong performance to broad-based strength across both the crude and NGL segments, including better-than-expected Permian volumes and NGL recoveries, rather than a single factor. EVP & CCO Jeremy Goebel described the Fivestone acquisition as a 'bread and butter' transaction, noting it was an already-connected system that seamlessly integrated more barrels and strengthened a key producer relationship.

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Executive Chris Chandler clarified that some of the lower operating costs were due to deferring spend into the second half and are not entirely sustainable, though the company remains focused on cost optimization. CFO Al Swanson stated there is no change in their thinking on redeeming preferreds at this time, but it may be reconsidered in the medium to long term.

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President & CEO Andrew Littlefair stated that new LCFS rules are constructive and should lead to firming prices through the rest of the year and into the next as the credit bank is worked down. CFO Robert Vreeland explained that ITCs from new projects provide a significant inflow of capital to reduce net project outlay and enhance returns. Littlefair added that for the 100%-owned Texas project, the company will receive the full ITC benefit without splitting it with a partner.

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President Scott Seltz explained the AOSP swap adds 31,000 bbl/d of bitumen and creates significant synergies through 100% ownership, such as optimizing equipment and warehousing. On AECO pricing, he anticipates 'ebbs and flows' as it will take time to fill LNG Canada's full capacity, suggesting the market may remain soft in the near term.

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Scott Stauth, President, confirmed the Duvernay assets are meeting expectations and the Shell swap is anticipated to close by the end of Q2 2025. He clarified that the $100 million capital reduction was driven by operational efficiencies, such as a 14% improvement in Duvernay well costs and other savings across thermal and mining operations, rather than by lower commodity prices.

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President Scott Stauth confirmed the Duvernay assets are meeting expectations and that the Shell swap should close by the end of Q2 2025. He affirmed the $100 million capex reduction stemmed from continuous improvement and efficiency gains, such as lower drilling costs, not from commodity price fluctuations, and noted these efforts are ongoing.

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President Scott Stauth projected an uptick in AECO pricing into 2026 with LNG Canada coming online, though CNQ's focus remains on liquids-rich gas. Regarding the Enbridge expansion, he affirmed that the additional capacity will be needed and utilized long-term, with the most significant growth contributions expected from oil sands projects like CNQ's.

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CFO Mark Stainthorpe identified three key factors impacting differentials: wider crack spreads for refiners, a significant drawdown of Alberta inventory stocks in excess of production, and the addition of Mexican crude into the U.S. Gulf Coast market. He noted these combined factors have pushed the differential from around $11 to the $15-$15.50 range.

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CEO Matthew Meloy confirmed the Badlands transaction performed as expected and noted that 100% ownership provides more strategic value for potential NGL opportunities. Regarding M&A, he stated that while Targa always looks, the bar is high as their core strategic needs are met, and the primary focus remains on high-return organic growth.

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CEO Matthew Meloy confirmed the Badlands asset is performing as expected and noted that 100% ownership provides greater strategic value for potential NGL-related opportunities. Regarding M&A, he stated that while Targa always looks, the bar is high as core strategic needs are met, and the primary focus remains on high-return organic growth projects.

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Chief Commercial Officer Bobby Muraro explained the Traverse pipeline FID was driven by significant supply growth in the Permian and demand growth in South Texas, particularly from future LNG facilities. He noted the project connects these key centers and commercialization has gone well. CEO Matt Meloy stated that Targa's M&A posture is unchanged: the primary focus is on attractive organic growth, but the company will continue to evaluate bolt-on opportunities that supplement this growth, though the bar for such deals remains high.

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Chief Commercial Officer Bobby Muraro highlighted the partnership on the Blackcomb pipeline and ongoing discussions for future projects to serve LNG and data center demand. CEO Matt Meloy added that Targa will continue to evaluate investments in long-haul takeaway and confirmed that the company's M&A posture remains unchanged, with a high bar for deals and a primary focus on high-return organic growth.

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Executive Matt Meloy stated the economics are consistent with the previously guided ~5.5x organic build multiple and that the projects were accelerated due to higher-than-anticipated volume growth. Executive Robert Muraro added that existing plants are coming online highly utilized, and these new plants are part of a continued effort to build system capacity to service producers effectively.

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President and CEO Oscar Brown clarified that the synergies are primarily G&A-related and require minimal capital. He stated the deal supports the existing mid-single-digit distribution growth outlook but noted that WES will prioritize building coverage over accelerating growth. He also confirmed that the majority of capital for major projects is slated for 2026, with spending expected to normalize in 2027.

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Group CFO Dylan Bramhall confirmed it was "safe to assume" the capital allocation to natural gas would trend upwards. Co-CEO Marshall "Mackie" McCrea emphasized that the primary driver for the LNG project is the upstream pipeline transportation business, stating that the "real upside" comes from feeding the facility with ET's own pipeline network.

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Executive Mackie McCrea confirmed that the new administration has created a 'much more positive' environment, making it easier to build infrastructure with more certainty. Executive Dylan Bramhall addressed the guidance, noting the range is tight and performance is driven by commodity prices, spreads, and volumes. He explained that a shortfall in expected Q1 gas price volatility was offset by other factors, keeping them comfortable with the current range.

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Executive Marshall "Mackie" McCrea estimated that Energy Transfer could capture 3-4 Bcf/d of new natural gas demand over the next 18-24 months from power plants and data centers. He dismissed the DeepSeek announcement as a competitive threat, stating that development partners view it as a motivator for the U.S. to maintain its leadership in AI.

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Executive Mackie McCrea described the WTG acquisition as "great," highlighting the high-quality dedicated acreage and its downstream benefits for NGLs and pipelines. Regarding the Sunoco JV, he called it a "perfect fit" that complements ET's Permian footprint, particularly in counties like Howard and Dawson. McCrea noted that the partners have already identified numerous blending and synergy opportunities and are excited about the JV's growth potential.

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President & CEO Will Monteleone responded that while future incremental supply should theoretically expand the heavy-light differential, this has not yet materialized in the prompt market. Regarding WCS, he acknowledged it has been tighter than expected but anticipates some widening due to incremental supply from Latin America and upcoming refinery turnarounds.

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President & CEO Will Monteleone stated that while future supply should theoretically widen the heavy-light differential, it has not yet materialized in the prompt market. Regarding WCS, he acknowledged it has been tighter than expected but suggested that incremental supply from Latin America and upcoming turnarounds could lead to wider differentials.

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President and CEO Will Monteleone responded that few M&A opportunities can currently compete with share repurchases, which he views as the best capital allocation alternative. He also confirmed that the company has not seen any demand reduction across its markets, noting that demand is flat to slightly up and that the retail business can be countercyclical.

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SVP and CFO Shawn Flores confirmed that the Washington index was indeed up approximately $7 per barrel month-to-date in February compared to January. President and CEO William Monteleone commented that the combination of heavy planned maintenance and unplanned outages on the West Coast could keep the market tight through the summer, potentially testing the limits of arbitrage volumes and creating a favorable environment for their assets.

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President and CEO William Monteleone explained that while Q4 guidance shows a modest reduction, it is based on lagged data. He noted that forward-looking indicators are favorable, with softening freight costs, reduced backwardation, and a softer physical market all pointing toward directional improvements in landed crude differentials for Hawaii.

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President and CEO Rich Kruger indicated that after proving its ability to deliver on its current three-year plan, the company will provide a fulsome long-term outlook in 2026. EVP of Downstream Dave Oldreive described the near-term refining macro as robust, with strong diesel cracks benefiting Suncor's diesel-heavy production slate, and noted that retail sales through its Petro-Canada brand were up 8% year-over-year.

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EVP, Downstream Dave Oldreive attributed the high margin capture to an improved channel mix, with higher domestic retail sales and lower-value exports. CEO Richard Kruger added a philosophical shift to running refineries at full capacity to lower unit costs. Regarding the turnaround, SVP, Operational Improvement Shelley Powell stated the team is well-prepared with extensive pre-work and risk mitigation, including practice lifts. Kruger praised the project and operations team collaboration as the best he's witnessed.

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CEO Richard Kruger acknowledged the outperformance, attributing it to accelerating initiatives and achieving greater benefits than expected. While not providing a new number, he stated that the company's ambition has been elevated by 2024's performance. On the refining outlook, EVP, Downstream, Dave Oldreive, noted that current margins are more typical than the unusually high ones of recent years but sees potential upside. He emphasized Suncor's focus is on "winning in any environment" through its integrated model.

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President & CEO Rich Kruger and EVP of Oil Sands Peter Zebedee attributed the strong cost performance to higher production volumes and disciplined execution of the mine improvement plan, confirming they are tracking at or better than guidance. CFO Kris Smith stated that while TMX provides structural support, the WCS differential will see volatility but should remain supported in the low to mid-teens, noting Suncor is largely insulated due to its integrated model.

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CEO Maryann Mannen attributed the performance to sustainable commercial improvements. Chief Commercial Officer Rick Hessling added that structural enhancements, regional value chain optimization, and focusing on strong diesel and jet fuel channels were key. Hessling also stated he expects crude differentials to widen in the second half of the year due to increased OPEC and Canadian supply.

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Executive Rick Hessling described the outlook for wider light-heavy spreads as 'very positive' for MPC, given its position as the largest heavy crude refiner, and noted upside in Canadian heavy differentials. CEO Maryann Mannen affirmed that MPLX's 12.5% distribution increase is durable for the next few years, supported by a strong project pipeline and recent acquisitions. She confirmed this growing distribution enhances MPC's flexibility for capital returns, including buybacks.

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CEO Maryann Mannen affirmed that the durable growth and increasing distributions from MPLX are a key differentiator that provides MPC with flexibility for peer-leading capital returns, suggesting that growing distributions could indeed support increased share repurchases in the future. Regarding the West Coast, Mannen acknowledged the challenging regulatory environment but stated that MPC's Los Angeles refinery remains one of the most competitive in the region due to its integrated nature and feedstock flexibility, and the company continues to invest in its long-term viability and efficiency.

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CEO Maryann Mannen detailed that the L.A. project, with a ~20% return, enhances competitiveness and reduces emissions. The Galveston Bay DHT project, also with a ~20% return, upgrades diesel. She confirmed MPLX's growth is fueled by organic projects, strong JV performance, and a 'wellhead-to-water' strategy, but also highlighted past bolt-on acquisitions like the Summit JV buyout as examples of their flexible approach.

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EVP & COO Larry Larsen described the Rockies project as driven by rising power and reliability demand in the Pacific Northwest. President & CEO Chad Zamarin and SVP & General Counsel T. Lane Wilson stated that while they have always had a 'seat at the table,' there is growing recognition of the need for gas infrastructure, and they are hopeful for bipartisan permitting reform which would be a significant tailwind.

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EVP & COO Larry Larsen described the Rockies project as being driven by rising power generation and reliability needs in the Pacific Northwest, with an open season showing exciting interest. On the political environment, President & CEO Chad Zamarin and SVP & General Counsel T. Lane Wilson stated that while they have always had a 'seat at the table,' there is growing recognition of the need for gas infrastructure, with permitting reform being a key potential tailwind.

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COO Larry Larson stated that growing LNG demand will create a significant pull on Haynesville supply, and Williams is actively working with customers on new projects to meet this demand. CEO Alan Armstrong noted that the current slate of high-return projects should drive performance toward the higher end of the 5-7% growth range, even as the company's earnings base grows larger.

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CFO John Porter identified several potential upside drivers for 2025 guidance, including better-than-expected performance in gathering and processing, strong results from the Sequent marketing business, early in-service dates for projects, and a favorable settlement of the Transco rate case. CEO Alan Armstrong highlighted that coal-to-gas switching is a steady "drumbeat," with significant activity in the MountainWest region and the Southeast, including projects in Alabama and Georgia.

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COO Micheal Dunn detailed the projects: Wild Trail is a Northwest Pipeline compression project to increase capacity, while the Dalton Lateral expansion is a partnership with AGL to serve growing demand near Atlanta. EVP Chad Zamarin addressed the JV question, stating that while they continuously evaluate tucking in JV interests, these opportunities must compete for capital with their highly attractive organic growth projects. He cited the recent Discovery acquisition and Aux Sable sale as examples of active portfolio management.

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President and CEO Pierce Norton explained that buying the remaining JV stake was a strategic move to gain full operational and capital allocation flexibility in the growing Delaware Basin. EVP & CCO Sheridan Swords clarified that the Elk Creek pipeline expansion is already complete, with its capacity now over 400,000 barrels per day, bringing total Bakken NGL pipeline capacity to 575,000 barrels per day.

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CFO Walter Hulse confirmed the slide's 'punch line' is that synergies and new growth projects enabled by the acquisitions are expected to drive significant outperformance versus standalone plans. Regarding weather, he stated that while there was an impact, winter conditions in North Dakota are always factored into their Q1 forecast and were in line with expectations.

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CFO Walter Hulse stated that reaching the high end of guidance could be driven by faster synergy realization, increased producer activity, and the cumulative effect of numerous small optimization projects. CCO Sheridan Swords added that significant positive surprises have emerged from integrating the new assets, citing quick system connections, rapid crude marketing development in the Permian, and logistical efficiencies as examples of synergies that 'boil out' once teams collaborate.

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Sheridan Swords, Executive Vice President, stated that Magellan synergies are exceeding expectations, particularly from high-return, small-capital projects that will ramp up in 2025. For Medallion, he noted that while specific projects aren't yet modeled, they expect to find similar low-capital, high-return opportunities once the teams are fully integrated, mirroring the experience with Magellan.

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CFO Monish Patolawala explained that the remediation of the material weakness was the result of a robust, 18-month internal plan that included enhanced controls, training, and talent upgrades. He emphasized that management, in consultation with the audit committee and external auditors, has tested these controls and believes they are effective. He framed this as an ongoing commitment to enhancing transparency and compliance processes.

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CFO Monish Patolawala stated that the material weakness was successfully remediated following a robust 18-month plan that included enhanced internal controls, training, and talent upgrades. He confirmed that management tested these controls over multiple periods and consulted with the audit committee and external auditors. He emphasized a continued commitment to enhancing transparency and maintaining an effective operating environment to prevent future issues.

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CEO Juan Luciano confirmed the plant is currently ramping up but advised that the financial impact should be modeled for the second half of the year due to the facility's complexity. He reiterated that the plant's downtime had previously been an approximate $25 million per quarter headwind for the Nutrition segment, indicating the expected positive swing.

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CFO Monish Patolawala reported progress on both fronts. For the material weakness, he noted enhanced controls, documentation, and training for intersegment sales are in place and being sustained, supported by the hiring of a new Chief Accounting Officer. For operational rigor, he pointed to a new $500M-$750M cost-out plan focused on manufacturing efficiency, third-party spend, and SG&A, alongside a portfolio simplification agenda.

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EVP and CFO Monish Patolawala detailed his priorities as: 1) ensuring integrity in financial reporting and remediating the material weakness; 2) driving cash, cost, and capital discipline; 3) accelerating digital transformation; and 4) portfolio optimization. On the UCO question, Chair and CEO Juan Luciano stated that ADM's goal is a level playing field with transparent rules regarding the origin of feedstocks, which would ensure fair competition for its products like soybean oil.

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President and CEO Maryann Mannen expressed high confidence in the new frac projects, citing the ability to fill capacity with their own volumes and expiring third-party contracts. Regarding the Permian, she highlighted the Northwind acquisition's complementary fit, the completion of the BANGL acquisition, and the focus on developing a comprehensive system in the basin's most attractive areas.

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President & CEO Maryann Mannen expressed high confidence in the ability to fill the new fractionation facilities and achieve strong economics, citing factors like expiring third-party contracts that will bring volumes onto their system. Regarding the Permian, she described a multi-faceted strategy focused on integrating complementary assets like Northwind, expanding key infrastructure such as the BANGL pipeline, and capitalizing on the high-quality rock in the Delaware Basin.

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President and CEO Maryann Mannen described the Whitetail acquisition as a strategic move that complements MPLX's existing Four Corners presence and enhances its relationship with MPC, particularly via connectivity to the El Paso refinery. Regarding the Traverse pipeline, SVP David Heppner explained that it is a key part of the Permian-to-Gulf Coast strategy, providing shippers with crucial optionality and flexibility by connecting the Agua Dulce and Katy market hubs, complementing existing long-haul and last-mile pipelines.

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President and CEO Maryann Mannen expressed optimism that the projects support durable mid-single-digit EBITDA growth, which should enable distribution increases similar to the recent 12.5% for years to come. She confirmed MPLX has the balance sheet for strategic bolt-on M&A and clarified that any asset dropdowns would be for portfolio rationalization, not to artificially support growth targets.

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President and CEO Maryann Mannen and executive Gregory Floerke explained that MPLX is well-positioned to support producer customers as demand grows, given its large footprint in the Northeast. Executive David Heppner addressed the Texas City project, stating it is one of several options being evaluated to expand the NGL value chain, with a final decision pending further evaluation based on capital discipline and strategic fit.

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EVP & President of Liquids Pipelines Colin Gruending explained that the project is a recontracting play to long-haul existing barrels further south to serve Louisiana refineries. He noted the open season runs into August, and the goal is to add long-term, sticky paths to the mainline by leveraging existing pipes and partnerships.

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President and CEO Greg Ebel agreed the acquisitions are going well, citing stronger-than-anticipated gas demand from data centers and electrification as a key macro benefit. Michele Harradence, EVP of Gas Distribution, added that integration is proceeding smoothly. Greg Ebel maintained that guidance is appropriate, as Q4 is also a critical quarter. Cynthia Hansen, EVP of Gas Transmission, explained the Traverse and Matterhorn deals enhance the Permian "super system" at attractive multiples.

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President & CEO Greg Ebel identified potential tailwinds for 2025 guidance, including a weaker Canadian dollar and colder weather, offset by potentially higher-for-longer interest rates. He then detailed significant activity driven by data center power demand, citing over 5 gigawatts of new gas-fired generation projects being supported by Enbridge's pipelines for customers like TVA and Duke Energy, in addition to 2 gigawatts of new solar projects.

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Cynthia Hansen, EVP of Gas Transmission and Midstream, highlighted that the Whistler JV provides critical Permian egress and that the recent Blackcomb expansion FID demonstrates the growth potential. She praised the partners' operational track record. President and CEO Greg Ebel added that Enbridge has a long history as a successful JV partner and that the current structure is set to deliver significant value, indicating no immediate push to change the operating structure.

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KR Sridhar, Founder, Chairman & CEO, credited the margin improvement to fiscal discipline, cost reductions, and level-loading the factory, expressing confidence in continued improvement. Regarding AEP, he confirmed they are actively working on a robust pipeline to fulfill the existing 1-gigawatt agreement and explore future opportunities.

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K.R. Sridhar (Founder, Chairman, and CEO) explained that partnering with utilities is the preferred model as it's often the customer's preference. He confirmed the AEP partnership is strong and that Bloom is actively developing relationships with several other utilities. However, the company remains flexible and will sell directly to customers when circumstances require.

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CEO KR Sridhar stated that customer urgency for power is only increasing, dismissing recent news as 'noise on the margins' compared to the massive, tangible power demand driven by AI chip shipments from companies like NVIDIA. He also confirmed that Bloom is actively engaged in conversations with oil, gas, and midstream companies to meet this unprecedented demand.

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CEO KR Sridhar stated that customer demand for power is accelerating, dismissing market noise as irrelevant to the fundamental supply-demand imbalance driven by AI. He also confirmed that Bloom is engaged in active conversations at all levels with oil, gas, and midstream companies to help meet the unprecedented power demand.

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CEO K.R. Sridhar affirmed the importance of order book diversity across sectors and geographies for long-term stability. He elaborated on the front-of-the-meter utility model, the behind-the-meter customer model, and plans for international expansion beyond Korea into markets like Europe and Taiwan, all contributing to a less cyclical business.

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CEO David Lamp affirmed the company's goal to return to being a 'dividend machine' and that the board regularly reviews the possibility, but the current focus remains on deleveraging before committing to a sustainable dividend. On SREs, Lamp described the Wynnewood refinery as a 'poster child' for an exemption due to disproportionate economic harm and stated CVR will pursue legal action if necessary. He also asserted his belief that there is no legal requirement for the EPA to reallocate waived volumes.

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CEO David Lamp responded that refining market fundamentals are improving, evidenced by product inventories falling below 5-year averages, suggesting a correcting supply-demand balance. He noted that while diesel demand is slow, the crack spread is likely too low. Regarding the RFS, Mr. Lamp stated it is a "highly controversial issue" and advocated for decoupling D4 and D6 RINs by lowering the D6 mandate. He heavily criticized the RFS program for increasing fuel prices for consumers and urged the EPA to take action to minimize RIN costs.

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CFO Dane Neumann stated that deleveraging the term loan is a key focus, but a dividend could potentially return before the loan is fully repaid, contingent on sustained market strength. CEO David Lamp added that the Board reviews the dividend quarterly and its likelihood increases with improving crack spreads. Regarding jet fuel, Mr. Lamp explained the primary constraint is building a customer base, not capital. He noted the necessary piping and tankage work is minor and is expected to be completed by the end of Q3 2025, enabling jet fuel production at the Coffeyville refinery.

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CEO David Lamp characterized the current market as oversupplied rather than facing a demand issue, with Mid-Con demand remaining strong. He explained that refining capacity shut down during COVID has largely been added back, and a sustained margin recovery would require either significant demand growth or additional capacity rationalization globally, especially in light of pressures from EVs and new international refineries.

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President & CEO Jon McKenzie estimated the lost production from the Christina Lake shutdown was about 2 million barrels. EVP of Commercial, Geoff Murray, addressed the differential, noting that the TMX pipeline is working as intended to keep the Alberta differential tight to the Gulf Coast, a trend he expects to persist through Q4.

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Jon McKenzie, Director, President & CEO, estimated the lost production from the Christina Lake incident was approximately 2 million barrels. Geoff Murray, EVP of Commercial, added that the TMX pipeline is functioning as expected to keep the Alberta differential tight to the U.S. Gulf Coast, though the global differential could be impacted by potential OPEC+ production increases.

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CEO Jon McKenzie confirmed the Foster Creek project is on track, with steam installation finishing this summer and other facilities by year-end, positioning it for first oil and production growth in early 2026. He also stated that the company is nearing the end of a heavy maintenance period, with the vast majority of turnaround work to be completed in Q2, significantly derisking operations for the second half of the year.

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CEO Jon McKenzie stated that a narrow differential is a net positive for Cenovus, as the benefit to its Upstream business outweighs the negative impact on its Downstream operations. Executive Geoff Murray added that the TMX pipeline is effectively keeping differentials narrow and this is expected to persist, with various future egress options also being explored.

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Executive Kam Sandhar reiterated that while the base dividend will grow predictably, the company currently sees share repurchases as the most attractive use of excess free funds flow due to the share price's value. Executive Jonathan McKenzie explained the upstream guidance was raised to reflect strong performance in the first half of the year and confidence in execution for the second half, particularly a strong Q4 post-turnaround.

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Steven Ledbetter, EVP of Commercial, credited the improved capture rates to enhanced crude slate flexibility, better transportation logistics using integrated midstream assets, and strong operational performance, particularly in distillate production. Atanas Atanasov, EVP & CFO, affirmed a strong commitment to shareholder returns, stating that the company's cash flow generation allows it to pursue both capital returns and highly accretive organic growth projects with 20%+ IRRs.

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Executive Steven Ledbetter attributed the record Midstream results to enhanced focus on product and crude pipelines and tariff optimization. CEO Timothy Go added that fully integrating the HEP business unlocked value. Regarding Lubricants, executive Matt Joyce highlighted the successful strategy of focusing on high-value markets and forward integration of base oils. Timothy Go also noted the company is evaluating small, bolt-on acquisition opportunities to accelerate growth in the Lubes segment.

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EVP, Commercial Steven Ledbetter and CEO Timothy Go explained that the company is well-positioned to supply the West Coast from multiple refineries, including Puget Sound and Navajo, leveraging its integrated pipeline system. Regarding the marketing business, Ledbetter emphasized that the primary focus is on organic growth, highlighting the 87 net new branded sites added in 2024 and a strong pipeline of future sites, with no immediate plans for inorganic acquisitions.

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CEO Timothy Go and EVP of Commercial Steven Ledbetter explained that growing the marketing business leverages logistical advantages and the undervalued Dino brand, creating resiliency. They noted that placing branded barrels displaces lower-priced bulk barrels, creating an uplift captured in the refining segment's results. Regarding lubricants, an executive identified as Matt (likely SVP of Lubricants & Specialties Matt Joyce) detailed that success comes from operational efficiencies driven by new digital tools, optimizing the sales mix, and developing new high-value products like Circasol-5100 and INNOVATE.

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President & CEO David Slater affirmed that the company is always looking for bolt-on opportunities that align with its core strategy of growing its high-quality, long-tenor pipeline segment, but any M&A must compete with a robust organic growth backlog. Slater described the new administration as a "breath of fresh air," citing a more constructive attitude from agencies like FERC and efforts to reduce friction for large-scale energy infrastructure investment.

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President and CEO David Slater attributed the confidence to the durable, intentionally-built portfolio, which has no commodity exposure, minimal volumetric exposure, and is 70% supported by demand-based contracts. EVP and CFO Jeffrey Jewell added that the balance sheet is also strong, with no debt maturities until 2029 and over $1 billion in liquidity. On data centers, Slater distinguished between site-specific projects, which are in a final commercialization phase, and utility-scale generation, which is advancing steadily due to reliability concerns and direct data center connections to the utility grid.

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CFO Karen Davis affirmed that the company has ample liquidity and a net debt-to-cap ratio of 30%, positioning it well to manage through the current period. President & CEO Matthew Lucey added that the collaborative relationship with insurers mitigates working capital swings. Regarding the data center, Lucey confirmed PBF is working with Starwood but has nothing definitive to announce.

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Executive Thomas O'Connor and President and CEO Matthew Lucey both expressed optimism that increasing OPEC+ production should lead to a widening of heavy crude differentials, directly benefiting PBF. On California, Lucey noted a growing recognition within the state of the critical need for its refining products, citing more collaborative conversations and highlighting the strategic importance of PBF's assets amid projected market shortages.

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Executive Thomas O'Connor agreed that a resolution could be a positive catalyst for wider light-heavy differentials, particularly in the Atlantic Basin. President and CEO Matthew Lucey confirmed the Torrance refinery is running and will be maximized to meet market demand for products in California.

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Executive Thomas O'Connor explained that the heavy crude market strength likely peaked seasonally in Q3 and expects it to loosen with potential OPEC+ tapering and a heavy Q1 turnaround schedule. Regarding the Mid-Con, President and CEO Matthew Lucey stated there was no single major driver, attributing the improved performance to the Toledo refinery running well throughout the year without significant operational issues.

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CFO John Neppl confirmed that $800 million remains on the current buyback authorization and that the company expects to execute on it 'fairly soon,' positioning buybacks as a key part of future capital allocation. Regarding a potential SBO premium, Neppl said it was possible, as the RVO rules are designed to incentivize domestic production, and Bunge is well-positioned to adapt to market dynamics.

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CEO Greg Heckman highlighted that the Repsol JV positions Bunge as a key partner for supplying lower-carbon feedstocks in Europe, where CFO John Neppl noted there is more policy certainty. Regarding the RVO, Heckman said a higher mandate would strengthen the oil leg of the crush globally, and Neppl added that Bunge is well-positioned to capture upside in the second half of the year as it is not heavily covered.

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CEO Gregory Heckman explained that the guidance reflects a constructive global oil supply and demand environment and expected improvements in South America, offset by lower anticipated margins in North America and Europe. He confirmed the guidance excludes impacts from the Viterra and CJ Selecta acquisitions. CFO John Neppl added that the forecast assumes lower U.S. crush margins and challenged refining premiums due to the 45Z uncertainty.

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CFO John Neppl explained that the major growth projects are expected to be commissioned in late 2025 to early 2026, with material earnings contributions beginning in the first half of 2026. Regarding synergies, Neppl noted that while the delay has allowed for better organizational and operational planning, commercial synergies cannot be accelerated as the teams cannot collaborate on commercial matters until after the deal closes.

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SVP Natalie Reagan highlighted that the timing for recontracting on the Acadian gas pipeline was excellent, allowing them to achieve rates two to three times higher than historical levels. Co-CEO Randall Fowler noted that the future capital spending guidance already considers potential organic growth projects on their system.

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SVP of Natural Gas Assets Natalie Reagan explained that the timing for recontracting the Acadian gas system was excellent, with new rates expected to be two to three times historical levels. Co-CEO Randall Fowler noted that the future capital guidance of $2-2.5 billion already considers potential organic growth projects, such as additional processing plants.

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Executive Graham Bacon reported that construction on the Mentone projects is progressing well and they may come online ahead of schedule. Co-CEO W. Fowler addressed the backlog, reiterating the 2026 CapEx forecast of $2.0-$2.5 billion, which includes a small ~$600-700 million allowance for new projects, such as two more processing plants, with the pace depending on producer activity.

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Executive Chris Dan confirmed the Morgan's Point expansion is complete and in service, currently handling mostly ethane due to market conditions. Regarding the Haynesville, another executive noted that while some new acreage is showing growth, the basin overall has been flat, with future growth potential being dependent on natural gas prices. The company plans to update its Haynesville forecast in Q2.

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Co-CEO W. Fowler explained that 2024-2025 represent a period of elevated CapEx, which is expected to moderate in 2026 to the $2.0-$2.5 billion range, leaving room for new projects. Consequently, he anticipates buybacks will remain in the $200-$300 million annual range through 2025, with a reassessment for 2026.

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Chairman & CEO Mark Lashier and SVP of Refining Richard Harbison attributed the refining success to disciplined execution, reliability programs, high-return projects like the Sweeny sour crude flex project, and managing assets as a fleet to lower costs. EVP & CFO Kevin Mitchell explained the M&S results included a ~$100 million timing benefit and seasonal strength, guiding for a normalized Q3 earnings range of $450-$500 million, which will be reduced by about $50 million per quarter after the European disposition closes.

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Brian Mandell, EVP of Marketing and Commercial, explained that tariffs would likely reroute global trade flows, with the U.S. backfilling supply to other regions as China sources from places like the Middle East. He noted that Phillips 66's Freeport LPG exports are mostly secured under term contracts with no cancellations. Mark Lashier, Chairman and CEO, commented on polyethylene, stating that while tariffs create pressure and uncertainty, the company's CPChem joint venture has minimized its exposure to China and has flexible sourcing capabilities.

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CEO Mark Lashier responded on Chemicals, stating that the long-term macro outlook is supportive for a slow but healthy margin recovery through 2026. Brian Mandell (Marketing and Commercial) explained the Renewable Fuels improvement was due to strong operational performance, lower costs, and processing higher carbon-intensity (CI) feedstock, but cautioned that future margin weakness is possible due to regulatory uncertainty.

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Rich Harbison of Refining attributed the Central Corridor's strength to favorable inventory hedges, strong regional cracks, and excellent operational performance. Chairman and CEO Mark Lashier confirmed that the $3 billion asset sale target should be considered a 'floor,' as the company continues its ongoing portfolio optimization.

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EVP & COO Gary Simmons stated that new capacity additions are limited and often geared toward petrochemicals, suggesting a tightening supply-demand balance. VP of Refining Services Greg Bram attributed the strong Gulf Coast capture rate not to crude differentials, which are already in the benchmark, but to record operational throughput and strong commercial performance in exports and wholesale.

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EVP & COO Gary Simmons noted that limited new capacity is coming online, suggesting a tighter market ahead, though the timing depends on economic resilience. VP of Refining Services Greg Bram explained that the strong Gulf Coast capture was driven by record operational throughput and strong commercial performance, not just crude differentials, as the benchmark indicator already accounts for heavy crude grades.

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Gary Simmons, EVP and COO, explained that global light product demand is outpacing net capacity additions, leading to inventory draws below 5-year averages. He noted constructive fundamentals for gasoline and diesel, with diesel inventories near historic lows. Simmons also anticipates more medium and heavy sour barrels will enter the market, which should support wider crude differentials.

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Gary Simmons, EVP and COO, responded that while wholesale sales were slightly down due to heavy maintenance, underlying demand for light products is up year-over-year. He noted that global inventories are below the 5-year average, supporting constructive fundamentals for gasoline and diesel. Regarding crude differentials, Simmons suggested that an increase in heavy sour barrels is likely, which would be favorable for Valero's system, as differentials have little room to tighten further.

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Greg Bram, an executive, attributed the higher capture rates to winter-grade butane blending, strong wholesale performance, and more favorably priced Maya crude in the Gulf Coast. He also confirmed that Valero is currently in maximum diesel mode due to favorable crack spreads and will adjust if gasoline economics improve significantly.

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Gary Simmons, EVP and COO, explained that the negative sentiment is partly seasonal, citing the end of the summer driving season and RVP transition. While some global economic weakness has softened diesel demand, he emphasized that fundamentals remain strong, with very low gasoline and distillate inventories. Simmons anticipates that as inventories stay low and winter heating demand materializes, crack spreads should respond positively.

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COO Matt Jansen and CFO Robert Day confirmed that these policies are creating a more domestic-oriented market, which is beneficial for U.S. fat pricing and Darling's Feed segment. They noted that while some feedstock flexibility is lost, the overall impact is positive for renewable diesel margins. Regarding California's LCFS, Day stated that the credit bank is declining, signaling a positive price trend, though the exact price movement depends on market dynamics.

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CEO Randall Stuewe explained that guidance is supported by expectations of higher RIN prices (to ~$1.50) and DGD realizing the full Producer's Tax Credit (PTC) benefit starting in Q2. CFO Bob Day noted that current RIN production is lagging the mandate, creating upward price pressure. Regarding innovation, Day highlighted the Nextida glucose control product and other high-margin collagen peptides with targeted health benefits, which are driving growth in the Food segment.

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Bob Day, CFO, explained that 45Z is a CI score-adjusted credit for U.S. producers, which favors Darling as the largest producer of low-CI feedstocks like animal fats and used cooking oil. Matt Jansen, COO of North America, added that the company is actively exploring SAF capacity expansion at either its Port Arthur or Norco facilities, driven by the successful startup of its first SAF unit.

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CEO Randall C. Stuewe and Chief Strategy Officer Bob Day confirmed that the market is reevaluating RD investments and that positive biodiesel margins will be necessary to meet 2025 mandates, likely leading to idling of less efficient plants. Management also noted that operational improvements and any uplift in fat prices could push Feed segment margins back to the 23-25% range.

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CEO Kimberly Dang explained the Trident expansion was driven by LNG-related demand and was a relatively simple addition of compression. Sital Mody, President of Natural Gas Pipelines, added that their strategy is to sanction a viable project and then build upon it as more contracts are signed. Regarding the NGPL projects, Ms. Dang confirmed they are both to serve power demand, one in Arkansas and one in West Compton.

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CEO Kimberly Dang responded that the business is holding up well, with refined products volumes up 2% and strong natural gas demand expected to continue growing due to contracted LNG exports and storage refill needs. An unnamed executive explained that the Bridge project establishes a platform in the fast-growing South Carolina market, and while the potential to expand is 'great,' the timing will be dictated by customers. They noted the state's growing power, residential, and potential data center needs.

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Kimberly Dang (Executive) explained that potential upside to the budget could come from higher commodity prices and the accretive Outrigger acquisition, which is not yet in the guidance. She affirmed that the trend of rising power demand from data centers is in its early stages and represents a significant long-term growth opportunity for natural gas, potentially exceeding the company's current projections.

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Executive Chris Chandler explained that the Canadian facility's earnings will ramp up through 2025 and reach a full run rate in 2026 as new contracts take effect. An unnamed executive added that the Black Knight asset is strategically located in the core Northern Midland Basin, offering long-term capital synergies and was acquired at an attractive purchasing multiple.

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CEO Jamie Welch described the Barilla Draw acquisition as 'fantastic,' stating it has 'exceeded our expectations' with strong activity and more to come. Regarding the power project, Welch explained it is a synergistic partnership with a couple of customers that could serve as a 'beta test' for future, similar projects, calling it 'smart business' to optimize costs.

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President and CEO Avigal Soreq confirmed they are seeking SREs both retroactively to 2019 and going forward. Executive Mohit Bhardwaj added significant detail, quantifying the past compliance cost for 2019-2020 at nearly $300 million and noting the cost for 2021-2024 is substantially higher. He expressed strong optimism that the EPA will grant the exemptions as required by law.

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Joseph Israel, EVP of Operations, detailed that El Dorado's performance is being enhanced through Enterprise Optimization Plan (EOP) initiatives focused on product mix, yield recovery, and logistics. Avigal Soreq, President and CEO, and Mark Hobbs, EVP of Corporate Development, confirmed the strategy to grow DKL via accretive acquisitions while methodically reducing DK's ownership to unlock value, highlighting a new tax-efficient unit repurchase program as a key tool.

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President and CEO Avigal Soreq declined to provide specific 2025 guidance for DKL but an executive pointed to a previously mentioned net addition of $70 million in midstream EBITDA as a directional indicator. Avigal Soreq confirmed the $100 million Enterprise Optimization Plan (EOP) is a self-help initiative designed to bring the company close to cash breakeven even in a below mid-cycle environment, especially when combined with lower capital expenditures.

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CFO Curt Calaway stated that while free cash flow is strong, the company is focused on reaching its long-term net leverage target of 2.0x, down from the current 2.3x. The dividend remains the primary method for returning cash to shareholders. On M&A, he confirmed the company remains selective, with a focus on opportunities in the value-added portions of its portfolio.

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CFO Curt Calaway reiterated that the company's capital priorities remain unchanged: maintaining financial strength, investing in the business, and returning cash to shareholders. He noted that while they are pleased with the progress from 4.1x to 2.3x leverage, they still have work to do to reach their target, but are committed to actions like the recent $750 million debt payoff and their 13th consecutive annual dividend increase.

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Chairman and CEO Bradley Corson explained that the $3/barrel year-over-year reduction in Cold Lake's cash costs is part of a strategic journey towards $13/barrel, driven by lower-cost barrels from Grand Rapids and the upcoming Leming project. Regarding demand, Corson stated that the company has not seen any material degradation, citing the resilience of its diverse customer base and the support from product inventories being at the lower end of the 5-year band.

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CEO Bradley Corson confirmed that Imperial is on a journey to lower Cold Lake's cash costs to $13 per barrel, driven by lower-cost barrels from the high-performing Grand Rapids project and the upcoming Leming project. On the demand side, Corson stated that the company has not seen any material degradation in demand beyond normal seasonal variations, noting that low industry-wide product inventories continue to support market strength.

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Chairman, President and CEO Bradley Corson attributed the strong refining performance to advantaged Canadian crudes, robust market demand, premium infrastructure, and high refinery utilization. Regarding Grand Rapids, Mr. Corson confirmed production was exceeding its funding basis, reaching 22,000 barrels per day versus the 15,000 target, and noted that the positive early results are being analyzed for future development phases at Cold Lake.

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Chairman, President and CEO Bradley Corson confirmed no production impact from wildfires to date, supporting the guidance. Both Corson and Dan Lyons, SVP of Finance and Administration, explained that accelerating the NCIB provides flexibility for a future SIB, which could occur in early 2025 or even late 2024, depending on surplus cash levels.

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Bradley Corson, Chairman, President and CEO, confirmed that the TMX pipeline is a significant net positive for Imperial. He explained that the company's heavy crude upstream production will benefit more from tightening differentials than its lighter-crude-focused downstream business will be impacted. Regarding the Aspen project, Corson noted that while market fundamentals have improved, the current focus is on advancing a new, proprietary solvent technology (EBRT) through a multi-year commercial pilot, which could significantly enhance the project's value and environmental performance before a final decision is made.

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CEO Bradley Corson confirmed that Cold Lake is on a journey to reduce unit cash costs to $13 per barrel, driven by lower-cost barrels from Grand Rapids and the future start-up of Leming. On the demand side, Corson stated that the company has not seen any material degradation in demand, noting that product inventories are at the lower end of the 5-year band, which supports market strength.

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Executive Jaret Sprott confirmed that the K3 Cochin, Wapiti Gas Plant expansion, and RFS IV projects are all proceeding well, on time, and on budget with no supply chain issues. President and CEO J. Burrows stated that Pembina's internal forecast for WCSB growth aligns with third-party data, projecting mid-single-digit growth, though market volatility adds uncertainty.

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CEO Jillian Evanko characterized talks with data center hyperscalers as 'consistent,' driven by their increasing power and heat rejection needs due to AI. CFO Joseph Brinkman and Evanko explained that achieving the high end of guidance depends on strong EBITDA conversion, normalized CapEx, lower integration costs, and faster conversion of the commercial pipeline into revenue, especially from orders booked in H1 2025.

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CEO Jillian Evanko confirmed the company's focus on deleveraging. Regarding nuclear, she explained that Chart serves traditional plants with tanks and fans, and can now support Small Modular Reactors (SMRs) with gas circulators and air coolers from the Howden portfolio. She noted an increase in commercial activity and quoting for SMRs, though it remains a small part of the overall business.

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CEO Jillian Evanko described hydrogen demand as global and broadening in application. While she anticipates progress on the DOE's hydrogen hub funding, she reiterated that any future benefits from these hubs are not included in the company's medium-term outlook, representing potential upside. She also stressed Chart's manufacturing flexibility, as equipment serves both hydrogen and traditional energy.

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Tina Faraca, EVP & COO of Natural Gas Pipelines, confirmed that the recently announced U.S. projects are progressing well, with FERC applications in development. She detailed significant coal-to-gas conversion opportunities, noting 9 gigawatts of coal capacity are set to retire by 2031 within 15 miles of TC's assets, and the company is in active discussions on an additional 7.5 gigawatts of conversion projects.

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Eric McAfee, Founder, Chairman, and CEO, explained that the updated LCFS is designed to fund new projects and that with the credit bank projected to deplete by 2027, prices are headed toward the maximum of approximately $220. He also noted that Cummins' X15 engine shows performance equal to diesel with lower emissions and cost, viewing it as a long-term solution that will drive demand for Aemetis's carbon-negative RNG.

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