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    Michael Blum • Wells Fargo & Company

    Michael Blum's questions to Venture Global Inc (VG) leadership

    Michael Blum's questions to Venture Global Inc (VG) leadership • Q2 2025

    Question

    Michael Blum from Wells Fargo asked whether recent project cost increases are borne entirely by Venture Global or if they are shared with offtake customers. He also followed up on the arbitration process, questioning if the various cases could be consolidated before a single tribunal.

    Answer

    CEO Michael Sabel confirmed that all project cost increases are borne 100% by Venture Global, and customers' long-term contract prices are unaffected. He also clarified that the arbitration cases will remain separate, with different tribunals for each. Mr. Sabel emphasized that despite cost increases, the Plaquemines project's return profile remains extremely attractive due to nearly $6 billion in contracted commissioning cargoes.

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    Michael Blum's questions to Venture Global Inc (VG) leadership • Q1 2025

    Question

    Michael Blum asked for clarification on the total planned capital expenditures for 2025, beyond the spending specifically outlined for the CP2 project.

    Answer

    CEO Mike Sabel confirmed that CP2 represents the vast majority of planned 2025 CapEx. CFO Jack Thayer added that the recent $3 billion bank loan is funding CP2's growth as it moves toward a final investment decision (FID). Sabel also noted that CP2 expenses are funded through asset-level, non-recourse project financing.

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    Michael Blum's questions to Plains All American Pipeline LP (PAA) leadership

    Michael Blum's questions to Plains All American Pipeline LP (PAA) leadership • Q2 2025

    Question

    Michael Blum asked a high-level question about Plains' long-term strategy post-NGL divestiture, specifically whether the company would remain focused on crude or diversify. He also noted a subtle change in the slide deck's language regarding distribution growth.

    Answer

    Chairman, CEO & President Willie Chiang clarified that the primary objective is value creation, not becoming a pure-play crude entity. He stated the company will redeploy proceeds into the liquids business where it has scale and synergy advantages, likely focusing on crude assets. EVP & CFO Al Swanson confirmed there was no intentional shift in messaging and the company remains committed to multi-year sustainable distribution growth.

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    Michael Blum's questions to Plains All American Pipeline LP (PAA) leadership • Q4 2024

    Question

    Michael Blum asked for an update on the previous guidance for flat EBITDA from 2024 to 2026, given the slight growth guided for 2025. He also sought details on the progress of operational streamlining initiatives and their inclusion in the 2025 guidance.

    Answer

    Willie Chiang, Chairman and CEO, stated a desire to move away from the 'flat '24 to '26' guidance, which was meant to show stability despite contract roll-offs. He now expects 2026 EBITDA to be higher than 2024, driven by base business growth and bolt-on acquisitions. He described streamlining as a continuous process, confirming that some efficiencies are already baked into the 2025 guidance, with more opportunities to come.

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

    Question

    Michael Blum asked about the drivers behind strong Permian gathering volumes, questioning the split between organic growth and acquisitions, and inquired about the strategic implications of the company's leverage ratio falling below its target range.

    Answer

    EVP & CCO Jeremy Goebel confirmed that strong Permian volumes were primarily driven by organic growth from well completions. Chairman & CEO Willie Chiang stated that the company does not intend to lower its leverage target range of 3.25-3.75x, explaining that the current low leverage provides greater confidence to execute on their strategy of maximizing free cash flow, pursuing disciplined bolt-on acquisitions, and increasing shareholder returns.

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

    Question

    Michael Blum asked for confirmation on previous commentary that 2026 crude EBITDA would be flat with 2024, given the new guidance increase, and also inquired about the outlook for Permian production growth and potential takeaway constraints.

    Answer

    CEO Willie Chiang confirmed that the company's perspective on 2026 crude EBITDA relative to 2024 has not changed, reiterating that they do not expect a sharp decline. Executive Jeremy Goebel addressed Permian growth, stating that despite some near-term constraints, he expects continued lumpy growth of 200,000-300,000 bbl/d annually, which will lead to a tighter takeaway market.

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    Michael Blum's questions to Targa Resources Corp (TRGP) leadership

    Michael Blum's questions to Targa Resources Corp (TRGP) leadership • Q2 2025

    Question

    Michael Blum asked for clarification on LPG export docks being 'effectively full' despite lower sequential volumes and inquired about Targa's strategy for handling growing competition.

    Answer

    President of Logistics & Transportation, D. Scott Pryor, explained their strategy is underpinned by long-term contracts tied to their own growing G&P supply, not the spot market. He stated new entrants don't change their strategy. SVP of Downstream Commercial, Benjamin Branstetter, added that all downstream expansions have line-of-sight to dedicated volumes.

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    Michael Blum's questions to Targa Resources Corp (TRGP) leadership • Q2 2025

    Question

    Michael Blum asked for clarification on LPG export docks being 'effectively full' despite lower sequential volumes and questioned how Targa will handle growing competition from new Permian-to-export projects.

    Answer

    President of Logistics & Transportation D. Scott Pryor explained their strategy is underpinned by long-term contracts with ramping volumes from their own G&P system, which will fill their expansions. He stated that new market entrants do not change their strategy, as success depends on controlling supply. SVP Ben Branstetter added that expansions are backed by millions of dedicated acres, ensuring volume.

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    Michael Blum's questions to Targa Resources Corp (TRGP) leadership • Q1 2025

    Question

    Michael Blum asked if Targa is seeing any changes in LPG export destinations due to global tariffs and about the strategy for share buybacks in a more volatile macroeconomic environment.

    Answer

    Scott Pryor, President of Logistics and Transportation, stated that while overall demand remains strong and activity at the docks is unchanged, some cargo destinations are shifting on the water as the market adapts, with hopes LPGs may be excluded from tariffs. CEO Matt Meloy addressed buybacks, describing the program as intentionally opportunistic. He highlighted Targa's strong balance sheet (3.6x leverage) as enabling the company to repurchase shares during market dislocations, as it did in April, and expects to remain active.

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    Michael Blum's questions to Targa Resources Corp (TRGP) leadership • Q4 2024

    Question

    Michael Blum asked about the dynamics behind the modest sequential increase in Q4 Permian volumes despite new plants coming online. He also inquired what level of Permian volume growth is assumed in the 2025 guidance compared to the 14% achieved in 2024.

    Answer

    President Jen Kneale explained that the modest Q4 sequential growth followed several quarters of staggering increases and was impacted by a low-margin contract rollover. For 2025, she indicated that while growth would not reach the 14% seen in 2024, it is expected to be above the previously discussed 'high single-digit' framework and will be weighted toward the second half of the year.

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    Michael Blum's questions to Targa Resources Corp (TRGP) leadership • Q3 2024

    Question

    Michael Blum questioned the long-term growth CapEx trend, asking if the previously guided '$1.7 billion typical year' is now higher, and inquired about the company's share buyback strategy, specifically if it has become more ratable versus opportunistic.

    Answer

    Executive Jennifer Kneale clarified that the $1.7 billion CapEx framework was for a high single-digit growth environment, and current 18% YoY growth necessitates higher spending. She affirmed that the buyback strategy remains 'very much opportunistic,' driven by strong conviction in the business outlook, and that variability in repurchase activity should be expected.

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    Michael Blum's questions to Kinetik Holdings Inc (KNTK) leadership

    Michael Blum's questions to Kinetik Holdings Inc (KNTK) leadership • Q2 2025

    Question

    Michael Blum of Wells Fargo Securities sought clarity on the Permian macro environment, noting conflicting reports on producer activity, and asked if the increasingly sour gas in the region represents a potential upside for Kinetik.

    Answer

    CEO Jamie Welch explained that as a Permian pure-play, Kinetik sees producer activity shifts directly, but emphasized that well quality remains high, especially in New Mexico. SVP & CFO Trevor Howard added that the 2026 outlook is stable and the focus is on building infrastructure to meet producer needs. On sour gas, Welch confirmed it is becoming more sour, which requires significant investment in Acid Gas Injection (AGI) but creates an opportunity for higher, tiered treating fees and is a key differentiator.

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    Michael Blum's questions to Kinetik Holdings Inc (KNTK) leadership • Q1 2025

    Question

    Michael Blum of Wells Fargo & Company asked for clarification on whether Kinetik is trending towards the lower end of its 2025 guidance range, given the commentary on producer activity and commodity price headwinds.

    Answer

    CEO Jamie Welch responded directly, confirming that after factoring in items like the $20 million commodity price headwind, Kinetik would be 'below the midpoint' of its 2025 adjusted EBITDA guidance range. He clarified, 'We're in the range, but we are below the midpoint.'

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    Michael Blum's questions to Kinetik Holdings Inc (KNTK) leadership • Q4 2024

    Question

    Michael Blum from Wells Fargo asked about the relationship between the targeted 15% EBITDA growth and the 3-5% dividend growth, and whether the long-term 10% EBITDA CAGR assumes staying within the stated CapEx range.

    Answer

    CFO Trevor Howard explained that the delta between EBITDA and dividend growth is a prudent measure to retain financial flexibility and free cash flow for funding high-return organic and inorganic growth opportunities. Howard confirmed that the long-term 10% growth target is achievable within the company's existing long-term capital expenditure framework and operational footprint.

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    Michael Blum's questions to Kinetik Holdings Inc (KNTK) leadership • Q3 2024

    Question

    Michael Blum asked for clarification on the drivers of the Q3 EBITDA outperformance, questioning if it was a one-time event, and also inquired about the CapEx trajectory for 2025.

    Answer

    President and CEO Jamie Welch refuted the 'one-time' benefit idea, attributing the strong performance to a multitude of factors including superior NGL recoveries, optimization of PHP capacity during negative Waha pricing, strong Shin Oak volumes, and contributions from the Durango acquisition and increased EPIC ownership. For 2025, Welch guided CapEx toward the upper end of a $250 million to $400 million range.

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    Michael Blum's questions to Energy Transfer LP (ET) leadership

    Michael Blum's questions to Energy Transfer LP (ET) leadership • Q2 2025

    Question

    Michael Blum of Wells Fargo sought clarification on the commercial requirements for reaching FID on Lake Charles LNG, specifically regarding the mix of firm contracts (SPAs) versus heads of agreement (HOAs). He also asked about the expected cadence of growth CapEx beyond 2025.

    Answer

    Co-CEO Marshall "Mackie" McCrea explained that the company would proceed with financing for Lake Charles LNG once it reaches its target contracted level with a combination of SPAs and HOAs, expressing confidence that HOAs will convert to firm contracts. Co-CEO Thomas Long added that growth CapEx is expected to increase, with more detailed guidance to be provided later in the year.

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    Michael Blum's questions to Energy Transfer LP (ET) leadership • Q1 2025

    Question

    Michael Blum from Wells Fargo & Company asked a follow-up question on the Hugh Brinson pipeline, inquiring about options to expand beyond Phase II, such as compression or a new pipeline, and whether the high demand provides greater pricing power and potential for higher returns.

    Answer

    Executive Mackie McCrea responded that they can always consider adding compression or another pipeline to expand Hugh Brinson and are also evaluating making it fully bidirectional. He affirmed that the strong demand allows them to capture significant value from the remaining capacity, creating revenue opportunities for the partnership on both west-to-east and east-to-west routes.

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    Michael Blum's questions to Energy Transfer LP (ET) leadership • Q4 2024

    Question

    Michael Blum from Wells Fargo asked about the expected mix of 'front-of-the-meter' versus 'behind-the-meter' data center projects and whether Energy Transfer would consider building the associated power generation facilities.

    Answer

    Executive Marshall "Mackie" McCrea projected that the majority of data center projects would be 'behind-the-meter,' with natural gas as the primary power source. He stated that while building power plants is not ET's core business, the company would evaluate such an opportunity if the project had strong returns and involved ET supplying the natural gas.

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    Michael Blum's questions to Energy Transfer LP (ET) leadership • Q3 2024

    Question

    Michael Blum asked how the significant new gas demand opportunities fit within the company's capital spending framework and requested details on the proposed Sabina 1 pipeline project.

    Answer

    Executive Dylan Bramhall noted that the company's illustrative capital spending framework has already evolved to a $2.5 billion to $3.5 billion run rate to reflect a larger asset base and more opportunities. Executive Mackie McCrea explained that the Sabina 2 natural gasoline project will be in service in Q1 2025, while Sabina 1 is an associated asset that provides access across the ship channel, for which the company is actively pursuing commercial opportunities.

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    Michael Blum's questions to ONEOK Inc (OKE) leadership

    Michael Blum's questions to ONEOK Inc (OKE) leadership • Q2 2025

    Question

    Michael Blum of Wells Fargo Securities inquired about the performance and outlook for the BridgeTex pipeline following ONEOK's increased stake. He also asked for an update on the West Texas LPG pipeline's utilization and the strategy for increasing its volumes.

    Answer

    EVP & CCO Sheridan Swords reported that BridgeTex volumes are increasing and that the pipeline's connection to ONEOK's East Houston facility enhances downstream value. Regarding West Texas LPG, Swords confirmed it has a base volume contract and that volumes will be added from the new Shadowfax plant, Delaware expansions, and the newly announced Bighorn plant, creating a long runway for growth.

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    Michael Blum's questions to ONEOK Inc (OKE) leadership • Q1 2025

    Question

    Michael Blum asked about the volume recovery trend in the Bakken for the remainder of the year and the sensitivity of Bakken ethane recovery to market pricing.

    Answer

    Chief Commercial Officer Sheridan Swords stated that only low single-digit growth is needed in the Bakken to meet guidance, and current trends suggest they will meet or exceed that. Regarding ethane, he explained that recovery is currently driven by the price spread to Mont Belvieu. The company has the flexibility to reject ethane into the Northern Border pipeline if pricing is unfavorable and has already locked in some of the favorable spread for the year.

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    Michael Blum's questions to ONEOK Inc (OKE) leadership • Q4 2024

    Question

    Michael Blum asked for a directional outlook on 2026 capital expenditures and whether the 2025 level represents a new run rate. He also sought clarification on how synergies from recent acquisitions are tracking against original targets.

    Answer

    CFO Walter Hulse clarified that 2025 represents a peak for capital spending. While the new baseline for the larger company will be higher than in the past, he expects spending to decrease in 2026 and 2027. Regarding synergies, Hulse confirmed ONEOK exceeded its 2024 target and that the $250 million guided for 2025 is incremental to what has already been realized, reflecting continued opportunities.

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    Michael Blum's questions to ONEOK Inc (OKE) leadership • Q3 2024

    Question

    Michael Blum of Wells Fargo asked for clarification on Bakken volume trends in light of recent basin-level data and questioned if the 2025 EBITDA guidance of 'comfortably above $8 billion' is a conservative estimate.

    Answer

    Sheridan Swords, Executive Vice President, attributed recent softness in basin-level data to temporary 'noise' from wildfires and unplanned outages, stating ONEOK's volumes have since recovered. Walter Hulse, CFO, addressed the EBITDA guidance by emphasizing the phrase 'comfortably over $8 billion,' implicitly confirming that an analyst's math showing a higher run-rate was not incorrect.

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    Michael Blum's questions to MPLX LP (MPLX) leadership

    Michael Blum's questions to MPLX LP (MPLX) leadership • Q2 2025

    Question

    Michael Blum requested clarification on whether the incremental gas and liquids from the Northwind acquisition could be accommodated by MPLX's existing and planned infrastructure, or if new capacity and investment would be necessary.

    Answer

    EVP & CFO C. Kristopher Hagedorn clarified that the previously announced Gulf Coast NGL value chain, including BANGL and the fractionators, is already fully subscribed. Therefore, the incremental liquids from Northwind will require exploring other opportunities for monetization, though it provides valuable optionality. SVP Shawn Lyon added that the BANGL expansion to 300,000 bpd provides flexibility to execute their strategy.

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    Michael Blum's questions to MPLX LP (MPLX) leadership • Q2 2025

    Question

    Michael Blum sought clarification on whether the incremental gas and liquids from the Northwind acquisition could be accommodated by MPLX's existing and planned infrastructure, or if new capacity and investment would be required.

    Answer

    EVP & CFO C. Kristopher Hagedorn clarified that the previously announced Gulf Coast fractionators and BANGL pipeline were already fully subscribed with existing volumes. He explained that the incremental liquids from Northwind are new volumes that provide valuable optionality for optimizing the entire NGL value chain. SVP Shawn Lyon added that the BANGL pipeline's expansion to 300,000 b/d provides the flexibility needed to execute on the strategy and maximize the value of these new options.

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    Michael Blum's questions to MPLX LP (MPLX) leadership • Q1 2025

    Question

    Michael Blum of Wells Fargo inquired about the level of share buybacks in Q1, given increased CapEx and macro uncertainty, and asked for the forward-looking strategy on repurchases. He also asked about any potential impacts from tariffs on project costs or returns.

    Answer

    President and CEO Maryann Mannen explained that capital allocation priorities remain unchanged, focusing on growth, returns, and supporting the distribution. She noted that because management views the equity as undervalued, buybacks remain a key tool for capital return. Regarding tariffs, she stated that the impact on MPLX is expected to be minimal, as the company has worked to get ahead of potential cost increases on its major projects.

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    Michael Blum's questions to MPLX LP (MPLX) leadership • Q4 2024

    Question

    Michael Blum asked about the noticeable increase in 2025 maintenance CapEx, questioning if it was due to one-time items or a new baseline. He also inquired if the change in ownership at Epic NGL would impact MPLX's ability to expand the BANGL pipeline.

    Answer

    CFO Chris Hagedorn explained the increase is partly due to new emissions regulations but affirmed the company's confidence in its growth targets. SVP Shawn Lyon added it's part of normal maintenance cycles. Regarding BANGL, Shawn Lyon stated they do not anticipate the relationship with Epic changing due to its new ownership and that BANGL remains a capital-efficient growth project.

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    Michael Blum's questions to MPLX LP (MPLX) leadership • Q3 2024

    Question

    Michael Blum questioned if the 20% return cited for the Harmon Creek III project is a new, higher hurdle rate for investments. He also asked if the annual capital expenditure budget is likely to trend higher than the current ~$1 billion run rate in 2025 and beyond.

    Answer

    Executive Gregory Floerke confirmed that a 20% return is the target for new organic projects, supported by strong customer contracts. Maryann Mannen, President and CEO, acknowledged that CapEx could potentially increase above $1 billion to sustain mid-single-digit growth on a larger EBITDA base, but stated it was too early to provide specific 2025 guidance.

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    Michael Blum's questions to Genesis Energy LP (GEL) leadership

    Michael Blum's questions to Genesis Energy LP (GEL) leadership • Q2 2025

    Question

    Michael Blum of Wells Fargo Securities inquired about Genesis Energy's confidence in the Salamanca project's timeline and asked whether capital returns could commence in 2025 or would be deferred until 2026 due to project ramp delays.

    Answer

    CEO Grant Sims expressed high confidence in achieving first oil from Salamanca by the end of Q3 2025, with named storms being the primary variable. Regarding capital returns, Sims stated that the immediate priority for 2025 is to pay down the revolving credit facility. However, he noted that with several months of operating history from the new projects, the company might have the flexibility to consider a distribution increase for Q4 2025.

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    Michael Blum's questions to Genesis Energy LP (GEL) leadership • Q1 2025

    Question

    Michael Blum of Wells Fargo Securities inquired about Genesis Energy's capital allocation strategy, asking if the distribution would remain flat for 2025 due to project timings and if there was a way to quantify the volume opportunity from new offshore tiebacks.

    Answer

    CEO Grant Sims stated that while the distribution will likely remain flat for Q2, the company will be in a position to consider increases for Q3 and beyond as new projects come online. He quantified the tieback opportunity by noting that 7 active rigs are drilling on dedicated acreage, with new wells typically producing 7,000 to 10,000 barrels per day, which should lead to a cumulative increase in throughput during the year.

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    Michael Blum's questions to Genesis Energy LP (GEL) leadership • Q4 2024

    Question

    Michael Blum from Wells Fargo Securities inquired about the potential financial impact of ongoing offshore producer disruptions on 2025 cash flow and sought clarification on the assumptions for the Marine segment within the 2026 EBITDA guidance.

    Answer

    CEO Grant Sims responded that the company's guidance already incorporates a cushioned timeline for the offshore production to return, estimating a potential impact of $5 million to $10 million per quarter if all production were offline, but noted that a full-year outage is not an expected scenario. Regarding the 2026 forecast, Sims clarified that it assumes a reasonably flat performance for the Marine segment compared to 2025, around the $130 million to $140 million range.

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    Michael Blum's questions to Genesis Energy LP (GEL) leadership • Q3 2024

    Question

    Michael Blum of Wells Fargo Securities inquired about the 2025 outlook, questioning if the expected inflection point and potential distribution increase might be delayed to 2026 due to first-half softness and elevated leverage.

    Answer

    CEO Grant Sims stated it was premature to give a specific 2025 forecast, noting that the plan is still under development. He explained that key variables, like Gulf of Mexico production profiles and soda ash pricing for the majority of 2025 volume, are not yet finalized. Sims emphasized a focus on cost reduction and said a detailed outlook and capital allocation strategy would be shared after the Q4 results and board discussions in January.

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    Michael Blum's questions to DT Midstream Inc (DTM) leadership

    Michael Blum's questions to DT Midstream Inc (DTM) leadership • Q2 2025

    Question

    Michael Blum from Wells Fargo Securities inquired about the progress and potential timing of data center-related lateral pipeline investments. He also asked for clarification on the 2025 CapEx forecast, noting that spending in the first half appeared light relative to the full-year guidance.

    Answer

    President & CEO David Slater explained that while DTM has numerous proposals for behind-the-meter data center projects, recent growth has primarily manifested as larger, utility-scale expansions like the Guardian project, driven by overall power demand. He expressed confidence that DTM will secure lateral projects over time. Slater also stated he fully expects the company to land within its full-year CapEx guidance range for 2025, despite the lighter spending profile in the first half.

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    Michael Blum's questions to DT Midstream Inc (DTM) leadership • Q1 2025

    Question

    Michael Blum asked for details on the drivers behind the Q1 gathering volume changes, specifically the significant increase in the Haynesville and the decrease in the Northeast, and inquired about the outlook for the remainder of 2025. He also requested an update on the status of potential projects to supply natural gas to data centers.

    Answer

    President and CEO David Slater explained that the Haynesville volume uptick was in line with public producer plans and noted that private producers have been very active and responsive to price signals, with a ramp expected to continue through year-end. He stated the Appalachia volumes were tracking as expected, with new projects anticipated to contribute in the second half of the year. Regarding data centers, Slater confirmed that the project file remains very active, with numerous advanced commercial proposals for both behind-the-meter data centers and utility-scale power generation across DTM's footprint.

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    Michael Blum's questions to DT Midstream Inc (DTM) leadership • Q4 2024

    Question

    Michael Blum asked for clarification on new power generation projects, inquiring if they were distinct from previously discussed behind-the-meter data center opportunities, and requested details on the CapEx, returns, and contract lengths for the new Midwest and Appalachia projects.

    Answer

    President and CEO David Slater confirmed the two new projects are utility-scale power generation opportunities and are separate from the company's behind-the-meter data center projects. He explained the Midwestern project is a modest-capital lateral with a long-term firm capacity commitment, while the Appalachia project involves a 20-year contract for a new combined cycle power plant, with a customer FID expected next year.

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    Michael Blum's questions to DT Midstream Inc (DTM) leadership • Q3 2024

    Question

    Michael Blum inquired about the development timeline for potential data center projects and the impact of their 'behind the meter' nature on regulations. He also asked about Northeast volume trends and sought clarity on the expected Q4 volume ramp.

    Answer

    David Slater, President and CEO, confirmed that data center opportunities are advancing in detailed discussions, highlighting that favorable intrastate regulatory paths are a key factor for site viability. Regarding volumes, he acknowledged a softer profile in Q2 and Q3 but stated he expects a modest volume recovery in both the Northeast and Haynesville in Q4, with a focus on the exit rate into 2025.

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    Michael Blum's questions to Enterprise Products Partners LP (EPD) leadership

    Michael Blum's questions to Enterprise Products Partners LP (EPD) leadership • Q2 2025

    Question

    Michael Blum of Wells Fargo Securities inquired about a potential uptick in activity in the San Juan Basin and whether the company's April production forecast for the Permian remains largely unchanged.

    Answer

    SVP Natalie Reagan stated that activity on their San Juan assets remains stable and flat with only slight growth. EVP Anthony C. Chovanec confirmed that any tweaks to their Permian production forecast would be minor, as producer profitability remains strong, keeping their outlook on target.

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    Michael Blum's questions to Enterprise Products Partners LP (EPD) leadership • Q2 2025

    Question

    Michael Blum of Wells Fargo Securities asked about a potential uptick in activity in the San Juan Basin and its possible impact. He also asked for confirmation on whether the company's Permian production forecast from April remains largely unchanged.

    Answer

    SVP of Natural Gas Assets Natalie Reagan stated that activity in their San Juan footprint is stable and flat with only slight growth. EVP Anthony C. Chovanec confirmed that any tweaks to their Permian forecast would be minor, as producer profitability remains extremely high, supporting their guidance and the company's liquids forecast.

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    Michael Blum's questions to Enterprise Products Partners LP (EPD) leadership • Q1 2025

    Question

    Michael Blum asked if Enterprise would consider slowing its NGL expansion projects if tariff policies lead to a sustained slowdown in global demand, or if the projects are locked in by contracts.

    Answer

    Co-CEO A. Teague stated the company is 'pretty well contracted' and would not slow down projects currently under construction. Co-CEO W. Fowler added that even with flat crude production, Permian natural gas growth would still drive NGL volumes. He also noted that while global GDP growth might slow, it is still expected to grow, supporting demand for ethylene and propylene.

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    Michael Blum's questions to Enterprise Products Partners LP (EPD) leadership • Q4 2024

    Question

    Michael Blum asked about the company's approach to share buybacks as a component of capital return and inquired about the M&A landscape for 2025.

    Answer

    Co-CEO Randy Fowler indicated that by 2026, after funding growth CapEx, the company could have over $1 billion in excess DCF for buybacks and debt retirement, providing significant flexibility. On M&A, Fowler stated that while they will look at asset packages, public company M&A is more difficult for driving per-unit cash flow growth.

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    Michael Blum's questions to Enterprise Products Partners LP (EPD) leadership • Q3 2024

    Question

    Michael Blum sought details on the CO2 pipeline project with Oxy, including its contract structure and return profile, and asked about LPG export spot rate dynamics and Enterprise's ability to capture them.

    Answer

    Executive Bob Sanders described the Oxy project as a straightforward transportation agreement for new, high-pressure pipe, with capital and fees to be set after Oxy's FID in H1 2025. Executive Douglas Kiste confirmed that a recent debottlenecking project allows them to handle 2-3 spot LPG cargoes per month, capturing higher current market rates.

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    Michael Blum's questions to Kinder Morgan Inc (KMI) leadership

    Michael Blum's questions to Kinder Morgan Inc (KMI) leadership • Q2 2025

    Question

    Michael Blum from Wells Fargo Securities asked about the capital allocation strategy, specifically comparing the returns on traditional gas pipeline projects versus the recent $500 million investment in Haynesville gathering. He also requested an update on 'behind the meter' opportunities related to data centers.

    Answer

    CEO Kimberly Dang clarified that the company's investment approach remains unchanged, balancing risk and reward. Higher-risk projects with volume exposure, like gathering, require returns at the higher end of their target range. Regarding data centers, she noted most activity comes from regulated utilities. Sital Mody, President of Natural Gas Pipelines, added that KMI is exploring partnerships with hyperscalers to combine expertise for behind-the-meter projects.

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    Michael Blum's questions to Kinder Morgan Inc (KMI) leadership • Q1 2025

    Question

    Michael Blum inquired about the pace of discussions for new gas pipeline investments driven by utilities and data centers, and specifically requested an update on project progress in Arizona.

    Answer

    An unnamed executive noted that while data center site specifics are evolving, activity with utilities is strong, highlighting the new Bridge project as a 'step 1' platform for growth. CEO Kimberly Dang added that over 70% of new backlog additions this quarter and 50% of the total backlog are power-related, with the most concrete data center activity coming from regulated utilities. Regarding Arizona, an executive confirmed KMI is pursuing both brownfield and greenfield opportunities to meet growing demand but remained general due to competitive dynamics.

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    Michael Blum's questions to Kinder Morgan Inc (KMI) leadership • Q4 2024

    Question

    Michael Blum from Wells Fargo asked about potential opportunities for Kinder Morgan related to a new large data center campus in Abilene, Texas, and inquired about the progress and scope of the open season for the Kinder Morgan Louisiana (KMLP) Texas Header project.

    Answer

    Sital Mody (Executive) confirmed that KMI's intrastate and NGPL footprints are well-positioned to compete for the Abilene data center opportunity. He also stated that the KMLP open season resulted in binding commitments for the initial phase, which is contracted and will connect to projects like Trident, positioning KMI for future growth into the Louisiana corridor.

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    Michael Blum's questions to Kinder Morgan Inc (KMI) leadership • Q3 2024

    Question

    Michael Blum from Wells Fargo inquired about the potential future trajectory of growth CapEx given the expanding project backlog and asked if the company is seeing a trend of higher returns on new projects.

    Answer

    President Kimberly Dang stated that while CapEx could increase, the current guidance remains roughly $2 billion annually, noting the company can fund about $2.5 billion from cash flow and has balance sheet capacity for more. She clarified that project returns are consistent with historical targets and that the South System 4 project's return profile is not substantially different from past projects.

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    Michael Blum's questions to Western Midstream Partners LP (WES) leadership

    Michael Blum's questions to Western Midstream Partners LP (WES) leadership • Q1 2025

    Question

    Michael Blum from Wells Fargo asked for details on the new greenfield processing plant in the Delaware Basin, including its financial impact and current utilization.

    Answer

    Executive Kristen Shults explained that the new 250 million cubic feet per day plant, WES's first major greenfield project, increases total Delaware Basin capacity to 2.2 Bcf/d. She noted the plant will slightly boost gross margin by eliminating offloading fees but will also increase OpEx due to staffing. Shults confirmed the plant has been full since its startup, effectively shifting existing volumes back onto the WES system.

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    Michael Blum's questions to Plains GP Holdings LP (PAGP) leadership

    Michael Blum's questions to Plains GP Holdings LP (PAGP) leadership • Q1 2025

    Question

    Michael Blum from Wells Fargo asked for the latest outlook on Permian volumes based on producer conversations and inquired about the acquisition multiples paid for the two recent bolt-on deals.

    Answer

    An executive stated that producers are in a 'wait and see' mode due to price volatility but the 2025 growth outlook remains intact, with any significant impact more likely in 2026. Executive Jeremy Goebel clarified that acquisitions are evaluated on hitting internal return thresholds rather than specific multiples, consistent with their disciplined capital strategy.

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    Michael Blum's questions to Cheniere Energy Inc (LNG) leadership

    Michael Blum's questions to Cheniere Energy Inc (LNG) leadership • Q1 2025

    Question

    Michael Blum asked how Cheniere is thinking about China as a key long-term market in light of a potential permanent realignment of global trade and how this affects future contracting strategy.

    Answer

    EVP and CCO Anatol Feygin explained that while China is a very important market and Chinese counterparties are critical partners, the physical delivery of U.S. volumes to China is 'not important to us in the slightest.' He highlighted that their sophisticated Chinese partners have the capability to optimize and redirect cargoes to other premium markets, mitigating the impact of trade dynamics.

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    Michael Blum's questions to Cheniere Energy Inc (LNG) leadership • Q3 2024

    Question

    Michael Blum questioned whether the portfolio optimization and higher production that drove the Q3 beat are sustainable into 2025 and asked for clarity on the Stage 3 completion timeline.

    Answer

    EVP and CFO Zach Davis explained that while optimization opportunities are inherent to Cheniere's scale, the specific drivers of the Q3 beat—favorable basis differentials, sub-chartering, and ideal weather—are difficult to forecast and will not be baked into initial 2025 guidance. President and CEO Jack Fusco stated that completing three Stage 3 trains in 2025 is the target, with a fourth being unlikely. Davis added that the high-end production forecast assumes sequential quarterly completions for trains 1-3 through Q3 2025.

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    Michael Blum's questions to Bloom Energy Corp (BE) leadership

    Michael Blum's questions to Bloom Energy Corp (BE) leadership • Q4 2024

    Question

    Michael Blum inquired about the AEP deal, asking if deployments beyond the initial 100 MW are included in 2025 guidance. He also asked about the dynamics behind the 2025 gross margin guidance being flat year-over-year despite expected cost improvements.

    Answer

    CEO KR Sridhar deferred to AEP for specific announcements but noted their public statements about using Bloom's platform for data centers. CFO Dan Berenbaum explained that the flat gross margin guidance for 2025 reflects a balance between strong 2024 execution, ongoing cost reductions, and a changing product mix that includes more third-party equipment for solutions like islanded microgrids.

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    Michael Blum's questions to Bloom Energy Corp (BE) leadership • Q4 2024

    Question

    Michael Blum asked for details on the AEP agreement beyond the initial deployment and its inclusion in 2025 guidance. He also questioned the rationale for the flat 2025 gross margin guidance despite expected service improvements and cost reductions.

    Answer

    CEO KR Sridhar deferred to AEP for specific deal details but noted their public statements about using Bloom's solution for data centers. CFO Dan Berenbaum explained the 2025 gross margin guidance of ~29% is appropriate after a strong 2024, factoring in a product mix that includes new offerings like islanded microgrids with more third-party equipment.

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