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    Ned Baramov • Wells Fargo & Company

    Ned Baramov's questions to Sunoco LP (SUN) leadership

    Ned Baramov's questions to Sunoco LP (SUN) leadership • Q2 2025

    Question

    Ned Baramov of Wells Fargo asked for more detail on the initiatives and investments driving the expected strong second-half 2025 results, which seem to defy typical seasonal slowdowns. He also inquired about the size of recent roll-up acquisitions and the pipeline for future inorganic growth.

    Answer

    CCO Austin Harkness confirmed a strong H2 outlook, attributing it to both organic investments in waterborne markets and multiple roll-up acquisitions that will be integrated and become accretive. President & CEO Joseph Kim elaborated on the 'build vs. buy' strategy, explaining the $400M+ growth capital guidance provides flexibility for such roll-ups (typically under $100M). He noted a strong start to M&A in H1 will drive 'noticeable volume growth at healthy margins' in H2, and the pipeline for both organic and roll-up opportunities remains robust.

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    Ned Baramov's questions to Sunoco LP (SUN) leadership • Q3 2024

    Question

    Ned Baramov questioned the potential implications for Sunoco from a D.C. Court of Appeals ruling related to FERC-indexed liquids pipeline tariffs. He also asked for more specific details on what metrics would be included in the upcoming December 2025 guidance.

    Answer

    Chief Operations Officer Karl Fails acknowledged the favorable court ruling but noted subsequent FERC actions have created uncertainty, emphasizing that Sunoco's strong outlook remains intact regardless of the final outcome. President and CEO Joseph Kim deferred on providing specifics about the December guidance format, asking for patience and promising a clear, thoughtful, and bullish outlook for 2025.

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    Ned Baramov's questions to Antero Midstream Corp (AM) leadership

    Ned Baramov's questions to Antero Midstream Corp (AM) leadership • Q2 2025

    Question

    Ned Baramov from Wells Fargo inquired about the processing volume threshold that would necessitate a new plant, given that volumes are running above nameplate capacity. He also asked about the long-term outlook for cash taxes.

    Answer

    Brendan Krueger, CFO of Antero Midstream, responded that processing plants can typically operate about 10% above nameplate capacity, indicating there is still sufficient room and no imminent need for expansion. On taxes, Krueger stated that due to the recent budget reconciliation bill, AM does not expect to be a material cash taxpayer through at least 2028.

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    Ned Baramov's questions to Western Midstream Partners LP (WES) leadership

    Ned Baramov's questions to Western Midstream Partners LP (WES) leadership • Q1 2025

    Question

    Ned Baramov of Wells Fargo & Company asked what the 2025 capital spending budget might look like in a scenario with flat Permian production and a pullback in Powder River Basin growth projects.

    Answer

    CEO Oscar Brown and CFO Kristen Shults both indicated that in such a scenario, the capital expenditure budget would likely fall to the low end of the current guidance range, or potentially even below it. Shults emphasized the company's ability to quickly delay or pause projects in response to changes in producer activity.

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    Ned Baramov's questions to NGL Energy Partners LP (NGL) leadership

    Ned Baramov's questions to NGL Energy Partners LP (NGL) leadership • Q2 2025

    Question

    Ned Baramov asked for details on the timing of the recent warrant purchase agreement and inquired about the company's plans for the remaining outstanding warrants.

    Answer

    Executive Brad Cooper explained the transaction was triggered by an opportunity after EIG sold its Class D position, making the associated warrants available. CEO H. Krimbill added that financial models indicated the warrants were unlikely to become cheaper, making it an opportune time to buy. Cooper also stated they have offered to repurchase the remaining warrants at the same price and are awaiting a response from the holder.

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