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    Olivia Halferty • Goldman Sachs

    Olivia Halferty's questions to TC Energy Corp (TRP) leadership

    Olivia Halferty's questions to TC Energy Corp (TRP) leadership • Q2 2025

    Question

    Olivia Halferty from Goldman Sachs asked about the cadence of the NGTL growth plan and how capital is allocated between it and higher-return U.S. projects. She also inquired about the company's willingness to use partnerships for future growth.

    Answer

    President & CEO François Poirier explained that while TC Energy will honor its NGTL commitments, discretionary capital will be allocated to the highest risk-adjusted returns, which are currently in the U.S. EVP & CFO Sean O’Donnell stated that partners are not needed for their current brownfield strategy but are always considered if they add strategic or financial value, a point echoed by EVP Greg Grant for the Power segment.

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    Olivia Halferty's questions to Antero Midstream Corp (AM) leadership

    Olivia Halferty's questions to Antero Midstream Corp (AM) leadership • Q4 2024

    Question

    Olivia Halferty asked about the drivers behind the significant step-up in water services in Q4 and the outlook for 2025. She also inquired about capital allocation priorities, specifically how the company weighs M&A against buybacks and deleveraging, and what the expected run rate for share repurchases might be.

    Answer

    Brendan Krueger, CFO of Antero Midstream, attributed the Q4 water volume increase to the completion of a DUC pad. He projected that 2025 water volumes would be similar to 2024, as an increase in the number of wells is offset by shorter laterals. On capital allocation, Krueger noted that M&A is evaluated against the returns from buybacks and debt reduction, and suggested that free cash flow after dividends would likely be split 50/50 between share repurchases and further debt paydown.

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