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    Robert Catellier • CIBC Capital Markets

    Robert Catellier's questions to Pembina Pipeline Corp (PBA) leadership

    Robert Catellier's questions to Pembina Pipeline Corp (PBA) leadership • Q2 2025

    Question

    Robert Catellier of CIBC Capital Markets asked about Pembina's long-term plans for ethane exports, the potential impact of the Keyera-Plains NGL transaction on competition, and for an update on marketing conditions and the 2026 frac spread hedge book.

    Answer

    President & CEO Scott Burrows explained that while ethane is abundant, the economics for a waterborne export pipeline to the West Coast are currently challenged. He stated that the Keyera-Plains deal doesn't significantly change the competitive landscape, as assets are merely moving between two 'formidable competitors.' SVP & CFO Cameron Goldade reported that the marketing plan is on track and that the 2026 hedge book is modestly hedged as they see potential for market constructiveness, particularly in natural gas.

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    Robert Catellier's questions to Pembina Pipeline Corp (PBA) leadership • Q1 2025

    Question

    Robert Catellier of CIBC Capital Markets inquired about the underlying reasons for Dow's project delay and how tariff uncertainty is affecting activity levels at Watson Island and the broader export outlook.

    Answer

    CEO Scott Burrows deferred questions on the reasons for the delay to Dow, out of respect for the partnership. SVP Chris Scherman commented that while tariffs create short-term volatility, they ultimately position Canada's West Coast well for the long term due to its vast resources and the global need for supply security. He noted strong recent volumes of Canadian propane off the West Coast.

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    Robert Catellier's questions to Pembina Pipeline Corp (PBA) leadership • Q4 2024

    Question

    Robert Catellier asked about the origin of the Greenlight project, Pembina's comfort level with capital allocation to power, and potential off-ramps if partners seek more merchant exposure. He also inquired about changes to NGL marketing strategy due to tariff threats.

    Answer

    Executive Stu Taylor explained the project evolved from seeking tenants for Pembina's Redwater land to a midstream-like model with long-term contracts for data centers. SVP & CFO Cameron Goldade reiterated the focus is on a fee-based annuity, not merchant power. Executive Chris Scherman noted the NGL strategy is insulated by focusing on West Coast exports and adding tariff-specific contract terms.

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    Robert Catellier's questions to Pembina Pipeline Corp (PBA) leadership • Q2 2024

    Question

    Robert Catellier asked about the future development vision for the Peace Pipeline system post-expansion. He also inquired about the company's frac spread hedging strategy following the consolidation of Aux Sable and sought clarification on the current tax guidance.

    Answer

    President and CEO J. Burrows explained that future Peace Pipeline development will focus on optimization and low-cost pump additions in Alberta, with potential for new pipelines in Northeast BC as LNG demand grows. On hedging, he noted a programmatic approach, with 2024 about 50% hedged for both Canadian and Aux Sable exposure, and 10-15% hedged for 2025. SVP and CFO Cameron Goldade confirmed the current tax guidance remains unchanged.

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    Robert Catellier's questions to Williams Companies Inc (WMB) leadership

    Robert Catellier's questions to Williams Companies Inc (WMB) leadership • Q2 2025

    Question

    Robert Catellier of CIBC Capital Markets asked about opportunities to accelerate or upsize projects and the company's comfort with temporarily higher leverage. He also inquired about future G&P acquisition strategy and potential gaps in the value chain.

    Answer

    President & CEO Chad Zamarin affirmed they will accelerate projects where possible. Senior VP & CFO John Porter stated they can fund a large CapEx budget while staying within their 3.5-4.0x leverage target. On M&A, Zamarin emphasized they have no 'must-fill' strategic gaps, allowing them to be highly disciplined and opportunistic in pursuing synergistic, bolt-on acquisitions that compete with high-return organic projects.

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    Robert Catellier's questions to Williams Companies Inc (WMB) leadership • Q2 2025

    Question

    Robert Catellier of CIBC Capital Markets asked about opportunities to accelerate or upsize projects and the company's comfort with leverage. He also inquired about future G&P investment and potential gaps in the value chain.

    Answer

    President & CEO Chad Zamarin affirmed they will accelerate projects where possible. CFO John Porter added that the balance sheet has ample capacity to fund a large CapEx budget within their 3.5-4.0x leverage target. On M&A, Zamarin stated there are no 'must-fill' strategic gaps, allowing them to remain disciplined and opportunistic with bolt-on acquisitions that leverage their footprint.

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    Robert Catellier's questions to Williams Companies Inc (WMB) leadership • Q3 2024

    Question

    Robert Catellier asked how the company's strong growth profile will influence its dividend policy, how it's protecting project returns from inflation, and the strategic importance of a potential large-scale storage acquisition.

    Answer

    CEO Alan Armstrong stated there is "no concern at all" about pulling back the dividend; in fact, the high-return projects generate so much cash flow that the challenge is deploying excess capital. He noted inflation is managed via contract escalators and conservative capital estimates. Regarding storage, both Armstrong and EVP Chad Zamarin emphasized that while they are bullish, any acquisition must be strategically accretive and fairly priced, noting that "not all storage is created equal" and their focus is on assets integrated with key markets.

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    Robert Catellier's questions to Enbridge Inc (ENB) leadership

    Robert Catellier's questions to Enbridge Inc (ENB) leadership • Q2 2025

    Question

    Robert Catellier of CIBC Capital Markets asked about the evolution of Canadian energy policy regarding a new pipeline to Tidewater and the impact of the Ohio rate case on the company's broader U.S. utility strategy.

    Answer

    President & CEO Gregory Ebel stated that customer demand is currently focused on Gulf Coast access and that Canadian policy, including the emissions cap and tanker ban, hinders a West Coast pipeline. EVP & President of Gas Distribution Michele Harradence noted that while the Ohio rate case was disappointing on some legal issues, the utility remains strong with a high ROE and capital riders, and the company has filed for a rehearing.

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    Robert Catellier's questions to Enbridge Inc (ENB) leadership • Q1 2025

    Question

    Robert Catellier asked for Enbridge's view on using alternative NEPA compliance arrangements for U.S. permitting. He also inquired about the outlook for Permian production and its impact on Ingleside and the gas system, and whether JV partners are aligned on the pace of capital deployment.

    Answer

    President and CEO Greg Ebel stated that while accelerated permitting is generally positive, the decision to use new arrangements is project-specific and depends on timing and potential legal challenges. Colin Gruending, EVP of Liquids Pipelines, noted that while they are monitoring producer activity, Enbridge's Permian business is resilient due to its contracted nature. Greg Ebel confirmed strong alignment with JV partners, evidenced by the recent Matterhorn acquisition.

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    Robert Catellier's questions to Enbridge Inc (ENB) leadership • Q4 2024

    Question

    Robert Catellier from CIBC Capital Markets asked about Enbridge's appetite for investing in a major new long-haul liquids pipeline in Canada, such as Northern Gateway, and for an updated outlook on onshore renewables under a potential new U.S. administration.

    Answer

    President & CEO Greg Ebel detailed the stringent conditions required for Enbridge to consider a major Canadian pipeline project, including significant legislative changes, regulatory reform like repealing C-69, indigenous loan guarantees, and return trackers, citing past negative experiences. He emphasized that while all business units have opportunities, the company will prioritize those with the best returns for investors, suggesting resilience in their renewables strategy regardless of the political environment.

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    Robert Catellier's questions to Enbridge Inc (ENB) leadership • Q2 2024

    Question

    Robert Catellier asked about the rationale for using the ATM program versus asset sales to fund the utility acquisitions and what to expect for future asset sales. He also questioned the near-term risk of producer shut-ins on the Mainline due to wildfires and the long-term political risk for egress needs post-2026.

    Answer

    President and CEO Greg Ebel stated that confidence in the utility deal's economics prompted the quick completion of financing, leading to the ATM's cancellation. He noted that while asset sales remain an option, they are not a necessity and would only occur at a great price. Colin Gruending, EVP of Liquids Pipelines, reported negligible impact from wildfires so far and expressed confidence that future egress projects would proceed irrespective of the political administration, citing significant industry interest.

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    Robert Catellier's questions to TC Energy Corp (TRP) leadership

    Robert Catellier's questions to TC Energy Corp (TRP) leadership • Q2 2025

    Question

    Robert Catellier of CIBC Capital Markets questioned the company's view on pursuing behind-the-meter power projects for data centers and asked about the practical impacts of potential U.S. budget reconciliation legislation on TC Energy's business.

    Answer

    EVP & COO Tina Faraca reiterated the U.S. strategy focuses on low-risk projects with utility customers. EVP & President of Power & Energy Solutions, Greg Grant, added that they are open to behind-the-meter opportunities in Canada. EVP & CFO Sean O’Donnell and President & CEO François Poirier stated that their plans are not dependent on U.S. legislative changes, which would represent potential upside.

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    Robert Catellier's questions to TC Energy Corp (TRP) leadership • Q1 2025

    Question

    Robert Catellier asked for TC Energy's perspective on alternative NEPA compliance arrangements for U.S. permitting and their appetite to use them. He also asked for a summary of how trade policy and the Canadian election results are impacting the company's view on the best risk-adjusted returns and its plans for Mexico.

    Answer

    President of U.S. Natural Gas Pipelines Tina Faraca stated that while the company supports pragmatic permitting reform, durable change requires Congressional action, and they will follow current regulations otherwise. CEO Francois Poirier explained that there is no near-term impact from trade policy as they don't take commodity risk, and their supply chains are largely domestic. He confirmed that the best risk-adjusted returns remain in the U.S., which will continue to attract the majority of discretionary capital until Canadian permitting improves.

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    Robert Catellier's questions to TC Energy Corp (TRP) leadership • Q2 2024

    Question

    Robert Catellier from CIBC Capital Markets asked about the impact of a $400 million legal verdict on deleveraging, how an early SGP in-service date might affect plans, and the outlook for the company's storage assets.

    Answer

    CEO Francois Poirier stated the company will appeal the verdict and its plans can accommodate any outcome. CFO Sean O'Donnell noted an early SGP in-service would help close the 2025 EBITDA gap. Executive Stanley Chapman explained that TC Energy's storage is fully contracted for reliability to LDCs, and the strategy will remain focused on integrated, rate-regulated assets.

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    Robert Catellier's questions to South Bow Corp (SOBO) leadership

    Robert Catellier's questions to South Bow Corp (SOBO) leadership • Q1 2025

    Question

    Robert Catellier of CIBC Capital Markets inquired about the drivers for the long-term 2-3% EBITDA growth target, especially if current market conditions persist, and asked about the policy and permitting environment in the U.S. and Canada.

    Answer

    President and CEO Bevin Wirzba identified the Blackrod project as a key contributor to the 2-3% growth guidance, with its EBITDA contribution expected to begin in 2026. He also expressed optimism that tightening egress capacity later in 2026 could support uncontracted volumes. Regarding policy, Wirzba noted that commitments from both U.S. and Canadian administrations to improve regulatory certainty are constructive for capital allocation decisions, allowing South Bow to remain agnostic to administrations.

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    Robert Catellier's questions to AltaGas Ltd (ATGFF) leadership

    Robert Catellier's questions to AltaGas Ltd (ATGFF) leadership • Q1 2025

    Question

    Robert Catellier asked how recent market volatility is impacting the sale process for the Mountain Valley Pipeline (MVP) stake. He also inquired about the primary drivers of the significant cost management gains in the Utilities segment and their sustainability.

    Answer

    D. James Harbilas, EVP and CFO, responded that market volatility has not impacted the timeline or interest level for the MVP sale. Blue Jenkins, President of Utilities, explained that the cost savings are the result of detailed process reviews and organizational design changes made in the prior year, and he expects these efficiencies to be sustainable, establishing a new cost benchmark for the business.

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    Robert Catellier's questions to AltaGas Ltd (ATGFF) leadership • Q4 2024

    Question

    Robert Catellier asked about the long-term vision for the REEF site now that tolling targets are met, specifically regarding methanol opportunities and potential customer overlap. He also questioned what progress has been made toward securing weather protection mechanisms for the D.C. utility franchise.

    Answer

    President & CEO Vern Yu described the potential methanol project as exciting because it would open the entire Asian market, materially broadening the customer base beyond the existing set. He also noted that very strong customer demand has prompted the start of engineering and permitting for subsequent REEF phases. Donald Jenkins, President of Utilities, stated that the request for weather normalization is in the current D.C. rate case and that conversations with the commission and interveners are 'trending positive.'

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    Robert Catellier's questions to AltaGas Ltd (ATGFF) leadership • Q2 2024

    Question

    Robert Catellier asked about the reasons for a slight decrease in hedging percentages, the drivers of strong extraction volume growth, the impact of Blueberry River First Nation issues on the North Pine expansion, and the company's view on recent rating agency outlook changes.

    Answer

    EVP and CFO D. James Harbilas noted volume expectations are unchanged. President of Midstream Randy Toone attributed extraction growth to new volumes from Pipestone. President and CEO Dai-Chung Yu stated the North Pine expansion is unaffected due to existing agreements. Regarding ratings, Yu said they are confident in executing on projects to address S&P's concerns and that the MVP sale is the first step to meeting Fitch's targets.

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    Robert Catellier's questions to AltaGas Ltd (ATGFF) leadership • Q1 2024

    Question

    Robert Catellier followed up on the utility data center opportunity, asking about potential optimization income and protection against stranded asset risk. He also asked how the amended Maryland rate case order might influence future rate case strategy.

    Answer

    EVP & President of Utilities Blue Jenkins confirmed they are structuring contracts to mitigate stranded asset risk and that the assets could be used for optimization. He also noted they are exploring strategies like multi-year rate plans in Maryland. President and CEO Vern Yu added the recent Maryland rate uplift was due to the commission correcting its own prior mathematical errors.

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    Robert Catellier's questions to Brookfield Infrastructure Partners LP (BIP) leadership

    Robert Catellier's questions to Brookfield Infrastructure Partners LP (BIP) leadership • Q4 2024

    Question

    Robert Catellier from CIBC Capital Markets questioned how the DeepSeek news might alter the investment approach in data centers and asked about the current view on unit repurchases versus new investments.

    Answer

    CEO Sam Pollock affirmed that investments remain guided by risk-adjusted returns and that data center development risk is mitigated by not building on spec and securing contracts without 'cancel for convenience' clauses. CFO David Krant stated that the decision on unit buybacks is a continuous assessment of relative returns against a strong pipeline of attractive investment opportunities.

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    Robert Catellier's questions to Brookfield Infrastructure Partners LP (BIP) leadership • Q3 2024

    Question

    Robert Catellier followed up on the nuclear topic, asking for clarity on BIP's interest in nuclear assets and the potential investment vehicle. He also asked how the dynamic of high deal flow versus relatively low corporate liquidity might influence the company's distribution growth policy.

    Answer

    CEO Sam Pollock clarified that any potential nuclear investments would likely be made through Brookfield's transition fund, not directly within BIP. CFO David Krant addressed liquidity, stating the current $1.6 billion is strong and will be replenished by $5-6 billion in asset sales over the next 12-24 months. Pollock emphatically added that the dividend and its growth are "sacrosanct" and would not be compromised for new investments.

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