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    Robert Mosca • Mizuho Financial Group, Inc.

    Robert Mosca's questions to Venture Global Inc (VG) leadership

    Robert Mosca's questions to Venture Global Inc (VG) leadership • Q2 2025

    Question

    Robert Mosca of Mizuho inquired about the latest project cost outlook for CP2 Phases 1 and 2, given market inflation and tariffs. He also asked about plans for the Plaquemines expansion, including potential capacity beyond 19 MTPA and how the company balances project size with financing needs.

    Answer

    CFO Jonathan Thayer updated the total project cost guidance for CP2 to $28.5-$29.5 billion, citing higher interest rates, tariff contingencies, and investments for future phases. CEO Michael Sabel added that for the Plaquemines expansion, the ultimate size could be north of 24 MTPA due to better-than-expected facility throughput, with spending paced alongside the execution of new long-term contracts.

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    Robert Mosca's questions to Venture Global Inc (VG) leadership • Q1 2025

    Question

    Robert Mosca asked for an update on the expansion potential at Calcasieu Pass and CP2, how that affects the project development pipeline, and the timeline for entering into an EPC contract for CP2 Phase 2.

    Answer

    CEO Mike Sabel explained that larger-than-expected brownfield expansion opportunities at Plaquemines and CP2 will now be prioritized ahead of greenfield projects like CP3. Regarding the EPC contract, Sabel clarified that Venture Global's model involves a smaller EPC scope with a large internal team managing execution, and they expect to layer on additional EPC contracts in the coming months.

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    Robert Mosca's questions to Cheniere Energy Inc (LNG) leadership

    Robert Mosca's questions to Cheniere Energy Inc (LNG) leadership • Q2 2025

    Question

    Robert Mosca from Mizuho Financial Group asked for the standalone EPC cost of Trains 8 and 9, clarified the impact of tax law changes on DCF guidance, and questioned if the long-term excess cash target was now conservative.

    Answer

    EVP & CFO Zach Davis stated the vast majority of the project cost was for the trains, with debottlenecking capital being essential to meet return hurdles. He confirmed the recent tax law benefits were not in the prior guidance and are a key reason for the increase. He reiterated that the 'over $25 billion' available cash target through 2030 provides significant flexibility for buybacks, dividends, and disciplined growth, with excess cash being returned to shareholders if growth projects are not accretive.

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    Robert Mosca's questions to DT Midstream Inc (DTM) leadership

    Robert Mosca's questions to DT Midstream Inc (DTM) leadership • Q2 2025

    Question

    Robert Mosca of Mizuho Financial Group inquired about other potential opportunities in the Haynesville basin, such as last-mile solutions to LNG facilities, storage projects, or connections to power generation. He also asked if DTM could benefit from recently announced projects driving in-basin demand in the Northeast.

    Answer

    President & CEO David Slater confirmed that DTM is actively evaluating greenfield storage opportunities in the Haynesville, driven by customer demand related to the LNG ramp. He also mentioned a focus on last-mile solutions and attracting more private producers. Regarding the Northeast, Slater stated that new in-basin demand, like from data centers, will allow basin production to ramp, and DTM expects to benefit as some of that incremental drilling will occur on its footprint.

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    Robert Mosca's questions to DT Midstream Inc (DTM) leadership • Q1 2025

    Question

    Robert Mosca asked to what extent the productive capacity being built by DTM's major customer in the Haynesville for 2026 is captured in the company's preliminary 2026 guidance.

    Answer

    President and CEO David Slater confirmed that DTM receives insights into the plans of all its customers and that this information is reflected in the company's 2025 and 2026 guidance. He stated that the short answer is that the customer's activity is included in the outlook.

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    Robert Mosca's questions to DT Midstream Inc (DTM) leadership • Q4 2024

    Question

    Robert Mosca inquired about the potential for DTM to provide a CCS solution for the new AGS lateral power project and asked for insight into the flexibility of its main Haynesville producer's development plans given market dynamics.

    Answer

    President and CEO David Slater noted that while CCS has been discussed with Appalachian power developers, the trend is shifting towards building conventional plants with the future optionality for decarbonization. Regarding the Haynesville, he reiterated that volumes are expected to grow through the year and have already increased since year-end, but producers remain in a 'wait-and-see' mode before committing to major production increases.

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    Robert Mosca's questions to DT Midstream Inc (DTM) leadership • Q3 2024

    Question

    Robert Mosca asked for an outlook on the commercial impact of the closed Chesapeake/SWN merger, whether LEAP Phase 4 customers were related to the Blue Union expansion, and for details on the CCS project's delayed FID.

    Answer

    David Slater, President and CEO, expressed confidence in the value of the acreage DTM gathers for the newly merged entity, calling it the 'most economic rock in the basin.' He confirmed it was a 'safe assumption' that the LEAP Phase 4 customers were related to the Blue Union expansion. Regarding the CCS project, he attributed the FID push to H1 2025 to a 'regulatory holding pattern' while awaiting guidance from the Louisiana DENR.

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    Robert Mosca's questions to Kinetik Holdings Inc (KNTK) leadership

    Robert Mosca's questions to Kinetik Holdings Inc (KNTK) leadership • Q1 2025

    Question

    Robert Mosca of Mizuho Securities questioned how Kinetik would manage its buyback authorization with respect to its public float and an upcoming sponsor lockup expiration, and asked if NGL pipeline contract roll-offs could provide a cost-saving offset in a lower-growth scenario.

    Answer

    CEO Jamie Welch stated the buyback is driven by conviction, not sponsor speculation, and that the public float has grown 5x, providing sufficient liquidity for open market purchases. Welch and CFO Trevor Howard confirmed that the roll-off of several above-market NGL contracts in coming years 'absolutely does' provide a significant embedded economic benefit, helping earnings grow faster than volumes.

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    Robert Mosca's questions to New Jersey Resources Corp (NJR) leadership

    Robert Mosca's questions to New Jersey Resources Corp (NJR) leadership • Q2 2025

    Question

    Robert Mosca of Mizuho Securities asked for NJR's perspective on the updated draft of New Jersey's proposed energy master plan. He inquired about the company's focus during the comment period and how recent affordability legislation might influence the plan's direction.

    Answer

    President and CEO Stephen D. Westhoven clarified that only a presentation, not a full draft document, of the energy master plan was issued. He noted that NJR submitted comments but anticipates that the new administration following the upcoming election will likely draft an entirely new plan. He characterized the current situation as a 'stay tuned moment' to see how the new administration's goals will shape future energy policy.

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    Robert Mosca's questions to New Jersey Resources Corp (NJR) leadership • Q4 2024

    Question

    Robert Mosca inquired about the financial economics of the Sunlight Advantage residential solar portfolio sale, its effect on future electricity sales, and the outlook for the Infrastructure Investment Program (IIP) in 2025.

    Answer

    President and CEO Steve Westhoven clarified that wholesale electricity sales will not be impacted by the transaction. CFO Roberto Bel provided financial details, noting the sale's proceeds of $132.5 million and an estimated after-tax gain of approximately $0.30 per share. Executive Patrick Migliaccio added that the current IIP is scheduled to sunset as planned, and the company will evaluate potential future programs.

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    Robert Mosca's questions to Kodiak Gas Services Inc (KGS) leadership

    Robert Mosca's questions to Kodiak Gas Services Inc (KGS) leadership • Q4 2024

    Question

    Robert Mosca asked for clarity on the drivers of the 'Other Services' segment guidance, which showed higher revenue but a lower margin, and requested a pro forma view of the legacy Kodiak gross margin.

    Answer

    CFO John Griggs explained that the 'Other Services' segment now includes businesses from the CSI acquisition, resulting in a blended revenue and margin profile that differs from Kodiak's legacy station construction business. He noted that while standalone Kodiak had a ~66% contract compression margin and CSI was in the mid-50s, the combined entity has already returned to a 67% margin, demonstrating successful integration.

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