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    Spiro Dounis • Citigroup Inc.

    Spiro Dounis's questions to Plains All American Pipeline LP (PAA) leadership

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

    Question

    Spiro Dounis asked for clarification on the second-half 2025 guidance, which appears flat to slightly lower despite volume growth, and questioned the company's ability to execute on bolt-on M&A before the NGL sale closes.

    Answer

    EVP & CCO Jeremy Goebel explained that the second-half outlook reflects the impact of contract roll-offs on the Cactus I, Cactus II, and Sunrise pipelines, with volume growth helping to backfill that impact. Chairman, CEO & President Willie Chiang stated that the company's financial flexibility and balance sheet capacity allow it to pursue M&A opportunities of all sizes as they arise, independent of the NGL sale's closing timeline.

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

    Question

    Spiro Dounis asked for an update on Plains' open long-haul capacity position for 2026 and plans to secure contracts. He also questioned if each bolt-on acquisition increases the potential for a larger-than-baseline distribution increase.

    Answer

    Jeremy Goebel, an executive, stated the long-haul position is consistent, with Corpus Christi assets contracted and a preference for shorter-term deals on the Basin pipeline until tariffs improve. Willie Chiang, Chairman and CEO, confirmed that accretive bolt-ons conceptually increase the ability to grow the distribution, as the capital allocation framework is designed to return more capital to unitholders when the company performs better.

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

    Question

    Spiro Dounis inquired about early producer discussions for 2025 Permian volumes and how recent high-valuation public M&A deals might affect the bid-ask spread for crude pipeline bolt-ons and the company's view on its own stock value for buybacks.

    Answer

    Chairman & CEO Willie Chiang and EVP & CCO Jeremy Goebel indicated that while 2025 guidance is not set, they anticipate a similar Permian growth range as 2024 (200k-300k bbl/d). Regarding valuations, Goebel emphasized that Plains remains disciplined, noting that its integrated system allows it to capture unique synergies. Chiang added that they believe Plains' stock is undervalued and they are focused on driving its value higher.

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

    Question

    Spiro Dounis sought to quantify the open contract capacity on Permian egress pipelines and asked about the drivers behind the updated volume guidance, where intra-basin volumes increased while gathering volumes decreased.

    Answer

    Executive Jeremy Goebel declined to provide specific figures on open capacity but noted small amounts exist on the Cactus and Basin systems. He explained the guidance change was due to shifting pipeline dynamics, with more barrels moving via intra-basin systems to Colorado City to access alternative takeaway routes like TMX and Wink-to-Webster's extension.

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    Spiro Dounis's questions to Cheniere Energy Inc (LNG) leadership

    Spiro Dounis's questions to Cheniere Energy Inc (LNG) leadership • Q2 2025

    Question

    Spiro Dounis of Citigroup inquired about the pace of new SPA commercialization and Cheniere's ability to maintain premium pricing. He also asked about the drivers and durability of CMI's optimization activities year-to-date.

    Answer

    President & CEO Jack Fusco credited a supportive U.S. administration for aiding customer talks. EVP & CCO Anatol Feygin emphasized that Cheniere's decade-long performance record allows them to secure favorable terms with partners who value reliability over the lowest price. EVP & CFO Zach Davis explained that optimization across the value chain offset lower market margins earlier in the year, and that de-risking 2025 open capacity and completing maintenance has secured the company's financial outlook.

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    Spiro Dounis's questions to Cheniere Energy Inc (LNG) leadership • Q1 2025

    Question

    Spiro Dounis requested an update on the '2020 Vision' capital allocation plan's progress and asked for color on the 2025 guidance, noting strong Q1 results and potential upside from Train 4.

    Answer

    EVP and CFO Zach Davis confirmed that over $15 billion of the $20 billion target has been deployed and they are on track to surpass the goal before 2026. Regarding guidance, he explained that proactive hedging and optimization efforts offset the recent drop in market margins, keeping them comfortable with the midpoint of the range. He cautioned that Train 4 would be in commissioning and not a material contributor this year.

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    Spiro Dounis's questions to Targa Resources Corp (TRGP) leadership

    Spiro Dounis's questions to Targa Resources Corp (TRGP) leadership • Q2 2025

    Question

    Spiro Dounis asked about Targa's ability to consistently outperform Permian basin growth and for an update on the medium-term outlook for NGL margins amid concerns of an overbuild.

    Answer

    CEO Matthew Meloy attributed Targa's outperformance to its premier asset footprint over the best rock and its base of large, active producers. President of Logistics & Transportation, D. Scott Pryor, addressed NGL margins, highlighting that Targa's growing, integrated system and highly contracted export business provide resilience against spot market volatility and new competition.

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    Spiro Dounis's questions to Targa Resources Corp (TRGP) leadership • Q2 2025

    Question

    Spiro Dounis asked about Targa's ability to continue outperforming Permian basin growth and questioned the medium-term outlook for NGL margins amid concerns of an overbuild and narrower export arbitrage.

    Answer

    CEO Matthew Meloy attributed Targa's outperformance to its premier asset footprint over the best rock and its strong, stable producer base. President of Logistics & Transportation D. Scott Pryor addressed NGL margins, highlighting that Targa's growing, integrated supply and highly contracted export position insulate it from spot market volatility, while global LPG demand remains strong.

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    Spiro Dounis's questions to Targa Resources Corp (TRGP) leadership • Q1 2025

    Question

    Spiro Dounis inquired about Targa's ability to benefit from market volatility, referencing past optimization gains, and asked for an update on the company's hedging strategy and position relative to its fee floors.

    Answer

    CEO Matt Meloy confirmed that Targa's growing footprint provides more opportunities to monetize positions, particularly in gas and NGL marketing, which contributed to a strong Q1. He noted that Targa is currently below its fee floors across its G&P footprint, a situation unchanged from the start of the year. Meloy reiterated that the company's hedging strategy is robust, with 90% of its remaining length hedged through 2026, significantly reducing commodity price impact on operating results.

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    Spiro Dounis's questions to Kinetik Holdings Inc (KNTK) leadership

    Spiro Dounis's questions to Kinetik Holdings Inc (KNTK) leadership • Q2 2025

    Question

    Spiro Dounis of Citigroup inquired about the potential for NGL recontracting tailwinds to materialize earlier than 2026 and asked about the progress toward a Final Investment Decision (FID) for the Kings Landing 2 expansion.

    Answer

    CEO Jamie Welch confirmed it is a favorable market for recontracting NGLs due to ample pipeline capacity, with Kinetik having serial contract expirations through the end of the decade. For Kings Landing 2, Welch stated they are "midway" through the process for an FID, which is expected before year-end, pending commercial agreements, acid gas injection (AGI) permits, and power arrangements. SVP of Commercial, Kris Kindrick, added that the ECCC pipeline enhances their ability to use offloads to optimize the system.

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    Spiro Dounis's questions to Kinetik Holdings Inc (KNTK) leadership • Q1 2025

    Question

    Spiro Dounis of Citigroup inquired about the key drivers supporting Kinetik's 10% compound annual growth rate (CAGR) through 2029 and questioned the recent capital allocation pivot towards share buybacks versus organic growth and M&A.

    Answer

    CEO Jamie Welch detailed that the growth is underpinned by contractual resets, the Barilla Draw acquisition, and producer growth in New Mexico, with the potential for a Kings Landing 2 expansion. CFO Trevor Howard and CEO Jamie Welch explained the buyback reflects a flexible, opportunistic strategy driven by the stock's 'incredible' undervaluation, citing strong near-term EBITDA growth and a solid balance sheet.

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    Spiro Dounis's questions to Kinetik Holdings Inc (KNTK) leadership • Q4 2024

    Question

    Spiro Dounis of Citigroup inquired about the execution risk and infrastructure required to achieve Kinetik's 10% five-year EBITDA CAGR target and asked about the M&A outlook for 2025.

    Answer

    CEO Jamie Welch explained that Kinetik's outsized market share growth, combined with organic projects like Kings Landing II, NGL contract roll-offs, and OpEx reduction initiatives (such as a potential power generation facility), supports the growth target with low execution risk. Regarding M&A, Welch noted that while opportunities exist, the company maintains a very high bar for returns, especially when compared to compelling internal projects.

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    Spiro Dounis's questions to Sunoco LP (SUN) leadership

    Spiro Dounis's questions to Sunoco LP (SUN) leadership • Q2 2025

    Question

    Spiro Dounis of Citigroup inquired about the Parkland acquisition, asking for an update on synergy targets and the impact of recent tax legislation on the Suncorp C-Corp structure. He also asked for the outlook on fuel margins for the second half of 2025 and into 2026.

    Answer

    COO Karl Fails stated that Sunoco feels 'as good or better' about the Parkland acquisition and is confident in achieving the $250 million synergy target and returning to a 4x leverage target within 12-18 months. Treasurer & SVP - Finance Scott Grischow added that Suncorp dividends are expected to remain at parity with Sunoco LP distributions well past the initial two-year period, aided by favorable tax law changes. CCO Austin Harkness addressed fuel margins, noting that while portfolio changes have impacted reported CPG, the underlying margin environment remains bullish due to elevated breakevens, positioning the segment for a strong second half.

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    Spiro Dounis's questions to Sunoco LP (SUN) leadership • Q4 2024

    Question

    Spiro Dounis of Citi questioned the change in language to "at least 5%" for distribution growth, asking what prompted the change and what could accelerate growth beyond that level. He also inquired about the expected 7-Eleven makeup payment in Q1.

    Answer

    President and CEO Joseph Kim stated that the "at least" language reinforces strong confidence in the business, its fundamentals, and its ability to accretively grow, calling 5% the floor for 2025 and signaling a multi-year outlook for increases. Chief Commercial Officer Austin Harkness confirmed the 7-Eleven payment is trending higher than last year and will be approximately $30 million.

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    Spiro Dounis's questions to Williams Companies Inc (WMB) leadership

    Spiro Dounis's questions to Williams Companies Inc (WMB) leadership • Q2 2025

    Question

    Spiro Dounis of Citi asked about the project mix and CapEx profile for the 2028-2030 timeframe. He also inquired about downstream opportunities from the Sabre acquisition and the strategy behind recent smaller-scale M&A.

    Answer

    President & CEO Chad Zamarin described a strategy of layering long-cycle projects like Power Express with quick-turnaround Power Innovation projects for predictable growth, noting CapEx might rise but remain within balance sheet capacity. He explained the Sabre acquisition extends their Haynesville footprint with future integration potential and reiterated a disciplined M&A approach focused on strategic, bolt-on acquisitions rather than reacting to the market.

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    Spiro Dounis's questions to Williams Companies Inc (WMB) leadership • Q2 2025

    Question

    Spiro Dounis of Citi questioned the mix of long-cycle versus short-cycle projects in the 2028-2030 timeframe and the associated CapEx outlook. He also asked about the strategy behind the Sabre acquisition and the recent focus on smaller M&A deals.

    Answer

    President & CEO Chad Zamarin explained their strategy involves layering long-term transmission projects with faster-turnaround Power Innovation projects for predictable growth, noting CapEx might rise but will stay within balance sheet capacity. He described the Sabre deal as a strategic bolt-on that extends their Haynesville footprint, emphasizing that the broader M&A approach remains disciplined and focused on opportunities that leverage their existing assets.

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    Spiro Dounis's questions to Williams Companies Inc (WMB) leadership • Q1 2025

    Question

    Spiro Dounis questioned whether elevated capital expenditures will be a feature for the next few years given the growing project backlog and if there are any self-imposed spending limits. He also asked about the timing and rationale for the CEO leadership transition.

    Answer

    CFO John Porter stated that the company has significant balance sheet capacity to fund its high-return organic projects while staying within its 3.5x-4.0x leverage target. CEO Alan Armstrong added that the quick returns from power projects further expand this capacity. Regarding the transition, Armstrong cited the company's strong performance and culture as making it the right time, while EVP Chad Zamarin affirmed his mandate is to continue the successful gas-focused strategy.

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    Spiro Dounis's questions to ONEOK Inc (OKE) leadership

    Spiro Dounis's questions to ONEOK Inc (OKE) leadership • Q2 2025

    Question

    Spiro Dounis of Citigroup inquired about the 2026 outlook, asking for details on the projected growth and how much is secured by contracts and synergies versus being dependent on volume growth. He also asked about the drivers of outperformance in the natural gas segment and the progress of discussions related to AI and data center demand.

    Answer

    President and CEO Pierce Norton and EVP & CFO Walt Hulse attributed the tempered 2026 outlook to market volatility and tighter spread differentials. Hulse clarified that growth is primarily supported by projects coming online, synergy realization, and refined products expansions, rather than just producer activity. EVP & CCO Sheridan Swords explained the natural gas outperformance is due to asset integration and optimization. Regarding AI, Swords noted active discussions with over 30 parties and some contracted industrial demand.

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    Spiro Dounis's questions to ONEOK Inc (OKE) leadership • Q1 2025

    Question

    Speaking for Spiro Dounis, Doug Irwin asked how potential LPG tariffs have affected the commercial strategy for the new export project and how a steep crude contango market might create storage tailwinds for the company.

    Answer

    Chief Commercial Officer Sheridan Swords stated that potential tariffs have not impacted their LPG export project strategy, as U.S. LPG is a byproduct that must clear to international markets. He also confirmed that with significant crude storage capacity, a contango market would present a strong opportunity to store product for forward sales, creating a financial tailwind.

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    Spiro Dounis's questions to DT Midstream Inc (DTM) leadership

    Spiro Dounis's questions to DT Midstream Inc (DTM) leadership • Q2 2025

    Question

    Spiro Dounis from Citigroup asked for an update on quantifying the total growth opportunity set from the recently acquired Midwest pipelines and the expected cadence of future modernization project announcements. He also questioned if 2026 CapEx could be similar to 2025 and asked about the company's self-imposed capital spending limits.

    Answer

    President & CEO David Slater stated that while the company is excited about the half-billion-dollar investment already sanctioned on the Midwest assets, it plans to update its long-term capital backlog annually rather than quarterly. Regarding future spending, Slater noted that DTM's goal is to fund organic growth with free cash flow. The company's strong balance sheet and investment-grade rating provide flexibility and 'dry powder' to pursue opportunities exceeding free cash flow without jeopardizing its financial health.

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    Spiro Dounis's questions to DT Midstream Inc (DTM) leadership • Q1 2025

    Question

    Spiro Dounis asked for the latest thoughts on the timeline for the next LEAP pipeline expansion, considering the ramp-up in Haynesville activity and the Woodside LNG FID. He also requested more detail on the expected earnings cadence for the year, given the guidance for a Q2 dip followed by a strong second half.

    Answer

    President and CEO David Slater reiterated that LEAP expansions will likely continue in 'bite-sized' increments and that the company is well-positioned competitively. He noted the Woodside FID is a positive catalyst but the market needs time to digest it and the new competing pipelines coming online. EVP and CFO Jeffrey Jewell confirmed the second half of the year is planned to be stronger, driven by volume growth and new projects coming online. Slater added that Q1 benefited from robust seasonality due to a colder-than-normal winter.

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    Spiro Dounis's questions to DT Midstream Inc (DTM) leadership • Q4 2024

    Question

    Spiro Dounis asked about the scale of opportunities beyond the announced projects, whether the $2.3 billion backlog includes data center projects, and for more detail on the outperformance of the Utica system and the nature of its downstream opportunities.

    Answer

    President and CEO David Slater explained the $2.3 billion backlog is a probability-weighted figure with a significant opportunity set behind it, particularly from the newly acquired ONEOK assets. He clarified that downstream opportunities in the Utica refer to transmission pathways out of the basin, not processing, and expressed high confidence in continued growth and expansion in that region.

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    Spiro Dounis's questions to DT Midstream Inc (DTM) leadership • Q3 2024

    Question

    Spiro Dounis asked about the 2025 CapEx outlook, the headroom for new projects while remaining free cash flow positive, and the relative attractiveness of M&A given the company's strong organic backlog and equity performance.

    Answer

    David Slater, President and CEO, and Jeff Jewell, EVP and CFO, reiterated their strict financial policy of operating within free cash flow. Slater noted the commercial team's success in contracting the backlog provides high confidence in growth. On M&A, Slater restated that DTM's disciplined strategy as a pure-play, gas-only midstream company with no commodity exposure remains the 'north star' for evaluating any potential transaction.

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    Spiro Dounis's questions to Enterprise Products Partners LP (EPD) leadership

    Spiro Dounis's questions to Enterprise Products Partners LP (EPD) leadership • Q2 2025

    Question

    Spiro Dounis of Citigroup inquired about the expected ramp-up and utilization rates for the nearly $6 billion in assets coming online in late 2025, and also asked about the future pace of the company's share buyback program.

    Answer

    Co-CEO A.J. Teague, SVP Natalie Reagan, and SVP Tug Hanley detailed the asset ramp-up, noting Frac-fourteen and processing plants would be near or at full capacity quickly, while the Bahia pipeline would start around 50-60%. Co-CEO Randall Fowler added that while buybacks were opportunistic in Q2, a larger opportunity for repurchases will emerge in 2026 with increased free cash flow.

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    Spiro Dounis's questions to Enterprise Products Partners LP (EPD) leadership • Q2 2025

    Question

    Spiro Dounis of Citigroup inquired about the expected ramp-up timeline for the $6 billion in assets coming online in the second half of 2025 and the company's capital allocation strategy, particularly the pace of share buybacks.

    Answer

    Co-CEO A.J. Teague, SVP of Natural Gas Assets Natalie Reagan, and SVP of Pipelines & Marketing Tug Hanley provided ramp-up details, noting the Bahia pipeline will start at 50% capacity and processing plants near 90%. Co-CEO Randall Fowler stated that buybacks were increased due to recent volatility but the larger opportunity for repurchases will be in 2026 as free cash flow increases.

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    Spiro Dounis's questions to Enterprise Products Partners LP (EPD) leadership • Q1 2025

    Question

    Spiro Dounis asked about the expected EBITDA ramp and cadence from the $6 billion in projects starting up in 2025, questioning how much of the potential $800 million in EBITDA is secured versus dependent on future growth.

    Answer

    Co-CEO A. Teague, along with executives Natalie Reagan and Tug Hanley, confirmed that the new projects are expected to be highly utilized upon startup. Reagan stated new gas processing plants will be 60-75% full or higher, while Hanley noted export projects are 85-90% contracted. Teague concluded they are confident the projects will be 'fairly full' when they come online, suggesting a strong initial ramp.

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    Spiro Dounis's questions to Enterprise Products Partners LP (EPD) leadership • Q4 2024

    Question

    Spiro Dounis inquired about the 2025 financial outlook, asking if Q4 2024 results serve as a good run-rate, and also questioned the status of the SPOT deepwater port project, including the likelihood of a 2025 FID and license expiration timing.

    Answer

    Co-CEO Randy Fowler confirmed the company's view of potential mid-single-digit cash flow growth for 2025, with contributions from new projects weighted toward the second half of the year. Regarding SPOT, Co-CEO Jim Teague stated they are not concerned about permit renewals, having already extended the air permit to 2028, and declined to rule out a 2025 FID.

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    Spiro Dounis's questions to Enterprise Products Partners LP (EPD) leadership • Q3 2024

    Question

    Spiro Dounis questioned the rationale for buying versus building the Piñon Midstream assets and inquired about the potential impact of a proposed new setback rule in New Mexico on operations.

    Answer

    Co-CEO A. Teague explained that acquiring Piñon was a strategic decision for speed-to-market, as a greenfield build would have taken approximately three years. Regarding New Mexico, Executive Tony Chovanec stated that the industry can adapt to new rules once they are finalized and that modern horizontal drilling provides operational flexibility.

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    Spiro Dounis's questions to Pembina Pipeline Corp (PBA) leadership

    Spiro Dounis's questions to Pembina Pipeline Corp (PBA) leadership • Q1 2025

    Question

    Spiro Dounis from Citigroup asked for clarification on the Dow contract, including plans for the de-ethanizer tower, payment obligations, and capital redeployment. He also inquired about the status of discussions to expand the Alliance Pipeline.

    Answer

    SVP Jaret Sprott explained that Pembina continues to evaluate the most cost-effective supply options for the Dow agreement, with the RFS III de-ethanizer remaining a logical choice. He noted that minimal capital was planned for 2025, so the delay has no material impact on current spending. Regarding Alliance, Sprott confirmed strong demand for gas egress and that Pembina is evaluating expansion opportunities, including a full-path expansion or shorter-haul options.

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    Spiro Dounis's questions to Pembina Pipeline Corp (PBA) leadership • Q4 2024

    Question

    Spiro Dounis asked if recent tariff discussions have reshaped Pembina's long-term project strategy and if new opportunities are emerging. He also requested an update on the potential $200 million capital expenditure increase mentioned in previous guidance.

    Answer

    President and CEO J. Burrows stated that while there's no immediate financial impact from tariffs, there are positive tailwinds from a changing political sentiment that could speed up project approvals. SVP & CFO Cameron Goldade clarified that about half of the potential $200 million CapEx increase has progressed through internal gates, primarily for the RFS de-ethanizer and Northeast B.C. spending.

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    Spiro Dounis's questions to Western Midstream Partners LP (WES) leadership

    Spiro Dounis's questions to Western Midstream Partners LP (WES) leadership • Q1 2025

    Question

    Spiro Dounis of Citigroup asked how Western Midstream's capital allocation priorities might shift in a slower growth environment and questioned the drivers behind the guidance that implies a stronger second half of the year.

    Answer

    CEO Oscar Brown stated that the company's capital allocation strategy remains unchanged, with a focus on organic growth, potential M&A, and opportunistic buybacks. He confirmed the outlook for a volume pickup in the second half, driven primarily by West Texas and the Uinta Basin, and noted that so far, there are no signs that the volume outlook should change.

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    Spiro Dounis's questions to Aris Water Solutions Inc (ARIS) leadership

    Spiro Dounis's questions to Aris Water Solutions Inc (ARIS) leadership • Q1 2025

    Question

    Spiro Dounis of Citi requested more detail on the commercialization of McNeil Ranch, including timelines and potential monetization, and asked about the durability of cash flow, particularly how produced water volumes would react to a slowdown in completion activity.

    Answer

    President and CEO Amanda Brock reported that McNeil Ranch is exceeding expectations with significant inbound interest for surface use like solar and battery storage, and that Aris has already secured 11 permits on the Texas side. She described it as being in the "early innings." Regarding cash flow, executive David Tuerff explained that produced water volumes (70% of the business) are tied to resilient oil production, not just completion activity. Founder and Executive Chairman Bill Zartler added that a completions slowdown could temporarily increase interruptible produced water volumes flowing into their system for disposal.

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    Spiro Dounis's questions to Aris Water Solutions Inc (ARIS) leadership • Q2 2024

    Question

    Speaking on behalf of Spiro Dounis, an analyst from Citi asked for an update on capital allocation priorities and the M&A landscape, given that Aris's leverage is below its target range. A second question focused on the next steps for the company's mineral extraction initiative following the recent iodine milestone.

    Answer

    CFO Stephan Tompsett reiterated the capital allocation framework: maintaining a strong balance sheet, funding attractive organic and inorganic growth, and sustainably increasing shareholder returns. President and CEO Amanda Brock addressed M&A, noting recent sector activity but emphasizing Aris's disciplined approach to valuation. Founder and Executive Chairman Bill Zartler added that the company is patient for the right opportunities. On mineral extraction, Amanda Brock explained that the letter of intent for iodine involves a partner funding the facility's capital, with Aris likely receiving a royalty, marking a significant step in its beneficial reuse strategy.

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    Spiro Dounis's questions to Energy Transfer LP (ET) leadership

    Spiro Dounis's questions to Energy Transfer LP (ET) leadership • Q1 2025

    Question

    Spiro Dounis from Citigroup Inc. asked about the Hugh Brinson pipeline, questioning the timing for Phase II given that demand exceeds capacity, potential downstream bottlenecks, and the customer types driving demand. He also asked if the $5 billion CapEx plan still supports high growth amid market volatility.

    Answer

    Executive Mackie McCrea stated that demand for the Hugh Brinson pipeline from customers, including power plants and industrial users, is significantly higher than Phase II capacity. Regarding the $5 billion CapEx, he noted that while they have the flexibility to defer costs if a slowdown persists, it is premature to make such decisions, and the company remains bullish on its long-term outlook and the value of its projects.

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    Spiro Dounis's questions to Energy Transfer LP (ET) leadership • Q4 2024

    Question

    Spiro Dounis from Citigroup inquired about the capital return policy, asking if strong EBITDA growth could accelerate distribution growth, and questioned the role of M&A given the high organic CapEx budget.

    Answer

    Executive Thomas Long reiterated the 3-5% distribution growth target but expressed a desire to move toward the higher end of that range. He stressed that while high-return organic projects are the current focus, M&A remains a crucial component of the company's long-term growth strategy for consolidation in the midstream sector.

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    Spiro Dounis's questions to Navigator Holdings Ltd (NVGS) leadership

    Spiro Dounis's questions to Navigator Holdings Ltd (NVGS) leadership • Q4 2024

    Question

    Spiro Dounis asked about the operational ramp-up of the expanded Morgan's Point terminal, the strategy for contracting its offtake capacity, and the status of selling three older vessels, including potential buyers and the use of proceeds.

    Answer

    EVP Randall Giveans confirmed the terminal is fully operational and capable of running at maximum capacity, with a strategy to contract about 90% of the offtake to leave a buffer for spot cargoes. The primary hurdle for new contracts is the tight ethylene arbitrage. CEO Mads Peter Zacho added that discussions to sell the three older vessels are ongoing with multiple potential buyers, and the company believes it is an opportune time to sell given robust vessel values and the ships' age.

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    Spiro Dounis's questions to Kinder Morgan Inc (KMI) leadership

    Spiro Dounis's questions to Kinder Morgan Inc (KMI) leadership • Q4 2024

    Question

    Spiro Dounis of Citi asked for clarity on the visibility of the unsanctioned project backlog, given the $2.5 billion annual spend forecast against the $8.1 billion sanctioned backlog. He also inquired about the operational impact of recent weather events in Q1.

    Answer

    Kimberly Dang (Executive) clarified that the $2.5 billion annual spend forecast already includes some expectation of future project additions beyond the current backlog, and there is potential for that number to grow. She also stated that recent weather events, including California fires and cold weather, had no material impact on operations due to effective preparation and response.

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