Sign in

    Sunil Sibal • Seaport Global Holdings LLC

    Sunil Sibal's questions to Plains All American Pipeline LP (PAA) leadership

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

    Question

    Sunil Sibal sought clarification on the BridgeTex acquisition structure and asked about the long-term strategy for the small U.S. NGL business that Plains is retaining.

    Answer

    EVP & CCO Jeremy Goebel clarified that the BridgeTex interest was purchased directly by Plains and not through a joint venture. He further explained that the retained U.S. NGL assets are minor, kept for tax and operational efficiency, and are more likely to be divested in the future rather than forming part of a core strategy.

    Ask Fintool Equity Research AI

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

    Question

    Sunil Sibal asked about the expected cadence of Permian volume growth in 2025 and the potential upside if basin growth is at the high end of the range. He also inquired about Plains' competitive position in the Canadian NGL market.

    Answer

    Jeremy Goebel, an executive, projected a 2025 Permian growth cadence similar to the prior year, weighted to the second half. He noted the company's guidance already encompasses the full 200k-300k bbl/d basin growth range. Regarding Canadian NGLs, he asserted that Plains' position is secure due to its unique, non-replicable assets, and is not significantly impacted by recent competitive shifts.

    Ask Fintool Equity Research AI

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

    Question

    Sunil Sibal asked if Plains' Permian system volumes and cash flows would grow in line with the overall basin growth forecast of 200,000-300,000 bbl/d and questioned the reasons for higher cash taxes.

    Answer

    Executive Jeremy Goebel confirmed that Plains' system is a "good proxy for the basin's overall growth." CFO Al Swanson explained that higher cash taxes were driven by increased income (especially from Canada), a one-time withholding tax on repatriated cash, and other estimate refinements, with taxes expected to decrease in 2025.

    Ask Fintool Equity Research AI

    Sunil Sibal's questions to Targa Resources Corp (TRGP) leadership

    Sunil Sibal's questions to Targa Resources Corp (TRGP) leadership • Q2 2025

    Question

    Sunil Sibal asked about the capital costs for the next set of processing plants given inflation and the potential impact on returns.

    Answer

    President Jennifer Kneale acknowledged that costs have risen, providing a current range of $225 million to $275 million per plant. However, she emphasized that the engineering team is effectively managing these costs through standardized designs, co-locating facilities to share infrastructure, and proactive supply chain management to maintain best-in-class costs and returns.

    Ask Fintool Equity Research AI

    Sunil Sibal's questions to Targa Resources Corp (TRGP) leadership • Q2 2025

    Question

    Sunil Sibal asked about the capital costs for the next wave of processing plants in an inflationary environment and the potential impact on project returns.

    Answer

    President Jennifer Kneale acknowledged that costs have risen, estimating new plants at $225 million to $275 million, but stated that Targa's engineering team is effectively managing these increases. She highlighted strategies like using standard designs and co-locating facilities to leverage shared infrastructure, ensuring they continue to build at best-in-class costs and generate attractive returns.

    Ask Fintool Equity Research AI

    Sunil Sibal's questions to Targa Resources Corp (TRGP) leadership • Q1 2025

    Question

    Sunil Sibal asked if Targa has layered on additional hedges recently and at what crude oil price level producers might change their drilling plans.

    Answer

    President Jennifer Kneale confirmed that Targa is always adding hedges as part of its disciplined program and is more likely to add than reduce exposure, on top of the protection from fee floors. Regarding producer plans, she noted that each producer's decision is different and based on their specific economics and board discussions. While Targa has seen mixed minor changes from smaller producers, the larger, needle-moving customers have not indicated any changes to their multi-year drilling programs at this time.

    Ask Fintool Equity Research AI

    Sunil Sibal's questions to Targa Resources Corp (TRGP) leadership • Q4 2024

    Question

    Sunil Sibal asked how Targa manages project returns amid inflation and potential tariffs, and whether costs can be passed on. He also inquired about the competitive landscape for NGL exports and any shifts in target markets.

    Answer

    CEO Matt Meloy described rising steel costs as a manageable headwind, as steel is a modest portion of total project costs and the procurement team is actively managing sourcing. On exports, he and President, Logistics and Transportation, Scott Pryor noted the market remains competitive but that Targa's brownfield expansion is attractive and needed to service its own system's growing volumes for a robust global market.

    Ask Fintool Equity Research AI

    Sunil Sibal's questions to Targa Resources Corp (TRGP) leadership • Q3 2024

    Question

    Sunil Sibal inquired about ethane recovery trends given weak pricing, the volume outlook for the Daytona pipeline, and the sustainability of the recent uptick in crude volumes in the Badlands system.

    Answer

    Executive D. Pryor stated that despite weak prices, Targa remains in full ethane recovery mode in the Permian to feed its integrated system. Executive Patrick McDonie attributed the Badlands crude volume increase to specific producers receiving permits and ramping activity, and he expects 'good activity' to continue, though not necessarily the same robust growth rate.

    Ask Fintool Equity Research AI

    Sunil Sibal's questions to ONEOK Inc (OKE) leadership

    Sunil Sibal's questions to ONEOK Inc (OKE) leadership • Q2 2025

    Question

    Sunil Sibal from Seaport Global Securities asked about the hedging strategy for the butane blending business and how current hedging levels compare to prior years. He also sought details on the $365 million CapEx for the new Permian processing plant, including what it covers and its standalone economics.

    Answer

    EVP & CCO Sheridan Swords explained that hedging levels are in line with last year and that the company's access to 'butane on demand' allows for opportunistic hedging. He confirmed the $365 million plant CapEx includes the cryo plant, compression, and a CO2 treater. President and CEO Pierce Norton added that while specific returns aren't disclosed, the integrated value across the entire chain makes such projects highly profitable.

    Ask Fintool Equity Research AI

    Sunil Sibal's questions to ONEOK Inc (OKE) leadership • Q1 2025

    Question

    Sunil Sibal sought clarification that ONEOK's current system volumes are sufficient to fill its future LPG export dock capacity and asked if the Natural Gas Pipelines segment was on track to exceed its full-year guidance.

    Answer

    Chief Commercial Officer Sheridan Swords confirmed that the company already produces enough propane on its system to fill the future dock, which is currently sold into the open market. He also agreed the Natural Gas Pipelines segment had a strong Q1 and noted positive momentum from new storage contracts and active negotiations for industrial demand in Louisiana, expecting a 'good year' for the segment.

    Ask Fintool Equity Research AI

    Sunil Sibal's questions to ONEOK Inc (OKE) leadership • Q4 2024

    Question

    Sunil Sibal asked about the current utilization of ONEOK's Permian processing capacity and the extent of its control over downstream NGL marketing. He also inquired about the expected cadence of the share repurchase program given the improving leverage outlook.

    Answer

    CCO Sheridan Swords indicated that Permian processing capacity is expected to be fully utilized, justifying the relocation of a gas plant to the region. He confirmed ONEOK controls marketing for most new NGL volumes. CFO Walter Hulse stated that while the company intends to complete its $2 billion buyback program, the bulk of it will likely be back-weighted as they prioritize achieving their debt metric goals first.

    Ask Fintool Equity Research AI

    Sunil Sibal's questions to ONEOK Inc (OKE) leadership • Q3 2024

    Question

    Sunil Sibal of Seaport Global Securities asked where ONEOK stands on its Magellan synergy targets one year after the acquisition and inquired about future consolidation opportunities.

    Answer

    CFO Walter Hulse confirmed ONEOK is on track to meet or exceed its Magellan synergy targets. Sheridan Swords, Executive Vice President, identified future consolidation opportunities in the Mid-Continent G&P sector, the Permian Basin where an integrated value chain is advantageous, and the high-demand Louisiana corridor.

    Ask Fintool Equity Research AI

    Sunil Sibal's questions to Plains GP Holdings LP (PAGP) leadership

    Sunil Sibal's questions to Plains GP Holdings LP (PAGP) leadership • Q1 2025

    Question

    Sunil Sibal of Seaport Global sought clarification on the assumptions behind the Permian production sensitivity, including where the marginal barrel flows, and asked about the seasonality of the 2025 NGL spec sales guidance.

    Answer

    Executive Jeremy Goebel explained the sensitivity is for the full year and that market prices, not preset assumptions, dictate where the marginal barrel flows. Regarding NGLs, Goebel and Chairman & CEO Wilfred Chiang noted that sales are optimized using storage, with typical seasonality seeing higher propane sales in colder months.

    Ask Fintool Equity Research AI