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EVP & Chief Commercial Officer Oliver Simpson responded that while they haven't put a specific number on the addressable market, it is significant as most Caribbean islands still burn liquid fuels for power. President, CEO & Director Steven Kobos addressed Hull 3407, highlighting its best-in-class, low boil-off design. He expressed confidence in placing the vessel due to a tight FSRU market and strong global demand for LNG infrastructure, which is bolstered by expanding U.S. LNG supply.

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CEO Steven Kobos stated that closing the Jamaica deal involves routine deliverables and expressed confidence in the timeline. CCO Oliver Simpson added that post-close, the focus will be on incremental gas sales and leveraging Jamaica as a regional hub. Regarding the newbuild, Mr. Kobos noted intense interest from multiple parties and highlighted its best-in-class features, while remaining cautious on specifics due to ongoing, competitive discussions.

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CEO Steven Kobos did not detail specific discussions but affirmed strong global demand for rapid LNG infrastructure access. He explained that market dynamics are reinforcing the need for long-term contracts, which benefits their projects. He highlighted that the newbuild's high efficiency and throughput appeal to certain customers, while conversions can be tailored for niche markets, giving Excelerate a flexible toolkit to meet diverse global needs.

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SVP & CFO Cameron Goldade and SVP & COO Jaret Sprott highlighted Pembina's competitive advantages, including superior capital execution leading to lower unit costs, extensive system connectivity, operational scale, and redundancy, which provide significant value to customers. On the regulatory front, President & CEO Scott Burrows noted that while government rhetoric is more supportive, significant hurdles like the emissions cap and tanker ban remain for major new projects, and progress will be complicated and time-consuming.

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SVP Jaret Sprott clarified that Pembina takes on operating cost risk on Alliance, which customers value, but noted the overall risk-sharing profile could change as negotiations proceed. CFO Cameron Goldade explained that the gap between revenue and physical volumes is a consistent phenomenon due to the lag between signing new take-or-pay contracts and subsequent volume ramp-ups, and it is not expected to fully 'true up' as new contracts are continuously signed.

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Jaret Sprott, an executive, estimated the straddle facility would cost between $400-$500 million, with the 25,000 bbl/d of NGLs being roughly 50% ethane, and noted more details would be provided in May. Executive Stu Taylor stated that for Cedar LNG, Pembina has received term sheets well in excess of available capacity from a broad range of customers and is moving to a shortlist for detailed negotiations.

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EVP & CFO Zach Davis emphasized that all growth, including the path to 100 MTPA, is contingent on meeting the 'Cheniere standard' of being demonstrably accretive versus share buybacks, with a focus on value over volume. EVP & CCO Anatol Feygin explained that demand elasticity will become visible through quarterly tender activity and cargo diversions, noting that price-sensitive markets like India and China can absorb significant volumes as prices moderate and infrastructure is built out.

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President and CEO Jack Fusco stated that permitting reform is a major focus for the administration and highlighted that receiving the FERC permit for Trains 8 and 9 with no request for rehearing was a very positive sign. EVP and CCO Anatol Feygin agreed that Europe is vulnerable, pointing to Germany's low inventory levels and the cessation of gas flows through Ukraine as factors creating a difficult position for the continent.

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President and CEO Jack Fusco emphasized that geopolitical conflicts have highlighted the critical need for energy security and diversity. EVP and CCO Anatol Feygin added that with Europe's depleted inventories and moves to cease Russian energy imports, Cheniere's reliable, destination-flexible product is a key solution. Regarding Asia, Mr. Fusco expects the administration to support U.S. energy dominance, similar to past actions that led to contracts, a sentiment Mr. Feygin echoed, calling it a tailwind for their business.

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President and CEO Jack Fusco and EVP and CCO Anatol Feygin stated that Cheniere's reputation for reliable, on-budget project execution with Bechtel provides a significant commercial advantage. Feygin added that the company's new methane emissions target further strengthens its position. Regarding Asia, Feygin anticipates robust long-term demand growth, particularly from China and India, and noted that moderating prices could attract additional price-sensitive buyers.

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President & CEO Mickey McKee confirmed that such partnerships are a strategic way to help customers preserve capital in uncertain markets and that Kodiak will continue to pursue them. Regarding technology, he explained that while it's too early to quantify the exact margin benefit, the company sees clear upside from its new ERP system and AI initiatives, which are just beginning to be implemented.

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CEO Mickey McKee asserted that the pricing premium is durable because it reflects a fundamental increase in new equipment costs, which are up 50% in recent years, rather than opportunistic pricing. Regarding the portfolio, he stated they are 'definitely the majority of the way there' on divestitures but may still pursue smaller, opportunistic sales of noncore assets.

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CEO Mickey McKee stated unequivocally that the company does not trade contract rate for term. He explained that Kodiak views the longevity of the underlying oil and gas production as the true contract term. The company's strategy is to earn renewals through best-in-class operational service rather than sacrificing rate for a longer-term paper contract.

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CEO Jamie Welch acknowledged the new competitor (MPLX) but stated that the sour gas market is growing significantly, providing room for multiple players, and Kinetik's early entry gives it a strategic advantage. SVP & CFO Trevor Howard explained that the company is now hedging further out to "levelize" year-over-year commodity impacts and expects a relatively flat pricing impact in 2026 compared to the $20 million headwind seen in 2025.

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Executive Kris Kindrick described the new G&P deal as a low-capital (sub-$5 million), high-growth opportunity, but hesitated to provide specific EBITDA guidance. CEO Jamie Welch explained that the company's multiyear hedging program is front-weighted, with 'good hedges in place through the first half of into next year,' after which the coverage level declines.

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CFO Trevor Howard detailed that Barilla Draw will initially provide gathering services, with processing volumes and margin expansion ramping up later this year and more significantly later in the decade as existing third-party contracts expire. CEO Jamie Welch added that if the power project reaches FID this year, it could be in service by late 2027. He described it as a 'one and done' OpEx optimization project for the south, but noted its success could lead to a similar project in New Mexico.

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Co-CEO Marshall "Mackie" McCrea revealed that Energy Transfer has signed its first significant deal with a hyperscaler, growing from 80,000 to 380,000 dekatherms per day, with more deals pending. Regarding the Desert Southwest Pipeline, McCrea confirmed high confidence in fully subscribing the project, is already evaluating an expansion, and stated the project targets mid-teens returns.

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Executive Mackie McCrea expressed excitement about Lake Charles LNG's momentum, citing a newly signed 1 million-ton agreement and progress toward securing equity partners. He emphasized focusing on their own project's returns rather than competitors. Executive Tom Long stated that a C-corp conversion remains an option that is continuously evaluated, but there are no immediate plans for Energy Transfer to change its structure.

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Executive Marshall "Mackie" McCrea stated that project returns are consistently targeted in the mid-to-upper teens, enhanced by synergistic benefits across the value chain. He highlighted the Hugh Brinson pipeline as a critical project to meet Permian producer needs and capture growing demand from power plants and data centers, noting many are strategically located near ET's existing infrastructure.

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Executive Mackie McCrea stated that the company applies the same return hurdles to all projects and feels ET is highly competitive for data center demand, especially in Texas. Executive Dylan Bramhall explained the capital budget decrease was due to three factors: certain projects coming in at a lower cost, disciplined scope reductions or cancellations of projects not meeting return hurdles, and the deferral of some smaller projects into the next year.

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CEO Maryann Mannen expressed a constructive long-term view, expecting demand growth to exceed net capacity additions, with the U.S. remaining advantaged. For future growth, she highlighted growing MPLX distributions, ongoing portfolio optimization, and expanding LPG export marketing capabilities as key drivers for MPC.

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Executive Rick Hessling argued that Asian imports create volatility rather than a consistent price cap due to long transit times, which reinforces the advantage of their local assets. CEO Maryann Mannen addressed the midstream question by noting they evaluate all opportunities, including in dry gas basins like the Utica, but current priorities are focused on executing their existing strategy, guided by strict capital discipline.

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Executive Rick Hessling stated that once the new project is complete, MPC's export footprint will be significant, allowing it to attack global markets with a diversified strategy. While not providing specific EBITDA figures due to market volatility, he expressed a very optimistic view based on global demand. He clarified that MPC will only be marketing its 50% share of the dock's volume, with ONEOK marketing its own barrels.

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Senior VP & CFO John Porter confirmed the AFFO outperformance was driven by both the EBITDA increase and a ~$100M reduction in 2025 cash taxes due to 100% bonus depreciation. President & CEO Chad Zamarin explained that AI is being integrated across the company for project execution, market intelligence, and operational efficiency, sharing an anecdote where an AI model outperformed a veteran trader.

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Senior VP & CFO John Porter explained that the larger AFFO increase was driven by both the higher EBITDA and a significant ~$100 million reduction in expected 2025 cash taxes due to 100% bonus depreciation. President & CEO Chad Zamarin detailed that AI is being integrated across the company for project execution and market intelligence, sharing an anecdote where an AI model outperformed a veteran trader in a marketing simulation.

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An executive explained that Transco continues to find new brownfield expansion opportunities driven by power demand in Virginia, growth in the Southeast, and LNG demand along the Gulf Coast. Regarding the Deepwater projects, CFO John Porter and CEO Alan Armstrong clarified that the previously mentioned $300 million contribution is expected to be achieved at a run-rate level by the end of 2025, with potential upside from strong well performance.

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CEO Alan Armstrong and EVP of Corporate Strategic Development Chad Zamarin detailed that data center projects require clearing complex regulatory, land, and permitting hurdles before announcements, with a focus on securing fully contracted commitments. They noted Williams can provide a full value chain solution, from pipeline interconnects to on-site power generation. COO Michael Dunn added that the company has significant expansion opportunities in its Gulf Coast and Western storage facilities, with expected returns comparable to high-value transmission projects.

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CEO Alan Armstrong identified a favorable tax outcome, particularly the extension of bonus depreciation, as the most immediate and significant positive financial impact. He also expressed optimism for meaningful permitting reform. EVP Chad Zamarin noted that while they expect positive marketing results for the remainder of the year, the majority of the marketing business's financial impact is typically realized in the first quarter, driven by winter volatility.

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EVP & CCO Sheridan Swords stated that ONEOK's Texas City export dock has strong commercial interest with rates in line with original estimates, citing its premium location as a key advantage. President and CEO Pierce Norton added that growing LNG exports will increase associated liquids supply, supporting global demand. Swords then detailed G&P activity, noting the Bakken is on track, Oklahoma is strong, and the Permian is ramping up, justifying the new Bighorn plant FID.

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CFO Walter Hulse explained that the company has a history of flexing capital, noting that about $1 billion in annual routine growth spending is tied to producer activity and can be reduced naturally. Chief Commercial Officer Sheridan Swords and CEO Pierce Norton confirmed that a substantial portion of 2025 synergies are already underway and largely within their operational control, involving system interconnects rather than depending on new contracts.

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CFO Walter Hulse explained that the 2026 outlook benefits from the full-year impact of synergy capital projects completed in 2025, particularly the Easton asset connections. CCO Sheridan Swords detailed the LPG dock's advantages, citing its open-water location, brownfield economics, and role in ONEOK's 'wellhead-to-water' strategy. He added that the Denver pipeline's capacity can be efficiently expanded from 35,000 bpd up to 250,000 bpd by adding pumps.

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Sheridan Swords, Executive Vice President, confirmed ONEOK is well-positioned for data center demand, with 23 related projects in discussion, 10 of which are specifically for data centers. He also noted a key synergy with Medallion is redirecting its volumes onto ONEOK's long-haul pipes into the Houston area, where demand for pipeline capacity and exports remains strong despite the planned Lyondell refinery closure.

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President & CEO Maryann Mannen stated that approximately $500 million in CapEx will be invested over the next 12 months to complete the Northwind expansion. SVP David Heppner addressed the residue gas strategy, highlighting confidence in continued demand for long-haul pipelines from the Permian to the Gulf Coast. He noted that LNG and data center power needs create significant opportunities, and projects like the Traverse pipeline expansion enhance shipper flexibility and access to premium markets.

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President and CEO Maryann Mannen stated that approximately $500 million in capital would be spent over the next twelve months to complete the Northwind expansion. SVP David Heppner addressed the residue gas strategy, highlighting confidence in Permian long-haul pipe demand and noting that projects like the Traverse pipeline expansion provide customers flexibility to access premium Gulf Coast markets driven by LNG and data center demand.

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CFO Chris Hagedorn stated the $2 billion is a rough number for the year that could be similar in the future but won't be linear, and it excludes potential M&A. SVP David Heppner detailed the JV structure: ONEOK will operate the pipeline (80% ownership), while the export terminal will be a 50-50 JV operated by MPLX. He also confirmed ONEOK provides existing cavern storage in Mont Belvieu.

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Executive David Heppner detailed the company's integrated 'wellhead-to-water' strategy, positioning the Texas City frac as a final link under evaluation to connect Permian NGLs to waterborne markets. Executive Shawn Lyon stated that no near-term changes are expected for West Coast assets, citing the integrated nature of their system and tight regional supply-demand dynamics.

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EVP of Gas Distribution Michele Harradence explained the impairment was primarily due to the regulatory treatment of a pension asset, a position Enbridge is appealing as an error in law. EVP & CFO Patrick Murray and CEO Gregory Ebel affirmed that the situation does not change their positive view on the asset or capital allocation, citing its strong ROE, capital riders, and growth potential.

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President and CEO Greg Ebel explained that while Enbridge often prefers to control assets, joint ventures allow participation in more opportunities and provide valuable partner insights. He stated the company is patient but would ultimately like to own significant elements. Regarding WCSB egress, he outlined key goals for the industry group, including engaging the new government, addressing carbon tax issues, removing the West Coast tanker ban, and executing on indigenous loan guarantees.

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EVP, Liquids Pipelines Colin Gruending and CEO Greg Ebel opined that tariff costs would likely be shared between producers and refiners, with negligible impact on volumes due to sticky demand. EVP, Gas Transmission Cynthia Hansen stated that despite regulatory hurdles, she is confident the Rio Bravo project will continue to advance through the FERC's environmental review process, supported by its partners in the Whistler JV.

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Cynthia Hansen, EVP of Gas Transmission and Midstream, attributed Blackcomb's success to the JV's strong execution track record and noted its intrastate status allows for quick completion. She highlighted synergies with Enbridge's significant presence in the Agua Dulce hub. CFO Pat Murray and EVP Colin Gruending confirmed that strong performance from assets like Express-Platte and the Bakken system is in line with expectations and represents a sustainable run rate, with business remaining strong across all basins.

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Steven Ledbetter, EVP of Commercial, explained that Navajo serves the Phoenix market, while the Rockies complex can supply Las Vegas via the UNEV pipeline, which he called a key strategic advantage. CEO Timothy Go added that the UNEV pipeline has spare capacity and can be debottlenecked. On inorganic growth, Ledbetter noted the marketing landscape has many smaller chains available in core markets, while Matt Joyce, SVP of Lubricants & Specialties, described the lubricants market as fragmented with over 300 players, offering many complementary acquisition opportunities.

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EVP, Commercial Steven Ledbetter and CEO Timothy Go discussed the flexibility of the UNEV pipeline and other routes to supply western markets, noting a small growth project at Puget Sound will increase its ability to produce CARB gasoline. They stated value can be unlocked without significant new capital. An executive also clarified that the midstream business is approximately 80% integrated with the refining segment.

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EVP of Commercial Steven Ledbetter noted that regional demand remains healthy, with weakness in crack spreads being more of a supply issue. He highlighted growth opportunities in the Pacific Northwest and Southwest. CFO Atanas Atanasov quantified the branded strategy's impact, stating new sites see a 60-120% volume increase over time. He affirmed that the current EBITDA run rate of $75-80 million for the marketing segment is realistic and sustainable, with further opportunity from high-grading the portfolio.

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President & CEO David Slater stated that the Guardian customer will procure gas at the Joliet hub, which can be fed by DTM's Midwestern and Vector pipelines, creating future opportunities for upstream projects. Regarding LEAP, Slater highlighted recent short-term revenue gains and a 1.25 Bcf/day expansion of delivery interconnects. He expressed confidence that DTM will win its fair share of future LNG-driven projects due to its established, interconnected asset base.

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President and CEO David Slater stated that after four months of ownership, DTM is more bullish on the growth, modernization, and integration opportunities for the newly acquired pipelines than at the time of the transaction announcement. He highlighted that the opportunity set is more robust than initially assessed and pointed to the recently commercialized Midwestern Gas power plant lateral as an early indicator of the potential. He noted that as DTM gains more confidence, it will provide more clarity and updates to investors.

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President and CEO David Slater reiterated that projects in the backlog are expected to fall within the previously stated 5-8x EBITDA multiple return band. Regarding production, he stated that 2025 guidance assumes Haynesville volumes will ramp up throughout the year, while Appalachia volumes are expected to remain relatively flat. He noted producers are encouraged by market changes but remain cautious.

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David Slater, President and CEO, characterized the data center projects as lateral opportunities with a potential CapEx range of $50 million to $100 million each, similar to the past Birdsboro project. Jeff Jewell, EVP and CFO, addressed the credit outlook, noting the recent Fitch upgrade to investment grade and the ongoing positive outlook from Moody's, with further updates expected after credit agencies review the recent Chesapeake/SWN merger.

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EVP & CFO Sean O’Donnell confirmed the company is on track to reach its 4.75x leverage target in 2026, driven by the full-year cash flow contributions from projects coming online in 2025. President & CEO François Poirier noted that utilization on northern Mexico assets is rising, creating capital-efficient expansion opportunities, which will be balanced against managing the overall portfolio's geographic exposure.

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CEO Francois Poirier explained that the momentum stems from their utility customers finalizing plans to accommodate significant data center load, a process that took time. He noted that while competitive processes are common, TC Energy's strategic footprint and incumbency in key regions provide a distinct advantage. EVP Greg Grant reported that the Bruce C project continues its development and environmental assessment work with strong alignment from government and Indigenous partners, positioning it as the 'next best option' for nuclear expansion in Ontario.

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President and CEO Francois Poirier explained that Bruce C is in early development and any new build would likely pursue a traditional cost-of-service model, not bearing significant cost/schedule risk. EVP and CFO Sean O'Donnell stated that delivering the Southeast Gateway project on time and on budget, while executing within the $6-7B annual capital plan, is the key recipe for organic deleveraging and maintaining strong relationships with rating agencies.

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Executive Stanley Chapman detailed the NGTL settlement's ~$200 million EBITDA uplift, while CEO Francois Poirier highlighted that indigenous partnership improves project alignment. CFO Sean O'Donnell confirmed Southeast Gateway is on track for a mid-2025 in-service date, with Francois Poirier adding that he sees policy continuity in Mexico and minimal impact from the U.S. election on their business there.

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SVP of Pipelines & Marketing Tug Hanley explained that while Enterprise was 'largely unscathed' due to its diverse customer base, the incident compromised the U.S. brand for reliable supply. SVP of Petrochemicals F. Christopher D'Anna noted that PDH operating rates have improved but are not yet at expectations, and octane enhancement margins have normalized to historic levels after several record years.

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SVP Tug Hanley explained that while Enterprise was 'largely unscathed' due to a diverse customer base, the incident compromised the 'U.S. brand for reliable supply.' SVP F. Christopher D'Anna noted that PDH operating rates are improving but not yet at expectations, and octane margins have normalized from record highs to healthy historic levels due to new supply, not lower demand.

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Executive F. D'Anna stated that both PDH plants are running well, with PDH 1 above nameplate, and they expect to maintain these rates. He noted the conversion of propylene contracts to a fixed-fee structure will reduce margin volatility. Regarding octane, he mentioned that about 75% of the normal-to-RBOB spread is hedged and that the company expects the overall MTBE spread to widen during the summer driving season.

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Co-CEO Jim Teague and other executives noted the global petrochemical market is oversupplied but highlighted a new ethane contract in Southeast Asia as a positive sign. Regarding LPG competition, executive Brent Secrest stated that while new capacity will pressure dock values, Enterprise's brownfield expansion costs are significantly lower than greenfield projects, and Jim Teague affirmed the company's commitment to maintaining its LPG export franchise.

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Executive Natalie Gayden explained that Enterprise is well-positioned with its pipelines in high-growth Texas data center hubs like Dallas and San Antonio. She and Co-CEO A. Teague added that the Piñon assets will be integrated into the full value chain, linking treating services with processing deals to drive organic growth.

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EVP & COO Gary Simmons responded that refining fundamentals remain supportive with low global inventories. He noted that gasoline demand is flat year-over-year, while diesel demand is strong, with sales up 3% and robust export demand keeping inventories low. Simmons anticipates light-heavy differentials will widen in Q4 due to increased OPEC+ and Canadian production, which should outweigh headwinds from Venezuelan sanctions and other issues.

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EVP & COO Gary Simmons explained that refining fundamentals remain supportive with low inventories. He noted that gasoline demand is flat year-over-year, while diesel demand is trending higher, supported by strong export markets. Simmons anticipates light-heavy differentials will widen in Q4 as OPEC+ increases production and Canadian supply recovers, though Russian sanctions remain an unknown variable.

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Eric Fisher, EVP of Commercial, stated the drop in renewable diesel production is structural, as the new PTC doesn't incentivize the marginal producer, and a significant RIN price increase is needed for supply to return. Gary Simmons, EVP and COO, announced that Valero's Mexico import permit was reinstated after the company demonstrated full compliance with local regulations.

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Eric Fisher, an executive, stated that the drop in marginal renewable diesel production is structural due to the transition from the Blenders Tax Credit (BTC) to the Production Tax Credit (PTC), and a significant rise in RIN prices would be needed to incentivize that production to return. Gary Simmons, EVP and COO, announced that Valero's import permit in Mexico has been reinstated after the company demonstrated full compliance with import and tax obligations.

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Gary Simmons, EVP and COO, responded that while fundamentals support wider differentials, the market is currently muted by tariff and sanction discussions. Greg Bram, an executive, detailed the St. Charles project, stating the $230 million investment will increase high-octane alkylate production by 6,000-7,000 barrels per day by boosting feedstock to the alkylation unit.

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EVP and COO Gary Simmons projected a tightening supply/demand balance, with 2025 light product demand growth of 700k b/d outpacing net capacity additions of 300k b/d. For SAF, executive Eric Fisher reported the project was completed ahead of schedule and under budget, with a smooth startup. Gary Simmons added that commercial contracts with airlines and freight carriers support the project's expected return of over 25% after-tax.

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CEO Kimberly Dang attributed project wins to Kinder Morgan's extensive existing asset footprint, its trusted track record for project execution, and high-quality customer service. Regarding westward expansion, she confirmed a clear need for gas in Arizona for utilities and data centers but noted it is a competitive process. A large project like Copper State could cost $4-5 billion and must meet the company's disciplined capital return thresholds.

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An unnamed executive stated the Outrigger integration is going well and the focus is now on operational synergies and capturing more of the value chain, including NGL takeaway, but declined to give strategic details due to competition. President Dax Sanders addressed the California refinery closures, stating that as long as end-market demand for fuel exists, KMI's pipelines remain the most economic transport option, regardless of whether supply sources shift to other refineries or waterborne imports.

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An executive explained that the Mississippi Crossing project addresses the need for both incremental supply and diversification to serve growing LNG demand on the Gulf Coast. President Kimberly Dang responded that the company sees strategic benefits and synergies in keeping the businesses together, citing shared integrity and project management teams, and stated there is no significant valuation discount that would justify the costs and risks of a separation.

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Chairman & CEO Wilfred Chiang responded that M&A opportunities arise continuously from various partners across the value chain. He emphasized that Plains' ability to create synergistic value through its integrated network, rather than just market volatility, is the key driver in executing 'win-win' transactions.

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President Jennifer Kneale declined to give specific percentages but emphasized that Targa works with the 'biggest and best' well-capitalized producers, including majors and large independents, which provides confidence. Scott Pryor, President of Logistics and Transportation, addressed the competitive landscape by highlighting Targa's integrated 'wellhead-to-water' model. He stated that Targa's export growth is fed by its own 'homegrown' NGLs from its G&P and fractionation systems, making its brownfield expansions highly competitive regardless of new entrants.

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CEO Matt Meloy indicated that 2026 year-over-year growth looks to be higher than 2025's, but declined to provide a specific volume forecast. He suggested CapEx could moderate after the current downstream build cycle. President, Logistics and Transportation, Scott Pryor noted that international LPG demand remains robust, particularly from Asia, and that the U.S. continues to gain global market share.

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Executive Matt Meloy explained that higher-than-expected volume growth has accelerated capital spending on G&P infrastructure, with specific 2025 CapEx figures to be provided in February. Executive D. Pryor added that Q4 downstream volumes are expected to meet or exceed Q3's strong performance, driven by robust global demand and increased vessel availability, a trend he anticipates will continue into 2025.

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Brian Mandell, EVP of Marketing and Commercial, stated that most of the company's NGL business is secured by term contracts. Mark Lashier, Chairman and CEO, added that China has few alternative suppliers for ethane, making an accommodation likely. Don Baldridge, EVP of Midstream and Chemicals, described the Iron Mesa plant as a low-multiple investment (sub-5x) that enhances the NGL value chain by supporting Permian growth, improving operational efficiency at the existing Goldsmith facility, and supplying over 100,000 BPD of NGLs to the company's system.

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CFO Kevin Mitchell outlined that the debt reduction path is supported by operating cash flow allocation and proceeds from asset sales like the Germany-Austria retail business. CEO Mark Lashier and Don Baldridge (Midstream and Chemicals) addressed the M&A question, stating that their primary focus is on value creation, scalability, and strategic fit, rather than being driven by FTC concerns, and reiterated that the growth plan is focused on organic opportunities.

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Don Baldridge of Midstream and Chemicals noted that the ethane advantage for CPChem will continue and that PSX's integrated assets provide flexibility to optimize the value chain. Regarding GCX, he stated that while they are pleased with its growth, the asset is subject to the same regular portfolio evaluation as all others.

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Executive Scott McNeely described the M&A market as highly fragmented with a robust pipeline, highlighting LandBridge's competitive advantages like its public currency for tax-advantaged deals. Executive Jason Long reiterated that LandBridge's business model requires minimal capital expenditure, projecting only $1-2 million for 2025, as the company does not develop the assets itself. Therefore, achieving higher surface efficiency does not necessitate significant capital outlays.

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President and CEO Joseph Kim reiterated his consistent and bullish long-term view on the refined product sector, believing it will fuel the U.S. economy for decades. Chief Operating Officer Karl Fails explained the Pipeline segment's strong Q4 was due to higher volumes from consistent refinery operations, seasonal agricultural demand, and some MVC true-ups. He cautioned against annualizing a single quarter's results due to inherent variability.

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Chief Commercial Officer Austin Harkness stated that while record margins every quarter is a stretch, the underlying fundamentals of elevated industry breakevens remain, supporting a bullish forward view on fuel profit. President and CEO Joseph Kim commented that the election results provide welcome clarity and are a net positive for Sunoco and the industry, while also highlighting the company's resilience and ability to perform well under various administrations.

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Blake Fernandez, an executive, confirmed the company's exposure is approximately 4 million barrels per year. He clarified that this translates to a roughly $40 million impact on EBITDA for every $10 change in the price of oil.

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Executive Jeremy Goebel quantified the butane spread uplift at roughly $15 million in Q2 and $5 million in Q3, driven by finding domestic shorts. CEO Willie Chiang characterized it as an opportunistic market capture, not a structural change. Executive Chris Chandler declined to quantify the deferred costs but noted the amount was contemplated in the updated guidance.

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