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    Vrathan Reddy • JPMorgan Chase & Co.

    Vrathan Reddy's questions to Plains GP Holdings LP (PAGP) leadership

    Vrathan Reddy's questions to Plains GP Holdings LP (PAGP) leadership • Q1 2025

    Question

    Speaking for Jeremy Tonet, Vrathan Reddy of JPMorgan Chase & Co. asked about the outlook for growth capital expenditures into 2026 and the company's current hedging philosophy for NGL frac spreads.

    Answer

    Executive Chris Chandler confirmed the 2025 CapEx guidance of $400 million and expressed confidence that 2026 spending would remain within the long-term $300-$400 million range. Executive Jeremy Goebel stated the hedging strategy is unchanged, focused on maintaining steady cash flow and being opportunistic, which led to being 80% hedged for 2025.

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    Vrathan Reddy's questions to ONEOK Inc (OKE) leadership

    Vrathan Reddy's questions to ONEOK Inc (OKE) leadership • Q4 2024

    Question

    Vrathan Reddy, on for Jeremy Tonet, requested a breakdown of the 2025 capital expenditure guidance between large projects and smaller synergy-related opportunities, and asked for an update on commercial progress for potential power plant and data center projects.

    Answer

    CFO Walter Hulse identified the Medford fractionator, the Denver pipeline, and a plant relocation as the major capital projects for 2025, with the LPG dock ramping up in 2026. CCO Sheridan Swords reported that the 30 potential power projects are in various stages of development and that ONEOK is well-positioned to capture its share of new demand, particularly in Oklahoma and Texas, due to its integrated network and proximity to supply.

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