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Zach Guan

Research Analyst at Tudor, Pickering, Holt & Co.

Zach Guan is an Equity Research Analyst at Tudor, Pickering, Holt & Co., specializing in energy sector analysis with a particular focus on oil and gas exploration and production companies. His coverage includes leading firms such as ConocoPhillips, EOG Resources, and Occidental Petroleum, where his investment calls have demonstrated a high accuracy rate and strong returns according to independent analyst ranking platforms. Guan began his finance career in the early 2010s and has held previous positions at major investment banks before joining Tudor, Pickering, Holt & Co. in 2019. He holds FINRA Series 7 and Series 63 registrations, and has been recognized for his insightful market analysis and impactful research contributions within the industry.

Zach Guan's questions to Energy Transfer (ET) leadership

Question · Q3 2025

Zach Guan asked about the contract breakout for Hugh Brinson Phase 1, specifically the proportion of supply push contracts from Waha versus demand pull contracts from data centers and other demand sources. He also inquired if Energy Transfer's customers are beginning to sign supply deals out of Waha, given the significant increase in Permian gas pipeline capacity expected by the end of the decade.

Answer

Mackie McCrea (Co-CEO) clarified that Hugh Brinson started with a mix of demand pull and producer push, but as it has grown and expanded, it is now primarily demand pull. Regarding Permian gas supply, McCrea noted that while some end-users have reached out to producers for supply deals, the market needs to see dramatic growth (12-15%) just to fill announced pipelines. He suggested that the market should be locking up production today.

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