Zack Van Everen

Zack Van Everen asked if the Express FSRU could be swapped with the new build (Hull 3407) for the Iraq project, considering the new build's send-out capacity, and what upside that could provide. He also inquired about breaking out the 5x EBITDA multiple for the Iraq project between the terminal, ship, and supply deal contributions.

Answer

Steven Kobos, President and CEO, explained that placing Hull 3407 in Iraq was a conscious, long-term decision to ensure stickiness and support potential scaling beyond 500 million scf/day, leveraging its enhanced send-out and superior natural boil-off characteristics. Dana Armstrong, Chief Financial Officer, stated that Iraq is an integrated deal and they do not intend to split out the 5x multiple contributions, expecting to report it combined under LNG gas and power.

Zack Van Everen asked if the Express FSRU could be swapped with the new build (Hull 3407) for the Iraq project, considering the new build's send-out capacity, and what upside opportunities this could create by deploying the new build elsewhere. He also inquired about breaking out the 5x EBITDA multiple for the Iraq project into contributions from the terminal, the ship, and the supply deal.

Answer

Steven Kobos, President and CEO, explained that the decision to deploy Hull 3407 in Iraq was conscious, aimed at long-term stickiness and leveraging its superior boil-off characteristics for enhanced send-out beyond contractual minimums. Dana Armstrong, CFO, stated that the Iraq project is an integrated deal, and Excelerate Energy does not intend to split out the individual contributions from the terminal, ship, and supply deal, expecting to report it on a combined basis under LNG gas and power.

Zack Van Everen from TPH&Co. asked if using their own newly acquired LNG carrier for the Atlantic Basin supply deal would create cost savings or upside. He also requested a high-level breakdown of the projected $80-$110 million in Jamaica EBITDA between existing asset synergies and new growth projects.

Answer

EVP & CFO Dana Armstrong confirmed that owning the vessel is cheaper than chartering, which will lead to enhanced, more accretive returns on the Atlantic Basin contract. EVP & Chief Commercial Officer Oliver Simpson explained that while a portion of the projected EBITDA comes from optimizing existing assets with minimal CapEx, all the growth opportunities are enabled by the Jamaica platform, making a precise split difficult. He emphasized the platform gives them a 'right to win' on new projects.

Zack Van Everen asked about the Haynesville basin, specifically the implications of the recent rig count step-up, ongoing conversations with producers, and views on overall capacity needs. He also requested an update on the Nexus pipeline's ability to expand, its potential size, and current conversations, given the Vector open season and anticipated Northeast growth.

Answer

David Slater, Executive Chairman and CEO, noted the robust Haynesville volumes in Q3 and Q4 2025, expecting them to continue into 2026. He pointed to the public disclosures of their biggest customer, EXE, as a good yardstick for Haynesville growth, while also acknowledging activity from other growing producers. Regarding Nexus, Mr. Slater described it as part of a "domino effect" where expanding downstream pipes like Vector (pulling 400 million a day from Michigan) necessitate upstream expansions. He stated that Nexus is "easily expandable with compression" for blocks of a couple hundred million a day, and is a "forefront" consideration for unlocking additional egress from Appalachia to meet the 5-8 Bcf/d demand growth in the Upper Midwest.

Zack Van Everen inquired about Tioga system flows, its post-expansion capacity, if the expansion connects to a new gathering system customer, and DT Midstream's connectivity and pursuit of industrial demand opportunities in the Louisiana corridor beyond AI demand.

Answer

David Slater (President and CEO, DT Midstream) clarified that Tioga is anchored by Seneca, their customer, and the recent ramp was due to Seneca's Q3 drilling activity, suggesting follow-up with IR for specific capacity. He confirmed DTM's awareness and pursuit of significant domestic industrial demand in Louisiana, noting it's a good load for LEAP, and highlighted the strategic importance of DTM's clean fuels gathering and Louisiana CCS projects for serving lower carbon molecule demand.

Zackery Lee Van Everen asked for clarification on Tioga flows, its system capacity post-expansion (specifically 210 MMcf/d), and whether the expansion connects to a new gathering system customer. He also inquired about DT Midstream's connectivity to and pursuit of industrial demand in Louisiana, particularly for lower carbon molecules, and the strategic rationale behind the clean fuels gathering and Louisiana Carbon Capture and Storage (CCS) projects.

Answer

President and CEO David Slater clarified that Tioga's ramp was driven by its anchor customer, Seneca, drilling in Q3, and advised following up with Investor Relations for specific capacity numbers. He confirmed that DT Midstream is very aware of and pursuing significant domestic industrial demand in Louisiana, which is also interested in lower carbon molecules. Slater explained that the clean fuels gathering and Louisiana CCS projects are strategically driven by this emerging market desire for lower carbon footprint molecules, positioning LEAP with a low carbon pathway.

Zack Van Everen from TPH&Co. asked if the record Haynesville volumes are now above the minimum volume commitment (MVC) levels in their contracts. He also sought clarification on the expected volume ramp in the Northeast, questioning if Q3 would be flat before a larger increase in Q4.

Answer

President & CEO David Slater declined to provide specific details on MVC levels due to contract sensitivity but noted the downside protections performed as intended and the basin is now in a growth phase. For the Northeast, Slater and CFO Jeff Jewell reiterated expectations for a flat entry-to-exit rate for the full year, with a typical seasonal ramp into the winter. Q2 volumes were impacted by maintenance and the timing of producer activity.

Zack Van Everen asked for an update on Haynesville volumes, including whether the system is nearing capacity and the customer mix driving this growth. He also inquired about the Permian West expansion open season, specifically if it could be upsized, the customer mix, and if demand extends beyond Texas.

Answer

Sital Mody, President of Natural Gas Pipelines, confirmed that the Haynesville system is nearing capacity and is expected to cross a new daily volume record soon, with growth coming from both the largest customer and other private producers. Kim Dang, CEO, added that Haynesville volumes are up 15% quarter-over-quarter, supported by a $500 million investment, and projected the basin to grow by almost 11 Bcf/day by 2030. Mr. Mody stated that the Permian West expansion serves power demand, and the company will evaluate bids from the open season to accommodate capacity, noting significant power activity in New Mexico.

Zack Van Everen inquired about Haynesville volumes, asking if the system is nearing capacity and the mix of customers driving growth. He also asked about the Permian West expansion open season, its potential for upsizing, and the customer mix, including data centers.

Answer

Sital Mody (President of Natural Gas Pipelines) confirmed the Haynesville system is near capacity, expecting new daily volume records, with growth from both the largest customer and other private producers. Kim Dang (CEO) added that Haynesville volumes are up 15% quarter-over-quarter, with a $500 million investment in the basin, and projected 11 Bcf/day growth by 2030. Mr. Mody stated the Permian West open season is for power (including data centers), and bids will be evaluated for capacity accommodation, noting activity in New Mexico.

Zack Van Everen from TPH&Co. inquired about the capacity being added in the Haynesville expansion and the customer mix driving it. He also asked if the Tennessee Gas Pipeline could be further expanded to serve a potential expansion of the Plaquemines LNG facility.

Answer

CEO Kimberly Dang confirmed the Haynesville demand comes from both large public customers and private producers, driven by forecasts of significant production growth. Sital Mody, President of Natural Gas Pipelines, explained that a Plaquemines expansion would create more opportunities for KMI's debottlenecking projects that bring gas from west to east, and they would evaluate all supply options, including from the Haynesville.

Zack Van Everen of TPH&Co. noted a downward shift in the Powder River Basin's share of the capital program and asked if this was due to lower spending or simply the addition of the North Loving II project. He also asked for a breakdown of expected volume growth in 2026 and whether the DJ Basin outlook remains flattish.

Answer

SVP & CFO Kristen Shults confirmed that spending in the Powder River Basin is slightly lower due to project timing shifts into 2026, and the addition of North Loving II capital also increased the Delaware's share. For 2026, she expects Delaware volumes to increase but stated that a clearer outlook for the DJ Basin and other areas depends on forthcoming producer forecasts.

Zack Van Everen from TPH&Co inquired about the potential EBITDA contribution from new AI-related power projects and asked if the new NGL pipeline looping project was driven by incremental producer growth or by shifting existing volumes.

Answer

Co-CEO Marshall "Mackie" McCrea stated it was too early to provide a specific EBITDA range for the AI power projects but noted they will be "very impactful" and the company is bullish on the opportunity. He confirmed the NGL looping project is to accommodate "incremental growth" from new processing capacity and producer activity in the Delaware Basin.

Zack Van Everen of TPH&Co. asked about the source of initial gas flows for the new Louisiana Energy Gateway (LEG) project. He also requested a macro view on Haynesville and Northeast volumes for the rest of the year amid lower gas prices.

Answer

EVP & COO Larry Larsen explained that LEG volumes are a mix of new well productivity and producers shifting from other markets to access LNG demand. President & CEO Chad Zamarin noted low prices reinforce gas demand. Larry Larsen added that they expect volume growth in the Haynesville and, to a more moderate degree, the Northeast in the second half of the year due to producer activity.

Zack Van Everen of TPH&Co asked about the source of initial gas flows on the new Louisiana Energy Gateway (LEG) project and sought a macro view on producer activity in the Haynesville and Northeast basins.

Answer

EVP & COO Larry Larsen clarified that LEG volumes are a mix of new production ramp-ups and producers shifting from other pipelines to access Gulf Coast markets. President & CEO Chad Zamarin noted that low gas prices are reaffirming demand. Larsen added that rig activity is increasing in the Haynesville, particularly from private operators, while the Northeast is seeing more mixed but still growing activity.