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Zackery Everen

Director of Infrastructure Research at Tudor Pickering Holt & Co.

Zack Van Everen is a Director of Infrastructure Research at Tudor, Pickering, Holt & Co. Securities LLC (TPH&Co.), specializing in equity research on midstream infrastructure and natural gas markets. He has engaged with companies including Energy Transfer and New Fortress Energy through earnings call questions on topics like gas flows, pipeline capacities, and LNG carrier economics. Van Everen joined TPH&Co. as Analyst-Equity and Director of Research-Equity in January 2023, following prior experience at East Daley Capital covering broader midstream and natural gas sectors; he holds a BA in Finance from Colorado State University.

Zackery Everen's questions to Energy Transfer (ET) leadership

Question · Q4 2025

Zackery Everen asked about the current gas flow to the Oracle Data Center and the capacity on legacy pipelines before the Hugh Brinson pipeline comes online. He also inquired about the expected destination of Hugh Brinson's backhaul gas, specifically how much might reach Carthage versus being absorbed in the Dallas/Abilene area.

Answer

Co-CEO Mackie McCrea stated that specific volume flow for the Oracle Data Center is confidential but confirmed connection to the North Texas Pipeline and future connection to Hugh Brinson by mid-year. Regarding Hugh Brinson's backhaul, McCrea acknowledged the difficulty in predicting exact pinch points or gas destinations, emphasizing Energy Transfer's strategic position to transport least-priced gas to markets most in need across various basins.

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Question · Q4 2025

Zackery Everen asked about the current gas flow volumes to the Oracle Data Center and the capacity of legacy pipelines before the Hugh Brinson Pipeline comes online. He also inquired about the anticipated amount of gas from Hugh Brinson's backhaul contracts that would reach Carthage versus being absorbed in the Dallas/Abilene area.

Answer

Co-CEO Mackie McCrea stated that specific gas flow volumes to the Oracle Data Center are confidential, but they are connected to the North Texas Pipeline and will connect to Hugh Brinson by mid-year. Regarding Hugh Brinson's backhaul, Co-CEO Mackie McCrea noted the difficulty in predicting exact gas distribution due to market dynamics, but emphasized Energy Transfer's flexible position to capitalize on various production and demand scenarios across different basins.

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