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    Zackery Van Everen

    Research Analyst at Tudor, Pickering, Holt & Co.

    Zackery Van Everen is Director of Infrastructure Research at Tudor, Pickering, Holt & Co. Securities LLC, specializing in midstream and natural gas sector equity research. He covers a range of companies including Western Midstream Partners, Kinder Morgan, Enbridge, and other major infrastructure and utility firms, with a notable track record highlighted by a 100% success rate and an average return of 41.5% on rated stocks. Van Everen began his research career at East Daley Capital covering midstream markets and holds a BA in Finance from Colorado State University, bringing analytical rigor and sector expertise to his current role. He is actively involved in earnings coverage and is recognized for his contributions within the energy investment community.

    Zackery Van Everen's questions to Western Midstream Partners (WES) leadership

    Zackery Van Everen's questions to Western Midstream Partners (WES) leadership • Q1 2025

    Question

    Zackery Van Everen from TPH&Co. inquired about the focus of potential M&A activity (in-basin vs. new basins) and asked for more detail on the geographic location and type of contracts that provide MVC or cost-of-service protection.

    Answer

    CEO Oscar Brown reiterated that the M&A strategy focuses on opportunities where WES has a competitive advantage, which strongly favors in-basin bolt-ons. Regarding contract protections, he stated that while specific breakdowns are not disclosed, the vast majority of MVC and cost-of-service contracts are concentrated in their West Texas and DJ Basin assets.

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    Zackery Van Everen's questions to Western Midstream Partners (WES) leadership • Q1 2025

    Question

    Zackery Van Everen of TPH inquired about M&A strategy, specifically whether WES would focus on in-basin bolt-ons or look at different assets outside its current basins. He also asked for more detail on the geographic location of MVC and cost-of-service contracts.

    Answer

    CEO Oscar Brown reiterated that WES's M&A strategy is unchanged, focusing on opportunities where it can be additive, which typically means in-basin bolt-ons within its core businesses and geographies. Regarding contracts, Brown stated that while they haven't broken out that level of detail, the vast majority of MVCs and cost-of-service protections are in West Texas and the DJ Basin, contrasting with the Powder River Basin, which is more of a dedication market.

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    Zackery Van Everen's questions to Excelerate Energy (EE) leadership

    Zackery Van Everen's questions to Excelerate Energy (EE) leadership • Q1 2025

    Question

    Zackery Van Everen asked if the recent decline in international gas prices has stimulated an uptick in demand from developing countries, both for gas sales and for new FSRU infrastructure.

    Answer

    CCO Oliver Simpson confirmed this trend, stating that as LNG prices return to 'long-term affordable levels,' it 'brings the buyers out of the woodwork,' especially in the developing world. He noted this has translated into increased interest in fast-track projects and new infrastructure, which Excelerate is positioned to pursue.

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    Zackery Van Everen's questions to Excelerate Energy (EE) leadership • Q4 2024

    Question

    Zackery Van Everen of Tudor, Pickering, Holt & Co. asked for an update on the global macro outlook and whether a lower international gas price environment has altered demand for Excelerate's services. He also requested the latest status on the company's previously discussed projects in Vietnam and Alaska.

    Answer

    CEO Steven Kobos stated that the demand for FSRUs is expected to remain tight due to geopolitical factors and their value as 'cheap insurance' for energy security, citing Germany's needs as an example. Regarding specific projects, Kobos and CCO Oliver Simpson noted that while the focus in Alaska has shifted to exports, a near-term import need may still exist. They remain bullish on Vietnam's fundamentals and are continuing to develop opportunities there.

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    Zackery Van Everen's questions to WILLIAMS COMPANIES (WMB) leadership

    Zackery Van Everen's questions to WILLIAMS COMPANIES (WMB) leadership • Q1 2025

    Question

    Zackery Van Everen asked for more details on the gas demand for the Socrates project and how the gas would be delivered. He also inquired whether earnings from the Cogentrix investment should be viewed as seasonal, like marketing, or more stable.

    Answer

    EVP Chad Zamarin specified that the Socrates project will require under 100 million cubic feet of gas per day, sourced from two different pipelines, with Sequent managing the gas services for the customer. He also stated that while reported in the Sequent segment, the earnings from Cogentrix are expected to be fairly stable and predictable based on historical performance.

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    Zackery Van Everen's questions to WILLIAMS COMPANIES (WMB) leadership • Q3 2024

    Question

    Zackery Van Everen inquired if there is still an appetite to expand the Louisiana Energy Gateway (LEG) project given new competition. He also asked about potential constraints on announcing new Transco projects while the SESE project is ongoing, due to permitting concerns.

    Answer

    COO Micheal Dunn confirmed there is "definitely an opportunity" to economically expand LEG in the future to meet long-term Haynesville growth. CEO Alan Armstrong clarified that the issue of "stacking" projects is often misunderstood; it only becomes a risk if a new project's work area physically overlaps with a project already in the permitting process. He, along with other executives, affirmed they can pursue new expansions in the same region as long as the projects are distinct, and they do not foresee deferring commercial opportunities.

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    Zackery Van Everen's questions to Antero Midstream (AM) leadership

    Zackery Van Everen's questions to Antero Midstream (AM) leadership • Q1 2025

    Question

    Zackery Van Everen sought confirmation on the full-year guidance for wells serviced by the water segment, given the Q1 activity, and also asked if the guided average lateral length remains a good estimate for the year.

    Answer

    Brendan Krueger, CFO of Antero Midstream, confirmed that the company still expects to service its guided range of 70-75 wells for the full year. He clarified that Q2 water volumes should be similar to Q1, as a second completion crew was active for one month in each quarter. Mr. Krueger also affirmed that the guided average lateral length of 13,200 feet is still a good number to use for the year.

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    Zackery Van Everen's questions to KINDER MORGAN (KMI) leadership

    Zackery Van Everen's questions to KINDER MORGAN (KMI) leadership • Q1 2025

    Question

    Zackery Van Everen asked about the available capacity on Kinder Morgan's Haynesville system after planned 2025 projects come online and inquired about the potential to upscale the new Texas pipeline or find other intrastate opportunities.

    Answer

    An unnamed executive explained that the Haynesville system is approaching capacity again, similar to the previous year, and the company is discussing how to get ahead of producer needs with capital-efficient expansions. Regarding the Texas intrastate system, he highlighted projects like the Houston POWER-GEN and the new Central Texas pipeline as examples of capital-efficient platforms that position KMI well to capture further power, organic growth, and data center opportunities in high-activity areas like Austin.

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    Zackery Van Everen's questions to KINDER MORGAN (KMI) leadership • Q4 2024

    Question

    Zackery Van Everen of TPH&Co. asked about the contracting structure for the recent Bakken acquisition and the high-level customer makeup (LNG vs. industrial/power) for the new Trident pipeline project.

    Answer

    Sital Mody (Executive) explained that the Bakken assets are backed mostly by MVC contracts and provide strategic processing capacity north of the river. For the Trident project, he confirmed it has secured contracts with power demand customers in addition to LNG shippers like Golden Pass, and KMI is working with industrials on a potential expansion of the pipe.

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    Zackery Van Everen's questions to KINDER MORGAN (KMI) leadership • Q3 2024

    Question

    Zackery Van Everen from Tudor, Pickering, Holt & Co. asked for an update on the Cumberland project following a recent adverse court ruling and inquired about the expected in-service timeline for the Gulf Coast Express expansion.

    Answer

    President Kimberly Dang stated that the company believes the court's decision to stay the Cumberland project's permits was flawed and that the relevant agencies will vigorously defend them, emphasizing KMI's long history of successfully overcoming legal challenges. Thomas Martin, President of Natural Gas Pipelines, projected a mid-2026 in-service date for the GCX expansion, a roughly 22-month timeline, slightly longer than Permian Highway's 19 months due to supply chain constraints.

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    Zackery Van Everen's questions to DT Midstream (DTM) leadership

    Zackery Van Everen's questions to DT Midstream (DTM) leadership • Q4 2024

    Question

    Zackery Van Everen asked if the FERC blanket authorization that enabled the quick development of the Midwestern lateral is available on other DTM assets and if this capability would lead to generally faster project execution compared to typical FERC timelines.

    Answer

    President and CEO David Slater confirmed that every FERC asset in their portfolio has blanket authorization capability. He agreed that projects fitting under this authorization can be executed much more swiftly than those requiring the full FERC process, highlighting it as a key advantage for certain types of projects.

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    Zackery Van Everen's questions to Kodiak Gas Services (KGS) leadership

    Zackery Van Everen's questions to Kodiak Gas Services (KGS) leadership • Q3 2024

    Question

    Zackery Van Everen asked for an update on how contracting for new units is progressing for 2026.

    Answer

    CEO Mickey McKee responded that while some preliminary discussions for 2026 are happening, no firm contracts are booked yet. With current new-build lead times at nine months, he feels there is a four-to-six-month runway before the company needs to seriously begin contracting for 2026 deliveries.

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

    Zackery Van Everen's questions to Energy Transfer (ET) leadership • Q3 2024

    Question

    Zackery Van Everen asked if the recent in-service of the Matterhorn pipeline resulted in a noticeable increase in gas production on Energy Transfer's Permian systems.

    Answer

    Executive Mackie McCrea responded that the company did not see a significant production jump on its legacy systems when Matterhorn came online. He clarified that while some gas from the acquired WTG assets does flow into Matterhorn, most of Energy Transfer's Permian gas continues to flow through its own integrated network, as it does not have broad direct access to the new pipeline.

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    Zackery Van Everen's questions to ENLC leadership

    Zackery Van Everen's questions to ENLC leadership • Q2 2024

    Question

    Asked for an update on the Matterhorn pipeline's in-service timeline and whether it is expected to fill quickly upon launch.

    Answer

    The Matterhorn pipeline is expected to be in service in September, with financial contributions starting in Q4. The company anticipates the pipeline will fill very quickly and noted that EnLink has minimal exposure to weak Waha prices due to hedging.

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    Zackery Van Everen's questions to TC ENERGY (TRP) leadership

    Zackery Van Everen's questions to TC ENERGY (TRP) leadership • Q2 2024

    Question

    Zackery Van Everen of TPH & Co. asked if there is existing system capacity to serve near-term power demand growth and inquired about the components of the CGL expansion for LNG Canada Phase 2.

    Answer

    Executive Stanley Chapman explained that while some isolated capacity pockets exist, most new power generation load on the Columbia and ANR systems will require new looping and/or compression. He clarified that the CGL expansion for LNG Canada Phase 2 primarily consists of an additional conditioning compressor station.

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