Zackery Van Everen • Tudor, Pickering, Holt & Co.

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CEO Oscar Brown stated that the M&A strategy remains focused on in-basin opportunities where WES can bring additive value, unless a unique, de-risked opportunity arises elsewhere. Regarding contracts, he confirmed the vast majority of MVC 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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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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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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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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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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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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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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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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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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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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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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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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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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