Funding Strategy for Utility Acquisitions
Q: How are you funding the remaining portion of the utility acquisitions?
A: We are keeping all options on the table to complete the last 10-15% of financing for the utility acquisitions. We haven't made any decisions yet but are focused on maintaining maximum flexibility to optimize value. We're highly confident we'll get all the financing completed while remaining well within our target leverage ratio of 4.5x to 5x debt-to-EBITDA.

Impact of TMX Ramp-up on Volumes
Q: How will the Trans Mountain expansion impact your liquids volumes?
A: We've not seen a blip on our system despite TMX line fill being complete. The scenario we've been anticipating is unfolding as expected; our downstream pipes remain robust, and we're not expecting a decrease in volumes on our systems due to TMX.

Gas Demand from Data Centers
Q: How significant is gas demand growth from data centers for your pipelines?
A: We're excited about supporting increased natural gas generation for AI data centers. Our gas transmission assets are well-positioned, being within 50 miles of 45% of all natural gas power generation in North America. We expect near-term opportunities and positive prospects in the longer term to build out supporting infrastructure.

Expanding Heavy Capacity out of Alberta
Q: What's the outlook for expanding heavy capacity out of Alberta?
A: We're in discussions with shippers about optimizations and expansions on the Mainline. We have proposals for capital-efficient expansions that are executable permitting-wise. We're planning to bring on incremental capacity of around 100,000 barrels per day over the next two years, aligning with forecasts of system refilling.

Whistler JV and Permian Opportunities
Q: How does the Whistler JV acquisition optimize your portfolio, and are there expansion opportunities?
A: The Whistler JV is strategic, enhancing our position in the Permian, which supports LNG expansion in the Gulf Coast. We see opportunities for both brownfield and greenfield expansions, aiming for attractive returns while extending our footprint. We're also conducting an open season from Permian to Port Arthur with strong interest.

Gray Oak Expansion Amid Offshore Docks
Q: How do you view the Gray Oak expansion amid potential offshore VLCC docks?
A: The timing of the Gray Oak open season fits customers' needs as the basin tightens with more production. Even if offshore buoys proceed, we expect Corpus docks to remain advantaged over smaller Houston Ship Channel docks. Our Ingleside volumes are fully backed by take-or-pay contracts, providing stability.

Ingleside Capital Deployment and Projects
Q: What's your expected capital deployment at Ingleside, and updates on projects?
A: We've announced expansions for storage at Ingleside and acquired neighboring docks to optimize loading. Over time, we're looking to expand into other products like blue ammonia, with potential FID over a year away. The commercial models would be utility-like with strong margins over hurdle rates.

Carbon Capture and Wabamun Impact
Q: How does Capital Power shelving their CCS project affect your Wabamun project?
A: While disappointing, it doesn't significantly impact our Wabamun Open Access Hub. We're continuing with the Heidelberg Materials project, which has received more financial support. We're keenly interested in growing our carbon capture business, with other projects under development in North America.

Ohio LDC Acquisition Opportunities
Q: What growth opportunities do you see following the Ohio LDC acquisition?
A: The acquisition presents opportunities due to Ohio's strong gas infrastructure and storage facilities. We're exploring opportunities with customers like steel manufacturers converting to natural gas. The team is deeply looking into further growth prospects.

Capital Allocation and Dividend Approach
Q: How do you approach capital allocation and your dividend payout?
A: We focus on cash flow generation and sustainability, prioritizing DCF payout over earnings payout. The main difference lies in depreciation versus maintenance capital. We plan to continue growing the dividend in line with cash flows, reflecting the underlying economics of our assets.

CapEx Cadence Post-Acquisitions
Q: What will be your CapEx cadence once you close utility acquisitions?
A: We anticipate an annual growth CapEx of $6 billion to $7 billion, with capacity for more but with selective deployments. This level is consistent with equity self-financing and our disciplined capital allocation strategy.