Earnings Guidance and Outlook
Q: Will you beat your earnings guidance?
A: The team is confident about their performance and likes where they are trending. They raised guidance in the first quarter and will re-evaluate guidance again in the third quarter. "

Capital Allocation and Share Repurchases
Q: Will you start share buybacks after debt maturity?
A: They plan to allocate capital appropriately from the third quarter onwards and are committed to completing the $2 billion share repurchase program over the announced time frame, balancing it with opportunities for high-growth projects and maintaining a strong balance sheet. " "

Medford Rebuild Decision and Economics
Q: Why rebuild Medford when you can batch NGLs?
A: Rebuilding Medford provides low-cost fractionation capacity and is the most efficient way to balance their system. It avoids moving all raw feed to Mont Belvieu, creating capacity on Arbuckle for more raw feed, and fits best into their system. " "

Easton Acquisition Synergies
Q: What synergies does Easton acquisition unlock?
A: The Easton acquisition accelerates commercial synergies through a more capital-efficient and faster connection of NGL and refined products systems, allowing them to capture synergies at a lower capital cost and faster pace. "

2025 CapEx Outlook
Q: How will pulling projects forward affect 2025 CapEx?
A: Capital for projects pulled forward into 2024 will positively impact 2025 CapEx, leading to lower capital expenditure in 2025. They will enjoy operating leverage from existing systems as they fill demand. "

Refined Products and Crude Segment Strength
Q: What's driving strength in refined products and crude segment?
A: Synergies are coming in strong and will accelerate through the remainder of the year. Seasonal factors and increased blending activities in the third quarter contribute, and issues in Chicago are creating tailwinds. They are confident in where the segment will end the year. "

Butane Blending Opportunities
Q: Any butane blending opportunities?
A: By integrating refined products and NGL systems, they can supply butane into refined products, saving on sourcing and logistics. They continue to find ways to blend more butane, with greater blending opportunities expected next year through small capital projects. "

Ethane Market Trends and Outlook
Q: How is ethane trending and outlook?
A: Ethane prices are volatile and dependent on natural gas prices. The Permian is in full recovery, while the Mid-Continent is in rejection. They have locked in incentivized ethane through the third and fourth quarters and expect recovery in ethane markets as petrochemicals run at high utilization rates. "

Bakken Mergers and Impact
Q: How will Bakken producer mergers affect you?
A: They have good relationships with all parties involved and believe the mergers won't impact their business. Consolidation brings assets into strong hands, which may even lead to increased activity. "

AI Data Center Projects
Q: Updates on AI data center-related projects?
A: They now have 17 potential power plant projects, with 5 specifically for AI demand, totaling around 1 Bcf per day across their footprint. Discussions are ongoing with more activity expected as markets look long-term. " "

Producer Activity and Bakken Well Connects
Q: How are Bakken well connects compared to guidance?
A: Despite fewer well connects, wells are more efficient with longer laterals. They are confident in meeting volume guidance for the remainder of the year and into 2025. "

Growth Opportunities and Optimization
Q: Are there more growth opportunities beyond initial guidance?
A: They continue to find ways to grow through low-capital projects, increasing blending opportunities, and integrating refined products and NGL systems. Diversification reduces downside risk. "

Denver Expansion Economics
Q: Tell us about Denver expansion economics.
A: It's a 5x multiple project on 35,000 barrels per day. They've laid a 16-inch line into Denver, providing cheap expansion capability. As demand grows, they can conduct subsequent open seasons. "

Williston Basin Gas-Oil Ratios
Q: Are GORs in Williston Basin increasing?
A: Yes, as wells age, the gas-oil ratio naturally increases. Overall, GORs are increasing as a general trend. "

Saguaro Project Update
Q: Any updates on Saguaro project?
A: The project is commercially strong with world-class customers. MPL is working on project financing to make their final investment decision. No material capital spend is anticipated in 2024. "

Bakken Position and Competition
Q: What's the risk from a competitor's pipeline conversion in Bakken?
A: They are aware of the alternative pipeline but don't expect a material impact. They have long-term contracts averaging over 9 years and provide superior service with redundancy and reliability. "