Acquisition Announcement - ONEOK, Inc. announced the acquisition of the remaining 49.9% interest in Delaware G&P LLC for $940 million, which includes $530 million in cash and $410 million in common stock [1][2] Delaware Basin JV Overview - Delaware Basin JV owns natural gas gathering and processing facilities in the Delaware Basin, with a total processing capacity exceeding 700 million cubic feet per day [2] Company Profile - ONEOK is a leading midstream operator providing essential energy products and services, including gathering, processing, transportation, and storage, through a pipeline network of approximately 60,000 miles [3] - The company is recognized as one of the largest integrated energy infrastructure companies in North America, contributing to energy security and meeting both domestic and international energy demands [3]

Summary of ONEOK (OKE) Fireside Chat - May 28, 2025 Company Overview - **Company**: ONEOK (OKE) - **Industry**: Energy and Natural Gas Key Points and Arguments Commodity Price Impact - ONEOK is less affected by commodity price fluctuations compared to other companies, which can see cash flow changes of up to 40% with a $1 change in gas or a $10 change in oil prices [4][6] - Recent oil price declines have not led to a decrease in volume for ONEOK, indicating stability in their operations [4][6] Natural Gas Outlook - Natural gas production in the U.S. has increased from approximately 20 trillion cubic feet (Tcf) in 2000-2007 to around 42 Tcf in 2024, driven by coal-to-gas conversions and LNG exports [8][9] - Current LNG export facilities are projected to increase capacity to 10 billion cubic feet (Bcf) per day, with potential future expansions [10] - The demand for natural gas is expected to grow due to factors such as artificial intelligence data centers and ongoing coal plant conversions [11] Natural Gas Liquids (NGLs) and Petrochemicals - NGLs are primarily byproducts of crude oil and natural gas production, and their value is dependent on transportation to markets where they can be sold at higher prices [12][13] - The U.S. is expected to remain a significant supplier of ethane to petrochemical companies, with a notable portion being exported to China [18][20] Regulatory Environment - The current administration is actively seeking specific feedback from the industry to improve regulatory processes, which is seen as a positive change [22] - Tariff policies are viewed as volatile, but there is a growing understanding that they may not be permanent [23][24] Strategic Focus and Growth - ONEOK's strategy emphasizes brownfield expansions to reduce capital costs and enhance integration within their existing systems [26][27] - The company has divested non-integrated assets to focus on core business areas, which has allowed for better capital allocation [28] Financial Strategy - ONEOK aims for a balanced capital allocation strategy, prioritizing organic growth projects while maintaining a strong dividend policy [75][76] - The company targets a debt-to-EBITDA ratio of around 3.5 times, with plans for stock buybacks if excess cash is generated [78][79] Storage and Volatility Management - Storage capacity is seen as a critical component for managing the volatility of natural gas pricing, especially with increasing LNG exports [37][44] - ONEOK is expanding its storage capabilities, which are expected to provide opportunities in a volatile market [47][59] Customer Diversification - The company is shifting from a supply-push model to a demand-pull model, diversifying its customer base and reducing reliance on specific markets [51][52] Long-term Outlook - The Bakken region is expected to sustain production levels for decades, supported by advancements in drilling technology [54] - ONEOK anticipates continued growth in its core business, driven by synergies from recent acquisitions and ongoing demand for natural gas and NGLs [83][84] Additional Important Insights - The integration of various assets is a key focus for ONEOK, as it allows for better control over revenue streams and operational efficiencies [91][94] - The company is positioned well in the LNG market, with the U.S. being a significant player in global exports, particularly to Asia [71][72] This summary captures the essential insights from the ONEOK Fireside Chat, highlighting the company's strategic focus, market outlook, and financial strategies.

Investor Presentation May 2025 Forward-Looking Statements Statements contained in this presentation regarding company expectations, outlooks, targets, predictions and other similar statements should be considered forward-looking statements that are covered by the safe harbor protections provided under federal securities legislation and other applicable laws. It is important to note that actual results could differ materially from those projected in such forward-looking statements. For additional information ...

Core Viewpoint - ONEOK, Inc. will participate in an investor conference and a fireside chat session, highlighting its commitment to engaging with investors and stakeholders [1]. Company Overview - ONEOK is a leading midstream operator providing essential energy products and services, including gathering, processing, fractionation, transportation, storage, and marine export services [2]. - The company operates an extensive pipeline network of approximately 60,000 miles, transporting natural gas, natural gas liquids (NGLs), refined products, and crude oil to meet both domestic and international energy demands [2]. - As one of the largest integrated energy infrastructure companies in North America, ONEOK plays a crucial role in energy security and delivering reliable energy solutions [2]. Additional Information - ONEOK is an S&P 500 company headquartered in Tulsa, Oklahoma, and maintains an active presence on various social media platforms [3].

Investors interested in Oil and Gas - Production Pipeline - MLB stocks are likely familiar with Energy Transfer LP (ET) and Oneok Inc. (OKE) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The proven Zacks Rank emphasizes companies with positi ...

Oneok Inc. (OKE) reported $8.04 billion in revenue for the quarter ended March 2025, representing a year-over-year increase of 68.2%. EPS of $1.04 for the same period compares to $1.09 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $7 billion, representing a surprise of +14.89%. The company delivered an EPS surprise of -15.45%, with the consensus EPS estimate being $1.23.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street ...

Core Viewpoint - Oneok is positioned as an attractive long-term investment opportunity due to its high-yielding dividend and strong earnings growth potential, with total returns averaging 13% annually over the past decade [1][2]. Financial Performance - Oneok has achieved a remarkable adjusted EBITDA growth rate of over 16% annually for 11 consecutive years, despite declines in crude oil prices during this period [3]. - The company's adjusted EBITDA is projected to increase from $5.2 billion in 2023 to over $8.2 billion in 2024, representing a nearly 60% surge [6]. Growth Drivers - The company has made significant acquisitions, including an $18.8 billion acquisition of Magellan Midstream Partners in 2023 and a $5.9 billion purchase of Medallion Midstream and a controlling interest in EnLink Midstream [5]. - Oneok expects to capture over $250 million in synergies from its acquisitions this year, with additional synergies anticipated in 2026 and 2027 [7]. Expansion Projects - Oneok is undertaking several organic expansion projects, including the expansion of its refined products system in Denver, expected to be completed by mid-2024, and a 210,000-barrel-per-day natural gas liquids fractionator in Medford, OK, set to come online in late 2026 and early 2027 [8]. - A joint venture with MPLX to build an LPG export terminal in Texas City, Texas, and a new pipeline is also in progress, with completion expected in early 2028 [9]. Dividend and Shareholder Returns - The company anticipates increasing its dividend payout by approximately 3% to 4% per year, supported by strong earnings growth from both acquisitions and organic projects [10]. - Oneok's combination of income and growth positions it as a compelling investment opportunity for those seeking both yield and capital appreciation [11].

Part I. Financial Information [Item 1. Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) This section presents ONEOK's unaudited consolidated financial statements for the three-month periods ending March 31, 2025, and 2024, including income, comprehensive income, balance sheets, cash flows, and equity statements, along with detailed notes on accounting policies, acquisitions, fair value, debt, equity, and segments [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20Financial%20Statements) For the first quarter of 2025, ONEOK reported total revenues of $8.04 billion, a significant increase from $4.78 billion in Q1 2024, with net income attributable to ONEOK at $636 million, slightly down from $639 million, resulting in a diluted EPS of $1.04 compared to $1.09, while total assets grew to $64.26 billion, cash from operations increased to $904 million, and cash used in investing and financing activities also rose, leading to a decrease in cash and cash equivalents to $141 million Consolidated Statements of Income Highlights (Q1 2025 vs Q1 2024) | Metric | Q1 2025 (Millions) | Q1 2024 (Millions) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Revenues** | $8,043 | $4,781 | +68.2% | | **Operating Income** | $1,220 | $1,064 | +14.7% | | **Net Income Attributable to ONEOK** | $636 | $639 | -0.5% | | **Diluted EPS** | $1.04 | $1.09 | -4.6% | Consolidated Balance Sheet Highlights (As of March 31, 2025) | Metric | March 31, 2025 (Millions) | December 31, 2024 (Millions) | | :--- | :--- | :--- | | **Total Current Assets** | $4,116 | $4,238 | | **Total Assets** | $64,263 | $64,069 | | **Total Current Liabilities** | $6,183 | $4,719 | | **Total Liabilities** | $42,143 | $42,636 | | **Total ONEOK Shareholders' Equity** | $21,364 | $17,036 | Consolidated Statements of Cash Flows Highlights (Q1 2025 vs Q1 2024) | Metric | Q1 2025 (Millions) | Q1 2024 (Millions) | | :--- | :--- | :--- | | **Cash provided by operating activities** | $904 | $596 | | **Cash used in investing activities** | $(694) | $(578) | | **Cash used in financing activities** | $(802) | $(291) | | **Cash and cash equivalents at end of period** | $141 | $65 | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail key accounting events and policies, including the EnLink Acquisition completed on January 31, 2025, accounted for as an equity transaction, the company's debt including $2.06 billion in current maturities and an upsized $3.5 billion credit facility, and segment reporting showing significant revenue and EBITDA contributions from four main areas, with acquisitions being a key driver of growth - On January 31, 2025, ONEOK completed the acquisition of all publicly held common units of EnLink, issuing **41 million shares** of common stock valued at **$4.0 billion**; as ONEOK already controlled EnLink, this was treated as an equity transaction, adjusting paid-in capital[24](index=24&type=chunk)[25](index=25&type=chunk) - In February 2025, the company amended and upsized its revolving credit facility from **$2.5 billion to $3.5 billion** and extended the term to February 2030; as of March 31, 2025, there were no outstanding borrowings under this facility[41](index=41&type=chunk) - The company has four reportable segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude; corporate costs and eliminations are reported separately[67](index=67&type=chunk)[69](index=69&type=chunk) Segment Adjusted EBITDA (Q1 2025 vs Q1 2024) | Segment | Q1 2025 (Millions) | Q1 2024 (Millions) | | :--- | :--- | :--- | | Natural Gas Gathering and Processing | $491 | $306 | | Natural Gas Liquids | $635 | $588 | | Natural Gas Pipelines | $212 | $165 | | Refined Products and Crude | $471 | $381 | | **Total Segment Adjusted EBITDA** | **$1,809** | **$1,440** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the Q1 2025 earnings increase primarily to the positive impact of the EnLink and Medallion acquisitions, with operations approximately 90% fee-based, reducing exposure to commodity price volatility, and key developments including the completion of the EnLink acquisition, formation of new joint ventures with MPLX, and progress on major capital projects, with total capital expenditures expected to be $2.8 - $3.2 billion in 2025, and strong liquidity maintained through a $3.5 billion credit facility and access to capital markets - Earnings increased in Q1 2025 compared to Q1 2024, primarily due to the positive impact of the EnLink and Medallion Acquisitions[79](index=79&type=chunk) - The company's consolidated earnings are expected to be approximately **90% fee-based** in 2025, supported by long-term contracts, which reduces exposure to direct commodity price volatility[81](index=81&type=chunk) - Total capital expenditures for 2025 are projected to be between **$2.8 billion and $3.2 billion**[134](index=134&type=chunk) - On January 31, 2025, ONEOK completed the EnLink Acquisition, making EnLink a wholly owned subsidiary; **41 million shares** of common stock were issued, valued at **$4.0 billion**[77](index=77&type=chunk) [Recent Developments](index=25&type=section&id=Recent%20Developments) Key recent developments include the completion of the EnLink Acquisition, making EnLink a wholly owned subsidiary, the formation of two joint ventures with MPLX for a new LPG export terminal and a connecting pipeline with an expected investment of approximately $1.0 billion, and major capital projects underway, including the Elk Creek pipeline expansion, the Medford fractionator rebuild, and the Greater Denver pipeline expansion - Announced definitive agreements with MPLX to form joint ventures for a **400 MBbl/d** LPG export terminal (Texas City Logistics) and a connecting pipeline (MBTC Pipeline), with ONEOK expecting to invest approximately **$1.0 billion**[78](index=78&type=chunk) Major Capital Projects Update | Project | Scope | Approx. Cost (Millions) | Expected Completion | | :--- | :--- | :--- | :--- | | Elk Creek pipeline expansion | Increase capacity to 435 MBbl/d | $355 | Completed (partially in service) | | Medford fractionator | Rebuild 210 MBbl/d facility | $385 | Phased, Q4 2026 - Q1 2027 | | Texas City Logistics export terminal | 400 MBbl/d LPG export terminal | $700 | Early 2028 | | MBTC Pipeline | 24-inch pipeline to terminal | $280 | Early 2028 | | Greater Denver pipeline expansion | Increase capacity by 35 MBbl/d | $480 | Mid-2026 | [Financial Results and Operating Information](index=26&type=section&id=Financial%20Results%20and%20Operating%20Information) Consolidated operating income for Q1 2025 increased by $156 million year-over-year to $1.22 billion, driven by contributions from the EnLink and Medallion acquisitions across all four segments, with Adjusted EBITDA rising to $1.775 billion from $1.441 billion, and the Natural Gas Gathering and Processing segment seeing the largest adjusted EBITDA increase of $185 million, primarily from EnLink's contribution, while the Refined Products and Crude segment's adjusted EBITDA grew by $90 million, also boosted by recent acquisitions Consolidated Financial Results (Q1 2025 vs Q1 2024) | Metric | Q1 2025 (Millions) | Q1 2024 (Millions) | Change (Millions) | | :--- | :--- | :--- | :--- | | **Operating Income** | $1,220 | $1,064 | $156 | | **Net Income** | $691 | $639 | $52 | | **Adjusted EBITDA** | $1,775 | $1,441 | $334 | - The **$156 million** increase in operating income was primarily driven by contributions from recent acquisitions: **$129M** from Natural Gas Gathering and Processing (EnLink), **$9M** from Natural Gas Liquids (EnLink), **$28M** from Natural Gas Pipelines (EnLink), and **$39M** from Refined Products and Crude (Medallion and EnLink); this was partially offset by **$39M** in transaction costs[94](index=94&type=chunk) - Natural Gas Gathering and Processing adjusted EBITDA increased by **$185 million**, primarily due to a **$213 million** contribution from EnLink[99](index=99&type=chunk) - Refined Products and Crude adjusted EBITDA increased by **$90 million**, mainly due to a **$92 million** contribution from the Medallion and EnLink acquisitions[113](index=113&type=chunk)[115](index=115&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) ONEOK maintains a strong liquidity position, with primary sources being operating cash flow, a commercial paper program, and a newly upsized $3.5 billion revolving credit facility expiring in 2030, which are believed sufficient to fund operations, capital expenditures ($2.8-$3.2B for 2025), dividends, and debt maturities, despite a working capital deficit of $2.1 billion as of March 31, 2025, mainly due to current debt maturities, which is not expected to adversely impact operations, and credit ratings remain investment grade - Primary liquidity sources include operating cash flows, a commercial paper program, and a **$3.5 Billion** Credit Agreement which was upsized from **$2.5 billion** and extended to February 2030[118](index=118&type=chunk)[124](index=124&type=chunk) - The company maintains investment-grade credit ratings from Moody's (**Baa2**), S&P (**BBB**), and Fitch (**BBB**), all with a stable outlook[135](index=135&type=chunk) - In March 2025, the company repaid **$250 million** of **3.2%** senior notes at maturity using cash on hand[129](index=129&type=chunk) - Cash flow from operations in Q1 2025 was **$904 million**, an increase of **$308 million** from Q1 2024, primarily due to the impact of the EnLink and Medallion acquisitions[141](index=141&type=chunk)[142](index=142&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section addresses the company's market risk, focusing on counterparty credit risk, confirming no material changes in market risk exposure from the 2024 Annual Report, and noting that for the Refined Products and Crude segment, approximately 85% of revenues in Q1 2025 were from customers rated investment-grade or otherwise secured, mitigating credit risk - There have been no material changes in market risk exposures from those disclosed in the Annual Report[155](index=155&type=chunk) - In the Refined Products and Crude segment, approximately **85%** of Q1 2025 revenues were from customers rated investment-grade or secured by letters of credit, liens, or other collateral[154](index=154&type=chunk) [Item 4. Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) The company's Principal Executive Officer and Principal Financial Officer concluded that disclosure controls and procedures were effective as of March 31, 2025, and no changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period (March 31, 2025)[157](index=157&type=chunk) - No material changes to the company's internal control over financial reporting were identified during the first quarter of 2025[158](index=158&type=chunk) Part II. Other Information [Item 1. Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company refers to Note J of the financial statements and its Annual Report for information on legal proceedings, having established a $1 million threshold for the disclosure of environmental proceedings - The company has elected to use a **$1 million** threshold for disclosing environmental proceedings[159](index=159&type=chunk) [Item 1A. Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) The company states that there have been no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K - There have been no material changes to the risk factors set forth in the company's Annual Report[160](index=160&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's common stock repurchases during the first quarter of 2025, with a total of 315,000 shares purchased under the publicly announced program, and approximately $1.811 billion remaining available for repurchase under the current authorization as of March 2025 Issuer Purchases of Equity Securities (Q1 2025) | Period | Total Shares Purchased | Average Price Paid Per Share | Remaining Authorization (Millions) | | :--- | :--- | :--- | :--- | | January 2025 | 125,000 | $100.46 | $1,828 | | February 2025 | 0 | $0.00 | $1,828 | | March 2025 | 190,000 | $91.79 | $1,811 | | **Total** | **315,000** | | | [Item 5. Other Information](index=42&type=section&id=Item%205.%20Other%20Information) The company reports two key items: first, no director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the quarter, and second, on April 28, 2025, the company filed a certificate of retirement for all outstanding Series E Preferred Stock after repurchasing them, amending its certificate of incorporation to eliminate all references to this series of stock - On April 28, 2025, the company filed a certificate of retirement to cancel all outstanding shares of Series E Preferred Stock and amend its certificate of incorporation accordingly[166](index=166&type=chunk) - No director or officer of the company adopted or terminated a Rule 10b5-1 trading arrangement during the first quarter of 2025[165](index=165&type=chunk) [Item 6. Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the 10-Q report, including the Amended and Restated Certificate of Incorporation, various supplemental indentures related to debt, credit agreements, guaranty agreements, officer certifications required by the Sarbanes-Oxley Act, and Inline XBRL data files - A list of exhibits filed with the report is provided, including corporate governance documents, debt and credit agreements, and required officer certifications (302 and 906)[167](index=167&type=chunk)[168](index=168&type=chunk)[170](index=170&type=chunk)

Core Insights - ONEOK Inc. reported first-quarter 2025 operating earnings per share (EPS) of $1.04, missing the Zacks Consensus Estimate of $1.23 by 15.4% and declining 4.6% from the previous year's figure of $1.09 [1] - Total revenues for the quarter reached $8.04 billion, exceeding the Zacks Consensus Estimate of $7 billion by 14.9% and improving 68.2% from $4.78 billion in the prior-year quarter [1] Financial Performance - Adjusted EBITDA for the quarter was $1.78 billion, reflecting a year-over-year increase of 23.2% [2] - Operating income totaled $1.22 billion, up 14.7% from the prior-year level of $1.06 billion [2] - Interest expenses amounted to $442 million, a significant increase of 47.3% from $300 million in the year-ago period [2] - The total natural gas processed was 5,250 million cubic feet per day (MMcf/d), marking a 140.1% increase year over year [2] Capacity and Debt - Natural gas transportation capacity contracted was 4,663 million British thermal units per hour per day (MDth/d), which increased by 4% year over year [3] - As of March 31, 2025, cash and cash equivalents were $141 million, down from $733 million as of December 31, 2024 [4] - Long-term debt (excluding current maturities) totaled $29.78 billion, a decrease from $31.02 billion as of December 31, 2024 [4] - Cash provided by operating activities for the first three months of 2025 was $904 million, compared to $596 million in the same period of 2024 [4] 2025 Guidance - ONEOK anticipates consolidated 2025 net income in the range of $3.21-$3.69 billion and expects adjusted EBITDA between $8-$8.45 billion [5] - Interest expenses, net of capitalized interest, are projected to be in the range of $1.77-$1.73 billion [5] - Diluted EPS is expected to be between $4.97-$5.77 per share, with the Zacks Consensus Estimate for earnings at $5.35 per share, lower than the midpoint of the company's guidance [5] Zacks Rank - ONEOK currently holds a Zacks Rank 3 (Hold) [6]

Financial Data and Key Metrics Changes - First quarter 2025 net income attributable to ONEOK totaled $636 million or $1.04 per share [11] - Adjusted EBITDA for the first quarter was $1.78 billion, or $1.81 billion excluding transaction costs, driven by higher NGL and natural gas processing volumes [11][12] - The acquired EnLink and Medallion assets contributed nearly $450 million during the first quarter [12] - The company ended the quarter with no borrowings under its $3.5 billion facility and over $140 million in cash [13] Business Line Data and Key Metrics Changes - NGL volumes increased by 4% year over year, with a 15% increase in the Rocky Mountain region and an 8% increase in the Gulf Coast Permian region [17] - Refined product volumes were nearly unchanged year over year, with expectations for increased volumes in the coming months due to seasonal demand [20] - Midland crude gathered volumes were up more than 20% year over year, including contributions from the EnLink and Medallion systems [21] Market Data and Key Metrics Changes - The company is seeing increased demand for natural gas due to ongoing negotiations related to power demand for data centers and industrial demand along the Mississippi River [26] - The Oklahoma natural gas storage expansion project was completed, adding an additional 4 Bcf of working storage capacity, which is 80% committed with third-party contracts [27] Company Strategy and Development Direction - ONEOK is focused on optimizing existing assets and expanding strategically in high-growth areas like the Permian Basin [28] - The company is committed to capital discipline and maintaining a strong balance sheet, with plans to adjust capital expenditures if necessary [50][51] - The integration of acquired assets is expected to provide significant synergies and growth opportunities, with a focus on operational efficiencies and commercial alignment [12][56] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the evolving macroeconomic environment but expressed confidence in the company's ability to navigate through various cycles [6][10] - The company expects seasonal refined product demand and volume growth from completed capital projects to enhance results in the coming quarters [14] - Management remains optimistic about long-term fundamentals and the strength of integrated assets [28] Other Important Information - The company is nearing completion of several organic growth projects, including pipeline expansions in the Permian and Rocky Mountain regions [5] - The strategic Texas City LPG export joint venture is expected to provide customers with a fully integrated solution for their products [19] Q&A Session Summary Question: Can you elaborate on the synergies and outlook for 2025 and 2026? - Management highlighted that LNG exports and data center demand are expected to drive growth, with synergies not dependent on production volume [34][36] Question: How are producer conversations going regarding concessions? - Management indicated constructive conversations with producers, focusing on win-win solutions through bundling strategies [41] Question: How has the potential for tariffs on LPGs impacted commercialization? - Management stated that tariffs have not impacted their LPG export project or contracting approach [44] Question: How flexible can capital expenditures be if the macro environment worsens? - Management noted that they can flex down about $1 billion of their annual capital expenditures if necessary [50] Question: How much of the synergies for 2025 are already underway? - Management confirmed that a substantial amount of synergies are already in progress, with ongoing capital projects to connect systems [53][56] Question: What is the outlook for Bakken volumes? - Management indicated that low single-digit growth in Bakken volumes is expected, with confidence in recovery as winter issues subside [63] Question: How sensitive is ethane recovery to market pricing? - Management explained that ethane recovery is affected by pricing, but they have flexibility to adjust based on market conditions [66] Question: What is the outlook for the gas pipeline business? - Management expressed optimism about the natural gas pipeline segment, which performed well in Q1 and is expected to continue strong performance [98]