Financial Data and Key Metrics Changes - The company generated net income attributable to Limited Partners of $326 million and adjusted EBITDA of $591 million in the fourth quarter [18] - For the full year 2024, net income attributable to limited partners was $1.54 billion, with adjusted EBITDA reaching $2.34 billion, exceeding the midpoint of the guidance range [19][20] - Free cash flow for 2024 totaled $1.32 billion, surpassing the high end of the guidance range [20] Business Line Data and Key Metrics Changes - Natural gas throughput increased by 4% sequentially in Q4, achieving record levels in the Delaware Basin [10] - Crude oil and NGLs throughput rose by 6% sequentially, driven by strong customer activity [10] - Produced water throughput saw an 8% sequential increase, attributed to strong producer activity [10] Market Data and Key Metrics Changes - Average throughput across all three products increased by double digits year over year, with natural gas throughput averaging 5.1 billion cubic feet per day, a 16% increase [13] - Crude oil and NGLs throughput averaged 530,000 barrels per day, representing a 12% year-over-year increase [14] - Produced water throughput averaged 1.1 million barrels per day, an 11% increase compared to the previous year [14] Company Strategy and Development Direction - The company announced a significant expansion of its produced water gathering and disposal infrastructure in the Delaware Basin, including the Pathfinder pipeline [4][5] - The strategy focuses on capital-efficient organic growth to generate strong returns for unitholders and sustain base distribution growth [7][8] - The company aims to target a long-term annual distribution growth rate of mid to low single digits, excluding potential increases from large organic growth projects [8][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth driven by strong operational performance and strategic positioning [29] - The company anticipates continued throughput growth in 2025, particularly in the Delaware Basin, supported by strong producer activity [15][31] - Management highlighted the importance of maintaining strong relationships with customers, particularly Occidental Petroleum, to support long-term development plans [30] Other Important Information - The company plans to retire the enhanced distribution concept to simplify its capital allocation framework and focus on sustainable base distribution growth [23] - A new long-term produced water agreement with Occidental Petroleum was executed, enhancing the company's service offerings [4][5] Q&A Session Summary Question: Growth outlook and capital allocation framework - Management explained that the mid to low single-digit distribution growth target was based on extensive forecasting and planning [36] Question: Pathfinder pipeline contract and filling capacity - Management indicated that the contract with Occidental Petroleum supports the pipeline's capacity and is expected to enhance returns over time [39] Question: Discussions with other customers for pipeline capacity - Management confirmed ongoing discussions with other producers to fill the pipeline and improve returns [43] Question: Competitors in the Permian produced water market - Management emphasized the unique long-term midstream solution offered by the company compared to shorter-term oilfield service solutions [45] Question: Future contract extensions with Occidental Petroleum - Management noted ongoing efforts to maintain and extend contracts with all customers, particularly in the Delaware Basin [50] Question: Capital expenditures for 2026 - Management indicated that capital expenditures for 2026 would be higher due to the Pathfinder project and ongoing growth initiatives [53] Question: Criteria for bolt-on acquisitions - Management outlined that acquisitions should complement existing operations and meet midstream return requirements [61] Question: Timing of buybacks given capital requirements - Management stated that while a buyback program was authorized, significant market dislocation would be needed to consider it in the near term [68]

Financial Data and Key Metrics Changes - Ambac reported a net loss of $548 million or $10.23 per diluted share for Q4 2024, compared to a net loss of $16 million or $0.24 per diluted share in Q4 2023 [28] - Consolidated adjusted net loss was $6 million or $0.12 per diluted share for Q4 2024, compared to adjusted net income of $4 million or $0.10 per diluted share in Q4 2023 [30] - The company recorded a $570 million loss on the sale of its legacy financial guarantee business [23] Business Line Data and Key Metrics Changes - The P&C business generated nearly $900 million in premiums, up 74% from 2023, and produced $236 million in revenue, up 89% from the prior year [7] - Cirrata generated nearly $100 million in revenue for 2024, up 93%, and earned approximately $20 million of adjusted EBITDA [15] - Everspan's gross premium written grew to over $380 million, up 40% from the prior year, with a combined ratio of 101.6%, improving nearly 500 basis points over 2023 [20][21] Market Data and Key Metrics Changes - The overall E&S market continues to perform well, with high-single to double-digit rate increases in U.S. casualty lines [12] - The property market showed some softening in Q4, but terms and conditions have held [13] - Professional and financial lines are experiencing softness, particularly in large account and public market D&O [14] Company Strategy and Development Direction - The company is focused on the future growth of its Specialty P&C business and delivering value for shareholders [11] - Ambac aims to achieve strong organic growth and generate $80 million to $90 million of adjusted EBITDA to common shareholders by 2028 [44] - The acquisition of Beat is expected to deliver strong organic growth and enhance the distribution platform [8] Management's Comments on Operating Environment and Future Outlook - Management noted that the areas of softening in the market, such as Employer Stop Loss and short-term medical, may stabilize in the near future [50] - The focus remains on profitability for Everspan, with effective loss ratios in the mid-60s aligning with long-term goals [55] - Management expressed optimism about the prospects for Ambac's future, particularly following the separation from the legacy financial guarantee business [43] Other Important Information - The company has substantially completed the separation of its legacy and P&C businesses, preparing for the close of the legacy sale [11] - Cirrata's premiums increased by 309% to $205 million, with total revenue rising by 257% to $44 million compared to Q4 2023 [31] Q&A Session Summary Question: Distribution business performance and outlook - Management indicated that softening in Employer Stop Loss and short-term medical is a macro trend, but stabilization is expected [50][51] Question: Sustainability of Everspan's combined ratio - Management stated that while there is variability, the performance aligns with long-term objectives, aiming for effective loss ratios in the mid-60s [55][56]

Core Viewpoint - Western Midstream Partners, LP has announced the sanctioning of the Pathfinder pipeline, a significant investment aimed at enhancing produced-water transportation and disposal capabilities in the Delaware Basin, which is expected to support long-term growth and operational efficiency [1][2][3]. Infrastructure Development - The Pathfinder pipeline will be a 42-mile, 30-inch steel pipeline with the capacity to transport over 800 MBbls/d of produced water for disposal [5][6]. - The company plans to invest approximately $400 million to $450 million over the next 24 months to expand its produced-water gathering and disposal system [2][8]. - The new infrastructure is expected to be operational by January 1, 2027 [3]. Customer Agreements - A new long-term agreement with Occidental Petroleum includes minimum-volume commitments for gathering, transportation, and disposal, supporting the expansion of WES's services [2][5]. - The agreement provides up to 280 MBbls/d of firm gathering and transportation capacity and up to 220 MBbls/d of firm disposal capacity [5][6]. Financial Guidance - WES has provided 2025 Adjusted EBITDA guidance in the range of $2.350 billion to $2.550 billion, reflecting an approximate 5% increase at the mid-point compared to 2024 [5][11]. - Total capital expenditures for 2025 are projected to be between $625 million and $775 million, with Free Cash Flow estimated between $1.275 billion and $1.475 billion [5][11]. - The company plans to recommend a Base Distribution increase of $0.035 per unit to $0.910 per unit, representing a 4% increase over the previous quarter and a 13% increase year-over-year [5][8]. Strategic Focus - The company aims to prioritize organic growth projects and synergistic acquisitions to drive gradual distribution increases while maintaining a strong investment-grade balance sheet [9]. - Approximately 50% of the capital expenditures will be allocated to the Delaware Basin, focusing on expansion opportunities to accommodate future growth [8].

Core Viewpoint - Trian Fund Management commends Solventum Corporation for the sale of its Purification & Filtration business to Thermo Fisher Scientific, viewing it as a significant step in the company's value creation journey [1][2] Group 1: Sale Details - Solventum's Purification & Filtration business was sold to Thermo Fisher Scientific, with Trian noting the high valuation multiple attracted by the division's differentiated technology and material science [1] - Thermo Fisher anticipates that the acquisition will be accretive by $0.28, indicating strong cost synergies from replacing Solventum's allocated segment costs with lower costs within Thermo Fisher [2] Group 2: Financial Performance and Growth Potential - Trian highlighted that Solventum has the opportunity to right-size costs and achieve higher margins while reinvesting in growth [3] - Historically, while part of 3M, Solventum achieved 3-4% organic growth and a 26-27% EBIT margin, and Trian believes that as a standalone company, Solventum can deliver faster organic growth and higher margins [4]

Financial Data and Key Metrics Changes - The Brink's Company reported total organic growth of 11% in Q4 and 12% for the full year 2024, with EBITDA of $912 million and an EBITDA margin expansion of 40 basis points to 18.2% [7][10][17] - EPS for the year was $7.17, reflecting a 4% reduction in share count year over year due to share repurchase programs [10][17] - Free cash flow for the full year was $400 million, with over $300 million generated in Q4 alone, driven by working capital efficiencies [11][45] Business Line Data and Key Metrics Changes - ATM managed services and digital retail solutions (AMS DRS) grew 23% organically in both Q4 and the full year, now representing 24% of total revenue [7][12][28] - Cash and valuables management (CVM) grew organically by 7% in Q4 and 9% for the full year, while global services showed signs of recovery late in the quarter [8][29] - North America experienced 2% organic growth for the full year, with adjusted EBITDA up 60 basis points [18] Market Data and Key Metrics Changes - Latin America saw a decline of 2% in total revenue due to volatile foreign exchange conditions, but AMS DRS grew double digits organically [19] - Europe achieved 7% organic growth in 2024, with adjusted EBITDA growing slightly faster at 9% [22] Company Strategy and Development Direction - The company is focused on improving revenue mix, streamlining operations, and compounding free cash flow for shareholder returns [12][14] - Plans for 2025 include mid-single-digit organic revenue growth and mid to high teens growth in AMS DRS, with a target of converting 40% to 45% of EBITDA into free cash flow [15][56] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth outlook, particularly in AMS DRS and the recovery of global services, despite currency headwinds [7][36] - The company anticipates continued margin expansion and is focused on capital efficiency and operational excellence [14][50] Other Important Information - The company reduced net leverage to 2.8 times EBITDA and returned approximately $250 million to shareholders through repurchases and dividends [14][51] - The introduction of additional guidance for the first quarter aims to provide clarity on the impact of foreign currency fluctuations [56] Q&A Session Summary Question: Growth in cash and valuables management business - Management noted that volumes are improving, particularly due to inflation moderation in Argentina, which aligns with long-term growth trends [62][64] Question: Investments to improve margins in North America - Management highlighted ongoing investments in route optimization technology and cloud migration to enhance scalability and flexibility [68][70] Question: Organic growth assumptions for CIT and VGS businesses - Management indicated that CVM is expected to grow in low single digits, while BGS is anticipated to show positive growth after previous softness [76][79] Question: Impact of FX headwinds on free cash flow - Management acknowledged that FX headwinds could impact margins but expects improvements in free cash flow conversion due to operational efficiencies [90][92] Question: Growth in AMS DRS from legacy conversions versus new business - Management clarified that most growth in DRS comes from new business rather than legacy conversions, with a focus on competitive acquisitions [98][102] Question: Impact of tariffs and economic slowdowns - Management stated that while tariffs have affected global markets, they have not seen significant direct impacts on their business [104][110] Question: Discontinuation of the penny - Management indicated that the potential discontinuation of the penny would not have a meaningful impact on their business operations [112][114]

Financial Data and Key Metrics Changes - Targa Resources reported a record adjusted EBITDA of $4.1 billion for 2024, a 17% increase compared to 2023, despite weak natural gas and NGL prices [13][37] - The fourth quarter adjusted EBITDA was $1.122 billion, reflecting a 5% increase over the third quarter, driven by higher Permian volumes [36][37] - The company expects full-year 2025 adjusted EBITDA to be between $4.65 billion and $4.85 billion, representing a 15% increase over 2024 [39] Business Line Data and Key Metrics Changes - Permian GMP volumes grew by 14% year-over-year, with an incremental 709 million cubic feet per day moving through the system [11] - NGL pipeline transportation volumes averaged a record during the fourth quarter, with fractionation volumes also reaching a record of 1.1 million barrels per day [21] - The logistics and transportation segment is expected to benefit from full-year contributions of the Daytona NGL pipeline and trains nine and ten [40] Market Data and Key Metrics Changes - The company anticipates continued volume growth in the Permian Basin, which will drive operating margins across its businesses [39] - The outlook for NGL supply growth remains robust, supported by downstream system expansions to handle growth from the Permian systems [22] Company Strategy and Development Direction - Targa Resources announced three new projects aimed at increasing NGL capacity, including the Delaware Express pipeline expansion and new fractionators [9][10] - The company is focused on organic growth opportunities while maintaining a strong balance sheet to support capital returns to shareholders [34][66] - The strategy includes opportunistic share repurchases and significant dividend increases, with a 33% increase in the common dividend per share expected for 2025 [14][68] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, highlighting strong commercial success and increased infrastructure investments [7][10] - The company expects a back-half weighted growth in 2025, with significant contributions from new commercial agreements [51][52] - Management noted that 2026 is projected to be even stronger than 2025, driven by the addition of four new plants [53][118] Other Important Information - Targa Resources repurchased $755 million of common shares in 2024, a substantial increase from $347 million in 2023 [33] - The company closed a new five-year $3.5 billion revolving credit facility, enhancing its liquidity position [43][44] - Targa purchased BP's 12% interest in Cedar Bayou Fractionators for approximately $111 million, now owning 100% of the asset [25] Q&A Session Summary Question: Forward outlook and EBITDA trajectory - Management indicated a strong growth outlook for 2025, with expectations for more back-half growth and significant contributions from commercial deals [50][52] Question: Badlands buy-in clarification - Management stated the decision was opportunistic, driven by a strong balance sheet and the potential for $80 million in annual cash savings [62][63] Question: Capital allocation priorities - The company maintains an all-of-the-above approach, focusing on organic growth while also executing opportunistic share repurchases [66][68] Question: Commercial success across footprint - Management highlighted good commercial success in both the Midland and Delaware basins, with significant acreage positions available for growth [76][78] Question: Expected returns on new projects - Management confirmed that the previously provided framework holds, with expectations to exceed the five and a half times build multiple [104] Question: North Texas Mountain Valley NGL pipeline timing - Management discussed the need for new capital and the flexibility provided by third-party offload deals to manage growth [127][131]