Financial Data and Key Metrics Changes - For Q1 2025, adjusted EBITDA was $4.1 billion, an increase from $3.9 billion in Q1 2024, driven by strong volumes in midstream operations and NGL exports [5] - Distributable cash flow (DCF) attributable to partners was $2.3 billion, with approximately $955 million spent on organic growth capital [5] - The company expects 2025 adjusted EBITDA to be between $16.1 billion and $16.5 billion, indicating a strong financial outlook despite some market volatility [18][19] Business Segment Data and Key Metrics Changes - NGL and refined products segment adjusted EBITDA was $978 million, slightly down from $989 million in Q1 2024 due to higher operating expenses [6] - Midstream segment adjusted EBITDA increased to $925 million from $696 million, attributed to higher volumes in the Permian Basin [6] - Crude oil segment adjusted EBITDA decreased to $742 million from $848 million, impacted by lower transportation revenues and optimization gains [8] - Interstate natural gas segment adjusted EBITDA rose to $512 million from $483 million, driven by record volumes [10] - Intrastate natural gas segment adjusted EBITDA fell to $344 million from $438 million, affected by reduced pipeline optimization [10] Market Data and Key Metrics Changes - The company reported strong NGL exports during the quarter, contributing positively to overall performance [5] - The crude oil segment faced challenges with lower transportation revenues primarily on the Bakken pipeline [9] - The interstate natural gas segment achieved record volumes, indicating strong demand in the market [10] Company Strategy and Development Direction - The company plans to invest approximately $5 billion in organic growth capital projects in 2025, focusing on midstream and NGL segments [11] - Major projects include the Flexport NGL export expansion and several processing plant expansions, expected to ramp up earnings growth significantly in 2026 and 2027 [11][13] - The company is pursuing opportunities in power generation and data centers, indicating a strategic shift towards supporting growing energy demands [16][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the new administration's support for the oil and gas industry, expecting easier permitting processes and infrastructure development [86] - Despite some recent slowdowns in production, management remains bullish on long-term growth, particularly in the LNG market and natural gas transportation [40][66] - The company is well-positioned to manage market volatility due to its diversified asset base and strong financial position [19] Other Important Information - The company is making substantial progress on the Lake Charles LNG project, with significant agreements signed for LNG production and export [15][105] - Sunoco's acquisition of Parkland Corporation is expected to create the largest independent fuel distributor in the Americas, enhancing the company's market position [20] Q&A Session Summary Question: Update on Lake Charles progress and U.S. LNG competitiveness - Management highlighted ongoing momentum towards FID for Lake Charles, with recent agreements increasing LNG capacity to 10.4 million tons, targeting 15 million tons [24][26] Question: Potential for Energy Transfer to have a C Corp presence - Management stated that evaluating a C Corp presence remains an option but no immediate plans are in place [28][29] Question: Outlook for production given commodity price volatility - Management noted that while there is some slowdown, they remain optimistic about production levels and the overall market outlook [40][66] Question: Update on WTG acquisition and its impact - Management expressed satisfaction with the WTG acquisition, noting it is expected to contribute positively to revenue and growth in NGLs [95][96] Question: Guidance for 2025 adjusted EBITDA - Management reiterated the guidance range for 2025 adjusted EBITDA, emphasizing that commodity price movements and volume exposure are key drivers [88][90]

Financial Data and Key Metrics Changes - For Q1 2025, adjusted EBITDA was $4.1 billion, an increase from $3.9 billion in Q1 2024, driven by strong volumes across various segments [4] - Distributable cash flow (DCF) attributable to partners was $2.3 billion, with approximately $955 million spent on organic growth capital [4] Business Line Data and Key Metrics Changes - NGL and refined products segment adjusted EBITDA was $978 million, down from $989 million in Q1 2024, due to higher operating expenses and lower blending margins [5] - Midstream segment adjusted EBITDA increased to $925 million from $696 million, attributed to higher legacy volumes in the Permian Basin, which rose by 8% [5] - Crude oil segment adjusted EBITDA decreased to $742 million from $848 million, impacted by lower transportation revenues and higher expenses [6] - Interstate natural gas segment adjusted EBITDA rose to $512 million from $483 million, driven by record volumes [7] - Intrastate natural gas segment adjusted EBITDA fell to $344 million from $438 million, due to reduced pipeline optimization [8] Market Data and Key Metrics Changes - The company expects to spend approximately $5 billion on organic growth capital projects in 2025, with most projects anticipated to come online in 2025 or 2026 [9] - The company is experiencing strong demand for natural gas transportation, particularly in Texas, with significant opportunities in data centers and power generation [41][42] Company Strategy and Development Direction - The company is focused on expanding its infrastructure to support growing demand for LNG and natural gas, with ongoing projects like the Hugh Brinson pipeline and Flexport expansion [10][11] - The company is optimistic about the new administration's support for the oil and gas industry, expecting a more favorable permitting process [85] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's diversified business model, which is well-positioned to manage market volatility and capitalize on growth opportunities [16][17] - Despite some recent slowdowns in production, management remains bullish on long-term growth, particularly in the LNG market [39][66] Other Important Information - The company is making substantial progress on the Lake Charles LNG project, with a target for final investment decision (FID) by year-end [20][104] - Sunoco's acquisition of Parkland Corporation is expected to create the largest independent fuel distributor in the Americas [18] Q&A Session Summary Question: Update on Lake Charles progress and U.S. LNG market dynamics - Management is excited about the progress towards FID and has secured additional contracts, targeting 15 million tons of LNG production [22][24] Question: Potential for Energy Transfer to have a C Corp presence - Management is evaluating the option but has no immediate plans for a C Corp structure [27] Question: Outlook for production given commodity price volatility - Management noted that while there is some slowdown, the diversified nature of the business allows for resilience [38][66] Question: Speed of ramp for Flexport expansion and LPG export market - Management is confident in the demand for ethane and LPG, with significant contracts already in place [49][51] Question: Timing and capacity for Phase two of Hugh Brinson pipeline - Management is negotiating for more capacity than currently available and is optimistic about future expansions [57][60] Question: Changes in permitting process under the new administration - Management sees a more supportive environment for oil and gas projects, with expectations for easier infrastructure development [85] Question: Guidance for 2025 adjusted EBITDA - Management maintains guidance of $16.1 billion to $16.5 billion, with various factors influencing the range [88][90]

Financial Data and Key Metrics Changes - For Q1 2025, adjusted EBITDA was $4.1 billion, an increase from $3.9 billion in Q1 2024, driven by strong volumes in midstream operations and NGL exports [5] - Distributable cash flow (DCF) attributable to partners was $2.3 billion, with approximately $955 million spent on organic growth capital [5] - The company expects 2025 adjusted EBITDA to be between $16.1 billion and $16.5 billion, indicating a strong financial outlook despite some market volatility [17][18] Business Line Data and Key Metrics Changes - NGL and refined products segment adjusted EBITDA was $978 million, slightly down from $989 million in Q1 2024 due to higher operating expenses [6] - Midstream segment adjusted EBITDA increased to $925 million from $696 million, attributed to higher legacy volumes in the Permian Basin [6] - Crude oil segment adjusted EBITDA decreased to $742 million from $848 million, impacted by lower transportation revenues and higher expenses [7][8] - Interstate natural gas segment adjusted EBITDA rose to $512 million from $483 million, driven by record volumes [9] - Intrastate natural gas segment adjusted EBITDA fell to $344 million from $438 million, affected by reduced pipeline optimization [9] Market Data and Key Metrics Changes - The company reported strong NGL exports during the quarter, contributing positively to overall performance [5] - The Permian Basin saw an 8% increase in legacy volumes, enhancing the midstream segment's performance [6] Company Strategy and Development Direction - The company plans to invest approximately $5 billion in organic growth capital projects in 2025, with expectations for mid-teen returns [10] - Major projects include the Flexport NGL export expansion and several processing plant expansions in the Permian [10][12] - The company is optimistic about the Lake Charles LNG project, with significant progress towards commercialization and agreements with international partners [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's diversified business model, which is well-positioned to manage market volatility [17][18] - The new administration is seen as supportive of the oil and gas industry, with expectations for a more favorable permitting process [85] - Despite some recent slowdowns in production, management remains bullish on long-term growth prospects, particularly in the LNG and natural gas markets [39][66] Other Important Information - The company is excited about Sunoco's acquisition of Parkland Corporation, which is expected to create the largest independent fuel distributor in the Americas [19] - Construction of eight 10-megawatt natural gas-fired electric generation facilities is ongoing, with the first facility already in service [17] Q&A Session Summary Question: Update on Lake Charles progress and U.S. LNG competitiveness - Management is optimistic about reaching FID by year-end, with ongoing negotiations for additional capacity and partnerships [22][24] Question: Impact of commodity price volatility on production outlook - Management noted that while there is some slowdown, the diversified nature of the business helps mitigate risks [38][66] Question: Contracting position for NGL exports - The Flexport project is 90% contracted for three to five years, with expectations for strong international demand [76] Question: Potential for further expansion of Hugh Brinson pipeline - Management is exploring options for additional capacity and pricing power due to high demand [80][81] Question: Changes in permitting processes under the new administration - Management sees a more supportive environment for infrastructure projects, which is expected to benefit the company [85]

Financial Data and Key Metrics Changes - National Fuel Gas Company reported a more than 30% increase in earnings compared to the previous year, with adjusted operating results increasing by 32% for the quarter [4][16]. - Earnings per share for the utility segment increased by $0.22, driven by a rate settlement approved by the New York PSC [6][16]. - The company expects adjusted operating results guidance to be in the range of $6.75 to $7.05 per share, reflecting a $0.15 per share increase from prior guidance [18][19]. Business Line Data and Key Metrics Changes - At Seneca, production grew by 8% sequentially, with record production levels of almost 106 Bcf and all-time high gathering volumes of nearly 130 Bcf [5][26]. - The utility segment benefited from a modernization tracker in Pennsylvania, with expectations for growth over the next two fiscal years [6][7]. - The FERC regulated pipeline and storage business continues to benefit from a rate settlement that went into effect last February [7][8]. Market Data and Key Metrics Changes - The outlook for natural gas remains strong, with demand increasing rapidly and significant LNG export growth anticipated [12][24]. - Natural gas prices have seen structural improvements, with a shift from a 5% surplus to a 10% deficit compared to the five-year average [16][17]. - The company has layered in favorable hedges for fiscal 2026 and 2027, with swaps executed at an average price of over $4 [17][19]. Company Strategy and Development Direction - National Fuel is focused on optimizing well-designed facilities to enhance productivity and inventory life, with a long-term outlook for its Appalachian development program [5][13]. - The company is positioned to capture market share in Appalachia as other operators moderate activity levels [13][14]. - There is a strong emphasis on operational excellence and capital efficiency gains, with plans to maintain a one to two rig development program [26][32]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook for natural gas, citing robust domestic energy demand and the critical role of natural gas in providing reliable baseload generation [12][13]. - The company is optimistic about new opportunities arising from increased interest from data center developers and independent power producers [14][24]. - Management highlighted the importance of permitting reform to facilitate the construction of significant energy infrastructure projects [11][24]. Other Important Information - The company issued $1 billion in new notes, the largest bond issuance in its history, to manage fixed income liabilities and reduce refinancing risk [23][24]. - National Fuel's balance sheet is on track towards a 2x debt to EBITDA ratio by the end of the year, providing flexibility for capital allocation [22][24]. Q&A Session Summary Question: Thoughts on the buyback program and stock price impact - Management remains committed to the buyback program, considering stock price as a factor but prioritizing growth opportunities [34][36]. Question: Infrastructure build and potential for the Constitution pipeline - The main roadblock for the Constitution pipeline is New York State, and the new administration could help by addressing the Clean Water Act and judicial review processes [37]. Question: Leading edge EUR for recent EDA wells - Recent pads are showing pressure declines exceeding expectations, with sustained rates anticipated for several months [40][42]. Question: Outlook for regulated M&A - The company is focused on gaining scale in the regulated business, with interest in larger acquisitions rather than just bolt-ons [53][75]. Question: CapEx cadence beyond 2025 - The company anticipates continued reductions in capital expenditures while maintaining production growth, with a multiyear trend expected [68][70].