Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $288 million for the third quarter, an increase of $11 million from the previous quarter [10] - The midpoint of the 2025 adjusted EBITDA guidance range has been increased to $1.13 billion, representing an 18% increase from the prior year guidance [5][11] - Distributable cash flow guidance has been raised to a range of $800 to $830 million, reflecting a midpoint increase of $45 million due to lower maintenance capital, interest, and cash taxes [11] Business Line Data and Key Metrics Changes - The pipeline segment results were consistent with the second quarter, while gathering segment results increased by $10 million, driven by higher volumes on the Haynesville system [10] - Total gathering volumes for the Haynesville averaged 2.04 Bcf per day, marking a 35% increase over the third quarter of 2024 [10] Market Data and Key Metrics Changes - The company has seen robust gas and power demand growth throughout the region, particularly in Louisiana, driven by data center activity and LNG demand [6][19] - The Northeast volumes averaged 1.09 Bcf per day, with expectations for an increase in the fourth quarter due to incremental production on the Tioga system [11] Company Strategy and Development Direction - The company is focused on executing its pure play natural gas pipeline strategy and is well-positioned to fund incremental investments in a favorable market environment [14] - The Guardian G3+ expansion has reached FID, increasing the total capacity of the Guardian pipeline by approximately 537 million cubic feet per day, a 40% increase [6] - The company is pursuing upstream network opportunities to enhance connectivity and reliability for customers [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capture market share in the growing LNG market and emphasized the importance of maintaining a strong balance sheet [14][19] - The recent Senate confirmation of two new FERC members is viewed as a positive sign for the regulatory environment, enhancing confidence in the permitting process for key growth projects [9] Other Important Information - The company announced a third-quarter dividend of $0.82 per share, unchanged from the prior quarter, with a commitment to grow the dividend by 5% to 7% per year in line with long-term adjusted EBITDA growth [13] - The Louisiana CCS project remains pre-FID, with an uncertain permit timeline due to a moratorium on new applications [8] Q&A Session Summary Question: Potential for network to support gas-fired generation in Louisiana - Management highlighted robust demand growth in Louisiana, particularly from data centers and LNG demand, and expressed confidence in capturing market share [19] Question: Growth trajectory in Haynesville and LEAP expansions - Management noted significant development in western Haynesville and expects continued volume growth, with a focus on maintaining competitive positioning [20][22] Question: Upstream Chicago opportunities - Management discussed the potential for the Vector, Nexus, and Midwestern pipelines to bring incremental supply to the Chicago hub, with ongoing discussions about expansions [24] Question: Change in CapEx for the year - Management indicated that capital efficiency and timing have contributed to a reduction in gross capital guidance, with a focus on maintaining a flat run rate for maintenance capital [41][44] Question: Millennium open season status - Management confirmed ongoing work on the Millennium project, emphasizing the need for patience due to regulatory complexities in New York [46][47] Question: Outlook for additional BTN opportunities off Nexus - Management expressed confidence in Nexus's position to capture market share for data center power demand in northwestern Ohio [53] Question: Market share trends in Haynesville - Management reported an increase in market share over the past few years and aims to maintain that share amid growing demand [107]