Financial Data and Key Metrics Changes - The company increased the midpoint of its 2025 adjusted EBITDA guidance range to $1.13 billion, an 18% increase from the prior year adjusted EBITDA guidance [5] - Adjusted EBITDA for the third quarter was $288 million, representing an $11 million increase from the prior quarter [11] - The distributable cash flow guidance range was raised to $800 to $830 million, a midpoint increase of $45 million due to lower maintenance capital, interest, and cash taxes [12] Business Line Data and Key Metrics Changes - The pipeline segment results were in line with the second quarter, while gathering segment results were $10 million higher than the second quarter, driven by higher volumes on the Haynesville system [11] - Total gathering volumes for the Haynesville averaged 2.04 Bcf per day, a 35% increase over the third quarter of 2024 [11] - The LEAP Phase 4 expansion increased capacity from 1.9 to 2.1 Bcf per day, providing access to Gulf Coast LNG markets [7] Market Data and Key Metrics Changes - The company noted robust gas and power demand growth throughout the region, particularly in Louisiana, driven by data center activity and LNG demand [6][10] - The Northeast volumes averaged 1.09 Bcf per day, with expectations for higher volumes in the fourth quarter [11][12] - The Haynesville system demonstrated record high throughput, indicating producers' ability to respond quickly to LNG demand signals [9] Company Strategy and Development Direction - The company is focused on executing its pure play natural gas pipeline strategy and is well-positioned with a strong balance sheet to fund incremental investments [15] - The Guardian G3+ expansion will increase the total capacity of the Guardian pipeline by approximately 537 million cubic feet per day, supported by long-term contracts with investment-grade utilities [6] - The company is pursuing upstream network opportunities to enhance flexibility and reliability for customers [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position within the natural gas market, citing a positive shift in Haynesville and strong demand growth [10] - The recent Senate confirmation of two new FERC members was viewed as an encouraging sign for the regulatory environment [10] - Management remains optimistic about the future opportunities, particularly in the LNG market and industrial demand growth [10][15] 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 [14] - The committed capital for the 2025 to 2029 period has increased to $1.6 billion, reflecting 70% of the $2.3 billion backlog advancing to execution [14] Q&A Session Summary Question: Potential for network to support gas-fired generation in Louisiana - Management noted robust demand growth in Louisiana, particularly from data centers and LNG demand, and expressed confidence in capturing market share [20] Question: Growth trajectory in Haynesville and LEAP expansions - Management highlighted significant development in western Haynesville and expected continued volume growth, with a focus on maintaining market share [21][22] Question: Upstream Chicago opportunities - Management discussed the potential for the Vector, Nexus, and Midwestern pipelines to bring in incremental supply to the Chicago market [24] Question: Dividend growth potential - Management indicated that strong growth could lead to higher dividend increases, with a focus on maintaining strong coverage ratios [61][65] Question: Millennium open season status - Management described the complexity of the Millennium project and emphasized the need for patience in the regulatory process [53] Question: Market share trends in Haynesville - Management expressed confidence in maintaining or growing market share due to strong connectivity and resource quality [132]