Core Viewpoint - The company achieved record performance in 2025, driven by an 11% increase in Permian volumes and record throughput in NGL transport, fractionation, and LPG exports [1] Group 1: Performance Drivers - The growth is attributed to a combination of existing customer drilling activity and significant commercial success, adding several billion cubic feet per day of gas volumes beyond legacy dedications [1] - The company is executing an aggressive 8-plant expansion plan over two years to provide 2.2 billion cubic feet per day of incremental processing capacity to meet rising demand [1] Group 2: Strategic Positioning - Strategic positioning in the Delaware Basin is intensifying due to a more diverse customer set and upward revisions in producer activity forecasts [1] - The 'wellhead-to-water' strategy integrates gathering and processing (G&P) with downstream assets, allowing the company to capture margins across the entire value chain while ensuring flow assurance for producers [1] Group 3: Operational Resilience - Operational resilience was demonstrated during January winter storms, where assets remained online and ready to receive volumes immediately as temperatures improved [1]