Financial Data and Key Metrics Changes - Targa Resources reported a record Adjusted EBITDA of $4.96 billion for 2025, which is an increase of over $800 million or 20% year-over-year [8][20][21] - The fourth quarter Adjusted EBITDA was $1.34 billion, reflecting a 5% increase from the previous quarter [19][20] - The company expects full-year Adjusted EBITDA for 2026 to be between $5.4 billion and $5.6 billion, representing an 11% increase over 2025 [22][23] Business Line Data and Key Metrics Changes - Permian volumes averaged a record 6.65 billion cubic feet per day in the fourth quarter, up 10% from the previous year [14] - NGL transportation volumes averaged a record 1.05 million barrels per day, and fractionation volumes averaged 1.14 million barrels per day [17][18] - LPG export volumes averaged 13.5 million barrels per month [18] Market Data and Key Metrics Changes - The company added approximately 350,000 dedicated acres in 2025 and completed the acquisition of Stakeholder, adding nearly 500,000 dedicated acres [15] - The outlook for natural gas prices at Waha is expected to remain volatile throughout 2026, but improved egress is seen as a long-term positive for Targa and its producers [17] Company Strategy and Development Direction - Targa plans to invest in two new projects: the Yeti Two processing plant and a thirteenth fractionator in Mont Belvieu, with additional plants planned for early 2028 [10][12] - The company aims to maintain a strong free cash flow profile post-completion of major projects like Speedway and LPG export expansion, with a focus on growing Adjusted EBITDA and dividends [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued low double-digit volume growth in the Permian for 2026 and beyond, supported by strong commercial success and existing customer relationships [9][32] - The company anticipates reaching a run rate Adjusted EBITDA of over $6 billion following the completion of Speedway, which will enable further investments in growth [12] Other Important Information - Targa's net consolidated leverage ratio was approximately 3.5 times at year-end, well within the long-term target range of 3-4 times [22] - The company repurchased $642 million of common shares in 2025 at a weighted average price of $170.45 [21] Q&A Session Summary Question: Outlook for 2026 and growth drivers - Management highlighted strong producer relationships and existing customer activity as key drivers for resilience in growth outlook for 2026 [30][31] Question: CapEx budget increase - The increase in CapEx is attributed to new plants and field capital spending to support growth, reflecting a larger base for future growth [33][34] Question: Durability of commercial success - Management indicated that strong growth is expected even without additional commercial success due to existing contracts and dedicated acreage [44][45] Question: Waha price outlook - Management expects Waha prices to remain volatile but sees long-term improvements with new pipeline capacity coming online [54][56] Question: Marketing opportunities for 2026 - Management remains conservative in forecasting marketing gains for 2026, with potential upside from market conditions [62][63] Question: Growth in the Delaware Basin - Management noted that growth in the Delaware is driven by both market share gains and overall production increases from dedicated producers [64][66] Question: Impact of technological advancements on well recovery - Management acknowledged improvements in well recovery due to technological advancements by producers, contributing positively to Targa's outlook [72][74] Question: Details on recent bolt-on acquisitions - Acquisitions were made from producers with strong relationships, aimed at enhancing Targa's asset base and operational efficiency [76]

Financial Data and Key Metrics Changes - Targa Resources reported a record Adjusted EBITDA of $4.96 billion for 2025, an increase of over $800 million year-over-year, representing a 20% growth compared to 2024 [8][20] - The fourth quarter Adjusted EBITDA was $1.34 billion, a 5% increase over the third quarter [19] - The company invested approximately $3.3 billion in growth capital projects in 2025, with net maintenance capital at $226 million [21] Business Line Data and Key Metrics Changes - Permian volumes grew by 11% for the year, adding over 600 million cubic feet per day [8] - NGL transport volumes increased by almost 170,000 barrels per day, while fractionation volumes averaged a record 1.14 million barrels per day [8][18] - LPG export volumes averaged 13.5 million barrels per month [18] Market Data and Key Metrics Changes - The company added approximately 350,000 dedicated acres in 2025 and completed the acquisition of Stakeholder, adding nearly 500,000 dedicated acres [15] - The logistics and transportation segment saw NGL transportation volumes average a record 1.05 million barrels per day [18] Company Strategy and Development Direction - Targa plans to continue investing in growth capital, with an estimated $4.5 billion in growth capital spending for 2026 [23] - The company is focused on maintaining a strong balance sheet while generating significant free cash flow, with expectations of reaching over $6 billion in Adjusted EBITDA following the completion of major projects [12][24] - Targa's strategy remains centered on executing core projects with strong returns along its integrated value chain [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued low double-digit Permian volume growth for 2026, supported by strong producer relationships and commercial success [9][32] - The outlook for 2027 and beyond has improved, with expectations of sustained higher Waha prices benefiting Targa and its producers [17][42] - Management acknowledged the volatility in natural gas prices at Waha but remains optimistic about long-term growth prospects [17][93] Other Important Information - The company is in an elevated growth capital environment, with several new processing plants and fractionators planned for the coming years [11][10] - Targa's net consolidated leverage ratio was approximately 3.5 times at year-end, well within the long-term target range of 3-4 times [22] Q&A Session Summary Question: Outlook for 2026 and growth drivers - Management highlighted the strong footprint across Delaware and Midland, strong producer relationships, and commercial success as key drivers for resilience in growth outlook for 2026 [30][31] Question: CapEx increase and growth expectations - Management explained the increase in CapEx is driven by new plants and field capital to support existing contracts and commercial success [33][34] Question: Durability of commercial success - Management stated that even without significant new commercial success, strong growth is expected from existing dedicated acreage [44][45] Question: Waha price outlook and impact on ethane recovery - Management indicated that while Waha prices may fluctuate, the overall recovery in the Permian is expected to continue, with no significant headwinds anticipated for ethane recovery [93] Question: Marketing opportunities for 2026 - Management noted that while there may be bumpy conditions in Waha pricing, they remain well-positioned to capture marketing opportunities as they arise [62][63]

Financial Data and Key Metrics Changes - Targa Resources reported a record Adjusted EBITDA of $4.96 billion for 2025, which is an increase of over $800 million or 20% year-over-year [6][20] - The fourth quarter Adjusted EBITDA was $1.34 billion, reflecting a 5% increase over the third quarter [19] - The company invested approximately $3.3 billion in growth capital projects in 2025, with net maintenance capital at $226 million [20][21] - The net consolidated leverage ratio at year-end was approximately 3.5 times, within the long-term target range of 3-4 times [21] Business Line Data and Key Metrics Changes - Permian volumes grew by 11% in 2025, translating to an increase of over 600 million cubic feet per day [6] - NGL transport volumes increased by almost 170,000 barrels per day, while frac volumes rose by more than 120,000 barrels per day [6] - The logistics and transportation segment saw NGL transportation volumes average a record 1.05 million barrels per day, and fractionation volumes averaged 1.14 million barrels per day [17][18] Market Data and Key Metrics Changes - The company added approximately 350,000 dedicated acres in 2025 and completed the acquisition of Stakeholder, adding nearly 500,000 dedicated acres [14] - The Delaware Express project and other expansions are expected to enhance the company's market position and operational capacity [18] Company Strategy and Development Direction - Targa Resources plans to continue investing in growth capital projects, with an estimated $4.5 billion in growth capital spending for 2026 [21][22] - The company is focused on maintaining a strong balance sheet while generating significant free cash flow, with expectations of reaching over $6 billion in Adjusted EBITDA following the completion of major projects [11][22] - The strategy emphasizes growing Adjusted EBITDA, increasing common dividends, and reducing common shares outstanding [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued low double-digit Permian volume growth for 2026 and beyond, supported by strong producer relationships and commercial success [7][32] - The outlook for 2027 and beyond has improved, with expectations of sustained higher Waha prices benefiting Targa and its producers [17][32] - Management acknowledged the potential for volatility in natural gas prices but emphasized the stability provided by fee-based contracts [22][88] Other Important Information - The company is in an elevated growth capital environment, investing in gathering, processing, and downstream infrastructure [10] - Targa is ordering long lead items for additional processing plants planned for early 2028, indicating a proactive approach to future capacity needs [9][10] Q&A Session Summary Question: Outlook for 2026 and growth drivers - Management highlighted strong producer relationships and existing customer activity as key drivers for resilience in growth outlook for 2026, with low double-digit growth expected [30][32] Question: CapEx budget increase - The increase in CapEx is attributed to new plants and additional field capital, reflecting a larger base for growth and the need for incremental spending [33][37] Question: Durability of commercial success - Management indicated that even without significant new commercial success, strong growth is expected from existing contracts and dedicated acreage [44][45] Question: Waha price exposure and marketing opportunities - Management noted that while Waha prices may be volatile, the company has significant transport positions to mitigate risks and capture marketing opportunities [86][88] Question: Impact of new technologies on well recovery - Management acknowledged improvements in well recovery due to technological advancements by producers, contributing positively to Targa's outlook [72][74] Question: Export volumes and capacity - The company remains confident in growing export volumes in tandem with new capacity coming online, supported by strong commercial commitments [108]

Financial Data and Key Metrics Changes - In Q4 2025, the company generated record Adjusted EBITDA of $636 million, with an increase of approximately 5% sequentially, excluding negative non-cash cumulative revenue recognition adjustments [10][11][31] - For the full year 2025, the company reported a record Adjusted EBITDA of $2.48 billion, exceeding the midpoint of its guidance range [36] - The net income attributable to limited partners for Q4 2025 was $187 million, impacted by $120 million of transaction costs from the Aris acquisition [31] Business Line Data and Key Metrics Changes - Natural gas throughput decreased by 4% sequentially in Q4 2025, primarily due to lower volumes from the Delaware Basin and Powder River Basin, partially offset by record throughput from the DJ Basin [21] - Produced water throughput increased by 121% sequentially in Q4 2025, driven by the Aris acquisition [22] - For the full year 2025, natural gas throughput averaged 5.2 billion cubic feet per day, a 4% year-over-year increase, while crude oil and NGLs throughput averaged 514,000 barrels per day, a 1% year-over-year increase [25] Market Data and Key Metrics Changes - The Delaware Basin remained the primary growth engine, with throughput records contributing to overall performance, while the DJ and Powder River Basins are expected to see declines [11][26] - The company anticipates that natural gas throughput will remain flat year-over-year in 2026, with crude oil and NGL throughput expected to decline by low- to mid-single digits [8][26] Company Strategy and Development Direction - The company’s long-term growth strategy remains focused on mid- to low-single-digit Adjusted EBITDA growth, supported by producers' development plans and undrilled inventory [44][46] - The Aris acquisition is expected to contribute meaningfully to Adjusted EBITDA in 2026 and enhance the company's capabilities in produced water solutions [10][16] - The company plans to reduce its capital expenditure program for 2026 to $925 million, down from previous estimates, to align with revised producer activity levels [9][40] Management's Comments on Operating Environment and Future Outlook - Management noted increased macroeconomic and commodity price-driven volatility, leading to a reduction in expected activity levels from producers [5][7] - The company expects continued pricing pressure in the near term due to Waha Hub pricing challenges, but anticipates new egress solutions to alleviate some of this pressure [12][60] - Management remains confident in the long-term demand for natural gas, particularly for power generation and LNG, which is expected to drive future growth [46] Other Important Information - The company achieved $40 million in targeted cost synergies from the Aris acquisition, with significant integration milestones completed ahead of schedule [17] - The company’s balance sheet remains strong, with net leverage around 3x throughout 2025, allowing for continued investment in growth opportunities [16][44] Q&A Session Summary Question: How is the company thinking about M&A and inorganic growth? - Management reiterated that their capital deployment strategy remains unchanged, focusing on opportunities for synergies and disciplined capital allocation [52][54] Question: Can you elaborate on the Waha pricing situation? - Management indicated that they are working on commercial solutions to help customers with Waha exposure and expect new egress solutions to help stabilize pricing [60] Question: What is the expected growth rate for the water business compared to gas and oil? - Management expects the water business to grow faster than gas and oil, with overall long-term growth for gas and oil assets projected at 2%-3% [70]

Financial Data and Key Metrics Changes - In Q4 2025, the company generated record Adjusted EBITDA of $636 million, with an increase of approximately 5% sequentially, excluding negative non-cash cumulative revenue recognition adjustments [10][11][31] - For the full year 2025, the company reported a record Adjusted EBITDA of $2.48 billion, exceeding the midpoint of its guidance range [36] - The net income attributable to limited partners for Q4 2025 was $187 million, impacted by $120 million of transaction costs from the Aris acquisition [31] Business Line Data and Key Metrics Changes - Natural gas throughput decreased by 4% sequentially in Q4 2025, primarily due to lower volumes from the Delaware Basin and Powder River Basin, partially offset by record throughput from the DJ Basin [21] - Produced water throughput increased by 121% sequentially, driven by the Aris acquisition [22] - For the full year 2025, natural gas throughput averaged 5.2 billion cubic feet per day, a 4% year-over-year increase, while crude oil and NGLs throughput averaged 514,000 barrels per day, a 1% year-over-year increase [25] Market Data and Key Metrics Changes - The company expects natural gas throughput to remain flat year-over-year in 2026, with crude oil and NGL throughput declining by low- to mid-single digits [26] - The Delaware Basin is anticipated to be the primary driver of throughput growth, despite expected declines in the DJ and Powder River Basins [40] Company Strategy and Development Direction - The company aims for mid- to low-single-digit Adjusted EBITDA growth in the long term, supported by producers' development plans and undrilled inventory on serviced acreage [44][46] - The Aris acquisition is expected to contribute meaningfully to Adjusted EBITDA in 2026 and enhance the company's produced water solutions capabilities [10][16] Management's Comments on Operating Environment and Future Outlook - Management noted increased macroeconomic and commodity price-driven volatility affecting producer activity levels, particularly in the Delaware Basin [5][7] - The company remains confident in its long-term growth strategy despite a transition year in 2026, with stable long-term contract structures supporting financial stability [9][10] Other Important Information - The capital expenditure program for 2026 has been reduced to a midpoint of $925 million, down from at least $1.1 billion, reflecting a disciplined approach to capital allocation [9][40] - The company achieved $40 million in targeted cost synergies from the Aris acquisition, with 85% expected to be realized by the end of Q1 2026 [17] Q&A Session Summary Question: How is the company thinking about M&A and inorganic growth? - Management reiterated that the strategy remains unchanged, focusing on capital deployment to sustain or grow distributions, with a preference for M&A opportunities that offer synergies [52][56] Question: Can you elaborate on the Waha pricing situation? - Management indicated that new egress solutions expected in the second half of the year should help alleviate pricing volatility, and they are working with customers to find commercial solutions [58][59] Question: What is the expected growth rate for the water business compared to gas and oil? - Management expects the water business to grow faster than gas and oil, with core business growth projected at 2%-3% over time [70]

Fourth Quarter 2025 Earnings Supplement February 19, 2026 | TARGA RESOURCES CORP. Forward Looking Statements + Reduction in non-controlling interests attributable to Badlands transaction and acquisition of CBF minority interest Certain statements in this presentation are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, include ...

Financial Data and Key Metrics Changes - In Q4 2025, the company generated record Adjusted EBITDA of $636 million, with a sequential quarter increase of approximately 5% to $665 million when excluding negative adjustments [10][30] - For the full year 2025, the company reported a record Adjusted EBITDA of $2.48 billion, exceeding the midpoint of the guidance range [34] - The net income attributable to limited partners for Q4 was $187 million, impacted by $120 million of transaction costs from the Aris acquisition [28] Business Line Data and Key Metrics Changes - Natural gas throughput decreased by 4% sequentially in Q4 due to lower volumes from the Delaware and Powder River Basins, partially offset by record throughput from the DJ Basin [20] - Produced water throughput increased by 121% sequentially, driven by the Aris acquisition [20] - For the full year 2025, natural gas throughput averaged 5.2 billion cubic feet per day, a 4% year-over-year increase, while crude oil and NGLs throughput averaged 514,000 barrels per day, a 1% increase [23] Market Data and Key Metrics Changes - The Delaware Basin remained the primary growth engine, with throughput records contributing to overall performance [12] - The company expects natural gas throughput to remain flat year-over-year in 2026, with crude oil and NGL throughput declining by low- to mid-single digits [24] - The Powder River Basin is expected to see a decline in throughput by 10%-15% based on producer forecasts [27] Company Strategy and Development Direction - The company’s long-term growth strategy remains unchanged, targeting mid- to low-single-digit Adjusted EBITDA growth [42] - The Aris acquisition is expected to significantly contribute to 2026 results and enhance the company's capabilities in produced water solutions [9][15] - The company plans to reduce capital expenditures for 2026 to a range of $850 million to $1 billion, reflecting a disciplined approach to capital allocation [38] Management's Comments on Operating Environment and Future Outlook - Management noted increased macroeconomic and commodity price-driven volatility affecting producer activity levels, particularly in the Delaware Basin [4] - The company anticipates a transition year in 2026, with stable long-term contract structures supporting financial stability [8] - Management expressed confidence in the long-term development plans of producers, particularly in the Delaware Basin [6] Other Important Information - The company achieved $40 million in targeted cost synergies from the Aris acquisition, with 85% expected to be realized by the end of Q1 2026 [16] - The integration of Aris has progressed well, enhancing the company’s commercial organization and capabilities [14] Q&A Session Summary Question: How is the company thinking about M&A and inorganic growth? - Management reiterated that the strategy for M&A remains unchanged, focusing on opportunities for synergies and disciplined capital deployment [49][50] Question: Can you elaborate on the Waha pricing situation? - Management indicated that new egress solutions expected in the second half of the year should help alleviate pricing volatility, and they are working with customers to find commercial solutions [55][56] Question: What is the outlook for distribution coverage? - Management discussed plans to grow distributions slightly behind EBITDA growth, with a proposed increase of $0.02 per unit for 2026 [80]

Financial Data and Key Metrics Changes - In 2025, the company's adjusted EBITDA reached $1.138 billion, marking a 17% increase from the previous year, primarily driven by a 27% growth in the pipeline segment [17] - The fourth quarter adjusted EBITDA was $293 million, a $5 million increase from the prior quarter, attributed to increased seasonal demand on joint venture pipelines and higher LEAP revenue [17] - The company achieved an investment-grade credit rating across all three rating agencies, reflecting disciplined financial management and a strong balance sheet [6][20] Business Line Data and Key Metrics Changes - The pipeline segment has grown from 50% to 70% of the company's business since the spin-off, contributing significantly to overall growth [7] - The company advanced over $1 billion of organic opportunities from its backlog, with 80% allocated to pipeline projects [5] - Record-high throughput was achieved in 2025, supported by successful project execution and integration of acquired assets [5][6] Market Data and Key Metrics Changes - Demand for natural gas in the Upper Midwest is expected to increase significantly, with approximately 35 GW of coal plant generation anticipated to retire in the next 10-15 years [13] - The company expects LNG demand to grow by 11 Bcf through 2030, with two-thirds of this demand being served by the Haynesville region [14] - The recent cold weather highlighted capacity constraints in the North American market, resulting in extreme price volatility, indicating a need for expanded pipeline infrastructure [15] Company Strategy and Development Direction - The company is focused on organic growth within the natural gas ecosystem, with a project backlog increased by approximately 50% to $3.4 billion over the next five years, primarily in pipeline projects [9] - The strategy emphasizes disciplined capital allocation to high-quality natural gas pipeline projects, with a commitment to grow dividends in line with adjusted EBITDA [21][84] - The company is pursuing both brownfield expansions and modernization opportunities, particularly in the Midwestern region, to enhance reliability and capacity [54][82] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering on guidance and highlighted strong fundamentals supporting the business, positioning the company for growth amid a generational investment opportunity [23] - The market is described as fluid and opportunity-rich, with ongoing discussions with utilities regarding their growth trajectories and needs [25][26] - Management noted that the current regulatory framework provides a durable opportunity set for contracting with utilities [26][52] Other Important Information - The company declared a quarterly dividend of $0.88 per share, representing a 7.3% increase from the prior year, maintaining a strong coverage ratio [21] - The company is committed to maintaining an investment-grade credit rating and has a forecast for on-balance sheet leverage of 2.9 times by year-end 2026 [20][86] Q&A Session Summary Question: Discussion on project backlog and commercialization pace - Management indicated that the market is fluid and opportunity-rich, with ongoing discussions with utilities about their growth needs, suggesting a disciplined approach to moving forward [25][26] Question: Update on Midwestern Gas Transmission expansion - Management is in deep conversations regarding both northern and southern expansions of the Midwestern pipeline, highlighting strong demand signals [28] Question: Insights on growth CapEx outlook - Management confirmed that the growth CapEx outlook has increased due to a fluid market and a growing backlog, with half of the backlog already at FID [35] Question: Impact of competition on planned expansions - Management expressed confidence in their competitive position, noting that their assets are well-located and capable of achieving outstanding results even amid competition [38][39] Question: Clarification on gross backlog size - Management stated that the gross backlog is significantly larger than the risk-adjusted backlog but did not provide specific numbers, emphasizing a robust opportunity set [45] Question: Gathering and new backlog increase - Management acknowledged the interconnectedness of gathering assets and pipelines but deferred a detailed response on the increase in expected gathering spend [66] Question: Future LEAP expansions tied to LNG projects - Management indicated that recent LNG projects coming online are being absorbed into the market, with expectations for new contracting opportunities as the next wave of LNG projects develops [70]

Fourth-Quarter 2025 Review February 18, 2026 Forward-Looking Statements and Ownership Structure This presentation contains forward-looking statements. Western Midstream Partners, LP ("WES") believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove correct. A number of factors could cause actual results to differ materially from the projections, anticipated results, or other expectations expressed in this presentation. These fact ...

Financial Data and Key Metrics Changes - For 2025, the company's Adjusted EBITDA was $1.138 billion, reflecting a 17% increase from the previous year, primarily driven by a 27% growth in the pipeline segment [16][3] - The fourth quarter Adjusted EBITDA was $293 million, a $5 million increase from the prior quarter, attributed to increased seasonal demand on joint venture pipelines and higher LEAP revenue [16][3] - The company achieved a total shareholder return of approximately 280% since its spin-off, with a compounded annual adjusted EBITDA growth of 12% [5] Business Line Data and Key Metrics Changes - The pipeline segment has grown from 50% to 70% of the company's business, the highest among its peer group [5] - The company advanced over $1 billion of organic opportunities from its backlog, with 80% allocated to pipeline projects [4] - The gathering segment achieved record-high throughput in 2025, with Haynesville averaging above 1.9 Bcf/d [16] Market Data and Key Metrics Changes - Demand for natural gas in the Upper Midwest is expected to increase significantly, with approximately 35 GW of coal plant generation anticipated to retire in the next 10-15 years [12] - The company expects LNG demand to grow by 11 Bcf through 2030, with two-thirds of this demand being served by the Haynesville [13] - The recent cold weather highlighted capacity constraints in the North American market, resulting in extreme price volatility [14] Company Strategy and Development Direction - The company is focused on organic growth within the natural gas ecosystem, with an updated project backlog of $3.4 billion, a 50% increase over the previous estimate [7] - The strategy emphasizes disciplined capital allocation towards high-quality natural gas pipeline projects, supported by long-term demand-based contracts [5][21] - The company plans to continue executing its core strategy, which has consistently delivered strong performance and shareholder value [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fundamentals supporting the business, highlighting a robust opportunity set in the natural gas market [21] - The company is well-positioned to capitalize on generational investment opportunities, with a focus on expanding its pipeline capacity to meet growing demand [7][14] - Management noted that the market remains fluid, with ongoing discussions with utilities about their growth trajectories and needs [23] Other Important Information - The company achieved investment-grade credit ratings across all three rating agencies, reflecting its disciplined financial management [5] - A quarterly dividend of $0.88 per share was declared, representing a 7.3% increase from the prior year [20] Q&A Session Summary Question: Discussion on the expected pace and cadence of commercialization and capital spending outlook - Management indicated a fluid market with growing opportunities, particularly in the Upper Midwest, and emphasized disciplined conversations with existing customers [23][24] Question: Update on Midwestern Gas Transmission expansion - Management is in deep discussions regarding both northern and southern expansions, highlighting strong demand signals for gas in the region [26] Question: Insights on growth CapEx outlook and risk adjustment - Management confirmed that the backlog has increased due to a fluid market, with half of the projects already at FID and the other half highly probable [34] Question: Impact of competition on planned pipeline expansions - Management expressed confidence in their competitive position, noting that they do not fear competition and can achieve outstanding results even with multiple players in the market [36] Question: Clarification on the gross backlog and its significance - Management stated that the gross backlog is significantly larger than the risk-adjusted backlog, indicating a robust opportunity set [42] Question: Update on Haynesville capacity needs and producer conversations - Management noted a ramp-up in Haynesville production and ongoing discussions with major producers regarding capacity needs [90] Question: Future LNG projects and their impact on expansions - Management indicated that the next wave of LNG projects will drive incremental expansion opportunities, with ongoing discussions with shippers [68]