Financial Data and Key Metrics Changes - The company provided guidance indicating a 4% growth in EBITDA from 2025 to 2026 and an 8% growth in earnings [4] - The debt to EBITDA ratio is expected to end next year at 3.8 times, within the target range of 3.5 to 4.5 times [4] - Expansion capital expenditures (CapEx) guidance was raised from approximately $2.5 billion per year to over $3 billion per year for the next few years [4] Business Line Data and Key Metrics Changes - The current backlog of approved expansion projects is $9.3 billion, significantly up from $3 billion two years ago, with 90% of this backlog associated with natural gas projects [7] - The company is evaluating over $10 billion in potential projects, primarily focused on natural gas, driven by similar demand drivers as the existing backlog [10][11] Market Data and Key Metrics Changes - Natural gas demand is expected to grow by over 20% between the end of 2024 and 2030, with estimates ranging from 22 to 28 BCF per day [8] - The company is well-positioned to capitalize on the increasing demand for natural gas driven by export LNG and power generation [9] Company Strategy and Development Direction - The company sees significant growth opportunities in the midstream space, particularly in natural gas, and aims to expand its existing asset base [5] - The strategy includes focusing on regulated utilities for gas supply contracts to mitigate risks associated with credit [39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current regulatory environment, noting improvements in permitting processes and timelines [43][44] - There is a recognition of potential supply chain constraints, particularly regarding compression equipment, but current projects are on track [49] Other Important Information - The company has a substantial gas storage footprint of 700 BCF, with 75% regulated and 25% unregulated, and has seen significant rate increases in the unregulated market [29] - The company is exploring opportunities in Arizona for both natural gas and product pipelines, indicating a proactive approach to market expansion [19][21] Q&A Session Summary Question: What is the current backlog and growth potential? - The current backlog of approved expansion projects is $9.3 billion, with significant growth expected in EBITDA from these projects [7] Question: How does the company view competition in the market? - The company acknowledges competition but believes there is ample opportunity for growth, particularly in the Southern United States [17] Question: What is the company's stance on M&A? - The company remains open to M&A opportunities but emphasizes a cautious and opportunistic approach, ensuring flexibility in its balance sheet [60][62]