NYSE: DTM Safe Harbor Statement This presentation contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, market conditions, and other matters, based on what we believe to be reasonable assumptions ...

Join our daily newsletter At The Bell to receive exclusive market insightsAPA Group (ASX:APA) has moved to help overcome energy shortage issues on the east coast of Australia with the expansion of the natural gas pipeline grid.Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.The company’s stage three East Coast Gas Grid (ECGG) Expansion Plan is expected to add approximately 30% in additional transport cap ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for full year 2025 was nearly $16 billion, up 3% from $15.5 billion in 2024, marking a partnership record [3] - Distributable cash flow (DCF) attributable to partners was $8.2 billion, slightly down from $8.4 billion in the previous year [3] - For Q4 2025, adjusted EBITDA was approximately $4.2 billion, compared to $3.9 billion in Q4 2024, while DCF was approximately $2 billion, consistent with Q4 2024 [4] Business Segment Data and Key Metrics Changes - NGL and refined products segment had adjusted EBITDA of $1.1 billion, consistent with Q4 2024, with higher throughput across Gulf Coast and Mariner East pipeline operations [5] - Midstream segment adjusted EBITDA was $720 million, up from $705 million in Q4 2024, driven by volume growth in various regions [6] - Crude oil segment adjusted EBITDA decreased to $722 million from $760 million in Q4 2024, impacted by lower transportation revenues [7] - Interstate natural gas segment adjusted EBITDA increased to $523 million from $493 million in the previous year, due to higher capacity sold [7] - Intrastate natural gas segment adjusted EBITDA rose to $355 million from $263 million, driven by increased pipeline and storage optimization [7] Market Data and Key Metrics Changes - Record volumes were moved across interstate, midstream, NGL, and crude segments for the year ended 2025, with record NGL exports from terminals [4] - The company expects to invest approximately $5 to $5.5 billion in organic growth capital for 2026, focusing on natural gas assets and NGL segments [8] Company Strategy and Development Direction - The company is focused on significant growth projects, including the Desert Southwest Pipeline Project, which has been upsized to a 48-inch diameter to meet customer demand [9] - Expansion projects are expected to generate mid-teen returns and considerable earnings growth over the next decade [8] - The company is committed to capital discipline and targeting projects with the highest returns while balancing project risk [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future growth driven by new projects and the ramp-up of existing operations [19] - The company anticipates continued demand for natural gas services, particularly for power plants and data centers [21] - Management noted that the operating team performed excellently during recent winter weather events, maintaining service and reliability [40] Other Important Information - The company has a significant backlog of growth opportunities and is actively engaging with stakeholders for project updates [10] - The Lake Charles LNG project has been suspended, with the company exploring alternative uses for the terminal [18] Q&A Session Summary Question: Key drivers behind commercialization momentum in natural gas assets - Management highlighted excitement about the Desert Southwest project and the ongoing expansion of the Florida Gas pipeline system [25] Question: NGL transportation and third-party volumes - Management indicated that over half of the gas transported comes from their own facilities, with expectations for growth in affiliate volumes [32] Question: Performance during winter weather and gas market volatility - Management noted that they maintained service during winter storms and did not see profits as high as previous years but performed well [40] Question: Early volumes on Hugh Brinson Pipeline - Management is confident about bringing on some volumes earlier than expected, which will benefit producers in the Permian Basin [44] Question: Medium-term growth expectations - Management reiterated a long-term distribution growth rate target of 3%-5% annually, indicating a solid foundation for growth [49] Question: Recontracting on the Mariner system - Management expressed confidence in maintaining and growing throughput on the Mariner pipelines despite upcoming contract expirations [50] Question: Storage opportunities for data centers - Management emphasized their capability to provide reliable gas supply and storage solutions for data centers [74]

FOURTH QUARTER 2025 CONFERENCE CALL F e b r u a r y 1 3 , 2 0 2 6 T C E N E R G Y F O U R T H Q U A R T E R 2 0 2 5 C O N F E R E N C E C A L L CALL PARTICIPANTS François Poirier President and Chief Executive Officer Sean O'Donnell Executive Vice-President and Chief Financial Officer Tina Faraca Executive Vice-President and Chief Operating Officer, Natural Gas Pipelines Forward-looking information and non-GAAP/supplementary financial measures This presentation includes certain forward-looking information, i ...

Core Insights - TC Energy Corporation reported strong financial results for Q4 and full-year 2025, driven by a safety-first culture that led to exceptional operational performance and 15 flow records across its systems [2][12][13] - The company raised its quarterly common share dividend by 3.2%, marking the 26th consecutive year of dividend growth [2][21] - TC Energy is confident in its ability to allocate $6 billion of net annual capital expenditures through 2030, with potential for increased investment in the latter part of the decade [2][17] Financial Highlights - Comparable EBITDA for Q4 2025 was $3.0 billion, a 13% increase from Q4 2024, while segmented earnings rose 15% to $2.2 billion [6][12] - For the full year 2025, comparable EBITDA reached $11.0 billion, up from $10.0 billion in 2024, with segmented earnings remaining stable at $8.0 billion [6][12] - Net income attributable to common shares for Q4 2025 was $1.0 billion or $0.92 per common share, compared to $1.1 billion or $1.03 per common share in Q4 2024 [6][11] Operational Highlights - Canadian Natural Gas Pipelines deliveries averaged 27.2 Bcf/d, a 5% increase compared to Q4 2024, with a record delivery of 33.2 Bcf on January 22, 2026 [5][10] - U.S. Natural Gas Pipelines daily average flows were 29.6 Bcf/d, up 9.5% from Q4 2024, achieving an all-time delivery record of 39.9 Bcf on January 29, 2026 [10][13] - Deliveries to LNG facilities averaged 3.9 Bcf/d, a 21% increase compared to Q4 2024, setting a new daily record of nearly 4.4 Bcf on December 4, 2025 [10][13] Project Highlights - In 2025, TC Energy successfully placed $8.3 billion of projects into service, over 15% under budget, including critical infrastructure projects [14] - The company sanctioned $0.6 billion of low-risk, in-corridor expansion projects, with an expected in-service date in 2028 [10][18] - The Cedar Link project is progressing ahead of schedule and below budget, while the VR project on the Columbia system was placed in service in November 2025 [10][14] Market Outlook - The company anticipates a significant increase in North American natural gas demand, expecting an increase of 45 Bcf/d to approximately 170 Bcf/d between 2025 and 2035 [15] - TC Energy is advancing commercial discussions for high-quality opportunities, reinforcing its visibility into durable, long-term value creation [17][18] - The company remains disciplined in capital allocation, targeting build multiples in the five to seven times range [17][19]

Company Overview - DT Midstream, Inc. is engaged in the ownership, operation, and development of natural gas interstate and intrastate pipelines, storage and gathering systems, as well as compression, treatment, and surface facilities [2] - The company transports clean natural gas for various customers including utilities, power plants, marketers, large industrial customers, and energy producers across the Southern, Northeastern, and Midwestern United States and Canada [2] - DT Midstream provides a comprehensive range of services from wellhead to market, including natural gas transportation, storage, and gathering [2] Upcoming Events - The 2026 Annual Meeting of Stockholders is scheduled for Tuesday, May 5, 2026 [1] - Stockholders of record as of the close of business on Wednesday, March 11, 2026, are eligible to vote at the meeting [1]

Core Insights - Loews Corp reported a significant increase in net income for Q4 2025, reaching $402 million compared to $187 million in the same quarter last year, and a full-year net income of $1.67 billion, driven by investment gains and corporate segment performance despite weaker results in several operating units [1][6] Financial Performance - Q4 net income per share was $1.94, up from $0.86 in the prior-year period, which had included a $265 million after-tax pension settlement charge at CNA Financial [2] - CNA Financial's net income attributable to Loews, excluding the prior-year pension charge, saw a slight decline due to an unfavorable non-economic charge related to asbestos and environmental pollution loss portfolio transfer, along with lower underwriting income, partially offset by higher net investment income [2] Segment Performance - Boardwalk Pipelines reported lower net income, primarily due to the absence of a $36 million tax benefit recorded in Q4 2024 [3] - Loews Hotels experienced a decline in net income due to a $20 million after-tax asset impairment charge related to the planned replacement of the Arlington Sheraton Hotel [3] - The corporate segment showed improved results year over year, driven by higher investment income from the parent company's trading portfolio [3] Balance Sheet and Shareholder Actions - Book value per share increased to $90.71 at the end of 2025 from $79.49 a year earlier, while book value per share excluding accumulated other comprehensive income rose to $95.89 from $88.18 [4] - The company ended the year with $3.9 billion in cash and investments and $1.8 billion in debt [4] - Loews repurchased 1 million shares in Q4 for $98 million and 8.9 million shares for $782 million during 2025 [5] Stock Performance - Shares of Loews opened up 1.5% at $113, reflecting an increase of about 7% so far this year [5]

Core Viewpoint - DT Midstream, Inc. is set to announce its fourth quarter and full year 2025 financial results on February 19, 2026, before market opening [1] Group 1: Financial Results Announcement - The financial results announcement is scheduled for February 19, 2026, before the market opens [1] - A conference call to discuss the results will take place at 9:00 a.m. ET on the same day [2] - Investors and the public can access a live internet broadcast of the call [2] Group 2: Company Overview - DT Midstream is involved in the ownership, operation, and development of natural gas pipelines, storage, and gathering systems [3] - The company provides services for transporting clean natural gas across the Southern, Northeastern, and Midwestern United States and Canada [3] - DT Midstream offers a comprehensive range of services, including natural gas transportation, storage, and gathering [3]

Company Overview - The Williams Companies, Inc. (WMB) has a market capitalization of $82.1 billion and operates approximately 33,000 miles of natural gas pipelines and related assets, providing services in natural gas transmission, gathering, processing, and marketing across major energy-producing regions in the United States [1]. Stock Performance - Over the past 52 weeks, WMB shares have increased by 19.7%, outperforming the S&P 500 Index, which rose by 15.5%. Year-to-date, WMB shares are up 10.4%, compared to the S&P 500's gain of 1.9% [2]. - WMB has also outperformed the State Street Energy Select Sector SPDR ETF (XLE), which returned 13.8% over the same period [3]. Recent Financial Results - Following the Q3 2025 results released on November 3, 2025, WMB shares fell by 4.3% as adjusted EPS was reported at $0.49, missing analyst expectations. This miss was attributed to increased interest costs of $372 million (up from $338 million) and operating and maintenance expenses rising to $583 million, which offset gains from higher service revenues. Additionally, revenue of $2.92 billion fell short of forecasts [6]. Future Earnings Expectations - For the fiscal year ending December 2025, analysts project WMB's adjusted EPS to grow by 10.4% year-over-year to $2.12. The company's earnings surprise history is mixed, with two beats and two misses in the last four quarters. Among 22 analysts covering the stock, the consensus rating is a "Moderate Buy," consisting of 13 "Strong Buy" ratings, two "Moderate Buys," six "Holds," and one "Strong Sell" [7]. Analyst Ratings and Price Targets - On February 3, Jefferies raised its price target for WMB to $76 while maintaining a "Buy" rating. The mean price target of $69.90 indicates a 3.7% premium to current price levels, while the highest price target of $83 suggests a potential upside of 23.1% [8].

Core Viewpoint - Kinder Morgan is positioned to benefit from the increasing demand for natural gas, particularly driven by the growth of AI data centers and liquefied natural gas (LNG) terminals, which is expected to enhance its total return potential. Group 1: Natural Gas Demand and Infrastructure - Kinder Morgan's natural gas pipeline segment achieved record performance last year, primarily due to strong demand from LNG terminals, with contracts to transport 8 billion cubic feet per day (Bcf/d) of gas, projected to increase to 12 Bcf/d by 2028 [3] - The company is actively pursuing over 10 Bcf/d of opportunities to meet growing demand from the power generation sector, particularly from AI data centers, with nearly 70% of future power demand in states served by its gas infrastructure [4] Group 2: Growth Capital Projects - Kinder Morgan has secured $10 billion in growth capital projects, with 90% focused on gas infrastructure, expected to be completed by mid-2030, supporting power generation demand [6] - An additional $10 billion of potential projects is under development, with significant demand anticipated from utilities, such as Georgia Power, which projects a need for 53 gigawatts of power by the early 2030s, translating to approximately 10 Bcf/d of gas demand [7] Group 3: Investment Diversification - Investing in Kinder Morgan offers a way to diversify portfolios that may be heavily weighted in technology stocks, providing dividend income with a yield of over 4% while still presenting upside potential linked to the AI megatrend [8]