Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2025 increased by 13% to $1.92 billion from $1.7 billion in Q3 2024, driven by higher revenues from expansion projects [11][14] - The company expects a midpoint EPS guidance of $2.10 for 2025, reflecting a 9% growth over 2024 and a 14% five-year CAGR [14][15] Business Line Data and Key Metrics Changes - Transmission, power, and Gulf business improved by $117 million, or 14%, due to higher revenues from expansion projects [11] - Gulf gathering volumes increased by over 36% year-over-year, while NGL production rose by about 78% [12] - Northeast G&P business improved to $21 million, primarily due to higher gathering and processing rates [12] - The West segment saw an increase of $37 million, or 11%, driven by contributions from the Louisiana energy gateway project and higher Haynesville volumes [12] Market Data and Key Metrics Changes - The company reported a 14% overall volume growth, driven by growth in the Haynesville region [12] - The company continues to see robust demand across its operational footprint, particularly in the Southeast and Gulf regions [78] Company Strategy and Development Direction - The company is focusing on strengthening its core business through deliberate expansion projects and increasing its backlog of attractive new opportunities [5][9] - A strategic LNG partnership and asset divestiture are part of the wellhead to water strategy, with a recent agreement to sell upstream assets for $398 million [6][7] - The company plans to invest approximately $1.9 billion in pipeline and LNG terminal projects, targeting fixed-fee, fully contracted cash flows [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a five-year EBITDA CAGR of approximately 9% and a five-year EPS CAGR of approximately 14% [15] - The company is optimistic about the growth opportunities in the LNG market, emphasizing the importance of connecting customers to international markets [25][28] - Management highlighted the need for natural gas infrastructure to manage energy affordability across the U.S. [49][50] Other Important Information - The company has a backlog of fully contracted projects, which provides confidence in continued growth [14] - The planned investment in power innovation projects now stands at approximately $5.1 billion, with a targeted five-times EBITDA build multiple [10] Q&A Session Summary Question: Can you provide an update on the power innovation opportunities? - Management noted robust engagement and interest in speed to market and long-term power needs, with a backlog of commercialized projects exceeding $5 billion [21] Question: Can you elaborate on the recent LNG deal and its strategic rationale? - The LNG deal is seen as a strategic transaction that enhances the company's ability to connect customers to international markets, with a focus on demand-driven strategies [25][28] Question: What is the status of the procurement cycle for turbines? - Management indicated confidence in being ahead of equipment needs through the end of the decade, with ongoing discussions for future projects [33][70] Question: How does the company view the expandability of Transco? - Management stated that the expandability of Transco is fairly unlimited, with a majority of the project backlog focused along the Transco corridor [78] Question: What is the current status of NESI and Constitution projects? - Management expressed confidence that the elections would not impact NESI or Constitution, with both projects continuing to progress [50][51]