Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2025 was reported at $2.4 billion, with distributable cash flow (DCF) of $1.8 billion, providing a coverage ratio of 1.5 times [8][18] - Net income attributable to common unitholders was $1.3 billion, or $0.61 per common unit on a fully diluted basis [13] - The partnership declared a distribution of $0.545 per common unit, representing a 3.8% increase over the same period in 2024 [13] Business Line Data and Key Metrics Changes - The PDH plants showed improvement, with PDH1 averaging 95% of nameplate capacity and PDH2 resuming operations after a turnaround [10] - Total capital investments in Q3 2025 were $2 billion, including $1.2 billion for growth capital projects and $583 million for the acquisition of natural gas gathering systems [17] Market Data and Key Metrics Changes - The company expects an inflation inflection point in discretionary free cash flow in 2026, following a four-year period of significant investments [15] - The expected range of growth capital expenditures for 2025 remains at approximately $4.5 billion, with 2026 projected between $2.2 to $2.5 billion [18] Company Strategy and Development Direction - The company announced a $3 billion increase to its buyback program, raising it from $2 billion to $5 billion, indicating a strong commitment to returning capital to unitholders [11] - Strategic investments in pipelines, marine terminals, and key acquisitions are aimed at capitalizing on long-term growth from the Haynesville and Permian basins [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming projects and their potential contributions, despite Q3 results being lighter than expected [8] - The management team highlighted that the Permian Basin remains primarily an oil basin, with the addition of more gas pipelines being beneficial for producers [23][24] Other Important Information - The company has a consolidated liquidity of $3.6 billion, which includes availability under its credit facility and unrestricted cash [18] - The total debt principal outstanding was approximately $33.9 billion, with a weighted average cost of debt at 4.7% [18] Q&A Session Summary Question: Will the new Permian gas pipelines drive more production? - Management indicated that the Permian Basin is primarily an oil basin, and more gas pipelines will enhance NGL transportation, benefiting producers [23][24] Question: Is there unlimited demand for LPG in Asia? - Management noted that both residential and petrochemical demand are growing internationally, and the U.S. will export what's needed to balance the market [26][28] Question: What is the capital allocation outlook for the next couple of years? - Management expects organic growth CapEx in the range of $2 billion to $2.5 billion, with a split between buybacks and debt pay down [41][42] Question: How is the integration of the Occidental assets going? - The acquisition is strategic, with significant organic growth opportunities expected, including an incremental $200 million in revenue by 2027 [119] Question: What is the outlook for the Permian sour gas opportunity? - Management remains optimistic about the Permian sour gas opportunity, with additional treating capacity coming online in the near future [125]