Question-and-Answer SessionKim, I'd like to start with a discussion of Kinder's a robust outlook for natural gas infrastructure demand growth. Since we spoke at last year's conference, Kinder has increased its forecast for natural gas demand growth through the end of the decade and beyond? And can you talk more about the recent drivers of this incrementally positive outlook as well as other potential needle movers to look out for from here?Kimberly DangCEO & Director Oh, sure. So yes, we actually -- we have ...

Core Insights - MDU Resources Group, Inc. has elected Charles M. Kelley and Tammy J. Miller to its board of directors, effective August 12, 2025 [1] Group 1: Board Members' Backgrounds - Charles M. Kelley has over 40 years of experience in the natural gas industry, including a 25-year tenure at ONEOK, Inc., where he oversaw over $600 million in capital projects and significantly increased EBITDA [2] - Tammy J. Miller, former lieutenant governor of North Dakota, was CEO and board chair of Border States, growing the company from $485 million to nearly $2.5 billion in annual sales during her leadership [3] Group 2: Contributions to MDU Resources - Kelley is expected to provide valuable insights into pipeline development and regulatory strategy, aiding MDU Resources' pipeline subsidiary, WBI Energy, in pursuing growth opportunities in natural gas transmission and storage [2] - Miller's experience in public service and business is anticipated to align well with MDU Resources' mission and geographic footprint, enhancing the company's engagement with utilities and policymakers [3] Group 3: Company Overview - MDU Resources Group, Inc. serves over 1.2 million customers across the Pacific Northwest and Midwest, focusing on safe, reliable, and environmentally responsible electric utility and natural gas distribution services [5] - The company's pipeline business operates a network of over 3,800 miles of natural gas pipelines and storage systems, ensuring reliable energy delivery across the Northern Plains [5]

Core Viewpoint - The pipeline sector is positioned to offer high yields, predictable cash flows, and solid growth, particularly due to increasing natural gas demand from LNG exports and AI data centers. Company Summaries 1. Energy Transfer - Operates one of the largest midstream networks in the U.S. and is entering a growth phase with a capital expenditure budget increase from $3 billion to $5 billion focused on natural gas infrastructure in the Permian Basin [3][4] - Approximately 90% of EBITDA is tied to fee-based contracts, supporting a distribution yield of 7.2% with a target of 3% to 5% annual growth [5] 2. Enterprise Products Partners - Known for reliability, having raised distributions for 26 consecutive years, with 85% of revenue being fee-based and many contracts having take-or-pay terms [6][7] - Currently has $7.6 billion in projects under construction, with $6 billion expected to come online this year, focusing on high-return expansions in the NGL value chain [7] 3. Western Midstream - Offers a high yield of 9.5% with strong revenue visibility due to cost-of-service protections and minimum volume commitments in contracts [9][10] - Maintains conservative financial management with leverage below 3x and is investing in solid return projects like the $450 million Pathfinder produced-water pipeline [10][11] 4. Williams Companies - Yield is around 3.2%, but it has significant growth potential, particularly through its Transco pipeline system, which connects natural gas fields to growing markets [12][13] - Engaged in multiple expansion projects and a $1.6 billion investment in the Socrates project to serve data center demand [14] 5. Genesis Energy - Represents a turnaround story, having sold its soda ash business for $1.4 billion to reduce debt and improve cash flow [15][17] - Focused on growing its offshore pipeline system, with significant growth expected from upcoming deepwater projects and a marine segment on track for record earnings [18][19]

Core Points - TC Energy Corporation held its 2025 annual meeting of shareholders where 13 nominees were elected as directors, with voting results showing a high level of support for each nominee [1] Group 1: Election Results - Scott Bonham received 677,017,619 votes (99.84% for, 0.16% against) [1] - Cheryl F. Campbell received 673,225,982 votes (99.28% for, 0.72% against) [1] - Michael R. Culbert received 673,422,055 votes (99.31% for, 0.69% against) [1] - William D. Johnson received 665,190,544 votes (98.10% for, 1.90% against) [1] - Susan C. Jones received 673,349,772 votes (99.30% for, 0.70% against) [1] - John E. Lowe received 663,231,215 votes (97.81% for, 2.19% against) [1] - Dawn Madahbee Leach received 677,045,840 votes (99.85% for, 0.15% against) [1] - François L. Poirier received 673,662,897 votes (99.35% for, 0.65% against) [1] - Una Power received 666,886,403 votes (98.35% for, 1.65% against) [1] - Mary Pat Salomone received 669,245,147 votes (98.70% for, 1.30% against) [1] - Siim A. Vanaselja received 665,004,883 votes (98.07% for, 1.93% against) [1] - Thierry Vandal received 668,886,158 votes (98.64% for, 1.36% against) [1] - Dheeraj "D" Verma received 671,156,491 votes (98.98% for, 1.02% against) [1] Group 2: Company Overview - TC Energy operates a unique network of natural gas infrastructure assets, providing energy solutions across North America and globally through LNG exports [2] - The company employs over 6,500 energy professionals dedicated to connecting the world to necessary energy resources [2] - TC Energy's common shares are traded on both the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP [3]

Core Viewpoint - The Williams Companies (WMB) has experienced significant stock performance, rising over 61% in the past year, outperforming the S&P 500 and its midstream competitors, leading to discussions among investors about profit-taking or continued investment [1]. Group 1: Company Performance and Growth - Williams is expanding its natural gas infrastructure with eight new interstate transmission projects expected to add 1.25 Bcf per day of capacity by 2025, supporting LNG exports and power generation [2]. - The Transco pipeline set a record in early 2025, moving 522 million decatherms, which is 10% above the previous peak, and the company has achieved 12 consecutive years of EBITDA growth, with 2024 adjusted EBITDA reaching $7.08 billion, exceeding initial guidance [3]. - Recent acquisitions, including full ownership of the Wamsutter upstream JV and Rimrock in the DJ Basin, enhance Williams' asset portfolio while maintaining a disciplined capital strategy [4]. - Williams has a quarterly dividend of 50 cents per share, with a compound annual dividend growth rate exceeding 4% over the last five years, appealing to income-focused investors [5]. - The company has consistently surpassed earnings expectations, reporting 47 cents per share in the fourth quarter, exceeding consensus estimates by 4.4% [6]. Group 2: Challenges and Risks - Williams has a high debt-to-capitalization ratio of 64.1% as of the end of 2024, which increases financial risk and vulnerability to market downturns [9]. - The company faces project delays in key offshore growth projects, particularly the Shenandoah and Whale developments, which may limit near-term growth potential [10]. - The outlook for gathering and processing operations is uncertain due to fluctuating producer activity, with tempered expectations for volume growth [11]. - Williams' stock trades at a 29% premium to its three-year average EV/EBITDA multiple, raising concerns about limited near-term upside [12]. - The growth strategy relies on large-scale infrastructure projects that are subject to regulatory approvals, with execution risks potentially impacting revenue growth timelines [13]. Group 3: Investment Outlook - Despite the challenges, Williams remains an attractive long-term investment due to its robust infrastructure and consistent dividend growth, although its elevated valuation suggests much growth potential is already priced in [15]. - Holding WMB shares could offer rewards given its strong dividend yield and earnings momentum, but waiting for a more attractive valuation before increasing exposure may be prudent [16].