Financial Data and Key Metrics Changes - The total net income for Q2 2025 was ARS 40.3 billion, a decline from ARS 119.7 billion in the same quarter of 2024, primarily due to a negative variation of ARS 76 billion in financial results [7][8][13] - EBITDA for the natural gas transportation segment decreased to ARS 85.6 billion from ARS 118.2 billion in Q2 2024, reflecting a reduction of ARS 32 billion [9][10] - EBITDA for the liquids business fell over 50% to ARS 25.3 billion compared to ARS 52.6 billion in Q2 2024, largely due to extraordinary expenses from a flood [10][11] Business Line Data and Key Metrics Changes - The natural gas transportation segment's EBITDA decreased by ARS 32 billion, attributed to transitional tariff adjustments and inflation impacts [9][10] - The liquids segment's EBITDA decline was influenced by ARS 16.6 billion in extraordinary expenses from the March flood and a decrease in sales volume from 250,000 metric tons to 211,000 metric tons [10][11] - Midstream and other services saw an increase in EBITDA to ARS 52 billion from ARS 41.5 billion in 2024, driven by higher sales from increased natural gas transportation volumes [12] Market Data and Key Metrics Changes - The average natural gas transportation volume rose from 25 million permits per day in 2024 to 30 million in Q2 2025, while natural gas conditioning volume increased from 16 million to 27 million cubic meters per day [12] - The price of natural gas increased from ARS 2.9 to ARS 3.3 per million ETU, impacting EBITDA negatively [11] Company Strategy and Development Direction - The company is focused on expanding its transportation capacity, with a bid submitted for the Perito Moreno pipeline expansion project, which is expected to be awarded on October 13, 2025 [5][6] - The company has received a 20-year extension of its license, enhancing its operational stability and long-term planning [6] Management's Comments on Operating Environment and Future Outlook - Management noted that the monthly tariff adjustments will help mitigate some inflation impacts, but the overall operating expenses have increased due to the tariff revision process [30] - The company expects to generate ARS 300 million annually from the regulated EBITDA after the tariff process is completed, contingent on inflation rates in Argentina [41] Other Important Information - The company reported a cash position decrease of 33% to ARS 676 billion, with EBITDA generation during Q2 amounting to ARS 163 billion [14] - A dividend payment of ARS 200 billion was approved and paid in June 2025 [7] Q&A Session Summary Question: Confirmation of impairment related to the climate event - Management confirmed an impact of ARS 16.6 billion due to extraordinary expenses from the flood [18] Question: Update on the NCL project timeline - Management is evaluating costs and expects results by September [20] Question: Sustainability of current EBITDA levels - Management indicated that the midstream services segment is expected to continue growing [22] Question: Recovery of profitability in the liquids segment - Full operations resumed on May 7, and management expects improved performance moving forward [24] Question: Increase in general costs - Management explained that the tariff revision process has led to higher operational costs compared to the previous year [26] Question: Status of insurance claims related to the flood - Insurance assessments are ongoing, with expectations for compensation numbers in two to four months [28] Question: Outlook for the regulated transportation segment - Management stated that future revenues will depend on the level of monthly adjustments based on inflation and wholesale price indices [30] Question: Perito Moreno pipeline tender status - Management confirmed they are the only bidder and expect the contract to be awarded on October 13 [32] Question: Financial investment decision timing - Discussions with gas producers are ongoing, with potential project advancement expected by the end of the year [33] Question: Total cost of maintenance due to the flood - Estimated total costs are around ARS 40 million for all expenses and asset impairments [34] Question: Amount received for ship or pay contract compensation - Management confirmed an amount of ARS 7 million received [35] Question: Deterioration of account receivable for the regulated transportation segment - The issue was attributed to a specific marketer, with 50% of the bad debt recovered [37] Question: CapEx for the Perito Moreno pipeline expansion - Management indicated a CapEx of around ARS 500 million for the project [38] Question: Financing for the GPM pipeline project - Management expects to finance imports of around ARS 70 million and use internal cash for the project [42]

Financial Performance & Outlook - The company delivered 12% comparable EBITDA growth in Q2 2025 compared to Q2 2024[15] - The company is increasing its 2025E comparable EBITDA outlook to $108 billion - $110 billion[15] - The company is targeting a long-term debt-to-EBITDA ratio of 475x[15] - The company's Q2 2025 comparable EBITDA from continuing operations was $2625 million, compared to $2348 million in Q2 2024[32] - Canadian Natural Gas Pipelines saw a 3% increase in net income in Q2 2025 compared to Q2 2024[32] - Power and Energy Solutions experienced a 33% increase in comparable EBITDA in Q2 2025 compared to Q2 2024[32] Growth Projects & Capital Allocation - Approximately 70% of the ~$85 billion of assets are expected to be placed into service in 2025, tracking ~15% under budget[15] - The company sanctioned ~$45 billion of high-value capital projects over the past nine months[25] - Growth projects sanctioned in 2025 YTD have a weighted average unlevered after-tax IRR of ~120%[23] Sustainability - The company reduced absolute methane emissions by 12% between 2019 and 2024 while increasing throughput by 15% and natural gas comparable EBITDA by 40%[39] - The company introduced a methane intensity reduction target of 40-55% by 2035 from 2019 levels[39]

Financial Data and Key Metrics Changes - TC Energy reported a 12% year-over-year increase in comparable EBITDA for Q2 2025, raising the 2025 comparable EBITDA outlook to between $10.8 billion and $11 billion, representing a 9% increase over 2024 [8][22] - The company achieved a 26% increase in pre-filed firm transportation rates on the Columbia Gas system due to a settlement with customers [9][32] - The average unlevered after-tax IRR for sanctioned projects increased to approximately 12% year-to-date, up from 8.5% a few years ago [14][15] Business Line Data and Key Metrics Changes - Canada Gas EBITDA increased due to contributions from Coastal GasLink and higher flow-through regulated costs [20] - The U.S. business saw EBITDA growth primarily from the Columbia Gas settlement and new customer contracts [20] - The Power and Energy Solutions business benefited from increased generation output and a higher average realized price of $110 per megawatt hour, up $8 from the previous year [21] Market Data and Key Metrics Changes - North American natural gas demand is now forecasted to grow by 45 Bcf per day by 2035, up from a previous forecast of 40 Bcf per day, driven by LNG exports and industrial demand [10] - The company is engaged in commercial discussions with over 30 counterparties across the data center value chain, indicating strong customer demand for incremental service [11][56] Company Strategy and Development Direction - TC Energy aims to maximize asset value through safety and operational excellence, execute a high-quality capital-efficient growth portfolio, and maintain financial strength for long-term value creation [27] - The company is focused on brownfield expansions and corridor projects, with an average project size of around $450 million, which allows for better capital efficiency [60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution plan for the remainder of the year, expecting to place approximately $8.5 billion of assets into service [22] - The company anticipates a continued upward trend in project returns and a robust pipeline of opportunities driven by increasing customer demand [14][11] Other Important Information - TC Energy's sustainability report highlighted a 12% reduction in absolute methane emissions over the last five years while increasing throughput by 15% [25][26] - The company has a target to reduce methane intensity by 40% to 55% by 2035, based on 2019 levels [26] Q&A Session Summary Question: Details on Columbia Gas settlement rates - Management confirmed a 26% increase in pre-filed firm transportation rates and mentioned that further details on rate steps will be provided in final filings [30][32] Question: Capacity availability for Meta's data center in New Albany - Management indicated strong positioning to serve capacity needs in the New Albany area and ongoing optimization efforts [34][36] Question: 2027 EBITDA guidance considerations - Management expressed confidence in the 2027 EBITDA target range, emphasizing the importance of project execution and backlog management [40][42] Question: Concerns about Canadian pipeline assets and toll revisions - Management reassured that robust subscriptions for services and capacity expansions mitigate concerns about downward pressure on returns [43][46] Question: Project announcements in Pennsylvania - Management highlighted the potential for increased market share and project upsizing in response to growing demand in the region [53][55] Question: Utilization outlook for Northern Mexico assets - Management noted steady increases in utilization rates and the potential for modest capital-efficient expansions [68][70] Question: Canadian energy policy landscape and Bill C5 - Management viewed Bill C5 positively, anticipating benefits for capital deployment and LNG export potential [75][77] Question: Data center project sizes and pipeline consolidation - Management acknowledged trends toward larger projects but clarified that increased capacity does not necessarily imply higher capital costs [83][87] Question: Impacts of U.S. budget reconciliation on project pipeline - Management indicated minimal impact on project execution and cash taxes, emphasizing that growth plans are based on the current regulatory environment [108][110]

Financial Data and Key Metrics Changes - Adjusted EBITDA increased by 6% and adjusted EPS increased by 12% compared to the previous year [7] - Net income attributable to Kinder Morgan was $715 million, a 24% increase from the second quarter of 2024 [19] - Adjusted net income was $619 million, with adjusted EPS of $0.28, reflecting a 13% increase from the previous year [20] - The company ended the quarter with $32.3 billion in net debt and a net debt to adjusted EBITDA ratio of 4.0x, down from 4.1x in the previous quarter [21] Business Line Data and Key Metrics Changes - Natural gas transport volumes were up 3% due to LNG deliveries, while natural gas gathering volumes were down 6% [14] - Refined products and crude volumes were both up 2% compared to the previous year [15] - The CO2 segment saw a 3% decrease in oil production volumes but a 13% increase in NGL volumes [18] Market Data and Key Metrics Changes - U.S. natural gas demand is expected to grow by 20% by 2030 according to Wood Mackenzie estimates [9] - LNG feed gas demand in the U.S. is projected to increase by 3.5 BCF per day this summer compared to 2024, and more than double by 2030 [5] Company Strategy and Development Direction - The company aims to own and operate stable fee-based assets core to energy infrastructure, using cash flow to invest in attractive return projects while maintaining a solid balance sheet [13] - The strategy remains focused on expanding natural gas pipeline networks to support growing demand, particularly in LNG and power sectors [15][49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth of natural gas, driven by increasing global demand and U.S. LNG exports [3][5] - The federal permitting environment has improved, allowing for quicker project approvals, which is expected to benefit future growth [10][90] Other Important Information - The project backlog increased from $8.8 billion to $9.3 billion during the quarter, with $1.3 billion in new projects added [11] - The company expects significant cash tax benefits in 2026 and 2027 due to recent tax reforms [10][52] Q&A Session Summary Question: Changes in the commercial landscape and competitive advantages - Management highlighted the existing asset footprint and a strong track record in project delivery as key competitive advantages [28][29] Question: Progress on natural gas infrastructure expansion in Arizona - Management acknowledged the need for more natural gas in Arizona and mentioned ongoing discussions regarding potential projects [31] Question: Capital allocation between gas pipelines and gathering investments - Management reiterated that investment decisions are based on risk-reward assessments, with no changes in their approach [36] Question: Update on behind-the-meter opportunities - Management noted that most activity is seen from regulated utilities, with potential for independent power producers to announce projects [40] Question: Trends in gas demand and project mix - Management indicated that while LNG is a significant driver of demand growth, power demand is also expected to grow substantially [49] Question: Impact of tax reform on cash flow and project financing - Management confirmed that tax reform will provide benefits starting in 2025, but it will not change their investment strategy or return thresholds [54] Question: Concerns about potential oversupply in the LNG market - Management stated that they have not seen a slowdown in discussions with LNG customers and continue to see new projects being announced [105][106]

Financial Data and Key Metrics Changes - Adjusted EBITDA increased by 6% and adjusted EPS increased by 12% compared to the previous year [9] - Net income attributable to Kinder Morgan was $715 million, a 24% increase from the second quarter of 2024 [20] - Adjusted net income was $619 million, with adjusted EPS of $0.28, reflecting a 13% increase from the previous year [21] - Net debt at the end of the quarter was $32.3 billion, with a net debt to adjusted EBITDA ratio of 4.0x, down from 4.1x in the previous quarter [22] Business Line Data and Key Metrics Changes - Natural gas transportation volumes were up 3% due to LNG deliveries, while natural gas gathering volumes decreased by 6% [16] - Refined products and crude volumes both increased by 2% compared to the previous year [17] - The CO2 segment saw a 3% decrease in oil production volumes but a 13% increase in NGL volumes [19] Market Data and Key Metrics Changes - U.S. natural gas demand is expected to grow by 20% by 2030, with significant contributions from LNG exports [10] - LNG feed gas demand in the U.S. is projected to increase by 3.5 BCF per day this summer compared to 2024, and more than double by 2030 [7] Company Strategy and Development Direction - The company aims to own and operate stable fee-based assets, using cash flow to invest in attractive return projects while maintaining a solid balance sheet [14] - The project backlog increased from $8.8 billion to $9.3 billion, with new projects added and existing projects placed in service [12] - The company is focused on expanding its natural gas pipeline network to support growing demand [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth of natural gas demand, driven by population growth and the transition to cleaner energy sources [4] - The federal permitting environment has improved, allowing for quicker project approvals [10] - Management expects significant cash tax benefits from recent tax reforms, with no material cash tax liability anticipated until 2028 [11] Other Important Information - The company declared a quarterly dividend of $0.29 per share, an increase of 2% from the previous year [20] - Moody's and S&P have placed the company's credit rating on a positive outlook [25] Q&A Session Summary Question: Has the commercial landscape changed with demand tailwinds? - Management noted that their existing asset footprint and track record in project delivery have allowed them to remain competitive in securing projects [28] Question: What is the progress on building additional natural gas infrastructure in Arizona? - Management acknowledged the need for more natural gas in Arizona and mentioned ongoing discussions regarding potential projects [31] Question: How does the company view capital allocation between gas pipelines and gathering investments? - Management emphasized that investment decisions are based on risk-reward assessments, with no change in their approach to capital allocation [36] Question: What is the outlook for behind-the-meter opportunities? - Management indicated that most activity is seen from regulated utilities, with potential for future projects as IPPs secure contracts [40] Question: How does the company view the risk of Permian overbuild? - Management expressed confidence in their existing contracts and the ability to extract value from their pipelines, viewing the risk as low [80][82] Question: What is the expected timeline for the Haynesville gathering project? - Management plans to have facilities in service by the end of the fourth quarter next year, with volume ramp-up expected [87]

Financial Data and Key Metrics Changes - The company expects its expansion capital program to be around $2 billion, with potential variations between $2 billion and $2.4 billion, indicating a stable financial outlook for future investments [49] - Current leverage is around four times, with expectations for it to drift lower over time as new projects come online, creating capacity for further share repurchases [51] Business Line Data and Key Metrics Changes - Kinder Morgan moves 40% of U.S. natural gas and serves about 20% of the power demand across the U.S., with 40% of the power demand within the Texas market, highlighting its significant market position [7] - The company has signed 1.2 Bcf per day of commitments for the Southern Natural Gas expansion project, which is a three Bcf per day project, indicating strong demand in the Southeast markets [11] Market Data and Key Metrics Changes - Wood Mackenzie projects natural gas demand to grow from 108 Bcf per day to 128 Bcf per day by 2030, with significant contributions expected from LNG and exports to Mexico [12] - The peak power demand in Texas increased from 70 gigawatts in 2018 to 86 gigawatts in 2023, reflecting a 16 gigawatt increase and indicating robust growth in power demand [6] Company Strategy and Development Direction - The company is focusing on expanding its natural gas infrastructure to meet increasing power demand driven by population migration and industrial growth in states like Texas and Arizona [4] - Kinder Morgan is also investing in renewable diesel and RNG assets, with ongoing projects aimed at enhancing its renewable fuel infrastructure [44][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of power demand, particularly from data centers and AI, and believes that the overall power demand is underestimated by some analysts [13][15] - The company is optimistic about the regulatory environment, noting recent positive rulings that could facilitate future projects [33][34] Other Important Information - The company has completed a 5 Bcf storage project and is looking at additional storage opportunities, indicating a proactive approach to increasing storage capacity amid growing market volatility [30] - The company is exploring both brownfield and greenfield storage projects, with expectations that greenfield storage will become viable as storage rates remain high [31] Q&A Session Summary Question: Can you provide insights on the macro backdrop for natural gas demand? - Management highlighted ongoing commercial discussions related to over five Bcf per day of opportunities, with 1.6 Bcf per day specifically tied to data center demand [2][3] Question: What is the status of the Southern Natural Gas expansion? - The company confirmed binding commitments of 1.2 Bcf per day for the expansion project, with an expected in-service date in late 2028 [11] Question: How does the company view the supply picture in the near and long term? - Management provided projections for supply growth from various regions, indicating a strong position to meet demand, particularly from the Eagle Ford and Permian basins [18][20] Question: What are the expectations regarding regulatory developments? - Management noted positive recent rulings and expressed optimism about navigating the regulatory landscape effectively [33][34] Question: Can you update on the renewable diesel and RNG projects? - The company reported progress in renewable diesel capacity and ongoing challenges in ramping up RNG facilities, with expectations for improved performance in the near future [44][46]