ONEOK (OKE) 30 Oct 242024 Q3 Earnings call transcript

Good day, and welcome to the ONEOK Third Quarter 2024 Earnings Conference Call and Webcast. [Operator Instructions]. Please note, this event is being recorded. I would now like to turn the conference over to Mr. Andrew Ziola, Vice President of Investor Relations. Please go ahead, sir.

to Quarter welcome Earnings and you, ONEOK's XXXX Third Call. Thank presentation our are markets earnings issued after on release website. materials We those and the and closed our yesterday, your management include of might expectations the harbor XXXX are or considered of available prepared covered call be ONEOK's will and should Securities statements our during this Acts remarks, to After XXXX. provision take forward-looking questions. Statements predictions by made that safe be and the statements. from those projected Actual results could forward-looking differ materially in

factors cause could of to results SEC refer please discussion differ, a For that filings. actual our to

a to you we a as for one Norton, Executive Chief Pierce as Just follow-up reminder yourself and you over Q&A, of can. With we President and that, in that question Pierce? fit many limit Officer. ask I'll in turn to order call to the

and Executive includes Vice that announced and Good President, guidance natural consolidated Andrew. is call and Hulse, Thanks, acquisition. and President, for pending you and everyone, provided new Relations Medallion thank Investor On XXXX gathering and third and Swords, Executive morning, joining the quarter Officer, today's the us. Development; Commercial from Chief Sheridan earnings Treasurer Vice EnLink liquids contributions Financial Walt processing. Yesterday, and Corporate we gas

financial We second stand-alone time also guidance this year increased our basis, full XXXX year. the on for the

maintaining expectations ONEOK's also earnings guidance strong a deliver while ability highlight opportunities fee-based higher our on Our to continue synergy to across systems.

to providing extending assets history, of give another of the but allocation service drive platform of employees' look Midstream. Basin related complementary to will [ to a acquisitions. year has there's update. announce potential establishing providing increases Walt? that finalizing at these our and our a we fully the build ONEOK record ago. building related in over strategic our our offerings growth our contributions integrated extraordinary been which lot track the Act new value acquisition And service more our completed Texas, in excellence, EnLink a our EnLink completed in adjusted transaction to well intentional significant discuss organic complementary guidance, in stand-alone the by able Medallion acquisition the centers company's asset new possible commercial the in strategy. These We ONEOK's excludes since connected asset and in just much significant entity supporting scale proven in double from EBITDA been North footprint because growth acquisition latest capital off Magellan, XXXX creation. and expanding acquisitions our This and expectations. In controlling waiting the and EBITDA we adjusted of shareholder milestone our our to years on for a a look Our synergy customers. ONEOK's forward of focus over to There approach guidance, I'm and forward It the to Permian with announcements, has through acquisition. current acquisitions latest businesses. I'll The Medallion Louisiana disciplined identify of of than X innovation, exceeding accretion and Mid-Continent delivering is exciting it the and mark is Walt on with that to growth period and of assets continued mid-October, Medallion days. expiration providing Hart-Scott-Rodino ] position continue finally, and to the Sheridan opportunities synergies to turn and ONEOK's the original we positions coming immediate key today, connections to demand momentum and

of third quarter $X.XX quarter million performance. income per which share $X.XX overview ONEOK's of brief third expenses. financial a with included or share totaled per start I'll Pierce. net you, XXXX Thank our $XXX transaction

year-over-year The segment was contribution billion. the EBITDA increase a the the and Third gas Mountain in from by full increased $X.XX continued products driven natural services Rocky refined pipeline transportation in strength crude quarter segment. quarter region, adjusted totaled and

Moving guidance. our on updated to

announced contributions Medallion consolidated acquisition guidance, guidance, from XXXX which financial the In transaction does pending include and addition to EnLink but stand-alone costs. increasing we excludes

midpoint We consolidated we billion each purposes, in financial as of midpoint XXXX quarter exclude $XXX of basis, billion. related approximately corresponding ONEOK to net XXXX. On EBITDA business April. EBITDA a contributions within comparison our acquisition EnLink consolidated expect and expect billion, our the order is EnLink segments well transaction Medallion beginning will of provide the of an than as midpoint guidance we higher fourth now income which net increase in and expect adjusted billion a of apples-to-apples costs for $X.XXX a income XXXX GAAP midpoint EnLink from of a be adjusted with an EBITDA report original million to $X.XXX reporting stand-alone adjusted in midpoints and $X ONEOK's subsidiary $X.XXX of and pending These guidance.

synergy contributions in to our in to acquired all segment contributed pipeline Easton to these identify increased gas exceed our Tailwinds our related in strength natural from and expectations continue fee-based expect continue our and assets or earnings, We sustained additional meet to from opportunities. our guidance. XXXX synergies, outperformance

guidance capital This to to for We does EnLink the billion $X.XX our of remains or to in including XXXX. consistent $X.XX in total initial continue account with not and medallion stand-alone our and be capital expect depot billion growth expenditures range expenditures. maintenance

rate ahead, X we transactions, XXXX EBITDA financial to EnLink noted, which to we look acquisition years when total outlook strong. comfortably the EBITDA for announced be ago. combined just as and double above billion. we remains And ONEOK's Medallion the run our prior Magellan ONEOK's $X expect is As

of X.Xx and call expects and turn our placed growth and now towards forma systems Following update. approximately for X.Xx to close leverage of in are a are as pro trend XXXX over ONEOK expect year-end to transactions, service. I'll commercial integrated projects announced these the XXXX net previously target of the Sheridan debt-to-EBITDA in

solid higher Rocky year-over-year, liquids increased less production ethane the by by region volumes and Mountain lower recovery year-over-year. opportunities short-term the in natural the also recovery in volume offset system Thank on prices saw region, natural gas partially from fewer quarter ethane for you, volume segment. Walt. driven our Beginning increased The as Mid-Continent with ethane volume NGL plus the X% presented gas of recovery. Permian quarter from benefited third Basin XXXX. of economic levels during third propane

that We of volumes as to expect completion short-term volume completion to replaced had be contribute third-party long-term we NGL our the Texas Basin, to processing the committed near third Permian expansion. with were expected West In volume the of delayed. plants quarter we X pipeline

and fourth We the flowing in expect be plants these quarter. volume completed to

from additional pipeline plants coming Basin these new X on this track plants, in step-up from end a in system. The the contracts are expect MB-X year. new of We ramping Permian NGL ramp-up and of new fractionator to West plants volume NGL in expansion the online, on [ and be service ] Texas up XXXX volumes by EnLink

XX% per Easton Channel providing XXX,XXX to Elk since barrels performing performing NGL full our of and how XXX,XXX fourth NGL assets, the from pipeline Belvieu first capacity XXX,XXX acquiring adding looping since are capacity, day are we completed integrating is be expected XXXX, of to was X happy Phase into in of per quarter track with pipelines of total for the is Houston throughput to XXXX XXXX the acquiring mid-XXXX. day. This is completion. Houston in of rebuild nearly In per Mont remains pump our the fractionator completed with capacity at The expansion, X Texas these in final barrels per first adding day area barrels year-end, a West barrels of our Ship utilization expected the quarter Creek and our for Energy Coast with first the quarter quarter pipeline higher systems. and Gulf rate assets. system's day by expansion Phase the The existing On by increasing on capacity a expected the remaining be XXX,XXX stations with Medford

expect from additional to capacity. to legacy the Houston-based by us the XXXX connections maximizing synergies realize We year-end through continue to will in Eastern assets complete beginning help mid-XXXX which available system our

a the and demand refined Moving refined drove volumes robust on refinery and jet the a effect fuel for during a system all across per adjustments across into providing our products quarter. was tariff million season July, driving maintenance went volumes and of peak long-haul third Gasoline refined Total record to day segment. the our increase benefited crude our from tariff barrels at nearly products mid-single-digit X.X In system. product new system.

since start then. benefit refined the commercial has ONEOK blending execute of we activity liquids to an see increase quarter certain third gas natural much of With season related didn't the continues in ability impact product between blending blending in synergies the and seen to businesses. the from an September, but in

as synergies We to expect continue online come capital low projects quarters. of up in synergy the these ramp coming types to

Greater the airport, fuel committed ramps Kansas to to to completed Airport to continue system. we distribution pipeline this projects, of growth Denver Denver the from jet area Longhorn of to to International volumes year-over-year shipper for and Houston capacity on provided additional refined XX% be market. Crude on from mid-XXXX. the relates we our the need assets products connections volume wholly the -- system complete our owned highlighting volume and it As shipped key further a July, to record expect oil In due expansion Denver third-party increased increased to volume in to

pipeline. that bridge about the for from volume Minimal of will originates going remain Medallion and and is Our on these assets. good crude excited volumes a volume acquisition are flowing base current Longhorn deck forward. amount long-haul modest We what a Medallion today from mean Gathering our pending

there Over synergy expect as to we of barrels through up. together. So is our an these assets direct medallion on believe time, in fill capacity a pipelines and long-haul upside our deal medallion bringing more existing we systems great opportunity opportunity

wildfires segment. gas we Rocky per the record X.X outages now planned high and caused region natural the but These week nearly early disruptions higher and quarter. likely that late third volumes also crews. outages October, gathering in X online. Dakota to carried are producer been another day. back resulted quarter, over unplanned power into outages quarter, on of unplanned in averaging from Volumes completion had for would North processing the have that but Bcf winds processing delayed and Moving early shut-ins, experienced to Part about Mountain fourth volume due in the

Williston dedicated quick Basin and the are Our returned events rigs levels these to in XX to respond on have seen the before acreage. with employees fires. There our to XX currently volumes were

We XX continue expectations gas of of range updated XXXX seeing NGL fewer natural laterals combined getting requiring connects drilling and in laterals. oil well from XXX growth to with to highs contribute benefits to we're on in to all-time the wells. acreage near Increasing and drilling are higher ratios well longer X to activity. We're in GORs production continue currently the without to volumes our performance on reflect our with basin on see and XXX gas and volume the EnLink's traditional rigs We've strength. basins higher the longer in to well laterals support Oklahoma a operating from connects X increase acreage.

We additional of NGL-rich drilled have seen oilier delayed been some areas even wells XXXX. as wells region have gassier areas into in in

storage rates well interruptible for firm natural the demand performance ONEOK's well expect well approximately year. In the natural third acreage from expect segment XX XXXX. far by gas connects to this expectations Strong connects exceed in to continue We and year, the XX higher on has a EnLink's transportation region this contracts on gas acreage continued benefited pipeline demand firm in and the so high and driven quarter. Mid-Continent approximately for we segment, positioned

needs Bcf quarter Texas, and contracts in We continue firm expansion on beyond idled have address second our X of our capacity to track projects Both in storage extending customers. complete remain to project the storage gas storage previously XXXX. we natural recently XXXX. increased of Oklahoma of activating

concludes Additionally, the together we significant to future. Pierce, gas access for now the have storage my look utilize natural best in our that and remarks. through system we'll to opportunities EnLink assets

and Sheridan Thank Walt. you,

recent the by not Before up, resiliently. have gratitude their and quarter moment have our and to tested take families. I dedication the to North the for our want express weather operations hurricanes employees we that our to a to have our the in also keeping wildfires you preparations for from operations your challenges but to past been safely our sincerely lives of only over thank employees my the Gulf on Coast. I assets Dakota, severe wrap These affected disrupted running across events

And where shown our that, you have I we whether many efforts both meaningful live the the within those go volunteer to make beyond you. appreciate a making in lives relief Beyond events. you company through difference values departments, the impact significant and fundraising communities our of around your such a deeply for business. in They Thank and and fire of communities for embodying serve. contributions commitment are your our

close year we Phase we close of the of X and busy end acquisition our we transaction. an expect of exciting pending toward and out the As work XXXX, Medallion as EnLink

Our of on our to build value will systems assets, our our teams employees record and have their support of achieve our with ability from again and integrate meaningful stakeholders. and the creating talent EnLink track -- successfully confident once Medallion I'm for synergies. and new strong proven to our teams that colleagues

Instructions]. [Operator come first with And Chen the will Barclays. Theresa question from

going back comments of have natural to business, variety expressed backdrop from the infrastructure related Maybe in gas demand the natural infrastructure a about centers. reasons, peers growth given for robust to incremental including data your outlook of of Sheridan's gas demand enthusiasm your many for power

about you past over quarters, and being? you how your months progressed can use can participate backdrop talk how this within you have discussions in commercial As this and situated assets the

is Right site have Yes, specifically our different across XX, are assets there. in of centers are gas. we've system And of for working XX demand now, they're had I people positioned that Sheridan. our on projects after. very those this demand natural XX them, discussions we think well Theresa, or based

demand a natural in capture and able if assets think good assets good position seeing are we're with our think layer EnLink's be amount this to in then we going on of I growth to centers. very they're share And data fair theirs, we on position very So a a in gas what for forward. you

curious, for data on incrementally the points then giving Longhorn they they I'm are that potential current still your synergies flowing -- Corpus Sheridan already, BridgeTex, us or to assumption in on close go you, your XXXX? Lyondell, to system of the in area i.e., also medallion pipeline. especially earlier Medallion distribution be that additive be in And to the thank primarily volumes, long-haul that the Okay. to can refinery they Houston would planning if in light to would Houston

Longhorn. we -- is I obviously, Theresa, on BridgeTex area. the Medallion on some volume Medallion Houston as for Other volume on is smaller from Yes, moving moving said, is to much

bring are moving of see that's some we that, on distribution Medallion corp long-haul the volume course, that We big to still down part pipes surgeries think area. to Of to system through with our is forward. our going

get terminal. Houston, pipes economics more going that the volume seeing up, we're Corpus people our where Corpus to we're area. even as with Lyondell seen Houston filled seeing for into of volume other terms area of the the macro between much and demand being the In exported overall Seabrook have more the We've Houston seeing wanting down. We're across out

we're the be coming well Houston the So volume to positioned time area. to think into this off we market at able medallions system very

next Bank question The from come with Ann will Salisbury America. of Jean

it's the ethane talk whether more Bakken, U.S. recovery the Ethane minimum about you come demand for few export quarters for what the in possible think on pretty BTU And of hitting Can the online. drives far NGL are importantly, looks flat until flow next or spec. you facilities how a infrastructure like certain guess, we residue amount of floor? that gas like the more the if it's I from stream away to

start a be the sale price where the ethane overall, Sure. right, what region. gas going gas running. is comes the on out, into of We what recovered ethane change little utilization if as be about as we before, demand crackers is Belvieu because to really that ethane turnarounds all looking a think rates to or overall natural right sold the But now. you're in the region driving and price really, on going in for they're region said bit flat -- think kind price and will at is you're crackers as A we Mont can the in

out to Permian. continue -- more We us Bakken coming in We've continue see should to Bakken We've that to Oklahoma. Oklahoma in see will been able we during little in the that easier be depressed think which of natural prices to -- do One on times be natural We area, especially the continue to next also we Matterhorn we will increase into the come past. we the there's in in seen make gas when the some have thing as able because prices year. a you'll of Permian the that to it bit higher going will out of summertime that with continuing see see prices help to some ethane out see bring to it it need in at we in the ethane opportunities Permian. the you that gas in where bring region, depressed incentivize

then of your by oil of that Bakken And the GOR sense. Bakken kind lot of has few to a kind feel cut from been areas yet? a of years. of you makes areas higher stabilized for talking as that, That operators change do into moving producers, plateauing the oil follow-up, past the has caused rate to

Yes.

they're that time. they're go are they're only into now techniques. of I it's lot happening GORs with volume, impact completions oil production, laterals All and we've a what's IP different an just we operations rates longer into the plays and of production are things is by for I now. But the -- growth stay to how lot the GORs, or think up not where efficient growth producers into of and in more a mean, in having the on higher that stabilized. going that going going overall, I a think where think things -- more that have there driven they that cited period

question Wells Next Fargo. Blum with from come Michael will

the your with comments some square recent and we're Maybe Bakken last to months, on remarks at, production that trying which seems the discussion you the out. stay show data declining kind just level of volume crude the looking could of the trends volumes volumes basin a bit in made about gas few to prepared I'm you GOR in flattening

what could footprint you to seeing if wonder about across talk your relative basin? I overall So you're just the

that they wildfires little for didn't gas had producers could third period crude see make been the with production. customers We some had a natural an level of the that issues we've in -- in wells time. the as to have are had lot we par. of sketching our did drilling have to of shut for Also sure still everybody a a impact the on October on a at in Obviously, on unplanned side have outages wells processing impact any quarter

So a them up we've there as this of time. I we've that, think [indiscernible] there's on infrastructure this little back got expect bit to at be volumes normally to we where But through kind of time. move at seen

So that's you're I the little looking a seeing of think some noise that bit at. data in you're of volume

and And QX about this I Sheridan. I -- contribution forma billion $X we're EBITDA before contributions guidance full year full any something cetera. EnLink from for Elk billion quarter guidance a to getting EBITDA West wanted the If results, run simply for ask that's et Creek, Okay. $X.X over rate. year Medallion, full a for Texas, just annualize pro and then 'XX. around --

I a estimate? is billion to $X that kind just there conservative of want something So or missing we're if see over

we the is billion. were adder Well, I in we over think that comfortably $X Michael, put there

argue your you. So with I all. at math can't Thank

Next will come from with Brandon question Reddy JPMorgan.

you much last guys attributable is business through quarter the the asset about you guys was adjusted and base you acquisition sales East prepared a which had could in rate, how parse if asset maybe stand-alone of the just strength, NGL talked I remarks. versus bit to EBITDA the that wondering that For legacy

please? you I'm sorry, repeat that, could

adjusted how stand-alone guidance base sale raise strength. NGL guys on could curious East Just EBITDA and business had you asset quarter, if the through last that of acquisition you was the parse legacy much

caught upward. was that asset in the up the guidance Well, first actually

really So across my as it's out this of $XXX into which we listed against we remarks. moved our all increase, million strength businesses, in

we across head we're good all businesses into So the XXXX. seeing as just momentum

if length, the couple Got XXXX that a could you a bit lowered hit guidance. we've Bakken, was it. the the there it on already. But through lateral walk we times. haven't any drivers Curious like of And different hit that for looks on

just what wells who's looks go trying like forward. to of It kind acreage Yes. the drilling depends what on and their and they're

talk of little we delayed been them, And that them there's of so some bit push some -- as a into may to out XXXX. have

that bit shadowed this we're of other So thing in through, little really their we that lengths also by in will coming little and all the a volumes that and shine seeing seeing the are wells made bit lengths starting starting more being good completion techniques to as gets out I lateral and the are we're a of of see to and XXXX. really advancement we really completed. kind the lateral efficiencies say

with The will Neal from come next Dingmann question Truist.

I upside base production on next or commodity EBITDA deals. around maybe specific I all post specifically question you're prices guide, indifferent was ask prices overall that, And around the somewhat all curious along some wondering, of about to also with volumes, hoping are that as you year your XXXX just such company $X could maybe maybe accretive how given maybe the for thinking assumptions see just guess, another and the your these I you CapEx? billion macro

see directional provide just there. Well, kind to clarify give all we we've will all, we when to made you the guidance a And first laid XXXX things But different leave today. remarks we of I lot give where XXXX more a we it around in of out going. to that we until there, variables you at outlook get give didn't the of of February want whole our full guidance. clarity that going we're

see with to wondering, we've on will the behind Waha, taken seen natural quick decisions. just recovery My all question assume such continue weak will prices could I -- product, driver I'm ethane. guess That's the the and the the is that then remind be you typically gas Okay. a just continue you in me to volatility follow-up. as

you natural drive that Yes. behind That's main at got to for The it very regions. -- recovery. our of the true. gas, is to price gas the price But look natural driver going of

go of what the what's in to is the going Permian. -- all in gas gas way price of in what's of gas to got price natural price natural the the the Bakken, the is be but natural You've the Mid-Continent,

next will Keith Wolfe from come question Research. Your with Stanley

determined sale interest? I of being stake. to there if public Committee see remaining then procedural First, prior a buy the in to the are Conflicts to requirement and to And the boat wanted EnLink position yet offer any in are a check steps approve that needed ONEOK has to the other

to all unit holders. haven't both a pursue to disclose our We say outstanding I dividend disclosed the the we have acquisition that And will, Phase intention that HSR when in increase and around I have of when to we for information the further retransaction II. cleared public all units But a it's that, of we appropriate. provide meaningful tax EnLink would Phase review would of

procedural are there to get no types we more things need through. of that So

Got it.

about big in more viewing you a equity you Second GIP back buybacks capacity $X acquired debt thinking is, one, it and and Medallion I'm you're was are And XXXX as just just through how picture, fully curious of specifically? of very billion year given financed. then where thinking for leverage the context what way how was just next stake on the friendly and plan EnLink kind buyback buybacks in

how curious if about Just buybacks? that you impacts think

The But said, in that roughly that the would I just announced capital a did still pointed $X.X XX% have argument standpoint. we that strategy that out I'm free January. cash. -- we from billion EnLink we accretive the and make a could cash because glad flow allocation buyback by about I that Medallion are transactions you same using Well,

out So to point, that line target to did have gone there's we billion -- forward to going predictions any a well. not about think that reason GIP around before believe in our the We're the change on we there, even don't continue we of buyback buyback intended do change we we we've big more flow as $X come even but go leverage we down pretty we to will have let to though with any at this already where buybacks. as cash buybacks,

come UBS. from The next question with will Gupta Manav

question year assets. certain you operating almost has than better the the assets first expectations passed, My that Magellan is it's a year these upside, there generally, in been now been some have performed always when is, areas. And

that, a initially area those you had little if could highlight also if more work thought and where do which probably allowing the you is to synergy to capture there So any synergies. than you you to raise is

and Sheridan. I you that that the This could that we've could remarks, to do the on see into get come those And from 'XX, are going place XXXX, pleased the and we that. and probably especially the as in we're we capital Yes, we the some that. think returns as is start we capital see been surprised completed Yes. to going growing were put said, start this synergies very of into project earnings acquisitions. with when my is in said how have most I where look projects we the small in small small I mean in

we're that into the we're coming time a how we're So businesses together. put going about pretty to see excited

of system -- our reduce that cost we people how the is we are and working, really when X the inefficiencies X part going the together get can right move we to and moving we any off systems the International X pipelines into onto Denver connect trucks things other is get we've the can really innovative got in business take butane to how Airport. I just locations, think know together to in across down think the got the move area butane upsize can our became we pipelines, how assets the they other how business groups to to them the systems, volume through better road, to use projects how about are

be it thought together surprised we XXXX So to that there's see that and it mainly been really haven't things than harder come additional seen synergies to I've all and about. I to excited was together a X excited much a them we getting up in been the teams beyond. have I that of really start with that we've too was think very going think where lot lot come the

quick have from your is stand-alone follow-up Medallion volumes you're level about talked with My which to to will Magellan. about like And allow on growth which Medallion over you also exactly identified the the you Have moving at projects you systems. some seen grow assets you acquire? Perfect. EBITDA some the

We that in the had will through under know going it that you we some together figure those What we getting thought capital once went some. that than working specific we have haven't know be certain ways low-hanging there, projects start in tell more we're projects there's even really through We but going we we on out hadn't we growth put we in other buckets to that I hood, necessarily and of creative to going we is be have that when find as Medallion there. learned them and synergies Magellan when the of we'll get and to in looking fruit, the teams together to low be put we the acquisition. the start buckets there's

come question TPH. from with O'Donnell A.J. next will The

if the included of stand-alone the increase to Just to would be parts the consolidated and some if I in just Curious the guidance. financial is from number. come to provide could the that wondering updated comments those if early able midpoint I'm as together are the go contributions. breakdown The that of any to are guys about you guide how curious synergies million $XXX there deal

seen think gave data there, clearly I the can guidance. our you public you look that out we No, stand-alone just we've that at Yes.

the I fall the Medallion think there. piece So you is EnLink, will that out if use as

is in As that's a the as to months first challenge. we hard synergies try grab aggressive pretty X

they the So pretty and the to to businesses get as work ginned from teams much in, together. really just come up it's we start I think right additive now,

go on synergies tuned stay the So as we 'XX. into

Then projects realize EnLink more area. their plan curious one. any capital particularly now if Okay. assets quick Louisiana around fresh. backlog, EnLink's one I growth continue the they're your control, that are just growth you guys under pretty with of But to the

look to to really of businesses. might able work going Clearly, to really I our at there all and opportunities team across all projects be and think we're of to meet with demand other at customers' their look the look we what the accelerate

not to look those the have prioritize now where we're see that really to growth we the planned we opportunities. off and taken table, and anything time going spend So was at

majority do and before, is side we that because in of of this be down a would Pierce. related industrial to there expand to lot The mentioned that And AI pipes the I probably will the the the corridors business We've capacities. natural gas add of as areas. things is only the growth of believe thing those of the the size because

the of side and So we about down business gas natural there. intrastate the the feel very positive

Next question with Securities. come Sibal from Seaport Sunil will Global

do all, of for I where out, I just first range of to was that the curious sticking So around synergies as of given time one-year plus, the think the XXX was Magellan are range you acquisition, you theme. was think now. XXX consolidation at to in

point. Magellan I think about Magellan and if talking you to our our might synergies that really year we're you are at Medallion the -- have referring X out,

Yes.

Magellan the definitely synergies. So

as X We do up of talk time. that get all the the them about. mixed we We

I low-capital start as that and teams, and were XXXX in and The we're the are side. Sheridan we've were said, lot today exceed together, we it to we'll at 'XX think of ahead quarter, way the Magellan type And And on that incredibly we very right on feel specific just related the if meet our said a as synergies. comfortable been that we working on same to those we've as schedule finding that of not well little a of bit opportunities. we or outlined guidance. and second we benefits would part see I things synergies as 'XX. working we're track, more more think just the of into now the head

pleased with we come couldn't integration more So we Magellan have it synergies to relates where be far. and those how fold stand as so the the to

space? in I curious further And you in But this then on of and EnLink any terms pretty thoughts consolidation realize you're Medallion. Okay. I if opportunities was early have

Yes.

we've western there. especially little about we of if what maps on the on the part a a tell we of lot in when side, the look at there's I bit front we Mid-Continent think that EnLink more the and opportunities us you think gives been mean see I state. of coverage, think where G&P looking, us, the

more into about and systems demand to there. both to of that's already look the together, there's bringing new down then EnLink a and out Louisiana being AI going go competitive X area. think feed just continue as that to long-haul getting an and have and mentioned, our efficient, lot Medallion with additional around. beating think for -- Pierce more gas on in table I industrial to using volume big Obviously, And we're assets forward, We Permian. We've even moving we going integrated being we both some the talked we both think a our make value Louisiana, opportunities more as able to be fill and in Medallion EnLink as pipes center, chain the we

The from last Shere Craig today Tuohy Brothers. question come will for with

ago. little notable see economics announced So exports. just just And bit of regs. a your any long-term into liquids your real ultimately acquisitions latest these getting of since have upside enhance deals overall of things a you in you from permitting through relaxation could and quickly, a months terms LNG interest shifted latest drilling couple acquisition and/or notable

still obviously, pull see ones to There's the our there's be that there, lot feed have Pierce to to a new if Well, look the be ones our we able system you'll there there. pipes is would about I on even in at of diameter existing talked to think is think a I we volume that out pipe with ones And being and What And about LNG to Craig, regs, as that the relaxation infrastructure more we shore. Louisiana talked there. the exports able out say that short. of larger this ability with there. come the through Louisiana,

we EnLink So position kind facilities. be puts LNG mile that to of us these able be like last some into to of the that there in

exports? Any about other thoughts

we exported. going be it's the to energy in United continues States, to -- to a As grow new continue as think

And so it. we to are. continue to we And we if look we on will at our right do where expand time our abilities position is exports, there the and think needs evaluate need at where our

turn Please go to ahead. closing like back concludes This any remarks. I over for Mr. conference would Andrew to the question-and-answer our session. Ziola

Well, all you for thank us. joining

early Our starts quiet date. release provide earnings year-end quarter until a we our We'll period day. in February. Thank good us, books at next for fourth have details you later joining year for late call and a and the we all and for when extends close that conference

attending now for you The concluded. conference has presentation. today's Thank

You disconnect. may now