Kinder Morgan (KMI) 20 Apr 222022 Q1 Earnings call transcript

Good afternoon, and welcome to the Quarterly Earnings Conference Call. At this time, I would like to inform all participants that today's call is being recorded.

If you have any objections, you may disconnect at this time.

You have been placed on a listen-only mode until the question-and-answer session of today’s call. [Operator Instructions]. to call like to now would turn over the Mr. I Morgan. Executive Chairman Kinder, of Rich Kinder Thank sir. you,

You may begin.

Michelle. you, Thank

Before we the as this measures. begin, always I'd Act as of like to remind well Litigation Securities Exchange KMI statements the Reform release Act the forward-looking XXXX, Private do, XXXX, you, financial earnings today and includes certain and and non-GAAP call of within meeting Securities that as I of

disclosures review such and making factors for of that SEC statements. to full forward-looking our anticipated Before well differ investment read important risk actual cause set expectations, measures those strongly results decisions, to and our as end with of you encourage latest may filings use forth materially any in we release, material as the described financial the from non-GAAP our at assumptions, and earnings

we Steve today, the fifth our by, to as Also annual begin start. the year a you, is good to off the increase taking consecutive $X.XX. payout me formally That's the team will Kean for increase. XXXX tell announced Let and annual dividend

wean I'm short talk term. satisfactory has to order gas. from illustrated the itself we want natural substitute the fuels, gas world situation a years. have This at call The natural impact events issues of January, to the broader its continued Since efforts world will frantic our demonstrated I significant Now in the with several develop over finally last be energy least resolved is all the of the in of segment and invasion on Russian it occurred. shaken seismic of that certain reliance how know overwhelming a Russian to impact Europe has the to and the especially on tragic Ukraine intermediate the next by dramatic my on situation will dependence of us. about the is economy but the economy This on the as indeed, this capabilities, Europe, of fossil crisis be pretty inability impact entire beyond whole world. Predicting far

production we the are for market the under began system, our that, the from U.S. strengths. a in in to does at NGLs oil, modestly as look dramatic how In the anywhere What the in world tip Beyond The and late America? tight is ability since legal reliable space unmatched and judgment, to escalation term more with energy the mean once the world. near plays in the a have my its transparent even to natural we we war this prices technical for February. is shown supplier that operate burner We coal is term. crisis the gas, and wellhead in robustly again expertise the grow in intermediate the

adversaries. replace be few United reasons, supplier present For major will gas. been necessary facilities facilities they've the construction support capacity Russian of more to the all and Morgan, administration and future, in I to terminals. part point, anticipate in the new the we Midstream all present will the LNG still importance natural term. short the term contracts sanction export its than XX% to will permitting Federal in least both that and running long export these I'm the at will that in will But that properly concerned of Kinder impact our foreseeable support attainable of be caution, next world playing will facilities. be energy government the these natural the some developments Morgan not for Europe of at Kinder this our reasonably at and States and major supply I'm its going the of gas will In adequately U.S. the recognize of about past. card the By the in surmount XX% LNG all the gas these to way part with to hopeful benefit of of be gas and additional Energy needs of expedite At to a LNG to The it the of allies a of segment its the particular, move America problem. specifically solution about oil years new

long increase short, expansions selective will need the it's throughput to In a be increase, for infrastructure. volumes the good Steve? network. extensions of a As as natural and gas time will

All Rich. Thanks, right.

wrapping in we're and keeping sheet performance first off plan add our after business strong year. And in exceeded quarter. record to in We're we for strong, attractive be even to with though base opportunities plan strong up to the it's balance projecting our So in full above are XXXX, financially in XXXX, growth. early a a year, the year start the our

on increasing strong to new very performance with contract especially the experienced addition In price we commodity during and project our Haynesville interest in continued performance good storage gas Altamont gas winter our transportation in new our Permian flexible and commercial tailwinds, services, renewals, opportunities in improvement in and assets emerging our business Bakken, capacity.

we On expansions on of the working and commercialization on development our pipelines. PHP GCX compression are the and Permian,

are capital expansion expansions horsepower. to in and and do siting to While contracts XX speed capacity months. we the have for efficient will rate X further add pushing day a or that and in service of near-term frame the see our potential and make greenfield Once of the risk expansions believe time market. in with compression can need solution time. amount though both a Compression per pipeline allow come out FID these third we a environment, be looping fuel very as out need additional most of get in capacity today's they for that expansions believe we We will market small higher of Most we Permian. Bcf about accomplished the can can low Combined, X to X.X the perspective, from are do permitting customer. expansions of with the they importantly, in

gas, above model. acquired Finally, which asset, we winter continues us helped storage with acquisition our strong for our our in XXXX, to performance and Stagecoach perform

and was by also aided prices our versus plan. commodity business outperformance COX Our operational

We advance gas last up Ventures in to our and are Transition acquisition year additional which continue our renewable we Energy projects, in opportunities Group. we Kinetrex the advancing picked X

products in pipelines for business. above plan charter and performance modestly Our started were by bulk strong while our the Jones continued And see plan terminals we recovery in quarter. rates Act bit, a missed good terminals to our

the tailwind, For movement $X we of as commodity $X about continue enough updated is WTI. locked prices per sensitivity in the and balance our have such million that year, a of

year some the chemicals, we be well on due that and pressures for to above maintenance plan predicting we base Kim. plan from turn experience fuel. work our we're we to well. over cost as also as are In that expect added negative but higher impact costs materials, certain in I'll doing Still, strength continued for vehicle expect We both additional taking some the it parts we that, integrity very business, to And this will of summary, account, all into year. to this with and

Natural Okay. the starting with segments, Thanks, I'll through Steve. go Gas.

facilities colder was partially were the X.X Rockies dekatherms versus driven a first volumes approximately up to versus per X.X generally weather, transport of off million that of offset continued decline LNG increase pipes day pipeline per deliveries, outage QX there and XXXX, primarily XX% quarter million approximately in the 'XX. our by dekatherms by increased or X% a on That's day. and production averaged EPNG. LNG of Deliveries Our

quarter to pipeline in natural both Mac categories, natural res-com, power, relative Exports is Deliveries of LDCs and industrials market is numbers, to growth also all the as power overall project increased. to XXXX. up growth around Mexico major we third-party industrial, the more remains share to Bcf in of Wood deliveries XX%. and plants X demand as added LNG exports. to coal. that X our were demand gas for capacity X%, facilities, The becoming Our Bcf QX between to in market. to strong, when LNG exports demand internal gas result project inelastic deliveries down our very Mexico believe power we of Overall 'XX numbers of and Rich And mentioned, compared to for and were and a

with were projected on Terminals condensate Eagle the track X.X%, QX the volumes volumes while first Overall, using the for first XX%. we In in reference quarter were our exceed compared we be rate offset Bakken. in gathering quarter of lower in X% Haynesville the in with the than Crude down Sequentially, of offset volumes, utilization gathering point were quarter by the Ford the was volumes, segment, Products increase quarter, business jet 'XX. big monthly quarter 'XX. termination. the 'XX XX%, went at quarter in down to may so which as liquids In fuels versus that Ford the flat, were were products volumes in starting up segment, by reduction decrease as prices volumes down XX%. natural of impacted increase currently the were Pipeline did Our increased and are remains budget and pre-pandemic X% the volumes in contract XX% were the to impact through Eagle essentially We gas a road down our year, volumes a number. Gas higher X% by for to Sequential which more full compared levels were up our up flat growth a the by XX% refined to segment so and percentage see high demand. a about an Natural

for exclude tanks of required about is you service out inspection, If XX%. utilization

was serves demand which business up rack first consumer Our nicely the domestic in quarter.

which more and up dynamics, Our also blending runs, hub are refinery facilities, trade international were significantly. by driven

vessels we've are currently in with Steve contracts. marine relative improving, day rates seen though still tanker still business greenshoots firm our under As lower all some said, sailing to contracts and expiring XX

volumes was to volumes to on and a saw a COX commodities. nice our and the volume. price, coal, project XX%, following year. On by 'XX than X%, primary On COX the our to we crude volumes lower we've were driven X%. volumes compared start In flat had in that were down coke up pet interest side, all more offset but nice QX expiration of of due by steel increases which very the payout increased 'XX. a in carried very Overall, were overall essentially NGL of segment, ore bulk and

We half quarter, that our first we in DCF due our to price of roughly and plan the exceeded to outperformance was X%. by due that base the business. estimate For half strength other

it we lot are because full it plan. the said, quantified in year; turn Commodity we outweigh our one, currently a I'll name upside that outperformance the pieces. exceed to gathering to specifically interest and rates Steve And two, there we Michels. But is moving and We've As regulatory David a to the few. not demands will the prices, with project of downside. volumes, inflation, expect year early relatively that, XXXX

All right. Thank you, Kim.

$X.XXXX and for of mentioned, dividend Rich as first which, $X.XX the up from XXXX, quarter are our X% we a XXXX per So share, dividend. is of annualized declaring

the million year. we first For billion, generated $X.X of quarter, is revenues quarter from the down last $XXX of which

quarter from XXXX. first year, Uri large Uri been the contribution the our year, net quarter exclude million. of higher have from the quarter excluding income $XXX from of last down And would year. you during revenue from Winter when income Storm XXXX nonrecurring last our However, the would have first our But been contribution net million, Winter versus $XXX last Storm this was

generated last So we higher amount, relative XX% year. $XX or versus quarter income to net million recurring this that

segment had which Gas was the segment, as our Our quarter. last from contributions led million KinderHawk. But on down Natural decline volume DCF quarter the driven performance Gas in contributions, Otherwise, we this Texas Tennessee the was again, first $XXX to by that Pipeline majority Stagecoach Gas as nice well contribution our $XXX our XXXX outperformance strong. Natural over year, of Intrastate from acquisition, storm greater was in winter of million.

by our offset was liquids volumes Act favorable growth from Harbor Terminal terminals of up Our well [due QX from in Products our contributions increased business to XXXX due driven York and our and the by up Storm pet volumes New by Winter in partially integrity business lower versus contributions as during terminals, contributions million, offset $XX our segment an price and from terminals partially unfavorable XXXX. by Uri projects, and greater bulk to] refined coal our were coke million tanker higher business. segment higher And Terminals and as impact impacts, $XX driven product Jones expansion costs those

year-over-year the $XX was mainly up share, But by quarter the driven million Our $XXX higher generated COX Winter in COX XXXX. down all contribution segment and Winter the or excluding is from nicely XXXX. segment of compared quarter is billion than prices. Storm Uri more that, that the Total than last down Other would explained of Storm Uri nonrecurring by per segment's DCF to from contributions DCF million XX% be during $X.XXX from decline the our up again, year. that's or $X.XX was commodity first

on of quarter X.Xx. the of Moving X.Xx year-end the XXXX. X.Xx, ended with contributions to from ratio balance $XX.X EBITDA nonrecurring the debt at with But sheet. a have net Uri, year-end the We debt EBITDA to would up excluding adjusted net that's from been ratio billion

to majority rate for and increased year-end million due had DCF. it So debt explains activity. deposits, and change. We here's million paid reserve we a growth during margin paid to that cash to quarter. the quarter bonus increased We contributed metrics. of recurring And a interest the related And had ended billion mostly net to $XXX the we is million when reconciliation million have capital investments. a which higher generated of our with the million that, of working for not $XXX refund that posted the the case million. expense turn capital our ventures quarter favorable payments, uncommon Steve. use The joint to out tax first of property which $X.XXX payments, of We dividends. We is had also restricted I'll we $XXX $XXX to we hedging $XXX quarter And back and in $XXX our

back you'd it just And our if got entire and out, I'll senior up Michelle, the open around management come on we've David. team questions. Thanks, for Okay. here. point table

their you cetera. et So questions and passing and the we'll be mic have segments outlook, as performance our about different

So up, please. it Michelle, open

[Operator Instructions].

Our Jean first Salisbury caller Bernstein. is Ann of

rates ask compression new customers Obviously, faster, is I that potential you comparing maybe fuel about build? is similar? wanted which a the expansion. great. the is higher. market the is the compression rate the time compression the option How just versus to expansion to mentioned but are since Are lower line cost

kind to Just understand customers? wanted of which was attractive more to

Martin, Tom Gas our of good. Very President Group.

say a I market overall because I'll get the Yes. total. specific rates about I attractive situation. just it I too think in can't But competitive mean is it's to

that's Steve is As with said, least offset it. costs, associated be partially it but fixed that at fuel will more the fee by

that to speed to is our really from and now that's will I service certainly alleviate the containment that getting in message much get seeing hearing into in we're worse this think issue the a see helped XXXX key market, to as expect we're really customers we get is XXXX. that starting -- and

good to win this getting We've of clearly. work but yet, do, not So ready a got to a some feedback. call lot

chain past, demanding? longer the is And similar supply I topic, like and helpful. That's on too to of add on? in issues going Great. XX months that just of some I to am compression things kind than guess a Or it the due project is

somewhat better be these We've it mitigating steps indicative, been. probably not mitigating steps. But than think to times, that taken some could but help may I we've it mean have I make that's longer, longer. in some otherwise Yes. made if

it's more going as then for may. and And time, given to Okay. traditionally any think Or like you X kind the of the on people long-term do same the up you follow-up if in this that be privates from Are this, more flaring past? just constraints up customers seeing everything? have to mix of movement on signed sign not likely contracts the I

general seen greenfield may broader I would the on but customers, Again, what specifically have it's on customers hard a set of I say in to we projects. than speculate think

there making this of think, that is to a set there's interest -- are customer broader I point the you're time. really speaking, So

caller Bean is Our with & Holt next Tudor, Colton Pickering Company.

seeing You in mentioned release. system, just or you're areas? all those the whether seeing elaborate you the materials, that's costs higher Can costs labor on hit where other

Yes.

the some had plan. plan, So we've to higher and work there work added the we've some costs to maintenance incremental of are X here. that One is integrity okay? So categories

not not or of be next ongoing that's category. some and probably but And And that scope year not work work there an X we're it's doing That's recurring inflation thing. year. -- thing. this a so we'll an that's That's just doing

is you we experienced date. as are it normal it. We deal in the The when prices inflation haven't a thing to But up. see the commodity second to are experienced great right? field, are of up, prices oil with The revenues commodity go up

there. So we're seeing some

the okay, a inflation, we're for where our our for projected where places other other but we've The experienced we actually little trucks, equipment. seeing it inflation, obviously and are places fuel

like are Related up. are prices composites or is prices hydrocarbons those up. fuel So also lubricants up,

steel materials, even bit, come And up. some And has raw certain steel has it's down come though been then down, little. equipment up for costs little a a

materials, it's lubricants equipment, So fuel. some

mentioned And Rich all the Great. has Or at S. LNG. a need could there if potential U. opportunities then Are Appreciate available that interest divestiture for that. incremental alternatively, you optimization be any increased, market candidate? Elba Island? to

Tom?

Yes.

there. is opportunity project had certainly small-scale So a our an We of there's We're an to customer. happening discussions market in again is expansion. by at. worth opportunity those very utilized that obviously, the couple years ago, there, fully looking days now. that off is something may real suggests say current overall, dusting with be There what expansion whether But a the to potential early

of both already believe Colton, we're just what way And is our that in of opportunity, we what I'd come network. LNG has to and the off participating to thing this that pass come is a the still add lot growth to is

along pipeline our coming infrastructure Louisiana, so our that in serving opportunity especially particularly lot of where and with is footprint well market serving the our robust. by can network and participate that growth and growth with assets Texas and storage And our in a them and we them

is And we work is standpoint. But be do we'll so our big to that. able as for customer from and in us trend the storage really, with and provider what evaluate, Tom Elba service something here on a we bolster said, will a play transportation to

is JP Tonet caller Jeremy with next Our Morgan.

compression you it. wanted to us thoughts expansions, of are if regarding provide Just see outlay to with for to the to capital frame kind there any able with

how The more does to longer You take the to it time, greenfield new in how you're capital pipeline greenfield. And project change, a going talk given exploring than did of the the then those. being build guess, as about it a same than relates that the pace to I really at it's this pace today of efficient past.

And need so to Permian presumably, expansions need. these pipe Pass for there's incremental be the beyond that quickly, could going at service which pretty point

Tom?

don't project. Again, Yes. think into Yes. But expansion second we to I your a capital again on environment in think point. the get want competitive discussions I

I XXXX will fill right. be market quickly. We're greenfield fill relatively are you're a in pipe after some the need. immediate the now exactly think up needed The all time to done expansions will estimating

And given doing so of that type an a itself towards kind lend that with FID on next would projects, sometime project. and I that for year greenfield the early mean, timeline

And expand to that, it. here. then other just project? forward there. midstream could study moving partners behind towards of wondering what with objectives Got I a collaboration this bit with the if helpful guess, you drivers guess, that about of that? you And That's wanted And the some I just GHG discussed I were to kind pivot in

RSG think lower international and intensity Yes. I holistically on bus methane markets LNG type the are I volumes. getting mean driving

identify will a will to intensity methane-intense specific earmark so lower specific certainly international effort hope methane we're and And at is going process certification what to help that in this on program locations a assets gas that ultimately initial broaden initiative. customer our of that, working And help really, with that markets. good with pilot support support

we've just bit up service I'd they're amount filing marketing into by estimation, a last as of in been for got about that, on that. deal our And We've inflection we qualify. deals our a take of our We TGP. got that of the got a account, methane of U.S. year, tariff all of and to natural we all Jeremy, if while. of And interest sudden, have their a X/X. could add another been part it. you an year. you targets doing an And There's in seen offerings. produced and to a low this And today we -- intensity get XX% about gas emissions enormous And couple following talking that the

and so now. of of And going think we distinction evidence that is to be a this we're future, point seeing the in that

to of add think real goes? there. And something it profit Or is increases about how this do Do you doing see business? that or just you quick this cost on as how

Yes. Well, Tom, go ahead.

thought as come think pooling I the Too as mean, as some I large it's my identifying go to for that in services ancillary that But of sourced early and say. identifying is that the I of scale on to a the we gas do do now, ways responsibly market. certification and guess process But forward. well out we about efforts more we what what right harness term can can near the

caller next UBS. Brian Reynolds is Our with

off capital Maybe to on start allocation.

this from EBITDA talked macro the upside to and the assumptions and macro forward have uncertainty. PHP Day, through $X.X roughly as expansions needs billion a the CapEx the given favored the and year around or about potential I with guidance the any kind of have Kinder's pipe downside next? January? commentary process since allocation versus around in Curious, other of global buyback the capital been being Analyst potential global the changed guess, change words, Permian you You sift buybacks new the in FID impacts GCX pulled of

the Yes, change no in principles. been there's

repurchases. good increase NPV, as sure the with capital we share of our as on and that are capital to about cost the focused keep weighted we're dividend that available fund balance we average talking today provide returning and strong projects above We well NPV value well and sheet making good that shareholders

So we do performance. have some capacity additional given our

And in where the the amount forecast. capacity look opportunities those. even we're still budget. you for we'll our a we continue year saying we're But confident We I anything over add? $XXX were have went additional We into the we a still think David, we forward, now. will million in that that. good have from the some to with up beyond coming to CapEx in And want capacity have additional little

you it. No, covered I think

proceedings. That's as bankruptcy follow-up super Ruby helpful. Maybe a on the

curious seems position could long either Just there's to would views the as about of talk pipe pipeline color term in you looking it handing Any repurpose be term. like and over potentially Kinder's the to if of kind additional the for conflicting helpful. margin bondholders on the purposes the the for versus over at the expense medium

Yes.

Ruby So this same best it's into the message time, are the new make process be to shareholders. hopeful here on are we which for been is reasonable overall enter the we're is to KMI in out work able as interest that decisions as that to that a We're long going we of going that resolutions.

here. you operate to to sense think rhetoric just out term. in from separate have And longer continue the what in I the makes the that's reality We pipeline believe and courtroom

to so And constructive continue in a we'll our counterparties. work way with

is Our Bank Mulvehill caller next of with America. Chase

discussion I back gas the to guess, just the wanted Permian. come natural question, first to egress I around

in get I if possibly willing your of any then for here. Permian are And officially guess, you things in items it's Highway. up brownfield pipes. long around to think any does ordering announcement expansions see with something but sanctioned said move see of, like of could you opportunities XX last kind many lead that or of get results don't outside do expansions there? sanction, months, And be today's you'd you obviously thought X service probably of of moving thoughts inside know opportunities alongside that is GCX Do XX-inch maybe months. kind then of an XX I could provide just I to to kind It expand sound along, investors time timing when you'd

and yet correct wrong I'll talking anything get timing. I we're here. to about start Tom not ask But

market has so I think in it's volume the constrain, of coming of that frame the the the say heat up the and see And capacity turned interested terms commercial is market on that's and very very come turned they and timeframe the time. up able fair It before discussions. contracts offer, wall discussion, required time to because announcement to going we not because much chances in go. and that alongside speed to the in particular project this like today we're the our to didn't but we we a get we're

not and marketplace. specific And to we're I'll been I'm on that but been the working that. about on hard and just so supply chain obviously, going talk ignoring that fast the we've we're in commitments, working say not we've challenges --

And are appropriate to mitigation us. risk so what we've for we made that mitigate believe steps

this festers changes Permian. any when bottleneck to And Okay. you really think the in

I think year-end timeline you Is a call, said last earnings expect still the that of 'XX. see kind bottleneck? you to you said when of

into markets XXXX, later wreck today. it -- more towards sooner, be to in early insight year, gives I think some look I than this 'XX begins the the is you basis appearing financial and can train it early mean you at just

need basin. out as absolute of yes, that can soon egress So as we

near-term of see that opportunities really your Okay. opportunities to you about then or talk more repurpose see you Last assets? you repurposing think could And do you X on just to some opportunities long-term Could really be assets. repurpose this underutilized assets?

I activity at we commercial as think of -- of X part can are We don't now, a our huge continue evaluate. should part. huge where repurposing. don't have count you right there's but that something to we actively think project I It's it's a looking not it

you. Thank

Our Lapides next is Sachs. Goldman with caller Michael

whether gas customers about utilities, rates, need tenor to and whatever, board, for the there's or gas from storage Uri. the year of a of you producers, meaning you so rates contracts months storage and new or of whether capacity. what saying talk storage storage removed Can power generators, We're across gas a X expansion physical in terms

A good question. Tom Martin.

whole footprint. And And Texas Texas, that. especially in a and there the lot on on at would contract in to especially expand to a that in across of a storage I and discussion significant facilities, but it. have of seems think especially taking I No, seen be really look in we're renewals expansion there multi-cycle lot Yes. we hard a are doing opportunities say our storage area, interest rates

Canada, So well, middle over of as assumption our as local on distribution timely on and our especially in as Tennessee was quite model power customers as well. of as we're this the of customers, as well acquisition both Steve whole asset might we our add especially I performing asset to Stagecoach kind acquisition trend. said earlier, the that integrate in that Texas. And with right well

Got helpful. it. super That's

a a vary or by I think the should Just facility, actually so? and how existing physically curious, a in the to able just about site, when -- your series know expand going to it's to and obviously. storage do of gas you we customers you timeline customer having you process when get interested get But be

I flexibility, on an capability adding what depends of Yes. kind it if about it's compression we're line. talking add withdrawal X-year that's injection to or expansion mean probably time

talking if I type would opportunity. think slightly additional talk longer the would maybe depends or a say, about a it's expansion about I So opportunity leaching generally, timeline about that's opportunities. as Again, caverns. brownfield you're we if it I greenfield think But

X different but here, then X hate I topic. last And and a it. Got back-to-back to do

what to starts Haynesville a the of in and is? whether the how role think solid pretty Coast tight you the in about guys curious And the here trajectory from thinking you kind growth towards that? you start think after Just a whether Haynesville get you're play Gulf takeaway to year,

Yes.

I and asset and mean accelerates quarter-over-quarter Yes, out tremendous critical. quarter-over-quarter, Bcf year the right. in year-over-year, X.X that mean but XXX,XXX assets forecast about egress in forecasting full think seen as you're certainly more going versus our to upwards a of assets, absolutely 'XX. growth we've on So and basin become day is a not only our I gathering 'XX I growth other day we're year-over-year,

projects economical I greenfield. we are that expansion out think think expansions the for some an there well, area be a But those Coast need incremental there and are especially incremental greenfield of for exports. fill towards Gulf as will pointed more probably I that than to expect LNG

that. opportunity. looking don't that today, we are about more close certainly as talking a potential anything but we anywhere So we're see I certainly to at that have

Wolfe Keith Research. Stanley with

follow-ups. quick X had I

potential an expansion and it's on made progress efforts LNG shot, project permitted. Elba think Steve, First, facility? export any fully that but Is long as can Gulf maybe that's give to the a you you there? a I an talked update any

Yes.

paying in generally and today's we in about that who As a that's a we not location deal. but Obviously, we've made is the market, customer and capacity we a for have capacity. paying customer, talked they reserve in past, use, not regas they're at have in high all, use a the that and customer at

a brownfield today. opportunity with bring work forward, something but don't if Now announce that to potential to would to we allow will customer anything liquefaction for see there's there have we us the that

expansion. one, another capital little Pipeline Gas expansion usual maybe Second less XX or your how even less Permian targeted contracted? sorry, question, think intensive, the I do But Permian for since it's historically a than durations not you to different, than willing Are business model. you years about but guess, contract you've go fully

sell all years, we'll thinking and Yes. plan No. minimum capacity. I to a I of this think of XX mean, we're

wants it. I market the think

like, will oversubscribed. think, honestly, be I maybe we

So opportunity it's out, sell fully a projects. I think the good both project

Becca Followill Capital U.S. with Advisors.

your acknowledge expansions either you some XX ordered need. about like there for is comments, preparing that hand that within or that months, on you're FID them? have Steve, both Do might compression could one. Permian of another that that you I sufficient you that assuming of you these feel have do you in Sorry, items these

we're a reluctant in this Again, Yes. -- Becca. we're very -- very competitive -- situation,

what to said, is I say which what prepared. is think I fair we're is

on pipe. new is X a second Permian The

of the individual get NWP Nationwide could do body you under would crossings? that's XX? water to need Permit you you Or new underway, process do a feel under that feel like Just light pipe you build in XX like

Yes.

I Federal compression all, of the that the review to you're the It's very crossings, air are to on think mitigation -- and important endangered getting plans cetera. on would really else. our know first anyone But by they core open otherwise or rule question. the by species are about of asking good avoid into at not arrangement right? issues under built trigger permit about things We some more et a expansions TCEQ. water active that can the There's permit-light, we a avoid it's, great an So this these one permit

out. that So worked we've got all

right it. pipeline Nationwide for has Should in So may about been be. being permits to level, underway but big we open-ended get individual to Federal how like though, as the open context doubt asked we that? attacked. something it are thing? new uncertainty around we smaller change get There's now change at Your about Nationwide process that need bigger we be this? a question, questions greenfield lot itself should evaluating Hopefully, be a it's with attack other are we of use Should resolves and other where expansion, needing a the safe, using XX change some been we is evaluating projects where XX XX we could No there right if closer uncertainty Nationwide now. to to

But plan if core were in to Now only there it's That's to point a you for use the XX. will part, for Nationwide if what most us problem toward it's a have the is B. for, we -- you that. up evaluate what prudent there end

we're plan And so developing those Bs.

And no showing questions queue. at time, I am the further in this

Thank Great. a Have good afternoon. very you much.

And thank call. you. today's concludes This conference

may You disconnect and go at time. this ahead