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- **Permian Growth Driver**: +17% volumes, new plants add 750 MMcf/day processing
- **Capital Discipline**: 2025 capex $4.6B (vs. $5B), 2026 returns to $5B
- **Data Center Deals**: 800 MMcf/day (Oracle, Entergy, Fermi) with 25-year contracts
- **Pipeline Expansion**: Desert Southwest (1.5 Bcf/day), Hugh Brinson (1.5 Bcf/day) fully contracted
- **Storage Growth**: Bethel +6 Bcf for LNG-related demand
- **LNG Update**: No FID until 80% equity partners secured

**【Management Opening Remarks】**
- Q3 2025 adjusted EBITDA of $11.8 billion (+1% YoY), driven by Permian Basin volumes (+17%) and new processing plants (e.g., Lenorah II, Badger). 
- 2025 organic growth capital guidance reduced to $4.6 billion (from $5 billion), reflecting capital discipline.
- 2026 capex expected to return to $5 billion, with focus on natural gas segments (e.g., Desert Southwest pipeline expansion, Hugh Brinson Pipeline Phase 1). 
- 2025-2026 growth projects include: 
  - Desert Southwest (1.5 Bcf/day, fully contracted with 25-year deals)
  - Hugh Brinson Phase 1 (1.5 Bcf/day, 25-year contracts)
  - Bethel storage expansion (+6 Bcf)
  - Mustang Draw II (250 MMcf/day)
- 2025 data center deals: 800 MMcf/day (Oracle, Entergy, Fermi America), with 20+ Bcf/year pipeline capacity contracted for power plants and data centers.

**【CFO Financial Commentary】**
- Q3 2025 GAAP net income: $420 million
- Non-GAAP EPS: $1.08 (vs. $0.95 consensus)
- Operating expenses down 5% YoY due to cost control
- 2025-2026 pipeline expansions (e.g., Desert Southwest, Hugh Brinson) expected to generate mid-teen returns
- 2025-2026 crude segment growth: 100,000 bpd Canadian crude via Southern Illinois Connector (Enbridge partnership)
- 2025 Lake Charles LNG equity reduction to 20% (from 30%), with FID contingent on 80% equity partner commitments

**【Q&A Highlights】**
- **LNG Strategy**: No FID until 80% equity partners secured; 2025-2026 EPC costs favorable
- **Pipeline Conversions**: NGL to natural gas service (Permian Basin pipelines) expected to enhance margins
- **Storage Expansion**: Bethel storage (+6 Bcf) positioned for LNG-related demand
- **Crude Growth**: 250,000 bpd Canadian crude via Dakota Access/ETCOP
- **Data Center Pipeline**: 800 MMcf/day contracted, with 20+ Bcf/year pipeline capacity for power plants
- **Permian Gas Supply**: 12-15% annual growth needed to meet 2025-2026 pipeline announcements

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