Welcome to the quarterly earnings conference call. At this time, all participants are in a listen-only mode. During the Q&A session, if you'd like to ask a question, you may press star 1 on your phone. Today's call is being recorded. If you have any objections, please disconnect at this time. I'll now turn the call over to Mr. Rich Kinder, Executive Chairman of Kinder Morgan.

Thank you. You may begin. Thank you, Ted. Before we begin, I'd like to remind you, as we always do, that KMI's earnings released today and this call include forward-looking statements within the meeting of the private securities litigation reform act of 1995 and the securities exchange act of 1934 as well as certain non-gap financial measures before making any investment decisions we strongly on forward-looking statements and use of non-gap financial measures set forth at the end of our earnings latest filings with the SEC for important material assumptions expectations and risk factors that may cause actual results to differ materially. On several of these investor calls, I've expressed my view and that of other leaders and experts in our industry about the potential for extraordinary growth in the demand for natural gas in America and abroad. This optimistic view of the market and its favorable impact on the growth and prosperity of midstream energy companies like Kinder Morgan was embraced during the last year or so by a significant number of investors and analysts. That view seemed to accelerate with the perceived opportunity for natural gas to fuel AI and data centers. Recently, that optimistic view has been questioned by some on a couple of different grounds. First, in the aftermath of the deep seek announcement, it seemed to some critics that growth in gas demand for data centers and electric power in general was too optimistic. Secondly, the announcement of expanded tariffs by the Trump administration inspired others to question whether this would result in less demand for USLNG, thereby reducing the amount of feed gas required in this country. Let me try to put all of this in perspective by detailing how we view the drivers of natural gas demand growth over the rest of this decade. Let's start with some history as prologue to the future. In 2005, U.S. demand for natural gas was approximately 60 BCF a day. In 2024, that demand was almost 109 BCF a day, an increase of roughly 80 percent. That's pretty astounding growth over that 20-year span. Now let's look at the future growth between now and the end of this decade. with all due deference to Mark Twain's famous quip that making predictions is very difficult, especially if they concern the future. Most estimates of growth between now and 2030 range between 20 and 28 BCF a day, and our internal projections also fall in that range. The overwhelming driver of that growth is increased LNG export demand. We estimate that growth to be somewhere around 16 BCF a day, with the great bulk of that coming from facilities already under construction or that have been FID'd. To FID a project means it is supported by long-term contracts with credit-worthy entities. Otherwise, these facilities simply could not be financed. I might add parenthetically that our contracts with LNG export facilities are also supported by long-term contracts. But notwithstanding those facts, the naysayers argue that a trade war with China will lead to a diminution in need for U.S. LNG. In response, let me mention two countervailing factors. First, China has not imported any U.S. LNG since February, and yet feed gas demand is setting records, averaging 15.5 BCF a day in the first quarter and approaching 17 BCF a day on several recent days. Secondly, our view is that any loss of the Chinese market will be more than offset by the efforts of governments in the EU and Asia to increase the imports of U.S. LNG to reduce trade imbalances and put themselves in a better negotiating position with regard to U.S. tariffs. Russia, for example, are already in specific discussions on that strategy. And regarding the EU, we believe Europe's ever again allow Russia to be the dominant supplier of natural gas to Europe to increase its use of U.S. LNG. Based on all these factors, we remain very bullish on growth in U.S. LNG exports. Now, in addition to growth in LNG feed gas demand, we see NISEC upticks in exports to Mexico, power demand driven in part by the surge in AI and data centers, and residential commercial use. Anecdotally, the new projects we have announced at Kinder Morgan over the last couple of quarters are supported in large part by long-term contracts with utilities in the southeastern U.S., an indication of the need for more gas to feed. The point of all this detail is to put into perspective the drivers of demand for the product we transport so that any intelligent investor can make a reasoned assessment of the natural gas market for the rest of this decade and not be whipsawed by the perceived ups and downs of just one or two facets of the growth story. In truth, that growth is supported, we believe, by an array of factors that reflect the strength of natural gas as an important source of energy for years to come. And with that, I'll turn it over to Kim.

Okay, thanks, Rich. We had a good quarter. The financial results, which David will take you through, are essentially in line with our expectation. For the year, we currently expect to exceed budget by at least the contribution from the outrigger acquisition. Our natural gas performance versus budget is very strong. In the first quarter, we saw record natural gas demand, with demand in the market growing by 6.8 billion cubic feet a day, driven by a 10% increase in residential and commercial demand and a 15% increase in LNG demand. Future natural gas fundamentals continue to be strong, with demand expected to grow between now and 2030, as Rich just took you through. And I would add that even if a portion of the roughly $7 trillion in new U.S. investment the administration has announced occurs, we believe that would drive demand that is not currently captured in projection. During the quarter, we added approximately $900 million to our project backlog, taking the backlog to $8.8 billion after adjusting for the projects placed in service. Of the $900 million, over 70% is primarily focused. The largest project bridge is a $430 million extension of our Elba Express pipeline supported by a 30-year contract. It will deliver about 325 million cubic feet a day into South Carolina to primarily serve increased power demand and is easily expandable to over a BCF a day. Of course, there's been a lot of attention paid to tariffs. At this point, we did not believe that the tariffs will have a significant impact on project economics. For our new large project, Mississippi Crossing, South System Expansion 4, Trident, GCX, and Bridge, that together comprise approximately two-thirds of our backlog, we currently estimate the impact of tariffs to be roughly 1% of project costs. We've worked to mitigate the potential impact by pre-ordering certain equipment, negotiating caps on tariff impacts, and securing domestic steel and mill capacity. For these projects, we've locked in the cost of the finished steel pipe, and less than 10% is exposed to tariffs. In addition, to the extent we get some permitting relief, there may be the opportunity to bring these projects or portions of the project in service earlier than planned, helping to offset any impact of tariffs. From an operations perspective, we're still in the process of evaluating the impact of tariffs. We don't expect it to be material to 2025, but the uncertainty of tariffs along with commodity prices did cause us to be a little bit more conservative in communicating our outlook for the year at this point. During the quarter, we closed on the previously announced $640 million acquisition of the Bakken Gathering and Processing System, which nicely complements our existing assets in that basement. When you look at the results for the quarter, there isn't much impact from this acquisition given that we only owned it for 45 days and all the transaction costs were expensed in the quarter, but it is performing in line with our expectations. Despite the volatility in the market, we have a very resilient business. Almost two-thirds of the EBITDA is generated from take-or-pay contracts. Roughly 30% is fee-based or hedged with only 5% of our EBITDA exposed. We expect to continue to generate nice cash flow and fund our attractive backlog of projects which are substantially backed by long-term contracts from credit-worthy entities while maintaining a strong balance sheet finally on management succession tom martin has announced his intention to retire in january 2026 at which time he will assume into the office of the chairman in that role he will continue to help the company execute on our tremendous backlog of natural gas projects at that time dax sanders who many of you already know will succeed Tom is present currently president of product and as a thorough understanding of the company having been here for approximately 23 years and served in a variety of different roles Tom and Dax will start the transition process in August at which time Mike Garthwaite will become president this is the plan we contemplated and prepared for in our succession planning

and with that I'll turn it over to Tom to give you more details on the business performance of of all continuous jets to Orlando International Airport at 94% and 94% significant percent.

29.25 cents per share. Quarter, we generated net income attributable to KMI of $717 million, down 4% from the first quarter of last year. We generated EPS of 32 cents, down 1 cent from last year. Much of that decline is attributable to unfavorable mark-to-market on hedges that have not yet settled and we treat as certain items on an adjusted net income basis which excludes those certain items we generated 766 million dollars and adjusted EPS of 34 cents up 1% and flat from last year respectively from our natural gas terminals and co2 businesses our main growth drivers were contributions from our Texas intrastate natural gas system city sales and park and loan services on our interstate natural gas assets greater renewable natural gas production and higher contributions from our jones act tankers some of the natural gas end beyond the first quarter and therefore year of the year will you turn around onto our balance sheet we ended the quarter with 32.8 billion dollars of net debt and 4.1 times net debt to adjusted ebitda which is in the middle of our leverage target range of three and a half to four and a half time a month and a half of EBITDA from our outrigger but it includes all of the acquisition funding so that metric will decline will improve as we add more quarters of the outrigger contribution our net debt increased by just over a billion dollars from the beginning of the year and here's a high level reconciliation of that change we had a working capital use of about three of a little bit more than 300 million dollars that working capital deficit is made up of interest expense payments and the first typical first quarter payments of bonus and property tax. We generated cash flow from operations of 1.16 billion dollars. We paid dividends of 650 million dollars. We expended 770 million dollars of total capex. We closed on the outrigger acquisition which was approximately 650 million dollars and we posted collateral for some of our natural gas uh hedges of about 90 million dollars which gets you close to the billion dollar increase in net debt for the year for the full year as ken mentioned while it's still early in the year we expect to exceed budget by at least the contribution from the outrigger acquisition and as disclosed in our full year budget our budgeted adjusted ebitda growth was four percent just including the outrigger acquisition our ebitda growth would increase to 5%. Our adjusted EPS growth would still remain at an attractive 10%. And we're also expecting to still end the year with net debt to adjusted EBITDA 3.8 times.

2025 budgeted growth comes from...

Now that we're more than a quarter into the year, we can say we're on target to place the vast majority of these expansion projects in service on time and on budget or with only minor variances. The largest expansion contributions come from our Evangeline Path project, expansion project which is on track to come online this summer and multiple projects on our Texas intrastate system the largest of which include our South Texas to Houston project which is your completion a couple of additional projects that have already been placed into service including our Webb County and Central Texas off to a good start to the year we're on track to put our expansion projects in service we're experiencing favorable performance across our businesses and have sanctioned additional projects that will drive growth well into the future. Based on investor feedback, we do not plan to host a regular investor day presentation in person going forward. Like we did this year, we will continue to publish an annual, which will include our budget for the year, but won't host the presentation in person. We'll also maintain our objective to provide great transparency to and extensive engagement with our investors. And with that, I'll turn it back to Kim for Q&A. Okay. Chad,

if you'll come back on, we will take questions. The phone lines are now open for questions. If you would like to ask a question over the phone, please press star one and record your name. To withdraw your question, press star two. The first question in the queue is from Michael Bloom with Wells Fargo. Your line is now open. Thanks. Good afternoon, everyone.

Wanted to start talking about the potential additional gas pipeline investments that you are looking out with utilities and data centers, how would you characterize the pace of discussions with customers, I guess, since the last earnings call?

Michael, this is Cephel, yes. So, one, I think it pertains to data centers, you know, there's still, as we try to determine kind of the site-specific locations that they're looking at, it's still evolving as it pertains to the utilities that are supporting some of these data centers. As you can see, we're actively pursuing opportunities to provide supply to ultimately feed these upcoming data centers. And so, you know, I would say the activity level is pretty strong. You know, there's a lot of competition out there across the network. We feel like we're positioned well. You know, as we talk about bridge into South Carolina, you know, this is just kind of step The platform for growth has been established, and we see, you know, some incremental opportunities around power and potentially data centers there as we've got the straw put in.

But the additions, you know, that's an area where we are particularly well positioned.

Thanks for all that. That was really helpful. Maybe if I could just drill down on one particular area or region, can you provide an update on any progress in Arizona regarding either an expansion of EPNG or a greenfield project or just how you see that area developing?

Sure, Michael. So, one, we see a need out in the desert southwest, Arizona included. We have been, you know, pursuing both brownfield and greenfield opportunities. We're trying to look at that. Obviously, we're in a competitive situation here as we get, you know, if we get any progress here from a customer standpoint, we'll make those announcements at the time. But I can tell you there is interest, and we do see a need out west.

Yes, the next question is from Jeremy Tenette with J.P. Morgan. Your line is open.

Hi, good afternoon. Maybe pick it up on Arizona, if we could, and the potential for expansion further west. Just wondering, the docket that was opened in February, the natural gas infrastructure and storage docket that the vice chair opened, are you expecting anything specific out of there that will inform your views as far as timing and sizing of expansion further west And just as you walk even further out, I think that their ECA2 could be on the horizon and will need to source gas as well. It seems like EPNG would be in play there. So just wondering, those two dynamics, any thoughts you could share?

Well, just once again, I'm going to keep it broad just because, you know, we are in a very competitive situation. But, you know, the overall demand we see coming, right? and I think really both the docket you're talking about and through our conversations with our customers point to the need for incremental capacity needs. You mentioned Eka, you know, that's a longer-term play possibly, but all of that bodes to the need for incremental capacity and how we get there ultimately be decided by our customers and the contracts that they sign.

Yeah, and let me just make this, you know, it is a nice opportunity, and the demand drivers that are present and, you know, that we're talking about here on the West are what we're seeing, you know, broadly across our whole network.

And one more thing to add, you know, it's not necessarily just a greenfield opportunity, right? There are significant, you know, we're looking at brownfield opportunities, smaller expansions that may make sense to unlock incremental capacity.

Got it. That's very helpful there. And then just a higher level macro question, if it could, you know, we've seen WTI dip towards 60 and, you know, briefly, you know, below 60 here and, you know, concerns with regard to potential economic weakness ahead, as Rich talked about in the opening comments there. just wondering as far as your conversations with your producer customers uh any any change in tone there uh such as if you know wti does step down into the 50s and stays there for a while and basins that have uh liquids driven economics if you think that there could be changes in producer activity there and how how that could impact kmi although it's a smaller part of the business

Yeah. I mean, you know, our gathering business, I think, is, you know, if you look at it, to date, you know, I think it's too early to make any calls, made any changes. You know, I'd say if you look at our gathering assets, you've got the Bakken, which is oil-based, but GORs are going up. And then obviously, you know, one of our largest positions is also talking about is beyond what we expected previously. Now that'll take time and we won't see that benefit for later in the year but I'd say you know there is the natural gas side conversations have been stronger than what we were originally. Yeah and I guess

you know to add one more comment to that when you think about our geographic basins that we're we have our gathering systems in most of our acreage is in kind of the you know the connections that we're on with tier one acreage so So if you go back to when we were in COVID, you know, I think we withstood the storm pretty well from a price standpoint, even in our liquid and the natural, the natural offset, as Kim was mentioning, is the dry gas plays when that happens. What we do see is we do see gas demand increasing. And so if the associated gas capacity, if the associated gas kind of tapers off a little bit, even though we didn't see that, we actually saw GORs increase when crude fell off. we'll see a pickup in the Hainesville and the dry gas Siegelford plays because the demand has to be met.

Got it. Thank you for that.

The next question in the queue is from Manav Gupta with UPS. Your line is open.

Good afternoon. My question here is a little bit, you know, energy equities in general have started pricing in a little bit of a recession. You touch a lot of end markets, whether it's gas or refined products, even jet fuel. In your system, are you seeing any early signs of recessionary demand or what we see in the market is just volatility? The underlying demand in your system is holding up pretty well.

So far, I think we're holding up pretty well. But, you know, refined products, you know, we saw strong natural gas demand. I think we're going to continue to see strong natural gas demand and growing natural gas demand over the course of the year because a lot of what is driving that is going to be the export LNG and, you know, that, those associated with them. So I think you're going to see the uptick in gas demand over the course of the year. And as Tom said, we've got to refill storage. So, one, I think we're too early. And, two, I think, you know, when you look at natural gas, which is 60% of our business, you know, think there's some different factors that you really have to to consider there than just you know us recessionary pressures that drive that demand thank you my quick follow-up here is can

we get some more details about this new bridge project that you added to the backlog and the reason i'm asking is last year you announced the mississippi crossing project and within one month you ended up upsizing the project so what's the possibility of you upsizing this bridge project

thank you well look the possibilities are great but I'm not going to comment on the timing you know obviously our customers are going to dictate when we expand I will tell you South Carolina is one of the fastest growing states that we see out there demand is growing on from a power side from a from a residential need standpoint and you know like I said the opportunity set around potential data centers could be there. So, I think overall, we feel like we're positioned well for future growth. The platform's there now. This helps us establish the platform once this project's completed, and we're excited about the opportunity in South Carolina.

Thank you so much. Next question in the queue is from John Mackay with Goldman Sachs. Your line is open.

Hey, team. Thanks for the time. I wanted to pull a couple of these together. You know, I think in the last call, you kind of made the comment of saying, hey, we've done a lot of very big project announcements. Maybe the pace of those will slow. I think you showed today that you're still able to add, you know, a ton of small to medium sized ones to keep adding to that backlog. Is this, you know, not to put you on the spot, was this a outsized kind of win or is this the kind of, you know, more regular way kind of backlog additions we could expect to see

Yeah, I mean, it's hard to predict. I think exactly what we're going to be adding to the backlog. But, you know, as we've been, I mean, the demand drivers of our business are very strong. You know, whether you look at, you know, LNG, if you look, the LNG demand is expected to double. And most of that is going to be driven by deed. And then he also pointed out, you know, that some of these, as we go through tariff negotiations with some of these countries, that them buying natural gas from the U.S. may be a way that they solve the balance of payments with the U.S. And so even if, you know, you're in a potential trade war with China, there's other demand that could make up for that or actually be greater than what the demand coming out of China would be, because as Rich pointed out, they haven't been taking very much in BCF, so setting records. You know, I think, you know, from the perspective of power and AI, when you look at AI and the AI race, and so I think, you know, you'll continue to see demand for AI. You know, Rich talked a little bit about DeepSeek, but I think what you're hearing and what we've heard from a lot of the technology players is as the cost of that technology comes down, we would expect more people to use it. And so that demand driver is firmly in place. And then if we get more American manufacturing and investment, I think, you know, that will drive demand growth for natural gas. So I think, you know, you look at that and you say, so what is your outlook? It continues to be a robust outlook, and I will tell you that, you know, we've added, you know, 900 on a growth basis to the backlog, you know, today. There's another 400 million roof today, roughly 400. We're close to signing contracts, so they approved on a contingent basis, and we haven't added to the backlog because we don't add to the backlog until those contracts are signed. So I think, you know, you can hear that I think we feel even in the current economic environment where there is a lot of volatility out there, we feel very good about our business and the opportunity stuff that we have in front of us.

I would just add that we have 70,000 miles of gas pipelines. We move 40 percent of the gas in America. And beyond that, we're located in the right places. All this LNG feed gas demand, the great bulk of it is along the Gulf Coast. A great part of the electric generation growth is also in the southeastern United States and along the Gulf Coast. So if you just look at where we operate and the size of our operations, I think there's every opportunity to, and coming back to Cthul's answer a couple of questions ago, the ability that we've already announced is going to be...

Rich, I appreciate that. Maybe just one follow-up. Kim, you mentioned permitting really for reform earlier in the call. Just curious if you could give us kind of like latest state of play there. And then specifically, just on maybe a related note, you know, bridge coming online in 2030, not outside the realm of normal kind of FERC timelines, but maybe if you can kind of tie that into your view on kind of how long it takes to get things permitted now and where that could maybe go if we get some relief.

Yeah, I think, you know, we've had some conversations with the administration and with the Energy Dominance Council, and I think those have all been with everybody focused on in-service earlier, and so, you know, you will see that, you know, that could, that could, I was with that, but I think very good, we've seen a commitment from the administration at the timing on these. I'd also say from a deregulation perspective, we've seen, you know, good progress. You know, I think the good neighbor rule, essentially dead, greenhouse gas reporting from the SEC, you know, they've withdrawn their support for that, you know, and then you've seen other actions out of EPA where they're, you know, to, I think all of what the administration is doing is very, is very positive for.

Thanks for your time. Appreciate it.

Next question is from Teresa Chen with Barclays. Your line is open.

Hello. Thank you for taking my questions. First, congratulations to Tom for his retirement, and also congratulations to Dax and Mike for stepping into their new roles. I'd like to start by asking for an update on your strategy in the Bakken, on the heels of the Outworker acquisition coupled with the upcoming double H conversion to NGLs. What are the next steps here for Kinder to capture more economic value in that value

This is Hazel. So, one, I think the integration of the outrigger plant has gone very well. We've got it embedded into our operations. I think the next step is looking for operational synergies, like I said, strategically for We got a plant north of the river up in the Bakken, which complements their existing footprint. when you couple that with our residue takeaway and now our planned NGL takeaway, we're just looking strategically at further elements of the value chain. That's really what I would say at this point. Obviously, up there, we're in a very competitive situation on the NGL side, so I won't comment until we get incremental contracts signed. But needless to say, we're looking at ways to add incremental value and capture more of that full value chain.

thank you yes um or as much as you can at this point thank you people on the liquid side of things um just looking towards the uh pending closures of refineries in california with another one announced this morning um how much volumetric exposure or EBITDA, could this impact your California pipeline and terminal assets within the product segment?

Yeah, we don't think it will. I mean, the announcement you saw today certainly is not the first announcement on a refinery closure, and it probably won't be the last one. but um uh the key to uh the key to the proof put on our pipelines is the demand at the end of our pipelines and as long as the demand exists there as long as people in the interior california nevada and arizona uh are driving and flying that demand will uh will still be there and we think that our pipelines are the safest and most economic way to get that product there so the sources of supply may change it may not be coming from the same refineries uh other refineries may make up for you may have waterborne barrels coming in either from washington state or asia um but uh we still think that the the product has to get to the end markets and we're the best choice thank you the

next question comes from neil dingman with true securities your line is open

afternoon thanks for the time my first question folks is just on um m a specifically it seems Seems like, given you all continue to be focused more on the natural gas demand megatrends, I'm just wondering, would you all consider selling down some energy transition assets to fund these gas initiatives?

Well, I guess, you know, look, we like the asset right now. And so, you know, I don't think it's a way, generally, and it's not the best way to fund it. We have capacity on our balance sheet. should we exceed cash flow in an existing year with respect to expansion CapEx. And then I think also if we ever wanted partners on something, we could bring in partners on new projects, cost of capital. So, you know, I don't look at selling those assets as being the best choice.

No, that makes sense. And then, Kim, just something you talked about earlier, you all mentioned the prepared remarks, just the turbulent times. Does that give you more, do you think, opportunities to, I don't know, necessarily buy distressed assets, but it seems like there's still a lot of smaller deals out there. Does turbulent times like this provide maybe even more opportunities?

It could be for people to get in trouble. I think that would present opportunity for us.

Well said. Thank you so much.

Next question is from Keith Stanley with Wolf Research. Your line is open.

Hi. Good afternoon. I wanted to start the statement and the release on pursuing substantial amount of additional LNG feed gas opportunities. Are you mainly competing to serve new under construction facilities or is that redundancy projects for existing LNG? And then, relatedly, any update on commercial progress on expansion of Trident at some point?

To your first question on the incremental LNG demand, I think it's a combination. We're looking at new, you know, to be able to supply new facilities that are looking to FID and some that are very close to FIDing, and we're also looking at folks that are optimizing their existing systems, looking for diversity of supply. It's an all-of-the-above approach, and I think we're talking to both sides there. progress, and I just want to make sure, if you could just repeat the last question.

Trident.

Trident, right? Yeah, so progress on Trident. We've made significant strides here. We're close to possibly expanding the scale of the project, and hopefully here in the next quarter or so we'll have some positive news to announce. But making good progress there, a lot of interest. You know, when we think about the West to East movement that we've been talking about for some time, it's a continued theme there that we're seeing.

Great. Thanks for that. Second one, I just want to try again on the double H conversion because it's kind of sneaking up on us early next year. Are the contracts you have with customers today to bring NGLs to Guernsey or do they go further than that? And I think you referenced in the prior question wanting to secure incremental contracts. Can you elaborate at all on the strategy there?

Well, so at the risk of informing the competition, I'm going to pause on the detailed strategy. But I will tell you, we are looking at getting molecules to both Conway and Mont Bellevue at a very high level. And in terms of trying to garner incremental volumes, I think there's opportunities for us to add to the portfolio in terms of volumes that we move down double H. And that's probably all I'm going to tell you today. I know Teresa tried earlier, but that's it.

Understood. Thanks.

Next question is from Zach Van Everen with TPH. Your line is open.

Hi, all. Thanks for taking my question. Maybe going back to the Haynesville, you know, you mentioned growth in the 25 and 26, and we tend to agree with that statement. Could you just remind us, I know you guys had the projects in 25 for 340 a day for the Haynesville. Could you remind how much capacity is open once those projects are online for that system?

When we talk about hydraulic capacity in the Haynesville, they were talking and we were kind of approaching capacity. and then we were planning on executing some projects in the second and third quarters obviously in the price and volume standpoint i can tell you today we are kind of approaching that same point we are so we've got a little bit of flex in the system but i can what we see here is that across the summer i think we're going to be back at capacity in the haynesville and how we get ahead of it once again so i think there's opportunities there for us to put some once again very capital-efficient capital, you know, in terms of locking incremental capacity, but we've got to stay close to our producers, and we're obviously going to be very cautious to make sure that we see those volumes coming. Perfect. That makes sense. And then maybe moving

over to Texas, your announcement on the TAOS pipeline, you know, pretty low capital spend there. Is there opportunity to upscale that or, you know, have other opportunities on your intrastate system within texas around whether it's power or data center demand yeah sure so look that

that the houston power gen project is an example of kind of what we're trying to pursue uh while well relatively it may be small in scale compared to everything else we've been talking about it's you know there it's a pretty once again very capital efficient project uh you know we just put in our central texas pipeline right that they've talked to david talked about uh we put that into service that's a you know a 30-inch trunk that basically feeds off of PHP into the Austin area obviously there's a lot of activity in and around that area where we're exploring power opportunities there's organic growth there and then we're also exploring some you know data center opportunities in that area so I think you know we are we are positioned well with the you know the platform and as Rich talked about you know you got the straw in there and then there's ancillaries that we can do on top of that straw. So lots of activity on the intrastate systems. I think both the Houston Power Gen, the south of Texas to Houston, and central Texas are all examples of very capital efficient projects that can garner

a very good opportunity. Got it. Makes sense. We appreciate the time.

And I'm showing no further questions at this time.

Okay, thank you very much. Have a good evening.

This concludes today's call. Thank you for your participation. You may disconnect at this time.