which closed in January of 26. So, again, continuing our strong start to 26 with second quarter EBITDA up 6% over 25 and now up 10% year-to-date. Now, I'll turn it back over to Chad to discuss our strategic acquisition of momentum midstream.

Thanks, John. Looking at slide 6, I want to start by highlighting the importance of the Haynesville Basin as it will be the single most important U.S. supply basin in answering the near-term call for natural gas, especially in order to supply the growth of LNG exports along our Gulf Coast transco footprint. Over the next decade, the Haynesville is expected to grow by over 10 BCF per day, and LNG exports are expected to double from where they are today. The combined Williams and Momentum assets will form the backbone that connects our country's fastest growing supply basin with our fastest growing demand corridor. With this combination, we solidify our position as the largest gatherer of Haynesville gas, connected to Transco, the largest gas transmission pipeline system along the Gulf Coast corridor. Coupled with our leading Gulf Coast natural gas storage system and our relationship with every LNG export facility along the Louisiana Gulf Coast, including our partnership with Woodside LNG, Williams provides the most integrated set of capabilities to connect U.S. natural gas supply to premium domestic and international markets. You can see on slide 7 that the Momentum acquisition significantly expands our East Texas and Louisiana footprint into areas that are rapidly emerging as the next horizon of U.S. natural gas supply growth. The Momentum footprint extends our reach into the rapidly growing Shelby Trough in western Haynesville, where we see incredibly deep upstream inventory, a strong foundation of high-quality, dedicated customers, and a large opportunity for new customer growth. We add to our Haynesville footprint roughly 6 BCF per day of gathering capacity and over 4 BCF per day of take-or-pay pipeline capacity. With a balanced mix of gathering and take-or-pay earnings that fits squarely within the fairway of our existing core business mix, the $5.5 billion acquisition is being funded by $3.5 billion in cash and debt and $2 billion of equity. We are forecasting an accretive transaction at an attractive acquisition multiple of approximately eight and a half times, which we expect will quickly compress over time as both growth and synergies are realized. The combination of Williams and Momentum is exciting for the existing assets we bring together and even more exciting for the new opportunities that we unlock to even better serve customers along the Gulf Coast. So, alongside the acquisition, we are announcing two strategic expansion projects. The first project, Shelby Connector, is a large diameter pipeline expansion from the footprint of the momentum gathering system connecting into the Williams-Louisiana Energy Gateway or LEGS system. And the second project, Delta Access, is a large-scale transmission project from the combined Momentum and Williams systems to LNG and power customers along the Transco Corridor. On slide eight, we highlight these strategic expansion projects. The Shelby Connector represents an expansion of our leg system to reach into the footprint of the momentum system, with initial customer-committed capacity of up to 750 million cubic feet per day, with an expected in-service date in the first half of 2028. We have the potential to further expand the Shelby Connector by doubling the pipeline capacity to up to 1.5 billion cubic feet per day. This project connects the Shelby Trough, which is expected to be one of the most rapid growth areas for natural gas supply over the next decade, through our LEG system and into Transco at Gillis, Louisiana. And from Gillis, we are adding the Delta Access Pipeline Project, a fully contracted transmission pipeline along the Transco Corridor with initial capacity of 2.25 BCF per day and an in-service date of early 2029. Delta Access is expandable to up to 3.5 BCF per day and is underpinned by capacity commitments from customers representing both LNG and power demand along the Louisiana Gulf Coast. So, to recap, the Momentum acquisition is an accretive, bolt-on transaction at an attractive multiple that will compress over time due to attractive growth and highly strategic synergies. And the combined Williams and Momentum platform will serve as a springboard for high-return expansion projects in the most important Gulf Coast supply basin, as well as along the Transco Pipeline and Gulf Coast natural gas storage corridor. Before we close, I'll pass it back to John to discuss our enhanced growth outlook.

Thanks, Jed. Our strong first-half financial performance and execution on the Socrates project gives us confidence in updating the full-year outlook. For full year 26 adjusted EBITDA, our existing businesses continue tracking toward the upper half of the guidance framework we discussed earlier in the year. On top of that, the accretive momentum acquisition adds incremental EBITDA, taking the full year outlook to $8.3 billion to $8.5 billion. We've also provided revised guidance for EPS and AFFO, reflecting the effects of the power innovation JV and accretion from the momentum transaction. On leverage, we expect year-end leverage to be around 3.9 times, but importantly, that only includes an assumed three months of contributions from Momentum. On a full-year run rate basis, leverage would be around 3.75 times, so that's really the right way to think about the amount of additional capacity we now have to add additional power innovation projects through the remainder of the year. 3.75 times leverage opens up in excess of another $2 billion of incremental capacity versus our internal four times leverage ceiling. And that's without considering bringing in any partners on future power innovation opportunities, which will remain an attractive and relatively easy thing to do. Most importantly, though, as we've previously discussed, the balance sheet leverage tightness is primarily an issue for 26 and 27 before the historic earnings growth we expect in 28 and beyond. Finally, we've also updated our growth CapEx guidance primarily to reflect initial spending on the projects that we announced today. Overall, we're encouraged by the performance of our base business and excited about the momentum acquisition, the ongoing strong execution across our project portfolio, and the continued commercialization of new business. And we feel well positioned with our flexibility to fund additional power innovation opportunities in the near term. Turning now to our latest thoughts on progress toward our long-term growth targets that we presented back in February. As you'll recall, our initial announcement in February was a 10% plus CAGR for EBITDA and EPS for 2025 through 2030. And at that time, we said our current book of contracted business supported around an 8% CAGR estimate. And then in May, we announced additional projects that moved the 8% up to about 9%. And now, after layering in the momentum transaction, as well as the other projects we've announced today, we feel confident in moving our target up to 11% plus. Additionally, our long-range plan assumes continued strong project execution on our current backlog of projects, plus winning new opportunities and driving more value out of the legacy business, which leaves us well positioned to exceed this new target. So stay tuned. And with that, I'll turn it back over to Chad. Thanks, John.

I want to again congratulate and thank the Williams team for another outstanding quarter of execution. And I want to warmly welcome the Momentum Midstream team to the Williams family. This is actually the second time we have partnered with the team at Momentum as we worked together more than a decade ago to build and grow key assets that became the bedrock of what is now a major portion of our Northeast Marcellus and Utica system. I want to personally thank Frank Suru, Brant Baird, Bill Pritchard, and the entire Momentum team for building things the right way and for developing critical infrastructure that will endure and serve our country for generations to come. Bringing together great talent and strategic infrastructure is how we serve the world's growing energy needs. Fueling LNG exports to friends and allies around the world, enabling the resurgence of American industrial expansion, empowering homes, businesses, and the AI revolution across our great nation. Of course, none of our progress happens without the dedication of our people and the strength of our partnerships. Thank you to our employees, our customers, our partners, and our investors for your continued trust in Williams. And with that, we'll now open the line for questions.

Thank you. At this time, we will conduct the question and answer session. To ask a question, you will need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please limit to one question and one follow-up question. Please stand by while we compile the Q&A roster. Our first question comes from the line of Puneet Satish of Wells Fargo. Your line is now open.

Thanks. Good morning, everyone. Maybe, John, going back to your comments, so the EBITDA CAGR here was increased to 11% from 10% five-year EBITDA CAGR. I guess if we just simply layer in EBITDA from Momentum and Delta Express, I mean, it seems like on our math, you know, those projects alone would add 200 basis points to the CAGR, take it up to 12%. So, I'm just, is that 11% target incorporating a degree of conservatism, or are there other kind of headwinds, puts and takes to consider in the forecast?

Thanks, Pernit. Thanks for the question. Yeah, I mean, like I said in my comments, we do feel well positioned to exceed 11%. And so, like I said in February, you know, plus is plus. But just to give a little more color to that. I mean, again, this 11% plus, the 11% that we're discussing really serves as an update to the 8% we gave back in February and the 9% we gave in May. And specifically, we're really talking about a number here that continues to be centered on our existing contracted book of business. And so we're excluding the commercialization of any additional power or pipes projects, which, you know, you're aware of the extensive backlog we've got in both the power side and the pipes projects. And I would say we also do continue to have a degree of conservatism across, you know, a pretty broad swath of all of the other parts of the business that, you know, we're working on as well, including the Northeast, which is, you know, over $2 billion of EBITDA a day. And we're continuing to be pretty conservative in terms of how we're modeling the growth in some of those areas.

Got it. Thanks. And then maybe switching gears to to momentum so i guess beyond the organic projects that you've identified um delta access are there specific operating or um cost synergies that you expect to get from momentum uh and if so can you help quantify those and then just as a point of clarification on the deal the the 8.5 times acquisition multiple um is that multiple calculated based on momentum's consolidated EBITDA, or is it based on Williams' net share after reflecting Expand's 35% interest? Thanks.

Yeah, thanks, Pernit. This is Chad. First off, I'd say we're not going to quantify yet what those synergies will be, but I think if you look at the footprint and the overlap between the two companies, there will absolutely be operational synergies. But I think even more importantly, I mean, we're talking about what is expected to be the most important growth area for our country in serving, you know, the more than doubling of LNG demand that we're going to see. I mean, we're at about 18 BCF a day of LNG export capacity today. I mean, forecast models are showing that going above 40 BCF in the next 10 years. And so the Haynesville, you know, is going to have to respond. And the other thing that I think is important to know about the Haynesville is that it's been producing a lot of gas out of what has been the traditional core area. So we see the inventory moving west. And so we expect this integrated footprint to be really in the heart of what's going to be called upon for growth. So you will see operational synergies, but we also expect to see significant growth, both from existing dedicated customers, but also from new projects that we will launch. And that, I think, helps support the acquisition multiple. You're right. The multiple is based on consolidated EBITDA. There are some non-controlling interests. You mentioned there is the primary non-controlling interest, which is the joint venture structure of NG3. But even with the net effect of that, it's still, you know, approximately a nine times multiple the way we're looking at next year's expected performance. And again, we expect that to compress over time as, you know, this asset continues to grow within the business.

Great. Thank you.

Thank you. Our next question comes from the line of Jeremy Tonette of JPMorgan Securities, LLC. Your line is now open.

Hi, good morning.

Good morning, Jeremy.

I was just wondering if you could talk, I guess, a bit more on the behind-the-meter backlog as far as how you see the opportunities set at this point and, you know, how deals might materialize. And curious, I guess, if you're dealing with one hyperscaler, is it possible to do deals with a different hyperscaler? Are you in conversations with others of similar size or each hyperscale or picking their own solution provider here?

Yeah, thanks, Jeremy. You know, I would say we've continued to see strengthening of the commercial interest in our projects and what we can provide. I think further supported by Socrates coming online on time within budget. You know, again, a huge shout out to that team. and the large number of partners that are supporting us in these projects. I think as we've continued to see the challenge of delivering grid capacity, the concerns about how we develop this really important infrastructure, I think our solution of bringing very tailored infrastructure to data center projects is just gaining additional momentum. So we do have conversations ongoing with multiple different counterparties. We expect to commercialize additional projects between now and the end of the year. I will say I know, you know, everyone's excited about and looking forward to the next announcement, but the team's also doing a really good job of pacing the commercialization of projects so that we can maintain this steady growth throughout, you know, the end of the decade and beyond. And so, you know, Socrates is a great example. Those crews that just delivered that project are moving on to the next site and will be, you know, ramping up even further the work. And so a lot of, I'd say, you know, responding to the commercial momentum, but also being deliberate about making sure we can phase in projects the right way. And so, you know, I'd say, again, stay tuned, but our backlog continues to be strong and it is, you know, supported by multiple customers beyond just our first primary customer.

Got it. And just to confirm, I guess, doing business with one major hyperscaler, you don't think precludes your commercial negotiation with signing up another major hyperscaler?

No, look, we're a big company. I mean, we want to provide energy infrastructure solutions for every business in America. And I think that we know how to do that. We want to support the utility and the growth of our grid. We want to support data centers and technology companies getting access to energy so that we as a country can win the race for the next generation of technology. And so, no, we do not see the discussions that we're having with customers as something that needs to be exclusive to any one or the other.

Got it. That's very helpful. Thanks. And if I could, just as far as transcripts, I'm just wondering if you could give us a flavor, I guess, of what you're seeing as far as more, you know, kind of interlateral, you know, still being potential here, or do you think that that's kind of played out more and more smaller parts? Just trying to think of, you know, the larger projects, like the ones you announced, how much inventory?

Sorry, Jeremy, you were breaking up on us there. Can you repeat that?

But, yeah, just the potential for large transco projects, you know, coming to fruition in the future like what we saw today.

Yeah, thanks, Jeremy. This is Larry Larson. Just, yeah, I mean, we continue to have great discussions with our customers across the transco footprint. We're obviously doing a great job executing on the projects we have right now with southeast supply enhancement progressing forward. You saw the upsizing of Power Express. And so, yeah, there's tremendous opportunity. If you think about the backlog that we talked about at Analyst Day, I've highlighted previously that a lot of those projects that we've been working on in the backlog are Transco-related. I think the Delta Access is a great first step on a large-scale project in the Gulf region, but we're continuing to look at additional demand response across the Mid-Atlantic and Southeast. And so we're continuing to work those. It's just a matter of pacing with our utility customers as they look at kind of firming up their demand and timing of projects. So hopefully we'll continue to see things in the backlog commercialized at a pace that seems reasonable.

Great. Thank you very much.

Thank you. Our next question comes from the line of Spiro Dunas of Citi. Your line is now open.

Thanks, Empire. Good morning, everybody. I want to start with power innovation. I guess as we think about this next wave of projects that you guys see coming, just curious, high level, if you can walk us through maybe what might look the same or different from the first wave, specifically just think about new geographic locations, maybe longer contract centers. It sounds like we could see some new customers show up. And, Chad, you mentioned pacing these projects. So trying to get a sense of your plan to recycle the capital to the next project. You've announced $9.6 billion or so in the last 18 months. So is it crazy to think you could allocate most of that $5 billion or so over the next 12 months?

Yeah, Spiro, thanks. A great question, and I think you're thinking about it the right way. I mean, and again, credit to John and the entire team, Blackstone and our partners there. I mean, the JV is, I think, a great tool that allows us to preserve our capacity but also to recycle that capital into the next round of projects. We do see those continuing to evolve. You know, I think that our first five projects are a great example of achieving speed, and they have scale. I mean, these are big projects, certainly relative to what we used to think about a large power project, but they're primarily focused on scale and flexibility, and we are seeing projects evolve to having both that element of speed looking like our first five projects on the front end, but also layering in over time, scale, and even hybrid projects that would include how we better optimize and, frankly, support grid expansion as well. And so I think you will continue to see projects, and we've demonstrated our ability to get projects up and running fast, but also I think we've got the ability to then further scale projects over time. And so you will see, I think some of our projects have that phased approach to scaling over time. Geography, we continue to, you know, focus on areas where you have, I think, supportive places to get things built. And so, you know, we continue to guide to our footprint, but also you think about we're building in Ohio, Utah, but certainly Oklahoma, Texas, Louisiana, our entire our entire footprint, I think, but also think about the states where things are getting built, you know, more easily than in other parts of the country will continue to be our focus. And so I'd say, you know, that's kind of been our primary model there. As far as pacing, you kind of mentioned it. I mean, I would say, again, stay tuned. We do expect additional commercialization of projects between now and the end of the year. And I think we'll demonstrate pretty quickly that we will, you know, with our partnership with Blackstone, we will put those resources to work on very attractive projects. And I do think the term for those projects as we've continued to validate the model of both bringing your own power, having islanded behind the meter, but also evolving over time to be a more optimized and tailored power solution, you will continue to see contract terms extend in duration as I think we recognize these are going to become integral infrastructure solutions for our entire ecosystem.

Yeah, that's good to hear, Chad. Second one, maybe sticking on this theme, but focusing more on Socrates, just maybe give us a sense of how that startup process went and how it's going so far. And I ask in the context of all this being somewhat novel to us in the investor base and really trying to see the proof of concept here. So I'm curious, is it operating ramping is expected? And is there an ability to maybe apply the learnings on Socrates forward on these remaining startups and maybe even accelerate those timelines?

Yeah, thanks for the question. This is Larry. I'll hit on it. And again, as Chad said, major kudos to our team and the way they worked closely with our customers through commissioning as well as all of our equipment manufacturers and contractors. And commissioning has gone extremely well. We did a lot of load testing prior to actual startup to facilitate to make sure that we actually could see the AI load following actually to work the way it was intended to. So those tests went really smoothly. we've made adjustments as we needed to, as you always do through commissioning and startup. And as of this week, we're delivering first power to the facility and expect to see that ramp up over the course of the month. And so far, so good. So excited to see that ramp up the full capacity in the near term. But yeah, the team's constantly taking learnings from these first projects, both on design and efficiencies on how we commission and approach that. I'm not sure it's going to translate directly into kind of earlier in-services at this point on the project. Right now, all of our other projects, Aquila and Apollo and the others, they're all trending on schedule and on budget right now, similar to Socrates. So, yeah, I think we'll always take those lessons learned into the next project and hopefully make it even that much more efficient.

Helpful callers, always. Thanks, everyone.

Thank you. Our next question comes from the line of Amit Thacker of BMO Capital Markets. Your line is now open.

Hi, good morning. Congrats on all the progress and the updates today. I appreciate it. I was just going to maybe turn back to kind of the Woodside LNG kind of transaction. And Line 200 now kind of with momentum, which is kind of thinking, like, how much of that of Line 200 capacity do you think you'll kind of be able to source from Transco, Leg, and now Momentum?

Yeah. Yeah. So, you know, line 200 obviously originates from Gillis, and you're hearing a lot about Gillis. I mean, it is an important supply point. You know, both the NG3 pipeline that Momentum had built and is operating and our leg system deliver into the Gillis area. There were several other pipelines that deliver. And the largest, most important trunk line system running across from, you know, west to east in that corridor is the Transco system. And so those pipes connect into Transco at Gillis, and that is the supply source for a lot of different customers, including, you know, you mentioned the Delta Access Project is going to take off and move east across Louisiana, serve power plants along the way, even serve LNG, you know, further east across Louisiana, and even power demand in the Mississippi River corridor. And so it truly is an expansion of that entire artery and thoroughfare across Louisiana. And then Line 200, as it takes off, obviously, the Haynesville is going to be the primary supply point for that area, which is, again, why we think the growth, both in our traditional footprint but in the momentum footprint, is going to be really important for serving all of that Gillis supply pull that's going to happen from those demand customers, but also will be sourcing the lowest cost, you know, a most abundant supply for line 200 and Woodside. The project, you know, from a take or pay perspective, it's fully subscribed. So now it's just a matter of making sure we can find the lowest cost supply to support the LNG customers and our partner there. And so, you know, that'll be the focus. The lateral, and Larry can give a little more color, that's an expansion off of line 200 where the team was able to basically free up additional capacity and build a lateral to a power load along the way. I don't know, Larry, if there's anything else you want to share about that.

Yeah, I can add. I mean, it's basically a seven-mile extension going right into Lake Charles to serve incremental power demand in the corridor. So, I mean, it's a really great success story to think about Line 200. It was really anchored around the Louisiana LNG. And it's just the importance of having this infrastructure as we're seeing growth across Louisiana both from power and industrial load it's going to create more opportunities for us. And so great job by the commercial teams identifying this opportunity and continue to upsize and find ways to invest further in these facilities going forward.

And if I could just ask one quick housekeeping question on the power innovation, JV. I know, like, when you announced this, and again, on slide 35, you kind of indicated that $5.34 billion supports 59% of the expected JV project capital. So how do I – I think that implies something closer to $9 billion. How do I reconcile that with the $9.6 billion, I think, on slide 30? I know certain items like capitalized interest are excluded, but that seems like a pretty big delta for just capitalized interest. If you could just help us bridge that.

Yeah, I think capitalized interest is the biggest component of that, so a non-cash from the standpoint of the partnership.

Thank you very much.

Thank you. Our next question comes from the line of John McKay of Goldman Sachs. Your line is now open. Hey, Jim. Thank you for the time.

You touched a little bit on this, but I just wanted to run through again. So in terms of funding the next set of BTM projects, John, wondering if you could kind of walk us to the $2 billion you framed up, and then more broadly for incremental funding options. Can we think about the existing JV with Blackstone being expanded, so more kind of assets being brought into it? Could the next ones be a different structure? Maybe just walk us through some of the options. Thanks.

Yeah, thanks for the question, John. Yeah, so I said in my comments that we feel like we've got in excess of $2 billion available now to fund near-term power innovation projects between now and the end of the year. And that's really working off the 3.75 times leverage number that we cited in the presentation, which does normalize the momentum contribution across a full year versus just, you know, call it roughly three months of momentum that we would expect in sort of our base case forecast, you know, getting through HSR and closing and having basically about three months of contribution in 26 gets you to the 3.9 times roughly at year end. But, again, we're focused more on a normalized full-year momentum leverage number of 3.75 times. And so, really, it's just the math between 3.75 and the four times, which is sort of our, as we've discussed before, is sort of our internal ceiling around leverage four times. You know, three and a half to four times is the range that we're working within. Four times is not a hard and fast number. You know, at times we've talked about ticking over it maybe a little bit for a short period of time. So that's always an option. We could always, you know, look at the potential to run things a little bit hotter. But in general, and as we've said before, this leverage issue is really just a 26 and 27 issue. I think relative to the JV, and Chad mentioned it, it's a fantastic platform. We've spent a lot of time really investing this year in a very competitive process where we really canvassed all of the potential parties and worked very hard to stand up the diligence around the business. And I think we invested a lot in that process that will be transferable and make things much more efficient if we do want to bring in partners in the future. And so I think we'll be able to run a process in a much, much faster timeframe and get to, you know, the similar kind of attractive results. I think in general, though, it's probable in my mind that each one of these deals could perhaps be a unique, separate partnership, just because I think each partnership sort of has to price the opportunity in a somewhat unique manner. That being said, as Chad mentioned, we love the partnerships we form now with Blackstone, with KKR, with Apollo. There were others at the table, too, who were very close. And so we feel like we've got real depth in this market, tremendous depth in this market. And if that is something we want to do, I think we will be able to do it quickly. And I think we'll be able to continue to achieve very, very positive results. And as I mentioned in my comments, I mean, this structure, I think it'll continue to be a pretty attractive option.

And, John, maybe I'll just mention that the $2 billion that you were referencing is through year-end, call it 26. Again, you know, we've got a lot of a pretty healthy backlog. And so we may, you know, use that capacity and then evaluate whether or not additional joint venturing makes sense. but then you also pointed out come 2028 a lot of growth kicks in and so we're kind of solving right now for what's been commercialized what we see in the very immediate near term with the scale of the of the first power.

Thanks for all that color really clear. Second one for me I just wanted to ask on Delta Access it's a big project I guess my questions are you know is this coming as part of Momentum? So maybe this was kind of originated on their side and you're picking it up. Maybe you can just walk through that and what you'd expect in terms of return profiles.

Yeah, I think we've been actively engaging with the counterparties in this area, both from the power and the LNG side. And so we've been working the market for some time. We obviously have known the Momentum team a long time I mentioned in my prepared remarks, I've got a great relationship there. But yes, that team did a great job of commercializing the project and in a way where it just fits really well within the combined platform, but also with what we can do to support customers along the Transco footprint. So we're really excited about that coming together and actually creating an even better solution than either of us could have done. I think a lot of positive.

Thank you for the time. appreciate it thank you our next question comes from the line of jason gableman of td cohen your line is now open yeah hey thanks for taking my questions um i wanted to pick up on the momentum deal if i could you know i i know you referenced the kind of nine times multiple but it does seem like we should be looking at the acquisition net of the light connector and then the delta expansion project. So I'm wondering if you could provide kind of an EBITDA multiple on that entire suite of opportunity that you're now gaining as a result of the deal.

Yeah. So to be clear, the multiple we've been speaking to does not include, that's a current run rate multiple. So that does not include any consideration of the future growth that you would see from you know, the Shelby Connector, Delta Access, any additional growth within the platform. And, you know, I'd say that, and sorry, John Mackay had asked the question, the investments fit squarely within our targeted build multiple range. And so you will see over time that we continue to have high return, attractive investment projects that will further, you know, compress the multiple over time. The gathering expansions will be very high return because it's such a, you know, a large existing platform. So you'll see high return gathering expansion projects, but then you'll also see this as a springboard for pipeline projects that, again, we're focused on return on invested capital. So our projects are going to fit within, you know, that attractive build multiple that we've been targeting, and that will further compress the multiple over time. So I'd say, you know, for now, you see the acquisition multiple as the current kind of run rate multiple, and then, you know, you'll continue to see that compress over time as you see the projects and growth.

Okay, thanks. My follow-up is on kind of broader transco opportunities, and it was touched on in a prior question, but, you know, as I reflect on kind of this transco expansion and then the one you announced last year, they were both a result of some M&A, and so it leads to the natural question of, do you see kind of large-scale organic transco opportunities that are still available within your backlog or do you need these kind of outside deals to unlock some of that attractive growth thanks yeah this is Larry I'll take that and yes definitely we see organic opportunities on transco we're

continuing to have those discussions I mentioned earlier it doesn't require M&A transactions to They'll facilitate those. The deals that we've done with SESI and Power Express, those are all organic opportunities. And as I mentioned in the comments before, we continue to have great discussions with our core customers, a lot of it driven by power demand along the mid-Atlantic and southeast. And a lot of that's just around timing and scale of what they plan on building out the timeline of it. And so, I mean, most of those larger projects we'll be talking about are more in the 2030-plus time frame. And so trying to line out the regulatory certainty and timing for that is what's taking a little bit of time right now.

All right. Thanks for the answers, guys.

Thank you. Our next question comes from the line of Julianne Dumoulin-Smith of Jeffries. Your line is now open.

Hey, good morning, team. Thank you guys very much. I appreciate it. Maybe a first easy one here, if I can. How do you think about the lockup here on the shares here being issued as part of the transaction?

I mean, instead of a traditional lockup, we'll be releasing the shares over a 180-day period. And then once those shares are released, we'll have a trading restriction that basically will limit their trading to a small percentage of our average daily trading volume. So we really don't see any negative pressure on the shares as a result of this transaction.

Awesome. All right. Excellent. Thank you. And then secondly, if I can, when you think about the power innovation, I've said this perhaps a little bit, but to hit it more squarely here, you've effectively equity financed the transaction in front of you here. The proceeds from the latest financing a few weeks ago, how should we think about the timeliness of putting that back into the power innovation opportunity? and or, frankly, I know you've delineated some opportunities right in front of you that you're FIDing here today, separate and apart from the transaction, but basically the timeliness of power innovation and the scope and size of what's possible here. It seems like the opportunity is accelerating. You guys are preemptively deleveraging. It would seem as if this is an interesting signaling about the cadence of the opportunity you had.

Yeah, thanks, Julian. I'll start and then let John provide a color. Look, I think we're trying to guide in his comments And in mind, I mean, you kind of see what capacity we have between now and the end of the year. I mean, we're down to six months remaining, you know, even less than that, a year or so. That's a pretty significant amount of capacity that we have to keep projects, new projects moving along that haven't yet been announced and commercialized. And then you can think about, you know, the remainder of those proceeds supporting. We've talked about 2027 also being a bit of a high watermark from a capital perspective, relatively Tixen and 28. Now, you know, there's always the potential for an even more bullish case, but I think we're going to remain, as John mentioned, I mean, he and the team have set up a construct here that, if needed, we can go back to it, I think, further upsize. And so we feel really good about being right in the middle of the fairway on the pace that we think we can confidently achieve. And if we need to do more, we've got a solution that allows us to do more. John, anything you want to add?

Not much. I mean, we've been working to make sure that we've got a financing plan that can keep pace with what we're seeing in terms of this opportunity set, which is pretty amazing and pretty tremendous. And so, based on the things we've done so far this year, I feel like we're situated very well if we do land some of the bigger opportunities, which, again, as I mentioned back in February, are pretty enormous. And, you know, the minute we sign up those PPAs, we've got to load up, you know, the capital for the equipment that will be assigned to those PPAs. And so, again, I feel really good about the amount of capacity that we have right now relative to coming to the end of the year and some of the initial capital we can see on some of those bigger opportunities.

Got it. Small nuance here. Any ability to actually accelerate the timelines of some of this stuff, especially with MetaVe using modularity here? I mean, and or just even upside so many sites, even more so, the existing sites you've announced?

Yeah, look, I think Larry said it well. I mean, we are absolutely going to optimize every next project. But I would say generally we are tailoring our projects to meet, you know, the equipment delivery schedules as well as the customer. You know, they've got a lot of their own equipment and, you know, construction to accomplish. And so we're always going to look to be, you know, ahead of schedule, but we're also going to want to make sure that we shape, you know, the investment and the delivery just to be as optimal as them. Look, I think delivering a utility-scale power plant really well under 18 that we were handed over the property from our customer. It was actually closer to 14 months that we delivered a utility-scale power plant. And so, you know, I joke, but I tell the team, you know, I'm a kid of the 90s, not since Bruce Willis flew with a group of, you know, upstream drillers onto a asteroid and drilled a nuclear bomb into the asteroid to save the planet. Have we seen that kind of execution? So I think we'll continue to see, you know, incredible execution. But we're also going to make sure we deliver quality and we can deliver.

Thanks, guys.

Thank you. Our next question comes from the line of Gabe Dowd of Truist. Your line is now open.

Thanks, Operator. Morning, everyone. Thanks for the time. I was hoping maybe, I guess, another question around pace of your BTM efforts. As Socrates entered service this year, sounds like maybe another project will be commercialized, so we'll bring you back to running five at once. Is there anything that we should be thinking about that would also impact your ability to accelerate and run or execute more than five projects at once? I know the capital recyclability on these is pretty quick, but is there any additional equipment shortages that we should be thinking about, or maybe even anything on the talent side that would impact your ability to execute more than five projects at once?

We're able to deliver projects. And so as we look at the next wave of projects, we're going to continue to keep that in mind as we think about the capacity that our team has. And it's not only just the turbines to be able to support our backlog, but it's the rest of the balance of plant. And our team has done an amazing job. Not really necessarily comes in. It's really going to be setting up.

Yeah, I would say we are scaling in the entire team. I mean, we've been adding talent, mentioned even larger projects. I mean, the power innovation team was formally started about two years ago. We've been working on scaling up in anticipation of a larger growth cycle now for several years. But that's really been accelerating over the last, you know, yes, our capacity to do more will increase. Frankly, if you think about the power of the platform that we've built, the expanding capacity that we have, especially as we get through this next two-year cycle, we're going to have a lot more capacity. So we are to be able to appropriately speed up, not run faster than we're ready to, but yes, we are.

Okay, that's very clear and helpful. Thanks for that. And then I guess my follow-up would be clearly bullish on Haynesville supply through the decade and I guess maybe even beyond. Curious if we could just get some updated thoughts around your Appalachia G&P business. Some smaller EMPs have indicated near-term looking to potentially grow in 27 and 28, but just curious, maybe we can get an update on what you're seeing on the ground there.

Yeah, we're continuing to see some players move into the space and pick up leases, and I think we're excited to see the activity level. I think, as John mentioned in his comments, as we look at our outlook, we've been somewhat conservative on our growth for the Northeast, But we're seeing a lot of demand in and around the region that's going to help support pricing and activity. And so I think there's definitely some potential for upside on that front. But for the near term, we've been fairly concerned. We've seen this last quarter.

Yep. Got it. Got it. Understood. Thanks, guys.

Thank you. Our next question comes from the line of Robert Cotelier of CIBC Capital Markets. Your line is now open.

Hey, good morning. I just wanted to go back to Momentum Midstream again for a sec here. You painted a pretty good picture of the opportunity that's there. I wonder if you could summarize that into what we could expect as an EBITDA, KGAR, for Momentum specifically, and what level of basin production growth do you think you need to see to support that outlook?

Yeah, thanks, Robert. I mean, look, what I would say is think about us as very focused on the long-term growth rate that we've targeted as, frankly, a floor. And so, you know, you can expect us to be bringing in opportunities that would at least meet or exceed the growth rate of our target growth rate. Otherwise, it would be dilutive to growth. And so, you know, we're not, I think, going to give precision today on what that taker is, but I can tell you that it is additive to our growth rate through the end of the decade, and that's what we're going to be focused on.

Yeah, that was the point of the question. I just wanted to make sure it wasn't dilutive to your long-term growth rate. So second question for me then, you've had a number of transactions here with the JV funding for power and innovations and obviously putting more capital to work in the midstream and pipeline. So how are you looking at balance between your various business segments through the end of the decade in that forecast rising you provided? Where do we end up with the power business roughly as a percentage of the total with what you know today?

Yeah, I think John showed some of this during our analyst day. But I've talked about, think about the next five, frankly, 10 years being, you know, the decade of pipe and power. And so we expect to continue to see, you know, just the need to both catch up and keep up from a pipeline and a power infrastructure perspective in our country. And so, you know, you think about our business today is about half and half pipe and gathering and processing. Gathering and processing will be really important. Supply will have to respond to this growth and demand. But the big infrastructure build out that's going to be required is going to be, you know, you can think about through the end of the decade and beyond us continuing to grow the pipeline business at a very healthy clip, the power business emerging and growing alongside it. As a relative overall share, gathering and processing will shrink. It won't shrink on an absolute basis, but just relative to those other two faster growth areas, you know, I think John at some point will probably update that forecast to give a little more clarity. But if you go back to what we showed in analysts, I think it kind of showed how we changed and frankly improve the business mix over time, both from a mix of business, but also if you think about the counterparty, the credit, what we're going to look like is going to be, I think, a well-balanced business.

Excellent. Thank you.

Thank you. Our next question comes from the line of Manav Gupta of UBS. Your line is now open.

Good morning. This is Manav. I just quickly wanted to understand And the guidance was raised for 2026, which is very positive. What could drive you towards the top end of that $8.5 billion guidance versus the midpoint or the lower end, if you could help us with that?

Yeah, it is. It's talking about things that can come along that can, for one, hurricane season, which is a pretty weak gap. We need to be a little bit caution, but I think some of the things that could be impactful would be, you know, what kind of hurricane season we have, what happens to price of rig activity you know things like sequent obviously occasionally can have pretty fantastic early winter results but not something we count on when we do these guides updates and again all of the project stuff is presuming that that comes online on time and you know some of the early in-service payments will be amortized over the duration of the contract so they don't have as big of a FLIP in the year of in-service.

Perfect. My quick second follow-up, sir, is you have, I think, five transmission projects coming up in 2027. Could we get an update on some of the progress over there? And the two ones I'm particularly interested in are the Southeast supply enhancement and the Northeast supply enhancement, if you could get an update over there. Thank you.

Yeah, I mean, I'll be real meat of that kicking off. The offshore bill would be more trending on time and on budget. So, yeah, I think all the problems.

Thank you so much.

Thank you. This concludes the Q&A portion of our call. I will now turn it over to President and CEO, So...