Takeaways from Meetings with TRGP Management

We recently hosted meetings with TRGP senior management and clients in Boston. Investor feedback from a full schedule of long-only meetings was very positive, driven by three primary takeaways: (1) Permian associated gas production growth is accelerating at a faster rate than generally appreciated by the market, with residue gas production growth of ~1 Bcf/d in the week following the September 1 start-up of ET's Hugh Brinson Phase 1 project, and TRGP sees potential for the 5.3 Bcf/d of capacity from incremental takeaway projects added in 2026 to be fully utilized as early as late 2027; (2) TRGP's recent Exxon Mobil contract win was transformational in its size and the quality of the producer, giving management strong line of sight into growth over the next 5-10 years, particularly with respect to the productivity, inventory quality, and high gas-to-oil ratio content of producer activity in the Delaware Basin;