The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Julien Dumoulin-Smith - Jefferies Group LLC - Analyst
: Thank you, guys, very much for the time, and congrats on the further progress here. Hey, maybe, Bob, just kicking things off, I mean,
nicely done on the `25 maturity here. How are you thinking about kind of the other larger maturities coming up ahead? Any preliminary
thoughts as you're thinking about tackling those ones in `26 onwards? I mean, I imagine there's a number of different levers that
you could approach here, but sort of initial thoughts therein.
And then also maybe to turn to the results quickly, you know, nicely done here. I guess there's some tax nuance, but when you're
thinking about positioning for the full year here. I know that you just reaffirmed the broader range, but how do you think about
even within that range how the latest quarterly results and weather trends could have contributed within that range?
Question: Julien Dumoulin-Smith - Jefferies Group LLC - Analyst
: Nice, guys. Thank you very much. And best of luck to you and to Mike here. If I can, just to follow up one more. I mean, you mentioned
the continued success on the international. I mean, again, maybe another silo, if you will to the activities ongoing. How do you think
about the strategic direction for the international business and businesses, maybe plural, adjacent to the US operations? Any thoughts
on that front, especially as you think about these maturities?
Question: Julien Dumoulin-Smith - Jefferies Group LLC - Analyst
: Wonderful. Excellent. I appreciate it very much. Take care, guys.
Question: Gabriel Moreen - Mizuho Securities USA - Analyst
: Hey, good morning, everyone. Maybe I can start out in terms of the intercompany loan and I think also the segmentation of the
AmeriGas structure into these pods. Given the language around paying off the intercompany loan with free cash flow and the
emphasis there, does that preclude at all asset sales at the AmeriGas level?
And I'm just curious with the segmentation into pods and maybe getting back to more regionalization, whether that's kind of revealed
better regions or better performing regions or lesser performing ones and any implications for portfolio optimization?
Question: Gabriel Moreen - Mizuho Securities USA - Analyst
: Thanks, guys. And then if I can maybe follow up. You mentioned Bob in terms of the performance of the winter and how well you've
done operationally. But can I have a drill down in some of the cold weather we've experienced here in January, both how you feel
in terms of how AmeriGas has been performing and handling, maybe capturing some of the opportunity from higher degree days,
and then also clearly marketing benefits from that gas market volatility, how that business has maybe performed in the quarter,
given some of the wholesale gas market volatility that's been out there?
Question: Gabriel Moreen - Mizuho Securities USA - Analyst
: Thanks, Bob. And if I could just squeeze one more question on midstream. Can you maybe expand a little bit on the midstream
margins being a little bit lower here on year? Is that a little bit lower volumes due to depressed gas prices, maybe some MVCs expiring
and kind of what you're expecting there? And then also the allocating additional capital to the acquisition you made there, is that
something that is active and ongoing? Should we expect, are you looking at potentially more deals and consolidation opportunities
there?
Question: Gabriel Moreen - Mizuho Securities USA - Analyst
: Great. Thanks, everyone. And go Eagles.
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