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: Brian Patrick Reynolds - UBS Investment Bank, Research Division - Analyst
: I appreciate the prepared remarks and slide details around the commercial synergy opportunities. I was curious if we could just view -- if we could
talk about if we should view the upside opportunity of synergies to be around $800 million versus the original $200 million that you talked about
when the deal was announced? And then second, are there any assumptions around growth synergies on Slide 6, just given the larger integrated
framework that you'll have? And if not, how should we think about the size and scope of those opportunities?
Question: Brian Patrick Reynolds - UBS Investment Bank, Research Division - Analyst
: Great. Appreciate that. And I guess just a follow up, is there -- can you talk about the size and scope of those potential growth synergy opportunities,
whether it's downstream, I guess?
Question: Brian Patrick Reynolds - UBS Investment Bank, Research Division - Analyst
: Fair enough. And if I may just -- I know it's a little bit too early to discuss what the final company will look like post-merger but kind of just curious
if you could just talk about leverage for a larger integrated company. We've seen NGL peers take leverage to 3x. And we've seen some recent spin
co announcements talk about 5x as being the right number. So just kind of curious as a combined entity, what do you think the right leverage
target is for ONEOK and Magellan?
Question: Tristan James Richardson - Scotiabank Global Banking and Markets, Research Division - Analyst
: Kevin, you talked a little bit about the volatility we saw in June and July around ethane. But can you talk about maybe the dynamic you're seeing
in the north obviously, with a tighter market at Belvieu with relief on the way and then obviously, weather's impact there. Were we able to see
some incentivized ethane come in, into June? And then just curious maybe what you're seeing in the third quarter?
Question: Tristan James Richardson - Scotiabank Global Banking and Markets, Research Division - Analyst
: That's helpful. And then maybe, Walt, I understand we're not talking about '24 CapEx just yet or even identifying the cost of specific projects at this
point. But maybe can you talk a little bit about long lead time procurement in '23 and maybe just generally what proportion of a project that might
be?
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