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: Tristan James Richardson - Scotiabank Global Banking and Markets, Research Division - Analyst
: Just maybe a question on the STX. Could you talk a little bit about what's driving the growth in '24 versus '23? And then with respect to integration
of those assets, are there obvious sort of near-term low-hanging fruit type of projects as part of the integration that could drive further or even
sort of similar type of growth in '25 and beyond?
Question: Tristan James Richardson - Scotiabank Global Banking and Markets, Research Division - Analyst
: Appreciate the color, Kim. And then maybe just following on a previous question around leverage. I mean can you talk a little bit about where you
sort of see the high end of where you're comfortable should something sizable, whether it be M&A or organic, come across, where you see yourself
sort of the high end in terms of comfortable on leverage?
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JANUARY 17, 2024 / 9:30PM, KMI.N - Q4 2023 Kinder Morgan Inc Earnings Call
Question: Indraneel Mitra - BofA Securities, Research Division - Analyst
: I was wondering what volume assumptions you're using on the gas side for the STX acquisition in the Eagle Ford and maybe just the dynamics
that you're seeing there with GOR ratios and activity?
Question: Indraneel Mitra - BofA Securities, Research Division - Analyst
: Okay. Fair enough. And then maybe asking the same question a different way, all else equal, if you don't make an acquisition, you were trending
towards, I guess, 3.8x leverage in '24. Do you see value in lowering the leverage ratio and staying under 4x? Or do you still see kind of 4.5x as the
proper leverage ratio given your asset base?
Question: Indraneel Mitra - BofA Securities, Research Division - Analyst
: Can I ask one additional one, since the first one is going to go to the Analyst Day?
When you said that GCX can support the downstream assets, maybe with an expansion, can you explain what you meant by that comment?
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