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 LLC - Analyst
: Hey, good morning team. Thank you guys very much. Hope you guys are all well and Bob, congratulations again on the role. Nice to see you back
in the seat here. Nice to chat with you guys. So maybe just following up on a couple of things here. I mean, obviously, you continue to highlight
some of the challenges at AmeriGas.
Maybe just to kick it off there first. How do you think about your mandate and coming into the firm here, specifically as it pertains to the strategic
direction of AmeriGas? I mean, obviously, there was perhaps a former strategy here. How does your appointment and how do you think about the
opportunity that exists within AmeriGas at this point?
Question: Julien Dumoulin-Smith - Jefferies LLC - Analyst
: Right. So it sounds -- just to make sure I'm hearing that right. So no further equity going into AmeriGas at this point? And no specific time line on
any kind of strategic actions to potentially review for a divestment in this point? It sounds like more internal focus, turnaround the metrics first
before going back to any kind of conversation about what to do with it, right?
Question: Julien Dumoulin-Smith - Jefferies LLC - Analyst
: Awesome. Excellent. And then just if I can follow up more strategic -- holistically here rather. As you think about the balance of the businesses here,
how do you think about the opportunity for more of a review from a cost perspective or otherwise strategically around the balance of businesses
here?
Question: Julien Dumoulin-Smith - Jefferies LLC - Analyst
: Awesome. Alright, I'll leave it there guys. Thank you so very much. Best of luck to you and the team. Okay.
Question: Gabriel Moreen - Mizuho Securities USA - Analyst
: Good morning, everyone and welcome, Bob. Look forward to working with you. A couple of questions, if I could, maybe on guidance, both near
and long term. Just around AmeriGas, I know you're assuming normal weather, but can you speak to maybe what you're assuming around stemming
Question: Gabriel Moreen - Mizuho Securities USA - Analyst
: Great. Thanks, Sean. And then maybe if I can ask on midstream, and I appreciate some of the additional disclosures in this morning's presentation.
One, just in terms of the guide for next year, when you think about some of the marketing uplift you experienced in '24, I'm wondering kind of
what you are or not slotting in for '25.
And then also kind of thinking bigger picture longer term to Bob's comments earlier about, I think, some of the value in these midstream services.
Can you just talk to how you're pricing these services currently and whether you think over the medium to long term, there'll just be a natural uplift
maybe in terms of some of the pricing behind, some of these peaking services in particular.
Question: Gabriel Moreen - Mizuho Securities USA - Analyst
: Thanks Sean, appreciate it.
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