Achieved 15% year-over-year volume growth in 2025, driven by the successful integration of legacy entities and the launch of the Kraken project.

Maintained 99.7% operational uptime through proprietary forecasting and real-time monitoring, providing critical flow assurance for E&P partners.

Capitalized on high water-to-oil ratios in the Delaware Basin, where produced water volumes are currently outpacing oil volume growth.

Strengthened competitive positioning via a strategic relationship with Landbridge, securing access to high-quality, out-of-basin pore space.

Improved 2025 pro forma revenues by 19% through a combination of increased handling volumes and successful rate improvement initiatives.

Focused organic growth on the Northern Delaware Basin to address the infrastructure deficit for New Mexico customers facing a challenged operating environment.

2026 volume guidance of 2,500,000 to 2,700,000 barrels per day assumes conservative producer activity based on late-2025 oil prices in the high $50s.

Anticipate 2026 adjusted EBITDA between $420,000,000 and $460,000,000, with performance weighted toward the second half following the Kraken MVC step-up.

Allocated $430,000,000 to $490,000,000 in 2026 CapEx, including $100,000,000 for newly sanctioned Speedway Phase Two and other commercial projects.

Expect Speedway Phase One to enter service mid-2026, with the majority of contracts and minimum volume commitments (MVCs) commencing in the third quarter.

Projected 2027 and 2028 growth is underpinned by the Devon project construction and the potential for a Speedway Phase Three expansion.

Closed a $1.425 billion senior unsecured notes offering in Q4 to optimize the balance sheet and fund long-term infrastructure projects.

Established a medium-term leverage goal of sub-3.0x, down from the current 3.3x covenant net leverage ratio.

Declared an inaugural quarterly dividend of $0.50 per share while maintaining a primary focus on high-return organic capital deployment.

Accelerated approximately $100,000,000 in CapEx, primarily for Speedway Phase Two foundational projects and a smaller portion for Devon projects, to derisk construction phases and prepare for 2027 infrastructure needs.

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Management confirmed guidance was based on producer feedback from a high-$50 oil environment, suggesting significant upside if current higher prices persist.

The back half of 2026 is expected to see the most benefit from any potential increase in producer activity due to the current macro backdrop.

Management views the merger as a positive catalyst, noting strong existing relationships with both management teams.

Noted that Caterra's Franklin Mountain asset is located over the Speedway Project footprint, a fact management described as a 'great observation' that could present incremental growth potential following the Devon and Caterra merger.

Rates for new projects like Kraken and Speedway are meaningfully higher than the legacy average of approximately $0.60 per barrel.

Margin expansion is expected in 2026 as these higher-unit-revenue contracts begin to represent a larger portion of the total volume mix.

The system demonstrated a peak single-day capacity of 2,900,000 barrels, well above the 2,600,000 average, proving its ability to handle large well-pad surges.

Management emphasized that their existing infrastructure scale creates a competitive moat by providing certainty for E&P operators during peak flow periods.

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