Good morning, and thank you for attending the Kinetik First Quarter 2024 results call. My name is Alyssa, and I will be your moderator today. All lines will be muted during the presentation portion of the call, with an opportunity for questions and answers at the end. I would now like to pass the call to our host, Alex Durkee, Investor Relations. Alex, please go ahead. Thank you. Good morning and welcome to Kinetik's First Quarter 2024 earnings conference call. Our speakers today are Jamie Welch, our President and Chief Executive Officer, and Trevor Howard, our Chief Financial Officer. Other members of our senior management team are also in attendance for this morning's call. The press release we issued yesterday, the slide presentation, and access to the webcast for today's call, that are remarks, including the question and answer section, will provide forward-looking statements, and actual results could differ from what is described in these statements. These statements are not guarantees of future performance and involve a number of risks and assumptions. We may also provide certain performance measures that do not conform to U.S. GAAP. We've provided schedules that reconcile these non-GAAP measures as part of our earnings press release. After our prepared remarks, we will open the call to Q&A. With that, I will turn the call over to Jamie. Thank you, Alex. Good morning, everyone, and thank you for joining our call today. Kinetik had an exceptional start to 2024 with continued momentum throughout April and early May. We reported our First Quarter results yesterday afternoon, exceeding our own internal budget and positioning Kinetik for a strong year ahead. First Quarter adjusted EBITDA was $234 million, a 25% increase year-over-year, reflecting robust underlying volume growth and contributions from the Permian Highway Pipeline expansion and Delaware Link. We processed gas volumes of 1.53 billion cubic feet per day, representing 13% growth year-over-year and down less than 1% quarter-over-quarter due to planned maintenance at several processing facilities, Alpine High curtailments as a result of depressed Waha prices, and winter weather in January. During the quarter, we completed our planned maintenance projects at our Diamond Cryo, East Toyah, and Pecos Bend processing facilities. We opportunistically scheduled these projects ahead of the ramp-in producer turn-in-line activity starting in March and the Lea County contract commencement on April 1st. As a result of the molecular sieve bed changeouts, we have improved our plant recoveries and system efficiencies. I would like to thank the operations team for their hard work and commitment to safety during this time. They did a phenomenal job ensuring safe operations and system reliability for our customers. More recently, we completed our system-wide front-end amine treating project with the installation at our Pecos Bend processing facility in April. We can now offer enhanced blending and treating services across our system and accept gas that previously did not meet our gas quality specifications. As producers explore different benches such as the Avalon and Bone Spring and further expand the boundaries of the Delaware Basin, treating and blending will become critical to manage the elevated levels of H2S and CO2, and Kinetik stands ready to support this next phase of growth out of the basin. As we shared during our February call, we placed our gathering system expansion into Lea County, New Mexico, in service on January 18th, over two months ahead of schedule. The MVC-backed agreement went into effect on April 1st, and we are currently receiving volumes well above that threshold. The expansion into Lea County, combined with our enhanced treating and blending capabilities, positions Kinetik to capture incremental market share in New Mexico. Furthermore, with the in-service of the PHP expansion and Delaware Link, we can now offer producers an integrated wellhead to Gulf Coast solution. With volatile and even negative natural gas prices at Waha since early March, it has been top of mind for producers to access premium-priced natural gas markets, particularly along the Gulf Coast, which offers more price stability. Waha gas daily prices averaged negative $0.72 per MMBTU in the months of March and April. Many of our customers benefited handsomely during this period by having their gas sold at Gulf Coast markets rather than in-basin at the Waha hub. As a reminder, Kinetik's equity gas exposure shifted from Waha to the Gulf Coast following the in-service of the PHP expansion on December 1st. The depressed in-basin Waha prices have not only generated opportunities with Kinetik's reserved PHP capacity but have also further strengthened our partnerships with existing and new customers in need of egress out of the basin. We continue to forecast pressured in-basin pricing until additional pipeline capacity is placed in service. However, Kinetik and our customers are very well positioned with egress from the Permian to demand centers along the Gulf Coast. March was an important month for Kinetik shareholders. With a fourth-quarter dividend payment on March 7th, core shareholders completed their commitment to reinvest their dividends. This commitment was important in that it enabled us to execute upon key financial priorities such as fully redeeming the Series A Preferred in 2022 and fund our elevated 2023 capital program. It further demonstrated strong alignment with all stakeholders. Moving forward, we're excited for all shareholders to now receive cash dividends starting with the first quarter dividend payment today. Subsequently, in March, we facilitated a secondary offering which fully exited Apache's remaining ownership in Kinetik. When combined with a prior secondary offering in December, we increased our public float to nearly $1.5 billion and quadrupled our average daily trading volume to nearly $30 million. We saw exceptionally high investor demand and participation in the secondary, and I want to thank our investors for their continued support and belief in the Kinetik story. And with that, I would now like to hand the call over to Trevor. Thanks, Jamie. In the first quarter, we reported adjusted EBITDA of $234 million. For the quarter, we generated an adjusted distributable cash flow of $155 million, and free cash flow was $108 million. Looking at our segment results, our midstream logistics segment generated an adjusted EBITDA of $143 million in the quarter, up 20% year-over-year, largely driven by increased processed gas volumes and enhanced marketing opportunities captured on our PHP capacity. Shifting to our pipeline transportation segment, we generated an Adjusted EBITDA of $96 million, up 32% year-over-year and 12% quarter-over-quarter. Sequential growth within the segment was driven by three full months of contributions from Delaware Link and the PHP expansion. To date, our commodity exposure pertaining to our equity volumes is approximately 50% hedged on average across commodities, with a higher hedge percentage on propane, butane, and crude. Total capital expenditures for the quarter were $61 million, which was lower than our internal expectations as we completed the New Mexico gathering expansion and several planned maintenance projects in the quarter. Our leverage ratio for the credit agreement stands at 3.8 times. In addition to the series of steps taken in March generating incremental value for shareholders, which Jamie touched on earlier, we also executed an accounts receivable securitization facility for $150 million in April. We used the proceeds from the AR facility to pay down our existing Term Loan A to $1 billion, allowing us to extend the maturity of the Term Loan A an additional six months to December 2026. Looking ahead, we continue to expect volatile commodity prices in 2024, especially for natural gas. As an industry, we collectively benefit from a more constructive natural gas price environment. However, Kinetik stands well positioned relative to its peers, with capacity on PHP allowing us to provide access to Gulf Coast pricing to our customers and to continue to capture incremental marketing opportunities. Despite current gas prices, oil-directed producer activity remains unchanged on our system, and we have seen the return of activity at Alpine High following curtailed volumes in March in response to negative gas prices at the Waha hub. We expect to see a step-up in volumes in the second quarter that continues through the remainder of the year, reflecting the completion of planned maintenance projects, the New Mexico MVCs, and customer development activity heavily weighted in the second and third quarters. Before shifting to Q&A, I would like to share the significant progress we have made on our sustainability initiatives. We entered into a first-of-its-kind agreement with Infinium, an industry leader in the production of synthetic e-fuels, to dedicate the sale of carbon dioxide captured from one of our processing complexes for use as a feedstock in the production of ultra-low carbon e-fuels using their proprietary process at Infinium's Project Roadrunner. Notably, there are zero capital or operating costs to Kinetik, and this project will create another revenue stream for Kinetik. Our hope is that this partnership can serve as a model for others in the industry and support broader decarbonization efforts. Throughout 2023, we made strong progress in our Scope 1 and Scope 2 greenhouse gas and methane emissions intensity reduction initiatives. When compared to the 2021 baseline, we have reduced greenhouse gas and methane emissions intensity by 12% and 34%, respectively. We have now surpassed our 2030 methane emissions intensity reduction target of 30%, well ahead of schedule. Despite this early achievement, which required considerable financial and human capital investment, we remain focused on furthering our sustainability efforts as a key pillar of Kinetik's everyday operations. We look forward to providing even more detail this summer in our upcoming 2023 sustainability report. With that, I would like to open the line for Q&A. Thank you. We will now begin the question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. If for any reason you would like to remove your question or your question has been answered, you may press star 2. As a reminder, if you are using a speakerphone, please pick up your handset before asking your question. Once again, to ask a question, dial star 1. The first question comes from the line of Michael Blum with Wells Fargo. Your line is now open. Thanks. Good morning, everyone. I guess the first question is just really on the full year guidance. In the press release, you noted that you sort of exceeded your internal forecast for Q1. So just wondering, does that imply that you could be coming towards the higher end of that range? Michael, good morning. Very good question. Early days, we're obviously just looking at even April numbers right now, and obviously, things are trending well with respect to our overall guidance range. So I think we want to wait before making any statements about where we think we're going to ultimately end up. We've got three quarters to go, one quarter down. I feel like it's the end of the first quarter of a sports game, and we've got still a ways ahead of us. But things are really looking good, which is fantastic. And I just can't compliment the operations team more. They have done a hell of a job with all of the. I think I'm not sure if I spoke to you, but what we did say, Michael, when we've spoken to a number of investors, is we had every reason to stub our toe in the first quarter. Not that we didn't communicate it because we did all this maintenance, all the molecular sieve changeouts. Yeah, we saw some winter weather in January, but last time I checked, that's what winter's all about. And we had negative pricing with Waha, so we had Apache curtailing some of the Alpine High volumes. You had a parade of factors that would then give you a reason and cause to say, "We didn't hit what we should have because." And the short answer is, we saw it, we took it, and we kept going. That's a phenomenal. I think that is a phenomenal complement to the resilience of the business and the operational performance of the system. Okay, great. No, that makes sense. And then I just wanted to ask on GCX, any updates there in terms of potential expansion, just the level setup? I think at this point, the sales process is kind of on hold. And then kind of the broader question is, do you have an appetite to participate in some of these greenfield Permian gas takeaway projects that are sort of percolating? Thanks. So as it relates to on GCX, on the expansion, I think we've been pretty consistent saying that we feel confident it's going to happen. It was just a question of time. Just for the audience, I would tell you just so everyone appreciates, cash price today, Waha this morning, minus $3, folks, minus $3. So if that isn't a cry for help from everyone to say, "Look, we need more egress capacity," I don't know what is. As it relates to participation on the greenfield side, yeah, we totally believe that we need more egress. I think we've seen a lot of the commentary from folks like Kaes at Diamondback and others. We got to get together, and we got to fix this. We just got to because this is not fun for anybody. We're in a very privileged position, and we recognize that because we have this PHP capacity, which is incredibly valuable. Our customers appreciate it, new customers appreciate it, and it really helps us differentiate our services versus everybody else. And even saying that, we recognize we need, as an industry, to get behind and coalesce behind a position that says, "We need more egress out of this basin because this will be one of the significant impediments, we think, to the ultimate potential out of the Permian Basin. Thank you. Thank you. The next question comes from the line of Spiro Dounis with Citi. Your line is now open. Thanks, operator. Morning, team. Jamie, maybe if we could go back to the outlook for the rest of the year. With respect to a lot of the year still left to go, but wondering if you could just put a finer point on some of the tailwinds you're seeing that were not contemplated in the original guidance. I know Trevor talked about Alpine High activity coming back. I imagine that was not foreseen. So curious how many of those sort of tailwinds are sort of adding up here. So Spiro, thanks for the question. Good morning. Looking forward to seeing you on Tuesday. All right. As far as I would say, there are various components. When Trevor mentions Alpine High coming back, that's really just lifting the curtailment. I would say it's the operational performance that's really been the tailwinds here. It's the recoveries have been fantastic. If you recall, when we did this call at the end of February, we said we had a lot of plant maintenance we needed to do, molecular sieve bed changeouts. First time, I think we had done it at Diamond. We had East Toyah. We had Pecos Bend. We had it across the board. We had compressor maintenance. We had lots going on. Now that we're through that, the recoveries have been fantastic. They really have been fantastic. And so, because I really want to harp on operational performance and reliability because that's how you grow this business. And I think we, our team led by Matt Wall, have done a phenomenal job. So recoveries, in particular, are tailwinds. I would say we're seeing green shoots here and there. As Trevor mentioned, oil-directed drilling hasn't changed. The only customer in our system that changed behavior for negative gas prices was Alpine High, and that's out there for the world to see. And we haven't missed a beat. And if anything, I think that reinforces just the strength of the fundamentals of the business that we've got. And we're above thresholds coming out of New Mexico. As far as volumes are concerned, we're doing really well. Got it. That's great to hear. Second one, maybe just turning to market share. You talked about maybe two areas where you could see a little bit more gains there. One was on the treating side. Sounds like you're able to accept a broader range of gas quality now. So first, curious if you're seeing the volume impact from that just yet and how to think about the upside there. And then you also mentioned more customers or new customers on the egress side. I guess how much more room is there for you to gain on that side? I think, as far as, let's go in reverse order. On the egress side, we have customers every day, both existing and new customers approaching us about new packages of gas. Customers, we're always open for them to tell us that they would like to, in fact, have Gulf Coast pricing. When you do a weighted average sales price calculation for residue gas, we give people an option. They can have Waha. They can have a mix of Waha and Gulf Coast. And so we have more and more customers telling us, "Hey, we want more Gulf Coast," right? And I would say the relationships we have and the way you build the relationships is you continue to embed that concept of partnership. And that concept of partnership, I think, are newest to your benefit as you think about future development and opportunities that you get. So we do have people. We've got space that we can manage, not just because we're the majority owner of PHP and how it's performing, but also just given the space that we've contractually taken. And we've got. This is a constant dialogue with so many of these folks. And then, Trevor, do you want to just take that first question? Treating. On the treating side? Yeah. Thanks for the question, Spiro. I'd say we are seeing some benefits on the volume side, but really where we see it is margin expansion, which is fantastic, right, because that's 100% incremental to the bottom line without taking up what is really a precious asset in the basin right now, which is any remaining spare processing capacity. So we're seeing the benefits right now that with system-wide front-end amine treating fully complete, we have an immediate step up in margin. And then the commercial team's working right now to continue to sell out the remaining space, both for sweet and sour gas treating and processing. We are seeing, as we mentioned in the February call, we've got some customers that actually have really elevated levels of CO2. And obviously, we're now fully accommodating that. And obviously, we have a stair step or a tiering structure pretty much across the board in the context of how we get treating fees. We've got H2S. We have CO2. We are seeing some nitrogen coming out, right? And what's interesting about our business is because of the size of the system and the sources from where we're pulling the gas, we have a lot of sweet gas, which has virtually no impurities in it. And we have gas which has higher levels of impurities. And obviously, that blend of the two makes pipeline-spec gas that it meets all tariffs. And it's obviously massively beneficial to the customers and the producers. We get paid for it, as Trevor points out. It's a win-win, we think, across the board. Got it. That's great. I will leave it there and look forward to seeing you all next week. We'll see you Tuesday. Thank you. The next question comes from the line of Tristan Richardson with Scotiabank. Your line is now open. Hi. Good morning, guys. Jamie, maybe could you talk a little bit about the NGL side of downstream? I mean, we're closing in on a couple of third-party pipe expansions. Can you talk about how you see your NGL solutions trending once we see these expansions online, and then particularly in the context of thinking about Kinetik barrels that may come up for recontracting? Tristan, good morning. Thank you for the question. So I think we've been pretty clear as far as on the NGL side. We have three different commitments. We have commitment to Lone Star with respect to some of the legacy plants. We inherited one with Caprock. There's obviously some in relation to what is EagleClaw Midstream Ventures, which is primarily East Toyah and one of the Pecos plants. And then we have the Enterprise or the Enterprise commitment that we have inherited in large part because Enterprise was the only connection to Diamond Cryo. And as you all know, Apache was one of the foundation shippers on the Shin Oak pipeline. So the contracts with Lone Star come up in 2026. There are two of them. And they will roll off. And then we obviously have our dedication with or commitment with Targa on Grand Prix. And that will continue out through beginning of early 2030s. And then we obviously have what we have at Diamond Cryo. Where we if you go back to first principles and think about the merger, where you saw the open space in the entire system complex from a processing standpoint was Diamond. Our job has been to fill up Diamond Cryo. It is the best recoveries. We expanded it from 600 to 720. The only other tenant that sits at Diamond Cryo is Apache. And so we've been utilizing that space. And therefore, we have a very, I would say, a mutually beneficial, very flexible arrangement with EPD on Shin Oak that really gives us flexibility. It's very beneficial economically. And we obviously own a third of Shin Oak as well. So we think literally all the stars are aligned to make a good outcome. As it relates to future barrels, we'll decide that, certainly, to further expansions, we've got flexibility with respect to Caprock, flexibility when that contract obviously rolls off. So we've got plenty of flexibility that we can think about sort of what to do next. It's something that Annie Psencik and the team spent a lot of time focused on as we think about the future. We see all these announcements. We're trying to work out whether, in fact, obviously, the basin has been pretty tight right now. In fact, they've been jamming like every—I'm looking at Annie—every barrel they can because when you got negative $3, it's not a good day. And you want to get as much recovery of ethane in the stream as you possibly can. We're still trying to work out whether, in fact, what the fundamentals will look like. Are we going to see a lot of pricing pressure going forward? So more power to the customer than necessarily to the owner of the infrastructure. Time will tell how this is all going to play out. We're not the only ones with, obviously, these mid-2025, 2026 timeframes. There's, what, 1.5 million barrels a day of incremental expansions that are coming on. So it's not insignificant, right, Bahia and Daytona and other things. So I do think that, look, it's going to be a really interesting segment to watch. As I said, we're not the only ones. There's lots of other dedications that will roll off. As you see, I would say sort of the NGL 1.0 contracts roll off in the 2025, 2026, 2027 timeframe and see exactly what happens. Appreciate it as always, Jamie. And then maybe more near-term, just thinking you talked about Lea County project volumes coming in in April and May above mins, maintenance done in time to see March turn-in lines increasing. I mean, is there a particular cadence we should think about for turn-in lines for the rest of the year as you talk about the low double-digit expectations for 2024? Trevor, what do you think? Yeah. Thanks for the question, Tristan. Look, it's quite consistent from what we have seen over the past few years, especially coming out of Winter Storm Uri, where most of our TIL development, 70%-80% of our TIL development, really takes place in the first quarter, second quarter, and then by September, generally, we see most of our TILs in the year. So we should expect a similar volume ramp that we saw last year where producers are bringing wells on right now. We're going to have the return of Alpine High curtailments in the second quarter once the maintenance issues on the egress pipes clear up and basin pricing recovers. And come midsummer, we should see higher levels of volume. And that should continue to tick up throughout the balance of the year until our producers are completed with their TIL programs for fiscal year 2024. Appreciate it. Thanks, gentlemen. Thanks, Tristan. Thank you. The next question comes from the line of Keith Stanley with Wolfe Research. Your line is now open. Hi. Good morning. First, just wanted to follow up on the Alpine High curtailment. You're expecting them to come back once the maintenance ends, I guess, later this month. How good do you feel about them doing that and keeping volumes on? Then just how meaningful is Alpine High to overall Kinetik GMP volumes at this point? Keith, good morning. So as far as we did see, actually, we've already seen a return of volumes. I think you've got to be mindful. Shutting in PDP for extended periods of time, you do risk the potential for reservoir damage. So you've got to be conscious and cognizant of not doing something that may, in fact, have longer-lasting ramifications. And I think, look, we're seeing the return of those volumes. And they can be very much increased almost immediately in the context of just the way they've got an auto-choke system that operates pretty much across the board. As it relates to the overall impact as we think about the return and we think about what's going to happen and how important it is for us, what you should see is, yes, pro forma Callon, you've got probably 28% of your volumes, I think, sort of sit with Apache between DXL, Callon, and obviously, Alpine High. Only Alpine High is impacted because of gas prices. Despite that, our business has basically done incredibly well as far as profit is concerned. As I said, that strength has continued into April. We're seeing it in the context of even in the first week of May. So I think, as we think about our business, it's nice to have. And I think, look, when it comes back and if it fully comes back in the next two weeks, three weeks, as we're about to come out, I believe, in the next two weeks out of the pipeline maintenance with a balance of GCX and PHP, and sort of everything should be then done. And then we're just obviously waiting for Matterhorn, right? And the question is when that comes online. Keith, I'd also jump in with the, it's a small amount of equity space that we do have on PHP. It actually acts as a nice natural hedge where when we do see in-basin gas prices that warrant curtailments, it's actually a net positive for the company given the open space. And so it's actually been a nice hedge here in March and in April while we're getting through this maintenance and shoulder season in the basin. That's helpful. Thanks. Second question, just how are you thinking at this point about growth opportunities into next year? It seems like you have some more opportunities. You have a new plant, potentially. You have maybe a phase II in New Mexico, GCX expansion. Should we think of investments and growth for the company as accelerating into next year as you look at the opportunity you said? Or just any thoughts around that? Look, I think, Keith, as far as growth opportunities, we're always looking at growth opportunities across the board. We've been very successful on the organic side. We'll continue to look for those opportunities. We think that they are highly accretive to the value complex that is Kinetik. As we think about 2025 and the opportunities out there, look, you've identified some that obviously we have talked about already. We'll continue to sort of see what we are able to secure and see how that sort of obviously, what that means as far as the overall trajectory of EBITDA. Obviously, we are very mindful of making sure that we're thinking about the capital discipline on. Thank you. Thank you. The next question comes from the line of John Mackay with Goldman Sachs. Your line is now open. Hey. Good morning. Thanks for the time. I figured might ask on the Infinium agreement. I think the project's supposed to come online in 2026. Just interested if you guys could kind of frame up what the size of the opportunity could be for you guys, if there's more of this that you can do, and kind of what to watch next. John, good morning. Thank you. We've got Tyler Milam who runs our New Energy Ventures business and has been the architect on the Infinium deal. So Tyler, do you want to take that away? Sure. Thanks, Jamie. Hey, John. Yeah. So just to let you know, this is just one of our cryogenic complexes that we have contracted with Project Roadrunner via Infinium. And so to kind of qualify, I guess, versus even quantify, what we have still on the slate is we're still evaluating our other three complexes. And so I think there's definitely some room to run. And we continue to daily see the best way to not only reduce our greenhouse gas emissions as our corporate objective but also turning that into a revenue stream at no capital to our organization. Yeah. John, it's interesting that the whole concept behind Infinium was predicated on the conversion of what was a traditional sweet system, which was the old EagleClaw Caprock, to a system that could take sour gas. We are seeing greater levels of sour gas. We, therefore, see much more CO2 tonnage created. And Tyler, working with Infinium, said, "With all this CO2 tonnage, this is a stream that we can give you by pipe." And they can then, obviously, using their process, they can convert it into e-fuels. No capital, no OpEx for us. It's fully paid for. We get a really nice return. So we're getting paid on the treating side by our customers. And with a byproduct that we're creating, which is direct CO2, we are getting paid for the CO2 stream. That's great. That makes sense. And you kind of touched on my next question. And you touched on it a little bit earlier on the call too. But maybe you can kind of just frame up the size of this sour gas opportunity overall. I mean, it feels pretty large. It feels like there's some producers pushing in there. And maybe some of your midstream peers aren't necessarily keeping up. So just wondering if you could kind of frame up that broader opportunity on both the gathering, processing, treating side, etc. We'll let Mr. Kindrick take the floor. Hey, John. This is Kris. Look, it's a great question. And as we've alluded to earlier, as we continue to go north in the basin and as our customers drill shallower formations, we see higher amounts of CO2 and some higher amounts of nitrogen. So one of our goals has been, once our treating is installed, is to add additional fees and treat that gas. One other point I'd like to make too is we have some incremental treating capacity down at Diamond. So Matt and the operations team is looking at ways to optimize our system to be able to add more CO2 to the system so we can extract fees there. So I think the opportunity is great. I think the oil cuts are great from these benches. So the customers want a solution to be able to treat not only the CO2 but handle the nitrogen. We've tried to get in front of that and are currently talking to a number of producers about a solution there. It's also true, I think, Kris, that on the shallower formations, Avalon and Bone Spring, we see less produced water. That's right. So I do think there is an element on this, which is the produced water and the gathering and disposal of that is an element. Significant costs from the producer side. Not having to deal with as much water is obviously a huge net benefit for them. So I do think that goes into the overall equation of the decision-making process for our producers and where they're focusing. And so therefore, our ability to take wider ranges of CO2, high levels of H2S, and even nitrogen and blend it and treat it is a massive competitive advantage for us in the context of what our customers are now focusing on. Super interesting. Thanks for that. Thank you. The next question comes from the line of Neel Mitra with Bank of America. Your line is now open. Hi. Thanks for taking my question. Jamie, just wanted to kind of touch on the cadence of rich gas growth going through April and May. It seems like that's been strong. But was wondering, with the gas takeaway situation right now, if there's been any producer issues with getting the gas out of the basin? I know there's been a lot of ethane recovery and maybe moving to markets that are less than desirable. But just trying to understand the flow assurance there. Yeah. And Neel, thank you. Good morning. I think, as we mentioned both in our prepared remarks and maybe an answer to another question, the oil-directed drilling cadence has not changed at all. If anything, we've seen it really continue to pick up, which is somewhat typical. Second quarter through third quarter is literally, I want to say, prime time as far as turn-in-line activity is concerned. That's when it all happens because you're out of the pockets of the year where you have the potential for some challenging climate and weather. But I think what's interesting for us and again, this comes back to, I would say, almost the switchboard that Kris Kindrick's got as far as the number of customers calling. Everybody knows that we've got space on PHP. They are literally banging down his door saying, "Can I? Can I? Will we? Will you take my gas? I have gas here. I need help." Look, we are very customer-focused. We're very customer-centric. Our viewpoint is we've got space that we can basically fit in packages of gas. We can give people a hand. We want to see more activity. So we look at our role as being a partner with our customers in the context of helping them achieve their ultimate goals. Kris, would you add anything? No, Jamie. I think that that's right. I think Jamie alluded to this earlier, Neel, that having the PHP space is one big differentiator for us. And it has allowed us to provide egress takeaway and not see the curtailments unlike maybe some of our peers that don't have access to the Gulf Coast. So it's been a great tool to have. And we're going to continue to use it to help grow our business. Got it. And then second question. Now that Apache has exited the position and we have a bigger public float, you're still capital-constrained in the sense that you want to get to investment grade. And it looks like you're on the path there. And you've expanded into other parts of the Permian and the New Mexico area. How are you looking at M&A now in terms of maybe a bolt-on gathering system given that you've been able to integrate your upstream and your downstream position with PHP and other downstream solutions for those customers? And how would that work in terms of maintaining your leverage ratios and also increasing the public float? Is that something that you are considering or have as an option? Neel, well, I think we have said consistently that we look at lots of different opportunities, both organic and inorganic. We have a very high bar as it relates to all opportunities where we look through the lens of short-cycle value accretion. We look at overall value accretion to the complex. We look at leverage and ratings impact. So we take everything into consideration. Look, when we find something that checks all the boxes, look, that's what will happen as far as the opportunities that are out there. I think what we've continued to do is just evaluate. For now, we've been very happy with our organic growth strategy. We very much believe that we've got that now. With the completion of the capital program for last year, we're very focused on the execution side. That's what you've seen, obviously, in the first quarter. That's how we forecasted for the balance of the year. Okay. Perfect. Thank you. Thank you. This will conclude the question-and-answer session for today's call. I would now like to hand the call back over to the team for any final remarks. Thank you very much, everybody, for your time this morning. We look forward to seeing you. I know it's a busy time of year, lots of conferences and stuff. We look forward to seeing you in the next 30 days. Thank you. Bye-bye. This concludes today's conference call. Thank you for your participation. You may now disconnect your lines.