Good morning, everyone, and welcome to ONEOK's third quarter 2025 earnings conference call. As a reminder, this call is being recorded. After the speaker's opening remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, then the number one on your telephone. If you would like to withdraw your question, please press star, then the number two. With that, it is my pleasure to turn the program over to Ms. Megan Patterson, Vice President, Investor Relations. Please go ahead, ma'am. Thank you, Bo. We issued our earnings release and presentation after the markets closed yesterday, and those materials are available on our website. After our prepared remarks, management will be available to take your questions. Statements made during this call that might include ONEOK's expectations or predictions should be considered forward-looking statements and are covered by the safe harbor provision of the Securities Act of 1933 and 1934. Actual results could differ materially from those projected in forward-looking statements. For a discussion of factors that could cause actual results to differ, please refer to our SEC filings. With that, I'll turn the call over to Pierce Norton, President and Chief Executive Officer. Thanks, Megan. Good morning, everyone, and thank you for joining us today. On today's call is Walt Hulse, the Chief Financial Officer, Treasurer, and Executive Vice President, Investor Relations and Corporate Development, and Sheridan Swords, the Executive Vice President and Chief Commercial Officer. Also on the call are Kevin Burdick, Executive Vice President, Chief Enterprise Service Officer, and Randy Lentz, the Executive Vice President and Chief Operating Officer. Yesterday, we announced higher third-quarter results and affirmed our 2025 net income and adjusted EBITDA guidance ranges. We also reaffirmed our expectation to recognize approximately $250 million of synergy-related adjusted EBITDA in 2025. Our third-quarter adjusted EBITDA increased 7% compared to the second quarter, once again highlighting the sequential progression of earnings we anticipated this year. Compared with the first quarter of 2025, adjusted EBITDA has increased approximately 20%, driven by volume growth across our operations, steady demand for our services, and the consistent execution of acquisition-related integration strategies by our employees. We believe that ONEOK's long-term market value will be driven by our strong fundamentals, contiguously integrated assets, and consistent results from our diversification efforts. Key among these catalysts are ONEOK's significant operating leverage, contiguously integrated assets, synergy earnings with the majority being within our control, and our financial strength and flexibility. Let's start with the operating leverage. We've either recently completed or are nearing completion on projects that will add nearly 600,000 bbl per day of NGL pipeline capacity, more than 200,000 bbl per day of fractionation capacity, more than 550 million cu ft per day of Permian Basin natural gas processing capacity, and an expandable refined products capacity to the growing Denver market. All of these projects are either complete or expected to be completed within the next year and a half. This operating leverage is a key differentiator for ONEOK, providing the ability to capture significant earnings uplift with limited incremental investments. Our contiguously integrated assets, including our extensive NGL and refined product system, provide strategic connectivity and growth opportunities. Regarding acquisition-related synergies, we remain on track to realize approximately $250 million of incremental synergies in 2025. By the end of this year, we will have realized nearly $500 million of synergies since closing the Magellan acquisition in September 2023, far exceeding our original expectation. We continue to see meaningful synergy opportunities ahead across all of our acquisitions, with the majority of these completely within our control and not dependent on commodity prices. Finally, our financial flexibility strengthens our position and is the cornerstone of ONEOK's business. A strong balance sheet and an intentional and disciplined approach to capital allocation and cash flow generation continue to support our ability to generate long-term value for shareholders. Our established and stable customer base includes some of the largest and most well-capitalized producers, refiners, and downstream customers. Our combination of demand-pull and supply-push earnings and our longstanding customer relationships provide resilience through different cycles. ONEOK's strong fundamentals and integrated assets position us well to navigate near-term challenges and continue delivering results for investors and customers. I'll now turn over the call to Walt and Sheridan to provide the financial and commercial updates. Thank you, Pierce. Third quarter 2025 net income totaled $940 million or $1.49 per share, a 10% increase compared with the second quarter. Third quarter adjusted EBITDA totaled $2.12 billion, which included $7 million of one-time transaction costs. The acquired EnLink and Medallion assets delivered nearly $470 million in adjusted EBITDA during the third quarter, continuing their meaningful contribution to year-over-year earnings growth. Additionally, we benefited from higher volumes in our natural gas liquids and natural gas gathering and processing segments. During the quarter, we repurchased more than 600,000 shares of common stock and retired more than $500 million in senior notes through a combination of scheduled maturities and repurchases. Year- to- date, we've extinguished over $1.3 billion in senior notes through maturity repayments and repurchases. This combination of share repurchases and debt management reflects our commitment to a balanced capital allocation approach that utilizes multiple available channels to create shareholder value. Our long-term leverage target remains at 3.5 x, which we expect to approach in the fourth quarter of 2026 on a run-rate basis. With yesterday's earnings announcement, we affirmed our 2025 net income guidance range of $3.17 billion - $3.65 billion and adjusted EBITDA guidance range of $8 billion - $8.45 billion, which, as a reminder, excludes the impact of one-time transaction costs. Year- to- date, transaction costs included in adjusted EBITDA have totaled $59 million. We continue to expect our total capital expenditures, including growth and maintenance capital, to be in the range of $2.8 billion- $3.2 billion in 2025. As we finish out the year, we remain focused on capturing additional synergies and operational efficiencies with approximately $250 million in synergy contributions expected for 2025. As discussed last quarter, we don't expect to pay meaningful cash taxes until 2029, which is a year later than we previously anticipated. Additionally, we expect our cash tax rate in 2029 to be below the full 15% corporate alternative minimum tax rate, which is also less than our historical expectations. Since the One Big Beautiful Bill, we now expect to pay more than $1.5 billion less in cash taxes over the next five years, and the corresponding increase in expected free cash flow supports our continued flexibility for capital allocation in the years ahead. I'll now turn the call over to Sheridan for a commercial update. Thank you, Walt. Starting with the natural gas liquids segment, total NGL raw feed throughput volumes increased compared with the second quarter, driven by higher volumes in the Permian Basin and Rocky Mountain region. Rocky Mountain region volumes averaged more than 490,000 bbl per day, another record for the region and a 5% increase compared with the second quarter, driven by higher propane plus volume and continued strength in ethane recovery. Gulf Coast Permian NGL volumes averaged nearly 570,000 bbl per day during the third quarter, an 8% increase compared with the second quarter, driven by the continued ramp-up of newly contracted volumes. In the Mid-Continent, less ethane recovery led to slightly lower volumes compared with the second quarter, but we continue to see consistent C3+ volumes from the region. Regarding our fractionation operations, our Mont Belvieu fractionation complex, including our MB4 fractionator, is back to capacity following the incident in early October. After initial safety reviews, we resumed operations at the majority of the complex within 72 hours. Repairs were made, and operations at MB4 resumed within 10 days following the incident. During the downtime, we were able to optimize our fractionation positions in Mont Belvieu and the Mid-Continent, as well as utilize storage. We anticipate working down any inventory builds related to this incident, in addition to the inventory being held over from the second quarter over the next several months. As we fractionate and sell the inventory, we will be able to recognize the associated earnings. We continue to see opportunities for ethane recovery across our system during the third quarter. Weaker natural gas prices in the Rocky Mountain region have led to greater recovery opportunities, and we expect to continue to see high levels of recovery through the first half of the fourth quarter across our entire system. Related to synergy projects, we have now completed the primary Eastern asset connections, including Galena Park, East Houston, and our Pasadena joint venture, providing key connectivity between our Mont Belvieu NGL assets and key Houston area refined product terminals. Additional downstream connections will be completed through early 2026. Additionally, the build-out of connectivity between our Conway NGL and Mid-Continent refined product assets is on track for completion by year-end of 2025. Both of these projects are expected to provide benefits through increased transportation fees in our natural gas liquids segment, which we have already begun to realize, and also blending uplifts in our refined products and crude segment. It's also important to note that these projects provide transportation and blending opportunities with third parties, expanding the optionality of these assets further than ONEOK's own blending business. Moving on to the refined products and crude segment, third-quarter refined products volumes increased sequentially, reflecting increased seasonal demand. When looking year- over- year, we continue to experience some regional supply disruptions along the system related to refinery maintenance, primarily impacting short-haul lower tariff movements. On average, refined products tariff rate benefited from the July adjustments, where we increased rates by a mid-single-digit as expected. As of mid-September, we've entered the fall blending season. Liquid blending volumes in the third quarter and year- to- date have been higher than expected due to successful synergy execution. Physical blending volumes have increased approximately 15% year- to- date compared with the same period in 2024. Despite tighter margins from lower gasoline prices, increased blending capacity positions for a strong upside in a rising price environment. Our crude oil gathering and long-haul pipelines continue to perform well. Third-quarter crude oil volumes increased sequentially, demonstrating resiliency of our Midland gathering business. Moving on to the natural gas gathering and processing segment, volumes increased across all regions compared with the second quarter of 2025, as producers continue to execute the 2025 plans. Looking first at the Permian Basin, volumes increased 5% compared with the second quarter, averaging 1.55 billion cu f t per day in the third quarter. Currently, we have 20 active rigs on our dedicated acreage, driving the need for recently announced capacity expansions, totaling more than 550 million cu f t per day across the Midland and Delaware basins. The Permian Basin continues to be a key area of strategic growth for us, and we will continue to be actively engaged and intentional in assessing opportunities to expand and enhance our integrated operations within the basin. In the Mid-Continent, natural gas processing volumes increased 6% compared with the second quarter, highlighting producer resiliency in the basin and strong production results out of the Cherry Creek formation in Western Oklahoma. There are 11 rigs on our dedicated acreage in Oklahoma. Rocky Mountain region process volumes averaged 1.7 BCF per day in the third quarter of 2025, a 4% increase compared with the second quarter and a record for ONEOK in the region. Strong well completions during the second quarter drove third-quarter volumes and will continue to benefit throughout the remainder of the year. There are currently 16 rigs on our dedicated acreage. Looking forward, the current commodity price environment will likely drive more moderation and increased optimization of drilling and completion activities across the basins where we operate. However, even in a flat crude oil production environment, strong gas-to-oil ratios and continued production efficiencies point to modest growth in our natural gas and NGL across our systems. I'll close with our natural gas pipeline segment, which reported another strong quarter and continues to exceed our original expectations for this point in the year. We continue to optimize the legacy EnLink assets and be opportunistic regarding natural gas pricing dynamics across our strategic assets in the Permian and Gulf Coast areas. We remain well-positioned to help meet the growing demand for natural gas, both domestically and for LNG exports, with extensive pipeline networks in key asset locations such as Oklahoma, Texas, and Louisiana. We are directly connected to major LNG and industrial customers and continue to work on additional opportunities with them. Additionally, we are in active discussions related to numerous potential AI-driven data center projects. The key to these projects remains speed to market, and our intrastate assets are located in premier natural gas supply and demand centers close to many of these proposed projects and are well positioned to meet the timing needs of the market. Pierce, that concludes my remarks. Thank you, Sheridan and Walt. Before we move to Q&A, I want to close by emphasizing that we continue to see opportunities ahead. Importantly, we're executing on our strategy to combine our strategic acquisitions into an even stronger and more resilient business. Our integrated assets are performing well, expanding our reach in key basins and demand markets, and creating an even stronger commercial connectivity across our system. Our integrated assets continue to provide stable fee-based earnings and position us to capture opportunities across market cycles. We're able to execute our strategy because of the employees across our company. I want to recognize their commitment and contributions to our business and our vision for ONEOK. Their focus on safety, operational excellence, and innovation is a key to our success. As we look ahead, we remain confident in our strategy, our strong fundamentals, and the catalysts that we expect will continue to deliver growth and long-term value for our investors. Operator, we're now ready for questions. Certainly. Thank you, Mr. Norton. Ladies and gentlemen, we will now begin the question and answer session. At this time, if you would like to ask a question, please press star one on your telephone. You may remove yourself from the queue at any time by pressing star two. We ask that you please limit yourself to one question and a follow-up to fit in as many of you as we can. We'll go first this morning to Jeremy Tonet of JPMorgan. Please go ahead. Hey, good morning, guys. This is Vrath Reddy on for Jeremy. Appreciate you guys don't want to provide 2026 specifics at this point. Curious if you guys could frame up tailwinds versus headwinds as you think about earnings growth into next year. Should we specifically, should we think about that mid to high single-digit growth as still appropriate? This is Sheridan. Where we see our tailwinds, which push us into next year, is obviously first is the synergies. We put a lot of synergies in place this year, and we've got a partial yield into that, the Easton being one of the big ones. We'll see a full year next year of that one, also with the Conway NGLs to Mid-Continent refined products, among others. We also have our growth projects coming online with the Denver expansion coming on midway through the year. As we mentioned in our remarks, we have over $500 million a day of processing capacity coming on throughout 2026 into early 2027. Stuff coming on 2026 is going to be a tailwind as we continue to go forward. We think there's just a growth in market share that we'll see in the Permian and some of our other areas that will continue to fuel our growth moving forward. Those are really, as we see going forward, what's going to drive our growth into 2026. Got it. On capital allocation, $45 million of buybacks in the quarter. Could you walk through how you think about executing on the buyback versus debt paydown or other capital allocation priorities at this point? As we've said in the past, as we get closer to a clear path to our debt to EBITDA target of 3.5x, it's going to free up our flexibility to add some stock buybacks to the equation. We continue to be on track with where we think we need to get to from a debt to EBITDA standpoint. With that visibility, we're starting to be a little bit more flexible in our asset allocation. Saw the opportunity to buy back some stock there in the third quarter and did a modest amount. We also saw a pretty nice opportunity on the bond side and executed on that as well. Got it. Thank you, guys. Thank you. We go next now to Michael Blum of Wells Fargo. Thanks. Good morning, everyone. Maybe we just go back to the 2026 guidance. The slide in the deck, you removed the mid-single-digit to high-single-digit growth language. I just want to make sure I understand the change there and just how you're thinking about 2026. Thanks. Michael, this is Pierce. What I would say is our focus is on finishing 2025 strong and carrying that momentum into 2026. Sheridan just went over several of those projects and the different things that are going to impact 2026. We're continuing to have discussions with drilling plans with our producers. We're going to be finalizing our 2026 guidance in the early part of the first quarter of 2026. I would end this way that we are very confident in our positive trajectory. As far as guidance for 2026, I'll just ask you to stay tuned. Okay. Fair enough. Appreciate that. I just wanted to ask if you could quantify the potential impact of Waha spreads widening. Either can you capture that from your EnLink assets, or do you have more open capacity on WesTex to capture those spreads than you have historically? Thanks. Michael, this is Sheridan. Obviously, the Waha to 80 Houston Ship Channel spread has had a positive impact, especially when you bring together our West Texas assets, the West Texas system, the EnLink system, and capacity we have on other pipelines. We've been able to leverage that to grow that. We've been able to do that not only on the EnLink side, but also on our legacy ONEOK gathering system. It has been a positive impact, going forward. We will continue to see us use that capacity as we grow our gathering processing for our customers as we go on as well. We have seen the ability to move gas on our capacity and also do a lot of park and loans on our system as well. Thank you. Thank you. We go next now to Spiro Dounis at Citi. Thanks, Albert. Morning, everybody. First question, maybe to start off with capital allocation. Curious how you guys are thinking about maybe where that next marginal dollar or CapEx goes. If you could just dig into some of the basins or the asset types between NGLs, gas, and liquids, what's most attractive to you right here? I think we look at every project on a standalone basis. We've historically been able to use our strategy of building off our existing asset base, that expand and extend approach, which has given us the opportunity to do some very attractive capital projects. That same strategy exists today with more assets. Given the acquisitions we've made, we've got more opportunities to expand and extend. We look at each and every one of those on a standalone basis. That said, I think that our expectation is that the CapEx will trend down here over the next several years. As Pierce had mentioned in his remarks, we have a lot of operating leverage in our existing business, whether it be NGL capacity, fractionation capacity that's coming on. We don't need to continue to expand that. We do see CapEx starting to trend down. Got it. Thanks for that, Walt. Second one, maybe just going to the Sunbelt Connector. I was curious just to get your thoughts on the competing open season that's out there, how you think your project stacks up, and if there's enough demand in Arizona for maybe everyone to win some business here. Yeah, this is Sheridan. I mean, I would say that we feel the Sunbelt Connector is a very competitive project as we can look at the other opportunity out there. Obviously, right now, we're still in the open season. We're still talking to a lot of the customers. We've seen a significant amount of interest as we enter there. We think a lot of that's driven by the competitive advantage this pipeline has is that we are already connected not only to all the Mid-Continent refiners in the upper Midwest that we can pull that volume and source to this pipeline, but we also have extensive connectivity into the refining center on the Gulf Coast, where we can actually do some very efficient expansions. We already have capacity between the Gulf Coast and El Paso, and we have some very efficient capacity expansions that we could leverage as we continue to go forward. We think we're going to compete very, very nicely going in there. We'll just have to see how the customers come out and where we get them signed up and how much volume to see which one of these projects will continue to be built. Great. I'll leave it there. Thank you, gentlemen. Thank you. We'll go next now to Theresa Chen with Barclays. Hi. Following a notable uptick in volumes across your regions, I wanted to go back to the forward outlook a bit. Given the heightened market concerns around how producer budgets may be evolving in light of recent crude price volatility and understanding that the process is still underway, can you just give us any sense of any early indications on how you expect volumes across your supply-push assets to trend through the next year? Theresa, I'll take a shot at this. It's Pierce. I'll let Sheridan fill in here. I think the way we look at all of our different basins is, you know, what is the drilling activity currently? We know what the crude price is today and gas prices. We also look at, you know, how many rigs would it take in each of the different basins to basically keep the volume flat. We feel very comfortable that right now the drilling is there to keep this volume flat. If that happens, we also have our GORs that are rising. In particular, up in the Bakken, the GOR is 3.1, and every 10th means something up there. By our calculations, there's enough rigs out there running to hold the crude flat. At a flat crude volume, we believe our gas volumes are going to continue to grow. Sheridan, you had anything to add? You talked about the Bakken, and then we get into the Permian. We have enough forward visibility into volumes that are coming on our system today and what people are completing here in the last quarter of 2025 that we will still see growth coming out of the Permian into 2026 and beyond. As we said before, we are very excited about the Cherokee formation. It seems to have a lot of resiliency, even with a little downturn in price up in the Mid-Continent. We're still very positive about our volumes going forward. Theresa, the only thing I'd add to that is Sheridan mentioned this, but I want to make sure that this gets across. He mentioned competing, you know, for other volumes. That's the one thing we all focus on. What's the drilling? What's the anchorage dedications? Just as importantly, there's gas that's flowing out there right now that may be going to somebody else. As those contracts roll off, we feel confident we're going to be able to compete with those volumes as well. Most of them are going into CDPs, so not a lot of capital to really connect to our operating leverage. It's just a point I want to make sure that it's made. Thank you. Would you be able to provide an update on your LPG export commercialization efforts? How are those conversations going with potential customers? What kind of interest are you seeing in the market? Theresa, what I would say is that the first thing is, as we've always said all along, we have supply to be able to fill this dock. That supply for a long time has drawn a lot of people to us. It continues to do that, and we have a lot of interest in our docks to go forward. What I would say on the contracting side of that is we are very pleased where we are right now with our contracting strategy and where we sit today. We still don't want to give a whole lot of details on that because, as you all know, it's a very competitive market, but we're pleased where we are. Thank you. Thank you. We go next now to Jean Ann Salisbury with Bank of America. Hey, good morning. There's been some rumblings that there may be kind of a call on the Mid-Con gas complex over the next year or two to meet all the LNG that's ramping. Is that something that you're hearing from your customers? Sheridan, do you have a sense of if gas egress could become a limitation there for gas and NGL growth out of the Mid-Con? What I would say right now, Jean Ann, is we are seeing, I'm hearing some people maybe move to a little bit of the gasier portion of the Mid-Continent and move through on that, which we've always said our Mid-Continent has a little bit of a gas option to it. As gas becomes more favorable, you will see some more drilling go to the gas side, which is good for our GMP and NGL area. I still think we have quite a bit of room to go of growth in the Mid-Con before we really run out of egress out of the Mid-Continent. I think we'll be ahead of that as well. If we see that even getting close, we'll be able to put some things in place to be able to get more gas out of the region. That's one of the reasons we have some conviction in growth in the Mid-Continent on our volumes is we're also seeing that move to a more gasier play. That makes sense. Thank you. It seems like year to date in your processing and NGL volumes, Bakken's trending a bit above the guide and Permian's trending a bit lower than the guide. Can you just talk about the dynamics of that and how much has to do with ONEOK's market share in those basins versus basin growth overall versus your expectation? I think really to start with the Permian, the Permian, we kind of, because of some larger pads were delayed in the first part of the year, we kind of came out a little bit slower than we had expected. As those pads have come on and are going now, we are now at a volume across our system where we expected to be at this time when we set our plan together. We're pleased where we are right now with our volumes in the Permian Basin. Up in the Bakken, on the NGL side, we have seen some record volumes in there. A lot of that, kind of that high end of that, has been due to ethane recovery. We've talked about our discretionary ethane that we can bring on. We've seen some pretty wide spreads with the low cost of gas or low price of gas up in the Bakken over the summer. We were able to take advantage of that and put ethane on our system and deliver it into the Bellevue complex. We've been very pleased how that's going, and that will continue into the fourth quarter. That's great. Thank you. Thank you. We'll go next now to Manav Gupta with UBS. Good morning, guys. Thank you for taking my question. We are in the middle of this AI revolution. I think Nvidia's market cap went and hit $5 trillion this morning. I'm just trying to understand in your comments, you did mention all the ways, some of the ways you can benefit from this revolution. Can you elaborate on it? Where could ONEOK see opportunities as we get into this data center build frenzy in the U.S.? Yeah, this is Sheridan again. What we're seeing is we have been contacted by well over 30 different projects for data centers. They were putting those projects in close to natural gas pipes to be able to feed the electric generation they need for those data centers. We've had our fair share of look at those. We have some where they are very close to our pipelines that we feel we have the competitive advantage to be able to supply those. These are not going to be high-capital type projects. They're going to be very nice, low-capital, nice-return type projects. We are seeing a good number of them that we think that we have the competitive advantage to be either speed to market and how close we are to the data centers that we're going to win our fair share of. Perfect. My quick follow-up here is you and your partners recently announced the Eiger Express pipeline. Help us understand the importance of this project and why do you see the need for this project to go ahead. Thank you. Yeah, on the Eiger Express project, we're really excited about that as we continue to see the demand from LNG, and a lot of that demand is needed to be supplied out of the Permian Basin. We still see growth in that area. The Eiger was a nice complement to the Matterhorn, and because of the ownership we had in Matterhorn, we were able to see inside of that. That project was FID when they had enough firm commitments from customers to be able to make an acceptable return. They've been continuing to be able to get more contracts on that. We're very pleased where the Eiger project is going. It allows us to complete our integration, be able to put gas out of our gas plants onto a pipeline that we get some equity back in and be able to grow with it. We're very excited about the Eiger project. The only thing I'd add to that is that you've got the capacity that's currently out of there. One of the reasons that you see some of these widening of the spreads is because of the tightness of that capacity. There is extra capacity that's needed in the 10 BCF of LNG that's being basically built down in Louisiana and Texas, primarily in Texas. It's going to need this gas. It's not like we're building the pipe for 10 BCF. It's just only a portion of that. The demand side of this thing is very positive to fill it up. Thank you so much. Thank you. We'll go next now to Keith Stanley with Wolfe Research. Hi. Good morning. Wanted to follow up on Sunbelt first. In the past, you've talked to potentially working with partners. Could that include refiners or other strategics? Are there any discussions going on on that front that could help commercialize the project? Yeah, we've commented that we would deal with partners. What I would say, they need to be a strategic partner. They need to bring, you know, something to it. We're continuing to open to that. Obviously, we would not comment on any conversations that are going on at this time, but we are open to a partnership, as we've said before. Okay. Great. Second one, I think in the prepared remarks, you alluded to the Permian as kind of a core strategic focus for the company. Given it's a very competitive market, especially these days, do you feel like you could benefit from more scale in the Permian overall? Can you remind us where you are in the process of some of the EnLink volumes transitioning over to ONEOK pipelines in your system? Start with the last one first. I mean, on the EnLink volumes, I think you're talking about the NGL volumes coming off of the legacy EnLink plants that are not going to the ONEOK NGL system. We will see those starting to come over. They're roughly around 50,000 bbl a day. We'll start seeing them come over from 2026 through 2028 as the timeframe when those contracts come up. Once those contracts are finished, they'll come right over to our system as well. Obviously, we like scale in the Permian because we're growing in the Permian. We're already talking about adding another 500 million a day of processing capacity in the Permian. We like that. We like to grow there. We like to grow organically first because that is the most economical way to grow. As we look at M&A, we look at everything out there, and we're going to be very intentional and disciplined if we're going to do anything more on the M&A side. Thank you. Thank you. We go next now to John Mackay at Goldman Sachs. Hey, good morning, guys. Thank you for the time. Appreciate it. You talked about, I think in response to Jean Ann's question, just the ramp on kind of Permian GNP relative to the guide. Can you also just spend a minute or two on the crude side? I think also the year-to-date's looking a little softer versus the full year. Maybe just bridge us to the volume guidance. If you're talking about a, you know, a rig environment that gets you to flat next year, how we think about that piece of the business growing into 2026. When we look at our crude volumes and we think about it, we are down just a little bit on that piece, but you really have to break that apart into its components. Really, the area that we are down on is mostly in our high volume, low margin business that we're down on. The main business of gathering crude out there, we are looking within range there, and we are excited about continuing to grow there. You have to look at our crude volume and tear it apart between long haul, the HDS system in Bellevue. We have some short haul volume out in the Midland that all are down a little bit. The core, what I call our core business, the core business of taking it off of leases or batteries and moving it through our system is where we expect it to be. That's really the driver behind that business. All right. That's helpful. I appreciate that. Maybe staying in the segment now with the Easton kind of integration pretty well done, you're going to get more on the Conway side tied in next year. Are you able to frame up in kind of, let's say, like a, I don't know, mid-cycle environment or what have you, this overall size of the blending business on a kind of like, you know, annual run rate basis at this point? I think when you look at the blending business, you got to be very, there's a spread component in there. It fluctuates from year- to- year. What I would say is that through our synergies and everything else that you had in my remarks, we've been able to increase the volume by 15%, which really sets you up for when prices go back to more normal, spreads go back to more normal, we'll really be able to take advantage of that opportunity and continue to go forward. As we put more of these synergy projects in place, we're going to be able to increase that blending uplift that we had, being able to make sure we have volume there when we can blend and be able to get to places where before it was uneconomical to get to. It is, as I remind everybody, that 90% of our business is volume times C, and that last spread in commodities is only 10%. Even our blending business that we like very much so and we're growing is still a small portion of our business. Thanks for your time. Thank you. We'll go next now to Sunil Sibal at Seaport Global. Yeah. Hi. Good morning, and thanks for the time this morning. I just wanted to go back to your comments on the guidance. I realized that you're focused on ending 2025 strong. In that context, realizing that we had the MB4 incident also, is the midpoint of the full-year guidance, that $8.25 billion, still a good kind of anchor point for as far as fourth quarter goals are concerned? I think what we've said is that we are confident to be within the range. We've affirmed that range, and we got to see how the fourth quarter continues to play out. At this point, we're going to keep it in the range, and we're very confident with achieving there. Okay. Thanks for that. One clarification on Bakken from Sheridan's comments. Seems like you mentioned that you have 16 rigs running on your system. I believe last quarter that was 15. Is there a pickup in rig? First of all, I wanted to clarify that. How should we think about that number trending, especially as you go into discussions with your customers? Yeah, it is up one. I mean, there's a lot of flexibility in those rigs moving on and off, but we are up rig on our business that we like. As we think about trending into 2026, the producers are still in their budget process right now. As they continue to come out there, we hear more from them. We'll be able to reassess what 2026 looks like in terms of rig count and volumes and everything else like that. We have good momentum into 2026 that we like. We're optimistic. Thank you. Thank you. We'll go next to Jason Gabelman of TD Cowen. Yeah. Hey, good morning. Thanks for taking my questions. I wanted to ask one just on the quarterly results. In your disclosures, you talked about the NGL segment benefiting from, it seemed like, selling product out of inventory and refined products from timing of operational gains and losses. I was hoping you could elaborate on those comments a bit more as I'm trying to understand the underlying earnings in the quarter. I have a follow-up. Thanks. This is Sheridan. On the NGL side, we talk about selling purity products out of that. Just as in our marketing business, there are different times that we have, we may be holding product for storage and selling at a different time of the year. Because of that, we may move earnings across quarters a little bit. We saw an uplift by being able to sell some product in the third quarter. It's really kind of a timing of sales as we are on our marketing business. On the refined products on our overages and shorts, if we look out over the year, we tend to be just slightly a little bit long on volume, but we take opportunistic times throughout the year to sell our overages and shorts into the area. This is the time that we sold it in the second quarter and the third quarter. Okay. Got it. My follow-up is a bit more strategic in nature. It seems like your growth rate, your EBITDA growth rate's obviously going to slow here from very attractive rates the past few years to, you know, you've previously said, mid to high single digits. We'll see where it comes out next year. As you think about attracting capital to your equity, how important is it to maintain a competitive growth rate, or do you think that your EBITDA growth rate is not necessarily a main determinant of equity capital you could attract to the stock and there are other avenues to do that? Thanks. I think clearly, having a growth rate, a positive growth rate is going to be something that attracts people to the stock. I would just kind of point you to our history. We've gone through cycles before where commodity prices have been up and down. Year- over- year, since 2014, we've had positive EBITDA growth every year. We continue to see that trend. Clearly, at the moment, we need to get a little better fine point on where the producers are going to participate in the coming year before we provide a very specific number, which we'll do in the beginning of the first quarter. The business is incredibly resilient, and we are very confident that we will continue to grow into 2026. We clearly are going to be focused on our capital allocation, taking the opportunity to bring on real high-quality projects. If you look at our cash flow profile, we should have the opportunity in the coming years to be in there buying some stock as well. That could have a positive impact. At the end of the day, we will continue to achieve that earnings growth going forward. The only thing I'd add to that is I'd encourage you to go back and look at the data for crude oil prices between 2008, 2009, 2015 to 2016, 2020. It really paints the story of what Walt just said about how we've been able to grow our EBITDA through these different down cycles. The one thing I would say, because most of us have been in this business over 40 years, with every down cycle, there's usually an up cycle. You don't get in another down cycle until you have an up cycle. It'll come back, and we're confident to manage through the down cycle. Okay, I appreciate the answers. Thanks. Thank you. Ladies and gentlemen, that will conclude our question and answer session. I would now like to turn the call back over to Megan Patterson for any closing remarks. Thanks, Bill. Our quiet period for the fourth quarter starts when we close our books early next year and extends until we release earnings in late February. We'll provide details for that conference call at a later date. As a reminder, our IR team will be available throughout the day for any follow-ups. Thanks, everyone, and have a good day. Thank you, Ms. Patterson. Again, ladies and gentlemen, that will conclude today's ONEOK third quarter 2025 earnings conference call. Again, thanks so much for joining us, everyone, and we wish you all a great afternoon. Goodbye.