Has the MIST Settled? Not Quite.

Research evidence excerpt

Has the MIST Settled? Not Quite.

the initial 1.5bcf/ PREV

d, which management has previously noted it expects to be of similar size to 'G3' (~$900mn).

However, the solicited rates in the nonbinding open season suggest this could be a $2-$2.5bn

project. We do not necessarily expect a binding open-season announcement before or during 2Q

earnings but expect it by the end of the summer and will look for any clues on the size of the all-in

MIST opportunity, as well as how DTM is thinking about phasing of the project. Outside MIST, we

are interested to hear any updates on a potential 'G4' expansion, as well as how DTM is thinking

about fully expanding NEXUS and the broader Midwest opportunity, including lateral projects.

LNG backdrop continues to improve; expect to hear positive sentiment surrounding this, but

LEAP expansions unlikely to be pulled forward. LNG discussions remain increasingly constructive,

with LEAP running full at 2.1 Bcf/d and management highlighting growing LNG-driven demand,

active commercial discussions, and emerging opportunities in the Western Haynesville following

encouraging early results from Expand Energy. However, despite improving fundamentals, we

do not expect future LEAP expansions to be pulled forward, given 18- to 24-month compressor

lead times, keeping meaningful new capacity additions a 2028 event. Competition for Haynesville Julien Dumoulin-Smith * | Equity Analyst

volumes also appears to be heating up amid recent speculation, while weak gas prices could create +1 (281) 774-2066 | jds@jefferies.com

modest near-term volume pressure if producers moderate activity. Paul Zimbardo * | Equity Analyst

+1 (212) 778-8497 | pzimbardo@jefferies.com

Lloyd Byrne * | Equity Analyst

+1 (212) 323-7528 | lloyd.byrne@jefferies.com