Earnings PerformancePipelines and Other segment EBITDA was below expectations, indicating slightly weaker results in this area.
Project DelaysDelays in the permitting process have pushed the expected final investment decision on the Louisiana carbon capture project to the first half of 2025.
Valuation ConcernsThe rating was lowered to Hold from Buy, as the shares are trading at 11.5x the 2025 EBITDA estimate, viewed as a valuation call.