What are we actually seeing, Jay, on the ground at utilities and regional transmission organizations or RTOs?

Yeah, it's a really good question, Dan, and I'll expand a little bit on Kurt and Janine's, uh, comments.

But, you know, Kurt said something really important that we have to keep in mind.

He said many things that were really important, but one thing that stood out to me was we do believe this AI data center build-out will continue.

The terms are changing, um, and, and certainly the, the sort of attribution of benefits, uh, certainly at the local level, will likely shift and change as maybe actually moving locally or actually maybe moving geographically.

But the, the reality is we think this will continue to go forward.

But, you know, the, the... what we're seeing is real.

You know, I'd, I'd be interested in your, your thoughts on that.

Yeah.

You know, I would say generally, and then I'll let Nathaniel weigh in.

You know, I'd, I'd say there's a bit-- I wouldn't necessarily say moratoriums, though, you know, my little two cents on this is I don't know that moratoriums are great policy.

I'm glad this one's only hundred fifty days, but they don't tend to be great sort of policies.

But we are seeing some backlash across the country.

It depends.

seeing?Is there a sense of that?

So I wonder if you could talk a little bit more about some of these factors that are driving increased energy needs, how they tie into these transformational investment opportunities we're seeing from CIO, and where this energy is expected to come from.

Yeah, no, it's, it's a great question, and, and I would argue it's one that, you know, we wouldn't have been talking about five or, or ten years ago.

But Tiffany, as you said, I mean, AI data centers, uh, certainly first and foremost, then you have industrial reshoring, just sort of the industrial growth here in, in the US as we friendshore a lot of, of manufacturing, uh, and other activities.

And then, as you said, sort of electrification.

Um, with that, sort of the ongoing electricity demand growth that we see and, and broader energy demand growth that we see associated with economic growth.

Um, so those are drivers, and those dr-drivers, in our opinion, continue to accelerate, um, and are driving a need for new supply.

The, the challenge that we often sort of try and express is that, you know, when you're thinking about energy, we're thinking about natural gas and oil, and those have, you know, sig-significant lead times, but we don't often run into as many bottlenecks as we do on the electricity side, where, you know, as you were mentioning, we've got supply responses, which are gonna include renewables and natural gas and nuclear, both at the utility scale and the SMR scale eventually, um, battery storage, you know, lots of other options.

So just want to get your perspective on sort of what you're seeing across this broad spectrum of infrastructure and what do you think is really needed to help achieve the energy, um, goals that we're gonna, we're gonna need over the next few years.

[on-hold music]

So what have you been picking up on, and how do you see this playing out and impacting oil prices near term?

Yeah.

I mean, Dan, from our perspective, that is the question of the day.

I mean, as Shane said, um, we've got military activity in Iran.

Um, Iran provides somewhere between three and pers- and five percent of, of global supply.

You know, more significantly, you've got the Strait of Hormuz, which is geographically directly adjacent to Iran, and that moves about twenty percent of, of global supply.

So I, I think the key thing we have to focus on here is, are there supply disruptions? Um, you know, I'd say so far we're not seeing any.