FTAI Infrastructure delivered a challenging QQ1 2024 as the company navigated a 45-day Motiva maintenance outage at Jefferson and a lower-for-longer natural gas price environment impacting Third-party gas sales and certain terminal operations. Despite a difficult quarter on the top line and a notably negative gross margin, management emphasized strategic progress and future optionality. The company reported quarterly adjusted EBITDA before corporate expenses of $37.2 million, up 24% year-over-year and broadly in line with the prior quarter on an adjusted basis when excluding one-time items related to Jefferson. Management highlighted a robust forward-looking runway, including more than $200 million of run-rate EBITDA expected in 2024 driven by Transtar, Jefferson’s pipeline of clean-fuels and conventional-energy contracts, and Long Ridge’s substantial behind-the-meter data center demand potential. Transtar’s growth strategy is focused on expanding third-party revenue to roughly $30–$35 million by year-end 2024, aided by a 41-mile extension of the East Ohio Valley Railroad under NS and new railcar-related initiatives. Jefferson’s project pipeline includes about $75 million of annual EBITDA opportunities and a 15-year ammonia transloading/export contract, potentially transforming the segment’s long-run profitability. Repauno remains a longer-term growth lever via Phase 2 expansion, targeting approximately $40 million of annual EBITDA upon completion, funded entirely by tax-exempt debt. Long Ridge stands out as the most meaningful near-term upside, with current annual EBITDA around $80 million from onsite generation alone; management projects a materially higher EBITDA if behind-the-meter data-center demand translates into sustained power capacity utilization and higher realized power prices. The company reaffirmed its outlook to generate over $200 million of run-rate EBITDA in 2024, underpinned by disciplined balance sheet actions and a selective refinancing plan at Jefferson. Investors should monitor the execution of debt-tender initiatives, the pace of Jefferson South and ammonia-related contracts, and the evolution of demand for data-center-driven power at Long Ridge.