Carl Kirst, CFA, is a Senior Research Analyst and Managing Director at BMO Capital Markets Corp. covering the North American pipeline industry, a sector that operates throughout the natural gas value chain. With nearly 20 years of equity research experience, Mr. Kirst began covering pipelines in 1993 as an Associate at Rauscher Pierce Refsnes Inc.; and subsequently, as a Senior Analyst at Jefferies & Company, Inc.; Merrill Lynch & Co., Inc.; and immediately before BMO, at Credit Suisse Securities. In 2003, he helped establish Dennard Rupp Gray & Lascar, LLC, now the largest investor relations agency headquartered in the Southwestern U.S., before returning to research in 2005. In recent years, Mr. Kirst consistently has ranked in the top three in the Greenwich institutional survey, twice runner-up in Institutional Investor’s All-America Research Team, number one and number two in the 2011 StarMine (FT Thomson Reuters) award for best stock-picking and earnings estimates in the gas utility category, respectively, and was number one in The Wall Street Journal’s 2011 Best on the Street in utilities. He has a B.A. from Rice University in economics and English.