Core Viewpoint - NGL Energy Partners LP announced a distribution for the quarter ending September 30, 2025, for its Class B and Class C Preferred Units [1] Distribution Details - The distribution is declared for the holders of the 11.765% Class B Floating Rate Cumulative Redeemable Perpetual Preferred Units [1] - The distribution is also applicable to the 11.675% Class C Floating Rate Cumulative Redeemable Perpetual Preferred Units [1] - The distribution will be paid in accordance with the terms outlined for these preferred units [1]

Core Insights - NGL Energy Partners LP (NYSE:NGL) experienced a share price increase of 10.22% from September 9 to September 16, 2025, making it one of the top-performing energy stocks for that week [1] - The company reached a 5-year high following a significant investment by its director, James Collingsworth, who purchased 100,000 shares valued at approximately $580,000 [3] - Over the past year, NGL Energy Partners LP's share price has surged by more than 40% [3] Company Overview - NGL Energy Partners LP is a diversified midstream Master Limited Partnership (MLP) that offers various services including transportation, storage, blending, and marketing of crude oil, natural gas liquids (NGLs), refined products, renewables, and water solutions [2]

Core Insights - The Fortune Teller is a team of two analysts with over 30 years of combined market experience [1] - The team includes a former licensed investment advisor with a background in asset management, holding degrees in Accounting & Economics and Computer Sciences, as well as MBAs [1] - They lead the investing group Wheel of Fortune, which shares actionable trading ideas across various asset classes, sectors, and industries [1] Service Features - The service aims to provide a comprehensive resource for investment and portfolio ideas while educating subscribers [1] - It includes the Funds Macro Portfolio, focusing on ETFs and CEFs for less active investors [1] - The Single Macro Portfolio is designed for more active investors, focusing on single equity [1] - Additional offerings include educational content and a live chat room for discussions among investors and The Fortune Teller [1]

Core Insights - The article focuses on Plains All American Pipeline, L.P. (PAA, PAGP) and its Master Limited Partnership (MLP) structure, which is favored by income-focused investors [1] - The author emphasizes a strategy of identifying undervalued companies with strong fundamentals and cash flows, particularly in the Oil & Gas sector [1] - Energy Transfer is highlighted as a company that has been overlooked but shows potential for substantial returns [1] Group 1 - The article discusses the appeal of MLPs to income-focused investors, particularly in the context of Plains All American Pipeline [1] - The author expresses a preference for long-term value investing while also exploring deal arbitrage opportunities in various sectors [1] - There is a noted skepticism towards investments in high-tech businesses and cryptocurrencies, indicating a focus on more traditional sectors [1]

Financial Data and Key Metrics Changes - Consolidated adjusted EBITDA for Q1 2026 was $144 million, a 4% increase from $138.6 million in Q1 2025 [4] - The company reaffirmed its full year adjusted EBITDA guidance of $615 million to $625 million [5] Business Line Data and Key Metrics Changes - Water Solutions adjusted EBITDA increased to $142.9 million in Q1 2026 from $125.6 million in Q1 2025, representing a 13.8% increase [5] - Physical water disposal volumes rose to 2,770,000 barrels per day in Q1 2026, up 12.4% from 2,470,000 barrels per day in the prior year [5] - Crude oil logistics adjusted EBITDA decreased to $9.6 million in Q1 2026 from $18.6 million in Q1 2025 due to reduced sales and lower crude oil prices [7] - Liquids logistics adjusted EBITDA fell to $2.9 million in Q1 2026 from $5.7 million in Q1 2025, adjusted for previously announced asset sales [9] Market Data and Key Metrics Changes - The Grand Mesa pipeline volumes averaged approximately 55,000 barrels per day in Q1 2026, down from 63,000 barrels per day in Q1 2025, but July volumes were approximately 25% higher than June [7][9] Company Strategy and Development Direction - The company is focused on rightsizing its asset footprint, paying down debt, and reducing overall leverage [3][4] - The strategy includes opportunistic capital allocation, including repurchasing debt and equity that provide the highest return [12] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the Water Solutions segment's performance and noted that they have not seen a drop-off in customer activity despite market uncertainties [6] - There is an expectation of stronger performance in the Crude Oil Logistics segment as volumes on the Grand Mesa system are anticipated to ramp up [12] Other Important Information - The company closed on the sale of its RAC marketing business and a majority of its wholesale propane business, using proceeds to pay down debt [3] - The company repurchased approximately 4.7 million common units at an average price of $4.3 per unit, representing about 3.5% of outstanding common units [14] Q&A Session Summary Question: Future common unit repurchases - Management indicated they will continue to be opportunistic with capital allocation and may pursue further common unit repurchases depending on market conditions [16][17] Question: Produced water volumes for the quarter - Management noted that produced water volumes were slightly lighter than expected but still above internal budget, with confidence in continued performance for the remainder of the year [21][23] Question: Thoughts on ARRIS acquisition by Western - Management congratulated ARRIS on their acquisition but stated that their model differs as they do not focus on recycling, welcoming consolidation in the industry as it can lead to greater efficiency [26][28]

Financial Performance & Unit Repurchase - NGL Total EBITDA by segment is $155.33 million[2] - Water Solutions segment accounts for 92% of NGL's total EBITDA, equivalent to $142.87 million[2] - Crude Oil Logistics segment accounts for 6% of NGL's total EBITDA, equivalent to $9.583 million[2,32] - Liquids Logistics segment accounts for 2% of NGL's total EBITDA, equivalent to $2.87 million[2,32] - NGL repurchased 70,000 Class D preferred units during Q1 2025, representing approximately 12% of the outstanding units[3] Water Solutions Business - NGL Water Solutions has transformed into the largest integrated water disposal system in the Delaware Basin[4] - NGL owns and operates over 800 miles of large diameter produced water pipelines in the Northern Delaware Basin[7,29] - NGL's Delaware Basin water disposal facilities have a permitted capacity of approximately 5,100,000 barrels per day[7] - In FY2025, NGL sold 42.4 million barrels of recycled water[29] - Approximately 90% of produced and flowback water was received via pipeline during FY2025[29] Market Data - Market Capitalization is $1.39 billion[36] - Enterprise Value is $4.31 billion[36]

Core Viewpoint - Energy Transfer LP (ET) is positioned to benefit from increasing global demand for U.S. natural gas liquids (NGL) through strategic expansion of its export infrastructure, particularly at key terminals like Nederland and Marcus Hook [1][9]. Group 1: Export Capacity and Market Position - Energy Transfer has significant export capacity, capable of shipping over 1.1 million barrels per day of NGLs and 1.9 million barrels per day of crude oil, with nearly a 20% share of the global NGL export market [2][9]. - The expansion of NGL export capabilities allows Energy Transfer to capture higher-margin international volumes, which are generally more profitable than domestic sales [3][9]. Group 2: Financial Stability and Growth - The company benefits from long-term, fee-based contracts with global customers, providing stable cash flows amid volatile commodity price cycles [3]. - Energy Transfer's integrated pipeline and storage network enhances supply-chain connectivity, allowing for increased throughput without a proportional rise in fixed costs, thereby improving margins [4]. Group 3: Industry Context and Competitors - Other Master Limited Partnerships (MLPs) like Enterprise Products Partners LP and Plains All American Pipeline LP are also capitalizing on rising NGL demand, with Enterprise aiming to export over 100 million barrels per month by 2027 [6][7]. - The overall demand for NGL is increasing globally, supported by regulatory tailwinds favoring energy exports, positioning Energy Transfer for sustainable cash flow growth and robust returns to unitholders [5]. Group 4: Earnings and Valuation - The Zacks Consensus Estimate indicates an increase in Energy Transfer's earnings per unit for 2025 and 2026 by 2.13% and 4.26%, respectively, over the past 60 days [8]. - Energy Transfer units are currently trading at a discount relative to the industry, with a trailing 12-month EV/EBITDA of 10.24X compared to the industry average of 11.48X, suggesting undervaluation [10]. Group 5: Price Performance - Energy Transfer units have appreciated by 13.8% over the past year, outperforming the Zacks Oil and Gas - Production Pipeline - MLB industry's growth of 9.2% [12].

Core Insights - The article emphasizes a versatile investment strategy suitable for various investor profiles, including dividend investors, value seekers, and those looking for growth opportunities [1]. Summary by Categories - **Investment Strategy**: The article outlines a comprehensive investment strategy that can accommodate different types of investors, highlighting its adaptability to various market conditions and investor goals [1].

Core Insights - Plains All American Pipeline, L.P. (PAA) and Plains GP Holdings (PAGP) have agreed to sell the majority of their Canadian Natural Gas Liquids (NGL) business to Keyera Corp. for approximately $3.75 billion (CAD $5.15 billion), with the transaction expected to close in the first half of 2026, pending necessary approvals [1][2]. Group 1: Transaction Details - The divestiture allows Plains to retain nearly all NGL assets in the United States and all crude oil assets in Canada, thereby increasing its focus on crude oil transportation [2]. - After tax payments and a one-time special distribution of 35 cents to unitholders, Plains anticipates net proceeds of nearly $3 billion from the transaction, which will be used for strategic acquisitions, preferred unit repurchases, and potential common unit buybacks [3][10]. Group 2: Strategic Implications - This transaction positions Plains as a focused, growth-oriented crude oil midstream company, reducing exposure to commodity volatility and seasonal fluctuations, which is expected to lead to more stable cash flow [4]. - The deal is valued at roughly 13 times the expected 2025 Distributable Cash Flow, indicating strong financial merit and the potential for increased excess cash flow, enhancing financial flexibility for efficient capital deployment [5]. Group 3: Industry Context - The global oil and gas pipeline market is projected to grow from $26.5 billion in 2023 to $44.01 billion in 2032, driven by rising energy consumption due to population growth, urbanization, and expanding industrial activity, presenting long-term growth opportunities for Plains [6]. - Midstream operations are capital-intensive and complex, often leading companies to divest non-core midstream assets to concentrate on higher-margin upstream or downstream segments [7].

Core Viewpoint - Plains All American Pipeline, L.P. and Plains GP Holdings have agreed to sell their Canadian NGL business to Keyera Corp for approximately $5.15 billion CAD ($3.75 billion USD), with the transaction expected to close in the first quarter of 2026, subject to regulatory approvals [1][2]. Transaction Details - The transaction will result in Plains divesting its Canadian NGL business while retaining its NGL assets in the United States and all crude oil assets in Canada [2]. - Plains expects to net approximately $3.0 billion USD from the transaction after taxes, transaction expenses, and a potential one-time special distribution [4]. Transaction Benefits - The sale is viewed as a win-win, allowing Plains to exit the Canadian NGL business at an attractive valuation while Keyera gains critical infrastructure [5]. - The transaction is anticipated to enhance Plains' free cash flow profile, reduce commodity exposure, and lower working capital requirements [5][7]. - The purchase price represents approximately 13 times the expected 2025 Distributable Cash Flow (DCF) [7]. Capital Allocation Strategy - Proceeds from the transaction will be prioritized towards disciplined capital allocation, including potential repurchases of preferred units and opportunistic common unit repurchases [8]. - The transaction is expected to create significant financial flexibility, allowing Plains to optimize its crude oil-focused asset base [7][8]. Tax Considerations - The transaction is a taxable event, expected to generate approximately $360 million USD in entity-level taxes payable in Canada [6][7]. - A one-time special distribution of approximately $0.35 per unit is intended to offset potential tax liabilities for unitholders, subject to Board approval [4][12]. Company Overview - Plains All American Pipeline operates midstream energy infrastructure and logistics services for crude oil and natural gas liquids, handling approximately eight million barrels per day [16]. - Plains GP Holdings holds a controlling general partner interest in Plains All American Pipeline, making it one of the largest energy infrastructure companies in North America [17].