Broad-Based Growth in 4Q25 Midstream/MLP Dividends## Summary- Midstream indexes have kicked off 2026 with exceptionally strong performance, generating double-digit total returns year-to-date through February 18 that handily outpace the broader market.- Both MLPs and corporations drove sequential growth in payouts for 4Q25. No AMNA constituent has cut its regular dividend since July 2021.- On a year-over-year basis, 92.7% of the Alerian Midstream Energy Index (AMNA) by weighting have grown their dividends.Fo ...

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1Q 2026 Investor Presentation February 2026 Elba LNG Disclosure Forward-Looking Statements / Non-GAAP Financial Measures / Industry & Market Data General – The information contained in this presentation does not purport to be all-inclusive or to contain all information that prospective investors may require. Prospective investors are encouraged to conduct their own analysis and review of information contained in this presentation as well as important additional information available on the Securities and Ex ...

A month has gone by since the last earnings report for Kinder Morgan (KMI) . Shares have added about 9.6% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Kinder Morgan due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important drivers.Kinder Morgan Q4 Earnings Beat EstimatesKinder Morgan re ...

Core Viewpoint - Energy Transfer presents a high total return potential driven by a strong dividend yield and ongoing expansion projects [1][2][9] Expansion Projects - Energy Transfer, in partnership with Kinder Morgan, has approved two significant expansion projects on the Florida Gas Transmission pipeline, investing $535 million in FGT Phase IX and $110 million in the South Florida Project, with completion expected in 2028 and 2030 respectively [4][5] - The company plans to invest between $5 billion and $5.5 billion in growth capital projects this year, supporting various projects including the $2.7 billion Hugh Brinson natural gas pipeline and the $5.6 billion Transwestern Pipeline expansion, anticipated to be operational by 2029 [6][7] Financial Performance - Energy Transfer expects a 9% to 12% growth in adjusted EBITDA this year, a significant increase from the previous year's 3% growth, which supports plans to increase its distribution by 3% to 5% annually [8][9] - The company has a market capitalization of $65 billion and a current dividend yield of 7.03%, indicating strong income potential for investors [6]

Core Insights - The article discusses the significance of insider buying in dividend stocks amidst concerns over a recent executive order affecting CEO pay, dividends, and stock buybacks in the U.S. defense sector [2][3][4] Group 1: Insider Buying and Market Sentiment - Insider buying is highlighted as a reliable indicator for investors, as insiders possess first-hand information about their companies [4] - The article references Peter Lynch's philosophy that insiders buy shares when they believe the price will rise, emphasizing the importance of insider transactions [5] Group 2: Methodology for Stock Selection - The list of 12 dividend stocks with high insider buying was compiled using the Finviz stock screener, focusing on stocks with insider ownership of 10% or more [8] - The stocks were ranked based on insider ownership and included data on hedge fund holdings from Q3 2025 to provide additional insights into investor interest [8][10] Group 3: Company-Specific Insights - Paychex, Inc. (NASDAQ:PAYX) has a dividend yield of 4.45% and insider ownership of 10.32%, with significant insider purchases made on February 5, 2026 [11] - Kinder Morgan, Inc. (NYSE:KMI) has a dividend yield of 3.72% and insider ownership of 12.79%, with notable insider activity including a purchase by a director on February 3, 2026, and a dividend increase of 2% announced for Q4 2026 [15][18]

Core Viewpoint - Kinder Morgan (KMI) shares have experienced a positive trend, marking seven consecutive sessions of gains, with a recent increase of 1% to $32.32 on Friday [1] Performance Summary - The energy infrastructure company saw a total gain of 4.5% over the preceding six sessions [1] - KMI's stock has risen by 17% over the past month [1] Company Insights - Kinder Morgan is noted for leveraging its irreplaceable position in the U.S. energy sector [1]

Infrastructure and Capacity - As of December 31, 2025, the company owned and operated approximately 78,000 miles of pipelines and 136 terminals, with a working natural gas storage capacity of approximately 706 Bcf[20]. - The company owns and operates a total of 10,725 miles of pipeline with a design capacity of 6.41 Bcf/d for EPNG/Mojave and 6.00 Bcf/d for CIG[34]. - The company has approximately 42,000 miles of wholly owned natural gas pipelines and equity interests in entities with approximately 25,000 miles of additional pipelines[32]. - The company owns and operates a total of 11,760 miles of pipeline in the East Region, with a design capacity of 14.56 Bcf/d and processing capacity of 76 MBbl/d[33]. - The company operates 47 liquids terminals with a total capacity of 78.7 MMBbl and 24 bulk terminals[48]. Projects and Acquisitions - The company completed the acquisition of a natural gas gathering and processing system in North Dakota for $648 million, which includes a 0.27 Bcf/d processing facility[22]. - The first phase of the TGP and SNG Evangeline Pass project, providing approximately 0.9 Bcf/d of natural gas transportation capacity, was placed in service in July 2024, with a total capital scope of $661 million[22]. - The South System Expansion 4 project is expected to increase capacity by approximately 1.3 Bcf/d, with a total capital scope of $1,830 million, and is expected to be completed in two phases by the fourth quarter of 2029[23]. - The Trident Intrastate pipeline project aims to provide approximately 2.0 Bcf/d of capacity, with a total capital scope of $1,799 million, and is expected to be completed by the fourth quarter of 2028[23]. - The Mississippi Crossing project is designed to transport up to 2.1 Bcf/d of natural gas, with an expected in-service date in the second quarter of 2028 and a capital scope of $1,703 million[23]. Financial Performance and Strategy - The company issued $1,850 million of new senior notes during 2025 to repay short-term borrowings and fund maturing debt[25]. - The business strategy focuses on stable, fee-based energy transportation and storage assets, with an emphasis on increasing utilization and controlling costs[29]. - The company aims to maintain a strong financial profile and enhance shareholder value through disciplined capital allocation and expansion projects[29]. - The profitability of the refined petroleum products pipeline transportation business is driven by the volume of products transported and the prices received, with demand generally stable except during high price periods or recessions[43]. - The company does not rely on any single customer for more than 10% of its total consolidated revenues, indicating a broad customer base[64]. Regulatory Compliance and Environmental Impact - The company is subject to extensive federal, state, and local regulations, impacting its operational and financial strategies[65]. - The FERC has the authority to impose civil penalties of nearly $1.6 million per day for regulatory violations, emphasizing the importance of compliance[69]. - The company is subject to extensive federal, state, and local laws and regulations related to environmental protection, which may require significant capital expenditures for compliance[83]. - The company is required to conduct additional assessments to identify risks in Moderate Consequence Areas (MCAs) for gas pipelines as part of its pipeline safety obligations[97]. - The company anticipates that GHG regulations may increase demand for carbon sequestration technologies, which have been successfully demonstrated in its enhanced oil recovery operations[95]. Employee and Operational Management - The company employed 11,028 full-time personnel as of December 31, 2025, including approximately 867 full-time hourly personnel under collective bargaining agreements expiring between 2026 and 2029[104]. - The company is committed to equal opportunity employment and provides ongoing career development programs to support employee growth[108]. - Employee development is supported through various programs, including workforce training and tuition reimbursement, aimed at maximizing employee potential[109]. - The compensation program is linked to both long- and short-term strategic financial and operational objectives, including competitive base salaries and benefits[110]. Market Competition - The company competes in the natural gas infrastructure market with a focus on location, rates, and reliability of service, facing competition from both interstate and intrastate pipelines[38]. - The company competes with other independent terminals and major oil companies in the liquids terminal market, leveraging its large capacity to attract customers[52]. Waste Management and Safety - The company generates both hazardous and non-hazardous wastes, subject to the Federal Resource Conservation and Recovery Act (RCRA) and comparable state statutes[84]. - The company is required to develop and maintain pipeline integrity management programs under PHMSA regulations, which have expanded safety obligations[96][97]. - The company aims to outperform the annual industry average total recordable incident rate (TRIR) of 0.9 for 2025[105].

Core Viewpoint - Plains All American Pipeline, L.P. is a significant player in the midstream energy sector, focusing on the transportation, storage, and marketing of crude oil and natural gas liquids, primarily in North America [1] Financial Performance - Plains All American reported fourth-quarter earnings per share of 40 cents, slightly below the analyst consensus of 41 cents, and quarterly sales of $10.56 billion, missing the expected $12.73 billion [2] - Following the earnings report, PAA shares declined by 1.6%, trading at $19.09, with a current stock price of $19.20, reflecting a decrease of 1.03% [4] Market Position and Strategy - Analysts have increased their forecasts for Plains All American despite the earnings misses, indicating confidence in the company's strategic initiatives [3] - The company is focusing on the sale of its Canadian NGL business and the acquisition of Cactus III to enhance efficiency and growth potential in the volatile oil market [3][6] - Today's trading volume for PAA is 1,496,703 shares on the NASDAQ exchange, as the company aims to become a leading North American crude oil midstream provider [5] Price Target and Analyst Outlook - Scotiabank set a price target of $23 for PAA, suggesting a potential upside of 19.57% from its then trading price of $19.24 [2][6]

Core Insights - Hess Midstream LP (NYSE:HESM) is a significant player in the midstream energy sector, focusing on the processing, storage, and transportation of natural gas and crude oil, primarily in the United States [1] Financial Performance - For the fourth quarter of 2025, HESM reported earnings per share (EPS) of $0.72, slightly below the estimated $0.723, but an increase from $0.68 in the same quarter of 2024, indicating growth in profitability [2][6] - The company's revenue for the quarter was approximately $404.2 million, missing the estimated $419.2 million, which raises concerns about meeting market expectations [3][6] - HESM's net income for the quarter was $168 million, a slight decrease from $172.1 million in the previous year, indicating some pressure on profitability [3] Financial Ratios - HESM has a price-to-earnings (P/E) ratio of 13.81, a price-to-sales ratio of 4.56, and an enterprise value to sales ratio of 6.91, reflecting the market's valuation of its earnings and revenue [4] - The enterprise value to operating cash flow ratio is 11.17, indicating the relationship between the company's value and its cash flow from operations [4] Financial Health - The company has a high debt-to-equity ratio of 6.63, indicating significant reliance on debt financing, which could pose risks if financial challenges arise [5][6] - HESM's current ratio is 0.75, suggesting potential liquidity issues as it may struggle to cover short-term liabilities with current assets [5][6] - Despite these challenges, the earnings yield stands at 7.24%, offering a decent return on investment for shareholders [5]