Western Midstream Partners (NYSE:WES) Q4 2025 Earnings call February 19, 2026 10:00 AM ET Company ParticipantsDaniel Jenkins - Director of Investor RelationsDanny Holderman - COOKristen Shults - CFOOscar Brown - CEOConference Call ParticipantsGabe Moreen - Managing Director and Senior Equity Research AnalystJeremy Tonet - Executive Director and Senior Equity Research AnalystKeith Stanley - Director and Senior Equity Research AnalystWade Suki - Equity Research AnalystOperatorGood morning. My name is Rebecca, ...

NYSE: DTM Safe Harbor Statement This presentation contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, market conditions, and other matters, based on what we believe to be reasonable assumptions ...

Full year 2025 Adjusted EBITDA of $1.138 billion, a 17% increase from 2024Increased dividend by 7%Announced final investment decision on two pipeline projects DETROIT, Feb. 19, 2026 (GLOBE NEWSWIRE) -- DT Midstream, Inc. (NYSE: DTM) today announced fourth quarter 2025 reported net income of $111 million, or $1.08 per diluted share. For the fourth quarter of 2025, Operating Earnings were also $111 million, or $1.08 per diluted share. Adjusted EBITDA for the quarter was $293 million. Full year 2025 reported n ...

Western Midstream Announces Record Fourth-Quarter and Full-Year 2025 Results [Accessibility Statement] Skip NavigationAnnounces 2026 Financial Guidance- Planning to recommend to the Board a distribution increase of $0.02 per unit to $0.93 per unit, or $3.72 per unit on an annualized basis, starting in the first quarter of 2026, which represents a 2.2-percent increase over the prior quarter's distribution.- Providing 2026 Distributable Cash Flow(2) ("DCF") guidance range of $1.850 billion to $2.050 billion, ...

All financial figures are in Canadian dollars unless otherwise noted CALGARY, Alberta, Feb. 17, 2026 (GLOBE NEWSWIRE) -- Gibson Energy Inc. (TSX:GEI) ("Gibson" or the "Company") announced today its financial and operating results for the three and twelve months ended December 31, 2025. Key Highlights: Delivered record quarterly Infrastructure EBITDA(1) of $160 million, driven by strong volume growth and the completion of key capital projectsAnnounced a 5% dividend increase, the seventh consecutive annual in ...

Q4 2025 Earnings February 17, 2026 Forward-looking Statements / Legal Disclaimer Management of Energy Transfer LP (ET) will provide this presentation in conjunction with ET's 4th quarter 2025 earnings conference call. On the call, members of management may make statements about future events, outlook and expectations related to Sunoco LP (SUN), SunocoCorp LLC (SUNC), USA Compression Partners, LP (USAC), and ET (collectively, the Partnerships), and their subsidiaries and this presentation may contain stateme ...

4Q25 Earnings Call Investor Relations Contacts Blake Fernandez Vice President, Investor Relations Blake.Fernandez@plains.com Ross Hovde Director, Investor Relations Ross.Hovde@plains.com Investor Relations 866-809-1291 plainsIR@plains.com 2 February 6, 2026 Forward-Looking Statements & Non-GAAP Financial Measures Disclosure This presentation contains forward-looking statements, including, in particular, statements about the performance, plans, strategies and objectives for future operations of Plains All Am ...

Financial Results - Adjusted EBITDA from continuing operations for Q3 Fiscal 2026 was $172.5 million, up from $158.0 million in Q3 Fiscal 2025, representing a growth of 9.4% [1] - Income from continuing operations for Q3 Fiscal 2026 was $48.2 million, compared to $23.7 million in Q3 Fiscal 2025, indicating a significant increase of 103.8% [1] - Total revenues for Q3 Fiscal 2026 were $909.8 million, compared to $982.4 million in Q3 Fiscal 2025 [5] Water Solutions Segment - Paid and physically disposed water volumes reached 3.13 million barrels per day in Q3 Fiscal 2026, a 7% increase from the previous year [1] - Record produced water volumes disposed of were approximately 3.07 million barrels per day, growing 17.1% from Q3 Fiscal 2025 [1] - Operating income for the Water Solutions segment increased by $32.8 million compared to the same quarter last year, driven by higher disposal revenues and increased water pipeline revenue [2] Equity Transactions - The company repurchased 1,611,088 common units during the quarter, totaling 8,698,477 units repurchased at an average price of $5.6963 [1] - In October, NGL purchased an additional 18,506 Class D preferred units, bringing the total redeemed to approximately 15% of the originally outstanding units [1] Capitalization and Liquidity - Total liquidity as of December 31, 2025, was approximately $331.1 million, with borrowings on the asset-based revolving credit facility totaling about $92.0 million [2] - The company is in compliance with all debt covenants and has no upcoming debt maturities [2] Forward-Looking Statements - The company reaffirmed its full-year guidance for Adjusted EBITDA between $650 million to $660 million and anticipates Fiscal 2027 Adjusted EBITDA to exceed $700 million [1]

Core Insights - MPLX LP reported a fourth-quarter 2025 net income of $1,193 million, an increase from $1,099 million in the fourth quarter of 2024, with adjusted EBITDA rising to $1,804 million from $1,762 million in the same period [1][5]. Financial Performance - For Q4 2025, MPLX generated $1,496 million in net cash from operating activities, $1,417 million in distributable cash flow, and $1,567 million in adjusted free cash flow [2]. - The full year 2025 saw MPLX generate $5.9 billion in net cash from operating activities, $5.8 billion in distributable cash flow, and $1.0 billion in adjusted free cash flow, compared to $5.9 billion, $5.7 billion, and $3.9 billion in 2024 respectively [3]. - The company announced a distribution of $1.0765 per common unit for Q4 2025, resulting in a distribution coverage of 1.3x for the quarter [2][5]. Growth and Investments - In 2025, MPLX invested over $4 billion to grow its natural gas and NGL value chains and plans to execute growth anchored in the Permian and Marcellus basins in 2026 [4]. - The company is advancing its strategic initiatives to meet the growing demand for natural gas and NGLs, aiming for mid-single digit adjusted EBITDA growth [4]. Segment Performance - The Crude Oil and Products Logistics segment's adjusted EBITDA increased by $52 million in Q4 2025 compared to Q4 2024, driven by a FERC tariff ruling and higher rates [9]. - The Natural Gas and NGL Services segment's adjusted EBITDA decreased by $10 million in Q4 2025, primarily due to a reduction associated with the divestiture of non-core assets and lower natural gas liquids prices [11]. Capital Expenditure and Future Outlook - MPLX's capital spending outlook for 2026 is $2.7 billion, with $2.4 billion allocated for growth and $300 million for maintenance [13]. - The company is focusing on expanding its Permian to Gulf Coast integrated value chain and investing in processing capacity in response to producer demand [13]. Financial Position - As of December 31, 2025, MPLX had $2.1 billion in cash and a leverage ratio of 3.7x, with cash flows supporting a leverage range of 4.0x [18]. - The partnership repurchased $100 million of common units in Q4 2025, with approximately $1.1 billion remaining under its unit repurchase authorizations [19].

Core Viewpoint - Enbridge Inc. has provided its 2026 guidance, projecting adjusted EBITDA between $20.2 billion and $20.8 billion, with distributable cash flow (DCF) per share estimated at $5.70 to $6.10 [1]. Group 1: 2026 Guidance - The company anticipates EBITDA contributions from Liquids Pipelines of approximately $9.6 billion, Gas Transmission around $5.5 billion, and Gas Distribution & Storage roughly $4.5 billion [2]. - Enbridge plans to invest about $10 billion in growth capital for 2026, excluding maintenance capital, while targeting a year-end debt-to-EBITDA ratio of 4.5 to 5 times [2]. Group 2: Dividend Information - The company has increased its quarterly dividend by 3% to 97 cents, which translates to an annualized dividend of $3.88, effective March 1, 2026 [3]. Group 3: 2025 & Long-Term Outlook - For 2025, adjusted EBITDA is projected to be in the upper half of the $19.4 billion to $20 billion range, with DCF per share at the midpoint of $5.50 to $5.90 [4]. - Enbridge reaffirmed its 2023–2026 compound annual growth rate (CAGR) outlook of 7% to 9% for EBITDA, 4% to 6% for adjusted EPS, and approximately 3% for DCF per share, with post-2026 growth expected at around 5% for EBITDA, EPS, and DCF per share [4]. - The company expects about $8 billion in new projects to enter service in 2026, supported by low-risk commercial frameworks, and anticipates strong growth from recent rate settlements in Gas Distribution and Gas Transmission [4]. Group 4: Recent Earnings Results - In the latest earnings report, the company reported third-quarter adjusted EPS of 33 cents, which fell short of the estimated 39 cents, and revenue of $10.633 billion, below the consensus of $10.860 billion [5]. - Enbridge shares experienced a slight increase of 0.35%, reaching $48.29 at the time of publication [5].