Second Quarter 2025 Performance Overview - Retail Segment gross profit decreased by 1% to $76.127 million[6] - Retail Segment operating income decreased by 10% to $25.299 million[6] - Wholesale Segment gross profit decreased by 12% to $24.865 million[6] - Wholesale Segment operating income decreased by 15% to $17.744 million[6] - Net income increased by 103% to $25.168 million[8] - Adjusted EBITDA decreased by 13% to $37.083 million[8] - Distributable Cash Flow decreased by 14% to $22.396 million[8] Capital Management - Second quarter capital expenditures totaled $11.8 million, including $9.3 million in growth capex[13] - Credit facility balance was $727.0 million as of June 30, 2025[13] - Leverage ratio was 3.65x at June 30, 2025[13]

Financial Performance - Energy Transfer's Q2 2025 Adjusted EBITDA was $3.87 billion[7] - Distributable Cash Flow attributable to partners in Q2 2025 was $1.96 billion[7] - Year-to-date 2025 Growth Capital Expenditures reached $2.0 billion, while Maintenance Capital Expenditures were $418 million[7] - The company anticipates approximately $5.0 billion in Growth Capital Expenditures for the full year 2025[7] - The quarterly cash distribution increased to $0.33 per unit, a rise of over 3% compared to Q2 2024[7] Operational Highlights - Interstate natural gas transportation volumes increased by 11% compared to Q2 2024[7] - Midstream gathered volumes rose by 10%, setting a new partnership record[7] - Crude oil transportation volumes increased by 9%, also setting a new partnership record[7] - Total NGL exports increased by 5%, establishing another new partnership record[7] Strategic Initiatives - The company announced a 1.5 Bcf/d expansion to the Transwestern Pipeline, named the Desert Southwest expansion project, involving a 516-mile, 42-inch natural gas pipeline connecting the Permian Basin with markets in Arizona and New Mexico[7]

Core Viewpoint - CrossAmerica Partners LP reported a significant improvement in net income for Q2 2025 compared to Q2 2024, primarily due to asset sales, although overall performance remains below prior-year levels [3][4][5]. Financial Performance - Net Income for Q2 2025 was $25.2 million, up from $12.4 million in Q2 2024, reflecting a $12.7 million increase [4][5]. - Adjusted EBITDA decreased to $37.1 million in Q2 2025 from $42.6 million in Q2 2024, a decline of $5.5 million [4][5]. - Distributable Cash Flow for Q2 2025 was $22.4 million, down from $26.1 million in Q2 2024 [4][5]. - The Distribution Coverage Ratio for Q2 2025 was 1.12x, compared to 1.30x in Q2 2024 [4][5]. Segment Performance Retail Segment - Retail segment gross profit for Q2 2025 was $76.1 million, slightly down from $76.6 million in Q2 2024 [5][7]. - Motor fuel gallons distributed in the retail segment decreased to 141.7 million in Q2 2025 from 143.0 million in Q2 2024, a 1% decline [7][8]. - Merchandise gross profit increased by 2% year-over-year, with same-store merchandise sales excluding cigarettes rising by 4% [9][10]. Wholesale Segment - Wholesale segment gross profit fell to $24.9 million in Q2 2025 from $28.1 million in Q2 2024, a 12% decrease [11][12]. - Wholesale motor fuel gallons distributed decreased to 179.2 million in Q2 2025 from 192.1 million in Q2 2024, a 7% decline [11][12]. Asset Management and Divestment - CrossAmerica sold 60 properties for $64.0 million during Q2 2025, resulting in a net gain of $29.7 million [13]. - The company reduced debt by over $50 million through asset sales, strengthening its balance sheet [3][4]. Liquidity and Capital Resources - As of June 30, 2025, CrossAmerica had $727.0 million outstanding under its credit facility, down from $778.0 million at the end of 2024 [14]. - Leverage was reported at 3.65 times as of June 30, 2025, compared to 4.36 times at the end of 2024 [14]. Distributions - The Board declared a quarterly distribution of $0.5250 per limited partner unit for Q2 2025, payable on August 14, 2025 [15].

Financial Data and Key Metrics Changes - Westlake Partners reported a net income of $15 million or $0.41 per unit for Q2 2025, which is consistent with Q2 2024 net income [6][8] - Consolidated net income, including OpCo's earnings, was $86 million, benefiting from a $14 million protection from the ethylene sales agreement [7][8] - Distributable cash flow decreased to $15 million or $0.43 per unit, down by $2 million compared to 2024 due to higher maintenance capital expenditures [8][9] - The partnership maintained a strong cash balance of $81 million and a long-term debt of $400 million, with a consolidated leverage ratio of approximately one time [9][10] Business Line Data and Key Metrics Changes - The stability of cash flow is attributed to the fixed margin ethylene sales agreement, which minimizes market volatility and production risks [6][12] - The successful completion of the PetroR1 turnaround positions the partnership for solid earnings and cash flows in the future [11][12] Market Data and Key Metrics Changes - Global industrial and manufacturing activity has been soft in 2025, impacting the global chemical industry [11] - The ethylene sales agreement provides a predictable fee-based cash flow structure, insulating the partnership from market fluctuations [12] Company Strategy and Development Direction - The company plans to evaluate growth opportunities through four levers: increasing ownership interest in OpCo, acquiring other qualified income streams, organic growth through facility expansions, and negotiating higher fixed margins in the ethylene sales agreement [12] - The focus remains on providing long-term value and distributions to unitholders while maintaining safe operations and environmental stewardship [12] Management's Comments on Operating Environment and Future Outlook - Management noted that despite the challenging macroeconomic backdrop, financial performance and distributions will continue to be supported by the ethylene sales agreement [11][12] - There is no immediate need for Westlake Corporation to raise equity capital, indicating a stable financial position [18] Other Important Information - The partnership has made 44 consecutive quarterly distributions since its IPO in July 2014, with a 71% increase in distributions since the original minimum quarterly distribution [9][10] Q&A Session Summary Question: Will the outage impact from Q2 affect OpCo assets in Q3? - Management confirmed that the ethylene unit was not affected by the outage and is running reliably post-turnaround [17] Question: Are certain growth opportunities more appealing in the current environment? - Management indicated that there is no immediate need for capital, and the markets have contracted, making it unlikely to raise equity capital in the current year [18]

Company Overview - Global Partners operates approximately 1,700 fueling stations[14] - The company has 54 liquid energy terminals with approximately 21.9 million barrels of storage capacity[14] - The company owns or controls 786 retail sites, approximately 48% of the 1,561 supplied locations[42] Financial Performance (Q1 2025 vs Q1 2024) - Product margin increased to $288.6 million from $244.1 million[63] - Net income improved to $18.7 million from a loss of $5.6 million[63] - EBITDA increased to $91.9 million from $56.9 million[63] - Adjusted EBITDA increased to $91.1 million from $56.0 million[63] - Distributable Cash Flow (DCF) increased to $45.7 million from $15.8 million[63] - Adjusted DCF increased to $46.4 million from $16.0 million[63] Strategic Initiatives - The company is expanding into the Houston market through a joint venture, targeting a population of approximately 7 million residents[48, 50] - The company is focused on expanding EV charging access across retail locations[30]

Core Insights - Enbridge Inc. reported first-quarter 2025 adjusted EPS of 72 cents, exceeding the Zacks Consensus Estimate of 68 cents, and up from 68 cents in the prior year [1] - Total revenues for the quarter reached $12.9 billion, significantly higher than $8.2 billion in the same quarter last year, and also surpassed the Zacks Consensus Estimate of $9.5 billion [1] Financial Performance - The strong quarterly results were driven by higher Adjusted EBITDA contributions from major business segments including Liquids Pipelines, Gas Transmission, and Gas Distribution and Storage [2] - Enbridge's Distributable Cash Flow (DCF) was reported at C$3.77 billion, an increase from C$3.46 billion a year ago [7] Segment Analysis - **Liquids Pipelines**: Adjusted EBITDA totaled C$2.59 billion, up from C$2.40 billion year-over-year, supported by higher contributions from Mainline and Line 9 throughputs [4] - **Gas Transmission**: Adjusted earnings reached C$1.47 billion, an increase from C$1.27 billion in the first quarter of 2024, aided by U.S. gas transmission contributions and new acquisitions [5] - **Gas Distribution and Storage**: Generated a profit of C$1,600 million, up from C$765 million in the prior year, primarily due to increased contributions from U.S. Gas Utilities [6] - **Renewable Power Generation**: Recorded earnings of C$223 million, down from C$257 million in the prior year [6] - **Eliminations and Other**: Achieved a profit of C$40 million, improving from a loss of C$642 million in the first quarter of 2024 [6] Balance Sheet - As of the end of the first quarter, Enbridge reported long-term debt of C$97.2 billion and cash and cash equivalents of C$2.3 billion, with a current portion of long-term debt at C$5.1 billion [8] Outlook - For 2025, the company reaffirmed its guidance for adjusted EBITDA in the range of $19.4-$20.0 billion and DCF per share between $5.50-$5.90 [9] - Enbridge also reaffirmed a near-term growth outlook (2023-2026) of 7-9% for adjusted EBITDA and 3% for DCF per share [9]

Core Insights - Summit Midstream Corporation reported financial and operational results for Q1 2025, achieving adjusted EBITDA of $57.5 million and net income of $4.6 million, aligning with management expectations [3][6][41] - The company connected 41 new wells during the quarter and maintained an active customer base with six drilling rigs and over 100 DUCs behind its systems [3][6] - The outlook for natural gas remains favorable, while crude oil prices have softened, impacting the Rockies segment's performance [3][4] Financial Performance - Adjusted EBITDA for Q1 2025 was $57.5 million, down from $70.1 million in Q1 2024, with cash flow available for distributions at $33.5 million [6][41] - Total revenues increased to $132.7 million in Q1 2025 from $118.9 million in Q1 2024, driven by gathering services and related fees [41] - Capital expenditures totaled $20.6 million in Q1 2025, primarily for pad connections and optimization projects [15][41] Segment Performance - Natural gas price-driven segments generated $34.2 million in adjusted EBITDA, a 39% increase from Q4 2024, with the Mid-Con segment adjusted EBITDA rising to $22.5 million [7][12] - Oil price-driven segments produced $33.1 million in adjusted EBITDA, a 6.8% increase from Q4 2024, with the Rockies segment adjusted EBITDA at $24.9 million [12][14] - The Piceance segment's adjusted EBITDA remained flat at $11.8 million, impacted by lower volume throughput [8][12] Operational Highlights - Average daily natural gas throughput increased by 19.8% to 883 MMcf/d, while liquids volumes rose by 8.8% to 74 Mbbl/d compared to Q4 2024 [4][42] - The Double E pipeline transported an average of 664 MMcf/d, contributing $8.3 million in adjusted EBITDA for the quarter [4][12] - The company has a strong balance sheet with $26.2 million in unrestricted cash and $354 million of borrowing availability under its ABL Revolver as of March 31, 2025 [19][20] Strategic Initiatives - The company completed the acquisition of Moonrise Midstream in the DJ Basin and executed a $10 million optimization project in the Rockies, expected to enhance adjusted EBITDA margins [6][12] - Summit Midstream reinstated cash dividends on its Series A Preferred Stock, with the next payment scheduled for June 14, 2025 [23][41] - The company continues to monitor the impact of tariffs and crude oil price fluctuations on its operations and customer drilling plans [3][6]

Core Insights - CrossAmerica Partners LP reported a net loss of $7.1 million for Q1 2025, an improvement from a net loss of $17.5 million in Q1 2024, indicating a challenging yet improving financial landscape for the company [4][5][6] - Adjusted EBITDA for Q1 2025 was $24.3 million, slightly up from $23.6 million in the same period last year, driven by increased gross profit in the retail segment [4][5][6] - The company continues to execute its asset rationalization strategy, enhancing its portfolio strength for future growth [3][4] Financial Performance - Net Income (Loss): Q1 2025 reported a loss of $7.1 million compared to a loss of $17.5 million in Q1 2024 [4][5] - Adjusted EBITDA: Increased to $24.3 million in Q1 2025 from $23.6 million in Q1 2024 [4][5] - Distributable Cash Flow: Decreased to $9.1 million in Q1 2025 from $11.7 million in Q1 2024 [4][5] - Distribution Coverage Ratio: Current quarter at 0.46x compared to 0.59x in Q1 2024; trailing twelve months at 1.04x compared to 1.37x [4][5] Retail Segment Highlights - Retail segment gross profit increased to $63.2 million in Q1 2025 from $54.4 million in Q1 2024, a 16% increase [7][8] - Motor fuel gallons distributed in the retail segment rose to 126.5 million from 121.7 million year-over-year [7][8] - Same-store merchandise sales excluding cigarettes decreased by 1% to $48.7 million in Q1 2025 [10] Wholesale Segment Highlights - Wholesale segment gross profit slightly decreased to $26.7 million in Q1 2025 from $27.0 million in Q1 2024 [12][13] - Motor fuel gallons distributed in the wholesale segment fell to 162.9 million from 184.0 million year-over-year [12][13] - Average wholesale gross profit per gallon increased to $0.097 from $0.079 [12][13] Asset Management and Divestment - CrossAmerica sold seven sites for $8.6 million in proceeds during Q1 2025, resulting in a net gain of $5.6 million [14] - The company is actively rationalizing its real estate assets to optimize its operational efficiency [14][6] Liquidity and Capital Resources - As of March 31, 2025, CrossAmerica had $778.0 million outstanding under its credit facility, with approximately $87.2 million available for future borrowings [15] - Leverage ratio was 4.27 times as of March 31, 2025, down from 4.36 times at the end of 2024 [15] Distribution Information - The Board declared a quarterly distribution of $0.5250 per limited partner unit for Q1 2025, to be paid on May 15, 2025 [16]

Q1 2025 Earnings May 6, 2025 Forward-looking Statements / Legal Disclaimer $4.10 BILLION Management of Energy Transfer LP (ET) will provide this presentation in conjunction with ET's 1st 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), USA Compression Partners, LP (USAC), and ET (collectively, the Partnerships), and their subsidiaries and this presentation may contain statements about futur ...

Core Insights - Gibson Energy Inc. reported strong financial and operational results for Q1 2025, achieving record quarterly Infrastructure EBITDA of $155 million, driven by high volumes at Gateway and Edmonton terminals [3][5][6] - The company is focused on cost savings and has realized approximately $6 million in recurring and non-recurring savings, with a target of over $25 million [5][6] - A strategic long-term partnership with Baytex Energy Corp. was secured, which will enhance cash flow quality through investment in new liquids infrastructure [5][6][7] Financial Highlights - Revenue for Q1 2025 was $2,748 million, a decrease of $541 million from $3,289 million in Q1 2024, primarily due to reduced sales volumes and lower commodity prices [6] - Infrastructure Adjusted EBITDA increased by $4 million or 2% year-over-year, reaching $155 million, attributed to increased throughput and lower operating costs [6] - Marketing Adjusted EBITDA fell to $0, a decrease of $33 million from Q1 2024, due to lower contributions from the Crude Marketing business [6] - Consolidated Adjusted EBITDA was $142 million, a decrease of $28 million or 16% from the previous year [6] - Net income rose to $50 million, a $9 million or 23% increase from Q1 2024, mainly due to lower general and administrative costs [6] - Distributable Cash Flow was $91 million, a decrease of $24 million or 21% from Q1 2024 [6] Operational Developments - The company appointed Riley Hicks as Senior Vice President and Chief Financial Officer and Dave Gosse as Senior Vice President and Chief Operating Officer [5][15] - Gibson surpassed a safety milestone with over 9 million hours worked without a lost time injury [15] - The Gateway dredging project was completed safely, on time, and on budget, enhancing the terminal's capacity [15] Strategic Developments - Gibson entered into a long-term agreement with Baytex, involving an investment of approximately $50 million in new liquids infrastructure [5][6][7] - The company is well-positioned for a strong finish to the year, supported by a revitalized leadership team and disciplined execution [3][5]