Core Viewpoint - Western Midstream Partners (WES) has increased its Q1 2026 distribution to $0.93 per unit, resulting in an annualized payout of $3.72, which yields approximately 9.1% at the current unit price of $41.01. The sustainability of this yield is questioned due to potential operational headwinds and financial performance concerns [1][4]. Financial Performance - WES reported a record adjusted EBITDA of $2.48 billion for the full year 2025, with free cash flow of $1.53 billion, exceeding its own guidance [8]. - The company returned over $1.4 billion to unitholders in 2025 while maintaining net leverage below 3.0x and liquidity of approximately $2.0 billion [8]. - The guidance for 2026 indicates distributable cash flow (DCF) per unit between $4.59 and $5.08, suggesting that the annualized distribution of $3.72 consumes about 75% of the DCF midpoint, leaving a buffer even at the lower end of guidance [8]. Operational Challenges - WES faces throughput challenges as major producers, including Occidental, are reducing drilling activity on serviced acreage, leading to expected declines in crude oil and NGLs throughput by low-to-mid single digits in 2026 [2][10]. - The company anticipates mid-to-high single-digit declines in DJ Basin throughput, with pricing pressure affecting natural gas volumes in the Delaware Basin [10]. Growth Opportunities - The acquisition of Aris and the expansion of the Pathfinder pipeline are expected to drive produced-water throughput growth by over 80% in 2026, providing a counterbalance to the declines in drilling activity [12]. - The fee-based contract structure, including renegotiated fixed-fee arrangements with Occidental and ConocoPhillips, helps insulate cash flows from commodity price fluctuations [8]. Strategic Outlook - CEO Oscar Brown emphasized a strategy to grow distribution slightly behind EBITDA growth, aiming for a 300 basis point spread, which is larger than usual [8]. - The upcoming Q2 2026 earnings report will be crucial for assessing the success of diversifying the customer base beyond Occidental and the commercial momentum of the Pathfinder system [12].

Financial Data and Key Metrics Changes - Summit generated approximately $58.6 million of Adjusted EBITDA in Q4 2025, with full-year Adjusted EBITDA of approximately $243 million [5][11] - Distributable Cash Flow for Q4 was $33.7 million, and Free Cash Flow was $17 million [5] - Capital expenditures totaled $19 million for the quarter and $89 million for the full year [11] - Net debt at year-end was approximately $930 million, with pro forma leverage at approximately 3.9 times [11] Business Line Data and Key Metrics Changes - Rockies segment generated Adjusted EBITDA of $27.8 million, a decrease of $1.2 million from Q3, primarily due to a decline in liquids volume [12] - Liquids volumes averaged approximately 66,000 barrels per day, a decrease of roughly 6,000 barrels per day from Q3 [13] - Natural gas volumes averaged approximately 160 million cubic feet per day, an increase of roughly 2 million cubic feet per day from Q3 [14] - Permian Basin segment reported Adjusted EBITDA of $8.7 million, an increase of $0.1 million from Q3, due to higher volume throughput [15] - Piceance segment reported Adjusted EBITDA of $10 million, a decrease of $2.5 million from Q3 [15] - Mid-Con segment reported Adjusted EBITDA of $21.5 million, a decrease of approximately $2.1 million from Q3 [15] Market Data and Key Metrics Changes - The company expects 116 to 126 well connections in 2026, with approximately 80% being crude oil-oriented [18] - In the Rockies, 90-100 well connects are expected in 2026, with a fairly even split between the DJ and Williston Basins [19] - The Piceance segment is expected to see no new well connects in 2026, leading to continued declines in volume and EBITDA [22] Company Strategy and Development Direction - The company is focused on executing high-return growth projects, particularly in the Permian and Rockies segments, with an expected Adjusted EBITDA growth of over $100 million by 2030 [10][34] - A binding open season has been launched to solicit additional customer commitments for a mainline compression project that could expand pipeline capacity by approximately 50% [25] - The company aims to maintain financial discipline while enhancing shareholder returns through a return of capital program [35] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth outlook in the Rockies segment, driven by development activity in the Bakken [8] - The company anticipates that sustained higher oil prices could lead to accelerated activity from customers and improved product margins [18] - Management noted that the outlook includes conservative assumptions regarding well connects and commodity prices, with potential for upside based on current market conditions [33] Other Important Information - The company successfully refinanced the Double E capital structure with a new $440 million term loan facility, enhancing financial flexibility [7][28] - The repayment of accrued and unpaid dividends on preferred stock is expected to simplify the balance sheet and enable a sustainable return of capital program [8] Q&A Session Summary Question: What level of additional commercial commitments is needed for the mainline compression expansion? - Management indicated that they are hopeful to close half the open capacity early in the open season, with a final investment decision possible as early as summer [39] Question: Discuss the capital needs between 2026 and 2029 for achieving $100 million of EBITDA growth by 2030. - Management expects to spend $50-$70 million annually on G&P segments, with additional capital for Double E financed through the new term loan [40][41] Question: What factors could drive upside or downside to the 2026 guidance of 116 to 126 well connections? - Management highlighted that the plan is based on current commodity prices, with potential for upside if prices remain high, incentivizing customers to accelerate development [45][46] Question: How is the company thinking about the path to reach the 3.5x leverage target and reinstating common shareholder dividends? - Management stated that if they hit the high end of the EBITDA range, leverage would be approximately 3.6x, and they may consider a dividend policy within the next 12 months [50]

Investor Presentation March 2026 Forward-looking Statements / Legal Disclaimer 2 2025 – Delivering Results Current Yield1 : ~7% Strategic Well Positioned For Continued Growth Significantly Improved Financial Position FY 2025 Adjusted EBITDA by Segment Management of Energy Transfer LP (ET) will provide this presentation to analysts and/or investors throughout March 2026. At the meetings, members of management may make statements about future events, outlook and expectations related to Sunoco LP (SUN), Sunoco ...

Core Insights - Delek Logistics Partners achieved a record year in 2025, driven by strong performance across its crude, gas, and water businesses, highlighted by the startup of the Libby 2 gas plant and the acquisition of Gravity Water Midstream [2][3] - The company provided 2026 EBITDA guidance of $520 to $560 million, factoring in a $10 million negative impact from Winter Storm Fern [2][3] - Delek Logistics declared a quarterly cash distribution of $1.125 per common limited partner unit for Q4 2025, marking a 0.4% increase from Q3 2025 and a 1.8% increase from Q4 2024 [5] Financial Performance - For Q4 2025, net income was $47.3 million, or $0.88 per diluted common limited partner unit, compared to $35.3 million, or $0.68 per diluted common limited partner unit, in Q4 2024 [3][4] - Net cash provided by operating activities was $43.2 million in Q4 2025, down from $49.9 million in Q4 2024 [3] - Adjusted EBITDA for Q4 2025 was $142.3 million, an increase from $114.3 million in Q4 2024, reflecting contributions from H2O Midstream and Gravity operations [4][7] Segment Performance - The Gathering and Processing segment reported an Adjusted EBITDA of $70.9 million in Q4 2025, up from $66.0 million in Q4 2024, primarily due to contributions from Gravity and H2O Midstream acquisitions [8] - The Wholesale Marketing and Terminalling segment's Adjusted EBITDA was $20.9 million in Q4 2025, slightly down from $21.2 million in Q4 2024, mainly due to the assignment of a marketing agreement [9] - The Storage and Transportation segment saw Adjusted EBITDA rise to $34.7 million in Q4 2025 from $17.8 million in Q4 2024, driven by increased interest income from sales-type leases [10] Debt and Liquidity - As of December 31, 2025, Delek Logistics had total debt of approximately $2.3 billion and cash of $10.9 million, resulting in a leverage ratio of approximately 4.07x [6][25] - The company had additional borrowing capacity of $0.9 billion under its $1.2 billion revolving credit facility [6] Distribution and Growth Strategy - Delek Logistics has delivered 52 consecutive quarterly distributions, marking 13 years of distribution growth [2] - The company is optimistic about future growth opportunities, particularly in the Delaware Basin, driven by advancements in integrated acid gas injection and sour gas treating solutions [2]

Core Insights - Sunoco LP (SUN) reported fourth-quarter 2025 earnings of 9 cents per unit, significantly missing the Zacks Consensus Estimate of $1.64, and a decline from 75 cents in the same quarter last year [1][10] - Total quarterly revenues reached $8.6 billion, falling short of the Zacks Consensus Estimate of $9.4 billion, but increased from $5.3 billion reported in the year-ago quarter [1][10] Financial Performance - The weaker-than-expected results were primarily due to higher total cost of sales and operating expenses, which increased to $8.4 billion from $5 billion a year ago [2][11] - Adjusted distributable cash flow totaled $442 million, up from $261 million in the previous year [8] - Net income for the quarter was $97 million, down from $141 million in the fourth quarter of 2024 [7] Distribution and Capital Expenditure - The board declared a distribution of $0.9317 per unit for Q4 2025, marking a sequential increase of 1.25% [3] - Capital expenditures for the quarter amounted to $233 million, including $130 million in growth capital and $103 million in maintenance capital [11] Segment Performance - Fuel Distribution segment reported adjusted EBITDA of $332 million, up from $192 million in the comparable period of 2024, driven by increased profit per gallon sold [4] - Pipeline Systems segment's adjusted EBITDA was $187 million, slightly down from $188 million year-over-year due to increased operating costs [5] - Terminals segment reported adjusted EBITDA of $87 million, up from $59 million, benefiting from the Parkland acquisition and increased customer activity [6] - Refinery segment's adjusted EBITDA totaled $40 million, with crude throughput averaging 49 thousand barrels per day [7] Outlook - Sunoco projected full-year 2026 adjusted EBITDA in the range of $3.1 billion to $3.3 billion, with growth capital expenditures expected to be at least $600 million [13] - The partnership aims for a distribution growth target of at least 5% for 2026 [13]

Financial Data and Key Metrics Changes - For full year 2025, the company reported net income of $49 million or $1.38 per unit, a decrease of $13 million compared to 2024 [4][7] - Fourth quarter 2025 net income was $15 million or $0.41 per unit, consistent with the fourth quarter of 2024 [6][7] - Distributable cash flow for the fourth quarter of 2025 was $19 million, an increase of $4 million from $15 million in the fourth quarter of 2024 [7] - Full year 2025 MLP distributable cash flow was $53 million, down $14 million from $67 million in 2024 [8] Business Line Data and Key Metrics Changes - The decrease in net income for 2025 was attributed to lower production and sales volumes due to a planned turnaround at the Petro 1 facility [7][11] - The Ethylene Sales Agreement with Westlake was successfully renewed through 2027 without changes, ensuring stable cash flows [8][11] Market Data and Key Metrics Changes - The company maintained a consolidated cash balance of $68 million at the end of the fourth quarter [9] - Long-term debt stood at $400 million, with a consolidated leverage ratio below 1 time [9] Company Strategy and Development Direction - The company aims to enhance long-term value through four growth levers: increasing ownership interest in OpCo, acquiring other income streams, organic growth through facility expansions, and negotiating higher fixed margins in the Ethylene Sales Agreement [12][13] - The absence of planned turnarounds in 2026 is expected to lead to production and sales volume growth, improving distributable cash flow and coverage ratios [11] Management's Comments on Operating Environment and Future Outlook - Management expressed satisfaction with the financial and operational performance in 2025, highlighting the stability provided by the Ethylene Sales Agreement [11] - The company anticipates a recovery in coverage ratios above 1.1 times in 2026 due to no planned turnarounds [20] Other Important Information - The company has made 46 consecutive quarterly distributions since its IPO in July 2014, with a 71% increase in distributions since the original minimum [10] - The fourth quarter distribution of $0.4714 per unit was paid on February 23, 2026 [9][10] Q&A Session Summary Question: Balance sheet and cash flow regarding distribution payments - Analyst inquired about the drawdown on receivables under the Investment Management Agreement and the expectation for distribution coverage in the new year [17] - Management clarified that the drawdown reflected turnaround costs and that operating reserves were sufficient to cover distributions, expecting coverage ratios to improve in 2026 [19][20] Question: Financing growth initiatives - Analyst asked how the company plans to finance potential growth opportunities [21] - Management indicated that financing would likely involve a drop-down structure, utilizing a combination of new unit issuance and leveraging the balance sheet [21]

Financial Data and Key Metrics Changes - For full year 2025, Westlake Partners reported net income of $49 million or $1.38 per unit, a decrease of $13 million compared to 2024 [7] - Consolidated net income, including OpCo, was $299 million for the full year 2025 [4] - Fourth quarter 2025 net income was $15 million or $0.41 per unit, consistent with the fourth quarter of 2024 [6] - Distributable cash flow for the fourth quarter of 2025 was $19 million, an increase of $4 million compared to $15 million in the fourth quarter of 2024 [7] - Full year 2025 MLP distributable cash flow was $53 million, down $14 million from $67 million in 2024 [8] Business Line Data and Key Metrics Changes - The decrease in net income for 2025 was attributed to lower production and sales volumes due to the planned Petro 1 turnaround [7] - The Ethylene Sales Agreement with Westlake was successfully renewed through 2027 without changes, ensuring stable cash flows [8] Market Data and Key Metrics Changes - The partnership maintained a strong leverage ratio below 1 time at the end of the fourth quarter [9] - The consolidated cash balance and cash investments totaled $68 million at the end of the fourth quarter [9] Company Strategy and Development Direction - The company aims to evaluate growth opportunities through increasing ownership interest in OpCo, acquisitions, organic growth, and negotiating a higher fixed margin in the Ethylene Sales Agreement [12] - The absence of planned turnarounds in 2026 is expected to drive production and sales volume growth, improving distributable cash flow and coverage ratio [11] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of the business model and cash flows, highlighting the protective provisions of the Ethylene Sales Agreement [11] - The company anticipates a recovery in the coverage ratio back to historical levels due to no planned turnarounds in 2026 [11] Other Important Information - The partnership has made 46 consecutive quarterly distributions since its IPO in July 2014, with a 71% increase in distributions since the original minimum quarterly distribution [10] - The fourth quarter distribution of $0.4714 per unit was paid on February 23, 2026 [9] Q&A Session Summary Question: Balance sheet and cash flow statement concerns - The management confirmed that the drawdown on the Investment Management Agreement was related to planned turnaround expenses, and they expect the distribution coverage ratio to improve in 2026 [16][18] Question: Financing growth initiatives - Management indicated that any growth opportunities would likely be financed through a combination of new unit issuance and leveraging the balance sheet [20]

Financial Data and Key Metrics Changes - In Q4 2025, the company generated record Adjusted EBITDA of $636 million, with an increase of approximately 5% sequentially, excluding negative non-cash cumulative revenue recognition adjustments [10][11][31] - For the full year 2025, the company reported a record Adjusted EBITDA of $2.48 billion, exceeding the midpoint of its guidance range [36] - The net income attributable to limited partners for Q4 2025 was $187 million, impacted by $120 million of transaction costs from the Aris acquisition [31] Business Line Data and Key Metrics Changes - Natural gas throughput decreased by 4% sequentially in Q4 2025, primarily due to lower volumes from the Delaware Basin and Powder River Basin, partially offset by record throughput from the DJ Basin [21] - Produced water throughput increased by 121% sequentially in Q4 2025, driven by the Aris acquisition [22] - For the full year 2025, natural gas throughput averaged 5.2 billion cubic feet per day, a 4% year-over-year increase, while crude oil and NGLs throughput averaged 514,000 barrels per day, a 1% year-over-year increase [25] Market Data and Key Metrics Changes - The Delaware Basin remained the primary growth engine, with throughput records contributing to overall performance, while the DJ and Powder River Basins are expected to see declines [11][26] - The company anticipates that natural gas throughput will remain flat year-over-year in 2026, with crude oil and NGL throughput expected to decline by low- to mid-single digits [8][26] Company Strategy and Development Direction - The company’s long-term growth strategy remains focused on mid- to low-single-digit Adjusted EBITDA growth, supported by producers' development plans and undrilled inventory [44][46] - The Aris acquisition is expected to contribute meaningfully to Adjusted EBITDA in 2026 and enhance the company's capabilities in produced water solutions [10][16] - The company plans to reduce its capital expenditure program for 2026 to $925 million, down from previous estimates, to align with revised producer activity levels [9][40] Management's Comments on Operating Environment and Future Outlook - Management noted increased macroeconomic and commodity price-driven volatility, leading to a reduction in expected activity levels from producers [5][7] - The company expects continued pricing pressure in the near term due to Waha Hub pricing challenges, but anticipates new egress solutions to alleviate some of this pressure [12][60] - Management remains confident in the long-term demand for natural gas, particularly for power generation and LNG, which is expected to drive future growth [46] Other Important Information - The company achieved $40 million in targeted cost synergies from the Aris acquisition, with significant integration milestones completed ahead of schedule [17] - The company’s balance sheet remains strong, with net leverage around 3x throughout 2025, allowing for continued investment in growth opportunities [16][44] Q&A Session Summary Question: How is the company thinking about M&A and inorganic growth? - Management reiterated that their capital deployment strategy remains unchanged, focusing on opportunities for synergies and disciplined capital allocation [52][54] Question: Can you elaborate on the Waha pricing situation? - Management indicated that they are working on commercial solutions to help customers with Waha exposure and expect new egress solutions to help stabilize pricing [60] Question: What is the expected growth rate for the water business compared to gas and oil? - Management expects the water business to grow faster than gas and oil, with overall long-term growth for gas and oil assets projected at 2%-3% [70]

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 ...

Core Insights - DT Midstream, Inc. reported a strong financial performance for the fourth quarter and full year of 2025, achieving record results with a 17% year-over-year growth in Adjusted EBITDA [3][7]. Financial Performance - Fourth quarter 2025 reported net income was $111 million, or $1.08 per diluted share, with Operating Earnings also at $111 million [1]. - Full year 2025 reported net income was $441 million, or $4.30 per diluted share, with Operating Earnings matching this figure [2]. - Adjusted EBITDA for the fourth quarter was $293 million, while for the full year it reached $1.138 billion, reflecting a 17% increase from 2024 [2][7]. Business Strategy and Growth - The company successfully integrated its Midwest pipelines and completed key organic growth projects ahead of schedule and on budget, positioning itself to meet increasing demand [3]. - The organic project backlog increased by approximately 50% to $3.4 billion over the next five years, with pipeline projects making up 75% of this backlog [8]. - Adjusted EBITDA guidance for 2026 is projected to be between $1.155 billion and $1.225 billion, indicating a 6% annual growth from the original 2025 guidance [4]. Dividend and Investment Decisions - The company announced a 7% increase in dividends from the fourth quarter of 2025 to $0.88 per share, payable on April 15, 2026 [8]. - Final investment decisions were reached on two pipeline projects, including an expansion of Viking Gas Transmission [7][8].