Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2025 was $65.5 million, representing a more than 7% increase from Q2 2025, with a run rate EBITDA of approximately $260 million [5] - Distributable cash flow generated during the quarter was $36.7 million, and free cash flow was $16.7 million [5] - Capital expenditures for the quarter totaled $22.9 million, with year-to-date capital expenditures including approximately $14 million for non-recurring projects [9] Business Line Data and Key Metrics Changes - The Rockies segment generated adjusted EBITDA of $29 million, an increase of $3.8 million from Q2 2025, driven by increased fixed fee revenue and improved product margin [10] - The Permian Basin segment reported adjusted EBITDA of $8.7 million, an increase of $0.4 million, primarily due to higher volume throughput [12] - The Piceance segment reported adjusted EBITDA of $12.5 million, an increase of $2 million, primarily due to realization of previously deferred revenue [13] - The Midtown segment reported adjusted EBITDA of $23.6 million, a decrease of $1.3 million, primarily due to lower product margin [14] Market Data and Key Metrics Changes - Natural gas volume throughput averaged 158 million cubic feet per day, a 7.5% increase from Q2 2025 [11] - Liquids volumes averaged 72,000 barrels per day, a decrease of 6,000 barrels per day compared to Q2 2025 [11] - Double E Pipeline averaged 712 million cubic feet per day of throughput, with an average of 745 million cubic feet per day in September [12] Company Strategy and Development Direction - The company expects to connect an additional 50 wells in Q4 2025, aiming to end the year around the midpoint of the original well connect guidance range of 125-185 wells [6] - The company is working with several customers on their 2026 development plans, which include over 120 new well connects in the first half of 2026 [6] - The company plans to release full-year 2026 financial guidance during the Q4 earnings release [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about customer engagement and visibility into next year's programs, indicating strong expected activity in Q4 2025 and the first half of 2026 [6][16] - The company noted that while financial results are expected to trend towards the low end of guidance due to well connect delays, these delays are anticipated to be short-lived [6] Other Important Information - The company had net debt of approximately $950 million, with available borrowing capacity totaling $349 million at the end of Q3 2025 [9] - The company is actively relocating compressors to mitigate lease expenses and improve EBITDA margins starting in 2026 [9] Q&A Session Summary - No specific questions or answers were documented in the provided content, as the call concluded without a Q&A session [17]

Core Insights - Summit Midstream Corporation reported solid growth in Q3 2025, with adjusted EBITDA increasing by 7.2% to approximately $260 million, driven by higher natural gas volumes in the Rockies region [3][9] - The company anticipates finishing the year near the low end of its adjusted EBITDA guidance range of $245 million to $280 million, primarily due to timing delays in customer activity [4] - The company is optimistic about customer engagement and expects over 120 new well connections in the first half of 2026 [4] Financial Performance - Q3 2025 net income was $5.0 million, with adjusted EBITDA of $65.5 million and free cash flow of $16.7 million [9][36] - Average daily natural gas throughput increased by 1.4% to 925 MMcf/d, while liquids volumes decreased by 7.7% to 72 Mbbl/d compared to Q2 2025 [5][36] - The Double E pipeline transported an average of 712 MMcf/d, contributing $8.7 million in adjusted EBITDA for the quarter [5][9] Segment Performance - Natural gas price-driven segments generated $36.1 million in combined adjusted EBITDA, a 2.0% increase from Q2 2025 [10] - Oil price-driven segments generated $37.7 million in combined adjusted EBITDA, representing a 12.3% increase from Q2 2025 [10] - The Rockies segment adjusted EBITDA increased by $3.8 million, driven by higher natural gas volume throughput and improved product margins [10] Capital Expenditures - Capital expenditures totaled $22.9 million in Q3 2025, primarily related to pad connections in the Rockies and Mid-Con segments [16] - Year-to-date capital expenditures include $9.5 million for Tall Oak Integration and compressor relocation projects [16] Liquidity and Capital Structure - As of September 30, 2025, the company had $24.6 million in unrestricted cash and $150 million drawn under its $500 million ABL Revolver [19] - The total leverage ratio was approximately 4.2x, including potential earnout liability from the Tall Oak Acquisition [19] Future Outlook - The company expects to connect approximately 50 wells in Q4 2025 and is working closely with customers on their 2026 development programs [4][9] - An update on activity levels and full-year 2026 financial guidance will be provided in the Q4 earnings release in March 2026 [4]

Core Insights - Delek Logistics Partners reported record financial results for the third quarter of 2025, with a net income of $45.6 million, or $0.85 per diluted common limited partner unit, marking an increase from $33.7 million, or $0.71 per diluted unit, in the same quarter of 2024 [4][14] - The company has increased its full-year EBITDA guidance to between $500 million and $520 million due to strong operational performance [2][14] - Delek Logistics has achieved a 51st consecutive quarterly increase in its cash distribution, now at $1.120 per common limited partner unit, reflecting a 0.4% increase from the previous quarter and a 1.8% increase year-over-year [6][14] Financial Performance - The third quarter 2025 EBITDA was reported at $102.0 million, up from $69.2 million in the third quarter of 2024, with Adjusted EBITDA reaching $136.0 million compared to $106.8 million in the prior year [5][8] - Net cash provided by operating activities was $54.9 million in Q3 2025, significantly higher than $24.9 million in Q3 2024 [4][29] - Distributable cash flow, as adjusted, was $74.1 million in Q3 2025, compared to $62.0 million in Q3 2024 [4][29] Operational Highlights - The company reported record crude gathering volumes in its Delaware Business, contributing to the overall increase in operational efficiency [2][14] - Progress has been made on the development of sour gas gathering and acid gas injection capabilities at the Libby Complex, which is expected to enhance service offerings to producer customers [3][14] - The Gathering and Processing segment saw an Adjusted EBITDA of $82.8 million in Q3 2025, up from $55.0 million in Q3 2024, primarily due to acquisitions [9][14] Debt and Liquidity - As of September 30, 2025, Delek Logistics had total debt of approximately $2.3 billion and cash of $6.9 million, resulting in a leverage ratio of approximately 4.44x [7][14] - The company has an additional borrowing capacity of $1.0 billion under its $1.2 billion revolving credit facility [7][14] Segment Performance - The Wholesale Marketing and Terminalling segment reported Adjusted EBITDA of $21.4 million in Q3 2025, down from $24.7 million in Q3 2024, primarily due to the assignment of a marketing agreement [10][14] - The Investments in Pipeline Joint Ventures segment saw income from equity method investments increase to $21.9 million in Q3 2025, compared to $15.6 million in Q3 2024 [12][14]

Financial Results - NGL Energy Partners LP reported a net income from continuing operations of $29.8 million for the second quarter of Fiscal 2026, compared to $7.5 million for the same period in Fiscal 2025 [6] - Adjusted EBITDA for the second quarter of Fiscal 2026 was $167.3 million, an increase from $149.4 million in the second quarter of Fiscal 2025 [6] - Total revenues for the quarter ended September 30, 2025, were $674.7 million, down from $756.5 million in the prior year [23] Water Solutions Segment - Operating income for the Water Solutions segment increased by $19.5 million to $92.4 million for the quarter ended September 30, 2025, driven by higher disposal revenues and increased water pipeline revenue [5][6] - The Partnership processed approximately 2.80 million barrels of produced water per day during the quarter, a 4.5% increase from 2.68 million barrels per day in the same quarter of the previous year [5][6] - Paid and physically disposed water volumes grew by 14% to 3.15 million barrels per day in the second quarter of Fiscal 2026 [6] Crude Oil Logistics Segment - Operating income for the Crude Oil Logistics segment decreased by $6.6 million to $8.2 million for the quarter ended September 30, 2025, primarily due to reduced gains on derivatives [10] - Physical volumes on the Grand Mesa Pipeline averaged approximately 72,000 barrels per day, an increase from 63,000 barrels per day in the prior year [10] Liquids Logistics Segment - Operating income for the Liquids Logistics segment increased by $3.7 million to $6.3 million for the quarter ended September 30, 2025, attributed to lower expenses related to the sale of the Wholesale Propane business and increased margins [11] Guidance Update - NGL increased its consolidated Adjusted EBITDA guidance for Fiscal 2026 to a range of $650 million to $660 million, up from the previous range of $615 million to $625 million [6] - The company expects Fiscal 2027 Adjusted EBITDA to exceed $700 million, supported by new contracts executed for over 500,000 barrels per day of produced water disposal [6] Capitalization and Liquidity - Total liquidity as of September 30, 2025, was approximately $359.1 million, with borrowings on the asset-based revolving credit facility totaling approximately $71.0 million [12] - The Partnership is in compliance with all debt covenants and has no upcoming debt maturities [12]

Core Viewpoint - A high payout ratio can indicate risk for dividends, but it does not always mean a dividend will be cut, as some high-yielding stocks may still maintain safe dividends despite high payout ratios [1][2]. Kenvue - Kenvue has a payout ratio exceeding 100% and a dividend yield of 5.5%, significantly higher than the S&P 500's average yield of 1.2% [3][4]. - The company recently increased its dividend by 1.2% to $0.2075 per share, totaling $0.83 per share annually, which is less than its earnings per share of $0.75 over the past four quarters [5]. - Kenvue's free cash flow was $1.6 billion, slightly above the cash dividends paid out, indicating potential sustainability concerns depending on external factors affecting its revenue [5][6]. Enbridge - Enbridge offers a higher yield of approximately 5.9% with a payout ratio of 130%, but evaluates its dividend based on distributable cash flow (DCF) rather than earnings [7][8]. - The DCF for the second quarter was 2.9 billion Canadian dollars, and management projects an annual DCF per share between CA$5.50 and CA$5.90, which exceeds the CA$3.77 per share paid in dividends [8][9]. - Enbridge has a history of increasing its dividend for 30 consecutive years, making it a stable option for long-term investors [9]. Realty Income - Realty Income has a dividend yield of 5.4% but a payout ratio exceeding 300%, which may raise concerns about the sustainability of its dividend [11][12]. - The company uses funds from operations (FFO) to assess dividend affordability, reporting an FFO per share of $1.06 in the second quarter, consistent with the previous year [12][13]. - Realty Income has a long history of regular dividend increases and offers monthly payments, appealing to investors seeking frequent income [13].

Financial Performance - Third quarter 2025 net income was $115 million and Adjusted EBITDA was $288 million[12] - The company is raising its 2025 Adjusted EBITDA guidance midpoint and narrowing the range to $1,115 - $1,145 million, an 18% increase from the prior year's original Adjusted EBITDA guidance[12] - The company reaffirmed its 2026 Adjusted EBITDA early outlook of $1,155 - $1,225 million[12] Organic Growth and Projects - Approximately $0.5 billion was committed within the quarter for new organic projects, bringing the total to approximately $1.6 billion out of the original $2.3 billion backlog[12] - The company reached FID (Final Investment Decision) on the upsized Guardian Pipeline "G3" expansion for a total of approximately 537 MMcf/d expansion capacity northbound from Chicago[12, 25] - The LEAP Phase 4 expansion was placed in-service early and on budget[12] Operational Performance - The Haynesville system achieved a record high throughput, with volumes up 35% year-over-year[10] Capital Investments - The upsized "G3" expansion is expected to require a total capital investment of $850 to $930 million[26] - Approximately $1.6 billion of projects have reached FID for 2025 – 2029[33] Guidance Updates - 2025 Distributable Cash Flow is now guided to $800 - $830 million[27] - 2025 Capital Expenditures are now guided to $445 - $485 million[27] Market Position - Haynesville throughput increased by 35% in Q3 2025, reaching 204 Bcf/d[36]

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]