Core Viewpoint - Energy Transfer's units have fallen below $17, resulting in a yield exceeding 8%, prompting consideration for investment in the high-yielding master limited partnership (MLP) [1] Group 1: Performance Overview - Energy Transfer's units have declined over 15% year-to-date, contrasting with a 16% rally in the S&P 500 [3] - The primary reason for Energy Transfer's underperformance is its slowing growth rate, with adjusted EBITDA growth expected to be slightly below the lower end of the $16.1 billion to $16.5 billion guidance range, representing less than 4% growth from the previous year [4][5] Group 2: Growth Factors - The company experienced robust growth from 2020 to 2024, with a 10% compound annual growth rate in adjusted EBITDA, driven by improving market conditions, accretive acquisitions, and organic expansion projects [4] - Energy Transfer has invested $4.6 billion in growth capital projects this year and plans an additional $5 billion investment in 2026, with several expansion projects recently completed and more set to enter commercial service next year [6] Group 3: Strategic Agreements and Future Projects - The company has secured new gas supply agreements to meet the rising power demand of AI data centers, including contracts with Oracle and Entergy, with flows expected to begin by the end of this year and continuing through 2026 [7] - Energy Transfer is advancing several large-scale projects, including the $5.3 billion Desert Southwest Expansion, expected to be completed by Q4 2029, and is nearing approval for the Dakota Access North Project and Lake Charles LNG Export Terminal [8] Group 4: Valuation Insights - Energy Transfer's unit price decline has resulted in a valuation of less than nine times EBITDA, the second-lowest among large-scale energy midstream companies, compared to an average of around 12 times EBITDA [9] - Despite the current valuation discount, Energy Transfer is in a strong financial position, with expectations for growth acceleration in 2026 and beyond as expansion projects come online [10] Group 5: Investment Consideration - The current lower valuation and higher distribution yield make Energy Transfer an attractive investment opportunity, particularly for investors willing to accept the Schedule K-1 Federal Tax Form [11]

Core Viewpoint - Enbridge is positioned to continue its long-standing history of dividend growth, supported by a robust pipeline of expansion projects and a strong cash flow outlook [1][10]. Expansion Projects - Enbridge has added CA$7 billion ($5 billion) in new expansion projects in 2023, increasing its total expansion backlog to CA$35 billion ($24.9 billion) [3]. - Key projects include: - Southern Illinois Connector: $500 million investment for 100,000 barrels per day capacity by 2028 [4]. - Canyon System Pipeline: $300 million investment to support BP's Kaskida development by 2029 [4]. - Gas storage expansions: $500 million investment in Egan and Moss Bluff facilities from 2028 to 2033 [4]. - Algonquin Gas Transmission: $300 million enhancement for gas delivery to Northeastern U.S. by 2029 [4]. - Eiger Express Pipeline: New gas pipeline approved for 2028 [4]. - Pelican Carbon Dioxide Hub: $300 million investment in carbon capture and storage by 2029 [4]. Future Growth Potential - Enbridge is advancing projects that could add 150,000 barrels per day of oil capacity by 2027 and another 250,000 barrels per day by the end of the decade [5]. - The company is pursuing over $4 billion in opportunities to expand its gas utility franchise, focusing on 60 projects to supply gas to power generation and data centers [6]. - Additional expansions in gas transmission systems are being explored to meet growing demand from LNG export terminals along the U.S. Gulf Coast [7]. Renewable Energy Investments - Enbridge is investing approximately $2 billion to build 1.4 gigawatts (GW) of new solar energy facilities, expected to be operational by 2027 [8]. - The company has over 1.5 GW of additional renewable projects in development to support future energy needs [8]. Financial Outlook - The ongoing expansion projects are expected to support a 5% compound annual cash flow per share growth after next year, which aligns with the company's dividend growth strategy [3][9].

Core Viewpoint - Southwest Gas Holdings, Inc. announces the successful closure of the Binding Open Season for the Great Basin Gas Transmission Company's 2028 Expansion Project, indicating high demand for natural gas in Northern Nevada [2][3]. Project Details - The Binding Open Season was initially set to close on April 30, 2025, but was extended to May 28, 2025, due to strong interest from shippers [4]. - The project aims to provide expanded firm transportation service starting November 1, 2028, with a minimum twenty-year term for each transportation service agreement [4]. - The anticipated expansion rate is between $14 and $17 per Dth per month, depending on the actual contracted capacity [4]. Estimated Impacts - The project is expected to provide incremental capacity totaling approximately 1.25 billion cubic feet per day [8]. - The estimated capital investment opportunity for the project ranges from approximately $800 million to $1.2 billion [8]. - The impacts of the project are contingent upon successful negotiations of binding agreements and final approval from the Federal Energy Regulatory Commission (FERC) [3][6]. Regional Importance - The expansion is projected to enhance the availability of reliable, on-demand energy in Northern Nevada, supporting economic development in the region [5]. Company Overview - Great Basin Gas Transmission Company operates an interstate pipeline system from the Idaho-Nevada border to the Nevada-California border and is subject to FERC jurisdiction under the Natural Gas Act [7]. - Southwest Gas Holdings, Inc. serves over 2 million customers across Arizona, Nevada, and California, focusing on safe and reliable natural gas service [9].