Financial Performance & Outlook - The company delivered 12% comparable EBITDA growth in Q2 2025 compared to Q2 2024[15] - The company is increasing its 2025E comparable EBITDA outlook to $108 billion - $110 billion[15] - The company is targeting a long-term debt-to-EBITDA ratio of 475x[15] - The company's Q2 2025 comparable EBITDA from continuing operations was $2625 million, compared to $2348 million in Q2 2024[32] - Canadian Natural Gas Pipelines saw a 3% increase in net income in Q2 2025 compared to Q2 2024[32] - Power and Energy Solutions experienced a 33% increase in comparable EBITDA in Q2 2025 compared to Q2 2024[32] Growth Projects & Capital Allocation - Approximately 70% of the ~$85 billion of assets are expected to be placed into service in 2025, tracking ~15% under budget[15] - The company sanctioned ~$45 billion of high-value capital projects over the past nine months[25] - Growth projects sanctioned in 2025 YTD have a weighted average unlevered after-tax IRR of ~120%[23] Sustainability - The company reduced absolute methane emissions by 12% between 2019 and 2024 while increasing throughput by 15% and natural gas comparable EBITDA by 40%[39] - The company introduced a methane intensity reduction target of 40-55% by 2035 from 2019 levels[39]

Core Insights - TC Energy Corporation (TRP) reported second-quarter 2025 adjusted earnings of 59 cents per share, exceeding the Zacks Consensus Estimate of 56 cents, although down from 69 cents in the previous year [1][10] - Quarterly revenues reached $2.7 billion, surpassing the Zacks Consensus Estimate of $2.5 billion, but reflecting a 9.4% decrease year over year [1] - Comparable EBITDA for the quarter was C$2.6 billion, a 12% increase from the prior year, but missed the model estimate by 3.8% [2] Financial Performance - Canadian Natural Gas Pipelines reported a comparable EBITDA of C$923 million, up 9.1% year over year, driven by increased contributions from Coastal GasLink and higher regulated costs, but missed the estimate of C$979 million [3] - U.S. Natural Gas Pipelines reported a comparable EBITDA of C$1.1 billion, an 8.6% increase from the prior year, driven by higher transportation rates, but fell short of the estimate by C$47.9 million [5] - Mexico Natural Gas Pipelines reported a comparable EBITDA of C$319 million, up 11.5% from the previous year, exceeding the estimate of C$275.5 million [7] - Power and Energy Solutions achieved a comparable EBITDA of C$301 million, a 32.6% increase year over year, primarily due to higher contributions from Bruce Power, but missed the estimate of C$332.9 million [8] Operational Highlights - Canadian Natural Gas Pipelines deliveries averaged 23.4 billion cubic feet per day (Bcf/d), a 5% increase year over year, with NGTL System deliveries reaching a record of 15.5 Bcf on April 13, 2025 [4] - U.S. Natural Gas Pipelines' daily average flows were 25.7 Bcf/d, consistent with the prior year, while deliveries to LNG facilities averaged 3.5 Bcf/d, up 6% year over year [6] - Bruce Power achieved 98% availability in Q2 2025, attributed to investments in major component replacements [9] Dividend and Guidance - The board declared a quarterly dividend of 85 Canadian cents per common share for the period ending September 30, 2025, payable on October 31 [2] - TC Energy expects comparable EBITDA for 2025 to be between C$10.8 billion and C$11 billion, an increase from previous guidance, while capital expenditures are projected to remain between C$6.1 billion and C$6.6 billion [12] Project Developments - The Southeast Gateway pipeline is operational, with toll collection starting in May 2025, and regulated rates approved for future users [14] - The East Lateral XPress project entered service in May 2025, with a total investment of approximately US$0.3 billion [15] - Expansion projects under the Multi-Year Growth Plan received a positive Final Investment Decision, set to begin service in 2027 [16] Balance Sheet - As of June 30, 2025, TC Energy's capital investments totaled C$1.4 billion, with cash and cash equivalents also at C$1.4 billion and long-term debt of C$43.3 billion, resulting in a debt-to-capitalization ratio of 59% [11]

The upcoming report from Oneok Inc. (OKE) is expected to reveal quarterly earnings of $1.34 per share, indicating an increase of 0.8% compared to the year-ago period. Analysts forecast revenues of $8.56 billion, representing an increase of 75% year over year. Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 0.2% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period. Before a compan ...

Financial Data and Key Metrics Changes - In Q2 2025, adjusted EBITDA was $277 million, a decrease of $3 million from the previous quarter [12] - The pipeline segment results were $3 million lower than Q1 2025 due to a planned rate step down on the Guardian pipeline and seasonally lower EBITDA from interstate and joint venture pipelines [12] - Total gathering volume for the Haynesville averaged 1.74 Bcf per day, a record throughput for a quarter and a 16% increase over Q2 2024 [12] Business Line Data and Key Metrics Changes - The gathering segment results were in line with Q1 2025, reflecting higher volumes on the Haynesville system, offset by lower volumes in the Northeast [12] - In the Northeast, volumes averaged 1.17 Bcf per day, a decrease from Q1 due to maintenance and timing of producer activity [12] Market Data and Key Metrics Changes - The PGM auction cleared at over $329 per megawatt day, a 22% increase from last year's auction, indicating significant power demand growth [9] - The company forecasts a 16 Bcf per day increase in LNG free gas demand through 2035 from facilities accessing the Haynesville system [8] Company Strategy and Development Direction - The company reaffirmed its 2025 adjusted EBITDA guidance and early outlook for 2026, indicating confidence in growth opportunities [4] - The company is focused on executing a $2.3 billion organic project backlog, with $1.1 billion already reaching FID [17] - The current federal administration is creating a favorable environment for energy infrastructure projects, streamlining approval processes [10][11] Management's Comments on Operating Environment and Future Outlook - Management noted a positive shift in the Haynesville region, with private producers becoming more active in response to LNG demand [7] - The company is optimistic about power demand growth driven by electrification, onshoring of manufacturing, and demand for AI computing [8] - Management expressed confidence in achieving the total investment target of $2.3 billion, with a significant portion already committed [14] Other Important Information - The company was upgraded to investment grade by Moody's and S&P, joining Fitch, solidifying its status as a full investment-grade entity [15] - The Board of Directors approved a second-quarter dividend of $0.82 per share, unchanged from the prior quarter, with a commitment to grow the dividend by 5% to 7% per year [16] Q&A Session Summary Question: Insights on New York's power generation and Millennium expansion - Management noted strong power demand in New York, with both plants served by Millennium operating at high load factors, indicating a need for additional generation [22] - Positive regulatory changes are being observed, with a recognition of the need for additional infrastructure in the state [23] Question: Haynesville activity and producer responses - Private producers are ramping up activity in the Haynesville, with expectations that public producers will respond to price signals in 2026 and 2027 [25][26] Question: Data center lateral investments - Strong power demand growth is being observed in PJM and MISO, with ongoing utility-scale expansions driven by this demand [30] Question: CapEx for 2025 - Management expects to land within the guidance range for CapEx, with a ramp expected in the second half of the year [38] Question: FID of Guardian and gas sourcing - The customer will procure gas at the Joliet hub, with existing pipelines capable of feeding the hub [41] Question: LNG market dynamics and competitive landscape - The company is expanding delivery point connectivity into the LNG header system, positioning itself for continued demand growth [46] Question: Bolt-on acquisition strategy - The company remains open to bolt-on opportunities that align with its core strategy of growing its pipeline segment [52] Question: Impact of the new federal administration on project permits - The administration is working to reduce friction in large-scale infrastructure investments, which is seen as a positive development for the company [58] Question: 2026 EBITDA guidance and project FID movement - Management reaffirmed confidence in the 2026 early outlook, indicating that project movements are on track [62] Question: Expansion capacity on Nexus and Midwest utilities - Nexus has significant expansion potential, and the company is exploring opportunities to increase egress capacity from Appalachia [78][88]

Financial Performance & Guidance - Second quarter 2025 net income reached $107 million and Adjusted EBITDA was $277 million[12] - The company reaffirmed its 2025 Adjusted EBITDA guidance range of $1,095 - $1,155 million and an early outlook of $1,155 - $1,225 million for 2026[12] - The Pipeline segment contributed approximately 70% of the total Adjusted EBITDA in Q2 2025, while the Gathering segment accounted for the remaining 30%[17] - Distributable Cash Flow for the second quarter of 2025 was $157 million[37] Organic Growth & Project Backlog - The company reached a final investment decision (FID) on approximately $0.6 billion of projects from its organic growth backlog in the second quarter of 2025[12] - The company is executing on a ~$2.3 billion organic project backlog over 2025-2029[19] - Approximately $1.1 billion of projects have reached FID[21, 36] - The company's capital project backlog is comprised of approximately 70% Pipeline, 20% Gathering, and 10% Energy Transition projects[20] Key Projects & Expansions - Final Investment Decision was reached on the Guardian Pipeline "G3" expansion, increasing capacity by approximately 210 MMcf/d[12, 23, 25] - Final Investment Decision was reached on the initial phase of modernization across the company's new interstate pipelines[12, 26] - Haynesville throughput increased by 16% in Q2 2025 compared to Q2 2024, reaching 1.74 bcf/d[40]

Core Insights - TC Energy Corporation has reported a strong second quarter for 2025, with an increase in comparable EBITDA and segmented earnings, leading to an upward revision of its 2025 financial outlook to a range of $10.8 to $11.0 billion [1][8] - The company has announced $4.5 billion in new growth projects over the past nine months to meet increasing customer demand for natural gas infrastructure [1][13] - Operational excellence and safety remain a priority, with the company tracking approximately 15% below budget on capital projects expected to be placed into service this year [1][12] Financial Highlights - Comparable earnings for Q2 2025 were $0.8 billion or $0.82 per common share, compared to $0.8 billion or $0.79 per common share in Q2 2024 [4] - Net income attributable to common shares was $0.9 billion or $0.83 per common share, up from $0.8 billion or $0.78 per common share in Q2 2024 [4] - Comparable EBITDA for Q2 2025 was $2.6 billion, an increase from $2.3 billion in Q2 2024 [4] Operational Highlights - Canadian Natural Gas Pipelines deliveries averaged 23.4 Bcf/d, a 5% increase compared to Q2 2024 [4] - The NGTL System set a new record with receipts of 15.5 Bcf on April 13, 2025 [4] - Bruce Power achieved 98% availability in Q2 2025, while the cogeneration power plant fleet achieved 93.4% availability [4] Project Highlights - The Southeast Gateway pipeline is now in service, with toll collection from the Comisión Federal de Electricidad (CFE) starting in May 2025 [9] - The East Lateral XPress project was placed in service in May 2025, enhancing capacity to U.S. Gulf Coast LNG export markets [12] - A positive final investment decision (FID) was reached on $0.4 billion of expansion projects as part of the Multi-Year Growth Plan, with in-service dates expected in 2027 [6][13] Strategic Outlook - The company maintains a disciplined strategy focused on low-risk, high-value opportunities across North America, with a commitment to annual net capital expenditures of $6.0 to $7.0 billion [14] - The ongoing demand for natural gas infrastructure is driven by LNG exports, coal-to-gas conversions, and data center developments [13] - TC Energy aims for a 3% to 5% annual dividend growth target while managing to a long-term debt-to-EBITDA ratio of 4.75 times [14]

Kinder Morgan TodayKMIKinder Morgan$27.36 -0.53 (-1.88%) 52-Week Range$19.68▼$31.48Dividend Yield4.28%P/E Ratio22.45Price Target$31.00Add to WatchlistKinder Morgan NYSE: KMI is poised to grow robustly over the coming years, at a steady and reliable pace that income investors can appreciate. Growth will be driven by the combination of its expanding natural gas pipeline network and capacity, compounded by increasing demand for these resources. Demand growth, forecast by KMI at 20% through the decade’s end, i ...

Core Viewpoint - DT Midstream, Inc. has achieved investment grade ratings from all three major credit rating agencies, reflecting the strength of its balance sheet and business quality, positioning the company for continued growth [1][3]. Company Overview - DT Midstream is involved in the ownership, operation, and development of natural gas pipelines, storage, and gathering systems, providing services across the Southern, Northeastern, and Midwestern United States and Canada [2]. - The company is committed to transitioning towards net zero greenhouse gas emissions by 2050, with a target of achieving a 30% reduction in carbon emissions by 2030 [2]. Credit Rating Upgrades - Fitch Ratings upgraded DT Midstream's credit rating to BBB- with a stable outlook on October 3, 2024 [3]. - Moody's Ratings upgraded the credit rating to Baa3 with a stable outlook on May 16, 2025 [3]. - S&P Global Ratings upgraded the credit rating to BBB- with a stable outlook on July 8, 2025 [3].

Core Insights - ONEOK Inc. (OKE) is benefiting from increased fee-based earnings and capital expenditures aimed at strengthening its position in high-production regions [1][8] - The company is exposed to competitive risks in its pipeline business [1][6] Positive Drivers for OKE - ONEOK is expected to gain from long-term fee-based commitments across its three segments: Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines and Refined Products and Crude [2] - More than 88% of its 2024 earnings are fee-based, with over 90% of 2025 revenues anticipated to come from fees [2][8] - The annual growth rate for natural gas liquid volumes from the Rocky Mountain region has exceeded 20%, while natural gas processing volumes have grown at 10% over the past five years [2] Capital Expenditures and Expansion - The company is investing in organic-growth projects to expand its services for crude-oil and natural-gas producers, with capital expenditures expected to be between $2.8 billion and $3.2 billion in 2025 [3] - In February 2025, ONEOK and MPLX LP formed joint ventures to construct a new 400,000 barrel-per-day liquefied petroleum gas export terminal in Texas City, along with a new pipeline connecting to its Mont Belvieu storage facility [4] Headwinds for OKE - ONEOK does not own all the land for its pipelines, which poses risks of incurring higher costs and potential operational impacts if land rights are not renewed [5] - The natural gas and natural gas liquid pipeline industries are highly competitive, with many energy companies forming master limited partnerships to launch pipeline services [6] Stock Performance - Over the past year, OKE shares have increased by 6.1%, compared to the industry's growth of 14.1% [7]

Core Viewpoint - DT Midstream, Inc. has achieved investment grade ratings from two credit agencies, which is expected to enhance liquidity and reduce interest expenses [1][6]. Company Overview - DT Midstream is involved in the ownership, operation, and development of natural gas pipelines, storage, and gathering systems, serving utilities, power plants, and large industrial customers across the U.S. and Canada [2]. - The company is committed to transitioning towards net zero greenhouse gas emissions by 2050, with a target of achieving a 30% reduction in carbon emissions by 2030 [2]. Credit Rating Details - Moody's upgraded DT Midstream's credit rating to Baa3 with a stable outlook on May 16, 2025 [6]. - Fitch Ratings upgraded DT Midstream's credit rating to BBB- with a stable outlook on October 3, 2024 [6].