A race is on among energy companies to build a major fuel pipeline to the U.S. West Coast, a potentially lucrative prize as the planned closure of two California refineries threatens to send gasoline prices in the isolated market soaring.Motorists in West Coast states have long paid some of the country’s highest fuel prices due to limited regional production and minimal connectivity to the Gulf Coast refining hub. There are no pipelines delivering fuel to California from across the Rocky Mountains and only ...

Financial Data and Key Metrics Changes - The company reported normalized EBITDA of $250 million for the third quarter, with distributable cash flow of $236 million benefiting from a current tax recovery of $71 million due to changes in U.S. tax legislation [12][14] - The outlook for distributable cash flow is revised to approximately $700 million for 2025, with an effective tax rate expected to range between 20-21% [12][14] - The normalized EBITDA guidance for 2025 is reaffirmed at $1.01 billion, with a forecast of $1.03 billion for 2026 [12][13] Business Line Data and Key Metrics Changes - The marketing segment is expected to see normalized EBITDA approximately $25 million higher, while InterAlberta and other segments are projected to increase by about $10 million due to BlackRod cash flows ramping up [13] - Keystone's normalized EBITDA is anticipated to be approximately $15 million lower due to reduced planned maintenance capital expenditures [13] Market Data and Key Metrics Changes - The company is encouraged by ongoing dialogues in Canada and the U.S. regarding energy solutions, which highlight the resilience of its customers' businesses and the strategic positioning of its assets [5][6] - The company expects conditions to become more favorable for supply growth in late 2026 to early 2027, as supply growth is anticipated to exceed current egress capacity [22] Company Strategy and Development Direction - The company aims to grow its business and enhance competitiveness while ensuring safe operations and financial strength [4][16] - The focus is on leveraging pre-invested corridors for future projects and optimizing processes post-transition from TC Energy [6][29] - The company is committed to maintaining safe operations and progressing towards returning Keystone to baseline operations [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the integrity of the pipeline system following remedial actions and ongoing inspections [8][9] - The company is optimistic about returning Keystone to baseline operations in 2026, ahead of market differentials widening and increased demand for uncommitted capacity [10][16] Other Important Information - The company has successfully completed the BlackRod project on schedule and within budget, with facility commissioning work underway [10] - Legal proceedings related to variable toll disputes have been withdrawn, allowing the company to focus on new business opportunities [11] Q&A Session Summary Question: Update on Alberta's proposed crude pipeline and Keystone XL discussions - Management confirmed they are providing advisory support for Alberta's initiative but cannot comment on trade negotiations between the U.S. and Canada [19][20] Question: Outlook on crude spreads and inventory normalization - Management anticipates improved conditions for egress in late 2026 to early 2027, driven by supply growth from customers [22] Question: Details on tax optimization and U.S. legislation changes - Tax benefits stem from extended interest deduction legislation and accelerated tax pools, with expectations to return to a regular tax cadence by 2027 [26][27] Question: Impact of transition agreements on cost savings and EBITDA - Management indicated that optimization efforts are not included in the current EBITDA outlook but are expected to contribute positively in the future [29][30] Question: Organic growth opportunities and project types - The company is exploring various growth opportunities in both Canada and the U.S., with a focus on maturing projects [34][35] Question: CapEx assumptions for 2026 - Management suggested a consistent investment of approximately $100 million annually to achieve EBITDA growth targets, with no sanctioned projects currently [43][44] Question: Variable toll settlements and P&L impact - Management confirmed that remaining payments related to variable toll settlements would be normalized out of EBITDA [45][46]

Financial Data and Key Metrics Changes - The company reported normalized EBITDA of $250 million for the third quarter, with distributable cash flow of $236 million benefiting from a current tax recovery of $71 million due to changes in U.S. tax legislation [11][12] - The outlook for distributable cash flow is revised to approximately $700 million for 2025, with an effective tax rate expected to range between 20-21% [11][12] - The normalized EBITDA guidance for 2025 is reaffirmed at $1.01 billion, with a forecast for 2026 normalized EBITDA of $1.03 billion, reflecting a 2% range increase [11][12] Business Line Data and Key Metrics Changes - The marketing segment is expected to see normalized EBITDA approximately $25 million higher, while InterAlberta and other segments are projected to increase by about $10 million due to BlackRod cash flows ramping up [12] - Keystone's normalized EBITDA is anticipated to decrease by approximately $15 million due to reduced planned maintenance capital expenditures [12] Market Data and Key Metrics Changes - The company is encouraged by ongoing dialogues in Canada and the U.S. regarding energy solutions, which highlight the resilience of customer businesses and the strategic positioning of the company's assets [5][6] - The company expects conditions to become more favorable for supply growth in late 2026 to early 2027, as supply growth is anticipated to exceed current egress capacity [21][22] Company Strategy and Development Direction - The company aims to grow its business and enhance competitiveness while ensuring safe operations and financial strength [4][5] - The focus is on maturing and executing a growth portfolio through both organic and inorganic opportunities, with the BlackRod project serving as a successful template [4][30] - The company is working towards exiting transition services with TC Energy by the end of 2025, which is expected to improve efficiency and cost savings [3][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning Keystone to baseline operations by 2026, with ongoing remedial actions reinforcing system integrity [7][9] - The company is optimistic about the potential for growth in customer organizations and the overall market environment, which has become more constructive since the spin-off [30][31] Other Important Information - The company has completed significant milestones in the BlackRod project, including mechanical completion and the commissioning of a natural gas lateral [9] - Legal proceedings related to variable toll disputes have been resolved, allowing the company to focus on new business opportunities [10] Q&A Session Summary Question: Update on major projects and Keystone XL discussions - The company is providing advisory support for Alberta's crude pipeline initiative but is not directly involved in the project [17][18] Question: Outlook on crude spreads and inventory normalization - The company anticipates improved conditions for egress in late 2026 to early 2027, driven by supply growth [21][22] Question: Details on tax optimization and U.S. legislation changes - Tax benefits stem from extended interest deduction legislation and accelerated tax pools, with expectations of returning to a regular tax cadence by 2027 [24][25] Question: Impact of transition agreements on efficiency and cost savings - The company is focused on optimizing processes post-transition, which is expected to enhance EBITDA but is not included in the current 2-3% growth outlook [25][27] Question: Organic growth opportunities and project types - The company is exploring various growth opportunities in both Canada and the U.S., with a focus on customer needs [30][31] Question: CapEx assumptions for 2026 - The company suggests a consistent investment of approximately $100 million annually to achieve EBITDA growth, with no sanctioned projects currently [36][38] Question: Variable toll settlements and future P&L impact - Remaining payments related to variable toll settlements will be normalized out of EBITDA, confirming the expected financial impact [40][41]

Pipeline operator Enbridge will push ahead with a $1.4 billion expansion of its core network to boost deliveries of Canadian heavy oil and reach key refining markets in the U.S. Midwest and Gulf Coast. ...

Enbridge's profit fell in the third quarter largely due to a drop in the estimated value of financial instruments. ...

Talk to us about what you are buying right now. What looks attractive to you. >> Well, uh, on my shopping list, one of them has been long bonds.It was the unloved to the loved, right. Yields I still believe will go lower. So, that's a big breakout area.Secondly, in terms of the infrastructure, uh we we actually got into an ETF called Aaran AMLP which does pipeline and then I read Phillips and Kinder Morgan are looking at expanding pipelines which is necessary that type of infrastructure for energy movement ...

Core Insights - MDU Resources Group, Inc. reported third quarter financial results for 2025, highlighting strong performance in the pipeline segment and regulatory activities in utility segments, despite increased operational costs [1][2][4] Financial Performance - Net income for Q3 2025 was $18.4 million, down from $64.6 million in Q3 2024, with earnings per share (EPS) at $0.09 compared to $0.32 in the previous year [2][19] - Income from continuing operations increased to $18.4 million from $15.6 million year-over-year, with diluted EPS from continuing operations at $0.09, up from $0.08 [2][19] - For the nine months ended September 30, 2025, net income was $114.1 million, down from $225.9 million in 2024, with EPS decreasing from $1.11 to $0.56 [2][19] Segment Performance Electric Utility Segment - The electric utility segment reported a net income of $21.5 million in Q3 2025, down $2.8 million from the previous year, primarily due to higher operation and maintenance expenses [4][26] - Retail sales volumes declined by 1.6%, attributed to cooler summer temperatures, although industrial retail sales volumes increased [4][26] Natural Gas Distribution Segment - The natural gas distribution segment experienced a seasonal loss of $18.2 million in Q3 2025, compared to a loss of $17.5 million in Q3 2024, driven by higher operational costs [5][30] - Operating revenues increased by 8.0% year-over-year to $144.3 million, with total operating expenses rising by 7.4% [27] Pipeline Segment - The pipeline segment reported net income of $16.8 million in Q3 2025, up from $15.1 million in Q3 2024, driven by revenue from growth projects and increased customer demand [10][32] - Operating revenues for the pipeline segment increased by 11.5% year-over-year to $57.4 million [31] Regulatory Updates - MDU Resources is actively involved in regulatory proceedings across multiple states, including rate case filings in Montana and Wyoming, seeking annual increases of $14.1 million and $7.5 million, respectively [9][30] - The North Dakota Public Service Commission approved the acquisition of a 49% interest in Badger Wind Farm, which is expected to enhance the company's renewable energy portfolio [4][9] Guidance and Future Outlook - The company narrowed its earnings guidance for 2025 to a range of $0.90 to $0.95 per share, reflecting a slight adjustment based on performance through Q3 [3][11] - MDU Resources anticipates continued customer growth at a rate of 1% to 2% annually, with ongoing capital investment and rate recovery plans [17][30]

Core Insights - The company has successfully acquired the remaining 45% operating interest in EPIC Crude Holdings for approximately $1.3 billion, including $500 million of debt, and has agreed to a potential earn-out payment of up to $157 million tied to future expansions [1][5] - The acquisition is expected to generate a mid-teens unlevered return and improve the company's cash flow stability by focusing more on crude operations [5][6] - The company reported a third-quarter adjusted EBITDA of $669 million, with crude oil segment adjusted EBITDA of $593 million benefiting from higher volumes and contributions from recent acquisitions [4][8] Acquisition Details - The acquisition of EPIC Crude Pipeline allows the company to operate 100% of the entity, enhancing control and synergy capture [2][5] - The company anticipates a 2026 adjusted EBITDA multiple of approximately 10x, with expectations for improvement over the coming years [5][6] - The acquisition is part of a broader strategy to optimize the company's asset base and reduce leverage while maintaining capital discipline [3][7] Financial Performance - The company has narrowed its full-year 2025 adjusted EBITDA guidance range to $2.84 to $2.89 billion, reflecting lower realized crude prices and contributions from the EPIC acquisition [9] - Capital spending for the year is expected to be approximately $490 million, with maintenance capital trending closer to $215 million [9] - The company issued $1.25 billion of senior unsecured notes to repay maturing senior notes and partially fund the EPIC acquisition [10] Strategic Focus - The company aims to enhance its crude-focused portfolio, with a more stable cash flow stream following the divestiture of its NGL business, expected to close by 2026 [3][6] - The management emphasizes the importance of crude oil in the global energy landscape and plans to leverage synergies from the EPIC acquisition to drive growth [11][12] - The company is confident in its ability to navigate market dynamics and expects improving fundamentals in the long term due to global energy demand growth [12][41] Market Outlook - The company remains bullish on North American oil growth, particularly in the Permian and Canadian regions, despite near-term market volatility [33][35] - There are expectations for continued demand for crude oil, driven by underinvestment in organic supply growth and diminishing OPEC spare capacity [12][35] - The management is exploring opportunities for additional Canadian crude egress to enhance market access [59][60]

Core Insights - MPLX LP reported a revenue of $3.62 billion for the quarter ended September 2025, marking a year-over-year increase of 21.8% and exceeding the Zacks Consensus Estimate by 10.43% [1] - The earnings per share (EPS) for the same period was $1.52, compared to $1.01 a year ago, resulting in an EPS surprise of 42.06% over the consensus estimate of $1.07 [1] Financial Performance Metrics - Average tariff rates for crude oil pipelines were $1.08, slightly above the estimated $1.05 [4] - Average tariff rates for product pipelines were $1.09, compared to the estimated $1.07 [4] - Pipeline throughput for crude oil pipelines was 3,867 million barrels, below the estimated 3,953.5 million barrels [4] - Natural gas processed in Southwest Operations was 1,983 million cubic feet, exceeding the estimate of 1,728.14 million cubic feet [4] - Total pipeline throughput was 5,922 million barrels, slightly below the estimated 6,027 million barrels [4] - Gathering throughput in Southwest Operations was 1,882 million cubic feet, above the estimate of 1,771.58 million cubic feet [4] - Pipeline throughput for product pipelines was 2,055 million barrels, below the estimated 2,073.5 million barrels [4] - Adjusted EBITDA for natural gas and NGL services was $629 million, slightly above the estimate of $609.77 million [4] - Adjusted EBITDA for crude oil and products logistics was $1.14 billion, compared to the estimated $1.13 billion [4] Stock Performance - MPLX LP shares have returned +4.3% over the past month, outperforming the Zacks S&P 500 composite's +1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Performance Measures - Adjusted EBITDA attributable to PAA reached $2095 million YTD in 2025, compared to $2051 million in 2024[13] - Adjusted net income attributable to PAA was $1018 million YTD in 2025, versus $962 million in 2024[13] - Basic and diluted adjusted net income per common unit was $114 in 2025 YTD, compared to $151 in 2024[26] Liquidity and Cash Flow - Adjusted Free Cash Flow totaled $344 million YTD in 2025, while in 2024 it was $882 million[44] - Adjusted Free Cash Flow after Distributions was -$629 million YTD in 2025, compared to $24 million in 2024[44] - Implied DCF available to common unitholders was $1357 million YTD in 2025, versus $1303 million in 2024[39] Debt and Capitalization - Long-term debt-to-total book capitalization was 46% as of September 30, 2025, compared to 42% as of December 31, 2024[31] - Total debt-to-total book capitalization, including short-term debt, was 49% as of September 30, 2025, compared to 44% as of December 31, 2024[31] Segment Performance - Crude Oil Segment Adjusted EBITDA reached $1733 million YTD in 2025, compared to $1707 million in 2024[51]