分组1 - Oneok's shares fell by as much as 7% before recovering to a 4.9% decline following the earnings report, despite beating Wall Street expectations for the fourth quarter [1] - In Q4, Oneok reported revenue of $9.07 billion and adjusted earnings per share (EPS) of $1.55, although the adjusted EPS declined slightly compared to the previous year due to adverse winter weather [2] - For 2026, Oneok forecasts adjusted EBITDA of $8.1 billion, which is only marginally higher than the $8.085 billion recorded in 2025, indicating limited profit growth [3] 分组2 - The company anticipates volume increases in the upcoming year but expects pricing pressure from lower hedged natural gas prices and location differentials, influenced by supply competition [4] - Despite high demand for natural gas from AI data centers and LNG exports, warmer temperatures due to climate change may offset this demand, as natural gas is traditionally linked to heating needs [7] - Oneok's dividend yield is projected to remain stable at 4.8%, supported by its fee-based revenue model and strong market position in regions with significant data center activity [8]

Core Insights - Western Midstream Partners LP (WES) reported fourth-quarter 2025 earnings of 47 cents per common unit, missing the Zacks Consensus Estimate of 91 cents, and a decline from 85 cents in the same quarter last year [1][10] - Total quarterly revenues reached $1.03 billion, which also fell short of the Zacks Consensus Estimate of $1.11 billion, although it increased from $928.5 million in the prior year [1][10] Operational Performance - The throughput for WES's natural gas assets was 5,162 million cubic feet per day (MMcf/d), a 1% decrease from the prior-year quarter, primarily due to lower volumes from the Delaware Basin and Powder River Basin, partially offset by growth from the DJ Basin [3] - Total throughput for crude oil and NGL assets was 508 thousand barrels per day (MBbls/d), down from 534 MBbls/d in the fourth quarter of 2024, attributed to lower throughputs from DJ Basin and Powder River Basin, with some offset from the Delaware Basin [4] - Produced-water assets saw throughput increase to 2,693 MBbls/d, up from 1,191 MBbls/d in the year-ago quarter [5] Costs & Expenses - Total operating expenses for the quarter were $744.2 million, significantly higher than the prior year's $528.3 million, driven mainly by increased general and administrative expenses [6] Cash Flow - Net cash provided by operating activities was $557.6 million in the fourth quarter, slightly up from $554.4 million in the corresponding period of 2024, with free cash flow totaling $340.8 million [7] Balance Sheet - As of December 31, 2025, WES's long-term debt stood at $8.20 billion, with cash and cash equivalents amounting to $819.5 million [8] Outlook - WES maintained its 2026 adjusted EBITDA guidance of $2,500-$2,700 million, with anticipated capital expenditures between $850 million and $1,000 million, and distributable cash flow expected to be $1,850-$2,050 million [9] - The quarterly distribution was increased to 93 cents per unit, effective with the May distribution [9]

Financial Data and Key Metrics Changes - In 2025, net income attributable to ONEOK increased by 12% to $3.39 billion, resulting in earnings of $5.42 per share [4][9] - Adjusted EBITDA rose by 18% to $8.02 billion, marking 12 consecutive years of growth [5][9] - For 2026, net income is expected to reach approximately $3.45 billion, with an Adjusted EBITDA midpoint of approximately $8.1 billion [10][14] Business Line Data and Key Metrics Changes - The company achieved nearly $500 million in total synergies from the Magellan acquisition, with $250 million realized in 2025 alone [6][7] - Approximately 90% of earnings are fee-based, which limits commodity exposure and supports valuation durability [7] - The natural gas pipeline segment exceeded guidance in 2025, benefiting from strategic locations in the Permian Basin and Louisiana [23] Market Data and Key Metrics Changes - In the Bakken, there are 5,000 identified wells yet to be drilled, equating to approximately 15+ years of inventory at current rig rates [8] - The company expects a low single-digit growth rate for Bakken volumes at $55-$60 per barrel crude prices [79] - The Permian Basin is projected to grow by more than 1 Bcf per year, with ONEOK well-positioned to capture this growth [26] Company Strategy and Development Direction - ONEOK aims to deliver durable growth through a disciplined capital allocation strategy and has integrated major acquisitions to enhance its platform [4][5] - The company is focused on organic expansions and capturing synergies from acquisitions to drive future growth [7][16] - The strategy includes maintaining a high-quality earnings mix and limiting commodity exposure [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to integrate acquisitions and capture expected synergies, generating additional cash flow [8] - Despite lower crude oil prices potentially slowing drilling, there is visibility into growth for 2026 and beyond [7][8] - The company remains cautious about commodity prices while maintaining confidence in the durability of its integrated asset base [8] Other Important Information - The company returned nearly $2.7 billion to shareholders through dividends and share repurchases in 2025 [10] - A quarterly dividend increase of 4% was recently announced, reinforcing the commitment to shareholder returns [10] Q&A Session Summary Question: Can you discuss the conservatism in the 2026 guidance? - Management indicated that they are planning for lower crude prices and have been intentional in their projections, which could allow for upside if prices strengthen [34] Question: What optimization opportunities exist? - Management highlighted successful discretionary ethane recovery and spot offloads in the Permian as examples of past optimization opportunities [35][36] Question: When can we expect announcements regarding power opportunities? - Advanced negotiations are ongoing with hyperscalers, and announcements are expected in the near future [39] Question: What is the outlook for Waha basis spreads? - Management noted that there is open capacity on the Eiger pipeline system, and they see potential upside if spreads remain favorable [43][44] Question: Can you elaborate on the drivers of NGL throughput volumes? - Management explained that a contract loss in the Bakken and increased ethane rejection in the Mid-Continent are tempering growth expectations [72] Question: What are the plans for capturing more third-party volumes in the Permian? - Management stated that they have significant capacity on the West Texas NGL Pipeline and are actively pursuing opportunities to attract third-party volumes [80][81]

Financial Data and Key Metrics Changes - In 2025, net income attributable to ONEOK increased by 12% to $3.39 billion, resulting in earnings of $5.42 per share [4][9] - Adjusted EBITDA rose by 18% to $8.02 billion, marking 12 consecutive years of growth [5][9] - For 2026, net income is expected to reach approximately $3.45 billion, with an adjusted EBITDA midpoint of about $8.1 billion [10][14] Business Line Data and Key Metrics Changes - The company achieved nearly $500 million in total synergies from the Magellan acquisition, with $250 million realized in 2025 alone [6][7] - Approximately 90% of earnings are fee-based, which limits commodity exposure and supports valuation durability [7] - The natural gas pipeline segment exceeded guidance in 2025, benefiting from strategic locations in the Permian Basin and Louisiana [23] Market Data and Key Metrics Changes - In the Bakken region, there are 5,000 identified wells yet to be drilled, equating to approximately 15 years of inventory at current rig rates [8] - The company expects a low single-digit growth rate for Bakken volumes at $55-$60 per barrel crude prices [79] - The Permian Basin is projected to grow by more than 1 Bcf per year, with ONEOK well-positioned to capture this growth [26] Company Strategy and Development Direction - ONEOK aims to deliver durable growth through a disciplined capital allocation strategy and has integrated major acquisitions to enhance its platform [4][5] - The company is focused on organic expansions and capturing synergies from acquisitions to drive future growth [7][16] - Management emphasizes the importance of safety and operational excellence while pursuing long-term value [31] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that lower crude oil prices may slow drilling but maintains visibility into growth for 2026 and beyond [7][8] - The company is cautious about commodity prices but remains confident in the durability of its integrated asset base [8][10] - Management highlighted the importance of employee contributions in driving strategy and operational success [31] Other Important Information - The company returned nearly $2.7 billion to shareholders in 2025 through dividends and share repurchases, with a recent 4% increase in quarterly dividends [10] - Capital expenditure guidance for 2026 is set between $2.7 billion and $3.2 billion, focusing on high-return projects [16][94] Q&A Session Summary Question: Can you discuss the conservatism in the 2026 guidance? - Management indicated that they are planning for crude prices in the $55-$60 range, which could impact spread differentials and producer cash flow [34] Question: What optimization opportunities exist beyond the guidance? - Management noted successful discretionary ethane recovery and spot offloads in the Permian as potential upside [35][36] Question: What is the outlook for power opportunities? - Advanced negotiations with hyperscalers are ongoing, with potential announcements expected soon [39] Question: Can you clarify the Waha basis spreads and guidance assumptions? - Management confirmed that they have open capacity on the Eiger pipeline and see potential upside in spreads [43][44] Question: What drives the NGL throughput volumes forecast? - Management explained that a contract loss in the Bakken and increased ethane rejection in the Mid-Continent temper growth expectations [72] Question: What are the natural gas storage opportunities? - Management highlighted expansion opportunities in Texas and Louisiana, driven by industrial customers and LNG projects [86][87]

Financial Data and Key Metrics Changes - In 2025, net income attributable to ONEOK increased by 12% to $3.39 billion, resulting in earnings of $5.42 per share [4][7] - Adjusted EBITDA rose by 18% to $8.02 billion, marking 12 consecutive years of growth [4][6] - For the fourth quarter of 2025, net income was $977 million, or $1.55 per share, with adjusted EBITDA totaling $2.15 billion [7][8] Business Line Data and Key Metrics Changes - The company achieved nearly $500 million in total synergies from acquisitions, with approximately $250 million realized in 2025 alone [4][5] - Approximately 90% of earnings are fee-based, which limits commodity exposure and supports valuation durability [5] Market Data and Key Metrics Changes - In the Bakken region, there are 5,000 identified wells yet to be drilled, equating to over 15 years of inventory at current rig rates [6] - The natural gas pipeline segment exceeded guidance in 2025, benefiting from strategic locations in the Permian Basin and Louisiana [21][22] Company Strategy and Development Direction - ONEOK aims to maintain a disciplined capital allocation strategy while integrating major acquisitions and advancing long-cycle growth projects [3][4] - The company expects to achieve an adjusted EBITDA midpoint of $8.1 billion for 2026, supported by volume growth and completed projects [5][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to integrate acquisitions and capture expected synergies, despite lower crude oil prices potentially slowing drilling activity [5][6] - The company anticipates continued growth in 2026 and beyond, driven by customer development plans and strategic expansions [6][7] Other Important Information - ONEOK plans to reduce capital expenditures in the coming years as current projects are completed, with a 2026 guidance range of $2.7 billion to $3.2 billion [15][16] - The company does not expect to pay meaningful cash taxes until 2029, supporting free cash flow and capital allocation flexibility [16] Q&A Session Summary Question: 2026 outlook and conservative guidance - Management discussed the conservative assumptions around commodity prices and potential optimization opportunities that could provide upside to guidance [33][34] Question: Power opportunity and customer engagement - Management indicated advanced negotiations with hyperscalers and positive momentum in securing deals, with announcements expected soon [38][39] Question: NGL throughput volumes and guidance - Management explained that flat NGL throughput guidance is influenced by contract expirations and ethane recovery assumptions [72][73] Question: Natural gas storage opportunities - Management highlighted ongoing expansions in Texas and Louisiana, driven by industrial customers and LNG projects [87][88] Question: CapEx guidance and project breakdown - Management provided insights into major projects for 2026, including the Denver pipeline expansion and Shadowfax plant [94][96]

Core Insights - The company achieved a significant increase in earnings power with 2025 adjusted EBITDA rising 18% to $8,020,000,000, marking twelve consecutive years of growth [1] - The company realized approximately $250,000,000 in synergies during 2025, bringing total synergies since the Magellan acquisition to nearly $500,000,000, significantly exceeding original targets [1] - The company transitioned to a high-quality earnings mix where approximately 90% of earnings are fee-based, providing valuation durability and limiting direct commodity exposure [1] Performance Analysis - The company established an integrated platform advantage by embedding the Magellan, Easton, EnLink, and Medallion acquisitions to drive scale and commercial optionality across NGLs, refined products, and crude [1] - The variance in 2025 performance was attributed to lower-than-anticipated Bakken volume growth of 100,000,000 cubic feet per day and delays in third-party NGL plant completions [1] - The company maintained strong operational leverage through strategic organic expansions that serve existing contracts while positioning itself to compete for future volumes [1]

Financial Performance - The company's Q4 adjusted EBITDA was $636 million, which would have been approximately $665 million without negative revenue recognition adjustments of about $30 million [1] - For the full year 2025, the company finished above the midpoint of guidance with total revenue of $2.48 billion [2] - The company's capital expenditures (CapEx) were in line with guidance at $722 million, which included investments related to the Aris assets [2] - Free cash flow exceeded the high end of guidance, reaching $1.53 billion [2] Operational Metrics - There was a slight decrease in gas and oil throughput, while water throughput increased due to the integration of Aris assets [1] - Negative pricing at WAHA impacted gas throughput as some private producers curtailed their volumes onto the system [2] Distributions - Distributions were consistent with the guidance provided by the company [3]

Summary of Western Midstream Partners Fireside Chat - February 24, 2026 Company Overview - **Company**: Western Midstream Partners (NYSE: WES) - **Event**: Fourth Quarter 2025 Fireside Chat - **Date**: February 24, 2026 Key Financial Performance - **Q4 2025 Adjusted EBITDA**: $636 million, adjusted to approximately $665 million without negative revenue recognition adjustments of $30 million [1] - **Full Year 2025 Adjusted EBITDA**: $2.48 billion, above the midpoint of guidance [1] - **Capital Expenditures (CapEx)**: $722 million, in line with guidance [2] - **Free Cash Flow**: $1.53 billion, above the high end of guidance [2] - **Throughput Performance**: Increased across all three product categories; notable performance in the DJ and Delaware Basin [2] Cost Management and Efficiency Initiatives - **Cost-Cutting Program**: Implemented in Q2 2025, focusing on zero-basing activities to reduce operational and administrative costs [4] - **Operational and Maintenance Costs (O&M)**: Decreased by 8% year-over-year in Q3 2025 and 12% in Q4 2025 compared to the previous year, excluding Aris [5] - **General and Administrative Costs (G&A)**: Remained flat in 2025 compared to 2024, with expectations to maintain this in 2026 [6] Growth Strategies - **Growth Projects**: Sanctioned Pathfinder and North Loving II in 2025; completed acquisition of Aris, enhancing water solution capabilities in the Delaware Basin [3] - **2026 Guidance**: Adjusted EBITDA expected to be in the range of $2.5 billion to $2.7 billion, reflecting a growth of approximately 5% at the midpoint [8] - **Capital Expenditures for 2026**: Revised midpoint from $1.1 billion to $925 million to manage Free Cash Flow amid a volatile environment [9] Distribution and Cash Flow - **Distribution Guidance**: Expected at least $3.70 per unit, with an increase of $0.91 to $0.93 per unit recommended for Q1 [9] - **Distribution Increase**: Approximately 2%, aligning with mid to low single-digit growth expectations [10] - **Distributable Cash Flow (DCF)**: Free Cash Flow remains a critical metric, projected between $900 million and $1.1 billion for 2026 [13] Strategic Outlook - **No Change in Strategy**: The company plans to continue its growth strategy despite anticipated declines in producer activity in the Powder River and DJ basins [11] - **Resilience in Downturn**: Prepared to navigate expected downturns in 2026 without altering strategic direction [12] - **Focus on Cost Discipline**: Continued emphasis on organic and inorganic growth, alongside cost management strategies [15] Additional Insights - **Integration of Aris**: The acquisition is expected to enhance operational efficiency and market position in water solutions [3] - **Market Conditions**: Noted pullback in producer forecasts impacting throughput expectations for 2026 [8] This summary encapsulates the key points discussed during the fireside chat, highlighting Western Midstream's financial performance, strategic initiatives, and outlook for the upcoming year.

Core Viewpoint - Enterprise Products Partners (EPD) is highlighted as a significant player in the midstream energy sector, showcasing a strong distribution yield and a long history of increasing distributions, despite facing challenges in free cash flow coverage due to elevated capital expenditures [1]. Financial Performance - EPD achieved a distributable cash flow (DCF) coverage ratio of 1.8x in Q4 2025, with operational DCF amounting to $2.16 billion [1]. - The annual distribution stands at $2.20 per unit, yielding approximately 6% [1]. - The earnings payout ratio for Q4 is around 73%, which is considered elevated but manageable for a capital-intensive partnership [1]. - Full-year adjusted cash flow from operations reached a record $8.7 billion in 2025, indicating strong operational performance [1]. Distribution History - EPD has increased its distributions for over 26 consecutive years, with the most recent increase being 3.8% year-over-year for Q1 2026 [1]. - The five-year compound annual growth rate (CAGR) for distributions is approximately 3.5% to 4%, reflecting a consistent but not explosive growth pattern [1]. Capital Expenditures and Future Outlook - Free cash flow coverage for 2024 was reported at 0.79x due to high capital expenditures, but management anticipates a significant improvement in discretionary free cash flow to about $1 billion in 2026 [1]. - EPD is currently investing heavily in projects such as the Bahia NGL Pipeline and Permian processing expansion, which are expected to enhance future cash flows [1]. Leverage and Debt Management - As of December 31, 2025, EPD's total debt principal was $34.7 billion, with a net debt-to-EBITDA ratio of 3.3x, which is above the target but manageable [1]. - The company maintains a solid liquidity position with $5.2 billion in consolidated liquidity and approximately 98% of its debt at a fixed rate, insulating it from interest rate fluctuations [1].

Core Insights - Midstream indexes have shown strong performance in early 2026, with double-digit total returns year-to-date through February 18, significantly outperforming the broader market [1] - Both MLPs and corporations contributed to sequential growth in dividends for 4Q25, with no AMNA constituent cutting dividends since July 2021 [1] - Year-over-year, 92.7% of the Alerian Midstream Energy Index (AMNA) constituents by weighting have increased their dividends [1] 4Q25 Payouts - Sequential dividend increases were observed from both MLPs and corporations, with the largest increase from Plains All American (PAA) at 9.9% to $0.4175 per unit [1] - Other notable increases included Williams (WMB) at 5.0%, ONEOK (OKE) at 3.9% to $1.07 per share, and Enbridge (ENB) at 2.9% [1] - Genesis Energy (GEL) had a significant increase of 9.1% to $0.18 per unit, while Enterprise Products (EPD) announced a 0.9% increase to $0.55 per unit [1] Year-Over-Year Comparison - Over 80% of AMZ and nearly 90% of AMZI constituents by weighting have increased their distributions in the past year [1] - For AMNA, 92.7% of the index constituents by weighting have grown payouts compared to 4Q24 [1] - Anticipated growth for 1Q26 includes Targa Resources (TRGP) planning a 25% increase to $1.25 per share and Western Midstream (WES) planning a 2.2% increase to $0.93 per unit [1] Price Performance - Midstream indexes have outperformed the broader market, with AMNA gaining 15.7%, AMZ gaining 14.7%, and AMZI gaining 14.6% year-to-date through February 18 [1] - The combination of dividend growth and capital appreciation has provided robust total returns for investors in early 2026 [1] Bottom Line - The growth in midstream/MLP dividends remains a reliable tailwind, supported by 4Q25 announcements [1] - Consistent dividend growth contributes to attractive returns for investors, alongside equity repurchases expected to be discussed in future updates [1]