Core Insights - DT Midstream, Inc. reported a strong financial performance for the fourth quarter and full year of 2025, achieving record results with a 17% year-over-year growth in Adjusted EBITDA [3][7]. Financial Performance - Fourth quarter 2025 reported net income was $111 million, or $1.08 per diluted share, with Operating Earnings also at $111 million [1]. - Full year 2025 reported net income was $441 million, or $4.30 per diluted share, with Operating Earnings matching this figure [2]. - Adjusted EBITDA for the fourth quarter was $293 million, while for the full year it reached $1.138 billion, reflecting a 17% increase from 2024 [2][7]. Business Strategy and Growth - The company successfully integrated its Midwest pipelines and completed key organic growth projects ahead of schedule and on budget, positioning itself to meet increasing demand [3]. - The organic project backlog increased by approximately 50% to $3.4 billion over the next five years, with pipeline projects making up 75% of this backlog [8]. - Adjusted EBITDA guidance for 2026 is projected to be between $1.155 billion and $1.225 billion, indicating a 6% annual growth from the original 2025 guidance [4]. Dividend and Investment Decisions - The company announced a 7% increase in dividends from the fourth quarter of 2025 to $0.88 per share, payable on April 15, 2026 [8]. - Final investment decisions were reached on two pipeline projects, including an expansion of Viking Gas Transmission [7][8].

Core Insights - Targa Resources exceeded Wall Street estimates for fourth-quarter adjusted core profit, driven by increased demand and higher transport volumes of natural gas and natural gas liquids [1] - U.S. natural gas futures rose over 11% sequentially in the fourth quarter, ending a declining trend due to higher demand and increased pipeline volumes [1] - Midstream companies like Targa are benefiting from strong oil and gas production in the Permian Basin, rising natural gas demand from liquefied natural gas exports, and increased power generation linked to AI operations, cryptocurrency mining, and data centers [1] Financial Performance - Targa reported total quarterly natural gas sales of 2.96 billion British thermal units per day (BBtu/d), a 6.2% increase from the previous year [1] - NGL pipeline transportation volumes increased by approximately 20.3% to 1,048.7 thousand barrels per day (MBbl/d) [1] - Adjusted core profit for the quarter ended December 31 was $1.34 billion, surpassing analysts' estimates of $1.27 billion [1] Future Outlook - Targa anticipates continued growth across its Permian footprint, projecting record NGL pipeline transportation, fractionation, and liquefied petroleum gas export volumes by 2026 [1] - The company expects to bring online the Falcon II plant in the Permian Delaware region in the first quarter [1] - For the current year, Targa forecasts adjusted core earnings between $5.4 billion and $5.6 billion, aligning with analysts' average estimate of $5.5 billion [1]

Core Insights - Targa Resources Corp. reported a significant increase in net income for Q4 2025, reaching $545 million, up from $351 million in Q4 2024, and a full-year net income of $1,923 million compared to $1,312 million in 2024 [1][7] - The company achieved record adjusted EBITDA of $1,341 million in Q4 2025, a 20% increase from $1,122 million in Q4 2024, and a full-year adjusted EBITDA of $4,957 million, up 20% from $4,142 million in 2024 [1][7] - Targa's CEO highlighted positive momentum driven by the company's position in the Permian Basin and upcoming large downstream capital projects expected to enhance free cash flow [3] Financial Performance - Q4 2025 total revenues were $4,055.5 million, an 8% decrease from $4,405.2 million in Q4 2024, while full-year revenues increased by 4% to $17,028.3 million from $16,381.5 million in 2024 [24] - The company declared a quarterly cash dividend of $1.00 per share for Q4 2025, totaling approximately $215 million, and plans to recommend an annual dividend of $5.00 per share for 2026, a 25% increase from 2025 [4][21] Share Repurchase and Capital Management - In Q4 2025, Targa repurchased 226,987 shares at an average price of $163.01, totaling $37 million, and for the full year, repurchased 3,765,272 shares at an average price of $170.45, totaling $642 million [5] - As of December 31, 2025, Targa had $1,374 million remaining under its Share Repurchase Programs [5] Segment Performance - The Gathering and Processing segment reported an increase in adjusted operating margin due to higher natural gas inlet volumes in the Permian, despite lower commodity prices [43][45] - The Logistics and Transportation segment saw an increase in adjusted operating margin driven by higher pipeline transportation and fractionation margins, benefiting from increased supply volumes from the Permian [50] Growth and Expansion Plans - Targa announced the construction of a new natural gas processing plant, Yeti II, in the Permian Delaware, expected to begin operations in Q4 2027, along with additional processing plants and fractionators [15][17] - The company estimates full-year 2026 adjusted EBITDA between $5.4 billion and $5.6 billion, representing an 11% increase over 2025, with net growth capital expenditures projected at approximately $4.5 billion [18][20]

Market Overview - The market is currently experiencing a rotation period, with a significant surge in value stocks compared to growth stocks, marking the largest shift in over four years [3] - Despite recent slowdowns, the market outlook remains promising as it navigates through key challenges, including changes in Federal Reserve leadership and government negotiations [2] Company Analysis: Enterprise Products Partners L.P. (NYSE:EPD) - Enterprise Products Partners L.P. reported fiscal Q4 2025 earnings on February 3, achieving $13.79 billion in revenue, which is a 2.87% decrease year-over-year but exceeded consensus estimates by $1.43 billion [11] - The company's EPS for the quarter was $0.75, surpassing estimates by $0.06, driven by growth in the Natural Gas and Petrochemical & Refined Products segments, although offset by lower oil prices [11] - Analysts have raised price targets for EPD, with Wells Fargo increasing its target from $36 to $38 and Scotiabank from $35 to $37, while both maintained a Hold rating due to discrepancies between operational data and financial outcomes [9][10][12] Company Analysis: Energy Transfer LP (NYSE:ET) - Energy Transfer LP released fiscal Q4 2025 earnings on February 17, reporting revenue of $25.32 billion, a 29.57% year-over-year increase, but an EPS of $0.25 fell short of estimates by $0.11 [14] - The company experienced volume growth in the fourth quarter, with NGL and refined product terminal volumes up 12% and NGL transportation volumes increasing by 5%, driven by demand from data centers and power generation [15] - Energy Transfer has set its 2026 adjusted EBITDA guidance between $17.45 billion and $17.85 billion, an increase from the previous range of $17.3 billion to $17.7 billion [16]

Core Insights - Western Midstream Partners, LP reported record financial results for the fourth quarter and full year of 2025, with significant increases in cash flow and adjusted EBITDA, driven by strong throughput growth and cost reduction initiatives [1][2][3] Financial Performance - The company announced a fourth-quarter distribution of $0.910 per unit, consistent with the previous quarter, and a full-year 2025 Free Cash Flow of $1.526 billion, exceeding guidance by 15% [1][2] - Full-year 2025 net income attributable to limited partners was $1.154 billion, or $2.98 per common unit, with adjusted EBITDA reaching $2.481 billion, a 6% year-over-year increase [1][2] - The company provided 2026 guidance for distributable cash flow between $1.850 billion and $2.050 billion, and adjusted EBITDA between $2.500 billion and $2.700 billion, reflecting a moderate growth outlook [1][3] Operational Highlights - The company achieved record annual produced-water throughput of 1,578 MBbls/d, a 40% year-over-year increase, primarily due to the acquisition of Aris Water Solutions [1][2] - Natural gas throughput averaged 5.2 Bcf/d for the full year, representing a 4% increase year-over-year, while crude oil and NGLs throughput averaged 514 MBbls/d, a 1% increase [2][3] - The company sanctioned the Pathfinder pipeline to transport over 800 MBbls/d of produced water and expanded natural gas processing capacity by 18% in the Delaware Basin [1][2] Strategic Initiatives - The company renegotiated natural-gas gathering and processing contracts in the Delaware Basin, transitioning to a fixed-fee structure, which is expected to enhance revenue stability [1][2] - The integration of Aris is on track to deliver significant synergies, with approximately 85% of the $40 million target expected to be captured by the end of Q1 2026 [2][3] - The company maintained a disciplined capital allocation framework, returning $1.431 billion to unitholders in 2025 while keeping a net leverage ratio near 3.0 times [1][2]

Exhibit 99.2 Fourth Quarter 2025 Earnings Summary MMLP 4Q 2024 Adjusted EBITDA Reconciliation (in millions) Comparison (in millions) | | Transportation | Terminalling & Storage | Sulfur Services | Specialty Products | SG&A | Interest Expense | 4Q 2025 Actual | | --- | --- | --- | --- | --- | --- | --- | --- | | Net income (loss) | $6.5 | $4.9 | $2.0 | $2.8 | $(4.7) | $(14.5) | $(2.9) | | Interest expense add back | — | — | — | — | — | $14.5 | $14.5 | | Equity in loss of DSM Semichem LLC | — | — | — | — | $0 ...

Core Insights - Energy stocks have been volatile for investors due to a disconnect between consumer spending and investor capital allocation, with consumers experiencing the energy transition through tangible products while investment focuses on upstream markets [2] - The ongoing energy transition is often misunderstood as a binary choice between fossil fuels and renewable energy, but institutional investors recognize the need for a comprehensive approach that includes both [3] - Investors face a decision between prioritizing stable income from existing hydrocarbon systems or pursuing long-term growth associated with carbon-free energy generation and data center demand [4] Company Analysis - **Energy Transfer**: In Q4 2025, Energy Transfer generated approximately $4.2 billion of adjusted EBITDA, reflecting a year-over-year increase of about 7.7%. The company provides stable, fee-based cash flows tied to natural gas and NGL infrastructure, which are essential for global energy demand [5][6] - **Constellation Energy**: This company is leveraging its nuclear fleet to secure long-term contracts with AI data centers, positioning itself as a key supplier of 24/7 clean energy. It represents a growth opportunity in the carbon-free generation space [5]

Core Insights - The article discusses the growing recognition and stability of master limited partnerships (MLPs), particularly highlighting the Alerian MLP ETF (AMLP) as a strong investment choice in a volatile market [2][3]. Group 1: MLPs and Market Position - MLPs have evolved from being relatively unknown to gaining significant investor recognition, with AMLP being a notable example [2]. - The underlying businesses of MLPs operate like essential infrastructure, focusing on pipelines and storage facilities, which are critical to the U.S. economy [3]. Group 2: Business Model and Stability - AMLP's stability is attributed to its fee-based business model, which charges a flat fee for the transportation of oil and gas, making it less sensitive to fluctuations in energy prices [4]. - The ETF has maintained a streak of 61 consecutive quarters of payouts, providing steady income that acts as a buffer during market volatility [5]. Group 3: Industry Dynamics - A significant driver for MLPs in 2026 is the surge in data-center construction, with long-term contracts being signed to transport natural gas for these facilities [5]. - AMLP consists of a concentrated portfolio with only 15 holdings, where the top seven companies represent a majority of the assets under management [6]. Group 4: Risk and Volatility - MLPs, particularly AMLP, offer a unique hedge against market volatility, with a beta of 0.7x, indicating it is historically 30% less volatile than the S&P 500 Index [8].

Core Insights - The article emphasizes the volatility in natural gas prices and suggests that midstream investments can provide a more stable exposure to the natural gas market [1] - It highlights the expected growth in natural gas demand driven by rising exports and power demand, making midstream companies an attractive investment option [1] Natural Gas Price Volatility - Natural gas prices have experienced significant fluctuations, with Henry Hub prices exceeding $5 per million British thermal unit (MMBtu) in early December, dropping to $3, and then spiking above $7 during a January cold snap [1] - The volatility is attributed to weather conditions, which can lead to production limitations due to well freeze-offs during peak demand [1] Midstream as a Defensive Investment - Midstream companies operate on a fee-based business model, providing essential services like transportation and storage under long-term contracts, which can last up to 20 years [1] - This model offers visibility into future cash flows, insulating midstream companies from daily price fluctuations in natural gas [1] - The cash flow generated supports generous dividends, making midstream investments appealing during volatile commodity price environments [1] Midstream ETFs for Investment - Investors can gain exposure to midstream companies through energy infrastructure ETFs such as the Alerian MLP ETF (AMLP) and the Alerian Energy Infrastructure ETF (ENFR) [1] - AMLP tracks the Alerian MLP Infrastructure Index (AMZI), which includes energy infrastructure MLPs generating cash flow primarily from midstream activities [1] - ENFR tracks the Alerian Midstream Energy Select Index (AMEI), comprising North American midstream energy infrastructure companies involved in pipeline transportation, storage, and processing [1]

Investor Presentation February 2026 | TARGA RESOURCES CORP. Forward Looking Statements Certain statements in this presentation are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this presentation that address activities, events or developments that the Company expects, believes or anticipates will or may occur in ...