ONEOK Inc. (OKE) continues to reap the rewards of rising fee-based earnings and systematic capital investments. The company's ongoing expansion efforts and pipeline additions are strategically aimed at reinforcing its foothold in key high-production regions. OKE's inorganic growth efforts play a vital role in broadening its operational footprint. However, this Zacks Rank #3 (Hold) company encounters headwinds due to intense competition in its pipeline business. Growth Catalysts for OKE ONEOK is well-positio ...

KMI's Strategy and Outlook - Hydrocarbon fuels are essential and resilient, with global energy needs expected to expand 30% between 2016 and 2040[15] - Kinder Morgan transports approximately 40% of all natural gas consumed in the U S[46, 49] - KMI aims to increase dividends declared by 60% to $0 80 per share in 2018, maintaining a best-in-class coverage of 2 6x[59] - KMI plans to place $3 2 billion of growth projects into commercial service during 2018, with an investment multiple of approximately 7 0x[59] Financial Performance and Projections - KMI's 2018 budgeted EBITDA is $7 5 billion, a 4% increase from the previous year[59] - KMI's 5-year growth project backlog is expected to generate approximately $1 6 billion of cumulative EBITDA[61] - KMI's 2018 budgeted Distributable Cash Flow (DCF) is $4 567 billion, or $2 05 per share, a 2% and 3% increase respectively[238, 276] - KMI's 2018 budgeted growth capital is $2 215 billion, a 26% decrease from the previous year[238, 276] - KMI's 2018 budgeted discretionary free cash flow is $568 million[238] KML and TMEP - KML's 2018 budgeted Adjusted EBITDA is C$474 million, a 22% increase from the previous year[210, 323] - The Trans Mountain Expansion Project (TMEP) is estimated to cost C$7 4 billion and could grow Adjusted EBITDA by C$1 1 billion[222, 216]

Financial Performance and Guidance - The company's 2021 budgeted Adjusted EBITDA is $6.8 billion, a decrease of approximately 2% compared to the 2020 forecast, reflecting headwinds from lower re-contracting rates and crude volumes[15] - 2021 Distributable Cash Flow (DCF) is budgeted at $4.4 billion, down approximately 3% from the 2020 forecast, also impacted by higher anticipated sustaining capex[15] - Net income for 2021 is projected to be greater than $2.1 billion, an increase primarily due to asset and goodwill impairments taken during 2020[15] - The company has a $2 billion share buyback program, with $575 million already purchased since December 2017[13] - The company maintains a current dividend yield of over 7%, with a Q3 2020 annualized dividend of $1.05 per share[14] Business Overview and Strategy - The company moves approximately 40% of U S natural gas consumption and exports[9] - Approximately 74% of the company's earnings are from take-or-pay or hedged contracts, providing stable cash flows[37, 48] - The company has commercially-secured capital projects underway totaling $2.6 billion as of September 30, 2020[23] - The company's business mix includes 62% natural gas, 15% products, 14% terminals, 6% CO2, and 3% oil & gas production[11] Market and Industry Trends - U S natural gas demand is expected to grow, with over 85% of the forecasted demand growth driven by Texas and Louisiana[18] - Global biofuels demand is expected to increase by approximately 146% from 2019 to 2040[46]

Group 1 - Canadian pipeline investors have two major options: TC Energy Corporation and Enbridge Inc, both headquartered in Calgary, Alberta, Canada [1] - TC Energy Corporation trades under the symbol TRP, while Enbridge Inc trades under the symbol ENB on American exchanges [1] Group 2 - Robert F. Abbott has been managing investments since 1995 and has experience with options trading since 2010 [2] - Abbott is a freelance writer and has created a website aimed at new and intermediate mutual fund investors [2] - He holds a Bachelor of Arts and a Master of Business Administration (MBA) degree [2]

Corporate Presentation MAY 2025 South Bow at a Glance A strategic liquids pipelines franchise connecting resilient supply to the strongest demand markets in North America OPERATIONAL HIGHLIGHTS | 4,900 | km | Pipeline footprint | | --- | --- | --- | | 1.25 | MMbbl/d | Delivered safely and reliably | | 7.6 | MMbbl/d | Terminal storage capacity | FINANCIAL HIGHLIGHTS1 | 208 million | Shares outstanding | | --- | --- | | $5.1 billion | Market capitalization | | $10.6 billion | Enterprise value2 | | $2.00 /shar ...

Dividend Program - Enbridge offers a forward dividend yield of 6.09%, maintaining a yield above 6% for most of the last four years [2] - The company has increased its dividend for 30 consecutive years, a notable achievement among energy stocks [2][3] Financial Stability - Enbridge's distributable cash flow payout ratio is between 60% and 70%, indicating strong financial flexibility to sustain and grow dividends [3] - The company operates over 18,000 miles of crude oil pipelines and 72,500 miles of natural gas pipelines, contributing to its stable revenue [4] - Enbridge is the largest natural gas utility in North America by volume and has renewable energy projects with a total capacity of over 6.6 gigawatts [5] Cash Flow and Earnings Protection - Enbridge generates cash flow from over 200 asset streams, with more than 98% of its EBITDA protected by regulatory agreements or take-or-pay frameworks [6] - Over 80% of EBITDA is safeguarded from inflation through built-in escalators or regulatory paths, with less than 1% linked to commodity prices [6] Balance Sheet Strength - The company's debt-to-EBITDA ratio is between 4 and 5, which is considered manageable, and it holds investment-grade credit ratings [7] - Enbridge's CEO stated that any business development deals will be neutral or better for the balance sheet, indicating a cautious approach to growth [7] Growth Prospects - Enbridge expects to grow its business by approximately 5% per year through the end of the decade, which is favorable for future dividend increases [9] - The company has a secured growth backlog of $28 billion and plans to invest between $8 billion and $9 billion annually in capital projects [10] - Additional funds of $1 billion to $2 billion will be available for new strategic projects or mergers and acquisitions [10]

Financial Performance - Loews Corporation reported net income of $370 million, or $1.74 per share, in Q1 2025, down from $457 million, or $2.05 per share, in Q1 2024 [2][14] - Total revenues increased to $4.494 billion in Q1 2025 from $4.231 billion in Q1 2024, driven by higher insurance premiums and operating revenues [14][16] - Book value per share increased to $89.74 as of March 31, 2025, from $88.18 as of December 31, 2024 [4] Segment Performance - CNA Financial's net income attributable to Loews decreased to $252 million in Q1 2025 from $310 million in Q1 2024, primarily due to lower underwriting income [4][5] - Boardwalk Pipelines reported improved results with net income increasing to $152 million in Q1 2025 from $121 million in Q1 2024, attributed to higher re-contracting rates and growth projects [4][10] - Loews Hotels & Co experienced a decline in net income to $0 million in Q1 2025 from $16 million in Q1 2024, mainly due to lower equity income from joint ventures [10][24] Share Repurchase - The company repurchased 5.1 million shares of its common stock for a total cost of $429 million since December 31, 2024 [1][4] - During Q1 2025, Loews Corporation repurchased 4.5 million shares for $376 million, with an additional 0.6 million shares repurchased for $53 million between April 1, 2025, and May 2, 2025 [10][4] Investment and Debt Position - As of March 31, 2025, the parent company had $3.5 billion in cash and investments and $1.8 billion in debt [4] - Net investment income decreased year-over-year due to unfavorable changes in the fair value of equity-based investments [4][10]

Core Insights - Analysts project Kinder Morgan (KMI) will announce quarterly earnings of $0.35 per share, reflecting a year-over-year increase of 2.9% [1] - Revenue is expected to reach $4.14 billion, marking a 7.7% increase from the same quarter last year [1] Earnings Estimates - The consensus EPS estimate has been revised 0.9% higher over the last 30 days, indicating a collective reevaluation by analysts [2] - Revisions to earnings projections are crucial for predicting investor behavior and are linked to short-term stock price performance [3] Key Metrics Analysis - Analysts estimate 'Terminals - Liquids leasable capacity' at 78.08 MMBBL, down from 78.6 MMBBL in the same quarter last year [5] - 'Segment EBDA- Products Pipelines' is projected to reach $284.28 million, compared to $292 million in the same quarter last year [5] - 'Segment EBDA- Terminals' is expected to be $269.13 million, slightly up from $269 million year-over-year [6] - 'Segment EBDA- Natural gas Pipelines' is forecasted at $1.56 billion, an increase from $1.51 billion year-over-year [6] - 'Segment EBDA- CO2' is anticipated to be $181.42 million, up from $158 million in the same quarter last year [6] Market Performance - Kinder Morgan shares have changed by -2.3% in the past month, compared to a -3.6% move of the Zacks S&P 500 composite [7] - With a Zacks Rank 2 (Buy), KMI is expected to outperform the overall market in the near future [7]