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]

Achieved a step change in earnings power with 2025 adjusted EBITDA rising 18% to $8,020,000,000, marking twelve consecutive years of growth. Realized approximately $250,000,000 in synergies during 2025 alone, bringing total synergies since the Magellan acquisition to nearly $500,000,000, significantly exceeding original targets. Transitioned to a high-quality earnings mix where approximately 90% of earnings are fee-based, providing valuation durability and limiting direct commodity exposure. Establi ...

Question-and-Answer SessionKristen ShultsSenior VP & CFO - Western Midstream Holdings LLC Yes, Daniel. So if you take a look at fourth quarter, our Q4 adjusted EBITDA came out to $636 million. However, that included the negative revenue recognition adjustments of close to $30 million. So without that adjustment, we would have been right around $665 million for Q4. From a throughput perspective, our gas decreased just a little bit, oil slight decrease and then water obviously went up as we integrated the Ari ...

Western Midstream Partners (NYSE:WES) Fireside chat February 24, 2026 07:00 AM ET Company ParticipantsDaniel Holderman - SVP and Chief Operating OfficerKristen Schultz - Chief Financial Officer and Senior Vice PresidentDaniel HoldermanGood morning, welcome to Western Midstream's fourth quarter 2025 fireside chat with our Chief Financial Officer and Senior Vice President, Kristen Schultz. Kristen, can you give us an overview of our fourth quarter and full year 2025 performance?Kristen SchultzYes, Daniel. If ...

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].

Broad-Based Growth in 4Q25 Midstream/MLP Dividends## Summary- Midstream indexes have kicked off 2026 with exceptionally strong performance, generating double-digit total returns year-to-date through February 18 that handily outpace the broader market.- Both MLPs and corporations drove sequential growth in payouts for 4Q25. No AMNA constituent has cut its regular dividend since July 2021.- On a year-over-year basis, 92.7% of the Alerian Midstream Energy Index (AMNA) by weighting have grown their dividends.Fo ...

Enterprise Products Partners (NYSE:EPD) is one of the best value stocks to buy now. On February 3, Enterprise Products Partners reported its Q4 2025 earnings report, with an EBITDA of $2.7 billion. The company’s quarterly revenue of $13.79 billion was a slight 2.87% decline year-over-year, but still surpassed Street estimates by $1.43 billion. EPS of $0.75 also beat guidance by $0.06. This growth was fueled by the integration of new assets, such as the Mentone West and Orion projects, alongside an expans ...

iREIT+HOYA Capital is the premier income-focused investing service on Seeking Alpha. Our focus is on income-producing asset classes that offer the opportunity for sustainable portfolio income , diversification , and inflation hedging . Get started with a Free Two-Week Trial and take a look at our top ideas across our exclusive income-focused portfolios.It’s common investment knowledge that energy is a volatile industry, going through boom and bust cycles, as we have seen with oil prices over the past decade ...