Core Insights - The article emphasizes the importance of selecting dividend stocks that provide a balance of risk and reward for long-term investment success [1][2]. Group 1: Coca-Cola (KO) - Coca-Cola holds a dominant 47.1% market share in the U.S. carbonated soft drink market and has a diverse portfolio including lemonade, tea, water, juices, sports drinks, coffee, and alcoholic beverages [4][6]. - In Q3, Coca-Cola reported revenue of $12.45 billion, a 5% increase from $11.85 billion year-over-year, with earnings of $3.69 billion and EPS of $0.86, up from $2.84 billion and $0.66 respectively [7]. - The company achieved 10% revenue growth in Europe, the Middle East, and Africa, 4% in North America, and 11% in Asia-Pacific, offsetting a 4% decline in Latin America [6][7]. - Coca-Cola offers a strong dividend yield of 3% [7]. Group 2: Enterprise Products Partners (EPD) - Enterprise Products Partners is a leading midstream company in the U.S., responsible for transporting fossil fuels without the need for expensive mining or drilling operations [8][10]. - The company reported Q3 revenue of $1.68 billion, down from $1.78 billion year-over-year, but managed to reduce operating costs from $12 billion to $10.3 billion [12]. - Net income fell slightly to $1.35 billion with EPS at $0.61, compared to $1.43 billion and $0.65 respectively [12]. - The dividend yield for Enterprise Products Partners is currently 7.1%, making it an attractive option even during revenue declines [13]. Group 3: Lam Research (LRCX) - Lam Research operates in the semiconductor industry, providing equipment for foundries to manufacture semiconductors, including wafer cleaning and plasma etching [14]. - The company reported Q3 revenue of $5.32 billion, a significant increase from $4.16 billion year-over-year, with EPS rising to $1.26 from $0.86 [15]. - Lam Research's stock has increased by 123% in 2025, although its dividend yield is relatively low at 0.6% [16]. Group 4: Diversification Strategy - The article highlights the importance of diversifying investments across different sectors to mitigate volatility risks [17]. - Investing in Coca-Cola, Enterprise Products Partners, and Lam Research can create a balanced income-generating portfolio [18].

Financial Data and Key Metrics Changes - The company reported approximately $136 million in quarterly adjusted EBITDA, an increase from $107 million in the same period last year [3][10] - Full-year EBITDA midpoint guidance has been raised to the upper end of the range between $500 million and $520 million [3][12] - Distributable cash flow, as adjusted, totaled $74 million, with a coverage ratio of approximately 1.24x [10] Business Line Data and Key Metrics Changes - Adjusted EBITDA for the gathering and processing segment was $83 million, up from $55 million in the third quarter of 2024, primarily due to the acquisition of H2O and Gravity [10] - Wholesale marketing and terminaling adjusted EBITDA was $21 million, down from $25 million in the prior year [10] - Storage and transportation adjusted EBITDA remained stable at $19 million compared to the third quarter of 2024 [11] - Investments in the pipeline joint venture segment contributed $22 million this quarter, up from $16 million in the third quarter of 2024 [11] Market Data and Key Metrics Changes - The company noted strong operations in crude and water gathering segments, with record volumes for DDG in the third quarter [4][8] - The competitive position in both Midland and Delaware Basins is increasing due to recent acquisitions and operational improvements [4] Company Strategy and Development Direction - The company aims to become a strong, independent, full-suite midstream service provider, focusing on prudent management of leverage and coverage [4][5] - The successful commissioning of the Libby 2 plant and ongoing efforts in acid gas injection and sour gas handling are key strategic initiatives [3][6] - The company plans to continue optimizing synergies and realizing EBITDA uplift from recent acquisitions [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the earnings trajectory and the ability to meet increased demand for sour gas capabilities [18][32] - The company is optimistic about future expansion opportunities and plans to provide detailed guidance in the next earnings call [20][32] Other Important Information - The Board of Directors approved a 51st consecutive increase in the quarterly distribution to $1.12 per unit [4] - Capital expenditures for the third quarter were approximately $50 million, with $44 million allocated to growth projects [11] Q&A Session Summary Question: Inquiry about producers' increasing activity on acreage ahead of Libby 2 - Management noted strong performance in crude and water, with no material change in drilling activity on their acreage [16][17] Question: Follow-up on CapEx and future flexibility - Management indicated that planning for next year is ongoing and further guidance will be provided in the next earnings call [20] Question: Discussion on equity income performance - The strong performance was attributed to the Wink to Webster joint venture, with expectations for sustainable results going forward [28] Question: Inquiry about the water landscape and competition - Management highlighted the successful timing of acquisitions and the challenges in permitting new facilities in the Delaware Basin [30] Question: Clarification on Libby 3 expansion timing and AGI disposal - Management confirmed that market demand for sour capabilities is strong and that detailed plans will be shared after the planning session [32][34]

Financial Data and Key Metrics Changes - The company reported approximately $136 million in quarterly adjusted EBITDA, an increase from $107 million in the same period last year [3][10] - Full-year EBITDA midpoint guidance has been raised to the upper end of the range, now expected between $500 million and $520 million [3][12] - Distributable cash flow, as adjusted, totaled $74 million, with a coverage ratio of approximately 1.24 times [10] Business Line Data and Key Metrics Changes - Adjusted EBITDA for the gathering and processing segment was $83 million, up from $55 million in the third quarter of 2024, primarily due to the acquisition of H2O and Gravity [10] - Wholesale marketing and terminaling adjusted EBITDA decreased to $21 million from $25 million in the prior year [10] - Storage and transportation adjusted EBITDA remained stable at $19 million compared to the third quarter of 2024 [11] Market Data and Key Metrics Changes - Crude gathering operations had a record third quarter, with strong performance continuing into the fourth quarter [4][8] - The company is seeing solid operations in both crude and water gathering segments, enhancing its competitive position in the Midland and Delaware Basins [4][8] Company Strategy and Development Direction - The company aims to become a strong, independent, full-suite midstream service provider, focusing on prudent management of leverage and coverage while seizing growth opportunities [4][5] - The successful commissioning of the Libby 2 plant and ongoing efforts in acid gas injection and sour gas handling are key initiatives to improve operational capacity [3][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the earnings trajectory and the ability to capture full value from recent investments, including optimizing synergies from acquisitions [9][12] - The company is well-positioned to meet market demands for sour gas and water treatment, indicating a strong growth runway in the Delaware Basin [18][32] Other Important Information - The Board of Directors approved a 51st consecutive increase in the quarterly distribution to $1.12 per unit, reflecting the company's financial prudence and strong performance [4][5] - Capital expenditures for the third quarter were approximately $50 million, with $44 million allocated to growth projects, including the Libby 2 gas processing plant [11] Q&A Session Summary Question: Expansion on producers' increasing activity on acreage ahead of Libby 2 - Management noted that while drilling activity has not materially changed, there are increasing synergies between different streams being managed [16][17] Question: CapEx trends for 2026 and flexibility for debt repayment or unit buybacks - Management indicated that planning for next year is ongoing, with further guidance expected in the next earnings call [20] Question: Performance of equity investments and sustainability of current run rate - Strong performance in the Wink to Webster joint venture was highlighted, with expectations for a good run rate going forward [28] Question: Water landscape and competition - Management acknowledged a favorable position in the market due to timely acquisitions and noted challenges in permitting new facilities in the Delaware Basin [30] Question: Timing for Libby 3 expansion and AGI disposal capabilities - Management confirmed that market demand for sour capabilities is strong, and detailed plans will be shared after the planning session [32][34]

Financial Data and Key Metrics Changes - Pembina reported adjusted EBITDA of CAD 1.034 billion for Q3 2025, representing a 1% increase year-over-year [15] - Earnings for the third quarter were CAD 286 million, a 26% decrease compared to the same period last year [16] - Total volumes in the pipelines and facilities divisions were 3.6 million barrels of oil equivalent per day, a 2% increase year-over-year [18] Business Line Data and Key Metrics Changes - In the pipelines segment, higher demand on seasonal contracts and increased tolls contributed to revenue growth, while lower firm tolls on the Cochin Pipeline impacted results [15] - The facilities segment saw higher contributions from Pembina Gas Infrastructure (PGI) due to transactions with Whitecap Resources and increased volumes at the Duvernay complex [15] - Marketing and new ventures experienced lower net revenue due to decreased NGL margins and higher input natural gas prices [16] Market Data and Key Metrics Changes - The company has secured a 20-year agreement with Petronas for 1 million tons per annum of liquefaction capacity at the Cedar LNG facility, enhancing its export business [5] - The Green Light Electricity Center project has secured a 907 megawatt power grid allocation, with expectations for development as early as 2027 [7] Company Strategy and Development Direction - Pembina aims to ensure long-term resilience and provide visibility to attractive growth through the end of the decade [4] - The company is focused on expanding its LNG business while maintaining a risk profile characterized by long-term, contracted cash flow streams [6] - Pembina continues to strengthen its core business through successful recontracting and capital project execution [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the tightened adjusted EBITDA guidance range of CAD 4.25 billion to CAD 4.35 billion for 2025 [18] - The company remains optimistic about growth opportunities in the Western Canadian Sedimentary Basin (WCSB) despite current commodity price pressures [19] - Management is in a listening mode with customers to refine the outlook for 2026 based on their transportation service needs [22] Other Important Information - Pembina is nearing completion on approximately CAD 850 million of projects expected to enter service in the first half of 2026 [11] - The company is progressing on various conventional pipeline projects to enable growth in the WCSB [12] Q&A Session Summary Question: Can you share insights on pricing outlook and volumetric expectations for 2026? - Management is currently meeting with customers to understand their needs and will provide a refined outlook in December [22] Question: What are the next steps for the Green Light project? - The company is continuing commercial discussions and engineering work, aiming for a final investment decision in the first half of 2026 [24] Question: Can you comment on the volume trends in the conventional business segment? - Conventional volumes in Q3 were up about 4% quarter-over-quarter, with expectations for continued single-digit growth supported by oil sands demand [80][82]

Core Insights - Antero Midstream Corporation (AM) reported Q3 2025 earnings per share of 24 cents, missing the Zacks Consensus Estimate of 25 cents, but an increase from 21 cents in the same quarter last year [1][10] - Total revenues for the quarter were $295 million, surpassing the Zacks Consensus Estimate of $294 million and up from $270 million year-over-year [1][10] - Increased gathering and compression volumes helped mitigate the impact of rising operating expenses [2][10] Operational Performance - Average daily compression volumes reached 3,421 million cubic feet (MMcf/d), up from 3,269 MMcf/d a year ago, but below the estimate of 3,469 MMcf/d; compression fee per Mcf increased to 22 cents, a nearly 5% rise from 21 cents [3] - High-pressure gathering volumes totaled 3,170 MMcf/d, a 4% increase from 3,046 MMcf/d year-over-year, though below the estimate of 3,238 MMcf/d; average high-pressure gathering fee remained flat at 23 cents [4] - Low-pressure gathering volumes averaged 3,432 MMcf/d, up from 3,277 MMcf/d a year ago and above the estimate of 3,415 MMcf/d; average low-pressure gathering fee remained flat at 36 cents [5] - Freshwater delivery volumes were 92 MBbls/d, a 30% increase from 71 MBbls/d in the prior year, with an average distribution fee of $4.37, slightly below the estimate of $4.40 [6] Operating Expenses - Direct operating expenses rose to $57.9 million from $51.7 million a year ago; total operating expenses increased to $114.3 million from $107.4 million in the same period of 2024 [7] Balance Sheet - As of September 30, 2025, the company reported no cash and cash equivalents, with long-term debt standing at $3,009 million [8] Zacks Rank and Key Picks - Antero Midstream currently holds a Zacks Rank 3 (Hold); notable energy sector stocks include Oceaneering International (Zacks Rank 1), Canadian Natural Resources, and FuelCell Energy (both Zacks Rank 2) [9]

November 7, 2025 Greg Ebel President & CEO Pat Murray EVP & CFO Legal notice Forward Looking Information This presentation includes certain forward-looking statements and information (FLI) to provide potential investors and shareholders of Enbridge Inc. (Enbridge or the Company) with information about Enbridge and its subsidiaries and affiliates, including management's assessment of their future plans and operations, which FLI may not be appropriate for other purposes. FLI is typically identified by words s ...

Core Viewpoint - NXG Cushing Midstream Energy Fund has approved the issuance of transferable rights to its common shareholders, allowing them to subscribe for additional common shares at a discount to market price, aimed at increasing the fund's assets for investment opportunities [1][2][3] Offer Details - The record date for the offer is set for November 17, 2025, with shareholders receiving one right for each common share held, allowing them to purchase one new common share for every three rights [2] - The subscription period will begin on the record date and is expected to end on December 11, 2025, with rights being transferable and tradable on the NYSE under the symbol "SRV RT" [3] - The subscription price will be determined on the expiration date, set at 95% of the average sales price of the common shares on the NYSE for the five trading days leading up to the expiration date, with a minimum price of 92.5% of the fund's net asset value [4] Over-Subscription Privilege - Record date common shareholders who fully exercise their primary subscription rights will have the opportunity to subscribe for any additional common shares not purchased in the primary subscription, subject to limitations [5] Monthly Distribution - The fund has declared a monthly distribution of $0.45 per common share for December 2025, with the distribution being 100% sourced from investment income [8][10] - A previous monthly distribution of $0.45 per share was declared for November 2025, with a record date of November 17, 2025 [10] Capital Gains Update - As of October 31, 2025, the fund estimates a special distribution of long-term capital gains between $10 million to $15 million, equating to approximately 5% to 8% of the fund's net asset value, which would translate to about $2.00 to $3.50 per share based on current outstanding shares [11] - If the offer is fully subscribed, the total common shares outstanding could increase to approximately 6.2 million, potentially reducing the per-share distribution to about $1.50 to $2.50 [11] Fund Overview - NXG Cushing Midstream Energy Fund is a non-diversified, closed-end management investment company focused on achieving high after-tax total returns through capital appreciation and current income, primarily investing in midstream energy assets [15] - The fund utilizes leverage as part of its investment strategy, and its common shares are traded on the NYSE under the symbol "SRV" [15]

Core Insights - Delek Logistics Partners reported record financial results for the third quarter of 2025, with a net income of $45.6 million, or $0.85 per diluted common limited partner unit, marking an increase from $33.7 million, or $0.71 per diluted unit, in the same quarter of 2024 [4][14] - The company has increased its full-year EBITDA guidance to between $500 million and $520 million due to strong operational performance [2][14] - Delek Logistics has achieved a 51st consecutive quarterly increase in its cash distribution, now at $1.120 per common limited partner unit, reflecting a 0.4% increase from the previous quarter and a 1.8% increase year-over-year [6][14] Financial Performance - The third quarter 2025 EBITDA was reported at $102.0 million, up from $69.2 million in the third quarter of 2024, with Adjusted EBITDA reaching $136.0 million compared to $106.8 million in the prior year [5][8] - Net cash provided by operating activities was $54.9 million in Q3 2025, significantly higher than $24.9 million in Q3 2024 [4][29] - Distributable cash flow, as adjusted, was $74.1 million in Q3 2025, compared to $62.0 million in Q3 2024 [4][29] Operational Highlights - The company reported record crude gathering volumes in its Delaware Business, contributing to the overall increase in operational efficiency [2][14] - Progress has been made on the development of sour gas gathering and acid gas injection capabilities at the Libby Complex, which is expected to enhance service offerings to producer customers [3][14] - The Gathering and Processing segment saw an Adjusted EBITDA of $82.8 million in Q3 2025, up from $55.0 million in Q3 2024, primarily due to acquisitions [9][14] Debt and Liquidity - As of September 30, 2025, Delek Logistics had total debt of approximately $2.3 billion and cash of $6.9 million, resulting in a leverage ratio of approximately 4.44x [7][14] - The company has an additional borrowing capacity of $1.0 billion under its $1.2 billion revolving credit facility [7][14] Segment Performance - The Wholesale Marketing and Terminalling segment reported Adjusted EBITDA of $21.4 million in Q3 2025, down from $24.7 million in Q3 2024, primarily due to the assignment of a marketing agreement [10][14] - The Investments in Pipeline Joint Ventures segment saw income from equity method investments increase to $21.9 million in Q3 2025, compared to $15.6 million in Q3 2024 [12][14]

Core Viewpoint - Enterprise Products Partners is expected to have a better year ahead as new projects ramp up, despite facing some current headwinds in its business [1][10]. Business Performance - The company has experienced some challenges, including the expiration of attractive long-term contracts in its LPG business and normalization of high spreads in propylene and octane enhancement [2]. - In Q3, total gross operating profit decreased by 3% to $2.39 billion, while adjusted EBITDA fell by 1.5% to $2.41 billion [6]. - Distributable cash flow (DCF) declined by 7% to $1.83 billion, and adjusted free cash flow was reported at $96 million [6]. Financial Health - Despite the weak quarter, the company's distribution remains well covered with a coverage ratio of 1.5x based on DCF, and it ended Q3 with a leverage ratio of 3.3x [7]. - The quarterly distribution was $0.545 per unit, reflecting a year-over-year increase of 3.8% [7]. - The company has increased its stock buyback authorization from $2 billion to $5 billion, indicating a focus on capital allocation flexibility [3]. Growth Prospects - Enterprise has several large projects set to come online soon, including the Frac 14 NGL fractionator and two returning PDH plants [8]. - The company has $5.1 billion in projects under construction and has ramped up capital expenditure to $4.5 billion this year, with plans to reduce capex to between $2.2 billion and $2.5 billion in 2026 [9]. Valuation - The stock trades at a forward EV/EBITDA multiple of 9.5x based on 2026 estimates, which is below its historical valuation multiple, presenting an attractive entry point for investors [11].

Core Viewpoint - Targa Resources Corp. has announced a public offering of $750 million in 4.350% Senior Notes due 2029 and $1.0 billion in 5.400% Senior Notes due 2036, with the offering expected to close on November 12, 2025, subject to customary conditions [1][2]. Group 1: Offering Details - The offering includes $750 million of 4.350% Senior Notes due 2029 priced at 99.938% of face value and $1.0 billion of 5.400% Senior Notes due 2036 priced at 99.920% of face value [1]. - The net proceeds from the offering will be used to redeem the 6.875% Senior Notes due 2029 and for general corporate purposes, including repaying borrowings and funding capital expenditures [2]. Group 2: Company Overview - Targa Resources Corp. is a leading provider of midstream services and one of the largest independent infrastructure companies in North America, focusing on the delivery of energy across the U.S. and internationally [4]. - The company operates a diversified portfolio of infrastructure assets that connect natural gas and natural gas liquids to markets with increasing demand for cleaner fuels [4].