Core Viewpoint - Enterprise Products Partners is a reliable income stock with a strong historical performance, having rallied 68% over the past five years and generated a total return of 141% after reinvesting distributions [1] Growth and Business Model - Enterprise Products operates a "toll road" model, charging upstream extraction and downstream refining companies for the transportation of natural gas, NGLs, crude oil, and refined products, which provides stability against commodity price volatility [2] - The company is a master limited partnership (MLP) that offers tax-efficient distributions, currently yielding 5.9%, and has increased its payout for 28 consecutive years [3] Financial Performance - From 2020 to 2024, Enterprise Products' distributable cash flow (DCF) increased from $6.41 billion to $7.84 billion, with a distribution coverage ratio rising from 1.6x to 1.7x, and earnings per unit (EPU) growing from $1.71 to $2.69 [4] - Analysts project a 5.6% compound annual growth rate (CAGR) for EPU from 2024 to 2028, potentially reaching $3.35, and if sustained through 2031, could rise to $3.94 [6] Market Position and Strategy - The company's stable growth is attributed to pipeline expansions in key areas like the Permian Basin and strategic acquisitions of smaller operators, while maintaining lower debt levels compared to larger competitors like Energy Transfer Partners [5] - The stock price could increase by approximately 40% to $52 over the next five years if it continues to trade at 13 times its current-year EPU [6] Investment Outlook - While Enterprise Products may not deliver life-changing gains, it is expected to remain a stable investment option, particularly appealing to income-oriented investors if interest rates decline [7]

Core Viewpoint - Energy Transfer is strategically shifting focus from its Lake Charles LNG project to enhance its natural gas pipeline infrastructure, which is expected to drive significant growth in the coming years [1] Financial Performance - Energy Transfer reported Q4 2025 revenue of $25.32 billion, with net income declining to $928 million from $1.08 billion year-over-year [1] - The company achieved an adjusted EBITDA of $4.18 billion, reflecting an 8% increase compared to the same quarter last year [1] - Earnings per share (EPS) for the quarter stood at $0.25 [1] Operational Highlights - Crude oil transportation volumes increased by 6%, NGL fractionation rose by 3%, and NGL exports surged by 12% [1] - Terminal volumes experienced a 12% increase, indicating strong throughput across Energy Transfer's extensive pipeline network of 140,000 miles [1] Strategic Developments - The suspension of the Lake Charles LNG project allows Energy Transfer to prioritize investments in pipeline infrastructure [1] - The company has initiated 900 MMcf/d natural gas deliveries to Oracle data centers, responding to the rising demand driven by AI technologies [1] - Energy Transfer has expanded its Desert Southwest pipeline capacity to 2.3 Bcf/d at a cost of $5.6 billion [1] Future Outlook - The adjusted EBITDA guidance for 2026 has been raised to a range of $17.45 billion to $17.85 billion, up from a previous estimate of $17.3 billion to $17.7 billion [1] - Growth capital expenditures are projected between $5.0 billion and $5.5 billion, with a strong emphasis on expanding the natural gas network [1] Market Performance - As of February 17, Energy Transfer shares have gained 11.8% year-to-date, outperforming the broader midstream MLP sector, which recorded an 11.3% gain [1]

Energy Transfer (NYSE:ET) Q4 2025 Earnings call February 17, 2026 09:00 AM ET Company ParticipantsAdam Mackay - EVP of Crude OilDylan Bramhall - CFOMackie McCrea - Co-CEOThomas Long - CFOConference Call ParticipantsElvira Scotto - Equity Research AnalystGabe Moreen - Equity Research AnalystJason Gabelman - Equity Research AnalystJean Salisbury - Equity Research AnalystJohn Mackay - Equity Research AnalystJulien Dumoulin-Smith - Equity Research AnalystKeith Stanley - Equity Research AnalystManav Gupta - Equi ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for full year 2025 was nearly $16 billion, up 3% from $15.5 billion in 2024, marking a partnership record [3] - Distributable cash flow (DCF) attributable to partners was $8.2 billion, slightly down from $8.4 billion in the previous year [3] - For Q4 2025, adjusted EBITDA was approximately $4.2 billion, compared to $3.9 billion in Q4 2024, while DCF was approximately $2 billion, consistent with Q4 2024 [4] Business Segment Data and Key Metrics Changes - NGL and refined products segment had adjusted EBITDA of $1.1 billion, consistent with Q4 2024, with higher throughput across Gulf Coast and Mariner East pipeline operations [5] - Midstream segment adjusted EBITDA was $720 million, up from $705 million in Q4 2024, driven by volume growth in various regions [6] - Crude oil segment adjusted EBITDA decreased to $722 million from $760 million in Q4 2024, impacted by lower transportation revenues [7] - Interstate natural gas segment adjusted EBITDA increased to $523 million from $493 million in the previous year, due to higher capacity sold [7] - Intrastate natural gas segment adjusted EBITDA rose to $355 million from $263 million, driven by increased pipeline and storage optimization [7] Market Data and Key Metrics Changes - Record volumes were moved across interstate, midstream, NGL, and crude segments for the year ended 2025, with record NGL exports from terminals [4] - The company expects to invest approximately $5 to $5.5 billion in organic growth capital for 2026, focusing on natural gas assets and NGL segments [8] Company Strategy and Development Direction - The company is focused on significant growth projects, including the Desert Southwest Pipeline Project, which has been upsized to a 48-inch diameter to meet customer demand [9] - Expansion projects are expected to generate mid-teen returns and considerable earnings growth over the next decade [8] - The company is committed to capital discipline and targeting projects with the highest returns while balancing project risk [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future growth driven by new projects and the ramp-up of existing operations [19] - The company anticipates continued demand for natural gas services, particularly for power plants and data centers [21] - Management noted that the operating team performed excellently during recent winter weather events, maintaining service and reliability [40] Other Important Information - The company has a significant backlog of growth opportunities and is actively engaging with stakeholders for project updates [10] - The Lake Charles LNG project has been suspended, with the company exploring alternative uses for the terminal [18] Q&A Session Summary Question: Key drivers behind commercialization momentum in natural gas assets - Management highlighted excitement about the Desert Southwest project and the ongoing expansion of the Florida Gas pipeline system [25] Question: NGL transportation and third-party volumes - Management indicated that over half of the gas transported comes from their own facilities, with expectations for growth in affiliate volumes [32] Question: Performance during winter weather and gas market volatility - Management noted that they maintained service during winter storms and did not see profits as high as previous years but performed well [40] Question: Early volumes on Hugh Brinson Pipeline - Management is confident about bringing on some volumes earlier than expected, which will benefit producers in the Permian Basin [44] Question: Medium-term growth expectations - Management reiterated a long-term distribution growth rate target of 3%-5% annually, indicating a solid foundation for growth [49] Question: Recontracting on the Mariner system - Management expressed confidence in maintaining and growing throughput on the Mariner pipelines despite upcoming contract expirations [50] Question: Storage opportunities for data centers - Management emphasized their capability to provide reliable gas supply and storage solutions for data centers [74]

Energy Transfer (NYSE:ET) Q4 2025 Earnings call February 17, 2026 09:00 AM ET Speaker14Thank you, operator, and good morning, everyone, and welcome to the Energy Transfer fourth quarter 2025 earnings call. I'm also joined today by Mackie McCrea and other members of the senior management team, who are here to help answer your questions after our prepared remarks. Hopefully, you saw the press release we issued earlier this morning. As a reminder, our earnings release contains an update to guidance and a thoro ...

Q4 2025 Earnings February 17, 2026 Forward-looking Statements / Legal Disclaimer Management of Energy Transfer LP (ET) will provide this presentation in conjunction with ET's 4th quarter 2025 earnings conference call. On the call, members of management may make statements about future events, outlook and expectations related to Sunoco LP (SUN), SunocoCorp LLC (SUNC), USA Compression Partners, LP (USAC), and ET (collectively, the Partnerships), and their subsidiaries and this presentation may contain stateme ...

Core Viewpoint - Enterprise Products Partners L.P. (NYSE:EPD) is recognized for its strong performance and insider buying, despite facing challenges in the sector due to price volatility [1][3]. Group 1: Company Performance - Wells Fargo maintained a Hold rating on EPD with a price target of $38, while Scotiabank raised its price target from $35 to $37, indicating positive performance in Q4 2025 [2]. - The Q4 2025 earnings call highlighted that EPD is effectively managing price volatility through its extensive gas transport and storage infrastructure [3]. - Record-high well connections were reported in the Midland and Delaware basins, showcasing operational strength [3]. Group 2: Future Outlook - EPD anticipates significant benefits from its new OxyRock acquisition in 2027, indicating a strategic growth initiative [3]. - The company acknowledges a scarcity of future acquisition targets, noting a significant reduction in available opportunities in the current market [3]. Group 3: Company Background - Incorporated in 1968, EPD is one of North America's largest midstream master limited partnerships, with a comprehensive network of pipelines and storage facilities [4].

Core Insights - Williams (WMB) is projecting a compound annual growth rate (CAGR) of over 10% for adjusted EBITDA through 2030, driven by power and transmission projects [1] - The company has a significant backlog of opportunities, with $15 billion in potential growth capital and a robust pipeline of projects [1] Group 1: Financial Performance and Growth Outlook - WMB has raised its long-term adjusted EBITDA growth target from 5-7% to over 10% CAGR for 2025-2030, following a 9% CAGR from 2020 to 2025 [1] - The company expects U.S. natural gas demand to grow by 39 billion cubic feet per day (Bcf/d) by 2035, with 20 Bcf/d attributed to LNG exports and 10 Bcf/d for power generation [1] - For 2026, WMB has provided an adjusted EBITDA guidance range of $8.05–$8.25 billion, indicating a 6% growth relative to 2025 at the midpoint [1] Group 2: Power Projects - WMB has announced a new 340-megawatt natural gas power project in Ohio, with a 10-year agreement expected to be operational in the second half of 2028 [1] - The company has a backlog of power opportunities that is three times the combined gigawatts of its four sanctioned projects, totaling 6 gigawatts [1] - WMB is investing over $7 billion in its power projects, which are expected to yield a 20% return based on a 5x multiple [1] Group 3: Transmission Projects - WMB currently has 13 transmission projects underway, representing 7.1 Bcf/d of capacity, and is on track to increase delivery capacity by over 20% from 2025 to 2030 [1] - The transmission backlog has grown by over 5 Bcf/d in the past year, translating to more than $3 billion in capital expenditure [1] - WMB's transmission segment, particularly the Transco pipeline, is a key asset, transporting approximately 15% of the nation's natural gas [1]

Viper Energy - Viper acquired Sitio Royalties in an all-equity transaction in August, integrating the new assets into its operations during 3Q25 [1] - The company focuses on providing attractive shareholder returns by acquiring mineral and royalty assets in the Permian basin [2] - Viper is a subsidiary of Diamondback Energy, which operates its assets, creating a mutually beneficial relationship [3] - Viper's business model is designed to sustain free cash flow with low capital demands [4] - In 3Q25, Viper reported an adjusted net income of $0.40 per share, with $53 million in cash and liquid assets [9] - Viper pays a regular dividend of $0.33 per share, with a variable dividend increasing the yield to 5.2% [8] - Analysts have a Strong Buy consensus rating for Viper, with a price target of $54 indicating a potential upside of 22% [10] Cheniere Energy - Cheniere Energy operates in the midstream sector, converting natural gas into LNG for export [11] - The company has significant liquefaction facilities, including Sabine Pass and Corpus Christi, capable of processing billions of cubic feet of natural gas daily [12] - 95% of Cheniere's LNG production capacity is contracted through long-term agreements, providing stable revenue [14] - In 3Q25, Cheniere reported revenue of $4.4 billion, an 18% year-over-year increase, with a GAAP EPS of $4.75 beating forecasts [15] - Analysts view Cheniere's contracted asset base as undervalued, with a Buy rating and a price target of $275 suggesting a 24.5% upside [16] Pacific Gas & Electric (PG&E) - PG&E is an investor-owned utility providing natural gas and electricity to northern California [17] - The company faced regulatory changes that lowered its return on equity to 9.98%, impacting its profitability [18] - PG&E settled a $100 million shareholder action related to past wildfire incidents, which is seen as a step towards resolving claims [19] - In 4Q25, PG&E reported revenues of $6.8 billion, a 2.6% year-over-year increase, but missed forecasts [20] - Analysts believe PG&E has substantial valuation upside, with a Buy rating and a price target of $22 indicating a potential 21% upside [21]

Core Insights - Enbridge Inc. (NYSE:ENB) experienced a significant share price increase of 7.07% from February 6 to February 13, 2026, marking it as one of the top-performing energy stocks for the week [1] Financial Performance - Enbridge reported strong Q4 2025 results, with an adjusted EPS of $0.65, exceeding estimates by $0.08, and a revenue growth of over 10% year-over-year to $12.61 billion, surpassing forecasts by $3.33 billion [3] - The company's net profit for Q4 quadrupled to C$1.95 billion, compared to C$493 million in the same quarter the previous year [3] - Full-year adjusted earnings for 2025 increased by 9% compared to the prior year [3] Project Backlog and Future Guidance - Enbridge disclosed a project backlog valued at approximately C$39 billion at the end of FY 2025, with around C$8 billion expected to come into service in 2026 [4] - The company is pursuing over 50 data center opportunities across North America, necessitating up to 10 billion cubic feet per day of new takeaway capacity [4] - Enbridge reiterated its FY 2026 adjusted EBITDA guidance of C$20.2–C$20.8 billion, following a 7% year-over-year increase to C$19.95 billion in 2025 [4] Dividend and Recognition - The company has increased its dividend for 31 consecutive years, solidifying its status as one of the few dividend aristocrats in the energy sector [5] - Enbridge was recently included in a list of the Best Energy Stocks to Buy for a Retirement Stock Portfolio [5]