Core Insights - The impact of tariffs on U.S. imports has caused market fluctuations, affecting various businesses by increasing costs of essential goods like steel and electronics [1] Group 1: Dominion Energy - Dominion Energy serves 4.5 million electric and natural gas customers in Virginia, North Carolina, and South Carolina, and can petition for rate increases to offset higher costs due to tariffs [4] - The company reported a revenue increase of 14% to $16.5 billion in 2025, with earnings per share (EPS) rising 48% to $3.45, and expects operating EPS growth of 5% to 7% annually through 2030 [6] - Dominion's capital spending plan was increased by about $15 billion to meet rising electricity demand from data centers, which have seen a compound annual growth rate of about 20% since 2016 [7] - The current dividend yield for Dominion Energy is around 4% [8] Group 2: Williams Companies - Williams Companies operates 33,000 miles of pipelines, delivering about one-third of the natural gas used in the U.S., with minimal tariff impact due to its domestic focus [10] - The company reported a 9% increase in adjusted EBITDA to $7.8 billion in 2025, marking 13 consecutive years of growth, and its share price has risen over 21% this year [11] - Williams reported revenue of $11.9 billion in 2025, up 13.7%, with EPS increasing 17.5% to $2.14, and has raised its dividend by 5% this year, marking the 52nd consecutive year of dividend payments [12]

Financial Performance - Western Midstream Partners reported a net income of $1.15 billion and an adjusted EBITDA of $2.48 billion for 2025, driven by increased throughput in the Delaware and DJ Basins and cost-reduction efforts [1][2] - For 2026, the company issued a transition-year outlook, guiding for adjusted EBITDA between $2.5 billion and $2.7 billion, while lowering capital expenditure guidance to a midpoint of $925 million [4] Operational Highlights - The integration of the Aris Water acquisition is ahead of schedule, delivering $40 million in cost synergies and a 121% sequential increase in produced-water throughput in Q4 [2] - Produced water is identified as the fastest-growing segment for Western Midstream Partners, significantly expanding its footprint in the Delaware Basin [2] Market Challenges - The partnership is facing headwinds from weak natural gas pricing at the Waha Hub, leading to producer curtailments expected to persist through the first half of 2026 [2]

Financial Data and Key Metrics Changes - Delek Logistics achieved a record Adjusted EBITDA of $536 million for 2025, reflecting strong execution across its businesses and the addition of high-quality acquisitions [3] - Adjusted EBITDA for Q4 was approximately $142 million, up from $114 million in the same period last year, and $6 million higher than the previous record set in Q3 [11] - Distributable cash flow (DCF) as adjusted totaled $73 million, with a DCF coverage ratio of approximately 1.22x [11] Business Line Data and Key Metrics Changes - In the Gathering and Processing segment, Adjusted EBITDA for Q4 was $71 million compared to $66 million in Q4 2024, primarily due to the acquisitions of H2O and Gravity [12] - Storage and transportation Adjusted EBITDA increased to $35 million from $18 million in Q4 2024, reflecting the sale of certain assets to DK [12] - The investments in pipeline joint ventures contributed $26 million in Q4, up from $18 million in the same quarter last year [12] Market Data and Key Metrics Changes - Approximately 80% of the run rate EBITDA in 2026 is expected to come from third parties, indicating increased economic separation from the sponsor, DK [7] - The company is focusing on the Delaware Basin, where the need for sour gas solutions is urgent, and anticipates a step change in utilization once the sour gas gathering infrastructure is complete [8] Company Strategy and Development Direction - Delek Logistics aims to be a premier full-service provider in the Permian Basin, focusing on natural gas, crude, and water businesses [3] - The company announced a 2026 EBITDA guidance range of $520 million to $560 million, reflecting growth opportunities while managing leverage and coverage [5] - The integration of H2O and Gravity has strengthened the company's competitive position and growth platform [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver sustainable growth and long-term value for unit holders, supported by a strong financial position with approximately $940 million in available liquidity [11] - The management highlighted the importance of optimizing synergies and executing strategic priorities to capture the value of recent investments [10] Other Important Information - The Board of Directors approved the 52nd consecutive quarterly distribution increase, raising the distribution to $1.125 per unit, marking 13 consecutive years of distribution growth [5] - Total capital spending for Q4 was approximately $32 million, with $26 million allocated to growth capital related to sour gas capabilities at the Libby complex [13] Q&A Session Summary Question: Growth expectations for the GMT segment - Management discussed the variance in guidance and emphasized a clear strategy focused on crude, gas, and water in the Permian Basin, highlighting a return on investment of 1x-3x [16][17] Question: EBITDA impact from transactions with DK - Management noted that the transactions helped further economic separation, with 82% of EBITDA now coming from third-party businesses, and indicated that the impact on EBITDA was not material to either entity [22][23] Question: Next steps on Libby processing expansion - Management mentioned prior investments for future expansion and is closely monitoring customer activity in the area, indicating positive macro and micro conditions [28][29] Question: Thoughts on sour gas midstream M&A - Management stated that Delek Logistics remains open to acquisitions but will only pursue deals that are accretive to free cash flow and maintain financial discipline [34]

Financial Data and Key Metrics Changes - Delek Logistics achieved a record Adjusted EBITDA of $536 million for 2025, reflecting strong execution across its businesses [3] - Adjusted EBITDA for Q4 was approximately $142 million, up from $114 million in the same period last year, and $6 million higher than the previous record set in Q3 [11] - Distributable cash flow (DCF) as adjusted totaled $73 million, with a DCF coverage ratio of approximately 1.22 times [11] Business Line Data and Key Metrics Changes - In the Gathering and Processing segment, Adjusted EBITDA for Q4 was $71 million compared to $66 million in Q4 2024, primarily due to acquisitions of H2O and Gravity [12] - Storage and transportation Adjusted EBITDA increased to $35 million from $18 million in Q4 2024, driven by the sale of certain assets to DK [12] - Investments in pipeline joint ventures contributed $26 million in Q4, compared to $18 million in the same quarter last year [12] Market Data and Key Metrics Changes - Approximately 80% of the run rate EBITDA in 2026 is expected to come from third parties, indicating increased economic separation from the sponsor, DK [7] - The company is focusing on the Delaware Basin, where the demand for sour gas solutions is increasing, necessitating further processing capacity [8] Company Strategy and Development Direction - Delek Logistics aims to be a premier full-service provider in the Permian Basin, focusing on natural gas, crude, and water businesses [3] - The company announced a 2026 EBITDA guidance range of $520 million to $560 million, reflecting growth opportunities while managing leverage and coverage [5] - The integration of H2O and Gravity has strengthened the company's competitive position and growth platform [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver sustainable growth and long-term value for unit holders [6] - The company is optimistic about the growth potential in the Delaware gas business, which is expected to be a significant growth engine [20] - Management highlighted the importance of maintaining financial discipline while pursuing growth opportunities [10] Other Important Information - The board approved a distribution increase to $1.125 per unit, marking 13 consecutive years of distribution growth [5] - Total capital expenditures for Q4 were approximately $32 million, with $26 million allocated to growth capital [13] Q&A Session Summary Question: Growth expectations for the GMT segment - Management discussed the clear strategy in crude, gas, and water, emphasizing a return on investment of 1-3 times, which is beneficial for coverage and leverage ratios [17] Question: EBITDA impact from transactions with DK - Management noted that these transactions have furthered the economic separation of the two entities, with 82% of DKL's EBITDA now coming from third-party businesses [23] Question: Next steps on Libby processing expansion - Management indicated that they are looking at future expansions and are optimistic about the macro and micro conditions in the area [28] Question: Thoughts on sour gas midstream M&A - Management stated that they are open to acquisitions but will only pursue deals that are accretive to free cash flow and maintain their financial principles [34]

NYSE: DK Exhibit 99.2 NYSE: DKL Fourth Quarter 2025 Earnings Conference Call February 27, 2026 Disclaimers Forward Looking Statements: Delek US Holdings, Inc. ("Delek US") and Delek Logistics Partners, LP ("Delek Logistics"; and collectively with Delek US, "we" or "our") are traded on the New York Stock Exchange in the United States under the symbols "DK" and "DKL", respectively. These slides and any accompanying oral or written presentations contain forward-looking statements within the meaning of federal ...

Core Viewpoint - Western Midstream Partners, LP (NYSE:WES) experienced a significant decline in share price due to disappointing Q4 2025 results, missing both earnings and revenue forecasts. Financial Performance - The company reported an adjusted EPS of $0.48, falling short of the expected $0.80 [2] - Revenue for Q4 2025 was just over $1 billion, missing consensus by $18 million, despite a year-over-year growth of 11% [2] - Full-year adjusted EBITDA for 2025 reached a record $2.481 billion, exceeding guidance and indicating a year-over-year increase of 6% [3] - Free cash flow for the year grew by 15% year-over-year to $1.526 billion, surpassing the high end of its guidance range [3] Future Guidance - The company targets adjusted EBITDA for FY 2026 to be between $2.5 billion and $2.7 billion, reflecting a year-over-year growth of 5% [4] - Capital expenditures (CapEx) for FY 2026 are expected to be between $850 million and $1 billion, reduced from a previous estimate of at least $1.1 billion [4]

Core Viewpoint - Summit Midstream Corporation is set to report its fourth quarter 2025 operating and financial results on March 16, 2026, with a conference call scheduled for March 17, 2026, to discuss these results [1] Company Overview - Summit Midstream Corporation (SMC) focuses on developing, owning, and operating midstream energy infrastructure assets located in key unconventional resource basins in the continental United States [1] - The company provides natural gas, crude oil, and produced water gathering, processing, and transportation services primarily through long-term, fee-based agreements [1] Operational Areas - SMC operates in five unconventional resource basins: 1. Williston Basin (Bakken and Three Forks shale formations in North Dakota) 2. Denver-Julesburg Basin (Niobrara and Codell shale formations in Colorado and Wyoming) 3. Fort Worth Basin (Barnett Shale formation in Texas) 4. Arkoma Basin (Woodford and Caney shale formations in Oklahoma) 5. Piceance Basin (Mesaverde formation and Mancos and Niobrara shale formations in Colorado) [1] Investment and Partnerships - SMC has an equity method investment in Double E Pipeline, LLC, which provides interstate natural gas transportation services from multiple receipt points in the Delaware Basin to various delivery points in and around the Waha Hub in Texas [1]

Core Insights - Delek US Holdings, Inc. reported a significant turnaround in financial performance for the fourth quarter of 2025, achieving a net income of $78.3 million compared to a loss of $413.8 million in the same quarter of 2024 [3][35] - The company emphasized its focus on operational excellence, cost optimization, and disciplined capital allocation to enhance free cash flow generation [2][4] Financial Performance - For the fourth quarter of 2025, total revenues were $2,429.4 million, an increase from $2,373.7 million in the fourth quarter of 2024 [3][22] - Adjusted EBITDA for the fourth quarter was $374.8 million, a significant improvement from a loss of $15.2 million in the prior year [3][4] - The refining segment's Adjusted EBITDA rose to $314.1 million from a loss of $68.7 million year-over-year, driven by increased refining margins and crack spreads, which were up 66.0% [4][22] Segment Performance - The logistics segment reported Adjusted EBITDA of $141.9 million for the fourth quarter of 2025, compared to $114.3 million in the same quarter of 2024, attributed to acquisitions and increased wholesale margins [5][22] - The company benefited from regulatory relief under renewable fuel standards, resulting in a reduction of costs by $75.3 million in the fourth quarter [5][32] Shareholder Returns - The Board of Directors approved a quarterly dividend of $0.255 per share, to be paid on March 9, 2026 [6] Liquidity and Debt - As of December 31, 2025, Delek US had a cash balance of $625.8 million and total long-term debt of $3,233.1 million, resulting in a net debt of $2,607.3 million [7][19] - Excluding Delek Logistics, the company had $614.9 million in cash and $888.7 million in long-term debt, leading to a net debt position of $273.8 million [7] Strategic Initiatives - The company is progressing with its Enterprise Optimization Plan, which aims to improve cash flow and reduce costs associated with inventory intermediation agreements [2][29] - Delek US is focused on enhancing its position in the Permian Basin through investments in gas processing facilities and sour gas handling capabilities [2][4]

Core Insights - Delek Logistics Partners achieved a record year in 2025, driven by strong performance across its crude, gas, and water businesses, highlighted by the startup of the Libby 2 gas plant and the acquisition of Gravity Water Midstream [2][3] - The company provided 2026 EBITDA guidance of $520 to $560 million, factoring in a $10 million negative impact from Winter Storm Fern [2][3] - Delek Logistics declared a quarterly cash distribution of $1.125 per common limited partner unit for Q4 2025, marking a 0.4% increase from Q3 2025 and a 1.8% increase from Q4 2024 [5] Financial Performance - For Q4 2025, net income was $47.3 million, or $0.88 per diluted common limited partner unit, compared to $35.3 million, or $0.68 per diluted common limited partner unit, in Q4 2024 [3][4] - Net cash provided by operating activities was $43.2 million in Q4 2025, down from $49.9 million in Q4 2024 [3] - Adjusted EBITDA for Q4 2025 was $142.3 million, an increase from $114.3 million in Q4 2024, reflecting contributions from H2O Midstream and Gravity operations [4][7] Segment Performance - The Gathering and Processing segment reported an Adjusted EBITDA of $70.9 million in Q4 2025, up from $66.0 million in Q4 2024, primarily due to contributions from Gravity and H2O Midstream acquisitions [8] - The Wholesale Marketing and Terminalling segment's Adjusted EBITDA was $20.9 million in Q4 2025, slightly down from $21.2 million in Q4 2024, mainly due to the assignment of a marketing agreement [9] - The Storage and Transportation segment saw Adjusted EBITDA rise to $34.7 million in Q4 2025 from $17.8 million in Q4 2024, driven by increased interest income from sales-type leases [10] Debt and Liquidity - As of December 31, 2025, Delek Logistics had total debt of approximately $2.3 billion and cash of $10.9 million, resulting in a leverage ratio of approximately 4.07x [6][25] - The company had additional borrowing capacity of $0.9 billion under its $1.2 billion revolving credit facility [6] Distribution and Growth Strategy - Delek Logistics has delivered 52 consecutive quarterly distributions, marking 13 years of distribution growth [2] - The company is optimistic about future growth opportunities, particularly in the Delaware Basin, driven by advancements in integrated acid gas injection and sour gas treating solutions [2]

Core Viewpoint - MPLX LP has filed its Annual Report on Form 10-K for the year ended December 31, 2025, with the U.S. Securities and Exchange Commission, providing detailed financial information and operational insights [1]. Company Overview - MPLX LP is a diversified, large-cap master limited partnership that operates midstream energy infrastructure and logistics assets, including a network of crude oil and refined product pipelines, inland marine business, light-product terminals, storage caverns, and refinery tanks [1]. - The company also owns crude oil and natural gas gathering systems, pipelines, and processing facilities in key U.S. supply basins [1]. Financial Highlights - For the full year 2025, MPLX reported a net income attributable to the company of $4.9 billion and an adjusted EBITDA of $7.0 billion [1]. - The company made growth investments totaling $5.5 billion in 2025 [1].