Financial Data and Key Metrics Changes - The company reported record financial results, exceeding the midpoint of its 2025 guidance for both EBITDA and DCF per share, marking the 20th consecutive year of achieving or exceeding annual financial guidance [7] - Adjusted EBITDA increased by CAD 83 million compared to Q4 2024, DCF rose by CAD 0.06, and EPS increased by CAD 0.13 [26] - The debt to EBITDA ratio remains within the leverage range of 4.5-5 times, maintaining a strong investment-grade credit profile [7][29] Business Line Data and Key Metrics Changes - In the liquids segment, strong mainline volumes and lower power costs contributed to year-over-year increases [26] - The gas transmission business experienced strong performance with contributions from the acquisition of an interest in Matterhorn and favorable spreads at Aitken Creek [26] - The gas distribution segment saw growth driven by rate escalation, customer growth, and colder weather [26] Market Data and Key Metrics Changes - The mainline transported approximately 3.1 million barrels per day on average, with significant demand leading to apportionment for all but three of the last 12 months [15] - Texas Eastern hit new peak records, transporting over 15 BCF per day in January, while Enbridge Gas Ohio recorded its third-highest throughput day in its history [9] - The Algonquin pipeline in New England experienced nine of its top 25 all-time volume days this winter, highlighting the need for energy affordability [9] Company Strategy and Development Direction - The company sanctioned CAD 14 billion of capital across all businesses in 2025, with a growth backlog increasing by 35% since the last Investor Day [7][12] - Future growth is expected to be driven by CAD 10-$20 billion of growth projects over the next 24 months, enhancing energy security and affordability [12] - The company aims for 5% growth through the end of the decade, supported by a secured growth capital of CAD 39 billion [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 5% growth target, citing positive developments in the Western Canadian Sedimentary Basin and increasing production [40] - The company is well-positioned to capitalize on the growing demand for natural gas and renewable energy, with ongoing projects to support data center operations [12][18] - Management emphasized the importance of maintaining a strong balance sheet and capital allocation strategy to support long-term growth [29][31] Other Important Information - The company has increased its dividend for 31 consecutive years, reinforcing its status as a dividend aristocrat in the sector [7] - The current backlog of projects is CAD 39 billion, extending through 2033, showcasing the company's ability to execute on growth opportunities [30] Q&A Session Summary Question: How does the investment capacity increase reconcile with the long-term growth trajectory? - Management indicated that the growth in investment capacity aligns with EBITDA growth, and as more projects are brought online, capacity will continue to grow [36][39] Question: What is the impact of Venezuelan production on future projects? - Management noted that while Venezuelan production may increase, Canadian crude will still find a market, and the company is focused on expanding its Mainline to meet demand [44][56] Question: How does the company view the potential for exceeding annual investment capacity? - Management expressed confidence in their ability to manage a growing backlog of projects while maintaining a strong balance sheet, emphasizing capital recycling as a strategy [50][51] Question: What are the expected returns on upcoming projects? - Management anticipates that the returns on new projects will average above the current 10%-11% levels, driven by high-quality renewable projects and optimization of existing assets [85][87]

4Q25 Earnings Call Investor Relations Contacts Blake Fernandez Vice President, Investor Relations Blake.Fernandez@plains.com Ross Hovde Director, Investor Relations Ross.Hovde@plains.com Investor Relations 866-809-1291 plainsIR@plains.com 2 February 6, 2026 Forward-Looking Statements & Non-GAAP Financial Measures Disclosure This presentation contains forward-looking statements, including, in particular, statements about the performance, plans, strategies and objectives for future operations of Plains All Am ...

Core Insights - Enterprise Products Partners LP (EPD) reported fourth-quarter 2025 adjusted earnings per limited partner unit of 75 cents, exceeding the Zacks Consensus Estimate of 70 cents, and increased from 74 cents in the prior year [1] - Total quarterly revenues reached $13.8 billion, surpassing the Zacks Consensus Estimate of $13.1 billion, although it declined from $14.2 billion in the same quarter last year [1] Financial Performance - Strong quarterly earnings were primarily driven by higher natural gas pipeline volumes, while lower sales margins from marketing activities in Texas crude oil pipelines partially offset these gains [2] - The distributable cash flow totaled $2.22 billion, up from $2.16 billion in the year-ago period, providing a coverage ratio of 1.8X [9] - Adjusted free cash flow increased significantly to $1.17 billion from $336 million in the prior year [9] - Total capital investment for the reported quarter was $1.31 billion [10] Segmental Performance - Pipeline volumes in NGL, crude oil, refined products, and petrochemicals totaled 8.6 million barrels per day (bpd), an increase from 8.4 million bpd in the year-ago quarter [3] - Natural gas pipeline volumes rose to 21.1 trillion British thermal units per day (TBtus/d), compared to 19.9 TBtus/d in the previous year [3] - The gross operating margin for NGL Pipelines & Services remained stable at $1.5 billion year over year [4] - The gross operating margin from natural gas processing and related NGL marketing activities declined despite higher processing plant inlet volumes [5] - Natural Gas Pipelines and Services' gross operating margin increased to $445 million from $323 million in the fourth quarter of 2024, attributed to higher natural gas pipeline volumes [6] - Crude Oil Pipelines & Services reported a gross operating margin of $353 million, down from $417 million in the prior-year quarter due to lower sales margins [7] - The gross operating margin for Petrochemical & Refined Products Services rose to $397 million from $348 million in the fourth quarter of 2024, supported by higher pipeline and marine terminal volumes [8] Outlook - The company anticipates growth capital expenditure for 2026 to be between $2.5 billion and $2.9 billion, with a sustained capital expenditure of $580 million for the same year [13]

Core Viewpoint - Plains All American Pipeline, L.P. (PAA) is anticipated to report a decline in both earnings and revenues for the fourth quarter of 2025, with earnings estimated at 42 cents per unit and revenues at $11.55 billion, reflecting a year-over-year revenue decline of 6.85% [1][2][6]. Earnings Estimates - Fourth-quarter earnings estimates have decreased by 17.65% over the past 60 days, with the bottom-line projection aligning with the previous year's quarter [2]. - The average earnings surprise for PAA over the last four quarters is 4.21%, with two earnings beats and two misses [3][4]. Earnings Prediction Model - The Zacks model does not predict an earnings beat for PAA this quarter, as the Earnings ESP is -6.11% and the Zacks Rank is 3 (Hold) [5][7]. Revenue and Cash Flow - PAA's expected Q4 revenues of $11.55 billion represent a 6.85% decline year-over-year, with the company relying heavily on fee-based, long-term contracts that provide stable cash flow [6][10]. - The acquisition of EPIC Crude Holdings is expected to positively impact fourth-quarter earnings due to long-term volume commitments from customers [11]. Financial Performance Metrics - PAA's trailing 12-month return on equity is 11.04%, which is below the industry average of 13.28%, indicating less effective utilization of shareholders' funds [12]. - PAA's current trailing 12-month EV/EBITDA is 10.78X, slightly undervalued compared to the industry average of 10.88X [14][15].

Core Viewpoint - Natural gas prices are experiencing a significant increase due to a severe winter storm in the US, presenting a contrarian investment opportunity in Enbridge (ENB), whose stock price has not yet reflected this trend [1][3]. Group 1: Natural Gas Market Dynamics - The spike in natural gas prices is attributed to a "generational" winter storm, indicating sustained demand for gas in the future [3]. - The Energy Information Administration (EIA) forecasts that natural gas prices will remain relatively flat in 2026 but are expected to rise by 33% in 2027 due to increased LNG exports and higher power consumption in the US [4]. - Data centers are a significant contributor to the rising power usage, impacting overall energy demand [7]. Group 2: Enbridge's Position and Strategy - Enbridge operates a pipeline network that transports 20% of the natural gas consumed in the US and 30% of North American crude oil production, positioning it well within the energy sector [9]. - The company benefits from increased demand for natural gas, acting as a "tollbooth" by collecting fees for the transportation of oil and gas [10]. - Enbridge is expanding its renewable energy portfolio, with over seven gigawatts of renewable projects either operational or under construction, which aligns with long-term energy trends [12]. Group 3: Oil Market Considerations - Enbridge is expanding its Mainline system to increase crude oil capacity, with plans to add 150,000 barrels per day by 2027 and an additional 250,000 barrels by 2030 [14]. - Concerns about Venezuelan oil displacing Canadian crude are unfounded, as Venezuela's oil infrastructure is in decline, making it unlikely to compete with Canadian heavy crude in the near future [15][17]. Group 4: Dividend and Investment Appeal - Enbridge has announced its 31st consecutive dividend increase, indicating strong financial health and a commitment to returning value to shareholders [18]. - The share price of Enbridge is currently lagging behind its dividend growth, suggesting it may be undervalued and presenting a buying opportunity [20]. - The dividends are paid in Canadian dollars, which could translate into higher returns for US investors as the US dollar weakens [21].

Core Viewpoint - U.S. stocks are starting the new year with strong momentum, driven by easing inflation, improving growth expectations, and positive earnings forecasts, particularly influenced by advancements in artificial intelligence [2][3] Market Overview - The stock market has experienced volatility due to trade concerns, policy uncertainty, and changing interest rate expectations, but has shown resilience with cooling inflation and better-than-expected earnings [3] - Heavy investments in AI, data centers, and cloud infrastructure are providing a strong underlying support for the market [3] Investment Strategy - A relative price strength strategy is recommended, focusing on stocks that are outperforming the market, as they are likely to continue their upward trend [4] - Stocks such as Jabil Inc. (JBL), Ciena Corporation (CIEN), Commercial Metals Company (CMC), and Plains All American Pipeline LP (PAA) are highlighted as potential investment opportunities [4] Stock Screening Parameters - Stocks should be evaluated based on their earnings, valuation ratios, and relative price performance compared to peers and industry averages [5][6] - Stocks that outperform their respective industries or benchmarks are more likely to yield significant returns [6] - A focus on stocks with positive earnings revisions and strong fundamentals is essential for identifying growth potential [7][8] Featured Stocks - **Jabil Inc. (JBL)**: Market cap over $25 billion, expected EPS growth of 18.5% year-over-year for fiscal 2026, shares up 58% in a year [12] - **Ciena Corporation (CIEN)**: Expected EPS growth rate of 41.8% over three to five years, shares up 191.2% in a year, with a fiscal 2026 EPS estimate indicating 97.7% growth [13][14] - **Commercial Metals Company (CMC)**: Market cap of $8 billion, expected EPS growth of 125.2% for fiscal 2026, shares up 42.4% in a year [15] - **Plains All American Pipeline LP (PAA)**: Market cap nearly $13 billion, with a 6.8% upward revision in earnings estimates for 2026, shares up 3.6% in a year [16][17]

Core Viewpoint - The previous bullish thesis on Enbridge (ENB) has not performed well, showing a -3% total return since early October, indicating potential underperformance in share price [1] Group 1: Company Performance - Enbridge's share price has experienced a decline of -3% since early October, suggesting challenges in maintaining investor confidence [1] Group 2: Analyst Background - The analyst has over a decade of experience in finance, particularly in the oilfield and real estate industries, and has led complex due diligence and M&A transactions [1] - The analyst has developed an interest in equity research and provides services for a Dubai-based family office with over $20 million in assets under management [1] - The analyst emphasizes the importance of analyzing financial statements, evaluating market trends, and identifying growth drivers across various industries [1]

Core Viewpoint - The previous bullish thesis on Enbridge (ENB) has not performed well, showing a -3% total return since early October, indicating potential underperformance in share price [1] Group 1: Company Performance - Enbridge's share price has experienced a decline of -3% since early October, suggesting challenges in maintaining investor confidence [1] Group 2: Analyst Background - The analyst has over a decade of experience in finance, particularly in the oilfield and real estate industries, and has led complex due diligence and M&A transactions [1] - The analyst has developed an interest in equity research and provides services for a Dubai-based family office with over $20 million in assets under management [1] - The analyst emphasizes the importance of analyzing financial statements, evaluating market trends, and identifying growth drivers across various industries [1]

Core Insights - Energy Transfer LP (ET) is expanding the Transwestern Pipeline to increase its capacity to 2.3 billion cubic feet (Bcf) of natural gas per day by enlarging the pipeline diameter from 42 inches to 48 inches [1][10] - The expansion aims to meet rising natural gas demand in Arizona and New Mexico, driven by population growth, data center development, and potential coal-to-natural gas power plant conversions [2][10] - The total estimated cost of the project is approximately $5.6 billion, with an expected increase of $200 million in ET's growth capital expenditures for 2026 [3][10] Company Strategy - The capital investment in the pipeline expansion is expected to provide upside potential and secure long-term shipping contracts, which will lock in predictable cash flows and reduce risk [4] - ET is prioritizing pipeline expansions over capital-intensive projects like the Lake Charles LNG export project to enhance its position as a reliable natural gas infrastructure provider [5] Industry Context - Other companies in the oil and gas sector are also focusing on pipeline expansions to meet rising energy demand, which supports top-line growth [6] - TC Energy Corporation (TRP) is investing $900 million in a pipeline project that will add 400,000 million British thermal units of capacity, expected to be operational by late 2029 [7] - Kinder Morgan, Inc. (KMI) is constructing a $455 million expansion project to increase natural gas deliveries from the Permian Basin by 570 million cubic feet per day, with completion expected by mid-2026 [9] - The Williams Companies, Inc. (WMB) is undertaking two major expansions of its Transco pipeline system to support Gulf Coast demand and facilitate the transition from coal to natural gas in Alabama [12] Financial Performance - The Zacks Consensus Estimate for 2026 earnings per share (EPS) for TRP indicates a year-over-year growth of 7.5% [8] - The Zacks Consensus Estimate for 2026 EPS for WMB suggests a year-over-year growth of 10% [13] - ET's shares have declined by 16.9% over the past year, compared to a 12.3% decline in the industry [14]

Core Viewpoint - Energy Transfer has decided to suspend the development of its Lake Charles LNG project, which has faced numerous challenges over the past decade, despite having secured commercial agreements and nearing a Final Investment Decision (FID) [1][2][4]. Group 1: Project Challenges - The Lake Charles LNG project was designed to liquefy and export 16.5 million metric tons per annum but has encountered obstacles such as difficult marketing conditions, loss of joint venture partner Shell, intense competition, and permitting issues [4]. - The company aimed to sell down 80% of its interest to equity partners before moving forward, but has only secured a 30% stake from MidOcean Energy, leaving 50% interest unsold [7]. Group 2: Strategic Focus - Energy Transfer is shifting its focus to capital allocation for its growing backlog of natural gas pipeline infrastructure projects, which present better risk/reward profiles compared to Lake Charles LNG [8]. - The company has announced an increase in the transportation capacity of the Transwestern Pipeline's Desert Southwest expansion project, now planning a 48-inch pipeline with a capacity of up to 2.3 billion cubic feet per day at a cost of $5.6 billion [9]. Group 3: Financial Outlook - Energy Transfer expects its 2026 capital spending to rise to $5.2 billion, an increase of $200 million from its initial budget, allowing for multiple expansions including the Hugh Brinson Pipeline [10]. - The company is also working on several other projects, including potential expansions of the Dakota Access Pipeline, which is on track for an FID by mid-next year [11]. Group 4: Investment Discipline - The company is adopting a more disciplined approach to project approvals, focusing on the best investment opportunities to avoid financial strain, which has led to the suspension of the Lake Charles LNG project [13].