Globally, customers are snapping up electric vehicles, but in the U.S. the picture is more complicated. There have never been more EV options on the table and the charging network is growing. At the same time, the Trump administration recently eliminated federal rebates on new and used EVs and has also moved to block California's landmark ban on the sale of all new gas-powered cars by 2035."It's a huge capital investment, and it's an investment that is a bet that the prices in the West will stay high enough ...

CALGARY, Alberta, Nov. 13, 2025 (GLOBE NEWSWIRE) -- South Bow Corp. (TSX & NYSE: SOBO) (South Bow or the Company) reports its third-quarter 2025 financial and operational results and provides its 2026 outlook. Unless otherwise noted, all financial figures in this news release are in U.S. dollars. Highlights Safety and operational performance Recorded average throughput of approximately 584,000 barrels per day (bbl/d) on the Keystone Pipeline in the third quarter of 2025, and approximately 703,000 bbl/d on t ...

Core Insights - TC Energy Corporation (TRP) reported third-quarter 2025 adjusted earnings of 56 cents per share, matching the Zacks Consensus Estimate, but down from 76 cents in the same period last year, primarily due to weak performance in the Power and Energy Solutions segment [1] - The company's quarterly revenues reached $3.7 billion, exceeding the Zacks Consensus Estimate by $49 million, although this represents a 10.1% decrease year over year [2] Financial Performance - Comparable EBITDA for TC Energy was C$2.7 billion, down from C$2.8 billion in the prior year and missing the estimate of C$2.8 billion [2] - The board declared a quarterly dividend of 85 Canadian cents per common share, translating to an annualized rate of $3.40 [3] Segment Performance - Canadian Natural Gas Pipelines reported a comparable EBITDA of C$913 million, an 8% increase from the previous year, driven by contributions from Coastal GasLink, but missed the estimate of C$979 million [4] - U.S. Natural Gas Pipelines reported a comparable EBITDA of C$1,062 million, a 6% increase year over year, primarily due to higher earnings from Columbia Gas and increased transportation rates [6][7] - Mexico Natural Gas Pipelines saw a comparable EBITDA of C$416 million, up 57% from C$265 million in the prior year, exceeding the estimate of C$314.2 million, driven by higher earnings from TGNH following the completion of the Southeast Gateway pipeline [9][10] - Power and Energy Solutions reported a comparable EBITDA of C$266 million, down 18.4% from C$326 million in the previous year, missing the estimate of C$328 million, mainly due to lower contributions from Bruce Power and reduced power prices [11] Operational Metrics - Canadian Natural Gas Pipelines averaged deliveries of 23.0 Bcf/d, a 2% increase year over year, with NGTL system receipts averaging 14.0 Bcf/d, reflecting a 1% increase [5] - U.S. Natural Gas Pipelines maintained average daily flows of 26.3 Bcf/d, unchanged from the previous year, with LNG-related activity increasing to an average of 3.7 Bcf/d, a 15% year-over-year rise [8] Capital Expenditures and Guidance - As of September 30, 2025, TC Energy's capital investments totaled C$1.5 billion, with cash and cash equivalents of C$1.8 billion and long-term debt of C$44.4 billion, resulting in a debt-to-capitalization ratio of 59.5% [13] - The company expects 2025 comparable EBITDA to be between C$10.8 billion and C$11 billion, with capital expenditures trending toward the lower end of the $6.1 billion to $6.6 billion guidance [14] - Looking ahead to 2026, TC Energy anticipates EBITDA to rise to C$11.6 billion to C$11.8 billion, indicating a 6-8% year-over-year increase [15]

Core Insights - Energy Transfer (ET) reported third-quarter 2025 adjusted earnings of 28 cents per unit, missing the Zacks Consensus Estimate of 33 cents by 15.2% and decreasing 12.5% from the previous year's figure of 32 cents [1][9] - Total revenues for ET were $19.95 billion, falling short of the Zacks Consensus Estimate of $22.91 billion by 12.9% and down 3.9% from the year-ago figure of $20.77 billion [2][9] Financial Performance - Total costs and expenses were $17.80 billion, a decrease of 4.2% year over year, attributed to lower product costs and reduced selling, general, and administrative expenses [3] - Operating income totaled $2.15 billion, down 1.4% year over year [3] - Interest expenses, net of interest capitalized, amounted to $890 million, which is 7.5% higher than the prior-year level [3] Development Projects - Energy Transfer is commissioning the third of eight 10-megawatt natural-gas-fired electric generation units in West Texas [4] - In August 2025, ET announced plans to construct a new natural gas storage cavern at its Bethel storage facility, expected to double the site's working gas storage capacity to over 12 billion cubic feet (BCF) by late 2028 [4] - In September 2025, ET signed agreements to expand its Price River Terminal in Utah, which will double the terminal's export capacity for American Premium Uinta oil [5] - In November 2025, ET announced plans to build Mustang Draw II, a new natural gas processing plant in the Midland Basin with a capacity of 250 million cubic feet of gas per day (MMcf/d), expected to enter service in Q4 2026 [6] Financial Position - As of September 30, 2025, ET had current assets of $17.44 billion, up from $14.20 billion as of December 31, 2024 [7] - Long-term debt, less current maturities, was $63.1 billion as of September 30, 2025, compared to $59.75 billion as of December 31, 2024 [7] - ET's revolving credit facility had an aggregate $3.44 billion of available borrowing capacity as of September 30, 2025 [7] Capital Expenditures - Growth capital expenditures in Q3 2025 totaled $1.14 billion, while maintenance capital expenditures amounted to $293 million [8] - For 2025, ET anticipates growth capital expenditures to be nearly $4.6 billion and expects to invest nearly $5 billion in growth capital in 2026 [10]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2025 was $3.84 billion, down from $3.96 billion in Q3 2024, indicating a flat year-over-year performance when excluding non-recurring items [3][4] - Year-to-date adjusted EBITDA reached $11.8 billion, slightly up from $11.6 billion for the same period in 2024 [4] - Distributable cash flow (DCF) attributable to partners was approximately $1.9 billion for the first nine months of 2025 [4] Business Line Data and Key Metrics Changes - NGL and refined products segment adjusted EBITDA increased to $1.1 billion from $1 billion in Q3 2024, driven by higher throughput [4] - Midstream segment adjusted EBITDA decreased to $751 million from $816 million in Q3 2024, impacted by a one-time business interruption claim in the previous year [5] - Crude oil segment adjusted EBITDA was $746 million, down from $768 million in Q3 2024, affected by lower transportation revenues on certain pipelines [5][6] - Interstate natural gas segment adjusted EBITDA was $431 million, down from $460 million in Q3 2024, but included a $43 million increase from a tax resolution [6] - Intrastate natural gas segment adjusted EBITDA decreased to $230 million from $329 million in Q3 2024, despite increased volumes [7] Market Data and Key Metrics Changes - The company reported strong volumes through natural gas interstate and intrastate pipelines, with significant demand expected to support growth in gas-fired power plants and data centers [8][10] - The Desert Southwest Pipeline project is fully contracted under long-term commitments, indicating strong market demand [9] Company Strategy and Development Direction - The company plans to spend approximately $4.6 billion on organic growth capital projects in 2025, down from a previous estimate of $5 billion [7] - Future growth capital is expected to be around $5 billion in 2026, primarily focused on natural gas segments [7] - The company is expanding its NGL business and crude oil pipeline network to meet growing international demand [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position to meet future energy demand growth, leveraging strong relationships to develop new projects [24] - The company is focused on capital discipline and ensuring projects meet risk-return criteria before proceeding [23][59] - Management highlighted the importance of securing long-term contracts and partnerships to support growth initiatives [26][28] Other Important Information - The company is actively engaging with stakeholders for the Desert Southwest Pipeline project, which is expected to enhance system reliability and market access [9][10] - The Hugh Brinson Pipeline is anticipated to provide significant optionality and connect shippers to a vast natural gas pipeline network [11] Q&A Session Summary Question: Clarification on guidance for the year - Management clarified that the guidance does not include the acquisition of Parkland and expects to be slightly below the initial guidance without it [26] Question: Details on Lake Charles LNG project - Management indicated that they are focused on securing contracts and equity partners before proceeding to FID, emphasizing financial discipline [27][28][59] Question: Financial impact of recent data center deals - Management expressed excitement about the data center deals, noting significant potential revenue and growth opportunities [30][32][34] Question: Consideration of converting NGL pipelines to natural gas service - Management is evaluating the conversion of underutilized NGL pipelines to natural gas service, citing potential for higher revenue [38][40][41] Question: Growth backlog and capital expenditure outlook - Management stated that they have a strong backlog of high-return projects and will update capital expenditure guidance as needed [47][48] Question: Expansion of Desert Southwest Pipeline - Management confirmed ongoing interest in upsizing the pipeline and is evaluating options for increased capacity [49][50]

Core Insights - Plains All American Pipeline, L.P. (PAA) reported third-quarter 2025 adjusted earnings of 39 cents per unit, exceeding the Zacks Consensus Estimate of 34 cents by 14.7% and up from 37 cents in the same quarter last year [1][8] PAA's Total Revenues - Net sales for the quarter were $11.58 billion, missing the Zacks Consensus Estimate of $12.96 billion by 10.6% and decreasing 7% from $12.46 billion in the year-ago quarter [2][8] Highlights of PAA's Q3 Earnings Release - Total costs and expenses were $11.09 billion, down 9.5% year over year due to lower purchases, field operating costs, and general and administrative expenses [3] - Net interest expenses increased to $135 million, up 19.5% from the prior-year quarter [3] PAA's Financial Update - As of September 30, 2025, cash and cash equivalents totaled $1.18 billion, a significant increase from $0.35 billion as of December 31, 2024 [4] - Long-term debt rose to $8.44 billion from $7.21 billion as of December 31, 2024, with long-term debt-to-total book capitalization increasing to 46% from 42% [4] PAA's 2025 Guidance - For 2025, PAA narrowed its adjusted EBITDA guidance to a range of $2.84-$2.89 billion from the previous range of $2.80-$2.95 billion, with adjusted free cash flow anticipated at $900 million [5][8] - The company plans disciplined capital investments, expecting full-year 2025 growth capital and maintenance capital of $490 million and $215 million, respectively [5]

Core Insights - Plains All American Pipeline, L.P. and Plains GP Holdings reported strong third-quarter results for 2025, highlighting significant progress in becoming a leading crude oil midstream provider [1][3] - The company is focused on strategic acquisitions and divestitures, including the pending sale of its Canadian NGL business and the acquisition of EPIC Crude Holdings, which is expected to enhance operational efficiency and financial performance [4][6] Financial Performance - Reported net income attributable to Plains All American Pipeline for Q3 2025 was $441 million, a 100% increase from $220 million in Q3 2024 [7] - Adjusted EBITDA attributable to Plains was $669 million for Q3 2025, reflecting a 2% increase from $659 million in Q3 2024 [7][14] - The company achieved a leverage ratio of 3.3x, within its target range of 3.25x - 3.75x [6] Recent Developments - The acquisition of a 55% equity interest in EPIC Crude Holdings was completed, with an additional 45% interest acquired for approximately $1.33 billion, including $500 million of debt [6][14] - The company anticipates solid mid-teens returns from the EPIC acquisition, with a projected 2026 EBITDA multiple of approximately 10x [6][14] - The divestiture of the Canadian NGL business is expected to close in Q1 2026, allowing the company to focus on its core crude oil operations [4][5] Distribution and Cash Flow - The distribution per common unit declared for Q3 2025 was $0.38, a 20% increase from $0.3175 in Q3 2024 [7] - The company reported net cash provided by operating activities of $817 million for Q3 2025, an 18% increase from $692 million in Q3 2024 [7][40] - Adjusted Free Cash Flow for Q3 2025 was $303 million, a 24% decrease from $401 million in Q3 2024, primarily due to increased capital expenditures [7][24]

A $400 million pipeline to transport natural gas from Israel to Cyprus is awaiting government approval from both countries and Israel has expressed support, the head of Eastern Mediterranean focused g... ...

The U.S. Army Corps of Engineers has granted approval to Canadian company Enbridge for its plan to reroute a section of its Line 5 oil pipeline around a Wisconsin tribal reservation. ...

Analysts on Wall Street project that Enterprise Products Partners (EPD) will announce quarterly earnings of $0.67 per share in its forthcoming report, representing an increase of 3.1% year over year. Revenues are projected to reach $12.59 billion, declining 8.6% from the same quarter last year.The consensus EPS estimate for the quarter has undergone a downward revision of 1.7% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their ...