免责声明: | LPG早报 | | | | | | | | | 研究中心能化团队 2025/07/25 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | L P G | | | | | | | | | | | | | 日期 | 华南液化气 | 华东液化 气 | 山东液化气 | 丙烷CFR华 南 | 丙烷CIF日 本 | MB丙烷 现货 | CP预测合 同价 | | 山东醚后碳四 山东烷基化油 | 纸面进口 利润 | 主力基差 | | 2025/07/1 8 | 4530 | 4486 | 4610 | 553 | 505 | 71 | 538 | 4890 | 8000 | -38 | 477 | | 2025/07/2 1 | 4540 | 4488 | 4640 | 550 | 502 | 69 | 531 | 4870 | 8000 | -1 | 456 | | 2025/07/2 2 | 4570 | 4443 | 4630 | 535 | 484 | 68 | 512 | 4810 | ...

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Key Takeaways PBR may revise its 2026-2030 plan to resume direct control over fuel retail and distribution. CEO Chambriard and president Lula back the move amid criticism of retailers' pricing practices. A Vibra deal review and retail brand overhaul may be needed to restore PBR's downstream control.Petrobras (PBR) , Brazil's state-controlled oil giant, is evaluating a strategic re-entry into the retail fuel sector as part of its broader plan to combat escalating pump prices and restore consumer trust, acc ...

Group 1: Valuation and Market Position - Enterprise Products Partners LP (EPD) is currently trading at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 10.28x, which is below the industry average of 11.49x and significantly lower than midstream competitors like Kinder Morgan Inc. (KMI) at 14.18x and Enbridge Inc. (ENB) at 15.14x [1][2] Group 2: Business Resilience - EPD is largely immune to market uncertainties related to tariffs, as it has secured 85% to 90% of its LPG export capacity through long-term take-or-pay agreements with international counterparties, providing predictable revenue sources [3][4] - The company’s contracts are primarily with international trading companies, insulating it from geopolitical risks such as tariffs or sanctions, as traders can reroute barrels based on global demand [4] Group 3: Asset Portfolio and Growth Potential - EPD has a diversified asset portfolio with over 50,000 miles of pipelines and a storage capacity of 300 million barrels, which supports stable fee-based revenues from long-term contracts [5] - The company has a backlog of $7.6 billion in major capital projects, which will generate additional fee-based earnings and stable cash flows for unitholders [6] - EPD has achieved over two decades of distribution growth, with a current distribution yield of 6.7%, slightly above the industry average of 6.4% [7] Group 4: Operational Outlook - EPD connected more than 1,000 wells in the Permian Basin last year and plans to add a similar number this year, which will increase the volume of oil, natural gas, and natural gas liquids transported through its pipelines [15][16] - Even if oil production remains flat, the volume of natural gas and NGLs will continue to grow due to the byproducts from oil wells, generating incremental cash flows for the partnership [16] Group 5: Stock Performance - Over the past year, EPD's stock price has increased by 19%, outperforming the industry's composite stocks, which improved by 18.3% [17]

Targa Resources (TRGP) Q1 2025 Earnings Call May 01, 2025 11:00 AM ET Speaker0 Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Tristan Richardson, Vice President, Investor Relations and Fundamentals. Please go ahead. Speaker1 Thanks, Michelle. Good morning, and welcome to the first quarter twenty twenty five earnings call for Target Resources Corp. The first quarter earnings release, along with the first quarter supplement pres ...