NYSE: DTM Safe Harbor Statement This presentation contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, market conditions, and other matters, based on what we believe to be reasonable assumptions ...

This energy stock could be a reasonably safe pick in 2026.In a market obsessed with artificial intelligence stocks and high-flying meme names, midstream oil and gas player Enterprise Products Partners (EPD 0.48%) has not received the attention it deserves.This oil and gas pipeline operator, which is structured as a master limited partnership (MLP), offers a distribution (dividend) yield of 6.2% and has increased its distributions for 28 consecutive years.Enterprise Products Partners also boasts strong finan ...

Core Viewpoint - Kevin Warsh's potential appointment as the next chair of the Federal Reserve may positively impact the stock market in the near term due to his belief in AI as a deflationary force, which could lead to lower interest rates and higher stock trading multiples [1][2]. Stock Analysis ONEOK Inc. (NYSE:OKE) - ONEOK has a forward P/E ratio of 13.23x and an upside of 4.81%, with 42 hedge fund holders [8][13]. - Recent target price adjustments include a downgrade by JPMorgan to $84 from $87, while Morgan Stanley lowered its target to $104 from $107, and UBS cut its target to $103 from $114 [9]. - Despite these adjustments, 14 out of 24 analysts (~58%) maintain a "Buy" rating, with a median target price of $83, indicating a potential upside of 4.81% [11]. American Airlines Group Inc. (NASDAQ:AAL) - American Airlines has a forward P/E of 6.66x and an upside of 27.30%, with 43 hedge fund holders [13][17]. - The company reported record Q4-2025 revenue of $14 billion and full-year revenue of $54.6 billion, despite a $325 million impact from a government shutdown [14]. - Management projects a revenue growth of 7-10% in Q1 2026, with expected EPS of ~$1.70 to $2.70 per share, significantly higher than 2025 results [15]. - Analysts show a favorable outlook, with 15 out of 28 (~54%) having a "Buy" rating and a median target price of $17.32, suggesting a potential upside of 27.30% [17].

Core Viewpoint - Kinder Morgan's fourth-quarter results exceeded Wall Street expectations, driven by record performance in natural gas pipeline operations [1] Financial Performance - Adjusted earnings were reported at $0.39 per share, surpassing analyst estimates of $0.36 [2] - Revenue increased to $4.51 billion, exceeding the consensus forecast of $4.32 billion [2] - Cash flow from operations totaled $1.7 billion, while free cash flow after capital expenditures reached $0.9 billion, representing increases of 12% and 18% year-over-year, respectively [4] Operational Highlights - Natural gas transportation volumes rose 9% year-over-year, primarily due to increased liquefied natural gas deliveries on the Tennessee Gas Pipeline [3] - Natural gas gathering volumes increased by 19% across the portfolio, with the KinderHawk system contributing the largest share of the increase [3] Future Outlook - The company expects adjusted earnings per share of $1.36 in 2026, indicating a 5% growth from 2025 [4] - Kinder Morgan plans to raise its annual dividend by 2% to $1.19 per share in 2026 [4]

Financial Performance - Third quarter 2025 net income was $115 million and Adjusted EBITDA was $288 million[12] - The company is raising its 2025 Adjusted EBITDA guidance midpoint and narrowing the range to $1,115 - $1,145 million, an 18% increase from the prior year's original Adjusted EBITDA guidance[12] - The company reaffirmed its 2026 Adjusted EBITDA early outlook of $1,155 - $1,225 million[12] Organic Growth and Projects - Approximately $0.5 billion was committed within the quarter for new organic projects, bringing the total to approximately $1.6 billion out of the original $2.3 billion backlog[12] - The company reached FID (Final Investment Decision) on the upsized Guardian Pipeline "G3" expansion for a total of approximately 537 MMcf/d expansion capacity northbound from Chicago[12, 25] - The LEAP Phase 4 expansion was placed in-service early and on budget[12] Operational Performance - The Haynesville system achieved a record high throughput, with volumes up 35% year-over-year[10] Capital Investments - The upsized "G3" expansion is expected to require a total capital investment of $850 to $930 million[26] - Approximately $1.6 billion of projects have reached FID for 2025 – 2029[33] Guidance Updates - 2025 Distributable Cash Flow is now guided to $800 - $830 million[27] - 2025 Capital Expenditures are now guided to $445 - $485 million[27] Market Position - Haynesville throughput increased by 35% in Q3 2025, reaching 204 Bcf/d[36]

First Quarter 2025 Earnings Call April 30, 2025 Bluestone Gathering Lateral Pipeline NYSE: DTM Safe Harbor Statement 2 New slide First Quarter 2025 Accomplishments Strong financial performance Acquisition performing well and integration progressing as planned Progressing commercial opportunities and executing on construction projects This presentation contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities l ...