Financial Data and Key Metrics Changes - Adjusted EBITDA for full year 2025 was nearly $16 billion, up 3% from $15.5 billion in 2024, marking a partnership record [3] - Distributable cash flow (DCF) attributable to partners was $8.2 billion, slightly down from $8.4 billion in the previous year [3] - For Q4 2025, adjusted EBITDA was approximately $4.2 billion, compared to $3.9 billion in Q4 2024, while DCF was approximately $2 billion, consistent with Q4 2024 [4] Business Segment Data and Key Metrics Changes - NGL and refined products segment had adjusted EBITDA of $1.1 billion, consistent with Q4 2024, with higher throughput across Gulf Coast and Mariner East pipeline operations [5] - Midstream segment adjusted EBITDA was $720 million, up from $705 million in Q4 2024, driven by volume growth in various regions [6] - Crude oil segment adjusted EBITDA decreased to $722 million from $760 million in Q4 2024, impacted by lower transportation revenues [7] - Interstate natural gas segment adjusted EBITDA increased to $523 million from $493 million in the previous year, due to higher capacity sold [7] - Intrastate natural gas segment adjusted EBITDA rose to $355 million from $263 million, driven by increased pipeline and storage optimization [7] Market Data and Key Metrics Changes - Record volumes were moved across interstate, midstream, NGL, and crude segments for the year ended 2025, with record NGL exports from terminals [4] - The company expects to invest approximately $5 to $5.5 billion in organic growth capital for 2026, focusing on natural gas assets and NGL segments [8] Company Strategy and Development Direction - The company is focused on significant growth projects, including the Desert Southwest Pipeline Project, which has been upsized to a 48-inch diameter to meet customer demand [9] - Expansion projects are expected to generate mid-teen returns and considerable earnings growth over the next decade [8] - The company is committed to capital discipline and targeting projects with the highest returns while balancing project risk [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future growth driven by new projects and the ramp-up of existing operations [19] - The company anticipates continued demand for natural gas services, particularly for power plants and data centers [21] - Management noted that the operating team performed excellently during recent winter weather events, maintaining service and reliability [40] Other Important Information - The company has a significant backlog of growth opportunities and is actively engaging with stakeholders for project updates [10] - The Lake Charles LNG project has been suspended, with the company exploring alternative uses for the terminal [18] Q&A Session Summary Question: Key drivers behind commercialization momentum in natural gas assets - Management highlighted excitement about the Desert Southwest project and the ongoing expansion of the Florida Gas pipeline system [25] Question: NGL transportation and third-party volumes - Management indicated that over half of the gas transported comes from their own facilities, with expectations for growth in affiliate volumes [32] Question: Performance during winter weather and gas market volatility - Management noted that they maintained service during winter storms and did not see profits as high as previous years but performed well [40] Question: Early volumes on Hugh Brinson Pipeline - Management is confident about bringing on some volumes earlier than expected, which will benefit producers in the Permian Basin [44] Question: Medium-term growth expectations - Management reiterated a long-term distribution growth rate target of 3%-5% annually, indicating a solid foundation for growth [49] Question: Recontracting on the Mariner system - Management expressed confidence in maintaining and growing throughput on the Mariner pipelines despite upcoming contract expirations [50] Question: Storage opportunities for data centers - Management emphasized their capability to provide reliable gas supply and storage solutions for data centers [74]

Company Overview - DT Midstream, Inc. is engaged in the ownership, operation, and development of natural gas interstate and intrastate pipelines, storage and gathering systems, as well as compression, treatment, and surface facilities [2] - The company transports clean natural gas for various customers including utilities, power plants, marketers, large industrial customers, and energy producers across the Southern, Northeastern, and Midwestern United States and Canada [2] - DT Midstream provides a comprehensive range of services from wellhead to market, including natural gas transportation, storage, and gathering [2] Upcoming Events - The 2026 Annual Meeting of Stockholders is scheduled for Tuesday, May 5, 2026 [1] - Stockholders of record as of the close of business on Wednesday, March 11, 2026, are eligible to vote at the meeting [1]

Core Viewpoint - Enterprise Products Partners L.P. (EPD) is a leading midstream operator that generates stable, fee-based cash flows through long-term contracts for transporting crude oil, natural gas, NGLs, refined products, and petrochemicals across its extensive asset base [1] Group 1: Financial Performance and Returns - EPD has returned approximately $62 billion to equity investors since its IPO through distributions and unit buybacks [2][9] - EPD's shares have gained 6.9% over the past year, outperforming the industry composite stocks, which declined by 3.4% [6] - EPD trades at a trailing 12-month enterprise-value-to-EBITDA (EV/EBITDA) of 11.15X, slightly below the industry average of 11.19X [7] Group 2: Capital Projects and Future Growth - EPD has a backlog of major capital projects totaling $4.8 billion currently under construction, with several projects expected to enter service by 2026 [3][9] - The company plans to allocate growth capital spending of $2.5-$2.9 billion for 2026 and $2-$2.5 billion for 2027, along with maintenance capital of about $580 million in 2026 [3][9] Group 3: Industry Comparisons - Other midstream players like Kinder Morgan Inc. (KMI) and MPLX LP (MPLX) are also focused on returning capital to shareholders, with KMI exceeding $2.6 billion in dividend payments in 2025 and MPLX returning $4.4 billion to unitholders [4][5]

Core Viewpoint - DT Midstream, Inc. is set to announce its fourth quarter and full year 2025 financial results on February 19, 2026, before market opening [1] Group 1: Financial Results Announcement - The financial results announcement is scheduled for February 19, 2026, before the market opens [1] - A conference call to discuss the results will take place at 9:00 a.m. ET on the same day [2] - Investors and the public can access a live internet broadcast of the call [2] Group 2: Company Overview - DT Midstream is involved in the ownership, operation, and development of natural gas pipelines, storage, and gathering systems [3] - The company provides services for transporting clean natural gas across the Southern, Northeastern, and Midwestern United States and Canada [3] - DT Midstream offers a comprehensive range of services, including natural gas transportation, storage, and gathering [3]

Leadership Changes - David Slater has been elected as Executive Chairman of the Board of Directors, effective January 28, 2026, succeeding Robert Skaggs, Jr. who will remain on the Board [1] - Christopher Zona has been appointed as President, effective January 28, 2026, while continuing his role as Chief Operating Officer [3] Executive Background - David Slater has over 30 years of experience in the energy industry and has served as President and CEO of DT Midstream since May 6, 2021 [2] - Christopher Zona has also over 30 years of experience in the energy sector and has been the Executive Vice President and Chief Operating Officer since the company's Spin-Off [4] Company Overview - DT Midstream is involved in the ownership, operation, and development of natural gas pipelines, storage, and gathering systems, serving utilities, power plants, and large industrial customers across the U.S. and Canada [5]

Core Viewpoint - Energy Transfer is positioned as a leading energy midstream company with a strong cash flow and growth potential, making it an attractive investment opportunity [1]. Group 1: Financial Performance - Energy Transfer generates substantial cash flow, with nearly $6.2 billion of distributable cash flow in the first nine months of the previous year, allowing for a distribution payout of almost $3.4 billion to investors [3]. - The company maintains a strong balance sheet with a leverage ratio within the target range of 4.0-4.5 times, marking its strongest financial position in history [4]. Group 2: Growth Prospects - The company plans to invest between $5 billion and $5.5 billion in growth capital projects this year, an increase from $4.6 billion last year, supporting various capital projects including the $2.7 billion Hugh Brinson Pipeline and the $5.6 billion Transwestern Pipeline expansion [5][6]. - Energy Transfer is actively pursuing additional growth opportunities to meet rising energy demand, particularly for natural gas supply to power plants and AI data centers [6]. Group 3: Distribution and Demand - The high-yielding distribution is supported by a sustainable foundation, with the potential for healthy annual growth in earnings and distribution [7]. - Increased demand for gas is enhancing the value of existing assets, allowing Energy Transfer to negotiate new gas transportation contracts at higher rates as older agreements expire, contributing to revenue growth [8].

Core Insights - DT Midstream, Inc. reported a net income of $115 million for Q3 2025, equating to $1.13 per diluted share, with Operating Earnings also at $115 million and Adjusted EBITDA at $288 million [1][2][18] Financial Performance - The company declared a dividend of $0.82 per share, payable on January 15, 2026, to stockholders of record by December 15, 2025 [2] - Year-to-date results are ahead of plan, prompting an increase in Adjusted EBITDA guidance for 2025 to a range of $1,115 million to $1,145 million [2][9] Business Updates - Significant progress was made in both commercial and construction activities during the quarter [2] - The company reached a final investment decision on the Guardian Pipeline "G3" expansion, increasing pipeline capacity by approximately 537 million cubic feet per day (MMcf/d), a 40% increase [6] - The LEAP Phase 4 expansion project was placed in-service ahead of schedule and on budget [6] Company Overview - DT Midstream operates natural gas interstate and intrastate pipelines, storage, and gathering systems, serving utilities, power plants, and large industrial customers across the U.S. and Canada [3] - The company aims to achieve net zero greenhouse gas emissions by 2050, with a target of 30% carbon emissions reduction by 2030 [3] Financial Metrics - Adjusted EBITDA is defined as GAAP net income before interest, taxes, depreciation, and amortization, adjusted for non-routine items [5][8] - Distributable Cash Flow (DCF) is calculated by adjusting net income for various expenses and is considered a key measure of the company's ability to generate cash earnings [8][22]

Core Insights - DT Midstream, Inc. plans to announce its third quarter 2025 financial results on October 30, 2025, before market opening [1] - A conference call to discuss the results is scheduled for 9:00 a.m. ET on the same day, with a live internet broadcast available [2] Company Overview - DT Midstream is engaged in the ownership, operation, and development of natural gas pipelines, storage, and gathering systems, as well as compression and treatment facilities [3] - The company provides services for utilities, power plants, marketers, large industrial customers, and energy producers across the Southern, Northeastern, and Midwestern United States and Canada [3] - DT Midstream aims for net zero greenhouse gas emissions by 2050, with a target of reducing carbon emissions by 30% by 2030 [3]

Core Viewpoint - Williams plans to announce its third-quarter 2025 financial results on November 3, 2025, with a conference call scheduled for November 4, 2025, at 9:30 a.m. Eastern Time [1] Group 1: Company Overview - Williams is a leader in the energy industry, focusing on safely and responsibly meeting growing energy demand [2] - The company operates a 33,000-mile pipeline infrastructure that transports one-third of the nation's natural gas [2] - Williams is committed to reducing emissions and investing in new energy technologies while supporting the global economy [2]

Group 1 - ONEOK is an Oklahoma-based oil and gas midstream company with a focus on the transportation of natural gas and NGLs [1] - The company has a fast-growing footprint in the pipeline business [1] Group 2 - The majority of ONEOK's operations are centered around natural gas and NGL transportation [1]