Core Viewpoint - Energy Transfer LP (ET) has shown a strong performance with a 6% increase in stock price over the last month, outperforming the industry growth of 3.4% [1][2] Group 1: Company Overview - Energy Transfer operates a vast pipeline network exceeding 130,000 miles across 44 U.S. states, focusing on strategic acquisitions and organic growth [7] - The company has significant export capabilities, with the ability to export over 1.1 million barrels per day of natural gas liquids (NGLs) and 1.9 million barrels per day of crude oil, holding an estimated 20% share of the global NGL export market [9] - Nearly 90% of Energy Transfer's revenues come from fee-based contracts, providing stable cash flow and reducing exposure to commodity price volatility [12] Group 2: Recent Developments - Energy Transfer is expanding its natural gas liquids export facilities to meet rising global demand and has entered agreements to supply natural gas for new gas-fired power plants [2][10] - The company has received connection requests from nearly 200 data centers across 14 states, indicating strong demand from the digital infrastructure sector [11] Group 3: Financial Performance - The current quarterly cash distribution rate is 32.75 cents per common unit, with management raising distribution rates 14 times in the past five years [13] - The Zacks Consensus Estimate indicates year-over-year earnings growth of 12.5% for 2025 and 0.49% for 2026 [14] - Energy Transfer units are trading at a trailing 12-month EV/EBITDA of 10.32X, which is below the industry average of 11.6X, suggesting the firm is undervalued [17] Group 4: Comparative Analysis - Energy Transfer's trailing 12-month return on equity (ROE) is 11.47%, lower than the industry average of 13.95% [20] - In comparison, ONEOK's ROE stands at 15.58%, indicating stronger profitability [22]

Core Viewpoint - SLB reported weaker-than-expected earnings and revenues for the first quarter of 2025, primarily due to reduced drilling activity in key regions [1][2]. Financial Performance - Earnings per share (EPS) for Q1 2025 were 72 cents, missing the Zacks Consensus Estimate of 74 cents and down from 75 cents in the previous year [1]. - Total quarterly revenues were $8.49 billion, below the Zacks Consensus Estimate of $8.59 billion and down from $8.71 billion year-over-year [1]. Segmental Performance - **Digital & Integration**: Revenues increased by 6% year-over-year to $1,006 million, with pre-tax operating income rising 21% to $306 million, surpassing estimates [3][4]. - **Reservoir Performance**: Revenues decreased by 1% to $1.7 billion, with pre-tax operating income falling 17% to $282 million, missing estimates [5]. - **Well Construction**: Revenues fell 12% to $2.98 billion, with pre-tax operating income down 15% to $589 million, aligning closely with estimates [6]. - **Production Systems**: Revenues rose 4% to $2.94 billion, with pre-tax operating income improving 19% to $475 million, exceeding estimates [7]. Cash Flow & Financials - SLB reported free cash flow of $103 million for the first quarter [8]. - As of March 31, 2024, the company had approximately $3.89 billion in cash and short-term investments, with long-term debt at $10.53 billion [8]. Outlook - SLB maintained its full-year 2025 capital investment guidance at approximately $2.3 billion, lower than the 2024 level of $2.6 billion [9].