Core Insights - Enterprise Products Partners LP (EPD) is a significant player in the midstream energy sector, with extensive pipeline assets exceeding 50,000 miles and liquid storage capacity over 300 thousand barrels, supported by stable fee-based revenues from long-term shipper contracts [1][2] Group 1: Business Model and Earnings - EPD's fee-based earnings are the primary contributor to its gross operating margin, indicating a highly predictable and stable business model [2] - The partnership has successfully increased its distribution for 27 consecutive years, showcasing its resilience [2] Group 2: Distribution Yield Comparison - EPD's current distribution yield is 6.79%, slightly below the industry average of 6.9%, but its three-year median yield of 7.22% surpasses the industry's 6.87% [3] - Competitors Kinder Morgan Inc. (KMI) and Enbridge Inc. (ENB) have lower current dividend yields of 4.2% and 5.6%, respectively, despite also having stable business models [4] Group 3: Price Performance and Valuation - EPD units have appreciated by 6.5% over the past year, contrasting with a 7.1% decline in the broader industry [5][6] - The current EV/EBITDA ratio for EPD is 10.61X, aligning with the industry average [8] Group 4: Earnings Estimates - The Zacks Consensus Estimate for EPD's 2025 earnings has experienced downward revisions in the past week [10]

Core Viewpoint - Current WTI oil prices are below $60 per barrel, leading to uncertainty in the energy sector, but Enterprise Products Partners LP (EPD) remains stable due to its midstream business model [1] Group 1: Company Overview - EPD's midstream assets are supported by long-term fee-based revenues, which provide stability against commodity price volatility [2] - EPD's pipeline assets exceed 50,000 miles, and its liquids storage capacity is over 300 thousand barrels [2] Group 2: Financial Performance - Fee-based earnings have been the largest contributor to EPD's gross operating margin, accounting for 82% in 2021, 74% in 2022, 77% in 2023, 78% in 2024, and 82% in the first nine months of 2025, indicating a predictable and stable business model [3] - EPD units have gained 4.7% over the past year, contrasting with an 8.2% decline in the broader industry [6][7] Group 3: Valuation Metrics - EPD's trailing 12-month EV/EBITDA is 10.59X, slightly below the industry average of 10.60X [9] - Recent downward revisions have been noted in the Zacks Consensus Estimate for EPD's 2025 earnings [11]

Core Viewpoint - Chevron is in the process of selling pipeline assets in the Denver-Julesburg shale basin, with expected proceeds exceeding $2 billion [1] Group 1 - The assets being sold are part of Chevron's operations in the Denver-Julesburg shale basin [1] - The sale is anticipated to attract significant interest due to the value of the assets [1] - The transaction is indicative of Chevron's strategic focus on optimizing its asset portfolio [1]