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and will participate in investor meetings at the event.DISCLOSURESFORWARD LOOKING STATEMENTSThis release contains forward-looking statements within the meaning of securities laws. The words "action," "anticipate," "deliver," "demonstrate," "establish," "estimate," "expects," "goal," "generate," "guidance," "integrate," "maintain," "objectives," "optimize," "project," "target," and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this release include, amo ...

Core Viewpoint - Enterprise Products Partners (EPD) is highlighted as a significant player in the midstream energy sector, showcasing a strong distribution yield and a long history of increasing distributions, despite facing challenges in free cash flow coverage due to elevated capital expenditures [1]. Financial Performance - EPD achieved a distributable cash flow (DCF) coverage ratio of 1.8x in Q4 2025, with operational DCF amounting to $2.16 billion [1]. - The annual distribution stands at $2.20 per unit, yielding approximately 6% [1]. - The earnings payout ratio for Q4 is around 73%, which is considered elevated but manageable for a capital-intensive partnership [1]. - Full-year adjusted cash flow from operations reached a record $8.7 billion in 2025, indicating strong operational performance [1]. Distribution History - EPD has increased its distributions for over 26 consecutive years, with the most recent increase being 3.8% year-over-year for Q1 2026 [1]. - The five-year compound annual growth rate (CAGR) for distributions is approximately 3.5% to 4%, reflecting a consistent but not explosive growth pattern [1]. Capital Expenditures and Future Outlook - Free cash flow coverage for 2024 was reported at 0.79x due to high capital expenditures, but management anticipates a significant improvement in discretionary free cash flow to about $1 billion in 2026 [1]. - EPD is currently investing heavily in projects such as the Bahia NGL Pipeline and Permian processing expansion, which are expected to enhance future cash flows [1]. Leverage and Debt Management - As of December 31, 2025, EPD's total debt principal was $34.7 billion, with a net debt-to-EBITDA ratio of 3.3x, which is above the target but manageable [1]. - The company maintains a solid liquidity position with $5.2 billion in consolidated liquidity and approximately 98% of its debt at a fixed rate, insulating it from interest rate fluctuations [1].

ONEOK Announces 2026 Financial Guidance ONEOK reports 11% increase in net income and 18% increase in adjusted EBITDA for full year 2025 compared to 2024. ONEOK, Inc. TULSA, Okla., Feb. 23, 2026 (GLOBE NEWSWIRE) -- ONEOK, Inc. (NYSE: OKE) today announced fourth-quarter and full-year 2025 results and 2026 financial guidance. Unless otherwise noted, all results are compared with the same periods in 2024. Fourth-Quarter 2025 Results: Net income of $978 million, resulting in $1.55 per diluted share.Adjusted E ...

Core Viewpoint - Energy Transfer's Q4 earnings miss is overshadowed by the overall strength of the company's business and growth prospects, making it an attractive option for income investors [1][3]. Financial Performance - Energy Transfer reported Q4 earnings per share of $0.25, significantly below the consensus estimate of $0.36 [2]. - Despite the earnings miss, the unit price of the stock closed down less than 1% on the announcement day [2]. Distribution Growth - The distribution yield for Energy Transfer stands at 7.2%, with a year-over-year increase of over 3% announced in January [5][6]. - The company targets a long-term annual distribution growth rate of 3% to 5% [6]. Business Strength - Adjusted EBITDA for the previous year reached a record $16 billion, with an upward revision of guidance for 2026 to between $17.45 billion and $17.85 billion [7]. - The company set new records in Q4 for natural gas liquids fractionation volumes and crude oil transportation volumes, with a 12% year-over-year increase in NGL and refined product terminal volumes [8]. Growth Prospects - Energy Transfer is expected to deliver further growth through the ramp-up of its Flexport NGL export project and new processing plants in the Permian Basin [9]. - The company is also securing significant contracts with data centers, including a notable deal with Oracle, and is benefiting from population growth and manufacturing expansion [10].

Core Viewpoint - Ovintiv Inc. (OVV) is set to report its fourth-quarter fiscal 2025 results on February 23, with earnings estimated at 98 cents per share and revenues at $1.95 billion [1]. Group 1: Previous Quarter Performance - In the last reported quarter, Ovintiv achieved adjusted earnings per share of $1.03, surpassing the Zacks Consensus Estimate of 97 cents, driven by increased plant condensate production and higher average realized natural gas prices [2]. - The company's total revenues for the third quarter were $2.1 billion, exceeding the Zacks Consensus Estimate by 6.1% [2]. - Ovintiv has beaten the Zacks Consensus Estimate in three of the last four quarters, with an average surprise of 11.06% [3]. Group 2: Upcoming Quarter Expectations - The Zacks Consensus Estimate for fourth-quarter fiscal 2025 earnings has remained unchanged over the past week, indicating a 27.41% year-over-year decrease, while the revenue estimate suggests a 10.96% increase from the previous year [3]. - Ovintiv's revenues are expected to decline in the upcoming quarter, primarily due to the company's focus on production volumes and market prices of energy commodities [4]. Group 3: Cost Management - Total operating expenses for the fourth quarter are projected to be $1.6 billion, reflecting a 28.2% decrease from the previous year's $2.2 billion [5]. - Production, mineral, and other taxes are anticipated to fall by 14.9% year-over-year to $63.9 million, while transportation and processing expenses are expected to decrease by 14.3% to $341.8 million [5]. - The cost of purchased products is forecasted to drop by 34% to $251.5 million, with depreciation, depletion, and amortization charges expected to be $433.9 million, marking a 20.4% reduction [6].

Core Viewpoint - Enterprise Products Partners is a reliable income stock with a strong historical performance, having rallied 68% over the past five years and generated a total return of 141% after reinvesting distributions [1] Growth and Business Model - Enterprise Products operates a "toll road" model, charging upstream extraction and downstream refining companies for the transportation of natural gas, NGLs, crude oil, and refined products, which provides stability against commodity price volatility [2] - The company is a master limited partnership (MLP) that offers tax-efficient distributions, currently yielding 5.9%, and has increased its payout for 28 consecutive years [3] Financial Performance - From 2020 to 2024, Enterprise Products' distributable cash flow (DCF) increased from $6.41 billion to $7.84 billion, with a distribution coverage ratio rising from 1.6x to 1.7x, and earnings per unit (EPU) growing from $1.71 to $2.69 [4] - Analysts project a 5.6% compound annual growth rate (CAGR) for EPU from 2024 to 2028, potentially reaching $3.35, and if sustained through 2031, could rise to $3.94 [6] Market Position and Strategy - The company's stable growth is attributed to pipeline expansions in key areas like the Permian Basin and strategic acquisitions of smaller operators, while maintaining lower debt levels compared to larger competitors like Energy Transfer Partners [5] - The stock price could increase by approximately 40% to $52 over the next five years if it continues to trade at 13 times its current-year EPU [6] Investment Outlook - While Enterprise Products may not deliver life-changing gains, it is expected to remain a stable investment option, particularly appealing to income-oriented investors if interest rates decline [7]

Core Insights - Keyera reported record results in its fee-for-service businesses, with significant growth in both Liquids Infrastructure and Gathering and Processing segments, driven by higher utilization and increased contracting [3][4][7] Liquids Infrastructure - The Liquids Infrastructure segment achieved a record realized margin of CAD 593 million, an increase from CAD 558 million in 2024, supported by higher storage contracting and increased utilization of the condensate system [1] Gathering and Processing - The Gathering and Processing segment also reached a record annual realized margin of CAD 439 million, up from CAD 413 million in 2024, driven by higher throughput and contributions from the Wapiti and Simonette gas plants [1] Financial Performance - Keyera's annual Adjusted EBITDA was CAD 1.16 billion, with Distributable Cash Flow of CAD 767 million (CAD 3.35 per share) and net earnings of CAD 432 million [2][7] Growth Initiatives - The company sanctioned three strategic growth projects in 2025, including two fractionation expansions, and acquired additional capacity in the Simonette area while divesting the non-core Wildhorse asset [5][11][12] Acquisition of Plains' NGL Business - Keyera's pending acquisition of Plains' Canadian NGL business is described as "transformational," with expectations for the deal to close around the end of the quarter [5][14] AEF Outage Impact - An unplanned outage at the Alberta EnviroFuels facility is expected to reduce guidance by approximately CAD 110 million, with full production anticipated to return in May [6][16] Marketing Business Performance - The marketing segment reported a realized margin of CAD 300 million in 2025, down from CAD 485 million the previous year, primarily due to lower premiums and volumes for isooctane sales [8][9] Future Outlook - Keyera anticipates 7% to 8% fee-for-service EBITDA growth through 2027, supported by take-or-pay contracts and contributions from new projects [17] Condensate Market Role - Keyera plays a significant role in the diluent market, handling about 70% of the condensate used in the oil sands, with ongoing evaluations for storage and system enhancements [18] Organizational Changes - Recent organizational changes were made to prepare for the Plains transaction, with a reorganization into two business units, which will not affect segment reporting [19]

Trade Agreement Overview - The Trump administration finalized a reciprocal trade agreement establishing a 15% U.S. tariff rate on imports from Taiwan, while Taiwan commits to lowering or eliminating tariffs on nearly all U.S. goods [1][3] U.S. Goods Purchase Commitment - Taiwan is set to significantly increase its purchases of U.S. goods from 2025 to 2029, including $44.4 billion in liquefied natural gas and crude oil, $15.2 billion in civil aircraft and engines, and $25.2 billion in power grid equipment and generators [2] Tariff Adjustments - The agreement reduces tariffs on Taiwanese goods from 20% to 15%, aligning Taiwan with South Korea and Japan, its main Asian export competitors [3] - Taiwan secured exemptions from reciprocal tariffs for over 2,000 product items exported to the U.S., lowering the average tariff on U.S. exports to 12.33% [5] Economic Impact and Strategic Partnership - Taiwan's President emphasized the agreement as a pivotal moment for economic transformation, aiming to optimize the Taiwan-U.S. economic framework and establish a high-tech strategic partnership [4] Investment Pledge - The agreement includes a commitment from Taiwan to invest $250 billion in U.S. semiconductor, energy, and AI production, with $100 billion already pledged by Taiwan Semiconductor Manufacturing Corp [6] - Taiwan's representative office in the U.S. will work with U.S. authorities to facilitate new investments in strategic high-tech sectors [7] Agricultural Tariff Changes - The deal will eliminate Taiwan's tariffs of up to 26% on many U.S. agricultural imports, while some tariffs will be reduced to 10% [7]

Core Points - The U.S. and Taiwan have signed a trade deal that lowers tariffs on Taiwanese exports to 15%, aligning them with those of Japan and South Korea, while Taiwan will reduce or eliminate 99% of tariffs on U.S. goods [1] - Taiwan plans to purchase over $84 billion in U.S. goods from 2025 to 2029, including liquefied natural gas, crude oil, aircraft, and power equipment [2] - Taiwanese chip and technology companies have committed to invest at least $250 billion in U.S. production capacity, supported by government credit [3] - The goal is to relocate 40% of Taiwan's semiconductor supply chain to the U.S., although Taiwan has expressed that this is "impossible" [4][5] - China has criticized the trade agreement, claiming it will harm Taiwan's economic interests and accusing the ruling party of allowing the U.S. to undermine Taiwan's key industries [6] Trade Deal Details - The trade deal includes preferential market access for U.S. industrial and agricultural exports, such as autos and beef products [1] - Taiwan has committed to resolving longstanding non-tariff barriers, including accepting U.S. vehicles built to U.S. safety standards without additional requirements [2] Semiconductor Industry Implications - The semiconductor ecosystem in Taiwan, developed over decades, is seen as essential to remain rooted in Taiwan while expanding investments internationally [5] - Taiwan's government has indicated that moving a significant portion of its semiconductor supply chain to the U.S. is not feasible [4][5] Geopolitical Context - The U.S. has approved $11.15 billion in arms sales to Taiwan, which has drawn criticism from China, emphasizing the geopolitical tensions surrounding Taiwan [7]