You have US T-bill rates at 10% and the stock market on a tear. Why buy the rock. Why buy gold.But we have what's happened is all those interest rates are heading lower, particularly the rest of the world. Almost 1.8% and ten year out in China. And deflationary forces are the best things for gold.Are either deflation, T-bill rates going down or inflation. Big, big signs of inflation. But typically that happens in other countries that have debasing currency.The key thing is think about corn. Right now, it's ...

Core Viewpoint - The midstream segment of the petroleum value chain, particularly Plains All American Pipeline (PAA), presents investment opportunities despite challenges faced by upstream and downstream operators in the energy sector [2][4]. Industry Overview - The energy sector has seen a 0.85% loss, making it the second-worst performer among the S&P 500 sectors this year, largely due to poor performances from oil majors [1]. - Global oil supply is expected to exceed demand by approximately 600,000 barrels per day in 2025, exacerbated by OPEC output increases, which may keep prices under pressure [2]. - West Texas Intermediate crude is trading at $63.35 per barrel, down 45% from its 2022 peak, while Brent crude is at $66.38, marking a 44% drop from its high [3]. Company Performance - Plains All American Pipeline has a dividend yield of 8.68% and an annual dividend of $1.52 per share, with a payout ratio of 172.73% [6]. - The company reported a 3.12% year-to-date gain, with earnings per share (EPS) of 36 cents, surpassing the consensus estimate of 33 cents [8]. - Quarterly revenue decreased by 16.6% year-over-year, and adjusted free cash flow (FCF) fell by 16% year-over-year, but the long-term growth trajectory remains strong [8][10]. Financial Highlights - Management confirmed full-year guidance of $2.8 billion to $2.9 billion EBITDA, with net income increasing by 129.92% from a loss of $2.58 billion in 2020 to a gain of $772 million in 2024 [9][10]. - Net cash from operating activities rose by 6% year-over-year, from $653 million to $694 million [12]. - The company is exiting its NGL segment in Canada for $3.75 billion, with proceeds expected to support M&A activities [11]. Market Outlook - Analysts have set an average 12-month price target of $20.75 for PAA, indicating a potential upside of 16.18% from the current price, not including the dividend yield [13].

Core Viewpoint - Enterprise Products Partners LP (EPD) has experienced a stock price increase of 16.3% over the past year, outperforming the industry average of 10.3%, driven by robust growth projects and a stable business model [1][6]. Group 1: Business Model and Project Backlog - EPD operates a diversified asset portfolio, including over 50,000 miles of pipelines and a storage capacity of 300 million barrels, which supports stable fee-based revenues [4]. - The partnership has $6 billion in key projects under construction, expected to be operational by the end of 2026, including gas processing plants and pipeline expansions, which will enhance cash flows for unit holders [5][10]. - EPD's midstream network processes approximately 7.8 billion cubic feet of natural gas daily and transports over 1 million barrels of refined products and petrochemicals per day, providing a competitive advantage [8][9]. Group 2: Competitive Position and Valuation - EPD's current trading at a trailing 12-month enterprise value-to-EBITDA (EV/EBITDA) of 10.16x is below the industry average of 11.01x and competitors like Kinder Morgan (KMI) and Enbridge (ENB), which trade at 13.71x and 15.32x respectively, indicating potential undervaluation [10]. - The partnership's extensive network is linked to all U.S. ethylene plants and nearly 90% of refineries east of the Rockies, enhancing its ability to attract and retain customers [9]. Group 3: Market Challenges - Increased competition in the LPG export market has led to reduced prices for terminal usage, which may impact future profit margins for EPD as older, higher-paying contracts expire [15]. - Concerns exist regarding the oversupply of pipelines and processing plants, which could negatively affect profitability if demand does not keep pace, although EPD's long-term contracts provide some level of protection [16].

Hedge funds boosted their bullish bets on crude oil at the fastest pace in over a month as US President Donald Trump’s threat of additional levies on Russia drove fears about tighter supplies. https://t.co/YGB3YTZADg ...

Chevron (CVX -0.30%), a global integrated energy company with operations spanning oil, gas, and renewables, reported its second quarter fiscal 2025 results on August 1, 2025. The company delivered non-GAAP earnings per share of $1.77 in Q2 2025, surpassing the analyst consensus of $1.73 (non-GAAP) for Q2 2025. GAAP revenue reached $44.4 billion in Q2 2025, also exceeding the estimated $43.9 billion (GAAP) for Q2 2025. Despite exceeding forecasts, both adjusted earnings (non-GAAP) and net income (GAAP) were ...

The oil market is flatlining. After months of uncertainty sparked by global geopolitical tensions and President Trump’s tariff proposals, crude traders have increasingly retreated to the sidelines. https://t.co/wAJgK90Mba ...

Core Insights - Shell plc reported a significant decline in income attributable to shareholders, with Q2 2025 income at $3.6 billion, down 25% from Q1 2025 and 23% from H1 2024 [1][2][8] - Adjusted Earnings and Adjusted EBITDA also saw declines of 24% and 30% respectively compared to the previous quarter and 13% and 20% compared to the same period last year [1][8] - Cash flow from operating activities increased by 29% in Q2 2025 compared to Q1 2025, reaching $11.9 billion, primarily driven by Adjusted EBITDA [1][5][12] Financial Performance - Income attributable to Shell plc shareholders for Q2 2025 was $3.6 billion, down from $4.8 billion in Q1 2025 and $3.5 billion in Q2 2024 [1] - Adjusted Earnings for Q2 2025 were $4.3 billion, a decrease of 24% from Q1 2025 and 30% from H1 2024 [1][8] - Adjusted EBITDA for Q2 2025 was $13.3 billion, down 13% from Q1 2025 and 20% from H1 2024 [1][8] Cash Flow and Capital Expenditure - Cash flow from operating activities for Q2 2025 was $11.9 billion, offset by tax payments of $3.4 billion [5][12] - Cash flow from investing activities was an outflow of $5.4 billion, including cash capital expenditure of $5.8 billion [5][13] - Free cash flow for Q2 2025 was $6.5 billion, with total shareholder distributions amounting to $5.7 billion [1][7][12] Debt and Gearing - At the end of Q2 2025, net debt increased to $43.2 billion from $41.5 billion at the end of Q1 2025, resulting in a gearing ratio of 19.1% [1][6] - Total debt remained stable at $75.7 billion [1][6] Segment Performance Integrated Gas - Income for Q2 2025 was $1.8 billion, down 34% from Q1 2025 [22] - Adjusted Earnings decreased by 30% to $1.7 billion compared to Q1 2025 [22][23] - Cash flow from operating activities was $3.6 billion, reflecting a decrease in production [22][26] Upstream - Income for Q2 2025 was $2.0 billion, a slight decrease of 3% from Q1 2025 [35] - Adjusted Earnings fell by 26% to $1.7 billion compared to Q1 2025 [35][38] - Cash flow from operating activities increased significantly to $6.5 billion, up 65% from Q1 2025 [35][40] Marketing - Income for Q2 2025 was $766 million, down 6% from Q1 2025 [47] - Adjusted Earnings increased by 33% to $1.2 billion compared to Q1 2025 [47][49] - Cash flow from operating activities was $2.7 billion, reflecting a 43% increase from Q1 2025 [47][51] Chemicals and Products - Income for Q2 2025 was a loss of $174 million, compared to a loss of $77 million in Q1 2025 [58] - Adjusted Earnings were $118 million, down 74% from Q1 2025 [58][61] - Cash flow from operating activities was $1.4 billion, reflecting a significant increase from Q1 2025 [58][64] Renewables and Energy Solutions - Income for Q2 2025 was a loss of $254 million, slightly worse than the loss of $247 million in Q1 2025 [74] - Adjusted Earnings were negative at $9 million, an improvement from the loss of $42 million in Q1 2025 [74][77] - Cash flow from operating activities was $1 million, a significant decrease from $367 million in Q1 2025 [74][80] Outlook - Shell expects cash capital expenditure for the full year 2025 to be within $20 - $22 billion [94] - Integrated Gas production is projected to be approximately 910 - 970 thousand boe/d, while Upstream production is expected to be around 1,700 - 1,900 thousand boe/d [95][96]

At one point during the COVID pandemic, crude oil prices (CL=F) dropped to negative $40 a barrel — but what does that mean for your wallet? In this episode of Stocks in Translation, host Jared Blikre goes deep with veteran oil trader Dan Dicker to unravel the world of energy markets. From the shocking truth behind commodity futures to how the Inflation Reduction Act's $370 billion clean energy push is clashing with political roadblocks, Dicker breaks it all down. Twice a week, Stocks In Translation cuts thr ...

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Core Insights - Energy Transfer LP (ET) is a highly diversified midstream energy company in the U.S., with a significant network of pipelines, terminals, and storage assets, making it a key player in the transportation and distribution of natural gas, crude oil, NGLs, and refined products [1] - The company is expanding its operations through strategic acquisitions, enhancing its scale and creating cost efficiencies [2][4] Acquisition Strategy - ET has made notable acquisitions, including WTG Midstream, Lotus Midstream, and Crestwood Equity Partners, which have expanded its presence in high-growth basins like Permian, Williston, and Haynesville [2][9] - These acquisitions drive volume growth and unlock operational and commercial synergies, leading to optimized routing, reduced operating costs, and increased connectivity across ET's network [3][9] Financial Performance - The Zacks Consensus Estimate for ET's earnings per unit indicates a year-over-year increase of 16.41% for 2025 and 6.34% for 2026 [11] - ET's trailing 12-month return on invested capital (ROIC) is 3.26%, slightly below the industry average of 3.52% [13] Market Position - ET's units have risen 3.7% in the past three months, outperforming the Zacks Oil and Gas - Production Pipeline - MLB industry's growth of 3.6% [8] - The company's focus on long-term value creation through strategic acquisitions and an integrated platform makes it appealing for income-seeking and infrastructure-focused investors [4][5]