The energy midstream sector has been a great spot for investors to go if they want to make some passive income Many companies in this sector produce very stable cash flow as oil and gas flow through their pipelines and related midstream assets That gives them money to pay lucrative dividends and invest in growing their businesses and Kinder Morgan (NYSE: KMI) are among the top options for those seeking passive income in the sector Here's why this trio of midstream companies could help you create years of passive income Our analyst team just revealed what they believe are the 10 best stocks to buy right now Reuben Gregg Brewer (Enbridge): The midstream sector is tied at the hip to oil and natural gas producers But not every pipeline company is the same A key corporate goal is to provide the world with the energy it needs only around 75% of Enbridge's earnings before interest and amortization (EBITDA) are linked to oil and natural gas pipelines given that Enbridge is one of the largest midstream players in North America And this foundation has handily supported regular dividend increases with the annual streak now up to three decades But long-term dividend investors need to pay particular attention to the other 25% of EBITDA The rest of the portfolio is split between regulated natural gas utilities and renewable power investments Both of these businesses provide reliable cash flows the utility business tends to provide more consistent opportunities for capital investments while clean energy investment is expected to grow materially in the years ahead And both natural gas utilities and renewable power are moving Enbridge in the same "cleaner power" direction as the rest of the world Enbridge is preparing today for the energy market of tomorrow and a business that is changing with the energy needs of the world Enbridge is the kind of dividend stock you buy and hold for the long term Neha Chamaria (Enterprise Products Partners): Enterprise Products Partners is one of the largest midstream energy companies in the U.S. with a massive pipeline network spanning over 50,000 miles While its large footprint provides critical energy transportation services to the economy Enterprise Products has judiciously used capital over the decades to grow its business and reward shareholders while maintaining a strong balance sheet Enterprise Products has increased its dividend for 26 consecutive years and its distributable cash flows (DCF) have covered its dividend payout by at least 1.5 times since 2018 DCF is an important metric for master limited partnerships like Enterprise Products as they are required to distribute a major portion of their income to shareholders in the form of dividends This is a great time to invest in Enterprise Products stock The midstream giant expects major projects worth $6 billion to come online this year That's nearly 80% of all major projects under construction As these projects start contributing to the company's earnings and cash flows Enterprise Products should be in an even stronger position to not only pay regular dividends but also increase them year after year Enterprise Products is one of the best midstream stocks to buy to earn years of passive income Matt DiLallo (Kinder Morgan): Kinder Morgan currently clocks in with a dividend yield approaching 4.5% That high-yielding payout is on a very sustainable foundation The natural gas pipeline giant generates very stable cash flow as 95% comes from highly contracted and predictable sources the company pays out less than 45% of its stable cash flows in dividends That enables it to retain significant excess free cash flow to invest in expanding its operations The company has $8.8 billion of growth capital projects in its backlog primarily natural gas pipeline expansions ($8 billion) It currently has projects underway that it expects will enter commercial service by the end of the decade That gives it a lot of visibility into its ability to grow its cash flow in the coming years Kinder Morgan's backlog has ballooned by more than $5 billion over the past year as it has secured several large-scale natural gas expansion projects These drivers should enable Kinder Morgan to continue securing additional expansion projects in the coming years The pipeline giant's cash flow should grow briskly over the next several years as its growing backlog of expansion projects enters commercial service That should enable Kinder Morgan to continue increasing its dividend The company recently raised its payment for the eighth straight year Given its high yield and growth visibility Kinder Morgan can certainly create years of passive income for investors The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Enbridge wasn’t one of them The 10 stocks that made the cut could produce monster returns in the coming years Consider when Netflix made this list on December 17 if you invested $1,000 at the time of our recommendation you’d have $623,685!* Or when Nvidia made this list on April 15 it’s worth noting Stock Advisor’s total average return is 906% — a market-crushing outperformance compared to 164% for the S&P 500 The Motley Fool has positions in and recommends Enbridge and Kinder Morgan The Motley Fool recommends Enterprise Products Partners and trading strategies are provided by the third-party provider and the point of view is based on the independent assessment and judgement of the analyst without considering the investment objectives and financial situation of the investors Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage The vast majority of retail investor accounts lose money when trading CFDs You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money Please refer to our Risk Disclosure Statement and Terms & Conditions so as to have a better understanding over the risks involved before you start trading Mitrade is the brand name of Mitrade EU Limited (the “Company”) an investment firm authorised and regulated by the Cyprus Securities and Exchange Commission with license number 438/23 and situated at Spyrou Kyprianou 79 The content of this website is not intended for residents of Belgium the United States or any person in any country outside the EEA or a jurisdiction where its distribution or use would contravene with local laws and regulations HOUSTON, May 5, 2025 /PRNewswire/ -- Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced that Robert G (Bob) Phillips has been appointed as an independent member of its general partner's board of directors Phillips brings more than 47 years of experience and leadership in the midstream industry to the board and Chief Executive Officer of Crestwood Equity Partners LP ("Crestwood") following its successful merger with Energy Transfer LP in November 2023 Phillips founded Crestwood in 2010 and over the next 13 years led the growth of the company to greater than $7.1 billion in enterprise value through a combination of organic growth and M&A activity including successful mergers with Oasis Midstream Partners LP as well as the acquisitions of several strategic midstream companies across various shale plays Phillips served as President and Chief Executive Officer of Enterprise Products Partners L.P. Chairman and Chief Executive Officer of GulfTerra Energy Partners President and Chief Executive Officer of Eastex Energy Phillips currently serves as an independent director of South Bow Corporation which specializes in transporting Canadian crude oil production to refining markets in the US Midwest and Gulf Coast the largest privately owned natural gas storage company in the United States Phillips previously served on the board of directors of the Energy Infrastructure Council since its inception in 2019 and he co-chaired the ESG Committee which focused on the development and implementation of industry-wide Sustainability Standards across the midstream sector "We are delighted to welcome Bob Phillips to our board of directors," said Oscar Brown President and Chief Executive Officer of WES "His extensive industry expertise and proven leadership will be instrumental as we continue to execute on our strategy of capital-efficient growth that creates long-term value for all of the stakeholders of WES." "WES is tremendously fortunate to have a candidate with Bob's background join the board," commented Jeff Bennett Chairman of the general partner's board of directors "We are confident that Bob will be a valuable addition to our already exceptionally talented group of directors and bring beneficial perspectives as we continue to deliver on our mission of improving lives through safe "It is a privilege to join the board of directors of WES's general partner and I look forward to collaborating with the team to continue building upon WES's strong foundation and to help successfully guide the partnership for years to come." Phillips will serve on the board's Compensation Committee and Special Committee the board of directors of WES's general partner will have eight members LP ("WES") is a master limited partnership formed to develop WES is engaged in the business of gathering and crude oil; and gathering and disposing of produced water for its customers In its capacity as a natural-gas processor and condensate on behalf of itself and its customers under certain gas processing contracts A substantial majority of WES's cash flows are protected from direct exposure to commodity price volatility through fee-based contracts For more information about WES, please visit www.westernmidstream.com Daniel JenkinsDirector, Investor Relations [email protected]866-512-3523 Rhianna DischManager, Investor Relations[email protected]866-512-3523 LP (NYSE: WES) ("WES" or the "Partnership") announced that the board of directors of its general partner declared a .. LP (NYSE: WES) ("WES" or the "Partnership") announced that tomorrow before the market open it will.. Oil & Energy Utilities Gas Personnel Announcements Do not sell or share my personal information: DTMDT Midstream a leading provider of natural gas transportation and storage services has released its Form 10-Q report for the third quarter The report highlights significant financial growth and operational achievements driven by strategic acquisitions and long-term service contracts The company continues to expand its asset footprint and remains committed to sustainable and responsible operations SEC Filing: DT Midstream, Inc. [ DTM ] - 10-Q - Apr. 30, 2025 Copyright © 2025 FactSet Research Systems Inc.© 2025 TradingView The ADT Fidelity Lions produced a stunning performance to blitz the Vodacom Bulls 57-33 in a highly entertaining Carling Currie Cup encounter in front of a full house at Midstream College in Olifantsfontein on Friday night Earlier in the week it was announced that the Bulls would be taking the important match to the College as an initiative to bring the game closer to their younger fan base However it was the Lions who seemed more inspired as they tore into an early lead led comfortably at halftime and saw out the game in style to clinch a vital win in the end The result saw the Lions leapfrog the Bulls to the top of the Currie Cup log and they are now odds on favourites to finish top after the final weekend of pool action next weekend It was a great start to the match for the Lions as they cruised into a 19-0 lead after 21 minutes with three early tries First some great interplay in the Bulls 22m saw outside centre Erich Cronje hand off a Bulls defender and go over for an unconverted score in the fourth minute The visitors' forwards then took centre stage as a number of pick and goes finished with flank Ruan Venter forcing his way over before a big maul was driven towards the line where hooker PJ Both broke off to reach over and score with flyhalf Nico Steyn slotting both conversions The Bulls finally responded in the 27th minute as they setup a lineout in the Lions' 22m saw their maul stopped short before flank Corne Beets crashed over to score converted by flyhalf Jaco van der Walt to make it 19-7 However the Lions hit straight back four minutes later taking play into the Bulls half where inside centre Marius Louw broke the line and offloaded to scrumhalf Morne van den Berg to score their bonus point try It was then an action packed finish to the half as Lions wing Tapiwa Mafura was yellow carded for cynical play after illegally preventing an offload attempt from Bulls fullback Canan Moodie close to the try line But the visitors ended the half on top as they setup a lineout in the Bulls 22m set the maul and powered it over for Botha to get his second as they took a 33-14 lead into halftime The second half was a back and forth affair with the Bulls getting off to a good start as they drove a maul over for hooker Joe van Zyl to score in the 48th minute converted by replacement flyhalf Keagan Johannes as they cut the deficit to 12 points But the Lions struck back in the 54th minute taking play into the Bulls 22m where prop Morgan Naude crashed over to score The Bulls then responded with a superb grubber from Moodie in the Lions 22m allowing wing Katlego Letebele to run onto and score converted by Johannes to again bring themselves back into the game going into the final quarter But the Lions weren’t done either and after Steyn knocked over a close-range drop goal to push them more than two scores ahead try scoring machine loose forward Renzo du Plessis joined the fray and promptly added his name to the score sheet converted by replacement flyhalf Sanele Nohamba to put them into a 50-28 lead after 70 minutes as they pulled a lineout move which allowed replacement hooker Juann Els to power over in the corner But it was the Lions that finished with a flourish as they attacked from their own half before wing Rabz Maxwane finished it off to put the cherry on the cake Juann Els; Conversions - Jaco van der Walt Rabz Maxwane; Conversions - Nico Steyn (5) Phillips as an independent member of its general partner's board of directors With an extensive 47-year career in the midstream industry Phillips is well-recognized for his transformative leadership at Crestwood Equity Partners Crestwood grew to an enterprise value exceeding $7.1 billion through strategic mergers and acquisitions including successful integrations with Oasis Midstream Partners LP and Inergy Midstream L.P Phillips will join the Compensation Committee and Special Committee contributing to a board comprised of eight members This appointment underscores Western Midstream's commitment to enhancing its governance framework while leveraging Phillips' substantial industry expertise and leadership acumen Phillips continues to serve as an independent director at South Bow Corporation and Enstor Inc. bringing valuable insights to these positions His extensive experience in the midstream sector and involvement with the Energy Infrastructure Council position him as a key figure in driving sustainable growth and value creation WES President and CEO Oscar Brown expressed enthusiasm for this strategic appointment highlighting how Phillips' proven track record aligns with WES's focus on capital-efficient growth and long-term value generation emphasizing the valuable perspectives Phillips will bring For more information on Western Midstream Partners visit their official website or contact their Investor Relations team Western Midstream Partners (NYSE: WES) has appointed Robert G Phillips brings over 47 years of midstream industry experience and CEO of Crestwood Equity Partners following its merger with Energy Transfer LP in 2023 Crestwood grew to over $7.1 billion in enterprise value through organic growth and M&A activities His appointment brings the total board membership to eight Phillips currently serves as an independent director at South Bow Corporation and Enstor Inc. and previously co-chaired the ESG Committee of the Energy Infrastructure Council Western Midstream Partners (NYSE: WES) ha nominato Robert G Phillips come membro indipendente del consiglio di amministrazione del suo partner generale Phillips vanta oltre 47 anni di esperienza nel settore midstream avendo recentemente lasciato l'incarico di Fondatore Presidente e CEO di Crestwood Equity Partners dopo la fusione con Energy Transfer LP nel 2023 Crestwood è cresciuta fino a raggiungere un valore aziendale superiore a 7,1 miliardi di dollari attraverso una crescita organica e attività di fusioni e acquisizioni Phillips farà parte del Comitato per la Remunerazione e del Comitato Speciale del consiglio La sua nomina porta a otto il numero totale dei membri del consiglio Phillips è direttore indipendente presso South Bow Corporation e Enstor Inc. e in precedenza ha co-presieduto il Comitato ESG del Energy Infrastructure Council Western Midstream Partners (NYSE: WES) ha nombrado a Robert G Phillips como miembro independiente de la junta directiva de su socio general Phillips cuenta con más de 47 años de experiencia en la industria midstream habiéndose retirado recientemente como Fundador Presidente y CEO de Crestwood Equity Partners tras su fusión con Energy Transfer LP en 2023 Crestwood creció hasta superar un valor empresarial de 7.1 mil millones de dólares mediante crecimiento orgánico y actividades de fusiones y adquisiciones Phillips formará parte del Comité de Compensación y del Comité Especial de la junta Su nombramiento eleva a ocho el total de miembros de la junta Phillips es director independiente en South Bow Corporation y Enstor Inc. y anteriormente fue copresidente del Comité ESG del Energy Infrastructure Council Western Midstream Partners (NYSE: WES)는 Robert G Phillips는 최근 2023년 Energy Transfer LP와의 합병 후 Crestwood Equity Partners의 창립자 그의 리더십 아래 Crestwood는 유기적 성장과 인수합병 활동을 통해 71억 달러 이상의 기업 가치를 달성했습니다 현재 Phillips는 South Bow Corporation과 Enstor Inc.의 독립 이사로 재직 중이며 이전에는 Energy Infrastructure Council의 ESG 위원회를 공동 의장으로 역임했습니다 Western Midstream Partners (NYSE: WES) a nommé Robert G Phillips membre indépendant du conseil d'administration de son partenaire général Phillips possède plus de 47 ans d'expérience dans le secteur midstream ayant récemment pris sa retraite en tant que fondateur président et PDG de Crestwood Equity Partners suite à sa fusion avec Energy Transfer LP en 2023 Crestwood a atteint une valeur d'entreprise de plus de 7,1 milliards de dollars grâce à une croissance organique et des opérations de fusions-acquisitions Phillips siégera au comité de rémunération et au comité spécial du conseil Sa nomination porte à huit le nombre total de membres du conseil Phillips est actuellement administrateur indépendant chez South Bow Corporation et Enstor Inc. et a précédemment co-présidé le comité ESG du Energy Infrastructure Council Western Midstream Partners (NYSE: WES) hat Robert G Phillips als unabhängiges Mitglied in den Vorstand seines Generalpartners berufen Phillips bringt über 47 Jahre Erfahrung in der Midstream-Branche mit und ist kürzlich als Gründer Vorsitzender und CEO von Crestwood Equity Partners in den Ruhestand gegangen nachdem das Unternehmen 2023 mit Energy Transfer LP fusionierte Unter seiner Führung wuchs Crestwood durch organisches Wachstum und M&A-Aktivitäten auf einen Unternehmenswert von über 7,1 Milliarden US-Dollar Phillips wird im Vergütungsausschuss und im Sonderausschuss des Vorstands tätig sein Mit seiner Ernennung erhöht sich die Gesamtzahl der Vorstandsmitglieder auf acht Phillips ist derzeit unabhängiger Direktor bei South Bow Corporation und Enstor Inc und war zuvor Co-Vorsitzender des ESG-Ausschusses des Energy Infrastructure Council 2025 /PRNewswire/ -- Today Western Midstream Partners LP (NYSE: WES) ("WES" or the "Partnership") announced that Robert G For more information about WES, please visit www.westernmidstream.com Daniel JenkinsDirector, Investor Relations Investors@westernmidstream.com866-512-3523 Rhianna DischManager, Investor RelationsInvestors@westernmidstream.com866-512-3523 View original content to download multimedia:https://www.prnewswire.com/news-releases/western-midstream-announces-appointment-of-robert-g-phillips-as-independent-director-302443043.html Already have an account? Login Our Midstream business is focused on connecting customers and markets to critical forms of energy our Midstream business provides our customers at home and abroad with reliable This includes global market access for North American LPGs which provides our customers with attractive prices for propane and butane while delivering diversity of supply and supporting stronger energy security in Asia enhances communication between teams and takes a proactive approach to get projects off the ground and moving forward TRC understands the needs of your project life cycle and can support them from the initial planning and development stages through the construction and operations of your assets We recognize that in today’s competitive market it is imperative to focus on scheduling tasks and your budget to deliver work and support project completion in the most expeditious and cost-effective manner possible As one of the most comprehensive solutions providers in the pipeline and midstream industry TRC understands the ever-changing landscape of the energy industry and its challenges — both new and old we have aligned and integrated our solutions from front-end engineering and design (FEED) through permitting and project execution maintenance and right-of-way vegetation management Our experts understand the dynamic forces that drive project success and how to manage cost schedule and quality during the execution phase and beyond Our capabilities and experience extend far beyond pipelines and their associated facilities to include exploration and production gas processing and energy transition projects involving the transportation and storage of hydrogen and CO2 It’s our mission to understand the unique situations your energy organization finds itself in and come up with integrated strategies that keep you compliant Contact Us we understand the complex challenges facing the midstream oil and gas sector Our tested practitioners are dedicated to helping you adapt to this dynamic landscape with innovative Contact our team to learn more about our midstream advising and our capabilities Our practitioners share their insights and perspectives on the trends and challenges shaping the market Managing a construction project is a challenging job that involves careful planning Learn more about how to avoid some of the most common mistakes in construction management so your projects stay on track and within budget Cybersecurity threats to the Bulk Electric System (BES) are escalating with attackers continuously evolving their tactics to target critical infrastructure While advancements in technology have introduced innovative methods to enhance efficiency and accuracy the core principles of maintenance remain essential for ensuring pipeline integrity data centers form the backbone of cloud computing artificial intelligence and the vast array of digital services we rely on daily companies are racing to expand these facilities Construction project planning and scheduling are critical but complex processes that can lead to delays Success requires proper stakeholder communication regulatory compliance and innovative tools and techniques throughout the project’s life Vegetation management is evolving to reduce the risk of damage to utility infrastructure Learn how our vegetation management services can help Pipeline systems that transport millions of gallons of liquids or billions of standard cubic feet of gas a day require careful planning and constant supervision to operate smoothly INOGA is working with Indiana’s Department of Natural Resources to improve regulations at the state level explore the benefits of third-party hydrotesting and see how TRC can support your project’s success PHMSA announced that they issued a final rule that significantly expands Federal pipeline safety oversight to all onshore gas gathering pipelines Williamson to help oil and gas clients navigate the compliance issues surrounding PHMSA’s upcoming Gas Mega Rule PHMSA announced it has submitted an advisory bulletin underscoring to pipeline and pipeline facility operators requirements to minimize methane emissions The Security Directive will require critical pipeline owners and operators to report confirmed and potential cybersecurity incidents The Biden Administration signals both a renewed and accelerated focus on climate change Vice President – Transaction Advisory Services was part of Intralinks virtual roundtable series Oil & Gas Part II TRC’s own Lauren O’Donnell is currently the elected Chair of the INGAA Foundation The Foundation’s primary activity is to sponsor research aimed at promoting natural gas use and safe efficient pipeline construction and operation The board of directors of the INGAA Foundation elected Lauren O’Donnell as its chair for a one-year term Why Does Soil Resistivity Testing Matter for Cathodic Protection Design To have an impact on the delivery or operation of a pipeline it’s vital to eliminate the intra- and inter-company barriers including those in the areas of communications The Pipeline and Hazardous Materials Safety Administration this week published important new rules aimed at improving pipeline safety Contact Us TRC ensures nondiscrimination in all programs and activities in accordance with Title VI of the Civil Rights Act of 1964 If you need more information or special assistance for persons with disabilities or limited English proficiency Martin Midstream Partners LP (MMLP) and investor Martin Resource Management Corp (MRMC) have mutually terminated a deal under which MRMC would buy MMLP common units it did not already own The cancellation comes after two other investors opposed the takeover by MRMC which owns the 100 percent general partnership interest in MMLP Nut Tree Capital Management LP and Caspian Capital LP Under the transaction agreed between MMLP and MRMC each non-MRMC-owned common unit representing a limited partnership interest in MMLP would be converted into cash MMLP was to survive as a wholly owned subsidiary of MRMC MRMC initially proposed a purchase price of $3.05 per unit which own limited partnership interests in MMLP responded with a counter-offer to buy the common units targeted in MRMC’s proposal for $4 a unit Nut Tree and Caspian later raised their proposal to $4.5 per unit and expressed willingness to increase their offer further MMLP announced a definitive agreement under which MRMC would acquire all MMLP common units it did not already own for $4.02 per unit rebuffing Nut Tree and Caspian’s increased offer its purchase by a party other than MRMC would likely necessitate the purchase of its general partner MMLP has said it could not make a sale transaction with another party because MRMC had no intention of selling the general partner MRMC owns about 15.7 percent of MMLP common units while Nut Tree and Caspian have “economic exposure” of around 13.2 percent of MMLP common units according to information shared with the United States Securities and Exchange Commission Announcing the termination of the takeover agreement with MRMC MMLP said it would “continue to operate as a standalone publicly traded company” president and chief executive of MMLP’s general partner “We appreciate the feedback we have received from unitholders during our extensive outreach and engagement over the last several weeks” “We greatly value unitholders’ perspectives and are pleased that unitholders have confidence in the future of MMLP as a standalone company” “We will continue to focus on executing our long-term strategy including strengthening the balance sheet through debt reduction and improving operating results processing and storage services for crude oil and petroleum products It also offers land and marine transport for oil MMLP also distributes natural gas liquids and offers blending and packaging services for lubricants and grease as well as manufactures sulfur and sulfur-based products “MRMC markets over 250 million gallons of diesel fuel and lubricants per year along the Gulf Coast and over 1.5 million barrels of naphthenic lubricants and base oils per year throughout the United States” World Cup-winning Springbok Canan Moodie and Junior Springbok of the Year Corné Beets both return to the matchday 23 to bolster the Vodacom Bulls ahead of the 2024 Carling Currie Cup Jukskei derby at Midstream College on Friday 30 August 2024 This grandiloquent celebration of back-to-school rugby – against the Fidelity ADT Lions – is set for 17h15 in Olifantsfontein and will be played out in front of a sold-out crowd Head coach Phiwe Nomlomo has shuffled his forward pack which sees Dylan Smith Joe van Zyl and uMacingwane u Khuthazani ka Mchunu lining up at the front row Behind the trio will be the lock pairing of 2024 Junior MVP Merwe Olivier and Sintu Manjezi who gets a run at five this week Nizaam Carr will be at six flank alongside Beets who returns from injury uMnguni kaYeyeye u Celimpilo ka Gumede – who was player of the match in round 8 – completes the forward pack at eight ‘el maestro’ Bernard van der Linde (scrumhalf) will be paired up alongside Jaco van der Walt who slots into flyhalf ‘Rocketman’ Stravino Jacobs will run at left wing with Springbok Sevens star Katlego Letebele getting the opportunity to run on the right-hand side of the park Canan Moodie will marshal the troops from fullback with Chris Barend Smit and Cornel Smit at centre Nomlomo has assembled a six-two split impact squad that features 2023 under-21 Forward of the Year Juann Else VODACOM BULLS vs FIDELITY ADT LIONS STARTING XV: 1 MANAGEMENT: Jake White – Director of Rugby Darryn Berry and Pieter du Plessis – Physiotherapists Bernado Botha – Strength & Conditioning Andries Nkabinde – Logistics Manager and website in this browser for the next time I comment Δdocument.getElementById( "ak_js_1" ).setAttribute( "value" Tel: 012 420 0700 Ticket Office Fax: 012 344 1245 info@bluebull.co.za © 2025 Vodacom Bulls. Designed & Developed by Electric Pencil operate and decommission a deep-water port to export LNG from the US Delfin Midstream has announced significant progress in securing key permits and approvals for its energy infrastructure project in the US received a licence from the Maritime Administration (MARAD) on 21 March 2025 operate and decommission a deep-water port to export liquefied natural gas (LNG) from the US The licence was issued under the Deepwater Port Act of 1974 and MARAD’s 2017 Record of Decision aligning with President Trump’s executive order Delfin’s deep-water port project will be the first offshore LNG export project in the US The approval process involved collaboration between MARAD the US Coast Guard and approximately 15 federal agencies along with the states of Texas and Louisiana Don’t let policy changes catch you off guard Stay proactive with real-time data and expert analysis the Department of Energy approved an LNG export permit extension for Delfin LNG granting additional time to commence exports from the project previously delayed under the prior administration was announced by Secretary Chris Wright during his opening remarks at CERAWeek in Houston The brownfield deep-water port being developed by Delfin requires minimal additional infrastructure investment to support up to three floating LNG vessels producing up to 13 million tonnes (mtpa) of LNG In addition, Delfin Midstream and SEFE Securing Energy for Europe have signed a heads of agreement for the long-term supply of 1.5mtpa of LNG for a minimum of 15 years The LNG will be sourced from Delfin-deployed floating LNG vessels 40 miles offshore near Cameron The free-on-board deliveries will commence immediately after the construction and commissioning of the floating liquefied natural gas vessels ensuring SEFE can provide LNG supply security to its customers Give your business an edge with our leading industry insights View all newsletters from across the GlobalData Media network (P&GJ) — Vaquero Midstream announced plans to significantly expand its natural gas gathering and processing infrastructure in the Southern Delaware Basin with a new 70-mile high-pressure pipeline and a 200 MMcf/d cryogenic processing plant The Dallas-based company said the 24-inch pipeline will loop its existing gathering system running from its processing complex near the Waha Hub in Pecos County to its existing infrastructure in Loving County The expansion will increase gathering capacity from 400 MMcf/d to approximately 800 MMcf/d and extend Vaquero’s reach into Ward RELATED: Vaquero Midstream Secures $400 Million for Delaware Basin Expansion Projects “Vaquero is dedicated to maintaining its position as one of the most reliable midstream operators in the Delaware Basin,” said Harrison Holmes “This expansion of our gathering system will be key in providing direct access on Vaquero’s system from northern Reeves and Loving Counties to our processing complex near Waha Our continued goal is to offer producers a unified gathering platform supported by downstream market connectivity and reliable power infrastructure.” Both projects are backed by the company’s $400 million credit facility One of our administrators will review your comment before posting it onto the website Our #1 AI Stock Pick is on a steep discount - 29.99$ instead of 99.99$! Click here to access exclusive research DT Midstream, Inc. (NYSE:DTM) Q1 2025 Earnings Call Transcript April 30 Operator: Welcome to the DT Midstream First Quarter 2025 Earnings Call I will now turn it over to our speaker today I would like to remind you to read the Safe Harbor Statement on Page 2 of the presentation including the reference to forward-looking statements Our presentation also includes references to non-GAAP financial measures Please refer to the reconciliations to GAAP contained in the appendix So with that I will go ahead and turn the call over to David I’ll touch on our financial results provide an update on the latest commercial activity and construction progress on our growth projects I’ll then close with some commentary on the current market fundamentals before turning it over to Jeff to review our financial performance and outlook giving us confidence in our full year plan We are reaffirming our 2025 adjusted EBITDA guidance range and our 2026 adjusted EBITDA early outlook range And we continue to execute on our $2.3 billion organic growth project backlog Our teams remain focused on integrating our newly acquired interstate pipelines The key integration activities are progressing on schedule and we completed full cutover of all financial activities into DTM systems on April 1 and are on track to complete all remaining milestones by year-end We on-boarded all key employees at close and benefited from the team’s expertise with these assets during the winter season which our pipelines were highly utilized and provided reliable service As we gain additional insights into these assets and how they operate we’re developing a clearer view of the commercial opportunities they present including synergies with our existing network and we feel that the growth and modernization opportunities offered from them are better than our initial assessment Construction is currently underway on the first of these growth projects the Midwestern Gas Transmission Power Plant Lateral to serve AES Indiana’s Petersburg Generating Station all of our in-flight growth investments remain on track and on budget And expansions across the gathering footprint will begin to contribute during the second half of the year we expect these projects to ramp over a period of time and look forward to their contributions as they serve some of the most strategic supply areas in the country I’d like to take a moment to address the recent market volatility and its long-term impacts to DTM and the broader natural gas sector fundamentals The first quarter of ’25 was a volatile period for the market rebalancing the market in driving natural gas prices up followed by a decline in pricing as the market tried to understand the impact of tariff announcements Despite the uncertainty ahead and volatility is fundamentally well-positioned and our plan remains unchanged Our contracts have been structured to be durable even in volatile markets with significant demand-based revenues a customer base that is over 80% investment-grade rated and contract terms that average seven years we have no commodity exposure and minimal volume exposure across our portfolio with our Pipeline segment comprising 70% of adjusted EBITDA serving strong demand pull utility customers anchored by long-term contracts We expect tariffs will have no material effect on us as we have procured long lead critical components for our projects currently in progress and maintain strong strategic relationships with suppliers which is why we are confident in reaffirming our ’25 and 2026 adjusted EBITDA guidance ranges as well as our CapEx guidance Looking out over a longer-term time horizon we remain bullish about the outlook for natural gas infrastructure natural gas supply and demand are both expected to grow by approximately 19 Bcf per day through 2030 with demand growth primarily driven by LNG exports Our Louisiana assets are very well-positioned to serve this growing LNG demand in the Gulf Coast region data center and utility scale power generation is expected to drive 25% growth in the PJM and MISO power market regions by 2030 and this is where the bulk of our pipeline assets are located the long-term positive effects of higher tariffs will result in reshoring of industrial demand requiring more power and natural gas to serve energy-intensive industries that relocate manufacturing and industrial operations to the United States Two thirds of the supply increase to meet this demand growth is expected to come from the Haynesville and Appalachia regions where our assets are located providing opportunities for higher utilization and expansion of our gathering systems to feed our pipelines there is growing political and regulatory support emerging for natural gas and energy infrastructure With the recognition of a national energy emergency and appreciation of the need to streamline the process for getting much needed infrastructure built the fundamentals supporting the need for more natural gas infrastructure remain intact and we are confident in our ability to continue to deliver on our commitments to our customers I’ll now pass it over to Jeff to walk you through our quarterly financials and outlook we delivered adjusted EBITDA of $280 million representing a $45 million increase from the prior quarter Our Pipeline segment results were $39 million higher than the fourth quarter 2024 which includes a full quarter contribution from our acquired interstate pipelines Gathering segment results were $6 million greater than the fourth quarter of 2024 reflecting lower overall expenses in the first quarter of 2025 and the impact of growing volumes in the Haynesville total gathering volumes across the Haynesville averaged 1.67 Bcf per day driven by new volumes and the return of offline production primarily across our Appalachia and Susquehanna gathering systems but remain in line with our full year plan which our full year guidance is based on is for adjusted EBITDA to be lower than the first quarter Driven by seasonality across our interstate pipelines and expected rate step-down on Guardian pipeline and included in our transaction purchase multiple and typical maintenance activity across our gathering assets We remain confident in our full year outlook and reaffirm our 2025 adjusted EBITDA guidance range and our 2026 adjusted EBITDA early outlook reflecting the strong positioning of our assets and the durable nature of our contracting We’ve increased our committed capital in 2025 and 2026 to reflect several new projects being executed With approximately $365 million total committed in 2025 and approximately $100 million committed in 2026 We look forward to our annual rating agency meetings in mid-May where we will discuss the strength of our credit profile and our commitment to preserving the strength of our balance sheet and achieving an investment-grade credit rating we are currently investment grade with Fitch ratings and on positive outlook with both Moody’s and S&P requiring only one additional agency to upgrade us before fully achieving an investment-grade rating we also announced that our Board of Directors approved our first quarter dividend of $0.82 per share and we remain committed to grow the dividend 5% to 7% per year in line with our long-term adjusted EBITDA growth I’ll now pass it back over to David for closing remarks we remain confident in delivering on our guidance continuing our track record of strong performance that we’ve maintained since we spun the company in 2021 Our high-quality pure-play natural gas pipeline asset portfolio is very well-positioned to take advantage of opportunities across our network and execute on our large organic project backlog And the fundamentals supporting natural gas infrastructure remains stronger than ever with significant increases in demand coming from LNG exports and the power sector increased political support behind natural gas and energy infrastructure and a broader realization of the key role natural gas will need to play as a reliable and clean fuel to meet our country’s growing energy demands Operator: And we will now begin the question-and-answer session [Operator Instructions] And your first question comes from the line of Michael Blum with Wells Fargo So you had a really big uptick in Haynesville and obviously a downtick in Northeast just your — just speak to what’s happening there Or is there anything in particular going on there And then — how do you see the rest of ’25 and beyond playing out in both Northeast and Haynesville that’s completely in line with our large public producers on what they’ve communicated and reported to the markets on their activity I’d say the other activity that’s happening particularly in the Haynesville is the privates are — have become very active We have a number of privates on the network So we’re working very closely with them as they seem to have been responding quicker to the price signals and the demand showing up in the area than some of the publics we feel very confident in the Haynesville activity very confident in our guidance for what we expect to see there for the balance of the year likely continue to see some ramp throughout the year towards year-end I feel very optimistic about the Haynesville right now it’s playing out exactly as we expected it to play out in our guidance There’s some timing of activity that’s kind of embedded in those volume numbers we’ve talked about a number of projects clicking in in the second half of the year in Appalachia and that’s how you should think about the profile for Appalachia very aligned with what we’ve got in our full year plan And then I just wanted to ask in the past you’ve talked about multiple six or maybe even more potential projects aims at supplying data centers and want to kind of hear the update where that stands today there’s a large group of proposals on the table with numerous sites across our entire footprint And that — and I’m referring to what I’ll call behind the meter data center power demand there’s also numerous proposals across our entire footprint on what I would call utility scale power generation So we’re seeing both those sectors very active and advanced commercial conversations in both those categories we’ll be happy to share that with our investors Operator: And your next question comes from the line of Jeremy Tonet with JPMorgan I just want to start off with Millennium here It looks like I think there might be an open season for about half a year or so I’m just wondering if you could provide any color there on the outlook if that’s in the backlog or any other thoughts you could share I think that went public at the end of the week I’d say that’s a good example of the level of inbound inquiries we’re getting right now across all of our pipelines especially in the upper Midwest and Northeast areas There’s just strong interest in incremental capacity And Millennium is in a fairly unique position there They’ve got some abilities to repurpose existing capacity and to leverage other assets that are in the ground locally that there’s synergies between the Millennium Pipeline and those other assets to get deeper into that New York and New England market I think that market area has come to a realization that they are materially short capacity And I think what I talked about in my opening statement just that fundamental backdrop has shifted and changed in a positive way And I think those utilities and those markets are sort of reassessing their situation And — we’ll see how the open season goes but this open season is really to draw in and get a better read from those markets The nature of the demands that they’re — they need to meet and how Millennium can serve that — so stay tuned That’s kind of the first step in a larger expansion project We’re seeing similar inbounds across other FERC assets including our newly acquired assets it just kind of goes to that fundamental backdrop that we’re operating in Just clear demand growth occurring across our footprint We’re in the early stages of assessing how we can respond to that and what type of expansions are acceptable in the market Another data point to kind of support this early activity We had peak day send outs on three of our FERC-regulated assets our storage business and two of our new pipelines And that’s just an indication of that demand has grown in this region So this is another good example of what we communicate with investors are projects that are either FID-ed or near FID in the backlog Projects like this in their earlier days are kind of excluded from the backlog the unadjusted backlog is actually growing right now And stay tuned as we move these projects along and we’ll share the updates with the investors as appropriate And maybe if I could just dig in at a high level a little bit more on some of the comments you said there there’s a change at the federal level dealing with energy infrastructure and the utilities have a duty to serve their customers maybe more at the local level or really at the state level We’ve seen legal filibuster and other tactics in the past different tone coming out of some of those stakeholders And I think there’s a series of events has occurred over the last 12 months and I’ll rattle off a few that I think are changing the sentiment in the market I’d say one is a lot of the renewal builds that have been announced They haven’t delivered as advertised They’ve either been canceled or they’re showing up late for the cost is significantly different than what was originally intended So that would be one thing that I think is soaking into the market the true impact to reliability on the intermittency of these new generation assets is sinking into the market and being realized And if there are service challenges in the future that likely lands — the public sentiment will be with the utilities and they don’t want to be the ones “holding the bag” on that public sentiment So I think that’s shifting the thinking around the executives with a bunch of utilities Significant growth happening behind the utilities So these are all just the fundamentals that are causing sentiment in the market to shift and a realization that we’re probably short capacity And I think we’re in the early days of that So — and I think public sentiment has shifted as well I think on the other side of the new administration and how the election played out I think there’s just this recognition in the public The general recognition of the public that So there’s just a lot of things that I think have shifted here over the last 12 months that’s really moved the pendulum from what I’ll call maybe on the far left side to bringing it back to the center where there’s an appreciation we need all of the above And I think that’s going to benefit the natural gas and it’s also going to benefit the electric sector as well I’m just wondering if you could comment on opportunities that might stem from that or anything else we’re seeing on LNG commercialization moving forward across the board that FID was really positive when I read that the other day part of that FID is the header system that serves that facility It’s about a 3 Bcf a day header system and it’s designed to connect directly into LEAP So LEAP will be one of the handful of supply points into that header system So we’re really happy and pleased to see that FID And as we worked hand in glove with the previous owner we will continue to work hand in glove with Woodside and the new ownership Operator: Next question comes from the line of Theresa Chen with Barclays I’d like to dig in a little bit more on your backlog specifically related to your comments about potential further expansions that are under development Can you provide some more color on where things stand with the integrated solution across your Northeast gathering as well as the existing pipeline into Midwest — newly acquired Midwest assets Are there any commercial developments to note there And can we just think about how much CapEx that could be for DTM if you were to bringing that molecule from our gathering system on to Nexus expansion vector expansion straight to the end user in the Midwest I think we talked about what’s happening already on lam So I’m going to pivot over to the new pipelines that we acquired from ONEOK had some record high sendouts on those assets So I’m really pleased fundamentally with how they performed and our assessment of their importance to serve those load centers in the Upper Midwest We’re taking a harder look and we obviously have more information now around the growth opportunities the modernization opportunities and how they will integrate into the other assets And what I’ll say at this point is that what we thought when we announced the transaction The opportunity set is more robust than we thought it was when we announced the acquisition it’s our job to commercialize that now That power plant on Midwestern literally commercializing late last year right around close was a really good early indication of the opportunity set and the speed at which it can move we will be providing more clarity and updates to the investors I would just put a green arrow up on the backlog opportunities that are manifesting as we get more confident with them and can clarify them Operator: And your next question comes from the line of Spiro Dounis with Citi I just want to pull some of your comments together It sounds like Haynesville activity is kind of ramping back up again And I think our working assumption around the next LEAP expansion was that maybe it was years away just given the competing pipelines — coming online soon Just want to get your latest thoughts there LEAP — if you look at how we’ve expanded that over the last two it’s been in these nice bite-sized adjustable increments I don’t see that changing going forward I think we’re really well-positioned in the market in terms of the service offering that we offer very competitive rates We are highly interconnected to the supply across the entire footprint of the basin And we have a lot of delivery and flexibility in terms of the physical deliveries we can make to a myriad of the LNG facilities on the Gulf Coast So I’d say from a competitive perspective We’re kind of coming out of this period where Haynesville kind of tapped the break over the last 18 months And they’re now feels like they’re putting their foot back on the gas So I think we just need to let the clock run here a little bit to see how the basin responds You alluded to the new projects coming into service that are expected to come in later this year That will digest into the market and then we’ll carry on from there So nothing has changed in terms of how I think that will play out over time The market is going to digest that and we’ll see where that takes us But I feel good about our position right now maybe just a finer point on maybe just the cadence as we think about the rest of the year 2Q maybe dips down a little bit on seasonality and some other factors which does seem to imply kind of a pretty strong second half of the year And so just curious if you guys put maybe a finer point on what the specific drivers are you maybe get you to that midpoint How much is volume growth versus projects versus other items So what we’ve got — you’re exactly right we’re planning on being stronger than the first half And you’re right that’s driven by volume and a couple of other projects coming online And then the move from the first quarter to the second quarter is one item I mentioned was related to the Guardian There’s a small decline in the rates related to that That was all contemplated in the acquisition and that’s all built into the guidance that we provided in for the full year piece of the guidance there So I think those are really the factors to think about as you’re thinking about the modeling it’s the second half of the year is stronger than the first half we haven’t changed our guidance for the year So if we felt we were getting outside of that we would be updating you on that on the call And I’ll just add to what Jeff said there — we had a pretty cold winter I’ll use that word on our pipeline assets because of the severe winter that we had We had almost a 30-year normal winter up here in the Midwest long time since we’ve had a winter like that So there’s some of that playing through in Q1 as well Operator: And your next question comes from the line of John Mackay with Goldman Sachs I wanted to go back to some of your comments You commented that they’re kind of responding quicker to price signals I guess I’d be curious to your view though we’ve got of bounced back from $4.50 down to about $3 now Are we seeing them kind of respond quicker in the opposite direction at this point Or do you think this kind of first quarter strength can follow through even if prices are a little weaker here in shoulder season That’s a topic that’s at the forefront of my mind right now We’re watching that very closely to see what you just described is that they’re fairly quick on the draw but they also are pretty disciplined about hedging when they see those attractive prices Privates are typically PE backed and capital recovery is paramount in their minds So if they can drill an edge and turn that capital quickly So — we’re watching for that We’re not seeing any signals of that at this point We’ve seen a little bounce back here on price over the last week or so but we’re definitely watching closely for that Maybe if you can kind of just share your latest thoughts there maybe what that looks like in this kind of softer liquids environment And maybe anything you can kind of share on just pace of development from here the area of the Utica that we’re gathering for EOG which is — their economics are not NGL dependent So it’s predominantly driven economically by oil And I would just point you to what they’ve said publicly about their resource there They have a massive resource footprint that they’ve established in that area They’ve unlocked the rock technically And the pace of development is consistent with kind of what we have in our guidance for this year and next year We’re working closely with them and yes we view that as kind of a long-term growth opportunity inside the Appalachia gathering portfolio And the nice thing about it is that it feeds one of our pipelines as well Operator: Your next question comes from the line of Keith Stanley with Wolfe Research the high end of the 2026 CapEx range looks lower than last quarter we’ll check the formatting on the slide but there is no change in the high end of ’26 CapEx guidance from our guidance and what we’ve guided you get to is we’re going to spend our free cash flow on organic growth projects So that’s in your mind that what you assume we’ll adjust that slide and make that match up to that guidance you put out a large number of pre-FID projects in the refreshed backlog and you talked to a number of opportunities today too Are there any projects you’d flag as closer to moving forward based on customer demand and timing from that list And I guess I’m just curious what’s looking most interesting near term or making the most progress I’m going to give you a high-level answer to that because I don’t want to get too specific just given the discussions that are happening directly with the anchor customers and some of our commitments and I’m probably going to repeat what I said earlier is there’s a green up arrow sitting in that $2.3 billion backlog Our assessment of the new pipelines we acquired is part of what’s driving that which is hot off the press is driving that I’d say a number of the projects that we’ve been talking to you about are progressing to FID So what I’m seeing in that backlog is nothing but kind of fundamental green arrows up as we get more confident because just to remind everybody that backlog is not the total opportunity set it’s only the opportunity set that we feel highly confident in executing on and delivering to our investors So as that gross backlog continues to grow it’s going to eventually push into that $2.3 billion So I’m feeling really bullish about it but I don’t want to communicate anything until we’re highly confident in it And I’d just say it’s consistent with my fundamental assessment earlier on the call that there is just a — it feels like we have — we went from a situation a year ago where it felt like we had a headwind that we’re constantly bucking to today it feels like we actually have a tailwind now around the business And we’re working hard to better quantify and assess that tailwind and how that would adjust into our future long-term outlook for the company Operator: And your next question comes from the line of Jean Ann Salisbury with Bank of America Boardwalk recently announced an open season for the Borealis project which would source gas very close to your Appalachian footprint do you see DTM as being a material beneficiary that’s a really interesting project because as we look at our new asset footprint Midwestern connects directly to Texas gas at a point called Portland And there is an existing pathway into Clarington between that asset and one other asset that could potentially avoid a greenfield build or maybe said a different way there could be some lower cost capacity expansions that could kind of marry into their open season So we’re very aware of that and assessing that But — so if there’s a benefit to our asset footprint it would predominantly be as I just described there is not an incremental couple of Bcf a day of gathering capacity to Clarington I think there would be upstream incremental gathering investments that And I think we would be one of the a short list of parties that would be a beneficiary or you’ll be able to participate in some of that to get more gas to Clarington That’s a great example of what I just talked about on the previous question just this tailwind that’s emerging in the region there are concerns that if the China tariffs remain in place you can see eventual significant pressure on U.S which could reduce kind of the call on the NGL portion of Appalachia Can you remind us what share of your Appalachia footprint is in the wet versus dry footprint we don’t view that as a risk and very little of our Appalachian gathering footprint gatherers what I’ll call the web side of the Marcellus or the NGL side of the Utica So the EOG assets is really the oil side of the Utica And the bulk of our gathering and Appalachia is on the dry side So we don’t have any derivative exposure to the NGL side in Appalachia is if that crack spread collapses or shrinks what we do see is we see ethane rejection and what that means is they put more of the NGLs into the gas stream which basically grows the gas production in the basin by kind of toggling over to the gas infrastructure versus the NGL infrastructure And that would be a positive for us because that typically would show up on the egress pipelines The capability to pivot that in Appalachia is capped by the gas quality specs So you can only put so much ethane into the stream before you cap out on the quality specs But that would actually be an opportunity for us versus a risk Operator: And your next question comes from the line of Manav Gupta with UBS There’s a lot of macro uncertainty out there Some companies are actually withdrawing guidance It’s very positive that you actually reaffirmed your 2025 guide and ’26 guides So help us understand what gives you the confidence that you can navigate this kind of very tough macro environment and deliver on both ’25 and ’26 goals So I would say the worry in the market is the word That’s the worry is that we slide into a recession in the short term So we’ve talked already about the long-term fundamentals and how we feel about that and it’s intentionally built to protect to the downside we have no commodity exposure in this portfolio and that only exists in our Gathering segment 70% and — that’s predominantly 100% demand-based contracts So it’s highly resilient to short-term economic fluctuations you may want to add from a balance sheet perspective and a durability perspective how we feel about what I’ll call our company itself going through turmoil And just like you’re talking about on the commercial side We’ve done the same thing on the balance sheet We don’t have any maturities throughout through 2029 We’ve got over $1 billion worth of liquidity We’re right here on the doorstep of getting upgraded to investment grade here soon you can see where our leverage metrics and those things are So we’re also not impacted by the broader macro sort of events David Slater: And maybe my last proof point on that question I think it’s on the mind of a lot of investors so I’m glad you’re asking it is when you look at historically look back at other cycles that economic cycles that we’ve gone through we’ve been able to grow through those cycles And I’d say that’s the other maybe proof point to provide confidence that — nothing has changed with the management team in terms of how we’re running the company And past performance is only one data point but I think it’s another comforting data point to point to we were in this power trade where data centers are going to need a lot more power then came these all these announcements that Microsoft is pulling back from the data center You are obviously negotiating with a bunch of customers about their power needs Has anything actually changed on the ground because of either DeepSeek or Microsoft pulling back the data center spend the underlying demand for power is still growing and very resilient out there So let me kind of break that question up into two parts I’ll address the behind-the-meter site-specific power generation opportunities and then I’ll address the utility scale power generation opportunities because I think there’s different fundamentals driving those two different opportunity sets And I don’t want to put a number out there because every time I put a number out there I’m just going to tell you there are a lot of what I’ll call mature commercial proposals sitting in front of developers for numerous sites across our entire footprint A lot of different elements have to come together for a site to commercialize energy and fuel supply is only one of many elements And then once all those elements are together and commercially sort of lined up And I’d say that’s the phase that we’re in right now We’re in a phase where sites have all the elements that they need now And the final step is commercialization of the site So that’s where we are with a host of opportunities across a myriad of our pipelines So to the extent that the ultimate host is waiting or making decisions And I suspect that’s true for all the other pipelines as well Flipping over to the utility scale generation They continue to move along and do the things that they need to do to commercialize that site They’ve gone through the West Virginia regulatory process So we see these utility scale sites advancing and continuing this realization that there’s a reliability issue in PJM and emerging in MISO The other generation that they thought was coming in isn’t coming in or it’s coming in at a different pace All of those are positive catalysts to drive incremental utility scale generation and I’d say the last thing that we’re seeing on the utility side is the utilities many utilities have been quietly very successful in connecting these data centers directly to the utility grid And I would point the investors to public announcements made out of Wisconsin by some of the utilities there in Michigan by some of the utilities there So the utilities are being — are getting a fair share of this demand directly connected to utilities And what that does is it drives utility-scale generation utilities are just rolling it into their portfolio and will add a plant to their future development So — that’s how I would characterize what’s happening on the data center side We’re active on both of those two dimensions the utility scale and on the site specific I’m highly confident we’re going to get our future of that market across our geographic footprint Operator: Your next question comes from the line of Robert Mosca with Mizuho It seems like your major customer in the Haynesville is building productive capacity this year that it could tap into in ’26 Just wondering the extent to which that’s captured in your preliminary ’26 guidance the base case you’re assuming there So I’ll just keep it at a high level all of our customers provide us insights into their plan — and for all of our customers that’s reflected in our ’25 and ’26 guidance I would like to turn it back to David Slater for closing remarks and I appreciate the support and look forward to catching up with everybody on the next quarter this concludes today’s 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Head over to our website and subscribe to our Premium Readership Newsletter for just $29.99 exclusive access to our in-depth report on the revolutionary AI company and the upcoming issues of our Premium Readership Newsletter over the next 12 months and know that you’re backed by our ironclad 30-day money-back guarantee Don’t miss out on this incredible opportunity Subscribe now and take control of your AI investment future I work for one of the largest independent financial publishers in the world – representing over 1 million people in 148 countries We’re independently funding today’s broadcast to address something on the mind of every investor in America right now… Should I put my money in Artificial Intelligence Here to answer that for us… and give away his No 1 free AI recommendation… is 50-year Wall Street titan He was the head of the options department at a major brokerage firm and is a sought-after expert for CNBC But what Marc’s most known for is his award-winning stock-rating system Which determines whether a stock could shoot sky-high in the next three to six months… or come crashing down That’s why Marc’s work appears in every Bloomberg and Reuters terminal on the planet… and brokerages to track the billions of dollars flowing in and out of stocks each day He’s used this system to survive nine bear markets… create three new indices for the Nasdaq… and even predict the brutal bear market of 2022 Click to continue reading… Get our editor’s daily picks straight in your inbox HOUSTON, March 10, 2025 /PRNewswire/ -- Summit Midstream Corporation (NYSE: SMC) ("Summit" "SMC" or the "Company")  announced today that its wholly owned subsidiary LLC ("Moonrise" or "Moonrise Midstream") from Fundare Resources Company Holdco LLC ("Fundare") for a total consideration of $90 million including $70 million in cash and $20 million in SMC equity Summit also provided an operational update for its broader DJ Basin position "We are pleased to announce the successful completion of this strategic bolt-on acquisition that further enhances our position in the DJ Basin This acquisition not only expands our footprint and dedicated acreage in one of the most active areas of the DJ Basin but also provides incremental processing capacity that we expect to utilize in the coming years as volumes behind our legacy systems continue to grow Following the acquisitions of the Outrigger and Sterling systems in December 2022 we have experienced significant volume growth behind our integrated DJ gathering and processing system and certain areas of our system are nearing full utilization As a result of the limited available system capacity some of our customers have deferred development activity behind our system in 2025 There are currently three rigs running behind our dedicated acreage position in the DJ and two of our key customers have sizeable multi-year development plans beginning in 2026 Moonrise adds 65 MMcf/d of processing capacity approximately half of which is expected to be available to help alleviate our integrated DJ system constraints and enable our customers to continue to increase activity and grow volumes in 2026 and beyond Summit is already operationally connected to the Moonrise system through multiple existing interconnections and we expect to capture significant operational and commercial synergies with the combined systems The expanded pipeline footprint will alleviate localized pipeline constraints on the northern end of our system and enable Summit to optimize capital expenditures as development shifts further north With additional and expandable processing capacity at Moonrise we will be able to further improve our plant operating margins increase our overall system reliability and flow assurance which will benefit both Summit and our customers We remain extremely excited about the long-term opportunities in the DJ Basin as our customers continue to execute their development programs with more than 800 dedicated undeveloped locations and sizable acreage positions in the area that Summit is very well-positioned to serve with the combined systems." Under the terms of the acquisition agreements Summit will acquire 100% of the membership interest in Moonrise Midstream LLC for $70 million upfront cash consideration and approximately 0.5 million shares of SMC Class A common stock are comprised of a 65 MMcf/d natural gas processing plant approximately 80 miles of low-pressure natural gas gathering lines and approximately 25 miles of crude oil gathering pipelines The gathering agreements for Moonrise are long-term primarily fee-based contracts with approximately 50% of dedicated volumes under life-of-lease agreements and the other 50% have a weighted average remaining term of over 13 years Volume throughput on the Moonrise system is underpinned by acreage dedications with an estimated 60,000 leased acres from its key customers Bison IV and a large integrated energy company The dedicated acreage spans highly productive with producers primarily targeting the Niobrara and Codell formations Moonrise delivers residue gas to Trailblazer / Rockies Express Pipeline natural gas liquids to Overland Pass Pipeline Evercore served as financial advisor and Baker Botts L.L.P SMC is a value-driven corporation focused on developing owning and operating midstream energy infrastructure assets that are strategically located in the core producing areas of unconventional resource basins processing and transportation services pursuant to primarily long-term fee-based agreements with customers and counterparties in five unconventional resource basins: (i) the Williston Basin which includes the Bakken and Three Forks shale formations in North Dakota; (ii) the Denver-Julesburg Basin which includes the Niobrara and Codell shale formations in Colorado and Wyoming; (iii) the Fort Worth Basin which includes the Barnett Shale formation in Texas; (iv) the Arkoma Basin which includes the Woodford and Caney shale formations in Oklahoma; and (v) the Piceance Basin which includes the Mesaverde formation as well as the Mancos and Niobrara shale formations in Colorado SMC has an equity method investment in Double E Pipeline which provides interstate natural gas transportation service from multiple receipt points in the Delaware Basin to various delivery points in and around the Waha Hub in Texas This press release includes certain statements concerning expectations for the future that are forward-looking within the meaning of the federal securities laws performance or achievements and may contain the words "expect," "intend," "plan," "anticipate," "estimate," "believe," "will be," "will continue," "will likely result," and similar expressions or future conditional verbs such as "may," "will," "should," "would" and "could," including statements regarding the Issuer's plans to issue the Additional Notes the expected timing of the closing of the Offering the intended use of the net proceeds therefrom and other aspects of the Offering and the Additional Notes any statement concerning future financial performance (including future revenues ongoing business strategies and possible actions taken by SMC or its subsidiaries are also forward-looking statements Forward-looking statements also contain known and unknown risks and uncertainties (many of which are difficult to predict and beyond management's control) that may cause SMC's actual results in future periods to differ materially from anticipated or projected results An extensive list of specific material risks and uncertainties affecting SMC is contained in its Quarterly Report on Form 10-Q for the quarterly period ended September 30 which the Company filed with the Securities and Exchange Commission (the "SEC") on November 12 including by the Company's Current Report on Form 8-K filed with the SEC on January 7 Any forward-looking statements in this press release are made as of the date of this press release and SMC undertakes no obligation to update or revise any forward-looking statements to reflect new information or events Summit Midstream Corporation (NYSE: SMC) ("Summit" "SMC" or the "Company") announced today that it will report operating and financial results for.. "SMC" or the "Corporation") announced today that its 2024 tax packages for Summit Midstream.. Acquisitions, Mergers and Takeovers 2025 (GLOBE NEWSWIRE) -- Delfin Midstream Inc (“Delfin”) today provided an update on key permits and approvals for its leading US based energy infrastructure project under development in Louisiana and offshore in the Gulf received a license from the Maritime Administration (“MARAD”) authorizing Delfin LNG to own and eventually decommission a deepwater port to export Liquefied Natural Gas (“LNG”) from the United States The license was issued pursuant to the Deepwater Port Act of 1974 and MARAD’s 2017 Record of Decision and is in accordance with President Trump’s Executive Order titled “Unleashing American Energy,” signed January 20 The Delfin deepwater port project will be the first offshore LNG export project in the United States The approval process involved MARAD and the U.S Coast Guard working with approximately 15 cooperating federal agencies along with the States of Texas and Louisiana which had been delayed under the prior administration was announced by Secretary Wright in his opening remarks at CERAWeek in Houston said: “The level of support by the President of the United States and his administration for the development of critical energy infrastructure has been truly remarkable The Delfin floating LNG project has the potential to be not just the first LNG export deepwater port facility in the United States but a significant economic contributor and job creator over the long-term We would like to express our deep appreciation for the significant work undertaken by Sean Duffy “We also share our appreciation for the governors of Louisiana and Texas for their significant involvement and contributions to this process this administration has enabled a project that can significantly realign energy economics for the long-term benefit of the people of the United States.” Delfin is a leader in LNG export infrastructure utilizing low-cost floating LNG technology The brownfield deepwater port that Delfin is developing requires minimal additional infrastructure investment to support up to three floating LNG vessels producing up to 13 million tonnes of LNG annually Public RelationsDan GagnierGagnier CommunicationsEmail: Delfin@gagnierfc.com The acquisition consists of $70m in cash and $20m in SMC equity has announced the acquisition of Moonrise Midstream from Fundare Resources Company Holdco The transaction was executed through SMC subsidiary Summit Midstream Holdings and marks an expansion of the company’s gathering and processing footprint in the DJ Basin The deal’s total consideration of $90m includes $70m in cash and $20m in SMC equity Moonrise Midstream’s assets are located in Weld County and include a 65 million cubic feet per day (mcf/d) natural gas processing plant They also comprise approximately 80 miles of low-pressure natural gas gathering lines 22,300hp of compression and approximately 25 miles of crude oil gathering pipelines chief executive officer and chairman Heath Deneke said: “We are pleased to announce the successful completion of this strategic bolt-on acquisition that further enhances our position in the DJ Basin This acquisition not only expands our footprint and dedicated acreage in one of the most active areas of the DJ Basin but also provides incremental processing capacity that we expect to utilise in the coming years as volumes behind our legacy systems continue to grow “Following the acquisitions of the Outrigger and Sterling systems in December 2022 we have experienced significant volume growth behind our integrated DJ gathering and processing system and certain areas of our system are nearing full utilisation some of our customers have deferred development activity behind our system in 2025.” The acquisition is expected to boost the company’s processing capacity redundancy and flow assurance while supporting expected volume growth cost-effectively and strengthens Summit’s in-basin consolidation strategy In March 2024, Summit Midstream Partners, a subsidiary of Summit Midstream, announced plans to sell its Utica shale assets to midstream company MPLX for $625m in cash View all newsletters from across the GlobalData Media network. Free NewsletterUK Join the newsletter that everyone in finance secretly reads Morgan Stanley Infrastructure Partners is exploring the sale of its stake in Brazos Midstream II Morgan Stanley is gearing up to offload its majority stake in Brazos Midstream II, a move echoing the broader shale industry's consolidation trend Situated in the resource-rich Delaware part of the Permian Basin Brazos plays a pivotal role in transporting the region’s natural gas Jefferies Financial Group is managing the sale targeting midstream firms and investment entities as potential buyers while current minority stakeholder Williams Companies holds back from bidding This sale mirrors industry efforts to scale up and boost efficiency following deals like Energy Transfer’s $3.25 billion acquisition of WTG Midstream and ONEOK's $2.6 billion purchase of Medallion Midstream For markets: Industry consolidation on the rise Investors are keeping a close eye on the shale sector as companies align through acquisitions to drive potential efficiencies such as Kinetik's $765 million acquisition of Durango Permian as the market embraces a tactical move towards consolidating infrastructure and enhancing synergies The bigger picture: Transformation of shale infrastructure The integration of privately-held pipeline companies into publicly-listed conglomerates is transforming the infrastructure landscape This shift reflects broader economic strategies in the energy sector where scaling up can optimize resources amidst variable market demands and regulatory frameworks affecting global energy supply Theodora Lee Joseph, CFA The Great Wealth Transfer Is Coming – Here’s How To Profit From ItStéphane Renevier, CFA Markets Could Pick A Direction This Week – Here's WhyJonathan Hobbs, CFA Why GameStop Might Actually Be Worth A Look Right NowTheodora Lee Joseph, CFA Political Risk Is Part Of A Stock’s Value Now – And, No, You Can’t Afford To Tune It OutTheodora Lee Joseph, CFA Apple And Amazon’s Results Were Sturdy, But Their Future Looks A Little Less SoREAD NEXTNews Skechers Goes Private In $9.4 Billion Deal With 3G CapitalFinimize Newsroom Edgewell Braces For 2025 Challenges As Tariffs BiteFinimize Newsroom A Defensive Portfolio Prepared For The Wealth Effect’s ReversalStéphane Renevier, CFA One Common Hedge-Fund Trade Could Bring Down Financial Systems – And It Nearly Backfired This WeekRussell Burns Coinbase’s Steep Drop Might Make It Interesting, But It Hasn’t Made It CheapRussell Burns Tariffs Are Spooking Investors Into Panic-Selling – Here’s What to Do InsteadReda Farran, CFA Threats Are Rising. So Here’s How To Invest In Cybersecurity.Theodora Lee Joseph, CFA Apple And Amazon’s Results Were Sturdy, But Their Future Looks A Little Less SoTheodora Lee Joseph, CFA Disclaimer: These articles are provided for information purposes only an opinion about whether to buy or sell a specific investment may be provided The content is not intended to be a personal recommendation to buy or sell any financial instrument or product or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience your financial situation or your investment objectives You may not get back all the money that you invest The investments referred to in this article may not be suitable for all investors an investor should seek advice from a qualified investment advisor This article may contain AI-edited content While efforts have been made to ensure accuracy AI may not capture the nuances of the subject matter resulting in errors or inconsistencies Meet the fuel demands of a changing world with expert technical and commercial insights Global demand for crude oil-based liquid fuels is coming under pressure while the need for cleaner and greener fuels and petrochemical products is intensifying GaffneyCline energy advisory navigates these challenges to help ensure that downstream assets operate with the highest safety We apply technical expertise in refining and petrochemicals with a thorough understanding of the complexities of dynamic regional and global markets GaffneyCline energy advisory’s experienced downstream staff has worked with some of the sector’s key refining and petrochemical players We bring this experience to a wide range of refining and petrochemical projects to develop customized solutions—not one-size-fits-all answers—that directly address a client’s specific challenges Contact GaffneyCline energy advisory today to learn how our technical and economic expertise can help you maximize the value of your downstream assets Discover the latest people & innovations shaping our industry Solving the industry's toughest challenges Phillips 66 has completed the acquisition of EPIC Y-Grade GP LLC and EPIC Y-Grade LP for about $2.2 billion boosting its midstream footprint in the Permian Basin fractionation facilities and distribution systems “This transaction strengthens our position as a leading integrated downstream energy provider” Phillips 66 executive vice president for midstream and chemicals “We are evolving our portfolio and enhancing our ability to provide seamless and efficient delivery of energy products “Phillips 66 will offer producers unparalleled flow assurance while advancing a strategy that is expected to deliver attractive returns and create long-term value for our shareholders” The acquired operations comprise two fractionators with a capacity of170,000 barrels per day (bpd) near Corpus Christi Texas; purity distribution pipelines stretching about 350 miles; and an NGL pipeline around 885 miles long and with a capacity of 175,000 bpd Midland and Eagle Ford basins to the fractionation complexes and Phillips 66’s Sweeny Hub a vacuum distillation unit and a delayed coking unit The pipeline capacity is being raised to 225,000 bpd in a project expected to be completed in the second quarter A further expansion has also been sanctioned to grow the capacity to 350,000 bpd; completion is expected 2026 EPIC has also put in place plans to raise the fractionation capacity to 280,000 bpd “The acquired assets connect Permian production to Gulf Coast refiners petrochemical companies and export markets and are highly integrated with the Phillips 66 asset base” “Phillips 66 does not expect to increase its recently announced 2025 capital program in connection with that expansion” Texas-based downstream oil and gas company announced $2.1 billion in capital for 2025 comprising $1.1 billion for growth and $998 million for sustaining capital Phillips 66 expects the acquisition to be “immediately accretive to earnings per share” Phillips 66 exceeded a $3 billion divestment plan meant to support its shareholder return target and other long-term priorities “We intend to continue to optimize the portfolio and rationalize non-core assets going forward” chair and chief executive Mark Lashier said in a statement December 16 announcing an agreement to divest DCP GCX Pipeline LLC which owns a 25 percent non-operating stake in the Gulf Coast Express Pipeline “The evolution of our portfolio underscores our position as a leading integrated downstream energy provider enhancing shareholder value and positioning the company for the future”